# EDGAR Filing Document

**Accession Number:** 0001658645
**File Stem:** 0001193125-25-271815
**Filing Date:** 2025-11
**Character Count:** 8656599
**Document Hash:** 1eeefcd202aa585ff0bfadc983687a0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-271815.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001193125-25-271815

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stone Ridge Trust V
- **CENTRAL INDEX KEY:** 0001658645

**ORGANIZATION NAME:**
- **EIN:** 475536331
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23120
- **FILM NUMBER:** 251461719

**BUSINESS ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVENUE
- **STREET 2:** 65TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-257-4750

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**<u>811-23120</u>** 

Investment Company Act file number

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

Date of fiscal year end: **<u>February</u> <u>28, 2026</u>**

Date of reporting period: **<u>August</u> <u>31, 2025</u>**

Due to file size constraints, this filing is being made in five related submissions. This submission is the fifth of the five related submissions.

------

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VWW6-IHHW, 35.550%, 12/28/2025 †x# | Affirm | 1/29/2025 | $114 | $112 | $7 |
| &nbsp;&nbsp;&nbsp; VWW7-NB39, 35.450%, 11/27/2024 †x#^ | Affirm | 10/02/2023 | 146 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; VWWQ-R1HT, 24.400%, 4/15/2026 †§x | Affirm | 4/18/2024 | 315 | 320 | 321 |
| &nbsp;&nbsp;&nbsp; VWWQ-VUOS, 31.000%, 4/21/2026 †§x | Affirm | 10/24/2024 | 255 | 262 | 261 |
| &nbsp;&nbsp;&nbsp; VWWS-2YC5, 25.900%, 11/20/2025 †x# | Affirm | 11/27/2024 | 190 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; VWXK-3CJX, 35.310%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 88 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; VWXK-R5RG, 35.580%, 9/26/2025 †x# | Affirm | 9/30/2024 | 1041 | 955 | 62 |
| &nbsp;&nbsp;&nbsp; VWXN-UWFL, 29.550%, 10/03/2025 †§x | Affirm | 4/08/2024 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; VWXU-CEHM, 22.090%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 166 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; VWXW-I8EA, 7.180%, 9/04/2025 †§x« | Affirm | 3/28/2025 | 375 | 364 | 374 |
| &nbsp;&nbsp;&nbsp; VWXY-ZJ6B, 30.000%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 269 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; VWY1-OGSB, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; VWY1-U896, 32.200%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 900 | 874 | 54 |
| &nbsp;&nbsp;&nbsp; VWY8-XI8C, 29.660%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 439 | 454 | 26 |
| &nbsp;&nbsp;&nbsp; VWYB-XBJJ, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 329 | 335 | 333 |
| &nbsp;&nbsp;&nbsp; VWYK-6CBZ, 35.330%, 12/28/2025 †§x | Affirm | 1/02/2024 | 151 | 151 | 153 |
| &nbsp;&nbsp;&nbsp; VWYK-MHX1, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; VWYO-A5F3, 15.780%, 10/24/2025 †§x | Affirm | 10/28/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; VWYO-GXPP, 35.470%, 11/15/2026 †§x | Affirm | 11/27/2024 | 404 | 403 | 408 |
| &nbsp;&nbsp;&nbsp; VWYR-7LF0, 19.730%, 6/16/2026 †x# | Affirm | 12/27/2024 | 155 | 143 | 15 |
| &nbsp;&nbsp;&nbsp; VWYV-Y1JV, 35.380%, 1/01/2025 †x#^ | Affirm | 7/05/2024 | 139 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; VWZ3-AEH4, 29.600%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 567 | 584 | 281 |
| &nbsp;&nbsp;&nbsp; VWZA-GM7A, 35.270%, 2/06/2026 †§x | Affirm | 8/29/2025 | 224 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; VWZU-8QG5, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 139 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; VX02-NAEV, 29.620%, 3/20/2024 †x#^ | Affirm | 9/23/2022 | 188 | 202 | 11 |
| &nbsp;&nbsp;&nbsp; VX05-0P49, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; VX07-KDH3, 35.410%, 4/09/2025 †x#^ | Affirm | 4/12/2024 | 123 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; VX0C-HT7H, 29.640%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 177 | 177 | 11 |
| &nbsp;&nbsp;&nbsp; VX0N-5Z8S, 15.660%, 9/20/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; VX0U-Y0WY, 33.950%, 10/24/2026 †x# | Affirm | 10/28/2024 | 526 | 549 | 118 |
| &nbsp;&nbsp;&nbsp; VX0W-89RS, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 212 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; VX1R-VVSJ, 6.680%, 12/28/2025 †§x« | Affirm | 7/05/2024 | 1162 | 1056 | 1121 |
| &nbsp;&nbsp;&nbsp; VX1R-WH2V, 33.950%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 83 | 83 | 19 |
| &nbsp;&nbsp;&nbsp; VX1V-AKFO, 29.610%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 63 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; VX1V-YSBQ, 29.650%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 100 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; VX1W-X3FS, 29.710%, 7/02/2026 †x# | Affirm | 1/29/2025 | 279 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; VX26-QGYL, 35.450%, 6/02/2026 †§x | Affirm | 6/27/2025 | 101 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; VX29-E7PB, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; VX2E-5DWH, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 347 | 359 | 356 |
| &nbsp;&nbsp;&nbsp; VX2O-55XI, 31.000%, 1/08/2027 †§x | Affirm | 7/31/2025 | 1570 | 1656 | 1652 |
| &nbsp;&nbsp;&nbsp; VX33-JMLK, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 345 | 353 | 356 |
| &nbsp;&nbsp;&nbsp; VX3B-1KOG, 25.200%, 5/08/2026 †§x | Affirm | 5/11/2023 | 342 | 349 | 348 |
| &nbsp;&nbsp;&nbsp; VX3B-OJ9F, 9.870%, 9/23/2027 †x | Affirm | 9/26/2024 | 2176 | 2239 | 2254 |
| &nbsp;&nbsp;&nbsp; VX3J-0I75, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; VX3P-FCJ5, 29.500%, 8/08/2024 †x#^ | Affirm | 8/11/2023 | 68 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; VX3Q-RUVW, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 221 | 220 | 220 |
| &nbsp;&nbsp;&nbsp; VX3T-SRV1, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 286 | 289 | 289 |
| &nbsp;&nbsp;&nbsp; VX3X-6PQW, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; VX40-L4JU, 32.000%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 262 | 276 | 16 |
| &nbsp;&nbsp;&nbsp; VX42-PUBM, 30.000%, 9/05/2025 †x# | Affirm | 2/26/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; VX45-YJVV, 33.050%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 33 | 33 | 6 |
| &nbsp;&nbsp;&nbsp; VX48-QOGR, 35.460%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 240 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; VX4D-7XVX, 11.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 172 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; VX4O-GFYL, 15.670%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; VX4P-TF3H, 35.270%, 9/07/2025 †§x | Affirm | 3/28/2025 | 72 | 67 | 70 |
| &nbsp;&nbsp;&nbsp; VX4Q-DL40, 35.230%, 9/20/2025 †§x | Affirm | 3/28/2025 | 20 | 20 | 20 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8002** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VX4T-3PR3, 9.044%, 2/28/2023 †x#^« | Affirm | 9/01/2022 | $365 | $350 | $22 |
| &nbsp;&nbsp;&nbsp; VX4U-08X3, 35.490%, 4/21/2026 †§x | Affirm | 10/24/2024 | 140 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; VX4W-82YG, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 285 | 282 | 17 |
| &nbsp;&nbsp;&nbsp; VX4X-W94I, 29.610%, 6/20/2026 †§x | Affirm | 12/27/2024 | 273 | 282 | 281 |
| &nbsp;&nbsp;&nbsp; VX54-33US, 15.820%, 9/28/2025 †x# | Affirm | 10/03/2024 | 165 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; VX58-GUCG, 29.500%, 11/25/2023 †x#^ | Affirm | 5/30/2023 | 2073 | 1989 | 124 |
| &nbsp;&nbsp;&nbsp; VX59-MU9J, 35.560%, 10/01/2025 †x# | Affirm | 4/04/2024 | 313 | 322 | 30 |
| &nbsp;&nbsp;&nbsp; VX5C-DSOD, 35.360%, 5/01/2026 †§x# | Affirm | 5/06/2024 | 257 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; VX5D-GRQ9, 35.820%, 10/02/2025 †§x | Affirm | 10/07/2024 | 104 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; VX5D-JGM4, 29.600%, 4/13/2026 †x# | Affirm | 1/20/2023 | 2053 | 2246 | 123 |
| &nbsp;&nbsp;&nbsp; VX5E-76GQ, 35.790%, 2/10/2026 †§x | Affirm | 2/26/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; VX5K-5U7G, 26.900%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 167 | 174 | 176 |
| &nbsp;&nbsp;&nbsp; VX5K-OCWF, 33.050%, 3/28/2026 †§x | Affirm | 3/31/2025 | 149 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; VX5M-LR0H, 11.719%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 229 | 223 | 223 |
| &nbsp;&nbsp;&nbsp; VX5X-E1DF, 22.780%, 1/06/2026 †§x | Affirm | 1/29/2025 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; VX5Z-L4IN, 29.620%, 2/26/2026 †§x# | Affirm | 2/29/2024 | 171 | 178 | 174 |
| &nbsp;&nbsp;&nbsp; VX68-TXSH, 32.500%, 8/07/2026 †x | Affirm | 2/26/2025 | 931 | 918 | 927 |
| &nbsp;&nbsp;&nbsp; VX6M-EMNG, 31.000%, 8/05/2028 †x | Affirm | 8/29/2025 | 4415 | 4679 | 4679 |
| &nbsp;&nbsp;&nbsp; VX6M-O2Q4, 35.310%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; VX6P-H0WB, 33.950%, 9/16/2025 †§x | Affirm | 9/19/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; VX6Y-67L4, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 296 | 296 | 298 |
| &nbsp;&nbsp;&nbsp; VX77-1SLL, 35.140%, 1/08/2026 †x | Affirm | 7/31/2025 | 385 | 390 | 392 |
| &nbsp;&nbsp;&nbsp; VX77-FKCJ, 29.630%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 59 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; VX79-RGU0, 35.430%, 12/28/2025 †§x | Affirm | 1/29/2025 | 67 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; VX7F-2YKH, 18.000%, 11/01/2024 †x#^ | Affirm | 5/06/2024 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; VX7G-7K3L, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; VX7I-V429, 15.920%, 10/02/2025 †§x | Affirm | 10/07/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; VX7L-R198, 35.430%, 12/28/2026 †§x | Affirm | 1/29/2025 | 387 | 383 | 388 |
| &nbsp;&nbsp;&nbsp; VX7P-R8R1, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; VX7Q-HKRL, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 199 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; VX7U-HIMI, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 85 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; VX81-VFQY, 35.670%, 8/12/2026 †§x | Affirm | 2/26/2025 | 211 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; VX82-BUU2, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; VX8H-541H, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; VX8M-N7C5, 29.530%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 165 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; VX8S-8T87, 28.500%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 230 | 238 | 14 |
| &nbsp;&nbsp;&nbsp; VX92-WCJM, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 151 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; VX94-K89I, 32.460%, 4/07/2023 †x#^ | Affirm | 10/14/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; VX9A-OUB9, 29.480%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 297 | 308 | 18 |
| &nbsp;&nbsp;&nbsp; VX9A-YG42, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 147 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; VX9L-EVHF, 29.520%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 346 | 358 | 21 |
| &nbsp;&nbsp;&nbsp; VX9L-M4CM, 27.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 125 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; VX9S-UOIY, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; VX9Y-XLQC, 22.610%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 236 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; VXA8-ZSW7, 29.630%, 12/18/2025 †§x | Affirm | 12/27/2024 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; VXAU-Z748, 35.770%, 2/05/2026 †x# | Affirm | 2/26/2025 | 788 | 780 | 204 |
| &nbsp;&nbsp;&nbsp; VXAV-6V0K, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 234 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; VXAX-DS71, 18.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 286 | 289 | 289 |
| &nbsp;&nbsp;&nbsp; VXB1-HR0I, 35.200%, 11/22/2023 †x#^ | Affirm | 5/25/2023 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; VXBI-EPRA, 11.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; VXBZ-N8QI, 35.490%, 10/03/2025 †x# | Affirm | 10/07/2024 | 53 | 55 | 12 |
| &nbsp;&nbsp;&nbsp; VXC1-UY4H, 29.560%, 9/07/2025 †§x | Affirm | 9/11/2023 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; VXCA-7Q4R, 11.840%, 7/02/2026 †§x | Affirm | 1/29/2025 | 231 | 236 | 237 |
| &nbsp;&nbsp;&nbsp; VXCE-XXI5, 22.730%, 1/10/2027 †x# | Affirm | 1/29/2025 | 1748 | 1734 | 144 |
| &nbsp;&nbsp;&nbsp; VXCF-34H3, 14.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 338 | 342 | 341 |
| &nbsp;&nbsp;&nbsp; VXDA-DN4X, 29.570%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 239 | 240 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8003** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VXDB-GX9F, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | $150 | $155 | $156 |
| &nbsp;&nbsp;&nbsp; VXDF-T608, 11.770%, 3/20/2026 †§x | Affirm | 3/28/2025 | 320 | 327 | 328 |
| &nbsp;&nbsp;&nbsp; VXDG-ZYQO, 26.700%, 1/09/2028 †x | Affirm | 1/29/2025 | 3563 | 3652 | 3701 |
| &nbsp;&nbsp;&nbsp; VXE5-626Y, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 273 | 284 | 283 |
| &nbsp;&nbsp;&nbsp; VXED-5SDV, 11.900%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; VXEF-SWHS, 33.000%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; VXEL-GOME, 35.890%, 12/28/2025 †x# | Affirm | 1/29/2025 | 118 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; VXEP-KHPU, 29.490%, 9/28/2026 †§x | Affirm | 3/31/2025 | 319 | 335 | 335 |
| &nbsp;&nbsp;&nbsp; VXEV-X3GA, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; VXEW-KM41, 33.050%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | 237 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; VXEZ-YS7X, 22.660%, 12/18/2025 †§x | Affirm | 6/21/2024 | 67 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; VXEZ-YV4O, 28.500%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 120 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; VXF8-8X0L, 15.790%, 10/22/2025 †§x | Affirm | 10/25/2024 | 18 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; VXF8-Z0ZK, 35.330%, 10/01/2025 †§x | Affirm | 4/04/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; VXFS-FRQ0, 29.360%, 11/09/2023 †x#^ | Affirm | 5/12/2023 | 134 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; VXFT-2ZBN, 29.490%, 5/05/2026 †§x | Affirm | 5/11/2023 | 527 | 527 | 524 |
| &nbsp;&nbsp;&nbsp; VXGI-CMZR, 25.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; VXGK-S4N5, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; VXGP-HIEZ, 27.500%, 12/16/2023 †x#^ | Affirm | 12/22/2022 | 186 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; VXGT-TLTX, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; VXGU-5EIX, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; VXH0-5Q7J, 13.044%, 1/03/2023 †x#^« | Affirm | 1/06/2022 | 437 | 387 | 26 |
| &nbsp;&nbsp;&nbsp; VXH1-R5IC, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 2514 | 2603 | 151 |
| &nbsp;&nbsp;&nbsp; VXH6-4E2Y, 35.370%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 155 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; VXHD-I8ZS, 29.660%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 177 | 177 | 11 |
| &nbsp;&nbsp;&nbsp; VXHJ-7GK3, 35.370%, 2/26/2026 †§x | Affirm | 8/29/2024 | 122 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; VXHJ-CQDE, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 324 | 332 | 333 |
| &nbsp;&nbsp;&nbsp; VXHJ-DXX3, 28.000%, 4/18/2024 †x#^ | Affirm | 10/21/2022 | 234 | 251 | 14 |
| &nbsp;&nbsp;&nbsp; VXHT-WFLD, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 784 | 781 | 779 |
| &nbsp;&nbsp;&nbsp; VXI4-0X5M, 29.560%, 12/17/2025 †§x | Affirm | 6/21/2024 | 112 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; VXI4-MK69, 33.290%, 2/05/2026 †x# | Affirm | 2/26/2025 | 133 | 132 |  |
| &nbsp;&nbsp;&nbsp; VXIE-K5JP, 35.450%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; VXIK-WZBN, 12.773%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 175 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; VXIM-L7O1, 29.050%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 127 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; VXIO-6Q23, 35.380%, 8/22/2024 †x#^ | Affirm | 8/25/2023 | 188 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; VXIU-O7TC, 29.440%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 63 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; VXIV-BO6Z, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; VXIW-5D57, 35.520%, 12/12/2025 †§x | Affirm | 12/27/2024 | 27 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; VXJM-WKAH, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 297 | 306 | 304 |
| &nbsp;&nbsp;&nbsp; VXJV-6LD6, 33.950%, 5/13/2026 †§x | Affirm | 11/27/2024 | 109 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; VXJZ-GCDC, 21.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; VXK5-631M, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 132 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; VXK5-B9R5, 29.620%, 2/22/2026 †§x | Affirm | 2/26/2024 | 238 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; VXKC-DUVB, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 208 | 210 | 209 |
| &nbsp;&nbsp;&nbsp; VXKC-JI0H, 28.000%, 7/11/2022 †x#^ | Affirm | 4/14/2022 | 129 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; VXKS-7N17, 35.230%, 5/07/2025 †x#^ | Affirm | 5/13/2024 | 18 | 19 | 2 |
| &nbsp;&nbsp;&nbsp; VXKT-PGV1, 35.560%, 1/06/2026 †x# | Affirm | 1/29/2025 | 112 | 115 | 5 |
| &nbsp;&nbsp;&nbsp; VXKZ-DNTQ, 35.000%, 7/19/2025 †x#^ | Affirm | 7/26/2024 | 119 | 109 | 10 |
| &nbsp;&nbsp;&nbsp; VXL1-LWS2, 28.910%, 9/06/2023 †x#^ | Affirm | 3/09/2023 | 70 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; VXL5-I4HO, 35.300%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | 68 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; VXL5-LOAX, 29.520%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 39 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; VXL8-G4X1, 33.000%, 9/25/2025 †x# | Affirm | 9/30/2024 | 208 | 209 | 13 |
| &nbsp;&nbsp;&nbsp; VXL8-YTHK, 22.710%, 1/06/2026 †x# | Affirm | 1/29/2025 | 66 | 65 | 10 |
| &nbsp;&nbsp;&nbsp; VXLM-GJ9O, 35.310%, 3/28/2025 †x#^ | Affirm | 4/04/2024 | 84 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; VXLO-ETE3, 29.680%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 159 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; VXLQ-14GE, 15.650%, 11/26/2024 †x#^ | Affirm | 8/29/2024 | 408 | 416 | 24 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8004** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VXLV-WXZJ, 15.730%, 5/26/2026 †§x | Affirm | 6/02/2023 | $1172 | $1196 | $1204 |
| &nbsp;&nbsp;&nbsp; VXM3-0ERJ, 22.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; VXMB-X0AO, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; VXMD-IF64, 15.660%, 2/06/2026 †§x | Affirm | 8/29/2025 | 241 | 247 | 247 |
| &nbsp;&nbsp;&nbsp; VXMF-NM3D, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 189 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; VXMM-BCUU, 33.050%, 9/28/2025 †§x | Affirm | 3/31/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; VXMT-GVRZ, 29.550%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; VXMY-OCQ6, 15.720%, 7/08/2026 †§x | Affirm | 7/31/2025 | 221 | 231 | 233 |
| &nbsp;&nbsp;&nbsp; VXN6-S7PV, 35.660%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; VXN9-7A6I, 33.200%, 1/06/2026 †x# | Affirm | 1/29/2025 | 58 | 57 | 14 |
| &nbsp;&nbsp;&nbsp; VXO3-F5MK, 29.690%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 51 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; VXO9-RBD8, 32.000%, 5/28/2028 †x# | Affirm | 6/27/2025 | 9489 | 9967 | 10050 |
| &nbsp;&nbsp;&nbsp; VXOC-MDWP, 29.850%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 394 | 408 | 24 |
| &nbsp;&nbsp;&nbsp; VXOD-IVA0, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; VXOI-6FTY, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; VXOS-7058, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 264 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; VXPC-DUR6, 8.535%, 1/05/2023 †x#^« | Affirm | 7/08/2022 | 4453 | 4276 | 267 |
| &nbsp;&nbsp;&nbsp; VXPF-C439, 31.000%, 9/25/2026 †§x | Affirm | 9/30/2024 | 1147 | 1182 | 1184 |
| &nbsp;&nbsp;&nbsp; VXPG-T0ND, 29.720%, 1/11/2023 †x#^ | Affirm | 1/21/2022 | 39 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; VXPH-EFJ4, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; VXPI-Y1RD, 29.530%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 133 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; VXPU-GDYS, 35.000%, 7/03/2026 †x# | Affirm | 1/29/2025 | 681 | 670 | 41 |
| &nbsp;&nbsp;&nbsp; VXPV-KDV9, 29.670%, 12/12/2025 †§x | Affirm | 12/15/2023 | 164 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; VXPZ-NJ4L, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; VXQ6-OZJG, 33.050%, 9/24/2025 †§x | Affirm | 9/27/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; VXQC-HW4M, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 29 | 30 | 29 |
| &nbsp;&nbsp;&nbsp; VXQH-FIP4, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 350 | 361 | 358 |
| &nbsp;&nbsp;&nbsp; VXQN-2O9W, 22.670%, 12/20/2024 †x#^ | Affirm | 12/23/2022 | 93 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; VXQS-MGUJ, 35.760%, 2/07/2026 †x# | Affirm | 2/26/2025 | 106 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; VXQW-WDBK, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 209 | 203 | 13 |
| &nbsp;&nbsp;&nbsp; VXR2-8J5V, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; VXR2-EX59, 35.380%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 251 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; VXR6-YUFH, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; VXRQ-CPDG, 9.930%, 2/07/2026 †§x | Affirm | 2/26/2025 | 120 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; VXRU-UH94, 33.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 1603 | 1632 | 1635 |
| &nbsp;&nbsp;&nbsp; VXS0-KOTE, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 238 | 237 | 238 |
| &nbsp;&nbsp;&nbsp; VXS2-XGDJ, 15.770%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 257 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; VXS4-KIBX, 33.050%, 9/03/2025 †x# | Affirm | 3/28/2025 | 28 | 29 | 5 |
| &nbsp;&nbsp;&nbsp; VXS8-I4Z5, 35.650%, 1/06/2026 †x# | Affirm | 1/29/2025 | 308 | 316 | 19 |
| &nbsp;&nbsp;&nbsp; VXSA-JN1W, 29.480%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 163 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; VXSB-0PTU, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; VXSO-I7BH, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 260 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; VXSP-5HGX, 35.440%, 1/07/2026 †x | Affirm | 1/29/2025 | 262 | 261 | 261 |
| &nbsp;&nbsp;&nbsp; VXSZ-X1PE, 29.660%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 50 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; VXT3-XWBF, 26.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 256 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; VXT8-DVD4, 35.490%, 10/03/2025 †§x | Affirm | 10/07/2024 | 77 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; VXTE-P0PL, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 268 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; VXTH-ZHXC, 31.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 157 | 159 | 46 |
| &nbsp;&nbsp;&nbsp; VXTP-9HKV, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; VXTS-DZO4, 15.820%, 9/19/2025 †§x | Affirm | 9/23/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; VXTS-KPK1, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; VXTU-QASJ, 35.660%, 1/06/2026 †x# | Affirm | 1/29/2025 | 93 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; VXTZ-U38S, 24.710%, 6/19/2026 †§x | Affirm | 12/27/2024 | 297 | 306 | 303 |
| &nbsp;&nbsp;&nbsp; VXU0-681O, 26.500%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 153 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; VXU3-FEIK, 35.720%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 109 | 101 | 7 |
| &nbsp;&nbsp;&nbsp; VXUA-UK7Z, 27.100%, 4/17/2024 †x#^ | Affirm | 10/20/2022 | 142 | 152 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8005** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VXUL-DXLC, 29.620%, 9/20/2026 †x# | Affirm | 9/26/2024 | $673 | $706 | $40 |
| &nbsp;&nbsp;&nbsp; VXUM-18QK, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 280 | 285 | 282 |
| &nbsp;&nbsp;&nbsp; VXUS-MX48, 29.770%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; VXV6-XHP5, 28.000%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 158 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; VXVC-CVMU, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 145 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; VXVF-QLKL, 35.590%, 9/28/2025 †§x | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; VXVL-680U, 35.370%, 6/17/2026 †§x | Affirm | 6/21/2024 | 473 | 468 | 477 |
| &nbsp;&nbsp;&nbsp; VXVY-NE39, 25.890%, 2/02/2024 †x#^ | Affirm | 2/06/2023 | 417 | 420 | 25 |
| &nbsp;&nbsp;&nbsp; VXWA-6DQD, 19.700%, 5/06/2026 †§x | Affirm | 5/30/2025 | 1614 | 1655 | 1663 |
| &nbsp;&nbsp;&nbsp; VXWA-CBZI, 25.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 98 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; VXWI-G9BA, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 167 | 171 | 173 |
| &nbsp;&nbsp;&nbsp; VXWK-8MH4, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; VXWZ-P7RK, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 158 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; VXX9-9CE0, 30.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; VXXH-AV0G, 33.950%, 9/26/2026 †§x# | Affirm | 9/30/2024 | 410 | 422 | 425 |
| &nbsp;&nbsp;&nbsp; VXXN-ZDI8, 35.480%, 10/25/2025 †§x | Affirm | 10/31/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; VXXP-62MZ, 29.340%, 11/30/2023 †x#^ | Affirm | 9/08/2023 | 120 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; VXXW-XRYJ, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; VXY1-2G5F, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; VXYH-VHLW, 35.210%, 3/28/2025 †x#^ | Affirm | 4/01/2024 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; VXYR-G29T, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 143 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; VXYW-8NUS, 29.700%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 107 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; VXZ5-1WC2, 35.280%, 3/11/2025 †x#^ | Affirm | 3/14/2024 | 54 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; VXZ5-ODVL, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 113 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; VXZ6-Y0HS, 35.600%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; VXZ8-NTG5, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 380 | 395 | 400 |
| &nbsp;&nbsp;&nbsp; VXZ9-Z8X5, 33.050%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 232 | 244 | 14 |
| &nbsp;&nbsp;&nbsp; VXZE-E9XQ, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 245 | 244 | 245 |
| &nbsp;&nbsp;&nbsp; VXZG-V16G, 24.680%, 7/02/2026 †§x | Affirm | 1/29/2025 | 429 | 436 | 433 |
| &nbsp;&nbsp;&nbsp; VXZS-UZIZ, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; VY0P-W6GF, 22.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 489 | 492 | 493 |
| &nbsp;&nbsp;&nbsp; VY0W-FU3M, 35.530%, 12/10/2025 †§x | Affirm | 12/27/2024 | 329 | 332 | 332 |
| &nbsp;&nbsp;&nbsp; VY1A-POSS, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 784 | 779 | 778 |
| &nbsp;&nbsp;&nbsp; VY1A-ZLIB, 15.790%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 60 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; VY1B-4NXC, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 122 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; VY1H-CB5H, 11.840%, 9/28/2026 †x# | Affirm | 10/03/2024 | 952 | 999 | 57 |
| &nbsp;&nbsp;&nbsp; VY1O-PRRJ, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 625 | 633 | 635 |
| &nbsp;&nbsp;&nbsp; VY1O-WS2U, 29.570%, 1/05/2026 †§x | Affirm | 1/11/2024 | 236 | 238 | 238 |
| &nbsp;&nbsp;&nbsp; VY1P-0AEY, 22.630%, 8/23/2025 †x#^ | Affirm | 8/28/2023 | 442 | 472 | 27 |
| &nbsp;&nbsp;&nbsp; VY26-773T, 13.840%, 9/16/2025 †§x | Affirm | 9/19/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; VY29-GE5Z, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; VY2B-JKLG, 35.370%, 11/21/2024 †x#^ | Affirm | 11/24/2023 | 146 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; VY2G-THOC, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; VY2M-0U8S, 26.900%, 12/18/2025 †§x | Affirm | 12/27/2024 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; VY2T-RKW9, 28.000%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 130 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; VY2W-AWK7, 30.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 199 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; VY2Z-20RQ, 33.100%, 12/28/2025 †x# | Affirm | 1/29/2025 | 130 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; VY30-6SPO, 33.000%, 4/26/2027 †x# | Affirm | 5/06/2024 | 1721 | 1628 |  |
| &nbsp;&nbsp;&nbsp; VY33-QDZW, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 322 | 328 | 331 |
| &nbsp;&nbsp;&nbsp; VY33-STYD, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 784 | 798 | 800 |
| &nbsp;&nbsp;&nbsp; VY38-N2ZU, 35.490%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 223 | 230 | 13 |
| &nbsp;&nbsp;&nbsp; VY3H-F0WZ, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; VY3M-NTXA, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; VY3S-UG4F, 35.530%, 3/28/2026 †x | Affirm | 1/29/2025 | 85 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; VY3T-NS32, 35.520%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; VY3X-41O2, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 143 | 137 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8006** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VY45-KAZQ, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $182 | $185 | $185 |
| &nbsp;&nbsp;&nbsp; VY47-6KBJ, 35.780%, 3/03/2026 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; VY4B-IXBF, 35.070%, 1/08/2026 †§x | Affirm | 7/31/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; VY4K-JS1L, 22.750%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; VY4Q-JSF2, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; VY4V-DUI0, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; VY5G-ZIYR, 35.490%, 4/25/2026 †§x | Affirm | 10/31/2024 | 674 | 668 | 671 |
| &nbsp;&nbsp;&nbsp; VY5U-4O8Z, 35.690%, 2/05/2026 †x# | Affirm | 2/26/2025 | 90 | 89 |  |
| &nbsp;&nbsp;&nbsp; VY5V-5BEY, 22.750%, 11/07/2025 †§x | Affirm | 8/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; VY5Y-Z56N, 29.430%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 95 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; VY61-9TO4, 29.630%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 144 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; VY65-5OCR, 35.770%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 27 | 27 | 7 |
| &nbsp;&nbsp;&nbsp; VY66-7G9I, 29.620%, 3/25/2026 †§x | Affirm | 9/30/2024 | 237 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; VY66-EF87, 33.050%, 7/13/2026 †§x | Affirm | 1/29/2025 | 53 | 55 | 53 |
| &nbsp;&nbsp;&nbsp; VY6A-7JQ4, 33.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 173 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; VY6D-V521, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; VY6Q-MA20, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; VY6V-2ITT, 19.800%, 1/06/2026 †x | Affirm | 1/29/2025 | 180 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; VY77-WAR7, 24.400%, 1/02/2026 †§x | Affirm | 1/05/2024 | 574 | 579 | 579 |
| &nbsp;&nbsp;&nbsp; VY7C-IB3M, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 61 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; VY7C-ZJ9Z, 22.780%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 732 | 745 | 738 |
| &nbsp;&nbsp;&nbsp; VY7H-P2DG, 35.490%, 10/24/2025 †§x# | Affirm | 10/28/2024 | 98 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; VY7K-AU2U, 35.490%, 5/15/2026 †§x | Affirm | 11/27/2024 | 228 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; VY7O-0P2I, 35.300%, 3/08/2026 †x# | Affirm | 3/14/2024 | 502 | 511 | 30 |
| &nbsp;&nbsp;&nbsp; VY7S-VBKN, 29.620%, 2/26/2026 †§x# | Affirm | 2/29/2024 | 300 | 304 | 307 |
| &nbsp;&nbsp;&nbsp; VY7U-U9UJ, 24.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; VY8K-JF3G, 11.820%, 12/14/2025 †§x | Affirm | 6/21/2024 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; VY8R-WZNY, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; VY90-V9BM, 35.450%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 180 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; VY93-NTMA, 31.000%, 7/11/2024 †x#^ | Affirm | 4/15/2024 | 2539 | 2585 | 152 |
| &nbsp;&nbsp;&nbsp; VY97-Z1YB, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; VY98-OA3E, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 137 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; VY99-ZURL, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; VY9B-DSFK, 35.300%, 3/20/2027 †x | Affirm | 3/31/2025 | 3308 | 3282 | 3350 |
| &nbsp;&nbsp;&nbsp; VY9J-B5ZL, 11.900%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 175 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; VY9M-59YH, 23.400%, 8/26/2027 †§x | Affirm | 8/29/2024 | 1019 | 1034 | 1039 |
| &nbsp;&nbsp;&nbsp; VY9O-CCHN, 29.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; VY9P-27DC, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; VY9P-MBFF, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; VY9Q-124G, 35.480%, 7/04/2024 †x#^ | Affirm | 1/08/2024 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; VY9U-IOQ2, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1747 | 1793 | 1803 |
| &nbsp;&nbsp;&nbsp; VY9V-9OWU, 31.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; VY9Y-KS5K, 29.000%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 241 | 238 | 14 |
| &nbsp;&nbsp;&nbsp; VYA3-J530, 24.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 224 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; VYA6-V3XO, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 295 | 302 | 304 |
| &nbsp;&nbsp;&nbsp; VYAH-ATK2, 35.450%, 12/20/2025 †§x | Affirm | 6/24/2024 | 360 | 362 | 361 |
| &nbsp;&nbsp;&nbsp; VYAL-FYRL, 35.510%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 25 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; VYAO-L1JC, 18.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 495 | 503 | 498 |
| &nbsp;&nbsp;&nbsp; VYAY-IGI7, 32.860%, 3/20/2026 †§x | Affirm | 3/28/2025 | 469 | 469 | 473 |
| &nbsp;&nbsp;&nbsp; VYBF-5FPD, 23.400%, 7/06/2026 †§x | Affirm | 1/29/2025 | 260 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; VYBF-XIQK, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 191 | 194 | 195 |
| &nbsp;&nbsp;&nbsp; VYBH-SU9C, 35.220%, 9/28/2025 †x# | Affirm | 3/31/2025 | 311 | 321 | 5 |
| &nbsp;&nbsp;&nbsp; VYBM-OTBP, 35.370%, 2/16/2025 †x#^ | Affirm | 8/24/2023 | 1917 | 1818 | 115 |
| &nbsp;&nbsp;&nbsp; VYBT-L347, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 146 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; VYBX-BFQ1, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 222 | 218 | 217 |
| &nbsp;&nbsp;&nbsp; VYBY-8Q86, 29.620%, 6/28/2023 †x#^ | Affirm | 1/03/2022 | 160 | 150 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8007** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VYC0-I87Q, 35.350%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | $353 | $355 | $21 |
| &nbsp;&nbsp;&nbsp; VYC4-3WYC, 35.790%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; VYC9-C7RZ, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 279 | 283 | 283 |
| &nbsp;&nbsp;&nbsp; VYCH-UAX2, 33.950%, 12/18/2025 †§x | Affirm | 6/21/2024 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; VYCH-ZD5B, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 247 | 249 | 249 |
| &nbsp;&nbsp;&nbsp; VYCI-ZU9D, 22.670%, 5/01/2024 †x#^ | Affirm | 11/10/2022 | 108 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; VYCM-LWSM, 35.420%, 3/25/2025 †x#^ | Affirm | 9/30/2024 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; VYCU-9GU3, 33.950%, 9/20/2025 †§x | Affirm | 9/26/2024 | 87 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; VYCY-YRS1, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; VYDD-LQ6I, 32.000%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 262 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; VYDF-LNEN, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 254 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; VYDK-9P5K, 33.950%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 494 | 502 | 502 |
| &nbsp;&nbsp;&nbsp; VYDL-Y7X5, 33.000%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 38 | 38 | 37 |
| &nbsp;&nbsp;&nbsp; VYDN-JD26, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 139 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; VYDO-M4KS, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; VYDR-RQ8B, 35.430%, 6/11/2026 †§x# | Affirm | 12/27/2024 | 158 | 161 | 159 |
| &nbsp;&nbsp;&nbsp; VYDT-Y88T, 29.560%, 12/05/2025 †§x | Affirm | 12/08/2023 | 164 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; VYDU-WSPY, 22.750%, 8/10/2026 †§x | Affirm | 2/26/2025 | 986 | 1027 | 1022 |
| &nbsp;&nbsp;&nbsp; VYE9-LZKU, 22.680%, 4/25/2026 †§x | Affirm | 10/31/2024 | 126 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; VYEV-PF3E, 35.650%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 406 | 414 | 24 |
| &nbsp;&nbsp;&nbsp; VYF2-4HE6, 35.570%, 1/04/2026 †x# | Affirm | 1/08/2024 | 204 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; VYF4-ASMI, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; VYFE-7RG9, 33.950%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 84 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; VYFO-6BR6, 35.370%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; VYFU-HVRM, 35.360%, 5/06/2026 †§x | Affirm | 5/09/2024 | 258 | 260 | 263 |
| &nbsp;&nbsp;&nbsp; VYFU-I2P5, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; VYG3-18DS, 35.590%, 9/25/2025 †§x | Affirm | 9/30/2024 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; VYGC-AC3H, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; VYGL-XRWU, 23.700%, 11/14/2025 †x# | Affirm | 11/17/2022 | 3557 | 3545 | 213 |
| &nbsp;&nbsp;&nbsp; VYGV-JSB4, 29.410%, 5/25/2024 †x#^ | Affirm | 5/30/2023 | 505 | 528 | 30 |
| &nbsp;&nbsp;&nbsp; VYGW-8A46, 28.500%, 5/09/2023 †x#^ | Affirm | 5/19/2022 | 465 | 460 | 28 |
| &nbsp;&nbsp;&nbsp; VYGY-OK8W, 15.890%, 2/07/2026 †x# | Affirm | 2/26/2025 | 782 | 819 | 104 |
| &nbsp;&nbsp;&nbsp; VYH0-CQ38, 35.690%, 10/01/2025 †§x | Affirm | 10/04/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; VYH0-TZ1Z, 29.720%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 22 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; VYHA-ZW0B, 28.000%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 95 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; VYHC-PEMG, 35.310%, 3/13/2025 †x#^ | Affirm | 3/18/2024 | 98 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; VYHD-7VH8, 35.570%, 10/20/2025 †x# | Affirm | 9/26/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; VYHD-K3FT, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 618 | 636 | 628 |
| &nbsp;&nbsp;&nbsp; VYHG-2NL7, 24.950%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; VYHG-59Q0, 29.860%, 10/02/2025 †§x | Affirm | 10/07/2024 | 182 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; VYHK-7FNZ, 33.000%, 2/20/2026 †x# | Affirm | 8/23/2024 | 248 | 243 | 15 |
| &nbsp;&nbsp;&nbsp; VYHS-2QWH, 29.860%, 10/02/2025 †§x | Affirm | 10/07/2024 | 30 | 31 | 30 |
| &nbsp;&nbsp;&nbsp; VYI4-A1PW, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; VYIK-ZG9Z, 35.350%, 10/26/2025 †§x | Affirm | 5/02/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; VYJ3-DBAQ, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 202 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; VYJ7-MUW0, 29.500%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; VYJC-M10D, 32.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; VYJK-6HKF, 24.400%, 9/06/2025 †§x | Affirm | 3/11/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; VYJK-M95D, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 182 | 190 | 192 |
| &nbsp;&nbsp;&nbsp; VYJQ-PJ07, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 108 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; VYJX-LM4U, 27.500%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 1303 | 1412 | 78 |
| &nbsp;&nbsp;&nbsp; VYK5-LA5O, 19.610%, 9/28/2025 †§x# | Affirm | 10/05/2023 | 193 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; VYK9-H18X, 29.600%, 7/02/2026 †§x | Affirm | 1/29/2025 | 238 | 245 | 243 |
| &nbsp;&nbsp;&nbsp; VYKF-WG25, 35.500%, 10/18/2025 †§x | Affirm | 10/24/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; VYKK-PCM0, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; VYKP-OLUE, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 80 | 81 | 81 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8008** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VYKT-6MR2, 35.390%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | $26 | $25 | $2 |
| &nbsp;&nbsp;&nbsp; VYKW-XFJ8, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 102 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; VYKZ-G22H, 29.310%, 11/06/2025 †§x | Affirm | 8/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; VYL7-AE41, 29.590%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; VYLD-4XNF, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; VYLL-Y0NF, 35.530%, 1/02/2026 †§x | Affirm | 1/29/2025 | 84 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; VYM1-UOCE, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1726 | 1800 | 1792 |
| &nbsp;&nbsp;&nbsp; VYMB-84W3, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 136 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; VYMJ-2AWP, 6.057%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 286 | 274 | 273 |
| &nbsp;&nbsp;&nbsp; VYMS-N5EL, 24.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 447 | 457 | 459 |
| &nbsp;&nbsp;&nbsp; VYMT-OG4G, 35.490%, 8/07/2026 †§x | Affirm | 8/29/2025 | 115 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; VYN5-DDBN, 25.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; VYN7-SBV5, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; VYNH-BNQ6, 35.320%, 3/03/2026 †§x | Affirm | 3/28/2025 | 38 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; VYNL-JRR4, 21.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; VYNN-CNC3, 33.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 172 | 171 | 170 |
| &nbsp;&nbsp;&nbsp; VYNQ-1JO6, 35.490%, 8/22/2025 †x#^ | Affirm | 8/26/2024 | 112 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; VYNZ-FVSE, 29.610%, 12/18/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; VYO5-A3EG, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; VYO6-BOL5, 33.050%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 317 | 327 | 332 |
| &nbsp;&nbsp;&nbsp; VYO7-EW24, 29.640%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 94 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; VYO7-GDUC, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 163 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; VYOA-HC8K, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 221 | 223 | 223 |
| &nbsp;&nbsp;&nbsp; VYOG-1UQ2, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 166 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; VYP1-3O6Y, 29.810%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 198 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; VYP1-ZKPH, 28.500%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; VYP2-D33T, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 73 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; VYPE-QOYK, 24.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 115 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; VYPL-CYV6, 11.840%, 2/22/2028 †§x# | Affirm | 2/26/2024 | 1658 | 1772 | 1777 |
| &nbsp;&nbsp;&nbsp; VYQ1-ZU0Y, 29.490%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | 182 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; VYQ7-4ZN1, 22.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; VYQI-43YR, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 179 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; VYQM-TU6X, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; VYQP-9GKT, 15.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; VYQW-21LV, 15.750%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 107 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; VYR6-NATT, 29.830%, 3/03/2026 †§x | Affirm | 3/28/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; VYR8-BE9A, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 178 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; VYRF-2CCQ, 28.000%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 124 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; VYRQ-PKNA, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 89 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; VYS2-42JB, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 295 | 294 | 295 |
| &nbsp;&nbsp;&nbsp; VYS5-S5NU, 33.000%, 4/28/2026 †x# | Affirm | 5/02/2024 | 1036 | 1055 | 62 |
| &nbsp;&nbsp;&nbsp; VYSE-MERX, 12.275%, 6/17/2025 †x#^« | Affirm | 6/21/2024 | 499 | 445 | 30 |
| &nbsp;&nbsp;&nbsp; VYSH-LGRP, 33.050%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 135 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; VYSP-L8AJ, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; VYSU-H9LW, 29.550%, 12/06/2027 †§x | Affirm | 12/11/2023 | 1336 | 1433 | 1418 |
| &nbsp;&nbsp;&nbsp; VYT9-G90L, 26.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; VYTA-K6U5, 31.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; VYTE-KVUZ, 29.380%, 6/28/2022 †x#^ | Affirm | 1/06/2022 | 20 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; VYTH-Q6BB, 29.180%, 6/27/2022 †x#^ | Affirm | 12/30/2021 | 107 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; VYTN-2EY3, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; VYTT-ILM9, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; VYTW-T2B7, 29.460%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 148 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; VYU3-I5R5, 21.900%, 10/23/2025 †§x | Affirm | 10/28/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; VYUA-L8GB, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 134 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; VYUH-QN4I, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 175 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; VYVB-FC5U, 5.008%, 11/28/2023 †x#^« | Affirm | 12/05/2022 | 543 | 518 | 33 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8009** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VYVJ-A2XR, 28.000%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | $100 | $104 | $6 |
| &nbsp;&nbsp;&nbsp; VYVK-OCDE, 35.760%, 2/05/2026 †x# | Affirm | 2/26/2025 | 232 | 230 | 59 |
| &nbsp;&nbsp;&nbsp; VYVM-2I0J, 33.050%, 5/23/2025 †x#^ | Affirm | 5/28/2024 | 59 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; VYVQ-AAOA, 29.660%, 9/23/2025 †§x | Affirm | 9/26/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; VYVR-Y6RO, 29.650%, 1/13/2027 †x# | Affirm | 1/29/2025 | 925 | 972 | 56 |
| &nbsp;&nbsp;&nbsp; VYW6-HFTW, 35.430%, 12/28/2025 †x# | Affirm | 1/29/2025 | 193 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; VYWC-0R71, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 126 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; VYWE-ZBO8, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; VYWK-EJ3D, 15.620%, 1/08/2026 †§x | Affirm | 7/31/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; VYWK-M5MS, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; VYX3-3SOZ, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 607 | 595 | 592 |
| &nbsp;&nbsp;&nbsp; VYX3-ECYR, 35.430%, 6/28/2025 †x#^ | Affirm | 7/05/2024 | 147 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; VYXI-B8FS, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 603 | 600 | 601 |
| &nbsp;&nbsp;&nbsp; VYXL-VDET, 22.750%, 7/02/2026 †§x | Affirm | 1/29/2025 | 439 | 449 | 451 |
| &nbsp;&nbsp;&nbsp; VYXM-1FGP, 29.430%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 489 | 483 | 29 |
| &nbsp;&nbsp;&nbsp; VYXT-433B, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; VYXU-P7Z1, 27.100%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; VYXZ-F3UF, 32.500%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 340 | 357 | 20 |
| &nbsp;&nbsp;&nbsp; VYY6-TK2S, 33.950%, 2/10/2028 †§x | Affirm | 2/26/2025 | 1013 | 1050 | 1068 |
| &nbsp;&nbsp;&nbsp; VYYB-TAYU, 28.500%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 158 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; VYYF-QUOL, 18.700%, 7/28/2027 †x# | Affirm | 8/29/2025 | 8884 | 8741 | 8741 |
| &nbsp;&nbsp;&nbsp; VYYK-QXW7, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 212 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; VYYP-1TY7, 35.180%, 12/02/2025 †§x | Affirm | 6/27/2025 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; VYYQ-5F4D, 25.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; VYYT-28B6, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; VYZI-QSES, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 101 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; VZ0F-PLFG, 29.560%, 2/05/2027 †§x | Affirm | 8/29/2025 | 382 | 398 | 398 |
| &nbsp;&nbsp;&nbsp; VZ0R-VF56, 18.000%, 10/05/2025 †§x | Affirm | 4/15/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; VZ0S-ZJXO, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; VZ0U-MV09, 11.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 176 | 181 | 182 |
| &nbsp;&nbsp;&nbsp; VZ0V-UVN6, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 705 | 691 | 687 |
| &nbsp;&nbsp;&nbsp; VZ14-0H7T, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; VZ1B-QOQC, 35.400%, 5/28/2027 †x | Affirm | 6/27/2025 | 3461 | 3414 | 3458 |
| &nbsp;&nbsp;&nbsp; VZ1G-58QK, 32.000%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 113 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; VZ1R-9EQJ, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; VZ27-1BYX, 29.720%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 136 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; VZ2H-QB3U, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; VZ3G-5VHF, 27.950%, 1/08/2026 †§x | Affirm | 1/11/2024 | 386 | 386 | 237 |
| &nbsp;&nbsp;&nbsp; VZ3V-RKG6, 35.320%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 67 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; VZ3W-O0YF, 31.000%, 10/02/2025 †§x | Affirm | 10/07/2024 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; VZ43-47BV, 29.530%, 1/02/2026 †§x | Affirm | 1/05/2024 | 159 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; VZ43-AA92, 32.500%, 3/20/2026 †§x | Affirm | 9/26/2024 | 136 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; VZ44-OKTD, 29.650%, 9/25/2025 †§x | Affirm | 9/30/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; VZ4F-PNJ5, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 114 | 111 | 113 |
| &nbsp;&nbsp;&nbsp; VZ4H-FFIV, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 338 | 338 | 340 |
| &nbsp;&nbsp;&nbsp; VZ4Q-P8AV, 15.820%, 9/25/2025 †§x | Affirm | 9/30/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; VZ4R-DO73, 26.500%, 3/12/2023 †x#^ | Affirm | 9/15/2022 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; VZ4T-WZGY, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 139 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; VZ59-9J4B, 29.500%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 135 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; VZ59-TUTO, 9.850%, 8/26/2026 †x | Affirm | 8/29/2024 | 2446 | 2510 | 2518 |
| &nbsp;&nbsp;&nbsp; VZ5C-T6X4, 27.950%, 10/18/2027 †x | Affirm | 10/24/2024 | 2596 | 2564 | 2596 |
| &nbsp;&nbsp;&nbsp; VZ5D-ADLS, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 164 | 167 | 166 |
| &nbsp;&nbsp;&nbsp; VZ5J-0NWJ, 6.824%, 9/26/2025 †§x« | Affirm | 9/30/2024 | 86 | 81 | 85 |
| &nbsp;&nbsp;&nbsp; VZ5L-W3SE, 21.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 340 | 348 | 351 |
| &nbsp;&nbsp;&nbsp; VZ5T-QG6H, 33.050%, 10/08/2025 †§x | Affirm | 7/31/2025 | 131 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; VZ5Y-CO04, 32.940%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 371 | 370 | 372 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8010** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VZ60-FCAG, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | $153 | $155 | $155 |
| &nbsp;&nbsp;&nbsp; VZ69-COID, 30.000%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 135 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; VZ6C-NH41, 33.950%, 12/16/2025 †x# | Affirm | 12/27/2024 | 114 | 121 | 9 |
| &nbsp;&nbsp;&nbsp; VZ6S-KRHI, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 145 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; VZ6Z-AHIC, 26.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 143 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; VZ74-A65A, 29.610%, 11/03/2024 †x#^ | Affirm | 11/07/2022 | 200 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; VZ75-R10O, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; VZ7G-8NW8, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 139 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; VZ7I-143F, 30.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 320 | 330 | 326 |
| &nbsp;&nbsp;&nbsp; VZ7N-KSQK, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; VZ7X-9D4A, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; VZ7Z-2EAD, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 334 | 356 | 20 |
| &nbsp;&nbsp;&nbsp; VZ8I-ZY9N, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 369 | 373 | 373 |
| &nbsp;&nbsp;&nbsp; VZ8K-93M1, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 53 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; VZ8L-EEKH, 9.810%, 3/20/2026 †§x | Affirm | 3/28/2025 | 516 | 527 | 530 |
| &nbsp;&nbsp;&nbsp; VZ8P-SM9P, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 241 | 245 | 244 |
| &nbsp;&nbsp;&nbsp; VZ8Q-F0Q4, 35.650%, 7/03/2024 †x#^ | Affirm | 4/08/2024 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; VZ8R-RO1V, 15.670%, 11/06/2025 †§x | Affirm | 8/29/2025 | 142 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; VZ8V-1BN0, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 264 | 275 | 274 |
| &nbsp;&nbsp;&nbsp; VZ94-2WOO, 27.100%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 156 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; VZ96-LWN8, 22.720%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; VZ97-S00H, 15.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; VZ9G-9IDQ, 26.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 99 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; VZ9I-PQ2H, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 2090 | 2184 | 2177 |
| &nbsp;&nbsp;&nbsp; VZ9O-UDOI, 22.600%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; VZ9R-TNEC, 35.300%, 3/11/2026 †x# | Affirm | 3/14/2024 | 808 | 823 | 49 |
| &nbsp;&nbsp;&nbsp; VZ9R-U6A9, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; VZ9T-JEQJ, 29.700%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; VZ9U-9GP4, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 146 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; VZ9V-CW7U, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 563 | 572 | 574 |
| &nbsp;&nbsp;&nbsp; VZ9X-D2AP, 24.950%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 150 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; VZA2-Z6YL, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 128 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; VZAA-FRQP, 35.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 144 | 141 | 9 |
| &nbsp;&nbsp;&nbsp; VZAH-37N8, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; VZB3-R2YC, 24.660%, 10/18/2025 †§x# | Affirm | 10/24/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; VZBG-HW6B, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 154 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; VZBO-HENH, 15.760%, 12/25/2025 †§x# | Affirm | 6/28/2024 | 113 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; VZBS-CFDM, 24.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 195 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; VZBV-EU5Z, 15.790%, 4/13/2023 †x#^ | Affirm | 10/17/2022 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; VZBX-FBW2, 33.000%, 8/28/2026 †x# | Affirm | 3/28/2025 | 556 | 547 | 33 |
| &nbsp;&nbsp;&nbsp; VZC1-L0TG, 27.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 109 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; VZCB-PMBD, 22.750%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; VZCD-EA4A, 35.310%, 3/28/2025 †x#^ | Affirm | 4/01/2024 | 83 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; VZCS-311N, 30.000%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 15 | 15 | 3 |
| &nbsp;&nbsp;&nbsp; VZCX-UOM1, 13.840%, 11/06/2025 †§x | Affirm | 5/30/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; VZDC-AKK9, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1141 | 1132 | 1128 |
| &nbsp;&nbsp;&nbsp; VZDC-WUQB, 15.996%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 55 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; VZDO-BNN8, 15.830%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; VZDT-TP66, 8.217%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 809 | 774 | 766 |
| &nbsp;&nbsp;&nbsp; VZDZ-QOM6, 35.370%, 6/09/2024 †x#^ | Affirm | 6/15/2023 | 248 | 243 | 15 |
| &nbsp;&nbsp;&nbsp; VZE0-I3QB, 35.300%, 3/11/2025 †x#^ | Affirm | 3/14/2024 | 160 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; VZE1-EC0V, 33.130%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 87 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; VZE8-1325, 11.820%, 12/17/2025 †§x | Affirm | 6/21/2024 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; VZEB-NIO2, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 345 | 351 | 352 |
| &nbsp;&nbsp;&nbsp; VZEF-IA8L, 30.000%, 8/01/2023 †x#^ | Affirm | 2/06/2023 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; VZEH-MZY5, 24.400%, 2/10/2027 †§x | Affirm | 2/26/2025 | 613 | 642 | 648 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8011** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VZET-W5D7, 29.610%, 12/12/2025 †§x | Affirm | 12/27/2024 | $67 | $67 | $67 |
| &nbsp;&nbsp;&nbsp; VZF5-7ROP, 35.380%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; VZF5-AXY7, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 81 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; VZFJ-B3AX, 29.610%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 276 | 291 | 17 |
| &nbsp;&nbsp;&nbsp; VZFQ-RSK8, 32.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 459 | 481 | 481 |
| &nbsp;&nbsp;&nbsp; VZFR-MPLC, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 433 | 433 | 437 |
| &nbsp;&nbsp;&nbsp; VZFS-2GJY, 22.750%, 6/02/2026 †§x | Affirm | 6/27/2025 | 269 | 277 | 278 |
| &nbsp;&nbsp;&nbsp; VZG1-JXXU, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 82 | 86 | 19 |
| &nbsp;&nbsp;&nbsp; VZG8-WK8J, 35.330%, 1/02/2026 †§x | Affirm | 1/05/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; VZGC-BF2H, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 224 | 223 | 67 |
| &nbsp;&nbsp;&nbsp; VZGK-29JJ, 33.150%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; VZGP-GWDY, 11.840%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 1238 | 1282 | 74 |
| &nbsp;&nbsp;&nbsp; VZGR-FS85, 32.000%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 5331 | 5542 | 5560 |
| &nbsp;&nbsp;&nbsp; VZGW-OENM, 35.270%, 2/04/2024 †x#^ | Affirm | 8/10/2023 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; VZGY-MTFB, 19.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 145 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; VZH0-ZTHV, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; VZH2-2J9T, 35.240%, 9/03/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; VZH4-T7PR, 29.660%, 1/03/2027 †§x | Affirm | 1/29/2025 | 745 | 768 | 777 |
| &nbsp;&nbsp;&nbsp; VZHC-8P0B, 25.000%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; VZHH-CU7K, 28.500%, 8/04/2022 †x#^ | Affirm | 2/10/2022 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; VZHK-S0O8, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 204 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; VZHM-2B1Z, 35.490%, 5/20/2026 †§x | Affirm | 11/27/2024 | 167 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; VZHS-TREZ, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 119 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; VZHT-SV2L, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; VZHX-3L4W, 35.830%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 334 | 340 | 20 |
| &nbsp;&nbsp;&nbsp; VZHX-JD7D, 15.750%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 196 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; VZI1-B74H, 35.860%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 273 | 278 | 277 |
| &nbsp;&nbsp;&nbsp; VZIQ-4PJC, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 113 | 114 | 113 |
| &nbsp;&nbsp;&nbsp; VZIS-Y0VH, 29.600%, 10/24/2023 †x#^ | Affirm | 10/27/2022 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; VZIV-3MKQ, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; VZIV-HKVA, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; VZIW-A84Z, 29.000%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 125 | 127 | 8 |
| &nbsp;&nbsp;&nbsp; VZJ7-OQXB, 32.770%, 9/02/2025 †§x | Affirm | 6/27/2025 | 37 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; VZJ9-ZP3V, 18.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; VZJH-L3JN, 26.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 211 | 216 | 217 |
| &nbsp;&nbsp;&nbsp; VZJN-KZXS, 7.870%, 8/26/2026 †§x | Affirm | 8/29/2024 | 497 | 510 | 513 |
| &nbsp;&nbsp;&nbsp; VZJR-2UTK, 29.450%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 1287 | 1271 | 77 |
| &nbsp;&nbsp;&nbsp; VZK5-ZQX7, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 2397 | 2464 | 2476 |
| &nbsp;&nbsp;&nbsp; VZKR-JLWL, 22.530%, 9/20/2025 †§x | Affirm | 3/28/2025 | 1282 | 1282 | 1299 |
| &nbsp;&nbsp;&nbsp; VZL0-DVMT, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; VZL2-LVLX, 35.860%, 12/28/2025 †§x | Affirm | 1/29/2025 | 53 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; VZLB-V5WE, 35.470%, 1/03/2025 †x#^ | Affirm | 10/06/2023 | 991 | 937 | 59 |
| &nbsp;&nbsp;&nbsp; VZLD-4RP0, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; VZLH-7NKK, 22.720%, 3/28/2023 †x#^ | Affirm | 10/06/2022 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; VZLH-8NQ9, 29.510%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 96 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; VZLI-TP2D, 29.500%, 8/01/2023 †x#^ | Affirm | 2/06/2023 | 1836 | 1808 | 110 |
| &nbsp;&nbsp;&nbsp; VZM7-PKSA, 22.600%, 1/04/2025 †x#^ | Affirm | 12/07/2023 | 189 | 198 | 11 |
| &nbsp;&nbsp;&nbsp; VZMQ-C9TR, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; VZMQ-HM1W, 28.000%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; VZMW-K0IQ, 35.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; VZN2-UL12, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 209 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; VZN3-OCRO, 29.590%, 10/18/2026 †§x | Affirm | 10/24/2024 | 81 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; VZN7-95XS, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; VZNA-8V4F, 33.050%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; VZND-BLEL, 18.000%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 2301 | 2378 | 138 |
| &nbsp;&nbsp;&nbsp; VZNE-TRXA, 33.950%, 10/28/2025 †x# | Affirm | 10/31/2024 | 58 | 62 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8012** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VZNM-6KHQ, 32.500%, 6/20/2026 †§x# | Affirm | 6/24/2024 | $270 | $269 | $273 |
| &nbsp;&nbsp;&nbsp; VZNY-V5C3, 29.500%, 8/02/2026 †§x | Affirm | 8/07/2023 | 644 | 665 | 666 |
| &nbsp;&nbsp;&nbsp; VZO0-XAXO, 29.760%, 8/28/2026 †§x | Affirm | 3/28/2025 | 295 | 307 | 300 |
| &nbsp;&nbsp;&nbsp; VZO2-RFDC, 35.990%, 2/03/2026 †§x | Affirm | 2/26/2025 | 220 | 223 | 224 |
| &nbsp;&nbsp;&nbsp; VZO6-VBZW, 30.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 329 | 340 | 340 |
| &nbsp;&nbsp;&nbsp; VZO7-J1OO, 35.330%, 3/26/2028 †§x | Affirm | 4/22/2025 | 786 | 777 | 798 |
| &nbsp;&nbsp;&nbsp; VZOA-ULFZ, 29.600%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 155 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; VZOG-1EDL, 29.600%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 80 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; VZOW-XIFZ, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 196 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; VZOY-R6WX, 29.640%, 9/23/2025 †§x | Affirm | 9/26/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; VZP2-AHUQ, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 117 | 119 | 118 |
| &nbsp;&nbsp;&nbsp; VZP4-AFO1, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 206 | 203 | 206 |
| &nbsp;&nbsp;&nbsp; VZP6-8LXX, 25.000%, 6/12/2024 †x#^ | Affirm | 12/15/2022 | 321 | 341 | 19 |
| &nbsp;&nbsp;&nbsp; VZPB-WYF4, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; VZPG-6KJ5, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; VZPO-92IL, 29.650%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 1119 | 1169 | 67 |
| &nbsp;&nbsp;&nbsp; VZPP-NDB9, 26.900%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; VZPR-A0PU, 35.490%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 85 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; VZQ6-PHUG, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 246 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; VZQ7-Y6IF, 19.900%, 7/02/2026 †x | Affirm | 1/29/2025 | 3499 | 3602 | 3575 |
| &nbsp;&nbsp;&nbsp; VZQK-BAB7, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 379 | 376 | 377 |
| &nbsp;&nbsp;&nbsp; VZRB-YXZV, 33.050%, 1/02/2027 †§x | Affirm | 1/29/2025 | 648 | 671 | 672 |
| &nbsp;&nbsp;&nbsp; VZRC-8382, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; VZRF-FQRO, 15.810%, 5/24/2023 †x#^ | Affirm | 11/29/2021 | 1089 | 1175 | 65 |
| &nbsp;&nbsp;&nbsp; VZRJ-DAH6, 22.850%, 7/02/2026 †§x | Affirm | 1/29/2025 | 170 | 175 | 173 |
| &nbsp;&nbsp;&nbsp; VZRK-ZQX0, 15.800%, 12/16/2025 †x# | Affirm | 12/27/2024 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; VZRM-2355, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 349 | 355 | 354 |
| &nbsp;&nbsp;&nbsp; VZRM-I5MW, 26.700%, 2/26/2026 †§x | Affirm | 8/29/2024 | 112 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; VZRP-OF30, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 143 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; VZRW-DCF5, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 119 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; VZRW-KQLO, 27.950%, 8/26/2026 †§x | Affirm | 8/29/2024 | 860 | 857 | 866 |
| &nbsp;&nbsp;&nbsp; VZRX-SWZ3, 25.200%, 6/18/2026 †x# | Affirm | 6/21/2024 | 3186 | 3255 | 3263 |
| &nbsp;&nbsp;&nbsp; VZS9-TQ15, 22.710%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 85 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; VZSE-DZBU, 26.200%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 2078 | 2095 | 125 |
| &nbsp;&nbsp;&nbsp; VZSL-4OA3, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 592 | 596 | 593 |
| &nbsp;&nbsp;&nbsp; VZSN-VMXF, 9.930%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 16 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; VZSP-FDFC, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; VZSS-KR6X, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 132 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; VZSX-EMQV, 31.200%, 2/10/2026 †§x | Affirm | 2/26/2025 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; VZSY-YO18, 33.150%, 11/15/2025 †x# | Affirm | 11/27/2024 | 129 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; VZSZ-0PKH, 35.460%, 6/24/2026 †x# | Affirm | 6/27/2024 | 826 | 818 | 50 |
| &nbsp;&nbsp;&nbsp; VZT4-OM0B, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; VZT4-OZHM, 29.580%, 10/24/2025 †§x | Affirm | 10/28/2024 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; VZT8-YP0V, 35.510%, 10/02/2025 †x# | Affirm | 10/07/2024 | 27 | 27 | 10 |
| &nbsp;&nbsp;&nbsp; VZTD-H78R, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; VZTQ-L4EH, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; VZTQ-RQXL, 22.650%, 6/02/2026 †x# | Affirm | 6/27/2025 | 837 | 825 | 530 |
| &nbsp;&nbsp;&nbsp; VZUD-YZVP, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 271 | 284 | 16 |
| &nbsp;&nbsp;&nbsp; VZUF-0L4H, 15.850%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 242 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; VZUI-UPTV, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 104 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; VZUL-C6Q8, 35.470%, 10/16/2024 †x#^ | Affirm | 4/19/2024 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; VZUL-U6HH, 30.000%, 1/02/2028 †x | Affirm | 1/29/2025 | 3152 | 3094 | 3141 |
| &nbsp;&nbsp;&nbsp; VZUQ-DOCY, 35.470%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 47 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; VZUW-Z0KB, 19.700%, 9/20/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; VZV1-8MI6, 35.320%, 6/28/2024 †x#^ | Affirm | 1/02/2024 | 61 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; VZV4-QQHK, 35.470%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 620 | 641 | 37 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8013** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; VZV5-51TD, 15.790%, 8/06/2026 †§x# | Affirm | 8/29/2025 | $184 | $181 | $181 |
| &nbsp;&nbsp;&nbsp; VZV5-YDR0, 18.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; VZVO-L66K, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 226 | 224 | 223 |
| &nbsp;&nbsp;&nbsp; VZVR-Y3MR, 23.400%, 12/12/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; VZVS-FNVP, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; VZVS-T8ND, 15.730%, 11/06/2025 †§x | Affirm | 5/09/2024 | 218 | 218 | 216 |
| &nbsp;&nbsp;&nbsp; VZWA-E6N9, 20.000%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 216 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; VZWB-MTA4, 35.450%, 9/24/2026 †x# | Affirm | 9/27/2024 | 444 | 439 | 34 |
| &nbsp;&nbsp;&nbsp; VZWB-TEY5, 29.460%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 121 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; VZWD-D2D5, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; VZWE-KS2Z, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; VZWP-LYEK, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; VZWR-97JY, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; VZWS-XOLK, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 537 | 549 | 549 |
| &nbsp;&nbsp;&nbsp; VZWT-BLS8, 15.830%, 11/15/2025 †x# | Affirm | 11/27/2024 | 287 | 285 | 17 |
| &nbsp;&nbsp;&nbsp; VZWY-HW45, 35.450%, 4/05/2026 †§x | Affirm | 4/11/2024 | 335 | 337 | 340 |
| &nbsp;&nbsp;&nbsp; VZX5-JRQI, 29.480%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 159 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; VZXT-UAYI, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 194 | 202 | 201 |
| &nbsp;&nbsp;&nbsp; VZXV-UENB, 4.910%, 8/07/2027 †§x | Affirm | 8/10/2023 | 1096 | 1166 | 1130 |
| &nbsp;&nbsp;&nbsp; VZXX-10B7, 29.550%, 8/15/2024 †x#^ | Affirm | 8/18/2022 | 308 | 336 | 18 |
| &nbsp;&nbsp;&nbsp; VZY7-D19O, 35.520%, 12/10/2025 †§x | Affirm | 12/27/2024 | 71 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; VZYA-2HMI, 35.190%, 11/08/2023 †x#^ | Affirm | 8/11/2023 | 249 | 247 | 15 |
| &nbsp;&nbsp;&nbsp; VZYI-GBFY, 9.800%, 3/20/2026 †§x | Affirm | 3/28/2025 | 259 | 264 | 266 |
| &nbsp;&nbsp;&nbsp; VZYU-LRE6, 15.740%, 8/29/2024 †x#^ | Affirm | 9/01/2023 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; VZYX-07P9, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; VZYX-YKAE, 35.380%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 336 | 344 | 347 |
| &nbsp;&nbsp;&nbsp; VZYY-TSKT, 35.560%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 114 | 114 | 64 |
| &nbsp;&nbsp;&nbsp; VZYZ-S6MJ, 35.490%, 5/18/2026 †§x | Affirm | 11/27/2024 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; VZZD-WWQE, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 233 | 235 | 233 |
| &nbsp;&nbsp;&nbsp; VZZE-2OJV, 34.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 751 | 721 | 721 |
| &nbsp;&nbsp;&nbsp; VZZF-7UW7, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; VZZR-UK6G, 35.000%, 6/03/2025 †x#^ | Affirm | 3/28/2025 | 84 | 83 | 9 |
| &nbsp;&nbsp;&nbsp; VZZZ-DHXT, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 40 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; W006-7O9A, 22.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 343 | 350 | 351 |
| &nbsp;&nbsp;&nbsp; W008-2SQL, 33.950%, 9/26/2025 †§x | Affirm | 9/30/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; W009-XB1S, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 131 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; W00D-UZFB, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; W00E-2DNH, 23.400%, 2/20/2026 †x# | Affirm | 8/23/2024 | 453 | 471 | 27 |
| &nbsp;&nbsp;&nbsp; W00G-RCAS, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 279 | 290 | 288 |
| &nbsp;&nbsp;&nbsp; W00H-0WD8, 29.510%, 6/14/2025 †x#^ | Affirm | 6/20/2023 | 563 | 598 | 34 |
| &nbsp;&nbsp;&nbsp; W00H-J6Q3, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 23 | 22 | 23 |
| &nbsp;&nbsp;&nbsp; W00J-B7JP, 29.430%, 3/18/2023 †x#^ | Affirm | 3/24/2022 | 52 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; W00L-1TCB, 29.690%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 231 | 239 | 239 |
| &nbsp;&nbsp;&nbsp; W012-VUJ0, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; W013-MZZT, 33.000%, 2/07/2026 †x# | Affirm | 2/26/2025 | 255 | 253 | 74 |
| &nbsp;&nbsp;&nbsp; W01A-R9TC, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 83 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W01L-LUC1, 13.840%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; W01N-N9DV, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; W026-IFQ6, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; W02A-PRKB, 29.650%, 9/26/2023 †x#^ | Affirm | 9/29/2022 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; W02B-RF1Y, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 102 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; W02R-SGDJ, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 372 | 370 | 372 |
| &nbsp;&nbsp;&nbsp; W02X-IX07, 32.500%, 1/09/2028 †x | Affirm | 1/29/2025 | 5239 | 5160 | 5241 |
| &nbsp;&nbsp;&nbsp; W031-86HL, 33.280%, 2/10/2026 †x# | Affirm | 2/26/2025 | 109 | 112 | 5 |
| &nbsp;&nbsp;&nbsp; W038-QNOT, 15.810%, 9/23/2025 †§x | Affirm | 9/26/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; W039-P8E2, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 99 | 98 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8014** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W03G-STQM, 35.310%, 3/10/2026 †x | Affirm | 3/28/2025 | $325 | $307 | $309 |
| &nbsp;&nbsp;&nbsp; W03I-EHCG, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W03Q-MXLA, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; W03S-IC6Y, 29.620%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 70 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; W03T-RJ0S, 33.050%, 5/23/2026 †§x | Affirm | 5/28/2024 | 234 | 239 | 240 |
| &nbsp;&nbsp;&nbsp; W044-3IFA, 28.847%, 9/24/2026 †§x | Affirm | 9/27/2024 | 1305 | 1296 | 1312 |
| &nbsp;&nbsp;&nbsp; W044-YWVT, 29.820%, 7/03/2023 †x#^ | Affirm | 1/06/2022 | 336 | 314 | 20 |
| &nbsp;&nbsp;&nbsp; W045-05FW, 35.580%, 4/21/2025 †x#^ | Affirm | 2/26/2024 | 89 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; W048-SEYA, 35.570%, 12/18/2025 †§x | Affirm | 12/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; W049-LAIQ, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 36 | 37 | 4 |
| &nbsp;&nbsp;&nbsp; W04C-MC0X, 22.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 237 | 241 | 240 |
| &nbsp;&nbsp;&nbsp; W04P-F4WP, 29.620%, 3/24/2026 †§x# | Affirm | 9/27/2024 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; W04V-U7YD, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 1343 | 1326 | 81 |
| &nbsp;&nbsp;&nbsp; W050-5J8O, 22.650%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 555 | 548 | 33 |
| &nbsp;&nbsp;&nbsp; W053-XRL0, 29.200%, 7/28/2024 †x#^ | Affirm | 8/03/2023 | 486 | 484 | 29 |
| &nbsp;&nbsp;&nbsp; W054-13C4, 32.000%, 11/12/2025 †x# | Affirm | 11/27/2024 | 200 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; W05D-XNOH, 18.000%, 10/21/2025 †x# | Affirm | 10/24/2024 | 124 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; W05E-HH9V, 33.000%, 3/24/2026 †§x | Affirm | 9/27/2024 | 136 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; W05Z-M0NK, 29.580%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 140 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; W067-93VK, 29.440%, 3/20/2026 †§x | Affirm | 3/28/2025 | 106 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; W068-OES8, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; W06A-L616, 13.840%, 10/22/2025 †§x | Affirm | 10/25/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W06D-R4U6, 22.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | 285 | 289 | 290 |
| &nbsp;&nbsp;&nbsp; W06N-NTU3, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; W06S-MY3F, 9.830%, 3/28/2026 †§x# | Affirm | 4/01/2024 | 643 | 652 | 654 |
| &nbsp;&nbsp;&nbsp; W06U-P3QP, 33.050%, 3/28/2026 †x# | Affirm | 3/31/2025 | 288 | 298 | 77 |
| &nbsp;&nbsp;&nbsp; W073-BV6G, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; W077-VVMW, 29.720%, 1/06/2028 †§x | Affirm | 1/29/2025 | 998 | 1029 | 1036 |
| &nbsp;&nbsp;&nbsp; W07A-JYHQ, 29.090%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 1222 | 1196 | 73 |
| &nbsp;&nbsp;&nbsp; W07K-WSSP, 22.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 166 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; W07L-AJOG, 15.850%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; W07N-PVG6, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 192 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; W07O-3ID2, 32.500%, 10/05/2025 †§x# | Affirm | 4/11/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; W07U-TXMV, 24.400%, 8/26/2026 †§x | Affirm | 8/29/2024 | 1054 | 1084 | 1069 |
| &nbsp;&nbsp;&nbsp; W07Z-6OSD, 33.950%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; W08J-S81Y, 29.790%, 2/06/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; W08T-ZUAA, 32.000%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 1666 | 1717 | 1736 |
| &nbsp;&nbsp;&nbsp; W08V-DY95, 29.480%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 83 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; W09F-NQUV, 29.510%, 8/25/2025 †x#^ | Affirm | 8/31/2023 | 257 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; W09P-GEDK, 29.640%, 12/13/2023 †x#^ | Affirm | 12/16/2021 | 456 | 492 | 27 |
| &nbsp;&nbsp;&nbsp; W09P-YRPP, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 202 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; W09V-4FLX, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W0BC-9PQD, 35.470%, 12/19/2026 †§x | Affirm | 12/27/2024 | 371 | 371 | 377 |
| &nbsp;&nbsp;&nbsp; W0BG-FD9K, 35.190%, 2/06/2026 †x | Affirm | 8/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W0BK-EEOH, 29.890%, 7/04/2023 †x#^ | Affirm | 1/09/2023 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; W0BK-Z5XV, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; W0BR-6KHM, 26.700%, 5/21/2026 †§x | Affirm | 5/24/2024 | 388 | 395 | 397 |
| &nbsp;&nbsp;&nbsp; W0BT-9VJZ, 13.840%, 10/02/2025 †§x | Affirm | 10/05/2023 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W0BW-8R3S, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W0BZ-NFKG, 35.360%, 10/08/2025 †x# | Affirm | 4/11/2024 | 165 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; W0C0-CHPE, 35.440%, 3/28/2024 †x#^ | Affirm | 10/02/2023 | 45 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; W0C5-T908, 23.700%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 63 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; W0C9-DPS7, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 283 | 287 | 286 |
| &nbsp;&nbsp;&nbsp; W0CD-O29T, 35.500%, 10/28/2025 †x# | Affirm | 11/27/2024 | 211 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; W0CW-TVFF, 35.990%, 8/27/2025 †x#^ | Affirm | 3/28/2025 | 459 | 459 | 54 |
| &nbsp;&nbsp;&nbsp; W0D2-PJ3M, 35.520%, 7/02/2026 †§x | Affirm | 1/29/2025 | 564 | 557 | 560 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8015** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W0D8-6TXU, 20.900%, 9/28/2026 †§x | Affirm | 3/31/2025 | $293 | $308 | $307 |
| &nbsp;&nbsp;&nbsp; W0DY-Z1RX, 29.500%, 4/04/2025 †x#^ | Affirm | 10/10/2023 | 616 | 656 | 37 |
| &nbsp;&nbsp;&nbsp; W0E0-O7AN, 35.320%, 7/24/2025 †x#^ | Affirm | 7/29/2024 | 62 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; W0E3-R4XJ, 35.090%, 1/08/2026 †§x | Affirm | 7/31/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; W0E5-SAD0, 28.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 193 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; W0EA-7CG1, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; W0EA-FL1J, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; W0EC-VA81, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W0F2-TNWR, 29.540%, 10/08/2025 †§x | Affirm | 4/11/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W0F4-JS0M, 27.500%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 122 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; W0F6-4S78, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; W0F7-PPOU, 29.500%, 4/13/2025 †x#^ | Affirm | 6/16/2023 | 507 | 493 | 30 |
| &nbsp;&nbsp;&nbsp; W0FA-CLE8, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; W0FD-VEFE, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; W0FN-I2L4, 32.500%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 1408 | 1395 | 1411 |
| &nbsp;&nbsp;&nbsp; W0FS-LS6T, 29.660%, 6/16/2022 †x#^ | Affirm | 12/20/2021 | 35 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; W0FU-XB8K, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 243 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; W0GI-B6UG, 29.010%, 4/03/2025 †x#^ | Affirm | 10/06/2023 | 338 | 336 | 20 |
| &nbsp;&nbsp;&nbsp; W0GK-S1OI, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; W0GU-R1PN, 29.680%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 356 | 363 | 21 |
| &nbsp;&nbsp;&nbsp; W0GW-8CMV, 35.390%, 8/19/2026 †§x | Affirm | 8/22/2024 | 484 | 482 | 486 |
| &nbsp;&nbsp;&nbsp; W0GZ-YEL0, 35.490%, 10/24/2025 †§x | Affirm | 10/28/2024 | 369 | 371 | 373 |
| &nbsp;&nbsp;&nbsp; W0H8-KOIC, 35.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 138 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; W0H9-VMV9, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W0HT-Z0AM, 35.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; W0HX-6WM9, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W0I6-5KRQ, 29.560%, 8/22/2025 †x#^ | Affirm | 8/29/2024 | 650 | 594 | 39 |
| &nbsp;&nbsp;&nbsp; W0IE-OELL, 35.530%, 1/02/2027 †§x | Affirm | 1/29/2025 | 567 | 562 | 571 |
| &nbsp;&nbsp;&nbsp; W0II-SRLU, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 123 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; W0IN-1W46, 33.050%, 3/26/2026 †§x | Affirm | 9/30/2024 | 363 | 370 | 372 |
| &nbsp;&nbsp;&nbsp; W0IW-PWLR, 32.500%, 3/24/2026 †§x | Affirm | 9/27/2024 | 106 | 108 | 107 |
| &nbsp;&nbsp;&nbsp; W0J5-W2W4, 33.950%, 11/20/2025 †§x | Affirm | 11/27/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; W0J7-1USY, 29.520%, 7/22/2026 †§x | Affirm | 7/25/2024 | 348 | 356 | 358 |
| &nbsp;&nbsp;&nbsp; W0JA-M7P7, 35.450%, 12/24/2025 †x# | Affirm | 6/27/2024 | 169 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; W0JB-95FP, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; W0JC-DAGW, 11.850%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 290 | 310 | 17 |
| &nbsp;&nbsp;&nbsp; W0JF-RMSR, 29.440%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 22 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; W0JF-TH28, 19.700%, 10/08/2025 †§x | Affirm | 4/11/2024 | 332 | 332 | 332 |
| &nbsp;&nbsp;&nbsp; W0JJ-622M, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 156 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; W0JL-6KKU, 35.410%, 10/21/2025 †x# | Affirm | 10/24/2024 | 128 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; W0JR-VW65, 29.680%, 11/12/2025 †§x | Affirm | 11/27/2024 | 99 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; W0JS-PUAL, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W0JT-BUTA, 35.830%, 10/03/2025 †§x | Affirm | 10/07/2024 | 24 | 24 | 23 |
| &nbsp;&nbsp;&nbsp; W0JW-FFKJ, 35.380%, 12/25/2024 †x#^ | Affirm | 6/28/2024 | 121 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; W0JZ-J48O, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 215 | 222 | 220 |
| &nbsp;&nbsp;&nbsp; W0KH-IIMZ, 14.750%, 3/21/2028 †x | Affirm | 3/31/2025 | 2258 | 2254 | 2288 |
| &nbsp;&nbsp;&nbsp; W0KJ-F56U, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 163 | 166 | 165 |
| &nbsp;&nbsp;&nbsp; W0KM-DAJT, 35.760%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 384 | 394 | 396 |
| &nbsp;&nbsp;&nbsp; W0KP-O6H6, 32.500%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 124 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; W0KY-7NCW, 30.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; W0L3-VF03, 29.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 114 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; W0L5-XVAU, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; W0L9-MTC3, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 69 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; W0LH-DR28, 24.680%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; W0LM-DN00, 29.450%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 820 | 810 | 49 |
| &nbsp;&nbsp;&nbsp; W0LS-8OPO, 26.500%, 7/19/2023 †x#^ | Affirm | 7/22/2022 | 52 | 55 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8016** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W0M7-CJJ5, 29.620%, 3/23/2026 †§x# | Affirm | 9/26/2024 | $127 | $130 | $130 |
| &nbsp;&nbsp;&nbsp; W0M7-J9B7, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W0MC-UWNZ, 28.000%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 1014 | 1001 | 61 |
| &nbsp;&nbsp;&nbsp; W0MH-0PXN, 32.500%, 9/14/2025 †§x | Affirm | 3/18/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; W0MK-DJQ2, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 471 | 480 | 481 |
| &nbsp;&nbsp;&nbsp; W0MK-TVIG, 35.320%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 154 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; W0MR-DODR, 15.830%, 11/10/2022 †x#^ | Affirm | 11/15/2021 | 320 | 332 | 19 |
| &nbsp;&nbsp;&nbsp; W0MS-QOO0, 29.560%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; W0MU-HFCB, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 561 | 568 | 570 |
| &nbsp;&nbsp;&nbsp; W0MV-T8LQ, 29.840%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 63 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; W0N7-K8L1, 35.560%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; W0NC-65P6, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 168 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; W0NF-937E, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 177 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; W0NP-4THK, 35.440%, 10/28/2025 †x# | Affirm | 5/02/2024 | 612 | 632 | 37 |
| &nbsp;&nbsp;&nbsp; W0NP-KPSR, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 448 | 459 | 462 |
| &nbsp;&nbsp;&nbsp; W0NR-1LZ3, 13.840%, 12/27/2025 †§x | Affirm | 7/01/2024 | 506 | 510 | 512 |
| &nbsp;&nbsp;&nbsp; W0NU-L6S8, 25.200%, 7/03/2026 †§x | Affirm | 1/29/2025 | 209 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; W0NX-OXJ3, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 149 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; W0O1-HA40, 35.000%, 11/08/2024 †x#^ | Affirm | 5/13/2024 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; W0O5-VHLJ, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; W0O6-VH8U, 33.010%, 8/06/2026 †§x | Affirm | 8/29/2025 | 199 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; W0O7-U4DU, 22.750%, 7/08/2026 †§x | Affirm | 7/31/2025 | 777 | 802 | 806 |
| &nbsp;&nbsp;&nbsp; W0OB-NBBJ, 33.950%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 347 | 356 | 21 |
| &nbsp;&nbsp;&nbsp; W0OD-6K94, 35.800%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 89 | 90 | 53 |
| &nbsp;&nbsp;&nbsp; W0OD-AGK6, 20.000%, 3/14/2023 †x#^ | Affirm | 3/17/2022 | 202 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; W0OF-BQ6U, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 115 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; W0OJ-SQEK, 28.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 94 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; W0ON-Y5VN, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1201 | 1234 | 1241 |
| &nbsp;&nbsp;&nbsp; W0OQ-WOF2, 22.200%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; W0P2-WUJ0, 29.500%, 11/28/2025 †§x | Affirm | 5/31/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W0PK-U670, 29.610%, 12/11/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W0PM-XC4J, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 241 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; W0PU-ZN8U, 24.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | 197 | 205 | 207 |
| &nbsp;&nbsp;&nbsp; W0PV-90OC, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 196 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; W0PV-GQ4J, 29.590%, 10/18/2025 †§x | Affirm | 10/24/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W0PW-MRT6, 35.630%, 1/09/2026 †§x | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W0Q4-5H30, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 318 | 324 | 325 |
| &nbsp;&nbsp;&nbsp; W0QE-A21X, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; W0QH-CAXO, 33.080%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W0QJ-VHKI, 29.570%, 11/17/2025 †x# | Affirm | 11/24/2023 | 535 | 538 | 32 |
| &nbsp;&nbsp;&nbsp; W0RF-0WSG, 29.510%, 6/13/2025 †x#^ | Affirm | 6/16/2023 | 62 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; W0RK-62QM, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 355 | 359 | 358 |
| &nbsp;&nbsp;&nbsp; W0RT-5VUJ, 29.530%, 3/28/2029 †x | Affirm | 3/31/2025 | 3370 | 3643 | 3693 |
| &nbsp;&nbsp;&nbsp; W0S5-BGYI, 28.000%, 2/07/2023 †x#^ | Affirm | 11/10/2022 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; W0S9-9H9B, 15.800%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 356 | 373 | 21 |
| &nbsp;&nbsp;&nbsp; W0SE-T5AX, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W0SK-E73G, 33.060%, 12/11/2025 †§x | Affirm | 12/27/2024 | 50 | 49 | 28 |
| &nbsp;&nbsp;&nbsp; W0SL-YJW7, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W0SZ-X180, 35.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W0T6-P2U3, 11.719%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; W0TH-DX24, 15.730%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 193 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; W0TQ-NF6M, 35.490%, 5/15/2026 †§x | Affirm | 11/27/2024 | 877 | 892 | 884 |
| &nbsp;&nbsp;&nbsp; W0TR-4JEP, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 19 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; W0TR-AML1, 29.690%, 11/15/2025 †x# | Affirm | 11/27/2024 | 210 | 221 | 13 |
| &nbsp;&nbsp;&nbsp; W0U0-PLTX, 15.760%, 4/17/2026 †§x | Affirm | 4/22/2024 | 798 | 802 | 816 |
| &nbsp;&nbsp;&nbsp; W0UL-F6Y1, 22.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 160 | 162 | 162 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8017** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W0UN-3I3R, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | $81 | $83 | $83 |
| &nbsp;&nbsp;&nbsp; W0UU-E0U3, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 134 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; W0UV-PRIJ, 29.360%, 11/12/2022 †x#^ | Affirm | 5/16/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; W0UY-1HTL, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; W0UY-HSWR, 35.390%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 142 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; W0UZ-39VR, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 216 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; W0V5-E535, 28.000%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 89 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; W0VA-HP19, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 497 | 516 | 522 |
| &nbsp;&nbsp;&nbsp; W0VU-XWL5, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; W0VV-GEOU, 29.490%, 11/06/2025 †x# | Affirm | 5/09/2024 | 204 | 214 | 12 |
| &nbsp;&nbsp;&nbsp; W0W5-A7DG, 35.490%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; W0W7-0ULR, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; W0WM-FBZ4, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 167 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; W0WO-AGU1, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 74 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; W0WO-N6RZ, 23.400%, 11/21/2025 †§x | Affirm | 5/24/2024 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W0X0-AAZV, 22.760%, 7/13/2026 †x# | Affirm | 1/29/2025 | 301 | 298 | 3 |
| &nbsp;&nbsp;&nbsp; W0X0-PKOX, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 122 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; W0X4-ILFS, 30.000%, 12/28/2026 †x# | Affirm | 1/29/2025 | 480 | 429 | 439 |
| &nbsp;&nbsp;&nbsp; W0XB-3CQD, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 367 | 367 | 366 |
| &nbsp;&nbsp;&nbsp; W0XC-ZZ94, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W0XP-V9IU, 29.590%, 10/21/2026 †§x# | Affirm | 10/24/2024 | 499 | 515 | 519 |
| &nbsp;&nbsp;&nbsp; W0XT-X7ND, 32.000%, 5/13/2026 †§x | Affirm | 11/27/2024 | 1875 | 1906 | 1889 |
| &nbsp;&nbsp;&nbsp; W0Y0-RMWP, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; W0YM-IQJO, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 221 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; W0YN-RPK9, 35.290%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 785 | 731 | 47 |
| &nbsp;&nbsp;&nbsp; W0YR-UTBD, 35.440%, 12/09/2025 †§x | Affirm | 12/27/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; W0Z5-VLGF, 25.900%, 12/12/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W0ZG-P0F4, 35.400%, 4/25/2026 †§x | Affirm | 10/31/2024 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; W0ZH-WUVU, 31.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 340 | 349 | 351 |
| &nbsp;&nbsp;&nbsp; W0ZK-593Z, 22.750%, 2/12/2027 †§x | Affirm | 2/26/2025 | 2165 | 2269 | 2289 |
| &nbsp;&nbsp;&nbsp; W0ZL-GSW7, 35.670%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 246 | 252 | 252 |
| &nbsp;&nbsp;&nbsp; W0ZV-NZ71, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1430 | 1470 | 1470 |
| &nbsp;&nbsp;&nbsp; W0ZZ-1NEN, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 166 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; W100-J804, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 366 | 364 | 364 |
| &nbsp;&nbsp;&nbsp; W101-M25E, 29.590%, 8/28/2025 †x#^ | Affirm | 9/05/2023 | 722 | 731 | 43 |
| &nbsp;&nbsp;&nbsp; W102-3SB8, 35.580%, 10/01/2025 †§x | Affirm | 10/04/2024 | 33 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; W10E-PKK2, 29.390%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; W10J-S1NL, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 351 | 354 | 352 |
| &nbsp;&nbsp;&nbsp; W10L-DJMR, 29.530%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 78 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; W10O-6WUE, 29.610%, 9/23/2027 †§x | Affirm | 9/26/2024 | 885 | 913 | 919 |
| &nbsp;&nbsp;&nbsp; W10Z-VOYV, 31.500%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 508 | 506 | 31 |
| &nbsp;&nbsp;&nbsp; W115-X3T1, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 33 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; W116-DPKL, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 268 | 266 | 268 |
| &nbsp;&nbsp;&nbsp; W117-SE0V, 35.610%, 8/10/2026 †§x | Affirm | 2/26/2025 | 660 | 677 | 676 |
| &nbsp;&nbsp;&nbsp; W11D-QH7R, 25.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W11L-N7RX, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 962 | 978 | 980 |
| &nbsp;&nbsp;&nbsp; W11T-2384, 30.000%, 5/04/2025 †x#^ | Affirm | 5/11/2023 | 380 | 378 | 23 |
| &nbsp;&nbsp;&nbsp; W123-5L41, 35.570%, 9/20/2025 †§x | Affirm | 9/26/2024 | 149 | 149 | 148 |
| &nbsp;&nbsp;&nbsp; W125-DQDJ, 19.700%, 6/02/2028 †x | Affirm | 6/27/2025 | 6333 | 6695 | 6765 |
| &nbsp;&nbsp;&nbsp; W125-EE4I, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 357 | 355 | 356 |
| &nbsp;&nbsp;&nbsp; W129-8J9G, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 211 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; W12C-8HRQ, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W12D-6LUQ, 35.690%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; W12Q-638G, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 1281 | 1293 | 1293 |
| &nbsp;&nbsp;&nbsp; W12S-4MHS, 33.950%, 1/10/2028 †x | Affirm | 1/29/2025 | 3326 | 3412 | 3458 |
| &nbsp;&nbsp;&nbsp; W12X-W48I, 21.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 185 | 187 | 188 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8018** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W13G-ADFH, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | $158 | $162 | $163 |
| &nbsp;&nbsp;&nbsp; W13V-SFM5, 29.570%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 275 | 276 | 17 |
| &nbsp;&nbsp;&nbsp; W14O-0WO0, 35.520%, 9/28/2025 †§x | Affirm | 10/03/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; W14T-I7Z5, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; W14X-UWP3, 29.810%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 90 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; W15O-EH5U, 9.150%, 3/06/2023 †x#^« | Affirm | 9/09/2022 | 350 | 335 | 21 |
| &nbsp;&nbsp;&nbsp; W15S-BUDC, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 294 | 297 | 295 |
| &nbsp;&nbsp;&nbsp; W15V-88PQ, 29.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W161-MOAI, 35.480%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; W163-3ZLQ, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 130 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; W16A-ORSZ, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; W16D-1LKK, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 171 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; W16F-5WA8, 11.850%, 1/02/2027 †§x | Affirm | 1/05/2024 | 1739 | 1785 | 1791 |
| &nbsp;&nbsp;&nbsp; W16J-DZFN, 24.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 125 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; W16Q-TUR5, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 152 | 157 | 156 |
| &nbsp;&nbsp;&nbsp; W16T-YXNO, 23.400%, 6/02/2027 †§x | Affirm | 6/27/2025 | 532 | 560 | 566 |
| &nbsp;&nbsp;&nbsp; W17I-MTY1, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 483 | 500 | 495 |
| &nbsp;&nbsp;&nbsp; W17Q-OJLF, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 21 | 22 | 21 |
| &nbsp;&nbsp;&nbsp; W17Y-5ZPM, 24.400%, 9/17/2025 †§x | Affirm | 9/20/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; W186-BXWQ, 35.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 208 | 210 | 208 |
| &nbsp;&nbsp;&nbsp; W188-A0GA, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; W188-T0NF, 25.200%, 5/15/2026 †§x | Affirm | 11/27/2024 | 598 | 615 | 612 |
| &nbsp;&nbsp;&nbsp; W18D-YCVF, 29.710%, 1/11/2023 †x#^ | Affirm | 1/21/2022 | 827 | 791 | 50 |
| &nbsp;&nbsp;&nbsp; W18E-DDFA, 29.040%, 8/18/2026 †§x | Affirm | 8/24/2023 | 343 | 355 | 354 |
| &nbsp;&nbsp;&nbsp; W18F-MKD0, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; W18I-VRFR, 24.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 300 | 302 | 303 |
| &nbsp;&nbsp;&nbsp; W18K-K9J7, 35.830%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 130 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; W18P-C61C, 24.640%, 8/07/2026 †§x | Affirm | 8/29/2025 | 46 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; W18P-HRVT, 33.950%, 12/28/2026 †x# | Affirm | 1/29/2025 | 3203 | 3298 | 3314 |
| &nbsp;&nbsp;&nbsp; W18V-8QJQ, 33.950%, 9/02/2025 †§x | Affirm | 6/27/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; W18W-9ZXP, 15.780%, 10/28/2025 †§x | Affirm | 10/31/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W18W-KBDT, 35.290%, 3/20/2026 †x# | Affirm | 3/28/2025 | 323 | 322 | 108 |
| &nbsp;&nbsp;&nbsp; W18Y-YCKF, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 487 | 481 | 486 |
| &nbsp;&nbsp;&nbsp; W18Z-7SWC, 27.950%, 9/24/2025 †x | Affirm | 9/27/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; W192-NRMM, 33.050%, 10/21/2025 †§x | Affirm | 10/24/2024 | 233 | 235 | 237 |
| &nbsp;&nbsp;&nbsp; W193-LB9R, 29.610%, 6/24/2023 †x#^ | Affirm | 12/30/2021 | 272 | 255 | 16 |
| &nbsp;&nbsp;&nbsp; W19E-BTQR, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; W19I-270T, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 918 | 934 | 930 |
| &nbsp;&nbsp;&nbsp; W19J-E0OR, 15.800%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 112 | 114 | 113 |
| &nbsp;&nbsp;&nbsp; W19M-4R1Q, 29.490%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; W19N-IDZ9, 29.420%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; W19O-3J0M, 24.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; W1A6-OW4X, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; W1AC-63IJ, 35.480%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 73 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; W1AD-NPDK, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 118 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; W1AT-92VY, 29.680%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; W1AW-YRRZ, 33.950%, 11/20/2025 †§x# | Affirm | 11/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; W1B1-1OAX, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 118 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; W1B1-WQJY, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 508 | 513 | 513 |
| &nbsp;&nbsp;&nbsp; W1B7-8KHA, 29.910%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; W1BA-AGA7, 15.810%, 1/06/2026 †§x | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; W1BI-X6TB, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 861 | 847 | 845 |
| &nbsp;&nbsp;&nbsp; W1BK-1NU8, 28.500%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 117 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; W1BT-EKGL, 33.330%, 10/01/2025 †§x | Affirm | 10/04/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; W1BT-KZP7, 35.450%, 12/18/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; W1BW-C7NZ, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 89 | 91 | 91 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8019** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W1CC-2PZC, 35.460%, 12/16/2025 †§x | Affirm | 12/27/2024 | $60 | $61 | $61 |
| &nbsp;&nbsp;&nbsp; W1CG-8NFN, 29.320%, 1/08/2026 †§x | Affirm | 7/31/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; W1CW-QH15, 29.690%, 8/28/2025 †x#^ | Affirm | 1/29/2025 | 78 | 79 | 4 |
| &nbsp;&nbsp;&nbsp; W1D0-KDI7, 29.500%, 8/09/2024 †x#^ | Affirm | 8/14/2023 | 42 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; W1D9-CW05, 33.950%, 3/03/2026 †x | Affirm | 3/28/2025 | 122 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; W1DG-NND0, 24.490%, 9/20/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; W1DG-XP2H, 29.630%, 1/13/2028 †§x | Affirm | 1/29/2025 | 1189 | 1229 | 1237 |
| &nbsp;&nbsp;&nbsp; W1DT-5DBJ, 25.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; W1DU-9H6G, 35.320%, 8/11/2025 †x#^ | Affirm | 12/14/2023 | 240 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; W1DY-H9E0, 15.750%, 2/23/2026 †§x | Affirm | 8/29/2024 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; W1E5-3LXC, 29.470%, 8/08/2024 †x#^ | Affirm | 8/11/2023 | 155 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; W1E9-IUWJ, 35.390%, 12/28/2024 †x#^ | Affirm | 1/02/2024 | 314 | 314 | 19 |
| &nbsp;&nbsp;&nbsp; W1EB-5TVZ, 7.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 273 | 276 | 277 |
| &nbsp;&nbsp;&nbsp; W1EC-4ZSY, 24.530%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; W1F8-FXTA, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W1FR-NZWH, 35.370%, 10/13/2024 †x#^ | Affirm | 6/16/2023 | 140 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; W1FV-H74W, 28.000%, 5/01/2023 †x#^ | Affirm | 11/04/2022 | 76 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; W1FW-L6YH, 22.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 238 | 237 | 237 |
| &nbsp;&nbsp;&nbsp; W1FX-46V1, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 313 | 319 | 320 |
| &nbsp;&nbsp;&nbsp; W1FZ-PZBX, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 521 | 534 | 31 |
| &nbsp;&nbsp;&nbsp; W1G2-ZKH6, 20.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 173 | 178 | 175 |
| &nbsp;&nbsp;&nbsp; W1G3-AL4C, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 95 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; W1G8-K0HS, 29.720%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; W1GE-6EDN, 28.000%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 98 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; W1GM-XJ9R, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 218 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; W1GP-H588, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 164 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; W1GS-1S7X, 35.580%, 5/20/2026 †§x | Affirm | 11/27/2024 | 1020 | 1040 | 1032 |
| &nbsp;&nbsp;&nbsp; W1GW-9JCY, 29.450%, 6/02/2026 †§x | Affirm | 6/27/2025 | 112 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; W1GX-NOWO, 29.810%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 34 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; W1H2-J2NX, 35.780%, 2/07/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; W1H3-GAN8, 29.520%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 202 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; W1H3-Q5E0, 29.730%, 1/19/2023 †x#^ | Affirm | 1/24/2022 | 67 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; W1HG-KNW2, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 352 | 350 | 351 |
| &nbsp;&nbsp;&nbsp; W1HW-YZU7, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 60 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; W1IM-DMGR, 15.750%, 10/15/2025 †x# | Affirm | 4/18/2024 | 109 | 115 | 15 |
| &nbsp;&nbsp;&nbsp; W1IN-J7A7, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 162 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; W1IP-VTX3, 24.680%, 3/24/2026 †§x | Affirm | 9/27/2024 | 546 | 554 | 550 |
| &nbsp;&nbsp;&nbsp; W1IQ-ZBT1, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; W1IR-Y9KY, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 108 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; W1J1-WLHG, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; W1J5-4ZJH, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 24 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; W1J6-DIAM, 35.580%, 9/17/2025 †§x | Affirm | 9/20/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; W1J8-5KGH, 35.520%, 11/14/2026 †§x | Affirm | 11/27/2024 | 366 | 366 | 371 |
| &nbsp;&nbsp;&nbsp; W1J9-F2RC, 29.580%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; W1J9-M2DT, 24.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; W1JA-DDYD, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W1JH-O2O5, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; W1JH-Q0VS, 29.710%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 294 | 308 | 18 |
| &nbsp;&nbsp;&nbsp; W1JO-P2BF, 29.460%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 233 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; W1JT-PLV7, 35.360%, 2/26/2026 †§x | Affirm | 8/29/2024 | 673 | 683 | 679 |
| &nbsp;&nbsp;&nbsp; W1JZ-IH3C, 29.820%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 81 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; W1K0-3WEH, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W1K2-EA1V, 29.680%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 344 | 338 | 21 |
| &nbsp;&nbsp;&nbsp; W1K2-WSMW, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 402 | 395 | 391 |
| &nbsp;&nbsp;&nbsp; W1KC-KTN6, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 324 | 333 | 335 |
| &nbsp;&nbsp;&nbsp; W1KC-L2ZS, 29.999%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 899 | 888 | 54 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8020** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W1KE-NFT4, 35.380%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | $44 | $44 | $3 |
| &nbsp;&nbsp;&nbsp; W1KH-23KY, 33.950%, 1/08/2026 †x# | Affirm | 7/31/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W1KH-LXYB, 32.000%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 358 | 367 | 367 |
| &nbsp;&nbsp;&nbsp; W1KJ-M67N, 35.610%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 471 | 481 | 28 |
| &nbsp;&nbsp;&nbsp; W1KS-2EDU, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 307 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; W1KV-UN0O, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; W1L1-ZA0G, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W1L2-QPB1, 35.420%, 1/02/2026 †x# | Affirm | 1/05/2024 | 433 | 435 | 26 |
| &nbsp;&nbsp;&nbsp; W1LH-FTSY, 22.650%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; W1LH-OZTT, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; W1LN-SIX5, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 194 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; W1LO-E2LY, 33.000%, 3/20/2026 †x# | Affirm | 9/26/2024 | 249 | 245 | 15 |
| &nbsp;&nbsp;&nbsp; W1LR-5UQ6, 11.800%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 293 | 289 | 18 |
| &nbsp;&nbsp;&nbsp; W1LV-AYDZ, 29.650%, 11/03/2025 †x# | Affirm | 5/09/2024 | 65 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; W1LX-G8IU, 29.490%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 58 | 62 | 3 |
| &nbsp;&nbsp;&nbsp; W1LY-3QAB, 28.500%, 9/15/2023 †x#^ | Affirm | 9/19/2022 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; W1M0-2OTP, 35.640%, 1/08/2026 †x# | Affirm | 1/29/2025 | 116 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; W1MC-Z7YZ, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 981 | 999 | 999 |
| &nbsp;&nbsp;&nbsp; W1ME-B8HP, 32.500%, 8/07/2026 †§x | Affirm | 2/26/2025 | 210 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; W1ME-ZS1J, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; W1ML-R9VC, 29.590%, 5/28/2024 †x#^ | Affirm | 11/03/2022 | 633 | 626 | 38 |
| &nbsp;&nbsp;&nbsp; W1MT-F29Y, 29.500%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 201 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; W1N2-YSKE, 30.500%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; W1N8-L14Y, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; W1N9-C5F9, 25.900%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 19 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; W1NC-TAYN, 29.200%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 518 | 514 | 518 |
| &nbsp;&nbsp;&nbsp; W1NU-67UC, 35.971%, 11/26/2023 †x#^ | Affirm | 6/02/2023 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; W1NX-3RC0, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; W1O4-0ZZN, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 796 | 793 | 796 |
| &nbsp;&nbsp;&nbsp; W1OA-Q3R4, 33.950%, 2/12/2027 †x | Affirm | 2/26/2025 | 2404 | 2509 | 2546 |
| &nbsp;&nbsp;&nbsp; W1OE-A2EL, 29.620%, 9/26/2026 †§x | Affirm | 9/30/2024 | 561 | 578 | 581 |
| &nbsp;&nbsp;&nbsp; W1OJ-9BYS, 24.740%, 11/15/2025 †x# | Affirm | 11/27/2024 | 150 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; W1ON-85ZR, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; W1P6-ZVQ8, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W1P8-9K11, 21.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W1P8-ZWLK, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 154 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; W1P9-E7PY, 29.330%, 12/02/2025 †§x | Affirm | 6/27/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W1PR-7VRS, 35.430%, 10/01/2024 †x#^ | Affirm | 7/05/2024 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; W1PU-S705, 30.950%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 184 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; W1Q6-PTNR, 33.050%, 2/04/2026 †§x | Affirm | 8/29/2025 | 381 | 389 | 389 |
| &nbsp;&nbsp;&nbsp; W1QA-2R38, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; W1QF-1TH9, 33.050%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 84 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; W1QH-QLLE, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 588 | 608 | 613 |
| &nbsp;&nbsp;&nbsp; W1QI-9ZSU, 8.870%, 9/19/2025 †§x | Affirm | 9/22/2022 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; W1QL-4MLL, 23.400%, 9/23/2025 †§x | Affirm | 9/26/2024 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; W1QM-2RKP, 33.050%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W1QO-QWUB, 29.720%, 12/02/2023 †x#^ | Affirm | 12/06/2021 | 438 | 473 | 26 |
| &nbsp;&nbsp;&nbsp; W1QP-GJKP, 33.950%, 2/23/2026 †§x | Affirm | 8/29/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; W1QR-1J1J, 29.410%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; W1R3-PGGJ, 29.690%, 2/28/2025 †x#^ | Affirm | 12/05/2022 | 538 | 582 | 32 |
| &nbsp;&nbsp;&nbsp; W1RF-FUOY, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; W1RW-QOMC, 35.400%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 309 | 304 | 19 |
| &nbsp;&nbsp;&nbsp; W1RX-9LW1, 23.700%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 768 | 807 | 46 |
| &nbsp;&nbsp;&nbsp; W1RZ-N2WV, 15.730%, 11/06/2025 †§x | Affirm | 5/09/2024 | 120 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; W1SA-U1SA, 18.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; W1SB-9YQQ, 15.840%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 11 | 11 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8021** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W1SC-9A59, 30.000%, 3/25/2026 †§x | Affirm | 9/30/2024 | $659 | $669 | $665 |
| &nbsp;&nbsp;&nbsp; W1SO-1F2N, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; W1SQ-LEU1, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 111 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; W1SR-98R3, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; W1SS-DT0F, 35.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 81 | 81 | 4 |
| &nbsp;&nbsp;&nbsp; W1SW-9PRH, 29.640%, 11/02/2025 †§x | Affirm | 5/06/2024 | 74 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; W1SW-L7OZ, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 73 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; W1T3-ZKUE, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 98 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; W1T7-NCKW, 23.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; W1TI-IR6P, 35.820%, 10/01/2025 †§x | Affirm | 10/04/2024 | 1014 | 1013 | 1010 |
| &nbsp;&nbsp;&nbsp; W1TN-Y17F, 22.600%, 2/25/2025 †x#^ | Affirm | 8/31/2023 | 233 | 231 | 14 |
| &nbsp;&nbsp;&nbsp; W1TS-OJPY, 35.640%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 137 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; W1UD-UKBE, 11.890%, 1/08/2026 †§x | Affirm | 1/29/2025 | 91 | 91 | 60 |
| &nbsp;&nbsp;&nbsp; W1UF-GL35, 33.050%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; W1UF-XMEV, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 82 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; W1UI-NA5N, 28.970%, 5/28/2025 †x#^ | Affirm | 6/05/2023 | 592 | 590 | 36 |
| &nbsp;&nbsp;&nbsp; W1UO-IN5N, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 129 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; W1UQ-E2I8, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 175 | 181 | 183 |
| &nbsp;&nbsp;&nbsp; W1UR-CF50, 15.660%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; W1VF-359Q, 35.490%, 10/24/2025 †§x | Affirm | 10/28/2024 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; W1VW-RWTK, 32.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1304 | 1343 | 1334 |
| &nbsp;&nbsp;&nbsp; W1VY-7T7R, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 109 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; W1W1-8W8Z, 35.300%, 3/28/2026 †x# | Affirm | 4/22/2025 | 1334 | 1317 |  |
| &nbsp;&nbsp;&nbsp; W1W2-7ORY, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 697 | 715 | 718 |
| &nbsp;&nbsp;&nbsp; W1W3-0T6L, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; W1W7-SFX7, 15.790%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 84 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; W1WN-OHUP, 15.770%, 2/08/2024 †x#^ | Affirm | 8/11/2022 | 120 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; W1WO-RWYO, 29.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 367 | 373 | 371 |
| &nbsp;&nbsp;&nbsp; W1WP-VTEP, 15.780%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; W1WY-WIFU, 24.520%, 3/20/2026 †§x | Affirm | 3/28/2025 | 146 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; W1X2-EGXG, 24.760%, 2/11/2027 †§x | Affirm | 2/26/2025 | 456 | 476 | 483 |
| &nbsp;&nbsp;&nbsp; W1X8-OLBI, 32.500%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 260 | 263 | 262 |
| &nbsp;&nbsp;&nbsp; W1XA-825P, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 2000 | 2069 | 2069 |
| &nbsp;&nbsp;&nbsp; W1XH-NYEA, 20.000%, 9/16/2025 †§x | Affirm | 9/22/2022 | 162 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; W1XO-W23B, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W1XT-WDJE, 29.310%, 1/08/2026 †§x | Affirm | 7/31/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; W1XW-5M9N, 24.400%, 3/28/2026 †§x | Affirm | 3/31/2025 | 178 | 185 | 187 |
| &nbsp;&nbsp;&nbsp; W1Y4-QRFS, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 2866 | 2824 | 2852 |
| &nbsp;&nbsp;&nbsp; W1Y7-3YHZ, 35.360%, 2/26/2026 †§x | Affirm | 8/29/2024 | 244 | 248 | 246 |
| &nbsp;&nbsp;&nbsp; W1YI-4ZUM, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 76 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; W1YN-7OWT, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 594 | 614 | 619 |
| &nbsp;&nbsp;&nbsp; W1YW-4PGR, 19.750%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 240 | 254 | 14 |
| &nbsp;&nbsp;&nbsp; W1YY-J9HJ, 24.800%, 1/02/2026 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W1Z3-8YM3, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 148 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; W1Z7-NC0Q, 35.540%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 157 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; W1ZB-4UL9, 35.480%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 110 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; W1ZN-ULUF, 35.440%, 1/08/2026 †§x | Affirm | 1/29/2025 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; W1ZU-DJWA, 35.280%, 2/06/2026 †§x | Affirm | 8/29/2025 | 141 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; W209-YR8N, 35.520%, 11/15/2025 †x# | Affirm | 11/27/2024 | 82 | 82 |  |
| &nbsp;&nbsp;&nbsp; W20K-XRUG, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 938 | 945 | 944 |
| &nbsp;&nbsp;&nbsp; W20M-9OXD, 29.490%, 8/05/2024 †x#^ | Affirm | 6/08/2023 | 1051 | 979 | 63 |
| &nbsp;&nbsp;&nbsp; W20Y-2AJ4, 28.000%, 1/13/2026 †§x# | Affirm | 1/20/2023 | 843 | 855 | 858 |
| &nbsp;&nbsp;&nbsp; W21D-5MXX, 35.380%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 314 | 294 | 19 |
| &nbsp;&nbsp;&nbsp; W21H-WJL4, 31.000%, 11/14/2025 †§x | Affirm | 11/27/2024 | 181 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; W21P-ST4K, 26.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 93 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; W21R-1LDK, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 24 | 24 | 24 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8022** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W21R-EWM3, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | $9 | $9 | $9 |
| &nbsp;&nbsp;&nbsp; W21S-ICBG, 31.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | 157 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; W21W-64SI, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; W21X-B4HK, 31.500%, 12/28/2025 †x# | Affirm | 1/29/2025 | 588 | 577 | 185 |
| &nbsp;&nbsp;&nbsp; W221-QYT7, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 59 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; W225-WEM2, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; W22G-4D50, 35.975%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 210 | 209 | 13 |
| &nbsp;&nbsp;&nbsp; W22I-XT6T, 33.050%, 12/02/2023 †x#^ | Affirm | 6/08/2023 | 167 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; W22J-KW5L, 33.050%, 3/28/2026 †x# | Affirm | 3/31/2025 | 130 | 138 |  |
| &nbsp;&nbsp;&nbsp; W22J-XL8I, 14.820%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 700 | 653 | 42 |
| &nbsp;&nbsp;&nbsp; W22V-NG1A, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 142 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; W22V-VFI4, 33.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 122 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; W230-3MJV, 30.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W232-WBGJ, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; W234-B1SH, 32.500%, 12/20/2026 †§x | Affirm | 12/27/2024 | 925 | 925 | 939 |
| &nbsp;&nbsp;&nbsp; W236-9UH1, 20.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 512 | 518 | 520 |
| &nbsp;&nbsp;&nbsp; W237-Z21Q, 22.650%, 10/09/2025 †§x | Affirm | 4/12/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; W23H-F2KV, 27.500%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 1094 | 1153 | 66 |
| &nbsp;&nbsp;&nbsp; W23J-URH6, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1954 | 2012 | 1999 |
| &nbsp;&nbsp;&nbsp; W23V-C2UZ, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 156 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; W23V-R2U8, 31.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 1498 | 1548 | 1539 |
| &nbsp;&nbsp;&nbsp; W240-L24N, 29.870%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; W246-LZM5, 29.630%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 93 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; W24D-1HC2, 29.620%, 9/24/2026 †x# | Affirm | 9/27/2024 | 765 | 798 | 46 |
| &nbsp;&nbsp;&nbsp; W24W-5H7Q, 25.000%, 4/02/2025 †x#^ | Affirm | 1/29/2025 | 422 | 418 | 25 |
| &nbsp;&nbsp;&nbsp; W24W-UJ16, 29.490%, 8/02/2024 †x#^ | Affirm | 8/07/2023 | 524 | 545 | 31 |
| &nbsp;&nbsp;&nbsp; W24X-B8RD, 7.211%, 5/16/2023 †x#^« | Affirm | 11/19/2021 | 226 | 204 | 14 |
| &nbsp;&nbsp;&nbsp; W25I-IROT, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; W25L-9V7M, 21.870%, 1/08/2026 †§x | Affirm | 7/31/2025 | 606 | 617 | 619 |
| &nbsp;&nbsp;&nbsp; W25T-UW2Y, 35.580%, 1/09/2026 †§x | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; W25V-O2IB, 24.400%, 1/03/2027 †§x | Affirm | 1/29/2025 | 730 | 756 | 760 |
| &nbsp;&nbsp;&nbsp; W25Y-QCUG, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 1316 | 1289 | 1282 |
| &nbsp;&nbsp;&nbsp; W261-LW6Z, 26.700%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 208 | 217 | 213 |
| &nbsp;&nbsp;&nbsp; W265-YZRG, 11.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W268-XE4O, 35.620%, 8/10/2026 †§x | Affirm | 2/26/2025 | 197 | 195 | 197 |
| &nbsp;&nbsp;&nbsp; W26D-LN1A, 30.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W26F-2CX4, 35.350%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 374 | 383 | 385 |
| &nbsp;&nbsp;&nbsp; W26H-Z5H3, 22.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; W26K-S508, 35.450%, 9/20/2026 †§x# | Affirm | 9/26/2024 | 637 | 634 | 641 |
| &nbsp;&nbsp;&nbsp; W26L-1OYI, 33.000%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W26P-OVOO, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 385 | 395 | 397 |
| &nbsp;&nbsp;&nbsp; W26U-Y4GT, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 405 | 411 | 410 |
| &nbsp;&nbsp;&nbsp; W26W-0BC4, 15.830%, 1/06/2026 †§x | Affirm | 1/29/2025 | 216 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; W26X-T14W, 15.780%, 10/23/2025 †§x | Affirm | 10/28/2024 | 96 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; W26Z-4NWG, 29.810%, 2/05/2026 †§x | Affirm | 2/26/2025 | 129 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; W277-VO8Q, 8.014%, 4/28/2025 †x#^« | Affirm | 10/31/2024 | 53 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; W27G-QA7Y, 35.300%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 39 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; W282-RQ7I, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 232 | 236 | 139 |
| &nbsp;&nbsp;&nbsp; W28D-3HP1, 29.670%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; W28H-KHDU, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 137 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; W28H-TPFB, 33.950%, 12/25/2025 †§x | Affirm | 6/28/2024 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; W28Q-61M8, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; W28T-Q6FD, 24.400%, 3/20/2026 †§x | Affirm | 9/26/2024 | 336 | 342 | 343 |
| &nbsp;&nbsp;&nbsp; W28U-N8FC, 35.390%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 86 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; W28W-FO4R, 26.900%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 235 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; W292-5KDZ, 25.200%, 5/06/2026 †§x | Affirm | 5/09/2024 | 318 | 323 | 324 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8023** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W292-AHOH, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | $2 | $2 | $2 |
| &nbsp;&nbsp;&nbsp; W29H-V01H, 25.900%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; W29O-IDEU, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 197 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; W29O-KZVO, 22.750%, 4/08/2026 †§x | Affirm | 4/15/2024 | 186 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; W29V-2MIJ, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W29W-8ILY, 15.790%, 12/28/2025 †x# | Affirm | 1/29/2025 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; W29X-MBO0, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 103 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; W29Y-DWEF, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; W2A3-W61O, 35.370%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 778 | 730 | 47 |
| &nbsp;&nbsp;&nbsp; W2A8-12FF, 29.560%, 10/18/2024 †x#^ | Affirm | 10/21/2022 | 358 | 390 | 21 |
| &nbsp;&nbsp;&nbsp; W2A8-E3X8, 22.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; W2A9-02YS, 32.500%, 8/10/2026 †§x | Affirm | 2/26/2025 | 234 | 239 | 241 |
| &nbsp;&nbsp;&nbsp; W2AG-M04K, 22.200%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 299 | 308 | 18 |
| &nbsp;&nbsp;&nbsp; W2AM-PMFI, 33.950%, 2/07/2026 †§x | Affirm | 8/29/2025 | 133 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; W2AO-GTFZ, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 232 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; W2AT-1Y9Q, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 42 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; W2AU-7325, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; W2AX-XQOJ, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 130 | 124 | 8 |
| &nbsp;&nbsp;&nbsp; W2B5-RZ5V, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 272 | 284 | 283 |
| &nbsp;&nbsp;&nbsp; W2BE-96L5, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 293 | 291 | 290 |
| &nbsp;&nbsp;&nbsp; W2D5-LUCS, 15.690%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 473 | 482 | 490 |
| &nbsp;&nbsp;&nbsp; W2D9-S0VU, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W2DG-FXSF, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; W2DJ-U75H, 35.370%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 253 | 237 | 15 |
| &nbsp;&nbsp;&nbsp; W2DU-QLWP, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 257 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; W2E6-A6YI, 35.360%, 2/27/2026 †x# | Affirm | 8/30/2024 | 362 | 356 | 22 |
| &nbsp;&nbsp;&nbsp; W2E6-XNL5, 35.560%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 106 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; W2EC-IJLF, 35.570%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 113 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; W2ED-WR00, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 128 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; W2EI-UVGG, 33.050%, 3/26/2027 †§x | Affirm | 4/22/2025 | 1642 | 1711 | 1756 |
| &nbsp;&nbsp;&nbsp; W2ES-NPCB, 29.810%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 273 | 270 | 16 |
| &nbsp;&nbsp;&nbsp; W2EU-JAOB, 35.450%, 12/26/2025 †x# | Affirm | 8/29/2024 | 87 | 91 | 16 |
| &nbsp;&nbsp;&nbsp; W2F5-EF2B, 29.650%, 7/09/2024 †x#^ | Affirm | 1/12/2023 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; W2FB-TFC9, 29.430%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 181 | 180 | 11 |
| &nbsp;&nbsp;&nbsp; W2FD-7DTU, 15.620%, 11/06/2025 †§x | Affirm | 8/29/2025 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; W2FF-AYAP, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; W2FO-JLWE, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 165 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; W2FQ-ALZS, 25.900%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; W2FT-Q0NP, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; W2G1-8Z21, 24.680%, 6/20/2026 †§x# | Affirm | 12/27/2024 | 170 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; W2G3-M4B0, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 1440 | 1475 | 1482 |
| &nbsp;&nbsp;&nbsp; W2G4-X7C4, 7.890%, 12/28/2025 †§x | Affirm | 1/29/2025 | 163 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; W2G7-41MA, 35.300%, 3/28/2026 †x# | Affirm | 3/31/2025 | 228 | 229 | 14 |
| &nbsp;&nbsp;&nbsp; W2GB-B4HJ, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 231 | 237 | 237 |
| &nbsp;&nbsp;&nbsp; W2GG-0VP6, 35.180%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W2GJ-X7QL, 28.000%, 6/08/2025 †x#^ | Affirm | 5/11/2023 | 4993 | 5299 | 300 |
| &nbsp;&nbsp;&nbsp; W2GK-6HL6, 29.680%, 11/15/2025 †x# | Affirm | 11/27/2024 | 107 | 111 |  |
| &nbsp;&nbsp;&nbsp; W2GS-7HDP, 35.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 152 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; W2GS-GVMU, 35.380%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 106 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; W2GX-NND5, 19.750%, 1/11/2026 †§x | Affirm | 1/17/2023 | 531 | 536 | 537 |
| &nbsp;&nbsp;&nbsp; W2HH-H01J, 29.550%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 107 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; W2HI-3UM7, 22.740%, 9/24/2025 †§x | Affirm | 9/27/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; W2HU-HGSY, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 458 | 471 | 469 |
| &nbsp;&nbsp;&nbsp; W2HX-YMEY, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; W2HY-4V5H, 15.770%, 8/07/2026 †§x | Affirm | 8/29/2025 | 99 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; W2I9-37DB, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 140 | 143 | 143 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8024** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W2IC-L3GL, 29.680%, 9/01/2025 †§x# | Affirm | 9/08/2023 | $38 | $38 | $38 |
| &nbsp;&nbsp;&nbsp; W2II-LGD5, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W2IJ-5C3B, 29.680%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 519 | 529 | 31 |
| &nbsp;&nbsp;&nbsp; W2IN-FDY4, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 149 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; W2IR-6F1R, 9.840%, 6/02/2026 †x | Affirm | 6/27/2025 | 218 | 224 | 225 |
| &nbsp;&nbsp;&nbsp; W2IS-IESZ, 32.500%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 26 | 27 | 3 |
| &nbsp;&nbsp;&nbsp; W2IX-GOPK, 22.610%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 130 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; W2IZ-AR2M, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; W2IZ-NRHN, 26.500%, 5/02/2024 †x#^ | Affirm | 11/07/2022 | 219 | 233 | 13 |
| &nbsp;&nbsp;&nbsp; W2J1-49RL, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 299 | 304 | 305 |
| &nbsp;&nbsp;&nbsp; W2J1-8M6Y, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 224 | 228 | 228 |
| &nbsp;&nbsp;&nbsp; W2J1-O0IL, 29.600%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; W2J8-PP3T, 31.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 285 | 283 | 281 |
| &nbsp;&nbsp;&nbsp; W2JK-KB14, 29.690%, 7/20/2023 †x#^ | Affirm | 1/24/2022 | 151 | 141 | 9 |
| &nbsp;&nbsp;&nbsp; W2JL-JNVK, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 267 | 281 | 66 |
| &nbsp;&nbsp;&nbsp; W2JN-YOCK, 29.520%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 126 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; W2JO-G5KC, 35.670%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; W2JZ-3FH8, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; W2JZ-JRWA, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; W2K0-6OOW, 35.660%, 2/07/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W2K2-8ME3, 29.610%, 6/13/2023 †x#^ | Affirm | 12/16/2021 | 122 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; W2K2-K4V8, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 501 | 511 | 512 |
| &nbsp;&nbsp;&nbsp; W2KG-XDV5, 15.770%, 3/05/2024 †x#^ | Affirm | 9/08/2023 | 89 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; W2KH-APY5, 27.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 627 | 622 | 631 |
| &nbsp;&nbsp;&nbsp; W2KM-CMNC, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 154 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; W2KR-HHVU, 29.760%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 437 | 445 | 26 |
| &nbsp;&nbsp;&nbsp; W2KS-SSK9, 29.580%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 123 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; W2L5-2NZP, 35.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 65 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; W2L5-D2FG, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; W2LF-VOKC, 35.510%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W2LH-IMJH, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 351 | 365 | 21 |
| &nbsp;&nbsp;&nbsp; W2LM-6HW2, 35.160%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W2LW-YU6F, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; W2LZ-1XVZ, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 137 | 140 | 138 |
| &nbsp;&nbsp;&nbsp; W2LZ-HDE0, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 658 | 680 | 686 |
| &nbsp;&nbsp;&nbsp; W2M4-RV7H, 31.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 175 | 176 | 177 |
| &nbsp;&nbsp;&nbsp; W2MM-MMGA, 35.310%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 241 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; W2N7-HX5J, 15.820%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W2NB-5E5B, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W2NE-U9A6, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 25 | 26 | 6 |
| &nbsp;&nbsp;&nbsp; W2NO-EG3J, 7.194%, 9/05/2025 †§x« | Affirm | 3/28/2025 | 618 | 599 | 616 |
| &nbsp;&nbsp;&nbsp; W2NP-R2WV, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; W2NW-DKDB, 31.000%, 12/14/2025 †§x | Affirm | 6/21/2024 | 395 | 401 | 401 |
| &nbsp;&nbsp;&nbsp; W2O5-WHUA, 15.710%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 76 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; W2OK-N8UM, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; W2OQ-DQV3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 170 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; W2OR-DXED, 21.900%, 9/28/2025 †§x | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; W2OU-WH9K, 11.910%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 204 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; W2PE-S28K, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 252 | 245 | 243 |
| &nbsp;&nbsp;&nbsp; W2PK-P9ZU, 29.540%, 10/11/2025 †§x | Affirm | 4/15/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; W2PT-NPHR, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 263 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; W2PX-0NZH, 35.330%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; W2PY-AMB5, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 474 | 482 | 480 |
| &nbsp;&nbsp;&nbsp; W2Q5-SO0M, 28.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 502 | 497 | 30 |
| &nbsp;&nbsp;&nbsp; W2Q6-14AZ, 29.660%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 72 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; W2Q6-1WQJ, 35.310%, 4/08/2025 †x#^ | Affirm | 4/11/2024 | 44 | 46 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8025** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W2Q9-F00O, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | $70 | $71 | $71 |
| &nbsp;&nbsp;&nbsp; W2QE-BKUF, 29.000%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; W2QE-C38E, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 161 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; W2QH-JK91, 29.820%, 2/05/2026 †§x | Affirm | 2/26/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W2QO-4T67, 15.750%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 122 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; W2QO-N424, 12.420%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 2625 | 2459 | 2426 |
| &nbsp;&nbsp;&nbsp; W2QP-4UC3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W2QW-IT7L, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 260 | 266 | 265 |
| &nbsp;&nbsp;&nbsp; W2QY-L641, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 185 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; W2RB-7M6C, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; W2RH-ONPQ, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; W2RT-5J3W, 29.500%, 5/28/2026 †§x | Affirm | 6/02/2023 | 1466 | 1500 | 1494 |
| &nbsp;&nbsp;&nbsp; W2RU-R4S7, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 670 | 668 | 670 |
| &nbsp;&nbsp;&nbsp; W2RZ-W3P9, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; W2S3-OVU8, 15.650%, 11/06/2025 †§x | Affirm | 8/29/2025 | 439 | 443 | 443 |
| &nbsp;&nbsp;&nbsp; W2S3-YL6G, 29.520%, 10/05/2025 †x# | Affirm | 10/10/2023 | 183 | 192 | 54 |
| &nbsp;&nbsp;&nbsp; W2S7-3Q14, 24.840%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 288 | 287 | 183 |
| &nbsp;&nbsp;&nbsp; W2S8-5K0D, 27.100%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 263 | 280 | 16 |
| &nbsp;&nbsp;&nbsp; W2SB-7MBT, 35.770%, 2/24/2024 †x#^ | Affirm | 3/02/2023 | 159 | 154 | 10 |
| &nbsp;&nbsp;&nbsp; W2SD-Q0EM, 24.400%, 9/03/2026 †§x | Affirm | 3/28/2025 | 261 | 270 | 272 |
| &nbsp;&nbsp;&nbsp; W2SJ-YKYI, 35.550%, 12/18/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; W2T6-5BGV, 30.000%, 6/02/2023 †x#^ | Affirm | 3/06/2023 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; W2TB-JNDC, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; W2TG-KRBQ, 35.370%, 11/21/2025 †§x | Affirm | 5/24/2024 | 460 | 461 | 461 |
| &nbsp;&nbsp;&nbsp; W2TQ-G658, 29.820%, 3/03/2026 †§x | Affirm | 3/28/2025 | 127 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; W2TR-G83E, 29.650%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 210 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; W2TS-QQL1, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W2TW-Q5CQ, 29.640%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 42 | 41 | 3 |
| &nbsp;&nbsp;&nbsp; W2U8-ZURK, 33.050%, 8/26/2026 †§x | Affirm | 8/29/2024 | 348 | 358 | 361 |
| &nbsp;&nbsp;&nbsp; W2UE-K3HZ, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 650 | 663 | 665 |
| &nbsp;&nbsp;&nbsp; W2UU-2N5G, 35.200%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; W2UW-S415, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W2UZ-AQXW, 35.330%, 9/03/2026 †§x | Affirm | 3/28/2025 | 342 | 351 | 351 |
| &nbsp;&nbsp;&nbsp; W2V1-AC2X, 28.000%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 117 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; W2VB-2T5B, 28.000%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 169 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; W2VB-N98G, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 69 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; W2VP-IDZJ, 25.200%, 1/06/2026 †x# | Affirm | 1/29/2025 | 150 | 157 | 23 |
| &nbsp;&nbsp;&nbsp; W2VS-UCRD, 22.650%, 12/24/2025 †x | Affirm | 6/27/2024 | 73 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; W2W0-SQ3P, 22.520%, 2/06/2026 †§x | Affirm | 8/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; W2W1-S3A5, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 475 | 500 | 29 |
| &nbsp;&nbsp;&nbsp; W2WT-6VKL, 22.730%, 1/06/2027 †§x | Affirm | 1/29/2025 | 400 | 415 | 417 |
| &nbsp;&nbsp;&nbsp; W2WV-TTHF, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; W2XA-AHMN, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 90 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; W2XK-CJ6C, 29.640%, 11/20/2026 †§x | Affirm | 11/27/2024 | 659 | 683 | 687 |
| &nbsp;&nbsp;&nbsp; W2XR-1YSV, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; W2Y1-8VIS, 33.950%, 10/03/2025 †x# | Affirm | 10/07/2024 | 297 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; W2Y1-QGG2, 29.620%, 3/25/2026 †§x | Affirm | 9/30/2024 | 116 | 119 | 118 |
| &nbsp;&nbsp;&nbsp; W2Y5-6EOU, 33.240%, 8/10/2026 †§x | Affirm | 2/26/2025 | 175 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; W2YI-JKFW, 34.000%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 1036 | 982 | 62 |
| &nbsp;&nbsp;&nbsp; W2YK-GXG4, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; W2YR-X43H, 24.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 628 | 647 | 650 |
| &nbsp;&nbsp;&nbsp; W2YS-86DT, 35.950%, 2/03/2026 †x# | Affirm | 2/26/2025 | 403 | 365 | 24 |
| &nbsp;&nbsp;&nbsp; W2YV-FOR6, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; W2YZ-61YJ, 35.380%, 11/28/2024 †x#^ | Affirm | 8/31/2023 | 1027 | 1022 | 62 |
| &nbsp;&nbsp;&nbsp; W2Z7-41OY, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W2Z9-4H1N, 15.750%, 6/21/2025 †x#^ | Affirm | 6/27/2024 | 294 | 311 | 18 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8026** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W2ZO-P0LH, 33.050%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | $123 | $124 | $7 |
| &nbsp;&nbsp;&nbsp; W2ZQ-H7AV, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 190 | 183 | 187 |
| &nbsp;&nbsp;&nbsp; W307-3PYJ, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; W30E-JWC7, 22.830%, 2/05/2026 †§x | Affirm | 2/26/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; W30E-PJRD, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 296 | 303 | 305 |
| &nbsp;&nbsp;&nbsp; W30I-ZDSD, 22.660%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 144 | 152 | 2 |
| &nbsp;&nbsp;&nbsp; W30L-82LM, 29.550%, 8/06/2026 †§x | Affirm | 8/29/2025 | 132 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; W30L-QC1R, 33.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 418 | 421 | 422 |
| &nbsp;&nbsp;&nbsp; W30L-UM6U, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; W30P-F7E6, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; W30Q-M0SF, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 168 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; W30U-OUMZ, 35.440%, 6/13/2024 †x#^ | Affirm | 6/16/2023 | 58 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; W30Y-PW1D, 30.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 230 | 232 | 231 |
| &nbsp;&nbsp;&nbsp; W30Z-U5YR, 35.370%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; W313-ML2D, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; W317-ORE7, 33.050%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; W31B-MLS6, 33.950%, 11/20/2024 †x#^ | Affirm | 5/24/2024 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; W31O-03TQ, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 354 | 359 | 357 |
| &nbsp;&nbsp;&nbsp; W31S-D6AJ, 22.900%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 132 | 132 | 134 |
| &nbsp;&nbsp;&nbsp; W31Z-3CZ3, 29.550%, 12/25/2025 †§x | Affirm | 6/28/2024 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W329-RLRF, 35.190%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 121 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; W32B-NIJU, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; W32C-OCJU, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; W32E-4J0H, 28.000%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 582 | 570 | 35 |
| &nbsp;&nbsp;&nbsp; W32K-1X8T, 29.560%, 1/02/2026 †§x | Affirm | 1/05/2024 | 175 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; W32S-O5GW, 20.000%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 70 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; W32U-7TNP, 29.720%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 202 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; W330-8JY0, 22.760%, 11/05/2025 †§x | Affirm | 11/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W335-NS9R, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; W335-SNGZ, 15.730%, 11/06/2025 †x# | Affirm | 5/09/2024 | 238 | 250 | 14 |
| &nbsp;&nbsp;&nbsp; W33H-VMVN, 28.000%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; W33Q-4MDS, 25.000%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; W33Q-AARI, 22.840%, 12/11/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; W33T-RCJ1, 26.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 127 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; W33X-05ZQ, 35.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W33Y-JOWB, 35.250%, 9/28/2025 †x# | Affirm | 3/31/2025 | 266 | 274 | 64 |
| &nbsp;&nbsp;&nbsp; W34F-KV5M, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 32 | 32 | 31 |
| &nbsp;&nbsp;&nbsp; W34M-XXQB, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; W350-TZA3, 35.290%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 265 | 272 | 270 |
| &nbsp;&nbsp;&nbsp; W351-3PNW, 35.580%, 9/17/2025 †x# | Affirm | 9/26/2024 | 260 | 239 | 51 |
| &nbsp;&nbsp;&nbsp; W352-9LT8, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1078 | 1102 | 1107 |
| &nbsp;&nbsp;&nbsp; W353-MTBY, 35.450%, 6/02/2026 †x# | Affirm | 6/27/2025 | 241 | 237 | 140 |
| &nbsp;&nbsp;&nbsp; W354-TLUT, 29.610%, 2/16/2027 †§x | Affirm | 2/23/2024 | 777 | 802 | 806 |
| &nbsp;&nbsp;&nbsp; W35K-ZP03, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 177 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; W35U-TAYB, 35.480%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 33 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; W36H-6XZK, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 202 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; W36M-TD0V, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W36P-LDH5, 35.370%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 283 | 287 | 17 |
| &nbsp;&nbsp;&nbsp; W36V-Y115, 35.780%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; W36X-UR7Y, 29.490%, 10/01/2025 †x# | Affirm | 4/04/2024 | 147 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; W371-DAY8, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W37C-L95L, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; W37D-7ULG, 28.000%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 58 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; W37O-RJR7, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; W37P-TLB9, 22.750%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1158 | 1184 | 1173 |
| &nbsp;&nbsp;&nbsp; W37U-M2XA, 15.800%, 1/06/2028 †§x | Affirm | 1/29/2025 | 1940 | 1984 | 1998 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8027** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W37V-A4JI, 34.850%, 10/08/2025 †§x# | Affirm | 7/31/2025 | $25 | $25 | $25 |
| &nbsp;&nbsp;&nbsp; W37W-W33H, 25.200%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 241 | 253 | 251 |
| &nbsp;&nbsp;&nbsp; W37Z-QAVV, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 140 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; W383-6A6C, 22.770%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 254 | 267 | 15 |
| &nbsp;&nbsp;&nbsp; W38B-ZJA5, 29.510%, 5/06/2026 †x# | Affirm | 5/09/2024 | 924 | 961 | 55 |
| &nbsp;&nbsp;&nbsp; W38F-XZOO, 16.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; W38G-JYRU, 29.630%, 3/18/2026 †§x | Affirm | 9/23/2024 | 174 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; W38V-1QVF, 35.640%, 1/08/2026 †x# | Affirm | 1/29/2025 | 302 | 310 |  |
| &nbsp;&nbsp;&nbsp; W38W-GXMB, 30.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; W38Z-69NX, 29.870%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 313 | 318 | 19 |
| &nbsp;&nbsp;&nbsp; W38Z-98KL, 11.850%, 12/28/2025 †x# | Affirm | 1/29/2025 | 59 | 60 | 20 |
| &nbsp;&nbsp;&nbsp; W38Z-L56A, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 165 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; W399-3WN6, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 210 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; W39B-ET98, 32.500%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 442 | 414 | 26 |
| &nbsp;&nbsp;&nbsp; W39P-9NQA, 33.950%, 11/20/2025 †§x | Affirm | 11/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; W39Z-STZ3, 35.490%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; W3A4-1Y4N, 33.050%, 9/16/2025 †§x | Affirm | 9/19/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; W3A6-Y585, 33.950%, 11/22/2025 †§x | Affirm | 5/28/2024 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; W3A7-DQD4, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; W3A8-QS3W, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 102 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; W3AF-MLII, 35.620%, 7/13/2026 †§x | Affirm | 1/29/2025 | 175 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; W3AK-I53X, 35.050%, 12/01/2026 †§x | Affirm | 12/07/2023 | 489 | 503 | 494 |
| &nbsp;&nbsp;&nbsp; W3AU-26JU, 35.210%, 12/02/2025 †§x | Affirm | 6/27/2025 | 151 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; W3AU-5H4Z, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 56 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W3B2-BL3O, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 64 | 63 | 16 |
| &nbsp;&nbsp;&nbsp; W3B9-IESV, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; W3BL-8355, 35.360%, 12/21/2025 †§x | Affirm | 6/27/2024 | 88 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W3BT-8MME, 23.400%, 11/28/2026 †§x# | Affirm | 12/04/2023 | 708 | 728 | 726 |
| &nbsp;&nbsp;&nbsp; W3C1-ZEMY, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 116 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; W3C5-19VS, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; W3CK-BVZD, 35.440%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; W3CN-9TLL, 29.620%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 250 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; W3CR-J4RP, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 35 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; W3CV-LBIB, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 493 | 496 | 497 |
| &nbsp;&nbsp;&nbsp; W3CW-W8JC, 29.560%, 4/28/2027 †§x# | Affirm | 5/02/2024 | 743 | 756 | 760 |
| &nbsp;&nbsp;&nbsp; W3CX-RFLY, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; W3D2-L75J, 29.930%, 9/05/2025 †x | Affirm | 1/29/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; W3DA-AYP1, 15.850%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 77 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; W3DU-0LWA, 35.610%, 11/14/2025 †§x | Affirm | 11/27/2024 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; W3E7-3IB6, 33.950%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 264 | 273 | 273 |
| &nbsp;&nbsp;&nbsp; W3ED-H03T, 9.870%, 1/10/2028 †x | Affirm | 1/29/2025 | 2401 | 2475 | 2494 |
| &nbsp;&nbsp;&nbsp; W3ED-H4P2, 15.730%, 5/04/2025 †x#^ | Affirm | 5/11/2023 | 1135 | 1131 | 68 |
| &nbsp;&nbsp;&nbsp; W3EK-E5OM, 29.710%, 1/11/2023 †x#^ | Affirm | 1/21/2022 | 113 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; W3ET-ZGJF, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; W3FB-DMHF, 29.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 696 | 708 | 705 |
| &nbsp;&nbsp;&nbsp; W3FJ-64H9, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; W3FM-M7U6, 35.410%, 10/21/2023 †x#^ | Affirm | 4/27/2023 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; W3FU-PWSP, 24.400%, 8/23/2026 †§x | Affirm | 8/29/2024 | 1014 | 1041 | 1047 |
| &nbsp;&nbsp;&nbsp; W3FV-LQ2P, 9.652%, 11/28/2022 †x#^« | Affirm | 12/02/2021 | 679 | 620 | 41 |
| &nbsp;&nbsp;&nbsp; W3FZ-4S64, 29.590%, 10/03/2025 †§x | Affirm | 10/07/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W3G1-VMO5, 23.900%, 8/28/2025 †x#^ | Affirm | 9/01/2023 | 1209 | 1293 | 73 |
| &nbsp;&nbsp;&nbsp; W3GA-L9M6, 12.581%, 9/26/2025 †§x« | Affirm | 9/30/2024 | 21 | 19 | 21 |
| &nbsp;&nbsp;&nbsp; W3GI-ZZ7M, 35.820%, 7/13/2026 †x# | Affirm | 1/29/2025 | 335 | 346 | 20 |
| &nbsp;&nbsp;&nbsp; W3GO-0Z6V, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 503 | 512 | 513 |
| &nbsp;&nbsp;&nbsp; W3GQ-F2MY, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 2040 | 2109 | 2128 |
| &nbsp;&nbsp;&nbsp; W3GR-HDO6, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 95 | 96 | 97 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8028** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W3GS-89AF, 32.000%, 10/25/2025 †§x | Affirm | 10/31/2024 | $82 | $82 | $83 |
| &nbsp;&nbsp;&nbsp; W3GS-EU4A, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W3H4-BZMX, 29.610%, 6/28/2023 †x#^ | Affirm | 12/31/2021 | 287 | 269 | 17 |
| &nbsp;&nbsp;&nbsp; W3H8-8V8H, 23.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 1408 | 1452 | 1461 |
| &nbsp;&nbsp;&nbsp; W3HA-2HOB, 15.750%, 2/26/2026 †§x | Affirm | 8/29/2024 | 122 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; W3HB-T9A8, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; W3HK-3UFG, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; W3HQ-E3J0, 33.050%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; W3I1-4684, 15.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W3I8-D9SH, 29.590%, 10/24/2025 †§x | Affirm | 10/28/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; W3IB-TT3V, 29.610%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 55 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; W3II-TEQC, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 126 | 128 | 127 |
| &nbsp;&nbsp;&nbsp; W3IV-OBVQ, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 220 | 219 | 222 |
| &nbsp;&nbsp;&nbsp; W3IX-2KW1, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; W3IY-OX44, 22.200%, 10/03/2025 †x# | Affirm | 10/06/2022 | 614 | 671 | 37 |
| &nbsp;&nbsp;&nbsp; W3J4-3X84, 30.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | 259 | 261 | 260 |
| &nbsp;&nbsp;&nbsp; W3J5-QCRC, 18.000%, 10/18/2025 †§x | Affirm | 4/22/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W3JE-OSF7, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 77 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; W3JO-RW8P, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 136 | 134 |  |
| &nbsp;&nbsp;&nbsp; W3JO-XWJY, 20.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 468 | 482 | 479 |
| &nbsp;&nbsp;&nbsp; W3JW-7X82, 29.490%, 12/29/2022 †x#^ | Affirm | 7/05/2022 | 115 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; W3JZ-BZDK, 33.050%, 3/03/2027 †§x | Affirm | 3/28/2025 | 863 | 905 | 913 |
| &nbsp;&nbsp;&nbsp; W3KR-1WXR, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 319 | 325 | 323 |
| &nbsp;&nbsp;&nbsp; W3KV-26GL, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 71 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; W3KW-BV1Z, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 125 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; W3L8-ZO8Z, 13.092%, 11/06/2025 †§x« | Affirm | 8/29/2025 | 264 | 258 | 258 |
| &nbsp;&nbsp;&nbsp; W3LA-4RUR, 35.500%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 44 | 44 | 8 |
| &nbsp;&nbsp;&nbsp; W3LI-8CPF, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W3LT-ONU1, 35.570%, 6/15/2025 †x#^ | Affirm | 11/27/2024 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; W3LW-7QI0, 32.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 554 | 565 | 567 |
| &nbsp;&nbsp;&nbsp; W3LW-TKMA, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 303 | 307 | 305 |
| &nbsp;&nbsp;&nbsp; W3M2-28Q5, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W3M2-N1P9, 35.660%, 1/06/2026 †x# | Affirm | 1/29/2025 | 66 | 65 | 3 |
| &nbsp;&nbsp;&nbsp; W3M5-K80E, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 93 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; W3M8-FYJC, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W3MC-2631, 32.000%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; W3MJ-KGO2, 33.000%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 1500 | 1518 | 90 |
| &nbsp;&nbsp;&nbsp; W3MK-CGUQ, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 182 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; W3MR-Y8I9, 30.500%, 9/20/2025 †§x | Affirm | 3/28/2025 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; W3N1-F8LX, 24.650%, 4/21/2026 †§x | Affirm | 10/24/2024 | 243 | 248 | 249 |
| &nbsp;&nbsp;&nbsp; W3N4-NCW4, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; W3N5-GG9Y, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W3NH-8M96, 35.500%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; W3NM-IDVG, 35.650%, 1/02/2026 †x# | Affirm | 1/29/2025 | 259 | 257 | 145 |
| &nbsp;&nbsp;&nbsp; W3NM-OS9F, 35.450%, 8/06/2026 †§x | Affirm | 8/29/2025 | 165 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; W3NS-1EHE, 16.000%, 9/01/2022 †x#^ | Affirm | 3/04/2022 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; W3O5-EHY3, 26.200%, 9/05/2025 †§x | Affirm | 9/08/2023 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; W3OB-249V, 9.820%, 7/08/2026 †§x | Affirm | 7/31/2025 | 314 | 324 | 325 |
| &nbsp;&nbsp;&nbsp; W3OD-NDKE, 13.840%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 358 | 371 | 374 |
| &nbsp;&nbsp;&nbsp; W3OJ-ET8F, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 114 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; W3OL-SY9B, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 1041 | 1055 | 1060 |
| &nbsp;&nbsp;&nbsp; W3OM-NFTH, 10.840%, 11/10/2025 †§x | Affirm | 11/17/2022 | 706 | 709 | 710 |
| &nbsp;&nbsp;&nbsp; W3OS-532H, 29.640%, 6/01/2024 †x#^ | Affirm | 12/05/2022 | 264 | 276 | 16 |
| &nbsp;&nbsp;&nbsp; W3OZ-VMR3, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 30 | 31 | 3 |
| &nbsp;&nbsp;&nbsp; W3P3-91W8, 23.000%, 8/28/2025 †§x^ | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; W3PB-NB7M, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 66 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8029** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W3PF-R97X, 35.500%, 12/18/2025 †§x | Affirm | 12/27/2024 | $78 | $79 | $79 |
| &nbsp;&nbsp;&nbsp; W3PG-PXDL, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 91 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; W3PL-HC4L, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 205 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; W3PM-THLG, 29.530%, 6/13/2027 †§x | Affirm | 6/16/2023 | 985 | 1046 | 1025 |
| &nbsp;&nbsp;&nbsp; W3PQ-JPD1, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 133 | 125 |
| &nbsp;&nbsp;&nbsp; W3PR-UMEA, 22.890%, 10/01/2025 †§x | Affirm | 10/04/2024 | 138 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; W3QA-JAJY, 11.850%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; W3QG-A9RQ, 15.780%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; W3QL-9ZCA, 35.690%, 7/02/2026 †§x | Affirm | 1/29/2025 | 250 | 254 | 254 |
| &nbsp;&nbsp;&nbsp; W3QO-1ZXG, 6.295%, 1/03/2026 †§x« | Affirm | 1/29/2025 | 171 | 167 | 166 |
| &nbsp;&nbsp;&nbsp; W3QP-DR93, 11.800%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; W3QQ-QRUE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 90 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; W3QV-1N7B, 24.400%, 12/17/2025 †§x | Affirm | 6/21/2024 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; W3R0-JBX6, 6.804%, 10/21/2025 †§x« | Affirm | 10/24/2024 | 34 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; W3R1-UCVC, 34.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; W3RJ-5UKW, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; W3RK-MV4U, 29.540%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; W3RP-0SHQ, 32.500%, 8/10/2026 †x# | Affirm | 2/26/2025 | 490 | 510 | 29 |
| &nbsp;&nbsp;&nbsp; W3RU-JQSU, 25.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; W3S2-07CU, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 169 | 172 | 171 |
| &nbsp;&nbsp;&nbsp; W3SE-DAPT, 31.450%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 623 | 621 | 633 |
| &nbsp;&nbsp;&nbsp; W3SG-O57T, 29.160%, 7/09/2024 †x#^ | Affirm | 1/12/2023 | 64 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; W3SH-WXRT, 35.470%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 120 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; W3SL-T9JW, 23.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 738 | 761 | 766 |
| &nbsp;&nbsp;&nbsp; W3SX-XVB7, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 133 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; W3T2-YY07, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 516 | 521 | 520 |
| &nbsp;&nbsp;&nbsp; W3T6-Z9P5, 15.680%, 9/20/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W3TC-2VSJ, 23.400%, 4/26/2027 †§x | Affirm | 5/02/2024 | 697 | 709 | 713 |
| &nbsp;&nbsp;&nbsp; W3TE-CZXH, 35.300%, 3/14/2026 †x# | Affirm | 3/18/2024 | 762 | 776 | 46 |
| &nbsp;&nbsp;&nbsp; W3TM-K1OR, 12.456%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 40 | 37 | 39 |
| &nbsp;&nbsp;&nbsp; W3TS-A39G, 29.640%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 691 | 745 | 41 |
| &nbsp;&nbsp;&nbsp; W3UJ-EC4L, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W3UK-VAJE, 29.220%, 1/18/2024 †x#^ | Affirm | 1/23/2023 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; W3UX-8GP8, 29.590%, 10/21/2025 †§x | Affirm | 10/25/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; W3V6-B8NB, 22.750%, 11/12/2025 †§x | Affirm | 11/27/2024 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; W3V6-FNY9, 35.170%, 11/19/2024 †x#^ | Affirm | 8/22/2024 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; W3VJ-689H, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 135 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; W3VJ-RN0G, 30.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; W3VP-Z7YN, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; W3VQ-W9WG, 22.750%, 8/20/2026 †§x | Affirm | 8/23/2024 | 1343 | 1379 | 1385 |
| &nbsp;&nbsp;&nbsp; W3VZ-RHF8, 29.680%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; W3VZ-S1VB, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W3W8-BNDW, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 418 | 426 | 427 |
| &nbsp;&nbsp;&nbsp; W3WK-P86Z, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 712 | 697 | 693 |
| &nbsp;&nbsp;&nbsp; W3WO-Z51E, 16.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1728 | 1749 | 1752 |
| &nbsp;&nbsp;&nbsp; W3WV-53L1, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W3X3-QWM9, 33.050%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1141 | 1196 | 1207 |
| &nbsp;&nbsp;&nbsp; W3XC-6H2X, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W3XE-V2SL, 29.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 147 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; W3XS-L386, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 486 | 496 | 29 |
| &nbsp;&nbsp;&nbsp; W3XT-F3VG, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 152 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; W3XX-BX68, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; W3Y4-HV0Q, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1221 | 1243 | 1247 |
| &nbsp;&nbsp;&nbsp; W3Y8-JULF, 35.320%, 12/02/2025 †§x | Affirm | 6/27/2025 | 55 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W3YP-IE01, 29.640%, 12/02/2023 †x#^ | Affirm | 12/06/2021 | 152 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; W3YR-46QC, 29.470%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 250 | 258 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8030** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W3YS-KLHY, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | $11 | $11 | $11 |
| &nbsp;&nbsp;&nbsp; W3YT-VOWJ, 35.780%, 2/06/2026 †§x | Affirm | 2/26/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W3Z5-F002, 28.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 246 | 252 | 15 |
| &nbsp;&nbsp;&nbsp; W3Z6-V9CS, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; W3ZV-8G8Z, 29.590%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W3ZW-5NAW, 35.460%, 12/20/2025 †§x | Affirm | 6/24/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; W3ZX-2X7Q, 29.740%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; W3ZY-E1GU, 24.900%, 9/13/2024 †x#^ | Affirm | 6/16/2023 | 1259 | 1282 | 76 |
| &nbsp;&nbsp;&nbsp; W3ZZ-0C57, 35.340%, 6/21/2025 †x#^ | Affirm | 6/27/2024 | 317 | 330 | 19 |
| &nbsp;&nbsp;&nbsp; W402-47PS, 15.730%, 4/05/2025 †x#^ | Affirm | 10/10/2023 | 56 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; W407-6BBE, 29.620%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 148 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; W40H-WEEY, 17.900%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 1568 | 1649 | 94 |
| &nbsp;&nbsp;&nbsp; W40L-FALV, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1008 | 1026 | 1030 |
| &nbsp;&nbsp;&nbsp; W40L-FG1W, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 656 | 670 | 674 |
| &nbsp;&nbsp;&nbsp; W40M-4KDZ, 35.530%, 6/11/2025 †x#^ | Affirm | 12/27/2024 | 6 | 7 | 1 |
| &nbsp;&nbsp;&nbsp; W40P-TY2C, 25.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; W40Q-JLDI, 19.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 308 | 315 | 317 |
| &nbsp;&nbsp;&nbsp; W40S-KEP7, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 326 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; W40S-OV6N, 32.000%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 358 | 376 | 36 |
| &nbsp;&nbsp;&nbsp; W41C-0VRQ, 35.470%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 42 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; W41I-DZL5, 33.000%, 1/03/2027 †§x | Affirm | 1/29/2025 | 596 | 591 | 600 |
| &nbsp;&nbsp;&nbsp; W420-5QSX, 33.950%, 6/21/2026 †x# | Affirm | 6/27/2024 | 424 | 444 | 105 |
| &nbsp;&nbsp;&nbsp; W421-BFBD, 26.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 125 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; W42E-TI3P, 35.310%, 5/21/2026 †§x | Affirm | 5/24/2024 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; W42H-MGQV, 19.800%, 2/03/2026 †§x | Affirm | 2/26/2025 | 440 | 420 | 419 |
| &nbsp;&nbsp;&nbsp; W42U-GGNP, 35.490%, 10/25/2025 †§x | Affirm | 10/31/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; W433-M2X8, 17.700%, 1/13/2028 †x | Affirm | 1/29/2025 | 2449 | 2528 | 2547 |
| &nbsp;&nbsp;&nbsp; W43B-AIXH, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 83 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; W43B-M3XG, 29.740%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 209 | 199 | 13 |
| &nbsp;&nbsp;&nbsp; W43D-WLE7, 29.999%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; W43E-NNEY, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 221 | 220 | 220 |
| &nbsp;&nbsp;&nbsp; W43F-VIVU, 15.780%, 12/18/2025 †§x | Affirm | 12/27/2024 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; W43I-BTF7, 15.780%, 5/15/2026 †§x | Affirm | 11/27/2024 | 179 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; W43L-WCG0, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; W43W-O9OQ, 33.950%, 9/24/2025 †x# | Affirm | 9/27/2024 | 86 | 91 | 20 |
| &nbsp;&nbsp;&nbsp; W43X-8TJJ, 29.660%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 101 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; W44B-84K2, 29.710%, 2/12/2027 †§x | Affirm | 2/26/2025 | 273 | 285 | 285 |
| &nbsp;&nbsp;&nbsp; W44P-G5TQ, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 477 | 464 | 461 |
| &nbsp;&nbsp;&nbsp; W44X-R74E, 15.890%, 12/28/2025 †§x | Affirm | 1/29/2025 | 36 | 37 | 36 |
| &nbsp;&nbsp;&nbsp; W44Y-X2AZ, 30.950%, 9/17/2025 †§x | Affirm | 9/20/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W454-GRR8, 30.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; W45I-MMNW, 35.300%, 3/26/2027 †§x | Affirm | 3/31/2025 | 395 | 393 | 400 |
| &nbsp;&nbsp;&nbsp; W45J-R0OS, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; W45O-VBQY, 22.900%, 10/10/2025 †§x | Affirm | 4/15/2024 | 64 | 65 | 64 |
| &nbsp;&nbsp;&nbsp; W45T-0U41, 27.500%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 465 | 481 | 28 |
| &nbsp;&nbsp;&nbsp; W45Z-W39B, 29.070%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; W466-G1LW, 25.200%, 11/06/2025 †§x | Affirm | 8/29/2025 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; W46C-SSTJ, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 254 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; W46I-X27T, 15.870%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 140 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; W46M-SZS3, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; W46O-8C5D, 29.760%, 12/28/2025 †§x | Affirm | 1/29/2025 | 77 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; W473-LOI4, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 158 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; W477-GB53, 7.108%, 9/24/2025 †§x« | Affirm | 4/22/2025 | 173 | 168 | 171 |
| &nbsp;&nbsp;&nbsp; W47E-EZ4P, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 628 | 638 | 635 |
| &nbsp;&nbsp;&nbsp; W47N-C6UE, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; W47P-K6XE, 29.180%, 10/30/2023 †x#^ | Affirm | 8/03/2023 | 782 | 752 | 47 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8031** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W47P-P0M7, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | $106 | $112 | $6 |
| &nbsp;&nbsp;&nbsp; W47P-Q8KF, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; W47Z-1DFW, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 152 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; W48L-1ORF, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 324 | 318 | 318 |
| &nbsp;&nbsp;&nbsp; W48L-LG5I, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 45 | 45 | 7 |
| &nbsp;&nbsp;&nbsp; W48Q-LX60, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 169 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; W48T-YCKN, 29.650%, 10/01/2025 †§x | Affirm | 10/04/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W492-GJ52, 29.800%, 2/06/2026 †§x | Affirm | 2/26/2025 | 100 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; W499-1GTB, 30.950%, 2/27/2026 †§x | Affirm | 3/28/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; W499-HZSC, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 96 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; W49C-UP5T, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 121 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; W49D-8M42, 27.450%, 1/11/2023 †x#^ | Affirm | 1/18/2022 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; W4A1-H7S7, 29.620%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 487 | 509 | 29 |
| &nbsp;&nbsp;&nbsp; W4A3-9QRN, 20.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 129 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; W4AA-YITS, 29.500%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1657 | 1746 | 1753 |
| &nbsp;&nbsp;&nbsp; W4AH-5UJS, 35.540%, 9/28/2025 †x# | Affirm | 10/03/2024 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; W4AM-3VFW, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; W4AM-SVLC, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; W4AU-3205, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; W4AZ-KLN9, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 120 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; W4B2-IAYV, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; W4BC-6PSS, 22.580%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 51 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; W4BD-7TQD, 29.570%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; W4BK-V5X4, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 84 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; W4BL-3GFN, 24.950%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 250 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; W4C6-3EEZ, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W4CD-LK8A, 35.480%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 5000 | 5246 | 300 |
| &nbsp;&nbsp;&nbsp; W4CG-XCD5, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W4CK-9WR4, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 428 | 436 | 437 |
| &nbsp;&nbsp;&nbsp; W4CU-LQRM, 24.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 239 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; W4CU-U4MK, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 189 | 188 | 187 |
| &nbsp;&nbsp;&nbsp; W4CW-1B66, 7.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; W4CX-YR5F, 29.570%, 1/04/2026 †§x | Affirm | 1/08/2024 | 188 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; W4D5-ISI9, 20.900%, 2/03/2026 †§x | Affirm | 2/26/2025 | 196 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; W4DE-MQE3, 35.500%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 221 | 221 | 221 |
| &nbsp;&nbsp;&nbsp; W4DE-S08C, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; W4DG-XXOE, 19.900%, 10/24/2024 †x#^ | Affirm | 10/27/2022 | 414 | 444 | 25 |
| &nbsp;&nbsp;&nbsp; W4DH-WHDR, 35.860%, 1/02/2026 †§x | Affirm | 1/29/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; W4DK-4R13, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1001 | 985 | 982 |
| &nbsp;&nbsp;&nbsp; W4E1-LENY, 29.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 482 | 492 | 29 |
| &nbsp;&nbsp;&nbsp; W4E1-WL9G, 29.490%, 12/13/2024 †x#^ | Affirm | 6/16/2023 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; W4EB-XHBY, 23.900%, 9/27/2025 †§x | Affirm | 10/02/2023 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W4EC-MMYF, 13.092%, 11/06/2025 †§x« | Affirm | 8/29/2025 | 273 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; W4EO-FNQ8, 32.500%, 1/09/2026 †§x | Affirm | 1/29/2025 | 122 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; W4F6-PHST, 29.400%, 10/29/2024 †x#^ | Affirm | 8/03/2023 | 60 | 56 | 4 |
| &nbsp;&nbsp;&nbsp; W4F9-IZOB, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 165 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; W4FO-TK9M, 19.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 333 | 337 | 338 |
| &nbsp;&nbsp;&nbsp; W4FS-2NI5, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; W4FV-RC6J, 23.900%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 140 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; W4G5-IHXZ, 22.690%, 6/16/2024 †x#^ | Affirm | 12/22/2022 | 152 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; W4G5-O34R, 35.470%, 11/15/2026 †§x | Affirm | 11/27/2024 | 574 | 572 | 580 |
| &nbsp;&nbsp;&nbsp; W4GB-4JK0, 23.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 293 | 302 | 304 |
| &nbsp;&nbsp;&nbsp; W4GB-HX6K, 35.900%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 15 | 15 | 3 |
| &nbsp;&nbsp;&nbsp; W4GF-LAI8, 29.650%, 9/16/2025 †§x | Affirm | 9/19/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; W4GG-ZXP8, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 134 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; W4GJ-NMNJ, 33.950%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 33 | 35 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8032** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W4GO-F20B, 16.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | $151 | $152 | $153 |
| &nbsp;&nbsp;&nbsp; W4GW-522X, 33.950%, 10/18/2025 †x# | Affirm | 10/24/2024 | 81 | 84 |  |
| &nbsp;&nbsp;&nbsp; W4HG-HB79, 28.000%, 5/10/2024 †x#^ | Affirm | 11/17/2022 | 434 | 463 | 26 |
| &nbsp;&nbsp;&nbsp; W4HH-HSOY, 28.000%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 78 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; W4HK-X06M, 15.890%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 336 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; W4HT-MKKC, 33.950%, 12/10/2025 †§x# | Affirm | 12/27/2024 | 41 | 42 | 22 |
| &nbsp;&nbsp;&nbsp; W4HV-ENSP, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; W4IC-2BNZ, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W4IY-YZJE, 33.500%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 695 | 694 | 693 |
| &nbsp;&nbsp;&nbsp; W4J3-HTVZ, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 357 | 361 | 360 |
| &nbsp;&nbsp;&nbsp; W4J3-ZD38, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; W4JK-HV8X, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 179 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; W4JQ-RCE4, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; W4KA-ETLY, 23.400%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 237 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; W4KE-H11E, 15.700%, 1/10/2025 †x#^ | Affirm | 5/15/2023 | 461 | 486 | 28 |
| &nbsp;&nbsp;&nbsp; W4KG-TJTW, 12.773%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 69 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; W4L7-2O8X, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 247 | 244 | 246 |
| &nbsp;&nbsp;&nbsp; W4LA-JZAQ, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W4LG-47A4, 26.500%, 1/20/2023 †x#^ | Affirm | 12/23/2021 | 129 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; W4LZ-930O, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 152 | 151 |
| &nbsp;&nbsp;&nbsp; W4M5-3MYE, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W4M6-WYQH, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 103 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; W4M9-JYA8, 11.670%, 1/08/2026 †§x | Affirm | 7/31/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; W4MC-1EK5, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 89 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; W4MV-YCWV, 33.950%, 2/10/2027 †§x | Affirm | 2/26/2025 | 501 | 522 | 530 |
| &nbsp;&nbsp;&nbsp; W4N0-TIQD, 29.820%, 5/16/2024 †x#^ | Affirm | 2/21/2023 | 100 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; W4N1-TPT3, 15.690%, 3/28/2026 †§x | Affirm | 4/22/2025 | 78 | 79 | 81 |
| &nbsp;&nbsp;&nbsp; W4N2-RO4P, 6.843%, 9/25/2025 †§x« | Affirm | 9/30/2024 | 267 | 252 | 264 |
| &nbsp;&nbsp;&nbsp; W4NB-OXIS, 27.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 798 | 826 | 48 |
| &nbsp;&nbsp;&nbsp; W4NG-K7W8, 35.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 68 | 20 |
| &nbsp;&nbsp;&nbsp; W4NM-842N, 32.500%, 9/20/2025 †§x | Affirm | 3/28/2025 | 128 | 128 | 130 |
| &nbsp;&nbsp;&nbsp; W4NY-XG1U, 33.050%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 26 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W4NZ-3VII, 24.400%, 1/13/2028 †§x | Affirm | 1/29/2025 | 2141 | 2211 | 2227 |
| &nbsp;&nbsp;&nbsp; W4O0-8FER, 15.660%, 2/07/2026 †§x | Affirm | 8/29/2025 | 231 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; W4O5-ZMZ1, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; W4O9-EMQ8, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; W4OD-3UDF, 28.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 58 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; W4OM-CJGW, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 319 | 325 | 326 |
| &nbsp;&nbsp;&nbsp; W4OW-2K4A, 15.830%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 219 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; W4OW-2YFY, 35.320%, 7/19/2026 †§x | Affirm | 7/25/2024 | 364 | 362 | 368 |
| &nbsp;&nbsp;&nbsp; W4P0-5LWH, 29.580%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 118 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; W4PA-CVNI, 27.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 196 | 199 | 125 |
| &nbsp;&nbsp;&nbsp; W4PA-NJXM, 29.380%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; W4PD-5Q2S, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W4PE-V62H, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 314 | 317 | 317 |
| &nbsp;&nbsp;&nbsp; W4PG-JZAW, 35.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 141 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; W4PH-K0V3, 29.650%, 5/20/2026 †§x | Affirm | 11/27/2024 | 152 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; W4PI-1X0S, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; W4PK-2VR6, 29.650%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 250 | 240 | 15 |
| &nbsp;&nbsp;&nbsp; W4PM-Z3I0, 32.500%, 11/28/2023 †x#^ | Affirm | 8/31/2023 | 93 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; W4PS-AWNH, 32.000%, 2/10/2026 †x# | Affirm | 2/26/2025 | 560 | 583 | 147 |
| &nbsp;&nbsp;&nbsp; W4PY-JGYB, 29.490%, 1/19/2026 †§x | Affirm | 7/25/2024 | 157 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; W4Q3-606A, 11.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 352 | 356 | 354 |
| &nbsp;&nbsp;&nbsp; W4Q8-4703, 35.250%, 12/02/2025 †§x | Affirm | 6/27/2025 | 68 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; W4QB-CEEM, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 499 | 513 | 514 |
| &nbsp;&nbsp;&nbsp; W4QG-B81N, 22.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 247 | 249 | 248 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8033** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W4QO-WZLU, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | $38 | $39 | $39 |
| &nbsp;&nbsp;&nbsp; W4QR-LNDS, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 125 | 132 |  |
| &nbsp;&nbsp;&nbsp; W4QW-AXX4, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 146 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; W4R0-VF1Q, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; W4R2-8AJY, 15.850%, 1/06/2026 †x# | Affirm | 1/29/2025 | 58 | 57 | 2 |
| &nbsp;&nbsp;&nbsp; W4RG-FOCA, 29.540%, 10/16/2025 †§x | Affirm | 4/19/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; W4S2-2KY1, 28.000%, 10/28/2024 †x#^ | Affirm | 11/03/2022 | 595 | 642 | 36 |
| &nbsp;&nbsp;&nbsp; W4SF-T3JZ, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 73 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; W4SJ-UI5O, 22.790%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; W4SU-F98K, 33.050%, 5/15/2026 †§x | Affirm | 11/27/2024 | 1246 | 1282 | 1277 |
| &nbsp;&nbsp;&nbsp; W4TC-S67Y, 29.500%, 12/15/2024 †x#^ | Affirm | 6/20/2023 | 209 | 211 | 13 |
| &nbsp;&nbsp;&nbsp; W4TD-KE6Z, 35.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 429 | 433 | 432 |
| &nbsp;&nbsp;&nbsp; W4TE-RIV6, 29.550%, 4/08/2026 †x# | Affirm | 4/11/2024 | 206 | 215 | 35 |
| &nbsp;&nbsp;&nbsp; W4TG-LLIP, 29.690%, 7/19/2023 †x#^ | Affirm | 1/24/2022 | 141 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; W4TG-PSZT, 35.270%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 94 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; W4TJ-O07R, 29.540%, 10/08/2025 †§x | Affirm | 4/11/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; W4TM-HH20, 33.050%, 8/11/2026 †§x | Affirm | 2/26/2025 | 192 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; W4TO-MYJ8, 35.210%, 11/06/2025 †§x | Affirm | 5/30/2025 | 183 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; W4TQ-AOYL, 35.480%, 9/19/2025 †x# | Affirm | 9/23/2024 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; W4TW-8OZ2, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 263 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; W4U5-R12V, 32.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 744 | 757 | 760 |
| &nbsp;&nbsp;&nbsp; W4US-9PZX, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; W4UT-V2H0, 28.000%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 913 | 957 | 55 |
| &nbsp;&nbsp;&nbsp; W4V2-67NG, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 339 | 343 | 342 |
| &nbsp;&nbsp;&nbsp; W4VA-490P, 11.750%, 2/06/2026 †§x | Affirm | 8/29/2025 | 379 | 385 | 385 |
| &nbsp;&nbsp;&nbsp; W4VA-XHET, 28.000%, 11/16/2022 †x#^ | Affirm | 11/19/2021 | 160 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; W4VQ-1KW9, 22.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 380 | 385 | 386 |
| &nbsp;&nbsp;&nbsp; W4VR-X0U1, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; W4VU-8CSE, 5.891%, 8/19/2028 †x« | Affirm | 8/22/2024 | 3369 | 2842 | 2727 |
| &nbsp;&nbsp;&nbsp; W4VW-MR10, 35.250%, 9/28/2025 †§x | Affirm | 3/31/2025 | 145 | 145 | 144 |
| &nbsp;&nbsp;&nbsp; W4W3-VR1G, 35.540%, 2/20/2026 †§x | Affirm | 2/23/2024 | 371 | 371 | 377 |
| &nbsp;&nbsp;&nbsp; W4W5-X6DB, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; W4WI-JHOT, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 368 | 362 | 362 |
| &nbsp;&nbsp;&nbsp; W4WM-D030, 29.510%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 654 | 646 | 39 |
| &nbsp;&nbsp;&nbsp; W4WN-GEFD, 22.710%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 296 | 302 | 18 |
| &nbsp;&nbsp;&nbsp; W4WV-F6JT, 35.370%, 2/20/2026 †§x | Affirm | 8/23/2024 | 138 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; W4WW-2T9W, 29.920%, 7/04/2022 †x#^ | Affirm | 1/07/2022 | 39 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; W4X8-RDJ4, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 103 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; W4XH-B04X, 35.590%, 7/10/2024 †x#^ | Affirm | 1/16/2024 | 534 | 543 | 32 |
| &nbsp;&nbsp;&nbsp; W4XL-KF37, 18.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; W4XN-CW09, 19.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1197 | 1218 | 1222 |
| &nbsp;&nbsp;&nbsp; W4Y1-260Y, 21.900%, 9/27/2025 †§x | Affirm | 3/31/2025 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; W4Y6-0ROI, 22.730%, 8/20/2025 †§x#^ | Affirm | 2/23/2024 | 463 | 452 | 465 |
| &nbsp;&nbsp;&nbsp; W4Y9-1D7P, 28.500%, 12/23/2023 †x#^ | Affirm | 12/30/2022 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; W4YQ-NT71, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W4YR-T9PF, 30.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 117 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; W4YX-OSXP, 13.840%, 8/10/2026 †§x | Affirm | 2/26/2025 | 198 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; W4Z3-UCU5, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; W4ZW-4VJL, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 348 | 348 | 348 |
| &nbsp;&nbsp;&nbsp; W4ZX-ITRO, 35.570%, 2/23/2025 †x#^ | Affirm | 2/29/2024 | 77 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; W506-QGOH, 15.910%, 1/02/2027 †§x | Affirm | 1/29/2025 | 962 | 995 | 1001 |
| &nbsp;&nbsp;&nbsp; W50A-3QO1, 22.720%, 5/20/2026 †§x | Affirm | 11/27/2024 | 152 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; W50M-4I85, 33.330%, 1/02/2027 †§x | Affirm | 1/29/2025 | 672 | 666 | 676 |
| &nbsp;&nbsp;&nbsp; W50Z-A6E9, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; W511-40DI, 29.820%, 2/08/2023 †x#^ | Affirm | 2/11/2022 | 99 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; W511-8C99, 33.000%, 8/23/2026 †§x# | Affirm | 8/29/2024 | 610 | 606 | 612 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8034** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W516-NISP, 26.200%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | $407 | $421 | $24 |
| &nbsp;&nbsp;&nbsp; W51G-GFOC, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 199 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; W51M-I3R4, 29.690%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; W51R-7454, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; W51S-T5JF, 28.500%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; W51Y-WF4U, 29.580%, 1/08/2026 †§x | Affirm | 1/11/2024 | 85 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; W52A-3LAV, 35.330%, 7/11/2025 †x#^ | Affirm | 1/16/2024 | 197 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; W52C-H97A, 35.450%, 10/28/2025 †x# | Affirm | 10/31/2024 | 52 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; W52D-NUWP, 29.600%, 12/28/2023 †x#^ | Affirm | 12/31/2021 | 399 | 367 | 24 |
| &nbsp;&nbsp;&nbsp; W52Q-V01O, 32.500%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 198 | 201 | 198 |
| &nbsp;&nbsp;&nbsp; W52W-UZTW, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 161 | 160 |
| &nbsp;&nbsp;&nbsp; W531-1F65, 25.200%, 1/06/2026 †§x | Affirm | 1/29/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W533-AYLI, 29.180%, 7/12/2023 †x#^ | Affirm | 1/21/2022 | 137 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; W535-P79W, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 217 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; W53C-IUZA, 28.500%, 3/16/2024 †x#^ | Affirm | 9/22/2022 | 330 | 345 | 20 |
| &nbsp;&nbsp;&nbsp; W53L-IQKU, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W53N-G5XS, 28.000%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 150 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; W53S-6S6T, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 80 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; W53Y-8NBL, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; W543-WMV4, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W544-83AU, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; W544-9RA6, 18.000%, 12/19/2026 †§x# | Affirm | 12/27/2024 | 1073 | 1112 | 1115 |
| &nbsp;&nbsp;&nbsp; W549-LGRP, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 111 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; W54D-4DBX, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W54J-EM09, 35.460%, 3/17/2026 †§x | Affirm | 9/20/2024 | 123 | 125 | 123 |
| &nbsp;&nbsp;&nbsp; W54K-XQLD, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 514 | 512 | 513 |
| &nbsp;&nbsp;&nbsp; W54L-Y35E, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; W54P-69U6, 35.400%, 4/28/2025 †x#^ | Affirm | 5/03/2024 | 99 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; W54V-FBQU, 25.200%, 6/17/2026 †§x | Affirm | 6/21/2024 | 1171 | 1197 | 1198 |
| &nbsp;&nbsp;&nbsp; W550-B1AW, 29.370%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; W558-C1E0, 29.670%, 1/19/2023 †x#^ | Affirm | 1/24/2022 | 212 | 202 | 13 |
| &nbsp;&nbsp;&nbsp; W559-A5P2, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 31 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; W55C-71GG, 35.570%, 10/02/2025 †§x | Affirm | 10/07/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; W55C-ULWT, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; W55D-MSUP, 29.550%, 2/23/2026 †§x | Affirm | 8/29/2024 | 142 | 146 | 144 |
| &nbsp;&nbsp;&nbsp; W55E-6RP5, 32.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1362 | 1420 | 1414 |
| &nbsp;&nbsp;&nbsp; W55K-K446, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; W55Q-9M0I, 33.950%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 214 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; W55X-YWOT, 15.720%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 208 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; W561-4XF3, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; W564-0IMT, 29.510%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; W56B-94ZC, 29.600%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; W56C-PAIY, 11.830%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 170 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; W56D-F1K4, 29.670%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 154 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; W56Q-0SEZ, 23.400%, 11/15/2026 †§x | Affirm | 11/27/2024 | 535 | 553 | 554 |
| &nbsp;&nbsp;&nbsp; W56U-W7CH, 15.760%, 12/17/2025 †x# | Affirm | 6/21/2024 | 1796 | 1908 | 108 |
| &nbsp;&nbsp;&nbsp; W575-T1LN, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 249 | 253 | 254 |
| &nbsp;&nbsp;&nbsp; W576-LI8D, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 380 | 387 | 388 |
| &nbsp;&nbsp;&nbsp; W577-4W1O, 35.540%, 1/02/2027 †§x | Affirm | 1/29/2025 | 487 | 483 | 490 |
| &nbsp;&nbsp;&nbsp; W577-MSO0, 28.000%, 11/27/2022 †x#^ | Affirm | 6/03/2022 | 106 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; W57H-X6RJ, 29.700%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 78 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; W57I-VMBU, 15.700%, 9/02/2025 †§x | Affirm | 6/27/2025 | 31 | 32 | 31 |
| &nbsp;&nbsp;&nbsp; W57Q-S3LC, 29.800%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 108 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; W57R-JKDE, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; W580-I3CD, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 157 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; W587-P6E7, 35.470%, 1/11/2025 †x#^ | Affirm | 1/16/2024 | 98 | 98 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8035** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W58C-8LM5, 15.640%, 1/08/2026 †§x | Affirm | 7/31/2025 | $135 | $137 | $138 |
| &nbsp;&nbsp;&nbsp; W58C-9Z1Z, 33.050%, 7/13/2026 †§x | Affirm | 1/29/2025 | 636 | 657 | 653 |
| &nbsp;&nbsp;&nbsp; W58Q-4TKI, 29.670%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; W590-V945, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; W591-FG8P, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; W592-4KUK, 30.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W592-C6VO, 34.290%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 199 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; W593-XTZC, 35.330%, 5/28/2026 †§x# | Affirm | 6/27/2025 | 1429 | 1310 | 844 |
| &nbsp;&nbsp;&nbsp; W599-GZIF, 15.790%, 9/25/2025 †§x | Affirm | 9/30/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; W59D-4AP2, 15.690%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 72 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; W59I-5W7C, 29.620%, 9/24/2026 †§x | Affirm | 9/27/2024 | 378 | 389 | 391 |
| &nbsp;&nbsp;&nbsp; W59K-NSD5, 15.790%, 1/11/2025 †x#^ | Affirm | 1/17/2023 | 775 | 818 | 47 |
| &nbsp;&nbsp;&nbsp; W59N-7X1D, 29.680%, 11/28/2023 †x#^ | Affirm | 12/02/2022 | 155 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; W59O-3YJW, 29.590%, 10/21/2025 †§x | Affirm | 10/24/2024 | 112 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; W59S-9KP5, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 248 | 251 | 252 |
| &nbsp;&nbsp;&nbsp; W59X-Z61L, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 1812 | 1776 | 1776 |
| &nbsp;&nbsp;&nbsp; W59Y-M50D, 35.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 32 | 33 | 8 |
| &nbsp;&nbsp;&nbsp; W5A4-DNTH, 26.900%, 9/28/2025 †§x | Affirm | 4/22/2025 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; W5A6-MYIT, 22.650%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 101 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; W5AA-JFEY, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 627 | 648 | 654 |
| &nbsp;&nbsp;&nbsp; W5AG-G2BK, 33.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 151 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; W5AU-7C1E, 29.670%, 2/28/2025 †x#^ | Affirm | 3/03/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; W5AW-172A, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 72 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; W5BD-JPEG, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W5BH-MNF2, 35.450%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 149 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; W5BI-VMZX, 29.550%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; W5BY-QID9, 33.050%, 2/03/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; W5CF-NTY7, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; W5CG-MCU8, 29.660%, 10/02/2025 †§x | Affirm | 10/07/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W5CJ-QXXR, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; W5CY-P2ZI, 27.830%, 12/06/2023 †x#^ | Affirm | 12/09/2021 | 380 | 410 | 23 |
| &nbsp;&nbsp;&nbsp; W5D0-HM5X, 35.320%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 56 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; W5D3-JCEV, 34.490%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 99 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; W5DC-FUDN, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 308 | 311 | 313 |
| &nbsp;&nbsp;&nbsp; W5DD-OG86, 34.000%, 10/10/2025 †§x | Affirm | 4/15/2024 | 299 | 299 | 297 |
| &nbsp;&nbsp;&nbsp; W5DO-YLYB, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W5DP-ZJPC, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 117 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; W5DQ-1YYG, 28.000%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 204 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; W5DQ-GSXU, 29.530%, 12/28/2025 †§x | Affirm | 1/05/2024 | 455 | 455 | 456 |
| &nbsp;&nbsp;&nbsp; W5DR-26DH, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 228 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; W5E8-JLFS, 29.500%, 3/28/2026 †§x# | Affirm | 4/01/2024 | 183 | 185 | 186 |
| &nbsp;&nbsp;&nbsp; W5E9-2QHA, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1712 | 1687 | 1701 |
| &nbsp;&nbsp;&nbsp; W5EE-1NDA, 22.850%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 100 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; W5EI-P1OZ, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; W5EJ-T7G1, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 69 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W5EK-VLA2, 29.710%, 8/02/2022 †x#^ | Affirm | 5/05/2022 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; W5EW-MCUI, 35.280%, 9/03/2025 †x# | Affirm | 3/28/2025 | 59 | 60 | 2 |
| &nbsp;&nbsp;&nbsp; W5EY-8VHV, 35.240%, 5/06/2026 †x# | Affirm | 5/30/2025 | 147 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; W5F0-GK1A, 15.760%, 6/20/2026 †§x# | Affirm | 6/24/2024 | 224 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; W5FA-0BYH, 22.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W5FK-06FI, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 249 | 248 |  |
| &nbsp;&nbsp;&nbsp; W5FN-S3N9, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; W5FO-9MUI, 29.800%, 3/01/2024 †x#^ | Affirm | 3/06/2023 | 70 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; W5FZ-GJXC, 32.500%, 1/19/2026 †x# | Affirm | 7/25/2024 | 228 | 237 |  |
| &nbsp;&nbsp;&nbsp; W5G8-227Y, 30.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 294 | 297 | 298 |
| &nbsp;&nbsp;&nbsp; W5GJ-0JPN, 29.000%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 74 | 78 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8036** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W5GQ-JP7B, 7.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | $232 | $235 | $235 |
| &nbsp;&nbsp;&nbsp; W5GY-NOUL, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 358 | 370 | 373 |
| &nbsp;&nbsp;&nbsp; W5H1-SZXU, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 210 | 217 | 218 |
| &nbsp;&nbsp;&nbsp; W5H2-6GBB, 29.450%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 61 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; W5H3-2WEJ, 30.500%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 60 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; W5H8-I8FB, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; W5H9-179V, 28.000%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; W5HC-LYXT, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 158 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; W5HM-7Z4W, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; W5HW-CE7Y, 29.520%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 902 | 891 | 54 |
| &nbsp;&nbsp;&nbsp; W5IE-9VBJ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W5IJ-XE58, 24.400%, 7/23/2027 †§x | Affirm | 7/26/2024 | 710 | 719 | 722 |
| &nbsp;&nbsp;&nbsp; W5IK-E1M6, 29.650%, 9/20/2025 †§x | Affirm | 9/26/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; W5IP-J63D, 15.800%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; W5IS-D07Q, 23.700%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 151 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; W5J2-P5XR, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 124 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; W5J9-3M9O, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 594 | 605 | 607 |
| &nbsp;&nbsp;&nbsp; W5J9-8F49, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 100 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; W5JG-PV4V, 35.290%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; W5JP-RP0G, 35.420%, 6/02/2026 †§x | Affirm | 6/27/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W5JQ-UMQ1, 29.110%, 12/10/2023 †x#^ | Affirm | 12/16/2021 | 152 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; W5JU-VGLD, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 185 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; W5JV-CUPV, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 265 | 260 | 258 |
| &nbsp;&nbsp;&nbsp; W5K5-ZH2N, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; W5K9-760L, 35.270%, 4/03/2025 †x#^ | Affirm | 7/07/2023 | 294 | 305 | 18 |
| &nbsp;&nbsp;&nbsp; W5K9-LXXR, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 331 | 325 | 20 |
| &nbsp;&nbsp;&nbsp; W5KC-F43C, 33.950%, 4/03/2025 †x#^ | Affirm | 10/07/2024 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; W5KG-ABQB, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 134 | 136 | 69 |
| &nbsp;&nbsp;&nbsp; W5KT-D5XA, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 403 | 408 | 409 |
| &nbsp;&nbsp;&nbsp; W5KU-78GM, 28.000%, 5/22/2024 †x#^ | Affirm | 11/25/2022 | 21 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; W5L0-9WRX, 35.780%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 286 | 291 | 171 |
| &nbsp;&nbsp;&nbsp; W5L5-19YP, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 432 | 440 | 441 |
| &nbsp;&nbsp;&nbsp; W5L5-8X30, 23.400%, 9/02/2025 †§x | Affirm | 6/27/2025 | 127 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; W5L7-0PQ2, 35.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W5LD-CAIV, 35.460%, 6/25/2026 †x# | Affirm | 6/28/2024 | 2437 | 2415 | 146 |
| &nbsp;&nbsp;&nbsp; W5LG-3XUT, 29.430%, 12/30/2023 †x#^ | Affirm | 7/07/2023 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; W5LI-ZWOE, 15.770%, 8/06/2026 †§x | Affirm | 8/29/2025 | 350 | 362 | 362 |
| &nbsp;&nbsp;&nbsp; W5LS-2889, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W5LV-JJ4H, 29.660%, 6/08/2022 †x#^ | Affirm | 12/13/2021 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; W5LV-U81S, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W5LW-T86U, 25.200%, 10/28/2025 †x# | Affirm | 10/31/2024 | 2207 | 2229 | 2222 |
| &nbsp;&nbsp;&nbsp; W5M7-NB30, 29.810%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 195 | 188 | 12 |
| &nbsp;&nbsp;&nbsp; W5MC-FSOQ, 33.950%, 4/28/2026 †x# | Affirm | 10/31/2024 | 1277 | 1347 | 83 |
| &nbsp;&nbsp;&nbsp; W5MJ-E9PH, 35.540%, 4/20/2026 †x# | Affirm | 2/23/2024 | 438 | 440 | 26 |
| &nbsp;&nbsp;&nbsp; W5MJ-WOO1, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 308 | 313 | 78 |
| &nbsp;&nbsp;&nbsp; W5MU-3TFQ, 25.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; W5MW-HG3L, 35.410%, 10/28/2025 †§x | Affirm | 10/31/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W5NB-MM5Z, 29.610%, 4/04/2024 †x#^ | Affirm | 10/07/2022 | 205 | 220 | 12 |
| &nbsp;&nbsp;&nbsp; W5NF-NKK7, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 329 | 334 | 336 |
| &nbsp;&nbsp;&nbsp; W5NH-38PB, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; W5NS-VDTZ, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 70 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; W5NX-F1M5, 32.000%, 9/28/2025 †§x | Affirm | 3/31/2025 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; W5O7-U2GA, 29.430%, 3/20/2026 †x | Affirm | 3/28/2025 | 347 | 347 | 350 |
| &nbsp;&nbsp;&nbsp; W5OJ-DQ8P, 35.500%, 1/28/2026 †x# | Affirm | 10/31/2024 | 3210 | 3258 | 1074 |
| &nbsp;&nbsp;&nbsp; W5OK-FZ5E, 35.280%, 11/19/2024 †x#^ | Affirm | 5/25/2023 | 190 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; W5OO-BW5N, 29.680%, 7/15/2026 †§x | Affirm | 1/29/2025 | 184 | 191 | 189 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8037** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W5OR-C8YD, 35.280%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | $136 | $139 | $8 |
| &nbsp;&nbsp;&nbsp; W5OZ-MBO8, 33.950%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 76 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; W5P4-EADG, 33.950%, 11/20/2025 †§x | Affirm | 5/24/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; W5P6-1Q6B, 29.690%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; W5P8-185R, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; W5PE-J9X5, 30.950%, 3/18/2026 †§x | Affirm | 9/23/2024 | 162 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; W5PK-B3S2, 35.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; W5PP-JBAS, 35.580%, 9/20/2025 †x# | Affirm | 9/26/2024 | 183 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; W5PQ-GI72, 22.850%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 334 | 343 | 343 |
| &nbsp;&nbsp;&nbsp; W5PY-388X, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 465 | 475 | 477 |
| &nbsp;&nbsp;&nbsp; W5Q0-MZ58, 31.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 142 | 145 | 144 |
| &nbsp;&nbsp;&nbsp; W5Q2-EGBC, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 454 | 476 | 27 |
| &nbsp;&nbsp;&nbsp; W5Q4-IAL9, 35.320%, 5/20/2025 †x#^ | Affirm | 5/24/2024 | 81 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; W5QJ-DA5Y, 15.940%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 599 | 610 | 611 |
| &nbsp;&nbsp;&nbsp; W5QK-ODW6, 29.620%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 119 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; W5QQ-LI3E, 32.850%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; W5R1-2M95, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 354 | 352 | 352 |
| &nbsp;&nbsp;&nbsp; W5R4-5S83, 35.600%, 11/15/2025 †x# | Affirm | 11/27/2024 | 106 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; W5R7-7Q3U, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 320 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; W5RI-WILY, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 85 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; W5RM-4K9O, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; W5RO-IRLW, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; W5RQ-F8PA, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 311 | 320 | 321 |
| &nbsp;&nbsp;&nbsp; W5RZ-XPWF, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 321 | 324 | 322 |
| &nbsp;&nbsp;&nbsp; W5S2-6NKP, 29.560%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 136 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; W5S3-VI1T, 29.550%, 2/16/2026 †§x | Affirm | 8/22/2024 | 116 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; W5S9-22GU, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 288 | 301 | 299 |
| &nbsp;&nbsp;&nbsp; W5ST-KR6P, 24.730%, 1/08/2026 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; W5T8-XPDU, 26.700%, 10/01/2025 †x | Affirm | 10/04/2024 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; W5TI-0K15, 24.800%, 8/11/2026 †§x | Affirm | 2/26/2025 | 332 | 345 | 345 |
| &nbsp;&nbsp;&nbsp; W5U2-9GG9, 29.570%, 1/08/2026 †§x | Affirm | 1/11/2024 | 218 | 220 | 220 |
| &nbsp;&nbsp;&nbsp; W5U5-WO1D, 32.500%, 4/08/2026 †§x | Affirm | 4/15/2024 | 265 | 266 | 270 |
| &nbsp;&nbsp;&nbsp; W5U7-XAI8, 20.000%, 10/19/2024 †x#^ | Affirm | 10/24/2022 | 738 | 792 | 44 |
| &nbsp;&nbsp;&nbsp; W5UJ-DTVC, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 386 | 394 | 397 |
| &nbsp;&nbsp;&nbsp; W5V0-629E, 35.520%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 253 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; W5VD-CZ5R, 15.720%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 199 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; W5VY-AAFN, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; W5W2-TQ75, 34.500%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 403 | 378 | 24 |
| &nbsp;&nbsp;&nbsp; W5W7-3UF4, 29.020%, 8/28/2025 †x#^ | Affirm | 8/31/2023 | 76 | 76 | 19 |
| &nbsp;&nbsp;&nbsp; W5WD-1M9R, 31.000%, 6/06/2026 †§x | Affirm | 6/09/2023 | 943 | 943 | 943 |
| &nbsp;&nbsp;&nbsp; W5WP-MGNY, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 299 | 304 | 305 |
| &nbsp;&nbsp;&nbsp; W5WT-M1YB, 29.470%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 129 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; W5XJ-3BJ7, 26.500%, 3/23/2023 †x#^ | Affirm | 3/28/2022 | 583 | 577 | 35 |
| &nbsp;&nbsp;&nbsp; W5Y0-EL19, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W5YA-DG6K, 28.500%, 8/23/2022 †x#^ | Affirm | 5/26/2022 | 123 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; W5YH-GUFC, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 155 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; W5YR-2TPC, 29.610%, 12/20/2023 †x#^ | Affirm | 12/23/2022 | 220 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; W5YZ-3JG3, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 217 | 221 | 220 |
| &nbsp;&nbsp;&nbsp; W5Z3-66EW, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; W5Z4-QD3J, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 314 | 325 | 328 |
| &nbsp;&nbsp;&nbsp; W5ZF-QL74, 29.500%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; W5ZJ-61PQ, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; W5ZL-OYCS, 35.440%, 12/18/2025 †§x | Affirm | 12/27/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W5ZT-ZME5, 15.810%, 12/02/2025 †§x | Affirm | 6/27/2025 | 127 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; W602-JZ2U, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 133 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; W603-7ZR7, 35.600%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 44 | 45 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8038** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W606-REVM, 35.490%, 10/23/2025 †§x | Affirm | 10/28/2024 | $57 | $58 | $58 |
| &nbsp;&nbsp;&nbsp; W607-1KTU, 22.610%, 5/14/2026 †§x | Affirm | 5/30/2025 | 92 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; W60S-6YCT, 29.710%, 2/08/2026 †x# | Affirm | 1/29/2025 | 102 | 105 | 61 |
| &nbsp;&nbsp;&nbsp; W60T-R41C, 29.620%, 2/21/2026 †§x | Affirm | 2/26/2024 | 255 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; W60U-GOIA, 35.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 132 | 132 | 15 |
| &nbsp;&nbsp;&nbsp; W614-B418, 24.760%, 1/06/2026 †§x | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W615-AXLE, 13.840%, 9/25/2025 †§x | Affirm | 9/30/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; W61K-MTBH, 29.680%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 478 | 449 | 29 |
| &nbsp;&nbsp;&nbsp; W61L-H44T, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 135 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; W61M-NF08, 29.530%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 254 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; W62C-PESC, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 156 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; W62E-YTAU, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; W62U-9L9P, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; W62V-L9VK, 15.870%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; W632-MGQ7, 35.370%, 8/07/2026 †§x | Affirm | 8/29/2025 | 677 | 667 | 667 |
| &nbsp;&nbsp;&nbsp; W637-PE9O, 28.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 91 | 96 | 5 |
| &nbsp;&nbsp;&nbsp; W63A-76ZJ, 13.840%, 9/26/2025 †§x | Affirm | 9/30/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W63A-ZUA8, 32.500%, 6/21/2026 †§x | Affirm | 6/27/2024 | 557 | 554 | 564 |
| &nbsp;&nbsp;&nbsp; W63E-RFM1, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 1117 | 1150 | 1135 |
| &nbsp;&nbsp;&nbsp; W63G-JCR6, 29.560%, 8/07/2026 †§x | Affirm | 8/29/2025 | 907 | 952 | 952 |
| &nbsp;&nbsp;&nbsp; W63K-F8MV, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 122 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; W63R-IXAS, 22.750%, 1/10/2026 †§x | Affirm | 1/16/2024 | 228 | 230 | 230 |
| &nbsp;&nbsp;&nbsp; W63V-ZVXY, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 788 | 782 | 783 |
| &nbsp;&nbsp;&nbsp; W63W-D7EE, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 123 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; W63Y-B4Z7, 31.000%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 1672 | 1727 | 1735 |
| &nbsp;&nbsp;&nbsp; W641-0NX3, 15.840%, 1/06/2026 †x# | Affirm | 1/29/2025 | 255 | 267 | 84 |
| &nbsp;&nbsp;&nbsp; W642-BFFI, 31.000%, 2/12/2028 †x | Affirm | 2/26/2025 | 8010 | 8389 | 8477 |
| &nbsp;&nbsp;&nbsp; W649-6J6V, 15.750%, 6/02/2026 †§x | Affirm | 6/27/2025 | 325 | 332 | 334 |
| &nbsp;&nbsp;&nbsp; W64G-PLDX, 29.450%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 196 | 194 | 12 |
| &nbsp;&nbsp;&nbsp; W64Q-54J7, 35.350%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 52 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; W64Y-R738, 15.890%, 3/03/2026 †§x | Affirm | 3/28/2025 | 162 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; W653-F5LX, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 210 | 217 | 218 |
| &nbsp;&nbsp;&nbsp; W654-YAE9, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; W655-0J3B, 35.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W65E-VQF0, 35.500%, 6/02/2026 †§x | Affirm | 6/27/2025 | 95 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; W65J-DD00, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 78 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; W65L-U5UP, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W65N-Q180, 30.000%, 11/09/2024 †x#^ | Affirm | 5/12/2023 | 222 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; W663-N7M1, 35.480%, 4/21/2026 †§x | Affirm | 10/24/2024 | 606 | 616 | 610 |
| &nbsp;&nbsp;&nbsp; W666-1QSM, 35.580%, 9/26/2025 †x# | Affirm | 9/30/2024 | 35 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; W666-TK91, 29.820%, 3/03/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W66J-56UP, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 558 | 559 | 33 |
| &nbsp;&nbsp;&nbsp; W66L-813H, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; W66O-ZO0X, 29.820%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 249 | 256 | 253 |
| &nbsp;&nbsp;&nbsp; W66Q-V64D, 30.500%, 3/28/2026 †§x | Affirm | 3/31/2025 | 96 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; W66Y-XGZ0, 35.370%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 597 | 594 | 36 |
| &nbsp;&nbsp;&nbsp; W671-KFXF, 29.630%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 91 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; W676-VZ9R, 35.300%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; W67A-EQTM, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 134 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; W67B-4JTW, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 233 | 241 | 243 |
| &nbsp;&nbsp;&nbsp; W67P-20IS, 29.660%, 5/15/2026 †§x | Affirm | 11/27/2024 | 150 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; W68G-9Z7S, 35.370%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 176 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; W68V-SDFE, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 120 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; W68Y-F5YR, 35.330%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 188 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; W69B-FHUN, 33.050%, 11/14/2025 †§x | Affirm | 11/27/2024 | 294 | 298 | 298 |
| &nbsp;&nbsp;&nbsp; W69I-V6PD, 29.800%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 39 | 40 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8039** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W69U-7YP5, 35.360%, 7/02/2024 †x#^ | Affirm | 1/05/2024 | $484 | $496 | $29 |
| &nbsp;&nbsp;&nbsp; W69U-UJKH, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 301 | 311 | 314 |
| &nbsp;&nbsp;&nbsp; W6A2-A3FL, 35.920%, 12/09/2025 †x# | Affirm | 12/27/2024 | 643 | 662 | 55 |
| &nbsp;&nbsp;&nbsp; W6AA-8DZV, 9.800%, 3/20/2026 †§x | Affirm | 3/28/2025 | 450 | 460 | 462 |
| &nbsp;&nbsp;&nbsp; W6AG-C4DA, 35.310%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W6AK-N0AT, 20.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; W6AM-TLV8, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 34 | 34 | 6 |
| &nbsp;&nbsp;&nbsp; W6AT-BKQL, 33.050%, 10/08/2025 †§x | Affirm | 7/31/2025 | 942 | 945 | 944 |
| &nbsp;&nbsp;&nbsp; W6B0-LNP9, 29.450%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 1872 | 1938 | 112 |
| &nbsp;&nbsp;&nbsp; W6B0-Y575, 27.740%, 6/15/2025 †x#^ | Affirm | 6/20/2023 | 561 | 559 | 34 |
| &nbsp;&nbsp;&nbsp; W6B5-628F, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; W6B7-6YKS, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 162 | 169 | 171 |
| &nbsp;&nbsp;&nbsp; W6B7-Z196, 29.550%, 8/01/2023 †x#^ | Affirm | 8/04/2022 | 255 | 264 | 15 |
| &nbsp;&nbsp;&nbsp; W6B8-CP2M, 34.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; W6BO-91GZ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 146 | 147 | 146 |
| &nbsp;&nbsp;&nbsp; W6BR-7LS6, 15.760%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 256 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; W6C9-OGC8, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W6CD-LE3B, 31.450%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W6CF-HBOP, 29.620%, 3/24/2026 †§x# | Affirm | 9/27/2024 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; W6CK-1H42, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; W6CO-RFRD, 29.720%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 265 | 276 | 16 |
| &nbsp;&nbsp;&nbsp; W6CZ-I1BR, 15.760%, 4/08/2026 †§x | Affirm | 4/11/2024 | 181 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; W6D7-2YO1, 21.040%, 6/02/2026 †§x | Affirm | 6/27/2025 | 741 | 762 | 765 |
| &nbsp;&nbsp;&nbsp; W6DD-E6M5, 29.500%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 82 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; W6DF-S4TQ, 26.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 105 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; W6DG-LJTB, 15.710%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; W6DM-5XX3, 18.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; W6DM-BOJ7, 24.740%, 1/06/2026 †§x | Affirm | 1/29/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; W6DM-MFT0, 11.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 456 | 467 | 469 |
| &nbsp;&nbsp;&nbsp; W6DQ-FE9B, 32.930%, 11/06/2026 †§x | Affirm | 5/30/2025 | 367 | 360 | 365 |
| &nbsp;&nbsp;&nbsp; W6DS-BQ98, 35.820%, 10/01/2025 †x# | Affirm | 10/04/2024 | 161 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; W6DY-SQAT, 29.810%, 2/22/2023 †x#^ | Affirm | 2/25/2022 | 694 | 685 | 42 |
| &nbsp;&nbsp;&nbsp; W6E0-PU50, 33.160%, 1/06/2026 †§x | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; W6E5-LY9M, 20.900%, 5/28/2028 †x# | Affirm | 6/27/2025 | 7512 | 7883 | 8092 |
| &nbsp;&nbsp;&nbsp; W6E6-0QMF, 22.610%, 4/22/2025 †x#^ | Affirm | 10/25/2024 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; W6EH-QMLJ, 35.540%, 3/24/2026 †§x | Affirm | 9/27/2024 | 1278 | 1266 | 1274 |
| &nbsp;&nbsp;&nbsp; W6EL-X23L, 29.600%, 9/14/2024 †x#^ | Affirm | 9/19/2022 | 72 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; W6EN-C4UX, 30.000%, 9/02/2022 †x#^ | Affirm | 3/07/2022 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; W6FA-ZGLU, 29.510%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 144 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; W6FH-H1C1, 35.590%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 922 | 871 | 55 |
| &nbsp;&nbsp;&nbsp; W6FI-KSIF, 29.540%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 255 | 269 | 15 |
| &nbsp;&nbsp;&nbsp; W6FI-WN6I, 24.540%, 6/02/2026 †x# | Affirm | 6/27/2025 | 308 | 322 | 205 |
| &nbsp;&nbsp;&nbsp; W6FK-K2L7, 29.350%, 2/06/2026 †§x | Affirm | 8/29/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W6FZ-FMAQ, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 225 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; W6FZ-RTUD, 27.500%, 11/01/2025 †§x | Affirm | 11/04/2022 | 713 | 715 | 708 |
| &nbsp;&nbsp;&nbsp; W6G3-8CIN, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W6GC-SY8F, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; W6GF-COTZ, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 230 | 233 | 233 |
| &nbsp;&nbsp;&nbsp; W6GJ-ZQ4K, 29.640%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 184 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; W6GK-SU6A, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; W6GM-TAOX, 29.520%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 224 | 232 | 13 |
| &nbsp;&nbsp;&nbsp; W6GN-H60J, 26.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 28 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; W6GO-8X68, 31.000%, 8/28/2025 †§x#^ | Affirm | 3/28/2025 | 74 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; W6GR-WNAQ, 18.900%, 10/12/2026 †§x | Affirm | 10/17/2022 | 723 | 745 | 705 |
| &nbsp;&nbsp;&nbsp; W6H6-XQ0L, 22.750%, 8/06/2026 †§x | Affirm | 8/29/2025 | 2396 | 2478 | 2478 |
| &nbsp;&nbsp;&nbsp; W6HF-9CGL, 17.700%, 9/20/2025 †§x | Affirm | 3/28/2025 | 55 | 55 | 55 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8040** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W6HK-5XW0, 33.500%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | $228 | $221 | $14 |
| &nbsp;&nbsp;&nbsp; W6HM-VFBP, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 581 | 574 | 35 |
| &nbsp;&nbsp;&nbsp; W6I1-BR8I, 33.950%, 10/16/2025 †x# | Affirm | 4/19/2024 | 299 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; W6I2-O61Q, 29.490%, 1/02/2026 †§x# | Affirm | 7/05/2024 | 85 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; W6I2-WIVJ, 13.840%, 5/21/2026 †§x | Affirm | 5/24/2024 | 238 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; W6I4-KIEC, 35.250%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; W6I6-WEV1, 29.310%, 1/05/2023 †x#^ | Affirm | 7/08/2022 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; W6I9-C2HR, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1264 | 1285 | 1280 |
| &nbsp;&nbsp;&nbsp; W6IZ-L9J7, 28.000%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 451 | 471 | 27 |
| &nbsp;&nbsp;&nbsp; W6J6-K9BY, 35.360%, 12/20/2025 †§x | Affirm | 6/24/2024 | 162 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; W6JT-NZYZ, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 301 | 317 | 18 |
| &nbsp;&nbsp;&nbsp; W6K1-1TDH, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 186 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; W6K1-JYDX, 15.800%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 233 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; W6K2-6HSH, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 180 | 186 | 187 |
| &nbsp;&nbsp;&nbsp; W6K4-MJE5, 35.730%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; W6K7-CZPY, 33.040%, 10/28/2025 †x# | Affirm | 10/31/2024 | 198 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; W6KC-RYSW, 29.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; W6KN-ED0F, 15.700%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 308 | 329 | 18 |
| &nbsp;&nbsp;&nbsp; W6KQ-K06R, 29.710%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W6L1-BDF8, 35.260%, 9/13/2024 †x#^ | Affirm | 3/18/2024 | 308 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; W6L8-5H2N, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W6LH-PHLB, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 715 | 750 | 43 |
| &nbsp;&nbsp;&nbsp; W6LI-3DBW, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 492 | 509 | 512 |
| &nbsp;&nbsp;&nbsp; W6LI-OC60, 29.660%, 3/04/2026 †§x | Affirm | 3/07/2024 | 86 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; W6LK-1O5O, 29.580%, 10/02/2025 †x# | Affirm | 10/05/2023 | 284 | 288 | 17 |
| &nbsp;&nbsp;&nbsp; W6LQ-ZH11, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; W6LU-8F6R, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 125 | 127 | 126 |
| &nbsp;&nbsp;&nbsp; W6M1-65UB, 35.280%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 522 | 510 | 31 |
| &nbsp;&nbsp;&nbsp; W6M3-0W6Y, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; W6ME-KB4G, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 336 | 345 | 345 |
| &nbsp;&nbsp;&nbsp; W6MO-6UWI, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 645 | 634 | 635 |
| &nbsp;&nbsp;&nbsp; W6MP-UMEK, 29.740%, 1/05/2025 †x#^ | Affirm | 1/09/2023 | 318 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; W6MT-IYB5, 15.680%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W6MY-BRSA, 35.370%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 81 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; W6NB-HGLU, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 415 | 420 | 422 |
| &nbsp;&nbsp;&nbsp; W6NG-RY7G, 15.650%, 12/01/2022 †x#^ | Affirm | 6/06/2022 | 269 | 270 | 16 |
| &nbsp;&nbsp;&nbsp; W6NI-LRWE, 35.350%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; W6NW-L51T, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 93 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; W6OK-XLZY, 35.990%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 167 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; W6PH-XWXR, 29.700%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 127 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; W6PJ-Q035, 15.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; W6PL-TLJ9, 30.950%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 140 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; W6PL-VAYP, 33.240%, 8/10/2026 †x# | Affirm | 2/26/2025 | 208 | 204 | 45 |
| &nbsp;&nbsp;&nbsp; W6PM-S0JH, 23.400%, 12/19/2028 †§x | Affirm | 12/27/2024 | 1640 | 1761 | 1775 |
| &nbsp;&nbsp;&nbsp; W6PS-SE16, 29.290%, 1/15/2023 †x#^ | Affirm | 7/21/2022 | 155 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; W6PZ-DXVH, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 202 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; W6Q1-0WZG, 23.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W6QB-XM1Z, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W6QL-QQBK, 29.600%, 11/19/2024 †x#^ | Affirm | 9/22/2022 | 527 | 569 | 32 |
| &nbsp;&nbsp;&nbsp; W6R0-NZTS, 35.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 119 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; W6R7-XYPP, 23.400%, 9/23/2025 †§x | Affirm | 9/26/2024 | 24 | 24 | 25 |
| &nbsp;&nbsp;&nbsp; W6R9-7WQY, 15.850%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 107 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; W6RD-ZO6M, 29.500%, 4/17/2023 †x#^ | Affirm | 10/20/2022 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; W6RF-BYQ3, 35.300%, 3/28/2026 †§x | Affirm | 4/22/2025 | 303 | 309 | 310 |
| &nbsp;&nbsp;&nbsp; W6RN-7UNG, 15.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; W6RO-H04F, 29.540%, 10/05/2025 †§x | Affirm | 4/11/2024 | 63 | 64 | 63 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8041** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W6RW-TEVQ, 32.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | $754 | $777 | $791 |
| &nbsp;&nbsp;&nbsp; W6RY-ZJ5C, 31.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 742 | 775 | 773 |
| &nbsp;&nbsp;&nbsp; W6RZ-VK61, 11.790%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 91 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; W6S5-0C9R, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; W6S5-3FJW, 29.450%, 12/14/2024 †x#^ | Affirm | 6/21/2024 | 172 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; W6SB-C97W, 29.610%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 208 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; W6SL-3K5I, 12.603%, 5/10/2025 †x#^« | Affirm | 2/26/2025 | 195 | 191 | 16 |
| &nbsp;&nbsp;&nbsp; W6SL-TV2X, 29.490%, 3/28/2027 †§x | Affirm | 3/31/2025 | 505 | 532 | 537 |
| &nbsp;&nbsp;&nbsp; W6SO-T8PQ, 35.350%, 10/12/2025 †x# | Affirm | 4/18/2024 | 303 | 306 | 18 |
| &nbsp;&nbsp;&nbsp; W6SS-TN21, 15.770%, 8/26/2026 †x# | Affirm | 8/29/2024 | 307 | 305 | 18 |
| &nbsp;&nbsp;&nbsp; W6SV-HW7D, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 134 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; W6T1-OPGR, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 193 | 192 | 191 |
| &nbsp;&nbsp;&nbsp; W6T2-HO98, 35.380%, 6/05/2024 †x#^ | Affirm | 6/15/2023 | 536 | 545 | 32 |
| &nbsp;&nbsp;&nbsp; W6TD-KJC7, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 828 | 835 | 834 |
| &nbsp;&nbsp;&nbsp; W6TV-M64X, 29.330%, 11/10/2022 †x#^ | Affirm | 5/13/2022 | 46 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; W6U0-MP6P, 24.400%, 2/16/2026 †§x | Affirm | 8/22/2024 | 147 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; W6U4-NOCI, 22.850%, 2/03/2026 †§x | Affirm | 2/26/2025 | 1057 | 1072 | 1075 |
| &nbsp;&nbsp;&nbsp; W6U5-Q1A8, 30.000%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 1474 | 1431 | 88 |
| &nbsp;&nbsp;&nbsp; W6UN-H069, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W6V0-WFSY, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 156 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; W6V7-2JT2, 27.920%, 1/19/2023 †x#^ | Affirm | 1/24/2022 | 111 | 106 | 7 |
| &nbsp;&nbsp;&nbsp; W6V8-7JNO, 35.480%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; W6VH-R46Q, 13.840%, 11/06/2025 †§x | Affirm | 5/30/2025 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; W6VJ-U1BP, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 192 | 196 | 194 |
| &nbsp;&nbsp;&nbsp; W6VP-NGE0, 22.760%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; W6W2-R9MG, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; W6WD-FEAF, 29.520%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 583 | 576 | 35 |
| &nbsp;&nbsp;&nbsp; W6WO-CRX3, 32.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 1013 | 1038 | 1043 |
| &nbsp;&nbsp;&nbsp; W6WT-RCGP, 15.700%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 177 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; W6X0-EFC4, 33.950%, 1/06/2027 †§x | Affirm | 1/29/2025 | 530 | 547 | 553 |
| &nbsp;&nbsp;&nbsp; W6X1-DV31, 24.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 687 | 703 | 707 |
| &nbsp;&nbsp;&nbsp; W6X3-FTMY, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 200 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; W6X5-JHJJ, 35.430%, 12/18/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W6X7-QWCO, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; W6XA-H1K7, 35.430%, 1/03/2027 †§x | Affirm | 1/29/2025 | 563 | 558 | 565 |
| &nbsp;&nbsp;&nbsp; W6XB-54DT, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 49 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; W6XB-HDJX, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 231 | 241 | 240 |
| &nbsp;&nbsp;&nbsp; W6XB-L3PD, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; W6XQ-V2K3, 35.370%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 123 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; W6XR-HZKI, 35.490%, 10/25/2025 †x# | Affirm | 10/31/2024 | 62 | 65 | 17 |
| &nbsp;&nbsp;&nbsp; W6XV-QRSW, 7.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 215 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; W6Y0-TXNA, 29.630%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 117 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; W6Y5-AKM2, 29.330%, 8/22/2023 †x#^ | Affirm | 5/25/2023 | 212 | 203 | 13 |
| &nbsp;&nbsp;&nbsp; W6Y7-GXXW, 29.460%, 6/07/2024 †x#^ | Affirm | 12/11/2023 | 146 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; W6YD-RX0K, 29.690%, 11/23/2023 †x#^ | Affirm | 11/28/2022 | 27 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; W6YP-OEAX, 29.650%, 9/17/2025 †§x | Affirm | 9/20/2024 | 52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; W6YZ-BVPQ, 26.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W6Z7-6P7A, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 328 | 334 | 334 |
| &nbsp;&nbsp;&nbsp; W6Z9-1T8R, 28.000%, 10/05/2023 †x#^ | Affirm | 10/11/2022 | 861 | 853 | 52 |
| &nbsp;&nbsp;&nbsp; W6Z9-8VDI, 29.490%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; W6ZI-DPN5, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 219 | 212 | 13 |
| &nbsp;&nbsp;&nbsp; W6ZQ-RP5F, 29.650%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 329 | 346 | 20 |
| &nbsp;&nbsp;&nbsp; W707-V6A1, 33.950%, 7/13/2026 †x# | Affirm | 1/29/2025 | 418 | 441 | 25 |
| &nbsp;&nbsp;&nbsp; W70I-TXR3, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 290 | 301 | 300 |
| &nbsp;&nbsp;&nbsp; W70L-2NS0, 30.000%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; W70U-323V, 33.050%, 12/11/2025 †§x | Affirm | 12/27/2024 | 34 | 34 | 34 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8042** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W70U-5ZEL, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | $69 | $69 | $69 |
| &nbsp;&nbsp;&nbsp; W70Y-46LU, 35.520%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 389 | 394 | 391 |
| &nbsp;&nbsp;&nbsp; W70Y-GHL5, 29.700%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 77 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; W718-XNHR, 29.630%, 9/28/2025 †x# | Affirm | 10/03/2024 | 75 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; W71B-Q51T, 31.000%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 207 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; W71D-OLQN, 35.610%, 12/02/2025 †§x# | Affirm | 12/27/2024 | 373 | 371 | 369 |
| &nbsp;&nbsp;&nbsp; W71J-9OHY, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 107 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; W71L-31B3, 24.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 470 | 479 | 481 |
| &nbsp;&nbsp;&nbsp; W71W-8IU4, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; W72H-GFL6, 29.880%, 9/02/2025 †§x | Affirm | 6/27/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; W72I-LAJI, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; W72M-YP8G, 31.450%, 10/22/2025 †§x | Affirm | 10/25/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; W72N-A3I2, 11.770%, 3/28/2026 †§x | Affirm | 4/22/2025 | 69 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; W72N-RC1E, 29.690%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; W72Q-VJPK, 35.360%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; W735-RQ9W, 35.230%, 3/20/2026 †§x | Affirm | 3/28/2025 | 171 | 175 | 177 |
| &nbsp;&nbsp;&nbsp; W73H-11FC, 32.000%, 12/09/2025 †§x | Affirm | 12/27/2024 | 504 | 512 | 514 |
| &nbsp;&nbsp;&nbsp; W73L-5TNQ, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 440 | 447 | 445 |
| &nbsp;&nbsp;&nbsp; W73S-9X6L, 29.560%, 8/05/2024 †x#^ | Affirm | 8/11/2022 | 253 | 276 | 15 |
| &nbsp;&nbsp;&nbsp; W73T-ZYW0, 35.560%, 12/19/2026 †§x# | Affirm | 12/27/2024 | 644 | 644 | 654 |
| &nbsp;&nbsp;&nbsp; W746-25LB, 35.410%, 10/21/2026 †§x | Affirm | 10/24/2024 | 420 | 417 | 421 |
| &nbsp;&nbsp;&nbsp; W746-9M94, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 405 | 412 | 227 |
| &nbsp;&nbsp;&nbsp; W74P-59UG, 7.375%, 9/19/2025 †x#« | Affirm | 3/28/2025 | 165 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; W74P-80YX, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 122 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; W74S-Q3XJ, 29.500%, 11/17/2026 †§x | Affirm | 11/24/2023 | 1838 | 1890 | 1888 |
| &nbsp;&nbsp;&nbsp; W74U-ETCZ, 30.000%, 6/26/2026 †§x | Affirm | 7/01/2024 | 910 | 905 | 920 |
| &nbsp;&nbsp;&nbsp; W74X-0OSB, 35.870%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 1683 | 1694 | 101 |
| &nbsp;&nbsp;&nbsp; W750-QC1H, 35.500%, 11/20/2025 †§x# | Affirm | 11/27/2024 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; W756-R1TZ, 11.840%, 12/16/2025 †§x | Affirm | 12/27/2024 | 17 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; W757-Y1FD, 15.750%, 12/24/2025 †§x | Affirm | 6/27/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; W75F-NDV8, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; W75J-FXYC, 15.800%, 9/20/2025 †§x | Affirm | 9/26/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; W75R-WQ5U, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 173 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; W75S-UOY2, 15.760%, 6/21/2026 †§x | Affirm | 6/27/2024 | 542 | 553 | 557 |
| &nbsp;&nbsp;&nbsp; W75T-G30X, 29.650%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 193 | 184 | 12 |
| &nbsp;&nbsp;&nbsp; W75W-1Z7B, 25.200%, 12/28/2025 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W763-J4GK, 26.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 1014 | 1034 | 1038 |
| &nbsp;&nbsp;&nbsp; W766-0GU0, 29.890%, 7/18/2023 †x#^ | Affirm | 1/23/2023 | 64 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; W768-LCED, 35.490%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; W769-LBHL, 26.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; W769-ZC4S, 29.710%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 73 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; W76I-XXGK, 28.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 994 | 981 | 60 |
| &nbsp;&nbsp;&nbsp; W76J-UXF4, 30.950%, 10/08/2025 †§x | Affirm | 7/31/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; W76S-M42Q, 11.850%, 3/23/2026 †x# | Affirm | 9/26/2024 | 160 | 169 | 56 |
| &nbsp;&nbsp;&nbsp; W76T-69PR, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; W77K-ZKKG, 30.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 106 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; W77N-GPX7, 29.620%, 7/02/2026 †§x | Affirm | 1/29/2025 | 177 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; W77P-CZTU, 35.730%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; W77Y-LBYC, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 126 | 124 |  |
| &nbsp;&nbsp;&nbsp; W786-AUOK, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 480 | 504 | 29 |
| &nbsp;&nbsp;&nbsp; W78Y-E9W0, 33.950%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 312 | 326 | 19 |
| &nbsp;&nbsp;&nbsp; W792-4YH5, 29.230%, 10/11/2022 †x#^ | Affirm | 7/14/2022 | 45 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; W792-SAQF, 32.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1904 | 1962 | 1981 |
| &nbsp;&nbsp;&nbsp; W79D-JPHN, 26.900%, 2/03/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; W79J-IP17, 22.860%, 2/06/2026 †§x | Affirm | 2/26/2025 | 177 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; W79U-H9V9, 15.730%, 9/28/2025 †§x | Affirm | 4/22/2025 | 8 | 8 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8043** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W79Z-I1O3, 25.200%, 12/10/2025 †§x | Affirm | 12/27/2024 | $165 | $168 | $168 |
| &nbsp;&nbsp;&nbsp; W7AN-4PV7, 13.840%, 10/21/2025 †§x | Affirm | 10/24/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; W7AP-IFDW, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 68 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W7AR-JCMP, 17.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; W7AT-EOJ4, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 242 | 248 | 249 |
| &nbsp;&nbsp;&nbsp; W7AW-4OAK, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W7B6-9SJZ, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 641 | 651 | 653 |
| &nbsp;&nbsp;&nbsp; W7BA-WQ0L, 35.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 241 | 245 | 245 |
| &nbsp;&nbsp;&nbsp; W7BH-JDGT, 16.700%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 133 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; W7BK-QX8F, 29.100%, 7/13/2024 †x#^ | Affirm | 1/20/2023 | 336 | 336 | 20 |
| &nbsp;&nbsp;&nbsp; W7BL-7IW7, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 361 | 356 | 22 |
| &nbsp;&nbsp;&nbsp; W7BT-IVZ1, 15.690%, 6/07/2023 †x#^ | Affirm | 3/10/2022 | 297 | 313 | 18 |
| &nbsp;&nbsp;&nbsp; W7BU-QJEZ, 29.450%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 811 | 839 | 49 |
| &nbsp;&nbsp;&nbsp; W7C3-LYVM, 29.570%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 52 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; W7C4-33MN, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 148 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; W7C4-8D8S, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 94 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; W7C9-L2ZH, 24.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 722 | 734 | 736 |
| &nbsp;&nbsp;&nbsp; W7CW-UAYP, 29.630%, 1/13/2028 †§x# | Affirm | 1/29/2025 | 847 | 875 | 874 |
| &nbsp;&nbsp;&nbsp; W7DJ-7Y11, 33.950%, 12/20/2026 †§x | Affirm | 12/27/2024 | 757 | 784 | 792 |
| &nbsp;&nbsp;&nbsp; W7DW-IRLN, 35.710%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 82 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; W7DX-2ELT, 35.670%, 1/02/2027 †x# | Affirm | 1/29/2025 | 2488 | 2466 | 2502 |
| &nbsp;&nbsp;&nbsp; W7DX-H1CM, 33.950%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 250 | 255 | 256 |
| &nbsp;&nbsp;&nbsp; W7DY-9P81, 32.500%, 12/19/2026 †§x | Affirm | 12/27/2024 | 293 | 293 | 298 |
| &nbsp;&nbsp;&nbsp; W7DY-VBVN, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; W7E5-QXFP, 29.470%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 560 | 580 | 34 |
| &nbsp;&nbsp;&nbsp; W7EC-D78G, 24.480%, 9/20/2025 †§x | Affirm | 3/28/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; W7ED-AVGW, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 79 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; W7F6-AXDT, 24.950%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 367 | 380 | 22 |
| &nbsp;&nbsp;&nbsp; W7F6-G8FF, 24.400%, 1/13/2027 †§x | Affirm | 1/29/2025 | 413 | 429 | 431 |
| &nbsp;&nbsp;&nbsp; W7FN-7L1C, 35.290%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 75 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; W7FS-8ASQ, 29.650%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 85 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; W7FT-45T9, 29.680%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; W7G7-F00U, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; W7G7-U68C, 22.750%, 9/02/2025 †§x | Affirm | 6/27/2025 | 66 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; W7GO-MLOJ, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 129 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; W7GQ-I5KT, 35.320%, 6/02/2026 †§x | Affirm | 6/27/2025 | 181 | 185 | 186 |
| &nbsp;&nbsp;&nbsp; W7H2-T50P, 29.450%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 131 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; W7H6-3FRR, 6.272%, 2/07/2026 †§x« | Affirm | 2/26/2025 | 359 | 350 | 348 |
| &nbsp;&nbsp;&nbsp; W7HC-BQSZ, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 189 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; W7HG-YW1X, 29.590%, 10/21/2023 †x#^ | Affirm | 10/27/2022 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; W7HK-JMSF, 33.050%, 5/15/2026 †§x | Affirm | 11/27/2024 | 157 | 162 | 161 |
| &nbsp;&nbsp;&nbsp; W7HL-0OA8, 32.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 207 | 211 | 210 |
| &nbsp;&nbsp;&nbsp; W7HQ-31VS, 35.350%, 3/27/2027 †x# | Affirm | 3/31/2025 | 798 | 793 | 34 |
| &nbsp;&nbsp;&nbsp; W7HQ-8F8T, 24.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 179 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; W7HW-005G, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 386 | 399 | 402 |
| &nbsp;&nbsp;&nbsp; W7I8-MBSX, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; W7IE-8Z5L, 32.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 177 | 179 | 53 |
| &nbsp;&nbsp;&nbsp; W7II-F2DD, 29.570%, 8/06/2026 †§x | Affirm | 8/29/2025 | 184 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; W7IQ-UUPY, 35.450%, 9/23/2026 †§x | Affirm | 9/26/2024 | 422 | 419 | 424 |
| &nbsp;&nbsp;&nbsp; W7IT-QAEB, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 274 | 286 | 284 |
| &nbsp;&nbsp;&nbsp; W7IU-ONWM, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 205 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; W7JK-FQ24, 28.000%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 254 | 271 | 15 |
| &nbsp;&nbsp;&nbsp; W7JU-X03N, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; W7KA-EJ17, 35.460%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 676 | 703 | 41 |
| &nbsp;&nbsp;&nbsp; W7KA-NDGD, 29.680%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 77 | 78 | 40 |
| &nbsp;&nbsp;&nbsp; W7KG-5LHI, 32.500%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 181 | 183 | 183 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8044** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W7KH-40XA, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | $146 | $150 | $150 |
| &nbsp;&nbsp;&nbsp; W7KN-NYX6, 28.500%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 151 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; W7L0-F4EN, 33.950%, 10/01/2025 †§x | Affirm | 10/04/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W7L8-M4G6, 15.760%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 197 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; W7LL-FY63, 25.900%, 10/28/2025 †§x | Affirm | 10/31/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; W7LS-S1R2, 25.990%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 127 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; W7M7-HIPY, 15.790%, 9/24/2026 †§x# | Affirm | 9/27/2024 | 511 | 508 | 514 |
| &nbsp;&nbsp;&nbsp; W7M8-R4RG, 35.610%, 11/14/2025 †§x | Affirm | 11/27/2024 | 58 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; W7M9-XHEJ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W7ML-B10N, 32.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; W7N0-JUT6, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; W7N2-KIQ2, 29.460%, 7/08/2026 †§x | Affirm | 7/31/2025 | 110 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; W7NC-1G9K, 15.690%, 3/10/2023 †x#^ | Affirm | 3/14/2022 | 3382 | 3340 | 203 |
| &nbsp;&nbsp;&nbsp; W7NS-T5UB, 35.360%, 12/18/2025 †§x | Affirm | 6/21/2024 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; W7NT-DFXI, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; W7O4-BJYX, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; W7OE-R1F4, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W7OE-YHZD, 35.370%, 12/28/2024 †x#^ | Affirm | 1/02/2024 | 95 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; W7OF-AJ0N, 35.470%, 8/26/2025 †x#^ | Affirm | 8/30/2024 | 18 | 16 | 3 |
| &nbsp;&nbsp;&nbsp; W7OK-YIBO, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 226 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; W7OT-EQ2Q, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W7PE-PKYZ, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W7PG-BN16, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W7PJ-HFWN, 29.460%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 109 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; W7PM-JNUW, 35.490%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 26 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; W7PN-HQ6U, 23.400%, 3/25/2026 †§x | Affirm | 9/30/2024 | 115 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; W7PT-9CI0, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 87 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; W7PT-OOQ6, 29.030%, 10/05/2025 †x# | Affirm | 10/10/2023 | 153 | 149 | 27 |
| &nbsp;&nbsp;&nbsp; W7PW-V3X3, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 177 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; W7Q9-LQDD, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1130 | 1124 | 1128 |
| &nbsp;&nbsp;&nbsp; W7QD-SM71, 35.340%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 102 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; W7QH-OH87, 31.500%, 2/06/2026 †§x | Affirm | 2/26/2025 | 659 | 656 | 658 |
| &nbsp;&nbsp;&nbsp; W7QH-R3ML, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 160 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; W7QJ-2THP, 35.250%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 64 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; W7QO-FM12, 29.210%, 1/10/2023 †x#^ | Affirm | 1/18/2022 | 200 | 191 | 12 |
| &nbsp;&nbsp;&nbsp; W7R1-42RO, 29.380%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 9 | 9 | 10 |
| &nbsp;&nbsp;&nbsp; W7R6-TR1T, 35.983%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 211 | 212 | 13 |
| &nbsp;&nbsp;&nbsp; W7R8-AVZ0, 35.290%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 1125 | 1126 | 68 |
| &nbsp;&nbsp;&nbsp; W7RD-LJM5, 29.680%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 508 | 522 | 523 |
| &nbsp;&nbsp;&nbsp; W7RD-SE20, 24.400%, 9/24/2026 †§x | Affirm | 9/27/2024 | 330 | 340 | 340 |
| &nbsp;&nbsp;&nbsp; W7RG-AMBG, 35.700%, 5/28/2023 †x#^ | Affirm | 12/01/2022 | 79 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; W7RH-WEXW, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 295 | 303 | 305 |
| &nbsp;&nbsp;&nbsp; W7RN-JKI2, 14.501%, 12/24/2024 †x#^« | Affirm | 6/27/2024 | 71 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; W7RN-NEPW, 29.810%, 2/22/2023 †x#^ | Affirm | 2/25/2022 | 108 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; W7RP-1HQW, 29.410%, 2/29/2024 †x#^ | Affirm | 9/01/2023 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; W7RP-Y1QO, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; W7RU-NF2V, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 75 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; W7SD-VXGG, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 1269 | 1252 | 1247 |
| &nbsp;&nbsp;&nbsp; W7SE-3J7X, 11.850%, 11/15/2025 †§x | Affirm | 11/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; W7SK-QL1P, 29.490%, 5/23/2026 †x# | Affirm | 5/26/2023 | 1565 | 1570 | 94 |
| &nbsp;&nbsp;&nbsp; W7ST-WAUE, 35.400%, 10/24/2025 †x# | Affirm | 10/28/2024 | 160 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; W7TB-8R7X, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 126 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; W7TE-F8OF, 29.410%, 7/24/2024 †x#^ | Affirm | 5/30/2023 | 387 | 360 | 23 |
| &nbsp;&nbsp;&nbsp; W7TE-SLFG, 22.900%, 10/22/2027 †x | Affirm | 10/25/2024 | 3690 | 3772 | 3810 |
| &nbsp;&nbsp;&nbsp; W7TS-RLXU, 29.500%, 3/27/2023 †x#^ | Affirm | 9/30/2022 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; W7U4-NSUA, 22.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 66 | 67 | 67 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8045** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W7UD-95CR, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | $603 | $633 | $36 |
| &nbsp;&nbsp;&nbsp; W7UG-KANC, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W7UK-BM96, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; W7UK-YFFR, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; W7V5-MHCU, 24.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 215 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; W7V7-IYRY, 29.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1379 | 1433 | 1448 |
| &nbsp;&nbsp;&nbsp; W7VE-36K8, 29.450%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 788 | 816 | 47 |
| &nbsp;&nbsp;&nbsp; W7VF-IKVG, 29.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; W7VS-YDET, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 372 | 385 | 385 |
| &nbsp;&nbsp;&nbsp; W7WC-29AG, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 25 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; W7WC-4KAW, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; W7WE-BHRH, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 156 | 159 | 157 |
| &nbsp;&nbsp;&nbsp; W7WM-4AFT, 33.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 88 | 90 | 23 |
| &nbsp;&nbsp;&nbsp; W7WM-VNF3, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 88 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; W7WN-VV3V, 22.750%, 4/28/2026 †§x# | Affirm | 11/27/2024 | 153 | 156 | 155 |
| &nbsp;&nbsp;&nbsp; W7WQ-MV6L, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; W7X2-75LY, 29.720%, 1/27/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; W7X4-X1CO, 32.500%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 329 | 335 | 20 |
| &nbsp;&nbsp;&nbsp; W7X8-345U, 29.540%, 10/10/2025 †§x# | Affirm | 4/15/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W7XC-23HM, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 120 | 120 | 71 |
| &nbsp;&nbsp;&nbsp; W7XE-DBHU, 15.720%, 9/28/2026 †§x | Affirm | 3/31/2025 | 798 | 827 | 829 |
| &nbsp;&nbsp;&nbsp; W7XP-7YWA, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; W7XW-B9DI, 15.780%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 171 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; W7XZ-MN0O, 35.780%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; W7Y4-0DMJ, 29.500%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 264 | 281 | 16 |
| &nbsp;&nbsp;&nbsp; W7YH-8151, 32.500%, 7/03/2026 †§x | Affirm | 1/29/2025 | 550 | 559 | 555 |
| &nbsp;&nbsp;&nbsp; W7Z3-VCTF, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; W7ZH-MKDE, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W7ZL-DDD8, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 345 | 351 | 352 |
| &nbsp;&nbsp;&nbsp; W7ZU-88RM, 29.490%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 203 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; W7ZV-4TPO, 29.610%, 12/01/2024 †x#^ | Affirm | 12/05/2022 | 350 | 369 | 21 |
| &nbsp;&nbsp;&nbsp; W7ZX-Y2MB, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 260 | 267 | 269 |
| &nbsp;&nbsp;&nbsp; W808-LJDM, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | 222 | 229 | 228 |
| &nbsp;&nbsp;&nbsp; W80D-HO89, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 339 | 345 | 346 |
| &nbsp;&nbsp;&nbsp; W80H-DBLM, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; W80H-IUJH, 15.810%, 12/18/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; W80M-5NE9, 15.740%, 3/28/2026 †x# | Affirm | 4/01/2024 | 267 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; W80R-XWHV, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; W80V-9S9Z, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 140 | 140 | 139 |
| &nbsp;&nbsp;&nbsp; W80Z-8M7R, 33.000%, 4/24/2026 †§x# | Affirm | 10/28/2024 | 221 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; W816-PVER, 22.680%, 10/28/2025 †§x# | Affirm | 11/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; W81E-OCPK, 35.400%, 5/22/2026 †§x | Affirm | 5/28/2024 | 744 | 730 | 749 |
| &nbsp;&nbsp;&nbsp; W81K-TXKJ, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 174 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; W81O-JLQD, 29.810%, 2/27/2024 †x#^ | Affirm | 3/02/2023 | 234 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; W81Z-SG41, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 173 | 176 | 177 |
| &nbsp;&nbsp;&nbsp; W824-RFN3, 13.840%, 1/09/2026 †§x | Affirm | 1/12/2024 | 232 | 234 | 234 |
| &nbsp;&nbsp;&nbsp; W827-DITZ, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 826 | 856 | 865 |
| &nbsp;&nbsp;&nbsp; W82L-P0IJ, 35.160%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; W82S-BFYR, 35.470%, 9/07/2024 †x#^ | Affirm | 9/11/2023 | 452 | 450 | 27 |
| &nbsp;&nbsp;&nbsp; W82T-9ST6, 29.130%, 6/28/2023 †x#^ | Affirm | 1/03/2023 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; W82V-TZHU, 24.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; W82Y-MHPB, 33.500%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 92 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; W830-YU9B, 35.450%, 12/17/2025 †x# | Affirm | 6/21/2024 | 892 | 928 | 54 |
| &nbsp;&nbsp;&nbsp; W832-A9X5, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 371 | 381 | 381 |
| &nbsp;&nbsp;&nbsp; W838-0OJG, 33.050%, 9/28/2025 †§x | Affirm | 4/22/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; W83L-PKGW, 28.500%, 2/28/2024 †x#^ | Affirm | 9/01/2023 | 181 | 186 | 11 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8046** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W83W-KIPI, 35.440%, 7/13/2026 †§x | Affirm | 1/29/2025 | $173 | $171 | $173 |
| &nbsp;&nbsp;&nbsp; W840-2D79, 27.500%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 150 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; W841-VY5U, 11.920%, 2/10/2026 †x# | Affirm | 2/26/2025 | 480 | 477 | 80 |
| &nbsp;&nbsp;&nbsp; W845-UDOD, 26.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; W846-143G, 35.450%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 608 | 628 | 37 |
| &nbsp;&nbsp;&nbsp; W848-HE0G, 15.770%, 11/28/2025 †x# | Affirm | 12/04/2023 | 581 | 606 | 35 |
| &nbsp;&nbsp;&nbsp; W84D-7RB4, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; W84L-B5IO, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1059 | 1089 | 1096 |
| &nbsp;&nbsp;&nbsp; W84N-PIHZ, 29.480%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 1161 | 1174 | 70 |
| &nbsp;&nbsp;&nbsp; W85B-PLR9, 7.890%, 9/24/2025 †§x | Affirm | 9/27/2024 | 129 | 134 | 130 |
| &nbsp;&nbsp;&nbsp; W85G-5R0R, 33.050%, 4/02/2025 †x#^ | Affirm | 10/07/2024 | 327 | 337 | 20 |
| &nbsp;&nbsp;&nbsp; W85H-K4S4, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; W85I-LK4R, 35.530%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 344 | 348 | 346 |
| &nbsp;&nbsp;&nbsp; W85P-DVNV, 30.950%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; W85S-4OLB, 35.250%, 9/28/2025 †§x | Affirm | 3/31/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W85S-EGAO, 35.450%, 8/20/2025 †x#^ | Affirm | 8/23/2024 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; W85S-WTRX, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 339 | 342 | 342 |
| &nbsp;&nbsp;&nbsp; W85V-YAXN, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 123 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; W85X-H0X0, 11.840%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 1414 | 1527 | 85 |
| &nbsp;&nbsp;&nbsp; W867-JWN6, 26.900%, 8/07/2026 †§x# | Affirm | 8/29/2025 | 145 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; W86F-PAO4, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 57 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; W86I-699Y, 35.490%, 10/03/2025 †x# | Affirm | 10/07/2024 | 302 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; W86N-P1K0, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 310 | 315 | 316 |
| &nbsp;&nbsp;&nbsp; W878-8ZH2, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; W87E-RCLJ, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1306 | 1336 | 1342 |
| &nbsp;&nbsp;&nbsp; W87F-QLN2, 19.750%, 10/14/2025 †§x | Affirm | 10/20/2022 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W87R-T9TT, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 384 | 385 | 23 |
| &nbsp;&nbsp;&nbsp; W881-NXX6, 35.610%, 11/13/2025 †§x | Affirm | 11/27/2024 | 122 | 119 | 118 |
| &nbsp;&nbsp;&nbsp; W887-32ET, 29.500%, 6/20/2026 †§x | Affirm | 12/27/2024 | 858 | 876 | 870 |
| &nbsp;&nbsp;&nbsp; W889-9BLM, 15.890%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 1002 | 1028 | 1033 |
| &nbsp;&nbsp;&nbsp; W88D-XFMV, 29.060%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 88 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; W88J-9E49, 32.500%, 11/06/2025 †§x | Affirm | 5/09/2024 | 220 | 216 | 214 |
| &nbsp;&nbsp;&nbsp; W88Q-H3TF, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 202 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; W88S-V115, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 954 | 964 | 964 |
| &nbsp;&nbsp;&nbsp; W89B-AV8J, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; W89Q-F6T4, 18.000%, 6/19/2026 †§x | Affirm | 12/27/2024 | 177 | 181 | 182 |
| &nbsp;&nbsp;&nbsp; W89Q-Y31P, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; W89W-IZFN, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 419 | 427 | 428 |
| &nbsp;&nbsp;&nbsp; W8AJ-87RD, 19.700%, 5/05/2026 †§x | Affirm | 5/11/2023 | 153 | 156 | 154 |
| &nbsp;&nbsp;&nbsp; W8AK-6GBI, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; W8AM-S76Y, 35.988%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 99 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; W8AN-PENL, 35.500%, 10/23/2025 †§x | Affirm | 10/28/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W8AP-PGQU, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W8AX-YNZR, 29.700%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; W8BD-YXXK, 29.500%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; W8BS-8T22, 29.610%, 12/13/2023 †x#^ | Affirm | 12/16/2022 | 254 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; W8BW-O0S0, 35.540%, 12/28/2025 †§x | Affirm | 1/29/2025 | 43 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W8C0-N6SN, 27.500%, 7/28/2023 †x#^ | Affirm | 8/01/2022 | 1946 | 2046 | 117 |
| &nbsp;&nbsp;&nbsp; W8C3-VMKK, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 56 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; W8C4-YXKB, 35.580%, 2/28/2025 †x#^ | Affirm | 3/04/2024 | 186 | 168 | 11 |
| &nbsp;&nbsp;&nbsp; W8C9-Q4CK, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 690 | 707 | 713 |
| &nbsp;&nbsp;&nbsp; W8CA-OZ5P, 27.100%, 6/27/2023 †x#^ | Affirm | 12/30/2022 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; W8CF-W9JV, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; W8CG-YDVC, 18.000%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 643 | 664 | 374 |
| &nbsp;&nbsp;&nbsp; W8CG-YSVS, 29.040%, 6/07/2027 †x# | Affirm | 6/12/2023 | 1842 | 2047 | 111 |
| &nbsp;&nbsp;&nbsp; W8CJ-NF2O, 35.250%, 6/28/2025 †x#^ | Affirm | 3/31/2025 | 36 | 36 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8047** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W8CO-0ESO, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | $1452 | $1503 | $87 |
| &nbsp;&nbsp;&nbsp; W8CZ-S5Q4, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 262 | 263 | 262 |
| &nbsp;&nbsp;&nbsp; W8D0-U9FA, 29.500%, 11/11/2024 †x#^ | Affirm | 5/15/2023 | 175 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; W8DF-PE92, 35.510%, 10/18/2025 †§x | Affirm | 10/24/2024 | 15 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; W8DP-GRIE, 11.810%, 1/02/2026 †§x | Affirm | 1/05/2024 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; W8DQ-TQJ0, 22.860%, 2/07/2026 †§x | Affirm | 2/26/2025 | 221 | 224 | 225 |
| &nbsp;&nbsp;&nbsp; W8DT-YQAB, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; W8DU-SAOA, 29.550%, 2/05/2024 †x#^ | Affirm | 8/11/2022 | 176 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; W8DX-CWZG, 25.900%, 9/20/2025 †§x | Affirm | 9/26/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; W8E1-UZX9, 35.390%, 4/25/2026 †§x | Affirm | 10/31/2024 | 341 | 337 | 340 |
| &nbsp;&nbsp;&nbsp; W8E3-UDVK, 27.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; W8E3-ZOXR, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 147 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; W8E4-9ZMB, 29.650%, 9/26/2025 †§x | Affirm | 9/30/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; W8E4-QQPM, 32.500%, 8/19/2026 †x# | Affirm | 8/22/2024 | 584 | 579 | 35 |
| &nbsp;&nbsp;&nbsp; W8E9-0JPG, 35.320%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 82 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; W8EF-PMSQ, 29.630%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 564 | 557 | 34 |
| &nbsp;&nbsp;&nbsp; W8EP-I8LU, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; W8EQ-3OE7, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 142 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; W8ES-61FW, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; W8F7-T8RX, 35.600%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; W8F9-1P4N, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 145 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; W8FF-XISM, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; W8HE-AYGA, 35.720%, 1/03/2027 †§x | Affirm | 1/29/2025 | 575 | 570 | 579 |
| &nbsp;&nbsp;&nbsp; W8HH-8O6B, 29.560%, 9/05/2025 †§x | Affirm | 9/08/2023 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; W8HM-ZEAF, 35.340%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 228 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; W8HQ-8NFM, 24.520%, 3/03/2026 †§x | Affirm | 3/28/2025 | 169 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; W8I3-450P, 35.550%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; W8I4-141B, 29.620%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 50 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; W8IA-7CM9, 35.000%, 10/28/2025 †§x | Affirm | 10/31/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; W8IE-AKZH, 35.550%, 2/12/2027 †§x | Affirm | 2/26/2025 | 474 | 469 | 478 |
| &nbsp;&nbsp;&nbsp; W8IH-MFOD, 27.500%, 6/28/2027 †x# | Affirm | 7/03/2023 | 5174 | 5562 | 5492 |
| &nbsp;&nbsp;&nbsp; W8IM-FB1X, 35.470%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W8IP-WN8X, 35.290%, 3/28/2025 †x#^ | Affirm | 4/04/2024 | 183 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; W8IT-HHXD, 22.820%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 441 | 450 | 26 |
| &nbsp;&nbsp;&nbsp; W8IU-OQ2B, 22.640%, 2/08/2025 †x#^ | Affirm | 11/27/2024 | 15 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; W8IU-UEK3, 29.560%, 10/02/2025 †x# | Affirm | 10/05/2023 | 884 | 896 | 53 |
| &nbsp;&nbsp;&nbsp; W8IZ-FZKD, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W8J3-9TZC, 15.770%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 31 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; W8J9-2U6L, 33.476%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 886 | 882 | 53 |
| &nbsp;&nbsp;&nbsp; W8JF-R5WL, 35.310%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 66 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; W8JO-VRBN, 32.490%, 2/17/2024 †x#^ | Affirm | 2/24/2023 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; W8JU-8VMN, 29.850%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 275 | 285 | 16 |
| &nbsp;&nbsp;&nbsp; W8KQ-0LF0, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; W8KT-2YO3, 32.500%, 9/23/2026 †x# | Affirm | 9/26/2024 | 4206 | 4182 | 4227 |
| &nbsp;&nbsp;&nbsp; W8KX-RGAI, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; W8KZ-FTZK, 35.670%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; W8L9-AKGA, 29.620%, 12/09/2025 †§x | Affirm | 12/27/2024 | 201 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; W8LC-WQ0T, 33.500%, 2/03/2026 †§x | Affirm | 2/26/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; W8LG-79D9, 35.360%, 12/18/2025 †x# | Affirm | 6/21/2024 | 291 | 303 |  |
| &nbsp;&nbsp;&nbsp; W8M1-97FZ, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; W8M6-028D, 23.400%, 6/20/2026 †§x | Affirm | 12/27/2024 | 266 | 273 | 274 |
| &nbsp;&nbsp;&nbsp; W8M7-TDJO, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; W8MW-UP3H, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; W8N2-ERDV, 29.630%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; W8N4-SKAH, 15.790%, 9/16/2026 †x# | Affirm | 9/19/2024 | 525 | 551 | 31 |
| &nbsp;&nbsp;&nbsp; W8NA-OPBC, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 116 | 115 | 65 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8048** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W8NJ-YI23, 35.860%, 7/02/2026 †§x# | Affirm | 1/29/2025 | $167 | $169 | $168 |
| &nbsp;&nbsp;&nbsp; W8NU-J8WB, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 134 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; W8NV-K43U, 31.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 189 | 192 | 191 |
| &nbsp;&nbsp;&nbsp; W8NX-TBG7, 15.790%, 12/28/2025 †x# | Affirm | 1/29/2025 | 320 | 327 | 118 |
| &nbsp;&nbsp;&nbsp; W8NX-YX7X, 15.720%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; W8NZ-8525, 15.730%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 156 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; W8OE-BUPM, 29.710%, 3/03/2027 †§x# | Affirm | 3/28/2025 | 459 | 482 | 486 |
| &nbsp;&nbsp;&nbsp; W8OL-942I, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 92 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; W8OW-IMY9, 22.720%, 12/11/2025 †§x | Affirm | 12/27/2024 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W8P4-NYUF, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 203 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; W8PA-8C0T, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 880 | 910 | 917 |
| &nbsp;&nbsp;&nbsp; W8PD-782J, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 288 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; W8PJ-D72M, 26.700%, 7/02/2026 †§x | Affirm | 7/05/2024 | 2101 | 2147 | 2148 |
| &nbsp;&nbsp;&nbsp; W8PM-UXZE, 18.000%, 1/03/2028 †x | Affirm | 1/29/2025 | 3591 | 3700 | 3727 |
| &nbsp;&nbsp;&nbsp; W8PO-0UE0, 29.610%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; W8PT-7H9U, 25.200%, 2/16/2026 †§x | Affirm | 8/22/2024 | 168 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; W8QE-E4TW, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 240 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; W8QH-C27L, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; W8QP-HMLR, 29.590%, 1/03/2029 †§x# | Affirm | 1/29/2025 | 1569 | 1681 | 1694 |
| &nbsp;&nbsp;&nbsp; W8QQ-DFYN, 17.900%, 9/30/2022 †x#^ | Affirm | 4/04/2022 | 116 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; W8R8-HFFI, 29.000%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 108 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; W8RC-E4U5, 35.240%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 303 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; W8RD-X4EU, 15.690%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 99 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; W8RQ-1OID, 35.500%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; W8RQ-XJ37, 35.590%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 72 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; W8RS-LOEV, 29.590%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 679 | 693 | 41 |
| &nbsp;&nbsp;&nbsp; W8RX-RJGJ, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W8S6-Q4WN, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 844 | 867 | 872 |
| &nbsp;&nbsp;&nbsp; W8SC-K6AN, 29.680%, 11/12/2025 †§x | Affirm | 11/27/2024 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; W8SH-3TC5, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 96 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; W8SU-B3HJ, 27.500%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; W8SU-U2CF, 29.000%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 431 | 460 | 26 |
| &nbsp;&nbsp;&nbsp; W8T1-1NH3, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; W8T1-ZHPU, 30.000%, 5/21/2024 †x#^ | Affirm | 2/26/2024 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; W8T8-09YQ, 35.820%, 12/16/2025 †x# | Affirm | 12/27/2024 | 142 | 141 | 4 |
| &nbsp;&nbsp;&nbsp; W8TC-OZM2, 24.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 195 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; W8TH-SBZ4, 29.420%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 76 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; W8TP-0ESQ, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 475 | 483 | 288 |
| &nbsp;&nbsp;&nbsp; W8U5-8QEF, 29.820%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 210 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; W8UJ-AKMZ, 29.610%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; W8UJ-SADW, 29.610%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 276 | 280 | 17 |
| &nbsp;&nbsp;&nbsp; W8UN-67CP, 35.380%, 8/06/2026 †§x | Affirm | 8/29/2025 | 134 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; W8UU-MNCT, 35.460%, 12/28/2025 †x# | Affirm | 1/29/2025 | 124 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; W8UW-DGSX, 35.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; W8V1-69EA, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; W8VO-IY1M, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; W8VV-YSZT, 24.950%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 123 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; W8W9-A7AQ, 29.460%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 277 | 287 | 17 |
| &nbsp;&nbsp;&nbsp; W8WH-H1A9, 15.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 77 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; W8WJ-U2UY, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 645 | 663 | 666 |
| &nbsp;&nbsp;&nbsp; W8X0-5FBM, 20.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 124 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; W8X1-MNGC, 35.360%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; W8X6-IGJB, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 426 | 440 | 444 |
| &nbsp;&nbsp;&nbsp; W8XC-Q70Q, 35.330%, 12/28/2025 †x# | Affirm | 1/05/2024 | 349 | 351 | 21 |
| &nbsp;&nbsp;&nbsp; W8XD-AEZR, 35.440%, 10/17/2025 †§x | Affirm | 4/22/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W8XK-LRQZ, 33.950%, 11/06/2025 †§x | Affirm | 8/29/2025 | 141 | 142 | 142 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8049** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W8XN-HHKD, 35.390%, 9/29/2023 †x#^ | Affirm | 7/03/2023 | $175 | $174 | $11 |
| &nbsp;&nbsp;&nbsp; W8XP-PGIO, 29.560%, 6/18/2026 †§x | Affirm | 6/21/2024 | 283 | 281 | 285 |
| &nbsp;&nbsp;&nbsp; W8XX-TPNG, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; W8XZ-MA6I, 29.450%, 5/17/2023 †x#^ | Affirm | 5/23/2022 | 487 | 505 | 29 |
| &nbsp;&nbsp;&nbsp; W8Y6-1TP0, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 581 | 592 | 35 |
| &nbsp;&nbsp;&nbsp; W8Y8-GZ9K, 35.290%, 3/07/2024 †x#^ | Affirm | 3/10/2023 | 122 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; W8YB-6VPL, 29.390%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 101 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; W8YB-NTNF, 29.580%, 11/15/2025 †x# | Affirm | 11/27/2024 | 28 | 30 |  |
| &nbsp;&nbsp;&nbsp; W8YG-ILLB, 35.620%, 8/07/2026 †§x | Affirm | 2/26/2025 | 274 | 281 | 282 |
| &nbsp;&nbsp;&nbsp; W8YJ-5CTK, 35.610%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; W8YO-9ZI3, 35.450%, 3/26/2026 †§x | Affirm | 9/30/2024 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; W8YO-TF6N, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 103 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; W8YU-S3WS, 35.430%, 12/18/2025 †§x | Affirm | 12/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; W8ZN-UHH7, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 408 | 416 | 231 |
| &nbsp;&nbsp;&nbsp; W902-6ZTJ, 33.070%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 78 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; W903-TENC, 27.950%, 1/03/2025 †x#^ | Affirm | 1/08/2024 | 307 | 316 | 18 |
| &nbsp;&nbsp;&nbsp; W904-B6U9, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 112 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; W905-A0GR, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; W906-PZQG, 35.360%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; W90E-HGTN, 28.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; W90F-K9R4, 35.250%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; W90N-01Y8, 28.850%, 11/24/2023 †x#^ | Affirm | 5/30/2023 | 91 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; W90Z-0NMS, 29.480%, 10/03/2025 †§x# | Affirm | 4/08/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; W912-6EYZ, 35.380%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 616 | 578 | 37 |
| &nbsp;&nbsp;&nbsp; W91M-NB99, 18.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; W91O-MAYI, 22.810%, 8/07/2026 †§x | Affirm | 2/26/2025 | 522 | 516 | 520 |
| &nbsp;&nbsp;&nbsp; W91P-FZJ7, 24.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 156 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; W924-4ZMA, 29.740%, 1/06/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; W92L-K7RT, 29.600%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 49 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; W92W-322M, 35.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 157 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; W930-QZOO, 29.570%, 8/16/2025 †§x#^ | Affirm | 8/22/2024 | 10 | 11 | 10 |
| &nbsp;&nbsp;&nbsp; W932-GCYQ, 15.640%, 11/04/2023 †x#^ | Affirm | 8/10/2023 | 385 | 387 | 23 |
| &nbsp;&nbsp;&nbsp; W932-NLA3, 35.380%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 117 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; W93E-GDKC, 11.860%, 6/09/2022 †x#^ | Affirm | 12/13/2021 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; W93I-6TDC, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 78 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; W93Q-3279, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 75 | 72 | 74 |
| &nbsp;&nbsp;&nbsp; W945-S31T, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 224 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; W949-Q284, 25.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W94M-3H5M, 7.870%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 135 | 140 | 34 |
| &nbsp;&nbsp;&nbsp; W94N-V1NW, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 102 | 102 | 100 |
| &nbsp;&nbsp;&nbsp; W94W-8JYE, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 164 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; W94Z-MT2D, 28.000%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 3641 | 3715 | 218 |
| &nbsp;&nbsp;&nbsp; W94Z-U05C, 11.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; W95E-9UQB, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 760 | 773 | 775 |
| &nbsp;&nbsp;&nbsp; W95F-89O4, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; W95I-3JPW, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; W95N-XSAN, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 73 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; W961-TN7S, 22.860%, 2/05/2026 †§x | Affirm | 2/26/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; W964-HY68, 26.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; W967-FGFK, 29.530%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 171 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; W96C-LZQ8, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 345 | 354 | 356 |
| &nbsp;&nbsp;&nbsp; W96D-16O9, 35.280%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 67 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; W96E-VBTP, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 209 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; W96K-LMMO, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; W96N-L7N2, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 232 | 230 |  |
| &nbsp;&nbsp;&nbsp; W96U-6O5K, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8050** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W974-YFFD, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | $90 | $92 | $5 |
| &nbsp;&nbsp;&nbsp; W978-3DZG, 11.790%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 75 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; W978-5EYG, 33.950%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 225 | 231 | 228 |
| &nbsp;&nbsp;&nbsp; W979-70LL, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; W97N-5SCR, 35.280%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 330 | 323 | 20 |
| &nbsp;&nbsp;&nbsp; W981-8GF3, 35.977%, 3/01/2025 †x#^ | Affirm | 3/07/2024 | 70 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; W98E-ZTXB, 35.540%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; W996-57BL, 7.180%, 9/04/2025 †§x« | Affirm | 3/28/2025 | 273 | 265 | 272 |
| &nbsp;&nbsp;&nbsp; W99J-51JS, 11.940%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; W99M-48N3, 29.830%, 4/03/2023 †x#^ | Affirm | 1/06/2023 | 50 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; W99M-I0ZP, 29.670%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 68 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; W99O-QQII, 15.690%, 3/20/2026 †x# | Affirm | 3/28/2025 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; W99W-FHXV, 35.260%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 866 | 866 | 866 |
| &nbsp;&nbsp;&nbsp; W9AK-7O05, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 133 | 136 | 79 |
| &nbsp;&nbsp;&nbsp; W9AM-F3PH, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; W9AN-YV1W, 29.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; W9BC-EQ7V, 15.790%, 3/16/2026 †§x | Affirm | 9/19/2024 | 131 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; W9BD-27JI, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; W9BH-X6CU, 25.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; W9BJ-714T, 31.500%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 315 | 316 | 19 |
| &nbsp;&nbsp;&nbsp; W9BW-RQDO, 29.630%, 12/28/2025 †§x | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W9C2-WBZH, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 155 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; W9C6-1Y42, 35.670%, 3/03/2026 †§x | Affirm | 3/28/2025 | 87 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; W9C9-EWFL, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 696 | 708 | 710 |
| &nbsp;&nbsp;&nbsp; W9CB-MZZG, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 176 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; W9CD-SN4U, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 123 | 120 | 9 |
| &nbsp;&nbsp;&nbsp; W9CR-0PVI, 35.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 132 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; W9CU-0WEC, 35.520%, 12/10/2025 †x# | Affirm | 12/27/2024 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; W9CY-RY6C, 29.520%, 4/11/2025 †x#^ | Affirm | 4/15/2024 | 269 | 283 | 16 |
| &nbsp;&nbsp;&nbsp; W9D0-X7A2, 35.990%, 2/03/2026 †§x | Affirm | 2/26/2025 | 622 | 632 | 633 |
| &nbsp;&nbsp;&nbsp; W9D3-JY5T, 33.950%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 207 | 209 | 104 |
| &nbsp;&nbsp;&nbsp; W9DA-KZLC, 15.790%, 12/12/2025 †§x | Affirm | 12/27/2024 | 324 | 327 | 328 |
| &nbsp;&nbsp;&nbsp; W9DC-Y9HC, 25.200%, 11/06/2025 †§x# | Affirm | 5/09/2024 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; W9DF-A913, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 189 | 194 | 196 |
| &nbsp;&nbsp;&nbsp; W9DS-TIPE, 31.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 291 | 302 | 304 |
| &nbsp;&nbsp;&nbsp; W9DW-Y2VD, 22.790%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; W9E8-TSTD, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 54 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; W9EC-9GFG, 29.410%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 143 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; W9ED-N5YI, 35.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | 179 | 176 | 178 |
| &nbsp;&nbsp;&nbsp; W9EF-3YKT, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 54 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; W9EM-7J0S, 30.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; W9EM-HZ5Y, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 474 | 480 | 482 |
| &nbsp;&nbsp;&nbsp; W9EX-D0UB, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 69 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; W9F5-IF3D, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 175 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; W9F7-IZOR, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; W9FD-JG4G, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 215 | 217 | 219 |
| &nbsp;&nbsp;&nbsp; W9FD-NFSN, 26.112%, 2/28/2023 †x#^« | Affirm | 12/01/2022 | 94 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; W9FK-74AG, 11.880%, 1/06/2026 †x# | Affirm | 1/29/2025 | 101 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; W9FN-2VUP, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; W9FP-ZDCM, 25.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; W9G5-Y4ZZ, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 217 | 216 | 218 |
| &nbsp;&nbsp;&nbsp; W9GC-0X8O, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; W9GR-OWW7, 13.840%, 3/28/2026 †§x# | Affirm | 4/01/2024 | 659 | 668 | 671 |
| &nbsp;&nbsp;&nbsp; W9GY-QWBZ, 29.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 131 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; W9H4-AKON, 35.660%, 1/06/2026 †x# | Affirm | 1/29/2025 | 68 | 68 | 16 |
| &nbsp;&nbsp;&nbsp; W9H7-JKAV, 29.380%, 11/06/2025 †§x | Affirm | 8/29/2025 | 141 | 142 | 142 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8051** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W9HM-8R12, 27.100%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | $15 | $15 | $1 |
| &nbsp;&nbsp;&nbsp; W9HO-VQ3S, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; W9HP-SPB7, 6.591%, 10/08/2025 †§x« | Affirm | 4/11/2024 | 168 | 153 | 166 |
| &nbsp;&nbsp;&nbsp; W9I2-BT75, 29.610%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 33 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; W9I5-9B2U, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; W9IF-DF94, 29.820%, 7/03/2026 †§x | Affirm | 1/29/2025 | 273 | 279 | 280 |
| &nbsp;&nbsp;&nbsp; W9IM-XMCT, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; W9IX-7WVI, 15.840%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; W9IX-LW37, 23.031%, 8/10/2025 †x#^« | Affirm | 2/26/2025 | 651 | 593 | 39 |
| &nbsp;&nbsp;&nbsp; W9IY-2VW4, 35.250%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 83 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; W9J7-V77E, 29.400%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 186 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; W9JC-6FR1, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 190 | 196 | 198 |
| &nbsp;&nbsp;&nbsp; W9JF-49Q5, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; W9JF-WQC7, 35.360%, 12/17/2025 †x# | Affirm | 6/21/2024 | 396 | 412 | 24 |
| &nbsp;&nbsp;&nbsp; W9JK-2K43, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; W9JN-2U2C, 23.400%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 137 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; W9JS-6WZY, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; W9JV-9U4R, 32.940%, 3/25/2027 †§x# | Affirm | 3/31/2025 | 588 | 585 | 597 |
| &nbsp;&nbsp;&nbsp; W9K1-PNTB, 29.450%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; W9K8-Q6F3, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 222 | 225 | 226 |
| &nbsp;&nbsp;&nbsp; W9K9-G3QJ, 29.800%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 92 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; W9K9-P62E, 28.000%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 167 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; W9KB-1T5B, 29.700%, 7/05/2022 †x#^ | Affirm | 4/08/2022 | 133 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; W9KE-UE7L, 35.770%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 848 | 841 | 841 |
| &nbsp;&nbsp;&nbsp; W9KF-19YL, 24.400%, 8/21/2027 †§x | Affirm | 8/26/2024 | 1063 | 1078 | 1082 |
| &nbsp;&nbsp;&nbsp; W9KH-AZ9M, 35.290%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 373 | 365 | 22 |
| &nbsp;&nbsp;&nbsp; W9KI-0LWD, 15.770%, 4/18/2026 †§x | Affirm | 10/24/2024 | 458 | 466 | 467 |
| &nbsp;&nbsp;&nbsp; W9KJ-GQHU, 22.750%, 11/20/2027 †§x | Affirm | 11/27/2024 | 1125 | 1162 | 1170 |
| &nbsp;&nbsp;&nbsp; W9KS-MZWK, 32.950%, 5/24/2026 †§x | Affirm | 5/31/2024 | 411 | 414 | 423 |
| &nbsp;&nbsp;&nbsp; W9KZ-I34E, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 506 | 520 | 523 |
| &nbsp;&nbsp;&nbsp; W9L2-376T, 32.000%, 2/27/2026 †§x | Affirm | 8/30/2024 | 440 | 450 | 449 |
| &nbsp;&nbsp;&nbsp; W9L2-LJRY, 35.540%, 12/09/2025 †§x | Affirm | 12/27/2024 | 158 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; W9L4-46VG, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 947 | 895 | 57 |
| &nbsp;&nbsp;&nbsp; W9LH-1JKH, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 71 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; W9LU-CQ3F, 35.260%, 9/28/2025 †§x | Affirm | 3/31/2025 | 68 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; W9M3-SIHB, 29.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 239 | 249 | 251 |
| &nbsp;&nbsp;&nbsp; W9M5-XXG7, 28.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 201 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; W9M8-IIHW, 29.620%, 8/07/2025 †x#^ | Affirm | 8/10/2023 | 225 | 228 | 14 |
| &nbsp;&nbsp;&nbsp; W9MJ-2N3P, 26.500%, 10/07/2026 †§x | Affirm | 10/14/2022 | 859 | 889 | 835 |
| &nbsp;&nbsp;&nbsp; W9ML-7D0Y, 29.700%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; W9MQ-JYX8, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; W9MW-00ME, 25.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 97 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; W9MW-UE9G, 15.750%, 4/24/2023 †x#^ | Affirm | 10/28/2022 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; W9MX-TNZM, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 167 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; W9N3-UMP2, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 273 | 276 | 274 |
| &nbsp;&nbsp;&nbsp; W9NA-RUQ2, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 311 | 318 | 319 |
| &nbsp;&nbsp;&nbsp; W9OB-2E8R, 29.190%, 10/08/2025 †§x | Affirm | 7/31/2025 | 69 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; W9OD-EGFZ, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 339 | 343 | 342 |
| &nbsp;&nbsp;&nbsp; W9OE-GGZG, 35.230%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; W9OJ-UKEB, 29.620%, 3/20/2024 †x#^ | Affirm | 9/23/2022 | 269 | 282 | 16 |
| &nbsp;&nbsp;&nbsp; W9OK-UZHW, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; W9ON-RPH0, 13.840%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 194 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; W9OS-1QFD, 18.000%, 9/17/2025 †§x | Affirm | 9/20/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; W9OX-TLPE, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; W9P1-93HF, 34.970%, 10/08/2025 †§x | Affirm | 7/31/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; W9P2-95AF, 33.050%, 12/17/2025 †§x | Affirm | 6/21/2024 | 445 | 451 | 451 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8052** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W9P4-2KLZ, 29.460%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | $222 | $230 | $13 |
| &nbsp;&nbsp;&nbsp; W9PK-EWAU, 29.180%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 214 | 211 | 13 |
| &nbsp;&nbsp;&nbsp; W9PP-X8IO, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 26 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; W9PT-GS42, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 687 | 697 | 693 |
| &nbsp;&nbsp;&nbsp; W9PU-BW65, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; W9PZ-381U, 33.000%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1410 | 1398 | 1424 |
| &nbsp;&nbsp;&nbsp; W9Q3-7WD4, 29.590%, 10/22/2026 †§x# | Affirm | 10/25/2024 | 1076 | 1063 | 1081 |
| &nbsp;&nbsp;&nbsp; W9Q7-0F63, 28.950%, 11/22/2024 †x#^ | Affirm | 5/25/2023 | 185 | 195 | 11 |
| &nbsp;&nbsp;&nbsp; W9Q9-1AMJ, 35.280%, 9/28/2026 †§x | Affirm | 3/31/2025 | 234 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; W9QK-CWW5, 15.790%, 3/23/2026 †§x | Affirm | 9/26/2024 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; W9QK-IVYX, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 521 | 515 | 31 |
| &nbsp;&nbsp;&nbsp; W9QY-9N1W, 15.830%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 35 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; W9QZ-YWH4, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 204 | 207 | 207 |
| &nbsp;&nbsp;&nbsp; W9RG-PW06, 13.840%, 2/12/2027 †x | Affirm | 2/26/2025 | 2223 | 2326 | 2347 |
| &nbsp;&nbsp;&nbsp; W9RH-5XB2, 35.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 122 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; W9RJ-0U8B, 29.620%, 2/20/2026 †§x# | Affirm | 2/23/2024 | 447 | 453 | 453 |
| &nbsp;&nbsp;&nbsp; W9RR-9P6P, 29.440%, 11/25/2024 †x#^ | Affirm | 5/30/2023 | 253 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; W9RY-BNM4, 35.200%, 2/06/2026 †§x | Affirm | 8/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; W9SZ-YC2M, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; W9T2-VC96, 29.200%, 2/11/2027 †§x | Affirm | 2/26/2025 | 1025 | 1016 | 1034 |
| &nbsp;&nbsp;&nbsp; W9TB-W3B4, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; W9TY-G5MA, 35.900%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 317 | 324 | 11 |
| &nbsp;&nbsp;&nbsp; W9U3-OHAV, 33.950%, 3/16/2026 †§x | Affirm | 9/19/2024 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; W9UE-8XBT, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 240 | 243 | 242 |
| &nbsp;&nbsp;&nbsp; W9UF-3WH6, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 134 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; W9UT-I13N, 24.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 254 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; W9V0-TAG8, 25.900%, 10/28/2025 †§x | Affirm | 10/31/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; W9V1-9BJZ, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 95 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; W9V7-OXYE, 29.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; W9V8-ZCKD, 29.070%, 9/27/2025 †§x | Affirm | 10/02/2023 | 160 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; W9VA-HVVL, 29.620%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 72 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; W9VE-8SDY, 11.860%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 18 | 18 | 17 |
| &nbsp;&nbsp;&nbsp; W9VN-46BA, 35.330%, 12/04/2025 †§x | Affirm | 12/07/2023 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; W9VS-GARO, 23.000%, 2/03/2026 †x# | Affirm | 2/26/2025 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; W9W4-MBXP, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; W9W6-0OWI, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 427 | 437 | 441 |
| &nbsp;&nbsp;&nbsp; W9WC-ZB7K, 29.490%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 221 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; W9WD-63VU, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 179 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; W9WH-MJLW, 35.270%, 1/28/2025 †x#^ | Affirm | 8/03/2023 | 267 | 277 | 16 |
| &nbsp;&nbsp;&nbsp; W9WJ-TALX, 28.000%, 9/16/2024 †x#^ | Affirm | 9/22/2022 | 659 | 711 | 40 |
| &nbsp;&nbsp;&nbsp; W9WL-KHW8, 29.570%, 4/19/2024 †x#^ | Affirm | 10/27/2022 | 235 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; W9WM-1NWB, 35.610%, 1/06/2026 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; W9X2-79BZ, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; W9X9-SJDP, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 185 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; W9XA-WL28, 29.570%, 8/19/2027 †x | Affirm | 8/22/2024 | 2632 | 2449 | 2464 |
| &nbsp;&nbsp;&nbsp; W9XL-L6VX, 35.570%, 9/16/2025 †§x | Affirm | 9/19/2024 | 46 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; W9XR-S1YT, 23.400%, 1/08/2027 †§x | Affirm | 7/31/2025 | 127 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; W9XT-2MGZ, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; W9Y3-0IBZ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; W9Y8-TG84, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; W9YG-71NY, 35.330%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 130 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; W9YK-J85I, 11.730%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; W9YS-OP5F, 22.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 106 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; W9YU-FKJR, 27.950%, 3/24/2026 †§x | Affirm | 9/27/2024 | 221 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; W9Z8-BCN0, 29.650%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 369 | 392 | 22 |
| &nbsp;&nbsp;&nbsp; W9ZF-J0Z9, 29.430%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 609 | 631 | 37 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8053** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; W9ZI-3KCI, 35.360%, 8/23/2024 †x#^ | Affirm | 8/28/2023 | $105 | $104 | $6 |
| &nbsp;&nbsp;&nbsp; W9ZX-T2QA, 29.350%, 11/23/2024 †x#^ | Affirm | 5/28/2024 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; WA0G-FOEZ, 15.790%, 9/23/2027 †§x | Affirm | 9/26/2024 | 2152 | 2127 | 2154 |
| &nbsp;&nbsp;&nbsp; WA0G-FU07, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WA0M-20JE, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WA0P-M9EV, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 227 | 233 | 235 |
| &nbsp;&nbsp;&nbsp; WA0R-OFJ1, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WA0R-RMA5, 23.400%, 2/05/2027 †§x | Affirm | 8/29/2025 | 683 | 712 | 712 |
| &nbsp;&nbsp;&nbsp; WA0S-6WDA, 33.500%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 1482 | 1511 | 1538 |
| &nbsp;&nbsp;&nbsp; WA0T-DNXO, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; WA0V-4S4T, 32.500%, 8/12/2026 †x | Affirm | 2/26/2025 | 4354 | 4469 | 4493 |
| &nbsp;&nbsp;&nbsp; WA1D-XJN4, 27.500%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 104 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; WA1L-P2UJ, 30.000%, 8/15/2023 †x#^ | Affirm | 2/21/2023 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; WA1O-I8EL, 29.500%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | 106 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; WA1X-MUTT, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 154 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; WA1Z-D8YO, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 353 | 359 | 357 |
| &nbsp;&nbsp;&nbsp; WA26-631L, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WA27-NI2N, 35.460%, 9/28/2025 †x# | Affirm | 10/05/2023 | 682 | 645 | 41 |
| &nbsp;&nbsp;&nbsp; WA2D-49M6, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 138 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; WA2E-2DDL, 28.990%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 90 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; WA2E-MKU8, 29.000%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 271 | 268 | 16 |
| &nbsp;&nbsp;&nbsp; WA2S-VKAW, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WA2T-6W85, 35.460%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 195 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; WA2U-LVSN, 14.810%, 3/23/2026 †x# | Affirm | 9/26/2024 | 808 | 761 | 49 |
| &nbsp;&nbsp;&nbsp; WA2Y-08M0, 29.620%, 1/02/2026 †§x | Affirm | 1/29/2025 | 411 | 418 | 419 |
| &nbsp;&nbsp;&nbsp; WA31-NRN3, 35.580%, 9/24/2025 †x# | Affirm | 9/27/2024 | 334 | 348 | 20 |
| &nbsp;&nbsp;&nbsp; WA31-YRYW, 28.000%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 206 | 217 | 12 |
| &nbsp;&nbsp;&nbsp; WA3M-D3TQ, 29.930%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 87 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WA3O-HJ2T, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WA41-JXZ3, 29.690%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; WA4C-LATC, 35.480%, 9/01/2024 †x#^ | Affirm | 9/08/2023 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; WA4D-24S6, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WA52-LXD0, 35.450%, 3/07/2025 †x#^ | Affirm | 9/11/2023 | 1570 | 1560 | 94 |
| &nbsp;&nbsp;&nbsp; WA5G-CU9B, 29.570%, 6/21/2027 †§x# | Affirm | 6/27/2024 | 648 | 656 | 659 |
| &nbsp;&nbsp;&nbsp; WA5U-VVLZ, 35.950%, 9/10/2025 †x# | Affirm | 2/26/2025 | 338 | 338 | 120 |
| &nbsp;&nbsp;&nbsp; WA5Y-ZV40, 16.000%, 8/27/2023 †x#^ | Affirm | 3/02/2023 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp; WA62-5ETZ, 35.850%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 67 | 68 | 10 |
| &nbsp;&nbsp;&nbsp; WA6C-8ZAK, 35.380%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 59 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; WA6C-KB2D, 33.950%, 9/02/2025 †§x | Affirm | 6/27/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WA6F-COFD, 34.000%, 4/23/2026 †x# | Affirm | 10/28/2024 | 537 | 528 | 32 |
| &nbsp;&nbsp;&nbsp; WA6F-SSUX, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 177 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; WA6O-LHYP, 29.710%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; WA6Q-G5DV, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 103 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; WA6Z-BRHE, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 245 | 249 | 249 |
| &nbsp;&nbsp;&nbsp; WA70-F9EU, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 159 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; WA7A-Y7FC, 29.390%, 2/06/2026 †§x | Affirm | 8/29/2025 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WA7E-W6G1, 26.900%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; WA7F-E63F, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 30 | 31 | 30 |
| &nbsp;&nbsp;&nbsp; WA7G-GSXW, 33.050%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 94 | 97 | 95 |
| &nbsp;&nbsp;&nbsp; WA7G-WQ4T, 31.500%, 12/21/2025 †§x | Affirm | 6/27/2024 | 149 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; WA7H-WXUL, 9.870%, 1/02/2028 †x | Affirm | 1/29/2025 | 2483 | 2556 | 2575 |
| &nbsp;&nbsp;&nbsp; WA7I-ON5X, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 194 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; WA7L-WWGV, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WA7M-VO83, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; WA83-CX04, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 294 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; WA87-GTSE, 22.730%, 1/10/2027 †§x | Affirm | 1/29/2025 | 1442 | 1488 | 1506 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8054** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WA87-IZU1, 35.270%, 3/20/2026 †§x | Affirm | 3/28/2025 | $102 | $102 | $102 |
| &nbsp;&nbsp;&nbsp; WA8W-QWRF, 29.600%, 12/20/2026 †§x | Affirm | 12/27/2024 | 692 | 719 | 723 |
| &nbsp;&nbsp;&nbsp; WA8Y-973Q, 22.750%, 7/03/2026 †x# | Affirm | 7/07/2023 | 4327 | 4382 | 2614 |
| &nbsp;&nbsp;&nbsp; WA8Z-3R6K, 22.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 2239 | 2292 | 2305 |
| &nbsp;&nbsp;&nbsp; WA93-YKRA, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WA95-PR5P, 35.950%, 9/03/2025 †x | Affirm | 3/28/2025 | 124 | 116 | 121 |
| &nbsp;&nbsp;&nbsp; WA98-8MYM, 29.620%, 3/20/2026 †§x | Affirm | 9/26/2024 | 182 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; WA9I-TRWT, 35.480%, 8/06/2024 †x#^ | Affirm | 9/11/2023 | 862 | 830 | 52 |
| &nbsp;&nbsp;&nbsp; WA9R-3Y17, 33.950%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 14 | 14 |  |
| &nbsp;&nbsp;&nbsp; WA9V-B114, 29.610%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 296 | 311 | 18 |
| &nbsp;&nbsp;&nbsp; WAA1-JUNM, 29.620%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 361 | 378 | 22 |
| &nbsp;&nbsp;&nbsp; WAA3-O86E, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 134 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; WAAK-WI9U, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WAAT-2F0E, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WAAV-0AAG, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 250 | 255 | 256 |
| &nbsp;&nbsp;&nbsp; WAAW-VOBL, 27.500%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 437 | 458 | 26 |
| &nbsp;&nbsp;&nbsp; WACE-BDBH, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WACJ-KL15, 28.000%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 231 | 247 | 14 |
| &nbsp;&nbsp;&nbsp; WACK-MZQ2, 35.990%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 262 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; WACV-CXF6, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; WACX-L6GE, 26.200%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 291 | 271 | 17 |
| &nbsp;&nbsp;&nbsp; WACZ-P855, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 594 | 616 | 624 |
| &nbsp;&nbsp;&nbsp; WAD1-RH5H, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 553 | 551 | 553 |
| &nbsp;&nbsp;&nbsp; WADF-FLFK, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; WADH-BUQ8, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 264 | 266 | 266 |
| &nbsp;&nbsp;&nbsp; WADM-4DFK, 18.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WADR-X12B, 32.000%, 12/28/2026 †§x# | Affirm | 1/05/2024 | 1122 | 1140 | 1158 |
| &nbsp;&nbsp;&nbsp; WADY-W6FE, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WAE0-HR5A, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 246 | 250 | 249 |
| &nbsp;&nbsp;&nbsp; WAE0-HXQ1, 29.670%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 150 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; WAE3-NU19, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 565 | 589 | 587 |
| &nbsp;&nbsp;&nbsp; WAE7-8JKH, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 235 | 237 | 237 |
| &nbsp;&nbsp;&nbsp; WAE8-CR99, 11.790%, 7/08/2026 †§x | Affirm | 7/31/2025 | 482 | 497 | 499 |
| &nbsp;&nbsp;&nbsp; WAEH-7FLX, 24.400%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 168 | 170 | 93 |
| &nbsp;&nbsp;&nbsp; WAEN-2X3Y, 35.490%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WAEO-ELZD, 28.000%, 10/24/2024 †x#^ | Affirm | 10/27/2022 | 382 | 412 | 23 |
| &nbsp;&nbsp;&nbsp; WAES-CDM4, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 152 | 149 | 148 |
| &nbsp;&nbsp;&nbsp; WAF1-3XXC, 28.500%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 2283 | 2235 | 137 |
| &nbsp;&nbsp;&nbsp; WAF1-IA75, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WAF6-0L78, 33.950%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; WAFC-EW6Q, 27.500%, 3/19/2023 †x#^ | Affirm | 9/22/2022 | 407 | 417 | 24 |
| &nbsp;&nbsp;&nbsp; WAFI-9YYV, 30.000%, 1/08/2025 †x#^ | Affirm | 5/11/2023 | 313 | 315 | 19 |
| &nbsp;&nbsp;&nbsp; WAFL-04OK, 29.420%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 183 | 189 | 193 |
| &nbsp;&nbsp;&nbsp; WAFP-9MXE, 33.020%, 1/08/2026 †x# | Affirm | 1/11/2024 | 304 | 306 | 18 |
| &nbsp;&nbsp;&nbsp; WAFU-16OZ, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 64 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; WAG2-TYRE, 30.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; WAGD-9ZP2, 35.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WAGG-Q27E, 29.890%, 2/01/2024 †x#^ | Affirm | 2/06/2023 | 88 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; WAGL-0G1G, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WAGL-JRLT, 18.000%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 186 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; WAGP-D8TE, 29.610%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 93 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; WAGT-61KU, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 130 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; WAGV-JYLH, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WAGX-CE32, 33.170%, 1/06/2026 †§x | Affirm | 1/29/2025 | 61 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WAGY-8VF5, 23.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 949 | 970 | 970 |
| &nbsp;&nbsp;&nbsp; WAGY-RVBY, 35.250%, 9/11/2024 †x#^ | Affirm | 3/14/2024 | 34 | 34 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8055** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WAH8-HZOY, 29.410%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | $95 | $94 | $6 |
| &nbsp;&nbsp;&nbsp; WAHK-QQGF, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WAHN-560G, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 148 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; WAHO-Q611, 35.740%, 2/05/2026 †x# | Affirm | 2/26/2025 | 84 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; WAHY-AZUC, 22.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 465 | 479 | 28 |
| &nbsp;&nbsp;&nbsp; WAI1-RAM4, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 530 | 556 | 32 |
| &nbsp;&nbsp;&nbsp; WAI2-BM46, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; WAIH-8KH2, 25.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WAIK-3WBM, 32.940%, 1/08/2027 †§x# | Affirm | 7/31/2025 | 242 | 236 | 121 |
| &nbsp;&nbsp;&nbsp; WAIN-J9QR, 33.050%, 10/02/2025 †§x | Affirm | 10/07/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WAIP-DR5I, 29.790%, 12/06/2023 †x#^ | Affirm | 12/09/2021 | 282 | 304 | 17 |
| &nbsp;&nbsp;&nbsp; WAIP-XOSZ, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 115 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WAIR-0AXI, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 262 | 273 | 272 |
| &nbsp;&nbsp;&nbsp; WAJ5-TJ88, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 61 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; WAJF-Y7HM, 33.050%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; WAJJ-E3KU, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 323 | 327 | 328 |
| &nbsp;&nbsp;&nbsp; WAJP-35UI, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; WAJS-9VBW, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 455 | 459 | 456 |
| &nbsp;&nbsp;&nbsp; WAJY-71K4, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 602 | 614 | 616 |
| &nbsp;&nbsp;&nbsp; WAJZ-DYYA, 33.050%, 6/19/2026 †§x | Affirm | 12/27/2024 | 267 | 276 | 274 |
| &nbsp;&nbsp;&nbsp; WAK0-M19I, 35.620%, 11/12/2025 †§x | Affirm | 11/27/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WAK1-N1CF, 35.460%, 6/01/2025 †x#^ | Affirm | 12/07/2023 | 228 | 228 | 14 |
| &nbsp;&nbsp;&nbsp; WAKB-39TU, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; WAKB-9P63, 35.120%, 6/28/2025 †x#^ | Affirm | 3/31/2025 | 96 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; WAKF-ENC2, 35.570%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 85 | 86 | 49 |
| &nbsp;&nbsp;&nbsp; WAKH-HLA8, 29.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; WAKK-N14Y, 29.510%, 8/21/2025 †x#^ | Affirm | 8/24/2023 | 889 | 900 | 53 |
| &nbsp;&nbsp;&nbsp; WAKX-9SCH, 29.610%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 146 | 140 | 9 |
| &nbsp;&nbsp;&nbsp; WAL5-YL95, 27.100%, 12/23/2023 †x#^ | Affirm | 12/30/2022 | 51 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; WAL7-JXSU, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; WALB-539F, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; WALB-HS4L, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 176 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; WALC-QPUF, 28.000%, 11/11/2022 †x#^ | Affirm | 5/16/2022 | 418 | 430 | 25 |
| &nbsp;&nbsp;&nbsp; WALH-ZING, 15.720%, 7/15/2023 †x#^ | Affirm | 7/21/2022 | 386 | 406 | 23 |
| &nbsp;&nbsp;&nbsp; WALI-U6V3, 15.790%, 1/02/2026 †§x | Affirm | 1/29/2025 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; WALR-0765, 29.830%, 2/06/2026 †§x | Affirm | 2/26/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WAM5-D6MV, 7.960%, 12/28/2025 †§x | Affirm | 1/29/2025 | 425 | 429 | 429 |
| &nbsp;&nbsp;&nbsp; WAMF-MB5A, 35.480%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 206 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; WAMJ-LBDM, 29.460%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 58 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; WAMN-1EOO, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 109 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WAMX-W57L, 15.660%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; WAMZ-FD96, 29.410%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 220 | 228 | 13 |
| &nbsp;&nbsp;&nbsp; WAN0-TZKM, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; WAN7-02HY, 29.510%, 8/28/2025 †x#^ | Affirm | 9/05/2023 | 206 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; WANC-1KQL, 29.620%, 2/23/2026 †§x# | Affirm | 2/29/2024 | 602 | 603 | 615 |
| &nbsp;&nbsp;&nbsp; WAND-2NED, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 376 | 376 | 375 |
| &nbsp;&nbsp;&nbsp; WANF-EKF1, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WANV-G6EQ, 6.295%, 1/03/2026 †§x« | Affirm | 1/29/2025 | 346 | 339 | 337 |
| &nbsp;&nbsp;&nbsp; WANW-7Q8O, 33.050%, 9/03/2026 †§x | Affirm | 3/28/2025 | 200 | 209 | 207 |
| &nbsp;&nbsp;&nbsp; WANY-G7PB, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; WAO0-2QDH, 33.490%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; WAO3-1FDY, 35.990%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 1566 | 1601 | 172 |
| &nbsp;&nbsp;&nbsp; WAOC-PIE4, 26.900%, 9/05/2025 †x# | Affirm | 2/26/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WAOH-AA6K, 22.750%, 10/28/2025 †x# | Affirm | 10/31/2024 | 36 | 36 | 9 |
| &nbsp;&nbsp;&nbsp; WAOI-NKVJ, 26.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WAOJ-L0P1, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 31 | 31 | 31 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8056** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WAOK-1XP0, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | $140 | $144 | $145 |
| &nbsp;&nbsp;&nbsp; WAOO-K2EI, 35.360%, 12/28/2025 †§x# | Affirm | 7/05/2024 | 97 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; WAOW-PBDB, 33.050%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 88 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; WAOZ-9I9N, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 139 | 141 | 140 |
| &nbsp;&nbsp;&nbsp; WAP0-T724, 24.540%, 3/20/2026 †§x | Affirm | 3/28/2025 | 73 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; WAP4-UTMP, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WAPH-25E9, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WAPI-T067, 26.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 124 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; WAPQ-LI1L, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 136 | 143 |  |
| &nbsp;&nbsp;&nbsp; WAPR-2MG7, 29.420%, 3/04/2023 †x#^ | Affirm | 3/10/2022 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; WAPS-A2IY, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 185 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; WAPW-WFJA, 8.911%, 1/03/2026 †§x« | Affirm | 1/29/2025 | 900 | 873 | 866 |
| &nbsp;&nbsp;&nbsp; WAQ5-BMAE, 15.720%, 11/21/2025 †§x | Affirm | 5/24/2024 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; WAQG-NGEV, 29.350%, 8/23/2022 †x#^ | Affirm | 5/26/2022 | 63 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WAQJ-Z817, 18.000%, 3/11/2026 †§x | Affirm | 3/14/2024 | 255 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; WAQN-BZ4I, 32.000%, 6/19/2026 †§x# | Affirm | 12/27/2024 | 489 | 505 | 502 |
| &nbsp;&nbsp;&nbsp; WAQN-EYKN, 29.760%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; WAQS-UFBA, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 261 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; WAQT-BZYY, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 639 | 650 | 652 |
| &nbsp;&nbsp;&nbsp; WAQU-0V69, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 159 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; WAQW-WSWW, 33.050%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 27 | 28 | 27 |
| &nbsp;&nbsp;&nbsp; WARA-OL5M, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WARF-G1RN, 35.350%, 6/02/2026 †§x | Affirm | 6/27/2025 | 100 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WAS2-NDLR, 29.630%, 1/10/2028 †x | Affirm | 1/29/2025 | 3633 | 3752 | 3778 |
| &nbsp;&nbsp;&nbsp; WAS5-BFUZ, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 443 | 435 | 27 |
| &nbsp;&nbsp;&nbsp; WASE-A4RP, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; WASG-ZJ5T, 35.570%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; WASI-E8V1, 15.610%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 46 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; WASJ-OJUM, 11.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 635 | 647 | 650 |
| &nbsp;&nbsp;&nbsp; WASN-FGJQ, 33.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 92 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; WATC-B70C, 29.640%, 5/25/2024 †x#^ | Affirm | 12/01/2022 | 529 | 564 | 32 |
| &nbsp;&nbsp;&nbsp; WATH-FJCF, 29.510%, 5/21/2026 †x# | Affirm | 5/24/2024 | 919 | 956 | 55 |
| &nbsp;&nbsp;&nbsp; WATI-KJFK, 29.620%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 155 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; WATL-S909, 29.610%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 58 | 57 | 4 |
| &nbsp;&nbsp;&nbsp; WATU-LND0, 35.200%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; WATU-TVXP, 35.450%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WATY-PBBS, 28.000%, 12/07/2022 †x#^ | Affirm | 6/10/2022 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; WAUF-5L78, 9.050%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 32 | 29 | 31 |
| &nbsp;&nbsp;&nbsp; WAUJ-5VG3, 30.950%, 3/20/2026 †§x | Affirm | 9/26/2024 | 236 | 240 | 241 |
| &nbsp;&nbsp;&nbsp; WAUK-A3IZ, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; WAUQ-HZOF, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 230 | 236 | 237 |
| &nbsp;&nbsp;&nbsp; WAUR-8DCC, 29.670%, 9/17/2025 †§x | Affirm | 9/20/2024 | 14 | 14 | 15 |
| &nbsp;&nbsp;&nbsp; WAUY-6RZT, 29.590%, 10/22/2025 †§x | Affirm | 10/25/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; WAV0-R5SN, 29.660%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 756 | 721 | 45 |
| &nbsp;&nbsp;&nbsp; WAV6-VD5D, 33.050%, 11/06/2025 †§x | Affirm | 8/29/2025 | 179 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; WAVC-G7M9, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WAVD-VKT0, 33.950%, 9/23/2027 †§x | Affirm | 9/26/2024 | 1041 | 1065 | 1077 |
| &nbsp;&nbsp;&nbsp; WAVR-H7LU, 29.280%, 11/30/2023 †x#^ | Affirm | 6/02/2023 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; WAVX-HYLQ, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; WAW6-HF12, 22.860%, 2/05/2026 †§x | Affirm | 2/26/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WAWD-7X1C, 23.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 842 | 868 | 872 |
| &nbsp;&nbsp;&nbsp; WAWH-F7L6, 33.000%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 163 | 164 | 36 |
| &nbsp;&nbsp;&nbsp; WAWS-WJR1, 35.370%, 12/17/2024 †x#^ | Affirm | 6/21/2024 | 37 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; WAWW-RMX9, 23.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 84 | 87 | 85 |
| &nbsp;&nbsp;&nbsp; WAX6-AYGU, 29.720%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 114 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; WAXH-1VOL, 35.770%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 63 | 64 | 64 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8057** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WAXJ-79PT, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | $65 | $65 | $65 |
| &nbsp;&nbsp;&nbsp; WAXN-BIQ9, 29.810%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 385 | 398 | 23 |
| &nbsp;&nbsp;&nbsp; WAXO-5U70, 22.750%, 10/18/2025 †§x | Affirm | 4/22/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WAXR-VEH6, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 324 | 329 | 330 |
| &nbsp;&nbsp;&nbsp; WAXW-BWQO, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 117 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; WAXY-NW7H, 33.050%, 9/26/2025 †x# | Affirm | 9/30/2024 | 160 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; WAXZ-0XIR, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 190 | 194 | 195 |
| &nbsp;&nbsp;&nbsp; WAY3-OXO7, 29.660%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WAY5-0NZR, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 434 | 422 | 419 |
| &nbsp;&nbsp;&nbsp; WAY6-4L8I, 35.310%, 6/11/2025 †x#^ | Affirm | 12/14/2023 | 176 | 176 | 11 |
| &nbsp;&nbsp;&nbsp; WAY7-KE82, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 120 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; WAYD-K6E8, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 109 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; WAYH-BA0O, 32.500%, 3/28/2026 †§x# | Affirm | 10/03/2024 | 459 | 466 | 456 |
| &nbsp;&nbsp;&nbsp; WAYI-M5E3, 35.080%, 10/08/2025 †§x | Affirm | 7/31/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WAYM-PBOV, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WAYP-8FBZ, 29.690%, 9/04/2025 †§x | Affirm | 3/07/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; WAYR-U2EP, 35.680%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 224 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; WAYW-Y9RL, 35.620%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 92 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; WAZ7-UMIA, 29.640%, 6/16/2022 †x#^ | Affirm | 12/20/2021 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; WAZM-NTYR, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 193 | 197 | 198 |
| &nbsp;&nbsp;&nbsp; WAZZ-6FFS, 24.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 479 | 483 | 480 |
| &nbsp;&nbsp;&nbsp; WB07-UW6K, 35.460%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 95 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; WB0G-544Z, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 69 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; WB0Z-CL3U, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; WB0Z-E370, 26.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 40 | 41 | 18 |
| &nbsp;&nbsp;&nbsp; WB10-S0GP, 35.260%, 9/28/2025 †§x | Affirm | 4/22/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WB16-59PV, 23.890%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 331 | 338 | 20 |
| &nbsp;&nbsp;&nbsp; WB1D-ZYEV, 26.700%, 6/19/2026 †§x# | Affirm | 12/27/2024 | 177 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; WB1F-Q81Y, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 187 | 197 | 11 |
| &nbsp;&nbsp;&nbsp; WB1I-YBFZ, 35.290%, 11/02/2025 †§x | Affirm | 5/06/2024 | 89 | 90 | 88 |
| &nbsp;&nbsp;&nbsp; WB1V-880D, 29.760%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 174 | 181 | 101 |
| &nbsp;&nbsp;&nbsp; WB1X-OJVV, 11.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 212 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; WB21-3KPF, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WB23-0SA3, 35.320%, 5/20/2025 †x#^ | Affirm | 5/24/2024 | 166 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; WB26-CC5I, 9.880%, 9/16/2025 †§x | Affirm | 9/19/2024 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; WB2E-L4KL, 32.500%, 6/20/2026 †§x# | Affirm | 12/27/2024 | 276 | 282 | 283 |
| &nbsp;&nbsp;&nbsp; WB2G-L97L, 35.570%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WB2G-WBE3, 35.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 793 | 794 | 166 |
| &nbsp;&nbsp;&nbsp; WB2R-RHBE, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 342 | 348 | 349 |
| &nbsp;&nbsp;&nbsp; WB31-WLZJ, 32.880%, 6/02/2026 †§x | Affirm | 6/27/2025 | 369 | 364 | 367 |
| &nbsp;&nbsp;&nbsp; WB35-JJ27, 26.700%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 183 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; WB3G-SXLD, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 207 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; WB3N-0MD9, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 108 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; WB3P-W85Y, 35.290%, 5/25/2024 †x#^ | Affirm | 5/30/2023 | 131 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; WB3Z-3A9O, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 146 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; WB3Z-JFPG, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WB43-6SFW, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 148 | 150 | 148 |
| &nbsp;&nbsp;&nbsp; WB43-IQ8W, 33.050%, 12/12/2025 †x | Affirm | 11/27/2024 | 55 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; WB43-WWYV, 23.400%, 12/28/2026 †§x | Affirm | 1/29/2025 | 475 | 491 | 488 |
| &nbsp;&nbsp;&nbsp; WB4A-9PJJ, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 340 | 350 | 352 |
| &nbsp;&nbsp;&nbsp; WB4G-ZL43, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 442 | 453 | 455 |
| &nbsp;&nbsp;&nbsp; WB4X-YGAL, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 306 | 310 | 311 |
| &nbsp;&nbsp;&nbsp; WB4Y-Q4HO, 35.770%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 574 | 584 | 582 |
| &nbsp;&nbsp;&nbsp; WB53-IUD4, 35.600%, 1/06/2026 †§x | Affirm | 1/29/2025 | 33 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; WB55-Z9Q3, 35.360%, 1/01/2026 †§x | Affirm | 7/05/2024 | 153 | 154 | 152 |
| &nbsp;&nbsp;&nbsp; WB5E-5O0X, 15.790%, 1/02/2026 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8058** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WB65-7W4M, 29.630%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | $275 | $293 | $16 |
| &nbsp;&nbsp;&nbsp; WB6K-73SO, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WB6L-I46N, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1 | 2 | 1 |
| &nbsp;&nbsp;&nbsp; WB6M-UWQG, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; WB6X-OAUP, 19.750%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 90 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; WB6Z-279M, 15.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; WB70-DBRR, 31.000%, 1/02/2028 †x# | Affirm | 1/29/2025 | 2484 | 2566 | 2579 |
| &nbsp;&nbsp;&nbsp; WB73-DUF3, 35.310%, 3/11/2026 †x# | Affirm | 3/28/2025 | 151 | 137 | 37 |
| &nbsp;&nbsp;&nbsp; WB76-B427, 33.000%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 350 | 362 | 21 |
| &nbsp;&nbsp;&nbsp; WB76-HTTL, 29.220%, 12/07/2023 †x#^ | Affirm | 12/10/2021 | 499 | 539 | 30 |
| &nbsp;&nbsp;&nbsp; WB7E-QSA3, 29.520%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 445 | 454 | 27 |
| &nbsp;&nbsp;&nbsp; WB7H-ZS19, 32.500%, 11/06/2026 †§x | Affirm | 5/30/2025 | 286 | 293 | 296 |
| &nbsp;&nbsp;&nbsp; WB7V-N7JZ, 29.720%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 203 | 207 | 12 |
| &nbsp;&nbsp;&nbsp; WB7X-99AJ, 33.070%, 1/02/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WB7Z-VK60, 33.050%, 9/18/2027 †§x | Affirm | 9/23/2024 | 1044 | 1076 | 1083 |
| &nbsp;&nbsp;&nbsp; WB87-ZVPQ, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 93 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; WB8A-RKGS, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 132 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; WB8L-FYVH, 32.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 207 | 213 | 212 |
| &nbsp;&nbsp;&nbsp; WB8M-ZC5Y, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 84 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WB8N-CCFV, 35.360%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 156 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; WB8P-1L26, 29.660%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; WB8Y-Z13W, 24.950%, 5/20/2023 †x#^ | Affirm | 5/26/2022 | 1720 | 1780 | 103 |
| &nbsp;&nbsp;&nbsp; WB8Z-BEFQ, 35.240%, 12/02/2025 †§x | Affirm | 6/27/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WB91-DN0Z, 35.340%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 2350 | 2341 | 141 |
| &nbsp;&nbsp;&nbsp; WB94-OGYH, 35.540%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WB97-Q1LS, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 123 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; WB9E-OJWX, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WB9F-4BOC, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WB9F-V2IU, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 134 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; WB9J-W09U, 29.860%, 10/02/2025 †§x | Affirm | 10/07/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WB9L-5SBI, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 118 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; WB9N-ABCD, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 53 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WBA8-AVF7, 15.790%, 5/21/2024 †x#^ | Affirm | 11/24/2023 | 163 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; WBAH-RY87, 35.580%, 9/28/2025 †§x | Affirm | 10/03/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WBAP-YWU7, 22.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WBAX-I98B, 33.950%, 12/18/2025 †x | Affirm | 12/27/2024 | 24 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; WBAZ-WJ8Z, 29.500%, 3/11/2026 †§x | Affirm | 3/14/2024 | 369 | 374 | 374 |
| &nbsp;&nbsp;&nbsp; WBBF-36D0, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WBBI-QKZ9, 29.440%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 205 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; WBBR-FQIP, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 77 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WBBW-EBUY, 15.810%, 9/24/2025 †§x | Affirm | 9/27/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WBC3-2MH8, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; WBC5-G91H, 35.220%, 11/23/2023 †x#^ | Affirm | 5/26/2023 | 110 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; WBCE-7N38, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1205 | 1196 | 1191 |
| &nbsp;&nbsp;&nbsp; WBCG-DXF9, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 161 | 148 | 159 |
| &nbsp;&nbsp;&nbsp; WBCI-EK1Q, 33.950%, 12/29/2024 †x#^ | Affirm | 7/03/2023 | 1606 | 1716 | 96 |
| &nbsp;&nbsp;&nbsp; WBCI-L2QK, 33.950%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; WBCN-8Z5X, 28.500%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 97 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; WBD6-I3ME, 29.060%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 161 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; WBD6-QJEG, 35.750%, 2/05/2026 †§x | Affirm | 2/26/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WBDS-TFPM, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WBDZ-WDIV, 21.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; WBE8-OO9N, 11.800%, 4/04/2025 †x#^ | Affirm | 4/08/2024 | 313 | 324 | 19 |
| &nbsp;&nbsp;&nbsp; WBEB-6LB3, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WBEL-QMLL, 35.280%, 6/08/2024 †x#^ | Affirm | 5/11/2023 | 128 | 126 | 8 |
| &nbsp;&nbsp;&nbsp; WBEN-5EJ8, 6.919%, 2/18/2024 †x#^« | Affirm | 8/24/2023 | 1098 | 1062 | 66 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8059** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WBEN-5JIW, 29.610%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | $69 | $68 | $4 |
| &nbsp;&nbsp;&nbsp; WBEN-DDNV, 33.950%, 9/18/2025 †§x | Affirm | 9/23/2024 | 57 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; WBEO-G2GA, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 119 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; WBEP-62FC, 33.950%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WBEQ-9YQN, 35.470%, 11/20/2026 †§x# | Affirm | 11/27/2024 | 759 | 759 | 772 |
| &nbsp;&nbsp;&nbsp; WBEU-ZJKR, 29.420%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 75 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; WBEV-UXTM, 33.950%, 10/08/2025 †§x# | Affirm | 7/31/2025 | 43 | 43 | 21 |
| &nbsp;&nbsp;&nbsp; WBEW-TNN8, 21.900%, 5/28/2025 †x#^ | Affirm | 12/04/2023 | 726 | 754 | 44 |
| &nbsp;&nbsp;&nbsp; WBF9-W1EY, 33.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 101 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; WBFC-M1Y2, 29.710%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 191 | 200 | 33 |
| &nbsp;&nbsp;&nbsp; WBFU-VI8B, 35.250%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 175 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; WBFW-S396, 35.580%, 9/16/2025 †§x# | Affirm | 9/26/2024 | 237 | 218 | 232 |
| &nbsp;&nbsp;&nbsp; WBGH-BLOH, 35.250%, 9/20/2025 †x# | Affirm | 3/28/2025 | 104 | 105 | 24 |
| &nbsp;&nbsp;&nbsp; WBGJ-C6BT, 24.520%, 3/03/2026 †§x | Affirm | 3/28/2025 | 381 | 388 | 389 |
| &nbsp;&nbsp;&nbsp; WBGP-IRE9, 29.710%, 1/28/2024 †x#^ | Affirm | 2/02/2023 | 168 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; WBGV-XGCU, 35.360%, 4/15/2026 †x# | Affirm | 4/18/2024 | 1319 | 1343 | 79 |
| &nbsp;&nbsp;&nbsp; WBH7-4XW9, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 159 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; WBHA-YERC, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 179 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; WBHH-17RV, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 143 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; WBHK-EA4T, 28.970%, 5/18/2025 †x#^ | Affirm | 5/22/2023 | 199 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; WBHM-UPR0, 13.840%, 1/09/2026 †x# | Affirm | 1/12/2024 | 724 | 760 | 43 |
| &nbsp;&nbsp;&nbsp; WBI4-1MCC, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 170 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; WBIE-5NWX, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 207 | 213 | 210 |
| &nbsp;&nbsp;&nbsp; WBIT-UT92, 29.680%, 7/14/2023 †x#^ | Affirm | 1/21/2022 | 63 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; WBIV-U159, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 184 | 190 | 189 |
| &nbsp;&nbsp;&nbsp; WBJ0-T5EH, 24.400%, 5/20/2026 †x# | Affirm | 11/27/2024 | 247 | 258 | 15 |
| &nbsp;&nbsp;&nbsp; WBJA-FCPR, 35.800%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WBJA-R5VZ, 35.700%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WBJC-GKET, 35.370%, 6/18/2026 †§x | Affirm | 6/21/2024 | 271 | 269 | 273 |
| &nbsp;&nbsp;&nbsp; WBJK-QR7O, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 123 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WBJP-39UX, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; WBJS-67Q9, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WBJZ-5UBA, 15.997%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 88 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; WBK0-K9Z1, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WBK0-PKKU, 18.000%, 10/25/2025 †§x | Affirm | 10/31/2024 | 342 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; WBK4-DEDO, 29.150%, 10/08/2025 †§x | Affirm | 7/31/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WBK7-2I20, 25.900%, 10/28/2025 †§x | Affirm | 10/31/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WBKA-AJTF, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 146 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; WBKQ-X83J, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 268 | 270 | 268 |
| &nbsp;&nbsp;&nbsp; WBL3-2IJV, 35.360%, 10/28/2025 †x# | Affirm | 5/02/2024 | 86 | 86 | 19 |
| &nbsp;&nbsp;&nbsp; WBL3-C5KF, 6.843%, 9/25/2025 †§x« | Affirm | 9/30/2024 | 29 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; WBLD-WUPY, 35.470%, 11/20/2025 †§x | Affirm | 11/24/2023 | 250 | 249 | 252 |
| &nbsp;&nbsp;&nbsp; WBLI-4621, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WBLI-4WZJ, 29.400%, 9/21/2022 †x#^ | Affirm | 3/24/2022 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; WBLN-KE1A, 29.570%, 1/08/2026 †§x | Affirm | 1/11/2024 | 131 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; WBLO-R3U9, 29.630%, 3/06/2023 †x#^ | Affirm | 9/09/2022 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; WBLZ-EGLQ, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WBM2-YZS5, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WBM3-R8XE, 29.660%, 1/13/2027 †§x | Affirm | 1/29/2025 | 996 | 1034 | 1040 |
| &nbsp;&nbsp;&nbsp; WBM6-IEPG, 27.500%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 200 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; WBM9-3F5Z, 15.880%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 95 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; WBMC-Q98N, 35.580%, 9/18/2025 †§x | Affirm | 9/23/2024 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; WBMD-0XBH, 35.590%, 9/28/2025 †x# | Affirm | 10/03/2024 | 39 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; WBMH-BDEN, 35.900%, 1/02/2026 †x# | Affirm | 1/29/2025 | 253 | 259 |  |
| &nbsp;&nbsp;&nbsp; WBMH-QXIO, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 121 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; WBMI-D12R, 26.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 22 | 22 | 22 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8060** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WBMK-9N2H, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | $56 | $56 | $56 |
| &nbsp;&nbsp;&nbsp; WBMT-TO53, 24.400%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 41 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; WBMY-KWZ0, 32.500%, 1/02/2026 †§x# | Affirm | 1/05/2024 | 196 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; WBMZ-K7VJ, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 113 | 115 | 114 |
| &nbsp;&nbsp;&nbsp; WBN5-UET4, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WBN9-K4E2, 33.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WBNG-3QS5, 35.450%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 100 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WBNQ-QK3I, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 168 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; WBNR-0MDH, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WBNS-E5I1, 26.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 147 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; WBO3-LAFX, 35.380%, 4/02/2025 †x#^ | Affirm | 10/07/2024 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; WBOD-9GTG, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 194 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; WBOL-56WN, 29.610%, 11/28/2024 †x#^ | Affirm | 12/01/2022 | 644 | 680 | 39 |
| &nbsp;&nbsp;&nbsp; WBOL-OXZ6, 29.470%, 5/06/2026 †§x | Affirm | 5/30/2025 | 109 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; WBON-QF7B, 28.000%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 406 | 401 | 24 |
| &nbsp;&nbsp;&nbsp; WBOZ-8YTL, 23.000%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 47 | 49 | 7 |
| &nbsp;&nbsp;&nbsp; WBP6-5WIG, 22.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WBP9-XIIG, 29.690%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 124 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; WBPI-3FWE, 26.200%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 878 | 868 | 53 |
| &nbsp;&nbsp;&nbsp; WBPS-EUZ9, 24.400%, 10/02/2025 †§x | Affirm | 10/07/2024 | 113 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; WBQA-QA97, 26.700%, 11/12/2026 †§x | Affirm | 11/27/2024 | 1247 | 1285 | 1295 |
| &nbsp;&nbsp;&nbsp; WBQC-Q5TU, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WBQP-H0OG, 35.870%, 12/28/2025 †x# | Affirm | 1/29/2025 | 169 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; WBQX-0QRZ, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 331 | 339 | 342 |
| &nbsp;&nbsp;&nbsp; WBQX-HL0E, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 90 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WBR4-L01V, 9.960%, 12/28/2025 †§x | Affirm | 1/29/2025 | 247 | 249 | 249 |
| &nbsp;&nbsp;&nbsp; WBR6-Y624, 22.730%, 5/15/2026 †§x | Affirm | 11/27/2024 | 233 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; WBR9-RWS4, 13.840%, 9/28/2026 †§x | Affirm | 3/31/2025 | 460 | 477 | 479 |
| &nbsp;&nbsp;&nbsp; WBRH-UAS9, 22.810%, 8/06/2026 †§x | Affirm | 2/26/2025 | 291 | 302 | 301 |
| &nbsp;&nbsp;&nbsp; WBRJ-96MH, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 42 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; WBRO-IMLJ, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; WBS7-CBL0, 35.370%, 6/24/2026 †§x | Affirm | 6/27/2024 | 309 | 306 | 312 |
| &nbsp;&nbsp;&nbsp; WBS8-6321, 29.420%, 3/10/2023 †x#^ | Affirm | 3/14/2022 | 167 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; WBSD-KY86, 33.950%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 25 | 26 | 1 |
| &nbsp;&nbsp;&nbsp; WBSE-VMSJ, 29.230%, 9/01/2024 †x#^ | Affirm | 3/06/2023 | 204 | 216 | 12 |
| &nbsp;&nbsp;&nbsp; WBSF-YVOF, 29.510%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 63 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; WBSM-4A4O, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WBSP-619Q, 35.160%, 11/24/2023 †x#^ | Affirm | 5/30/2023 | 92 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; WBSR-VSZY, 33.000%, 2/07/2027 †x | Affirm | 2/26/2025 | 2195 | 2171 | 2210 |
| &nbsp;&nbsp;&nbsp; WBSS-P0QJ, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WBSX-C18L, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WBSZ-ZDQD, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WBT1-HMNG, 11.810%, 3/28/2025 †x#^ | Affirm | 10/02/2023 | 236 | 251 | 14 |
| &nbsp;&nbsp;&nbsp; WBT9-N6MF, 29.640%, 11/08/2023 †x#^ | Affirm | 11/15/2021 | 268 | 289 | 16 |
| &nbsp;&nbsp;&nbsp; WBTN-GY23, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 228 | 231 | 230 |
| &nbsp;&nbsp;&nbsp; WBTP-WOFN, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 570 | 584 | 588 |
| &nbsp;&nbsp;&nbsp; WBTT-PZZR, 29.350%, 12/02/2025 †§x | Affirm | 6/27/2025 | 243 | 246 | 247 |
| &nbsp;&nbsp;&nbsp; WBTV-VFPQ, 35.460%, 8/21/2025 †x#^ | Affirm | 8/29/2024 | 2135 | 1951 | 128 |
| &nbsp;&nbsp;&nbsp; WBTY-UV80, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 152 | 155 | 153 |
| &nbsp;&nbsp;&nbsp; WBU7-3ZRS, 33.950%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 193 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; WBUA-HJW1, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; WBUN-8Z07, 35.440%, 10/28/2025 †x# | Affirm | 5/02/2024 | 422 | 442 | 30 |
| &nbsp;&nbsp;&nbsp; WBUQ-WHJ1, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WBUY-AU62, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WBUZ-6N83, 25.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WBUZ-ZKNP, 29.310%, 11/06/2025 †§x | Affirm | 5/30/2025 | 42 | 43 | 43 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8061** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WBV3-0JV5, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | $68 | $70 | $70 |
| &nbsp;&nbsp;&nbsp; WBV4-SEIR, 35.460%, 6/24/2026 †x# | Affirm | 6/27/2024 | 399 | 395 | 20 |
| &nbsp;&nbsp;&nbsp; WBVB-B8RX, 35.220%, 12/02/2025 †§x | Affirm | 6/27/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WBVM-AHBV, 29.610%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 621 | 670 | 37 |
| &nbsp;&nbsp;&nbsp; WBVN-OWUE, 35.380%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 1235 | 1143 | 74 |
| &nbsp;&nbsp;&nbsp; WBVN-UQXJ, 35.520%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 120 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; WBVW-3ZCE, 35.740%, 7/02/2026 †§x | Affirm | 1/29/2025 | 271 | 275 | 273 |
| &nbsp;&nbsp;&nbsp; WBVW-V225, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 253 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; WBVZ-NBYS, 24.400%, 4/07/2026 †x# | Affirm | 2/26/2025 | 535 | 546 | 551 |
| &nbsp;&nbsp;&nbsp; WBWF-S3GO, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WBX3-1NVZ, 11.790%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 1474 | 1526 | 88 |
| &nbsp;&nbsp;&nbsp; WBXI-ASWX, 29.490%, 12/15/2024 †x#^ | Affirm | 6/20/2023 | 273 | 287 | 16 |
| &nbsp;&nbsp;&nbsp; WBXM-VVKN, 25.200%, 9/16/2026 †§x | Affirm | 9/19/2024 | 1743 | 1787 | 1796 |
| &nbsp;&nbsp;&nbsp; WBXU-AA81, 29.450%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 260 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; WBXW-SZ9O, 22.750%, 9/03/2026 †§x | Affirm | 3/28/2025 | 323 | 334 | 336 |
| &nbsp;&nbsp;&nbsp; WBXX-KTAD, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 158 | 161 | 100 |
| &nbsp;&nbsp;&nbsp; WBXZ-4PAP, 32.000%, 3/28/2026 †§x | Affirm | 10/03/2024 | 507 | 519 | 511 |
| &nbsp;&nbsp;&nbsp; WBY3-UIZP, 8.584%, 11/30/2022 †x#^« | Affirm | 6/03/2022 | 415 | 402 | 25 |
| &nbsp;&nbsp;&nbsp; WBYJ-YIO0, 28.500%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 1353 | 1338 | 81 |
| &nbsp;&nbsp;&nbsp; WBYS-ONJG, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 109 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; WBZA-RIJ7, 29.060%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 233 | 241 | 14 |
| &nbsp;&nbsp;&nbsp; WBZC-ZFES, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 623 | 639 | 643 |
| &nbsp;&nbsp;&nbsp; WBZF-0JU2, 29.680%, 11/21/2023 †x#^ | Affirm | 11/25/2022 | 280 | 286 | 17 |
| &nbsp;&nbsp;&nbsp; WBZQ-GZAL, 13.555%, 12/28/2025 †x#« | Affirm | 1/29/2025 | 324 | 288 | 19 |
| &nbsp;&nbsp;&nbsp; WBZX-GN6O, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WC02-TM43, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 122 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; WC07-EBV6, 33.950%, 12/17/2025 †§x | Affirm | 6/21/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WC09-T3H6, 23.400%, 9/17/2026 †§x | Affirm | 9/20/2024 | 470 | 484 | 486 |
| &nbsp;&nbsp;&nbsp; WC0D-DF5P, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 182 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; WC0L-RU0D, 35.430%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 345 | 340 | 341 |
| &nbsp;&nbsp;&nbsp; WC15-Q625, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WC16-IHKY, 28.000%, 11/10/2023 †x#^ | Affirm | 11/17/2022 | 1247 | 1272 | 75 |
| &nbsp;&nbsp;&nbsp; WC17-0WZF, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 141 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; WC1B-DDSN, 33.050%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; WC1D-6KAX, 34.900%, 2/10/2026 †x# | Affirm | 2/26/2025 | 320 | 318 | 19 |
| &nbsp;&nbsp;&nbsp; WC1M-GHFM, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 659 | 670 | 672 |
| &nbsp;&nbsp;&nbsp; WC1Y-3BDZ, 29.810%, 3/20/2026 †§x | Affirm | 3/28/2025 | 2277 | 2276 | 2293 |
| &nbsp;&nbsp;&nbsp; WC2F-QGD7, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WC2J-50F6, 14.780%, 8/21/2026 †x# | Affirm | 8/26/2024 | 1935 | 1775 | 116 |
| &nbsp;&nbsp;&nbsp; WC2O-ULQS, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 903 | 913 | 908 |
| &nbsp;&nbsp;&nbsp; WC2Q-A8ZN, 15.740%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 2568 | 2658 | 154 |
| &nbsp;&nbsp;&nbsp; WC2R-FJ86, 27.500%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 165 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; WC33-ZIFJ, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; WC3K-46A5, 29.430%, 3/18/2023 †x#^ | Affirm | 3/24/2022 | 2061 | 2134 | 124 |
| &nbsp;&nbsp;&nbsp; WC3M-6J8U, 29.440%, 11/10/2024 †x#^ | Affirm | 5/15/2023 | 23 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; WC3M-U1S3, 22.690%, 5/06/2026 †§x | Affirm | 5/09/2024 | 222 | 226 | 226 |
| &nbsp;&nbsp;&nbsp; WC3O-J79X, 24.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WC49-A89Q, 15.790%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 77 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; WC4G-G6BS, 35.710%, 8/11/2026 †§x | Affirm | 2/26/2025 | 133 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; WC4Q-3V4R, 33.050%, 1/06/2026 †x | Affirm | 1/29/2025 | 113 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WC4R-1X0S, 24.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 372 | 379 | 380 |
| &nbsp;&nbsp;&nbsp; WC4T-FEIA, 25.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; WC53-V7XM, 29.650%, 9/26/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WC5A-SI6V, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WC5B-IU4B, 15.940%, 12/28/2025 †x# | Affirm | 1/29/2025 | 106 | 111 | 16 |
| &nbsp;&nbsp;&nbsp; WC5B-Y5XY, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 428 | 425 | 424 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8062** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WC5I-B3DP, 35.290%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | $53 | $55 | $3 |
| &nbsp;&nbsp;&nbsp; WC5I-E8H7, 29.690%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 215 | 225 | 13 |
| &nbsp;&nbsp;&nbsp; WC5K-6UC9, 15.900%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WC5O-QTBI, 35.630%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WC61-EGU0, 15.800%, 9/28/2025 †x# | Affirm | 10/03/2024 | 108 | 109 | 7 |
| &nbsp;&nbsp;&nbsp; WC6D-NXHJ, 9.820%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; WC6M-RJGZ, 29.060%, 9/27/2025 †x# | Affirm | 10/02/2023 | 381 | 400 | 23 |
| &nbsp;&nbsp;&nbsp; WC6T-WDD9, 29.920%, 7/10/2022 †x#^ | Affirm | 1/13/2022 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; WC6W-D44E, 26.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 301 | 306 | 305 |
| &nbsp;&nbsp;&nbsp; WC72-I42U, 29.610%, 6/19/2026 †§x# | Affirm | 12/27/2024 | 305 | 315 | 315 |
| &nbsp;&nbsp;&nbsp; WC75-8WQJ, 24.400%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 467 | 483 | 484 |
| &nbsp;&nbsp;&nbsp; WC78-54ZD, 29.410%, 12/02/2025 †§x | Affirm | 6/27/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WC7B-8J96, 22.730%, 1/10/2027 †§x | Affirm | 1/29/2025 | 1482 | 1530 | 1545 |
| &nbsp;&nbsp;&nbsp; WC7E-FXSJ, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WC7K-E9BD, 35.450%, 12/18/2025 †x# | Affirm | 12/27/2024 | 82 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WC7L-JBA7, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 204 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; WC7L-KCLE, 35.480%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 223 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; WC7L-R472, 22.750%, 9/02/2025 †§x | Affirm | 6/27/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WC7N-LC3V, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 214 | 216 | 214 |
| &nbsp;&nbsp;&nbsp; WC81-WTTQ, 29.800%, 3/03/2026 †§x | Affirm | 3/28/2025 | 150 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; WC8E-UI4Z, 15.780%, 10/03/2025 †§x | Affirm | 10/07/2024 | 340 | 342 | 339 |
| &nbsp;&nbsp;&nbsp; WC8O-OP0U, 35.380%, 6/28/2024 †x#^ | Affirm | 7/03/2023 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; WC8S-K8OJ, 29.600%, 11/01/2025 †§x | Affirm | 5/06/2024 | 84 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WC94-IL2F, 29.500%, 3/08/2026 †§x | Affirm | 3/14/2024 | 221 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; WC96-PG4H, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 447 | 451 | 450 |
| &nbsp;&nbsp;&nbsp; WC96-YLC8, 29.450%, 5/09/2023 †x#^ | Affirm | 5/13/2022 | 1253 | 1297 | 75 |
| &nbsp;&nbsp;&nbsp; WC99-MJEQ, 24.520%, 3/28/2026 †§x | Affirm | 3/31/2025 | 246 | 255 | 257 |
| &nbsp;&nbsp;&nbsp; WC99-RG4D, 35.450%, 6/02/2026 †§x | Affirm | 6/27/2025 | 222 | 219 | 221 |
| &nbsp;&nbsp;&nbsp; WC9I-E1K0, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WC9Q-MX4V, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 245 | 252 | 252 |
| &nbsp;&nbsp;&nbsp; WC9R-RYKG, 35.360%, 5/23/2026 †§x | Affirm | 5/28/2024 | 239 | 240 | 244 |
| &nbsp;&nbsp;&nbsp; WC9V-9UN6, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 303 | 308 | 307 |
| &nbsp;&nbsp;&nbsp; WC9V-TM3C, 27.100%, 3/06/2023 †x#^ | Affirm | 9/09/2022 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; WC9X-WPTM, 30.982%, 8/04/2026 †x# | Affirm | 8/10/2023 | 2651 | 2948 | 159 |
| &nbsp;&nbsp;&nbsp; WCA3-9KX5, 31.000%, 9/26/2025 †x# | Affirm | 9/30/2024 | 119 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; WCAF-QM06, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 27 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; WCAG-HM7T, 20.700%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 107 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; WCAH-LCY9, 15.850%, 1/09/2026 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WCAJ-M11K, 28.000%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 464 | 481 | 28 |
| &nbsp;&nbsp;&nbsp; WCAK-91LU, 35.510%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; WCAL-ETTW, 35.720%, 2/10/2026 †§x | Affirm | 2/26/2025 | 93 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; WCAP-IC38, 13.840%, 9/25/2025 †§x | Affirm | 9/30/2024 | 19 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; WCAS-JJZ1, 22.850%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 584 | 594 | 376 |
| &nbsp;&nbsp;&nbsp; WCAX-RGA4, 28.950%, 3/12/2024 †x#^ | Affirm | 7/03/2023 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; WCB2-1AZK, 35.570%, 9/25/2025 †§x | Affirm | 9/30/2024 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; WCB5-DBLP, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 138 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; WCB9-NPUN, 26.900%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; WCBK-BHE3, 35.490%, 10/25/2025 †§x | Affirm | 10/31/2024 | 41 | 42 |  |
| &nbsp;&nbsp;&nbsp; WCBS-6ZA3, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WCBU-KCKI, 35.900%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 56 | 56 |  |
| &nbsp;&nbsp;&nbsp; WCC3-PCWF, 35.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; WCC3-YEKB, 9.870%, 6/19/2026 †§x | Affirm | 12/27/2024 | 437 | 447 | 449 |
| &nbsp;&nbsp;&nbsp; WCC5-FPHR, 23.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WCCD-WQ49, 35.450%, 7/09/2024 †x#^ | Affirm | 1/12/2024 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; WCCE-APP7, 15.830%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 597 | 609 | 36 |
| &nbsp;&nbsp;&nbsp; WCCO-V39V, 22.700%, 12/11/2025 †§x | Affirm | 12/27/2024 | 150 | 153 | 153 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8063** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WCCR-HOGL, 35.810%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | $68 | $69 | $4 |
| &nbsp;&nbsp;&nbsp; WCCS-LYXZ, 35.540%, 3/13/2025 †x#^ | Affirm | 9/19/2024 | 247 | 252 | 15 |
| &nbsp;&nbsp;&nbsp; WCCU-5UC2, 33.050%, 1/25/2026 †§x | Affirm | 7/29/2024 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WCD0-C473, 29.200%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; WCD1-HC9P, 22.750%, 8/06/2026 †§x | Affirm | 8/29/2025 | 165 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WCD2-8O3U, 33.050%, 11/13/2026 †§x | Affirm | 11/27/2024 | 394 | 407 | 410 |
| &nbsp;&nbsp;&nbsp; WCD9-RENN, 35.330%, 7/08/2026 †§x | Affirm | 7/31/2025 | 171 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; WCDC-2ART, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; WCDN-NLF5, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 853 | 877 | 882 |
| &nbsp;&nbsp;&nbsp; WCDN-RNII, 22.750%, 11/15/2026 †x | Affirm | 11/27/2024 | 2639 | 2729 | 2743 |
| &nbsp;&nbsp;&nbsp; WCDN-RTB3, 26.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 135 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; WCDZ-LO2O, 29.620%, 11/15/2027 †§x | Affirm | 11/27/2024 | 993 | 1025 | 1032 |
| &nbsp;&nbsp;&nbsp; WCDZ-S2IM, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 202 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; WCE0-HE6J, 15.720%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 340 | 350 | 20 |
| &nbsp;&nbsp;&nbsp; WCE1-F25T, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 391 | 412 | 411 |
| &nbsp;&nbsp;&nbsp; WCE1-Q0NI, 35.450%, 12/18/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; WCE2-8OJF, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 649 | 669 | 673 |
| &nbsp;&nbsp;&nbsp; WCEL-PMQJ, 25.200%, 9/23/2025 †§x | Affirm | 9/26/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WCEQ-OO5X, 33.950%, 8/27/2025 †§x#^ | Affirm | 8/30/2024 | 71 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; WCET-SMI0, 35.520%, 11/15/2026 †§x | Affirm | 11/27/2024 | 421 | 421 | 426 |
| &nbsp;&nbsp;&nbsp; WCEV-R2JD, 33.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 111 | 114 | 17 |
| &nbsp;&nbsp;&nbsp; WCF0-GI7S, 26.500%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 209 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; WCF0-JIXU, 29.590%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 217 | 228 | 13 |
| &nbsp;&nbsp;&nbsp; WCF1-HNPE, 35.580%, 9/16/2025 †x# | Affirm | 9/19/2024 | 122 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; WCF2-DPA8, 35.580%, 2/23/2025 †x#^ | Affirm | 2/29/2024 | 296 | 278 | 18 |
| &nbsp;&nbsp;&nbsp; WCF8-V8G5, 29.700%, 3/28/2024 †x#^ | Affirm | 10/06/2022 | 145 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; WCFA-2FW1, 35.430%, 12/28/2026 †§x | Affirm | 1/29/2025 | 573 | 565 | 574 |
| &nbsp;&nbsp;&nbsp; WCFE-X2D3, 29.430%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 327 | 343 | 20 |
| &nbsp;&nbsp;&nbsp; WCFP-Q7X9, 32.000%, 12/17/2025 †§x | Affirm | 6/21/2024 | 428 | 434 | 434 |
| &nbsp;&nbsp;&nbsp; WCFR-I27S, 35.660%, 1/09/2026 †§x | Affirm | 1/29/2025 | 114 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; WCG6-U6JP, 35.290%, 3/28/2026 †§x | Affirm | 4/22/2025 | 72 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WCGF-DCWL, 29.520%, 7/19/2026 †§x | Affirm | 7/25/2024 | 388 | 397 | 399 |
| &nbsp;&nbsp;&nbsp; WCGO-19J5, 15.840%, 2/12/2027 †§x | Affirm | 2/26/2025 | 482 | 478 | 486 |
| &nbsp;&nbsp;&nbsp; WCGU-QORE, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WCH5-LOZW, 35.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 998 | 1013 | 1007 |
| &nbsp;&nbsp;&nbsp; WCH6-KDSC, 33.950%, 10/05/2025 †§x | Affirm | 4/11/2024 | 429 | 430 | 428 |
| &nbsp;&nbsp;&nbsp; WCH7-QTJA, 31.000%, 12/19/2026 †§x | Affirm | 12/27/2024 | 930 | 965 | 971 |
| &nbsp;&nbsp;&nbsp; WCH8-R4B8, 10.095%, 8/17/2023 †x#^« | Affirm | 8/22/2022 | 52 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WCH9-UFFU, 35.480%, 8/21/2025 †x#^ | Affirm | 2/26/2024 | 314 | 322 | 19 |
| &nbsp;&nbsp;&nbsp; WCHB-UNTZ, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WCHJ-RRPW, 33.950%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 221 | 232 | 13 |
| &nbsp;&nbsp;&nbsp; WCI4-ILHF, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 215 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; WCI5-E20P, 33.950%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 27 | 27 | 4 |
| &nbsp;&nbsp;&nbsp; WCI7-BYYJ, 29.520%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 670 | 693 | 40 |
| &nbsp;&nbsp;&nbsp; WCIV-Q4NT, 33.950%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WCJ2-23U5, 29.490%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 42 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; WCJK-LXFH, 26.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WCJN-H1PP, 24.630%, 6/26/2026 †§x | Affirm | 7/01/2024 | 571 | 568 | 577 |
| &nbsp;&nbsp;&nbsp; WCJS-UZ5B, 24.770%, 1/06/2026 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WCJY-AMQM, 29.620%, 12/13/2025 †§x | Affirm | 12/27/2024 | 124 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; WCK6-AWIH, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; WCKC-8ID6, 15.700%, 5/06/2026 †§x | Affirm | 5/30/2025 | 1316 | 1363 | 1377 |
| &nbsp;&nbsp;&nbsp; WCKE-BUFF, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 101 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; WCKJ-77Q4, 35.550%, 12/02/2026 †x | Affirm | 6/27/2025 | 243 | 237 | 149 |
| &nbsp;&nbsp;&nbsp; WCKJ-KA1U, 35.470%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 219 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; WCKN-D3AM, 35.330%, 7/23/2026 †§x | Affirm | 7/26/2024 | 619 | 615 | 624 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8064** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WCKQ-KCYM, 16.000%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | $52 | $52 | $7 |
| &nbsp;&nbsp;&nbsp; WCKY-8J0N, 15.700%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; WCKZ-7SJP, 33.050%, 4/01/2025 †x#^ | Affirm | 10/04/2024 | 389 | 401 | 23 |
| &nbsp;&nbsp;&nbsp; WCL7-QRA1, 35.430%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 366 | 378 | 22 |
| &nbsp;&nbsp;&nbsp; WCL9-SKM9, 35.360%, 1/02/2026 †§x# | Affirm | 7/05/2024 | 85 | 85 | 84 |
| &nbsp;&nbsp;&nbsp; WCLH-NV34, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 96 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WCLH-ZGGE, 35.390%, 9/28/2024 †x#^ | Affirm | 7/05/2024 | 497 | 499 | 30 |
| &nbsp;&nbsp;&nbsp; WCLI-6J2L, 35.460%, 6/02/2026 †§x | Affirm | 6/27/2025 | 112 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; WCLI-GUSB, 29.590%, 10/25/2026 †§x | Affirm | 10/31/2024 | 385 | 396 | 399 |
| &nbsp;&nbsp;&nbsp; WCLT-TW4X, 29.610%, 6/06/2023 †x#^ | Affirm | 12/09/2021 | 343 | 328 | 21 |
| &nbsp;&nbsp;&nbsp; WCM3-XK6R, 29.540%, 9/01/2025 †x# | Affirm | 8/04/2023 | 255 | 258 | 15 |
| &nbsp;&nbsp;&nbsp; WCM5-J6L1, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 151 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; WCMC-156M, 15.840%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 432 | 453 | 26 |
| &nbsp;&nbsp;&nbsp; WCMK-S9WD, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; WCMV-8YBJ, 35.989%, 5/26/2024 †x#^ | Affirm | 6/02/2023 | 566 | 554 | 34 |
| &nbsp;&nbsp;&nbsp; WCMX-VKJO, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; WCMZ-9FJ7, 18.000%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WCMZ-BTED, 15.810%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 59 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; WCN0-7HTC, 35.500%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WCNA-GKTR, 13.840%, 7/02/2026 †§x | Affirm | 1/29/2025 | 399 | 408 | 408 |
| &nbsp;&nbsp;&nbsp; WCND-QWED, 35.730%, 10/01/2025 †§x | Affirm | 10/04/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WCNM-C5J1, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WCNT-RG3P, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 155 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; WCO7-23HG, 35.440%, 12/18/2025 †§x | Affirm | 12/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WCO7-Y6CV, 29.580%, 4/24/2026 †§x# | Affirm | 10/28/2024 | 199 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; WCOB-YHD7, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 167 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; WCOC-YC9L, 35.710%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1411 | 1398 | 1420 |
| &nbsp;&nbsp;&nbsp; WCOY-IKXH, 29.690%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; WCOZ-DSPU, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WCP5-PIIE, 35.360%, 2/27/2026 †§x | Affirm | 8/30/2024 | 162 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; WCP7-SDNS, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 12 | 13 | 12 |
| &nbsp;&nbsp;&nbsp; WCPC-SOH5, 33.050%, 12/21/2025 †§x | Affirm | 6/27/2024 | 100 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; WCPQ-J0YG, 29.700%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 61 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WCPW-HUSR, 35.320%, 2/06/2026 †§x | Affirm | 8/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WCQ0-WQAY, 35.100%, 1/08/2026 †§x | Affirm | 7/31/2025 | 269 | 272 | 274 |
| &nbsp;&nbsp;&nbsp; WCQ7-9H2Q, 24.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 147 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; WCQ9-065C, 35.370%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 104 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WCQE-2KEO, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WCQO-MF9T, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WCQR-OYAL, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WCQR-REK9, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; WCQS-WN4P, 35.530%, 1/02/2026 †§x | Affirm | 1/29/2025 | 275 | 278 | 276 |
| &nbsp;&nbsp;&nbsp; WCQS-WT4G, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WCQU-LC22, 29.590%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 120 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WCR0-R0S8, 25.200%, 2/10/2026 †§x | Affirm | 2/26/2025 | 537 | 551 | 554 |
| &nbsp;&nbsp;&nbsp; WCR6-NMTW, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; WCRB-4P3S, 35.990%, 5/21/2024 †x#^ | Affirm | 2/26/2024 | 130 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; WCRC-I4LF, 35.650%, 1/06/2026 †x | Affirm | 1/29/2025 | 42 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WCRD-DVZT, 11.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WCRK-OWVK, 28.500%, 10/04/2022 †x#^ | Affirm | 4/07/2022 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; WCRX-BXE5, 33.050%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 79 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; WCRZ-ZDJY, 35.900%, 2/03/2026 †§x | Affirm | 2/26/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; WCS1-FPDW, 29.700%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 112 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; WCS2-CBTR, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 277 | 286 | 288 |
| &nbsp;&nbsp;&nbsp; WCS6-IUSY, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WCSB-99T5, 15.650%, 9/20/2025 †x | Affirm | 3/28/2025 | 19 | 19 | 19 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8065** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WCSJ-CMER, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | $225 | $230 | $232 |
| &nbsp;&nbsp;&nbsp; WCSP-3RDH, 13.840%, 2/05/2026 †§x | Affirm | 2/26/2025 | 743 | 755 | 757 |
| &nbsp;&nbsp;&nbsp; WCSS-78B4, 22.810%, 8/06/2026 †§x | Affirm | 8/29/2025 | 140 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; WCSY-68YW, 21.900%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 263 | 247 | 16 |
| &nbsp;&nbsp;&nbsp; WCT7-5B19, 29.570%, 12/01/2025 †x# | Affirm | 12/07/2023 | 425 | 443 | 25 |
| &nbsp;&nbsp;&nbsp; WCTL-SFL7, 29.580%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WCTR-M1Y9, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 94 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WCTS-JK0S, 32.500%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 159 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; WCTW-CTN8, 35.740%, 2/10/2026 †§x | Affirm | 2/26/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WCTX-8MDC, 33.050%, 3/13/2027 †§x | Affirm | 3/18/2024 | 1519 | 1544 | 1549 |
| &nbsp;&nbsp;&nbsp; WCU3-HIY2, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 109 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; WCU7-NZ49, 18.000%, 3/03/2027 †§x# | Affirm | 3/28/2025 | 595 | 623 | 629 |
| &nbsp;&nbsp;&nbsp; WCUO-UVKX, 28.500%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 115 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; WCUP-15C2, 9.870%, 11/13/2027 †x | Affirm | 11/27/2024 | 14938 | 15381 | 15469 |
| &nbsp;&nbsp;&nbsp; WCUQ-W7FH, 15.790%, 9/25/2026 †§x | Affirm | 9/30/2024 | 573 | 569 | 577 |
| &nbsp;&nbsp;&nbsp; WCV0-VSCK, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 102 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WCV1-WU2X, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 427 | 439 | 441 |
| &nbsp;&nbsp;&nbsp; WCVQ-E47I, 35.290%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; WCVR-7E4R, 29.540%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 934 | 922 | 56 |
| &nbsp;&nbsp;&nbsp; WCVW-KR3J, 35.820%, 10/01/2025 †§x | Affirm | 10/04/2024 | 328 | 328 | 325 |
| &nbsp;&nbsp;&nbsp; WCW3-7DO0, 35.550%, 3/03/2027 †§x | Affirm | 3/28/2025 | 216 | 213 | 216 |
| &nbsp;&nbsp;&nbsp; WCW6-8BNF, 28.000%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 1022 | 1108 | 61 |
| &nbsp;&nbsp;&nbsp; WCW8-V9ZX, 24.950%, 9/21/2023 †x#^ | Affirm | 9/26/2022 | 80 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; WCWF-INNM, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; WCWI-PEFW, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WCWJ-L9HS, 29.620%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 88 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WCWP-Q8R4, 15.590%, 12/02/2025 †§x | Affirm | 6/27/2025 | 34 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; WCWS-UTV2, 11.920%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; WCWU-2NK7, 29.680%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 255 | 268 | 15 |
| &nbsp;&nbsp;&nbsp; WCWV-79DP, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 120 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; WCX7-F4N7, 35.270%, 2/06/2026 †§x | Affirm | 8/29/2025 | 220 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; WCXH-IFT2, 18.000%, 11/07/2025 †§x | Affirm | 8/29/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; WCXU-01BB, 32.500%, 1/08/2026 †§x | Affirm | 1/29/2025 | 169 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WCY1-LO03, 29.520%, 7/08/2027 †§x | Affirm | 7/31/2025 | 346 | 342 | 345 |
| &nbsp;&nbsp;&nbsp; WCYC-8EAQ, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; WCYF-ORNN, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WCYJ-ALDZ, 29.590%, 12/28/2025 †§x | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WCYL-AMJM, 29.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 414 | 413 | 413 |
| &nbsp;&nbsp;&nbsp; WCYP-PSXL, 27.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 407 | 403 | 410 |
| &nbsp;&nbsp;&nbsp; WCYT-QJ56, 29.870%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 334 | 341 | 20 |
| &nbsp;&nbsp;&nbsp; WCYV-I5DU, 29.620%, 12/10/2025 †§x | Affirm | 12/27/2024 | 240 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; WCYW-5LWE, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 126 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; WCYX-BJSE, 18.000%, 1/03/2027 †§x | Affirm | 1/29/2025 | 521 | 539 | 542 |
| &nbsp;&nbsp;&nbsp; WCYY-31SI, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 229 | 232 | 231 |
| &nbsp;&nbsp;&nbsp; WCZ1-UA60, 32.500%, 8/10/2026 †x | Affirm | 2/26/2025 | 763 | 767 | 787 |
| &nbsp;&nbsp;&nbsp; WCZ3-JB3N, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 91 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; WCZ4-NYBQ, 35.410%, 12/14/2024 †x#^ | Affirm | 6/21/2024 | 78 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; WCZD-RMRN, 29.640%, 5/22/2024 †x#^ | Affirm | 11/25/2022 | 178 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; WCZU-TYXH, 11.860%, 12/20/2023 †x#^ | Affirm | 12/23/2022 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; WD07-3OCF, 15.750%, 10/16/2025 †§x | Affirm | 4/19/2024 | 101 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WD0C-ARHI, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; WD0D-2F76, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 215 | 222 |  |
| &nbsp;&nbsp;&nbsp; WD0M-Y489, 35.570%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; WD13-ACH5, 29.620%, 1/13/2029 †x# | Affirm | 1/29/2025 | 1776 | 1919 | 107 |
| &nbsp;&nbsp;&nbsp; WD1W-4M9C, 14.700%, 1/08/2026 †§x | Affirm | 7/31/2025 | 571 | 582 | 584 |
| &nbsp;&nbsp;&nbsp; WD1X-650P, 29.670%, 12/02/2025 †x | Affirm | 6/27/2025 | 34 | 34 | 34 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8066** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WD1X-DAI0, 13.840%, 1/02/2027 †§x | Affirm | 1/29/2025 | $823 | $851 | $847 |
| &nbsp;&nbsp;&nbsp; WD24-6C6D, 29.480%, 9/28/2026 †§x | Affirm | 3/31/2025 | 191 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; WD2E-0PH2, 23.000%, 8/06/2025 †§x^ | Affirm | 2/26/2025 | 53 | 53 | 11 |
| &nbsp;&nbsp;&nbsp; WD2K-UJO1, 35.600%, 11/12/2025 †§x | Affirm | 11/27/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WD2S-DI3G, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 230 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; WD2U-1UKW, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 670 | 692 | 698 |
| &nbsp;&nbsp;&nbsp; WD32-RCFT, 29.790%, 2/07/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WD3A-T45W, 17.900%, 8/02/2023 †x#^ | Affirm | 8/05/2022 | 157 | 165 | 9 |
| &nbsp;&nbsp;&nbsp; WD3S-Z56D, 35.570%, 2/21/2025 †x#^ | Affirm | 2/26/2024 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; WD3Y-8LSP, 29.500%, 9/29/2023 †x#^ | Affirm | 4/03/2023 | 19 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; WD44-W445, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1962 | 2050 | 2068 |
| &nbsp;&nbsp;&nbsp; WD45-OJJ1, 35.470%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 302 | 305 | 18 |
| &nbsp;&nbsp;&nbsp; WD46-LFEM, 35.240%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WD4I-SE2R, 13.840%, 9/24/2025 †§x | Affirm | 9/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WD4M-AJSZ, 33.950%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 161 | 166 | 164 |
| &nbsp;&nbsp;&nbsp; WD4O-CKUF, 35.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; WD4S-J6P9, 33.950%, 2/16/2026 †§x | Affirm | 8/22/2024 | 171 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; WD4U-AY56, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 745 | 758 | 761 |
| &nbsp;&nbsp;&nbsp; WD4X-GXDJ, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WD53-SMOY, 29.600%, 12/17/2023 †x#^ | Affirm | 12/23/2021 | 165 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; WD56-SYNF, 14.700%, 9/02/2025 †§x | Affirm | 6/27/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WD5F-K0SA, 18.200%, 11/28/2026 †§x# | Affirm | 12/04/2023 | 828 | 850 | 856 |
| &nbsp;&nbsp;&nbsp; WD5M-7DVQ, 23.400%, 10/21/2025 †§x | Affirm | 10/24/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WD6A-V57H, 29.410%, 5/19/2024 †x#^ | Affirm | 5/25/2023 | 468 | 489 | 28 |
| &nbsp;&nbsp;&nbsp; WD6M-6TKZ, 35.370%, 12/20/2025 †x# | Affirm | 6/24/2024 | 216 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; WD6Y-JKHT, 33.160%, 11/15/2025 †x# | Affirm | 11/27/2024 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; WD70-4EMJ, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 216 | 213 | 215 |
| &nbsp;&nbsp;&nbsp; WD72-IQLE, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1120 | 1107 | 1116 |
| &nbsp;&nbsp;&nbsp; WD77-9LY4, 29.330%, 12/02/2025 †§x | Affirm | 6/27/2025 | 134 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; WD7B-0ROB, 22.680%, 10/21/2025 †§x | Affirm | 10/24/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WD7B-LAUV, 28.000%, 3/03/2023 †x#^ | Affirm | 3/07/2022 | 126 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; WD7E-UIYB, 28.000%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 194 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; WD7G-6FC0, 35.250%, 9/20/2025 †x | Affirm | 3/28/2025 | 101 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; WD7G-ZZPD, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 73 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WD7I-D3ZC, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WD7O-8V60, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 715 | 715 | 723 |
| &nbsp;&nbsp;&nbsp; WD7Q-930K, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 103 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; WD7R-J7G9, 35.320%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 240 | 241 | 14 |
| &nbsp;&nbsp;&nbsp; WD80-7X0X, 32.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 229 | 227 | 226 |
| &nbsp;&nbsp;&nbsp; WD88-TM56, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WD8K-8FLG, 21.900%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WD8M-CCGK, 22.760%, 11/04/2025 †§x | Affirm | 11/27/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; WD8P-V27B, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 120 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; WD8Q-6450, 33.950%, 12/21/2024 †x#^ | Affirm | 6/27/2024 | 46 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; WD9C-NMHE, 32.500%, 9/03/2026 †§x | Affirm | 3/28/2025 | 380 | 390 | 392 |
| &nbsp;&nbsp;&nbsp; WD9D-VN3Y, 29.710%, 1/27/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WD9G-X08J, 24.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1358 | 1399 | 1407 |
| &nbsp;&nbsp;&nbsp; WD9I-L2JR, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; WD9M-9K3V, 29.360%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WD9V-TVS9, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 311 | 321 | 321 |
| &nbsp;&nbsp;&nbsp; WD9V-WR3F, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WDA0-HDHF, 31.000%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 263 | 271 | 267 |
| &nbsp;&nbsp;&nbsp; WDA1-48N4, 35.440%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WDA1-5F06, 22.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 217 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; WDAA-1Z5C, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 208 | 213 | 214 |
| &nbsp;&nbsp;&nbsp; WDAM-5FPG, 35.150%, 1/08/2026 †§x | Affirm | 7/31/2025 | 722 | 731 | 735 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8067** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WDAW-FP79, 20.900%, 2/19/2026 †§x | Affirm | 8/22/2024 | $118 | $120 | $121 |
| &nbsp;&nbsp;&nbsp; WDB1-VNMC, 29.680%, 9/05/2025 †§x | Affirm | 9/08/2023 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WDBB-ESE9, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 259 | 265 | 265 |
| &nbsp;&nbsp;&nbsp; WDBH-LOA4, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WDBI-OTAW, 22.930%, 2/06/2026 †§x | Affirm | 2/26/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WDBQ-5DJ8, 13.840%, 2/05/2027 †§x | Affirm | 8/29/2025 | 589 | 614 | 614 |
| &nbsp;&nbsp;&nbsp; WDBU-3YIO, 29.830%, 8/01/2024 †x#^ | Affirm | 12/05/2022 | 148 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; WDBW-4397, 29.660%, 7/21/2022 †x#^ | Affirm | 4/25/2022 | 159 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; WDBY-A429, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WDC2-UL1D, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WDCI-YI8A, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 360 | 359 | 359 |
| &nbsp;&nbsp;&nbsp; WDCR-YQB5, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 307 | 305 | 75 |
| &nbsp;&nbsp;&nbsp; WDD3-CYYW, 35.290%, 11/03/2025 †x# | Affirm | 5/09/2024 | 215 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; WDDF-R4ZC, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 97 | 98 | 24 |
| &nbsp;&nbsp;&nbsp; WDDM-VM3O, 29.350%, 11/06/2025 †§x | Affirm | 8/29/2025 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WDDO-CAO3, 15.760%, 6/02/2026 †§x | Affirm | 6/27/2025 | 4908 | 5015 | 5050 |
| &nbsp;&nbsp;&nbsp; WDDO-RZ25, 26.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WDE1-753K, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; WDE1-SF86, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 117 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; WDE6-PV4H, 22.750%, 4/18/2026 †§x | Affirm | 10/24/2024 | 654 | 666 | 668 |
| &nbsp;&nbsp;&nbsp; WDEC-7I4M, 35.240%, 9/20/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WDEF-FAPS, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 284 | 298 | 17 |
| &nbsp;&nbsp;&nbsp; WDES-WTC2, 29.220%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; WDEU-MHV6, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 191 | 197 |  |
| &nbsp;&nbsp;&nbsp; WDFF-WSE8, 25.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WDFI-4KQ9, 24.200%, 1/11/2026 †§x | Affirm | 1/17/2023 | 261 | 264 | 265 |
| &nbsp;&nbsp;&nbsp; WDFK-CUH5, 35.280%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 163 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; WDFL-AZ8V, 30.000%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 469 | 467 | 467 |
| &nbsp;&nbsp;&nbsp; WDFO-1P4N, 22.750%, 8/28/2026 †x# | Affirm | 9/01/2023 | 1683 | 1760 | 101 |
| &nbsp;&nbsp;&nbsp; WDFQ-3V6J, 33.950%, 1/22/2025 †x#^ | Affirm | 10/25/2024 | 87 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; WDFV-YXOU, 29.110%, 6/14/2023 †x#^ | Affirm | 12/17/2021 | 174 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; WDFX-Q740, 33.050%, 10/21/2026 †§x# | Affirm | 10/24/2024 | 463 | 478 | 479 |
| &nbsp;&nbsp;&nbsp; WDGG-XBDV, 15.750%, 2/23/2026 †§x# | Affirm | 8/29/2024 | 123 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; WDHA-EI3R, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 594 | 586 | 356 |
| &nbsp;&nbsp;&nbsp; WDHM-PU1L, 33.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 131 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; WDHV-P2X0, 29.770%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 81 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; WDI5-MDU4, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 500 | 508 | 508 |
| &nbsp;&nbsp;&nbsp; WDI7-ZW4W, 33.050%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; WDIB-USEY, 29.700%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; WDIF-HGAW, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 354 | 368 | 370 |
| &nbsp;&nbsp;&nbsp; WDIM-0BPF, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 490 | 495 | 494 |
| &nbsp;&nbsp;&nbsp; WDIP-NGPC, 35.350%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 253 | 255 | 15 |
| &nbsp;&nbsp;&nbsp; WDIT-PRH1, 30.950%, 6/11/2025 †x#^ | Affirm | 12/27/2024 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; WDIU-9J36, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 561 | 554 | 34 |
| &nbsp;&nbsp;&nbsp; WDIW-VGXN, 22.810%, 8/07/2026 †x# | Affirm | 2/26/2025 | 1530 | 1587 | 92 |
| &nbsp;&nbsp;&nbsp; WDJ4-8G75, 35.470%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 300 | 301 | 18 |
| &nbsp;&nbsp;&nbsp; WDJF-PEZQ, 15.700%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 413 | 441 | 25 |
| &nbsp;&nbsp;&nbsp; WDJG-R4MQ, 8.217%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 506 | 484 | 479 |
| &nbsp;&nbsp;&nbsp; WDJG-TEMB, 28.940%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 376 | 401 | 23 |
| &nbsp;&nbsp;&nbsp; WDJR-CWOU, 35.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WDJY-NVYV, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 210 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; WDK7-T39A, 27.500%, 10/29/2022 †x#^ | Affirm | 5/05/2022 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; WDKQ-9KPM, 29.570%, 8/16/2026 †§x | Affirm | 8/22/2024 | 330 | 339 | 340 |
| &nbsp;&nbsp;&nbsp; WDL1-F3PL, 28.500%, 1/19/2023 †x#^ | Affirm | 1/24/2022 | 237 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; WDL2-WB3S, 22.600%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 99 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; WDL3-C90O, 29.790%, 3/03/2026 †§x | Affirm | 3/28/2025 | 142 | 146 | 147 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8068** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WDL7-ETS5, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | $16 | $16 | $16 |
| &nbsp;&nbsp;&nbsp; WDL7-IYFF, 15.810%, 9/28/2025 †§x | Affirm | 10/03/2024 | 271 | 272 | 271 |
| &nbsp;&nbsp;&nbsp; WDLD-PTQ5, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 342 | 344 | 344 |
| &nbsp;&nbsp;&nbsp; WDLO-LS4Y, 35.600%, 12/28/2025 †§x | Affirm | 1/29/2025 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; WDLP-IAKD, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WDLZ-JBZI, 35.250%, 7/02/2024 †x#^ | Affirm | 1/05/2024 | 31 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; WDM2-P44Y, 15.810%, 12/02/2025 †§x | Affirm | 6/27/2025 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; WDM8-PI74, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 636 | 647 | 649 |
| &nbsp;&nbsp;&nbsp; WDM8-YFOA, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 865 | 794 | 52 |
| &nbsp;&nbsp;&nbsp; WDMD-W6O3, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 169 | 168 | 167 |
| &nbsp;&nbsp;&nbsp; WDMD-YXNP, 15.700%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 77 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; WDMH-RM3K, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 198 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; WDMH-TIF2, 29.440%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 86 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; WDML-VZBF, 32.500%, 12/24/2025 †§x | Affirm | 6/27/2024 | 124 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; WDMO-L7TV, 30.000%, 9/20/2023 †x#^ | Affirm | 9/23/2022 | 74 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; WDMP-VRJ4, 35.000%, 3/12/2024 †x#^ | Affirm | 12/15/2023 | 1455 | 1469 | 87 |
| &nbsp;&nbsp;&nbsp; WDMP-XTHU, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 19 |
| &nbsp;&nbsp;&nbsp; WDMS-RYTZ, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WDN1-LX4F, 28.500%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 365 | 358 | 22 |
| &nbsp;&nbsp;&nbsp; WDN3-24DH, 35.390%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WDN5-0I4X, 33.060%, 12/12/2025 †x# | Affirm | 12/27/2024 | 199 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; WDN7-B5VN, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 183 | 188 | 187 |
| &nbsp;&nbsp;&nbsp; WDN7-WIPR, 20.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; WDND-R0C1, 35.985%, 6/07/2024 †x#^ | Affirm | 12/11/2023 | 180 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; WDNK-PWGV, 29.480%, 2/21/2025 †x#^ | Affirm | 8/24/2023 | 464 | 496 | 28 |
| &nbsp;&nbsp;&nbsp; WDNT-DBIO, 25.000%, 11/28/2025 †x# | Affirm | 12/01/2022 | 944 | 1017 | 57 |
| &nbsp;&nbsp;&nbsp; WDNY-39QJ, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WDO6-OJIA, 29.530%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 24 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; WDO8-76BP, 5.996%, 3/06/2023 †x#^« | Affirm | 9/09/2022 | 59 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; WDOE-7D4Q, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 444 | 431 | 427 |
| &nbsp;&nbsp;&nbsp; WDOJ-8V83, 15.870%, 12/28/2025 †§x | Affirm | 1/29/2025 | 249 | 252 | 251 |
| &nbsp;&nbsp;&nbsp; WDOL-G899, 22.870%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WDOM-4YD2, 29.200%, 2/28/2027 †x# | Affirm | 8/31/2023 | 3102 | 3245 | 186 |
| &nbsp;&nbsp;&nbsp; WDON-38A6, 29.570%, 1/05/2026 †§x# | Affirm | 1/11/2024 | 330 | 333 | 331 |
| &nbsp;&nbsp;&nbsp; WDOX-DFAW, 35.150%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WDP3-DIZS, 28.000%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 23 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; WDP4-VRW2, 18.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WDPC-I9TB, 33.050%, 3/28/2026 †§x | Affirm | 4/22/2025 | 100 | 103 | 105 |
| &nbsp;&nbsp;&nbsp; WDPH-VG1T, 22.750%, 3/20/2026 †§x | Affirm | 3/28/2025 | 513 | 525 | 524 |
| &nbsp;&nbsp;&nbsp; WDPJ-J7HD, 18.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 272 | 275 | 275 |
| &nbsp;&nbsp;&nbsp; WDPR-YVSN, 29.430%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 244 | 241 | 15 |
| &nbsp;&nbsp;&nbsp; WDPV-A4ZK, 13.840%, 11/06/2026 †§x | Affirm | 5/30/2025 | 422 | 438 | 441 |
| &nbsp;&nbsp;&nbsp; WDPW-ARBH, 22.870%, 2/07/2026 †§x | Affirm | 2/26/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WDQE-5X5C, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 189 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; WDQW-DP6N, 35.350%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WDR0-5UZA, 31.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 813 | 811 | 813 |
| &nbsp;&nbsp;&nbsp; WDR3-66SF, 35.370%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; WDR8-V2OH, 33.050%, 3/20/2026 †x# | Affirm | 9/26/2024 | 2184 | 2232 | 2233 |
| &nbsp;&nbsp;&nbsp; WDRA-45KJ, 35.990%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 885 | 901 | 517 |
| &nbsp;&nbsp;&nbsp; WDRE-UL3Q, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; WDRG-PJJ8, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 288 | 293 | 294 |
| &nbsp;&nbsp;&nbsp; WDRN-LSZO, 35.140%, 11/19/2024 †x#^ | Affirm | 8/22/2024 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; WDRP-B188, 33.050%, 2/23/2026 †§x | Affirm | 8/29/2024 | 269 | 275 | 276 |
| &nbsp;&nbsp;&nbsp; WDRP-F1TY, 34.000%, 8/26/2026 †x# | Affirm | 8/30/2024 | 3535 | 3354 | 3422 |
| &nbsp;&nbsp;&nbsp; WDRQ-3PSY, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WDRV-XZ38, 27.950%, 9/16/2026 †§x | Affirm | 9/19/2024 | 182 | 181 | 181 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8069** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WDS1-13N4, 24.400%, 1/13/2027 †§x | Affirm | 1/29/2025 | $197 | $205 | $204 |
| &nbsp;&nbsp;&nbsp; WDS1-9P0T, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 270 | 275 | 276 |
| &nbsp;&nbsp;&nbsp; WDS6-AP4Q, 4.459%, 6/03/2023 †x#^« | Affirm | 6/09/2022 | 854 | 818 | 51 |
| &nbsp;&nbsp;&nbsp; WDSB-JHY4, 33.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 268 | 270 | 269 |
| &nbsp;&nbsp;&nbsp; WDSD-4SJ3, 35.850%, 8/26/2024 †x#^ | Affirm | 2/29/2024 | 115 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; WDSP-20CK, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; WDSP-2CBC, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 102 | 99 | 101 |
| &nbsp;&nbsp;&nbsp; WDSQ-8W13, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WDSV-S7RS, 33.050%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 35 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; WDSW-HUG3, 35.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 162 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; WDT7-HK1G, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WDTB-A5V6, 29.560%, 10/26/2024 †x#^ | Affirm | 11/03/2022 | 422 | 460 | 25 |
| &nbsp;&nbsp;&nbsp; WDTM-MSZE, 30.000%, 8/13/2023 †x#^ | Affirm | 2/16/2023 | 340 | 347 | 20 |
| &nbsp;&nbsp;&nbsp; WDTN-O7R8, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 328 | 327 | 328 |
| &nbsp;&nbsp;&nbsp; WDTO-R4TI, 35.290%, 11/21/2025 †§x | Affirm | 5/24/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WDTP-LF3V, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WDTU-AWLL, 29.450%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 756 | 747 | 45 |
| &nbsp;&nbsp;&nbsp; WDTU-PYKT, 29.660%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 208 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; WDUG-QI07, 35.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 93 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; WDUK-2614, 35.770%, 2/03/2026 †x# | Affirm | 2/26/2025 | 878 | 795 | 53 |
| &nbsp;&nbsp;&nbsp; WDUO-PD4M, 29.460%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 594 | 592 | 36 |
| &nbsp;&nbsp;&nbsp; WDUO-X5I9, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 92 | 96 | 8 |
| &nbsp;&nbsp;&nbsp; WDUU-5DFH, 29.680%, 11/18/2023 †x#^ | Affirm | 11/25/2022 | 193 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; WDVB-A04N, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 263 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; WDVH-OHU8, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 140 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; WDVR-1VPO, 15.860%, 8/10/2024 †x#^ | Affirm | 2/16/2023 | 256 | 271 | 15 |
| &nbsp;&nbsp;&nbsp; WDVW-FWEV, 29.730%, 9/01/2024 †x#^ | Affirm | 9/08/2023 | 137 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; WDW2-DOHK, 35.390%, 3/26/2027 †§x | Affirm | 3/31/2025 | 423 | 421 | 430 |
| &nbsp;&nbsp;&nbsp; WDW2-R9HH, 35.500%, 10/23/2025 †§x# | Affirm | 10/28/2024 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; WDW5-YR6Z, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WDW8-RL8O, 29.610%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 105 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WDW9-JMB4, 33.180%, 1/06/2026 †§x | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WDWE-9BA3, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WDWN-4QYO, 29.200%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; WDWN-Z75C, 35.830%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; WDXB-UPX1, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 35 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; WDXP-SR6U, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 302 | 305 | 305 |
| &nbsp;&nbsp;&nbsp; WDY5-FBRJ, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; WDYW-TYND, 33.050%, 11/15/2026 †§x | Affirm | 11/27/2024 | 453 | 468 | 470 |
| &nbsp;&nbsp;&nbsp; WDYW-TZE9, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 320 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; WDYX-GB8T, 24.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; WDYZ-WJ4Y, 35.770%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 123 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WDZ1-AY55, 29.900%, 1/02/2026 †x# | Affirm | 1/29/2025 | 121 | 123 | 73 |
| &nbsp;&nbsp;&nbsp; WDZ8-EJ7Y, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 96 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; WDZ8-LZ7L, 32.500%, 1/08/2027 †§x# | Affirm | 7/31/2025 | 335 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; WDZH-M36Z, 34.950%, 11/20/2025 †§x | Affirm | 11/24/2023 | 515 | 518 | 520 |
| &nbsp;&nbsp;&nbsp; WDZI-1R0E, 29.590%, 10/28/2026 †x# | Affirm | 10/31/2024 | 2221 | 2294 | 2305 |
| &nbsp;&nbsp;&nbsp; WDZQ-25Z0, 29.520%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; WDZS-WTYL, 33.050%, 10/25/2025 †§x | Affirm | 10/31/2024 | 20 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WDZT-R0ZF, 24.400%, 2/19/2026 †§x | Affirm | 8/22/2024 | 162 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; WDZU-TKVE, 15.640%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; WDZV-660A, 33.950%, 5/20/2026 †§x | Affirm | 5/24/2024 | 333 | 339 | 341 |
| &nbsp;&nbsp;&nbsp; WDZZ-L2Q7, 33.050%, 8/10/2026 †§x | Affirm | 2/26/2025 | 206 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; WDZZ-XBP5, 35.150%, 1/08/2026 †§x | Affirm | 7/31/2025 | 320 | 324 | 326 |
| &nbsp;&nbsp;&nbsp; WE03-QESI, 15.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WE08-DI83, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 97 | 99 | 99 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8070** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WE0A-J5U5, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | $149 | $150 | $150 |
| &nbsp;&nbsp;&nbsp; WE0G-VSFV, 29.400%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 103 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; WE0L-LO3N, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; WE0T-Q5SE, 35.990%, 8/07/2025 †§x#^ | Affirm | 2/26/2025 | 180 | 177 | 41 |
| &nbsp;&nbsp;&nbsp; WE0V-9RSM, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 207 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; WE0X-6OYB, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 85 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; WE14-RYP7, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 166 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; WE15-B1IG, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 201 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; WE17-W8UC, 35.490%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 105 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; WE1A-CETH, 33.000%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 238 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; WE1Q-OU12, 35.300%, 9/03/2025 †§x | Affirm | 3/28/2025 | 20 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; WE1Y-OP5M, 30.000%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 615 | 640 | 37 |
| &nbsp;&nbsp;&nbsp; WE1Z-FSS6, 35.450%, 11/27/2025 †x# | Affirm | 8/30/2024 | 111 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; WE21-S1Y4, 11.880%, 1/06/2026 †§x | Affirm | 1/29/2025 | 92 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; WE23-L4UV, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 188 | 187 | 46 |
| &nbsp;&nbsp;&nbsp; WE26-U102, 28.000%, 11/14/2025 †§x | Affirm | 11/17/2022 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; WE2D-D6F2, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 191 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; WE2P-MJ6P, 30.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WE2Q-3X18, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 170 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; WE2R-S658, 33.050%, 10/03/2025 †§x | Affirm | 10/07/2024 | 138 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; WE30-RK4U, 18.000%, 12/24/2025 †§x | Affirm | 6/27/2024 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WE3A-SUS4, 35.310%, 3/03/2026 †§x | Affirm | 3/28/2025 | 168 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; WE3F-4XLX, 30.000%, 12/28/2025 †x | Affirm | 1/29/2025 | 294 | 283 | 281 |
| &nbsp;&nbsp;&nbsp; WE3J-Z80C, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; WE3K-GPSP, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 88 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; WE3S-4DJN, 29.490%, 12/28/2024 †x#^ | Affirm | 7/03/2023 | 234 | 233 | 14 |
| &nbsp;&nbsp;&nbsp; WE44-BCON, 33.050%, 11/28/2025 †x# | Affirm | 5/31/2024 | 136 | 142 |  |
| &nbsp;&nbsp;&nbsp; WE4A-75IR, 15.770%, 10/25/2025 †§x | Affirm | 10/31/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WE4F-EEJC, 24.400%, 10/15/2025 †§x | Affirm | 4/18/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WE4G-U35D, 35.450%, 8/06/2026 †§x | Affirm | 8/29/2025 | 140 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; WE4K-MZFU, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; WE4S-7RSR, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 219 | 215 | 215 |
| &nbsp;&nbsp;&nbsp; WE4V-2EJN, 27.450%, 5/05/2026 †§x | Affirm | 5/11/2023 | 1045 | 1052 | 1070 |
| &nbsp;&nbsp;&nbsp; WE54-BTI3, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 2271 | 2322 | 136 |
| &nbsp;&nbsp;&nbsp; WE5A-KUGK, 15.670%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; WE5F-OXU0, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WE5K-DCS4, 29.590%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 342 | 359 | 21 |
| &nbsp;&nbsp;&nbsp; WE5S-DVXU, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 84 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; WE6A-03KO, 33.000%, 9/25/2026 †§x | Affirm | 9/30/2024 | 639 | 657 | 662 |
| &nbsp;&nbsp;&nbsp; WE6A-HIIH, 33.950%, 12/25/2025 †§x | Affirm | 6/28/2024 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WE6D-CYX3, 35.570%, 1/06/2026 †§x | Affirm | 1/29/2025 | 77 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; WE6G-QU78, 29.640%, 5/03/2024 †x#^ | Affirm | 11/07/2022 | 373 | 374 | 22 |
| &nbsp;&nbsp;&nbsp; WE6V-5NLO, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WE6X-3AWY, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WE76-160O, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WE77-9ZV7, 22.750%, 11/08/2025 †§x# | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WE7A-D3ML, 29.560%, 5/22/2025 †x#^ | Affirm | 11/27/2023 | 215 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; WE7H-MD3L, 15.700%, 2/03/2025 †x#^ | Affirm | 5/11/2023 | 305 | 306 | 18 |
| &nbsp;&nbsp;&nbsp; WE7J-UTC0, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 151 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; WE7K-R5M8, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 561 | 575 | 578 |
| &nbsp;&nbsp;&nbsp; WE7L-VW7W, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WE7Q-BBZ6, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 90 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; WE7Y-6AEE, 29.610%, 6/20/2026 †§x | Affirm | 12/27/2024 | 200 | 207 | 205 |
| &nbsp;&nbsp;&nbsp; WE85-X3JY, 28.000%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 118 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; WE86-ZF60, 29.590%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 369 | 373 | 376 |
| &nbsp;&nbsp;&nbsp; WE89-1968, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 335 | 341 | 339 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8071** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WE89-NWE9, 35.540%, 12/10/2025 †§x | Affirm | 12/27/2024 | $39 | $39 | $39 |
| &nbsp;&nbsp;&nbsp; WE8R-HI1B, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WE8X-C6V1, 15.730%, 6/02/2026 †§x | Affirm | 6/27/2025 | 265 | 270 | 272 |
| &nbsp;&nbsp;&nbsp; WE90-3PNQ, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WE95-9Y1G, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 102 | 102 | 101 |
| &nbsp;&nbsp;&nbsp; WE9L-T59K, 32.500%, 5/15/2026 †§x | Affirm | 11/27/2024 | 230 | 234 | 232 |
| &nbsp;&nbsp;&nbsp; WE9T-1EHR, 29.510%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 373 | 387 | 22 |
| &nbsp;&nbsp;&nbsp; WEA2-48I0, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 93 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; WEAA-LA4Q, 28.950%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 322 | 339 | 19 |
| &nbsp;&nbsp;&nbsp; WEAG-MGPO, 20.900%, 4/01/2026 †x# | Affirm | 4/04/2024 | 932 | 974 | 56 |
| &nbsp;&nbsp;&nbsp; WEAL-STHP, 29.560%, 6/24/2026 †§x | Affirm | 6/27/2024 | 744 | 754 | 767 |
| &nbsp;&nbsp;&nbsp; WEAM-WV5L, 33.000%, 10/24/2026 †x# | Affirm | 10/28/2024 | 1856 | 1834 | 111 |
| &nbsp;&nbsp;&nbsp; WEAQ-0FLH, 35.620%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 196 | 202 | 201 |
| &nbsp;&nbsp;&nbsp; WEAT-SZL5, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 385 | 393 | 23 |
| &nbsp;&nbsp;&nbsp; WEAV-D67N, 35.470%, 11/14/2026 †§x# | Affirm | 11/27/2024 | 312 | 312 | 315 |
| &nbsp;&nbsp;&nbsp; WEAX-QK9Z, 26.500%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 227 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; WEAZ-N5ZV, 29.100%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 61 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WEBB-KTHX, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 246 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; WEBC-36BA, 29.670%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 216 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; WEBE-M590, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 91 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; WEBQ-RZWX, 35.480%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WEBT-Z7P3, 15.690%, 3/29/2024 †x#^ | Affirm | 4/03/2023 | 23 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; WEBX-D77C, 27.100%, 10/12/2022 †x#^ | Affirm | 7/15/2022 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; WEBY-6UP7, 29.950%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 69 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; WEC6-AM3U, 29.480%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 401 | 428 | 24 |
| &nbsp;&nbsp;&nbsp; WEC8-4Q7M, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 153 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; WEC9-GAWZ, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 1782 | 1770 | 1765 |
| &nbsp;&nbsp;&nbsp; WECA-BS13, 29.110%, 12/09/2023 †x#^ | Affirm | 12/13/2021 | 274 | 295 | 16 |
| &nbsp;&nbsp;&nbsp; WECD-DQRD, 28.500%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 642 | 614 | 39 |
| &nbsp;&nbsp;&nbsp; WECU-0OE5, 15.680%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 64 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; WED9-SOP9, 29.630%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 188 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; WEDA-ANQH, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1397 | 1420 | 1425 |
| &nbsp;&nbsp;&nbsp; WEDQ-A353, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 297 | 307 | 309 |
| &nbsp;&nbsp;&nbsp; WEDX-XBKR, 29.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 454 | 466 | 469 |
| &nbsp;&nbsp;&nbsp; WEEN-CALB, 35.490%, 5/15/2026 †x# | Affirm | 11/27/2024 | 206 | 205 | 48 |
| &nbsp;&nbsp;&nbsp; WEES-M2YZ, 33.140%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WEET-HCSX, 29.500%, 3/28/2026 †§x# | Affirm | 4/01/2024 | 375 | 381 | 382 |
| &nbsp;&nbsp;&nbsp; WEEU-ND4B, 35.981%, 10/02/2024 †x#^ | Affirm | 7/05/2024 | 52 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; WEEZ-BSES, 29.430%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 180 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; WEF0-7D20, 30.950%, 6/02/2026 †x | Affirm | 6/27/2025 | 107 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WEF5-R57V, 33.950%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 441 | 447 | 443 |
| &nbsp;&nbsp;&nbsp; WEF9-7329, 30.950%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 70 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; WEFB-6DKM, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1197 | 1194 | 1198 |
| &nbsp;&nbsp;&nbsp; WEFG-1YRA, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 203 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; WEFI-01BP, 32.000%, 5/21/2027 †§x | Affirm | 5/24/2024 | 1782 | 1803 | 1819 |
| &nbsp;&nbsp;&nbsp; WEFV-AG0I, 32.000%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 2347 | 2462 | 141 |
| &nbsp;&nbsp;&nbsp; WEG0-BIAM, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 133 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; WEG3-HGIP, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 132 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; WEG5-19AJ, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 187 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; WEG8-NGBP, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 335 | 341 | 342 |
| &nbsp;&nbsp;&nbsp; WEG9-NWR0, 25.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WEGE-YCZS, 22.870%, 2/10/2026 †x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WEGH-5KNL, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; WEGH-BRBQ, 15.810%, 11/15/2026 †§x | Affirm | 11/27/2024 | 519 | 518 | 524 |
| &nbsp;&nbsp;&nbsp; WEGK-25J9, 15.810%, 11/15/2026 †§x | Affirm | 11/27/2024 | 318 | 329 | 328 |
| &nbsp;&nbsp;&nbsp; WEGO-45IW, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 405 | 421 | 420 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8072** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WEGS-52QH, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | $149 | $156 | $- |
| &nbsp;&nbsp;&nbsp; WEH7-H45L, 29.500%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; WEHP-PM53, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 280 | 282 | 17 |
| &nbsp;&nbsp;&nbsp; WEHZ-JO1N, 35.530%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 113 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WEIF-JAUV, 29.340%, 7/01/2022 †x#^ | Affirm | 4/07/2022 | 319 | 316 | 19 |
| &nbsp;&nbsp;&nbsp; WEIO-C619, 15.770%, 12/28/2025 †§x | Affirm | 1/03/2023 | 142 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; WEIO-I5KW, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 88 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; WEIR-Q5XC, 25.200%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WEJ0-LFIC, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WEJ4-T2GV, 30.000%, 9/01/2022 †x#^ | Affirm | 3/04/2022 | 777 | 800 | 47 |
| &nbsp;&nbsp;&nbsp; WEJ5-887O, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 116 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; WEJ8-2H1E, 35.590%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 86 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; WEJC-FH5L, 11.770%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WEJF-KQOP, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WEJJ-Z0SZ, 32.940%, 6/02/2026 †§x | Affirm | 6/27/2025 | 468 | 461 | 465 |
| &nbsp;&nbsp;&nbsp; WEJK-5H71, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 353 | 357 | 358 |
| &nbsp;&nbsp;&nbsp; WEJS-CRSP, 29.620%, 3/20/2026 †x# | Affirm | 9/26/2024 | 137 | 143 | 34 |
| &nbsp;&nbsp;&nbsp; WEJT-B2NT, 26.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WEK4-BHY2, 29.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 333 | 342 | 344 |
| &nbsp;&nbsp;&nbsp; WEKH-U0EM, 25.900%, 3/28/2026 †x# | Affirm | 4/22/2025 | 141 | 146 | 1 |
| &nbsp;&nbsp;&nbsp; WEKP-08JW, 32.000%, 9/24/2025 †§x | Affirm | 9/27/2024 | 164 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; WEKR-0WGX, 35.680%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WEKR-HZP3, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 149 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; WEKR-WSW8, 13.840%, 7/02/2026 †x | Affirm | 1/29/2025 | 2522 | 2579 | 2588 |
| &nbsp;&nbsp;&nbsp; WEKS-XX1G, 35.360%, 12/27/2025 †x# | Affirm | 7/01/2024 | 239 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; WEKV-Z76X, 33.950%, 12/24/2025 †§x | Affirm | 6/27/2024 | 401 | 407 | 408 |
| &nbsp;&nbsp;&nbsp; WELE-U8FN, 35.790%, 9/06/2025 †x# | Affirm | 1/29/2025 | 82 | 83 | 21 |
| &nbsp;&nbsp;&nbsp; WELG-WDBS, 27.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 149 | 149 | 147 |
| &nbsp;&nbsp;&nbsp; WELH-3TQT, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WELO-RH5M, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 421 | 425 | 425 |
| &nbsp;&nbsp;&nbsp; WELV-SD9D, 29.620%, 3/16/2026 †§x | Affirm | 9/26/2024 | 701 | 682 | 685 |
| &nbsp;&nbsp;&nbsp; WEM0-UM4W, 33.950%, 12/19/2026 †§x | Affirm | 12/27/2024 | 735 | 761 | 769 |
| &nbsp;&nbsp;&nbsp; WEM7-8KNI, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 366 | 371 | 372 |
| &nbsp;&nbsp;&nbsp; WEMH-ZQ34, 33.090%, 12/09/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WEMT-NMTF, 29.470%, 7/28/2023 †x#^ | Affirm | 8/04/2022 | 146 | 144 | 9 |
| &nbsp;&nbsp;&nbsp; WEN0-VCEG, 27.950%, 10/28/2025 †§x | Affirm | 10/31/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WEN2-3SW7, 33.050%, 5/05/2024 †x#^ | Affirm | 5/11/2023 | 1213 | 1268 | 73 |
| &nbsp;&nbsp;&nbsp; WEN4-1TFV, 35.480%, 9/18/2025 †§x# | Affirm | 9/23/2024 | 230 | 230 | 231 |
| &nbsp;&nbsp;&nbsp; WEN9-PRVQ, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 493 | 503 | 30 |
| &nbsp;&nbsp;&nbsp; WENB-C04D, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 317 | 325 | 327 |
| &nbsp;&nbsp;&nbsp; WENC-25JA, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 177 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; WENC-VGUO, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 440 | 447 | 26 |
| &nbsp;&nbsp;&nbsp; WENJ-U8TN, 35.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WENR-POW5, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1425 | 1398 | 86 |
| &nbsp;&nbsp;&nbsp; WENV-7SI6, 35.240%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 188 | 186 | 110 |
| &nbsp;&nbsp;&nbsp; WENY-A5A7, 19.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; WEO5-4Y17, 15.760%, 8/28/2026 †§x# | Affirm | 9/01/2022 | 966 | 992 | 936 |
| &nbsp;&nbsp;&nbsp; WEOM-Y8H9, 33.050%, 11/09/2025 †§x | Affirm | 5/13/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WEOO-GYD8, 13.840%, 10/08/2025 †§x | Affirm | 7/31/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WEOP-36KS, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; WEOR-9XBO, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 51 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; WEOU-H5OR, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WEOX-LRSB, 22.840%, 2/06/2026 †§x | Affirm | 2/26/2025 | 145 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; WEP0-ZYR1, 22.650%, 12/20/2025 †§x | Affirm | 6/24/2024 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WEP7-8TNZ, 24.850%, 7/02/2026 †§x | Affirm | 1/29/2025 | 175 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; WEP8-PQOV, 35.770%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 74 | 74 | 74 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8073** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WEP9-OJR9, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | $85 | $87 | $87 |
| &nbsp;&nbsp;&nbsp; WEPB-VZG4, 35.280%, 2/06/2026 †§x | Affirm | 8/29/2025 | 195 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; WEPG-3XR9, 35.470%, 8/06/2026 †§x | Affirm | 8/29/2025 | 223 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; WEPZ-9J13, 9.150%, 3/20/2023 †x#^« | Affirm | 9/23/2022 | 356 | 342 | 21 |
| &nbsp;&nbsp;&nbsp; WEQ9-I6VT, 32.860%, 3/20/2026 †§x | Affirm | 3/28/2025 | 127 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; WEQF-SSC5, 35.290%, 11/07/2025 †§x# | Affirm | 5/10/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WEQN-RIJ2, 33.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WEQS-N6F3, 19.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WER3-EL18, 22.840%, 2/03/2026 †§x | Affirm | 2/26/2025 | 72 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; WER7-GM37, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 351 | 358 | 359 |
| &nbsp;&nbsp;&nbsp; WERB-F9KQ, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WERP-7YN5, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 187 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; WES1-2QRP, 32.770%, 9/02/2025 †§x | Affirm | 6/27/2025 | 25 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WES4-V8DT, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WES6-2KF0, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 361 | 370 | 372 |
| &nbsp;&nbsp;&nbsp; WES7-J43I, 28.000%, 3/10/2023 †x#^ | Affirm | 3/14/2022 | 526 | 544 | 32 |
| &nbsp;&nbsp;&nbsp; WESF-TFXA, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; WESJ-VIKD, 26.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 164 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; WESS-4UHK, 29.590%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 421 | 424 | 422 |
| &nbsp;&nbsp;&nbsp; WET2-CN6R, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; WETA-ODT7, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WETG-VSM5, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 188 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; WETI-6JHY, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 303 | 311 | 312 |
| &nbsp;&nbsp;&nbsp; WETJ-ZLJO, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; WETK-K30B, 35.660%, 1/27/2026 †§x | Affirm | 2/26/2025 | 73 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; WETQ-IC9Q, 15.680%, 2/06/2026 †§x | Affirm | 8/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; WETQ-XXWH, 25.200%, 1/06/2026 †§x | Affirm | 1/29/2025 | 318 | 324 | 325 |
| &nbsp;&nbsp;&nbsp; WETU-SOUL, 6.804%, 10/01/2025 †x« | Affirm | 10/04/2024 | 179 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; WEU8-IVEK, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 670 | 673 | 40 |
| &nbsp;&nbsp;&nbsp; WEUE-NN63, 29.000%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 270 | 289 | 16 |
| &nbsp;&nbsp;&nbsp; WEUF-8VU2, 35.170%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 60 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; WEUF-DNOO, 35.620%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1159 | 1148 | 1166 |
| &nbsp;&nbsp;&nbsp; WEUF-FV4I, 15.690%, 3/28/2026 †x | Affirm | 4/22/2025 | 127 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; WEUG-08EE, 29.820%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 272 | 276 | 276 |
| &nbsp;&nbsp;&nbsp; WEUL-4THL, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 58 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; WEUL-UUU1, 29.820%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; WEUM-TVA3, 15.690%, 3/04/2025 †x#^ | Affirm | 3/07/2024 | 357 | 358 | 21 |
| &nbsp;&nbsp;&nbsp; WEUN-KH6U, 35.420%, 3/26/2028 †x# | Affirm | 4/22/2025 | 4830 | 4785 | 4903 |
| &nbsp;&nbsp;&nbsp; WEUX-JH0D, 30.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 145 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; WEVA-5Z9J, 31.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 563 | 582 | 585 |
| &nbsp;&nbsp;&nbsp; WEVR-0R7O, 33.950%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; WEW0-YQJP, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 193 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; WEW3-5HL5, 33.950%, 10/28/2025 †x# | Affirm | 10/31/2024 | 59 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WEW3-GK1Q, 21.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 228 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; WEW8-ZWCH, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WEWC-W170, 29.720%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 142 | 136 | 9 |
| &nbsp;&nbsp;&nbsp; WEWN-DOSU, 15.780%, 11/21/2025 †§x | Affirm | 11/25/2022 | 318 | 320 | 321 |
| &nbsp;&nbsp;&nbsp; WEWO-DG6H, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WEWO-KSQK, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 268 | 273 | 272 |
| &nbsp;&nbsp;&nbsp; WEWU-QIJX, 35.110%, 2/06/2026 †§x | Affirm | 8/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WEX7-KN0A, 29.580%, 7/11/2025 †x#^ | Affirm | 1/16/2024 | 288 | 303 | 17 |
| &nbsp;&nbsp;&nbsp; WEXD-4ZG8, 31.830%, 1/13/2027 †§x | Affirm | 1/29/2025 | 398 | 397 | 403 |
| &nbsp;&nbsp;&nbsp; WEXN-XMGY, 15.780%, 10/18/2025 †§x | Affirm | 10/24/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WEXW-2L50, 13.840%, 12/28/2025 †§x# | Affirm | 7/05/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WEXX-MZYX, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 195 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; WEYL-9YDD, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 184 | 192 | 194 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8074** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WEYO-CET0, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | $68 | $69 | $69 |
| &nbsp;&nbsp;&nbsp; WEYO-S4MX, 29.520%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 1146 | 1181 | 69 |
| &nbsp;&nbsp;&nbsp; WEYP-95UM, 22.900%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 298 | 311 | 18 |
| &nbsp;&nbsp;&nbsp; WEYT-LMS9, 33.020%, 1/11/2026 †§x# | Affirm | 1/16/2024 | 194 | 194 | 196 |
| &nbsp;&nbsp;&nbsp; WEYW-PS9J, 26.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; WEYW-QU99, 11.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 528 | 527 | 526 |
| &nbsp;&nbsp;&nbsp; WEZ2-Q446, 35.460%, 12/10/2025 †§x | Affirm | 12/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WEZ9-HTZ5, 29.720%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1065 | 1098 | 1105 |
| &nbsp;&nbsp;&nbsp; WEZD-5YIT, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WEZE-43RL, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 112 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; WEZI-GZY4, 35.990%, 1/08/2026 †x# | Affirm | 1/29/2025 | 114 | 117 | 4 |
| &nbsp;&nbsp;&nbsp; WEZP-UZWP, 29.560%, 9/05/2025 †x# | Affirm | 9/08/2023 | 297 | 300 | 18 |
| &nbsp;&nbsp;&nbsp; WEZQ-MSYN, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 86 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WEZW-A7N7, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 468 | 492 | 28 |
| &nbsp;&nbsp;&nbsp; WEZY-0JHH, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; WEZY-PWNM, 33.050%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 108 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; WEZZ-YQEM, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; WF02-W8GZ, 26.700%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 1608 | 1671 | 96 |
| &nbsp;&nbsp;&nbsp; WF0C-9MHM, 11.162%, 6/14/2023 †x#^« | Affirm | 12/17/2021 | 518 | 442 | 31 |
| &nbsp;&nbsp;&nbsp; WF0H-WJK3, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WF0Q-1M03, 29.500%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 654 | 660 | 39 |
| &nbsp;&nbsp;&nbsp; WF0U-OW69, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1119 | 1138 | 1134 |
| &nbsp;&nbsp;&nbsp; WF0V-PDBF, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WF18-1NM4, 29.630%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; WF19-BMGX, 35.390%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 22 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; WF1E-NKCF, 33.950%, 10/23/2026 †§x | Affirm | 10/28/2024 | 1078 | 1110 | 1117 |
| &nbsp;&nbsp;&nbsp; WF1H-LZKF, 29.500%, 3/20/2026 †§x | Affirm | 3/28/2025 | 123 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; WF1Q-GHTO, 29.310%, 1/25/2023 †x#^ | Affirm | 7/28/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; WF1Y-EPT4, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WF21-Z0TY, 29.380%, 2/06/2026 †§x | Affirm | 8/29/2025 | 250 | 256 | 256 |
| &nbsp;&nbsp;&nbsp; WF26-0BPT, 22.830%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; WF27-QXSN, 14.780%, 8/27/2026 †§x | Affirm | 8/30/2024 | 1054 | 1049 | 1065 |
| &nbsp;&nbsp;&nbsp; WF2D-TR4Y, 23.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 370 | 375 | 376 |
| &nbsp;&nbsp;&nbsp; WF2E-CN8E, 35.590%, 9/24/2025 †x# | Affirm | 9/27/2024 | 55 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; WF2E-SJE0, 25.700%, 12/04/2025 †§x | Affirm | 12/07/2023 | 173 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; WF2N-4EGR, 32.500%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 213 | 214 | 216 |
| &nbsp;&nbsp;&nbsp; WF2S-MBHS, 35.380%, 6/09/2024 †x#^ | Affirm | 6/15/2023 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; WF2W-10R8, 35.450%, 1/09/2026 †§x | Affirm | 1/29/2025 | 105 | 104 | 62 |
| &nbsp;&nbsp;&nbsp; WF2X-8PDO, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WF34-N4NX, 29.410%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; WF36-ZWVB, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 767 | 786 | 787 |
| &nbsp;&nbsp;&nbsp; WF39-LAQL, 15.760%, 6/02/2026 †§x | Affirm | 6/27/2025 | 88 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; WF39-XEYX, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 421 | 419 | 107 |
| &nbsp;&nbsp;&nbsp; WF3B-EDUB, 35.250%, 3/28/2026 †x# | Affirm | 3/31/2025 | 78 | 79 | 20 |
| &nbsp;&nbsp;&nbsp; WF3C-QA5S, 31.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 772 | 794 | 790 |
| &nbsp;&nbsp;&nbsp; WF3T-Q3SV, 13.840%, 12/12/2025 †§x | Affirm | 12/27/2024 | 82 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; WF49-DBN5, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 185 | 189 |  |
| &nbsp;&nbsp;&nbsp; WF52-KBAZ, 31.000%, 9/03/2025 †x | Affirm | 3/28/2025 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WF54-UXLP, 31.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 78 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WF57-197H, 26.900%, 10/02/2025 †§x | Affirm | 10/07/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WF5A-PNCB, 22.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WF60-XAFD, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 407 | 418 | 420 |
| &nbsp;&nbsp;&nbsp; WF67-UEFG, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 681 | 677 | 675 |
| &nbsp;&nbsp;&nbsp; WF6L-928U, 31.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WF6Y-2J1G, 35.480%, 8/20/2025 †x#^ | Affirm | 2/23/2024 | 188 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; WF7A-USGL, 29.600%, 1/03/2028 †x | Affirm | 1/29/2025 | 4155 | 4285 | 4314 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8075** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WF7C-Q6SM, 22.900%, 2/10/2027 †x | Affirm | 2/26/2025 | $6004 | $6257 | $3118 |
| &nbsp;&nbsp;&nbsp; WF7G-VWEO, 28.000%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 33 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; WF7H-KKSC, 9.840%, 7/08/2028 †x | Affirm | 7/31/2025 | 3879 | 4105 | 4133 |
| &nbsp;&nbsp;&nbsp; WF7Z-J89G, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WF81-A3QL, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1794 | 1871 | 1862 |
| &nbsp;&nbsp;&nbsp; WF8F-8K7Q, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 338 | 347 | 349 |
| &nbsp;&nbsp;&nbsp; WF90-ZMKA, 32.000%, 10/02/2025 †§x | Affirm | 10/07/2024 | 227 | 229 | 228 |
| &nbsp;&nbsp;&nbsp; WF93-O8BA, 23.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 301 | 312 | 312 |
| &nbsp;&nbsp;&nbsp; WF99-29HA, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WF99-9CJR, 33.950%, 8/07/2026 †x | Affirm | 2/26/2025 | 1144 | 1171 | 1172 |
| &nbsp;&nbsp;&nbsp; WF9C-CK8R, 10.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WF9L-6HYR, 11.860%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 310 | 331 | 19 |
| &nbsp;&nbsp;&nbsp; WF9L-M3ZS, 35.570%, 9/20/2025 †x# | Affirm | 9/26/2024 | 279 | 256 | 17 |
| &nbsp;&nbsp;&nbsp; WF9O-WI2B, 35.950%, 5/05/2025 †x#^ | Affirm | 2/26/2025 | 62 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; WF9R-0HG8, 15.880%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WF9U-81XT, 19.900%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 181 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; WF9V-LEWZ, 13.840%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WFA3-HCDQ, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 414 | 422 | 423 |
| &nbsp;&nbsp;&nbsp; WFAF-L8K5, 35.560%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WFAK-0FRT, 35.480%, 9/23/2025 †§x | Affirm | 9/26/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WFAP-M5BH, 15.820%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WFB1-5VNB, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 180 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; WFBA-Q3RG, 33.160%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WFBL-UYDF, 29.540%, 10/28/2025 †§x | Affirm | 5/02/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WFC2-QEQY, 35.450%, 2/05/2027 †§x | Affirm | 8/29/2025 | 2085 | 2034 | 2034 |
| &nbsp;&nbsp;&nbsp; WFC2-SX54, 35.520%, 6/19/2026 †§x | Affirm | 12/27/2024 | 152 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; WFC5-CD3V, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 232 | 237 | 237 |
| &nbsp;&nbsp;&nbsp; WFCI-M1AE, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; WFCN-H1P5, 23.400%, 1/13/2027 †§x | Affirm | 1/29/2025 | 400 | 415 | 418 |
| &nbsp;&nbsp;&nbsp; WFCQ-X53A, 18.000%, 2/26/2026 †§x | Affirm | 2/29/2024 | 1473 | 1493 | 1500 |
| &nbsp;&nbsp;&nbsp; WFCS-FJIK, 31.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 623 | 646 | 646 |
| &nbsp;&nbsp;&nbsp; WFCT-6FPI, 31.500%, 8/27/2027 †x | Affirm | 8/30/2024 | 4664 | 4338 | 4377 |
| &nbsp;&nbsp;&nbsp; WFCU-0S6A, 19.700%, 8/23/2026 †§x | Affirm | 8/29/2024 | 1154 | 1185 | 1191 |
| &nbsp;&nbsp;&nbsp; WFCW-5AFV, 22.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WFD9-LI0K, 26.500%, 9/21/2024 †x#^ | Affirm | 9/26/2022 | 577 | 619 | 35 |
| &nbsp;&nbsp;&nbsp; WFDC-9P57, 29.550%, 4/16/2026 †§x | Affirm | 4/19/2024 | 296 | 301 | 302 |
| &nbsp;&nbsp;&nbsp; WFDN-8KKR, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 189 | 192 | 191 |
| &nbsp;&nbsp;&nbsp; WFDQ-MT4J, 9.820%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WFDR-IPXX, 35.530%, 12/16/2025 †x# | Affirm | 12/27/2024 | 99 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; WFDX-LLTS, 19.750%, 9/16/2026 †x# | Affirm | 9/26/2024 | 1334 | 1216 | 145 |
| &nbsp;&nbsp;&nbsp; WFDX-OKZO, 23.400%, 3/05/2026 †§x# | Affirm | 3/08/2024 | 190 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; WFDZ-15XX, 29.430%, 3/15/2023 †x#^ | Affirm | 3/18/2022 | 535 | 553 | 32 |
| &nbsp;&nbsp;&nbsp; WFE1-YJIL, 33.950%, 10/28/2025 †§x | Affirm | 10/31/2024 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; WFE6-QGSM, 16.000%, 8/25/2022 †x#^ | Affirm | 3/03/2022 | 157 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; WFE7-QXGJ, 29.000%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 455 | 446 | 27 |
| &nbsp;&nbsp;&nbsp; WFER-E29P, 35.490%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WFF0-U4HT, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 228 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; WFF2-6WHP, 22.750%, 4/17/2025 †x#^ | Affirm | 4/22/2024 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; WFFE-VAFA, 22.770%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 51 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; WFFI-12JJ, 23.400%, 7/02/2026 †x | Affirm | 1/29/2025 | 1564 | 1599 | 1607 |
| &nbsp;&nbsp;&nbsp; WFFR-P1XK, 35.180%, 11/06/2025 †§x | Affirm | 8/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WFFW-QZ71, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 112 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WFG2-IW92, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WFG7-808M, 35.360%, 4/26/2026 †§x | Affirm | 5/02/2024 | 369 | 371 | 379 |
| &nbsp;&nbsp;&nbsp; WFG8-9I1L, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WFGD-CPHU, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 236 | 247 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8076** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WFGF-9FQ6, 29.450%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | $96 | $101 | $6 |
| &nbsp;&nbsp;&nbsp; WFGI-7B1A, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; WFGN-LRP7, 22.750%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WFGR-4Q4F, 15.800%, 12/28/2023 †x#^ | Affirm | 1/06/2023 | 110 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; WFGW-IWIM, 30.000%, 8/21/2023 †x#^ | Affirm | 2/24/2023 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; WFH7-8B0U, 29.350%, 12/02/2025 †§x | Affirm | 6/27/2025 | 150 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; WFHF-9R3W, 29.910%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; WFHF-XSRK, 29.630%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 72 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; WFHR-4PZ1, 35.410%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WFIE-DGKM, 15.820%, 11/14/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WFII-P3SK, 6.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; WFIJ-MYPS, 35.690%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WFJ4-UOPU, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 84 |
| &nbsp;&nbsp;&nbsp; WFJ9-AL0F, 23.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 196 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; WFJF-G0BK, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WFJG-JLOH, 29.750%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 59 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; WFJI-E7TF, 35.490%, 10/03/2025 †§x | Affirm | 10/07/2024 | 34 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; WFJK-877Z, 29.550%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 259 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; WFJP-PJYD, 30.000%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 669 | 675 | 40 |
| &nbsp;&nbsp;&nbsp; WFJV-GYAT, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WFJW-AKJ0, 11.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WFJZ-G4IE, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WFK2-BGKN, 23.400%, 5/06/2027 †x | Affirm | 5/09/2024 | 2593 | 2637 | 2643 |
| &nbsp;&nbsp;&nbsp; WFK2-QR72, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 192 | 197 | 196 |
| &nbsp;&nbsp;&nbsp; WFK9-EKGX, 35.480%, 10/18/2025 †§x | Affirm | 10/24/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; WFKN-571F, 15.850%, 1/09/2026 †§x | Affirm | 1/29/2025 | 79 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; WFL6-XIE2, 35.210%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WFL8-25VK, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 2007 | 2097 | 2116 |
| &nbsp;&nbsp;&nbsp; WFL8-MYWV, 33.050%, 7/08/2026 †x | Affirm | 7/31/2025 | 779 | 814 | 812 |
| &nbsp;&nbsp;&nbsp; WFL9-KYW4, 33.050%, 7/24/2025 †x#^ | Affirm | 7/29/2024 | 82 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; WFLL-0193, 15.870%, 10/02/2025 †§x | Affirm | 10/07/2024 | 130 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; WFLM-29F0, 9.860%, 10/28/2027 †x# | Affirm | 10/31/2024 | 2551 | 2628 | 2648 |
| &nbsp;&nbsp;&nbsp; WFLM-BXMT, 24.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WFLT-WZI7, 29.430%, 11/09/2024 †x#^ | Affirm | 5/12/2023 | 267 | 259 | 16 |
| &nbsp;&nbsp;&nbsp; WFM0-RWPQ, 24.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WFM8-X5SC, 29.620%, 12/28/2025 †x# | Affirm | 1/29/2025 | 187 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; WFMC-PN7Q, 24.610%, 5/06/2028 †§x | Affirm | 5/30/2025 | 1398 | 1469 | 1492 |
| &nbsp;&nbsp;&nbsp; WFMM-1UQ8, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 409 | 404 | 25 |
| &nbsp;&nbsp;&nbsp; WFMW-WJ4F, 35.650%, 11/15/2025 †§x | Affirm | 11/27/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WFN3-828P, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WFN3-LT6Q, 29.570%, 8/27/2026 †§x# | Affirm | 8/30/2024 | 533 | 549 | 553 |
| &nbsp;&nbsp;&nbsp; WFN5-UZK0, 35.870%, 1/28/2026 †x# | Affirm | 2/26/2025 | 43 | 43 | 13 |
| &nbsp;&nbsp;&nbsp; WFN7-WO55, 29.580%, 10/21/2025 †§x | Affirm | 10/24/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WFNB-F0KO, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 288 | 288 | 290 |
| &nbsp;&nbsp;&nbsp; WFNC-T23Q, 35.570%, 9/20/2025 †§x# | Affirm | 9/26/2024 | 76 | 70 | 75 |
| &nbsp;&nbsp;&nbsp; WFNG-CH89, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WFNJ-VOQL, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; WFNR-18R3, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 149 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; WFNW-YAYD, 15.880%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WFO6-2L0L, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; WFO9-01L5, 22.600%, 5/28/2025 †x#^ | Affirm | 7/07/2023 | 137 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; WFO9-W32C, 29.420%, 2/06/2026 †§x | Affirm | 8/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WFOA-INWQ, 35.570%, 9/25/2025 †x# | Affirm | 9/30/2024 | 90 | 94 |  |
| &nbsp;&nbsp;&nbsp; WFOE-ELDP, 35.650%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; WFOM-OK44, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WFOQ-OQ4I, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 224 | 228 | 228 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8077** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WFOX-8AY0, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | $63 | $64 | $64 |
| &nbsp;&nbsp;&nbsp; WFP2-0YOO, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 127 | 126 |
| &nbsp;&nbsp;&nbsp; WFPC-N2HC, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 256 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; WFPF-EKHN, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; WFPG-FQ5G, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WFPK-Q0DX, 24.400%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 227 | 232 | 232 |
| &nbsp;&nbsp;&nbsp; WFPK-WN1D, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 213 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; WFPN-WC9S, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; WFPX-F4ZC, 29.580%, 4/21/2026 †§x | Affirm | 10/25/2024 | 59 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; WFQ8-CN98, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 95 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; WFQF-M9T0, 31.000%, 12/27/2026 †§x# | Affirm | 1/02/2024 | 1044 | 1075 | 1081 |
| &nbsp;&nbsp;&nbsp; WFQF-ZFL4, 29.450%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 361 | 374 | 22 |
| &nbsp;&nbsp;&nbsp; WFQH-4II5, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WFR1-JRV4, 35.580%, 9/28/2025 †x# | Affirm | 10/03/2024 | 192 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; WFR6-C5U7, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 164 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; WFRH-SN6R, 35.430%, 12/18/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WFRJ-WNNV, 29.610%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 769 | 785 | 46 |
| &nbsp;&nbsp;&nbsp; WFRV-D5FV, 23.400%, 3/11/2027 †§x | Affirm | 3/14/2024 | 691 | 702 | 703 |
| &nbsp;&nbsp;&nbsp; WFS2-CXMI, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WFSB-BA5C, 35.450%, 12/11/2025 †§x | Affirm | 12/27/2024 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WFSW-VUN0, 29.410%, 2/06/2026 †§x | Affirm | 8/29/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WFT5-8820, 16.700%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 60 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WFTC-NG5A, 29.620%, 9/24/2026 †§x | Affirm | 9/27/2024 | 863 | 890 | 893 |
| &nbsp;&nbsp;&nbsp; WFTJ-W3EJ, 32.500%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 332 | 340 | 48 |
| &nbsp;&nbsp;&nbsp; WFTR-IVGN, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; WFU1-6SXV, 29.590%, 10/21/2025 †§x | Affirm | 10/24/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WFU3-9J8D, 29.500%, 8/21/2026 †x# | Affirm | 8/24/2023 | 2506 | 2722 | 150 |
| &nbsp;&nbsp;&nbsp; WFUA-5586, 35.620%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WFUJ-SA65, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 2595 | 2668 | 2685 |
| &nbsp;&nbsp;&nbsp; WFUN-ZITZ, 20.545%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 1243 | 1201 | 1201 |
| &nbsp;&nbsp;&nbsp; WFUS-0ZHF, 15.860%, 1/09/2026 †§x | Affirm | 1/29/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WFUX-AAXG, 29.420%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 274 | 281 | 282 |
| &nbsp;&nbsp;&nbsp; WFUZ-BLT7, 35.230%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 274 | 283 | 16 |
| &nbsp;&nbsp;&nbsp; WFV4-FKRL, 35.680%, 7/03/2026 †§x | Affirm | 1/29/2025 | 203 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; WFV9-GRZT, 13.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; WFVF-CGPX, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 220 | 222 | 220 |
| &nbsp;&nbsp;&nbsp; WFVI-54QN, 15.790%, 12/28/2025 †x# | Affirm | 1/29/2025 | 327 | 334 | 50 |
| &nbsp;&nbsp;&nbsp; WFVQ-LXUY, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 336 | 332 | 336 |
| &nbsp;&nbsp;&nbsp; WFVR-6ORF, 35.450%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 230 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; WFVX-55R2, 27.100%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 2272 | 2388 | 136 |
| &nbsp;&nbsp;&nbsp; WFWC-ZRAL, 35.520%, 11/20/2025 †§x | Affirm | 11/27/2024 | 171 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WFWI-WTWK, 29.560%, 6/21/2026 †§x | Affirm | 6/27/2024 | 230 | 236 | 235 |
| &nbsp;&nbsp;&nbsp; WFWP-C3J2, 8.181%, 2/07/2026 †§x« | Affirm | 2/26/2025 | 267 | 258 | 263 |
| &nbsp;&nbsp;&nbsp; WFX7-FSM1, 24.710%, 1/13/2027 †§x | Affirm | 1/29/2025 | 841 | 838 | 848 |
| &nbsp;&nbsp;&nbsp; WFXA-2MUK, 35.490%, 9/23/2025 †§x | Affirm | 9/26/2024 | 123 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; WFXF-TPA1, 32.950%, 5/09/2026 †x# | Affirm | 5/13/2024 | 880 | 896 | 53 |
| &nbsp;&nbsp;&nbsp; WFXH-4HO5, 11.830%, 8/26/2026 †§x# | Affirm | 8/29/2024 | 1200 | 1229 | 1241 |
| &nbsp;&nbsp;&nbsp; WFXQ-BPZ4, 35.460%, 11/26/2025 †x# | Affirm | 8/29/2024 | 301 | 303 | 18 |
| &nbsp;&nbsp;&nbsp; WFY7-T39M, 18.900%, 10/21/2025 †§x | Affirm | 10/27/2022 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WFYA-OLZ4, 9.076%, 10/25/2025 †§x« | Affirm | 10/31/2024 | 368 | 363 | 360 |
| &nbsp;&nbsp;&nbsp; WFZ7-LGV6, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 341 | 357 | 360 |
| &nbsp;&nbsp;&nbsp; WFZI-YXPX, 25.200%, 7/03/2026 †§x | Affirm | 1/29/2025 | 194 | 200 | 198 |
| &nbsp;&nbsp;&nbsp; WFZP-W5JA, 35.380%, 12/04/2025 †§x# | Affirm | 12/07/2023 | 166 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; WFZQ-3O6E, 35.550%, 9/28/2025 †x# | Affirm | 10/03/2024 | 38 | 38 | 3 |
| &nbsp;&nbsp;&nbsp; WFZR-BAYY, 29.460%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 36 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; WG00-01WL, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 203 | 205 | 205 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8078** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WG0F-5TJ0, 22.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $268 | $270 | $268 |
| &nbsp;&nbsp;&nbsp; WG0H-PCTE, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WG0N-6QN4, 29.500%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; WG0S-K58T, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 391 | 398 | 399 |
| &nbsp;&nbsp;&nbsp; WG0Z-QUV5, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 641 | 653 | 644 |
| &nbsp;&nbsp;&nbsp; WG11-1V4U, 30.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 336 | 344 | 346 |
| &nbsp;&nbsp;&nbsp; WG11-ML9T, 28.970%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 502 | 533 | 30 |
| &nbsp;&nbsp;&nbsp; WG16-2Y4X, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 228 | 231 | 230 |
| &nbsp;&nbsp;&nbsp; WG1I-XDXN, 29.480%, 9/28/2026 †§x | Affirm | 3/31/2025 | 155 | 163 | 159 |
| &nbsp;&nbsp;&nbsp; WG1L-ON3X, 22.690%, 1/17/2026 †§x | Affirm | 1/20/2023 | 685 | 693 | 695 |
| &nbsp;&nbsp;&nbsp; WG1T-KUEQ, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 260 | 260 | 260 |
| &nbsp;&nbsp;&nbsp; WG1T-ZEX5, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 415 | 430 | 435 |
| &nbsp;&nbsp;&nbsp; WG1W-RVKG, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 135 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; WG20-4WZE, 11.820%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; WG23-XN0U, 33.950%, 8/19/2026 †§x | Affirm | 8/22/2024 | 658 | 676 | 679 |
| &nbsp;&nbsp;&nbsp; WG28-PIKH, 29.260%, 1/08/2026 †§x | Affirm | 7/31/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; WG2E-VT2C, 29.710%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 107 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; WG2F-CKTZ, 35.220%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 258 | 265 | 267 |
| &nbsp;&nbsp;&nbsp; WG2O-L91F, 22.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 406 | 416 | 418 |
| &nbsp;&nbsp;&nbsp; WG2S-JAS8, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 123 | 124 | 123 |
| &nbsp;&nbsp;&nbsp; WG2V-IGZ1, 11.625%, 2/07/2026 †x« | Affirm | 8/29/2025 | 312 | 297 | 297 |
| &nbsp;&nbsp;&nbsp; WG34-DWKI, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 261 | 266 | 16 |
| &nbsp;&nbsp;&nbsp; WG38-LZAJ, 30.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WG39-KXRT, 29.650%, 9/26/2023 †x#^ | Affirm | 9/29/2022 | 275 | 272 | 17 |
| &nbsp;&nbsp;&nbsp; WG3C-3907, 32.000%, 10/28/2024 †x#^ | Affirm | 7/03/2023 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; WG3F-NT16, 15.810%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 95 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; WG3J-FHPX, 22.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 208 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; WG3V-HOT2, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 95 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; WG3V-Y0YS, 29.680%, 7/14/2023 †x#^ | Affirm | 1/21/2022 | 368 | 348 | 22 |
| &nbsp;&nbsp;&nbsp; WG42-B0WY, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 10 | 10 | 9 |
| &nbsp;&nbsp;&nbsp; WG4B-9LBW, 29.680%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 242 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; WG4G-EQMR, 24.400%, 10/08/2025 †§x | Affirm | 7/31/2025 | 361 | 363 | 364 |
| &nbsp;&nbsp;&nbsp; WG4W-O80R, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 127 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; WG4Y-OS97, 33.950%, 6/20/2026 †§x | Affirm | 12/27/2024 | 217 | 224 | 223 |
| &nbsp;&nbsp;&nbsp; WG50-ZCBC, 35.990%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 49 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; WG5B-KSQK, 29.640%, 5/28/2024 †x#^ | Affirm | 12/02/2022 | 212 | 213 | 13 |
| &nbsp;&nbsp;&nbsp; WG5C-N53H, 28.000%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 113 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; WG5C-TYNU, 35.480%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 112 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; WG5E-YMAG, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WG5P-5PBH, 35.550%, 12/18/2025 †§x | Affirm | 12/27/2024 | 72 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; WG5Q-LVJA, 33.050%, 12/10/2025 †§x | Affirm | 12/27/2024 | 511 | 519 | 520 |
| &nbsp;&nbsp;&nbsp; WG5U-J5Z5, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 181 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; WG5V-6VKD, 22.810%, 8/12/2026 †x# | Affirm | 2/26/2025 | 362 | 376 | 7 |
| &nbsp;&nbsp;&nbsp; WG5X-VCM1, 35.470%, 11/15/2026 †§x | Affirm | 11/27/2024 | 692 | 691 | 700 |
| &nbsp;&nbsp;&nbsp; WG62-I0OT, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WG66-UIGN, 35.520%, 6/28/2026 †§x | Affirm | 1/29/2025 | 316 | 296 | 299 |
| &nbsp;&nbsp;&nbsp; WG6C-FJMI, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WG6H-QSRQ, 32.500%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 159 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; WG6N-H6P2, 22.710%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 208 | 219 | 12 |
| &nbsp;&nbsp;&nbsp; WG6Q-TLWH, 35.270%, 9/28/2025 †§x | Affirm | 3/31/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WG6W-3P1Y, 29.610%, 9/23/2027 †§x | Affirm | 9/26/2024 | 960 | 990 | 996 |
| &nbsp;&nbsp;&nbsp; WG76-OLTL, 29.490%, 8/08/2024 †x#^ | Affirm | 8/11/2023 | 129 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; WG7E-QUQS, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 533 | 528 | 32 |
| &nbsp;&nbsp;&nbsp; WG7L-ESKY, 27.137%, 3/01/2023 †x#^« | Affirm | 12/05/2022 | 83 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; WG7N-NDTL, 13.840%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WG7P-P673, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 407 | 417 | 419 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8079** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WG7X-IMIT, 22.680%, 12/16/2025 †§x | Affirm | 12/27/2024 | $38 | $38 | $38 |
| &nbsp;&nbsp;&nbsp; WG7Y-H6N0, 29.560%, 9/28/2025 †§x# | Affirm | 10/05/2023 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WG83-4CWU, 9.900%, 2/11/2027 †§x | Affirm | 2/26/2025 | 1374 | 1436 | 1430 |
| &nbsp;&nbsp;&nbsp; WG86-OWNF, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WG88-X4DJ, 22.200%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; WG8C-AQSQ, 29.810%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 120 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; WG8I-5VJA, 29.660%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 116 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; WG96-NQNE, 35.710%, 2/10/2026 †§x | Affirm | 2/26/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WG9B-29CZ, 15.670%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WG9U-KNQF, 25.200%, 4/18/2026 †§x | Affirm | 10/24/2024 | 163 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; WG9V-17HL, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 355 | 361 | 103 |
| &nbsp;&nbsp;&nbsp; WGAA-KER0, 29.810%, 2/05/2026 †§x | Affirm | 2/26/2025 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; WGAK-RW1U, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 741 | 748 | 743 |
| &nbsp;&nbsp;&nbsp; WGAM-48CI, 35.480%, 8/06/2026 †§x | Affirm | 8/29/2025 | 148 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; WGAO-U32J, 24.400%, 12/28/2025 †§x# | Affirm | 7/05/2024 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; WGB0-45EN, 23.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 190 | 195 | 196 |
| &nbsp;&nbsp;&nbsp; WGB2-74NR, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WGB3-ZG2V, 26.700%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WGB8-20I8, 33.950%, 2/27/2026 †§x | Affirm | 8/30/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WGB9-UZFD, 29.620%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 485 | 495 | 29 |
| &nbsp;&nbsp;&nbsp; WGBD-JBYS, 35.370%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 137 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; WGBD-JS8K, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 124 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; WGBL-XJMK, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 82 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; WGBQ-CABM, 35.560%, 11/15/2026 †§x | Affirm | 11/27/2024 | 475 | 475 | 481 |
| &nbsp;&nbsp;&nbsp; WGCR-ZPSU, 35.680%, 2/05/2026 †x | Affirm | 2/26/2025 | 263 | 268 | 268 |
| &nbsp;&nbsp;&nbsp; WGCS-3TAN, 35.300%, 3/21/2027 †§x | Affirm | 3/31/2025 | 365 | 362 | 370 |
| &nbsp;&nbsp;&nbsp; WGCT-Y3T1, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WGD0-AEV0, 15.790%, 3/28/2024 †x#^ | Affirm | 10/07/2022 | 946 | 1013 | 57 |
| &nbsp;&nbsp;&nbsp; WGD2-QGVG, 11.900%, 2/27/2026 †x# | Affirm | 3/28/2025 | 55 | 56 | 14 |
| &nbsp;&nbsp;&nbsp; WGD6-QKRM, 22.750%, 11/08/2025 †§x | Affirm | 11/27/2024 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; WGD9-6BVT, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 248 | 253 | 254 |
| &nbsp;&nbsp;&nbsp; WGD9-EUC8, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; WGDC-VKPK, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 107 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WGDE-LVFD, 24.560%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 538 | 562 | 567 |
| &nbsp;&nbsp;&nbsp; WGDF-1QJF, 28.000%, 10/25/2022 †x#^ | Affirm | 4/28/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; WGDT-VB3M, 22.750%, 7/13/2026 †§x | Affirm | 1/29/2025 | 317 | 323 | 321 |
| &nbsp;&nbsp;&nbsp; WGDV-8OF1, 29.010%, 2/01/2025 †x#^ | Affirm | 8/04/2023 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; WGE8-49AO, 35.350%, 10/05/2025 †x# | Affirm | 4/11/2024 | 205 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; WGED-F0ZF, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 220 | 227 | 229 |
| &nbsp;&nbsp;&nbsp; WGET-H5Y3, 24.900%, 7/13/2026 †§x | Affirm | 1/29/2025 | 717 | 712 | 717 |
| &nbsp;&nbsp;&nbsp; WGEU-P8NH, 31.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 250 | 254 | 255 |
| &nbsp;&nbsp;&nbsp; WGF1-01PW, 29.710%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 102 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WGFH-HJH6, 30.950%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; WGFQ-QH67, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 603 | 619 | 619 |
| &nbsp;&nbsp;&nbsp; WGG1-JCAV, 29.710%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 313 | 319 | 19 |
| &nbsp;&nbsp;&nbsp; WGG9-EA8I, 25.900%, 7/29/2024 †x#^ | Affirm | 5/02/2024 | 59 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; WGGC-5H1U, 28.500%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 1676 | 1788 | 101 |
| &nbsp;&nbsp;&nbsp; WGGW-LTWE, 29.620%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 216 | 221 | 13 |
| &nbsp;&nbsp;&nbsp; WGH2-CNEB, 29.600%, 12/12/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WGHA-01B2, 29.600%, 12/02/2025 †§x | Affirm | 6/27/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WGHB-N7PS, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WGHO-DHSE, 29.390%, 9/07/2022 †x#^ | Affirm | 3/10/2022 | 201 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; WGHX-E6CY, 24.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WGI0-BN3F, 29.660%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 276 | 280 | 17 |
| &nbsp;&nbsp;&nbsp; WGI2-PV1S, 35.770%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 767 | 786 | 790 |
| &nbsp;&nbsp;&nbsp; WGIO-AZTI, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 246 | 252 | 252 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8080** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WGIZ-A1Y2, 35.280%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | $132 | $132 | $8 |
| &nbsp;&nbsp;&nbsp; WGJ2-RA2P, 35.000%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 1538 | 1524 | 1526 |
| &nbsp;&nbsp;&nbsp; WGJN-PX94, 30.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WGK1-FTSU, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WGK9-I0I7, 15.740%, 12/28/2024 †x#^ | Affirm | 7/03/2023 | 94 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WGKM-60QS, 29.650%, 1/24/2024 †x#^ | Affirm | 1/27/2022 | 418 | 385 | 25 |
| &nbsp;&nbsp;&nbsp; WGKM-PYMC, 35.500%, 10/23/2025 †§x | Affirm | 10/28/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WGKX-R2ZE, 22.770%, 5/28/2023 †x#^ | Affirm | 12/01/2022 | 147 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; WGL6-ZYGZ, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WGL9-MWSG, 29.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WGLT-1F43, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 369 | 381 | 385 |
| &nbsp;&nbsp;&nbsp; WGLT-U4HH, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WGM1-TCV1, 35.560%, 7/03/2026 †§x | Affirm | 1/29/2025 | 441 | 448 | 444 |
| &nbsp;&nbsp;&nbsp; WGME-7Q4C, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 157 | 162 | 164 |
| &nbsp;&nbsp;&nbsp; WGMU-Q5QG, 25.400%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 327 | 337 | 20 |
| &nbsp;&nbsp;&nbsp; WGMY-IJSP, 26.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WGNC-WZB2, 26.900%, 12/10/2025 †§x | Affirm | 12/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WGNH-BTZL, 29.480%, 7/08/2026 †§x | Affirm | 7/31/2025 | 153 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; WGNL-8QLX, 29.630%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 55 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; WGNN-DRO8, 29.790%, 5/20/2025 †x#^ | Affirm | 11/27/2024 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; WGNU-4TL3, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WGO7-I8T5, 35.320%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 152 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; WGOC-H1Q5, 13.840%, 8/28/2026 †§x# | Affirm | 9/01/2023 | 733 | 756 | 760 |
| &nbsp;&nbsp;&nbsp; WGOE-8W6L, 35.510%, 12/28/2025 †x# | Affirm | 1/29/2025 | 61 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WGOI-XQV8, 35.770%, 2/28/2026 †§x | Affirm | 3/28/2025 | 101 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WGON-WTPZ, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 230 | 230 | 232 |
| &nbsp;&nbsp;&nbsp; WGOS-P2SD, 15.820%, 2/21/2025 †x#^ | Affirm | 2/26/2024 | 136 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; WGP5-6UXL, 33.950%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; WGPC-XS0M, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WGPE-GDHQ, 35.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 791 | 806 | 808 |
| &nbsp;&nbsp;&nbsp; WGPG-I1GT, 29.610%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 176 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; WGPQ-8JU0, 35.690%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WGPQ-MRZX, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WGPV-TKMU, 29.650%, 1/14/2024 †x#^ | Affirm | 1/21/2022 | 284 | 261 | 17 |
| &nbsp;&nbsp;&nbsp; WGQ2-5LG9, 33.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 119 | 119 | 118 |
| &nbsp;&nbsp;&nbsp; WGQ8-IPFR, 26.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 99 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; WGQ9-JQLS, 21.900%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WGQB-3V97, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 319 | 317 | 17 |
| &nbsp;&nbsp;&nbsp; WGQG-SMQU, 25.200%, 6/20/2026 †x# | Affirm | 6/24/2024 | 6500 | 6830 | 390 |
| &nbsp;&nbsp;&nbsp; WGQN-1X9O, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 179 | 177 | 11 |
| &nbsp;&nbsp;&nbsp; WGQQ-QXTH, 29.760%, 8/12/2026 †x# | Affirm | 2/26/2025 | 299 | 318 | 22 |
| &nbsp;&nbsp;&nbsp; WGR1-RUVT, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 363 | 369 | 365 |
| &nbsp;&nbsp;&nbsp; WGRF-O1LO, 35.290%, 11/28/2025 †§x | Affirm | 5/31/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WGRH-DM84, 31.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 961 | 995 | 1006 |
| &nbsp;&nbsp;&nbsp; WGRI-4UN0, 29.480%, 7/21/2023 †x#^ | Affirm | 7/25/2022 | 115 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; WGRV-IX0Q, 33.050%, 2/06/2026 †x | Affirm | 8/29/2025 | 309 | 316 | 316 |
| &nbsp;&nbsp;&nbsp; WGRX-3MF3, 22.998%, 5/02/2025 †x#^ | Affirm | 5/06/2024 | 618 | 649 | 37 |
| &nbsp;&nbsp;&nbsp; WGS4-Z7EM, 11.830%, 12/02/2025 †§x | Affirm | 6/27/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WGSQ-4UG9, 29.510%, 8/22/2025 †§x#^ | Affirm | 8/25/2023 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WGSU-B0C3, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WGSV-DRGZ, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WGSV-YDQ1, 32.500%, 4/16/2026 †§x# | Affirm | 4/19/2024 | 212 | 213 | 216 |
| &nbsp;&nbsp;&nbsp; WGT5-1UOM, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 270 | 272 | 271 |
| &nbsp;&nbsp;&nbsp; WGTC-XWLC, 33.050%, 12/13/2025 †§x | Affirm | 12/27/2024 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; WGTC-YXTK, 30.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WGTD-0R8J, 35.380%, 12/04/2025 †§x# | Affirm | 12/07/2023 | 91 | 91 | 91 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8081** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WGTF-DD8R, 29.470%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | $2347 | $2467 | $141 |
| &nbsp;&nbsp;&nbsp; WGTO-5O26, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WGTT-LABD, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WGTV-MIJ2, 24.400%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; WGU0-CYLR, 32.000%, 10/25/2025 †x# | Affirm | 10/31/2024 | 559 | 591 | 126 |
| &nbsp;&nbsp;&nbsp; WGU8-WQHK, 29.750%, 8/10/2026 †§x | Affirm | 2/26/2025 | 179 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; WGU9-QH4L, 35.240%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WGUJ-67UW, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 371 | 368 | 375 |
| &nbsp;&nbsp;&nbsp; WGUW-SYVL, 19.900%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 217 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; WGV0-0EJQ, 15.810%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 466 | 466 | 28 |
| &nbsp;&nbsp;&nbsp; WGV7-IBDB, 35.720%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WGV8-XYAY, 35.550%, 5/20/2024 †x#^ | Affirm | 11/24/2023 | 16 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; WGVD-8WOR, 29.420%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 99 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WGVL-RUMD, 29.820%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 175 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; WGVX-TSM6, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 281 | 287 | 288 |
| &nbsp;&nbsp;&nbsp; WGW4-6IZH, 33.950%, 6/17/2026 †§x | Affirm | 6/21/2024 | 321 | 328 | 330 |
| &nbsp;&nbsp;&nbsp; WGW4-GP83, 24.700%, 11/20/2026 †§x | Affirm | 11/27/2024 | 451 | 467 | 469 |
| &nbsp;&nbsp;&nbsp; WGW7-O3I4, 35.690%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; WGWA-S42Q, 15.790%, 4/03/2023 †x#^ | Affirm | 10/06/2022 | 283 | 287 | 17 |
| &nbsp;&nbsp;&nbsp; WGWC-DR4N, 33.050%, 10/28/2025 †§x | Affirm | 10/31/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WGWN-UIOR, 33.950%, 1/22/2026 †x# | Affirm | 7/25/2024 | 187 | 198 | 11 |
| &nbsp;&nbsp;&nbsp; WGWT-L425, 15.860%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 56 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; WGWT-ZKQW, 29.730%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; WGWX-9III, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 126 | 132 |  |
| &nbsp;&nbsp;&nbsp; WGWZ-SJ55, 35.440%, 8/06/2026 †§x | Affirm | 8/29/2025 | 108 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WGXH-XVB5, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 111 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; WGXJ-HEAA, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 124 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; WGXK-H4I0, 35.000%, 5/27/2025 †x#^ | Affirm | 3/28/2025 | 162 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; WGXK-HNUU, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WGXX-391D, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 126 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; WGY1-9IGL, 35.870%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 57 | 59 | 8 |
| &nbsp;&nbsp;&nbsp; WGY2-LZT2, 26.790%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 98 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; WGYG-HFOA, 33.050%, 5/15/2026 †§x | Affirm | 11/27/2024 | 182 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; WGYH-XKK2, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 254 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; WGYH-XTGM, 22.690%, 10/23/2025 †x# | Affirm | 10/28/2024 | 113 | 117 | 28 |
| &nbsp;&nbsp;&nbsp; WGYI-ASQC, 33.500%, 6/06/2024 †x#^ | Affirm | 6/09/2023 | 888 | 868 | 53 |
| &nbsp;&nbsp;&nbsp; WGYQ-W19P, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WGYV-E4AX, 18.000%, 10/28/2025 †§x | Affirm | 10/31/2024 | 87 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; WGZ0-C5U4, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 24 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; WGZ9-PL6D, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WGZS-GFB3, 29.610%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 830 | 862 | 50 |
| &nbsp;&nbsp;&nbsp; WGZV-QCOJ, 29.520%, 4/27/2023 †x#^ | Affirm | 5/02/2022 | 181 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; WGZX-D3EO, 29.600%, 12/20/2026 †§x | Affirm | 12/27/2024 | 366 | 379 | 383 |
| &nbsp;&nbsp;&nbsp; WH01-V0TE, 24.660%, 10/28/2025 †§x | Affirm | 10/31/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WH07-2HEW, 18.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 239 | 245 | 244 |
| &nbsp;&nbsp;&nbsp; WH0A-B22D, 29.690%, 7/14/2023 †x#^ | Affirm | 1/21/2022 | 25 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; WH0G-5WWO, 29.550%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; WH0G-KSZQ, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WH0W-11LM, 29.530%, 5/21/2027 †§x | Affirm | 5/24/2024 | 331 | 336 | 334 |
| &nbsp;&nbsp;&nbsp; WH0Z-VJA6, 32.500%, 3/26/2027 †§x# | Affirm | 3/31/2025 | 1711 | 1703 | 1736 |
| &nbsp;&nbsp;&nbsp; WH14-XXGY, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WH17-4EB6, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WH1R-N2PP, 35.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; WH1W-NUAH, 30.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WH1X-H71B, 13.840%, 12/28/2027 †§x# | Affirm | 1/05/2024 | 1317 | 1404 | 1394 |
| &nbsp;&nbsp;&nbsp; WH22-A27A, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 102 | 104 | 104 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8082** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WH26-3T8C, 25.200%, 11/15/2025 †§x | Affirm | 11/27/2024 | $31 | $32 | $32 |
| &nbsp;&nbsp;&nbsp; WH2D-J6C9, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 115 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; WH2N-05YO, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WH2N-4CLN, 32.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 146 | 146 | 144 |
| &nbsp;&nbsp;&nbsp; WH2N-DD5Q, 35.620%, 11/12/2025 †x# | Affirm | 11/27/2024 | 130 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; WH2Y-H21Z, 33.050%, 3/23/2026 †§x | Affirm | 9/26/2024 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; WH2Z-EBUV, 15.780%, 10/03/2025 †§x | Affirm | 10/07/2024 | 154 | 155 | 154 |
| &nbsp;&nbsp;&nbsp; WH33-FC8T, 25.900%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WH3H-IIJ2, 29.500%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; WH3N-1XEH, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 62 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; WH3P-ZMO6, 29.400%, 3/28/2026 †§x | Affirm | 3/31/2025 | 73 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; WH3T-4I2Y, 29.620%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 443 | 451 | 27 |
| &nbsp;&nbsp;&nbsp; WH3X-Z6ET, 22.750%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; WH3Y-3C7Z, 29.580%, 1/11/2026 †§x# | Affirm | 1/16/2024 | 172 | 173 | 100 |
| &nbsp;&nbsp;&nbsp; WH4T-0QGS, 25.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; WH4X-79S6, 35.330%, 4/12/2025 †x#^ | Affirm | 4/18/2024 | 215 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; WH55-BT87, 28.000%, 10/12/2023 †x#^ | Affirm | 10/17/2022 | 70 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; WH58-6X2H, 29.620%, 1/10/2025 †x#^ | Affirm | 1/13/2023 | 732 | 793 | 44 |
| &nbsp;&nbsp;&nbsp; WH5N-W98O, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WH5S-OI5F, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; WH5V-YE9N, 35.590%, 9/25/2025 †§x | Affirm | 9/30/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WH62-FWWU, 35.600%, 11/15/2025 †x# | Affirm | 11/27/2024 | 288 | 286 | 17 |
| &nbsp;&nbsp;&nbsp; WH62-S0CP, 11.640%, 1/08/2026 †§x« | Affirm | 7/31/2025 | 1767 | 1699 | 1693 |
| &nbsp;&nbsp;&nbsp; WH65-RJVD, 29.560%, 4/04/2024 †x#^ | Affirm | 10/11/2022 | 181 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; WH67-JEKA, 29.530%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 72 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WH6E-LY4B, 27.500%, 10/19/2024 †x#^ | Affirm | 10/24/2022 | 3053 | 3296 | 183 |
| &nbsp;&nbsp;&nbsp; WH6O-3X8Z, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 191 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; WH6V-Y8IZ, 35.610%, 11/20/2025 †§x | Affirm | 11/27/2024 | 279 | 279 | 279 |
| &nbsp;&nbsp;&nbsp; WH6X-VF48, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WH6Z-TMGZ, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 484 | 488 | 485 |
| &nbsp;&nbsp;&nbsp; WH71-KZW9, 23.400%, 1/02/2027 †§x | Affirm | 1/29/2025 | 278 | 288 | 287 |
| &nbsp;&nbsp;&nbsp; WH78-AB7W, 22.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 584 | 593 | 591 |
| &nbsp;&nbsp;&nbsp; WH79-WKBG, 29.900%, 7/12/2022 †x#^ | Affirm | 1/18/2022 | 354 | 355 | 21 |
| &nbsp;&nbsp;&nbsp; WH7E-86O4, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 140 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; WH7L-OXU0, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 123 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; WH7N-VCR7, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WH7Q-OE12, 32.500%, 3/27/2027 †§x | Affirm | 3/31/2025 | 1120 | 1116 | 1130 |
| &nbsp;&nbsp;&nbsp; WH8B-LSGG, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 164 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; WH8C-MGLJ, 29.480%, 7/08/2026 †§x | Affirm | 7/31/2025 | 227 | 237 | 236 |
| &nbsp;&nbsp;&nbsp; WH8I-FTV5, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 108 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WH8K-7FTV, 29.530%, 12/28/2025 †x# | Affirm | 1/02/2024 | 926 | 931 | 56 |
| &nbsp;&nbsp;&nbsp; WH8K-BP8I, 24.660%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; WH8L-KSGE, 23.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 216 | 223 | 223 |
| &nbsp;&nbsp;&nbsp; WH8W-OHCP, 35.500%, 9/28/2025 †§x | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WH90-GD1I, 13.840%, 9/24/2027 †x# | Affirm | 9/27/2024 | 3747 | 3857 | 3883 |
| &nbsp;&nbsp;&nbsp; WH92-DIBP, 29.650%, 5/20/2026 †§x | Affirm | 11/27/2024 | 156 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; WH95-IBGE, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 118 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; WH9E-8MUV, 32.000%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 118 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WH9J-HVJ3, 30.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 94 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; WH9P-CVN1, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 266 | 269 | 268 |
| &nbsp;&nbsp;&nbsp; WH9Y-P4LT, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 124 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; WHA3-O62W, 35.800%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WHAB-7F8X, 29.650%, 2/23/2025 †x#^ | Affirm | 2/29/2024 | 158 | 166 | 9 |
| &nbsp;&nbsp;&nbsp; WHAI-ST3F, 29.510%, 9/09/2022 †x#^ | Affirm | 6/13/2022 | 1099 | 1090 | 66 |
| &nbsp;&nbsp;&nbsp; WHAT-L27U, 35.290%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 108 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; WHB7-7VQ0, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 764 | 748 | 744 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8083** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WHB9-NHFX, 21.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | $278 | $281 | $282 |
| &nbsp;&nbsp;&nbsp; WHBE-60N2, 35.990%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; WHBE-MD0P, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WHBK-5XKL, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WHBS-RQAH, 29.690%, 11/20/2025 †§x | Affirm | 11/27/2024 | 14 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WHC4-094G, 29.500%, 3/14/2026 †§x | Affirm | 3/18/2024 | 372 | 377 | 378 |
| &nbsp;&nbsp;&nbsp; WHC4-ORIG, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 267 | 271 | 271 |
| &nbsp;&nbsp;&nbsp; WHC5-8WFN, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 245 | 249 | 248 |
| &nbsp;&nbsp;&nbsp; WHC6-593K, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 140 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; WHC7-6K4Q, 32.000%, 9/20/2025 †§x | Affirm | 9/26/2024 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; WHCA-42CU, 26.500%, 6/28/2022 †x#^ | Affirm | 12/31/2021 | 191 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; WHCA-IUN2, 35.580%, 9/28/2025 †§x | Affirm | 10/03/2024 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; WHCM-KS18, 35.440%, 6/19/2026 †§x | Affirm | 12/27/2024 | 234 | 239 | 237 |
| &nbsp;&nbsp;&nbsp; WHCQ-W7TP, 33.500%, 12/11/2025 †§x | Affirm | 12/27/2024 | 115 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; WHCU-4GII, 35.520%, 7/15/2026 †§x | Affirm | 1/29/2025 | 150 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; WHD2-NIZH, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WHD5-EIZV, 33.050%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WHD5-NE27, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WHDH-JS6C, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WHDK-K3PJ, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WHDL-K97K, 35.370%, 8/23/2025 †§x^ | Affirm | 8/29/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WHDV-EAKO, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 1361 | 1430 | 82 |
| &nbsp;&nbsp;&nbsp; WHDX-EKQH, 28.000%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 130 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; WHDZ-0VH7, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 246 | 246 | 246 |
| &nbsp;&nbsp;&nbsp; WHE2-4TPN, 35.570%, 9/26/2025 †x# | Affirm | 9/30/2024 | 2276 | 2282 | 137 |
| &nbsp;&nbsp;&nbsp; WHE3-5Y2A, 24.650%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; WHEH-RWE1, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 176 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; WHEJ-1LD4, 35.290%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 303 | 311 | 18 |
| &nbsp;&nbsp;&nbsp; WHEP-OCUY, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; WHET-RVQF, 29.680%, 7/15/2026 †§x | Affirm | 1/29/2025 | 193 | 199 | 198 |
| &nbsp;&nbsp;&nbsp; WHF9-W8VM, 35.560%, 9/16/2025 †x# | Affirm | 9/19/2024 | 134 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; WHFF-TW7A, 17.900%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 857 | 914 | 51 |
| &nbsp;&nbsp;&nbsp; WHFI-Z3D7, 35.770%, 2/27/2026 †§x | Affirm | 3/28/2025 | 326 | 331 | 330 |
| &nbsp;&nbsp;&nbsp; WHFS-BYFL, 26.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 137 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; WHFU-E8XG, 35.500%, 12/12/2025 †x# | Affirm | 12/27/2024 | 118 | 122 | 28 |
| &nbsp;&nbsp;&nbsp; WHG6-WV12, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WHGK-0WHK, 32.000%, 9/26/2025 †§x | Affirm | 9/30/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; WHGR-67TT, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 142 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WHGW-6Y4E, 29.710%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WHGY-HZ3U, 22.750%, 10/22/2026 †§x | Affirm | 10/25/2024 | 529 | 546 | 546 |
| &nbsp;&nbsp;&nbsp; WHH8-O77G, 32.500%, 7/02/2026 †x# | Affirm | 1/29/2025 | 303 | 311 | 79 |
| &nbsp;&nbsp;&nbsp; WHHE-2APK, 7.407%, 6/28/2025 †x#^« | Affirm | 1/29/2025 | 182 | 177 | 21 |
| &nbsp;&nbsp;&nbsp; WHHL-B45P, 29.460%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 35 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; WHI1-Q12Q, 13.840%, 1/03/2026 †§x | Affirm | 1/29/2025 | 258 | 261 | 261 |
| &nbsp;&nbsp;&nbsp; WHI5-22SS, 30.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 219 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; WHID-IOJ2, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 196 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; WHIM-DHPJ, 31.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 254 | 261 | 260 |
| &nbsp;&nbsp;&nbsp; WHIR-9GY9, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 166 | 173 | 175 |
| &nbsp;&nbsp;&nbsp; WHIU-A2A4, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WHJ7-X4TO, 28.000%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 167 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; WHJB-JDTS, 15.810%, 9/28/2025 †§x | Affirm | 10/03/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WHJC-4EX4, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WHJK-9XPQ, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 81 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; WHJL-M1MS, 33.950%, 9/26/2025 †§x | Affirm | 9/30/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WHJO-1JXD, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WHJR-FUSJ, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 233 | 236 | 235 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8084** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WHJV-QFUV, 26.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | $18 | $18 | $18 |
| &nbsp;&nbsp;&nbsp; WHJX-750C, 29.570%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 87 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WHK2-H0RZ, 31.770%, 12/19/2026 †x# | Affirm | 12/27/2024 | 385 | 385 | 21 |
| &nbsp;&nbsp;&nbsp; WHKC-1B3P, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 126 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; WHKI-BPXU, 35.990%, 1/06/2026 †§x | Affirm | 1/29/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WHKI-POQL, 35.570%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 846 | 866 | 51 |
| &nbsp;&nbsp;&nbsp; WHKJ-SG16, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WHKK-E655, 29.520%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; WHKO-UFW9, 21.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WHKV-KGXE, 24.400%, 6/26/2026 †§x | Affirm | 7/01/2024 | 244 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; WHL2-VV89, 33.950%, 8/07/2026 †§x | Affirm | 2/26/2025 | 1324 | 1377 | 1371 |
| &nbsp;&nbsp;&nbsp; WHL4-CMVP, 35.770%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 145 | 147 | 86 |
| &nbsp;&nbsp;&nbsp; WHLG-9WPK, 35.770%, 2/27/2026 †x# | Affirm | 3/28/2025 | 72 | 70 | 3 |
| &nbsp;&nbsp;&nbsp; WHLP-FCFX, 35.540%, 9/24/2025 †§x | Affirm | 9/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WHLR-UJ00, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 785 | 797 | 799 |
| &nbsp;&nbsp;&nbsp; WHLT-1M8F, 6.630%, 12/24/2025 †§x« | Affirm | 6/27/2024 | 86 | 78 | 83 |
| &nbsp;&nbsp;&nbsp; WHLT-8TAD, 33.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WHLY-7IO7, 29.480%, 9/11/2025 †§x | Affirm | 3/14/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WHM0-OD2U, 29.760%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 212 | 219 | 119 |
| &nbsp;&nbsp;&nbsp; WHM4-L3EL, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WHM8-R3F6, 23.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; WHME-F3XE, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; WHMO-7FS5, 33.950%, 6/25/2026 †x# | Affirm | 6/28/2024 | 443 | 465 | 27 |
| &nbsp;&nbsp;&nbsp; WHMR-5KUD, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 2149 | 2199 | 2214 |
| &nbsp;&nbsp;&nbsp; WHN9-NO8P, 29.620%, 1/17/2025 †x#^ | Affirm | 1/20/2023 | 217 | 235 | 13 |
| &nbsp;&nbsp;&nbsp; WHNG-2L4R, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 255 | 266 | 265 |
| &nbsp;&nbsp;&nbsp; WHNV-RTWX, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WHNX-KA5C, 29.020%, 8/07/2025 †x#^ | Affirm | 8/10/2023 | 541 | 578 | 32 |
| &nbsp;&nbsp;&nbsp; WHO0-ENMN, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 45 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; WHO4-U4YY, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 214 | 218 | 217 |
| &nbsp;&nbsp;&nbsp; WHOA-YJFP, 32.000%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 624 | 633 | 630 |
| &nbsp;&nbsp;&nbsp; WHOO-6TUN, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 379 | 374 | 377 |
| &nbsp;&nbsp;&nbsp; WHOQ-0G1E, 29.610%, 6/08/2023 †x#^ | Affirm | 12/13/2021 | 208 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; WHOQ-ZVT7, 32.500%, 2/12/2027 †§x | Affirm | 2/26/2025 | 508 | 503 | 513 |
| &nbsp;&nbsp;&nbsp; WHOU-2PN7, 35.630%, 11/15/2025 †§x | Affirm | 11/27/2024 | 326 | 326 | 325 |
| &nbsp;&nbsp;&nbsp; WHOU-T4K3, 35.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 97 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WHOZ-4323, 31.000%, 10/28/2025 †x | Affirm | 5/02/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WHPC-IEM5, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 166 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; WHPD-Z3OO, 29.480%, 4/24/2023 †x#^ | Affirm | 10/28/2022 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; WHPE-3OE6, 29.710%, 1/18/2024 †x#^ | Affirm | 1/23/2023 | 252 | 264 | 15 |
| &nbsp;&nbsp;&nbsp; WHPO-LK6A, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 242 | 242 | 242 |
| &nbsp;&nbsp;&nbsp; WHPR-GI83, 28.000%, 1/17/2025 †x#^ | Affirm | 1/20/2023 | 41 | 45 | 2 |
| &nbsp;&nbsp;&nbsp; WHPU-0HLQ, 26.500%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 137 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; WHPU-G2L5, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 214 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; WHPU-HDPS, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 90 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; WHPX-9XHS, 35.570%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 437 | 450 | 26 |
| &nbsp;&nbsp;&nbsp; WHQ7-82YC, 29.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WHQ7-MNE3, 15.810%, 9/24/2025 †§x | Affirm | 9/27/2024 | 71 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; WHQB-0E87, 29.710%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 71 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WHQE-4QI5, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 129 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; WHQF-TJ33, 29.690%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 90 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; WHQN-7VKH, 15.790%, 12/28/2025 †x# | Affirm | 1/29/2025 | 421 | 414 | 25 |
| &nbsp;&nbsp;&nbsp; WHQR-EIG8, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WHQT-VGYC, 15.800%, 3/20/2026 †§x | Affirm | 9/26/2024 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WHRK-I4GJ, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 107 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; WHRO-WS1N, 15.700%, 8/16/2022 †x#^ | Affirm | 5/19/2022 | 44 | 43 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8085** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WHRY-G8R9, 24.400%, 2/27/2026 †§x | Affirm | 8/30/2024 | $178 | $181 | $181 |
| &nbsp;&nbsp;&nbsp; WHS4-IF52, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; WHSA-W3AX, 35.780%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WHSI-EVDE, 35.200%, 11/30/2023 †x#^ | Affirm | 6/05/2023 | 410 | 394 | 25 |
| &nbsp;&nbsp;&nbsp; WHSK-RS7I, 29.530%, 1/05/2026 †§x# | Affirm | 1/11/2024 | 174 | 176 | 94 |
| &nbsp;&nbsp;&nbsp; WHTB-RELP, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 116 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WHTC-Q33G, 33.950%, 10/06/2025 †x | Affirm | 2/26/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WHTL-05X0, 33.950%, 1/02/2026 †x# | Affirm | 1/29/2025 | 176 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; WHTO-6I8A, 35.170%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; WHU1-7KO2, 23.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WHU2-E6IC, 33.000%, 2/20/2027 †§x# | Affirm | 2/23/2024 | 1575 | 1604 | 1623 |
| &nbsp;&nbsp;&nbsp; WHU6-8KHH, 29.630%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 123 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WHUK-PR9X, 35.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 146 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; WHUM-VBYP, 27.450%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 195 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; WHUY-1YPE, 13.840%, 11/12/2025 †§x | Affirm | 11/27/2024 | 472 | 475 | 475 |
| &nbsp;&nbsp;&nbsp; WHV2-4GRA, 29.340%, 8/11/2023 †x#^ | Affirm | 5/15/2023 | 652 | 626 | 39 |
| &nbsp;&nbsp;&nbsp; WHV3-HFZ8, 33.950%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 104 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; WHV6-0EZK, 22.560%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 99 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; WHVY-8U83, 32.500%, 2/10/2027 †§x | Affirm | 2/26/2025 | 434 | 429 | 437 |
| &nbsp;&nbsp;&nbsp; WHW6-RH3A, 29.610%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 494 | 521 | 30 |
| &nbsp;&nbsp;&nbsp; WHWC-RF7F, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 111 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; WHWH-GO3M, 29.510%, 6/28/2025 †x#^ | Affirm | 7/03/2023 | 529 | 535 | 32 |
| &nbsp;&nbsp;&nbsp; WHWT-PRTH, 29.670%, 2/11/2028 †§x | Affirm | 2/26/2025 | 961 | 1007 | 1017 |
| &nbsp;&nbsp;&nbsp; WHX5-P9C2, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 801 | 822 | 827 |
| &nbsp;&nbsp;&nbsp; WHXA-EMY7, 22.800%, 8/10/2026 †§x | Affirm | 2/26/2025 | 177 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; WHXI-C92W, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WHXI-JYH4, 33.950%, 9/02/2025 †§x | Affirm | 6/27/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WHXJ-KF7N, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WHXO-H6OA, 33.950%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 561 | 600 | 34 |
| &nbsp;&nbsp;&nbsp; WHXS-8T2N, 29.440%, 3/20/2026 †§x | Affirm | 3/28/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WHXY-X4MP, 24.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 156 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; WHYC-8AI9, 22.760%, 11/12/2025 †§x | Affirm | 11/27/2024 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; WHZ1-M4LQ, 20.900%, 6/20/2027 †x | Affirm | 6/24/2024 | 3352 | 3392 | 3408 |
| &nbsp;&nbsp;&nbsp; WHZ2-BTRQ, 28.000%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 362 | 379 | 22 |
| &nbsp;&nbsp;&nbsp; WHZE-E4FW, 29.600%, 2/03/2025 †x#^ | Affirm | 8/07/2023 | 250 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; WHZQ-LIJ3, 24.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WHZR-OVSO, 29.620%, 11/15/2027 †§x# | Affirm | 11/27/2024 | 1122 | 1165 | 50 |
| &nbsp;&nbsp;&nbsp; WI03-UMCV, 11.850%, 9/25/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WI09-PNU8, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 428 | 447 | 453 |
| &nbsp;&nbsp;&nbsp; WI0D-K6AV, 32.000%, 1/09/2026 †§x | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WI0M-6H2R, 29.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 796 | 803 | 802 |
| &nbsp;&nbsp;&nbsp; WI0S-5KAG, 29.590%, 10/24/2023 †x#^ | Affirm | 10/27/2022 | 278 | 275 | 17 |
| &nbsp;&nbsp;&nbsp; WI0Z-CN1I, 27.100%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 692 | 748 | 42 |
| &nbsp;&nbsp;&nbsp; WI15-5SXS, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WI18-RA6T, 33.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 20 | 20 | 4 |
| &nbsp;&nbsp;&nbsp; WI1J-H5F9, 29.390%, 9/10/2022 †x#^ | Affirm | 3/14/2022 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WI1P-ONYO, 28.500%, 11/25/2024 †x#^ | Affirm | 5/30/2023 | 1748 | 1646 | 105 |
| &nbsp;&nbsp;&nbsp; WI1S-3U0G, 35.530%, 5/13/2026 †§x | Affirm | 11/27/2024 | 158 | 161 | 159 |
| &nbsp;&nbsp;&nbsp; WI1Z-SHST, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 121 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; WI24-Q2RX, 27.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 23 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WI25-XJ1N, 23.400%, 9/25/2025 †§x | Affirm | 9/30/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; WI29-5X42, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WI2K-A4NL, 35.570%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 373 | 391 | 22 |
| &nbsp;&nbsp;&nbsp; WI2L-CJBA, 29.420%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 188 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; WI2P-SH9B, 29.410%, 7/28/2024 †x#^ | Affirm | 8/03/2023 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; WI2Q-15YD, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 49 | 49 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8086** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WI2X-55TT, 29.998%, 2/28/2024 †x#^ | Affirm | 3/09/2023 | $138 | $139 | $8 |
| &nbsp;&nbsp;&nbsp; WI3A-65M3, 33.050%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 56 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; WI3V-A7JV, 12.000%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 94 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; WI46-ZTKG, 25.200%, 1/06/2026 †§x | Affirm | 1/29/2025 | 111 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; WI4M-7H0O, 33.950%, 12/02/2025 †x# | Affirm | 6/27/2025 | 58 | 59 | 32 |
| &nbsp;&nbsp;&nbsp; WI4U-MB7O, 17.900%, 10/24/2026 †§x | Affirm | 10/28/2022 | 697 | 719 | 679 |
| &nbsp;&nbsp;&nbsp; WI4Z-ETX9, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; WI58-VWEY, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 630 | 653 | 659 |
| &nbsp;&nbsp;&nbsp; WI5A-6FV1, 33.950%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WI5G-ROBP, 28.500%, 1/04/2024 †x#^ | Affirm | 1/09/2023 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WI5J-P07F, 33.950%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 195 | 201 | 198 |
| &nbsp;&nbsp;&nbsp; WI5M-2ERU, 29.680%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 491 | 515 | 29 |
| &nbsp;&nbsp;&nbsp; WI5V-P215, 35.430%, 6/21/2025 †x#^ | Affirm | 6/27/2024 | 1171 | 1217 | 70 |
| &nbsp;&nbsp;&nbsp; WI5X-52C6, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 94 | 97 | 95 |
| &nbsp;&nbsp;&nbsp; WI5X-SI9H, 29.630%, 10/01/2025 †§x | Affirm | 10/04/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; WI5Y-X4R5, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 101 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WI61-AC8Q, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 785 | 803 | 805 |
| &nbsp;&nbsp;&nbsp; WI63-PR7J, 7.409%, 3/01/2023 †x#^« | Affirm | 12/05/2022 | 61 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WI6L-O9XL, 35.390%, 10/05/2024 †x#^ | Affirm | 4/11/2024 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WI6N-2YFY, 11.820%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 95 | 101 | 18 |
| &nbsp;&nbsp;&nbsp; WI6Q-34HU, 18.000%, 4/28/2026 †§x | Affirm | 5/02/2024 | 317 | 322 | 324 |
| &nbsp;&nbsp;&nbsp; WI6R-U80Z, 11.810%, 6/14/2026 †§x | Affirm | 6/20/2023 | 726 | 742 | 745 |
| &nbsp;&nbsp;&nbsp; WI6Y-V4K1, 34.950%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 98 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; WI71-EOQC, 32.990%, 10/17/2025 †x# | Affirm | 4/22/2024 | 133 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; WI72-DSD1, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WI7L-908P, 29.720%, 1/18/2024 †x#^ | Affirm | 1/23/2023 | 96 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WI7N-PS6N, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WI7W-WA6Q, 35.820%, 10/01/2025 †x# | Affirm | 10/04/2024 | 195 | 195 | 9 |
| &nbsp;&nbsp;&nbsp; WI80-SLQ4, 29.490%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 34 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; WI87-WAKM, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 779 | 799 | 804 |
| &nbsp;&nbsp;&nbsp; WI8A-3MCT, 29.730%, 1/06/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WI8A-GJZ4, 29.710%, 7/02/2026 †§x | Affirm | 1/29/2025 | 288 | 297 | 295 |
| &nbsp;&nbsp;&nbsp; WI8C-NSCM, 29.040%, 9/01/2025 †x | Affirm | 9/08/2023 | 31 | 31 | 30 |
| &nbsp;&nbsp;&nbsp; WI8F-HP8T, 35.460%, 6/25/2026 †§x | Affirm | 6/28/2024 | 1214 | 1206 | 1230 |
| &nbsp;&nbsp;&nbsp; WI8R-AR70, 33.080%, 7/02/2026 †§x | Affirm | 1/29/2025 | 37 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WI8V-RC6D, 33.000%, 10/28/2025 †x# | Affirm | 5/02/2024 | 153 | 158 | 15 |
| &nbsp;&nbsp;&nbsp; WI99-4OBM, 35.450%, 8/26/2025 †x#^ | Affirm | 8/30/2024 | 200 | 183 | 12 |
| &nbsp;&nbsp;&nbsp; WI9F-WEUA, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 241 | 243 | 242 |
| &nbsp;&nbsp;&nbsp; WI9L-NR95, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 84 |
| &nbsp;&nbsp;&nbsp; WI9P-HY37, 29.380%, 9/28/2025 †§x | Affirm | 3/31/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WI9R-UY2L, 9.800%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WI9W-86HK, 35.380%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 79 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; WIA0-BPC7, 27.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 375 | 382 | 382 |
| &nbsp;&nbsp;&nbsp; WIA8-GMPY, 30.000%, 10/28/2025 †§x | Affirm | 10/31/2024 | 105 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; WIAH-J2VE, 31.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 289 | 296 | 297 |
| &nbsp;&nbsp;&nbsp; WIAN-332A, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 77 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; WIAN-EV0O, 29.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WIAW-HHCU, 35.400%, 10/23/2025 †§x | Affirm | 10/28/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WIB0-Y6K2, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WIBL-8RRV, 35.430%, 12/28/2025 †x# | Affirm | 1/29/2025 | 114 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; WIBL-T4YE, 35.370%, 11/06/2025 †§x | Affirm | 5/09/2024 | 143 | 144 | 142 |
| &nbsp;&nbsp;&nbsp; WIBO-KJAF, 15.730%, 3/24/2027 †§x | Affirm | 3/31/2025 | 1564 | 1555 | 1587 |
| &nbsp;&nbsp;&nbsp; WIBY-AZ2C, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 411 | 406 | 25 |
| &nbsp;&nbsp;&nbsp; WIDG-0IJU, 35.390%, 3/21/2027 †x | Affirm | 3/31/2025 | 3021 | 2999 | 3065 |
| &nbsp;&nbsp;&nbsp; WIDH-64GS, 35.270%, 9/28/2025 †§x | Affirm | 4/22/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WIDN-310P, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 96 | 97 | 97 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8087** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WIDO-YLVU, 29.460%, 5/22/2025 †x#^ | Affirm | 5/25/2023 | $2192 | $2314 | $132 |
| &nbsp;&nbsp;&nbsp; WIDY-17AS, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WIE0-8CPJ, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WIE8-LGBW, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 715 | 725 | 726 |
| &nbsp;&nbsp;&nbsp; WIEH-NLF1, 29.620%, 6/01/2024 †x#^ | Affirm | 6/05/2023 | 131 | 122 | 8 |
| &nbsp;&nbsp;&nbsp; WIEL-A9OK, 29.280%, 1/08/2026 †§x | Affirm | 7/31/2025 | 141 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; WIEN-DBCK, 15.750%, 8/06/2026 †§x | Affirm | 8/29/2025 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; WIER-MSQG, 33.500%, 10/04/2024 †x#^ | Affirm | 10/10/2023 | 894 | 845 | 54 |
| &nbsp;&nbsp;&nbsp; WIEV-BQQ1, 22.750%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 251 | 259 | 261 |
| &nbsp;&nbsp;&nbsp; WIEZ-CFIJ, 22.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 275 | 280 | 281 |
| &nbsp;&nbsp;&nbsp; WIF5-OBTR, 15.760%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 1375 | 1386 | 83 |
| &nbsp;&nbsp;&nbsp; WIFL-JP4K, 35.630%, 8/07/2026 †§x | Affirm | 2/26/2025 | 103 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; WIFW-T7Z4, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; WIG3-HWGC, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 88 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WIGF-RP4D, 24.900%, 10/04/2024 †x#^ | Affirm | 10/10/2023 | 291 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; WIGN-DPXS, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; WIGV-4JTY, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 118 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; WIH1-RPER, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1252 | 1285 | 1292 |
| &nbsp;&nbsp;&nbsp; WIH3-520O, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WIHA-51A7, 22.670%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 48 | 47 | 6 |
| &nbsp;&nbsp;&nbsp; WIHM-RBVZ, 15.640%, 9/02/2025 †§x | Affirm | 6/27/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WIHR-2ADD, 29.340%, 11/06/2025 †§x | Affirm | 5/30/2025 | 239 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; WIHV-SN9Q, 22.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 110 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; WIHW-JLW0, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WIHZ-P72H, 29.000%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 70 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WII1-1K3L, 35.580%, 9/25/2025 †x# | Affirm | 9/30/2024 | 168 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; WII4-WZY0, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WII9-CDSN, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 180 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; WIIH-3OGP, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WIII-MK6D, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 645 | 653 | 654 |
| &nbsp;&nbsp;&nbsp; WIIP-J1J4, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 335 | 338 | 338 |
| &nbsp;&nbsp;&nbsp; WIIP-ZLLM, 6.863%, 10/25/2025 †§x« | Affirm | 10/31/2024 | 209 | 207 | 205 |
| &nbsp;&nbsp;&nbsp; WIIR-6CD8, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WIIU-61RH, 15.800%, 12/28/2025 †x# | Affirm | 1/29/2025 | 230 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; WIJ0-C0AU, 35.880%, 1/02/2026 †x# | Affirm | 1/29/2025 | 268 | 274 | 16 |
| &nbsp;&nbsp;&nbsp; WIJ3-NCC4, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WIJO-Y1LI, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WIK0-68LT, 29.000%, 8/28/2022 †x#^ | Affirm | 3/03/2022 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; WIKD-4FQQ, 29.450%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 450 | 473 | 27 |
| &nbsp;&nbsp;&nbsp; WIKE-TJ5F, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 109 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; WIKP-46IU, 29.510%, 5/11/2027 †§x | Affirm | 5/15/2023 | 1829 | 1938 | 850 |
| &nbsp;&nbsp;&nbsp; WIKS-NSJS, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WIKY-XM8Y, 29.510%, 6/11/2025 †x#^ | Affirm | 12/14/2023 | 224 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; WIL3-TL7Y, 35.820%, 11/23/2024 †x#^ | Affirm | 2/29/2024 | 63 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WIL4-ZW41, 29.620%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 370 | 389 | 22 |
| &nbsp;&nbsp;&nbsp; WIL8-J7NO, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 26 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; WIL9-6E84, 35.920%, 4/08/2025 †x#^ | Affirm | 1/29/2025 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; WILA-E69J, 18.000%, 9/24/2025 †§x | Affirm | 9/27/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WILD-WUDK, 29.790%, 3/03/2023 †x#^ | Affirm | 3/07/2022 | 72 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; WILO-HYE6, 35.510%, 12/19/2026 †x# | Affirm | 12/27/2024 | 720 | 720 | 43 |
| &nbsp;&nbsp;&nbsp; WILO-PD9U, 35.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WILW-B2AM, 32.500%, 12/18/2025 †§x | Affirm | 6/21/2024 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WILX-88NL, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; WIM1-V3PX, 24.400%, 2/11/2028 †x | Affirm | 2/26/2025 | 4424 | 4629 | 4677 |
| &nbsp;&nbsp;&nbsp; WIM7-Y23F, 33.950%, 3/17/2026 †§x | Affirm | 9/20/2024 | 171 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; WIMA-3QSV, 35.270%, 11/28/2024 †x#^ | Affirm | 5/31/2024 | 21 | 22 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8088** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WIMC-G5PV, 23.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | $133 | $136 | $136 |
| &nbsp;&nbsp;&nbsp; WIMI-O8ZM, 29.570%, 11/28/2026 †§x# | Affirm | 12/04/2023 | 402 | 414 | 411 |
| &nbsp;&nbsp;&nbsp; WIMT-5FSG, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; WIMY-F2T5, 35.280%, 9/20/2025 †x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WINA-5OF0, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 110 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; WIND-BXVM, 11.770%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 233 | 234 | 14 |
| &nbsp;&nbsp;&nbsp; WINE-0Z4V, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 711 | 724 | 726 |
| &nbsp;&nbsp;&nbsp; WINM-1HDW, 29.670%, 3/01/2025 †x#^ | Affirm | 3/06/2023 | 1553 | 1599 | 93 |
| &nbsp;&nbsp;&nbsp; WINZ-X3KJ, 15.800%, 9/23/2026 †§x | Affirm | 9/26/2024 | 330 | 328 | 332 |
| &nbsp;&nbsp;&nbsp; WIOI-GZL5, 35.600%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 130 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; WIOL-4BVD, 11.870%, 1/06/2026 †§x | Affirm | 1/29/2025 | 124 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WIPB-ENZT, 29.450%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 210 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; WIPM-M2RU, 35.530%, 12/12/2025 †§x | Affirm | 12/27/2024 | 845 | 854 | 854 |
| &nbsp;&nbsp;&nbsp; WIPV-YLSV, 22.870%, 2/06/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; WIQ7-K9D5, 13.840%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WIQA-SUB7, 11.840%, 2/21/2028 †x# | Affirm | 2/29/2024 | 2127 | 2349 | 213 |
| &nbsp;&nbsp;&nbsp; WIQB-QQTN, 35.270%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 62 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WIQF-H6PF, 35.290%, 11/22/2025 †§x | Affirm | 5/28/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WIQH-6597, 29.410%, 8/25/2024 †x#^ | Affirm | 6/02/2023 | 113 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; WIQH-TAFQ, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; WIRL-ZYIM, 31.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 330 | 342 | 342 |
| &nbsp;&nbsp;&nbsp; WIRX-CHHE, 27.950%, 5/21/2026 †§x | Affirm | 5/24/2024 | 1285 | 1285 | 1314 |
| &nbsp;&nbsp;&nbsp; WIS0-AW6S, 33.000%, 6/20/2026 †§x | Affirm | 6/24/2024 | 963 | 958 | 973 |
| &nbsp;&nbsp;&nbsp; WIS0-UCHX, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 278 | 274 | 17 |
| &nbsp;&nbsp;&nbsp; WIS9-VYBY, 33.950%, 11/28/2025 †x# | Affirm | 5/31/2024 | 197 | 207 | 19 |
| &nbsp;&nbsp;&nbsp; WISA-CMK1, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 90 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; WISC-DELJ, 27.950%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 1078 | 1105 | 1112 |
| &nbsp;&nbsp;&nbsp; WISH-LNWT, 22.570%, 6/02/2026 †§x | Affirm | 6/27/2025 | 627 | 644 | 647 |
| &nbsp;&nbsp;&nbsp; WIST-HRB2, 20.900%, 8/11/2026 †§x | Affirm | 2/26/2025 | 286 | 298 | 296 |
| &nbsp;&nbsp;&nbsp; WISV-FJ3U, 35.000%, 2/07/2026 †x# | Affirm | 2/26/2025 | 543 | 538 |  |
| &nbsp;&nbsp;&nbsp; WISW-9X1M, 35.480%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 180 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; WISZ-7DRB, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WIT0-0UTT, 24.400%, 2/11/2027 †§x | Affirm | 2/26/2025 | 452 | 473 | 477 |
| &nbsp;&nbsp;&nbsp; WIT2-34Y5, 35.570%, 9/25/2025 †§x | Affirm | 9/30/2024 | 251 | 251 | 253 |
| &nbsp;&nbsp;&nbsp; WIT3-XA5K, 35.310%, 3/03/2026 †x# | Affirm | 3/28/2025 | 108 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; WIT4-EN26, 29.900%, 7/18/2022 †x#^ | Affirm | 1/21/2022 | 431 | 423 | 26 |
| &nbsp;&nbsp;&nbsp; WITG-LCRO, 32.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 273 | 278 | 277 |
| &nbsp;&nbsp;&nbsp; WITJ-WBDX, 34.000%, 5/26/2025 †x#^ | Affirm | 2/29/2024 | 766 | 788 | 46 |
| &nbsp;&nbsp;&nbsp; WIU4-RB76, 35.350%, 10/16/2025 †x# | Affirm | 4/19/2024 | 536 | 554 | 32 |
| &nbsp;&nbsp;&nbsp; WIUP-P61T, 29.410%, 1/10/2025 †x#^ | Affirm | 5/15/2023 | 726 | 710 | 44 |
| &nbsp;&nbsp;&nbsp; WIUZ-0GA1, 15.710%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 85 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WIUZ-XHIP, 33.950%, 3/20/2026 †§x | Affirm | 9/26/2024 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; WIV3-GBLZ, 35.070%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; WIVA-GRUZ, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; WIVA-R7Y7, 15.790%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 252 | 260 | 257 |
| &nbsp;&nbsp;&nbsp; WIVR-G43D, 29.810%, 2/27/2026 †x# | Affirm | 3/28/2025 | 1875 | 1963 | 112 |
| &nbsp;&nbsp;&nbsp; WIW1-H4AE, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WIW2-R33X, 35.390%, 10/28/2025 †§x | Affirm | 10/31/2024 | 14 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WIWA-549R, 29.690%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 117 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; WIWC-633I, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 104 | 105 | 24 |
| &nbsp;&nbsp;&nbsp; WIWF-R9FT, 15.720%, 10/29/2022 †x#^ | Affirm | 5/05/2022 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; WIWH-O361, 29.710%, 1/04/2024 †x#^ | Affirm | 1/09/2023 | 90 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; WIWL-V9OV, 25.990%, 3/03/2026 †§x | Affirm | 3/28/2025 | 79 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; WIWM-X02J, 31.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1258 | 1310 | 1304 |
| &nbsp;&nbsp;&nbsp; WIWT-B7PE, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 92 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; WIWV-1ION, 23.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 47 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8089** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WIX2-0SEO, 25.900%, 7/22/2025 †x#^ | Affirm | 7/25/2024 | $76 | $79 | $5 |
| &nbsp;&nbsp;&nbsp; WIX5-CRF1, 28.000%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 238 | 249 | 14 |
| &nbsp;&nbsp;&nbsp; WIX7-2UQT, 35.370%, 12/02/2025 †x# | Affirm | 6/27/2025 | 2110 | 2056 | 1246 |
| &nbsp;&nbsp;&nbsp; WIX7-VTN1, 29.540%, 10/18/2025 †§x | Affirm | 4/22/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WIXB-OH63, 30.500%, 2/11/2027 †x | Affirm | 2/26/2025 | 2364 | 2466 | 2502 |
| &nbsp;&nbsp;&nbsp; WIXP-96FE, 25.900%, 12/10/2025 †§x# | Affirm | 12/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WIXV-PVI0, 18.000%, 12/30/2024 †x#^ | Affirm | 10/03/2024 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WIY2-LYLA, 35.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; WIY8-SHXV, 22.810%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 589 | 606 | 611 |
| &nbsp;&nbsp;&nbsp; WIYB-SFFR, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 190 | 194 | 195 |
| &nbsp;&nbsp;&nbsp; WIYC-RLC1, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 120 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WIYS-LSU2, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 73 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WIYU-OU94, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 78 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; WIYZ-0MN8, 22.997%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 273 | 288 | 16 |
| &nbsp;&nbsp;&nbsp; WIYZ-SK4L, 28.790%, 11/12/2022 †x#^ | Affirm | 5/16/2022 | 63 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WIZA-C7BF, 24.570%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 194 | 204 | 202 |
| &nbsp;&nbsp;&nbsp; WIZA-IJOK, 35.450%, 8/06/2026 †§x | Affirm | 8/29/2025 | 500 | 524 | 524 |
| &nbsp;&nbsp;&nbsp; WIZE-P5YO, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WIZI-L6X5, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; WIZI-PEV5, 26.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WIZT-KKS6, 29.440%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 109 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WJ04-NRAB, 35.680%, 2/03/2026 †x | Affirm | 2/26/2025 | 148 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; WJ05-ARS8, 35.810%, 7/02/2026 †§x | Affirm | 1/29/2025 | 194 | 197 | 194 |
| &nbsp;&nbsp;&nbsp; WJ0N-84RZ, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 204 | 191 | 204 |
| &nbsp;&nbsp;&nbsp; WJ0P-P7TY, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 651 | 638 | 634 |
| &nbsp;&nbsp;&nbsp; WJ11-HRLK, 33.050%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 25 | 25 | 9 |
| &nbsp;&nbsp;&nbsp; WJ12-R2DT, 22.750%, 11/12/2025 †§x | Affirm | 11/27/2024 | 223 | 225 | 225 |
| &nbsp;&nbsp;&nbsp; WJ14-IR9J, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WJ1E-U9H0, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; WJ1J-9NWG, 22.660%, 8/06/2026 †§x | Affirm | 8/29/2025 | 284 | 279 | 279 |
| &nbsp;&nbsp;&nbsp; WJ1J-IGZ6, 30.700%, 9/04/2024 †x#^ | Affirm | 12/07/2023 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; WJ1J-ST51, 29.510%, 6/13/2025 †x#^ | Affirm | 6/16/2023 | 251 | 250 | 15 |
| &nbsp;&nbsp;&nbsp; WJ1P-IHNC, 35.990%, 2/07/2026 †x# | Affirm | 2/26/2025 | 171 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; WJ1P-NGYQ, 29.410%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 176 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; WJ1P-RVGY, 35.590%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 28 | 28 | 27 |
| &nbsp;&nbsp;&nbsp; WJ1R-GFLJ, 29.650%, 7/02/2025 †x#^ | Affirm | 7/05/2024 | 328 | 331 | 20 |
| &nbsp;&nbsp;&nbsp; WJ20-L4MN, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WJ22-8ARI, 26.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; WJ24-WZ7X, 12.491%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 525 | 497 | 491 |
| &nbsp;&nbsp;&nbsp; WJ2B-F5HM, 15.870%, 12/02/2025 †§x | Affirm | 6/27/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WJ2L-JAUM, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 104 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; WJ2M-DUFH, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 113 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; WJ2S-Y9F1, 28.000%, 9/12/2023 †x#^ | Affirm | 9/19/2022 | 126 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; WJ30-3NQN, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 285 | 297 | 296 |
| &nbsp;&nbsp;&nbsp; WJ30-9S41, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 384 | 391 | 392 |
| &nbsp;&nbsp;&nbsp; WJ34-L434, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; WJ36-HO78, 18.000%, 8/12/2026 †x | Affirm | 2/26/2025 | 3867 | 3987 | 4012 |
| &nbsp;&nbsp;&nbsp; WJ37-TEPI, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 113 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; WJ3B-CO6M, 35.580%, 9/24/2025 †§x | Affirm | 9/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WJ3E-X2FK, 28.990%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 210 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; WJ3F-XIDB, 26.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 579 | 593 | 597 |
| &nbsp;&nbsp;&nbsp; WJ3Q-OBK4, 29.750%, 12/28/2025 †x# | Affirm | 1/29/2025 | 84 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WJ3S-0R4E, 15.700%, 3/28/2026 †§x | Affirm | 3/31/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; WJ3S-UYUM, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 298 | 309 | 311 |
| &nbsp;&nbsp;&nbsp; WJ3T-3H1F, 15.780%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 125 | 133 | 7 |
| &nbsp;&nbsp;&nbsp; WJ3V-KL31, 35.450%, 3/17/2026 †§x | Affirm | 9/20/2024 | 143 | 142 | 142 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8090** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WJ41-W3Z7, 29.850%, 10/03/2025 †§x | Affirm | 10/07/2024 | $114 | $114 | $114 |
| &nbsp;&nbsp;&nbsp; WJ42-GJHV, 35.520%, 1/02/2026 †§x | Affirm | 7/05/2024 | 69 | 70 | 68 |
| &nbsp;&nbsp;&nbsp; WJ4C-1IF0, 18.000%, 4/08/2028 †§x | Affirm | 4/11/2024 | 685 | 722 | 706 |
| &nbsp;&nbsp;&nbsp; WJ4F-GUG0, 35.650%, 1/02/2026 †§x | Affirm | 1/29/2025 | 442 | 438 | 438 |
| &nbsp;&nbsp;&nbsp; WJ4L-CRDG, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 342 | 339 | 338 |
| &nbsp;&nbsp;&nbsp; WJ4S-N9KP, 15.880%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WJ59-YV9Y, 32.000%, 10/03/2025 †§x | Affirm | 10/07/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WJ5T-CUNS, 11.710%, 1/26/2023 †x#^ | Affirm | 7/29/2022 | 267 | 274 | 16 |
| &nbsp;&nbsp;&nbsp; WJ5Y-CKHE, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WJ60-N9M6, 32.500%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 333 | 339 | 339 |
| &nbsp;&nbsp;&nbsp; WJ6C-D8PU, 35.440%, 1/06/2026 †§x | Affirm | 1/29/2025 | 365 | 363 | 362 |
| &nbsp;&nbsp;&nbsp; WJ76-SRT4, 29.500%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; WJ7F-I67H, 29.380%, 2/06/2026 †§x | Affirm | 8/29/2025 | 61 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WJ7X-4R7P, 35.520%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; WJ86-HEV0, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 189 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; WJ8D-1KV0, 29.420%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 116 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; WJ8M-NN4F, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; WJ8V-G3Q7, 35.520%, 6/19/2026 †§x | Affirm | 12/27/2024 | 811 | 807 | 812 |
| &nbsp;&nbsp;&nbsp; WJ8V-STRG, 35.300%, 3/10/2026 †x | Affirm | 3/28/2025 | 416 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; WJ91-UV2R, 29.430%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 354 | 349 | 21 |
| &nbsp;&nbsp;&nbsp; WJ9M-0INN, 25.200%, 12/05/2025 †§x | Affirm | 12/08/2023 | 103 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; WJ9N-U531, 29.710%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 282 | 270 | 17 |
| &nbsp;&nbsp;&nbsp; WJ9T-3TSU, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WJ9T-FZ7C, 29.600%, 1/03/2027 †§x | Affirm | 1/29/2025 | 629 | 652 | 655 |
| &nbsp;&nbsp;&nbsp; WJ9V-IS14, 34.930%, 10/08/2025 †§x | Affirm | 7/31/2025 | 104 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; WJ9Z-KFAJ, 33.050%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WJA3-SEBP, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WJAF-2IUM, 29.570%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 131 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; WJAF-90NH, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1737 | 1786 | 1786 |
| &nbsp;&nbsp;&nbsp; WJAS-B5FZ, 29.460%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 122 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WJAU-G1DS, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 530 | 542 | 41 |
| &nbsp;&nbsp;&nbsp; WJAX-82B5, 32.000%, 6/19/2026 †§x | Affirm | 12/27/2024 | 161 | 167 | 166 |
| &nbsp;&nbsp;&nbsp; WJB0-XYWJ, 9.840%, 10/04/2026 †§x | Affirm | 10/10/2023 | 495 | 507 | 508 |
| &nbsp;&nbsp;&nbsp; WJB5-9G9J, 29.540%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WJB7-L4S4, 29.440%, 9/23/2022 †x#^ | Affirm | 3/28/2022 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; WJBC-Q7QV, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 1105 | 1126 | 66 |
| &nbsp;&nbsp;&nbsp; WJBG-TSFT, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 275 | 277 | 275 |
| &nbsp;&nbsp;&nbsp; WJBH-7PSI, 35.720%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 48 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; WJBL-WK0U, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 303 | 307 | 308 |
| &nbsp;&nbsp;&nbsp; WJBR-4JHS, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 303 | 311 | 310 |
| &nbsp;&nbsp;&nbsp; WJBT-1XMK, 9.624%, 3/07/2023 †x#^« | Affirm | 3/10/2022 | 1100 | 1004 | 66 |
| &nbsp;&nbsp;&nbsp; WJC7-P5U0, 35.490%, 10/03/2025 †§x | Affirm | 10/07/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WJC9-AUW3, 25.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WJCD-65CF, 28.000%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 332 | 338 | 20 |
| &nbsp;&nbsp;&nbsp; WJCF-EEN0, 35.460%, 2/19/2026 †§x | Affirm | 8/22/2024 | 372 | 377 | 374 |
| &nbsp;&nbsp;&nbsp; WJCX-W4S2, 35.560%, 11/15/2025 †§x | Affirm | 11/27/2024 | 143 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; WJDC-1AD6, 15.820%, 9/23/2025 †§x | Affirm | 9/26/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WJDK-S04K, 24.400%, 10/28/2026 †§x | Affirm | 10/31/2024 | 331 | 342 | 344 |
| &nbsp;&nbsp;&nbsp; WJDU-EGMW, 15.760%, 8/06/2026 †§x | Affirm | 8/29/2025 | 95 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WJDY-PJK7, 24.660%, 12/19/2027 †§x | Affirm | 12/27/2024 | 932 | 959 | 971 |
| &nbsp;&nbsp;&nbsp; WJE1-4K9B, 24.400%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 158 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; WJE4-4CIY, 35.480%, 1/04/2026 †§x# | Affirm | 1/08/2024 | 195 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; WJEO-RR7Z, 29.510%, 6/11/2025 †x#^ | Affirm | 12/14/2023 | 154 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; WJER-H17L, 35.480%, 4/08/2025 †x#^ | Affirm | 1/11/2024 | 544 | 559 | 33 |
| &nbsp;&nbsp;&nbsp; WJEV-87P3, 31.000%, 3/20/2026 †§x# | Affirm | 9/26/2024 | 560 | 572 | 573 |
| &nbsp;&nbsp;&nbsp; WJEY-CBKO, 35.610%, 8/10/2026 †§x | Affirm | 2/26/2025 | 247 | 254 | 254 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8091** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WJFM-ASAA, 32.500%, 7/19/2026 †§x | Affirm | 7/25/2024 | $464 | $461 | $468 |
| &nbsp;&nbsp;&nbsp; WJFU-YSML, 29.750%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 260 | 249 | 16 |
| &nbsp;&nbsp;&nbsp; WJFV-FAP8, 28.500%, 4/21/2024 †x#^ | Affirm | 10/27/2022 | 522 | 546 | 31 |
| &nbsp;&nbsp;&nbsp; WJG0-LDS9, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; WJG1-AHQJ, 35.360%, 9/07/2025 †x# | Affirm | 3/11/2024 | 118 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; WJG1-N6OM, 18.000%, 11/21/2025 †§x | Affirm | 5/24/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WJG2-ASJH, 35.270%, 10/01/2024 †x#^ | Affirm | 4/04/2024 | 234 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; WJG4-LR7R, 23.000%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 45 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WJG5-RC1F, 34.101%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 327 | 335 | 20 |
| &nbsp;&nbsp;&nbsp; WJG9-X6OS, 15.760%, 2/19/2026 †§x | Affirm | 8/22/2024 | 914 | 926 | 927 |
| &nbsp;&nbsp;&nbsp; WJGC-I0MW, 15.780%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 200 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; WJGY-HTHI, 18.000%, 2/23/2026 †§x | Affirm | 8/29/2024 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; WJH0-SGY1, 29.660%, 5/15/2026 †§x | Affirm | 11/27/2024 | 256 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; WJH6-3LFT, 24.450%, 12/02/2025 †§x | Affirm | 6/27/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WJHJ-Q145, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 141 | 147 | 12 |
| &nbsp;&nbsp;&nbsp; WJHK-PW7K, 29.500%, 2/27/2026 †x# | Affirm | 3/28/2025 | 417 | 436 | 31 |
| &nbsp;&nbsp;&nbsp; WJHT-4XPY, 26.700%, 12/12/2025 †§x | Affirm | 12/27/2024 | 86 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; WJHU-2VI9, 15.720%, 10/05/2024 †x#^ | Affirm | 10/10/2023 | 265 | 266 | 16 |
| &nbsp;&nbsp;&nbsp; WJHW-ES4I, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WJHZ-2OS1, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 204 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; WJHZ-OLQ0, 35.370%, 12/18/2024 †x#^ | Affirm | 6/21/2024 | 373 | 381 | 22 |
| &nbsp;&nbsp;&nbsp; WJI2-BXVU, 29.550%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 98 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; WJIA-0629, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 236 | 240 | 239 |
| &nbsp;&nbsp;&nbsp; WJIK-H8HQ, 29.400%, 2/06/2026 †§x | Affirm | 8/29/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; WJIM-MYEF, 29.480%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 86 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WJIP-VRPJ, 8.944%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; WJJ1-0KP1, 35.440%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 164 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; WJJ7-70XY, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 442 | 429 | 425 |
| &nbsp;&nbsp;&nbsp; WJJG-762B, 32.000%, 6/02/2028 †x# | Affirm | 6/27/2025 | 3907 | 3814 | 3840 |
| &nbsp;&nbsp;&nbsp; WJJL-B9GM, 29.030%, 6/02/2025 †x#^ | Affirm | 6/08/2023 | 188 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; WJK7-K98P, 11.860%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 2037 | 2103 | 2138 |
| &nbsp;&nbsp;&nbsp; WJKC-3L1Y, 15.820%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; WJKH-678H, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WJKI-KXIL, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 149 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; WJKM-JGQ5, 28.000%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 181 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; WJKP-AJWO, 29.520%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 34 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; WJKW-BXXR, 26.900%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WJL0-00PC, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 414 | 425 | 428 |
| &nbsp;&nbsp;&nbsp; WJL0-ADJA, 29.620%, 1/02/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WJL5-V141, 35.550%, 12/28/2025 †x# | Affirm | 1/29/2025 | 79 | 78 |  |
| &nbsp;&nbsp;&nbsp; WJL6-7M39, 15.870%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1372 | 1415 | 1423 |
| &nbsp;&nbsp;&nbsp; WJLW-QHS2, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 312 | 321 | 323 |
| &nbsp;&nbsp;&nbsp; WJM0-UVE1, 9.860%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 375 | 377 | 378 |
| &nbsp;&nbsp;&nbsp; WJM6-NTIH, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 806 | 824 | 828 |
| &nbsp;&nbsp;&nbsp; WJM9-XLMH, 35.440%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; WJMJ-3BG2, 15.770%, 8/27/2027 †x | Affirm | 8/30/2024 | 5744 | 5367 | 5394 |
| &nbsp;&nbsp;&nbsp; WJMM-6C0Q, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 1223 | 1285 | 73 |
| &nbsp;&nbsp;&nbsp; WJMR-GNSN, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; WJMT-4AQ4, 29.200%, 10/08/2025 †§x | Affirm | 7/31/2025 | 83 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; WJN0-83IJ, 35.230%, 9/28/2025 †§x | Affirm | 3/31/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WJN2-QFH4, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 547 | 558 | 559 |
| &nbsp;&nbsp;&nbsp; WJN3-8FK5, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 443 | 448 | 447 |
| &nbsp;&nbsp;&nbsp; WJN4-ALDF, 33.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 474 | 474 | 468 |
| &nbsp;&nbsp;&nbsp; WJND-W5IM, 35.490%, 3/28/2024 †x#^ | Affirm | 10/02/2023 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; WJNH-9CAU, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WJNH-H2LM, 26.900%, 9/23/2025 †§x | Affirm | 9/26/2024 | 9 | 9 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8092** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WJNI-SFT7, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | $91 | $94 | $5 |
| &nbsp;&nbsp;&nbsp; WJNL-0T3H, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WJNN-XVW8, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 570 | 582 | 583 |
| &nbsp;&nbsp;&nbsp; WJNO-LS4E, 13.840%, 1/08/2026 †§x | Affirm | 7/31/2025 | 300 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; WJNW-9IGC, 17.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1340 | 1383 | 1395 |
| &nbsp;&nbsp;&nbsp; WJO4-XKMI, 33.000%, 4/08/2026 †§x | Affirm | 4/11/2024 | 506 | 509 | 515 |
| &nbsp;&nbsp;&nbsp; WJO5-O20N, 15.600%, 11/27/2024 †x#^ | Affirm | 8/30/2024 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; WJOA-ULQ6, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 154 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; WJOT-XTD6, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 155 | 159 | 157 |
| &nbsp;&nbsp;&nbsp; WJP0-9X8V, 29.440%, 11/09/2024 †x#^ | Affirm | 5/12/2023 | 688 | 668 | 41 |
| &nbsp;&nbsp;&nbsp; WJP0-RAQK, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WJP1-CYV8, 29.610%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 59 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; WJP2-8TPN, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 185 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; WJP2-BBAY, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; WJP3-GL2H, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WJP8-0RTN, 15.840%, 7/09/2024 †x#^ | Affirm | 1/12/2023 | 321 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; WJP9-S6NW, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WJPD-049E, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 74 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; WJPQ-YUUU, 15.810%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; WJPS-OML5, 33.050%, 10/18/2025 †§x | Affirm | 10/24/2024 | 19 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; WJPU-NC2T, 22.770%, 2/10/2027 †§x | Affirm | 2/26/2025 | 420 | 437 | 444 |
| &nbsp;&nbsp;&nbsp; WJPV-2LMG, 33.950%, 10/01/2025 †§x | Affirm | 10/04/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WJQ6-YJ5H, 33.950%, 3/25/2026 †§x | Affirm | 9/30/2024 | 361 | 369 | 369 |
| &nbsp;&nbsp;&nbsp; WJQA-VSXU, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 145 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; WJQG-MRPU, 32.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 177 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; WJQJ-B7TJ, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 607 | 637 | 36 |
| &nbsp;&nbsp;&nbsp; WJQK-ZNRQ, 29.690%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 305 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; WJQN-GHLT, 35.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WJQN-V2EB, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 396 | 403 | 404 |
| &nbsp;&nbsp;&nbsp; WJQP-23K7, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 519 | 527 | 531 |
| &nbsp;&nbsp;&nbsp; WJQS-6IXK, 35.250%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 71 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; WJQX-WVUA, 18.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WJQZ-FR79, 29.420%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WJQZ-IL55, 35.100%, 9/20/2025 †x# | Affirm | 3/28/2025 | 36 | 37 | 10 |
| &nbsp;&nbsp;&nbsp; WJQZ-Z8WN, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WJRA-BB46, 22.690%, 12/10/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WJRH-54QY, 29.590%, 12/01/2025 †§x | Affirm | 12/07/2023 | 183 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; WJRQ-97S0, 29.730%, 6/09/2024 †x#^ | Affirm | 12/15/2022 | 266 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; WJRQ-UKU1, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WJRW-SZDR, 35.470%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 96 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; WJRY-PWEU, 26.500%, 1/03/2027 †§x | Affirm | 1/06/2023 | 866 | 901 | 868 |
| &nbsp;&nbsp;&nbsp; WJS0-JU1R, 35.420%, 12/01/2025 †§x | Affirm | 12/07/2023 | 126 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; WJS3-UIG7, 26.700%, 9/25/2026 †§x | Affirm | 9/30/2024 | 463 | 476 | 479 |
| &nbsp;&nbsp;&nbsp; WJS4-YM9G, 24.400%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 169 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; WJSH-UMX1, 33.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WJSL-5I0U, 24.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 387 | 386 | 387 |
| &nbsp;&nbsp;&nbsp; WJSM-TK53, 33.950%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 112 | 115 | 114 |
| &nbsp;&nbsp;&nbsp; WJSN-73VZ, 28.500%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 378 | 391 | 23 |
| &nbsp;&nbsp;&nbsp; WJSQ-LRBV, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 241 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; WJSR-SNL2, 24.400%, 2/23/2026 †§x | Affirm | 8/29/2024 | 728 | 738 | 740 |
| &nbsp;&nbsp;&nbsp; WJSX-7B22, 15.810%, 5/20/2026 †§x | Affirm | 11/27/2024 | 63 | 65 | 63 |
| &nbsp;&nbsp;&nbsp; WJT3-HWZ0, 35.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 515 | 519 | 520 |
| &nbsp;&nbsp;&nbsp; WJT5-K6GS, 35.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; WJT7-SV0U, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 212 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; WJTC-WPTT, 30.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 207 | 214 |  |
| &nbsp;&nbsp;&nbsp; WJTK-7MBJ, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 133 | 136 | 136 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8093** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WJTK-N0NO, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | $48 | $49 | $49 |
| &nbsp;&nbsp;&nbsp; WJTL-NZIJ, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 164 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; WJTN-YVTQ, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WJU0-59BG, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 76 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; WJU2-JIU3, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 1193 | 1168 | 1168 |
| &nbsp;&nbsp;&nbsp; WJU5-CQCI, 22.740%, 5/01/2026 †§x# | Affirm | 11/27/2024 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; WJUL-8PNV, 18.000%, 11/06/2025 †§x | Affirm | 8/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WJUP-RPVD, 35.630%, 1/08/2026 †§x | Affirm | 1/29/2025 | 34 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WJUR-TEW3, 33.050%, 3/28/2026 †§x | Affirm | 3/31/2025 | 42 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WJUZ-E54X, 29.620%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 355 | 372 | 21 |
| &nbsp;&nbsp;&nbsp; WJVB-S3DA, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 239 | 244 | 244 |
| &nbsp;&nbsp;&nbsp; WJVH-KMU7, 32.000%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 970 | 998 | 58 |
| &nbsp;&nbsp;&nbsp; WJVJ-86II, 35.210%, 12/02/2025 †§x | Affirm | 6/27/2025 | 202 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; WJVR-H8NO, 29.660%, 9/16/2023 †x#^ | Affirm | 9/22/2022 | 104 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; WJVR-R7L0, 29.610%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 122 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; WJWG-LQJ9, 25.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; WJWI-2MA4, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WJWS-4JX1, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WJWX-3SM8, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 290 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; WJWX-ZSMD, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 143 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; WJX4-G185, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WJXS-2VTB, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; WJXT-6E6L, 31.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 208 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; WJY1-LA7P, 29.510%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 98 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; WJY5-IMBI, 29.700%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 86 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WJY7-I57V, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WJY9-UQBO, 33.050%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 272 | 280 | 276 |
| &nbsp;&nbsp;&nbsp; WJYH-AEEQ, 35.580%, 9/26/2025 †x# | Affirm | 9/30/2024 | 46 | 42 | 46 |
| &nbsp;&nbsp;&nbsp; WJYQ-T3S3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WJZF-CN22, 30.200%, 9/25/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WK0B-LPVL, 15.800%, 3/24/2026 †§x | Affirm | 9/27/2024 | 684 | 694 | 689 |
| &nbsp;&nbsp;&nbsp; WK0J-3V05, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; WK0R-BAD8, 35.070%, 1/08/2026 †§x | Affirm | 7/31/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WK0V-DZZ7, 35.480%, 10/23/2025 †x# | Affirm | 10/28/2024 | 108 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; WK10-LC6I, 29.850%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 105 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WK19-7NUH, 29.630%, 12/28/2025 †x# | Affirm | 1/29/2025 | 245 | 252 | 15 |
| &nbsp;&nbsp;&nbsp; WK1J-ATDJ, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WK1L-KMPK, 35.210%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 182 | 180 | 184 |
| &nbsp;&nbsp;&nbsp; WK1T-GZYI, 33.180%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1220 | 1208 | 1231 |
| &nbsp;&nbsp;&nbsp; WK1T-HJDP, 15.720%, 5/06/2026 †§x | Affirm | 5/30/2025 | 112 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; WK20-UK1U, 35.000%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; WK26-5EYL, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WK2G-AANK, 35.330%, 5/28/2025 †x#^ | Affirm | 5/31/2024 | 155 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; WK2T-YMZK, 21.900%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 385 | 392 | 23 |
| &nbsp;&nbsp;&nbsp; WK30-RRJB, 30.950%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WK3B-YKXW, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 195 | 203 | 202 |
| &nbsp;&nbsp;&nbsp; WK3H-88RX, 29.710%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 36 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; WK3Q-UYOI, 29.640%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WK3R-72UV, 35.340%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 47 | 49 | 1 |
| &nbsp;&nbsp;&nbsp; WK3Z-FGLA, 23.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 270 | 279 | 280 |
| &nbsp;&nbsp;&nbsp; WK45-36UZ, 15.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; WK4G-1BJ0, 6.641%, 6/24/2027 †§x« | Affirm | 6/27/2024 | 360 | 320 | 329 |
| &nbsp;&nbsp;&nbsp; WK4P-PH4A, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 206 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; WK4Y-HNKX, 33.950%, 9/20/2026 †§x# | Affirm | 9/26/2024 | 1094 | 1088 | 1098 |
| &nbsp;&nbsp;&nbsp; WK52-BCOO, 35.280%, 2/28/2025 †x#^ | Affirm | 6/02/2023 | 166 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; WK54-SU53, 35.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 97 | 98 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8094** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WK57-6241, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | $95 | $93 | $6 |
| &nbsp;&nbsp;&nbsp; WK5D-FJ3T, 30.000%, 8/14/2022 †x#^ | Affirm | 2/17/2022 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; WK5J-HOUM, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1302 | 1313 | 1304 |
| &nbsp;&nbsp;&nbsp; WK5V-EOWY, 29.460%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 103 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; WK5X-CNRW, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WK64-S562, 29.520%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 578 | 596 | 35 |
| &nbsp;&nbsp;&nbsp; WK66-HTHN, 28.000%, 10/24/2024 †x#^ | Affirm | 10/27/2022 | 729 | 795 | 44 |
| &nbsp;&nbsp;&nbsp; WK68-L5E5, 35.570%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 508 | 523 | 30 |
| &nbsp;&nbsp;&nbsp; WK6D-4P4H, 35.000%, 2/11/2026 †x | Affirm | 12/27/2024 | 213 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; WK6J-0YQ6, 11.790%, 3/24/2027 †§x | Affirm | 3/31/2025 | 473 | 470 | 478 |
| &nbsp;&nbsp;&nbsp; WK6V-K8RF, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WK6V-NTSC, 29.430%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 225 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; WK6W-QT0H, 29.020%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 804 | 860 | 48 |
| &nbsp;&nbsp;&nbsp; WK74-YO3R, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WK77-FBHI, 29.580%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 444 | 459 | 461 |
| &nbsp;&nbsp;&nbsp; WK79-P5F7, 27.950%, 11/14/2025 †§x | Affirm | 11/27/2024 | 1060 | 1067 | 1067 |
| &nbsp;&nbsp;&nbsp; WK7D-7EJG, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 84 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WK7F-GUVR, 18.200%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1969 | 2027 | 1992 |
| &nbsp;&nbsp;&nbsp; WK7G-KLHI, 6.297%, 2/10/2026 †x« | Affirm | 2/26/2025 | 5961 | 5799 | 5773 |
| &nbsp;&nbsp;&nbsp; WK7T-47A0, 15.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WK7W-08XE, 29.650%, 10/09/2025 †§x | Affirm | 4/12/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WK7X-5RKC, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WK88-0Q2V, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; WK8A-FEBR, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 230 | 234 | 232 |
| &nbsp;&nbsp;&nbsp; WK8L-W4RU, 33.050%, 9/24/2025 †§x | Affirm | 9/27/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WK8P-X3VZ, 15.840%, 12/06/2022 †x#^ | Affirm | 9/09/2022 | 141 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; WK8U-QRX2, 29.510%, 10/08/2022 †x#^ | Affirm | 4/14/2022 | 146 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; WK8W-HB9M, 29.680%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; WK90-Y509, 35.210%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 140 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; WK91-OZH8, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; WK95-NBOS, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WK95-X47O, 23.400%, 6/20/2027 †§x | Affirm | 6/24/2024 | 2093 | 2119 | 2129 |
| &nbsp;&nbsp;&nbsp; WK96-X1I3, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 195 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; WK9O-KV6O, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; WK9Q-EMGP, 29.680%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 192 | 199 | 197 |
| &nbsp;&nbsp;&nbsp; WK9R-KGZA, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WK9V-IAHD, 15.690%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 1064 | 1087 | 1097 |
| &nbsp;&nbsp;&nbsp; WKA0-YNOZ, 29.610%, 12/16/2023 †x#^ | Affirm | 12/22/2022 | 296 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; WKA7-YXZW, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 450 | 440 | 438 |
| &nbsp;&nbsp;&nbsp; WKAG-UUCC, 17.900%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 71 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; WKAR-04IW, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 75 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; WKAT-4ZYI, 35.300%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; WKAW-3X2X, 28.000%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; WKB7-YBTB, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 769 | 788 | 793 |
| &nbsp;&nbsp;&nbsp; WKBD-1VIR, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 167 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; WKBK-EJVG, 31.200%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 2981 | 2703 | 179 |
| &nbsp;&nbsp;&nbsp; WKBM-KN3F, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 374 | 373 | 373 |
| &nbsp;&nbsp;&nbsp; WKBW-GZDE, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WKBZ-7WGU, 25.200%, 1/06/2026 †§x | Affirm | 1/29/2025 | 375 | 382 | 383 |
| &nbsp;&nbsp;&nbsp; WKC3-GA70, 15.980%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WKC4-4C5G, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1198 | 1238 | 1249 |
| &nbsp;&nbsp;&nbsp; WKC7-7MT5, 35.480%, 10/25/2025 †§x | Affirm | 10/31/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WKC7-AOIN, 35.550%, 3/02/2026 †x# | Affirm | 6/27/2025 | 210 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; WKC8-3X5B, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 63 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; WKCJ-P45M, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WKCM-NGNG, 29.560%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 113 | 119 | 7 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8095** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WKCS-T9ES, 24.410%, 1/08/2026 †x | Affirm | 7/31/2025 | $49 | $50 | $50 |
| &nbsp;&nbsp;&nbsp; WKD7-ORM3, 27.950%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; WKDF-8KUE, 25.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 158 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; WKDM-W428, 35.460%, 6/17/2026 †§x# | Affirm | 6/21/2024 | 247 | 245 | 248 |
| &nbsp;&nbsp;&nbsp; WKEF-507N, 24.450%, 12/02/2025 †§x | Affirm | 6/27/2025 | 321 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; WKEX-QOMY, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WKF4-XG6O, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1198 | 1211 | 1208 |
| &nbsp;&nbsp;&nbsp; WKF8-1DXD, 33.950%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 768 | 811 | 46 |
| &nbsp;&nbsp;&nbsp; WKFB-VWND, 29.990%, 4/18/2023 †x#^ | Affirm | 1/23/2023 | 680 | 666 | 41 |
| &nbsp;&nbsp;&nbsp; WKFJ-WU8A, 33.050%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 118 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; WKFV-QKLI, 29.590%, 12/28/2028 †§x# | Affirm | 1/29/2025 | 1366 | 1463 | 1474 |
| &nbsp;&nbsp;&nbsp; WKFX-F294, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 121 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; WKG4-9PR2, 29.070%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 51 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; WKG4-ZCTV, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WKG5-64Q6, 29.500%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 171 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; WKGJ-7LKA, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 214 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; WKGQ-J8K2, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 481 | 496 | 500 |
| &nbsp;&nbsp;&nbsp; WKHK-NWVE, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 313 | 320 | 320 |
| &nbsp;&nbsp;&nbsp; WKHM-0G99, 15.820%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 95 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; WKHN-2TEV, 33.050%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 136 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; WKHT-46CP, 35.950%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 126 | 126 | 29 |
| &nbsp;&nbsp;&nbsp; WKHU-8LFG, 29.710%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 121 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WKHU-EUR8, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 180 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; WKHV-E8XF, 35.590%, 11/15/2025 †x# | Affirm | 11/27/2024 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WKI3-UX8Z, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WKI9-Y8QY, 22.750%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WKIS-UQF4, 29.300%, 1/06/2023 †x#^ | Affirm | 7/11/2022 | 92 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; WKIX-T2KL, 35.340%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 202 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; WKJ1-BS3X, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WKJ2-PC21, 35.950%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WKJ6-5R64, 30.950%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 804 | 823 | 830 |
| &nbsp;&nbsp;&nbsp; WKJ6-QQS2, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WKJD-XXSH, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 320 | 318 | 319 |
| &nbsp;&nbsp;&nbsp; WKJM-T3CK, 27.100%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; WKJZ-HN9B, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 149 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; WKK2-9LLU, 30.950%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 106 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; WKK2-AU27, 32.500%, 8/07/2026 †x# | Affirm | 2/26/2025 | 834 | 845 | 491 |
| &nbsp;&nbsp;&nbsp; WKK4-6LUA, 34.050%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 881 | 929 | 53 |
| &nbsp;&nbsp;&nbsp; WKKB-SF8Q, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; WKKS-W011, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WKLH-IACG, 28.000%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 317 | 332 | 19 |
| &nbsp;&nbsp;&nbsp; WKLJ-UZ0S, 29.810%, 2/05/2026 †§x | Affirm | 2/26/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WKLP-BHE9, 15.850%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WKLV-Q7O0, 35.610%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WKM1-MTVL, 20.900%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 223 | 228 | 224 |
| &nbsp;&nbsp;&nbsp; WKM9-QA66, 31.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 112 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WKMB-2SOR, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; WKMJ-J5KY, 30.000%, 8/03/2022 †x#^ | Affirm | 2/07/2022 | 170 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; WKMP-JO2W, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; WKMP-OCFH, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 66 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; WKMS-4194, 29.420%, 3/04/2025 †x#^ | Affirm | 3/07/2024 | 83 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WKN0-Y937, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 1194 | 1213 | 1216 |
| &nbsp;&nbsp;&nbsp; WKND-YGS1, 28.000%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 324 | 341 | 19 |
| &nbsp;&nbsp;&nbsp; WKNE-UM1D, 31.000%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 1676 | 1731 | 101 |
| &nbsp;&nbsp;&nbsp; WKNJ-L50O, 17.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 171 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WKNM-UY5S, 33.280%, 8/06/2026 †§x | Affirm | 2/26/2025 | 162 | 160 | 161 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8096** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WKNT-CT5S, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | $83 | $85 | $85 |
| &nbsp;&nbsp;&nbsp; WKNY-DFH9, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 136 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; WKO2-1GLX, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WKOE-4Z52, 35.610%, 11/20/2025 †x# | Affirm | 11/27/2024 | 333 | 332 | 20 |
| &nbsp;&nbsp;&nbsp; WKOI-INP1, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 204 | 213 | 212 |
| &nbsp;&nbsp;&nbsp; WKOI-U6R5, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 191 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; WKOQ-5NOF, 26.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WKOR-CEBM, 33.070%, 12/16/2025 †§x | Affirm | 12/27/2024 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; WKOT-OX0Q, 29.910%, 1/06/2026 †§x | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; WKOU-9167, 29.200%, 1/08/2026 †§x | Affirm | 1/11/2024 | 227 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; WKOU-UQ1X, 29.600%, 12/22/2023 †x#^ | Affirm | 12/27/2021 | 538 | 580 | 32 |
| &nbsp;&nbsp;&nbsp; WKOY-F871, 29.730%, 8/13/2024 †x#^ | Affirm | 2/16/2023 | 275 | 290 | 16 |
| &nbsp;&nbsp;&nbsp; WKPH-QPZC, 22.590%, 7/08/2026 †§x | Affirm | 7/31/2025 | 140 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; WKPL-SX54, 29.710%, 2/12/2027 †§x# | Affirm | 2/26/2025 | 672 | 705 | 707 |
| &nbsp;&nbsp;&nbsp; WKPM-Z59V, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 103 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WKPQ-EBXY, 29.500%, 2/07/2026 †§x | Affirm | 8/29/2025 | 333 | 340 | 340 |
| &nbsp;&nbsp;&nbsp; WKPR-BYFB, 35.490%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WKPR-EACU, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WKPT-SWG6, 29.420%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 700 | 652 | 42 |
| &nbsp;&nbsp;&nbsp; WKPX-VHNF, 28.500%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 118 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; WKQ3-M82U, 31.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 283 | 288 | 289 |
| &nbsp;&nbsp;&nbsp; WKQN-XB65, 35.440%, 10/05/2025 †§x# | Affirm | 4/11/2024 | 241 | 241 | 239 |
| &nbsp;&nbsp;&nbsp; WKQO-GV0D, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 474 | 495 | 28 |
| &nbsp;&nbsp;&nbsp; WKQR-WRP5, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; WKQU-QCRS, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 950 | 937 | 933 |
| &nbsp;&nbsp;&nbsp; WKQV-HFD5, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; WKQZ-KOL3, 35.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WKR0-N3T3, 35.350%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WKR1-0A37, 29.610%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 142 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; WKR1-CMVW, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WKR9-K3MW, 29.680%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 526 | 517 | 32 |
| &nbsp;&nbsp;&nbsp; WKRD-B627, 29.680%, 9/01/2025 †x | Affirm | 9/08/2023 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WKRF-LJV1, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WKRG-I3K4, 35.650%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; WKS1-SOAN, 35.570%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 100 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; WKS2-S2AS, 12.838%, 9/17/2024 †x#^« | Affirm | 6/21/2024 | 87 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WKSB-2NK1, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; WKSJ-RF24, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WKSL-BILY, 35.650%, 1/02/2026 †§x | Affirm | 1/29/2025 | 570 | 566 | 565 |
| &nbsp;&nbsp;&nbsp; WKSO-TOA9, 35.190%, 11/06/2025 †§x | Affirm | 5/30/2025 | 54 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; WKSO-U88Y, 33.950%, 2/22/2026 †§x# | Affirm | 8/26/2024 | 157 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; WKSU-VA0D, 29.510%, 8/28/2025 †x#^ | Affirm | 8/31/2023 | 356 | 361 | 21 |
| &nbsp;&nbsp;&nbsp; WKT8-TUFT, 29.120%, 6/14/2023 †x#^ | Affirm | 12/17/2021 | 262 | 250 | 16 |
| &nbsp;&nbsp;&nbsp; WKTA-RYVM, 11.840%, 12/01/2025 †§x# | Affirm | 12/07/2023 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WKTG-40KR, 35.530%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 1365 | 1408 | 82 |
| &nbsp;&nbsp;&nbsp; WKTJ-Q6L8, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 368 | 374 | 376 |
| &nbsp;&nbsp;&nbsp; WKTV-W6T8, 24.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 264 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; WKTW-D3AO, 29.600%, 12/28/2025 †x | Affirm | 1/29/2025 | 71 | 72 | 22 |
| &nbsp;&nbsp;&nbsp; WKUA-09F8, 35.640%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WKUH-LK0G, 29.690%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 105 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; WKUL-4H7N, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 63 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WKUP-S98Z, 35.390%, 6/02/2026 †§x | Affirm | 6/27/2025 | 188 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; WKUU-2UFL, 31.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 254 | 252 | 252 |
| &nbsp;&nbsp;&nbsp; WKUX-P4PL, 29.610%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 307 | 316 | 314 |
| &nbsp;&nbsp;&nbsp; WKV6-J1LT, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 151 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; WKVG-FXHG, 35.650%, 7/02/2026 †§x | Affirm | 1/29/2025 | 469 | 476 | 473 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8097** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WKVO-28K9, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | $248 | $251 | $251 |
| &nbsp;&nbsp;&nbsp; WKVO-31M0, 15.870%, 1/02/2027 †§x | Affirm | 1/29/2025 | 401 | 413 | 417 |
| &nbsp;&nbsp;&nbsp; WKW4-47IZ, 25.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 432 | 441 | 26 |
| &nbsp;&nbsp;&nbsp; WKW9-9D6Z, 35.380%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 165 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; WKWL-IDH4, 35.400%, 3/11/2025 †x#^ | Affirm | 12/27/2024 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; WKWN-D3R1, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; WKWO-WK5O, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 117 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; WKWR-BX4H, 26.900%, 9/23/2025 †§x | Affirm | 9/26/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; WKWV-GNWT, 32.500%, 5/02/2025 †x#^ | Affirm | 5/06/2024 | 830 | 859 | 50 |
| &nbsp;&nbsp;&nbsp; WKWX-0O4F, 22.750%, 11/12/2025 †§x | Affirm | 11/27/2024 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; WKX4-T9VK, 35.290%, 11/11/2024 †x#^ | Affirm | 12/14/2023 | 76 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; WKX8-YR1N, 35.300%, 3/28/2026 †§x | Affirm | 4/22/2025 | 984 | 1004 | 1020 |
| &nbsp;&nbsp;&nbsp; WKXC-B4FP, 29.340%, 11/06/2025 †§x | Affirm | 8/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WKXC-ISIC, 35.950%, 1/02/2026 †x# | Affirm | 1/29/2025 | 89 | 88 | 47 |
| &nbsp;&nbsp;&nbsp; WKXD-QTMR, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; WKXI-1Y30, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 118 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; WKXL-F93S, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WKXN-SEQ9, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 223 | 226 | 226 |
| &nbsp;&nbsp;&nbsp; WKXP-LLYK, 23.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 318 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; WKXT-LM31, 15.700%, 5/06/2026 †§x | Affirm | 5/30/2025 | 189 | 195 | 197 |
| &nbsp;&nbsp;&nbsp; WKXV-CT0T, 32.500%, 11/20/2026 †x# | Affirm | 11/27/2024 | 425 | 425 | 85 |
| &nbsp;&nbsp;&nbsp; WKXW-ZYZI, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 481 | 505 | 505 |
| &nbsp;&nbsp;&nbsp; WKXZ-X75Q, 29.690%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 46 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; WKY3-Q8XG, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 233 | 236 | 235 |
| &nbsp;&nbsp;&nbsp; WKY4-YAS8, 9.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 136 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; WKYM-M7U8, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 736 | 724 | 722 |
| &nbsp;&nbsp;&nbsp; WKYT-Y4EG, 29.530%, 12/05/2025 †§x# | Affirm | 12/08/2023 | 337 | 337 | 338 |
| &nbsp;&nbsp;&nbsp; WKZ0-BWGY, 35.370%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 179 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; WKZ3-2H8H, 23.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; WKZ7-DRPG, 23.400%, 12/19/2026 †§x | Affirm | 12/27/2024 | 1129 | 1171 | 1178 |
| &nbsp;&nbsp;&nbsp; WKZ9-5YR5, 29.620%, 12/28/2023 †x#^ | Affirm | 1/06/2023 | 329 | 336 | 20 |
| &nbsp;&nbsp;&nbsp; WKZU-T4ZL, 35.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 14 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WKZZ-DS9H, 33.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 267 | 269 | 268 |
| &nbsp;&nbsp;&nbsp; WL00-PS65, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 375 | 380 | 382 |
| &nbsp;&nbsp;&nbsp; WL03-GRZI, 29.620%, 9/24/2026 †§x | Affirm | 9/27/2024 | 431 | 429 | 434 |
| &nbsp;&nbsp;&nbsp; WL04-BFV5, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 79 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; WL05-DJGM, 32.500%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 857 | 878 | 875 |
| &nbsp;&nbsp;&nbsp; WL08-A5J8, 15.650%, 1/30/2023 †x#^ | Affirm | 11/03/2022 | 81 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; WL0Q-QEE1, 22.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 355 | 361 | 362 |
| &nbsp;&nbsp;&nbsp; WL17-AG63, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 951 | 932 | 926 |
| &nbsp;&nbsp;&nbsp; WL19-QOVT, 35.630%, 11/12/2025 †§x | Affirm | 11/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WL1M-61ND, 32.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; WL1O-GKYC, 30.000%, 11/17/2024 †x#^ | Affirm | 5/22/2023 | 246 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; WL1Q-RI15, 35.410%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 866 | 866 | 52 |
| &nbsp;&nbsp;&nbsp; WL22-I01S, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 304 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; WL22-JBHQ, 35.480%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 327 | 328 | 20 |
| &nbsp;&nbsp;&nbsp; WL24-402M, 32.500%, 12/20/2025 †§x# | Affirm | 6/24/2024 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; WL25-MBMA, 27.950%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 167 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; WL25-YCVH, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 328 | 334 | 20 |
| &nbsp;&nbsp;&nbsp; WL2J-PIGI, 29.820%, 2/14/2024 †x#^ | Affirm | 2/17/2023 | 140 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; WL2M-MYSG, 29.580%, 10/17/2023 †x#^ | Affirm | 10/20/2022 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; WL2Q-57B6, 33.950%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 130 | 137 | 20 |
| &nbsp;&nbsp;&nbsp; WL2Q-ZDOK, 15.820%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; WL3G-LJRF, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 181 | 188 | 190 |
| &nbsp;&nbsp;&nbsp; WL3Q-B58R, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WL3Q-DTUF, 27.100%, 9/20/2024 †x#^ | Affirm | 9/23/2022 | 631 | 677 | 38 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8098** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WL3U-XQL7, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | $68 | $69 | $69 |
| &nbsp;&nbsp;&nbsp; WL42-E9UA, 11.770%, 3/28/2026 †§x | Affirm | 3/31/2025 | 67 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; WL4L-RMSP, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WL4N-JMUP, 23.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 351 | 360 | 362 |
| &nbsp;&nbsp;&nbsp; WL51-J27X, 29.570%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 412 | 432 | 25 |
| &nbsp;&nbsp;&nbsp; WL53-ME1G, 15.920%, 10/03/2025 †x# | Affirm | 10/07/2024 | 89 | 94 | 9 |
| &nbsp;&nbsp;&nbsp; WL54-R0Z7, 28.500%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 345 | 341 | 21 |
| &nbsp;&nbsp;&nbsp; WL55-ZCEE, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; WL5N-FNC3, 11.750%, 3/28/2026 †§x | Affirm | 3/31/2025 | 68 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; WL5Q-CPS7, 35.430%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 187 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; WL5Z-88IN, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 161 | 162 | 161 |
| &nbsp;&nbsp;&nbsp; WL60-MCG4, 35.350%, 6/02/2026 †§x | Affirm | 6/27/2025 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; WL60-VO82, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WL66-2348, 29.710%, 2/12/2027 †§x | Affirm | 2/26/2025 | 734 | 769 | 776 |
| &nbsp;&nbsp;&nbsp; WL6K-L7IN, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 694 | 707 | 42 |
| &nbsp;&nbsp;&nbsp; WL6P-IXF3, 25.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 105 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; WL71-4D0L, 28.299%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 332 | 341 | 20 |
| &nbsp;&nbsp;&nbsp; WL72-X4BZ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WL73-9P1V, 35.550%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 321 | 336 | 19 |
| &nbsp;&nbsp;&nbsp; WL78-QCVG, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 143 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; WL7G-J39D, 35.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WL7H-0PHX, 29.450%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 252 | 265 | 15 |
| &nbsp;&nbsp;&nbsp; WL7H-5UHM, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 142 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; WL7M-5SGO, 35.370%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 143 | 145 | 144 |
| &nbsp;&nbsp;&nbsp; WL7O-5RB4, 24.680%, 1/06/2026 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WL7P-FDHA, 33.950%, 1/06/2026 †x# | Affirm | 1/29/2025 | 148 | 155 | 37 |
| &nbsp;&nbsp;&nbsp; WL7P-LXE1, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 163 | 168 | 170 |
| &nbsp;&nbsp;&nbsp; WL7W-YDJZ, 31.820%, 9/20/2025 †§x | Affirm | 9/26/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WL84-J3B2, 15.810%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WL89-3BVV, 35.280%, 9/28/2025 †§x | Affirm | 3/31/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WL89-V001, 33.050%, 10/03/2025 †§x | Affirm | 10/07/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WL8Z-2H4X, 29.500%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WL93-8B5L, 29.690%, 1/04/2027 †§x | Affirm | 1/08/2024 | 767 | 800 | 801 |
| &nbsp;&nbsp;&nbsp; WL97-6RHN, 33.070%, 12/18/2025 †x# | Affirm | 12/27/2024 | 145 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; WL99-0R15, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WL9C-VUST, 35.360%, 2/19/2026 †§x | Affirm | 8/22/2024 | 112 | 114 | 113 |
| &nbsp;&nbsp;&nbsp; WL9P-0XSJ, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 301 | 282 | 301 |
| &nbsp;&nbsp;&nbsp; WLAB-XL03, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 1088 | 1056 | 1046 |
| &nbsp;&nbsp;&nbsp; WLAF-LY2M, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WLAP-A9Z0, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WLAV-N9XQ, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WLAX-WS2L, 31.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WLB6-66WP, 29.730%, 8/14/2024 †x#^ | Affirm | 2/17/2023 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WLBB-L4Z2, 33.950%, 9/25/2025 †x# | Affirm | 9/30/2024 | 41 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; WLBT-8HF7, 33.950%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 522 | 537 | 530 |
| &nbsp;&nbsp;&nbsp; WLBX-TEUC, 35.730%, 7/02/2026 †§x | Affirm | 1/29/2025 | 201 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; WLBY-3H0A, 25.200%, 8/06/2026 †§x | Affirm | 8/29/2025 | 219 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; WLC2-SBUE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 339 | 345 | 346 |
| &nbsp;&nbsp;&nbsp; WLC3-N0OW, 32.500%, 8/23/2024 †x#^ | Affirm | 8/28/2023 | 79 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; WLCD-2WIW, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WLCF-PD6Y, 20.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 603 | 621 | 617 |
| &nbsp;&nbsp;&nbsp; WLCS-I3UD, 29.550%, 10/26/2025 †§x | Affirm | 5/02/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WLCT-5HSP, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WLCV-T4Z7, 15.810%, 5/15/2026 †§x | Affirm | 11/27/2024 | 237 | 244 | 243 |
| &nbsp;&nbsp;&nbsp; WLCZ-ZGJK, 29.600%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 141 | 148 | 8 |
| &nbsp;&nbsp;&nbsp; WLD1-R4UX, 24.710%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 67 | 67 | 68 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8099** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WLD2-GTGR, 35.130%, 1/08/2026 †§x | Affirm | 7/31/2025 | $296 | $300 | $302 |
| &nbsp;&nbsp;&nbsp; WLD3-Z6HQ, 33.950%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 341 | 357 | 20 |
| &nbsp;&nbsp;&nbsp; WLDB-O054, 33.950%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 556 | 579 | 577 |
| &nbsp;&nbsp;&nbsp; WLDB-U677, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WLDL-F751, 29.440%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 271 | 285 | 16 |
| &nbsp;&nbsp;&nbsp; WLDN-4PY8, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WLDO-GG2E, 11.830%, 10/25/2026 †§x | Affirm | 10/31/2024 | 571 | 588 | 592 |
| &nbsp;&nbsp;&nbsp; WLE4-9RN0, 33.950%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WLE6-HLHY, 23.400%, 10/21/2025 †§x | Affirm | 10/24/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WLE7-4X79, 29.670%, 2/12/2028 †§x | Affirm | 2/26/2025 | 1214 | 1271 | 1284 |
| &nbsp;&nbsp;&nbsp; WLEE-XELA, 33.950%, 1/02/2026 †x# | Affirm | 1/29/2025 | 232 | 236 | 111 |
| &nbsp;&nbsp;&nbsp; WLEJ-9P91, 29.570%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 42 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; WLF8-XVIU, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 85 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; WLFF-7C2S, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 120 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; WLFO-9VXS, 35.440%, 10/25/2024 †x#^ | Affirm | 5/02/2024 | 10 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; WLFW-FAPA, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; WLFW-G50L, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; WLG1-M17W, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 99 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; WLGA-F2GZ, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 935 | 974 | 970 |
| &nbsp;&nbsp;&nbsp; WLGI-0LX9, 35.700%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 25 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; WLGP-7WZR, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WLH0-OJUO, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 778 | 799 | 804 |
| &nbsp;&nbsp;&nbsp; WLH3-41KQ, 27.500%, 8/18/2025 †x#^ | Affirm | 8/22/2022 | 673 | 736 | 40 |
| &nbsp;&nbsp;&nbsp; WLHB-C0MB, 35.180%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WLHD-62J9, 33.050%, 4/28/2027 †§x# | Affirm | 5/02/2024 | 816 | 830 | 835 |
| &nbsp;&nbsp;&nbsp; WLHH-XJY1, 29.480%, 6/07/2024 †x#^ | Affirm | 6/15/2023 | 143 | 140 | 9 |
| &nbsp;&nbsp;&nbsp; WLI1-9RJ7, 31.524%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 180 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; WLIE-7ZSM, 32.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 215 | 224 | 41 |
| &nbsp;&nbsp;&nbsp; WLIL-XI59, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 205 | 209 | 209 |
| &nbsp;&nbsp;&nbsp; WLIP-0NDX, 24.400%, 4/23/2026 †§x | Affirm | 10/28/2024 | 79 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; WLJ2-E456, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WLJ4-MVQ3, 24.400%, 4/25/2026 †§x | Affirm | 10/31/2024 | 1209 | 1232 | 1237 |
| &nbsp;&nbsp;&nbsp; WLJG-MMOE, 35.990%, 4/28/2025 †x#^ | Affirm | 2/26/2025 | 76 | 71 | 5 |
| &nbsp;&nbsp;&nbsp; WLJK-7S7S, 22.770%, 1/08/2026 †§x | Affirm | 1/29/2025 | 180 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; WLJM-SXTR, 31.500%, 11/12/2025 †x# | Affirm | 11/27/2024 | 95 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; WLJT-REA4, 35.310%, 5/21/2026 †§x | Affirm | 5/24/2024 | 877 | 883 | 897 |
| &nbsp;&nbsp;&nbsp; WLK0-0JZF, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; WLK9-4X1F, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WLK9-SJYB, 35.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 413 | 417 | 414 |
| &nbsp;&nbsp;&nbsp; WLKA-HVLL, 29.500%, 1/08/2027 †§x | Affirm | 7/31/2025 | 276 | 291 | 290 |
| &nbsp;&nbsp;&nbsp; WLKA-W3DE, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; WLKE-ULGJ, 13.840%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 103 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; WLKF-LAD9, 18.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 104 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WLKH-8WCP, 35.460%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 65 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; WLKM-Y1ZD, 25.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 161 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; WLKQ-42ON, 32.000%, 2/11/2028 †x | Affirm | 2/26/2025 | 2789 | 2891 | 2940 |
| &nbsp;&nbsp;&nbsp; WLKQ-G1ZN, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 1166 | 1188 | 70 |
| &nbsp;&nbsp;&nbsp; WLKT-5URB, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WLKZ-FW2Y, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WLL5-376T, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WLL6-OU5O, 35.500%, 10/25/2025 †x# | Affirm | 10/31/2024 | 383 | 384 | 13 |
| &nbsp;&nbsp;&nbsp; WLL9-USEL, 25.000%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 354 | 370 | 21 |
| &nbsp;&nbsp;&nbsp; WLLA-YDVV, 29.730%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 19 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; WLLC-TYWY, 29.490%, 12/13/2024 †x#^ | Affirm | 6/16/2023 | 149 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; WLLD-MX0R, 15.820%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 102 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WLLH-S7IA, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 18 | 19 | 19 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8100** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WLMB-JB2B, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $84 | $85 | $85 |
| &nbsp;&nbsp;&nbsp; WLMN-21GV, 28.500%, 10/12/2022 †x#^ | Affirm | 4/15/2022 | 267 | 272 | 16 |
| &nbsp;&nbsp;&nbsp; WLMP-A8L2, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WLMQ-D8N2, 35.490%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WLMT-6759, 22.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 329 | 333 | 333 |
| &nbsp;&nbsp;&nbsp; WLMU-ZOCK, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 230 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; WLMX-194S, 30.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WLN2-WL38, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; WLND-YVKB, 8.998%, 10/22/2025 †§x« | Affirm | 10/25/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WLNJ-WH86, 22.660%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 58 | 61 | 3 |
| &nbsp;&nbsp;&nbsp; WLNL-R7F9, 15.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 39 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; WLNW-A2ZL, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 112 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; WLO0-TIQN, 29.510%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 428 | 450 | 26 |
| &nbsp;&nbsp;&nbsp; WLO4-SC33, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 103 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; WLOB-D5V0, 35.640%, 1/06/2026 †x# | Affirm | 1/29/2025 | 265 | 272 | 16 |
| &nbsp;&nbsp;&nbsp; WLOC-MIX6, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 182 | 185 | 186 |
| &nbsp;&nbsp;&nbsp; WLOP-0R7N, 29.800%, 2/11/2023 †x#^ | Affirm | 2/17/2022 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; WLOQ-1C5X, 20.900%, 1/02/2027 †§x | Affirm | 1/29/2025 | 651 | 674 | 678 |
| &nbsp;&nbsp;&nbsp; WLOW-WP5G, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WLOX-FHSE, 26.500%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 100 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WLOZ-5S7A, 33.000%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 576 | 576 | 35 |
| &nbsp;&nbsp;&nbsp; WLP7-OGWO, 29.680%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 596 | 583 | 36 |
| &nbsp;&nbsp;&nbsp; WLPC-YQRK, 35.450%, 5/27/2025 †x#^ | Affirm | 10/02/2023 | 584 | 581 | 35 |
| &nbsp;&nbsp;&nbsp; WLPN-92HB, 35.540%, 12/28/2025 †§x | Affirm | 1/29/2025 | 313 | 311 | 310 |
| &nbsp;&nbsp;&nbsp; WLPU-129W, 35.440%, 12/10/2025 †§x | Affirm | 12/27/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WLQ3-C84E, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WLQ4-NDW0, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 909 | 901 | 918 |
| &nbsp;&nbsp;&nbsp; WLQR-V0BW, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WLR0-K5H0, 35.360%, 6/06/2024 †x#^ | Affirm | 12/11/2023 | 114 | 109 | 7 |
| &nbsp;&nbsp;&nbsp; WLRA-K6Y2, 15.890%, 3/03/2026 †x | Affirm | 3/28/2025 | 83 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WLRV-93II, 23.400%, 2/12/2028 †x | Affirm | 2/26/2025 | 2917 | 3053 | 3084 |
| &nbsp;&nbsp;&nbsp; WLS2-G1EM, 13.056%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 16 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WLSO-E1YV, 25.200%, 1/03/2027 †§x | Affirm | 1/29/2025 | 482 | 499 | 502 |
| &nbsp;&nbsp;&nbsp; WLSZ-AYUD, 29.520%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; WLT1-EEAI, 29.610%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 85 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; WLTA-ZLRC, 35.200%, 6/06/2024 †x#^ | Affirm | 3/11/2024 | 308 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; WLTC-ED8L, 35.510%, 9/24/2025 †x# | Affirm | 9/27/2024 | 76 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; WLTD-68GR, 35.410%, 12/28/2025 †§x | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WLTK-VIWP, 29.510%, 5/17/2026 †§x | Affirm | 5/24/2024 | 597 | 608 | 611 |
| &nbsp;&nbsp;&nbsp; WLTX-P2FG, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 173 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; WLU4-3M2A, 31.000%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 249 | 250 | 247 |
| &nbsp;&nbsp;&nbsp; WLUF-L0N5, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; WLUI-SORY, 29.470%, 8/10/2024 †x#^ | Affirm | 8/14/2023 | 122 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; WLUM-GTRV, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; WLUR-4P36, 26.900%, 1/06/2026 †x# | Affirm | 1/29/2025 | 128 | 132 | 34 |
| &nbsp;&nbsp;&nbsp; WLUW-UR64, 24.710%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 571 | 593 | 596 |
| &nbsp;&nbsp;&nbsp; WLV9-H2FF, 33.050%, 12/10/2025 †§x | Affirm | 12/27/2024 | 90 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; WLVQ-SVWA, 22.750%, 12/17/2025 †§x | Affirm | 6/21/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WLVY-0EYT, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WLVZ-OFQH, 11.770%, 3/20/2026 †§x | Affirm | 3/28/2025 | 275 | 284 | 287 |
| &nbsp;&nbsp;&nbsp; WLVZ-WHO4, 15.710%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 575 | 595 | 34 |
| &nbsp;&nbsp;&nbsp; WLW0-0JJN, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WLW6-O6TW, 29.560%, 4/04/2024 †x#^ | Affirm | 10/07/2022 | 148 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; WLW9-RP7G, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 167 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; WLWE-UAS9, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 133 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; WLWI-DSJU, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 259 | 263 | 263 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8101** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WLX0-4X0M, 35.200%, 12/02/2025 †x# | Affirm | 6/27/2025 | $544 | $549 | $297 |
| &nbsp;&nbsp;&nbsp; WLX9-ROHU, 35.250%, 9/11/2024 †x#^ | Affirm | 3/14/2024 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; WLXF-2QXX, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 216 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; WLXN-7TF4, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 624 | 614 | 613 |
| &nbsp;&nbsp;&nbsp; WLXS-FXDY, 29.550%, 2/26/2024 †x#^ | Affirm | 9/01/2022 | 209 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; WLXT-D83D, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; WLXW-L0CG, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 262 | 251 | 251 |
| &nbsp;&nbsp;&nbsp; WLY4-P31X, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 767 | 785 | 790 |
| &nbsp;&nbsp;&nbsp; WLYV-YTZX, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; WLZ3-7IRR, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 186 | 194 | 193 |
| &nbsp;&nbsp;&nbsp; WLZ9-DOL7, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WLZB-9H0U, 29.500%, 6/07/2023 †x#^ | Affirm | 4/11/2022 | 205 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; WLZS-0Y24, 29.490%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WLZS-PQZE, 31.500%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 541 | 550 | 32 |
| &nbsp;&nbsp;&nbsp; WLZU-SZJO, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 265 | 263 | 262 |
| &nbsp;&nbsp;&nbsp; WM0B-8JL2, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WM0K-OKRI, 31.000%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 642 | 660 | 660 |
| &nbsp;&nbsp;&nbsp; WM12-POX1, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WM14-GXO0, 35.360%, 6/02/2026 †§x | Affirm | 6/27/2025 | 187 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; WM15-6FL2, 35.610%, 7/29/2024 †x#^ | Affirm | 5/02/2024 | 54 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; WM18-RWXT, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WM1A-4NWM, 18.259%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 56 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; WM1C-25SC, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WM1C-31US, 35.480%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WM1N-DST6, 28.990%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 116 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WM1Y-E8KB, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 331 | 334 | 64 |
| &nbsp;&nbsp;&nbsp; WM26-DGUK, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WM29-D8AS, 11.860%, 9/23/2025 †§x | Affirm | 9/26/2024 | 498 | 498 | 500 |
| &nbsp;&nbsp;&nbsp; WM2L-84JW, 27.100%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 44 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WM2T-NFMN, 20.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 269 | 273 | 275 |
| &nbsp;&nbsp;&nbsp; WM2T-SX29, 29.500%, 3/26/2027 †x# | Affirm | 3/31/2025 | 499 | 496 | 100 |
| &nbsp;&nbsp;&nbsp; WM2U-HZPR, 35.560%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1173 | 1163 | 1185 |
| &nbsp;&nbsp;&nbsp; WM2V-QU56, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 1570 | 1517 | 1506 |
| &nbsp;&nbsp;&nbsp; WM2Z-YXKN, 35.580%, 9/19/2025 †§x | Affirm | 9/26/2024 | 14 | 13 | 14 |
| &nbsp;&nbsp;&nbsp; WM39-T7YC, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WM3C-0NR4, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1106 | 1137 | 1142 |
| &nbsp;&nbsp;&nbsp; WM3J-JX96, 29.620%, 1/02/2026 †§x | Affirm | 1/29/2025 | 172 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; WM3J-ONMA, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 702 | 738 | 42 |
| &nbsp;&nbsp;&nbsp; WM3Q-KU4B, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 620 | 637 | 642 |
| &nbsp;&nbsp;&nbsp; WM3Q-NJCP, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 154 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; WM3S-2NRI, 33.950%, 4/28/2026 †§x | Affirm | 5/02/2024 | 500 | 507 | 507 |
| &nbsp;&nbsp;&nbsp; WM3U-DP93, 15.710%, 3/03/2026 †§x | Affirm | 3/28/2025 | 95 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WM3Y-3FOC, 15.800%, 9/28/2026 †§x# | Affirm | 10/03/2024 | 520 | 517 | 517 |
| &nbsp;&nbsp;&nbsp; WM4I-FOT6, 24.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1051 | 1075 | 1079 |
| &nbsp;&nbsp;&nbsp; WM4I-MA0J, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 174 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; WM4O-3BRD, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 208 | 216 | 215 |
| &nbsp;&nbsp;&nbsp; WM4P-AUJG, 26.500%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 91 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WM4Y-MIFU, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WM4Z-O6MW, 35.990%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 161 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; WM54-SMC7, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WM55-A6II, 29.640%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; WM58-DJTH, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 419 | 429 | 432 |
| &nbsp;&nbsp;&nbsp; WM59-QRFX, 28.000%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 37 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; WM5D-EFMI, 29.670%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 209 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; WM5N-PRTL, 35.620%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 141 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; WM5N-XW1D, 20.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 87 | 88 | 89 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8102** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WM5P-FV6Q, 22.770%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | $70 | $71 | $4 |
| &nbsp;&nbsp;&nbsp; WM5P-XBSK, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WM62-9AWF, 35.590%, 3/04/2025 †x#^ | Affirm | 3/07/2024 | 1188 | 1228 | 71 |
| &nbsp;&nbsp;&nbsp; WM62-PW76, 20.900%, 9/16/2025 †§x | Affirm | 9/19/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WM63-3VHQ, 15.340%, 11/17/2026 †§x | Affirm | 11/24/2023 | 901 | 924 | 929 |
| &nbsp;&nbsp;&nbsp; WM66-KMJL, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 273 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; WM6B-Y0FV, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 216 | 221 | 222 |
| &nbsp;&nbsp;&nbsp; WM6G-GBR4, 35.600%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 59 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WM6M-MSNH, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; WM6U-DH45, 23.400%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 84 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WM71-17G2, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 131 | 130 | 73 |
| &nbsp;&nbsp;&nbsp; WM74-PFRK, 15.780%, 12/12/2025 †§x | Affirm | 12/27/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WM76-MTEM, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 182 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; WM76-YHQV, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 200 | 203 | 204 |
| &nbsp;&nbsp;&nbsp; WM7A-J41Z, 35.860%, 7/02/2026 †§x | Affirm | 1/29/2025 | 177 | 180 | 178 |
| &nbsp;&nbsp;&nbsp; WM7D-6G1C, 35.210%, 6/06/2025 †x#^ | Affirm | 3/28/2025 | 229 | 217 | 9 |
| &nbsp;&nbsp;&nbsp; WM7H-WS61, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 108 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; WM7M-UX84, 35.780%, 2/05/2026 †§x | Affirm | 2/26/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WM7N-IF9H, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 550 | 569 | 569 |
| &nbsp;&nbsp;&nbsp; WM7U-QLAJ, 35.640%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 86 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; WM80-M4MP, 35.400%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 105 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; WM84-PGHB, 23.400%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 245 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; WM88-9HAZ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 129 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; WM8B-VUL3, 28.000%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 68 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WM8D-P7D1, 35.410%, 10/23/2025 †x# | Affirm | 10/28/2024 | 326 | 327 | 71 |
| &nbsp;&nbsp;&nbsp; WM8P-6Y8H, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 909 | 917 | 913 |
| &nbsp;&nbsp;&nbsp; WM8X-OQMW, 35.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WM8Y-P8I9, 25.200%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 751 | 772 | 763 |
| &nbsp;&nbsp;&nbsp; WM8Z-FWZ5, 35.580%, 9/20/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WM94-ITOF, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WM9F-RYIA, 29.820%, 3/03/2026 †§x | Affirm | 3/28/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WM9K-JOTX, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WM9K-JPBG, 15.780%, 12/20/2026 †§x | Affirm | 12/27/2024 | 414 | 414 | 420 |
| &nbsp;&nbsp;&nbsp; WM9R-KQMH, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 161 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; WMA3-9AGD, 35.350%, 3/26/2027 †§x# | Affirm | 3/31/2025 | 594 | 591 | 603 |
| &nbsp;&nbsp;&nbsp; WMA4-WU76, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 221 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; WMA4-Y6CT, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 746 | 726 | 721 |
| &nbsp;&nbsp;&nbsp; WMA7-24IW, 29.450%, 7/08/2026 †§x | Affirm | 7/31/2025 | 111 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; WMA7-YAIR, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 137 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; WMAM-2AUR, 15.640%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WMAO-8PW6, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 247 | 249 | 249 |
| &nbsp;&nbsp;&nbsp; WMAP-KN0T, 35.520%, 12/02/2025 †§x | Affirm | 6/27/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WMAT-CIUC, 35.520%, 12/10/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WMAV-6TOW, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WMAV-FDU3, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 59 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WMB5-DWFC, 35.430%, 6/18/2025 †x#^ | Affirm | 6/21/2024 | 435 | 452 | 26 |
| &nbsp;&nbsp;&nbsp; WMB7-UTDO, 30.000%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 130 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; WMBA-VR2V, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WMBC-HW0Z, 31.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 1232 | 1277 | 1289 |
| &nbsp;&nbsp;&nbsp; WMBK-R0UE, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WMC3-BT9P, 35.570%, 9/16/2025 †§x | Affirm | 9/19/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WMC8-524V, 29.610%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 11 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; WMCH-3FLM, 25.900%, 12/09/2025 †§x | Affirm | 12/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WMCK-I5UD, 29.630%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 585 | 578 | 35 |
| &nbsp;&nbsp;&nbsp; WMCO-QN2Y, 35.550%, 12/14/2023 †x#^ | Affirm | 12/19/2022 | 81 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WMCP-CK4N, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 31 | 30 | 30 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8103** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WMD8-106P, 33.950%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | $72 | $75 | $4 |
| &nbsp;&nbsp;&nbsp; WMD9-TBC1, 13.840%, 11/06/2025 †§x | Affirm | 8/29/2025 | 435 | 438 | 438 |
| &nbsp;&nbsp;&nbsp; WMDD-HIJZ, 30.950%, 3/09/2025 †x#^ | Affirm | 12/27/2024 | 169 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; WMDJ-Y36H, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WMDO-GENC, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 145 | 151 | 148 |
| &nbsp;&nbsp;&nbsp; WME3-E4EF, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 98 | 101 | 59 |
| &nbsp;&nbsp;&nbsp; WME4-TIY0, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WMEB-ERBC, 29.760%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; WMEJ-B704, 35.550%, 12/02/2025 †§x | Affirm | 6/27/2025 | 353 | 356 | 355 |
| &nbsp;&nbsp;&nbsp; WMEK-3CO8, 35.470%, 11/15/2026 †§x | Affirm | 11/27/2024 | 386 | 386 | 386 |
| &nbsp;&nbsp;&nbsp; WMEN-L5ZC, 9.780%, 11/06/2025 †§x | Affirm | 5/30/2025 | 627 | 633 | 635 |
| &nbsp;&nbsp;&nbsp; WMF1-BN95, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 963 | 987 | 992 |
| &nbsp;&nbsp;&nbsp; WMF4-WSXT, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 416 | 426 | 422 |
| &nbsp;&nbsp;&nbsp; WMF5-62IH, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 107 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; WMF9-RR2Y, 29.530%, 10/08/2022 †x#^ | Affirm | 4/14/2022 | 256 | 261 | 15 |
| &nbsp;&nbsp;&nbsp; WMFG-PZ0Z, 32.000%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 842 | 877 | 865 |
| &nbsp;&nbsp;&nbsp; WMGK-SFBG, 35.530%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 180 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; WMGL-FIMY, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 211 | 211 | 211 |
| &nbsp;&nbsp;&nbsp; WMGU-GEQZ, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 330 | 332 | 330 |
| &nbsp;&nbsp;&nbsp; WMH2-V98A, 35.300%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WMH7-3V3Z, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 129 | 132 | 37 |
| &nbsp;&nbsp;&nbsp; WMHI-66MO, 26.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; WMHJ-E8GF, 27.990%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WMHK-496R, 25.900%, 12/09/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WMHR-LOOW, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 82 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; WMHY-60E4, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; WMI1-TTRP, 26.500%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 114 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; WMI7-TGEW, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WMIB-I0R4, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 99 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; WMIF-AN9C, 29.710%, 6/19/2023 †x#^ | Affirm | 12/22/2022 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; WMIF-F93O, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 135 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; WMIG-VJ68, 29.620%, 12/20/2022 †x#^ | Affirm | 12/27/2021 | 232 | 228 | 14 |
| &nbsp;&nbsp;&nbsp; WMIN-TXLD, 25.200%, 6/02/2028 †x# | Affirm | 6/27/2025 | 2946 | 3098 | 3147 |
| &nbsp;&nbsp;&nbsp; WMIT-D1AE, 35.480%, 6/28/2026 †§x | Affirm | 1/29/2025 | 291 | 294 | 292 |
| &nbsp;&nbsp;&nbsp; WMJ2-TQOE, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WMJY-E4D2, 29.420%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 57 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; WMK4-A79P, 18.000%, 3/03/2028 †§x | Affirm | 3/28/2025 | 1267 | 1324 | 1338 |
| &nbsp;&nbsp;&nbsp; WMK4-CYJM, 28.000%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 223 | 231 | 13 |
| &nbsp;&nbsp;&nbsp; WMK4-YDSI, 24.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 110 | 115 | 2 |
| &nbsp;&nbsp;&nbsp; WMK7-9181, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 93 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; WMK9-U81X, 12.456%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 102 | 96 | 100 |
| &nbsp;&nbsp;&nbsp; WMKE-VCV1, 29.330%, 8/05/2022 †x#^ | Affirm | 5/09/2022 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; WMKI-26MX, 35.370%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 103 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; WMKO-LKKY, 23.400%, 12/12/2025 †§x | Affirm | 12/27/2024 | 745 | 753 | 755 |
| &nbsp;&nbsp;&nbsp; WMKT-N6JQ, 32.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 456 | 469 | 467 |
| &nbsp;&nbsp;&nbsp; WMLF-ACKK, 24.900%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 187 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; WMLF-Z0S5, 6.804%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 58 | 55 | 58 |
| &nbsp;&nbsp;&nbsp; WMLM-2NP2, 29.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WMLP-RPAA, 19.700%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WMLZ-0GXS, 35.410%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 1279 | 1277 | 1271 |
| &nbsp;&nbsp;&nbsp; WMM2-0SKA, 33.050%, 9/25/2025 †§x | Affirm | 9/30/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WMM7-4KOU, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WMMC-3PJX, 26.700%, 9/28/2026 †x# | Affirm | 3/31/2025 | 234 | 250 | 14 |
| &nbsp;&nbsp;&nbsp; WMMH-4C2E, 15.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WMMI-RWMU, 29.620%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 581 | 570 | 35 |
| &nbsp;&nbsp;&nbsp; WMMW-NBAX, 35.470%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 100 | 105 | 105 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8104** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WMN5-UTEE, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | $199 | $200 | $- |
| &nbsp;&nbsp;&nbsp; WMNI-3IGF, 35.370%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 383 | 383 | 23 |
| &nbsp;&nbsp;&nbsp; WMNM-EAWT, 29.520%, 10/24/2023 †x#^ | Affirm | 4/27/2023 | 441 | 419 | 26 |
| &nbsp;&nbsp;&nbsp; WMNN-LCX1, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 168 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WMNQ-HMZQ, 29.470%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WMO1-9UKU, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 650 | 657 | 656 |
| &nbsp;&nbsp;&nbsp; WMOE-C62O, 35.420%, 4/03/2025 †x#^ | Affirm | 10/07/2024 | 171 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; WMOO-M74P, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 82 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WMOR-Z90F, 31.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 130 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; WMOU-BLCJ, 35.300%, 3/03/2026 †x# | Affirm | 3/28/2025 | 832 | 858 | 164 |
| &nbsp;&nbsp;&nbsp; WMOW-JO68, 35.470%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WMOX-65K5, 28.000%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 102 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; WMOY-9GBC, 35.660%, 1/05/2026 †§x | Affirm | 1/11/2024 | 249 | 249 | 251 |
| &nbsp;&nbsp;&nbsp; WMP2-J2R4, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 67 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WMP8-KXX7, 35.480%, 5/20/2026 †x# | Affirm | 11/27/2024 | 211 | 219 |  |
| &nbsp;&nbsp;&nbsp; WMPC-JV2P, 35.380%, 6/05/2024 †x#^ | Affirm | 6/08/2023 | 369 | 361 | 22 |
| &nbsp;&nbsp;&nbsp; WMPL-RQO2, 24.400%, 11/12/2025 †§x | Affirm | 11/27/2024 | 874 | 881 | 882 |
| &nbsp;&nbsp;&nbsp; WMPM-97KF, 29.650%, 5/22/2023 †x#^ | Affirm | 11/26/2021 | 227 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; WMPZ-K88N, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; WMQ5-0F4B, 35.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WMQ6-8PUO, 35.330%, 6/02/2026 †§x | Affirm | 6/27/2025 | 313 | 320 | 322 |
| &nbsp;&nbsp;&nbsp; WMQ8-HITM, 15.750%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 331 | 341 | 20 |
| &nbsp;&nbsp;&nbsp; WMQ9-7LZ3, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WMQJ-JG6L, 33.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; WMQL-TIJL, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 82 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; WMQM-ZLLC, 29.710%, 1/06/2026 †x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WMQO-4GRE, 35.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; WMQO-YAU3, 29.000%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 327 | 333 | 20 |
| &nbsp;&nbsp;&nbsp; WMQR-ALRE, 35.280%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 198 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; WMQX-TNWE, 33.050%, 9/16/2025 †§x | Affirm | 9/19/2024 | 91 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; WMR4-GC7I, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 141 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; WMR8-BB45, 35.430%, 6/28/2026 †x# | Affirm | 1/29/2025 | 381 | 391 | 23 |
| &nbsp;&nbsp;&nbsp; WMRD-5R0T, 28.920%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 631 | 660 | 38 |
| &nbsp;&nbsp;&nbsp; WMRH-PKX0, 29.570%, 12/07/2026 †§x | Affirm | 12/11/2023 | 657 | 676 | 677 |
| &nbsp;&nbsp;&nbsp; WMRR-232X, 15.700%, 3/03/2026 †§x | Affirm | 3/28/2025 | 97 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WMS3-EKGH, 35.430%, 7/02/2026 †§x | Affirm | 1/29/2025 | 314 | 318 | 318 |
| &nbsp;&nbsp;&nbsp; WMSC-S8AX, 32.810%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WMSH-3ZDM, 33.950%, 8/05/2025 †§x^ | Affirm | 2/26/2025 | 12 | 12 | 2 |
| &nbsp;&nbsp;&nbsp; WMSI-5DYR, 29.500%, 2/05/2026 †§x | Affirm | 2/26/2025 | 153 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; WMSQ-AE6X, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 121 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; WMST-YYMR, 11.870%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 215 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; WMT3-Q33G, 32.500%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 162 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; WMTD-69JK, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; WMU3-80L1, 29.710%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 265 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; WMU4-9WEV, 35.390%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 153 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; WMUG-1Q8X, 28.950%, 4/22/2025 †x#^ | Affirm | 10/25/2024 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WMUJ-P0OE, 29.140%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 145 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; WMUN-Z7MP, 33.950%, 5/13/2026 †§x | Affirm | 11/27/2024 | 148 | 152 | 151 |
| &nbsp;&nbsp;&nbsp; WMV3-H215, 29.560%, 7/01/2026 †§x | Affirm | 7/05/2024 | 426 | 435 | 436 |
| &nbsp;&nbsp;&nbsp; WMV6-PLPJ, 35.620%, 1/06/2026 †§x | Affirm | 1/29/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WMVF-YGME, 35.310%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 61 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WMVK-36SL, 33.950%, 10/01/2025 †x# | Affirm | 10/04/2024 | 48 | 48 | 22 |
| &nbsp;&nbsp;&nbsp; WMVM-ZXD3, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 294 | 294 | 296 |
| &nbsp;&nbsp;&nbsp; WMVT-N8LL, 31.000%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 207 | 212 | 2 |
| &nbsp;&nbsp;&nbsp; WMVX-B7L0, 26.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WMW3-O8UE, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 166 | 169 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8105** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WMW8-T9R6, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | $96 | $98 | $98 |
| &nbsp;&nbsp;&nbsp; WMW9-60G7, 35.540%, 3/20/2026 †§x | Affirm | 9/26/2024 | 754 | 764 | 761 |
| &nbsp;&nbsp;&nbsp; WMWG-1RB4, 33.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 73 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WMWG-GM53, 35.730%, 7/02/2026 †§x | Affirm | 1/29/2025 | 295 | 299 | 299 |
| &nbsp;&nbsp;&nbsp; WMWN-DT96, 13.840%, 3/28/2026 †§x | Affirm | 3/31/2025 | 233 | 238 | 239 |
| &nbsp;&nbsp;&nbsp; WMWS-WVPG, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WMWT-WL5D, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WMX0-BZ7R, 27.100%, 9/07/2024 †x#^ | Affirm | 9/12/2022 | 132 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; WMX4-KHMG, 29.670%, 7/21/2023 †x#^ | Affirm | 1/27/2022 | 128 | 121 | 8 |
| &nbsp;&nbsp;&nbsp; WMX8-5FDJ, 22.750%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 1198 | 1280 | 72 |
| &nbsp;&nbsp;&nbsp; WMXA-AJ98, 13.840%, 11/07/2025 †§x | Affirm | 5/10/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WMXO-SZV7, 29.330%, 11/25/2022 †x#^ | Affirm | 6/03/2022 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; WMY0-8MAJ, 15.760%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 328 | 330 | 20 |
| &nbsp;&nbsp;&nbsp; WMY3-GDH4, 29.710%, 2/10/2027 †§x | Affirm | 2/26/2025 | 800 | 838 | 845 |
| &nbsp;&nbsp;&nbsp; WMY6-CRPK, 29.610%, 6/28/2023 †x#^ | Affirm | 1/06/2022 | 222 | 214 | 13 |
| &nbsp;&nbsp;&nbsp; WMY9-AL5M, 22.760%, 7/13/2026 †§x | Affirm | 1/29/2025 | 144 | 149 | 147 |
| &nbsp;&nbsp;&nbsp; WMYF-0QEO, 29.020%, 8/25/2025 †§x#^ | Affirm | 8/31/2023 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; WMYJ-0WUF, 29.450%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WMYO-X35Q, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 221 | 223 | 223 |
| &nbsp;&nbsp;&nbsp; WMZ5-31O6, 35.540%, 1/02/2026 †§x | Affirm | 1/29/2025 | 184 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; WMZB-7B8C, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 372 | 391 | 22 |
| &nbsp;&nbsp;&nbsp; WMZI-6XPZ, 29.440%, 4/02/2024 †x#^ | Affirm | 10/05/2023 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; WMZI-WOK7, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 181 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; WMZK-LFWZ, 35.160%, 9/28/2025 †§x | Affirm | 3/31/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WMZM-Z3CY, 33.050%, 8/28/2026 †§x# | Affirm | 9/08/2023 | 1695 | 1759 | 1750 |
| &nbsp;&nbsp;&nbsp; WMZX-MY1C, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; WN0F-85FT, 21.235%, 5/10/2025 †x#^« | Affirm | 2/26/2025 | 382 | 367 | 23 |
| &nbsp;&nbsp;&nbsp; WN1G-FTDD, 29.810%, 2/07/2023 †x#^ | Affirm | 2/11/2022 | 162 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; WN1I-XT7D, 35.360%, 2/19/2026 †§x | Affirm | 8/22/2024 | 123 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WN1J-GXJI, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WN1K-33XQ, 15.760%, 4/16/2026 †x# | Affirm | 4/19/2024 | 2379 | 2414 | 2429 |
| &nbsp;&nbsp;&nbsp; WN1P-VMVX, 30.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; WN1V-16ON, 29.610%, 3/06/2023 †x#^ | Affirm | 9/09/2022 | 123 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; WN1X-FLOJ, 21.900%, 12/30/2023 †x#^ | Affirm | 7/07/2023 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WN1X-R7RW, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WN25-VY2E, 22.620%, 5/20/2026 †§x | Affirm | 5/24/2024 | 645 | 656 | 659 |
| &nbsp;&nbsp;&nbsp; WN26-83IZ, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 130 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; WN2A-M0ON, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 116 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; WN2B-SBI5, 24.820%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; WN2G-74IQ, 26.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 701 | 695 | 693 |
| &nbsp;&nbsp;&nbsp; WN2N-HV3P, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WN2Z-45PB, 18.000%, 6/21/2026 †§x | Affirm | 6/27/2024 | 1435 | 1466 | 1474 |
| &nbsp;&nbsp;&nbsp; WN30-K6T1, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WN32-H3E5, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 124 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WN37-CV4X, 32.000%, 1/11/2026 †x# | Affirm | 1/16/2024 | 2642 | 2757 | 159 |
| &nbsp;&nbsp;&nbsp; WN39-EIX1, 9.930%, 2/07/2026 †§x | Affirm | 2/26/2025 | 326 | 332 | 333 |
| &nbsp;&nbsp;&nbsp; WN39-TWT1, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 441 | 450 | 451 |
| &nbsp;&nbsp;&nbsp; WN3N-2AC7, 29.600%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 86 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; WN4H-2IZ5, 23.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 244 | 245 | 244 |
| &nbsp;&nbsp;&nbsp; WN4L-WXR7, 35.370%, 1/02/2026 †§x# | Affirm | 1/05/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WN4M-B88V, 25.200%, 3/03/2026 †§x | Affirm | 3/28/2025 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; WN4T-IPD9, 22.660%, 2/27/2026 †§x | Affirm | 8/30/2024 | 372 | 376 | 375 |
| &nbsp;&nbsp;&nbsp; WN4X-LMBC, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 67 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WN53-X672, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 166 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; WN54-SCLE, 31.000%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 104 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; WN59-LXQD, 33.950%, 1/13/2027 †x | Affirm | 1/29/2025 | 294 | 305 | 308 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8106** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WN5E-86F0, 23.400%, 12/25/2025 †§x | Affirm | 6/28/2024 | $386 | $390 | $391 |
| &nbsp;&nbsp;&nbsp; WN5E-LF72, 33.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 447 | 440 | 445 |
| &nbsp;&nbsp;&nbsp; WN5M-0T3T, 35.490%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 165 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; WN5N-L2NH, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 134 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; WN5P-EHRS, 15.920%, 10/02/2025 †§x | Affirm | 10/07/2024 | 480 | 482 | 478 |
| &nbsp;&nbsp;&nbsp; WN5T-HTXM, 13.840%, 10/28/2025 †§x | Affirm | 10/31/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WN6J-6CBG, 28.000%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 83 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; WN6N-370D, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WN6S-49J6, 22.900%, 12/24/2025 †§x | Affirm | 6/27/2024 | 438 | 444 | 445 |
| &nbsp;&nbsp;&nbsp; WN75-UM1F, 25.900%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 98 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WN77-GZHJ, 18.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 181 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; WN7C-8OGI, 29.500%, 3/14/2026 †§x | Affirm | 3/18/2024 | 338 | 343 | 343 |
| &nbsp;&nbsp;&nbsp; WN7J-Q90W, 35.490%, 10/21/2026 †x# | Affirm | 10/24/2024 | 926 | 915 | 37 |
| &nbsp;&nbsp;&nbsp; WN7O-6LTW, 29.440%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 63 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; WN7Y-LJ7W, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; WN81-REUP, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 509 | 518 | 520 |
| &nbsp;&nbsp;&nbsp; WN84-LUKK, 33.050%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 113 | 116 | 113 |
| &nbsp;&nbsp;&nbsp; WN8C-BTW8, 35.820%, 10/02/2025 †§x | Affirm | 10/07/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; WN8F-I6QT, 35.360%, 10/16/2025 †x# | Affirm | 4/19/2024 | 154 | 156 | 14 |
| &nbsp;&nbsp;&nbsp; WN8J-OVBB, 33.641%, 6/28/2024 †x#^ | Affirm | 1/02/2024 | 159 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; WN8R-QFPV, 17.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 344 | 352 | 354 |
| &nbsp;&nbsp;&nbsp; WN8U-GK3X, 27.990%, 2/10/2026 †§x | Affirm | 2/26/2025 | 793 | 807 | 810 |
| &nbsp;&nbsp;&nbsp; WN9D-FBMD, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 103 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; WN9F-2LTG, 29.600%, 12/28/2027 †§x# | Affirm | 1/29/2025 | 963 | 993 | 997 |
| &nbsp;&nbsp;&nbsp; WN9O-NMY4, 13.840%, 6/19/2026 †§x | Affirm | 12/27/2024 | 206 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; WN9P-Z8I6, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WN9U-JAD5, 23.400%, 2/23/2026 †§x | Affirm | 8/29/2024 | 445 | 451 | 452 |
| &nbsp;&nbsp;&nbsp; WNA4-FNR7, 34.450%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 89 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; WNA9-YFMX, 34.500%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 3423 | 3426 | 205 |
| &nbsp;&nbsp;&nbsp; WNAN-Z56L, 13.840%, 7/02/2026 †§x | Affirm | 1/29/2025 | 992 | 1014 | 1018 |
| &nbsp;&nbsp;&nbsp; WNB1-TLF8, 35.420%, 1/02/2027 †x# | Affirm | 1/29/2025 | 817 | 810 | 822 |
| &nbsp;&nbsp;&nbsp; WNB6-4RKR, 29.650%, 9/23/2025 †x# | Affirm | 9/26/2024 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; WNBH-XUAI, 16.173%, 12/15/2023 †x#^« | Affirm | 6/20/2023 | 70 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; WNBK-IFBM, 29.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; WNBN-J95X, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 546 | 544 | 546 |
| &nbsp;&nbsp;&nbsp; WNBR-Q16Q, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WNBX-QEU3, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WNC0-MIR7, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WNC2-A7TF, 32.000%, 10/24/2025 †x# | Affirm | 10/28/2024 | 88 | 94 | 25 |
| &nbsp;&nbsp;&nbsp; WNCE-TVSG, 35.240%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 156 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; WNCH-MQXC, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WNCX-RF4T, 35.520%, 8/11/2026 †x# | Affirm | 2/26/2025 | 238 | 248 |  |
| &nbsp;&nbsp;&nbsp; WNDG-F2AK, 30.000%, 8/21/2023 †x#^ | Affirm | 2/24/2023 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; WNDJ-HVCV, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 148 | 150 | 149 |
| &nbsp;&nbsp;&nbsp; WNDQ-IR2V, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 230 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; WNDU-FOEB, 29.520%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 2038 | 2109 | 122 |
| &nbsp;&nbsp;&nbsp; WNDZ-YMXU, 29.460%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 129 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; WNE5-F04Z, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WNE8-V68R, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; WNEF-866H, 29.620%, 3/16/2026 †§x | Affirm | 9/19/2024 | 186 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; WNEF-KL55, 22.380%, 10/08/2025 †§x | Affirm | 7/31/2025 | 40 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WNEF-WGUG, 13.840%, 9/28/2026 †§x# | Affirm | 10/05/2023 | 500 | 512 | 515 |
| &nbsp;&nbsp;&nbsp; WNEQ-N0I8, 35.650%, 2/07/2026 †§x | Affirm | 2/26/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WNER-NRQ1, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; WNEX-W39L, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WNEY-RGWF, 35.430%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 72 | 73 | 73 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8107** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WNF1-UYOD, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | $305 | $314 | $311 |
| &nbsp;&nbsp;&nbsp; WNF3-EDH4, 33.070%, 7/02/2026 †§x | Affirm | 1/29/2025 | 273 | 269 | 271 |
| &nbsp;&nbsp;&nbsp; WNF8-64JB, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 57 | 55 | 57 |
| &nbsp;&nbsp;&nbsp; WNF8-AZT1, 15.880%, 2/10/2026 †§x | Affirm | 2/26/2025 | 96 | 98 | 97 |
| &nbsp;&nbsp;&nbsp; WNFE-SUG4, 35.440%, 10/08/2025 †§x | Affirm | 4/11/2024 | 254 | 254 | 252 |
| &nbsp;&nbsp;&nbsp; WNFF-QIZM, 29.600%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 88 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; WNFL-6FL0, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1260 | 1295 | 1299 |
| &nbsp;&nbsp;&nbsp; WNFM-RNQV, 35.390%, 9/13/2023 †x#^ | Affirm | 6/16/2023 | 91 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; WNFN-ZSK8, 29.370%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WNG2-V4AF, 25.000%, 11/02/2025 †x# | Affirm | 11/07/2022 | 6168 | 6645 | 370 |
| &nbsp;&nbsp;&nbsp; WNGB-9ED3, 35.540%, 12/18/2025 †§x | Affirm | 12/27/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WNGS-FZA8, 22.700%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 224 | 235 | 13 |
| &nbsp;&nbsp;&nbsp; WNGX-QJCH, 28.000%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 61 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WNH6-N2LI, 24.750%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WNH7-0460, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 426 | 426 | 26 |
| &nbsp;&nbsp;&nbsp; WNH8-GOZV, 35.530%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WNHG-H88P, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WNHH-FJC9, 22.790%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 95 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; WNHK-QI02, 35.470%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; WNHM-M75M, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 293 | 295 | 293 |
| &nbsp;&nbsp;&nbsp; WNHN-2WR6, 35.580%, 9/20/2025 †§x | Affirm | 9/26/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WNHR-MEDD, 25.200%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WNI4-IY2H, 35.760%, 2/28/2026 †§x | Affirm | 3/28/2025 | 62 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; WNI7-TSSI, 22.770%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1698 | 1681 | 1711 |
| &nbsp;&nbsp;&nbsp; WNIC-0OZ7, 29.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WNIZ-HUGD, 24.400%, 2/07/2027 †§x | Affirm | 2/26/2025 | 53 | 56 | 54 |
| &nbsp;&nbsp;&nbsp; WNJG-02OS, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; WNJS-B75X, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; WNJT-7297, 35.560%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 272 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; WNJT-TV5H, 31.000%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 321 | 338 | 337 |
| &nbsp;&nbsp;&nbsp; WNK0-G0UV, 18.000%, 1/09/2026 †§x | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WNK5-RGKW, 35.570%, 9/24/2025 †§x | Affirm | 9/27/2024 | 111 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; WNK6-34YJ, 29.610%, 10/05/2023 †x#^ | Affirm | 10/11/2022 | 85 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; WNKR-XCMS, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 331 | 340 | 342 |
| &nbsp;&nbsp;&nbsp; WNL2-AZ9C, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WNL9-QO3C, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 118 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; WNLA-UDD2, 13.840%, 2/14/2027 †§x | Affirm | 2/23/2024 | 1265 | 1302 | 1310 |
| &nbsp;&nbsp;&nbsp; WNLF-D2H3, 35.580%, 7/03/2024 †x#^ | Affirm | 1/08/2024 | 182 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; WNLH-6URH, 29.640%, 11/15/2026 †x# | Affirm | 11/27/2024 | 771 | 807 | 161 |
| &nbsp;&nbsp;&nbsp; WNLM-TMXY, 11.840%, 9/23/2027 †§x | Affirm | 9/26/2024 | 854 | 878 | 884 |
| &nbsp;&nbsp;&nbsp; WNM7-5YEX, 33.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 420 | 436 | 441 |
| &nbsp;&nbsp;&nbsp; WNMB-0EUM, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 138 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; WNME-AHIA, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 592 | 597 | 591 |
| &nbsp;&nbsp;&nbsp; WNMK-JV3U, 35.000%, 1/28/2026 †§x | Affirm | 2/26/2025 | 89 | 90 | 92 |
| &nbsp;&nbsp;&nbsp; WNMM-X24W, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 377 | 380 | 380 |
| &nbsp;&nbsp;&nbsp; WNMQ-RDIO, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WNN0-A2B7, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WNN1-D37F, 29.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 121 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; WNNA-O0I3, 33.950%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WNNF-HHPC, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WNNV-BVJ2, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WNNZ-APWB, 35.330%, 3/27/2028 †§x | Affirm | 3/31/2025 | 1358 | 1359 | 1382 |
| &nbsp;&nbsp;&nbsp; WNO2-3EAS, 11.850%, 11/10/2024 †x#^ | Affirm | 11/17/2022 | 232 | 251 | 14 |
| &nbsp;&nbsp;&nbsp; WNO2-EBOG, 21.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WNO2-INXV, 22.770%, 2/06/2027 †§x | Affirm | 2/26/2025 | 413 | 432 | 436 |
| &nbsp;&nbsp;&nbsp; WNO7-DY94, 35.450%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 113 | 116 | 116 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8108** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WNO8-4H3W, 33.250%, 2/10/2026 †§x | Affirm | 2/26/2025 | $64 | $64 | $64 |
| &nbsp;&nbsp;&nbsp; WNOC-27T9, 29.520%, 6/28/2025 †x#^ | Affirm | 1/05/2024 | 38 | 40 | 3 |
| &nbsp;&nbsp;&nbsp; WNOC-UHF7, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 162 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; WNOF-WG0P, 32.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 666 | 688 | 684 |
| &nbsp;&nbsp;&nbsp; WNOL-IZZO, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 375 | 368 | 35 |
| &nbsp;&nbsp;&nbsp; WNON-S1FC, 18.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WNOQ-HT6K, 31.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 501 | 522 | 519 |
| &nbsp;&nbsp;&nbsp; WNP0-5TLM, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; WNP1-7BQI, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WNP9-PU0C, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 223 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; WNPE-Z28R, 20.900%, 8/07/2026 †§x | Affirm | 8/29/2025 | 190 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; WNPF-4B46, 35.440%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 135 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; WNPP-S2TK, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 132 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; WNPQ-3CJS, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WNPR-ODJ0, 29.720%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 145 | 147 | 146 |
| &nbsp;&nbsp;&nbsp; WNPS-D9BD, 29.610%, 6/13/2023 †x#^ | Affirm | 12/16/2021 | 190 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; WNQ1-O0N1, 24.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 306 | 309 | 307 |
| &nbsp;&nbsp;&nbsp; WNQ2-R793, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 87 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; WNQ3-NPU8, 33.950%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 645 | 658 | 656 |
| &nbsp;&nbsp;&nbsp; WNQC-DK0K, 29.380%, 10/01/2024 †x#^ | Affirm | 4/04/2024 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; WNQE-IL29, 23.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 348 | 359 | 361 |
| &nbsp;&nbsp;&nbsp; WNQF-M252, 28.000%, 5/24/2023 †x#^ | Affirm | 11/29/2021 | 141 | 152 | 8 |
| &nbsp;&nbsp;&nbsp; WNQI-WNKW, 29.560%, 9/28/2025 †x# | Affirm | 10/02/2023 | 517 | 543 | 31 |
| &nbsp;&nbsp;&nbsp; WNQK-BDVJ, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 156 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; WNQN-GNR0, 25.200%, 8/11/2026 †§x | Affirm | 2/26/2025 | 549 | 572 | 569 |
| &nbsp;&nbsp;&nbsp; WNR8-HOQ6, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WNRC-GP6Y, 29.250%, 10/08/2025 †§x | Affirm | 7/31/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WNRE-Q9KY, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WNRH-CDTS, 11.850%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 132 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; WNRN-02A2, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 521 | 530 | 527 |
| &nbsp;&nbsp;&nbsp; WNRW-YMKK, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WNRZ-CG6T, 29.500%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 147 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; WNS1-9H5M, 29.810%, 2/10/2026 †x# | Affirm | 2/26/2025 | 156 | 155 | 43 |
| &nbsp;&nbsp;&nbsp; WNS6-VTW9, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 150 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; WNSE-RXSJ, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 250 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; WNSG-EUM0, 6.824%, 9/26/2025 †§x« | Affirm | 9/30/2024 | 150 | 142 | 148 |
| &nbsp;&nbsp;&nbsp; WNSL-EASC, 24.900%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 143 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; WNSQ-D4NY, 18.000%, 12/28/2027 †§x# | Affirm | 1/29/2025 | 2092 | 2153 | 2164 |
| &nbsp;&nbsp;&nbsp; WNST-XWJI, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 411 | 423 | 428 |
| &nbsp;&nbsp;&nbsp; WNSY-N4BA, 31.000%, 9/20/2025 †§x | Affirm | 9/26/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WNT1-RQV4, 8.685%, 8/07/2022 †x#^« | Affirm | 2/10/2022 | 214 | 206 | 13 |
| &nbsp;&nbsp;&nbsp; WNTD-Z7K2, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 529 | 518 | 515 |
| &nbsp;&nbsp;&nbsp; WNTM-ZC49, 35.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 585 | 594 | 590 |
| &nbsp;&nbsp;&nbsp; WNTN-P6Q5, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 354 | 363 | 365 |
| &nbsp;&nbsp;&nbsp; WNTU-ARTK, 15.680%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 101 | 104 | 106 |
| &nbsp;&nbsp;&nbsp; WNTX-W894, 33.950%, 12/27/2025 †§x | Affirm | 7/01/2024 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; WNU9-7KRM, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WNUE-CM95, 29.200%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 427 | 422 | 426 |
| &nbsp;&nbsp;&nbsp; WNUG-3HSZ, 32.000%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; WNUO-13TO, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WNUP-PD79, 33.300%, 7/02/2026 †§x | Affirm | 1/29/2025 | 230 | 227 | 229 |
| &nbsp;&nbsp;&nbsp; WNV5-12FJ, 22.740%, 11/08/2025 †§x# | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WNV6-5T9Q, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WNVA-2989, 24.760%, 1/08/2026 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WNVB-37VY, 29.570%, 10/28/2025 †x# | Affirm | 10/31/2024 | 52 | 53 | 13 |
| &nbsp;&nbsp;&nbsp; WNVM-KLXB, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 107 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8109** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WNVP-WO8B, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $60 | $61 | $61 |
| &nbsp;&nbsp;&nbsp; WNVU-54W9, 35.560%, 5/15/2026 †§x | Affirm | 11/27/2024 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; WNVV-T6IH, 33.950%, 1/03/2027 †§x | Affirm | 1/29/2025 | 594 | 612 | 615 |
| &nbsp;&nbsp;&nbsp; WNW1-VP3C, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WNW8-8OQ9, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 182 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; WNW9-HZZ5, 31.000%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 835 | 880 | 883 |
| &nbsp;&nbsp;&nbsp; WNWE-VP0R, 29.620%, 3/20/2024 †x#^ | Affirm | 9/23/2022 | 424 | 456 | 25 |
| &nbsp;&nbsp;&nbsp; WNWF-LT3I, 33.110%, 6/10/2025 †x#^ | Affirm | 12/27/2024 | 69 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; WNWQ-1EKF, 29.510%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 91 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; WNWR-HQ8K, 29.070%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 200 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; WNWW-SV1B, 23.400%, 3/25/2026 †§x | Affirm | 9/30/2024 | 518 | 527 | 528 |
| &nbsp;&nbsp;&nbsp; WNX3-TYR0, 29.600%, 1/03/2024 †x#^ | Affirm | 1/06/2022 | 308 | 284 | 18 |
| &nbsp;&nbsp;&nbsp; WNXD-FRIA, 35.150%, 1/08/2026 †§x | Affirm | 7/31/2025 | 538 | 545 | 542 |
| &nbsp;&nbsp;&nbsp; WNXJ-EKZV, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 357 | 361 | 362 |
| &nbsp;&nbsp;&nbsp; WNXT-H6NY, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 1260 | 1276 | 1280 |
| &nbsp;&nbsp;&nbsp; WNXY-P94S, 26.900%, 6/21/2026 †§x | Affirm | 6/27/2024 | 566 | 563 | 573 |
| &nbsp;&nbsp;&nbsp; WNY4-NYRM, 30.000%, 6/28/2025 †x#^ | Affirm | 7/03/2023 | 607 | 615 | 36 |
| &nbsp;&nbsp;&nbsp; WNY5-YI3C, 32.000%, 5/26/2024 †x#^ | Affirm | 6/02/2023 | 369 | 386 | 22 |
| &nbsp;&nbsp;&nbsp; WNYA-7R9Q, 29.630%, 3/23/2026 †§x | Affirm | 9/26/2024 | 112 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; WNYD-WRM1, 29.570%, 8/07/2026 †§x | Affirm | 8/29/2025 | 103 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; WNYF-1Y7N, 29.710%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 113 | 109 | 7 |
| &nbsp;&nbsp;&nbsp; WNYP-69WB, 25.200%, 12/28/2025 †x# | Affirm | 1/29/2025 | 130 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; WNZ5-8DL4, 33.950%, 8/07/2025 †§x^ | Affirm | 2/26/2025 | 9 | 9 | 2 |
| &nbsp;&nbsp;&nbsp; WNZ7-CYWA, 35.440%, 12/18/2025 †§x | Affirm | 12/27/2024 | 91 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; WNZ8-A357, 28.000%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 212 | 209 | 13 |
| &nbsp;&nbsp;&nbsp; WNZC-DA1O, 35.360%, 10/18/2025 †x# | Affirm | 4/22/2024 | 92 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; WNZL-RDN2, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 181 | 186 | 187 |
| &nbsp;&nbsp;&nbsp; WNZS-EC0P, 15.880%, 2/10/2026 †§x | Affirm | 2/26/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WNZZ-1NE5, 15.860%, 8/12/2026 †§x | Affirm | 2/26/2025 | 555 | 578 | 575 |
| &nbsp;&nbsp;&nbsp; WO02-U86K, 33.050%, 11/15/2026 †§x | Affirm | 11/27/2024 | 875 | 906 | 910 |
| &nbsp;&nbsp;&nbsp; WO09-EOUW, 23.400%, 8/20/2026 †§x | Affirm | 8/23/2024 | 613 | 630 | 632 |
| &nbsp;&nbsp;&nbsp; WO0R-TJRA, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 96 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WO0Z-IQO7, 9.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WO0Z-N8LH, 27.100%, 3/09/2023 †x#^ | Affirm | 9/15/2022 | 14 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; WO0Z-QBT9, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 173 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; WO0Z-R5TL, 35.610%, 1/06/2026 †§x | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WO16-6LZW, 29.490%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; WO16-L53M, 35.200%, 11/26/2024 †x#^ | Affirm | 8/29/2024 | 313 | 314 | 19 |
| &nbsp;&nbsp;&nbsp; WO19-6QOZ, 25.200%, 1/02/2028 †§x# | Affirm | 1/29/2025 | 1031 | 1062 | 1070 |
| &nbsp;&nbsp;&nbsp; WO27-X2EB, 15.700%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; WO30-CMHV, 29.000%, 9/06/2022 †x#^ | Affirm | 6/09/2022 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WO3I-EGED, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 140 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; WO3N-A5Y5, 28.500%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 227 | 224 | 14 |
| &nbsp;&nbsp;&nbsp; WO4D-M0I0, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 613 | 568 | 37 |
| &nbsp;&nbsp;&nbsp; WO4J-N0XM, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 375 | 388 | 123 |
| &nbsp;&nbsp;&nbsp; WO4X-KMGN, 33.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 3070 | 3024 | 3044 |
| &nbsp;&nbsp;&nbsp; WO4X-SNAG, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 99 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WO55-HN8W, 23.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; WO55-UWNC, 29.480%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 59 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WO5M-WYBG, 35.370%, 9/28/2026 †§x | Affirm | 3/31/2025 | 1192 | 1235 | 1242 |
| &nbsp;&nbsp;&nbsp; WO5S-WVL2, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 198 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; WO5U-L5IA, 32.500%, 10/25/2026 †§x | Affirm | 10/31/2024 | 449 | 446 | 452 |
| &nbsp;&nbsp;&nbsp; WO61-BGLX, 28.500%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 221 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; WO61-U763, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WO6H-76DL, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 360 | 359 | 360 |
| &nbsp;&nbsp;&nbsp; WO6N-GN5Y, 26.200%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 192 | 188 | 11 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8110** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WO6N-XHXE, 22.750%, 4/11/2026 †§x | Affirm | 4/15/2024 | $240 | $244 | $244 |
| &nbsp;&nbsp;&nbsp; WO6O-WWIU, 15.720%, 2/08/2025 †x#^ | Affirm | 8/11/2023 | 188 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; WO6Y-MP2M, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 50 | 49 | 12 |
| &nbsp;&nbsp;&nbsp; WO73-1A8G, 33.130%, 11/14/2025 †§x# | Affirm | 11/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WO75-H2RT, 32.500%, 9/20/2025 †§x | Affirm | 3/28/2025 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; WO77-14AJ, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 450 | 461 | 463 |
| &nbsp;&nbsp;&nbsp; WO77-7C7F, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WO7H-PZLJ, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WO7M-B885, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WO7M-FWUM, 25.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; WO7T-L9UD, 22.930%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 92 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; WO7X-9MYR, 29.200%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 75 | 75 | 39 |
| &nbsp;&nbsp;&nbsp; WO88-QXXV, 29.620%, 11/21/2024 †x#^ | Affirm | 11/25/2022 | 262 | 276 | 16 |
| &nbsp;&nbsp;&nbsp; WO8A-AFHB, 35.760%, 3/03/2026 †x# | Affirm | 3/28/2025 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WO8B-DEIR, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 248 | 251 | 251 |
| &nbsp;&nbsp;&nbsp; WO8K-SWHP, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WO8R-8VDS, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WO9H-G36U, 25.000%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 66 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; WOA4-8I9G, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 318 | 316 | 316 |
| &nbsp;&nbsp;&nbsp; WOA9-OWH3, 29.500%, 9/25/2025 †§x | Affirm | 9/30/2024 | 41 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; WOAA-OGZ1, 29.550%, 12/18/2025 †§x | Affirm | 6/21/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WOAG-OFWG, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 147 | 149 | 148 |
| &nbsp;&nbsp;&nbsp; WOAJ-DHVL, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 89 | 89 | 53 |
| &nbsp;&nbsp;&nbsp; WOAO-23ON, 6.439%, 9/28/2022 †x#^« | Affirm | 7/01/2022 | 195 | 192 | 12 |
| &nbsp;&nbsp;&nbsp; WOAP-DQHH, 25.000%, 3/14/2023 †x#^ | Affirm | 3/17/2022 | 592 | 612 | 36 |
| &nbsp;&nbsp;&nbsp; WOB0-3XDK, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 146 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; WOB5-163J, 29.610%, 12/28/2023 †x#^ | Affirm | 1/06/2023 | 198 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; WOB6-W4QD, 35.300%, 3/11/2026 †x# | Affirm | 3/14/2024 | 600 | 611 | 36 |
| &nbsp;&nbsp;&nbsp; WOBD-O8ZQ, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WOBE-8LM1, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 240 | 239 | 240 |
| &nbsp;&nbsp;&nbsp; WOBI-MAIX, 29.490%, 5/05/2026 †x# | Affirm | 5/11/2023 | 2319 | 2326 | 139 |
| &nbsp;&nbsp;&nbsp; WOBP-0Z32, 35.300%, 9/28/2025 †§x | Affirm | 4/22/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WOBS-M033, 19.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 367 | 373 | 374 |
| &nbsp;&nbsp;&nbsp; WOBS-QG34, 35.500%, 10/22/2025 †§x# | Affirm | 10/25/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WOBY-OC65, 32.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 189 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; WOC8-0WE5, 29.440%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 210 | 208 | 13 |
| &nbsp;&nbsp;&nbsp; WOCC-9HSW, 35.989%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 1329 | 1330 | 80 |
| &nbsp;&nbsp;&nbsp; WOCF-DX9O, 35.380%, 6/02/2026 †§x | Affirm | 6/27/2025 | 176 | 173 | 175 |
| &nbsp;&nbsp;&nbsp; WOCJ-897H, 26.700%, 11/03/2025 †§x | Affirm | 5/10/2024 | 443 | 445 | 443 |
| &nbsp;&nbsp;&nbsp; WOCL-QV46, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WOCM-U5DO, 33.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 172 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; WOCW-11OQ, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WOD0-GO61, 35.580%, 9/28/2025 †x# | Affirm | 10/03/2024 | 110 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; WODC-EN9P, 13.840%, 7/08/2026 †§x | Affirm | 7/31/2025 | 149 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; WODI-LOU5, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 189 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; WODK-0D8V, 35.290%, 2/23/2025 †x#^ | Affirm | 8/29/2024 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; WODO-XL6R, 35.560%, 11/15/2026 †x# | Affirm | 11/27/2024 | 1082 | 1078 | 1098 |
| &nbsp;&nbsp;&nbsp; WODY-U94K, 35.570%, 9/25/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WOE4-Z9EZ, 15.830%, 11/12/2025 †§x | Affirm | 11/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WOE5-60ME, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 172 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; WOEC-2OSN, 29.710%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 407 | 414 | 24 |
| &nbsp;&nbsp;&nbsp; WOEC-Q0W0, 29.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 112 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; WOED-QP92, 29.690%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 267 | 272 | 16 |
| &nbsp;&nbsp;&nbsp; WOED-RRZ1, 29.630%, 12/18/2025 †§x | Affirm | 12/27/2024 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; WOEJ-10E0, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 397 | 388 | 386 |
| &nbsp;&nbsp;&nbsp; WOEQ-KC58, 35.270%, 3/20/2026 †§x | Affirm | 3/28/2025 | 75 | 77 | 77 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8111** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WOF8-KNDS, 18.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | $1873 | $1909 | $1916 |
| &nbsp;&nbsp;&nbsp; WOFC-MLIS, 22.700%, 12/11/2025 †§x | Affirm | 12/27/2024 | 234 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; WOFE-PT8R, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 193 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; WOFH-MFPY, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WOFR-GNBA, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 21 | 22 | 21 |
| &nbsp;&nbsp;&nbsp; WOFV-L7L8, 29.430%, 5/15/2024 †x#^ | Affirm | 5/22/2023 | 263 | 268 | 16 |
| &nbsp;&nbsp;&nbsp; WOH0-LA0J, 15.790%, 12/19/2026 †§x | Affirm | 12/27/2024 | 1180 | 1180 | 1197 |
| &nbsp;&nbsp;&nbsp; WOH1-KO53, 35.510%, 12/30/2024 †x#^ | Affirm | 10/03/2024 | 238 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; WOH1-WFMB, 24.710%, 5/15/2026 †§x | Affirm | 11/27/2024 | 769 | 791 | 788 |
| &nbsp;&nbsp;&nbsp; WOHI-D2LC, 33.950%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 169 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; WOHR-7V0X, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WOHT-BHE5, 32.000%, 1/02/2027 †x# | Affirm | 1/29/2025 | 2539 | 2616 | 2643 |
| &nbsp;&nbsp;&nbsp; WOHV-2LXK, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 225 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; WOI1-GGXA, 29.620%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 191 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; WOI7-V172, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 114 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; WOIC-98K7, 35.290%, 5/19/2024 †x#^ | Affirm | 5/25/2023 | 144 | 134 | 9 |
| &nbsp;&nbsp;&nbsp; WOID-E33I, 29.500%, 5/21/2023 †x#^ | Affirm | 11/25/2022 | 910 | 900 | 55 |
| &nbsp;&nbsp;&nbsp; WOII-AOIS, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 106 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; WOIX-SMRR, 24.400%, 2/12/2027 †§x | Affirm | 2/26/2025 | 422 | 443 | 445 |
| &nbsp;&nbsp;&nbsp; WOIY-UXDM, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 1319 | 1349 | 1349 |
| &nbsp;&nbsp;&nbsp; WOJF-O04Q, 19.700%, 11/15/2025 †x# | Affirm | 11/27/2024 | 55 | 57 | 1 |
| &nbsp;&nbsp;&nbsp; WOJL-9GVV, 33.950%, 4/18/2025 †x#^ | Affirm | 4/22/2024 | 769 | 807 | 46 |
| &nbsp;&nbsp;&nbsp; WOJN-YMPQ, 29.150%, 10/08/2025 †§x# | Affirm | 7/31/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WOK4-IHVQ, 28.000%, 6/20/2024 †x#^ | Affirm | 12/23/2022 | 328 | 350 | 20 |
| &nbsp;&nbsp;&nbsp; WOK5-29WC, 35.630%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 174 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; WOKE-5L3L, 22.690%, 12/11/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WOKF-WMUP, 35.460%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 130 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; WOKF-XDGG, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WOKX-9A3Q, 29.500%, 7/08/2026 †§x | Affirm | 7/31/2025 | 94 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; WOKX-FELL, 15.680%, 9/20/2025 †x# | Affirm | 3/28/2025 | 63 | 63 | 20 |
| &nbsp;&nbsp;&nbsp; WOLC-L3XR, 29.890%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 103 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; WOLD-B5A3, 30.950%, 10/08/2025 †§x | Affirm | 7/31/2025 | 159 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; WOLD-MIEN, 33.050%, 2/10/2026 †x# | Affirm | 2/26/2025 | 219 | 230 | 13 |
| &nbsp;&nbsp;&nbsp; WOLH-KXRG, 25.900%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 154 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; WOLJ-C802, 29.610%, 7/03/2026 †§x | Affirm | 1/29/2025 | 597 | 611 | 613 |
| &nbsp;&nbsp;&nbsp; WOLS-W9S4, 30.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WOM7-NY79, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 215 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; WOMA-RVMO, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WOMW-YPQ2, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WON0-2PXJ, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WONB-ACQ5, 35.180%, 1/08/2026 †§x | Affirm | 7/31/2025 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; WONF-830I, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; WONK-9CIJ, 35.330%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WONM-EAT3, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 122 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; WONT-1PV4, 35.490%, 9/16/2025 †§x# | Affirm | 9/19/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WOO5-SKQA, 28.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 593 | 586 | 36 |
| &nbsp;&nbsp;&nbsp; WOO9-M51M, 33.050%, 12/10/2025 †§x | Affirm | 12/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WOOB-53XT, 22.660%, 2/26/2026 †§x | Affirm | 8/29/2024 | 276 | 280 | 281 |
| &nbsp;&nbsp;&nbsp; WOOG-2P72, 35.410%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 1222 | 1264 | 73 |
| &nbsp;&nbsp;&nbsp; WOOG-SBRI, 22.850%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WOOV-FEZF, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WOQ7-8WZ1, 23.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1061 | 1098 | 1098 |
| &nbsp;&nbsp;&nbsp; WOQC-P77K, 29.570%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 532 | 547 | 32 |
| &nbsp;&nbsp;&nbsp; WOQG-NG58, 29.000%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 175 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; WOQK-AVRG, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 651 | 662 | 665 |
| &nbsp;&nbsp;&nbsp; WOQM-OF0D, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 74 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8112** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WOQS-M1VC, 29.530%, 12/11/2025 †§x | Affirm | 12/14/2023 | $140 | $141 | $141 |
| &nbsp;&nbsp;&nbsp; WOQZ-W8HU, 35.240%, 9/20/2025 †x# | Affirm | 3/28/2025 | 104 | 107 | 11 |
| &nbsp;&nbsp;&nbsp; WORD-86XQ, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 275 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; WORD-THQZ, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 265 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; WORI-BNBN, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 270 | 277 | 279 |
| &nbsp;&nbsp;&nbsp; WORJ-GPNV, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 138 | 140 | 81 |
| &nbsp;&nbsp;&nbsp; WORO-QESV, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 341 | 348 | 353 |
| &nbsp;&nbsp;&nbsp; WORU-T6XB, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WOS3-VQ8F, 29.660%, 9/28/2025 †§x | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; WOS6-OOPY, 35.680%, 3/03/2026 †§x | Affirm | 3/28/2025 | 455 | 463 | 465 |
| &nbsp;&nbsp;&nbsp; WOS7-CBJL, 33.950%, 10/08/2025 †§x | Affirm | 7/31/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WOSC-5QET, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WOSG-NMPJ, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 198 | 197 | 196 |
| &nbsp;&nbsp;&nbsp; WOSH-T56F, 35.670%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 89 | 89 | 53 |
| &nbsp;&nbsp;&nbsp; WOSR-N1CQ, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 449 | 429 | 27 |
| &nbsp;&nbsp;&nbsp; WOSS-ZOLN, 29.710%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; WOT5-Y1NJ, 23.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 907 | 930 | 935 |
| &nbsp;&nbsp;&nbsp; WOT9-85XO, 29.430%, 3/18/2023 †x#^ | Affirm | 3/24/2022 | 97 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; WOTP-IP5T, 11.800%, 7/24/2024 †x#^ | Affirm | 4/27/2023 | 148 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; WOTQ-W8E7, 35.670%, 9/03/2026 †§x | Affirm | 3/28/2025 | 338 | 347 | 349 |
| &nbsp;&nbsp;&nbsp; WOTY-F4SA, 29.660%, 6/15/2023 †x#^ | Affirm | 12/19/2022 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WOU0-8DV0, 30.950%, 12/02/2026 †§x | Affirm | 6/27/2025 | 537 | 558 | 563 |
| &nbsp;&nbsp;&nbsp; WOU4-F2GS, 28.000%, 5/14/2023 †x#^ | Affirm | 11/17/2022 | 223 | 230 | 13 |
| &nbsp;&nbsp;&nbsp; WOU6-36TR, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 191 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; WOU8-Z3MD, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 124 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WOUD-QNZ3, 29.590%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 313 | 322 | 323 |
| &nbsp;&nbsp;&nbsp; WOUJ-WZ5F, 23.400%, 12/18/2025 †§x | Affirm | 6/21/2024 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; WOUO-7XZK, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 163 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; WOUP-C24K, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; WOUW-23EI, 35.380%, 10/01/2025 †x# | Affirm | 4/04/2024 | 62 | 63 | 10 |
| &nbsp;&nbsp;&nbsp; WOV3-9W7L, 32.920%, 9/28/2026 †§x | Affirm | 3/31/2025 | 300 | 299 | 303 |
| &nbsp;&nbsp;&nbsp; WOV7-CIHY, 15.970%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; WOV8-74WW, 22.660%, 8/06/2026 †§x | Affirm | 8/29/2025 | 159 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; WOV8-HQU8, 24.400%, 3/20/2026 †§x | Affirm | 9/26/2024 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; WOVD-JDSI, 35.370%, 8/06/2026 †§x | Affirm | 8/29/2025 | 165 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; WOVF-QYJF, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 131 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; WOVY-TZ67, 35.360%, 6/11/2024 †x#^ | Affirm | 12/14/2023 | 60 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; WOW0-47XK, 29.580%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 37 |
| &nbsp;&nbsp;&nbsp; WOW7-OKGT, 29.510%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 618 | 610 | 37 |
| &nbsp;&nbsp;&nbsp; WOW8-09ES, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 49 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WOWB-87KC, 23.400%, 12/09/2025 †§x | Affirm | 12/27/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WOWD-XTIS, 33.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WOWE-GJQX, 22.860%, 2/07/2026 †§x | Affirm | 2/26/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WOWO-46ZO, 35.370%, 8/06/2026 †§x | Affirm | 8/29/2025 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; WOX2-7IF1, 35.400%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 42 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; WOXF-26Z1, 35.480%, 4/22/2026 †§x# | Affirm | 10/25/2024 | 190 | 187 | 189 |
| &nbsp;&nbsp;&nbsp; WOXM-05KH, 33.950%, 7/03/2026 †x# | Affirm | 1/29/2025 | 268 | 275 | 10 |
| &nbsp;&nbsp;&nbsp; WOXO-WQ3P, 35.460%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 1420 | 1431 | 85 |
| &nbsp;&nbsp;&nbsp; WOXT-0DNS, 32.940%, 3/11/2026 †§x | Affirm | 3/14/2024 | 272 | 274 | 277 |
| &nbsp;&nbsp;&nbsp; WOXU-QEF8, 29.670%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 97 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; WOXX-UDS1, 28.500%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 195 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; WOY2-DMGG, 35.540%, 3/23/2026 †§x | Affirm | 9/26/2024 | 686 | 680 | 684 |
| &nbsp;&nbsp;&nbsp; WOYE-U6BX, 35.480%, 6/19/2026 †§x | Affirm | 12/27/2024 | 354 | 362 | 358 |
| &nbsp;&nbsp;&nbsp; WOYG-5ZHG, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WOYH-CND6, 29.460%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 251 | 248 | 15 |
| &nbsp;&nbsp;&nbsp; WOYI-CG2Q, 35.570%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 56 | 57 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8113** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WOYN-N0RT, 34.960%, 10/08/2025 †§x | Affirm | 7/31/2025 | $88 | $88 | $88 |
| &nbsp;&nbsp;&nbsp; WOZC-ADVQ, 22.840%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; WOZD-AT7H, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; WOZL-OBLX, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WOZO-ZL5B, 35.640%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 192 | 189 | 190 |
| &nbsp;&nbsp;&nbsp; WOZP-FS5B, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; WOZQ-AR52, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 132 | 132 | 131 |
| &nbsp;&nbsp;&nbsp; WOZR-8UR5, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WOZW-36EY, 29.480%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 83 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WP03-DCNH, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; WP04-CXKV, 29.650%, 5/23/2023 †x#^ | Affirm | 11/26/2021 | 142 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; WP06-SPGA, 29.690%, 11/15/2025 †x | Affirm | 11/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WP0W-NO9L, 35.650%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WP0W-RCWU, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; WP11-S90Y, 29.590%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 166 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; WP18-EGX9, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 276 | 283 | 285 |
| &nbsp;&nbsp;&nbsp; WP1B-TXLD, 23.400%, 2/06/2026 †§x | Affirm | 8/29/2025 | 435 | 444 | 444 |
| &nbsp;&nbsp;&nbsp; WP1E-AKYJ, 29.510%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 200 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; WP1P-VBAD, 29.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 119 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WP1Q-W9GL, 33.950%, 12/25/2025 †§x | Affirm | 6/28/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WP1T-4WVV, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WP1X-IX3V, 29.480%, 2/04/2025 †x#^ | Affirm | 8/10/2023 | 188 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; WP23-7DAG, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 200 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; WP2A-AANF, 29.820%, 2/05/2026 †§x | Affirm | 2/26/2025 | 119 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; WP2J-BMX3, 29.440%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WP2J-PM9U, 35.580%, 5/14/2026 †x# | Affirm | 11/27/2024 | 504 | 522 | 119 |
| &nbsp;&nbsp;&nbsp; WP2N-KOFG, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 440 | 448 | 448 |
| &nbsp;&nbsp;&nbsp; WP31-WQWM, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WP32-2UPT, 35.690%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WP3F-2Y64, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 704 | 700 | 42 |
| &nbsp;&nbsp;&nbsp; WP3I-6ZPI, 28.000%, 4/03/2023 †x#^ | Affirm | 10/06/2022 | 106 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; WP3K-WWC1, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 146 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; WP3N-NI7M, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 135 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; WP3N-WL0B, 29.200%, 1/06/2026 †§x | Affirm | 1/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WP3O-QUYK, 29.430%, 3/25/2023 †x#^ | Affirm | 3/31/2022 | 729 | 720 | 44 |
| &nbsp;&nbsp;&nbsp; WP3W-QM9L, 27.990%, 3/20/2026 †§x | Affirm | 3/28/2025 | 177 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; WP3Z-UJDG, 35.320%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 186 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; WP4C-WVY8, 35.580%, 9/28/2025 †x# | Affirm | 10/03/2024 | 272 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; WP4E-Z8CA, 29.600%, 3/06/2023 †x#^ | Affirm | 9/09/2022 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; WP4O-93FF, 35.540%, 12/18/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WP4Q-14DT, 35.460%, 12/10/2025 †§x | Affirm | 12/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WP4V-YG2J, 35.440%, 12/09/2025 †§x | Affirm | 12/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WP58-LYCH, 29.590%, 10/21/2026 †§x | Affirm | 10/24/2024 | 794 | 820 | 823 |
| &nbsp;&nbsp;&nbsp; WP5E-STOH, 22.750%, 3/24/2026 †§x | Affirm | 9/27/2024 | 91 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; WP5G-M2WG, 29.710%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 60 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; WP5I-XHLJ, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 233 | 239 | 239 |
| &nbsp;&nbsp;&nbsp; WP5K-COQL, 29.430%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 153 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; WP5K-TCEJ, 29.570%, 4/24/2024 †x#^ | Affirm | 10/27/2022 | 223 | 239 | 13 |
| &nbsp;&nbsp;&nbsp; WP5S-XIQ0, 31.500%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 247 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; WP5Y-PFAX, 22.620%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 143 | 140 | 9 |
| &nbsp;&nbsp;&nbsp; WP60-8HQB, 15.640%, 12/02/2025 †§x | Affirm | 6/27/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WP63-EOPS, 29.420%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 194 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; WP69-QGKS, 28.000%, 11/21/2024 †x#^ | Affirm | 11/25/2022 | 270 | 293 | 16 |
| &nbsp;&nbsp;&nbsp; WP6E-BK1K, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 230 | 232 | 230 |
| &nbsp;&nbsp;&nbsp; WP6I-C0RO, 35.000%, 2/10/2026 †x# | Affirm | 2/26/2025 | 113 | 117 | 5 |
| &nbsp;&nbsp;&nbsp; WP6I-WCHL, 35.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 47 | 47 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8114** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WP6J-4Q1E, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | $36 | $36 | $37 |
| &nbsp;&nbsp;&nbsp; WP6J-6UVT, 30.000%, 7/09/2023 †x#^ | Affirm | 1/12/2023 | 483 | 483 | 29 |
| &nbsp;&nbsp;&nbsp; WP6M-JJBS, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 150 | 151 | 150 |
| &nbsp;&nbsp;&nbsp; WP6O-1HZ3, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WP6O-6WWA, 29.720%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 9 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; WP6Q-II9E, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WP74-CFE9, 15.800%, 3/17/2026 †§x | Affirm | 9/20/2024 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; WP7P-NWLY, 29.410%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 144 | 141 | 9 |
| &nbsp;&nbsp;&nbsp; WP82-07WP, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; WP8A-QBSN, 35.310%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 21 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; WP8C-G97S, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WP8M-FVJS, 15.820%, 12/16/2025 †§x | Affirm | 12/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WP8N-OFMQ, 20.900%, 7/03/2026 †§x | Affirm | 1/29/2025 | 253 | 261 | 257 |
| &nbsp;&nbsp;&nbsp; WP8N-YUIN, 35.420%, 12/02/2026 †§x | Affirm | 6/27/2025 | 286 | 279 | 283 |
| &nbsp;&nbsp;&nbsp; WP8Q-BC68, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WP98-084L, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 867 | 878 | 879 |
| &nbsp;&nbsp;&nbsp; WP99-C3RE, 28.000%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WP9B-6MKE, 35.650%, 1/27/2026 †§x | Affirm | 2/26/2025 | 600 | 596 | 603 |
| &nbsp;&nbsp;&nbsp; WP9F-IEBJ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1129 | 1156 | 1165 |
| &nbsp;&nbsp;&nbsp; WP9I-56GO, 12.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 1016 | 1004 | 61 |
| &nbsp;&nbsp;&nbsp; WP9I-ISJE, 29.820%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; WP9R-H3LI, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 180 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; WP9Z-F44B, 35.000%, 3/24/2026 †§x | Affirm | 4/22/2025 | 700 | 654 | 669 |
| &nbsp;&nbsp;&nbsp; WPA1-QT9Q, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 356 | 362 | 360 |
| &nbsp;&nbsp;&nbsp; WPA5-R5PG, 29.540%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 100 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; WPA8-ECTT, 29.520%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 132 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; WPAB-94DF, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; WPAC-BM89, 32.500%, 9/25/2025 †§x | Affirm | 9/30/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WPAD-1JG1, 29.390%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 322 | 320 | 322 |
| &nbsp;&nbsp;&nbsp; WPAE-AJM5, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 204 | 211 | 208 |
| &nbsp;&nbsp;&nbsp; WPAI-084L, 13.840%, 10/18/2025 †§x | Affirm | 10/24/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WPAO-9VBH, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 68 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; WPAX-5QKJ, 35.530%, 12/18/2025 †§x | Affirm | 12/27/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WPB2-29WX, 29.690%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 296 | 289 | 18 |
| &nbsp;&nbsp;&nbsp; WPB3-W20Q, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WPBA-Z8ET, 30.000%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 73 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WPBM-D9V8, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 225 | 227 | 227 |
| &nbsp;&nbsp;&nbsp; WPBN-C5S0, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; WPBP-WYDX, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WPC0-ZTTK, 35.400%, 8/29/2024 †x#^ | Affirm | 9/08/2023 | 87 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WPC3-LS7T, 29.500%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 870 | 818 | 52 |
| &nbsp;&nbsp;&nbsp; WPC5-GMNP, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 705 | 706 | 706 |
| &nbsp;&nbsp;&nbsp; WPC6-KGM4, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 143 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; WPCC-4733, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 2453 | 2471 | 147 |
| &nbsp;&nbsp;&nbsp; WPCD-U95H, 35.580%, 7/27/2024 †x#^ | Affirm | 1/11/2024 | 57 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WPCX-MHM1, 32.990%, 10/16/2025 †x# | Affirm | 4/19/2024 | 260 | 263 | 16 |
| &nbsp;&nbsp;&nbsp; WPD1-AH4V, 35.370%, 6/06/2024 †x#^ | Affirm | 12/11/2023 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; WPD6-XLYJ, 35.410%, 4/04/2025 †x#^ | Affirm | 4/08/2024 | 236 | 244 | 14 |
| &nbsp;&nbsp;&nbsp; WPD9-HUAP, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 99 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; WPDS-KLF5, 29.570%, 10/28/2025 †§x | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WPE5-8MMH, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WPEF-9HH0, 28.500%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 340 | 358 | 20 |
| &nbsp;&nbsp;&nbsp; WPEG-328Z, 33.050%, 8/06/2026 †§x | Affirm | 8/29/2025 | 470 | 493 | 493 |
| &nbsp;&nbsp;&nbsp; WPEH-JFVL, 29.610%, 6/14/2023 †x#^ | Affirm | 12/17/2021 | 1240 | 1304 | 74 |
| &nbsp;&nbsp;&nbsp; WPF8-7QXT, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 480 | 474 | 29 |
| &nbsp;&nbsp;&nbsp; WPFB-UNZB, 18.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 92 | 92 | 93 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8115** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WPFH-IEB0, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | $31 | $32 | $32 |
| &nbsp;&nbsp;&nbsp; WPFN-9WS7, 29.830%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; WPFR-H9T1, 7.194%, 9/05/2025 †§x« | Affirm | 3/28/2025 | 50 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; WPFT-9LZA, 33.090%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WPFZ-GNDN, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 422 | 436 | 440 |
| &nbsp;&nbsp;&nbsp; WPG4-NEOH, 29.680%, 11/12/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WPG4-T144, 35.400%, 10/28/2025 †§x | Affirm | 10/31/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WPGK-2FFB, 22.750%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WPGM-7CL2, 35.290%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 115 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; WPGM-DKLH, 33.050%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 85 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; WPGR-6UCW, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WPHC-IVHT, 33.950%, 5/07/2026 †§x | Affirm | 5/10/2024 | 1119 | 1136 | 1139 |
| &nbsp;&nbsp;&nbsp; WPHJ-OGHZ, 33.050%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 457 | 480 | 482 |
| &nbsp;&nbsp;&nbsp; WPHN-PJQO, 24.400%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 69 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; WPHO-8XFS, 35.330%, 11/06/2026 †§x# | Affirm | 5/30/2025 | 246 | 252 | 128 |
| &nbsp;&nbsp;&nbsp; WPI2-GWNW, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 112 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; WPI2-HXH9, 34.470%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 268 | 280 | 16 |
| &nbsp;&nbsp;&nbsp; WPI7-UGZI, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WPI9-KIOJ, 35.570%, 9/18/2025 †§x | Affirm | 9/23/2024 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; WPIC-3R41, 31.000%, 9/28/2025 †x | Affirm | 4/22/2025 | 130 | 130 | 32 |
| &nbsp;&nbsp;&nbsp; WPIE-W0W0, 15.670%, 2/06/2026 †§x | Affirm | 8/29/2025 | 319 | 319 | 319 |
| &nbsp;&nbsp;&nbsp; WPIR-1LOQ, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WPIS-GIB4, 29.130%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 61 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WPIY-U9I8, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 344 | 352 | 353 |
| &nbsp;&nbsp;&nbsp; WPIZ-YG9K, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 137 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; WPJ5-5JHJ, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 69 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; WPJC-0LB6, 29.660%, 5/20/2026 †§x | Affirm | 11/27/2024 | 189 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; WPJC-7Y9R, 35.380%, 6/06/2024 †x#^ | Affirm | 6/15/2023 | 186 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; WPJQ-WDGK, 29.620%, 9/25/2026 †§x | Affirm | 9/30/2024 | 459 | 472 | 475 |
| &nbsp;&nbsp;&nbsp; WPJY-BFQQ, 35.560%, 12/02/2025 †§x | Affirm | 6/27/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WPK2-07ZY, 29.440%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 123 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WPK3-KE0M, 22.730%, 6/10/2025 †x#^ | Affirm | 12/27/2024 | 106 | 109 | 8 |
| &nbsp;&nbsp;&nbsp; WPKC-D1CY, 29.640%, 11/15/2026 †§x | Affirm | 11/27/2024 | 119 | 124 | 121 |
| &nbsp;&nbsp;&nbsp; WPKF-D956, 32.780%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 14 |
| &nbsp;&nbsp;&nbsp; WPKL-XVMF, 29.710%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 1997 | 1955 | 120 |
| &nbsp;&nbsp;&nbsp; WPKR-HCYM, 33.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; WPKS-M4WW, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WPKV-WJZ1, 32.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WPKY-63CR, 13.840%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WPL5-VMW8, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WPL9-XMHV, 35.720%, 2/07/2026 †§x | Affirm | 2/26/2025 | 43 | 44 | 10 |
| &nbsp;&nbsp;&nbsp; WPLJ-ZG04, 29.600%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WPLL-YALS, 27.500%, 5/18/2023 †x#^ | Affirm | 11/22/2021 | 1896 | 2039 | 114 |
| &nbsp;&nbsp;&nbsp; WPLM-DJ90, 35.250%, 11/06/2025 †§x | Affirm | 8/29/2025 | 22 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WPLN-SE73, 35.570%, 9/18/2025 †x# | Affirm | 9/23/2024 | 66 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; WPLQ-OGA7, 25.200%, 8/27/2025 †x#^ | Affirm | 3/28/2025 | 363 | 370 | 22 |
| &nbsp;&nbsp;&nbsp; WPM8-MZ19, 11.850%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WPMB-N436, 28.500%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 73 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; WPML-7J8K, 35.180%, 9/20/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 28 |
| &nbsp;&nbsp;&nbsp; WPMP-2ANF, 35.890%, 12/28/2025 †§x | Affirm | 1/29/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WPMP-ODYD, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WPMR-LDUT, 33.050%, 6/19/2026 †§x | Affirm | 12/27/2024 | 189 | 195 | 194 |
| &nbsp;&nbsp;&nbsp; WPMT-BEB7, 15.860%, 8/12/2026 †§x | Affirm | 2/26/2025 | 282 | 290 | 292 |
| &nbsp;&nbsp;&nbsp; WPMY-77B7, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WPN5-9G8P, 23.400%, 4/24/2026 †§x | Affirm | 10/28/2024 | 846 | 862 | 862 |
| &nbsp;&nbsp;&nbsp; WPNA-ATK8, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 174 | 177 | 178 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8116** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WPNC-PU3H, 25.200%, 11/21/2025 †§x | Affirm | 5/24/2024 | $53 | $53 | $53 |
| &nbsp;&nbsp;&nbsp; WPNH-UJJJ, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 253 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; WPNN-BJS0, 25.000%, 5/25/2023 †x#^ | Affirm | 5/31/2022 | 203 | 214 | 12 |
| &nbsp;&nbsp;&nbsp; WPNS-MHLI, 35.380%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 119 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; WPO3-B6E5, 29.830%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 99 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; WPO5-Y0AT, 35.300%, 4/03/2026 †x# | Affirm | 3/28/2025 | 335 | 341 | 344 |
| &nbsp;&nbsp;&nbsp; WPO7-35FQ, 35.440%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WPOP-QFTA, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WPOY-LU2M, 34.000%, 8/21/2024 †x#^ | Affirm | 5/24/2024 | 75 | 72 | 5 |
| &nbsp;&nbsp;&nbsp; WPOZ-NQGW, 23.000%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 14 | 14 | 3 |
| &nbsp;&nbsp;&nbsp; WPPJ-4A2B, 27.500%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | 404 | 409 | 24 |
| &nbsp;&nbsp;&nbsp; WPPP-FZM5, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 285 | 290 | 291 |
| &nbsp;&nbsp;&nbsp; WPPT-TNZN, 29.690%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 64 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; WPPV-4ZSQ, 33.950%, 9/28/2026 †x# | Affirm | 3/31/2025 | 418 | 446 | 23 |
| &nbsp;&nbsp;&nbsp; WPPW-7XMM, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 38 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; WPPW-OOK0, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 34 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; WPQ5-6QMG, 22.730%, 5/05/2026 †§x# | Affirm | 11/27/2024 | 230 | 235 | 234 |
| &nbsp;&nbsp;&nbsp; WPQ6-DDDX, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 128 | 123 | 8 |
| &nbsp;&nbsp;&nbsp; WPQ7-I1TE, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WPQ9-0YS6, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 234 | 244 | 247 |
| &nbsp;&nbsp;&nbsp; WPQ9-QQUT, 29.750%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 174 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; WPQB-YVH4, 32.000%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 139 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; WPQD-AP60, 15.810%, 9/23/2025 †x# | Affirm | 9/26/2024 | 130 | 135 | 31 |
| &nbsp;&nbsp;&nbsp; WPQG-TQZ5, 33.950%, 9/11/2024 †x#^ | Affirm | 3/14/2024 | 103 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; WPQO-LS8W, 23.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 198 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; WPQP-GVBY, 29.680%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 97 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; WPQS-JCHV, 21.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 413 | 417 | 417 |
| &nbsp;&nbsp;&nbsp; WPQT-IRG6, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 414 | 411 | 411 |
| &nbsp;&nbsp;&nbsp; WPQY-RALQ, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 200 | 205 | 207 |
| &nbsp;&nbsp;&nbsp; WPR6-ED8O, 29.160%, 7/12/2024 †x#^ | Affirm | 1/17/2023 | 159 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; WPR9-JIPY, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 507 | 532 | 532 |
| &nbsp;&nbsp;&nbsp; WPRB-TKYB, 11.850%, 11/15/2026 †§x | Affirm | 11/27/2024 | 353 | 363 | 366 |
| &nbsp;&nbsp;&nbsp; WPRG-UOFP, 15.840%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 393 | 400 | 24 |
| &nbsp;&nbsp;&nbsp; WPRN-9S1S, 9.920%, 2/07/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WPRU-LXST, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 455 | 464 | 464 |
| &nbsp;&nbsp;&nbsp; WPS6-0DTG, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 132 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; WPSC-D727, 35.530%, 5/20/2026 †§x | Affirm | 11/27/2024 | 111 | 113 | 112 |
| &nbsp;&nbsp;&nbsp; WPSG-ZTXW, 30.000%, 4/21/2026 †x# | Affirm | 10/25/2024 | 232 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; WPSH-27TH, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 274 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; WPSH-QXPO, 23.400%, 5/20/2026 †§x | Affirm | 11/27/2024 | 209 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; WPSH-S2B9, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 88 | 92 | 27 |
| &nbsp;&nbsp;&nbsp; WPSL-DHE4, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WPSN-WF0L, 29.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; WPSU-FS9Y, 15.770%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 73 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; WPSX-ZZO5, 11.850%, 9/24/2025 †§x | Affirm | 9/27/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WPSZ-G7MY, 32.500%, 5/23/2025 †x#^ | Affirm | 5/28/2024 | 206 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; WPT1-ZXWB, 7.425%, 8/10/2025 †x#^« | Affirm | 2/26/2025 | 25 | 24 | 6 |
| &nbsp;&nbsp;&nbsp; WPT2-8HEF, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 214 | 221 | 219 |
| &nbsp;&nbsp;&nbsp; WPT5-7Y4C, 11.770%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 103 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; WPTE-REGE, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 127 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; WPTK-0TRK, 35.440%, 6/19/2026 †§x | Affirm | 12/27/2024 | 150 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; WPTK-KV61, 29.640%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WPU9-JVY8, 29.760%, 5/25/2023 †x#^ | Affirm | 12/01/2022 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; WPU9-Z5T1, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 171 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; WPUA-2YOQ, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 149 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; WPUH-GW3J, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 8 | 8 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8117** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WPUH-UNS5, 13.840%, 2/28/2026 †§x# | Affirm | 3/28/2025 | $899 | $916 | $916 |
| &nbsp;&nbsp;&nbsp; WPVB-Y8WY, 33.950%, 9/24/2025 †x# | Affirm | 9/27/2024 | 77 | 81 | 20 |
| &nbsp;&nbsp;&nbsp; WPVM-0FDE, 23.900%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 204 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; WPWC-S6NU, 33.050%, 4/18/2026 †§x | Affirm | 10/24/2024 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WPWD-PZZB, 24.950%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 141 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; WPWN-W66B, 35.170%, 9/08/2024 †x#^ | Affirm | 3/14/2024 | 148 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; WPWU-DK9M, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 441 | 449 | 447 |
| &nbsp;&nbsp;&nbsp; WPWV-YMXP, 35.440%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 102 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; WPXC-OZPZ, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; WPXP-I1K1, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; WPXT-P78Y, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WPY2-PHVJ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 258 | 262 | 261 |
| &nbsp;&nbsp;&nbsp; WPY6-XI8W, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 307 | 304 |  |
| &nbsp;&nbsp;&nbsp; WPYE-6MPB, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WPZ6-YAZD, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 430 | 435 | 436 |
| &nbsp;&nbsp;&nbsp; WPZG-T9XP, 29.480%, 9/23/2023 †x#^ | Affirm | 3/28/2022 | 191 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; WPZN-SEBF, 25.200%, 2/05/2026 †§x | Affirm | 2/26/2025 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WPZZ-AQ4O, 33.050%, 2/12/2027 †§x | Affirm | 2/26/2025 | 785 | 824 | 831 |
| &nbsp;&nbsp;&nbsp; WQ07-CRR1, 29.430%, 3/10/2023 †x#^ | Affirm | 3/14/2022 | 246 | 243 | 15 |
| &nbsp;&nbsp;&nbsp; WQ0L-19XE, 26.200%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 140 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; WQ0Q-TLQP, 29.670%, 7/13/2022 †x#^ | Affirm | 4/18/2022 | 56 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; WQ10-VJGI, 35.750%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WQ12-RFC0, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 160 | 159 |
| &nbsp;&nbsp;&nbsp; WQ13-8ZBR, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WQ14-LZMM, 32.500%, 2/10/2027 †§x | Affirm | 2/26/2025 | 533 | 528 | 538 |
| &nbsp;&nbsp;&nbsp; WQ17-0VEC, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; WQ1C-H73L, 26.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WQ1E-PFO4, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; WQ1F-I33I, 32.870%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 129 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; WQ1R-IQE3, 35.370%, 11/08/2025 †x# | Affirm | 5/13/2024 | 131 | 132 | 23 |
| &nbsp;&nbsp;&nbsp; WQ23-KR0T, 29.500%, 1/08/2027 †§x | Affirm | 7/31/2025 | 308 | 321 | 323 |
| &nbsp;&nbsp;&nbsp; WQ23-LW92, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; WQ29-NYTC, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1278 | 1300 | 1304 |
| &nbsp;&nbsp;&nbsp; WQ2B-21ID, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 807 | 800 | 806 |
| &nbsp;&nbsp;&nbsp; WQ2H-9REU, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WQ2L-IKV8, 33.950%, 10/28/2025 †§x | Affirm | 10/31/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WQ2M-82NS, 21.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 219 | 224 | 226 |
| &nbsp;&nbsp;&nbsp; WQ30-DWI5, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 259 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; WQ34-QM3W, 35.670%, 1/08/2026 †§x | Affirm | 1/29/2025 | 48 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WQ3O-MI0A, 28.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 81 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; WQ3T-YCRO, 29.620%, 10/24/2026 †§x | Affirm | 10/28/2024 | 355 | 353 | 357 |
| &nbsp;&nbsp;&nbsp; WQ3Y-2MMX, 33.050%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WQ3Y-XVDY, 15.820%, 9/23/2025 †§x | Affirm | 9/26/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WQ41-AFJD, 13.840%, 1/08/2026 †§x | Affirm | 1/11/2024 | 191 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; WQ42-KI5K, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WQ49-9Y3N, 15.790%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; WQ4E-9HFK, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; WQ4J-XYHH, 33.950%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 1251 | 1322 | 75 |
| &nbsp;&nbsp;&nbsp; WQ4K-TPV9, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WQ4U-0IQ7, 11.830%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; WQ4V-JW3Y, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; WQ4W-2KPD, 22.730%, 5/08/2026 †§x | Affirm | 11/27/2024 | 209 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; WQ4X-8880, 33.950%, 12/19/2026 †§x | Affirm | 12/27/2024 | 410 | 424 | 427 |
| &nbsp;&nbsp;&nbsp; WQ53-DSSR, 22.200%, 9/26/2025 †§x | Affirm | 9/29/2022 | 121 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; WQ54-SOWB, 29.710%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 799 | 836 | 48 |
| &nbsp;&nbsp;&nbsp; WQ57-GOSI, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 120 | 123 | 123 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8118** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WQ5E-X3KC, 24.700%, 7/01/2028 †x | Affirm | 7/05/2024 | $2917 | $3090 | $3094 |
| &nbsp;&nbsp;&nbsp; WQ5F-K71K, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 179 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; WQ5I-FN5P, 30.000%, 8/28/2024 †x#^ | Affirm | 9/01/2023 | 809 | 805 | 49 |
| &nbsp;&nbsp;&nbsp; WQ5J-IAPJ, 15.750%, 10/25/2022 †x#^ | Affirm | 4/28/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; WQ5Q-E33Z, 32.000%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WQ5U-99UF, 29.560%, 6/20/2026 †§x | Affirm | 6/24/2024 | 241 | 246 | 247 |
| &nbsp;&nbsp;&nbsp; WQ5V-OIHN, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 171 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; WQ5X-FCOI, 22.480%, 11/30/2023 †x#^ | Affirm | 6/02/2023 | 167 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; WQ63-KBWF, 29.820%, 2/10/2026 †x# | Affirm | 2/26/2025 | 178 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; WQ64-62MC, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WQ6E-TDW1, 13.840%, 8/12/2026 †§x | Affirm | 2/26/2025 | 222 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; WQ6I-WZB1, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 142 | 140 | 9 |
| &nbsp;&nbsp;&nbsp; WQ6K-N0VH, 19.750%, 10/12/2023 †x#^ | Affirm | 10/17/2022 | 93 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; WQ6M-FP3Z, 22.750%, 11/05/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WQ78-2ABN, 32.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WQ78-IW2M, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WQ7A-VU5Y, 26.700%, 12/21/2025 †§x | Affirm | 6/27/2024 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WQ7F-0F4W, 29.420%, 3/21/2023 †x#^ | Affirm | 3/24/2022 | 71 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; WQ7J-60FZ, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WQ7S-KEUU, 22.760%, 11/08/2025 †§x | Affirm | 11/27/2024 | 178 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; WQ89-VXJJ, 29.480%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 260 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; WQ8E-Q9C3, 29.490%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 136 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; WQ8H-GWMO, 35.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WQ8H-QBHO, 26.900%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 222 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; WQ8I-OZJ4, 29.590%, 10/21/2025 †§x | Affirm | 10/24/2024 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WQ8J-PRX7, 35.580%, 5/12/2026 †§x# | Affirm | 11/27/2024 | 203 | 202 | 122 |
| &nbsp;&nbsp;&nbsp; WQ8K-J88P, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1075 | 1096 | 1098 |
| &nbsp;&nbsp;&nbsp; WQ8N-6MCF, 29.490%, 8/29/2024 †x#^ | Affirm | 9/01/2023 | 45 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; WQ8N-YQR9, 25.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WQ8P-SMFK, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 259 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; WQ8Q-00EB, 35.310%, 4/17/2025 †x#^ | Affirm | 4/22/2024 | 109 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; WQ8R-EOKZ, 13.840%, 9/26/2025 †§x | Affirm | 9/30/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; WQ8S-XASJ, 28.000%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WQ8U-HA3N, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; WQ94-WQTP, 33.050%, 8/11/2026 †§x | Affirm | 2/26/2025 | 293 | 305 | 303 |
| &nbsp;&nbsp;&nbsp; WQ95-0UPX, 35.100%, 9/02/2025 †x | Affirm | 6/27/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WQ98-R6JE, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 110 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; WQ9V-E4NW, 35.450%, 3/26/2026 †x# | Affirm | 9/30/2024 | 271 | 281 | 16 |
| &nbsp;&nbsp;&nbsp; WQA6-52Q5, 29.730%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WQAN-HYFN, 29.710%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 89 | 91 | 54 |
| &nbsp;&nbsp;&nbsp; WQAS-UVM5, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WQAU-E76P, 35.770%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 75 | 76 | 11 |
| &nbsp;&nbsp;&nbsp; WQAW-3XK8, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WQB1-EGN4, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 98 | 101 | 103 |
| &nbsp;&nbsp;&nbsp; WQB2-PFZ6, 27.100%, 6/14/2024 †x#^ | Affirm | 12/19/2022 | 196 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; WQB5-2QX3, 30.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WQB7-9WM9, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WQBH-ZJ0I, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 1085 | 1100 | 1096 |
| &nbsp;&nbsp;&nbsp; WQBK-SI0X, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 129 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; WQBS-3OOM, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 124 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WQC0-EGGP, 29.490%, 11/23/2025 †§x | Affirm | 5/28/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WQC5-13GS, 33.050%, 2/12/2027 †x | Affirm | 2/26/2025 | 2323 | 2437 | 2458 |
| &nbsp;&nbsp;&nbsp; WQCA-FMID, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WQCC-HWLE, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 681 | 679 | 680 |
| &nbsp;&nbsp;&nbsp; WQCH-NEZX, 29.410%, 3/28/2026 †§x | Affirm | 3/31/2025 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; WQCM-50A9, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 73 | 75 | 75 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8119** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WQCT-FV1I, 29.560%, 12/01/2025 †§x | Affirm | 12/07/2023 | $191 | $192 | $191 |
| &nbsp;&nbsp;&nbsp; WQCU-3A6M, 15.660%, 3/28/2026 †§x | Affirm | 3/31/2025 | 92 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; WQCV-6QLQ, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 42 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; WQD1-UH1X, 33.950%, 5/20/2026 †§x | Affirm | 11/27/2024 | 137 | 141 | 138 |
| &nbsp;&nbsp;&nbsp; WQD2-2JPZ, 25.000%, 8/02/2024 †x#^ | Affirm | 8/05/2022 | 532 | 574 | 32 |
| &nbsp;&nbsp;&nbsp; WQD8-GMFH, 33.950%, 4/21/2026 †§x | Affirm | 10/24/2024 | 425 | 432 | 428 |
| &nbsp;&nbsp;&nbsp; WQDG-9576, 32.870%, 3/20/2026 †§x | Affirm | 3/28/2025 | 151 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; WQDG-F4WQ, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 405 | 414 | 415 |
| &nbsp;&nbsp;&nbsp; WQDQ-6OHE, 35.570%, 9/28/2025 †§x | Affirm | 10/03/2024 | 68 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; WQDV-PDM3, 27.100%, 6/13/2024 †x#^ | Affirm | 12/16/2022 | 166 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; WQE3-84P3, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 133 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; WQEM-AQQJ, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; WQEO-PT56, 29.560%, 8/05/2023 †x#^ | Affirm | 8/11/2022 | 220 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; WQEU-YHQS, 24.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 197 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; WQF3-SMSZ, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WQF7-794Q, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; WQF8-9R69, 35.290%, 3/03/2026 †§x | Affirm | 3/28/2025 | 113 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; WQFA-F25H, 35.610%, 11/20/2025 †§x | Affirm | 11/27/2024 | 146 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; WQFJ-6PDW, 32.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 249 | 254 | 250 |
| &nbsp;&nbsp;&nbsp; WQFM-S4C7, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; WQFP-TBMK, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 156 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; WQFP-ZZK8, 29.490%, 9/08/2025 †§x | Affirm | 3/14/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WQFQ-REPN, 15.680%, 3/04/2023 †x#^ | Affirm | 3/10/2022 | 199 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; WQFW-NVJT, 31.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 1129 | 1163 | 1154 |
| &nbsp;&nbsp;&nbsp; WQFX-N0FP, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; WQFY-M4Y1, 29.430%, 3/25/2023 †x#^ | Affirm | 3/31/2022 | 234 | 231 | 14 |
| &nbsp;&nbsp;&nbsp; WQG1-GS28, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 35 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; WQG2-PDPB, 33.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 132 | 133 | 76 |
| &nbsp;&nbsp;&nbsp; WQGH-ZG3U, 22.690%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WQGL-IL4J, 29.620%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 225 | 215 | 14 |
| &nbsp;&nbsp;&nbsp; WQGM-HNH5, 32.500%, 5/22/2026 †x | Affirm | 7/25/2024 | 1654 | 1682 | 1672 |
| &nbsp;&nbsp;&nbsp; WQH4-9MSC, 8.944%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 240 | 236 | 233 |
| &nbsp;&nbsp;&nbsp; WQH7-PY46, 28.000%, 5/28/2023 †x#^ | Affirm | 10/03/2022 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WQH7-R75A, 29.600%, 12/09/2022 †x#^ | Affirm | 12/16/2021 | 67 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; WQHK-MZGU, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 180 | 181 | 179 |
| &nbsp;&nbsp;&nbsp; WQHL-5REG, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WQHO-K2W4, 29.530%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 312 | 308 | 19 |
| &nbsp;&nbsp;&nbsp; WQHQ-WBKV, 31.000%, 3/05/2025 †x#^ | Affirm | 5/11/2023 | 982 | 989 | 59 |
| &nbsp;&nbsp;&nbsp; WQHU-3GSP, 29.620%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 298 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; WQHX-SZX5, 29.520%, 10/02/2025 †§x | Affirm | 10/05/2023 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WQI8-41C7, 29.800%, 2/05/2026 †§x | Affirm | 2/26/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WQID-9U6M, 26.900%, 12/28/2024 †x#^ | Affirm | 7/05/2024 | 31 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; WQIH-JUO9, 29.730%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 96 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; WQIM-LS2P, 15.720%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 382 | 401 | 402 |
| &nbsp;&nbsp;&nbsp; WQIO-6ONH, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WQJ7-2PYH, 29.540%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WQJQ-SD5V, 28.000%, 2/07/2023 †x#^ | Affirm | 11/10/2022 | 108 | 109 | 7 |
| &nbsp;&nbsp;&nbsp; WQJV-7JQA, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 87 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; WQK6-QUCV, 35.000%, 7/02/2024 †x#^ | Affirm | 1/05/2024 | 175 | 168 | 11 |
| &nbsp;&nbsp;&nbsp; WQKA-P5KL, 29.520%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 350 | 346 | 21 |
| &nbsp;&nbsp;&nbsp; WQKB-5OAZ, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 119 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; WQKD-D3XE, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; WQKK-R60K, 31.830%, 9/16/2025 †§x | Affirm | 9/19/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WQKY-DUUQ, 29.620%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 196 | 187 | 12 |
| &nbsp;&nbsp;&nbsp; WQM8-L11R, 35.580%, 9/16/2025 †§x | Affirm | 9/19/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WQMF-0E2Z, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8120** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WQMP-O1S7, 29.820%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | $60 | $59 | $4 |
| &nbsp;&nbsp;&nbsp; WQMS-H85W, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 149 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; WQMY-M13X, 35.370%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 205 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; WQNE-BOFS, 24.670%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 896 | 802 | 813 |
| &nbsp;&nbsp;&nbsp; WQNG-J57Q, 31.000%, 12/20/2025 †§x | Affirm | 6/27/2024 | 376 | 382 | 382 |
| &nbsp;&nbsp;&nbsp; WQNG-ZGJR, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 250 | 252 | 251 |
| &nbsp;&nbsp;&nbsp; WQNI-SY55, 33.150%, 7/13/2026 †§x | Affirm | 1/29/2025 | 139 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; WQNJ-9J0K, 24.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 194 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; WQNQ-Y8OT, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WQNY-ARIK, 18.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WQOG-IM65, 22.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WQOH-QIDN, 30.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; WQON-C35F, 24.520%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; WQOP-248Z, 24.690%, 12/18/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WQOQ-GRLG, 35.380%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1767 | 1807 | 1821 |
| &nbsp;&nbsp;&nbsp; WQOU-JG67, 35.530%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; WQPL-ABWB, 29.550%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 177 | 176 | 11 |
| &nbsp;&nbsp;&nbsp; WQPM-QX82, 29.510%, 8/28/2025 †x#^ | Affirm | 8/31/2023 | 1210 | 1225 | 73 |
| &nbsp;&nbsp;&nbsp; WQPQ-VP8S, 35.260%, 3/20/2026 †§x | Affirm | 3/28/2025 | 165 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; WQPR-L24E, 29.680%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 462 | 453 | 28 |
| &nbsp;&nbsp;&nbsp; WQPY-Q7T2, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WQQ1-GA04, 29.560%, 6/25/2026 †x# | Affirm | 6/28/2024 | 608 | 639 | 36 |
| &nbsp;&nbsp;&nbsp; WQQ2-2CS1, 35.410%, 6/02/2024 †x#^ | Affirm | 6/08/2023 | 11 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; WQQ5-A7R9, 29.830%, 6/12/2024 †x#^ | Affirm | 12/15/2022 | 252 | 269 | 15 |
| &nbsp;&nbsp;&nbsp; WQQ7-XS0P, 29.500%, 10/03/2023 †x#^ | Affirm | 7/07/2023 | 190 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; WQQN-GZK2, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; WQQR-FY3Y, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 141 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; WQQR-GJND, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WQQU-M0NT, 29.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 144 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; WQQZ-8GJ0, 24.570%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 197 | 204 | 206 |
| &nbsp;&nbsp;&nbsp; WQR5-JHUD, 29.720%, 1/04/2026 †§x | Affirm | 1/08/2024 | 236 | 236 | 238 |
| &nbsp;&nbsp;&nbsp; WQR9-1A08, 27.100%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 117 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; WQRF-9Z1J, 30.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WQS0-MFT2, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WQSH-BIF4, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 182 | 187 | 188 |
| &nbsp;&nbsp;&nbsp; WQSR-SZDP, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; WQT0-JTKV, 29.650%, 1/13/2027 †§x | Affirm | 1/29/2025 | 653 | 678 | 682 |
| &nbsp;&nbsp;&nbsp; WQT1-GCDX, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 1160 | 1153 | 371 |
| &nbsp;&nbsp;&nbsp; WQT5-BGV2, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 153 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; WQT6-U4M3, 33.950%, 1/08/2026 †x# | Affirm | 1/29/2025 | 137 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; WQTB-KD8G, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WQTD-UQN3, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 107 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; WQTK-1TS6, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 203 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; WQTM-Z7J9, 24.400%, 4/18/2026 †§x | Affirm | 10/24/2024 | 813 | 829 | 831 |
| &nbsp;&nbsp;&nbsp; WQTT-0QM6, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 36 | 35 |
| &nbsp;&nbsp;&nbsp; WQTY-QBCL, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WQU0-8K14, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 286 | 301 | 300 |
| &nbsp;&nbsp;&nbsp; WQU3-L57S, 33.000%, 8/26/2026 †§x# | Affirm | 8/29/2024 | 453 | 451 | 455 |
| &nbsp;&nbsp;&nbsp; WQU8-3U4T, 33.950%, 6/20/2026 †§x | Affirm | 12/27/2024 | 288 | 297 | 296 |
| &nbsp;&nbsp;&nbsp; WQUD-1RLW, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 276 | 288 | 286 |
| &nbsp;&nbsp;&nbsp; WQUE-TUE9, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 267 | 266 | 266 |
| &nbsp;&nbsp;&nbsp; WQUH-4NVZ, 25.200%, 11/15/2026 †§x | Affirm | 11/27/2024 | 949 | 982 | 987 |
| &nbsp;&nbsp;&nbsp; WQUI-PXM0, 24.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 218 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; WQUL-5TNB, 28.500%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 364 | 360 | 22 |
| &nbsp;&nbsp;&nbsp; WQUM-DO8G, 26.700%, 1/02/2028 †x# | Affirm | 1/29/2025 | 2746 | 2807 | 2844 |
| &nbsp;&nbsp;&nbsp; WQUQ-JYBZ, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 48 | 49 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8121** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WQUV-2Y7R, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $340 | $343 | $342 |
| &nbsp;&nbsp;&nbsp; WQVC-LX8I, 24.400%, 9/28/2026 †§x# | Affirm | 10/03/2024 | 812 | 837 | 834 |
| &nbsp;&nbsp;&nbsp; WQVG-1ZAM, 15.810%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 182 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; WQVX-6N2W, 22.750%, 12/28/2025 †§x# | Affirm | 1/02/2024 | 182 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; WQVY-59AP, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; WQW0-RJBQ, 29.880%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; WQW9-M01X, 15.730%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 585 | 616 | 35 |
| &nbsp;&nbsp;&nbsp; WQWR-SJ0D, 35.450%, 12/11/2025 †§x | Affirm | 12/27/2024 | 170 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WQWS-FZAS, 33.950%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 87 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; WQX3-MWR0, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; WQXI-H3QY, 30.000%, 12/26/2024 †x#^ | Affirm | 6/29/2023 | 623 | 627 | 37 |
| &nbsp;&nbsp;&nbsp; WQXO-L1EH, 33.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 308 | 305 | 308 |
| &nbsp;&nbsp;&nbsp; WQXZ-LQKI, 35.650%, 1/28/2026 †§x | Affirm | 2/26/2025 | 371 | 352 | 358 |
| &nbsp;&nbsp;&nbsp; WQYB-BF1W, 22.750%, 2/19/2026 †§x | Affirm | 8/22/2024 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WQYH-UO0H, 33.950%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 40 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; WQYI-OC2F, 26.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 81 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; WQYN-BNK1, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1628 | 1597 | 98 |
| &nbsp;&nbsp;&nbsp; WQYV-VFPM, 15.880%, 2/10/2026 †§x | Affirm | 2/26/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WQZ2-QXUO, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WQZ6-F24W, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 137 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; WQZG-FN2F, 32.000%, 4/28/2026 †x# | Affirm | 5/02/2024 | 1048 | 1090 | 29 |
| &nbsp;&nbsp;&nbsp; WQZP-CQNY, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WQZP-RG91, 33.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WQZU-1TWV, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WQZU-EK4K, 33.050%, 10/25/2026 †§x | Affirm | 10/31/2024 | 282 | 290 | 286 |
| &nbsp;&nbsp;&nbsp; WR04-1NFJ, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WR0G-EBQB, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | 134 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; WR0N-X6XN, 29.530%, 10/13/2022 †x#^ | Affirm | 4/18/2022 | 149 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; WR0P-CCPY, 35.770%, 3/03/2026 †x# | Affirm | 3/28/2025 | 938 | 927 |  |
| &nbsp;&nbsp;&nbsp; WR0P-RFB6, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 126 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; WR0S-CVAI, 35.490%, 9/26/2025 †§x | Affirm | 9/30/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WR11-JNTD, 35.510%, 12/16/2026 †x | Affirm | 12/27/2024 | 3307 | 2991 | 3041 |
| &nbsp;&nbsp;&nbsp; WR1D-QZML, 15.810%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WR1D-ZY1C, 26.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WR1H-5PNK, 24.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 287 | 296 | 298 |
| &nbsp;&nbsp;&nbsp; WR1O-WZ4G, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; WR1P-R7TT, 28.000%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 134 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; WR1R-2240, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; WR1R-G2DS, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 403 | 415 | 413 |
| &nbsp;&nbsp;&nbsp; WR1Y-98FI, 30.000%, 8/10/2022 †x#^ | Affirm | 2/14/2022 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; WR20-SAP7, 35.280%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 386 | 400 | 398 |
| &nbsp;&nbsp;&nbsp; WR26-ZZ95, 35.350%, 10/15/2025 †§x | Affirm | 4/18/2024 | 89 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; WR2F-9H4J, 22.790%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; WR2F-TIWS, 32.990%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WR2M-ZKJB, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; WR2R-5AIH, 15.700%, 2/06/2026 †§x | Affirm | 8/29/2025 | 95 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WR2S-EDEW, 35.400%, 6/28/2025 †x#^ | Affirm | 7/03/2023 | 2660 | 2692 | 160 |
| &nbsp;&nbsp;&nbsp; WR2T-BQPK, 15.790%, 10/18/2025 †§x | Affirm | 10/24/2024 | 18 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WR2Y-O1LK, 29.530%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 498 | 508 | 30 |
| &nbsp;&nbsp;&nbsp; WR37-FQ8Q, 33.060%, 12/28/2025 †§x | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WR3K-7MKJ, 31.000%, 9/02/2025 †§x | Affirm | 6/27/2025 | 128 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; WR3P-HJTC, 15.880%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 185 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; WR3Z-YL68, 24.400%, 6/18/2025 †x#^ | Affirm | 6/21/2024 | 118 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; WR47-NLJJ, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WR4B-68RJ, 28.405%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 256 | 265 | 15 |
| &nbsp;&nbsp;&nbsp; WR4B-WTI6, 22.750%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 16 | 16 | 16 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8122** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WR4S-OKYS, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $294 | $299 | $299 |
| &nbsp;&nbsp;&nbsp; WR4U-8ZNU, 35.530%, 3/25/2026 †§x | Affirm | 9/30/2024 | 126 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; WR4V-B8O2, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WR51-RJX3, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 565 | 569 | 570 |
| &nbsp;&nbsp;&nbsp; WR57-82JG, 29.590%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 62 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; WR57-RSM3, 33.050%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 395 | 413 | 24 |
| &nbsp;&nbsp;&nbsp; WR58-K4DQ, 21.900%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 113 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; WR5E-O9GG, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WR6I-JX58, 15.810%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 317 | 342 | 19 |
| &nbsp;&nbsp;&nbsp; WR6P-XEMK, 22.750%, 6/02/2026 †§x | Affirm | 6/27/2025 | 167 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; WR6T-H187, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 380 | 375 | 23 |
| &nbsp;&nbsp;&nbsp; WR6U-LAGO, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; WR71-PJ1E, 8.713%, 11/24/2023 †x#^« | Affirm | 11/29/2021 | 2030 | 1719 | 122 |
| &nbsp;&nbsp;&nbsp; WR73-0DEZ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 176 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; WR73-WCXM, 35.640%, 11/15/2025 †x# | Affirm | 11/27/2024 | 70 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WR7G-X6GJ, 35.180%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WR7H-3YDA, 30.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; WR7V-D456, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 275 | 280 | 279 |
| &nbsp;&nbsp;&nbsp; WR87-OJUI, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WR88-1QYR, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WR8A-GW2U, 22.750%, 7/10/2026 †§x | Affirm | 1/29/2025 | 188 | 186 | 187 |
| &nbsp;&nbsp;&nbsp; WR8F-K7C4, 35.220%, 3/20/2026 †§x | Affirm | 3/28/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WR8F-VUXK, 35.220%, 3/09/2025 †x#^ | Affirm | 12/27/2024 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; WR8L-VQXE, 24.630%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 87 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WR8N-H3GZ, 26.900%, 10/22/2025 †§x# | Affirm | 10/25/2024 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; WR8O-2TEM, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WR8P-R33V, 29.450%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 217 | 214 | 13 |
| &nbsp;&nbsp;&nbsp; WR98-054D, 29.560%, 9/27/2025 †§x | Affirm | 10/02/2023 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WR98-3GVR, 27.500%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 403 | 423 | 24 |
| &nbsp;&nbsp;&nbsp; WR99-C2OI, 29.400%, 10/01/2022 †x#^ | Affirm | 4/07/2022 | 132 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; WR99-NCGT, 29.000%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 116 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; WR9F-JFRM, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WR9G-W498, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 281 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; WR9J-RIBT, 29.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 244 | 255 | 254 |
| &nbsp;&nbsp;&nbsp; WR9M-9QHX, 29.370%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WR9S-2T43, 9.790%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 16 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; WR9W-IZRD, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 337 | 343 | 182 |
| &nbsp;&nbsp;&nbsp; WR9X-XU9F, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 186 | 188 | 187 |
| &nbsp;&nbsp;&nbsp; WRA3-SZB5, 35.570%, 2/21/2025 †x#^ | Affirm | 2/26/2024 | 142 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; WRA5-V7KI, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 210 | 207 | 205 |
| &nbsp;&nbsp;&nbsp; WRA6-019D, 33.500%, 12/16/2025 †x# | Affirm | 9/19/2024 | 283 | 284 | 17 |
| &nbsp;&nbsp;&nbsp; WRAH-V3SD, 29.580%, 10/18/2025 †§x | Affirm | 10/24/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WRAN-3QOS, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WRAO-FYPE, 29.680%, 8/02/2022 †x#^ | Affirm | 5/05/2022 | 29 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; WRB3-UL8A, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; WRBJ-2GZK, 29.620%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 80 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; WRBK-9DK7, 15.780%, 11/28/2025 †x# | Affirm | 12/04/2023 | 129 | 130 | 39 |
| &nbsp;&nbsp;&nbsp; WRBX-52Y3, 22.900%, 12/28/2024 †x#^ | Affirm | 7/03/2023 | 53 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; WRBX-S8CD, 31.500%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 776 | 753 | 47 |
| &nbsp;&nbsp;&nbsp; WRC1-V6A7, 29.430%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 94 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; WRCI-6TP4, 35.200%, 10/22/2025 †§x | Affirm | 10/28/2024 | 403 | 398 | 397 |
| &nbsp;&nbsp;&nbsp; WRCK-BND2, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 173 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; WRCS-0YR9, 35.610%, 2/12/2026 †x# | Affirm | 11/27/2024 | 262 | 270 | 61 |
| &nbsp;&nbsp;&nbsp; WRCT-RZHP, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WRDB-8CT7, 22.750%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 415 | 429 | 430 |
| &nbsp;&nbsp;&nbsp; WRDD-0IM3, 24.620%, 12/20/2025 †§x | Affirm | 6/24/2024 | 1504 | 1516 | 1508 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8123** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WRDI-RS92, 20.900%, 1/06/2028 †§x | Affirm | 1/29/2025 | $1771 | $1826 | $1816 |
| &nbsp;&nbsp;&nbsp; WRDI-RY1Y, 32.500%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 442 | 445 | 27 |
| &nbsp;&nbsp;&nbsp; WRDM-JR1H, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; WRE5-J01P, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WRED-7WRC, 18.000%, 5/13/2026 †§x | Affirm | 11/27/2024 | 162 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; WREE-AD38, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 975 | 992 | 987 |
| &nbsp;&nbsp;&nbsp; WREH-G29B, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; WREJ-P97T, 6.453%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 52 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WREK-P5K5, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 126 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; WREP-47R7, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 145 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; WREX-YZD5, 29.680%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 415 | 429 | 430 |
| &nbsp;&nbsp;&nbsp; WRF3-MKBQ, 35.480%, 4/21/2026 †§x | Affirm | 10/24/2024 | 393 | 400 | 396 |
| &nbsp;&nbsp;&nbsp; WRF5-10RY, 33.050%, 6/13/2024 †x#^ | Affirm | 6/16/2023 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; WRF9-F5YG, 35.350%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 78 | 72 | 5 |
| &nbsp;&nbsp;&nbsp; WRF9-KFPW, 35.360%, 4/26/2026 †§x# | Affirm | 5/02/2024 | 345 | 347 | 355 |
| &nbsp;&nbsp;&nbsp; WRFR-I9RP, 29.650%, 9/16/2025 †§x | Affirm | 9/19/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WRFT-A3PJ, 35.250%, 9/03/2025 †§x | Affirm | 3/28/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WRFW-YCOS, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WRFX-F8B6, 35.410%, 10/04/2025 †§x | Affirm | 10/10/2023 | 213 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; WRG1-2BAT, 29.600%, 12/28/2025 †x# | Affirm | 1/29/2025 | 58 | 60 | 9 |
| &nbsp;&nbsp;&nbsp; WRGE-MXO2, 29.910%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 148 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; WRGI-7ZR5, 35.500%, 10/22/2025 †§x | Affirm | 10/25/2024 | 202 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; WRGJ-V3UQ, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 564 | 571 | 572 |
| &nbsp;&nbsp;&nbsp; WRGL-RT1H, 35.680%, 2/05/2026 †§x | Affirm | 2/26/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; WRGN-XEHX, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WRGO-C07A, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WRGT-VU51, 29.610%, 1/02/2027 †§x | Affirm | 1/29/2025 | 429 | 445 | 447 |
| &nbsp;&nbsp;&nbsp; WRGX-81EZ, 35.160%, 1/25/2025 †x#^ | Affirm | 7/29/2024 | 21 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; WRGZ-Y2D5, 9.870%, 11/15/2027 †x | Affirm | 11/27/2024 | 2266 | 2334 | 2352 |
| &nbsp;&nbsp;&nbsp; WRH8-YOFN, 33.050%, 8/06/2026 †§x | Affirm | 8/29/2025 | 332 | 348 | 348 |
| &nbsp;&nbsp;&nbsp; WRHT-3DKH, 35.370%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 90 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; WRHU-8XDP, 29.460%, 8/09/2025 †x#^ | Affirm | 5/12/2023 | 1578 | 1572 | 95 |
| &nbsp;&nbsp;&nbsp; WRHY-ODIY, 29.770%, 5/28/2022 †x#^ | Affirm | 12/03/2021 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; WRI1-A7VT, 35.300%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 102 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; WRI4-4BCR, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 127 | 130 | 128 |
| &nbsp;&nbsp;&nbsp; WRI8-MEXG, 33.950%, 4/08/2027 †§x | Affirm | 4/11/2024 | 707 | 715 | 717 |
| &nbsp;&nbsp;&nbsp; WRIF-3NCK, 23.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 563 | 582 | 582 |
| &nbsp;&nbsp;&nbsp; WRIJ-J2FT, 11.890%, 1/06/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WRIS-K1G5, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WRIV-MM42, 29.600%, 12/07/2023 †x#^ | Affirm | 12/10/2021 | 573 | 619 | 34 |
| &nbsp;&nbsp;&nbsp; WRJ3-RDBF, 29.700%, 6/24/2022 †x#^ | Affirm | 12/30/2021 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; WRJC-EY40, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WRJJ-DG3J, 12.456%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 239 | 226 | 234 |
| &nbsp;&nbsp;&nbsp; WRJO-7BYV, 29.530%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 167 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; WRJZ-ZYQP, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 483 | 492 | 493 |
| &nbsp;&nbsp;&nbsp; WRK1-L48W, 29.820%, 2/05/2026 †§x | Affirm | 2/26/2025 | 131 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; WRK3-ES1K, 20.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 205 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; WRK8-25SB, 33.050%, 9/02/2025 †§x | Affirm | 6/27/2025 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; WRK9-CR04, 35.530%, 12/10/2025 †§x | Affirm | 12/27/2024 | 118 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WRKN-7N1C, 29.680%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 230 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; WRKW-9497, 33.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WRKW-BJSO, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 350 | 344 | 21 |
| &nbsp;&nbsp;&nbsp; WRKX-RXL5, 22.770%, 2/07/2027 †§x | Affirm | 2/26/2025 | 483 | 503 | 510 |
| &nbsp;&nbsp;&nbsp; WRLC-2NMK, 30.152%, 11/06/2024 †x#^ | Affirm | 5/09/2024 | 652 | 671 | 39 |
| &nbsp;&nbsp;&nbsp; WRLC-7HV6, 35.570%, 12/02/2025 †§x | Affirm | 6/27/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; WRLE-WKS1, 31.000%, 8/20/2025 †x#^ | Affirm | 6/24/2024 | 321 | 339 | 19 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8124** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WRLP-S7UT, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | $79 | $80 | $80 |
| &nbsp;&nbsp;&nbsp; WRM0-9SI3, 29.420%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 152 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; WRM1-FF95, 29.000%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 128 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; WRMI-JFA1, 35.370%, 12/25/2025 †x# | Affirm | 6/28/2024 | 301 | 313 | 18 |
| &nbsp;&nbsp;&nbsp; WRMM-B3L1, 35.130%, 11/06/2025 †§x | Affirm | 8/29/2025 | 72 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WRMP-T0VH, 35.710%, 1/02/2027 †x | Affirm | 1/29/2025 | 3888 | 3853 | 3912 |
| &nbsp;&nbsp;&nbsp; WRMR-JPFG, 20.900%, 10/28/2025 †§x | Affirm | 10/31/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WRN0-V2ZC, 29.480%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 94 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; WRN4-BVPM, 35.220%, 3/20/2026 †§x | Affirm | 3/28/2025 | 126 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; WRN4-KFJQ, 25.200%, 7/08/2026 †§x | Affirm | 7/31/2025 | 223 | 233 | 236 |
| &nbsp;&nbsp;&nbsp; WRNC-ZFBQ, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 183 | 185 | 184 |
| &nbsp;&nbsp;&nbsp; WRND-F04B, 35.430%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 220 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; WRNF-PTLW, 17.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 153 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; WRO0-DOM7, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 775 | 787 | 784 |
| &nbsp;&nbsp;&nbsp; WRO3-TVSY, 15.810%, 5/15/2026 †x# | Affirm | 11/27/2024 | 852 | 846 | 51 |
| &nbsp;&nbsp;&nbsp; WRO6-AZ5T, 22.690%, 12/20/2026 †§x | Affirm | 12/27/2024 | 638 | 638 | 642 |
| &nbsp;&nbsp;&nbsp; WRO9-ZWGQ, 35.410%, 11/15/2026 †§x | Affirm | 11/27/2024 | 362 | 362 | 366 |
| &nbsp;&nbsp;&nbsp; WROC-MAL7, 35.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WROG-58Q5, 35.370%, 8/06/2026 †§x | Affirm | 8/29/2025 | 275 | 270 | 270 |
| &nbsp;&nbsp;&nbsp; WROL-1L75, 15.840%, 6/02/2027 †§x | Affirm | 6/27/2025 | 772 | 810 | 823 |
| &nbsp;&nbsp;&nbsp; WROW-MT46, 29.620%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 94 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; WRP6-KM1P, 15.690%, 3/04/2023 †x#^ | Affirm | 3/10/2022 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; WRPI-WAJZ, 29.490%, 3/08/2026 †§x | Affirm | 3/13/2023 | 504 | 507 | 507 |
| &nbsp;&nbsp;&nbsp; WRPL-O8SG, 35.490%, 10/03/2025 †§x | Affirm | 10/07/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WRPP-Y9NY, 29.570%, 10/11/2023 †x#^ | Affirm | 10/17/2022 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; WRQ0-7HXV, 11.910%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WRQ8-BRF9, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 99 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; WRQ9-678I, 20.900%, 3/23/2026 †§x | Affirm | 9/26/2024 | 121 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WRQF-YO0L, 27.500%, 10/11/2025 †x# | Affirm | 10/14/2022 | 770 | 842 | 46 |
| &nbsp;&nbsp;&nbsp; WRQL-9JCB, 32.000%, 8/11/2026 †§x | Affirm | 2/26/2025 | 615 | 641 | 637 |
| &nbsp;&nbsp;&nbsp; WRQN-0G8I, 22.750%, 6/02/2027 †§x | Affirm | 6/27/2025 | 1984 | 2091 | 2112 |
| &nbsp;&nbsp;&nbsp; WRQU-0YUD, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 141 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; WRRB-1U5K, 29.500%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 213 | 212 | 13 |
| &nbsp;&nbsp;&nbsp; WRRB-JPLO, 31.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 498 | 515 | 519 |
| &nbsp;&nbsp;&nbsp; WRRD-E327, 29.560%, 6/24/2026 †§x | Affirm | 6/27/2024 | 253 | 259 | 261 |
| &nbsp;&nbsp;&nbsp; WRRF-HSSR, 24.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; WRRO-6PF1, 24.400%, 2/05/2027 †§x | Affirm | 8/29/2025 | 326 | 340 | 340 |
| &nbsp;&nbsp;&nbsp; WRS0-SGQ9, 35.440%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 186 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; WRS1-L4O2, 25.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WRS7-XQPP, 33.050%, 10/25/2025 †§x | Affirm | 10/31/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WRSM-PV3F, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 87 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WRSR-8GCE, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 14 |
| &nbsp;&nbsp;&nbsp; WRT0-WUR1, 25.200%, 12/25/2025 †§x | Affirm | 6/28/2024 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; WRT3-YNG3, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 757 | 746 | 749 |
| &nbsp;&nbsp;&nbsp; WRT9-IHC1, 29.730%, 8/22/2024 †x#^ | Affirm | 2/27/2023 | 195 | 192 | 12 |
| &nbsp;&nbsp;&nbsp; WRTD-C4PM, 5.894%, 2/22/2023 †x#^« | Affirm | 8/25/2022 | 177 | 172 | 11 |
| &nbsp;&nbsp;&nbsp; WRTH-357T, 33.050%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 77 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; WRTL-U8ZH, 35.620%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 187 | 184 | 106 |
| &nbsp;&nbsp;&nbsp; WRTT-UAS2, 29.340%, 8/30/2022 †x#^ | Affirm | 6/03/2022 | 256 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; WRTX-HH9J, 29.430%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 157 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; WRU7-QLZ7, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 229 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; WRUH-LC3C, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WRUO-YGGJ, 22.200%, 2/22/2023 †x#^ | Affirm | 2/25/2022 | 163 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; WRUQ-BDPQ, 29.440%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WRUT-DMEQ, 35.310%, 5/23/2026 †§x | Affirm | 5/28/2024 | 247 | 248 | 253 |
| &nbsp;&nbsp;&nbsp; WRUW-MDW3, 35.550%, 12/18/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8125** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WRVA-0SOY, 25.506%, 2/21/2026 †§x | Affirm | 2/24/2023 | $413 | $419 | $421 |
| &nbsp;&nbsp;&nbsp; WRVC-H7Z6, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WRVE-PJWB, 35.470%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 490 | 507 | 29 |
| &nbsp;&nbsp;&nbsp; WRVG-6YOY, 10.198%, 10/05/2022 †x#^« | Affirm | 7/08/2022 | 75 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; WRWG-29N5, 29.600%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 127 | 124 | 8 |
| &nbsp;&nbsp;&nbsp; WRWH-MR3M, 29.480%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 2003 | 2010 | 120 |
| &nbsp;&nbsp;&nbsp; WRWJ-1XOK, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WRWP-20RW, 29.430%, 3/04/2023 †x#^ | Affirm | 3/10/2022 | 238 | 251 | 14 |
| &nbsp;&nbsp;&nbsp; WRWQ-9SPO, 29.000%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 157 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; WRWQ-RXN1, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WRWY-47BL, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 314 | 327 | 326 |
| &nbsp;&nbsp;&nbsp; WRX7-IPMB, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 358 | 355 | 354 |
| &nbsp;&nbsp;&nbsp; WRX8-17XK, 23.400%, 12/20/2025 †§x | Affirm | 6/24/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WRX8-61IU, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; WRX9-KIXG, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; WRXB-2JSD, 29.700%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 91 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; WRXK-NT94, 29.470%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 491 | 516 | 29 |
| &nbsp;&nbsp;&nbsp; WRXL-BL22, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; WRXM-3F9R, 33.050%, 9/28/2025 †§x | Affirm | 3/31/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WRXQ-R1ZD, 22.580%, 6/02/2026 †§x | Affirm | 6/27/2025 | 89 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; WRY8-8DWL, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WRYC-RJKA, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WRYI-JLN3, 24.510%, 3/20/2026 †§x | Affirm | 3/28/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; WRYK-0APO, 35.370%, 12/20/2025 †§x | Affirm | 6/24/2024 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WRYP-F9PW, 15.880%, 2/07/2026 †§x | Affirm | 2/26/2025 | 105 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; WRYR-72PV, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WRZ8-TOVD, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 281 | 285 | 149 |
| &nbsp;&nbsp;&nbsp; WRZB-VEGH, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 126 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; WRZB-XYWO, 35.610%, 8/10/2026 †§x | Affirm | 2/26/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WRZK-GZ9G, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 441 | 456 | 26 |
| &nbsp;&nbsp;&nbsp; WRZU-YAKJ, 35.290%, 11/06/2025 †x# | Affirm | 5/09/2024 | 265 | 268 | 16 |
| &nbsp;&nbsp;&nbsp; WS08-K0T4, 29.560%, 10/12/2025 †§x | Affirm | 10/17/2022 | 128 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; WS0A-TMS2, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 83 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; WS0J-TXKJ, 35.670%, 8/12/2026 †§x | Affirm | 2/26/2025 | 334 | 343 | 343 |
| &nbsp;&nbsp;&nbsp; WS0N-OO93, 29.640%, 11/22/2023 †x#^ | Affirm | 11/26/2021 | 172 | 185 | 10 |
| &nbsp;&nbsp;&nbsp; WS0T-VHO1, 29.760%, 12/28/2025 †x# | Affirm | 1/29/2025 | 105 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; WS0Y-DC0K, 35.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; WS0Z-LNQY, 35.730%, 7/02/2026 †§x | Affirm | 1/29/2025 | 357 | 363 | 360 |
| &nbsp;&nbsp;&nbsp; WS13-ALVL, 35.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 86 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; WS13-SIVE, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 292 | 299 | 299 |
| &nbsp;&nbsp;&nbsp; WS15-X5CN, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 233 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; WS17-EG5Z, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; WS1O-ICJ7, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 164 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; WS1R-Z7MZ, 29.430%, 3/28/2026 †§x | Affirm | 4/22/2025 | 227 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; WS25-FCRB, 29.500%, 11/10/2024 †x#^ | Affirm | 5/15/2023 | 247 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; WS26-RVOI, 29.580%, 10/18/2023 †x#^ | Affirm | 10/21/2022 | 134 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; WS28-BA8Q, 35.470%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 220 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; WS29-XJ8R, 29.620%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 512 | 490 | 31 |
| &nbsp;&nbsp;&nbsp; WS2E-MVQ6, 29.720%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 124 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; WS2H-IGLF, 15.820%, 11/15/2025 †x# | Affirm | 11/27/2024 | 349 | 346 | 21 |
| &nbsp;&nbsp;&nbsp; WS2H-P19F, 19.700%, 3/03/2026 †§x | Affirm | 3/28/2025 | 322 | 328 | 330 |
| &nbsp;&nbsp;&nbsp; WS30-WSDS, 29.680%, 7/21/2023 †x#^ | Affirm | 1/27/2022 | 175 | 164 | 11 |
| &nbsp;&nbsp;&nbsp; WS34-8ZKI, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WS3D-3ELD, 29.490%, 9/08/2025 †x# | Affirm | 3/14/2024 | 75 | 79 | 10 |
| &nbsp;&nbsp;&nbsp; WS3M-HRWR, 30.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 103 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; WS3M-Q81O, 29.480%, 9/14/2025 †§x | Affirm | 3/18/2024 | 18 | 18 | 18 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8126** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WS43-59SV, 33.950%, 4/28/2025 †x#^ | Affirm | 5/03/2024 | $225 | $236 | $13 |
| &nbsp;&nbsp;&nbsp; WS43-YG04, 29.070%, 10/02/2025 †§x | Affirm | 10/05/2023 | 47 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; WS4G-NZXL, 25.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WS4H-4M7M, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 394 | 402 | 399 |
| &nbsp;&nbsp;&nbsp; WS4I-OH8W, 15.750%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 617 | 657 | 37 |
| &nbsp;&nbsp;&nbsp; WS4J-VMXZ, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 103 | 106 | 102 |
| &nbsp;&nbsp;&nbsp; WS4X-4C5X, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 266 | 270 | 270 |
| &nbsp;&nbsp;&nbsp; WS50-2Y6W, 27.100%, 4/20/2024 †x#^ | Affirm | 10/31/2022 | 199 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; WS58-NMY1, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WS5J-50P3, 15.780%, 12/16/2025 †§x | Affirm | 12/27/2024 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; WS5N-7APK, 18.000%, 1/02/2026 †§x | Affirm | 1/05/2024 | 172 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; WS5N-R87L, 33.050%, 3/03/2026 †x | Affirm | 3/28/2025 | 134 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; WS5R-2BZY, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 152 | 154 | 152 |
| &nbsp;&nbsp;&nbsp; WS5R-B5BF, 30.000%, 1/03/2026 †§x | Affirm | 1/06/2023 | 494 | 496 | 310 |
| &nbsp;&nbsp;&nbsp; WS5T-ZCVL, 22.620%, 4/06/2023 †x#^ | Affirm | 10/11/2022 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; WS5V-YJJU, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WS62-QWPM, 35.530%, 1/02/2026 †§x | Affirm | 1/29/2025 | 1337 | 1350 | 1347 |
| &nbsp;&nbsp;&nbsp; WS6E-P4I9, 29.620%, 3/13/2024 †x#^ | Affirm | 9/19/2022 | 424 | 455 | 25 |
| &nbsp;&nbsp;&nbsp; WS6Y-HUDK, 29.500%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 669 | 705 | 712 |
| &nbsp;&nbsp;&nbsp; WS71-WWW4, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; WS75-BEXI, 28.000%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 224 | 237 | 13 |
| &nbsp;&nbsp;&nbsp; WS7M-0H74, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WS7O-AGGR, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 352 | 364 | 363 |
| &nbsp;&nbsp;&nbsp; WS87-ZJGH, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 121 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; WS89-29UZ, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 111 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; WS89-T925, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 238 | 238 | 238 |
| &nbsp;&nbsp;&nbsp; WS8C-OVCS, 29.810%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 374 | 377 | 22 |
| &nbsp;&nbsp;&nbsp; WS8N-SY90, 35.260%, 9/28/2025 †§x | Affirm | 3/31/2025 | 83 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; WS8T-A7Q6, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 240 | 246 | 246 |
| &nbsp;&nbsp;&nbsp; WS8W-PTLY, 35.320%, 4/28/2025 †x#^ | Affirm | 5/03/2024 | 190 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; WS9B-6GLL, 28.000%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; WS9G-IPLQ, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; WS9H-LQN2, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 372 | 377 | 378 |
| &nbsp;&nbsp;&nbsp; WS9J-VSLU, 35.600%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 70 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WS9M-6VCS, 35.390%, 3/06/2026 †§x | Affirm | 3/11/2024 | 219 | 220 | 222 |
| &nbsp;&nbsp;&nbsp; WS9R-9C6E, 15.870%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1600 | 1645 | 1660 |
| &nbsp;&nbsp;&nbsp; WS9T-F528, 33.050%, 10/11/2025 †§x | Affirm | 4/15/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WSA3-PXQK, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WSA5-4CFU, 23.000%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 186 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; WSA6-KH59, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 306 | 301 | 300 |
| &nbsp;&nbsp;&nbsp; WSA6-P9RR, 29.510%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 708 | 701 | 42 |
| &nbsp;&nbsp;&nbsp; WSA9-NP6G, 22.680%, 4/25/2026 †§x | Affirm | 10/31/2024 | 1160 | 1189 | 1189 |
| &nbsp;&nbsp;&nbsp; WSAA-YN35, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; WSAH-AINC, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WSAI-3XD2, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 596 | 606 | 603 |
| &nbsp;&nbsp;&nbsp; WSAW-JOA6, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 101 | 100 |
| &nbsp;&nbsp;&nbsp; WSBV-PCWT, 23.400%, 12/20/2025 †§x | Affirm | 6/24/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WSC0-A4BL, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WSC9-ME5E, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WSCL-MBK9, 24.520%, 3/20/2026 †§x | Affirm | 3/28/2025 | 127 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; WSCL-TDIK, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; WSCS-KLW7, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WSDC-YV1W, 24.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 931 | 942 | 943 |
| &nbsp;&nbsp;&nbsp; WSDI-RHKM, 35.610%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 40 | 40 | 1 |
| &nbsp;&nbsp;&nbsp; WSDJ-018H, 35.580%, 5/20/2026 †§x | Affirm | 11/27/2024 | 1846 | 1839 | 1853 |
| &nbsp;&nbsp;&nbsp; WSDU-2S8G, 24.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 117 | 118 | 118 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8127** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WSE0-U4T4, 7.693%, 6/06/2024 †x#^« | Affirm | 12/11/2023 | $267 | $257 | $16 |
| &nbsp;&nbsp;&nbsp; WSE3-7S87, 32.500%, 5/20/2026 †§x | Affirm | 11/27/2024 | 756 | 779 | 776 |
| &nbsp;&nbsp;&nbsp; WSEH-6Q3I, 35.260%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 100 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WSEJ-UGQ6, 24.760%, 1/08/2026 †§x | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WSET-Y4B5, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 150 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; WSF4-I2UH, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 337 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; WSF8-JCSE, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WSFC-JDQM, 19.700%, 2/26/2026 †§x | Affirm | 8/29/2024 | 1977 | 2004 | 2009 |
| &nbsp;&nbsp;&nbsp; WSFG-D15E, 19.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 140 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; WSFI-PRC6, 29.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 238 | 245 | 247 |
| &nbsp;&nbsp;&nbsp; WSFT-UFPS, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 224 | 226 | 226 |
| &nbsp;&nbsp;&nbsp; WSFU-UQ1R, 15.730%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 166 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; WSG3-UFRJ, 35.410%, 4/11/2025 †x#^ | Affirm | 4/15/2024 | 224 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; WSG5-TST6, 25.000%, 4/06/2024 †x#^ | Affirm | 10/11/2022 | 269 | 286 | 16 |
| &nbsp;&nbsp;&nbsp; WSGB-9PSE, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; WSGR-ZH4M, 22.560%, 3/20/2026 †§x | Affirm | 3/28/2025 | 494 | 510 | 510 |
| &nbsp;&nbsp;&nbsp; WSGS-3USO, 22.840%, 2/28/2026 †x# | Affirm | 3/28/2025 | 108 | 111 | 2 |
| &nbsp;&nbsp;&nbsp; WSGZ-GKLX, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WSH2-KWOV, 15.830%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WSHE-9C05, 26.500%, 3/22/2023 †x#^ | Affirm | 9/26/2022 | 112 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WSHE-OCNA, 5.541%, 6/27/2022 †x#^« | Affirm | 12/30/2021 | 76 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; WSHG-Z7U7, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 335 | 340 | 341 |
| &nbsp;&nbsp;&nbsp; WSHL-CZSK, 33.950%, 4/24/2026 †§x | Affirm | 10/28/2024 | 435 | 446 | 446 |
| &nbsp;&nbsp;&nbsp; WSHL-XLUZ, 32.000%, 11/15/2026 †§x | Affirm | 11/27/2024 | 478 | 493 | 497 |
| &nbsp;&nbsp;&nbsp; WSI8-VTYP, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 381 | 387 | 386 |
| &nbsp;&nbsp;&nbsp; WSIO-WFZ7, 35.130%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WSIP-GIS2, 35.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 307 | 307 | 309 |
| &nbsp;&nbsp;&nbsp; WSJ2-VDUS, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 309 | 307 | 76 |
| &nbsp;&nbsp;&nbsp; WSJ3-KPE8, 15.720%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 107 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; WSJH-U8X5, 35.390%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 134 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; WSJJ-O2B9, 33.050%, 3/26/2026 †§x | Affirm | 9/30/2024 | 113 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WSJN-9G5F, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WSJY-0CX1, 22.620%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; WSK3-YH6F, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 262 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; WSK8-R9BV, 29.550%, 4/16/2026 †§x | Affirm | 4/19/2024 | 415 | 422 | 423 |
| &nbsp;&nbsp;&nbsp; WSKB-9SV0, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WSKC-SHRV, 29.620%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 337 | 354 | 20 |
| &nbsp;&nbsp;&nbsp; WSKI-N210, 33.050%, 3/28/2027 †§x | Affirm | 3/31/2025 | 1199 | 1264 | 1266 |
| &nbsp;&nbsp;&nbsp; WSKQ-4VFQ, 22.840%, 2/05/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WSKR-LPLA, 29.140%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | 144 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; WSL1-LJ99, 26.900%, 3/23/2025 †x#^ | Affirm | 9/26/2024 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; WSL7-9UNI, 11.870%, 10/03/2025 †§x# | Affirm | 4/08/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WSL9-T1J9, 28.500%, 1/05/2024 †x#^ | Affirm | 1/09/2023 | 94 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; WSLB-6RFZ, 31.740%, 8/16/2026 †§x# | Affirm | 8/22/2024 | 784 | 779 | 788 |
| &nbsp;&nbsp;&nbsp; WSLE-ADRM, 35.520%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 562 | 554 | 557 |
| &nbsp;&nbsp;&nbsp; WSLE-N8QR, 25.200%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WSLK-8VU2, 35.500%, 10/02/2026 †§x# | Affirm | 10/05/2023 | 1006 | 996 | 995 |
| &nbsp;&nbsp;&nbsp; WSLO-D8SC, 35.400%, 12/02/2026 †§x | Affirm | 6/27/2025 | 390 | 381 | 386 |
| &nbsp;&nbsp;&nbsp; WSLW-JLBY, 23.400%, 9/16/2025 †§x | Affirm | 9/19/2024 | 99 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WSLX-2GMX, 35.470%, 11/20/2025 †x# | Affirm | 11/24/2023 | 1417 | 1308 | 85 |
| &nbsp;&nbsp;&nbsp; WSM4-B29C, 27.500%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 50 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; WSM4-ZSHG, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WSM5-23CU, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 114 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; WSM6-FPMK, 32.500%, 1/02/2027 †§x | Affirm | 1/29/2025 | 501 | 496 | 504 |
| &nbsp;&nbsp;&nbsp; WSM6-S91T, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 203 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; WSMK-J4GC, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 109 | 111 | 7 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8128** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WSMO-S8SM, 22.570%, 5/14/2026 †§x | Affirm | 5/30/2025 | $157 | $161 | $162 |
| &nbsp;&nbsp;&nbsp; WSMQ-6SM9, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WSMV-S5W2, 29.570%, 8/27/2027 †§x | Affirm | 8/30/2024 | 1920 | 1858 | 1868 |
| &nbsp;&nbsp;&nbsp; WSMY-H3EH, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WSN1-YL5G, 29.720%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 94 | 90 | 6 |
| &nbsp;&nbsp;&nbsp; WSN3-OCVX, 35.320%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 17 |
| &nbsp;&nbsp;&nbsp; WSN7-6GTB, 29.720%, 12/09/2023 †x#^ | Affirm | 12/13/2021 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp; WSNC-XACK, 29.520%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 95 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; WSNQ-FB1N, 28.000%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 594 | 605 | 36 |
| &nbsp;&nbsp;&nbsp; WSNS-7Q80, 29.810%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 99 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WSO3-6ED7, 29.610%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 141 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; WSOX-QMDG, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 778 | 797 | 801 |
| &nbsp;&nbsp;&nbsp; WSOY-ZR1O, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 155 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; WSP2-FMEC, 29.810%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 400 | 403 | 24 |
| &nbsp;&nbsp;&nbsp; WSP7-T1Q2, 33.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WSP8-6U6C, 21.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 811 | 820 | 821 |
| &nbsp;&nbsp;&nbsp; WSPJ-69NP, 16.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WSPJ-83K9, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 175 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; WSPM-IM89, 18.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 191 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; WSPQ-0ZGL, 29.680%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; WSPT-5RC7, 35.410%, 10/23/2026 †§x# | Affirm | 10/28/2024 | 417 | 414 | 419 |
| &nbsp;&nbsp;&nbsp; WSPW-GCU7, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 296 | 302 | 303 |
| &nbsp;&nbsp;&nbsp; WSQ5-LW6U, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WSQE-60S6, 35.670%, 2/06/2026 †§x | Affirm | 2/26/2025 | 79 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; WSQL-VF1J, 31.000%, 4/09/2027 †x | Affirm | 4/12/2024 | 4424 | 4498 | 4512 |
| &nbsp;&nbsp;&nbsp; WSQM-10H1, 18.000%, 8/26/2026 †§x | Affirm | 8/29/2024 | 402 | 413 | 415 |
| &nbsp;&nbsp;&nbsp; WSQR-AI3I, 35.560%, 11/13/2026 †§x# | Affirm | 11/27/2024 | 1223 | 1220 | 1238 |
| &nbsp;&nbsp;&nbsp; WSR3-7N4A, 32.500%, 12/19/2026 †§x | Affirm | 12/27/2024 | 2115 | 2115 | 2146 |
| &nbsp;&nbsp;&nbsp; WSR4-LBMY, 35.490%, 1/13/2027 †x# | Affirm | 1/29/2025 | 589 | 586 | 146 |
| &nbsp;&nbsp;&nbsp; WSR5-38XA, 29.650%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 126 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; WSR6-HC6M, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 336 | 345 | 20 |
| &nbsp;&nbsp;&nbsp; WSRE-71TE, 21.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 103 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; WSRJ-H3FO, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WSRV-5VAY, 15.810%, 9/26/2025 †§x | Affirm | 9/30/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WSSQ-SB6X, 29.550%, 10/15/2025 †§x | Affirm | 4/18/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WST6-L5VO, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; WST6-MXKB, 35.290%, 7/25/2024 †x#^ | Affirm | 5/30/2023 | 292 | 271 | 17 |
| &nbsp;&nbsp;&nbsp; WSTK-2QCZ, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 327 | 336 | 335 |
| &nbsp;&nbsp;&nbsp; WSTM-C4XG, 9.880%, 1/13/2027 †§x | Affirm | 1/29/2025 | 1323 | 1371 | 1381 |
| &nbsp;&nbsp;&nbsp; WSTY-EB8Q, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 719 | 730 | 738 |
| &nbsp;&nbsp;&nbsp; WSTZ-7HO0, 35.300%, 3/26/2027 †§x# | Affirm | 3/31/2025 | 850 | 847 | 866 |
| &nbsp;&nbsp;&nbsp; WSU1-2DC5, 13.840%, 9/03/2026 †§x | Affirm | 3/28/2025 | 320 | 331 | 332 |
| &nbsp;&nbsp;&nbsp; WSU1-MLTK, 35.610%, 8/06/2026 †§x | Affirm | 2/26/2025 | 240 | 245 | 245 |
| &nbsp;&nbsp;&nbsp; WSU2-Y9OC, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 266 | 264 | 263 |
| &nbsp;&nbsp;&nbsp; WSU9-8VM7, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 368 | 382 | 22 |
| &nbsp;&nbsp;&nbsp; WSUC-S0HL, 30.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; WSUI-VPQP, 29.680%, 11/12/2025 †§x | Affirm | 11/27/2024 | 147 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; WSUW-GN7M, 35.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WSVK-M6YT, 30.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 441 | 444 | 445 |
| &nbsp;&nbsp;&nbsp; WSVM-HPYA, 33.050%, 2/11/2028 †x | Affirm | 2/26/2025 | 2232 | 2337 | 2362 |
| &nbsp;&nbsp;&nbsp; WSVN-OT93, 35.600%, 1/06/2026 †§x | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; WSWI-54AU, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 292 | 297 | 296 |
| &nbsp;&nbsp;&nbsp; WSWP-70JF, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 37 |
| &nbsp;&nbsp;&nbsp; WSWW-I96L, 31.000%, 12/20/2026 †§x | Affirm | 12/27/2024 | 1659 | 1722 | 1725 |
| &nbsp;&nbsp;&nbsp; WSX0-ML4Y, 29.310%, 1/25/2023 †x#^ | Affirm | 7/28/2022 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; WSX7-1HHJ, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 44 | 44 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8129** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WSXN-C12F, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | $73 | $74 | $74 |
| &nbsp;&nbsp;&nbsp; WSXV-DOU5, 11.820%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 508 | 536 | 30 |
| &nbsp;&nbsp;&nbsp; WSXZ-2FLM, 35.520%, 11/15/2026 †§x | Affirm | 11/27/2024 | 638 | 638 | 646 |
| &nbsp;&nbsp;&nbsp; WSYQ-TMVE, 35.770%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 815 | 812 | 813 |
| &nbsp;&nbsp;&nbsp; WSYV-1VSR, 35.250%, 2/23/2025 †x#^ | Affirm | 8/29/2024 | 154 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; WSZ1-YDTL, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 234 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; WSZ8-14T9, 35.370%, 6/15/2024 †x#^ | Affirm | 6/20/2023 | 90 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; WSZB-BA83, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WSZD-FRF5, 22.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WSZT-BT31, 33.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WSZU-HELV, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; WSZZ-OW51, 32.500%, 7/08/2027 †§x | Affirm | 7/31/2025 | 1572 | 1553 | 1568 |
| &nbsp;&nbsp;&nbsp; WT05-H09I, 22.630%, 7/08/2027 †§x | Affirm | 7/31/2025 | 473 | 500 | 503 |
| &nbsp;&nbsp;&nbsp; WT0H-CJVF, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 294 | 296 | 297 |
| &nbsp;&nbsp;&nbsp; WT0J-1ZD7, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; WT0J-AU0J, 29.620%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 165 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; WT0N-08Y9, 30.000%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 63 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; WT0Q-V4EM, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 83 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; WT0W-YTEQ, 26.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 159 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; WT0Z-JY97, 29.580%, 5/05/2026 †§x | Affirm | 5/11/2023 | 302 | 308 | 305 |
| &nbsp;&nbsp;&nbsp; WT0Z-ZAIP, 29.690%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 100 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; WT17-4NQV, 29.210%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 11 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; WT17-YGOT, 35.430%, 1/02/2027 †§x | Affirm | 1/29/2025 | 483 | 478 | 485 |
| &nbsp;&nbsp;&nbsp; WT1C-1HW8, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WT1E-J1WA, 35.410%, 4/03/2025 †x#^ | Affirm | 10/07/2024 | 744 | 758 | 45 |
| &nbsp;&nbsp;&nbsp; WT1Q-WL6B, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WT1R-82R6, 29.710%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 317 | 303 | 19 |
| &nbsp;&nbsp;&nbsp; WT1R-W6TQ, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 188 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; WT22-BW60, 18.000%, 6/02/2026 †x# | Affirm | 6/27/2025 | 565 | 580 | 359 |
| &nbsp;&nbsp;&nbsp; WT22-W989, 22.750%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 795 | 822 | 824 |
| &nbsp;&nbsp;&nbsp; WT2I-L2L7, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 158 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; WT2Y-4VDO, 15.750%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 61 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WT2Z-LJMB, 35.270%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; WT30-7S3E, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WT31-8GM2, 35.240%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WT3N-FKYK, 35.250%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WT3U-4JS5, 15.760%, 10/16/2025 †§x | Affirm | 4/19/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WT44-BOC2, 29.440%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 94 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; WT4B-5IR0, 23.400%, 3/28/2026 †§x | Affirm | 3/31/2025 | 618 | 632 | 633 |
| &nbsp;&nbsp;&nbsp; WT4N-Z5F3, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 240 | 242 | 242 |
| &nbsp;&nbsp;&nbsp; WT4S-O0DN, 11.740%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WT4T-EZM1, 35.780%, 2/06/2026 †§x | Affirm | 2/26/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WT4V-E0JL, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WT4W-K5BT, 27.500%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 375 | 394 | 22 |
| &nbsp;&nbsp;&nbsp; WT4W-W612, 33.050%, 10/15/2025 †§x | Affirm | 4/18/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WT4Z-NNXH, 35.490%, 9/23/2025 †x# | Affirm | 9/26/2024 | 213 | 221 | 13 |
| &nbsp;&nbsp;&nbsp; WT51-KHX6, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 367 | 376 | 373 |
| &nbsp;&nbsp;&nbsp; WT55-WOSD, 11.910%, 3/03/2026 †§x | Affirm | 3/28/2025 | 119 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WT5E-7J9S, 29.540%, 12/06/2026 †x# | Affirm | 12/11/2023 | 908 | 980 | 55 |
| &nbsp;&nbsp;&nbsp; WT5H-ZBZM, 33.950%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 109 | 116 | 32 |
| &nbsp;&nbsp;&nbsp; WT5M-Y86R, 35.060%, 1/08/2026 †§x | Affirm | 7/31/2025 | 226 | 228 | 230 |
| &nbsp;&nbsp;&nbsp; WT5Q-G0DA, 6.453%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 715 | 705 | 700 |
| &nbsp;&nbsp;&nbsp; WT5W-1TVT, 27.500%, 11/01/2024 †x#^ | Affirm | 11/04/2022 | 526 | 569 | 32 |
| &nbsp;&nbsp;&nbsp; WT5Z-CQMM, 22.690%, 10/14/2023 †x#^ | Affirm | 10/20/2022 | 472 | 489 | 28 |
| &nbsp;&nbsp;&nbsp; WT6D-27UB, 32.970%, 12/28/2025 †§x# | Affirm | 1/02/2024 | 145 | 145 | 148 |
| &nbsp;&nbsp;&nbsp; WT6E-G198, 29.630%, 1/11/2024 †x#^ | Affirm | 1/17/2023 | 30 | 31 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8130** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WT6O-NJ1F, 24.400%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | $1018 | $1050 | $61 |
| &nbsp;&nbsp;&nbsp; WT6Q-AVUC, 15.910%, 2/07/2026 †§x | Affirm | 2/26/2025 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WT6R-ZED0, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WT6U-F4F2, 15.880%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 225 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; WT6Z-TZ28, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 89 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; WT78-0MHK, 24.400%, 10/02/2025 †§x | Affirm | 10/07/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WT78-AV7U, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 448 | 464 | 27 |
| &nbsp;&nbsp;&nbsp; WT7B-0BNB, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WT7H-FBKP, 15.760%, 12/24/2025 †§x | Affirm | 6/27/2024 | 131 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; WT7L-Z8G2, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WT7M-J8W9, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WT88-W5DQ, 24.400%, 2/07/2026 †§x# | Affirm | 8/29/2025 | 307 | 314 | 314 |
| &nbsp;&nbsp;&nbsp; WT8C-RT12, 30.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WT8J-2PVR, 35.450%, 9/23/2026 †x# | Affirm | 9/26/2024 | 1172 | 1159 | 70 |
| &nbsp;&nbsp;&nbsp; WT8T-UPDD, 33.050%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WT8U-TZZS, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 258 | 255 | 258 |
| &nbsp;&nbsp;&nbsp; WT90-HEHG, 33.180%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 176 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; WT99-4X9B, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; WT9K-TKYG, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WT9P-QRZK, 15.720%, 6/09/2024 †x#^ | Affirm | 6/15/2023 | 49 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; WT9Q-PXFY, 35.490%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WTA1-2ZBX, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 141 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; WTA2-XQ7R, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 148 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; WTAD-QPX3, 35.370%, 7/08/2026 †§x | Affirm | 7/31/2025 | 109 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; WTAG-8HHQ, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WTAL-TCMZ, 29.510%, 6/05/2025 †x#^ | Affirm | 12/08/2023 | 83 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; WTAS-IF4M, 15.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 232 | 236 | 237 |
| &nbsp;&nbsp;&nbsp; WTAS-Y53L, 35.450%, 12/18/2025 †x# | Affirm | 12/27/2024 | 112 | 116 | 30 |
| &nbsp;&nbsp;&nbsp; WTB3-1YCG, 29.120%, 12/01/2024 †x#^ | Affirm | 12/05/2022 | 737 | 799 | 44 |
| &nbsp;&nbsp;&nbsp; WTBG-RSKT, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WTBO-8YGQ, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WTBQ-S32N, 35.510%, 10/23/2025 †§x | Affirm | 10/28/2024 | 19 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WTCC-2N8V, 29.810%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 178 | 188 | 116 |
| &nbsp;&nbsp;&nbsp; WTCI-CM8P, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WTCL-4ACH, 29.460%, 5/05/2025 †x#^ | Affirm | 5/11/2023 | 494 | 493 | 30 |
| &nbsp;&nbsp;&nbsp; WTCQ-AS3Z, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 774 | 764 | 46 |
| &nbsp;&nbsp;&nbsp; WTCX-ASB0, 29.600%, 12/12/2025 †§x | Affirm | 12/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WTCY-ZKNV, 35.510%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WTD4-LMRO, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WTDD-DW4P, 35.290%, 2/07/2026 †§x | Affirm | 8/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WTDE-M21B, 29.000%, 12/04/2023 †x#^ | Affirm | 11/10/2022 | 314 | 329 | 19 |
| &nbsp;&nbsp;&nbsp; WTDF-KE0L, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 138 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; WTDH-7943, 29.480%, 8/29/2024 †x#^ | Affirm | 9/01/2023 | 149 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; WTDI-CFXX, 32.500%, 7/02/2026 †§x | Affirm | 1/29/2025 | 257 | 261 | 260 |
| &nbsp;&nbsp;&nbsp; WTDM-890U, 35.470%, 12/07/2025 †x# | Affirm | 12/11/2023 | 299 | 300 | 18 |
| &nbsp;&nbsp;&nbsp; WTDM-QCCB, 35.450%, 12/17/2025 †§x | Affirm | 6/21/2024 | 187 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; WTDS-PD5B, 29.480%, 10/01/2025 †§x# | Affirm | 4/04/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WTDV-SC1C, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 438 | 448 | 450 |
| &nbsp;&nbsp;&nbsp; WTE8-58BT, 29.650%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 201 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; WTE8-UDJ2, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 150 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; WTE9-7H97, 35.580%, 3/20/2025 †x#^ | Affirm | 2/23/2024 | 1020 | 1021 | 61 |
| &nbsp;&nbsp;&nbsp; WTEA-0CNE, 28.500%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 970 | 1004 | 58 |
| &nbsp;&nbsp;&nbsp; WTEA-QNM3, 33.050%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WTEC-5BJA, 28.000%, 6/22/2024 †x#^ | Affirm | 12/27/2022 | 731 | 780 | 44 |
| &nbsp;&nbsp;&nbsp; WTG4-SU8E, 35.340%, 3/28/2027 †x# | Affirm | 3/31/2025 | 585 | 582 | 26 |
| &nbsp;&nbsp;&nbsp; WTGJ-NTEC, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8131** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WTGM-Z9DF, 35.370%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | $46 | $46 | $3 |
| &nbsp;&nbsp;&nbsp; WTGP-X5VH, 35.390%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; WTGX-99UH, 24.400%, 2/12/2028 †§x | Affirm | 2/26/2025 | 958 | 1003 | 1013 |
| &nbsp;&nbsp;&nbsp; WTH1-AC4K, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; WTH1-QDLJ, 22.690%, 12/19/2026 †§x | Affirm | 12/27/2024 | 419 | 435 | 438 |
| &nbsp;&nbsp;&nbsp; WTHG-Z8OM, 32.500%, 1/08/2026 †§x | Affirm | 1/11/2024 | 260 | 260 | 262 |
| &nbsp;&nbsp;&nbsp; WTHN-X0TU, 33.050%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WTHQ-7XJ5, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WTIP-NVQ8, 35.520%, 11/12/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; WTIS-4U9S, 26.700%, 12/04/2025 †§x | Affirm | 12/07/2023 | 134 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; WTIU-KPE5, 35.600%, 1/02/2026 †§x | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WTIV-E7T7, 33.950%, 12/21/2025 †§x | Affirm | 6/27/2024 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; WTJ0-558K, 15.840%, 2/12/2027 †§x | Affirm | 2/26/2025 | 503 | 524 | 531 |
| &nbsp;&nbsp;&nbsp; WTJ0-DKE2, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; WTJ1-ZSXR, 15.750%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 128 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; WTJ2-BOKX, 35.410%, 10/25/2025 †§x | Affirm | 10/31/2024 | 262 | 264 | 265 |
| &nbsp;&nbsp;&nbsp; WTJ7-1B38, 15.870%, 12/28/2025 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WTJ7-BQV8, 29.010%, 4/03/2025 †x#^ | Affirm | 10/06/2023 | 298 | 307 | 18 |
| &nbsp;&nbsp;&nbsp; WTJ9-69M7, 18.000%, 9/02/2025 †§x | Affirm | 6/27/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WTK2-JT8C, 35.460%, 3/23/2026 †§x | Affirm | 9/26/2024 | 167 | 169 | 168 |
| &nbsp;&nbsp;&nbsp; WTK8-HGB6, 35.420%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 117 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; WTK8-UQ7H, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WTKA-TXRB, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 715 | 734 | 734 |
| &nbsp;&nbsp;&nbsp; WTKN-C8PW, 11.880%, 7/13/2026 †§x | Affirm | 1/29/2025 | 239 | 247 | 245 |
| &nbsp;&nbsp;&nbsp; WTKP-8OZ9, 14.700%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 19 | 20 | 2 |
| &nbsp;&nbsp;&nbsp; WTKP-TXO6, 11.760%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WTKS-292K, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WTL1-ICZS, 0.000%, 9/16/2025 †§x | Affirm | 9/19/2024 | 27 | 26 | 27 |
| &nbsp;&nbsp;&nbsp; WTL3-J37B, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 392 | 406 | 409 |
| &nbsp;&nbsp;&nbsp; WTLD-BOK0, 35.390%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1650 | 1733 | 1765 |
| &nbsp;&nbsp;&nbsp; WTLH-39KN, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 312 | 325 | 323 |
| &nbsp;&nbsp;&nbsp; WTM5-D5BE, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; WTMA-60U7, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 65 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; WTMA-63Q5, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WTMA-B7UC, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 206 | 216 | 12 |
| &nbsp;&nbsp;&nbsp; WTML-VDHC, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 289 | 291 | 291 |
| &nbsp;&nbsp;&nbsp; WTMY-JRES, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; WTN2-Q5FJ, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 428 | 442 | 446 |
| &nbsp;&nbsp;&nbsp; WTN4-SOIC, 33.030%, 10/23/2025 †§x | Affirm | 10/28/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WTN5-UBJE, 15.810%, 9/15/2023 †x#^ | Affirm | 9/19/2022 | 210 | 207 | 13 |
| &nbsp;&nbsp;&nbsp; WTNB-DZLO, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WTNJ-N163, 35.450%, 9/24/2026 †§x | Affirm | 9/27/2024 | 1248 | 1241 | 1256 |
| &nbsp;&nbsp;&nbsp; WTNP-IEBA, 32.500%, 6/15/2024 †x#^ | Affirm | 6/20/2023 | 1795 | 1672 | 108 |
| &nbsp;&nbsp;&nbsp; WTNW-EFSF, 35.380%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 115 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; WTNZ-YUCA, 29.590%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 114 | 114 | 50 |
| &nbsp;&nbsp;&nbsp; WTO0-JWTS, 13.840%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WTO0-XSS8, 29.660%, 5/20/2026 †§x | Affirm | 11/27/2024 | 244 | 252 | 251 |
| &nbsp;&nbsp;&nbsp; WTO3-5BQ5, 35.390%, 8/27/2026 †§x | Affirm | 8/30/2024 | 240 | 239 | 240 |
| &nbsp;&nbsp;&nbsp; WTOI-Y2YP, 15.730%, 12/02/2026 †§x | Affirm | 6/27/2025 | 319 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; WTOP-IZ3H, 35.440%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 186 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; WTOT-X9U1, 35.510%, 4/02/2025 †x#^ | Affirm | 10/07/2024 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; WTP6-BENN, 29.450%, 5/26/2023 †x#^ | Affirm | 5/31/2022 | 744 | 735 | 45 |
| &nbsp;&nbsp;&nbsp; WTPG-1F4T, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 164 | 170 | 172 |
| &nbsp;&nbsp;&nbsp; WTPG-5DYO, 32.500%, 4/18/2026 †§x# | Affirm | 4/22/2024 | 573 | 576 | 586 |
| &nbsp;&nbsp;&nbsp; WTPJ-OBDP, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; WTPR-R72Z, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 81 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8132** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WTPX-PBN9, 33.050%, 11/03/2025 †§x | Affirm | 5/10/2024 | $69 | $69 | $69 |
| &nbsp;&nbsp;&nbsp; WTQ2-1O6N, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 358 | 365 | 365 |
| &nbsp;&nbsp;&nbsp; WTQ8-U75A, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; WTQN-PCJP, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 845 | 861 | 864 |
| &nbsp;&nbsp;&nbsp; WTQT-2YZA, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 118 | 117 | 6 |
| &nbsp;&nbsp;&nbsp; WTQZ-CMXM, 35.780%, 2/10/2026 †x# | Affirm | 2/26/2025 | 9 | 9 |  |
| &nbsp;&nbsp;&nbsp; WTR3-5PIE, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WTR4-B47Y, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; WTR9-9B2W, 35.290%, 3/28/2026 †§x | Affirm | 3/31/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WTRE-BBHO, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WTRK-SS3Q, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WTRM-LUJJ, 35.540%, 12/18/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WTRW-389X, 18.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WTS0-PBMP, 29.630%, 12/13/2025 †§x | Affirm | 12/27/2024 | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; WTS6-KYSV, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 540 | 556 | 551 |
| &nbsp;&nbsp;&nbsp; WTS7-BRB5, 32.500%, 1/02/2027 †x | Affirm | 1/29/2025 | 2413 | 2392 | 2429 |
| &nbsp;&nbsp;&nbsp; WTSA-BZIB, 29.640%, 9/25/2025 †§x | Affirm | 9/30/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WTSA-ULMF, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WTSM-YPW3, 18.000%, 2/26/2026 †§x | Affirm | 8/29/2024 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WTSQ-DRB5, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 700 | 724 | 42 |
| &nbsp;&nbsp;&nbsp; WTSQ-TLWY, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1068 | 1048 |  |
| &nbsp;&nbsp;&nbsp; WTT7-J5B4, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 150 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; WTTO-GN6J, 25.200%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 209 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; WTTY-KHRF, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; WTU8-3MH7, 21.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WTUD-AONI, 15.710%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 174 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; WTUD-GVL8, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WTUF-SJPR, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 146 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; WTUR-EBKE, 35.150%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WTV1-35S6, 26.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WTV4-3OA0, 32.500%, 8/10/2026 †§x | Affirm | 2/26/2025 | 322 | 331 | 331 |
| &nbsp;&nbsp;&nbsp; WTV4-LTJS, 25.900%, 8/07/2026 †§x | Affirm | 8/29/2025 | 101 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; WTVE-B93A, 35.450%, 9/23/2026 †§x | Affirm | 9/26/2024 | 82 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WTVH-S3Z4, 33.000%, 1/10/2028 †x | Affirm | 1/29/2025 | 3216 | 3168 | 3219 |
| &nbsp;&nbsp;&nbsp; WTVS-91YA, 29.650%, 12/13/2022 †x#^ | Affirm | 9/16/2022 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; WTVW-JVQJ, 26.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WTWC-9ZJQ, 29.620%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 437 | 445 | 26 |
| &nbsp;&nbsp;&nbsp; WTWP-MKFY, 22.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 260 | 266 | 268 |
| &nbsp;&nbsp;&nbsp; WTWQ-SP6Q, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1846 | 1907 | 1924 |
| &nbsp;&nbsp;&nbsp; WTX4-UICT, 32.500%, 8/07/2026 †§x | Affirm | 2/26/2025 | 202 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; WTX5-VLU9, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 189 | 198 | 16 |
| &nbsp;&nbsp;&nbsp; WTXF-Y30I, 35.390%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 106 | 106 | 108 |
| &nbsp;&nbsp;&nbsp; WTXH-TQN7, 35.690%, 7/02/2026 †x# | Affirm | 1/29/2025 | 201 | 198 | 117 |
| &nbsp;&nbsp;&nbsp; WTXI-IMCR, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 172 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; WTXN-9SBC, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WTXV-EU45, 35.280%, 6/02/2026 †§x | Affirm | 6/27/2025 | 153 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; WTYC-GA4X, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 106 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WTYI-3OEG, 35.530%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WTYM-N3XL, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WTYR-TU10, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 69 | 69 | 15 |
| &nbsp;&nbsp;&nbsp; WTYT-UUD7, 32.880%, 6/02/2026 †§x | Affirm | 6/27/2025 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; WTZJ-KOJG, 24.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WTZL-YGWU, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 342 | 341 | 341 |
| &nbsp;&nbsp;&nbsp; WTZT-JVF7, 29.420%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 116 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; WTZY-WZNN, 18.000%, 3/25/2026 †§x | Affirm | 9/30/2024 | 140 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; WU04-HTCS, 15.730%, 2/10/2025 †x#^ | Affirm | 8/14/2023 | 2495 | 2485 | 150 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8133** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WU0B-2AWX, 24.400%, 10/25/2025 †§x | Affirm | 10/31/2024 | $59 | $59 | $59 |
| &nbsp;&nbsp;&nbsp; WU0C-5X0L, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WU0D-II2D, 11.910%, 2/07/2026 †§x | Affirm | 2/26/2025 | 255 | 261 | 262 |
| &nbsp;&nbsp;&nbsp; WU0E-9HT7, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 290 | 301 | 17 |
| &nbsp;&nbsp;&nbsp; WU0F-BDIR, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 223 | 225 | 224 |
| &nbsp;&nbsp;&nbsp; WU0F-M6JN, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 904 | 912 | 907 |
| &nbsp;&nbsp;&nbsp; WU0K-VXF4, 25.000%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 145 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; WU15-PMBJ, 33.050%, 8/21/2026 †§x | Affirm | 8/26/2024 | 560 | 576 | 579 |
| &nbsp;&nbsp;&nbsp; WU19-LNUR, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 131 | 135 | 137 |
| &nbsp;&nbsp;&nbsp; WU1B-T79G, 29.680%, 11/18/2023 †x#^ | Affirm | 11/25/2022 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; WU1O-9CPN, 29.730%, 1/03/2029 †x | Affirm | 1/29/2025 | 2293 | 2457 | 2481 |
| &nbsp;&nbsp;&nbsp; WU1R-GNQ2, 33.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WU1V-T2ZE, 33.050%, 9/25/2026 †§x | Affirm | 9/30/2024 | 737 | 761 | 764 |
| &nbsp;&nbsp;&nbsp; WU1X-8QSW, 27.100%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 97 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WU1Y-YCHL, 35.680%, 7/02/2026 †§x | Affirm | 1/29/2025 | 193 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; WU28-H5X8, 33.950%, 10/08/2025 †§x | Affirm | 7/31/2025 | 137 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; WU2A-E40T, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WU2E-WHDB, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WU2F-Y9KD, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WU2M-IG7C, 35.620%, 1/08/2026 †§x | Affirm | 1/29/2025 | 156 | 155 | 154 |
| &nbsp;&nbsp;&nbsp; WU30-AF9Z, 25.200%, 9/21/2023 †x#^ | Affirm | 9/26/2022 | 300 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; WU35-0MAC, 25.900%, 10/02/2025 †§x | Affirm | 10/07/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WU3C-426M, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 108 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; WU3C-I8CA, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 30 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WU3E-BDKQ, 15.780%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WU3E-CB0W, 30.000%, 7/03/2022 †x#^ | Affirm | 1/06/2022 | 45 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; WU3K-E5HD, 35.380%, 12/27/2024 †x#^ | Affirm | 1/02/2024 | 118 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; WU3N-BR8H, 15.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 258 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; WU3O-14BY, 24.710%, 11/15/2025 †§x | Affirm | 11/27/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WU3Q-JIDP, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WU3S-ZZN1, 29.680%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 159 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; WU3W-7T13, 29.620%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 68 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WU43-OXN4, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 125 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; WU44-C2N9, 31.630%, 9/20/2023 †x#^ | Affirm | 9/23/2022 | 1246 | 1290 | 75 |
| &nbsp;&nbsp;&nbsp; WU44-Y94J, 29.660%, 1/18/2024 †x#^ | Affirm | 1/21/2022 | 100 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; WU49-57SU, 15.670%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 172 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; WU4B-1TR5, 22.700%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WU4D-54FA, 35.270%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 31 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; WU4G-SR9P, 35.570%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WU4K-2LUB, 35.200%, 11/05/2023 †x#^ | Affirm | 5/11/2023 | 298 | 305 | 18 |
| &nbsp;&nbsp;&nbsp; WU4L-HC8M, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 216 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; WU4M-RVOX, 22.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 175 | 181 | 183 |
| &nbsp;&nbsp;&nbsp; WU4O-0K8R, 29.710%, 2/11/2027 †§x | Affirm | 2/26/2025 | 95 | 99 | 96 |
| &nbsp;&nbsp;&nbsp; WU4R-O4FS, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 131 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; WU51-ONBX, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 91 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; WU54-1QTY, 35.880%, 1/08/2026 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WU58-8790, 32.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 892 | 927 | 932 |
| &nbsp;&nbsp;&nbsp; WU5B-DGOQ, 35.770%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 728 | 723 | 432 |
| &nbsp;&nbsp;&nbsp; WU5C-4V6P, 29.480%, 10/05/2024 †x#^ | Affirm | 10/10/2023 | 114 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; WU5C-MJUY, 29.540%, 10/26/2025 †§x# | Affirm | 5/02/2024 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WU5N-R3JI, 30.500%, 9/22/2023 †x#^ | Affirm | 9/26/2022 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; WU64-NOY5, 35.640%, 2/08/2026 †x | Affirm | 1/29/2025 | 176 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; WU65-4J6K, 26.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 46 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; WU68-6CMS, 28.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 177 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; WU6J-WX35, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 126 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; WU6M-NUA6, 29.550%, 1/01/2026 †§x | Affirm | 7/05/2024 | 90 | 91 | 91 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8134** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WU6M-OV1T, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | $47 | $47 | $3 |
| &nbsp;&nbsp;&nbsp; WU6R-ZVA3, 29.410%, 5/24/2024 †x#^ | Affirm | 6/02/2023 | 342 | 318 | 21 |
| &nbsp;&nbsp;&nbsp; WU6V-96JV, 33.050%, 12/11/2025 †§x | Affirm | 12/27/2024 | 172 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; WU6Y-HUSF, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 275 | 285 | 288 |
| &nbsp;&nbsp;&nbsp; WU75-B2ZL, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WU79-BJIU, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 893 | 883 | 54 |
| &nbsp;&nbsp;&nbsp; WU7J-AJM1, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 73 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WU7S-EZ1P, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; WU8H-B4SL, 35.540%, 3/25/2026 †§x | Affirm | 9/30/2024 | 210 | 213 | 211 |
| &nbsp;&nbsp;&nbsp; WU8O-F7HP, 29.500%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; WU91-IDRB, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 140 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; WU94-ACJ5, 32.500%, 4/28/2026 †x# | Affirm | 5/02/2024 | 900 | 916 | 54 |
| &nbsp;&nbsp;&nbsp; WU9L-LIO1, 35.380%, 9/28/2023 †x#^ | Affirm | 7/03/2023 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; WU9Q-SIJV, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; WUA4-YYZK, 11.820%, 4/26/2026 †§x | Affirm | 5/02/2024 | 770 | 775 | 790 |
| &nbsp;&nbsp;&nbsp; WUA5-DP5H, 22.900%, 10/01/2025 †§x | Affirm | 10/04/2024 | 253 | 254 | 254 |
| &nbsp;&nbsp;&nbsp; WUAB-H0AK, 26.500%, 5/01/2024 †x#^ | Affirm | 11/04/2022 | 179 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; WUAH-O7ZR, 35.790%, 2/06/2026 †x# | Affirm | 2/26/2025 | 107 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; WUAQ-U5AN, 18.136%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 534 | 551 | 32 |
| &nbsp;&nbsp;&nbsp; WUB0-6NH6, 22.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 539 | 557 | 562 |
| &nbsp;&nbsp;&nbsp; WUBI-41V1, 15.810%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WUBM-9NDK, 15.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 156 | 153 | 54 |
| &nbsp;&nbsp;&nbsp; WUC4-PQ6G, 28.000%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 75 | 79 | 4 |
| &nbsp;&nbsp;&nbsp; WUC5-8S8Q, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 166 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; WUC6-URVS, 29.740%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 83 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; WUCA-9FZY, 29.720%, 1/08/2026 †§x | Affirm | 1/29/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; WUCC-VFS7, 29.680%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 66 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; WUCF-8NH9, 29.350%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WUCH-QKFX, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WUD1-KYY4, 29.500%, 1/17/2026 †§x | Affirm | 7/25/2024 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; WUD3-TM8Z, 29.220%, 10/08/2025 †§x | Affirm | 7/31/2025 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; WUDC-VUZO, 29.620%, 12/11/2025 †§x | Affirm | 12/27/2024 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WUDD-6KPZ, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 166 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; WUDD-D16R, 28.500%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WUDI-VIJS, 32.000%, 9/16/2025 †§x | Affirm | 9/19/2024 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; WUDS-7B5R, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 89 | 86 | 89 |
| &nbsp;&nbsp;&nbsp; WUDV-V6NW, 26.700%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 409 | 430 | 430 |
| &nbsp;&nbsp;&nbsp; WUDY-ZHKV, 32.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 475 | 490 | 486 |
| &nbsp;&nbsp;&nbsp; WUEG-RG1U, 24.680%, 3/23/2026 †§x | Affirm | 9/26/2024 | 103 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; WUEK-MQ8V, 20.700%, 12/01/2025 †§x# | Affirm | 12/07/2023 | 986 | 993 | 992 |
| &nbsp;&nbsp;&nbsp; WUEO-GZKP, 21.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 120 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; WUF2-4UX9, 29.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WUF8-KK86, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; WUFC-OLBF, 32.500%, 6/24/2026 †§x | Affirm | 6/27/2024 | 466 | 463 | 470 |
| &nbsp;&nbsp;&nbsp; WUFH-R3YU, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 173 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; WUFJ-TOTF, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; WUG3-HMK8, 29.440%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 569 | 564 | 34 |
| &nbsp;&nbsp;&nbsp; WUGD-VKIT, 11.810%, 4/03/2025 †x#^ | Affirm | 10/06/2023 | 207 | 221 | 12 |
| &nbsp;&nbsp;&nbsp; WUGG-RRTY, 29.640%, 5/25/2024 †x#^ | Affirm | 12/01/2022 | 362 | 363 | 22 |
| &nbsp;&nbsp;&nbsp; WUGH-5FHX, 13.840%, 12/17/2025 †§x | Affirm | 6/21/2024 | 659 | 665 | 665 |
| &nbsp;&nbsp;&nbsp; WUGH-TUXG, 29.620%, 2/20/2026 †§x | Affirm | 2/23/2024 | 294 | 298 | 299 |
| &nbsp;&nbsp;&nbsp; WUGI-35FV, 35.530%, 3/25/2025 †x#^ | Affirm | 9/30/2024 | 59 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; WUGK-E9GQ, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 198 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; WUGT-ZRLR, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; WUGZ-XYQL, 29.680%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 90 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; WUH1-OTDO, 29.500%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 164 | 162 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8135** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WUH2-SOQC, 33.290%, 2/06/2026 †x# | Affirm | 2/26/2025 | $148 | $153 | $9 |
| &nbsp;&nbsp;&nbsp; WUH5-VLUZ, 35.370%, 11/21/2025 †§x | Affirm | 5/24/2024 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WUH8-K4HE, 11.860%, 11/15/2026 †§x | Affirm | 11/27/2024 | 168 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; WUHG-NK1Y, 29.620%, 3/28/2024 †x#^ | Affirm | 10/03/2022 | 447 | 478 | 27 |
| &nbsp;&nbsp;&nbsp; WUHH-5G48, 35.530%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 2446 | 2374 | 2354 |
| &nbsp;&nbsp;&nbsp; WUHH-BN28, 35.580%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 40 | 41 | 4 |
| &nbsp;&nbsp;&nbsp; WUHN-5Y73, 30.950%, 5/20/2026 †§x | Affirm | 11/27/2024 | 375 | 383 | 384 |
| &nbsp;&nbsp;&nbsp; WUHN-JKXA, 29.480%, 2/10/2025 †x#^ | Affirm | 8/14/2023 | 250 | 248 | 15 |
| &nbsp;&nbsp;&nbsp; WUHT-MKDU, 33.950%, 11/15/2026 †§x | Affirm | 11/27/2024 | 1212 | 1252 | 1262 |
| &nbsp;&nbsp;&nbsp; WUI7-7083, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; WUIE-9H83, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 219 | 230 | 13 |
| &nbsp;&nbsp;&nbsp; WUIJ-TCMN, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WUIO-P8IB, 29.520%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 202 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; WUIP-D8C5, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 159 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; WUIR-4Z4I, 35.520%, 6/11/2026 †§x | Affirm | 12/27/2024 | 119 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; WUIT-FN3L, 31.000%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; WUIU-KPDL, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WUJ2-G6PV, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WUJB-B4XD, 35.520%, 11/12/2025 †§x | Affirm | 11/27/2024 | 58 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WUJD-O3A8, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 609 | 620 | 621 |
| &nbsp;&nbsp;&nbsp; WUJG-5RQ2, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; WUJK-X6CT, 29.450%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 52 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; WUJO-POCA, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WUJS-DEY4, 35.440%, 10/15/2025 †§x | Affirm | 4/18/2024 | 115 | 115 | 114 |
| &nbsp;&nbsp;&nbsp; WUJS-J89Y, 15.770%, 4/18/2026 †§x | Affirm | 10/24/2024 | 168 | 172 | 171 |
| &nbsp;&nbsp;&nbsp; WUKE-6XIV, 29.550%, 8/28/2025 †x#^ | Affirm | 9/01/2022 | 1006 | 1081 | 60 |
| &nbsp;&nbsp;&nbsp; WUKK-0SIV, 26.700%, 2/06/2026 †§x | Affirm | 8/29/2025 | 180 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; WUKP-WRJQ, 29.190%, 11/23/2022 †x#^ | Affirm | 11/29/2021 | 63 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; WUKU-DXH3, 9.860%, 10/03/2025 †§x | Affirm | 10/07/2024 | 150 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; WULC-6G2J, 22.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 49 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WULG-RTAF, 35.250%, 9/03/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; WULK-PLPV, 35.310%, 3/28/2026 †x# | Affirm | 3/31/2025 | 80 | 80 |  |
| &nbsp;&nbsp;&nbsp; WULM-9ZM7, 31.000%, 7/08/2027 †§x | Affirm | 7/31/2025 | 2098 | 2217 | 2235 |
| &nbsp;&nbsp;&nbsp; WULZ-DI1L, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WUM5-HS6Q, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 58 | 60 | 58 |
| &nbsp;&nbsp;&nbsp; WUMA-AYM1, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; WUMA-NYCW, 35.290%, 11/21/2025 †§x# | Affirm | 5/24/2024 | 123 | 124 | 123 |
| &nbsp;&nbsp;&nbsp; WUMB-G9LC, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; WUMO-L1YY, 35.530%, 9/23/2027 †§x | Affirm | 9/26/2024 | 164 | 154 | 163 |
| &nbsp;&nbsp;&nbsp; WUN3-HUM9, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WUN6-O76J, 33.950%, 1/08/2027 †§x | Affirm | 7/31/2025 | 442 | 466 | 465 |
| &nbsp;&nbsp;&nbsp; WUND-VSTK, 29.550%, 6/07/2025 †x#^ | Affirm | 9/11/2023 | 301 | 322 | 18 |
| &nbsp;&nbsp;&nbsp; WUNE-6SZ2, 23.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 115 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; WUNJ-HMOZ, 35.220%, 11/23/2024 †x#^ | Affirm | 8/29/2024 | 75 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; WUNQ-LFUR, 15.870%, 5/04/2023 †x#^ | Affirm | 11/10/2022 | 478 | 479 | 29 |
| &nbsp;&nbsp;&nbsp; WUNS-YUA3, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WUNW-OKM6, 29.570%, 10/25/2025 †§x | Affirm | 10/31/2024 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WUNX-12KV, 32.500%, 4/10/2026 †§x | Affirm | 4/15/2024 | 627 | 631 | 639 |
| &nbsp;&nbsp;&nbsp; WUNY-AOB7, 35.440%, 12/18/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WUO0-2EDV, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WUO8-0G20, 31.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 359 | 375 | 374 |
| &nbsp;&nbsp;&nbsp; WUOF-CTQX, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 96 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; WUPA-M58I, 29.020%, 8/04/2025 †x#^ | Affirm | 8/10/2023 | 1443 | 1460 | 87 |
| &nbsp;&nbsp;&nbsp; WUPK-0K17, 35.160%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WUQ8-1Y93, 35.280%, 12/25/2024 †x#^ | Affirm | 6/28/2024 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; WUQB-D1K1, 15.720%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 15 | 15 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8136** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WUQM-B0RI, 35.190%, 12/02/2025 †§x | Affirm | 6/27/2025 | $65 | $65 | $65 |
| &nbsp;&nbsp;&nbsp; WUQO-NK5B, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WUR3-QXDS, 35.320%, 2/08/2025 †x#^ | Affirm | 5/11/2023 | 146 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; WUR4-W0E4, 15.930%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 104 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; WUR5-VX8I, 25.900%, 12/11/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WUR7-RFDK, 33.950%, 12/29/2024 †x#^ | Affirm | 7/03/2023 | 812 | 868 | 49 |
| &nbsp;&nbsp;&nbsp; WURA-U4CQ, 35.270%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WURB-619W, 9.880%, 9/20/2025 †§x | Affirm | 9/26/2024 | 137 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; WURB-EOE9, 13.840%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 518 | 536 | 537 |
| &nbsp;&nbsp;&nbsp; WURC-87C7, 35.460%, 10/05/2024 †x#^ | Affirm | 9/08/2023 | 334 | 314 | 20 |
| &nbsp;&nbsp;&nbsp; WURG-SME5, 29.380%, 8/23/2023 †x#^ | Affirm | 5/26/2023 | 73 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; WURK-5FO2, 26.900%, 3/03/2026 †x# | Affirm | 3/28/2025 | 198 | 205 |  |
| &nbsp;&nbsp;&nbsp; WURM-NFER, 32.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 348 | 353 | 353 |
| &nbsp;&nbsp;&nbsp; WURN-YFV3, 34.000%, 3/03/2026 †x# | Affirm | 3/28/2025 | 1428 | 1410 | 443 |
| &nbsp;&nbsp;&nbsp; WURO-67TO, 6.824%, 9/26/2025 †x#« | Affirm | 9/30/2024 | 375 | 351 | 23 |
| &nbsp;&nbsp;&nbsp; WURS-HOZ2, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 195 | 197 | 196 |
| &nbsp;&nbsp;&nbsp; WURS-SLIP, 29.550%, 4/08/2026 †§x | Affirm | 4/11/2024 | 202 | 206 | 204 |
| &nbsp;&nbsp;&nbsp; WUS5-R2MH, 6.804%, 9/24/2025 †§x« | Affirm | 9/27/2024 | 73 | 69 | 73 |
| &nbsp;&nbsp;&nbsp; WUS6-L00P, 35.630%, 1/08/2026 †§x | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WUSF-AUF2, 29.490%, 10/29/2024 †x#^ | Affirm | 9/05/2023 | 118 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; WUSN-VQHA, 29.540%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 227 | 224 | 14 |
| &nbsp;&nbsp;&nbsp; WUT1-8HBM, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 89 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; WUT1-ZU9P, 35.250%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 333 | 339 | 20 |
| &nbsp;&nbsp;&nbsp; WUT7-7T5D, 29.560%, 6/24/2026 †§x | Affirm | 6/27/2024 | 530 | 541 | 546 |
| &nbsp;&nbsp;&nbsp; WUTE-1SW8, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 187 | 190 | 189 |
| &nbsp;&nbsp;&nbsp; WUTH-WZ7E, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 345 | 352 | 21 |
| &nbsp;&nbsp;&nbsp; WUTI-IN9A, 35.670%, 1/02/2027 †x# | Affirm | 1/29/2025 | 464 | 458 | 11 |
| &nbsp;&nbsp;&nbsp; WUTJ-FWVH, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WUTN-I0WU, 33.050%, 10/28/2025 †§x | Affirm | 5/02/2024 | 120 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; WUTN-JL3B, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 91 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; WUTY-4323, 26.700%, 2/08/2024 †x#^ | Affirm | 8/11/2023 | 779 | 800 | 47 |
| &nbsp;&nbsp;&nbsp; WUU7-PUEM, 35.660%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 164 | 162 | 95 |
| &nbsp;&nbsp;&nbsp; WUUA-HP7Y, 35.330%, 10/08/2024 †x#^ | Affirm | 4/11/2024 | 88 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; WUUN-WD51, 31.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WUUO-ERGK, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WUUS-9GMW, 32.500%, 1/19/2026 †§x | Affirm | 7/25/2024 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; WUUS-BS7A, 35.380%, 11/21/2025 †§x | Affirm | 5/24/2024 | 243 | 245 | 243 |
| &nbsp;&nbsp;&nbsp; WUV3-36IC, 32.500%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1060 | 1088 | 1088 |
| &nbsp;&nbsp;&nbsp; WUV9-9H7A, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 100 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; WUVG-0OWH, 24.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 354 | 362 | 364 |
| &nbsp;&nbsp;&nbsp; WUVR-2LMI, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; WUVS-628Y, 33.950%, 1/08/2026 †x# | Affirm | 1/29/2025 | 343 | 360 | 75 |
| &nbsp;&nbsp;&nbsp; WUVU-U7EO, 24.460%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; WUVW-10EX, 35.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 300 | 304 | 305 |
| &nbsp;&nbsp;&nbsp; WUW1-SNH6, 35.890%, 12/28/2025 †§x | Affirm | 1/29/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WUW4-K2KS, 35.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 105 | 107 | 9 |
| &nbsp;&nbsp;&nbsp; WUW4-LZ52, 33.290%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 42 | 41 | 10 |
| &nbsp;&nbsp;&nbsp; WUWB-JZVP, 35.450%, 12/24/2025 †§x | Affirm | 6/27/2024 | 51 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WUWC-9OJF, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WUWC-U02C, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 107 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WUWG-QQ7R, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 83 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; WUWQ-FK5J, 35.350%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 45 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; WUWR-ITLL, 25.900%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WUWU-TSSX, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 49 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; WUWZ-WJSZ, 35.580%, 9/26/2025 †x# | Affirm | 9/30/2024 | 1041 | 1044 | 62 |
| &nbsp;&nbsp;&nbsp; WUX0-UXUE, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 268 | 280 | 16 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8137** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WUX1-EX2T, 28.000%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | $29 | $31 | $2 |
| &nbsp;&nbsp;&nbsp; WUX4-IM03, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 116 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; WUX9-5FTA, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 179 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; WUX9-YMAP, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; WUXG-TUTL, 18.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 407 | 416 | 420 |
| &nbsp;&nbsp;&nbsp; WUXM-YA6G, 35.340%, 12/07/2025 †x# | Affirm | 12/11/2023 | 309 | 310 | 19 |
| &nbsp;&nbsp;&nbsp; WUXR-MBWR, 22.570%, 5/14/2026 †§x | Affirm | 5/30/2025 | 129 | 134 | 136 |
| &nbsp;&nbsp;&nbsp; WUXV-NNNJ, 35.520%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 249 | 253 | 252 |
| &nbsp;&nbsp;&nbsp; WUXW-IR2D, 29.500%, 5/25/2024 †x#^ | Affirm | 5/31/2022 | 461 | 505 | 28 |
| &nbsp;&nbsp;&nbsp; WUY6-B13C, 29.610%, 6/21/2023 †x#^ | Affirm | 12/27/2021 | 215 | 205 | 13 |
| &nbsp;&nbsp;&nbsp; WUYA-4KP4, 29.500%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 492 | 501 | 29 |
| &nbsp;&nbsp;&nbsp; WUYG-LUD6, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 65 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; WUYG-RKYT, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 138 | 140 | 139 |
| &nbsp;&nbsp;&nbsp; WUYH-F8JA, 31.000%, 10/18/2025 †§x# | Affirm | 10/24/2024 | 267 | 269 | 270 |
| &nbsp;&nbsp;&nbsp; WUYM-VI3T, 29.500%, 6/13/2025 †x#^ | Affirm | 6/16/2023 | 508 | 539 | 30 |
| &nbsp;&nbsp;&nbsp; WUZL-9JWY, 25.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 106 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; WUZM-4YDW, 33.050%, 11/15/2026 †§x | Affirm | 11/27/2024 | 873 | 905 | 909 |
| &nbsp;&nbsp;&nbsp; WUZW-51D1, 29.620%, 3/16/2026 †x# | Affirm | 9/19/2024 | 326 | 344 | 20 |
| &nbsp;&nbsp;&nbsp; WV00-PYT0, 19.500%, 10/02/2026 †§x | Affirm | 10/05/2023 | 1380 | 1415 | 1417 |
| &nbsp;&nbsp;&nbsp; WV0B-RZXI, 27.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 1678 | 1722 | 1731 |
| &nbsp;&nbsp;&nbsp; WV0Z-K1SM, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WV1E-6HFG, 29.630%, 12/28/2025 †§x | Affirm | 1/29/2025 | 119 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; WV1G-1TKP, 11.830%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; WV1G-230E, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 191 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; WV1I-1M8Z, 22.750%, 12/11/2025 †§x | Affirm | 12/27/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; WV1Q-538E, 15.780%, 11/04/2025 †§x# | Affirm | 11/10/2022 | 216 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; WV22-GHEH, 29.770%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 92 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; WV2F-RVWG, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 106 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; WV2I-WCH8, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WV2J-YZHC, 15.780%, 4/18/2026 †x# | Affirm | 10/24/2024 | 793 | 822 | 48 |
| &nbsp;&nbsp;&nbsp; WV2P-ILFJ, 32.930%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 172 | 172 | 174 |
| &nbsp;&nbsp;&nbsp; WV2T-JBFP, 31.450%, 9/28/2025 †x# | Affirm | 10/03/2024 | 69 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; WV3F-IHGE, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 119 | 118 |
| &nbsp;&nbsp;&nbsp; WV3G-JLAH, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 2454 | 2405 | 2405 |
| &nbsp;&nbsp;&nbsp; WV3M-8X14, 33.950%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 161 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; WV3W-BDKJ, 29.480%, 2/21/2025 †x#^ | Affirm | 8/24/2023 | 187 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; WV40-5UM4, 22.750%, 2/26/2026 †§x | Affirm | 2/29/2024 | 1176 | 1193 | 1198 |
| &nbsp;&nbsp;&nbsp; WV45-H6TE, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WV46-ZISE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 144 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; WV4A-N7AK, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 434 | 437 | 437 |
| &nbsp;&nbsp;&nbsp; WV4F-146S, 15.770%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 264 | 266 | 16 |
| &nbsp;&nbsp;&nbsp; WV4G-PVPO, 11.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; WV4M-DTZM, 15.000%, 6/07/2026 †§x | Affirm | 6/12/2023 | 226 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; WV4Q-QJNT, 29.820%, 7/03/2026 †§x | Affirm | 1/29/2025 | 92 | 94 | 92 |
| &nbsp;&nbsp;&nbsp; WV4Y-QPS6, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 88 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WV52-6B0L, 31.000%, 3/25/2026 †§x | Affirm | 9/30/2024 | 660 | 675 | 676 |
| &nbsp;&nbsp;&nbsp; WV59-NQME, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WV5O-3W9M, 22.750%, 2/26/2026 †§x | Affirm | 8/29/2024 | 443 | 449 | 450 |
| &nbsp;&nbsp;&nbsp; WV5P-T6VA, 11.810%, 12/24/2025 †§x | Affirm | 6/27/2024 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WV5T-A94M, 23.400%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 336 | 342 | 343 |
| &nbsp;&nbsp;&nbsp; WV66-OSC3, 13.840%, 11/20/2025 †§x | Affirm | 11/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WV69-HLOX, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 177 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; WV6B-2KZO, 15.830%, 1/06/2026 †§x | Affirm | 1/29/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; WV6H-F4LD, 29.560%, 10/11/2024 †x#^ | Affirm | 10/14/2022 | 914 | 997 | 55 |
| &nbsp;&nbsp;&nbsp; WV6N-QHBH, 35.380%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 721 | 676 | 43 |
| &nbsp;&nbsp;&nbsp; WV6Q-270F, 35.470%, 2/22/2025 †x#^ | Affirm | 2/26/2024 | 111 | 111 | 7 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8138** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WV70-0BLZ, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | $312 | $323 | $323 |
| &nbsp;&nbsp;&nbsp; WV7I-NIX5, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; WV7M-1DX4, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WV7R-R875, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; WV7Y-CZN8, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 143 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; WV80-MU1B, 28.000%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 200 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; WV83-6UYM, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 740 | 753 | 755 |
| &nbsp;&nbsp;&nbsp; WV8E-I3BI, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; WV8G-NCHD, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 427 | 434 | 432 |
| &nbsp;&nbsp;&nbsp; WV8V-RBDJ, 33.230%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 151 | 149 | 151 |
| &nbsp;&nbsp;&nbsp; WV93-7XDS, 35.440%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 425 | 442 | 26 |
| &nbsp;&nbsp;&nbsp; WV98-L1DU, 35.400%, 10/25/2025 †§x | Affirm | 10/31/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WV9H-XT2P, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WV9O-QIHL, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WVA5-NGUH, 27.500%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 303 | 313 | 18 |
| &nbsp;&nbsp;&nbsp; WVA5-XYF0, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 114 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; WVAB-NU0T, 30.950%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; WVAI-3554, 15.780%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; WVAK-OQQL, 24.400%, 6/02/2028 †§x | Affirm | 6/27/2025 | 1859 | 1966 | 1976 |
| &nbsp;&nbsp;&nbsp; WVAL-01FH, 35.260%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 641 | 639 | 38 |
| &nbsp;&nbsp;&nbsp; WVAR-OEL8, 31.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 351 | 363 | 367 |
| &nbsp;&nbsp;&nbsp; WVB1-8B15, 29.560%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 37 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; WVB2-CXNC, 35.900%, 7/03/2026 †§x | Affirm | 1/29/2025 | 398 | 392 | 396 |
| &nbsp;&nbsp;&nbsp; WVB2-ON3B, 33.950%, 3/26/2026 †§x | Affirm | 9/30/2024 | 175 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; WVB5-HE41, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WVB6-DZD0, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WVBJ-2COZ, 29.130%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; WVBJ-51ZN, 29.440%, 11/18/2024 †x#^ | Affirm | 5/22/2023 | 614 | 618 | 37 |
| &nbsp;&nbsp;&nbsp; WVBR-T5OR, 29.600%, 6/09/2023 †x#^ | Affirm | 12/15/2022 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; WVBT-29TI, 29.330%, 6/04/2022 †x#^ | Affirm | 3/10/2022 | 230 | 228 | 14 |
| &nbsp;&nbsp;&nbsp; WVBU-T8LM, 10.840%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 93 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; WVBY-X1SM, 33.950%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WVC8-86PV, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 312 | 318 | 19 |
| &nbsp;&nbsp;&nbsp; WVC8-NC6G, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; WVCD-6YBP, 15.790%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 97 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; WVCE-YVO3, 24.530%, 3/28/2026 †§x | Affirm | 3/31/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; WVCY-JD7Z, 29.270%, 1/08/2026 †§x | Affirm | 7/31/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WVD6-0RYT, 32.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 105 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; WVD7-2F59, 29.730%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 32 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; WVDA-CPW6, 24.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 199 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; WVDC-KAXC, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; WVDE-F87Z, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; WVDG-6R17, 35.370%, 2/05/2027 †§x | Affirm | 8/29/2025 | 256 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; WVDL-19LA, 29.600%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 567 | 587 | 590 |
| &nbsp;&nbsp;&nbsp; WVDT-HXK3, 33.950%, 12/25/2025 †§x# | Affirm | 6/28/2024 | 136 | 144 | 40 |
| &nbsp;&nbsp;&nbsp; WVE6-5RCZ, 15.730%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 146 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; WVE8-1JSF, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 124 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; WVE8-MB5S, 35.990%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; WVE9-Z1D6, 22.690%, 12/27/2022 †x#^ | Affirm | 12/31/2021 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; WVEO-X6ZQ, 33.050%, 2/23/2026 †§x | Affirm | 8/29/2024 | 532 | 544 | 545 |
| &nbsp;&nbsp;&nbsp; WVER-CD0E, 29.490%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WVEW-QQCS, 23.400%, 11/21/2025 †§x | Affirm | 5/24/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WVFB-I8X2, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WVFE-G28I, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 328 | 342 | 340 |
| &nbsp;&nbsp;&nbsp; WVFE-JER0, 35.390%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 72 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; WVFH-Z1UQ, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 113 | 116 | 117 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8139** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WVFI-09ZR, 27.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | $222 | $233 | $13 |
| &nbsp;&nbsp;&nbsp; WVFK-AKIK, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 144 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; WVFQ-5XGC, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WVFS-UP8A, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 97 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WVFU-BFA9, 35.590%, 7/29/2024 †x#^ | Affirm | 5/02/2024 | 546 | 539 | 33 |
| &nbsp;&nbsp;&nbsp; WVG2-XC5V, 22.900%, 6/23/2026 †§x | Affirm | 6/29/2023 | 591 | 605 | 609 |
| &nbsp;&nbsp;&nbsp; WVG3-JQ4J, 34.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 599 | 595 | 592 |
| &nbsp;&nbsp;&nbsp; WVGA-95WK, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WVGJ-6FY6, 35.330%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 240 | 240 | 244 |
| &nbsp;&nbsp;&nbsp; WVGJ-YVC7, 15.710%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; WVGS-X2PI, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WVGW-7TTC, 29.610%, 6/22/2023 †x#^ | Affirm | 12/27/2021 | 288 | 277 | 17 |
| &nbsp;&nbsp;&nbsp; WVGZ-Y85X, 35.000%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WVH0-A28D, 33.050%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WVH4-OLOH, 29.370%, 11/07/2025 †§x# | Affirm | 8/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WVHG-FOLN, 28.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; WVHO-KC3H, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 36 | 36 | 35 |
| &nbsp;&nbsp;&nbsp; WVHR-FRFF, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 169 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; WVHV-RXKV, 33.050%, 3/26/2026 †§x | Affirm | 9/30/2024 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; WVI7-JC7P, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WVII-ESGI, 29.650%, 8/23/2025 †§x#^ | Affirm | 2/29/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WVJ1-H3V1, 21.900%, 12/05/2025 †§x | Affirm | 12/08/2023 | 123 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WVJ4-843W, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; WVJ8-BAKP, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; WVJ9-TWCP, 33.050%, 11/03/2025 †§x | Affirm | 5/09/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WVJM-VS10, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; WVJO-PM0L, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; WVJP-SUVJ, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 214 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; WVKA-YSWL, 35.680%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 164 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; WVKI-54OA, 25.900%, 12/10/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WVKN-V6F8, 33.950%, 2/27/2026 †§x | Affirm | 3/28/2025 | 315 | 324 | 325 |
| &nbsp;&nbsp;&nbsp; WVKS-7CU2, 35.000%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; WVL7-833I, 35.130%, 2/06/2026 †§x | Affirm | 8/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WVLG-B22Q, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 36 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; WVLJ-HLBY, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 168 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WVLK-YILL, 29.530%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 23 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; WVLQ-FB0W, 35.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WVLR-NFT4, 15.780%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 23 | 25 | 5 |
| &nbsp;&nbsp;&nbsp; WVLX-MNA8, 15.750%, 8/28/2026 †§x# | Affirm | 8/31/2023 | 462 | 477 | 480 |
| &nbsp;&nbsp;&nbsp; WVMA-VBJ6, 29.480%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 183 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; WVMD-6S2H, 35.610%, 1/06/2026 †§x | Affirm | 1/29/2025 | 142 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; WVN3-WPMR, 25.200%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1205 | 1248 | 1251 |
| &nbsp;&nbsp;&nbsp; WVN7-N8QR, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 301 | 309 | 311 |
| &nbsp;&nbsp;&nbsp; WVN7-O47M, 29.560%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 188 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; WVN8-UW8W, 22.700%, 10/21/2025 †x# | Affirm | 10/24/2024 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WVNG-7LYJ, 11.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WVNS-9L94, 35.550%, 12/16/2025 †x# | Affirm | 12/27/2024 | 71 | 70 | 2 |
| &nbsp;&nbsp;&nbsp; WVO0-YWMQ, 28.990%, 6/29/2024 †x#^ | Affirm | 7/07/2023 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; WVO5-JKE8, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; WVOI-D504, 25.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WVOL-5C7F, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 123 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WVOL-ANUM, 32.000%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 559 | 572 | 573 |
| &nbsp;&nbsp;&nbsp; WVOS-6H61, 18.900%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 274 | 291 | 16 |
| &nbsp;&nbsp;&nbsp; WVOW-64TA, 24.800%, 8/10/2026 †§x | Affirm | 2/26/2025 | 385 | 401 | 398 |
| &nbsp;&nbsp;&nbsp; WVP0-F6OV, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WVPH-BJDL, 29.510%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 620 | 652 | 37 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8140** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WVPI-DLSN, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | $62 | $62 | $62 |
| &nbsp;&nbsp;&nbsp; WVPL-8GE9, 15.840%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 411 | 409 | 260 |
| &nbsp;&nbsp;&nbsp; WVPM-A4W7, 9.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; WVPU-HOQM, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 253 | 261 | 260 |
| &nbsp;&nbsp;&nbsp; WVPW-CSHR, 9.790%, 3/20/2026 †§x | Affirm | 3/28/2025 | 96 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WVPY-Q54L, 35.350%, 2/20/2026 †§x | Affirm | 8/23/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WVQU-X5AS, 33.230%, 8/11/2026 †§x | Affirm | 2/26/2025 | 157 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; WVR1-COIK, 29.800%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; WVR5-7D8F, 30.450%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 2092 | 2099 | 126 |
| &nbsp;&nbsp;&nbsp; WVR6-V2SM, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WVR8-WCPL, 28.000%, 10/03/2024 †x#^ | Affirm | 10/06/2022 | 4119 | 4447 | 247 |
| &nbsp;&nbsp;&nbsp; WVR9-M27A, 35.450%, 4/10/2026 †§x | Affirm | 4/15/2024 | 963 | 968 | 982 |
| &nbsp;&nbsp;&nbsp; WVRA-LCLK, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; WVRA-UO3W, 35.240%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WVRF-TYH8, 33.050%, 10/02/2026 †§x# | Affirm | 10/05/2023 | 2126 | 2187 | 2186 |
| &nbsp;&nbsp;&nbsp; WVRO-8TCT, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 113 | 116 | 114 |
| &nbsp;&nbsp;&nbsp; WVRP-46U6, 35.360%, 12/17/2025 †x# | Affirm | 6/21/2024 | 238 | 233 | 14 |
| &nbsp;&nbsp;&nbsp; WVRP-S3AU, 35.570%, 5/15/2026 †§x | Affirm | 11/27/2024 | 2105 | 2092 | 2104 |
| &nbsp;&nbsp;&nbsp; WVRT-X3N7, 22.560%, 3/20/2026 †§x | Affirm | 3/28/2025 | 380 | 380 | 383 |
| &nbsp;&nbsp;&nbsp; WVRT-YYAO, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WVRZ-PW0R, 35.360%, 12/25/2025 †x# | Affirm | 6/28/2024 | 307 | 319 | 18 |
| &nbsp;&nbsp;&nbsp; WVS4-QR58, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; WVSF-GQSB, 6.547%, 6/20/2026 †§x« | Affirm | 6/24/2024 | 1726 | 1640 | 1616 |
| &nbsp;&nbsp;&nbsp; WVSH-XG8A, 35.620%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 148 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; WVSL-DD6I, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; WVSM-3QG7, 29.660%, 7/05/2024 †x#^ | Affirm | 1/09/2023 | 730 | 732 | 44 |
| &nbsp;&nbsp;&nbsp; WVSV-3GUB, 29.600%, 3/19/2023 †x#^ | Affirm | 9/22/2022 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; WVSX-OKJD, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 379 | 386 | 387 |
| &nbsp;&nbsp;&nbsp; WVT2-VN5G, 24.520%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 166 | 169 | 171 |
| &nbsp;&nbsp;&nbsp; WVT8-T9DX, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WVTA-060U, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WVTG-5NOG, 22.750%, 9/03/2025 †§x | Affirm | 3/28/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WVTY-GFW7, 30.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; WVTZ-RXPB, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 368 | 372 | 373 |
| &nbsp;&nbsp;&nbsp; WVU0-VCLM, 29.750%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; WVU5-VFMC, 29.590%, 10/03/2025 †§x | Affirm | 10/07/2024 | 205 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; WVUK-X63W, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; WVUM-9TZR, 22.750%, 9/18/2025 †§x | Affirm | 9/23/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WVUN-M6YS, 15.790%, 3/28/2024 †x#^ | Affirm | 10/06/2022 | 213 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; WVUQ-10Q7, 35.530%, 5/14/2026 †§x | Affirm | 11/27/2024 | 163 | 166 | 165 |
| &nbsp;&nbsp;&nbsp; WVUX-NE61, 29.610%, 11/20/2028 †§x | Affirm | 11/27/2024 | 1349 | 1448 | 1459 |
| &nbsp;&nbsp;&nbsp; WVUY-6DG1, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WVV3-MB50, 30.950%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 210 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; WVVJ-276I, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WVVM-H2NR, 29.540%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 100 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; WVVV-IGW3, 29.900%, 7/28/2023 †x#^ | Affirm | 2/02/2023 | 136 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; WVW2-U555, 29.720%, 1/09/2026 †§x | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WVW4-OMN3, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; WVWF-YQ8G, 23.000%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 418 | 428 | 427 |
| &nbsp;&nbsp;&nbsp; WVWG-8WXM, 35.460%, 12/28/2025 †§x | Affirm | 1/29/2025 | 39 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; WVWW-XADU, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WVX7-TSPU, 32.500%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 863 | 810 | 52 |
| &nbsp;&nbsp;&nbsp; WVX8-1SIW, 23.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 453 | 462 | 464 |
| &nbsp;&nbsp;&nbsp; WVXB-IWE6, 32.500%, 12/21/2025 †x# | Affirm | 6/27/2024 | 426 | 443 | 26 |
| &nbsp;&nbsp;&nbsp; WVXC-WT5Z, 29.580%, 10/23/2028 †§x | Affirm | 10/28/2024 | 1654 | 1777 | 1788 |
| &nbsp;&nbsp;&nbsp; WVXH-37UT, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 61 | 62 | 62 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8141** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WVXI-ONMO, 32.000%, 9/25/2025 †§x | Affirm | 9/30/2024 | $29 | $29 | $30 |
| &nbsp;&nbsp;&nbsp; WVXL-GJW0, 31.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 204 | 211 | 213 |
| &nbsp;&nbsp;&nbsp; WVXX-YW2W, 29.810%, 12/09/2025 †§x | Affirm | 12/27/2024 | 199 | 202 | 203 |
| &nbsp;&nbsp;&nbsp; WVXZ-NFSW, 31.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 261 | 261 | 260 |
| &nbsp;&nbsp;&nbsp; WVY8-M5Y2, 29.540%, 10/11/2025 †§x | Affirm | 4/15/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WVYN-S323, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WVYX-NVBL, 35.360%, 2/23/2026 †x# | Affirm | 8/29/2024 | 264 | 259 | 16 |
| &nbsp;&nbsp;&nbsp; WVZ0-OKLU, 6.295%, 1/03/2026 †§x« | Affirm | 1/29/2025 | 623 | 610 | 607 |
| &nbsp;&nbsp;&nbsp; WVZ4-CDVB, 29.390%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WVZ5-YE9Q, 35.390%, 3/13/2026 †x# | Affirm | 3/18/2024 | 508 | 517 | 30 |
| &nbsp;&nbsp;&nbsp; WVZ8-OVD4, 16.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 312 | 318 | 319 |
| &nbsp;&nbsp;&nbsp; WVZ9-CDO8, 15.740%, 5/06/2027 †§x | Affirm | 5/30/2025 | 663 | 698 | 703 |
| &nbsp;&nbsp;&nbsp; WVZG-V5CB, 35.210%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; WVZQ-F8SR, 24.400%, 2/12/2027 †§x | Affirm | 2/26/2025 | 408 | 428 | 431 |
| &nbsp;&nbsp;&nbsp; WVZX-J562, 26.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WW09-W2JC, 29.610%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 399 | 431 | 24 |
| &nbsp;&nbsp;&nbsp; WW0P-5TI7, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 489 | 500 | 503 |
| &nbsp;&nbsp;&nbsp; WW0U-9ISV, 29.620%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 1074 | 1054 | 64 |
| &nbsp;&nbsp;&nbsp; WW12-LBN0, 15.770%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 59 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; WW1L-YQV4, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 94 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; WW1S-C1Q0, 22.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 787 | 811 | 816 |
| &nbsp;&nbsp;&nbsp; WW2F-UI4M, 24.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 146 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; WW2M-EV9Y, 35.570%, 1/06/2026 †§x | Affirm | 1/29/2025 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WW2Q-J76G, 24.400%, 10/16/2025 †§x | Affirm | 4/19/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WW2R-9D7T, 33.950%, 3/03/2027 †§x# | Affirm | 3/28/2025 | 1405 | 1463 | 1482 |
| &nbsp;&nbsp;&nbsp; WW2X-X3GU, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; WW35-VL0G, 34.970%, 6/28/2025 †x#^ | Affirm | 3/31/2025 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; WW3C-RLCR, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 184 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; WW3E-LK6U, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 256 | 262 | 264 |
| &nbsp;&nbsp;&nbsp; WW3E-ZCBO, 28.500%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; WW3H-75O1, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 12 | 12 | 11 |
| &nbsp;&nbsp;&nbsp; WW3O-0H7W, 15.830%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 1108 | 1131 | 66 |
| &nbsp;&nbsp;&nbsp; WW3S-SP0K, 35.350%, 10/12/2025 †x# | Affirm | 4/18/2024 | 345 | 348 | 21 |
| &nbsp;&nbsp;&nbsp; WW3U-CH80, 26.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WW3Y-MV3E, 11.800%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 108 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; WW40-0RBC, 30.450%, 6/28/2026 †x# | Affirm | 1/29/2025 | 748 | 680 | 45 |
| &nbsp;&nbsp;&nbsp; WW41-PVK9, 6.778%, 11/22/2023 †x#^« | Affirm | 5/25/2023 | 601 | 582 | 36 |
| &nbsp;&nbsp;&nbsp; WW42-ER33, 32.000%, 12/28/2025 †§x# | Affirm | 1/02/2024 | 508 | 513 | 516 |
| &nbsp;&nbsp;&nbsp; WW43-R9N8, 29.360%, 9/02/2025 †§x | Affirm | 6/27/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WW4A-2FN2, 33.050%, 12/19/2028 †§x | Affirm | 12/27/2024 | 1886 | 2028 | 2046 |
| &nbsp;&nbsp;&nbsp; WW4A-39ZL, 15.850%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 426 | 448 | 26 |
| &nbsp;&nbsp;&nbsp; WW4A-UBKH, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 495 | 503 | 505 |
| &nbsp;&nbsp;&nbsp; WW4Z-ZD3D, 35.770%, 9/02/2025 †§x | Affirm | 6/27/2025 | 90 | 88 | 90 |
| &nbsp;&nbsp;&nbsp; WW54-VQPY, 30.950%, 9/16/2025 †§x | Affirm | 9/19/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WW56-G1YR, 29.520%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 345 | 362 | 21 |
| &nbsp;&nbsp;&nbsp; WW59-E0JF, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 129 | 133 | 135 |
| &nbsp;&nbsp;&nbsp; WW59-SYNH, 35.520%, 6/19/2026 †§x | Affirm | 12/27/2024 | 583 | 595 | 591 |
| &nbsp;&nbsp;&nbsp; WW5C-LVYW, 29.510%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; WW5N-07H5, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WW5O-E9CF, 35.780%, 3/03/2026 †§x | Affirm | 3/28/2025 | 46 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WW5O-LPQY, 29.620%, 9/26/2026 †§x | Affirm | 9/30/2024 | 446 | 443 | 450 |
| &nbsp;&nbsp;&nbsp; WW5O-T3HM, 34.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 353 | 351 | 349 |
| &nbsp;&nbsp;&nbsp; WW5R-JDVO, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; WW5X-X5DH, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 73 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; WW5Z-GTZS, 35.350%, 6/11/2024 †x#^ | Affirm | 12/14/2023 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; WW62-Z5SE, 35.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 633 | 602 | 605 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8142** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WW64-O1JA, 29.660%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | $221 | $227 | $13 |
| &nbsp;&nbsp;&nbsp; WW65-RCMW, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 97 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; WW66-Y4XR, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 628 | 640 | 638 |
| &nbsp;&nbsp;&nbsp; WW6B-1DT0, 35.450%, 5/01/2025 †x#^ | Affirm | 5/06/2024 | 490 | 506 | 29 |
| &nbsp;&nbsp;&nbsp; WW6B-LUVD, 35.350%, 10/18/2025 †x# | Affirm | 4/22/2024 | 111 | 115 | 32 |
| &nbsp;&nbsp;&nbsp; WW6J-10YU, 32.500%, 10/26/2025 †§x | Affirm | 5/02/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WW6U-X5XN, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WW6Z-OOIW, 35.160%, 1/08/2026 †§x | Affirm | 7/31/2025 | 99 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; WW72-LUY9, 29.630%, 1/09/2028 †§x# | Affirm | 1/29/2025 | 1041 | 1067 | 1077 |
| &nbsp;&nbsp;&nbsp; WW73-KB4D, 33.050%, 8/10/2026 †§x | Affirm | 2/26/2025 | 187 | 195 | 194 |
| &nbsp;&nbsp;&nbsp; WW7G-BXOK, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 452 | 453 | 458 |
| &nbsp;&nbsp;&nbsp; WW7I-2BCR, 35.460%, 8/19/2025 †§x#^ | Affirm | 8/22/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WW7J-UIHJ, 13.840%, 5/06/2026 †§x | Affirm | 5/30/2025 | 159 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; WW7N-HELJ, 35.440%, 4/09/2026 †§x# | Affirm | 4/12/2024 | 205 | 206 | 209 |
| &nbsp;&nbsp;&nbsp; WW7X-SBRT, 29.480%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 124 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; WW7Z-TY89, 25.000%, 4/03/2023 †x#^ | Affirm | 10/06/2022 | 12 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; WW86-CTX1, 29.610%, 3/20/2024 †x#^ | Affirm | 9/23/2022 | 310 | 324 | 19 |
| &nbsp;&nbsp;&nbsp; WW8G-U1IL, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 309 | 309 | 311 |
| &nbsp;&nbsp;&nbsp; WW8I-C0NX, 29.660%, 10/01/2025 †§x | Affirm | 10/04/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WW8M-A5IB, 8.998%, 10/21/2025 †§x« | Affirm | 10/24/2024 | 323 | 319 | 316 |
| &nbsp;&nbsp;&nbsp; WW8N-GQ8X, 29.490%, 5/01/2024 †x#^ | Affirm | 5/11/2023 | 279 | 263 | 17 |
| &nbsp;&nbsp;&nbsp; WW8Y-RTNR, 27.100%, 7/28/2025 †x#^ | Affirm | 8/04/2022 | 1072 | 1165 | 64 |
| &nbsp;&nbsp;&nbsp; WW95-X225, 35.320%, 7/22/2026 †x# | Affirm | 7/25/2024 | 484 | 480 | 29 |
| &nbsp;&nbsp;&nbsp; WW9D-RR2F, 22.750%, 12/02/2025 †§x | Affirm | 6/27/2025 | 130 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; WW9H-EX7A, 33.950%, 11/28/2025 †§x# | Affirm | 5/31/2024 | 174 | 171 | 177 |
| &nbsp;&nbsp;&nbsp; WW9P-9OCR, 33.050%, 12/20/2025 †§x | Affirm | 6/24/2024 | 305 | 309 | 309 |
| &nbsp;&nbsp;&nbsp; WW9V-YH25, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 157 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; WWAS-YTVR, 15.860%, 1/06/2026 †§x | Affirm | 1/29/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; WWAV-S4VW, 22.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; WWBB-375S, 35.500%, 9/28/2025 †§x | Affirm | 10/03/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WWBD-Z2YY, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 144 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; WWBE-IZHT, 29.550%, 10/11/2024 †x#^ | Affirm | 10/14/2022 | 175 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; WWBE-ZD4X, 33.290%, 3/03/2026 †§x | Affirm | 3/28/2025 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WWBF-Q1LQ, 35.550%, 1/13/2028 †§x | Affirm | 1/29/2025 | 2153 | 2124 | 2158 |
| &nbsp;&nbsp;&nbsp; WWBO-F47B, 18.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 168 | 172 | 24 |
| &nbsp;&nbsp;&nbsp; WWBS-LUWZ, 35.240%, 6/02/2026 †§x | Affirm | 6/27/2025 | 255 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; WWC3-8ZI5, 29.510%, 6/13/2023 †x#^ | Affirm | 4/18/2022 | 292 | 289 | 18 |
| &nbsp;&nbsp;&nbsp; WWCH-X2GX, 9.940%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; WWD1-MCWN, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; WWD4-VNE2, 22.720%, 12/10/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WWDC-LTZ6, 25.000%, 3/06/2023 †x#^ | Affirm | 9/09/2022 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; WWDD-2TPM, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 190 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; WWDL-OQNA, 22.900%, 6/24/2026 †§x# | Affirm | 6/27/2024 | 861 | 879 | 890 |
| &nbsp;&nbsp;&nbsp; WWDU-I705, 13.840%, 11/20/2028 †x | Affirm | 11/27/2024 | 2182 | 2335 | 2353 |
| &nbsp;&nbsp;&nbsp; WWDZ-C20Y, 35.270%, 7/08/2026 †§x | Affirm | 7/31/2025 | 161 | 159 | 160 |
| &nbsp;&nbsp;&nbsp; WWE0-QSQQ, 22.750%, 1/02/2026 †§x | Affirm | 1/29/2025 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; WWE8-C6RB, 33.050%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 32 | 34 | 8 |
| &nbsp;&nbsp;&nbsp; WWEB-5OUP, 15.760%, 12/24/2025 †§x | Affirm | 6/27/2024 | 292 | 296 | 297 |
| &nbsp;&nbsp;&nbsp; WWER-LAXF, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 216 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; WWEX-EQGY, 15.790%, 10/25/2025 †§x | Affirm | 10/31/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WWF1-2KVR, 35.260%, 5/06/2026 †§x | Affirm | 5/30/2025 | 69 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; WWF6-MPVS, 19.900%, 10/28/2025 †§x# | Affirm | 11/03/2022 | 507 | 510 | 512 |
| &nbsp;&nbsp;&nbsp; WWF8-05W9, 29.810%, 2/10/2023 †x#^ | Affirm | 2/14/2022 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; WWF8-7M8T, 22.610%, 1/08/2025 †x#^ | Affirm | 8/11/2023 | 203 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; WWFB-DKFP, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 229 | 238 | 237 |
| &nbsp;&nbsp;&nbsp; WWFL-CZEI, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 5 | 5 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8143** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WWFU-3VEK, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | $46 | $46 | $46 |
| &nbsp;&nbsp;&nbsp; WWFZ-IF3N, 33.050%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 355 | 366 | 373 |
| &nbsp;&nbsp;&nbsp; WWG2-B2GE, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; WWG5-424P, 22.900%, 10/02/2025 †§x | Affirm | 10/05/2023 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; WWG6-BS2J, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 256 | 261 | 263 |
| &nbsp;&nbsp;&nbsp; WWGC-Q2NF, 19.700%, 1/03/2027 †§x# | Affirm | 1/29/2025 | 535 | 554 | 557 |
| &nbsp;&nbsp;&nbsp; WWGD-9ME5, 32.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 171 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; WWGI-TVW0, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 497 | 507 | 30 |
| &nbsp;&nbsp;&nbsp; WWHF-OUHB, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 372 | 381 | 383 |
| &nbsp;&nbsp;&nbsp; WWHR-5WVY, 22.700%, 9/17/2027 †x | Affirm | 9/26/2024 | 3882 | 3970 | 4010 |
| &nbsp;&nbsp;&nbsp; WWHW-M3DL, 25.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WWI4-R1VA, 35.570%, 9/20/2025 †x# | Affirm | 9/26/2024 | 103 | 107 | 19 |
| &nbsp;&nbsp;&nbsp; WWI7-0208, 29.160%, 1/04/2024 †x#^ | Affirm | 1/07/2022 | 870 | 801 | 52 |
| &nbsp;&nbsp;&nbsp; WWI9-YC41, 24.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 174 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; WWIM-8T5A, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 214 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; WWIW-5AAK, 13.840%, 9/25/2025 †§x | Affirm | 9/30/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; WWIY-4EHI, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 61 | 56 | 60 |
| &nbsp;&nbsp;&nbsp; WWJ2-1ISE, 35.060%, 9/02/2025 †§x | Affirm | 6/27/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WWJ3-SAUC, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 137 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; WWJ5-YFAC, 15.760%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 227 | 224 | 14 |
| &nbsp;&nbsp;&nbsp; WWJ6-7BI9, 31.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WWJP-KEML, 25.990%, 2/10/2026 †§x | Affirm | 2/26/2025 | 454 | 466 | 468 |
| &nbsp;&nbsp;&nbsp; WWK1-IW6W, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1560 | 1551 | 1549 |
| &nbsp;&nbsp;&nbsp; WWK6-OPZK, 22.510%, 11/06/2025 †§x | Affirm | 5/30/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WWKC-KHPN, 29.700%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 451 | 467 | 27 |
| &nbsp;&nbsp;&nbsp; WWKE-QVO5, 35.710%, 2/06/2026 †§x | Affirm | 2/26/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WWKF-11M4, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 155 | 159 | 157 |
| &nbsp;&nbsp;&nbsp; WWKG-ZM2J, 35.560%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 80 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; WWKW-9B40, 29.890%, 7/18/2022 †x#^ | Affirm | 1/21/2022 | 119 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WWL5-V27H, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 153 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; WWLF-T8LE, 29.730%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp; WWLN-TXBV, 28.000%, 9/30/2022 †x#^ | Affirm | 4/04/2022 | 527 | 541 | 32 |
| &nbsp;&nbsp;&nbsp; WWLN-VIXP, 29.520%, 10/04/2025 †§x | Affirm | 10/10/2023 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; WWLP-6TDL, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 136 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; WWM6-QWPA, 22.560%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 161 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; WWMH-F2M2, 35.620%, 11/20/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WWMO-7VZT, 24.520%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; WWMX-CPUM, 35.340%, 7/08/2026 †§x | Affirm | 7/31/2025 | 121 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; WWN0-7LLG, 35.590%, 9/25/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WWN3-TFB9, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 310 | 316 | 19 |
| &nbsp;&nbsp;&nbsp; WWNG-Q0RN, 29.610%, 12/28/2025 †x# | Affirm | 1/29/2025 | 225 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; WWNI-FOUD, 25.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WWNN-8O0Q, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WWNQ-CHOE, 31.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 264 | 268 | 267 |
| &nbsp;&nbsp;&nbsp; WWO2-BRJB, 35.680%, 2/06/2026 †§x | Affirm | 2/26/2025 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; WWOI-VZRQ, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 502 | 528 | 30 |
| &nbsp;&nbsp;&nbsp; WWOJ-RQFQ, 35.510%, 7/05/2024 †x#^ | Affirm | 1/11/2024 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; WWOR-WGNJ, 33.950%, 10/22/2025 †§x# | Affirm | 10/25/2024 | 116 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; WWP1-VCN4, 28.000%, 9/15/2023 †x#^ | Affirm | 9/19/2022 | 167 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; WWP4-FGXO, 35.560%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; WWP6-OQJ5, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 137 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; WWP9-BRYC, 29.650%, 2/11/2029 †§x | Affirm | 2/26/2025 | 2046 | 2204 | 2232 |
| &nbsp;&nbsp;&nbsp; WWP9-WTZR, 35.310%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 54 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; WWPD-12Q1, 32.500%, 3/25/2026 †§x# | Affirm | 9/30/2024 | 224 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; WWPJ-JRMI, 35.370%, 6/18/2026 †x# | Affirm | 6/21/2024 | 956 | 948 | 215 |
| &nbsp;&nbsp;&nbsp; WWPX-1K0E, 35.270%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 53 | 53 | 53 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8144** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WWQA-48E7, 35.530%, 3/16/2025 †x#^ | Affirm | 9/19/2024 | $64 | $65 | $4 |
| &nbsp;&nbsp;&nbsp; WWQK-K9L8, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 233 | 236 | 235 |
| &nbsp;&nbsp;&nbsp; WWQN-BPOQ, 33.950%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; WWQO-3KQ4, 35.500%, 10/21/2025 †x# | Affirm | 10/24/2024 | 20 | 21 | 4 |
| &nbsp;&nbsp;&nbsp; WWQQ-V64H, 33.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WWQT-877Y, 31.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; WWR6-ZSJR, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 305 | 303 | 302 |
| &nbsp;&nbsp;&nbsp; WWR7-6XIH, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; WWR9-LHSB, 31.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 308 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; WWRA-KW70, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 727 | 740 | 742 |
| &nbsp;&nbsp;&nbsp; WWRW-OX2H, 35.000%, 4/26/2026 †x# | Affirm | 5/02/2024 | 2235 | 2062 | 134 |
| &nbsp;&nbsp;&nbsp; WWS6-HGLT, 29.620%, 1/06/2026 †§x | Affirm | 1/29/2025 | 122 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; WWSA-SUY3, 35.440%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 1104 | 1148 | 66 |
| &nbsp;&nbsp;&nbsp; WWSI-1NRQ, 14.780%, 8/26/2026 †§x | Affirm | 8/29/2024 | 215 | 214 | 215 |
| &nbsp;&nbsp;&nbsp; WWSO-QKIU, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 910 | 936 | 942 |
| &nbsp;&nbsp;&nbsp; WWSQ-G9RD, 25.000%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 166 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; WWSW-5NUE, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; WWSX-7P7B, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 132 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; WWT8-UMQE, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; WWTC-ZQPM, 28.000%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 63 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WWTG-QJ9N, 15.890%, 2/10/2026 †x | Affirm | 2/26/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WWTK-G84E, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 142 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; WWTL-2JQM, 28.000%, 9/08/2023 †x#^ | Affirm | 9/12/2022 | 270 | 282 | 16 |
| &nbsp;&nbsp;&nbsp; WWTR-IQ57, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WWU0-06HH, 35.200%, 11/23/2024 †x#^ | Affirm | 5/28/2024 | 4296 | 4076 | 258 |
| &nbsp;&nbsp;&nbsp; WWUP-FN19, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 101 | 102 | 101 |
| &nbsp;&nbsp;&nbsp; WWUQ-YNK9, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 61 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; WWUW-H0S9, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 141 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; WWV0-MO56, 35.380%, 6/05/2024 †x#^ | Affirm | 6/15/2023 | 1165 | 1140 | 70 |
| &nbsp;&nbsp;&nbsp; WWV3-V4DJ, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 194 | 194 | 196 |
| &nbsp;&nbsp;&nbsp; WWV4-HE0G, 10.840%, 10/13/2025 †§x# | Affirm | 10/17/2022 | 211 | 211 | 211 |
| &nbsp;&nbsp;&nbsp; WWV5-7KR1, 23.400%, 2/05/2026 †§x | Affirm | 2/26/2025 | 186 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; WWVE-1TST, 28.500%, 8/09/2022 †x#^ | Affirm | 2/14/2022 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp; WWVG-OAFS, 35.370%, 12/24/2025 †§x | Affirm | 6/27/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; WWVP-85JP, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 186 | 188 | 186 |
| &nbsp;&nbsp;&nbsp; WWVQ-1NLR, 29.700%, 1/09/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; WWVU-EQI9, 35.460%, 6/17/2026 †§x | Affirm | 6/21/2024 | 499 | 496 | 497 |
| &nbsp;&nbsp;&nbsp; WWVV-8VBY, 29.520%, 10/02/2025 †§x# | Affirm | 10/05/2023 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WWVZ-QZ26, 29.100%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 1081 | 1119 | 65 |
| &nbsp;&nbsp;&nbsp; WWW5-GF6H, 23.400%, 12/27/2025 †§x# | Affirm | 1/02/2024 | 348 | 351 | 352 |
| &nbsp;&nbsp;&nbsp; WWW9-9PSI, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 303 | 309 | 310 |
| &nbsp;&nbsp;&nbsp; WWWG-0GD9, 23.400%, 9/23/2026 †§x | Affirm | 9/26/2024 | 315 | 325 | 326 |
| &nbsp;&nbsp;&nbsp; WWWM-KLA4, 29.630%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; WWWQ-IHG5, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WWX5-A47H, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 19 |
| &nbsp;&nbsp;&nbsp; WWXB-H21M, 31.000%, 9/26/2025 †x# | Affirm | 9/30/2024 | 80 | 83 | 11 |
| &nbsp;&nbsp;&nbsp; WWXT-OW99, 35.370%, 9/13/2025 †§x# | Affirm | 3/18/2024 | 92 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; WWXV-CRK8, 29.510%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 339 | 334 | 20 |
| &nbsp;&nbsp;&nbsp; WWYB-9UK7, 33.300%, 2/10/2026 †§x | Affirm | 2/26/2025 | 113 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; WWYK-HWHF, 35.530%, 5/15/2026 †§x | Affirm | 11/27/2024 | 273 | 277 | 275 |
| &nbsp;&nbsp;&nbsp; WWYL-EK6N, 24.680%, 12/16/2025 †§x | Affirm | 12/27/2024 | 89 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; WWZE-0CPT, 35.000%, 9/20/2025 †§x | Affirm | 9/26/2024 | 288 | 288 | 288 |
| &nbsp;&nbsp;&nbsp; WWZK-GHQM, 35.740%, 2/10/2026 †x | Affirm | 2/26/2025 | 166 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; WWZK-H2M5, 29.560%, 9/28/2025 †x# | Affirm | 10/05/2023 | 391 | 410 | 23 |
| &nbsp;&nbsp;&nbsp; WWZT-U7RN, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 752 | 765 | 768 |
| &nbsp;&nbsp;&nbsp; WWZU-0DAD, 30.000%, 4/21/2025 †x#^ | Affirm | 4/27/2023 | 532 | 567 | 32 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8145** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WWZY-TE3B, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $143 | $145 | $145 |
| &nbsp;&nbsp;&nbsp; WX01-XYJV, 33.050%, 10/08/2025 †§x | Affirm | 7/31/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WX05-0YAN, 32.000%, 5/22/2026 †§x | Affirm | 5/28/2024 | 596 | 605 | 611 |
| &nbsp;&nbsp;&nbsp; WX0G-0JJ2, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 228 | 232 | 232 |
| &nbsp;&nbsp;&nbsp; WX0L-HAG9, 35.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; WX0M-W5FF, 35.670%, 2/05/2026 †x# | Affirm | 2/26/2025 | 175 | 173 |  |
| &nbsp;&nbsp;&nbsp; WX10-SDQH, 21.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 715 | 724 | 725 |
| &nbsp;&nbsp;&nbsp; WX13-YLU7, 35.590%, 6/12/2025 †x#^ | Affirm | 12/27/2024 | 187 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; WX16-UMKY, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WX16-YIBO, 30.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 78 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; WX1C-FAOZ, 29.680%, 7/13/2023 †x#^ | Affirm | 1/21/2022 | 139 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; WX1N-CTVB, 28.500%, 11/04/2022 †x#^ | Affirm | 5/09/2022 | 106 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; WX1N-GDE9, 5.541%, 6/27/2022 †x#^« | Affirm | 12/30/2021 | 265 | 264 | 16 |
| &nbsp;&nbsp;&nbsp; WX1Z-BSQU, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; WX20-DIKS, 29.510%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 78 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; WX22-1WZR, 28.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 131 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; WX2B-TU3N, 35.320%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 103 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; WX2D-SIFR, 15.730%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 139 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; WX2L-MB5V, 35.350%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; WX2T-WC2K, 33.950%, 11/07/2025 †§x | Affirm | 8/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WX2Y-6ASJ, 22.680%, 12/11/2025 †§x | Affirm | 12/27/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WX34-7FLE, 35.480%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 399 | 408 | 24 |
| &nbsp;&nbsp;&nbsp; WX34-PQ00, 15.840%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 197 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; WX36-8K7G, 15.780%, 4/12/2024 †x#^ | Affirm | 10/17/2022 | 46 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; WX3P-C32U, 15.760%, 4/15/2026 †§x | Affirm | 4/18/2024 | 199 | 202 | 203 |
| &nbsp;&nbsp;&nbsp; WX3U-W9QD, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 269 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; WX3Z-0J8G, 29.700%, 6/02/2023 †x#^ | Affirm | 6/06/2022 | 254 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; WX47-AODM, 27.900%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 130 | 130 | 13 |
| &nbsp;&nbsp;&nbsp; WX4R-IMZP, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WX4R-Q8AL, 18.000%, 12/28/2025 †x# | Affirm | 1/05/2024 | 483 | 507 | 25 |
| &nbsp;&nbsp;&nbsp; WX4S-7LAR, 35.210%, 12/02/2025 †§x | Affirm | 6/27/2025 | 75 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; WX4U-8L46, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WX57-JK99, 35.360%, 10/17/2025 †x# | Affirm | 4/22/2024 | 173 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; WX5I-GI6S, 29.810%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 77 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; WX5K-8O97, 29.290%, 1/12/2023 †x#^ | Affirm | 7/15/2022 | 87 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; WX5S-35H5, 29.000%, 5/18/2024 †x#^ | Affirm | 11/10/2022 | 75 | 78 | 4 |
| &nbsp;&nbsp;&nbsp; WX5U-1Z91, 35.470%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 280 | 265 | 17 |
| &nbsp;&nbsp;&nbsp; WX63-LGKQ, 30.000%, 5/03/2023 †x#^ | Affirm | 11/07/2022 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; WX6Q-S3KT, 35.350%, 7/22/2025 †x#^ | Affirm | 7/25/2024 | 681 | 682 | 41 |
| &nbsp;&nbsp;&nbsp; WX6U-88TR, 29.490%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 197 | 191 | 12 |
| &nbsp;&nbsp;&nbsp; WX6V-YU30, 31.200%, 6/06/2024 †x#^ | Affirm | 6/09/2023 | 1303 | 1214 | 78 |
| &nbsp;&nbsp;&nbsp; WX72-ZSYD, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WX7E-F6FQ, 35.380%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 171 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; WX7E-OG0L, 13.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; WX7G-Q7UO, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 3139 | 3117 | 3128 |
| &nbsp;&nbsp;&nbsp; WX7J-RQTF, 29.620%, 12/28/2023 †x#^ | Affirm | 1/06/2023 | 109 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; WX7K-P9RQ, 32.500%, 12/28/2026 †x# | Affirm | 1/29/2025 | 1448 | 1427 | 87 |
| &nbsp;&nbsp;&nbsp; WX7M-YJ8V, 35.580%, 9/28/2025 †x# | Affirm | 10/03/2024 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; WX7R-1V9G, 29.650%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 311 | 327 | 19 |
| &nbsp;&nbsp;&nbsp; WX7U-9YS2, 28.500%, 5/10/2024 †x#^ | Affirm | 11/17/2022 | 101 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WX80-IMEG, 28.000%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 1117 | 1168 | 67 |
| &nbsp;&nbsp;&nbsp; WX82-71Z6, 26.200%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 126 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; WX82-ES5V, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 148 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; WX85-H4UV, 29.660%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 249 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; WX8B-UY1Z, 29.610%, 12/10/2025 †§x# | Affirm | 12/27/2024 | 65 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; WX8E-JFDI, 32.000%, 12/09/2025 †§x | Affirm | 12/27/2024 | 127 | 129 | 130 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8146** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WX8H-FLWO, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | $122 | $123 | $123 |
| &nbsp;&nbsp;&nbsp; WX8K-19UO, 29.610%, 11/04/2024 †x#^ | Affirm | 11/10/2022 | 457 | 482 | 27 |
| &nbsp;&nbsp;&nbsp; WX8T-MY4D, 28.500%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 1467 | 1518 | 88 |
| &nbsp;&nbsp;&nbsp; WX8T-S3BZ, 30.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 320 | 331 | 331 |
| &nbsp;&nbsp;&nbsp; WX8V-2A9W, 27.100%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 41 | 43 | 2 |
| &nbsp;&nbsp;&nbsp; WX8V-GR7X, 35.220%, 11/06/2025 †§x | Affirm | 5/30/2025 | 78 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; WX8V-YICU, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; WX94-7UGX, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 452 | 465 | 463 |
| &nbsp;&nbsp;&nbsp; WX9B-VIEE, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 122 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; WX9Q-93UV, 15.940%, 9/24/2022 †x#^ | Affirm | 1/27/2022 | 445 | 447 | 27 |
| &nbsp;&nbsp;&nbsp; WXA7-WCGY, 29.640%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 237 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; WXAA-R777, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 161 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; WXAJ-BQNJ, 35.390%, 8/16/2026 †x# | Affirm | 8/22/2024 | 584 | 579 |  |
| &nbsp;&nbsp;&nbsp; WXAN-8H9H, 29.650%, 5/22/2023 †x#^ | Affirm | 11/26/2021 | 280 | 268 | 17 |
| &nbsp;&nbsp;&nbsp; WXAT-1BWQ, 35.650%, 1/02/2026 †§x | Affirm | 1/29/2025 | 177 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; WXAV-X2OJ, 21.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 158 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; WXAX-HNUL, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 389 | 398 | 400 |
| &nbsp;&nbsp;&nbsp; WXAZ-EL90, 35.971%, 12/07/2023 †x#^ | Affirm | 9/11/2023 | 165 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; WXBN-9S34, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 1667 | 1655 | 1666 |
| &nbsp;&nbsp;&nbsp; WXBT-22H2, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 194 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; WXC3-6D9Q, 29.580%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 137 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; WXCB-0BGJ, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WXCD-KGLO, 29.440%, 2/03/2025 †x#^ | Affirm | 8/07/2023 | 160 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; WXCE-FEOI, 28.970%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 655 | 695 | 39 |
| &nbsp;&nbsp;&nbsp; WXCJ-8VLG, 35.440%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; WXCX-3W7M, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; WXD8-FYD6, 23.400%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 443 | 458 | 459 |
| &nbsp;&nbsp;&nbsp; WXD9-NT3P, 35.610%, 11/23/2023 †x#^ | Affirm | 11/28/2022 | 623 | 636 | 37 |
| &nbsp;&nbsp;&nbsp; WXDJ-8O7L, 29.530%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; WXDO-XAQT, 35.190%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; WXDP-E9WQ, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 77 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; WXDU-3J44, 22.750%, 2/07/2027 †§x | Affirm | 2/26/2025 | 409 | 428 | 432 |
| &nbsp;&nbsp;&nbsp; WXDU-K0LR, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 150 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; WXE2-1R8I, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; WXE3-RAK4, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WXE4-107D, 35.520%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; WXED-XJUV, 19.700%, 9/05/2025 †§x | Affirm | 9/08/2023 | 144 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; WXEJ-G9CL, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WXEL-VU8F, 35.370%, 9/23/2025 †x# | Affirm | 8/29/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WXEW-ON9W, 29.620%, 9/23/2026 †§x | Affirm | 9/26/2024 | 1211 | 1249 | 1253 |
| &nbsp;&nbsp;&nbsp; WXF9-6YBF, 35.480%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; WXFH-5A8O, 11.870%, 1/09/2026 †§x | Affirm | 1/29/2025 | 146 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; WXFS-N5V2, 11.840%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WXFU-S1RW, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WXFX-NSIL, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; WXG1-ABIR, 33.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 26 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; WXGD-W1N3, 29.000%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 526 | 552 | 32 |
| &nbsp;&nbsp;&nbsp; WXGM-GCKY, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 322 | 328 | 329 |
| &nbsp;&nbsp;&nbsp; WXGT-OL8O, 29.620%, 2/20/2026 †§x | Affirm | 2/23/2024 | 175 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; WXH8-BVPW, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; WXHG-7R21, 29.800%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 104 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WXHG-RNAN, 13.840%, 3/23/2026 †§x | Affirm | 9/26/2024 | 176 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; WXHM-C06B, 29.420%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 304 | 319 | 18 |
| &nbsp;&nbsp;&nbsp; WXHQ-0QI2, 11.810%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; WXHR-Y6OJ, 15.790%, 9/17/2025 †§x | Affirm | 9/20/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; WXHW-3JZ1, 33.050%, 11/15/2025 †x# | Affirm | 11/27/2024 | 131 | 138 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8147** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WXI6-S77M, 7.180%, 9/04/2025 †§x« | Affirm | 3/28/2025 | $61 | $60 | $61 |
| &nbsp;&nbsp;&nbsp; WXIA-9SB4, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; WXIP-PZ8P, 11.820%, 4/15/2027 †§x | Affirm | 4/18/2024 | 815 | 823 | 828 |
| &nbsp;&nbsp;&nbsp; WXIP-UB9O, 25.990%, 3/28/2026 †§x | Affirm | 4/22/2025 | 151 | 154 | 157 |
| &nbsp;&nbsp;&nbsp; WXIU-N2KO, 35.570%, 5/20/2026 †§x | Affirm | 11/27/2024 | 193 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; WXIV-WYGG, 15.720%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 264 | 282 | 16 |
| &nbsp;&nbsp;&nbsp; WXJ8-0VB0, 27.670%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 127 | 124 | 8 |
| &nbsp;&nbsp;&nbsp; WXJA-1OBS, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; WXJQ-RBBM, 16.700%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 164 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; WXJR-TMXI, 29.450%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 685 | 677 | 41 |
| &nbsp;&nbsp;&nbsp; WXJT-OBR3, 35.110%, 11/06/2025 †§x | Affirm | 5/30/2025 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; WXJY-RWCF, 35.390%, 8/23/2026 †§x | Affirm | 8/29/2024 | 1238 | 1229 | 1247 |
| &nbsp;&nbsp;&nbsp; WXK1-S7CM, 15.800%, 12/12/2025 †§x | Affirm | 12/27/2024 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; WXKB-UD2D, 35.480%, 4/21/2026 †§x | Affirm | 10/24/2024 | 403 | 409 | 406 |
| &nbsp;&nbsp;&nbsp; WXKJ-CHYX, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 200 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; WXL2-SJ8O, 22.860%, 2/06/2026 †x# | Affirm | 2/26/2025 | 222 | 220 | 33 |
| &nbsp;&nbsp;&nbsp; WXL4-N0R2, 35.000%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 697 | 648 | 42 |
| &nbsp;&nbsp;&nbsp; WXL5-TB5Z, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; WXL9-4TNY, 35.590%, 6/11/2025 †x#^ | Affirm | 12/27/2024 | 131 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; WXLB-GYWI, 29.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 2139 | 2180 | 128 |
| &nbsp;&nbsp;&nbsp; WXLM-XOAY, 15.288%, 6/24/2022 †x#^« | Affirm | 12/30/2021 | 51 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; WXLT-MNJE, 22.610%, 5/05/2026 †§x | Affirm | 5/11/2023 | 444 | 451 | 454 |
| &nbsp;&nbsp;&nbsp; WXMJ-WYCA, 19.900%, 3/22/2024 †x#^ | Affirm | 9/26/2022 | 66 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; WXMS-UQ9L, 29.580%, 4/24/2026 †§x | Affirm | 10/28/2024 | 192 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; WXN6-VCJO, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 25 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; WXNC-ZD1E, 35.250%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 128 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; WXNQ-W1ZY, 28.000%, 10/21/2024 †x#^ | Affirm | 10/27/2022 | 1052 | 1147 | 63 |
| &nbsp;&nbsp;&nbsp; WXO8-UMXJ, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WXOQ-10YG, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 96 |
| &nbsp;&nbsp;&nbsp; WXP0-KRT5, 11.830%, 10/22/2025 †§x | Affirm | 10/25/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WXP1-N22T, 26.900%, 8/07/2026 †§x | Affirm | 8/29/2025 | 182 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; WXP2-SFM3, 15.790%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 234 | 232 | 234 |
| &nbsp;&nbsp;&nbsp; WXP3-HFYW, 33.950%, 11/06/2025 †§x | Affirm | 5/09/2024 | 453 | 456 | 454 |
| &nbsp;&nbsp;&nbsp; WXPA-849R, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WXPQ-5QAF, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WXPR-06M2, 23.400%, 4/28/2026 †x# | Affirm | 10/31/2024 | 1413 | 1441 | 1447 |
| &nbsp;&nbsp;&nbsp; WXPU-HKSJ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WXPU-WF59, 15.890%, 3/03/2026 †x | Affirm | 3/28/2025 | 344 | 342 | 343 |
| &nbsp;&nbsp;&nbsp; WXPZ-AQPK, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WXQA-4XYY, 18.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 3866 | 3957 | 3980 |
| &nbsp;&nbsp;&nbsp; WXQC-0BY5, 33.950%, 12/25/2025 †x# | Affirm | 6/28/2024 | 306 | 325 | 18 |
| &nbsp;&nbsp;&nbsp; WXQF-X5J1, 22.750%, 6/02/2026 †§x | Affirm | 6/27/2025 | 219 | 225 | 226 |
| &nbsp;&nbsp;&nbsp; WXQF-YTAY, 24.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; WXQR-QAZM, 35.520%, 7/03/2026 †§x | Affirm | 1/29/2025 | 140 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; WXR0-ZB0Y, 28.000%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 148 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; WXR6-6ZXX, 33.050%, 7/03/2026 †§x | Affirm | 1/29/2025 | 234 | 242 | 240 |
| &nbsp;&nbsp;&nbsp; WXR9-UTJD, 29.660%, 9/24/2025 †§x | Affirm | 9/27/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WXRF-CB4A, 35.640%, 1/06/2026 †x | Affirm | 1/29/2025 | 161 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; WXRQ-UUI0, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WXRW-M42O, 35.420%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WXS0-U0OC, 29.610%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; WXS1-WVDX, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WXS8-04OX, 24.600%, 3/24/2025 †x#^ | Affirm | 9/27/2024 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; WXSA-4908, 15.760%, 6/25/2026 †§x# | Affirm | 6/28/2024 | 207 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; WXSF-T9QH, 29.160%, 1/18/2024 †x#^ | Affirm | 1/21/2022 | 433 | 400 | 26 |
| &nbsp;&nbsp;&nbsp; WXSK-B85U, 35.330%, 5/20/2025 †x#^ | Affirm | 5/24/2024 | 42 | 42 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8148** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WXSL-SVYT, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | $56 | $57 | $57 |
| &nbsp;&nbsp;&nbsp; WXSO-P1YN, 35.240%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; WXSP-6QD0, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; WXSS-IFH6, 29.710%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 872 | 867 | 519 |
| &nbsp;&nbsp;&nbsp; WXT3-0HFW, 29.560%, 10/28/2024 †x#^ | Affirm | 11/03/2022 | 639 | 696 | 38 |
| &nbsp;&nbsp;&nbsp; WXT9-78V4, 31.489%, 10/10/2024 †x#^ | Affirm | 4/15/2024 | 99 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WXTG-I9K9, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 252 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; WXTH-4Q69, 27.500%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 117 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WXU6-HB0K, 13.840%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 154 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; WXUN-L0RZ, 29.430%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WXUO-DSFD, 29.490%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 204 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; WXUP-B01F, 29.450%, 5/28/2023 †x#^ | Affirm | 6/09/2022 | 340 | 357 | 20 |
| &nbsp;&nbsp;&nbsp; WXUW-INOQ, 13.943%, 3/28/2025 †x#^« | Affirm | 10/03/2024 | 816 | 766 | 49 |
| &nbsp;&nbsp;&nbsp; WXV6-R3P9, 15.700%, 5/06/2026 †§x | Affirm | 5/30/2025 | 763 | 783 | 787 |
| &nbsp;&nbsp;&nbsp; WXVP-4U58, 29.510%, 9/05/2025 †x# | Affirm | 6/08/2023 | 437 | 435 | 26 |
| &nbsp;&nbsp;&nbsp; WXVR-KQ41, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; WXVX-U47X, 29.630%, 3/26/2026 †§x | Affirm | 9/30/2024 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; WXX0-D8XT, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 690 | 721 | 732 |
| &nbsp;&nbsp;&nbsp; WXX1-86CO, 23.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; WXX5-SMFW, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 281 | 285 | 285 |
| &nbsp;&nbsp;&nbsp; WXX8-4AZL, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 327 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; WXX8-JJ5L, 35.380%, 12/03/2024 †x#^ | Affirm | 7/07/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; WXXB-1NL2, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 204 | 211 | 213 |
| &nbsp;&nbsp;&nbsp; WXXF-T1EH, 35.310%, 3/20/2026 †x# | Affirm | 3/28/2025 | 175 | 175 | 39 |
| &nbsp;&nbsp;&nbsp; WXXG-9CDA, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 163 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; WXY7-ETLI, 27.500%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; WXYD-UC8U, 33.050%, 9/28/2025 †§x | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; WXYI-YIU2, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 110 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; WXYK-FNX4, 29.140%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 73 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; WXYK-OSBF, 29.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WXYS-ASIX, 35.720%, 10/02/2025 †§x | Affirm | 10/07/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; WXYV-H123, 35.000%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 241 | 241 | 14 |
| &nbsp;&nbsp;&nbsp; WXZ2-XGT8, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WXZ5-86DF, 35.500%, 12/25/2024 †x#^ | Affirm | 9/30/2024 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; WXZ6-FS09, 35.480%, 10/28/2025 †x# | Affirm | 10/31/2024 | 120 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; WXZB-4E0Z, 35.650%, 1/27/2026 †x# | Affirm | 2/26/2025 | 339 | 334 | 20 |
| &nbsp;&nbsp;&nbsp; WXZD-35ND, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 229 | 241 | 14 |
| &nbsp;&nbsp;&nbsp; WXZZ-MG3S, 29.830%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; WY06-FK2K, 35.670%, 2/07/2026 †x | Affirm | 2/26/2025 | 220 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; WY07-72RO, 22.700%, 10/21/2025 †x# | Affirm | 10/24/2024 | 48 | 48 | 5 |
| &nbsp;&nbsp;&nbsp; WY09-WNXG, 22.610%, 12/02/2025 †§x | Affirm | 6/27/2025 | 152 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; WY0D-ATZO, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WY0H-5RUH, 29.910%, 7/28/2022 †x#^ | Affirm | 2/03/2022 | 196 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; WY0H-BG8Z, 29.500%, 4/03/2023 †x#^ | Affirm | 1/06/2023 | 404 | 396 | 24 |
| &nbsp;&nbsp;&nbsp; WY0M-H41C, 29.470%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 159 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; WY0O-F1ZF, 35.310%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 532 | 530 | 32 |
| &nbsp;&nbsp;&nbsp; WY14-FFI5, 33.000%, 2/10/2027 †§x | Affirm | 2/26/2025 | 450 | 446 | 453 |
| &nbsp;&nbsp;&nbsp; WY1J-W3L8, 29.540%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 304 | 301 | 18 |
| &nbsp;&nbsp;&nbsp; WY1O-U5YA, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 102 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; WY21-IU5E, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WY24-F2TS, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 149 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; WY2A-2CR7, 33.950%, 10/25/2025 †x# | Affirm | 10/31/2024 | 66 | 69 | 19 |
| &nbsp;&nbsp;&nbsp; WY2H-T10W, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; WY2J-164L, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WY2N-CNLZ, 35.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 330 | 325 | 328 |
| &nbsp;&nbsp;&nbsp; WY2O-2VCT, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 57 | 58 | 57 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8149** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WY2S-XJL5, 29.810%, 2/06/2026 †§x# | Affirm | 2/26/2025 | $174 | $179 | $106 |
| &nbsp;&nbsp;&nbsp; WY2U-FTWV, 35.460%, 8/04/2026 †§x | Affirm | 8/29/2025 | 937 | 920 | 920 |
| &nbsp;&nbsp;&nbsp; WY2Z-YKDM, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 17 | 17 | 3 |
| &nbsp;&nbsp;&nbsp; WY30-LC7E, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 299 | 303 | 302 |
| &nbsp;&nbsp;&nbsp; WY33-7683, 35.470%, 2/02/2025 †x#^ | Affirm | 10/05/2023 | 162 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; WY34-LJDP, 9.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 230 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; WY38-W76N, 35.320%, 9/28/2025 †§x | Affirm | 3/31/2025 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; WY3D-TS68, 31.000%, 4/24/2025 †x#^ | Affirm | 4/27/2023 | 1136 | 1167 | 68 |
| &nbsp;&nbsp;&nbsp; WY3D-U7QG, 15.750%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WY3Q-S2ON, 33.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 209 | 216 | 210 |
| &nbsp;&nbsp;&nbsp; WY3T-ANOO, 21.900%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 528 | 555 | 32 |
| &nbsp;&nbsp;&nbsp; WY3W-KEGE, 28.000%, 4/07/2024 †x#^ | Affirm | 10/14/2022 | 295 | 316 | 18 |
| &nbsp;&nbsp;&nbsp; WY4E-V3J2, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 691 | 709 | 713 |
| &nbsp;&nbsp;&nbsp; WY4H-0O9K, 16.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1656 | 1676 | 1679 |
| &nbsp;&nbsp;&nbsp; WY4I-VKBT, 15.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WY4K-TFO4, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 300 | 303 | 303 |
| &nbsp;&nbsp;&nbsp; WY4O-KFMJ, 29.810%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; WY4T-IVOX, 35.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; WY4T-NIUJ, 30.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 198 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; WY50-LOEN, 35.490%, 2/10/2027 †§x | Affirm | 2/26/2025 | 593 | 588 | 599 |
| &nbsp;&nbsp;&nbsp; WY55-0WPI, 29.410%, 3/03/2026 †§x | Affirm | 3/28/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WY56-N0S2, 28.500%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 147 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; WY5H-F2X8, 24.520%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 154 | 157 | 160 |
| &nbsp;&nbsp;&nbsp; WY5P-2ERJ, 15.840%, 1/08/2026 †x | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WY5U-MLYS, 15.760%, 4/16/2026 †§x | Affirm | 4/19/2024 | 287 | 291 | 292 |
| &nbsp;&nbsp;&nbsp; WY67-ZLVB, 33.050%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WY6K-M1QR, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; WY6M-L467, 35.750%, 8/16/2024 †x#^ | Affirm | 2/23/2024 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; WY6O-JP97, 29.000%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; WY6V-JPO0, 33.050%, 10/21/2025 †§x | Affirm | 10/24/2024 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; WY6V-X86F, 33.050%, 4/28/2026 †§x | Affirm | 10/31/2024 | 297 | 305 | 305 |
| &nbsp;&nbsp;&nbsp; WY7E-8SXU, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WY7F-7BUY, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; WY7F-G4LU, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; WY7J-TW6E, 35.580%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 107 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; WY7N-OI37, 24.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 220 | 225 | 226 |
| &nbsp;&nbsp;&nbsp; WY7S-C7FN, 35.380%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 150 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; WY7Y-MEC6, 29.490%, 5/24/2026 †§x | Affirm | 5/30/2023 | 428 | 437 | 439 |
| &nbsp;&nbsp;&nbsp; WY81-6WCH, 29.390%, 8/03/2024 †x#^ | Affirm | 8/07/2023 | 23 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; WY81-DQCP, 24.900%, 2/02/2024 †x#^ | Affirm | 2/06/2023 | 100 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; WY87-73GJ, 29.560%, 11/04/2024 †x#^ | Affirm | 11/10/2022 | 493 | 520 | 30 |
| &nbsp;&nbsp;&nbsp; WY8D-5GQA, 29.520%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 266 | 275 | 16 |
| &nbsp;&nbsp;&nbsp; WY8O-DZ2H, 29.690%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 393 | 407 | 408 |
| &nbsp;&nbsp;&nbsp; WY8U-I0K1, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; WY8Y-HWXU, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WY90-LCLJ, 29.630%, 12/28/2025 †x# | Affirm | 1/29/2025 | 85 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; WY9J-4LYO, 29.620%, 2/26/2026 †§x | Affirm | 2/29/2024 | 165 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; WY9N-K3RM, 33.270%, 2/10/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; WY9W-P532, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 100 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; WY9X-B7IC, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 111 | 111 | 113 |
| &nbsp;&nbsp;&nbsp; WY9Z-HUS2, 15.640%, 2/06/2026 †§x | Affirm | 8/29/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; WYA7-PWTD, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 120 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; WYAB-63YE, 23.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 201 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; WYAE-55V9, 21.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WYAF-15F3, 29.570%, 11/20/2025 †x# | Affirm | 11/24/2023 | 262 | 263 | 16 |
| &nbsp;&nbsp;&nbsp; WYAX-1ETZ, 35.540%, 9/18/2026 †§x | Affirm | 9/23/2024 | 1192 | 1184 | 1195 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8150** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WYAZ-B53S, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | $44 | $44 | $44 |
| &nbsp;&nbsp;&nbsp; WYB2-8B46, 30.950%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 142 | 145 | 20 |
| &nbsp;&nbsp;&nbsp; WYB2-AZSU, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WYB9-CXC8, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 120 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; WYB9-MUBA, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 298 | 303 | 301 |
| &nbsp;&nbsp;&nbsp; WYBE-2R8H, 13.840%, 10/16/2025 †§x | Affirm | 4/19/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; WYBF-40ZU, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1089 | 1071 | 1068 |
| &nbsp;&nbsp;&nbsp; WYBF-YG73, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 184 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; WYBV-KE6X, 29.790%, 3/03/2026 †§x | Affirm | 3/28/2025 | 121 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; WYC2-MNC6, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WYCA-OGNX, 29.510%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 305 | 320 | 18 |
| &nbsp;&nbsp;&nbsp; WYCC-5A12, 29.820%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 32 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; WYCK-FW0J, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; WYCO-K744, 13.840%, 11/02/2025 †§x# | Affirm | 5/06/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WYCQ-8JTU, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 434 | 445 | 447 |
| &nbsp;&nbsp;&nbsp; WYCR-AAHB, 27.500%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 40 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; WYDA-EJ4A, 35.210%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 149 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; WYDA-HNNT, 24.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 633 | 638 | 638 |
| &nbsp;&nbsp;&nbsp; WYDB-K3DO, 29.490%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 59 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WYDX-X21H, 35.570%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 141 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; WYDY-GPIW, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 173 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; WYE5-H467, 35.550%, 1/10/2028 †§x | Affirm | 1/29/2025 | 1983 | 1953 | 1984 |
| &nbsp;&nbsp;&nbsp; WYE7-LFM0, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 213 | 217 | 218 |
| &nbsp;&nbsp;&nbsp; WYE9-0YUN, 35.410%, 3/01/2024 †x#^ | Affirm | 12/07/2023 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; WYE9-ZOC7, 15.830%, 7/03/2026 †§x | Affirm | 1/29/2025 | 361 | 357 | 358 |
| &nbsp;&nbsp;&nbsp; WYEA-X4D1, 35.440%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 77 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; WYEE-ZDX5, 28.500%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 104 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; WYEG-UBWY, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WYEJ-3MCH, 23.400%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 1692 | 1722 | 1728 |
| &nbsp;&nbsp;&nbsp; WYEK-31DO, 29.710%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; WYEK-EBXH, 27.100%, 12/12/2024 †x#^ | Affirm | 12/15/2022 | 1531 | 1654 | 92 |
| &nbsp;&nbsp;&nbsp; WYEM-D5LR, 25.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WYEQ-58N2, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 250 | 246 | 249 |
| &nbsp;&nbsp;&nbsp; WYEQ-DPEG, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; WYF0-L215, 29.020%, 6/07/2025 †x#^ | Affirm | 6/12/2023 | 2691 | 2681 | 161 |
| &nbsp;&nbsp;&nbsp; WYF1-QRMR, 35.590%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 359 | 345 | 22 |
| &nbsp;&nbsp;&nbsp; WYF2-HYIJ, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 150 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; WYF7-4XHA, 29.590%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 162 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; WYFU-20EQ, 35.290%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 11 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; WYFU-4U5M, 29.630%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; WYFU-WRTT, 35.380%, 8/27/2026 †x# | Affirm | 8/30/2024 | 505 | 501 | 30 |
| &nbsp;&nbsp;&nbsp; WYFV-F0R0, 33.950%, 10/28/2026 †§x | Affirm | 10/31/2024 | 340 | 350 | 352 |
| &nbsp;&nbsp;&nbsp; WYFX-AGV2, 15.780%, 10/21/2025 †§x | Affirm | 10/24/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WYG7-Z12H, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 313 | 318 | 319 |
| &nbsp;&nbsp;&nbsp; WYGJ-KJ8F, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 308 | 311 | 311 |
| &nbsp;&nbsp;&nbsp; WYGO-JTFH, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; WYH4-XLPB, 35.460%, 12/28/2025 †x# | Affirm | 1/29/2025 | 176 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; WYHH-3NO7, 32.500%, 7/08/2026 †§x | Affirm | 7/31/2025 | 304 | 312 | 310 |
| &nbsp;&nbsp;&nbsp; WYHU-5Z22, 29.810%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 551 | 565 | 568 |
| &nbsp;&nbsp;&nbsp; WYIB-PJO1, 33.950%, 8/06/2026 †§x | Affirm | 2/26/2025 | 94 | 98 | 96 |
| &nbsp;&nbsp;&nbsp; WYIO-44CU, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 323 | 329 | 329 |
| &nbsp;&nbsp;&nbsp; WYJ7-GTKZ, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 1013 | 1000 | 61 |
| &nbsp;&nbsp;&nbsp; WYK2-WPFF, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WYK6-VDD4, 29.670%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 78 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; WYK9-19HY, 35.340%, 10/15/2024 †x#^ | Affirm | 4/18/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; WYKC-HG4W, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 126 | 127 | 126 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8151** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WYKK-Q3ZV, 33.950%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | $40 | $40 | $2 |
| &nbsp;&nbsp;&nbsp; WYKX-7C1Y, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 177 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; WYKY-2TJC, 33.060%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; WYL9-D1FF, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 240 | 238 | 238 |
| &nbsp;&nbsp;&nbsp; WYLC-J8VE, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 98 | 97 |
| &nbsp;&nbsp;&nbsp; WYLE-91PM, 33.050%, 7/13/2026 †§x | Affirm | 1/29/2025 | 419 | 433 | 431 |
| &nbsp;&nbsp;&nbsp; WYLW-7JA3, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WYM6-FPFG, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 198 | 203 | 202 |
| &nbsp;&nbsp;&nbsp; WYMB-7UHT, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; WYMQ-0YV2, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 109 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WYMQ-77T1, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 277 | 273 | 275 |
| &nbsp;&nbsp;&nbsp; WYMS-D10Y, 35.470%, 8/22/2025 †x#^ | Affirm | 8/26/2024 | 72 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; WYNZ-OMBK, 35.490%, 9/24/2025 †§x | Affirm | 9/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; WYO1-KQ4E, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; WYOD-MECA, 35.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; WYOD-WYRU, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; WYOE-1913, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; WYOH-J9V6, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 294 | 299 | 298 |
| &nbsp;&nbsp;&nbsp; WYOQ-JSXJ, 28.000%, 6/19/2023 †x#^ | Affirm | 12/22/2022 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; WYP3-H4SA, 15.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 987 | 1009 | 1013 |
| &nbsp;&nbsp;&nbsp; WYP5-RCLF, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WYPE-3X1X, 35.230%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WYPL-97GN, 24.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 519 | 529 | 531 |
| &nbsp;&nbsp;&nbsp; WYPN-LPIE, 29.620%, 9/25/2026 †§x | Affirm | 9/30/2024 | 354 | 365 | 367 |
| &nbsp;&nbsp;&nbsp; WYPN-NP3C, 35.560%, 11/20/2026 †x | Affirm | 11/27/2024 | 2210 | 2210 | 2242 |
| &nbsp;&nbsp;&nbsp; WYPS-BAZ8, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; WYPX-3T4S, 35.500%, 10/21/2025 †x# | Affirm | 10/24/2024 | 1252 | 1302 | 75 |
| &nbsp;&nbsp;&nbsp; WYPZ-T0OY, 30.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WYPZ-VF21, 29.500%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WYQ4-W3KN, 29.730%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 119 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; WYQ5-IBXY, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1513 | 1555 | 1565 |
| &nbsp;&nbsp;&nbsp; WYQS-8K18, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 138 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; WYQS-D8VA, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 236 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; WYQV-E75Q, 24.400%, 1/23/2026 †§x# | Affirm | 7/26/2024 | 121 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; WYRD-FQO0, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 91 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; WYRP-DKEN, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 180 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; WYSL-L7TS, 17.900%, 9/14/2025 †x# | Affirm | 9/19/2022 | 4568 | 4929 | 274 |
| &nbsp;&nbsp;&nbsp; WYSP-YGOG, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WYSU-Y8PT, 33.950%, 7/03/2026 †§x | Affirm | 1/29/2025 | 192 | 198 | 195 |
| &nbsp;&nbsp;&nbsp; WYSY-GZ01, 35.760%, 2/27/2026 †x# | Affirm | 3/28/2025 | 157 | 155 | 44 |
| &nbsp;&nbsp;&nbsp; WYT4-YTNE, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; WYT5-KV9F, 21.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 75 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; WYT6-7Q4S, 13.584%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 372 | 356 | 351 |
| &nbsp;&nbsp;&nbsp; WYT6-GY4B, 29.610%, 2/27/2027 †§x | Affirm | 3/01/2024 | 725 | 736 | 740 |
| &nbsp;&nbsp;&nbsp; WYT7-ZJAB, 28.000%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 76 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; WYTA-GCBH, 22.770%, 1/18/2024 †x#^ | Affirm | 1/23/2023 | 572 | 584 | 34 |
| &nbsp;&nbsp;&nbsp; WYTD-5PCU, 29.540%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 194 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; WYTG-UQTV, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 220 | 224 | 223 |
| &nbsp;&nbsp;&nbsp; WYTS-88GS, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 225 | 228 | 228 |
| &nbsp;&nbsp;&nbsp; WYTX-WER2, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; WYU0-6DOL, 26.700%, 2/20/2026 †§x# | Affirm | 8/23/2024 | 127 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; WYU1-INQ6, 13.840%, 4/25/2026 †§x | Affirm | 10/31/2024 | 1084 | 1105 | 1109 |
| &nbsp;&nbsp;&nbsp; WYU2-RBLL, 22.600%, 9/04/2025 †x# | Affirm | 3/07/2024 | 139 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; WYU9-07GL, 24.400%, 11/22/2025 †§x | Affirm | 5/28/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WYUG-HHR7, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; WYUJ-W19J, 29.630%, 12/10/2025 †§x | Affirm | 12/27/2024 | 86 | 86 | 87 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8152** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WYUV-78SN, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | $115 | $115 | $115 |
| &nbsp;&nbsp;&nbsp; WYUV-FO3B, 24.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 220 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; WYUY-MLXV, 22.770%, 2/28/2027 †§x# | Affirm | 3/28/2025 | 1445 | 1422 | 1439 |
| &nbsp;&nbsp;&nbsp; WYV3-K9VT, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; WYVA-WM43, 22.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 37 | 38 | 37 |
| &nbsp;&nbsp;&nbsp; WYVE-1FVM, 29.610%, 12/20/2023 †x#^ | Affirm | 12/23/2022 | 107 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; WYVE-2QG6, 26.700%, 2/07/2027 †§x | Affirm | 2/26/2025 | 543 | 565 | 572 |
| &nbsp;&nbsp;&nbsp; WYVI-CNVW, 35.470%, 1/11/2026 †x# | Affirm | 1/16/2024 | 374 | 376 | 22 |
| &nbsp;&nbsp;&nbsp; WYVN-GYYF, 29.830%, 2/05/2026 †§x | Affirm | 2/26/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; WYVP-I952, 35.450%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; WYVW-V1T8, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 485 | 474 | 29 |
| &nbsp;&nbsp;&nbsp; WYW8-TTPU, 15.740%, 5/23/2026 †§x | Affirm | 5/28/2024 | 619 | 623 | 636 |
| &nbsp;&nbsp;&nbsp; WYWD-L5QU, 22.860%, 3/03/2026 †§x | Affirm | 3/28/2025 | 102 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; WYWG-W1FF, 15.700%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 117 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; WYWH-KCHB, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 663 | 656 | 662 |
| &nbsp;&nbsp;&nbsp; WYWR-YU92, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 109 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; WYWT-REEC, 22.900%, 9/28/2025 †§x# | Affirm | 10/05/2023 | 118 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; WYX4-55XK, 35.780%, 2/27/2026 †x# | Affirm | 3/28/2025 | 240 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; WYX5-QCEM, 22.750%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 226 | 230 | 229 |
| &nbsp;&nbsp;&nbsp; WYX6-MIFP, 33.950%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 172 | 182 | 10 |
| &nbsp;&nbsp;&nbsp; WYXA-V3OJ, 11.870%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 160 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; WYXA-WKAO, 35.330%, 3/05/2026 †x# | Affirm | 12/08/2023 | 183 | 183 | 97 |
| &nbsp;&nbsp;&nbsp; WYXG-ZVLR, 29.650%, 1/13/2024 †x#^ | Affirm | 1/21/2022 | 434 | 402 | 26 |
| &nbsp;&nbsp;&nbsp; WYXH-SHH1, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; WYXH-TLXU, 22.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 239 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; WYXH-WRZJ, 35.330%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 207 | 217 | 12 |
| &nbsp;&nbsp;&nbsp; WYXJ-VS7X, 15.800%, 11/15/2026 †§x# | Affirm | 11/27/2024 | 669 | 690 | 685 |
| &nbsp;&nbsp;&nbsp; WYXN-NGGQ, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 634 | 632 | 38 |
| &nbsp;&nbsp;&nbsp; WYXN-RDOE, 29.650%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 110 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WYXN-XRBJ, 35.570%, 9/20/2025 †x# | Affirm | 9/26/2024 | 78 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; WYXX-7J4T, 22.640%, 9/08/2024 †x#^ | Affirm | 3/14/2024 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; WYY0-KD22, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 383 | 389 | 390 |
| &nbsp;&nbsp;&nbsp; WYY8-IE1D, 32.500%, 2/16/2026 †§x | Affirm | 8/22/2024 | 572 | 584 | 584 |
| &nbsp;&nbsp;&nbsp; WYY9-DYR7, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 331 | 337 | 343 |
| &nbsp;&nbsp;&nbsp; WYYB-0CAR, 20.000%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 1237 | 1301 | 74 |
| &nbsp;&nbsp;&nbsp; WYYE-GF0N, 32.500%, 8/27/2026 †§x | Affirm | 8/30/2024 | 746 | 742 | 754 |
| &nbsp;&nbsp;&nbsp; WYYM-65UM, 29.680%, 7/03/2026 †§x | Affirm | 1/29/2025 | 244 | 249 | 250 |
| &nbsp;&nbsp;&nbsp; WYYO-AW9D, 22.700%, 12/11/2025 †§x | Affirm | 12/27/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; WYZ7-D5RX, 15.730%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 112 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; WYZ7-ZEKA, 23.400%, 11/07/2025 †§x | Affirm | 8/29/2025 | 346 | 349 | 349 |
| &nbsp;&nbsp;&nbsp; WYZ9-Z9WW, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 93 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; WYZU-759I, 22.600%, 9/11/2025 †§x | Affirm | 3/14/2024 | 140 | 140 | 138 |
| &nbsp;&nbsp;&nbsp; WYZZ-B8VI, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 185 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; WZ02-7S43, 33.050%, 12/17/2025 †§x | Affirm | 6/21/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; WZ06-FEHJ, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WZ0M-4XTI, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; WZ0R-TSU3, 35.820%, 10/02/2025 †§x | Affirm | 10/07/2024 | 97 | 98 | 97 |
| &nbsp;&nbsp;&nbsp; WZ15-PYFA, 35.440%, 3/28/2026 †§x# | Affirm | 10/03/2024 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; WZ15-VWVL, 34.000%, 4/15/2026 †§x# | Affirm | 4/18/2024 | 1113 | 1095 | 1118 |
| &nbsp;&nbsp;&nbsp; WZ1A-RQ0O, 29.420%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; WZ1D-Q3GD, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 161 | 160 |
| &nbsp;&nbsp;&nbsp; WZ1P-1XUQ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; WZ1P-24NA, 35.260%, 2/07/2026 †§x | Affirm | 8/29/2025 | 1969 | 1924 | 1924 |
| &nbsp;&nbsp;&nbsp; WZ28-IMTN, 15.810%, 12/16/2025 †§x | Affirm | 12/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; WZ2H-VEJK, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WZ2Q-R93R, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 132 | 133 | 133 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8153** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WZ2Q-WAES, 29.620%, 12/28/2023 †x#^ | Affirm | 1/06/2023 | $66 | $65 | $4 |
| &nbsp;&nbsp;&nbsp; WZ2X-EIZO, 35.570%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 49 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; WZ2Z-SGHH, 29.020%, 9/28/2025 †x# | Affirm | 10/02/2023 | 133 | 134 | 1 |
| &nbsp;&nbsp;&nbsp; WZ33-T2QW, 32.850%, 3/20/2026 †§x | Affirm | 3/28/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; WZ35-MXGS, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 75 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; WZ3A-NZBF, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; WZ3E-7RU7, 35.360%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 96 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; WZ3E-F70X, 35.490%, 10/18/2025 †§x | Affirm | 10/24/2024 | 158 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; WZ3F-QTEF, 35.990%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 340 | 344 | 20 |
| &nbsp;&nbsp;&nbsp; WZ3Y-LSYF, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; WZ40-TMQQ, 29.480%, 4/21/2024 †x#^ | Affirm | 4/27/2023 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; WZ43-82XW, 22.750%, 12/20/2025 †§x | Affirm | 6/24/2024 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; WZ44-55MS, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 247 | 251 | 251 |
| &nbsp;&nbsp;&nbsp; WZ4C-E8FJ, 29.720%, 1/08/2026 †§x | Affirm | 1/29/2025 | 178 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; WZ4G-Q0TR, 15.680%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 112 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; WZ4G-XEPO, 29.720%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 89 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; WZ4M-8J5E, 6.556%, 8/21/2026 †x#« | Affirm | 8/26/2024 | 1847 | 1628 | 111 |
| &nbsp;&nbsp;&nbsp; WZ4S-IYO1, 35.370%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 142 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; WZ50-1NYE, 29.570%, 9/06/2024 †x#^ | Affirm | 9/11/2023 | 275 | 289 | 16 |
| &nbsp;&nbsp;&nbsp; WZ51-386B, 35.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WZ53-1X2G, 29.660%, 9/23/2025 †§x | Affirm | 9/26/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; WZ58-YEGV, 20.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 176 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; WZ59-UMZM, 29.540%, 4/08/2026 †x# | Affirm | 4/11/2024 | 349 | 363 | 21 |
| &nbsp;&nbsp;&nbsp; WZ5O-LE2O, 33.050%, 6/19/2026 †§x | Affirm | 12/27/2024 | 108 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; WZ60-2VOK, 35.340%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; WZ61-NL2G, 35.860%, 7/02/2026 †x# | Affirm | 1/29/2025 | 317 | 325 | 19 |
| &nbsp;&nbsp;&nbsp; WZ62-RPWS, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; WZ69-I5N5, 29.560%, 4/17/2027 †§x | Affirm | 4/22/2024 | 974 | 991 | 995 |
| &nbsp;&nbsp;&nbsp; WZ6R-TFZR, 26.500%, 5/04/2022 †x#^ | Affirm | 2/10/2022 | 59 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; WZ6W-161K, 24.510%, 2/06/2026 †§x | Affirm | 8/29/2025 | 222 | 223 | 223 |
| &nbsp;&nbsp;&nbsp; WZ71-9WXE, 10.840%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 585 | 612 | 35 |
| &nbsp;&nbsp;&nbsp; WZ74-ENYB, 29.900%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; WZ7E-LHDC, 15.840%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; WZ7I-73ER, 32.990%, 4/08/2026 †§x | Affirm | 4/11/2024 | 417 | 420 | 425 |
| &nbsp;&nbsp;&nbsp; WZ7I-TUD8, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; WZ7Z-NV6C, 32.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 218 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; WZ82-LUEX, 32.500%, 3/03/2027 †§x | Affirm | 3/28/2025 | 1775 | 1749 | 1782 |
| &nbsp;&nbsp;&nbsp; WZ8Y-B0J7, 11.810%, 6/13/2026 †§x | Affirm | 6/16/2023 | 1573 | 1607 | 1614 |
| &nbsp;&nbsp;&nbsp; WZ8Y-TKQ3, 33.950%, 1/06/2026 †x# | Affirm | 1/29/2025 | 181 | 190 | 10 |
| &nbsp;&nbsp;&nbsp; WZ98-HCK6, 33.950%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 297 | 299 | 301 |
| &nbsp;&nbsp;&nbsp; WZ9K-NSFI, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; WZ9N-L66F, 29.670%, 6/21/2022 †x#^ | Affirm | 12/27/2021 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; WZ9O-A9TP, 29.590%, 10/18/2025 †§x | Affirm | 10/24/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; WZ9S-NYEM, 15.760%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; WZ9S-W8F4, 35.380%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 1355 | 1398 | 81 |
| &nbsp;&nbsp;&nbsp; WZ9W-WDZR, 33.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 80 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; WZA6-EY3I, 26.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 141 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; WZA6-F4TK, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; WZA8-FLU7, 33.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; WZAR-QDVK, 35.700%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 129 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; WZAT-QWQF, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WZB7-7RZ0, 29.530%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 209 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; WZBB-0Q2J, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 919 | 937 | 55 |
| &nbsp;&nbsp;&nbsp; WZBE-BJ1N, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 220 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; WZBF-DLQL, 22.740%, 5/07/2026 †§x | Affirm | 11/27/2024 | 162 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; WZBU-4WUB, 31.000%, 11/12/2025 †§x | Affirm | 11/27/2024 | 163 | 164 | 165 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8154** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WZBV-JZM3, 35.510%, 12/19/2026 †§x | Affirm | 12/27/2024 | $1600 | $1600 | $1624 |
| &nbsp;&nbsp;&nbsp; WZCF-8Q65, 9.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; WZCT-RXZO, 24.400%, 7/02/2026 †x# | Affirm | 1/29/2025 | 284 | 295 |  |
| &nbsp;&nbsp;&nbsp; WZD7-DK9C, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; WZD7-XDYL, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; WZD9-V2AH, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; WZDS-IF1K, 25.900%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 134 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; WZE0-ZNAM, 35.440%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 270 | 281 | 16 |
| &nbsp;&nbsp;&nbsp; WZE3-K950, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 92 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; WZE5-AQ3W, 24.400%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; WZE6-NND8, 28.000%, 2/24/2023 †x#^ | Affirm | 12/30/2021 | 146 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; WZEH-R5B5, 15.740%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 147 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; WZEJ-3ON3, 25.900%, 9/28/2025 †§x | Affirm | 3/31/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; WZEY-FE5S, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; WZF0-Y9P2, 23.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 236 | 239 | 239 |
| &nbsp;&nbsp;&nbsp; WZFF-UR2F, 25.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; WZFT-CPB3, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 261 | 261 | 262 |
| &nbsp;&nbsp;&nbsp; WZFZ-SJ44, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 315 | 318 | 318 |
| &nbsp;&nbsp;&nbsp; WZG8-RS7G, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 103 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; WZGB-D9IZ, 26.700%, 8/23/2026 †§x | Affirm | 8/29/2024 | 287 | 295 | 297 |
| &nbsp;&nbsp;&nbsp; WZGR-XHUX, 31.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 325 | 341 | 341 |
| &nbsp;&nbsp;&nbsp; WZGS-37DL, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WZGS-XWXF, 35.310%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 106 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; WZH1-FQ22, 35.540%, 9/25/2026 †§x | Affirm | 9/30/2024 | 1167 | 1160 | 1177 |
| &nbsp;&nbsp;&nbsp; WZH4-6WBQ, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; WZH6-LJNV, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 561 | 566 | 567 |
| &nbsp;&nbsp;&nbsp; WZHE-PJCJ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 305 | 303 | 302 |
| &nbsp;&nbsp;&nbsp; WZHM-W20O, 35.950%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 19 | 20 | 4 |
| &nbsp;&nbsp;&nbsp; WZHT-BOTJ, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 130 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; WZI0-N2E3, 26.900%, 10/01/2025 †§x | Affirm | 10/04/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WZI2-WOOE, 26.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WZIK-15YR, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; WZIO-OO8P, 29.570%, 8/19/2026 †x# | Affirm | 8/22/2024 | 403 | 423 | 24 |
| &nbsp;&nbsp;&nbsp; WZJ5-4ZXB, 29.660%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; WZJ5-L544, 29.500%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 114 | 115 | 114 |
| &nbsp;&nbsp;&nbsp; WZJD-HM88, 29.580%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 9 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; WZJH-MJLR, 20.000%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 1013 | 1043 | 61 |
| &nbsp;&nbsp;&nbsp; WZJL-E0X5, 15.670%, 10/12/2022 †x#^ | Affirm | 4/15/2022 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; WZJN-9ZCA, 29.620%, 3/16/2026 †§x# | Affirm | 9/19/2024 | 123 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; WZJP-SMRB, 35.770%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 55 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; WZJS-U1VX, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 103 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; WZK3-L5S5, 32.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 943 | 968 | 969 |
| &nbsp;&nbsp;&nbsp; WZK4-ND6X, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; WZKD-1I8W, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; WZKE-XW1W, 35.430%, 10/02/2026 †§x | Affirm | 10/05/2023 | 872 | 886 | 880 |
| &nbsp;&nbsp;&nbsp; WZKK-I2GI, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; WZL3-SK0C, 29.520%, 10/03/2025 †§x# | Affirm | 10/06/2023 | 86 | 86 | 43 |
| &nbsp;&nbsp;&nbsp; WZLC-BLVY, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 17 | 18 | 17 |
| &nbsp;&nbsp;&nbsp; WZLD-46LE, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; WZLL-QKYJ, 32.010%, 2/10/2026 †§x | Affirm | 2/26/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; WZLZ-ZE0L, 29.410%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; WZM0-3VAU, 29.480%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 239 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; WZM7-72YZ, 27.450%, 5/29/2024 †x#^ | Affirm | 6/05/2023 | 981 | 914 | 59 |
| &nbsp;&nbsp;&nbsp; WZM8-VI5R, 29.450%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 105 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; WZME-MQYH, 35.950%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 57 | 57 | 21 |
| &nbsp;&nbsp;&nbsp; WZMM-F6W3, 29.660%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 84 | 85 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8155** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WZN3-TNL2, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | $462 | $474 | $472 |
| &nbsp;&nbsp;&nbsp; WZN7-NK5D, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 506 | 519 | 521 |
| &nbsp;&nbsp;&nbsp; WZNK-A137, 13.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; WZNO-AWQ6, 31.450%, 6/14/2026 †§x | Affirm | 6/21/2024 | 190 | 189 | 191 |
| &nbsp;&nbsp;&nbsp; WZNP-54QK, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 1194 | 1266 | 72 |
| &nbsp;&nbsp;&nbsp; WZO0-60ES, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 680 | 692 | 694 |
| &nbsp;&nbsp;&nbsp; WZO4-FZX9, 29.410%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 141 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; WZOA-KJEE, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WZOC-RPOQ, 15.660%, 9/03/2025 †§x | Affirm | 3/28/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; WZOG-ATKQ, 29.660%, 1/13/2027 †§x | Affirm | 1/29/2025 | 765 | 791 | 800 |
| &nbsp;&nbsp;&nbsp; WZOR-6XRG, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 629 | 627 | 629 |
| &nbsp;&nbsp;&nbsp; WZOR-S5LY, 31.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; WZOZ-J7X4, 29.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 163 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; WZOZ-VJXL, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 1559 | 1490 | 94 |
| &nbsp;&nbsp;&nbsp; WZP4-BG98, 29.680%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 63 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; WZPJ-CX9W, 22.200%, 10/19/2025 †x# | Affirm | 10/28/2022 | 6645 | 7170 | 399 |
| &nbsp;&nbsp;&nbsp; WZPT-QGKA, 24.750%, 2/11/2027 †§x | Affirm | 2/26/2025 | 456 | 478 | 482 |
| &nbsp;&nbsp;&nbsp; WZQ4-VTUJ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 904 | 926 | 930 |
| &nbsp;&nbsp;&nbsp; WZQ5-3R9B, 24.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 821 | 842 | 846 |
| &nbsp;&nbsp;&nbsp; WZQ8-MBD0, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 94 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; WZQF-5MVL, 35.450%, 2/28/2026 †§x# | Affirm | 3/04/2024 | 194 | 195 | 196 |
| &nbsp;&nbsp;&nbsp; WZQJ-BR2N, 35.610%, 11/13/2025 †§x | Affirm | 11/27/2024 | 588 | 576 | 571 |
| &nbsp;&nbsp;&nbsp; WZQY-4ZD5, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; WZR6-WJ9G, 26.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 269 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; WZRC-21WO, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; WZRD-O3Q7, 35.350%, 10/17/2025 †§x | Affirm | 4/22/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; WZRF-RCYN, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 234 | 234 | 236 |
| &nbsp;&nbsp;&nbsp; WZRH-M16K, 29.660%, 10/01/2025 †§x | Affirm | 10/04/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WZS5-WG8I, 29.470%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 708 | 744 | 42 |
| &nbsp;&nbsp;&nbsp; WZSI-3O0H, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WZSJ-96SE, 21.900%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 2348 | 2299 | 141 |
| &nbsp;&nbsp;&nbsp; WZSJ-NVJB, 29.610%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 232 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; WZSK-3YBT, 23.400%, 10/18/2026 †§x# | Affirm | 10/24/2024 | 391 | 404 | 405 |
| &nbsp;&nbsp;&nbsp; WZSP-SIEF, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; WZSZ-J4QS, 25.200%, 10/21/2025 †§x | Affirm | 10/24/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; WZT2-XX38, 21.900%, 9/05/2025 †§x | Affirm | 9/08/2023 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; WZT6-GBL3, 15.700%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 261 | 263 | 16 |
| &nbsp;&nbsp;&nbsp; WZTR-P95C, 23.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 250 | 253 | 254 |
| &nbsp;&nbsp;&nbsp; WZTX-1LGE, 15.780%, 6/22/2024 †x#^ | Affirm | 12/27/2022 | 5695 | 5932 | 342 |
| &nbsp;&nbsp;&nbsp; WZU5-C9EX, 35.330%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 74 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; WZU5-IIG7, 35.000%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; WZU8-MNJ7, 35.750%, 3/03/2026 †x# | Affirm | 3/28/2025 | 93 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; WZUE-ZTAA, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 107 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; WZUJ-8E2N, 33.050%, 11/08/2025 †§x | Affirm | 5/13/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; WZUL-9UR3, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 179 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; WZUR-GW9P, 32.500%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1124 | 1114 | 1131 |
| &nbsp;&nbsp;&nbsp; WZV7-LLGZ, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 33 | 32 | 33 |
| &nbsp;&nbsp;&nbsp; WZV7-UXJ1, 24.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 124 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; WZVF-PKQB, 33.030%, 10/18/2025 †§x | Affirm | 10/24/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; WZVI-97MW, 19.800%, 1/27/2026 †§x | Affirm | 2/26/2025 | 190 | 189 | 191 |
| &nbsp;&nbsp;&nbsp; WZVL-IFP7, 29.550%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 311 | 309 | 19 |
| &nbsp;&nbsp;&nbsp; WZVP-9IY8, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 66 | 65 | 39 |
| &nbsp;&nbsp;&nbsp; WZW0-YPXO, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; WZWM-YHGE, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 60 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; WZX5-NHH3, 31.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 334 | 347 | 344 |
| &nbsp;&nbsp;&nbsp; WZXF-UVK5, 18.000%, 12/08/2025 †§x | Affirm | 12/14/2023 | 182 | 184 | 184 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8156** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; WZXP-BZAU, 15.650%, 11/06/2025 †§x | Affirm | 5/30/2025 | $203 | $205 | $206 |
| &nbsp;&nbsp;&nbsp; WZXS-NR5U, 30.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 140 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; WZY4-U5EP, 21.900%, 8/23/2024 †x#^ | Affirm | 8/28/2023 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; WZYE-CJDH, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; WZYE-ZWRK, 33.950%, 10/12/2025 †§x# | Affirm | 4/18/2024 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; WZYH-IHVC, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 283 | 288 | 287 |
| &nbsp;&nbsp;&nbsp; WZYK-GYUR, 29.530%, 10/27/2022 †x#^ | Affirm | 5/02/2022 | 245 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; WZYR-9IXA, 32.000%, 11/30/2025 †§x | Affirm | 6/27/2025 | 593 | 597 | 595 |
| &nbsp;&nbsp;&nbsp; WZYU-JSW8, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; WZYV-HQ9E, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 216 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; WZYX-AWOM, 30.500%, 10/01/2025 †x# | Affirm | 10/04/2024 | 124 | 124 | 60 |
| &nbsp;&nbsp;&nbsp; WZYX-Y9XD, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; WZZ8-MS4X, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; WZZA-VZJ0, 22.660%, 10/17/2025 †§x# | Affirm | 10/20/2022 | 462 | 464 | 465 |
| &nbsp;&nbsp;&nbsp; WZZH-RZB0, 13.840%, 9/17/2025 †§x | Affirm | 9/20/2024 | 57 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; WZZN-5NZP, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 184 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; WZZP-KCQ9, 35.530%, 6/02/2026 †§x | Affirm | 6/27/2025 | 147 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; WZZS-QIGI, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; WZZY-27V9, 29.400%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; X004-2GVW, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 136 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; X006-L766, 29.530%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 677 | 700 | 41 |
| &nbsp;&nbsp;&nbsp; X007-0G25, 35.520%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 807 | 757 | 765 |
| &nbsp;&nbsp;&nbsp; X008-ME6P, 27.500%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 1780 | 1828 | 107 |
| &nbsp;&nbsp;&nbsp; X00E-7P4C, 35.350%, 2/21/2026 †x# | Affirm | 8/26/2024 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; X00R-GUOK, 11.860%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; X016-GIJK, 22.810%, 8/06/2026 †§x | Affirm | 2/26/2025 | 1584 | 1617 | 1628 |
| &nbsp;&nbsp;&nbsp; X017-2UW4, 33.050%, 10/03/2025 †x# | Affirm | 10/07/2024 | 160 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; X017-YMZF, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; X019-LLYH, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 257 | 268 | 15 |
| &nbsp;&nbsp;&nbsp; X01E-8K00, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 1604 | 1584 | 96 |
| &nbsp;&nbsp;&nbsp; X01K-RW04, 35.410%, 10/25/2026 †x# | Affirm | 10/31/2024 | 677 | 669 | 41 |
| &nbsp;&nbsp;&nbsp; X01M-R9NX, 11.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; X023-HS4J, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; X025-UCGJ, 23.400%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; X02B-42EW, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 169 | 173 | 175 |
| &nbsp;&nbsp;&nbsp; X02C-5Z2C, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 548 | 559 | 33 |
| &nbsp;&nbsp;&nbsp; X02C-B517, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; X02E-5N8P, 25.200%, 3/26/2026 †§x | Affirm | 9/30/2024 | 184 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; X02H-4FAZ, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 166 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; X02K-K0UX, 13.840%, 5/21/2026 †x# | Affirm | 5/24/2024 | 979 | 1024 | 59 |
| &nbsp;&nbsp;&nbsp; X02P-R2CV, 15.690%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 99 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; X02V-YLNF, 35.520%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X030-IDAG, 19.900%, 2/16/2026 †§x | Affirm | 2/21/2023 | 1054 | 1068 | 1071 |
| &nbsp;&nbsp;&nbsp; X03G-EYLJ, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 549 | 554 | 553 |
| &nbsp;&nbsp;&nbsp; X03I-S3DJ, 35.770%, 2/06/2026 †x# | Affirm | 2/26/2025 | 361 | 373 | 22 |
| &nbsp;&nbsp;&nbsp; X041-IXSX, 35.840%, 2/03/2026 †§x | Affirm | 2/26/2025 | 379 | 385 | 386 |
| &nbsp;&nbsp;&nbsp; X04I-C7DY, 34.709%, 11/08/2024 †x#^ | Affirm | 5/13/2024 | 263 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; X050-04XJ, 35.200%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; X050-5FU4, 29.650%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; X051-GI05, 29.450%, 5/25/2023 †x#^ | Affirm | 5/31/2022 | 74 | 78 | 4 |
| &nbsp;&nbsp;&nbsp; X05E-ECAT, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X05R-D21G, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; X05R-XBJ7, 29.710%, 7/02/2026 †§x | Affirm | 1/29/2025 | 234 | 241 | 240 |
| &nbsp;&nbsp;&nbsp; X05T-ORM8, 27.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 36 | 36 | 35 |
| &nbsp;&nbsp;&nbsp; X05T-USBA, 35.530%, 7/13/2026 †§x | Affirm | 1/29/2025 | 268 | 273 | 272 |
| &nbsp;&nbsp;&nbsp; X062-628I, 35.400%, 4/16/2025 †x#^ | Affirm | 4/19/2024 | 150 | 150 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8157** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X065-N8NU, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | $41 | $41 | $41 |
| &nbsp;&nbsp;&nbsp; X06K-LHZX, 15.850%, 1/08/2026 †§x | Affirm | 1/29/2025 | 91 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; X06W-6R9V, 29.550%, 2/27/2026 †x# | Affirm | 8/30/2024 | 358 | 380 | 21 |
| &nbsp;&nbsp;&nbsp; X07C-3L9A, 35.460%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 377 | 380 | 23 |
| &nbsp;&nbsp;&nbsp; X07Q-O5I4, 29.570%, 12/12/2025 †§x | Affirm | 12/15/2022 | 522 | 522 | 520 |
| &nbsp;&nbsp;&nbsp; X07W-LOB1, 31.000%, 1/09/2026 †§x | Affirm | 1/29/2025 | 2638 | 2691 | 2701 |
| &nbsp;&nbsp;&nbsp; X07W-N62H, 29.620%, 7/02/2026 †§x | Affirm | 1/29/2025 | 196 | 202 | 200 |
| &nbsp;&nbsp;&nbsp; X083-KLKS, 33.950%, 10/23/2025 †§x | Affirm | 10/28/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; X08D-LP06, 34.000%, 3/03/2027 †x# | Affirm | 3/28/2025 | 2598 | 2550 | 156 |
| &nbsp;&nbsp;&nbsp; X08L-C0PM, 29.350%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; X08L-F8RI, 27.450%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 58 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; X08R-4EDD, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; X08U-VHL8, 32.808%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 1678 | 1642 | 101 |
| &nbsp;&nbsp;&nbsp; X09F-02V5, 35.440%, 8/06/2026 †§x | Affirm | 8/29/2025 | 199 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; X09T-MJAW, 35.400%, 4/02/2025 †x#^ | Affirm | 10/07/2024 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; X0AL-705S, 29.710%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 101 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; X0AX-Q045, 35.300%, 3/12/2025 †x#^ | Affirm | 3/15/2024 | 1131 | 1134 | 68 |
| &nbsp;&nbsp;&nbsp; X0B2-QIY6, 15.810%, 10/02/2025 †§x | Affirm | 10/07/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; X0B6-RRJD, 29.600%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X0BA-ANNR, 24.600%, 7/24/2026 †§x | Affirm | 7/29/2024 | 458 | 469 | 472 |
| &nbsp;&nbsp;&nbsp; X0BE-UIIU, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 45 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; X0BN-M7FA, 22.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 365 | 371 | 372 |
| &nbsp;&nbsp;&nbsp; X0BQ-E891, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 139 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; X0BS-GU65, 35.360%, 11/01/2024 †x#^ | Affirm | 9/08/2023 | 24 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; X0CA-0YD7, 11.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 246 | 250 | 249 |
| &nbsp;&nbsp;&nbsp; X0CB-P78F, 35.380%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 117 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; X0CG-GEFG, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 118 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; X0CK-ZCDK, 24.400%, 1/15/2027 †§x | Affirm | 1/29/2025 | 698 | 725 | 730 |
| &nbsp;&nbsp;&nbsp; X0CN-KL86, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 322 | 329 | 327 |
| &nbsp;&nbsp;&nbsp; X0CU-3LYB, 35.820%, 10/01/2025 †§x | Affirm | 10/04/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; X0CX-9R32, 35.380%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 3007 | 3010 | 180 |
| &nbsp;&nbsp;&nbsp; X0CZ-1WGW, 23.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 179 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; X0D0-Z8UB, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 81 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; X0D1-ZHAT, 29.560%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 210 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; X0DC-Q44B, 13.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 123 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; X0DM-B2PD, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 566 | 563 | 562 |
| &nbsp;&nbsp;&nbsp; X0DM-CRLN, 29.710%, 1/13/2023 †x#^ | Affirm | 1/21/2022 | 98 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; X0DQ-JLXF, 35.470%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 260 | 268 | 16 |
| &nbsp;&nbsp;&nbsp; X0E2-44G2, 28.500%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 144 | 142 | 9 |
| &nbsp;&nbsp;&nbsp; X0E9-V85I, 15.760%, 6/20/2026 †§x | Affirm | 6/24/2024 | 247 | 252 | 254 |
| &nbsp;&nbsp;&nbsp; X0ES-81IG, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 91 | 90 |
| &nbsp;&nbsp;&nbsp; X0ES-ECCH, 29.570%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 144 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; X0ET-ECRX, 28.990%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 359 | 384 | 22 |
| &nbsp;&nbsp;&nbsp; X0EW-MNO1, 35.300%, 3/28/2026 †§x | Affirm | 4/22/2025 | 1698 | 1732 | 1720 |
| &nbsp;&nbsp;&nbsp; X0F6-DH5J, 35.480%, 9/18/2025 †x# | Affirm | 9/23/2024 | 953 | 991 | 57 |
| &nbsp;&nbsp;&nbsp; X0F7-XZRT, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; X0F8-KCRO, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X0FL-P38Z, 29.760%, 1/02/2026 †§x | Affirm | 1/29/2025 | 327 | 332 | 334 |
| &nbsp;&nbsp;&nbsp; X0FN-B6D2, 15.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; X0FP-57E2, 35.870%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X0FS-FYUU, 27.920%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 71 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; X0G3-KSH7, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X0G3-Q8TR, 28.500%, 12/09/2022 †x#^ | Affirm | 6/13/2022 | 177 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; X0GD-3FFZ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X0GJ-29Z6, 15.770%, 3/10/2026 †x# | Affirm | 1/16/2024 | 440 | 459 | 26 |
| &nbsp;&nbsp;&nbsp; X0GU-MGDH, 29.650%, 1/13/2024 †x#^ | Affirm | 1/21/2022 | 290 | 267 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8158** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X0H3-PYZR, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | $242 | $248 | $148 |
| &nbsp;&nbsp;&nbsp; X0HE-UGG6, 25.200%, 10/15/2025 †§x | Affirm | 4/18/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; X0HF-I0BB, 25.000%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 973 | 1007 | 58 |
| &nbsp;&nbsp;&nbsp; X0HP-M5QJ, 35.470%, 10/28/2024 †x#^ | Affirm | 10/02/2023 | 378 | 381 | 23 |
| &nbsp;&nbsp;&nbsp; X0HV-PWL0, 33.950%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 18 | 18 |  |
| &nbsp;&nbsp;&nbsp; X0HX-MJIO, 15.820%, 2/11/2028 †§x | Affirm | 2/26/2025 | 1042 | 1079 | 1097 |
| &nbsp;&nbsp;&nbsp; X0HZ-PO4D, 29.550%, 10/08/2025 †§x | Affirm | 4/11/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X0I2-2DHH, 19.900%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 214 | 231 | 13 |
| &nbsp;&nbsp;&nbsp; X0I4-6UJK, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 224 | 222 | 224 |
| &nbsp;&nbsp;&nbsp; X0I5-Y7B5, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; X0IU-KH0Z, 29.610%, 11/04/2024 †x#^ | Affirm | 11/10/2022 | 402 | 425 | 24 |
| &nbsp;&nbsp;&nbsp; X0IW-KEBP, 29.550%, 1/01/2026 †§x | Affirm | 7/05/2024 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; X0J8-KGYV, 24.790%, 8/11/2026 †§x | Affirm | 2/26/2025 | 744 | 767 | 772 |
| &nbsp;&nbsp;&nbsp; X0J9-9NMF, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 314 | 329 | 19 |
| &nbsp;&nbsp;&nbsp; X0JB-YMAX, 35.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 137 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; X0K0-2FNA, 32.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 519 | 524 | 523 |
| &nbsp;&nbsp;&nbsp; X0K6-3JFN, 29.530%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; X0KC-DEPH, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 181 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; X0KE-UALL, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 222 | 226 | 226 |
| &nbsp;&nbsp;&nbsp; X0L6-8TDR, 33.050%, 2/12/2025 †x#^ | Affirm | 11/27/2024 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X0L9-RSU1, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 188 | 198 | 11 |
| &nbsp;&nbsp;&nbsp; X0LE-C4K6, 15.770%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 459 | 471 | 471 |
| &nbsp;&nbsp;&nbsp; X0LE-GHSY, 30.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X0LR-9MY2, 29.380%, 10/04/2022 †x#^ | Affirm | 4/07/2022 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; X0LX-R35A, 35.990%, 8/21/2023 †x#^ | Affirm | 2/24/2023 | 500 | 515 | 30 |
| &nbsp;&nbsp;&nbsp; X0M8-51EK, 33.050%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 96 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; X0MG-H5PM, 15.860%, 1/06/2026 †§x | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; X0MO-0PP8, 32.500%, 3/24/2026 †§x | Affirm | 9/27/2024 | 97 | 98 | 97 |
| &nbsp;&nbsp;&nbsp; X0MQ-01EP, 35.540%, 3/20/2026 †§x# | Affirm | 9/26/2024 | 111 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; X0MT-7N6R, 20.900%, 3/16/2026 †§x | Affirm | 9/19/2024 | 1541 | 1574 | 1570 |
| &nbsp;&nbsp;&nbsp; X0MZ-X0IY, 29.520%, 10/08/2024 †x#^ | Affirm | 4/11/2024 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X0NE-WZ13, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; X0NF-3FJ8, 23.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 166 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; X0NO-7QP6, 29.440%, 5/06/2026 †§x | Affirm | 5/30/2025 | 154 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; X0NO-K401, 29.440%, 11/23/2024 †x#^ | Affirm | 5/26/2023 | 163 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; X0NZ-0RI2, 12.456%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 101 | 96 | 100 |
| &nbsp;&nbsp;&nbsp; X0OF-MQYG, 31.022%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 228 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; X0OO-9KQF, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 367 | 375 | 377 |
| &nbsp;&nbsp;&nbsp; X0P4-RN0O, 33.140%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; X0P8-4PAP, 35.470%, 10/03/2025 †x# | Affirm | 10/07/2024 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; X0PO-N79I, 15.700%, 11/18/2024 †x#^ | Affirm | 5/22/2023 | 336 | 339 | 20 |
| &nbsp;&nbsp;&nbsp; X0PQ-JVUM, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; X0PS-Y9SI, 29.630%, 12/28/2025 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; X0Q6-LHKO, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 135 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; X0Q8-WGF5, 19.700%, 8/10/2026 †§x | Affirm | 2/26/2025 | 672 | 692 | 697 |
| &nbsp;&nbsp;&nbsp; X0Q9-8KDK, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 151 | 152 | 151 |
| &nbsp;&nbsp;&nbsp; X0Q9-G1D9, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 92 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; X0QI-5G8Q, 35.990%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 69 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; X0QT-S62C, 35.110%, 12/02/2025 †§x | Affirm | 6/27/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; X0QY-CJJ0, 15.770%, 10/28/2025 †x# | Affirm | 10/31/2024 | 110 | 116 | 18 |
| &nbsp;&nbsp;&nbsp; X0R9-ZY71, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X0RQ-L7SK, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 202 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; X0S1-GWOK, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; X0SG-NKX3, 18.000%, 3/23/2026 †§x | Affirm | 9/26/2024 | 555 | 564 | 566 |
| &nbsp;&nbsp;&nbsp; X0SI-7EW2, 35.979%, 7/24/2023 †x#^ | Affirm | 4/27/2023 | 84 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; X0SV-BON3, 26.700%, 9/27/2025 †x# | Affirm | 10/02/2023 | 177 | 185 | 25 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8159** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X0SW-ZNYR, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $76 | $77 | $76 |
| &nbsp;&nbsp;&nbsp; X0SZ-JDIJ, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 751 | 770 | 775 |
| &nbsp;&nbsp;&nbsp; X0T1-TMR8, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; X0T4-TEY3, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 892 | 873 | 868 |
| &nbsp;&nbsp;&nbsp; X0TI-Z8BD, 31.000%, 3/25/2026 †§x | Affirm | 9/30/2024 | 2115 | 2162 | 2167 |
| &nbsp;&nbsp;&nbsp; X0TK-AG1F, 23.900%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 291 | 308 | 17 |
| &nbsp;&nbsp;&nbsp; X0U0-3H90, 13.840%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; X0U8-MNZ6, 35.330%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 119 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; X0UG-4GCP, 29.640%, 11/15/2026 †§x | Affirm | 11/27/2024 | 431 | 446 | 448 |
| &nbsp;&nbsp;&nbsp; X0UL-T7EN, 31.000%, 3/28/2027 †x# | Affirm | 3/31/2025 | 3921 | 4132 | 4174 |
| &nbsp;&nbsp;&nbsp; X0UX-R4O3, 29.530%, 12/11/2025 †x# | Affirm | 12/14/2023 | 389 | 406 | 23 |
| &nbsp;&nbsp;&nbsp; X0UX-SS61, 6.965%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 740 | 719 | 719 |
| &nbsp;&nbsp;&nbsp; X0UZ-CMG6, 29.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 529 | 539 | 541 |
| &nbsp;&nbsp;&nbsp; X0V6-SEPD, 35.180%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 143 | 144 | 68 |
| &nbsp;&nbsp;&nbsp; X0VA-IH2A, 15.850%, 8/28/2024 †x#^ | Affirm | 3/03/2023 | 168 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; X0VD-JMF5, 30.000%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 135 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; X0VD-KPTF, 29.530%, 12/04/2025 †§x | Affirm | 12/07/2023 | 125 | 126 | 125 |
| &nbsp;&nbsp;&nbsp; X0VH-R55P, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 78 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; X0VN-1RDL, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 184 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; X0VP-0TDQ, 29.520%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 261 | 270 | 16 |
| &nbsp;&nbsp;&nbsp; X0VV-P13I, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 88 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; X0VY-3RF0, 29.680%, 9/05/2025 †x# | Affirm | 9/08/2023 | 499 | 505 | 30 |
| &nbsp;&nbsp;&nbsp; X0VZ-UYV9, 22.850%, 2/10/2026 †x# | Affirm | 2/26/2025 | 540 | 569 | 6 |
| &nbsp;&nbsp;&nbsp; X0W0-GI4P, 32.500%, 12/28/2025 †x# | Affirm | 1/29/2025 | 167 | 170 | 14 |
| &nbsp;&nbsp;&nbsp; X0W7-1JFH, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; X0WD-6PR4, 29.510%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; X0WD-KHD1, 29.680%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; X0WH-8J2G, 35.710%, 8/07/2026 †§x | Affirm | 2/26/2025 | 824 | 845 | 845 |
| &nbsp;&nbsp;&nbsp; X0WQ-R0XC, 15.830%, 9/20/2025 †§x | Affirm | 9/26/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X0X0-OTEY, 29.330%, 12/02/2025 †§x | Affirm | 6/27/2025 | 254 | 258 | 258 |
| &nbsp;&nbsp;&nbsp; X0X5-G2PY, 35.340%, 5/28/2025 †x#^ | Affirm | 5/31/2024 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; X0X8-TY6G, 35.330%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 171 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; X0XB-0HVB, 29.400%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; X0XO-ECBE, 29.670%, 12/04/2025 †§x | Affirm | 12/07/2023 | 101 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; X0XW-5Q1I, 26.900%, 10/18/2025 †§x | Affirm | 10/24/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; X0Y2-3MWM, 26.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 373 | 382 | 384 |
| &nbsp;&nbsp;&nbsp; X0YB-W597, 15.810%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X0YG-5DCB, 35.390%, 1/09/2026 †§x | Affirm | 1/12/2024 | 222 | 223 | 224 |
| &nbsp;&nbsp;&nbsp; X0YG-VE5Q, 33.950%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; X0YK-0OO9, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 31 | 32 | 3 |
| &nbsp;&nbsp;&nbsp; X0YR-26R0, 29.650%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 188 | 180 | 11 |
| &nbsp;&nbsp;&nbsp; X0YU-WZK7, 9.780%, 1/08/2026 †§x | Affirm | 7/31/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; X0YW-R6W0, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 151 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; X0Z1-ENWX, 29.480%, 7/15/2023 †x#^ | Affirm | 7/21/2022 | 355 | 352 | 21 |
| &nbsp;&nbsp;&nbsp; X0ZA-E4GB, 33.000%, 3/25/2026 †§x | Affirm | 9/30/2024 | 170 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; X0ZH-RMNI, 29.470%, 9/29/2023 †x#^ | Affirm | 7/03/2023 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; X0ZI-2A44, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 214 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; X0ZK-WCAD, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; X103-3V2G, 29.810%, 2/03/2026 †§x | Affirm | 2/26/2025 | 384 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; X104-PL2I, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X10K-3F0X, 35.220%, 3/20/2026 †§x | Affirm | 3/28/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; X10N-ZXZ1, 33.950%, 11/15/2026 †§x | Affirm | 11/27/2024 | 256 | 264 | 262 |
| &nbsp;&nbsp;&nbsp; X10R-69ID, 29.500%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 254 | 264 | 15 |
| &nbsp;&nbsp;&nbsp; X10X-IG1P, 35.330%, 12/07/2025 †§x | Affirm | 12/11/2023 | 142 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; X110-JWT9, 29.530%, 5/17/2027 †§x | Affirm | 5/24/2024 | 831 | 846 | 847 |
| &nbsp;&nbsp;&nbsp; X118-Z40O, 35.780%, 2/07/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 96 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8160** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X119-NJ6V, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | $219 | $226 | $224 |
| &nbsp;&nbsp;&nbsp; X11Q-Q3VX, 28.000%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 117 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; X11S-OP0V, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 350 | 353 | 353 |
| &nbsp;&nbsp;&nbsp; X11X-VNUH, 35.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 245 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; X11Z-X0FR, 15.780%, 10/23/2025 †§x | Affirm | 10/28/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; X121-LCED, 35.490%, 4/28/2026 †x# | Affirm | 10/31/2024 | 1999 | 1965 |  |
| &nbsp;&nbsp;&nbsp; X124-XCPT, 22.680%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X12D-FW8F, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 432 | 435 | 432 |
| &nbsp;&nbsp;&nbsp; X12D-JZZC, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; X12I-2274, 29.560%, 10/27/2024 †x#^ | Affirm | 10/31/2022 | 660 | 719 | 40 |
| &nbsp;&nbsp;&nbsp; X12K-FRW7, 35.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 42 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X12N-2RFE, 35.770%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; X12N-LA58, 35.160%, 9/20/2025 †§x | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; X12Q-K0V2, 35.330%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 2497 | 2549 | 1535 |
| &nbsp;&nbsp;&nbsp; X12V-3HYH, 30.000%, 1/11/2025 †x#^ | Affirm | 5/15/2023 | 262 | 276 | 16 |
| &nbsp;&nbsp;&nbsp; X131-5I3K, 33.950%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 551 | 579 | 33 |
| &nbsp;&nbsp;&nbsp; X133-SMUP, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; X13C-HOGE, 29.000%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 96 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; X13E-C7KB, 32.000%, 9/18/2025 †§x | Affirm | 9/23/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; X13E-X8LG, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; X13L-4QYI, 35.290%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | 130 | 127 | 8 |
| &nbsp;&nbsp;&nbsp; X13N-EJPJ, 29.070%, 4/26/2024 †x#^ | Affirm | 10/31/2022 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; X13P-B3ZL, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 438 | 447 | 455 |
| &nbsp;&nbsp;&nbsp; X140-OLT2, 15.850%, 1/08/2026 †§x | Affirm | 1/29/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; X148-T7GB, 33.950%, 10/24/2025 †§x | Affirm | 10/28/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; X14D-SKOQ, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 54 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X14Y-FTWM, 29.440%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 369 | 364 | 22 |
| &nbsp;&nbsp;&nbsp; X15A-L6ED, 32.500%, 2/26/2026 †x# | Affirm | 8/29/2024 | 225 | 234 | 13 |
| &nbsp;&nbsp;&nbsp; X15C-Q0Q7, 29.630%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 694 | 685 | 42 |
| &nbsp;&nbsp;&nbsp; X15H-K20Q, 35.570%, 11/15/2025 †§x | Affirm | 11/27/2024 | 278 | 280 | 280 |
| &nbsp;&nbsp;&nbsp; X15J-TCPA, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 201 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; X15O-PWTW, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 246 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; X15O-ZATW, 33.950%, 9/26/2025 †x# | Affirm | 8/29/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; X15R-7SD0, 12.545%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 60 | 54 | 59 |
| &nbsp;&nbsp;&nbsp; X15U-E8VT, 24.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1898 | 1941 | 1950 |
| &nbsp;&nbsp;&nbsp; X15U-EVVR, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; X15U-Z11W, 28.000%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 283 | 298 | 17 |
| &nbsp;&nbsp;&nbsp; X15V-HJU9, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 277 | 280 | 280 |
| &nbsp;&nbsp;&nbsp; X16T-J4TN, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X17A-AI4Z, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; X17F-C4KY, 20.900%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 185 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; X17G-RK82, 27.450%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 994 | 1013 | 60 |
| &nbsp;&nbsp;&nbsp; X17Q-BGDY, 35.480%, 6/10/2025 †x#^ | Affirm | 12/27/2024 | 147 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; X17Q-VU0O, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 165 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; X17Y-8O3C, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 616 | 646 | 37 |
| &nbsp;&nbsp;&nbsp; X183-8NYB, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 858 | 867 | 865 |
| &nbsp;&nbsp;&nbsp; X183-T0A4, 35.300%, 3/11/2026 †x# | Affirm | 3/28/2025 | 285 | 259 | 17 |
| &nbsp;&nbsp;&nbsp; X18G-M34J, 27.100%, 12/22/2026 †§x | Affirm | 12/27/2022 | 737 | 767 | 739 |
| &nbsp;&nbsp;&nbsp; X18L-RJ9Y, 22.750%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 701 | 725 | 729 |
| &nbsp;&nbsp;&nbsp; X18P-H9C3, 33.500%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 133 | 133 | 54 |
| &nbsp;&nbsp;&nbsp; X18R-Z5M0, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X18S-0WXZ, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X18X-F3CT, 35.490%, 8/28/2025 †x#^ | Affirm | 3/04/2024 | 252 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; X191-KH66, 29.680%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 140 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; X197-OIA5, 35.280%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 158 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; X19C-MXL2, 29.570%, 4/05/2024 †x#^ | Affirm | 10/11/2022 | 220 | 231 | 13 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8161** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X19E-64SS, 18.000%, 9/13/2025 †§x | Affirm | 3/18/2024 | $20 | $20 | $20 |
| &nbsp;&nbsp;&nbsp; X19N-5BSE, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; X19X-U9FW, 35.320%, 5/06/2026 †§x | Affirm | 5/10/2024 | 195 | 196 | 198 |
| &nbsp;&nbsp;&nbsp; X19Y-S5XJ, 29.520%, 12/30/2023 †x#^ | Affirm | 7/07/2023 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X1A4-JF7T, 26.900%, 3/16/2026 †§x | Affirm | 9/19/2024 | 214 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; X1A6-I1NY, 25.900%, 12/09/2025 †§x | Affirm | 12/27/2024 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; X1AF-EOF8, 28.000%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; X1AF-RAE7, 17.778%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 233 | 227 | 225 |
| &nbsp;&nbsp;&nbsp; X1AH-EVSX, 11.830%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 80 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; X1AU-5U15, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 539 | 531 | 536 |
| &nbsp;&nbsp;&nbsp; X1AY-9LWI, 30.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 198 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; X1B0-GWGV, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; X1B8-9NCR, 32.500%, 12/17/2025 †x | Affirm | 6/21/2024 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; X1BD-PGD2, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 168 | 167 | 105 |
| &nbsp;&nbsp;&nbsp; X1BE-CFTG, 35.260%, 9/20/2025 †x# | Affirm | 3/28/2025 | 595 | 603 | 52 |
| &nbsp;&nbsp;&nbsp; X1BU-QCY7, 15.880%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 160 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; X1CF-9FGI, 29.760%, 5/28/2022 †x#^ | Affirm | 12/03/2021 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; X1CX-W5XT, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 280 | 276 | 17 |
| &nbsp;&nbsp;&nbsp; X1D3-CBXB, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 220 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; X1D6-8994, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 238 | 241 | 240 |
| &nbsp;&nbsp;&nbsp; X1DE-V4Z7, 29.620%, 9/20/2026 †§x | Affirm | 9/26/2024 | 217 | 223 | 220 |
| &nbsp;&nbsp;&nbsp; X1DJ-WC46, 7.850%, 1/22/2026 †§x | Affirm | 7/25/2024 | 256 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; X1DK-VRSV, 35.770%, 2/28/2026 †§x | Affirm | 3/28/2025 | 110 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; X1DM-RITE, 25.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; X1DN-99QZ, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; X1DP-F1RX, 35.650%, 1/02/2026 †§x | Affirm | 1/29/2025 | 163 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; X1DQ-29BQ, 35.700%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 1054 | 1067 | 63 |
| &nbsp;&nbsp;&nbsp; X1DR-1XX3, 29.530%, 9/08/2022 †x#^ | Affirm | 6/13/2022 | 42 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; X1DW-901B, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 188 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; X1DW-RJI8, 30.950%, 9/19/2025 †§x# | Affirm | 9/23/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; X1E3-KQ25, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; X1E4-NH9D, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 2125 | 2151 | 128 |
| &nbsp;&nbsp;&nbsp; X1E4-XCVW, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; X1E8-Z4Z1, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; X1EC-2CRY, 25.200%, 12/28/2025 †x# | Affirm | 1/29/2025 | 89 | 93 | 17 |
| &nbsp;&nbsp;&nbsp; X1EI-1QE3, 31.000%, 10/21/2025 †§x | Affirm | 10/24/2024 | 272 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; X1EK-WTV6, 29.620%, 3/25/2026 †§x | Affirm | 9/30/2024 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; X1F1-LW2S, 29.460%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 83 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; X1F2-6GGZ, 29.320%, 11/17/2022 †x#^ | Affirm | 5/20/2022 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; X1F3-894A, 35.380%, 5/04/2025 †x#^ | Affirm | 12/07/2023 | 104 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; X1F9-A9ZC, 29.520%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; X1FB-XGTT, 32.000%, 10/28/2025 †§x | Affirm | 10/31/2024 | 121 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; X1FM-C76N, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; X1FM-Z7SA, 22.700%, 10/28/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; X1FP-28FX, 35.610%, 11/14/2025 †§x | Affirm | 11/27/2024 | 120 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; X1FP-APR 7, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X1FR-RA94, 22.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; X1FV-XE4U, 29.430%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; X1GB-H3LE, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 138 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; X1GC-9Q19, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 657 | 664 | 662 |
| &nbsp;&nbsp;&nbsp; X1GD-KU2F, 35.540%, 5/15/2026 †§x | Affirm | 11/27/2024 | 177 | 180 | 178 |
| &nbsp;&nbsp;&nbsp; X1GK-2CGF, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; X1GM-KDIC, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; X1H4-D9GC, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 128 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; X1HG-1PUX, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 151 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; X1HT-L6BP, 28.000%, 11/28/2025 †x# | Affirm | 12/02/2022 | 2238 | 2320 | 134 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8162** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X1HY-3QDJ, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | $325 | $331 | $332 |
| &nbsp;&nbsp;&nbsp; X1I3-A5VB, 29.600%, 12/22/2023 †x#^ | Affirm | 12/27/2021 | 252 | 271 | 15 |
| &nbsp;&nbsp;&nbsp; X1I7-3VIP, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 165 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; X1II-FB93, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 80 | 82 | 21 |
| &nbsp;&nbsp;&nbsp; X1IL-H9TU, 35.600%, 3/01/2025 †x#^ | Affirm | 3/07/2024 | 108 | 98 | 7 |
| &nbsp;&nbsp;&nbsp; X1IU-O71R, 29.660%, 6/24/2022 †x#^ | Affirm | 12/30/2021 | 71 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; X1J1-4JTO, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; X1J8-DPBG, 29.470%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 132 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; X1JG-LZSL, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; X1JI-B0AE, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; X1JL-1UHN, 7.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 219 | 221 | 221 |
| &nbsp;&nbsp;&nbsp; X1JP-U0NM, 25.200%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 74 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; X1JW-Q1VL, 18.000%, 9/28/2025 †§x | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; X1JY-UFNR, 15.690%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 30 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; X1K0-F8MA, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; X1K3-E015, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 412 | 417 | 417 |
| &nbsp;&nbsp;&nbsp; X1K6-SI5F, 21.900%, 2/10/2026 †x# | Affirm | 2/26/2025 | 270 | 279 | 87 |
| &nbsp;&nbsp;&nbsp; X1KA-8OPO, 18.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; X1KD-F82G, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 368 | 372 | 372 |
| &nbsp;&nbsp;&nbsp; X1KK-V4VW, 35.420%, 4/11/2025 †x#^ | Affirm | 4/15/2024 | 150 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; X1KM-HWEY, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; X1KN-LY6Z, 29.490%, 11/03/2025 †§x | Affirm | 5/09/2024 | 234 | 234 | 232 |
| &nbsp;&nbsp;&nbsp; X1KT-1TOR, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X1L1-5A9D, 27.950%, 8/01/2027 †x | Affirm | 8/29/2025 | 6885 | 6783 | 6783 |
| &nbsp;&nbsp;&nbsp; X1L4-63FI, 28.500%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 137 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; X1L6-DAS1, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 565 | 556 | 555 |
| &nbsp;&nbsp;&nbsp; X1L8-XYGU, 13.840%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 1427 | 1461 | 1458 |
| &nbsp;&nbsp;&nbsp; X1L9-V0O8, 29.450%, 9/29/2024 †x#^ | Affirm | 4/03/2023 | 1050 | 1031 | 63 |
| &nbsp;&nbsp;&nbsp; X1LE-1CT8, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 1834 | 1811 | 110 |
| &nbsp;&nbsp;&nbsp; X1LF-5RSN, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1257 | 1267 | 1259 |
| &nbsp;&nbsp;&nbsp; X1M1-RQ3D, 15.840%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; X1M5-SGY3, 11.960%, 12/28/2025 †§x | Affirm | 1/29/2025 | 142 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; X1ML-4ZJU, 33.050%, 8/28/2026 †§x# | Affirm | 8/31/2023 | 980 | 1017 | 1022 |
| &nbsp;&nbsp;&nbsp; X1N6-36YA, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; X1NB-IEC2, 22.690%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; X1NF-PWWG, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; X1NJ-OEX3, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; X1NK-SK6S, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; X1NL-9TIB, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; X1NO-HY99, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 193 | 197 | 198 |
| &nbsp;&nbsp;&nbsp; X1NR-PW4G, 35.400%, 8/25/2025 †x#^ | Affirm | 8/31/2023 | 1117 | 1074 | 67 |
| &nbsp;&nbsp;&nbsp; X1NT-YQS6, 11.910%, 5/25/2023 †x#^ | Affirm | 12/01/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; X1NV-AJNU, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 216 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; X1O7-X89K, 15.800%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; X1O9-QC29, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; X1OB-0IRN, 18.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; X1OG-VWGY, 35.320%, 11/06/2024 †x#^ | Affirm | 5/09/2024 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp; X1ON-8UAA, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; X1OV-O7GT, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 142 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; X1PD-HRZB, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; X1PL-QH12, 33.000%, 1/08/2026 †§x | Affirm | 1/11/2024 | 291 | 291 | 162 |
| &nbsp;&nbsp;&nbsp; X1PQ-4XN4, 6.804%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 103 | 97 | 102 |
| &nbsp;&nbsp;&nbsp; X1Q3-IM80, 29.420%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 99 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; X1Q7-7F5I, 18.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; X1Q8-JUOX, 29.490%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 223 | 231 | 13 |
| &nbsp;&nbsp;&nbsp; X1Q8-W8G0, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8163** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X1QD-FC8T, 12.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | $186 | $188 | $188 |
| &nbsp;&nbsp;&nbsp; X1QF-2C0I, 32.500%, 11/13/2027 †x | Affirm | 11/27/2024 | 2302 | 2275 | 2305 |
| &nbsp;&nbsp;&nbsp; X1QF-F6CV, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 318 | 316 | 315 |
| &nbsp;&nbsp;&nbsp; X1QQ-N8FR, 23.400%, 6/13/2026 †§x | Affirm | 12/27/2024 | 288 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; X1QS-PP0U, 29.230%, 8/22/2024 †x#^ | Affirm | 2/27/2023 | 362 | 382 | 22 |
| &nbsp;&nbsp;&nbsp; X1R4-LEOJ, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X1RN-PS3Q, 35.630%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 104 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; X1RS-DAED, 28.000%, 4/20/2024 †x#^ | Affirm | 10/24/2022 | 133 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; X1RZ-AT1S, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 91 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; X1S3-77FY, 35.830%, 8/26/2024 †x#^ | Affirm | 2/29/2024 | 984 | 1001 | 59 |
| &nbsp;&nbsp;&nbsp; X1SF-XQKM, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 229 | 233 | 233 |
| &nbsp;&nbsp;&nbsp; X1SJ-CKH0, 32.000%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 123 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; X1SP-2CQB, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X1SP-YYYU, 25.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; X1T1-DRM0, 29.500%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 213 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; X1T4-N2YN, 35.260%, 2/04/2024 †x#^ | Affirm | 8/10/2023 | 1768 | 1796 | 106 |
| &nbsp;&nbsp;&nbsp; X1T9-XL4H, 13.840%, 2/12/2027 †§x | Affirm | 2/26/2025 | 403 | 422 | 425 |
| &nbsp;&nbsp;&nbsp; X1TA-7AXZ, 35.540%, 1/06/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; X1TE-3I7S, 35.300%, 3/28/2027 †x# | Affirm | 3/31/2025 | 526 | 524 |  |
| &nbsp;&nbsp;&nbsp; X1UB-87GN, 33.050%, 12/18/2025 †§x | Affirm | 6/21/2024 | 138 | 140 | 139 |
| &nbsp;&nbsp;&nbsp; X1UO-U3FB, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; X1UP-WOJQ, 35.950%, 8/07/2025 †§x^ | Affirm | 2/26/2025 | 12 | 12 | 3 |
| &nbsp;&nbsp;&nbsp; X1US-KQ2M, 29.540%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 259 | 272 | 16 |
| &nbsp;&nbsp;&nbsp; X1UZ-8VWH, 35.990%, 1/02/2026 †x# | Affirm | 1/29/2025 | 125 | 123 | 20 |
| &nbsp;&nbsp;&nbsp; X1V6-VE99, 9.830%, 6/02/2026 †§x | Affirm | 6/27/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; X1VD-ALJI, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 1515 | 1534 | 1539 |
| &nbsp;&nbsp;&nbsp; X1VD-PM1W, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 92 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; X1VF-AEV5, 33.050%, 3/03/2026 †x# | Affirm | 3/28/2025 | 71 | 75 | 18 |
| &nbsp;&nbsp;&nbsp; X1VF-VN1N, 32.500%, 4/25/2026 †x# | Affirm | 10/31/2024 | 322 | 334 | 22 |
| &nbsp;&nbsp;&nbsp; X1VH-HIRK, 29.490%, 11/21/2025 †x# | Affirm | 5/24/2024 | 191 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; X1VK-CULM, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 267 | 265 | 76 |
| &nbsp;&nbsp;&nbsp; X1VS-5ZIW, 35.440%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 196 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; X1VX-C6U2, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 101 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; X1VZ-D3HI, 35.590%, 7/05/2024 †x#^ | Affirm | 1/11/2024 | 89 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; X1W0-D984, 29.610%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; X1W3-6AAM, 32.000%, 2/07/2027 †§x | Affirm | 2/26/2025 | 869 | 905 | 918 |
| &nbsp;&nbsp;&nbsp; X1WF-RFO3, 33.050%, 9/16/2025 †§x# | Affirm | 9/19/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X1WF-RML6, 15.790%, 3/23/2026 †§x | Affirm | 9/26/2024 | 143 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; X1WG-WRDI, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; X1WN-LBKC, 29.630%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; X1WY-1QPK, 29.500%, 11/28/2025 †§x | Affirm | 12/04/2023 | 142 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; X1X1-HGVI, 9.870%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1559 | 1594 | 1600 |
| &nbsp;&nbsp;&nbsp; X1X3-DBHU, 30.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 528 | 545 | 546 |
| &nbsp;&nbsp;&nbsp; X1X3-K5M5, 23.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 168 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; X1X3-LCDY, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 221 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; X1X8-0R5W, 32.000%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 962 | 978 | 973 |
| &nbsp;&nbsp;&nbsp; X1X8-2U38, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 370 | 380 | 22 |
| &nbsp;&nbsp;&nbsp; X1XA-AMBZ, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; X1XF-2PXV, 35.710%, 8/07/2026 †§x | Affirm | 2/26/2025 | 184 | 181 | 183 |
| &nbsp;&nbsp;&nbsp; X1XI-YGUE, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 420 | 441 | 25 |
| &nbsp;&nbsp;&nbsp; X1XJ-JJZP, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; X1XM-2EO2, 35.540%, 3/23/2026 †§x | Affirm | 9/26/2024 | 359 | 349 | 351 |
| &nbsp;&nbsp;&nbsp; X1Y2-UG25, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 144 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; X1Y3-4G8R, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 84 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; X1Y5-GXQ9, 35.490%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 238 | 242 | 240 |
| &nbsp;&nbsp;&nbsp; X1Y7-NGLR, 22.820%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 97 | 96 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8164** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X1YD-K6IB, 9.830%, 5/05/2026 †§x | Affirm | 5/11/2023 | $894 | $910 | $912 |
| &nbsp;&nbsp;&nbsp; X1YJ-2G4H, 26.900%, 2/05/2026 †§x | Affirm | 8/29/2025 | 194 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; X1YM-LBS5, 31.000%, 8/10/2026 †x# | Affirm | 2/26/2025 | 1089 | 1156 | 233 |
| &nbsp;&nbsp;&nbsp; X1YS-OT4S, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 39 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; X1YU-JUHX, 29.550%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 117 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; X1Z0-A70U, 30.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 1976 | 1962 | 1955 |
| &nbsp;&nbsp;&nbsp; X1ZA-QYEZ, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 119 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; X1ZF-7E58, 24.750%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; X1ZJ-YX1F, 29.360%, 12/02/2025 †§x | Affirm | 6/27/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; X1ZU-EF6E, 32.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 119 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; X1ZZ-Z4PP, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 166 | 168 | 167 |
| &nbsp;&nbsp;&nbsp; X201-5K4Z, 12.773%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 250 | 243 | 241 |
| &nbsp;&nbsp;&nbsp; X201-IQ3F, 29.710%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; X205-DDJO, 29.500%, 6/02/2024 †x#^ | Affirm | 6/08/2023 | 339 | 316 | 20 |
| &nbsp;&nbsp;&nbsp; X206-5K84, 33.050%, 2/21/2025 †x#^ | Affirm | 8/26/2024 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; X20D-9VHU, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X20E-GYVP, 20.900%, 5/24/2024 †x#^ | Affirm | 5/30/2023 | 49 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; X20L-XPDV, 22.480%, 11/08/2023 †x#^ | Affirm | 5/11/2023 | 36 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; X20M-FEAH, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 619 | 611 | 37 |
| &nbsp;&nbsp;&nbsp; X20N-J489, 35.350%, 10/15/2025 †x# | Affirm | 4/18/2024 | 219 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; X20Q-BN6S, 29.540%, 12/27/2026 †§x | Affirm | 1/02/2024 | 821 | 856 | 864 |
| &nbsp;&nbsp;&nbsp; X20V-JWY3, 33.950%, 10/17/2025 †§x | Affirm | 4/22/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; X20Z-7G00, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; X21B-9C83, 29.570%, 12/06/2025 †x# | Affirm | 12/11/2023 | 677 | 711 | 41 |
| &nbsp;&nbsp;&nbsp; X21C-92PB, 15.780%, 12/28/2025 †§x | Affirm | 1/29/2025 | 42 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; X21J-UMVV, 15.770%, 12/12/2025 †§x | Affirm | 12/15/2022 | 170 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; X21M-817W, 33.950%, 7/03/2026 †§x | Affirm | 1/29/2025 | 193 | 199 | 198 |
| &nbsp;&nbsp;&nbsp; X21V-60U1, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 333 | 336 | 335 |
| &nbsp;&nbsp;&nbsp; X21W-QAZQ, 29.480%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 250 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; X227-E3NC, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 118 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; X22C-ONME, 22.750%, 10/24/2025 †§x | Affirm | 10/28/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X22N-4ANO, 29.680%, 11/10/2023 †x#^ | Affirm | 11/17/2022 | 352 | 345 | 21 |
| &nbsp;&nbsp;&nbsp; X22P-2TOS, 29.400%, 9/30/2022 †x#^ | Affirm | 4/04/2022 | 52 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; X22W-T3WY, 35.520%, 6/28/2026 †§x | Affirm | 1/29/2025 | 145 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; X22X-JL2T, 35.470%, 8/06/2026 †§x | Affirm | 8/29/2025 | 44 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X233-QYLL, 22.850%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; X238-IQM4, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; X238-VOQR, 15.630%, 12/02/2025 †§x | Affirm | 6/27/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; X23D-4FC1, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 380 | 389 | 390 |
| &nbsp;&nbsp;&nbsp; X23I-9V49, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 70 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; X23L-A9SF, 29.520%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 176 | 174 | 11 |
| &nbsp;&nbsp;&nbsp; X23L-GV3L, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 117 | 119 | 117 |
| &nbsp;&nbsp;&nbsp; X23P-B5N1, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 26 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; X23T-K7K0, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 201 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; X23V-GN5Q, 29.430%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; X247-AJRD, 22.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 357 | 368 | 370 |
| &nbsp;&nbsp;&nbsp; X24A-23QC, 29.620%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 141 | 148 | 8 |
| &nbsp;&nbsp;&nbsp; X24B-ZAEL, 15.770%, 8/26/2026 †x | Affirm | 8/29/2024 | 2968 | 2956 | 2997 |
| &nbsp;&nbsp;&nbsp; X24D-PENQ, 29.560%, 9/27/2025 †§x | Affirm | 10/02/2023 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X24J-PCM8, 35.560%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 61 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X24J-VL3C, 22.520%, 12/02/2025 †§x | Affirm | 6/27/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; X24K-56ZW, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; X250-APOB, 33.500%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 63 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; X251-0RQ3, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 266 | 277 | 276 |
| &nbsp;&nbsp;&nbsp; X251-14G8, 16.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 162 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; X255-4ROB, 22.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8165** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X255-7ARB, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $199 | $202 | $202 |
| &nbsp;&nbsp;&nbsp; X255-WI4B, 22.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; X25C-TAI5, 29.880%, 7/03/2023 †x#^ | Affirm | 1/06/2023 | 52 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; X25T-YN6N, 35.470%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 64 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; X25U-AMA7, 35.530%, 12/18/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X260-0NZ8, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; X268-FJNQ, 35.610%, 11/14/2025 †§x# | Affirm | 11/27/2024 | 239 | 234 | 231 |
| &nbsp;&nbsp;&nbsp; X26V-XF1G, 29.040%, 8/25/2027 †§x# | Affirm | 8/31/2023 | 1030 | 1111 | 1097 |
| &nbsp;&nbsp;&nbsp; X26W-SS0P, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 203 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; X273-ZEH1, 28.000%, 1/28/2025 †x#^ | Affirm | 12/02/2022 | 93 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; X275-RO04, 25.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 322 | 332 | 335 |
| &nbsp;&nbsp;&nbsp; X27G-1K4H, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; X27Q-WQNZ, 31.500%, 3/20/2026 †§x | Affirm | 3/28/2025 | 234 | 234 | 236 |
| &nbsp;&nbsp;&nbsp; X27R-CWIW, 29.600%, 12/10/2023 †x#^ | Affirm | 12/16/2021 | 474 | 512 | 28 |
| &nbsp;&nbsp;&nbsp; X27S-ZT4V, 35.350%, 12/25/2024 †x#^ | Affirm | 6/28/2024 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; X27W-RRMC, 35.440%, 12/11/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; X289-NTHM, 13.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; X28E-H0T2, 29.520%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 421 | 436 | 25 |
| &nbsp;&nbsp;&nbsp; X28E-XUPZ, 35.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X28F-XS12, 28.970%, 5/20/2023 †x#^ | Affirm | 5/26/2022 | 75 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; X28S-GT7Y, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; X28U-TMZR, 35.280%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 127 | 125 | 8 |
| &nbsp;&nbsp;&nbsp; X290-M9QK, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X291-HJPC, 30.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 126 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; X299-4YQB, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 138 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; X29D-J2HX, 33.050%, 11/06/2025 †§x | Affirm | 8/29/2025 | 138 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; X29J-3ZN1, 31.000%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 425 | 441 | 25 |
| &nbsp;&nbsp;&nbsp; X29N-3B1B, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; X29Q-OEFY, 29.590%, 10/23/2026 †§x | Affirm | 10/28/2024 | 336 | 334 | 338 |
| &nbsp;&nbsp;&nbsp; X2A1-W8AY, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; X2A6-0DJD, 29.610%, 12/12/2025 †§x# | Affirm | 12/27/2024 | 40 | 41 | 23 |
| &nbsp;&nbsp;&nbsp; X2AA-V1R0, 29.900%, 8/10/2026 †§x | Affirm | 2/26/2025 | 245 | 255 | 253 |
| &nbsp;&nbsp;&nbsp; X2AC-721D, 29.610%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 82 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X2AH-WNV8, 32.500%, 2/05/2026 †§x | Affirm | 2/26/2025 | 428 | 435 | 436 |
| &nbsp;&nbsp;&nbsp; X2AX-FP1Q, 33.050%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 120 | 124 | 126 |
| &nbsp;&nbsp;&nbsp; X2B1-UBYI, 7.180%, 9/04/2025 †§x« | Affirm | 3/28/2025 | 35 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; X2B8-27UM, 35.300%, 3/20/2026 †x | Affirm | 3/28/2025 | 438 | 438 | 441 |
| &nbsp;&nbsp;&nbsp; X2BS-T8WN, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 64 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; X2BT-AWZ3, 29.570%, 1/10/2026 †§x | Affirm | 1/16/2024 | 189 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; X2BT-XGN6, 29.640%, 11/12/2023 †x#^ | Affirm | 11/18/2021 | 1865 | 2025 | 112 |
| &nbsp;&nbsp;&nbsp; X2BY-KEWR, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 314 | 323 | 324 |
| &nbsp;&nbsp;&nbsp; X2BZ-8CXH, 15.920%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 76 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; X2CB-9U4M, 35.300%, 3/10/2026 †x | Affirm | 3/28/2025 | 335 | 317 | 318 |
| &nbsp;&nbsp;&nbsp; X2CL-Z4FB, 35.000%, 12/18/2025 †§x | Affirm | 12/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; X2D3-D01E, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 139 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; X2D4-S4TP, 28.000%, 7/06/2023 †x#^ | Affirm | 7/11/2022 | 530 | 557 | 32 |
| &nbsp;&nbsp;&nbsp; X2D8-Y71M, 11.800%, 1/25/2026 †§x | Affirm | 7/29/2024 | 141 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; X2DP-FQ05, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 154 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; X2DU-4HWT, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 342 | 346 | 344 |
| &nbsp;&nbsp;&nbsp; X2DU-NWK9, 29.610%, 6/20/2026 †§x | Affirm | 12/27/2024 | 95 | 97 | 96 |
| &nbsp;&nbsp;&nbsp; X2E5-27N7, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; X2EF-GFVH, 29.490%, 5/24/2026 †§x# | Affirm | 5/30/2023 | 1011 | 1033 | 1033 |
| &nbsp;&nbsp;&nbsp; X2EO-0EOG, 35.480%, 12/12/2025 †§x | Affirm | 12/27/2024 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X2EO-UPLX, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 148 | 143 | 9 |
| &nbsp;&nbsp;&nbsp; X2F8-C5AU, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 214 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; X2FA-WZIB, 29.550%, 2/05/2027 †§x | Affirm | 8/29/2025 | 328 | 346 | 346 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8166** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X2FH-SNDJ, 35.560%, 2/12/2027 †§x | Affirm | 2/26/2025 | $502 | $498 | $507 |
| &nbsp;&nbsp;&nbsp; X2FJ-7FKE, 35.440%, 12/18/2025 †x# | Affirm | 12/27/2024 | 227 | 225 | 14 |
| &nbsp;&nbsp;&nbsp; X2FK-QCBV, 25.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; X2G3-V5VL, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X2G3-XXJZ, 30.950%, 4/18/2026 †§x | Affirm | 10/24/2024 | 428 | 437 | 438 |
| &nbsp;&nbsp;&nbsp; X2GB-N4BP, 29.580%, 5/02/2025 †x#^ | Affirm | 5/06/2024 | 178 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; X2GC-N8XT, 29.600%, 12/28/2025 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; X2GJ-T24X, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; X2GR-B204, 25.200%, 9/28/2025 †§x | Affirm | 10/03/2024 | 226 | 226 | 226 |
| &nbsp;&nbsp;&nbsp; X2H2-61RT, 29.770%, 8/10/2026 †§x | Affirm | 2/26/2025 | 252 | 262 | 261 |
| &nbsp;&nbsp;&nbsp; X2H3-QLD1, 29.420%, 3/28/2026 †§x | Affirm | 3/31/2025 | 183 | 187 | 188 |
| &nbsp;&nbsp;&nbsp; X2H4-2IZQ, 35.390%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 26 | 26 | 6 |
| &nbsp;&nbsp;&nbsp; X2H6-LR2M, 22.750%, 10/24/2026 †§x | Affirm | 10/28/2024 | 643 | 663 | 667 |
| &nbsp;&nbsp;&nbsp; X2HG-XIWA, 22.600%, 12/29/2024 †x#^ | Affirm | 8/03/2023 | 160 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; X2HM-E7DW, 33.950%, 1/06/2028 †§x# | Affirm | 1/29/2025 | 936 | 959 | 971 |
| &nbsp;&nbsp;&nbsp; X2HM-J9I1, 27.870%, 1/04/2024 †x#^ | Affirm | 1/07/2022 | 741 | 692 | 44 |
| &nbsp;&nbsp;&nbsp; X2HN-RPV8, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X2I2-CATM, 35.360%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 725 | 730 | 745 |
| &nbsp;&nbsp;&nbsp; X2ID-1YNN, 29.440%, 5/06/2026 †§x | Affirm | 5/30/2025 | 90 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; X2IE-0YBT, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 887 | 875 | 875 |
| &nbsp;&nbsp;&nbsp; X2IG-85GE, 22.750%, 8/11/2026 †§x | Affirm | 2/26/2025 | 200 | 206 | 208 |
| &nbsp;&nbsp;&nbsp; X2IM-MXQM, 28.000%, 10/24/2024 †x#^ | Affirm | 10/27/2022 | 594 | 647 | 36 |
| &nbsp;&nbsp;&nbsp; X2IZ-HJAX, 19.900%, 10/28/2025 †§x# | Affirm | 11/03/2022 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; X2J2-6XBO, 25.200%, 1/02/2028 †x# | Affirm | 1/05/2024 | 1955 | 2159 | 117 |
| &nbsp;&nbsp;&nbsp; X2J2-7PIK, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X2JA-81IP, 28.950%, 5/06/2026 †§x# | Affirm | 5/09/2024 | 460 | 463 | 291 |
| &nbsp;&nbsp;&nbsp; X2JA-SFOP, 15.800%, 3/23/2026 †§x | Affirm | 9/26/2024 | 175 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; X2JB-JA8U, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; X2JH-H91G, 33.050%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 45 | 46 | 6 |
| &nbsp;&nbsp;&nbsp; X2JO-RVAJ, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; X2JZ-SZY2, 28.950%, 11/04/2024 †x#^ | Affirm | 5/11/2023 | 422 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; X2K0-R2FW, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 29 | 27 | 28 |
| &nbsp;&nbsp;&nbsp; X2K1-2CY8, 32.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 135 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; X2K2-9YG5, 29.650%, 1/13/2027 †§x | Affirm | 1/29/2025 | 777 | 807 | 812 |
| &nbsp;&nbsp;&nbsp; X2KJ-FT51, 35.450%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 90 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; X2KO-GXEZ, 29.590%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; X2LM-Q2RZ, 15.870%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 16 | 16 | 2 |
| &nbsp;&nbsp;&nbsp; X2LN-58OS, 22.900%, 2/08/2025 †x#^ | Affirm | 8/11/2023 | 141 | 149 | 8 |
| &nbsp;&nbsp;&nbsp; X2LO-5EGE, 25.900%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 102 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; X2LP-V213, 15.780%, 10/25/2025 †x# | Affirm | 10/31/2024 | 214 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; X2LV-NDKK, 29.680%, 2/23/2023 †x#^ | Affirm | 11/26/2021 | 191 | 195 | 11 |
| &nbsp;&nbsp;&nbsp; X2M0-4YB4, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; X2M8-7OQM, 29.990%, 4/17/2023 †x#^ | Affirm | 1/20/2023 | 134 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; X2MD-TBNT, 33.120%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; X2MG-NESI, 29.550%, 10/28/2025 †x# | Affirm | 5/02/2024 | 409 | 429 | 25 |
| &nbsp;&nbsp;&nbsp; X2N6-O98X, 32.500%, 12/24/2025 †§x | Affirm | 6/27/2024 | 162 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; X2NJ-ECJV, 35.590%, 12/28/2023 †x#^ | Affirm | 10/02/2023 | 4764 | 4822 | 286 |
| &nbsp;&nbsp;&nbsp; X2NT-W8UJ, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; X2NY-K00T, 22.760%, 11/08/2025 †§x | Affirm | 11/27/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; X2O8-KD5Q, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 905 | 930 | 935 |
| &nbsp;&nbsp;&nbsp; X2O9-TZRQ, 15.880%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; X2OE-94XK, 22.900%, 3/25/2025 †x#^ | Affirm | 9/30/2024 | 490 | 505 | 29 |
| &nbsp;&nbsp;&nbsp; X2OK-0G3W, 23.400%, 8/23/2026 †§x | Affirm | 8/29/2024 | 665 | 683 | 687 |
| &nbsp;&nbsp;&nbsp; X2ON-7JJE, 35.400%, 10/18/2026 †§x | Affirm | 10/24/2024 | 504 | 500 | 505 |
| &nbsp;&nbsp;&nbsp; X2P3-0A2Q, 10.500%, 12/01/2026 †x | Affirm | 12/07/2023 | 3795 | 3890 | 3901 |
| &nbsp;&nbsp;&nbsp; X2P3-RWWE, 35.210%, 2/22/2025 †x#^ | Affirm | 8/26/2024 | 55 | 57 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8167** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X2P7-WFHE, 20.900%, 3/04/2026 †§x | Affirm | 3/07/2024 | $215 | $217 | $217 |
| &nbsp;&nbsp;&nbsp; X2PG-PKX3, 35.770%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 184 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; X2PH-PPVT, 35.610%, 6/02/2026 †§x | Affirm | 6/27/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X2PV-5IFK, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 407 | 399 | 24 |
| &nbsp;&nbsp;&nbsp; X2Q1-LVC6, 27.100%, 6/01/2024 †x#^ | Affirm | 3/06/2023 | 130 | 126 | 8 |
| &nbsp;&nbsp;&nbsp; X2Q5-4RQP, 29.000%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 772 | 763 | 46 |
| &nbsp;&nbsp;&nbsp; X2Q5-64M1, 22.750%, 12/27/2025 †§x | Affirm | 1/02/2024 | 321 | 324 | 326 |
| &nbsp;&nbsp;&nbsp; X2QL-LR75, 30.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 232 | 237 | 238 |
| &nbsp;&nbsp;&nbsp; X2QS-H8R4, 9.820%, 7/08/2026 †§x | Affirm | 7/31/2025 | 222 | 228 | 229 |
| &nbsp;&nbsp;&nbsp; X2QV-1Q3X, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; X2QW-F12R, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 120 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; X2QY-GVNX, 33.950%, 11/21/2025 †x# | Affirm | 5/24/2024 | 253 | 265 | 15 |
| &nbsp;&nbsp;&nbsp; X2R0-C3VU, 29.390%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; X2RH-S8O5, 35.430%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 241 | 245 | 244 |
| &nbsp;&nbsp;&nbsp; X2RK-XBFD, 33.050%, 10/24/2025 †§x | Affirm | 10/28/2024 | 23 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; X2RY-KCY4, 30.000%, 11/03/2024 †x#^ | Affirm | 5/11/2023 | 260 | 262 | 16 |
| &nbsp;&nbsp;&nbsp; X2SI-2DWF, 29.610%, 1/09/2026 †x# | Affirm | 1/29/2025 | 92 | 97 | 25 |
| &nbsp;&nbsp;&nbsp; X2SJ-R1JG, 29.810%, 2/24/2024 †x#^ | Affirm | 3/02/2023 | 2521 | 2440 | 151 |
| &nbsp;&nbsp;&nbsp; X2SM-XZCI, 33.050%, 9/28/2025 †§x | Affirm | 10/03/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; X2SO-A1NS, 29.500%, 9/24/2027 †x# | Affirm | 9/27/2024 | 2429 | 2485 | 2513 |
| &nbsp;&nbsp;&nbsp; X2SV-P0FM, 19.750%, 9/23/2026 †§x# | Affirm | 9/26/2024 | 451 | 427 | 429 |
| &nbsp;&nbsp;&nbsp; X2T5-46MK, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; X2TM-XS9C, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; X2TW-OWYC, 35.370%, 2/26/2026 †§x | Affirm | 8/29/2024 | 110 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; X2U6-LTH8, 29.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; X2U9-I1SA, 35.450%, 1/02/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X2UB-OZR3, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; X2UI-04VW, 35.360%, 12/24/2025 †§x | Affirm | 6/27/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; X2UJ-2RIV, 25.200%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 156 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; X2UK-CTHV, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 102 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X2UX-MJBC, 32.500%, 4/15/2026 †x# | Affirm | 4/18/2024 | 2194 | 2208 | 2237 |
| &nbsp;&nbsp;&nbsp; X2V6-3T50, 33.950%, 2/06/2026 †x# | Affirm | 2/26/2025 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; X2VE-S9NK, 29.430%, 2/18/2025 †x#^ | Affirm | 8/24/2023 | 317 | 338 | 19 |
| &nbsp;&nbsp;&nbsp; X2VG-3KSH, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1189 | 1215 | 1225 |
| &nbsp;&nbsp;&nbsp; X2VP-42YY, 29.500%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 215 | 230 | 13 |
| &nbsp;&nbsp;&nbsp; X2VS-PZ8W, 22.540%, 9/03/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; X2W0-862M, 22.760%, 7/13/2026 †x | Affirm | 1/29/2025 | 2591 | 2678 | 2661 |
| &nbsp;&nbsp;&nbsp; X2W5-8A50, 29.470%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; X2X2-KC18, 35.360%, 12/24/2025 †§x | Affirm | 6/27/2024 | 158 | 160 | 159 |
| &nbsp;&nbsp;&nbsp; X2X2-ZU6K, 29.520%, 4/22/2023 †x#^ | Affirm | 4/28/2022 | 81 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X2X6-MPDW, 19.900%, 4/21/2024 †x#^ | Affirm | 10/27/2022 | 327 | 350 | 20 |
| &nbsp;&nbsp;&nbsp; X2XJ-FRLP, 29.690%, 1/03/2027 †§x | Affirm | 1/08/2024 | 745 | 768 | 768 |
| &nbsp;&nbsp;&nbsp; X2XO-OP73, 29.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 204 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; X2XQ-NIAW, 20.900%, 8/20/2027 †x | Affirm | 8/23/2024 | 3050 | 3093 | 3104 |
| &nbsp;&nbsp;&nbsp; X2XT-LVRP, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 224 | 221 | 13 |
| &nbsp;&nbsp;&nbsp; X2XW-KSH3, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; X2XY-Y0MU, 35.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; X2Y1-GK9B, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 89 | 91 | 90 |
| &nbsp;&nbsp;&nbsp; X2Y2-3PX6, 29.910%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 65 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; X2Y2-JDDD, 35.600%, 12/23/2024 †x#^ | Affirm | 9/26/2024 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; X2Y6-91KO, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; X2Y9-5UEB, 23.400%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 340 | 347 | 350 |
| &nbsp;&nbsp;&nbsp; X2YB-OH5L, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; X2YC-L2V2, 15.630%, 1/11/2023 †x#^ | Affirm | 7/14/2022 | 170 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; X2YD-WB3V, 28.000%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 76 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; X2YE-3I5F, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 337 | 347 | 349 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8168** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X2YG-0BZH, 35.550%, 3/16/2026 †§x | Affirm | 9/19/2024 | $111 | $111 | $111 |
| &nbsp;&nbsp;&nbsp; X2YG-OIWK, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1295 | 1274 | 1272 |
| &nbsp;&nbsp;&nbsp; X2YT-LS74, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 175 | 180 | 177 |
| &nbsp;&nbsp;&nbsp; X2YT-SITO, 33.950%, 9/19/2026 †§x | Affirm | 9/23/2024 | 502 | 515 | 518 |
| &nbsp;&nbsp;&nbsp; X2YT-YI5Y, 33.000%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 231 | 228 | 229 |
| &nbsp;&nbsp;&nbsp; X2YU-K833, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 279 | 278 | 277 |
| &nbsp;&nbsp;&nbsp; X2ZA-LENG, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; X2ZC-48M5, 29.710%, 1/09/2026 †§x | Affirm | 1/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; X2ZN-MOWF, 29.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; X2ZP-INPU, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; X2ZQ-VYXI, 28.980%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 67 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; X2ZW-R8L3, 25.000%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 165 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; X302-Z6KD, 35.470%, 11/28/2024 †x#^ | Affirm | 12/04/2023 | 1339 | 1240 | 80 |
| &nbsp;&nbsp;&nbsp; X306-OKH5, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; X30A-7B9Q, 35.620%, 8/10/2026 †§x | Affirm | 2/26/2025 | 222 | 219 | 221 |
| &nbsp;&nbsp;&nbsp; X30B-N3Z6, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; X30C-4XB6, 35.640%, 3/03/2027 †§x | Affirm | 3/28/2025 | 1703 | 1678 | 1708 |
| &nbsp;&nbsp;&nbsp; X30L-EVTK, 25.200%, 2/07/2026 †§x | Affirm | 8/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X30R-P3JL, 3.815%, 1/11/2024 †x#^« | Affirm | 10/14/2022 | 119 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; X312-3ERG, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; X314-NLA2, 19.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; X31K-1USY, 33.950%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X31Q-PQS4, 15.830%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; X31Y-3ZV7, 29.590%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 241 | 238 | 14 |
| &nbsp;&nbsp;&nbsp; X322-EQTB, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 131 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; X32A-DWPR, 29.680%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; X32A-RVMS, 30.950%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; X32J-P69P, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 367 | 382 | 376 |
| &nbsp;&nbsp;&nbsp; X32K-AP6F, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 157 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; X32X-HL5F, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 166 | 171 | 170 |
| &nbsp;&nbsp;&nbsp; X32X-QQ9T, 19.700%, 6/25/2026 †x | Affirm | 6/28/2024 | 2637 | 2694 | 2711 |
| &nbsp;&nbsp;&nbsp; X335-ES1M, 35.450%, 3/19/2026 †§x | Affirm | 9/23/2024 | 105 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; X336-H967, 22.710%, 12/10/2025 †x# | Affirm | 12/27/2024 | 104 | 109 | 11 |
| &nbsp;&nbsp;&nbsp; X338-HR9S, 29.540%, 11/23/2025 †§x | Affirm | 5/28/2024 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; X33G-7S4T, 31.000%, 11/06/2025 †§x | Affirm | 5/13/2024 | 398 | 400 | 398 |
| &nbsp;&nbsp;&nbsp; X33K-15O0, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 58 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X33P-W5Y9, 35.390%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; X33R-3Q2W, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 214 | 218 | 217 |
| &nbsp;&nbsp;&nbsp; X33X-HRND, 29.440%, 11/19/2024 †x#^ | Affirm | 5/25/2023 | 210 | 212 | 13 |
| &nbsp;&nbsp;&nbsp; X343-056Y, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X343-6X92, 13.840%, 10/08/2025 †§x | Affirm | 7/31/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X347-7DJG, 29.640%, 5/03/2024 †x#^ | Affirm | 11/07/2022 | 64 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; X34E-5F13, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1877 | 1910 | 1915 |
| &nbsp;&nbsp;&nbsp; X34K-CP2D, 29.920%, 7/02/2026 †§x | Affirm | 1/29/2025 | 350 | 361 | 358 |
| &nbsp;&nbsp;&nbsp; X34Q-TSMW, 33.950%, 4/08/2027 †x# | Affirm | 4/11/2024 | 1044 | 1063 | 63 |
| &nbsp;&nbsp;&nbsp; X34S-28G4, 32.000%, 10/02/2025 †§x | Affirm | 10/07/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; X358-A1IT, 32.500%, 1/22/2026 †x# | Affirm | 7/25/2024 | 259 | 270 | 16 |
| &nbsp;&nbsp;&nbsp; X35G-4GN0, 24.690%, 12/16/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; X35I-6TOW, 5.573%, 5/23/2022 †x#^« | Affirm | 11/26/2021 | 142 | 138 | 9 |
| &nbsp;&nbsp;&nbsp; X35I-POAL, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 440 | 438 | 439 |
| &nbsp;&nbsp;&nbsp; X35U-N58V, 35.978%, 2/22/2025 †x#^ | Affirm | 2/26/2024 | 80 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; X35Y-MRNW, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; X35Y-N1CH, 35.480%, 8/27/2026 †§x | Affirm | 8/30/2024 | 243 | 241 | 245 |
| &nbsp;&nbsp;&nbsp; X367-BX5G, 29.580%, 8/06/2026 †§x | Affirm | 8/29/2025 | 100 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; X368-HPZ6, 29.600%, 12/20/2023 †x#^ | Affirm | 12/23/2021 | 1042 | 1124 | 63 |
| &nbsp;&nbsp;&nbsp; X37D-OTMH, 35.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 83 | 84 | 84 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8169** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X37F-89H5, 33.419%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | $27 | $28 | $2 |
| &nbsp;&nbsp;&nbsp; X37F-SAK5, 12.340%, 1/02/2026 †§x | Affirm | 1/05/2024 | 354 | 357 | 357 |
| &nbsp;&nbsp;&nbsp; X37G-SW9V, 23.400%, 2/20/2026 †§x | Affirm | 8/23/2024 | 119 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; X37T-HZ5R, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X37T-QPDS, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X37V-7M85, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1118 | 1137 | 1140 |
| &nbsp;&nbsp;&nbsp; X38Q-PPNL, 32.500%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 106 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; X38V-W0IG, 29.690%, 7/14/2023 †x#^ | Affirm | 1/21/2022 | 226 | 212 | 14 |
| &nbsp;&nbsp;&nbsp; X38Z-2LN1, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 184 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; X398-0Q97, 7.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; X39G-SNRM, 12.456%, 9/19/2025 †x« | Affirm | 3/28/2025 | 88 | 83 | 87 |
| &nbsp;&nbsp;&nbsp; X39L-XE02, 29.890%, 7/11/2022 †x#^ | Affirm | 1/14/2022 | 55 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; X39P-OYTD, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; X39U-E7MN, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 288 | 301 | 17 |
| &nbsp;&nbsp;&nbsp; X39U-WUCQ, 29.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 713 | 732 | 736 |
| &nbsp;&nbsp;&nbsp; X39W-912H, 35.570%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 241 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; X3A9-5ZRH, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 14 | 14 | 13 |
| &nbsp;&nbsp;&nbsp; X3AF-YO3X, 35.490%, 9/28/2025 †§x | Affirm | 10/03/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X3AP-M98C, 18.000%, 5/03/2026 †§x | Affirm | 5/10/2024 | 245 | 249 | 249 |
| &nbsp;&nbsp;&nbsp; X3AT-QNOI, 35.320%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 45 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; X3AU-9F2J, 35.630%, 8/07/2026 †§x# | Affirm | 2/26/2025 | 175 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; X3AV-8GHD, 22.670%, 8/26/2026 †§x | Affirm | 8/29/2024 | 322 | 331 | 333 |
| &nbsp;&nbsp;&nbsp; X3AY-QAHR, 22.720%, 1/02/2028 †x | Affirm | 1/29/2025 | 2282 | 2332 | 2364 |
| &nbsp;&nbsp;&nbsp; X3B0-OKRO, 29.500%, 12/29/2024 †x#^ | Affirm | 7/03/2023 | 220 | 235 | 13 |
| &nbsp;&nbsp;&nbsp; X3B1-P61S, 29.000%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 1616 | 1595 | 97 |
| &nbsp;&nbsp;&nbsp; X3BK-7OMH, 24.400%, 4/25/2026 †§x | Affirm | 10/31/2024 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; X3BP-A3C0, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1099 | 1082 | 1076 |
| &nbsp;&nbsp;&nbsp; X3BU-F22A, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X3BZ-MY0L, 4.821%, 8/28/2023 †x#^« | Affirm | 9/01/2022 | 329 | 314 | 20 |
| &nbsp;&nbsp;&nbsp; X3C0-GPUJ, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X3C2-RL4U, 31.500%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 67 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; X3C3-AXA7, 33.950%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 65 | 67 | 39 |
| &nbsp;&nbsp;&nbsp; X3CC-C81H, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; X3CD-ABRH, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 92 | 93 | 53 |
| &nbsp;&nbsp;&nbsp; X3CL-9NJO, 24.400%, 5/20/2026 †§x | Affirm | 11/27/2024 | 176 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; X3CM-XJWJ, 35.000%, 12/16/2025 †§x | Affirm | 12/27/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; X3CP-42AO, 35.470%, 8/06/2026 †§x | Affirm | 8/29/2025 | 183 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; X3CQ-HFDZ, 35.380%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | 1073 | 1042 | 64 |
| &nbsp;&nbsp;&nbsp; X3D1-LM3K, 24.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 138 | 141 | 140 |
| &nbsp;&nbsp;&nbsp; X3D5-824M, 11.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X3D9-E89K, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; X3DC-3Q09, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 135 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; X3DK-DOBO, 29.650%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 234 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; X3DT-F5Q3, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 287 | 293 | 293 |
| &nbsp;&nbsp;&nbsp; X3E0-7NHX, 35.620%, 8/11/2026 †§x | Affirm | 2/26/2025 | 278 | 285 | 285 |
| &nbsp;&nbsp;&nbsp; X3E3-35EO, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 298 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; X3E3-KUW8, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; X3E6-LQJA, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 219 | 221 | 219 |
| &nbsp;&nbsp;&nbsp; X3E6-NLDH, 29.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 163 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; X3EN-0D6I, 27.900%, 1/08/2026 †x# | Affirm | 1/11/2024 | 693 | 696 | 42 |
| &nbsp;&nbsp;&nbsp; X3ES-3H52, 29.450%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 312 | 308 | 19 |
| &nbsp;&nbsp;&nbsp; X3EZ-KB3Q, 35.810%, 1/02/2027 †§x | Affirm | 1/29/2025 | 713 | 707 | 718 |
| &nbsp;&nbsp;&nbsp; X3F1-NC67, 35.370%, 9/29/2024 †x#^ | Affirm | 9/01/2023 | 966 | 997 | 58 |
| &nbsp;&nbsp;&nbsp; X3FA-ML9L, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 733 | 730 | 733 |
| &nbsp;&nbsp;&nbsp; X3FB-B6W9, 35.470%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 16 | 16 | 17 |
| &nbsp;&nbsp;&nbsp; X3FC-L8HR, 15.700%, 3/28/2026 †§x | Affirm | 4/22/2025 | 66 | 69 | 70 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8170** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X3FC-OBXN, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | $109 | $113 | $7 |
| &nbsp;&nbsp;&nbsp; X3FQ-NWAP, 25.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 202 | 209 | 209 |
| &nbsp;&nbsp;&nbsp; X3FU-1O2X, 23.400%, 10/25/2026 †§x | Affirm | 10/31/2024 | 412 | 425 | 428 |
| &nbsp;&nbsp;&nbsp; X3G6-8ON1, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; X3GR-4QYT, 32.500%, 3/20/2026 †§x | Affirm | 9/26/2024 | 124 | 126 | 125 |
| &nbsp;&nbsp;&nbsp; X3GT-GJEJ, 29.710%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 116 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; X3GT-XLB1, 28.500%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 216 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; X3HJ-G9SG, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 862 | 878 | 881 |
| &nbsp;&nbsp;&nbsp; X3HP-QRV1, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; X3HS-3RF8, 29.710%, 1/02/2026 †§x | Affirm | 1/29/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; X3HW-PKYX, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; X3HY-1PK9, 35.820%, 1/02/2027 †x | Affirm | 1/29/2025 | 2777 | 2753 | 2796 |
| &nbsp;&nbsp;&nbsp; X3IF-RBUP, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; X3IO-VVYH, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 167 | 171 | 169 |
| &nbsp;&nbsp;&nbsp; X3IQ-L91D, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 107 | 108 | 107 |
| &nbsp;&nbsp;&nbsp; X3IS-QMYT, 29.570%, 6/20/2027 †§x | Affirm | 6/24/2024 | 530 | 536 | 537 |
| &nbsp;&nbsp;&nbsp; X3JF-6KYC, 15.810%, 5/15/2023 †x#^ | Affirm | 11/18/2021 | 850 | 905 | 51 |
| &nbsp;&nbsp;&nbsp; X3JJ-OOQX, 24.400%, 4/28/2028 †§x# | Affirm | 5/02/2024 | 1313 | 1386 | 1388 |
| &nbsp;&nbsp;&nbsp; X3JK-H6CZ, 35.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 144 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; X3JO-DMZ4, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; X3JR-0YPX, 33.050%, 5/09/2026 †§x | Affirm | 5/13/2024 | 317 | 322 | 323 |
| &nbsp;&nbsp;&nbsp; X3JU-IQUY, 23.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 913 | 941 | 947 |
| &nbsp;&nbsp;&nbsp; X3K6-NP8B, 28.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; X3KA-B5HT, 15.870%, 8/12/2026 †§x | Affirm | 2/26/2025 | 321 | 334 | 333 |
| &nbsp;&nbsp;&nbsp; X3KJ-RLAU, 4.446%, 6/08/2023 †x#^« | Affirm | 6/13/2022 | 485 | 465 | 29 |
| &nbsp;&nbsp;&nbsp; X3KW-6XYS, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 134 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; X3KZ-KYA4, 35.460%, 8/22/2025 †x#^ | Affirm | 8/26/2024 | 481 | 485 | 45 |
| &nbsp;&nbsp;&nbsp; X3L4-0HXT, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 552 | 576 | 33 |
| &nbsp;&nbsp;&nbsp; X3L8-EKGV, 35.400%, 4/23/2025 †x#^ | Affirm | 10/28/2024 | 110 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; X3LD-OYX0, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 23 |
| &nbsp;&nbsp;&nbsp; X3LH-ZJT8, 34.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; X3LQ-7WUW, 29.690%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; X3LS-2BJ4, 32.200%, 5/20/2024 †x#^ | Affirm | 11/24/2023 | 300 | 288 | 18 |
| &nbsp;&nbsp;&nbsp; X3LU-P5YU, 30.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 65 | 65 | 64 |
| &nbsp;&nbsp;&nbsp; X3M3-TNX8, 35.390%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 50 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; X3MC-7RWJ, 29.500%, 9/01/2025 †§x# | Affirm | 9/08/2023 | 31 | 31 | 30 |
| &nbsp;&nbsp;&nbsp; X3MD-KBFA, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 17 | 18 | 17 |
| &nbsp;&nbsp;&nbsp; X3ME-0UOC, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 76 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; X3MI-8V6Q, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 87 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; X3MK-OWOW, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 201 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; X3MM-68RA, 18.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 1493 | 1525 | 1539 |
| &nbsp;&nbsp;&nbsp; X3MU-2ZR6, 29.370%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; X3MZ-VJPD, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 201 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; X3ND-N3K9, 6.057%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 99 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; X3NF-1UQR, 35.470%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 233 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; X3NH-A0NL, 35.650%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 506 | 516 | 518 |
| &nbsp;&nbsp;&nbsp; X3NS-7ZKY, 35.490%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 99 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; X3NU-6SLV, 35.660%, 1/08/2026 †§x | Affirm | 1/29/2025 | 184 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; X3NU-7B2E, 35.680%, 3/03/2026 †§x | Affirm | 3/28/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; X3NX-0O7Z, 28.500%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 250 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; X3O4-KLHI, 35.000%, 10/21/2025 †x# | Affirm | 10/24/2024 | 118 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; X3O7-WEZ4, 35.420%, 12/11/2025 †§x | Affirm | 12/14/2023 | 135 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; X3OL-3HW3, 22.610%, 11/21/2025 †§x | Affirm | 5/24/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X3OL-LZ5E, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 449 | 448 | 449 |
| &nbsp;&nbsp;&nbsp; X3OW-2ALY, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; X3OX-57AH, 29.550%, 12/25/2025 †§x | Affirm | 6/28/2024 | 172 | 174 | 175 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8171** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X3OY-SBIC, 35.680%, 3/03/2026 †§x | Affirm | 3/28/2025 | $173 | $172 | $172 |
| &nbsp;&nbsp;&nbsp; X3PB-V4GL, 13.840%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1203 | 1240 | 1247 |
| &nbsp;&nbsp;&nbsp; X3PC-O6J7, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; X3PE-06G4, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 107 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; X3PE-S1LL, 35.420%, 10/02/2025 †x# | Affirm | 7/05/2024 | 107 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; X3PF-XN4U, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 535 | 514 | 510 |
| &nbsp;&nbsp;&nbsp; X3PQ-A40W, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 84 |
| &nbsp;&nbsp;&nbsp; X3PX-UBB1, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; X3Q0-QY6C, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; X3Q3-O0W7, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X3Q4-QWAV, 20.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; X3QB-9LG8, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 102 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X3QD-P7MG, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 146 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; X3QF-ZC5G, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; X3QG-6WMS, 29.660%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 78 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; X3QJ-WORG, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 215 | 218 | 216 |
| &nbsp;&nbsp;&nbsp; X3QM-B3TO, 24.400%, 1/06/2028 †§x | Affirm | 1/29/2025 | 1027 | 1060 | 1067 |
| &nbsp;&nbsp;&nbsp; X3QN-W5KK, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 78 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; X3QO-FIOY, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 185 | 184 |  |
| &nbsp;&nbsp;&nbsp; X3QS-GW09, 13.840%, 11/03/2025 †§x | Affirm | 5/09/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; X3QU-8E79, 35.280%, 10/01/2025 †§x# | Affirm | 4/04/2024 | 60 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; X3QV-252S, 25.200%, 10/25/2026 †x | Affirm | 10/31/2024 | 2752 | 2841 | 2855 |
| &nbsp;&nbsp;&nbsp; X3RK-WC5N, 35.330%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 1394 | 1434 | 84 |
| &nbsp;&nbsp;&nbsp; X3RX-6YZP, 22.720%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X3RX-B4C3, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; X3RY-LI2P, 33.250%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; X3SB-7EM4, 11.900%, 8/12/2026 †x# | Affirm | 2/26/2025 | 279 | 296 | 82 |
| &nbsp;&nbsp;&nbsp; X3SL-PEZZ, 35.440%, 12/24/2025 †§x | Affirm | 6/27/2024 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; X3SU-UFCQ, 29.570%, 12/04/2025 †§x | Affirm | 12/07/2023 | 410 | 410 | 411 |
| &nbsp;&nbsp;&nbsp; X3SX-X1W0, 29.490%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 336 | 353 | 354 |
| &nbsp;&nbsp;&nbsp; X3T6-9YI4, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; X3TG-WIBD, 35.650%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 356 | 355 | 211 |
| &nbsp;&nbsp;&nbsp; X3TW-ODKG, 11.880%, 9/28/2025 †§x | Affirm | 10/03/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X3UB-QNJS, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1173 | 1187 | 1189 |
| &nbsp;&nbsp;&nbsp; X3UC-Y5D3, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 142 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; X3UR-OXCT, 33.950%, 8/26/2026 †x# | Affirm | 8/29/2024 | 482 | 506 | 29 |
| &nbsp;&nbsp;&nbsp; X3UZ-JN83, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; X3V2-NGG8, 6.952%, 1/08/2026 †§x« | Affirm | 7/31/2025 | 361 | 352 | 352 |
| &nbsp;&nbsp;&nbsp; X3V8-VH24, 29.480%, 7/08/2026 †§x | Affirm | 7/31/2025 | 131 | 136 | 138 |
| &nbsp;&nbsp;&nbsp; X3VG-BGPX, 35.000%, 1/09/2026 †x# | Affirm | 1/29/2025 | 357 | 353 | 21 |
| &nbsp;&nbsp;&nbsp; X3VL-31TR, 22.750%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 565 | 574 | 577 |
| &nbsp;&nbsp;&nbsp; X3VL-A3OL, 29.690%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 343 | 350 | 21 |
| &nbsp;&nbsp;&nbsp; X3VN-7X44, 35.500%, 2/20/2026 †x# | Affirm | 2/23/2024 | 483 | 485 | 29 |
| &nbsp;&nbsp;&nbsp; X3VN-ZBLB, 26.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 274 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; X3VO-MNQN, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 93 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; X3VQ-ICMT, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 779 | 770 | 47 |
| &nbsp;&nbsp;&nbsp; X3VU-RE34, 29.490%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 25 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; X3VZ-WUOH, 29.610%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 162 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; X3W6-TKOV, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; X3W8-K437, 35.760%, 2/07/2026 †x# | Affirm | 2/26/2025 | 64 | 68 | 17 |
| &nbsp;&nbsp;&nbsp; X3W9-YT1Y, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 314 | 318 | 318 |
| &nbsp;&nbsp;&nbsp; X3WA-4W9E, 35.490%, 9/28/2025 †§x | Affirm | 10/03/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; X3WC-U6L5, 35.400%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 551 | 564 | 568 |
| &nbsp;&nbsp;&nbsp; X3WM-DMWH, 29.560%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 163 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; X3WN-AMV7, 23.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 346 | 351 | 352 |
| &nbsp;&nbsp;&nbsp; X3WS-M6L1, 35.480%, 4/02/2024 †x#^ | Affirm | 10/05/2023 | 340 | 347 | 20 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8172** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X3WS-QM1O, 33.050%, 9/24/2025 †§x | Affirm | 9/27/2024 | $22 | $22 | $22 |
| &nbsp;&nbsp;&nbsp; X3WT-YOFM, 14.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X3X5-DCO4, 11.820%, 11/17/2026 †§x | Affirm | 11/24/2023 | 548 | 561 | 564 |
| &nbsp;&nbsp;&nbsp; X3XI-JMW4, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; X3XM-YVM3, 29.800%, 9/02/2025 †§x | Affirm | 6/27/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; X3XO-72ME, 24.660%, 12/28/2025 †§x | Affirm | 1/29/2025 | 67 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; X3XQ-8ZFG, 33.950%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 270 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; X3XV-GE80, 25.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X3Y6-LGBZ, 29.340%, 11/06/2025 †§x | Affirm | 5/30/2025 | 189 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; X3YM-P5HJ, 15.880%, 3/03/2026 †x# | Affirm | 3/28/2025 | 100 | 99 | 13 |
| &nbsp;&nbsp;&nbsp; X3YP-RKO7, 29.850%, 1/02/2027 †§x | Affirm | 1/29/2025 | 561 | 578 | 584 |
| &nbsp;&nbsp;&nbsp; X3Z4-1TES, 22.610%, 11/06/2025 †x# | Affirm | 5/09/2024 | 300 | 303 | 18 |
| &nbsp;&nbsp;&nbsp; X3Z7-1MM8, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; X3ZD-KW6W, 32.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 635 | 647 | 644 |
| &nbsp;&nbsp;&nbsp; X3ZM-1DVU, 20.900%, 12/28/2023 †x#^ | Affirm | 7/03/2023 | 16 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; X3ZR-SIH2, 30.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 769 | 765 | 765 |
| &nbsp;&nbsp;&nbsp; X3ZZ-OKWZ, 29.550%, 12/14/2025 †§x | Affirm | 6/21/2024 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; X401-RMFL, 25.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; X408-U7O6, 29.410%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 888 | 827 | 53 |
| &nbsp;&nbsp;&nbsp; X40C-U4L8, 29.490%, 11/24/2025 †§x# | Affirm | 5/31/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; X40C-XRBD, 35.480%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 37 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; X40P-Q3XR, 35.480%, 5/20/2026 †§x | Affirm | 11/27/2024 | 404 | 402 | 405 |
| &nbsp;&nbsp;&nbsp; X40T-6N0B, 29.810%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 203 | 207 | 12 |
| &nbsp;&nbsp;&nbsp; X411-ROE9, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 254 | 248 | 247 |
| &nbsp;&nbsp;&nbsp; X41H-18KI, 24.400%, 5/09/2028 †x# | Affirm | 5/13/2024 | 2170 | 2330 | 336 |
| &nbsp;&nbsp;&nbsp; X41N-L2MO, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; X41Q-OPGL, 32.940%, 3/24/2027 †§x# | Affirm | 3/31/2025 | 1029 | 1023 | 1043 |
| &nbsp;&nbsp;&nbsp; X41R-JGT4, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 73 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; X423-GOF9, 35.450%, 3/16/2026 †x# | Affirm | 9/19/2024 | 152 | 150 | 35 |
| &nbsp;&nbsp;&nbsp; X42D-VF4L, 35.280%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 350 | 361 | 21 |
| &nbsp;&nbsp;&nbsp; X42H-1GH0, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 162 | 166 | 165 |
| &nbsp;&nbsp;&nbsp; X42H-B6A0, 11.840%, 1/06/2028 †§x | Affirm | 1/29/2025 | 824 | 849 | 854 |
| &nbsp;&nbsp;&nbsp; X42T-IBB0, 29.690%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; X430-H9ER, 33.140%, 11/15/2025 †§x | Affirm | 11/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X434-L81I, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; X43C-E18Z, 24.400%, 10/02/2025 †§x | Affirm | 10/07/2024 | 119 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; X43E-FNEL, 9.850%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 170 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; X43H-N7FB, 29.460%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 101 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; X43J-CTLM, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X43N-0NU7, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1052 | 1070 | 1073 |
| &nbsp;&nbsp;&nbsp; X43P-JOSQ, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 23 | 24 | 23 |
| &nbsp;&nbsp;&nbsp; X43U-V7EH, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 91 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; X43W-63RU, 29.660%, 6/09/2023 †x#^ | Affirm | 12/15/2022 | 227 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; X43W-VJFQ, 35.450%, 3/25/2026 †§x | Affirm | 9/30/2024 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; X43Y-IHEQ, 31.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 245 | 235 | 238 |
| &nbsp;&nbsp;&nbsp; X443-FME6, 15.760%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 713 | 703 | 709 |
| &nbsp;&nbsp;&nbsp; X444-76RV, 15.940%, 1/02/2026 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; X445-60Q3, 33.950%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 193 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; X449-8QJQ, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; X44A-E1AJ, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 52 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; X44J-KYNF, 35.360%, 2/27/2026 †x# | Affirm | 8/30/2024 | 256 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; X44K-PSUR, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; X44L-GBGF, 29.620%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 411 | 427 | 25 |
| &nbsp;&nbsp;&nbsp; X44U-MP96, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 311 | 317 | 318 |
| &nbsp;&nbsp;&nbsp; X44W-LJ07, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 745 | 770 | 765 |
| &nbsp;&nbsp;&nbsp; X454-FVBG, 15.790%, 9/24/2026 †§x | Affirm | 9/27/2024 | 375 | 385 | 387 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8173** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X45R-D1NQ, 29.520%, 12/12/2025 †x# | Affirm | 12/15/2023 | $514 | $540 | $31 |
| &nbsp;&nbsp;&nbsp; X45U-B7MJ, 29.490%, 8/22/2024 †x#^ | Affirm | 8/25/2023 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; X45V-22NV, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 186 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; X462-FXPN, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; X46H-LQ2Z, 23.400%, 10/23/2026 †§x | Affirm | 10/28/2024 | 489 | 504 | 506 |
| &nbsp;&nbsp;&nbsp; X46O-XK2S, 30.000%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; X46S-8YLM, 29.940%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 452 | 458 | 459 |
| &nbsp;&nbsp;&nbsp; X46Y-DMLB, 29.450%, 7/21/2023 †x#^ | Affirm | 7/25/2022 | 321 | 317 | 19 |
| &nbsp;&nbsp;&nbsp; X46Z-RR6U, 28.500%, 1/20/2023 †x#^ | Affirm | 7/25/2022 | 145 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; X474-EVN6, 29.620%, 3/25/2026 †§x | Affirm | 9/30/2024 | 146 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; X479-XSPX, 5.819%, 6/12/2026 †x#« | Affirm | 6/15/2023 | 1123 | 948 | 67 |
| &nbsp;&nbsp;&nbsp; X47Q-1Z9U, 15.630%, 9/02/2025 †§x | Affirm | 6/27/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; X47X-KYWY, 27.990%, 12/02/2025 †§x | Affirm | 6/27/2025 | 1033 | 1047 | 1050 |
| &nbsp;&nbsp;&nbsp; X47X-MRE2, 29.630%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 153 | 156 | 9 |
| &nbsp;&nbsp;&nbsp; X48N-P0KJ, 15.900%, 2/10/2026 †x | Affirm | 2/26/2025 | 378 | 387 | 390 |
| &nbsp;&nbsp;&nbsp; X48S-JQCW, 29.540%, 3/06/2025 †x#^ | Affirm | 9/11/2023 | 301 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; X48T-7G16, 35.620%, 8/10/2026 †§x | Affirm | 2/26/2025 | 190 | 195 | 194 |
| &nbsp;&nbsp;&nbsp; X492-2HXX, 15.740%, 11/06/2025 †§x | Affirm | 5/09/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; X493-VSF6, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; X49B-KRSG, 29.150%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 119 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; X49D-WQ3C, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; X49F-3KLH, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 10 |
| &nbsp;&nbsp;&nbsp; X49L-KMNT, 35.380%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 305 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; X49M-NSVV, 6.863%, 10/25/2025 †§x« | Affirm | 10/31/2024 | 534 | 528 | 524 |
| &nbsp;&nbsp;&nbsp; X49P-7CUO, 35.290%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 186 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; X49P-QMA9, 22.770%, 2/06/2027 †§x | Affirm | 2/26/2025 | 1161 | 1147 | 1167 |
| &nbsp;&nbsp;&nbsp; X49P-UGSP, 35.780%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X49S-TLKB, 29.690%, 11/21/2023 †x#^ | Affirm | 11/25/2022 | 153 | 156 | 9 |
| &nbsp;&nbsp;&nbsp; X49Z-CYLN, 32.860%, 3/28/2026 †§x | Affirm | 3/31/2025 | 265 | 265 | 268 |
| &nbsp;&nbsp;&nbsp; X4A3-7N5V, 34.010%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; X4A7-N0JY, 35.650%, 1/02/2026 †§x | Affirm | 1/29/2025 | 737 | 744 | 742 |
| &nbsp;&nbsp;&nbsp; X4AK-76CB, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 168 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; X4AT-MPAB, 35.360%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; X4AZ-8ETY, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; X4B1-5DM0, 28.000%, 2/01/2024 †x#^ | Affirm | 8/04/2022 | 205 | 221 | 12 |
| &nbsp;&nbsp;&nbsp; X4B4-ZT3S, 29.600%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 25 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; X4B5-XYDV, 32.500%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 2703 | 2781 | 162 |
| &nbsp;&nbsp;&nbsp; X4B8-EG99, 35.700%, 9/28/2025 †§x | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; X4BJ-F6XP, 30.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 637 | 659 | 659 |
| &nbsp;&nbsp;&nbsp; X4BN-7G16, 35.190%, 9/28/2025 †x | Affirm | 4/22/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; X4BO-94WD, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 540 | 560 | 566 |
| &nbsp;&nbsp;&nbsp; X4C7-9X57, 18.000%, 3/20/2026 †§x | Affirm | 9/26/2024 | 153 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; X4CC-28YU, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X4CH-05TE, 35.380%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 286 | 292 | 295 |
| &nbsp;&nbsp;&nbsp; X4CT-S4AL, 23.000%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 159 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; X4DC-WT12, 35.200%, 11/06/2025 †§x | Affirm | 8/29/2025 | 205 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; X4DD-83IF, 19.870%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; X4DN-4X9M, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 93 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; X4DQ-ETSL, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; X4DS-50KE, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 30 | 30 | 3 |
| &nbsp;&nbsp;&nbsp; X4DV-VBSA, 35.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 599 | 595 | 174 |
| &nbsp;&nbsp;&nbsp; X4E1-FJS3, 33.050%, 4/23/2026 †§x | Affirm | 10/28/2024 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; X4E8-N3JK, 32.860%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 129 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; X4EB-DOYL, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X4EC-B7C6, 27.500%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 2292 | 2409 | 138 |
| &nbsp;&nbsp;&nbsp; X4EH-PHZT, 31.000%, 1/06/2026 †x# | Affirm | 1/29/2025 | 154 | 158 |  |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8174** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X4EK-YR96, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | $155 | $158 | $157 |
| &nbsp;&nbsp;&nbsp; X4EM-26JQ, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 440 | 438 | 26 |
| &nbsp;&nbsp;&nbsp; X4EP-7T1L, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 732 | 724 | 731 |
| &nbsp;&nbsp;&nbsp; X4EQ-KA3H, 35.780%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 147 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; X4ER-NLQS, 29.330%, 6/06/2023 †x#^ | Affirm | 3/09/2023 | 438 | 429 | 26 |
| &nbsp;&nbsp;&nbsp; X4EV-A8JR, 29.530%, 1/05/2026 †§x | Affirm | 1/11/2024 | 636 | 641 | 385 |
| &nbsp;&nbsp;&nbsp; X4F4-LF09, 28.000%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; X4F5-51C3, 32.500%, 1/02/2027 †§x | Affirm | 1/29/2025 | 811 | 804 | 816 |
| &nbsp;&nbsp;&nbsp; X4FH-RBGP, 30.000%, 7/05/2023 †x#^ | Affirm | 1/09/2023 | 66 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; X4FI-6MEC, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X4G0-BXPN, 29.520%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 491 | 516 | 29 |
| &nbsp;&nbsp;&nbsp; X4G6-3O6U, 29.740%, 5/01/2024 †x#^ | Affirm | 11/04/2022 | 171 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; X4GC-H586, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; X4GJ-4G42, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; X4GJ-TAZK, 21.900%, 9/28/2025 †§x | Affirm | 10/03/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; X4GK-3TR3, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; X4GL-M2E3, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 351 | 358 | 359 |
| &nbsp;&nbsp;&nbsp; X4GQ-K5MZ, 29.660%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 121 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; X4GU-BBBK, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 263 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; X4GY-G3DE, 35.260%, 12/02/2025 †§x | Affirm | 6/27/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; X4H6-YMH4, 23.700%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 243 | 248 | 15 |
| &nbsp;&nbsp;&nbsp; X4HE-TEFY, 33.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; X4HQ-Q1MJ, 33.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 329 | 325 | 328 |
| &nbsp;&nbsp;&nbsp; X4HR-XFQ6, 29.520%, 10/03/2025 †§x | Affirm | 10/06/2023 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; X4I0-OH3U, 29.760%, 1/08/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X4I5-8XYW, 33.050%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; X4IP-P1SP, 35.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 34 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; X4IT-PUG8, 35.540%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; X4IU-MZTF, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 261 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; X4IX-6HLB, 29.710%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 1350 | 1412 | 81 |
| &nbsp;&nbsp;&nbsp; X4JQ-96ZG, 28.970%, 5/05/2025 †x#^ | Affirm | 5/11/2023 | 675 | 717 | 41 |
| &nbsp;&nbsp;&nbsp; X4JU-7SL9, 35.350%, 7/25/2025 †x#^ | Affirm | 7/29/2024 | 704 | 643 | 42 |
| &nbsp;&nbsp;&nbsp; X4K1-UXXL, 19.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 78 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; X4K7-I9WM, 32.500%, 7/02/2026 †x | Affirm | 1/29/2025 | 3793 | 3851 | 3847 |
| &nbsp;&nbsp;&nbsp; X4KH-EHBA, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; X4KK-HJR7, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 830 | 867 | 875 |
| &nbsp;&nbsp;&nbsp; X4KP-1X72, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; X4KQ-PI7J, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; X4KV-Q2ZP, 22.750%, 12/20/2025 †§x | Affirm | 6/24/2024 | 750 | 755 | 758 |
| &nbsp;&nbsp;&nbsp; X4KZ-J3XQ, 35.250%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; X4L1-6RZH, 35.450%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; X4L7-5LNZ, 22.750%, 6/21/2028 †§x | Affirm | 6/27/2024 | 1110 | 1175 | 1177 |
| &nbsp;&nbsp;&nbsp; X4L7-QZLP, 33.950%, 11/20/2025 †x# | Affirm | 11/27/2024 | 149 | 151 | 153 |
| &nbsp;&nbsp;&nbsp; X4LJ-F5T0, 35.580%, 1/13/2027 †§x | Affirm | 1/29/2025 | 2046 | 2039 | 2073 |
| &nbsp;&nbsp;&nbsp; X4M6-MXQS, 29.520%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 667 | 659 | 40 |
| &nbsp;&nbsp;&nbsp; X4MB-DN1D, 35.440%, 10/15/2025 †§x | Affirm | 4/18/2024 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; X4MZ-XETM, 24.400%, 12/25/2025 †§x | Affirm | 6/28/2024 | 298 | 301 | 301 |
| &nbsp;&nbsp;&nbsp; X4N6-NOWS, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; X4NB-C623, 35.580%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 252 | 233 | 15 |
| &nbsp;&nbsp;&nbsp; X4NR-LH8X, 27.500%, 2/21/2023 †x#^ | Affirm | 11/25/2022 | 121 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; X4NT-U1XJ, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 897 | 872 | 866 |
| &nbsp;&nbsp;&nbsp; X4NU-E6QE, 29.000%, 10/12/2022 †x#^ | Affirm | 4/15/2022 | 322 | 331 | 19 |
| &nbsp;&nbsp;&nbsp; X4O0-Z2K9, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 300 | 315 | 315 |
| &nbsp;&nbsp;&nbsp; X4O1-12MV, 33.950%, 3/25/2026 †§x | Affirm | 9/30/2024 | 335 | 342 | 343 |
| &nbsp;&nbsp;&nbsp; X4O4-0P52, 28.000%, 1/28/2023 †x#^ | Affirm | 11/03/2022 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; X4OA-256U, 19.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 201 | 204 | 204 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8175** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X4OF-1QDY, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | $88 | $91 | $91 |
| &nbsp;&nbsp;&nbsp; X4OF-TNE8, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 413 | 418 | 416 |
| &nbsp;&nbsp;&nbsp; X4OI-44S8, 35.540%, 1/09/2026 †§x | Affirm | 1/29/2025 | 137 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; X4OQ-OPKT, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 161 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; X4OR-KQQT, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 316 | 315 | 316 |
| &nbsp;&nbsp;&nbsp; X4P2-I5BB, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; X4PJ-96Q7, 35.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 258 | 260 | 16 |
| &nbsp;&nbsp;&nbsp; X4PP-UTPI, 35.460%, 8/07/2026 †§x | Affirm | 8/29/2025 | 1000 | 1028 | 1028 |
| &nbsp;&nbsp;&nbsp; X4PQ-81CT, 32.970%, 12/28/2025 †x# | Affirm | 1/05/2024 | 804 | 808 | 48 |
| &nbsp;&nbsp;&nbsp; X4PQ-X0FN, 35.520%, 1/02/2027 †§x | Affirm | 1/29/2025 | 476 | 472 | 479 |
| &nbsp;&nbsp;&nbsp; X4PV-NBI4, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 90 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; X4Q0-CS98, 26.700%, 3/28/2028 †x# | Affirm | 3/31/2025 | 4804 | 5007 | 5012 |
| &nbsp;&nbsp;&nbsp; X4QC-ROAS, 33.050%, 7/06/2026 †§x | Affirm | 1/29/2025 | 275 | 284 | 280 |
| &nbsp;&nbsp;&nbsp; X4QK-TUE3, 29.650%, 6/02/2023 †x#^ | Affirm | 12/06/2021 | 37 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; X4QL-T2MX, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 174 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; X4QM-NSIX, 29.610%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 108 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; X4QP-TBDS, 35.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 276 | 276 | 17 |
| &nbsp;&nbsp;&nbsp; X4QV-AXHZ, 28.000%, 6/22/2024 †x#^ | Affirm | 12/27/2022 | 212 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; X4R5-8BM7, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; X4RK-WCKW, 19.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 878 | 893 | 896 |
| &nbsp;&nbsp;&nbsp; X4S1-Y5B9, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X4S9-J9JM, 11.920%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 344 | 350 | 352 |
| &nbsp;&nbsp;&nbsp; X4SE-GI7X, 13.840%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 175 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; X4SJ-O9B3, 35.580%, 2/22/2025 †x#^ | Affirm | 2/29/2024 | 58 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; X4SM-CPVT, 32.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; X4SN-4053, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; X4SO-ZT62, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X4ST-O13J, 29.000%, 8/11/2024 †x#^ | Affirm | 8/15/2022 | 616 | 662 | 37 |
| &nbsp;&nbsp;&nbsp; X4T7-R89M, 29.420%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 143 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; X4TF-7SB7, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 383 | 387 | 386 |
| &nbsp;&nbsp;&nbsp; X4TH-9NCZ, 30.950%, 12/16/2025 †x# | Affirm | 12/27/2024 | 34 | 35 | 3 |
| &nbsp;&nbsp;&nbsp; X4TW-D1MY, 32.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 83 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; X4TX-MFFG, 30.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 157 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; X4TZ-1S3S, 15.730%, 3/28/2026 †§x# | Affirm | 4/04/2024 | 233 | 234 | 235 |
| &nbsp;&nbsp;&nbsp; X4U6-H48B, 32.000%, 3/03/2027 †x | Affirm | 3/28/2025 | 4449 | 4631 | 4705 |
| &nbsp;&nbsp;&nbsp; X4UN-FJKX, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X4UW-W0HR, 22.490%, 11/14/2025 †§x | Affirm | 5/30/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; X4UY-08B7, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; X4V1-MRDI, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 115 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; X4VA-MPUV, 32.500%, 7/03/2026 †§x | Affirm | 1/29/2025 | 230 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; X4VD-0GLE, 30.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 2005 | 1991 | 533 |
| &nbsp;&nbsp;&nbsp; X4VN-Q1FJ, 13.840%, 11/23/2025 †§x | Affirm | 5/28/2024 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; X4VO-1LFQ, 13.840%, 5/06/2026 †§x | Affirm | 5/30/2025 | 568 | 582 | 585 |
| &nbsp;&nbsp;&nbsp; X4VR-2OB7, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 415 | 422 | 423 |
| &nbsp;&nbsp;&nbsp; X4WI-ZTSR, 35.510%, 10/28/2025 †§x | Affirm | 10/31/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X4WJ-HHP4, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; X4WL-BB3U, 33.050%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 152 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; X4WT-SVPX, 24.460%, 12/02/2025 †§x | Affirm | 6/27/2025 | 333 | 336 | 337 |
| &nbsp;&nbsp;&nbsp; X4WV-G435, 35.430%, 1/02/2027 †§x | Affirm | 1/29/2025 | 568 | 563 | 571 |
| &nbsp;&nbsp;&nbsp; X4WY-XOZ8, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 322 | 322 | 322 |
| &nbsp;&nbsp;&nbsp; X4X7-ZK6U, 22.720%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X4XC-ZFWP, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 637 | 653 | 657 |
| &nbsp;&nbsp;&nbsp; X4XD-6GVS, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 159 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; X4XF-N524, 29.010%, 12/23/2024 †x#^ | Affirm | 6/29/2023 | 23 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; X4XO-DUD4, 35.540%, 12/11/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X4XY-K3ND, 29.780%, 5/21/2023 †x#^ | Affirm | 11/25/2022 | 22 | 22 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8176** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X4Y3-P0BK, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $39 | $39 | $39 |
| &nbsp;&nbsp;&nbsp; X4Y6-W75R, 23.400%, 1/02/2027 †x# | Affirm | 1/29/2025 | 581 | 608 | 116 |
| &nbsp;&nbsp;&nbsp; X4Y9-IN5K, 35.390%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 85 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X4YI-FM7F, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 181 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; X4YJ-NL50, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X4YL-NSVU, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; X4YQ-6HDJ, 35.390%, 1/08/2026 †§x | Affirm | 1/11/2024 | 174 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; X4YU-L0L8, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X4YV-JJNE, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 203 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; X4YY-6LCG, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; X4ZB-7MNC, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; X4ZB-EGFN, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; X4ZH-WWO1, 26.112%, 2/28/2023 †x#^« | Affirm | 12/01/2022 | 42 | 40 | 3 |
| &nbsp;&nbsp;&nbsp; X4ZN-29E5, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 86 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; X4ZV-C65F, 15.850%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 95 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; X504-1Z1R, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 57 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; X504-64J9, 29.680%, 7/15/2026 †§x | Affirm | 1/29/2025 | 283 | 290 | 292 |
| &nbsp;&nbsp;&nbsp; X505-8Z1C, 29.660%, 5/02/2024 †x#^ | Affirm | 11/07/2022 | 309 | 309 | 19 |
| &nbsp;&nbsp;&nbsp; X509-7T0G, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; X50D-TV0E, 15.780%, 10/21/2025 †§x | Affirm | 10/24/2024 | 416 | 420 | 422 |
| &nbsp;&nbsp;&nbsp; X50E-QIVZ, 16.000%, 8/13/2023 †x#^ | Affirm | 2/16/2023 | 225 | 224 | 14 |
| &nbsp;&nbsp;&nbsp; X50G-8PYU, 33.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; X50K-P7UW, 29.560%, 6/26/2026 †§x | Affirm | 7/01/2024 | 421 | 428 | 435 |
| &nbsp;&nbsp;&nbsp; X50R-0LDH, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 580 | 593 | 596 |
| &nbsp;&nbsp;&nbsp; X50R-FH53, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; X50S-G3HB, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; X515-4BDZ, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 240 | 250 | 249 |
| &nbsp;&nbsp;&nbsp; X51C-OY9W, 26.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 38 | 39 |  |
| &nbsp;&nbsp;&nbsp; X51D-KKHX, 35.130%, 12/02/2025 †§x | Affirm | 6/27/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; X51J-JYZ2, 35.990%, 5/21/2024 †x#^ | Affirm | 2/29/2024 | 31 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; X51K-QODO, 15.800%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; X51L-TXCK, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; X51V-JLLE, 33.050%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 32 | 33 | 4 |
| &nbsp;&nbsp;&nbsp; X51X-ORYE, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 110 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; X52A-ARTA, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 113 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; X52M-69H9, 15.790%, 12/20/2026 †§x | Affirm | 12/27/2024 | 638 | 660 | 667 |
| &nbsp;&nbsp;&nbsp; X52T-I9VS, 29.620%, 9/20/2026 †x# | Affirm | 9/26/2024 | 775 | 808 | 46 |
| &nbsp;&nbsp;&nbsp; X52U-U9PJ, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; X52Y-CWRO, 29.600%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; X531-3YZL, 29.630%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 106 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; X532-O9L8, 29.530%, 10/12/2022 †x#^ | Affirm | 4/15/2022 | 278 | 286 | 17 |
| &nbsp;&nbsp;&nbsp; X537-ACC2, 11.800%, 10/04/2022 †x#^ | Affirm | 4/07/2022 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; X538-N58V, 29.540%, 8/08/2027 †§x | Affirm | 8/11/2023 | 977 | 1053 | 1035 |
| &nbsp;&nbsp;&nbsp; X53G-JNYP, 24.680%, 3/20/2026 †§x# | Affirm | 9/26/2024 | 369 | 366 | 368 |
| &nbsp;&nbsp;&nbsp; X53X-RKI1, 35.390%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 117 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; X547-RPAF, 29.600%, 12/18/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X548-D091, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 111 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; X54L-TJGP, 29.560%, 12/04/2025 †§x | Affirm | 12/07/2023 | 119 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; X54O-ULX5, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 175 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; X552-WQ7H, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; X553-VTWY, 35.640%, 1/06/2026 †x# | Affirm | 1/29/2025 | 155 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; X555-0MFY, 25.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; X55H-NXN7, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; X55I-JH7O, 31.500%, 11/28/2024 †x#^ | Affirm | 7/03/2023 | 450 | 449 | 27 |
| &nbsp;&nbsp;&nbsp; X55P-1XM3, 29.700%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 103 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; X55X-3D0Z, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 67 | 69 | 69 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8177** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X55Z-LFXB, 23.400%, 11/12/2025 †§x | Affirm | 11/27/2024 | $68 | $68 | $68 |
| &nbsp;&nbsp;&nbsp; X56D-ZUTQ, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 176 | 170 | 168 |
| &nbsp;&nbsp;&nbsp; X56H-E3SA, 35.610%, 11/14/2025 †§x | Affirm | 11/27/2024 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; X56J-4P47, 23.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; X56U-6R89, 35.210%, 12/02/2025 †§x | Affirm | 6/27/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; X56U-COPQ, 24.750%, 2/12/2027 †§x | Affirm | 2/26/2025 | 698 | 692 | 704 |
| &nbsp;&nbsp;&nbsp; X56W-RMK8, 32.870%, 3/12/2025 †x#^ | Affirm | 3/15/2024 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; X579-WKSU, 30.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 1428 | 1475 | 1466 |
| &nbsp;&nbsp;&nbsp; X580-VN44, 35.330%, 5/28/2025 †x#^ | Affirm | 9/05/2023 | 391 | 405 | 23 |
| &nbsp;&nbsp;&nbsp; X584-2RX2, 33.050%, 4/28/2026 †§x | Affirm | 10/31/2024 | 491 | 504 | 504 |
| &nbsp;&nbsp;&nbsp; X58K-DUCN, 24.400%, 2/12/2029 †§x# | Affirm | 2/26/2025 | 1440 | 1550 | 1570 |
| &nbsp;&nbsp;&nbsp; X58N-A17L, 18.000%, 1/13/2028 †x | Affirm | 1/29/2025 | 2471 | 2550 | 2569 |
| &nbsp;&nbsp;&nbsp; X58R-3TN7, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; X58Y-E7YS, 21.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 248 | 253 | 254 |
| &nbsp;&nbsp;&nbsp; X592-FCF2, 29.500%, 6/05/2025 †x#^ | Affirm | 12/08/2023 | 137 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; X59F-RNNS, 16.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; X59R-4NXP, 15.870%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 1079 | 1067 | 65 |
| &nbsp;&nbsp;&nbsp; X5A0-CB49, 29.640%, 2/28/2026 †§x# | Affirm | 3/03/2023 | 549 | 547 | 554 |
| &nbsp;&nbsp;&nbsp; X5AN-4NIX, 15.740%, 12/27/2025 †§x | Affirm | 1/02/2024 | 225 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; X5AN-WA06, 15.730%, 1/24/2026 †§x | Affirm | 7/29/2024 | 243 | 246 | 245 |
| &nbsp;&nbsp;&nbsp; X5AP-8NAU, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 154 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; X5AU-JZQ8, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; X5AX-YSOC, 35.450%, 12/21/2025 †§x | Affirm | 6/27/2024 | 378 | 381 | 379 |
| &nbsp;&nbsp;&nbsp; X5AZ-K5XE, 32.820%, 3/20/2026 †§x | Affirm | 3/28/2025 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; X5B1-MZKI, 12.000%, 8/10/2023 †x#^ | Affirm | 2/16/2023 | 132 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; X5B4-DCD0, 35.190%, 12/02/2025 †§x | Affirm | 6/27/2025 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; X5B5-6QMO, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 647 | 658 | 661 |
| &nbsp;&nbsp;&nbsp; X5BJ-SKON, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 109 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; X5BL-S0TM, 16.000%, 8/27/2023 †x#^ | Affirm | 3/02/2023 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; X5BS-8HTG, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 125 | 126 | 125 |
| &nbsp;&nbsp;&nbsp; X5C1-IHYM, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 207 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; X5C6-PI17, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 177 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; X5C6-SMT2, 35.510%, 12/28/2025 †§x | Affirm | 1/29/2025 | 56 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; X5CA-77Z6, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 649 | 663 | 669 |
| &nbsp;&nbsp;&nbsp; X5CA-CY8A, 23.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; X5CE-VTEQ, 31.000%, 9/03/2026 †x | Affirm | 8/07/2023 | 1500 | 1527 | 1530 |
| &nbsp;&nbsp;&nbsp; X5CK-OZQV, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; X5CK-U26H, 33.050%, 12/10/2025 †§x | Affirm | 12/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; X5CQ-DBAB, 32.000%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 63 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; X5CX-GXW2, 29.620%, 12/24/2022 †x#^ | Affirm | 12/31/2021 | 164 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; X5D0-AHF2, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; X5D0-RL3I, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; X5D1-EUTF, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X5D2-24HT, 33.500%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 215 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; X5DG-AAZN, 22.610%, 3/06/2026 †x# | Affirm | 3/11/2024 | 605 | 633 | 36 |
| &nbsp;&nbsp;&nbsp; X5DP-Q4K2, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 278 | 280 | 278 |
| &nbsp;&nbsp;&nbsp; X5DQ-M1TT, 32.000%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 694 | 706 | 706 |
| &nbsp;&nbsp;&nbsp; X5DU-YQIC, 31.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 2017 | 2073 | 2086 |
| &nbsp;&nbsp;&nbsp; X5DZ-2DAP, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; X5DZ-BC7X, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X5E5-VKR8, 25.900%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X5EF-VV6W, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; X5EK-CTG0, 19.700%, 12/24/2025 †x# | Affirm | 6/27/2024 | 441 | 459 | 26 |
| &nbsp;&nbsp;&nbsp; X5ET-JVNF, 29.530%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 429 | 451 | 26 |
| &nbsp;&nbsp;&nbsp; X5EU-51U1, 29.530%, 12/07/2025 †§x | Affirm | 12/11/2023 | 123 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; X5F2-098W, 30.540%, 8/10/2023 †x#^ | Affirm | 8/15/2022 | 663 | 695 | 40 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8178** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X5F4-FPOJ, 35.990%, 1/02/2026 †x# | Affirm | 1/29/2025 | $258 | $253 | $11 |
| &nbsp;&nbsp;&nbsp; X5FM-MHD5, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 96 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; X5FV-3AH1, 19.700%, 11/20/2027 †§x | Affirm | 11/27/2024 | 947 | 978 | 985 |
| &nbsp;&nbsp;&nbsp; X5FX-375C, 35.560%, 2/11/2027 †§x | Affirm | 2/26/2025 | 786 | 777 | 786 |
| &nbsp;&nbsp;&nbsp; X5FX-878R, 35.380%, 11/21/2025 †§x | Affirm | 11/24/2023 | 71 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; X5G7-5HJR, 26.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; X5G7-LV6Z, 35.550%, 12/16/2025 †§x | Affirm | 12/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X5GB-I9FH, 31.000%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 527 | 544 | 547 |
| &nbsp;&nbsp;&nbsp; X5GG-ZR6J, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 122 | 124 | 123 |
| &nbsp;&nbsp;&nbsp; X5GR-LA6A, 13.840%, 9/23/2027 †x | Affirm | 9/26/2024 | 4292 | 4418 | 4447 |
| &nbsp;&nbsp;&nbsp; X5GR-M7ZO, 35.380%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 410 | 430 | 25 |
| &nbsp;&nbsp;&nbsp; X5GR-R33L, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; X5GS-61MZ, 35.760%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; X5GU-O3AJ, 29.750%, 6/02/2023 †x#^ | Affirm | 12/06/2021 | 76 | 73 | 5 |
| &nbsp;&nbsp;&nbsp; X5GZ-KE41, 29.560%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 31 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; X5H0-7AHF, 29.760%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 92 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; X5H8-A303, 29.400%, 7/23/2024 †x#^ | Affirm | 5/26/2023 | 347 | 339 | 21 |
| &nbsp;&nbsp;&nbsp; X5HC-JCHB, 29.720%, 1/09/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; X5HD-YCBZ, 24.680%, 12/28/2025 †§x | Affirm | 1/29/2025 | 60 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; X5HE-1ILH, 29.620%, 2/27/2026 †§x | Affirm | 3/01/2024 | 166 | 168 | 170 |
| &nbsp;&nbsp;&nbsp; X5HF-IC0Z, 35.460%, 6/26/2026 †§x# | Affirm | 7/01/2024 | 1416 | 1413 | 1448 |
| &nbsp;&nbsp;&nbsp; X5HZ-7UTT, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 171 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; X5I0-36R6, 35.570%, 9/16/2025 †x# | Affirm | 9/26/2024 | 600 | 551 | 36 |
| &nbsp;&nbsp;&nbsp; X5IA-27HY, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; X5IM-8XO6, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; X5IT-NEYZ, 12.000%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 251 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; X5IV-I1IS, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 110 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; X5J2-06E7, 13.840%, 12/27/2025 †§x# | Affirm | 7/01/2024 | 241 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; X5J8-2D34, 25.200%, 6/02/2026 †§x | Affirm | 6/27/2025 | 158 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; X5JD-WANJ, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; X5KD-5SLH, 33.950%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp; X5KD-UID4, 22.750%, 1/09/2026 †§x | Affirm | 1/29/2025 | 975 | 987 | 989 |
| &nbsp;&nbsp;&nbsp; X5KD-XUUX, 24.660%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 647 | 643 | 652 |
| &nbsp;&nbsp;&nbsp; X5KE-48AB, 8.685%, 7/24/2022 †x#^« | Affirm | 1/27/2022 | 1006 | 966 | 60 |
| &nbsp;&nbsp;&nbsp; X5KK-72D2, 29.510%, 8/28/2025 †x#^ | Affirm | 9/05/2023 | 277 | 280 | 17 |
| &nbsp;&nbsp;&nbsp; X5KS-636S, 15.760%, 6/21/2026 †§x | Affirm | 6/27/2024 | 1286 | 1279 | 1296 |
| &nbsp;&nbsp;&nbsp; X5KT-3G0C, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 210 | 216 | 217 |
| &nbsp;&nbsp;&nbsp; X5KV-5R79, 33.050%, 10/08/2025 †§x | Affirm | 7/31/2025 | 99 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; X5KW-KGXP, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 100 | 103 | 105 |
| &nbsp;&nbsp;&nbsp; X5KX-OB1S, 27.500%, 6/28/2023 †x#^ | Affirm | 1/03/2023 | 25 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; X5L0-OM5A, 29.610%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 221 | 225 | 13 |
| &nbsp;&nbsp;&nbsp; X5L5-QBC9, 10.840%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 291 | 306 | 17 |
| &nbsp;&nbsp;&nbsp; X5L6-E5AV, 30.000%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 419 | 435 | 25 |
| &nbsp;&nbsp;&nbsp; X5L8-9IW5, 35.460%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 129 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; X5LA-0ZM8, 24.400%, 12/11/2025 †§x | Affirm | 12/27/2024 | 239 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; X5LH-IIPW, 30.000%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 311 | 313 | 19 |
| &nbsp;&nbsp;&nbsp; X5LI-PP8P, 35.100%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 268 | 272 | 270 |
| &nbsp;&nbsp;&nbsp; X5LK-LC8Q, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; X5LO-KNI3, 22.530%, 2/06/2026 †§x | Affirm | 8/29/2025 | 466 | 476 | 476 |
| &nbsp;&nbsp;&nbsp; X5LP-6076, 35.330%, 7/24/2026 †§x# | Affirm | 7/29/2024 | 561 | 556 | 175 |
| &nbsp;&nbsp;&nbsp; X5M3-7LX4, 15.780%, 7/02/2026 †§x | Affirm | 1/29/2025 | 63 | 65 | 63 |
| &nbsp;&nbsp;&nbsp; X5MB-C1A5, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 166 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; X5ME-QFL3, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 235 | 240 | 241 |
| &nbsp;&nbsp;&nbsp; X5MH-UQ1Y, 22.900%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 106 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; X5MJ-D8EL, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; X5MP-NXCQ, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 240 | 243 | 243 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8179** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X5MQ-7M62, 33.950%, 1/22/2026 †§x | Affirm | 7/25/2024 | $88 | $89 | $89 |
| &nbsp;&nbsp;&nbsp; X5N0-CUC7, 33.950%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 455 | 467 | 27 |
| &nbsp;&nbsp;&nbsp; X5N7-6UMN, 28.000%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 81 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X5NL-MCTI, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 462 | 460 | 459 |
| &nbsp;&nbsp;&nbsp; X5NM-D4WF, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 9 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; X5NN-HAJ4, 35.480%, 10/04/2024 †x#^ | Affirm | 10/10/2023 | 20 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; X5NZ-MUP3, 29.610%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 223 | 228 | 228 |
| &nbsp;&nbsp;&nbsp; X5O3-7TPO, 22.560%, 3/20/2026 †§x | Affirm | 3/28/2025 | 164 | 168 | 169 |
| &nbsp;&nbsp;&nbsp; X5OB-GPM1, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; X5P6-SQEQ, 29.800%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 69 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; X5P8-J41M, 29.440%, 11/29/2024 †x#^ | Affirm | 6/05/2023 | 119 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; X5PC-CC0Q, 23.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 771 | 786 | 786 |
| &nbsp;&nbsp;&nbsp; X5Q1-BTW8, 35.410%, 10/25/2025 †§x | Affirm | 10/31/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; X5Q2-NCRQ, 35.520%, 12/19/2026 †§x | Affirm | 12/27/2024 | 956 | 956 | 970 |
| &nbsp;&nbsp;&nbsp; X5Q3-9BIU, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 71 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; X5Q3-JI5S, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X5QA-8P3E, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 522 | 530 | 31 |
| &nbsp;&nbsp;&nbsp; X5QA-BEIW, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; X5QR-OR5Z, 33.950%, 12/19/2026 †§x | Affirm | 12/27/2024 | 678 | 702 | 709 |
| &nbsp;&nbsp;&nbsp; X5QS-V0X4, 29.630%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 53 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; X5QU-2EHI, 29.550%, 2/12/2024 †x#^ | Affirm | 8/18/2022 | 225 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; X5QU-8JNQ, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; X5QX-ZIXK, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 18 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; X5R4-CBG6, 29.730%, 8/21/2024 †x#^ | Affirm | 2/24/2023 | 262 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; X5R6-06M5, 35.470%, 11/28/2025 †§x# | Affirm | 12/04/2023 | 131 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; X5R6-KNQF, 29.410%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; X5R8-7GON, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 344 | 351 | 352 |
| &nbsp;&nbsp;&nbsp; X5R8-XGVB, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; X5RK-SVN5, 29.500%, 6/06/2025 †x#^ | Affirm | 12/11/2023 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; X5RO-8J65, 13.840%, 8/12/2026 †x | Affirm | 2/26/2025 | 1473 | 1518 | 1511 |
| &nbsp;&nbsp;&nbsp; X5RP-CMAW, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 41 | 41 | 4 |
| &nbsp;&nbsp;&nbsp; X5SM-P7VK, 29.650%, 5/05/2023 †x#^ | Affirm | 11/12/2021 | 61 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; X5SO-39IW, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 202 | 202 | 203 |
| &nbsp;&nbsp;&nbsp; X5SO-WWTR, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 374 | 386 | 22 |
| &nbsp;&nbsp;&nbsp; X5SR-VMIL, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 528 | 544 | 540 |
| &nbsp;&nbsp;&nbsp; X5SZ-P7SJ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 297 | 304 | 306 |
| &nbsp;&nbsp;&nbsp; X5T4-HXX1, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 356 | 346 | 344 |
| &nbsp;&nbsp;&nbsp; X5T8-LTE1, 18.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 935 | 953 | 956 |
| &nbsp;&nbsp;&nbsp; X5TH-XCY8, 13.840%, 1/08/2026 †§x | Affirm | 7/31/2025 | 782 | 796 | 800 |
| &nbsp;&nbsp;&nbsp; X5TR-CUAA, 33.300%, 9/02/2025 †§x | Affirm | 6/27/2025 | 80 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; X5TW-C8K9, 34.559%, 6/27/2024 †x#^ | Affirm | 1/02/2024 | 60 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; X5TX-MYO8, 33.050%, 10/21/2025 †§x | Affirm | 10/24/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X5UB-VR7G, 29.700%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 56 | 57 | 33 |
| &nbsp;&nbsp;&nbsp; X5UG-BQ1O, 22.620%, 5/21/2026 †§x# | Affirm | 5/24/2024 | 393 | 395 | 401 |
| &nbsp;&nbsp;&nbsp; X5UI-9BRS, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 501 | 510 | 511 |
| &nbsp;&nbsp;&nbsp; X5UK-9423, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; X5V0-M8GX, 33.050%, 9/28/2025 †§x | Affirm | 10/03/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; X5V2-L67N, 11.880%, 1/06/2026 †§x | Affirm | 1/29/2025 | 392 | 396 | 396 |
| &nbsp;&nbsp;&nbsp; X5V9-AU9W, 35.370%, 12/24/2025 †x# | Affirm | 6/27/2024 | 348 | 361 | 21 |
| &nbsp;&nbsp;&nbsp; X5VH-59NP, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 197 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; X5VM-2OLX, 22.770%, 1/03/2026 †§x | Affirm | 1/29/2025 | 322 | 328 | 329 |
| &nbsp;&nbsp;&nbsp; X5VP-I0UC, 29.920%, 7/11/2022 †x#^ | Affirm | 1/14/2022 | 93 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; X5VS-1VZK, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 431 | 440 | 447 |
| &nbsp;&nbsp;&nbsp; X5VY-KGZL, 29.340%, 11/30/2023 †x#^ | Affirm | 6/02/2023 | 42 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; X5W6-YRIK, 15.890%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 168 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; X5WI-NL43, 33.050%, 10/28/2025 †§x | Affirm | 5/03/2024 | 27 | 27 | 26 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8180** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X5WK-UA5F, 29.650%, 9/04/2025 †§x | Affirm | 3/07/2024 | $39 | $39 | $39 |
| &nbsp;&nbsp;&nbsp; X5WP-Q2SQ, 23.400%, 8/26/2026 †§x | Affirm | 8/29/2024 | 1716 | 1764 | 1773 |
| &nbsp;&nbsp;&nbsp; X5X0-9B3A, 26.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 83 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; X5X8-YQWY, 35.280%, 9/28/2025 †§x | Affirm | 4/22/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; X5XV-MUY9, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; X5XY-6WKH, 22.640%, 10/08/2022 †x#^ | Affirm | 4/14/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; X5XZ-U5KC, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1025 | 1053 | 1052 |
| &nbsp;&nbsp;&nbsp; X5YF-X8J9, 29.600%, 1/19/2026 †§x | Affirm | 1/23/2023 | 119 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; X5YM-V8ET, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 16 | 16 | 2 |
| &nbsp;&nbsp;&nbsp; X5YT-HNDG, 35.540%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; X5YV-BIU1, 15.800%, 3/23/2026 †§x | Affirm | 9/26/2024 | 425 | 434 | 435 |
| &nbsp;&nbsp;&nbsp; X5Z0-5VHR, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 117 | 120 | 117 |
| &nbsp;&nbsp;&nbsp; X5Z7-P7RF, 26.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; X5ZF-FUAX, 29.730%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 168 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; X5ZS-359J, 4.421%, 6/28/2023 †x#^« | Affirm | 7/01/2022 | 30 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; X5ZY-G7LJ, 15.690%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 105 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; X5ZY-ULRS, 29.460%, 6/28/2025 †x#^ | Affirm | 4/03/2023 | 129 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; X605-SGTO, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X608-GOZ4, 35.630%, 1/09/2026 †x | Affirm | 1/29/2025 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; X609-EDKQ, 35.770%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; X60C-UHG7, 35.450%, 1/08/2026 †§x | Affirm | 1/29/2025 | 59 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X60D-CV6U, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; X60L-4MZO, 34.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 190 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; X60P-N9JM, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 236 | 240 | 241 |
| &nbsp;&nbsp;&nbsp; X60Q-TJIV, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; X619-CKD5, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; X61A-9NQP, 26.700%, 10/18/2026 †§x | Affirm | 10/24/2024 | 1186 | 1220 | 1227 |
| &nbsp;&nbsp;&nbsp; X61J-Z4JQ, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 457 | 470 | 472 |
| &nbsp;&nbsp;&nbsp; X61L-MRY9, 35.540%, 3/25/2026 †§x# | Affirm | 9/30/2024 | 608 | 617 | 614 |
| &nbsp;&nbsp;&nbsp; X61L-U7ES, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; X61T-HJBW, 32.000%, 2/11/2027 †x# | Affirm | 2/26/2025 | 2344 | 2446 | 2483 |
| &nbsp;&nbsp;&nbsp; X625-7F9B, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 502 | 511 | 508 |
| &nbsp;&nbsp;&nbsp; X625-R1O4, 29.550%, 2/20/2026 †§x | Affirm | 8/23/2024 | 124 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; X626-08GX, 29.550%, 4/03/2025 †x#^ | Affirm | 7/07/2023 | 167 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; X62U-9KQW, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X62Z-TUSV, 35.390%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 219 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; X630-MG4J, 23.400%, 12/17/2025 †§x | Affirm | 6/21/2024 | 129 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; X63E-NE4R, 35.410%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; X63G-QN9R, 35.400%, 9/24/2024 †x#^ | Affirm | 6/27/2024 | 2137 | 2148 | 128 |
| &nbsp;&nbsp;&nbsp; X63I-LIX5, 30.950%, 9/23/2025 †x# | Affirm | 9/26/2024 | 38 | 39 | 7 |
| &nbsp;&nbsp;&nbsp; X63N-BVSJ, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 329 | 324 | 324 |
| &nbsp;&nbsp;&nbsp; X63Q-VKAK, 29.660%, 7/11/2024 †x#^ | Affirm | 1/17/2023 | 192 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; X63Z-LNWU, 33.950%, 1/08/2026 †x | Affirm | 1/29/2025 | 251 | 256 | 256 |
| &nbsp;&nbsp;&nbsp; X642-7VKX, 29.610%, 6/20/2026 †§x | Affirm | 12/27/2024 | 159 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; X642-Y69R, 25.900%, 12/09/2025 †§x | Affirm | 12/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X64H-MHTP, 29.700%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 45 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; X64L-VM02, 16.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; X64O-CSAD, 28.000%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 372 | 370 | 22 |
| &nbsp;&nbsp;&nbsp; X64P-757D, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 175 | 181 | 183 |
| &nbsp;&nbsp;&nbsp; X64R-70RH, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; X64U-2B6T, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 141 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; X64X-QX2Z, 24.400%, 4/25/2026 †§x | Affirm | 10/31/2024 | 329 | 335 | 336 |
| &nbsp;&nbsp;&nbsp; X65A-BXXE, 35.580%, 12/23/2024 †x#^ | Affirm | 9/26/2024 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; X65B-QO2O, 35.900%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 49 | 50 | 2 |
| &nbsp;&nbsp;&nbsp; X65I-IEAK, 35.570%, 9/24/2025 †x# | Affirm | 9/27/2024 | 306 | 318 | 18 |
| &nbsp;&nbsp;&nbsp; X65J-LTXC, 33.950%, 5/09/2026 †§x | Affirm | 5/13/2024 | 351 | 356 | 357 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8181** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X65R-LYXA, 30.000%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | $108 | $113 | $6 |
| &nbsp;&nbsp;&nbsp; X664-PH3F, 35.150%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; X66B-39W2, 29.490%, 2/25/2025 †x#^ | Affirm | 8/31/2023 | 311 | 323 | 19 |
| &nbsp;&nbsp;&nbsp; X66H-IYNV, 35.280%, 9/13/2025 †x# | Affirm | 3/18/2024 | 285 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; X66H-X3LP, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 1421 | 1411 | 1416 |
| &nbsp;&nbsp;&nbsp; X66K-IW3A, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; X66O-78SU, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; X66X-UUTC, 35.360%, 10/15/2025 †x# | Affirm | 4/18/2024 | 240 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; X66Y-FNJ1, 24.840%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 211 | 211 | 211 |
| &nbsp;&nbsp;&nbsp; X67H-YMPH, 35.400%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 420 | 430 | 25 |
| &nbsp;&nbsp;&nbsp; X67P-7A6W, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; X67R-5MQI, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; X684-23EG, 30.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 254 | 262 | 262 |
| &nbsp;&nbsp;&nbsp; X686-9MRS, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; X68R-ICMF, 30.000%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 195 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; X699-H21G, 33.050%, 11/20/2026 †§x | Affirm | 11/27/2024 | 454 | 471 | 473 |
| &nbsp;&nbsp;&nbsp; X69O-427H, 22.200%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 210 | 206 | 13 |
| &nbsp;&nbsp;&nbsp; X69P-RUHG, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 141 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; X6A5-BB1F, 31.000%, 9/26/2025 †x# | Affirm | 9/30/2024 | 1665 | 1760 | 100 |
| &nbsp;&nbsp;&nbsp; X6A6-0NUR, 28.950%, 11/18/2024 †x#^ | Affirm | 5/22/2023 | 348 | 367 | 21 |
| &nbsp;&nbsp;&nbsp; X6A8-7CMT, 35.860%, 7/02/2026 †§x | Affirm | 1/29/2025 | 336 | 341 | 340 |
| &nbsp;&nbsp;&nbsp; X6AC-F4Z5, 27.100%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 30 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; X6AD-0GWM, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; X6AE-15M9, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 398 | 402 | 400 |
| &nbsp;&nbsp;&nbsp; X6AK-3HSX, 22.200%, 12/13/2023 †x#^ | Affirm | 12/16/2022 | 34 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; X6B3-8D2S, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; X6B3-HZK4, 32.770%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; X6BA-JVTM, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 69 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; X6BK-9VYN, 29.680%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 99 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; X6BM-KMFU, 28.500%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 277 | 286 | 17 |
| &nbsp;&nbsp;&nbsp; X6CH-WQ8N, 18.000%, 6/19/2026 †§x | Affirm | 12/27/2024 | 562 | 575 | 577 |
| &nbsp;&nbsp;&nbsp; X6CO-UO4D, 35.440%, 12/16/2025 †x# | Affirm | 12/27/2024 | 141 | 146 | 2 |
| &nbsp;&nbsp;&nbsp; X6CQ-10X5, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 416 | 439 | 25 |
| &nbsp;&nbsp;&nbsp; X6CV-GWRJ, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X6D4-LEUM, 22.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X6D9-91IU, 32.500%, 3/03/2027 †§x# | Affirm | 3/28/2025 | 1174 | 1157 | 1179 |
| &nbsp;&nbsp;&nbsp; X6DA-GT39, 35.390%, 6/02/2026 †§x | Affirm | 6/27/2025 | 104 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; X6DI-NGVZ, 29.750%, 1/02/2026 †§x | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; X6DM-3QLC, 29.710%, 1/06/2023 †x#^ | Affirm | 1/10/2022 | 78 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; X6DY-8G93, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X6DZ-9BOR, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 91 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; X6E3-6WDP, 35.160%, 1/08/2026 †§x | Affirm | 7/31/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; X6E7-RAGB, 33.950%, 12/03/2025 †§x | Affirm | 12/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; X6EI-TP7A, 35.380%, 12/29/2023 †x#^ | Affirm | 7/03/2023 | 273 | 277 | 16 |
| &nbsp;&nbsp;&nbsp; X6ES-YJUR, 32.810%, 2/06/2026 †§x | Affirm | 8/29/2025 | 262 | 262 | 262 |
| &nbsp;&nbsp;&nbsp; X6EU-8EH5, 29.680%, 11/14/2025 †§x | Affirm | 11/27/2024 | 11 | 12 | 11 |
| &nbsp;&nbsp;&nbsp; X6F1-1XOP, 29.910%, 1/08/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; X6F3-8Y6W, 35.570%, 7/02/2026 †§x | Affirm | 1/29/2025 | 257 | 261 | 259 |
| &nbsp;&nbsp;&nbsp; X6FD-27OW, 35.180%, 9/20/2025 †§x | Affirm | 3/28/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X6FO-JYR9, 34.533%, 8/10/2024 †x#^ | Affirm | 8/14/2023 | 137 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; X6G6-D5WX, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 185 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; X6G6-KBMO, 29.560%, 9/05/2025 †§x | Affirm | 9/08/2023 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; X6G8-X8LB, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; X6GX-2VPY, 22.780%, 1/06/2026 †§x | Affirm | 1/29/2025 | 298 | 296 | 296 |
| &nbsp;&nbsp;&nbsp; X6HP-726V, 35.490%, 3/28/2026 †§x | Affirm | 10/03/2024 | 190 | 188 | 187 |
| &nbsp;&nbsp;&nbsp; X6HS-6YWB, 29.590%, 10/21/2027 †x# | Affirm | 10/24/2024 | 1133 | 1170 | 1175 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8182** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X6HW-YCVD, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | $192 | $198 | $199 |
| &nbsp;&nbsp;&nbsp; X6IP-YFBT, 33.050%, 9/20/2025 †x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; X6IQ-GWPG, 28.500%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 1349 | 1396 | 81 |
| &nbsp;&nbsp;&nbsp; X6IR-YJYM, 18.000%, 10/03/2025 †§x | Affirm | 10/07/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; X6IS-OAQ6, 31.000%, 6/21/2027 †x | Affirm | 6/27/2024 | 2642 | 2675 | 2690 |
| &nbsp;&nbsp;&nbsp; X6IT-L7HD, 28.000%, 2/26/2024 †x#^ | Affirm | 9/01/2022 | 2004 | 2145 | 120 |
| &nbsp;&nbsp;&nbsp; X6IV-47SZ, 29.520%, 7/19/2026 †§x | Affirm | 7/25/2024 | 434 | 444 | 446 |
| &nbsp;&nbsp;&nbsp; X6J7-3W3G, 35.620%, 1/02/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X6JJ-C3ES, 24.400%, 8/20/2027 †§x | Affirm | 8/23/2024 | 848 | 860 | 860 |
| &nbsp;&nbsp;&nbsp; X6JL-PRMC, 29.610%, 12/18/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; X6JS-0XRT, 30.950%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 361 | 367 | 368 |
| &nbsp;&nbsp;&nbsp; X6JY-W9V8, 29.660%, 1/13/2027 †§x | Affirm | 1/29/2025 | 424 | 440 | 443 |
| &nbsp;&nbsp;&nbsp; X6K1-VRQC, 35.580%, 9/26/2025 †x# | Affirm | 9/30/2024 | 1656 | 1661 | 99 |
| &nbsp;&nbsp;&nbsp; X6KM-PXIO, 21.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 203 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; X6KO-8EOX, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 311 | 314 | 314 |
| &nbsp;&nbsp;&nbsp; X6KR-TJ4E, 26.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 534 | 540 | 542 |
| &nbsp;&nbsp;&nbsp; X6KT-VFKM, 24.710%, 9/20/2025 †§x | Affirm | 9/26/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X6L1-2BLC, 35.470%, 12/12/2025 †§x | Affirm | 12/15/2023 | 161 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; X6L8-1SLU, 19.700%, 5/21/2026 †§x | Affirm | 5/24/2024 | 657 | 669 | 672 |
| &nbsp;&nbsp;&nbsp; X6LC-0IT7, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; X6LF-RR92, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 379 | 389 | 391 |
| &nbsp;&nbsp;&nbsp; X6LH-Z1V0, 14.700%, 9/23/2025 †§x | Affirm | 9/26/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; X6LK-LG6Z, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1734 | 1792 | 1805 |
| &nbsp;&nbsp;&nbsp; X6LO-IA6S, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X6LW-2RPU, 28.500%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; X6M4-52R9, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 93 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; X6M5-YL4Q, 29.430%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 1945 | 2045 | 117 |
| &nbsp;&nbsp;&nbsp; X6M6-OTJ9, 32.000%, 4/17/2027 †§x | Affirm | 4/22/2024 | 1518 | 1536 | 1546 |
| &nbsp;&nbsp;&nbsp; X6ME-MG3R, 19.700%, 11/15/2026 †§x | Affirm | 11/27/2024 | 363 | 375 | 377 |
| &nbsp;&nbsp;&nbsp; X6MH-CPNK, 28.500%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 225 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; X6MJ-R6NH, 35.490%, 10/24/2025 †x# | Affirm | 10/28/2024 | 144 | 149 |  |
| &nbsp;&nbsp;&nbsp; X6MK-RYLZ, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; X6MQ-REQ4, 26.700%, 3/28/2026 †§x | Affirm | 3/31/2025 | 4189 | 4338 | 4384 |
| &nbsp;&nbsp;&nbsp; X6MV-BKOY, 35.650%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 261 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; X6MZ-ER6D, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; X6N2-RZA7, 15.810%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; X6N4-3AA0, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 221 | 225 | 224 |
| &nbsp;&nbsp;&nbsp; X6N7-7J10, 13.840%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 623 | 655 | 662 |
| &nbsp;&nbsp;&nbsp; X6N9-UNN5, 30.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 130 | 132 | 131 |
| &nbsp;&nbsp;&nbsp; X6NG-SBWE, 11.960%, 7/02/2026 †§x | Affirm | 1/29/2025 | 245 | 252 | 248 |
| &nbsp;&nbsp;&nbsp; X6NH-0027, 29.420%, 3/24/2023 †x#^ | Affirm | 3/28/2022 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; X6NH-EH28, 29.440%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 157 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; X6NK-NUY3, 11.840%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X6O0-TY68, 35.420%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 832 | 824 | 837 |
| &nbsp;&nbsp;&nbsp; X6O9-BNCP, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 317 | 323 | 321 |
| &nbsp;&nbsp;&nbsp; X6OA-MKBA, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 103 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X6OF-FMOK, 29.650%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; X6OF-OVW6, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 276 | 282 | 284 |
| &nbsp;&nbsp;&nbsp; X6OT-XB1Q, 32.500%, 3/04/2026 †§x | Affirm | 3/11/2024 | 370 | 372 | 370 |
| &nbsp;&nbsp;&nbsp; X6OU-PPHI, 29.860%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 19 | 19 | 3 |
| &nbsp;&nbsp;&nbsp; X6P2-RDDK, 29.670%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 296 | 307 | 18 |
| &nbsp;&nbsp;&nbsp; X6P8-HZ9R, 25.000%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | 174 | 186 | 10 |
| &nbsp;&nbsp;&nbsp; X6PB-II5W, 33.950%, 12/18/2025 †§x | Affirm | 6/21/2024 | 391 | 396 | 396 |
| &nbsp;&nbsp;&nbsp; X6PZ-Y23K, 33.950%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; X6Q0-WJ8J, 33.050%, 12/14/2025 †§x | Affirm | 6/21/2024 | 156 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; X6Q5-TME5, 22.200%, 5/03/2024 †x#^ | Affirm | 11/07/2022 | 253 | 268 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8183** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X6Q9-PAZV, 18.000%, 1/03/2026 †§x | Affirm | 1/29/2025 | $123 | $124 | $123 |
| &nbsp;&nbsp;&nbsp; X6QD-4UBT, 22.750%, 9/28/2026 †§x | Affirm | 3/31/2025 | 361 | 374 | 377 |
| &nbsp;&nbsp;&nbsp; X6QP-8RSO, 35.460%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 404 | 408 | 24 |
| &nbsp;&nbsp;&nbsp; X6QS-E9KP, 29.520%, 4/22/2023 †x#^ | Affirm | 4/28/2022 | 162 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; X6QY-ONG1, 18.000%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 923 | 951 | 957 |
| &nbsp;&nbsp;&nbsp; X6R1-49Y7, 15.770%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; X6R4-GM3W, 29.450%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 109 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; X6RA-ZKU9, 35.270%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 93 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; X6RK-SH10, 18.000%, 6/13/2027 †§x | Affirm | 6/16/2023 | 656 | 693 | 680 |
| &nbsp;&nbsp;&nbsp; X6RM-EDMF, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 334 | 340 | 341 |
| &nbsp;&nbsp;&nbsp; X6RY-8WSB, 29.650%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 192 | 183 | 12 |
| &nbsp;&nbsp;&nbsp; X6S2-OGOX, 15.720%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 268 | 282 | 282 |
| &nbsp;&nbsp;&nbsp; X6S2-XNBD, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 170 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; X6SC-EXGR, 31.000%, 2/05/2027 †§x | Affirm | 8/29/2025 | 418 | 442 | 442 |
| &nbsp;&nbsp;&nbsp; X6SI-ZMNM, 22.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; X6SS-CVJS, 29.590%, 10/21/2026 †§x | Affirm | 10/24/2024 | 629 | 649 | 652 |
| &nbsp;&nbsp;&nbsp; X6ST-PFBY, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 160 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; X6SX-DTZE, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 292 | 296 | 297 |
| &nbsp;&nbsp;&nbsp; X6SZ-G46J, 19.750%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 569 | 598 | 34 |
| &nbsp;&nbsp;&nbsp; X6SZ-I3KL, 15.790%, 3/26/2023 †x#^ | Affirm | 9/29/2022 | 524 | 538 | 31 |
| &nbsp;&nbsp;&nbsp; X6TA-8V1A, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 98 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; X6TD-IABH, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X6TT-4UT5, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 106 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; X6UJ-IW3H, 35.050%, 1/23/2025 †x#^ | Affirm | 7/26/2024 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; X6UN-JFRA, 35.490%, 12/11/2025 †x# | Affirm | 12/27/2024 | 228 | 235 | 62 |
| &nbsp;&nbsp;&nbsp; X6UO-WHLM, 29.550%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 309 | 319 | 19 |
| &nbsp;&nbsp;&nbsp; X6UY-I5D8, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 361 | 367 | 368 |
| &nbsp;&nbsp;&nbsp; X6V5-98LA, 35.480%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 425 | 432 | 429 |
| &nbsp;&nbsp;&nbsp; X6VA-0MF7, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 201 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; X6VC-VO0M, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; X6VE-T4TO, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; X6VX-JDE4, 24.400%, 10/02/2025 †§x | Affirm | 10/07/2024 | 512 | 515 | 513 |
| &nbsp;&nbsp;&nbsp; X6W3-4I5M, 24.400%, 3/17/2026 †§x | Affirm | 9/20/2024 | 1391 | 1415 | 1416 |
| &nbsp;&nbsp;&nbsp; X6W3-UFUG, 24.740%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; X6WB-5TNG, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; X6WJ-4M99, 31.500%, 9/17/2025 †x | Affirm | 9/20/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X6WL-BFSF, 35.160%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; X6WU-SRJD, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 18 | 18 | 17 |
| &nbsp;&nbsp;&nbsp; X6X9-MYKP, 35.390%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 116 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; X6XA-0IBI, 29.500%, 1/08/2026 †§x | Affirm | 1/29/2025 | 180 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; X6XC-FL9X, 33.050%, 8/11/2026 †§x | Affirm | 2/26/2025 | 135 | 140 | 138 |
| &nbsp;&nbsp;&nbsp; X6XI-UQ3Z, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 336 | 345 | 346 |
| &nbsp;&nbsp;&nbsp; X6XL-T09H, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 150 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; X6XP-76RK, 19.900%, 8/07/2023 †x#^ | Affirm | 2/10/2022 | 86 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; X6XT-XLOR, 29.490%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; X6XV-WC3B, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 556 | 566 | 563 |
| &nbsp;&nbsp;&nbsp; X6XW-7DH1, 19.700%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X6XY-AZGM, 29.740%, 1/09/2026 †§x | Affirm | 1/29/2025 | 79 | 81 | 48 |
| &nbsp;&nbsp;&nbsp; X6Y7-P7IY, 35.790%, 2/03/2026 †§x | Affirm | 2/26/2025 | 39 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; X6YG-HI02, 29.370%, 11/12/2022 †x#^ | Affirm | 5/16/2022 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; X6YI-WRPR, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 460 | 465 | 466 |
| &nbsp;&nbsp;&nbsp; X6YS-PRCI, 27.500%, 7/26/2022 †x#^ | Affirm | 1/31/2022 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; X6Z2-KWJI, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; X6Z2-YS9D, 29.860%, 10/25/2025 †x# | Affirm | 10/31/2024 | 221 | 234 | 52 |
| &nbsp;&nbsp;&nbsp; X6ZC-LLLC, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X6ZF-2VPO, 15.680%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 128 | 125 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8184** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X6ZF-2YOG, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | $180 | $185 | $184 |
| &nbsp;&nbsp;&nbsp; X6ZK-GAS0, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; X6ZM-2FFK, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 271 | 282 | 281 |
| &nbsp;&nbsp;&nbsp; X6ZR-R5S9, 28.500%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; X704-0VVL, 29.610%, 6/22/2023 †x#^ | Affirm | 12/27/2021 | 298 | 285 | 18 |
| &nbsp;&nbsp;&nbsp; X70C-3V6G, 35.360%, 10/08/2025 †§x | Affirm | 7/31/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; X716-W6M9, 29.300%, 2/02/2023 †x#^ | Affirm | 8/05/2022 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; X71I-11LQ, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 248 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; X71I-PU4U, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; X71L-7Z95, 29.560%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 103 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; X71M-6QMA, 22.750%, 6/28/2026 †§x | Affirm | 1/29/2025 | 161 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; X71N-O15V, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; X71W-XGGZ, 19.750%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 138 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; X724-7PU9, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; X72L-C83E, 29.650%, 9/23/2025 †§x | Affirm | 9/26/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X72O-VPV8, 29.900%, 7/21/2022 †x#^ | Affirm | 1/27/2022 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; X72X-YW8A, 15.710%, 7/08/2026 †§x | Affirm | 7/31/2025 | 27 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; X738-E36E, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; X739-N5Y6, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 269 | 272 | 272 |
| &nbsp;&nbsp;&nbsp; X73X-2ZIT, 29.630%, 3/23/2026 †§x | Affirm | 9/26/2024 | 149 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; X74E-F90K, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 996 | 1006 | 1004 |
| &nbsp;&nbsp;&nbsp; X74E-VN6W, 24.730%, 11/15/2025 †§x | Affirm | 11/27/2024 | 113 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; X74G-ATB9, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; X74K-PISI, 15.770%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; X74W-HND9, 29.620%, 12/02/2025 †x# | Affirm | 6/27/2025 | 286 | 292 | 78 |
| &nbsp;&nbsp;&nbsp; X74X-3YWB, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 322 | 331 | 332 |
| &nbsp;&nbsp;&nbsp; X753-T3AB, 9.890%, 11/20/2025 †§x | Affirm | 11/27/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; X75F-V1EW, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 848 | 833 | 51 |
| &nbsp;&nbsp;&nbsp; X75P-9WEB, 35.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 211 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; X75Q-ZNPS, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; X761-N397, 15.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 272 | 280 | 279 |
| &nbsp;&nbsp;&nbsp; X766-80GZ, 35.986%, 8/22/2024 †x#^ | Affirm | 8/25/2023 | 135 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; X766-ZOQB, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; X767-95KV, 21.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 112 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; X76H-2GF2, 32.500%, 6/19/2026 †§x | Affirm | 12/27/2024 | 169 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; X76J-OX1K, 33.000%, 2/26/2026 †x# | Affirm | 8/29/2024 | 376 | 369 | 23 |
| &nbsp;&nbsp;&nbsp; X76M-V2S7, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 76 | 71 | 76 |
| &nbsp;&nbsp;&nbsp; X76Q-1PCC, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; X76U-L561, 33.950%, 10/18/2025 †§x | Affirm | 10/24/2024 | 225 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; X772-FZT7, 24.400%, 4/15/2026 †§x | Affirm | 4/18/2024 | 206 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; X77H-E0EP, 24.400%, 9/16/2025 †§x | Affirm | 9/19/2024 | 284 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; X77U-AF9Y, 35.440%, 12/18/2025 †x# | Affirm | 12/27/2024 | 88 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; X782-FTQT, 35.400%, 5/23/2026 †§x | Affirm | 5/28/2024 | 1443 | 1454 | 1472 |
| &nbsp;&nbsp;&nbsp; X78G-G7CQ, 29.600%, 9/29/2024 †x#^ | Affirm | 12/04/2023 | 174 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; X78H-8J32, 35.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 141 | 139 | 21 |
| &nbsp;&nbsp;&nbsp; X78L-63T9, 35.640%, 4/17/2024 †x#^ | Affirm | 1/20/2023 | 191 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; X78V-IK7G, 29.560%, 6/17/2026 †§x# | Affirm | 6/21/2024 | 1374 | 1403 | 1416 |
| &nbsp;&nbsp;&nbsp; X790-AV37, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 119 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; X793-MRUU, 32.860%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 118 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; X79A-R9AD, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 331 | 338 | 339 |
| &nbsp;&nbsp;&nbsp; X79L-AF9H, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 96 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; X79Y-UXWF, 13.840%, 7/02/2026 †§x | Affirm | 1/29/2025 | 208 | 213 | 214 |
| &nbsp;&nbsp;&nbsp; X7A2-H0O0, 33.950%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 145 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; X7A5-OGT2, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 186 | 191 | 188 |
| &nbsp;&nbsp;&nbsp; X7AB-47TT, 29.670%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 146 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; X7AP-HKJD, 35.460%, 8/07/2026 †§x | Affirm | 8/29/2025 | 594 | 611 | 611 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8185** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X7AT-OWEC, 29.680%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | $985 | $1031 | $59 |
| &nbsp;&nbsp;&nbsp; X7B0-6PZ1, 29.500%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 98 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; X7B2-Z3ZO, 35.570%, 9/24/2025 †x# | Affirm | 9/27/2024 | 208 | 220 | 35 |
| &nbsp;&nbsp;&nbsp; X7B3-0WEZ, 29.730%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; X7B3-HVE1, 18.000%, 4/24/2026 †§x | Affirm | 10/28/2024 | 118 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; X7B5-IX94, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; X7B7-RW7Q, 25.200%, 8/23/2028 †x# | Affirm | 8/29/2024 | 502 | 540 | 30 |
| &nbsp;&nbsp;&nbsp; X7BO-ZAV2, 22.680%, 12/10/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X7BO-ZU50, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 152 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; X7BW-ZI27, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; X7BZ-WMVX, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; X7C7-K18L, 29.610%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 82 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; X7CL-MH2K, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 332 | 321 | 329 |
| &nbsp;&nbsp;&nbsp; X7CP-WMCH, 15.690%, 3/28/2026 †§x | Affirm | 3/31/2025 | 695 | 719 | 718 |
| &nbsp;&nbsp;&nbsp; X7CW-LV60, 22.750%, 1/02/2026 †§x | Affirm | 1/29/2025 | 108 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; X7DB-4UE6, 15.800%, 1/01/2025 †x#^ | Affirm | 10/04/2024 | 69 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; X7DB-K8H3, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; X7DG-YNVH, 22.860%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X7DH-9XCP, 28.000%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 115 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; X7DR-34CM, 33.050%, 5/28/2025 †x#^ | Affirm | 3/28/2025 | 29 | 29 | 3 |
| &nbsp;&nbsp;&nbsp; X7DV-KPRB, 25.000%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 97 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; X7DZ-4WFP, 24.400%, 2/12/2027 †§x | Affirm | 2/26/2025 | 731 | 766 | 773 |
| &nbsp;&nbsp;&nbsp; X7E1-67UA, 29.650%, 9/23/2025 †§x | Affirm | 9/26/2024 | 88 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; X7E3-T7W8, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 100 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; X7EK-I3S0, 35.330%, 12/04/2025 †§x | Affirm | 12/07/2023 | 258 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; X7EN-LB5K, 33.950%, 11/06/2025 †§x | Affirm | 8/29/2025 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; X7EZ-RVWA, 9.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 451 | 457 | 458 |
| &nbsp;&nbsp;&nbsp; X7F7-KLX0, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; X7F8-TFH9, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 42 | 42 | 4 |
| &nbsp;&nbsp;&nbsp; X7FG-7E39, 29.680%, 11/16/2022 †x#^ | Affirm | 11/19/2021 | 934 | 952 | 56 |
| &nbsp;&nbsp;&nbsp; X7FP-313J, 15.760%, 6/24/2026 †§x | Affirm | 6/27/2024 | 256 | 255 | 259 |
| &nbsp;&nbsp;&nbsp; X7FR-1OSH, 35.220%, 3/20/2026 †§x | Affirm | 3/28/2025 | 82 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; X7G9-WEHP, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 420 | 417 | 418 |
| &nbsp;&nbsp;&nbsp; X7GD-0D1G, 15.910%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 117 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; X7GQ-7MYC, 35.300%, 3/26/2027 †§x | Affirm | 3/31/2025 | 754 | 750 | 762 |
| &nbsp;&nbsp;&nbsp; X7GX-359L, 28.500%, 8/11/2024 †x#^ | Affirm | 8/15/2022 | 947 | 1032 | 57 |
| &nbsp;&nbsp;&nbsp; X7GY-VOBW, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 193 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; X7GZ-ZW0J, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 100 |
| &nbsp;&nbsp;&nbsp; X7H5-INXI, 35.490%, 4/24/2026 †§x | Affirm | 10/28/2024 | 357 | 362 | 359 |
| &nbsp;&nbsp;&nbsp; X7H7-DEJ5, 22.860%, 2/06/2026 †§x | Affirm | 2/26/2025 | 252 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; X7H7-PTH5, 29.760%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 260 | 271 | 154 |
| &nbsp;&nbsp;&nbsp; X7H8-DHQ1, 29.690%, 12/09/2025 †§x | Affirm | 12/27/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; X7H8-M0KO, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 708 | 693 | 689 |
| &nbsp;&nbsp;&nbsp; X7HI-PAYA, 29.540%, 4/09/2026 †§x | Affirm | 4/12/2024 | 203 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; X7HN-S1I0, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; X7HU-VJ30, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 345 | 338 | 118 |
| &nbsp;&nbsp;&nbsp; X7I3-9JZ0, 29.340%, 4/08/2024 †x#^ | Affirm | 5/11/2023 | 316 | 320 | 19 |
| &nbsp;&nbsp;&nbsp; X7IB-QECX, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 107 | 108 | 107 |
| &nbsp;&nbsp;&nbsp; X7IE-YVBS, 35.430%, 8/28/2025 †§x^ | Affirm | 9/05/2023 | 217 | 217 | 215 |
| &nbsp;&nbsp;&nbsp; X7IP-42LC, 31.200%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 245 | 236 | 15 |
| &nbsp;&nbsp;&nbsp; X7IR-MBPM, 26.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; X7IW-2C3V, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; X7IW-NIMO, 35.984%, 9/05/2024 †x#^ | Affirm | 9/11/2023 | 598 | 595 | 36 |
| &nbsp;&nbsp;&nbsp; X7J1-0MKQ, 35.300%, 3/28/2026 †§x | Affirm | 4/22/2025 | 245 | 252 | 257 |
| &nbsp;&nbsp;&nbsp; X7J3-OPFP, 29.710%, 2/11/2027 †§x# | Affirm | 2/26/2025 | 720 | 755 | 761 |
| &nbsp;&nbsp;&nbsp; X7JE-0YE3, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 90 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8186** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X7JQ-Y493, 35.530%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | $164 | $167 | $10 |
| &nbsp;&nbsp;&nbsp; X7JS-MGEX, 29.840%, 6/02/2023 †x#^ | Affirm | 12/06/2021 | 154 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; X7K5-7B6J, 24.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; X7K6-ZKRZ, 35.530%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; X7KE-6RUN, 23.400%, 9/11/2025 †§x | Affirm | 3/14/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; X7KU-71S6, 27.500%, 7/18/2023 †x#^ | Affirm | 1/23/2023 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; X7KV-EHDK, 35.400%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 97 | 90 | 6 |
| &nbsp;&nbsp;&nbsp; X7KW-NL03, 15.870%, 12/28/2025 †x# | Affirm | 1/29/2025 | 439 | 449 | 26 |
| &nbsp;&nbsp;&nbsp; X7KY-H2SL, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 124 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; X7KZ-Z0NI, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 368 | 353 | 351 |
| &nbsp;&nbsp;&nbsp; X7LB-8Y7J, 19.700%, 7/02/2026 †§x | Affirm | 1/29/2025 | 592 | 605 | 608 |
| &nbsp;&nbsp;&nbsp; X7LC-7Z2Q, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; X7LD-ZHDJ, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 223 | 227 | 226 |
| &nbsp;&nbsp;&nbsp; X7LW-1CJP, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 500 | 508 | 510 |
| &nbsp;&nbsp;&nbsp; X7LY-7TGO, 15.700%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 138 | 143 | 145 |
| &nbsp;&nbsp;&nbsp; X7M0-U878, 19.700%, 3/25/2026 †§x | Affirm | 9/30/2024 | 428 | 435 | 437 |
| &nbsp;&nbsp;&nbsp; X7MH-X78J, 29.510%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 101 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; X7MI-3J13, 33.950%, 12/20/2025 †§x | Affirm | 6/24/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; X7MI-9L8I, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 204 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; X7MJ-OGNG, 22.860%, 2/07/2026 †§x | Affirm | 2/26/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X7MQ-DI0Y, 22.830%, 5/01/2025 †x#^ | Affirm | 11/27/2024 | 111 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; X7MU-JZIA, 29.690%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; X7N2-08R9, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; X7NJ-6GOX, 27.450%, 7/04/2022 †x#^ | Affirm | 4/07/2022 | 112 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; X7NO-76EH, 29.010%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 405 | 429 | 24 |
| &nbsp;&nbsp;&nbsp; X7NR-NS05, 33.950%, 3/16/2026 †§x | Affirm | 9/19/2024 | 170 | 174 | 173 |
| &nbsp;&nbsp;&nbsp; X7NW-780L, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; X7NW-HBVG, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; X7NX-V665, 29.570%, 12/05/2025 †§x | Affirm | 12/08/2023 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; X7O8-JYB6, 33.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 219 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; X7OH-DZGR, 19.700%, 11/14/2025 †§x | Affirm | 5/30/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; X7OH-W3GE, 35.580%, 9/16/2025 †x# | Affirm | 9/19/2024 | 142 | 148 | 5 |
| &nbsp;&nbsp;&nbsp; X7ON-EM9Y, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 149 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; X7P1-W126, 9.800%, 3/20/2026 †§x | Affirm | 3/28/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; X7P5-LK9B, 25.900%, 9/28/2025 †§x | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; X7PR-IGE6, 28.940%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 152 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; X7PU-ZUIQ, 29.570%, 1/04/2026 †§x | Affirm | 1/08/2024 | 130 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; X7PW-3FTH, 35.570%, 9/25/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; X7PX-Q7EE, 22.740%, 10/28/2025 †§x# | Affirm | 11/03/2022 | 259 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; X7QA-E67Y, 27.500%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 426 | 461 | 26 |
| &nbsp;&nbsp;&nbsp; X7QD-FSD9, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; X7QM-WAJ5, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 281 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; X7QQ-JEVE, 35.540%, 12/12/2025 †§x | Affirm | 12/27/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; X7QQ-YKES, 29.510%, 9/28/2022 †x#^ | Affirm | 7/01/2022 | 104 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; X7QY-YHMX, 23.400%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 619 | 652 | 659 |
| &nbsp;&nbsp;&nbsp; X7R4-VBW4, 22.900%, 1/27/2026 †§x | Affirm | 2/26/2025 | 255 | 261 | 266 |
| &nbsp;&nbsp;&nbsp; X7R9-27T1, 22.750%, 3/20/2026 †§x | Affirm | 3/28/2025 | 174 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; X7RB-HBJ5, 29.330%, 11/06/2025 †§x | Affirm | 8/29/2025 | 129 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; X7RQ-XRVL, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 962 | 943 | 937 |
| &nbsp;&nbsp;&nbsp; X7RS-TMRV, 32.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 155 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; X7RW-58OV, 11.840%, 10/18/2025 †§x | Affirm | 10/24/2024 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; X7RZ-369D, 33.050%, 10/02/2025 †§x | Affirm | 10/07/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; X7S3-KYS2, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; X7S5-K6JX, 32.500%, 10/16/2025 †§x | Affirm | 4/19/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X7SJ-Q97R, 35.540%, 3/24/2026 †§x | Affirm | 9/27/2024 | 892 | 884 | 890 |
| &nbsp;&nbsp;&nbsp; X7SL-5KLL, 15.980%, 11/18/2023 †x#^« | Affirm | 5/22/2023 | 101 | 94 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8187** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X7SO-VSSE, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | $361 | $371 | $371 |
| &nbsp;&nbsp;&nbsp; X7SR-58EW, 29.470%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 153 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; X7SR-ZVLY, 20.000%, 11/07/2025 †x# | Affirm | 11/10/2022 | 584 | 629 | 35 |
| &nbsp;&nbsp;&nbsp; X7SU-OU0G, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1147 | 1185 | 1196 |
| &nbsp;&nbsp;&nbsp; X7SV-VTZI, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X7SW-FJVA, 29.670%, 2/17/2025 †x#^ | Affirm | 2/24/2023 | 783 | 806 | 47 |
| &nbsp;&nbsp;&nbsp; X7SX-T3Z1, 33.050%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; X7T1-IO3U, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; X7T2-0YDM, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 207 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; X7T5-9FVY, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 98 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; X7TA-BKPG, 35.400%, 11/22/2025 †x | Affirm | 10/25/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; X7TF-GBJB, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 205 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; X7TN-BDGJ, 18.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 1945 | 1992 | 2001 |
| &nbsp;&nbsp;&nbsp; X7TO-JFU1, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 74 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; X7TR-WX0Q, 33.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; X7TU-OQWN, 35.930%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 77 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; X7TW-WEBT, 28.000%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 169 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; X7U1-ABKP, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 213 | 215 | 215 |
| &nbsp;&nbsp;&nbsp; X7U5-U654, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; X7U8-P9FB, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | 247 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; X7UF-7BXB, 22.690%, 10/28/2025 †§x | Affirm | 10/31/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; X7UJ-18Q7, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 180 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; X7UR-WX5X, 35.690%, 9/28/2025 †x# | Affirm | 10/03/2024 | 1862 | 1866 | 112 |
| &nbsp;&nbsp;&nbsp; X7UT-T55L, 29.710%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 143 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; X7UT-THX3, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; X7UZ-U1IK, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 934 | 893 | 56 |
| &nbsp;&nbsp;&nbsp; X7V3-RKJR, 29.320%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; X7V7-PS08, 15.730%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 236 | 249 | 14 |
| &nbsp;&nbsp;&nbsp; X7V9-AC0P, 29.410%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 135 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; X7VI-L17X, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 483 | 466 | 478 |
| &nbsp;&nbsp;&nbsp; X7VK-PR0S, 27.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 197 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; X7VM-U90X, 33.950%, 3/17/2026 †x# | Affirm | 9/20/2024 | 281 | 296 | 17 |
| &nbsp;&nbsp;&nbsp; X7VW-0ZUP, 32.500%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 365 | 377 | 22 |
| &nbsp;&nbsp;&nbsp; X7VZ-76ZB, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; X7WI-H6T7, 29.750%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 320 | 305 | 19 |
| &nbsp;&nbsp;&nbsp; X7X3-N235, 35.330%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 352 | 353 | 21 |
| &nbsp;&nbsp;&nbsp; X7X4-SWNQ, 30.000%, 8/02/2022 †x#^ | Affirm | 2/11/2022 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; X7X6-2SIM, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 311 | 317 | 315 |
| &nbsp;&nbsp;&nbsp; X7XB-BBMN, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 1431 | 1411 | 1406 |
| &nbsp;&nbsp;&nbsp; X7XB-HEKP, 29.710%, 1/19/2023 †x#^ | Affirm | 1/27/2022 | 103 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; X7XJ-AADN, 35.200%, 11/06/2024 †x#^ | Affirm | 5/09/2024 | 1895 | 1880 | 114 |
| &nbsp;&nbsp;&nbsp; X7XL-J1P1, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; X7XP-80PT, 29.620%, 12/02/2025 †§x | Affirm | 6/27/2025 | 52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; X7XS-ARS0, 15.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 101 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X7XW-KASK, 35.690%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X7Y0-N3KU, 33.950%, 9/24/2026 †§x# | Affirm | 9/27/2024 | 254 | 261 | 259 |
| &nbsp;&nbsp;&nbsp; X7Y2-TAYM, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 85 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; X7YD-ZB9V, 35.590%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; X7YH-DXKZ, 29.200%, 1/06/2026 †§x | Affirm | 1/29/2025 | 84 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; X7YM-SGY4, 28.950%, 11/04/2024 †x#^ | Affirm | 5/11/2023 | 141 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; X7YQ-77D7, 33.950%, 4/02/2026 †§x | Affirm | 4/05/2024 | 693 | 702 | 702 |
| &nbsp;&nbsp;&nbsp; X7YR-6Q0K, 29.470%, 8/01/2023 †x#^ | Affirm | 8/04/2022 | 135 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; X7YR-BMM9, 23.400%, 1/03/2027 †§x# | Affirm | 1/29/2025 | 539 | 558 | 560 |
| &nbsp;&nbsp;&nbsp; X7YZ-U834, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; X7Z3-P8S1, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; X7ZA-4UI4, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 190 | 192 | 190 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8188** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X7ZF-CJF8, 35.620%, 12/28/2023 †x#^ | Affirm | 10/02/2023 | $89 | $86 | $5 |
| &nbsp;&nbsp;&nbsp; X7ZO-OOWR, 35.390%, 8/16/2026 †§x | Affirm | 8/22/2024 | 837 | 833 | 843 |
| &nbsp;&nbsp;&nbsp; X7ZP-AQIZ, 15.770%, 1/10/2026 †§x | Affirm | 1/16/2024 | 168 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; X7ZP-F3HO, 24.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 189 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; X7ZX-G4DF, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; X80A-LUB4, 35.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 102 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X80C-HM6R, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 222 | 220 | 220 |
| &nbsp;&nbsp;&nbsp; X80L-AXL3, 8.238%, 3/28/2026 †§x« | Affirm | 3/31/2025 | 747 | 714 | 709 |
| &nbsp;&nbsp;&nbsp; X80O-OJ48, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 156 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; X817-G2PP, 35.610%, 1/06/2026 †x | Affirm | 1/29/2025 | 203 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; X817-MPIK, 23.400%, 1/02/2027 †x | Affirm | 1/05/2024 | 4148 | 4269 | 4262 |
| &nbsp;&nbsp;&nbsp; X81C-ML00, 30.500%, 5/04/2025 †x#^ | Affirm | 5/11/2023 | 2065 | 2181 | 124 |
| &nbsp;&nbsp;&nbsp; X81H-HDJE, 29.570%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 72 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; X81I-BT6W, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; X81Q-LA6M, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 454 | 463 | 464 |
| &nbsp;&nbsp;&nbsp; X81T-0THL, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; X81T-8GAE, 30.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 250 | 254 | 254 |
| &nbsp;&nbsp;&nbsp; X820-T8H5, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; X825-FZF7, 35.500%, 1/28/2026 †x# | Affirm | 1/29/2025 | 73 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; X828-IC3W, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; X82A-S8NC, 35.450%, 2/15/2026 †§x# | Affirm | 8/23/2024 | 439 | 442 | 441 |
| &nbsp;&nbsp;&nbsp; X82J-RQWK, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 153 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; X82M-A2KG, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X82O-24X8, 29.680%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 109 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; X82R-ZH8Y, 29.700%, 11/12/2025 †§x | Affirm | 11/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; X833-U7AM, 15.770%, 10/24/2025 †§x | Affirm | 10/28/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; X837-NX9A, 22.680%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 389 | 397 | 23 |
| &nbsp;&nbsp;&nbsp; X838-046Q, 25.890%, 6/20/2023 †x#^ | Affirm | 12/23/2022 | 163 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; X83C-XVZ5, 35.530%, 3/16/2025 †x#^ | Affirm | 9/19/2024 | 374 | 381 | 22 |
| &nbsp;&nbsp;&nbsp; X83O-X7WK, 15.830%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X83P-1CY5, 33.140%, 7/02/2026 †x | Affirm | 1/29/2025 | 135 | 133 | 83 |
| &nbsp;&nbsp;&nbsp; X83S-ZU1B, 29.450%, 5/06/2023 †x#^ | Affirm | 5/12/2022 | 371 | 390 | 22 |
| &nbsp;&nbsp;&nbsp; X83V-NZ9P, 19.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 600 | 617 | 36 |
| &nbsp;&nbsp;&nbsp; X844-J6IP, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 216 | 224 | 227 |
| &nbsp;&nbsp;&nbsp; X845-YN1Y, 24.800%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 140 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; X847-04FA, 35.570%, 9/25/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; X847-JK4X, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 493 | 510 | 514 |
| &nbsp;&nbsp;&nbsp; X84D-0GE9, 35.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; X84G-ROR9, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 860 | 882 | 881 |
| &nbsp;&nbsp;&nbsp; X84J-6AOT, 15.730%, 6/02/2026 †§x | Affirm | 6/27/2025 | 347 | 360 | 364 |
| &nbsp;&nbsp;&nbsp; X84U-EAQA, 23.700%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 419 | 447 | 25 |
| &nbsp;&nbsp;&nbsp; X854-B7G3, 35.540%, 12/28/2025 †§x | Affirm | 1/29/2025 | 98 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; X857-WW2Q, 32.500%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 242 | 246 | 249 |
| &nbsp;&nbsp;&nbsp; X857-YK1R, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; X85B-RQ45, 33.950%, 12/24/2025 †x# | Affirm | 6/27/2024 | 60 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; X85G-3RIT, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; X85J-BRYW, 35.670%, 2/10/2026 †x | Affirm | 2/26/2025 | 163 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; X85W-3UUY, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 307 | 314 | 314 |
| &nbsp;&nbsp;&nbsp; X861-X967, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X86F-6J9Z, 35.260%, 2/07/2026 †§x | Affirm | 8/29/2025 | 338 | 343 | 343 |
| &nbsp;&nbsp;&nbsp; X86G-2VZH, 29.900%, 7/28/2022 †x#^ | Affirm | 2/03/2022 | 356 | 363 | 21 |
| &nbsp;&nbsp;&nbsp; X86I-2BJR, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; X86J-UYDJ, 28.500%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; X86J-WSLF, 29.910%, 1/02/2026 †§x | Affirm | 1/29/2025 | 115 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; X86K-7E4C, 29.680%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 325 | 332 | 20 |
| &nbsp;&nbsp;&nbsp; X86P-JZMZ, 5.509%, 10/04/2022 †x#^« | Affirm | 4/07/2022 | 350 | 341 | 21 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8189** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X86T-OVY3, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | $459 | $481 | $28 |
| &nbsp;&nbsp;&nbsp; X86Y-Q9PB, 35.700%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 58 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; X86Z-BJC9, 35.330%, 5/03/2025 †x#^ | Affirm | 5/09/2024 | 113 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; X870-YBOA, 22.710%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; X87A-0A1E, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 87 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; X87J-CTOQ, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 250 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; X87O-KKUG, 15.810%, 12/16/2025 †§x | Affirm | 12/27/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; X87Q-ZY3B, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 207 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; X884-LDXY, 35.470%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 596 | 551 | 36 |
| &nbsp;&nbsp;&nbsp; X88B-8MJE, 29.580%, 4/21/2026 †§x | Affirm | 10/25/2024 | 138 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; X88B-G61X, 30.950%, 10/28/2025 †§x | Affirm | 10/31/2024 | 98 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; X88C-14OJ, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; X88D-PXR7, 35.310%, 4/04/2024 †x#^ | Affirm | 10/10/2023 | 213 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; X88H-STCX, 35.290%, 11/09/2025 †§x | Affirm | 5/13/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X89B-BE6Z, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 185 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; X89C-A56I, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 101 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X89D-KRXJ, 31.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 168 | 171 | 170 |
| &nbsp;&nbsp;&nbsp; X89E-9707, 28.500%, 11/10/2024 †x#^ | Affirm | 11/17/2022 | 350 | 370 | 21 |
| &nbsp;&nbsp;&nbsp; X89G-OJ6N, 29.600%, 7/03/2026 †§x | Affirm | 1/29/2025 | 220 | 227 | 225 |
| &nbsp;&nbsp;&nbsp; X89I-W6KW, 19.700%, 9/27/2025 †§x# | Affirm | 10/02/2023 | 284 | 284 | 286 |
| &nbsp;&nbsp;&nbsp; X89K-CYGO, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X89T-5S5B, 26.700%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 147 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; X89V-Q5LS, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 99 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; X8AE-HUT8, 35.650%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 309 | 307 | 307 |
| &nbsp;&nbsp;&nbsp; X8AH-MLZM, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 514 | 522 | 523 |
| &nbsp;&nbsp;&nbsp; X8AL-IW15, 15.890%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1169 | 1191 | 1196 |
| &nbsp;&nbsp;&nbsp; X8AQ-3LF5, 35.490%, 10/25/2025 †§x | Affirm | 10/31/2024 | 154 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; X8AW-BJDM, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 539 | 545 | 547 |
| &nbsp;&nbsp;&nbsp; X8B4-FIDO, 30.950%, 3/25/2025 †x#^ | Affirm | 9/30/2024 | 181 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; X8B9-W1C6, 15.770%, 8/23/2026 †§x | Affirm | 8/29/2024 | 1078 | 1073 | 1084 |
| &nbsp;&nbsp;&nbsp; X8BC-1OWK, 29.550%, 2/19/2026 †x# | Affirm | 8/22/2024 | 304 | 323 | 24 |
| &nbsp;&nbsp;&nbsp; X8BJ-JQEK, 35.190%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 81 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; X8BS-3ZAL, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 144 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; X8BS-XKR3, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 103 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X8C9-PN7W, 23.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 90 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; X8CM-WM91, 29.640%, 6/20/2023 †x#^ | Affirm | 12/23/2022 | 15 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; X8D4-KOME, 22.770%, 1/08/2026 †§x | Affirm | 1/29/2025 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; X8DK-AC6D, 6.404%, 3/28/2026 †§x« | Affirm | 3/31/2025 | 1300 | 1254 | 1243 |
| &nbsp;&nbsp;&nbsp; X8DL-UCN7, 13.840%, 10/08/2025 †§x | Affirm | 7/31/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X8DO-9938, 29.180%, 7/19/2023 †x#^ | Affirm | 1/24/2022 | 290 | 272 | 17 |
| &nbsp;&nbsp;&nbsp; X8DV-GDNX, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; X8DX-HF3M, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; X8DZ-M6KK, 29.700%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 176 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; X8E2-442A, 27.500%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 294 | 281 | 18 |
| &nbsp;&nbsp;&nbsp; X8E8-LSW4, 26.500%, 7/18/2024 †x#^ | Affirm | 1/23/2023 | 195 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; X8EA-VL7U, 33.050%, 4/21/2026 †§x | Affirm | 10/25/2024 | 195 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; X8ED-BV4Y, 28.000%, 12/12/2024 †x#^ | Affirm | 12/15/2022 | 581 | 629 | 35 |
| &nbsp;&nbsp;&nbsp; X8EH-C1BV, 35.540%, 6/11/2025 †x#^ | Affirm | 12/27/2024 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; X8F1-B9W8, 33.950%, 2/10/2026 †x# | Affirm | 2/26/2025 | 106 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; X8F6-NNWE, 33.050%, 1/02/2026 †x# | Affirm | 1/29/2025 | 96 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; X8F9-FENW, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 187 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; X8FD-DWTS, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; X8FE-9ZZO, 35.460%, 6/21/2026 †x# | Affirm | 6/27/2024 | 463 | 459 | 28 |
| &nbsp;&nbsp;&nbsp; X8FF-8HFC, 29.470%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 58 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; X8FI-282O, 29.440%, 3/24/2026 †§x | Affirm | 4/22/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X8FQ-F0E9, 18.900%, 10/24/2023 †x#^ | Affirm | 10/28/2022 | 92 | 96 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8190** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X8FQ-YVM1, 29.410%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | $712 | $663 | $43 |
| &nbsp;&nbsp;&nbsp; X8FS-0JCM, 35.600%, 11/15/2025 †x# | Affirm | 11/27/2024 | 350 | 348 | 21 |
| &nbsp;&nbsp;&nbsp; X8G0-XJF5, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 134 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; X8G1-LEGJ, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 411 | 418 | 416 |
| &nbsp;&nbsp;&nbsp; X8G2-MTVR, 29.770%, 12/28/2023 †x#^ | Affirm | 1/06/2023 | 177 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; X8G3-C2XX, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; X8G8-63UM, 33.950%, 9/17/2026 †§x | Affirm | 9/20/2024 | 398 | 408 | 410 |
| &nbsp;&nbsp;&nbsp; X8GJ-L0HS, 35.000%, 3/20/2026 †x# | Affirm | 3/28/2025 | 181 | 181 |  |
| &nbsp;&nbsp;&nbsp; X8GL-2GXJ, 29.800%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 97 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; X8GP-TA0V, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 161 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; X8GX-810W, 35.360%, 2/27/2026 †§x | Affirm | 8/30/2024 | 94 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; X8H5-ZTJP, 28.500%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 122 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; X8H8-K8FD, 9.910%, 10/01/2025 †§x | Affirm | 10/04/2024 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; X8HD-M08D, 29.180%, 10/08/2025 †§x | Affirm | 7/31/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; X8HF-XC9U, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 236 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; X8HG-YXIM, 35.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; X8HJ-SBAP, 29.700%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 286 | 291 | 17 |
| &nbsp;&nbsp;&nbsp; X8HO-CCNY, 9.189%, 3/28/2024 †x#^« | Affirm | 1/02/2024 | 123 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; X8HX-0KHL, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 62 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; X8I0-OUKH, 29.870%, 5/02/2024 †x#^ | Affirm | 11/07/2022 | 174 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; X8I2-6TF5, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 348 | 362 | 360 |
| &nbsp;&nbsp;&nbsp; X8I4-17FP, 35.670%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 81 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; X8I4-XYKL, 33.490%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 41 | 43 | 2 |
| &nbsp;&nbsp;&nbsp; X8ID-1BS2, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; X8II-592J, 35.410%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 302 | 300 | 300 |
| &nbsp;&nbsp;&nbsp; X8J5-1XU8, 35.410%, 3/11/2028 †§x | Affirm | 3/31/2025 | 2101 | 2088 | 2120 |
| &nbsp;&nbsp;&nbsp; X8J7-R76R, 35.470%, 10/27/2024 †x#^ | Affirm | 10/02/2023 | 1249 | 1257 | 75 |
| &nbsp;&nbsp;&nbsp; X8JE-Y7V1, 29.620%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 85 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; X8JF-QTEI, 7.194%, 9/05/2025 †§x« | Affirm | 3/28/2025 | 533 | 517 | 531 |
| &nbsp;&nbsp;&nbsp; X8JL-V6OW, 15.810%, 3/04/2026 †§x# | Affirm | 3/07/2024 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; X8JM-AUJG, 22.900%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1711 | 1748 | 1771 |
| &nbsp;&nbsp;&nbsp; X8JP-7AYG, 35.410%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 248 | 248 | 15 |
| &nbsp;&nbsp;&nbsp; X8JT-91Q1, 32.000%, 11/15/2025 †x# | Affirm | 11/27/2024 | 161 | 169 | 51 |
| &nbsp;&nbsp;&nbsp; X8JT-USIB, 7.009%, 12/27/2022 †x#^« | Affirm | 9/30/2022 | 183 | 180 | 11 |
| &nbsp;&nbsp;&nbsp; X8JW-TGAX, 25.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 151 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; X8JX-L3KI, 35.300%, 3/11/2026 †x# | Affirm | 3/28/2025 | 181 | 171 | 174 |
| &nbsp;&nbsp;&nbsp; X8K2-50CN, 33.050%, 1/08/2027 †§x | Affirm | 7/31/2025 | 315 | 333 | 335 |
| &nbsp;&nbsp;&nbsp; X8KG-9L5Z, 29.570%, 8/06/2026 †§x | Affirm | 8/29/2025 | 191 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; X8KT-RIE7, 29.560%, 10/25/2024 †x#^ | Affirm | 10/31/2022 | 137 | 150 | 8 |
| &nbsp;&nbsp;&nbsp; X8KW-3JXE, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; X8KW-HKLX, 35.490%, 10/02/2025 †§x | Affirm | 10/07/2024 | 79 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; X8KW-LV9A, 33.950%, 10/28/2025 †x# | Affirm | 10/31/2024 | 115 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; X8KY-QAYI, 29.820%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 91 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; X8L4-A5OR, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 128 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; X8L7-E8XS, 26.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 115 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; X8L7-ZJ62, 27.500%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 433 | 453 | 26 |
| &nbsp;&nbsp;&nbsp; X8L9-NF97, 32.970%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 50 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; X8LM-B66H, 33.050%, 9/03/2026 †§x | Affirm | 3/28/2025 | 372 | 388 | 388 |
| &nbsp;&nbsp;&nbsp; X8LN-4AT8, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 120 | 123 | 121 |
| &nbsp;&nbsp;&nbsp; X8LS-BJON, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 689 | 676 | 671 |
| &nbsp;&nbsp;&nbsp; X8M0-LP0V, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; X8M1-JYLG, 35.410%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 131 | 134 | 131 |
| &nbsp;&nbsp;&nbsp; X8MQ-B513, 33.050%, 10/25/2025 †§x | Affirm | 10/31/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; X8MR-E1WP, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 453 | 459 | 463 |
| &nbsp;&nbsp;&nbsp; X8MZ-DL9F, 32.500%, 2/26/2026 †x# | Affirm | 8/29/2024 | 1167 | 1145 | 70 |
| &nbsp;&nbsp;&nbsp; X8N2-2MN5, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8191** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X8NA-QC3B, 7.108%, 9/24/2025 †§x« | Affirm | 4/22/2025 | $29 | $28 | $28 |
| &nbsp;&nbsp;&nbsp; X8NH-DUTC, 15.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 168 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; X8NH-J4E0, 35.480%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; X8NO-45VL, 15.780%, 10/28/2025 †§x | Affirm | 10/31/2024 | 212 | 214 | 215 |
| &nbsp;&nbsp;&nbsp; X8NS-LD17, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 337 | 346 | 348 |
| &nbsp;&nbsp;&nbsp; X8NW-R4W6, 29.660%, 9/26/2025 †§x | Affirm | 9/30/2024 | 22 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; X8OD-GM46, 29.010%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 87 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; X8OE-5GRT, 29.520%, 10/12/2022 †x#^ | Affirm | 4/15/2022 | 162 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; X8OK-FWST, 31.000%, 12/05/2026 †x# | Affirm | 12/08/2023 | 1299 | 1401 | 54 |
| &nbsp;&nbsp;&nbsp; X8OU-UF34, 6.654%, 8/21/2027 †§x« | Affirm | 8/26/2024 | 721 | 635 | 615 |
| &nbsp;&nbsp;&nbsp; X8OW-E3RD, 31.000%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 78 | 80 | 78 |
| &nbsp;&nbsp;&nbsp; X8P0-TLUL, 22.990%, 11/01/2025 †§x | Affirm | 11/27/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; X8P6-6J7L, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; X8PD-6O7X, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; X8PD-M4JH, 22.610%, 5/17/2026 †x# | Affirm | 5/22/2023 | 7900 | 7924 | 474 |
| &nbsp;&nbsp;&nbsp; X8PG-2B79, 29.940%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; X8PJ-1Y0T, 30.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 88 | 92 | 89 |
| &nbsp;&nbsp;&nbsp; X8PW-4PSP, 33.050%, 11/20/2026 †§x | Affirm | 11/27/2024 | 788 | 817 | 815 |
| &nbsp;&nbsp;&nbsp; X8Q1-0YMS, 23.400%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 176 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; X8QD-FWT1, 35.450%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 166 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; X8QP-RAKJ, 15.700%, 3/11/2023 †x#^ | Affirm | 3/17/2022 | 218 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; X8QS-SI3U, 23.700%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 180 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; X8QU-NZWO, 29.680%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 98 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; X8QV-WIV2, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 105 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; X8QX-GE0R, 15.760%, 12/25/2025 †§x | Affirm | 6/28/2024 | 625 | 630 | 632 |
| &nbsp;&nbsp;&nbsp; X8R1-916B, 23.400%, 6/20/2025 †x#^ | Affirm | 3/28/2025 | 262 | 266 | 30 |
| &nbsp;&nbsp;&nbsp; X8R4-9L7A, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 314 | 321 | 321 |
| &nbsp;&nbsp;&nbsp; X8R9-ST6F, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 297 | 307 | 18 |
| &nbsp;&nbsp;&nbsp; X8RC-8PQG, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 247 | 258 | 257 |
| &nbsp;&nbsp;&nbsp; X8RF-Z137, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; X8RI-XZZO, 15.680%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 104 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; X8RK-BOVH, 26.700%, 2/03/2026 †x# | Affirm | 2/26/2025 | 226 | 238 | 66 |
| &nbsp;&nbsp;&nbsp; X8RO-GLRU, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 78 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; X8RU-7NZX, 32.000%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 367 | 378 | 381 |
| &nbsp;&nbsp;&nbsp; X8RW-23XM, 31.000%, 5/07/2025 †x#^ | Affirm | 2/26/2025 | 450 | 454 | 27 |
| &nbsp;&nbsp;&nbsp; X8RW-33E0, 26.700%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 182 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; X8SA-72MT, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; X8SD-CFT4, 32.620%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 163 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; X8SF-OZ13, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 724 | 715 | 43 |
| &nbsp;&nbsp;&nbsp; X8SG-Q77E, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 746 | 765 | 768 |
| &nbsp;&nbsp;&nbsp; X8SP-GYI8, 35.470%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 1200 | 1126 | 72 |
| &nbsp;&nbsp;&nbsp; X8ST-Z6S1, 28.500%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 2070 | 1950 | 124 |
| &nbsp;&nbsp;&nbsp; X8SX-I81F, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 116 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; X8T3-1NKH, 29.620%, 3/16/2023 †x#^ | Affirm | 9/22/2022 | 1118 | 1137 | 67 |
| &nbsp;&nbsp;&nbsp; X8T5-FU6V, 23.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 223 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; X8TN-CP7X, 35.240%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; X8TS-QAHF, 35.770%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; X8TY-EDDW, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 757 | 789 | 786 |
| &nbsp;&nbsp;&nbsp; X8TZ-0BCP, 29.550%, 2/23/2026 †§x | Affirm | 8/29/2024 | 140 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; X8U0-AG1A, 19.700%, 10/24/2026 †§x | Affirm | 10/28/2024 | 1891 | 1950 | 1960 |
| &nbsp;&nbsp;&nbsp; X8U8-2UZI, 35.870%, 1/02/2026 †§x | Affirm | 1/29/2025 | 99 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; X8UA-BLZK, 22.650%, 12/20/2025 †§x | Affirm | 6/24/2024 | 129 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; X8UE-JN9B, 12.456%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 79 | 75 | 78 |
| &nbsp;&nbsp;&nbsp; X8UF-FV7N, 29.480%, 12/28/2022 †x#^ | Affirm | 7/01/2022 | 258 | 265 | 15 |
| &nbsp;&nbsp;&nbsp; X8UJ-7HM1, 29.660%, 7/28/2026 †x# | Affirm | 1/29/2025 | 220 | 227 | 225 |
| &nbsp;&nbsp;&nbsp; X8UO-546A, 29.780%, 1/02/2026 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8192** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X8UQ-LF4C, 18.000%, 12/12/2025 †§x | Affirm | 12/27/2024 | $47 | $48 | $47 |
| &nbsp;&nbsp;&nbsp; X8UU-E1RY, 35.830%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; X8UV-IHZI, 29.710%, 2/10/2027 †§x | Affirm | 2/26/2025 | 454 | 476 | 480 |
| &nbsp;&nbsp;&nbsp; X8UW-KV7E, 29.810%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 400 | 395 | 24 |
| &nbsp;&nbsp;&nbsp; X8UW-T7HC, 17.700%, 4/18/2026 †§x | Affirm | 10/24/2024 | 354 | 361 | 357 |
| &nbsp;&nbsp;&nbsp; X8VI-DSLJ, 35.440%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 931 | 917 | 920 |
| &nbsp;&nbsp;&nbsp; X8VJ-JZ2H, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X8VP-UG4O, 28.000%, 11/01/2025 †§x | Affirm | 11/04/2022 | 175 | 176 | 174 |
| &nbsp;&nbsp;&nbsp; X8VQ-HV7H, 29.570%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 111 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; X8VU-JDXE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; X8VX-LC7Y, 24.660%, 10/03/2025 †§x | Affirm | 10/07/2024 | 65 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; X8VZ-K78D, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1005 | 1024 | 1027 |
| &nbsp;&nbsp;&nbsp; X8W1-T598, 35.570%, 5/15/2026 †§x | Affirm | 11/27/2024 | 602 | 620 | 617 |
| &nbsp;&nbsp;&nbsp; X8W2-Z2VI, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 155 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; X8W3-CZBG, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; X8W5-MTDL, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 124 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; X8W6-R74Q, 32.500%, 9/23/2026 †§x | Affirm | 9/26/2024 | 905 | 899 | 910 |
| &nbsp;&nbsp;&nbsp; X8W7-AKMF, 29.500%, 12/07/2025 †§x | Affirm | 12/11/2023 | 261 | 263 | 263 |
| &nbsp;&nbsp;&nbsp; X8WA-2MUT, 30.950%, 9/16/2025 †§x | Affirm | 9/19/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; X8WB-4XT2, 35.450%, 12/17/2025 †x# | Affirm | 6/21/2024 | 959 | 997 | 58 |
| &nbsp;&nbsp;&nbsp; X8WD-FCJ2, 29.120%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 248 | 237 | 15 |
| &nbsp;&nbsp;&nbsp; X8WY-BVO8, 11.800%, 5/20/2026 †§x | Affirm | 5/24/2024 | 344 | 346 | 351 |
| &nbsp;&nbsp;&nbsp; X8X4-FWXB, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 119 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; X8X5-KDSS, 15.810%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 46 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; X8X6-8B8I, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; X8XD-LSG4, 22.780%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 62 | 62 | 38 |
| &nbsp;&nbsp;&nbsp; X8XG-U9KO, 29.430%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 156 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; X8XW-L21C, 24.580%, 6/02/2026 †§x | Affirm | 6/27/2025 | 418 | 434 | 439 |
| &nbsp;&nbsp;&nbsp; X8Y1-2MEC, 29.630%, 12/10/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; X8Y9-AWMH, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; X8YA-E7MQ, 33.050%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 47 | 48 | 2 |
| &nbsp;&nbsp;&nbsp; X8YJ-LF0V, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 76 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; X8YR-O63E, 29.810%, 4/22/2024 †x#^ | Affirm | 2/27/2023 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; X8Z8-AKYJ, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X8Z9-MI0D, 15.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 385 | 391 | 390 |
| &nbsp;&nbsp;&nbsp; X8ZH-BT6D, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 333 | 345 | 20 |
| &nbsp;&nbsp;&nbsp; X8ZT-UDWF, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; X8ZZ-5JOU, 9.870%, 12/02/2025 †§x | Affirm | 6/27/2025 | 370 | 375 | 376 |
| &nbsp;&nbsp;&nbsp; X902-OO7N, 29.570%, 8/01/2024 †x#^ | Affirm | 8/04/2022 | 708 | 777 | 42 |
| &nbsp;&nbsp;&nbsp; X903-XJWF, 35.330%, 7/08/2026 †§x | Affirm | 7/31/2025 | 67 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; X904-U1U0, 33.050%, 1/03/2027 †§x# | Affirm | 1/29/2025 | 535 | 555 | 557 |
| &nbsp;&nbsp;&nbsp; X906-WFQ4, 20.700%, 10/02/2025 †§x | Affirm | 10/05/2023 | 80 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; X906-ZYXW, 35.570%, 12/15/2025 †x# | Affirm | 11/27/2024 | 252 | 255 | 257 |
| &nbsp;&nbsp;&nbsp; X90H-Y9R9, 29.640%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; X90N-0TZA, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; X90R-VZEE, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; X916-V217, 25.900%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; X919-PZ7T, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; X919-ZBOD, 30.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 410 | 416 | 417 |
| &nbsp;&nbsp;&nbsp; X91D-HVTX, 29.330%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; X91K-DNRX, 26.900%, 11/20/2025 †§x | Affirm | 11/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; X91R-LH1I, 29.440%, 5/19/2023 †x#^ | Affirm | 5/23/2022 | 141 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; X91W-MWY2, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 243 | 247 | 250 |
| &nbsp;&nbsp;&nbsp; X923-4SXO, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 66 | 67 | 39 |
| &nbsp;&nbsp;&nbsp; X927-VVX3, 29.500%, 10/19/2024 †x#^ | Affirm | 4/27/2023 | 1842 | 1947 | 111 |
| &nbsp;&nbsp;&nbsp; X92C-HLHU, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 59 | 60 | 60 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8193** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X92D-27SR, 35.480%, 9/28/2025 †§x | Affirm | 10/03/2024 | $9 | $9 | $8 |
| &nbsp;&nbsp;&nbsp; X92K-54MB, 29.610%, 7/02/2026 †§x | Affirm | 7/05/2024 | 770 | 788 | 789 |
| &nbsp;&nbsp;&nbsp; X92K-P0G4, 29.900%, 7/06/2023 †x#^ | Affirm | 1/12/2023 | 106 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; X92L-ZEQ2, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; X92O-44TE, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; X92Q-NLL4, 32.000%, 8/20/2026 †§x# | Affirm | 8/23/2024 | 1119 | 1149 | 1160 |
| &nbsp;&nbsp;&nbsp; X936-LNIW, 33.120%, 9/17/2025 †§x | Affirm | 9/20/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; X93R-0Y44, 32.790%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; X93T-2JEC, 26.700%, 12/11/2025 †§x | Affirm | 12/27/2024 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; X93V-904V, 28.500%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 58 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; X94V-GGWB, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 165 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; X94W-ER14, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 280 | 285 | 285 |
| &nbsp;&nbsp;&nbsp; X94X-5G2L, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 153 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; X956-IPEK, 29.670%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 23 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; X95B-FBF1, 29.550%, 2/23/2026 †x# | Affirm | 8/29/2024 | 256 | 266 | 21 |
| &nbsp;&nbsp;&nbsp; X95G-4QSE, 13.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 451 | 457 | 458 |
| &nbsp;&nbsp;&nbsp; X95M-GR0W, 32.890%, 6/02/2026 †§x | Affirm | 6/27/2025 | 219 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; X95P-KXGI, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 141 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; X95S-E5AV, 33.950%, 10/12/2025 †§x | Affirm | 4/18/2024 | 258 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; X95U-CUOM, 33.050%, 3/26/2026 †§x | Affirm | 9/30/2024 | 114 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; X962-QOB8, 27.500%, 12/28/2024 †x#^ | Affirm | 1/03/2023 | 1140 | 1234 | 68 |
| &nbsp;&nbsp;&nbsp; X968-ZHJU, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; X96B-CNPW, 23.400%, 11/06/2026 †§x | Affirm | 5/30/2025 | 304 | 315 | 317 |
| &nbsp;&nbsp;&nbsp; X96Q-XMKR, 33.050%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 80 | 82 | 84 |
| &nbsp;&nbsp;&nbsp; X96U-2B32, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 649 | 665 | 666 |
| &nbsp;&nbsp;&nbsp; X971-OD1O, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; X97L-FDFR, 33.950%, 1/24/2026 †§x | Affirm | 7/29/2024 | 674 | 686 | 689 |
| &nbsp;&nbsp;&nbsp; X97N-I5ST, 35.570%, 9/25/2025 †§x | Affirm | 9/30/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; X980-SPUL, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1147 | 1139 | 1134 |
| &nbsp;&nbsp;&nbsp; X984-R8N8, 25.000%, 10/12/2025 †x# | Affirm | 10/17/2022 | 549 | 593 | 33 |
| &nbsp;&nbsp;&nbsp; X989-DZUV, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 508 | 509 | 509 |
| &nbsp;&nbsp;&nbsp; X989-WC5Z, 29.610%, 11/10/2024 †x#^ | Affirm | 11/17/2022 | 493 | 520 | 30 |
| &nbsp;&nbsp;&nbsp; X98L-7M5Q, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; X98M-M9ZT, 28.500%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 348 | 344 | 21 |
| &nbsp;&nbsp;&nbsp; X98N-DU4K, 33.950%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | 35 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; X98P-NSDD, 27.100%, 10/27/2026 †§x | Affirm | 10/31/2022 | 739 | 765 | 722 |
| &nbsp;&nbsp;&nbsp; X98R-L5ZY, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 108 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; X98U-H0OY, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 612 | 592 | 587 |
| &nbsp;&nbsp;&nbsp; X98X-010L, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; X98X-WISQ, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; X98Z-XKPL, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 336 | 343 | 20 |
| &nbsp;&nbsp;&nbsp; X991-HHSD, 24.400%, 10/01/2025 †§x | Affirm | 4/04/2024 | 821 | 823 | 821 |
| &nbsp;&nbsp;&nbsp; X992-QOV5, 15.740%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 36 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; X993-H4KI, 15.830%, 11/15/2025 †x# | Affirm | 11/27/2024 | 81 | 81 | 6 |
| &nbsp;&nbsp;&nbsp; X995-DOQD, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; X998-8QOW, 13.840%, 5/06/2026 †§x | Affirm | 5/30/2025 | 217 | 223 | 224 |
| &nbsp;&nbsp;&nbsp; X99B-4RGZ, 35.310%, 3/28/2026 †§x | Affirm | 3/31/2025 | 98 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; X99L-5DFZ, 31.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 2029 | 2114 | 2104 |
| &nbsp;&nbsp;&nbsp; X99M-S8GX, 30.000%, 8/28/2022 †x#^ | Affirm | 3/03/2022 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; X99U-J6SM, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 198 | 203 | 205 |
| &nbsp;&nbsp;&nbsp; X99Y-EWB9, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 284 | 266 | 283 |
| &nbsp;&nbsp;&nbsp; X99Y-XN89, 25.900%, 9/28/2025 †§x | Affirm | 3/31/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; X9A4-MLRS, 24.400%, 2/05/2026 †§x | Affirm | 2/26/2025 | 846 | 860 | 862 |
| &nbsp;&nbsp;&nbsp; X9A6-DZ2X, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 330 | 341 | 340 |
| &nbsp;&nbsp;&nbsp; X9A8-F21L, 27.500%, 1/04/2024 †x#^ | Affirm | 1/09/2023 | 115 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; X9AG-YTDT, 35.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8194** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X9AI-LSIN, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | $220 | $230 | $13 |
| &nbsp;&nbsp;&nbsp; X9AJ-GDK5, 29.480%, 9/03/2022 †x#^ | Affirm | 6/09/2022 | 56 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; X9AL-E4CH, 29.660%, 6/05/2024 †x#^ | Affirm | 1/11/2024 | 1134 | 1091 | 68 |
| &nbsp;&nbsp;&nbsp; X9AQ-YWRR, 33.000%, 9/25/2025 †x# | Affirm | 9/30/2024 | 486 | 487 | 29 |
| &nbsp;&nbsp;&nbsp; X9BF-2RDZ, 13.840%, 1/13/2028 †§x | Affirm | 1/29/2025 | 327 | 337 | 331 |
| &nbsp;&nbsp;&nbsp; X9BH-E1YD, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 245 | 244 | 244 |
| &nbsp;&nbsp;&nbsp; X9C5-XWP3, 35.550%, 12/02/2025 †§x | Affirm | 6/27/2025 | 89 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; X9CE-EOMM, 26.200%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 77 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; X9CJ-DGYI, 32.500%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 189 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; X9CM-G3JZ, 19.700%, 12/18/2025 †§x | Affirm | 6/21/2024 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; X9DD-79Q0, 29.930%, 7/02/2026 †§x | Affirm | 1/29/2025 | 174 | 179 | 178 |
| &nbsp;&nbsp;&nbsp; X9DE-SPHC, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 471 | 474 | 474 |
| &nbsp;&nbsp;&nbsp; X9DT-CP74, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; X9E0-IGOA, 25.900%, 12/09/2025 †§x | Affirm | 12/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; X9EB-9WPN, 35.370%, 2/19/2026 †§x | Affirm | 8/22/2024 | 125 | 126 | 125 |
| &nbsp;&nbsp;&nbsp; X9EE-BO7X, 24.400%, 2/27/2026 †§x | Affirm | 8/30/2024 | 145 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; X9EG-81Q5, 28.970%, 5/05/2025 †x#^ | Affirm | 5/11/2023 | 361 | 381 | 22 |
| &nbsp;&nbsp;&nbsp; X9EI-H7QM, 35.400%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; X9EP-HA4I, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 191 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; X9F2-GYSH, 14.700%, 11/20/2022 †x#^ | Affirm | 5/26/2022 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; X9F3-EZVK, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 266 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; X9F8-VNLU, 35.350%, 10/28/2025 †§x | Affirm | 5/02/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; X9F9-K7BT, 35.710%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 671 | 661 | 667 |
| &nbsp;&nbsp;&nbsp; X9FB-WEUL, 33.950%, 3/16/2026 †x# | Affirm | 9/19/2024 | 265 | 279 | 14 |
| &nbsp;&nbsp;&nbsp; X9FK-RYFV, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 125 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; X9FS-5OYT, 24.400%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; X9FZ-XU1L, 25.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 10 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; X9G1-EZ85, 33.050%, 12/10/2025 †§x | Affirm | 12/27/2024 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; X9GR-6LTB, 23.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 84 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; X9H8-50KE, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 91 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; X9HC-NR47, 33.950%, 8/23/2024 †x#^ | Affirm | 8/28/2023 | 589 | 620 | 35 |
| &nbsp;&nbsp;&nbsp; X9HF-PJWA, 29.260%, 1/02/2025 †x#^ | Affirm | 7/05/2024 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; X9HG-JJ1Z, 29.480%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 409 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; X9HL-DT6A, 31.500%, 12/04/2026 †§x | Affirm | 12/07/2023 | 945 | 960 | 960 |
| &nbsp;&nbsp;&nbsp; X9HM-DUYU, 29.570%, 4/11/2024 †x#^ | Affirm | 10/14/2022 | 165 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; X9HU-O55G, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 296 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; X9I4-ZWRE, 29.500%, 12/04/2026 †§x# | Affirm | 12/07/2023 | 654 | 673 | 673 |
| &nbsp;&nbsp;&nbsp; X9I5-FRQR, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; X9IO-MUSG, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; X9IR-PYNW, 32.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 777 | 804 | 812 |
| &nbsp;&nbsp;&nbsp; X9IX-HX93, 29.430%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 330 | 347 | 20 |
| &nbsp;&nbsp;&nbsp; X9J2-5UBG, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 291 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; X9J7-K02H, 24.400%, 9/25/2025 †§x | Affirm | 9/30/2024 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; X9J8-SE15, 35.660%, 1/08/2026 †§x | Affirm | 1/29/2025 | 54 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; X9J9-8SI5, 29.660%, 5/12/2026 †§x | Affirm | 11/27/2024 | 285 | 293 | 292 |
| &nbsp;&nbsp;&nbsp; X9JM-LIV7, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; X9JN-913O, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; X9JN-ZU9A, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; X9JO-6STJ, 33.500%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 665 | 648 | 40 |
| &nbsp;&nbsp;&nbsp; X9JW-96KX, 28.000%, 7/03/2023 †x#^ | Affirm | 1/06/2023 | 390 | 391 | 23 |
| &nbsp;&nbsp;&nbsp; X9K5-16H0, 15.750%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 359 | 362 | 22 |
| &nbsp;&nbsp;&nbsp; X9KJ-UIS2, 18.000%, 2/26/2026 †§x | Affirm | 8/29/2024 | 1287 | 1305 | 1309 |
| &nbsp;&nbsp;&nbsp; X9KY-2RTC, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 347 | 357 | 357 |
| &nbsp;&nbsp;&nbsp; X9LG-0LI8, 29.680%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 337 | 328 | 20 |
| &nbsp;&nbsp;&nbsp; X9LI-8C2U, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 367 | 373 | 374 |
| &nbsp;&nbsp;&nbsp; X9LO-075E, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 40 | 41 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8195** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X9LO-Z62L, 32.520%, 10/08/2025 †§x | Affirm | 7/31/2025 | $29 | $28 | $29 |
| &nbsp;&nbsp;&nbsp; X9LQ-71Z2, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; X9LR-YQO1, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; X9LV-VL4S, 29.670%, 12/07/2025 †§x | Affirm | 12/11/2023 | 154 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; X9LV-W5QZ, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 204 | 210 | 208 |
| &nbsp;&nbsp;&nbsp; X9LV-W9CX, 35.460%, 1/02/2026 †x# | Affirm | 1/29/2025 | 96 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; X9LW-TJUQ, 27.100%, 7/09/2024 †x#^ | Affirm | 1/12/2023 | 143 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; X9MK-23QR, 35.450%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; X9MQ-LVDR, 29.510%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 108 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; X9MV-M01D, 35.000%, 9/02/2025 †x# | Affirm | 6/27/2025 | 55 | 54 | 15 |
| &nbsp;&nbsp;&nbsp; X9MY-E495, 19.700%, 3/28/2026 †§x# | Affirm | 4/04/2024 | 335 | 340 | 341 |
| &nbsp;&nbsp;&nbsp; X9NG-6KQ0, 32.820%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; X9NL-GPNE, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; X9NO-C2K9, 29.640%, 11/15/2026 †§x | Affirm | 11/27/2024 | 250 | 259 | 255 |
| &nbsp;&nbsp;&nbsp; X9NU-XYA6, 29.110%, 6/13/2023 †x#^ | Affirm | 12/16/2021 | 17 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; X9NV-IMF8, 22.570%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 409 | 423 | 25 |
| &nbsp;&nbsp;&nbsp; X9NW-677I, 35.770%, 2/05/2026 †x# | Affirm | 2/26/2025 | 68 | 67 |  |
| &nbsp;&nbsp;&nbsp; X9NX-QF7G, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 83 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; X9OE-J41L, 29.530%, 11/03/2022 †x#^ | Affirm | 5/06/2022 | 268 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; X9OE-UWXG, 29.510%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 314 | 310 | 19 |
| &nbsp;&nbsp;&nbsp; X9OJ-RL2E, 15.720%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 234 | 233 | 233 |
| &nbsp;&nbsp;&nbsp; X9OK-AZLZ, 7.920%, 1/02/2027 †§x | Affirm | 1/29/2025 | 783 | 810 | 815 |
| &nbsp;&nbsp;&nbsp; X9OO-DA4T, 28.500%, 11/28/2025 †§x | Affirm | 12/02/2022 | 159 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; X9OP-SAKD, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; X9OP-VCU7, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 135 | 139 | 76 |
| &nbsp;&nbsp;&nbsp; X9OT-X7V5, 29.550%, 10/15/2025 †§x | Affirm | 4/18/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; X9OY-N7DD, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; X9P4-23LP, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 134 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; X9PN-ZCT9, 32.500%, 8/23/2026 †§x | Affirm | 8/29/2024 | 382 | 380 | 386 |
| &nbsp;&nbsp;&nbsp; X9PO-V4NG, 30.000%, 7/10/2024 †x#^ | Affirm | 1/13/2023 | 2585 | 2714 | 155 |
| &nbsp;&nbsp;&nbsp; X9QF-4TL6, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 308 | 316 | 317 |
| &nbsp;&nbsp;&nbsp; X9R0-VF0B, 33.050%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 915 | 946 | 954 |
| &nbsp;&nbsp;&nbsp; X9R1-H5HF, 31.000%, 11/20/2025 †x# | Affirm | 11/27/2024 | 575 | 573 | 35 |
| &nbsp;&nbsp;&nbsp; X9R2-9FZ3, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 123 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; X9R4-MV61, 24.580%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 673 | 709 | 716 |
| &nbsp;&nbsp;&nbsp; X9R6-F6I3, 27.500%, 3/21/2023 †x#^ | Affirm | 3/24/2022 | 169 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; X9RF-2SXY, 15.670%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 275 | 277 | 278 |
| &nbsp;&nbsp;&nbsp; X9RO-X0CE, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 308 | 314 | 315 |
| &nbsp;&nbsp;&nbsp; X9RQ-MTKQ, 24.400%, 9/28/2025 †§x | Affirm | 3/31/2025 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; X9S0-JZZ6, 32.600%, 10/08/2025 †§x | Affirm | 7/31/2025 | 148 | 145 | 147 |
| &nbsp;&nbsp;&nbsp; X9SD-BZQT, 35.780%, 2/07/2026 †§x | Affirm | 2/26/2025 | 204 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; X9SF-V17H, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 66 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; X9SJ-PI8G, 35.370%, 6/27/2026 †x# | Affirm | 7/01/2024 | 1014 | 1005 | 61 |
| &nbsp;&nbsp;&nbsp; X9SP-UB83, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; X9SR-3IT4, 29.320%, 1/30/2024 †x#^ | Affirm | 8/03/2023 | 111 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; X9SW-Y7LM, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; X9T0-JH1T, 35.540%, 9/20/2026 †§x# | Affirm | 9/26/2024 | 316 | 315 | 318 |
| &nbsp;&nbsp;&nbsp; X9T1-OV4Z, 9.930%, 2/10/2026 †§x | Affirm | 2/26/2025 | 127 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; X9T2-EN4P, 9.860%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; X9TJ-QCDJ, 22.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 214 | 221 | 222 |
| &nbsp;&nbsp;&nbsp; X9TN-VD04, 30.950%, 3/28/2026 †§x | Affirm | 4/22/2025 | 341 | 349 | 352 |
| &nbsp;&nbsp;&nbsp; X9UK-5VKZ, 25.200%, 1/06/2026 †§x | Affirm | 1/29/2025 | 290 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; X9UM-5H7F, 22.760%, 11/08/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; X9UX-GP68, 29.550%, 12/24/2025 †x# | Affirm | 6/27/2024 | 328 | 349 | 20 |
| &nbsp;&nbsp;&nbsp; X9V4-WO6U, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; X9VB-K48Q, 29.820%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 82 | 86 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8196** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; X9VD-2ODV, 25.200%, 3/20/2026 †x# | Affirm | 3/28/2025 | $237 | $250 | $14 |
| &nbsp;&nbsp;&nbsp; X9VD-7Y61, 29.500%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 130 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; X9VL-YTPG, 33.950%, 11/06/2025 †§x | Affirm | 8/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; X9VQ-RQSZ, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; X9W5-EPK2, 27.500%, 5/03/2023 †x#^ | Affirm | 11/07/2022 | 409 | 418 | 25 |
| &nbsp;&nbsp;&nbsp; X9W6-CROZ, 30.000%, 11/03/2025 †x# | Affirm | 5/11/2023 | 459 | 457 | 28 |
| &nbsp;&nbsp;&nbsp; X9W6-HGXQ, 6.537%, 7/22/2026 †§x« | Affirm | 7/25/2024 | 730 | 690 | 679 |
| &nbsp;&nbsp;&nbsp; X9W7-M8EE, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 11 | 12 | 11 |
| &nbsp;&nbsp;&nbsp; X9WA-8U1B, 20.900%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1403 | 1472 | 1499 |
| &nbsp;&nbsp;&nbsp; X9WE-PQ6I, 28.000%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 175 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; X9WI-NTJS, 29.520%, 7/08/2027 †§x | Affirm | 7/31/2025 | 1015 | 1072 | 1069 |
| &nbsp;&nbsp;&nbsp; X9XA-G3WY, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; X9XU-D8OS, 26.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 120 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; X9Y8-VFMY, 33.050%, 5/14/2026 †x# | Affirm | 11/27/2024 | 876 | 925 | 53 |
| &nbsp;&nbsp;&nbsp; X9YG-AQGQ, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 38 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; X9YK-T4MA, 21.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; X9YQ-K3F7, 30.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; X9YV-DFKB, 29.310%, 1/08/2026 †§x | Affirm | 7/31/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; X9YX-UA8S, 29.550%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 104 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; X9YY-0RYH, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; X9Z1-MK4Z, 29.610%, 2/12/2024 †x#^ | Affirm | 12/15/2022 | 213 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; X9ZD-M7GK, 35.440%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 42 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; X9ZH-KDYU, 30.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 108 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; X9ZO-6QJT, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 49 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; X9ZQ-OWLI, 29.560%, 8/01/2026 †§x | Affirm | 8/04/2023 | 494 | 510 | 511 |
| &nbsp;&nbsp;&nbsp; X9ZZ-AGGP, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 326 | 330 | 330 |
| &nbsp;&nbsp;&nbsp; XA00-YRS0, 24.400%, 7/09/2025 †x#^ | Affirm | 1/12/2024 | 219 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; XA04-AE86, 33.950%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 247 | 247 | 246 |
| &nbsp;&nbsp;&nbsp; XA05-EL4N, 29.540%, 3/07/2025 †x#^ | Affirm | 9/11/2023 | 130 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; XA0I-QGE0, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XA0M-X07T, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; XA0T-YZSZ, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XA0X-1PQC, 35.610%, 11/14/2025 †§x | Affirm | 11/27/2024 | 83 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XA0Y-P7FH, 30.000%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 97 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; XA17-H6VD, 35.530%, 12/10/2025 †x# | Affirm | 12/27/2024 | 397 | 393 | 123 |
| &nbsp;&nbsp;&nbsp; XA19-10HV, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XA1D-SOPC, 35.470%, 11/20/2026 †§x | Affirm | 11/27/2024 | 387 | 387 | 390 |
| &nbsp;&nbsp;&nbsp; XA1M-FFY7, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 993 | 1002 | 1001 |
| &nbsp;&nbsp;&nbsp; XA1Y-055Z, 29.450%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 637 | 629 | 38 |
| &nbsp;&nbsp;&nbsp; XA24-6PER, 26.700%, 3/14/2026 †x | Affirm | 3/18/2024 | 2621 | 2631 | 2665 |
| &nbsp;&nbsp;&nbsp; XA25-6E4U, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XA25-VA72, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; XA26-869X, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 83 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XA2A-ZU0R, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; XA2Q-Q2Y6, 35.380%, 11/28/2025 †§x# | Affirm | 12/04/2023 | 82 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; XA2R-WBO0, 33.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XA2X-27RO, 33.950%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XA32-DYPX, 28.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 162 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; XA36-PTYB, 27.100%, 1/28/2025 †x#^ | Affirm | 11/03/2022 | 99 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; XA39-TQ7O, 33.950%, 3/16/2026 †§x# | Affirm | 9/19/2024 | 338 | 346 | 344 |
| &nbsp;&nbsp;&nbsp; XA3H-MGD6, 15.800%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XA3H-T62D, 15.790%, 12/16/2025 †x# | Affirm | 12/27/2024 | 103 | 109 | 33 |
| &nbsp;&nbsp;&nbsp; XA3J-UVN8, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XA3Q-ASJG, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 129 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; XA3Q-GK7W, 29.500%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XA3T-968X, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 521 | 510 | 507 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8197** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XA40-1F01, 29.110%, 12/28/2023 †x#^ | Affirm | 12/31/2021 | $323 | $297 | $19 |
| &nbsp;&nbsp;&nbsp; XA4J-QJG7, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XA4Q-M0SL, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XA4Q-O9PT, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 174 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; XA4Q-XE5H, 13.840%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XA4R-57ZZ, 32.500%, 8/23/2025 †§x#^ | Affirm | 8/29/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XA4S-6V4Q, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 138 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; XA4Z-A2QT, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 161 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; XA57-T7UX, 15.760%, 9/07/2026 †§x | Affirm | 9/11/2023 | 1261 | 1303 | 1308 |
| &nbsp;&nbsp;&nbsp; XA59-78XE, 30.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 90 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; XA5A-1AHD, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 131 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; XA5A-BDN5, 15.810%, 6/27/2023 †x#^ | Affirm | 12/30/2022 | 94 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XA5G-CNNH, 35.570%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 105 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; XA5J-IOUH, 35.450%, 3/18/2025 †x#^ | Affirm | 9/23/2024 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; XA5M-1XQP, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XA5M-KLQ6, 29.570%, 12/04/2025 †x# | Affirm | 12/07/2023 | 170 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; XA5R-7XVE, 30.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XA5S-Q640, 29.550%, 2/10/2024 †x#^ | Affirm | 8/15/2022 | 164 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; XA60-LFZO, 35.470%, 10/08/2024 †x#^ | Affirm | 1/11/2024 | 129 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; XA69-V1YB, 12.549%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 88 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; XA6F-17MQ, 18.000%, 10/23/2025 †§x | Affirm | 10/28/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XA6F-YNSF, 35.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 201 | 204 | 11 |
| &nbsp;&nbsp;&nbsp; XA6I-H6SH, 29.860%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 215 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; XA6M-LCSK, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XA6R-OH20, 22.200%, 4/21/2023 †x#^ | Affirm | 10/28/2022 | 1817 | 1862 | 109 |
| &nbsp;&nbsp;&nbsp; XA6Z-3N62, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 137 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; XA70-HO74, 33.050%, 1/22/2026 †§x | Affirm | 7/25/2024 | 504 | 513 | 514 |
| &nbsp;&nbsp;&nbsp; XA71-OTWM, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XA71-R3KA, 29.480%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; XA72-8ACD, 29.330%, 11/10/2023 †x#^ | Affirm | 5/15/2023 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; XA75-UBC3, 15.840%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; XA77-KTN6, 11.820%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 155 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; XA7P-UYAQ, 32.500%, 1/01/2026 †§x | Affirm | 7/05/2024 | 105 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; XA7S-LR32, 29.900%, 7/25/2022 †x#^ | Affirm | 1/28/2022 | 150 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; XA83-OH7B, 29.550%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 66 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; XA8C-FGLY, 29.650%, 5/22/2023 †x#^ | Affirm | 11/26/2021 | 644 | 617 | 39 |
| &nbsp;&nbsp;&nbsp; XA8H-UMLZ, 29.340%, 11/06/2025 †§x | Affirm | 8/29/2025 | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XA8K-FIPG, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 323 | 329 | 330 |
| &nbsp;&nbsp;&nbsp; XA8L-0WYZ, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XA8Q-B425, 26.700%, 3/03/2027 †§x | Affirm | 3/28/2025 | 499 | 520 | 528 |
| &nbsp;&nbsp;&nbsp; XA8R-TLLY, 7.194%, 9/05/2025 †§x« | Affirm | 3/28/2025 | 103 | 100 | 103 |
| &nbsp;&nbsp;&nbsp; XA8T-LE6L, 32.500%, 6/19/2026 †§x | Affirm | 12/27/2024 | 241 | 246 | 244 |
| &nbsp;&nbsp;&nbsp; XA95-YK6S, 29.490%, 12/07/2024 †x#^ | Affirm | 6/12/2023 | 270 | 285 | 16 |
| &nbsp;&nbsp;&nbsp; XA9C-QTKC, 35.450%, 2/23/2026 †x# | Affirm | 8/29/2024 | 530 | 551 | 32 |
| &nbsp;&nbsp;&nbsp; XA9G-LYE5, 29.570%, 4/24/2024 †x#^ | Affirm | 10/27/2022 | 188 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; XA9K-81AE, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 227 | 230 | 230 |
| &nbsp;&nbsp;&nbsp; XA9L-5EQV, 11.920%, 2/07/2026 †§x | Affirm | 2/26/2025 | 87 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; XA9M-YN43, 33.000%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XA9U-65ZP, 29.610%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 186 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; XA9V-9PXM, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 561 | 571 | 569 |
| &nbsp;&nbsp;&nbsp; XAA5-DORT, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; XAA5-ZTG6, 29.660%, 9/20/2025 †§x | Affirm | 9/26/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; XAAG-1FD9, 29.610%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 139 | 143 | 141 |
| &nbsp;&nbsp;&nbsp; XAAM-Q4H1, 11.850%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XAAV-0LIM, 20.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 927 | 951 | 957 |
| &nbsp;&nbsp;&nbsp; XAAV-98OO, 35.420%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 231 | 240 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8198** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XAB4-E7B5, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | $198 | $204 | $206 |
| &nbsp;&nbsp;&nbsp; XAB5-6L9G, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; XABD-G7BO, 25.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 133 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; XABE-CYWZ, 20.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 413 | 429 | 432 |
| &nbsp;&nbsp;&nbsp; XABI-A45V, 22.510%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XABM-A2XN, 35.460%, 6/24/2026 †§x | Affirm | 6/27/2024 | 1135 | 1125 | 1145 |
| &nbsp;&nbsp;&nbsp; XABZ-W7NM, 15.790%, 1/10/2024 †x#^ | Affirm | 1/13/2023 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; XAC3-YMSK, 25.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 69 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; XAC9-UHU8, 6.000%, 11/06/2025 †§x | Affirm | 5/30/2025 | 175 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; XACD-NMOJ, 28.500%, 2/22/2025 †x#^ | Affirm | 11/25/2022 | 189 | 204 | 11 |
| &nbsp;&nbsp;&nbsp; XACH-W8MO, 29.650%, 5/20/2026 †§x | Affirm | 11/27/2024 | 117 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; XACI-0ZUN, 22.750%, 11/12/2025 †§x | Affirm | 11/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XACI-K8EH, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XACJ-KUSA, 13.840%, 8/06/2026 †§x | Affirm | 8/29/2025 | 605 | 625 | 625 |
| &nbsp;&nbsp;&nbsp; XACK-0YHU, 33.950%, 4/24/2026 †§x | Affirm | 10/28/2024 | 228 | 234 | 234 |
| &nbsp;&nbsp;&nbsp; XACN-1M89, 30.000%, 1/06/2023 †x#^ | Affirm | 1/10/2022 | 191 | 195 | 11 |
| &nbsp;&nbsp;&nbsp; XACV-TY2D, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XACZ-9X0L, 18.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 189 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; XAD2-UUH8, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XAD7-LYUG, 15.870%, 12/01/2024 †x#^ | Affirm | 12/05/2022 | 209 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; XAD8-SAZ3, 15.650%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XADE-WY9K, 33.050%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 171 | 176 | 177 |
| &nbsp;&nbsp;&nbsp; XADW-R03J, 30.000%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XADZ-XV6V, 35.430%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 211 | 213 | 13 |
| &nbsp;&nbsp;&nbsp; XAE3-47QM, 19.700%, 2/20/2026 †§x | Affirm | 8/23/2024 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XAE8-A9XJ, 32.000%, 12/19/2026 †§x# | Affirm | 12/27/2024 | 1114 | 1154 | 1153 |
| &nbsp;&nbsp;&nbsp; XAE9-WIWF, 35.440%, 12/09/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XAEH-IPL7, 15.800%, 12/18/2025 †§x | Affirm | 12/27/2024 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XAER-HLV7, 25.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XAET-P3PH, 30.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 259 | 265 | 265 |
| &nbsp;&nbsp;&nbsp; XAEW-LEQ4, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XAEZ-VD79, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 167 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; XAF8-RR7F, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 150 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; XAFU-AFIK, 35.300%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 669 | 659 | 665 |
| &nbsp;&nbsp;&nbsp; XAFY-O1I9, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 184 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; XAFZ-BNPQ, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 103 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; XAG5-IT5S, 33.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | 169 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; XAG8-M5I7, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; XAGA-FT4M, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 130 | 132 | 131 |
| &nbsp;&nbsp;&nbsp; XAGH-5CDA, 33.000%, 11/14/2025 †§x | Affirm | 11/27/2024 | 259 | 259 | 258 |
| &nbsp;&nbsp;&nbsp; XAGN-QOFV, 29.590%, 10/28/2025 †§x | Affirm | 10/31/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XAGP-SB7G, 33.000%, 10/25/2026 †x# | Affirm | 10/31/2024 | 130 | 129 | 22 |
| &nbsp;&nbsp;&nbsp; XAGT-598Y, 35.490%, 10/21/2026 †§x | Affirm | 10/24/2024 | 745 | 699 | 712 |
| &nbsp;&nbsp;&nbsp; XAGV-0W58, 11.650%, 10/08/2025 †§x | Affirm | 7/31/2025 | 88 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; XAH8-PS71, 15.700%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XAHG-49J1, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XAHG-6HMA, 15.800%, 12/12/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XAHK-MDTL, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XAHP-DXQF, 29.660%, 6/27/2022 †x#^ | Affirm | 12/30/2021 | 197 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; XAI0-0IIU, 35.780%, 2/07/2026 †§x | Affirm | 2/26/2025 | 80 | 80 | 48 |
| &nbsp;&nbsp;&nbsp; XAI3-FT5O, 24.400%, 3/11/2026 †§x | Affirm | 3/14/2024 | 208 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; XAIA-3699, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 132 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; XAIC-VGPJ, 35.480%, 5/14/2026 †§x | Affirm | 11/27/2024 | 233 | 237 | 235 |
| &nbsp;&nbsp;&nbsp; XAIF-Q2BR, 35.200%, 9/20/2025 †§x | Affirm | 3/28/2025 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; XAII-7FTB, 33.000%, 9/03/2026 †§x | Affirm | 3/28/2025 | 620 | 610 | 616 |
| &nbsp;&nbsp;&nbsp; XAIZ-EWV8, 29.650%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 280 | 280 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8199** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XAJ9-X4S9, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $180 | $183 | $183 |
| &nbsp;&nbsp;&nbsp; XAJM-LZX9, 35.440%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 263 | 259 | 262 |
| &nbsp;&nbsp;&nbsp; XAK2-7DVN, 29.710%, 2/12/2027 †x | Affirm | 2/26/2025 | 2304 | 2416 | 2438 |
| &nbsp;&nbsp;&nbsp; XAK8-APUU, 29.650%, 5/22/2023 †x#^ | Affirm | 11/26/2021 | 435 | 468 | 26 |
| &nbsp;&nbsp;&nbsp; XAKD-QY2D, 26.900%, 10/03/2025 †§x | Affirm | 10/07/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XAKS-FA25, 33.950%, 12/24/2025 †§x | Affirm | 6/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XAL0-T3I4, 32.500%, 8/23/2026 †§x | Affirm | 8/29/2024 | 300 | 299 | 301 |
| &nbsp;&nbsp;&nbsp; XAL6-TSES, 33.950%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XAL8-GMKJ, 18.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XALN-DEZR, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XAM4-DXMN, 33.050%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 396 | 417 | 418 |
| &nbsp;&nbsp;&nbsp; XAM5-4NQ7, 35.350%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 51 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; XAMO-IZTE, 35.530%, 1/02/2026 †§x | Affirm | 1/29/2025 | 231 | 233 | 232 |
| &nbsp;&nbsp;&nbsp; XAMY-NI2Y, 33.950%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XAN2-0NY4, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 264 | 272 | 266 |
| &nbsp;&nbsp;&nbsp; XAN2-JI4O, 26.900%, 10/23/2025 †§x | Affirm | 10/28/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XAN6-W98B, 30.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 203 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; XAN8-ENXA, 29.670%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; XANQ-BVQ2, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 298 | 306 | 303 |
| &nbsp;&nbsp;&nbsp; XAO6-RELT, 29.560%, 6/17/2027 †x# | Affirm | 6/21/2024 | 1208 | 1155 | 72 |
| &nbsp;&nbsp;&nbsp; XAO9-8PKS, 29.820%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 127 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; XAOB-2RG2, 29.500%, 7/03/2023 †x#^ | Affirm | 1/06/2023 | 21 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; XAOC-7D3K, 26.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XAOM-ZMVD, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 112 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XAON-CN9X, 12.773%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 78 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XAOP-5ZV2, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 119 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; XAOP-MNU5, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 150 | 149 |
| &nbsp;&nbsp;&nbsp; XAOS-TQLY, 35.770%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 217 | 221 | 131 |
| &nbsp;&nbsp;&nbsp; XAOX-MZBD, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 775 | 771 | 771 |
| &nbsp;&nbsp;&nbsp; XAP3-PUO6, 22.750%, 3/20/2026 †§x | Affirm | 3/28/2025 | 92 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; XAP4-0PJD, 26.500%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 118 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; XAP6-L10C, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 227 | 231 | 230 |
| &nbsp;&nbsp;&nbsp; XAPE-FR5E, 29.610%, 9/20/2027 †§x | Affirm | 9/26/2024 | 931 | 953 | 963 |
| &nbsp;&nbsp;&nbsp; XAPE-LLQN, 32.810%, 2/06/2026 †§x | Affirm | 8/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XAPJ-ID1Q, 35.540%, 12/10/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XAPR-AJZE, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | 180 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; XAPT-I2WR, 33.050%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 682 | 686 | 683 |
| &nbsp;&nbsp;&nbsp; XAPX-ND2N, 28.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 156 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; XAQ3-69U8, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; XAQ6-7OTQ, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 376 | 384 | 381 |
| &nbsp;&nbsp;&nbsp; XAQ6-XO0Z, 35.680%, 2/10/2026 †x# | Affirm | 2/26/2025 | 183 | 189 |  |
| &nbsp;&nbsp;&nbsp; XAQ9-0LVC, 22.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; XAQC-9EHC, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 153 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; XAQE-P25S, 33.050%, 2/19/2026 †§x | Affirm | 8/22/2024 | 173 | 177 | 176 |
| &nbsp;&nbsp;&nbsp; XAQH-97T7, 29.630%, 1/10/2028 †§x# | Affirm | 1/29/2025 | 1098 | 1126 | 421 |
| &nbsp;&nbsp;&nbsp; XAQO-2HW1, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 213 | 222 | 221 |
| &nbsp;&nbsp;&nbsp; XAQO-ZWNK, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 88 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; XAQV-8NI6, 35.950%, 8/03/2026 †x# | Affirm | 2/26/2025 | 1045 | 985 | 30 |
| &nbsp;&nbsp;&nbsp; XAQY-ZUT6, 29.610%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; XAR1-GJ6O, 35.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 129 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; XARA-8VOA, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 410 | 416 | 419 |
| &nbsp;&nbsp;&nbsp; XARR-QZ0I, 22.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XAS8-W0JI, 31.830%, 10/02/2025 †§x | Affirm | 10/07/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; XASD-W8UN, 29.510%, 12/27/2024 †x#^ | Affirm | 1/02/2024 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; XAT1-NM3W, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XAT3-TTC0, 23.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 297 | 307 | 308 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8200** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XAT8-JS4U, 33.050%, 11/15/2025 †§x# | Affirm | 11/27/2024 | $61 | $65 | $19 |
| &nbsp;&nbsp;&nbsp; XATJ-FTQM, 35.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 147 | 149 | 147 |
| &nbsp;&nbsp;&nbsp; XATJ-ZN36, 29.220%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 26 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; XATK-I26Z, 29.670%, 7/02/2026 †§x | Affirm | 7/05/2024 | 281 | 287 | 287 |
| &nbsp;&nbsp;&nbsp; XATM-Y5H9, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 497 | 491 | 30 |
| &nbsp;&nbsp;&nbsp; XATX-EZSI, 27.500%, 1/12/2023 †x#^ | Affirm | 7/15/2022 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XAU6-CNOF, 16.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XAUM-LJ7R, 24.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 220 | 224 | 225 |
| &nbsp;&nbsp;&nbsp; XAUN-DZXR, 35.740%, 4/02/2025 †x#^ | Affirm | 10/07/2024 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; XAUR-NILX, 27.500%, 4/20/2023 †x#^ | Affirm | 10/24/2022 | 88 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; XAUR-V6ZK, 33.950%, 11/23/2025 †x# | Affirm | 5/28/2024 | 57 | 60 |  |
| &nbsp;&nbsp;&nbsp; XAV8-BV8Z, 30.000%, 4/24/2025 †x#^ | Affirm | 4/27/2023 | 277 | 285 | 17 |
| &nbsp;&nbsp;&nbsp; XAV9-3X0T, 22.750%, 3/11/2027 †x | Affirm | 3/14/2024 | 3756 | 3814 | 3825 |
| &nbsp;&nbsp;&nbsp; XAVL-MY26, 18.000%, 11/20/2026 †§x | Affirm | 11/27/2024 | 146 | 151 | 149 |
| &nbsp;&nbsp;&nbsp; XAVP-6PH1, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 160 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; XAVT-17FW, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 276 | 275 | 276 |
| &nbsp;&nbsp;&nbsp; XAVT-Q8GV, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 589 | 589 | 589 |
| &nbsp;&nbsp;&nbsp; XAVY-S8SL, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XAWE-I6EQ, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 170 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; XAWM-CX70, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; XAWU-OGJ7, 32.500%, 8/26/2026 †§x | Affirm | 8/29/2024 | 438 | 434 | 441 |
| &nbsp;&nbsp;&nbsp; XAWV-XOO8, 33.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XAWY-2KAJ, 33.020%, 10/21/2025 †x# | Affirm | 10/24/2024 | 73 | 74 | 2 |
| &nbsp;&nbsp;&nbsp; XAXE-25JP, 24.400%, 12/20/2025 †§x | Affirm | 6/24/2024 | 277 | 279 | 280 |
| &nbsp;&nbsp;&nbsp; XAXI-VX28, 29.480%, 9/27/2025 †§x | Affirm | 4/01/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XAXK-071T, 23.400%, 11/09/2025 †§x | Affirm | 5/13/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XAXQ-VRP4, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 293 | 303 | 307 |
| &nbsp;&nbsp;&nbsp; XAXU-JX31, 15.800%, 11/15/2026 †x# | Affirm | 11/27/2024 | 572 | 602 | 34 |
| &nbsp;&nbsp;&nbsp; XAYD-ML2M, 11.850%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XAYE-DEFJ, 35.280%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; XAYL-UTVI, 35.540%, 3/26/2025 †x#^ | Affirm | 9/30/2024 | 73 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; XAYO-626C, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; XAYZ-1I9G, 35.470%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 114 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; XAZ0-IFY0, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; XAZ0-SGQ3, 26.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 101 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; XAZF-WF22, 29.940%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 261 | 266 | 16 |
| &nbsp;&nbsp;&nbsp; XAZM-PNJ4, 35.350%, 4/09/2026 †§x# | Affirm | 4/12/2024 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XB0D-8Q3H, 35.570%, 1/08/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XB0H-JF95, 32.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 206 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; XB0M-OOB1, 29.180%, 10/18/2022 †x#^ | Affirm | 7/21/2022 | 59 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; XB0X-LU3B, 35.300%, 3/10/2026 †x | Affirm | 3/28/2025 | 301 | 284 | 286 |
| &nbsp;&nbsp;&nbsp; XB13-2A1U, 26.500%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 92 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XB15-MXX1, 29.580%, 4/23/2026 †x# | Affirm | 10/28/2024 | 255 | 269 | 20 |
| &nbsp;&nbsp;&nbsp; XB1B-X2U6, 22.660%, 6/25/2026 †x# | Affirm | 6/28/2024 | 778 | 818 | 47 |
| &nbsp;&nbsp;&nbsp; XB1E-1H2V, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; XB1I-7YEM, 35.520%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; XB1I-KFIH, 35.280%, 9/28/2025 †§x# | Affirm | 4/04/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XB1N-S20O, 35.870%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 256 | 251 | 16 |
| &nbsp;&nbsp;&nbsp; XB1O-L0QB, 13.056%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 499 | 488 | 488 |
| &nbsp;&nbsp;&nbsp; XB1W-C41O, 30.000%, 1/06/2026 †x# | Affirm | 1/29/2025 | 498 | 491 | 35 |
| &nbsp;&nbsp;&nbsp; XB1Y-1NDF, 32.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 128 | 132 | 131 |
| &nbsp;&nbsp;&nbsp; XB23-LPU5, 35.490%, 10/02/2025 †x# | Affirm | 10/07/2024 | 145 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; XB2I-GSX3, 29.430%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 64 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; XB2S-I9UA, 24.400%, 11/21/2025 †§x | Affirm | 5/24/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XB2U-INET, 29.410%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 1343 | 1251 | 81 |
| &nbsp;&nbsp;&nbsp; XB2V-G0LX, 33.050%, 11/15/2026 †§x | Affirm | 11/27/2024 | 126 | 131 | 127 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8201** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XB31-ATOD, 32.860%, 3/03/2026 †§x# | Affirm | 3/28/2025 | $242 | $240 | $241 |
| &nbsp;&nbsp;&nbsp; XB35-V6QO, 24.690%, 3/18/2026 †§x | Affirm | 9/23/2024 | 171 | 174 | 172 |
| &nbsp;&nbsp;&nbsp; XB3C-C8XM, 15.949%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 142 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; XB3L-HQ9Q, 9.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 2528 | 2598 | 2611 |
| &nbsp;&nbsp;&nbsp; XB3M-5I5H, 30.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; XB3M-A916, 33.000%, 11/15/2026 †x# | Affirm | 11/27/2024 | 367 | 366 | 22 |
| &nbsp;&nbsp;&nbsp; XB3R-5J7Q, 29.610%, 12/27/2022 †x#^ | Affirm | 12/31/2021 | 46 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; XB3Y-TI1N, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 80 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; XB44-CPQG, 22.860%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 75 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; XB48-JOCR, 35.530%, 12/16/2025 †x# | Affirm | 12/27/2024 | 98 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; XB4B-1TYA, 32.000%, 8/07/2026 †§x | Affirm | 8/29/2025 | 212 | 222 | 222 |
| &nbsp;&nbsp;&nbsp; XB4C-SKDY, 35.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XB4J-CF4B, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 175 | 176 | 177 |
| &nbsp;&nbsp;&nbsp; XB4K-D544, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XB4K-ZQST, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 166 | 171 | 173 |
| &nbsp;&nbsp;&nbsp; XB4O-J83E, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 121 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; XB4T-HCUF, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 185 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; XB4V-EHRK, 35.490%, 10/03/2025 †§x | Affirm | 10/07/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XB4Z-63FM, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 46 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; XB4Z-SMAE, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 197 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; XB50-QYQJ, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; XB5D-OLJZ, 35.260%, 5/18/2024 †x#^ | Affirm | 8/24/2023 | 379 | 389 | 23 |
| &nbsp;&nbsp;&nbsp; XB5G-OIOY, 29.560%, 9/05/2025 †x# | Affirm | 9/08/2023 | 149 | 151 | 33 |
| &nbsp;&nbsp;&nbsp; XB5G-UI4X, 35.680%, 7/03/2026 †§x | Affirm | 1/29/2025 | 287 | 292 | 292 |
| &nbsp;&nbsp;&nbsp; XB5N-6QG2, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 116 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; XB5U-23A7, 35.350%, 3/20/2026 †§x | Affirm | 3/28/2025 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; XB5U-OFJQ, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 231 | 231 | 3 |
| &nbsp;&nbsp;&nbsp; XB5Z-U86T, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 1165 | 1194 | 1200 |
| &nbsp;&nbsp;&nbsp; XB62-C4QV, 9.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; XB63-3W6N, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 115 | 119 | 20 |
| &nbsp;&nbsp;&nbsp; XB69-G048, 4.920%, 9/25/2027 †x | Affirm | 9/30/2024 | 3558 | 3376 | 3485 |
| &nbsp;&nbsp;&nbsp; XB6L-ZRNC, 29.490%, 7/03/2026 †§x# | Affirm | 7/07/2023 | 591 | 608 | 343 |
| &nbsp;&nbsp;&nbsp; XB6P-LJ7T, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 238 | 238 | 240 |
| &nbsp;&nbsp;&nbsp; XB6R-LKQN, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 161 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; XB6S-N1ZR, 29.710%, 4/24/2023 †x#^ | Affirm | 1/27/2022 | 125 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; XB6S-V845, 29.440%, 3/24/2023 †x#^ | Affirm | 3/28/2022 | 60 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; XB6T-TKXN, 32.500%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 422 | 418 | 425 |
| &nbsp;&nbsp;&nbsp; XB6U-TUIX, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 186 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; XB6V-7UWJ, 29.510%, 5/21/2026 †§x | Affirm | 5/24/2024 | 254 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; XB6Y-FQOD, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 186 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; XB6Y-HN26, 35.190%, 12/02/2025 †§x | Affirm | 6/27/2025 | 154 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; XB6Z-XOJL, 35.360%, 4/12/2026 †§x | Affirm | 4/18/2024 | 498 | 501 | 508 |
| &nbsp;&nbsp;&nbsp; XB74-734E, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XB74-AOFM, 24.900%, 4/12/2025 †x#^ | Affirm | 4/18/2024 | 425 | 440 | 26 |
| &nbsp;&nbsp;&nbsp; XB79-WZ95, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 33 | 33 | 34 |
| &nbsp;&nbsp;&nbsp; XB7I-HTTM, 29.660%, 7/13/2024 †x#^ | Affirm | 1/20/2023 | 152 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; XB7J-2JKA, 29.620%, 12/06/2023 †x#^ | Affirm | 12/15/2022 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XB7J-Z7WU, 29.810%, 3/03/2026 †x | Affirm | 3/28/2025 | 189 | 195 | 95 |
| &nbsp;&nbsp;&nbsp; XB7T-K8LQ, 6.843%, 10/02/2025 †§x« | Affirm | 10/07/2024 | 159 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; XB82-1LHG, 26.700%, 9/28/2026 †§x | Affirm | 3/31/2025 | 357 | 375 | 374 |
| &nbsp;&nbsp;&nbsp; XB8B-NT62, 22.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XB8O-5FGD, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XB8P-VNOD, 35.390%, 1/10/2026 †§x | Affirm | 1/16/2024 | 166 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; XB8U-3FX7, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XB90-4U4F, 29.610%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 354 | 360 | 21 |
| &nbsp;&nbsp;&nbsp; XB91-JE6G, 29.640%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 60 | 60 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8202** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XB92-EWXZ, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | $172 | $176 | $177 |
| &nbsp;&nbsp;&nbsp; XB92-KIOJ, 35.370%, 8/07/2026 †§x | Affirm | 8/29/2025 | 325 | 335 | 335 |
| &nbsp;&nbsp;&nbsp; XB97-H9FF, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 327 | 332 | 20 |
| &nbsp;&nbsp;&nbsp; XB9B-IH8M, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; XB9D-9YK2, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XB9K-8F91, 29.510%, 8/25/2025 †x#^ | Affirm | 9/01/2023 | 355 | 359 | 21 |
| &nbsp;&nbsp;&nbsp; XB9V-PF86, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XBA0-I9S0, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 306 | 308 | 308 |
| &nbsp;&nbsp;&nbsp; XBA1-OBVM, 35.600%, 11/15/2025 †x# | Affirm | 11/27/2024 | 163 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; XBAA-2EIL, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 208 | 205 | 207 |
| &nbsp;&nbsp;&nbsp; XBAI-5RXU, 29.820%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 217 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; XBAM-A5YF, 33.050%, 11/09/2023 †x#^ | Affirm | 5/12/2023 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; XBAP-4D2C, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XBAR-31KA, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 100 | 100 | 60 |
| &nbsp;&nbsp;&nbsp; XBAV-1UAU, 29.130%, 12/13/2023 †x#^ | Affirm | 12/16/2022 | 153 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XBB8-GWCR, 29.610%, 12/11/2025 †§x | Affirm | 12/27/2024 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; XBB8-W1SE, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XBBB-IYPD, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 295 | 301 | 299 |
| &nbsp;&nbsp;&nbsp; XBBH-UJXE, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 155 | 157 | 156 |
| &nbsp;&nbsp;&nbsp; XBBL-DIMU, 29.470%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 128 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; XBBR-PH2Z, 35.390%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 176 | 176 | 11 |
| &nbsp;&nbsp;&nbsp; XBC0-VWUH, 29.320%, 1/08/2026 †§x | Affirm | 7/31/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; XBCB-8SU4, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1123 | 1114 | 1110 |
| &nbsp;&nbsp;&nbsp; XBCC-QX8W, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 180 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; XBCN-T4FB, 15.810%, 9/16/2025 †§x | Affirm | 9/19/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XBCU-ORIM, 29.540%, 10/10/2025 †§x# | Affirm | 4/15/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XBCV-1V9D, 29.420%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 191 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; XBCY-ZVAE, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 253 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; XBD5-IS5O, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 180 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; XBD7-IJHN, 30.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 527 | 540 | 542 |
| &nbsp;&nbsp;&nbsp; XBD7-O484, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; XBD8-FZDZ, 35.977%, 5/07/2025 †x#^ | Affirm | 5/10/2024 | 143 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; XBD9-PCN3, 29.340%, 8/11/2022 †x#^ | Affirm | 5/16/2022 | 1682 | 1668 | 101 |
| &nbsp;&nbsp;&nbsp; XBD9-SL39, 28.500%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 617 | 654 | 37 |
| &nbsp;&nbsp;&nbsp; XBE0-31PC, 25.200%, 3/20/2026 †§x | Affirm | 9/26/2024 | 205 | 209 | 209 |
| &nbsp;&nbsp;&nbsp; XBE3-SPFN, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 169 | 174 | 173 |
| &nbsp;&nbsp;&nbsp; XBEE-AA3E, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XBEF-EU2T, 35.410%, 4/05/2025 †x#^ | Affirm | 4/11/2024 | 935 | 845 | 56 |
| &nbsp;&nbsp;&nbsp; XBEN-GB9Q, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XBEO-ZJO1, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XBEP-NR26, 22.450%, 1/08/2026 †§x | Affirm | 7/31/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XBEP-P8UN, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XBEP-PTQB, 33.030%, 4/28/2026 †x# | Affirm | 10/31/2024 | 348 | 342 | 21 |
| &nbsp;&nbsp;&nbsp; XBEQ-YOKI, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; XBER-WKDS, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 764 | 797 | 793 |
| &nbsp;&nbsp;&nbsp; XBEW-OHRK, 25.200%, 7/08/2026 †§x | Affirm | 7/31/2025 | 895 | 935 | 944 |
| &nbsp;&nbsp;&nbsp; XBF0-F129, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 295 | 301 | 18 |
| &nbsp;&nbsp;&nbsp; XBF3-UEJC, 33.950%, 10/22/2025 †§x | Affirm | 10/25/2024 | 143 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; XBF6-6BKH, 29.120%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 265 | 277 | 16 |
| &nbsp;&nbsp;&nbsp; XBFI-0B19, 28.000%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 75 | 79 | 4 |
| &nbsp;&nbsp;&nbsp; XBFJ-DYZQ, 25.200%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 76 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XBFS-86BU, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XBG7-MTAI, 33.000%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 816 | 816 | 49 |
| &nbsp;&nbsp;&nbsp; XBGH-37SG, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 402 | 412 | 415 |
| &nbsp;&nbsp;&nbsp; XBGP-361I, 21.252%, 9/28/2022 †x#^« | Affirm | 7/01/2022 | 213 | 203 | 13 |
| &nbsp;&nbsp;&nbsp; XBGQ-28LI, 28.000%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 71 | 74 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8203** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XBGV-WFQI, 3.930%, 10/02/2025 †§x | Affirm | 10/05/2023 | $92 | $93 | $92 |
| &nbsp;&nbsp;&nbsp; XBH3-2MUF, 35.320%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 134 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; XBH4-0B2A, 29.620%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 308 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; XBH8-6Y8O, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 288 | 300 | 299 |
| &nbsp;&nbsp;&nbsp; XBHA-996G, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 641 | 649 | 652 |
| &nbsp;&nbsp;&nbsp; XBHD-I9BR, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 108 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; XBHR-CQ3U, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 521 | 541 | 547 |
| &nbsp;&nbsp;&nbsp; XBHV-0DJV, 29.630%, 3/26/2026 †§x | Affirm | 9/30/2024 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XBI6-00H6, 35.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 138 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; XBIT-0DPC, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 95 | 94 | 22 |
| &nbsp;&nbsp;&nbsp; XBIV-FE12, 35.430%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 680 | 673 | 681 |
| &nbsp;&nbsp;&nbsp; XBJ2-HW9T, 29.540%, 12/24/2025 †§x | Affirm | 6/27/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; XBJG-4SP1, 11.519%, 8/07/2026 †§x« | Affirm | 8/29/2025 | 352 | 318 | 318 |
| &nbsp;&nbsp;&nbsp; XBJT-THQY, 29.490%, 5/26/2026 †§x | Affirm | 6/02/2023 | 725 | 741 | 745 |
| &nbsp;&nbsp;&nbsp; XBK5-JRTP, 29.440%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; XBKD-6L4I, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XBKG-GQ7T, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XBKN-CLBR, 35.220%, 9/03/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XBKN-S9Q1, 25.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 101 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; XBL0-SNHS, 35.610%, 1/06/2026 †x# | Affirm | 1/29/2025 | 299 | 306 | 18 |
| &nbsp;&nbsp;&nbsp; XBLA-B9U4, 19.770%, 2/03/2027 †§x | Affirm | 2/26/2025 | 631 | 590 | 606 |
| &nbsp;&nbsp;&nbsp; XBLF-HCZ3, 29.550%, 12/06/2023 †x#^ | Affirm | 6/09/2022 | 171 | 180 | 10 |
| &nbsp;&nbsp;&nbsp; XBLK-KYT2, 29.520%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 668 | 685 | 40 |
| &nbsp;&nbsp;&nbsp; XBLN-EAUF, 33.040%, 10/28/2025 †x# | Affirm | 5/03/2024 | 229 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; XBLQ-XOKY, 35.380%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 253 | 237 | 15 |
| &nbsp;&nbsp;&nbsp; XBM5-CGOQ, 35.770%, 2/27/2026 †x# | Affirm | 3/28/2025 | 243 | 250 | 15 |
| &nbsp;&nbsp;&nbsp; XBM5-MV6R, 14.700%, 6/02/2027 †x | Affirm | 6/27/2025 | 1652 | 1741 | 1759 |
| &nbsp;&nbsp;&nbsp; XBM7-RO09, 24.760%, 1/06/2026 †§x | Affirm | 1/29/2025 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XBM8-67JN, 35.450%, 3/20/2026 †§x | Affirm | 9/26/2024 | 157 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; XBMA-QFWY, 26.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XBMG-BNZ4, 13.840%, 5/21/2028 †§x# | Affirm | 5/24/2024 | 1025 | 1082 | 1081 |
| &nbsp;&nbsp;&nbsp; XBMM-9NON, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 123 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; XBMR-VMWG, 35.240%, 9/20/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XBMV-BNT3, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XBMX-GRYA, 15.680%, 12/25/2024 †x#^ | Affirm | 5/30/2023 | 509 | 519 | 31 |
| &nbsp;&nbsp;&nbsp; XBN2-DJYV, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 264 | 275 | 271 |
| &nbsp;&nbsp;&nbsp; XBND-U17M, 24.400%, 12/02/2026 †§x# | Affirm | 6/27/2025 | 417 | 438 | 438 |
| &nbsp;&nbsp;&nbsp; XBNQ-XBZL, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 614 | 625 | 37 |
| &nbsp;&nbsp;&nbsp; XBNU-NYCR, 35.390%, 10/28/2025 †x# | Affirm | 10/31/2024 | 69 | 69 | 14 |
| &nbsp;&nbsp;&nbsp; XBO4-EET9, 30.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XBOR-RDN7, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XBOU-GS10, 33.050%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 19 | 19 | 3 |
| &nbsp;&nbsp;&nbsp; XBP5-XC18, 35.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 116 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XBPA-7O3S, 29.620%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 160 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; XBPF-J071, 29.490%, 8/24/2024 †x#^ | Affirm | 8/28/2023 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; XBPN-9KFM, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 217 | 221 | 222 |
| &nbsp;&nbsp;&nbsp; XBQF-FS61, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 162 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; XBQU-FTLB, 29.530%, 4/23/2023 †x#^ | Affirm | 4/14/2022 | 665 | 683 | 40 |
| &nbsp;&nbsp;&nbsp; XBQZ-7H6K, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XBQZ-FCOV, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 323 | 327 | 328 |
| &nbsp;&nbsp;&nbsp; XBRI-WP11, 29.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XBRW-7NS2, 22.550%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 134 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; XBS4-GR2R, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 391 | 409 | 407 |
| &nbsp;&nbsp;&nbsp; XBSH-PJ1I, 33.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XBSL-CQ33, 29.650%, 7/26/2024 †x#^ | Affirm | 5/02/2024 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; XBT0-313Y, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8204** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XBT5-RXKS, 29.710%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | $362 | $352 | $22 |
| &nbsp;&nbsp;&nbsp; XBT8-SLY8, 24.400%, 10/21/2025 †§x | Affirm | 10/24/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XBT9-O6OO, 25.200%, 11/06/2025 †x# | Affirm | 5/30/2025 | 1163 | 1190 | 375 |
| &nbsp;&nbsp;&nbsp; XBTA-ESC7, 22.750%, 7/08/2026 †§x | Affirm | 7/31/2025 | 229 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; XBTB-D1XN, 11.810%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 155 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; XBTG-Y3KB, 19.700%, 4/16/2026 †§x# | Affirm | 4/19/2024 | 255 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; XBTN-EDD7, 18.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 92 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; XBTQ-Y6W9, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 324 | 332 | 334 |
| &nbsp;&nbsp;&nbsp; XBU0-4YZW, 15.810%, 9/20/2025 †§x | Affirm | 9/26/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XBU9-HW63, 29.680%, 11/28/2023 †x#^ | Affirm | 12/02/2022 | 615 | 602 | 37 |
| &nbsp;&nbsp;&nbsp; XBUM-2UY8, 24.400%, 6/05/2025 †x#^ | Affirm | 12/08/2023 | 185 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; XBUM-V1UX, 29.710%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 121 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; XBUT-HRAS, 35.988%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 184 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; XBUU-F4SO, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XBUW-KLMF, 35.370%, 8/02/2024 †x#^ | Affirm | 8/07/2023 | 16 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; XBV2-N3GV, 22.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 499 | 490 | 30 |
| &nbsp;&nbsp;&nbsp; XBV5-G46O, 18.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 554 | 567 | 570 |
| &nbsp;&nbsp;&nbsp; XBVA-9A01, 29.420%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XBVG-6QWW, 35.450%, 6/02/2026 †§x | Affirm | 6/27/2025 | 159 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; XBVG-MDZG, 29.600%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 425 | 438 | 440 |
| &nbsp;&nbsp;&nbsp; XBVI-KMTR, 29.600%, 10/12/2023 †x#^ | Affirm | 10/17/2022 | 122 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; XBVR-Z87X, 0.000%, 9/18/2025 †§x | Affirm | 9/23/2024 | 118 | 111 | 116 |
| &nbsp;&nbsp;&nbsp; XBW3-WKLI, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XBWF-YM51, 30.950%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 68 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; XBWN-RYYA, 35.360%, 4/16/2026 †§x# | Affirm | 4/19/2024 | 301 | 302 | 308 |
| &nbsp;&nbsp;&nbsp; XBWP-LMFX, 26.700%, 9/23/2025 †x# | Affirm | 9/26/2024 | 125 | 132 | 7 |
| &nbsp;&nbsp;&nbsp; XBWW-3PTM, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XBX2-D3M7, 15.550%, 10/08/2025 †§x | Affirm | 7/31/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XBXD-Q2IO, 35.640%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 57 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XBXO-2V8B, 29.480%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 294 | 302 | 18 |
| &nbsp;&nbsp;&nbsp; XBXO-HPWI, 35.460%, 3/19/2025 †x#^ | Affirm | 9/23/2024 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XBY3-1O1S, 29.430%, 3/25/2023 †x#^ | Affirm | 3/31/2022 | 307 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; XBYG-VQVL, 22.710%, 12/09/2025 †§x | Affirm | 12/27/2024 | 129 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; XBYJ-4E8J, 29.760%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 50 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; XBYS-Y4AI, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 93 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; XBZ0-R8BU, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; XBZ3-I0X6, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 95 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; XBZ8-FV6E, 35.490%, 10/21/2026 †x | Affirm | 10/24/2024 | 1072 | 1006 | 1020 |
| &nbsp;&nbsp;&nbsp; XBZV-RKJM, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 428 | 428 | 106 |
| &nbsp;&nbsp;&nbsp; XBZW-VGMS, 29.530%, 1/02/2026 †x# | Affirm | 1/05/2024 | 493 | 518 | 30 |
| &nbsp;&nbsp;&nbsp; XBZX-E55P, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 195 | 201 | 203 |
| &nbsp;&nbsp;&nbsp; XC06-982B, 35.360%, 12/24/2025 †§x | Affirm | 6/27/2024 | 125 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XC0I-W2WX, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XC12-G8RD, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 393 | 406 | 409 |
| &nbsp;&nbsp;&nbsp; XC1A-BNG3, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XC1L-L3AX, 29.440%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; XC1Q-8OX6, 35.570%, 9/16/2025 †§x | Affirm | 9/19/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XC1W-2LW8, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 119 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; XC1Z-VTVB, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 173 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; XC20-FUF1, 23.400%, 9/03/2026 †§x | Affirm | 3/28/2025 | 203 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; XC2B-EFZU, 29.610%, 12/15/2023 †x#^ | Affirm | 12/19/2022 | 190 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; XC2F-J3N5, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 120 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; XC2I-UDGP, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 222 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; XC2M-21PM, 32.000%, 12/19/2026 †§x | Affirm | 12/27/2024 | 1327 | 1375 | 1388 |
| &nbsp;&nbsp;&nbsp; XC2P-FYVL, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 981 | 961 | 955 |
| &nbsp;&nbsp;&nbsp; XC2Q-45A9, 26.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 57 | 57 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8205** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XC2Q-KLBY, 35.200%, 11/08/2024 †x#^ | Affirm | 5/13/2024 | $58 | $59 | $3 |
| &nbsp;&nbsp;&nbsp; XC2U-1PJD, 33.100%, 9/04/2025 †§x# | Affirm | 3/07/2024 | 48 | 48 | 18 |
| &nbsp;&nbsp;&nbsp; XC2U-G1E8, 35.190%, 1/24/2025 †x#^ | Affirm | 10/28/2024 | 302 | 298 | 18 |
| &nbsp;&nbsp;&nbsp; XC32-D86W, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 982 | 998 | 994 |
| &nbsp;&nbsp;&nbsp; XC32-L4CG, 29.410%, 2/06/2026 †§x | Affirm | 8/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XC32-TZZU, 31.000%, 1/09/2026 †§x | Affirm | 1/29/2025 | 125 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; XC3H-DX1H, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 604 | 636 | 638 |
| &nbsp;&nbsp;&nbsp; XC3H-Z0ES, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XC44-IASZ, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 31 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; XC45-29UO, 29.860%, 7/10/2022 †x#^ | Affirm | 1/13/2022 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; XC4D-WRF1, 35.260%, 9/28/2025 †x | Affirm | 4/22/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XC4P-9DTI, 11.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 73 | 75 | 73 |
| &nbsp;&nbsp;&nbsp; XC50-ICMC, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 250 | 252 | 252 |
| &nbsp;&nbsp;&nbsp; XC56-0YP4, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 101 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; XC5A-A4Q0, 13.840%, 4/25/2026 †§x | Affirm | 10/31/2024 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; XC5E-2QRN, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XC5F-468J, 32.860%, 3/20/2026 †§x | Affirm | 3/28/2025 | 355 | 364 | 366 |
| &nbsp;&nbsp;&nbsp; XC5H-38SH, 30.000%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 399 | 408 | 24 |
| &nbsp;&nbsp;&nbsp; XC5Y-4TVF, 32.500%, 6/25/2026 †x# | Affirm | 6/28/2024 | 359 | 356 | 18 |
| &nbsp;&nbsp;&nbsp; XC64-CMUD, 35.380%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 86 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XC66-GN72, 35.390%, 10/15/2024 †x#^ | Affirm | 4/18/2024 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; XC6J-XASE, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XC6U-D9YC, 32.500%, 5/21/2026 †§x | Affirm | 5/24/2024 | 654 | 658 | 671 |
| &nbsp;&nbsp;&nbsp; XC6U-FOC7, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XC6X-CTP8, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XC6X-IRLE, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 302 | 305 | 305 |
| &nbsp;&nbsp;&nbsp; XC70-W1WB, 25.000%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 226 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; XC71-FQDG, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 106 | 102 | 105 |
| &nbsp;&nbsp;&nbsp; XC76-B5E8, 22.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XC77-8Z0E, 31.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 55 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; XC7C-5KMK, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 788 | 783 | 782 |
| &nbsp;&nbsp;&nbsp; XC7C-AHJZ, 22.750%, 11/08/2025 †x# | Affirm | 11/27/2024 | 662 | 683 | 40 |
| &nbsp;&nbsp;&nbsp; XC7D-NUCZ, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 338 | 350 | 20 |
| &nbsp;&nbsp;&nbsp; XC7N-T2ED, 29.530%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 179 | 177 | 11 |
| &nbsp;&nbsp;&nbsp; XC7O-UQAX, 27.500%, 6/12/2024 †x#^ | Affirm | 12/15/2022 | 1783 | 1902 | 107 |
| &nbsp;&nbsp;&nbsp; XC7S-1OW9, 29.560%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 85 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; XC7S-MFCS, 29.530%, 12/05/2025 †x# | Affirm | 12/08/2023 | 995 | 1000 | 260 |
| &nbsp;&nbsp;&nbsp; XC7Z-AF10, 30.950%, 4/28/2026 †§x | Affirm | 10/31/2024 | 136 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; XC82-6COT, 4.910%, 4/15/2026 †§x | Affirm | 4/18/2024 | 474 | 480 | 482 |
| &nbsp;&nbsp;&nbsp; XC82-SDU5, 29.950%, 7/13/2022 †x#^ | Affirm | 1/21/2022 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; XC89-34O0, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XC8A-H7F0, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 264 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; XC8K-DSRV, 29.690%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 508 | 535 | 30 |
| &nbsp;&nbsp;&nbsp; XC92-2869, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XC9E-GGZT, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 110 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; XC9E-ZEBN, 15.790%, 3/28/2026 †§x# | Affirm | 10/03/2024 | 533 | 541 | 532 |
| &nbsp;&nbsp;&nbsp; XC9G-7KWJ, 15.820%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 166 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; XC9K-YDE4, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 180 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; XC9S-E433, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XC9W-U7D8, 35.490%, 12/28/2025 †§x | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XCA1-JUFZ, 29.700%, 11/15/2025 †x# | Affirm | 11/27/2024 | 170 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; XCA4-V2C8, 35.450%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XCA9-WO5I, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XCAC-GNLZ, 29.590%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; XCAC-U0G8, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XCAF-L7UJ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 172 | 175 | 174 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8206** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XCAL-T3W8, 33.950%, 6/12/2025 †x#^ | Affirm | 12/27/2024 | $239 | $244 | $14 |
| &nbsp;&nbsp;&nbsp; XCAL-VF52, 35.260%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 91 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; XCAQ-UPVL, 18.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 336 | 346 | 348 |
| &nbsp;&nbsp;&nbsp; XCAV-3LXB, 29.410%, 5/26/2024 †x#^ | Affirm | 6/02/2023 | 1224 | 1246 | 73 |
| &nbsp;&nbsp;&nbsp; XCB6-JZPL, 35.000%, 9/23/2025 †x# | Affirm | 9/26/2024 | 148 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; XCB9-0KNY, 7.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XCBB-5329, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 744 | 758 | 755 |
| &nbsp;&nbsp;&nbsp; XCBJ-YLD8, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 181 | 184 | 183 |
| &nbsp;&nbsp;&nbsp; XCBL-AYWD, 35.430%, 6/20/2026 †§x | Affirm | 12/27/2024 | 302 | 301 | 303 |
| &nbsp;&nbsp;&nbsp; XCBN-2DNA, 8.253%, 4/23/2025 †x#^« | Affirm | 10/31/2024 | 264 | 254 | 16 |
| &nbsp;&nbsp;&nbsp; XCBT-S0JJ, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XCC3-MSGN, 35.410%, 6/07/2025 †x#^ | Affirm | 12/11/2023 | 183 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; XCC5-K88S, 15.014%, 9/23/2022 †x#^« | Affirm | 3/28/2022 | 125 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; XCC6-85QX, 27.450%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 186 | 195 | 11 |
| &nbsp;&nbsp;&nbsp; XCC9-7G6T, 19.900%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 113 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; XCCG-34J4, 29.710%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XCCO-IC68, 35.160%, 9/28/2025 †§x | Affirm | 3/31/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XCCW-D1DV, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 168 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; XCDD-PFZF, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 472 | 463 | 460 |
| &nbsp;&nbsp;&nbsp; XCDE-2WWE, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1509 | 1549 | 1558 |
| &nbsp;&nbsp;&nbsp; XCDJ-BLGE, 18.000%, 2/27/2026 †§x | Affirm | 8/30/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XCDW-ON7M, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XCEB-RF4J, 29.520%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 81 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XCEG-K51K, 31.457%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 452 | 452 | 456 |
| &nbsp;&nbsp;&nbsp; XCEH-7BWI, 35.420%, 12/18/2025 †§x | Affirm | 12/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XCEK-AN4X, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XCEN-ZK76, 35.000%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 270 | 277 | 16 |
| &nbsp;&nbsp;&nbsp; XCEQ-8PLE, 29.650%, 5/20/2026 †§x | Affirm | 11/27/2024 | 955 | 974 | 966 |
| &nbsp;&nbsp;&nbsp; XCEU-EU2R, 35.380%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 374 | 385 | 22 |
| &nbsp;&nbsp;&nbsp; XCEZ-7UR0, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; XCF2-H29M, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XCF3-6NMG, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 583 | 576 | 35 |
| &nbsp;&nbsp;&nbsp; XCF9-AICZ, 29.570%, 4/21/2026 †§x | Affirm | 10/24/2024 | 201 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; XCFE-HXVS, 33.050%, 10/18/2025 †§x | Affirm | 10/24/2024 | 290 | 292 | 293 |
| &nbsp;&nbsp;&nbsp; XCFF-R3CB, 15.790%, 6/19/2026 †§x | Affirm | 12/27/2024 | 1562 | 1598 | 1604 |
| &nbsp;&nbsp;&nbsp; XCFT-JZL0, 24.580%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 179 | 174 | 11 |
| &nbsp;&nbsp;&nbsp; XCFZ-540B, 31.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 373 | 386 | 386 |
| &nbsp;&nbsp;&nbsp; XCFZ-QA90, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 498 | 511 | 513 |
| &nbsp;&nbsp;&nbsp; XCG7-CU57, 29.450%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 867 | 898 | 52 |
| &nbsp;&nbsp;&nbsp; XCG8-W230, 33.070%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XCGC-UBZB, 15.640%, 12/02/2025 †§x | Affirm | 6/27/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XCGE-X64M, 22.750%, 3/12/2026 †§x | Affirm | 3/15/2024 | 1723 | 1746 | 1750 |
| &nbsp;&nbsp;&nbsp; XCGK-LHS8, 11.880%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XCGZ-JW3P, 29.330%, 11/13/2022 †x#^ | Affirm | 5/19/2022 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; XCH5-FQ1S, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XCH6-O6RB, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; XCHL-978Z, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 3614 | 3693 | 3702 |
| &nbsp;&nbsp;&nbsp; XCHP-4W71, 15.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XCI1-D1IP, 29.000%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 70 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; XCI9-PIIP, 13.840%, 8/06/2026 †§x | Affirm | 8/29/2025 | 321 | 332 | 332 |
| &nbsp;&nbsp;&nbsp; XCIH-19P4, 32.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 300 | 305 | 304 |
| &nbsp;&nbsp;&nbsp; XCIK-HFKQ, 29.550%, 12/28/2027 †§x | Affirm | 1/05/2024 | 1083 | 1162 | 1157 |
| &nbsp;&nbsp;&nbsp; XCIL-5I8U, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XCIL-R7QJ, 19.700%, 4/12/2026 †§x | Affirm | 4/18/2024 | 1562 | 1585 | 1589 |
| &nbsp;&nbsp;&nbsp; XCIM-APNE, 29.680%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 195 | 192 | 12 |
| &nbsp;&nbsp;&nbsp; XCIM-DJ4H, 33.500%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 64 | 65 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8207** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XCIM-IOFJ, 29.360%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | $53 | $54 | $3 |
| &nbsp;&nbsp;&nbsp; XCIT-RW7B, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 936 | 978 | 56 |
| &nbsp;&nbsp;&nbsp; XCJ6-GUH0, 28.500%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 405 | 400 | 24 |
| &nbsp;&nbsp;&nbsp; XCJ6-SC2B, 35.330%, 7/08/2026 †§x | Affirm | 7/31/2025 | 103 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; XCJC-AP6D, 33.050%, 9/02/2025 †§x | Affirm | 6/27/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XCJE-EOPJ, 30.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 87 | 90 | 7 |
| &nbsp;&nbsp;&nbsp; XCJI-GM8K, 19.840%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 730 | 722 | 441 |
| &nbsp;&nbsp;&nbsp; XCJJ-K8JB, 29.540%, 10/08/2025 †x# | Affirm | 4/11/2024 | 357 | 375 | 21 |
| &nbsp;&nbsp;&nbsp; XCJN-I7S1, 6.453%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 121 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XCJZ-NRW4, 11.880%, 2/11/2027 †§x | Affirm | 2/26/2025 | 436 | 456 | 452 |
| &nbsp;&nbsp;&nbsp; XCKK-E9HZ, 28.500%, 12/20/2023 †x#^ | Affirm | 12/23/2022 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; XCKR-Q9B8, 11.830%, 1/09/2026 †§x | Affirm | 1/12/2024 | 163 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; XCKV-GUOX, 29.610%, 6/06/2023 †x#^ | Affirm | 12/09/2021 | 104 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XCL4-VZC6, 29.610%, 11/28/2024 †x#^ | Affirm | 12/02/2022 | 470 | 496 | 28 |
| &nbsp;&nbsp;&nbsp; XCL8-FEQI, 29.500%, 3/12/2026 †x# | Affirm | 3/15/2024 | 448 | 466 | 27 |
| &nbsp;&nbsp;&nbsp; XCLD-Q0RU, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 356 | 360 | 361 |
| &nbsp;&nbsp;&nbsp; XCLD-WG0W, 25.900%, 10/01/2025 †§x | Affirm | 10/04/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XCLE-EOLP, 35.500%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; XCLG-QC9D, 35.390%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 153 | 142 | 9 |
| &nbsp;&nbsp;&nbsp; XCLH-76ED, 35.310%, 1/28/2025 †x#^ | Affirm | 8/03/2023 | 278 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; XCLR-GM0F, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 94 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; XCLS-QMT6, 22.750%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1123 | 1144 | 1148 |
| &nbsp;&nbsp;&nbsp; XCLU-S9SM, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 327 | 333 | 331 |
| &nbsp;&nbsp;&nbsp; XCLU-VS2M, 35.290%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 69 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XCM1-59H8, 25.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XCM9-2Z6J, 33.050%, 11/15/2026 †§x | Affirm | 11/27/2024 | 526 | 544 | 547 |
| &nbsp;&nbsp;&nbsp; XCMC-2RHF, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XCMC-PNEC, 29.380%, 9/30/2023 †x#^ | Affirm | 4/03/2023 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XCMH-P55D, 35.430%, 7/02/2026 †§x | Affirm | 1/29/2025 | 268 | 272 | 272 |
| &nbsp;&nbsp;&nbsp; XCMH-XOOZ, 23.400%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 97 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; XCML-DJYD, 26.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XCMO-8UTM, 29.650%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 111 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; XCNH-65LR, 35.770%, 2/28/2026 †§x | Affirm | 3/28/2025 | 1203 | 1223 | 1223 |
| &nbsp;&nbsp;&nbsp; XCNM-T41T, 28.000%, 6/23/2024 †x#^ | Affirm | 12/30/2022 | 205 | 219 | 12 |
| &nbsp;&nbsp;&nbsp; XCNQ-UF8N, 35.370%, 2/29/2024 †x#^ | Affirm | 7/03/2023 | 1009 | 1025 | 61 |
| &nbsp;&nbsp;&nbsp; XCNY-DJ8G, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XCO0-YCFW, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XCO3-688Z, 35.490%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 79 | 80 | 7 |
| &nbsp;&nbsp;&nbsp; XCO6-FMRA, 23.400%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 209 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; XCOE-L0QL, 32.500%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XCOJ-EZ1N, 30.000%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 84 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; XCOV-UC3L, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 314 | 317 | 316 |
| &nbsp;&nbsp;&nbsp; XCOZ-FJUT, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 53 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XCP2-B4GI, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 135 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; XCPA-BHVN, 35.420%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XCPB-RGHY, 33.150%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 154 | 153 | 155 |
| &nbsp;&nbsp;&nbsp; XCPJ-82XM, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XCPP-LA60, 24.480%, 9/02/2025 †x | Affirm | 6/27/2025 | 49 | 48 | 21 |
| &nbsp;&nbsp;&nbsp; XCPQ-9Y53, 35.620%, 1/06/2026 †x# | Affirm | 1/29/2025 | 122 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; XCPW-GFMB, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 135 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; XCPZ-2C1N, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XCQ2-Z76D, 35.900%, 5/07/2025 †x#^ | Affirm | 2/26/2025 | 21 | 21 | 2 |
| &nbsp;&nbsp;&nbsp; XCQ3-MKQ0, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 183 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; XCQ5-HAL4, 35.150%, 1/08/2026 †§x | Affirm | 7/31/2025 | 173 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; XCQA-IVQ9, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XCQM-8KED, 35.530%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 33 | 34 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8208** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XCQN-821O, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | $171 | $174 | $175 |
| &nbsp;&nbsp;&nbsp; XCQZ-N7E3, 33.050%, 10/25/2025 †§x | Affirm | 10/31/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XCR1-G9LM, 34.000%, 10/17/2024 †x#^ | Affirm | 4/22/2024 | 459 | 435 | 28 |
| &nbsp;&nbsp;&nbsp; XCR3-VBYU, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 327 | 338 | 339 |
| &nbsp;&nbsp;&nbsp; XCRF-SLLK, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 126 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; XCRJ-VVLI, 24.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; XCS2-TO3H, 29.550%, 12/17/2025 †§x | Affirm | 6/21/2024 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XCSD-67S3, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 120 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; XCSJ-PGUV, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 148 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; XCSR-H5SN, 35.450%, 9/23/2026 †§x | Affirm | 9/26/2024 | 892 | 884 | 896 |
| &nbsp;&nbsp;&nbsp; XCSS-GN81, 24.670%, 6/19/2026 †§x | Affirm | 12/27/2024 | 541 | 559 | 556 |
| &nbsp;&nbsp;&nbsp; XCT3-37LV, 11.890%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 11 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; XCT3-7MWG, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 121 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; XCT9-J5KP, 35.480%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 45 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; XCTJ-CDUH, 31.790%, 9/25/2026 †§x# | Affirm | 9/30/2024 | 407 | 403 | 411 |
| &nbsp;&nbsp;&nbsp; XCTK-VBRW, 35.830%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 82 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XCTQ-YPCI, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 70 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XCUJ-97KC, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; XCUP-XK59, 24.400%, 2/23/2026 †§x | Affirm | 8/29/2024 | 203 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; XCUW-0RAU, 35.270%, 9/20/2025 †x | Affirm | 3/28/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XCVC-LHQF, 30.000%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; XCVI-TPXZ, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 571 | 580 | 581 |
| &nbsp;&nbsp;&nbsp; XCVJ-D7A9, 29.810%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 104 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; XCVN-TGAZ, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XCVY-VTKA, 33.950%, 9/26/2025 †§x | Affirm | 9/30/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XCW0-3BHY, 29.650%, 1/13/2027 †x# | Affirm | 1/29/2025 | 680 | 710 | 41 |
| &nbsp;&nbsp;&nbsp; XCW1-ELAJ, 29.640%, 12/02/2025 †§x | Affirm | 6/27/2025 | 156 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; XCWC-UDLW, 35.360%, 4/12/2026 †§x | Affirm | 4/18/2024 | 172 | 173 | 175 |
| &nbsp;&nbsp;&nbsp; XCWD-AUUX, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; XCWF-SY2T, 35.460%, 8/20/2025 †x#^ | Affirm | 8/23/2024 | 69 | 69 | 17 |
| &nbsp;&nbsp;&nbsp; XCWT-OWAF, 19.750%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 25 | 26 | 1 |
| &nbsp;&nbsp;&nbsp; XCX1-KVO2, 35.460%, 8/26/2025 †x#^ | Affirm | 8/30/2024 | 386 | 352 | 23 |
| &nbsp;&nbsp;&nbsp; XCX1-O2S4, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XCX7-JJWG, 23.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 546 | 560 | 563 |
| &nbsp;&nbsp;&nbsp; XCXJ-1Y62, 29.620%, 6/13/2022 †x#^ | Affirm | 12/16/2021 | 10 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; XCXJ-LI1Y, 29.200%, 2/10/2026 †§x | Affirm | 2/26/2025 | 210 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; XCXK-56XG, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XCY3-O3JZ, 29.410%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; XCY8-RVSI, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XCYC-71UN, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 187 | 189 | 190 |
| &nbsp;&nbsp;&nbsp; XCYC-XNYH, 35.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 148 | 147 | 44 |
| &nbsp;&nbsp;&nbsp; XCYG-LFY3, 35.480%, 11/29/2024 †x#^ | Affirm | 12/04/2023 | 704 | 652 | 42 |
| &nbsp;&nbsp;&nbsp; XCYI-G4AJ, 35.660%, 1/03/2026 †§x | Affirm | 1/29/2025 | 34 | 35 | 34 |
| &nbsp;&nbsp;&nbsp; XCYM-V4Q3, 6.057%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 1445 | 1383 | 1381 |
| &nbsp;&nbsp;&nbsp; XCYQ-JQPA, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XCYQ-VPTE, 33.950%, 1/02/2027 †x# | Affirm | 1/29/2025 | 650 | 676 | 39 |
| &nbsp;&nbsp;&nbsp; XCYU-M3UL, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 157 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; XCYY-ZCOE, 25.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XCYZ-BV2O, 30.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 563 | 572 | 574 |
| &nbsp;&nbsp;&nbsp; XCYZ-ELI2, 21.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XCZ5-ZFZS, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 145 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; XCZA-WYJB, 35.240%, 9/28/2024 †x#^ | Affirm | 4/01/2024 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; XCZE-ZG45, 32.000%, 11/30/2023 †x#^ | Affirm | 9/05/2023 | 389 | 373 | 23 |
| &nbsp;&nbsp;&nbsp; XCZH-REQ6, 18.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 163 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; XCZR-UQL4, 29.680%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 284 | 278 | 17 |
| &nbsp;&nbsp;&nbsp; XCZV-2NTP, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 167 | 168 | 167 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8209** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XCZY-GSSX, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | $336 | $353 | $354 |
| &nbsp;&nbsp;&nbsp; XD07-TCI9, 35.570%, 5/15/2026 †§x | Affirm | 11/27/2024 | 849 | 864 | 856 |
| &nbsp;&nbsp;&nbsp; XD0L-K5BX, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 30 | 31 | 30 |
| &nbsp;&nbsp;&nbsp; XD0Q-4I9Y, 22.750%, 7/08/2026 †§x | Affirm | 7/31/2025 | 540 | 557 | 559 |
| &nbsp;&nbsp;&nbsp; XD0T-YXE6, 35.290%, 11/06/2025 †§x | Affirm | 5/09/2024 | 67 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; XD0V-2YXQ, 35.380%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 440 | 438 | 26 |
| &nbsp;&nbsp;&nbsp; XD0W-W0FE, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 543 | 557 | 559 |
| &nbsp;&nbsp;&nbsp; XD12-7Y76, 22.840%, 2/05/2026 †§x | Affirm | 2/26/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XD12-N127, 22.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XD18-IHXA, 22.570%, 5/14/2026 †§x | Affirm | 5/30/2025 | 89 | 91 | 90 |
| &nbsp;&nbsp;&nbsp; XD1G-1SLH, 29.550%, 8/15/2024 †x#^ | Affirm | 8/18/2022 | 1480 | 1613 | 89 |
| &nbsp;&nbsp;&nbsp; XD1H-5DES, 29.620%, 1/02/2026 †§x | Affirm | 1/29/2025 | 141 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; XD1J-GWO8, 33.950%, 1/08/2027 †§x | Affirm | 7/31/2025 | 357 | 376 | 375 |
| &nbsp;&nbsp;&nbsp; XD1P-CXCQ, 35.540%, 9/20/2026 †x# | Affirm | 9/26/2024 | 4494 | 4068 | 270 |
| &nbsp;&nbsp;&nbsp; XD1S-IUS8, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; XD1V-AXN9, 32.500%, 9/20/2025 †§x | Affirm | 9/26/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XD1V-SC0S, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 175 | 179 | 176 |
| &nbsp;&nbsp;&nbsp; XD2I-USVO, 15.898%, 4/22/2025 †x#^« | Affirm | 10/25/2024 | 59 | 54 | 4 |
| &nbsp;&nbsp;&nbsp; XD2N-4JE2, 24.400%, 2/10/2027 †§x | Affirm | 2/26/2025 | 703 | 736 | 743 |
| &nbsp;&nbsp;&nbsp; XD2T-O3FD, 35.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XD36-ZS0L, 29.700%, 11/12/2025 †§x | Affirm | 11/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XD3E-ABK9, 29.480%, 12/28/2022 †x#^ | Affirm | 7/01/2022 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; XD3F-C4OF, 24.620%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 118 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; XD3L-7JRZ, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XD3N-4XUW, 18.000%, 12/14/2025 †x# | Affirm | 6/21/2024 | 260 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; XD3O-RRWO, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XD3X-DRUD, 18.000%, 8/07/2026 †§x | Affirm | 2/26/2025 | 613 | 631 | 635 |
| &nbsp;&nbsp;&nbsp; XD3Y-DZHR, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 724 | 715 | 711 |
| &nbsp;&nbsp;&nbsp; XD40-9OVS, 32.500%, 5/14/2026 †§x | Affirm | 11/27/2024 | 585 | 601 | 599 |
| &nbsp;&nbsp;&nbsp; XD40-FUI4, 29.610%, 7/03/2026 †§x | Affirm | 1/29/2025 | 488 | 502 | 499 |
| &nbsp;&nbsp;&nbsp; XD4C-ERUR, 29.520%, 4/20/2023 †x#^ | Affirm | 4/25/2022 | 99 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XD4D-UQ85, 29.430%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 308 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; XD4J-WW1R, 29.450%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 459 | 454 | 28 |
| &nbsp;&nbsp;&nbsp; XD4L-JPU8, 29.630%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 56 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XD52-26X4, 33.950%, 8/07/2026 †§x | Affirm | 8/29/2025 | 133 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; XD52-RJZ6, 35.640%, 2/11/2027 †x# | Affirm | 2/26/2025 | 1161 | 1146 | 70 |
| &nbsp;&nbsp;&nbsp; XD54-MET1, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 95 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XD57-33OR, 35.520%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XD5C-SZDI, 33.050%, 8/28/2025 †x#^ | Affirm | 3/04/2024 | 434 | 455 | 26 |
| &nbsp;&nbsp;&nbsp; XD5G-GBCG, 29.710%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 58 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; XD5K-R4LZ, 23.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 154 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; XD5Q-28C8, 29.660%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; XD5S-I8G7, 35.380%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 157 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; XD5T-AWQV, 33.050%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 16 | 16 | 3 |
| &nbsp;&nbsp;&nbsp; XD5T-MFFL, 27.500%, 7/21/2023 †x#^ | Affirm | 7/25/2022 | 72 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; XD5X-WM6M, 32.000%, 3/19/2027 †x | Affirm | 3/31/2025 | 2530 | 2509 | 2560 |
| &nbsp;&nbsp;&nbsp; XD63-50YF, 33.050%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 21 | 22 | 2 |
| &nbsp;&nbsp;&nbsp; XD69-Z2BU, 35.570%, 9/16/2025 †§x | Affirm | 9/19/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XD6J-VAR3, 27.500%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 139 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; XD6K-G4LF, 29.710%, 1/19/2023 †x#^ | Affirm | 1/24/2022 | 91 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; XD6M-2FSG, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 124 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XD77-T4V6, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 298 | 305 | 306 |
| &nbsp;&nbsp;&nbsp; XD7C-1ZMT, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1114 | 1143 | 1143 |
| &nbsp;&nbsp;&nbsp; XD7F-B87G, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; XD7N-JPMX, 13.840%, 7/02/2026 †x | Affirm | 1/29/2025 | 3911 | 3999 | 4012 |
| &nbsp;&nbsp;&nbsp; XD82-AN49, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 184 | 189 | 190 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8210** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XD8N-U1NH, 35.280%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | $206 | $205 | $12 |
| &nbsp;&nbsp;&nbsp; XD8R-XDIT, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 418 | 415 | 415 |
| &nbsp;&nbsp;&nbsp; XD8Y-STCK, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; XD91-KSFU, 29.820%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XD96-JGLN, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XD9R-ILS4, 25.200%, 6/20/2026 †§x | Affirm | 6/24/2024 | 406 | 415 | 417 |
| &nbsp;&nbsp;&nbsp; XD9T-37KF, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; XD9Y-30MF, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XD9Y-Y9YD, 35.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XDA1-FQSD, 29.490%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 760 | 708 | 46 |
| &nbsp;&nbsp;&nbsp; XDA2-RVU4, 33.330%, 1/02/2027 †x | Affirm | 1/29/2025 | 3147 | 3119 | 3168 |
| &nbsp;&nbsp;&nbsp; XDA3-3HE5, 35.560%, 2/10/2027 †§x | Affirm | 2/26/2025 | 515 | 510 | 519 |
| &nbsp;&nbsp;&nbsp; XDAC-BG1T, 26.500%, 2/08/2024 †x#^ | Affirm | 8/11/2022 | 407 | 435 | 24 |
| &nbsp;&nbsp;&nbsp; XDAF-7WDQ, 26.900%, 8/19/2026 †x# | Affirm | 8/22/2024 | 1149 | 1139 | 69 |
| &nbsp;&nbsp;&nbsp; XDAH-0D0W, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 213 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; XDAI-KX5N, 24.530%, 3/20/2026 †§x | Affirm | 3/28/2025 | 202 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; XDAM-KI15, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; XDAO-UTPH, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 93 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XDAR-J1RK, 29.610%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 1609 | 1698 | 97 |
| &nbsp;&nbsp;&nbsp; XDBA-KURY, 35.440%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 139 | 137 | 139 |
| &nbsp;&nbsp;&nbsp; XDBT-2EVA, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XDCF-606Y, 18.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XDCI-ZOAH, 35.570%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 32 | 32 | 33 |
| &nbsp;&nbsp;&nbsp; XDCJ-LT0B, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 204 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; XDCO-XYBA, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; XDCU-24YI, 31.000%, 1/09/2026 †§x | Affirm | 1/29/2025 | 244 | 249 | 250 |
| &nbsp;&nbsp;&nbsp; XDCZ-3PKH, 32.000%, 9/28/2025 †x# | Affirm | 10/03/2024 | 2880 | 3046 | 173 |
| &nbsp;&nbsp;&nbsp; XDD9-DS8Y, 29.650%, 10/03/2025 †§x | Affirm | 10/06/2023 | 167 | 167 | 166 |
| &nbsp;&nbsp;&nbsp; XDD9-DZCG, 31.000%, 12/02/2025 †x | Affirm | 6/27/2025 | 530 | 537 | 295 |
| &nbsp;&nbsp;&nbsp; XDDC-HDLE, 29.510%, 8/28/2025 †x#^ | Affirm | 9/05/2023 | 34 | 34 | 6 |
| &nbsp;&nbsp;&nbsp; XDDE-L2X3, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 376 | 376 | 380 |
| &nbsp;&nbsp;&nbsp; XDDF-HNCZ, 35.540%, 3/26/2026 †§x# | Affirm | 9/30/2024 | 207 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; XDDK-GZ87, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 177 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; XDDQ-PBCJ, 29.670%, 2/10/2028 †§x | Affirm | 2/26/2025 | 508 | 532 | 311 |
| &nbsp;&nbsp;&nbsp; XDDR-BIGM, 33.500%, 10/15/2025 †§x | Affirm | 4/18/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XDDT-2OXZ, 29.600%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 638 | 660 | 661 |
| &nbsp;&nbsp;&nbsp; XDDY-9TF1, 35.490%, 4/23/2026 †§x | Affirm | 10/28/2024 | 128 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; XDE4-FEA1, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XDE7-MYP1, 29.480%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 110 | 108 | 7 |
| &nbsp;&nbsp;&nbsp; XDE7-ZT6B, 29.700%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 110 | 105 | 7 |
| &nbsp;&nbsp;&nbsp; XDE9-BDAM, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 323 | 331 | 332 |
| &nbsp;&nbsp;&nbsp; XDED-VSK5, 22.760%, 11/08/2025 †x# | Affirm | 11/27/2024 | 216 | 213 | 13 |
| &nbsp;&nbsp;&nbsp; XDEJ-PGCI, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 200 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; XDEL-AA3Q, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XDET-BQZO, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XDEV-CWKN, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 179 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; XDF6-RQSD, 15.820%, 5/20/2026 †§x | Affirm | 11/27/2024 | 104 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; XDFA-UP3I, 29.620%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 269 | 274 | 16 |
| &nbsp;&nbsp;&nbsp; XDFB-T3YK, 29.590%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XDFD-F836, 23.400%, 11/20/2027 †§x | Affirm | 11/27/2024 | 972 | 1004 | 1006 |
| &nbsp;&nbsp;&nbsp; XDG0-EB05, 24.400%, 9/23/2025 †§x | Affirm | 9/26/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XDG9-SL10, 33.950%, 9/23/2026 †§x | Affirm | 9/26/2024 | 433 | 445 | 447 |
| &nbsp;&nbsp;&nbsp; XDGO-2VKE, 29.450%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 133 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; XDGS-WRFG, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 963 | 980 | 983 |
| &nbsp;&nbsp;&nbsp; XDGT-FCC1, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 178 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; XDGU-PCAO, 33.950%, 5/06/2027 †§x | Affirm | 5/09/2024 | 357 | 361 | 358 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8211** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XDGX-SYJV, 32.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | $986 | $1017 | $1035 |
| &nbsp;&nbsp;&nbsp; XDH5-BX24, 33.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 262 | 262 | 264 |
| &nbsp;&nbsp;&nbsp; XDH6-5Q8H, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 471 | 491 | 28 |
| &nbsp;&nbsp;&nbsp; XDHD-PSQ9, 19.900%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 936 | 954 | 56 |
| &nbsp;&nbsp;&nbsp; XDHE-35NV, 22.550%, 9/30/2022 †x#^ | Affirm | 4/04/2022 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; XDHF-R0P4, 33.950%, 9/20/2025 †x | Affirm | 3/28/2025 | 80 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; XDHL-EJH8, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 413 | 419 | 421 |
| &nbsp;&nbsp;&nbsp; XDHQ-2A36, 35.340%, 7/08/2026 †§x | Affirm | 7/31/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XDHQ-F3RK, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; XDHV-65JF, 35.630%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XDHV-AQZX, 35.450%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; XDI3-GIW2, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 876 | 887 | 888 |
| &nbsp;&nbsp;&nbsp; XDIN-2BRK, 22.750%, 1/08/2026 †§x | Affirm | 7/31/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XDIP-6QQI, 32.500%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 313 | 317 | 317 |
| &nbsp;&nbsp;&nbsp; XDIP-VM7G, 15.840%, 1/08/2026 †x# | Affirm | 1/29/2025 | 144 | 142 | 52 |
| &nbsp;&nbsp;&nbsp; XDIQ-Y9K0, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; XDJ4-2F1Z, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 256 | 266 | 269 |
| &nbsp;&nbsp;&nbsp; XDJA-0Y84, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XDJG-CXI2, 29.610%, 12/28/2025 †x# | Affirm | 1/29/2025 | 102 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; XDJJ-8A10, 22.750%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XDJM-DUZI, 25.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XDJO-CSZT, 35.480%, 9/20/2025 †§x | Affirm | 9/26/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XDJW-XKZX, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XDK3-VC6Z, 29.460%, 8/28/2025 †x#^ | Affirm | 6/02/2023 | 415 | 441 | 25 |
| &nbsp;&nbsp;&nbsp; XDK4-D4JB, 29.670%, 12/04/2025 †x# | Affirm | 12/07/2023 | 965 | 1007 | 58 |
| &nbsp;&nbsp;&nbsp; XDK7-JIO0, 29.820%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; XDK8-H4PR, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XDKM-QOG1, 23.400%, 1/13/2028 †§x | Affirm | 1/29/2025 | 2140 | 2210 | 2226 |
| &nbsp;&nbsp;&nbsp; XDKW-QHHT, 15.870%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 1186 | 1173 | 1183 |
| &nbsp;&nbsp;&nbsp; XDKY-7YFD, 15.830%, 11/12/2025 †§x | Affirm | 11/27/2024 | 204 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; XDL4-F7KX, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; XDL4-TPAK, 26.500%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 1059 | 1139 | 64 |
| &nbsp;&nbsp;&nbsp; XDLJ-LUF9, 35.260%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 610 | 610 | 618 |
| &nbsp;&nbsp;&nbsp; XDM0-R6M3, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XDM0-VV1M, 22.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | 295 | 297 | 298 |
| &nbsp;&nbsp;&nbsp; XDM3-IUBQ, 22.400%, 10/04/2025 †§x | Affirm | 10/10/2023 | 149 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; XDMB-C69B, 32.500%, 2/11/2028 †x# | Affirm | 2/26/2025 | 1865 | 1855 | 339 |
| &nbsp;&nbsp;&nbsp; XDMJ-00C9, 29.610%, 1/06/2026 †§x | Affirm | 1/29/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XDMK-HTE5, 35.440%, 6/28/2025 †x#^ | Affirm | 7/05/2024 | 355 | 357 | 21 |
| &nbsp;&nbsp;&nbsp; XDMQ-YCOE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XDMV-QISP, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 847 | 810 | 51 |
| &nbsp;&nbsp;&nbsp; XDN1-ALEN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XDNE-VNIE, 35.360%, 2/26/2026 †§x | Affirm | 8/29/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; XDNQ-0PK6, 27.500%, 11/25/2025 †§x | Affirm | 12/01/2022 | 381 | 384 | 385 |
| &nbsp;&nbsp;&nbsp; XDNQ-747O, 35.560%, 9/23/2025 †x# | Affirm | 9/26/2024 | 67 | 67 | 6 |
| &nbsp;&nbsp;&nbsp; XDNT-Q9XR, 15.870%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 132 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; XDNY-M18P, 29.420%, 3/28/2026 †§x | Affirm | 3/31/2025 | 147 | 152 | 154 |
| &nbsp;&nbsp;&nbsp; XDO1-R5PT, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 555 | 574 | 570 |
| &nbsp;&nbsp;&nbsp; XDO5-J4MC, 24.400%, 10/18/2025 †§x | Affirm | 10/24/2024 | 195 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; XDO6-OUEP, 7.880%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 733 | 757 | 760 |
| &nbsp;&nbsp;&nbsp; XDOC-OLYR, 15.720%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 236 | 246 | 245 |
| &nbsp;&nbsp;&nbsp; XDOE-D7LF, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 114 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; XDOF-J1BP, 35.200%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XDOK-6IOX, 33.050%, 6/19/2026 †§x | Affirm | 12/27/2024 | 195 | 202 | 201 |
| &nbsp;&nbsp;&nbsp; XDOQ-KL37, 28.500%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 577 | 589 | 35 |
| &nbsp;&nbsp;&nbsp; XDOQ-O0JN, 29.500%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 53 | 56 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8212** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XDP5-L6T8, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | $114 | $116 | $7 |
| &nbsp;&nbsp;&nbsp; XDPA-SU5Q, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 207 | 207 | 206 |
| &nbsp;&nbsp;&nbsp; XDPB-6UV8, 35.160%, 2/21/2025 †x#^ | Affirm | 8/26/2024 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; XDPB-7Z79, 35.400%, 8/27/2025 †§x^ | Affirm | 8/30/2024 | 10 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; XDPW-D1FZ, 6.965%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 342 | 332 | 332 |
| &nbsp;&nbsp;&nbsp; XDPX-KQTK, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 182 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; XDQJ-CSJS, 23.400%, 3/26/2026 †§x | Affirm | 9/30/2024 | 175 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; XDQJ-EX3N, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XDQQ-BE9P, 15.610%, 11/06/2025 †§x | Affirm | 5/30/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XDQS-BHVN, 24.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 291 | 297 | 299 |
| &nbsp;&nbsp;&nbsp; XDQU-S9JK, 23.400%, 9/26/2025 †x# | Affirm | 9/30/2024 | 151 | 156 | 33 |
| &nbsp;&nbsp;&nbsp; XDQX-GU2C, 35.300%, 3/26/2027 †§x | Affirm | 3/31/2025 | 458 | 456 | 466 |
| &nbsp;&nbsp;&nbsp; XDR8-687G, 9.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1728 | 1746 | 1743 |
| &nbsp;&nbsp;&nbsp; XDRF-9TO2, 32.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 156 | 162 | 15 |
| &nbsp;&nbsp;&nbsp; XDRL-XWU2, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 259 | 264 | 265 |
| &nbsp;&nbsp;&nbsp; XDRM-LIGN, 22.710%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 124 | 125 | 27 |
| &nbsp;&nbsp;&nbsp; XDRN-NC9D, 23.400%, 4/04/2025 †x#^ | Affirm | 10/10/2023 | 286 | 299 | 17 |
| &nbsp;&nbsp;&nbsp; XDRR-TRQN, 29.820%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 146 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; XDRU-5YBZ, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XDS1-27K0, 32.500%, 3/27/2027 †§x | Affirm | 3/31/2025 | 512 | 509 | 521 |
| &nbsp;&nbsp;&nbsp; XDSB-B2GZ, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XDSI-S51S, 24.400%, 11/01/2025 †§x | Affirm | 5/06/2024 | 79 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; XDSP-F9HH, 28.000%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 70 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; XDT6-99D8, 35.340%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; XDTA-3SZ3, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XDTC-AQ0K, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 86 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; XDTE-C6RY, 5.915%, 2/08/2023 †x#^« | Affirm | 2/11/2022 | 321 | 303 | 19 |
| &nbsp;&nbsp;&nbsp; XDTO-U68A, 35.220%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 64 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; XDTX-11O4, 32.500%, 4/05/2026 †x# | Affirm | 4/11/2024 | 324 | 330 |  |
| &nbsp;&nbsp;&nbsp; XDTX-AJL2, 35.250%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 513 | 522 | 31 |
| &nbsp;&nbsp;&nbsp; XDTX-BR0P, 35.480%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XDTY-UMUH, 32.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 342 | 348 | 348 |
| &nbsp;&nbsp;&nbsp; XDTZ-5QX2, 29.550%, 2/23/2026 †§x# | Affirm | 8/29/2024 | 712 | 727 | 731 |
| &nbsp;&nbsp;&nbsp; XDU5-R2GL, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 111 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; XDUH-BQQZ, 29.520%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 38 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; XDUK-1933, 35.300%, 3/28/2027 †§x | Affirm | 3/31/2025 | 551 | 549 | 550 |
| &nbsp;&nbsp;&nbsp; XDUT-319W, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; XDV6-Y4FU, 30.000%, 9/01/2022 †x#^ | Affirm | 3/04/2022 | 171 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; XDV7-3IJ5, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 109 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; XDV8-PFSX, 15.710%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XDVA-NOYI, 33.950%, 9/06/2025 †x# | Affirm | 1/29/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XDVF-SQC5, 29.620%, 2/26/2026 †x# | Affirm | 2/29/2024 | 761 | 795 | 46 |
| &nbsp;&nbsp;&nbsp; XDVM-D3ZO, 29.610%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 103 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; XDVW-B762, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 986 | 980 | 979 |
| &nbsp;&nbsp;&nbsp; XDW2-7ODX, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 282 | 287 | 288 |
| &nbsp;&nbsp;&nbsp; XDW7-Z41M, 11.860%, 5/12/2026 †§x# | Affirm | 11/27/2024 | 342 | 351 | 349 |
| &nbsp;&nbsp;&nbsp; XDWM-FJ0V, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 129 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; XDWU-321P, 29.500%, 2/13/2025 †x#^ | Affirm | 2/16/2023 | 2439 | 2600 | 146 |
| &nbsp;&nbsp;&nbsp; XDWV-9RLL, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; XDX1-MKQ7, 30.000%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 418 | 416 | 25 |
| &nbsp;&nbsp;&nbsp; XDX6-Z3LK, 29.670%, 6/24/2022 †x#^ | Affirm | 12/30/2021 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; XDX8-4PCE, 29.500%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 92 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; XDXE-HYGM, 29.590%, 10/21/2023 †x#^ | Affirm | 10/27/2022 | 61 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XDXH-SGWU, 35.480%, 9/28/2025 †x# | Affirm | 10/03/2024 | 168 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; XDXM-XIPK, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 366 | 364 | 363 |
| &nbsp;&nbsp;&nbsp; XDXO-ZMMA, 35.190%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 137 | 137 | 136 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8213** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XDXR-RSRI, 28.000%, 1/11/2023 †x#^ | Affirm | 10/14/2022 | $78 | $79 | $5 |
| &nbsp;&nbsp;&nbsp; XDXW-9CXS, 11.870%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 104 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; XDY4-DQZK, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; XDY5-ZYUF, 35.290%, 2/05/2027 †§x | Affirm | 8/29/2025 | 238 | 232 | 232 |
| &nbsp;&nbsp;&nbsp; XDYE-E084, 32.500%, 4/21/2026 †§x | Affirm | 10/24/2024 | 204 | 208 | 206 |
| &nbsp;&nbsp;&nbsp; XDYO-YIS9, 35.410%, 4/11/2025 †x#^ | Affirm | 4/15/2024 | 224 | 232 | 13 |
| &nbsp;&nbsp;&nbsp; XDYV-J5XR, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XDYW-06AT, 29.560%, 8/10/2023 †x#^ | Affirm | 8/15/2022 | 220 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; XDZ8-L13I, 35.350%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 380 | 374 | 220 |
| &nbsp;&nbsp;&nbsp; XDZ9-UZ0U, 35.770%, 2/27/2026 †§x | Affirm | 3/28/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XDZD-UN12, 29.540%, 4/09/2026 †§x | Affirm | 4/12/2024 | 263 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; XDZJ-8595, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 170 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; XDZM-03HF, 28.000%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; XDZN-9KDR, 26.500%, 2/04/2023 †x#^ | Affirm | 11/10/2022 | 166 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; XDZQ-ZMM4, 29.360%, 11/06/2025 †§x | Affirm | 8/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XDZX-WEJ8, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XE00-TCCV, 35.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XE0D-4WOI, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XE0S-KM0H, 29.640%, 11/15/2026 †§x | Affirm | 11/27/2024 | 1011 | 1047 | 1052 |
| &nbsp;&nbsp;&nbsp; XE16-B9UR, 22.680%, 10/28/2025 †§x# | Affirm | 11/27/2024 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; XE17-FSB0, 35.780%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XE1B-GHTK, 29.500%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 86 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XE1I-2CEW, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; XE1V-AWUJ, 27.500%, 3/22/2024 †x#^ | Affirm | 9/26/2022 | 124 | 133 | 7 |
| &nbsp;&nbsp;&nbsp; XE2F-BJAE, 31.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 130 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; XE2H-AMI6, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 120 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XE2H-ZYG3, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 143 | 146 | 11 |
| &nbsp;&nbsp;&nbsp; XE30-CX8Q, 21.900%, 12/04/2025 †§x | Affirm | 12/07/2023 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XE31-NKEP, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XE39-LU93, 33.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; XE3B-O823, 28.500%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 227 | 225 | 14 |
| &nbsp;&nbsp;&nbsp; XE3G-BJ6H, 35.590%, 6/02/2026 †x# | Affirm | 6/27/2025 | 225 | 230 | 231 |
| &nbsp;&nbsp;&nbsp; XE3N-R5FL, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 216 | 223 | 222 |
| &nbsp;&nbsp;&nbsp; XE3O-Z5F8, 11.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XE46-3723, 29.430%, 3/24/2023 †x#^ | Affirm | 3/28/2022 | 140 | 148 | 8 |
| &nbsp;&nbsp;&nbsp; XE4G-072M, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 103 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; XE4H-WW10, 28.980%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 66 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; XE4P-GQM0, 32.500%, 8/23/2025 †x#^ | Affirm | 2/29/2024 | 375 | 384 | 23 |
| &nbsp;&nbsp;&nbsp; XE4Q-Z5XG, 34.030%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 1208 | 1266 | 72 |
| &nbsp;&nbsp;&nbsp; XE4W-XTMV, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 534 | 545 | 550 |
| &nbsp;&nbsp;&nbsp; XE4Y-EGXS, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XE4Z-52ZX, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XE53-OU59, 33.000%, 1/13/2028 †§x | Affirm | 1/29/2025 | 1063 | 1046 | 1058 |
| &nbsp;&nbsp;&nbsp; XE5F-0HXB, 18.000%, 9/28/2025 †x# | Affirm | 10/03/2024 | 77 | 77 | 19 |
| &nbsp;&nbsp;&nbsp; XE5F-BOWE, 29.660%, 7/12/2024 †x#^ | Affirm | 1/17/2023 | 290 | 291 | 17 |
| &nbsp;&nbsp;&nbsp; XE5I-Y3OJ, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 238 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; XE5O-0GO2, 22.750%, 4/18/2026 †§x | Affirm | 10/24/2024 | 446 | 455 | 456 |
| &nbsp;&nbsp;&nbsp; XE5U-SWD7, 35.570%, 9/25/2025 †x# | Affirm | 9/30/2024 | 165 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; XE5W-4IJD, 29.430%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; XE61-090S, 23.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XE63-D8ST, 29.660%, 6/28/2022 †x#^ | Affirm | 1/06/2022 | 59 | 57 | 4 |
| &nbsp;&nbsp;&nbsp; XE65-C96E, 29.440%, 5/06/2026 †§x | Affirm | 5/30/2025 | 166 | 172 | 174 |
| &nbsp;&nbsp;&nbsp; XE6N-R5L3, 35.360%, 12/02/2026 †x# | Affirm | 6/27/2025 | 336 | 327 | 182 |
| &nbsp;&nbsp;&nbsp; XE6T-M271, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; XE6V-QPDC, 29.680%, 11/23/2023 †x#^ | Affirm | 11/28/2022 | 343 | 350 | 21 |
| &nbsp;&nbsp;&nbsp; XE6W-EJW6, 35.680%, 3/03/2026 †§x | Affirm | 3/28/2025 | 143 | 145 | 146 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8214** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XE71-NQBR, 33.070%, 12/18/2025 †§x | Affirm | 12/27/2024 | $83 | $82 | $83 |
| &nbsp;&nbsp;&nbsp; XE79-8DRE, 28.000%, 5/02/2023 †x#^ | Affirm | 11/07/2022 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; XE7B-XC81, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 25 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; XE7J-78W8, 30.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 217 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; XE89-2I89, 24.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 152 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; XE8K-U6Y2, 18.000%, 11/01/2025 †§x | Affirm | 5/06/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XE8K-VW96, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 146 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; XE8M-769X, 33.050%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 96 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; XE8M-QZHX, 35.360%, 5/09/2026 †§x | Affirm | 5/13/2024 | 238 | 239 | 242 |
| &nbsp;&nbsp;&nbsp; XE8T-FVD8, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XE8W-0PZZ, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; XE8Z-0726, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XE94-IV2A, 29.500%, 7/08/2026 †§x | Affirm | 7/31/2025 | 417 | 435 | 434 |
| &nbsp;&nbsp;&nbsp; XE96-VQST, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 366 | 374 | 376 |
| &nbsp;&nbsp;&nbsp; XE9A-R8A8, 35.250%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 29 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; XE9C-8EOC, 35.280%, 9/28/2025 †§x | Affirm | 4/22/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XE9D-2DYH, 33.050%, 10/18/2025 †§x | Affirm | 10/24/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XE9N-4TP3, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 168 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; XE9Q-9N4A, 24.400%, 1/02/2028 †§x | Affirm | 1/29/2025 | 893 | 920 | 926 |
| &nbsp;&nbsp;&nbsp; XE9U-7T0J, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XEA3-BRX2, 33.950%, 10/03/2026 †§x | Affirm | 10/07/2024 | 405 | 416 | 416 |
| &nbsp;&nbsp;&nbsp; XEA6-5QJ6, 29.070%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XEA9-GNPF, 29.600%, 1/08/2026 †§x | Affirm | 1/29/2025 | 59 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; XEAC-6LEU, 32.500%, 10/21/2026 †x# | Affirm | 10/24/2024 | 117 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; XEAK-JFAU, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 85 | 84 |
| &nbsp;&nbsp;&nbsp; XEAP-9ICN, 23.700%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 102 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; XEAR-F9MH, 22.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 558 | 568 | 569 |
| &nbsp;&nbsp;&nbsp; XEAU-765D, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 2046 | 2120 | 326 |
| &nbsp;&nbsp;&nbsp; XEB5-K3NA, 25.200%, 11/15/2026 †§x | Affirm | 11/27/2024 | 2008 | 2078 | 2088 |
| &nbsp;&nbsp;&nbsp; XEB9-B9I3, 13.840%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 982 | 1017 | 1020 |
| &nbsp;&nbsp;&nbsp; XEBA-59PA, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XEBB-WE8Z, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 150 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; XEBF-36KS, 15.780%, 10/25/2025 †§x | Affirm | 10/31/2024 | 480 | 483 | 485 |
| &nbsp;&nbsp;&nbsp; XEBK-JWTA, 15.540%, 10/08/2025 †§x | Affirm | 7/31/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XEBL-YEWP, 9.850%, 2/26/2026 †§x | Affirm | 8/29/2024 | 302 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; XEBY-HO3P, 23.000%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 50 | 50 | 8 |
| &nbsp;&nbsp;&nbsp; XECA-BE1X, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 208 | 213 | 214 |
| &nbsp;&nbsp;&nbsp; XECI-9YXU, 29.110%, 12/07/2023 †x#^ | Affirm | 12/10/2021 | 443 | 476 | 27 |
| &nbsp;&nbsp;&nbsp; XECK-4XUM, 33.950%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 314 | 319 | 317 |
| &nbsp;&nbsp;&nbsp; XECO-5LSL, 29.480%, 9/27/2025 †x# | Affirm | 4/01/2024 | 229 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; XECV-0NT4, 24.400%, 12/11/2025 †§x# | Affirm | 12/14/2023 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; XED3-123A, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XEDE-AY0V, 35.880%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 350 | 352 | 21 |
| &nbsp;&nbsp;&nbsp; XEDS-UH45, 23.900%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 273 | 286 | 16 |
| &nbsp;&nbsp;&nbsp; XEDU-TD3V, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 653 | 669 | 674 |
| &nbsp;&nbsp;&nbsp; XEDY-JU8M, 33.050%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 260 | 264 | 145 |
| &nbsp;&nbsp;&nbsp; XEE3-XHUE, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XEE5-BB5J, 29.000%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 69 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; XEE9-C360, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 139 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; XEEC-4BNJ, 29.640%, 12/02/2025 †§x | Affirm | 6/27/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XEED-F4PD, 29.480%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 114 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; XEEH-R1WH, 15.670%, 2/07/2026 †§x | Affirm | 8/29/2025 | 727 | 739 | 739 |
| &nbsp;&nbsp;&nbsp; XEEJ-U22F, 30.000%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 688 | 678 | 681 |
| &nbsp;&nbsp;&nbsp; XEEO-VTQS, 27.500%, 4/24/2024 †x#^ | Affirm | 10/31/2022 | 261 | 279 | 16 |
| &nbsp;&nbsp;&nbsp; XEEP-UWVW, 29.580%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 219 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; XEEV-8EWW, 35.480%, 9/18/2025 †§x | Affirm | 9/23/2024 | 10 | 10 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8215** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XEEV-BTEZ, 29.420%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | $171 | $167 | $10 |
| &nbsp;&nbsp;&nbsp; XEEX-XODP, 35.770%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XEF0-3V4U, 35.630%, 6/02/2026 †x# | Affirm | 6/27/2025 | 394 | 388 | 230 |
| &nbsp;&nbsp;&nbsp; XEF2-2OIR, 22.670%, 4/23/2026 †§x | Affirm | 10/28/2024 | 146 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; XEFM-1QBZ, 15.780%, 11/04/2025 †§x | Affirm | 11/10/2022 | 211 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; XEFV-HS3U, 29.410%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 153 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XEFY-82WQ, 29.590%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XEFZ-L7A5, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; XEG6-EHL8, 23.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 418 | 431 | 434 |
| &nbsp;&nbsp;&nbsp; XEG9-SFWS, 29.630%, 3/25/2026 †§x | Affirm | 9/30/2024 | 113 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XEGF-7TQA, 35.540%, 8/01/2024 †x#^ | Affirm | 8/04/2023 | 252 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; XEGO-O4MY, 35.450%, 10/28/2025 †§x | Affirm | 5/03/2024 | 25 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; XEGS-YXEI, 13.840%, 1/08/2026 †§x | Affirm | 7/31/2025 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; XEGT-0KVS, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 122 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; XEGV-F5V2, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XEH4-N16N, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; XEHB-I800, 33.050%, 12/17/2025 †§x | Affirm | 6/21/2024 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; XEHD-8QFS, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; XEHH-69W8, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XEI7-QT0Y, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 85 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XEIB-R5UP, 22.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XEIF-8W4G, 13.840%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 801 | 825 | 830 |
| &nbsp;&nbsp;&nbsp; XEIG-MVNW, 29.480%, 9/28/2026 †§x | Affirm | 3/31/2025 | 212 | 222 | 222 |
| &nbsp;&nbsp;&nbsp; XEIJ-7OQJ, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 115 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XEIO-SS7L, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XEIO-UKOG, 28.500%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 193 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; XEJ8-S16C, 35.990%, 2/03/2026 †§x | Affirm | 2/26/2025 | 55 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XEJ9-3MJ0, 29.530%, 6/21/2027 †x# | Affirm | 6/27/2024 | 887 | 903 | 53 |
| &nbsp;&nbsp;&nbsp; XEJ9-C3AS, 24.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XEJI-F2JI, 29.710%, 1/11/2024 †x#^ | Affirm | 1/17/2023 | 56 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; XEJW-IXOB, 23.400%, 2/06/2026 †§x | Affirm | 2/26/2025 | 142 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; XEJZ-JZ50, 35.530%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XEKI-0I52, 26.900%, 12/25/2024 †x#^ | Affirm | 9/30/2024 | 102 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XEKI-ASB9, 29.620%, 12/24/2022 †x#^ | Affirm | 12/31/2021 | 83 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; XEKN-SQO4, 29.710%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 347 | 338 | 21 |
| &nbsp;&nbsp;&nbsp; XEKO-DLE7, 32.000%, 3/28/2026 †x# | Affirm | 3/31/2025 | 523 | 542 | 143 |
| &nbsp;&nbsp;&nbsp; XEKW-HTYD, 15.340%, 12/04/2026 †§x | Affirm | 12/07/2023 | 673 | 691 | 693 |
| &nbsp;&nbsp;&nbsp; XEKY-2XK9, 29.420%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 409 | 422 | 430 |
| &nbsp;&nbsp;&nbsp; XEKY-YZBM, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 143 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; XEL1-ZRMX, 30.950%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; XEL2-GNE6, 25.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XEL3-HSB3, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 44 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XEL7-LU5D, 29.490%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 310 | 321 | 19 |
| &nbsp;&nbsp;&nbsp; XELB-0IHA, 23.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 449 | 460 | 462 |
| &nbsp;&nbsp;&nbsp; XELE-G8MC, 35.450%, 12/18/2025 †§x | Affirm | 12/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XELE-M9HM, 35.480%, 5/12/2026 †§x# | Affirm | 11/27/2024 | 152 | 155 | 94 |
| &nbsp;&nbsp;&nbsp; XELJ-66IC, 29.610%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 155 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; XELJ-GY0I, 28.000%, 12/23/2023 †x#^ | Affirm | 12/30/2022 | 162 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; XELK-F049, 29.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XELL-MTXC, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 166 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; XELM-KGH5, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 458 | 470 | 473 |
| &nbsp;&nbsp;&nbsp; XELM-M94V, 19.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 167 | 171 | 170 |
| &nbsp;&nbsp;&nbsp; XELV-EMHJ, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 64 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XELV-FUAM, 31.000%, 8/28/2026 †§x# | Affirm | 8/31/2023 | 993 | 1010 | 1009 |
| &nbsp;&nbsp;&nbsp; XEM2-8QJC, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 135 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; XEMK-XZ89, 11.830%, 12/21/2025 †§x | Affirm | 6/27/2024 | 76 | 77 | 77 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8216** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XEMN-MWRA, 35.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | $178 | $182 | $183 |
| &nbsp;&nbsp;&nbsp; XEMP-D5CR, 35.440%, 10/05/2025 †§x | Affirm | 4/11/2024 | 346 | 347 | 343 |
| &nbsp;&nbsp;&nbsp; XEMY-YZNE, 29.510%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 3176 | 3288 | 191 |
| &nbsp;&nbsp;&nbsp; XEMZ-AYM6, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 115 | 114 |
| &nbsp;&nbsp;&nbsp; XEN1-OBU0, 15.680%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 86 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; XEN2-TEIP, 7.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 129 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; XENH-Y51Z, 29.550%, 1/01/2026 †§x | Affirm | 7/05/2024 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; XENI-VSXN, 29.610%, 5/19/2023 †x#^ | Affirm | 9/22/2022 | 208 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; XENN-BOQ0, 23.700%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 120 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; XENQ-EEUL, 35.270%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; XENT-BVOL, 15.890%, 4/03/2026 †§x | Affirm | 10/07/2024 | 139 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; XENX-8QOP, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 500 | 509 | 511 |
| &nbsp;&nbsp;&nbsp; XENY-VEH3, 35.280%, 9/05/2025 †§x# | Affirm | 3/08/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XEO0-7ICC, 24.700%, 11/20/2026 †§x | Affirm | 11/27/2024 | 1352 | 1400 | 1407 |
| &nbsp;&nbsp;&nbsp; XEOA-JSBN, 11.780%, 5/11/2025 †x#^ | Affirm | 5/15/2023 | 260 | 259 | 16 |
| &nbsp;&nbsp;&nbsp; XEOB-9TWE, 22.710%, 3/23/2026 †§x | Affirm | 9/26/2024 | 64 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; XEOK-3263, 33.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XEOV-MZW9, 33.950%, 1/02/2026 †x# | Affirm | 1/29/2025 | 164 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; XEP4-2BJ1, 29.530%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 126 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; XEP8-2PYK, 7.108%, 9/24/2025 †§x« | Affirm | 4/22/2025 | 549 | 533 | 543 |
| &nbsp;&nbsp;&nbsp; XEPH-7D6C, 30.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XEPQ-0710, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; XEPV-Y3G4, 13.840%, 12/12/2025 †§x | Affirm | 12/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XEQ4-XB0C, 24.400%, 9/25/2025 †§x | Affirm | 9/30/2024 | 232 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; XEQ8-PVPK, 30.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 307 | 313 | 314 |
| &nbsp;&nbsp;&nbsp; XEQ9-L0EY, 29.050%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 300 | 320 | 18 |
| &nbsp;&nbsp;&nbsp; XEQA-C17O, 29.610%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 87 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XEQI-O5D1, 35.720%, 2/10/2026 †x | Affirm | 2/26/2025 | 357 | 363 | 365 |
| &nbsp;&nbsp;&nbsp; XEQK-24BP, 9.880%, 9/25/2025 †§x | Affirm | 9/30/2024 | 141 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; XEQU-9K26, 29.560%, 9/05/2026 †§x | Affirm | 9/08/2023 | 606 | 617 | 618 |
| &nbsp;&nbsp;&nbsp; XEQV-R3LR, 22.870%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XER2-WB34, 29.410%, 8/01/2024 †x#^ | Affirm | 8/04/2023 | 1700 | 1595 | 102 |
| &nbsp;&nbsp;&nbsp; XER8-FNLU, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 130 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; XER9-Q2JT, 35.380%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 1489 | 1386 | 89 |
| &nbsp;&nbsp;&nbsp; XERC-8PO6, 23.400%, 9/03/2026 †§x | Affirm | 3/28/2025 | 465 | 480 | 483 |
| &nbsp;&nbsp;&nbsp; XERC-IVQA, 35.300%, 3/26/2027 †§x | Affirm | 3/31/2025 | 284 | 283 | 289 |
| &nbsp;&nbsp;&nbsp; XES8-4HC0, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 452 | 464 | 464 |
| &nbsp;&nbsp;&nbsp; XETC-MLIB, 35.490%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 994 | 1022 | 60 |
| &nbsp;&nbsp;&nbsp; XETK-NBB9, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XETK-NXFO, 35.620%, 1/06/2026 †§x | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XETN-9BAA, 33.050%, 8/19/2026 †§x | Affirm | 8/22/2024 | 517 | 531 | 533 |
| &nbsp;&nbsp;&nbsp; XETX-L78O, 23.400%, 4/24/2026 †§x | Affirm | 10/28/2024 | 158 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; XEU8-M790, 29.500%, 3/12/2023 †x#^ | Affirm | 9/16/2022 | 197 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; XEU8-W1IK, 18.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 521 | 539 | 543 |
| &nbsp;&nbsp;&nbsp; XEUE-Y04I, 30.000%, 6/26/2025 †x#^ | Affirm | 6/29/2023 | 1990 | 1983 | 119 |
| &nbsp;&nbsp;&nbsp; XEUI-VQX6, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 63 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XEUZ-YUSN, 29.810%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 372 | 360 | 22 |
| &nbsp;&nbsp;&nbsp; XEV0-2QUZ, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XEV6-4FSN, 13.056%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 905 | 885 | 885 |
| &nbsp;&nbsp;&nbsp; XEVD-US9E, 29.550%, 4/08/2026 †§x | Affirm | 4/11/2024 | 329 | 334 | 334 |
| &nbsp;&nbsp;&nbsp; XEVM-5XCZ, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 751 | 781 | 789 |
| &nbsp;&nbsp;&nbsp; XEVP-Y9QO, 22.450%, 11/14/2025 †§x | Affirm | 5/30/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XEVR-RBOH, 35.370%, 6/17/2026 †§x | Affirm | 6/21/2024 | 433 | 431 | 436 |
| &nbsp;&nbsp;&nbsp; XEVX-G65P, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 208 | 210 | 208 |
| &nbsp;&nbsp;&nbsp; XEVY-9D1F, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 908 | 894 | 889 |
| &nbsp;&nbsp;&nbsp; XEVZ-NR2A, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 57 | 57 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8217** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XEW2-A6EL, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | $134 | $140 | $137 |
| &nbsp;&nbsp;&nbsp; XEW8-PR1V, 35.540%, 12/18/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XEW8-WYT3, 9.880%, 9/25/2025 †§x | Affirm | 9/30/2024 | 442 | 445 | 444 |
| &nbsp;&nbsp;&nbsp; XEWG-HHAA, 21.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 437 | 442 | 442 |
| &nbsp;&nbsp;&nbsp; XEWK-NEPU, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 732 | 727 | 725 |
| &nbsp;&nbsp;&nbsp; XEWK-PGVA, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; XEWY-WESB, 29.490%, 8/29/2024 †x#^ | Affirm | 1/05/2024 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; XEX2-3L9G, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XEX8-MSFH, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 348 | 352 | 351 |
| &nbsp;&nbsp;&nbsp; XEXE-7HFN, 30.950%, 11/06/2025 †§x | Affirm | 8/29/2025 | 195 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; XEXF-C079, 29.900%, 7/19/2023 †x#^ | Affirm | 1/23/2023 | 171 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; XEYD-B99J, 35.210%, 3/28/2026 †§x | Affirm | 3/31/2025 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XEYE-7XF9, 29.460%, 7/08/2026 †§x | Affirm | 7/31/2025 | 417 | 436 | 439 |
| &nbsp;&nbsp;&nbsp; XEYE-EPJ8, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XEYH-8A7X, 28.000%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 250 | 253 | 15 |
| &nbsp;&nbsp;&nbsp; XEYI-TXUC, 20.117%, 7/02/2024 †x#^ | Affirm | 1/05/2024 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; XEYQ-FDZ8, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 199 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; XEYV-YDWW, 31.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 167 | 166 | 165 |
| &nbsp;&nbsp;&nbsp; XEYW-U78O, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; XEYW-ZJ1Z, 24.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 100 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; XEZ0-NDMK, 33.950%, 1/08/2027 †§x | Affirm | 1/11/2024 | 1783 | 1862 | 1865 |
| &nbsp;&nbsp;&nbsp; XEZJ-ZNPC, 9.860%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XEZT-RFVC, 29.000%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 131 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; XEZX-BA7F, 23.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XEZY-NXJ9, 35.520%, 6/19/2026 †§x | Affirm | 12/27/2024 | 1755 | 1792 | 1780 |
| &nbsp;&nbsp;&nbsp; XF00-TJMM, 35.300%, 3/11/2026 †x | Affirm | 3/28/2025 | 333 | 316 | 201 |
| &nbsp;&nbsp;&nbsp; XF04-85LH, 35.560%, 11/15/2026 †§x# | Affirm | 11/27/2024 | 326 | 326 | 331 |
| &nbsp;&nbsp;&nbsp; XF0A-CT8O, 33.050%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 106 | 108 | 110 |
| &nbsp;&nbsp;&nbsp; XF0G-LCQE, 35.490%, 5/18/2026 †§x | Affirm | 11/27/2024 | 123 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; XF0J-8EQ2, 33.050%, 3/28/2026 †§x | Affirm | 3/31/2025 | 159 | 165 | 167 |
| &nbsp;&nbsp;&nbsp; XF0L-YF2W, 29.160%, 10/08/2025 †§x | Affirm | 7/31/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XF0M-4PP7, 29.790%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 58 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; XF0O-HJF1, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 118 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; XF0Z-WAFV, 35.380%, 6/17/2027 †§x# | Affirm | 6/21/2024 | 1013 | 946 | 948 |
| &nbsp;&nbsp;&nbsp; XF12-QBML, 33.050%, 9/26/2025 †x# | Affirm | 9/30/2024 | 65 | 69 | 3 |
| &nbsp;&nbsp;&nbsp; XF1B-G5OE, 22.610%, 6/02/2026 †§x | Affirm | 6/27/2025 | 424 | 441 | 445 |
| &nbsp;&nbsp;&nbsp; XF1E-W6FJ, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 406 | 418 | 420 |
| &nbsp;&nbsp;&nbsp; XF1G-CHG2, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 101 | 102 | 101 |
| &nbsp;&nbsp;&nbsp; XF1H-KFV7, 15.750%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 113 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; XF1J-38QJ, 5.962%, 4/03/2023 †x#^« | Affirm | 10/06/2022 | 770 | 749 | 46 |
| &nbsp;&nbsp;&nbsp; XF1J-BD7Z, 29.680%, 7/19/2023 †x#^ | Affirm | 1/24/2022 | 140 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; XF1L-YZOI, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 91 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; XF1S-31UZ, 29.480%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; XF1X-ZDNR, 24.400%, 2/12/2027 †§x | Affirm | 2/26/2025 | 434 | 455 | 459 |
| &nbsp;&nbsp;&nbsp; XF2F-1UN9, 35.370%, 7/08/2026 †§x | Affirm | 7/31/2025 | 126 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; XF2I-CK2N, 29.850%, 1/03/2024 †x#^ | Affirm | 1/06/2022 | 442 | 407 | 27 |
| &nbsp;&nbsp;&nbsp; XF2R-8TOW, 35.380%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 123 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; XF2S-7V7J, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XF2S-IEJ7, 29.570%, 4/18/2024 †x#^ | Affirm | 10/21/2022 | 462 | 495 | 28 |
| &nbsp;&nbsp;&nbsp; XF33-LVYQ, 33.950%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XF3H-RFGK, 35.380%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 49 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; XF3M-I53N, 22.700%, 12/11/2025 †§x | Affirm | 12/27/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XF45-872W, 22.760%, 11/07/2025 †§x | Affirm | 11/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XF46-6DZM, 27.100%, 6/12/2024 †x#^ | Affirm | 12/15/2022 | 273 | 291 | 16 |
| &nbsp;&nbsp;&nbsp; XF46-IJ85, 11.860%, 9/24/2025 †§x | Affirm | 9/27/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XF4F-QG0S, 29.690%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 63 | 66 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8218** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XF4I-JUR1, 29.600%, 10/18/2025 †§x | Affirm | 10/24/2024 | $24 | $24 | $24 |
| &nbsp;&nbsp;&nbsp; XF4L-RJEZ, 29.290%, 1/08/2026 †§x | Affirm | 7/31/2025 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; XF4S-IU1Z, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XF4T-W961, 35.640%, 6/13/2025 †x#^ | Affirm | 12/27/2024 | 17 | 18 | 2 |
| &nbsp;&nbsp;&nbsp; XF4X-E0B8, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; XF58-SQKL, 29.630%, 6/09/2024 †x#^ | Affirm | 12/15/2022 | 98 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XF5C-DWLD, 25.000%, 4/24/2023 †x#^ | Affirm | 10/28/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; XF5F-85EZ, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 401 | 405 | 404 |
| &nbsp;&nbsp;&nbsp; XF5L-ZELM, 29.500%, 12/29/2023 †x#^ | Affirm | 7/03/2023 | 57 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; XF5M-EBLU, 35.420%, 8/09/2026 †x# | Affirm | 8/14/2023 | 2452 | 2564 | 147 |
| &nbsp;&nbsp;&nbsp; XF5N-ELQQ, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XF5P-7YQW, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 60 | 57 | 4 |
| &nbsp;&nbsp;&nbsp; XF5Y-IFNR, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 165 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; XF5Y-RTHG, 35.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 31 | 31 | 30 |
| &nbsp;&nbsp;&nbsp; XF68-VP05, 29.570%, 12/12/2024 †x#^ | Affirm | 12/15/2022 | 457 | 482 | 27 |
| &nbsp;&nbsp;&nbsp; XF69-6Z13, 29.520%, 7/07/2023 †x#^ | Affirm | 4/11/2022 | 515 | 508 | 31 |
| &nbsp;&nbsp;&nbsp; XF6D-BBJX, 29.550%, 4/12/2026 †§x | Affirm | 4/18/2024 | 170 | 172 | 171 |
| &nbsp;&nbsp;&nbsp; XF6N-DLS4, 29.460%, 4/28/2023 †x#^ | Affirm | 4/04/2022 | 295 | 291 | 18 |
| &nbsp;&nbsp;&nbsp; XF6O-I954, 29.520%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 103 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; XF6P-8CSY, 29.540%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 38 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; XF6R-2NAS, 29.390%, 9/03/2025 †x# | Affirm | 3/28/2025 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; XF6S-C3KC, 11.760%, 3/20/2026 †§x | Affirm | 3/28/2025 | 45 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XF6S-UQ82, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; XF6V-XL3T, 35.450%, 2/19/2026 †x# | Affirm | 8/22/2024 | 415 | 382 | 112 |
| &nbsp;&nbsp;&nbsp; XF7G-UA6H, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 330 | 338 | 340 |
| &nbsp;&nbsp;&nbsp; XF7I-YRU3, 18.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 142 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; XF7S-8OGV, 29.790%, 11/01/2024 †x#^ | Affirm | 11/04/2022 | 834 | 904 | 50 |
| &nbsp;&nbsp;&nbsp; XF7S-CB66, 35.500%, 10/21/2025 †x# | Affirm | 10/24/2024 | 103 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XF7S-LKAG, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XF7Y-YVAI, 29.490%, 11/21/2025 †x# | Affirm | 5/24/2024 | 608 | 638 | 36 |
| &nbsp;&nbsp;&nbsp; XF83-PT5G, 24.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 252 | 262 | 264 |
| &nbsp;&nbsp;&nbsp; XF86-VNQE, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 78 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XF8D-CO4S, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 116 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; XF8K-K1ZU, 32.000%, 1/09/2026 †§x | Affirm | 1/29/2025 | 185 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; XF8L-NE7K, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; XF8L-WGK1, 22.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 85 | 86 | 26 |
| &nbsp;&nbsp;&nbsp; XF8R-NTC6, 35.450%, 12/18/2025 †§x | Affirm | 12/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XF8W-WXPV, 27.500%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 183 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; XF8X-WCSY, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 168 | 171 | 170 |
| &nbsp;&nbsp;&nbsp; XF93-D90T, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 271 | 271 | 273 |
| &nbsp;&nbsp;&nbsp; XF9A-1ANZ, 24.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 1577 | 1595 | 1597 |
| &nbsp;&nbsp;&nbsp; XF9D-SRY4, 22.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XFA4-YJJ4, 35.230%, 6/11/2024 †x#^ | Affirm | 12/14/2023 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; XFA8-7IZL, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XFAH-10Q6, 29.450%, 3/05/2025 †x#^ | Affirm | 3/08/2024 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XFAN-AO2A, 29.420%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | 194 | 190 | 12 |
| &nbsp;&nbsp;&nbsp; XFAS-B0MI, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 93 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XFB9-C39K, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 608 | 596 | 596 |
| &nbsp;&nbsp;&nbsp; XFB9-HJFQ, 30.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 105 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; XFBU-T99Y, 35.440%, 12/12/2026 †§x | Affirm | 12/15/2023 | 2074 | 2108 | 1076 |
| &nbsp;&nbsp;&nbsp; XFBX-NHXZ, 29.440%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XFC2-OB3Q, 35.530%, 1/02/2026 †§x | Affirm | 1/29/2025 | 114 | 115 | 113 |
| &nbsp;&nbsp;&nbsp; XFCK-BEN0, 29.590%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 288 | 288 | 17 |
| &nbsp;&nbsp;&nbsp; XFCN-0N8Y, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 56 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XFCQ-C8TI, 35.870%, 12/28/2025 †x# | Affirm | 1/29/2025 | 104 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; XFCU-WPIP, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 142 | 143 | 143 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8219** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XFD6-8HFU, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $41 | $41 | $41 |
| &nbsp;&nbsp;&nbsp; XFDE-OM1Y, 15.780%, 11/28/2023 †x#^ | Affirm | 11/03/2022 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; XFDE-XHQI, 20.900%, 1/13/2027 †§x | Affirm | 1/29/2025 | 461 | 478 | 481 |
| &nbsp;&nbsp;&nbsp; XFDL-DQHK, 24.770%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XFDN-EHWY, 29.360%, 11/06/2025 †§x | Affirm | 5/30/2025 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; XFDP-YFZ5, 33.950%, 3/28/2025 †x#^ | Affirm | 10/02/2023 | 1322 | 1407 | 79 |
| &nbsp;&nbsp;&nbsp; XFE2-0W44, 32.000%, 4/08/2026 †§x | Affirm | 4/11/2024 | 1153 | 1169 | 1171 |
| &nbsp;&nbsp;&nbsp; XFE3-R1N8, 19.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; XFE5-HG7N, 33.050%, 4/28/2026 †§x | Affirm | 10/31/2024 | 347 | 356 | 355 |
| &nbsp;&nbsp;&nbsp; XFE8-6S5U, 35.520%, 10/18/2025 †§x | Affirm | 10/24/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XFEA-WVSX, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XFEE-OKA5, 23.400%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 259 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; XFEP-BSJQ, 29.300%, 8/20/2025 †x#^ | Affirm | 3/28/2025 | 94 | 96 | 21 |
| &nbsp;&nbsp;&nbsp; XFES-VXYM, 12.000%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 101 | 103 | 17 |
| &nbsp;&nbsp;&nbsp; XFET-FUBI, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 175 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; XFEZ-BSE5, 35.380%, 11/06/2026 †§x# | Affirm | 5/30/2025 | 1111 | 1166 | 1173 |
| &nbsp;&nbsp;&nbsp; XFF0-P13C, 29.530%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 217 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; XFF5-B3YR, 28.000%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 571 | 600 | 34 |
| &nbsp;&nbsp;&nbsp; XFF6-XV48, 29.160%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; XFFG-DC24, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 123 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; XFFQ-JG2O, 35.410%, 4/17/2025 †x#^ | Affirm | 4/22/2024 | 1250 | 1293 | 75 |
| &nbsp;&nbsp;&nbsp; XFFW-0267, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; XFFX-PHIS, 29.480%, 10/01/2025 †§x | Affirm | 4/04/2024 | 52 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; XFFY-Q2W4, 33.060%, 12/28/2025 †§x | Affirm | 1/29/2025 | 74 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XFG1-JPIL, 29.570%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; XFG2-R4Y8, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 158 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; XFG8-0ZV9, 22.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XFGD-PIZA, 35.530%, 3/28/2026 †x# | Affirm | 10/03/2024 | 299 | 294 | 18 |
| &nbsp;&nbsp;&nbsp; XFGJ-DIHH, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; XFGU-MRVC, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 244 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; XFGV-53A3, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XFH6-PB9Z, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 133 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; XFHC-7IJG, 35.490%, 10/22/2025 †§x | Affirm | 10/25/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; XFHL-C2SG, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 161 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; XFHO-JRPO, 31.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 935 | 949 | 944 |
| &nbsp;&nbsp;&nbsp; XFHX-8I3E, 35.350%, 12/02/2025 †§x | Affirm | 6/27/2025 | 64 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; XFHY-2ZKM, 6.928%, 1/03/2023 †x#^« | Affirm | 10/06/2022 | 19 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XFHZ-RFGH, 29.560%, 2/28/2024 †x#^ | Affirm | 9/02/2022 | 119 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; XFI3-O86F, 35.560%, 7/02/2026 †§x | Affirm | 1/29/2025 | 216 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; XFI9-15US, 35.410%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 608 | 600 | 612 |
| &nbsp;&nbsp;&nbsp; XFI9-E04V, 30.950%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XFIC-C72D, 35.510%, 11/02/2025 †§x | Affirm | 5/06/2024 | 95 | 96 | 94 |
| &nbsp;&nbsp;&nbsp; XFIP-EV74, 35.550%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XFIP-VD4J, 23.400%, 11/21/2025 †§x | Affirm | 5/24/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XFIT-AD5M, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XFJ1-WNQ0, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 130 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; XFJ7-CPUR, 29.730%, 1/06/2026 †§x | Affirm | 1/29/2025 | 24 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; XFJR-XGM4, 29.700%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 76 | 72 | 5 |
| &nbsp;&nbsp;&nbsp; XFJW-DIWU, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XFKK-9NEC, 29.760%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 65 | 67 | 65 |
| &nbsp;&nbsp;&nbsp; XFKO-FRCX, 19.700%, 9/28/2027 †§x# | Affirm | 10/02/2023 | 1358 | 1464 | 1442 |
| &nbsp;&nbsp;&nbsp; XFKX-6GH7, 33.950%, 2/28/2026 †x# | Affirm | 3/28/2025 | 433 | 445 | 113 |
| &nbsp;&nbsp;&nbsp; XFL3-UKQA, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; XFLK-XFG2, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 189 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; XFLM-1KPM, 7.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 171 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; XFLZ-YUF4, 28.000%, 2/08/2023 †x#^ | Affirm | 8/11/2022 | 51 | 52 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8220** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XFM1-WZOM, 35.390%, 1/03/2026 †§x | Affirm | 1/08/2024 | $405 | $405 | $407 |
| &nbsp;&nbsp;&nbsp; XFM6-5CFI, 35.480%, 1/09/2026 †x# | Affirm | 1/12/2024 | 593 | 596 |  |
| &nbsp;&nbsp;&nbsp; XFMA-ZEG8, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 165 | 165 | 163 |
| &nbsp;&nbsp;&nbsp; XFMS-JRYK, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 228 | 230 | 228 |
| &nbsp;&nbsp;&nbsp; XFMY-35XQ, 11.790%, 7/08/2026 †§x | Affirm | 7/31/2025 | 97 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; XFN5-BUTY, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 276 | 282 | 283 |
| &nbsp;&nbsp;&nbsp; XFN8-J78F, 35.780%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XFNA-62S9, 29.660%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 122 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; XFNB-EF1S, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 771 | 779 | 777 |
| &nbsp;&nbsp;&nbsp; XFNM-0QHS, 35.510%, 12/19/2026 †§x | Affirm | 12/27/2024 | 762 | 762 | 774 |
| &nbsp;&nbsp;&nbsp; XFNQ-2FF1, 35.480%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 103 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XFNQ-V7LD, 35.540%, 2/16/2026 †§x | Affirm | 2/23/2024 | 138 | 138 | 140 |
| &nbsp;&nbsp;&nbsp; XFNS-6O6I, 32.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 695 | 702 | 701 |
| &nbsp;&nbsp;&nbsp; XFNT-W98N, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 104 | 104 | 11 |
| &nbsp;&nbsp;&nbsp; XFO6-NQE8, 29.530%, 12/04/2025 †§x | Affirm | 12/07/2023 | 99 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; XFO8-4PN5, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1904 | 1990 | 1983 |
| &nbsp;&nbsp;&nbsp; XFOG-MG86, 35.490%, 5/15/2026 †§x | Affirm | 11/27/2024 | 274 | 272 | 274 |
| &nbsp;&nbsp;&nbsp; XFOG-ZFWI, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 41 | 41 | 24 |
| &nbsp;&nbsp;&nbsp; XFON-FQJD, 29.650%, 9/15/2023 †x#^ | Affirm | 9/19/2022 | 177 | 175 | 11 |
| &nbsp;&nbsp;&nbsp; XFOO-3DBB, 15.986%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 76 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; XFOR-SNT7, 29.620%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 102 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XFOU-JC88, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XFOV-0N0G, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 115 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; XFOY-EX9Y, 31.830%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 101 | 101 | 100 |
| &nbsp;&nbsp;&nbsp; XFP0-W233, 23.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 243 | 252 | 254 |
| &nbsp;&nbsp;&nbsp; XFQ0-TUG1, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XFQ4-6ZQH, 25.200%, 11/22/2025 †§x | Affirm | 5/28/2024 | 365 | 368 | 368 |
| &nbsp;&nbsp;&nbsp; XFQC-1D50, 29.500%, 6/08/2022 †x#^ | Affirm | 12/13/2021 | 3 | 3 |  |
| &nbsp;&nbsp;&nbsp; XFQI-3ZB6, 32.000%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 114 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XFQO-M5AZ, 27.100%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 74 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; XFQR-SBWC, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 49 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; XFQR-ZK8U, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 117 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; XFQU-IHK4, 28.990%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 86 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; XFR4-X65P, 29.570%, 8/22/2028 †§x | Affirm | 8/26/2024 | 1424 | 1514 | 1518 |
| &nbsp;&nbsp;&nbsp; XFR7-25OM, 30.000%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 79 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; XFR8-X74M, 35.370%, 12/24/2025 †§x | Affirm | 6/27/2024 | 77 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; XFRH-Z0XX, 32.940%, 3/25/2027 †§x | Affirm | 3/31/2025 | 195 | 194 | 197 |
| &nbsp;&nbsp;&nbsp; XFRI-KHQN, 35.420%, 1/02/2027 †§x | Affirm | 1/29/2025 | 544 | 540 | 542 |
| &nbsp;&nbsp;&nbsp; XFRI-LH95, 29.590%, 10/28/2025 †§x | Affirm | 10/31/2024 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; XFRV-OGED, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XFS0-0KDR, 30.950%, 5/13/2026 †§x | Affirm | 11/27/2024 | 240 | 245 | 246 |
| &nbsp;&nbsp;&nbsp; XFSC-9OBM, 29.500%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 167 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; XFSK-J3HK, 11.830%, 7/02/2026 †§x | Affirm | 1/29/2025 | 252 | 259 | 257 |
| &nbsp;&nbsp;&nbsp; XFSV-00A9, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 669 | 679 | 687 |
| &nbsp;&nbsp;&nbsp; XFSX-FM7E, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 393 | 401 | 24 |
| &nbsp;&nbsp;&nbsp; XFT0-2V3Y, 29.540%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 139 | 147 | 8 |
| &nbsp;&nbsp;&nbsp; XFT4-8E80, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XFT8-AO2V, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 134 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; XFTC-75E9, 30.000%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 84 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XFTM-FGVR, 29.590%, 10/03/2025 †x# | Affirm | 10/07/2024 | 64 | 67 | 14 |
| &nbsp;&nbsp;&nbsp; XFTM-LUUH, 35.640%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1758 | 1742 | 1773 |
| &nbsp;&nbsp;&nbsp; XFTO-VI9X, 29.700%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 140 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; XFTU-3O71, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 14 |
| &nbsp;&nbsp;&nbsp; XFTX-N46O, 15.760%, 10/18/2025 †§x | Affirm | 10/24/2024 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; XFU0-4N38, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 83 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XFU3-WFZN, 11.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 113 | 114 | 114 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8221** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XFUE-CWXV, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | $53 | $54 | $55 |
| &nbsp;&nbsp;&nbsp; XFUF-S2BE, 35.560%, 11/13/2026 †§x | Affirm | 11/27/2024 | 1090 | 1088 | 1101 |
| &nbsp;&nbsp;&nbsp; XFUG-6NTX, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; XFUW-HS8U, 22.900%, 4/23/2026 †§x | Affirm | 10/28/2024 | 133 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; XFV4-T1SE, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 134 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; XFV7-0AM8, 28.000%, 7/19/2023 †x#^ | Affirm | 7/22/2022 | 257 | 270 | 15 |
| &nbsp;&nbsp;&nbsp; XFVA-X1DC, 29.600%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XFVH-GHWL, 35.640%, 1/28/2026 †§x | Affirm | 2/26/2025 | 81 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; XFVJ-OWKL, 33.950%, 9/28/2026 †§x | Affirm | 3/31/2025 | 355 | 374 | 373 |
| &nbsp;&nbsp;&nbsp; XFVL-L4IX, 33.050%, 9/28/2025 †x# | Affirm | 3/31/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XFVQ-CQ0E, 29.490%, 9/28/2025 †§x# | Affirm | 4/01/2024 | 27 | 27 | 28 |
| &nbsp;&nbsp;&nbsp; XFVW-ARQ0, 27.500%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; XFVY-3S5D, 29.490%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1139 | 1185 | 1197 |
| &nbsp;&nbsp;&nbsp; XFW5-QY33, 29.620%, 3/16/2026 †§x | Affirm | 9/19/2024 | 181 | 185 | 184 |
| &nbsp;&nbsp;&nbsp; XFWC-XHTV, 24.400%, 9/28/2025 †§x | Affirm | 10/03/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XFWD-ACUR, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XFWE-FRF3, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XFWI-KTPG, 35.160%, 2/06/2026 †§x | Affirm | 8/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XFWM-2246, 28.000%, 8/26/2024 †x#^ | Affirm | 9/01/2022 | 1504 | 1639 | 90 |
| &nbsp;&nbsp;&nbsp; XFWR-9A9W, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 207 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; XFWU-P6G5, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 600 | 630 | 36 |
| &nbsp;&nbsp;&nbsp; XFWV-JPGN, 19.750%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 558 | 546 | 33 |
| &nbsp;&nbsp;&nbsp; XFX1-9T1D, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XFX2-ITWP, 9.900%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 1486 | 1542 | 89 |
| &nbsp;&nbsp;&nbsp; XFXG-2SCA, 26.700%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 123 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; XFXI-KV7C, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XFXJ-PUZ6, 35.780%, 2/05/2026 †§x | Affirm | 2/26/2025 | 165 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; XFXT-86ZT, 29.490%, 11/20/2025 †x# | Affirm | 5/24/2024 | 155 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; XFY0-LSHR, 28.930%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 162 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; XFY2-EI7F, 35.330%, 12/11/2025 †§x | Affirm | 12/14/2023 | 151 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; XFYC-1ZO1, 29.600%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 1391 | 1462 | 83 |
| &nbsp;&nbsp;&nbsp; XFYE-H2E9, 15.800%, 3/23/2026 †§x | Affirm | 9/26/2024 | 145 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; XFYH-JB6T, 29.570%, 11/28/2025 †§x# | Affirm | 12/04/2023 | 93 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; XFYI-Y5PR, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 173 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; XFYK-OEQO, 22.750%, 2/06/2026 †§x | Affirm | 8/29/2025 | 102 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; XFYM-RLX4, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 72 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; XFYS-SM8G, 22.750%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XFZ2-JM7I, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XFZ6-GAK1, 15.880%, 2/10/2026 †x# | Affirm | 2/26/2025 | 38 | 37 | 1 |
| &nbsp;&nbsp;&nbsp; XFZ8-8R76, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XFZB-OVND, 13.840%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 176 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; XFZO-WDKR, 8.685%, 7/24/2022 †x#^« | Affirm | 1/27/2022 | 251 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; XFZS-54YJ, 35.450%, 12/10/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XFZW-M0V0, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 120 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; XG02-DSF7, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XG07-ZL7A, 22.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 109 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; XG0X-DS11, 29.550%, 10/12/2025 †§x | Affirm | 4/18/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XG14-P27T, 33.950%, 11/06/2026 †§x# | Affirm | 5/30/2025 | 1007 | 1032 | 1042 |
| &nbsp;&nbsp;&nbsp; XG15-SRJQ, 22.730%, 9/25/2025 †§x | Affirm | 9/30/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XG1A-HXYF, 35.570%, 9/25/2025 †x# | Affirm | 9/30/2024 | 1623 | 1627 | 97 |
| &nbsp;&nbsp;&nbsp; XG1C-8IL4, 33.950%, 5/20/2026 †§x | Affirm | 11/27/2024 | 261 | 268 | 268 |
| &nbsp;&nbsp;&nbsp; XG1M-PEPO, 35.280%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 83 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XG1P-V7EU, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 216 | 221 | 223 |
| &nbsp;&nbsp;&nbsp; XG1R-DQ2L, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 394 | 405 | 407 |
| &nbsp;&nbsp;&nbsp; XG20-RIVD, 35.270%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; XG22-NK9Q, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 399 | 410 | 412 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8222** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XG2C-BKMJ, 33.950%, 9/20/2025 †§x | Affirm | 9/26/2024 | $24 | $24 | $24 |
| &nbsp;&nbsp;&nbsp; XG2D-XGD2, 24.690%, 3/17/2026 †§x | Affirm | 9/20/2024 | 180 | 183 | 181 |
| &nbsp;&nbsp;&nbsp; XG2H-MTPT, 33.950%, 10/18/2025 †§x# | Affirm | 10/24/2024 | 105 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; XG2L-SU28, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XG2P-96OV, 24.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 423 | 433 | 433 |
| &nbsp;&nbsp;&nbsp; XG2X-JBZJ, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 298 | 304 | 306 |
| &nbsp;&nbsp;&nbsp; XG31-KOKX, 24.690%, 1/09/2028 †§x | Affirm | 1/29/2025 | 908 | 937 | 944 |
| &nbsp;&nbsp;&nbsp; XG3L-LZIK, 32.500%, 5/19/2025 †x#^ | Affirm | 5/25/2023 | 992 | 948 | 60 |
| &nbsp;&nbsp;&nbsp; XG3P-VF6J, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XG3Y-3SPH, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 651 | 587 | 39 |
| &nbsp;&nbsp;&nbsp; XG48-7VH8, 32.500%, 9/04/2025 †x# | Affirm | 3/07/2024 | 214 | 221 | 13 |
| &nbsp;&nbsp;&nbsp; XG4A-CEV0, 35.490%, 1/13/2027 †§x | Affirm | 1/29/2025 | 692 | 687 | 701 |
| &nbsp;&nbsp;&nbsp; XG4L-8OC7, 29.570%, 4/20/2024 †x#^ | Affirm | 10/24/2022 | 153 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; XG4U-OZXI, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XG51-7LM9, 35.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 82 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XG51-SJKS, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 280 | 283 | 282 |
| &nbsp;&nbsp;&nbsp; XG57-V7VB, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 1280 | 1254 | 1246 |
| &nbsp;&nbsp;&nbsp; XG5A-WUFB, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 142 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; XG5B-A4IM, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XG5G-ZF4H, 11.820%, 12/18/2025 †§x | Affirm | 6/21/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XG5J-U47H, 23.823%, 4/02/2025 †x#^« | Affirm | 1/29/2025 | 169 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; XG5Y-S388, 24.400%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 501 | 508 | 508 |
| &nbsp;&nbsp;&nbsp; XG5Y-UL87, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 161 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; XG65-PSER, 13.840%, 9/02/2025 †§x | Affirm | 6/27/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XG68-2O4R, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 322 | 323 | 19 |
| &nbsp;&nbsp;&nbsp; XG6X-NGXD, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XG71-82K4, 19.750%, 1/25/2023 †x#^ | Affirm | 1/31/2022 | 454 | 475 | 27 |
| &nbsp;&nbsp;&nbsp; XG7E-6PJ0, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XG7G-ZOT0, 35.380%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 438 | 406 | 26 |
| &nbsp;&nbsp;&nbsp; XG86-BZNC, 35.150%, 11/06/2025 †§x | Affirm | 5/30/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XG86-J2PV, 29.650%, 5/26/2023 †x#^ | Affirm | 12/02/2021 | 213 | 203 | 13 |
| &nbsp;&nbsp;&nbsp; XG89-GJS5, 35.460%, 8/22/2025 †x#^ | Affirm | 8/26/2024 | 953 | 1007 | 57 |
| &nbsp;&nbsp;&nbsp; XG8D-WV9L, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XG8E-NJ24, 29.570%, 10/25/2025 †§x | Affirm | 10/31/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; XG8J-4WFK, 15.780%, 1/02/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; XG8S-50FP, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 398 | 388 | 390 |
| &nbsp;&nbsp;&nbsp; XG8T-I9QS, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XG8V-TTIH, 11.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XG8W-QW8K, 35.310%, 5/06/2026 †§x | Affirm | 5/30/2025 | 95 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; XG8X-U32M, 14.700%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; XG90-34HH, 29.560%, 8/19/2025 †§x#^ | Affirm | 8/22/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XG95-K488, 29.710%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 56 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XG95-KLOU, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 381 | 381 | 384 |
| &nbsp;&nbsp;&nbsp; XG9B-CXKJ, 29.580%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XG9J-00O1, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 297 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; XG9N-WAON, 15.810%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 225 | 231 | 230 |
| &nbsp;&nbsp;&nbsp; XG9T-5PGN, 29.440%, 11/24/2024 †x#^ | Affirm | 5/30/2023 | 117 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; XG9T-HLMT, 32.500%, 2/26/2026 †x# | Affirm | 8/29/2024 | 822 | 855 |  |
| &nbsp;&nbsp;&nbsp; XG9V-0L4I, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XGA1-SZNN, 29.550%, 4/16/2026 †§x | Affirm | 4/19/2024 | 280 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; XGA2-X630, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 310 | 320 | 323 |
| &nbsp;&nbsp;&nbsp; XGA4-Z9TW, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; XGA6-ODQI, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XGA7-4JBZ, 28.500%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 252 | 264 | 15 |
| &nbsp;&nbsp;&nbsp; XGA7-E41P, 18.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 243 | 251 | 251 |
| &nbsp;&nbsp;&nbsp; XGAH-KZ4A, 5.962%, 4/03/2023 †x#^« | Affirm | 10/06/2022 | 461 | 448 | 28 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8223** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XGAI-FR24, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | $268 | $271 | $272 |
| &nbsp;&nbsp;&nbsp; XGAS-09Z1, 35.750%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; XGAX-KPY7, 26.700%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; XGBB-TU9I, 29.690%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 95 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XGBJ-3VJH, 29.510%, 8/05/2025 †x#^ | Affirm | 12/08/2023 | 186 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; XGBM-HZEX, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 379 | 382 | 382 |
| &nbsp;&nbsp;&nbsp; XGBY-I88Y, 24.400%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 160 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; XGBZ-SASZ, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XGC1-9S8E, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 144 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; XGCA-7SO0, 29.410%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 544 | 507 | 33 |
| &nbsp;&nbsp;&nbsp; XGCA-JUKG, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 289 | 294 | 294 |
| &nbsp;&nbsp;&nbsp; XGCG-E0UR, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; XGCQ-EED1, 15.740%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 42 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; XGCS-5WCG, 24.950%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 467 | 483 | 28 |
| &nbsp;&nbsp;&nbsp; XGCU-1LEP, 27.500%, 9/13/2023 †x#^ | Affirm | 9/16/2022 | 58 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; XGCV-70T9, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 177 | 180 | 179 |
| &nbsp;&nbsp;&nbsp; XGDC-4XN0, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 161 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; XGDG-LI4Z, 29.820%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 80 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; XGDH-YSF1, 35.330%, 6/02/2026 †§x | Affirm | 6/27/2025 | 428 | 421 | 423 |
| &nbsp;&nbsp;&nbsp; XGDY-EVAL, 29.550%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XGE0-W68K, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; XGE1-9HXN, 35.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XGED-S9QE, 29.560%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; XGEG-0VBQ, 29.630%, 3/12/2023 †x#^ | Affirm | 9/15/2022 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XGEK-278K, 35.210%, 12/02/2025 †§x | Affirm | 6/27/2025 | 372 | 375 | 376 |
| &nbsp;&nbsp;&nbsp; XGEQ-V2Q0, 33.950%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 268 | 284 | 16 |
| &nbsp;&nbsp;&nbsp; XGFB-FAY5, 35.780%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 184 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; XGFD-25I1, 29.620%, 9/25/2026 †§x# | Affirm | 9/30/2024 | 228 | 235 | 234 |
| &nbsp;&nbsp;&nbsp; XGFF-1FFA, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 364 | 377 | 381 |
| &nbsp;&nbsp;&nbsp; XGFG-CRSI, 35.240%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 502 | 504 | 30 |
| &nbsp;&nbsp;&nbsp; XGFK-XG8J, 35.250%, 9/20/2025 †x | Affirm | 3/28/2025 | 120 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; XGFL-207J, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XGFL-SGJP, 29.770%, 1/05/2024 †x#^ | Affirm | 1/18/2022 | 40 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; XGFM-TBEG, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 418 | 422 | 422 |
| &nbsp;&nbsp;&nbsp; XGFT-7E61, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 497 | 508 | 508 |
| &nbsp;&nbsp;&nbsp; XGFT-KDO3, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XGFY-0283, 27.950%, 3/25/2027 †§x | Affirm | 3/31/2025 | 557 | 554 | 565 |
| &nbsp;&nbsp;&nbsp; XGFZ-WEI0, 35.570%, 9/24/2025 †§x | Affirm | 9/27/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XGG6-JCDF, 35.390%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 151 | 149 | 151 |
| &nbsp;&nbsp;&nbsp; XGGB-X0FE, 29.650%, 5/12/2023 †x#^ | Affirm | 11/18/2021 | 709 | 746 | 43 |
| &nbsp;&nbsp;&nbsp; XGGF-MT8L, 11.830%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; XGGG-V9UG, 29.580%, 7/09/2025 †x#^ | Affirm | 1/12/2024 | 51 | 53 | 2 |
| &nbsp;&nbsp;&nbsp; XGGI-12RK, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 151 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; XGGL-LH5R, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 32 | 32 | 33 |
| &nbsp;&nbsp;&nbsp; XGGP-IUF6, 15.810%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 292 | 309 | 17 |
| &nbsp;&nbsp;&nbsp; XGGY-0JPU, 32.990%, 12/26/2025 †§x# | Affirm | 7/01/2024 | 106 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; XGH8-YKEN, 22.200%, 9/19/2025 †§x | Affirm | 9/22/2022 | 91 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XGHG-KYUE, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 126 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; XGI3-G9BK, 29.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XGI3-IK9V, 19.900%, 10/17/2024 †x#^ | Affirm | 10/20/2022 | 2039 | 2189 | 122 |
| &nbsp;&nbsp;&nbsp; XGI7-VWVJ, 27.950%, 1/02/2026 †x | Affirm | 7/05/2024 | 2412 | 2398 | 2377 |
| &nbsp;&nbsp;&nbsp; XGIG-ZE8H, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XGII-6U49, 35.830%, 8/28/2024 †x#^ | Affirm | 3/04/2024 | 753 | 773 | 45 |
| &nbsp;&nbsp;&nbsp; XGIJ-XOTF, 20.900%, 2/07/2026 †x | Affirm | 2/26/2025 | 4849 | 4969 | 4998 |
| &nbsp;&nbsp;&nbsp; XGIK-4BUE, 35.620%, 9/03/2026 †§x | Affirm | 3/28/2025 | 279 | 286 | 288 |
| &nbsp;&nbsp;&nbsp; XGIU-FGE4, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 111 | 113 | 70 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8224** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XGJ1-A7Y9, 29.620%, 3/02/2024 †x#^ | Affirm | 9/09/2022 | $258 | $277 | $16 |
| &nbsp;&nbsp;&nbsp; XGJ6-GI22, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 165 | 167 | 166 |
| &nbsp;&nbsp;&nbsp; XGJ9-AG9W, 35.260%, 2/07/2026 †§x | Affirm | 8/29/2025 | 267 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; XGJF-84T8, 29.590%, 12/27/2023 †x#^ | Affirm | 11/03/2022 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; XGJI-DKMV, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; XGJJ-FT9Y, 29.450%, 7/08/2026 †§x | Affirm | 7/31/2025 | 111 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; XGJL-LBVI, 33.180%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 98 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XGJR-21RW, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XGJU-P2OX, 29.390%, 9/07/2022 †x#^ | Affirm | 3/10/2022 | 218 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; XGJY-FTTN, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XGK0-HI8K, 23.400%, 8/11/2026 †x | Affirm | 2/26/2025 | 808 | 834 | 839 |
| &nbsp;&nbsp;&nbsp; XGK1-J6CV, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 233 | 235 | 234 |
| &nbsp;&nbsp;&nbsp; XGKM-905E, 19.820%, 1/28/2027 †§x# | Affirm | 2/26/2025 | 1048 | 982 | 1016 |
| &nbsp;&nbsp;&nbsp; XGLG-JBBQ, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; XGLI-RPXX, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 145 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; XGLM-GDMK, 29.580%, 10/23/2025 †§x | Affirm | 10/28/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XGLY-4DKV, 28.000%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 52 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XGM2-11JZ, 29.500%, 6/05/2024 †x#^ | Affirm | 6/08/2023 | 305 | 298 | 18 |
| &nbsp;&nbsp;&nbsp; XGM3-0NRE, 22.750%, 4/03/2026 †x# | Affirm | 10/07/2024 | 1625 | 1696 | 98 |
| &nbsp;&nbsp;&nbsp; XGM6-JPFK, 33.000%, 3/28/2027 †§x | Affirm | 3/31/2025 | 633 | 630 | 644 |
| &nbsp;&nbsp;&nbsp; XGM8-EPXN, 24.670%, 12/20/2026 †§x | Affirm | 12/27/2024 | 372 | 385 | 387 |
| &nbsp;&nbsp;&nbsp; XGMB-J3A7, 29.910%, 7/28/2022 †x#^ | Affirm | 2/03/2022 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XGME-3AOC, 35.987%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 92 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; XGME-6NNM, 35.560%, 11/15/2026 †§x | Affirm | 11/27/2024 | 542 | 541 | 548 |
| &nbsp;&nbsp;&nbsp; XGMT-DGD3, 29.510%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XGMT-SJG0, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; XGMV-DJA8, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 997 | 1036 | 141 |
| &nbsp;&nbsp;&nbsp; XGN8-J1US, 35.220%, 6/20/2025 †x#^ | Affirm | 3/28/2025 | 71 | 70 | 6 |
| &nbsp;&nbsp;&nbsp; XGND-6DXP, 33.050%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 195 | 201 | 118 |
| &nbsp;&nbsp;&nbsp; XGNI-0XWF, 24.480%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XGNV-SXGE, 23.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 192 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; XGNW-681Y, 35.490%, 9/24/2025 †§x | Affirm | 9/27/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XGNY-SFJJ, 29.510%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 629 | 652 | 38 |
| &nbsp;&nbsp;&nbsp; XGO1-PW6I, 35.520%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 16 | 16 | 2 |
| &nbsp;&nbsp;&nbsp; XGO4-FIX0, 11.820%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; XGO8-M8F2, 29.650%, 9/08/2023 †x#^ | Affirm | 9/12/2022 | 54 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XGO9-MFDE, 35.990%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; XGOC-7Q9H, 33.040%, 10/25/2026 †§x | Affirm | 10/31/2024 | 359 | 357 | 361 |
| &nbsp;&nbsp;&nbsp; XGOM-O2G7, 25.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XGOM-RPFQ, 29.890%, 7/10/2022 †x#^ | Affirm | 1/13/2022 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; XGOZ-I3Q6, 15.780%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 67 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; XGP2-NM1S, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 1017 | 1069 | 61 |
| &nbsp;&nbsp;&nbsp; XGP6-0ANR, 15.700%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 107 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; XGP8-AMEG, 29.460%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; XGPC-J4S9, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XGPI-T9EX, 34.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 603 | 599 | 366 |
| &nbsp;&nbsp;&nbsp; XGPJ-N1S5, 29.410%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 273 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; XGPK-QE4Z, 29.440%, 3/20/2026 †§x | Affirm | 3/28/2025 | 143 | 147 | 149 |
| &nbsp;&nbsp;&nbsp; XGPO-KLE8, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 194 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; XGPP-O5V6, 29.460%, 5/09/2025 †x#^ | Affirm | 5/12/2023 | 603 | 600 | 36 |
| &nbsp;&nbsp;&nbsp; XGPT-29P3, 35.360%, 4/28/2026 †§x# | Affirm | 5/06/2024 | 710 | 713 | 728 |
| &nbsp;&nbsp;&nbsp; XGQ7-68LS, 29.440%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; XGQH-MR0C, 22.860%, 2/07/2026 †§x | Affirm | 2/26/2025 | 82 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XGQJ-QFO9, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 568 | 557 | 553 |
| &nbsp;&nbsp;&nbsp; XGQK-LQRQ, 29.920%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 15 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; XGQM-J2WF, 19.670%, 3/03/2027 †§x | Affirm | 3/28/2025 | 960 | 946 | 961 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8225** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XGQP-0HHC, 29.570%, 11/28/2025 †x# | Affirm | 12/04/2023 | $467 | $491 | $28 |
| &nbsp;&nbsp;&nbsp; XGQX-TBT7, 26.700%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 100 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; XGR2-WLO7, 15.730%, 10/05/2024 †x#^ | Affirm | 10/10/2023 | 134 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; XGR9-5QPA, 35.470%, 12/04/2025 †§x# | Affirm | 12/07/2023 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XGRC-9NC4, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 168 | 168 | 169 |
| &nbsp;&nbsp;&nbsp; XGRC-JQ7U, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 511 | 523 | 526 |
| &nbsp;&nbsp;&nbsp; XGRF-0Y0V, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 174 | 179 | 176 |
| &nbsp;&nbsp;&nbsp; XGRP-PE60, 35.470%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 115 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; XGRX-G6X2, 22.710%, 3/23/2026 †§x | Affirm | 9/26/2024 | 146 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; XGRY-UPM1, 35.430%, 12/28/2025 †§x | Affirm | 1/29/2025 | 64 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XGS6-KCQQ, 35.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XGSC-9EZ9, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 404 | 398 | 396 |
| &nbsp;&nbsp;&nbsp; XGSI-G3ZB, 23.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 520 | 536 | 539 |
| &nbsp;&nbsp;&nbsp; XGSM-B67K, 11.750%, 3/28/2026 †§x | Affirm | 4/22/2025 | 66 | 68 | 70 |
| &nbsp;&nbsp;&nbsp; XGSQ-ONO5, 35.530%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XGT3-HD89, 35.600%, 4/01/2026 †§x | Affirm | 10/04/2024 | 181 | 179 | 178 |
| &nbsp;&nbsp;&nbsp; XGU5-QCT6, 31.000%, 9/03/2026 †§x | Affirm | 3/28/2025 | 474 | 495 | 495 |
| &nbsp;&nbsp;&nbsp; XGUE-M5C2, 29.820%, 7/02/2026 †§x | Affirm | 1/29/2025 | 874 | 900 | 893 |
| &nbsp;&nbsp;&nbsp; XGUL-T87U, 35.990%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 707 | 711 | 78 |
| &nbsp;&nbsp;&nbsp; XGUQ-T88N, 29.720%, 1/08/2026 †§x | Affirm | 1/29/2025 | 111 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; XGUU-RTI5, 32.500%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 454 | 459 | 270 |
| &nbsp;&nbsp;&nbsp; XGUZ-5U00, 33.050%, 1/13/2027 †§x | Affirm | 1/29/2025 | 1041 | 1081 | 1087 |
| &nbsp;&nbsp;&nbsp; XGV2-YC56, 29.038%, 1/11/2026 †§x | Affirm | 1/16/2024 | 569 | 574 | 574 |
| &nbsp;&nbsp;&nbsp; XGV5-Z5BY, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; XGV9-I2WZ, 33.050%, 1/03/2027 †§x | Affirm | 1/29/2025 | 625 | 648 | 651 |
| &nbsp;&nbsp;&nbsp; XGVA-9DMU, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 158 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; XGVD-FG1R, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; XGVF-X21C, 35.760%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; XGVK-CVI0, 23.400%, 11/02/2025 †x# | Affirm | 5/06/2024 | 97 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; XGVV-3E63, 35.310%, 6/12/2025 †x#^ | Affirm | 12/15/2023 | 346 | 354 | 21 |
| &nbsp;&nbsp;&nbsp; XGW7-O036, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XGW9-LUM3, 29.510%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; XGWB-216I, 29.580%, 4/21/2026 †§x | Affirm | 10/24/2024 | 974 | 990 | 980 |
| &nbsp;&nbsp;&nbsp; XGWB-MRC1, 13.840%, 9/28/2026 †§x# | Affirm | 10/02/2023 | 1229 | 1259 | 1267 |
| &nbsp;&nbsp;&nbsp; XGWC-X2SY, 24.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 571 | 589 | 593 |
| &nbsp;&nbsp;&nbsp; XGWD-0K7F, 32.500%, 4/05/2026 †§x# | Affirm | 4/11/2024 | 869 | 874 | 528 |
| &nbsp;&nbsp;&nbsp; XGX9-FLTH, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XGXB-LAXL, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XGXF-O86T, 29.720%, 1/09/2026 †§x | Affirm | 1/29/2025 | 134 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; XGXL-ERD5, 29.200%, 9/25/2026 †§x | Affirm | 9/30/2024 | 510 | 507 | 514 |
| &nbsp;&nbsp;&nbsp; XGXZ-755U, 27.500%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 124 | 131 | 7 |
| &nbsp;&nbsp;&nbsp; XGY6-1IK9, 29.510%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 816 | 857 | 49 |
| &nbsp;&nbsp;&nbsp; XGYF-BOHH, 13.840%, 9/02/2025 †§x | Affirm | 6/27/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XGYI-5K5O, 33.950%, 12/16/2025 †x# | Affirm | 12/27/2024 | 142 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XGYI-KAQZ, 35.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 436 | 442 | 440 |
| &nbsp;&nbsp;&nbsp; XGYK-VG99, 35.720%, 2/10/2026 †§x | Affirm | 2/26/2025 | 142 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; XGYU-4LWN, 29.660%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 353 | 366 | 21 |
| &nbsp;&nbsp;&nbsp; XGYX-H7OK, 29.370%, 9/28/2022 †x#^ | Affirm | 3/31/2022 | 214 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; XGYZ-RQFK, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XGZ8-8NTV, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XGZA-BY8B, 15.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 1397 | 1407 | 1409 |
| &nbsp;&nbsp;&nbsp; XGZD-D23F, 26.700%, 12/27/2025 †§x | Affirm | 7/01/2024 | 496 | 503 | 504 |
| &nbsp;&nbsp;&nbsp; XGZE-UNHV, 27.100%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 153 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; XGZF-0F2M, 29.560%, 4/12/2027 †§x | Affirm | 4/18/2024 | 895 | 910 | 913 |
| &nbsp;&nbsp;&nbsp; XGZI-5DUF, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XGZJ-T2XK, 11.870%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 300 | 315 | 18 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8226** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XGZK-GY91, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | $1805 | $1768 | $1758 |
| &nbsp;&nbsp;&nbsp; XGZM-6TX5, 29.460%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 86 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; XGZN-5W5S, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XGZV-NBDT, 29.480%, 4/28/2025 †x#^ | Affirm | 9/05/2023 | 264 | 274 | 16 |
| &nbsp;&nbsp;&nbsp; XH04-FPMY, 35.280%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; XH0E-48SG, 29.550%, 5/01/2025 †x#^ | Affirm | 5/06/2024 | 469 | 492 | 28 |
| &nbsp;&nbsp;&nbsp; XH0N-JA92, 35.470%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 43 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; XH0Q-MU15, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 167 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; XH0T-B3SM, 29.560%, 4/28/2027 †§x# | Affirm | 5/03/2024 | 770 | 779 | 778 |
| &nbsp;&nbsp;&nbsp; XH22-G5G0, 22.670%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XH22-PJRM, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 146 | 151 | 153 |
| &nbsp;&nbsp;&nbsp; XH23-BUQY, 11.840%, 12/28/2025 †§x | Affirm | 1/29/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XH23-VTS4, 29.490%, 11/06/2025 †§x | Affirm | 5/09/2024 | 152 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; XH28-U6NY, 23.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 179 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; XH2H-KGP7, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XH2J-BZLZ, 28.500%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 1168 | 1153 | 70 |
| &nbsp;&nbsp;&nbsp; XH2L-N6YF, 7.890%, 9/24/2025 †§x | Affirm | 9/27/2024 | 20 | 21 | 20 |
| &nbsp;&nbsp;&nbsp; XH2N-T323, 29.640%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 336 | 337 | 20 |
| &nbsp;&nbsp;&nbsp; XH2S-96WW, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 349 | 346 | 346 |
| &nbsp;&nbsp;&nbsp; XH2W-O09B, 33.050%, 3/17/2026 †§x | Affirm | 9/20/2024 | 124 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XH35-GJ1H, 29.510%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 122 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; XH3H-77AI, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 180 | 187 | 189 |
| &nbsp;&nbsp;&nbsp; XH3T-NLJ1, 22.380%, 10/08/2025 †§x | Affirm | 7/31/2025 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; XH3X-L0OT, 29.670%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; XH40-AKLX, 29.690%, 11/28/2023 †x#^ | Affirm | 12/02/2022 | 132 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; XH42-EIV4, 35.450%, 12/17/2025 †§x | Affirm | 6/21/2024 | 166 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; XH43-VQ7E, 15.820%, 7/13/2026 †§x | Affirm | 1/29/2025 | 237 | 244 | 243 |
| &nbsp;&nbsp;&nbsp; XH4F-LPF3, 29.500%, 2/01/2025 †x#^ | Affirm | 8/04/2023 | 256 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; XH4P-44ID, 28.000%, 4/04/2024 †x#^ | Affirm | 10/07/2022 | 237 | 254 | 14 |
| &nbsp;&nbsp;&nbsp; XH51-YYY4, 15.870%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 596 | 613 | 620 |
| &nbsp;&nbsp;&nbsp; XH5C-10XG, 35.270%, 9/03/2025 †§x | Affirm | 3/28/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XH5G-S2N6, 29.660%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 14 | 15 | 14 |
| &nbsp;&nbsp;&nbsp; XH5N-0WM8, 29.510%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 305 | 302 | 18 |
| &nbsp;&nbsp;&nbsp; XH5P-L1VS, 35.450%, 3/23/2026 †§x | Affirm | 9/26/2024 | 186 | 189 | 187 |
| &nbsp;&nbsp;&nbsp; XH5S-NYZ1, 29.800%, 2/11/2023 †x#^ | Affirm | 2/17/2022 | 277 | 286 | 17 |
| &nbsp;&nbsp;&nbsp; XH5Y-ZU0R, 35.200%, 11/18/2023 †x#^ | Affirm | 8/24/2023 | 327 | 330 | 20 |
| &nbsp;&nbsp;&nbsp; XH6F-97PX, 29.610%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; XH6P-R7CZ, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XH6S-DIRA, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 184 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; XH6W-S08O, 29.910%, 7/09/2023 †x#^ | Affirm | 1/12/2023 | 308 | 309 | 19 |
| &nbsp;&nbsp;&nbsp; XH6Z-9NWC, 35.160%, 11/06/2025 †§x | Affirm | 5/30/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XH73-55I9, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XH73-Q462, 18.900%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; XH78-TCP2, 29.200%, 2/03/2026 †§x | Affirm | 2/26/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XH7E-QL7P, 15.800%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; XH7L-PU2A, 19.700%, 3/03/2026 †§x | Affirm | 3/28/2025 | 96 | 98 | 97 |
| &nbsp;&nbsp;&nbsp; XH7S-GUOE, 29.760%, 10/03/2025 †§x | Affirm | 10/07/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XH8C-2ZSI, 29.570%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 214 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; XH8C-XZGZ, 15.850%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 55 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; XH8E-9KGD, 30.000%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 91 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XH8O-8F69, 23.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 188 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; XH8Q-LD3A, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; XH8T-S2VD, 33.000%, 2/26/2026 †§x | Affirm | 8/29/2024 | 112 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; XH91-9H6X, 34.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 393 | 393 | 24 |
| &nbsp;&nbsp;&nbsp; XH91-9YFO, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; XH9D-EE4H, 35.480%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 243 | 243 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8227** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XH9D-O877, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | $94 | $96 | $97 |
| &nbsp;&nbsp;&nbsp; XH9N-LVWQ, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 151 | 152 | 151 |
| &nbsp;&nbsp;&nbsp; XH9R-RV35, 28.000%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 103 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; XH9U-E8F9, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 328 | 334 | 335 |
| &nbsp;&nbsp;&nbsp; XH9W-F729, 29.360%, 12/02/2025 †§x | Affirm | 6/27/2025 | 131 | 133 | 132 |
| &nbsp;&nbsp;&nbsp; XHA0-VHCO, 35.490%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 46 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; XHA8-3V30, 26.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 31 | 32 | 31 |
| &nbsp;&nbsp;&nbsp; XHAE-O0YV, 35.260%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 153 | 153 | 61 |
| &nbsp;&nbsp;&nbsp; XHAP-I30L, 29.430%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 155 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; XHAV-VPNQ, 35.550%, 2/06/2026 †x | Affirm | 1/29/2025 | 68 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; XHAZ-4YTC, 29.790%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 68 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XHB2-2T33, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; XHB9-C8LM, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; XHBB-B28A, 11.870%, 7/13/2026 †§x | Affirm | 1/29/2025 | 235 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; XHBR-MFSK, 33.500%, 11/11/2024 †x#^ | Affirm | 5/15/2023 | 966 | 972 | 58 |
| &nbsp;&nbsp;&nbsp; XHBV-VSX5, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; XHCI-5HR1, 35.300%, 3/28/2027 †x# | Affirm | 3/31/2025 | 858 | 853 | 62 |
| &nbsp;&nbsp;&nbsp; XHCQ-3TA1, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 45 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; XHCR-JXFJ, 29.550%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 159 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; XHCR-M9U5, 32.000%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 159 | 156 | 10 |
| &nbsp;&nbsp;&nbsp; XHD2-RDFK, 33.050%, 2/16/2025 †x#^ | Affirm | 8/22/2024 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; XHDF-9I82, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; XHDI-5G3U, 6.453%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 342 | 338 | 335 |
| &nbsp;&nbsp;&nbsp; XHDJ-EM46, 30.000%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 193 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; XHDY-P90A, 22.900%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 69 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; XHE1-8WKX, 35.240%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XHE1-NGKD, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; XHE4-ZL5Z, 29.420%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 99 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; XHEG-JFWN, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 66 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XHEK-HV35, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XHEQ-2A95, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 605 | 609 | 610 |
| &nbsp;&nbsp;&nbsp; XHEZ-MQW7, 31.000%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 680 | 689 | 692 |
| &nbsp;&nbsp;&nbsp; XHF3-IHDF, 32.500%, 8/16/2026 †§x | Affirm | 8/22/2024 | 266 | 264 | 265 |
| &nbsp;&nbsp;&nbsp; XHFS-9GTA, 29.530%, 8/28/2026 †§x# | Affirm | 9/01/2023 | 512 | 535 | 541 |
| &nbsp;&nbsp;&nbsp; XHFV-9SG1, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XHFV-XRGD, 27.497%, 2/28/2023 †x#^« | Affirm | 12/05/2022 | 150 | 142 | 9 |
| &nbsp;&nbsp;&nbsp; XHFX-4M0W, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 281 | 277 | 275 |
| &nbsp;&nbsp;&nbsp; XHG9-A1I7, 24.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XHGA-7XCF, 29.590%, 10/25/2023 †x#^ | Affirm | 10/28/2022 | 2917 | 3057 | 175 |
| &nbsp;&nbsp;&nbsp; XHGM-RMBN, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 103 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; XHH0-N9Z5, 35.240%, 3/20/2026 †§x | Affirm | 3/28/2025 | 99 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; XHH7-KG5R, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 106 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; XHHE-M3WK, 29.450%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 455 | 471 | 27 |
| &nbsp;&nbsp;&nbsp; XHHF-0P3A, 30.000%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; XHHK-TB5X, 35.370%, 11/06/2025 †§x | Affirm | 5/10/2024 | 55 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; XHHO-WG2T, 35.440%, 12/24/2025 †§x | Affirm | 6/27/2024 | 73 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XHHS-ISE9, 33.950%, 1/06/2028 †§x | Affirm | 1/29/2025 | 526 | 539 | 540 |
| &nbsp;&nbsp;&nbsp; XHHX-9UD6, 35.310%, 5/23/2025 †x#^ | Affirm | 5/28/2024 | 95 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; XHIG-U0RZ, 26.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XHIH-FSL7, 35.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XHIH-IF45, 29.500%, 3/14/2026 †§x | Affirm | 3/18/2024 | 553 | 560 | 562 |
| &nbsp;&nbsp;&nbsp; XHIX-CSU7, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 210 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; XHJ0-WDUY, 35.550%, 12/18/2025 †§x | Affirm | 12/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XHJD-FU9Q, 35.000%, 11/23/2024 †x#^ | Affirm | 5/28/2024 | 317 | 314 | 19 |
| &nbsp;&nbsp;&nbsp; XHJF-J02Q, 24.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 153 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; XHJX-BQG1, 27.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 574 | 577 | 574 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8228** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XHK3-0Z4X, 33.950%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | $38 | $38 | $2 |
| &nbsp;&nbsp;&nbsp; XHKF-UZTG, 28.500%, 6/01/2023 †x#^ | Affirm | 6/06/2022 | 235 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; XHKG-I8AC, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 109 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; XHKG-VXJF, 33.050%, 5/13/2026 †§x | Affirm | 11/27/2024 | 198 | 203 | 200 |
| &nbsp;&nbsp;&nbsp; XHKM-LV9D, 35.150%, 9/20/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XHKP-KAF1, 29.590%, 10/18/2026 †§x | Affirm | 10/24/2024 | 774 | 799 | 801 |
| &nbsp;&nbsp;&nbsp; XHKQ-5ROH, 33.050%, 12/02/2026 †§x | Affirm | 6/27/2025 | 424 | 446 | 450 |
| &nbsp;&nbsp;&nbsp; XHKY-IDB0, 29.630%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XHL0-K3XV, 35.300%, 3/06/2026 †§x | Affirm | 3/11/2024 | 280 | 281 | 283 |
| &nbsp;&nbsp;&nbsp; XHLA-Y2PH, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XHLJ-ZNPE, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; XHLK-WQBO, 35.670%, 9/03/2026 †§x | Affirm | 3/28/2025 | 227 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; XHLO-5Z92, 15.790%, 10/21/2025 †§x | Affirm | 10/24/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XHLU-ARXR, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XHM2-9U0J, 31.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 1962 | 2021 | 2006 |
| &nbsp;&nbsp;&nbsp; XHM7-BWL8, 35.570%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 148 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XHM8-AYR2, 15.810%, 9/19/2025 †§x | Affirm | 9/23/2024 | 184 | 184 | 183 |
| &nbsp;&nbsp;&nbsp; XHMB-FHAA, 26.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 7 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; XHMD-SVBY, 5.858%, 9/07/2024 †x#^« | Affirm | 9/11/2023 | 2606 | 2463 | 156 |
| &nbsp;&nbsp;&nbsp; XHMI-RYC1, 29.530%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 50 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XHMK-T31N, 35.000%, 8/07/2025 †§x#^ | Affirm | 2/26/2025 | 28 | 28 | 6 |
| &nbsp;&nbsp;&nbsp; XHMO-VCEG, 35.990%, 8/07/2025 †§x#^ | Affirm | 2/26/2025 | 16 | 16 | 2 |
| &nbsp;&nbsp;&nbsp; XHMV-KD4E, 30.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 253 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; XHN0-66J6, 33.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XHN1-LYBY, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 8 | 8 | 9 |
| &nbsp;&nbsp;&nbsp; XHN5-3H5V, 35.730%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XHNL-1TIQ, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 2179 | 2154 | 131 |
| &nbsp;&nbsp;&nbsp; XHNT-NZ0X, 35.560%, 3/21/2025 †x#^ | Affirm | 2/26/2024 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XHNX-LWHW, 29.360%, 11/06/2025 †§x | Affirm | 5/30/2025 | 142 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; XHO7-0EEK, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 68 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; XHOD-21FL, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 123 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; XHOG-IF8N, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 155 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; XHOH-W0DH, 28.000%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 210 | 207 | 13 |
| &nbsp;&nbsp;&nbsp; XHOI-WVYO, 35.300%, 4/05/2026 †§x | Affirm | 4/15/2024 | 168 | 169 | 171 |
| &nbsp;&nbsp;&nbsp; XHON-TGHL, 33.000%, 9/17/2025 †§x | Affirm | 9/20/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XHOO-OMOZ, 33.000%, 1/08/2026 †§x | Affirm | 1/11/2024 | 686 | 686 | 424 |
| &nbsp;&nbsp;&nbsp; XHOP-YQLH, 29.500%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 1082 | 1131 | 65 |
| &nbsp;&nbsp;&nbsp; XHOQ-0KTC, 35.330%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 179 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; XHOX-3M5Z, 14.700%, 5/03/2026 †§x | Affirm | 5/11/2023 | 342 | 348 | 349 |
| &nbsp;&nbsp;&nbsp; XHPB-1YTF, 18.000%, 9/28/2025 †§x | Affirm | 3/31/2025 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; XHPC-3TIP, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 367 | 357 | 355 |
| &nbsp;&nbsp;&nbsp; XHPK-6N93, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 121 | 122 | 120 |
| &nbsp;&nbsp;&nbsp; XHPL-AP4K, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 465 | 473 | 470 |
| &nbsp;&nbsp;&nbsp; XHPQ-J0FS, 22.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XHQ7-BVEN, 28.000%, 10/25/2024 †x#^ | Affirm | 11/03/2022 | 604 | 658 | 36 |
| &nbsp;&nbsp;&nbsp; XHQ8-XAZF, 13.234%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; XHQD-9SVU, 30.000%, 9/04/2022 †x#^ | Affirm | 3/10/2022 | 275 | 283 | 17 |
| &nbsp;&nbsp;&nbsp; XHQE-Q5EF, 29.290%, 1/08/2026 †§x | Affirm | 7/31/2025 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; XHQL-X8YW, 29.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XHR5-CMT4, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 130 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; XHR6-ZJD3, 33.050%, 4/17/2027 †§x | Affirm | 4/22/2024 | 614 | 624 | 619 |
| &nbsp;&nbsp;&nbsp; XHR7-76TD, 32.500%, 6/20/2026 †§x# | Affirm | 6/24/2024 | 521 | 518 | 524 |
| &nbsp;&nbsp;&nbsp; XHR9-SGQ9, 35.500%, 10/03/2025 †x# | Affirm | 10/07/2024 | 208 | 216 | 56 |
| &nbsp;&nbsp;&nbsp; XHRC-YKPI, 15.920%, 10/02/2025 †§x | Affirm | 10/07/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XHRD-NBS7, 29.550%, 2/22/2026 †§x | Affirm | 8/26/2024 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XHRO-PPVJ, 29.620%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 72 | 71 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8229** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XHS3-4H2Q, 29.590%, 12/02/2026 †§x | Affirm | 6/27/2025 | $142 | $150 | $148 |
| &nbsp;&nbsp;&nbsp; XHS9-TULC, 35.430%, 12/28/2025 †§x | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XHSA-ZHHF, 29.440%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; XHSC-EO1Q, 22.900%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XHSD-XO8W, 32.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 626 | 632 | 633 |
| &nbsp;&nbsp;&nbsp; XHSH-OEVX, 26.500%, 4/22/2023 †x#^ | Affirm | 4/28/2022 | 284 | 298 | 17 |
| &nbsp;&nbsp;&nbsp; XHSK-MOQF, 26.200%, 1/02/2026 †x# | Affirm | 1/29/2025 | 5076 | 4991 | 305 |
| &nbsp;&nbsp;&nbsp; XHSQ-M792, 33.050%, 5/15/2026 †x# | Affirm | 11/27/2024 | 245 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; XHSZ-RL2K, 24.950%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 1611 | 1615 | 199 |
| &nbsp;&nbsp;&nbsp; XHT3-ECNW, 35.210%, 12/02/2025 †§x | Affirm | 6/27/2025 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; XHT6-P98D, 29.380%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; XHTM-ZNPY, 29.520%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 654 | 646 | 39 |
| &nbsp;&nbsp;&nbsp; XHTP-2VQD, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 1283 | 1267 | 77 |
| &nbsp;&nbsp;&nbsp; XHU1-XFUF, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XHUJ-0IUD, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XHV1-HYO2, 29.510%, 6/11/2023 †x#^ | Affirm | 4/14/2022 | 467 | 461 | 28 |
| &nbsp;&nbsp;&nbsp; XHVA-BDSV, 29.650%, 9/23/2023 †x#^ | Affirm | 9/29/2022 | 838 | 828 | 50 |
| &nbsp;&nbsp;&nbsp; XHVC-6N2F, 22.710%, 12/09/2025 †§x | Affirm | 12/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XHVH-5Z1F, 15.690%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 866 | 883 | 885 |
| &nbsp;&nbsp;&nbsp; XHVI-R84O, 24.500%, 3/03/2026 †§x | Affirm | 3/28/2025 | 95 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XHVP-ANLN, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 233 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; XHVV-NFJW, 22.830%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XHVZ-QMXM, 35.550%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; XHWI-1GK1, 35.430%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 244 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; XHWK-3ZO1, 19.700%, 5/06/2026 †§x | Affirm | 5/30/2025 | 274 | 281 | 282 |
| &nbsp;&nbsp;&nbsp; XHWL-8COF, 35.490%, 7/04/2025 †x#^ | Affirm | 1/08/2024 | 217 | 222 | 19 |
| &nbsp;&nbsp;&nbsp; XHWN-J84N, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | 347 | 345 | 345 |
| &nbsp;&nbsp;&nbsp; XHWR-YI1E, 29.790%, 2/10/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; XHWU-VODG, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XHX2-DRU6, 18.000%, 5/06/2026 †§x | Affirm | 5/09/2024 | 1534 | 1559 | 1562 |
| &nbsp;&nbsp;&nbsp; XHX3-7L4U, 35.390%, 3/28/2027 †x# | Affirm | 3/31/2025 | 3661 | 3845 | 3915 |
| &nbsp;&nbsp;&nbsp; XHX4-48TA, 23.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XHX8-YBKQ, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 85 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; XHXF-8SJW, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 24 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XHXQ-N6MM, 15.870%, 5/28/2023 †x#^ | Affirm | 12/02/2022 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; XHXR-BKMS, 29.410%, 5/25/2024 †x#^ | Affirm | 6/02/2023 | 1173 | 1092 | 70 |
| &nbsp;&nbsp;&nbsp; XHXS-RB4H, 24.400%, 9/28/2025 †x# | Affirm | 10/05/2023 | 502 | 502 | 506 |
| &nbsp;&nbsp;&nbsp; XHXU-ATG2, 15.800%, 6/19/2026 †§x | Affirm | 12/27/2024 | 141 | 144 | 143 |
| &nbsp;&nbsp;&nbsp; XHY6-ZIR6, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; XHYE-QHLU, 29.550%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 162 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; XHYG-JRM0, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 64 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; XHYR-5MF9, 29.440%, 5/13/2023 †x#^ | Affirm | 5/19/2022 | 152 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; XHYV-IT4C, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 2110 | 2081 | 2073 |
| &nbsp;&nbsp;&nbsp; XHYZ-YNCI, 35.520%, 12/18/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XHZ5-D3SB, 24.400%, 1/08/2026 †§x | Affirm | 1/29/2025 | 299 | 303 | 303 |
| &nbsp;&nbsp;&nbsp; XHZF-177L, 29.700%, 6/16/2023 †x#^ | Affirm | 12/22/2022 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XHZY-4XO8, 15.770%, 8/19/2026 †§x | Affirm | 8/22/2024 | 1043 | 1038 | 1050 |
| &nbsp;&nbsp;&nbsp; XI00-3K9U, 35.380%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 236 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; XI03-19B8, 35.950%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 1197 | 1189 | 72 |
| &nbsp;&nbsp;&nbsp; XI03-9I4J, 35.470%, 1/03/2025 †x#^ | Affirm | 1/08/2024 | 277 | 285 | 17 |
| &nbsp;&nbsp;&nbsp; XI05-CE2G, 18.000%, 2/10/2028 †§x | Affirm | 2/26/2025 | 1726 | 1805 | 1824 |
| &nbsp;&nbsp;&nbsp; XI0L-2N45, 35.480%, 10/03/2025 †§x | Affirm | 10/07/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XI0M-C9H2, 35.490%, 10/28/2025 †x# | Affirm | 10/31/2024 | 86 | 86 | 15 |
| &nbsp;&nbsp;&nbsp; XI0O-EYRG, 29.150%, 10/08/2025 †§x | Affirm | 7/31/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XI0S-C74L, 35.310%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 147 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; XI1L-5RXI, 34.000%, 5/24/2027 †x | Affirm | 5/31/2024 | 4212 | 4141 | 4292 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8230** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XI1O-C5SP, 23.400%, 7/23/2026 †§x | Affirm | 7/26/2024 | $371 | $380 | $382 |
| &nbsp;&nbsp;&nbsp; XI1U-41MI, 32.990%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 72 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; XI1V-AIK8, 29.550%, 12/24/2025 †x# | Affirm | 6/27/2024 | 211 | 224 | 57 |
| &nbsp;&nbsp;&nbsp; XI23-ASWS, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 132 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; XI25-7RFN, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XI28-6XV0, 29.600%, 12/20/2023 †x#^ | Affirm | 12/23/2021 | 101 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XI2L-P1PN, 22.750%, 3/20/2026 †§x | Affirm | 3/28/2025 | 124 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; XI2N-JEIO, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 191 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; XI3E-RU1F, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XI3G-A1BY, 30.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 117 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; XI3H-H2MT, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 99 | 100 | 98 |
| &nbsp;&nbsp;&nbsp; XI3Y-NG91, 15.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XI41-4TVY, 35.440%, 10/17/2025 †x# | Affirm | 4/22/2024 | 594 | 614 | 36 |
| &nbsp;&nbsp;&nbsp; XI42-IFMB, 26.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 71 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; XI44-KNAU, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; XI45-ZI46, 30.500%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 299 | 315 | 18 |
| &nbsp;&nbsp;&nbsp; XI48-OMA9, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XI4D-6ZED, 29.600%, 12/19/2026 †x# | Affirm | 12/27/2024 | 551 | 580 |  |
| &nbsp;&nbsp;&nbsp; XI4D-RUYL, 35.500%, 9/23/2025 †x# | Affirm | 9/26/2024 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XI4E-VPO6, 33.950%, 3/23/2026 †x# | Affirm | 9/26/2024 | 186 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; XI4F-6W2J, 32.500%, 12/19/2026 †§x | Affirm | 12/27/2024 | 336 | 336 | 339 |
| &nbsp;&nbsp;&nbsp; XI4O-IRQX, 35.580%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 466 | 431 | 28 |
| &nbsp;&nbsp;&nbsp; XI4Q-79WQ, 29.920%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; XI4S-WN1Z, 22.750%, 11/08/2025 †§x | Affirm | 11/27/2024 | 185 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; XI4T-U1WU, 29.560%, 8/28/2024 †x#^ | Affirm | 9/01/2022 | 669 | 729 | 40 |
| &nbsp;&nbsp;&nbsp; XI4U-HM1K, 32.000%, 12/12/2025 †§x | Affirm | 12/27/2024 | 295 | 300 | 300 |
| &nbsp;&nbsp;&nbsp; XI4W-HLZK, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1105 | 1124 | 1124 |
| &nbsp;&nbsp;&nbsp; XI5H-OWZ0, 29.600%, 1/06/2026 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XI5P-KON7, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 119 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; XI5T-3W87, 28.500%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 315 | 326 | 19 |
| &nbsp;&nbsp;&nbsp; XI5V-AYY0, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XI5X-1JLH, 29.540%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 351 | 347 | 21 |
| &nbsp;&nbsp;&nbsp; XI66-E6J2, 29.700%, 11/14/2025 †§x | Affirm | 11/27/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XI66-LKYX, 15.810%, 9/23/2025 †§x | Affirm | 9/26/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XI6H-XXE4, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XI6I-SS09, 29.680%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 60 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; XI6L-D5T0, 28.000%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XI6N-6FVA, 29.620%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 100 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; XI7T-VSK6, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 186 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; XI7W-6CRL, 29.700%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 165 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; XI7X-XO0B, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 132 | 127 | 130 |
| &nbsp;&nbsp;&nbsp; XI81-4WYN, 29.720%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 93 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; XI83-P7JT, 32.920%, 7/08/2026 †§x | Affirm | 7/31/2025 | 144 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; XI86-EOQB, 29.800%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 160 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; XI8J-2HKT, 29.240%, 9/01/2024 †x#^ | Affirm | 3/06/2023 | 118 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; XI8M-IUOF, 33.000%, 3/26/2026 †§x# | Affirm | 9/30/2024 | 146 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; XI8S-5OCK, 13.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; XI8W-SPNY, 7.860%, 1/08/2027 †§x | Affirm | 7/31/2025 | 1326 | 1380 | 1389 |
| &nbsp;&nbsp;&nbsp; XI8Z-NKOD, 35.110%, 9/02/2025 †x | Affirm | 6/27/2025 | 113 | 112 | 29 |
| &nbsp;&nbsp;&nbsp; XI90-N0I8, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 98 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XI9B-90C3, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XI9I-IADX, 19.900%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 228 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; XI9J-E0C2, 35.470%, 9/23/2025 †§x | Affirm | 9/26/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XI9U-D3T3, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; XI9V-I715, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XIA7-31DC, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 194 | 199 | 199 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8231** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XIA8-7JBP, 14.700%, 2/16/2026 †§x | Affirm | 8/22/2024 | $134 | $135 | $135 |
| &nbsp;&nbsp;&nbsp; XIAE-H12J, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XIAI-7DFR, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XIB1-VOR9, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; XIB6-TSR3, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 45 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; XIB7-HCYM, 23.400%, 9/26/2025 †§x | Affirm | 9/30/2024 | 33 | 33 | 34 |
| &nbsp;&nbsp;&nbsp; XIBF-OI1H, 30.500%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 463 | 489 | 28 |
| &nbsp;&nbsp;&nbsp; XIBR-7408, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XIBV-KKMQ, 4.920%, 1/19/2027 †§x | Affirm | 1/23/2023 | 1654 | 1654 | 1607 |
| &nbsp;&nbsp;&nbsp; XIC0-UFJX, 33.500%, 10/01/2024 †x#^ | Affirm | 4/04/2024 | 804 | 797 | 48 |
| &nbsp;&nbsp;&nbsp; XIC5-5QG1, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; XIC6-FNU9, 35.480%, 10/21/2025 †x# | Affirm | 10/24/2024 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; XIC8-ODU4, 29.290%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 179 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; XICI-Z82T, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 1984 | 1897 | 119 |
| &nbsp;&nbsp;&nbsp; XICO-NFXC, 25.900%, 1/27/2026 †§x | Affirm | 2/26/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; XICX-7NQE, 29.470%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 85 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; XID3-0AF4, 35.270%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 76 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; XID3-UZ32, 29.490%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 66 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XIDA-YJMQ, 6.228%, 3/04/2026 †§x« | Affirm | 3/28/2025 | 118 | 114 | 113 |
| &nbsp;&nbsp;&nbsp; XIDI-Y1O6, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 889 | 932 | 53 |
| &nbsp;&nbsp;&nbsp; XIDJ-8OTQ, 32.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 246 | 247 | 249 |
| &nbsp;&nbsp;&nbsp; XIDK-BJJS, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XIDK-EZ2C, 35.660%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 46 | 47 |  |
| &nbsp;&nbsp;&nbsp; XIDO-3G3Y, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; XIDO-9NWS, 29.470%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; XIE0-OY99, 18.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 136 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; XIE9-CTEP, 29.820%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 330 | 339 | 337 |
| &nbsp;&nbsp;&nbsp; XIEH-YWAK, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XIEN-EU28, 22.200%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 598 | 646 | 36 |
| &nbsp;&nbsp;&nbsp; XIEO-RXRU, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; XIET-T87B, 35.530%, 12/18/2025 †§x | Affirm | 12/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XIF3-VBV6, 19.700%, 4/21/2027 †§x | Affirm | 4/27/2023 | 1191 | 1245 | 1211 |
| &nbsp;&nbsp;&nbsp; XIF9-OGX2, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 191 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; XIFA-68QL, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 142 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; XIFA-ZVKZ, 25.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XIFW-LKZF, 29.630%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 66 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XIG0-H2MO, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 29 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; XIG3-YBKY, 29.530%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XIG4-K4RK, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 396 | 400 | 402 |
| &nbsp;&nbsp;&nbsp; XIG8-NGS3, 32.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 158 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; XIGD-MRYF, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 108 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; XIGI-A4WE, 29.580%, 4/18/2026 †§x | Affirm | 10/24/2024 | 181 | 185 | 185 |
| &nbsp;&nbsp;&nbsp; XIGV-B4SA, 29.510%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 559 | 565 | 34 |
| &nbsp;&nbsp;&nbsp; XIHP-5QKB, 29.480%, 8/09/2024 †x#^ | Affirm | 8/14/2023 | 99 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; XIHX-PMJT, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 219 | 223 | 222 |
| &nbsp;&nbsp;&nbsp; XII7-URJV, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 150 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; XIIH-9ZQN, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 132 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; XIIU-FAJ8, 29.600%, 10/28/2025 †x# | Affirm | 10/31/2024 | 60 | 59 | 57 |
| &nbsp;&nbsp;&nbsp; XIJ0-OEAQ, 32.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 349 | 358 | 360 |
| &nbsp;&nbsp;&nbsp; XIJ3-L3SJ, 35.590%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 26 | 27 |  |
| &nbsp;&nbsp;&nbsp; XIJ3-UQQA, 15.800%, 9/24/2026 †§x | Affirm | 9/27/2024 | 460 | 474 | 476 |
| &nbsp;&nbsp;&nbsp; XIJH-4NXI, 21.900%, 3/28/2027 †§x | Affirm | 4/03/2023 | 770 | 805 | 787 |
| &nbsp;&nbsp;&nbsp; XIJK-YUJK, 21.900%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 321 | 317 | 19 |
| &nbsp;&nbsp;&nbsp; XIJM-N7RX, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 415 | 408 | 411 |
| &nbsp;&nbsp;&nbsp; XIJY-WSFL, 35.770%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 240 | 246 | 244 |
| &nbsp;&nbsp;&nbsp; XIJZ-TP17, 29.340%, 11/16/2022 †x#^ | Affirm | 5/19/2022 | 151 | 154 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8232** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XIK9-X6HX, 29.730%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | $140 | $147 | $8 |
| &nbsp;&nbsp;&nbsp; XIKH-49TU, 35.650%, 2/06/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XIKH-M1GJ, 15.920%, 10/03/2025 †§x | Affirm | 10/07/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XIKN-HGVR, 29.420%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 135 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; XIKT-F0TW, 25.990%, 2/07/2026 †§x | Affirm | 2/26/2025 | 395 | 404 | 406 |
| &nbsp;&nbsp;&nbsp; XIL2-QGIA, 25.900%, 10/02/2025 †§x | Affirm | 10/07/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XIL9-2AJO, 25.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XIM1-B3PU, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 53 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XIM4-ZK4O, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XIMC-H9JJ, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 233 | 239 | 239 |
| &nbsp;&nbsp;&nbsp; XIMY-HQ6I, 33.950%, 9/28/2025 †§x | Affirm | 3/31/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XIN5-S78F, 35.400%, 4/28/2026 †§x | Affirm | 10/31/2024 | 163 | 161 | 163 |
| &nbsp;&nbsp;&nbsp; XIN7-B0SW, 24.400%, 9/26/2025 †§x | Affirm | 9/30/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XIN8-R8L0, 30.000%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 419 | 417 | 25 |
| &nbsp;&nbsp;&nbsp; XIND-DCK1, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XINH-QT6W, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; XINL-6L0K, 21.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 229 | 234 | 234 |
| &nbsp;&nbsp;&nbsp; XINQ-BKGC, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 145 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; XINZ-B5WB, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 335 | 350 | 20 |
| &nbsp;&nbsp;&nbsp; XIO2-YIZP, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1495 | 1544 | 1557 |
| &nbsp;&nbsp;&nbsp; XIOB-2W2Y, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XIOC-4FDI, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 125 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XIOI-KKVO, 32.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XIOP-SKJP, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 632 | 642 | 640 |
| &nbsp;&nbsp;&nbsp; XIOP-TIAU, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 203 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; XIOU-EL6N, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1258 | 1280 | 1274 |
| &nbsp;&nbsp;&nbsp; XIOV-OUDB, 29.200%, 2/10/2026 †x# | Affirm | 2/26/2025 | 848 | 843 | 51 |
| &nbsp;&nbsp;&nbsp; XIOW-NUCE, 29.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; XIOX-1839, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 88 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; XIP0-8Q5V, 22.540%, 3/20/2026 †§x | Affirm | 3/28/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XIP3-629U, 35.660%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 20 | 20 | 2 |
| &nbsp;&nbsp;&nbsp; XIPB-8GT0, 22.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XIPG-FELF, 35.950%, 4/08/2025 †x#^ | Affirm | 1/29/2025 | 25 | 24 | 2 |
| &nbsp;&nbsp;&nbsp; XIPH-1XL7, 35.630%, 1/28/2026 †x# | Affirm | 2/26/2025 | 54 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XIPK-79XG, 29.610%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 105 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XIPL-IMEV, 35.580%, 7/04/2024 †x#^ | Affirm | 1/08/2024 | 189 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; XIPO-HT3Q, 33.950%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 71 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; XIPR-S5MU, 15.770%, 8/27/2026 †§x# | Affirm | 8/30/2024 | 1084 | 1077 | 1094 |
| &nbsp;&nbsp;&nbsp; XIQ6-4Y3E, 26.500%, 9/23/2025 †§x# | Affirm | 9/29/2022 | 43 | 46 | 11 |
| &nbsp;&nbsp;&nbsp; XIQE-ME2Y, 26.900%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XIQN-U3QD, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 940 | 914 | 908 |
| &nbsp;&nbsp;&nbsp; XIQO-1D1G, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 111 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; XIQO-IXEE, 23.400%, 12/27/2025 †§x | Affirm | 1/02/2024 | 115 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; XIQO-QCJN, 29.610%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 297 | 284 | 18 |
| &nbsp;&nbsp;&nbsp; XIQP-3DTD, 28.500%, 10/25/2022 †x#^ | Affirm | 4/28/2022 | 682 | 701 | 41 |
| &nbsp;&nbsp;&nbsp; XIQP-JOMD, 29.000%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 235 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; XIR7-HP9F, 32.500%, 11/23/2026 †x | Affirm | 10/28/2024 | 668 | 662 | 672 |
| &nbsp;&nbsp;&nbsp; XIRB-1AXD, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 290 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; XIRI-S1EP, 5.917%, 6/12/2023 †x#^« | Affirm | 12/15/2022 | 585 | 568 | 35 |
| &nbsp;&nbsp;&nbsp; XIRJ-VBJU, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 206 | 212 | 210 |
| &nbsp;&nbsp;&nbsp; XIRT-PU1E, 35.630%, 1/02/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; XIRX-6TE7, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XIS8-D9ND, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XISI-PU06, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; XISJ-PC3L, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 493 | 491 | 493 |
| &nbsp;&nbsp;&nbsp; XITD-5I7N, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 152 | 156 | 157 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8233** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XITF-J3PA, 29.520%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | $441 | $436 | $26 |
| &nbsp;&nbsp;&nbsp; XITL-1INK, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 358 | 361 | 358 |
| &nbsp;&nbsp;&nbsp; XITL-2RL5, 32.500%, 11/21/2025 †§x | Affirm | 5/24/2024 | 101 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XITU-JFKM, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 164 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; XITV-QI5T, 29.410%, 3/28/2026 †§x | Affirm | 4/22/2025 | 72 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; XITW-GWQ9, 35.470%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XIUF-H358, 15.690%, 3/28/2026 †x# | Affirm | 3/31/2025 | 2496 | 2501 | 940 |
| &nbsp;&nbsp;&nbsp; XIUH-Q4VD, 29.000%, 12/26/2024 †x#^ | Affirm | 6/29/2023 | 327 | 330 | 20 |
| &nbsp;&nbsp;&nbsp; XIUR-COX3, 20.900%, 9/16/2025 †§x | Affirm | 9/19/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XIV1-B52X, 33.050%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 564 | 575 | 324 |
| &nbsp;&nbsp;&nbsp; XIV5-BD7R, 35.570%, 9/16/2025 †§x | Affirm | 9/19/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XIVM-L19H, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 159 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; XIVM-RWD0, 35.380%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 82 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; XIWG-WHZZ, 8.990%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 132 | 128 | 127 |
| &nbsp;&nbsp;&nbsp; XIWH-S5QK, 33.050%, 7/08/2026 †x# | Affirm | 7/31/2025 | 128 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; XIWK-952Y, 29.680%, 4/26/2023 †x#^ | Affirm | 12/02/2021 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; XIWL-CTUA, 30.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 251 | 254 | 254 |
| &nbsp;&nbsp;&nbsp; XIWM-88VA, 35.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XIWM-M3OW, 29.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 269 | 273 | 272 |
| &nbsp;&nbsp;&nbsp; XIWN-0BZV, 35.510%, 6/05/2025 †x#^ | Affirm | 1/11/2024 | 96 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; XIWO-36FW, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 213 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; XIX7-ZVDL, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XIXH-YZB6, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 200 | 206 | 208 |
| &nbsp;&nbsp;&nbsp; XIXN-W7MU, 29.660%, 7/29/2022 †x#^ | Affirm | 5/05/2022 | 271 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; XIXO-TCAM, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; XIXS-JPU4, 24.400%, 1/02/2026 †§x | Affirm | 1/05/2024 | 138 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; XIXX-1PKF, 32.500%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 749 | 762 | 764 |
| &nbsp;&nbsp;&nbsp; XIXY-2PTY, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 336 | 332 | 20 |
| &nbsp;&nbsp;&nbsp; XIY0-ARAZ, 27.500%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 441 | 477 | 26 |
| &nbsp;&nbsp;&nbsp; XIY8-WPM8, 29.460%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 575 | 573 | 35 |
| &nbsp;&nbsp;&nbsp; XIYB-BJYA, 33.010%, 6/24/2026 †§x | Affirm | 6/27/2024 | 763 | 758 | 772 |
| &nbsp;&nbsp;&nbsp; XIYK-OR3Y, 35.360%, 11/01/2025 †x# | Affirm | 5/06/2024 | 268 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; XIZ2-E86K, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XIZN-NU7L, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 156 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; XIZU-77F3, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XIZV-LULN, 13.840%, 2/23/2026 †§x# | Affirm | 8/29/2024 | 417 | 422 | 423 |
| &nbsp;&nbsp;&nbsp; XIZZ-88BG, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XJ07-3R6Z, 15.860%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 119 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; XJ0M-TROF, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XJ0W-YZXN, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 164 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; XJ11-B1IV, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XJ12-JNBQ, 11.240%, 11/30/2022 †x#^« | Affirm | 9/06/2022 | 180 | 175 | 11 |
| &nbsp;&nbsp;&nbsp; XJ15-SJMQ, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 1560 | 1593 | 1604 |
| &nbsp;&nbsp;&nbsp; XJ19-0IQK, 29.730%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; XJ1I-LNQL, 23.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XJ1L-RBCT, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 374 | 382 | 382 |
| &nbsp;&nbsp;&nbsp; XJ1L-YHEV, 29.390%, 2/06/2026 †§x | Affirm | 8/29/2025 | 230 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; XJ1M-ND2Y, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 123 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; XJ1M-O5B3, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1156 | 1164 | 1164 |
| &nbsp;&nbsp;&nbsp; XJ1N-F99Z, 35.210%, 11/06/2025 †§x | Affirm | 5/30/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XJ1P-OI1A, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 144 | 147 | 146 |
| &nbsp;&nbsp;&nbsp; XJ1R-59RT, 26.900%, 1/08/2026 †x# | Affirm | 1/29/2025 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XJ1V-O50B, 22.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XJ1W-ZW2H, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 305 | 303 | 302 |
| &nbsp;&nbsp;&nbsp; XJ22-73MS, 26.500%, 7/03/2022 †x#^ | Affirm | 1/06/2022 | 173 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; XJ23-NU42, 32.500%, 7/02/2025 †x#^ | Affirm | 7/05/2024 | 650 | 676 | 39 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8234** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XJ28-KPOG, 29.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | $50 | $51 | $51 |
| &nbsp;&nbsp;&nbsp; XJ2G-OARU, 17.900%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 104 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; XJ2X-8984, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XJ34-L6Q1, 25.200%, 2/11/2027 †§x | Affirm | 2/26/2025 | 1787 | 1873 | 1889 |
| &nbsp;&nbsp;&nbsp; XJ3L-2MLT, 29.500%, 1/24/2024 †x#^ | Affirm | 1/27/2022 | 99 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; XJ3S-I7HC, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 634 | 652 | 644 |
| &nbsp;&nbsp;&nbsp; XJ41-SA6W, 31.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 254 | 260 | 260 |
| &nbsp;&nbsp;&nbsp; XJ45-BLVP, 29.700%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 79 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; XJ4A-KK88, 24.400%, 1/09/2027 †§x | Affirm | 1/12/2024 | 1249 | 1286 | 1290 |
| &nbsp;&nbsp;&nbsp; XJ4C-VZN6, 15.800%, 12/18/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XJ4E-GZJY, 18.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 390 | 402 | 396 |
| &nbsp;&nbsp;&nbsp; XJ4L-INWZ, 35.330%, 1/02/2026 †§x | Affirm | 1/05/2024 | 153 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; XJ4Q-FNVT, 35.520%, 11/12/2025 †§x | Affirm | 11/27/2024 | 329 | 328 | 328 |
| &nbsp;&nbsp;&nbsp; XJ4R-L1PS, 15.800%, 12/12/2025 †§x | Affirm | 12/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XJ4T-1YHR, 15.810%, 10/02/2025 †§x | Affirm | 10/07/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XJ4W-4BGF, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XJ4Z-392D, 35.670%, 2/06/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XJ57-YT6C, 35.160%, 1/08/2026 †x | Affirm | 7/31/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XJ5F-CLAJ, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; XJ5N-C7PE, 29.550%, 12/26/2025 †§x | Affirm | 7/01/2024 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; XJ63-74VK, 33.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1578 | 1568 | 1567 |
| &nbsp;&nbsp;&nbsp; XJ67-UJSG, 33.950%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XJ69-YYHC, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 181 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; XJ6D-VZG2, 35.450%, 2/27/2026 †§x | Affirm | 8/30/2024 | 375 | 380 | 378 |
| &nbsp;&nbsp;&nbsp; XJ6G-6BA6, 35.500%, 9/25/2025 †x# | Affirm | 9/30/2024 | 142 | 143 | 9 |
| &nbsp;&nbsp;&nbsp; XJ6J-4HSN, 22.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XJ6N-K521, 29.480%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 108 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; XJ6U-B5V1, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 89 | 91 | 90 |
| &nbsp;&nbsp;&nbsp; XJ6W-G231, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XJ77-B821, 32.000%, 9/28/2025 †§x | Affirm | 10/03/2024 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XJ7G-5CAV, 35.470%, 8/06/2026 †§x | Affirm | 8/29/2025 | 256 | 252 | 252 |
| &nbsp;&nbsp;&nbsp; XJ7L-MPC5, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 152 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; XJ7N-52CY, 29.330%, 11/17/2022 †x#^ | Affirm | 5/20/2022 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; XJ7N-QYNF, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 579 | 585 | 585 |
| &nbsp;&nbsp;&nbsp; XJ7O-H498, 16.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 98 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; XJ7S-6UZU, 29.720%, 10/02/2025 †§x | Affirm | 10/07/2024 | 12 | 13 | 12 |
| &nbsp;&nbsp;&nbsp; XJ7V-FBNT, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; XJ8A-AAUV, 25.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XJ8M-5PVF, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XJ8M-6PKW, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XJ8O-95XQ, 15.790%, 9/26/2026 †§x | Affirm | 9/30/2024 | 872 | 897 | 902 |
| &nbsp;&nbsp;&nbsp; XJ8O-E8HG, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 150 | 154 | 152 |
| &nbsp;&nbsp;&nbsp; XJ8U-2BK3, 29.620%, 9/16/2026 †§x | Affirm | 9/19/2024 | 524 | 539 | 541 |
| &nbsp;&nbsp;&nbsp; XJ8X-YSI1, 11.880%, 1/09/2026 †x# | Affirm | 1/29/2025 | 191 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; XJ99-F6LW, 13.840%, 3/25/2026 †§x | Affirm | 9/30/2024 | 129 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; XJ9C-YWQ1, 35.300%, 3/28/2026 †§x | Affirm | 4/22/2025 | 188 | 192 | 196 |
| &nbsp;&nbsp;&nbsp; XJ9D-00WX, 33.950%, 1/03/2028 †§x | Affirm | 1/29/2025 | 887 | 907 | 919 |
| &nbsp;&nbsp;&nbsp; XJ9G-84NN, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XJ9T-7P08, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 108 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; XJA3-5OX8, 35.170%, 2/23/2025 †x#^ | Affirm | 8/29/2024 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XJA5-EFEO, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 162 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; XJA6-3L0H, 35.360%, 6/02/2026 †§x | Affirm | 6/27/2025 | 193 | 190 | 192 |
| &nbsp;&nbsp;&nbsp; XJAA-M6QT, 32.970%, 1/05/2026 †x# | Affirm | 1/11/2024 | 562 | 565 | 34 |
| &nbsp;&nbsp;&nbsp; XJAF-C6TO, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XJAG-WHRF, 24.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 556 | 574 | 576 |
| &nbsp;&nbsp;&nbsp; XJAT-9BJA, 29.570%, 1/08/2026 †§x# | Affirm | 1/11/2024 | 138 | 139 | 139 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8235** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XJAW-I8CM, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | $274 | $272 | $79 |
| &nbsp;&nbsp;&nbsp; XJAY-JSPE, 18.500%, 12/04/2027 †§x | Affirm | 12/07/2023 | 1111 | 1185 | 1174 |
| &nbsp;&nbsp;&nbsp; XJBA-APRW, 28.500%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 300 | 311 | 18 |
| &nbsp;&nbsp;&nbsp; XJBE-S48T, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 103 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; XJBI-QPYA, 29.000%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 156 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; XJBK-O7GD, 31.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 268 | 276 | 277 |
| &nbsp;&nbsp;&nbsp; XJBN-0JYB, 29.580%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 288 | 301 | 17 |
| &nbsp;&nbsp;&nbsp; XJBO-B5DT, 22.740%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 2505 | 2506 | 150 |
| &nbsp;&nbsp;&nbsp; XJBR-I25F, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 277 | 273 | 17 |
| &nbsp;&nbsp;&nbsp; XJBR-S3IZ, 22.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 109 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; XJC1-4AMX, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 179 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; XJC2-LOO8, 29.580%, 6/28/2024 †x#^ | Affirm | 1/03/2023 | 194 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; XJC3-SG2E, 15.750%, 4/24/2023 †x#^ | Affirm | 10/27/2022 | 207 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; XJCA-61OP, 13.840%, 9/25/2025 †§x | Affirm | 9/30/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XJCG-2KP0, 29.620%, 12/02/2025 †§x | Affirm | 6/27/2025 | 145 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; XJCG-62NO, 25.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 84 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; XJCI-NM4P, 26.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XJCT-SYUV, 15.890%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 141 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; XJD1-FHA6, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XJDJ-KUWN, 29.550%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 231 | 234 | 236 |
| &nbsp;&nbsp;&nbsp; XJDJ-KVL1, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 222 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; XJDO-3CCT, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 351 | 357 | 356 |
| &nbsp;&nbsp;&nbsp; XJDO-7D7Y, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XJE1-0QZY, 33.050%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 95 | 97 | 96 |
| &nbsp;&nbsp;&nbsp; XJE6-3NVQ, 23.400%, 1/09/2028 †§x | Affirm | 1/29/2025 | 1499 | 1547 | 1558 |
| &nbsp;&nbsp;&nbsp; XJED-2XOD, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 374 | 377 | 377 |
| &nbsp;&nbsp;&nbsp; XJEL-6HVJ, 22.700%, 12/10/2025 †§x# | Affirm | 12/27/2024 | 233 | 236 | 134 |
| &nbsp;&nbsp;&nbsp; XJES-JIRO, 29.120%, 11/25/2024 †x#^ | Affirm | 12/02/2022 | 522 | 551 | 31 |
| &nbsp;&nbsp;&nbsp; XJEZ-4Q79, 23.000%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 110 | 112 | 26 |
| &nbsp;&nbsp;&nbsp; XJEZ-J9EX, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 532 | 542 | 541 |
| &nbsp;&nbsp;&nbsp; XJF4-R2E2, 22.750%, 3/03/2027 †§x | Affirm | 3/28/2025 | 475 | 497 | 502 |
| &nbsp;&nbsp;&nbsp; XJF6-2W1D, 29.410%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 123 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; XJFE-AGCT, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XJFF-9LSN, 29.580%, 10/25/2025 †§x | Affirm | 10/31/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XJFH-IJA9, 9.930%, 2/10/2026 †§x | Affirm | 2/26/2025 | 327 | 333 | 334 |
| &nbsp;&nbsp;&nbsp; XJFQ-K0ZI, 29.650%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 640 | 632 | 38 |
| &nbsp;&nbsp;&nbsp; XJFV-XM2Z, 13.840%, 7/13/2026 †§x | Affirm | 1/29/2025 | 281 | 288 | 289 |
| &nbsp;&nbsp;&nbsp; XJG0-PZ6E, 23.750%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 218 | 218 | 219 |
| &nbsp;&nbsp;&nbsp; XJGC-0EBD, 35.360%, 7/24/2025 †x#^ | Affirm | 7/29/2024 | 704 | 710 | 42 |
| &nbsp;&nbsp;&nbsp; XJGE-94Q6, 15.760%, 8/23/2025 †§x#^ | Affirm | 8/29/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XJGH-GGV5, 33.040%, 12/28/2025 †x# | Affirm | 1/29/2025 | 80 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; XJGJ-42LD, 29.940%, 7/19/2022 †x#^ | Affirm | 1/24/2022 | 27 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; XJGP-LGUD, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 100 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; XJGP-VBVW, 23.700%, 10/18/2022 †x#^ | Affirm | 7/21/2022 | 1586 | 1603 | 95 |
| &nbsp;&nbsp;&nbsp; XJH2-SPL8, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 235 | 238 | 240 |
| &nbsp;&nbsp;&nbsp; XJH3-TDOI, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 58 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XJHA-F8W9, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XJHY-VO0H, 27.100%, 7/09/2024 †x#^ | Affirm | 1/12/2023 | 277 | 295 | 17 |
| &nbsp;&nbsp;&nbsp; XJI6-FEWL, 15.880%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 58 | 61 | 3 |
| &nbsp;&nbsp;&nbsp; XJJI-X93D, 29.510%, 5/20/2026 †x# | Affirm | 5/24/2024 | 526 | 547 | 32 |
| &nbsp;&nbsp;&nbsp; XJKE-YLN3, 15.890%, 7/03/2026 †§x | Affirm | 1/29/2025 | 300 | 309 | 306 |
| &nbsp;&nbsp;&nbsp; XJKF-Y5WU, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 233 | 236 | 235 |
| &nbsp;&nbsp;&nbsp; XJKK-CU70, 29.600%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 148 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XJKQ-GEGA, 35.360%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 74 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; XJKQ-GM90, 29.510%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 530 | 557 | 32 |
| &nbsp;&nbsp;&nbsp; XJLC-PAFO, 35.710%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 62 | 62 | 61 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8236** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XJLI-1GKX, 29.640%, 11/13/2026 †§x | Affirm | 11/27/2024 | $516 | $534 | $533 |
| &nbsp;&nbsp;&nbsp; XJLN-2570, 23.400%, 9/24/2028 †§x | Affirm | 9/27/2024 | 1461 | 1566 | 1573 |
| &nbsp;&nbsp;&nbsp; XJLW-C7O8, 29.010%, 12/13/2024 †x#^ | Affirm | 6/16/2023 | 243 | 257 | 15 |
| &nbsp;&nbsp;&nbsp; XJMI-6KBE, 33.950%, 11/23/2025 †§x | Affirm | 5/28/2024 | 156 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; XJMM-ANRT, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 1171 | 1163 | 70 |
| &nbsp;&nbsp;&nbsp; XJMP-ZWSR, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XJMS-1KLR, 33.950%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1822 | 1913 | 1948 |
| &nbsp;&nbsp;&nbsp; XJMS-N4RC, 32.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 650 | 667 | 665 |
| &nbsp;&nbsp;&nbsp; XJMS-ZKO9, 30.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; XJN2-OK72, 33.240%, 1/03/2027 †§x | Affirm | 1/29/2025 | 677 | 671 | 682 |
| &nbsp;&nbsp;&nbsp; XJN4-BJW4, 17.900%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 231 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; XJNB-5WK0, 30.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 37 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; XJO3-9FAH, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 106 |
| &nbsp;&nbsp;&nbsp; XJOC-E8HD, 29.280%, 9/28/2025 †§x | Affirm | 3/31/2025 | 9 | 9 | 10 |
| &nbsp;&nbsp;&nbsp; XJOL-UJ4L, 35.660%, 1/06/2026 †x# | Affirm | 1/29/2025 | 213 | 210 | 13 |
| &nbsp;&nbsp;&nbsp; XJOL-VPQV, 9.780%, 9/02/2025 †§x | Affirm | 6/27/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XJON-TO3N, 29.560%, 8/09/2023 †x#^ | Affirm | 8/12/2022 | 92 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; XJOX-6XNA, 11.870%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 999 | 1019 | 60 |
| &nbsp;&nbsp;&nbsp; XJP0-5P3P, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 415 | 418 | 212 |
| &nbsp;&nbsp;&nbsp; XJP3-BNFV, 33.950%, 6/25/2026 †§x# | Affirm | 6/28/2024 | 1206 | 1264 | 339 |
| &nbsp;&nbsp;&nbsp; XJP8-4T8U, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; XJPF-N5T1, 33.050%, 10/15/2025 †x# | Affirm | 4/18/2024 | 260 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; XJPH-GBMH, 29.470%, 7/20/2023 †x#^ | Affirm | 7/25/2022 | 1904 | 1881 | 114 |
| &nbsp;&nbsp;&nbsp; XJPJ-MDBF, 17.900%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; XJPJ-NSJZ, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; XJPK-77SV, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; XJPK-WWUR, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 96 |
| &nbsp;&nbsp;&nbsp; XJPP-KPO4, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 875 | 898 | 902 |
| &nbsp;&nbsp;&nbsp; XJPU-XBTR, 30.000%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | 314 | 316 | 19 |
| &nbsp;&nbsp;&nbsp; XJPV-0BEX, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; XJPY-7678, 28.000%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 160 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; XJPY-HUPD, 29.650%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XJQ1-OTV5, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XJQP-MPN6, 25.900%, 9/28/2025 †§x | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XJRI-RV5U, 29.460%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 571 | 569 | 34 |
| &nbsp;&nbsp;&nbsp; XJRO-QLJ6, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XJRQ-QVG6, 22.200%, 4/03/2024 †x#^ | Affirm | 10/06/2022 | 935 | 1001 | 56 |
| &nbsp;&nbsp;&nbsp; XJRZ-1U9V, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; XJSA-KMLF, 29.000%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 422 | 417 | 25 |
| &nbsp;&nbsp;&nbsp; XJSI-QAP9, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XJT3-36YM, 25.900%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XJTA-H30K, 35.580%, 1/09/2026 †§x | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XJTB-JJ8K, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 132 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; XJTD-TGKO, 29.550%, 12/18/2025 †§x | Affirm | 6/21/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XJTK-NX4R, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 113 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XJTN-9XWQ, 18.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XJTO-MWFR, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 137 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; XJTU-9XMQ, 26.500%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 1314 | 1299 | 79 |
| &nbsp;&nbsp;&nbsp; XJUD-12H8, 13.840%, 8/10/2026 †§x | Affirm | 2/26/2025 | 991 | 1021 | 1027 |
| &nbsp;&nbsp;&nbsp; XJUM-M9K7, 35.720%, 12/28/2025 †§x | Affirm | 1/29/2025 | 54 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XJUP-WO1V, 35.530%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 204 | 210 | 121 |
| &nbsp;&nbsp;&nbsp; XJV0-FP50, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 674 | 698 | 171 |
| &nbsp;&nbsp;&nbsp; XJV7-DDIS, 28.950%, 9/29/2024 †x#^ | Affirm | 4/03/2023 | 303 | 320 | 18 |
| &nbsp;&nbsp;&nbsp; XJV8-JGRB, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; XJV9-Y7ZB, 22.810%, 8/12/2026 †§x | Affirm | 2/26/2025 | 321 | 331 | 333 |
| &nbsp;&nbsp;&nbsp; XJVB-EXAA, 35.990%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 40 | 40 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8237** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XJVI-5IBL, 35.130%, 1/08/2026 †§x | Affirm | 7/31/2025 | $128 | $128 | $129 |
| &nbsp;&nbsp;&nbsp; XJVN-RVXY, 35.650%, 7/02/2026 †§x | Affirm | 1/29/2025 | 291 | 287 | 289 |
| &nbsp;&nbsp;&nbsp; XJVT-93Y7, 35.650%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 216 | 219 | 127 |
| &nbsp;&nbsp;&nbsp; XJW4-THU3, 33.080%, 12/28/2025 †x# | Affirm | 1/29/2025 | 101 | 102 | 28 |
| &nbsp;&nbsp;&nbsp; XJWD-PWDA, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 274 | 273 | 274 |
| &nbsp;&nbsp;&nbsp; XJWN-QRZB, 27.500%, 10/20/2025 †§x | Affirm | 10/28/2022 | 95 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XJWP-ADHA, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 286 | 293 | 295 |
| &nbsp;&nbsp;&nbsp; XJWX-36AZ, 29.720%, 2/10/2026 †§x | Affirm | 2/26/2025 | 208 | 213 | 214 |
| &nbsp;&nbsp;&nbsp; XJWZ-ALNV, 27.500%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 409 | 429 | 25 |
| &nbsp;&nbsp;&nbsp; XJX8-T8RQ, 27.500%, 11/28/2024 †x#^ | Affirm | 12/01/2022 | 1916 | 2075 | 115 |
| &nbsp;&nbsp;&nbsp; XJXF-YNB7, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; XJXH-F99G, 35.450%, 4/02/2026 †§x# | Affirm | 10/07/2024 | 193 | 196 | 192 |
| &nbsp;&nbsp;&nbsp; XJXI-VJHR, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; XJXK-L55A, 29.680%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 60 | 56 | 4 |
| &nbsp;&nbsp;&nbsp; XJXQ-ILRK, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; XJXV-SJQA, 29.760%, 8/07/2026 †§x | Affirm | 2/26/2025 | 237 | 246 | 245 |
| &nbsp;&nbsp;&nbsp; XJY0-RB4Y, 35.250%, 9/03/2025 †§x | Affirm | 3/28/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XJY2-469V, 33.050%, 2/10/2026 †x | Affirm | 2/26/2025 | 69 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; XJY6-GOO6, 15.790%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; XJY7-YPDF, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XJYA-ZV2Y, 22.720%, 12/10/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XJYD-USL9, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XJYE-9C12, 6.437%, 12/18/2025 †§x« | Affirm | 12/27/2024 | 64 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; XJYE-PQVB, 28.500%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 182 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; XJYT-16GT, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 644 | 666 | 39 |
| &nbsp;&nbsp;&nbsp; XJZ0-V11U, 29.430%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 777 | 816 | 47 |
| &nbsp;&nbsp;&nbsp; XJZ4-KIXD, 27.100%, 3/28/2024 †x#^ | Affirm | 10/03/2022 | 262 | 281 | 16 |
| &nbsp;&nbsp;&nbsp; XJZ5-E6GR, 27.840%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 81 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; XJZA-O68T, 32.500%, 3/20/2026 †§x | Affirm | 3/28/2025 | 482 | 494 | 497 |
| &nbsp;&nbsp;&nbsp; XJZE-57ZT, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 841 | 808 | 233 |
| &nbsp;&nbsp;&nbsp; XJZL-4IZF, 29.540%, 10/05/2025 †§x# | Affirm | 4/11/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XJZT-S6I6, 22.870%, 2/05/2026 †§x | Affirm | 2/26/2025 | 76 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; XJZU-A172, 15.870%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1264 | 1315 | 1308 |
| &nbsp;&nbsp;&nbsp; XJZU-K73Q, 35.480%, 12/18/2025 †§x | Affirm | 12/27/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XK00-R1LN, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; XK0K-9UEB, 35.680%, 2/10/2026 †x | Affirm | 2/26/2025 | 307 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; XK0Q-BN5Z, 33.950%, 8/05/2026 †§x | Affirm | 8/29/2025 | 1006 | 1054 | 1054 |
| &nbsp;&nbsp;&nbsp; XK0S-EYET, 25.000%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XK0Y-3S1C, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XK1C-W57O, 29.720%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 65 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; XK1D-QR58, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 119 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; XK1E-STBR, 15.690%, 3/28/2026 †§x | Affirm | 3/31/2025 | 549 | 568 | 575 |
| &nbsp;&nbsp;&nbsp; XK1K-PAE5, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; XK1P-6B0H, 35.360%, 4/04/2026 †§x | Affirm | 4/08/2024 | 428 | 431 | 435 |
| &nbsp;&nbsp;&nbsp; XK1W-NWJ5, 33.220%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XK1W-ZMDH, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XK1X-V529, 29.160%, 10/02/2025 †§x | Affirm | 10/05/2023 | 203 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; XK1Y-DU99, 29.310%, 2/10/2024 †x#^ | Affirm | 2/16/2023 | 145 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XK1Z-4MFB, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 229 | 233 | 232 |
| &nbsp;&nbsp;&nbsp; XK2D-1LN4, 22.750%, 8/05/2027 †§x | Affirm | 8/29/2025 | 966 | 1022 | 1022 |
| &nbsp;&nbsp;&nbsp; XK2D-LYXA, 35.110%, 12/02/2025 †§x | Affirm | 6/27/2025 | 195 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; XK2F-03HC, 29.570%, 8/26/2026 †§x# | Affirm | 8/29/2024 | 218 | 224 | 223 |
| &nbsp;&nbsp;&nbsp; XK2I-VIM3, 29.620%, 12/11/2025 †§x | Affirm | 12/27/2024 | 206 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; XK2Q-AIL6, 33.500%, 6/02/2026 †x# | Affirm | 6/27/2025 | 193 | 189 | 42 |
| &nbsp;&nbsp;&nbsp; XK2Q-EUX6, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 392 | 389 | 388 |
| &nbsp;&nbsp;&nbsp; XK2Q-X86U, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 68 | 69 | 70 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8238** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XK2X-F3WL, 15.850%, 10/01/2025 †x# | Affirm | 10/04/2024 | $58 | $60 | $5 |
| &nbsp;&nbsp;&nbsp; XK3D-NQ74, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 137 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; XK3M-W26A, 29.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 96 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; XK3U-R6QF, 29.500%, 10/05/2022 †x#^ | Affirm | 4/08/2022 | 834 | 837 | 50 |
| &nbsp;&nbsp;&nbsp; XK3Y-QNG0, 15.960%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; XK41-RY9C, 29.620%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; XK49-I5PI, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 140 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; XK4K-JDBP, 29.500%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; XK4Y-9USP, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 170 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; XK5E-OY8W, 9.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 133 | 135 | 134 |
| &nbsp;&nbsp;&nbsp; XK5I-MPHX, 35.700%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; XK5N-JLPC, 35.720%, 12/28/2026 †x# | Affirm | 1/29/2025 | 700 | 605 | 42 |
| &nbsp;&nbsp;&nbsp; XK5R-3Q4M, 20.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1230 | 1266 | 1258 |
| &nbsp;&nbsp;&nbsp; XK5U-GW4J, 29.650%, 1/24/2024 †x#^ | Affirm | 1/27/2022 | 345 | 318 | 21 |
| &nbsp;&nbsp;&nbsp; XK5V-RJZL, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 44 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; XK5W-AC2B, 35.990%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 8 | 8 |  |
| &nbsp;&nbsp;&nbsp; XK5Z-VVZY, 35.960%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 289 | 295 | 17 |
| &nbsp;&nbsp;&nbsp; XK61-9WER, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 191 | 192 | 191 |
| &nbsp;&nbsp;&nbsp; XK61-ECAP, 29.630%, 9/28/2026 †x# | Affirm | 10/03/2024 | 430 | 451 |  |
| &nbsp;&nbsp;&nbsp; XK69-LB86, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 104 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XK6A-U0P7, 33.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; XK6E-I0W7, 13.840%, 10/15/2025 †§x | Affirm | 4/18/2024 | 205 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; XK6G-MNO2, 29.510%, 9/28/2022 †x#^ | Affirm | 7/01/2022 | 109 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; XK6M-8B3Y, 35.950%, 4/02/2025 †x#^ | Affirm | 1/29/2025 | 27 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; XK6N-9Y2E, 22.750%, 4/21/2026 †§x | Affirm | 10/24/2024 | 985 | 1003 | 1006 |
| &nbsp;&nbsp;&nbsp; XK6S-NAK1, 26.700%, 9/03/2025 †§x | Affirm | 3/28/2025 | 89 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; XK6U-4YP1, 28.500%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 211 | 221 | 13 |
| &nbsp;&nbsp;&nbsp; XK6Z-6IIB, 15.760%, 10/24/2024 †x#^ | Affirm | 10/27/2022 | 543 | 592 | 33 |
| &nbsp;&nbsp;&nbsp; XK7O-IRBV, 33.950%, 1/03/2027 †§x | Affirm | 1/29/2025 | 456 | 470 | 475 |
| &nbsp;&nbsp;&nbsp; XK7R-4E77, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 15 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XK7S-6YIR, 18.000%, 11/06/2025 †§x | Affirm | 8/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XK84-0YC1, 35.350%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 218 | 228 | 229 |
| &nbsp;&nbsp;&nbsp; XK88-4LE0, 29.550%, 2/23/2026 †§x | Affirm | 8/29/2024 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XK8A-LGUW, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 260 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; XK8F-Z1WN, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 307 | 318 | 18 |
| &nbsp;&nbsp;&nbsp; XK8U-O3W4, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 955 | 981 | 986 |
| &nbsp;&nbsp;&nbsp; XK8V-U3XN, 7.425%, 8/10/2025 †x#^« | Affirm | 2/26/2025 | 653 | 633 | 118 |
| &nbsp;&nbsp;&nbsp; XK8V-U9MU, 29.500%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 77 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XK90-2MDN, 22.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XK94-6WSG, 27.450%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 275 | 280 | 16 |
| &nbsp;&nbsp;&nbsp; XK95-V2W3, 31.990%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 341 | 347 | 348 |
| &nbsp;&nbsp;&nbsp; XK98-PAW7, 29.760%, 5/26/2022 †x#^ | Affirm | 12/02/2021 | 39 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; XK99-IZ5T, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 87 | 90 | 21 |
| &nbsp;&nbsp;&nbsp; XK9C-NQKQ, 24.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1349 | 1400 | 1410 |
| &nbsp;&nbsp;&nbsp; XK9T-QPAA, 32.500%, 5/21/2026 †§x | Affirm | 5/24/2024 | 623 | 626 | 637 |
| &nbsp;&nbsp;&nbsp; XK9V-4U7W, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 144 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; XK9V-FV66, 29.460%, 10/24/2025 †x# | Affirm | 5/30/2023 | 730 | 727 | 44 |
| &nbsp;&nbsp;&nbsp; XK9W-OQ59, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 555 | 554 | 555 |
| &nbsp;&nbsp;&nbsp; XKA0-JA4D, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 219 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; XKAE-JAKW, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 447 | 459 | 462 |
| &nbsp;&nbsp;&nbsp; XKAL-M5BK, 35.520%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XKAP-72IA, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 133 | 135 | 134 |
| &nbsp;&nbsp;&nbsp; XKAP-AOQV, 11.900%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 119 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; XKAQ-4MMM, 22.400%, 12/01/2025 †§x | Affirm | 12/07/2023 | 207 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; XKAQ-EAUI, 33.950%, 4/23/2026 †§x | Affirm | 10/28/2024 | 860 | 874 | 867 |
| &nbsp;&nbsp;&nbsp; XKAT-JE6J, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 102 | 102 | 101 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8239** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XKBK-3MKH, 15.720%, 9/28/2026 †§x | Affirm | 3/31/2025 | $193 | $200 | $201 |
| &nbsp;&nbsp;&nbsp; XKBP-GZ8C, 8.944%, 11/20/2025 †x« | Affirm | 11/27/2024 | 73 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XKBT-IXCK, 26.900%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 86 | 88 | 18 |
| &nbsp;&nbsp;&nbsp; XKCB-RTVZ, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XKCM-A8GY, 35.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 98 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XKCO-0HJA, 35.660%, 12/23/2024 †x#^ | Affirm | 9/26/2024 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; XKCW-6AQM, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XKD9-DIM9, 35.470%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 117 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; XKDH-4555, 29.420%, 11/09/2023 †x#^ | Affirm | 5/12/2023 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; XKDK-VD2T, 29.440%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 279 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; XKDM-E1TF, 33.477%, 2/21/2027 †§x | Affirm | 2/26/2024 | 1473 | 1523 | 1533 |
| &nbsp;&nbsp;&nbsp; XKDU-EJ28, 35.570%, 5/20/2026 †x# | Affirm | 11/27/2024 | 337 | 335 | 95 |
| &nbsp;&nbsp;&nbsp; XKE0-QNP2, 24.670%, 12/28/2025 †x# | Affirm | 1/29/2025 | 88 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; XKE0-YTWI, 24.400%, 8/12/2026 †x# | Affirm | 2/26/2025 | 2703 | 2785 | 2795 |
| &nbsp;&nbsp;&nbsp; XKE9-0LWB, 35.790%, 1/02/2026 †§x | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XKE9-M8RP, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 381 | 384 | 384 |
| &nbsp;&nbsp;&nbsp; XKE9-SRVP, 30.000%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 318 | 312 | 19 |
| &nbsp;&nbsp;&nbsp; XKEB-BKJT, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 323 | 321 | 321 |
| &nbsp;&nbsp;&nbsp; XKEB-TALW, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 195 | 199 | 198 |
| &nbsp;&nbsp;&nbsp; XKEY-KHAS, 9.916%, 6/21/2027 †§x« | Affirm | 6/27/2024 | 733 | 618 | 594 |
| &nbsp;&nbsp;&nbsp; XKFB-WBU0, 29.680%, 11/23/2023 †x#^ | Affirm | 12/01/2022 | 212 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; XKFF-T1TM, 29.900%, 7/27/2022 †x#^ | Affirm | 1/31/2022 | 93 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; XKFG-7107, 23.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XKG0-PC4C, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 292 | 299 | 301 |
| &nbsp;&nbsp;&nbsp; XKG3-MUV4, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XKG9-8N9J, 35.540%, 1/02/2026 †§x | Affirm | 1/29/2025 | 132 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; XKGH-SOMB, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 394 | 401 | 403 |
| &nbsp;&nbsp;&nbsp; XKGI-G1P3, 15.820%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 103 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XKGM-KO2K, 33.050%, 11/23/2026 †x | Affirm | 10/28/2024 | 712 | 736 | 741 |
| &nbsp;&nbsp;&nbsp; XKGU-I1DB, 29.670%, 2/11/2028 †§x | Affirm | 2/26/2025 | 1601 | 1659 | 1687 |
| &nbsp;&nbsp;&nbsp; XKH1-V420, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 890 | 906 | 901 |
| &nbsp;&nbsp;&nbsp; XKH4-W59N, 28.500%, 4/07/2024 †x#^ | Affirm | 10/14/2022 | 104 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XKHA-TTNR, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XKHB-EL5X, 23.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 266 | 272 | 273 |
| &nbsp;&nbsp;&nbsp; XKHH-AOHI, 18.000%, 9/19/2025 †x | Affirm | 9/23/2024 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XKHT-AX3O, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 280 | 285 | 283 |
| &nbsp;&nbsp;&nbsp; XKI6-BUD1, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 265 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; XKIA-IK5X, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 203 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; XKIE-IBHY, 24.520%, 3/20/2026 †§x | Affirm | 3/28/2025 | 204 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; XKIR-P388, 35.430%, 12/28/2025 †x# | Affirm | 1/29/2025 | 91 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; XKIS-RIW0, 35.360%, 12/14/2025 †§x | Affirm | 6/21/2024 | 143 | 144 | 143 |
| &nbsp;&nbsp;&nbsp; XKJ1-4OT4, 28.000%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 819 | 848 | 49 |
| &nbsp;&nbsp;&nbsp; XKJ2-DPDE, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XKJE-NIIZ, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 80 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; XKJI-61PH, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 234 | 238 | 237 |
| &nbsp;&nbsp;&nbsp; XKJL-OXD6, 31.000%, 11/12/2025 †§x | Affirm | 11/27/2024 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XKJM-UX6M, 24.840%, 2/10/2026 †x# | Affirm | 2/26/2025 | 98 | 103 | 29 |
| &nbsp;&nbsp;&nbsp; XKJY-ZIXX, 35.580%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 1509 | 1511 | 91 |
| &nbsp;&nbsp;&nbsp; XKK2-WWRX, 29.560%, 5/28/2025 †x#^ | Affirm | 12/04/2023 | 411 | 432 | 25 |
| &nbsp;&nbsp;&nbsp; XKK9-ZZB5, 22.700%, 12/16/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XKKC-CKCH, 23.400%, 8/06/2026 †§x | Affirm | 2/26/2025 | 234 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; XKKD-R1FS, 22.700%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 19 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; XKKS-SETM, 32.500%, 11/15/2026 †§x | Affirm | 11/27/2024 | 726 | 725 | 735 |
| &nbsp;&nbsp;&nbsp; XKKU-IUMI, 35.290%, 3/28/2026 †§x | Affirm | 3/31/2025 | 50 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XKKZ-7O10, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; XKL0-4AD3, 29.570%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 38 | 38 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8240** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XKL0-XLL8, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | $44 | $45 | $44 |
| &nbsp;&nbsp;&nbsp; XKLC-8K03, 25.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; XKLK-R8XY, 29.350%, 11/03/2022 †x#^ | Affirm | 5/06/2022 | 81 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; XKLM-0OBJ, 29.490%, 4/20/2024 †x#^ | Affirm | 4/27/2023 | 653 | 659 | 39 |
| &nbsp;&nbsp;&nbsp; XKLN-T3AR, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XKM2-1J7C, 32.940%, 3/25/2027 †x# | Affirm | 3/31/2025 | 672 | 667 | 129 |
| &nbsp;&nbsp;&nbsp; XKN1-7U0F, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 3226 | 3308 | 3326 |
| &nbsp;&nbsp;&nbsp; XKNE-M6PW, 29.890%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 340 | 336 | 20 |
| &nbsp;&nbsp;&nbsp; XKNN-C2WU, 35.290%, 11/06/2025 †x# | Affirm | 5/09/2024 | 306 | 316 | 18 |
| &nbsp;&nbsp;&nbsp; XKNQ-3IQN, 30.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 273 | 277 | 277 |
| &nbsp;&nbsp;&nbsp; XKNW-XL0M, 29.560%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 174 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; XKO7-85N2, 35.500%, 9/24/2025 †§x | Affirm | 9/27/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XKOA-C5IQ, 23.400%, 12/14/2025 †§x | Affirm | 6/21/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XKOB-KMTF, 22.860%, 2/07/2026 †§x | Affirm | 2/26/2025 | 166 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; XKOJ-THIS, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XKOL-JPF5, 19.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XKP8-4Y5Y, 25.000%, 3/14/2023 †x#^ | Affirm | 3/17/2022 | 231 | 228 | 14 |
| &nbsp;&nbsp;&nbsp; XKPG-QVPA, 28.500%, 1/12/2023 †x#^ | Affirm | 7/15/2022 | 382 | 393 | 23 |
| &nbsp;&nbsp;&nbsp; XKPR-LI38, 35.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XKPR-TD88, 29.720%, 1/11/2023 †x#^ | Affirm | 1/21/2022 | 249 | 238 | 15 |
| &nbsp;&nbsp;&nbsp; XKPV-916V, 35.370%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 544 | 504 | 33 |
| &nbsp;&nbsp;&nbsp; XKQ0-8M79, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 917 | 856 | 55 |
| &nbsp;&nbsp;&nbsp; XKQI-LLE1, 22.770%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 61 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; XKQJ-64XI, 35.650%, 1/06/2026 †x# | Affirm | 1/29/2025 | 1997 | 1970 | 120 |
| &nbsp;&nbsp;&nbsp; XKQS-SSLH, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XKR4-97DO, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | 308 | 293 | 293 |
| &nbsp;&nbsp;&nbsp; XKRA-5ERN, 26.700%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XKRE-DV4H, 15.860%, 8/12/2026 †§x | Affirm | 2/26/2025 | 622 | 647 | 643 |
| &nbsp;&nbsp;&nbsp; XKRG-PIPS, 29.360%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XKRO-1BQE, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XKRQ-PRNA, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XKRU-X5TL, 35.250%, 9/06/2024 †x#^ | Affirm | 3/11/2024 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; XKRW-GG9G, 24.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XKSE-SCME, 15.800%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XKSI-ZYZE, 35.410%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 107 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; XKSO-D9RV, 22.750%, 11/08/2025 †x# | Affirm | 11/27/2024 | 144 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; XKSU-O3PH, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1679 | 1708 | 466 |
| &nbsp;&nbsp;&nbsp; XKT4-TLUC, 15.840%, 1/08/2026 †x | Affirm | 1/29/2025 | 416 | 414 | 414 |
| &nbsp;&nbsp;&nbsp; XKT8-C2OU, 24.630%, 1/01/2026 †§x# | Affirm | 7/05/2024 | 82 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; XKTA-67BW, 22.750%, 11/08/2025 †§x | Affirm | 11/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XKTA-AKVQ, 35.670%, 1/06/2026 †§x | Affirm | 1/29/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XKTM-IKZV, 35.950%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 1909 | 1821 | 1811 |
| &nbsp;&nbsp;&nbsp; XKTO-AQHU, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XKUR-5XAE, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 85 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; XKUX-8XSS, 29.580%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 359 | 364 | 368 |
| &nbsp;&nbsp;&nbsp; XKUZ-ASH2, 35.390%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 127 | 127 | 8 |
| &nbsp;&nbsp;&nbsp; XKVC-JM97, 35.450%, 2/28/2026 †x# | Affirm | 3/04/2024 | 1261 | 1284 | 76 |
| &nbsp;&nbsp;&nbsp; XKVE-27D1, 35.640%, 1/02/2026 †x# | Affirm | 1/29/2025 | 72 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; XKVM-DY3L, 23.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 723 | 732 | 733 |
| &nbsp;&nbsp;&nbsp; XKVU-8IIN, 29.640%, 8/07/2024 †x#^ | Affirm | 11/10/2022 | 172 | 183 | 10 |
| &nbsp;&nbsp;&nbsp; XKVY-YVBR, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XKW5-68HE, 35.250%, 6/28/2025 †x#^ | Affirm | 3/31/2025 | 38 | 38 | 4 |
| &nbsp;&nbsp;&nbsp; XKWN-XYAV, 33.050%, 9/17/2025 †x# | Affirm | 9/20/2024 | 35 | 37 |  |
| &nbsp;&nbsp;&nbsp; XKX2-O48Q, 29.430%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 71 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XKX9-8PPU, 22.700%, 2/26/2027 †x | Affirm | 2/29/2024 | 3278 | 3382 | 3405 |
| &nbsp;&nbsp;&nbsp; XKXA-7M06, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 1602 | 1582 | 96 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8241** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XKXF-7H7B, 31.000%, 10/12/2025 †§x | Affirm | 4/18/2024 | $320 | $321 | $321 |
| &nbsp;&nbsp;&nbsp; XKXJ-SC2A, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 160 | 167 |  |
| &nbsp;&nbsp;&nbsp; XKXR-4Z4A, 24.630%, 2/19/2026 †§x | Affirm | 8/22/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XKXR-BG6K, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 342 | 349 | 348 |
| &nbsp;&nbsp;&nbsp; XKXV-IBQS, 35.420%, 4/08/2025 †x#^ | Affirm | 4/11/2024 | 282 | 283 | 17 |
| &nbsp;&nbsp;&nbsp; XKXW-V4IL, 28.000%, 4/07/2023 †x#^ | Affirm | 10/14/2022 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; XKY1-OO6Q, 35.530%, 5/20/2026 †§x | Affirm | 11/27/2024 | 565 | 576 | 571 |
| &nbsp;&nbsp;&nbsp; XKY5-IDPJ, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XKYI-HT8G, 35.650%, 1/02/2026 †§x | Affirm | 1/29/2025 | 301 | 303 | 303 |
| &nbsp;&nbsp;&nbsp; XKYM-KSB4, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 119 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; XKZ1-28N4, 29.810%, 3/01/2024 †x#^ | Affirm | 3/06/2023 | 128 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; XKZ6-SIWS, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 329 | 337 | 338 |
| &nbsp;&nbsp;&nbsp; XKZ7-VCSY, 29.000%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 264 | 269 | 16 |
| &nbsp;&nbsp;&nbsp; XKZO-YI2C, 29.780%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 81 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; XL01-NDS0, 33.050%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 141 | 144 | 142 |
| &nbsp;&nbsp;&nbsp; XL01-WQD5, 15.630%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XL02-4KCY, 33.950%, 6/20/2026 †§x | Affirm | 12/27/2024 | 275 | 284 | 282 |
| &nbsp;&nbsp;&nbsp; XL04-RGKQ, 35.570%, 8/23/2025 †x#^ | Affirm | 2/29/2024 | 215 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; XL06-8LMV, 25.200%, 9/02/2025 †§x | Affirm | 6/27/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XL0C-TUG4, 33.050%, 10/16/2025 †§x | Affirm | 4/19/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; XL0O-S8F4, 15.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; XL0T-QTAW, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XL15-ITT8, 24.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XL17-BY9X, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XL1G-RDHQ, 33.950%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XL1J-W78I, 35.330%, 5/07/2025 †x#^ | Affirm | 5/10/2024 | 358 | 370 | 21 |
| &nbsp;&nbsp;&nbsp; XL1R-KCOV, 15.790%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 19 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XL1Z-VRTK, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 239 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; XL24-VCXP, 30.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 351 | 359 | 361 |
| &nbsp;&nbsp;&nbsp; XL26-4MVZ, 32.000%, 10/24/2025 †§x | Affirm | 10/28/2024 | 153 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; XL2A-BK0C, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 145 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; XL2B-HTWP, 31.868%, 4/02/2024 †x#^ | Affirm | 10/05/2023 | 133 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; XL2D-ML43, 23.400%, 9/28/2025 †§x | Affirm | 10/03/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XL2K-2I49, 35.520%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 450 | 456 | 454 |
| &nbsp;&nbsp;&nbsp; XL2V-30PD, 35.570%, 9/16/2025 †x# | Affirm | 9/19/2024 | 96 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XL35-U9Z0, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XL37-HVF2, 33.050%, 9/02/2025 †§x | Affirm | 6/27/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XL3C-L920, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XL3H-547V, 32.500%, 1/13/2027 †x# | Affirm | 1/29/2025 | 508 | 505 | 30 |
| &nbsp;&nbsp;&nbsp; XL3M-NAEC, 35.270%, 2/26/2025 †x#^ | Affirm | 8/30/2024 | 57 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XL3N-XWJK, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 615 | 627 | 629 |
| &nbsp;&nbsp;&nbsp; XL3O-ZI2W, 24.490%, 9/20/2025 †§x | Affirm | 3/28/2025 | 109 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; XL3Y-C2M8, 35.975%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; XL3Y-CNZ3, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XL46-CL3H, 28.930%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 144 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XL4B-0QKN, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 2527 | 2509 | 2499 |
| &nbsp;&nbsp;&nbsp; XL4F-9YNR, 35.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 100 | 102 | 22 |
| &nbsp;&nbsp;&nbsp; XL4F-HDOP, 35.470%, 1/02/2026 †§x | Affirm | 1/05/2024 | 238 | 238 | 239 |
| &nbsp;&nbsp;&nbsp; XL4H-JFFN, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 98 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; XL4N-FHCS, 33.950%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 98 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XL4R-17DP, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XL4S-WYU8, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 147 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; XL4T-H8ZC, 35.330%, 12/07/2025 †§x | Affirm | 12/11/2023 | 187 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; XL4T-ZKGJ, 29.440%, 11/06/2025 †§x | Affirm | 8/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XL52-HBWO, 29.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XL52-OF8A, 18.000%, 1/08/2029 †§x | Affirm | 1/29/2025 | 1389 | 1487 | 1502 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8242** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XL54-66YU, 26.700%, 9/28/2026 †§x | Affirm | 3/31/2025 | $501 | $527 | $523 |
| &nbsp;&nbsp;&nbsp; XL54-6ZS0, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 219 | 224 | 226 |
| &nbsp;&nbsp;&nbsp; XL5F-TFC7, 26.200%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 181 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; XL5N-ZE1M, 29.820%, 2/05/2026 †§x | Affirm | 2/26/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; XL5Q-5CNG, 15.810%, 9/16/2025 †§x | Affirm | 9/19/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; XL5Q-BPV6, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XL5R-L49G, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 158 | 155 | 157 |
| &nbsp;&nbsp;&nbsp; XL5R-L4ML, 16.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 416 | 421 | 421 |
| &nbsp;&nbsp;&nbsp; XL61-VUQB, 29.380%, 2/06/2026 †§x | Affirm | 8/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XL68-RQMU, 26.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XL6B-Q6JJ, 35.570%, 9/24/2025 †x# | Affirm | 9/27/2024 | 459 | 461 | 28 |
| &nbsp;&nbsp;&nbsp; XL6G-BEJX, 22.750%, 2/19/2026 †§x | Affirm | 8/22/2024 | 102 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; XL6L-AISP, 23.700%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 179 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; XL6N-VBGI, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XL75-1KC4, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 226 | 234 | 14 |
| &nbsp;&nbsp;&nbsp; XL7H-P7I5, 35.370%, 4/18/2025 †x#^ | Affirm | 10/24/2024 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; XL7N-RPY2, 35.420%, 10/03/2025 †§x | Affirm | 10/07/2024 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; XL7X-QNVX, 35.430%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 84 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; XL8A-7DJS, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XL8A-NDJQ, 35.270%, 3/20/2026 †x | Affirm | 3/28/2025 | 328 | 336 | 339 |
| &nbsp;&nbsp;&nbsp; XL8E-FON6, 29.490%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 170 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; XL8F-HFE4, 35.500%, 10/24/2025 †§x | Affirm | 10/28/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XL8N-5NRQ, 35.500%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; XL8U-TKFG, 33.950%, 10/30/2024 †x#^ | Affirm | 5/03/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; XL8W-F389, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 174 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; XL96-9T05, 21.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 913 | 939 | 943 |
| &nbsp;&nbsp;&nbsp; XL97-YROB, 28.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 202 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; XL9C-6U1Z, 29.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 162 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; XL9G-DA8R, 34.000%, 5/06/2027 †x# | Affirm | 5/09/2024 | 3487 | 3405 | 209 |
| &nbsp;&nbsp;&nbsp; XL9Y-KZ6W, 35.900%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XLAA-RM8L, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 151 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; XLAI-3B0J, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; XLAK-DQMM, 34.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 612 | 606 | 611 |
| &nbsp;&nbsp;&nbsp; XLAL-I24O, 35.610%, 1/06/2026 †§x | Affirm | 1/29/2025 | 366 | 370 | 369 |
| &nbsp;&nbsp;&nbsp; XLAO-3X3W, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 162 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; XLAT-0W1B, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 115 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; XLBD-CZP0, 29.640%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 315 | 325 | 19 |
| &nbsp;&nbsp;&nbsp; XLBG-J9CD, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 168 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; XLBU-NW3F, 35.570%, 12/02/2025 †§x | Affirm | 6/27/2025 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; XLBX-H0UJ, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 199 | 194 | 193 |
| &nbsp;&nbsp;&nbsp; XLC6-1LTA, 28.000%, 11/28/2024 †x#^ | Affirm | 12/02/2022 | 746 | 808 | 45 |
| &nbsp;&nbsp;&nbsp; XLCF-7ADK, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 310 | 315 | 313 |
| &nbsp;&nbsp;&nbsp; XLCG-YZA9, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 338 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; XLCL-17KD, 29.650%, 5/19/2023 †x#^ | Affirm | 11/26/2021 | 220 | 231 | 13 |
| &nbsp;&nbsp;&nbsp; XLCL-JNTU, 35.180%, 12/02/2025 †§x | Affirm | 6/27/2025 | 151 | 151 | 150 |
| &nbsp;&nbsp;&nbsp; XLCW-YQLB, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 141 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; XLD0-6TMB, 35.140%, 1/24/2025 †x#^ | Affirm | 7/29/2024 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; XLD2-OXUJ, 22.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XLDD-ZQTO, 35.060%, 1/08/2026 †§x | Affirm | 7/31/2025 | 259 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; XLDH-S5YN, 29.340%, 11/09/2023 †x#^ | Affirm | 5/12/2023 | 139 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; XLDP-V86C, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 114 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; XLDY-SKQC, 31.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; XLEC-5I8L, 33.950%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 153 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; XLEC-AW13, 11.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; XLEI-8TUP, 18.000%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; XLEJ-Z1AH, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 176 | 179 | 180 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8243** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XLEQ-PL83, 25.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | $28 | $28 | $28 |
| &nbsp;&nbsp;&nbsp; XLFB-OW3E, 15.840%, 1/06/2026 †x# | Affirm | 1/29/2025 | 77 | 81 | 27 |
| &nbsp;&nbsp;&nbsp; XLFN-LFMA, 29.500%, 10/21/2024 †x#^ | Affirm | 4/27/2023 | 96 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; XLFN-UTMJ, 35.530%, 12/12/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XLFR-52F2, 32.500%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 305 | 317 | 316 |
| &nbsp;&nbsp;&nbsp; XLFR-B509, 13.840%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 628 | 637 | 641 |
| &nbsp;&nbsp;&nbsp; XLFT-XQRA, 15.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 167 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; XLG8-TR1Z, 24.400%, 12/02/2026 †§x# | Affirm | 6/27/2025 | 421 | 437 | 441 |
| &nbsp;&nbsp;&nbsp; XLGG-X8IY, 33.950%, 7/16/2024 †x#^ | Affirm | 4/19/2024 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XLGS-ZBTE, 29.340%, 1/08/2026 †§x | Affirm | 7/31/2025 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; XLGY-W0XS, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XLHI-2CUI, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XLHI-2PR4, 30.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 70 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; XLHJ-IWTU, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 171 | 178 | 180 |
| &nbsp;&nbsp;&nbsp; XLHK-MJQO, 33.950%, 4/03/2025 †x#^ | Affirm | 10/07/2024 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; XLHK-WTIG, 24.400%, 11/02/2025 †§x# | Affirm | 5/06/2024 | 63 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; XLHT-DTKE, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 350 | 356 | 357 |
| &nbsp;&nbsp;&nbsp; XLHT-WVI3, 32.880%, 5/28/2025 †x#^ | Affirm | 5/31/2024 | 222 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; XLI9-EPZ0, 29.680%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 112 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; XLIK-D0VD, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 205 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; XLIS-HSWV, 7.387%, 9/20/2025 †§x« | Affirm | 3/28/2025 | 1232 | 1191 | 1221 |
| &nbsp;&nbsp;&nbsp; XLIU-B3O5, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 87 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; XLIV-W7AX, 30.000%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 106 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; XLIW-3HZ9, 29.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XLIW-U6HD, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XLJ0-78NF, 35.280%, 7/02/2024 †x#^ | Affirm | 1/05/2024 | 138 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; XLJ3-Y9Z7, 32.500%, 4/16/2026 †§x | Affirm | 4/19/2024 | 242 | 243 | 247 |
| &nbsp;&nbsp;&nbsp; XLJ5-EPUW, 15.760%, 6/18/2026 †§x | Affirm | 6/21/2024 | 183 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; XLJ7-JN9O, 29.710%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 202 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; XLJE-2QZX, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XLJJ-QQ92, 32.500%, 9/19/2025 †§x | Affirm | 9/23/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XLJO-4WUH, 35.360%, 2/22/2026 †§x | Affirm | 8/26/2024 | 100 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; XLJR-KZH0, 24.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1662 | 1717 | 1722 |
| &nbsp;&nbsp;&nbsp; XLJZ-MF91, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XLK3-ZQ8P, 29.170%, 10/08/2025 †§x | Affirm | 7/31/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XLKC-DQ2I, 28.000%, 12/20/2023 †x#^ | Affirm | 12/27/2021 | 1013 | 1080 | 61 |
| &nbsp;&nbsp;&nbsp; XLKE-MCSG, 33.950%, 12/17/2025 †§x | Affirm | 6/21/2024 | 159 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; XLKQ-89EO, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XLKS-J7B5, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XLKV-OJ5C, 12.491%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 1200 | 1137 | 1123 |
| &nbsp;&nbsp;&nbsp; XLLG-U37M, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 753 | 767 | 769 |
| &nbsp;&nbsp;&nbsp; XLLS-MA50, 33.950%, 9/28/2025 †§x | Affirm | 3/31/2025 | 11 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; XLLW-MNDW, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XLM1-7EE3, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 145 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; XLM7-DIMK, 29.720%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; XLMJ-8NI6, 23.400%, 12/28/2025 †§x# | Affirm | 1/02/2024 | 139 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; XLML-S0LR, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 146 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; XLMP-IVCY, 30.450%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 479 | 468 | 29 |
| &nbsp;&nbsp;&nbsp; XLMS-F4BY, 30.950%, 9/02/2025 †§x | Affirm | 6/27/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; XLMU-T1AH, 28.000%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 150 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; XLN2-RUKI, 33.950%, 10/15/2025 †§x | Affirm | 4/18/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XLN4-G4C3, 27.450%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 1281 | 1267 | 77 |
| &nbsp;&nbsp;&nbsp; XLN7-8J3C, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 200 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; XLNC-FNYR, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 539 | 543 | 144 |
| &nbsp;&nbsp;&nbsp; XLND-1KL1, 13.840%, 2/26/2026 †§x | Affirm | 2/29/2024 | 413 | 418 | 420 |
| &nbsp;&nbsp;&nbsp; XLNE-2AM3, 18.000%, 1/13/2027 †§x | Affirm | 1/29/2025 | 899 | 932 | 938 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8244** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XLNE-M2DP, 33.950%, 9/24/2025 †§x | Affirm | 9/27/2024 | $15 | $15 | $15 |
| &nbsp;&nbsp;&nbsp; XLNH-X0CQ, 22.750%, 3/03/2026 †§x | Affirm | 3/28/2025 | 199 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; XLNQ-C2NH, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 478 | 492 | 494 |
| &nbsp;&nbsp;&nbsp; XLNZ-JUT4, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 132 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; XLOI-EIH2, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XLOL-VSKN, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; XLOU-8PO2, 29.490%, 11/09/2025 †§x | Affirm | 5/13/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XLOZ-7272, 35.390%, 3/28/2027 †x# | Affirm | 3/31/2025 | 436 | 433 | 26 |
| &nbsp;&nbsp;&nbsp; XLP0-6MIO, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 171 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; XLPR-R1HJ, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XLPS-FJGN, 24.670%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 107 | 110 | 107 |
| &nbsp;&nbsp;&nbsp; XLPY-5FCC, 31.545%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 159 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; XLQ3-EJ95, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XLQD-LTFA, 29.600%, 6/08/2023 †x#^ | Affirm | 12/13/2021 | 226 | 216 | 14 |
| &nbsp;&nbsp;&nbsp; XLQJ-25YB, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 185 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; XLQN-GCDM, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XLQV-DI59, 35.600%, 11/14/2025 †§x | Affirm | 11/27/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XLQX-BD2Y, 31.000%, 9/03/2026 †§x | Affirm | 3/28/2025 | 433 | 451 | 451 |
| &nbsp;&nbsp;&nbsp; XLQY-8IFK, 29.650%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 56 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; XLR0-BW02, 26.900%, 12/11/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XLR1-6SUL, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 282 | 294 | 292 |
| &nbsp;&nbsp;&nbsp; XLR9-8KOF, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 491 | 485 | 29 |
| &nbsp;&nbsp;&nbsp; XLR9-GU3Q, 35.720%, 12/28/2025 †§x | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XLRL-NV87, 29.810%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 210 | 206 | 13 |
| &nbsp;&nbsp;&nbsp; XLRR-YV44, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 284 | 298 |  |
| &nbsp;&nbsp;&nbsp; XLS6-IG0V, 10.708%, 1/11/2023 †x#^« | Affirm | 10/14/2022 | 168 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; XLSB-GQHP, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; XLSG-JCJK, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 91 | 90 |
| &nbsp;&nbsp;&nbsp; XLSJ-4MOP, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XLST-62WM, 28.500%, 1/06/2023 †x#^ | Affirm | 1/10/2022 | 348 | 355 | 21 |
| &nbsp;&nbsp;&nbsp; XLSV-5262, 33.950%, 10/24/2025 †§x | Affirm | 10/28/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XLSX-VRY5, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 201 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; XLSZ-91KQ, 30.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 312 | 322 | 321 |
| &nbsp;&nbsp;&nbsp; XLT0-NL87, 33.050%, 9/18/2025 †§x | Affirm | 9/23/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; XLT1-LJMZ, 35.460%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XLT5-D0I7, 9.890%, 6/02/2026 †§x | Affirm | 6/27/2025 | 486 | 500 | 502 |
| &nbsp;&nbsp;&nbsp; XLT5-OJX5, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XLT8-03UV, 29.640%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XLT8-GFBZ, 35.300%, 1/08/2027 †§x | Affirm | 7/31/2025 | 231 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; XLTD-6ZO3, 7.870%, 8/23/2026 †§x | Affirm | 8/29/2024 | 551 | 565 | 568 |
| &nbsp;&nbsp;&nbsp; XLTP-FCT1, 32.940%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 806 | 803 | 820 |
| &nbsp;&nbsp;&nbsp; XLU3-68XP, 35.490%, 1/13/2027 †§x | Affirm | 1/29/2025 | 1506 | 1501 | 1526 |
| &nbsp;&nbsp;&nbsp; XLUL-YOKF, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 154 | 160 | 157 |
| &nbsp;&nbsp;&nbsp; XLUY-07SZ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 163 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; XLV0-BQ2G, 24.400%, 2/03/2026 †§x | Affirm | 2/26/2025 | 193 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; XLV1-TKFK, 29.420%, 8/11/2024 †x#^ | Affirm | 5/15/2023 | 97 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; XLV8-8ZVP, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XLVB-FE5U, 31.000%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 194 | 199 | 196 |
| &nbsp;&nbsp;&nbsp; XLVC-I2VC, 24.900%, 2/11/2027 †x# | Affirm | 2/26/2025 | 1855 | 1832 |  |
| &nbsp;&nbsp;&nbsp; XLW7-PI08, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 141 | 144 | 146 |
| &nbsp;&nbsp;&nbsp; XLWW-6669, 15.780%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XLWX-QNBY, 9.880%, 11/20/2026 †§x | Affirm | 11/27/2024 | 510 | 527 | 530 |
| &nbsp;&nbsp;&nbsp; XLWZ-A5I1, 24.450%, 12/02/2025 †§x | Affirm | 6/27/2025 | 232 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; XLX0-J709, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XLX1-C3XW, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 84 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XLX4-3KLS, 29.210%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 180 | 177 | 11 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8245** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XLX5-IKAX, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | $331 | $344 | $343 |
| &nbsp;&nbsp;&nbsp; XLXB-9OIJ, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XLXB-IALB, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; XLXC-4408, 35.770%, 2/27/2026 †§x | Affirm | 3/28/2025 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XLXG-X4AJ, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 300 | 309 | 308 |
| &nbsp;&nbsp;&nbsp; XLXV-QV4W, 29.600%, 12/20/2026 †§x | Affirm | 12/27/2024 | 480 | 498 | 500 |
| &nbsp;&nbsp;&nbsp; XLY5-SEPQ, 14.750%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 196 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; XLYI-4FN2, 29.760%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XLYJ-D4LY, 35.480%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 695 | 715 | 42 |
| &nbsp;&nbsp;&nbsp; XLYS-BIXG, 29.980%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 131 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; XLYW-YXSD, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 172 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; XLYY-8U8Q, 32.500%, 4/21/2026 †§x | Affirm | 10/24/2024 | 142 | 145 | 143 |
| &nbsp;&nbsp;&nbsp; XLZ1-R1Z4, 28.000%, 12/06/2023 †x#^ | Affirm | 12/09/2021 | 568 | 613 | 34 |
| &nbsp;&nbsp;&nbsp; XLZ6-98QQ, 23.400%, 6/21/2026 †§x | Affirm | 6/27/2024 | 537 | 549 | 552 |
| &nbsp;&nbsp;&nbsp; XLZB-NV0S, 29.650%, 6/13/2025 †x#^ | Affirm | 12/27/2024 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XLZB-V0X2, 29.640%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; XLZE-C00Z, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 325 | 331 | 190 |
| &nbsp;&nbsp;&nbsp; XLZL-PS7W, 28.000%, 5/23/2023 †x#^ | Affirm | 11/26/2021 | 1776 | 1917 | 107 |
| &nbsp;&nbsp;&nbsp; XLZN-U0OM, 29.620%, 9/26/2026 †§x | Affirm | 9/30/2024 | 1103 | 1137 | 1142 |
| &nbsp;&nbsp;&nbsp; XLZR-KG6N, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 679 | 675 | 674 |
| &nbsp;&nbsp;&nbsp; XLZU-5IR2, 18.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XLZY-BNU0, 13.840%, 10/08/2025 †§x | Affirm | 7/31/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; XM0F-T6TC, 15.590%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; XM0M-5I5V, 33.050%, 3/23/2026 †§x | Affirm | 9/26/2024 | 179 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; XM0R-5WXG, 30.950%, 7/06/2026 †§x | Affirm | 1/29/2025 | 317 | 324 | 326 |
| &nbsp;&nbsp;&nbsp; XM19-HYB8, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XM1B-GEQT, 33.950%, 10/11/2025 †§x | Affirm | 4/15/2024 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; XM1R-3WSX, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 188 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; XM1X-3I6Q, 26.200%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 202 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; XM21-WQE3, 26.500%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 124 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; XM21-XH6M, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; XM23-YH9Y, 29.420%, 3/24/2023 †x#^ | Affirm | 3/28/2022 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XM2B-0UHP, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 832 | 832 | 838 |
| &nbsp;&nbsp;&nbsp; XM2K-TLB0, 18.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XM2M-0TQY, 29.590%, 12/02/2026 †§x | Affirm | 6/27/2025 | 240 | 252 | 254 |
| &nbsp;&nbsp;&nbsp; XM2N-HOXQ, 23.400%, 9/27/2025 †§x# | Affirm | 10/02/2023 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; XM2R-JB4J, 29.000%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 375 | 382 | 23 |
| &nbsp;&nbsp;&nbsp; XM2T-1JDD, 30.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XM2Z-YCKH, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XM3G-OKBS, 29.560%, 6/20/2027 †§x | Affirm | 6/24/2024 | 73 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; XM3N-A9HN, 20.900%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 3509 | 3671 | 211 |
| &nbsp;&nbsp;&nbsp; XM41-Z7BF, 32.930%, 9/12/2025 †§x | Affirm | 3/15/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; XM42-P0UH, 32.000%, 3/20/2026 †§x | Affirm | 9/26/2024 | 524 | 529 | 528 |
| &nbsp;&nbsp;&nbsp; XM4G-9QMD, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 753 | 761 | 767 |
| &nbsp;&nbsp;&nbsp; XM4O-Y2YO, 18.000%, 1/13/2027 †§x | Affirm | 1/29/2025 | 576 | 597 | 601 |
| &nbsp;&nbsp;&nbsp; XM4Q-AB7Q, 24.760%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 883 | 900 | 903 |
| &nbsp;&nbsp;&nbsp; XM4T-R7HW, 35.580%, 1/08/2026 †§x | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XM4T-XSGQ, 28.500%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 1233 | 1257 | 74 |
| &nbsp;&nbsp;&nbsp; XM4U-F4MA, 15.710%, 3/28/2025 †x#^ | Affirm | 4/03/2023 | 1966 | 2107 | 118 |
| &nbsp;&nbsp;&nbsp; XM5E-WGHN, 23.400%, 8/05/2027 †§x | Affirm | 8/29/2025 | 721 | 763 | 763 |
| &nbsp;&nbsp;&nbsp; XM5F-S9Z9, 33.950%, 7/03/2026 †§x | Affirm | 1/29/2025 | 195 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; XM5P-UOZL, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; XM5T-YWBA, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 213 | 214 | 215 |
| &nbsp;&nbsp;&nbsp; XM5Y-S529, 30.000%, 6/13/2025 †x#^ | Affirm | 6/16/2023 | 63 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XM66-SHMF, 35.590%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XM69-D5WA, 35.370%, 12/20/2025 †x# | Affirm | 6/24/2024 | 171 | 168 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8246** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XM6M-LFNH, 15.770%, 11/01/2025 †§x | Affirm | 5/06/2024 | $65 | $65 | $65 |
| &nbsp;&nbsp;&nbsp; XM6Q-NM8E, 23.000%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 21 | 21 | 4 |
| &nbsp;&nbsp;&nbsp; XM6V-MXA5, 33.050%, 3/28/2026 †§x | Affirm | 3/31/2025 | 172 | 178 | 180 |
| &nbsp;&nbsp;&nbsp; XM79-HDF6, 29.600%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 111 | 107 | 7 |
| &nbsp;&nbsp;&nbsp; XM7C-CCP2, 22.900%, 12/20/2025 †§x | Affirm | 6/24/2024 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; XM7C-ZW1J, 15.770%, 4/04/2024 †x#^ | Affirm | 10/07/2022 | 629 | 673 | 38 |
| &nbsp;&nbsp;&nbsp; XM7F-K796, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 147 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; XM7Q-HQN9, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XM7S-JP4U, 33.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 236 | 236 | 239 |
| &nbsp;&nbsp;&nbsp; XM7U-W09M, 35.610%, 8/11/2026 †§x | Affirm | 2/26/2025 | 188 | 186 | 188 |
| &nbsp;&nbsp;&nbsp; XM80-8OH5, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 297 | 303 | 302 |
| &nbsp;&nbsp;&nbsp; XM80-ANAP, 22.640%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 240 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; XM83-6I0M, 35.000%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; XM87-3PHZ, 35.190%, 3/28/2024 †x#^ | Affirm | 1/02/2024 | 273 | 276 | 16 |
| &nbsp;&nbsp;&nbsp; XM88-DDKH, 33.060%, 7/02/2026 †§x | Affirm | 1/29/2025 | 375 | 371 | 373 |
| &nbsp;&nbsp;&nbsp; XM8E-V9TN, 29.700%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 160 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; XM8I-RTEG, 6.069%, 8/07/2026 †§x« | Affirm | 8/29/2025 | 1750 | 1657 | 1657 |
| &nbsp;&nbsp;&nbsp; XM8J-RB2A, 9.860%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XM94-RZGJ, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XM97-417A, 24.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 96 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; XM97-UB1F, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 248 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; XM9H-J8NU, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; XM9L-GFPP, 33.950%, 10/21/2026 †§x | Affirm | 10/24/2024 | 349 | 359 | 359 |
| &nbsp;&nbsp;&nbsp; XM9M-300P, 29.580%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 49 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; XM9O-H6EN, 29.810%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 1279 | 1263 | 77 |
| &nbsp;&nbsp;&nbsp; XMA3-2WO3, 35.540%, 9/25/2026 †x# | Affirm | 9/30/2024 | 1190 | 1077 | 71 |
| &nbsp;&nbsp;&nbsp; XMA4-IIXE, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 166 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; XMAA-CX6U, 29.660%, 6/13/2022 †x#^ | Affirm | 12/16/2021 | 42 | 41 | 3 |
| &nbsp;&nbsp;&nbsp; XMAB-UZ7T, 15.760%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 670 | 693 | 40 |
| &nbsp;&nbsp;&nbsp; XMAG-RK8M, 22.720%, 12/18/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XMAH-SKCJ, 30.500%, 12/28/2025 †x# | Affirm | 1/29/2025 | 573 | 517 |  |
| &nbsp;&nbsp;&nbsp; XMAP-54PI, 11.820%, 8/23/2026 †§x | Affirm | 8/29/2024 | 310 | 318 | 320 |
| &nbsp;&nbsp;&nbsp; XMAS-DWSX, 30.000%, 8/15/2023 †x#^ | Affirm | 2/21/2023 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; XMAT-TXOH, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XMB6-4P7D, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 93 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; XMBM-O8CN, 11.910%, 2/10/2024 †x#^ | Affirm | 2/16/2023 | 40 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; XMC2-O3UF, 29.730%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 94 | 90 | 6 |
| &nbsp;&nbsp;&nbsp; XMC8-CPZI, 35.290%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XMCC-AEDS, 29.610%, 6/15/2023 †x#^ | Affirm | 12/20/2021 | 338 | 323 | 20 |
| &nbsp;&nbsp;&nbsp; XMCE-4MMF, 11.780%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 746 | 737 | 45 |
| &nbsp;&nbsp;&nbsp; XMCG-57UK, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XMCJ-7E6K, 35.220%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 636 | 653 | 659 |
| &nbsp;&nbsp;&nbsp; XMCK-COEV, 31.000%, 4/28/2027 †x# | Affirm | 5/02/2024 | 2218 | 2256 | 2270 |
| &nbsp;&nbsp;&nbsp; XMCR-T3RT, 35.520%, 6/19/2026 †§x | Affirm | 12/27/2024 | 439 | 448 | 445 |
| &nbsp;&nbsp;&nbsp; XMCR-WI96, 22.570%, 5/14/2026 †§x | Affirm | 5/30/2025 | 122 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; XMCW-UCJS, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XMCY-8ICX, 19.750%, 5/25/2024 †x#^ | Affirm | 12/01/2022 | 315 | 336 | 19 |
| &nbsp;&nbsp;&nbsp; XMDB-0EQS, 35.250%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XMDR-6H8A, 29.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 119 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; XMDX-23Q9, 35.480%, 10/18/2025 †§x | Affirm | 10/24/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XMEA-S902, 35.570%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 128 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; XMEF-9VS7, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XMEI-RB7C, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; XMEV-Q5S2, 28.920%, 8/19/2024 †x#^ | Affirm | 5/25/2023 | 76 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; XMF7-CE0Q, 33.050%, 11/15/2026 †§x# | Affirm | 11/27/2024 | 436 | 451 | 453 |
| &nbsp;&nbsp;&nbsp; XMFB-ZMQ4, 35.450%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 395 | 402 | 400 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8247** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XMFF-MUOM, 15.890%, 2/10/2026 †§x# | Affirm | 2/26/2025 | $123 | $127 | $127 |
| &nbsp;&nbsp;&nbsp; XMFR-8EKP, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 299 | 309 | 18 |
| &nbsp;&nbsp;&nbsp; XMFV-J3CW, 29.590%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 44 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; XMFX-4Z56, 35.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XMG8-PJQB, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 311 | 317 | 19 |
| &nbsp;&nbsp;&nbsp; XMGN-0RAF, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XMGQ-RN1L, 22.750%, 7/13/2026 †§x | Affirm | 1/29/2025 | 184 | 191 | 189 |
| &nbsp;&nbsp;&nbsp; XMGX-NAV7, 29.510%, 5/06/2027 †§x | Affirm | 5/30/2025 | 1203 | 1262 | 1281 |
| &nbsp;&nbsp;&nbsp; XMH5-VQQ0, 35.570%, 9/25/2025 †x# | Affirm | 9/30/2024 | 432 | 457 | 61 |
| &nbsp;&nbsp;&nbsp; XMH9-916E, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XMHE-QF3W, 18.000%, 1/08/2028 †x | Affirm | 1/29/2025 | 5611 | 5787 | 5827 |
| &nbsp;&nbsp;&nbsp; XMHT-NI8A, 15.680%, 2/06/2026 †§x | Affirm | 8/29/2025 | 165 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; XMHW-HVDU, 18.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1174 | 1214 | 1221 |
| &nbsp;&nbsp;&nbsp; XMHX-56T9, 35.450%, 12/21/2025 †x# | Affirm | 6/27/2024 | 1287 | 1263 | 77 |
| &nbsp;&nbsp;&nbsp; XMI1-ILQV, 15.720%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 112 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; XMI6-2LHM, 33.950%, 3/13/2026 †§x# | Affirm | 3/18/2024 | 1065 | 1078 | 1082 |
| &nbsp;&nbsp;&nbsp; XMI6-J03M, 29.830%, 2/07/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XMI7-GUJF, 24.530%, 3/03/2026 †§x | Affirm | 3/28/2025 | 165 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; XMI8-K1BS, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 323 | 331 | 333 |
| &nbsp;&nbsp;&nbsp; XMIC-JHN0, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 207 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; XMIN-WMJ0, 32.500%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 186 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; XMIP-V2FP, 33.950%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 91 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; XMIQ-PIX9, 35.570%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 70 | 64 | 69 |
| &nbsp;&nbsp;&nbsp; XMIY-FHNG, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 662 | 675 | 676 |
| &nbsp;&nbsp;&nbsp; XMJK-T0YA, 35.450%, 10/21/2025 †§x | Affirm | 10/24/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XMJR-UTK3, 29.480%, 6/28/2025 †x#^ | Affirm | 8/31/2023 | 378 | 392 | 23 |
| &nbsp;&nbsp;&nbsp; XMJT-XNFW, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XMJT-ZP88, 35.360%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 43 | 40 | 3 |
| &nbsp;&nbsp;&nbsp; XMK9-VSXJ, 35.390%, 12/05/2024 †x#^ | Affirm | 6/08/2023 | 175 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; XMKE-VNAB, 29.910%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 106 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; XMKP-U6W5, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XMKX-KHGX, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 271 | 271 | 273 |
| &nbsp;&nbsp;&nbsp; XMKX-X834, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 68 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XML3-D63P, 34.000%, 5/14/2026 †§x | Affirm | 11/27/2024 | 410 | 407 | 410 |
| &nbsp;&nbsp;&nbsp; XMLG-4AAF, 19.900%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 74 | 78 | 4 |
| &nbsp;&nbsp;&nbsp; XMLG-A8WE, 35.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 161 | 162 | 161 |
| &nbsp;&nbsp;&nbsp; XMLI-DN1H, 35.450%, 2/20/2026 †x# | Affirm | 2/23/2024 | 627 | 630 | 38 |
| &nbsp;&nbsp;&nbsp; XMLQ-QDYS, 15.780%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XMM0-EEPG, 15.770%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; XMM4-Z5SU, 27.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 209 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; XMM6-EVC7, 29.080%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 485 | 488 | 29 |
| &nbsp;&nbsp;&nbsp; XMMD-P0VY, 29.440%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 118 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; XMMI-QLWG, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 188 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; XMMI-RWIM, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XMMO-AK55, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XMMR-8NQW, 29.580%, 10/02/2025 †x# | Affirm | 10/05/2023 | 452 | 458 | 27 |
| &nbsp;&nbsp;&nbsp; XMMZ-83AL, 35.490%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 82 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; XMN0-ZD4L, 26.200%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 690 | 682 | 41 |
| &nbsp;&nbsp;&nbsp; XMN6-FBHO, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 125 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; XMNK-HLNI, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; XMNL-VEKO, 35.510%, 12/19/2026 †x | Affirm | 12/27/2024 | 318 | 318 | 323 |
| &nbsp;&nbsp;&nbsp; XMNT-SH0J, 29.370%, 7/17/2024 †x#^ | Affirm | 9/05/2023 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; XMO1-D7WM, 4.459%, 5/06/2023 †x#^« | Affirm | 5/12/2022 | 1283 | 1239 | 77 |
| &nbsp;&nbsp;&nbsp; XMO4-K42I, 29.820%, 2/05/2026 †§x | Affirm | 2/26/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XMO9-YDPW, 25.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XMOG-ORIU, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 25 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8248** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XMOJ-0IMI, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | $148 | $150 | $149 |
| &nbsp;&nbsp;&nbsp; XMOY-YUAD, 35.230%, 1/05/2024 †x#^ | Affirm | 10/10/2023 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; XMP1-RGQN, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XMP8-KKJC, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XMP9-WIPF, 35.180%, 11/22/2024 †x#^ | Affirm | 5/28/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; XMP9-Y5ZN, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 95 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XMPR-07N7, 35.580%, 9/16/2025 †§x# | Affirm | 9/26/2024 | 59 | 54 | 57 |
| &nbsp;&nbsp;&nbsp; XMPS-5592, 29.610%, 12/18/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XMPZ-BUWQ, 31.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 452 | 461 | 52 |
| &nbsp;&nbsp;&nbsp; XMQ2-4FOA, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 151 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; XMQ2-VHB2, 23.000%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 29 | 29 | 5 |
| &nbsp;&nbsp;&nbsp; XMQ6-VC2P, 15.620%, 1/08/2026 †§x | Affirm | 7/31/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XMQE-RHFQ, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; XMQI-CVQR, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 175 | 175 | 173 |
| &nbsp;&nbsp;&nbsp; XMQL-TVLQ, 29.800%, 3/03/2026 †§x | Affirm | 3/28/2025 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; XMQM-5V9H, 35.290%, 5/17/2024 †x#^ | Affirm | 5/22/2023 | 152 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; XMQW-VF1E, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XMQZ-N4VY, 35.380%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 601 | 598 | 36 |
| &nbsp;&nbsp;&nbsp; XMR4-WKW0, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XMRA-A3GF, 29.550%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XMRC-U6A8, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 151 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; XMRG-JKD6, 15.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 135 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; XMRH-LPTI, 29.900%, 7/10/2022 †x#^ | Affirm | 1/13/2022 | 183 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; XMRN-H336, 29.510%, 12/02/2025 †§x | Affirm | 6/27/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XMS2-DCVD, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 290 | 300 | 299 |
| &nbsp;&nbsp;&nbsp; XMS7-5NQY, 35.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 120 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; XMSG-GCIW, 29.530%, 12/04/2025 †§x | Affirm | 12/07/2023 | 219 | 221 | 220 |
| &nbsp;&nbsp;&nbsp; XMSP-KW8W, 28.500%, 5/04/2023 †x#^ | Affirm | 11/10/2022 | 214 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; XMT8-DGWB, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XMTD-NJXC, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XMTH-SUN3, 33.050%, 2/12/2027 †§x | Affirm | 2/26/2025 | 281 | 293 | 294 |
| &nbsp;&nbsp;&nbsp; XMTL-JG8Y, 35.480%, 6/19/2026 †§x | Affirm | 12/27/2024 | 165 | 168 | 167 |
| &nbsp;&nbsp;&nbsp; XMTL-NW8V, 35.440%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 380 | 389 | 391 |
| &nbsp;&nbsp;&nbsp; XMTQ-WKZ9, 29.440%, 11/03/2024 †x#^ | Affirm | 5/11/2023 | 76 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; XMTT-F6NO, 35.370%, 10/05/2024 †x#^ | Affirm | 10/10/2023 | 175 | 166 | 11 |
| &nbsp;&nbsp;&nbsp; XMTZ-7984, 28.000%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; XMUC-7OB2, 33.950%, 2/10/2026 †x# | Affirm | 2/26/2025 | 254 | 267 | 15 |
| &nbsp;&nbsp;&nbsp; XMUC-RJFD, 11.830%, 11/10/2025 †§x | Affirm | 11/17/2022 | 132 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; XMUN-FTEJ, 35.650%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XMUQ-B7ZU, 29.720%, 1/08/2026 †§x | Affirm | 1/29/2025 | 92 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; XMUU-MIQE, 35.290%, 5/05/2024 †x#^ | Affirm | 5/11/2023 | 101 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; XMV4-TZL9, 29.660%, 1/24/2024 †x#^ | Affirm | 1/27/2022 | 663 | 611 | 40 |
| &nbsp;&nbsp;&nbsp; XMV7-HZS0, 18.900%, 1/19/2026 †x# | Affirm | 1/23/2023 | 382 | 411 | 23 |
| &nbsp;&nbsp;&nbsp; XMVA-Q60H, 23.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 596 | 614 | 618 |
| &nbsp;&nbsp;&nbsp; XMVE-3GCD, 29.510%, 8/21/2025 †x#^ | Affirm | 8/24/2023 | 191 | 204 | 11 |
| &nbsp;&nbsp;&nbsp; XMVE-KG0S, 15.770%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 671 | 690 | 40 |
| &nbsp;&nbsp;&nbsp; XMVN-Q6J7, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XMVW-SJA7, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 167 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; XMW8-ZV92, 35.300%, 2/06/2026 †§x | Affirm | 8/29/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XMWP-H9JG, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XMXB-X846, 35.760%, 2/03/2026 †§x | Affirm | 2/26/2025 | 324 | 329 | 326 |
| &nbsp;&nbsp;&nbsp; XMXC-OH9L, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1686 | 1724 | 1732 |
| &nbsp;&nbsp;&nbsp; XMXE-BLPZ, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 490 | 484 | 484 |
| &nbsp;&nbsp;&nbsp; XMXK-CCUB, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 135 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; XMXV-9PUG, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 538 | 547 | 549 |
| &nbsp;&nbsp;&nbsp; XMY6-8WG5, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8249** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XMY7-WJHN, 35.180%, 6/20/2025 †x#^ | Affirm | 3/28/2025 | $17 | $17 | $1 |
| &nbsp;&nbsp;&nbsp; XMYA-HR4X, 22.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 649 | 660 | 654 |
| &nbsp;&nbsp;&nbsp; XMYH-1D35, 32.450%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 691 | 631 | 41 |
| &nbsp;&nbsp;&nbsp; XMYT-K7OD, 32.000%, 6/07/2025 †x#^ | Affirm | 12/11/2023 | 1336 | 1336 | 80 |
| &nbsp;&nbsp;&nbsp; XMZ5-1J2Z, 33.950%, 3/26/2027 †§x | Affirm | 4/22/2025 | 1134 | 1181 | 1212 |
| &nbsp;&nbsp;&nbsp; XMZC-4IAB, 22.200%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 46 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XMZO-PJLH, 29.570%, 4/24/2024 †x#^ | Affirm | 10/27/2022 | 762 | 809 | 46 |
| &nbsp;&nbsp;&nbsp; XMZP-30E0, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XMZQ-JSB1, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XMZT-BTT0, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; XMZU-0OOU, 15.850%, 1/02/2026 †§x | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XMZZ-SV84, 29.560%, 6/18/2026 †§x# | Affirm | 6/21/2024 | 342 | 349 | 352 |
| &nbsp;&nbsp;&nbsp; XN05-CH22, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 869 | 885 | 888 |
| &nbsp;&nbsp;&nbsp; XN08-RRBN, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XN0A-RUQ9, 35.550%, 2/11/2027 †x# | Affirm | 2/26/2025 | 668 | 659 | 40 |
| &nbsp;&nbsp;&nbsp; XN0B-SHLR, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 189 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; XN0G-X90L, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; XN0M-AJRJ, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XN0O-1CFN, 29.650%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 330 | 330 | 331 |
| &nbsp;&nbsp;&nbsp; XN0T-JOM4, 35.560%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XN0V-8VUD, 24.520%, 3/28/2026 †x# | Affirm | 3/31/2025 | 168 | 168 | 52 |
| &nbsp;&nbsp;&nbsp; XN0V-QBJB, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 102 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; XN0Z-L7QX, 32.610%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 337 | 349 | 20 |
| &nbsp;&nbsp;&nbsp; XN12-G09Z, 24.400%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; XN14-6206, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; XN16-WPIK, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; XN19-2AYB, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; XN1C-L8II, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XN1T-JSDW, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 1276 | 1290 | 1292 |
| &nbsp;&nbsp;&nbsp; XN1T-VXGE, 29.490%, 1/22/2026 †§x | Affirm | 7/25/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XN26-XONX, 29.650%, 2/12/2029 †§x# | Affirm | 2/26/2025 | 1223 | 1318 | 1327 |
| &nbsp;&nbsp;&nbsp; XN28-SWPO, 12.491%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 157 | 148 | 154 |
| &nbsp;&nbsp;&nbsp; XN28-UO49, 28.000%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; XN2A-P6LB, 29.410%, 3/28/2026 †x# | Affirm | 3/31/2025 | 46 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XN2J-NU4Q, 33.000%, 2/12/2027 †§x | Affirm | 2/26/2025 | 892 | 884 | 901 |
| &nbsp;&nbsp;&nbsp; XN2O-POIX, 29.480%, 7/08/2026 †§x | Affirm | 7/31/2025 | 162 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; XN2X-U641, 29.720%, 7/02/2026 †§x | Affirm | 1/29/2025 | 179 | 184 | 182 |
| &nbsp;&nbsp;&nbsp; XN3B-E2XS, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; XN3B-U8L3, 35.260%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XN3W-4PIX, 35.190%, 6/20/2025 †x#^ | Affirm | 3/28/2025 | 25 | 24 | 2 |
| &nbsp;&nbsp;&nbsp; XN4E-TWVI, 29.200%, 2/07/2026 †x# | Affirm | 2/26/2025 | 200 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; XN4F-17FO, 27.100%, 3/21/2024 †x#^ | Affirm | 9/26/2022 | 128 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; XN4G-70TG, 13.840%, 10/02/2025 †§x | Affirm | 10/05/2023 | 180 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; XN4L-96JD, 7.265%, 1/07/2023 †x#^« | Affirm | 10/14/2022 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; XN4L-MBY7, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 1132 | 1147 | 1149 |
| &nbsp;&nbsp;&nbsp; XN4R-ZWDR, 30.950%, 12/12/2025 †§x | Affirm | 12/27/2024 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XN4S-C0K6, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 577 | 570 | 35 |
| &nbsp;&nbsp;&nbsp; XN4Z-F3SG, 33.050%, 11/09/2025 †x# | Affirm | 5/13/2024 | 332 | 349 | 20 |
| &nbsp;&nbsp;&nbsp; XN50-OQBD, 15.840%, 2/11/2027 †§x | Affirm | 2/26/2025 | 836 | 875 | 882 |
| &nbsp;&nbsp;&nbsp; XN52-SNWV, 29.490%, 1/25/2026 †§x | Affirm | 7/29/2024 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; XN5K-1E9X, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 232 | 239 | 236 |
| &nbsp;&nbsp;&nbsp; XN5P-959Z, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XN60-VPBD, 35.260%, 7/08/2026 †§x | Affirm | 7/31/2025 | 172 | 177 | 176 |
| &nbsp;&nbsp;&nbsp; XN65-HJRD, 24.660%, 10/28/2025 †§x | Affirm | 10/31/2024 | 158 | 159 | 160 |
| &nbsp;&nbsp;&nbsp; XN6A-YAWG, 35.400%, 6/28/2025 †x#^ | Affirm | 1/05/2024 | 193 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; XN6B-G8NL, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 144 | 150 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8250** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XN6D-0R2S, 33.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | $168 | $175 | $177 |
| &nbsp;&nbsp;&nbsp; XN6I-6AAW, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XN6J-OOEZ, 35.430%, 12/13/2026 †§x | Affirm | 12/27/2024 | 681 | 678 | 689 |
| &nbsp;&nbsp;&nbsp; XN6N-CJOY, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 94 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; XN6T-8C76, 28.000%, 5/26/2023 †x#^ | Affirm | 12/02/2021 | 197 | 207 | 12 |
| &nbsp;&nbsp;&nbsp; XN6W-WIKL, 33.950%, 10/28/2025 †x# | Affirm | 10/31/2024 | 43 | 44 | 9 |
| &nbsp;&nbsp;&nbsp; XN6Z-8IQ1, 29.530%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 188 | 197 | 11 |
| &nbsp;&nbsp;&nbsp; XN75-IM88, 29.600%, 9/15/2024 †x#^ | Affirm | 9/19/2022 | 225 | 245 | 13 |
| &nbsp;&nbsp;&nbsp; XN7H-S0VN, 35.520%, 7/06/2026 †§x | Affirm | 1/29/2025 | 304 | 309 | 307 |
| &nbsp;&nbsp;&nbsp; XN7M-48GF, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 153 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; XN7M-5VWB, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 564 | 579 | 579 |
| &nbsp;&nbsp;&nbsp; XN80-2P7B, 35.410%, 10/21/2026 †x# | Affirm | 10/24/2024 | 755 | 746 | 45 |
| &nbsp;&nbsp;&nbsp; XN81-FPLV, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 266 | 272 | 273 |
| &nbsp;&nbsp;&nbsp; XN8G-JWQ8, 35.540%, 12/12/2025 †§x | Affirm | 12/27/2024 | 146 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; XN8L-PIE0, 35.620%, 1/06/2026 †§x | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XN8T-IAUR, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XN8U-5Y55, 28.500%, 5/18/2023 †x#^ | Affirm | 11/25/2022 | 68 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; XN90-R3JM, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XN93-GR5R, 11.760%, 9/20/2025 †x | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XN97-AHGL, 25.200%, 2/06/2026 †§x | Affirm | 8/29/2025 | 161 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; XN9A-EZ9Q, 29.410%, 9/03/2025 †§x | Affirm | 3/28/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XN9G-PM8Z, 33.390%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 58 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XN9H-0GT3, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 185 | 188 | 187 |
| &nbsp;&nbsp;&nbsp; XN9Q-4718, 27.100%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 312 | 328 | 19 |
| &nbsp;&nbsp;&nbsp; XN9T-ZOQ4, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XN9W-PN43, 23.400%, 11/28/2025 †x# | Affirm | 5/31/2024 | 189 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; XNA0-43H5, 29.620%, 5/20/2024 †x#^ | Affirm | 11/24/2023 | 66 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; XNA6-P5JI, 11.750%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XNAB-DD2O, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; XNAG-VWUZ, 35.380%, 12/04/2025 †§x | Affirm | 12/07/2023 | 380 | 380 | 380 |
| &nbsp;&nbsp;&nbsp; XNAK-Q8OD, 23.400%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 346 | 353 | 354 |
| &nbsp;&nbsp;&nbsp; XNAN-DQSG, 29.710%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 296 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; XNAQ-S9NT, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 95 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XNAU-XNH7, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XNAV-1YU8, 32.500%, 8/23/2025 †x#^ | Affirm | 2/29/2024 | 77 | 79 | 7 |
| &nbsp;&nbsp;&nbsp; XNAX-D3TF, 29.730%, 8/22/2024 †x#^ | Affirm | 2/27/2023 | 468 | 482 | 28 |
| &nbsp;&nbsp;&nbsp; XNB0-YQXP, 29.380%, 9/02/2022 †x#^ | Affirm | 3/07/2022 | 159 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; XNBF-1ZFT, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; XNBF-B8BQ, 11.840%, 12/12/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XNC7-7VLI, 29.530%, 10/12/2022 †x#^ | Affirm | 4/15/2022 | 1034 | 1053 | 62 |
| &nbsp;&nbsp;&nbsp; XNCF-1OUN, 11.830%, 10/21/2026 †§x# | Affirm | 10/24/2024 | 739 | 761 | 764 |
| &nbsp;&nbsp;&nbsp; XNCJ-OGZB, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; XNCV-HPJ0, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 52 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; XNCV-OHB5, 33.500%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 13 | 13 | 3 |
| &nbsp;&nbsp;&nbsp; XND6-6UD0, 35.460%, 6/20/2024 †x#^ | Affirm | 11/24/2023 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; XNDD-OC70, 35.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XNDQ-H8OM, 33.000%, 7/15/2026 †§x | Affirm | 1/29/2025 | 174 | 173 | 175 |
| &nbsp;&nbsp;&nbsp; XNDQ-RXIS, 35.460%, 12/28/2025 †§x | Affirm | 1/29/2025 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; XNDR-HLIK, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 478 | 487 | 488 |
| &nbsp;&nbsp;&nbsp; XNDR-KDX9, 29.520%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XNDR-N1M4, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 132 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; XNDT-W0K7, 30.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 349 | 361 | 362 |
| &nbsp;&nbsp;&nbsp; XNDU-7YH3, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 152 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; XNDV-ASR7, 29.760%, 10/02/2025 †§x | Affirm | 10/07/2024 | 63 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; XNE6-PEQ1, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 265 | 270 | 269 |
| &nbsp;&nbsp;&nbsp; XNEC-4NX9, 32.500%, 6/28/2025 †x#^ | Affirm | 1/05/2024 | 389 | 398 | 23 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8251** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XNED-5GEC, 15.760%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | $7 | $7 | $- |
| &nbsp;&nbsp;&nbsp; XNEH-YDDQ, 35.640%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; XNEN-ICVG, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XNEN-UVQA, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 243 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; XNER-DAPX, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; XNEX-DZO5, 22.860%, 2/06/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; XNF2-LB7E, 22.670%, 10/24/2025 †§x | Affirm | 10/28/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XNFI-UWHQ, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 216 | 225 | 227 |
| &nbsp;&nbsp;&nbsp; XNFJ-RO2A, 14.700%, 12/24/2025 †§x | Affirm | 6/27/2024 | 178 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; XNFP-P4JQ, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 389 | 399 | 401 |
| &nbsp;&nbsp;&nbsp; XNFW-5IQU, 31.450%, 11/15/2025 †§x | Affirm | 11/27/2024 | 304 | 304 | 303 |
| &nbsp;&nbsp;&nbsp; XNFW-7JLJ, 15.810%, 10/02/2025 †§x | Affirm | 10/05/2023 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XNG1-9QCU, 23.400%, 1/08/2027 †§x | Affirm | 7/31/2025 | 414 | 431 | 434 |
| &nbsp;&nbsp;&nbsp; XNG8-OQXW, 18.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 76 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; XNG9-7BQM, 35.510%, 12/18/2025 †§x | Affirm | 12/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XNGA-0HFZ, 22.920%, 1/02/2026 †§x | Affirm | 1/29/2025 | 71 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; XNGE-IVOA, 32.000%, 1/24/2026 †§x# | Affirm | 7/29/2024 | 274 | 279 | 280 |
| &nbsp;&nbsp;&nbsp; XNGR-ACJH, 29.470%, 7/28/2025 †x#^ | Affirm | 8/03/2023 | 246 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; XNGS-DOG0, 30.500%, 9/20/2025 †§x | Affirm | 3/28/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XNH2-LCUR, 35.620%, 8/11/2026 †x# | Affirm | 2/26/2025 | 250 | 246 | 10 |
| &nbsp;&nbsp;&nbsp; XNH6-IAY3, 35.540%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 228 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; XNH8-L3V6, 6.453%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 797 | 786 | 781 |
| &nbsp;&nbsp;&nbsp; XNHE-06HA, 22.750%, 11/04/2025 †§x# | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XNHF-BGL8, 29.710%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 53 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XNHG-0W5Z, 15.860%, 1/06/2026 †§x | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; XNHV-L0EM, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XNHV-LGE6, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XNHW-SQJI, 35.580%, 1/13/2027 †x | Affirm | 1/29/2025 | 3321 | 3308 | 3363 |
| &nbsp;&nbsp;&nbsp; XNI5-E3XQ, 33.950%, 8/20/2026 †§x | Affirm | 8/23/2024 | 419 | 430 | 433 |
| &nbsp;&nbsp;&nbsp; XNIA-W6BV, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 184 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; XNIC-3BPK, 35.380%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 153 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; XNID-WX7W, 15.750%, 6/18/2025 †x#^ | Affirm | 6/21/2024 | 103 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XNIH-41JR, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; XNIH-8M15, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 471 | 468 | 49 |
| &nbsp;&nbsp;&nbsp; XNIS-ORQL, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 265 | 265 | 264 |
| &nbsp;&nbsp;&nbsp; XNIT-GL1W, 22.640%, 2/04/2025 †x#^ | Affirm | 11/27/2024 | 84 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XNJ6-WW61, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 445 | 450 | 450 |
| &nbsp;&nbsp;&nbsp; XNJ8-8203, 29.650%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 530 | 557 | 32 |
| &nbsp;&nbsp;&nbsp; XNJP-2FV6, 29.810%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 152 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; XNJQ-YGQ1, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 377 | 384 | 385 |
| &nbsp;&nbsp;&nbsp; XNJU-BIET, 18.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XNJY-X6CW, 29.680%, 1/02/2026 †§x | Affirm | 7/05/2024 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XNK2-3GMI, 35.510%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 113 | 115 | 8 |
| &nbsp;&nbsp;&nbsp; XNKR-39LT, 16.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XNKR-L8BR, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 94 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XNKY-YNVP, 29.530%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 515 | 525 | 31 |
| &nbsp;&nbsp;&nbsp; XNL4-IFEZ, 15.790%, 11/28/2024 †x#^ | Affirm | 12/01/2022 | 101 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; XNL7-X9OX, 31.890%, 2/12/2027 †§x | Affirm | 2/26/2025 | 697 | 691 | 701 |
| &nbsp;&nbsp;&nbsp; XNLA-47LE, 28.500%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 151 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XNLJ-18LJ, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 254 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; XNM3-ZT0U, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 148 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; XNM7-5PDB, 35.390%, 8/05/2027 †§x# | Affirm | 8/29/2025 | 914 | 903 | 903 |
| &nbsp;&nbsp;&nbsp; XNM8-945Y, 35.290%, 1/08/2027 †§x# | Affirm | 7/31/2025 | 353 | 363 | 181 |
| &nbsp;&nbsp;&nbsp; XNMZ-58H4, 35.630%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 87 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; XNN8-YXTY, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 103 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; XNNJ-VR93, 35.530%, 12/10/2025 †§x | Affirm | 12/27/2024 | 88 | 89 | 89 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8252** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XNNJ-Y4XP, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | $77 | $76 | $77 |
| &nbsp;&nbsp;&nbsp; XNNO-MTHC, 32.500%, 8/27/2027 †x | Affirm | 8/30/2024 | 2554 | 2375 | 2397 |
| &nbsp;&nbsp;&nbsp; XNNR-37DW, 35.350%, 6/26/2025 †x#^ | Affirm | 7/01/2024 | 121 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; XNNU-ACW2, 35.740%, 2/10/2026 †§x | Affirm | 2/26/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XNNU-CXSW, 24.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 247 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; XNO1-4OG0, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 126 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; XNO3-ZY3I, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XNOL-UMJT, 29.550%, 4/16/2026 †x# | Affirm | 4/19/2024 | 1434 | 1460 | 86 |
| &nbsp;&nbsp;&nbsp; XNOV-SS7F, 35.240%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 253 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; XNP5-4A4A, 30.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XNPA-W37D, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 202 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; XNPD-7DTD, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XNPH-JRK3, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XNPR-TDVE, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 141 | 140 |
| &nbsp;&nbsp;&nbsp; XNPS-6M5O, 29.430%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 341 | 353 | 357 |
| &nbsp;&nbsp;&nbsp; XNPX-MLO9, 27.100%, 2/08/2023 †x#^ | Affirm | 2/11/2022 | 460 | 484 | 28 |
| &nbsp;&nbsp;&nbsp; XNQ0-KQP0, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 664 | 686 | 686 |
| &nbsp;&nbsp;&nbsp; XNQ5-OZYS, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 406 | 419 | 24 |
| &nbsp;&nbsp;&nbsp; XNQC-PV1Y, 29.510%, 4/06/2023 †x#^ | Affirm | 10/11/2022 | 97 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; XNQK-4T7I, 23.900%, 12/08/2026 †x# | Affirm | 12/14/2023 | 3102 | 3189 | 3198 |
| &nbsp;&nbsp;&nbsp; XNQK-65BI, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 849 | 858 | 856 |
| &nbsp;&nbsp;&nbsp; XNQQ-9YDM, 35.330%, 5/08/2025 †x#^ | Affirm | 5/13/2024 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XNQT-J5QQ, 35.410%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XNQX-IS6T, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XNR6-X3NO, 22.760%, 9/28/2025 †x# | Affirm | 10/03/2024 | 79 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XNRD-NHO4, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XNRU-9FXM, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XNRY-4KPW, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 225 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; XNS2-JLYF, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; XNSE-O7SX, 15.720%, 11/21/2025 †§x | Affirm | 5/24/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XNSK-Z3ZE, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 147 | 149 | 148 |
| &nbsp;&nbsp;&nbsp; XNSN-4VTL, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XNSO-YRZC, 29.630%, 3/23/2026 †x# | Affirm | 9/26/2024 | 270 | 284 | 16 |
| &nbsp;&nbsp;&nbsp; XNST-URI4, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; XNT3-8Y0N, 35.300%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 725 | 722 | 738 |
| &nbsp;&nbsp;&nbsp; XNT3-9J8Y, 29.690%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 63 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; XNT9-CYQP, 32.500%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 768 | 778 | 776 |
| &nbsp;&nbsp;&nbsp; XNTJ-8WZ7, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; XNTJ-HMOC, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XNTO-BY9O, 32.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 574 | 585 | 587 |
| &nbsp;&nbsp;&nbsp; XNTR-Y91H, 35.440%, 1/01/2026 †§x# | Affirm | 7/05/2024 | 132 | 133 | 131 |
| &nbsp;&nbsp;&nbsp; XNTZ-H597, 29.690%, 2/28/2024 †x#^ | Affirm | 12/01/2022 | 250 | 261 | 15 |
| &nbsp;&nbsp;&nbsp; XNU6-6G0D, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 167 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; XNU8-8MWM, 32.500%, 3/12/2026 †§x# | Affirm | 3/15/2024 | 592 | 595 | 603 |
| &nbsp;&nbsp;&nbsp; XNU8-EWOA, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 205 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; XNUF-TMTW, 29.910%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 238 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; XNUO-G25M, 18.200%, 7/30/2024 †x#^ | Affirm | 5/03/2024 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; XNUP-GJQR, 32.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 307 | 318 | 322 |
| &nbsp;&nbsp;&nbsp; XNV0-DK0K, 29.300%, 1/25/2023 †x#^ | Affirm | 7/28/2022 | 203 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; XNV1-5TIV, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XNV2-SJU3, 22.600%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 253 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; XNVC-6VWY, 11.870%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; XNVI-MKEA, 29.750%, 5/26/2022 †x#^ | Affirm | 12/02/2021 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; XNVJ-E4HR, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XNVL-WT29, 15.760%, 10/05/2025 †§x | Affirm | 10/11/2022 | 102 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XNVS-F68W, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8253** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XNVT-3ACJ, 29.670%, 9/26/2025 †§x | Affirm | 9/30/2024 | $26 | $26 | $26 |
| &nbsp;&nbsp;&nbsp; XNVU-YFOB, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 132 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; XNVW-FN1R, 33.950%, 8/23/2025 †§x#^ | Affirm | 8/29/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XNVY-TN0Q, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XNW8-QD3D, 28.990%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; XNWA-LK3A, 24.620%, 2/26/2026 †§x | Affirm | 8/29/2024 | 169 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; XNWD-EI9Q, 15.780%, 10/03/2025 †x# | Affirm | 10/07/2024 | 219 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; XNWD-GJHC, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XNWE-3R2X, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XNWJ-JD87, 23.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 153 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; XNXC-Q9TZ, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XNXD-KJKY, 35.500%, 10/03/2025 †x# | Affirm | 10/07/2024 | 350 | 351 | 21 |
| &nbsp;&nbsp;&nbsp; XNXE-9SZ4, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 179 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; XNXQ-AJKM, 35.760%, 2/27/2026 †§x | Affirm | 3/28/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; XNXQ-G0YH, 32.500%, 7/02/2026 †§x | Affirm | 1/29/2025 | 216 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; XNXS-3DTI, 31.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; XNXT-R9T0, 24.790%, 10/01/2025 †§x | Affirm | 10/04/2024 | 368 | 368 | 364 |
| &nbsp;&nbsp;&nbsp; XNXY-LNCH, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 110 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; XNY7-VQ5X, 29.650%, 6/27/2022 †x#^ | Affirm | 12/30/2021 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; XNY9-6OZJ, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 258 | 263 | 263 |
| &nbsp;&nbsp;&nbsp; XNYC-CE45, 28.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 228 | 226 | 14 |
| &nbsp;&nbsp;&nbsp; XNYH-8DGK, 29.060%, 9/27/2025 †x# | Affirm | 10/02/2023 | 280 | 284 | 17 |
| &nbsp;&nbsp;&nbsp; XNYH-OE1P, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XNYO-2MWE, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XNYO-IRQ8, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XNZ1-K1U1, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; XNZ4-7Y1C, 29.550%, 2/16/2026 †x# | Affirm | 8/22/2024 | 1811 | 1883 | 109 |
| &nbsp;&nbsp;&nbsp; XNZO-5RW7, 15.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; XO04-L6R7, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 141 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; XO07-U1RV, 29.440%, 11/25/2024 †x#^ | Affirm | 5/30/2023 | 250 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; XO08-LP30, 35.430%, 10/03/2024 †x#^ | Affirm | 4/08/2024 | 1753 | 1786 | 105 |
| &nbsp;&nbsp;&nbsp; XO0P-Q7MJ, 30.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XO0V-N365, 35.230%, 5/06/2026 †§x | Affirm | 5/30/2025 | 85 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XO15-8TVK, 20.900%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 122 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; XO19-KF8C, 24.400%, 2/22/2026 †x | Affirm | 8/26/2024 | 3237 | 3281 | 3288 |
| &nbsp;&nbsp;&nbsp; XO1R-SZXL, 29.530%, 1/02/2026 †§x | Affirm | 1/05/2024 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; XO22-XPT7, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 924 | 912 | 908 |
| &nbsp;&nbsp;&nbsp; XO24-EIL3, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 332 | 335 | 335 |
| &nbsp;&nbsp;&nbsp; XO28-181P, 33.170%, 6/02/2026 †§x | Affirm | 6/27/2025 | 190 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; XO2N-GFWW, 26.900%, 11/23/2025 †§x | Affirm | 5/28/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XO31-4FKM, 29.660%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 45 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; XO33-EM9K, 30.000%, 2/10/2026 †§x | Affirm | 2/16/2023 | 394 | 394 | 396 |
| &nbsp;&nbsp;&nbsp; XO3I-5LYG, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 274 | 281 | 282 |
| &nbsp;&nbsp;&nbsp; XO3K-BJED, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 90 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; XO3N-P59K, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 231 | 234 | 235 |
| &nbsp;&nbsp;&nbsp; XO3O-94RK, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 689 | 712 | 718 |
| &nbsp;&nbsp;&nbsp; XO3V-7F7L, 33.500%, 12/28/2025 †x# | Affirm | 1/29/2025 | 195 | 199 | 68 |
| &nbsp;&nbsp;&nbsp; XO40-U98E, 15.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 145 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; XO44-PGCT, 24.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; XO4D-FQR4, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 171 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; XO4M-I5IB, 35.110%, 1/08/2026 †§x | Affirm | 7/31/2025 | 22 | 23 | 22 |
| &nbsp;&nbsp;&nbsp; XO4N-14BP, 29.740%, 6/02/2023 †x#^ | Affirm | 12/06/2021 | 373 | 356 | 22 |
| &nbsp;&nbsp;&nbsp; XO4R-H10P, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XO4V-DZRR, 32.500%, 10/21/2026 †x# | Affirm | 10/24/2024 | 1041 | 1028 | 62 |
| &nbsp;&nbsp;&nbsp; XO4X-ITAL, 29.600%, 1/07/2024 †x#^ | Affirm | 1/13/2022 | 696 | 641 | 42 |
| &nbsp;&nbsp;&nbsp; XO50-8THB, 22.770%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1535 | 1599 | 1620 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8254** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XO5B-1CPW, 18.000%, 3/28/2026 †§x# | Affirm | 4/01/2024 | $206 | $209 | $210 |
| &nbsp;&nbsp;&nbsp; XO5J-544N, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; XO5V-PGBG, 29.650%, 8/27/2025 †x#^ | Affirm | 3/01/2024 | 199 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; XO61-085C, 35.430%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; XO67-OS5E, 22.760%, 11/04/2025 †§x | Affirm | 11/27/2024 | 159 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; XO67-S2PQ, 24.400%, 7/01/2026 †§x | Affirm | 7/05/2024 | 593 | 607 | 608 |
| &nbsp;&nbsp;&nbsp; XO6A-432H, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; XO6A-9GME, 28.000%, 11/14/2025 †§x | Affirm | 11/17/2022 | 117 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; XO6D-I3OV, 35.140%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XO6R-BHHI, 35.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XO6W-9W2D, 22.940%, 7/02/2026 †§x | Affirm | 1/29/2025 | 323 | 333 | 330 |
| &nbsp;&nbsp;&nbsp; XO6W-JDZV, 29.510%, 5/06/2026 †§x | Affirm | 5/09/2024 | 387 | 393 | 394 |
| &nbsp;&nbsp;&nbsp; XO71-822U, 29.560%, 6/20/2026 †§x# | Affirm | 6/24/2024 | 307 | 314 | 315 |
| &nbsp;&nbsp;&nbsp; XO7D-1USJ, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 417 | 417 | 417 |
| &nbsp;&nbsp;&nbsp; XO7E-ADSW, 23.750%, 9/28/2027 †§x# | Affirm | 10/02/2023 | 1142 | 1234 | 1221 |
| &nbsp;&nbsp;&nbsp; XO7K-86LD, 35.390%, 3/24/2027 †§x | Affirm | 3/31/2025 | 816 | 811 | 829 |
| &nbsp;&nbsp;&nbsp; XO7K-RQI6, 34.252%, 11/10/2023 †x#^ | Affirm | 5/15/2023 | 189 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; XO7L-GECB, 29.610%, 6/10/2023 †x#^ | Affirm | 12/16/2021 | 146 | 139 | 9 |
| &nbsp;&nbsp;&nbsp; XO7V-I5VZ, 33.990%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 384 | 392 | 23 |
| &nbsp;&nbsp;&nbsp; XO86-XZ6C, 28.500%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 132 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; XO8C-3LLW, 7.180%, 9/04/2025 †§x« | Affirm | 3/28/2025 | 45 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; XO8J-RKB9, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XO8M-WDC3, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 36 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; XO91-FPDX, 30.950%, 9/23/2025 †x# | Affirm | 9/26/2024 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; XO94-RWN3, 22.850%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 208 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; XO98-OF17, 33.180%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1858 | 1840 | 1870 |
| &nbsp;&nbsp;&nbsp; XO9A-YS5X, 33.950%, 12/16/2025 †x# | Affirm | 12/27/2024 | 80 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; XO9B-9U76, 22.740%, 9/23/2025 †§x | Affirm | 9/26/2024 | 17 | 17 | 18 |
| &nbsp;&nbsp;&nbsp; XO9J-45OO, 19.700%, 10/02/2025 †§x | Affirm | 10/07/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XO9N-61UW, 11.880%, 1/09/2026 †§x | Affirm | 1/29/2025 | 62 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XO9O-Z426, 29.620%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 71 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XO9U-P88I, 29.590%, 10/28/2025 †x# | Affirm | 5/03/2024 | 154 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; XO9Y-ANLN, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XOA2-65Y7, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 124 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; XOA5-D9MR, 29.000%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 83 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XOAK-DWDH, 35.370%, 12/27/2024 †x#^ | Affirm | 1/02/2024 | 101 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; XOAO-8A53, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XOAQ-PA2V, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 465 | 473 | 475 |
| &nbsp;&nbsp;&nbsp; XOAR-7LDO, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XOAX-SF58, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XOB0-1OXB, 35.620%, 8/11/2026 †§x | Affirm | 2/26/2025 | 322 | 318 | 321 |
| &nbsp;&nbsp;&nbsp; XOB1-43Y4, 31.911%, 12/21/2025 †x# | Affirm | 6/27/2024 | 1167 | 1213 | 70 |
| &nbsp;&nbsp;&nbsp; XOB3-QPIF, 35.120%, 1/22/2025 †x#^ | Affirm | 7/25/2024 | 128 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; XOB6-INLF, 35.650%, 4/06/2026 †x# | Affirm | 1/29/2025 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; XOB6-X3EZ, 23.250%, 12/07/2025 †§x# | Affirm | 12/11/2023 | 215 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; XOBB-8JZN, 29.520%, 7/08/2027 †§x | Affirm | 7/31/2025 | 1513 | 1599 | 1609 |
| &nbsp;&nbsp;&nbsp; XOBB-UXKY, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; XOBE-8Y4A, 28.000%, 8/27/2022 †x#^ | Affirm | 6/03/2022 | 178 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; XOBH-CTDT, 27.100%, 4/13/2024 †x#^ | Affirm | 10/17/2022 | 183 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; XOBS-B6US, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; XOBT-JC9G, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 185 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; XOBY-WXJ6, 19.900%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 60 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XOC2-DEF7, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 853 | 849 | 851 |
| &nbsp;&nbsp;&nbsp; XOC7-QQF3, 27.100%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 109 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; XOCC-HMC3, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 497 | 508 | 511 |
| &nbsp;&nbsp;&nbsp; XOCL-99LK, 29.630%, 3/06/2023 †x#^ | Affirm | 9/09/2022 | 133 | 137 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8255** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XOCP-0GUJ, 29.700%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | $137 | $144 | $8 |
| &nbsp;&nbsp;&nbsp; XOD4-0XUL, 29.250%, 11/06/2025 †§x | Affirm | 8/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XOD8-FIAY, 29.440%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; XODI-O9Q1, 28.000%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XODN-QSR6, 35.470%, 8/26/2026 †§x | Affirm | 8/29/2024 | 265 | 263 | 266 |
| &nbsp;&nbsp;&nbsp; XODS-LHXV, 15.700%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 202 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; XODT-M78G, 35.570%, 5/15/2026 †§x | Affirm | 11/27/2024 | 518 | 533 | 524 |
| &nbsp;&nbsp;&nbsp; XOE1-GMUN, 22.720%, 12/11/2025 †§x | Affirm | 12/27/2024 | 58 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XOE3-CMUP, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XOE9-B9TL, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 459 | 467 | 468 |
| &nbsp;&nbsp;&nbsp; XOEP-IR6Y, 22.610%, 3/03/2027 †§x | Affirm | 3/28/2025 | 742 | 731 | 744 |
| &nbsp;&nbsp;&nbsp; XOEX-3P53, 24.400%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 176 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; XOF9-DYBF, 35.380%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 305 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; XOFA-H0WR, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 73 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; XOFN-IW7R, 29.570%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 225 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; XOFV-4OSH, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XOFW-1OW4, 29.710%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 122 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; XOG3-HOS0, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 229 | 227 | 14 |
| &nbsp;&nbsp;&nbsp; XOG4-1U02, 33.000%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 2500 | 2530 | 150 |
| &nbsp;&nbsp;&nbsp; XOGD-5PCF, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 665 | 678 | 40 |
| &nbsp;&nbsp;&nbsp; XOGH-HKS2, 26.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 210 | 217 | 218 |
| &nbsp;&nbsp;&nbsp; XOGI-V6AN, 33.000%, 2/22/2026 †§x# | Affirm | 8/26/2024 | 191 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; XOGL-NORU, 25.200%, 9/24/2025 †§x | Affirm | 9/27/2024 | 116 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; XOGO-OL9A, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XOGP-RPM5, 33.140%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XOGU-ADEW, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 220 | 231 | 13 |
| &nbsp;&nbsp;&nbsp; XOGV-I8DD, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 143 | 140 | 139 |
| &nbsp;&nbsp;&nbsp; XOH0-5S14, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XOH2-BDYK, 33.950%, 5/09/2027 †x# | Affirm | 5/13/2024 | 1021 | 1039 | 61 |
| &nbsp;&nbsp;&nbsp; XOHD-P1TU, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XOHT-GP3F, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 165 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; XOHX-4K0O, 9.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XOHZ-5B1V, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XOI0-999L, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 74 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; XOI0-M77Y, 35.200%, 12/28/2025 †§x | Affirm | 1/29/2025 | 115 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; XOI5-M6QK, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 152 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; XOI9-KMW0, 23.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 158 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; XOIJ-3AF8, 11.850%, 5/15/2026 †§x | Affirm | 11/27/2024 | 265 | 271 | 272 |
| &nbsp;&nbsp;&nbsp; XOIJ-99AB, 22.900%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 153 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; XOIU-1KS4, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 194 | 201 | 203 |
| &nbsp;&nbsp;&nbsp; XOIV-JXYO, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 162 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; XOIZ-LYBF, 29.620%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 319 | 336 | 19 |
| &nbsp;&nbsp;&nbsp; XOJ5-ZBBO, 33.950%, 2/06/2026 †x | Affirm | 8/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XOJ8-ZDTN, 26.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XOJC-99UY, 15.780%, 4/18/2026 †§x | Affirm | 10/24/2024 | 199 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; XOJK-RX3E, 35.380%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 898 | 814 | 54 |
| &nbsp;&nbsp;&nbsp; XOJQ-YTL3, 35.450%, 3/25/2026 †§x | Affirm | 9/30/2024 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XOK6-SF16, 26.700%, 2/11/2027 †§x | Affirm | 2/26/2025 | 551 | 574 | 583 |
| &nbsp;&nbsp;&nbsp; XOKA-LAFT, 33.050%, 7/03/2026 †§x | Affirm | 1/29/2025 | 250 | 258 | 256 |
| &nbsp;&nbsp;&nbsp; XOKJ-6H31, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 116 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XOKM-7HTX, 29.020%, 8/25/2025 †x#^ | Affirm | 8/31/2023 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; XOKR-94SJ, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; XOKU-YUBW, 35.610%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; XOL4-OYF6, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XOL6-6J9R, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XOLB-2YNT, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 107 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8256** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XOLF-28JN, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $180 | $183 | $182 |
| &nbsp;&nbsp;&nbsp; XOLF-5ZJA, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 844 | 839 | 51 |
| &nbsp;&nbsp;&nbsp; XOLG-9DRY, 35.360%, 4/15/2026 †§x | Affirm | 4/18/2024 | 350 | 352 | 358 |
| &nbsp;&nbsp;&nbsp; XOLH-FRRT, 27.500%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 723 | 708 | 43 |
| &nbsp;&nbsp;&nbsp; XOLL-DXC8, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 288 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; XOLU-KGO3, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 87 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XOM1-30BS, 35.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 140 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; XOM1-3K5K, 29.710%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 53 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; XOM1-HPJA, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XOM4-IQDO, 32.500%, 12/24/2025 †§x | Affirm | 6/27/2024 | 150 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; XOM9-T17N, 35.230%, 3/20/2026 †§x | Affirm | 3/28/2025 | 133 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; XOMM-LW4L, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XOMP-C3GA, 35.250%, 9/28/2025 †§x | Affirm | 3/31/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XOMT-RX52, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 352 | 362 | 364 |
| &nbsp;&nbsp;&nbsp; XOMY-UICR, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XON4-5BXY, 35.530%, 5/13/2026 †§x | Affirm | 11/27/2024 | 238 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; XON4-IDZA, 29.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XON8-SUMV, 22.750%, 9/16/2025 †§x | Affirm | 9/19/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XONC-VRNA, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; XOND-33JK, 21.900%, 9/16/2025 †§x | Affirm | 9/19/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XONN-GNFV, 29.540%, 5/21/2026 †§x# | Affirm | 5/24/2024 | 316 | 322 | 323 |
| &nbsp;&nbsp;&nbsp; XONP-RUI1, 35.600%, 11/15/2025 †x# | Affirm | 11/27/2024 | 54 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; XONS-3MFO, 31.500%, 11/28/2026 †§x# | Affirm | 12/04/2023 | 2095 | 2099 | 2109 |
| &nbsp;&nbsp;&nbsp; XONT-CB8Q, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 454 | 457 | 457 |
| &nbsp;&nbsp;&nbsp; XONU-0L1H, 25.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XONU-6NIN, 35.510%, 12/19/2027 †§x | Affirm | 12/27/2024 | 956 | 947 | 962 |
| &nbsp;&nbsp;&nbsp; XOO4-GX76, 32.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; XOOA-OUU5, 9.870%, 12/02/2025 †§x | Affirm | 6/27/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XOOS-ADYD, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 171 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; XOOT-SH5H, 29.620%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 740 | 792 | 44 |
| &nbsp;&nbsp;&nbsp; XOP4-K312, 24.400%, 11/12/2025 †§x | Affirm | 11/27/2024 | 163 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; XOP9-J3HD, 6.061%, 7/08/2026 †§x« | Affirm | 7/31/2025 | 273 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; XOPA-78QW, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XOPB-QS5C, 13.840%, 10/03/2025 †§x | Affirm | 10/07/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XOPC-8FM3, 29.560%, 12/20/2025 †§x | Affirm | 6/24/2024 | 84 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XOPU-1F9B, 6.537%, 8/19/2026 †§x« | Affirm | 8/22/2024 | 400 | 376 | 370 |
| &nbsp;&nbsp;&nbsp; XOPV-YV4L, 27.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XOQ5-V10O, 24.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; XOQ8-23TM, 29.610%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 112 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; XOQB-796F, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; XOQQ-98AY, 35.950%, 9/03/2025 †x# | Affirm | 3/28/2025 | 185 | 185 | 23 |
| &nbsp;&nbsp;&nbsp; XOQR-7HGU, 35.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XOQZ-YYL0, 20.900%, 9/25/2025 †x# | Affirm | 9/30/2024 | 44 | 47 | 9 |
| &nbsp;&nbsp;&nbsp; XOR8-XCCB, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 112 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; XORF-GELK, 33.050%, 5/13/2026 †§x | Affirm | 11/27/2024 | 630 | 648 | 645 |
| &nbsp;&nbsp;&nbsp; XORF-HHJN, 35.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XORL-UJ62, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 585 | 601 | 605 |
| &nbsp;&nbsp;&nbsp; XORT-RD00, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 363 | 367 | 368 |
| &nbsp;&nbsp;&nbsp; XORZ-ITGY, 29.610%, 7/06/2026 †§x | Affirm | 1/29/2025 | 233 | 240 | 235 |
| &nbsp;&nbsp;&nbsp; XOS5-5SRA, 35.310%, 3/20/2026 †x# | Affirm | 3/28/2025 | 420 | 437 | 23 |
| &nbsp;&nbsp;&nbsp; XOS8-JNHQ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; XOS8-PQHI, 35.280%, 2/22/2025 †x#^ | Affirm | 8/26/2024 | 108 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; XOSB-JFFJ, 11.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 56 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; XOSF-RLBE, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; XOSG-323K, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XOT5-AYE8, 26.200%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 523 | 516 | 31 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8257** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XOTP-87T1, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | $139 | $142 | $143 |
| &nbsp;&nbsp;&nbsp; XOTQ-XJY0, 24.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 356 | 364 | 366 |
| &nbsp;&nbsp;&nbsp; XOTT-JO00, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 284 | 289 | 290 |
| &nbsp;&nbsp;&nbsp; XOU4-QCAG, 32.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 63 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XOUC-RAN4, 23.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XOUE-J86R, 35.430%, 12/28/2025 †x# | Affirm | 1/29/2025 | 94 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; XOUH-D5KV, 29.570%, 4/21/2026 †§x | Affirm | 10/24/2024 | 166 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; XOUJ-LKAD, 29.680%, 7/06/2026 †§x | Affirm | 1/29/2025 | 201 | 207 | 206 |
| &nbsp;&nbsp;&nbsp; XOUL-C6NN, 29.610%, 6/10/2023 †x#^ | Affirm | 12/16/2021 | 240 | 229 | 14 |
| &nbsp;&nbsp;&nbsp; XOUS-3VG7, 35.260%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 194 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; XOV1-R6JH, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 433 | 428 | 26 |
| &nbsp;&nbsp;&nbsp; XOV3-1TXD, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 215 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; XOV9-RHEB, 30.450%, 11/20/2026 †§x | Affirm | 11/27/2024 | 1819 | 1875 | 1879 |
| &nbsp;&nbsp;&nbsp; XOVN-MJ16, 15.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XOVR-9Z16, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; XOVR-XXLX, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XOVT-WSPO, 15.590%, 11/06/2025 †§x | Affirm | 8/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XOWA-DDNN, 33.950%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; XOWU-68MZ, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 1028 | 1037 | 1036 |
| &nbsp;&nbsp;&nbsp; XOWY-0788, 29.680%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 146 | 143 | 9 |
| &nbsp;&nbsp;&nbsp; XOXB-EKXQ, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; XOXN-WQ3L, 35.190%, 9/20/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XOXU-KFS6, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 327 | 326 | 328 |
| &nbsp;&nbsp;&nbsp; XOYW-ID01, 29.900%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; XOYZ-YRJD, 32.500%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 128 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; XOZ3-D1DF, 23.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 204 | 207 | 207 |
| &nbsp;&nbsp;&nbsp; XOZA-2P42, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 229 | 232 | 232 |
| &nbsp;&nbsp;&nbsp; XOZA-XDXT, 29.700%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 196 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; XOZB-2G1T, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XOZB-IF3A, 18.000%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XOZD-JSE2, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 316 | 325 | 327 |
| &nbsp;&nbsp;&nbsp; XOZG-OJSV, 13.840%, 2/12/2029 †§x | Affirm | 2/26/2025 | 1710 | 1838 | 1860 |
| &nbsp;&nbsp;&nbsp; XOZG-YF5M, 29.690%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; XOZG-ZG2B, 18.000%, 5/13/2026 †§x | Affirm | 11/27/2024 | 767 | 783 | 785 |
| &nbsp;&nbsp;&nbsp; XOZP-ZOQ7, 13.840%, 5/20/2026 †§x | Affirm | 11/27/2024 | 359 | 366 | 367 |
| &nbsp;&nbsp;&nbsp; XOZV-A805, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 518 | 503 | 499 |
| &nbsp;&nbsp;&nbsp; XP02-QXLJ, 35.530%, 7/02/2026 †§x# | Affirm | 7/05/2024 | 324 | 309 | 313 |
| &nbsp;&nbsp;&nbsp; XP0D-HOE6, 35.530%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XP0J-29FY, 29.470%, 7/20/2023 †x#^ | Affirm | 7/25/2022 | 115 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; XP0N-162K, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 114 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; XP0O-NND7, 29.210%, 10/08/2025 †§x | Affirm | 7/31/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XP0T-O8OJ, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; XP0V-X6OU, 29.730%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 113 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; XP1L-3UZR, 28.000%, 10/24/2023 †x#^ | Affirm | 10/28/2022 | 143 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; XP1P-7VPY, 35.430%, 1/02/2027 †§x | Affirm | 1/29/2025 | 178 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; XP1R-ZFM7, 5.966%, 1/21/2023 †x#^« | Affirm | 1/27/2022 | 526 | 496 | 32 |
| &nbsp;&nbsp;&nbsp; XP20-JTTF, 6.346%, 12/28/2026 †§x« | Affirm | 1/29/2025 | 222 | 197 | 202 |
| &nbsp;&nbsp;&nbsp; XP2O-3HXY, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 331 | 328 | 327 |
| &nbsp;&nbsp;&nbsp; XP2R-ZK7L, 33.950%, 2/11/2027 †§x | Affirm | 2/26/2025 | 547 | 542 | 552 |
| &nbsp;&nbsp;&nbsp; XP3B-424D, 28.000%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 145 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; XP3C-VJSV, 28.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 181 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; XP3D-5A0Z, 21.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 145 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; XP3K-CPLG, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 213 | 213 | 216 |
| &nbsp;&nbsp;&nbsp; XP3O-RVWF, 29.480%, 2/03/2025 †x#^ | Affirm | 8/07/2023 | 490 | 519 | 29 |
| &nbsp;&nbsp;&nbsp; XP3P-RWQY, 29.680%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 79 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; XP43-6CC5, 29.650%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 334 | 319 | 20 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8258** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XP44-HOZM, 29.540%, 10/09/2025 †§x | Affirm | 4/12/2024 | $55 | $55 | $55 |
| &nbsp;&nbsp;&nbsp; XP47-NXML, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XP4J-BOJP, 26.700%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 184 | 192 | 191 |
| &nbsp;&nbsp;&nbsp; XP4M-TK7O, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 82 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; XP4Y-6MBY, 35.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 1088 | 1082 | 1085 |
| &nbsp;&nbsp;&nbsp; XP5D-04GY, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 364 | 369 | 370 |
| &nbsp;&nbsp;&nbsp; XP5Y-KGQG, 32.000%, 11/06/2026 †§x | Affirm | 5/30/2025 | 360 | 378 | 380 |
| &nbsp;&nbsp;&nbsp; XP62-CJ9R, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 269 | 264 | 16 |
| &nbsp;&nbsp;&nbsp; XP63-4IB1, 33.990%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 720 | 734 | 43 |
| &nbsp;&nbsp;&nbsp; XP6J-3CO7, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 165 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; XP6K-M33H, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XP6L-268R, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XP6R-DVZQ, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XP6R-Q70E, 29.560%, 10/20/2024 †x#^ | Affirm | 10/24/2022 | 635 | 693 | 38 |
| &nbsp;&nbsp;&nbsp; XP6S-UR1Z, 27.500%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 330 | 352 | 20 |
| &nbsp;&nbsp;&nbsp; XP79-6KPD, 9.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 107 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; XP83-Q8BT, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 256 | 258 | 258 |
| &nbsp;&nbsp;&nbsp; XP8S-SJVM, 22.860%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XP8W-0859, 29.680%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 601 | 613 | 36 |
| &nbsp;&nbsp;&nbsp; XP9I-0RVT, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XP9J-XONI, 25.900%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; XP9L-EYS9, 29.150%, 10/08/2025 †§x | Affirm | 7/31/2025 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; XP9T-FZ12, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XP9Y-FT5D, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 238 | 244 | 246 |
| &nbsp;&nbsp;&nbsp; XP9Z-CO9K, 35.520%, 12/28/2025 †§x | Affirm | 1/29/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XPA9-028G, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 152 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; XPAD-OS86, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 1051 | 1057 | 63 |
| &nbsp;&nbsp;&nbsp; XPAF-I5EY, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 144 | 145 | 144 |
| &nbsp;&nbsp;&nbsp; XPAK-AZKU, 28.000%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 322 | 346 | 19 |
| &nbsp;&nbsp;&nbsp; XPAS-5LS3, 29.610%, 6/06/2023 †x#^ | Affirm | 12/09/2021 | 147 | 141 | 9 |
| &nbsp;&nbsp;&nbsp; XPAT-N2OY, 30.950%, 9/03/2025 †x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XPB0-C3IS, 35.260%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 99 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; XPB2-6EDV, 30.950%, 1/02/2028 †x# | Affirm | 1/29/2025 | 3044 | 3143 | 3159 |
| &nbsp;&nbsp;&nbsp; XPBA-EFAJ, 33.950%, 1/09/2026 †x# | Affirm | 1/29/2025 | 139 | 146 | 34 |
| &nbsp;&nbsp;&nbsp; XPBE-W1LM, 32.500%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 276 | 278 | 280 |
| &nbsp;&nbsp;&nbsp; XPBM-1PLJ, 32.500%, 11/17/2023 †x#^ | Affirm | 5/22/2023 | 105 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; XPBS-9U7M, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 199 | 202 | 201 |
| &nbsp;&nbsp;&nbsp; XPBU-B5OC, 35.460%, 12/18/2025 †§x | Affirm | 12/27/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; XPC2-HIC1, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XPCQ-3ADA, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 322 | 315 | 313 |
| &nbsp;&nbsp;&nbsp; XPCR-B6QN, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 238 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; XPD2-3W7T, 30.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 158 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; XPD9-ON6W, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 691 | 689 | 41 |
| &nbsp;&nbsp;&nbsp; XPDE-NDDP, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; XPDE-NF5D, 35.220%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 87 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; XPDJ-34ET, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 216 | 222 | 224 |
| &nbsp;&nbsp;&nbsp; XPDO-5WWI, 29.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XPDP-SCKI, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XPDQ-U4UE, 29.760%, 5/28/2023 †x#^ | Affirm | 12/01/2022 | 125 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; XPE0-9070, 29.680%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 69 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; XPE6-KY8W, 25.200%, 2/26/2028 †§x# | Affirm | 2/29/2024 | 1180 | 1268 | 1266 |
| &nbsp;&nbsp;&nbsp; XPE9-HTJ5, 29.680%, 1/07/2024 †x#^ | Affirm | 11/10/2022 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; XPEH-16PB, 15.780%, 10/18/2025 †§x | Affirm | 10/24/2024 | 949 | 954 | 955 |
| &nbsp;&nbsp;&nbsp; XPEK-21TF, 35.480%, 8/19/2026 †§x | Affirm | 8/22/2024 | 952 | 947 | 949 |
| &nbsp;&nbsp;&nbsp; XPEP-4RVQ, 29.680%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 280 | 264 | 17 |
| &nbsp;&nbsp;&nbsp; XPEU-FMNU, 30.500%, 6/02/2026 †§x | Affirm | 6/27/2025 | 363 | 371 | 374 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8259** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XPF0-SIG6, 30.950%, 12/17/2025 †§x | Affirm | 6/21/2024 | $204 | $205 | $206 |
| &nbsp;&nbsp;&nbsp; XPF2-IORG, 16.700%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 1284 | 1347 | 77 |
| &nbsp;&nbsp;&nbsp; XPF7-JNH2, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; XPFA-OXRP, 24.400%, 9/28/2025 †§x | Affirm | 3/31/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XPFF-NNVF, 23.400%, 11/21/2025 †§x | Affirm | 5/24/2024 | 350 | 353 | 353 |
| &nbsp;&nbsp;&nbsp; XPFR-YUK6, 22.660%, 1/02/2026 †x# | Affirm | 1/05/2024 | 1129 | 1135 | 68 |
| &nbsp;&nbsp;&nbsp; XPFS-HW3K, 35.540%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 77 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; XPFX-BTKO, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XPG1-BA7W, 35.100%, 1/24/2025 †x#^ | Affirm | 7/29/2024 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; XPG7-HS9D, 15.940%, 1/02/2026 †§x | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XPGA-BISZ, 15.680%, 4/20/2026 †x# | Affirm | 3/28/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; XPGZ-V4LV, 35.290%, 11/21/2025 †§x | Affirm | 5/24/2024 | 112 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XPHG-P4B6, 32.930%, 10/01/2025 †x# | Affirm | 4/04/2024 | 180 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; XPHL-KBTR, 17.900%, 8/28/2026 †§x | Affirm | 9/05/2023 | 1104 | 1140 | 1138 |
| &nbsp;&nbsp;&nbsp; XPHP-RVDR, 29.650%, 9/16/2023 †x#^ | Affirm | 9/22/2022 | 486 | 503 | 29 |
| &nbsp;&nbsp;&nbsp; XPI4-9MKT, 35.390%, 8/20/2026 †§x | Affirm | 8/23/2024 | 316 | 314 | 318 |
| &nbsp;&nbsp;&nbsp; XPI5-Q70N, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 41 | 44 | 2 |
| &nbsp;&nbsp;&nbsp; XPI8-HX5K, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 79 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XPID-XJ2A, 29.480%, 12/26/2024 †x#^ | Affirm | 6/29/2023 | 209 | 210 | 13 |
| &nbsp;&nbsp;&nbsp; XPIH-04XB, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 200 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; XPIK-0TR1, 35.000%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 40 | 41 | 5 |
| &nbsp;&nbsp;&nbsp; XPIQ-UMHW, 32.500%, 3/25/2027 †§x | Affirm | 3/31/2025 | 699 | 695 | 708 |
| &nbsp;&nbsp;&nbsp; XPIS-HNXL, 29.680%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 304 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; XPIT-J1O6, 29.450%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 349 | 347 | 21 |
| &nbsp;&nbsp;&nbsp; XPJ7-3KCS, 11.870%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XPJL-BKB2, 22.650%, 2/08/2024 †x#^ | Affirm | 8/11/2022 | 79 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XPK3-GM5G, 24.640%, 8/26/2026 †§x | Affirm | 8/29/2024 | 1038 | 1034 | 1049 |
| &nbsp;&nbsp;&nbsp; XPKF-OZX2, 35.600%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; XPKG-9RBH, 20.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 131 | 135 | 138 |
| &nbsp;&nbsp;&nbsp; XPKI-BLGY, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 226 | 228 | 228 |
| &nbsp;&nbsp;&nbsp; XPKU-9517, 29.590%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 148 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; XPL6-6NPJ, 29.600%, 12/09/2025 †x# | Affirm | 12/27/2024 | 56 | 58 | 15 |
| &nbsp;&nbsp;&nbsp; XPL6-GNKH, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 137 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; XPLI-GX3R, 18.000%, 12/09/2025 †§x | Affirm | 12/27/2024 | 267 | 270 | 270 |
| &nbsp;&nbsp;&nbsp; XPLK-034J, 29.360%, 11/24/2022 †x#^ | Affirm | 5/27/2022 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; XPLY-ZDIB, 15.720%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; XPMH-XDZ1, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1945 | 1970 | 1989 |
| &nbsp;&nbsp;&nbsp; XPML-ZQZE, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XPMM-I8W4, 26.700%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1214 | 1250 | 1263 |
| &nbsp;&nbsp;&nbsp; XPMU-FM3C, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XPMZ-J8E8, 18.000%, 5/21/2026 †§x | Affirm | 5/24/2024 | 293 | 298 | 299 |
| &nbsp;&nbsp;&nbsp; XPN6-85IT, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XPN9-KXJ4, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XPNN-CPE9, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XPNP-NWRP, 35.590%, 6/02/2026 †§x | Affirm | 6/27/2025 | 717 | 732 | 738 |
| &nbsp;&nbsp;&nbsp; XPNS-BKKW, 35.130%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 216 | 216 | 125 |
| &nbsp;&nbsp;&nbsp; XPO8-QRRV, 15.790%, 3/25/2026 †x# | Affirm | 9/30/2024 | 384 | 405 | 23 |
| &nbsp;&nbsp;&nbsp; XPO9-Q6ZW, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; XPOF-3CDP, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XPOI-U1NF, 29.850%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 183 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; XPOK-8X1O, 35.380%, 1/21/2025 †x#^ | Affirm | 8/24/2023 | 61 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; XPOL-KFGD, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XPOS-U4T9, 35.410%, 4/05/2025 †x#^ | Affirm | 4/11/2024 | 201 | 182 | 12 |
| &nbsp;&nbsp;&nbsp; XPOX-ACLB, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XPP2-H865, 24.400%, 8/21/2028 †§x | Affirm | 8/26/2024 | 1331 | 1413 | 1417 |
| &nbsp;&nbsp;&nbsp; XPP8-7QEZ, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 42 | 43 | 43 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8260** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XPPA-WTIQ, 30.950%, 10/28/2025 †§x | Affirm | 10/31/2024 | $49 | $49 | $49 |
| &nbsp;&nbsp;&nbsp; XPPO-D8II, 23.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 98 | 98 | 97 |
| &nbsp;&nbsp;&nbsp; XPPZ-YX9Y, 28.000%, 10/17/2025 †x# | Affirm | 10/20/2022 | 641 | 701 | 38 |
| &nbsp;&nbsp;&nbsp; XPQ0-EWPL, 27.500%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 695 | 726 | 42 |
| &nbsp;&nbsp;&nbsp; XPQ2-VZZS, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XPQ2-Z85X, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 322 | 334 | 19 |
| &nbsp;&nbsp;&nbsp; XPQ3-VES9, 29.760%, 1/02/2026 †§x | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XPQF-J6FP, 29.350%, 11/06/2025 †§x | Affirm | 5/30/2025 | 78 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; XPQG-04K7, 29.260%, 10/08/2025 †§x | Affirm | 7/31/2025 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; XPQK-DGPE, 35.300%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; XPQO-1MEI, 35.640%, 2/11/2027 †§x | Affirm | 2/26/2025 | 1148 | 1138 | 1156 |
| &nbsp;&nbsp;&nbsp; XPQO-Q4OP, 33.950%, 12/20/2026 †x# | Affirm | 12/27/2024 | 620 | 650 |  |
| &nbsp;&nbsp;&nbsp; XPQQ-0ER8, 11.880%, 9/25/2025 †§x | Affirm | 9/30/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XPQQ-HPIL, 26.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XPQS-N59D, 15.740%, 5/21/2026 †x# | Affirm | 5/24/2024 | 281 | 293 | 90 |
| &nbsp;&nbsp;&nbsp; XPR0-XUO6, 35.430%, 12/28/2025 †§x | Affirm | 1/29/2025 | 99 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; XPR7-89LH, 33.950%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 118 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; XPR9-V234, 35.250%, 11/06/2025 †§x | Affirm | 8/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XPR9-XAO2, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XPRA-ODL0, 35.470%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 249 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; XPRA-RJJW, 29.480%, 7/20/2023 †x#^ | Affirm | 7/25/2022 | 168 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; XPRF-APP5, 35.600%, 1/06/2026 †§x | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XPS0-6YYL, 29.530%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XPS4-WDKF, 29.560%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 137 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; XPS9-Z718, 24.700%, 9/16/2025 †x# | Affirm | 9/19/2024 | 151 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; XPSH-VTKG, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 172 | 174 | 173 |
| &nbsp;&nbsp;&nbsp; XPSI-FBRQ, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 336 | 332 | 20 |
| &nbsp;&nbsp;&nbsp; XPSL-K3F6, 33.050%, 12/18/2025 †§x | Affirm | 6/21/2024 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XPSO-OO81, 24.400%, 7/22/2026 †§x | Affirm | 7/25/2024 | 389 | 398 | 401 |
| &nbsp;&nbsp;&nbsp; XPSU-1BY8, 35.490%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XPSU-9O6R, 22.750%, 12/02/2025 †§x | Affirm | 6/27/2025 | 129 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; XPSV-K6ZK, 35.160%, 9/20/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; XPT5-INI2, 28.000%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 154 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; XPT5-PY1N, 15.710%, 5/06/2026 †§x | Affirm | 5/30/2025 | 124 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; XPT5-QV34, 26.900%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XPT9-FJ0T, 32.000%, 10/28/2025 †§x | Affirm | 10/31/2024 | 277 | 280 | 282 |
| &nbsp;&nbsp;&nbsp; XPTH-SCV8, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 298 | 297 | 300 |
| &nbsp;&nbsp;&nbsp; XPTM-G73I, 33.050%, 9/24/2026 †§x | Affirm | 9/27/2024 | 315 | 325 | 326 |
| &nbsp;&nbsp;&nbsp; XPU8-6NRH, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 79 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; XPU9-563K, 32.000%, 8/07/2026 †§x | Affirm | 8/29/2025 | 511 | 525 | 525 |
| &nbsp;&nbsp;&nbsp; XPUA-D53S, 22.760%, 7/10/2026 †§x | Affirm | 1/29/2025 | 311 | 317 | 315 |
| &nbsp;&nbsp;&nbsp; XPUA-QOBL, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 159 | 162 | 96 |
| &nbsp;&nbsp;&nbsp; XPUM-T5A9, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; XPUQ-YHQK, 35.320%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 109 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; XPUR-G3EC, 30.500%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 348 | 364 | 21 |
| &nbsp;&nbsp;&nbsp; XPV6-JD8A, 15.000%, 9/20/2025 †x# | Affirm | 9/23/2022 | 916 | 989 | 55 |
| &nbsp;&nbsp;&nbsp; XPV8-8VSW, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 953 | 954 | 57 |
| &nbsp;&nbsp;&nbsp; XPVE-HL6Q, 29.740%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 246 | 235 | 15 |
| &nbsp;&nbsp;&nbsp; XPVG-DO1W, 35.670%, 3/03/2026 †§x | Affirm | 3/28/2025 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XPVJ-OMCD, 35.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XPVP-40ZT, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 102 | 103 | 102 |
| &nbsp;&nbsp;&nbsp; XPVW-LGTN, 26.900%, 9/23/2025 †§x | Affirm | 9/26/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XPW1-YIV9, 23.700%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 1007 | 985 | 60 |
| &nbsp;&nbsp;&nbsp; XPW2-E702, 29.000%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 175 | 183 | 10 |
| &nbsp;&nbsp;&nbsp; XPW4-5LLD, 25.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XPW5-MM99, 29.430%, 3/28/2026 †§x | Affirm | 3/31/2025 | 111 | 114 | 115 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8261** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XPW9-QPNP, 33.070%, 12/16/2025 †§x# | Affirm | 12/27/2024 | $62 | $62 | $63 |
| &nbsp;&nbsp;&nbsp; XPWB-TRQA, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XPWM-D691, 15.740%, 5/28/2026 †§x# | Affirm | 5/31/2024 | 259 | 264 | 265 |
| &nbsp;&nbsp;&nbsp; XPX1-ZS2D, 35.250%, 9/14/2024 †x#^ | Affirm | 3/18/2024 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XPX6-N7K7, 29.490%, 11/22/2025 †§x | Affirm | 5/28/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XPXH-IDDA, 29.070%, 10/03/2025 †x# | Affirm | 10/06/2023 | 1130 | 1187 | 68 |
| &nbsp;&nbsp;&nbsp; XPXJ-SKDG, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 151 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; XPXL-49LV, 15.810%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 46 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; XPXM-V080, 35.660%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 43 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XPXT-RPR9, 35.540%, 3/24/2026 †§x | Affirm | 9/27/2024 | 431 | 437 | 434 |
| &nbsp;&nbsp;&nbsp; XPXY-23XE, 29.040%, 9/01/2025 †x# | Affirm | 9/08/2023 | 1901 | 2030 | 114 |
| &nbsp;&nbsp;&nbsp; XPYB-N4EW, 28.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 488 | 498 | 499 |
| &nbsp;&nbsp;&nbsp; XPYI-2SGI, 29.530%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 62 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; XPYU-5KKW, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 191 | 195 | 194 |
| &nbsp;&nbsp;&nbsp; XPYW-OK2H, 35.430%, 11/01/2024 †x#^ | Affirm | 5/13/2024 | 187 | 177 | 11 |
| &nbsp;&nbsp;&nbsp; XPYW-R7IR, 23.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 489 | 500 | 503 |
| &nbsp;&nbsp;&nbsp; XPYX-E2KU, 28.000%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 187 | 199 | 11 |
| &nbsp;&nbsp;&nbsp; XPYX-TNAJ, 35.570%, 9/16/2025 †x# | Affirm | 9/19/2024 | 266 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; XPZ7-E7LD, 35.330%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 285 | 295 | 298 |
| &nbsp;&nbsp;&nbsp; XPZA-QY2M, 15.770%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 341 | 349 | 349 |
| &nbsp;&nbsp;&nbsp; XPZE-8JM5, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XPZE-FGMY, 29.400%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; XPZK-KUDU, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XPZO-5P11, 27.100%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 288 | 303 | 17 |
| &nbsp;&nbsp;&nbsp; XPZV-J8ZE, 35.340%, 6/18/2025 †x#^ | Affirm | 6/21/2024 | 132 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; XPZX-GBCW, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 293 | 301 | 302 |
| &nbsp;&nbsp;&nbsp; XQ04-8PFR, 28.500%, 7/06/2023 †x#^ | Affirm | 7/11/2022 | 175 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; XQ04-J9OQ, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 145 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; XQ0B-3R2R, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XQ0H-UQXG, 31.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 300 | 299 | 299 |
| &nbsp;&nbsp;&nbsp; XQ0M-L3JK, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; XQ0T-0XLQ, 29.500%, 3/28/2026 †§x | Affirm | 3/31/2025 | 538 | 557 | 563 |
| &nbsp;&nbsp;&nbsp; XQ0V-TX9K, 32.500%, 6/28/2026 †x# | Affirm | 1/29/2025 | 271 | 277 |  |
| &nbsp;&nbsp;&nbsp; XQ14-EMXS, 29.500%, 8/06/2026 †§x | Affirm | 8/29/2025 | 295 | 309 | 309 |
| &nbsp;&nbsp;&nbsp; XQ18-XRYF, 18.000%, 11/28/2025 †x# | Affirm | 5/31/2024 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XQ19-YBR4, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 266 | 269 | 268 |
| &nbsp;&nbsp;&nbsp; XQ1C-JA1T, 22.750%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1255 | 1321 | 1335 |
| &nbsp;&nbsp;&nbsp; XQ1K-NG5H, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XQ1T-8C4O, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 95 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XQ1T-E1KW, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XQ1T-Y9KL, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 244 | 244 | 244 |
| &nbsp;&nbsp;&nbsp; XQ22-MPUY, 25.200%, 2/07/2026 †§x | Affirm | 2/26/2025 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XQ24-42EG, 24.400%, 10/01/2025 †§x | Affirm | 10/04/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XQ2P-7VH8, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 159 | 157 | 10 |
| &nbsp;&nbsp;&nbsp; XQ2P-8HFC, 12.456%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 119 | 113 | 117 |
| &nbsp;&nbsp;&nbsp; XQ2T-E43X, 35.560%, 1/09/2026 †§x | Affirm | 1/29/2025 | 148 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; XQ2W-B7YY, 25.200%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; XQ31-NGWY, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XQ37-GQM7, 29.420%, 3/28/2026 †x# | Affirm | 3/31/2025 | 122 | 126 | 34 |
| &nbsp;&nbsp;&nbsp; XQ39-PT5P, 29.580%, 10/02/2025 †§x | Affirm | 10/07/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XQ3C-2OUN, 35.290%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 220 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; XQ3D-Y23D, 29.610%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 224 | 214 | 13 |
| &nbsp;&nbsp;&nbsp; XQ3N-XAKV, 26.900%, 10/28/2025 †§x | Affirm | 10/31/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XQ3V-G1IP, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 107 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; XQ40-Z805, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XQ42-7CAU, 33.950%, 10/18/2025 †§x | Affirm | 10/24/2024 | 25 | 25 | 25 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8262** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XQ44-DZ86, 24.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $365 | $363 | $361 |
| &nbsp;&nbsp;&nbsp; XQ49-0ZLP, 32.000%, 10/23/2025 †§x | Affirm | 10/28/2024 | 76 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; XQ4F-9N5P, 29.560%, 9/28/2025 †x# | Affirm | 10/02/2023 | 582 | 590 | 35 |
| &nbsp;&nbsp;&nbsp; XQ4H-B4SY, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 215 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; XQ4K-B3VO, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 112 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; XQ4K-C0IR, 29.720%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 66 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XQ4P-FFST, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 254 | 257 | 258 |
| &nbsp;&nbsp;&nbsp; XQ4Y-3EBV, 5.960%, 9/28/2025 †x | Affirm | 10/03/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XQ5A-9RWA, 15.760%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 182 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; XQ5C-08QY, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XQ5D-JQVZ, 29.530%, 5/07/2027 †§x | Affirm | 5/13/2024 | 606 | 616 | 616 |
| &nbsp;&nbsp;&nbsp; XQ5L-GGL5, 35.250%, 9/28/2025 †§x | Affirm | 3/31/2025 | 163 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; XQ5S-K244, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 473 | 484 | 486 |
| &nbsp;&nbsp;&nbsp; XQ61-GYV3, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XQ64-6WBI, 15.940%, 1/08/2026 †§x | Affirm | 1/29/2025 | 64 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; XQ65-48AH, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 59 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; XQ6B-ENUR, 35.590%, 9/25/2025 †§x | Affirm | 9/30/2024 | 8 | 8 | 9 |
| &nbsp;&nbsp;&nbsp; XQ6G-5LXI, 13.840%, 6/19/2026 †§x | Affirm | 12/27/2024 | 178 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; XQ6N-03G7, 28.000%, 9/23/2022 †x#^ | Affirm | 3/28/2022 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; XQ6X-K4E1, 35.220%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 65 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; XQ72-9ZM9, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 205 | 207 | 206 |
| &nbsp;&nbsp;&nbsp; XQ73-3YQM, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XQ74-KY81, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 266 | 271 | 269 |
| &nbsp;&nbsp;&nbsp; XQ7E-61DW, 29.650%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 87 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; XQ7J-IA7C, 32.500%, 4/11/2026 †§x | Affirm | 4/15/2024 | 44 | 44 | 9 |
| &nbsp;&nbsp;&nbsp; XQ7M-G61W, 15.780%, 10/25/2025 †§x | Affirm | 10/31/2024 | 130 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; XQ7S-EF08, 33.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 179 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; XQ7Y-6T64, 35.480%, 1/09/2025 †x#^ | Affirm | 1/12/2024 | 737 | 683 | 44 |
| &nbsp;&nbsp;&nbsp; XQ8A-LREF, 33.080%, 12/10/2025 †§x | Affirm | 12/27/2024 | 110 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; XQ8G-63C4, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 141 | 144 | 143 |
| &nbsp;&nbsp;&nbsp; XQ8I-MURH, 29.710%, 1/10/2024 †x#^ | Affirm | 1/13/2023 | 52 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XQ8M-SHM0, 24.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XQ99-FUUS, 15.650%, 11/06/2025 †§x | Affirm | 5/30/2025 | 166 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; XQ99-OJGE, 22.780%, 1/06/2026 †§x | Affirm | 1/29/2025 | 249 | 252 | 253 |
| &nbsp;&nbsp;&nbsp; XQ9C-NFZ9, 32.000%, 8/07/2025 †§x^ | Affirm | 2/26/2025 | 181 | 181 | 23 |
| &nbsp;&nbsp;&nbsp; XQ9U-0OT2, 29.620%, 3/07/2023 †x#^ | Affirm | 9/12/2022 | 250 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; XQ9X-G1YB, 35.420%, 12/28/2025 †x# | Affirm | 1/05/2024 | 554 | 556 | 33 |
| &nbsp;&nbsp;&nbsp; XQ9Z-Q6NH, 35.000%, 4/02/2025 †x#^ | Affirm | 1/29/2025 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; XQAB-BMR4, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 113 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; XQAC-0LLU, 29.600%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 463 | 457 | 28 |
| &nbsp;&nbsp;&nbsp; XQAF-C2OA, 11.920%, 2/10/2026 †x# | Affirm | 2/26/2025 | 190 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; XQAW-5YKN, 14.850%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 68 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XQB9-Q50J, 35.560%, 2/28/2025 †x#^ | Affirm | 3/04/2024 | 130 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; XQBC-0QZA, 29.620%, 1/13/2025 †x#^ | Affirm | 1/20/2023 | 504 | 546 | 30 |
| &nbsp;&nbsp;&nbsp; XQBR-5FSF, 11.880%, 7/02/2026 †§x | Affirm | 1/29/2025 | 431 | 444 | 440 |
| &nbsp;&nbsp;&nbsp; XQC1-GFHU, 29.710%, 1/05/2023 †x#^ | Affirm | 1/10/2022 | 92 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XQC1-MW4Q, 29.640%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XQC2-6Q4C, 35.360%, 4/28/2026 †§x# | Affirm | 5/03/2024 | 701 | 705 | 707 |
| &nbsp;&nbsp;&nbsp; XQCB-UNY0, 22.820%, 2/03/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; XQCD-3SXG, 35.390%, 1/22/2026 †§x | Affirm | 7/25/2024 | 176 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; XQCH-YLEP, 29.560%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 233 | 233 | 232 |
| &nbsp;&nbsp;&nbsp; XQCJ-0VOP, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XQCK-OTBW, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 171 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; XQCM-J3Y4, 22.750%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XQCN-UP2D, 15.810%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 472 | 486 | 28 |
| &nbsp;&nbsp;&nbsp; XQCR-5K2I, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 142 | 145 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8263** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XQCW-L459, 18.000%, 9/02/2025 †§x | Affirm | 6/27/2025 | $65 | $66 | $65 |
| &nbsp;&nbsp;&nbsp; XQCZ-WBKQ, 24.400%, 6/20/2026 †§x | Affirm | 12/27/2024 | 196 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; XQD1-3J3K, 29.490%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; XQDG-DTO3, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 172 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; XQDG-YHTA, 25.200%, 9/25/2026 †x# | Affirm | 9/30/2024 | 309 | 324 | 78 |
| &nbsp;&nbsp;&nbsp; XQDS-6SV1, 35.550%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XQDT-GXPW, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XQE2-RKDV, 29.570%, 8/20/2026 †§x | Affirm | 8/23/2024 | 350 | 360 | 362 |
| &nbsp;&nbsp;&nbsp; XQE6-26OA, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 324 | 334 | 337 |
| &nbsp;&nbsp;&nbsp; XQE7-3AK5, 34.950%, 10/08/2025 †§x | Affirm | 7/31/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XQEC-LE05, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 89 | 91 | 7 |
| &nbsp;&nbsp;&nbsp; XQED-11FQ, 25.000%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 142 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; XQEF-3VMD, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 132 | 131 |
| &nbsp;&nbsp;&nbsp; XQEH-K3VW, 29.590%, 6/28/2024 †x#^ | Affirm | 1/03/2023 | 152 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; XQEO-HW2E, 32.500%, 6/02/2026 †§x | Affirm | 6/27/2025 | 602 | 615 | 620 |
| &nbsp;&nbsp;&nbsp; XQER-4IHE, 35.400%, 8/29/2024 †x#^ | Affirm | 9/01/2023 | 108 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; XQEV-4Q30, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XQEV-VEJZ, 35.640%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 151 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; XQF2-RAVD, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; XQF5-HNP3, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 479 | 490 | 492 |
| &nbsp;&nbsp;&nbsp; XQF6-61HX, 28.000%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XQFB-58WL, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 92 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XQFJ-VP56, 23.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 251 | 255 | 255 |
| &nbsp;&nbsp;&nbsp; XQFV-NOMY, 35.770%, 2/28/2026 †x | Affirm | 3/28/2025 | 907 | 899 | 901 |
| &nbsp;&nbsp;&nbsp; XQGE-NKRW, 11.810%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 355 | 352 | 21 |
| &nbsp;&nbsp;&nbsp; XQGS-HEAH, 15.750%, 10/11/2025 †x# | Affirm | 4/15/2024 | 243 | 255 | 15 |
| &nbsp;&nbsp;&nbsp; XQGT-035W, 11.850%, 1/02/2026 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XQGW-9AR9, 33.950%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 155 | 160 | 163 |
| &nbsp;&nbsp;&nbsp; XQH0-B5VA, 33.000%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 203 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; XQH5-0T85, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XQHF-H6IU, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 342 | 349 | 21 |
| &nbsp;&nbsp;&nbsp; XQHG-XF12, 23.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XQHH-HT43, 29.500%, 12/28/2024 †x#^ | Affirm | 7/03/2023 | 129 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; XQHH-LP78, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; XQHI-WGQA, 32.000%, 12/19/2026 †§x# | Affirm | 12/27/2024 | 495 | 512 | 520 |
| &nbsp;&nbsp;&nbsp; XQHJ-C9OA, 35.350%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 122 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; XQHN-0B3F, 19.000%, 12/08/2025 †§x | Affirm | 12/14/2023 | 161 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; XQHX-FCRS, 6.272%, 2/07/2026 †§x« | Affirm | 2/26/2025 | 1114 | 1084 | 1077 |
| &nbsp;&nbsp;&nbsp; XQHZ-86EL, 30.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 51 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; XQI3-QAUN, 33.950%, 9/25/2027 †§x | Affirm | 9/30/2024 | 462 | 473 | 471 |
| &nbsp;&nbsp;&nbsp; XQIC-BVDY, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 88 | 89 | 23 |
| &nbsp;&nbsp;&nbsp; XQIF-O2GD, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 164 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; XQIK-NAI1, 29.580%, 4/21/2026 †§x | Affirm | 10/25/2024 | 163 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; XQIO-8HX3, 33.050%, 9/03/2026 †§x | Affirm | 3/28/2025 | 648 | 677 | 676 |
| &nbsp;&nbsp;&nbsp; XQIP-YXXL, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 304 | 317 | 46 |
| &nbsp;&nbsp;&nbsp; XQJ1-AX72, 35.320%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 205 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; XQJ4-5N6Q, 25.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XQJ8-O539, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 216 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; XQJA-KZN2, 15.690%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 173 | 182 | 10 |
| &nbsp;&nbsp;&nbsp; XQJF-8HR1, 29.450%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 70 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; XQJM-J5GZ, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 123 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; XQJN-RJ85, 35.310%, 5/21/2026 †§x | Affirm | 5/24/2024 | 226 | 228 | 232 |
| &nbsp;&nbsp;&nbsp; XQJO-42RI, 29.370%, 2/06/2026 †§x | Affirm | 8/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XQJS-496K, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 83 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XQK0-AOFR, 35.500%, 3/03/2026 †§x | Affirm | 3/28/2025 | 131 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; XQK1-7N9A, 35.780%, 2/07/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 28 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8264** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XQK6-W6FS, 22.730%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $6 | $6 | $6 |
| &nbsp;&nbsp;&nbsp; XQKB-UC6V, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 263 | 263 | 265 |
| &nbsp;&nbsp;&nbsp; XQKC-IW4T, 29.580%, 7/04/2025 †x#^ | Affirm | 1/08/2024 | 304 | 320 | 18 |
| &nbsp;&nbsp;&nbsp; XQKQ-ZQKN, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 102 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XQKV-P6J0, 15.940%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 22 | 22 | 3 |
| &nbsp;&nbsp;&nbsp; XQKX-OC0J, 31.000%, 1/11/2026 †x# | Affirm | 1/16/2024 | 3740 | 3929 | 224 |
| &nbsp;&nbsp;&nbsp; XQKY-P96C, 35.460%, 10/21/2025 †§x | Affirm | 10/24/2024 | 118 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; XQKZ-PTRG, 32.500%, 8/07/2026 †§x | Affirm | 2/26/2025 | 194 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; XQL1-VE4D, 35.450%, 6/02/2026 †x# | Affirm | 6/27/2025 | 119 | 118 | 74 |
| &nbsp;&nbsp;&nbsp; XQL6-183L, 15.890%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 210 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; XQL6-HWQ3, 33.050%, 9/25/2025 †§x | Affirm | 9/30/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XQLC-WBY3, 22.900%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 844 | 852 | 853 |
| &nbsp;&nbsp;&nbsp; XQLE-4KH7, 11.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 798 | 812 | 815 |
| &nbsp;&nbsp;&nbsp; XQLH-DPDK, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XQLJ-G5EJ, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 101 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; XQLK-DFID, 29.540%, 2/26/2026 †§x | Affirm | 8/29/2024 | 143 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; XQLU-74W1, 26.200%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 106 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XQLV-O5VL, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XQLY-1PWA, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XQM1-J97Z, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 230 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; XQM5-30QV, 35.180%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 136 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; XQM9-EZ2D, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XQMB-4CV7, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 72 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; XQMC-U8XL, 28.000%, 11/04/2025 †x# | Affirm | 11/10/2022 | 2045 | 2120 | 123 |
| &nbsp;&nbsp;&nbsp; XQMF-BHFI, 35.560%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XQMM-BHVN, 15.680%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XQMN-30NC, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 358 | 362 | 362 |
| &nbsp;&nbsp;&nbsp; XQMP-HVSD, 35.460%, 6/02/2026 †§x | Affirm | 6/27/2025 | 163 | 160 | 162 |
| &nbsp;&nbsp;&nbsp; XQN0-5E0K, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 123 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; XQN3-9Q9N, 19.900%, 9/22/2025 †§x | Affirm | 9/26/2022 | 112 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XQN3-TCLC, 15.840%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 148 | 144 | 9 |
| &nbsp;&nbsp;&nbsp; XQN8-RJNP, 26.900%, 12/25/2025 †§x | Affirm | 6/28/2024 | 305 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; XQNI-8UX5, 29.640%, 5/14/2026 †§x | Affirm | 11/27/2024 | 153 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; XQNI-TCPV, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XQNO-OTGY, 29.600%, 12/12/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XQNO-RWQP, 35.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; XQO5-RV12, 29.810%, 2/28/2024 †x#^ | Affirm | 3/03/2023 | 361 | 375 | 22 |
| &nbsp;&nbsp;&nbsp; XQO9-4JBF, 29.500%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; XQOE-XMJ6, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 127 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; XQOI-FJIL, 11.710%, 1/08/2026 †§x | Affirm | 7/31/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XQOJ-UVP1, 29.470%, 8/09/2024 †x#^ | Affirm | 8/14/2023 | 66 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; XQOM-W1NT, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 693 | 688 | 687 |
| &nbsp;&nbsp;&nbsp; XQOO-S5A0, 29.620%, 3/28/2024 †x#^ | Affirm | 10/06/2022 | 330 | 345 | 20 |
| &nbsp;&nbsp;&nbsp; XQOW-6FLZ, 33.290%, 3/03/2026 †§x | Affirm | 3/28/2025 | 155 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; XQP0-BDTZ, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 100 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XQP5-3J73, 29.070%, 9/27/2025 †x# | Affirm | 10/02/2023 | 560 | 588 | 34 |
| &nbsp;&nbsp;&nbsp; XQP8-FBTL, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 577 | 588 | 590 |
| &nbsp;&nbsp;&nbsp; XQPA-6AUA, 33.950%, 9/16/2025 †§x | Affirm | 9/19/2024 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; XQPH-VRP3, 33.950%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 348 | 356 | 355 |
| &nbsp;&nbsp;&nbsp; XQPK-TXMN, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 97 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; XQPQ-O3N5, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XQPR-5AWX, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XQQ4-74XD, 35.590%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XQQ5-AFRD, 29.580%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 251 | 256 | 257 |
| &nbsp;&nbsp;&nbsp; XQQB-MXQ8, 35.290%, 11/21/2025 †x# | Affirm | 5/24/2024 | 331 | 342 | 20 |
| &nbsp;&nbsp;&nbsp; XQQM-DJPV, 33.050%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 177 | 182 | 183 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8265** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XQQN-HTZS, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | $59 | $62 | $4 |
| &nbsp;&nbsp;&nbsp; XQQO-RUII, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XQR4-QKC0, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 81 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XQR9-SHM9, 29.500%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | 222 | 234 | 13 |
| &nbsp;&nbsp;&nbsp; XQRD-TVVV, 21.900%, 11/28/2024 †x#^ | Affirm | 8/31/2023 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; XQRG-MI1V, 33.950%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 113 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; XQSR-BOC5, 25.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XQST-JR5D, 33.050%, 9/20/2025 †§x | Affirm | 9/26/2024 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; XQSY-L5QL, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 216 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; XQT7-5O9B, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 231 | 233 | 233 |
| &nbsp;&nbsp;&nbsp; XQT7-ON9A, 29.620%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 168 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; XQTI-3UO6, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 165 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; XQTL-PN0I, 29.610%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; XQTM-CN0W, 32.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 50 | 51 | 6 |
| &nbsp;&nbsp;&nbsp; XQTP-MQOP, 13.092%, 11/06/2025 †§x« | Affirm | 8/29/2025 | 241 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; XQTT-N5KQ, 32.500%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 1164 | 1121 | 70 |
| &nbsp;&nbsp;&nbsp; XQTW-I99B, 35.570%, 9/20/2025 †§x | Affirm | 9/26/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XQTX-TEI0, 29.420%, 5/29/2024 †x#^ | Affirm | 6/05/2023 | 77 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; XQTY-C4XA, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 634 | 657 | 660 |
| &nbsp;&nbsp;&nbsp; XQU1-7GRP, 22.850%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; XQU3-DLB8, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 162 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; XQUD-EAWC, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 119 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; XQUG-XY8D, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 219 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; XQUJ-RL0B, 29.740%, 5/02/2024 †x#^ | Affirm | 11/07/2022 | 466 | 486 | 28 |
| &nbsp;&nbsp;&nbsp; XQUR-3GSA, 29.810%, 12/20/2022 †x#^ | Affirm | 12/27/2021 | 187 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; XQUT-5GR1, 6.617%, 2/19/2026 †§x« | Affirm | 8/22/2024 | 468 | 425 | 447 |
| &nbsp;&nbsp;&nbsp; XQUU-QEBQ, 35.370%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1161 | 1156 | 1156 |
| &nbsp;&nbsp;&nbsp; XQVB-DP4F, 11.810%, 12/02/2025 †§x | Affirm | 6/27/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XQVC-O8EU, 13.840%, 4/28/2028 †§x# | Affirm | 5/02/2024 | 1310 | 1379 | 1381 |
| &nbsp;&nbsp;&nbsp; XQVJ-PY5B, 35.290%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 158 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; XQVO-1U6Q, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XQVV-NHVY, 35.450%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XQW5-KYS1, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 496 | 502 | 500 |
| &nbsp;&nbsp;&nbsp; XQWC-JPPF, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 663 | 674 | 676 |
| &nbsp;&nbsp;&nbsp; XQWH-IRSN, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 66 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; XQWM-D0ME, 33.300%, 2/05/2026 †§x | Affirm | 2/26/2025 | 60 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XQWW-2YKO, 26.700%, 9/28/2025 †§x | Affirm | 10/03/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XQWX-0AQT, 29.900%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 86 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XQX1-5IAW, 28.000%, 8/12/2024 †x#^ | Affirm | 8/18/2022 | 2507 | 2592 | 150 |
| &nbsp;&nbsp;&nbsp; XQX7-SV7J, 33.950%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 237 | 244 | 241 |
| &nbsp;&nbsp;&nbsp; XQXG-V7VQ, 22.570%, 3/20/2026 †§x | Affirm | 3/28/2025 | 122 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; XQXN-U770, 22.770%, 1/06/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XQXQ-U1A1, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 434 | 437 | 437 |
| &nbsp;&nbsp;&nbsp; XQXV-57H7, 24.830%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XQY1-3NYN, 29.530%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 82 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XQY1-6UB0, 27.100%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 186 | 198 | 11 |
| &nbsp;&nbsp;&nbsp; XQY2-YAFT, 25.200%, 2/08/2025 †x#^ | Affirm | 8/11/2023 | 168 | 180 | 10 |
| &nbsp;&nbsp;&nbsp; XQY4-J6QY, 35.430%, 7/02/2026 †x# | Affirm | 1/29/2025 | 353 | 362 | 21 |
| &nbsp;&nbsp;&nbsp; XQY5-3C5T, 29.590%, 11/04/2025 †§x# | Affirm | 11/10/2022 | 207 | 208 | 105 |
| &nbsp;&nbsp;&nbsp; XQY7-80U3, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XQY7-8X39, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 501 | 506 | 505 |
| &nbsp;&nbsp;&nbsp; XQY9-RNGV, 18.000%, 11/20/2025 †§x | Affirm | 5/24/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; XQYA-RCH7, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; XQYN-FR91, 28.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 174 | 177 | 176 |
| &nbsp;&nbsp;&nbsp; XQYT-40XN, 27.450%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 337 | 354 | 20 |
| &nbsp;&nbsp;&nbsp; XQYV-Y19V, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 82 | 80 |  |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8266** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XQYW-0XUM, 35.450%, 12/24/2025 †§x | Affirm | 6/27/2024 | $227 | $229 | $228 |
| &nbsp;&nbsp;&nbsp; XQZ0-J5F0, 35.290%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 353 | 352 | 21 |
| &nbsp;&nbsp;&nbsp; XQZ4-HOA9, 29.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XQZ7-0BWK, 35.170%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XQZP-2L9I, 15.710%, 3/20/2026 †§x | Affirm | 3/28/2025 | 166 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; XQZS-HLGW, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 212 | 221 | 219 |
| &nbsp;&nbsp;&nbsp; XQZV-N3RK, 35.200%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XQZV-P14T, 26.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 110 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; XQZX-SE4B, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 87 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; XR03-TINX, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 237 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; XR0C-MFT6, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 230 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; XR0E-KB7E, 29.990%, 1/08/2026 †§x | Affirm | 7/31/2025 | 285 | 290 | 292 |
| &nbsp;&nbsp;&nbsp; XR0I-29TR, 33.950%, 12/12/2025 †§x | Affirm | 12/27/2024 | 239 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; XR0I-9JIM, 13.840%, 6/25/2026 †§x | Affirm | 6/28/2024 | 390 | 399 | 401 |
| &nbsp;&nbsp;&nbsp; XR0Q-SO0Y, 31.767%, 5/21/2023 †x#^ | Affirm | 2/24/2023 | 1377 | 1317 | 83 |
| &nbsp;&nbsp;&nbsp; XR0Y-U6GH, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 208 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; XR13-IIP9, 33.050%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; XR1B-0UR1, 24.400%, 1/03/2027 †§x | Affirm | 1/29/2025 | 399 | 414 | 415 |
| &nbsp;&nbsp;&nbsp; XR1F-62NX, 30.000%, 8/27/2023 †x#^ | Affirm | 3/02/2023 | 226 | 222 | 14 |
| &nbsp;&nbsp;&nbsp; XR1G-RN9H, 9.790%, 9/20/2025 †§x | Affirm | 3/28/2025 | 390 | 396 | 393 |
| &nbsp;&nbsp;&nbsp; XR1G-S5DN, 29.670%, 11/14/2025 †§x | Affirm | 11/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XR2W-X76Z, 33.180%, 1/08/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XR35-Y5JW, 35.450%, 4/24/2025 †x#^ | Affirm | 10/28/2024 | 12 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; XR39-GVJY, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 708 | 694 | 690 |
| &nbsp;&nbsp;&nbsp; XR3T-5AOT, 35.570%, 11/15/2025 †x# | Affirm | 11/27/2024 | 94 | 97 | 21 |
| &nbsp;&nbsp;&nbsp; XR42-233B, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XR43-F2WW, 35.470%, 12/16/2025 †x# | Affirm | 12/27/2024 | 88 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XR46-PMUD, 32.000%, 9/28/2026 †§x | Affirm | 3/31/2025 | 264 | 278 | 277 |
| &nbsp;&nbsp;&nbsp; XR4D-2IAX, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XR4H-5OK9, 32.500%, 2/22/2026 †§x | Affirm | 2/26/2024 | 419 | 420 | 427 |
| &nbsp;&nbsp;&nbsp; XR4O-K19C, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 226 | 224 | 225 |
| &nbsp;&nbsp;&nbsp; XR55-R7FR, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 215 | 218 | 217 |
| &nbsp;&nbsp;&nbsp; XR5H-811W, 31.500%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XR5N-L5VW, 33.050%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 319 | 327 | 189 |
| &nbsp;&nbsp;&nbsp; XR5Q-UKC9, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XR5T-86BT, 35.610%, 11/15/2025 †x | Affirm | 11/27/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XR5T-FUGN, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XR5Z-4D0V, 22.750%, 12/09/2025 †§x | Affirm | 12/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XR6L-GAEU, 35.330%, 5/06/2025 †x#^ | Affirm | 5/10/2024 | 144 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XR6P-2HB2, 15.760%, 6/25/2026 †§x# | Affirm | 6/28/2024 | 470 | 480 | 481 |
| &nbsp;&nbsp;&nbsp; XR6X-3EHQ, 35.620%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XR6Y-N326, 29.800%, 2/15/2024 †x#^ | Affirm | 2/21/2023 | 123 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; XR72-BDD4, 29.710%, 1/11/2024 †x#^ | Affirm | 1/17/2023 | 123 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; XR72-UNGL, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 141 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; XR7C-B8SA, 35.630%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 119 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; XR7H-U1MX, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XR7J-6QK1, 35.430%, 6/28/2026 †§x | Affirm | 1/29/2025 | 171 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; XR7J-RUSC, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 227 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; XR7K-YQ12, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XR7Q-6NRZ, 35.260%, 9/28/2025 †x# | Affirm | 4/22/2025 | 90 | 90 | 8 |
| &nbsp;&nbsp;&nbsp; XR7U-7BSC, 29.340%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XR7V-AC4Y, 31.450%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 89 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; XR80-6MGE, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 225 | 235 | 234 |
| &nbsp;&nbsp;&nbsp; XR88-1XI3, 29.600%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XR8B-1V4F, 29.480%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 47 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; XR8U-3PCP, 29.560%, 9/28/2025 †x# | Affirm | 10/02/2023 | 220 | 223 | 13 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8267** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XR96-3E34, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | $36 | $36 | $36 |
| &nbsp;&nbsp;&nbsp; XR9A-A5XU, 11.920%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 201 | 198 | 200 |
| &nbsp;&nbsp;&nbsp; XR9C-QTZR, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; XR9E-2FTC, 15.860%, 9/03/2026 †§x | Affirm | 3/28/2025 | 309 | 319 | 321 |
| &nbsp;&nbsp;&nbsp; XR9F-VGTX, 35.750%, 4/01/2025 †x#^ | Affirm | 10/04/2024 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XR9L-CD6I, 27.950%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 112 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; XR9M-M9PH, 29.880%, 7/11/2022 †x#^ | Affirm | 1/21/2022 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; XR9V-XKU3, 24.660%, 10/24/2025 †§x | Affirm | 10/28/2024 | 331 | 331 | 331 |
| &nbsp;&nbsp;&nbsp; XRA3-UBQY, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XRAA-E2CK, 15.760%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 195 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; XRAA-UGRT, 12.545%, 10/21/2025 †§x« | Affirm | 10/24/2024 | 84 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; XRAB-G6X9, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 233 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; XRAE-ZOE7, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XRAF-KISC, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 97 | 96 |
| &nbsp;&nbsp;&nbsp; XRAI-NDPF, 27.500%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 247 | 255 | 15 |
| &nbsp;&nbsp;&nbsp; XRAL-7FFV, 35.600%, 4/01/2025 †x#^ | Affirm | 10/04/2024 | 77 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; XRB8-U8MB, 29.480%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 209 | 208 | 13 |
| &nbsp;&nbsp;&nbsp; XRBF-WE8T, 22.200%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 91 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; XRBU-97ES, 32.000%, 10/26/2025 †x# | Affirm | 5/02/2024 | 1455 | 1527 | 87 |
| &nbsp;&nbsp;&nbsp; XRCD-36MV, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; XRCF-GX4E, 35.400%, 3/28/2024 †x#^ | Affirm | 10/02/2023 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XRCJ-B5F8, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XRCJ-IE7I, 29.490%, 12/17/2025 †§x | Affirm | 6/21/2024 | 91 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; XRCL-PWHG, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; XRCN-SU0Q, 24.400%, 1/03/2027 †§x | Affirm | 1/29/2025 | 535 | 554 | 557 |
| &nbsp;&nbsp;&nbsp; XRD2-5JDX, 15.790%, 3/25/2026 †§x | Affirm | 9/30/2024 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; XRD8-YJ8J, 35.320%, 6/12/2025 †x#^ | Affirm | 12/15/2023 | 207 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; XRDC-8SX9, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 178 | 184 | 44 |
| &nbsp;&nbsp;&nbsp; XRDT-HMRF, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XRDU-XH6F, 19.900%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 190 | 205 | 11 |
| &nbsp;&nbsp;&nbsp; XRE1-CCP9, 22.900%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1890 | 1946 | 1967 |
| &nbsp;&nbsp;&nbsp; XRE1-VK1L, 6.061%, 7/08/2026 †§x« | Affirm | 7/31/2025 | 299 | 285 | 284 |
| &nbsp;&nbsp;&nbsp; XRE3-2SGV, 29.690%, 1/06/2026 †§x | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XREN-UDYT, 26.500%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 222 | 230 | 13 |
| &nbsp;&nbsp;&nbsp; XREP-1BV7, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 145 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XRF2-6ALX, 35.420%, 12/19/2026 †§x | Affirm | 12/27/2024 | 541 | 541 | 549 |
| &nbsp;&nbsp;&nbsp; XRF3-YW88, 29.680%, 9/01/2024 †x#^ | Affirm | 9/06/2022 | 488 | 532 | 29 |
| &nbsp;&nbsp;&nbsp; XRF4-RHKR, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XRFA-PQWV, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XRFD-K7H9, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XRFK-5WQM, 29.450%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 2051 | 2026 | 123 |
| &nbsp;&nbsp;&nbsp; XRFU-Y736, 35.330%, 1/03/2026 †§x# | Affirm | 1/08/2024 | 127 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; XRG2-T2V5, 35.210%, 11/06/2025 †§x | Affirm | 5/30/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XRGR-8YCU, 29.820%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; XRGU-1GI4, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 637 | 653 | 657 |
| &nbsp;&nbsp;&nbsp; XRGZ-5J2P, 29.520%, 4/17/2025 †x#^ | Affirm | 4/22/2024 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; XRH7-UHTJ, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XRH7-Y8EV, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 318 | 317 | 318 |
| &nbsp;&nbsp;&nbsp; XRH8-H8E7, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 123 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; XRH8-HISK, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XRHA-XG2J, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 548 | 558 | 559 |
| &nbsp;&nbsp;&nbsp; XRHC-NBMV, 15.730%, 12/13/2024 †x#^ | Affirm | 6/16/2023 | 220 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; XRHD-KKS8, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 658 | 669 | 671 |
| &nbsp;&nbsp;&nbsp; XRHF-CS31, 32.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 245 | 247 | 246 |
| &nbsp;&nbsp;&nbsp; XRHG-PCKA, 13.840%, 4/18/2026 †§x | Affirm | 4/22/2024 | 89 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; XRHY-G7YO, 27.500%, 10/04/2023 †x#^ | Affirm | 4/07/2022 | 175 | 188 | 11 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8268** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XRHY-UTGU, 29.560%, 10/14/2024 †x#^ | Affirm | 10/20/2022 | $294 | $320 | $18 |
| &nbsp;&nbsp;&nbsp; XRI0-02MD, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XRI1-8L1Q, 22.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 170 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; XRI3-H7FC, 20.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1840 | 1887 | 1898 |
| &nbsp;&nbsp;&nbsp; XRIJ-0F1D, 29.540%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 46 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; XRIS-6XCS, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XRIV-C4Y4, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 28 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; XRIW-81LI, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 309 | 317 | 319 |
| &nbsp;&nbsp;&nbsp; XRJ3-65HI, 22.750%, 11/15/2026 †x# | Affirm | 11/27/2024 | 576 | 602 | 43 |
| &nbsp;&nbsp;&nbsp; XRK0-DPO9, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 214 | 216 | 215 |
| &nbsp;&nbsp;&nbsp; XRKO-KDW7, 22.660%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XRL8-QVAD, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; XRL9-NTYB, 26.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XRL9-PL4Q, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 674 | 686 | 682 |
| &nbsp;&nbsp;&nbsp; XRLA-ND8X, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; XRLB-30DS, 24.800%, 12/28/2025 †x# | Affirm | 1/29/2025 | 532 | 522 | 8 |
| &nbsp;&nbsp;&nbsp; XRLF-07V2, 29.370%, 9/20/2025 †§x | Affirm | 3/28/2025 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; XRLJ-4LW9, 29.700%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 177 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; XRLX-KT9U, 35.400%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 144 | 147 | 145 |
| &nbsp;&nbsp;&nbsp; XRLX-YYX7, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 189 | 198 | 65 |
| &nbsp;&nbsp;&nbsp; XRLZ-ZHX5, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 382 | 402 | 400 |
| &nbsp;&nbsp;&nbsp; XRM4-I2FT, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 90 | 83 | 88 |
| &nbsp;&nbsp;&nbsp; XRM6-O998, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XRM7-ZUHD, 29.810%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XRMA-IA0B, 33.500%, 12/12/2025 †§x | Affirm | 12/27/2024 | 105 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; XRMS-QN3C, 35.460%, 10/18/2026 †x# | Affirm | 10/24/2024 | 414 | 411 | 25 |
| &nbsp;&nbsp;&nbsp; XRN6-8FDF, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XRNC-LOV4, 15.830%, 7/03/2026 †§x | Affirm | 1/29/2025 | 836 | 861 | 854 |
| &nbsp;&nbsp;&nbsp; XRNK-JJYG, 33.000%, 3/23/2026 †§x | Affirm | 9/26/2024 | 232 | 230 | 232 |
| &nbsp;&nbsp;&nbsp; XRNV-VNCV, 29.580%, 4/21/2026 †§x | Affirm | 10/25/2024 | 261 | 267 | 266 |
| &nbsp;&nbsp;&nbsp; XRO2-8KFX, 29.710%, 2/12/2027 †§x | Affirm | 2/26/2025 | 917 | 962 | 965 |
| &nbsp;&nbsp;&nbsp; XRO2-MH2M, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 683 | 700 | 706 |
| &nbsp;&nbsp;&nbsp; XRO8-FM2Y, 35.320%, 5/28/2025 †x#^ | Affirm | 5/31/2024 | 566 | 585 | 34 |
| &nbsp;&nbsp;&nbsp; XROB-8F4X, 11.850%, 9/23/2025 †§x | Affirm | 9/26/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XROL-6MV2, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 886 | 882 | 884 |
| &nbsp;&nbsp;&nbsp; XROO-3JBC, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; XROT-50LP, 29.590%, 10/23/2025 †§x | Affirm | 10/28/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XRP9-8CZO, 24.400%, 9/02/2025 †§x# | Affirm | 6/27/2025 | 137 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; XRPG-VEUO, 35.510%, 10/18/2025 †§x | Affirm | 10/24/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XRPX-1JE3, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XRPZ-XEG1, 29.470%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 215 | 213 | 13 |
| &nbsp;&nbsp;&nbsp; XRQ4-JAN 9, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; XRQ5-1O38, 28.000%, 10/21/2023 †x#^ | Affirm | 10/27/2022 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; XRQ7-X09U, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 236 | 234 | 14 |
| &nbsp;&nbsp;&nbsp; XRQB-IHJL, 33.000%, 10/23/2025 †§x | Affirm | 10/28/2024 | 327 | 327 | 327 |
| &nbsp;&nbsp;&nbsp; XRQD-ZX0O, 29.690%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 102 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XRQM-ZRV1, 24.950%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 133 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; XRQR-LZ6D, 30.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 79 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; XRQR-S25Z, 29.660%, 1/20/2024 †x#^ | Affirm | 1/24/2022 | 123 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; XRQU-YJF2, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 633 | 654 | 650 |
| &nbsp;&nbsp;&nbsp; XRR6-94QV, 29.440%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 103 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; XRRK-XL0Y, 35.550%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; XRRN-A3UP, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XRRY-Y8ZW, 29.740%, 2/05/2027 †§x | Affirm | 8/29/2025 | 347 | 361 | 361 |
| &nbsp;&nbsp;&nbsp; XRS2-3HH5, 29.580%, 7/10/2025 †x#^ | Affirm | 1/16/2024 | 118 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; XRS3-3UIJ, 35.410%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 201 | 202 | 12 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8269** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XRS4-WPOQ, 29.200%, 9/28/2025 †§x | Affirm | 10/03/2024 | $88 | $88 | $87 |
| &nbsp;&nbsp;&nbsp; XRS5-BBAY, 35.420%, 7/02/2026 †§x | Affirm | 1/29/2025 | 236 | 233 | 235 |
| &nbsp;&nbsp;&nbsp; XRSB-RUSW, 22.690%, 12/09/2025 †§x | Affirm | 12/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XRSB-XI52, 32.000%, 2/10/2027 †§x | Affirm | 2/26/2025 | 375 | 391 | 389 |
| &nbsp;&nbsp;&nbsp; XRSF-L01O, 22.860%, 2/10/2026 †x | Affirm | 2/26/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; XRSK-DYVC, 33.120%, 9/23/2025 †§x | Affirm | 9/26/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XRSM-W7ED, 29.490%, 4/21/2024 †x#^ | Affirm | 4/27/2023 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; XRSN-4D1Z, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 116 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XRSP-9YNG, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 436 | 447 | 449 |
| &nbsp;&nbsp;&nbsp; XRSQ-Z4SD, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 662 | 650 | 40 |
| &nbsp;&nbsp;&nbsp; XRT1-3HA5, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XRTN-DUSZ, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XRTO-DU4C, 35.450%, 12/27/2025 †§x | Affirm | 7/01/2024 | 700 | 707 | 705 |
| &nbsp;&nbsp;&nbsp; XRTV-FYAM, 25.200%, 2/26/2026 †§x | Affirm | 8/29/2024 | 642 | 656 | 658 |
| &nbsp;&nbsp;&nbsp; XRU0-R35W, 33.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 201 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; XRU4-0BU9, 33.950%, 10/15/2025 †§x | Affirm | 4/18/2024 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XRUF-X5QP, 35.300%, 3/20/2026 †x# | Affirm | 3/28/2025 | 361 | 361 | 120 |
| &nbsp;&nbsp;&nbsp; XRUH-0488, 30.950%, 10/15/2025 †§x | Affirm | 4/18/2024 | 133 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; XRUJ-62KP, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 139 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; XRUN-6EED, 15.730%, 12/02/2026 †§x | Affirm | 6/27/2025 | 298 | 306 | 300 |
| &nbsp;&nbsp;&nbsp; XRUN-RGJ5, 35.530%, 7/02/2026 †x# | Affirm | 1/29/2025 | 707 | 695 | 42 |
| &nbsp;&nbsp;&nbsp; XRUP-9838, 29.440%, 3/28/2026 †§x | Affirm | 3/31/2025 | 87 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; XRUY-WC5R, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 148 | 149 | 148 |
| &nbsp;&nbsp;&nbsp; XRVJ-WJS9, 29.590%, 10/22/2025 †§x | Affirm | 10/25/2024 | 276 | 278 | 280 |
| &nbsp;&nbsp;&nbsp; XRVK-M1Z6, 13.840%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1132 | 1167 | 1174 |
| &nbsp;&nbsp;&nbsp; XRVR-0I2K, 24.760%, 1/06/2026 †§x | Affirm | 1/29/2025 | 137 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; XRVU-SFM1, 15.830%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 116 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; XRWB-WSQ0, 29.800%, 2/05/2026 †§x | Affirm | 2/26/2025 | 236 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; XRX3-1B6B, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 458 | 469 | 464 |
| &nbsp;&nbsp;&nbsp; XRXF-SVQ6, 35.490%, 10/28/2025 †x# | Affirm | 10/31/2024 | 261 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; XRXI-LY2S, 15.820%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XRXI-QRNK, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XRXM-0KOS, 29.040%, 10/24/2023 †x#^ | Affirm | 4/27/2023 | 88 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; XRXW-7SDU, 11.810%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 80 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XRY0-GP28, 29.710%, 1/27/2026 †§x | Affirm | 2/26/2025 | 125 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; XRYQ-5Y5A, 30.950%, 2/10/2026 †x# | Affirm | 2/26/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XRYT-E1XZ, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 271 | 276 | 277 |
| &nbsp;&nbsp;&nbsp; XRZD-BJ9B, 26.900%, 10/01/2025 †§x | Affirm | 10/04/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XRZG-WOY2, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XRZQ-N80E, 20.900%, 1/13/2027 †§x | Affirm | 1/29/2025 | 1789 | 1856 | 1868 |
| &nbsp;&nbsp;&nbsp; XS0C-JIJC, 35.400%, 6/05/2024 †x#^ | Affirm | 6/08/2023 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; XS0V-1YRN, 15.770%, 4/24/2026 †§x | Affirm | 10/28/2024 | 142 | 146 | 145 |
| &nbsp;&nbsp;&nbsp; XS0W-AZG3, 35.510%, 10/02/2025 †x# | Affirm | 4/05/2024 | 105 | 107 | 13 |
| &nbsp;&nbsp;&nbsp; XS18-TDON, 26.900%, 1/23/2026 †§x | Affirm | 7/26/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XS1B-6JVX, 26.900%, 12/12/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XS1G-NSSI, 29.460%, 7/08/2026 †x | Affirm | 7/31/2025 | 304 | 314 | 314 |
| &nbsp;&nbsp;&nbsp; XS1H-D903, 29.550%, 10/24/2023 †x#^ | Affirm | 4/27/2023 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; XS1L-ROX4, 6.804%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 25 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; XS1S-FL23, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1556 | 1590 | 1603 |
| &nbsp;&nbsp;&nbsp; XS1U-K6E4, 29.870%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 497 | 504 | 30 |
| &nbsp;&nbsp;&nbsp; XS1X-KBGM, 35.300%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 891 | 887 | 906 |
| &nbsp;&nbsp;&nbsp; XS1Y-GKHL, 33.950%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 128 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; XS1Z-56E5, 29.490%, 9/03/2026 †§x | Affirm | 3/28/2025 | 255 | 264 | 265 |
| &nbsp;&nbsp;&nbsp; XS2E-F8JZ, 18.900%, 11/21/2023 †x#^ | Affirm | 11/25/2022 | 174 | 182 | 10 |
| &nbsp;&nbsp;&nbsp; XS2G-E49K, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XS2K-HULA, 22.750%, 8/06/2026 †§x | Affirm | 8/29/2025 | 180 | 187 | 187 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8270** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XS2M-TD92, 21.900%, 10/18/2025 †§x | Affirm | 10/24/2024 | $66 | $66 | $66 |
| &nbsp;&nbsp;&nbsp; XS2T-51KV, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 671 | 645 | 189 |
| &nbsp;&nbsp;&nbsp; XS30-D9BR, 35.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 395 | 399 | 398 |
| &nbsp;&nbsp;&nbsp; XS32-S2C2, 35.370%, 6/18/2026 †§x | Affirm | 6/21/2024 | 268 | 266 | 271 |
| &nbsp;&nbsp;&nbsp; XS34-LO5Y, 26.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XS3C-4QW8, 33.950%, 4/25/2026 †x# | Affirm | 10/31/2024 | 931 | 965 |  |
| &nbsp;&nbsp;&nbsp; XS3E-TU7Y, 5.932%, 7/14/2023 †x#^« | Affirm | 7/18/2022 | 103 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XS3G-EU2I, 28.500%, 5/01/2024 †x#^ | Affirm | 11/04/2022 | 317 | 318 | 19 |
| &nbsp;&nbsp;&nbsp; XS3J-6AQU, 15.830%, 7/13/2026 †x# | Affirm | 1/29/2025 | 1170 | 1209 | 104 |
| &nbsp;&nbsp;&nbsp; XS3K-LIPE, 33.950%, 8/20/2025 †x#^ | Affirm | 8/23/2024 | 154 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; XS3O-G5SA, 29.660%, 9/24/2025 †§x | Affirm | 9/27/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XS41-7A95, 29.500%, 10/19/2024 †x#^ | Affirm | 4/27/2023 | 108 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; XS41-LV84, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 237 | 234 | 235 |
| &nbsp;&nbsp;&nbsp; XS48-77LA, 33.000%, 5/20/2026 †§x | Affirm | 11/27/2024 | 775 | 772 | 777 |
| &nbsp;&nbsp;&nbsp; XS4C-0TLP, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1801 | 1841 | 1850 |
| &nbsp;&nbsp;&nbsp; XS4H-WVP8, 30.000%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 1120 | 1037 | 67 |
| &nbsp;&nbsp;&nbsp; XS4I-Q9AR, 29.660%, 9/28/2025 †x# | Affirm | 10/03/2024 | 76 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; XS4U-N5X2, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 625 | 624 | 624 |
| &nbsp;&nbsp;&nbsp; XS59-2X32, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 204 | 213 | 212 |
| &nbsp;&nbsp;&nbsp; XS5T-FA1S, 23.400%, 4/08/2028 †§x | Affirm | 4/11/2024 | 1271 | 1341 | 1333 |
| &nbsp;&nbsp;&nbsp; XS65-1GP5, 22.200%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 94 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XS6D-3RAH, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 823 | 821 | 823 |
| &nbsp;&nbsp;&nbsp; XS6D-GVF7, 35.500%, 10/24/2025 †§x | Affirm | 10/28/2024 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; XS6J-CRDR, 35.560%, 2/22/2025 †x#^ | Affirm | 3/01/2024 | 99 | 90 | 6 |
| &nbsp;&nbsp;&nbsp; XS6N-IZCT, 18.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 2121 | 2195 | 2208 |
| &nbsp;&nbsp;&nbsp; XS6X-YEJD, 33.050%, 8/06/2026 †§x | Affirm | 2/26/2025 | 205 | 213 | 212 |
| &nbsp;&nbsp;&nbsp; XS6Z-FHXJ, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 302 | 310 | 309 |
| &nbsp;&nbsp;&nbsp; XS6Z-S3IP, 15.730%, 11/21/2025 †§x# | Affirm | 5/24/2024 | 150 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; XS76-2NT0, 25.200%, 8/04/2024 †x#^ | Affirm | 8/10/2023 | 59 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; XS7R-ZMZ9, 35.170%, 1/08/2026 †§x | Affirm | 7/31/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XS7S-3EE0, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 365 | 371 | 370 |
| &nbsp;&nbsp;&nbsp; XS7X-HCJZ, 22.700%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; XS8A-9T3G, 35.240%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; XS8J-TMQL, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; XS8O-5IUX, 20.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 104 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; XS9Q-FQJY, 15.900%, 2/16/2023 †x#^ | Affirm | 2/22/2022 | 202 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; XS9S-USY4, 28.000%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 458 | 496 | 27 |
| &nbsp;&nbsp;&nbsp; XS9S-Z5OJ, 35.560%, 11/21/2025 †x# | Affirm | 5/24/2024 | 78 | 79 | 18 |
| &nbsp;&nbsp;&nbsp; XS9U-LM3V, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 210 | 217 | 218 |
| &nbsp;&nbsp;&nbsp; XSA2-Y2OQ, 18.000%, 5/14/2026 †§x | Affirm | 11/27/2024 | 580 | 592 | 593 |
| &nbsp;&nbsp;&nbsp; XSAB-IC08, 29.660%, 9/19/2025 †§x | Affirm | 9/23/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XSAD-IZ15, 4.446%, 12/01/2022 †x#^« | Affirm | 12/06/2021 | 496 | 476 | 30 |
| &nbsp;&nbsp;&nbsp; XSAQ-OF6D, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 113 | 109 | 7 |
| &nbsp;&nbsp;&nbsp; XSB0-IQE9, 29.590%, 10/23/2026 †§x | Affirm | 10/28/2024 | 432 | 446 | 448 |
| &nbsp;&nbsp;&nbsp; XSB1-5V80, 33.050%, 9/26/2025 †§x | Affirm | 9/30/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XSB7-YZ8R, 33.050%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 218 | 225 | 227 |
| &nbsp;&nbsp;&nbsp; XSB9-1FMF, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XSB9-ZHX1, 20.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 218 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; XSBG-8VHY, 29.620%, 3/20/2026 †§x | Affirm | 9/26/2024 | 305 | 310 | 310 |
| &nbsp;&nbsp;&nbsp; XSBL-ZEP3, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 114 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; XSBM-BDRU, 35.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 23 | 23 | 2 |
| &nbsp;&nbsp;&nbsp; XSBN-SZ3D, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XSBO-R6KA, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 483 | 474 | 474 |
| &nbsp;&nbsp;&nbsp; XSBU-UKT2, 29.700%, 11/14/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; XSCG-N5QD, 33.050%, 10/05/2025 †§x | Affirm | 4/11/2024 | 356 | 358 | 356 |
| &nbsp;&nbsp;&nbsp; XSCG-XTFL, 35.520%, 6/28/2026 †§x | Affirm | 1/29/2025 | 1031 | 1017 | 1021 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8271** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XSCJ-1PIN, 32.000%, 2/22/2025 †x#^ | Affirm | 2/26/2024 | $1004 | $1054 | $60 |
| &nbsp;&nbsp;&nbsp; XSCN-39L8, 11.790%, 2/25/2025 †x#^ | Affirm | 8/31/2023 | 71 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; XSCV-PWMB, 35.610%, 8/10/2026 †§x | Affirm | 2/26/2025 | 301 | 297 | 300 |
| &nbsp;&nbsp;&nbsp; XSD0-IS1A, 35.670%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 158 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; XSD6-YHDX, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 370 | 367 | 369 |
| &nbsp;&nbsp;&nbsp; XSD8-FYC2, 33.050%, 3/28/2026 †§x | Affirm | 4/22/2025 | 73 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; XSDB-9UI7, 11.860%, 9/28/2025 †§x | Affirm | 10/03/2024 | 10 | 10 | 9 |
| &nbsp;&nbsp;&nbsp; XSDE-ZIKP, 26.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XSDQ-NA8T, 24.900%, 1/13/2028 †x | Affirm | 1/29/2025 | 4623 | 4561 | 4633 |
| &nbsp;&nbsp;&nbsp; XSDR-MP6A, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XSDV-ABUN, 35.360%, 2/26/2026 †§x | Affirm | 8/29/2024 | 133 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; XSDV-GOGQ, 28.000%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 666 | 697 | 40 |
| &nbsp;&nbsp;&nbsp; XSE0-O2OD, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 325 | 330 | 331 |
| &nbsp;&nbsp;&nbsp; XSE4-TIVR, 11.880%, 2/12/2027 †§x | Affirm | 2/26/2025 | 593 | 621 | 626 |
| &nbsp;&nbsp;&nbsp; XSEE-2TV1, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XSEE-KTBH, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XSEF-YXGJ, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 302 | 307 | 308 |
| &nbsp;&nbsp;&nbsp; XSEH-3TQO, 33.950%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 398 | 410 | 412 |
| &nbsp;&nbsp;&nbsp; XSEJ-PV7P, 23.400%, 7/06/2026 †§x | Affirm | 1/29/2025 | 282 | 289 | 290 |
| &nbsp;&nbsp;&nbsp; XSEK-LR8V, 15.680%, 3/28/2026 †§x | Affirm | 3/31/2025 | 256 | 265 | 268 |
| &nbsp;&nbsp;&nbsp; XSEK-PYRK, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 225 | 218 | 216 |
| &nbsp;&nbsp;&nbsp; XSF3-3B7Z, 29.000%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 293 | 303 | 18 |
| &nbsp;&nbsp;&nbsp; XSF4-6ZNP, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 113 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XSFA-ZU20, 24.480%, 9/28/2025 †§x | Affirm | 3/31/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XSFH-KGLI, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; XSFL-B9O1, 29.540%, 10/12/2025 †x# | Affirm | 4/18/2024 | 254 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; XSFP-GHXG, 35.290%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; XSFQ-5FWX, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 231 | 235 | 236 |
| &nbsp;&nbsp;&nbsp; XSFW-8V4A, 29.490%, 7/08/2023 †x#^ | Affirm | 7/14/2022 | 52 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XSG4-BLBN, 29.760%, 5/28/2022 †x#^ | Affirm | 12/03/2021 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; XSG4-T1XZ, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; XSG4-TRCY, 32.500%, 9/20/2025 †§x | Affirm | 9/26/2024 | 248 | 248 | 248 |
| &nbsp;&nbsp;&nbsp; XSG5-1VXR, 28.000%, 4/15/2023 †x#^ | Affirm | 4/21/2022 | 537 | 556 | 32 |
| &nbsp;&nbsp;&nbsp; XSG6-N17J, 15.820%, 9/23/2025 †§x | Affirm | 9/26/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XSG8-8PB8, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 113 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; XSGC-1AVD, 13.840%, 8/12/2026 †§x | Affirm | 2/26/2025 | 254 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; XSGH-DEBP, 24.450%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XSGJ-2OPN, 27.500%, 3/27/2024 †x#^ | Affirm | 9/30/2022 | 124 | 133 | 7 |
| &nbsp;&nbsp;&nbsp; XSGQ-0SIS, 15.750%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 78 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; XSH5-50DN, 29.690%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 155 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; XSH7-N6Z6, 11.870%, 5/20/2024 †x#^ | Affirm | 11/24/2023 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; XSH9-0QR5, 35.540%, 12/16/2023 †x#^ | Affirm | 12/22/2022 | 251 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; XSHA-QE6F, 6.453%, 11/20/2025 †x« | Affirm | 11/27/2024 | 3025 | 2983 | 2962 |
| &nbsp;&nbsp;&nbsp; XSHP-NPO9, 29.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 688 | 701 | 703 |
| &nbsp;&nbsp;&nbsp; XSHT-HBH5, 33.950%, 2/05/2026 †x# | Affirm | 2/26/2025 | 193 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; XSHU-AHN4, 31.000%, 9/23/2026 †§x | Affirm | 9/26/2024 | 1268 | 1307 | 1312 |
| &nbsp;&nbsp;&nbsp; XSI2-3ZE7, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XSI2-K85P, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XSIE-9IKU, 26.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XSIF-RALA, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XSIF-Z7OA, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; XSIH-Q6HD, 28.940%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 14 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; XSIU-FMK9, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 106 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; XSJ1-CS9I, 29.580%, 10/18/2025 †§x | Affirm | 10/24/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XSJ3-G5SA, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XSJ5-SRDY, 19.900%, 10/28/2024 †x#^ | Affirm | 11/03/2022 | 148 | 159 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8272** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XSJ7-JOAZ, 35.580%, 11/20/2026 †x | Affirm | 11/27/2024 | $2464 | $2464 | $2506 |
| &nbsp;&nbsp;&nbsp; XSJA-44M5, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 242 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; XSJK-BGKR, 29.580%, 10/03/2025 †§x | Affirm | 10/06/2023 | 56 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; XSJR-LRPL, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 450 | 469 | 465 |
| &nbsp;&nbsp;&nbsp; XSK1-4EYS, 35.350%, 10/08/2025 †§x | Affirm | 4/11/2024 | 228 | 228 | 226 |
| &nbsp;&nbsp;&nbsp; XSK1-DVSG, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 319 | 322 | 322 |
| &nbsp;&nbsp;&nbsp; XSK5-MALR, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XSKV-6SGA, 22.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XSL0-T48V, 11.770%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XSL3-GI0Z, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 76 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; XSL3-NMLH, 35.390%, 10/25/2025 †x# | Affirm | 10/31/2024 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XSL4-YJ2V, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 175 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; XSLD-8X6H, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 204 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; XSLE-7HV0, 33.950%, 7/22/2026 †§x | Affirm | 7/25/2024 | 380 | 381 | 393 |
| &nbsp;&nbsp;&nbsp; XSLO-UE9S, 18.000%, 4/21/2026 †§x | Affirm | 10/24/2024 | 142 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; XSLQ-VKXT, 29.730%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XSM4-42XS, 33.950%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 21 | 22 | 3 |
| &nbsp;&nbsp;&nbsp; XSMF-7DF8, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 130 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; XSMH-G367, 30.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XSMQ-ASG8, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; XSMQ-FAST, 33.050%, 4/16/2027 †x# | Affirm | 4/19/2024 | 833 | 855 | 136 |
| &nbsp;&nbsp;&nbsp; XSMT-RLB6, 33.950%, 6/05/2025 †x#^ | Affirm | 12/08/2023 | 373 | 392 | 22 |
| &nbsp;&nbsp;&nbsp; XSMY-9BJW, 35.990%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; XSN0-O0WI, 35.590%, 9/20/2025 †§x# | Affirm | 9/26/2024 | 12 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; XSN3-RSAO, 15.870%, 9/03/2026 †§x | Affirm | 3/28/2025 | 934 | 972 | 972 |
| &nbsp;&nbsp;&nbsp; XSNG-5W35, 35.420%, 12/05/2025 †§x | Affirm | 12/08/2023 | 154 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; XSNX-JK5P, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; XSNZ-W5S9, 22.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 108 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; XSO9-4RLW, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 444 | 452 | 452 |
| &nbsp;&nbsp;&nbsp; XSOC-CJRD, 30.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 266 | 266 | 23 |
| &nbsp;&nbsp;&nbsp; XSOD-HA88, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XSOP-I0YT, 35.290%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 83 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XSOX-Q0DJ, 29.550%, 4/15/2026 †§x | Affirm | 4/18/2024 | 246 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; XSP9-2SDF, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 286 | 282 | 285 |
| &nbsp;&nbsp;&nbsp; XSPM-WFJ7, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 102 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; XSPN-S3E6, 24.400%, 2/05/2026 †§x | Affirm | 2/26/2025 | 169 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; XSPT-EDFS, 33.050%, 3/28/2026 †§x | Affirm | 3/31/2025 | 129 | 133 | 135 |
| &nbsp;&nbsp;&nbsp; XSPU-8PZZ, 35.440%, 10/28/2025 †§x | Affirm | 5/02/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XSQF-PHC0, 22.750%, 6/02/2027 †x | Affirm | 6/27/2025 | 3569 | 3762 | 3801 |
| &nbsp;&nbsp;&nbsp; XSQR-LXLJ, 33.950%, 2/10/2027 †§x | Affirm | 2/26/2025 | 454 | 473 | 480 |
| &nbsp;&nbsp;&nbsp; XSR2-5NUW, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 30 | 30 | 5 |
| &nbsp;&nbsp;&nbsp; XSR4-5G5T, 33.950%, 6/12/2026 †§x | Affirm | 12/27/2024 | 281 | 290 | 288 |
| &nbsp;&nbsp;&nbsp; XSR4-FBDY, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XSR9-N77T, 35.340%, 6/02/2026 †§x | Affirm | 6/27/2025 | 90 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; XSRB-XRXF, 29.560%, 9/06/2025 †x# | Affirm | 9/11/2023 | 262 | 265 | 16 |
| &nbsp;&nbsp;&nbsp; XSRE-9W2Y, 35.400%, 4/25/2026 †§x# | Affirm | 10/31/2024 | 367 | 364 | 366 |
| &nbsp;&nbsp;&nbsp; XSRJ-TBL0, 26.700%, 3/26/2026 †§x | Affirm | 9/30/2024 | 142 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; XSRS-EUT7, 29.590%, 10/28/2027 †§x# | Affirm | 10/31/2024 | 1126 | 1153 | 1155 |
| &nbsp;&nbsp;&nbsp; XSRU-BIEG, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XSSA-RLJF, 33.050%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 88 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; XSSB-WKDQ, 29.680%, 11/12/2025 †§x | Affirm | 11/27/2024 | 406 | 409 | 408 |
| &nbsp;&nbsp;&nbsp; XSSC-W6SU, 25.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XSSH-ANXS, 29.990%, 3/20/2026 †§x | Affirm | 3/28/2025 | 577 | 596 | 601 |
| &nbsp;&nbsp;&nbsp; XSSK-V3GW, 24.530%, 3/20/2026 †§x | Affirm | 3/28/2025 | 126 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; XSSO-7JTP, 29.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XSSO-P1T5, 29.570%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 61 | 64 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8273** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XSSV-Z0M1, 25.900%, 12/11/2025 †§x | Affirm | 12/27/2024 | $40 | $41 | $41 |
| &nbsp;&nbsp;&nbsp; XSSX-6E4K, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; XSSX-J6PK, 35.770%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 260 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; XST5-ESG6, 35.990%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 338 | 339 | 20 |
| &nbsp;&nbsp;&nbsp; XST6-LR2C, 33.050%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 507 | 513 | 519 |
| &nbsp;&nbsp;&nbsp; XST6-ML6G, 28.000%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 164 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; XSTD-741A, 35.420%, 12/16/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XSTK-8J3D, 33.000%, 5/28/2028 †x# | Affirm | 6/27/2025 | 4049 | 3944 | 3949 |
| &nbsp;&nbsp;&nbsp; XSTN-KJ40, 24.400%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 73 | 75 | 6 |
| &nbsp;&nbsp;&nbsp; XSU1-UTGG, 29.500%, 6/02/2026 †§x | Affirm | 6/27/2025 | 176 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; XSU3-Z7MT, 35.140%, 2/06/2026 †§x | Affirm | 8/29/2025 | 84 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XSUB-2LSC, 33.050%, 9/26/2025 †§x | Affirm | 9/30/2024 | 79 | 79 | 81 |
| &nbsp;&nbsp;&nbsp; XSUD-HSHM, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 314 | 330 | 19 |
| &nbsp;&nbsp;&nbsp; XSUH-0K7A, 29.500%, 12/21/2025 †x# | Affirm | 4/27/2023 | 1368 | 1466 | 249 |
| &nbsp;&nbsp;&nbsp; XSUH-SSJN, 29.670%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; XSUK-B50S, 25.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; XSUL-AAUA, 31.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XSUN-6N4Q, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XSUQ-4RI8, 35.450%, 10/01/2026 †§x# | Affirm | 10/04/2024 | 419 | 417 | 218 |
| &nbsp;&nbsp;&nbsp; XSUS-7XPE, 29.580%, 4/25/2026 †§x | Affirm | 10/31/2024 | 158 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; XSUW-1WQ1, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XSUZ-0UZM, 27.950%, 12/05/2025 †§x | Affirm | 12/08/2023 | 274 | 274 | 274 |
| &nbsp;&nbsp;&nbsp; XSV7-EYJ0, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XSVA-27YS, 35.420%, 12/19/2026 †§x# | Affirm | 12/27/2024 | 397 | 397 | 402 |
| &nbsp;&nbsp;&nbsp; XSVA-C6CS, 35.360%, 2/21/2026 †§x | Affirm | 8/26/2024 | 167 | 169 | 168 |
| &nbsp;&nbsp;&nbsp; XSVB-AOSP, 22.650%, 12/26/2025 †§x | Affirm | 7/01/2024 | 439 | 443 | 445 |
| &nbsp;&nbsp;&nbsp; XSVE-GVLV, 35.360%, 12/24/2025 †§x | Affirm | 6/27/2024 | 82 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; XSVG-KVXV, 29.720%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 59 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; XSVO-BU1I, 28.500%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XSVV-CZF4, 35.380%, 6/02/2026 †§x | Affirm | 6/27/2025 | 556 | 569 | 573 |
| &nbsp;&nbsp;&nbsp; XSVW-WPG5, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 145 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; XSW0-YJB7, 35.450%, 2/20/2026 †x# | Affirm | 2/23/2024 | 271 | 272 | 16 |
| &nbsp;&nbsp;&nbsp; XSW6-QPYE, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 223 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; XSWD-UA6K, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 75 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; XSWJ-OAG1, 29.700%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XSX0-EHKJ, 29.490%, 12/02/2025 †§x | Affirm | 6/27/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XSX6-B8KC, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XSX9-519O, 29.460%, 5/03/2025 †x#^ | Affirm | 5/11/2023 | 623 | 621 | 37 |
| &nbsp;&nbsp;&nbsp; XSXJ-S149, 33.050%, 2/27/2026 †§x | Affirm | 3/28/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XSXK-6AM4, 33.950%, 4/21/2026 †§x | Affirm | 10/24/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XSXR-U4XK, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 327 | 334 | 20 |
| &nbsp;&nbsp;&nbsp; XSXT-L4PF, 28.500%, 4/18/2023 †x#^ | Affirm | 10/21/2022 | 129 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; XSXW-J7LE, 29.640%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 343 | 370 | 21 |
| &nbsp;&nbsp;&nbsp; XSY4-8X2F, 24.400%, 9/20/2026 †§x | Affirm | 9/26/2024 | 1084 | 1116 | 1118 |
| &nbsp;&nbsp;&nbsp; XSY7-DSJ5, 25.200%, 12/28/2025 †§x | Affirm | 1/29/2025 | 1111 | 1130 | 1119 |
| &nbsp;&nbsp;&nbsp; XSYG-P3FF, 29.440%, 5/06/2023 †x#^ | Affirm | 5/12/2022 | 192 | 190 | 12 |
| &nbsp;&nbsp;&nbsp; XSYP-FP3K, 13.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 950 | 962 | 964 |
| &nbsp;&nbsp;&nbsp; XSYP-UL10, 24.400%, 5/21/2026 †§x# | Affirm | 5/24/2024 | 380 | 387 | 390 |
| &nbsp;&nbsp;&nbsp; XSYT-TWJ3, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 143 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; XSYU-MEBJ, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 680 | 704 |  |
| &nbsp;&nbsp;&nbsp; XSYW-0GBD, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XSYW-CG0K, 15.850%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XSZ0-8YB8, 35.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 275 | 270 | 17 |
| &nbsp;&nbsp;&nbsp; XSZ1-M1J3, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 169 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; XSZA-VHUT, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 663 | 685 | 691 |
| &nbsp;&nbsp;&nbsp; XSZG-Z8TL, 35.830%, 8/22/2024 †x#^ | Affirm | 2/26/2024 | 262 | 266 | 16 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8274** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XSZH-HE9R, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | $66 | $67 | $67 |
| &nbsp;&nbsp;&nbsp; XSZL-T4JN, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 238 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; XT01-MDJV, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 195 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; XT03-QZ68, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 742 | 757 | 753 |
| &nbsp;&nbsp;&nbsp; XT0A-WVN7, 29.530%, 11/03/2022 †x#^ | Affirm | 5/06/2022 | 83 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; XT0B-1KEG, 35.490%, 10/21/2026 †§x | Affirm | 10/24/2024 | 1319 | 1311 | 1325 |
| &nbsp;&nbsp;&nbsp; XT0D-KU0V, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 63 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XT0G-I83T, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; XT0Q-05XI, 29.710%, 2/12/2027 †§x | Affirm | 2/26/2025 | 693 | 727 | 731 |
| &nbsp;&nbsp;&nbsp; XT0R-XVKW, 35.680%, 2/28/2026 †x# | Affirm | 3/28/2025 | 524 | 540 | 37 |
| &nbsp;&nbsp;&nbsp; XT0Z-FAPP, 32.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 133 | 136 | 134 |
| &nbsp;&nbsp;&nbsp; XT11-6U3E, 33.950%, 1/02/2028 †x | Affirm | 1/29/2025 | 3171 | 3234 | 3286 |
| &nbsp;&nbsp;&nbsp; XT11-MJFV, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XT12-MTD4, 35.840%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 84 | 86 | 9 |
| &nbsp;&nbsp;&nbsp; XT12-U0BI, 33.050%, 3/28/2025 †x#^ | Affirm | 4/04/2024 | 364 | 382 | 22 |
| &nbsp;&nbsp;&nbsp; XT17-L40V, 35.250%, 9/28/2025 †§x | Affirm | 3/31/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XT1M-UCEJ, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XT1O-ZAFX, 30.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 179 | 179 | 178 |
| &nbsp;&nbsp;&nbsp; XT1Q-UT3A, 29.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XT1S-WJ8N, 33.050%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XT1T-Y78M, 35.710%, 8/12/2026 †x# | Affirm | 2/26/2025 | 892 | 880 | 32 |
| &nbsp;&nbsp;&nbsp; XT29-SJE8, 29.570%, 4/21/2026 †§x | Affirm | 10/24/2024 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; XT2T-7IQT, 15.680%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 79 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XT2V-KGSB, 29.480%, 9/04/2025 †§x | Affirm | 3/07/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XT2W-38I9, 29.550%, 7/03/2026 †§x | Affirm | 7/07/2023 | 508 | 527 | 526 |
| &nbsp;&nbsp;&nbsp; XT38-X8SU, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XT3D-6HDE, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 210 | 193 | 207 |
| &nbsp;&nbsp;&nbsp; XT3T-OYAB, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XT3X-AEHD, 18.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XT44-B4XH, 27.450%, 6/08/2024 †x#^ | Affirm | 6/12/2023 | 242 | 226 | 15 |
| &nbsp;&nbsp;&nbsp; XT47-HJHH, 16.000%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 45 | 45 | 4 |
| &nbsp;&nbsp;&nbsp; XT4A-CMSA, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 329 | 335 | 333 |
| &nbsp;&nbsp;&nbsp; XT4D-DTBF, 27.850%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 51 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; XT4H-9274, 23.400%, 4/28/2026 †§x | Affirm | 5/02/2024 | 665 | 676 | 680 |
| &nbsp;&nbsp;&nbsp; XT4T-D4EI, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XT4V-I54M, 32.000%, 9/02/2025 †§x | Affirm | 6/27/2025 | 106 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; XT4X-6NUK, 29.640%, 11/15/2026 †§x | Affirm | 11/27/2024 | 374 | 387 | 389 |
| &nbsp;&nbsp;&nbsp; XT51-5GRI, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 914 | 959 | 959 |
| &nbsp;&nbsp;&nbsp; XT52-I1XC, 22.840%, 2/05/2026 †§x | Affirm | 2/26/2025 | 143 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; XT53-LW2Y, 24.400%, 9/25/2026 †§x | Affirm | 9/30/2024 | 357 | 367 | 369 |
| &nbsp;&nbsp;&nbsp; XT54-NEVI, 33.950%, 4/18/2026 †§x | Affirm | 10/24/2024 | 148 | 152 | 151 |
| &nbsp;&nbsp;&nbsp; XT5F-TI43, 10.836%, 12/27/2022 †x#^« | Affirm | 9/30/2022 | 153 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XT63-A7JT, 33.030%, 4/18/2026 †§x | Affirm | 10/24/2024 | 618 | 611 | 614 |
| &nbsp;&nbsp;&nbsp; XT65-S5WL, 9.890%, 7/13/2026 †x | Affirm | 1/29/2025 | 3170 | 3246 | 3260 |
| &nbsp;&nbsp;&nbsp; XT68-13FD, 33.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 329 | 325 | 327 |
| &nbsp;&nbsp;&nbsp; XT6A-ES28, 35.380%, 6/28/2024 †x#^ | Affirm | 7/03/2023 | 394 | 370 | 24 |
| &nbsp;&nbsp;&nbsp; XT6A-EUV7, 33.950%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1334 | 1364 | 1382 |
| &nbsp;&nbsp;&nbsp; XT6D-H3KJ, 22.760%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 107 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; XT6T-T17O, 30.000%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 1300 | 1162 | 1189 |
| &nbsp;&nbsp;&nbsp; XT73-D03A, 9.850%, 4/15/2026 †§x | Affirm | 4/18/2024 | 928 | 942 | 944 |
| &nbsp;&nbsp;&nbsp; XT87-PKTM, 23.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 208 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; XT8A-LN3W, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XT8L-K8IL, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 200 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; XT8O-WWKR, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 166 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; XT8R-4F9A, 33.950%, 5/20/2026 †§x | Affirm | 11/27/2024 | 342 | 352 | 351 |
| &nbsp;&nbsp;&nbsp; XT91-APMY, 25.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 122 | 125 | 125 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8275** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XT92-6DZO, 35.550%, 1/27/2026 †§x | Affirm | 2/26/2025 | $84 | $85 | $86 |
| &nbsp;&nbsp;&nbsp; XT94-K5CC, 29.720%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 308 | 314 | 18 |
| &nbsp;&nbsp;&nbsp; XT94-LJMD, 15.940%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 239 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; XT9B-1287, 33.050%, 10/15/2025 †§x | Affirm | 4/18/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XT9K-CJNM, 35.440%, 11/01/2025 †§x | Affirm | 5/06/2024 | 192 | 193 | 190 |
| &nbsp;&nbsp;&nbsp; XT9M-O672, 35.570%, 9/26/2025 †x# | Affirm | 9/30/2024 | 170 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; XT9T-GX2R, 30.950%, 10/01/2025 †x | Affirm | 10/04/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XT9U-8F7F, 29.660%, 9/15/2023 †x#^ | Affirm | 9/19/2022 | 133 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; XT9Z-B71P, 29.600%, 1/17/2026 †x# | Affirm | 1/20/2023 | 10597 | 10988 | 636 |
| &nbsp;&nbsp;&nbsp; XTA0-LXNY, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 140 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; XTA0-WGC6, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XTA2-U5KE, 35.520%, 12/11/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XTAD-3GP0, 33.950%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; XTAF-IX11, 29.560%, 6/24/2026 †§x | Affirm | 6/27/2024 | 96 | 98 | 96 |
| &nbsp;&nbsp;&nbsp; XTAQ-VEI0, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 75 | 77 | 79 |
| &nbsp;&nbsp;&nbsp; XTAV-IYT8, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 114 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; XTAY-WZ40, 15.670%, 9/28/2025 †§x | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XTBA-MF3C, 29.500%, 7/14/2023 †x#^ | Affirm | 1/21/2022 | 418 | 439 | 25 |
| &nbsp;&nbsp;&nbsp; XTBG-JHIQ, 29.410%, 11/07/2025 †§x | Affirm | 8/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XTBH-INC7, 6.537%, 6/24/2026 †§x« | Affirm | 6/27/2024 | 268 | 254 | 250 |
| &nbsp;&nbsp;&nbsp; XTBU-PP3B, 23.400%, 8/10/2026 †x | Affirm | 2/26/2025 | 2728 | 2812 | 2830 |
| &nbsp;&nbsp;&nbsp; XTBZ-1ZQU, 35.410%, 4/15/2026 †x# | Affirm | 4/18/2024 | 613 | 625 | 37 |
| &nbsp;&nbsp;&nbsp; XTBZ-N0Q5, 35.990%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 404 | 411 | 411 |
| &nbsp;&nbsp;&nbsp; XTD4-5WSD, 33.050%, 3/25/2026 †§x# | Affirm | 9/30/2024 | 159 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; XTD5-7VZG, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 190 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; XTDE-PFCT, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 229 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; XTDF-GDWF, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XTDG-JDHD, 22.720%, 12/28/2025 †§x | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XTDY-WG1G, 35.220%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 61 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; XTE6-J6NG, 29.560%, 6/25/2026 †§x | Affirm | 6/28/2024 | 523 | 534 | 540 |
| &nbsp;&nbsp;&nbsp; XTEA-ULSN, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 243 | 247 | 244 |
| &nbsp;&nbsp;&nbsp; XTED-3LXF, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 386 | 373 | 371 |
| &nbsp;&nbsp;&nbsp; XTEG-UEL1, 29.520%, 10/02/2025 †§x | Affirm | 10/05/2023 | 101 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XTEK-PQEE, 22.540%, 9/20/2025 †§x | Affirm | 3/28/2025 | 170 | 170 | 173 |
| &nbsp;&nbsp;&nbsp; XTEM-FO8Q, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XTEM-L1OC, 29.460%, 7/28/2025 †x#^ | Affirm | 8/03/2023 | 336 | 340 | 20 |
| &nbsp;&nbsp;&nbsp; XTEU-B0AA, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; XTEW-T8QY, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; XTF0-ZHKR, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XTFE-HQBV, 26.700%, 9/26/2026 †§x | Affirm | 9/30/2024 | 1486 | 1527 | 1538 |
| &nbsp;&nbsp;&nbsp; XTFM-P5GW, 35.320%, 7/08/2025 †x#^ | Affirm | 12/14/2023 | 342 | 350 | 21 |
| &nbsp;&nbsp;&nbsp; XTFR-KDTW, 28.000%, 8/12/2024 †x#^ | Affirm | 8/18/2022 | 550 | 593 | 33 |
| &nbsp;&nbsp;&nbsp; XTFW-3BI9, 29.700%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 731 | 722 | 44 |
| &nbsp;&nbsp;&nbsp; XTFW-4SJF, 35.220%, 9/02/2025 †§x | Affirm | 6/27/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XTG4-6ROP, 29.680%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; XTG4-7IOJ, 35.330%, 4/28/2025 †x#^ | Affirm | 5/03/2024 | 499 | 516 | 30 |
| &nbsp;&nbsp;&nbsp; XTG4-G0NQ, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XTG6-GAFN, 31.000%, 10/25/2025 †§x | Affirm | 10/31/2024 | 493 | 497 | 501 |
| &nbsp;&nbsp;&nbsp; XTGA-DFF6, 35.430%, 6/19/2026 †§x# | Affirm | 12/27/2024 | 234 | 233 | 235 |
| &nbsp;&nbsp;&nbsp; XTGB-RLEM, 26.500%, 1/17/2023 †x#^ | Affirm | 10/20/2022 | 124 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; XTGB-U85U, 33.950%, 8/23/2026 †§x | Affirm | 8/29/2024 | 338 | 348 | 351 |
| &nbsp;&nbsp;&nbsp; XTGQ-T9SJ, 18.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 300 | 307 | 309 |
| &nbsp;&nbsp;&nbsp; XTHF-9XYX, 30.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 262 | 268 | 270 |
| &nbsp;&nbsp;&nbsp; XTHI-37FD, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 117 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; XTHZ-LC5O, 29.650%, 1/13/2027 †§x | Affirm | 1/29/2025 | 366 | 380 | 378 |
| &nbsp;&nbsp;&nbsp; XTIG-6JRC, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 212 | 215 | 23 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8276** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XTIS-D89P, 33.000%, 7/01/2026 †§x | Affirm | 7/05/2024 | $980 | $974 | $978 |
| &nbsp;&nbsp;&nbsp; XTIZ-G4WF, 29.580%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 80 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; XTJ2-2IYY, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XTJ3-6FV5, 13.840%, 11/23/2025 †§x# | Affirm | 5/28/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XTJ4-2AFG, 35.430%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 20 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XTJ4-WJTW, 28.500%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 140 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; XTJB-BOT4, 27.500%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 358 | 369 | 21 |
| &nbsp;&nbsp;&nbsp; XTJH-M282, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; XTJK-K9WF, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 210 | 212 | 214 |
| &nbsp;&nbsp;&nbsp; XTJK-RMIF, 33.050%, 10/21/2025 †§x | Affirm | 10/24/2024 | 31 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; XTJN-DFFU, 30.000%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XTK3-K6M6, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 132 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; XTK4-V4DQ, 24.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 1010 | 1034 | 1040 |
| &nbsp;&nbsp;&nbsp; XTKF-FS49, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XTKJ-5PGX, 18.000%, 10/21/2025 †§x | Affirm | 10/24/2024 | 261 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; XTKK-S90O, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 94 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XTKM-PMM8, 23.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 243 | 250 | 252 |
| &nbsp;&nbsp;&nbsp; XTKP-NP1P, 33.950%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 146 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; XTKX-21HT, 25.000%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 93 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XTKZ-SEFG, 7.425%, 8/10/2025 †§x^« | Affirm | 2/26/2025 | 47 | 46 | 11 |
| &nbsp;&nbsp;&nbsp; XTL0-30C5, 28.000%, 3/08/2024 †x#^ | Affirm | 9/12/2022 | 386 | 415 | 23 |
| &nbsp;&nbsp;&nbsp; XTL7-K373, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 238 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; XTLD-A00S, 29.630%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 71 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XTLQ-BGZP, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 2692 | 2690 | 2711 |
| &nbsp;&nbsp;&nbsp; XTM7-NWIX, 7.194%, 9/05/2025 †§x« | Affirm | 3/28/2025 | 391 | 379 | 389 |
| &nbsp;&nbsp;&nbsp; XTMG-XNAZ, 35.210%, 3/12/2025 †x#^ | Affirm | 3/15/2024 | 62 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; XTMH-32QL, 29.560%, 9/27/2025 †§x | Affirm | 10/02/2023 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; XTMJ-NPKB, 11.900%, 1/02/2027 †§x | Affirm | 1/29/2025 | 404 | 418 | 420 |
| &nbsp;&nbsp;&nbsp; XTMO-8XF6, 35.460%, 6/25/2026 †§x | Affirm | 6/28/2024 | 588 | 585 | 596 |
| &nbsp;&nbsp;&nbsp; XTMO-GKZS, 33.950%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 318 | 330 | 19 |
| &nbsp;&nbsp;&nbsp; XTMW-YD7M, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XTN1-29S7, 28.500%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; XTN5-7W8F, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 139 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; XTNJ-550X, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 681 | 693 | 695 |
| &nbsp;&nbsp;&nbsp; XTNS-THOK, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 143 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; XTO7-H9W4, 29.410%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XTO9-N8U7, 29.620%, 9/20/2026 †§x | Affirm | 9/26/2024 | 1631 | 1681 | 1687 |
| &nbsp;&nbsp;&nbsp; XTO9-O291, 26.700%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; XTOB-AQK8, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XTOF-89YP, 32.500%, 3/19/2026 †x# | Affirm | 9/23/2024 | 234 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; XTOG-4ES6, 11.830%, 1/08/2026 †§x | Affirm | 1/11/2024 | 398 | 401 | 401 |
| &nbsp;&nbsp;&nbsp; XTOR-BWJ0, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 139 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; XTP2-TKD3, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; XTP9-K6E0, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 425 | 432 | 432 |
| &nbsp;&nbsp;&nbsp; XTPH-B12T, 29.710%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 677 | 690 | 41 |
| &nbsp;&nbsp;&nbsp; XTPJ-5B12, 11.760%, 3/20/2026 †§x | Affirm | 3/28/2025 | 331 | 339 | 341 |
| &nbsp;&nbsp;&nbsp; XTPL-LGTB, 29.610%, 6/28/2023 †x#^ | Affirm | 1/06/2022 | 234 | 219 | 14 |
| &nbsp;&nbsp;&nbsp; XTPZ-CXTD, 27.500%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 236 | 247 | 14 |
| &nbsp;&nbsp;&nbsp; XTQ0-MW44, 22.700%, 12/16/2025 †§x | Affirm | 12/27/2024 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XTQ3-LXKK, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 263 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; XTQ9-XNXY, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 301 | 309 | 311 |
| &nbsp;&nbsp;&nbsp; XTQC-Y71H, 35.530%, 12/11/2025 †§x | Affirm | 12/27/2024 | 174 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; XTQF-0HBD, 13.840%, 10/12/2025 †§x | Affirm | 4/18/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XTQL-K14Y, 29.000%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; XTQR-5TCM, 11.810%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 103 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; XTQU-Y296, 35.540%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 255 | 262 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8277** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XTQY-TGLV, 33.950%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | $98 | $104 | $6 |
| &nbsp;&nbsp;&nbsp; XTR3-IB4R, 35.280%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 1503 | 1530 | 90 |
| &nbsp;&nbsp;&nbsp; XTRF-DEU8, 26.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XTRG-86OT, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; XTRQ-QJJ3, 29.620%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 698 | 713 | 42 |
| &nbsp;&nbsp;&nbsp; XTRW-LM5L, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 159 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; XTRZ-OMSF, 35.380%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 493 | 491 | 30 |
| &nbsp;&nbsp;&nbsp; XTRZ-ZKCK, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 280 | 285 | 284 |
| &nbsp;&nbsp;&nbsp; XTS2-DI2O, 15.780%, 4/21/2026 †§x | Affirm | 10/24/2024 | 211 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; XTSA-T27Z, 29.490%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 70 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; XTSC-ZNGK, 22.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 616 | 623 | 624 |
| &nbsp;&nbsp;&nbsp; XTSE-KWTZ, 29.610%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 123 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; XTSE-KX73, 33.050%, 9/19/2025 †§x | Affirm | 9/23/2024 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; XTSK-6051, 35.690%, 2/07/2026 †§x | Affirm | 2/26/2025 | 117 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; XTST-JPVJ, 33.050%, 8/11/2026 †§x | Affirm | 2/26/2025 | 197 | 205 | 202 |
| &nbsp;&nbsp;&nbsp; XTSX-FRL3, 25.000%, 8/07/2025 †§x#^ | Affirm | 2/26/2025 | 19 | 20 | 4 |
| &nbsp;&nbsp;&nbsp; XTSZ-KP45, 23.400%, 10/09/2025 †§x | Affirm | 4/12/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XTT2-FLFR, 29.500%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 499 | 493 | 30 |
| &nbsp;&nbsp;&nbsp; XTTC-WTOX, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 81 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; XTTH-499O, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 134 | 139 | 141 |
| &nbsp;&nbsp;&nbsp; XTTH-LBC3, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 529 | 530 | 32 |
| &nbsp;&nbsp;&nbsp; XTTL-P6RN, 29.560%, 6/20/2026 †x# | Affirm | 6/24/2024 | 1445 | 1515 | 87 |
| &nbsp;&nbsp;&nbsp; XTTO-MF7O, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 408 | 402 | 400 |
| &nbsp;&nbsp;&nbsp; XTTP-0ZU3, 28.000%, 9/16/2023 †x#^ | Affirm | 9/22/2022 | 142 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; XTTS-MIXW, 35.410%, 3/26/2028 †§x | Affirm | 4/22/2025 | 2031 | 2009 | 2069 |
| &nbsp;&nbsp;&nbsp; XTTW-PSZ6, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XTU0-44U8, 32.930%, 6/02/2026 †§x | Affirm | 6/27/2025 | 139 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; XTU8-XV6O, 30.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 186 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; XTUB-AK1W, 21.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XTUH-SR4A, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XTUI-27UW, 30.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 208 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; XTUN-BZTC, 29.610%, 11/04/2024 †x#^ | Affirm | 11/10/2022 | 828 | 894 | 50 |
| &nbsp;&nbsp;&nbsp; XTUO-D006, 35.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XTUT-4PDG, 15.820%, 9/24/2025 †x# | Affirm | 9/27/2024 | 79 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; XTUZ-XK78, 35.490%, 4/25/2026 †§x | Affirm | 10/31/2024 | 441 | 448 | 445 |
| &nbsp;&nbsp;&nbsp; XTV5-1Y3Y, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; XTVD-K7GM, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XTVE-YEUG, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XTVI-OWQ0, 29.600%, 12/28/2025 †§x | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XTVJ-AQAO, 24.400%, 10/08/2025 †x# | Affirm | 4/11/2024 | 167 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; XTVT-6U3S, 13.840%, 1/13/2028 †x | Affirm | 1/29/2025 | 3286 | 3390 | 3416 |
| &nbsp;&nbsp;&nbsp; XTW0-TESH, 24.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 158 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; XTW9-BTO5, 26.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 143 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; XTWA-DZEK, 11.820%, 9/06/2026 †§x | Affirm | 9/11/2023 | 1107 | 1126 | 1129 |
| &nbsp;&nbsp;&nbsp; XTWC-55A1, 29.610%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 566 | 597 | 34 |
| &nbsp;&nbsp;&nbsp; XTWJ-ISFO, 29.560%, 1/02/2026 †x# | Affirm | 1/05/2024 | 596 | 626 | 25 |
| &nbsp;&nbsp;&nbsp; XTWO-LREH, 32.000%, 3/20/2026 †§x | Affirm | 9/26/2024 | 1973 | 2001 | 1985 |
| &nbsp;&nbsp;&nbsp; XTXG-27HK, 24.400%, 3/27/2025 †x#^ | Affirm | 4/01/2024 | 134 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; XTXN-G0E5, 6.804%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 36 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; XTXO-U48S, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XTXQ-C3FS, 33.050%, 5/13/2026 †§x | Affirm | 11/27/2024 | 154 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; XTXU-7292, 31.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 88 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XTXV-239Z, 35.550%, 12/18/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XTY4-0XSP, 33.050%, 10/23/2025 †§x | Affirm | 10/28/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XTYC-VONO, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; XTYD-3TZ5, 28.500%, 9/14/2024 †x#^ | Affirm | 9/19/2022 | 555 | 605 | 33 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8278** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XTYF-U2B2, 35.500%, 10/24/2025 †§x# | Affirm | 10/28/2024 | $156 | $157 | $159 |
| &nbsp;&nbsp;&nbsp; XTYG-8VEP, 27.500%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 357 | 342 | 21 |
| &nbsp;&nbsp;&nbsp; XTYJ-TJBL, 22.810%, 8/07/2026 †§x | Affirm | 2/26/2025 | 298 | 294 | 297 |
| &nbsp;&nbsp;&nbsp; XTYQ-2MXG, 22.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; XTYW-9LL7, 35.470%, 11/29/2024 †x#^ | Affirm | 12/04/2023 | 111 | 102 | 7 |
| &nbsp;&nbsp;&nbsp; XTYZ-OINL, 35.300%, 3/25/2027 †§x | Affirm | 3/31/2025 | 448 | 446 | 456 |
| &nbsp;&nbsp;&nbsp; XTZA-B47K, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; XTZB-XJEE, 35.420%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XTZF-34M9, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 123 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; XTZJ-TZLH, 35.380%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 245 | 227 | 15 |
| &nbsp;&nbsp;&nbsp; XTZS-9L3P, 18.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 13 | 14 | 13 |
| &nbsp;&nbsp;&nbsp; XU02-NO85, 33.950%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 193 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; XU03-EGX0, 35.830%, 8/26/2024 †x#^ | Affirm | 2/29/2024 | 72 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; XU08-N5JD, 31.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 192 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; XU0C-9G5D, 29.510%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 104 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; XU0C-EBAM, 30.000%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 144 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; XU0C-OYNM, 22.730%, 10/28/2026 †§x | Affirm | 11/27/2024 | 429 | 426 | 427 |
| &nbsp;&nbsp;&nbsp; XU0J-AR1X, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 144 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; XU1C-9FT1, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XU1J-FS3J, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 129 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; XU1P-Y8XH, 35.490%, 10/21/2025 †x# | Affirm | 10/24/2024 | 314 | 327 | 19 |
| &nbsp;&nbsp;&nbsp; XU1U-SFE4, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XU1Y-SHL5, 15.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XU28-YUF8, 35.580%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; XU29-3T1K, 17.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XU2A-WVL1, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 54 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; XU2F-PSGS, 24.400%, 1/08/2026 †§x | Affirm | 1/29/2025 | 205 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; XU2H-UOUR, 25.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XU2I-R5K5, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; XU32-IVB9, 35.570%, 9/20/2025 †§x | Affirm | 9/26/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XU36-EW0F, 35.390%, 8/27/2026 †§x | Affirm | 8/30/2024 | 320 | 319 | 323 |
| &nbsp;&nbsp;&nbsp; XU37-5SV2, 35.520%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 76 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; XU3C-OBLC, 35.670%, 3/03/2026 †§x | Affirm | 3/28/2025 | 111 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; XU3C-PZET, 35.200%, 3/11/2024 †x#^ | Affirm | 12/14/2023 | 188 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; XU42-6L2W, 35.450%, 4/18/2026 †x# | Affirm | 4/22/2024 | 3512 | 3577 | 211 |
| &nbsp;&nbsp;&nbsp; XU45-0D3F, 35.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XU47-53JM, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; XU48-WFBM, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 607 | 602 | 601 |
| &nbsp;&nbsp;&nbsp; XU4C-0QQT, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 561 | 576 | 579 |
| &nbsp;&nbsp;&nbsp; XU4F-MDKJ, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 134 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; XU4N-A0MR, 28.000%, 10/17/2024 †x#^ | Affirm | 10/20/2022 | 1562 | 1686 | 94 |
| &nbsp;&nbsp;&nbsp; XU4Y-G4S8, 33.020%, 8/26/2026 †§x | Affirm | 8/29/2024 | 400 | 396 | 403 |
| &nbsp;&nbsp;&nbsp; XU51-3Z4O, 24.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XU51-H852, 29.500%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 388 | 381 | 23 |
| &nbsp;&nbsp;&nbsp; XU5E-V67G, 6.295%, 1/03/2026 †§x« | Affirm | 1/29/2025 | 1304 | 1277 | 1269 |
| &nbsp;&nbsp;&nbsp; XU5Q-LQSV, 33.950%, 4/15/2026 †§x | Affirm | 4/18/2024 | 235 | 238 | 239 |
| &nbsp;&nbsp;&nbsp; XU5R-AZGX, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 109 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; XU5X-JLRI, 29.540%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 1518 | 1502 | 91 |
| &nbsp;&nbsp;&nbsp; XU5Z-07B3, 29.600%, 12/14/2023 †x#^ | Affirm | 12/17/2021 | 611 | 659 | 37 |
| &nbsp;&nbsp;&nbsp; XU67-MCZN, 35.440%, 10/08/2025 †§x | Affirm | 4/11/2024 | 176 | 176 | 174 |
| &nbsp;&nbsp;&nbsp; XU69-3JIJ, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 62 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XU71-W5V5, 30.500%, 10/18/2026 †§x | Affirm | 10/24/2024 | 1973 | 2030 | 2041 |
| &nbsp;&nbsp;&nbsp; XU7F-TUNT, 29.500%, 4/24/2025 †x#^ | Affirm | 4/27/2023 | 672 | 716 | 40 |
| &nbsp;&nbsp;&nbsp; XU7H-0LZH, 24.400%, 1/08/2026 †§x | Affirm | 1/29/2025 | 322 | 326 | 326 |
| &nbsp;&nbsp;&nbsp; XU7O-ELBZ, 9.870%, 12/12/2025 †§x | Affirm | 12/27/2024 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; XU7P-2Y7U, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 154 | 158 | 156 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8279** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XU8F-WQ3Z, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $75 | $76 | $76 |
| &nbsp;&nbsp;&nbsp; XU8G-DA39, 25.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XU8Y-3Q0D, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XU91-0A1R, 35.300%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 870 | 867 | 871 |
| &nbsp;&nbsp;&nbsp; XU92-W2ZT, 29.640%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XU99-7XWP, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; XU9N-NAN9, 32.000%, 8/22/2025 †§x#^ | Affirm | 8/26/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XU9P-R3WH, 29.800%, 2/28/2024 †x#^ | Affirm | 3/03/2023 | 254 | 264 | 15 |
| &nbsp;&nbsp;&nbsp; XU9S-5GE3, 29.470%, 8/01/2023 †x#^ | Affirm | 8/04/2022 | 1360 | 1429 | 82 |
| &nbsp;&nbsp;&nbsp; XU9S-5UFQ, 30.000%, 3/28/2026 †§x | Affirm | 4/03/2023 | 297 | 299 | 297 |
| &nbsp;&nbsp;&nbsp; XUA3-E2WV, 13.840%, 8/27/2026 †§x | Affirm | 8/30/2024 | 488 | 501 | 504 |
| &nbsp;&nbsp;&nbsp; XUA4-XQVY, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 113 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; XUA7-EKLQ, 22.690%, 12/28/2025 †x# | Affirm | 1/29/2025 | 83 | 84 | 27 |
| &nbsp;&nbsp;&nbsp; XUAQ-TT7G, 29.710%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 1794 | 1716 | 108 |
| &nbsp;&nbsp;&nbsp; XUAV-EYUO, 25.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 138 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; XUAY-UK2T, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 82 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XUB2-I1HV, 29.560%, 8/06/2026 †§x | Affirm | 8/29/2025 | 100 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; XUB9-2Z2W, 27.500%, 2/08/2023 †x#^ | Affirm | 8/11/2022 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XUBE-ZAF1, 35.570%, 7/13/2026 †§x | Affirm | 1/29/2025 | 380 | 388 | 386 |
| &nbsp;&nbsp;&nbsp; XUBP-Y8XJ, 35.000%, 8/20/2025 †x#^ | Affirm | 2/23/2024 | 885 | 885 | 53 |
| &nbsp;&nbsp;&nbsp; XUBS-9EVC, 16.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XUBV-RUKA, 31.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 788 | 819 | 828 |
| &nbsp;&nbsp;&nbsp; XUC7-DK9Q, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 137 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; XUCC-A2HS, 35.440%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; XUCH-0H6R, 35.950%, 8/27/2025 †x#^ | Affirm | 3/28/2025 | 300 | 300 | 18 |
| &nbsp;&nbsp;&nbsp; XUCJ-PQF0, 29.380%, 11/07/2025 †§x | Affirm | 8/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XUCL-LJ0U, 35.630%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 250 | 246 | 248 |
| &nbsp;&nbsp;&nbsp; XUCT-OSME, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XUCX-8ZW8, 22.200%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 140 | 147 | 8 |
| &nbsp;&nbsp;&nbsp; XUCZ-MQEZ, 5.858%, 7/03/2024 †x#^« | Affirm | 7/07/2023 | 525 | 497 | 32 |
| &nbsp;&nbsp;&nbsp; XUDA-08S0, 25.000%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; XUDD-B577, 29.630%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 83 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; XUDH-IH7V, 26.900%, 12/09/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XUDM-02BI, 22.400%, 10/02/2025 †x# | Affirm | 10/05/2023 | 438 | 460 | 26 |
| &nbsp;&nbsp;&nbsp; XUDX-HA3B, 22.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XUE2-HC8F, 11.850%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XUE6-M2RM, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 393 | 402 | 404 |
| &nbsp;&nbsp;&nbsp; XUEB-NLPC, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 138 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; XUEF-4QPJ, 35.510%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XUEH-BRFI, 32.730%, 8/06/2025 †§x#^ | Affirm | 5/30/2025 | 18 | 18 | 3 |
| &nbsp;&nbsp;&nbsp; XUER-JIP3, 15.660%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 22 | 23 | 22 |
| &nbsp;&nbsp;&nbsp; XUEW-J4YW, 29.550%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 241 | 238 | 14 |
| &nbsp;&nbsp;&nbsp; XUEW-JW9K, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; XUEW-MJU0, 35.450%, 4/15/2026 †§x | Affirm | 4/18/2024 | 139 | 140 | 142 |
| &nbsp;&nbsp;&nbsp; XUEW-VSQB, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; XUF9-W7V7, 35.981%, 11/24/2024 †x#^ | Affirm | 5/31/2024 | 156 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; XUFC-PCAM, 35.570%, 8/26/2025 †§x#^ | Affirm | 2/29/2024 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XUFQ-T47L, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 284 | 294 | 294 |
| &nbsp;&nbsp;&nbsp; XUFT-Z7OA, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 133 | 137 | 139 |
| &nbsp;&nbsp;&nbsp; XUG5-ZPEC, 20.900%, 1/13/2029 †x | Affirm | 1/29/2025 | 1797 | 1927 | 1946 |
| &nbsp;&nbsp;&nbsp; XUG7-LLO8, 32.000%, 11/06/2025 †§x | Affirm | 5/30/2025 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; XUGE-XZVM, 32.000%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 260 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; XUH9-OZ0B, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XUHO-VB2Z, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 145 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; XUHP-5NA1, 9.815%, 12/21/2025 †§x« | Affirm | 6/27/2024 | 730 | 635 | 687 |
| &nbsp;&nbsp;&nbsp; XUHU-9DY9, 7.388%, 8/07/2025 †§x^« | Affirm | 2/26/2025 | 18 | 17 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8280** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XUHV-7629, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | $52 | $53 | $53 |
| &nbsp;&nbsp;&nbsp; XUHY-D8ZV, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XUI1-0N2X, 35.560%, 9/23/2025 †§x | Affirm | 9/26/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XUI4-6H4N, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XUIB-GI5E, 35.370%, 9/28/2026 †§x | Affirm | 3/31/2025 | 577 | 574 | 583 |
| &nbsp;&nbsp;&nbsp; XUIC-ZF9F, 35.650%, 7/02/2026 †§x | Affirm | 1/29/2025 | 2050 | 2024 | 2035 |
| &nbsp;&nbsp;&nbsp; XUID-2OQC, 35.290%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 101 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XUIF-8JVE, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 92 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; XUIJ-WERT, 35.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XUIU-7KLY, 29.840%, 6/09/2023 †x#^ | Affirm | 12/13/2021 | 72 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XUIU-C49P, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XUJ3-1JW4, 33.050%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 73 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; XUJ5-ECBM, 26.500%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 67 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; XUJJ-L1C0, 22.670%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 145 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; XUJJ-X0ZL, 8.156%, 3/28/2025 †x#^« | Affirm | 10/03/2024 | 107 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; XUJM-OWYG, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 158 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; XUJN-TVQ2, 32.990%, 10/08/2024 †x#^ | Affirm | 4/11/2024 | 16 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; XUKC-52XZ, 29.810%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 47 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; XUKF-RSFW, 28.500%, 1/04/2024 †x#^ | Affirm | 1/09/2023 | 173 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; XUKL-PDZD, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 305 | 312 | 311 |
| &nbsp;&nbsp;&nbsp; XUKO-YFT7, 35.900%, 2/07/2026 †x# | Affirm | 2/26/2025 | 496 | 513 | 32 |
| &nbsp;&nbsp;&nbsp; XUKV-W3F7, 35.180%, 11/24/2023 †x#^ | Affirm | 8/28/2023 | 21 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; XUL0-4BCH, 21.900%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 97 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; XUL5-4PPL, 31.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 1151 | 1174 | 1178 |
| &nbsp;&nbsp;&nbsp; XULE-K4PG, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1408 | 1433 | 1438 |
| &nbsp;&nbsp;&nbsp; XULE-NGTX, 31.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 467 | 490 | 490 |
| &nbsp;&nbsp;&nbsp; XULE-R2WP, 25.200%, 12/11/2025 †§x | Affirm | 12/27/2024 | 133 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; XULG-KGYQ, 21.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 279 | 284 | 286 |
| &nbsp;&nbsp;&nbsp; XULJ-Q32U, 30.000%, 11/11/2023 †x#^ | Affirm | 5/15/2023 | 46 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; XULK-SMNH, 33.950%, 3/19/2026 †§x | Affirm | 9/23/2024 | 126 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; XULM-YTEU, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XULO-HRLH, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 305 | 310 | 311 |
| &nbsp;&nbsp;&nbsp; XULU-NWZX, 29.920%, 7/03/2023 †x#^ | Affirm | 1/06/2022 | 185 | 173 | 11 |
| &nbsp;&nbsp;&nbsp; XUM3-JRAC, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 190 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; XUM6-Y0V7, 29.120%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 419 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; XUMA-7QLY, 21.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XUMC-9GT6, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 157 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; XUMI-B53U, 26.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | 548 | 570 | 576 |
| &nbsp;&nbsp;&nbsp; XUMM-YIDK, 35.170%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XUMP-I4GX, 29.290%, 1/08/2026 †§x | Affirm | 7/31/2025 | 414 | 422 | 421 |
| &nbsp;&nbsp;&nbsp; XUMX-ECVL, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 58 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; XUNP-A5ZL, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 149 | 151 | 150 |
| &nbsp;&nbsp;&nbsp; XUNP-F7DE, 32.500%, 3/27/2029 †x# | Affirm | 3/31/2025 | 2295 | 2298 | 138 |
| &nbsp;&nbsp;&nbsp; XUNZ-IOU8, 29.910%, 1/02/2026 †§x | Affirm | 1/29/2025 | 133 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; XUO6-PMNI, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; XUOD-UHXU, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 499 | 514 | 507 |
| &nbsp;&nbsp;&nbsp; XUOE-2NMN, 31.000%, 6/20/2026 †§x | Affirm | 12/27/2024 | 548 | 567 | 564 |
| &nbsp;&nbsp;&nbsp; XUOO-9816, 29.720%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 222 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; XUOT-X3SH, 30.000%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 421 | 409 | 25 |
| &nbsp;&nbsp;&nbsp; XUPE-L7DL, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 254 | 256 | 256 |
| &nbsp;&nbsp;&nbsp; XUPG-YS70, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 116 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; XUPK-W1X3, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 348 | 354 | 355 |
| &nbsp;&nbsp;&nbsp; XUPL-44DH, 35.450%, 9/25/2026 †§x | Affirm | 9/30/2024 | 1443 | 1432 | 1451 |
| &nbsp;&nbsp;&nbsp; XUPW-BRIS, 29.530%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 194 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; XUQ0-E4IK, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; XUQ6-3WSU, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 121 | 123 | 124 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8281** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XUQ9-UZIR, 32.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | $219 | $227 | $229 |
| &nbsp;&nbsp;&nbsp; XUQO-HE6N, 29.700%, 1/06/2023 †x#^ | Affirm | 1/10/2022 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XUQQ-NI39, 31.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 274 | 277 | 161 |
| &nbsp;&nbsp;&nbsp; XUQT-GLSB, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 84 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XUQT-Y7M4, 29.070%, 10/02/2025 †x# | Affirm | 10/05/2023 | 629 | 661 | 38 |
| &nbsp;&nbsp;&nbsp; XUQV-325U, 29.520%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 31 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; XUQV-Y7KA, 35.710%, 8/11/2026 †§x | Affirm | 2/26/2025 | 444 | 455 | 455 |
| &nbsp;&nbsp;&nbsp; XUQZ-XIQ6, 15.830%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 165 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; XUR0-4T3Q, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1084 | 1093 | 1087 |
| &nbsp;&nbsp;&nbsp; XUR5-U50W, 35.580%, 5/15/2026 †§x | Affirm | 11/27/2024 | 202 | 205 | 203 |
| &nbsp;&nbsp;&nbsp; XURG-RXZU, 29.190%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 133 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; XURL-37PC, 29.890%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; XURU-OCLH, 11.810%, 8/11/2023 †x#^ | Affirm | 8/15/2022 | 83 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; XURX-BH7Z, 29.620%, 3/06/2024 †x#^ | Affirm | 9/09/2022 | 509 | 545 | 31 |
| &nbsp;&nbsp;&nbsp; XURY-RAE2, 29.540%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 308 | 323 | 18 |
| &nbsp;&nbsp;&nbsp; XUS2-FW4Y, 29.530%, 10/25/2022 †x#^ | Affirm | 4/28/2022 | 360 | 361 | 22 |
| &nbsp;&nbsp;&nbsp; XUS6-1156, 26.900%, 11/07/2025 †§x | Affirm | 8/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XUSB-MQBC, 35.430%, 10/02/2026 †x# | Affirm | 10/05/2023 | 2855 | 2789 | 171 |
| &nbsp;&nbsp;&nbsp; XUSM-SEAY, 29.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XUSS-030B, 29.430%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; XUSV-KESO, 35.890%, 1/02/2026 †x# | Affirm | 1/29/2025 | 218 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; XUT4-5F11, 35.500%, 2/07/2026 †x# | Affirm | 2/26/2025 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; XUT5-00W5, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XUT5-BO65, 29.500%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 412 | 417 | 419 |
| &nbsp;&nbsp;&nbsp; XUT8-DXR7, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; XUTO-WAD8, 35.150%, 11/06/2025 †§x | Affirm | 5/30/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XUTV-2OPS, 29.660%, 5/15/2026 †§x | Affirm | 11/27/2024 | 140 | 144 | 143 |
| &nbsp;&nbsp;&nbsp; XUUA-7CXA, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 401 | 412 | 414 |
| &nbsp;&nbsp;&nbsp; XUUI-HZSM, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; XUUY-AJD3, 22.750%, 10/03/2027 †§x | Affirm | 10/06/2023 | 1336 | 1444 | 1423 |
| &nbsp;&nbsp;&nbsp; XUV6-PC3M, 29.340%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 257 | 264 | 15 |
| &nbsp;&nbsp;&nbsp; XUVF-WHT6, 35.190%, 8/06/2025 †§x#^ | Affirm | 5/30/2025 | 154 | 152 | 27 |
| &nbsp;&nbsp;&nbsp; XUVN-K848, 32.500%, 12/02/2026 †§x | Affirm | 6/27/2025 | 185 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; XUVN-N975, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 274 | 281 | 282 |
| &nbsp;&nbsp;&nbsp; XUVO-963D, 35.620%, 1/06/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XUVV-1HL6, 29.220%, 10/08/2025 †§x | Affirm | 7/31/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XUVX-4RIL, 35.270%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; XUW0-KMRK, 33.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 425 | 423 | 423 |
| &nbsp;&nbsp;&nbsp; XUW3-JSF6, 35.350%, 3/28/2027 †§x | Affirm | 3/31/2025 | 477 | 475 | 485 |
| &nbsp;&nbsp;&nbsp; XUW4-N7GW, 15.870%, 5/25/2023 †x#^ | Affirm | 12/01/2022 | 2359 | 2412 | 142 |
| &nbsp;&nbsp;&nbsp; XUW9-V90D, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 197 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; XUWC-Q3JC, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 335 | 342 | 341 |
| &nbsp;&nbsp;&nbsp; XUWG-IHT1, 13.092%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 498 | 492 | 493 |
| &nbsp;&nbsp;&nbsp; XUWN-U9UY, 11.840%, 1/02/2028 †§x | Affirm | 1/29/2025 | 979 | 1008 | 1016 |
| &nbsp;&nbsp;&nbsp; XUWZ-7661, 9.900%, 2/12/2027 †§x | Affirm | 2/26/2025 | 439 | 460 | 463 |
| &nbsp;&nbsp;&nbsp; XUXB-AS9H, 15.780%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; XUXP-95L1, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; XUXQ-1BBZ, 29.650%, 1/14/2024 †x#^ | Affirm | 1/21/2022 | 332 | 306 | 20 |
| &nbsp;&nbsp;&nbsp; XUXQ-Y3OU, 15.860%, 11/15/2025 †§x | Affirm | 11/27/2024 | 20 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; XUXT-J30H, 33.000%, 11/15/2025 †x# | Affirm | 11/27/2024 | 841 | 836 | 50 |
| &nbsp;&nbsp;&nbsp; XUY5-A6RZ, 35.000%, 2/10/2026 †x# | Affirm | 2/26/2025 | 318 | 316 | 18 |
| &nbsp;&nbsp;&nbsp; XUY7-FL9C, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XUY8-V97H, 29.440%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 215 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; XUYJ-VTQI, 35.450%, 12/25/2025 †§x | Affirm | 6/28/2024 | 235 | 237 | 236 |
| &nbsp;&nbsp;&nbsp; XUYL-H9PI, 29.620%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 96 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; XUYP-YJGJ, 30.000%, 8/14/2022 †x#^ | Affirm | 2/17/2022 | 1267 | 1291 | 76 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8282** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XUYV-O9RI, 29.580%, 4/24/2026 †§x | Affirm | 10/28/2024 | $79 | $81 | $80 |
| &nbsp;&nbsp;&nbsp; XUZJ-MPB8, 33.050%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 31 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; XUZM-P2P8, 24.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XUZN-F4TM, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XUZN-JYUQ, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 196 | 194 | 196 |
| &nbsp;&nbsp;&nbsp; XUZO-AF7Q, 31.477%, 12/04/2026 †x# | Affirm | 12/07/2023 | 7172 | 7384 | 430 |
| &nbsp;&nbsp;&nbsp; XUZP-8GV7, 22.750%, 8/07/2026 †§x | Affirm | 8/10/2023 | 442 | 456 | 455 |
| &nbsp;&nbsp;&nbsp; XUZV-GG6W, 15.860%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XUZX-B6XV, 29.400%, 9/29/2024 †x#^ | Affirm | 4/04/2024 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XV03-51F7, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 297 | 305 | 307 |
| &nbsp;&nbsp;&nbsp; XV06-DWQH, 35.460%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 122 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; XV0H-YIVU, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XV0R-A4B9, 35.620%, 8/28/2026 †§x# | Affirm | 3/28/2025 | 955 | 939 | 944 |
| &nbsp;&nbsp;&nbsp; XV0V-1QQI, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XV0W-K35T, 33.950%, 10/12/2025 †§x# | Affirm | 4/18/2024 | 22 | 23 | 22 |
| &nbsp;&nbsp;&nbsp; XV1A-9CGF, 29.000%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 385 | 396 | 23 |
| &nbsp;&nbsp;&nbsp; XV1E-Q5HK, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XV1F-F9QU, 35.470%, 11/20/2026 †§x# | Affirm | 11/27/2024 | 1118 | 1118 | 1134 |
| &nbsp;&nbsp;&nbsp; XV1K-18BW, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 279 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; XV1L-VS06, 23.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 165 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; XV1Z-XDNO, 24.400%, 1/11/2026 †§x | Affirm | 1/16/2024 | 268 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; XV25-6KO9, 29.500%, 8/10/2026 †§x | Affirm | 8/14/2023 | 1114 | 1162 | 1162 |
| &nbsp;&nbsp;&nbsp; XV2A-PNDM, 35.490%, 10/23/2025 †§x | Affirm | 10/28/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; XV2D-W0S4, 33.050%, 3/25/2026 †§x# | Affirm | 9/30/2024 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; XV2J-RMNP, 29.570%, 11/28/2025 †§x | Affirm | 12/04/2023 | 419 | 419 | 416 |
| &nbsp;&nbsp;&nbsp; XV2Y-M7ZW, 29.500%, 1/29/2025 †x#^ | Affirm | 8/03/2023 | 213 | 228 | 13 |
| &nbsp;&nbsp;&nbsp; XV2Z-16CJ, 23.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 288 | 294 | 295 |
| &nbsp;&nbsp;&nbsp; XV31-JTTF, 35.600%, 4/08/2024 †x#^ | Affirm | 1/11/2024 | 175 | 168 | 11 |
| &nbsp;&nbsp;&nbsp; XV3B-PVNB, 31.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 246 | 251 | 251 |
| &nbsp;&nbsp;&nbsp; XV3F-PO63, 35.380%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 55 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XV3N-P8RJ, 28.000%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 68 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XV3P-UYYR, 35.000%, 12/02/2026 †§x | Affirm | 6/27/2025 | 298 | 291 | 295 |
| &nbsp;&nbsp;&nbsp; XV3T-IDIN, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 510 | 519 | 516 |
| &nbsp;&nbsp;&nbsp; XV3W-B8NL, 35.280%, 9/20/2025 †§x | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XV3Y-JOJK, 28.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 335 | 350 | 20 |
| &nbsp;&nbsp;&nbsp; XV46-YB9A, 35.390%, 8/19/2026 †§x | Affirm | 8/22/2024 | 970 | 965 | 975 |
| &nbsp;&nbsp;&nbsp; XV48-JZFI, 29.620%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 455 | 435 | 27 |
| &nbsp;&nbsp;&nbsp; XV4M-8CFW, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 388 | 382 | 381 |
| &nbsp;&nbsp;&nbsp; XV4P-3T86, 16.700%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 441 | 451 | 451 |
| &nbsp;&nbsp;&nbsp; XV4Y-RS9X, 30.000%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 222 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; XV5D-8RGO, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XV62-Z5N2, 30.950%, 9/24/2025 †§x | Affirm | 9/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XV63-MFTK, 11.910%, 1/27/2026 †§x | Affirm | 2/26/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XV66-4LFM, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XV6F-YVFF, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XV6G-FRRG, 13.840%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 144 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; XV6Q-D7M5, 29.670%, 6/28/2023 †x#^ | Affirm | 1/03/2023 | 162 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; XV6Q-DNPC, 29.570%, 8/23/2026 †§x | Affirm | 8/29/2024 | 396 | 408 | 410 |
| &nbsp;&nbsp;&nbsp; XV71-SVEA, 33.950%, 6/19/2026 †§x# | Affirm | 12/27/2024 | 368 | 380 | 378 |
| &nbsp;&nbsp;&nbsp; XV7F-S6EB, 29.500%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 80 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; XV7J-F29C, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; XV85-LUT2, 35.310%, 3/28/2026 †§x | Affirm | 4/22/2025 | 125 | 129 | 131 |
| &nbsp;&nbsp;&nbsp; XV86-FRGO, 29.610%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 360 | 354 | 22 |
| &nbsp;&nbsp;&nbsp; XV8A-TYOS, 23.400%, 10/25/2025 †§x | Affirm | 10/31/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XV8D-RV1X, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XV8F-PQL6, 30.000%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 86 | 88 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8283** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XV9G-E8TV, 29.420%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | $115 | $113 | $7 |
| &nbsp;&nbsp;&nbsp; XV9P-B1M6, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 281 | 288 | 289 |
| &nbsp;&nbsp;&nbsp; XV9Q-QFG5, 29.390%, 9/20/2025 †x# | Affirm | 3/28/2025 | 44 | 45 | 10 |
| &nbsp;&nbsp;&nbsp; XVA5-8BHM, 22.650%, 2/26/2026 †§x | Affirm | 8/29/2024 | 536 | 543 | 541 |
| &nbsp;&nbsp;&nbsp; XVA8-S7RT, 28.000%, 10/28/2025 †§x# | Affirm | 11/03/2022 | 347 | 349 | 347 |
| &nbsp;&nbsp;&nbsp; XVAA-90K4, 24.710%, 9/25/2025 †§x | Affirm | 9/30/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XVAD-QNQM, 29.580%, 10/22/2025 †§x | Affirm | 10/25/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; XVAE-DPX1, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XVB0-R1EM, 35.440%, 12/16/2025 †x# | Affirm | 12/27/2024 | 124 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; XVB8-7WQL, 35.490%, 4/23/2026 †§x# | Affirm | 10/28/2024 | 739 | 743 | 747 |
| &nbsp;&nbsp;&nbsp; XVB9-8M9A, 35.000%, 8/27/2025 †§x#^ | Affirm | 8/30/2024 | 51 | 46 | 50 |
| &nbsp;&nbsp;&nbsp; XVBI-TZUP, 33.000%, 12/27/2025 †§x | Affirm | 7/01/2024 | 942 | 936 | 940 |
| &nbsp;&nbsp;&nbsp; XVBJ-9YRO, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 156 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; XVBK-ZSUE, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; XVBX-SBQZ, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 538 | 546 | 548 |
| &nbsp;&nbsp;&nbsp; XVBY-063X, 35.810%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; XVC4-208W, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 241 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; XVC6-LJD5, 22.200%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 179 | 176 | 11 |
| &nbsp;&nbsp;&nbsp; XVC8-SO5R, 35.540%, 2/26/2026 †§x | Affirm | 2/29/2024 | 574 | 574 | 586 |
| &nbsp;&nbsp;&nbsp; XVCD-VKM7, 35.620%, 11/12/2025 †§x | Affirm | 11/27/2024 | 32 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; XVCF-PHA4, 26.500%, 12/14/2024 †x#^ | Affirm | 12/19/2022 | 337 | 364 | 20 |
| &nbsp;&nbsp;&nbsp; XVCK-KX70, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 472 | 488 | 492 |
| &nbsp;&nbsp;&nbsp; XVCM-NXDZ, 25.900%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XVCS-R488, 28.000%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 516 | 540 | 31 |
| &nbsp;&nbsp;&nbsp; XVCW-L8VI, 29.220%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 25 | 24 | 2 |
| &nbsp;&nbsp;&nbsp; XVD7-HHN9, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 35 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; XVDI-2DE6, 35.540%, 1/16/2026 †x# | Affirm | 12/27/2024 | 103 | 107 | 26 |
| &nbsp;&nbsp;&nbsp; XVDR-IK7D, 35.990%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 31 | 31 | 7 |
| &nbsp;&nbsp;&nbsp; XVF0-99F9, 35.250%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; XVFB-S419, 30.000%, 5/09/2025 †x#^ | Affirm | 5/12/2023 | 342 | 341 | 21 |
| &nbsp;&nbsp;&nbsp; XVFO-959H, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 153 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; XVGB-T5ZH, 29.450%, 5/20/2023 †x#^ | Affirm | 5/26/2022 | 456 | 472 | 27 |
| &nbsp;&nbsp;&nbsp; XVGC-JXFW, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 647 | 664 | 667 |
| &nbsp;&nbsp;&nbsp; XVGG-5RB6, 18.000%, 4/26/2026 †§x | Affirm | 5/02/2024 | 301 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; XVGK-TFVN, 29.490%, 11/17/2025 †§x | Affirm | 5/24/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XVGR-QC8W, 29.430%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 550 | 568 | 33 |
| &nbsp;&nbsp;&nbsp; XVH1-GZWS, 35.600%, 1/02/2026 †§x | Affirm | 7/05/2024 | 463 | 468 | 460 |
| &nbsp;&nbsp;&nbsp; XVH1-XKUE, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XVHE-DDHD, 35.250%, 9/03/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XVHF-PCRE, 29.620%, 3/12/2024 †x#^ | Affirm | 9/15/2022 | 110 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; XVHL-OQGG, 31.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; XVHP-STDQ, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 952 | 994 | 1001 |
| &nbsp;&nbsp;&nbsp; XVHQ-JDP6, 35.540%, 2/23/2026 †§x | Affirm | 2/29/2024 | 1097 | 1097 | 1118 |
| &nbsp;&nbsp;&nbsp; XVHW-I130, 24.600%, 7/08/2027 †§x# | Affirm | 7/31/2025 | 1891 | 1991 | 2015 |
| &nbsp;&nbsp;&nbsp; XVHW-SOLM, 32.000%, 1/02/2028 †x | Affirm | 1/29/2025 | 2676 | 2626 | 2667 |
| &nbsp;&nbsp;&nbsp; XVI1-TSDF, 15.870%, 8/12/2026 †§x | Affirm | 2/26/2025 | 186 | 194 | 190 |
| &nbsp;&nbsp;&nbsp; XVIA-SA0S, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XVID-084T, 22.000%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 481 | 500 | 505 |
| &nbsp;&nbsp;&nbsp; XVIF-EXXT, 33.050%, 3/23/2026 †§x | Affirm | 9/26/2024 | 217 | 222 | 222 |
| &nbsp;&nbsp;&nbsp; XVII-Y9G8, 15.770%, 1/08/2027 †§x | Affirm | 1/11/2024 | 486 | 505 | 505 |
| &nbsp;&nbsp;&nbsp; XVIL-FRRB, 13.840%, 10/25/2025 †§x | Affirm | 10/31/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XVIS-V16B, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 175 | 177 | 175 |
| &nbsp;&nbsp;&nbsp; XVIZ-NVWV, 33.050%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 147 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; XVJ4-W610, 18.000%, 8/26/2026 †§x | Affirm | 8/29/2024 | 987 | 1014 | 1019 |
| &nbsp;&nbsp;&nbsp; XVJ5-2GEX, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 131 | 137 | 135 |
| &nbsp;&nbsp;&nbsp; XVJR-IDFI, 35.690%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 12 | 12 |  |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8284** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XVJS-XABS, 35.280%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | $182 | $178 | $11 |
| &nbsp;&nbsp;&nbsp; XVJX-7K87, 35.710%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XVJY-5JV2, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XVJY-FLXO, 33.950%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | 107 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XVK6-VXIF, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 139 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; XVK8-KZ8F, 27.500%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 125 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; XVKE-L3CN, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 685 | 704 | 704 |
| &nbsp;&nbsp;&nbsp; XVKP-1HC5, 29.820%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 105 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XVKS-1FO9, 11.820%, 2/27/2026 †§x | Affirm | 8/30/2024 | 115 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; XVKY-UNN1, 33.050%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XVL3-LZ0M, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; XVLL-JHBC, 35.530%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XVLM-G64M, 35.500%, 7/02/2026 †x# | Affirm | 7/05/2024 | 813 | 806 | 49 |
| &nbsp;&nbsp;&nbsp; XVLS-KQ4Q, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 601 | 608 | 609 |
| &nbsp;&nbsp;&nbsp; XVLY-3Z55, 29.600%, 1/03/2027 †§x | Affirm | 1/29/2025 | 849 | 879 | 884 |
| &nbsp;&nbsp;&nbsp; XVM5-F6CQ, 23.700%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 296 | 292 | 18 |
| &nbsp;&nbsp;&nbsp; XVM8-UN2V, 29.710%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 223 | 235 | 13 |
| &nbsp;&nbsp;&nbsp; XVMF-335B, 35.000%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 224 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; XVMI-B5YL, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XVMJ-D2AK, 28.950%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 82 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XVMT-2WIQ, 35.250%, 12/26/2024 †x#^ | Affirm | 7/01/2024 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; XVNB-BJSQ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XVND-OG1E, 29.430%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; XVNR-WQWV, 35.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 20 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XVO0-XTOX, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XVO1-T687, 29.730%, 1/08/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XVO6-I0HM, 29.560%, 6/20/2026 †x# | Affirm | 6/24/2024 | 1469 | 1539 | 88 |
| &nbsp;&nbsp;&nbsp; XVOI-JKXU, 24.800%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 749 | 780 | 777 |
| &nbsp;&nbsp;&nbsp; XVON-GAHX, 35.570%, 2/28/2025 †x#^ | Affirm | 3/04/2024 | 169 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; XVOZ-ZS5E, 30.500%, 4/25/2026 †§x | Affirm | 10/31/2024 | 610 | 625 | 625 |
| &nbsp;&nbsp;&nbsp; XVP1-RG8J, 29.480%, 11/21/2025 †§x | Affirm | 5/24/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XVP2-AFNA, 35.290%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 112 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; XVP2-M0QA, 23.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XVP8-WCJH, 35.710%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; XVP9-NGG4, 23.400%, 6/20/2026 †§x | Affirm | 12/27/2024 | 121 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; XVPL-3D8A, 29.610%, 9/26/2027 †x | Affirm | 9/30/2024 | 5504 | 5437 | 5520 |
| &nbsp;&nbsp;&nbsp; XVPO-5P2I, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XVPV-OFKC, 22.610%, 11/21/2025 †§x | Affirm | 5/24/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XVQ2-FI2A, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 193 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; XVQ5-LS95, 15.720%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 295 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; XVQH-7V9L, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 144 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; XVQM-HGU1, 15.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1664 | 1713 | 1702 |
| &nbsp;&nbsp;&nbsp; XVQQ-KC18, 13.234%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 21 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XVQZ-KVPX, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 20 | 20 | 21 |
| &nbsp;&nbsp;&nbsp; XVR9-XBHS, 11.910%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 201 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; XVRD-ZDE7, 18.000%, 3/20/2026 †§x | Affirm | 9/26/2024 | 511 | 519 | 521 |
| &nbsp;&nbsp;&nbsp; XVRF-NPJG, 29.540%, 2/23/2026 †§x | Affirm | 8/29/2024 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XVRG-5KLA, 24.740%, 7/13/2026 †§x | Affirm | 1/29/2025 | 214 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; XVRI-VFW8, 29.540%, 10/08/2025 †§x | Affirm | 4/11/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; XVRJ-XIEO, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 522 | 536 | 538 |
| &nbsp;&nbsp;&nbsp; XVRM-L2DM, 28.990%, 6/29/2024 †x#^ | Affirm | 7/07/2023 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; XVRR-FRVW, 27.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; XVRW-6S8Q, 33.050%, 11/06/2025 †§x | Affirm | 8/29/2025 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XVSC-F1AV, 29.610%, 6/09/2023 †x#^ | Affirm | 12/16/2021 | 60 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; XVSP-6PA3, 35.520%, 12/16/2025 †x# | Affirm | 12/27/2024 | 63 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XVST-33RF, 29.650%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 13 | 13 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8285** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XVSU-SLUU, 15.730%, 11/23/2025 †§x | Affirm | 5/28/2024 | $49 | $49 | $49 |
| &nbsp;&nbsp;&nbsp; XVSV-HN6B, 35.240%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 128 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; XVSY-ZSDA, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 211 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; XVSZ-BPCU, 29.810%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 403 | 424 | 24 |
| &nbsp;&nbsp;&nbsp; XVTN-2PON, 29.710%, 1/05/2024 †x#^ | Affirm | 1/09/2023 | 62 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XVTS-W49O, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 20 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; XVU5-WS1N, 13.555%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 1175 | 1126 | 1123 |
| &nbsp;&nbsp;&nbsp; XVU6-OM4J, 29.750%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 400 | 428 | 24 |
| &nbsp;&nbsp;&nbsp; XVU8-9XXB, 5.996%, 3/27/2023 †x#^« | Affirm | 9/30/2022 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; XVUC-5FVU, 15.690%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; XVUE-O4KS, 19.900%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 63 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; XVUJ-A2LH, 33.950%, 3/25/2026 †§x | Affirm | 9/30/2024 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; XVUQ-4RWS, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XVUV-L5KP, 19.700%, 9/28/2025 †§x | Affirm | 3/31/2025 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; XVUX-1OCZ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 110 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; XVV0-WLYL, 35.370%, 12/14/2025 †§x | Affirm | 6/21/2024 | 102 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; XVV2-MRAL, 30.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XVV9-5RW4, 29.670%, 6/16/2022 †x#^ | Affirm | 12/20/2021 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; XVVA-KF7X, 33.050%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 121 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; XVVH-CN7X, 29.700%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 103 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XVVM-S0WB, 35.986%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 58 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; XVVR-C8U3, 29.420%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; XVVU-SNJY, 35.480%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; XVVW-6CQE, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 100 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; XVVX-NFOH, 22.710%, 9/23/2026 †§x | Affirm | 9/26/2024 | 614 | 630 | 634 |
| &nbsp;&nbsp;&nbsp; XVVX-QE8V, 29.600%, 9/07/2024 †x#^ | Affirm | 9/12/2022 | 421 | 459 | 25 |
| &nbsp;&nbsp;&nbsp; XVW1-9POQ, 29.530%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 556 | 565 | 33 |
| &nbsp;&nbsp;&nbsp; XVW2-SRH8, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 70 | 71 | 39 |
| &nbsp;&nbsp;&nbsp; XVWG-SCHR, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 847 | 868 | 874 |
| &nbsp;&nbsp;&nbsp; XVWJ-T6QC, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XVWQ-WC22, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XVWU-SW99, 28.500%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; XVWY-5SOD, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XVX3-EFG3, 29.570%, 12/04/2025 †x# | Affirm | 12/07/2023 | 295 | 307 | 18 |
| &nbsp;&nbsp;&nbsp; XVX3-X8L6, 35.540%, 1/06/2027 †§x | Affirm | 1/29/2025 | 1306 | 1297 | 1318 |
| &nbsp;&nbsp;&nbsp; XVX4-DUR4, 7.108%, 9/24/2025 †§x« | Affirm | 4/22/2025 | 50 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; XVX6-DX96, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 681 | 692 | 694 |
| &nbsp;&nbsp;&nbsp; XVX9-J88E, 35.620%, 11/12/2025 †§x | Affirm | 11/27/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; XVXM-FSQV, 31.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 354 | 361 | 362 |
| &nbsp;&nbsp;&nbsp; XVYD-8FX9, 29.370%, 9/20/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XVYW-PDM1, 29.863%, 10/24/2023 †x#^ | Affirm | 10/27/2022 | 136 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; XVYZ-PD22, 27.500%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 63 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; XVZ4-7WQI, 6.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XVZJ-ABRP, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XVZR-4KSQ, 15.770%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 786 | 799 | 795 |
| &nbsp;&nbsp;&nbsp; XVZS-492J, 29.750%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 198 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; XVZV-PJSI, 33.950%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 191 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; XW01-R9MM, 23.400%, 9/24/2028 †§x | Affirm | 9/27/2024 | 1467 | 1573 | 1580 |
| &nbsp;&nbsp;&nbsp; XW03-L9N9, 35.470%, 8/21/2025 †x#^ | Affirm | 8/26/2024 | 197 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; XW0F-KZ77, 29.480%, 11/20/2025 †§x | Affirm | 5/24/2024 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; XW0I-QMIC, 33.050%, 12/11/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XW0K-XHIJ, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 258 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; XW0L-6M46, 33.500%, 2/20/2024 †x#^ | Affirm | 11/24/2023 | 178 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; XW0S-6ZTW, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 213 | 214 | 26 |
| &nbsp;&nbsp;&nbsp; XW0U-1ZT8, 30.000%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 446 | 444 | 27 |
| &nbsp;&nbsp;&nbsp; XW14-F8XN, 33.950%, 10/03/2025 †x# | Affirm | 3/28/2025 | 198 | 202 | 48 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8286** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XW18-EE9C, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | $891 | $867 | $861 |
| &nbsp;&nbsp;&nbsp; XW1L-4TTP, 25.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; XW1N-22LU, 35.770%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 2773 | 2848 | 2855 |
| &nbsp;&nbsp;&nbsp; XW1Q-KYU4, 35.976%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 162 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; XW2G-UDM9, 27.830%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 133 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; XW2V-PFP4, 33.050%, 4/26/2026 †x | Affirm | 8/29/2024 | 225 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; XW2Y-C17A, 29.680%, 1/02/2027 †§x | Affirm | 1/29/2025 | 397 | 411 | 413 |
| &nbsp;&nbsp;&nbsp; XW31-Y47M, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 639 | 627 | 38 |
| &nbsp;&nbsp;&nbsp; XW33-PHZM, 24.690%, 3/23/2026 †§x | Affirm | 9/26/2024 | 370 | 375 | 373 |
| &nbsp;&nbsp;&nbsp; XW3C-12Y7, 6.057%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 696 | 666 | 665 |
| &nbsp;&nbsp;&nbsp; XW3D-S3RE, 35.990%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 88 | 89 | 10 |
| &nbsp;&nbsp;&nbsp; XW3F-CIXX, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; XW3J-8IHW, 35.570%, 9/24/2025 †x# | Affirm | 9/27/2024 | 59 | 59 |  |
| &nbsp;&nbsp;&nbsp; XW4B-26CV, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 180 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; XW4C-1H7U, 22.900%, 5/19/2025 †x#^ | Affirm | 5/25/2023 | 251 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; XW50-D0LE, 35.470%, 8/06/2026 †§x | Affirm | 8/29/2025 | 196 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; XW51-9JQ5, 24.630%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 158 | 164 | 166 |
| &nbsp;&nbsp;&nbsp; XW5B-C6RQ, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 879 | 891 | 894 |
| &nbsp;&nbsp;&nbsp; XW5E-JJSR, 15.710%, 5/05/2025 †x#^ | Affirm | 5/11/2023 | 816 | 813 | 49 |
| &nbsp;&nbsp;&nbsp; XW5Q-3E6G, 30.950%, 6/28/2026 †§x | Affirm | 1/29/2025 | 291 | 296 | 298 |
| &nbsp;&nbsp;&nbsp; XW5R-WHH5, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 112 | 107 | 7 |
| &nbsp;&nbsp;&nbsp; XW5T-QIOF, 29.470%, 7/28/2023 †x#^ | Affirm | 8/04/2022 | 942 | 930 | 57 |
| &nbsp;&nbsp;&nbsp; XW64-BP09, 29.400%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XW6E-3WZC, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 206 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; XW6O-Z1CZ, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 380 | 385 | 385 |
| &nbsp;&nbsp;&nbsp; XW6Q-QWJ2, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 245 | 248 | 246 |
| &nbsp;&nbsp;&nbsp; XW6S-5N1N, 29.470%, 7/20/2023 †x#^ | Affirm | 7/25/2022 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; XW6T-TSIO, 35.430%, 10/22/2025 †§x | Affirm | 10/25/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XW74-1B97, 29.590%, 4/02/2024 †x#^ | Affirm | 10/05/2023 | 22 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; XW7A-2G3S, 22.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 90 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; XW7H-J7UM, 35.000%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 165 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; XW7S-GYY6, 35.440%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 25 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; XW7Y-5H5I, 29.820%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 353 | 371 | 21 |
| &nbsp;&nbsp;&nbsp; XW8B-YTCQ, 23.400%, 10/02/2025 †§x | Affirm | 10/07/2024 | 141 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; XW8D-NAQD, 22.710%, 12/09/2025 †§x | Affirm | 12/27/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XW8H-ZBAA, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XW8M-9TT6, 35.610%, 11/12/2025 †x# | Affirm | 11/27/2024 | 229 | 227 | 14 |
| &nbsp;&nbsp;&nbsp; XW8N-MRQ3, 29.670%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; XW8P-8DSU, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XW8T-YQ4L, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 241 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; XW8W-VQLK, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XW8X-UDNO, 15.750%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; XW9A-TFGD, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 159 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; XW9F-CD3A, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 162 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; XW9H-ZFOL, 30.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 361 | 372 | 374 |
| &nbsp;&nbsp;&nbsp; XW9K-F3JS, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; XW9W-NO14, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 376 | 379 | 379 |
| &nbsp;&nbsp;&nbsp; XW9Z-LUZU, 29.340%, 11/06/2025 †§x | Affirm | 5/30/2025 | 199 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; XWAM-B6JA, 29.520%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 174 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; XWAM-EMCD, 29.950%, 6/02/2022 †x#^ | Affirm | 12/06/2021 | 25 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; XWAP-WNQK, 29.410%, 5/19/2024 †x#^ | Affirm | 5/25/2023 | 166 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; XWAR-L1I6, 15.830%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 147 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XWAW-QCWD, 12.773%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 90 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XWB5-AFTJ, 29.420%, 5/17/2024 †x#^ | Affirm | 5/22/2023 | 145 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; XWBH-MPQU, 11.810%, 12/08/2025 †x# | Affirm | 12/14/2023 | 1330 | 1397 | 80 |
| &nbsp;&nbsp;&nbsp; XWBP-NIKZ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 382 | 379 | 378 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8287** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XWBQ-Z1UB, 18.000%, 6/19/2026 †§x# | Affirm | 12/27/2024 | $112 | $114 | $114 |
| &nbsp;&nbsp;&nbsp; XWBW-OZUT, 33.050%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XWBX-20J8, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XWCZ-FD02, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; XWD3-S063, 29.520%, 4/27/2023 †x#^ | Affirm | 5/02/2022 | 76 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; XWD9-BLFV, 15.570%, 10/08/2025 †§x | Affirm | 7/31/2025 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; XWDA-ZUC1, 18.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 116 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XWDR-VUXO, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; XWDX-OAGT, 29.350%, 11/11/2023 †x#^ | Affirm | 5/15/2023 | 479 | 472 | 29 |
| &nbsp;&nbsp;&nbsp; XWE1-F2M2, 29.410%, 2/06/2026 †§x | Affirm | 8/29/2025 | 157 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; XWE2-M15K, 19.700%, 10/24/2025 †§x | Affirm | 10/28/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; XWE6-JMAM, 15.770%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 240 | 249 | 14 |
| &nbsp;&nbsp;&nbsp; XWED-P006, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 64 |
| &nbsp;&nbsp;&nbsp; XWEF-HSN1, 29.980%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 107 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; XWER-6XW5, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 236 | 240 | 239 |
| &nbsp;&nbsp;&nbsp; XWES-8QXR, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 88 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; XWFA-4QF0, 25.200%, 4/18/2026 †§x | Affirm | 10/24/2024 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; XWFQ-HHGX, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; XWFZ-W50Y, 6.301%, 9/06/2023 †x#^« | Affirm | 9/09/2022 | 1484 | 1397 | 89 |
| &nbsp;&nbsp;&nbsp; XWFZ-WF0C, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XWG2-E1G4, 31.000%, 1/02/2026 †§x | Affirm | 1/05/2024 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; XWGG-TKMT, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 240 | 246 | 248 |
| &nbsp;&nbsp;&nbsp; XWGT-7538, 29.640%, 5/25/2024 †x#^ | Affirm | 12/01/2022 | 259 | 276 | 16 |
| &nbsp;&nbsp;&nbsp; XWH4-VHCT, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; XWH9-BDZJ, 24.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XWH9-YJY9, 29.810%, 7/03/2026 †§x | Affirm | 1/29/2025 | 249 | 257 | 255 |
| &nbsp;&nbsp;&nbsp; XWHB-YHZE, 8.238%, 3/28/2026 †§x« | Affirm | 3/31/2025 | 776 | 741 | 733 |
| &nbsp;&nbsp;&nbsp; XWHJ-D2L6, 33.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 203 | 208 | 37 |
| &nbsp;&nbsp;&nbsp; XWHM-PH3F, 28.000%, 6/21/2022 †x#^ | Affirm | 12/27/2021 | 95 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; XWHN-49MR, 35.260%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XWHP-1MEM, 24.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 237 | 244 | 245 |
| &nbsp;&nbsp;&nbsp; XWHP-A6LS, 35.560%, 11/20/2026 †§x | Affirm | 11/27/2024 | 503 | 503 | 511 |
| &nbsp;&nbsp;&nbsp; XWHR-XF4J, 33.950%, 11/12/2025 †x# | Affirm | 11/27/2024 | 82 | 86 | 19 |
| &nbsp;&nbsp;&nbsp; XWHS-WED5, 29.380%, 12/02/2025 †§x | Affirm | 6/27/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XWHW-KHBY, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XWI7-FQAD, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XWII-UD7F, 35.170%, 1/08/2026 †§x | Affirm | 7/31/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XWIO-TSUD, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XWIP-AMGE, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 293 | 295 | 294 |
| &nbsp;&nbsp;&nbsp; XWIP-SG5I, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; XWIZ-QRBC, 6.843%, 9/25/2025 †§x« | Affirm | 9/30/2024 | 45 | 42 | 45 |
| &nbsp;&nbsp;&nbsp; XWJ1-64GJ, 29.460%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 151 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XWJ1-CDK4, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XWJ3-AKGX, 29.590%, 10/24/2023 †x#^ | Affirm | 10/28/2022 | 279 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; XWJ6-5SBK, 33.050%, 11/06/2026 †§x | Affirm | 5/30/2025 | 634 | 665 | 671 |
| &nbsp;&nbsp;&nbsp; XWJ6-XM8F, 23.400%, 2/19/2026 †§x | Affirm | 8/22/2024 | 343 | 348 | 348 |
| &nbsp;&nbsp;&nbsp; XWJA-HX9E, 23.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 255 | 265 | 267 |
| &nbsp;&nbsp;&nbsp; XWJB-OLML, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 117 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; XWJB-VTGN, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 247 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; XWJB-Z62K, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 199 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; XWKU-2C2I, 30.000%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 58 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; XWKU-SAPK, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XWKV-T23R, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 311 | 311 | 310 |
| &nbsp;&nbsp;&nbsp; XWM0-LDOG, 33.950%, 10/21/2025 †x# | Affirm | 10/24/2024 | 59 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XWMB-JRKK, 33.500%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | 2554 | 2489 | 153 |
| &nbsp;&nbsp;&nbsp; XWMG-EG43, 33.050%, 6/02/2027 †§x | Affirm | 6/27/2025 | 1973 | 2081 | 2102 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8288** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XWMI-CLG9, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | $311 | $311 | $311 |
| &nbsp;&nbsp;&nbsp; XWMM-8LXA, 35.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 726 | 717 | 721 |
| &nbsp;&nbsp;&nbsp; XWMT-445K, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XWN5-TP7C, 29.460%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 84 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XWN7-8GSY, 15.770%, 10/23/2025 †§x | Affirm | 10/28/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XWND-355N, 4.219%, 11/08/2023 †x#^« | Affirm | 11/12/2021 | 1512 | 1393 | 91 |
| &nbsp;&nbsp;&nbsp; XWNF-9081, 15.650%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XWNK-1Y3V, 29.590%, 10/28/2025 †§x | Affirm | 10/31/2024 | 153 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; XWNM-4LQC, 29.710%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; XWO0-H6OQ, 35.260%, 9/20/2025 †x# | Affirm | 3/28/2025 | 551 | 558 | 33 |
| &nbsp;&nbsp;&nbsp; XWO5-O4LJ, 18.000%, 3/23/2026 †§x | Affirm | 9/26/2024 | 149 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; XWO9-2UCJ, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 404 | 415 | 417 |
| &nbsp;&nbsp;&nbsp; XWO9-77O7, 18.000%, 6/20/2026 †§x | Affirm | 12/27/2024 | 266 | 272 | 274 |
| &nbsp;&nbsp;&nbsp; XWOF-N8Z8, 35.770%, 2/05/2026 †x# | Affirm | 2/26/2025 | 738 | 731 |  |
| &nbsp;&nbsp;&nbsp; XWOF-NNQ9, 31.000%, 4/26/2026 †§x | Affirm | 5/02/2024 | 1643 | 1671 | 1679 |
| &nbsp;&nbsp;&nbsp; XWOF-UOX0, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 656 | 665 | 670 |
| &nbsp;&nbsp;&nbsp; XWOJ-P67Z, 22.660%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 218 | 225 | 13 |
| &nbsp;&nbsp;&nbsp; XWOR-3WN8, 35.470%, 11/06/2026 †x | Affirm | 5/30/2025 | 233 | 238 | 241 |
| &nbsp;&nbsp;&nbsp; XWOS-FIKW, 35.400%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XWOU-HMUS, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XWP9-3H5N, 10.840%, 11/21/2025 †x# | Affirm | 11/25/2022 | 2715 | 2924 | 163 |
| &nbsp;&nbsp;&nbsp; XWPB-S9X7, 15.810%, 5/20/2026 †§x | Affirm | 11/27/2024 | 860 | 878 | 881 |
| &nbsp;&nbsp;&nbsp; XWPF-PB37, 11.770%, 3/20/2026 †§x | Affirm | 3/28/2025 | 136 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; XWPU-9HHC, 15.770%, 8/06/2026 †§x | Affirm | 8/29/2025 | 540 | 559 | 559 |
| &nbsp;&nbsp;&nbsp; XWPU-AT0K, 35.880%, 1/02/2026 †x# | Affirm | 1/29/2025 | 535 | 547 | 34 |
| &nbsp;&nbsp;&nbsp; XWPU-F0G4, 33.050%, 3/28/2026 †§x | Affirm | 3/31/2025 | 255 | 264 | 262 |
| &nbsp;&nbsp;&nbsp; XWPZ-B3L8, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; XWQB-HDEN, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XWQG-U0CL, 33.950%, 5/18/2026 †x# | Affirm | 5/22/2023 | 3177 | 3410 | 191 |
| &nbsp;&nbsp;&nbsp; XWQI-IR7I, 24.830%, 3/03/2026 †§x | Affirm | 3/28/2025 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; XWQJ-SKNR, 35.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; XWQL-WELM, 24.400%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; XWQU-Z0KR, 29.350%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 73 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; XWR1-9568, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 100 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; XWR3-YHEW, 35.580%, 1/13/2027 †§x | Affirm | 1/29/2025 | 1209 | 1204 | 1222 |
| &nbsp;&nbsp;&nbsp; XWR4-ITXY, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 438 | 446 | 444 |
| &nbsp;&nbsp;&nbsp; XWR8-XY3J, 29.710%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 76 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XWRF-FRBF, 31.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 252 | 258 | 257 |
| &nbsp;&nbsp;&nbsp; XWRO-6M4Q, 29.570%, 3/29/2024 †x#^ | Affirm | 10/05/2023 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XWS0-YXFF, 33.950%, 2/28/2026 †x# | Affirm | 3/28/2025 | 116 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; XWS6-Q5NW, 27.100%, 4/04/2024 †x#^ | Affirm | 10/07/2022 | 314 | 336 | 19 |
| &nbsp;&nbsp;&nbsp; XWS7-F833, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XWSL-8BT4, 33.950%, 5/14/2025 †x#^ | Affirm | 11/27/2024 | 633 | 649 | 38 |
| &nbsp;&nbsp;&nbsp; XWSL-GHQV, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; XWSO-HQWM, 7.180%, 9/04/2025 †§x« | Affirm | 3/28/2025 | 90 | 87 | 89 |
| &nbsp;&nbsp;&nbsp; XWSS-ICMA, 35.976%, 7/29/2024 †x#^ | Affirm | 5/02/2024 | 81 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XWSU-BN70, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 764 | 770 | 765 |
| &nbsp;&nbsp;&nbsp; XWT8-SEKT, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 63 | 61 | 63 |
| &nbsp;&nbsp;&nbsp; XWTG-LV75, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 100 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XWTH-ARDJ, 29.260%, 1/05/2024 †x#^ | Affirm | 1/09/2023 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; XWTO-NUOY, 24.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 169 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; XWTY-N562, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 328 | 331 | 329 |
| &nbsp;&nbsp;&nbsp; XWU4-TMFT, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 83 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XWU4-YOAY, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 188 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; XWU9-9NXY, 28.500%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; XWUA-EDN6, 29.810%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 42 | 43 | 42 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8289** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XWUB-ZEN3, 22.760%, 11/20/2025 †§x | Affirm | 11/27/2024 | $19 | $19 | $19 |
| &nbsp;&nbsp;&nbsp; XWUZ-PZO4, 27.950%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 191 | 195 | 11 |
| &nbsp;&nbsp;&nbsp; XWV9-BR4M, 32.000%, 5/06/2025 †x#^ | Affirm | 5/13/2024 | 54 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; XWVE-3JX8, 35.450%, 8/07/2026 †§x | Affirm | 8/29/2025 | 460 | 473 | 473 |
| &nbsp;&nbsp;&nbsp; XWVQ-Z3S9, 25.200%, 4/16/2026 †§x | Affirm | 4/19/2024 | 200 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; XWVU-CIAC, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 288 | 293 | 294 |
| &nbsp;&nbsp;&nbsp; XWVW-XLVY, 29.510%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 269 | 282 | 16 |
| &nbsp;&nbsp;&nbsp; XWW7-6C9T, 29.710%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 78 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XWW8-0EO3, 24.400%, 2/11/2027 †§x | Affirm | 2/26/2025 | 691 | 724 | 731 |
| &nbsp;&nbsp;&nbsp; XWWC-MKAR, 23.700%, 1/22/2023 †x#^ | Affirm | 7/28/2022 | 106 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; XWWE-HR8E, 35.110%, 12/02/2025 †§x | Affirm | 6/27/2025 | 115 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XWWJ-XKJO, 27.500%, 3/16/2023 †x#^ | Affirm | 9/22/2022 | 102 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; XWWX-6QEM, 33.050%, 10/21/2025 †§x | Affirm | 10/24/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XWWX-IXRC, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 707 | 707 | 704 |
| &nbsp;&nbsp;&nbsp; XWWY-A03O, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; XWX2-X654, 18.200%, 10/03/2025 †§x | Affirm | 10/07/2024 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XWXA-EKC1, 29.640%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 679 | 724 | 41 |
| &nbsp;&nbsp;&nbsp; XWXF-0IN1, 29.540%, 1/02/2027 †§x | Affirm | 1/05/2024 | 633 | 660 | 659 |
| &nbsp;&nbsp;&nbsp; XWXL-1NGP, 21.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 59 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; XWXS-E3JP, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 186 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; XWXW-84VO, 35.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 70 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; XWY5-EKM7, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 111 | 113 | 112 |
| &nbsp;&nbsp;&nbsp; XWY5-XASO, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 150 | 149 | 88 |
| &nbsp;&nbsp;&nbsp; XWY7-9ENK, 26.900%, 11/07/2025 †§x | Affirm | 8/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; XWYB-NNZF, 19.750%, 10/18/2025 †§x | Affirm | 10/24/2024 | 139 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; XWYB-TTCV, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; XWYG-OC5F, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XWYI-FJ14, 22.200%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 141 | 147 | 8 |
| &nbsp;&nbsp;&nbsp; XWYY-CMMQ, 29.880%, 7/19/2023 †x#^ | Affirm | 1/23/2023 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; XWZ6-38BV, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 236 | 234 | 57 |
| &nbsp;&nbsp;&nbsp; XWZ6-99LC, 35.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; XWZ9-TMUU, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; XWZB-2MXT, 35.400%, 4/24/2026 †§x# | Affirm | 10/28/2024 | 228 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; XWZE-E6K5, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 696 | 708 | 704 |
| &nbsp;&nbsp;&nbsp; XWZP-PNDU, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 649 | 662 | 39 |
| &nbsp;&nbsp;&nbsp; XWZR-8RVQ, 29.670%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 88 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; XX03-JTBG, 35.950%, 1/02/2026 †x# | Affirm | 1/29/2025 | 171 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; XX09-LC62, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; XX0C-YDVH, 18.000%, 9/02/2025 †§x | Affirm | 6/27/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XX0E-MNGS, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 424 | 432 | 25 |
| &nbsp;&nbsp;&nbsp; XX0F-AD5N, 34.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 192 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; XX0I-6O0T, 35.570%, 9/28/2025 †§x | Affirm | 10/03/2024 | 22 | 22 | 21 |
| &nbsp;&nbsp;&nbsp; XX0J-21J7, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 262 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; XX0P-KHR2, 35.360%, 2/26/2026 †x# | Affirm | 8/29/2024 | 233 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; XX16-24GT, 35.170%, 2/06/2026 †§x | Affirm | 8/29/2025 | 334 | 340 | 340 |
| &nbsp;&nbsp;&nbsp; XX19-2CFY, 32.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; XX1O-4T6Z, 35.420%, 12/05/2025 †§x | Affirm | 12/08/2023 | 137 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; XX1P-4YYW, 28.000%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 483 | 507 | 29 |
| &nbsp;&nbsp;&nbsp; XX1T-N3WS, 29.210%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 65 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; XX1U-653F, 26.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 111 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; XX25-FFKW, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XX27-TS1K, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; XX29-EGL5, 29.650%, 9/16/2023 †x#^ | Affirm | 9/22/2022 | 147 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; XX2A-XYFS, 11.820%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 227 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; XX2E-32NX, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XX2H-2PMM, 35.460%, 3/25/2026 †x# | Affirm | 9/30/2024 | 394 | 387 | 24 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8290** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XX2H-2V95, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | $23 | $23 | $23 |
| &nbsp;&nbsp;&nbsp; XX2Q-JWCO, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XX2R-G3RP, 29.500%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 10 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; XX2T-T6CF, 29.500%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 818 | 834 | 49 |
| &nbsp;&nbsp;&nbsp; XX2V-S4UN, 29.410%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 401 | 392 | 24 |
| &nbsp;&nbsp;&nbsp; XX2Z-G8XE, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 137 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; XX31-N3WD, 25.900%, 12/10/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XX3H-WBIK, 29.510%, 4/22/2023 †x#^ | Affirm | 4/28/2022 | 107 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; XX3J-Q40S, 15.700%, 3/28/2026 †§x | Affirm | 3/31/2025 | 150 | 156 | 155 |
| &nbsp;&nbsp;&nbsp; XX3L-ISGD, 35.690%, 2/06/2026 †§x | Affirm | 2/26/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XX3Y-8938, 35.460%, 9/07/2025 †§x# | Affirm | 9/11/2023 | 116 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; XX45-YN4F, 29.730%, 9/09/2024 †x#^ | Affirm | 3/13/2023 | 162 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; XX46-1I0H, 22.200%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 236 | 249 | 14 |
| &nbsp;&nbsp;&nbsp; XX47-UY1P, 29.760%, 12/28/2025 †§x | Affirm | 1/29/2025 | 97 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; XX4A-HE2G, 35.460%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 72 | 75 | 6 |
| &nbsp;&nbsp;&nbsp; XX4B-S5Y9, 35.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 261 | 262 | 260 |
| &nbsp;&nbsp;&nbsp; XX4J-XJEL, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 306 | 312 | 18 |
| &nbsp;&nbsp;&nbsp; XX4U-BVVR, 20.900%, 6/26/2026 †§x | Affirm | 6/29/2023 | 1302 | 1333 | 1343 |
| &nbsp;&nbsp;&nbsp; XX50-2TUQ, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; XX52-20HU, 35.440%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 1127 | 1136 | 68 |
| &nbsp;&nbsp;&nbsp; XX55-2JI6, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 629 | 640 | 637 |
| &nbsp;&nbsp;&nbsp; XX5H-CK6M, 21.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 204 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; XX5K-FIHF, 27.100%, 6/07/2024 †x#^ | Affirm | 11/10/2022 | 138 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; XX5O-MXWZ, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 252 | 262 | 265 |
| &nbsp;&nbsp;&nbsp; XX5P-35S3, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; XX5P-DTOK, 32.000%, 3/20/2028 †x | Affirm | 3/31/2025 | 4740 | 4730 | 4805 |
| &nbsp;&nbsp;&nbsp; XX5U-KDTW, 15.690%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XX6A-9O1O, 29.430%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 142 | 138 | 9 |
| &nbsp;&nbsp;&nbsp; XX6G-0WB9, 9.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 171 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; XX6G-HCET, 29.520%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 315 | 312 | 19 |
| &nbsp;&nbsp;&nbsp; XX6J-9IEF, 35.580%, 9/16/2025 †x# | Affirm | 9/19/2024 | 303 | 315 | 18 |
| &nbsp;&nbsp;&nbsp; XX6N-MULO, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 159 | 160 | 159 |
| &nbsp;&nbsp;&nbsp; XX71-N3NH, 29.810%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 259 | 266 | 159 |
| &nbsp;&nbsp;&nbsp; XX75-NNW6, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XX78-1SL8, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; XX7A-23ER, 25.200%, 1/08/2026 †§x | Affirm | 7/31/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; XX7G-QBUJ, 29.810%, 3/03/2023 †x#^ | Affirm | 3/07/2022 | 183 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; XX7I-S2FE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 325 | 324 | 325 |
| &nbsp;&nbsp;&nbsp; XX7J-IX8O, 35.170%, 11/06/2025 †x | Affirm | 5/30/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; XX8D-GK73, 29.560%, 5/28/2025 †x#^ | Affirm | 12/04/2023 | 397 | 418 | 24 |
| &nbsp;&nbsp;&nbsp; XX8D-JUVX, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 263 | 269 | 271 |
| &nbsp;&nbsp;&nbsp; XX8K-5RAA, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 191 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; XX8Q-FZ1Z, 35.190%, 9/20/2025 †x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XX8U-4CP5, 6.952%, 1/08/2026 †§x« | Affirm | 7/31/2025 | 2349 | 2294 | 2289 |
| &nbsp;&nbsp;&nbsp; XX8V-IOCB, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; XX94-TJNP, 22.670%, 3/28/2024 †x#^ | Affirm | 10/02/2023 | 285 | 291 | 17 |
| &nbsp;&nbsp;&nbsp; XX95-NUWA, 13.840%, 12/21/2025 †§x | Affirm | 6/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XX98-7LX9, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 125 | 130 | 132 |
| &nbsp;&nbsp;&nbsp; XX9B-OQ2W, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XX9B-S0ZJ, 24.950%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 374 | 387 | 22 |
| &nbsp;&nbsp;&nbsp; XX9H-5FDJ, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XX9P-Q5PH, 30.950%, 12/02/2025 †x# | Affirm | 6/27/2025 | 225 | 230 | 60 |
| &nbsp;&nbsp;&nbsp; XX9U-AARC, 29.720%, 1/09/2026 †§x | Affirm | 1/29/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XXA5-8H53, 30.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 270 | 277 | 278 |
| &nbsp;&nbsp;&nbsp; XXA7-WMX2, 29.560%, 1/11/2025 †x#^ | Affirm | 1/16/2024 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; XXAH-AG86, 35.981%, 11/22/2023 †x#^ | Affirm | 5/25/2023 | 158 | 160 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8291** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XXAS-5ZZB, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | $48 | $49 | $49 |
| &nbsp;&nbsp;&nbsp; XXB8-HHGU, 29.590%, 2/02/2023 †x#^ | Affirm | 5/05/2022 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; XXB9-XDXM, 11.860%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 181 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; XXBC-333I, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XXBE-M5QG, 33.950%, 12/24/2025 †§x | Affirm | 6/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XXBU-UKC8, 29.850%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 1497 | 1480 | 90 |
| &nbsp;&nbsp;&nbsp; XXC8-Z2NP, 15.670%, 9/28/2025 †§x | Affirm | 4/22/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XXCO-DSQU, 33.950%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 185 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; XXCQ-VOWE, 29.620%, 3/23/2026 †x# | Affirm | 9/26/2024 | 268 | 282 | 16 |
| &nbsp;&nbsp;&nbsp; XXCU-1HT7, 27.740%, 4/24/2025 †x#^ | Affirm | 4/27/2023 | 585 | 602 | 35 |
| &nbsp;&nbsp;&nbsp; XXCY-JUKJ, 35.510%, 12/02/2025 †§x | Affirm | 6/27/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XXDD-AHB9, 23.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XXDJ-EYAR, 35.200%, 2/19/2025 †x#^ | Affirm | 8/22/2024 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; XXDM-FTVK, 15.860%, 8/12/2026 †§x | Affirm | 2/26/2025 | 231 | 241 | 239 |
| &nbsp;&nbsp;&nbsp; XXDM-PC3C, 31.951%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; XXDS-3XRQ, 32.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 104 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; XXDY-GRQJ, 29.560%, 4/15/2028 †§x | Affirm | 4/18/2024 | 1482 | 1566 | 1559 |
| &nbsp;&nbsp;&nbsp; XXE1-W9WE, 35.310%, 5/23/2026 †§x# | Affirm | 5/28/2024 | 307 | 309 | 314 |
| &nbsp;&nbsp;&nbsp; XXE8-NEV7, 35.010%, 10/08/2025 †§x | Affirm | 7/31/2025 | 54 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XXEG-XJTE, 22.980%, 11/04/2025 †§x | Affirm | 11/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XXEY-OU8O, 29.470%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 225 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; XXFE-GPIE, 27.450%, 3/21/2023 †x#^ | Affirm | 3/24/2022 | 725 | 762 | 44 |
| &nbsp;&nbsp;&nbsp; XXFM-E70B, 35.150%, 2/06/2026 †§x | Affirm | 8/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XXFQ-WASV, 35.290%, 9/28/2026 †x# | Affirm | 3/31/2025 | 194 | 193 | 42 |
| &nbsp;&nbsp;&nbsp; XXFU-Q41J, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; XXFZ-SEYR, 35.380%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 194 | 182 | 12 |
| &nbsp;&nbsp;&nbsp; XXG4-WQIQ, 35.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XXG6-LJEG, 29.500%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | 264 | 266 | 16 |
| &nbsp;&nbsp;&nbsp; XXGB-XZZM, 29.490%, 9/07/2025 †§x | Affirm | 3/11/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; XXGE-WFOH, 30.000%, 7/03/2023 †x#^ | Affirm | 1/06/2023 | 58 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; XXGF-RNOO, 29.070%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 369 | 389 | 22 |
| &nbsp;&nbsp;&nbsp; XXGK-G2MI, 25.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; XXGO-GQ4W, 11.840%, 9/28/2025 †x | Affirm | 10/03/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XXGR-UJOT, 29.680%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 489 | 499 | 29 |
| &nbsp;&nbsp;&nbsp; XXHI-R6G4, 35.770%, 3/03/2026 †x# | Affirm | 3/28/2025 | 764 | 754 |  |
| &nbsp;&nbsp;&nbsp; XXHK-UBKE, 33.180%, 1/06/2026 †x# | Affirm | 1/29/2025 | 137 | 135 | 34 |
| &nbsp;&nbsp;&nbsp; XXHM-GYSJ, 24.250%, 12/07/2026 †§x | Affirm | 12/11/2023 | 1010 | 1039 | 1039 |
| &nbsp;&nbsp;&nbsp; XXHU-1Q66, 29.590%, 10/28/2025 †x# | Affirm | 10/31/2024 | 91 | 97 | 1 |
| &nbsp;&nbsp;&nbsp; XXHY-ICYP, 15.700%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 135 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; XXI8-5H5R, 15.710%, 5/06/2026 †§x | Affirm | 5/30/2025 | 320 | 329 | 330 |
| &nbsp;&nbsp;&nbsp; XXIM-RNS3, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XXIN-5Q1N, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 125 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; XXIQ-PBV0, 35.450%, 3/26/2026 †§x | Affirm | 9/30/2024 | 167 | 165 | 167 |
| &nbsp;&nbsp;&nbsp; XXIU-PDSI, 27.500%, 8/09/2024 †x#^ | Affirm | 8/12/2022 | 791 | 852 | 47 |
| &nbsp;&nbsp;&nbsp; XXIX-7QPX, 29.430%, 4/17/2023 †x#^ | Affirm | 3/21/2022 | 259 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; XXJ6-5RDH, 35.770%, 2/05/2026 †x# | Affirm | 2/26/2025 | 663 | 657 | 155 |
| &nbsp;&nbsp;&nbsp; XXJ7-WWQL, 35.210%, 3/04/2025 †x#^ | Affirm | 3/07/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; XXJ8-5XY9, 29.430%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 126 | 125 | 8 |
| &nbsp;&nbsp;&nbsp; XXJH-I351, 35.490%, 12/16/2025 †x# | Affirm | 12/27/2024 | 131 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; XXJX-DHO6, 15.860%, 1/06/2026 †§x | Affirm | 1/29/2025 | 36 | 37 | 36 |
| &nbsp;&nbsp;&nbsp; XXJY-Q9J1, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; XXK1-SJ5H, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XXK3-KXU5, 35.440%, 6/02/2026 †x# | Affirm | 6/27/2025 | 405 | 413 | 238 |
| &nbsp;&nbsp;&nbsp; XXKH-YA9R, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 107 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XXKI-UNMV, 29.460%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; XXKP-VZAM, 31.000%, 8/11/2026 †§x | Affirm | 2/26/2025 | 393 | 410 | 408 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8292** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XXKV-RMLB, 15.000%, 1/08/2028 †x | Affirm | 1/29/2025 | $2186 | $2254 | $2271 |
| &nbsp;&nbsp;&nbsp; XXKX-7VEW, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 183 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; XXLG-VRBJ, 33.950%, 11/20/2025 †§x | Affirm | 11/27/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; XXLH-28QB, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XXLL-VF3W, 35.290%, 11/21/2025 †§x | Affirm | 5/24/2024 | 95 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; XXLN-H8H0, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 361 | 357 | 360 |
| &nbsp;&nbsp;&nbsp; XXLR-K4F5, 29.600%, 10/25/2025 †§x | Affirm | 10/31/2024 | 20 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XXLU-T56M, 15.790%, 11/03/2024 †x#^ | Affirm | 11/07/2022 | 571 | 603 | 34 |
| &nbsp;&nbsp;&nbsp; XXLZ-KR0D, 35.410%, 12/28/2025 †§x | Affirm | 1/29/2025 | 28 | 28 | 27 |
| &nbsp;&nbsp;&nbsp; XXM9-BMNU, 15.720%, 11/21/2025 †§x | Affirm | 5/24/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XXM9-I8P3, 20.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 177 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; XXMI-QNCB, 35.170%, 9/20/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XXN5-7215, 29.110%, 12/06/2023 †x#^ | Affirm | 12/09/2021 | 532 | 574 | 32 |
| &nbsp;&nbsp;&nbsp; XXN6-0TZF, 26.700%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 216 | 222 | 219 |
| &nbsp;&nbsp;&nbsp; XXNM-304P, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 106 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; XXNS-I118, 32.500%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1972 | 1953 | 1989 |
| &nbsp;&nbsp;&nbsp; XXNT-RTSH, 35.170%, 9/03/2025 †x# | Affirm | 3/28/2025 | 202 | 206 | 14 |
| &nbsp;&nbsp;&nbsp; XXNV-S3MU, 35.770%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 314 | 319 | 320 |
| &nbsp;&nbsp;&nbsp; XXNY-PA7J, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XXNZ-P9MM, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; XXO9-DM1Y, 29.620%, 12/11/2025 †§x | Affirm | 12/27/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; XXOD-3U8N, 28.500%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 240 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; XXOG-M55Z, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XXOL-L59W, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 165 | 168 | 167 |
| &nbsp;&nbsp;&nbsp; XXOQ-2ZAM, 29.540%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; XXOX-GULU, 24.850%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; XXP0-BCND, 6.965%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 2059 | 1999 | 1999 |
| &nbsp;&nbsp;&nbsp; XXPC-N7ZJ, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XXPS-CN5K, 33.950%, 3/26/2025 †x#^ | Affirm | 9/30/2024 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; XXPS-EPUM, 33.950%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 33 | 33 | 13 |
| &nbsp;&nbsp;&nbsp; XXPS-JW88, 29.560%, 2/19/2026 †§x | Affirm | 8/22/2024 | 123 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; XXPU-4ZQ6, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XXPZ-KCX0, 35.120%, 12/02/2025 †§x | Affirm | 6/27/2025 | 155 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; XXQ4-T7LT, 26.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XXQJ-ZXBA, 23.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 273 | 279 | 281 |
| &nbsp;&nbsp;&nbsp; XXQQ-TJ4C, 15.690%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 824 | 815 | 49 |
| &nbsp;&nbsp;&nbsp; XXQR-KPQG, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 161 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; XXQV-BPE8, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 219 | 226 | 224 |
| &nbsp;&nbsp;&nbsp; XXR0-U9UN, 29.690%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 226 | 212 | 14 |
| &nbsp;&nbsp;&nbsp; XXR8-ZI1G, 10.840%, 9/19/2026 †§x | Affirm | 9/22/2022 | 1001 | 1028 | 964 |
| &nbsp;&nbsp;&nbsp; XXR9-NEFK, 29.480%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 142 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XXRD-0QS8, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; XXRR-6MV7, 33.950%, 9/28/2025 †x | Affirm | 10/03/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XXRW-0G06, 35.230%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XXSA-1UGG, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 893 | 925 | 54 |
| &nbsp;&nbsp;&nbsp; XXSB-WUE2, 35.630%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 784 | 785 | 47 |
| &nbsp;&nbsp;&nbsp; XXSF-XDFS, 29.590%, 10/25/2027 †§x | Affirm | 10/31/2024 | 1792 | 1835 | 1858 |
| &nbsp;&nbsp;&nbsp; XXSG-25DP, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; XXSH-2P5K, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XXSO-Z6JT, 33.950%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 468 | 471 | 28 |
| &nbsp;&nbsp;&nbsp; XXSS-Q8YZ, 29.510%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 106 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; XXSW-D1LC, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 344 | 362 | 21 |
| &nbsp;&nbsp;&nbsp; XXSY-129L, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; XXT5-Y9QK, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XXT7-JY1W, 29.800%, 2/05/2026 †§x | Affirm | 2/26/2025 | 146 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; XXTZ-XXY6, 29.410%, 10/04/2022 †x#^ | Affirm | 4/07/2022 | 37 | 38 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8293** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XXU5-GVO7, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | $447 | $455 | $457 |
| &nbsp;&nbsp;&nbsp; XXU8-JC9R, 22.770%, 1/03/2026 †§x | Affirm | 1/29/2025 | 70 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; XXUE-CGGX, 29.990%, 7/13/2023 †x#^ | Affirm | 1/20/2023 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; XXUJ-60ES, 22.750%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 164 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; XXUL-1AJA, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 38 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XXUQ-TD0W, 35.390%, 8/23/2026 †§x | Affirm | 8/29/2024 | 618 | 614 | 624 |
| &nbsp;&nbsp;&nbsp; XXUS-9SLY, 6.952%, 2/06/2026 †§x« | Affirm | 8/29/2025 | 193 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; XXUT-C4V7, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 133 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; XXV2-DYAF, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 243 | 246 | 246 |
| &nbsp;&nbsp;&nbsp; XXV2-Y8S4, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 152 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; XXV7-MJF1, 35.620%, 8/11/2026 †§x | Affirm | 2/26/2025 | 192 | 189 | 191 |
| &nbsp;&nbsp;&nbsp; XXVC-6K6E, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; XXVF-62YG, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 122 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XXVX-Z20H, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XXVY-EXEJ, 32.950%, 5/06/2026 †§x | Affirm | 5/09/2024 | 994 | 994 | 1009 |
| &nbsp;&nbsp;&nbsp; XXWE-QP01, 35.880%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 744 | 740 | 739 |
| &nbsp;&nbsp;&nbsp; XXWL-1V77, 33.950%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 12 | 12 | 2 |
| &nbsp;&nbsp;&nbsp; XXWT-R8H6, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XXWU-MAXQ, 13.840%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; XXYL-JELG, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XXYR-H2JY, 35.510%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XXYU-F2DQ, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; XXZ0-W6EA, 30.500%, 10/21/2024 †x#^ | Affirm | 8/24/2023 | 1944 | 2020 | 117 |
| &nbsp;&nbsp;&nbsp; XXZ1-1UOI, 22.850%, 2/03/2026 †§x | Affirm | 2/26/2025 | 280 | 285 | 285 |
| &nbsp;&nbsp;&nbsp; XXZ4-L4X6, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 647 | 643 | 641 |
| &nbsp;&nbsp;&nbsp; XXZ4-UZUT, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 633 | 625 | 38 |
| &nbsp;&nbsp;&nbsp; XXZH-VZ6E, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XXZI-137C, 26.700%, 12/17/2025 †§x | Affirm | 6/21/2024 | 300 | 304 | 304 |
| &nbsp;&nbsp;&nbsp; XXZJ-9542, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 286 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; XXZK-GXF6, 33.050%, 10/15/2025 †§x | Affirm | 4/18/2024 | 285 | 286 | 286 |
| &nbsp;&nbsp;&nbsp; XXZM-6HL7, 35.260%, 5/06/2026 †§x | Affirm | 5/30/2025 | 169 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; XXZP-H0DY, 35.570%, 9/20/2025 †§x# | Affirm | 9/26/2024 | 150 | 137 | 146 |
| &nbsp;&nbsp;&nbsp; XY00-EJ26, 28.500%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; XY0K-QCR1, 26.700%, 6/19/2026 †§x | Affirm | 12/27/2024 | 221 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; XY0P-4BCU, 29.580%, 4/21/2026 †§x | Affirm | 10/25/2024 | 46 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; XY0V-WQZT, 13.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 133 | 132 |
| &nbsp;&nbsp;&nbsp; XY0W-DVO3, 18.000%, 2/26/2026 †§x | Affirm | 8/29/2024 | 207 | 209 | 209 |
| &nbsp;&nbsp;&nbsp; XY12-0L0D, 30.950%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; XY1A-J0PW, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 153 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; XY1I-R274, 29.570%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; XY1R-Y9KS, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XY1U-QN6X, 22.650%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 167 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; XY1X-5Y3Z, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 354 | 361 | 362 |
| &nbsp;&nbsp;&nbsp; XY1Z-TR1F, 29.500%, 12/04/2025 †§x | Affirm | 12/07/2023 | 209 | 211 | 211 |
| &nbsp;&nbsp;&nbsp; XY29-HJX2, 8.181%, 2/07/2026 †x#« | Affirm | 2/26/2025 | 294 | 273 | 107 |
| &nbsp;&nbsp;&nbsp; XY2I-CTNG, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 237 | 242 | 242 |
| &nbsp;&nbsp;&nbsp; XY2O-WA5W, 29.670%, 8/02/2022 †x#^ | Affirm | 5/05/2022 | 270 | 268 | 16 |
| &nbsp;&nbsp;&nbsp; XY2Y-YASW, 29.800%, 3/03/2026 †§x | Affirm | 3/28/2025 | 153 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; XY37-48JE, 8.936%, 11/15/2025 †x#« | Affirm | 11/27/2024 | 373 | 344 | 22 |
| &nbsp;&nbsp;&nbsp; XY3A-OXAY, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XY3E-3S1Y, 29.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 133 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; XY3E-GWVR, 23.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 138 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; XY3S-KJV4, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 132 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; XY44-6EKB, 31.000%, 9/25/2025 †x | Affirm | 9/30/2024 | 725 | 725 | 733 |
| &nbsp;&nbsp;&nbsp; XY4F-AWCD, 35.420%, 12/07/2025 †x# | Affirm | 12/11/2023 | 202 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; XY4G-0KFQ, 29.590%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 20 | 20 | 20 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8294** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XY4R-UEMX, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | $35 | $35 | $35 |
| &nbsp;&nbsp;&nbsp; XY4S-8EEZ, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; XY4U-HH7E, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 124 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; XY4Z-G2I7, 32.500%, 2/26/2026 †x# | Affirm | 8/29/2024 | 88 | 91 | 23 |
| &nbsp;&nbsp;&nbsp; XY59-2TLE, 22.620%, 3/04/2025 †x#^ | Affirm | 12/07/2023 | 262 | 263 | 16 |
| &nbsp;&nbsp;&nbsp; XY5L-VCVC, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 999 | 1024 | 1031 |
| &nbsp;&nbsp;&nbsp; XY5Q-NK9I, 35.540%, 3/16/2026 †§x# | Affirm | 9/19/2024 | 1170 | 1162 | 1159 |
| &nbsp;&nbsp;&nbsp; XY63-28KG, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; XY6G-CMJ4, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XY6K-7RM7, 30.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XY6U-IGWC, 30.000%, 8/21/2023 †x#^ | Affirm | 2/24/2023 | 50 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; XY71-OHK2, 29.810%, 2/07/2026 †x | Affirm | 2/26/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; XY74-CNEZ, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 184 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; XY78-NO7G, 35.180%, 1/08/2026 †§x | Affirm | 7/31/2025 | 117 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; XY7D-XXR3, 35.490%, 12/16/2025 †§x | Affirm | 12/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; XY7H-OYBJ, 35.820%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XY7X-51GF, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XY89-BM5D, 33.050%, 9/03/2025 †x# | Affirm | 3/28/2025 | 60 | 62 | 1 |
| &nbsp;&nbsp;&nbsp; XY8E-KCIJ, 13.840%, 7/13/2026 †§x | Affirm | 1/29/2025 | 173 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; XY8J-SFF3, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 215 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; XY8U-C9T0, 29.740%, 5/01/2024 †x#^ | Affirm | 11/04/2022 | 109 | 109 | 7 |
| &nbsp;&nbsp;&nbsp; XY8V-WY8V, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 339 | 347 | 348 |
| &nbsp;&nbsp;&nbsp; XY8V-YJPS, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; XY9B-V3BL, 18.000%, 10/08/2025 †§x | Affirm | 4/11/2024 | 711 | 713 | 712 |
| &nbsp;&nbsp;&nbsp; XY9C-6I3L, 23.400%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XY9C-71P9, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 37 | 36 |
| &nbsp;&nbsp;&nbsp; XY9J-SGCX, 31.200%, 6/29/2024 †x#^ | Affirm | 1/11/2024 | 78 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; XY9R-8BQA, 31.450%, 8/28/2026 †§x# | Affirm | 3/28/2025 | 332 | 326 | 324 |
| &nbsp;&nbsp;&nbsp; XY9S-0ZB1, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; XY9S-TD8V, 9.830%, 9/11/2025 †§x | Affirm | 3/14/2024 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XY9U-H420, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XY9V-1L1H, 35.430%, 6/20/2026 †§x | Affirm | 12/27/2024 | 156 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; XY9W-1AYH, 9.870%, 10/18/2025 †§x | Affirm | 10/24/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; XY9Y-MM5M, 29.620%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 246 | 240 | 15 |
| &nbsp;&nbsp;&nbsp; XYA4-ESUX, 13.840%, 1/13/2027 †§x | Affirm | 1/29/2025 | 394 | 408 | 408 |
| &nbsp;&nbsp;&nbsp; XYA7-F8IJ, 33.050%, 6/03/2025 †x#^ | Affirm | 3/28/2025 | 217 | 218 | 17 |
| &nbsp;&nbsp;&nbsp; XYAB-LL4Y, 29.570%, 4/17/2024 †x#^ | Affirm | 10/21/2022 | 307 | 329 | 18 |
| &nbsp;&nbsp;&nbsp; XYAI-ST12, 33.050%, 12/11/2025 †§x | Affirm | 12/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; XYAK-PLVE, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XYAZ-VUDY, 18.000%, 6/29/2024 †x#^ | Affirm | 7/07/2023 | 143 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XYB4-57Q4, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 533 | 559 | 32 |
| &nbsp;&nbsp;&nbsp; XYBL-HW1C, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; XYBS-H9DV, 27.500%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 87 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; XYBS-RKA2, 35.200%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 89 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XYBT-23N5, 32.000%, 9/18/2025 †§x | Affirm | 9/23/2024 | 127 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; XYBT-EM3T, 35.150%, 1/08/2026 †§x | Affirm | 7/31/2025 | 225 | 225 | 225 |
| &nbsp;&nbsp;&nbsp; XYBW-A47E, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 196 | 199 | 58 |
| &nbsp;&nbsp;&nbsp; XYBY-XXS7, 29.490%, 11/06/2025 †§x | Affirm | 5/09/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XYBZ-82XV, 29.450%, 11/03/2024 †x#^ | Affirm | 5/11/2023 | 257 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; XYCC-MD0J, 29.700%, 1/05/2024 †x#^ | Affirm | 1/09/2023 | 100 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; XYCE-KJXB, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; XYCK-8ISX, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XYCT-JE3H, 35.370%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; XYCU-XZ1U, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 542 | 557 | 560 |
| &nbsp;&nbsp;&nbsp; XYD1-980M, 33.060%, 1/02/2026 †§x | Affirm | 1/29/2025 | 107 | 108 | 107 |
| &nbsp;&nbsp;&nbsp; XYD4-XJ6D, 29.500%, 12/02/2024 †x#^ | Affirm | 6/08/2023 | 81 | 82 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8295** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XYD7-N36M, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | $227 | $229 | $229 |
| &nbsp;&nbsp;&nbsp; XYDD-3Z01, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XYDG-8PNW, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 303 | 297 | 295 |
| &nbsp;&nbsp;&nbsp; XYDH-VCN0, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 192 | 195 | 196 |
| &nbsp;&nbsp;&nbsp; XYDK-ZO6J, 29.410%, 3/29/2024 †x#^ | Affirm | 4/03/2023 | 441 | 426 | 26 |
| &nbsp;&nbsp;&nbsp; XYDO-HUHO, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; XYDO-P9B2, 29.470%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 45 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; XYDT-CCCX, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 449 | 448 | 449 |
| &nbsp;&nbsp;&nbsp; XYDT-O5VS, 35.490%, 5/02/2025 †x#^ | Affirm | 5/06/2024 | 1844 | 1935 | 111 |
| &nbsp;&nbsp;&nbsp; XYE5-GF1A, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 298 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; XYEC-QOXR, 16.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; XYEH-A91S, 35.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 221 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; XYEM-GVNJ, 29.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 99 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; XYEY-GRB4, 35.480%, 3/29/2024 †x#^ | Affirm | 10/05/2023 | 582 | 594 | 35 |
| &nbsp;&nbsp;&nbsp; XYFS-AAR5, 35.630%, 8/10/2026 †x# | Affirm | 2/26/2025 | 211 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; XYFX-R1AG, 25.200%, 2/06/2026 †§x | Affirm | 8/29/2025 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; XYFY-0JXM, 27.100%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 496 | 522 | 30 |
| &nbsp;&nbsp;&nbsp; XYG0-SS23, 35.370%, 12/21/2025 †§x | Affirm | 6/27/2024 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; XYG6-JMQ8, 35.130%, 12/02/2025 †§x | Affirm | 6/27/2025 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; XYG7-2DRB, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 100 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XYGF-FPVM, 35.280%, 11/28/2025 †§x# | Affirm | 5/31/2024 | 79 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; XYGH-7O6O, 29.820%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 155 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; XYGL-1GI5, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XYGV-YUSR, 31.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XYHD-45C6, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 279 | 279 | 278 |
| &nbsp;&nbsp;&nbsp; XYHD-E552, 35.370%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; XYHG-5J6C, 23.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 141 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; XYHH-6W8Z, 15.760%, 6/27/2026 †§x | Affirm | 7/01/2024 | 636 | 633 | 638 |
| &nbsp;&nbsp;&nbsp; XYHL-SURB, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XYHM-ZEN3, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 407 | 415 | 24 |
| &nbsp;&nbsp;&nbsp; XYHN-ZICE, 32.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XYI0-HADW, 23.400%, 10/22/2025 †§x | Affirm | 10/25/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; XYII-QO4Z, 35.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; XYIR-8VI4, 35.290%, 3/03/2026 †x# | Affirm | 3/28/2025 | 89 | 93 | 22 |
| &nbsp;&nbsp;&nbsp; XYIZ-2ECW, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 99 | 100 | 18 |
| &nbsp;&nbsp;&nbsp; XYJ2-A5YQ, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 240 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; XYJA-XYAI, 35.330%, 12/27/2025 †§x | Affirm | 1/02/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; XYJK-J05V, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; XYJO-4JSY, 35.480%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; XYJO-AXE7, 25.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XYJO-MWLE, 35.470%, 8/20/2025 †x#^ | Affirm | 8/23/2024 | 292 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; XYJR-LM7S, 35.280%, 6/01/2024 †x#^ | Affirm | 6/05/2023 | 396 | 369 | 24 |
| &nbsp;&nbsp;&nbsp; XYJS-4UXZ, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 93 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; XYJZ-8SJ3, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; XYK3-BSV8, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 107 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; XYKJ-0UNB, 35.360%, 2/23/2026 †§x | Affirm | 8/29/2024 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; XYL3-09RR, 29.850%, 10/02/2025 †§x | Affirm | 10/07/2024 | 71 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; XYLJ-EO8R, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 396 | 403 | 404 |
| &nbsp;&nbsp;&nbsp; XYLQ-OE00, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XYLR-OUP3, 6.804%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 437 | 432 | 429 |
| &nbsp;&nbsp;&nbsp; XYLX-C7JD, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 111 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; XYLY-7SLV, 23.400%, 1/10/2026 †§x | Affirm | 1/16/2024 | 206 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; XYM2-5ST6, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 233 | 236 | 234 |
| &nbsp;&nbsp;&nbsp; XYM7-DUPL, 33.050%, 10/17/2025 †§x# | Affirm | 4/22/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; XYM8-8LAT, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 177 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; XYMG-D0P0, 24.720%, 11/15/2025 †§x | Affirm | 11/27/2024 | 44 | 45 | 45 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8296** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XYMG-J3FV, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | $416 | $421 | $421 |
| &nbsp;&nbsp;&nbsp; XYMK-RS1V, 11.760%, 6/02/2026 †§x | Affirm | 6/27/2025 | 88 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; XYMS-B9G5, 29.720%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 301 | 307 | 18 |
| &nbsp;&nbsp;&nbsp; XYMS-P398, 26.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XYMU-MNXW, 35.410%, 10/21/2026 †§x | Affirm | 10/24/2024 | 667 | 663 | 670 |
| &nbsp;&nbsp;&nbsp; XYN0-MHNB, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 54 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XYN5-M3K6, 35.450%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 247 | 245 | 247 |
| &nbsp;&nbsp;&nbsp; XYN6-J45O, 35.370%, 9/11/2025 †x# | Affirm | 3/14/2024 | 168 | 168 | 166 |
| &nbsp;&nbsp;&nbsp; XYN7-T3VG, 28.000%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; XYNA-JQOP, 33.950%, 9/19/2025 †§x | Affirm | 9/23/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; XYNI-QUHR, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1142 | 1171 | 1171 |
| &nbsp;&nbsp;&nbsp; XYNO-8T1Y, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 114 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; XYNT-0UQB, 28.500%, 8/28/2024 †x#^ | Affirm | 9/02/2022 | 114 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; XYNV-8CRP, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 77 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; XYO2-B68F, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; XYO8-Y8QI, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 101 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XYO9-A4NC, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 219 | 223 | 222 |
| &nbsp;&nbsp;&nbsp; XYOA-FGSX, 35.660%, 2/27/2026 †x# | Affirm | 3/28/2025 | 145 | 142 | 9 |
| &nbsp;&nbsp;&nbsp; XYOH-PGIF, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 124 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; XYOU-5OVE, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 443 | 451 | 450 |
| &nbsp;&nbsp;&nbsp; XYP2-10JT, 29.550%, 12/28/2025 †x# | Affirm | 7/05/2024 | 275 | 286 | 16 |
| &nbsp;&nbsp;&nbsp; XYP6-THS0, 15.890%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 287 | 283 | 17 |
| &nbsp;&nbsp;&nbsp; XYPC-XKUL, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; XYPJ-2U94, 35.360%, 10/15/2025 †§x | Affirm | 4/18/2024 | 57 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; XYPJ-JDKQ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 243 | 242 | 244 |
| &nbsp;&nbsp;&nbsp; XYPJ-S2OD, 35.570%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; XYPP-0UMO, 33.050%, 6/20/2026 †§x | Affirm | 12/27/2024 | 215 | 222 | 221 |
| &nbsp;&nbsp;&nbsp; XYPS-3MPU, 35.590%, 11/15/2025 †x# | Affirm | 11/27/2024 | 50 | 50 | 10 |
| &nbsp;&nbsp;&nbsp; XYPV-X604, 17.900%, 10/17/2025 †§x | Affirm | 10/20/2022 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; XYPW-LTKB, 6.804%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 244 | 229 | 241 |
| &nbsp;&nbsp;&nbsp; XYPY-0IAE, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; XYPY-JMOB, 35.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 104 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; XYQ0-BLU7, 35.350%, 3/21/2027 †§x | Affirm | 3/31/2025 | 601 | 597 | 609 |
| &nbsp;&nbsp;&nbsp; XYQC-EX8T, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XYQX-DCEB, 29.590%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XYR0-U26N, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1037 | 1064 | 1070 |
| &nbsp;&nbsp;&nbsp; XYR3-EX9T, 15.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XYR8-YZFD, 35.690%, 1/02/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; XYRI-ST91, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; XYRV-O49I, 23.400%, 10/24/2025 †§x | Affirm | 10/28/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; XYRV-TA27, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XYSB-473H, 29.640%, 11/20/2026 †§x | Affirm | 11/27/2024 | 277 | 287 | 282 |
| &nbsp;&nbsp;&nbsp; XYSG-6PVL, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 154 | 148 | 152 |
| &nbsp;&nbsp;&nbsp; XYSH-NAXX, 23.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 119 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; XYSI-YRPO, 35.270%, 9/04/2024 †x#^ | Affirm | 3/07/2024 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; XYSO-3647, 18.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 755 | 773 | 777 |
| &nbsp;&nbsp;&nbsp; XYT4-E7H0, 15.700%, 3/28/2026 †§x | Affirm | 4/22/2025 | 153 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; XYTA-J4XB, 29.410%, 5/17/2024 †x#^ | Affirm | 5/22/2023 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XYTA-UWQX, 35.310%, 12/17/2024 †x#^ | Affirm | 6/21/2024 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; XYTC-7IQM, 35.440%, 6/20/2026 †§x | Affirm | 12/27/2024 | 417 | 415 | 418 |
| &nbsp;&nbsp;&nbsp; XYTF-LIHQ, 33.050%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 130 | 134 | 136 |
| &nbsp;&nbsp;&nbsp; XYTM-UZ7R, 24.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; XYTR-RF8O, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; XYTR-W4DH, 13.840%, 7/08/2026 †§x | Affirm | 7/31/2025 | 345 | 356 | 358 |
| &nbsp;&nbsp;&nbsp; XYTS-VE5B, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 157 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; XYTT-HIDC, 35.510%, 12/04/2025 †x# | Affirm | 12/07/2023 | 235 | 237 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8297** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XYTV-XG0D, 24.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | $210 | $209 | $210 |
| &nbsp;&nbsp;&nbsp; XYUG-1TTW, 18.000%, 7/02/2026 †x | Affirm | 1/29/2025 | 4552 | 4654 | 4671 |
| &nbsp;&nbsp;&nbsp; XYUG-UIJD, 29.830%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 54 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; XYUI-9X4B, 15.680%, 3/20/2026 †§x | Affirm | 3/28/2025 | 80 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; XYUM-0YZT, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 1547 | 1548 | 1548 |
| &nbsp;&nbsp;&nbsp; XYUS-IZKC, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 151 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; XYV3-Y1W6, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; XYVH-L415, 9.652%, 7/14/2023 †x#^« | Affirm | 7/18/2022 | 111 | 101 | 7 |
| &nbsp;&nbsp;&nbsp; XYVH-ZQJQ, 35.620%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 109 | 101 | 7 |
| &nbsp;&nbsp;&nbsp; XYVQ-ZBUP, 15.810%, 9/23/2025 †x# | Affirm | 9/26/2024 | 371 | 393 | 22 |
| &nbsp;&nbsp;&nbsp; XYVV-7WP3, 25.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; XYWB-UPS1, 15.730%, 5/28/2026 †x# | Affirm | 6/05/2023 | 3075 | 3301 | 185 |
| &nbsp;&nbsp;&nbsp; XYWK-9EC0, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 124 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; XYWU-VFBC, 33.950%, 6/20/2026 †§x | Affirm | 12/27/2024 | 559 | 578 | 575 |
| &nbsp;&nbsp;&nbsp; XYWY-6D07, 9.800%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 311 | 318 | 319 |
| &nbsp;&nbsp;&nbsp; XYWY-9KDZ, 35.530%, 6/19/2026 †§x | Affirm | 12/27/2024 | 111 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; XYWZ-DM5F, 34.000%, 12/28/2026 †x# | Affirm | 1/29/2025 | 3017 | 2692 | 2742 |
| &nbsp;&nbsp;&nbsp; XYX0-TZVI, 29.550%, 2/27/2026 †§x | Affirm | 8/30/2024 | 147 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; XYX7-UERY, 29.440%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XYXA-89C7, 35.580%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 179 | 164 | 176 |
| &nbsp;&nbsp;&nbsp; XYXH-H04V, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; XYXL-NGOI, 35.490%, 9/16/2025 †§x | Affirm | 9/19/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XYXN-P3WP, 15.780%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 821 | 829 | 835 |
| &nbsp;&nbsp;&nbsp; XYXY-4QYT, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; XYY2-J0VT, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; XYY4-GDWL, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 178 | 181 | 182 |
| &nbsp;&nbsp;&nbsp; XYY5-MFBY, 29.630%, 3/05/2024 †x#^ | Affirm | 9/08/2023 | 42 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; XYYA-78G6, 35.500%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 142 | 142 | 9 |
| &nbsp;&nbsp;&nbsp; XYYO-AFWX, 30.950%, 2/10/2026 †x | Affirm | 2/26/2025 | 168 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; XYYP-4TN8, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; XYYQ-I7ZJ, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; XYYQ-NERC, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 385 | 380 | 378 |
| &nbsp;&nbsp;&nbsp; XYYZ-F4TQ, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 235 | 239 | 240 |
| &nbsp;&nbsp;&nbsp; XYZ7-YMB9, 29.550%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 274 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; XYZF-4CLO, 26.900%, 12/18/2025 †§x | Affirm | 12/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; XYZF-U6QY, 29.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; XYZG-A6NH, 35.550%, 1/02/2026 †§x | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XYZU-OYPH, 35.550%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; XYZZ-L9BP, 15.840%, 12/15/2025 †x | Affirm | 11/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; XZ04-MTKI, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; XZ09-4MR3, 29.430%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 221 | 233 | 13 |
| &nbsp;&nbsp;&nbsp; XZ0D-15P8, 35.710%, 1/02/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XZ0I-7653, 33.950%, 12/24/2025 †§x | Affirm | 6/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; XZ0I-DVGQ, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XZ0I-LZ6X, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 403 | 410 | 408 |
| &nbsp;&nbsp;&nbsp; XZ0K-B5TS, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XZ0M-IOYM, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 82 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; XZ0V-Y0ZT, 15.730%, 1/25/2026 †§x | Affirm | 7/29/2024 | 174 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; XZ1B-O4AR, 34.000%, 4/08/2025 †x#^ | Affirm | 4/11/2024 | 525 | 475 | 32 |
| &nbsp;&nbsp;&nbsp; XZ1D-V3W8, 24.400%, 3/28/2026 †§x | Affirm | 3/31/2025 | 398 | 408 | 410 |
| &nbsp;&nbsp;&nbsp; XZ1K-LBSM, 29.620%, 9/23/2026 †x# | Affirm | 9/26/2024 | 604 | 630 | 36 |
| &nbsp;&nbsp;&nbsp; XZ1S-70I7, 29.500%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 809 | 794 | 49 |
| &nbsp;&nbsp;&nbsp; XZ2C-4WNX, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; XZ2G-EVTX, 22.750%, 3/14/2026 †§x | Affirm | 3/18/2024 | 764 | 774 | 776 |
| &nbsp;&nbsp;&nbsp; XZ2O-KW7D, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; XZ39-Y75V, 33.950%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 116 | 118 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8298** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XZ3D-CRXW, 33.050%, 2/03/2026 †§x | Affirm | 2/26/2025 | $69 | $71 | $71 |
| &nbsp;&nbsp;&nbsp; XZ3R-PJ43, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 188 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; XZ46-2L2P, 15.830%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 95 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XZ4D-X3SB, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XZ4F-KIZL, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; XZ4T-V75I, 35.690%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; XZ4V-J5OJ, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 484 | 495 | 497 |
| &nbsp;&nbsp;&nbsp; XZ50-R3XO, 29.540%, 10/26/2025 †x# | Affirm | 5/02/2024 | 243 | 255 | 15 |
| &nbsp;&nbsp;&nbsp; XZ50-SSL0, 31.000%, 5/13/2026 †§x# | Affirm | 11/27/2024 | 324 | 333 | 332 |
| &nbsp;&nbsp;&nbsp; XZ5B-BX3E, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 113 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; XZ5B-C3EM, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 487 | 493 | 492 |
| &nbsp;&nbsp;&nbsp; XZ5E-IN39, 15.750%, 10/28/2025 †x# | Affirm | 5/03/2024 | 220 | 228 | 13 |
| &nbsp;&nbsp;&nbsp; XZ5K-7BLG, 24.710%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 62 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; XZ5V-8AO9, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 208 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; XZ5Y-G81U, 26.200%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 202 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; XZ5Y-LR0U, 35.680%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 81 | 81 | 48 |
| &nbsp;&nbsp;&nbsp; XZ6B-IQTB, 29.510%, 5/21/2026 †§x | Affirm | 5/24/2024 | 855 | 868 | 875 |
| &nbsp;&nbsp;&nbsp; XZ6J-MIDV, 35.440%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 207 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; XZ6O-72E0, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 391 | 408 | 406 |
| &nbsp;&nbsp;&nbsp; XZ6R-4PNC, 31.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 1086 | 1114 | 1122 |
| &nbsp;&nbsp;&nbsp; XZ6R-PRRT, 23.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1274 | 1321 | 1331 |
| &nbsp;&nbsp;&nbsp; XZ6U-MV8A, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XZ71-9TXL, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 803 | 822 | 826 |
| &nbsp;&nbsp;&nbsp; XZ76-C7TL, 26.700%, 2/05/2026 †§x | Affirm | 2/26/2025 | 481 | 493 | 496 |
| &nbsp;&nbsp;&nbsp; XZ7I-1HCJ, 28.000%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 60 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; XZ7K-79NA, 30.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; XZ7U-AC2V, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XZ82-CH14, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; XZ83-C254, 35.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XZ89-VM4P, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 337 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; XZ8H-7UNZ, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 500 | 486 | 485 |
| &nbsp;&nbsp;&nbsp; XZ8I-H699, 29.720%, 1/28/2024 †x#^ | Affirm | 2/02/2023 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; XZ90-O6HO, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1190 | 1205 | 1206 |
| &nbsp;&nbsp;&nbsp; XZ95-4Y4O, 35.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 81 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; XZ9A-GHXX, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 278 | 277 | 277 |
| &nbsp;&nbsp;&nbsp; XZ9C-3B6F, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 119 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; XZ9O-3GOP, 30.450%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1718 | 1711 | 1715 |
| &nbsp;&nbsp;&nbsp; XZ9P-IXLE, 29.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 198 | 195 | 12 |
| &nbsp;&nbsp;&nbsp; XZ9Q-FKE4, 22.200%, 1/02/2027 †§x | Affirm | 1/29/2025 | 925 | 957 | 963 |
| &nbsp;&nbsp;&nbsp; XZ9Q-T68Q, 35.530%, 12/11/2025 †§x | Affirm | 12/27/2024 | 1067 | 1082 | 1088 |
| &nbsp;&nbsp;&nbsp; XZ9X-P36N, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XZ9Y-HAA5, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 71 | 72 | 40 |
| &nbsp;&nbsp;&nbsp; XZA1-QIWC, 28.500%, 2/07/2023 †x#^ | Affirm | 11/10/2022 | 216 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; XZAA-VA3T, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 598 | 593 | 592 |
| &nbsp;&nbsp;&nbsp; XZAD-42X4, 25.200%, 10/02/2025 †§x | Affirm | 10/07/2024 | 269 | 271 | 270 |
| &nbsp;&nbsp;&nbsp; XZAG-5Y0V, 29.900%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 209 | 213 | 13 |
| &nbsp;&nbsp;&nbsp; XZAK-42MD, 22.640%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 404 | 415 | 24 |
| &nbsp;&nbsp;&nbsp; XZAK-ZQWD, 27.500%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 162 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; XZAS-PMK0, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XZAU-MGAN, 35.180%, 6/28/2025 †x#^ | Affirm | 4/22/2025 | 62 | 60 | 5 |
| &nbsp;&nbsp;&nbsp; XZAX-SOJ8, 35.570%, 9/25/2025 †x# | Affirm | 9/30/2024 | 145 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; XZAY-T1UO, 11.860%, 12/12/2023 †x#^ | Affirm | 9/19/2022 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; XZBF-XDKK, 29.600%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 103 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; XZBG-1G70, 33.090%, 12/28/2025 †x# | Affirm | 1/29/2025 | 77 | 79 | 8 |
| &nbsp;&nbsp;&nbsp; XZBI-EH8N, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 91 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; XZBI-EWKH, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 301 | 301 | 301 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8299** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XZBL-XZT5, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | $56 | $58 | $58 |
| &nbsp;&nbsp;&nbsp; XZBM-JCJV, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 691 | 696 | 697 |
| &nbsp;&nbsp;&nbsp; XZBM-KUQS, 35.400%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 38 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; XZBP-0Y9Y, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 214 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; XZBT-R1XK, 35.000%, 4/28/2026 †x# | Affirm | 10/31/2024 | 206 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; XZBY-Q9TX, 35.530%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; XZC6-EGVP, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 644 | 661 | 664 |
| &nbsp;&nbsp;&nbsp; XZCB-WSOA, 15.690%, 3/28/2026 †§x | Affirm | 3/31/2025 | 105 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; XZCI-75D9, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; XZCJ-VHIL, 35.570%, 9/24/2025 †§x | Affirm | 9/27/2024 | 87 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; XZCK-Q6PM, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 264 | 262 | 75 |
| &nbsp;&nbsp;&nbsp; XZCT-WDBE, 22.850%, 2/06/2026 †x | Affirm | 2/26/2025 | 2662 | 2727 | 2710 |
| &nbsp;&nbsp;&nbsp; XZCV-83NF, 11.640%, 1/08/2026 †§x« | Affirm | 7/31/2025 | 2081 | 2002 | 1994 |
| &nbsp;&nbsp;&nbsp; XZDA-6ET2, 22.750%, 10/28/2025 †§x | Affirm | 10/31/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; XZDC-MXIW, 35.650%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 332 | 330 | 330 |
| &nbsp;&nbsp;&nbsp; XZDC-SACS, 15.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; XZDN-4ZFN, 22.720%, 12/11/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XZDT-NQ41, 22.750%, 3/23/2026 †§x | Affirm | 9/26/2024 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; XZDX-WAVL, 29.540%, 10/04/2025 †§x | Affirm | 4/08/2024 | 111 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; XZEP-31GM, 32.500%, 12/25/2025 †§x | Affirm | 6/28/2024 | 161 | 162 | 161 |
| &nbsp;&nbsp;&nbsp; XZES-FALV, 29.860%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XZF8-FN3F, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; XZFA-ZRJ0, 34.000%, 5/03/2025 †x#^ | Affirm | 2/26/2025 | 412 | 389 | 25 |
| &nbsp;&nbsp;&nbsp; XZFB-TTYG, 23.400%, 8/26/2026 †§x | Affirm | 8/29/2024 | 996 | 1024 | 1029 |
| &nbsp;&nbsp;&nbsp; XZFD-3SOF, 29.620%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 153 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; XZFI-7VV2, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 627 | 648 | 654 |
| &nbsp;&nbsp;&nbsp; XZFU-J942, 13.621%, 6/18/2025 †x#^« | Affirm | 12/27/2024 | 82 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; XZG2-MEN2, 29.340%, 1/25/2023 †x#^ | Affirm | 7/29/2022 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; XZG4-56R1, 24.590%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; XZGF-X6C7, 29.560%, 8/11/2023 †x#^ | Affirm | 8/15/2022 | 1257 | 1301 | 75 |
| &nbsp;&nbsp;&nbsp; XZGT-A0MA, 28.000%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 79 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; XZGV-XCQS, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; XZGW-3VO2, 33.950%, 3/28/2026 †x# | Affirm | 3/31/2025 | 200 | 211 |  |
| &nbsp;&nbsp;&nbsp; XZH2-ITIN, 35.200%, 3/07/2025 †x#^ | Affirm | 3/11/2024 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; XZH7-E2A7, 31.450%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 114 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; XZHJ-C5TV, 32.500%, 2/05/2026 †§x | Affirm | 2/26/2025 | 203 | 207 | 207 |
| &nbsp;&nbsp;&nbsp; XZHQ-NB56, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 210 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; XZI2-QVA6, 29.690%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 31 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; XZI7-3Y1W, 29.180%, 6/02/2022 †x#^ | Affirm | 12/06/2021 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; XZIH-YTX9, 11.830%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; XZIV-D2TT, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; XZJ1-8AQE, 35.360%, 10/28/2025 †§x | Affirm | 5/02/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; XZJ1-WQAK, 21.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 182 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; XZJN-HFB2, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 392 | 387 | 24 |
| &nbsp;&nbsp;&nbsp; XZJO-3J9P, 27.500%, 5/03/2024 †x#^ | Affirm | 11/07/2022 | 562 | 599 | 34 |
| &nbsp;&nbsp;&nbsp; XZJU-95CR, 20.900%, 8/12/2026 †§x | Affirm | 2/26/2025 | 494 | 514 | 512 |
| &nbsp;&nbsp;&nbsp; XZJV-8MS0, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; XZJV-L3XV, 32.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 513 | 522 | 154 |
| &nbsp;&nbsp;&nbsp; XZK2-3WJV, 29.500%, 12/30/2023 †x#^ | Affirm | 7/07/2023 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; XZK8-WO65, 11.810%, 12/03/2024 †x#^ | Affirm | 7/07/2023 | 82 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; XZKA-PMGS, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; XZKV-DCQX, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 121 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; XZL8-5QUU, 35.220%, 11/03/2024 †x#^ | Affirm | 5/13/2024 | 146 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; XZLD-66N2, 29.630%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 145 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; XZLN-0S3N, 15.770%, 8/19/2026 †§x | Affirm | 8/22/2024 | 349 | 358 | 360 |
| &nbsp;&nbsp;&nbsp; XZLT-4MRN, 15.940%, 7/11/2022 †x#^ | Affirm | 1/21/2022 | 1764 | 1733 | 106 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8300** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XZLV-D6B8, 26.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | $192 | $200 | $11 |
| &nbsp;&nbsp;&nbsp; XZM0-1Q6A, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 276 | 274 | 274 |
| &nbsp;&nbsp;&nbsp; XZM0-QFIH, 29.710%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 122 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; XZM2-MONB, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; XZM3-2K55, 15.810%, 5/15/2023 †x#^ | Affirm | 11/18/2021 | 52 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; XZM6-4AWA, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; XZMD-WZOF, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 71 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; XZMP-HILY, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; XZMT-9YU0, 29.430%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 505 | 499 | 30 |
| &nbsp;&nbsp;&nbsp; XZN0-713I, 35.890%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 244 | 245 | 15 |
| &nbsp;&nbsp;&nbsp; XZN5-89KP, 35.590%, 9/23/2025 †x# | Affirm | 9/26/2024 | 48 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; XZN9-6P20, 29.800%, 2/06/2026 †§x | Affirm | 2/26/2025 | 196 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; XZNE-08G0, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 461 | 467 | 468 |
| &nbsp;&nbsp;&nbsp; XZNG-34B9, 23.000%, 8/05/2025 †§x#^ | Affirm | 2/26/2025 | 82 | 82 | 17 |
| &nbsp;&nbsp;&nbsp; XZNR-3K6Z, 29.490%, 12/28/2024 †x#^ | Affirm | 1/02/2024 | 191 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; XZNR-Z3PZ, 32.103%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 395 | 403 | 24 |
| &nbsp;&nbsp;&nbsp; XZNV-X9A5, 7.680%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 683 | 647 | 645 |
| &nbsp;&nbsp;&nbsp; XZNZ-ICBF, 29.410%, 3/29/2024 †x#^ | Affirm | 4/03/2023 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; XZNZ-W9EP, 35.280%, 6/12/2024 †x#^ | Affirm | 12/15/2023 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; XZOA-Z0NI, 35.460%, 10/28/2025 †§x | Affirm | 10/31/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; XZOF-BC1F, 24.400%, 3/23/2026 †x# | Affirm | 9/26/2024 | 220 | 230 | 2 |
| &nbsp;&nbsp;&nbsp; XZOH-QXDK, 29.570%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 65 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; XZOH-RQZT, 18.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 172 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; XZOK-WCF1, 35.280%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 226 | 234 | 230 |
| &nbsp;&nbsp;&nbsp; XZOS-C3Y5, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 147 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; XZP3-1TCQ, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 236 | 228 | 234 |
| &nbsp;&nbsp;&nbsp; XZP7-9LE0, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 143 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; XZPF-YRKX, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; XZPQ-0PBN, 29.690%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 214 | 225 | 13 |
| &nbsp;&nbsp;&nbsp; XZPQ-9241, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; XZPS-VFME, 22.750%, 9/23/2025 †§x | Affirm | 9/26/2024 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; XZPT-AOC6, 11.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; XZQA-36JT, 35.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; XZQQ-1VOD, 33.060%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 409 | 405 | 410 |
| &nbsp;&nbsp;&nbsp; XZQR-NU3O, 33.950%, 3/16/2026 †§x | Affirm | 9/19/2024 | 151 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; XZQU-AX0S, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 348 | 347 | 348 |
| &nbsp;&nbsp;&nbsp; XZR8-08JC, 29.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 161 | 160 | 159 |
| &nbsp;&nbsp;&nbsp; XZR9-564S, 34.130%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 109 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; XZRA-246T, 6.824%, 10/24/2025 †x#« | Affirm | 10/28/2024 | 190 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; XZRB-JGDS, 6.804%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 33 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; XZRS-9IMM, 35.000%, 1/11/2025 †x#^ | Affirm | 12/14/2023 | 302 | 303 | 18 |
| &nbsp;&nbsp;&nbsp; XZRW-D5ZK, 27.500%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 181 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; XZS3-30IY, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; XZS4-AG10, 29.650%, 5/13/2026 †x# | Affirm | 11/27/2024 | 210 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; XZS5-FEZP, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 182 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; XZS9-H7FE, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; XZSD-YXBJ, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 169 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; XZSM-G0FA, 29.520%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; XZSM-JP43, 35.440%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 165 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; XZSR-ZAO9, 29.390%, 2/22/2024 †x#^ | Affirm | 8/25/2023 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; XZSV-KFZU, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 34 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; XZSY-LOFP, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | 158 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; XZTF-TY71, 32.850%, 3/03/2026 †§x | Affirm | 3/28/2025 | 116 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; XZTH-JTDI, 15.750%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 471 | 465 | 28 |
| &nbsp;&nbsp;&nbsp; XZTR-8LWZ, 35.690%, 2/06/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; XZTU-X5PO, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 65 | 66 | 66 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8301** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; XZTX-FIJF, 15.890%, 2/07/2026 †§x# | Affirm | 2/26/2025 | $211 | $210 | $211 |
| &nbsp;&nbsp;&nbsp; XZTX-P5CD, 9.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; XZTY-NV44, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 100 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; XZU7-W3LW, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 219 | 222 | 221 |
| &nbsp;&nbsp;&nbsp; XZUA-503C, 35.550%, 12/28/2025 †x# | Affirm | 1/29/2025 | 158 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; XZUF-WCRS, 29.450%, 6/02/2026 †§x | Affirm | 6/27/2025 | 164 | 170 | 172 |
| &nbsp;&nbsp;&nbsp; XZUJ-089W, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 101 | 100 |
| &nbsp;&nbsp;&nbsp; XZUR-LV7R, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 49 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; XZUW-P8W0, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 63 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; XZV3-ZN3Y, 29.620%, 1/09/2025 †x#^ | Affirm | 1/12/2023 | 653 | 689 | 39 |
| &nbsp;&nbsp;&nbsp; XZV8-5JCW, 35.530%, 2/28/2026 †x# | Affirm | 1/29/2025 | 102 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; XZV9-U7HD, 30.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 130 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; XZVB-DVKK, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; XZVJ-RLI6, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 846 | 829 | 829 |
| &nbsp;&nbsp;&nbsp; XZVP-RAWY, 29.170%, 10/08/2025 †§x | Affirm | 7/31/2025 | 126 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; XZVU-XW0Y, 29.610%, 6/06/2023 †x#^ | Affirm | 12/09/2021 | 287 | 278 | 17 |
| &nbsp;&nbsp;&nbsp; XZW3-4H3P, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 78 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; XZW4-X4IJ, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; XZWE-XD25, 35.460%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; XZWK-MY7Y, 29.170%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 260 | 261 | 16 |
| &nbsp;&nbsp;&nbsp; XZWL-8JON, 30.000%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 427 | 434 | 26 |
| &nbsp;&nbsp;&nbsp; XZWS-NVD0, 24.920%, 12/28/2025 †§x | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; XZWS-ONI0, 30.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 279 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; XZWZ-1IY0, 15.790%, 2/20/2026 †§x# | Affirm | 2/23/2024 | 352 | 356 | 359 |
| &nbsp;&nbsp;&nbsp; XZY0-QVKE, 19.900%, 3/20/2024 †x#^ | Affirm | 9/23/2022 | 251 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; XZY3-G3JN, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 206 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; XZY4-STVE, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 147 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; XZY4-TQ9U, 16.000%, 8/07/2025 †§x#^ | Affirm | 2/26/2025 | 431 | 431 | 101 |
| &nbsp;&nbsp;&nbsp; XZY7-BHGJ, 22.690%, 5/01/2026 †§x | Affirm | 5/06/2024 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; XZYD-X6I8, 24.400%, 9/25/2027 †x | Affirm | 9/30/2024 | 3363 | 3468 | 3491 |
| &nbsp;&nbsp;&nbsp; XZYG-M22E, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 484 | 494 | 497 |
| &nbsp;&nbsp;&nbsp; XZYI-CWKL, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; XZYK-JCK3, 35.550%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; XZYR-MCIQ, 35.950%, 5/16/2024 †x#^ | Affirm | 2/23/2024 | 512 | 508 | 31 |
| &nbsp;&nbsp;&nbsp; XZYU-21O1, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 109 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; XZYX-46ZD, 35.390%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 998 | 994 | 1016 |
| &nbsp;&nbsp;&nbsp; XZZD-420Z, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; XZZE-LH43, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 411 | 432 | 431 |
| &nbsp;&nbsp;&nbsp; XZZI-MZJC, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; XZZW-VBI6, 35.180%, 9/20/2025 †§x | Affirm | 3/28/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y008-OMEM, 15.830%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 987 | 1032 | 59 |
| &nbsp;&nbsp;&nbsp; Y00I-BQYH, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; Y00R-SCGZ, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 117 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; Y011-L7H0, 32.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1554 | 1602 | 1617 |
| &nbsp;&nbsp;&nbsp; Y013-O4FK, 29.650%, 9/20/2025 †x# | Affirm | 9/26/2024 | 357 | 371 | 21 |
| &nbsp;&nbsp;&nbsp; Y015-41G0, 25.900%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 364 | 382 | 22 |
| &nbsp;&nbsp;&nbsp; Y016-S3HN, 15.700%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; Y01A-TNUA, 26.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Y01D-W46M, 35.240%, 9/20/2025 †§x | Affirm | 3/28/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y01G-OS1B, 35.520%, 12/16/2025 †x# | Affirm | 12/27/2024 | 59 | 59 | 14 |
| &nbsp;&nbsp;&nbsp; Y01U-WPVE, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 53 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; Y023-H8TI, 35.460%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 1144 | 1209 | 69 |
| &nbsp;&nbsp;&nbsp; Y027-YTR5, 15.750%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 556 | 575 | 33 |
| &nbsp;&nbsp;&nbsp; Y02D-A9G6, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Y02J-B7V5, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 793 | 801 | 801 |
| &nbsp;&nbsp;&nbsp; Y02N-FJOP, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 249 | 244 | 246 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8302** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y02R-376J, 35.610%, 8/12/2026 †§x# | Affirm | 2/26/2025 | $255 | $262 | $146 |
| &nbsp;&nbsp;&nbsp; Y02U-QAG6, 26.900%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Y02Z-TLAG, 35.000%, 8/30/2025 †§x#^ | Affirm | 6/27/2025 | 382 | 361 | 371 |
| &nbsp;&nbsp;&nbsp; Y03I-DLTP, 26.200%, 7/26/2022 †x#^ | Affirm | 1/31/2022 | 188 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; Y04M-D50P, 29.810%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 3297 | 3191 | 198 |
| &nbsp;&nbsp;&nbsp; Y04Q-4I37, 30.006%, 8/22/2024 †x#^ | Affirm | 8/25/2023 | 348 | 366 | 21 |
| &nbsp;&nbsp;&nbsp; Y050-YGWV, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Y052-6WFC, 29.690%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 114 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; Y056-KOFE, 35.430%, 12/19/2026 †§x | Affirm | 12/27/2024 | 661 | 661 | 671 |
| &nbsp;&nbsp;&nbsp; Y05I-RMJJ, 29.340%, 11/18/2023 †x#^ | Affirm | 5/26/2023 | 240 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; Y05K-7A1L, 30.000%, 2/05/2026 †x# | Affirm | 2/26/2025 | 351 | 369 |  |
| &nbsp;&nbsp;&nbsp; Y05O-P4VQ, 29.710%, 11/01/2024 †x#^ | Affirm | 11/04/2022 | 637 | 690 | 38 |
| &nbsp;&nbsp;&nbsp; Y05Q-60PW, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 225 | 225 | 224 |
| &nbsp;&nbsp;&nbsp; Y05T-3ZEA, 35.470%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 757 | 692 | 45 |
| &nbsp;&nbsp;&nbsp; Y064-CJB5, 35.000%, 12/18/2025 †§x | Affirm | 6/21/2024 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; Y065-8QIU, 9.830%, 1/25/2026 †§x | Affirm | 7/29/2024 | 279 | 282 | 283 |
| &nbsp;&nbsp;&nbsp; Y06D-7S0G, 31.000%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 85 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; Y06F-A7OT, 33.020%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; Y06I-LZJK, 33.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y06N-4KAU, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; Y06Q-O2RC, 28.000%, 3/13/2024 †x#^ | Affirm | 9/16/2022 | 350 | 375 | 21 |
| &nbsp;&nbsp;&nbsp; Y06S-303O, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 162 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; Y072-K7LO, 28.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 75 | 78 | 4 |
| &nbsp;&nbsp;&nbsp; Y072-T14H, 15.750%, 6/02/2026 †§x | Affirm | 6/27/2025 | 118 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; Y074-NHL7, 33.050%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 96 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; Y076-U49X, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y07I-2UUN, 22.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | 86 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; Y07P-4V3Z, 28.500%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 207 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; Y07U-HRVV, 35.390%, 3/10/2026 †x# | Affirm | 1/16/2024 | 343 | 345 | 120 |
| &nbsp;&nbsp;&nbsp; Y086-T5U0, 22.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 783 | 796 | 799 |
| &nbsp;&nbsp;&nbsp; Y08A-96OB, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 742 | 727 | 723 |
| &nbsp;&nbsp;&nbsp; Y08B-534U, 29.500%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 111 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; Y08G-RPMD, 21.252%, 9/28/2022 †x#^« | Affirm | 7/01/2022 | 305 | 291 | 18 |
| &nbsp;&nbsp;&nbsp; Y08M-B9WT, 29.530%, 5/21/2027 †§x# | Affirm | 5/24/2024 | 604 | 611 | 613 |
| &nbsp;&nbsp;&nbsp; Y08N-U4MZ, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 181 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; Y08R-9C7F, 15.850%, 8/27/2024 †x#^ | Affirm | 3/02/2023 | 248 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; Y08Y-49VO, 29.540%, 2/08/2024 †x#^ | Affirm | 8/11/2022 | 111 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; Y09K-WZE8, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 541 | 546 | 274 |
| &nbsp;&nbsp;&nbsp; Y09L-WH88, 19.870%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 214 | 214 | 140 |
| &nbsp;&nbsp;&nbsp; Y09Q-Q8Q6, 35.490%, 4/18/2026 †§x | Affirm | 10/24/2024 | 802 | 815 | 807 |
| &nbsp;&nbsp;&nbsp; Y09X-336R, 29.570%, 1/05/2027 †§x | Affirm | 1/11/2024 | 1631 | 1702 | 1690 |
| &nbsp;&nbsp;&nbsp; Y0AI-3QSD, 29.430%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 138 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; Y0AJ-1J90, 30.000%, 8/01/2024 †x#^ | Affirm | 2/06/2023 | 161 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; Y0AN-RC1U, 8.941%, 12/18/2025 †§x« | Affirm | 12/27/2024 | 715 | 696 | 690 |
| &nbsp;&nbsp;&nbsp; Y0AN-UDZK, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 122 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; Y0AT-Z8PC, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 293 | 302 | 300 |
| &nbsp;&nbsp;&nbsp; Y0AW-QUT8, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 193 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; Y0AX-6QBG, 35.410%, 10/24/2026 †§x# | Affirm | 10/28/2024 | 322 | 320 | 324 |
| &nbsp;&nbsp;&nbsp; Y0AZ-L0IB, 29.520%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | 385 | 395 | 23 |
| &nbsp;&nbsp;&nbsp; Y0B0-I03R, 22.750%, 1/08/2027 †§x | Affirm | 7/31/2025 | 309 | 322 | 322 |
| &nbsp;&nbsp;&nbsp; Y0B2-5AMF, 27.100%, 7/21/2023 †x#^ | Affirm | 7/25/2022 | 49 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Y0B6-3W7V, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 96 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; Y0B9-PIFE, 29.500%, 4/21/2025 †x#^ | Affirm | 4/27/2023 | 575 | 592 | 35 |
| &nbsp;&nbsp;&nbsp; Y0BH-2ON1, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; Y0CB-LY39, 29.550%, 9/01/2026 †§x | Affirm | 9/08/2023 | 466 | 483 | 482 |
| &nbsp;&nbsp;&nbsp; Y0CJ-ZPBV, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8303** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y0CL-SUAT, 29.993%, 3/12/2023 †x#^ | Affirm | 9/15/2022 | $164 | $168 | $10 |
| &nbsp;&nbsp;&nbsp; Y0CT-KDNW, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Y0CV-LD8A, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 54 | 56 | 54 |
| &nbsp;&nbsp;&nbsp; Y0D4-J9K3, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 400 | 399 | 400 |
| &nbsp;&nbsp;&nbsp; Y0D6-YXVU, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 237 | 245 | 247 |
| &nbsp;&nbsp;&nbsp; Y0DA-I37E, 26.700%, 1/13/2028 †§x | Affirm | 1/29/2025 | 1069 | 1097 | 1112 |
| &nbsp;&nbsp;&nbsp; Y0DB-4LMP, 35.530%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y0DE-Y5QO, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y0DH-PFNQ, 35.490%, 4/28/2026 †§x | Affirm | 10/31/2024 | 566 | 580 | 577 |
| &nbsp;&nbsp;&nbsp; Y0E4-6WAK, 25.200%, 1/04/2028 †x# | Affirm | 1/08/2024 | 1935 | 2137 | 64 |
| &nbsp;&nbsp;&nbsp; Y0E6-ZYH2, 22.640%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 93 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; Y0EW-YW54, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 112 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; Y0EY-N1YD, 29.430%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Y0F1-6GXE, 33.050%, 1/13/2027 †§x | Affirm | 1/29/2025 | 620 | 644 | 648 |
| &nbsp;&nbsp;&nbsp; Y0F4-3SSG, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 236 | 241 | 243 |
| &nbsp;&nbsp;&nbsp; Y0F4-UTSU, 25.900%, 9/29/2024 †x#^ | Affirm | 4/04/2024 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; Y0FM-L2LQ, 21.900%, 6/13/2026 †§x | Affirm | 6/16/2023 | 1348 | 1379 | 1383 |
| &nbsp;&nbsp;&nbsp; Y0FO-E6UE, 30.000%, 8/15/2022 †x#^ | Affirm | 2/18/2022 | 55 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; Y0FQ-0T1N, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 290 | 298 | 294 |
| &nbsp;&nbsp;&nbsp; Y0FY-8U5D, 35.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 378 | 385 | 383 |
| &nbsp;&nbsp;&nbsp; Y0G3-ISN9, 9.930%, 2/10/2026 †§x | Affirm | 2/26/2025 | 731 | 744 | 746 |
| &nbsp;&nbsp;&nbsp; Y0GC-XHKK, 7.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Y0GG-YB1L, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Y0GS-KVDP, 35.380%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 804 | 800 | 48 |
| &nbsp;&nbsp;&nbsp; Y0H1-DUVC, 30.000%, 10/19/2024 †x#^ | Affirm | 4/27/2023 | 337 | 356 | 20 |
| &nbsp;&nbsp;&nbsp; Y0H3-7IXP, 28.500%, 1/01/2023 †x#^ | Affirm | 7/08/2022 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; Y0H7-B3B4, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 28 | 28 | 3 |
| &nbsp;&nbsp;&nbsp; Y0HJ-NKT7, 33.950%, 10/28/2025 †§x | Affirm | 10/31/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Y0HJ-V3MN, 30.000%, 12/02/2024 †x#^ | Affirm | 6/08/2023 | 131 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; Y0HP-GQDO, 35.550%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 75 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; Y0HX-GQPW, 33.050%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y0IG-RWDB, 18.000%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1586 | 1660 | 1675 |
| &nbsp;&nbsp;&nbsp; Y0IH-D5R7, 21.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 161 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; Y0IK-VOAI, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 226 | 228 | 226 |
| &nbsp;&nbsp;&nbsp; Y0J0-EMCL, 20.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 101 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; Y0JA-H9N1, 28.000%, 11/22/2025 †§x# | Affirm | 11/25/2022 | 501 | 504 | 508 |
| &nbsp;&nbsp;&nbsp; Y0JN-LCWG, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 78 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; Y0JP-3FGP, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 133 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; Y0K1-UWF8, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 164 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; Y0K2-ZA2A, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y0K7-N2SF, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y0KL-8FYV, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y0KP-KE66, 35.570%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Y0KY-6C3T, 26.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Y0L2-5XA3, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Y0L9-DK9W, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 88 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; Y0LA-3DWU, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y0LB-MXTI, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 658 | 685 | 682 |
| &nbsp;&nbsp;&nbsp; Y0LD-J6QV, 27.500%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 113 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Y0LH-N8OB, 25.000%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 73 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; Y0LJ-2P8A, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Y0LU-RKQ8, 20.900%, 12/04/2025 †§x# | Affirm | 12/07/2023 | 244 | 246 | 246 |
| &nbsp;&nbsp;&nbsp; Y0LX-JOLW, 28.900%, 2/12/2027 †§x | Affirm | 2/26/2025 | 420 | 416 | 424 |
| &nbsp;&nbsp;&nbsp; Y0M4-Q1FP, 29.540%, 9/28/2027 †x# | Affirm | 10/02/2023 | 1039 | 1124 | 1108 |
| &nbsp;&nbsp;&nbsp; Y0MF-7FT4, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 456 | 464 | 465 |
| &nbsp;&nbsp;&nbsp; Y0MF-IO0Y, 35.360%, 4/15/2026 †§x# | Affirm | 4/18/2024 | 306 | 308 | 313 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8304** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y0MN-X726, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | $135 | $139 | $139 |
| &nbsp;&nbsp;&nbsp; Y0MP-DD7A, 29.470%, 12/28/2022 †x#^ | Affirm | 7/01/2022 | 295 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; Y0MR-YUTB, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 814 | 828 | 831 |
| &nbsp;&nbsp;&nbsp; Y0N1-K3BK, 22.610%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 201 | 215 | 12 |
| &nbsp;&nbsp;&nbsp; Y0N2-WEFF, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; Y0NE-U4U4, 35.570%, 11/15/2025 †x# | Affirm | 11/27/2024 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; Y0NG-82ZG, 32.500%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 188 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; Y0NI-ISRK, 35.360%, 6/02/2026 †§x | Affirm | 6/27/2025 | 93 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; Y0NL-D4C0, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y0NS-2EID, 22.830%, 2/05/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; Y0NW-IW4E, 22.750%, 9/16/2025 †§x | Affirm | 9/19/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y0NY-RAQN, 29.440%, 11/26/2024 †x#^ | Affirm | 6/02/2023 | 227 | 229 | 14 |
| &nbsp;&nbsp;&nbsp; Y0O1-7M8X, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Y0O5-74DJ, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; Y0OP-N66Z, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y0OW-H3B8, 29.840%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; Y0OZ-BX63, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 114 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; Y0P0-RU2X, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 20 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; Y0P5-IP91, 30.000%, 5/22/2025 †x#^ | Affirm | 5/25/2023 | 93 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; Y0PB-EBXM, 5.940%, 1/06/2026 †x | Affirm | 1/29/2025 | 163 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; Y0PI-3LHM, 35.380%, 4/16/2025 †x#^ | Affirm | 4/19/2024 | 52 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; Y0PI-4I64, 21.900%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 282 | 297 | 17 |
| &nbsp;&nbsp;&nbsp; Y0PJ-509Z, 28.000%, 9/15/2023 †x#^ | Affirm | 9/19/2022 | 224 | 235 | 13 |
| &nbsp;&nbsp;&nbsp; Y0PW-Y2B8, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y0PX-O1CN, 18.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 122 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; Y0QB-SWLO, 29.540%, 6/18/2025 †x#^ | Affirm | 6/21/2024 | 324 | 342 | 19 |
| &nbsp;&nbsp;&nbsp; Y0QG-9XDD, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; Y0QG-BYHZ, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 465 | 474 | 475 |
| &nbsp;&nbsp;&nbsp; Y0QK-AXDR, 35.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 272 | 276 | 273 |
| &nbsp;&nbsp;&nbsp; Y0QP-8Y97, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y0QQ-X2GU, 33.950%, 4/21/2026 †§x | Affirm | 10/24/2024 | 449 | 460 | 458 |
| &nbsp;&nbsp;&nbsp; Y0R0-3KY8, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y0R3-VA1Y, 32.000%, 10/02/2025 †§x | Affirm | 10/07/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y0RA-H6YG, 35.550%, 1/09/2026 †§x | Affirm | 1/29/2025 | 80 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; Y0RB-AJR9, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 234 | 238 | 239 |
| &nbsp;&nbsp;&nbsp; Y0RE-S4QS, 9.880%, 2/12/2028 †x | Affirm | 2/26/2025 | 5437 | 5681 | 5734 |
| &nbsp;&nbsp;&nbsp; Y0RG-FBC1, 29.540%, 10/03/2025 †§x# | Affirm | 4/08/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y0RL-GAKY, 33.950%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 253 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; Y0RR-CR9J, 33.380%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; Y0RS-MGUL, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; Y0RT-75AL, 29.340%, 9/02/2025 †§x | Affirm | 6/27/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y0RY-7CIT, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Y0S0-OGNW, 29.420%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 59 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; Y0S2-W1L2, 35.360%, 12/17/2024 †x#^ | Affirm | 6/21/2024 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; Y0S4-WC6C, 35.460%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 219 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; Y0SA-5PDF, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 90 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; Y0SJ-LU3Z, 29.580%, 7/10/2025 †x#^ | Affirm | 1/16/2024 | 126 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; Y0SP-3B42, 25.900%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 69 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; Y0SQ-2MLX, 35.984%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 36 | 36 | 4 |
| &nbsp;&nbsp;&nbsp; Y0ST-F0OF, 35.770%, 4/03/2026 †x | Affirm | 3/28/2025 | 96 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; Y0SV-YNNN, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 70 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; Y0TD-XJ0N, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; Y0TH-A8BJ, 35.250%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 73 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; Y0TJ-FRMZ, 29.700%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Y0TN-5EUB, 35.880%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 103 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; Y0TO-YF69, 18.000%, 8/26/2027 †§x# | Affirm | 8/29/2024 | 549 | 556 | 556 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8305** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y0TQ-K79A, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | $177 | $180 | $181 |
| &nbsp;&nbsp;&nbsp; Y0TR-0EWK, 33.290%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 77 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; Y0U3-EFLP, 32.000%, 9/19/2025 †§x | Affirm | 9/23/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y0UK-WK71, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 297 | 295 | 79 |
| &nbsp;&nbsp;&nbsp; Y0UL-6JV1, 24.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 696 | 709 | 712 |
| &nbsp;&nbsp;&nbsp; Y0UY-IGV2, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Y0VC-G0G1, 29.770%, 12/09/2022 †x#^ | Affirm | 9/15/2022 | 47 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; Y0VD-PUFJ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; Y0VE-RVQS, 35.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 285 | 282 | 285 |
| &nbsp;&nbsp;&nbsp; Y0VH-UFWA, 29.410%, 2/28/2024 †x#^ | Affirm | 8/31/2023 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Y0VM-5OON, 35.480%, 11/29/2024 †x#^ | Affirm | 12/04/2023 | 144 | 133 | 9 |
| &nbsp;&nbsp;&nbsp; Y0VN-AGZU, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 185 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; Y0VV-R4E4, 25.200%, 2/06/2026 †§x | Affirm | 2/26/2025 | 128 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; Y0WB-FYPX, 29.670%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; Y0WL-2T11, 29.420%, 3/28/2026 †§x | Affirm | 3/31/2025 | 97 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; Y0WM-QEDS, 29.620%, 12/02/2025 †§x | Affirm | 6/27/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y0WT-8IBI, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y0WU-AGSS, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y0WU-JR6R, 35.600%, 12/01/2025 †§x | Affirm | 12/07/2023 | 171 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; Y0WV-VAK9, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; Y0X2-1X9P, 9.076%, 9/20/2025 †§x« | Affirm | 9/26/2024 | 188 | 173 | 185 |
| &nbsp;&nbsp;&nbsp; Y0XN-EL4H, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 76 | 73 | 5 |
| &nbsp;&nbsp;&nbsp; Y0XN-L2B3, 4.920%, 9/23/2026 †§x | Affirm | 9/26/2024 | 939 | 964 | 954 |
| &nbsp;&nbsp;&nbsp; Y0XP-GO27, 22.750%, 10/08/2025 †§x | Affirm | 7/31/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Y0Y2-3SYK, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y0Y4-OKP1, 27.450%, 5/26/2023 †x#^ | Affirm | 12/02/2021 | 645 | 678 | 39 |
| &nbsp;&nbsp;&nbsp; Y0Y6-EBCT, 24.900%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 425 | 434 | 438 |
| &nbsp;&nbsp;&nbsp; Y0Y7-NY20, 29.520%, 3/24/2028 †§x | Affirm | 4/22/2025 | 1077 | 1112 | 1140 |
| &nbsp;&nbsp;&nbsp; Y0YC-XSPK, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y0YQ-X2PB, 22.900%, 4/25/2026 †x | Affirm | 10/31/2024 | 2550 | 2613 | 2614 |
| &nbsp;&nbsp;&nbsp; Y0YS-GJ2F, 15.580%, 10/08/2025 †§x# | Affirm | 7/31/2025 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Y0Z2-WP6A, 25.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Y0Z4-7IIT, 24.730%, 7/02/2026 †x# | Affirm | 1/29/2025 | 750 | 738 | 228 |
| &nbsp;&nbsp;&nbsp; Y0Z7-EAXB, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 453 | 471 | 467 |
| &nbsp;&nbsp;&nbsp; Y0ZI-51WF, 35.450%, 3/25/2026 †§x | Affirm | 9/30/2024 | 125 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; Y0ZN-UZA5, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 221 | 227 | 225 |
| &nbsp;&nbsp;&nbsp; Y0ZQ-YQO2, 33.950%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; Y0ZZ-NYDU, 29.550%, 12/18/2025 †§x | Affirm | 6/21/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y101-GGIL, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 120 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; Y10K-ZQQK, 29.520%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 73 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; Y10S-QV3Q, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 80 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; Y10U-BU98, 29.220%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 59 | 57 | 4 |
| &nbsp;&nbsp;&nbsp; Y114-OQZM, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 74 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; Y118-UPLO, 23.400%, 12/10/2025 †§x | Affirm | 12/27/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; Y11J-VRA6, 35.450%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 198 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; Y11T-666D, 30.950%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Y11T-R2RM, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 248 | 253 | 251 |
| &nbsp;&nbsp;&nbsp; Y123-K92D, 33.000%, 11/13/2026 †§x | Affirm | 11/27/2024 | 1081 | 1079 | 1093 |
| &nbsp;&nbsp;&nbsp; Y124-3M4F, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 195 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; Y128-3KEC, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 266 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; Y128-ZPG1, 29.800%, 4/01/2025 †x#^ | Affirm | 10/04/2024 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; Y129-7EAB, 29.440%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 80 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; Y12L-AWH8, 13.840%, 4/18/2026 †§x | Affirm | 4/22/2024 | 223 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; Y12N-NEQ4, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 198 | 202 | 203 |
| &nbsp;&nbsp;&nbsp; Y12P-81OB, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 17 | 17 |  |
| &nbsp;&nbsp;&nbsp; Y136-22E0, 15.770%, 8/06/2026 †§x | Affirm | 8/29/2025 | 151 | 156 | 156 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8306** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y13H-750F, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | $497 | $494 | $503 |
| &nbsp;&nbsp;&nbsp; Y13K-KJ4W, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y13N-PAZR, 33.290%, 2/05/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; Y141-I0WU, 35.560%, 2/12/2027 †§x | Affirm | 2/26/2025 | 639 | 633 | 645 |
| &nbsp;&nbsp;&nbsp; Y144-P6VU, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 211 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; Y147-2F68, 25.900%, 9/17/2025 †§x | Affirm | 9/20/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Y149-0JF3, 15.700%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 173 | 181 | 10 |
| &nbsp;&nbsp;&nbsp; Y14D-3CYQ, 24.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 292 | 300 | 303 |
| &nbsp;&nbsp;&nbsp; Y14E-VZJN, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 129 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; Y14L-0YQN, 29.280%, 1/08/2026 †§x | Affirm | 7/31/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y14M-EV81, 25.000%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 181 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; Y14M-VO0T, 35.430%, 10/10/2024 †x#^ | Affirm | 4/15/2024 | 433 | 411 | 26 |
| &nbsp;&nbsp;&nbsp; Y152-ZWQ9, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 169 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; Y154-WQDX, 18.900%, 6/01/2024 †x#^ | Affirm | 12/05/2022 | 288 | 305 | 17 |
| &nbsp;&nbsp;&nbsp; Y15I-N7GT, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; Y15K-0SK4, 29.430%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 245 | 254 | 257 |
| &nbsp;&nbsp;&nbsp; Y15P-YNVP, 18.000%, 5/20/2026 †§x# | Affirm | 5/24/2024 | 571 | 580 | 580 |
| &nbsp;&nbsp;&nbsp; Y165-A4F8, 33.950%, 12/11/2027 †§x | Affirm | 12/27/2024 | 1001 | 1028 | 1040 |
| &nbsp;&nbsp;&nbsp; Y16C-9R4H, 32.500%, 3/20/2026 †§x | Affirm | 9/26/2024 | 223 | 225 | 223 |
| &nbsp;&nbsp;&nbsp; Y16I-93NZ, 29.510%, 6/28/2025 †x#^ | Affirm | 1/05/2024 | 594 | 624 | 36 |
| &nbsp;&nbsp;&nbsp; Y16J-F5PG, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y16J-RPHH, 33.050%, 10/21/2025 †§x | Affirm | 10/24/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Y16Q-R513, 35.450%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 642 | 639 | 39 |
| &nbsp;&nbsp;&nbsp; Y16X-PW3H, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; Y174-TQQL, 35.500%, 10/18/2025 †§x# | Affirm | 10/24/2024 | 143 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; Y174-UCT9, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Y179-L334, 22.550%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 767 | 750 | 46 |
| &nbsp;&nbsp;&nbsp; Y17G-W8RY, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 264 | 269 | 270 |
| &nbsp;&nbsp;&nbsp; Y17M-PG36, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; Y17O-W2CR, 27.500%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 409 | 436 | 25 |
| &nbsp;&nbsp;&nbsp; Y17Q-M6PE, 29.920%, 7/11/2023 †x#^ | Affirm | 1/17/2023 | 115 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; Y17Y-B7P3, 24.620%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 125 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; Y184-I26Q, 11.820%, 1/11/2025 †x#^ | Affirm | 1/16/2024 | 416 | 428 | 25 |
| &nbsp;&nbsp;&nbsp; Y188-PFZ5, 35.380%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 133 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; Y18B-EOFU, 29.580%, 1/11/2027 †§x# | Affirm | 1/16/2024 | 1722 | 1796 | 1801 |
| &nbsp;&nbsp;&nbsp; Y18L-SJ7B, 24.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 80 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; Y194-BVJA, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 489 | 482 | 486 |
| &nbsp;&nbsp;&nbsp; Y1A2-6MFE, 29.620%, 12/20/2023 †x#^ | Affirm | 12/23/2022 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; Y1A8-L64Q, 33.950%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 1123 | 1152 | 1152 |
| &nbsp;&nbsp;&nbsp; Y1AG-LKLB, 24.700%, 9/20/2025 †x# | Affirm | 9/26/2024 | 165 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; Y1AI-2CJG, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; Y1AK-YCRN, 28.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 110 | 108 | 7 |
| &nbsp;&nbsp;&nbsp; Y1B0-OV6T, 15.760%, 6/02/2026 †§x | Affirm | 6/27/2025 | 375 | 390 | 394 |
| &nbsp;&nbsp;&nbsp; Y1B7-383P, 28.000%, 1/05/2023 †x#^ | Affirm | 7/08/2022 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; Y1B7-U889, 7.830%, 8/16/2024 †x#^« | Affirm | 2/23/2024 | 450 | 434 | 27 |
| &nbsp;&nbsp;&nbsp; Y1BG-P96W, 29.560%, 10/04/2025 †§x# | Affirm | 10/10/2023 | 93 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; Y1BH-C62S, 29.440%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; Y1BQ-2M8M, 22.780%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 733 | 747 | 44 |
| &nbsp;&nbsp;&nbsp; Y1BT-GMQG, 20.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 547 | 561 | 565 |
| &nbsp;&nbsp;&nbsp; Y1BZ-XEA3, 29.600%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; Y1C9-OQXB, 33.950%, 2/21/2025 †x#^ | Affirm | 2/26/2024 | 115 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; Y1CL-UDLX, 35.700%, 2/03/2026 †§x | Affirm | 2/26/2025 | 88 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; Y1CL-V1FH, 31.000%, 3/14/2025 †x#^ | Affirm | 3/18/2024 | 218 | 229 | 13 |
| &nbsp;&nbsp;&nbsp; Y1CN-G9QN, 27.100%, 5/02/2023 †x#^ | Affirm | 11/07/2022 | 167 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; Y1CN-IUGJ, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y1CS-M3H2, 35.450%, 12/18/2025 †§x | Affirm | 6/21/2024 | 94 | 94 | 94 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8307** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y1CW-CAG6, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | $42 | $42 | $42 |
| &nbsp;&nbsp;&nbsp; Y1D3-6VKC, 9.830%, 7/07/2026 †§x | Affirm | 7/31/2025 | 219 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; Y1D3-CPUO, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 121 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; Y1D3-IYOG, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Y1D3-QULY, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; Y1DH-G8RA, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Y1DN-2IFK, 28.860%, 11/09/2022 †x#^ | Affirm | 5/12/2022 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Y1DN-WYHV, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; Y1DU-B1MU, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 427 | 436 | 437 |
| &nbsp;&nbsp;&nbsp; Y1DV-J9GB, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; Y1DZ-K0B6, 29.420%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 115 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Y1E1-8DC7, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 288 | 295 | 292 |
| &nbsp;&nbsp;&nbsp; Y1EH-W0B1, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Y1EK-KTG6, 18.000%, 9/28/2025 †§x# | Affirm | 10/05/2023 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y1EW-PG9S, 22.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; Y1F7-GYUO, 35.410%, 4/25/2025 †x#^ | Affirm | 5/02/2024 | 1072 | 971 | 64 |
| &nbsp;&nbsp;&nbsp; Y1F7-OA5P, 24.650%, 4/25/2026 †§x | Affirm | 10/31/2024 | 206 | 211 | 211 |
| &nbsp;&nbsp;&nbsp; Y1F8-2GYH, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Y1FB-W16O, 33.500%, 8/11/2026 †§x | Affirm | 2/26/2025 | 197 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; Y1FF-2W81, 15.730%, 4/11/2025 †x#^ | Affirm | 4/15/2024 | 173 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; Y1FO-XUUS, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Y1FP-0ROH, 29.450%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 190 | 197 | 11 |
| &nbsp;&nbsp;&nbsp; Y1G5-SAOY, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 266 | 269 | 268 |
| &nbsp;&nbsp;&nbsp; Y1G9-E6AR, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 304 | 309 | 310 |
| &nbsp;&nbsp;&nbsp; Y1GC-R07R, 23.400%, 2/21/2026 †§x | Affirm | 8/26/2024 | 359 | 364 | 365 |
| &nbsp;&nbsp;&nbsp; Y1GD-13E9, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 172 | 174 | 172 |
| &nbsp;&nbsp;&nbsp; Y1GE-P0C3, 35.350%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 42 | 43 | 4 |
| &nbsp;&nbsp;&nbsp; Y1GM-7NWW, 29.610%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 99 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; Y1GP-RISW, 29.700%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; Y1GQ-2KOV, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Y1GR-RAW5, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Y1GW-INQY, 11.820%, 8/07/2026 †§x# | Affirm | 8/29/2025 | 437 | 450 | 450 |
| &nbsp;&nbsp;&nbsp; Y1HA-D4MQ, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Y1HH-WKI2, 29.630%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 23 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; Y1HJ-5M6P, 16.700%, 9/19/2026 †§x | Affirm | 9/22/2022 | 1713 | 1763 | 1650 |
| &nbsp;&nbsp;&nbsp; Y1HL-3C1M, 15.810%, 11/14/2025 †§x | Affirm | 11/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Y1HT-O5WA, 35.440%, 12/12/2025 †§x | Affirm | 12/27/2024 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y1HT-TRV5, 35.620%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; Y1HW-UX1L, 29.480%, 2/08/2025 †x#^ | Affirm | 8/11/2023 | 227 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; Y1I9-UUR2, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 593 | 593 | 597 |
| &nbsp;&nbsp;&nbsp; Y1IE-BKBK, 32.500%, 2/26/2026 †§x | Affirm | 8/29/2024 | 100 | 101 | 100 |
| &nbsp;&nbsp;&nbsp; Y1IK-8EB4, 33.300%, 2/10/2026 †§x | Affirm | 2/26/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Y1IM-WQNW, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 279 | 279 | 282 |
| &nbsp;&nbsp;&nbsp; Y1IW-XJH0, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 91 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; Y1J2-BPSC, 35.570%, 9/17/2025 †§x | Affirm | 9/20/2024 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; Y1J8-Z3IX, 6.626%, 9/26/2026 †§x« | Affirm | 9/30/2024 | 417 | 390 | 383 |
| &nbsp;&nbsp;&nbsp; Y1JA-TV02, 15.810%, 5/20/2026 †§x | Affirm | 11/27/2024 | 207 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; Y1JB-8U95, 29.540%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 119 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; Y1JI-W4B3, 35.380%, 11/06/2025 †x# | Affirm | 5/09/2024 | 279 | 282 | 17 |
| &nbsp;&nbsp;&nbsp; Y1JR-ANQV, 29.100%, 6/12/2024 †x#^ | Affirm | 12/15/2022 | 381 | 382 | 23 |
| &nbsp;&nbsp;&nbsp; Y1JW-85BD, 29.450%, 5/09/2023 †x#^ | Affirm | 5/19/2022 | 188 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; Y1KN-LVSJ, 29.690%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 180 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; Y1KQ-6PCY, 29.580%, 7/11/2025 †x#^ | Affirm | 1/16/2024 | 282 | 297 | 17 |
| &nbsp;&nbsp;&nbsp; Y1KS-RYJI, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 153 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; Y1KZ-YTBP, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 127 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; Y1L3-KUVB, 35.460%, 8/07/2026 †§x | Affirm | 8/29/2025 | 546 | 537 | 537 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8308** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y1LC-X4P7, 29.130%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | $55 | $54 | $3 |
| &nbsp;&nbsp;&nbsp; Y1LC-YOGP, 32.800%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Y1LX-1HZ3, 15.790%, 3/23/2026 †§x | Affirm | 9/26/2024 | 184 | 186 | 185 |
| &nbsp;&nbsp;&nbsp; Y1M8-9UX5, 29.620%, 3/25/2026 †§x | Affirm | 9/30/2024 | 118 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; Y1MG-WSDO, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 135 | 122 | 8 |
| &nbsp;&nbsp;&nbsp; Y1MI-4M0V, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 81 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; Y1MN-LO3N, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Y1MQ-O04S, 29.650%, 9/18/2025 †§x | Affirm | 9/23/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; Y1MT-5FA9, 21.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 200 | 207 | 207 |
| &nbsp;&nbsp;&nbsp; Y1N8-YQE0, 28.000%, 8/11/2024 †x#^ | Affirm | 8/15/2022 | 374 | 408 | 22 |
| &nbsp;&nbsp;&nbsp; Y1NJ-W6AA, 33.050%, 8/19/2026 †§x# | Affirm | 8/22/2024 | 1240 | 1272 | 1274 |
| &nbsp;&nbsp;&nbsp; Y1NK-8LMZ, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 160 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; Y1NL-O1TK, 30.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Y1NM-NMOH, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 140 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; Y1NM-OO4O, 35.540%, 9/26/2025 †x# | Affirm | 9/30/2024 | 369 | 370 | 22 |
| &nbsp;&nbsp;&nbsp; Y1O6-X7UE, 24.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 219 | 220 | 220 |
| &nbsp;&nbsp;&nbsp; Y1OA-ARZL, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 348 | 354 | 355 |
| &nbsp;&nbsp;&nbsp; Y1OE-J1EM, 11.840%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Y1OG-1MVF, 28.000%, 7/03/2022 †x#^ | Affirm | 1/06/2022 | 220 | 225 | 13 |
| &nbsp;&nbsp;&nbsp; Y1OH-S1YL, 29.820%, 2/17/2023 †x#^ | Affirm | 2/22/2022 | 186 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; Y1P0-70T7, 35.280%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 274 | 273 | 277 |
| &nbsp;&nbsp;&nbsp; Y1P0-JTD2, 20.900%, 4/28/2028 †x# | Affirm | 5/02/2024 | 2208 | 2329 | 2332 |
| &nbsp;&nbsp;&nbsp; Y1P2-H93F, 21.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y1PA-HK3W, 33.490%, 1/27/2024 †x#^ | Affirm | 2/02/2023 | 563 | 575 | 34 |
| &nbsp;&nbsp;&nbsp; Y1PE-GJB7, 29.600%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 209 | 207 | 13 |
| &nbsp;&nbsp;&nbsp; Y1PF-989I, 24.520%, 3/20/2026 †§x | Affirm | 3/28/2025 | 236 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; Y1PL-144A, 26.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 121 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; Y1PP-FB7H, 35.510%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Y1PV-8J5S, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y1PW-OAKJ, 35.640%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; Y1PX-29E5, 25.000%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 457 | 473 | 27 |
| &nbsp;&nbsp;&nbsp; Y1Q4-K0W2, 29.490%, 1/22/2026 †§x | Affirm | 7/25/2024 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y1QE-1UQK, 35.310%, 5/03/2026 †§x | Affirm | 5/10/2024 | 622 | 626 | 632 |
| &nbsp;&nbsp;&nbsp; Y1QF-KYUA, 26.900%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 85 | 87 | 51 |
| &nbsp;&nbsp;&nbsp; Y1QP-97QA, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; Y1QW-RGI0, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y1R6-4EK8, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Y1RA-T2QQ, 24.630%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Y1RC-79U1, 27.450%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 800 | 791 | 48 |
| &nbsp;&nbsp;&nbsp; Y1RC-CAH6, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 151 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; Y1RT-TXC0, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; Y1S7-9UO6, 15.850%, 1/08/2026 †§x | Affirm | 1/29/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Y1S8-0BF7, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y1SA-HSX8, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; Y1SM-1UWT, 33.950%, 2/23/2026 †x# | Affirm | 8/29/2024 | 300 | 318 | 18 |
| &nbsp;&nbsp;&nbsp; Y1SN-6TEA, 5.966%, 4/01/2023 †x#^« | Affirm | 4/07/2022 | 1620 | 1530 | 97 |
| &nbsp;&nbsp;&nbsp; Y1SQ-5ME9, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Y1SY-KYMO, 31.530%, 6/28/2024 †x#^ | Affirm | 7/03/2023 | 732 | 755 | 44 |
| &nbsp;&nbsp;&nbsp; Y1T6-32QX, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y1TF-HPOU, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 137 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; Y1TN-QMXZ, 35.470%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 102 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; Y1TS-XO6Q, 33.950%, 4/28/2026 †§x | Affirm | 10/31/2024 | 165 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; Y1U7-0OIM, 33.950%, 2/11/2028 †§x | Affirm | 2/26/2025 | 1582 | 1640 | 1661 |
| &nbsp;&nbsp;&nbsp; Y1UC-A3GD, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Y1UE-MVUK, 29.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Y1UI-VVLL, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 80 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8309** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y1UL-XLF1, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $104 | $104 | $104 |
| &nbsp;&nbsp;&nbsp; Y1UV-B578, 15.850%, 11/15/2025 †§x | Affirm | 11/27/2024 | 31 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; Y1V0-V0PV, 22.610%, 4/07/2025 †x#^ | Affirm | 12/11/2023 | 156 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; Y1VJ-U5K4, 21.900%, 1/02/2026 †x# | Affirm | 1/29/2025 | 179 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; Y1VO-VGKM, 35.380%, 10/10/2025 †§x | Affirm | 4/15/2024 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; Y1VY-Q0R8, 35.410%, 12/28/2025 †x# | Affirm | 1/29/2025 | 78 | 79 | 7 |
| &nbsp;&nbsp;&nbsp; Y1W7-HKK1, 35.982%, 6/21/2025 †x#^ | Affirm | 6/27/2024 | 262 | 264 | 16 |
| &nbsp;&nbsp;&nbsp; Y1X7-GAKU, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 340 | 336 | 20 |
| &nbsp;&nbsp;&nbsp; Y1XI-49YT, 29.590%, 5/02/2026 †§x | Affirm | 5/06/2024 | 224 | 228 | 228 |
| &nbsp;&nbsp;&nbsp; Y1Y0-ZWYH, 29.000%, 10/24/2023 †x#^ | Affirm | 11/03/2022 | 157 | 165 | 9 |
| &nbsp;&nbsp;&nbsp; Y1Y6-A05U, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 23 | 24 | 23 |
| &nbsp;&nbsp;&nbsp; Y1YD-675D, 11.810%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 265 | 275 | 16 |
| &nbsp;&nbsp;&nbsp; Y1YJ-SET9, 18.000%, 10/21/2026 †§x | Affirm | 10/24/2024 | 326 | 336 | 337 |
| &nbsp;&nbsp;&nbsp; Y1YM-C37G, 33.950%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 189 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; Y1YM-CTTM, 29.510%, 10/28/2025 †x# | Affirm | 8/31/2023 | 254 | 257 | 15 |
| &nbsp;&nbsp;&nbsp; Y1YP-BPFY, 29.610%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 155 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; Y1Z0-GUO5, 14.700%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 158 | 165 | 9 |
| &nbsp;&nbsp;&nbsp; Y1Z0-MLRW, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Y1Z4-NLGT, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Y1ZE-88K5, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 62 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; Y1ZJ-SFON, 24.400%, 1/03/2027 †§x# | Affirm | 1/29/2025 | 348 | 360 | 361 |
| &nbsp;&nbsp;&nbsp; Y1ZS-MV95, 22.850%, 2/06/2026 †x# | Affirm | 2/26/2025 | 132 | 131 | 38 |
| &nbsp;&nbsp;&nbsp; Y1ZX-IVRW, 35.460%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 285 | 260 | 17 |
| &nbsp;&nbsp;&nbsp; Y201-GEB3, 35.320%, 6/02/2026 †§x | Affirm | 6/27/2025 | 75 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; Y205-WOO1, 15.840%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1949 | 1933 | 1966 |
| &nbsp;&nbsp;&nbsp; Y20D-KFOY, 23.400%, 10/21/2026 †§x | Affirm | 10/25/2024 | 285 | 294 | 295 |
| &nbsp;&nbsp;&nbsp; Y20G-SPI2, 13.840%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; Y20L-RCSY, 35.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Y20R-W503, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; Y20S-9Z23, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 190 | 194 | 195 |
| &nbsp;&nbsp;&nbsp; Y20S-R3KP, 33.400%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 165 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; Y20T-4FAB, 29.730%, 1/06/2026 †§x | Affirm | 1/29/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; Y20T-QTD2, 32.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 140 | 143 | 145 |
| &nbsp;&nbsp;&nbsp; Y20Y-HBGN, 32.870%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 161 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; Y211-9Y7A, 29.720%, 1/05/2024 †x#^ | Affirm | 1/09/2023 | 127 | 125 | 8 |
| &nbsp;&nbsp;&nbsp; Y211-C4D3, 35.430%, 7/03/2026 †§x | Affirm | 1/29/2025 | 219 | 223 | 222 |
| &nbsp;&nbsp;&nbsp; Y212-MJQE, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y21E-DJFU, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y21F-9P3L, 35.470%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 74 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; Y21K-KRGN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 400 | 404 | 403 |
| &nbsp;&nbsp;&nbsp; Y21T-TUT0, 21.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y223-JN67, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Y225-6B4G, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 275 | 280 | 17 |
| &nbsp;&nbsp;&nbsp; Y225-71CA, 35.200%, 12/02/2025 †x | Affirm | 6/27/2025 | 976 | 975 | 541 |
| &nbsp;&nbsp;&nbsp; Y22D-T6PK, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 126 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; Y22I-8FSE, 29.720%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 321 | 330 | 328 |
| &nbsp;&nbsp;&nbsp; Y22L-AUAN, 27.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 160 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; Y22L-O7X3, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 165 | 167 | 166 |
| &nbsp;&nbsp;&nbsp; Y22X-JXBN, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; Y231-XB70, 35.480%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 45 | 45 | 4 |
| &nbsp;&nbsp;&nbsp; Y23U-L58T, 6.804%, 9/24/2025 †§x« | Affirm | 9/27/2024 | 40 | 37 | 39 |
| &nbsp;&nbsp;&nbsp; Y23W-O9VU, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 153 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; Y23Z-N8LB, 29.430%, 3/04/2023 †x#^ | Affirm | 3/10/2022 | 377 | 390 | 23 |
| &nbsp;&nbsp;&nbsp; Y240-D7D4, 35.480%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 54 | 55 | 11 |
| &nbsp;&nbsp;&nbsp; Y240-HRMU, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Y246-J4NC, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 67 | 68 | 68 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8310** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y247-H01E, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | $139 | $138 | $82 |
| &nbsp;&nbsp;&nbsp; Y24H-N3YY, 28.990%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; Y24I-RUVS, 6.057%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 285 | 273 | 272 |
| &nbsp;&nbsp;&nbsp; Y24T-ZA7A, 29.470%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 244 | 241 | 15 |
| &nbsp;&nbsp;&nbsp; Y253-LLP2, 32.500%, 7/02/2026 †§x | Affirm | 1/29/2025 | 180 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; Y255-6OEU, 35.260%, 3/20/2026 †x | Affirm | 3/28/2025 | 176 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; Y259-62T9, 9.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 179 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; Y259-LO77, 22.850%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 98 | 101 | 63 |
| &nbsp;&nbsp;&nbsp; Y25L-2WUL, 33.950%, 9/12/2024 †x#^ | Affirm | 6/15/2023 | 334 | 349 | 20 |
| &nbsp;&nbsp;&nbsp; Y25P-59YH, 22.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 493 | 502 | 504 |
| &nbsp;&nbsp;&nbsp; Y25Q-BAZ9, 35.420%, 12/20/2026 †x | Affirm | 12/27/2024 | 951 | 951 | 966 |
| &nbsp;&nbsp;&nbsp; Y25V-MP61, 24.750%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; Y26B-HIWL, 32.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 627 | 643 | 645 |
| &nbsp;&nbsp;&nbsp; Y26E-0KP1, 29.500%, 12/12/2025 †§x | Affirm | 12/15/2023 | 221 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; Y26K-VFR9, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 301 | 312 | 315 |
| &nbsp;&nbsp;&nbsp; Y26O-DTQR, 35.280%, 7/25/2025 †x#^ | Affirm | 7/29/2024 | 50 | 50 | 7 |
| &nbsp;&nbsp;&nbsp; Y26P-NYMP, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 165 | 172 | 171 |
| &nbsp;&nbsp;&nbsp; Y26Q-79XQ, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Y26T-5XFC, 25.200%, 10/28/2026 †§x | Affirm | 10/31/2024 | 94 | 97 | 95 |
| &nbsp;&nbsp;&nbsp; Y275-SUN4, 21.900%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 109 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; Y27B-17O7, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; Y27O-1Q8T, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; Y27U-USPR, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 307 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; Y27V-MZ17, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 164 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; Y27Z-R3F4, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 300 | 301 | 33 |
| &nbsp;&nbsp;&nbsp; Y28A-AP06, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; Y28C-J40F, 11.850%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y28J-ZC7F, 35.570%, 9/19/2025 †§x | Affirm | 9/23/2024 | 9 | 9 | 8 |
| &nbsp;&nbsp;&nbsp; Y294-ZVNF, 35.550%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Y298-A6AT, 13.840%, 9/02/2025 †§x | Affirm | 6/27/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y29A-BMTQ, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; Y29H-FYSP, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 277 | 274 | 17 |
| &nbsp;&nbsp;&nbsp; Y29U-TB7C, 22.750%, 1/02/2026 †§x | Affirm | 1/29/2025 | 565 | 572 | 572 |
| &nbsp;&nbsp;&nbsp; Y29X-OG3E, 32.500%, 8/27/2025 †§x^ | Affirm | 8/30/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Y29Z-ZBX3, 24.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 231 | 240 | 242 |
| &nbsp;&nbsp;&nbsp; Y2A0-JC37, 29.340%, 11/05/2022 †x#^ | Affirm | 5/09/2022 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; Y2AI-WYKD, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y2AJ-3D1M, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 863 | 886 | 887 |
| &nbsp;&nbsp;&nbsp; Y2AM-BUP1, 22.750%, 4/25/2026 †§x | Affirm | 10/31/2024 | 226 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; Y2AU-WWPG, 35.260%, 2/27/2025 †x#^ | Affirm | 8/30/2024 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; Y2AW-6SDG, 35.610%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 201 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; Y2B3-BZR9, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 298 | 313 | 18 |
| &nbsp;&nbsp;&nbsp; Y2B4-PGOM, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; Y2B6-3SEL, 24.870%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y2B9-OYMR, 33.180%, 2/11/2027 †§x | Affirm | 2/26/2025 | 586 | 580 | 591 |
| &nbsp;&nbsp;&nbsp; Y2BA-BM85, 35.590%, 1/06/2026 †§x | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Y2BC-0NM0, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Y2BJ-EO89, 29.000%, 5/20/2023 †x#^ | Affirm | 5/26/2022 | 124 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; Y2BM-0I02, 33.000%, 6/18/2026 †§x | Affirm | 6/24/2024 | 880 | 875 | 887 |
| &nbsp;&nbsp;&nbsp; Y2BR-N8XU, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y2BS-OD8V, 32.770%, 11/06/2025 †§x | Affirm | 5/30/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Y2BT-R7W5, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 94 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; Y2BV-NGQL, 15.830%, 1/03/2024 †x#^ | Affirm | 11/07/2022 | 191 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; Y2C3-DHBA, 35.690%, 2/10/2026 †x# | Affirm | 2/26/2025 | 205 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; Y2CJ-DH2V, 7.194%, 9/05/2025 †§x« | Affirm | 3/28/2025 | 143 | 139 | 142 |
| &nbsp;&nbsp;&nbsp; Y2CM-VOD5, 29.490%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 1395 | 1292 | 84 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8311** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y2CO-1599, 29.030%, 12/28/2023 †x#^ | Affirm | 7/03/2023 | $11 | $12 | $1 |
| &nbsp;&nbsp;&nbsp; Y2CP-BEBW, 35.430%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 610 | 634 | 37 |
| &nbsp;&nbsp;&nbsp; Y2CR-EEM2, 22.570%, 5/13/2026 †§x# | Affirm | 5/30/2025 | 210 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; Y2CS-C4RA, 29.720%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; Y2CW-XICF, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y2D7-UQ3Y, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 41 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; Y2DF-73Z0, 29.730%, 1/06/2026 †§x | Affirm | 1/29/2025 | 59 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; Y2DG-XSFV, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; Y2DG-ZJJG, 29.580%, 4/25/2026 †§x | Affirm | 10/31/2024 | 151 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; Y2DM-WG7L, 29.540%, 3/28/2025 †x#^ | Affirm | 10/02/2023 | 110 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; Y2DO-LK99, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 13 |
| &nbsp;&nbsp;&nbsp; Y2DT-ZVY2, 29.600%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 79 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; Y2DU-D019, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Y2DZ-XMSY, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Y2EW-BL3T, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; Y2F8-HAVN, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Y2FQ-HD21, 28.000%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 221 | 225 | 13 |
| &nbsp;&nbsp;&nbsp; Y2G4-6V36, 30.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 118 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; Y2G5-TZLL, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 66 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; Y2G9-JPIZ, 29.000%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 147 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Y2GE-96K3, 35.410%, 4/12/2025 †x#^ | Affirm | 4/18/2024 | 694 | 718 | 42 |
| &nbsp;&nbsp;&nbsp; Y2GF-3AR2, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y2GO-RJ9K, 33.950%, 9/23/2025 †x# | Affirm | 9/26/2024 | 99 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; Y2GO-UOXK, 29.610%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 273 | 286 | 16 |
| &nbsp;&nbsp;&nbsp; Y2GR-N3R8, 29.540%, 12/07/2022 †x#^ | Affirm | 6/10/2022 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; Y2GW-KOJ0, 29.070%, 9/06/2025 †§x | Affirm | 9/11/2023 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Y2H2-K0Q5, 11.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 237 | 240 | 239 |
| &nbsp;&nbsp;&nbsp; Y2H4-XQR6, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 187 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; Y2H5-1C0M, 15.750%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 73 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Y2HA-ZUI8, 28.000%, 12/20/2023 †x#^ | Affirm | 12/23/2022 | 233 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; Y2HE-R64P, 35.240%, 5/06/2025 †x#^ | Affirm | 5/13/2024 | 322 | 323 | 19 |
| &nbsp;&nbsp;&nbsp; Y2HG-0U8R, 29.620%, 8/03/2025 †x#^ | Affirm | 8/07/2023 | 1047 | 1059 | 63 |
| &nbsp;&nbsp;&nbsp; Y2HN-OPPJ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 325 | 336 | 338 |
| &nbsp;&nbsp;&nbsp; Y2HR-1TNM, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 599 | 625 | 634 |
| &nbsp;&nbsp;&nbsp; Y2HR-OW7F, 29.530%, 10/05/2022 †x#^ | Affirm | 4/08/2022 | 3 | 3 |  |
| &nbsp;&nbsp;&nbsp; Y2I2-P84N, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y2I5-YZB6, 33.290%, 2/10/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Y2IJ-Y54U, 24.400%, 9/23/2025 †§x | Affirm | 9/26/2024 | 66 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; Y2IV-W3F0, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Y2IW-X47A, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 340 | 348 | 348 |
| &nbsp;&nbsp;&nbsp; Y2IY-1KJ1, 15.860%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Y2IY-M7RB, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Y2J3-QKN9, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 473 | 470 | 468 |
| &nbsp;&nbsp;&nbsp; Y2JC-C30N, 29.930%, 8/09/2025 †x#^ | Affirm | 1/29/2025 | 21 | 21 | 5 |
| &nbsp;&nbsp;&nbsp; Y2JD-D0WT, 35.400%, 2/19/2026 †x# | Affirm | 8/22/2024 | 264 | 259 | 43 |
| &nbsp;&nbsp;&nbsp; Y2JD-GNTT, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Y2JH-XUZO, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 57 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; Y2JK-2MF1, 29.620%, 1/01/2026 †§x | Affirm | 7/05/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y2JK-FDMZ, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 188 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; Y2JL-7CZC, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 64 |
| &nbsp;&nbsp;&nbsp; Y2JP-GZBQ, 29.640%, 12/13/2023 †x#^ | Affirm | 12/16/2021 | 122 | 131 | 7 |
| &nbsp;&nbsp;&nbsp; Y2JS-FRNE, 21.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 188 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; Y2K3-1ZTJ, 29.450%, 5/19/2023 †x#^ | Affirm | 5/23/2022 | 394 | 412 | 24 |
| &nbsp;&nbsp;&nbsp; Y2K3-PGQR, 35.420%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; Y2K6-7DZD, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1597 | 1661 | 1679 |
| &nbsp;&nbsp;&nbsp; Y2KN-8ARL, 33.050%, 12/16/2025 †x# | Affirm | 12/27/2024 | 128 | 135 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8312** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y2KO-NB7J, 35.560%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $14 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; Y2L0-VVQK, 23.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 198 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; Y2LO-WL27, 26.700%, 9/20/2025 †x# | Affirm | 3/28/2025 | 41 | 42 | 10 |
| &nbsp;&nbsp;&nbsp; Y2M1-7AQT, 35.550%, 12/16/2025 †x# | Affirm | 12/27/2024 | 90 | 89 | 7 |
| &nbsp;&nbsp;&nbsp; Y2MA-UC0I, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 164 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; Y2MP-B12H, 29.290%, 11/08/2023 †x#^ | Affirm | 5/11/2023 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; Y2MU-P8S2, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; Y2MV-X9S3, 15.770%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 740 | 758 | 759 |
| &nbsp;&nbsp;&nbsp; Y2MW-JFLK, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y2ND-8F2K, 35.490%, 4/28/2026 †§x | Affirm | 10/31/2024 | 460 | 467 | 464 |
| &nbsp;&nbsp;&nbsp; Y2NE-P2LW, 11.750%, 9/28/2025 †x# | Affirm | 3/31/2025 | 246 | 253 | 71 |
| &nbsp;&nbsp;&nbsp; Y2NL-2WPL, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 201 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; Y2NN-3RAB, 28.000%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 29 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; Y2NO-QBYC, 15.988%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 175 | 183 | 10 |
| &nbsp;&nbsp;&nbsp; Y2NS-U812, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 379 | 386 | 387 |
| &nbsp;&nbsp;&nbsp; Y2NV-LKHK, 35.580%, 9/25/2025 †x# | Affirm | 9/30/2024 | 2843 | 2851 | 171 |
| &nbsp;&nbsp;&nbsp; Y2OB-BCVB, 29.810%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 241 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; Y2OG-XDGT, 33.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 99 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; Y2OJ-DVBG, 29.810%, 7/02/2026 †§x | Affirm | 1/29/2025 | 180 | 183 | 181 |
| &nbsp;&nbsp;&nbsp; Y2OL-T7VH, 15.940%, 7/05/2024 †x#^ | Affirm | 1/09/2023 | 405 | 432 | 24 |
| &nbsp;&nbsp;&nbsp; Y2OO-FIBR, 29.650%, 11/06/2023 †x#^ | Affirm | 9/09/2022 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; Y2OT-QQ5J, 33.950%, 5/06/2026 †§x | Affirm | 5/09/2024 | 447 | 454 | 455 |
| &nbsp;&nbsp;&nbsp; Y2OY-3L62, 24.400%, 12/02/2026 †§x | Affirm | 6/27/2025 | 424 | 441 | 444 |
| &nbsp;&nbsp;&nbsp; Y2PD-STUL, 35.450%, 12/21/2025 †x# | Affirm | 6/27/2024 | 2791 | 2738 | 167 |
| &nbsp;&nbsp;&nbsp; Y2PG-ZKH6, 28.000%, 3/06/2024 †x#^ | Affirm | 9/09/2022 | 355 | 379 | 21 |
| &nbsp;&nbsp;&nbsp; Y2PI-BKU3, 35.730%, 7/02/2026 †x# | Affirm | 1/29/2025 | 377 | 387 | 23 |
| &nbsp;&nbsp;&nbsp; Y2PM-QZ36, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Y2PR-XERJ, 26.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Y2PS-XNAH, 29.290%, 1/08/2023 †x#^ | Affirm | 7/14/2022 | 415 | 423 | 25 |
| &nbsp;&nbsp;&nbsp; Y2Q1-PKIU, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Y2Q7-9M9T, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 23 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; Y2QB-RJ6N, 28.000%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 128 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; Y2QD-YU7N, 35.700%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 157 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; Y2QH-7F4F, 14.840%, 12/04/2025 †§x | Affirm | 12/07/2023 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; Y2QN-XY07, 4.434%, 7/14/2023 †x#^« | Affirm | 7/18/2022 | 36 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; Y2QV-I3Y6, 25.900%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Y2QZ-VTSV, 28.950%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 443 | 467 | 27 |
| &nbsp;&nbsp;&nbsp; Y2RA-UU9R, 29.510%, 8/28/2025 †x#^ | Affirm | 8/31/2023 | 410 | 415 | 25 |
| &nbsp;&nbsp;&nbsp; Y2RC-4HB0, 33.950%, 12/02/2026 †§x | Affirm | 6/27/2025 | 33 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; Y2RC-CRE6, 35.540%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Y2RD-PWMZ, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 192 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; Y2RG-UHO2, 35.490%, 10/25/2026 †§x# | Affirm | 10/31/2024 | 285 | 283 | 288 |
| &nbsp;&nbsp;&nbsp; Y2RI-4O5A, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; Y2RJ-7Q77, 29.600%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 220 | 226 | 224 |
| &nbsp;&nbsp;&nbsp; Y2RL-QLPW, 29.710%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 78 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; Y2RM-PKSU, 22.200%, 10/13/2026 †§x | Affirm | 10/17/2022 | 1287 | 1329 | 1266 |
| &nbsp;&nbsp;&nbsp; Y2RN-CG6N, 29.600%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 103 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; Y2RQ-96XX, 31.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 418 | 418 | 418 |
| &nbsp;&nbsp;&nbsp; Y2RT-TBKY, 29.610%, 12/06/2022 †x#^ | Affirm | 9/09/2022 | 42 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; Y2S7-GYBW, 35.360%, 2/19/2026 †§x | Affirm | 8/22/2024 | 209 | 211 | 210 |
| &nbsp;&nbsp;&nbsp; Y2SC-RRFC, 35.820%, 10/02/2025 †§x | Affirm | 10/07/2024 | 19 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; Y2SG-XCE2, 30.000%, 8/10/2023 †x#^ | Affirm | 2/16/2023 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Y2SI-TLJA, 33.950%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 263 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; Y2SL-T73O, 15.730%, 7/08/2026 †§x | Affirm | 7/31/2025 | 116 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; Y2SX-34YA, 29.350%, 8/11/2022 †x#^ | Affirm | 5/16/2022 | 183 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; Y2SY-Y3TQ, 29.580%, 10/02/2025 †§x# | Affirm | 10/05/2023 | 72 | 72 | 72 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8313** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y2T3-EVOQ, 35.410%, 10/21/2025 †§x | Affirm | 10/24/2024 | $48 | $49 | $49 |
| &nbsp;&nbsp;&nbsp; Y2TD-8H7Y, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 215 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; Y2TF-SO7W, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Y2TM-AIHC, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Y2TO-CY8Q, 22.730%, 1/06/2027 †§x | Affirm | 1/29/2025 | 400 | 415 | 417 |
| &nbsp;&nbsp;&nbsp; Y2TU-TO4U, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 217 | 221 | 222 |
| &nbsp;&nbsp;&nbsp; Y2TU-XTRL, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 154 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; Y2U8-QH0W, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 69 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Y2U9-B90B, 23.400%, 2/23/2026 †§x | Affirm | 8/29/2024 | 249 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; Y2UJ-B7TN, 22.850%, 2/05/2026 †x# | Affirm | 2/26/2025 | 2812 | 2906 | 344 |
| &nbsp;&nbsp;&nbsp; Y2UN-TJ7X, 35.300%, 3/05/2025 †x#^ | Affirm | 3/08/2024 | 120 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; Y2UO-8Q4T, 26.900%, 10/28/2025 †§x | Affirm | 10/31/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Y2UP-7AVH, 15.590%, 1/08/2023 †x#^ | Affirm | 7/14/2022 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; Y2UW-WP1J, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 890 | 877 | 886 |
| &nbsp;&nbsp;&nbsp; Y2UY-MK14, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 337 | 340 | 340 |
| &nbsp;&nbsp;&nbsp; Y2UY-MOYZ, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 468 | 466 | 467 |
| &nbsp;&nbsp;&nbsp; Y2V3-4QGF, 35.040%, 1/08/2026 †§x | Affirm | 7/31/2025 | 63 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; Y2VF-1OQT, 35.550%, 3/28/2024 †x#^ | Affirm | 1/06/2023 | 113 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; Y2VK-XC1F, 28.000%, 5/18/2024 †x#^ | Affirm | 11/25/2022 | 197 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; Y2VN-XI3X, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 692 | 723 | 728 |
| &nbsp;&nbsp;&nbsp; Y2VP-AQHV, 34.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 661 | 666 | 666 |
| &nbsp;&nbsp;&nbsp; Y2VV-6RTY, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y2W0-1VJ6, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 117 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; Y2W1-8W60, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 204 | 209 | 208 |
| &nbsp;&nbsp;&nbsp; Y2W4-O3XJ, 25.200%, 11/20/2025 †§x | Affirm | 11/27/2024 | 78 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; Y2W6-FARQ, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; Y2W7-5G5K, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 133 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; Y2W8-J0P9, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Y2WF-FXQV, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 743 | 688 | 45 |
| &nbsp;&nbsp;&nbsp; Y2WG-ORP6, 15.860%, 8/12/2026 †§x | Affirm | 2/26/2025 | 186 | 194 | 193 |
| &nbsp;&nbsp;&nbsp; Y2WZ-2U20, 33.050%, 11/21/2025 †§x | Affirm | 5/24/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y2X0-78IL, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 405 | 400 | 24 |
| &nbsp;&nbsp;&nbsp; Y2X8-T8LV, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 382 | 389 | 391 |
| &nbsp;&nbsp;&nbsp; Y2XA-RGGG, 29.520%, 12/05/2025 †§x | Affirm | 12/08/2023 | 189 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; Y2XD-SY5W, 26.700%, 3/28/2026 †§x | Affirm | 4/22/2025 | 519 | 535 | 544 |
| &nbsp;&nbsp;&nbsp; Y2XF-EBY0, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Y2XO-DT74, 33.050%, 12/19/2026 †§x | Affirm | 12/27/2024 | 554 | 576 | 579 |
| &nbsp;&nbsp;&nbsp; Y2XS-EZAN, 24.400%, 1/03/2028 †§x | Affirm | 1/29/2025 | 1026 | 1058 | 1065 |
| &nbsp;&nbsp;&nbsp; Y2XX-N596, 35.950%, 2/03/2026 †x# | Affirm | 2/26/2025 | 140 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; Y2XZ-A58N, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 307 | 320 | 318 |
| &nbsp;&nbsp;&nbsp; Y2Y3-79X7, 35.430%, 6/19/2026 †§x# | Affirm | 12/27/2024 | 334 | 332 | 334 |
| &nbsp;&nbsp;&nbsp; Y2Y6-4YWB, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 291 | 298 | 298 |
| &nbsp;&nbsp;&nbsp; Y2YB-HTC5, 9.830%, 1/08/2027 †§x | Affirm | 7/31/2025 | 432 | 450 | 450 |
| &nbsp;&nbsp;&nbsp; Y2YU-M6EV, 23.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 615 | 634 | 638 |
| &nbsp;&nbsp;&nbsp; Y2Z4-35JN, 4.910%, 6/13/2026 †§x | Affirm | 6/16/2023 | 379 | 379 | 377 |
| &nbsp;&nbsp;&nbsp; Y2Z7-N2NF, 29.580%, 10/23/2025 †§x# | Affirm | 10/28/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y2Z9-4EKH, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Y2ZH-IJS5, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Y2ZJ-5E8Z, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 254 | 257 | 256 |
| &nbsp;&nbsp;&nbsp; Y2ZJ-DA0K, 18.000%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 53 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; Y2ZM-ALUB, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; Y2ZY-VJQZ, 29.590%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 197 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; Y2ZZ-9TM6, 29.620%, 4/18/2025 †x#^ | Affirm | 1/23/2023 | 287 | 303 | 17 |
| &nbsp;&nbsp;&nbsp; Y307-IJS9, 35.240%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Y30G-KB3T, 32.200%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 212 | 205 | 13 |
| &nbsp;&nbsp;&nbsp; Y30N-B1HL, 35.490%, 4/21/2026 †§x | Affirm | 10/24/2024 | 277 | 275 | 275 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8314** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y311-HLZV, 35.530%, 2/09/2026 †x | Affirm | 12/27/2024 | $412 | $419 | $418 |
| &nbsp;&nbsp;&nbsp; Y31F-K5C0, 26.450%, 9/23/2025 †§x | Affirm | 9/26/2024 | 47 | 43 | 46 |
| &nbsp;&nbsp;&nbsp; Y31L-TS7F, 22.900%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 350 | 358 | 363 |
| &nbsp;&nbsp;&nbsp; Y31N-Y7J0, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 147 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; Y31O-RDHC, 29.800%, 5/02/2023 †x#^ | Affirm | 11/07/2022 | 711 | 733 | 43 |
| &nbsp;&nbsp;&nbsp; Y31R-T4DY, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y31Y-YWOW, 27.500%, 10/25/2024 †x#^ | Affirm | 10/31/2022 | 318 | 343 | 19 |
| &nbsp;&nbsp;&nbsp; Y322-E0PS, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Y326-QPEZ, 29.030%, 6/28/2026 †§x | Affirm | 7/07/2023 | 480 | 498 | 493 |
| &nbsp;&nbsp;&nbsp; Y327-TOX0, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 66 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Y32U-XRI4, 15.760%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 1241 | 1301 | 1301 |
| &nbsp;&nbsp;&nbsp; Y32Y-RCJ2, 29.530%, 10/19/2022 †x#^ | Affirm | 4/25/2022 | 185 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; Y330-VLOC, 33.950%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 1253 | 1291 | 1298 |
| &nbsp;&nbsp;&nbsp; Y331-2WMR, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 500 | 507 | 518 |
| &nbsp;&nbsp;&nbsp; Y332-10K7, 29.580%, 4/21/2026 †§x | Affirm | 10/24/2024 | 152 | 156 | 155 |
| &nbsp;&nbsp;&nbsp; Y33I-8JC5, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 877 | 906 | 914 |
| &nbsp;&nbsp;&nbsp; Y33J-Q7IE, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 171 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; Y33Z-X54E, 26.200%, 6/28/2023 †x#^ | Affirm | 1/06/2023 | 68 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Y346-2ICM, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Y347-SNUS, 15.830%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 195 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; Y34P-GGBB, 30.950%, 3/06/2025 †x#^ | Affirm | 9/11/2023 | 1215 | 1282 | 73 |
| &nbsp;&nbsp;&nbsp; Y350-3QU4, 35.390%, 3/21/2027 †§x | Affirm | 3/31/2025 | 1684 | 1672 | 1707 |
| &nbsp;&nbsp;&nbsp; Y350-S8FL, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y353-8SQM, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 238 | 243 | 241 |
| &nbsp;&nbsp;&nbsp; Y357-4TZJ, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 420 | 437 | 25 |
| &nbsp;&nbsp;&nbsp; Y358-SL23, 22.900%, 3/12/2026 †§x | Affirm | 3/28/2025 | 428 | 437 | 439 |
| &nbsp;&nbsp;&nbsp; Y35C-Q0OI, 29.550%, 2/19/2026 †§x | Affirm | 8/22/2024 | 155 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; Y35H-LAQN, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y35J-DWKN, 11.860%, 11/08/2022 †x#^ | Affirm | 11/15/2021 | 140 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; Y36B-MRND, 30.000%, 2/04/2023 †x#^ | Affirm | 2/11/2022 | 231 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; Y36K-99LH, 35.360%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 124 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; Y36M-738K, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 69 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; Y36O-32PY, 13.840%, 9/24/2025 †§x | Affirm | 9/27/2024 | 9 | 9 | 10 |
| &nbsp;&nbsp;&nbsp; Y36U-1EP6, 29.540%, 10/09/2025 †§x | Affirm | 4/12/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y36X-G01K, 33.950%, 11/20/2026 †§x | Affirm | 11/27/2024 | 530 | 548 | 553 |
| &nbsp;&nbsp;&nbsp; Y371-5XTM, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 228 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; Y372-WLYN, 11.770%, 6/01/2023 †x#^ | Affirm | 6/06/2022 | 39 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Y377-FANE, 28.000%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 256 | 269 | 15 |
| &nbsp;&nbsp;&nbsp; Y37F-MRBO, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 573 | 577 | 579 |
| &nbsp;&nbsp;&nbsp; Y37L-56K1, 26.500%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 33 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; Y380-UBWE, 35.250%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; Y381-7H5D, 18.000%, 10/24/2025 †§x | Affirm | 10/28/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y382-0W5A, 35.450%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 22 | 23 | 22 |
| &nbsp;&nbsp;&nbsp; Y389-2PJK, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 221 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; Y38B-KHBR, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Y38G-ZUQ1, 29.540%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 100 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; Y38L-9VG6, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 203 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; Y38L-NW7D, 30.000%, 8/27/2025 †x#^ | Affirm | 3/28/2025 | 59 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; Y38S-T49Q, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y38T-30YB, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y38V-75BS, 35.990%, 8/27/2025 †x#^ | Affirm | 3/28/2025 | 90 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; Y38X-A7JQ, 33.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 269 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; Y394-K8AY, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 158 | 161 | 160 |
| &nbsp;&nbsp;&nbsp; Y396-AZZ3, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; Y396-X2K5, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Y398-VDC8, 32.500%, 12/24/2025 †§x | Affirm | 6/27/2024 | 1068 | 1078 | 1073 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8315** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y39C-C64D, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | $148 | $150 | $151 |
| &nbsp;&nbsp;&nbsp; Y39G-J5IF, 27.950%, 3/25/2027 †§x | Affirm | 3/31/2025 | 905 | 900 | 918 |
| &nbsp;&nbsp;&nbsp; Y39Q-EB98, 17.900%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 1292 | 1336 | 1344 |
| &nbsp;&nbsp;&nbsp; Y39U-94TK, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 161 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; Y39Y-HS44, 35.840%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 318 | 302 | 308 |
| &nbsp;&nbsp;&nbsp; Y3A2-A49F, 29.520%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 1010 | 997 | 61 |
| &nbsp;&nbsp;&nbsp; Y3A3-P5OV, 27.100%, 11/03/2025 †x# | Affirm | 11/07/2022 | 925 | 996 | 55 |
| &nbsp;&nbsp;&nbsp; Y3A5-HCL4, 29.710%, 1/10/2023 †§x^ | Affirm | 1/13/2022 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Y3AB-VF8N, 35.300%, 3/24/2027 †§x | Affirm | 3/31/2025 | 515 | 512 | 524 |
| &nbsp;&nbsp;&nbsp; Y3AM-QZB7, 29.900%, 7/20/2022 †x#^ | Affirm | 1/24/2022 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Y3AS-NIK2, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 316 | 322 | 320 |
| &nbsp;&nbsp;&nbsp; Y3AT-H2IH, 28.500%, 10/25/2022 †x#^ | Affirm | 7/28/2022 | 137 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; Y3AX-0EOW, 25.500%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Y3B9-T9M3, 29.710%, 1/10/2024 †x#^ | Affirm | 1/13/2023 | 234 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; Y3BD-7SNH, 11.830%, 11/14/2025 †§x | Affirm | 11/17/2022 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; Y3BJ-4BX9, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | 263 | 268 | 266 |
| &nbsp;&nbsp;&nbsp; Y3BM-4KY6, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 59 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Y3BN-QPAZ, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; Y3BX-VPXD, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 185 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; Y3C0-P9U8, 13.840%, 7/02/2026 †§x | Affirm | 1/29/2025 | 269 | 275 | 276 |
| &nbsp;&nbsp;&nbsp; Y3C2-8NY1, 28.000%, 9/08/2023 †x#^ | Affirm | 9/12/2022 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; Y3C9-A3WQ, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Y3CA-YF2S, 22.670%, 8/09/2023 †x#^ | Affirm | 8/12/2022 | 41 | 43 | 2 |
| &nbsp;&nbsp;&nbsp; Y3CK-BP71, 15.700%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y3CP-3GAF, 35.300%, 3/03/2027 †§x | Affirm | 3/28/2025 | 475 | 468 | 476 |
| &nbsp;&nbsp;&nbsp; Y3CW-75NC, 35.370%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Y3CZ-JIXV, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 269 | 271 | 269 |
| &nbsp;&nbsp;&nbsp; Y3D6-HHJR, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y3D7-6T8W, 32.990%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 218 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; Y3D8-JHXD, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 230 | 232 | 230 |
| &nbsp;&nbsp;&nbsp; Y3DD-2J91, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 106 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; Y3DL-D6ZV, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 72 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; Y3DQ-O9UP, 24.400%, 6/20/2026 †§x | Affirm | 12/27/2024 | 266 | 273 | 274 |
| &nbsp;&nbsp;&nbsp; Y3DV-AUUL, 19.700%, 1/04/2027 †§x | Affirm | 1/08/2024 | 584 | 601 | 602 |
| &nbsp;&nbsp;&nbsp; Y3DX-UO36, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 208 | 211 | 211 |
| &nbsp;&nbsp;&nbsp; Y3E8-2JIN, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 212 | 217 | 219 |
| &nbsp;&nbsp;&nbsp; Y3E9-CF5E, 33.950%, 1/15/2026 †x# | Affirm | 11/27/2024 | 180 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; Y3EB-ZLGX, 24.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Y3EC-KBF0, 29.790%, 2/07/2026 †§x | Affirm | 2/26/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Y3EJ-XFGY, 23.400%, 9/25/2025 †§x | Affirm | 9/30/2024 | 121 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; Y3ER-R44E, 29.510%, 6/13/2025 †x#^ | Affirm | 6/16/2023 | 1849 | 1943 | 111 |
| &nbsp;&nbsp;&nbsp; Y3ET-FNEO, 29.670%, 11/15/2025 †x# | Affirm | 11/27/2024 | 145 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; Y3EZ-TUC9, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 195 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; Y3F9-GDDG, 35.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 134 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; Y3FE-YRA5, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; Y3FF-1V1D, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; Y3FH-A2VC, 13.840%, 2/27/2026 †§x | Affirm | 8/30/2024 | 245 | 248 | 249 |
| &nbsp;&nbsp;&nbsp; Y3FJ-7Q0G, 29.820%, 2/24/2024 †x#^ | Affirm | 3/02/2023 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; Y3G4-3983, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 177 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; Y3G7-FWZU, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 160 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; Y3GC-9S2B, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 422 | 427 | 429 |
| &nbsp;&nbsp;&nbsp; Y3GC-9ZV3, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 95 | 97 |  |
| &nbsp;&nbsp;&nbsp; Y3GE-73DZ, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; Y3GE-UXAU, 9.920%, 9/02/2025 †§x | Affirm | 6/27/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Y3GK-O268, 28.000%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 155 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; Y3GN-NRD2, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 403 | 402 | 403 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8316** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y3GP-FMT3, 35.450%, 2/20/2026 †§x | Affirm | 8/23/2024 | $481 | $487 | $483 |
| &nbsp;&nbsp;&nbsp; Y3GV-VAEG, 22.670%, 9/28/2027 †§x | Affirm | 10/02/2023 | 1070 | 1157 | 1139 |
| &nbsp;&nbsp;&nbsp; Y3HA-1CHC, 13.840%, 5/06/2026 †§x | Affirm | 5/30/2025 | 114 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; Y3HB-MXFX, 29.740%, 1/09/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Y3HH-RY8O, 29.590%, 10/21/2025 †§x | Affirm | 10/24/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Y3HP-IWHF, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y3I0-ZU6E, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Y3I9-10GQ, 22.560%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 295 | 309 | 18 |
| &nbsp;&nbsp;&nbsp; Y3IG-89F7, 29.520%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 222 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; Y3IL-9NMJ, 33.000%, 11/20/2026 †§x | Affirm | 11/27/2024 | 586 | 586 | 595 |
| &nbsp;&nbsp;&nbsp; Y3IR-I8AL, 24.400%, 12/20/2025 †§x | Affirm | 6/24/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Y3IT-XQGI, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y3IY-AKUP, 23.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 285 | 291 | 293 |
| &nbsp;&nbsp;&nbsp; Y3IY-C1N2, 25.900%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 94 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; Y3J7-PX0U, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; Y3J9-MMJD, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y3JD-ED8C, 15.670%, 2/06/2026 †§x | Affirm | 8/29/2025 | 266 | 272 | 272 |
| &nbsp;&nbsp;&nbsp; Y3JE-S8XB, 29.730%, 1/06/2026 †§x | Affirm | 1/29/2025 | 61 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; Y3JN-2TXA, 33.950%, 11/14/2025 †§x | Affirm | 11/27/2024 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; Y3JR-8X0P, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Y3JU-AKFO, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 250 | 256 | 257 |
| &nbsp;&nbsp;&nbsp; Y3JX-3ZX3, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y3K3-L8EB, 24.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Y3K4-ULT7, 29.830%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; Y3K7-YI6L, 25.200%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Y3KK-1ZNX, 35.260%, 2/28/2024 †x#^ | Affirm | 8/31/2023 | 438 | 452 | 26 |
| &nbsp;&nbsp;&nbsp; Y3KL-FNR3, 35.660%, 2/10/2026 †§x | Affirm | 2/26/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y3L7-3YJS, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 350 | 347 | 21 |
| &nbsp;&nbsp;&nbsp; Y3L8-BYQX, 23.400%, 6/17/2026 †§x | Affirm | 6/21/2024 | 449 | 459 | 460 |
| &nbsp;&nbsp;&nbsp; Y3LA-1PJK, 35.950%, 8/28/2025 †x#^ | Affirm | 3/28/2025 | 254 | 259 | 7 |
| &nbsp;&nbsp;&nbsp; Y3LE-FKSA, 31.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 114 | 114 | 113 |
| &nbsp;&nbsp;&nbsp; Y3LG-Y2JC, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 530 | 540 | 542 |
| &nbsp;&nbsp;&nbsp; Y3LK-ZD21, 15.810%, 9/23/2025 †§x | Affirm | 9/26/2024 | 101 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; Y3LP-TMEH, 35.610%, 8/11/2026 †§x | Affirm | 2/26/2025 | 358 | 367 | 367 |
| &nbsp;&nbsp;&nbsp; Y3LR-AS02, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 180 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; Y3LW-PNDX, 35.690%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y3M2-0WAW, 34.163%, 5/24/2024 †x#^ | Affirm | 5/30/2023 | 1019 | 996 | 61 |
| &nbsp;&nbsp;&nbsp; Y3M2-76LK, 13.840%, 10/21/2025 †§x | Affirm | 10/24/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y3M6-W0N8, 29.670%, 7/18/2022 †x#^ | Affirm | 4/21/2022 | 120 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; Y3MB-3HCG, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 1488 | 1547 | 89 |
| &nbsp;&nbsp;&nbsp; Y3MB-TPZL, 29.550%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 371 | 366 | 22 |
| &nbsp;&nbsp;&nbsp; Y3MF-LNTH, 29.140%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 78 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; Y3NH-TRHT, 35.320%, 3/28/2026 †§x | Affirm | 3/31/2025 | 57 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; Y3O4-50I1, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 316 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; Y3OB-PH0R, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Y3OC-GTT2, 35.490%, 5/15/2026 †§x | Affirm | 11/27/2024 | 88 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Y3OE-SEIF, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | 292 | 302 | 300 |
| &nbsp;&nbsp;&nbsp; Y3OH-GRA4, 32.500%, 7/02/2026 †x# | Affirm | 1/29/2025 | 293 | 301 | 10 |
| &nbsp;&nbsp;&nbsp; Y3OK-WP52, 33.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 125 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; Y3OO-RM0F, 32.860%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 92 | 91 | 55 |
| &nbsp;&nbsp;&nbsp; Y3P1-41L9, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; Y3P6-MVIW, 29.640%, 7/08/2022 †x#^ | Affirm | 4/14/2022 | 137 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; Y3PH-QEP6, 29.304%, 10/21/2025 †§x# | Affirm | 10/25/2024 | 482 | 483 | 483 |
| &nbsp;&nbsp;&nbsp; Y3PN-KKT3, 35.650%, 6/12/2025 †x#^ | Affirm | 12/27/2024 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; Y3QF-ULDL, 31.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 229 | 238 | 240 |
| &nbsp;&nbsp;&nbsp; Y3QR-IH25, 33.000%, 11/15/2026 †§x | Affirm | 11/27/2024 | 198 | 198 | 199 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8317** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y3QS-XRFX, 29.630%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | $24 | $25 | $1 |
| &nbsp;&nbsp;&nbsp; Y3QT-SIUA, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Y3QU-O7K1, 29.690%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 261 | 244 | 16 |
| &nbsp;&nbsp;&nbsp; Y3R6-9VJ6, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y3R6-LW7J, 27.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 265 | 262 | 16 |
| &nbsp;&nbsp;&nbsp; Y3RA-CSVK, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 44 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; Y3RA-TOP8, 29.720%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 135 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; Y3RE-F6KC, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Y3RM-JUGU, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Y3RO-AKNA, 29.490%, 2/25/2025 †x#^ | Affirm | 8/31/2023 | 66 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; Y3RW-E68E, 30.000%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 42 | 43 | 9 |
| &nbsp;&nbsp;&nbsp; Y3S3-WG7J, 24.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 78 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; Y3S4-GXP4, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 85 | 84 |
| &nbsp;&nbsp;&nbsp; Y3SG-QCPZ, 35.770%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 157 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; Y3SZ-8IQZ, 35.290%, 9/28/2026 †§x | Affirm | 3/31/2025 | 205 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; Y3TB-14YF, 29.810%, 2/27/2026 †§x | Affirm | 3/28/2025 | 167 | 172 | 170 |
| &nbsp;&nbsp;&nbsp; Y3TG-B2EW, 29.900%, 7/25/2022 †x#^ | Affirm | 1/28/2022 | 310 | 316 | 19 |
| &nbsp;&nbsp;&nbsp; Y3TG-P498, 35.640%, 1/08/2026 †x# | Affirm | 1/29/2025 | 145 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; Y3TL-N8U7, 22.780%, 2/05/2026 †§x | Affirm | 2/26/2025 | 963 | 978 | 979 |
| &nbsp;&nbsp;&nbsp; Y3TO-UU2A, 35.910%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 70 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; Y3TR-43XS, 35.510%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Y3UJ-592G, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 362 | 366 | 365 |
| &nbsp;&nbsp;&nbsp; Y3UO-LMLQ, 35.000%, 12/16/2025 †x# | Affirm | 12/27/2024 | 101 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; Y3UZ-LCCK, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y3V4-1HLB, 22.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 877 | 888 | 888 |
| &nbsp;&nbsp;&nbsp; Y3V8-E2RY, 11.820%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 113 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; Y3V8-FAWA, 35.650%, 1/08/2026 †x# | Affirm | 1/29/2025 | 131 | 134 |  |
| &nbsp;&nbsp;&nbsp; Y3V8-IYP5, 29.680%, 12/28/2023 †x#^ | Affirm | 1/06/2022 | 1544 | 1422 | 93 |
| &nbsp;&nbsp;&nbsp; Y3V9-EYCP, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Y3VB-QQZM, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 273 | 285 | 283 |
| &nbsp;&nbsp;&nbsp; Y3VH-CO55, 29.460%, 5/11/2025 †x#^ | Affirm | 5/15/2023 | 464 | 492 | 28 |
| &nbsp;&nbsp;&nbsp; Y3VI-7VQ2, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 113 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; Y3VL-05Y0, 24.400%, 10/05/2025 †§x | Affirm | 4/15/2024 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; Y3W2-QOXN, 19.900%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; Y3WB-IEJU, 29.650%, 1/20/2024 †x#^ | Affirm | 1/24/2022 | 482 | 444 | 29 |
| &nbsp;&nbsp;&nbsp; Y3WF-JFUU, 20.900%, 8/19/2026 †§x | Affirm | 8/22/2024 | 2032 | 2087 | 2094 |
| &nbsp;&nbsp;&nbsp; Y3WQ-MUL1, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 339 | 345 | 344 |
| &nbsp;&nbsp;&nbsp; Y3WU-5SBC, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Y3WW-W6P4, 29.630%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 91 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; Y3X1-F9SO, 11.820%, 10/11/2025 †§x | Affirm | 4/15/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Y3X2-53VH, 29.620%, 8/01/2024 †x#^ | Affirm | 8/04/2022 | 162 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; Y3X9-SJ93, 30.000%, 10/28/2026 †x# | Affirm | 10/31/2024 | 850 | 886 | 51 |
| &nbsp;&nbsp;&nbsp; Y3XH-FCVN, 29.000%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 111 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; Y3XI-JIST, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 144 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; Y3XM-1NFB, 29.510%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 24 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; Y3XN-0P6Q, 29.710%, 2/06/2026 †§x | Affirm | 2/26/2025 | 536 | 550 | 551 |
| &nbsp;&nbsp;&nbsp; Y3XT-FFDY, 29.610%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; Y3Y5-NES3, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 116 | 112 | 114 |
| &nbsp;&nbsp;&nbsp; Y3Y7-ICZD, 24.400%, 2/27/2026 †§x | Affirm | 8/30/2024 | 521 | 528 | 530 |
| &nbsp;&nbsp;&nbsp; Y3YC-ETOW, 35.140%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Y3YQ-ZN0F, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Y3YW-5DKQ, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; Y3Z2-XCDU, 15.640%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Y3Z3-BNQV, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; Y3ZD-IZLC, 33.950%, 10/02/2025 †x# | Affirm | 10/07/2024 | 64 | 66 | 12 |
| &nbsp;&nbsp;&nbsp; Y3ZH-QDAJ, 29.650%, 9/28/2025 †x# | Affirm | 10/03/2024 | 42 | 44 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8318** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y3ZI-OTKJ, 26.900%, 12/02/2025 †§x# | Affirm | 6/27/2025 | $13 | $13 | $13 |
| &nbsp;&nbsp;&nbsp; Y3ZL-TPHC, 25.200%, 12/12/2025 †§x | Affirm | 12/27/2024 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; Y3ZO-YF33, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 96 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; Y404-L2UH, 29.480%, 7/28/2025 †x#^ | Affirm | 8/31/2023 | 652 | 676 | 39 |
| &nbsp;&nbsp;&nbsp; Y405-7DVB, 35.920%, 12/09/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Y405-P7U3, 29.650%, 5/18/2026 †§x | Affirm | 11/27/2024 | 172 | 177 | 176 |
| &nbsp;&nbsp;&nbsp; Y408-23N5, 29.600%, 9/21/2024 †x#^ | Affirm | 9/26/2022 | 4590 | 4747 | 275 |
| &nbsp;&nbsp;&nbsp; Y40K-2XZI, 7.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y40M-P3O9, 24.400%, 9/28/2025 †§x | Affirm | 3/31/2025 | 66 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; Y40Z-PQVY, 29.600%, 9/12/2024 †x#^ | Affirm | 9/15/2022 | 424 | 457 | 25 |
| &nbsp;&nbsp;&nbsp; Y417-YS7O, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 325 | 331 | 332 |
| &nbsp;&nbsp;&nbsp; Y41R-L3UU, 33.020%, 8/06/2026 †§x | Affirm | 8/29/2025 | 200 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; Y421-F9P1, 26.700%, 1/02/2028 †x | Affirm | 1/29/2025 | 3818 | 3908 | 3956 |
| &nbsp;&nbsp;&nbsp; Y429-WX7M, 29.560%, 6/24/2026 †§x | Affirm | 6/27/2024 | 104 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; Y42N-8BFF, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 219 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; Y436-5QOZ, 27.500%, 5/25/2023 †x#^ | Affirm | 6/03/2022 | 1065 | 1119 | 64 |
| &nbsp;&nbsp;&nbsp; Y43U-I44D, 22.780%, 1/06/2026 †§x | Affirm | 1/29/2025 | 527 | 532 | 532 |
| &nbsp;&nbsp;&nbsp; Y43Z-N3FW, 15.650%, 12/02/2025 †§x | Affirm | 6/27/2025 | 131 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; Y440-Z4TV, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 102 | 105 | 102 |
| &nbsp;&nbsp;&nbsp; Y44O-8D5Z, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Y44U-R74R, 35.520%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 95 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; Y454-74WZ, 29.140%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 86 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; Y45I-19EA, 29.480%, 8/28/2024 †x#^ | Affirm | 9/01/2023 | 105 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; Y45P-RY6G, 35.270%, 3/20/2026 †§x | Affirm | 3/28/2025 | 447 | 456 | 461 |
| &nbsp;&nbsp;&nbsp; Y45P-ZSSV, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y45U-N5RM, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 74 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Y46A-64LH, 21.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; Y46D-B3F8, 30.950%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 365 | 374 | 22 |
| &nbsp;&nbsp;&nbsp; Y46L-YDJZ, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; Y46M-5VYD, 6.863%, 9/20/2025 †§x« | Affirm | 9/26/2024 | 80 | 75 | 79 |
| &nbsp;&nbsp;&nbsp; Y46M-P040, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 33 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; Y46N-YUP6, 18.000%, 9/03/2026 †§x | Affirm | 3/28/2025 | 288 | 297 | 299 |
| &nbsp;&nbsp;&nbsp; Y472-MJBL, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; Y475-D466, 24.400%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 417 | 431 | 432 |
| &nbsp;&nbsp;&nbsp; Y47A-1P4J, 18.000%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 203 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; Y47G-MF82, 28.500%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 493 | 514 | 30 |
| &nbsp;&nbsp;&nbsp; Y47T-SUMB, 29.480%, 7/06/2023 †x#^ | Affirm | 7/11/2022 | 58 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; Y480-H3IW, 32.000%, 12/04/2025 †§x# | Affirm | 12/07/2023 | 499 | 502 | 501 |
| &nbsp;&nbsp;&nbsp; Y483-LH0W, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1022 | 1040 | 1035 |
| &nbsp;&nbsp;&nbsp; Y483-NWQZ, 29.390%, 2/06/2026 †§x | Affirm | 8/29/2025 | 139 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; Y485-9XZF, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 670 | 693 |  |
| &nbsp;&nbsp;&nbsp; Y48A-BHCT, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 86 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; Y490-P8BT, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; Y496-LZ6I, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 112 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; Y498-YDB9, 33.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 205 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; Y49O-7WM1, 35.650%, 1/27/2026 †§x | Affirm | 2/26/2025 | 1339 | 1364 | 1388 |
| &nbsp;&nbsp;&nbsp; Y49P-1Y7A, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 107 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; Y49P-84IS, 29.520%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 61 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; Y4AB-T74R, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 204 | 203 | 204 |
| &nbsp;&nbsp;&nbsp; Y4AU-V9JR, 29.930%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; Y4AW-Q83Z, 9.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 2077 | 2135 | 2145 |
| &nbsp;&nbsp;&nbsp; Y4B2-2DNX, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 118 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; Y4B2-IB6V, 31.450%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Y4B4-7P6L, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Y4BC-K3QN, 35.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1172 | 1166 | 1165 |
| &nbsp;&nbsp;&nbsp; Y4BG-EN45, 35.030%, 10/08/2025 †§x# | Affirm | 7/31/2025 | 58 | 58 | 59 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8319** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y4BH-USR7, 32.500%, 4/05/2026 †x | Affirm | 4/12/2024 | $2462 | $2476 | $2504 |
| &nbsp;&nbsp;&nbsp; Y4BK-515C, 33.950%, 12/28/2027 †§x# | Affirm | 1/29/2025 | 1468 | 1499 | 1514 |
| &nbsp;&nbsp;&nbsp; Y4BN-JD6R, 35.480%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y4BR-S6YY, 18.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Y4BU-J0NK, 15.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Y4BU-ZRP3, 28.000%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; Y4BV-D8HO, 29.720%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 175 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; Y4CE-YN6R, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 78 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y4CK-LM38, 22.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; Y4CM-SHP1, 35.480%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 881 | 904 | 890 |
| &nbsp;&nbsp;&nbsp; Y4CS-QFCJ, 29.550%, 2/16/2026 †§x | Affirm | 8/22/2024 | 102 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; Y4CU-IJXY, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Y4CX-SA4S, 33.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 497 | 489 | 487 |
| &nbsp;&nbsp;&nbsp; Y4D2-VY5J, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 839 | 865 | 858 |
| &nbsp;&nbsp;&nbsp; Y4D6-3TGM, 29.920%, 7/28/2023 †x#^ | Affirm | 2/02/2023 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; Y4DC-R5K2, 11.860%, 9/16/2025 †§x | Affirm | 9/19/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; Y4DJ-7QO8, 29.480%, 4/28/2025 †x#^ | Affirm | 9/01/2023 | 161 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; Y4DN-21H7, 29.420%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y4E3-OBB6, 33.950%, 12/15/2025 †x | Affirm | 11/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Y4EH-OP57, 35.730%, 1/03/2027 †§x | Affirm | 1/29/2025 | 424 | 420 | 427 |
| &nbsp;&nbsp;&nbsp; Y4EV-83RZ, 29.680%, 7/11/2023 †x#^ | Affirm | 1/21/2022 | 196 | 183 | 12 |
| &nbsp;&nbsp;&nbsp; Y4EW-QW8B, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 232 | 237 | 238 |
| &nbsp;&nbsp;&nbsp; Y4EZ-2EOF, 29.550%, 11/28/2024 †x#^ | Affirm | 9/02/2022 | 1255 | 1348 | 75 |
| &nbsp;&nbsp;&nbsp; Y4F6-66YX, 33.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 114 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; Y4FA-23IL, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; Y4FJ-OJZE, 15.690%, 3/28/2026 †§x | Affirm | 4/22/2025 | 175 | 181 | 184 |
| &nbsp;&nbsp;&nbsp; Y4FN-3PFD, 29.760%, 12/28/2025 †§x | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; Y4FR-ZMH1, 29.720%, 1/08/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Y4FT-9P3N, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Y4FW-VNGG, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; Y4FY-F1ED, 29.460%, 5/05/2025 †x#^ | Affirm | 5/11/2023 | 146 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; Y4G0-S1F2, 33.950%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 1577 | 1685 | 95 |
| &nbsp;&nbsp;&nbsp; Y4G1-BH2W, 29.560%, 9/07/2025 †§x | Affirm | 9/11/2023 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y4GC-4JYA, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 296 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; Y4GH-EWZG, 29.660%, 5/13/2026 †§x# | Affirm | 11/27/2024 | 132 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; Y4GQ-3E4R, 31.000%, 12/20/2025 †§x | Affirm | 6/24/2024 | 155 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; Y4GZ-1C7X, 35.000%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Y4H5-7THZ, 35.480%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 137 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; Y4HG-W432, 32.870%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Y4HJ-7YRP, 29.630%, 8/01/2024 †x#^ | Affirm | 8/04/2022 | 939 | 1014 | 56 |
| &nbsp;&nbsp;&nbsp; Y4HQ-IG7P, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 284 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; Y4HR-BY3P, 30.500%, 12/28/2025 †x# | Affirm | 1/29/2025 | 272 | 277 | 81 |
| &nbsp;&nbsp;&nbsp; Y4HR-R6CG, 29.000%, 1/17/2025 †x#^ | Affirm | 1/20/2023 | 325 | 343 | 20 |
| &nbsp;&nbsp;&nbsp; Y4HT-IBY6, 35.971%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 184 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; Y4HZ-K0I4, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Y4I0-0SBJ, 35.440%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 446 | 449 | 27 |
| &nbsp;&nbsp;&nbsp; Y4I8-8LTW, 35.660%, 8/10/2026 †§x | Affirm | 2/26/2025 | 239 | 245 | 245 |
| &nbsp;&nbsp;&nbsp; Y4IE-SHO2, 29.320%, 9/02/2025 †§x | Affirm | 6/27/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y4IJ-S1UD, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 167 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; Y4IK-J6YD, 35.988%, 8/28/2024 †x#^ | Affirm | 9/01/2023 | 191 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; Y4J4-WBBN, 18.000%, 10/25/2025 †x# | Affirm | 10/31/2024 | 121 | 125 | 36 |
| &nbsp;&nbsp;&nbsp; Y4JB-ZHZ1, 33.950%, 9/20/2025 †x | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Y4JD-X5L8, 28.384%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 600 | 629 | 36 |
| &nbsp;&nbsp;&nbsp; Y4JH-260X, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 874 | 836 | 52 |
| &nbsp;&nbsp;&nbsp; Y4JM-Y8T7, 30.000%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 392 | 391 | 24 |
| &nbsp;&nbsp;&nbsp; Y4JX-58O1, 22.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8320** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y4K3-OLXZ, 29.640%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | $17 | $17 | $1 |
| &nbsp;&nbsp;&nbsp; Y4K6-XEFV, 35.570%, 2/23/2025 †x#^ | Affirm | 2/29/2024 | 338 | 339 | 20 |
| &nbsp;&nbsp;&nbsp; Y4KH-ZWA9, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y4KI-31OG, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 474 | 491 | 496 |
| &nbsp;&nbsp;&nbsp; Y4KL-VVB0, 28.000%, 1/07/2023 †x#^ | Affirm | 7/11/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; Y4KZ-Q9UE, 33.950%, 7/01/2027 †§x | Affirm | 7/05/2024 | 967 | 936 | 936 |
| &nbsp;&nbsp;&nbsp; Y4LA-ACL6, 35.800%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Y4LB-OY3E, 29.730%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; Y4LI-1W2U, 35.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y4LL-VEJT, 35.320%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 118 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; Y4LQ-9CVY, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 953 | 934 | 928 |
| &nbsp;&nbsp;&nbsp; Y4ME-CCBW, 32.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Y4MJ-TCPU, 29.110%, 12/08/2023 †x#^ | Affirm | 12/13/2021 | 418 | 451 | 25 |
| &nbsp;&nbsp;&nbsp; Y4ML-ECCD, 23.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 95 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; Y4ML-Y45U, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Y4MY-BABY, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Y4ND-QAQC, 35.460%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 38 | 39 | 9 |
| &nbsp;&nbsp;&nbsp; Y4ND-SXZG, 24.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 59 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; Y4NE-ESBK, 35.350%, 7/02/2025 †x#^ | Affirm | 7/05/2024 | 85 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; Y4NE-WS3Z, 6.286%, 1/02/2026 †x« | Affirm | 1/29/2025 | 3261 | 3193 | 3175 |
| &nbsp;&nbsp;&nbsp; Y4NF-1EHI, 35.470%, 10/22/2025 †§x | Affirm | 10/25/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Y4NG-HPTV, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Y4NS-R0HJ, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 211 | 213 | 214 |
| &nbsp;&nbsp;&nbsp; Y4NW-HB3W, 33.950%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 134 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; Y4NZ-73UO, 35.210%, 11/06/2025 †§x | Affirm | 5/30/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Y4O0-TD11, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 21 |
| &nbsp;&nbsp;&nbsp; Y4O1-92BC, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y4O1-N2KH, 29.650%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 171 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; Y4O2-R6WQ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; Y4OC-8F1O, 7.500%, 2/28/2023 †x#^« | Affirm | 12/05/2022 | 79 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; Y4OQ-4VWR, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 255 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; Y4OT-I49P, 24.400%, 11/15/2026 †§x | Affirm | 11/27/2024 | 437 | 452 | 455 |
| &nbsp;&nbsp;&nbsp; Y4OT-P1Z6, 11.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 153 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; Y4OW-ILZO, 24.630%, 2/16/2026 †§x | Affirm | 8/22/2024 | 143 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; Y4OY-GUDE, 28.000%, 3/24/2023 †x#^ | Affirm | 3/28/2022 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; Y4P1-N20M, 13.840%, 11/20/2026 †§x | Affirm | 11/27/2024 | 1871 | 1935 | 1947 |
| &nbsp;&nbsp;&nbsp; Y4P4-0J8L, 35.510%, 11/21/2024 †x#^ | Affirm | 11/24/2023 | 128 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; Y4P5-UTHH, 23.400%, 10/28/2025 †§x | Affirm | 10/31/2024 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; Y4P6-U7P3, 20.900%, 8/28/2026 †§x# | Affirm | 9/08/2023 | 464 | 480 | 478 |
| &nbsp;&nbsp;&nbsp; Y4PG-LJGE, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; Y4PI-N2A7, 18.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 166 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; Y4PL-DAOS, 33.050%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 216 | 227 | 227 |
| &nbsp;&nbsp;&nbsp; Y4PO-9P0E, 22.710%, 12/09/2025 †§x | Affirm | 12/27/2024 | 582 | 580 | 579 |
| &nbsp;&nbsp;&nbsp; Y4PO-I2NE, 35.040%, 1/08/2026 †§x | Affirm | 7/31/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Y4Q4-HTLE, 30.000%, 8/14/2022 †x#^ | Affirm | 2/17/2022 | 303 | 309 | 18 |
| &nbsp;&nbsp;&nbsp; Y4Q8-Y22I, 35.650%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 102 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; Y4QC-AOW9, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 123 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; Y4QI-P6BJ, 29.680%, 11/22/2023 †x#^ | Affirm | 11/25/2022 | 167 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; Y4QR-QC25, 27.500%, 4/20/2024 †x#^ | Affirm | 10/24/2022 | 175 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; Y4QU-8J4C, 35.990%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 64 | 64 | 7 |
| &nbsp;&nbsp;&nbsp; Y4QX-A7GL, 28.000%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 377 | 403 | 23 |
| &nbsp;&nbsp;&nbsp; Y4QX-ZBRS, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Y4QY-U7ZW, 29.610%, 12/18/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Y4R0-3XZ7, 35.430%, 12/18/2025 †§x | Affirm | 12/27/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y4R5-7LVJ, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 693 | 716 | 712 |
| &nbsp;&nbsp;&nbsp; Y4R9-SJRF, 33.950%, 2/20/2026 †§x | Affirm | 8/23/2024 | 284 | 290 | 291 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8321** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y4RG-VHUS, 29.420%, 9/20/2025 †§x | Affirm | 3/28/2025 | $10 | $10 | $11 |
| &nbsp;&nbsp;&nbsp; Y4RO-YDGQ, 35.470%, 2/22/2025 †x#^ | Affirm | 2/26/2024 | 131 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; Y4RP-ETJE, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 432 | 428 | 434 |
| &nbsp;&nbsp;&nbsp; Y4RW-FBIY, 35.580%, 9/23/2025 †x# | Affirm | 9/26/2024 | 407 | 373 | 24 |
| &nbsp;&nbsp;&nbsp; Y4RY-Q8SI, 35.300%, 3/10/2026 †x# | Affirm | 3/28/2025 | 148 | 134 | 12 |
| &nbsp;&nbsp;&nbsp; Y4S2-9FAR, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 153 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; Y4SB-V7V6, 11.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 386 | 392 | 393 |
| &nbsp;&nbsp;&nbsp; Y4SM-I41V, 25.000%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 382 | 405 | 23 |
| &nbsp;&nbsp;&nbsp; Y4T9-TELP, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 132 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; Y4TG-EDKH, 32.500%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 481 | 492 | 496 |
| &nbsp;&nbsp;&nbsp; Y4TM-GHQU, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Y4TS-IZPH, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Y4U2-1PLW, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 208 | 214 | 216 |
| &nbsp;&nbsp;&nbsp; Y4U7-GCPT, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 158 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; Y4UF-2PLS, 33.950%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 211 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; Y4UK-76HI, 29.710%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; Y4UT-1FIU, 13.840%, 10/02/2025 †§x | Affirm | 10/07/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y4V6-TT1H, 15.880%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 35 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; Y4VF-EK7H, 33.950%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 272 | 279 | 16 |
| &nbsp;&nbsp;&nbsp; Y4VF-OV6Q, 35.300%, 3/28/2027 †x# | Affirm | 3/31/2025 | 723 | 719 | 43 |
| &nbsp;&nbsp;&nbsp; Y4VG-711G, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 685 | 697 | 699 |
| &nbsp;&nbsp;&nbsp; Y4VW-YJ8Z, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; Y4W3-LXTV, 22.820%, 8/06/2026 †§x | Affirm | 2/26/2025 | 209 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; Y4WC-TZL2, 27.100%, 3/13/2024 †x#^ | Affirm | 9/22/2022 | 340 | 364 | 20 |
| &nbsp;&nbsp;&nbsp; Y4WC-U7S8, 35.400%, 4/18/2026 †§x# | Affirm | 10/25/2024 | 128 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; Y4WM-1DBN, 32.000%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 217 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; Y4WN-WCU5, 35.690%, 2/07/2026 †§x | Affirm | 2/26/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y4WW-EKXK, 23.400%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 150 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; Y4WX-9RTL, 35.480%, 6/19/2026 †§x | Affirm | 12/27/2024 | 214 | 219 | 217 |
| &nbsp;&nbsp;&nbsp; Y4XA-TP79, 35.990%, 8/15/2023 †x#^ | Affirm | 2/21/2023 | 24 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; Y4XB-GFFE, 11.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; Y4XP-U91R, 33.050%, 11/20/2026 †§x | Affirm | 11/27/2024 | 1807 | 1835 | 1891 |
| &nbsp;&nbsp;&nbsp; Y4XR-8R1G, 24.670%, 12/28/2025 †x# | Affirm | 1/29/2025 | 121 | 127 | 17 |
| &nbsp;&nbsp;&nbsp; Y4XY-56YI, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 660 | 660 | 658 |
| &nbsp;&nbsp;&nbsp; Y4Y0-GF9X, 27.500%, 10/11/2023 †§x^ | Affirm | 10/14/2022 | 261 | 256 | 266 |
| &nbsp;&nbsp;&nbsp; Y4Y9-8ZQM, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 13 | 14 | 13 |
| &nbsp;&nbsp;&nbsp; Y4YA-3SNV, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y4YA-8I1M, 29.470%, 7/08/2023 †x#^ | Affirm | 7/14/2022 | 139 | 147 | 8 |
| &nbsp;&nbsp;&nbsp; Y4YA-FTP2, 11.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 233 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; Y4YH-FVA1, 29.470%, 7/28/2023 †x#^ | Affirm | 8/01/2022 | 5058 | 5318 | 303 |
| &nbsp;&nbsp;&nbsp; Y4YN-CXRP, 15.770%, 10/28/2025 †x# | Affirm | 10/31/2024 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; Y4YW-1AXG, 29.940%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 306 | 301 | 18 |
| &nbsp;&nbsp;&nbsp; Y4ZC-162Y, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 266 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; Y4ZE-UAM8, 30.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 151 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; Y4ZK-3B59, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 215 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; Y4ZK-O6U4, 30.000%, 6/06/2022 †x#^ | Affirm | 12/09/2021 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; Y4ZS-5P37, 28.000%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 268 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; Y4ZT-K4M7, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y4ZT-OTGQ, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Y502-5Y22, 29.330%, 1/08/2026 †§x | Affirm | 7/31/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y507-RADY, 33.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 95 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; Y508-K4TR, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 105 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; Y50K-KTX0, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 179 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; Y50Q-OZPW, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 620 | 630 | 627 |
| &nbsp;&nbsp;&nbsp; Y50T-XSKE, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 180 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; Y50U-BTHJ, 29.630%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 89 | 87 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8322** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y50V-YQ5T, 29.640%, 8/14/2024 †x#^ | Affirm | 11/17/2022 | $2269 | $2274 | $136 |
| &nbsp;&nbsp;&nbsp; Y511-S76C, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 164 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; Y518-JGUV, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; Y51Y-QFM9, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 422 | 409 | 406 |
| &nbsp;&nbsp;&nbsp; Y51Z-HPST, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 127 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Y52Q-PLEG, 6.952%, 2/06/2026 †§x« | Affirm | 8/29/2025 | 250 | 243 | 243 |
| &nbsp;&nbsp;&nbsp; Y52T-NE4S, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y52X-2K8A, 35.600%, 12/27/2023 †x#^ | Affirm | 10/02/2023 | 77 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; Y533-X0BB, 28.000%, 10/04/2022 †x#^ | Affirm | 4/07/2022 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; Y533-ZCQ2, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1486 | 1514 | 1515 |
| &nbsp;&nbsp;&nbsp; Y53A-MDUI, 29.700%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; Y53O-NLU9, 29.760%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 400 | 408 | 24 |
| &nbsp;&nbsp;&nbsp; Y548-CBMN, 35.810%, 7/02/2026 †§x | Affirm | 1/29/2025 | 158 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; Y54A-1GL1, 25.200%, 9/03/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y54B-AIVO, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 1569 | 1526 | 1516 |
| &nbsp;&nbsp;&nbsp; Y54B-JWUX, 15.870%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 116 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; Y54F-EUME, 15.860%, 8/12/2026 †§x | Affirm | 2/26/2025 | 284 | 296 | 295 |
| &nbsp;&nbsp;&nbsp; Y54M-HYA7, 33.050%, 8/06/2026 †§x | Affirm | 2/26/2025 | 547 | 568 | 567 |
| &nbsp;&nbsp;&nbsp; Y54T-GN95, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 214 | 213 | 214 |
| &nbsp;&nbsp;&nbsp; Y54V-W0Q5, 22.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 186 | 190 | 189 |
| &nbsp;&nbsp;&nbsp; Y54W-BHW6, 11.820%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 593 | 606 | 609 |
| &nbsp;&nbsp;&nbsp; Y54Y-QR5X, 30.000%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 80 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; Y553-7FMZ, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Y554-VDLY, 35.490%, 5/02/2025 †x#^ | Affirm | 5/06/2024 | 42 | 43 | 2 |
| &nbsp;&nbsp;&nbsp; Y55E-4XAR, 29.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y55O-7FA8, 29.570%, 4/11/2024 †x#^ | Affirm | 10/14/2022 | 170 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; Y560-3OJ0, 29.560%, 8/05/2029 †x | Affirm | 8/29/2025 | 5000 | 5440 | 5440 |
| &nbsp;&nbsp;&nbsp; Y562-PQPQ, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Y563-L03Z, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Y56F-FZT2, 35.280%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 328 | 321 | 20 |
| &nbsp;&nbsp;&nbsp; Y56I-7Q4X, 33.050%, 2/26/2028 †§x | Affirm | 2/29/2024 | 2127 | 2293 | 2282 |
| &nbsp;&nbsp;&nbsp; Y56I-KM65, 29.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y56O-U6C2, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y56U-1EGY, 35.460%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y56W-U4X9, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; Y56Z-4PTB, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 58 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y56Z-H9H7, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 136 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; Y572-YTH5, 29.000%, 4/20/2023 †x#^ | Affirm | 4/25/2022 | 70 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; Y57A-KGM9, 22.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 630 | 642 | 644 |
| &nbsp;&nbsp;&nbsp; Y57E-HDC5, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 98 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Y57F-1U5J, 26.500%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 61 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Y57O-NL7T, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 274 | 277 | 277 |
| &nbsp;&nbsp;&nbsp; Y57Y-JW61, 22.710%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 152 | 154 | 153 |
| &nbsp;&nbsp;&nbsp; Y57Z-6LP3, 11.820%, 8/06/2026 †§x | Affirm | 8/29/2025 | 793 | 821 | 821 |
| &nbsp;&nbsp;&nbsp; Y58H-SJSN, 23.400%, 9/03/2026 †§x | Affirm | 3/28/2025 | 610 | 630 | 634 |
| &nbsp;&nbsp;&nbsp; Y58P-DXSK, 23.400%, 10/25/2025 †§x | Affirm | 10/31/2024 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; Y593-VV3W, 29.570%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 66 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; Y59D-Z8N5, 35.990%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Y59G-EDYZ, 33.300%, 2/07/2026 †x# | Affirm | 2/26/2025 | 118 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; Y59L-BUDT, 13.840%, 6/19/2026 †§x | Affirm | 12/27/2024 | 269 | 275 | 276 |
| &nbsp;&nbsp;&nbsp; Y59N-DLDJ, 13.840%, 12/12/2025 †§x | Affirm | 12/27/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Y59X-GAZ3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; Y59Y-6I16, 29.580%, 11/06/2025 †x# | Affirm | 5/30/2025 | 74 | 76 | 19 |
| &nbsp;&nbsp;&nbsp; Y5A2-DEIT, 35.500%, 10/18/2025 †§x | Affirm | 10/24/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Y5A3-FW9F, 13.840%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; Y5AA-5U5I, 35.290%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 318 | 317 | 321 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8323** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y5AA-HV21, 29.650%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | $298 | $286 | $18 |
| &nbsp;&nbsp;&nbsp; Y5AF-KGTA, 29.640%, 11/28/2023 †x#^ | Affirm | 12/03/2021 | 149 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; Y5AG-3MD9, 15.810%, 1/02/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Y5AI-DI8Y, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 206 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; Y5AO-2717, 35.440%, 12/16/2025 †x# | Affirm | 12/27/2024 | 94 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; Y5B3-DMM3, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 224 | 228 | 229 |
| &nbsp;&nbsp;&nbsp; Y5B8-TFEF, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y5BB-4BRU, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 510 | 508 | 31 |
| &nbsp;&nbsp;&nbsp; Y5BC-Y0Q5, 30.950%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; Y5BE-57YW, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Y5BN-ZQG9, 35.410%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 193 | 196 | 12 |
| &nbsp;&nbsp;&nbsp; Y5BS-LL2P, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 392 | 406 | 410 |
| &nbsp;&nbsp;&nbsp; Y5C3-CR2I, 22.200%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 128 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; Y5C5-8YXV, 29.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 148 | 153 | 155 |
| &nbsp;&nbsp;&nbsp; Y5C9-U973, 33.950%, 9/24/2025 †§x | Affirm | 9/27/2024 | 34 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; Y5CD-4281, 22.760%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 23 | 24 | 2 |
| &nbsp;&nbsp;&nbsp; Y5CD-E5OS, 24.580%, 3/26/2027 †§x# | Affirm | 4/22/2025 | 561 | 584 | 602 |
| &nbsp;&nbsp;&nbsp; Y5CF-OUEE, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 403 | 412 | 412 |
| &nbsp;&nbsp;&nbsp; Y5CI-F3L4, 28.870%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 150 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Y5CR-84KR, 35.900%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 58 | 58 | 9 |
| &nbsp;&nbsp;&nbsp; Y5CW-JKVV, 35.260%, 9/28/2025 †§x | Affirm | 4/22/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Y5CY-1HH7, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 295 | 302 | 304 |
| &nbsp;&nbsp;&nbsp; Y5CZ-QDNI, 35.280%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 252 | 262 | 264 |
| &nbsp;&nbsp;&nbsp; Y5D2-QCB8, 32.990%, 8/06/2026 †§x | Affirm | 8/29/2025 | 111 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; Y5D7-NER3, 33.050%, 5/15/2026 †x# | Affirm | 11/27/2024 | 208 | 219 | 11 |
| &nbsp;&nbsp;&nbsp; Y5D8-58NR, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; Y5DA-M4Z2, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; Y5DB-GKZU, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; Y5DF-N3Z7, 27.500%, 3/02/2024 †x#^ | Affirm | 9/09/2022 | 306 | 327 | 18 |
| &nbsp;&nbsp;&nbsp; Y5DJ-85HP, 35.500%, 5/05/2025 †x#^ | Affirm | 2/26/2025 | 33 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; Y5DV-WL7E, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Y5DY-3Y0T, 22.900%, 10/01/2025 †§x | Affirm | 10/04/2024 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; Y5E1-RPPX, 35.590%, 9/16/2025 †x# | Affirm | 9/19/2024 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; Y5E1-VEZO, 29.620%, 1/17/2025 †x#^ | Affirm | 1/23/2023 | 651 | 687 | 39 |
| &nbsp;&nbsp;&nbsp; Y5E2-KFUT, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 807 | 792 | 48 |
| &nbsp;&nbsp;&nbsp; Y5EH-H3E0, 29.070%, 9/28/2025 †§x# | Affirm | 10/05/2023 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Y5EJ-5NVN, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; Y5EJ-KJ1D, 29.650%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 447 | 462 | 27 |
| &nbsp;&nbsp;&nbsp; Y5EJ-R66I, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 103 | 100 | 102 |
| &nbsp;&nbsp;&nbsp; Y5EM-S8C6, 29.420%, 3/10/2023 †x#^ | Affirm | 3/14/2022 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Y5F8-DSUX, 29.780%, 12/28/2025 †§x | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y5FF-7AR6, 24.400%, 8/07/2026 †§x | Affirm | 2/26/2025 | 132 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; Y5FN-AJTE, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; Y5FX-ZUJA, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 183 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; Y5G8-H5LQ, 30.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; Y5GE-2O7D, 28.920%, 9/11/2022 †x#^ | Affirm | 3/17/2022 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; Y5GN-4X4K, 9.800%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y5GQ-FRER, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 232 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; Y5GR-B9VQ, 29.680%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 128 | 126 | 8 |
| &nbsp;&nbsp;&nbsp; Y5GX-WKDT, 35.810%, 1/02/2027 †x | Affirm | 1/29/2025 | 2443 | 2423 | 2460 |
| &nbsp;&nbsp;&nbsp; Y5H9-101O, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 702 | 679 | 673 |
| &nbsp;&nbsp;&nbsp; Y5HA-EDOM, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 205 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; Y5HB-7EA5, 32.930%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 119 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Y5HT-PEQU, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; Y5I0-F8IQ, 9.930%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; Y5I4-YU2K, 35.570%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 233 | 243 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8324** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y5IC-SBN4, 26.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | $257 | $261 | $262 |
| &nbsp;&nbsp;&nbsp; Y5IF-IMFL, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 165 | 169 | 167 |
| &nbsp;&nbsp;&nbsp; Y5IF-O1OT, 24.640%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 143 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Y5IJ-ISFX, 35.260%, 7/08/2026 †§x | Affirm | 7/31/2025 | 118 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; Y5IW-2VXQ, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 142 | 141 | 9 |
| &nbsp;&nbsp;&nbsp; Y5IY-5NQV, 15.790%, 3/19/2024 †x#^ | Affirm | 9/22/2022 | 318 | 333 | 19 |
| &nbsp;&nbsp;&nbsp; Y5J5-IA2O, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y5JV-6Y9F, 35.440%, 3/23/2026 †§x | Affirm | 9/26/2024 | 103 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; Y5JV-D0RE, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; Y5K8-0D8H, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 125 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; Y5K8-3H04, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 157 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; Y5K9-G10Z, 15.800%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 234 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; Y5KG-C89T, 35.460%, 6/21/2026 †§x | Affirm | 6/27/2024 | 1583 | 1574 | 1603 |
| &nbsp;&nbsp;&nbsp; Y5L9-3BCL, 33.950%, 8/27/2026 †§x | Affirm | 8/30/2024 | 720 | 741 | 747 |
| &nbsp;&nbsp;&nbsp; Y5LA-IRDU, 9.820%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 191 | 198 | 200 |
| &nbsp;&nbsp;&nbsp; Y5LA-PLT0, 29.210%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 122 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; Y5LE-KNTJ, 29.590%, 10/21/2023 †x#^ | Affirm | 10/27/2022 | 216 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; Y5LI-Z2ZG, 35.390%, 8/21/2026 †§x | Affirm | 8/26/2024 | 419 | 417 | 422 |
| &nbsp;&nbsp;&nbsp; Y5LT-DX1J, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 880 | 911 | 53 |
| &nbsp;&nbsp;&nbsp; Y5LX-PO09, 33.000%, 1/28/2025 †x#^ | Affirm | 10/31/2024 | 769 | 760 | 46 |
| &nbsp;&nbsp;&nbsp; Y5LX-S5I2, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; Y5LZ-9J6Y, 25.200%, 9/03/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Y5M2-2AV7, 29.410%, 5/24/2024 †x#^ | Affirm | 5/30/2023 | 336 | 313 | 20 |
| &nbsp;&nbsp;&nbsp; Y5M4-D48F, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 295 | 301 | 302 |
| &nbsp;&nbsp;&nbsp; Y5MH-SA0Q, 35.440%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; Y5ML-68GR, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y5ML-CVH7, 32.800%, 2/06/2026 †§x | Affirm | 8/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Y5MO-NZHL, 33.050%, 11/06/2025 †§x | Affirm | 8/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y5MY-6Y4D, 29.820%, 7/02/2026 †§x | Affirm | 1/29/2025 | 154 | 159 | 157 |
| &nbsp;&nbsp;&nbsp; Y5NB-T3WT, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 99 | 103 | 100 |
| &nbsp;&nbsp;&nbsp; Y5NO-X4N8, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 656 | 667 | 664 |
| &nbsp;&nbsp;&nbsp; Y5NP-SGNK, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Y5NS-JEAU, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Y5O3-YMZ6, 33.950%, 10/18/2025 †x# | Affirm | 10/24/2024 | 172 | 182 | 17 |
| &nbsp;&nbsp;&nbsp; Y5O6-5NH8, 22.700%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 279 | 284 | 281 |
| &nbsp;&nbsp;&nbsp; Y5OC-HJT9, 5.949%, 11/28/2022 †x#^« | Affirm | 12/03/2021 | 623 | 618 | 37 |
| &nbsp;&nbsp;&nbsp; Y5OH-QQ47, 15.880%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; Y5OJ-EKCI, 29.590%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 105 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; Y5OK-WHXH, 23.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 127 | 127 | 129 |
| &nbsp;&nbsp;&nbsp; Y5ON-SJ9R, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; Y5ON-USMQ, 15.710%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; Y5P0-40EK, 24.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 627 | 636 | 636 |
| &nbsp;&nbsp;&nbsp; Y5P9-WF70, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 545 | 553 | 552 |
| &nbsp;&nbsp;&nbsp; Y5PW-VTSW, 29.440%, 9/28/2025 †§x | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Y5Q1-7DSE, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 111 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; Y5Q3-LTY7, 18.000%, 12/11/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y5Q5-XBMW, 33.050%, 2/05/2026 †x# | Affirm | 2/26/2025 | 595 | 625 | 154 |
| &nbsp;&nbsp;&nbsp; Y5QE-DAO8, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 217 | 223 | 225 |
| &nbsp;&nbsp;&nbsp; Y5QG-BTNZ, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 602 | 600 | 602 |
| &nbsp;&nbsp;&nbsp; Y5QT-SYYJ, 32.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 867 | 889 | 521 |
| &nbsp;&nbsp;&nbsp; Y5QV-NNKU, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; Y5R2-FHLJ, 29.630%, 12/13/2023 †x#^ | Affirm | 12/16/2022 | 196 | 192 | 12 |
| &nbsp;&nbsp;&nbsp; Y5RA-XENU, 22.900%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 244 | 258 | 15 |
| &nbsp;&nbsp;&nbsp; Y5RI-4BBE, 9.860%, 8/06/2026 †§x | Affirm | 8/29/2025 | 302 | 312 | 312 |
| &nbsp;&nbsp;&nbsp; Y5RL-SNIM, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Y5RP-C0DN, 9.870%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8325** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y5RR-BH2T, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | $259 | $258 | $258 |
| &nbsp;&nbsp;&nbsp; Y5RY-7MKJ, 22.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; Y5SK-FTW5, 29.630%, 12/18/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y5SK-P6EF, 29.470%, 7/08/2026 †§x | Affirm | 7/31/2025 | 132 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; Y5SR-PSZ5, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 163 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; Y5SV-QMLA, 29.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 155 | 159 | 160 |
| &nbsp;&nbsp;&nbsp; Y5SX-001H, 15.780%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 10 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; Y5T0-I5QQ, 35.600%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Y5TA-JVGW, 13.840%, 1/08/2026 †§x | Affirm | 1/11/2024 | 161 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; Y5TB-JUAZ, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 213 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; Y5TN-4FOM, 22.840%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Y5U4-JVHC, 29.550%, 2/27/2026 †§x | Affirm | 8/30/2024 | 270 | 276 | 277 |
| &nbsp;&nbsp;&nbsp; Y5U5-NULG, 15.710%, 7/08/2026 †§x | Affirm | 7/31/2025 | 378 | 394 | 398 |
| &nbsp;&nbsp;&nbsp; Y5U5-VWEA, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Y5UC-OP7Q, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; Y5UF-IHCS, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 232 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; Y5UG-4BT5, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1159 | 1140 | 1137 |
| &nbsp;&nbsp;&nbsp; Y5UW-AYZS, 29.200%, 1/11/2024 †x#^ | Affirm | 1/17/2023 | 114 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; Y5V2-TN5F, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 117 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Y5V2-ZU03, 29.480%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 79 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; Y5VA-6EY2, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Y5VC-5OBK, 26.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Y5VJ-YBWW, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 118 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Y5VL-WOHL, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 186 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; Y5VY-FGT5, 35.360%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 48 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; Y5VY-ZXQJ, 27.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1382 | 1370 | 1395 |
| &nbsp;&nbsp;&nbsp; Y5W1-N0W5, 29.600%, 12/16/2025 †§x | Affirm | 12/27/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Y5W2-VOGV, 29.570%, 12/04/2026 †§x | Affirm | 12/07/2023 | 746 | 777 | 776 |
| &nbsp;&nbsp;&nbsp; Y5W9-LOOK, 29.430%, 3/28/2026 †§x | Affirm | 4/22/2025 | 146 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; Y5WA-A7CK, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 21 | 21 | 22 |
| &nbsp;&nbsp;&nbsp; Y5WC-TKVI, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 381 | 387 | 384 |
| &nbsp;&nbsp;&nbsp; Y5WC-X2F4, 29.680%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; Y5WJ-5D0R, 35.170%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y5WK-2R7K, 29.410%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 153 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; Y5WL-0HOW, 15.690%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 341 | 347 | 348 |
| &nbsp;&nbsp;&nbsp; Y5WQ-CTTM, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 123 | 125 | 124 |
| &nbsp;&nbsp;&nbsp; Y5WS-DSJ7, 28.000%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 97 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; Y5WU-5NUW, 29.610%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 68 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; Y5X8-5UV2, 30.950%, 8/07/2026 †§x | Affirm | 8/29/2025 | 195 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; Y5XH-OFS5, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 173 | 179 | 178 |
| &nbsp;&nbsp;&nbsp; Y5XM-M7OY, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 363 | 367 | 366 |
| &nbsp;&nbsp;&nbsp; Y5XW-VRWM, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Y5Y4-MJ7I, 18.000%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; Y5YG-VRH3, 23.400%, 9/23/2026 †§x | Affirm | 9/26/2024 | 313 | 322 | 323 |
| &nbsp;&nbsp;&nbsp; Y5YS-D909, 22.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 199 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; Y5Z1-Q998, 11.760%, 3/20/2026 †§x | Affirm | 3/28/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y5Z4-0H04, 24.400%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 134 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; Y5Z4-BFC6, 27.100%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 952 | 1001 | 57 |
| &nbsp;&nbsp;&nbsp; Y5Z8-X9NO, 15.760%, 2/19/2026 †§x | Affirm | 8/22/2024 | 173 | 176 | 177 |
| &nbsp;&nbsp;&nbsp; Y5ZB-T0IM, 19.900%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 101 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; Y5ZV-4BBQ, 29.450%, 7/27/2022 †x#^ | Affirm | 1/31/2022 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; Y60D-LXHO, 29.680%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 179 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; Y60L-PI0U, 32.000%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 329 | 334 | 337 |
| &nbsp;&nbsp;&nbsp; Y60S-NR9L, 12.875%, 9/24/2025 †§x« | Affirm | 4/22/2025 | 80 | 76 | 79 |
| &nbsp;&nbsp;&nbsp; Y619-C8NN, 14.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Y619-T827, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 79 | 79 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8326** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y61D-40DA, 32.500%, 5/24/2024 †x#^ | Affirm | 5/30/2023 | $452 | $421 | $27 |
| &nbsp;&nbsp;&nbsp; Y61L-K5M2, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Y61N-SHSN, 29.000%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 42 | 41 | 3 |
| &nbsp;&nbsp;&nbsp; Y623-H0XM, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y624-YRET, 35.580%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 353 | 363 | 21 |
| &nbsp;&nbsp;&nbsp; Y626-V19V, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y62A-9PRF, 30.000%, 12/05/2024 †x#^ | Affirm | 6/08/2023 | 177 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; Y62L-7XST, 25.200%, 5/21/2026 †x | Affirm | 5/24/2024 | 2571 | 2617 | 2629 |
| &nbsp;&nbsp;&nbsp; Y62T-0OMN, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 329 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; Y631-0R4I, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y632-TEYX, 35.420%, 8/25/2026 †x# | Affirm | 8/31/2023 | 1889 | 1976 | 95 |
| &nbsp;&nbsp;&nbsp; Y63I-RF9O, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 254 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; Y63V-B1NE, 23.400%, 12/20/2025 †§x | Affirm | 6/24/2024 | 404 | 407 | 408 |
| &nbsp;&nbsp;&nbsp; Y63Y-ZMLO, 35.580%, 9/20/2025 †§x | Affirm | 9/26/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y640-5BZ6, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; Y644-REI6, 35.330%, 12/28/2025 †x# | Affirm | 1/05/2024 | 1062 | 1067 | 64 |
| &nbsp;&nbsp;&nbsp; Y64F-FUYE, 29.570%, 4/25/2026 †§x | Affirm | 10/31/2024 | 141 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; Y64I-075Z, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 546 | 552 | 550 |
| &nbsp;&nbsp;&nbsp; Y652-JEL2, 29.690%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 149 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; Y65A-3YPU, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; Y65A-RLVT, 29.660%, 1/03/2028 †§x | Affirm | 1/29/2025 | 984 | 1015 | 1014 |
| &nbsp;&nbsp;&nbsp; Y65C-1Y2X, 24.950%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 230 | 227 | 14 |
| &nbsp;&nbsp;&nbsp; Y65Y-SQLJ, 29.520%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 254 | 262 | 15 |
| &nbsp;&nbsp;&nbsp; Y664-TG5T, 29.570%, 12/07/2025 †§x | Affirm | 12/11/2023 | 269 | 269 | 270 |
| &nbsp;&nbsp;&nbsp; Y66A-O82T, 18.000%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; Y66C-W82I, 29.530%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 553 | 546 | 33 |
| &nbsp;&nbsp;&nbsp; Y66D-NER5, 33.050%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; Y66G-330U, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; Y66N-5VIU, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y66Q-ITRZ, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y66S-KM2C, 35.570%, 7/13/2026 †§x | Affirm | 1/29/2025 | 200 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; Y66X-ZT4N, 35.300%, 3/20/2026 †x# | Affirm | 3/28/2025 | 962 | 961 | 315 |
| &nbsp;&nbsp;&nbsp; Y679-I8KL, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 261 | 265 | 266 |
| &nbsp;&nbsp;&nbsp; Y67C-627P, 29.490%, 11/22/2025 †x# | Affirm | 5/28/2024 | 152 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; Y67K-VDVO, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 80 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Y67P-ER7I, 23.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 161 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; Y681-WTTZ, 35.810%, 8/20/2024 †x#^ | Affirm | 2/29/2024 | 153 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; Y683-PBO3, 33.950%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 46 | 48 | 22 |
| &nbsp;&nbsp;&nbsp; Y688-FCHR, 29.500%, 4/01/2026 †§x | Affirm | 4/04/2024 | 299 | 304 | 304 |
| &nbsp;&nbsp;&nbsp; Y689-3EHX, 29.530%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 106 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; Y68A-1DII, 32.990%, 10/15/2025 †x# | Affirm | 4/18/2024 | 114 | 115 | 17 |
| &nbsp;&nbsp;&nbsp; Y68A-6EQA, 35.990%, 8/14/2023 †x#^ | Affirm | 2/17/2023 | 1074 | 1069 | 64 |
| &nbsp;&nbsp;&nbsp; Y68A-VX6W, 26.500%, 4/17/2023 †x#^ | Affirm | 10/20/2022 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Y68C-4TUO, 29.650%, 9/26/2025 †§x | Affirm | 9/30/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Y68C-YP4J, 35.450%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 79 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; Y68I-LLUI, 15.790%, 3/23/2026 †§x | Affirm | 9/26/2024 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; Y68P-5N20, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; Y68Q-OG5W, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 183 | 189 | 187 |
| &nbsp;&nbsp;&nbsp; Y693-4JE8, 35.220%, 3/05/2025 †x#^ | Affirm | 3/08/2024 | 84 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; Y696-3ZCO, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 213 | 218 | 219 |
| &nbsp;&nbsp;&nbsp; Y69C-GJ0N, 15.820%, 7/13/2026 †§x | Affirm | 1/29/2025 | 169 | 174 | 173 |
| &nbsp;&nbsp;&nbsp; Y69E-VGKH, 35.340%, 7/08/2026 †§x | Affirm | 7/31/2025 | 91 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; Y69H-9FT7, 24.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 304 | 313 | 316 |
| &nbsp;&nbsp;&nbsp; Y69S-5XIL, 33.500%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 176 | 175 | 11 |
| &nbsp;&nbsp;&nbsp; Y69S-M5HQ, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 127 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; Y69W-WH2Z, 27.950%, 4/18/2026 †§x | Affirm | 10/25/2024 | 238 | 241 | 239 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8327** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y69X-ROE2, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $184 | $187 | $188 |
| &nbsp;&nbsp;&nbsp; Y69Z-GMZW, 8.990%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 829 | 805 | 797 |
| &nbsp;&nbsp;&nbsp; Y6AE-HNJO, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 255 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; Y6AN-MEN0, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y6AT-3VVT, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; Y6AY-N9ZU, 29.820%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y6B5-GI0U, 24.640%, 12/24/2025 †§x | Affirm | 6/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y6B8-VAF8, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 121 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; Y6BI-W9PS, 35.180%, 3/06/2024 †x#^ | Affirm | 12/11/2023 | 55 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; Y6BJ-YFZY, 35.460%, 6/17/2026 †x# | Affirm | 6/21/2024 | 619 | 613 | 37 |
| &nbsp;&nbsp;&nbsp; Y6BM-UGXX, 13.840%, 10/01/2025 †§x | Affirm | 10/04/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y6BT-GD0C, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Y6BU-VNWE, 22.760%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 98 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; Y6BU-YQJW, 22.840%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Y6BY-7K8B, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y6CA-D7M3, 29.500%, 2/01/2025 †x#^ | Affirm | 8/04/2023 | 1322 | 1412 | 79 |
| &nbsp;&nbsp;&nbsp; Y6CF-6BCU, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 134 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; Y6CO-G6UB, 35.590%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Y6CT-0ZEW, 28.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 2395 | 2506 | 144 |
| &nbsp;&nbsp;&nbsp; Y6D5-UW2I, 29.710%, 1/10/2023 †x#^ | Affirm | 1/18/2022 | 788 | 754 | 47 |
| &nbsp;&nbsp;&nbsp; Y6D6-ZNET, 23.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 1650 | 1692 | 1701 |
| &nbsp;&nbsp;&nbsp; Y6D7-XIQA, 8.634%, 9/30/2022 †x#^« | Affirm | 4/04/2022 | 177 | 170 | 11 |
| &nbsp;&nbsp;&nbsp; Y6DA-25O5, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 178 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; Y6DB-J91B, 29.430%, 3/28/2025 †x#^ | Affirm | 4/01/2024 | 1013 | 1048 | 61 |
| &nbsp;&nbsp;&nbsp; Y6DG-ZJMN, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 231 | 235 | 236 |
| &nbsp;&nbsp;&nbsp; Y6DR-CRJM, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 635 | 626 | 623 |
| &nbsp;&nbsp;&nbsp; Y6DV-FHPF, 29.500%, 8/04/2024 †x#^ | Affirm | 8/10/2023 | 252 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; Y6DZ-J671, 35.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 305 | 303 | 302 |
| &nbsp;&nbsp;&nbsp; Y6E2-905U, 15.830%, 1/09/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Y6E3-3U3J, 33.950%, 10/05/2025 †§x# | Affirm | 4/11/2024 | 848 | 890 | 421 |
| &nbsp;&nbsp;&nbsp; Y6E8-FB7N, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 24 | 22 | 24 |
| &nbsp;&nbsp;&nbsp; Y6EM-FY7U, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Y6ET-6CJX, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; Y6EU-6L8L, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 123 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; Y6EY-Z0CM, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 185 | 186 | 185 |
| &nbsp;&nbsp;&nbsp; Y6F9-STB8, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; Y6FT-39MO, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Y6G2-YC8G, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 781 | 802 | 809 |
| &nbsp;&nbsp;&nbsp; Y6G7-X4FU, 23.000%, 8/05/2025 †§x^ | Affirm | 2/26/2025 | 180 | 180 | 41 |
| &nbsp;&nbsp;&nbsp; Y6GJ-LMLI, 28.917%, 5/15/2026 †§x | Affirm | 11/27/2024 | 1264 | 1300 | 1295 |
| &nbsp;&nbsp;&nbsp; Y6GL-FP91, 15.690%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Y6GP-YWTM, 11.840%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; Y6GS-6Z9B, 35.380%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 50 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; Y6GS-M4B8, 29.410%, 8/23/2024 †x#^ | Affirm | 5/26/2023 | 214 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; Y6H4-M89E, 15.880%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 39 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; Y6H4-ZBZ3, 35.520%, 12/18/2025 †x# | Affirm | 12/27/2024 | 111 | 115 | 20 |
| &nbsp;&nbsp;&nbsp; Y6HD-BH7I, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 346 | 359 | 358 |
| &nbsp;&nbsp;&nbsp; Y6HJ-RSF2, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 123 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Y6HX-1YM7, 15.740%, 8/25/2025 †x#^ | Affirm | 8/31/2023 | 405 | 410 | 24 |
| &nbsp;&nbsp;&nbsp; Y6I3-6Q3X, 13.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 140 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; Y6I7-0D9C, 29.240%, 9/01/2024 †x#^ | Affirm | 3/06/2023 | 224 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; Y6I7-6AWP, 30.950%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y6I7-P2G9, 19.900%, 10/26/2023 †x#^ | Affirm | 11/03/2022 | 294 | 309 | 18 |
| &nbsp;&nbsp;&nbsp; Y6ID-RGT4, 32.500%, 3/24/2027 †§x | Affirm | 3/31/2025 | 1102 | 1096 | 1120 |
| &nbsp;&nbsp;&nbsp; Y6IH-82TR, 13.840%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 154 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; Y6IN-P599, 35.400%, 5/21/2026 †§x# | Affirm | 5/24/2024 | 632 | 636 | 647 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8328** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y6IW-DKC9, 30.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | $750 | $767 | $767 |
| &nbsp;&nbsp;&nbsp; Y6J2-HIM8, 35.490%, 12/17/2024 †x#^ | Affirm | 9/20/2024 | 63 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; Y6J4-2KTV, 25.900%, 3/23/2025 †x#^ | Affirm | 9/26/2024 | 63 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; Y6J4-AZLM, 35.390%, 7/08/2026 †§x | Affirm | 7/31/2025 | 97 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; Y6J8-UFBR, 28.000%, 9/01/2022 †x#^ | Affirm | 3/04/2022 | 147 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Y6J9-Y3RZ, 26.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; Y6JD-MW40, 35.260%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y6JE-ZG4E, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Y6JI-E2YY, 29.680%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Y6JT-5RPB, 25.000%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 101 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; Y6JU-5X0I, 29.620%, 3/23/2025 †x#^ | Affirm | 9/26/2024 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; Y6JZ-3GRH, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; Y6KC-8ULW, 35.370%, 6/20/2026 †§x | Affirm | 6/24/2024 | 468 | 466 | 470 |
| &nbsp;&nbsp;&nbsp; Y6KF-Y08R, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Y6KO-AZ1P, 11.820%, 10/18/2025 †x# | Affirm | 10/28/2022 | 2413 | 2640 | 145 |
| &nbsp;&nbsp;&nbsp; Y6KQ-RZP4, 29.720%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; Y6L0-UXMS, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y6L3-BC05, 35.270%, 11/17/2024 †x#^ | Affirm | 5/22/2023 | 79 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; Y6L5-QEWG, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 141 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; Y6LF-S4F1, 35.360%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 145 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; Y6M4-3QQ7, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 140 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; Y6M6-LY6W, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 403 | 411 | 412 |
| &nbsp;&nbsp;&nbsp; Y6MA-C218, 35.710%, 8/07/2026 †§x | Affirm | 2/26/2025 | 829 | 849 | 854 |
| &nbsp;&nbsp;&nbsp; Y6MA-RDQ0, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y6MB-2H5Q, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 83 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; Y6ME-NWX4, 25.200%, 2/10/2029 †§x | Affirm | 2/26/2025 | 1780 | 1916 | 1938 |
| &nbsp;&nbsp;&nbsp; Y6MP-ZVA7, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Y6MY-F34M, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Y6MZ-H1IH, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 437 | 442 | 441 |
| &nbsp;&nbsp;&nbsp; Y6NX-ANE8, 29.520%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 245 | 253 | 15 |
| &nbsp;&nbsp;&nbsp; Y6OJ-KIBP, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; Y6OY-9EDL, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 301 | 292 | 289 |
| &nbsp;&nbsp;&nbsp; Y6OY-XYI4, 29.650%, 6/02/2023 †x#^ | Affirm | 12/06/2021 | 238 | 227 | 14 |
| &nbsp;&nbsp;&nbsp; Y6P0-PK5Q, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 278 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; Y6P3-0R0W, 33.050%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Y6PH-Z9WU, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y6PT-09AT, 23.700%, 3/15/2023 †x#^ | Affirm | 3/18/2022 | 628 | 660 | 38 |
| &nbsp;&nbsp;&nbsp; Y6Q0-636H, 24.400%, 2/06/2026 †§x | Affirm | 2/26/2025 | 291 | 296 | 297 |
| &nbsp;&nbsp;&nbsp; Y6Q0-WI6S, 35.280%, 11/06/2025 †x# | Affirm | 5/09/2024 | 94 | 95 | 20 |
| &nbsp;&nbsp;&nbsp; Y6Q6-EBDL, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 317 | 317 | 19 |
| &nbsp;&nbsp;&nbsp; Y6Q6-W766, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 73 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; Y6QT-8AXB, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Y6QU-TGKW, 14.676%, 2/23/2025 †x#^« | Affirm | 8/29/2024 | 52 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; Y6QW-B35D, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 77 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; Y6RG-0N56, 35.500%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; Y6RL-HAR9, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Y6S2-SW2Z, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 120 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; Y6S5-LRQ8, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 179 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; Y6S6-UZP6, 33.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 651 | 645 | 655 |
| &nbsp;&nbsp;&nbsp; Y6SD-O1PD, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 115 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; Y6SG-3MHI, 35.490%, 4/28/2026 †§x | Affirm | 10/31/2024 | 736 | 728 | 722 |
| &nbsp;&nbsp;&nbsp; Y6SN-G3GO, 29.500%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 58 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; Y6SP-GIKW, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Y6SR-08J9, 32.500%, 4/21/2026 †§x | Affirm | 10/24/2024 | 189 | 192 | 190 |
| &nbsp;&nbsp;&nbsp; Y6T1-98QH, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 1924 | 1957 | 1962 |
| &nbsp;&nbsp;&nbsp; Y6T6-N2LP, 35.380%, 11/21/2025 †x# | Affirm | 11/24/2023 | 925 | 930 | 56 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8329** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y6TA-17ZF, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | $60 | $60 | $60 |
| &nbsp;&nbsp;&nbsp; Y6TO-6UNC, 15.780%, 10/25/2026 †§x# | Affirm | 10/31/2024 | 484 | 498 | 503 |
| &nbsp;&nbsp;&nbsp; Y6TQ-HFFR, 29.490%, 11/05/2024 †x#^ | Affirm | 6/08/2023 | 25 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; Y6TT-X2KT, 35.630%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; Y6U2-WO28, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 92 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; Y6U3-177X, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; Y6U5-5ZKA, 27.950%, 12/17/2025 †x# | Affirm | 6/21/2024 | 303 | 315 | 18 |
| &nbsp;&nbsp;&nbsp; Y6UR-CCUQ, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Y6UX-4D4J, 33.950%, 12/13/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; Y6VM-7SQA, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 555 | 567 | 570 |
| &nbsp;&nbsp;&nbsp; Y6VN-X04N, 30.500%, 12/15/2025 †x# | Affirm | 6/20/2023 | 4032 | 4257 | 242 |
| &nbsp;&nbsp;&nbsp; Y6VO-3M52, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 241 | 245 | 246 |
| &nbsp;&nbsp;&nbsp; Y6VZ-UVJ8, 29.810%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 289 | 285 | 17 |
| &nbsp;&nbsp;&nbsp; Y6W6-9EEE, 35.360%, 4/15/2026 †§x | Affirm | 4/18/2024 | 247 | 249 | 253 |
| &nbsp;&nbsp;&nbsp; Y6WF-N2ZM, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 132 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; Y6WI-1GJU, 31.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1926 | 2020 | 2020 |
| &nbsp;&nbsp;&nbsp; Y6WL-GD3S, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; Y6X3-HICB, 35.410%, 4/08/2025 †x#^ | Affirm | 4/11/2024 | 1821 | 1647 | 109 |
| &nbsp;&nbsp;&nbsp; Y6XB-6K9O, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 1032 | 1027 | 1029 |
| &nbsp;&nbsp;&nbsp; Y6XD-53AL, 15.810%, 10/03/2025 †§x | Affirm | 10/07/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y6XE-RL4W, 29.540%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 154 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; Y6XE-XH3Q, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Y6XU-UM78, 29.550%, 12/18/2025 †§x | Affirm | 6/21/2024 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; Y6XW-4VYL, 35.280%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; Y6XX-UJFU, 29.730%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 48 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; Y6Y4-12LE, 33.000%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; Y6YQ-SRCW, 23.400%, 11/12/2025 †§x | Affirm | 11/27/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Y6Z0-HKI5, 29.140%, 12/01/2023 †x#^ | Affirm | 12/06/2021 | 382 | 412 | 23 |
| &nbsp;&nbsp;&nbsp; Y6ZJ-CTPG, 33.950%, 2/10/2027 †§x | Affirm | 2/26/2025 | 422 | 441 | 447 |
| &nbsp;&nbsp;&nbsp; Y6ZK-AOQR, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 197 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; Y6ZX-QCTI, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 367 | 365 | 366 |
| &nbsp;&nbsp;&nbsp; Y70C-MUL6, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 115 | 116 | 29 |
| &nbsp;&nbsp;&nbsp; Y70V-8EUD, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 94 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Y70X-3KB5, 24.400%, 5/21/2028 †§x | Affirm | 5/24/2024 | 1491 | 1576 | 1578 |
| &nbsp;&nbsp;&nbsp; Y70Z-4W6K, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; Y715-QGNI, 35.280%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 141 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; Y719-RDFY, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y71C-FWM7, 24.400%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 1339 | 1361 | 1369 |
| &nbsp;&nbsp;&nbsp; Y71N-RI4C, 11.820%, 8/07/2026 †§x | Affirm | 8/29/2025 | 240 | 249 | 249 |
| &nbsp;&nbsp;&nbsp; Y71R-ESEA, 29.540%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y71R-UIXE, 29.660%, 9/16/2025 †§x | Affirm | 9/19/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Y71Y-RUWF, 32.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 34 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; Y726-8ZM1, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 324 | 324 | 320 |
| &nbsp;&nbsp;&nbsp; Y72D-LUIV, 33.950%, 12/26/2025 †§x# | Affirm | 7/01/2024 | 144 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; Y72G-K1BI, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Y72J-WX1F, 15.800%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 149 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; Y72L-E9E7, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 416 | 426 | 430 |
| &nbsp;&nbsp;&nbsp; Y72L-NI0J, 29.480%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 109 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; Y72N-2AMC, 30.500%, 6/15/2026 †x# | Affirm | 6/20/2023 | 1476 | 1585 | 349 |
| &nbsp;&nbsp;&nbsp; Y72P-9VE7, 33.950%, 3/26/2026 †§x | Affirm | 9/30/2024 | 10 | 11 | 10 |
| &nbsp;&nbsp;&nbsp; Y72U-3ATQ, 21.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; Y72V-GFG1, 15.830%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 182 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; Y738-5QZQ, 31.000%, 5/12/2026 †§x | Affirm | 11/27/2024 | 769 | 791 | 787 |
| &nbsp;&nbsp;&nbsp; Y73X-LVVU, 28.000%, 5/05/2025 †x#^ | Affirm | 5/11/2023 | 680 | 718 | 41 |
| &nbsp;&nbsp;&nbsp; Y73Y-Y198, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; Y741-G35A, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1505 | 1445 | 1436 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8330** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y744-J4K5, 29.000%, 1/03/2027 †§x | Affirm | 1/29/2025 | $1452 | $1496 | $1512 |
| &nbsp;&nbsp;&nbsp; Y746-UK5J, 29.790%, 2/07/2026 †§x | Affirm | 2/26/2025 | 115 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; Y74F-KZGA, 29.560%, 10/18/2024 †x#^ | Affirm | 10/21/2022 | 4259 | 4643 | 256 |
| &nbsp;&nbsp;&nbsp; Y74J-DDQ1, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 164 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; Y74J-VT2Q, 29.800%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 149 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; Y74M-E0YG, 25.200%, 1/02/2027 †§x | Affirm | 1/05/2024 | 1247 | 1284 | 1286 |
| &nbsp;&nbsp;&nbsp; Y74S-RVV1, 25.900%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; Y74X-L300, 35.460%, 12/17/2025 †§x | Affirm | 6/21/2024 | 69 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Y758-ABA5, 19.700%, 9/13/2025 †§x | Affirm | 3/18/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y75A-F6PR, 35.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 288 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; Y75G-C837, 29.710%, 1/11/2024 †x#^ | Affirm | 1/17/2023 | 451 | 472 | 27 |
| &nbsp;&nbsp;&nbsp; Y75G-V4FF, 9.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Y75R-XUCO, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; Y75V-8MII, 20.900%, 7/13/2026 †§x | Affirm | 1/29/2025 | 800 | 826 | 821 |
| &nbsp;&nbsp;&nbsp; Y75Y-MYGS, 35.370%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 97 | 97 |  |
| &nbsp;&nbsp;&nbsp; Y760-99FN, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y76A-1UAU, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 233 | 236 | 237 |
| &nbsp;&nbsp;&nbsp; Y76B-HYDV, 29.620%, 3/16/2026 †§x# | Affirm | 9/19/2024 | 149 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; Y76O-6EYF, 33.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 611 | 608 | 610 |
| &nbsp;&nbsp;&nbsp; Y76T-HEBS, 27.100%, 1/12/2023 †x#^ | Affirm | 7/15/2022 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; Y776-PEHE, 13.840%, 1/01/2026 †§x | Affirm | 7/05/2024 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; Y77K-FEPG, 35.730%, 3/03/2026 †§x | Affirm | 3/28/2025 | 382 | 389 | 390 |
| &nbsp;&nbsp;&nbsp; Y77L-Q3SR, 19.900%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 73 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; Y77Q-FSQ8, 4.459%, 1/28/2023 †x#^« | Affirm | 2/03/2022 | 430 | 412 | 26 |
| &nbsp;&nbsp;&nbsp; Y77X-89HU, 24.400%, 1/02/2029 †§x | Affirm | 1/29/2025 | 1956 | 2093 | 2114 |
| &nbsp;&nbsp;&nbsp; Y783-FSOE, 29.670%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Y788-BDYH, 29.500%, 12/14/2024 †x#^ | Affirm | 6/20/2023 | 1334 | 1407 | 80 |
| &nbsp;&nbsp;&nbsp; Y789-T31G, 35.650%, 1/06/2026 †x# | Affirm | 1/29/2025 | 710 | 699 |  |
| &nbsp;&nbsp;&nbsp; Y78K-2YFS, 29.430%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 466 | 461 | 28 |
| &nbsp;&nbsp;&nbsp; Y78N-ZYOL, 35.380%, 12/28/2025 †§x | Affirm | 1/05/2024 | 163 | 163 | 166 |
| &nbsp;&nbsp;&nbsp; Y78Q-HSXB, 35.260%, 6/05/2024 †x#^ | Affirm | 12/08/2023 | 10 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; Y78S-50Y7, 32.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 430 | 434 | 435 |
| &nbsp;&nbsp;&nbsp; Y794-N6JN, 23.700%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 495 | 519 | 30 |
| &nbsp;&nbsp;&nbsp; Y799-E2HP, 24.610%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; Y79C-6SU2, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 138 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; Y79C-OQQR, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 99 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; Y79K-P57R, 29.630%, 12/09/2025 †§x | Affirm | 12/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y79M-99YN, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Y79Z-M9K2, 29.500%, 10/13/2022 †x#^ | Affirm | 4/18/2022 | 2806 | 2818 | 168 |
| &nbsp;&nbsp;&nbsp; Y7A7-FDLA, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; Y7A8-TRDA, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 36 | 35 |
| &nbsp;&nbsp;&nbsp; Y7AA-7DT5, 24.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; Y7AJ-82YZ, 30.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 191 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; Y7AM-14KT, 35.260%, 12/26/2024 †x#^ | Affirm | 7/01/2024 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; Y7AN-MSSN, 35.390%, 4/25/2026 †§x | Affirm | 10/31/2024 | 216 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; Y7AQ-ENBX, 22.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 111 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; Y7AT-JEAK, 23.000%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | 253 | 252 | 15 |
| &nbsp;&nbsp;&nbsp; Y7B4-LLE8, 24.630%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 149 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; Y7BB-2QS7, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 190 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; Y7BC-AFE2, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 374 | 383 | 385 |
| &nbsp;&nbsp;&nbsp; Y7BI-8A72, 29.620%, 12/27/2022 †x#^ | Affirm | 12/31/2021 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; Y7BJ-G12I, 15.000%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 837 | 877 | 50 |
| &nbsp;&nbsp;&nbsp; Y7CJ-M5RU, 33.950%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; Y7CR-FCVM, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y7CT-6PF3, 15.720%, 12/29/2022 †x#^ | Affirm | 7/05/2022 | 59 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; Y7CV-FVUA, 32.500%, 8/11/2026 †§x | Affirm | 2/26/2025 | 253 | 259 | 259 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8331** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y7CX-LO24, 24.400%, 9/23/2026 †§x | Affirm | 9/26/2024 | $306 | $315 | $317 |
| &nbsp;&nbsp;&nbsp; Y7CX-NFSM, 29.500%, 12/04/2026 †§x | Affirm | 12/07/2023 | 718 | 738 | 739 |
| &nbsp;&nbsp;&nbsp; Y7CY-3HCJ, 20.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 787 | 809 | 814 |
| &nbsp;&nbsp;&nbsp; Y7DA-F0OR, 30.000%, 7/07/2025 †x#^ | Affirm | 6/12/2023 | 591 | 589 | 35 |
| &nbsp;&nbsp;&nbsp; Y7DK-3JDZ, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 413 | 423 | 429 |
| &nbsp;&nbsp;&nbsp; Y7DP-PYYX, 35.380%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 501 | 502 | 30 |
| &nbsp;&nbsp;&nbsp; Y7E5-PTLF, 33.050%, 7/03/2026 †§x | Affirm | 1/29/2025 | 959 | 988 | 980 |
| &nbsp;&nbsp;&nbsp; Y7E9-6F2B, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Y7EC-5MSG, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 89 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; Y7EM-BO6I, 35.150%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Y7EN-DHJO, 19.700%, 1/08/2026 †x# | Affirm | 1/29/2025 | 811 | 836 | 17 |
| &nbsp;&nbsp;&nbsp; Y7EO-GUGY, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Y7EP-26RW, 35.270%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y7EP-DWOC, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 90 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; Y7ES-V6BO, 29.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | 452 | 465 | 467 |
| &nbsp;&nbsp;&nbsp; Y7F1-BOQ7, 22.750%, 9/16/2025 †§x | Affirm | 9/19/2024 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; Y7F8-TU45, 33.950%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Y7FG-SZ8T, 35.760%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 45 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Y7FV-38ZS, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 133 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; Y7FV-UL8X, 35.490%, 9/23/2025 †x# | Affirm | 9/26/2024 | 188 | 188 | 36 |
| &nbsp;&nbsp;&nbsp; Y7FX-H4FR, 33.950%, 2/10/2027 †§x | Affirm | 2/26/2025 | 436 | 455 | 461 |
| &nbsp;&nbsp;&nbsp; Y7G4-ACY2, 29.500%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 604 | 615 | 36 |
| &nbsp;&nbsp;&nbsp; Y7G6-X3ZO, 6.407%, 1/27/2024 †x#^« | Affirm | 1/31/2022 | 83 | 73 | 5 |
| &nbsp;&nbsp;&nbsp; Y7GA-JNJT, 33.030%, 4/18/2026 †§x | Affirm | 10/24/2024 | 145 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; Y7GR-8OKB, 35.880%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 186 | 187 | 10 |
| &nbsp;&nbsp;&nbsp; Y7GT-KU7I, 29.650%, 2/22/2025 †x#^ | Affirm | 2/29/2024 | 293 | 272 | 18 |
| &nbsp;&nbsp;&nbsp; Y7H9-IG69, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 352 | 367 | 365 |
| &nbsp;&nbsp;&nbsp; Y7HC-S2D9, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 111 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; Y7HF-F1PF, 29.440%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; Y7HQ-724N, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Y7HZ-41WW, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 49 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; Y7I3-WYMJ, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 318 | 311 | 311 |
| &nbsp;&nbsp;&nbsp; Y7I6-MAHC, 11.810%, 10/15/2025 †§x | Affirm | 4/18/2024 | 42 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; Y7IG-AXPN, 35.950%, 9/03/2025 †x# | Affirm | 3/28/2025 | 269 | 274 | 16 |
| &nbsp;&nbsp;&nbsp; Y7IH-FTGV, 18.000%, 12/11/2025 †§x | Affirm | 12/27/2024 | 467 | 471 | 472 |
| &nbsp;&nbsp;&nbsp; Y7IJ-LYRR, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y7IM-K3LN, 29.710%, 2/12/2027 †§x | Affirm | 2/26/2025 | 940 | 981 | 996 |
| &nbsp;&nbsp;&nbsp; Y7IO-5VHS, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Y7IQ-HPFT, 24.900%, 1/13/2027 †§x | Affirm | 1/29/2025 | 1451 | 1446 | 1465 |
| &nbsp;&nbsp;&nbsp; Y7J1-ZJHV, 22.770%, 1/03/2026 †§x | Affirm | 1/29/2025 | 166 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; Y7J8-R8J1, 11.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 270 | 269 | 270 |
| &nbsp;&nbsp;&nbsp; Y7J9-H9NG, 35.590%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Y7JE-Z7PU, 35.000%, 8/10/2025 †x#^ | Affirm | 8/14/2023 | 1694 | 1629 | 102 |
| &nbsp;&nbsp;&nbsp; Y7JI-68J1, 24.930%, 12/28/2025 †§x | Affirm | 1/29/2025 | 178 | 177 | 176 |
| &nbsp;&nbsp;&nbsp; Y7JR-ZW4B, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 79 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Y7JT-J2U1, 35.360%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 54 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; Y7JV-DX7Q, 35.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 290 | 288 | 293 |
| &nbsp;&nbsp;&nbsp; Y7JX-8Y9C, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Y7JY-6Y7J, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Y7JZ-2C04, 29.200%, 5/15/2026 †x# | Affirm | 11/27/2024 | 512 | 508 | 32 |
| &nbsp;&nbsp;&nbsp; Y7JZ-XYIR, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y7K0-9NQO, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 403 | 402 | 403 |
| &nbsp;&nbsp;&nbsp; Y7K1-9QJK, 29.440%, 3/14/2023 †x#^ | Affirm | 3/17/2022 | 264 | 277 | 16 |
| &nbsp;&nbsp;&nbsp; Y7KA-KJ7U, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 43 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; Y7L0-0HRW, 29.640%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y7L4-6V43, 29.540%, 12/12/2026 †x# | Affirm | 12/15/2023 | 1221 | 1317 | 73 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8332** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y7L7-T47V, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $50 | $51 | $50 |
| &nbsp;&nbsp;&nbsp; Y7LU-H2JB, 35.280%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 95 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; Y7LX-V3OE, 29.520%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 168 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; Y7MB-627Y, 29.540%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 172 | 181 | 10 |
| &nbsp;&nbsp;&nbsp; Y7MG-B1D3, 33.950%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 110 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; Y7MP-XQTZ, 33.050%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 77 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Y7MT-HDV3, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 200 | 205 | 207 |
| &nbsp;&nbsp;&nbsp; Y7N0-EA8M, 13.840%, 10/02/2025 †§x | Affirm | 10/07/2024 | 66 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; Y7N5-TTBN, 35.870%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 76 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; Y7N9-2I3M, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 116 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; Y7NF-SEI6, 14.760%, 7/22/2026 †§x | Affirm | 7/25/2024 | 657 | 653 | 663 |
| &nbsp;&nbsp;&nbsp; Y7NJ-LW6S, 29.770%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 149 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; Y7NQ-2P6P, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y7NS-I8R4, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; Y7NY-WTZG, 29.410%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 222 | 234 | 13 |
| &nbsp;&nbsp;&nbsp; Y7NZ-MUPC, 29.480%, 12/03/2022 †x#^ | Affirm | 6/09/2022 | 460 | 468 | 28 |
| &nbsp;&nbsp;&nbsp; Y7O5-KUBC, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; Y7OL-5TA1, 35.060%, 1/08/2026 †§x | Affirm | 7/31/2025 | 260 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; Y7OM-5R65, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Y7OP-LO1K, 24.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Y7OX-E6H3, 13.840%, 5/21/2026 †x# | Affirm | 5/24/2024 | 614 | 642 | 95 |
| &nbsp;&nbsp;&nbsp; Y7OX-IAUO, 25.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y7P9-GSPS, 15.800%, 3/25/2026 †§x | Affirm | 9/30/2024 | 1171 | 1162 | 1169 |
| &nbsp;&nbsp;&nbsp; Y7PG-LDJD, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Y7PJ-FKK6, 34.000%, 9/20/2025 †§x | Affirm | 9/26/2024 | 111 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; Y7PR-3DDV, 24.520%, 3/28/2026 †x# | Affirm | 4/22/2025 | 1720 | 1754 | 531 |
| &nbsp;&nbsp;&nbsp; Y7PW-SKRZ, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 115 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; Y7PZ-BKJL, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y7Q5-TC8S, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 204 | 211 | 213 |
| &nbsp;&nbsp;&nbsp; Y7Q6-BA3E, 23.400%, 6/01/2025 †x#^ | Affirm | 12/07/2023 | 446 | 463 | 27 |
| &nbsp;&nbsp;&nbsp; Y7QD-77J4, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 87 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; Y7QH-AQK8, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 167 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; Y7QV-8Y2H, 6.804%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 75 | 71 | 75 |
| &nbsp;&nbsp;&nbsp; Y7QW-5L7W, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 140 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; Y7R0-4BWB, 35.650%, 1/06/2026 †x# | Affirm | 1/29/2025 | 651 | 642 | 39 |
| &nbsp;&nbsp;&nbsp; Y7R1-OOIU, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 168 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; Y7R4-ROG7, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Y7RE-5F8G, 35.480%, 9/23/2025 †§x | Affirm | 9/26/2024 | 125 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; Y7RH-U1K3, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 146 | 151 | 149 |
| &nbsp;&nbsp;&nbsp; Y7RN-J9FI, 29.690%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 149 | 156 | 9 |
| &nbsp;&nbsp;&nbsp; Y7RX-RWYI, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Y7S8-BMGY, 13.689%, 8/07/2025 †§x^« | Affirm | 2/26/2025 | 32 | 30 | 5 |
| &nbsp;&nbsp;&nbsp; Y7S8-ISTN, 25.200%, 12/20/2025 †§x | Affirm | 6/24/2024 | 481 | 487 | 486 |
| &nbsp;&nbsp;&nbsp; Y7SM-5U5S, 32.500%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 84 | 86 | 15 |
| &nbsp;&nbsp;&nbsp; Y7TD-IIUL, 35.570%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; Y7TH-BLCD, 29.810%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; Y7TJ-M2L2, 33.950%, 9/28/2026 †§x | Affirm | 3/31/2025 | 287 | 302 | 302 |
| &nbsp;&nbsp;&nbsp; Y7TP-W544, 35.240%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 119 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Y7U4-IVKY, 29.820%, 2/23/2024 †x#^ | Affirm | 2/27/2023 | 109 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; Y7U6-YKZ5, 32.000%, 1/02/2028 †§x | Affirm | 1/29/2025 | 499 | 510 | 506 |
| &nbsp;&nbsp;&nbsp; Y7UA-WZ3U, 24.640%, 10/18/2025 †§x | Affirm | 10/24/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Y7UD-WCD2, 13.840%, 1/04/2027 †§x | Affirm | 1/08/2024 | 1048 | 1076 | 1080 |
| &nbsp;&nbsp;&nbsp; Y7UH-JHJW, 29.500%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 149 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; Y7UK-A4OE, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Y7UN-2WZA, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; Y7UQ-DEO3, 35.430%, 10/03/2024 †x#^ | Affirm | 4/08/2024 | 99 | 101 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8333** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y7UQ-TD07, 22.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | $25 | $25 | $26 |
| &nbsp;&nbsp;&nbsp; Y7V4-54YW, 35.300%, 3/28/2027 †x# | Affirm | 3/31/2025 | 816 | 813 | 153 |
| &nbsp;&nbsp;&nbsp; Y7VI-RLLD, 29.900%, 7/11/2022 †x#^ | Affirm | 1/14/2022 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; Y7VQ-2GES, 11.790%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1335 | 1329 | 1347 |
| &nbsp;&nbsp;&nbsp; Y7VR-UU2K, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 210 | 212 | 210 |
| &nbsp;&nbsp;&nbsp; Y7VW-5UY6, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 245 | 220 | 15 |
| &nbsp;&nbsp;&nbsp; Y7VZ-G2J1, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 166 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; Y7VZ-WBEM, 35.340%, 6/05/2024 †x#^ | Affirm | 12/08/2023 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; Y7W0-0TU6, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; Y7W3-9CR7, 32.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 518 | 522 | 524 |
| &nbsp;&nbsp;&nbsp; Y7W6-IO1G, 18.000%, 6/20/2026 †§x | Affirm | 12/27/2024 | 224 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; Y7WV-U6NW, 15.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Y7WX-X1KX, 35.190%, 12/02/2025 †§x | Affirm | 6/27/2025 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; Y7X4-V0ND, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Y7X5-7DCZ, 29.860%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; Y7X7-E6J6, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 282 | 285 | 284 |
| &nbsp;&nbsp;&nbsp; Y7X9-557X, 35.570%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Y7X9-7DER, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 612 | 617 | 613 |
| &nbsp;&nbsp;&nbsp; Y7XJ-OZ7U, 35.450%, 3/23/2026 †§x | Affirm | 9/26/2024 | 198 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; Y7XV-C2VR, 29.810%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 77 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; Y7YA-QI5F, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Y7YH-F8G6, 25.200%, 12/20/2025 †§x | Affirm | 6/24/2024 | 153 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; Y7YM-6CW5, 32.950%, 5/21/2026 †§x | Affirm | 5/24/2024 | 571 | 574 | 585 |
| &nbsp;&nbsp;&nbsp; Y7YU-LDVY, 5.478%, 9/28/2022 †x#^« | Affirm | 3/31/2022 | 58 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; Y7ZI-0PRO, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 280 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; Y7ZK-09VA, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Y7ZR-D7CW, 33.950%, 4/12/2026 †§x | Affirm | 4/18/2024 | 329 | 333 | 333 |
| &nbsp;&nbsp;&nbsp; Y7ZS-H6NY, 29.640%, 11/22/2023 †x#^ | Affirm | 11/26/2021 | 345 | 373 | 21 |
| &nbsp;&nbsp;&nbsp; Y7ZX-ZKGF, 29.560%, 6/17/2026 †§x# | Affirm | 6/21/2024 | 436 | 445 | 448 |
| &nbsp;&nbsp;&nbsp; Y802-HD7C, 33.050%, 1/08/2026 †x# | Affirm | 1/29/2025 | 163 | 171 | 45 |
| &nbsp;&nbsp;&nbsp; Y806-INUC, 33.050%, 10/02/2025 †§x | Affirm | 10/07/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y808-UD9A, 35.490%, 10/21/2026 †§x | Affirm | 10/25/2024 | 636 | 633 | 634 |
| &nbsp;&nbsp;&nbsp; Y808-UYZN, 35.700%, 10/01/2025 †§x | Affirm | 10/04/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y80A-STXZ, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y80C-RYFD, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 78 | 76 |
| &nbsp;&nbsp;&nbsp; Y80I-J3YK, 29.680%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 56 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; Y80M-VRIW, 31.000%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 241 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; Y80R-SC9L, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 334 | 333 | 333 |
| &nbsp;&nbsp;&nbsp; Y813-SMMW, 26.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 80 | 84 | 9 |
| &nbsp;&nbsp;&nbsp; Y815-D92U, 33.950%, 4/15/2026 †§x# | Affirm | 4/18/2024 | 390 | 395 | 397 |
| &nbsp;&nbsp;&nbsp; Y817-EKLH, 35.470%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Y818-J0LY, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 656 | 690 | 39 |
| &nbsp;&nbsp;&nbsp; Y81K-ILVJ, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; Y81N-394O, 29.540%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 140 | 149 | 8 |
| &nbsp;&nbsp;&nbsp; Y81N-9KED, 29.650%, 9/09/2023 †x#^ | Affirm | 9/15/2022 | 328 | 339 | 20 |
| &nbsp;&nbsp;&nbsp; Y81R-332B, 15.800%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; Y81S-PV62, 26.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 109 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; Y820-DPRX, 33.000%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 141 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; Y827-4EKJ, 35.000%, 10/02/2025 †§x | Affirm | 10/07/2024 | 95 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; Y82G-UEDQ, 22.760%, 11/04/2025 †x# | Affirm | 11/27/2024 | 307 | 321 | 18 |
| &nbsp;&nbsp;&nbsp; Y82M-F917, 15.760%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 247 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; Y82N-ZUU2, 30.950%, 3/27/2025 †x#^ | Affirm | 4/01/2024 | 99 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; Y82U-ZULF, 26.900%, 10/21/2025 †x# | Affirm | 10/24/2024 | 127 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; Y82Y-CC5K, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; Y83I-F6F7, 35.540%, 9/26/2026 †x# | Affirm | 9/30/2024 | 684 | 676 | 41 |
| &nbsp;&nbsp;&nbsp; Y83I-YNKP, 15.800%, 9/23/2026 †§x | Affirm | 9/26/2024 | 340 | 348 | 351 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8334** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y83K-BNES, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | $166 | $170 | $170 |
| &nbsp;&nbsp;&nbsp; Y83K-XBLS, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; Y83R-047A, 33.950%, 12/25/2025 †§x | Affirm | 6/28/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Y83Z-VM21, 28.000%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 30 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; Y84H-NOMN, 31.000%, 9/26/2025 †§x | Affirm | 9/30/2024 | 111 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; Y84Q-CRGG, 22.900%, 5/22/2026 †x# | Affirm | 5/25/2023 | 1471 | 1584 | 88 |
| &nbsp;&nbsp;&nbsp; Y84R-MWXX, 33.050%, 10/25/2025 †§x | Affirm | 10/31/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Y84V-D3Q0, 9.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 173 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; Y84Y-BL6U, 15.870%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 262 | 273 | 272 |
| &nbsp;&nbsp;&nbsp; Y851-G066, 33.140%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y853-7XIQ, 30.950%, 9/28/2025 †x# | Affirm | 3/31/2025 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; Y858-1BXA, 29.500%, 1/23/2026 †§x# | Affirm | 7/26/2024 | 86 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; Y858-NDHG, 35.570%, 9/24/2025 †x# | Affirm | 9/27/2024 | 1096 | 1099 | 66 |
| &nbsp;&nbsp;&nbsp; Y858-WL0W, 15.830%, 1/06/2026 †x# | Affirm | 1/29/2025 | 113 | 116 | 15 |
| &nbsp;&nbsp;&nbsp; Y85I-A551, 24.400%, 4/28/2026 †§x | Affirm | 10/31/2024 | 184 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; Y85J-658T, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 254 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; Y85K-9MCD, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; Y85W-XJRY, 33.950%, 12/20/2026 †§x | Affirm | 12/27/2024 | 301 | 312 | 313 |
| &nbsp;&nbsp;&nbsp; Y85X-UI9J, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 162 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; Y85Z-9879, 35.000%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 426 | 427 | 26 |
| &nbsp;&nbsp;&nbsp; Y86J-9K1W, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 164 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; Y86K-ZP4F, 35.020%, 10/08/2025 †§x | Affirm | 7/31/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y86T-ECRM, 27.100%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; Y86X-0HC8, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Y871-0NNQ, 29.620%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 602 | 576 | 36 |
| &nbsp;&nbsp;&nbsp; Y875-7CQU, 18.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Y875-MBFK, 29.540%, 4/08/2026 †§x | Affirm | 4/11/2024 | 234 | 238 | 238 |
| &nbsp;&nbsp;&nbsp; Y877-IBQI, 15.950%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 235 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; Y87E-XUOA, 15.670%, 9/03/2025 †§x | Affirm | 3/28/2025 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; Y87J-AUJB, 35.610%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 22 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; Y87P-O3JV, 29.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; Y87S-PXNS, 29.430%, 3/14/2023 †x#^ | Affirm | 3/17/2022 | 93 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; Y888-DEYS, 31.000%, 11/02/2025 †§x | Affirm | 5/06/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Y88E-QCEE, 24.790%, 8/12/2026 †§x | Affirm | 2/26/2025 | 192 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; Y88H-LDDF, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 177 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; Y88I-91HY, 26.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Y88U-9X3Q, 29.590%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; Y88Y-PR8B, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 181 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; Y893-WZ28, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 427 | 435 | 26 |
| &nbsp;&nbsp;&nbsp; Y894-NVG4, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 643 | 666 | 666 |
| &nbsp;&nbsp;&nbsp; Y89G-TYJQ, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 209 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; Y89M-H0TB, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 293 | 292 | 293 |
| &nbsp;&nbsp;&nbsp; Y89R-ATU3, 29.590%, 10/27/2023 †x#^ | Affirm | 11/03/2022 | 116 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; Y8A8-5RD5, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y8AB-GLZH, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 151 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; Y8AC-JWME, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 620 | 622 | 37 |
| &nbsp;&nbsp;&nbsp; Y8AJ-1GDY, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Y8AM-08N3, 30.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 113 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; Y8AP-4KJK, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y8AQ-4TZX, 29.690%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 107 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; Y8AS-HRXP, 35.530%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Y8BH-FY78, 29.680%, 7/02/2026 †§x | Affirm | 1/29/2025 | 501 | 516 | 512 |
| &nbsp;&nbsp;&nbsp; Y8BU-7L1D, 22.900%, 5/11/2027 †§x | Affirm | 5/15/2023 | 1648 | 1742 | 1694 |
| &nbsp;&nbsp;&nbsp; Y8C1-KLES, 33.950%, 3/20/2026 †x# | Affirm | 3/28/2025 | 91 | 96 | 4 |
| &nbsp;&nbsp;&nbsp; Y8C2-LI9Q, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 248 | 251 | 251 |
| &nbsp;&nbsp;&nbsp; Y8C3-VLF2, 24.400%, 11/07/2025 †x# | Affirm | 5/13/2024 | 290 | 301 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8335** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y8CA-J0F2, 35.360%, 2/23/2026 †x# | Affirm | 8/29/2024 | $279 | $274 | $79 |
| &nbsp;&nbsp;&nbsp; Y8CA-TXJT, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Y8CS-CI0L, 22.900%, 8/21/2024 †x#^ | Affirm | 5/24/2024 | 1155 | 1176 | 69 |
| &nbsp;&nbsp;&nbsp; Y8CV-JMCN, 35.290%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 88 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; Y8D4-RE5Z, 18.000%, 11/15/2026 †§x | Affirm | 11/27/2024 | 474 | 490 | 493 |
| &nbsp;&nbsp;&nbsp; Y8D5-ODER, 35.480%, 10/28/2025 †§x | Affirm | 10/31/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Y8D6-DG1W, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Y8DF-BPPL, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Y8DG-94ST, 29.000%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Y8DJ-PZ0Q, 29.220%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 88 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; Y8DO-PGR8, 35.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y8DX-ZKSQ, 35.550%, 9/28/2025 †x# | Affirm | 10/03/2024 | 48 | 48 |  |
| &nbsp;&nbsp;&nbsp; Y8E8-62VA, 27.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y8EI-OKX8, 29.670%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Y8EJ-XL7N, 29.440%, 2/04/2025 †x#^ | Affirm | 8/10/2023 | 104 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; Y8EK-H0KG, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; Y8F9-EU5X, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 79 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; Y8FB-RUIO, 35.590%, 9/24/2025 †§x | Affirm | 9/27/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Y8FE-ZBUB, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Y8FF-AEIL, 35.500%, 1/06/2026 †x# | Affirm | 1/29/2025 | 142 | 146 |  |
| &nbsp;&nbsp;&nbsp; Y8FI-WZXB, 15.800%, 8/16/2024 †x#^ | Affirm | 9/22/2022 | 160 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; Y8FN-GHOV, 33.050%, 9/28/2025 †§x | Affirm | 3/31/2025 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; Y8FR-BO30, 29.540%, 4/16/2026 †x# | Affirm | 4/19/2024 | 223 | 232 |  |
| &nbsp;&nbsp;&nbsp; Y8FS-44UR, 33.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; Y8FT-1B4E, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 213 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; Y8FX-ABFD, 35.760%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 119 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; Y8FY-UMR0, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; Y8G4-5FVO, 6.641%, 6/25/2027 †x« | Affirm | 6/28/2024 | 2969 | 2642 | 2558 |
| &nbsp;&nbsp;&nbsp; Y8GG-IKUW, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 212 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; Y8GJ-YB8A, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Y8GN-Z3ZA, 15.740%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Y8GZ-5R56, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y8H2-CZQY, 29.600%, 12/28/2025 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Y8H5-MFTC, 15.750%, 2/26/2026 †§x | Affirm | 8/29/2024 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; Y8HP-MCK2, 29.290%, 1/25/2023 †x#^ | Affirm | 7/28/2022 | 109 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; Y8HV-TMIQ, 32.500%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 375 | 371 | 374 |
| &nbsp;&nbsp;&nbsp; Y8I0-KGU5, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 318 | 325 | 328 |
| &nbsp;&nbsp;&nbsp; Y8I5-8RLF, 33.500%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 299 | 298 | 18 |
| &nbsp;&nbsp;&nbsp; Y8IG-85L3, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y8II-BTEU, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 108 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; Y8IN-1MCO, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 652 | 648 | 645 |
| &nbsp;&nbsp;&nbsp; Y8IS-4FA0, 25.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 487 | 503 | 508 |
| &nbsp;&nbsp;&nbsp; Y8IT-VLSB, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 185 | 187 | 185 |
| &nbsp;&nbsp;&nbsp; Y8IZ-GAZH, 35.520%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 148 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; Y8IZ-RZ8S, 22.989%, 4/04/2023 †x#^ | Affirm | 10/07/2022 | 186 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; Y8J2-085C, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y8J9-LTEH, 29.640%, 12/28/2023 †x#^ | Affirm | 10/03/2022 | 63 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; Y8JJ-HMQN, 22.630%, 8/23/2025 †x#^ | Affirm | 8/28/2023 | 130 | 131 | 16 |
| &nbsp;&nbsp;&nbsp; Y8JN-HFGQ, 28.940%, 4/02/2025 †x#^ | Affirm | 8/07/2023 | 181 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; Y8JP-N878, 29.470%, 7/19/2025 †x#^ | Affirm | 7/25/2024 | 279 | 295 | 17 |
| &nbsp;&nbsp;&nbsp; Y8JU-XJBY, 27.137%, 5/27/2023 †x#^« | Affirm | 3/02/2023 | 48 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; Y8JV-6IU1, 35.360%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Y8KD-4WH7, 29.560%, 10/28/2024 †x#^ | Affirm | 11/03/2022 | 40 | 43 | 2 |
| &nbsp;&nbsp;&nbsp; Y8KG-1R32, 29.760%, 1/06/2026 †§x | Affirm | 1/29/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; Y8KT-CNPP, 15.810%, 7/03/2026 †§x | Affirm | 1/29/2025 | 263 | 271 | 269 |
| &nbsp;&nbsp;&nbsp; Y8KW-Z1HI, 22.900%, 5/15/2026 †§x | Affirm | 11/27/2024 | 253 | 260 | 259 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8336** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y8KX-AX94, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | $126 | $127 | $128 |
| &nbsp;&nbsp;&nbsp; Y8KY-744W, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 238 | 237 | 237 |
| &nbsp;&nbsp;&nbsp; Y8L1-W2EZ, 19.730%, 2/02/2027 †x | Affirm | 1/29/2025 | 902 | 893 | 905 |
| &nbsp;&nbsp;&nbsp; Y8L9-Y3KO, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 359 | 365 | 366 |
| &nbsp;&nbsp;&nbsp; Y8LD-6NS7, 22.750%, 5/20/2026 †§x | Affirm | 11/27/2024 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y8LP-Z1EQ, 29.810%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 145 | 149 | 147 |
| &nbsp;&nbsp;&nbsp; Y8LQ-SOFL, 33.070%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Y8LV-MFTH, 28.800%, 2/01/2024 †x#^ | Affirm | 8/04/2023 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Y8LY-PL8K, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; Y8LZ-9W5J, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Y8M1-Y4N6, 29.720%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 223 | 233 | 13 |
| &nbsp;&nbsp;&nbsp; Y8M8-WSMQ, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Y8MB-GPVA, 30.950%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 68 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; Y8MH-KFRN, 16.000%, 7/03/2023 †x#^ | Affirm | 1/06/2023 | 325 | 325 | 19 |
| &nbsp;&nbsp;&nbsp; Y8MV-O96K, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y8N9-VAT9, 32.500%, 9/23/2025 †§x | Affirm | 9/26/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; Y8NB-B8HN, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; Y8ND-RJR4, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y8NF-KA1K, 35.990%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 182 | 183 | 48 |
| &nbsp;&nbsp;&nbsp; Y8NG-GBDO, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Y8NM-GW3G, 35.990%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 35 | 35 | 7 |
| &nbsp;&nbsp;&nbsp; Y8O1-2WF8, 33.050%, 6/28/2026 †§x | Affirm | 1/29/2025 | 238 | 245 | 242 |
| &nbsp;&nbsp;&nbsp; Y8OA-6DP8, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; Y8OG-MLMU, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 246 | 253 | 250 |
| &nbsp;&nbsp;&nbsp; Y8OJ-XVMS, 29.040%, 8/01/2027 †§x | Affirm | 8/04/2023 | 986 | 1062 | 1037 |
| &nbsp;&nbsp;&nbsp; Y8OK-4U93, 29.810%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 186 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; Y8OQ-NQPA, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; Y8P0-LXQX, 26.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 112 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; Y8P0-SLKW, 35.450%, 4/17/2026 †§x | Affirm | 4/22/2024 | 972 | 977 | 993 |
| &nbsp;&nbsp;&nbsp; Y8P1-PW0F, 29.170%, 2/28/2025 †x#^ | Affirm | 3/03/2023 | 611 | 629 | 37 |
| &nbsp;&nbsp;&nbsp; Y8P6-9XBV, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 34 | 35 | 34 |
| &nbsp;&nbsp;&nbsp; Y8PM-MOZD, 29.520%, 4/28/2023 †x#^ | Affirm | 5/02/2022 | 102 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; Y8PT-KQ72, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 151 | 150 |
| &nbsp;&nbsp;&nbsp; Y8PU-5TH7, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 228 | 233 | 233 |
| &nbsp;&nbsp;&nbsp; Y8PU-KDX2, 29.510%, 8/28/2025 †x#^ | Affirm | 8/31/2023 | 437 | 442 | 26 |
| &nbsp;&nbsp;&nbsp; Y8Q8-XQ6M, 25.700%, 12/04/2025 †§x | Affirm | 12/07/2023 | 461 | 464 | 464 |
| &nbsp;&nbsp;&nbsp; Y8QA-30GY, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 424 | 415 | 415 |
| &nbsp;&nbsp;&nbsp; Y8QH-EHRU, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Y8QM-4JF4, 26.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 186 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; Y8R1-9KKO, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 161 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; Y8R4-RQKL, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 295 | 300 | 301 |
| &nbsp;&nbsp;&nbsp; Y8RC-QXLQ, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Y8RJ-WL2C, 35.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; Y8RQ-OF05, 29.480%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 148 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; Y8RS-Z07S, 35.360%, 6/12/2024 †x#^ | Affirm | 12/15/2023 | 93 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; Y8RY-5IW8, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Y8S1-S8VY, 22.850%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 1338 | 1371 | 1378 |
| &nbsp;&nbsp;&nbsp; Y8S6-VA2M, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 161 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; Y8S9-IHYA, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 440 | 438 | 438 |
| &nbsp;&nbsp;&nbsp; Y8SI-6X0K, 15.890%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 232 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; Y8SN-14L0, 35.500%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 56 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; Y8T0-OWQD, 33.950%, 12/24/2025 †x# | Affirm | 6/27/2024 | 183 | 194 | 48 |
| &nbsp;&nbsp;&nbsp; Y8T1-DO9C, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; Y8T5-HIHS, 29.810%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 453 | 469 | 27 |
| &nbsp;&nbsp;&nbsp; Y8T6-MCU7, 30.000%, 12/13/2024 †x#^ | Affirm | 6/16/2023 | 227 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; Y8T9-CEL0, 28.000%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 279 | 291 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8337** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y8TC-U9ZL, 26.700%, 3/07/2026 †§x | Affirm | 3/11/2024 | $327 | $331 | $331 |
| &nbsp;&nbsp;&nbsp; Y8TH-V5K7, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Y8TL-N41Y, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 443 | 458 | 27 |
| &nbsp;&nbsp;&nbsp; Y8TV-GNZY, 31.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Y8U0-HYFV, 35.740%, 3/03/2026 †§x | Affirm | 3/28/2025 | 157 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; Y8U1-9LE2, 25.200%, 2/10/2026 †§x | Affirm | 2/26/2025 | 186 | 191 | 189 |
| &nbsp;&nbsp;&nbsp; Y8U2-EXIP, 32.000%, 10/28/2025 †§x | Affirm | 10/31/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; Y8UA-63LH, 29.410%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 1094 | 1019 | 66 |
| &nbsp;&nbsp;&nbsp; Y8UA-W1QH, 35.440%, 10/15/2024 †x#^ | Affirm | 4/18/2024 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Y8UF-SRYM, 27.100%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 144 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Y8UI-62IE, 22.750%, 7/13/2026 †§x | Affirm | 1/29/2025 | 202 | 208 | 207 |
| &nbsp;&nbsp;&nbsp; Y8UW-W97R, 18.000%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 1074 | 1098 | 1099 |
| &nbsp;&nbsp;&nbsp; Y8V1-C5EO, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; Y8V2-N6SK, 29.450%, 5/24/2023 †x#^ | Affirm | 6/03/2022 | 355 | 340 | 21 |
| &nbsp;&nbsp;&nbsp; Y8V8-S3C1, 35.380%, 12/01/2025 †§x | Affirm | 12/07/2023 | 132 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; Y8VA-5T5Y, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 878 | 862 | 53 |
| &nbsp;&nbsp;&nbsp; Y8W0-J0EQ, 35.380%, 5/28/2026 †x# | Affirm | 6/27/2025 | 4724 | 4352 | 2822 |
| &nbsp;&nbsp;&nbsp; Y8W5-BJ8P, 35.360%, 12/27/2025 †§x# | Affirm | 7/01/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y8WH-9KUV, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Y8X7-1JSJ, 35.620%, 10/02/2025 †§x | Affirm | 10/07/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; Y8XK-I0PY, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; Y8XW-3ZJM, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; Y8XX-U6JX, 35.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 474 | 477 | 99 |
| &nbsp;&nbsp;&nbsp; Y8Y3-MFYN, 29.000%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 330 | 335 | 20 |
| &nbsp;&nbsp;&nbsp; Y8YB-6VZJ, 29.420%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 47 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; Y8YE-TH10, 33.050%, 8/10/2026 †§x | Affirm | 2/26/2025 | 341 | 355 | 354 |
| &nbsp;&nbsp;&nbsp; Y8YK-87XV, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y8YQ-ROUF, 31.450%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | 232 | 226 | 14 |
| &nbsp;&nbsp;&nbsp; Y8YQ-TP8U, 35.830%, 8/26/2024 †x#^ | Affirm | 2/29/2024 | 120 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; Y8YT-H2Q2, 35.770%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 115 | 115 | 114 |
| &nbsp;&nbsp;&nbsp; Y8YT-UFGV, 31.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 213 | 213 | 215 |
| &nbsp;&nbsp;&nbsp; Y8Z2-HZUV, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 175 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; Y8Z6-5YIV, 29.790%, 2/07/2026 †§x | Affirm | 2/26/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Y8Z7-0MNH, 29.500%, 10/02/2025 †§x | Affirm | 10/07/2024 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; Y8Z9-XZ51, 33.950%, 9/16/2026 †§x | Affirm | 9/19/2024 | 1288 | 1321 | 1328 |
| &nbsp;&nbsp;&nbsp; Y8ZE-SZZM, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; Y8ZH-5UZO, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 442 | 450 | 113 |
| &nbsp;&nbsp;&nbsp; Y8ZR-4NO6, 22.710%, 5/10/2024 †x#^ | Affirm | 11/17/2022 | 194 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; Y906-C0WK, 35.340%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 119 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Y90F-PH24, 18.000%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; Y90G-HJWB, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Y90J-AG8P, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 132 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; Y90K-XRDK, 15.820%, 9/26/2025 †§x | Affirm | 9/30/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y90Q-60H7, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; Y90Q-YIAT, 29.560%, 8/05/2023 †x#^ | Affirm | 8/11/2022 | 348 | 344 | 21 |
| &nbsp;&nbsp;&nbsp; Y90X-M3LY, 35.510%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 210 | 208 | 122 |
| &nbsp;&nbsp;&nbsp; Y911-DIYK, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 836 | 799 | 50 |
| &nbsp;&nbsp;&nbsp; Y911-XOXI, 22.810%, 8/28/2026 †§x# | Affirm | 3/28/2025 | 306 | 319 | 315 |
| &nbsp;&nbsp;&nbsp; Y919-OITC, 35.200%, 3/28/2026 †x# | Affirm | 3/31/2025 | 231 | 241 | 39 |
| &nbsp;&nbsp;&nbsp; Y91J-C9BI, 30.000%, 8/28/2023 †x#^ | Affirm | 3/03/2023 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; Y91J-G8M2, 35.180%, 11/06/2025 †§x | Affirm | 5/30/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y91K-V0WV, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 321 | 338 | 336 |
| &nbsp;&nbsp;&nbsp; Y91Q-0F91, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 90 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y921-XBWS, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; Y925-ZF3U, 24.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; Y92A-BL2W, 35.660%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 69 | 68 | 68 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8338** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y92C-LBME, 29.670%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | $67 | $68 | $4 |
| &nbsp;&nbsp;&nbsp; Y92D-AJSO, 24.490%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 165 | 165 | 167 |
| &nbsp;&nbsp;&nbsp; Y92I-I3OC, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Y92I-N918, 29.500%, 12/04/2025 †§x | Affirm | 12/07/2023 | 198 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; Y92L-F9KL, 35.520%, 6/02/2027 †§x | Affirm | 6/27/2025 | 668 | 660 | 664 |
| &nbsp;&nbsp;&nbsp; Y92N-9P1F, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 395 | 409 | 412 |
| &nbsp;&nbsp;&nbsp; Y92N-HR91, 29.510%, 3/06/2024 †x#^ | Affirm | 9/11/2023 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; Y92U-6HHG, 25.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Y92V-76A1, 35.550%, 1/08/2026 †§x | Affirm | 1/29/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Y933-WWZG, 29.410%, 7/19/2024 †x#^ | Affirm | 5/25/2023 | 114 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; Y93I-H8D0, 34.050%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 124 | 131 | 7 |
| &nbsp;&nbsp;&nbsp; Y93J-90BZ, 18.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 226 | 231 | 233 |
| &nbsp;&nbsp;&nbsp; Y93O-AZDE, 30.500%, 8/28/2026 †x# | Affirm | 8/31/2023 | 3682 | 3856 | 3885 |
| &nbsp;&nbsp;&nbsp; Y944-DU7A, 29.590%, 6/19/2024 †x#^ | Affirm | 12/23/2022 | 230 | 231 | 14 |
| &nbsp;&nbsp;&nbsp; Y94H-B0RO, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 115 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; Y94K-SIWR, 35.570%, 9/28/2025 †§x | Affirm | 10/03/2024 | 76 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; Y94X-3QP1, 30.000%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y94Z-R02G, 27.500%, 1/28/2024 †x#^ | Affirm | 11/03/2022 | 1515 | 1588 | 91 |
| &nbsp;&nbsp;&nbsp; Y952-VPWE, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 231 | 237 | 238 |
| &nbsp;&nbsp;&nbsp; Y956-XATG, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; Y957-1X6S, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Y957-TZ3K, 25.200%, 12/27/2025 †§x | Affirm | 7/01/2024 | 99 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; Y95D-PQWA, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; Y95Z-7CSL, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 121 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Y960-YZYK, 13.840%, 3/19/2026 †§x | Affirm | 9/23/2024 | 1162 | 1182 | 1183 |
| &nbsp;&nbsp;&nbsp; Y966-AKR1, 15.830%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 113 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Y972-A92T, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Y97F-A6KL, 35.340%, 5/06/2026 †§x | Affirm | 5/30/2025 | 97 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; Y97N-6A8P, 22.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Y97O-N6CV, 29.560%, 4/06/2024 †x#^ | Affirm | 10/11/2022 | 44 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; Y97R-1H63, 35.983%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; Y980-9296, 15.750%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 208 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; Y987-BE94, 15.770%, 5/08/2025 †x#^ | Affirm | 1/11/2024 | 235 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; Y98J-WO6I, 23.900%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 100 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; Y98Y-YL1J, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Y999-1VIU, 32.930%, 9/14/2025 †x# | Affirm | 3/18/2024 | 204 | 207 | 12 |
| &nbsp;&nbsp;&nbsp; Y999-21YZ, 33.050%, 9/16/2025 †§x | Affirm | 9/19/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Y99B-AZLL, 33.950%, 1/06/2026 †x# | Affirm | 1/29/2025 | 79 | 83 | 19 |
| &nbsp;&nbsp;&nbsp; Y99D-G4XJ, 32.930%, 6/02/2026 †§x | Affirm | 6/27/2025 | 195 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; Y99O-II2Q, 35.640%, 2/12/2027 †§x | Affirm | 2/26/2025 | 633 | 628 | 640 |
| &nbsp;&nbsp;&nbsp; Y99W-6BZ7, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; Y9A0-2Y1D, 29.000%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 1025 | 1003 | 61 |
| &nbsp;&nbsp;&nbsp; Y9A6-2EA6, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; Y9A6-NP5Y, 29.530%, 12/11/2025 †§x | Affirm | 12/14/2023 | 113 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; Y9AA-7DEW, 35.470%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 1581 | 1626 | 95 |
| &nbsp;&nbsp;&nbsp; Y9AI-X2L1, 28.000%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 158 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; Y9AJ-3YUZ, 28.000%, 9/22/2024 †x#^ | Affirm | 9/26/2022 | 463 | 500 | 28 |
| &nbsp;&nbsp;&nbsp; Y9AJ-WNIM, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Y9AS-Y1TF, 33.950%, 11/23/2025 †§x# | Affirm | 5/28/2024 | 88 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; Y9B1-MUD7, 35.470%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 163 | 164 | 4 |
| &nbsp;&nbsp;&nbsp; Y9B3-B71M, 35.480%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Y9BG-B434, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 217 | 222 | 224 |
| &nbsp;&nbsp;&nbsp; Y9BL-2BLX, 24.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 280 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; Y9BN-F70Y, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; Y9BQ-1LAP, 24.640%, 8/27/2025 †§x^ | Affirm | 8/30/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Y9BS-5LW2, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 197 | 203 | 204 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8339** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y9BS-LWR1, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | $231 | $235 | $236 |
| &nbsp;&nbsp;&nbsp; Y9BW-AY87, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 369 | 366 | 22 |
| &nbsp;&nbsp;&nbsp; Y9C2-X6G6, 35.220%, 9/20/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Y9C4-RJT0, 25.900%, 10/28/2025 †§x | Affirm | 10/31/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Y9C5-ABJA, 22.750%, 1/09/2028 †x | Affirm | 1/29/2025 | 8547 | 8819 | 8882 |
| &nbsp;&nbsp;&nbsp; Y9C9-F2C8, 15.760%, 8/06/2026 †§x | Affirm | 8/29/2025 | 178 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; Y9CN-HYKJ, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 514 | 508 | 31 |
| &nbsp;&nbsp;&nbsp; Y9CO-AY9B, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y9CS-OGWN, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; Y9CX-FFIM, 11.830%, 11/28/2025 †§x# | Affirm | 12/05/2022 | 135 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; Y9DV-DBQK, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 165 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; Y9E5-B2CX, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 331 | 338 | 20 |
| &nbsp;&nbsp;&nbsp; Y9EG-YCI9, 29.550%, 2/23/2026 †§x | Affirm | 8/29/2024 | 123 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; Y9EI-894I, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | 594 | 606 | 607 |
| &nbsp;&nbsp;&nbsp; Y9EK-BP1J, 16.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Y9EK-LYS6, 35.410%, 10/21/2025 †§x | Affirm | 10/24/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y9ET-G93K, 29.640%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Y9EZ-JOGW, 19.700%, 2/16/2027 †§x | Affirm | 2/23/2024 | 984 | 1014 | 1020 |
| &nbsp;&nbsp;&nbsp; Y9F5-H2PH, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Y9F6-T04R, 29.580%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 187 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; Y9FA-63LT, 35.570%, 9/20/2025 †§x | Affirm | 9/26/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Y9FC-1M2I, 32.500%, 4/24/2026 †§x# | Affirm | 10/28/2024 | 375 | 372 | 374 |
| &nbsp;&nbsp;&nbsp; Y9FG-6VIF, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 319 | 321 | 19 |
| &nbsp;&nbsp;&nbsp; Y9FK-YM17, 29.720%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 101 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; Y9FL-TZNI, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; Y9G3-F3Z1, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; Y9G5-DLLX, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; Y9G6-WRPX, 9.870%, 3/25/2026 †§x | Affirm | 9/30/2024 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; Y9G9-10WU, 22.850%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Y9GA-ST4B, 22.860%, 2/05/2026 †§x | Affirm | 2/26/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y9GE-AIDC, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y9GE-ZYG6, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Y9GF-DR4P, 12.547%, 3/18/2025 †x#^« | Affirm | 12/27/2024 | 47 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; Y9GI-YQEC, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 148 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; Y9GJ-IS7V, 13.785%, 6/04/2024 †x#^« | Affirm | 12/07/2023 | 209 | 196 | 13 |
| &nbsp;&nbsp;&nbsp; Y9GO-518N, 22.740%, 9/26/2023 †x#^ | Affirm | 9/30/2022 | 8 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; Y9GV-CVVO, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 1044 | 1036 | 63 |
| &nbsp;&nbsp;&nbsp; Y9HC-67PZ, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 76 | 74 | 76 |
| &nbsp;&nbsp;&nbsp; Y9HI-TU6Q, 22.700%, 12/11/2025 †§x | Affirm | 12/27/2024 | 111 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; Y9HI-XJ6Q, 29.620%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 38 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; Y9HO-E1N2, 32.500%, 12/10/2025 †x# | Affirm | 12/27/2024 | 470 | 465 | 124 |
| &nbsp;&nbsp;&nbsp; Y9HO-OF9T, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 394 | 391 | 390 |
| &nbsp;&nbsp;&nbsp; Y9I0-TEVE, 29.500%, 10/01/2025 †§x | Affirm | 10/04/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y9I3-8GN6, 29.640%, 12/18/2025 †§x | Affirm | 12/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Y9I6-WDF6, 25.900%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; Y9IB-VT1M, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 309 | 304 | 19 |
| &nbsp;&nbsp;&nbsp; Y9IB-WUJI, 15.840%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 111 | 113 | 112 |
| &nbsp;&nbsp;&nbsp; Y9IM-ZDSJ, 35.770%, 2/28/2024 †x#^ | Affirm | 3/03/2023 | 65 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; Y9IO-FL22, 29.380%, 9/06/2023 †x#^ | Affirm | 3/09/2023 | 283 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; Y9IP-4Y6I, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Y9IZ-6KU4, 13.840%, 10/11/2025 †§x | Affirm | 4/15/2024 | 189 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; Y9J6-1J8C, 23.000%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 25 | 25 | 4 |
| &nbsp;&nbsp;&nbsp; Y9J7-SZ60, 22.570%, 5/06/2026 †§x | Affirm | 5/30/2025 | 234 | 239 | 241 |
| &nbsp;&nbsp;&nbsp; Y9JV-ST09, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 276 | 279 | 279 |
| &nbsp;&nbsp;&nbsp; Y9K0-ROE3, 15.850%, 1/06/2026 †x# | Affirm | 1/29/2025 | 147 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Y9K3-M08X, 35.620%, 8/11/2026 †§x | Affirm | 2/26/2025 | 301 | 309 | 309 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8340** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y9KC-4BHC, 31.500%, 11/21/2023 †x#^ | Affirm | 8/24/2023 | $160 | $159 | $10 |
| &nbsp;&nbsp;&nbsp; Y9KN-AVNK, 35.610%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 366 | 373 | 22 |
| &nbsp;&nbsp;&nbsp; Y9KT-2RP5, 35.470%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 99 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; Y9KU-XMOO, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 278 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; Y9L3-85GY, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 132 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; Y9LA-2U34, 35.280%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 93 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; Y9LE-FI4F, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 105 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; Y9LL-E1DX, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 213 | 221 | 217 |
| &nbsp;&nbsp;&nbsp; Y9LQ-N2VC, 35.390%, 12/28/2025 †x# | Affirm | 1/29/2025 | 57 | 58 | 17 |
| &nbsp;&nbsp;&nbsp; Y9LQ-PD61, 33.050%, 11/22/2025 †§x | Affirm | 5/28/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Y9LV-5UH1, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 993 | 1014 | 1017 |
| &nbsp;&nbsp;&nbsp; Y9LV-6L61, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 218 | 225 | 229 |
| &nbsp;&nbsp;&nbsp; Y9MB-GX5C, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 357 | 363 | 362 |
| &nbsp;&nbsp;&nbsp; Y9MG-YF6G, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 305 | 310 | 308 |
| &nbsp;&nbsp;&nbsp; Y9MH-DVV4, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; Y9MW-8T63, 29.500%, 4/21/2025 †x#^ | Affirm | 4/27/2023 | 533 | 549 | 32 |
| &nbsp;&nbsp;&nbsp; Y9N5-MVKH, 29.680%, 9/05/2025 †§x | Affirm | 9/08/2023 | 41 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; Y9N6-58RD, 30.000%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; Y9N6-MQ8Y, 35.350%, 7/23/2025 †x#^ | Affirm | 7/29/2024 | 78 | 72 | 8 |
| &nbsp;&nbsp;&nbsp; Y9N8-DEAL, 35.530%, 3/26/2025 †x#^ | Affirm | 9/30/2024 | 77 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; Y9NE-2O7M, 25.200%, 5/08/2026 †§x | Affirm | 5/11/2023 | 1881 | 1920 | 1924 |
| &nbsp;&nbsp;&nbsp; Y9NQ-6MH7, 9.850%, 6/02/2026 †§x | Affirm | 6/27/2025 | 121 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; Y9O3-ESGV, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 2266 | 2251 | 2247 |
| &nbsp;&nbsp;&nbsp; Y9O4-2WBU, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 258 | 253 | 15 |
| &nbsp;&nbsp;&nbsp; Y9O5-XLTT, 29.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; Y9O9-7ML8, 31.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 192 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; Y9OJ-XX2J, 8.535%, 9/29/2022 †x#^« | Affirm | 4/01/2022 | 800 | 768 | 48 |
| &nbsp;&nbsp;&nbsp; Y9P0-TLLV, 29.620%, 12/11/2025 †§x | Affirm | 12/27/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; Y9P3-7H7O, 35.580%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 64 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Y9PJ-4FLA, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Y9PL-MAGW, 29.650%, 8/23/2025 †x#^ | Affirm | 2/29/2024 | 543 | 571 | 33 |
| &nbsp;&nbsp;&nbsp; Y9PW-O7T2, 30.000%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 120 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; Y9Q6-7VLW, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Y9QC-VAOQ, 33.950%, 9/23/2027 †§x | Affirm | 9/26/2024 | 1093 | 1119 | 1131 |
| &nbsp;&nbsp;&nbsp; Y9QG-4LZN, 29.610%, 7/03/2026 †§x | Affirm | 1/29/2025 | 201 | 207 | 205 |
| &nbsp;&nbsp;&nbsp; Y9QI-6X6I, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; Y9QI-CCJ7, 6.437%, 12/18/2025 †x#« | Affirm | 12/27/2024 | 806 | 759 | 48 |
| &nbsp;&nbsp;&nbsp; Y9QM-6SIR, 25.900%, 5/03/2025 †x#^ | Affirm | 5/09/2024 | 78 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Y9R0-8Z8I, 9.780%, 11/06/2025 †§x | Affirm | 5/30/2025 | 228 | 230 | 231 |
| &nbsp;&nbsp;&nbsp; Y9RL-WCDF, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Y9RN-1WCZ, 35.390%, 6/02/2026 †§x | Affirm | 6/27/2025 | 130 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; Y9S1-01HM, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 69 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Y9S4-DRQ3, 35.640%, 1/08/2026 †x# | Affirm | 1/29/2025 | 512 | 525 | 31 |
| &nbsp;&nbsp;&nbsp; Y9S4-GNFE, 29.390%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; Y9S8-HU7J, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Y9S8-VI0Y, 18.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 746 | 760 | 763 |
| &nbsp;&nbsp;&nbsp; Y9SD-0KSF, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 156 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; Y9SE-RY7P, 26.700%, 9/23/2025 †§x | Affirm | 9/26/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y9SL-3IHR, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 972 | 969 | 972 |
| &nbsp;&nbsp;&nbsp; Y9SO-9D7H, 29.500%, 5/20/2024 †x#^ | Affirm | 11/24/2023 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; Y9SS-PNEB, 15.880%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; Y9SS-U4BK, 28.000%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 49 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Y9SU-GQH3, 26.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 145 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; Y9SW-3VUQ, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; Y9SZ-4AOS, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 53 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Y9T2-MLQE, 35.450%, 1/02/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8341** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Y9TA-PCOF, 15.700%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | $47 | $48 | $3 |
| &nbsp;&nbsp;&nbsp; Y9TB-DPA5, 11.860%, 9/23/2025 †§x | Affirm | 9/26/2024 | 175 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; Y9TK-9B99, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Y9TS-3LRR, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 204 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; Y9TT-AURD, 19.750%, 1/09/2027 †§x# | Affirm | 1/12/2023 | 548 | 569 | 548 |
| &nbsp;&nbsp;&nbsp; Y9U1-OL8P, 20.900%, 6/25/2027 †x | Affirm | 6/28/2024 | 4625 | 4681 | 4706 |
| &nbsp;&nbsp;&nbsp; Y9U3-9I7L, 35.290%, 11/21/2025 †x# | Affirm | 5/24/2024 | 243 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; Y9U5-HFPP, 21.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; Y9UE-NRXG, 22.900%, 6/28/2026 †§x | Affirm | 7/03/2023 | 1935 | 1988 | 2005 |
| &nbsp;&nbsp;&nbsp; Y9UK-MQOI, 35.290%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; Y9V7-6IRC, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 209 | 206 | 13 |
| &nbsp;&nbsp;&nbsp; Y9VA-LI4T, 35.370%, 12/20/2025 †§x | Affirm | 6/24/2024 | 74 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; Y9VB-71MA, 35.160%, 11/22/2023 †x#^ | Affirm | 5/25/2023 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Y9VE-6ZKE, 35.230%, 3/20/2026 †x# | Affirm | 3/28/2025 | 64 | 64 | 21 |
| &nbsp;&nbsp;&nbsp; Y9VJ-PCX2, 29.470%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 356 | 368 | 21 |
| &nbsp;&nbsp;&nbsp; Y9VL-PG41, 26.500%, 12/12/2025 †§x | Affirm | 12/15/2022 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; Y9VO-7E4W, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Y9VS-PDGN, 15.890%, 3/03/2026 †§x | Affirm | 3/28/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Y9W0-0RBE, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 551 | 544 | 549 |
| &nbsp;&nbsp;&nbsp; Y9W4-P758, 30.000%, 8/13/2024 †x#^ | Affirm | 2/16/2023 | 1317 | 1294 | 79 |
| &nbsp;&nbsp;&nbsp; Y9W5-GHB3, 27.100%, 3/16/2024 †x#^ | Affirm | 9/22/2022 | 92 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; Y9W5-X8Q0, 14.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 232 | 235 | 234 |
| &nbsp;&nbsp;&nbsp; Y9W7-UE6N, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 977 | 995 | 995 |
| &nbsp;&nbsp;&nbsp; Y9WE-NMC4, 33.950%, 12/16/2025 †x# | Affirm | 12/27/2024 | 89 | 94 | 22 |
| &nbsp;&nbsp;&nbsp; Y9WG-3YSR, 33.950%, 10/12/2025 †§x | Affirm | 4/18/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Y9WG-TMLY, 35.630%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 16 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; Y9WJ-K4R7, 21.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Y9X3-PPFN, 9.790%, 2/06/2026 †§x | Affirm | 8/29/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Y9X4-8P6A, 15.800%, 3/23/2026 †§x | Affirm | 9/26/2024 | 159 | 161 | 159 |
| &nbsp;&nbsp;&nbsp; Y9X4-NUGR, 26.900%, 6/03/2022 †x#^ | Affirm | 12/09/2021 | 279 | 274 | 17 |
| &nbsp;&nbsp;&nbsp; Y9X9-2NLT, 15.680%, 3/20/2026 †§x | Affirm | 3/28/2025 | 70 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; Y9XD-MJXU, 29.660%, 9/26/2023 †x#^ | Affirm | 9/29/2022 | 534 | 528 | 32 |
| &nbsp;&nbsp;&nbsp; Y9XP-BO2J, 27.450%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 181 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; Y9XT-EPIL, 29.490%, 11/08/2025 †§x | Affirm | 5/13/2024 | 95 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; Y9XX-C90G, 29.650%, 9/07/2023 †x#^ | Affirm | 9/12/2022 | 107 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; Y9Y2-6XJB, 29.380%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; Y9Y5-8IIY, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 457 | 462 | 461 |
| &nbsp;&nbsp;&nbsp; Y9Y6-WR04, 35.280%, 9/20/2025 †§x | Affirm | 3/28/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Y9YD-P3QV, 29.420%, 2/09/2024 †x#^ | Affirm | 8/14/2023 | 10 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; Y9YX-PW3U, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 251 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; Y9Z3-RJT4, 11.880%, 1/06/2026 †§x | Affirm | 1/29/2025 | 105 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; Y9Z9-4VJX, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; Y9ZE-HC6P, 18.000%, 12/17/2025 †§x | Affirm | 6/21/2024 | 275 | 277 | 278 |
| &nbsp;&nbsp;&nbsp; Y9ZJ-A1Q7, 33.000%, 8/26/2026 †§x | Affirm | 8/29/2024 | 635 | 632 | 642 |
| &nbsp;&nbsp;&nbsp; Y9ZU-CFIW, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; Y9ZV-DUKE, 26.700%, 2/12/2027 †§x | Affirm | 2/26/2025 | 626 | 653 | 364 |
| &nbsp;&nbsp;&nbsp; YA00-K1NP, 33.950%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YA08-DCJJ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 505 | 510 | 506 |
| &nbsp;&nbsp;&nbsp; YA0A-9BQO, 30.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 178 | 183 | 182 |
| &nbsp;&nbsp;&nbsp; YA0I-VTFU, 22.680%, 4/21/2026 †§x | Affirm | 10/28/2024 | 114 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; YA0J-GFWS, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; YA0K-XD4K, 35.430%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 70 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; YA0Z-S1KO, 26.700%, 2/26/2026 †§x | Affirm | 8/29/2024 | 1167 | 1183 | 1177 |
| &nbsp;&nbsp;&nbsp; YA1H-DCA0, 29.430%, 3/28/2026 †§x | Affirm | 3/31/2025 | 168 | 174 | 176 |
| &nbsp;&nbsp;&nbsp; YA1M-8A0E, 32.500%, 11/15/2026 †§x | Affirm | 11/27/2024 | 837 | 836 | 846 |
| &nbsp;&nbsp;&nbsp; YA1N-EUWL, 29.620%, 12/19/2027 †§x | Affirm | 12/27/2024 | 1046 | 1082 | 1089 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8342** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YA1X-O1I0, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | $1277 | $1343 | $1341 |
| &nbsp;&nbsp;&nbsp; YA1Z-FXCV, 29.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 90 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; YA23-QW4Y, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 216 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; YA27-5BHD, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; YA27-SMI9, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YA2C-3EEE, 35.580%, 9/28/2025 †x# | Affirm | 10/03/2024 | 192 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; YA2D-G31S, 25.200%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 249 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; YA2G-S3IQ, 15.690%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YA2Q-6KZG, 33.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; YA2S-MMVK, 35.660%, 3/03/2026 †§x | Affirm | 3/28/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YA2W-Z862, 35.740%, 2/10/2026 †§x | Affirm | 2/26/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; YA33-9BPU, 33.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 120 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; YA39-JUKO, 29.580%, 10/21/2027 †§x# | Affirm | 10/24/2024 | 398 | 411 | 405 |
| &nbsp;&nbsp;&nbsp; YA3D-608A, 24.400%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 39 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; YA3E-AAVG, 19.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 318 | 325 | 326 |
| &nbsp;&nbsp;&nbsp; YA3J-7UZ0, 35.390%, 3/26/2027 †§x | Affirm | 3/31/2025 | 1269 | 1263 | 1282 |
| &nbsp;&nbsp;&nbsp; YA3J-D9DR, 25.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 480 | 503 | 29 |
| &nbsp;&nbsp;&nbsp; YA3Y-CVYM, 33.050%, 11/06/2025 †§x | Affirm | 5/09/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YA40-ZMTZ, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YA46-F1Y5, 33.950%, 12/25/2025 †§x | Affirm | 6/28/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YA4I-AUXA, 35.220%, 12/02/2025 †§x | Affirm | 6/27/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YA4I-XOZD, 34.000%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 1857 | 1768 | 1117 |
| &nbsp;&nbsp;&nbsp; YA4J-X8VZ, 35.610%, 8/11/2026 †x | Affirm | 2/26/2025 | 225 | 222 | 225 |
| &nbsp;&nbsp;&nbsp; YA4P-DAUH, 15.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YA4T-I269, 11.780%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 34 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YA5T-J4XG, 35.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YA67-FHPR, 35.410%, 11/01/2025 †§x | Affirm | 5/06/2024 | 83 | 84 | 82 |
| &nbsp;&nbsp;&nbsp; YA6B-H05C, 30.950%, 1/27/2026 †§x | Affirm | 2/26/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YA6F-E98R, 29.070%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 318 | 340 | 19 |
| &nbsp;&nbsp;&nbsp; YA6G-CT2R, 35.580%, 9/28/2025 †§x | Affirm | 10/03/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YA6H-ESUI, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 297 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; YA6N-PZ10, 29.310%, 9/02/2025 †§x | Affirm | 6/27/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YA6S-RBXN, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 145 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; YA6X-BWNR, 29.660%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 93 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; YA75-E2K0, 25.200%, 1/06/2026 †x# | Affirm | 1/29/2025 | 154 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; YA7E-ML86, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 284 | 292 | 291 |
| &nbsp;&nbsp;&nbsp; YA7K-14AD, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 130 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; YA7N-4KCO, 35.610%, 11/15/2025 †x | Affirm | 11/27/2024 | 136 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; YA7N-NCHP, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 284 | 289 | 290 |
| &nbsp;&nbsp;&nbsp; YA7P-SXYL, 31.450%, 3/27/2027 †§x | Affirm | 3/31/2025 | 519 | 517 | 528 |
| &nbsp;&nbsp;&nbsp; YA7U-A92N, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YA83-KR95, 28.990%, 8/24/2024 †x#^ | Affirm | 8/28/2023 | 96 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YA8A-ZJ2C, 22.780%, 2/03/2026 †§x | Affirm | 2/26/2025 | 856 | 876 | 880 |
| &nbsp;&nbsp;&nbsp; YA8E-Y3PX, 29.820%, 7/02/2026 †§x | Affirm | 1/29/2025 | 275 | 283 | 281 |
| &nbsp;&nbsp;&nbsp; YA91-OKFQ, 18.000%, 1/03/2026 †§x# | Affirm | 1/29/2025 | 264 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; YA99-CJTQ, 15.790%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 248 | 255 | 252 |
| &nbsp;&nbsp;&nbsp; YA9D-CR1N, 35.450%, 4/23/2026 †§x | Affirm | 10/28/2024 | 154 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; YA9F-8R5N, 35.430%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YA9F-D9A6, 28.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YA9Q-LSAE, 35.370%, 8/08/2024 †x#^ | Affirm | 8/11/2023 | 58 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; YA9R-8MBJ, 29.640%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 124 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; YA9S-8YFM, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 127 | 126 |
| &nbsp;&nbsp;&nbsp; YA9X-DEQX, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 176 | 176 | 178 |
| &nbsp;&nbsp;&nbsp; YAA0-GF7C, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 105 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; YAA0-NECZ, 29.000%, 10/22/2022 †x#^ | Affirm | 7/28/2022 | 216 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; YAA5-3544, 35.450%, 4/21/2026 †§x | Affirm | 10/24/2024 | 245 | 242 | 244 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8343** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YAA8-165X, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | $87 | $87 | $87 |
| &nbsp;&nbsp;&nbsp; YAAM-Z0XI, 35.580%, 9/24/2025 †x# | Affirm | 9/27/2024 | 56 | 59 | 5 |
| &nbsp;&nbsp;&nbsp; YAAY-3Q4Q, 33.950%, 7/02/2026 †x# | Affirm | 1/29/2025 | 292 | 307 | 10 |
| &nbsp;&nbsp;&nbsp; YAB8-3Y9G, 29.440%, 5/06/2026 †§x | Affirm | 5/30/2025 | 160 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; YAB9-HYUE, 22.810%, 12/28/2025 †x# | Affirm | 1/29/2025 | 234 | 245 | 7 |
| &nbsp;&nbsp;&nbsp; YABC-A3MT, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YABG-UXHO, 31.000%, 5/20/2026 †§x | Affirm | 11/27/2024 | 416 | 429 | 427 |
| &nbsp;&nbsp;&nbsp; YABY-A6CH, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 143 | 146 | 145 |
| &nbsp;&nbsp;&nbsp; YABZ-UWH4, 29.940%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YAC2-JQF4, 35.620%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 288 | 296 | 296 |
| &nbsp;&nbsp;&nbsp; YACE-TE2H, 26.200%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 158 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; YACK-MMZS, 24.400%, 12/21/2025 †§x | Affirm | 6/27/2024 | 208 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; YACP-M0PA, 22.750%, 12/28/2025 †§x# | Affirm | 7/05/2024 | 222 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; YACQ-WXQI, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 143 | 140 | 9 |
| &nbsp;&nbsp;&nbsp; YAD1-CTJA, 28.000%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; YAD1-SP0M, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YAD5-1KHK, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YAD5-QM9I, 29.510%, 4/21/2023 †x#^ | Affirm | 4/25/2022 | 228 | 225 | 14 |
| &nbsp;&nbsp;&nbsp; YAD5-S4JE, 15.830%, 6/02/2026 †§x | Affirm | 6/27/2025 | 226 | 235 | 237 |
| &nbsp;&nbsp;&nbsp; YAD9-1359, 29.810%, 2/06/2026 †x# | Affirm | 2/26/2025 | 112 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; YADC-CD8Z, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YADF-FJ8U, 29.550%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 123 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; YADN-8XH2, 18.000%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 357 | 378 | 21 |
| &nbsp;&nbsp;&nbsp; YADO-CVE8, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 355 | 362 | 362 |
| &nbsp;&nbsp;&nbsp; YADQ-0UVE, 29.450%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; YADW-0GS8, 29.730%, 8/24/2024 †x#^ | Affirm | 3/02/2023 | 91 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; YADZ-0IL8, 19.700%, 8/26/2026 †§x# | Affirm | 8/29/2024 | 1325 | 1360 | 1369 |
| &nbsp;&nbsp;&nbsp; YAE1-VARW, 25.200%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 121 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; YAE2-2TJI, 35.410%, 4/09/2025 †x#^ | Affirm | 4/12/2024 | 107 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; YAE4-WYBR, 4.421%, 11/23/2022 †x#^« | Affirm | 11/26/2021 | 269 | 258 | 16 |
| &nbsp;&nbsp;&nbsp; YAE5-4PUC, 33.050%, 8/10/2026 †§x | Affirm | 2/26/2025 | 694 | 723 | 720 |
| &nbsp;&nbsp;&nbsp; YAE9-PY0Z, 33.050%, 5/14/2026 †§x | Affirm | 11/27/2024 | 173 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; YAEG-FPG3, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 204 | 208 | 207 |
| &nbsp;&nbsp;&nbsp; YAES-58GN, 32.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 103 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; YAEW-F9UF, 35.540%, 6/02/2026 †§x | Affirm | 6/27/2025 | 167 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; YAEW-J75Q, 29.810%, 2/03/2026 †§x | Affirm | 2/26/2025 | 186 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; YAEY-9ZJX, 29.000%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YAF1-6123, 35.690%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; YAF6-BGY5, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YAFC-SMKI, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 425 | 420 | 26 |
| &nbsp;&nbsp;&nbsp; YAFD-IYLS, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; YAFH-EHU5, 28.000%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 31 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; YAFM-XWF5, 17.900%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 262 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; YAFT-FH28, 29.710%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 390 | 377 | 23 |
| &nbsp;&nbsp;&nbsp; YAFT-T1L7, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 1356 | 1331 | 1320 |
| &nbsp;&nbsp;&nbsp; YAFY-4E49, 18.000%, 11/06/2025 †§x | Affirm | 8/29/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YAFY-TFEY, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YAG4-JCCS, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 313 | 318 | 316 |
| &nbsp;&nbsp;&nbsp; YAG7-DJ1L, 29.560%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YAG9-43MM, 11.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | 2289 | 2353 | 2350 |
| &nbsp;&nbsp;&nbsp; YAGM-GUHM, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YAGQ-W4NK, 34.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 449 | 459 | 463 |
| &nbsp;&nbsp;&nbsp; YAGT-BW5U, 33.950%, 10/21/2025 †x# | Affirm | 10/24/2024 | 55 | 58 |  |
| &nbsp;&nbsp;&nbsp; YAH5-8OS5, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 99 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; YAH6-595F, 18.000%, 12/01/2027 †x# | Affirm | 12/07/2023 | 1374 | 1517 | 82 |
| &nbsp;&nbsp;&nbsp; YAHG-VZCL, 26.900%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 197 | 204 | 204 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8344** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YAHH-H2G0, 23.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | $176 | $180 | $180 |
| &nbsp;&nbsp;&nbsp; YAHH-TOLW, 32.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 132 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; YAHP-B49O, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YAI2-BNS3, 29.500%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 273 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; YAI4-RUAK, 35.520%, 12/18/2025 †§x | Affirm | 12/27/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YAI6-06CE, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 271 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; YAIZ-LXF4, 35.570%, 8/23/2025 †§x#^ | Affirm | 2/29/2024 | 180 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; YAJ0-ELKH, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 958 | 950 | 951 |
| &nbsp;&nbsp;&nbsp; YAJ9-OXCE, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 133 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; YAJH-696H, 35.450%, 9/23/2026 †x# | Affirm | 9/26/2024 | 487 | 481 | 29 |
| &nbsp;&nbsp;&nbsp; YAJK-C3VV, 26.700%, 5/20/2026 †§x | Affirm | 11/27/2024 | 473 | 487 | 485 |
| &nbsp;&nbsp;&nbsp; YAJK-JU2V, 35.380%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 360 | 360 | 22 |
| &nbsp;&nbsp;&nbsp; YAJQ-MMK7, 25.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YAK1-T4OM, 25.200%, 2/27/2026 †§x | Affirm | 3/28/2025 | 32 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; YAKF-50H9, 9.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YAKF-M51B, 15.720%, 11/06/2025 †§x | Affirm | 5/09/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; YAKJ-Z75Q, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 151 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; YAKM-D5EY, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 193 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; YAKU-0OS1, 29.570%, 12/27/2024 †x#^ | Affirm | 12/30/2022 | 707 | 746 | 42 |
| &nbsp;&nbsp;&nbsp; YAKV-ODS5, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YAL1-OR2W, 29.490%, 6/02/2026 †§x | Affirm | 6/27/2025 | 119 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; YALA-Y5EN, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YALB-ESML, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 327 | 341 | 340 |
| &nbsp;&nbsp;&nbsp; YAM2-4VLC, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YAM7-DFSG, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 299 | 310 | 308 |
| &nbsp;&nbsp;&nbsp; YAMC-UVX3, 29.490%, 1/25/2026 †§x | Affirm | 7/29/2024 | 451 | 448 | 450 |
| &nbsp;&nbsp;&nbsp; YAME-JBLK, 35.770%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YAMF-BM8U, 15.620%, 1/25/2023 †x#^ | Affirm | 7/28/2022 | 102 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YAMS-5JBM, 35.440%, 6/19/2026 †x# | Affirm | 12/27/2024 | 258 | 268 | 60 |
| &nbsp;&nbsp;&nbsp; YAMT-P3BV, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 240 | 248 | 250 |
| &nbsp;&nbsp;&nbsp; YAN6-LEFE, 33.000%, 2/23/2026 †§x | Affirm | 8/29/2024 | 174 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; YAN7-29PU, 15.850%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YAN8-HSLV, 29.330%, 12/02/2025 †§x | Affirm | 6/27/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YAN9-4ZP0, 33.050%, 10/26/2025 †§x | Affirm | 5/02/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YANB-0QRY, 35.410%, 10/25/2025 †x# | Affirm | 10/31/2024 | 604 | 628 | 36 |
| &nbsp;&nbsp;&nbsp; YAND-RTE3, 35.660%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 109 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; YANK-045J, 29.340%, 11/17/2022 †x#^ | Affirm | 5/20/2022 | 82 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YANL-044P, 32.500%, 5/20/2026 †§x | Affirm | 11/27/2024 | 225 | 229 | 227 |
| &nbsp;&nbsp;&nbsp; YANQ-D4TH, 29.660%, 1/04/2025 †x#^ | Affirm | 1/09/2023 | 282 | 297 | 17 |
| &nbsp;&nbsp;&nbsp; YAO2-A91N, 11.830%, 8/23/2026 †§x | Affirm | 8/29/2024 | 394 | 404 | 407 |
| &nbsp;&nbsp;&nbsp; YAO8-A2NP, 29.810%, 2/08/2023 †x#^ | Affirm | 2/11/2022 | 59 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YAOL-PYSG, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 166 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; YAOL-UD0L, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YAOM-VZUL, 29.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YAON-1AZ5, 24.400%, 2/12/2027 †§x | Affirm | 2/26/2025 | 417 | 437 | 441 |
| &nbsp;&nbsp;&nbsp; YAOU-L6DG, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YAOV-6O7R, 29.500%, 9/20/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YAOY-QPZL, 13.785%, 5/15/2025 †x#^« | Affirm | 11/27/2024 | 114 | 107 | 7 |
| &nbsp;&nbsp;&nbsp; YAOY-XX7T, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 131 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YAOZ-CANG, 22.740%, 9/28/2025 †§x | Affirm | 10/03/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YAP8-SF3Z, 35.540%, 9/23/2026 †x# | Affirm | 9/26/2024 | 707 | 698 | 149 |
| &nbsp;&nbsp;&nbsp; YAPD-5WZN, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 338 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; YAPH-QY9U, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YAPU-TD76, 35.450%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; YAPX-8ON2, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 184 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; YAPX-UUPD, 26.500%, 10/25/2023 †x#^ | Affirm | 10/28/2022 | 266 | 279 | 16 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8345** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YAQ1-5YPP, 29.610%, 12/10/2025 †§x | Affirm | 12/27/2024 | $64 | $65 | $65 |
| &nbsp;&nbsp;&nbsp; YAQJ-CSS8, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 286 | 292 | 293 |
| &nbsp;&nbsp;&nbsp; YAQN-P6L3, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 353 | 361 | 361 |
| &nbsp;&nbsp;&nbsp; YAQV-JUFP, 35.330%, 11/21/2025 †§x | Affirm | 5/24/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YAQY-ASTZ, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YAR1-519M, 30.580%, 1/11/2024 †x#^ | Affirm | 10/14/2022 | 252 | 261 | 15 |
| &nbsp;&nbsp;&nbsp; YAR3-WNAR, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YARA-JJTQ, 35.390%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 79 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YARB-BN8B, 29.790%, 3/03/2026 †§x | Affirm | 3/28/2025 | 122 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; YARB-WGI2, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 807 | 791 | 786 |
| &nbsp;&nbsp;&nbsp; YARC-L7JQ, 15.850%, 1/08/2026 †§x | Affirm | 1/29/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YAS6-6W7X, 29.520%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 159 | 157 | 10 |
| &nbsp;&nbsp;&nbsp; YAS6-B2B5, 29.560%, 4/15/2028 †§x# | Affirm | 4/18/2024 | 19 | 21 | 20 |
| &nbsp;&nbsp;&nbsp; YASC-KVSP, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 121 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; YASD-69CH, 29.570%, 8/20/2026 †§x | Affirm | 8/23/2024 | 311 | 319 | 320 |
| &nbsp;&nbsp;&nbsp; YASD-965N, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 80 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YASH-9YE5, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 60 | 57 | 4 |
| &nbsp;&nbsp;&nbsp; YASI-2V0E, 29.490%, 5/08/2026 †§x# | Affirm | 5/11/2023 | 1339 | 1339 | 1338 |
| &nbsp;&nbsp;&nbsp; YASI-D4G9, 18.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 963 | 985 | 990 |
| &nbsp;&nbsp;&nbsp; YASL-1QU3, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 645 | 652 | 652 |
| &nbsp;&nbsp;&nbsp; YASM-RZ17, 35.610%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 242 | 239 | 240 |
| &nbsp;&nbsp;&nbsp; YASN-WA9D, 33.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 155 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; YASU-AO7E, 29.530%, 8/28/2025 †§x#^ | Affirm | 9/05/2023 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YASZ-7KKH, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YAT0-CVYY, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 735 | 768 | 779 |
| &nbsp;&nbsp;&nbsp; YAT1-F34M, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YAT3-Z7XB, 33.950%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 53 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; YATH-WJS9, 31.000%, 10/28/2027 †x | Affirm | 10/31/2024 | 4620 | 4723 | 4789 |
| &nbsp;&nbsp;&nbsp; YATO-WO35, 29.060%, 9/28/2025 †x# | Affirm | 10/05/2023 | 452 | 458 | 27 |
| &nbsp;&nbsp;&nbsp; YATR-E1ZR, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 215 | 223 | 225 |
| &nbsp;&nbsp;&nbsp; YATS-5GIG, 15.740%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 323 | 337 | 19 |
| &nbsp;&nbsp;&nbsp; YATS-C2J6, 29.470%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 194 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; YATY-5FOF, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 154 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; YAU3-IJW0, 35.580%, 9/17/2025 †x# | Affirm | 9/20/2024 | 311 | 311 | 19 |
| &nbsp;&nbsp;&nbsp; YAU7-5DP6, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 100 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YAU8-IU3N, 33.950%, 1/02/2025 †x#^ | Affirm | 10/07/2024 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; YAU9-QT93, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 166 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; YAUH-VCN8, 35.520%, 5/20/2024 †x#^ | Affirm | 11/24/2023 | 305 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; YAUT-98HQ, 11.790%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 124 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; YAUU-DHPZ, 35.440%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 1689 | 1664 | 1680 |
| &nbsp;&nbsp;&nbsp; YAUW-4KW9, 35.540%, 12/02/2025 †x# | Affirm | 6/27/2025 | 90 | 91 | 45 |
| &nbsp;&nbsp;&nbsp; YAV1-PLMV, 32.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 598 | 613 | 616 |
| &nbsp;&nbsp;&nbsp; YAVD-JC0Q, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YAVE-PKCS, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 304 | 307 | 305 |
| &nbsp;&nbsp;&nbsp; YAVK-HOIH, 11.850%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 190 | 192 | 190 |
| &nbsp;&nbsp;&nbsp; YAVR-3IS7, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YAWK-AGQG, 27.930%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 140 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; YAWM-G4JK, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YAWZ-XRZ9, 22.750%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 105 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; YAXI-IDHF, 15.810%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 89 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; YAXL-7273, 22.750%, 2/16/2026 †§x | Affirm | 2/23/2024 | 163 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; YAXN-P0HD, 29.790%, 2/10/2026 †§x | Affirm | 2/26/2025 | 64 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; YAXY-D32M, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 666 | 681 | 682 |
| &nbsp;&nbsp;&nbsp; YAY8-B4O3, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 187 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; YAYF-7DRK, 32.000%, 6/12/2024 †x#^ | Affirm | 12/15/2023 | 209 | 214 | 13 |
| &nbsp;&nbsp;&nbsp; YAYF-DVL0, 26.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 63 | 65 | 64 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8346** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YAYI-OI1Y, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $989 | $981 | $977 |
| &nbsp;&nbsp;&nbsp; YAYK-8THI, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; YAYM-QG9L, 18.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 126 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; YAZ9-VMNZ, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YAZB-UT2C, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 126 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; YAZB-ZA4Q, 22.750%, 10/21/2025 †§x | Affirm | 10/24/2024 | 125 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; YAZG-ZF5J, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YAZI-7U80, 32.860%, 3/03/2026 †§x | Affirm | 3/28/2025 | 384 | 381 | 382 |
| &nbsp;&nbsp;&nbsp; YAZN-53PU, 31.442%, 1/11/2026 †§x | Affirm | 1/16/2024 | 324 | 324 | 327 |
| &nbsp;&nbsp;&nbsp; YAZO-O4BC, 29.500%, 12/28/2024 †x#^ | Affirm | 7/03/2023 | 67 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YAZP-RHJ6, 19.700%, 1/08/2026 †§x | Affirm | 7/31/2025 | 789 | 804 | 807 |
| &nbsp;&nbsp;&nbsp; YB00-QJWM, 33.050%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 50 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; YB02-GML0, 35.380%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 1126 | 1131 | 68 |
| &nbsp;&nbsp;&nbsp; YB02-THVB, 29.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YB04-UIVQ, 13.840%, 1/02/2026 †§x | Affirm | 1/05/2024 | 194 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; YB08-D57G, 29.560%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 240 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; YB0D-SBQ9, 35.360%, 2/20/2026 †§x# | Affirm | 8/23/2024 | 91 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YB0K-AIL8, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YB0K-I3BO, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 257 | 259 | 257 |
| &nbsp;&nbsp;&nbsp; YB10-FPSH, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YB11-KUIM, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 213 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; YB17-O1SX, 35.280%, 11/21/2025 †x# | Affirm | 5/24/2024 | 330 | 334 | 20 |
| &nbsp;&nbsp;&nbsp; YB17-UPF3, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YB1F-Y2DO, 22.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YB1G-K26O, 30.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 156 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; YB1I-JBCL, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 435 | 436 | 440 |
| &nbsp;&nbsp;&nbsp; YB1J-UVUM, 8.998%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 81 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; YB1L-1DB7, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 787 | 785 | 788 |
| &nbsp;&nbsp;&nbsp; YB1O-62N6, 35.490%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 280 | 280 | 17 |
| &nbsp;&nbsp;&nbsp; YB25-BDM9, 29.860%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 117 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; YB26-4J7S, 29.980%, 4/04/2023 †x#^ | Affirm | 1/09/2023 | 360 | 365 | 22 |
| &nbsp;&nbsp;&nbsp; YB28-9XAZ, 25.900%, 3/20/2026 †§x | Affirm | 9/26/2024 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YB2D-52WI, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 26 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; YB2F-MDEL, 29.610%, 3/22/2024 †x#^ | Affirm | 9/26/2022 | 267 | 287 | 16 |
| &nbsp;&nbsp;&nbsp; YB2I-CKJF, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YB2J-7EY1, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 105 | 105 | 107 |
| &nbsp;&nbsp;&nbsp; YB2O-PQTQ, 26.700%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; YB2R-J8UA, 25.900%, 2/10/2026 †x# | Affirm | 2/26/2025 | 167 | 173 | 46 |
| &nbsp;&nbsp;&nbsp; YB2V-1HYX, 35.450%, 4/02/2024 †x#^ | Affirm | 10/05/2023 | 113 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; YB2W-Z79Q, 30.950%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 119 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; YB2Y-TW75, 32.500%, 6/20/2026 †§x | Affirm | 12/27/2024 | 161 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; YB31-M6FI, 22.720%, 9/23/2025 †§x | Affirm | 9/26/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YB35-AD5A, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; YB3F-9IGR, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YB3G-O5OU, 29.630%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 511 | 526 | 31 |
| &nbsp;&nbsp;&nbsp; YB3M-385Y, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YB3U-OSFT, 33.050%, 9/19/2025 †§x | Affirm | 9/23/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YB3U-SEQ2, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 646 | 636 | 635 |
| &nbsp;&nbsp;&nbsp; YB3V-DX5T, 29.110%, 12/05/2024 †x#^ | Affirm | 6/08/2023 | 282 | 297 | 17 |
| &nbsp;&nbsp;&nbsp; YB3W-TPRJ, 33.000%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 84 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YB3X-LWHG, 29.570%, 4/24/2024 †x#^ | Affirm | 10/28/2022 | 92 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; YB3Y-39RE, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 35 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; YB45-DHEW, 13.840%, 4/16/2026 †§x# | Affirm | 4/19/2024 | 380 | 386 | 386 |
| &nbsp;&nbsp;&nbsp; YB49-Q2S5, 31.000%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 660 | 680 | 675 |
| &nbsp;&nbsp;&nbsp; YB4C-4BTE, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 379 | 384 | 385 |
| &nbsp;&nbsp;&nbsp; YB4D-VW67, 22.740%, 9/26/2023 †x#^ | Affirm | 9/29/2022 | 132 | 136 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8347** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YB4F-M7M3, 21.900%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | $508 | $534 | $30 |
| &nbsp;&nbsp;&nbsp; YB4Q-1PDT, 35.570%, 5/13/2026 †§x# | Affirm | 11/27/2024 | 203 | 202 | 203 |
| &nbsp;&nbsp;&nbsp; YB4S-0H37, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 185 | 185 | 185 |
| &nbsp;&nbsp;&nbsp; YB4V-OXGV, 13.840%, 9/27/2025 †§x | Affirm | 10/02/2023 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YB4Z-SLN4, 18.000%, 10/21/2025 †§x | Affirm | 10/24/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YB50-611Z, 30.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; YB51-Q1KN, 29.410%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; YB5G-18O3, 35.490%, 12/28/2025 †§x | Affirm | 1/29/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YB5H-DUMH, 29.810%, 2/05/2026 †§x | Affirm | 2/26/2025 | 164 | 168 | 169 |
| &nbsp;&nbsp;&nbsp; YB5M-X9AI, 35.670%, 2/07/2026 †§x | Affirm | 2/26/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YB5O-M1RK, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YB5Q-A51I, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 238 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; YB5R-L41O, 11.870%, 1/06/2026 †§x | Affirm | 1/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; YB5S-RV3G, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YB60-0W28, 6.272%, 2/07/2026 †§x« | Affirm | 2/26/2025 | 181 | 176 | 175 |
| &nbsp;&nbsp;&nbsp; YB65-ERY4, 27.100%, 7/07/2023 †x#^ | Affirm | 7/11/2022 | 55 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; YB68-4BSR, 30.000%, 8/14/2023 †x#^ | Affirm | 2/17/2023 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YB6A-GOXP, 15.800%, 3/23/2026 †§x | Affirm | 9/26/2024 | 151 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; YB6G-45KR, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YB6H-FJ7G, 22.750%, 3/20/2026 †§x | Affirm | 3/28/2025 | 253 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; YB6N-R0XS, 8.960%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 142 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; YB6X-JV73, 35.310%, 5/23/2026 †§x | Affirm | 5/28/2024 | 249 | 251 | 255 |
| &nbsp;&nbsp;&nbsp; YB73-KGEK, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YB79-7SF5, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YB79-UOGQ, 15.760%, 12/27/2025 †§x# | Affirm | 7/01/2024 | 102 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; YB7D-SLYM, 35.450%, 9/16/2026 †x# | Affirm | 9/19/2024 | 430 | 425 | 88 |
| &nbsp;&nbsp;&nbsp; YB7E-GOZY, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YB7F-PHXW, 24.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 183 | 186 | 185 |
| &nbsp;&nbsp;&nbsp; YB7I-UZ5R, 29.790%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YB7J-5J7T, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 245 | 252 | 251 |
| &nbsp;&nbsp;&nbsp; YB7K-BL4O, 29.550%, 2/05/2027 †§x | Affirm | 8/29/2025 | 299 | 316 | 316 |
| &nbsp;&nbsp;&nbsp; YB7R-0GXL, 23.400%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 230 | 236 | 237 |
| &nbsp;&nbsp;&nbsp; YB7R-TLCX, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YB7S-VH6H, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; YB7T-GOAI, 35.540%, 1/13/2027 †§x | Affirm | 1/29/2025 | 472 | 470 | 474 |
| &nbsp;&nbsp;&nbsp; YB88-9LL3, 33.950%, 10/28/2025 †x# | Affirm | 10/03/2024 | 156 | 165 | 9 |
| &nbsp;&nbsp;&nbsp; YB8B-3O16, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 224 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; YB8O-O3SJ, 35.450%, 2/20/2025 †x#^ | Affirm | 11/24/2023 | 100 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; YB9A-K804, 29.190%, 9/05/2025 †§x | Affirm | 9/08/2023 | 85 | 85 | 84 |
| &nbsp;&nbsp;&nbsp; YB9G-0WFU, 15.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | 304 | 316 | 319 |
| &nbsp;&nbsp;&nbsp; YB9G-7MDW, 33.950%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 31 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; YB9K-5N7Q, 28.500%, 3/03/2023 †x#^ | Affirm | 3/07/2022 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; YB9S-YILY, 29.550%, 10/05/2025 †§x | Affirm | 4/11/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YB9W-0XDN, 32.500%, 3/20/2026 †§x | Affirm | 3/28/2025 | 341 | 349 | 352 |
| &nbsp;&nbsp;&nbsp; YBAQ-2LRA, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 60 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; YBAT-R9RF, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YBB6-DW36, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YBBA-KVBS, 8.181%, 2/07/2026 †§x« | Affirm | 2/26/2025 | 306 | 296 | 293 |
| &nbsp;&nbsp;&nbsp; YBBA-LPJJ, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; YBBD-JQWL, 6.824%, 6/20/2025 †x#^« | Affirm | 6/24/2024 | 26 | 24 | 2 |
| &nbsp;&nbsp;&nbsp; YBBE-A1XK, 35.780%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 288 | 286 | 290 |
| &nbsp;&nbsp;&nbsp; YBBH-DYGD, 29.630%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YBBI-UAUP, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 112 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YBBZ-E8U0, 33.950%, 1/06/2027 †§x | Affirm | 1/29/2025 | 421 | 434 | 439 |
| &nbsp;&nbsp;&nbsp; YBC2-WBGG, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 240 | 244 | 244 |
| &nbsp;&nbsp;&nbsp; YBCC-SKT8, 29.500%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 156 | 154 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8348** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YBCL-F8N6, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | $61 | $61 | $61 |
| &nbsp;&nbsp;&nbsp; YBCP-PKCD, 9.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 127 | 126 |
| &nbsp;&nbsp;&nbsp; YBCQ-N2M0, 29.600%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YBCS-KU78, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 1169 | 1201 | 1211 |
| &nbsp;&nbsp;&nbsp; YBD4-LGHT, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 69 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YBDB-XAMU, 22.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YBDN-T5R7, 29.450%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 397 | 392 | 24 |
| &nbsp;&nbsp;&nbsp; YBDP-JJVD, 29.690%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 608 | 639 | 36 |
| &nbsp;&nbsp;&nbsp; YBDQ-XE3E, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 147 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; YBDY-TUKP, 32.860%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; YBE8-VOKE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 204 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; YBE9-7N0V, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 252 | 250 | 249 |
| &nbsp;&nbsp;&nbsp; YBEO-4RI7, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YBEP-MWVZ, 22.750%, 2/12/2028 †§x | Affirm | 2/26/2025 | 1068 | 1117 | 1129 |
| &nbsp;&nbsp;&nbsp; YBER-GQ73, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 201 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; YBES-HTTA, 35.470%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp; YBF0-QLF5, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YBF5-S03O, 29.720%, 7/02/2026 †§x | Affirm | 1/29/2025 | 180 | 186 | 184 |
| &nbsp;&nbsp;&nbsp; YBFB-61XR, 30.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; YBFB-YYDA, 24.400%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 222 | 227 | 229 |
| &nbsp;&nbsp;&nbsp; YBFD-CX3X, 35.860%, 1/02/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; YBFE-MFQI, 24.880%, 10/02/2025 †§x | Affirm | 10/07/2024 | 167 | 168 | 167 |
| &nbsp;&nbsp;&nbsp; YBFS-ZMX5, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YBFV-OMJD, 23.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YBFZ-J8A1, 26.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 483 | 492 | 494 |
| &nbsp;&nbsp;&nbsp; YBGB-DLEX, 15.670%, 2/06/2026 †§x | Affirm | 8/29/2025 | 454 | 461 | 461 |
| &nbsp;&nbsp;&nbsp; YBGC-5BVT, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YBGE-8CJH, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; YBGE-DOHJ, 22.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 19 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; YBGG-NPUA, 31.000%, 8/21/2027 †§x | Affirm | 8/26/2024 | 2151 | 2183 | 2192 |
| &nbsp;&nbsp;&nbsp; YBGS-ZP7D, 28.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 373 | 368 | 22 |
| &nbsp;&nbsp;&nbsp; YBGY-O8AX, 15.790%, 7/03/2026 †§x | Affirm | 1/29/2025 | 378 | 390 | 385 |
| &nbsp;&nbsp;&nbsp; YBGZ-0CDA, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; YBH2-V7FN, 29.470%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 406 | 420 | 24 |
| &nbsp;&nbsp;&nbsp; YBH3-X665, 27.100%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 57 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; YBHH-59QO, 29.590%, 10/24/2025 †§x | Affirm | 10/28/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YBHI-4O2F, 29.200%, 1/09/2026 †§x | Affirm | 1/29/2025 | 259 | 258 | 258 |
| &nbsp;&nbsp;&nbsp; YBHJ-146O, 18.000%, 3/25/2026 †§x | Affirm | 9/30/2024 | 140 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; YBHK-3PU1, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 120 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; YBHX-9OH7, 29.510%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 221 | 232 | 13 |
| &nbsp;&nbsp;&nbsp; YBHY-5C0F, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YBI3-FYXK, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YBI3-J0T9, 26.500%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 295 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; YBID-2FIJ, 29.730%, 9/02/2024 †x#^ | Affirm | 3/06/2023 | 200 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; YBIH-EK38, 32.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1839 | 1891 | 1912 |
| &nbsp;&nbsp;&nbsp; YBIJ-UTWL, 28.000%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 181 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; YBIW-QD6F, 29.620%, 12/12/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YBJ1-ZUDS, 29.640%, 2/13/2026 †§x | Affirm | 2/16/2023 | 468 | 476 | 475 |
| &nbsp;&nbsp;&nbsp; YBJ5-88WG, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; YBJB-7OMS, 29.710%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 140 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; YBJI-Q8AB, 35.540%, 3/24/2026 †§x | Affirm | 9/27/2024 | 342 | 346 | 344 |
| &nbsp;&nbsp;&nbsp; YBJK-TFZ9, 35.340%, 11/23/2025 †§x | Affirm | 5/28/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YBJV-BLK5, 35.410%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 368 | 332 | 22 |
| &nbsp;&nbsp;&nbsp; YBJY-D0X4, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 182 | 190 | 192 |
| &nbsp;&nbsp;&nbsp; YBK5-2KWS, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; YBKA-D69C, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 56 | 56 | 56 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8349** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YBL1-5UWO, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | $81 | $78 | $80 |
| &nbsp;&nbsp;&nbsp; YBL7-TQWK, 13.840%, 11/12/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YBLD-YGPW, 32.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1112 | 1166 | 1166 |
| &nbsp;&nbsp;&nbsp; YBLE-02KI, 29.620%, 2/20/2026 †§x | Affirm | 2/23/2024 | 380 | 385 | 386 |
| &nbsp;&nbsp;&nbsp; YBLP-0ODP, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; YBLZ-QYWC, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; YBM5-80UH, 32.500%, 10/23/2026 †§x | Affirm | 10/28/2024 | 999 | 992 | 1002 |
| &nbsp;&nbsp;&nbsp; YBME-X01C, 33.950%, 7/06/2026 †§x# | Affirm | 1/29/2025 | 55 | 57 | 55 |
| &nbsp;&nbsp;&nbsp; YBMI-EFUT, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 387 | 390 | 392 |
| &nbsp;&nbsp;&nbsp; YBN8-E71B, 27.100%, 3/12/2023 †x#^ | Affirm | 9/15/2022 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; YBNE-0TMR, 35.490%, 10/02/2025 †§x | Affirm | 10/07/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YBNJ-TO60, 24.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YBNJ-VRDJ, 23.400%, 4/25/2026 †x | Affirm | 10/31/2024 | 5808 | 5911 | 5946 |
| &nbsp;&nbsp;&nbsp; YBNK-M36P, 24.640%, 8/26/2026 †§x | Affirm | 8/29/2024 | 785 | 782 | 789 |
| &nbsp;&nbsp;&nbsp; YBNU-CNXB, 33.050%, 3/24/2026 †§x | Affirm | 9/27/2024 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; YBNW-SUCC, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YBO8-IFX1, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 244 | 238 | 236 |
| &nbsp;&nbsp;&nbsp; YBOC-M3U0, 29.540%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 122 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; YBOD-NH7Z, 22.530%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YBOD-Z4W7, 29.520%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 151 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; YBOK-WIHF, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 993 | 1003 | 1002 |
| &nbsp;&nbsp;&nbsp; YBP3-VW18, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 96 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; YBPB-1H4U, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 202 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; YBPJ-TQME, 29.350%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 124 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; YBPK-6UUT, 25.000%, 8/28/2025 †x^ | Affirm | 1/29/2025 | 515 | 515 | 513 |
| &nbsp;&nbsp;&nbsp; YBPN-8WMI, 35.650%, 1/27/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; YBPS-6IL5, 29.430%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 148 | 153 | 155 |
| &nbsp;&nbsp;&nbsp; YBPS-WX9Q, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 31 | 32 | 31 |
| &nbsp;&nbsp;&nbsp; YBPU-3NP6, 18.000%, 9/03/2026 †§x | Affirm | 3/28/2025 | 417 | 430 | 433 |
| &nbsp;&nbsp;&nbsp; YBPU-VT2W, 24.400%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 220 | 223 | 225 |
| &nbsp;&nbsp;&nbsp; YBPX-WKN6, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YBQ2-RDKV, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; YBQB-5JMM, 22.750%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 1781 | 1820 | 1836 |
| &nbsp;&nbsp;&nbsp; YBQN-M77A, 26.500%, 12/27/2022 †x#^ | Affirm | 12/31/2021 | 334 | 351 | 20 |
| &nbsp;&nbsp;&nbsp; YBQO-8CJQ, 35.370%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 312 | 311 | 19 |
| &nbsp;&nbsp;&nbsp; YBQQ-S3J2, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 126 | 122 | 125 |
| &nbsp;&nbsp;&nbsp; YBQU-CXRH, 29.630%, 3/23/2026 †§x | Affirm | 9/26/2024 | 197 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; YBR1-UYSZ, 26.200%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 2705 | 2648 | 162 |
| &nbsp;&nbsp;&nbsp; YBR2-Z3KX, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 80 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; YBR8-4VZR, 15.940%, 1/09/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; YBRO-JZ5J, 23.400%, 2/05/2026 †§x | Affirm | 2/26/2025 | 161 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; YBRP-X7VV, 35.710%, 1/02/2026 †§x | Affirm | 1/29/2025 | 77 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; YBRQ-SFR6, 35.660%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YBRT-ZQXI, 35.330%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 803 | 831 | 48 |
| &nbsp;&nbsp;&nbsp; YBRZ-PLB8, 33.050%, 10/25/2025 †x# | Affirm | 10/31/2024 | 261 | 276 | 56 |
| &nbsp;&nbsp;&nbsp; YBS3-VY4C, 29.680%, 10/02/2024 †x#^ | Affirm | 4/05/2024 | 125 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; YBS7-P74D, 25.000%, 9/03/2025 †x# | Affirm | 3/28/2025 | 86 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; YBSL-IK1L, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 397 | 406 | 411 |
| &nbsp;&nbsp;&nbsp; YBSM-FB94, 32.500%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 350 | 359 | 21 |
| &nbsp;&nbsp;&nbsp; YBSP-7ZBJ, 29.610%, 6/02/2023 †x#^ | Affirm | 12/06/2021 | 593 | 627 | 36 |
| &nbsp;&nbsp;&nbsp; YBSP-D8W3, 32.500%, 6/26/2026 †§x# | Affirm | 7/01/2024 | 915 | 910 | 925 |
| &nbsp;&nbsp;&nbsp; YBSS-P0IR, 15.750%, 10/09/2025 †x# | Affirm | 4/12/2024 | 134 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; YBT6-QEWH, 30.950%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 37 | 38 | 3 |
| &nbsp;&nbsp;&nbsp; YBTA-CZP3, 32.500%, 2/10/2026 †x# | Affirm | 2/26/2025 | 275 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; YBTD-MHT9, 35.990%, 5/07/2025 †x#^ | Affirm | 2/26/2025 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; YBTD-Z9C0, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 337 | 342 | 342 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8350** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YBTR-C96Y, 29.490%, 11/06/2025 †§x | Affirm | 5/09/2024 | $56 | $57 | $56 |
| &nbsp;&nbsp;&nbsp; YBU0-L7OY, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 133 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YBU7-BEAB, 29.830%, 3/03/2026 †§x | Affirm | 3/28/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YBU7-RRI6, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 289 | 296 | 298 |
| &nbsp;&nbsp;&nbsp; YBUB-WYND, 35.370%, 3/11/2025 †x#^ | Affirm | 12/27/2024 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; YBUI-5TZQ, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 187 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; YBUM-0L9Y, 29.520%, 12/29/2023 †x#^ | Affirm | 7/03/2023 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; YBUN-OM4M, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 183 | 187 | 189 |
| &nbsp;&nbsp;&nbsp; YBUX-U4NK, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 311 | 314 | 313 |
| &nbsp;&nbsp;&nbsp; YBUY-JKPE, 29.630%, 12/02/2025 †§x | Affirm | 6/27/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YBV5-2YGN, 35.990%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; YBVF-V5ZB, 33.000%, 3/28/2026 †§x | Affirm | 4/22/2025 | 591 | 586 | 596 |
| &nbsp;&nbsp;&nbsp; YBVI-U9ZU, 21.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YBVL-0S6V, 33.950%, 12/12/2025 †§x | Affirm | 12/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YBVM-ZPQD, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; YBW0-B5UV, 23.400%, 10/02/2025 †§x | Affirm | 4/05/2024 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; YBW5-GGSB, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YBWD-6I2Y, 29.480%, 8/04/2024 †x#^ | Affirm | 8/10/2023 | 81 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YBWM-0X9L, 29.760%, 9/03/2026 †§x | Affirm | 3/28/2025 | 328 | 338 | 341 |
| &nbsp;&nbsp;&nbsp; YBWR-DYJC, 24.400%, 12/14/2025 †§x | Affirm | 6/21/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YBWS-RY8U, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 129 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; YBWX-Z6C5, 25.900%, 9/28/2025 †x | Affirm | 3/31/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YBWY-B53R, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; YBX1-FGF1, 15.790%, 7/02/2027 †§x | Affirm | 7/05/2024 | 1073 | 1005 | 1012 |
| &nbsp;&nbsp;&nbsp; YBX7-IFZ7, 22.710%, 12/16/2025 †§x | Affirm | 12/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YBXJ-EO6H, 24.710%, 9/25/2025 †§x | Affirm | 9/30/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YBXN-EV2S, 35.270%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 209 | 217 | 219 |
| &nbsp;&nbsp;&nbsp; YBXP-NPP3, 35.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 181 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; YBXS-H87M, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 3589 | 3653 | 3665 |
| &nbsp;&nbsp;&nbsp; YBY3-WFTG, 26.900%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 44 | 46 | 2 |
| &nbsp;&nbsp;&nbsp; YBY4-4FVC, 24.830%, 2/07/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YBY6-C51H, 29.590%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YBY9-923V, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 147 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; YBYD-9X7G, 35.260%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 170 | 174 | 176 |
| &nbsp;&nbsp;&nbsp; YBYK-7U4P, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; YBYK-GD2N, 29.560%, 10/11/2024 †x#^ | Affirm | 10/14/2022 | 344 | 375 | 21 |
| &nbsp;&nbsp;&nbsp; YBYP-3NVR, 24.690%, 12/18/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; YBYU-JC2H, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YBZB-0DHJ, 29.690%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; YBZH-RMP9, 29.140%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 329 | 329 | 20 |
| &nbsp;&nbsp;&nbsp; YBZJ-1WKY, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 42 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; YC03-KE79, 35.270%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 99 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; YC0A-V5V2, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 293 | 289 | 18 |
| &nbsp;&nbsp;&nbsp; YC0N-HPT3, 18.000%, 10/21/2026 †§x | Affirm | 10/25/2024 | 610 | 629 | 632 |
| &nbsp;&nbsp;&nbsp; YC0N-TN1N, 26.700%, 12/02/2025 †§x | Affirm | 6/27/2025 | 209 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; YC0O-K8XB, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; YC0O-LBPW, 28.000%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 302 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; YC0R-JZWF, 33.000%, 11/08/2025 †x# | Affirm | 5/13/2024 | 1689 | 1709 | 101 |
| &nbsp;&nbsp;&nbsp; YC0S-BE7F, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YC0U-GQQF, 29.860%, 10/02/2025 †§x | Affirm | 10/07/2024 | 60 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; YC0Y-1NQD, 33.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 351 | 349 | 350 |
| &nbsp;&nbsp;&nbsp; YC16-FZ1D, 35.240%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YC19-5W07, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; YC1C-0ND5, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 219 | 223 | 222 |
| &nbsp;&nbsp;&nbsp; YC1D-W5EJ, 28.000%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 80 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YC1F-U3MF, 15.850%, 1/09/2026 †§x | Affirm | 1/29/2025 | 55 | 55 | 55 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8351** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YC1K-FXVU, 6.556%, 6/26/2026 †§x« | Affirm | 7/01/2024 | $708 | $672 | $661 |
| &nbsp;&nbsp;&nbsp; YC1O-AJIS, 33.340%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; YC1R-5UO9, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 190 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; YC1U-P547, 15.770%, 8/26/2028 †x# | Affirm | 8/29/2024 | 2280 | 2451 | 137 |
| &nbsp;&nbsp;&nbsp; YC1V-OD78, 29.540%, 9/09/2022 †x#^ | Affirm | 6/13/2022 | 170 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; YC21-LPMD, 22.900%, 11/20/2026 †§x | Affirm | 11/27/2024 | 574 | 593 | 598 |
| &nbsp;&nbsp;&nbsp; YC25-DTCZ, 35.370%, 6/24/2026 †x# | Affirm | 6/27/2024 | 483 | 479 | 29 |
| &nbsp;&nbsp;&nbsp; YC28-NOO2, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 314 | 311 | 310 |
| &nbsp;&nbsp;&nbsp; YC29-99XI, 35.490%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; YC2E-NIN4, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 144 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; YC2L-UAXF, 35.360%, 9/11/2025 †§x | Affirm | 3/14/2024 | 16 | 16 | 15 |
| &nbsp;&nbsp;&nbsp; YC2R-O4WA, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YC3A-589O, 29.550%, 8/05/2025 †x#^ | Affirm | 9/08/2023 | 98 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; YC3C-ZNNO, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 73 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YC3I-25PT, 6.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; YC3U-WQ91, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 98 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; YC3Y-I2OS, 29.560%, 6/21/2026 †§x | Affirm | 6/27/2024 | 447 | 457 | 460 |
| &nbsp;&nbsp;&nbsp; YC3Y-XW1M, 29.600%, 12/14/2023 †x#^ | Affirm | 12/17/2021 | 395 | 426 | 24 |
| &nbsp;&nbsp;&nbsp; YC40-7GP7, 6.804%, 10/21/2025 †§x« | Affirm | 10/24/2024 | 32 | 32 | 31 |
| &nbsp;&nbsp;&nbsp; YC42-1KVV, 34.020%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 161 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; YC42-88AN, 25.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YC4A-E3OK, 35.210%, 11/06/2025 †§x | Affirm | 5/30/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YC4N-XAKX, 5.949%, 7/27/2023 †x#^« | Affirm | 8/01/2022 | 122 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YC4V-RJB3, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YC57-1LES, 25.000%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 210 | 207 | 13 |
| &nbsp;&nbsp;&nbsp; YC57-GC6R, 29.560%, 5/28/2025 †x#^ | Affirm | 12/04/2023 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; YC5C-NEKR, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 802 | 816 | 819 |
| &nbsp;&nbsp;&nbsp; YC5E-93X4, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 95 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; YC5I-X6MQ, 29.680%, 1/02/2027 †§x | Affirm | 1/29/2025 | 719 | 745 | 749 |
| &nbsp;&nbsp;&nbsp; YC5W-1W4J, 29.480%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 46 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YC5W-WCR1, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; YC6K-IOES, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 383 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; YC6L-58U4, 29.590%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 339 | 351 | 20 |
| &nbsp;&nbsp;&nbsp; YC6Z-C9UE, 28.000%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 549 | 560 | 33 |
| &nbsp;&nbsp;&nbsp; YC6Z-JT1H, 35.390%, 6/12/2024 †x#^ | Affirm | 12/15/2023 | 59 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; YC79-ZZJJ, 11.451%, 4/27/2024 †x#^« | Affirm | 10/31/2022 | 2399 | 2041 | 144 |
| &nbsp;&nbsp;&nbsp; YC7A-WIQA, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YC7C-I263, 29.900%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 255 | 268 | 15 |
| &nbsp;&nbsp;&nbsp; YC7V-0KRJ, 35.900%, 7/03/2025 †x#^ | Affirm | 1/29/2025 | 60 | 60 | 8 |
| &nbsp;&nbsp;&nbsp; YC88-JE45, 29.420%, 3/05/2025 †x#^ | Affirm | 3/08/2024 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; YC8A-QOM6, 35.250%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; YC8B-GOZ7, 31.000%, 1/09/2026 †§x | Affirm | 1/29/2025 | 243 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; YC8E-P37O, 33.050%, 7/03/2026 †x# | Affirm | 1/29/2025 | 270 | 284 | 11 |
| &nbsp;&nbsp;&nbsp; YC8F-HKMP, 30.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 176 | 173 | 11 |
| &nbsp;&nbsp;&nbsp; YC8N-IL3B, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 163 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; YC93-G6P1, 22.730%, 5/07/2026 †§x | Affirm | 11/27/2024 | 172 | 174 | 172 |
| &nbsp;&nbsp;&nbsp; YC9C-HQTE, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YC9E-4IOP, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 160 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; YC9F-7SLC, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 133 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; YC9G-57ME, 29.310%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YC9N-MDV0, 11.940%, 10/02/2025 †§x | Affirm | 10/07/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YC9Y-29NJ, 32.500%, 2/20/2026 †§x | Affirm | 2/23/2024 | 263 | 263 | 268 |
| &nbsp;&nbsp;&nbsp; YCA7-PZAU, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 234 | 234 | 233 |
| &nbsp;&nbsp;&nbsp; YCA8-36P3, 35.440%, 7/02/2026 †§x | Affirm | 1/29/2025 | 262 | 266 | 264 |
| &nbsp;&nbsp;&nbsp; YCA9-71KV, 33.220%, 8/12/2026 †§x | Affirm | 2/26/2025 | 239 | 236 | 239 |
| &nbsp;&nbsp;&nbsp; YCAA-YPS0, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 120 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8352** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YCAJ-W5MH, 34.950%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | $250 | $264 | $15 |
| &nbsp;&nbsp;&nbsp; YCAY-2PND, 32.000%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 123 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; YCB8-742I, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; YCBH-5HKX, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 239 | 242 | 242 |
| &nbsp;&nbsp;&nbsp; YCBJ-U29N, 29.600%, 12/08/2023 †x#^ | Affirm | 12/13/2021 | 408 | 441 | 25 |
| &nbsp;&nbsp;&nbsp; YCBQ-A8Z1, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 162 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; YCBU-8U90, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 185 | 191 | 190 |
| &nbsp;&nbsp;&nbsp; YCBY-JD78, 29.620%, 2/20/2026 †§x | Affirm | 2/23/2024 | 216 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; YCC0-JEGQ, 29.760%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 370 | 377 | 22 |
| &nbsp;&nbsp;&nbsp; YCC6-F05T, 35.600%, 8/06/2026 †§x | Affirm | 2/26/2025 | 203 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; YCCD-BZQ0, 35.400%, 4/18/2025 †x#^ | Affirm | 4/22/2024 | 68 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YCCI-DODN, 35.410%, 7/23/2026 †§x | Affirm | 7/26/2024 | 413 | 410 | 417 |
| &nbsp;&nbsp;&nbsp; YCCM-QHNL, 18.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 149 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; YCCV-A8EV, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 132 | 133 | 132 |
| &nbsp;&nbsp;&nbsp; YCD1-O5D1, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 282 | 286 | 287 |
| &nbsp;&nbsp;&nbsp; YCD7-8QXS, 35.730%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 175 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; YCDL-PBYA, 33.950%, 3/28/2026 †x# | Affirm | 4/22/2025 | 147 | 152 | 39 |
| &nbsp;&nbsp;&nbsp; YCDO-Y7S6, 32.020%, 2/07/2026 †x# | Affirm | 2/26/2025 | 85 | 84 |  |
| &nbsp;&nbsp;&nbsp; YCDP-LTAG, 15.890%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; YCDX-DWWE, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 440 | 439 | 440 |
| &nbsp;&nbsp;&nbsp; YCE0-SAGJ, 35.440%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 105 | 106 | 104 |
| &nbsp;&nbsp;&nbsp; YCE0-TAVP, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 178 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; YCE2-H0EZ, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YCE4-IEVP, 35.480%, 10/01/2025 †§x | Affirm | 10/04/2024 | 99 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; YCEA-QADC, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 19 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; YCEB-RL7Q, 35.090%, 9/02/2025 †§x | Affirm | 6/27/2025 | 75 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YCEC-50WJ, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 185 | 189 | 191 |
| &nbsp;&nbsp;&nbsp; YCEE-N1DS, 15.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 464 | 461 | 460 |
| &nbsp;&nbsp;&nbsp; YCEG-FXXS, 25.200%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 107 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; YCEH-J5UN, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; YCEL-ONSW, 35.590%, 11/15/2025 †§x | Affirm | 11/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YCEN-30VT, 35.490%, 12/28/2025 †x# | Affirm | 1/29/2025 | 358 | 366 | 22 |
| &nbsp;&nbsp;&nbsp; YCEP-F11Q, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; YCEP-UWHY, 35.000%, 9/03/2025 †x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YCEU-M8YX, 7.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 340 | 345 | 344 |
| &nbsp;&nbsp;&nbsp; YCF1-VGUO, 26.500%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 279 | 294 | 17 |
| &nbsp;&nbsp;&nbsp; YCF4-2L2U, 24.250%, 12/01/2025 †§x | Affirm | 12/07/2023 | 112 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YCF5-5AAS, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YCF8-C8ZJ, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 369 | 376 | 377 |
| &nbsp;&nbsp;&nbsp; YCF8-W1DN, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 249 | 254 | 254 |
| &nbsp;&nbsp;&nbsp; YCF9-SAC5, 35.620%, 8/10/2026 †§x | Affirm | 2/26/2025 | 187 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; YCFA-LBOK, 35.470%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 235 | 221 | 14 |
| &nbsp;&nbsp;&nbsp; YCFD-02DX, 29.630%, 12/18/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; YCFF-J1AS, 29.500%, 3/04/2026 †§x | Affirm | 3/07/2024 | 181 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; YCFK-G0ZH, 30.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 480 | 491 | 491 |
| &nbsp;&nbsp;&nbsp; YCFK-LOWW, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 400 | 392 | 392 |
| &nbsp;&nbsp;&nbsp; YCFV-20DT, 35.780%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YCGM-QRXQ, 13.840%, 2/23/2026 †§x | Affirm | 2/29/2024 | 759 | 768 | 772 |
| &nbsp;&nbsp;&nbsp; YCGQ-KVP0, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; YCGR-UZZ8, 29.370%, 9/30/2022 †x#^ | Affirm | 4/04/2022 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YCGW-1UYB, 21.900%, 10/03/2025 †§x | Affirm | 10/07/2024 | 113 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; YCGX-OEU4, 31.000%, 7/28/2026 †§x# | Affirm | 8/03/2023 | 1455 | 1478 | 1479 |
| &nbsp;&nbsp;&nbsp; YCH0-NW47, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 335 | 341 | 20 |
| &nbsp;&nbsp;&nbsp; YCH5-MO2Y, 22.690%, 12/19/2026 †§x | Affirm | 12/27/2024 | 831 | 860 | 869 |
| &nbsp;&nbsp;&nbsp; YCHB-WUZ3, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YCHC-3N5U, 35.470%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 15 | 15 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8353** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YCHM-90KJ, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | $52 | $52 | $52 |
| &nbsp;&nbsp;&nbsp; YCHV-A4LU, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YCHX-KIF3, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 588 | 598 | 600 |
| &nbsp;&nbsp;&nbsp; YCI0-GBVR, 22.620%, 5/21/2026 †§x | Affirm | 5/24/2024 | 353 | 359 | 361 |
| &nbsp;&nbsp;&nbsp; YCI4-FDC7, 29.630%, 12/28/2025 †§x | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YCIA-KRAX, 22.750%, 9/03/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YCII-UK4Q, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YCIK-J57C, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 222 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; YCIL-CV2R, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; YCIN-WLIZ, 28.500%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 48 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; YCIU-BRV6, 35.630%, 1/08/2026 †§x | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YCK2-ZU9H, 31.500%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 223 | 223 | 223 |
| &nbsp;&nbsp;&nbsp; YCKA-XFDX, 35.490%, 5/14/2026 †§x# | Affirm | 11/27/2024 | 71 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; YCKF-BVJU, 13.840%, 2/27/2026 †§x | Affirm | 8/30/2024 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; YCKI-OKCA, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 200 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; YCL3-WNN3, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YCL5-RXT3, 27.950%, 11/15/2026 †x# | Affirm | 11/27/2024 | 1340 | 1335 | 80 |
| &nbsp;&nbsp;&nbsp; YCL6-5P2M, 33.050%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 192 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; YCMA-3H0P, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YCMP-8LZ2, 29.620%, 3/26/2026 †x# | Affirm | 9/30/2024 | 302 | 319 | 18 |
| &nbsp;&nbsp;&nbsp; YCMR-WM0Q, 33.050%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 412 | 426 | 425 |
| &nbsp;&nbsp;&nbsp; YCMU-GB4Y, 15.800%, 3/26/2026 †x# | Affirm | 9/30/2024 | 655 | 691 | 39 |
| &nbsp;&nbsp;&nbsp; YCN6-W9EL, 35.380%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 203 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; YCND-XUKV, 35.330%, 5/06/2025 †x#^ | Affirm | 5/10/2024 | 107 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; YCNO-QF2H, 33.050%, 10/03/2025 †§x | Affirm | 10/07/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YCNW-GQAJ, 29.440%, 11/26/2024 †x#^ | Affirm | 6/02/2023 | 244 | 257 | 15 |
| &nbsp;&nbsp;&nbsp; YCNW-K4V9, 29.680%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 407 | 399 | 24 |
| &nbsp;&nbsp;&nbsp; YCO6-I0BU, 28.000%, 7/16/2022 †x#^ | Affirm | 12/20/2021 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YCOE-X0BI, 29.450%, 5/10/2023 †x#^ | Affirm | 5/13/2022 | 388 | 408 | 23 |
| &nbsp;&nbsp;&nbsp; YCOF-HJ29, 6.824%, 9/26/2025 †§x« | Affirm | 9/30/2024 | 141 | 133 | 140 |
| &nbsp;&nbsp;&nbsp; YCOH-VQ79, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 279 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; YCOW-1ILP, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YCOY-LW06, 33.000%, 12/14/2026 †x | Affirm | 11/27/2024 | 433 | 432 | 432 |
| &nbsp;&nbsp;&nbsp; YCP0-448W, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YCP2-HKM1, 23.400%, 1/03/2027 †§x# | Affirm | 1/08/2024 | 708 | 728 | 730 |
| &nbsp;&nbsp;&nbsp; YCP3-7CO4, 27.500%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 665 | 684 | 40 |
| &nbsp;&nbsp;&nbsp; YCP3-VM8T, 33.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 502 | 518 | 523 |
| &nbsp;&nbsp;&nbsp; YCP9-W196, 26.200%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 166 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; YCPB-ZDZS, 29.500%, 1/25/2024 †x#^ | Affirm | 1/28/2022 | 1695 | 1764 | 102 |
| &nbsp;&nbsp;&nbsp; YCPD-8TJT, 31.000%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1628 | 1679 | 1690 |
| &nbsp;&nbsp;&nbsp; YCPS-NEF0, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 191 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; YCQ1-HJ5Q, 24.850%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 103 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; YCQC-V3U7, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 127 | 118 | 126 |
| &nbsp;&nbsp;&nbsp; YCQE-88Z7, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YCQE-G5F9, 27.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; YCQJ-G467, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 179 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; YCQM-XTBI, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 175 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; YCQO-O5WS, 30.000%, 8/28/2022 †x#^ | Affirm | 3/03/2022 | 151 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YCQQ-C68G, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 169 | 171 | 169 |
| &nbsp;&nbsp;&nbsp; YCQZ-ISQL, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YCR8-7YHV, 35.360%, 2/26/2026 †§x | Affirm | 8/29/2024 | 453 | 449 | 452 |
| &nbsp;&nbsp;&nbsp; YCR9-2YAH, 29.460%, 7/12/2023 †x#^ | Affirm | 7/18/2022 | 392 | 387 | 24 |
| &nbsp;&nbsp;&nbsp; YCR9-HBNB, 22.700%, 7/02/2026 †§x | Affirm | 1/29/2025 | 281 | 286 | 284 |
| &nbsp;&nbsp;&nbsp; YCRV-BIJS, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 370 | 368 | 366 |
| &nbsp;&nbsp;&nbsp; YCRV-CCCZ, 33.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 133 | 133 | 135 |
| &nbsp;&nbsp;&nbsp; YCS7-5SL5, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 182 | 187 | 188 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8354** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YCS8-IA00, 35.610%, 1/07/2026 †x | Affirm | 1/29/2025 | $270 | $273 | $273 |
| &nbsp;&nbsp;&nbsp; YCSA-YD9U, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 245 | 249 | 248 |
| &nbsp;&nbsp;&nbsp; YCSJ-NOJP, 17.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 198 | 203 | 204 |
| &nbsp;&nbsp;&nbsp; YCSP-TN6N, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 60 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; YCSQ-PUT3, 33.950%, 7/06/2026 †§x | Affirm | 1/29/2025 | 305 | 314 | 312 |
| &nbsp;&nbsp;&nbsp; YCSS-C4NS, 33.080%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YCT4-XUT9, 35.630%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 75 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; YCTD-425P, 35.440%, 1/08/2026 †x# | Affirm | 1/11/2024 | 1203 | 1209 | 72 |
| &nbsp;&nbsp;&nbsp; YCTD-H75U, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 140 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; YCTI-BL53, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YCU1-TM95, 29.520%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 446 | 462 | 27 |
| &nbsp;&nbsp;&nbsp; YCU1-VI9M, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YCU2-U2BA, 35.440%, 12/12/2025 †§x | Affirm | 12/27/2024 | 152 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; YCUG-CAD8, 29.490%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 135 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; YCUT-5XR6, 29.580%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YCUX-3FWF, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 363 | 367 | 366 |
| &nbsp;&nbsp;&nbsp; YCV5-MDW7, 31.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 191 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; YCVA-V1RN, 15.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YCVC-ZRF9, 33.950%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 396 | 408 | 405 |
| &nbsp;&nbsp;&nbsp; YCVE-2AAB, 35.650%, 1/02/2026 †x# | Affirm | 1/29/2025 | 459 | 451 |  |
| &nbsp;&nbsp;&nbsp; YCVE-UCTZ, 29.450%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 699 | 724 | 42 |
| &nbsp;&nbsp;&nbsp; YCVG-JGWB, 10.840%, 12/28/2025 †§x# | Affirm | 1/03/2023 | 258 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; YCVP-4DLE, 33.950%, 10/23/2025 †§x | Affirm | 10/28/2024 | 110 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; YCVU-RGCY, 24.730%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YCWD-IM3J, 24.400%, 3/24/2026 †§x | Affirm | 9/27/2024 | 132 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; YCWE-733T, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 281 | 291 | 17 |
| &nbsp;&nbsp;&nbsp; YCWO-MYSX, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 110 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; YCWO-QQ6K, 29.610%, 6/20/2026 †§x | Affirm | 12/27/2024 | 213 | 220 | 218 |
| &nbsp;&nbsp;&nbsp; YCWZ-GWXF, 11.820%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 106 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; YCWZ-X77L, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 413 | 410 | 410 |
| &nbsp;&nbsp;&nbsp; YCX8-KR0B, 28.500%, 2/28/2023 †x#^ | Affirm | 1/03/2022 | 483 | 508 | 29 |
| &nbsp;&nbsp;&nbsp; YCXE-B6SQ, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 870 | 885 | 888 |
| &nbsp;&nbsp;&nbsp; YCY5-6QBO, 29.610%, 12/02/2025 †§x | Affirm | 6/27/2025 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; YCYC-XA8D, 33.050%, 6/20/2026 †§x | Affirm | 12/27/2024 | 227 | 234 | 232 |
| &nbsp;&nbsp;&nbsp; YCYN-AQEU, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YCZ1-XTN1, 35.610%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 273 | 271 | 274 |
| &nbsp;&nbsp;&nbsp; YCZ8-3XSI, 32.500%, 3/24/2027 †§x | Affirm | 3/31/2025 | 1568 | 1559 | 1592 |
| &nbsp;&nbsp;&nbsp; YCZ8-IW1E, 35.540%, 5/15/2026 †§x | Affirm | 11/27/2024 | 503 | 512 | 507 |
| &nbsp;&nbsp;&nbsp; YCZB-LSGV, 23.400%, 9/18/2026 †§x | Affirm | 9/23/2024 | 513 | 527 | 530 |
| &nbsp;&nbsp;&nbsp; YCZI-CNBF, 35.530%, 11/15/2025 †§x | Affirm | 11/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YCZO-W01P, 25.900%, 10/22/2025 †§x | Affirm | 10/25/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YCZX-OUDZ, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 160 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; YD04-OLCZ, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 440 | 440 | 440 |
| &nbsp;&nbsp;&nbsp; YD07-ZBLY, 33.050%, 9/20/2025 †x | Affirm | 3/28/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; YD0A-LAN9, 35.770%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; YD0B-PT4S, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YD0P-ZVMM, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 310 | 318 | 320 |
| &nbsp;&nbsp;&nbsp; YD0W-PVJA, 35.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YD0W-QTZU, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 833 | 849 | 851 |
| &nbsp;&nbsp;&nbsp; YD11-AX5S, 28.000%, 1/19/2023 †x#^ | Affirm | 7/25/2022 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; YD12-4H0Y, 35.530%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 24 | 25 | 3 |
| &nbsp;&nbsp;&nbsp; YD13-K89H, 35.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 49 | 49 | 11 |
| &nbsp;&nbsp;&nbsp; YD19-TZSV, 29.710%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YD1A-K191, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 102 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; YD1D-86X2, 29.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 133 | 132 |
| &nbsp;&nbsp;&nbsp; YD1F-EYRW, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 165 | 168 | 167 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8355** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YD1L-CEST, 20.900%, 8/27/2026 †§x | Affirm | 8/30/2024 | $267 | $274 | $275 |
| &nbsp;&nbsp;&nbsp; YD1N-WG24, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YD1R-CJT9, 8.960%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 557 | 541 | 540 |
| &nbsp;&nbsp;&nbsp; YD1V-OZ09, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 485 | 493 | 491 |
| &nbsp;&nbsp;&nbsp; YD1X-4L01, 29.890%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 148 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; YD21-P85O, 33.950%, 1/09/2028 †§x | Affirm | 1/29/2025 | 973 | 998 | 1012 |
| &nbsp;&nbsp;&nbsp; YD2L-RLQE, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 103 | 103 | 102 |
| &nbsp;&nbsp;&nbsp; YD33-N982, 29.620%, 3/26/2023 †x#^ | Affirm | 9/29/2022 | 8 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; YD3C-NMT4, 25.200%, 12/11/2025 †§x | Affirm | 12/27/2024 | 131 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; YD3I-U326, 29.700%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 97 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; YD3P-3DIO, 33.050%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 200 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; YD3V-GS5M, 35.330%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; YD3W-EDRT, 35.050%, 12/07/2026 †x# | Affirm | 12/11/2023 | 1362 | 1438 |  |
| &nbsp;&nbsp;&nbsp; YD3X-CX2A, 29.500%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 312 | 299 | 19 |
| &nbsp;&nbsp;&nbsp; YD3Y-22T3, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YD44-D4MW, 31.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 101 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; YD47-S0K2, 35.460%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 227 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; YD4D-WPJY, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YD4G-7CXT, 35.430%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; YD4H-KTK7, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 259 | 258 | 16 |
| &nbsp;&nbsp;&nbsp; YD4I-6JFO, 29.390%, 10/01/2022 †x#^ | Affirm | 4/07/2022 | 171 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; YD4M-14Q6, 29.520%, 7/08/2027 †§x | Affirm | 7/31/2025 | 1310 | 1379 | 1375 |
| &nbsp;&nbsp;&nbsp; YD52-M9BR, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1072 | 1085 | 1081 |
| &nbsp;&nbsp;&nbsp; YD53-F9GB, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YD54-2UMY, 22.620%, 6/27/2024 †x#^ | Affirm | 1/02/2024 | 165 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; YD5C-WX5U, 33.050%, 10/28/2025 †x# | Affirm | 10/31/2024 | 1089 | 1151 | 130 |
| &nbsp;&nbsp;&nbsp; YD5H-4HQR, 29.620%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp; YD5N-QIQR, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 124 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; YD5U-RNMA, 27.100%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 121 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; YD65-6Y7H, 13.840%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 768 | 796 | 802 |
| &nbsp;&nbsp;&nbsp; YD6A-92QB, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YD6C-4W8A, 24.400%, 6/20/2026 †§x | Affirm | 12/27/2024 | 215 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; YD6F-1RPK, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 79 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YD6J-HTW0, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 240 | 248 | 247 |
| &nbsp;&nbsp;&nbsp; YD6Q-SPV3, 24.520%, 3/28/2026 †§x | Affirm | 3/31/2025 | 127 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; YD6R-SLZG, 32.880%, 4/02/2025 †x#^ | Affirm | 4/05/2024 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; YD6U-ZKZ8, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 936 | 954 | 950 |
| &nbsp;&nbsp;&nbsp; YD6Z-53EV, 33.950%, 10/18/2025 †§x | Affirm | 10/24/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YD6Z-C9WW, 35.890%, 1/02/2026 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YD72-C2LD, 33.020%, 1/11/2026 †§x | Affirm | 1/16/2024 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YD79-LQ3E, 29.560%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 63 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YD7O-PF32, 29.550%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 297 | 296 | 18 |
| &nbsp;&nbsp;&nbsp; YD7R-H9PT, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 383 | 394 | 391 |
| &nbsp;&nbsp;&nbsp; YD84-7D3J, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 95 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; YD8F-9OMM, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 304 | 307 | 309 |
| &nbsp;&nbsp;&nbsp; YD8W-2JV2, 16.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; YD94-M9PC, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 93 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; YD98-B3DM, 33.050%, 10/18/2025 †x# | Affirm | 4/22/2024 | 120 | 126 |  |
| &nbsp;&nbsp;&nbsp; YD98-VNBR, 6.824%, 10/24/2025 †§x« | Affirm | 10/28/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YD9C-RB8F, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 788 | 802 | 805 |
| &nbsp;&nbsp;&nbsp; YDA6-5VSU, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YDAJ-S5SG, 35.420%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 243 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; YDAM-4DP5, 19.700%, 3/26/2026 †§x | Affirm | 9/30/2024 | 288 | 293 | 294 |
| &nbsp;&nbsp;&nbsp; YDB4-FJYE, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 202 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; YDB5-7RQ6, 29.410%, 3/07/2024 †x#^ | Affirm | 3/10/2023 | 1098 | 1062 | 66 |
| &nbsp;&nbsp;&nbsp; YDBA-XL0E, 29.010%, 6/15/2025 †x#^ | Affirm | 6/20/2023 | 202 | 201 | 12 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8356** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YDBM-BZMK, 15.660%, 2/06/2026 †§x | Affirm | 8/29/2025 | $56 | $57 | $57 |
| &nbsp;&nbsp;&nbsp; YDBN-I2T2, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YDBQ-EBPU, 29.610%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 355 | 361 | 21 |
| &nbsp;&nbsp;&nbsp; YDC3-QWT7, 26.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 353 | 371 | 21 |
| &nbsp;&nbsp;&nbsp; YDC8-3OKZ, 29.690%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 73 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; YDCC-ILFD, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YDCG-AQ7C, 24.400%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 263 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; YDCH-XOAH, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 164 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; YDCI-BSQU, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YDCP-0Z0Y, 25.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YDD3-HXHU, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 508 | 520 | 524 |
| &nbsp;&nbsp;&nbsp; YDD3-PW0V, 28.000%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 173 | 181 | 10 |
| &nbsp;&nbsp;&nbsp; YDD7-ECV5, 29.500%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 325 | 335 | 20 |
| &nbsp;&nbsp;&nbsp; YDDA-0NGZ, 35.470%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 1712 | 1723 | 103 |
| &nbsp;&nbsp;&nbsp; YDDO-YGY0, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 25 |
| &nbsp;&nbsp;&nbsp; YDE0-2T0Z, 29.600%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 113 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; YDEF-JJS3, 29.000%, 2/20/2023 †x#^ | Affirm | 12/23/2021 | 108 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; YDEF-SEDX, 35.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; YDEI-AONR, 6.804%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 77 | 73 | 77 |
| &nbsp;&nbsp;&nbsp; YDEJ-0ZKR, 29.590%, 10/03/2025 †§x | Affirm | 10/07/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YDEX-9608, 18.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YDEY-SV0C, 15.860%, 8/11/2026 †§x | Affirm | 2/26/2025 | 301 | 313 | 312 |
| &nbsp;&nbsp;&nbsp; YDFB-6H5Q, 33.950%, 9/03/2026 †§x | Affirm | 3/28/2025 | 204 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; YDFM-PQNG, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YDFO-8S9E, 25.200%, 2/19/2026 †x# | Affirm | 8/22/2024 | 317 | 337 | 19 |
| &nbsp;&nbsp;&nbsp; YDG2-LZSF, 29.500%, 10/02/2025 †§x | Affirm | 10/07/2024 | 156 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; YDGH-6W3S, 26.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; YDGN-FSV2, 33.950%, 12/19/2026 †§x | Affirm | 12/27/2024 | 640 | 663 | 668 |
| &nbsp;&nbsp;&nbsp; YDGR-RGWS, 27.100%, 10/14/2022 †x#^ | Affirm | 4/18/2022 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; YDH0-N5YB, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 117 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; YDHG-7SOC, 24.400%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 657 | 670 | 670 |
| &nbsp;&nbsp;&nbsp; YDHJ-CS4I, 22.730%, 9/16/2025 †§x | Affirm | 9/19/2024 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; YDHR-S4NS, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YDHS-V7RJ, 15.780%, 10/25/2025 †§x | Affirm | 10/31/2024 | 264 | 265 | 267 |
| &nbsp;&nbsp;&nbsp; YDHV-ZZPS, 35.600%, 11/15/2025 †x# | Affirm | 11/27/2024 | 116 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YDI0-5G6O, 29.340%, 11/09/2023 †x#^ | Affirm | 5/12/2023 | 126 | 121 | 8 |
| &nbsp;&nbsp;&nbsp; YDI7-LOY6, 33.950%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 135 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; YDIB-5UE2, 35.250%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 211 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; YDIC-CGD3, 26.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YDIF-F020, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; YDIG-YFFP, 35.510%, 3/19/2026 †x# | Affirm | 9/23/2024 | 211 | 208 | 13 |
| &nbsp;&nbsp;&nbsp; YDIH-XQA7, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YDIL-IK1M, 24.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YDIN-61CS, 35.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 179 | 180 | 179 |
| &nbsp;&nbsp;&nbsp; YDIO-91V0, 15.810%, 5/02/2026 †§x | Affirm | 5/06/2024 | 238 | 242 | 242 |
| &nbsp;&nbsp;&nbsp; YDIR-1CAC, 11.760%, 9/08/2022 †x#^ | Affirm | 3/11/2022 | 196 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; YDIT-AQZP, 29.650%, 11/28/2025 †x# | Affirm | 12/05/2022 | 674 | 699 | 67 |
| &nbsp;&nbsp;&nbsp; YDIT-VVR0, 33.950%, 10/08/2025 †§x | Affirm | 4/11/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YDIZ-DHD7, 22.900%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 2332 | 2493 | 140 |
| &nbsp;&nbsp;&nbsp; YDJ5-WH9C, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 238 | 240 | 238 |
| &nbsp;&nbsp;&nbsp; YDJA-NC5Z, 29.600%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 172 | 177 | 175 |
| &nbsp;&nbsp;&nbsp; YDJA-SFXV, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YDJT-DZQ7, 35.460%, 10/21/2025 †x# | Affirm | 10/24/2024 | 101 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; YDJT-ULY9, 33.050%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 106 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; YDK4-NNRU, 23.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 198 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; YDK5-9BJR, 29.060%, 9/07/2025 †§x | Affirm | 9/11/2023 | 53 | 53 | 53 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8357** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YDKN-SFI6, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | $5 | $6 | $5 |
| &nbsp;&nbsp;&nbsp; YDKP-DFR9, 35.470%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 112 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; YDKQ-I0DR, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | 223 | 230 | 229 |
| &nbsp;&nbsp;&nbsp; YDKU-NRM4, 32.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YDL0-ZHCW, 27.950%, 9/26/2025 †§x | Affirm | 9/30/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YDLB-AE9Q, 29.500%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 438 | 438 | 440 |
| &nbsp;&nbsp;&nbsp; YDLB-JN5D, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 248 | 241 | 240 |
| &nbsp;&nbsp;&nbsp; YDLN-6IEC, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 950 | 975 | 980 |
| &nbsp;&nbsp;&nbsp; YDLP-UPWG, 29.620%, 2/26/2026 †§x# | Affirm | 2/29/2024 | 435 | 441 | 446 |
| &nbsp;&nbsp;&nbsp; YDM6-QL6I, 29.500%, 1/19/2026 †§x | Affirm | 7/25/2024 | 533 | 542 | 543 |
| &nbsp;&nbsp;&nbsp; YDME-PW8W, 29.410%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 993 | 1011 | 60 |
| &nbsp;&nbsp;&nbsp; YDMI-7GXI, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YDML-7161, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YDMM-SY02, 35.580%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 106 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; YDMV-WXU7, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YDN1-FOUI, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1845 | 1665 | 111 |
| &nbsp;&nbsp;&nbsp; YDN1-RLUF, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 359 | 355 | 355 |
| &nbsp;&nbsp;&nbsp; YDN8-2AVA, 24.400%, 3/28/2026 †§x | Affirm | 3/31/2025 | 348 | 357 | 359 |
| &nbsp;&nbsp;&nbsp; YDN9-KDFE, 32.000%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YDNC-ZZQZ, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 180 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; YDNF-9Y6A, 35.990%, 8/06/2025 †§x#^ | Affirm | 2/26/2025 | 26 | 26 | 4 |
| &nbsp;&nbsp;&nbsp; YDNO-RBAX, 15.650%, 2/06/2026 †§x | Affirm | 8/29/2025 | 227 | 232 | 232 |
| &nbsp;&nbsp;&nbsp; YDNW-QCFT, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YDO0-HLEJ, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YDO6-XFN6, 7.440%, 6/12/2025 †x#^« | Affirm | 12/27/2024 | 54 | 52 | 6 |
| &nbsp;&nbsp;&nbsp; YDOF-BVT1, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 680 | 700 | 702 |
| &nbsp;&nbsp;&nbsp; YDOG-YQN7, 30.000%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 424 | 422 | 25 |
| &nbsp;&nbsp;&nbsp; YDOX-00JJ, 25.200%, 1/07/2028 †x# | Affirm | 1/29/2025 | 2557 | 2650 | 73 |
| &nbsp;&nbsp;&nbsp; YDPK-J276, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; YDPM-RYH2, 33.950%, 5/20/2025 †x#^ | Affirm | 2/23/2024 | 434 | 456 | 26 |
| &nbsp;&nbsp;&nbsp; YDPS-HBLC, 30.950%, 6/20/2026 †§x | Affirm | 12/27/2024 | 102 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; YDPU-LAY7, 23.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 158 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; YDPY-YTN7, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 59 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YDPZ-FRZA, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 211 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; YDQ2-GLEI, 12.603%, 5/10/2025 †x#^« | Affirm | 2/26/2025 | 34 | 34 | 3 |
| &nbsp;&nbsp;&nbsp; YDQH-K1DD, 33.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 236 | 240 | 127 |
| &nbsp;&nbsp;&nbsp; YDQL-3TKF, 35.570%, 9/24/2025 †§x | Affirm | 9/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YDQS-FVB8, 29.640%, 9/23/2025 †§x | Affirm | 9/26/2024 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; YDQT-O76G, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; YDR2-2492, 29.380%, 11/06/2025 †§x | Affirm | 5/30/2025 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YDR3-J7GM, 35.600%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YDR5-EKH4, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YDR8-3Q7S, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YDR8-5GXK, 22.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 406 | 411 | 412 |
| &nbsp;&nbsp;&nbsp; YDRA-LIZI, 15.720%, 5/14/2026 †x | Affirm | 5/30/2025 | 83 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; YDRF-69GF, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YDRH-0K4B, 33.050%, 3/20/2026 †x# | Affirm | 9/26/2024 | 332 | 351 | 20 |
| &nbsp;&nbsp;&nbsp; YDRI-UA1A, 29.810%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 236 | 233 | 14 |
| &nbsp;&nbsp;&nbsp; YDRO-Y7SR, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 192 | 192 | 190 |
| &nbsp;&nbsp;&nbsp; YDRX-YC3J, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 131 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; YDSI-UNAS, 6.671%, 10/08/2022 †x#^« | Affirm | 7/14/2022 | 368 | 363 | 22 |
| &nbsp;&nbsp;&nbsp; YDSL-2CY7, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 210 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; YDSY-2P10, 35.510%, 10/22/2025 †§x | Affirm | 10/25/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YDT5-B5FE, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YDT9-K6K6, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 135 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; YDTF-4TH4, 29.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 465 | 463 | 462 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8358** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YDTH-2HYD, 29.810%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | $845 | $818 | $51 |
| &nbsp;&nbsp;&nbsp; YDTK-23DA, 29.500%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 133 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; YDTL-7GDA, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 259 | 266 | 263 |
| &nbsp;&nbsp;&nbsp; YDTU-EI7S, 33.950%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 29 | 29 | 4 |
| &nbsp;&nbsp;&nbsp; YDU6-TZDN, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 145 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; YDU6-XUO0, 35.540%, 3/17/2026 †§x# | Affirm | 9/20/2024 | 606 | 628 | 608 |
| &nbsp;&nbsp;&nbsp; YDU8-0NUK, 29.680%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 199 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; YDU8-3A2I, 15.780%, 12/18/2025 †x# | Affirm | 12/27/2024 | 121 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; YDU8-LQEA, 29.600%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 105 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; YDUF-K48X, 33.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YDUJ-0GGP, 29.870%, 10/02/2025 †§x | Affirm | 10/07/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YDUU-7HAF, 25.000%, 6/16/2023 †x#^ | Affirm | 12/22/2022 | 200 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; YDUU-S1WK, 18.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 19 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; YDUU-XTNB, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; YDV6-9121, 33.950%, 1/07/2026 †x# | Affirm | 1/29/2025 | 467 | 490 |  |
| &nbsp;&nbsp;&nbsp; YDVD-NYT2, 18.000%, 8/11/2026 †§x | Affirm | 2/26/2025 | 218 | 224 | 226 |
| &nbsp;&nbsp;&nbsp; YDVE-KKS9, 29.490%, 11/06/2025 †§x | Affirm | 5/10/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YDVF-LJGE, 24.670%, 6/20/2026 †§x | Affirm | 12/27/2024 | 650 | 664 | 662 |
| &nbsp;&nbsp;&nbsp; YDVL-JGIP, 26.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YDVS-C2QJ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 165 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; YDWQ-BPJV, 31.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 245 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; YDWS-OVWU, 30.000%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 365 | 355 | 366 |
| &nbsp;&nbsp;&nbsp; YDWT-Q3HY, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 230 | 235 | 233 |
| &nbsp;&nbsp;&nbsp; YDX3-C1EM, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 154 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; YDX4-8KRG, 33.950%, 2/05/2027 †§x | Affirm | 8/29/2025 | 492 | 520 | 520 |
| &nbsp;&nbsp;&nbsp; YDXF-I26T, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; YDXI-RQFV, 33.582%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 88 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; YDXO-VDH1, 35.450%, 9/16/2026 †§x | Affirm | 9/19/2024 | 431 | 428 | 433 |
| &nbsp;&nbsp;&nbsp; YDXT-B6TJ, 29.890%, 7/19/2023 †x#^ | Affirm | 1/23/2023 | 98 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YDY3-9975, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 58 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; YDY4-CWY5, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YDY7-6HTY, 30.000%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 201 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; YDYA-SPOJ, 30.950%, 3/26/2026 †§x | Affirm | 3/31/2025 | 278 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; YDYA-W78W, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YDYB-P0DY, 11.760%, 3/20/2026 †§x | Affirm | 3/28/2025 | 186 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; YDYL-B7Y4, 35.320%, 3/20/2026 †§x | Affirm | 3/28/2025 | 90 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; YDYM-R886, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YDYT-8EPV, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 54 | 51 | 54 |
| &nbsp;&nbsp;&nbsp; YDYY-J3IP, 24.910%, 1/02/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YDZ3-Y3AQ, 35.470%, 11/21/2025 †§x# | Affirm | 11/24/2023 | 418 | 418 | 423 |
| &nbsp;&nbsp;&nbsp; YDZ6-6K90, 25.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 116 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; YDZ7-6RL4, 33.950%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 103 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; YDZM-3GRI, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; YDZR-MJAW, 33.950%, 9/23/2025 †x | Affirm | 9/26/2024 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; YDZT-U8PT, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; YDZU-KG1Z, 15.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YE00-1DPV, 29.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YE02-0TH3, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YE04-4D0N, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 118 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; YE08-ZW3U, 25.200%, 11/15/2025 †§x | Affirm | 11/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YE09-MJZA, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YE0J-942Q, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YE0O-MEOY, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 114 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; YE11-19JI, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; YE18-OAKF, 13.840%, 5/06/2027 †§x | Affirm | 5/30/2025 | 1430 | 1504 | 1490 |
| &nbsp;&nbsp;&nbsp; YE1B-A7CI, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 75 | 75 | 76 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8359** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YE1E-9PP3, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | $165 | $162 | $10 |
| &nbsp;&nbsp;&nbsp; YE1K-VEE9, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 225 | 230 | 231 |
| &nbsp;&nbsp;&nbsp; YE1M-WDGG, 15.870%, 12/28/2025 †x# | Affirm | 1/29/2025 | 85 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YE1P-0EKM, 29.490%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 456 | 471 | 27 |
| &nbsp;&nbsp;&nbsp; YE1W-4PBQ, 35.440%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 554 | 559 | 33 |
| &nbsp;&nbsp;&nbsp; YE1W-BMYF, 29.920%, 7/03/2026 †§x | Affirm | 1/29/2025 | 284 | 292 | 291 |
| &nbsp;&nbsp;&nbsp; YE24-N0RF, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YE2Z-QP0X, 29.390%, 3/09/2023 †x#^ | Affirm | 9/15/2022 | 88 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; YE30-VY3S, 17.900%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 350 | 357 | 21 |
| &nbsp;&nbsp;&nbsp; YE38-PVRC, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 762 | 789 | 46 |
| &nbsp;&nbsp;&nbsp; YE3F-1MEY, 28.940%, 11/18/2024 †x#^ | Affirm | 5/22/2023 | 276 | 291 | 17 |
| &nbsp;&nbsp;&nbsp; YE3M-E9FB, 28.500%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 123 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; YE3W-1QSR, 35.770%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 109 | 108 | 59 |
| &nbsp;&nbsp;&nbsp; YE46-5VGV, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 630 | 628 | 628 |
| &nbsp;&nbsp;&nbsp; YE46-UOJ6, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 311 | 319 | 321 |
| &nbsp;&nbsp;&nbsp; YE48-7IG4, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 169 | 172 | 170 |
| &nbsp;&nbsp;&nbsp; YE4H-T2B7, 29.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YE4I-8WQS, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YE4J-9H06, 24.400%, 5/06/2026 †§x | Affirm | 5/09/2024 | 322 | 327 | 328 |
| &nbsp;&nbsp;&nbsp; YE4N-G2PA, 32.500%, 9/28/2026 †§x | Affirm | 3/31/2025 | 302 | 312 | 314 |
| &nbsp;&nbsp;&nbsp; YE5E-DNKF, 33.050%, 10/08/2025 †§x | Affirm | 7/31/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YE5G-QPB4, 13.840%, 9/24/2025 †§x | Affirm | 9/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YE5V-I8H8, 29.910%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YE5Y-RSXV, 32.500%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 220 | 212 | 13 |
| &nbsp;&nbsp;&nbsp; YE61-3OD9, 33.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 24 | 25 | 6 |
| &nbsp;&nbsp;&nbsp; YE63-7SLJ, 25.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; YE6A-XZFA, 29.600%, 10/24/2023 †x#^ | Affirm | 10/27/2022 | 243 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; YE6F-QQ58, 32.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 130 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; YE6N-YUDA, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YE6R-XZQB, 29.440%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 150 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; YE6W-CECU, 35.300%, 5/20/2026 †x# | Affirm | 3/28/2025 | 1036 | 1035 | 1047 |
| &nbsp;&nbsp;&nbsp; YE7D-U9YS, 29.450%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YE7H-10UX, 15.830%, 11/12/2025 †§x | Affirm | 11/27/2024 | 457 | 456 | 455 |
| &nbsp;&nbsp;&nbsp; YE7S-KY6D, 33.050%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YE7W-PP4U, 29.640%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 93 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; YE7X-MQ3J, 11.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 272 | 276 | 277 |
| &nbsp;&nbsp;&nbsp; YE80-6BTO, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 195 | 198 | 197 |
| &nbsp;&nbsp;&nbsp; YE82-KNAQ, 29.440%, 11/11/2024 †x#^ | Affirm | 5/15/2023 | 218 | 211 | 13 |
| &nbsp;&nbsp;&nbsp; YE83-D848, 32.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YE8D-NXAY, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; YE8H-V5F3, 35.390%, 3/06/2026 †x# | Affirm | 3/11/2024 | 1143 | 1164 | 278 |
| &nbsp;&nbsp;&nbsp; YE8O-WPAN, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 257 | 262 | 260 |
| &nbsp;&nbsp;&nbsp; YE8P-J7EY, 29.600%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 385 | 398 | 397 |
| &nbsp;&nbsp;&nbsp; YE8V-WGKV, 33.950%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 106 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; YE9A-ZHFY, 7.334%, 7/02/2025 †x#^« | Affirm | 1/29/2025 | 269 | 261 | 16 |
| &nbsp;&nbsp;&nbsp; YE9C-TY3A, 35.490%, 10/21/2025 †x# | Affirm | 10/24/2024 | 318 | 319 | 19 |
| &nbsp;&nbsp;&nbsp; YE9M-8UYZ, 12.350%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 12 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; YE9O-URNJ, 29.650%, 4/03/2024 †x#^ | Affirm | 1/08/2024 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; YE9R-Y8MV, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YEAG-33TR, 32.000%, 11/15/2025 †x# | Affirm | 11/27/2024 | 109 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YEAN-I1SS, 29.670%, 12/05/2025 †§x | Affirm | 12/08/2023 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YEAS-UXXK, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 155 | 153 | 155 |
| &nbsp;&nbsp;&nbsp; YEB0-KS9J, 35.540%, 3/19/2026 †§x | Affirm | 9/23/2024 | 334 | 331 | 332 |
| &nbsp;&nbsp;&nbsp; YEB5-IZX9, 23.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 668 | 683 | 686 |
| &nbsp;&nbsp;&nbsp; YEBB-1LY2, 30.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 374 | 381 | 382 |
| &nbsp;&nbsp;&nbsp; YEBC-R93X, 32.500%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 208 | 211 | 211 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8360** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YECA-ZPQZ, 35.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | $64 | $65 | $64 |
| &nbsp;&nbsp;&nbsp; YECE-7NTB, 33.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 230 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; YECG-7XJ2, 35.410%, 4/16/2025 †x#^ | Affirm | 4/19/2024 | 316 | 327 | 19 |
| &nbsp;&nbsp;&nbsp; YECV-J0JC, 19.900%, 4/21/2026 †x | Affirm | 4/27/2023 | 2420 | 2464 | 2475 |
| &nbsp;&nbsp;&nbsp; YECX-XLU2, 30.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; YECZ-V38I, 31.000%, 3/24/2026 †§x | Affirm | 9/27/2024 | 437 | 446 | 447 |
| &nbsp;&nbsp;&nbsp; YED5-H65W, 24.400%, 9/25/2026 †§x | Affirm | 9/30/2024 | 1531 | 1574 | 1590 |
| &nbsp;&nbsp;&nbsp; YED9-VX7M, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YEDB-NZE6, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 495 | 495 | 491 |
| &nbsp;&nbsp;&nbsp; YEDF-OEP8, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YEDK-IS7E, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 206 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; YEDS-FFUG, 35.610%, 2/15/2026 †x# | Affirm | 11/27/2024 | 274 | 263 | 263 |
| &nbsp;&nbsp;&nbsp; YEDU-75D5, 23.232%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 237 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; YEDW-FRKX, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 148 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; YEDZ-ILXJ, 29.720%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 54 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; YEE0-BJIW, 29.340%, 1/14/2023 †x#^ | Affirm | 10/20/2022 | 877 | 885 | 53 |
| &nbsp;&nbsp;&nbsp; YEEP-OW09, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; YEEX-O0IU, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 180 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; YEEY-4BQ9, 35.000%, 9/24/2025 †x# | Affirm | 9/27/2024 | 110 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; YEF6-RTEZ, 22.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; YEF9-GD5O, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YEFD-P8HW, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 142 | 145 | 144 |
| &nbsp;&nbsp;&nbsp; YEFL-8OYE, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YEFO-OIWC, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YEFO-VX7W, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 33 | 33 | 34 |
| &nbsp;&nbsp;&nbsp; YEFW-IDR8, 30.000%, 7/03/2023 †x#^ | Affirm | 1/06/2023 | 25 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; YEG3-S6SM, 29.360%, 11/07/2025 †§x | Affirm | 8/29/2025 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YEGA-L9W3, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YEGI-BF78, 13.840%, 6/28/2026 †x# | Affirm | 1/29/2025 | 167 | 173 | 25 |
| &nbsp;&nbsp;&nbsp; YEGT-SRTA, 28.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 135 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; YEH3-FZZ5, 31.000%, 8/27/2026 †§x# | Affirm | 8/30/2024 | 1252 | 1286 | 1297 |
| &nbsp;&nbsp;&nbsp; YEH4-HK4J, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 254 | 254 | 255 |
| &nbsp;&nbsp;&nbsp; YEHE-GFQ7, 11.860%, 9/25/2025 †§x | Affirm | 9/30/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YEHG-6UF1, 29.620%, 5/06/2024 †x#^ | Affirm | 9/09/2022 | 33 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; YEHH-MVZN, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YEHR-C3KR, 33.000%, 12/02/2026 †x | Affirm | 6/27/2025 | 7024 | 6867 | 6954 |
| &nbsp;&nbsp;&nbsp; YEI1-TZHO, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 203 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; YEI2-BAIJ, 29.940%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 272 | 277 | 16 |
| &nbsp;&nbsp;&nbsp; YEI3-7EG8, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 279 | 286 | 288 |
| &nbsp;&nbsp;&nbsp; YEI5-0EYK, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 365 | 384 | 22 |
| &nbsp;&nbsp;&nbsp; YEI9-OZV5, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 397 | 400 | 396 |
| &nbsp;&nbsp;&nbsp; YEIG-EVTJ, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 186 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; YEIO-QPSA, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 149 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; YEIP-3WX4, 29.450%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 186 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; YEIU-Y0UO, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; YEIY-R3PL, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 172 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; YEJ4-TSKW, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YEJA-G32M, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 338 | 344 | 346 |
| &nbsp;&nbsp;&nbsp; YEJI-WM2Q, 27.100%, 3/23/2023 †x#^ | Affirm | 9/29/2022 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; YEJK-4WSI, 29.420%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 116 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; YEJO-3X2P, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 155 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; YEJS-CZP0, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 177 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; YEJV-NLQ8, 23.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YEK2-8383, 35.670%, 2/07/2026 †x# | Affirm | 2/26/2025 | 152 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; YEKM-0YMH, 23.400%, 2/05/2026 †§x | Affirm | 2/26/2025 | 161 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; YEKN-RV3S, 35.490%, 10/02/2025 †§x | Affirm | 10/07/2024 | 50 | 50 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8361** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YEKW-9822, 15.480%, 10/08/2025 †§x | Affirm | 7/31/2025 | $30 | $30 | $30 |
| &nbsp;&nbsp;&nbsp; YEKW-UGAT, 30.500%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 1098 | 1155 | 66 |
| &nbsp;&nbsp;&nbsp; YEL8-GZTB, 35.490%, 10/23/2025 †§x | Affirm | 10/28/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YELF-61TY, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 139 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; YELJ-0W15, 15.770%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 86 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; YELK-FBNN, 31.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 32 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YELY-4PG7, 29.610%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YEM1-OC7E, 35.610%, 7/03/2026 †§x | Affirm | 1/29/2025 | 618 | 628 | 624 |
| &nbsp;&nbsp;&nbsp; YEM1-UK37, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 193 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; YEMB-3572, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YEMN-WOIA, 35.430%, 11/02/2024 †x#^ | Affirm | 5/06/2024 | 164 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; YEMO-7NSM, 22.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YEMP-P8ZU, 35.370%, 6/17/2026 †§x | Affirm | 6/21/2024 | 357 | 355 | 360 |
| &nbsp;&nbsp;&nbsp; YEMS-PGTE, 32.500%, 10/15/2025 †§x | Affirm | 4/18/2024 | 228 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; YEMW-720E, 11.830%, 10/21/2025 †§x | Affirm | 10/24/2024 | 94 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YENA-38O4, 35.900%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; YENA-XAGS, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 129 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; YENF-G1HT, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 1167 | 1159 | 1154 |
| &nbsp;&nbsp;&nbsp; YENO-QJVA, 35.350%, 6/02/2026 †§x | Affirm | 6/27/2025 | 89 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; YENQ-LKF2, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; YENT-423U, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 210 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; YENY-JDCL, 35.900%, 5/07/2025 †x#^ | Affirm | 2/26/2025 | 47 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YENZ-1BD0, 15.780%, 10/25/2023 †x#^ | Affirm | 11/03/2022 | 9 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; YEOD-0NWX, 33.950%, 2/10/2027 †§x | Affirm | 2/26/2025 | 9 | 10 | 9 |
| &nbsp;&nbsp;&nbsp; YEOF-PJ3J, 15.730%, 11/20/2025 †x# | Affirm | 5/24/2024 | 291 | 305 | 93 |
| &nbsp;&nbsp;&nbsp; YEOG-3Q8U, 29.640%, 11/20/2026 †§x | Affirm | 11/27/2024 | 442 | 458 | 460 |
| &nbsp;&nbsp;&nbsp; YEOL-SPWD, 15.690%, 3/29/2024 †x#^ | Affirm | 4/03/2023 | 52 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; YEPF-N0GF, 32.500%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 319 | 296 | 19 |
| &nbsp;&nbsp;&nbsp; YEPN-RNIO, 33.040%, 10/24/2025 †x# | Affirm | 10/28/2024 | 284 | 284 | 17 |
| &nbsp;&nbsp;&nbsp; YEPQ-GQ1B, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 111 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; YEPR-LKNY, 33.050%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1531 | 1579 | 1590 |
| &nbsp;&nbsp;&nbsp; YEPS-JQ1W, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YEPW-OV6M, 19.900%, 11/18/2024 †x#^ | Affirm | 11/25/2022 | 548 | 592 | 33 |
| &nbsp;&nbsp;&nbsp; YEQ6-UD2G, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YEQ9-BP9Y, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YEQK-HF86, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; YEQT-3F0Z, 35.460%, 12/28/2025 †§x | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YEQT-95V2, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 497 | 489 | 489 |
| &nbsp;&nbsp;&nbsp; YEQT-FOHK, 29.000%, 9/09/2022 †x#^ | Affirm | 6/13/2022 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YEQY-3JCB, 32.500%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 37 | 37 | 36 |
| &nbsp;&nbsp;&nbsp; YER0-4H0P, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 125 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; YER2-E9I0, 24.400%, 2/10/2027 †§x | Affirm | 2/26/2025 | 866 | 907 | 915 |
| &nbsp;&nbsp;&nbsp; YER3-38ZN, 6.547%, 6/27/2026 †§x« | Affirm | 7/01/2024 | 1347 | 1278 | 1258 |
| &nbsp;&nbsp;&nbsp; YERM-8QJK, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YES2-5LHA, 35.770%, 2/27/2026 †§x | Affirm | 3/28/2025 | 485 | 481 | 483 |
| &nbsp;&nbsp;&nbsp; YES2-M3I4, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YESL-ZDSQ, 15.810%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 99 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; YESP-34SP, 29.760%, 8/07/2026 †§x | Affirm | 2/26/2025 | 225 | 232 | 234 |
| &nbsp;&nbsp;&nbsp; YESR-JH9M, 22.680%, 10/23/2025 †§x# | Affirm | 10/28/2024 | 398 | 398 | 400 |
| &nbsp;&nbsp;&nbsp; YESX-CIPD, 15.630%, 2/06/2026 †§x | Affirm | 8/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YET1-3DVV, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YET4-JC8R, 29.510%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 170 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; YETY-ZFAY, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; YEU1-653N, 35.480%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YEU5-1ZP1, 15.820%, 12/04/2025 †§x | Affirm | 12/07/2023 | 309 | 311 | 309 |
| &nbsp;&nbsp;&nbsp; YEU9-8M73, 32.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 23 | 23 | 23 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8362** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YEUC-V3AE, 29.830%, 5/14/2023 †x#^ | Affirm | 11/17/2022 | $8 | $8 | $- |
| &nbsp;&nbsp;&nbsp; YEUH-UXKZ, 20.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 166 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; YEUO-WMI0, 24.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 237 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; YEV1-T1RI, 29.560%, 9/27/2026 †§x | Affirm | 10/02/2023 | 514 | 528 | 530 |
| &nbsp;&nbsp;&nbsp; YEV5-GGKO, 33.050%, 12/28/2024 †x#^ | Affirm | 7/05/2024 | 150 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YEV7-VJ09, 15.810%, 12/18/2025 †§x | Affirm | 12/27/2024 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YEV7-XPT3, 29.890%, 7/09/2023 †x#^ | Affirm | 1/12/2023 | 90 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YEVD-KAHX, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1887 | 1940 | 1950 |
| &nbsp;&nbsp;&nbsp; YEVE-I5HV, 29.270%, 8/03/2022 †x#^ | Affirm | 5/06/2022 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YEVF-T9M5, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 162 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; YEVU-FJAC, 29.620%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 1687 | 1721 | 101 |
| &nbsp;&nbsp;&nbsp; YEW0-RHYO, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YEW2-1Z3C, 30.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YEWE-OFFI, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 136 | 142 | 11 |
| &nbsp;&nbsp;&nbsp; YEWI-019B, 29.680%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YEWK-B2XW, 29.870%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 126 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; YEWQ-FZF3, 35.900%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 110 | 109 | 7 |
| &nbsp;&nbsp;&nbsp; YEWR-1CY4, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YEWT-L5ET, 18.000%, 3/24/2026 †§x | Affirm | 9/27/2024 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YEWV-IGRH, 35.500%, 12/10/2025 †§x | Affirm | 12/27/2024 | 73 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; YEXG-3ZHF, 35.710%, 8/11/2026 †§x | Affirm | 2/26/2025 | 247 | 253 | 252 |
| &nbsp;&nbsp;&nbsp; YEXG-Z7PA, 29.570%, 1/08/2026 †§x | Affirm | 1/11/2024 | 180 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; YEXI-VYT8, 30.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YEXJ-8ZVT, 22.660%, 2/26/2026 †§x | Affirm | 8/29/2024 | 197 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; YEXL-9SUW, 29.820%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 54 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YEXM-RQ21, 28.000%, 10/17/2024 †x#^ | Affirm | 10/20/2022 | 174 | 188 | 10 |
| &nbsp;&nbsp;&nbsp; YEXP-LLQJ, 15.760%, 12/24/2025 †§x | Affirm | 6/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YEXP-VNVL, 18.000%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; YEXR-PGSY, 33.950%, 11/17/2025 †§x | Affirm | 5/24/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YEXZ-F88I, 33.950%, 1/13/2027 †§x | Affirm | 1/29/2025 | 762 | 788 | 797 |
| &nbsp;&nbsp;&nbsp; YEY2-ZOBL, 18.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 151 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; YEY6-FEQD, 33.950%, 8/07/2026 †§x# | Affirm | 2/26/2025 | 290 | 302 | 301 |
| &nbsp;&nbsp;&nbsp; YEYR-VTE2, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 106 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YEYT-CLPD, 26.700%, 1/08/2026 †§x | Affirm | 7/31/2025 | 396 | 401 | 400 |
| &nbsp;&nbsp;&nbsp; YEZ5-ESI2, 35.330%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 1059 | 1095 | 64 |
| &nbsp;&nbsp;&nbsp; YEZL-YCWQ, 35.490%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 259 | 263 | 16 |
| &nbsp;&nbsp;&nbsp; YEZW-UDPQ, 29.600%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YF05-WFNW, 32.000%, 1/02/2028 †x | Affirm | 1/29/2025 | 2858 | 2923 | 2962 |
| &nbsp;&nbsp;&nbsp; YF0D-NBEE, 28.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 161 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; YF0G-EURS, 19.700%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YF0P-1637, 15.770%, 10/21/2025 †§x | Affirm | 10/24/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YF0Y-KBIR, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 285 | 289 | 288 |
| &nbsp;&nbsp;&nbsp; YF13-9IRC, 28.000%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 627 | 680 | 38 |
| &nbsp;&nbsp;&nbsp; YF16-45JP, 32.810%, 9/03/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YF19-LHOE, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 225 | 227 | 225 |
| &nbsp;&nbsp;&nbsp; YF1B-SOCA, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YF1L-VVPB, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 407 | 410 | 407 |
| &nbsp;&nbsp;&nbsp; YF1O-Z011, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; YF2D-25DS, 35.170%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YF2D-NZ0L, 35.680%, 2/05/2026 †§x | Affirm | 2/26/2025 | 391 | 397 | 398 |
| &nbsp;&nbsp;&nbsp; YF2E-WTS8, 35.600%, 3/02/2025 †x#^ | Affirm | 10/05/2023 | 66 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; YF2L-S54O, 29.640%, 9/16/2025 †§x | Affirm | 9/19/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YF2P-ME70, 35.490%, 8/20/2025 †x#^ | Affirm | 2/23/2024 | 272 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; YF38-5WFJ, 29.000%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 703 | 755 | 42 |
| &nbsp;&nbsp;&nbsp; YF3C-BBU9, 35.420%, 12/07/2025 †§x# | Affirm | 12/11/2023 | 452 | 452 | 251 |
| &nbsp;&nbsp;&nbsp; YF3D-48VH, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 768 | 778 | 782 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8363** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YF3H-M3OJ, 35.270%, 5/06/2026 †§x# | Affirm | 5/30/2025 | $92 | $94 | $56 |
| &nbsp;&nbsp;&nbsp; YF3R-UF2P, 24.400%, 10/28/2025 †§x | Affirm | 10/31/2024 | 160 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; YF3V-C2OV, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1069 | 1062 | 1070 |
| &nbsp;&nbsp;&nbsp; YF3X-S702, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YF49-KURA, 35.500%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 122 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; YF4B-GDBL, 30.950%, 2/07/2027 †§x | Affirm | 2/26/2025 | 877 | 919 | 923 |
| &nbsp;&nbsp;&nbsp; YF4C-GW86, 15.700%, 2/06/2026 †§x | Affirm | 8/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YF4U-Q3E4, 15.770%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YF4W-V12M, 29.570%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; YF50-72C6, 33.100%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YF52-3RSZ, 35.580%, 7/09/2024 †x#^ | Affirm | 1/12/2024 | 608 | 584 | 36 |
| &nbsp;&nbsp;&nbsp; YF53-NC2C, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 443 | 446 | 27 |
| &nbsp;&nbsp;&nbsp; YF5D-IFOA, 33.000%, 7/13/2026 †x# | Affirm | 1/29/2025 | 420 | 416 |  |
| &nbsp;&nbsp;&nbsp; YF5N-8Q5Y, 29.490%, 11/06/2026 †§x | Affirm | 5/30/2025 | 813 | 853 | 860 |
| &nbsp;&nbsp;&nbsp; YF5Q-4Y2I, 25.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 277 | 282 | 282 |
| &nbsp;&nbsp;&nbsp; YF5Y-W4V1, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 163 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; YF64-87GY, 24.900%, 5/03/2025 †x#^ | Affirm | 5/11/2023 | 366 | 364 | 22 |
| &nbsp;&nbsp;&nbsp; YF6J-XJ9L, 35.260%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YF6V-XVVF, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 281 | 287 | 287 |
| &nbsp;&nbsp;&nbsp; YF6Z-6E0J, 35.370%, 6/17/2026 †§x | Affirm | 6/21/2024 | 396 | 394 | 400 |
| &nbsp;&nbsp;&nbsp; YF7E-I9K7, 29.610%, 12/18/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YF7G-7159, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 143 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; YF7K-JBWV, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YF7M-YPPM, 31.940%, 8/12/2026 †§x | Affirm | 2/26/2025 | 197 | 194 | 197 |
| &nbsp;&nbsp;&nbsp; YF7Q-N68C, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YF7Y-ZT55, 22.750%, 1/02/2028 †§x | Affirm | 1/29/2025 | 984 | 1014 | 1022 |
| &nbsp;&nbsp;&nbsp; YF82-T52V, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 553 | 541 | 538 |
| &nbsp;&nbsp;&nbsp; YF85-GS8E, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; YF85-OZSV, 24.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YF8E-BNA4, 15.680%, 11/06/2025 †§x | Affirm | 8/29/2025 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YF8I-5NY4, 30.000%, 8/24/2023 †x#^ | Affirm | 3/02/2023 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; YF8K-4274, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YF8P-F1E6, 35.340%, 10/10/2024 †x#^ | Affirm | 4/15/2024 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YF8X-WB8B, 35.450%, 1/16/2026 †x# | Affirm | 12/27/2024 | 74 | 74 | 3 |
| &nbsp;&nbsp;&nbsp; YF95-TC9O, 29.340%, 11/30/2023 †x#^ | Affirm | 6/02/2023 | 236 | 226 | 14 |
| &nbsp;&nbsp;&nbsp; YF9G-125X, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 309 | 318 | 320 |
| &nbsp;&nbsp;&nbsp; YF9H-KMDI, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YF9H-KNG4, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YF9J-S30R, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 143 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; YF9Q-FG7M, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YF9T-E9OJ, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 133 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; YF9Z-IKDR, 30.950%, 2/10/2026 †x | Affirm | 2/26/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YFA3-EZ2D, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 214 | 223 | 225 |
| &nbsp;&nbsp;&nbsp; YFA5-VK7M, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YFAV-K2OB, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 391 | 399 | 400 |
| &nbsp;&nbsp;&nbsp; YFAX-AL3T, 26.700%, 10/26/2025 †§x# | Affirm | 5/02/2024 | 620 | 623 | 627 |
| &nbsp;&nbsp;&nbsp; YFB2-NKB5, 15.740%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 770 | 761 | 46 |
| &nbsp;&nbsp;&nbsp; YFB6-O9HO, 29.650%, 7/04/2022 †x#^ | Affirm | 4/07/2022 | 84 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YFBF-FT5M, 35.380%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; YFBI-99AQ, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 82 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; YFBO-3M16, 28.500%, 6/01/2024 †x#^ | Affirm | 12/05/2022 | 76 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; YFBS-8VIV, 29.700%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 204 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; YFBU-CS41, 35.550%, 9/24/2025 †x# | Affirm | 9/27/2024 | 34 | 34 | 7 |
| &nbsp;&nbsp;&nbsp; YFBZ-BFWG, 33.950%, 6/02/2026 †x# | Affirm | 6/27/2025 | 108 | 113 | 24 |
| &nbsp;&nbsp;&nbsp; YFC0-HP3L, 15.780%, 12/02/2025 †§x | Affirm | 6/27/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YFC1-SVDK, 13.840%, 10/01/2025 †§x | Affirm | 10/04/2024 | 52 | 52 | 52 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8364** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YFCL-RSYF, 15.640%, 11/08/2023 †x#^ | Affirm | 5/11/2023 | $49 | $50 | $3 |
| &nbsp;&nbsp;&nbsp; YFCN-7T3M, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 517 | 523 | 522 |
| &nbsp;&nbsp;&nbsp; YFD1-NTR0, 26.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YFD5-6OP1, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YFDP-E68B, 29.700%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 341 | 358 | 20 |
| &nbsp;&nbsp;&nbsp; YFDS-2LMJ, 29.620%, 12/10/2025 †§x | Affirm | 12/27/2024 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YFDT-C0TK, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 146 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; YFDV-9WJJ, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 364 | 359 | 22 |
| &nbsp;&nbsp;&nbsp; YFDW-AOOT, 15.620%, 1/27/2023 †x#^ | Affirm | 8/04/2022 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YFEI-Z6KA, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 185 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; YFF7-DED5, 15.940%, 1/02/2026 †§x | Affirm | 1/29/2025 | 338 | 341 | 341 |
| &nbsp;&nbsp;&nbsp; YFFE-FI5S, 35.750%, 2/10/2026 †x# | Affirm | 2/26/2025 | 63 | 62 | 14 |
| &nbsp;&nbsp;&nbsp; YFFM-DK4J, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 601 | 611 | 613 |
| &nbsp;&nbsp;&nbsp; YFFS-022X, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; YFFY-B2B2, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YFG1-4T11, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; YFG4-1DC2, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 141 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; YFG6-4AEA, 29.620%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 144 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; YFGO-TPXH, 33.000%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 1231 | 1220 | 1228 |
| &nbsp;&nbsp;&nbsp; YFGT-LKAT, 11.800%, 8/28/2025 †x#^ | Affirm | 9/05/2023 | 486 | 519 | 29 |
| &nbsp;&nbsp;&nbsp; YFGU-GIER, 35.240%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 59 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YFGX-VNJH, 26.900%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 14 | 15 | 2 |
| &nbsp;&nbsp;&nbsp; YFH8-LBWN, 32.000%, 10/23/2025 †§x | Affirm | 10/28/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; YFHO-RFGZ, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 195 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; YFHU-KVVB, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 131 | 134 | 78 |
| &nbsp;&nbsp;&nbsp; YFHU-T5XJ, 29.680%, 7/21/2023 †x#^ | Affirm | 1/27/2022 | 88 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; YFI0-3LCL, 24.400%, 12/10/2025 †§x | Affirm | 12/27/2024 | 180 | 181 | 182 |
| &nbsp;&nbsp;&nbsp; YFI2-SRBP, 35.200%, 3/04/2024 †x#^ | Affirm | 12/07/2023 | 278 | 267 | 17 |
| &nbsp;&nbsp;&nbsp; YFI4-5RDS, 13.555%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 518 | 496 | 495 |
| &nbsp;&nbsp;&nbsp; YFI6-HBBX, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; YFI7-HSKX, 29.480%, 8/09/2024 †x#^ | Affirm | 8/14/2023 | 67 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; YFID-89BK, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 21 | 22 | 21 |
| &nbsp;&nbsp;&nbsp; YFIG-M2TM, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 245 | 242 | 15 |
| &nbsp;&nbsp;&nbsp; YFII-JUTV, 30.000%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 227 | 231 | 14 |
| &nbsp;&nbsp;&nbsp; YFIL-IKBW, 35.490%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 16 | 16 | 2 |
| &nbsp;&nbsp;&nbsp; YFIZ-EA64, 33.950%, 10/23/2025 †§x | Affirm | 10/28/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; YFJ0-T0VS, 35.370%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 569 | 567 | 34 |
| &nbsp;&nbsp;&nbsp; YFJ1-FUQB, 28.500%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 419 | 414 | 25 |
| &nbsp;&nbsp;&nbsp; YFJ6-5T67, 16.000%, 8/21/2023 †x#^ | Affirm | 2/24/2023 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; YFJ7-NTJZ, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 132 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; YFJL-TUTG, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YFJN-271J, 35.370%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 180 | 166 | 11 |
| &nbsp;&nbsp;&nbsp; YFJS-X04U, 32.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YFK5-BM6L, 35.580%, 9/16/2025 †§x | Affirm | 9/19/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YFK7-QQI1, 35.390%, 9/24/2024 †x#^ | Affirm | 6/27/2024 | 95 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; YFKG-FQY3, 15.730%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 206 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; YFKI-78SN, 32.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 296 | 302 | 301 |
| &nbsp;&nbsp;&nbsp; YFKL-J1RP, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 137 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; YFKS-2X0C, 22.760%, 7/10/2026 †§x# | Affirm | 1/29/2025 | 285 | 282 | 179 |
| &nbsp;&nbsp;&nbsp; YFL4-WD11, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 211 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; YFLA-18VJ, 29.440%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 80 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; YFLD-WM73, 35.450%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 193 | 192 | 12 |
| &nbsp;&nbsp;&nbsp; YFLH-4TA5, 35.000%, 12/30/2024 †x#^ | Affirm | 10/03/2024 | 404 | 399 | 24 |
| &nbsp;&nbsp;&nbsp; YFLO-90R5, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 149 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; YFLO-WH0N, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YFLR-U74U, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 36 | 36 | 36 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8365** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YFMD-9ZVQ, 35.480%, 6/19/2026 †§x | Affirm | 12/27/2024 | $237 | $242 | $241 |
| &nbsp;&nbsp;&nbsp; YFME-3PON, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YFME-GX6B, 26.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 55 | 56 | 15 |
| &nbsp;&nbsp;&nbsp; YFMG-D04R, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YFMI-RRAF, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YFMO-2VCS, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YFN8-LH2V, 28.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 285 | 300 | 17 |
| &nbsp;&nbsp;&nbsp; YFNB-W8T1, 29.600%, 9/16/2024 †x#^ | Affirm | 9/22/2022 | 255 | 278 | 15 |
| &nbsp;&nbsp;&nbsp; YFNF-SSRR, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YFNH-J9E0, 35.520%, 12/28/2025 †§x | Affirm | 1/29/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YFNM-5E5D, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YFOC-KK01, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 399 | 406 | 407 |
| &nbsp;&nbsp;&nbsp; YFOD-GP2P, 15.730%, 6/02/2026 †§x | Affirm | 6/27/2025 | 650 | 640 | 646 |
| &nbsp;&nbsp;&nbsp; YFOM-63CR, 35.790%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YFOW-NQCV, 29.480%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 47 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YFP0-6RRA, 29.620%, 3/16/2024 †x#^ | Affirm | 9/22/2022 | 287 | 300 | 17 |
| &nbsp;&nbsp;&nbsp; YFP7-5M4H, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YFPA-W8IA, 29.540%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 598 | 619 | 36 |
| &nbsp;&nbsp;&nbsp; YFPD-WN6Q, 35.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; YFPD-Y0W6, 29.610%, 6/20/2026 †§x | Affirm | 12/27/2024 | 175 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; YFPE-UHU9, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; YFPG-QY53, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 190 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; YFPY-9ZTK, 33.950%, 3/26/2027 †§x | Affirm | 4/22/2025 | 687 | 715 | 734 |
| &nbsp;&nbsp;&nbsp; YFQ3-WSKX, 29.530%, 1/02/2026 †§x# | Affirm | 1/05/2024 | 80 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; YFQ5-4HSB, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 94 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; YFQA-AEF1, 34.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 227 | 208 | 220 |
| &nbsp;&nbsp;&nbsp; YFQG-H2JC, 25.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 108 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; YFQH-8DIQ, 35.590%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YFQI-WYKM, 33.050%, 2/11/2027 †§x | Affirm | 2/26/2025 | 558 | 583 | 591 |
| &nbsp;&nbsp;&nbsp; YFQU-HI57, 22.690%, 12/11/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YFQU-ZPIG, 6.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YFQW-SQEC, 29.610%, 6/20/2023 †x#^ | Affirm | 12/23/2022 | 50 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; YFQY-FQZK, 29.610%, 6/10/2023 †x#^ | Affirm | 12/16/2021 | 235 | 225 | 14 |
| &nbsp;&nbsp;&nbsp; YFR8-R51M, 35.450%, 12/21/2025 †x# | Affirm | 6/27/2024 | 911 | 947 | 55 |
| &nbsp;&nbsp;&nbsp; YFRI-MBPX, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YFRO-BMDP, 29.500%, 5/14/2024 †x#^ | Affirm | 9/19/2022 | 498 | 516 | 30 |
| &nbsp;&nbsp;&nbsp; YFRV-XP4P, 8.725%, 12/21/2023 †x#^« | Affirm | 12/27/2021 | 435 | 369 | 26 |
| &nbsp;&nbsp;&nbsp; YFRZ-9TM9, 35.570%, 10/01/2025 †§x | Affirm | 10/04/2024 | 464 | 464 | 458 |
| &nbsp;&nbsp;&nbsp; YFSG-8IO4, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YFSL-TNYM, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YFSO-IH79, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YFST-3Z8P, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; YFSW-XKXR, 35.750%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 103 | 105 | 61 |
| &nbsp;&nbsp;&nbsp; YFTN-4IAL, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 128 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YFTP-LBPK, 30.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 145 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; YFTT-P3VQ, 35.984%, 8/19/2023 †x#^ | Affirm | 5/25/2023 | 67 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YFTV-EW5D, 29.510%, 5/21/2026 †§x | Affirm | 5/24/2024 | 320 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; YFU3-L8GU, 29.400%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YFUB-FAFZ, 6.396%, 12/13/2025 †§x« | Affirm | 12/27/2024 | 105 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YFUW-AHQR, 24.400%, 12/20/2025 †§x | Affirm | 6/24/2024 | 253 | 255 | 255 |
| &nbsp;&nbsp;&nbsp; YFUZ-UJEM, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 127 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; YFV6-IKFI, 15.710%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YFV9-8487, 11.730%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YFWB-WSYF, 35.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YFWO-CIWF, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 205 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; YFWS-V8EJ, 29.820%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 367 | 380 | 22 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8366** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YFWV-XTPH, 15.730%, 6/02/2026 †§x | Affirm | 6/27/2025 | $216 | $222 | $222 |
| &nbsp;&nbsp;&nbsp; YFXB-9TZN, 26.500%, 10/11/2025 †§x | Affirm | 10/14/2022 | 155 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; YFXF-IYOJ, 29.810%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 1726 | 1814 | 104 |
| &nbsp;&nbsp;&nbsp; YFXN-090X, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YFXU-76M5, 35.170%, 9/20/2025 †§x | Affirm | 3/28/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YFY5-E65U, 32.000%, 9/23/2025 †x# | Affirm | 9/26/2024 | 125 | 132 |  |
| &nbsp;&nbsp;&nbsp; YFY7-8X5L, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 124 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; YFYA-R7T9, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YFYJ-4EG3, 26.200%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 547 | 565 | 568 |
| &nbsp;&nbsp;&nbsp; YFYQ-XRZI, 35.400%, 7/11/2025 †x#^ | Affirm | 1/16/2024 | 320 | 327 | 19 |
| &nbsp;&nbsp;&nbsp; YFYZ-2Q4L, 23.900%, 2/15/2024 †x#^ | Affirm | 2/21/2023 | 299 | 289 | 18 |
| &nbsp;&nbsp;&nbsp; YFZ3-U0M3, 35.400%, 5/21/2026 †x# | Affirm | 5/24/2024 | 1150 | 1171 | 295 |
| &nbsp;&nbsp;&nbsp; YFZ8-0TV6, 29.620%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 507 | 516 | 30 |
| &nbsp;&nbsp;&nbsp; YFZB-UHV2, 29.620%, 1/09/2029 †§x | Affirm | 1/29/2025 | 1506 | 1616 | 1632 |
| &nbsp;&nbsp;&nbsp; YFZD-6WY2, 30.000%, 12/08/2025 †x# | Affirm | 5/11/2023 | 383 | 382 | 23 |
| &nbsp;&nbsp;&nbsp; YFZF-KFE7, 22.860%, 2/05/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YFZH-103O, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 56 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YFZI-L0MN, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 152 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; YFZX-LHS7, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 97 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YFZY-SUM9, 33.210%, 9/28/2025 †x# | Affirm | 10/03/2024 | 207 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; YG02-M3LZ, 29.590%, 4/28/2026 †§x# | Affirm | 5/03/2024 | 278 | 283 | 282 |
| &nbsp;&nbsp;&nbsp; YG02-Z3V0, 35.160%, 2/19/2025 †x#^ | Affirm | 8/22/2024 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; YG0I-YSYY, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YG0X-P2FA, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 361 | 361 | 360 |
| &nbsp;&nbsp;&nbsp; YG16-8R06, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 216 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; YG19-BR96, 35.510%, 10/21/2025 †§x | Affirm | 10/24/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YG1B-TYTU, 15.690%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YG1C-I4EY, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 171 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; YG1O-7XWU, 20.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YG1R-Y42B, 35.670%, 12/28/2025 †§x | Affirm | 1/29/2025 | 236 | 238 | 237 |
| &nbsp;&nbsp;&nbsp; YG2H-9VBC, 29.490%, 12/13/2024 †x#^ | Affirm | 6/16/2023 | 216 | 228 | 13 |
| &nbsp;&nbsp;&nbsp; YG2I-QNK7, 15.760%, 2/16/2026 †§x | Affirm | 8/22/2024 | 364 | 372 | 372 |
| &nbsp;&nbsp;&nbsp; YG2I-SDTT, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 2937 | 3068 | 3058 |
| &nbsp;&nbsp;&nbsp; YG2O-JOYU, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 189 | 195 | 196 |
| &nbsp;&nbsp;&nbsp; YG2V-Z8GN, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 536 | 552 | 548 |
| &nbsp;&nbsp;&nbsp; YG30-AQHM, 29.680%, 7/12/2023 †x#^ | Affirm | 1/21/2022 | 95 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; YG31-ZD6K, 29.710%, 2/10/2027 †§x | Affirm | 2/26/2025 | 719 | 754 | 760 |
| &nbsp;&nbsp;&nbsp; YG32-CZ8D, 35.390%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 115 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; YG39-S4JI, 35.410%, 10/21/2025 †§x | Affirm | 10/24/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YG3K-OGS7, 29.000%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 165 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; YG43-X81A, 25.200%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; YG45-1CXR, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 114 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YG46-A5XT, 30.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 442 | 456 | 27 |
| &nbsp;&nbsp;&nbsp; YG47-I8HD, 35.590%, 9/19/2025 †§x | Affirm | 9/23/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YG4A-QYXN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YG4G-74DT, 33.950%, 1/09/2026 †x# | Affirm | 1/29/2025 | 84 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; YG4L-67XN, 33.950%, 10/15/2024 †x#^ | Affirm | 4/18/2024 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; YG4L-PMBL, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 432 | 414 | 414 |
| &nbsp;&nbsp;&nbsp; YG4M-5GRW, 29.720%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 113 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; YG4O-VIPT, 15.800%, 7/02/2026 †§x | Affirm | 1/29/2025 | 206 | 212 | 210 |
| &nbsp;&nbsp;&nbsp; YG51-U6GX, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YG58-GIYG, 7.108%, 9/24/2025 †§x« | Affirm | 4/22/2025 | 58 | 56 | 58 |
| &nbsp;&nbsp;&nbsp; YG5L-CI6A, 35.300%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1028 | 1024 | 1032 |
| &nbsp;&nbsp;&nbsp; YG5S-GFKW, 15.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YG6A-FJ88, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 154 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; YG6E-PS5Z, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8367** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YG6I-Q16I, 23.400%, 9/25/2025 †§x | Affirm | 9/30/2024 | $49 | $49 | $50 |
| &nbsp;&nbsp;&nbsp; YG6R-LXFE, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 147 | 149 | 148 |
| &nbsp;&nbsp;&nbsp; YG70-3RT4, 35.360%, 12/24/2025 †x# | Affirm | 6/27/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; YG7C-I2NW, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; YG7E-WI3K, 23.400%, 6/24/2027 †§x | Affirm | 6/27/2024 | 758 | 767 | 771 |
| &nbsp;&nbsp;&nbsp; YG7J-9HJD, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YG7K-NCJQ, 32.500%, 11/20/2026 †x# | Affirm | 11/27/2024 | 555 | 554 | 140 |
| &nbsp;&nbsp;&nbsp; YG7R-ENDD, 35.380%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 91 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; YG7T-Q3ZP, 33.950%, 9/23/2027 †§x# | Affirm | 9/26/2024 | 822 | 842 | 852 |
| &nbsp;&nbsp;&nbsp; YG7Z-8ODD, 33.950%, 9/24/2025 †x# | Affirm | 9/27/2024 | 316 | 334 | 19 |
| &nbsp;&nbsp;&nbsp; YG86-FB2Q, 33.100%, 12/28/2025 †§x | Affirm | 1/29/2025 | 51 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YG87-IJEC, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 191 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; YG87-UHRP, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 250 | 251 | 252 |
| &nbsp;&nbsp;&nbsp; YG8A-7WPP, 33.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 324 | 322 | 321 |
| &nbsp;&nbsp;&nbsp; YG8T-O7R0, 29.790%, 3/03/2026 †§x | Affirm | 3/28/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YG8W-4CW9, 15.840%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 508 | 522 | 522 |
| &nbsp;&nbsp;&nbsp; YG8X-QNHF, 13.840%, 1/03/2027 †§x | Affirm | 1/29/2025 | 1435 | 1484 | 1493 |
| &nbsp;&nbsp;&nbsp; YG8Y-0E8O, 32.500%, 1/05/2026 †§x | Affirm | 1/11/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YG95-ZGYQ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YG9B-3HML, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 220 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; YG9B-FF7O, 33.950%, 1/08/2026 †x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YG9B-RZGZ, 35.780%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 113 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; YG9H-E7X7, 24.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; YGA0-JUE5, 35.540%, 3/25/2026 †x# | Affirm | 9/30/2024 | 1039 | 1077 |  |
| &nbsp;&nbsp;&nbsp; YGAF-ZHLO, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YGAJ-STMJ, 18.000%, 3/20/2026 †§x | Affirm | 9/26/2024 | 1785 | 1814 | 1819 |
| &nbsp;&nbsp;&nbsp; YGAP-0SZU, 32.500%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 123 | 124 | 22 |
| &nbsp;&nbsp;&nbsp; YGAW-LX69, 24.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 75 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; YGB2-ERJR, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YGB9-F8PD, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 103 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; YGBC-H5KI, 21.900%, 9/23/2025 †§x | Affirm | 9/26/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YGBJ-HCK0, 33.050%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 54 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; YGBK-EESC, 35.440%, 12/09/2025 †§x | Affirm | 12/27/2024 | 81 | 81 | 46 |
| &nbsp;&nbsp;&nbsp; YGBM-1SQR, 28.500%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 496 | 513 | 30 |
| &nbsp;&nbsp;&nbsp; YGBM-DQ7F, 29.800%, 3/03/2026 †§x | Affirm | 3/28/2025 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; YGBO-0QS8, 23.400%, 3/19/2026 †§x | Affirm | 9/23/2024 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; YGBP-8SJI, 32.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 1090 | 1101 | 1099 |
| &nbsp;&nbsp;&nbsp; YGBR-BHGS, 35.280%, 9/28/2026 †§x | Affirm | 3/31/2025 | 248 | 246 | 249 |
| &nbsp;&nbsp;&nbsp; YGBV-30WQ, 35.130%, 10/08/2025 †§x | Affirm | 7/31/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YGC9-78KX, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YGC9-UPYC, 33.950%, 1/02/2026 †x# | Affirm | 1/29/2025 | 830 | 868 | 203 |
| &nbsp;&nbsp;&nbsp; YGCG-M3T1, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YGCG-YHGT, 29.730%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YGCH-LMKP, 22.900%, 10/02/2025 †§x | Affirm | 10/07/2024 | 138 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; YGCI-POR0, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YGCJ-1I4F, 25.990%, 7/08/2026 †§x | Affirm | 7/31/2025 | 418 | 437 | 440 |
| &nbsp;&nbsp;&nbsp; YGCJ-WIHN, 35.330%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 133 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YGCL-UYXX, 33.950%, 10/25/2027 †§x# | Affirm | 10/31/2024 | 943 | 966 | 978 |
| &nbsp;&nbsp;&nbsp; YGCM-LO6C, 23.000%, 1/03/2026 †§x | Affirm | 1/29/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; YGCQ-9K1X, 29.440%, 11/19/2024 †x#^ | Affirm | 5/25/2023 | 142 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; YGDE-ELBL, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YGDG-FNZL, 27.990%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1508 | 1546 | 1553 |
| &nbsp;&nbsp;&nbsp; YGDL-5F0J, 22.800%, 2/03/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; YGDQ-XGXQ, 32.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 271 | 276 | 276 |
| &nbsp;&nbsp;&nbsp; YGDV-QFZ3, 25.200%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 151 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; YGE7-EOT1, 33.170%, 11/12/2025 †§x | Affirm | 11/27/2024 | 31 | 31 | 31 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8368** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YGEC-I7I2, 29.650%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | $290 | $277 | $17 |
| &nbsp;&nbsp;&nbsp; YGEI-WSQY, 35.630%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 16 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; YGEY-TXBQ, 11.830%, 10/28/2026 †§x | Affirm | 10/31/2024 | 1115 | 1145 | 1153 |
| &nbsp;&nbsp;&nbsp; YGF0-824H, 29.890%, 7/10/2022 †x#^ | Affirm | 1/21/2022 | 54 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YGF2-6327, 35.360%, 2/27/2026 †§x | Affirm | 8/30/2024 | 298 | 302 | 300 |
| &nbsp;&nbsp;&nbsp; YGF3-YAEM, 30.084%, 7/10/2023 †x#^ | Affirm | 1/13/2023 | 42 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; YGF5-U0SC, 26.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 345 | 360 | 37 |
| &nbsp;&nbsp;&nbsp; YGFA-0J7O, 35.400%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 196 | 193 | 195 |
| &nbsp;&nbsp;&nbsp; YGFI-HLB1, 35.480%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 94 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; YGFT-2VMV, 35.590%, 7/12/2024 †x#^ | Affirm | 4/18/2024 | 66 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; YGFU-BAO5, 29.620%, 3/12/2023 †x#^ | Affirm | 9/15/2022 | 445 | 456 | 27 |
| &nbsp;&nbsp;&nbsp; YGFV-VIPY, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YGFW-5YRT, 27.100%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 653 | 686 | 39 |
| &nbsp;&nbsp;&nbsp; YGFW-SLF9, 29.690%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 88 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YGFY-J7PC, 35.280%, 10/03/2024 †x#^ | Affirm | 7/07/2023 | 434 | 448 | 26 |
| &nbsp;&nbsp;&nbsp; YGFY-R29Q, 35.490%, 10/18/2025 †§x | Affirm | 10/24/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; YGG3-GPPS, 29.650%, 1/24/2024 †x#^ | Affirm | 1/27/2022 | 459 | 424 | 28 |
| &nbsp;&nbsp;&nbsp; YGG3-XN2G, 27.450%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; YGG4-6J3X, 29.600%, 9/20/2028 †§x | Affirm | 9/26/2024 | 1865 | 2002 | 2017 |
| &nbsp;&nbsp;&nbsp; YGG7-2MGM, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; YGGA-DZ5L, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YGGE-JUAB, 15.840%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; YGGH-TXJV, 32.500%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 2169 | 2008 | 130 |
| &nbsp;&nbsp;&nbsp; YGGM-RK2A, 35.700%, 8/11/2026 †§x | Affirm | 2/26/2025 | 665 | 684 | 682 |
| &nbsp;&nbsp;&nbsp; YGGT-ABJI, 29.400%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; YGGW-E9PW, 28.500%, 7/19/2023 †x#^ | Affirm | 7/22/2022 | 30 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; YGGZ-QRPM, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 435 | 443 | 445 |
| &nbsp;&nbsp;&nbsp; YGH1-3ODV, 35.200%, 12/02/2025 †x# | Affirm | 6/27/2025 | 275 | 275 | 70 |
| &nbsp;&nbsp;&nbsp; YGHI-EJCI, 27.100%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 156 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; YGHK-UUYI, 29.490%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 177 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; YGHL-XSSQ, 30.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 699 | 710 | 712 |
| &nbsp;&nbsp;&nbsp; YGHN-FH6L, 22.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; YGHU-XWC6, 24.400%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1497 | 1550 | 1559 |
| &nbsp;&nbsp;&nbsp; YGHV-VFA3, 32.000%, 11/06/2025 †§x | Affirm | 5/30/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YGI3-7UMV, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 254 | 261 | 262 |
| &nbsp;&nbsp;&nbsp; YGIO-TPG7, 35.360%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; YGIR-EK36, 32.500%, 4/17/2026 †§x | Affirm | 4/22/2024 | 30 | 30 | 29 |
| &nbsp;&nbsp;&nbsp; YGJ3-I485, 23.400%, 4/21/2026 †§x | Affirm | 10/25/2024 | 214 | 218 | 217 |
| &nbsp;&nbsp;&nbsp; YGJ6-J6I5, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 762 | 762 | 770 |
| &nbsp;&nbsp;&nbsp; YGJ7-7EFN, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 345 | 353 | 355 |
| &nbsp;&nbsp;&nbsp; YGK2-0TN9, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 109 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; YGK3-NU2N, 13.840%, 10/03/2025 †§x | Affirm | 10/07/2024 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; YGK4-WWKZ, 35.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 173 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; YGK4-X702, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YGK5-AO8I, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 192 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; YGK6-1GXL, 29.630%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 15 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; YGK6-WHSI, 35.570%, 8/21/2025 †x#^ | Affirm | 2/26/2024 | 310 | 310 | 19 |
| &nbsp;&nbsp;&nbsp; YGK7-SJ9Q, 28.500%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 624 | 617 | 37 |
| &nbsp;&nbsp;&nbsp; YGKJ-AY19, 29.200%, 1/03/2027 †§x | Affirm | 1/29/2025 | 1578 | 1560 | 1589 |
| &nbsp;&nbsp;&nbsp; YGKJ-WTTH, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YGL5-HC36, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 341 | 343 | 344 |
| &nbsp;&nbsp;&nbsp; YGL7-9SZN, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YGL7-JDP7, 33.950%, 2/23/2026 †§x | Affirm | 8/29/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YGLG-ERK5, 35.370%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; YGLJ-OKTW, 29.690%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; YGLL-R53G, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 125 | 126 | 126 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8369** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YGM1-IZFT, 35.550%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | $9 | $9 | $1 |
| &nbsp;&nbsp;&nbsp; YGMB-1W20, 29.620%, 2/23/2026 †§x | Affirm | 2/29/2024 | 298 | 301 | 303 |
| &nbsp;&nbsp;&nbsp; YGMC-ANHG, 29.530%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 62 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YGMM-0AB4, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 152 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; YGMQ-PK4M, 28.000%, 11/01/2024 †x#^ | Affirm | 11/04/2022 | 533 | 562 | 32 |
| &nbsp;&nbsp;&nbsp; YGMT-OL2P, 33.050%, 11/21/2025 †§x | Affirm | 5/24/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YGMX-RFLC, 20.900%, 9/28/2025 †x# | Affirm | 10/03/2024 | 201 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; YGN7-JHRV, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 612 | 623 | 625 |
| &nbsp;&nbsp;&nbsp; YGNE-6WND, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; YGNF-937J, 22.980%, 11/01/2025 †x# | Affirm | 11/27/2024 | 129 | 127 | 8 |
| &nbsp;&nbsp;&nbsp; YGNF-KHAF, 35.540%, 9/26/2026 †§x | Affirm | 9/30/2024 | 813 | 807 | 816 |
| &nbsp;&nbsp;&nbsp; YGNQ-HC8W, 34.000%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YGNS-K6DV, 35.360%, 8/23/2024 †x#^ | Affirm | 8/28/2023 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; YGO4-IPCC, 28.000%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 101 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; YGOP-B8JU, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 201 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; YGOU-IN9B, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YGOZ-6BBM, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; YGPG-7QXF, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 496 | 513 | 518 |
| &nbsp;&nbsp;&nbsp; YGPH-LY2C, 33.050%, 12/13/2025 †§x | Affirm | 12/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YGPI-F5QM, 29.000%, 12/27/2022 †x#^ | Affirm | 12/31/2021 | 190 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; YGPP-AHOP, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp; YGQ5-GIF8, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 132 | 138 | 13 |
| &nbsp;&nbsp;&nbsp; YGQ9-E7LA, 14.700%, 9/20/2027 †x | Affirm | 9/26/2024 | 3699 | 3809 | 3833 |
| &nbsp;&nbsp;&nbsp; YGQL-64HI, 15.840%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 392 | 411 | 24 |
| &nbsp;&nbsp;&nbsp; YGQM-9HRJ, 35.610%, 7/13/2026 †x# | Affirm | 1/29/2025 | 611 | 631 | 134 |
| &nbsp;&nbsp;&nbsp; YGQO-HERT, 29.810%, 7/03/2026 †§x | Affirm | 1/29/2025 | 312 | 321 | 319 |
| &nbsp;&nbsp;&nbsp; YGQP-T5OQ, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 99 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YGR5-5CBX, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 184 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; YGR6-UM25, 29.710%, 4/03/2023 †x#^ | Affirm | 10/06/2022 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YGR6-XK06, 33.050%, 4/15/2027 †x# | Affirm | 4/18/2024 | 1587 | 1629 | 300 |
| &nbsp;&nbsp;&nbsp; YGR7-A15B, 35.260%, 2/20/2025 †x#^ | Affirm | 8/23/2024 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; YGRI-U96L, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YGRJ-ZB1G, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 323 | 337 | 335 |
| &nbsp;&nbsp;&nbsp; YGRK-P4GU, 29.350%, 11/05/2023 †x#^ | Affirm | 5/11/2023 | 248 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; YGRV-2MB5, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YGRX-S7XE, 35.420%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 103 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; YGS6-Z3EF, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 206 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; YGS9-60WG, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YGS9-EU3D, 22.530%, 2/06/2026 †§x | Affirm | 8/29/2025 | 306 | 313 | 313 |
| &nbsp;&nbsp;&nbsp; YGSG-6UPQ, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; YGSH-40BJ, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 123 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; YGSH-SKEU, 29.590%, 10/25/2027 †§x | Affirm | 10/31/2024 | 770 | 788 | 798 |
| &nbsp;&nbsp;&nbsp; YGSN-L8VB, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 248 | 250 | 248 |
| &nbsp;&nbsp;&nbsp; YGSQ-CVDW, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 443 | 457 | 461 |
| &nbsp;&nbsp;&nbsp; YGT1-FLDX, 35.220%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 136 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; YGT7-RGKX, 26.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 63 | 63 | 17 |
| &nbsp;&nbsp;&nbsp; YGT8-8QIK, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 808 | 829 | 834 |
| &nbsp;&nbsp;&nbsp; YGTB-UO9S, 29.450%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 304 | 301 | 18 |
| &nbsp;&nbsp;&nbsp; YGTH-HK3W, 30.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; YGTT-P2QP, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 49 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YGTW-92C7, 29.450%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 742 | 768 | 45 |
| &nbsp;&nbsp;&nbsp; YGTX-0SZF, 35.420%, 12/07/2025 †§x | Affirm | 12/11/2023 | 157 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; YGTY-YWJ3, 35.480%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YGUG-WU8P, 25.000%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 89 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YGUQ-RM1M, 33.050%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 136 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; YGV5-PDNE, 35.410%, 10/28/2025 †§x | Affirm | 10/31/2024 | 39 | 39 | 39 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8370** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YGV8-X1WH, 33.950%, 2/23/2026 †x# | Affirm | 8/29/2024 | $328 | $349 | $20 |
| &nbsp;&nbsp;&nbsp; YGV9-K1N2, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YGVG-U8XP, 15.630%, 1/22/2025 †x#^ | Affirm | 7/25/2024 | 267 | 275 | 16 |
| &nbsp;&nbsp;&nbsp; YGW1-4HMC, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YGW3-TNI3, 33.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 257 | 256 | 256 |
| &nbsp;&nbsp;&nbsp; YGW4-O5L9, 22.770%, 2/10/2027 †§x | Affirm | 2/26/2025 | 693 | 726 | 732 |
| &nbsp;&nbsp;&nbsp; YGW6-7NFP, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YGWC-2PYH, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 405 | 422 | 426 |
| &nbsp;&nbsp;&nbsp; YGWI-8QUS, 29.890%, 7/28/2022 †x#^ | Affirm | 2/03/2022 | 69 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YGWN-NZD2, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YGWR-VZDI, 30.000%, 5/28/2022 †x#^ | Affirm | 3/03/2022 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; YGXD-BOFD, 15.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 70 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YGXQ-9MY9, 29.620%, 3/12/2024 †x#^ | Affirm | 9/15/2022 | 174 | 182 | 10 |
| &nbsp;&nbsp;&nbsp; YGXR-7TUJ, 35.300%, 3/28/2025 †x#^ | Affirm | 4/01/2024 | 246 | 247 | 15 |
| &nbsp;&nbsp;&nbsp; YGXT-MIP8, 22.640%, 10/02/2024 †x#^ | Affirm | 4/05/2024 | 472 | 484 | 28 |
| &nbsp;&nbsp;&nbsp; YGY3-SJDV, 20.900%, 1/04/2026 †§x# | Affirm | 1/08/2024 | 419 | 423 | 421 |
| &nbsp;&nbsp;&nbsp; YGY7-5GXN, 30.000%, 8/13/2023 †x#^ | Affirm | 2/16/2023 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; YGY9-3VWX, 28.000%, 1/05/2025 †x#^ | Affirm | 1/09/2023 | 901 | 950 | 54 |
| &nbsp;&nbsp;&nbsp; YGYN-K167, 35.400%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; YGYX-Z2KV, 33.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 82 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; YGZ1-HOXJ, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YGZ4-YVS3, 29.810%, 7/02/2026 †§x | Affirm | 1/29/2025 | 177 | 181 | 182 |
| &nbsp;&nbsp;&nbsp; YGZ6-4B3W, 29.630%, 6/22/2022 †x#^ | Affirm | 12/27/2021 | 28 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; YGZK-2P82, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YH0J-6V5R, 20.900%, 5/08/2026 †§x | Affirm | 5/11/2023 | 576 | 587 | 589 |
| &nbsp;&nbsp;&nbsp; YH0K-250F, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 1159 | 1181 | 70 |
| &nbsp;&nbsp;&nbsp; YH0L-WA2K, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 248 | 259 | 261 |
| &nbsp;&nbsp;&nbsp; YH1C-UYRC, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 206 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; YH1L-K7FZ, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YH1M-UAON, 29.820%, 4/03/2026 †x# | Affirm | 2/26/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YH1Q-8S7G, 35.370%, 11/22/2024 †x#^ | Affirm | 8/25/2023 | 1117 | 1048 | 67 |
| &nbsp;&nbsp;&nbsp; YH1W-AUVT, 15.770%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 15 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; YH23-8TMB, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YH26-IT23, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 171 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; YH29-XO4W, 35.260%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; YH2H-124M, 32.840%, 3/20/2026 †x# | Affirm | 3/28/2025 | 106 | 106 |  |
| &nbsp;&nbsp;&nbsp; YH2M-3FM5, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1224 | 1215 | 1212 |
| &nbsp;&nbsp;&nbsp; YH2M-GNGA, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YH34-3S8I, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; YH39-F3R3, 15.790%, 1/02/2026 †§x | Affirm | 1/29/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; YH3B-LNWM, 30.950%, 9/20/2025 †§x | Affirm | 9/26/2024 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; YH3J-SKWZ, 35.490%, 9/25/2025 †§x | Affirm | 9/30/2024 | 132 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; YH3R-OE1E, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 190 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; YH3S-TE9X, 30.938%, 8/22/2026 †x# | Affirm | 8/26/2024 | 2584 | 2648 | 2670 |
| &nbsp;&nbsp;&nbsp; YH40-E3D8, 15.840%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 101 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YH43-4KGA, 33.950%, 12/24/2025 †§x | Affirm | 6/27/2024 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; YH45-ABJA, 32.900%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YH46-6T2D, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YH4H-G6AD, 35.000%, 8/26/2024 †x#^ | Affirm | 2/29/2024 | 120 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; YH4R-DHWI, 35.380%, 12/29/2024 †x#^ | Affirm | 1/05/2024 | 136 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; YH4Y-MPQ4, 14.700%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 368 | 393 | 22 |
| &nbsp;&nbsp;&nbsp; YH53-XAFU, 31.500%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 247 | 255 | 15 |
| &nbsp;&nbsp;&nbsp; YH57-5V7S, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1287 | 1309 | 1302 |
| &nbsp;&nbsp;&nbsp; YH59-0G5X, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 264 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; YH5C-TDGQ, 10.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 868 | 888 | 892 |
| &nbsp;&nbsp;&nbsp; YH5F-NNYB, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 13 | 14 | 13 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8371** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YH5O-9KVV, 33.050%, 11/06/2025 †§x | Affirm | 8/29/2025 | $60 | $60 | $60 |
| &nbsp;&nbsp;&nbsp; YH5O-PILJ, 35.870%, 7/03/2023 †x#^ | Affirm | 1/06/2023 | 231 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; YH5T-SITE, 24.830%, 3/03/2026 †x# | Affirm | 3/28/2025 | 111 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; YH5V-B6EY, 32.000%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 219 | 225 | 219 |
| &nbsp;&nbsp;&nbsp; YH5W-9THV, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 90 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YH5X-0OAF, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 99 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; YH5Y-16UI, 33.950%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 113 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; YH5Z-COHX, 29.660%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 91 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; YH64-6CRX, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 440 | 448 | 278 |
| &nbsp;&nbsp;&nbsp; YH6B-2A2H, 33.950%, 10/15/2025 †§x | Affirm | 4/18/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YH6K-4JWZ, 17.900%, 10/24/2025 †§x | Affirm | 10/28/2024 | 176 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; YH6M-CBGO, 35.460%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YH6R-X5X7, 35.420%, 12/18/2025 †§x | Affirm | 12/27/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YH6X-6XLQ, 29.700%, 11/14/2025 †§x | Affirm | 11/27/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YH6Y-W1FL, 35.530%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 140 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; YH75-VYR7, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; YH76-9J8K, 35.320%, 10/05/2025 †§x | Affirm | 10/10/2023 | 91 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; YH77-7W8V, 33.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 123 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; YH79-PSUU, 32.000%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 93 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; YH7B-F8DB, 35.320%, 5/03/2025 †x#^ | Affirm | 5/13/2024 | 378 | 379 | 23 |
| &nbsp;&nbsp;&nbsp; YH7H-9YLB, 28.500%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 95 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; YH7I-A3Q1, 29.920%, 7/10/2022 †x#^ | Affirm | 1/13/2022 | 124 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; YH7J-865D, 33.050%, 1/08/2026 †x# | Affirm | 1/29/2025 | 90 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; YH7M-PRH5, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 81 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YH7T-P5MI, 33.000%, 1/27/2026 †§x# | Affirm | 2/26/2025 | 602 | 597 | 606 |
| &nbsp;&nbsp;&nbsp; YH7V-0GOQ, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YH87-8VRM, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 108 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; YH89-EZW7, 35.540%, 9/26/2026 †x# | Affirm | 9/30/2024 | 2071 | 2161 |  |
| &nbsp;&nbsp;&nbsp; YH8H-T5I8, 29.650%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 133 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YH8Z-UNUP, 20.900%, 2/28/2026 †§x# | Affirm | 3/04/2024 | 209 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; YH94-0CWG, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YH96-D0EC, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 233 | 236 | 235 |
| &nbsp;&nbsp;&nbsp; YH98-W1JL, 18.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 311 | 311 | 314 |
| &nbsp;&nbsp;&nbsp; YH9B-MRN7, 35.270%, 9/28/2025 †§x | Affirm | 3/31/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YH9H-S1EP, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 210 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; YH9L-1FQQ, 32.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 327 | 338 | 342 |
| &nbsp;&nbsp;&nbsp; YH9R-PGIB, 22.750%, 11/06/2026 †§x | Affirm | 5/30/2025 | 657 | 681 | 687 |
| &nbsp;&nbsp;&nbsp; YH9V-IX7S, 29.680%, 11/08/2022 †x#^ | Affirm | 11/15/2021 | 58 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; YH9W-C19H, 29.610%, 11/03/2024 †x#^ | Affirm | 11/10/2022 | 356 | 376 | 21 |
| &nbsp;&nbsp;&nbsp; YHA3-13S5, 29.650%, 5/08/2023 †x#^ | Affirm | 11/15/2021 | 195 | 186 | 12 |
| &nbsp;&nbsp;&nbsp; YHA6-O26M, 26.900%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YHAM-C3YR, 11.880%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 370 | 377 | 22 |
| &nbsp;&nbsp;&nbsp; YHAM-GEQG, 15.830%, 7/13/2026 †§x | Affirm | 1/29/2025 | 195 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; YHB6-EJHU, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 137 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; YHB9-MVGD, 11.860%, 1/02/2026 †x# | Affirm | 7/05/2024 | 186 | 197 | 11 |
| &nbsp;&nbsp;&nbsp; YHBC-5H51, 35.400%, 7/04/2025 †x#^ | Affirm | 1/08/2024 | 250 | 250 | 15 |
| &nbsp;&nbsp;&nbsp; YHBC-GIQ2, 22.630%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 616 | 647 | 37 |
| &nbsp;&nbsp;&nbsp; YHBD-57OZ, 26.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YHBD-UJCK, 9.770%, 11/06/2025 †§x | Affirm | 5/30/2025 | 144 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; YHBQ-8R02, 13.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 168 | 168 | 169 |
| &nbsp;&nbsp;&nbsp; YHC0-L9OQ, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 238 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; YHC6-WCUT, 28.000%, 10/24/2024 †x#^ | Affirm | 10/27/2022 | 2130 | 2299 | 128 |
| &nbsp;&nbsp;&nbsp; YHC7-3V41, 22.710%, 9/19/2026 †x# | Affirm | 9/23/2024 | 1764 | 1743 | 106 |
| &nbsp;&nbsp;&nbsp; YHCA-KBOH, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 163 | 162 | 99 |
| &nbsp;&nbsp;&nbsp; YHCG-SXJX, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 937 | 955 | 56 |
| &nbsp;&nbsp;&nbsp; YHD1-XQ4Z, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8372** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YHDA-APR 1, 33.000%, 6/19/2026 †§x | Affirm | 12/27/2024 | $347 | $346 | $348 |
| &nbsp;&nbsp;&nbsp; YHDA-ZCR3, 26.700%, 7/23/2026 †§x | Affirm | 7/26/2024 | 454 | 465 | 469 |
| &nbsp;&nbsp;&nbsp; YHDC-T13R, 28.500%, 4/11/2024 †x#^ | Affirm | 10/14/2022 | 249 | 261 | 15 |
| &nbsp;&nbsp;&nbsp; YHDE-Z3BZ, 22.900%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YHDG-I36L, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 74 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; YHDI-6CJ4, 8.736%, 12/29/2022 †x#^« | Affirm | 7/05/2022 | 567 | 545 | 34 |
| &nbsp;&nbsp;&nbsp; YHDW-A8DN, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YHEB-7VT0, 35.390%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 230 | 231 | 14 |
| &nbsp;&nbsp;&nbsp; YHEQ-2QOY, 35.560%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 23 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; YHEQ-70WZ, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; YHEX-ZUB2, 29.500%, 6/02/2026 †§x | Affirm | 6/27/2025 | 245 | 255 | 258 |
| &nbsp;&nbsp;&nbsp; YHF4-EBZX, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 455 | 463 | 465 |
| &nbsp;&nbsp;&nbsp; YHF4-HH08, 35.550%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YHFU-9JNM, 33.950%, 4/18/2026 †§x | Affirm | 10/24/2024 | 273 | 279 | 279 |
| &nbsp;&nbsp;&nbsp; YHFV-2UYV, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; YHFZ-8UNM, 30.950%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 491 | 508 | 509 |
| &nbsp;&nbsp;&nbsp; YHG9-SXGC, 22.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YHGL-ALTO, 29.550%, 2/26/2026 †x# | Affirm | 8/29/2024 | 211 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; YHH5-DI33, 17.700%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 107 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; YHHF-OVPY, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 434 | 454 | 458 |
| &nbsp;&nbsp;&nbsp; YHHP-ZPKH, 35.570%, 7/13/2026 †§x | Affirm | 1/29/2025 | 214 | 218 | 217 |
| &nbsp;&nbsp;&nbsp; YHHQ-W10Z, 29.500%, 1/08/2027 †§x | Affirm | 7/31/2025 | 253 | 267 | 266 |
| &nbsp;&nbsp;&nbsp; YHHR-HSFN, 35.470%, 11/15/2026 †§x | Affirm | 11/27/2024 | 686 | 685 | 694 |
| &nbsp;&nbsp;&nbsp; YHHT-YJFV, 35.670%, 7/03/2024 †x#^ | Affirm | 1/08/2024 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YHHT-Z89F, 28.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 54 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YHHV-2ODA, 29.680%, 6/28/2022 †x#^ | Affirm | 1/03/2022 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; YHHY-YNZF, 35.660%, 1/02/2026 †§x | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YHIA-PILI, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 505 | 525 | 530 |
| &nbsp;&nbsp;&nbsp; YHID-OGEP, 21.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 159 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; YHIT-R63P, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 186 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; YHJ4-DL9Q, 35.450%, 10/10/2025 †§x | Affirm | 4/15/2024 | 107 | 107 | 106 |
| &nbsp;&nbsp;&nbsp; YHJF-I9BI, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YHJH-0YP8, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 183 | 186 | 187 |
| &nbsp;&nbsp;&nbsp; YHJJ-2XI9, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YHJM-F4L9, 29.460%, 7/08/2026 †§x | Affirm | 7/31/2025 | 114 | 119 | 118 |
| &nbsp;&nbsp;&nbsp; YHJM-F4T8, 29.570%, 1/08/2026 †§x | Affirm | 1/11/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; YHJO-E09O, 35.560%, 11/15/2026 †x# | Affirm | 11/27/2024 | 400 | 398 |  |
| &nbsp;&nbsp;&nbsp; YHJZ-7X9Z, 29.630%, 3/23/2026 †x# | Affirm | 9/26/2024 | 139 | 147 |  |
| &nbsp;&nbsp;&nbsp; YHK2-WPRK, 28.990%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 95 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; YHK4-26DA, 28.980%, 2/21/2025 †x#^ | Affirm | 8/24/2023 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; YHKA-ZID3, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 777 | 772 | 34 |
| &nbsp;&nbsp;&nbsp; YHKK-GG8P, 22.900%, 5/08/2026 †§x | Affirm | 5/11/2023 | 940 | 959 | 961 |
| &nbsp;&nbsp;&nbsp; YHKN-VLXG, 15.760%, 6/17/2026 †§x | Affirm | 6/21/2024 | 462 | 472 | 474 |
| &nbsp;&nbsp;&nbsp; YHKO-X2P4, 11.870%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 52 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; YHKR-9HT3, 28.000%, 10/19/2025 †§x | Affirm | 10/24/2022 | 200 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; YHKU-AW24, 29.510%, 6/15/2025 †x#^ | Affirm | 6/20/2023 | 896 | 892 | 54 |
| &nbsp;&nbsp;&nbsp; YHKY-2FTC, 33.050%, 10/28/2025 †x# | Affirm | 5/02/2024 | 109 | 114 | 9 |
| &nbsp;&nbsp;&nbsp; YHKZ-787L, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YHL1-8QYH, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; YHL1-EPK6, 25.900%, 12/11/2025 †§x | Affirm | 12/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YHLB-5N8N, 11.790%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 153 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; YHLM-LS5E, 35.810%, 7/13/2026 †§x | Affirm | 1/29/2025 | 445 | 442 | 446 |
| &nbsp;&nbsp;&nbsp; YHLQ-IX5A, 22.530%, 9/20/2025 †§x | Affirm | 3/28/2025 | 164 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; YHLQ-MTNY, 22.750%, 9/17/2025 †x# | Affirm | 9/20/2024 | 64 | 66 | 14 |
| &nbsp;&nbsp;&nbsp; YHLV-ACHD, 29.990%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YHLW-I7SG, 31.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 266 | 273 | 274 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8373** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YHM8-MZEE, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | $72 | $73 | $73 |
| &nbsp;&nbsp;&nbsp; YHM9-19JS, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YHM9-4S67, 24.400%, 7/03/2026 †x# | Affirm | 1/29/2025 | 270 | 280 | 19 |
| &nbsp;&nbsp;&nbsp; YHMG-27HS, 33.950%, 1/03/2028 †§x# | Affirm | 1/29/2025 | 870 | 891 | 902 |
| &nbsp;&nbsp;&nbsp; YHMT-HW1T, 29.650%, 3/05/2024 †x#^ | Affirm | 9/08/2023 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YHMU-RKJF, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 350 | 345 | 343 |
| &nbsp;&nbsp;&nbsp; YHMV-8JIR, 35.770%, 2/06/2026 †x# | Affirm | 2/26/2025 | 801 | 793 |  |
| &nbsp;&nbsp;&nbsp; YHN5-R56V, 29.630%, 3/16/2026 †§x# | Affirm | 9/19/2024 | 285 | 292 | 291 |
| &nbsp;&nbsp;&nbsp; YHNI-AF58, 33.140%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; YHNL-OE34, 35.400%, 6/28/2025 †x#^ | Affirm | 7/07/2023 | 387 | 392 | 33 |
| &nbsp;&nbsp;&nbsp; YHNW-BXKX, 27.950%, 1/06/2026 †x# | Affirm | 1/29/2025 | 178 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; YHOM-F79B, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YHOR-0MQ6, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 147 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; YHOR-5BF1, 24.780%, 10/03/2025 †§x | Affirm | 10/07/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YHOS-BLDT, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YHOT-DNX7, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 366 | 365 | 366 |
| &nbsp;&nbsp;&nbsp; YHP2-NWIU, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 230 | 233 | 232 |
| &nbsp;&nbsp;&nbsp; YHPA-HICP, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; YHPB-RM63, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YHPE-40C1, 35.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 106 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YHPE-CLJN, 35.460%, 12/16/2025 †§x | Affirm | 12/27/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YHPL-BP5P, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 714 | 703 | 701 |
| &nbsp;&nbsp;&nbsp; YHPP-HCS2, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 326 | 334 | 336 |
| &nbsp;&nbsp;&nbsp; YHPZ-RUGW, 33.010%, 8/22/2025 †x#^ | Affirm | 8/26/2024 | 505 | 508 | 30 |
| &nbsp;&nbsp;&nbsp; YHQ3-A786, 29.440%, 11/25/2024 †x#^ | Affirm | 5/30/2023 | 278 | 280 | 17 |
| &nbsp;&nbsp;&nbsp; YHQ8-SJHL, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 261 | 264 | 264 |
| &nbsp;&nbsp;&nbsp; YHQH-NFRI, 30.950%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YHQL-3MU0, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 450 | 458 | 458 |
| &nbsp;&nbsp;&nbsp; YHQL-9V81, 13.840%, 9/12/2025 †§x | Affirm | 3/15/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YHQL-D5PM, 15.740%, 6/06/2024 †x#^ | Affirm | 12/11/2023 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; YHQS-WQC3, 25.500%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YHQU-SHWS, 11.810%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 23 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; YHQV-D45L, 35.480%, 4/24/2026 †x# | Affirm | 10/28/2024 | 466 | 458 | 28 |
| &nbsp;&nbsp;&nbsp; YHQY-9T6F, 30.450%, 11/28/2026 †§x# | Affirm | 6/27/2025 | 1387 | 1295 | 1297 |
| &nbsp;&nbsp;&nbsp; YHR0-SOOW, 35.360%, 4/28/2026 †§x# | Affirm | 5/03/2024 | 265 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; YHRH-ID83, 22.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 446 | 438 | 83 |
| &nbsp;&nbsp;&nbsp; YHRK-034E, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YHRK-H4LF, 24.660%, 10/28/2025 †§x | Affirm | 10/31/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YHRQ-52PL, 29.570%, 1/04/2025 †x#^ | Affirm | 1/09/2023 | 97 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; YHRX-3L75, 32.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1598 | 1666 | 1658 |
| &nbsp;&nbsp;&nbsp; YHRZ-L761, 9.810%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 977 | 965 | 59 |
| &nbsp;&nbsp;&nbsp; YHSK-GSDI, 35.570%, 9/16/2025 †§x# | Affirm | 9/19/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YHSK-I95B, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 228 | 228 | 226 |
| &nbsp;&nbsp;&nbsp; YHSM-9G58, 22.900%, 3/28/2026 †§x# | Affirm | 4/03/2023 | 612 | 622 | 625 |
| &nbsp;&nbsp;&nbsp; YHTD-EFUV, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YHTG-2BIT, 29.650%, 4/28/2024 †x#^ | Affirm | 10/06/2022 | 443 | 464 | 27 |
| &nbsp;&nbsp;&nbsp; YHTO-EGD7, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 306 | 312 | 310 |
| &nbsp;&nbsp;&nbsp; YHTX-5WFL, 24.640%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 94 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YHUA-YQQW, 15.810%, 2/21/2025 †x#^ | Affirm | 2/26/2024 | 520 | 521 | 31 |
| &nbsp;&nbsp;&nbsp; YHUG-5B93, 29.600%, 12/16/2023 †x#^ | Affirm | 12/20/2021 | 553 | 597 | 33 |
| &nbsp;&nbsp;&nbsp; YHUS-HWJ0, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YHV4-VWV0, 35.290%, 5/24/2024 †x#^ | Affirm | 5/30/2023 | 645 | 631 | 39 |
| &nbsp;&nbsp;&nbsp; YHV4-YCPQ, 29.080%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 149 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; YHVD-1L2C, 33.050%, 11/06/2025 †§x | Affirm | 8/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YHVD-H41D, 35.710%, 9/03/2026 †§x | Affirm | 3/28/2025 | 1084 | 1064 | 1080 |
| &nbsp;&nbsp;&nbsp; YHVL-TZNH, 29.340%, 11/12/2022 †x#^ | Affirm | 5/16/2022 | 2698 | 2742 | 162 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8374** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YHVN-KCT7, 29.560%, 11/22/2025 †x# | Affirm | 11/27/2023 | $643 | $646 | $39 |
| &nbsp;&nbsp;&nbsp; YHVW-JCI2, 33.050%, 11/15/2025 †x# | Affirm | 11/27/2024 | 112 | 117 | 26 |
| &nbsp;&nbsp;&nbsp; YHW1-XQX1, 22.750%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 25 | 26 | 3 |
| &nbsp;&nbsp;&nbsp; YHW9-41VA, 35.540%, 1/08/2026 †x# | Affirm | 1/29/2025 | 123 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; YHWM-9FJK, 29.490%, 9/13/2025 †§x | Affirm | 3/18/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YHX1-26JE, 18.000%, 9/28/2026 †§x | Affirm | 3/31/2025 | 215 | 223 | 224 |
| &nbsp;&nbsp;&nbsp; YHXA-4AG0, 23.400%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 246 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; YHXC-8QA7, 29.710%, 3/03/2027 †§x# | Affirm | 3/28/2025 | 514 | 539 | 543 |
| &nbsp;&nbsp;&nbsp; YHXH-KXTR, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YHXO-RRY7, 32.500%, 11/24/2023 †x#^ | Affirm | 5/30/2023 | 57 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YHXT-JLA9, 29.440%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 262 | 268 | 268 |
| &nbsp;&nbsp;&nbsp; YHYB-AB9Q, 9.652%, 7/14/2023 †x#^« | Affirm | 7/18/2022 | 421 | 384 | 25 |
| &nbsp;&nbsp;&nbsp; YHYB-VPNN, 35.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 123 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; YHYH-958A, 35.990%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YHYL-TOLF, 30.950%, 5/15/2026 †x# | Affirm | 11/27/2024 | 1283 | 1337 | 77 |
| &nbsp;&nbsp;&nbsp; YHYO-31AN, 9.850%, 2/26/2026 †§x | Affirm | 8/29/2024 | 359 | 364 | 365 |
| &nbsp;&nbsp;&nbsp; YHYZ-VYSU, 20.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 283 | 293 | 296 |
| &nbsp;&nbsp;&nbsp; YHZ1-7CK1, 15.760%, 6/02/2026 †§x | Affirm | 6/27/2025 | 335 | 348 | 351 |
| &nbsp;&nbsp;&nbsp; YHZ9-N57U, 35.540%, 12/12/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YHZC-L1RW, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 466 | 472 | 474 |
| &nbsp;&nbsp;&nbsp; YHZL-JRLS, 35.170%, 9/28/2025 †§x | Affirm | 3/31/2025 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; YHZP-CZF2, 24.400%, 11/12/2025 †§x | Affirm | 11/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YHZW-ONIJ, 18.000%, 6/17/2026 †§x | Affirm | 6/21/2024 | 285 | 291 | 292 |
| &nbsp;&nbsp;&nbsp; YI05-PBYG, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1064 | 1048 | 1059 |
| &nbsp;&nbsp;&nbsp; YI09-WN0U, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YI0F-GZJC, 29.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 523 | 532 | 529 |
| &nbsp;&nbsp;&nbsp; YI0F-R9ZJ, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 1355 | 1381 | 81 |
| &nbsp;&nbsp;&nbsp; YI0P-48XN, 29.710%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 523 | 547 | 31 |
| &nbsp;&nbsp;&nbsp; YI0Q-9GS4, 13.776%, 3/23/2025 †x#^« | Affirm | 9/26/2024 | 175 | 164 | 11 |
| &nbsp;&nbsp;&nbsp; YI0Q-BBIT, 29.710%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 98 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YI0Y-D9OG, 29.670%, 9/26/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YI0Z-GKHV, 15.940%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1274 | 1332 | 76 |
| &nbsp;&nbsp;&nbsp; YI10-77N1, 32.500%, 9/17/2025 †x# | Affirm | 9/20/2024 | 325 | 338 | 20 |
| &nbsp;&nbsp;&nbsp; YI18-52WI, 29.470%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 185 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; YI19-KBMT, 14.700%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YI1I-O7B3, 27.500%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 114 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; YI1Q-G8BC, 29.420%, 4/03/2024 †x#^ | Affirm | 10/06/2023 | 72 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; YI2B-TMZD, 32.500%, 9/24/2026 †§x# | Affirm | 9/27/2024 | 458 | 455 | 127 |
| &nbsp;&nbsp;&nbsp; YI2F-3Q3N, 29.740%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 176 | 169 | 11 |
| &nbsp;&nbsp;&nbsp; YI2M-4IM4, 35.390%, 10/04/2024 †x#^ | Affirm | 4/08/2024 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; YI2R-WO6O, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 155 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; YI2U-7XZU, 28.000%, 10/11/2025 †x# | Affirm | 10/14/2022 | 1040 | 1138 | 104 |
| &nbsp;&nbsp;&nbsp; YI31-Q3NR, 29.500%, 11/12/2024 †x#^ | Affirm | 6/15/2023 | 138 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; YI33-FC1H, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 143 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; YI39-6VOW, 29.480%, 2/25/2025 †x#^ | Affirm | 9/01/2023 | 354 | 378 | 21 |
| &nbsp;&nbsp;&nbsp; YI39-AMFN, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1062 | 1091 | 1098 |
| &nbsp;&nbsp;&nbsp; YI3A-95RT, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 136 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; YI3C-02U2, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 210 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; YI3E-62BC, 29.600%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 155 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; YI3F-ZKPU, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 89 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YI3T-891F, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 45 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; YI3T-D5IM, 26.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 158 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; YI3V-ICRO, 29.390%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YI3Y-P7ZU, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YI3Z-RRKO, 33.150%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YI45-OAKQ, 35.450%, 1/02/2026 †§x | Affirm | 1/29/2025 | 97 | 98 | 98 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8375** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YI46-G9OG, 15.770%, 10/23/2025 †§x | Affirm | 10/28/2024 | $34 | $34 | $34 |
| &nbsp;&nbsp;&nbsp; YI4J-WY30, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YI4L-VL2D, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 181 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; YI4O-VQVI, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YI4Q-HMUK, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; YI4U-8533, 33.050%, 1/06/2026 †x# | Affirm | 1/29/2025 | 198 | 208 | 13 |
| &nbsp;&nbsp;&nbsp; YI4X-LZ3X, 21.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 150 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; YI4Z-3RZJ, 9.860%, 2/06/2026 †§x | Affirm | 8/29/2025 | 58 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YI59-MCAN, 29.560%, 10/02/2025 †§x | Affirm | 10/05/2023 | 90 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YI5B-GD71, 35.000%, 9/28/2025 †x# | Affirm | 10/03/2024 | 341 | 313 | 20 |
| &nbsp;&nbsp;&nbsp; YI5H-3Q7J, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YI5J-WMQZ, 28.000%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 193 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; YI5N-4AAS, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YI5N-ZEHE, 20.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 2695 | 2740 | 2729 |
| &nbsp;&nbsp;&nbsp; YI5R-B131, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YI5U-ADHZ, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 136 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; YI63-WYLV, 32.500%, 1/02/2028 †x | Affirm | 1/29/2025 | 2187 | 2146 | 2180 |
| &nbsp;&nbsp;&nbsp; YI6F-YWDF, 28.000%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 198 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; YI6J-Y99I, 22.750%, 9/06/2027 †§x | Affirm | 9/11/2023 | 1050 | 1133 | 1110 |
| &nbsp;&nbsp;&nbsp; YI6L-EIR8, 29.790%, 5/04/2023 †x#^ | Affirm | 11/10/2022 | 75 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; YI6W-CG8T, 6.057%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 672 | 643 | 642 |
| &nbsp;&nbsp;&nbsp; YI6Z-WTNA, 33.950%, 9/24/2025 †§x | Affirm | 9/27/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YI70-LOKA, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 178 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; YI74-7UEH, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 175 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; YI74-YDPM, 22.750%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 921 | 942 | 948 |
| &nbsp;&nbsp;&nbsp; YI7C-2WZT, 35.520%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; YI7G-R4WR, 32.500%, 1/08/2026 †§x | Affirm | 1/29/2025 | 389 | 393 | 392 |
| &nbsp;&nbsp;&nbsp; YI7Q-KVQE, 23.400%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 111 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; YI8O-6WPR, 29.620%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 249 | 253 | 138 |
| &nbsp;&nbsp;&nbsp; YI8Z-ITEX, 35.360%, 4/15/2026 †§x# | Affirm | 4/18/2024 | 203 | 203 | 205 |
| &nbsp;&nbsp;&nbsp; YI92-RHL8, 33.000%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 244 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; YI9L-NQT0, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 82 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; YI9O-Z58Y, 15.860%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YIA2-Y7SD, 29.680%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 147 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YIA6-RLWQ, 30.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YIAA-P6KI, 33.950%, 10/01/2025 †§x | Affirm | 10/04/2024 | 42 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; YIAD-C110, 26.500%, 11/12/2022 †x#^ | Affirm | 5/16/2022 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; YIAE-S8KJ, 35.420%, 6/28/2025 †x#^ | Affirm | 7/05/2024 | 9 | 9 |  |
| &nbsp;&nbsp;&nbsp; YIAI-KCYI, 35.950%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 118 | 121 | 3 |
| &nbsp;&nbsp;&nbsp; YIAI-LD43, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 159 | 157 | 156 |
| &nbsp;&nbsp;&nbsp; YIAJ-809H, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YIAW-WW6T, 35.710%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 180 | 178 | 180 |
| &nbsp;&nbsp;&nbsp; YIAX-ITBO, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 130 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; YIC1-121N, 35.320%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; YIC8-S0CI, 29.490%, 6/05/2024 †x#^ | Affirm | 12/08/2023 | 90 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YICJ-M693, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 496 | 505 | 30 |
| &nbsp;&nbsp;&nbsp; YICV-JRD7, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 173 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; YICX-OXFE, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; YICY-NONR, 29.000%, 11/24/2022 †x#^ | Affirm | 5/27/2022 | 114 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; YID1-9XI0, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YIDB-Z37A, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 267 | 273 | 274 |
| &nbsp;&nbsp;&nbsp; YIDD-RM29, 29.650%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 311 | 297 | 19 |
| &nbsp;&nbsp;&nbsp; YIDE-FVM4, 11.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; YIDI-48DU, 15.760%, 9/06/2025 †§x | Affirm | 9/11/2023 | 269 | 269 | 269 |
| &nbsp;&nbsp;&nbsp; YIDK-VZSF, 15.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YIDL-D9QW, 33.950%, 12/24/2025 †x# | Affirm | 6/27/2024 | 221 | 235 | 13 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8376** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YIDO-7MQI, 8.580%, 5/21/2025 †x#^« | Affirm | 5/24/2024 | $744 | $686 | $45 |
| &nbsp;&nbsp;&nbsp; YIDR-EOJ6, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 66 | 67 | 12 |
| &nbsp;&nbsp;&nbsp; YIDU-VIM3, 22.200%, 1/18/2026 †§x | Affirm | 1/23/2023 | 436 | 442 | 443 |
| &nbsp;&nbsp;&nbsp; YIED-7M9O, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YIEH-E32D, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 122 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; YIEI-5UCE, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 324 | 327 | 328 |
| &nbsp;&nbsp;&nbsp; YIEL-WJVS, 35.540%, 5/20/2024 †x#^ | Affirm | 11/24/2023 | 92 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; YIEO-YJRA, 35.540%, 12/28/2025 †§x | Affirm | 1/29/2025 | 52 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YIEP-LOO3, 35.610%, 11/20/2025 †x# | Affirm | 11/27/2024 | 170 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; YIFE-DSBM, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 326 | 336 | 337 |
| &nbsp;&nbsp;&nbsp; YIFX-32P6, 35.540%, 12/18/2025 †§x | Affirm | 12/27/2024 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YIFX-LBI1, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 416 | 425 | 428 |
| &nbsp;&nbsp;&nbsp; YIGA-M1MO, 29.570%, 11/17/2025 †§x | Affirm | 11/24/2023 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YIGB-N9UD, 13.840%, 12/28/2025 †§x | Affirm | 1/29/2025 | 246 | 248 | 248 |
| &nbsp;&nbsp;&nbsp; YIGH-RW4W, 33.050%, 4/28/2026 †§x | Affirm | 10/31/2024 | 109 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; YIGV-EFK7, 26.700%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YIGX-BI9B, 35.390%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 115 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YIHC-LC8N, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 80 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YIHI-EBPU, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 185 | 184 | 183 |
| &nbsp;&nbsp;&nbsp; YIHT-E5D1, 32.500%, 9/23/2025 †§x | Affirm | 9/26/2024 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; YIHW-VVP5, 35.470%, 8/06/2026 †§x | Affirm | 8/29/2025 | 260 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; YIHZ-7FX8, 35.760%, 2/06/2026 †x# | Affirm | 2/26/2025 | 358 | 354 | 24 |
| &nbsp;&nbsp;&nbsp; YII5-ORQJ, 33.050%, 8/10/2025 †§x^ | Affirm | 2/26/2025 | 14 | 14 | 3 |
| &nbsp;&nbsp;&nbsp; YII6-H8DZ, 15.790%, 12/04/2026 †§x | Affirm | 12/07/2023 | 724 | 750 | 752 |
| &nbsp;&nbsp;&nbsp; YII8-PME0, 35.410%, 10/28/2025 †§x | Affirm | 10/31/2024 | 34 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; YIIP-4NBZ, 29.610%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 150 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; YIIZ-0U0T, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 230 | 234 | 235 |
| &nbsp;&nbsp;&nbsp; YIJ2-F6A9, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 205 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; YIJ6-I0J1, 22.680%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 474 | 489 | 492 |
| &nbsp;&nbsp;&nbsp; YIJA-56D3, 13.840%, 12/11/2025 †§x | Affirm | 12/27/2024 | 187 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; YIJA-T5W6, 9.930%, 2/07/2026 †§x | Affirm | 2/26/2025 | 164 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; YIJK-L5XC, 22.850%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 678 | 694 | 697 |
| &nbsp;&nbsp;&nbsp; YIJM-7FY9, 35.590%, 11/15/2025 †x# | Affirm | 11/27/2024 | 86 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; YIJQ-EDKH, 23.400%, 4/24/2026 †§x# | Affirm | 10/28/2024 | 190 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; YIJT-GWTW, 32.660%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 76 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; YIJW-Q6A9, 35.700%, 10/01/2025 †§x | Affirm | 10/04/2024 | 83 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; YIJY-B9N0, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; YIK5-BHSR, 35.480%, 4/18/2026 †§x | Affirm | 10/24/2024 | 164 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; YIK7-92OV, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 176 | 174 | 11 |
| &nbsp;&nbsp;&nbsp; YIKM-ROKL, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 2901 | 2956 | 2965 |
| &nbsp;&nbsp;&nbsp; YIL4-5D53, 35.510%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; YILA-HO3G, 35.560%, 1/09/2026 †§x | Affirm | 1/29/2025 | 319 | 323 | 323 |
| &nbsp;&nbsp;&nbsp; YILL-FRXN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YILT-J545, 26.900%, 11/15/2025 †x# | Affirm | 11/27/2024 | 83 | 86 | 1 |
| &nbsp;&nbsp;&nbsp; YILU-N9O2, 24.950%, 5/03/2023 †x#^ | Affirm | 11/07/2022 | 127 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; YIM3-7QE6, 35.490%, 10/18/2025 †§x | Affirm | 10/24/2024 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YIM4-5OM5, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YIM9-HLKR, 12.711%, 8/03/2024 †x#^« | Affirm | 5/09/2024 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; YIMC-0LP1, 32.970%, 12/28/2025 †x# | Affirm | 1/02/2024 | 356 | 358 | 21 |
| &nbsp;&nbsp;&nbsp; YIMY-NC5C, 24.730%, 11/15/2025 †§x | Affirm | 11/27/2024 | 210 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; YING-7ERU, 35.300%, 3/08/2024 †x#^ | Affirm | 3/13/2023 | 131 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; YING-IOX8, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 59 | 55 | 58 |
| &nbsp;&nbsp;&nbsp; YINQ-IFOV, 29.550%, 10/15/2025 †§x | Affirm | 4/18/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YINY-LTNA, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 200 | 202 | 201 |
| &nbsp;&nbsp;&nbsp; YIO2-JRIN, 33.950%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 510 | 533 | 31 |
| &nbsp;&nbsp;&nbsp; YIO7-O3IQ, 33.109%, 7/13/2023 †x#^ | Affirm | 1/20/2023 | 110 | 111 | 7 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8377** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YIOC-XCOW, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | $132 | $135 | $135 |
| &nbsp;&nbsp;&nbsp; YION-TRIE, 33.990%, 4/14/2023 †x#^ | Affirm | 10/20/2022 | 151 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; YIOV-I42X, 35.640%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1601 | 1587 | 1617 |
| &nbsp;&nbsp;&nbsp; YIOY-H3NT, 29.480%, 2/24/2025 †x#^ | Affirm | 8/28/2023 | 256 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; YIPA-0R3Z, 29.900%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 306 | 322 | 323 |
| &nbsp;&nbsp;&nbsp; YIPD-QHKN, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 343 | 346 | 347 |
| &nbsp;&nbsp;&nbsp; YIPJ-LOS3, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YIPS-LS7H, 35.680%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 46 | 46 | 5 |
| &nbsp;&nbsp;&nbsp; YIQC-2VRI, 15.090%, 5/15/2025 †x#^« | Affirm | 11/27/2024 | 41 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; YIQC-CIMH, 13.840%, 10/21/2026 †§x | Affirm | 10/25/2024 | 1172 | 1207 | 1213 |
| &nbsp;&nbsp;&nbsp; YIQH-13W5, 30.000%, 11/19/2024 †x#^ | Affirm | 5/25/2023 | 1638 | 1734 | 98 |
| &nbsp;&nbsp;&nbsp; YIQI-Y6ZT, 29.850%, 10/01/2025 †§x | Affirm | 10/04/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YIQX-UXJ6, 29.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YIRA-B2YF, 35.450%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 100 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; YIRF-5IMA, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 83 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; YIRI-UQX7, 35.560%, 9/28/2025 †x# | Affirm | 10/04/2024 | 120 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; YIRR-7B6J, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 541 | 541 | 543 |
| &nbsp;&nbsp;&nbsp; YISA-4KX4, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YISE-63PP, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 845 | 882 | 895 |
| &nbsp;&nbsp;&nbsp; YISS-9L4K, 35.480%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 1129 | 1103 | 68 |
| &nbsp;&nbsp;&nbsp; YISU-IXW6, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YISV-B16T, 29.830%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 130 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; YIT0-JJSK, 22.700%, 12/10/2025 †§x | Affirm | 12/27/2024 | 94 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YITB-IFUY, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 129 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; YITD-CPU0, 22.760%, 7/09/2026 †§x | Affirm | 1/29/2025 | 161 | 166 | 163 |
| &nbsp;&nbsp;&nbsp; YITM-XNYO, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 197 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; YITN-79IU, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 243 | 243 | 243 |
| &nbsp;&nbsp;&nbsp; YITP-B7YS, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 213 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; YITP-BTBF, 33.950%, 3/28/2026 †x# | Affirm | 4/22/2025 | 146 | 150 | 40 |
| &nbsp;&nbsp;&nbsp; YITW-REZP, 29.660%, 6/28/2023 †x#^ | Affirm | 1/06/2023 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; YIU2-6HZK, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 93 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; YIU4-QVFU, 29.480%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 265 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; YIU7-ZAG7, 31.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YIU9-FINX, 22.710%, 3/26/2026 †§x | Affirm | 9/30/2024 | 935 | 954 | 958 |
| &nbsp;&nbsp;&nbsp; YIUE-WLK8, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 871 | 847 | 842 |
| &nbsp;&nbsp;&nbsp; YIUK-XUUZ, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; YIUV-PXNQ, 35.520%, 12/10/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YIUZ-8US4, 32.500%, 11/21/2025 †§x | Affirm | 5/24/2024 | 130 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; YIUZ-PW7T, 35.220%, 9/02/2025 †§x | Affirm | 6/27/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YIV2-F1KG, 32.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 329 | 335 | 334 |
| &nbsp;&nbsp;&nbsp; YIV4-MTK0, 29.630%, 12/11/2025 †§x | Affirm | 12/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YIVB-HVLT, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; YIVD-RTFR, 29.500%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 108 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; YIVT-KFJ0, 29.500%, 3/20/2026 †§x | Affirm | 3/28/2025 | 96 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; YIVW-YVGF, 29.500%, 1/19/2026 †§x | Affirm | 7/25/2024 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YIVX-RQ5T, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; YIW5-O638, 28.500%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 25 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; YIWE-SX69, 35.630%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YIWX-PCGW, 33.950%, 12/18/2025 †§x | Affirm | 6/21/2024 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; YIXD-TZGB, 19.770%, 1/28/2027 †§x# | Affirm | 2/26/2025 | 812 | 761 | 778 |
| &nbsp;&nbsp;&nbsp; YIXX-QDZO, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YIY2-RS96, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YIY5-CP61, 32.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 154 | 156 | 9 |
| &nbsp;&nbsp;&nbsp; YIYB-00PT, 30.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 503 | 500 | 499 |
| &nbsp;&nbsp;&nbsp; YIYD-2BY8, 18.000%, 10/08/2025 †§x# | Affirm | 4/11/2024 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YIYF-NJ7V, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 713 | 750 | 43 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8378** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YIYF-VPOS, 29.590%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | $148 | $153 | $9 |
| &nbsp;&nbsp;&nbsp; YIYI-QMWH, 33.040%, 10/25/2025 †x# | Affirm | 10/31/2024 | 122 | 127 |  |
| &nbsp;&nbsp;&nbsp; YIYL-OI76, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 266 | 271 | 272 |
| &nbsp;&nbsp;&nbsp; YIYO-HPYS, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 171 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; YIYR-F3B0, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YIYU-BNRX, 30.000%, 9/02/2022 †x#^ | Affirm | 3/07/2022 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; YIYV-CMS3, 28.970%, 6/01/2025 †x#^ | Affirm | 6/05/2023 | 571 | 606 | 34 |
| &nbsp;&nbsp;&nbsp; YIZI-AJNQ, 33.050%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YIZN-JOQD, 28.500%, 7/27/2022 †x#^ | Affirm | 1/31/2022 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; YIZQ-A9LB, 29.710%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 165 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; YJ02-HRFF, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 218 | 223 | 225 |
| &nbsp;&nbsp;&nbsp; YJ08-WITL, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 165 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; YJ0I-WDD9, 35.000%, 12/10/2025 †x# | Affirm | 12/27/2024 | 2695 | 2668 | 144 |
| &nbsp;&nbsp;&nbsp; YJ0N-9XGI, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 474 | 491 | 28 |
| &nbsp;&nbsp;&nbsp; YJ0S-50ET, 29.550%, 1/01/2026 †§x# | Affirm | 7/05/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YJ14-Y60Z, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 290 | 284 | 282 |
| &nbsp;&nbsp;&nbsp; YJ15-KMWR, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 272 | 279 | 281 |
| &nbsp;&nbsp;&nbsp; YJ1G-ZZX7, 35.260%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 217 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; YJ1R-2AYK, 22.750%, 1/03/2026 †§x | Affirm | 1/08/2024 | 174 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; YJ26-AEDD, 24.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; YJ26-I5QN, 35.380%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 108 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; YJ2D-A237, 29.900%, 7/12/2022 †x#^ | Affirm | 1/18/2022 | 58 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; YJ2M-53R7, 29.760%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 267 | 278 | 157 |
| &nbsp;&nbsp;&nbsp; YJ2V-ACGA, 15.770%, 6/02/2026 †§x | Affirm | 6/27/2025 | 132 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; YJ2Z-N44V, 33.050%, 1/27/2026 †§x | Affirm | 2/26/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; YJ31-Y85L, 31.000%, 1/08/2027 †§x | Affirm | 7/31/2025 | 381 | 402 | 401 |
| &nbsp;&nbsp;&nbsp; YJ38-OOZA, 33.050%, 5/21/2026 †§x | Affirm | 5/24/2024 | 1183 | 1205 | 1211 |
| &nbsp;&nbsp;&nbsp; YJ3B-MLDD, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 268 | 268 | 267 |
| &nbsp;&nbsp;&nbsp; YJ3U-H7A7, 35.430%, 12/28/2025 †§x | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YJ3X-4PJT, 35.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 231 | 234 | 235 |
| &nbsp;&nbsp;&nbsp; YJ4H-JHG8, 11.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YJ4N-XRHK, 29.590%, 10/27/2023 †x#^ | Affirm | 11/03/2022 | 106 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; YJ4S-JX70, 23.400%, 4/08/2027 †§x | Affirm | 4/11/2024 | 1653 | 1680 | 1685 |
| &nbsp;&nbsp;&nbsp; YJ55-1JSZ, 11.800%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 936 | 979 | 56 |
| &nbsp;&nbsp;&nbsp; YJ5I-I69A, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 380 | 379 | 380 |
| &nbsp;&nbsp;&nbsp; YJ5J-3QCM, 13.840%, 2/05/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YJ5Q-4KZY, 24.950%, 10/17/2023 †x#^ | Affirm | 10/20/2022 | 341 | 357 | 20 |
| &nbsp;&nbsp;&nbsp; YJ60-QXXG, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 298 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; YJ64-KVZ4, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 163 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; YJ68-7IEI, 28.500%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 157 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; YJ6H-MGZO, 29.550%, 12/20/2025 †§x | Affirm | 6/24/2024 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YJ6I-F835, 35.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 139 | 142 | 145 |
| &nbsp;&nbsp;&nbsp; YJ6K-7LJ3, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 884 | 893 | 891 |
| &nbsp;&nbsp;&nbsp; YJ6L-16TW, 29.520%, 1/02/2026 †§x | Affirm | 1/05/2024 | 143 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; YJ6N-67XL, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YJ6Q-WMYP, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; YJ6S-ZCQX, 35.990%, 1/06/2026 †§x | Affirm | 1/29/2025 | 217 | 219 | 219 |
| &nbsp;&nbsp;&nbsp; YJ6T-OT1J, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YJ6U-JDQI, 26.700%, 10/23/2025 †x# | Affirm | 9/26/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YJ6X-APV4, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 167 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; YJ75-UGNR, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 2034 | 1979 | 1966 |
| &nbsp;&nbsp;&nbsp; YJ7A-MDK7, 29.730%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YJ7M-8ALP, 15.760%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 94 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; YJ7Q-II4J, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 236 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; YJ7R-4C1I, 29.910%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 141 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; YJ81-MHP0, 29.500%, 9/12/2024 †x#^ | Affirm | 6/15/2023 | 566 | 592 | 34 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8379** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YJ82-2CPL, 35.450%, 4/28/2026 †§x | Affirm | 5/06/2024 | $976 | $981 | $1001 |
| &nbsp;&nbsp;&nbsp; YJ8A-RFDS, 29.560%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; YJ8D-XXEQ, 29.390%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YJ8H-NADH, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 138 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; YJ8U-KL00, 35.890%, 1/02/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YJ9E-M5WE, 33.050%, 3/23/2026 †§x | Affirm | 9/26/2024 | 133 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; YJ9H-PQH6, 32.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 536 | 560 | 32 |
| &nbsp;&nbsp;&nbsp; YJ9J-XAUG, 35.380%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 392 | 368 | 24 |
| &nbsp;&nbsp;&nbsp; YJA6-NC3P, 15.680%, 9/03/2025 †§x | Affirm | 3/28/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YJAK-JRTU, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 101 | 103 | 102 |
| &nbsp;&nbsp;&nbsp; YJAM-0RV4, 29.580%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 169 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; YJAO-UBI9, 35.480%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 138 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; YJAS-L7BW, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YJB5-YZ98, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 659 | 652 | 655 |
| &nbsp;&nbsp;&nbsp; YJBM-DV1M, 25.200%, 11/15/2025 †x# | Affirm | 11/27/2024 | 277 | 292 | 17 |
| &nbsp;&nbsp;&nbsp; YJBO-AQ8S, 35.500%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 142 | 142 | 61 |
| &nbsp;&nbsp;&nbsp; YJBS-IU19, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 189 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; YJBZ-O95O, 35.340%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 88 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; YJCF-8GH6, 35.380%, 10/04/2024 †x#^ | Affirm | 10/10/2023 | 90 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; YJCL-CWAR, 35.520%, 12/20/2026 †x# | Affirm | 12/27/2024 | 922 | 921 | 55 |
| &nbsp;&nbsp;&nbsp; YJCU-BI5A, 35.380%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 321 | 322 | 19 |
| &nbsp;&nbsp;&nbsp; YJCV-RZA9, 33.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 615 | 606 | 602 |
| &nbsp;&nbsp;&nbsp; YJCZ-DH1K, 35.630%, 11/15/2025 †§x | Affirm | 11/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YJD3-YIGR, 29.680%, 11/08/2022 †x#^ | Affirm | 11/15/2021 | 294 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; YJD7-5G0K, 35.490%, 10/28/2025 †x# | Affirm | 10/31/2024 | 36 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; YJDJ-ZKE8, 15.760%, 8/07/2026 †§x | Affirm | 8/29/2025 | 278 | 288 | 288 |
| &nbsp;&nbsp;&nbsp; YJDN-28TB, 15.830%, 1/08/2026 †§x | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YJDO-Z6KW, 35.990%, 2/03/2026 †§x | Affirm | 2/26/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YJDQ-QBMH, 35.250%, 2/09/2024 †x#^ | Affirm | 8/14/2023 | 426 | 433 | 26 |
| &nbsp;&nbsp;&nbsp; YJDT-OVTC, 28.500%, 5/26/2023 †x#^ | Affirm | 5/31/2022 | 631 | 664 | 38 |
| &nbsp;&nbsp;&nbsp; YJEH-AD9M, 35.520%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 230 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; YJEN-8FWK, 15.780%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YJEN-U5UR, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 314 | 312 | 311 |
| &nbsp;&nbsp;&nbsp; YJEO-G3CA, 35.170%, 2/06/2026 †§x | Affirm | 8/29/2025 | 130 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YJEX-S4K2, 35.610%, 1/06/2026 †x# | Affirm | 1/29/2025 | 129 | 132 | 32 |
| &nbsp;&nbsp;&nbsp; YJF0-KMUU, 23.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 157 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; YJF9-OCK8, 28.000%, 9/20/2023 †x#^ | Affirm | 9/23/2022 | 1403 | 1386 | 84 |
| &nbsp;&nbsp;&nbsp; YJFD-0MBD, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YJFI-6U6H, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YJFL-9JG0, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YJFP-ZRGO, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 102 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; YJFU-H55D, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 264 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; YJFW-T8DY, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 55 | 55 | 15 |
| &nbsp;&nbsp;&nbsp; YJFY-6G12, 29.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YJGG-U2E6, 29.530%, 5/03/2027 †§x# | Affirm | 5/09/2024 | 1539 | 1565 | 1567 |
| &nbsp;&nbsp;&nbsp; YJGV-ZLAR, 35.540%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; YJH1-P4NQ, 29.600%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 87 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; YJH3-2OGP, 6.272%, 2/07/2026 †§x« | Affirm | 2/26/2025 | 797 | 776 | 771 |
| &nbsp;&nbsp;&nbsp; YJH8-174Y, 29.690%, 12/16/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YJHJ-NZ0L, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YJHN-ICRF, 29.420%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; YJI4-K213, 33.050%, 6/19/2026 †§x | Affirm | 12/27/2024 | 100 | 103 | 102 |
| &nbsp;&nbsp;&nbsp; YJIB-LOD2, 29.640%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 232 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; YJIC-SJWK, 22.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YJIM-AR3C, 35.500%, 10/03/2025 †x# | Affirm | 10/07/2024 | 345 | 346 | 21 |
| &nbsp;&nbsp;&nbsp; YJIN-U5R1, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 79 | 78 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8380** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YJIP-DDJJ, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | $246 | $257 | $261 |
| &nbsp;&nbsp;&nbsp; YJIP-YCFL, 29.660%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 267 | 284 | 16 |
| &nbsp;&nbsp;&nbsp; YJJ9-7EPT, 29.530%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 130 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; YJJA-CC2P, 15.670%, 2/06/2026 †§x | Affirm | 8/29/2025 | 150 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; YJJB-DBN9, 29.430%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 1522 | 1503 | 91 |
| &nbsp;&nbsp;&nbsp; YJJF-GQT7, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; YJJP-SQUK, 35.660%, 8/11/2026 †§x | Affirm | 2/26/2025 | 195 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; YJK1-KT0E, 29.640%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 243 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; YJK2-NR3D, 31.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 690 | 709 | 707 |
| &nbsp;&nbsp;&nbsp; YJK5-2O0U, 29.660%, 5/28/2024 †x#^ | Affirm | 12/05/2022 | 113 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; YJKY-TEX0, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; YJL4-ZFG2, 22.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; YJLB-POWZ, 25.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YJLG-FD28, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 137 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; YJLT-G9IS, 33.950%, 11/06/2025 †§x | Affirm | 8/29/2025 | 172 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; YJMK-HU7S, 24.620%, 12/02/2026 †§x | Affirm | 6/27/2025 | 841 | 884 | 891 |
| &nbsp;&nbsp;&nbsp; YJMK-N7I9, 13.840%, 8/12/2026 †§x | Affirm | 2/26/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YJMN-F2ZQ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YJMN-S7TI, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YJMT-STRX, 22.650%, 10/28/2025 †x# | Affirm | 5/02/2024 | 1125 | 1181 | 68 |
| &nbsp;&nbsp;&nbsp; YJMZ-PI29, 26.200%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 524 | 550 | 31 |
| &nbsp;&nbsp;&nbsp; YJN5-ZO23, 29.570%, 4/20/2024 †x#^ | Affirm | 10/24/2022 | 195 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; YJN7-TKW8, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YJNH-R3US, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 352 | 351 | 352 |
| &nbsp;&nbsp;&nbsp; YJNK-Z5R4, 18.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 211 | 216 | 217 |
| &nbsp;&nbsp;&nbsp; YJNL-PO92, 26.500%, 9/30/2022 †x#^ | Affirm | 4/04/2022 | 168 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; YJNU-L37W, 29.670%, 8/02/2022 †x#^ | Affirm | 5/05/2022 | 822 | 816 | 49 |
| &nbsp;&nbsp;&nbsp; YJNW-Y86M, 15.770%, 4/24/2026 †§x | Affirm | 10/28/2024 | 158 | 160 | 159 |
| &nbsp;&nbsp;&nbsp; YJO0-G5NF, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 115 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; YJO4-B5F5, 24.400%, 9/16/2025 †§x | Affirm | 9/19/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YJO4-EB3E, 35.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 47 | 47 | 18 |
| &nbsp;&nbsp;&nbsp; YJOF-83H5, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 426 | 436 | 438 |
| &nbsp;&nbsp;&nbsp; YJOP-2ATB, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 144 | 143 | 39 |
| &nbsp;&nbsp;&nbsp; YJOP-8R2N, 29.720%, 1/19/2023 †x#^ | Affirm | 1/24/2022 | 199 | 190 | 12 |
| &nbsp;&nbsp;&nbsp; YJOX-WXY6, 15.740%, 2/06/2026 †§x | Affirm | 8/29/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YJP0-6HEV, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 333 | 345 | 342 |
| &nbsp;&nbsp;&nbsp; YJP6-IAI4, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YJPF-P11Q, 33.950%, 11/15/2026 †§x | Affirm | 11/27/2024 | 734 | 733 | 742 |
| &nbsp;&nbsp;&nbsp; YJPJ-V37M, 29.690%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 366 | 346 | 22 |
| &nbsp;&nbsp;&nbsp; YJPO-KKDZ, 15.800%, 9/16/2025 †§x | Affirm | 9/19/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YJPT-EJSH, 13.840%, 1/02/2026 †§x | Affirm | 1/05/2024 | 251 | 254 | 253 |
| &nbsp;&nbsp;&nbsp; YJPZ-VNA4, 35.480%, 10/21/2025 †§x | Affirm | 10/24/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YJQ6-LE7N, 28.000%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 33 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; YJQ8-X086, 35.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; YJQG-N3LH, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 274 | 274 | 273 |
| &nbsp;&nbsp;&nbsp; YJQH-FEMW, 29.480%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 137 | 147 | 8 |
| &nbsp;&nbsp;&nbsp; YJQK-HSLB, 29.620%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; YJQR-47HM, 35.200%, 1/02/2025 †x#^ | Affirm | 10/07/2024 | 326 | 322 | 20 |
| &nbsp;&nbsp;&nbsp; YJR1-KWU6, 15.800%, 3/20/2026 †§x | Affirm | 9/26/2024 | 466 | 475 | 476 |
| &nbsp;&nbsp;&nbsp; YJR8-79VI, 19.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 308 | 311 | 310 |
| &nbsp;&nbsp;&nbsp; YJRG-9DOH, 35.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 181 | 181 | 31 |
| &nbsp;&nbsp;&nbsp; YJRP-TA1B, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 116 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; YJRV-3DFN, 18.000%, 4/03/2026 †§x | Affirm | 10/07/2024 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; YJRY-LLYE, 24.630%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 410 | 426 | 25 |
| &nbsp;&nbsp;&nbsp; YJS2-L6CT, 28.920%, 5/24/2024 †x#^ | Affirm | 5/30/2023 | 136 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; YJSG-1ZTA, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 411 | 432 | 433 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8381** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YJSK-0U2Y, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | $74 | $73 | $74 |
| &nbsp;&nbsp;&nbsp; YJSM-3CF4, 15.800%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 54 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YJSX-TZDK, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 241 | 249 | 251 |
| &nbsp;&nbsp;&nbsp; YJSZ-85J1, 28.000%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 578 | 570 | 35 |
| &nbsp;&nbsp;&nbsp; YJT4-7B60, 29.540%, 8/06/2026 †§x | Affirm | 8/29/2025 | 177 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; YJT8-K9Z5, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 400 | 392 | 389 |
| &nbsp;&nbsp;&nbsp; YJT9-1DXB, 19.700%, 8/21/2027 †§x | Affirm | 8/26/2024 | 929 | 942 | 945 |
| &nbsp;&nbsp;&nbsp; YJTR-B2YT, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 23 | 23 | 22 |
| &nbsp;&nbsp;&nbsp; YJTT-7ZT0, 32.500%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 170 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; YJU0-9W2G, 35.530%, 5/14/2026 †§x | Affirm | 11/27/2024 | 162 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; YJU4-2M0K, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 149 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; YJU5-WRTT, 29.590%, 10/23/2025 †x# | Affirm | 10/28/2024 | 315 | 333 | 71 |
| &nbsp;&nbsp;&nbsp; YJU6-0BH9, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YJU7-4APZ, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YJVH-JUBO, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 82 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; YJVI-KE7I, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 256 | 263 | 264 |
| &nbsp;&nbsp;&nbsp; YJVQ-0N6E, 35.540%, 1/16/2026 †x | Affirm | 12/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YJVR-QBGV, 30.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 155 | 159 | 160 |
| &nbsp;&nbsp;&nbsp; YJVU-XN8P, 30.000%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YJW5-30XK, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 117 | 119 | 118 |
| &nbsp;&nbsp;&nbsp; YJW6-X6HQ, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; YJWA-FCJ3, 35.240%, 12/02/2025 †§x | Affirm | 6/27/2025 | 54 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; YJWD-6LBD, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 157 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; YJWE-R0MW, 26.700%, 9/18/2025 †§x | Affirm | 9/23/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YJWN-X8AR, 23.700%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 98 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YJWO-OOI7, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 127 | 126 |
| &nbsp;&nbsp;&nbsp; YJWQ-OWT2, 25.000%, 10/21/2023 †x#^ | Affirm | 10/28/2022 | 106 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; YJWS-PXJI, 9.890%, 9/20/2025 †§x | Affirm | 9/26/2024 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YJWT-U1V9, 29.200%, 7/08/2024 †x#^ | Affirm | 1/11/2024 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; YJX0-40Z3, 33.230%, 8/10/2026 †§x | Affirm | 2/26/2025 | 228 | 225 | 228 |
| &nbsp;&nbsp;&nbsp; YJX1-6IYS, 28.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 324 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; YJX2-VXIY, 35.480%, 6/19/2026 †§x | Affirm | 12/27/2024 | 356 | 364 | 361 |
| &nbsp;&nbsp;&nbsp; YJX8-YSYD, 35.620%, 11/14/2025 †x# | Affirm | 11/27/2024 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; YJXC-P25R, 35.480%, 8/22/2026 †x | Affirm | 8/29/2024 | 588 | 559 | 570 |
| &nbsp;&nbsp;&nbsp; YJXE-X9MN, 35.460%, 8/07/2026 †§x | Affirm | 8/29/2025 | 331 | 326 | 326 |
| &nbsp;&nbsp;&nbsp; YJXG-DVEA, 29.070%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; YJXI-REWP, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 372 | 371 | 374 |
| &nbsp;&nbsp;&nbsp; YJXJ-RXXJ, 29.620%, 3/26/2026 †x# | Affirm | 9/30/2024 | 201 | 212 | 33 |
| &nbsp;&nbsp;&nbsp; YJXN-YENJ, 24.520%, 3/20/2026 †§x | Affirm | 3/28/2025 | 330 | 341 | 344 |
| &nbsp;&nbsp;&nbsp; YJXZ-AWBP, 35.300%, 3/06/2026 †§x | Affirm | 3/11/2024 | 196 | 197 | 199 |
| &nbsp;&nbsp;&nbsp; YJY5-TVWM, 29.770%, 8/06/2026 †§x | Affirm | 2/26/2025 | 54 | 56 | 54 |
| &nbsp;&nbsp;&nbsp; YJY9-J288, 20.900%, 7/02/2026 †x | Affirm | 1/29/2025 | 2513 | 2588 | 2568 |
| &nbsp;&nbsp;&nbsp; YJYH-F4RE, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YJYJ-Q446, 23.400%, 3/24/2026 †§x | Affirm | 9/27/2024 | 573 | 583 | 585 |
| &nbsp;&nbsp;&nbsp; YJYO-6M3U, 29.630%, 12/18/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; YJYQ-7QGF, 35.770%, 7/02/2026 †§x | Affirm | 1/29/2025 | 533 | 541 | 541 |
| &nbsp;&nbsp;&nbsp; YJYQ-V4VU, 27.500%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 171 | 182 | 10 |
| &nbsp;&nbsp;&nbsp; YJZ0-T9DM, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1605 | 1633 | 1638 |
| &nbsp;&nbsp;&nbsp; YJZ5-Z5WG, 29.720%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 208 | 217 | 12 |
| &nbsp;&nbsp;&nbsp; YJZ6-5BK2, 32.500%, 3/03/2026 †§x | Affirm | 3/28/2025 | 670 | 682 | 684 |
| &nbsp;&nbsp;&nbsp; YJZ6-N4RG, 15.720%, 10/26/2022 †x#^ | Affirm | 4/29/2022 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; YJZG-6VIH, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 823 | 836 | 835 |
| &nbsp;&nbsp;&nbsp; YJZH-NF4U, 35.380%, 6/02/2026 †§x | Affirm | 6/27/2025 | 214 | 211 | 213 |
| &nbsp;&nbsp;&nbsp; YJZL-5OMJ, 15.840%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 358 | 365 | 21 |
| &nbsp;&nbsp;&nbsp; YJZW-IWLH, 29.620%, 9/20/2026 †§x | Affirm | 9/26/2024 | 801 | 823 | 828 |
| &nbsp;&nbsp;&nbsp; YJZY-ZPRV, 13.201%, 11/18/2025 †§x« | Affirm | 11/27/2024 | 318 | 309 | 305 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8382** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YJZZ-7QR8, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | $69 | $69 | $69 |
| &nbsp;&nbsp;&nbsp; YK04-KCZ0, 35.260%, 9/28/2025 †§x | Affirm | 3/31/2025 | 515 | 515 | 518 |
| &nbsp;&nbsp;&nbsp; YK06-0E10, 29.610%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 344 | 329 | 21 |
| &nbsp;&nbsp;&nbsp; YK08-VRRK, 29.750%, 6/06/2023 †x#^ | Affirm | 12/09/2021 | 58 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YK0A-LRMU, 35.290%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 229 | 237 | 236 |
| &nbsp;&nbsp;&nbsp; YK0D-3VI8, 11.810%, 3/26/2028 †§x | Affirm | 4/22/2025 | 48 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; YK0J-Z99T, 15.810%, 9/25/2025 †§x | Affirm | 9/30/2024 | 120 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; YK0X-OLTQ, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YK10-L9GP, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 58 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; YK1A-RNQT, 35.730%, 2/10/2026 †§x | Affirm | 2/26/2025 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; YK22-PT8B, 18.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 305 | 310 | 307 |
| &nbsp;&nbsp;&nbsp; YK24-V0P0, 35.450%, 8/06/2026 †§x | Affirm | 8/29/2025 | 500 | 524 | 524 |
| &nbsp;&nbsp;&nbsp; YK28-C2Q3, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 347 | 349 | 347 |
| &nbsp;&nbsp;&nbsp; YK2A-9DB8, 29.550%, 4/26/2026 †§x | Affirm | 5/02/2024 | 488 | 496 | 499 |
| &nbsp;&nbsp;&nbsp; YK3I-TP6E, 33.950%, 10/17/2025 †x# | Affirm | 4/22/2024 | 261 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; YK3U-ZSNX, 35.700%, 10/01/2025 †§x | Affirm | 10/04/2024 | 42 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; YK41-V5XB, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YK43-0KC3, 32.500%, 8/26/2026 †§x | Affirm | 8/29/2024 | 391 | 390 | 396 |
| &nbsp;&nbsp;&nbsp; YK49-2FAW, 13.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YK4D-F7K1, 35.460%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 215 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; YK4F-IGRI, 29.620%, 2/26/2026 †§x | Affirm | 2/29/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; YK4I-8LDF, 33.050%, 3/26/2026 †§x | Affirm | 9/30/2024 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YK4L-QPVB, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YK4M-SZV3, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 69 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YK4P-KTAI, 15.830%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 156 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; YK4S-2I5M, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 457 | 447 | 27 |
| &nbsp;&nbsp;&nbsp; YK4V-YN4L, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YK4Y-L5AJ, 35.560%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YK56-E7RV, 9.840%, 5/06/2028 †x | Affirm | 5/09/2024 | 3276 | 3447 | 3432 |
| &nbsp;&nbsp;&nbsp; YK56-EXN5, 35.000%, 2/10/2026 †x# | Affirm | 2/26/2025 | 1349 | 1340 | 335 |
| &nbsp;&nbsp;&nbsp; YK5J-M2GH, 35.370%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 220 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; YK5K-ZU45, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 143 | 145 | 144 |
| &nbsp;&nbsp;&nbsp; YK5M-CRVJ, 32.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YK6Q-Q798, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 188 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; YK6S-9UPA, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; YK6S-LTR1, 29.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 365 | 372 | 22 |
| &nbsp;&nbsp;&nbsp; YK6V-BJ0H, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YK6Z-TOWY, 32.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YK76-32KR, 23.400%, 3/25/2026 †§x | Affirm | 9/30/2024 | 179 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; YK76-DZRX, 24.900%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1517 | 1503 | 1529 |
| &nbsp;&nbsp;&nbsp; YK77-N5JI, 35.260%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 457 | 457 | 459 |
| &nbsp;&nbsp;&nbsp; YK7G-2PJC, 32.500%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 63 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; YK7M-4XUY, 29.600%, 1/02/2026 †§x | Affirm | 1/29/2025 | 55 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; YK81-HUCE, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YK84-EPPZ, 21.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; YK8N-OU85, 35.440%, 12/18/2025 †§x | Affirm | 12/27/2024 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YK8U-4Z9P, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YK8W-MTG0, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 110 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YK9E-2Q0T, 29.210%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 85 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; YK9L-ADEI, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 386 | 393 | 394 |
| &nbsp;&nbsp;&nbsp; YK9X-XOL7, 29.560%, 8/06/2026 †§x | Affirm | 8/29/2025 | 505 | 522 | 522 |
| &nbsp;&nbsp;&nbsp; YK9Z-9JVN, 29.550%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 70 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; YKA9-YT7Z, 29.320%, 11/23/2022 †x#^ | Affirm | 5/26/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YKAE-EWXQ, 26.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 409 | 417 | 418 |
| &nbsp;&nbsp;&nbsp; YKAI-YP0W, 24.840%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 226 | 232 | 232 |
| &nbsp;&nbsp;&nbsp; YKAP-ENEK, 35.961%, 8/21/2025 †§x^ | Affirm | 8/26/2024 | 14 | 14 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8383** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YKBC-U4R3, 35.410%, 10/28/2025 †x# | Affirm | 10/31/2024 | $270 | $271 | $16 |
| &nbsp;&nbsp;&nbsp; YKBK-R52B, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YKBL-NUMV, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1579 | 1606 | 1613 |
| &nbsp;&nbsp;&nbsp; YKBN-BJR6, 35.200%, 11/06/2025 †§x | Affirm | 8/29/2025 | 767 | 760 | 760 |
| &nbsp;&nbsp;&nbsp; YKBN-G7BI, 15.720%, 8/24/2024 †x#^ | Affirm | 8/28/2023 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; YKBT-3VCZ, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 110 | 109 |  |
| &nbsp;&nbsp;&nbsp; YKBT-R60M, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; YKBW-A0DG, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 182 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; YKC5-3OLW, 33.180%, 1/08/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 40 |
| &nbsp;&nbsp;&nbsp; YKC9-MDNB, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 314 | 320 | 321 |
| &nbsp;&nbsp;&nbsp; YKC9-QQSM, 35.570%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 107 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; YKD0-1KOR, 29.650%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 281 | 295 | 17 |
| &nbsp;&nbsp;&nbsp; YKD9-VJE3, 28.000%, 10/11/2024 †x#^ | Affirm | 10/17/2022 | 4300 | 4687 | 258 |
| &nbsp;&nbsp;&nbsp; YKDD-37L1, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; YKDG-7HS3, 33.490%, 10/13/2023 †x#^ | Affirm | 10/17/2022 | 500 | 524 | 30 |
| &nbsp;&nbsp;&nbsp; YKE4-M3NQ, 29.500%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 153 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; YKE5-DR36, 27.100%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 209 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; YKE5-S01C, 35.390%, 4/25/2026 †§x | Affirm | 10/31/2024 | 112 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; YKE8-XX63, 7.680%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 1045 | 989 | 982 |
| &nbsp;&nbsp;&nbsp; YKEB-V6P8, 29.680%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 232 | 217 | 14 |
| &nbsp;&nbsp;&nbsp; YKED-73XD, 29.940%, 7/11/2023 †x#^ | Affirm | 1/17/2023 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; YKEH-I7YF, 33.400%, 1/08/2026 †x# | Affirm | 1/29/2025 | 547 | 540 | 33 |
| &nbsp;&nbsp;&nbsp; YKEI-SC1F, 28.000%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 650 | 682 | 39 |
| &nbsp;&nbsp;&nbsp; YKEQ-K60J, 35.350%, 10/18/2025 †§x# | Affirm | 4/22/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YKER-5SNT, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YKES-L8E6, 29.410%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; YKES-P4CR, 13.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YKF0-51SU, 35.490%, 5/20/2026 †x# | Affirm | 11/27/2024 | 289 | 300 | 68 |
| &nbsp;&nbsp;&nbsp; YKF6-AUIA, 22.200%, 10/21/2026 †x | Affirm | 10/24/2024 | 1589 | 1633 | 1643 |
| &nbsp;&nbsp;&nbsp; YKFC-0W3A, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; YKFF-HWTN, 29.610%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; YKFG-9WXE, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 433 | 440 | 441 |
| &nbsp;&nbsp;&nbsp; YKFI-4JY8, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 190 | 199 | 198 |
| &nbsp;&nbsp;&nbsp; YKFI-DOGU, 31.000%, 6/11/2026 †§x | Affirm | 12/27/2024 | 148 | 152 | 151 |
| &nbsp;&nbsp;&nbsp; YKFN-7I7A, 35.090%, 11/06/2025 †§x | Affirm | 8/29/2025 | 68 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YKFX-4EJ8, 24.400%, 1/02/2027 †§x | Affirm | 1/05/2024 | 587 | 604 | 605 |
| &nbsp;&nbsp;&nbsp; YKG7-YXH3, 15.700%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 435 | 447 | 26 |
| &nbsp;&nbsp;&nbsp; YKGA-DEKB, 25.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YKGM-YJ3R, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 394 | 394 | 397 |
| &nbsp;&nbsp;&nbsp; YKGV-AF7W, 29.650%, 9/18/2025 †§x | Affirm | 9/23/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YKGV-AIVT, 29.620%, 6/27/2023 †x#^ | Affirm | 12/30/2021 | 57 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YKGW-IBOM, 35.590%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YKGY-YLB8, 29.820%, 2/10/2026 †x# | Affirm | 2/26/2025 | 124 | 130 | 31 |
| &nbsp;&nbsp;&nbsp; YKHC-HH13, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 385 | 392 | 393 |
| &nbsp;&nbsp;&nbsp; YKHC-QXBO, 26.900%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YKHM-D6OF, 29.410%, 9/23/2024 †x#^ | Affirm | 5/26/2023 | 154 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; YKIJ-CD6J, 22.900%, 9/16/2025 †§x | Affirm | 9/19/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YKIK-2OW5, 29.550%, 10/28/2025 †§x | Affirm | 5/03/2024 | 32 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; YKIY-J9QH, 29.550%, 10/11/2025 †§x | Affirm | 4/15/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YKJE-YQA0, 33.000%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 459 | 425 | 28 |
| &nbsp;&nbsp;&nbsp; YKJQ-0ZQU, 35.440%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YKJU-CB22, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 184 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; YKKG-HR7C, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 95 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; YKKM-VUBG, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; YKKT-BJOH, 15.740%, 4/05/2025 †x#^ | Affirm | 4/11/2024 | 277 | 278 | 17 |
| &nbsp;&nbsp;&nbsp; YKKV-N9US, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 309 | 308 | 309 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8384** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YKKY-6Y7D, 29.050%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | $267 | $285 | $16 |
| &nbsp;&nbsp;&nbsp; YKL7-LX6M, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YKL7-Y2KW, 33.950%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 154 | 157 | 16 |
| &nbsp;&nbsp;&nbsp; YKL9-RTUA, 16.700%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 283 | 298 | 17 |
| &nbsp;&nbsp;&nbsp; YKLV-MUTH, 28.500%, 7/10/2022 †x#^ | Affirm | 1/13/2022 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YKMF-IKDW, 26.900%, 1/25/2026 †§x | Affirm | 7/29/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YKMH-WWVR, 27.450%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 191 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; YKMJ-JJ65, 28.950%, 11/26/2024 †x#^ | Affirm | 6/02/2023 | 201 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; YKMQ-ZXBQ, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 105 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; YKN3-QLMY, 30.950%, 12/05/2026 †§x | Affirm | 12/08/2023 | 649 | 668 | 669 |
| &nbsp;&nbsp;&nbsp; YKN7-NGQS, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 157 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; YKNE-PVIR, 28.500%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 209 | 206 | 13 |
| &nbsp;&nbsp;&nbsp; YKNP-TMV7, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 299 | 304 | 305 |
| &nbsp;&nbsp;&nbsp; YKNV-5B8U, 24.400%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 91 | 94 | 21 |
| &nbsp;&nbsp;&nbsp; YKNX-FA0F, 29.320%, 11/22/2023 †x#^ | Affirm | 5/25/2023 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YKO1-5WYU, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YKO9-NRC0, 32.500%, 10/02/2025 †§x | Affirm | 10/07/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YKOA-4JW9, 26.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YKOB-MI86, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 71 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; YKOF-LNKW, 35.550%, 2/12/2027 †x# | Affirm | 2/26/2025 | 801 | 791 | 24 |
| &nbsp;&nbsp;&nbsp; YKOF-YS1C, 15.850%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YKOI-JKCN, 20.900%, 3/26/2026 †§x | Affirm | 9/30/2024 | 142 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; YKON-97GG, 15.810%, 9/28/2025 †x# | Affirm | 10/03/2024 | 1233 | 1282 | 208 |
| &nbsp;&nbsp;&nbsp; YKOR-CMZR, 13.840%, 1/08/2026 †§x | Affirm | 7/31/2025 | 164 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; YKOR-QPVP, 29.710%, 1/18/2024 †x#^ | Affirm | 1/23/2023 | 167 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; YKOV-SU4L, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 90 | 91 | 23 |
| &nbsp;&nbsp;&nbsp; YKP8-Q1SO, 35.470%, 8/26/2026 †x# | Affirm | 8/29/2024 | 701 | 695 | 42 |
| &nbsp;&nbsp;&nbsp; YKP8-TOUJ, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 227 | 233 | 232 |
| &nbsp;&nbsp;&nbsp; YKPV-46PI, 29.720%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 110 | 113 | 66 |
| &nbsp;&nbsp;&nbsp; YKPV-U6DL, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YKPW-URJD, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YKPZ-ZW6I, 33.000%, 5/07/2026 †§x | Affirm | 5/10/2024 | 1350 | 1359 | 1374 |
| &nbsp;&nbsp;&nbsp; YKQ4-K47S, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 47 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; YKQ9-94F5, 29.810%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 496 | 489 | 30 |
| &nbsp;&nbsp;&nbsp; YKQD-FIJR, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 237 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; YKQD-RBRR, 29.580%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YKQF-VW79, 35.370%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1680 | 1673 | 1673 |
| &nbsp;&nbsp;&nbsp; YKQK-UPBO, 33.050%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 145 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; YKQN-NUZO, 35.170%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YKQP-GED6, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; YKQX-0MDE, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 145 | 139 | 9 |
| &nbsp;&nbsp;&nbsp; YKR2-7GXE, 35.350%, 10/28/2025 †§x | Affirm | 5/02/2024 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; YKRB-K3CA, 19.700%, 12/02/2025 †§x | Affirm | 6/27/2025 | 262 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; YKRM-WLVK, 15.770%, 6/02/2026 †§x | Affirm | 6/27/2025 | 57 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YKRU-AYUQ, 35.450%, 12/20/2025 †x# | Affirm | 6/24/2024 | 176 | 173 | 43 |
| &nbsp;&nbsp;&nbsp; YKRW-K6QJ, 33.150%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YKS9-A145, 22.810%, 1/06/2026 †§x | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YKSC-ZHVR, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YKSD-G6OT, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 33 | 33 | 34 |
| &nbsp;&nbsp;&nbsp; YKSM-30IV, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 329 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; YKSN-P4T4, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; YKSW-DHVS, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 195 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; YKSX-UD12, 33.050%, 8/06/2026 †§x | Affirm | 8/29/2025 | 148 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; YKSZ-Z39O, 29.610%, 12/11/2025 †§x | Affirm | 12/27/2024 | 151 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; YKTB-QHB3, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YKTX-93HL, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 103 | 105 | 105 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8385** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YKU4-2IU7, 33.050%, 12/11/2025 †§x | Affirm | 12/27/2024 | $54 | $55 | $55 |
| &nbsp;&nbsp;&nbsp; YKUH-TN5N, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 187 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; YKUQ-AQ5J, 22.860%, 2/06/2026 †§x | Affirm | 2/26/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; YKUV-QUUU, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YKUV-UCX8, 33.050%, 10/08/2025 †§x | Affirm | 7/31/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YKV1-VB63, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YKV3-DSDI, 35.840%, 1/28/2026 †§x | Affirm | 2/26/2025 | 90 | 86 | 88 |
| &nbsp;&nbsp;&nbsp; YKV3-JY7N, 22.690%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 458 | 475 | 473 |
| &nbsp;&nbsp;&nbsp; YKV6-ASO6, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 380 | 388 | 387 |
| &nbsp;&nbsp;&nbsp; YKV8-PS5T, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YKVA-WEHK, 25.900%, 12/09/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YKVE-HVVL, 32.500%, 6/02/2026 †§x | Affirm | 6/27/2025 | 968 | 989 | 997 |
| &nbsp;&nbsp;&nbsp; YKVJ-P03R, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YKVT-0UWK, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YKVT-DM5B, 22.990%, 11/07/2025 †§x | Affirm | 11/27/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YKW4-GBHI, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 397 | 407 | 410 |
| &nbsp;&nbsp;&nbsp; YKW6-K6X7, 35.490%, 10/18/2025 †§x | Affirm | 10/24/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; YKW9-LFLT, 30.000%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 900 | 838 | 54 |
| &nbsp;&nbsp;&nbsp; YKWA-ATOO, 35.490%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 83 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; YKWI-87LL, 29.620%, 3/16/2024 †x#^ | Affirm | 9/22/2022 | 452 | 473 | 27 |
| &nbsp;&nbsp;&nbsp; YKWI-CILE, 29.570%, 12/04/2026 †§x | Affirm | 12/07/2023 | 961 | 976 | 973 |
| &nbsp;&nbsp;&nbsp; YKWK-83DS, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 393 | 385 | 385 |
| &nbsp;&nbsp;&nbsp; YKWO-1QQL, 35.580%, 9/18/2025 †x# | Affirm | 9/26/2024 | 682 | 626 | 41 |
| &nbsp;&nbsp;&nbsp; YKWR-M2HZ, 35.300%, 5/18/2024 †x#^ | Affirm | 5/22/2023 | 362 | 338 | 22 |
| &nbsp;&nbsp;&nbsp; YKWW-4QUP, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 134 | 139 | 141 |
| &nbsp;&nbsp;&nbsp; YKWX-ODWG, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YKX0-HICL, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YKX6-NFM9, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 786 | 794 | 795 |
| &nbsp;&nbsp;&nbsp; YKXD-LI48, 35.370%, 12/07/2023 †x#^ | Affirm | 6/15/2023 | 93 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; YKXL-QV5K, 32.500%, 2/12/2027 †x | Affirm | 2/26/2025 | 2502 | 2480 | 2526 |
| &nbsp;&nbsp;&nbsp; YKXQ-JG2P, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 154 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; YKXS-C0ES, 32.820%, 2/06/2026 †§x | Affirm | 8/29/2025 | 224 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; YKXT-9UHC, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 207 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; YKY0-W7EN, 29.560%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 381 | 393 | 23 |
| &nbsp;&nbsp;&nbsp; YKYB-GS6R, 29.560%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 127 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; YKYC-FO4A, 29.820%, 2/09/2024 †x#^ | Affirm | 2/16/2023 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YKYH-7NE7, 11.790%, 6/02/2026 †§x | Affirm | 6/27/2025 | 159 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; YKYT-OBLP, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; YKZ5-P99K, 15.760%, 12/17/2025 †§x | Affirm | 6/21/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YKZH-GD5P, 25.000%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 1034 | 1081 | 62 |
| &nbsp;&nbsp;&nbsp; YKZL-TKIV, 33.000%, 9/23/2026 †§x# | Affirm | 9/26/2024 | 717 | 676 | 686 |
| &nbsp;&nbsp;&nbsp; YKZU-OWPA, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 120 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; YKZV-64B2, 29.300%, 9/02/2025 †§x | Affirm | 6/27/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YL02-9W2C, 33.050%, 9/02/2025 †§x | Affirm | 6/27/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YL03-AETR, 30.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 194 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; YL0E-819H, 27.500%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 518 | 543 | 31 |
| &nbsp;&nbsp;&nbsp; YL0N-9I3S, 33.950%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 46 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; YL0Q-8ELC, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; YL0Q-9CNB, 32.000%, 11/12/2025 †§x | Affirm | 11/27/2024 | 150 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; YL0R-TGNR, 11.840%, 7/02/2026 †§x | Affirm | 1/29/2025 | 161 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; YL0Z-GMNU, 29.700%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 128 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; YL16-ZJMQ, 15.780%, 10/25/2025 †§x | Affirm | 10/31/2024 | 23 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YL1D-APRY, 15.850%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 102 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; YL1F-KRFL, 24.400%, 8/06/2026 †§x | Affirm | 2/26/2025 | 189 | 194 | 195 |
| &nbsp;&nbsp;&nbsp; YL1R-5VNJ, 29.710%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; YL1S-XZ5K, 31.990%, 2/07/2026 †§x | Affirm | 2/26/2025 | 42 | 44 | 43 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8386** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YL1Y-N16F, 24.400%, 3/17/2026 †§x | Affirm | 9/20/2024 | $138 | $141 | $141 |
| &nbsp;&nbsp;&nbsp; YL27-QYMG, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 439 | 453 | 450 |
| &nbsp;&nbsp;&nbsp; YL2P-CY09, 29.750%, 1/05/2024 †x#^ | Affirm | 1/09/2023 | 139 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; YL2U-XNZP, 35.300%, 3/28/2026 †x# | Affirm | 4/22/2025 | 215 | 222 |  |
| &nbsp;&nbsp;&nbsp; YL37-32TY, 29.850%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YL37-GM6H, 33.950%, 10/23/2025 †x# | Affirm | 10/28/2024 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; YL37-K0X7, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YL3D-URCX, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 571 | 564 | 570 |
| &nbsp;&nbsp;&nbsp; YL3I-6DOI, 13.840%, 4/28/2027 †§x# | Affirm | 5/06/2024 | 1210 | 1229 | 1237 |
| &nbsp;&nbsp;&nbsp; YL3Q-7TWJ, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 275 | 285 | 17 |
| &nbsp;&nbsp;&nbsp; YL3S-50PZ, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 825 | 836 | 837 |
| &nbsp;&nbsp;&nbsp; YL3W-W95I, 29.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 175 | 173 | 11 |
| &nbsp;&nbsp;&nbsp; YL44-YSH9, 32.990%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; YL4E-EFK5, 15.790%, 6/19/2026 †§x | Affirm | 12/27/2024 | 309 | 319 | 318 |
| &nbsp;&nbsp;&nbsp; YL4F-ZDTI, 33.950%, 2/10/2027 †§x# | Affirm | 2/26/2025 | 551 | 575 | 583 |
| &nbsp;&nbsp;&nbsp; YL4J-3PGA, 30.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 274 | 280 | 283 |
| &nbsp;&nbsp;&nbsp; YL54-ZV17, 24.790%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; YL58-LCOB, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 170 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; YL5B-86NN, 29.620%, 7/02/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; YL5D-95YN, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YL5E-K32F, 24.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; YL5H-T4EG, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YL5Q-LI6H, 35.620%, 8/11/2026 †§x | Affirm | 2/26/2025 | 156 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; YL62-RJWV, 30.950%, 6/02/2026 †x | Affirm | 6/27/2025 | 424 | 436 | 438 |
| &nbsp;&nbsp;&nbsp; YL63-FG0W, 35.750%, 2/06/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YL69-GN1S, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YL6E-NV3L, 33.050%, 2/10/2027 †x | Affirm | 2/26/2025 | 1409 | 1478 | 1490 |
| &nbsp;&nbsp;&nbsp; YL6T-CEEW, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1596 | 1613 | 1610 |
| &nbsp;&nbsp;&nbsp; YL70-IYBE, 27.900%, 9/20/2025 †§x | Affirm | 9/26/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YL72-5VFL, 29.370%, 1/08/2026 †§x | Affirm | 7/31/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YL77-MABS, 25.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YL7M-MZJF, 15.810%, 5/12/2026 †§x | Affirm | 11/27/2024 | 1699 | 1690 | 1695 |
| &nbsp;&nbsp;&nbsp; YL7U-RL8Q, 33.050%, 10/22/2025 †§x | Affirm | 10/25/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YL7X-41YY, 29.010%, 6/09/2024 †x#^ | Affirm | 6/15/2023 | 93 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; YL86-Q5ME, 31.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1106 | 1152 | 1147 |
| &nbsp;&nbsp;&nbsp; YL8J-K5O8, 35.000%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 150 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; YL8X-25GO, 35.440%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 190 | 193 | 191 |
| &nbsp;&nbsp;&nbsp; YL8X-2HPV, 35.590%, 9/23/2025 †x# | Affirm | 9/26/2024 | 75 | 78 | 4 |
| &nbsp;&nbsp;&nbsp; YL8Y-KTP9, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YL90-S7PD, 33.950%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 689 | 704 | 715 |
| &nbsp;&nbsp;&nbsp; YL9G-8NB0, 29.600%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 397 | 412 | 80 |
| &nbsp;&nbsp;&nbsp; YL9Q-K09J, 4.421%, 7/05/2023 †x#^« | Affirm | 7/08/2022 | 178 | 171 | 11 |
| &nbsp;&nbsp;&nbsp; YL9W-RFBN, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YL9X-K32F, 35.380%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 185 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; YLA3-KIT2, 15.810%, 5/15/2026 †§x | Affirm | 11/27/2024 | 286 | 294 | 292 |
| &nbsp;&nbsp;&nbsp; YLA5-JM2D, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; YLA9-QWWR, 25.900%, 9/16/2025 †§x | Affirm | 9/19/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YLAQ-EW4B, 29.660%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 153 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; YLAX-GKMJ, 15.830%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YLB2-DHRA, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 1442 | 1416 | 87 |
| &nbsp;&nbsp;&nbsp; YLB6-XFNP, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 182 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; YLB9-P5NE, 15.670%, 2/07/2026 †§x | Affirm | 8/29/2025 | 287 | 293 | 293 |
| &nbsp;&nbsp;&nbsp; YLBC-LLNO, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 83 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; YLBE-YTW1, 24.760%, 1/09/2026 †§x | Affirm | 1/29/2025 | 387 | 395 | 396 |
| &nbsp;&nbsp;&nbsp; YLBH-W504, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 190 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; YLBI-RQ09, 30.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 730 | 757 | 761 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8387** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YLBK-KML6, 35.700%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | $88 | $89 | $5 |
| &nbsp;&nbsp;&nbsp; YLBP-9B7Y, 25.900%, 10/01/2025 †§x | Affirm | 10/04/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YLBW-TYWL, 29.070%, 9/07/2025 †x# | Affirm | 9/11/2023 | 252 | 255 | 15 |
| &nbsp;&nbsp;&nbsp; YLC1-A4OU, 35.320%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 1456 | 1466 | 87 |
| &nbsp;&nbsp;&nbsp; YLC2-I15U, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 432 | 420 | 417 |
| &nbsp;&nbsp;&nbsp; YLC3-LX0X, 28.000%, 12/12/2024 †x#^ | Affirm | 9/16/2022 | 389 | 424 | 23 |
| &nbsp;&nbsp;&nbsp; YLC8-YNHL, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 144 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; YLCB-N5IZ, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YLCO-Z5VV, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 134 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; YLCV-69IW, 22.840%, 2/05/2026 †§x | Affirm | 2/26/2025 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YLCV-RJFK, 15.800%, 3/26/2026 †§x | Affirm | 9/30/2024 | 301 | 307 | 308 |
| &nbsp;&nbsp;&nbsp; YLDB-A7KP, 30.000%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 28 | 29 | 4 |
| &nbsp;&nbsp;&nbsp; YLDD-VYU5, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YLDE-3MBL, 33.050%, 8/11/2026 †§x | Affirm | 2/26/2025 | 271 | 282 | 281 |
| &nbsp;&nbsp;&nbsp; YLDI-WGWU, 29.730%, 9/02/2024 †x#^ | Affirm | 3/06/2023 | 130 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; YLDM-1JQG, 28.890%, 3/09/2024 †x#^ | Affirm | 3/13/2023 | 108 | 105 | 7 |
| &nbsp;&nbsp;&nbsp; YLDT-LUY1, 29.620%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 99 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; YLDV-BR0C, 29.640%, 11/09/2023 †x#^ | Affirm | 11/15/2021 | 586 | 625 | 35 |
| &nbsp;&nbsp;&nbsp; YLE4-2COZ, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 236 | 241 | 241 |
| &nbsp;&nbsp;&nbsp; YLE4-GQYS, 35.370%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 32 | 34 | 7 |
| &nbsp;&nbsp;&nbsp; YLED-NHLO, 29.450%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 478 | 502 | 29 |
| &nbsp;&nbsp;&nbsp; YLEO-DCNW, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 226 | 230 | 231 |
| &nbsp;&nbsp;&nbsp; YLEP-ZW1Y, 30.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 193 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; YLF6-XWY5, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 161 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; YLF9-LI14, 35.560%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; YLFL-AZE9, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YLFP-YTS0, 24.950%, 1/12/2023 †x#^ | Affirm | 10/17/2022 | 133 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YLFU-J2FS, 29.660%, 7/14/2022 †x#^ | Affirm | 4/18/2022 | 148 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; YLGA-RVA6, 15.790%, 3/24/2026 †§x | Affirm | 9/27/2024 | 136 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; YLGB-COG2, 35.500%, 10/22/2025 †§x | Affirm | 10/25/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YLGE-CF3I, 35.300%, 3/11/2026 †x# | Affirm | 3/14/2024 | 474 | 483 | 28 |
| &nbsp;&nbsp;&nbsp; YLGH-F30J, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 92 | 93 | 91 |
| &nbsp;&nbsp;&nbsp; YLGV-7Z51, 26.500%, 1/28/2024 †x#^ | Affirm | 2/02/2023 | 74 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; YLH1-GGRD, 33.950%, 9/28/2025 †x# | Affirm | 10/03/2024 | 94 | 99 | 26 |
| &nbsp;&nbsp;&nbsp; YLH2-N72N, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 255 | 260 | 263 |
| &nbsp;&nbsp;&nbsp; YLH3-7VL0, 29.620%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 2848 | 2906 | 171 |
| &nbsp;&nbsp;&nbsp; YLHB-2ZTL, 35.200%, 9/28/2025 †x# | Affirm | 3/31/2025 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; YLHC-WM7H, 22.750%, 3/10/2026 †x# | Affirm | 2/26/2025 | 415 | 423 | 249 |
| &nbsp;&nbsp;&nbsp; YLHW-PTDS, 33.050%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1259 | 1320 | 1320 |
| &nbsp;&nbsp;&nbsp; YLHX-DSPZ, 35.360%, 2/16/2026 †x# | Affirm | 8/22/2024 | 157 | 163 |  |
| &nbsp;&nbsp;&nbsp; YLI5-NVT6, 33.040%, 7/11/2025 †x#^ | Affirm | 1/16/2024 | 36 | 36 | 5 |
| &nbsp;&nbsp;&nbsp; YLI8-4HPG, 15.830%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 58 | 60 | 58 |
| &nbsp;&nbsp;&nbsp; YLI8-A8B3, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YLI8-WJW4, 23.400%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 489 | 505 | 503 |
| &nbsp;&nbsp;&nbsp; YLIB-5PQT, 32.500%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 1010 | 1003 | 1018 |
| &nbsp;&nbsp;&nbsp; YLIE-BK6P, 35.330%, 12/27/2025 †§x# | Affirm | 1/02/2024 | 162 | 162 | 165 |
| &nbsp;&nbsp;&nbsp; YLIG-66KM, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 399 | 398 | 399 |
| &nbsp;&nbsp;&nbsp; YLIT-OVZ5, 35.690%, 9/28/2025 †x# | Affirm | 10/03/2024 | 390 | 391 | 23 |
| &nbsp;&nbsp;&nbsp; YLJ0-FK6G, 33.950%, 11/06/2025 †§x | Affirm | 8/29/2025 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YLJ3-B7G7, 29.420%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YLJ6-8Q44, 35.570%, 9/24/2025 †x# | Affirm | 9/27/2024 | 68 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YLJ6-FDN6, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 81 | 81 | 23 |
| &nbsp;&nbsp;&nbsp; YLJC-Y32N, 29.440%, 3/20/2026 †§x | Affirm | 3/28/2025 | 25 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YLJF-AA8X, 29.730%, 8/28/2024 †x#^ | Affirm | 3/03/2023 | 178 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; YLJF-XP2D, 29.040%, 11/01/2025 †x# | Affirm | 9/08/2023 | 1378 | 1395 | 83 |
| &nbsp;&nbsp;&nbsp; YLJK-2QSG, 35.240%, 6/02/2026 †§x | Affirm | 6/27/2025 | 343 | 351 | 354 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8388** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YLJO-59XL, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $91 | $92 | $91 |
| &nbsp;&nbsp;&nbsp; YLJT-BQCX, 30.000%, 5/04/2022 †x#^ | Affirm | 2/10/2022 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; YLK3-RC3D, 29.440%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 188 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; YLK4-6TYO, 35.280%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 132 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; YLKC-Y432, 27.500%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 68 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; YLKP-9WPH, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YLL1-MK4G, 32.500%, 3/24/2026 †§x | Affirm | 9/27/2024 | 132 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; YLL4-CYKD, 29.350%, 2/06/2026 †§x | Affirm | 8/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; YLLB-5TDK, 35.510%, 9/26/2025 †§x | Affirm | 9/30/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YLLL-YCTD, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 174 | 175 | 34 |
| &nbsp;&nbsp;&nbsp; YLLN-LYBM, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 24 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YLLQ-576X, 29.710%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 641 | 627 | 38 |
| &nbsp;&nbsp;&nbsp; YLLU-IE5D, 29.460%, 3/28/2025 †x#^ | Affirm | 4/03/2023 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; YLM0-59IY, 33.050%, 11/14/2025 †§x# | Affirm | 11/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YLMC-V0FU, 22.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YLML-IIHG, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 2 | 3 | 2 |
| &nbsp;&nbsp;&nbsp; YLMM-4OQ4, 28.000%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 211 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; YLMQ-0YS4, 29.340%, 8/02/2022 †x#^ | Affirm | 5/05/2022 | 226 | 224 | 14 |
| &nbsp;&nbsp;&nbsp; YLN2-XAUU, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; YLNF-Y8PB, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YLNH-EPNC, 35.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 680 | 670 | 668 |
| &nbsp;&nbsp;&nbsp; YLNP-UJH2, 27.500%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 218 | 233 | 13 |
| &nbsp;&nbsp;&nbsp; YLNX-08QO, 15.960%, 7/26/2022 †x#^ | Affirm | 1/31/2022 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; YLO4-ZIWY, 27.950%, 8/27/2025 †§x#^ | Affirm | 8/30/2024 | 235 | 235 | 237 |
| &nbsp;&nbsp;&nbsp; YLO6-2KIH, 15.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 221 | 224 | 225 |
| &nbsp;&nbsp;&nbsp; YLOD-S3MP, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 367 | 372 | 22 |
| &nbsp;&nbsp;&nbsp; YLOK-J03U, 33.950%, 6/02/2026 †x# | Affirm | 6/27/2025 | 127 | 133 | 29 |
| &nbsp;&nbsp;&nbsp; YLOO-52N3, 35.300%, 3/10/2026 †x | Affirm | 3/28/2025 | 90 | 85 | 88 |
| &nbsp;&nbsp;&nbsp; YLOQ-B0TD, 35.310%, 3/03/2026 †§x | Affirm | 3/28/2025 | 412 | 409 | 410 |
| &nbsp;&nbsp;&nbsp; YLOV-SZI3, 11.890%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 155 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; YLP1-BFKF, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 625 | 633 | 634 |
| &nbsp;&nbsp;&nbsp; YLP5-SLPU, 29.660%, 1/13/2024 †x#^ | Affirm | 1/18/2022 | 454 | 419 | 27 |
| &nbsp;&nbsp;&nbsp; YLPA-WK7X, 29.610%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 111 | 107 | 7 |
| &nbsp;&nbsp;&nbsp; YLPF-EKQ7, 31.000%, 11/06/2025 †§x | Affirm | 5/30/2025 | 2239 | 2259 | 2265 |
| &nbsp;&nbsp;&nbsp; YLPH-F951, 27.500%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 321 | 344 | 19 |
| &nbsp;&nbsp;&nbsp; YLPK-V0D5, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 62 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; YLPQ-SGB6, 35.400%, 4/28/2026 †x# | Affirm | 10/31/2024 | 470 | 478 | 119 |
| &nbsp;&nbsp;&nbsp; YLPU-MPLN, 35.560%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YLQ4-0RFS, 29.340%, 11/09/2022 †x#^ | Affirm | 5/12/2022 | 440 | 444 | 26 |
| &nbsp;&nbsp;&nbsp; YLQ8-XHWP, 33.190%, 1/06/2026 †x# | Affirm | 1/29/2025 | 87 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; YLQB-9BFS, 27.500%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 358 | 375 | 22 |
| &nbsp;&nbsp;&nbsp; YLQB-TFKQ, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 447 | 438 | 435 |
| &nbsp;&nbsp;&nbsp; YLQO-BUPC, 22.750%, 12/28/2025 †§x | Affirm | 1/29/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YLQR-UPRV, 35.580%, 10/01/2025 †§x | Affirm | 10/04/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YLQT-12MH, 35.520%, 12/28/2025 †§x | Affirm | 1/29/2025 | 138 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; YLQW-WNHE, 32.500%, 9/26/2025 †§x | Affirm | 9/30/2024 | 71 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; YLQW-ZQA7, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YLQX-F8XD, 23.700%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 144 | 142 | 9 |
| &nbsp;&nbsp;&nbsp; YLR4-LS2T, 24.400%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 311 | 317 | 320 |
| &nbsp;&nbsp;&nbsp; YLR9-37L4, 32.000%, 1/11/2026 †§x | Affirm | 1/16/2024 | 854 | 855 | 863 |
| &nbsp;&nbsp;&nbsp; YLRA-PX9J, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 273 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; YLRB-Q63K, 35.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YLRH-0EJF, 33.950%, 10/08/2025 †§x | Affirm | 7/31/2025 | 80 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; YLRW-CPB0, 29.710%, 2/10/2027 †§x | Affirm | 2/26/2025 | 467 | 490 | 492 |
| &nbsp;&nbsp;&nbsp; YLRX-DRJT, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YLSP-WOXW, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 103 | 101 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8389** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YLSV-6D6N, 22.880%, 2/10/2026 †§x | Affirm | 2/26/2025 | $51 | $53 | $52 |
| &nbsp;&nbsp;&nbsp; YLSW-TNIU, 29.660%, 9/15/2023 †x#^ | Affirm | 9/22/2022 | 202 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; YLSX-EVXS, 29.430%, 3/13/2025 †x#^ | Affirm | 3/18/2024 | 343 | 360 | 21 |
| &nbsp;&nbsp;&nbsp; YLSY-CM0X, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YLT6-YOXT, 28.000%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YLTC-ASKM, 29.450%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 258 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; YLTE-EU8I, 32.500%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 123 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; YLTM-GCX0, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 233 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; YLTM-WK2B, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 121 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; YLTT-XR34, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 435 | 439 | 438 |
| &nbsp;&nbsp;&nbsp; YLTY-VKKO, 9.800%, 3/20/2026 †§x | Affirm | 3/28/2025 | 562 | 574 | 576 |
| &nbsp;&nbsp;&nbsp; YLU3-MWEG, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; YLU4-HOQ9, 30.500%, 8/28/2026 †§x# | Affirm | 8/31/2023 | 2154 | 2255 | 2273 |
| &nbsp;&nbsp;&nbsp; YLUB-FR4G, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 288 | 293 | 294 |
| &nbsp;&nbsp;&nbsp; YLUS-2HMO, 29.590%, 10/22/2025 †§x | Affirm | 10/25/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YLUX-SRBZ, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 129 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; YLV1-QNS6, 35.570%, 5/13/2026 †§x | Affirm | 11/27/2024 | 146 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; YLVH-L7PI, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 108 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; YLVM-MDSP, 17.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1742 | 1787 | 1798 |
| &nbsp;&nbsp;&nbsp; YLVN-5ZGQ, 29.000%, 8/10/2024 †x#^ | Affirm | 8/15/2022 | 365 | 398 | 22 |
| &nbsp;&nbsp;&nbsp; YLVS-FLAI, 22.770%, 2/10/2027 †x# | Affirm | 2/26/2025 | 1177 | 1162 | 251 |
| &nbsp;&nbsp;&nbsp; YLW8-NK3Q, 29.460%, 5/24/2025 †x#^ | Affirm | 5/30/2023 | 456 | 455 | 27 |
| &nbsp;&nbsp;&nbsp; YLWG-1MU4, 35.000%, 8/21/2024 †x#^ | Affirm | 5/24/2024 | 132 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; YLWH-59FY, 15.840%, 2/11/2027 †§x | Affirm | 2/26/2025 | 659 | 690 | 696 |
| &nbsp;&nbsp;&nbsp; YLWY-5IWW, 35.360%, 2/05/2027 †§x | Affirm | 8/29/2025 | 254 | 248 | 248 |
| &nbsp;&nbsp;&nbsp; YLWY-93BR, 11.830%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YLX1-ACOO, 29.690%, 11/12/2025 †x# | Affirm | 11/27/2024 | 120 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; YLX3-QHX1, 28.500%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 152 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; YLX9-42H3, 15.994%, 3/23/2025 †x#^« | Affirm | 9/26/2024 | 57 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YLX9-JC30, 29.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 175 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; YLXA-UUP1, 24.680%, 12/28/2025 †§x | Affirm | 1/29/2025 | 638 | 649 | 646 |
| &nbsp;&nbsp;&nbsp; YLXF-H8X5, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1298 | 1327 | 1337 |
| &nbsp;&nbsp;&nbsp; YLXH-H27Q, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YLXH-MRA5, 29.000%, 6/28/2024 †x#^ | Affirm | 1/06/2023 | 321 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; YLXR-F81E, 26.700%, 8/26/2027 †§x# | Affirm | 8/29/2024 | 1898 | 1838 | 1845 |
| &nbsp;&nbsp;&nbsp; YLXY-GQ17, 28.920%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 118 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YLY3-CDNT, 35.220%, 12/25/2024 †x#^ | Affirm | 6/28/2024 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YLYU-169O, 18.000%, 12/02/2026 †§x# | Affirm | 6/27/2025 | 285 | 296 | 299 |
| &nbsp;&nbsp;&nbsp; YLZ0-2RY3, 18.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; YLZ5-T5YU, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 140 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; YLZO-9EAL, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 283 | 287 | 288 |
| &nbsp;&nbsp;&nbsp; YLZQ-1SE4, 23.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 391 | 398 | 400 |
| &nbsp;&nbsp;&nbsp; YLZX-PD98, 7.940%, 1/02/2027 †§x | Affirm | 1/29/2025 | 527 | 545 | 548 |
| &nbsp;&nbsp;&nbsp; YLZY-NUTK, 11.850%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YM00-UMNM, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YM01-5KB3, 29.420%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 217 | 210 | 13 |
| &nbsp;&nbsp;&nbsp; YM01-M3PL, 28.500%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 187 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; YM03-IKNF, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YM08-ORB7, 28.500%, 2/10/2023 †x#^ | Affirm | 2/14/2022 | 89 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YM09-1UHR, 30.500%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 130 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YM0Q-184Y, 35.000%, 10/08/2025 †x | Affirm | 7/31/2025 | 123 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; YM0Q-4BZH, 35.550%, 1/09/2026 †§x | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YM0W-H0WX, 29.000%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 76 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YM15-FW7G, 29.820%, 1/03/2025 †x#^ | Affirm | 1/06/2023 | 488 | 528 | 29 |
| &nbsp;&nbsp;&nbsp; YM17-K1IX, 35.250%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; YM1K-0PY6, 24.400%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 342 | 353 | 355 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8390** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YM1Z-95ZJ, 32.680%, 1/21/2025 †x#^ | Affirm | 10/24/2024 | $76 | $75 | $5 |
| &nbsp;&nbsp;&nbsp; YM2G-NXZP, 29.760%, 12/28/2025 †§x | Affirm | 1/29/2025 | 55 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; YM2H-F7D9, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 329 | 333 | 334 |
| &nbsp;&nbsp;&nbsp; YM2J-42XL, 29.570%, 1/08/2026 †§x | Affirm | 1/11/2024 | 275 | 278 | 278 |
| &nbsp;&nbsp;&nbsp; YM2L-3AJ6, 27.950%, 3/28/2026 †x# | Affirm | 3/31/2025 | 904 | 928 | 290 |
| &nbsp;&nbsp;&nbsp; YM35-S556, 29.560%, 8/06/2026 †§x | Affirm | 8/29/2025 | 148 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; YM3N-LNAZ, 35.690%, 2/10/2026 †§x | Affirm | 2/26/2025 | 166 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; YM3Q-6BIF, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 49 | 50 | 24 |
| &nbsp;&nbsp;&nbsp; YM3R-57Z1, 35.610%, 11/20/2025 †§x | Affirm | 11/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YM3S-C7RL, 29.810%, 7/02/2026 †§x | Affirm | 1/29/2025 | 177 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; YM3X-V5HN, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 658 | 664 | 660 |
| &nbsp;&nbsp;&nbsp; YM47-NBYK, 26.500%, 1/08/2023 †x#^ | Affirm | 7/14/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YM4E-BMT7, 15.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YM4H-RXA9, 24.690%, 1/03/2028 †x# | Affirm | 1/29/2025 | 4593 | 4492 | 276 |
| &nbsp;&nbsp;&nbsp; YM4M-5FGO, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YM4M-TQID, 35.450%, 12/17/2025 †§x | Affirm | 6/21/2024 | 127 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; YM54-NJ2S, 29.770%, 12/28/2025 †§x | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YM58-4YOV, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 268 | 275 | 274 |
| &nbsp;&nbsp;&nbsp; YM5C-EU6E, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 273 | 276 | 275 |
| &nbsp;&nbsp;&nbsp; YM5M-7F1L, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 227 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; YM5N-F7FR, 35.470%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 1171 | 1166 | 70 |
| &nbsp;&nbsp;&nbsp; YM5P-ZRV8, 29.720%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; YM5R-5LCZ, 29.620%, 12/09/2025 †§x | Affirm | 12/27/2024 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YM5S-T15M, 29.710%, 2/10/2027 †§x | Affirm | 2/26/2025 | 594 | 623 | 628 |
| &nbsp;&nbsp;&nbsp; YM63-2JBO, 35.350%, 10/08/2025 †x# | Affirm | 4/11/2024 | 391 | 404 | 23 |
| &nbsp;&nbsp;&nbsp; YM66-FTNM, 26.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 180 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; YM6H-R05V, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 75 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; YM6S-DZZZ, 34.000%, 7/15/2027 †§x | Affirm | 7/31/2025 | 1932 | 1781 | 1772 |
| &nbsp;&nbsp;&nbsp; YM6X-2RY3, 32.000%, 10/21/2025 †§x | Affirm | 10/24/2024 | 11 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YM72-GZHM, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YM72-O8GY, 35.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 754 | 771 | 45 |
| &nbsp;&nbsp;&nbsp; YM79-K595, 15.770%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 80 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YM7C-J5GG, 35.950%, 5/07/2025 †x#^ | Affirm | 2/26/2025 | 2115 | 2107 | 127 |
| &nbsp;&nbsp;&nbsp; YM7Q-WBGE, 29.510%, 2/01/2025 †x#^ | Affirm | 8/07/2023 | 173 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; YM81-RX24, 31.500%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 211 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; YM8D-F2TM, 35.460%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 66 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YM8F-8CM7, 30.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 178 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; YM8P-I91Q, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 109 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; YM8V-PQ2Y, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 29 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; YM8W-AX13, 33.150%, 7/13/2026 †§x | Affirm | 1/29/2025 | 281 | 279 | 281 |
| &nbsp;&nbsp;&nbsp; YM8Z-9SWT, 29.540%, 12/17/2025 †§x# | Affirm | 6/21/2024 | 150 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; YM90-2K5H, 24.730%, 11/15/2025 †§x | Affirm | 11/27/2024 | 467 | 467 | 466 |
| &nbsp;&nbsp;&nbsp; YM93-I7K0, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; YM95-WG6H, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YM96-Y02Q, 23.400%, 1/08/2026 †§x | Affirm | 1/29/2025 | 266 | 269 | 270 |
| &nbsp;&nbsp;&nbsp; YM9A-XB4V, 6.272%, 2/07/2026 †§x« | Affirm | 2/26/2025 | 148 | 144 | 143 |
| &nbsp;&nbsp;&nbsp; YM9B-JRJQ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; YM9B-OXY6, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YM9G-P3OL, 22.840%, 12/28/2025 †x# | Affirm | 1/29/2025 | 97 | 95 | 9 |
| &nbsp;&nbsp;&nbsp; YM9G-QV80, 9.800%, 3/03/2026 †§x | Affirm | 3/28/2025 | 160 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; YM9H-4SS4, 24.400%, 1/08/2026 †§x | Affirm | 1/29/2025 | 471 | 477 | 478 |
| &nbsp;&nbsp;&nbsp; YM9M-WALP, 15.780%, 4/21/2026 †§x | Affirm | 10/25/2024 | 228 | 234 | 233 |
| &nbsp;&nbsp;&nbsp; YM9Y-E31E, 35.450%, 12/18/2025 †§x | Affirm | 6/21/2024 | 263 | 264 | 263 |
| &nbsp;&nbsp;&nbsp; YMA9-B1J8, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YMAG-2PB5, 32.500%, 3/23/2026 †§x | Affirm | 9/26/2024 | 132 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; YMAH-Y8ON, 24.520%, 3/20/2026 †§x | Affirm | 3/28/2025 | 136 | 141 | 142 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8391** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YMAJ-D4F8, 35.450%, 6/02/2026 †§x# | Affirm | 6/27/2025 | $184 | $181 | $183 |
| &nbsp;&nbsp;&nbsp; YMAR-0TWC, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 379 | 372 | 23 |
| &nbsp;&nbsp;&nbsp; YMBA-ATV7, 15.890%, 3/03/2026 †§x | Affirm | 3/28/2025 | 152 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; YMBA-MMUJ, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YMBG-YM92, 29.410%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 17 |
| &nbsp;&nbsp;&nbsp; YMBT-S0LB, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 181 | 189 | 187 |
| &nbsp;&nbsp;&nbsp; YMBY-50AP, 27.100%, 12/12/2024 †x#^ | Affirm | 12/15/2022 | 562 | 607 | 34 |
| &nbsp;&nbsp;&nbsp; YMC5-4WA3, 32.500%, 5/21/2026 †§x | Affirm | 5/24/2024 | 798 | 804 | 816 |
| &nbsp;&nbsp;&nbsp; YMC9-7IHP, 31.500%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 483 | 493 | 29 |
| &nbsp;&nbsp;&nbsp; YMC9-LDXF, 35.440%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 82 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; YMCC-PQIJ, 35.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 65 | 66 | 2 |
| &nbsp;&nbsp;&nbsp; YMCD-GO33, 35.370%, 11/17/2025 †x# | Affirm | 5/24/2024 | 244 | 247 | 15 |
| &nbsp;&nbsp;&nbsp; YMCG-LPSF, 35.340%, 11/21/2025 †§x | Affirm | 5/24/2024 | 77 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; YMCK-BNF6, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YMCL-F5FO, 23.700%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 78 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; YMCN-545F, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 360 | 370 | 367 |
| &nbsp;&nbsp;&nbsp; YMD7-2UOX, 15.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YMD9-ULA7, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 257 | 263 | 264 |
| &nbsp;&nbsp;&nbsp; YMDF-YNAD, 35.260%, 2/07/2024 †x#^ | Affirm | 8/10/2023 | 79 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YMDG-FD7L, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 184 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; YMDV-OCSH, 35.570%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YMDX-G6PJ, 25.200%, 12/28/2025 †§x | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YME1-JNKE, 35.900%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 39 | 40 | 7 |
| &nbsp;&nbsp;&nbsp; YME7-WCTE, 35.000%, 6/28/2025 †x#^ | Affirm | 3/31/2025 | 37 | 37 | 3 |
| &nbsp;&nbsp;&nbsp; YMEA-FA4R, 35.430%, 6/21/2025 †x#^ | Affirm | 6/27/2024 | 113 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; YMEK-G7OP, 19.900%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; YMET-ZPS1, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 131 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; YMEY-4N21, 31.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 146 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; YMF6-R4ON, 29.590%, 10/18/2025 †§x | Affirm | 10/24/2024 | 34 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; YMF9-1PSD, 11.930%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 77 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YMFK-3SQW, 35.620%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 407 | 402 | 232 |
| &nbsp;&nbsp;&nbsp; YMFQ-5GG2, 30.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YMG4-TVHJ, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YMGD-DDWF, 35.770%, 2/05/2026 †x# | Affirm | 2/26/2025 | 297 | 306 | 13 |
| &nbsp;&nbsp;&nbsp; YMGD-WN08, 28.500%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 793 | 821 | 48 |
| &nbsp;&nbsp;&nbsp; YMGM-PGCV, 35.540%, 2/20/2026 †§x# | Affirm | 2/23/2024 | 153 | 153 | 155 |
| &nbsp;&nbsp;&nbsp; YMGO-PCCK, 35.440%, 10/28/2025 †§x | Affirm | 5/02/2024 | 153 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; YMH3-2T5N, 22.750%, 11/08/2025 †§x | Affirm | 11/27/2024 | 208 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; YMHB-0DMN, 29.360%, 9/02/2025 †§x | Affirm | 6/27/2025 | 65 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; YMHC-RKT3, 33.950%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 121 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; YMHO-XSOD, 35.580%, 9/20/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YMHX-KDB3, 29.610%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 44 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; YMI1-1D61, 29.700%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 230 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; YMI8-MQOO, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YMIF-MZYA, 15.810%, 11/13/2026 †§x | Affirm | 11/27/2024 | 190 | 196 | 193 |
| &nbsp;&nbsp;&nbsp; YMIM-Q5TZ, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 100 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YMIM-W05P, 35.440%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 599 | 604 | 36 |
| &nbsp;&nbsp;&nbsp; YMJ9-7OT7, 35.400%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 43 | 40 | 3 |
| &nbsp;&nbsp;&nbsp; YMJB-EAW7, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YMJE-9QBK, 33.950%, 9/18/2027 †x | Affirm | 9/23/2024 | 2227 | 2277 | 2301 |
| &nbsp;&nbsp;&nbsp; YMJG-L2KZ, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YMJM-7UAV, 18.000%, 9/26/2026 †§x | Affirm | 9/30/2024 | 322 | 331 | 333 |
| &nbsp;&nbsp;&nbsp; YMJX-AOVM, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 156 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; YMK2-ZF2V, 35.450%, 2/27/2026 †§x | Affirm | 8/30/2024 | 314 | 304 | 305 |
| &nbsp;&nbsp;&nbsp; YMK7-4EG5, 15.720%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 225 | 236 | 13 |
| &nbsp;&nbsp;&nbsp; YMK8-48Z8, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 238 | 244 | 245 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8392** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YMK8-RXGA, 25.200%, 1/27/2026 †§x | Affirm | 2/26/2025 | $87 | $89 | $90 |
| &nbsp;&nbsp;&nbsp; YMKF-NQ7Z, 35.490%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 76 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; YMKF-W3I7, 28.000%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YMKS-AZ3F, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 695 | 708 | 704 |
| &nbsp;&nbsp;&nbsp; YMKW-U2A1, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; YML7-2GKS, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YMLO-NCDG, 22.750%, 6/02/2026 †§x | Affirm | 6/27/2025 | 100 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YMLR-QGF5, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 739 | 734 | 731 |
| &nbsp;&nbsp;&nbsp; YMLR-S0M7, 25.900%, 12/11/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YMM1-EEOX, 31.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 632 | 644 | 646 |
| &nbsp;&nbsp;&nbsp; YMM2-3U79, 33.180%, 1/06/2026 †§x | Affirm | 1/29/2025 | 88 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; YMMG-CV9R, 35.530%, 9/23/2025 †§x | Affirm | 9/26/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YMNF-3RSO, 30.950%, 9/28/2025 †§x | Affirm | 4/22/2025 | 94 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; YMNG-RZEO, 32.500%, 8/18/2025 †x#^ | Affirm | 8/24/2023 | 464 | 440 | 459 |
| &nbsp;&nbsp;&nbsp; YMNW-EI2G, 25.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 104 | 108 | 107 |
| &nbsp;&nbsp;&nbsp; YMO7-GU0W, 20.900%, 12/28/2028 †§x# | Affirm | 1/29/2025 | 2092 | 2237 | 2255 |
| &nbsp;&nbsp;&nbsp; YMOA-FTYK, 29.620%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; YMOE-JRX5, 35.600%, 1/09/2026 †§x | Affirm | 1/29/2025 | 244 | 247 | 247 |
| &nbsp;&nbsp;&nbsp; YMOJ-ZEHW, 32.500%, 8/12/2026 †§x | Affirm | 2/26/2025 | 548 | 563 | 563 |
| &nbsp;&nbsp;&nbsp; YMOO-EDVN, 27.500%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 700 | 693 | 42 |
| &nbsp;&nbsp;&nbsp; YMOS-3COX, 29.170%, 3/05/2024 †x#^ | Affirm | 9/08/2023 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; YMPA-U7ZI, 29.940%, 12/18/2025 †§x | Affirm | 12/27/2024 | 50 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; YMPK-7527, 28.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 26 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YMPQ-GZ1G, 29.550%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 284 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; YMPU-PYO1, 33.050%, 3/04/2025 †x#^ | Affirm | 3/07/2024 | 116 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; YMQA-5Z4L, 20.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 313 | 317 | 318 |
| &nbsp;&nbsp;&nbsp; YMQH-TOZB, 33.000%, 9/24/2025 †x# | Affirm | 9/27/2024 | 429 | 430 | 26 |
| &nbsp;&nbsp;&nbsp; YMQM-0VXF, 35.650%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1405 | 1466 | 1487 |
| &nbsp;&nbsp;&nbsp; YMQR-KQ5E, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 491 | 499 | 501 |
| &nbsp;&nbsp;&nbsp; YMQV-9081, 32.000%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 225 | 226 | 228 |
| &nbsp;&nbsp;&nbsp; YMQX-CCDJ, 29.680%, 11/23/2022 †x#^ | Affirm | 11/26/2021 | 409 | 416 | 25 |
| &nbsp;&nbsp;&nbsp; YMQY-OZ35, 29.000%, 5/26/2026 †x# | Affirm | 6/02/2023 | 953 | 1023 | 57 |
| &nbsp;&nbsp;&nbsp; YMQZ-E85F, 35.520%, 12/18/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YMR1-XZGR, 29.600%, 7/02/2026 †x# | Affirm | 1/29/2025 | 159 | 166 | 8 |
| &nbsp;&nbsp;&nbsp; YMR5-8QR8, 35.690%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 124 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; YMR6-CVQ3, 29.550%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 98 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YMRA-U22X, 29.320%, 12/02/2025 †§x | Affirm | 6/27/2025 | 103 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; YMRB-QH5V, 35.340%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 46 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YMRC-0NYO, 29.680%, 1/09/2029 †x | Affirm | 1/29/2025 | 2183 | 2342 | 2360 |
| &nbsp;&nbsp;&nbsp; YMRE-E81E, 18.000%, 11/15/2026 †§x | Affirm | 11/27/2024 | 1848 | 1910 | 1919 |
| &nbsp;&nbsp;&nbsp; YMSA-UNQH, 22.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 118 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; YMSC-312D, 35.490%, 12/30/2024 †x#^ | Affirm | 10/03/2024 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YMSJ-NPE2, 33.020%, 8/26/2026 †§x# | Affirm | 8/29/2024 | 434 | 431 | 437 |
| &nbsp;&nbsp;&nbsp; YMSO-E3QR, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 143 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; YMSZ-EUF0, 35.470%, 8/20/2025 †x#^ | Affirm | 8/23/2024 | 127 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; YMTC-VV9N, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YMU5-5GKQ, 22.200%, 6/09/2024 †x#^ | Affirm | 6/15/2023 | 1487 | 1385 | 89 |
| &nbsp;&nbsp;&nbsp; YMU5-7M9G, 21.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YMU9-TM1X, 26.500%, 11/22/2023 †x#^ | Affirm | 11/25/2022 | 158 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; YMUN-WWB0, 33.950%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 82 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YMUV-MMGD, 35.350%, 10/28/2025 †x# | Affirm | 5/03/2024 | 221 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; YMV9-P9N9, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 144 | 144 | 143 |
| &nbsp;&nbsp;&nbsp; YMVD-TZPK, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 75 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; YMVH-QDQ6, 29.570%, 8/26/2026 †§x | Affirm | 8/29/2024 | 340 | 350 | 352 |
| &nbsp;&nbsp;&nbsp; YMVM-NOC9, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1060 | 1081 | 1079 |
| &nbsp;&nbsp;&nbsp; YMVM-THS8, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 200 | 209 |  |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8393** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YMVN-3OF0, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | $128 | $128 | $8 |
| &nbsp;&nbsp;&nbsp; YMVS-RZXB, 22.700%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 937 | 934 | 933 |
| &nbsp;&nbsp;&nbsp; YMW3-7SA1, 35.540%, 1/13/2027 †§x | Affirm | 1/29/2025 | 852 | 849 | 862 |
| &nbsp;&nbsp;&nbsp; YMWA-3RFR, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 199 | 203 | 204 |
| &nbsp;&nbsp;&nbsp; YMWJ-V741, 35.370%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 89 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; YMWM-1A2W, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 134 | 137 | 134 |
| &nbsp;&nbsp;&nbsp; YMWU-WP2T, 35.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YMWV-5MQO, 28.500%, 6/16/2024 †x#^ | Affirm | 12/23/2022 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; YMWV-GOHW, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; YMX2-6D70, 15.710%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 147 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; YMX3-YZRI, 35.190%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YMXC-11H8, 29.440%, 3/20/2026 †x# | Affirm | 3/28/2025 | 121 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; YMXD-DJZX, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YMXJ-Y5F6, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YMXL-5W9M, 8.960%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 195 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; YMXL-HHM4, 29.430%, 11/17/2024 †x#^ | Affirm | 5/22/2023 | 346 | 365 | 21 |
| &nbsp;&nbsp;&nbsp; YMXP-RMQU, 33.950%, 6/20/2026 †§x | Affirm | 6/24/2024 | 177 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; YMXR-5M29, 23.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; YMXW-3BTP, 35.460%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 268 | 270 | 16 |
| &nbsp;&nbsp;&nbsp; YMXY-TJBF, 5.849%, 8/28/2026 †x#« | Affirm | 9/01/2023 | 686 | 579 | 64 |
| &nbsp;&nbsp;&nbsp; YMY3-RQNT, 23.400%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 234 | 238 | 239 |
| &nbsp;&nbsp;&nbsp; YMYN-CLV9, 35.650%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 282 | 281 | 160 |
| &nbsp;&nbsp;&nbsp; YMYU-WF09, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 231 | 237 | 236 |
| &nbsp;&nbsp;&nbsp; YMZA-9TO3, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; YMZA-FUSC, 35.650%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 237 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; YMZM-YQCG, 35.760%, 8/26/2024 †x#^ | Affirm | 2/29/2024 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; YMZN-9H3F, 33.050%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YMZS-7B04, 22.470%, 1/25/2023 †x#^ | Affirm | 7/28/2022 | 229 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; YMZW-LWXX, 29.660%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 175 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; YMZZ-Q9HE, 15.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 239 | 243 | 244 |
| &nbsp;&nbsp;&nbsp; YN0A-MS8I, 13.840%, 11/12/2026 †§x | Affirm | 11/27/2024 | 259 | 267 | 266 |
| &nbsp;&nbsp;&nbsp; YN0C-H6GL, 35.420%, 12/02/2026 †§x | Affirm | 6/27/2025 | 241 | 247 | 249 |
| &nbsp;&nbsp;&nbsp; YN0H-0EJV, 29.500%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 106 | 113 | 6 |
| &nbsp;&nbsp;&nbsp; YN0J-XNWE, 34.000%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 597 | 590 | 36 |
| &nbsp;&nbsp;&nbsp; YN0O-H084, 31.000%, 2/23/2026 †§x | Affirm | 8/29/2024 | 616 | 630 | 632 |
| &nbsp;&nbsp;&nbsp; YN0O-YCSN, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 108 | 107 |
| &nbsp;&nbsp;&nbsp; YN0Q-V2UF, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; YN0R-X15K, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YN0T-ZU4L, 33.500%, 7/03/2025 †x#^ | Affirm | 1/29/2025 | 43 | 43 | 6 |
| &nbsp;&nbsp;&nbsp; YN0Z-8PYT, 35.190%, 9/02/2025 †§x | Affirm | 6/27/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; YN10-0RWO, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 248 | 258 | 257 |
| &nbsp;&nbsp;&nbsp; YN17-PP5D, 35.280%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 679 | 637 | 41 |
| &nbsp;&nbsp;&nbsp; YN18-RNRU, 11.840%, 2/28/2026 †§x | Affirm | 3/04/2024 | 389 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; YN19-ATMJ, 35.550%, 3/28/2026 †x# | Affirm | 1/29/2025 | 85 | 84 | 86 |
| &nbsp;&nbsp;&nbsp; YN1D-1U0U, 22.860%, 2/06/2026 †§x | Affirm | 2/26/2025 | 134 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; YN1K-KRZX, 27.100%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; YN1M-7091, 26.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YN1S-QR76, 29.600%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 94 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; YN1V-FWQ3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YN1W-YCR0, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YN1X-E8UJ, 35.560%, 11/15/2026 †§x | Affirm | 11/27/2024 | 313 | 313 | 317 |
| &nbsp;&nbsp;&nbsp; YN26-7VYE, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YN2B-9HN4, 35.310%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 207 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; YN2D-JMC9, 33.950%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 200 | 205 | 204 |
| &nbsp;&nbsp;&nbsp; YN2D-XG6T, 29.540%, 10/08/2025 †§x | Affirm | 4/15/2024 | 263 | 260 | 257 |
| &nbsp;&nbsp;&nbsp; YN2X-LNWC, 35.900%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 26 | 26 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8394** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YN2Z-WUHJ, 29.550%, 12/24/2025 †x# | Affirm | 6/27/2024 | $357 | $379 | $21 |
| &nbsp;&nbsp;&nbsp; YN30-9S7C, 27.500%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 1039 | 1092 | 62 |
| &nbsp;&nbsp;&nbsp; YN38-ZE8O, 29.640%, 11/23/2023 †x#^ | Affirm | 11/26/2021 | 297 | 320 | 18 |
| &nbsp;&nbsp;&nbsp; YN3G-YTLO, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 387 | 391 | 394 |
| &nbsp;&nbsp;&nbsp; YN3O-5VA6, 33.950%, 12/12/2025 †§x | Affirm | 12/27/2024 | 160 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; YN3S-CUHI, 29.500%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 43 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; YN3T-EGMT, 29.650%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 174 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; YN42-1I0O, 35.380%, 8/09/2024 †x#^ | Affirm | 8/14/2023 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; YN46-W1RY, 15.770%, 8/27/2027 †x | Affirm | 8/30/2024 | 2254 | 2183 | 2190 |
| &nbsp;&nbsp;&nbsp; YN54-Y1KO, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 185 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; YN56-RTLW, 16.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 106 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; YN58-UQ6U, 29.000%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 222 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; YN5F-A9L2, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YN5J-1L2N, 29.620%, 4/19/2024 †x#^ | Affirm | 12/22/2022 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; YN5W-ENT9, 29.670%, 10/15/2025 †x# | Affirm | 4/18/2024 | 115 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; YN60-AIFA, 15.710%, 5/26/2025 †x#^ | Affirm | 6/02/2023 | 285 | 302 | 17 |
| &nbsp;&nbsp;&nbsp; YN67-55MS, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; YN6C-QOKI, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 122 | 121 | 22 |
| &nbsp;&nbsp;&nbsp; YN6U-IDAO, 30.000%, 8/15/2023 †x#^ | Affirm | 2/21/2023 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; YN6U-NDEL, 29.570%, 4/21/2024 †x#^ | Affirm | 10/27/2022 | 60 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; YN75-UDCJ, 35.380%, 11/22/2025 †§x | Affirm | 11/27/2023 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YN77-KPKP, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YN77-TRVV, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 274 | 277 | 277 |
| &nbsp;&nbsp;&nbsp; YN7O-MSS0, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 1445 | 1436 | 467 |
| &nbsp;&nbsp;&nbsp; YN7V-ABY5, 33.950%, 2/26/2026 †x# | Affirm | 8/29/2024 | 242 | 257 |  |
| &nbsp;&nbsp;&nbsp; YN7V-KXFS, 29.330%, 9/02/2025 †§x | Affirm | 6/27/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YN7V-XK6X, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 42 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; YN7W-A3OM, 29.690%, 7/19/2023 †x#^ | Affirm | 1/24/2022 | 276 | 258 | 17 |
| &nbsp;&nbsp;&nbsp; YN8G-A0RW, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YN8P-NX1I, 35.400%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 60 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; YN94-6C1V, 29.170%, 10/08/2025 †§x# | Affirm | 7/31/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YN98-1Z1Y, 35.230%, 12/02/2025 †§x | Affirm | 6/27/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YN9N-EV0G, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 146 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; YN9T-XSX5, 35.610%, 9/03/2026 †§x | Affirm | 3/28/2025 | 211 | 217 | 218 |
| &nbsp;&nbsp;&nbsp; YN9V-2D8Z, 31.000%, 8/07/2026 †§x | Affirm | 8/29/2025 | 497 | 522 | 522 |
| &nbsp;&nbsp;&nbsp; YNAC-0SRO, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YNAC-KRVP, 33.950%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 118 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; YNAK-CL8Q, 23.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 618 | 632 | 636 |
| &nbsp;&nbsp;&nbsp; YNAX-IT8Q, 35.550%, 12/28/2025 †§x | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YNB8-G16M, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 227 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; YNB9-D3HV, 29.500%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 246 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; YNBA-GRVJ, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 181 | 185 | 185 |
| &nbsp;&nbsp;&nbsp; YNBD-H7ZJ, 24.400%, 11/21/2025 †§x | Affirm | 5/24/2024 | 129 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YNBR-5HCW, 35.370%, 6/08/2024 †x#^ | Affirm | 6/12/2023 | 190 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; YNBR-TUQD, 31.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YNBY-U01N, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 276 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; YNC1-KMND, 35.530%, 11/15/2025 †§x | Affirm | 11/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YNC1-X5J1, 27.500%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 1111 | 1167 | 67 |
| &nbsp;&nbsp;&nbsp; YNCA-YMH0, 29.500%, 3/11/2026 †x# | Affirm | 3/14/2024 | 258 | 270 | 68 |
| &nbsp;&nbsp;&nbsp; YNCD-QR00, 33.050%, 10/28/2025 †§x | Affirm | 10/31/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YNCS-YUTW, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 248 | 253 | 15 |
| &nbsp;&nbsp;&nbsp; YNCV-Z77V, 7.880%, 10/02/2025 †§x | Affirm | 10/07/2024 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YNCZ-UVDV, 33.060%, 12/12/2026 †§x | Affirm | 12/27/2024 | 314 | 314 | 317 |
| &nbsp;&nbsp;&nbsp; YND0-OM7B, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; YND6-Q0UX, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 397 | 394 | 394 |
| &nbsp;&nbsp;&nbsp; YNE8-NYJ6, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 115 | 119 | 120 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8395** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YNE8-PE5Q, 35.610%, 1/02/2027 †x# | Affirm | 1/29/2025 | $614 | $606 | $- |
| &nbsp;&nbsp;&nbsp; YNEB-DRON, 30.000%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 189 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; YNEC-D2LQ, 18.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 260 | 268 | 270 |
| &nbsp;&nbsp;&nbsp; YNEF-BS2Z, 29.430%, 11/25/2024 †x#^ | Affirm | 5/30/2023 | 97 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; YNEG-IY9I, 22.750%, 10/25/2026 †§x | Affirm | 10/31/2024 | 364 | 375 | 377 |
| &nbsp;&nbsp;&nbsp; YNEH-T5KF, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YNET-5H9E, 9.830%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 586 | 607 | 611 |
| &nbsp;&nbsp;&nbsp; YNEW-SFM9, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 988 | 1014 | 1013 |
| &nbsp;&nbsp;&nbsp; YNEY-1LFS, 24.400%, 6/24/2026 †§x | Affirm | 6/27/2024 | 675 | 690 | 694 |
| &nbsp;&nbsp;&nbsp; YNEY-286M, 35.290%, 3/20/2026 †§x | Affirm | 3/28/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YNF1-NI5F, 30.200%, 9/28/2025 †§x# | Affirm | 4/04/2024 | 102 | 102 | 101 |
| &nbsp;&nbsp;&nbsp; YNF3-LGID, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YNF8-4BWK, 29.550%, 12/20/2025 †§x | Affirm | 6/24/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YNF9-F8BZ, 26.700%, 9/26/2025 †§x | Affirm | 9/30/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YNFC-FDO3, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 694 | 710 | 716 |
| &nbsp;&nbsp;&nbsp; YNFF-YH50, 33.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YNFJ-NWAD, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YNFM-K7E9, 29.570%, 4/24/2024 †x#^ | Affirm | 10/28/2022 | 282 | 295 | 17 |
| &nbsp;&nbsp;&nbsp; YNFV-1QS3, 33.950%, 10/28/2027 †§x# | Affirm | 10/31/2024 | 946 | 971 | 972 |
| &nbsp;&nbsp;&nbsp; YNG1-2UT9, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 87 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; YNGM-NF11, 35.400%, 6/11/2025 †x#^ | Affirm | 12/14/2023 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; YNGR-W6C7, 15.750%, 10/16/2025 †§x | Affirm | 4/19/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YNGS-P6A6, 22.750%, 12/04/2025 †§x | Affirm | 12/07/2023 | 162 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; YNGZ-210P, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YNH4-KZ4V, 33.950%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 143 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; YNH6-03W6, 30.000%, 5/28/2022 †x#^ | Affirm | 3/03/2022 | 160 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; YNHC-45YK, 29.600%, 10/24/2023 †x#^ | Affirm | 10/27/2022 | 219 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; YNHE-MEEF, 22.530%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 123 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; YNHH-PW1M, 23.400%, 12/19/2027 †x | Affirm | 12/27/2024 | 8616 | 8904 | 8964 |
| &nbsp;&nbsp;&nbsp; YNHN-30JS, 29.620%, 9/23/2026 †§x | Affirm | 9/26/2024 | 491 | 506 | 508 |
| &nbsp;&nbsp;&nbsp; YNHO-OLCL, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; YNIE-791D, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 209 | 216 | 219 |
| &nbsp;&nbsp;&nbsp; YNIL-7JLB, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; YNIR-YAEQ, 27.100%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 222 | 234 | 13 |
| &nbsp;&nbsp;&nbsp; YNJ7-ROXC, 30.500%, 11/12/2025 †§x | Affirm | 11/27/2024 | 363 | 367 | 368 |
| &nbsp;&nbsp;&nbsp; YNJ7-ZKE7, 34.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 700 | 701 | 69 |
| &nbsp;&nbsp;&nbsp; YNJP-P03Y, 32.860%, 3/28/2026 †§x | Affirm | 3/31/2025 | 166 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; YNJP-YR8E, 22.830%, 2/07/2026 †§x | Affirm | 2/26/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YNJY-ED4W, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YNK4-A5OP, 35.810%, 1/02/2027 †§x | Affirm | 1/29/2025 | 497 | 493 | 500 |
| &nbsp;&nbsp;&nbsp; YNK8-XGGZ, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 1065 | 1043 | 1037 |
| &nbsp;&nbsp;&nbsp; YNKA-7SZ2, 35.590%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YNKA-BMBM, 32.500%, 11/01/2025 †§x# | Affirm | 5/06/2024 | 88 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; YNKC-4P48, 13.840%, 10/23/2025 †§x | Affirm | 10/28/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YNKU-V8DH, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YNL3-QVE3, 18.900%, 10/11/2026 †§x | Affirm | 10/14/2022 | 720 | 743 | 699 |
| &nbsp;&nbsp;&nbsp; YNL8-I579, 23.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 683 | 692 | 693 |
| &nbsp;&nbsp;&nbsp; YNL8-VXLL, 33.050%, 11/14/2025 †x# | Affirm | 11/27/2024 | 165 | 173 |  |
| &nbsp;&nbsp;&nbsp; YNLO-1FCB, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 2808 | 2789 | 2777 |
| &nbsp;&nbsp;&nbsp; YNLR-9CZU, 33.950%, 9/01/2024 †x#^ | Affirm | 9/08/2023 | 231 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; YNLS-Z5AN, 8.941%, 12/18/2025 †§x« | Affirm | 12/27/2024 | 69 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YNLY-KHMG, 35.530%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YNM0-GNC1, 29.260%, 1/08/2026 †§x | Affirm | 7/31/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YNMA-E2HK, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YNMA-M50E, 29.300%, 11/06/2025 †§x | Affirm | 8/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YNMI-KCFJ, 29.610%, 7/07/2023 †x#^ | Affirm | 1/18/2022 | 309 | 289 | 19 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8396** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YNMN-89YW, 35.450%, 6/02/2026 †§x | Affirm | 6/27/2025 | $191 | $195 | $197 |
| &nbsp;&nbsp;&nbsp; YNNF-7IP9, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YNNG-MYYV, 35.390%, 3/11/2026 †x# | Affirm | 3/14/2024 | 779 | 793 | 47 |
| &nbsp;&nbsp;&nbsp; YNNJ-CBMJ, 15.900%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; YNNN-VXJ9, 32.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 1728 | 1744 | 1742 |
| &nbsp;&nbsp;&nbsp; YNNY-D31T, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YNNZ-XZLP, 6.965%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 2882 | 2798 | 2798 |
| &nbsp;&nbsp;&nbsp; YNO2-FMHY, 15.640%, 9/28/2025 †x# | Affirm | 3/31/2025 | 106 | 109 | 20 |
| &nbsp;&nbsp;&nbsp; YNO3-T77N, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YNOO-S22A, 35.500%, 1/02/2026 †x# | Affirm | 10/07/2024 | 2164 | 2170 | 45 |
| &nbsp;&nbsp;&nbsp; YNP1-N600, 11.684%, 2/25/2023 †x#^« | Affirm | 12/01/2022 | 248 | 242 | 15 |
| &nbsp;&nbsp;&nbsp; YNP3-M4N6, 35.280%, 2/07/2026 †§x | Affirm | 8/29/2025 | 195 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; YNP5-CS5F, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 95 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; YNP8-YF4E, 29.470%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 487 | 481 | 29 |
| &nbsp;&nbsp;&nbsp; YNPG-FWKR, 35.380%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 997 | 974 | 60 |
| &nbsp;&nbsp;&nbsp; YNPG-HGJ0, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 252 | 254 | 252 |
| &nbsp;&nbsp;&nbsp; YNPM-X1B2, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 397 | 412 | 416 |
| &nbsp;&nbsp;&nbsp; YNPO-244D, 12.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 412 | 416 | 417 |
| &nbsp;&nbsp;&nbsp; YNPP-SK1Z, 13.840%, 8/07/2026 †§x | Affirm | 2/26/2025 | 248 | 255 | 257 |
| &nbsp;&nbsp;&nbsp; YNQ9-U4U6, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YNQF-Z357, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 659 | 669 | 670 |
| &nbsp;&nbsp;&nbsp; YNQG-1F6R, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YNQP-NRQL, 29.540%, 3/07/2025 †x#^ | Affirm | 9/11/2023 | 156 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; YNQQ-6ZOU, 29.660%, 9/16/2025 †§x | Affirm | 9/19/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YNQT-RPOZ, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 179 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; YNQV-UMC1, 35.490%, 10/28/2025 †x# | Affirm | 10/31/2024 | 48 | 48 | 11 |
| &nbsp;&nbsp;&nbsp; YNQY-HU9S, 35.840%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; YNR0-XEX4, 28.000%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 143 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; YNR1-O6P8, 29.640%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 95 | 97 | 8 |
| &nbsp;&nbsp;&nbsp; YNR7-PIAN, 11.760%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 122 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; YNRA-6KZL, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YNRA-GSAB, 15.720%, 11/21/2025 †§x | Affirm | 5/24/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YNRD-ITLA, 24.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 2022 | 2067 | 2075 |
| &nbsp;&nbsp;&nbsp; YNRE-HLKJ, 34.000%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 74 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; YNRF-JDEP, 31.500%, 5/25/2024 †x#^ | Affirm | 5/30/2023 | 743 | 727 | 45 |
| &nbsp;&nbsp;&nbsp; YNRF-ZLLS, 30.000%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 176 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; YNRK-80MP, 15.940%, 12/28/2025 †§x | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YNRL-X0R9, 35.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | 237 | 247 | 250 |
| &nbsp;&nbsp;&nbsp; YNRR-F53P, 32.500%, 1/02/2026 †§x | Affirm | 1/05/2024 | 193 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; YNRX-8F6Q, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 129 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YNRX-RCKY, 26.700%, 9/23/2026 †§x | Affirm | 9/26/2024 | 1048 | 1076 | 1083 |
| &nbsp;&nbsp;&nbsp; YNRY-DK5H, 24.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 425 | 432 | 430 |
| &nbsp;&nbsp;&nbsp; YNRY-YHHJ, 29.620%, 9/25/2026 †§x | Affirm | 9/30/2024 | 461 | 475 | 478 |
| &nbsp;&nbsp;&nbsp; YNS0-6K1U, 25.200%, 9/23/2025 †§x | Affirm | 9/26/2024 | 82 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; YNS1-1JLX, 24.900%, 5/08/2026 †x# | Affirm | 5/11/2023 | 5448 | 5465 | 327 |
| &nbsp;&nbsp;&nbsp; YNS4-N8QH, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; YNS4-ZKQ7, 28.500%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 125 | 120 | 8 |
| &nbsp;&nbsp;&nbsp; YNS7-HJN5, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 231 | 237 | 238 |
| &nbsp;&nbsp;&nbsp; YNSD-9177, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 561 | 567 | 566 |
| &nbsp;&nbsp;&nbsp; YNSF-NTTI, 28.000%, 7/07/2023 †x#^ | Affirm | 7/11/2022 | 107 | 113 | 6 |
| &nbsp;&nbsp;&nbsp; YNSI-NQLE, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YNSI-NTJM, 29.490%, 11/09/2025 †x# | Affirm | 5/13/2024 | 227 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; YNSK-35VG, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 64 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; YNSL-M974, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 170 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; YNSM-PJCL, 33.000%, 1/08/2026 †§x# | Affirm | 1/11/2024 | 692 | 692 | 419 |
| &nbsp;&nbsp;&nbsp; YNSR-RPJV, 29.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 77 | 79 | 79 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8397** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YNT1-HOP9, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $46 | $47 | $47 |
| &nbsp;&nbsp;&nbsp; YNT9-Q2NN, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 275 | 284 | 16 |
| &nbsp;&nbsp;&nbsp; YNTK-4HNQ, 29.140%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 927 | 1000 | 56 |
| &nbsp;&nbsp;&nbsp; YNTP-E3P7, 29.840%, 9/02/2025 †§x | Affirm | 6/27/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YNTQ-X9HV, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 97 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; YNU5-9U2X, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 484 | 489 | 29 |
| &nbsp;&nbsp;&nbsp; YNUF-CYQH, 15.900%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; YNUF-NZGF, 35.330%, 12/27/2025 †x# | Affirm | 1/02/2024 | 965 | 970 | 58 |
| &nbsp;&nbsp;&nbsp; YNUI-EKRA, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YNV0-UTAX, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; YNV4-SU7Q, 29.810%, 3/20/2026 †§x | Affirm | 3/28/2025 | 184 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; YNV5-S0C4, 15.820%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YNV8-WN35, 29.430%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 196 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; YNVP-K5C4, 35.000%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 201 | 203 | 50 |
| &nbsp;&nbsp;&nbsp; YNVV-KJDL, 29.550%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 353 | 349 | 21 |
| &nbsp;&nbsp;&nbsp; YNW6-693K, 13.840%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 134 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; YNW7-VJW6, 35.460%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 65 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; YNW7-VNSC, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YNWJ-2FZJ, 28.000%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 168 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; YNWR-ZLQO, 35.640%, 1/08/2026 †§x | Affirm | 1/29/2025 | 99 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; YNX1-OQUM, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YNX5-HRCD, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 455 | 450 | 27 |
| &nbsp;&nbsp;&nbsp; YNX6-G0TD, 29.550%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 95 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; YNX7-DR2X, 11.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YNXC-G58O, 29.550%, 2/22/2026 †§x | Affirm | 8/26/2024 | 125 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; YNXH-QY5D, 32.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 799 | 823 | 817 |
| &nbsp;&nbsp;&nbsp; YNXH-WPS6, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 728 | 696 | 44 |
| &nbsp;&nbsp;&nbsp; YNXK-8GOF, 29.620%, 4/28/2026 †§x | Affirm | 10/31/2024 | 180 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; YNXY-HP8D, 23.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 332 | 338 | 339 |
| &nbsp;&nbsp;&nbsp; YNXZ-7W03, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 290 | 295 | 292 |
| &nbsp;&nbsp;&nbsp; YNY2-8CX9, 6.295%, 1/03/2026 †§x« | Affirm | 1/29/2025 | 162 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; YNY7-ZL0Q, 32.500%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 612 | 604 | 606 |
| &nbsp;&nbsp;&nbsp; YNYB-9AAK, 35.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 197 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; YNYE-O77P, 30.200%, 11/12/2025 †x# | Affirm | 11/27/2024 | 238 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; YNYH-9OZW, 24.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YNYO-8VFY, 29.440%, 5/23/2025 †x#^ | Affirm | 5/28/2024 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; YNYQ-O36A, 9.024%, 10/24/2025 †§x« | Affirm | 10/28/2024 | 453 | 447 | 443 |
| &nbsp;&nbsp;&nbsp; YNYS-A3WT, 35.500%, 9/16/2025 †§x# | Affirm | 9/19/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YNYS-LLHW, 29.560%, 8/02/2023 †x#^ | Affirm | 8/05/2022 | 375 | 395 | 23 |
| &nbsp;&nbsp;&nbsp; YNYT-WEB2, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 152 | 157 | 159 |
| &nbsp;&nbsp;&nbsp; YNZ7-MMDD, 24.400%, 12/17/2025 †§x | Affirm | 6/21/2024 | 411 | 414 | 415 |
| &nbsp;&nbsp;&nbsp; YNZA-IM2T, 15.660%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YNZB-A7JG, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 498 | 507 | 508 |
| &nbsp;&nbsp;&nbsp; YNZF-3KPR, 33.950%, 11/20/2026 †§x | Affirm | 11/27/2024 | 433 | 448 | 452 |
| &nbsp;&nbsp;&nbsp; YNZG-VF8W, 35.350%, 10/15/2025 †§x | Affirm | 4/18/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YNZQ-ZPTE, 24.400%, 11/15/2025 †x# | Affirm | 11/27/2024 | 139 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; YNZX-1K3G, 35.340%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 33 | 33 |  |
| &nbsp;&nbsp;&nbsp; YO02-EK2R, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 293 | 298 | 299 |
| &nbsp;&nbsp;&nbsp; YO0B-VM39, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 153 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; YO0B-VZZV, 35.770%, 7/02/2026 †§x | Affirm | 1/29/2025 | 348 | 353 | 351 |
| &nbsp;&nbsp;&nbsp; YO0J-QU97, 35.400%, 5/23/2026 †x# | Affirm | 5/28/2024 | 353 | 359 | 21 |
| &nbsp;&nbsp;&nbsp; YO0P-7OWV, 29.640%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 426 | 460 | 26 |
| &nbsp;&nbsp;&nbsp; YO1D-E0JL, 29.710%, 7/03/2026 †§x | Affirm | 1/29/2025 | 283 | 291 | 289 |
| &nbsp;&nbsp;&nbsp; YO1W-4RLD, 29.650%, 9/14/2023 †x#^ | Affirm | 9/19/2022 | 384 | 380 | 23 |
| &nbsp;&nbsp;&nbsp; YO28-3O8Z, 29.520%, 3/05/2027 †x | Affirm | 3/11/2024 | 896 | 906 | 908 |
| &nbsp;&nbsp;&nbsp; YO2D-VQ6F, 29.870%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 54 | 56 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8398** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YO2Q-0USJ, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | $70 | $70 | $69 |
| &nbsp;&nbsp;&nbsp; YO2W-D28M, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 128 | 117 | 8 |
| &nbsp;&nbsp;&nbsp; YO38-WR1V, 28.000%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 73 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; YO3H-923O, 29.680%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; YO3V-4JKC, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YO42-EK5V, 35.540%, 12/18/2025 †x# | Affirm | 12/27/2024 | 135 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YO4D-APPW, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YO4O-14G1, 25.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YO4R-U9S0, 29.550%, 12/20/2025 †§x | Affirm | 6/24/2024 | 111 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YO4Y-38NM, 33.950%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 154 | 161 | 91 |
| &nbsp;&nbsp;&nbsp; YO4Y-MWZ3, 15.680%, 9/03/2025 †§x | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YO5E-WJQM, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 110 |
| &nbsp;&nbsp;&nbsp; YO5U-Y0BT, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 990 | 1014 | 1021 |
| &nbsp;&nbsp;&nbsp; YO5W-5EKU, 35.420%, 12/28/2025 †§x | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YO6F-TCKH, 33.310%, 2/10/2026 †§x | Affirm | 2/26/2025 | 82 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; YO79-4CSM, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 83 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; YO7F-9M99, 35.660%, 1/09/2026 †§x | Affirm | 1/29/2025 | 82 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YO7N-A8I5, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 84 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; YO84-I1D2, 23.400%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 131 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; YO89-1R3E, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 90 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; YO8I-97S6, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YO8L-1UPB, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 126 | 125 |
| &nbsp;&nbsp;&nbsp; YO8O-JL6Q, 35.300%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 504 | 503 | 505 |
| &nbsp;&nbsp;&nbsp; YO8U-SCKX, 30.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YO8Z-221N, 24.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YO92-TC9Y, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YO93-9NRK, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; YO94-YZZ6, 19.700%, 5/01/2027 †§x | Affirm | 5/06/2024 | 2062 | 2096 | 2101 |
| &nbsp;&nbsp;&nbsp; YO96-CJPL, 22.860%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YO9F-467S, 29.650%, 1/06/2026 †x# | Affirm | 1/29/2025 | 108 | 112 | 6 |
| &nbsp;&nbsp;&nbsp; YO9T-9HQY, 32.500%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 209 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; YO9W-7ZX1, 29.550%, 10/10/2025 †§x | Affirm | 4/15/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YOA7-GER5, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YOAE-E569, 22.900%, 10/03/2024 †x#^ | Affirm | 10/06/2023 | 92 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; YOAI-4TYH, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 145 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; YOAN-4P0Q, 32.500%, 3/12/2026 †§x | Affirm | 3/15/2024 | 207 | 208 | 211 |
| &nbsp;&nbsp;&nbsp; YOAU-2EUT, 29.420%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YOAU-KT7T, 29.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YOAW-O3Y3, 35.490%, 4/28/2026 †§x | Affirm | 10/31/2024 | 579 | 573 | 578 |
| &nbsp;&nbsp;&nbsp; YOBB-7HEB, 35.270%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YOBM-ISA3, 29.390%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; YOBU-4CPU, 8.584%, 1/14/2023 †x#^« | Affirm | 7/18/2022 | 48 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YOBW-7RD0, 35.890%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 45 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YOC7-KR8J, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 111 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; YOCD-61TV, 29.570%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 50 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YOCP-7HT9, 29.560%, 12/07/2025 †§x | Affirm | 12/11/2023 | 190 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; YOCY-EXXZ, 29.540%, 12/24/2025 †§x | Affirm | 6/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YOD0-AFPC, 14.820%, 9/18/2025 †§x | Affirm | 9/26/2024 | 57 | 52 | 56 |
| &nbsp;&nbsp;&nbsp; YOD3-QZIP, 29.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YODX-PZTK, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YOE0-2BXD, 32.500%, 8/26/2026 †§x | Affirm | 8/29/2024 | 491 | 489 | 496 |
| &nbsp;&nbsp;&nbsp; YOE7-JCKJ, 22.640%, 6/28/2026 †x# | Affirm | 7/07/2023 | 791 | 859 | 47 |
| &nbsp;&nbsp;&nbsp; YOE8-471J, 33.950%, 2/05/2026 †x# | Affirm | 2/26/2025 | 88 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YOE9-TSWI, 35.580%, 6/12/2025 †x#^ | Affirm | 12/27/2024 | 29 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YOEJ-610Z, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 149 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; YOEV-FPOJ, 33.950%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 74 | 76 | 76 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8399** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YOEV-UKED, 29.190%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | $198 | $194 | $12 |
| &nbsp;&nbsp;&nbsp; YOEV-WQR3, 15.994%, 4/03/2025 †x#^« | Affirm | 10/07/2024 | 323 | 301 | 19 |
| &nbsp;&nbsp;&nbsp; YOF0-JMH0, 25.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YOFA-Q52J, 11.770%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 192 | 196 | 198 |
| &nbsp;&nbsp;&nbsp; YOFG-9HU7, 15.720%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1026 | 1058 | 1057 |
| &nbsp;&nbsp;&nbsp; YOFH-X2PI, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 93 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; YOFP-C3CF, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 577 | 588 | 35 |
| &nbsp;&nbsp;&nbsp; YOG2-AVJL, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YOG4-NC5X, 29.710%, 1/09/2026 †§x | Affirm | 1/29/2025 | 256 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; YOG5-X3UK, 29.710%, 1/27/2024 †x#^ | Affirm | 2/02/2023 | 723 | 708 | 43 |
| &nbsp;&nbsp;&nbsp; YOGD-Y3GO, 35.330%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 195 | 195 | 198 |
| &nbsp;&nbsp;&nbsp; YOGQ-QX4H, 33.950%, 10/16/2025 †§x | Affirm | 4/19/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YOGW-GIOC, 30.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 499 | 517 | 519 |
| &nbsp;&nbsp;&nbsp; YOGX-8Y8W, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YOH1-HWEY, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YOH3-QEJR, 29.390%, 9/07/2022 †x#^ | Affirm | 3/10/2022 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YOH6-2NW6, 33.000%, 9/10/2025 †x# | Affirm | 1/16/2024 | 480 | 480 | 476 |
| &nbsp;&nbsp;&nbsp; YOHE-9S46, 29.100%, 5/25/2024 †x#^ | Affirm | 12/01/2022 | 68 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; YOHJ-O4BF, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 838 | 862 | 866 |
| &nbsp;&nbsp;&nbsp; YOHN-THOV, 35.450%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 1038 | 1045 | 1067 |
| &nbsp;&nbsp;&nbsp; YOHT-3M78, 29.460%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 181 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; YOHU-E719, 35.890%, 1/06/2026 †§x | Affirm | 1/29/2025 | 115 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; YOHU-OD81, 29.600%, 12/28/2023 †x#^ | Affirm | 1/06/2022 | 407 | 378 | 24 |
| &nbsp;&nbsp;&nbsp; YOI6-SCG0, 29.610%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 39 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; YOI7-0AUA, 29.560%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 163 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; YOI9-MJ41, 28.500%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 124 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; YOIG-JHVZ, 29.450%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 14 |
| &nbsp;&nbsp;&nbsp; YOIK-18PD, 25.000%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 388 | 408 | 23 |
| &nbsp;&nbsp;&nbsp; YOJ2-416Y, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 165 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; YOJ4-GB6I, 35.410%, 6/28/2025 †x#^ | Affirm | 1/05/2024 | 281 | 281 | 17 |
| &nbsp;&nbsp;&nbsp; YOJ6-NC8H, 25.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 108 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; YOJF-GF9K, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 18 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YOJO-OTSV, 29.380%, 11/30/2023 †x#^ | Affirm | 6/02/2023 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; YOJX-7ELX, 33.950%, 6/25/2026 †§x | Affirm | 6/28/2024 | 866 | 885 | 894 |
| &nbsp;&nbsp;&nbsp; YOK5-8S5X, 29.570%, 12/01/2025 †x | Affirm | 12/07/2023 | 50 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; YOK7-Z0J6, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 188 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; YOKD-VG73, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 270 | 276 | 277 |
| &nbsp;&nbsp;&nbsp; YOKE-P6NT, 35.310%, 3/28/2026 †§x | Affirm | 3/31/2025 | 143 | 144 | 143 |
| &nbsp;&nbsp;&nbsp; YOKI-P3JR, 35.430%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 77 | 80 | 2 |
| &nbsp;&nbsp;&nbsp; YOKK-8OXH, 35.430%, 6/20/2026 †§x | Affirm | 12/27/2024 | 298 | 296 | 298 |
| &nbsp;&nbsp;&nbsp; YOKL-N5MI, 35.580%, 9/24/2025 †§x | Affirm | 9/27/2024 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; YOKN-23IE, 24.670%, 6/19/2026 †§x | Affirm | 12/27/2024 | 107 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; YOKR-5EK4, 29.570%, 8/27/2028 †§x | Affirm | 8/30/2024 | 1618 | 1721 | 1726 |
| &nbsp;&nbsp;&nbsp; YOKS-YGBU, 28.500%, 4/22/2023 †x#^ | Affirm | 4/28/2022 | 114 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; YOL0-SYKW, 24.670%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 1112 | 994 | 1019 |
| &nbsp;&nbsp;&nbsp; YOL1-XK1Y, 35.620%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 55 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YOLA-V0X8, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YOLJ-9DWX, 26.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 83 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; YOLP-2BVI, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; YOLQ-XI5I, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YOLW-8Q6F, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 128 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; YOM3-FKNW, 35.520%, 11/20/2026 †§x | Affirm | 11/27/2024 | 385 | 385 | 391 |
| &nbsp;&nbsp;&nbsp; YOM8-IKZ1, 35.670%, 2/06/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YOM9-7EOT, 29.760%, 8/11/2026 †x# | Affirm | 2/26/2025 | 266 | 283 | 9 |
| &nbsp;&nbsp;&nbsp; YOM9-TND9, 18.000%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YOMA-3P30, 30.000%, 5/13/2023 †x#^ | Affirm | 2/16/2023 | 298 | 302 | 18 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8400** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YOME-8X5S, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | $81 | $83 | $83 |
| &nbsp;&nbsp;&nbsp; YON0-6XUA, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 93 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; YON5-EQKR, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YONF-19QU, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YONF-7Z90, 35.480%, 1/03/2025 †x#^ | Affirm | 1/08/2024 | 105 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; YONJ-95WM, 32.000%, 1/10/2028 †x | Affirm | 1/29/2025 | 2713 | 2783 | 2820 |
| &nbsp;&nbsp;&nbsp; YONM-9MOS, 18.000%, 7/03/2026 †§x | Affirm | 7/07/2023 | 418 | 429 | 431 |
| &nbsp;&nbsp;&nbsp; YONM-RV1G, 29.710%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; YONO-A1SL, 35.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YONS-HLTS, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YONS-WS27, 33.280%, 2/07/2026 †§x | Affirm | 2/26/2025 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YONU-NHJH, 33.950%, 4/23/2025 †x#^ | Affirm | 10/28/2024 | 159 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; YONX-56Z1, 32.000%, 3/03/2028 †§x | Affirm | 3/28/2025 | 1861 | 1923 | 1950 |
| &nbsp;&nbsp;&nbsp; YOO0-RRKG, 35.360%, 9/27/2025 †§x# | Affirm | 4/01/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YOO8-325H, 13.840%, 3/23/2026 †§x | Affirm | 9/26/2024 | 113 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; YOOE-NQE2, 29.520%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 220 | 231 | 13 |
| &nbsp;&nbsp;&nbsp; YOOL-NVMQ, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 393 | 403 | 405 |
| &nbsp;&nbsp;&nbsp; YOOZ-X2NR, 22.600%, 9/11/2025 †§x | Affirm | 3/14/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YOP3-UI9R, 35.470%, 10/21/2025 †§x | Affirm | 10/24/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YOP4-QSLF, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YOP9-YZ2G, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 220 | 223 | 224 |
| &nbsp;&nbsp;&nbsp; YOPB-KOIJ, 29.600%, 12/08/2023 †x#^ | Affirm | 12/13/2021 | 708 | 764 | 43 |
| &nbsp;&nbsp;&nbsp; YOPD-OUVU, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 178 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; YOPE-WQQ8, 24.550%, 5/06/2026 †§x | Affirm | 5/30/2025 | 188 | 195 | 197 |
| &nbsp;&nbsp;&nbsp; YOPI-OCPX, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; YOPN-5UTC, 22.750%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 133 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; YOPP-JUEG, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 81 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; YOPR-TRF3, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 334 | 345 | 346 |
| &nbsp;&nbsp;&nbsp; YOPT-A7K5, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 146 | 145 |  |
| &nbsp;&nbsp;&nbsp; YOQ8-71ZG, 32.500%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 1132 | 1082 | 68 |
| &nbsp;&nbsp;&nbsp; YOQ9-2I6Q, 23.072%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; YOQB-NOZS, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YOQC-7UZD, 29.640%, 11/12/2023 †x#^ | Affirm | 11/18/2021 | 366 | 381 | 22 |
| &nbsp;&nbsp;&nbsp; YOQE-XBFD, 15.630%, 1/08/2026 †§x | Affirm | 7/31/2025 | 85 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; YOQH-QBUR, 15.690%, 2/28/2024 †x#^ | Affirm | 8/31/2023 | 302 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; YOQP-KF8F, 30.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 262 | 267 | 269 |
| &nbsp;&nbsp;&nbsp; YOQQ-JL5G, 19.800%, 2/03/2027 †x# | Affirm | 2/26/2025 | 679 | 625 | 12 |
| &nbsp;&nbsp;&nbsp; YOR3-M4Q2, 33.950%, 9/28/2025 †§x | Affirm | 4/22/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YOR4-UIU3, 23.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 194 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; YOR6-KUU9, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 328 | 333 | 332 |
| &nbsp;&nbsp;&nbsp; YORD-RNSK, 18.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YORD-SF3I, 29.420%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 80 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; YORD-U5P3, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YORG-59KT, 33.050%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; YOS6-HWI6, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 398 | 395 | 394 |
| &nbsp;&nbsp;&nbsp; YOSG-1VKB, 32.500%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 1061 | 1056 | 64 |
| &nbsp;&nbsp;&nbsp; YOSI-D4C6, 23.400%, 3/03/2027 †§x | Affirm | 3/28/2025 | 456 | 478 | 482 |
| &nbsp;&nbsp;&nbsp; YOSJ-3KA8, 11.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YOSJ-9V65, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; YOSL-AJZ4, 11.850%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YOSM-BSJ8, 28.000%, 1/07/2024 †x#^ | Affirm | 11/10/2022 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; YOSP-L90S, 26.500%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 190 | 196 | 11 |
| &nbsp;&nbsp;&nbsp; YOSP-LHV1, 22.840%, 2/05/2026 †§x | Affirm | 2/26/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YOSR-H9HJ, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 133 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; YOSZ-D5RQ, 29.500%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YOT2-FBPI, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 757 | 796 | 795 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8401** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YOTC-2GUQ, 30.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | $297 | $298 | $299 |
| &nbsp;&nbsp;&nbsp; YOTE-FGYL, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 121 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; YOTN-VLY3, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YOTO-T3VY, 25.200%, 4/23/2026 †§x | Affirm | 10/28/2024 | 186 | 191 | 190 |
| &nbsp;&nbsp;&nbsp; YOTR-5IXW, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 922 | 959 | 55 |
| &nbsp;&nbsp;&nbsp; YOTV-A907, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 203 | 207 | 206 |
| &nbsp;&nbsp;&nbsp; YOTZ-UILS, 18.000%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YOU0-L3FW, 33.950%, 3/24/2026 †§x# | Affirm | 9/27/2024 | 273 | 279 | 280 |
| &nbsp;&nbsp;&nbsp; YOU4-Q3IM, 29.480%, 12/07/2023 †x#^ | Affirm | 6/12/2023 | 140 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YOU5-U4WO, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 162 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; YOU6-2E80, 24.400%, 2/23/2026 †§x | Affirm | 8/29/2024 | 1028 | 1042 | 1044 |
| &nbsp;&nbsp;&nbsp; YOU8-V3T0, 29.030%, 6/28/2026 †§x# | Affirm | 7/03/2023 | 410 | 425 | 429 |
| &nbsp;&nbsp;&nbsp; YOUD-265P, 32.000%, 9/20/2025 †§x | Affirm | 9/26/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YOUG-OQ9S, 29.570%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 102 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; YOUH-Q08K, 29.890%, 6/28/2022 †x#^ | Affirm | 1/06/2022 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YOUK-CHGS, 35.350%, 7/16/2026 †§x | Affirm | 7/31/2025 | 2302 | 2123 | 2109 |
| &nbsp;&nbsp;&nbsp; YOUP-XL9R, 30.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 859 | 872 | 871 |
| &nbsp;&nbsp;&nbsp; YOUR-P7Y5, 29.620%, 3/12/2024 †x#^ | Affirm | 9/15/2022 | 315 | 329 | 19 |
| &nbsp;&nbsp;&nbsp; YOUS-QYEN, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; YOUV-5TOX, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 197 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; YOUV-IORK, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YOUX-9J9X, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YOV5-4XS6, 29.470%, 7/08/2026 †§x | Affirm | 7/31/2025 | 180 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; YOVG-BCLN, 29.510%, 5/21/2026 †§x | Affirm | 5/24/2024 | 264 | 269 | 270 |
| &nbsp;&nbsp;&nbsp; YOVG-WEE6, 29.850%, 6/01/2023 †x#^ | Affirm | 12/06/2021 | 2583 | 2716 | 155 |
| &nbsp;&nbsp;&nbsp; YOVH-83SJ, 32.500%, 8/10/2024 †x#^ | Affirm | 8/14/2023 | 221 | 207 | 13 |
| &nbsp;&nbsp;&nbsp; YOVH-9QEZ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; YOVN-LRCO, 29.660%, 9/24/2025 †x# | Affirm | 9/27/2024 | 68 | 72 | 7 |
| &nbsp;&nbsp;&nbsp; YOVZ-AEI8, 29.620%, 3/25/2026 †§x | Affirm | 9/30/2024 | 124 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; YOW1-IRWP, 29.540%, 10/08/2022 †x#^ | Affirm | 4/14/2022 | 222 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; YOWF-TPR9, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 77 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YOWG-W1MI, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; YOWN-TL1L, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 451 | 459 | 460 |
| &nbsp;&nbsp;&nbsp; YOWN-XRZB, 32.000%, 3/20/2026 †x# | Affirm | 3/28/2025 | 83 | 88 |  |
| &nbsp;&nbsp;&nbsp; YOWY-GOQP, 29.500%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 144 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; YOX5-V8AJ, 35.480%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 31 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; YOX8-8B5S, 33.950%, 2/23/2026 †§x | Affirm | 8/29/2024 | 600 | 613 | 615 |
| &nbsp;&nbsp;&nbsp; YOXA-F4GY, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YOXC-FZVJ, 32.000%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 516 | 541 | 31 |
| &nbsp;&nbsp;&nbsp; YOXL-U7MP, 29.450%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 89 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YOXM-08OH, 24.900%, 2/11/2027 †§x | Affirm | 2/26/2025 | 1660 | 1645 | 1674 |
| &nbsp;&nbsp;&nbsp; YOXS-JGQQ, 33.950%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YOXX-BOTC, 6.404%, 3/28/2026 †§x« | Affirm | 3/31/2025 | 1192 | 1150 | 1140 |
| &nbsp;&nbsp;&nbsp; YOXZ-9VLG, 28.500%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 841 | 884 | 50 |
| &nbsp;&nbsp;&nbsp; YOY0-PZ47, 15.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YOY7-6GXH, 23.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 81 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; YOY9-IDJZ, 23.400%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 131 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; YOYH-B23W, 25.000%, 10/11/2022 †x#^ | Affirm | 7/14/2022 | 257 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; YOYQ-6BEF, 11.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YOYW-9T7C, 29.580%, 4/24/2026 †§x | Affirm | 10/28/2024 | 405 | 416 | 415 |
| &nbsp;&nbsp;&nbsp; YOYZ-Z74A, 32.500%, 4/18/2026 †x# | Affirm | 10/24/2024 | 210 | 207 | 7 |
| &nbsp;&nbsp;&nbsp; YOZ3-F7HF, 29.440%, 2/08/2025 †x#^ | Affirm | 5/11/2023 | 970 | 942 | 58 |
| &nbsp;&nbsp;&nbsp; YOZI-Y8HW, 29.690%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 190 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; YOZK-PAB1, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; YOZV-3C5U, 15.730%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 55 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YOZY-39UM, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8402** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YOZZ-7Q12, 15.810%, 9/26/2025 †§x | Affirm | 9/30/2024 | $105 | $105 | $106 |
| &nbsp;&nbsp;&nbsp; YP00-J9VC, 15.650%, 12/02/2025 †§x | Affirm | 6/27/2025 | 163 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; YP05-VU24, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 982 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp; YP0A-YYQY, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 241 | 220 | 35 |
| &nbsp;&nbsp;&nbsp; YP0E-TC4F, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 338 | 342 | 344 |
| &nbsp;&nbsp;&nbsp; YP0G-KQKY, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YP0U-VFOL, 25.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YP12-OW5O, 29.710%, 2/06/2026 †§x | Affirm | 2/26/2025 | 487 | 495 | 497 |
| &nbsp;&nbsp;&nbsp; YP1B-6A5O, 7.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; YP1M-LFAN, 15.810%, 9/16/2025 †§x | Affirm | 9/19/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YP1P-36KV, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 94 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; YP1R-G550, 35.400%, 6/28/2025 †x#^ | Affirm | 1/05/2024 | 81 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; YP1W-X45F, 29.710%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 177 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; YP24-R6JI, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 760 | 766 | 46 |
| &nbsp;&nbsp;&nbsp; YP2P-L64Q, 20.900%, 1/08/2027 †§x | Affirm | 7/31/2025 | 756 | 798 | 797 |
| &nbsp;&nbsp;&nbsp; YP2Q-3T58, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 300 | 310 | 313 |
| &nbsp;&nbsp;&nbsp; YP30-4EKO, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 245 | 253 | 251 |
| &nbsp;&nbsp;&nbsp; YP31-EO4U, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YP37-6RZF, 22.960%, 12/09/2025 †§x | Affirm | 12/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YP3D-T19L, 29.440%, 11/11/2024 †x#^ | Affirm | 5/15/2023 | 176 | 171 | 11 |
| &nbsp;&nbsp;&nbsp; YP3H-S3VC, 32.500%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YP3M-XSC3, 29.470%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 610 | 631 | 37 |
| &nbsp;&nbsp;&nbsp; YP3N-HQGL, 27.500%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; YP3X-JPAF, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 395 | 399 | 396 |
| &nbsp;&nbsp;&nbsp; YP3Y-A7RT, 33.220%, 12/28/2025 †x# | Affirm | 1/29/2025 | 86 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YP40-AZTS, 13.840%, 9/25/2025 †§x | Affirm | 9/30/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YP41-UXEH, 29.480%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 99 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; YP43-VKKF, 22.750%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 453 | 464 | 466 |
| &nbsp;&nbsp;&nbsp; YP4D-XWIE, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 112 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YP4F-G6TI, 25.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YP4O-S7P5, 33.950%, 9/24/2026 †§x | Affirm | 9/27/2024 | 357 | 367 | 370 |
| &nbsp;&nbsp;&nbsp; YP4Z-1MU0, 31.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 247 | 251 | 252 |
| &nbsp;&nbsp;&nbsp; YP5M-1UYJ, 29.430%, 3/11/2023 †x#^ | Affirm | 3/17/2022 | 622 | 615 | 37 |
| &nbsp;&nbsp;&nbsp; YP5M-29PN, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 152 | 158 | 160 |
| &nbsp;&nbsp;&nbsp; YP65-H2Y2, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YP6P-ONEH, 32.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 110 | 113 | 112 |
| &nbsp;&nbsp;&nbsp; YP76-FMXT, 29.340%, 9/02/2025 †§x | Affirm | 6/27/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YP7C-9ZQD, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 174 | 180 | 179 |
| &nbsp;&nbsp;&nbsp; YP7G-KFM9, 29.620%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 210 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; YP7G-PWL5, 33.000%, 3/28/2026 †§x | Affirm | 4/22/2025 | 981 | 973 | 989 |
| &nbsp;&nbsp;&nbsp; YP7V-VB6A, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YP8A-6DSD, 29.590%, 8/28/2025 †§x#^ | Affirm | 9/08/2023 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YP8W-P8SO, 29.470%, 9/12/2025 †§x | Affirm | 3/15/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YP8Z-OLKD, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; YP91-IP80, 35.570%, 9/20/2025 †§x | Affirm | 9/26/2024 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; YP92-UWHM, 15.680%, 9/20/2025 †§x | Affirm | 3/28/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YP94-X1GE, 13.840%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1621 | 1671 | 1681 |
| &nbsp;&nbsp;&nbsp; YP9A-0YPE, 35.000%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; YP9R-2KDI, 18.000%, 8/07/2026 †§x | Affirm | 8/29/2025 | 978 | 1012 | 1012 |
| &nbsp;&nbsp;&nbsp; YPA7-48X2, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 655 | 661 | 656 |
| &nbsp;&nbsp;&nbsp; YPAB-XFX8, 35.380%, 12/05/2025 †§x | Affirm | 12/08/2023 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YPAK-8M9S, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 132 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; YPAO-ZLL8, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 187 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; YPB1-H1KU, 29.670%, 2/12/2028 †x# | Affirm | 2/26/2025 | 1421 | 1480 | 85 |
| &nbsp;&nbsp;&nbsp; YPB2-YL7M, 24.400%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 378 | 391 | 394 |
| &nbsp;&nbsp;&nbsp; YPB9-DFCX, 29.680%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 142 | 139 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8403** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YPBB-2XWH, 15.800%, 3/26/2026 †§x | Affirm | 9/30/2024 | $438 | $444 | $442 |
| &nbsp;&nbsp;&nbsp; YPBF-A6IO, 24.620%, 2/26/2026 †§x | Affirm | 8/29/2024 | 283 | 290 | 291 |
| &nbsp;&nbsp;&nbsp; YPBF-MW4Q, 29.330%, 9/02/2025 †§x | Affirm | 6/27/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YPC1-CQD2, 29.590%, 6/23/2024 †x#^ | Affirm | 12/30/2022 | 483 | 516 | 29 |
| &nbsp;&nbsp;&nbsp; YPC2-LBEZ, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 188 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; YPCA-S7OT, 29.430%, 3/15/2023 †x#^ | Affirm | 3/18/2022 | 283 | 280 | 17 |
| &nbsp;&nbsp;&nbsp; YPCB-WUOJ, 29.280%, 9/02/2025 †§x | Affirm | 6/27/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; YPCB-YDD5, 35.650%, 2/12/2027 †x | Affirm | 2/26/2025 | 1866 | 1850 | 1885 |
| &nbsp;&nbsp;&nbsp; YPCF-OSZH, 29.390%, 2/06/2026 †§x | Affirm | 8/29/2025 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YPCG-CZQ5, 26.700%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 843 | 886 | 51 |
| &nbsp;&nbsp;&nbsp; YPCL-26T9, 33.030%, 8/06/2026 †§x | Affirm | 8/29/2025 | 79 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YPCP-0KW8, 7.890%, 9/23/2025 †§x | Affirm | 9/26/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; YPD7-JWM9, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 152 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; YPDA-JH86, 29.600%, 6/08/2023 †x#^ | Affirm | 12/13/2021 | 254 | 243 | 15 |
| &nbsp;&nbsp;&nbsp; YPDD-YPN6, 35.450%, 12/14/2025 †§x | Affirm | 6/21/2024 | 292 | 293 | 292 |
| &nbsp;&nbsp;&nbsp; YPDH-H50Y, 29.000%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 139 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; YPDK-HGOH, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YPDO-NH7C, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 458 | 462 | 462 |
| &nbsp;&nbsp;&nbsp; YPDR-P9Y1, 29.670%, 6/13/2022 †x#^ | Affirm | 12/16/2021 | 58 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YPDU-0B15, 29.500%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 511 | 505 | 31 |
| &nbsp;&nbsp;&nbsp; YPDV-IDMV, 29.540%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YPDX-VGAM, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 79 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YPE1-NRSE, 29.630%, 3/25/2026 †§x | Affirm | 9/30/2024 | 109 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; YPE6-FM57, 27.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 515 | 511 | 518 |
| &nbsp;&nbsp;&nbsp; YPE7-PL1G, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 626 | 645 | 640 |
| &nbsp;&nbsp;&nbsp; YPEN-0TUA, 27.900%, 9/06/2024 †x#^ | Affirm | 9/11/2023 | 88 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; YPEQ-W3S7, 23.900%, 5/28/2025 †x#^ | Affirm | 12/04/2023 | 390 | 405 | 23 |
| &nbsp;&nbsp;&nbsp; YPEY-HQ04, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 395 | 411 | 24 |
| &nbsp;&nbsp;&nbsp; YPF5-OA69, 33.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 608 | 606 | 366 |
| &nbsp;&nbsp;&nbsp; YPF7-I7YQ, 29.670%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; YPFA-FYCT, 6.804%, 9/24/2025 †§x« | Affirm | 9/27/2024 | 66 | 62 | 66 |
| &nbsp;&nbsp;&nbsp; YPFE-SDGG, 29.600%, 12/08/2023 †x#^ | Affirm | 12/13/2021 | 429 | 463 | 26 |
| &nbsp;&nbsp;&nbsp; YPFG-6NXW, 33.280%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 74 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YPFS-UAV0, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 233 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; YPFW-KJVM, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 264 | 269 | 266 |
| &nbsp;&nbsp;&nbsp; YPG1-C6OH, 35.580%, 5/15/2026 †§x | Affirm | 11/27/2024 | 193 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; YPG3-AEND, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 97 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; YPG4-5L1R, 33.300%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; YPGF-VF44, 29.440%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; YPGH-OWEE, 33.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YPH1-7095, 11.780%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; YPH1-HP40, 35.390%, 3/21/2027 †x | Affirm | 3/31/2025 | 2279 | 2263 | 2313 |
| &nbsp;&nbsp;&nbsp; YPHD-5087, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 78 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; YPHF-LJ7N, 32.000%, 3/23/2026 †§x | Affirm | 9/26/2024 | 407 | 416 | 414 |
| &nbsp;&nbsp;&nbsp; YPHG-D9D9, 32.000%, 5/13/2026 †§x | Affirm | 11/27/2024 | 131 | 135 | 131 |
| &nbsp;&nbsp;&nbsp; YPHQ-3U8U, 7.180%, 9/04/2025 †x#« | Affirm | 3/28/2025 | 998 | 968 | 189 |
| &nbsp;&nbsp;&nbsp; YPHR-ILZM, 29.500%, 1/05/2025 †x#^ | Affirm | 1/11/2024 | 370 | 370 | 22 |
| &nbsp;&nbsp;&nbsp; YPI2-QX75, 24.400%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 205 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; YPI8-SXD2, 35.620%, 11/20/2025 †x# | Affirm | 11/27/2024 | 168 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; YPIG-CDHN, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YPII-7HLI, 15.650%, 9/03/2025 †§x | Affirm | 3/28/2025 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; YPJ0-7UMY, 15.830%, 1/08/2026 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YPJ0-VF8O, 28.000%, 6/23/2024 †x#^ | Affirm | 12/30/2022 | 744 | 793 | 45 |
| &nbsp;&nbsp;&nbsp; YPJD-GMYZ, 29.200%, 3/03/2026 †§x | Affirm | 3/28/2025 | 502 | 498 | 500 |
| &nbsp;&nbsp;&nbsp; YPJE-T4HJ, 29.650%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 484 | 501 | 29 |
| &nbsp;&nbsp;&nbsp; YPJF-008I, 33.950%, 3/03/2026 †x# | Affirm | 3/28/2025 | 327 | 343 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8404** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YPJF-GM5W, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | $56 | $56 | $56 |
| &nbsp;&nbsp;&nbsp; YPJG-K9KH, 29.710%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 71 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YPJM-TK1O, 25.200%, 5/06/2026 †x# | Affirm | 5/09/2024 | 545 | 568 | 33 |
| &nbsp;&nbsp;&nbsp; YPJO-SZ1J, 33.410%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YPJR-42D5, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 199 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; YPJV-3PX4, 30.000%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 44 | 44 | 5 |
| &nbsp;&nbsp;&nbsp; YPK1-E6P6, 15.740%, 6/02/2026 †§x | Affirm | 6/27/2025 | 248 | 257 | 260 |
| &nbsp;&nbsp;&nbsp; YPKK-GLL7, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 139 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; YPKN-0PK0, 35.900%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 57 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YPKP-4W2V, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 84 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; YPKS-4YQ0, 29.470%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 99 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; YPKU-XNFV, 22.660%, 9/28/2025 †§x | Affirm | 10/05/2023 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YPKV-FY56, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 44 | 45 | 4 |
| &nbsp;&nbsp;&nbsp; YPKX-UFCX, 15.770%, 10/24/2026 †§x# | Affirm | 10/28/2024 | 398 | 408 | 412 |
| &nbsp;&nbsp;&nbsp; YPL5-L9M1, 22.570%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 286 | 301 | 17 |
| &nbsp;&nbsp;&nbsp; YPLA-KQYY, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YPLD-GSE8, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 160 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; YPLG-56VJ, 29.420%, 3/14/2023 †x#^ | Affirm | 3/17/2022 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; YPLI-GYBT, 28.000%, 10/07/2022 †x#^ | Affirm | 4/11/2022 | 101 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YPLU-07IH, 35.350%, 10/17/2025 †§x | Affirm | 4/22/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YPM1-5BGP, 23.900%, 9/05/2025 †§x | Affirm | 9/08/2023 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YPMA-V9ZX, 29.530%, 10/06/2022 †x#^ | Affirm | 4/11/2022 | 107 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; YPMH-YVDM, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 533 | 539 | 539 |
| &nbsp;&nbsp;&nbsp; YPMO-CSOM, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 79 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; YPMP-2H76, 28.500%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 104 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; YPMS-6I83, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 175 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; YPMW-LN8S, 24.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 869 | 896 | 900 |
| &nbsp;&nbsp;&nbsp; YPMY-L1B3, 15.000%, 8/28/2026 †§x# | Affirm | 9/09/2022 | 536 | 550 | 515 |
| &nbsp;&nbsp;&nbsp; YPN6-K0YL, 28.930%, 3/25/2023 †x#^ | Affirm | 3/31/2022 | 156 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YPNA-PN56, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 186 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; YPNF-UHRW, 35.130%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; YPNH-TCPT, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 112 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YPNJ-ADHG, 24.400%, 2/12/2027 †§x# | Affirm | 2/26/2025 | 632 | 662 | 668 |
| &nbsp;&nbsp;&nbsp; YPNO-0WXU, 30.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YPNW-KC9X, 29.660%, 6/28/2023 †x#^ | Affirm | 1/06/2023 | 958 | 979 | 57 |
| &nbsp;&nbsp;&nbsp; YPOL-UWG6, 33.050%, 8/07/2025 †§x#^ | Affirm | 2/26/2025 | 37 | 37 | 3 |
| &nbsp;&nbsp;&nbsp; YPOX-M14H, 13.840%, 10/01/2025 †§x | Affirm | 10/04/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YPOY-BT94, 35.290%, 11/22/2025 †§x | Affirm | 5/28/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YPP1-D7NZ, 24.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 76 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; YPP6-ZEAC, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 100 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; YPP7-CTPF, 28.000%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 338 | 333 | 20 |
| &nbsp;&nbsp;&nbsp; YPPA-2QR7, 15.760%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 791 | 819 | 47 |
| &nbsp;&nbsp;&nbsp; YPPF-VKP7, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 58 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YPPK-0OXM, 9.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YPQH-V33K, 29.560%, 10/02/2025 †§x# | Affirm | 10/05/2023 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YPQK-YQGH, 29.750%, 6/01/2022 †x#^ | Affirm | 12/06/2021 | 140 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; YPQQ-3MVQ, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 259 | 264 | 16 |
| &nbsp;&nbsp;&nbsp; YPQV-8P0V, 29.720%, 1/08/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YPQW-RZ0Q, 29.690%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 101 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; YPQZ-WOEZ, 35.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; YPR0-EGNQ, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YPR7-YDK5, 16.000%, 9/03/2025 †x# | Affirm | 3/28/2025 | 89 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; YPR8-AG9Z, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; YPRV-XHZT, 22.900%, 3/26/2027 †§x | Affirm | 4/22/2025 | 1824 | 1898 | 1948 |
| &nbsp;&nbsp;&nbsp; YPRY-PXWE, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 2693 | 2742 | 2748 |
| &nbsp;&nbsp;&nbsp; YPS6-TMEA, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 127 | 131 | 130 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8405** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YPSW-60JZ, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | $89 | $90 | $90 |
| &nbsp;&nbsp;&nbsp; YPSX-Z25A, 33.050%, 8/10/2026 †§x | Affirm | 2/26/2025 | 38 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; YPT2-8SUV, 35.580%, 9/23/2025 †x# | Affirm | 9/26/2024 | 1300 | 1352 | 78 |
| &nbsp;&nbsp;&nbsp; YPTI-VRZU, 33.000%, 12/11/2025 †§x | Affirm | 12/15/2023 | 603 | 603 | 607 |
| &nbsp;&nbsp;&nbsp; YPTJ-FFIW, 29.550%, 2/21/2026 †§x | Affirm | 8/26/2024 | 148 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; YPU1-586F, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YPUA-F5GR, 26.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YPUK-31H8, 15.840%, 2/10/2027 †§x# | Affirm | 2/26/2025 | 1561 | 1546 | 1568 |
| &nbsp;&nbsp;&nbsp; YPV0-MJOR, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 269 | 267 | 266 |
| &nbsp;&nbsp;&nbsp; YPV1-OM7R, 24.670%, 6/19/2026 †§x | Affirm | 12/27/2024 | 169 | 168 | 169 |
| &nbsp;&nbsp;&nbsp; YPV8-XP4P, 29.680%, 7/12/2023 †x#^ | Affirm | 1/21/2022 | 273 | 255 | 16 |
| &nbsp;&nbsp;&nbsp; YPVC-7M4H, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 188 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; YPVF-VK9L, 33.950%, 2/07/2026 †§x | Affirm | 8/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YPVH-WWJ5, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 485 | 475 | 473 |
| &nbsp;&nbsp;&nbsp; YPVP-HHJU, 13.840%, 9/28/2025 †x# | Affirm | 10/03/2024 | 88 | 91 | 9 |
| &nbsp;&nbsp;&nbsp; YPVX-2LH2, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 94 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; YPW6-F0QD, 21.900%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 61 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; YPW9-B5WA, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; YPWN-6Y3D, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YPWQ-427T, 31.870%, 11/12/2025 †§x | Affirm | 11/27/2024 | 36 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YPWT-DJKW, 22.750%, 8/11/2026 †§x | Affirm | 2/26/2025 | 678 | 699 | 704 |
| &nbsp;&nbsp;&nbsp; YPWT-NV3C, 35.440%, 6/19/2026 †§x | Affirm | 12/27/2024 | 171 | 175 | 173 |
| &nbsp;&nbsp;&nbsp; YPX0-XCDN, 35.180%, 11/06/2025 †§x | Affirm | 5/30/2025 | 103 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; YPX6-S6DA, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 108 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; YPXL-18BC, 35.270%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YPXR-Y2IM, 30.950%, 2/05/2027 †§x | Affirm | 8/29/2025 | 902 | 941 | 941 |
| &nbsp;&nbsp;&nbsp; YPXZ-E6DE, 35.190%, 9/20/2025 †§x | Affirm | 3/28/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YPY4-297W, 24.400%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 590 | 602 | 607 |
| &nbsp;&nbsp;&nbsp; YPY5-PN2X, 35.570%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 105 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; YPY6-O555, 29.530%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 88 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; YPY9-I3UG, 35.470%, 10/18/2025 †§x | Affirm | 10/24/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YPYH-27VZ, 33.950%, 3/28/2026 †§x | Affirm | 3/31/2025 | 179 | 185 | 187 |
| &nbsp;&nbsp;&nbsp; YPYM-PD53, 35.400%, 6/05/2024 †x#^ | Affirm | 6/08/2023 | 86 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YPYS-MIK0, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; YPZ5-LA94, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 126 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; YPZ9-1XN6, 28.500%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 291 | 310 | 17 |
| &nbsp;&nbsp;&nbsp; YPZ9-VAB0, 20.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 208 | 215 | 217 |
| &nbsp;&nbsp;&nbsp; YPZC-N7UZ, 32.000%, 2/12/2028 †x | Affirm | 2/26/2025 | 2673 | 2772 | 2819 |
| &nbsp;&nbsp;&nbsp; YPZG-EJJU, 30.000%, 12/24/2025 †§x | Affirm | 6/27/2024 | 392 | 397 | 398 |
| &nbsp;&nbsp;&nbsp; YPZM-049K, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; YPZO-MXR5, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; YQ07-NFG1, 22.590%, 7/08/2026 †§x | Affirm | 7/31/2025 | 245 | 252 | 253 |
| &nbsp;&nbsp;&nbsp; YQ0V-X2Q3, 31.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 293 | 301 | 179 |
| &nbsp;&nbsp;&nbsp; YQ0W-1NIV, 29.550%, 1/01/2026 †§x | Affirm | 7/05/2024 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; YQ0Z-T5S2, 32.000%, 8/04/2027 †x | Affirm | 8/29/2025 | 5020 | 5291 | 5291 |
| &nbsp;&nbsp;&nbsp; YQ18-WN4E, 33.160%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 55 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; YQ1A-PETQ, 35.810%, 10/02/2025 †§x | Affirm | 10/07/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YQ1Q-9QQK, 33.290%, 2/06/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YQ1U-CLE4, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; YQ1V-76VN, 29.650%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 58 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YQ25-NIBV, 35.540%, 12/09/2025 †§x | Affirm | 12/27/2024 | 134 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YQ2C-V4F1, 23.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YQ2D-VQ5J, 15.760%, 2/26/2026 †§x | Affirm | 8/29/2024 | 268 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; YQ2R-EYJP, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YQ2U-SFQN, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 194 | 197 | 196 |
| &nbsp;&nbsp;&nbsp; YQ32-H15Y, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 78 | 78 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8406** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YQ37-DRS1, 35.270%, 9/28/2025 †§x# | Affirm | 3/31/2025 | $16 | $16 | $16 |
| &nbsp;&nbsp;&nbsp; YQ3B-35EL, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YQ40-8NDH, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YQ42-A447, 24.730%, 11/15/2025 †§x | Affirm | 11/27/2024 | 258 | 258 | 257 |
| &nbsp;&nbsp;&nbsp; YQ46-A10D, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YQ46-KU0D, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 416 | 423 | 421 |
| &nbsp;&nbsp;&nbsp; YQ48-P3ZO, 30.950%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 704 | 728 | 729 |
| &nbsp;&nbsp;&nbsp; YQ4D-NMY0, 32.000%, 9/02/2025 †§x | Affirm | 6/27/2025 | 322 | 322 | 322 |
| &nbsp;&nbsp;&nbsp; YQ4I-DANV, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 167 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; YQ4Q-NRT1, 30.000%, 7/03/2022 †x#^ | Affirm | 1/06/2022 | 160 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; YQ4V-DO4U, 22.750%, 12/28/2025 †§x | Affirm | 1/29/2025 | 285 | 288 | 289 |
| &nbsp;&nbsp;&nbsp; YQ50-AB15, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 206 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; YQ5D-IM5I, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 147 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; YQ5G-CTY0, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 107 | 112 | 9 |
| &nbsp;&nbsp;&nbsp; YQ5X-0Q89, 35.000%, 9/24/2025 †§x | Affirm | 9/27/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YQ61-NO09, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 227 | 234 | 234 |
| &nbsp;&nbsp;&nbsp; YQ69-E8K5, 35.280%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 254 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; YQ6C-8P53, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 123 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; YQ6H-BQVG, 30.000%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 652 | 631 | 39 |
| &nbsp;&nbsp;&nbsp; YQ6Q-IPG4, 29.530%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; YQ78-IGFX, 35.370%, 4/22/2025 †x#^ | Affirm | 10/25/2024 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; YQ79-X703, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YQ7A-MKEU, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 369 | 387 | 22 |
| &nbsp;&nbsp;&nbsp; YQ7B-CFKF, 29.560%, 8/06/2026 †§x | Affirm | 8/29/2025 | 610 | 640 | 640 |
| &nbsp;&nbsp;&nbsp; YQ7F-U972, 9.850%, 9/07/2026 †§x | Affirm | 9/11/2023 | 438 | 452 | 447 |
| &nbsp;&nbsp;&nbsp; YQ7N-BJGF, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 114 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; YQ7O-LFEB, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YQ7V-RAZW, 32.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 184 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; YQ88-0DGV, 35.430%, 12/09/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YQ8C-7YVQ, 24.400%, 4/08/2025 †x#^ | Affirm | 4/11/2024 | 1247 | 1287 | 75 |
| &nbsp;&nbsp;&nbsp; YQ8D-I6IE, 29.880%, 2/03/2026 †§x | Affirm | 2/26/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YQ8H-FCSA, 33.950%, 12/25/2025 †x# | Affirm | 6/28/2024 | 205 | 218 | 57 |
| &nbsp;&nbsp;&nbsp; YQ8P-IK8F, 29.480%, 12/17/2024 †x#^ | Affirm | 6/21/2024 | 275 | 282 | 16 |
| &nbsp;&nbsp;&nbsp; YQ8S-Q3PI, 14.340%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 133 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; YQ8V-K087, 35.490%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 704 | 704 | 42 |
| &nbsp;&nbsp;&nbsp; YQ8Z-UUEX, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YQ90-XGS2, 29.410%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | 546 | 572 | 33 |
| &nbsp;&nbsp;&nbsp; YQ9W-SM03, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 19 |
| &nbsp;&nbsp;&nbsp; YQA0-QQ1H, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 863 | 878 | 880 |
| &nbsp;&nbsp;&nbsp; YQA5-IJGT, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 152 | 154 | 153 |
| &nbsp;&nbsp;&nbsp; YQAA-JRSC, 35.210%, 11/11/2023 †x#^ | Affirm | 5/15/2023 | 255 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; YQAL-7GXB, 29.520%, 9/02/2025 †§x | Affirm | 6/27/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YQAO-A98Y, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; YQAX-YDQF, 29.420%, 3/21/2023 †x#^ | Affirm | 3/24/2022 | 255 | 262 | 15 |
| &nbsp;&nbsp;&nbsp; YQB1-BBUG, 25.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YQB8-5K4J, 15.810%, 9/28/2025 †§x | Affirm | 10/03/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YQBB-BTVT, 27.500%, 6/02/2023 †x#^ | Affirm | 6/06/2022 | 141 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; YQBD-J9ZQ, 33.720%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 1 | 2 |  |
| &nbsp;&nbsp;&nbsp; YQBE-1L2H, 31.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 1646 | 1676 | 1680 |
| &nbsp;&nbsp;&nbsp; YQBM-DEAW, 33.050%, 9/28/2025 †x | Affirm | 10/03/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YQBW-SPF8, 15.790%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 981 | 1000 | 59 |
| &nbsp;&nbsp;&nbsp; YQC2-FA25, 29.570%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 134 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; YQC3-ENZH, 35.780%, 3/03/2026 †§x | Affirm | 3/28/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; YQC8-E78T, 29.620%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 106 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; YQCG-FVMR, 22.760%, 6/11/2025 †x#^ | Affirm | 12/27/2024 | 14 | 14 | 2 |
| &nbsp;&nbsp;&nbsp; YQCI-ILMQ, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 337 | 342 | 343 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8407** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YQCK-XZUF, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $105 | $107 | $107 |
| &nbsp;&nbsp;&nbsp; YQCU-CIUS, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 72 | 69 | 71 |
| &nbsp;&nbsp;&nbsp; YQCW-8JS3, 29.980%, 6/02/2022 †x#^ | Affirm | 12/06/2021 | 21 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; YQCW-FKMB, 32.910%, 7/08/2026 †§x | Affirm | 7/31/2025 | 172 | 176 | 178 |
| &nbsp;&nbsp;&nbsp; YQDW-PO7X, 23.400%, 8/19/2026 †x# | Affirm | 12/27/2024 | 384 | 400 |  |
| &nbsp;&nbsp;&nbsp; YQDY-A3XL, 29.610%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 152 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; YQE4-5O8A, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 138 | 143 | 145 |
| &nbsp;&nbsp;&nbsp; YQE9-8TLI, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YQEB-77EV, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 118 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; YQEH-J2DZ, 29.680%, 1/03/2027 †§x | Affirm | 1/29/2025 | 593 | 614 | 615 |
| &nbsp;&nbsp;&nbsp; YQEJ-404W, 35.310%, 5/21/2026 †§x# | Affirm | 5/24/2024 | 847 | 853 | 867 |
| &nbsp;&nbsp;&nbsp; YQEJ-HHFN, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 150 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; YQEP-WUIB, 26.200%, 8/13/2023 †x#^ | Affirm | 2/16/2023 | 770 | 785 | 46 |
| &nbsp;&nbsp;&nbsp; YQES-UO7N, 29.610%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; YQES-V003, 33.950%, 11/20/2025 †§x | Affirm | 11/27/2024 | 206 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; YQEY-LDYA, 29.570%, 1/09/2026 †§x | Affirm | 1/12/2024 | 170 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; YQF5-SY85, 35.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 712 | 723 | 716 |
| &nbsp;&nbsp;&nbsp; YQF7-7S8P, 28.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 244 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; YQF9-IEUT, 29.510%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 136 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; YQFL-38TQ, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 49 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; YQFY-XD1S, 35.770%, 3/10/2026 †x | Affirm | 2/26/2025 | 328 | 326 | 329 |
| &nbsp;&nbsp;&nbsp; YQG0-0VJ4, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 73 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; YQG4-U246, 29.620%, 12/09/2025 †§x | Affirm | 12/27/2024 | 289 | 293 | 294 |
| &nbsp;&nbsp;&nbsp; YQG9-F9HA, 29.480%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 172 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; YQGA-ZC15, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 337 | 333 | 20 |
| &nbsp;&nbsp;&nbsp; YQGC-L1AQ, 15.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YQGR-IH5A, 28.950%, 11/26/2024 †x#^ | Affirm | 6/02/2023 | 292 | 308 | 18 |
| &nbsp;&nbsp;&nbsp; YQHA-MZT0, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YQHH-T54O, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YQHI-TA56, 26.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 84 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; YQHP-NXH7, 29.530%, 12/06/2025 †§x | Affirm | 12/11/2023 | 136 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; YQHY-5NX8, 22.740%, 9/28/2025 †§x | Affirm | 10/03/2024 | 78 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; YQIB-FOIJ, 35.974%, 2/23/2024 †x#^ | Affirm | 8/28/2023 | 159 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; YQIE-PSDE, 29.530%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 450 | 451 | 458 |
| &nbsp;&nbsp;&nbsp; YQIG-CRG0, 35.350%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; YQJ0-C7P7, 29.000%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 4635 | 4582 | 278 |
| &nbsp;&nbsp;&nbsp; YQJK-2VVN, 33.050%, 5/15/2026 †§x | Affirm | 11/27/2024 | 347 | 357 | 355 |
| &nbsp;&nbsp;&nbsp; YQJL-QF5U, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 145 | 145 |  |
| &nbsp;&nbsp;&nbsp; YQJM-3FFC, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; YQJY-YGCP, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YQK7-8Z3G, 35.640%, 1/06/2026 †x# | Affirm | 1/29/2025 | 106 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; YQK7-XQKQ, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YQKK-V0WV, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YQKO-YRP9, 33.130%, 11/15/2025 †x# | Affirm | 11/27/2024 | 55 | 54 | 13 |
| &nbsp;&nbsp;&nbsp; YQL3-U5WI, 24.400%, 8/26/2027 †§x | Affirm | 8/29/2024 | 1858 | 1885 | 1893 |
| &nbsp;&nbsp;&nbsp; YQL4-TA13, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YQL9-9N6U, 28.860%, 11/09/2022 †x#^ | Affirm | 5/12/2022 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; YQLA-5WOB, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YQLG-6LR9, 23.400%, 2/10/2028 †§x | Affirm | 2/26/2025 | 1293 | 1352 | 1366 |
| &nbsp;&nbsp;&nbsp; YQLN-EYMA, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YQLO-6YS0, 29.000%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 125 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; YQLW-IBZ8, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 239 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; YQLZ-353J, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 205 | 215 | 12 |
| &nbsp;&nbsp;&nbsp; YQM9-1AS4, 29.590%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 321 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; YQMD-2YJE, 35.490%, 12/16/2025 †x# | Affirm | 12/27/2024 | 174 | 180 | 10 |
| &nbsp;&nbsp;&nbsp; YQME-KENE, 29.760%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 2410 | 2304 | 145 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8408** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YQMF-9QGG, 29.650%, 7/12/2024 †x#^ | Affirm | 1/17/2023 | $162 | $173 | $10 |
| &nbsp;&nbsp;&nbsp; YQMH-BYU5, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 594 | 604 | 602 |
| &nbsp;&nbsp;&nbsp; YQMI-ZUXH, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 141 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; YQMK-28DD, 35.210%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 187 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; YQMP-13Y4, 35.250%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 74 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; YQMR-5LN3, 29.620%, 3/23/2026 †x# | Affirm | 9/26/2024 | 143 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; YQMS-GQRX, 29.440%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 1239 | 1247 | 74 |
| &nbsp;&nbsp;&nbsp; YQMT-AUUY, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 506 | 523 | 528 |
| &nbsp;&nbsp;&nbsp; YQNI-JDYF, 29.540%, 10/08/2025 †§x | Affirm | 4/11/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YQNJ-EL1B, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YQNN-ETBQ, 15.760%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 1207 | 1285 | 72 |
| &nbsp;&nbsp;&nbsp; YQNR-PJA8, 26.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YQOF-X413, 29.540%, 10/26/2025 †§x | Affirm | 5/02/2024 | 171 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; YQOH-MARK, 35.550%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; YQOL-1446, 9.800%, 3/20/2026 †§x | Affirm | 3/28/2025 | 98 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; YQOO-XQM1, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 146 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; YQOR-AWVF, 35.610%, 11/20/2025 †§x | Affirm | 11/27/2024 | 301 | 304 | 305 |
| &nbsp;&nbsp;&nbsp; YQOU-A2TO, 33.050%, 10/12/2025 †x# | Affirm | 4/18/2024 | 86 | 90 | 17 |
| &nbsp;&nbsp;&nbsp; YQOZ-Y9WF, 35.440%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YQP7-JDDE, 20.900%, 3/25/2025 †x#^ | Affirm | 9/30/2024 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; YQP8-M0TQ, 35.340%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; YQP8-ZLHM, 35.570%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 152 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; YQPN-NAOO, 28.000%, 9/02/2023 †x#^ | Affirm | 9/09/2022 | 148 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; YQPS-52Y0, 34.000%, 9/16/2025 †§x | Affirm | 9/26/2024 | 333 | 305 | 327 |
| &nbsp;&nbsp;&nbsp; YQQ0-TSGY, 35.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YQQ4-4A27, 35.590%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YQQ6-C48F, 33.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 378 | 389 | 392 |
| &nbsp;&nbsp;&nbsp; YQQ8-RK4B, 11.974%, 12/06/2023 †x#^ | Affirm | 6/09/2023 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YQQD-N5H5, 29.560%, 6/14/2026 †§x | Affirm | 6/21/2024 | 260 | 265 | 267 |
| &nbsp;&nbsp;&nbsp; YQQF-ZMIT, 32.500%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 136 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; YQQH-UJWM, 33.950%, 3/25/2026 †§x | Affirm | 9/30/2024 | 185 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; YQQO-BVMJ, 35.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 337 | 342 | 343 |
| &nbsp;&nbsp;&nbsp; YQQU-RMO4, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YQQZ-BOB7, 15.200%, 3/09/2023 †x#^ | Affirm | 9/15/2022 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; YQR2-4VS5, 24.690%, 12/16/2025 †x# | Affirm | 12/27/2024 | 107 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; YQR7-2OC6, 33.050%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 110 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; YQRF-CID3, 31.000%, 4/28/2026 †§x | Affirm | 10/31/2024 | 610 | 626 | 626 |
| &nbsp;&nbsp;&nbsp; YQRK-JZ1B, 29.590%, 10/24/2025 †§x# | Affirm | 10/28/2024 | 141 | 142 | 144 |
| &nbsp;&nbsp;&nbsp; YQRY-KUKX, 29.370%, 2/08/2024 †x#^ | Affirm | 8/11/2023 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; YQSA-68CN, 23.400%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 240 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; YQSR-FMJI, 33.050%, 2/10/2027 †§x# | Affirm | 2/26/2025 | 501 | 526 | 530 |
| &nbsp;&nbsp;&nbsp; YQST-T1FC, 35.280%, 2/06/2026 †§x | Affirm | 8/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YQTC-OBNJ, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 303 | 309 | 309 |
| &nbsp;&nbsp;&nbsp; YQTN-7N9O, 29.810%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YQTO-S5QC, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; YQTQ-NBSF, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 113 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; YQTS-G0EG, 35.760%, 12/28/2025 †x# | Affirm | 1/29/2025 | 42 | 42 |  |
| &nbsp;&nbsp;&nbsp; YQTV-BU42, 35.250%, 5/02/2025 †x#^ | Affirm | 5/06/2024 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; YQU1-MJS6, 29.480%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 137 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; YQUB-0IZQ, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 460 | 464 | 464 |
| &nbsp;&nbsp;&nbsp; YQUI-UNIE, 29.560%, 6/14/2026 †§x# | Affirm | 6/21/2024 | 1281 | 1270 | 1288 |
| &nbsp;&nbsp;&nbsp; YQUS-AZNG, 35.360%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YQUW-H51S, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1122 | 1104 | 1104 |
| &nbsp;&nbsp;&nbsp; YQV2-CHD3, 33.950%, 12/28/2024 †x#^ | Affirm | 1/02/2024 | 28 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; YQVI-FVRH, 35.680%, 7/02/2026 †§x | Affirm | 1/29/2025 | 197 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; YQVO-KPCZ, 33.050%, 8/23/2025 †§x^ | Affirm | 8/29/2024 | 18 | 18 | 19 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8409** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YQVR-E82T, 29.480%, 12/02/2025 †§x | Affirm | 6/27/2025 | $1243 | $1242 | $1239 |
| &nbsp;&nbsp;&nbsp; YQW1-POHT, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 590 | 602 | 613 |
| &nbsp;&nbsp;&nbsp; YQW5-YUU8, 15.820%, 6/02/2026 †§x | Affirm | 6/27/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YQWK-97CA, 32.000%, 2/10/2026 †x# | Affirm | 2/26/2025 | 1401 | 1476 | 84 |
| &nbsp;&nbsp;&nbsp; YQWL-NSKW, 29.860%, 8/20/2024 †x#^ | Affirm | 2/29/2024 | 378 | 364 | 23 |
| &nbsp;&nbsp;&nbsp; YQWM-TMGW, 31.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 187 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; YQWP-T1WF, 22.730%, 5/20/2026 †x | Affirm | 11/27/2024 | 159 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; YQX4-5TSV, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YQX6-J900, 29.610%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 78 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; YQX8-1TJS, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 464 | 470 | 469 |
| &nbsp;&nbsp;&nbsp; YQX9-BV2G, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1359 | 1395 | 1403 |
| &nbsp;&nbsp;&nbsp; YQXD-YXM5, 28.000%, 4/05/2023 †x#^ | Affirm | 10/11/2022 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; YQXH-C7I0, 35.380%, 12/06/2025 †§x | Affirm | 12/11/2023 | 133 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; YQXN-2EBS, 29.620%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 398 | 391 | 24 |
| &nbsp;&nbsp;&nbsp; YQXO-1HJD, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 195 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; YQXR-NFN0, 29.280%, 1/11/2023 †x#^ | Affirm | 7/14/2022 | 143 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; YQXS-V0MT, 35.820%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1277 | 1266 | 1286 |
| &nbsp;&nbsp;&nbsp; YQY3-5ZD2, 32.500%, 12/07/2025 †§x | Affirm | 12/11/2023 | 203 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; YQYA-77DM, 35.520%, 11/12/2025 †§x | Affirm | 11/27/2024 | 152 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; YQYC-QWE9, 34.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 2460 | 2393 | 148 |
| &nbsp;&nbsp;&nbsp; YQYD-UZFV, 18.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 162 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; YQYH-0VUN, 35.270%, 2/22/2024 †x#^ | Affirm | 8/25/2023 | 147 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; YQYI-UQIU, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 101 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; YQYL-AEN3, 35.160%, 1/08/2026 †§x | Affirm | 7/31/2025 | 140 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; YQYT-DO1E, 31.950%, 10/28/2024 †x#^ | Affirm | 10/02/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YQYV-RYIN, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 125 | 128 | 127 |
| &nbsp;&nbsp;&nbsp; YQZD-6WFV, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; YQZD-VK3T, 24.530%, 4/26/2027 †§x | Affirm | 5/02/2024 | 1962 | 1892 | 1910 |
| &nbsp;&nbsp;&nbsp; YQZJ-X5F2, 32.000%, 3/20/2026 †§x | Affirm | 9/26/2024 | 480 | 490 | 490 |
| &nbsp;&nbsp;&nbsp; YQZS-P06A, 15.770%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 455 | 473 | 27 |
| &nbsp;&nbsp;&nbsp; YR05-OEX5, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 490 | 498 | 495 |
| &nbsp;&nbsp;&nbsp; YR05-OO6D, 35.290%, 1/08/2027 †§x# | Affirm | 7/31/2025 | 449 | 462 | 465 |
| &nbsp;&nbsp;&nbsp; YR0T-UICN, 29.130%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 108 | 113 | 6 |
| &nbsp;&nbsp;&nbsp; YR0U-4E49, 13.840%, 9/28/2027 †§x# | Affirm | 10/02/2023 | 1047 | 1126 | 1110 |
| &nbsp;&nbsp;&nbsp; YR11-HNBM, 32.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 2070 | 2152 | 2175 |
| &nbsp;&nbsp;&nbsp; YR13-OTWF, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YR14-9FER, 29.000%, 7/11/2022 †x#^ | Affirm | 4/14/2022 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; YR1F-KTDK, 22.830%, 10/28/2025 †§x# | Affirm | 11/27/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YR1I-WH3E, 35.480%, 4/23/2026 †§x | Affirm | 10/28/2024 | 287 | 292 | 289 |
| &nbsp;&nbsp;&nbsp; YR1K-QI5Q, 22.900%, 8/11/2026 †§x | Affirm | 2/26/2025 | 239 | 249 | 247 |
| &nbsp;&nbsp;&nbsp; YR1T-SB1I, 29.430%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 408 | 429 | 25 |
| &nbsp;&nbsp;&nbsp; YR26-2BLY, 15.870%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YR2G-BSFS, 20.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 480 | 486 | 488 |
| &nbsp;&nbsp;&nbsp; YR2R-EEAN, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 559 | 570 | 34 |
| &nbsp;&nbsp;&nbsp; YR2S-6VO4, 35.340%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YR36-O7WE, 35.720%, 7/02/2026 †x# | Affirm | 1/29/2025 | 1149 | 1130 | 221 |
| &nbsp;&nbsp;&nbsp; YR39-3BB9, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; YR3L-PO3A, 33.050%, 8/07/2025 †§x^ | Affirm | 2/26/2025 | 12 | 12 | 3 |
| &nbsp;&nbsp;&nbsp; YR3L-RKF0, 35.410%, 4/17/2025 †x#^ | Affirm | 4/22/2024 | 534 | 553 | 32 |
| &nbsp;&nbsp;&nbsp; YR3Q-N45Q, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YR3R-Z6LW, 15.880%, 2/07/2026 †x# | Affirm | 2/26/2025 | 180 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; YR3T-RH5H, 35.200%, 11/30/2023 †x#^ | Affirm | 6/02/2023 | 102 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YR40-GHGT, 35.580%, 9/20/2025 †§x | Affirm | 9/26/2024 | 366 | 366 | 368 |
| &nbsp;&nbsp;&nbsp; YR45-TCXN, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 172 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; YR46-983Z, 29.640%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | 57 | 61 | 3 |
| &nbsp;&nbsp;&nbsp; YR49-6I0M, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 73 | 75 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8410** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YR4H-ZEF4, 35.650%, 1/08/2026 †x# | Affirm | 1/29/2025 | $882 | $871 | $53 |
| &nbsp;&nbsp;&nbsp; YR4I-BG1B, 33.950%, 10/24/2026 †§x# | Affirm | 10/28/2024 | 326 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; YR4M-TRZF, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 226 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; YR4P-NZ2T, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 115 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; YR4Q-BVGY, 33.950%, 4/25/2026 †§x | Affirm | 10/31/2024 | 173 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; YR4R-JXKZ, 15.790%, 6/19/2026 †§x | Affirm | 12/27/2024 | 454 | 469 | 466 |
| &nbsp;&nbsp;&nbsp; YR4T-XK6S, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 135 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; YR4U-PYTB, 35.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 103 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; YR4Z-9AS0, 22.780%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 215 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; YR53-PRA2, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; YR5E-VQWZ, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YR5L-LFQ6, 29.530%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 399 | 413 | 24 |
| &nbsp;&nbsp;&nbsp; YR60-F15J, 15.810%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 176 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; YR60-YQQZ, 24.400%, 9/19/2026 †§x | Affirm | 9/23/2024 | 640 | 658 | 661 |
| &nbsp;&nbsp;&nbsp; YR6K-N32Z, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 578 | 593 | 593 |
| &nbsp;&nbsp;&nbsp; YR72-CMQ1, 35.310%, 3/28/2026 †§x | Affirm | 3/31/2025 | 133 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; YR73-IAZ0, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 450 | 455 | 454 |
| &nbsp;&nbsp;&nbsp; YR75-ER2F, 35.440%, 3/24/2026 †§x | Affirm | 9/27/2024 | 144 | 146 | 145 |
| &nbsp;&nbsp;&nbsp; YR77-LOOJ, 15.650%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 235 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; YR7C-16LP, 28.500%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 176 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; YR7U-8N73, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 86 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YR7V-T41J, 29.110%, 12/07/2023 †x#^ | Affirm | 12/10/2021 | 164 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; YR7W-5RSC, 29.620%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 492 | 502 | 30 |
| &nbsp;&nbsp;&nbsp; YR80-V265, 26.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YR81-I9J0, 25.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 126 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; YR83-H7H0, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 39 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; YR84-1Z9N, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 243 | 246 | 244 |
| &nbsp;&nbsp;&nbsp; YR84-HD4I, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 214 | 217 | 216 |
| &nbsp;&nbsp;&nbsp; YR8I-GHH9, 35.240%, 6/02/2026 †§x | Affirm | 6/27/2025 | 440 | 433 | 435 |
| &nbsp;&nbsp;&nbsp; YR8M-8B7Z, 29.610%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 84 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; YR9G-G4ZX, 35.550%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; YR9H-CPTY, 29.710%, 3/12/2023 †x#^ | Affirm | 1/18/2022 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YR9V-568T, 29.660%, 1/03/2024 †x#^ | Affirm | 1/06/2022 | 654 | 602 | 39 |
| &nbsp;&nbsp;&nbsp; YR9X-BC3S, 15.800%, 10/28/2025 †x# | Affirm | 10/31/2024 | 77 | 78 | 21 |
| &nbsp;&nbsp;&nbsp; YR9Z-NIU3, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 96 | 96 | 98 |
| &nbsp;&nbsp;&nbsp; YRA3-LTB6, 15.830%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YRAA-WSU2, 35.430%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 87 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; YRAO-6HNT, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; YRAP-0FZO, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 150 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; YRAQ-6Y7D, 33.050%, 8/07/2026 †§x | Affirm | 8/29/2025 | 155 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; YRAR-H32R, 33.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 499 | 498 | 503 |
| &nbsp;&nbsp;&nbsp; YRAS-VIGK, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YRAX-A1EA, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 277 | 281 | 279 |
| &nbsp;&nbsp;&nbsp; YRB3-DE3X, 35.220%, 9/20/2025 †§x | Affirm | 3/28/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YRB5-JVB3, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 169 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; YRBB-KYOV, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 237 | 234 | 236 |
| &nbsp;&nbsp;&nbsp; YRBQ-1ETP, 35.460%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YRBT-ZZDR, 26.200%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 364 | 383 | 22 |
| &nbsp;&nbsp;&nbsp; YRBX-DQ4Q, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YRC3-LZUF, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 58 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; YRC4-3FXG, 32.500%, 2/27/2026 †§x | Affirm | 3/28/2025 | 2745 | 2790 | 2790 |
| &nbsp;&nbsp;&nbsp; YRCC-ZG5P, 29.540%, 12/02/2026 †§x# | Affirm | 6/27/2025 | 303 | 318 | 321 |
| &nbsp;&nbsp;&nbsp; YRCG-95S2, 33.950%, 1/08/2026 †x# | Affirm | 1/29/2025 | 145 | 152 | 6 |
| &nbsp;&nbsp;&nbsp; YRCP-H0MC, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 114 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; YRCQ-71QT, 11.820%, 1/01/2026 †§x | Affirm | 7/05/2024 | 122 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; YRCU-RBGJ, 24.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 479 | 476 | 474 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8411** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YRCY-DIWV, 35.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | $177 | $181 | $182 |
| &nbsp;&nbsp;&nbsp; YRDG-BHTB, 28.000%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YRDN-ZFRE, 35.290%, 11/06/2025 †x# | Affirm | 5/09/2024 | 193 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; YRE0-56LE, 29.560%, 5/17/2025 †x#^ | Affirm | 11/24/2023 | 326 | 343 | 20 |
| &nbsp;&nbsp;&nbsp; YRE2-1F84, 35.360%, 6/08/2024 †x#^ | Affirm | 12/14/2023 | 687 | 705 | 41 |
| &nbsp;&nbsp;&nbsp; YREA-DR6V, 29.987%, 3/12/2023 †x#^ | Affirm | 9/15/2022 | 379 | 388 | 23 |
| &nbsp;&nbsp;&nbsp; YREB-OKPU, 29.500%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 435 | 457 | 465 |
| &nbsp;&nbsp;&nbsp; YREL-28WX, 30.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 719 | 732 | 734 |
| &nbsp;&nbsp;&nbsp; YREO-G4SO, 15.790%, 7/02/2026 †§x | Affirm | 1/29/2025 | 297 | 306 | 303 |
| &nbsp;&nbsp;&nbsp; YRER-HDMO, 24.400%, 1/08/2026 †x | Affirm | 1/29/2025 | 22 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YREW-2HE3, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 83 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; YRFH-KF4D, 17.900%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 497 | 512 | 515 |
| &nbsp;&nbsp;&nbsp; YRFK-LEW4, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YRFK-VP1R, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; YRFS-PU7K, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YRG9-NNQL, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 147 | 150 | 149 |
| &nbsp;&nbsp;&nbsp; YRGD-Q814, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 349 | 356 | 357 |
| &nbsp;&nbsp;&nbsp; YRGO-J6CC, 31.200%, 11/06/2025 †§x | Affirm | 5/09/2024 | 86 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; YRGR-SSCO, 29.680%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 292 | 306 | 18 |
| &nbsp;&nbsp;&nbsp; YRGX-S6K7, 15.660%, 2/06/2026 †§x | Affirm | 8/29/2025 | 179 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; YRGZ-1XVF, 35.480%, 1/10/2026 †§x | Affirm | 1/16/2024 | 443 | 443 | 446 |
| &nbsp;&nbsp;&nbsp; YRH1-EVA4, 24.950%, 9/26/2023 †x#^ | Affirm | 9/29/2022 | 1040 | 1090 | 62 |
| &nbsp;&nbsp;&nbsp; YRHH-NQQK, 21.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 134 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; YRHM-O36D, 8.166%, 3/05/2026 †§x« | Affirm | 3/28/2025 | 687 | 659 | 653 |
| &nbsp;&nbsp;&nbsp; YRHQ-85D3, 35.250%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 141 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YRHR-EZP4, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 373 | 380 | 380 |
| &nbsp;&nbsp;&nbsp; YRHZ-V2LP, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 625 | 653 | 662 |
| &nbsp;&nbsp;&nbsp; YRIL-KWOT, 32.870%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; YRIT-OC2C, 33.050%, 1/06/2026 †x# | Affirm | 1/29/2025 | 279 | 293 | 92 |
| &nbsp;&nbsp;&nbsp; YRJ7-4PF2, 29.710%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 228 | 238 | 14 |
| &nbsp;&nbsp;&nbsp; YRJD-OI7B, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YRJF-JG6S, 11.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YRJU-VKV9, 35.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YRJZ-ADES, 29.610%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 145 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; YRK3-WPXQ, 29.350%, 11/04/2022 †x#^ | Affirm | 5/09/2022 | 92 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; YRKD-N52T, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 671 | 657 | 653 |
| &nbsp;&nbsp;&nbsp; YRKG-B4YL, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YRKN-GGP2, 32.000%, 3/03/2026 †x# | Affirm | 3/28/2025 | 140 | 147 |  |
| &nbsp;&nbsp;&nbsp; YRKO-1QLP, 32.000%, 12/09/2025 †§x | Affirm | 12/27/2024 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YRKP-TG5S, 35.380%, 12/12/2024 †x#^ | Affirm | 12/15/2023 | 293 | 301 | 18 |
| &nbsp;&nbsp;&nbsp; YRKT-XZN3, 29.670%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YRKW-6D8K, 35.450%, 9/20/2026 †§x | Affirm | 9/26/2024 | 367 | 365 | 369 |
| &nbsp;&nbsp;&nbsp; YRKZ-YKTX, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 350 | 356 | 357 |
| &nbsp;&nbsp;&nbsp; YRL7-U5OR, 35.300%, 3/24/2027 †§x | Affirm | 3/31/2025 | 727 | 723 | 737 |
| &nbsp;&nbsp;&nbsp; YRLD-HFCZ, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YRLL-DRUI, 15.610%, 1/08/2026 †§x | Affirm | 7/31/2025 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; YRLN-1NG7, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 209 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; YRLU-E1AA, 29.630%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 121 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; YRM0-0S3W, 30.000%, 8/03/2022 †x#^ | Affirm | 2/07/2022 | 130 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; YRM3-K4BB, 29.690%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; YRME-EM4Y, 15.760%, 8/06/2026 †§x | Affirm | 8/29/2025 | 416 | 428 | 428 |
| &nbsp;&nbsp;&nbsp; YRMJ-8KKL, 35.540%, 2/26/2026 †§x# | Affirm | 2/29/2024 | 248 | 248 | 253 |
| &nbsp;&nbsp;&nbsp; YRML-ZMBE, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 159 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; YRMM-RHEX, 29.710%, 2/11/2027 †§x | Affirm | 2/26/2025 | 736 | 771 | 778 |
| &nbsp;&nbsp;&nbsp; YRMY-4USR, 35.430%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 160 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; YRN8-8B6Y, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 170 | 173 | 173 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8412** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YRN9-1P12, 29.640%, 11/26/2023 †x#^ | Affirm | 12/02/2021 | $230 | $249 | $14 |
| &nbsp;&nbsp;&nbsp; YRND-H9IN, 29.550%, 4/15/2026 †§x | Affirm | 4/18/2024 | 385 | 390 | 392 |
| &nbsp;&nbsp;&nbsp; YRNN-ZPA7, 24.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 504 | 512 | 513 |
| &nbsp;&nbsp;&nbsp; YRNQ-MGS0, 35.640%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1535 | 1522 | 1550 |
| &nbsp;&nbsp;&nbsp; YRNQ-OOA6, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 70 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YRNX-MX2U, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 276 | 272 | 274 |
| &nbsp;&nbsp;&nbsp; YRNX-XOQ0, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; YRNZ-ZGQ4, 19.700%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1394 | 1421 | 1419 |
| &nbsp;&nbsp;&nbsp; YROJ-YQI0, 5.952%, 7/17/2023 †x#^« | Affirm | 1/20/2023 | 1824 | 1773 | 109 |
| &nbsp;&nbsp;&nbsp; YROP-QGF1, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YROU-BNHX, 15.820%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 130 | 130 | 13 |
| &nbsp;&nbsp;&nbsp; YROV-4ZX1, 15.800%, 1/02/2026 †§x | Affirm | 1/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YRP3-C2TW, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YRP8-ATBR, 29.920%, 7/03/2026 †§x | Affirm | 1/29/2025 | 173 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; YRP9-Y7V2, 27.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 208 | 209 | 208 |
| &nbsp;&nbsp;&nbsp; YRPB-NH3Z, 29.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 178 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; YRPU-LNP8, 35.480%, 10/02/2025 †§x | Affirm | 10/07/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YRPZ-O3UQ, 22.720%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; YRQ4-2Y95, 29.600%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 176 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; YRQ7-1AXK, 35.900%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 316 | 312 | 314 |
| &nbsp;&nbsp;&nbsp; YRQA-NDJ0, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YRQE-JM2Q, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 174 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; YRQF-JA59, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 177 | 180 | 111 |
| &nbsp;&nbsp;&nbsp; YRQP-LGKI, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 70 |
| &nbsp;&nbsp;&nbsp; YRQV-G2MY, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YRR7-X509, 19.700%, 11/20/2026 †§x | Affirm | 11/27/2024 | 1659 | 1717 | 1727 |
| &nbsp;&nbsp;&nbsp; YRRA-SR4T, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 389 | 393 | 392 |
| &nbsp;&nbsp;&nbsp; YRRI-MVL6, 29.480%, 7/20/2023 †x#^ | Affirm | 7/25/2022 | 95 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; YRRM-UNDE, 35.290%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 205 | 213 | 212 |
| &nbsp;&nbsp;&nbsp; YRSH-XKHC, 29.420%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; YRSL-GM0X, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 119 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; YRSM-TG9L, 29.200%, 1/08/2026 †§x | Affirm | 1/29/2025 | 990 | 1009 | 1013 |
| &nbsp;&nbsp;&nbsp; YRSO-0RYB, 28.000%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 85 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; YRSX-S1KY, 27.500%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | 123 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; YRSY-D0BD, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 240 | 243 | 243 |
| &nbsp;&nbsp;&nbsp; YRT1-8UUS, 33.950%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 40 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; YRT7-3GUM, 33.950%, 3/28/2026 †x# | Affirm | 3/31/2025 | 174 | 180 | 46 |
| &nbsp;&nbsp;&nbsp; YRT8-JTKX, 29.550%, 10/09/2025 †§x | Affirm | 4/12/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; YRTN-DHUA, 22.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; YRTP-HPV3, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 263 | 270 | 269 |
| &nbsp;&nbsp;&nbsp; YRTS-3RKL, 22.620%, 12/13/2024 †x#^ | Affirm | 6/16/2023 | 70 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YRU3-Y9GE, 32.000%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 274 | 281 | 16 |
| &nbsp;&nbsp;&nbsp; YRUG-2NFH, 29.500%, 9/28/2025 †x# | Affirm | 10/03/2024 | 69 | 69 | 19 |
| &nbsp;&nbsp;&nbsp; YRUI-7RJ6, 29.710%, 7/03/2026 †§x | Affirm | 1/29/2025 | 379 | 391 | 388 |
| &nbsp;&nbsp;&nbsp; YRV5-AOQX, 35.280%, 9/07/2025 †§x | Affirm | 3/11/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YRVI-UPWA, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; YRVJ-KDR5, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; YRVK-3IXJ, 33.950%, 8/07/2026 †§x | Affirm | 8/29/2025 | 120 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; YRVL-85ZW, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YRVT-KYZH, 29.710%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 796 | 761 | 48 |
| &nbsp;&nbsp;&nbsp; YRWA-JD25, 11.810%, 8/28/2026 †§x# | Affirm | 8/31/2023 | 497 | 505 | 511 |
| &nbsp;&nbsp;&nbsp; YRWI-4DHY, 35.380%, 10/04/2024 †x#^ | Affirm | 10/10/2023 | 65 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; YRWK-A7BW, 35.280%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 104 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; YRWK-BDFW, 35.490%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 244 | 244 | 246 |
| &nbsp;&nbsp;&nbsp; YRWK-IF3L, 35.950%, 8/07/2025 †§x^ | Affirm | 2/26/2025 | 325 | 325 | 71 |
| &nbsp;&nbsp;&nbsp; YRWO-OUX6, 33.050%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 64 | 66 | 66 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8413** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YRWR-T28U, 33.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | $184 | $187 | $187 |
| &nbsp;&nbsp;&nbsp; YRX0-J37R, 24.400%, 12/11/2025 †§x | Affirm | 12/27/2024 | 629 | 636 | 637 |
| &nbsp;&nbsp;&nbsp; YRX7-VY6B, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YRX9-690B, 35.640%, 2/12/2027 †§x | Affirm | 2/26/2025 | 615 | 609 | 621 |
| &nbsp;&nbsp;&nbsp; YRXB-7XG8, 29.550%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 96 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YRXM-U2CB, 29.310%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 106 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; YRXV-RAAS, 28.000%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YRXW-5FTH, 15.770%, 1/05/2026 †§x | Affirm | 1/11/2024 | 531 | 535 | 535 |
| &nbsp;&nbsp;&nbsp; YRY1-9Y0I, 22.860%, 2/05/2026 †§x | Affirm | 2/26/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YRY4-XAP2, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YRYB-GAWY, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; YRYF-KAG4, 35.550%, 6/11/2025 †x#^ | Affirm | 12/27/2024 | 22 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; YRYN-V5QL, 29.490%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 114 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; YRYO-I9KG, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 369 | 373 | 374 |
| &nbsp;&nbsp;&nbsp; YRZ0-E0W2, 35.380%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 317 | 328 | 332 |
| &nbsp;&nbsp;&nbsp; YRZ3-CZSD, 20.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 134 | 139 | 141 |
| &nbsp;&nbsp;&nbsp; YRZI-01N4, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 568 | 578 | 579 |
| &nbsp;&nbsp;&nbsp; YRZV-RE0D, 21.900%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 102 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; YS00-WWYF, 21.900%, 12/01/2025 †§x | Affirm | 12/07/2023 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YS0K-CODD, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 179 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; YS0Y-PDGQ, 35.580%, 9/28/2025 †§x# | Affirm | 10/04/2024 | 214 | 197 | 208 |
| &nbsp;&nbsp;&nbsp; YS13-D36F, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 224 | 229 | 13 |
| &nbsp;&nbsp;&nbsp; YS15-AN6U, 31.000%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 961 | 996 | 1001 |
| &nbsp;&nbsp;&nbsp; YS1I-PI3B, 29.560%, 6/02/2026 †§x | Affirm | 6/27/2025 | 150 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; YS1L-TWH0, 29.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YS1M-Y1MI, 15.710%, 3/24/2026 †x# | Affirm | 4/22/2025 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; YS1U-G4SZ, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YS1V-Y4ZI, 15.740%, 5/06/2027 †x# | Affirm | 5/30/2025 | 1941 | 1916 | 451 |
| &nbsp;&nbsp;&nbsp; YS23-57P3, 18.000%, 12/17/2025 †§x | Affirm | 6/21/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YS26-6L3V, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YS2B-0IV0, 28.000%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 200 | 216 | 12 |
| &nbsp;&nbsp;&nbsp; YS2E-MD43, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 324 | 330 | 331 |
| &nbsp;&nbsp;&nbsp; YS2L-63VV, 15.760%, 2/23/2026 †§x | Affirm | 8/29/2024 | 252 | 255 | 253 |
| &nbsp;&nbsp;&nbsp; YS2N-WFZ6, 33.180%, 2/11/2027 †§x | Affirm | 2/26/2025 | 307 | 304 | 306 |
| &nbsp;&nbsp;&nbsp; YS2R-4YAT, 29.610%, 2/07/2023 †x#^ | Affirm | 12/10/2021 | 106 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; YS2R-T4NB, 29.430%, 3/17/2023 †x#^ | Affirm | 3/21/2022 | 2611 | 2578 | 157 |
| &nbsp;&nbsp;&nbsp; YS2X-0788, 28.000%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 425 | 446 | 26 |
| &nbsp;&nbsp;&nbsp; YS2Y-96M3, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YS30-ZSDX, 22.760%, 11/04/2025 †§x | Affirm | 11/27/2024 | 158 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; YS34-CONB, 29.570%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; YS35-D5T2, 29.560%, 9/27/2025 †x# | Affirm | 10/02/2023 | 140 | 147 | 8 |
| &nbsp;&nbsp;&nbsp; YS3B-FB6H, 32.500%, 8/26/2026 †§x | Affirm | 8/29/2024 | 538 | 536 | 542 |
| &nbsp;&nbsp;&nbsp; YS3C-1J3U, 32.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 211 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; YS3D-H2GZ, 35.300%, 3/03/2026 †x# | Affirm | 3/28/2025 | 894 | 883 | 210 |
| &nbsp;&nbsp;&nbsp; YS3V-00D5, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 220 | 229 | 227 |
| &nbsp;&nbsp;&nbsp; YS44-7O36, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 176 | 177 | 176 |
| &nbsp;&nbsp;&nbsp; YS45-B417, 35.580%, 1/13/2027 †§x | Affirm | 1/29/2025 | 211 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; YS45-ORQ1, 11.660%, 9/02/2025 †§x | Affirm | 6/27/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YS49-JQJE, 29.720%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 78 | 82 | 48 |
| &nbsp;&nbsp;&nbsp; YS4P-B5RK, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YS4Q-17ZI, 29.680%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 42 | 43 | 4 |
| &nbsp;&nbsp;&nbsp; YS4S-5R0N, 29.570%, 8/26/2028 †§x | Affirm | 8/29/2024 | 1415 | 1504 | 1510 |
| &nbsp;&nbsp;&nbsp; YS4W-YU16, 29.550%, 11/03/2025 †x# | Affirm | 5/09/2024 | 80 | 84 | 17 |
| &nbsp;&nbsp;&nbsp; YS54-IX7Q, 29.480%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 1567 | 1622 | 94 |
| &nbsp;&nbsp;&nbsp; YS5C-KS5H, 35.290%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 197 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; YS6J-3SFJ, 27.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 405 | 412 | 412 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8414** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YS6K-CIFW, 29.580%, 9/28/2024 †x#^ | Affirm | 1/06/2023 | $118 | $118 | $7 |
| &nbsp;&nbsp;&nbsp; YS6L-JUB4, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 184 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; YS6L-LO3T, 29.500%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 389 | 403 | 408 |
| &nbsp;&nbsp;&nbsp; YS6P-KON2, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 589 | 599 | 601 |
| &nbsp;&nbsp;&nbsp; YS6T-W0E4, 35.320%, 5/06/2025 †x#^ | Affirm | 5/10/2024 | 87 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; YS7L-H6XG, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 2443 | 2442 | 2460 |
| &nbsp;&nbsp;&nbsp; YS7N-Q2BG, 28.000%, 4/04/2023 †x#^ | Affirm | 10/07/2022 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; YS7U-E8Z5, 35.510%, 12/16/2025 †§x | Affirm | 12/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YS7V-HRL4, 23.400%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 54 | 56 | 6 |
| &nbsp;&nbsp;&nbsp; YS7Y-69ZW, 30.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 15 |
| &nbsp;&nbsp;&nbsp; YS89-RPKZ, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YS8Q-8QT7, 29.660%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YS8Q-ML8L, 29.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 248 | 245 | 15 |
| &nbsp;&nbsp;&nbsp; YS8Z-7YDY, 11.830%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YS99-I1IF, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; YS9B-6KT6, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; YS9B-APPZ, 19.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1221 | 1231 | 1224 |
| &nbsp;&nbsp;&nbsp; YS9L-WYX5, 29.840%, 8/16/2024 †x#^ | Affirm | 2/23/2024 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YSA5-4BZX, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YSAQ-TFEZ, 25.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YSB0-SWBG, 22.900%, 12/01/2027 †§x | Affirm | 12/07/2023 | 1815 | 1940 | 1920 |
| &nbsp;&nbsp;&nbsp; YSB2-CP1P, 29.560%, 7/04/2025 †x#^ | Affirm | 10/10/2023 | 251 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; YSB5-6D8H, 35.200%, 2/07/2026 †§x | Affirm | 8/29/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YSB9-N10P, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 151 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; YSBF-OPU7, 25.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YSBL-1GV6, 30.000%, 7/22/2024 †x#^ | Affirm | 5/25/2023 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YSBX-3JHT, 33.070%, 12/28/2025 †x# | Affirm | 1/29/2025 | 102 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YSC4-FXJ9, 29.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 132 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; YSCM-LBIP, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YSCS-UVRN, 18.000%, 1/08/2027 †§x# | Affirm | 7/31/2025 | 220 | 228 | 229 |
| &nbsp;&nbsp;&nbsp; YSCV-85ME, 30.000%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 69 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; YSD2-CKOR, 15.810%, 1/13/2027 †§x | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YSD3-BKAS, 33.950%, 10/02/2025 †x# | Affirm | 10/07/2024 | 125 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; YSDJ-RM0T, 35.450%, 3/23/2026 †§x | Affirm | 9/26/2024 | 127 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; YSDO-U3RB, 29.700%, 1/09/2026 †§x | Affirm | 1/29/2025 | 88 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; YSDP-6K2F, 29.710%, 3/03/2027 †§x | Affirm | 3/28/2025 | 598 | 626 | 632 |
| &nbsp;&nbsp;&nbsp; YSDQ-4V84, 29.600%, 6/17/2023 †x#^ | Affirm | 12/23/2021 | 139 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; YSDR-1QAP, 32.500%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 1016 | 953 | 61 |
| &nbsp;&nbsp;&nbsp; YSDU-F4X3, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YSDY-0RCB, 35.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; YSEG-PWMQ, 25.200%, 10/28/2028 †§x# | Affirm | 10/31/2024 | 1682 | 1807 | 1819 |
| &nbsp;&nbsp;&nbsp; YSEQ-ZRUP, 13.840%, 3/28/2026 †§x | Affirm | 3/31/2025 | 401 | 411 | 410 |
| &nbsp;&nbsp;&nbsp; YSER-DQ6Y, 29.520%, 10/03/2025 †§x | Affirm | 10/06/2023 | 78 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; YSEV-6PUP, 33.050%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 83 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YSF1-V09J, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YSFJ-15OS, 11.880%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 89 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; YSFL-7LJG, 22.570%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 296 | 313 | 18 |
| &nbsp;&nbsp;&nbsp; YSFM-GXCD, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YSFN-M58V, 9.870%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 740 | 756 | 757 |
| &nbsp;&nbsp;&nbsp; YSFS-R9C5, 29.580%, 10/17/2023 †x#^ | Affirm | 10/20/2022 | 353 | 366 | 21 |
| &nbsp;&nbsp;&nbsp; YSFX-C0MB, 11.840%, 12/19/2026 †§x | Affirm | 12/27/2024 | 369 | 382 | 384 |
| &nbsp;&nbsp;&nbsp; YSGJ-NMHQ, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 233 | 240 | 243 |
| &nbsp;&nbsp;&nbsp; YSGW-TKQO, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 116 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; YSGZ-5YU1, 29.470%, 7/20/2023 †x#^ | Affirm | 7/25/2022 | 249 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; YSGZ-6K3D, 29.640%, 5/28/2024 †x#^ | Affirm | 12/05/2022 | 355 | 356 | 21 |
| &nbsp;&nbsp;&nbsp; YSH9-0TCZ, 15.680%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 148 | 153 | 155 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8415** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YSHA-DKE6, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | $223 | $223 | $125 |
| &nbsp;&nbsp;&nbsp; YSHD-GO47, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 59 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; YSHJ-JYI6, 33.050%, 10/03/2025 †§x | Affirm | 10/07/2024 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YSHW-FRCP, 15.730%, 1/24/2026 †§x | Affirm | 7/29/2024 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YSIS-DDNR, 29.670%, 6/20/2023 †x#^ | Affirm | 12/23/2022 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YSJ0-JPH8, 29.630%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 121 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; YSJ6-4KE0, 35.500%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 180 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; YSJA-4JPC, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YSJF-2RJ4, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YSJN-I9HM, 26.900%, 9/16/2025 †§x | Affirm | 9/19/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YSJS-P5RM, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 159 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; YSK0-PNHD, 35.260%, 2/19/2025 †x#^ | Affirm | 8/22/2024 | 103 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; YSK2-C8Q7, 35.580%, 12/12/2025 †§x | Affirm | 12/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YSK4-YR75, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 83 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; YSK9-YL0H, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 348 | 342 | 348 |
| &nbsp;&nbsp;&nbsp; YSKF-FURI, 33.950%, 11/08/2025 †§x | Affirm | 5/13/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YSKF-HXHO, 33.000%, 5/20/2026 †x# | Affirm | 11/27/2024 | 1592 | 1586 | 96 |
| &nbsp;&nbsp;&nbsp; YSKI-H6UB, 35.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; YSKJ-7ELB, 29.620%, 3/21/2024 †x#^ | Affirm | 9/26/2022 | 429 | 459 | 26 |
| &nbsp;&nbsp;&nbsp; YSKK-4UQC, 35.290%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 99 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YSKQ-EM0E, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YSL1-CW50, 35.390%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 100 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YSL3-2LWS, 15.800%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; YSLB-857A, 35.510%, 9/24/2025 †§x | Affirm | 9/27/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YSLT-H4L0, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YSLT-QNM9, 35.250%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 162 | 162 | 161 |
| &nbsp;&nbsp;&nbsp; YSM4-SOEP, 35.430%, 6/21/2025 †x#^ | Affirm | 6/27/2024 | 835 | 842 | 50 |
| &nbsp;&nbsp;&nbsp; YSM7-EP2E, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 250 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; YSMB-40LC, 29.010%, 8/22/2024 †x#^ | Affirm | 8/25/2023 | 52 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YSMF-8T4Y, 15.690%, 3/21/2023 †x#^ | Affirm | 3/24/2022 | 59 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YSMK-NT02, 25.200%, 10/15/2025 †§x | Affirm | 4/18/2024 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; YSMU-G4AF, 29.610%, 11/23/2024 †x#^ | Affirm | 11/28/2022 | 278 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; YSN6-HM9W, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YSN8-J3DM, 11.820%, 2/26/2026 †§x | Affirm | 8/29/2024 | 91 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; YSNH-RE68, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YSNN-W8KQ, 29.680%, 7/02/2026 †§x | Affirm | 1/29/2025 | 833 | 858 | 851 |
| &nbsp;&nbsp;&nbsp; YSNS-7W0X, 22.900%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YSNW-RT8M, 35.310%, 3/28/2025 †x#^ | Affirm | 4/04/2024 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; YSNZ-KRMD, 32.940%, 3/26/2027 †§x | Affirm | 3/31/2025 | 1019 | 1014 | 1035 |
| &nbsp;&nbsp;&nbsp; YSO7-Z305, 23.400%, 12/20/2027 †x | Affirm | 12/27/2024 | 2739 | 2822 | 2848 |
| &nbsp;&nbsp;&nbsp; YSOF-PB1Z, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 350 | 356 | 354 |
| &nbsp;&nbsp;&nbsp; YSOG-8RQI, 32.500%, 8/19/2026 †x# | Affirm | 8/29/2024 | 1375 | 1363 | 83 |
| &nbsp;&nbsp;&nbsp; YSOM-PZFQ, 35.470%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 128 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; YSPE-ODKD, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 116 | 116 | 19 |
| &nbsp;&nbsp;&nbsp; YSPS-NDY3, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YSPU-ZFJQ, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 112 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; YSQ0-3WPC, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 254 | 247 | 245 |
| &nbsp;&nbsp;&nbsp; YSQ6-V2Z3, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; YSQ7-RX9J, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 165 | 169 | 171 |
| &nbsp;&nbsp;&nbsp; YSQA-7CPU, 29.200%, 11/22/2023 †x#^ | Affirm | 11/25/2022 | 77 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; YSQI-7HOC, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YSQN-LP11, 22.750%, 5/21/2026 †§x | Affirm | 5/24/2024 | 267 | 272 | 273 |
| &nbsp;&nbsp;&nbsp; YSQQ-WLZI, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YSRD-Q5B6, 35.310%, 3/28/2026 †§x | Affirm | 3/31/2025 | 149 | 153 | 155 |
| &nbsp;&nbsp;&nbsp; YSRH-9P90, 32.990%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 27 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; YSRI-QCBL, 33.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 105 | 105 | 105 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8416** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YSRO-ZGQD, 33.950%, 9/23/2025 †x# | Affirm | 9/26/2024 | $605 | $640 | $36 |
| &nbsp;&nbsp;&nbsp; YSRW-8XVO, 28.000%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 104 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; YSS1-68ZA, 35.650%, 7/02/2026 †§x | Affirm | 1/29/2025 | 546 | 554 | 551 |
| &nbsp;&nbsp;&nbsp; YSS3-SH2P, 30.950%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YSSS-UXHL, 35.300%, 6/24/2026 †§x | Affirm | 6/27/2024 | 304 | 302 | 308 |
| &nbsp;&nbsp;&nbsp; YSSY-K0BE, 29.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YST3-B4VK, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 75 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; YST7-ZCG8, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 162 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; YSTH-MLHR, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YSTR-4RHB, 35.460%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 132 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YSTW-NTKB, 33.950%, 5/06/2026 †x# | Affirm | 5/30/2025 | 178 | 187 | 7 |
| &nbsp;&nbsp;&nbsp; YSU8-4W3B, 33.050%, 6/19/2026 †x | Affirm | 12/27/2024 | 160 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; YSUC-80LS, 29.410%, 5/05/2024 †x#^ | Affirm | 5/11/2023 | 211 | 206 | 13 |
| &nbsp;&nbsp;&nbsp; YSUF-F1RS, 29.440%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 114 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; YSUP-IZY2, 33.950%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 117 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; YSUX-JGEP, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 250 | 255 |  |
| &nbsp;&nbsp;&nbsp; YSV0-MI44, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 250 | 249 | 248 |
| &nbsp;&nbsp;&nbsp; YSV1-Y6LN, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; YSV7-EJVL, 35.780%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YSVB-8D0E, 33.950%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 124 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; YSVC-E6WA, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YSVC-J9G2, 29.790%, 2/07/2026 †§x | Affirm | 2/26/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YSVD-HW4F, 29.650%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 891 | 922 | 53 |
| &nbsp;&nbsp;&nbsp; YSVD-ZJBS, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 235 | 237 | 236 |
| &nbsp;&nbsp;&nbsp; YSVE-GWM3, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YSVL-842K, 32.500%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; YSWP-4WBS, 29.620%, 9/26/2026 †§x | Affirm | 9/30/2024 | 423 | 436 | 438 |
| &nbsp;&nbsp;&nbsp; YSWP-5PCE, 29.600%, 6/17/2023 †x#^ | Affirm | 12/23/2021 | 242 | 231 | 15 |
| &nbsp;&nbsp;&nbsp; YSWS-HT1E, 32.500%, 3/20/2026 †§x | Affirm | 3/28/2025 | 511 | 523 | 527 |
| &nbsp;&nbsp;&nbsp; YSXG-8WNS, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YSXJ-QGFJ, 35.990%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; YSXS-JRQA, 13.840%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1041 | 1073 | 1078 |
| &nbsp;&nbsp;&nbsp; YSY1-MKYH, 30.950%, 10/01/2025 †§x | Affirm | 10/04/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YSY3-EH4E, 13.840%, 7/08/2026 †§x | Affirm | 7/31/2025 | 253 | 261 | 263 |
| &nbsp;&nbsp;&nbsp; YSY7-HG0X, 29.460%, 5/22/2025 †x#^ | Affirm | 5/25/2023 | 664 | 701 | 40 |
| &nbsp;&nbsp;&nbsp; YSY7-IIT0, 33.050%, 9/24/2025 †§x | Affirm | 9/27/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YSYE-ILH3, 35.660%, 12/28/2025 †§x | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YSYF-4OJ7, 26.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 49 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; YSYH-SVT8, 22.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 247 | 249 | 248 |
| &nbsp;&nbsp;&nbsp; YSZ0-ZVTM, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 335 | 338 | 339 |
| &nbsp;&nbsp;&nbsp; YSZ1-W2B9, 29.430%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 124 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; YSZ7-7Z3E, 29.500%, 12/27/2022 †x#^ | Affirm | 12/31/2021 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YSZM-NBW6, 29.000%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 633 | 625 | 38 |
| &nbsp;&nbsp;&nbsp; YSZT-BLV9, 29.520%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 878 | 867 | 53 |
| &nbsp;&nbsp;&nbsp; YSZT-XJ28, 22.860%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 202 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; YSZW-4ACK, 29.680%, 11/12/2025 †§x | Affirm | 11/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YSZX-O2NY, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YT02-C2ES, 29.510%, 9/05/2025 †§x | Affirm | 9/08/2023 | 29 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; YT04-FLZJ, 35.430%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 182 | 185 | 183 |
| &nbsp;&nbsp;&nbsp; YT0B-9AVK, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 327 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; YT0C-AX8F, 35.480%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; YT0G-CUWC, 20.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 125 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; YT0I-792W, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 410 | 424 | 418 |
| &nbsp;&nbsp;&nbsp; YT0L-71UO, 33.950%, 2/10/2028 †§x# | Affirm | 2/26/2025 | 1556 | 1613 | 584 |
| &nbsp;&nbsp;&nbsp; YT0Z-1B7B, 29.350%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YT17-LZHZ, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8417** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YT19-Q7GJ, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | $131 | $132 | $133 |
| &nbsp;&nbsp;&nbsp; YT1A-P5QC, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YT1R-92O7, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 288 | 289 | 292 |
| &nbsp;&nbsp;&nbsp; YT1S-WP0T, 33.950%, 3/09/2025 †x#^ | Affirm | 12/27/2024 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YT1Y-P557, 18.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YT1Z-UTJU, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YT28-Q0SU, 29.500%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1057 | 1104 | 1101 |
| &nbsp;&nbsp;&nbsp; YT2K-3J25, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YT2P-BTTU, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YT37-133H, 35.530%, 12/16/2025 †x# | Affirm | 12/27/2024 | 209 | 208 | 13 |
| &nbsp;&nbsp;&nbsp; YT3B-8KT7, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 166 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; YT3I-PDAR, 15.840%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 607 | 638 | 36 |
| &nbsp;&nbsp;&nbsp; YT3U-K0A2, 18.000%, 6/19/2026 †§x | Affirm | 12/27/2024 | 250 | 255 | 256 |
| &nbsp;&nbsp;&nbsp; YT3U-XO9D, 29.730%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 23 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; YT3V-JEPI, 29.750%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 160 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; YT3Z-A663, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 55 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; YT47-4GNC, 29.500%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YT47-YQC9, 24.710%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 201 | 201 | 198 |
| &nbsp;&nbsp;&nbsp; YT4B-FYDW, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 135 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; YT4P-M5LA, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 853 | 877 | 877 |
| &nbsp;&nbsp;&nbsp; YT4Q-96HA, 15.750%, 6/02/2023 †x#^ | Affirm | 6/06/2022 | 162 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; YT4R-1GV2, 29.600%, 12/16/2025 †§x | Affirm | 12/27/2024 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YT4U-9NQN, 22.800%, 1/09/2026 †§x | Affirm | 1/29/2025 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; YT57-XW50, 29.800%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 63 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; YT5B-3ST2, 35.320%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 626 | 566 | 38 |
| &nbsp;&nbsp;&nbsp; YT5D-M7GD, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 278 | 281 | 281 |
| &nbsp;&nbsp;&nbsp; YT5J-O6OE, 35.570%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 212 | 214 | 13 |
| &nbsp;&nbsp;&nbsp; YT5J-SRO2, 25.200%, 9/23/2026 †§x# | Affirm | 9/26/2024 | 1078 | 1131 | 270 |
| &nbsp;&nbsp;&nbsp; YT5N-SW96, 33.950%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 18 | 18 | 3 |
| &nbsp;&nbsp;&nbsp; YT5O-1EAA, 33.000%, 2/11/2027 †§x | Affirm | 2/26/2025 | 460 | 456 | 464 |
| &nbsp;&nbsp;&nbsp; YT5P-RBBZ, 29.540%, 6/11/2024 †x#^ | Affirm | 12/14/2023 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; YT5Y-3XD1, 15.770%, 10/21/2025 †x# | Affirm | 10/24/2024 | 73 | 75 | 10 |
| &nbsp;&nbsp;&nbsp; YT5Z-LIWJ, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YT63-TREL, 33.050%, 6/21/2026 †§x | Affirm | 6/27/2024 | 317 | 324 | 326 |
| &nbsp;&nbsp;&nbsp; YT6D-0FVF, 35.710%, 8/06/2026 †§x | Affirm | 2/26/2025 | 617 | 633 | 632 |
| &nbsp;&nbsp;&nbsp; YT6O-10JR, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; YT6O-6045, 26.400%, 11/04/2024 †x#^ | Affirm | 5/11/2023 | 245 | 238 | 15 |
| &nbsp;&nbsp;&nbsp; YT70-77E3, 35.390%, 1/08/2026 †§x# | Affirm | 1/11/2024 | 161 | 161 | 91 |
| &nbsp;&nbsp;&nbsp; YT76-XB83, 15.700%, 1/01/2023 †x#^ | Affirm | 7/08/2022 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; YT7A-HR96, 22.530%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 297 | 304 | 304 |
| &nbsp;&nbsp;&nbsp; YT7C-3JR5, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YT7E-EFNK, 28.000%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; YT7G-5FZX, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 161 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; YT7J-7DLV, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YT7M-MLUO, 35.360%, 4/15/2026 †§x | Affirm | 4/18/2024 | 265 | 266 | 271 |
| &nbsp;&nbsp;&nbsp; YT7N-EL04, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 134 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; YT7Q-1FSD, 22.850%, 2/10/2026 †x# | Affirm | 2/26/2025 | 163 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; YT7Q-9QGP, 31.500%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 113 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; YT7X-1ROC, 29.690%, 10/04/2022 †x#^ | Affirm | 4/07/2022 | 151 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YT84-KAPW, 35.470%, 11/28/2025 †§x# | Affirm | 12/04/2023 | 503 | 503 | 503 |
| &nbsp;&nbsp;&nbsp; YT85-79NK, 33.950%, 5/20/2026 †§x | Affirm | 11/27/2024 | 62 | 64 | 62 |
| &nbsp;&nbsp;&nbsp; YT8A-VCHF, 15.700%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 270 | 283 | 16 |
| &nbsp;&nbsp;&nbsp; YT8D-PIQN, 31.000%, 1/13/2027 †x | Affirm | 1/29/2025 | 2244 | 2331 | 2343 |
| &nbsp;&nbsp;&nbsp; YT8J-EXKJ, 18.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 247 | 253 | 252 |
| &nbsp;&nbsp;&nbsp; YT8L-TQOU, 28.200%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 417 | 437 | 25 |
| &nbsp;&nbsp;&nbsp; YT8O-APLW, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 165 | 166 | 166 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8418** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YT8O-D49O, 25.900%, 11/20/2026 †x | Affirm | 11/27/2024 | $2282 | $2282 | $2314 |
| &nbsp;&nbsp;&nbsp; YT8X-KXI1, 22.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 289 | 294 | 295 |
| &nbsp;&nbsp;&nbsp; YT8Z-UDNG, 15.640%, 12/02/2025 †§x | Affirm | 6/27/2025 | 83 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; YT90-AII7, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 465 | 460 | 464 |
| &nbsp;&nbsp;&nbsp; YT96-HXEE, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YT9C-J1WE, 28.000%, 10/07/2023 †x#^ | Affirm | 10/14/2022 | 99 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; YT9M-ZN5F, 33.000%, 6/20/2026 †§x# | Affirm | 12/27/2024 | 169 | 168 | 170 |
| &nbsp;&nbsp;&nbsp; YT9T-1SHU, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YT9Y-O52X, 22.750%, 11/02/2025 †§x | Affirm | 5/06/2024 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; YTA2-3BA4, 29.570%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 173 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; YTAH-BF5P, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YTAI-422U, 35.430%, 7/02/2026 †§x | Affirm | 1/29/2025 | 420 | 427 | 424 |
| &nbsp;&nbsp;&nbsp; YTAK-T4O4, 24.680%, 9/23/2026 †§x# | Affirm | 9/26/2024 | 680 | 700 | 706 |
| &nbsp;&nbsp;&nbsp; YTAL-D2PT, 29.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; YTAN-NZ17, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; YTAU-ARGC, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 252 | 258 | 260 |
| &nbsp;&nbsp;&nbsp; YTBH-ZU5Q, 29.650%, 10/02/2025 †§x | Affirm | 10/07/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YTBI-Q7T9, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; YTBK-0L63, 26.000%, 9/20/2025 †§x | Affirm | 9/26/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YTBL-A8SE, 25.200%, 2/05/2026 †§x | Affirm | 2/26/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YTCC-R2U7, 33.050%, 11/28/2025 †x# | Affirm | 10/03/2024 | 163 | 165 | 164 |
| &nbsp;&nbsp;&nbsp; YTCD-6TXK, 23.400%, 1/13/2027 †§x | Affirm | 1/29/2025 | 417 | 433 | 435 |
| &nbsp;&nbsp;&nbsp; YTCE-VHEJ, 22.770%, 1/08/2026 †§x | Affirm | 1/29/2025 | 385 | 383 | 383 |
| &nbsp;&nbsp;&nbsp; YTCP-IHYI, 15.920%, 10/01/2025 †§x | Affirm | 10/04/2024 | 393 | 394 | 389 |
| &nbsp;&nbsp;&nbsp; YTCX-30G5, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 334 | 327 | 326 |
| &nbsp;&nbsp;&nbsp; YTCY-2Q2W, 35.350%, 7/22/2025 †x#^ | Affirm | 7/26/2024 | 135 | 123 | 8 |
| &nbsp;&nbsp;&nbsp; YTDA-HH4P, 29.670%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YTDC-XP20, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 129 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; YTDG-SZKZ, 35.460%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 122 | 123 | 29 |
| &nbsp;&nbsp;&nbsp; YTDM-QUH0, 32.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 893 | 892 | 890 |
| &nbsp;&nbsp;&nbsp; YTDO-ET6R, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 211 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; YTDP-KRB4, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 319 | 325 | 326 |
| &nbsp;&nbsp;&nbsp; YTDP-XE6S, 35.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 124 | 123 |
| &nbsp;&nbsp;&nbsp; YTE4-5YLT, 22.630%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 42 | 41 | 3 |
| &nbsp;&nbsp;&nbsp; YTEE-B7TR, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YTEG-R6C1, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 2222 | 2297 | 2317 |
| &nbsp;&nbsp;&nbsp; YTES-A7NA, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; YTEW-03CS, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 141 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; YTEY-8MDG, 32.500%, 7/13/2026 †§x | Affirm | 1/29/2025 | 566 | 577 | 575 |
| &nbsp;&nbsp;&nbsp; YTF9-JZ02, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YTFF-0F8O, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 539 | 539 | 543 |
| &nbsp;&nbsp;&nbsp; YTFS-Y7DU, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YTFV-QGL9, 35.380%, 12/08/2024 †x#^ | Affirm | 8/11/2023 | 329 | 308 | 20 |
| &nbsp;&nbsp;&nbsp; YTGH-R9E6, 11.183%, 7/25/2023 †x#^« | Affirm | 1/28/2022 | 53 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; YTGT-RCSB, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YTGU-9TSN, 15.750%, 4/18/2025 †x#^ | Affirm | 4/22/2024 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; YTGX-19TQ, 29.510%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 155 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; YTGZ-5WQE, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; YTH2-BW5K, 8.880%, 8/28/2026 †§x# | Affirm | 9/05/2023 | 774 | 797 | 797 |
| &nbsp;&nbsp;&nbsp; YTH8-JKVW, 29.470%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 563 | 580 | 34 |
| &nbsp;&nbsp;&nbsp; YTHA-MVRP, 28.910%, 2/21/2024 †x#^ | Affirm | 8/24/2023 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YTHC-BADH, 15.950%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 94 | 95 | 15 |
| &nbsp;&nbsp;&nbsp; YTHC-KU4N, 35.560%, 9/26/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YTHI-OI28, 35.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 133 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; YTHI-RADI, 29.710%, 1/07/2023 †x#^ | Affirm | 1/13/2022 | 82 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; YTHR-LOIQ, 35.380%, 6/28/2024 †x#^ | Affirm | 7/03/2023 | 1591 | 1584 | 95 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8419** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YTHY-QT8O, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | $111 | $116 | $7 |
| &nbsp;&nbsp;&nbsp; YTI5-22P5, 29.700%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; YTID-LWC0, 33.950%, 7/03/2026 †§x | Affirm | 1/29/2025 | 152 | 154 | 153 |
| &nbsp;&nbsp;&nbsp; YTIH-3WU8, 29.330%, 11/05/2022 †x#^ | Affirm | 5/09/2022 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; YTIL-UUQW, 26.900%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YTIM-NYWW, 29.620%, 1/01/2026 †§x | Affirm | 7/05/2024 | 103 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; YTIO-VMVY, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 151 | 154 | 153 |
| &nbsp;&nbsp;&nbsp; YTIR-3LGO, 35.130%, 1/08/2026 †§x | Affirm | 7/31/2025 | 115 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; YTIX-8GUD, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YTJ5-0HHP, 9.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YTJ5-RN39, 35.480%, 12/19/2026 †§x | Affirm | 12/27/2024 | 383 | 382 | 388 |
| &nbsp;&nbsp;&nbsp; YTJ8-OJDE, 32.500%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | 459 | 475 | 28 |
| &nbsp;&nbsp;&nbsp; YTJC-4PPL, 35.470%, 8/07/2026 †§x | Affirm | 8/29/2025 | 273 | 281 | 281 |
| &nbsp;&nbsp;&nbsp; YTJM-EQJA, 13.840%, 9/25/2025 †§x | Affirm | 9/30/2024 | 14 | 14 | 15 |
| &nbsp;&nbsp;&nbsp; YTJY-ZJKB, 35.360%, 6/11/2024 †x#^ | Affirm | 12/14/2023 | 335 | 340 | 20 |
| &nbsp;&nbsp;&nbsp; YTJZ-LR6L, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 144 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; YTK6-VXVE, 11.810%, 8/21/2026 †§x | Affirm | 8/24/2023 | 1666 | 1717 | 1729 |
| &nbsp;&nbsp;&nbsp; YTK8-V6S4, 35.310%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YTKH-GOA8, 15.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 195 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; YTKK-N8PL, 32.000%, 4/25/2026 †x# | Affirm | 10/31/2024 | 854 | 901 | 51 |
| &nbsp;&nbsp;&nbsp; YTKP-DHZT, 29.580%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YTKW-SVTV, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 588 | 597 | 597 |
| &nbsp;&nbsp;&nbsp; YTLC-V4MJ, 29.490%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 382 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; YTLF-WB0N, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 160 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; YTLM-98T9, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 420 | 428 | 422 |
| &nbsp;&nbsp;&nbsp; YTLU-W9XM, 32.500%, 9/23/2026 †§x# | Affirm | 9/26/2024 | 257 | 256 | 257 |
| &nbsp;&nbsp;&nbsp; YTM3-79GK, 29.570%, 4/19/2024 †x#^ | Affirm | 10/24/2022 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YTM3-Q6NK, 13.840%, 7/03/2026 †§x# | Affirm | 1/29/2025 | 869 | 889 | 892 |
| &nbsp;&nbsp;&nbsp; YTMA-U5O3, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YTMD-0IM7, 18.000%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; YTMX-YA5G, 29.000%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 167 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; YTN1-O6AQ, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YTNA-K5YP, 32.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YTNB-KU6G, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YTNN-HO00, 29.490%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; YTNN-VDB1, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 169 | 169 | 167 |
| &nbsp;&nbsp;&nbsp; YTNP-D9IS, 29.480%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 272 | 282 | 16 |
| &nbsp;&nbsp;&nbsp; YTNQ-CH4I, 30.084%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 690 | 722 | 41 |
| &nbsp;&nbsp;&nbsp; YTO6-G7NJ, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 91 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YTO8-YXC5, 29.720%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; YTOG-L3UR, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YTOG-QUQT, 35.370%, 2/27/2026 †x# | Affirm | 8/30/2024 | 187 | 195 | 11 |
| &nbsp;&nbsp;&nbsp; YTOK-7X35, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 89 | 88 | 90 |
| &nbsp;&nbsp;&nbsp; YTOO-52KQ, 30.000%, 8/25/2022 †x#^ | Affirm | 3/03/2022 | 132 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; YTOT-4Q0F, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 41 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; YTP9-F3ZY, 29.500%, 3/07/2026 †§x | Affirm | 3/11/2024 | 297 | 300 | 300 |
| &nbsp;&nbsp;&nbsp; YTPY-EDGY, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YTQH-AESJ, 35.490%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 823 | 820 | 834 |
| &nbsp;&nbsp;&nbsp; YTQY-81O8, 29.590%, 11/10/2022 †x#^ | Affirm | 11/15/2021 | 705 | 718 | 42 |
| &nbsp;&nbsp;&nbsp; YTQY-IF58, 25.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YTQY-IN1A, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YTR2-S95U, 22.480%, 1/08/2026 †§x | Affirm | 7/31/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; YTR7-YC8G, 35.570%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 197 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; YTRM-6Y36, 13.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YTRQ-KN28, 30.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; YTRT-6Z4D, 29.710%, 2/11/2027 †§x | Affirm | 2/26/2025 | 432 | 453 | 457 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8420** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YTRU-S190, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | $1464 | $1489 | $1494 |
| &nbsp;&nbsp;&nbsp; YTS2-2ZQE, 11.790%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 121 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; YTS5-Y4T5, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 172 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; YTS8-6BDC, 35.580%, 9/16/2025 †§x | Affirm | 9/19/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; YTS9-ODWM, 29.590%, 12/18/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YTSA-SEPN, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 113 | 112 |
| &nbsp;&nbsp;&nbsp; YTSB-6IBK, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; YTSK-DLJB, 22.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 108 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; YTSP-14II, 29.340%, 1/08/2026 †§x | Affirm | 7/31/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YTT0-I04S, 24.400%, 5/20/2026 †§x | Affirm | 11/27/2024 | 152 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; YTT6-V9LI, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 544 | 544 | 542 |
| &nbsp;&nbsp;&nbsp; YTT9-6VI7, 29.440%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | 131 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; YTTD-U5JQ, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 20 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; YTTJ-ESPE, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YTTS-8RO8, 29.520%, 10/04/2025 †§x | Affirm | 10/10/2023 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YTTU-JRF0, 18.000%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YTU6-LA1M, 35.490%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 215 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; YTU8-8AHJ, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 728 | 728 | 725 |
| &nbsp;&nbsp;&nbsp; YTUA-NRQH, 34.000%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 1399 | 1387 | 1401 |
| &nbsp;&nbsp;&nbsp; YTUI-KXIP, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YTUJ-T7RR, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 113 | 115 | 114 |
| &nbsp;&nbsp;&nbsp; YTUM-TZOG, 35.470%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 313 | 309 | 312 |
| &nbsp;&nbsp;&nbsp; YTUP-LEOJ, 29.620%, 2/26/2026 †§x | Affirm | 2/29/2024 | 181 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; YTV7-LB3O, 27.680%, 11/26/2024 †x#^ | Affirm | 6/02/2023 | 259 | 261 | 16 |
| &nbsp;&nbsp;&nbsp; YTV7-UCAM, 28.000%, 4/06/2024 †x#^ | Affirm | 10/11/2022 | 226 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; YTVH-TSW9, 29.630%, 6/10/2022 †x#^ | Affirm | 12/16/2021 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; YTVS-KM4J, 18.000%, 11/20/2025 †§x | Affirm | 11/27/2024 | 144 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; YTVW-VUHZ, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 225 | 228 | 227 |
| &nbsp;&nbsp;&nbsp; YTW1-BF2Y, 28.500%, 5/07/2022 †x#^ | Affirm | 2/10/2022 | 143 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; YTWF-HM5H, 30.000%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 93 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YTWQ-RFUL, 28.000%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 19 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; YTWX-6909, 9.820%, 11/06/2025 †§x | Affirm | 8/29/2025 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; YTX0-2ETK, 33.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YTX6-J9JY, 29.450%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 570 | 599 | 34 |
| &nbsp;&nbsp;&nbsp; YTXD-HL6E, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 22 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; YTXG-MJID, 33.950%, 4/18/2026 †§x | Affirm | 10/24/2024 | 186 | 191 | 190 |
| &nbsp;&nbsp;&nbsp; YTXL-BXE4, 32.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; YTXR-IZJ6, 21.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; YTXS-L0ZS, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YTXW-0QPR, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 112 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; YTXX-2RVV, 35.300%, 3/20/2026 †x# | Affirm | 3/28/2025 | 332 | 332 | 92 |
| &nbsp;&nbsp;&nbsp; YTXY-4ADZ, 28.500%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 135 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; YTXY-FI8Q, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 207 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; YTY3-YP2A, 15.810%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YTY8-GKIE, 35.580%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YTYB-UN6K, 9.930%, 2/10/2026 †§x | Affirm | 2/26/2025 | 249 | 253 | 254 |
| &nbsp;&nbsp;&nbsp; YTYE-SXQF, 14.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 144 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; YTYI-O1E6, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; YTYM-RIX3, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; YTYT-HUT3, 22.750%, 1/02/2026 †§x | Affirm | 1/29/2025 | 453 | 458 | 458 |
| &nbsp;&nbsp;&nbsp; YTZ1-3XWG, 35.440%, 6/28/2026 †x# | Affirm | 1/29/2025 | 425 | 417 | 72 |
| &nbsp;&nbsp;&nbsp; YTZ2-GSES, 15.750%, 12/24/2025 †§x | Affirm | 6/27/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YTZK-KITL, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 268 | 256 | 16 |
| &nbsp;&nbsp;&nbsp; YTZS-JZCB, 35.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 151 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; YTZT-B7WJ, 15.750%, 8/07/2026 †§x | Affirm | 8/29/2025 | 194 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; YTZV-NZTM, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 267 | 267 | 16 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8421** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YTZX-UPQV, 22.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | $56 | $57 | $56 |
| &nbsp;&nbsp;&nbsp; YTZZ-6K6A, 35.500%, 10/25/2025 †§x | Affirm | 10/31/2024 | 52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; YU04-TLEL, 33.950%, 2/10/2026 †x# | Affirm | 2/26/2025 | 82 | 85 | 20 |
| &nbsp;&nbsp;&nbsp; YU08-JCX7, 15.870%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1394 | 1451 | 1444 |
| &nbsp;&nbsp;&nbsp; YU09-EOJ6, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 75 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; YU0S-9XJF, 28.500%, 12/28/2024 †x#^ | Affirm | 1/03/2023 | 515 | 544 | 31 |
| &nbsp;&nbsp;&nbsp; YU16-W8IP, 33.950%, 9/03/2026 †§x | Affirm | 3/28/2025 | 211 | 220 | 217 |
| &nbsp;&nbsp;&nbsp; YU1C-B8YL, 29.520%, 12/28/2025 †§x | Affirm | 1/02/2024 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; YU1D-J1UT, 23.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1940 | 2012 | 2028 |
| &nbsp;&nbsp;&nbsp; YU1H-X6JR, 33.950%, 9/25/2026 †§x | Affirm | 9/30/2024 | 571 | 587 | 591 |
| &nbsp;&nbsp;&nbsp; YU1Y-B121, 31.416%, 2/23/2026 †§x | Affirm | 8/29/2024 | 429 | 435 | 436 |
| &nbsp;&nbsp;&nbsp; YU22-8W9T, 15.660%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 108 | 111 | 6 |
| &nbsp;&nbsp;&nbsp; YU2A-UUEL, 35.420%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 932 | 868 | 56 |
| &nbsp;&nbsp;&nbsp; YU2M-BZAV, 32.500%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 490 | 504 | 29 |
| &nbsp;&nbsp;&nbsp; YU2N-7AP6, 35.590%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YU2W-RS51, 29.530%, 1/09/2026 †§x | Affirm | 1/12/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; YU34-1ELA, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 509 | 522 | 525 |
| &nbsp;&nbsp;&nbsp; YU3A-MTNR, 35.810%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YU3C-XJR2, 29.340%, 1/20/2023 †x#^ | Affirm | 10/24/2022 | 341 | 338 | 20 |
| &nbsp;&nbsp;&nbsp; YU3H-OHLU, 15.760%, 5/03/2026 †x# | Affirm | 5/09/2024 | 620 | 644 | 37 |
| &nbsp;&nbsp;&nbsp; YU3N-K0ZJ, 35.620%, 8/11/2026 †§x | Affirm | 2/26/2025 | 354 | 350 | 353 |
| &nbsp;&nbsp;&nbsp; YU48-U8K3, 21.900%, 5/26/2026 †§x | Affirm | 6/02/2023 | 417 | 426 | 428 |
| &nbsp;&nbsp;&nbsp; YU49-4MJS, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 243 | 248 | 15 |
| &nbsp;&nbsp;&nbsp; YU4G-5LBV, 30.500%, 1/08/2026 †§x | Affirm | 7/31/2025 | 431 | 437 | 439 |
| &nbsp;&nbsp;&nbsp; YU4N-66Y2, 28.000%, 11/21/2024 †x#^ | Affirm | 11/25/2022 | 852 | 923 | 51 |
| &nbsp;&nbsp;&nbsp; YU4P-NYNM, 33.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 268 | 267 | 268 |
| &nbsp;&nbsp;&nbsp; YU4Q-7RZ1, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YU51-VQMZ, 28.000%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 134 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; YU56-DSR1, 29.920%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; YU5L-DNHK, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 256 | 252 | 251 |
| &nbsp;&nbsp;&nbsp; YU5S-FSSW, 29.710%, 2/10/2026 †§x | Affirm | 2/26/2025 | 197 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; YU5T-PMJE, 22.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; YU5U-ZFG9, 19.700%, 8/12/2026 †§x | Affirm | 2/26/2025 | 665 | 686 | 678 |
| &nbsp;&nbsp;&nbsp; YU5Y-O2U3, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YU67-XGPU, 29.500%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 282 | 292 | 17 |
| &nbsp;&nbsp;&nbsp; YU6E-GHLS, 23.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 319 | 327 | 329 |
| &nbsp;&nbsp;&nbsp; YU6F-TK0L, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 124 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; YU6L-H0QY, 29.270%, 1/03/2024 †x#^ | Affirm | 1/06/2022 | 2858 | 2632 | 171 |
| &nbsp;&nbsp;&nbsp; YU6O-8DK9, 28.000%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; YU6O-B48U, 19.700%, 10/11/2025 †§x | Affirm | 4/15/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YU6V-55PM, 29.810%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 56 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YU73-3UV9, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; YU78-SDHO, 9.870%, 9/16/2026 †x | Affirm | 9/19/2024 | 2826 | 2902 | 2915 |
| &nbsp;&nbsp;&nbsp; YU7D-1UC2, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 149 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; YU7D-JFLL, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YU7P-M2WY, 32.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 184 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; YU87-LU6V, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 429 | 412 | 411 |
| &nbsp;&nbsp;&nbsp; YU8C-F9LH, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 144 | 147 | 146 |
| &nbsp;&nbsp;&nbsp; YU8C-OCHA, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 231 | 234 | 233 |
| &nbsp;&nbsp;&nbsp; YU8J-0E2I, 28.990%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 56 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; YU8P-E49A, 29.660%, 12/02/2025 †§x | Affirm | 6/27/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YU8T-6GJT, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 130 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; YU8U-OECB, 33.950%, 10/24/2025 †§x | Affirm | 10/28/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YU8V-P2UY, 35.550%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; YU8V-UA84, 23.400%, 3/24/2026 †§x | Affirm | 9/27/2024 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; YU8W-DPYL, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 192 | 198 | 12 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8422** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YU93-F422, 15.870%, 3/03/2026 †§x | Affirm | 3/28/2025 | $73 | $72 | $72 |
| &nbsp;&nbsp;&nbsp; YU9G-DXUN, 26.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YU9L-UD74, 35.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 169 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; YU9M-P1EY, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YU9Q-UMMQ, 29.620%, 3/07/2024 †x#^ | Affirm | 9/15/2022 | 145 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; YU9R-MGWD, 29.650%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 76 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; YUA4-K0EM, 29.440%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 320 | 338 | 19 |
| &nbsp;&nbsp;&nbsp; YUA5-8K4I, 35.370%, 6/25/2026 †§x | Affirm | 6/28/2024 | 240 | 238 | 242 |
| &nbsp;&nbsp;&nbsp; YUA5-XMS7, 35.440%, 10/09/2025 †§x# | Affirm | 4/12/2024 | 88 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; YUA9-561P, 35.450%, 2/20/2026 †§x | Affirm | 2/23/2024 | 302 | 302 | 308 |
| &nbsp;&nbsp;&nbsp; YUAH-3D4J, 29.540%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 137 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; YUAH-E00E, 27.480%, 5/28/2026 †§x | Affirm | 6/27/2025 | 507 | 467 | 468 |
| &nbsp;&nbsp;&nbsp; YUAN-B2NR, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YUAQ-2E84, 35.620%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 379 | 375 | 217 |
| &nbsp;&nbsp;&nbsp; YUAY-JJDI, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 201 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; YUB0-CYEG, 35.570%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; YUB3-0FWN, 30.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YUBA-9EBJ, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; YUBI-DOBJ, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 297 | 300 | 300 |
| &nbsp;&nbsp;&nbsp; YUBN-RXSE, 33.950%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 311 | 320 | 317 |
| &nbsp;&nbsp;&nbsp; YUBO-OPVB, 35.430%, 10/17/2024 †x#^ | Affirm | 4/22/2024 | 542 | 558 | 33 |
| &nbsp;&nbsp;&nbsp; YUBQ-ZEN1, 35.950%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 68 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; YUBS-N4X9, 4.421%, 7/25/2023 †x#^« | Affirm | 7/28/2022 | 63 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; YUBX-BUCO, 26.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YUC2-SJMQ, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 140 | 141 | 2 |
| &nbsp;&nbsp;&nbsp; YUC3-G00R, 33.000%, 10/25/2026 †§x# | Affirm | 10/31/2024 | 382 | 380 | 385 |
| &nbsp;&nbsp;&nbsp; YUCG-0AFG, 30.000%, 2/26/2026 †§x# | Affirm | 2/29/2024 | 650 | 650 | 663 |
| &nbsp;&nbsp;&nbsp; YUCN-WBZR, 29.680%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 161 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; YUCQ-15JM, 28.920%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 444 | 465 | 27 |
| &nbsp;&nbsp;&nbsp; YUCQ-ZQVF, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 403 | 403 | 402 |
| &nbsp;&nbsp;&nbsp; YUCW-JF85, 22.720%, 2/23/2025 †x#^ | Affirm | 2/29/2024 | 85 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; YUD8-WCMQ, 29.540%, 12/20/2025 †§x | Affirm | 6/24/2024 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; YUDR-HRZL, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 79 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YUDS-V8BL, 35.360%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 190 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; YUDV-95D6, 23.400%, 1/27/2026 †§x | Affirm | 2/26/2025 | 173 | 176 | 177 |
| &nbsp;&nbsp;&nbsp; YUDW-Z7Y1, 9.910%, 8/12/2026 †§x | Affirm | 2/26/2025 | 558 | 575 | 578 |
| &nbsp;&nbsp;&nbsp; YUE6-BM2V, 29.820%, 2/27/2024 †x#^ | Affirm | 3/02/2023 | 94 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; YUEA-PS7P, 20.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 282 | 291 | 292 |
| &nbsp;&nbsp;&nbsp; YUEA-WICV, 29.610%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 321 | 339 | 19 |
| &nbsp;&nbsp;&nbsp; YUEL-UVHI, 25.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 140 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; YUEP-M86B, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YUES-Q0VC, 24.400%, 1/02/2026 †§x# | Affirm | 7/05/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YUEW-CMC8, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 98 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; YUFD-BN6M, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YUFN-72JT, 15.740%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 320 | 342 | 19 |
| &nbsp;&nbsp;&nbsp; YUFV-5HCE, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 133 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; YUFW-GH3J, 29.610%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 54 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YUGA-1NE1, 29.490%, 3/28/2026 †x# | Affirm | 4/03/2023 | 2666 | 2916 | 160 |
| &nbsp;&nbsp;&nbsp; YUGB-IYKE, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 101 | 102 | 28 |
| &nbsp;&nbsp;&nbsp; YUGC-JB0E, 22.920%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; YUGC-TZXI, 33.950%, 11/06/2025 †x# | Affirm | 5/30/2025 | 103 | 105 | 26 |
| &nbsp;&nbsp;&nbsp; YUGJ-HOYR, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; YUGL-I48E, 33.950%, 1/24/2025 †x#^ | Affirm | 10/28/2024 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; YUGM-7DOZ, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 222 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; YUGQ-JY7Q, 29.560%, 9/28/2025 †§x | Affirm | 10/02/2023 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; YUGS-UK37, 15.700%, 3/28/2026 †§x | Affirm | 3/31/2025 | 67 | 70 | 70 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8423** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YUGW-FK1C, 19.700%, 9/02/2025 †§x | Affirm | 6/27/2025 | $29 | $29 | $29 |
| &nbsp;&nbsp;&nbsp; YUGY-ONV3, 29.800%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YUH1-90DE, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YUHG-7CAS, 29.770%, 8/28/2026 †§x# | Affirm | 3/28/2025 | 198 | 207 | 204 |
| &nbsp;&nbsp;&nbsp; YUHK-3UQ0, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 164 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; YUHQ-K5UK, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YUHR-VLSF, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 246 | 248 | 247 |
| &nbsp;&nbsp;&nbsp; YUHS-W3LZ, 35.560%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 98 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; YUHT-7LWH, 35.390%, 3/26/2027 †x# | Affirm | 3/31/2025 | 4316 | 4295 | 4393 |
| &nbsp;&nbsp;&nbsp; YUHZ-TV8J, 33.050%, 10/28/2025 †§x | Affirm | 10/31/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YUIF-EKNN, 35.490%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YUIN-SMVC, 23.400%, 2/07/2027 †§x | Affirm | 2/26/2025 | 680 | 712 | 718 |
| &nbsp;&nbsp;&nbsp; YUIP-C019, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 75 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; YUIZ-1T86, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 92 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; YUIZ-AY54, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 92 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; YUJA-TDP9, 30.950%, 3/03/2026 †x# | Affirm | 3/28/2025 | 115 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; YUJI-EHXF, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 122 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; YUJN-TML6, 30.000%, 5/05/2025 †x#^ | Affirm | 5/11/2023 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; YUJO-PJ3B, 29.610%, 9/25/2027 †§x | Affirm | 9/30/2024 | 1056 | 1089 | 1096 |
| &nbsp;&nbsp;&nbsp; YUJQ-JQOE, 33.950%, 10/18/2025 †§x | Affirm | 10/24/2024 | 95 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; YUJS-148N, 22.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 109 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; YUKE-V35N, 29.950%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 119 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; YUKF-3NYZ, 35.580%, 9/24/2025 †x# | Affirm | 9/27/2024 | 95 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; YUKH-Y1EI, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 810 | 819 | 49 |
| &nbsp;&nbsp;&nbsp; YUKI-QU05, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 645 | 663 | 666 |
| &nbsp;&nbsp;&nbsp; YUKJ-GM2P, 28.970%, 5/04/2025 †x#^ | Affirm | 5/11/2023 | 158 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; YUKK-C24D, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YUKO-GXD3, 35.650%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 224 | 223 | 135 |
| &nbsp;&nbsp;&nbsp; YUKU-AO7B, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YUKX-0BWD, 29.580%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 266 | 273 | 273 |
| &nbsp;&nbsp;&nbsp; YUKY-MGC1, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 89 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; YUL4-168J, 29.710%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 715 | 752 | 43 |
| &nbsp;&nbsp;&nbsp; YUL6-8QBM, 29.470%, 2/21/2025 †x#^ | Affirm | 8/24/2023 | 25 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; YULL-64Q1, 15.780%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 87 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; YULL-W751, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 317 | 323 | 324 |
| &nbsp;&nbsp;&nbsp; YUM4-R54J, 31.500%, 9/01/2024 †x#^ | Affirm | 9/08/2023 | 226 | 225 | 14 |
| &nbsp;&nbsp;&nbsp; YUM5-YRUE, 35.480%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 86 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; YUME-62Z3, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 336 | 345 | 347 |
| &nbsp;&nbsp;&nbsp; YUMP-O5PU, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 102 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; YUMS-M7XU, 13.840%, 1/08/2028 †x | Affirm | 1/29/2025 | 2352 | 2425 | 2443 |
| &nbsp;&nbsp;&nbsp; YUMW-AEN0, 29.620%, 12/20/2022 †x#^ | Affirm | 12/27/2021 | 524 | 516 | 31 |
| &nbsp;&nbsp;&nbsp; YUMY-61MC, 29.380%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YUN5-S5K7, 29.530%, 12/12/2025 †§x | Affirm | 12/15/2023 | 326 | 329 | 329 |
| &nbsp;&nbsp;&nbsp; YUNJ-HDIN, 29.720%, 12/01/2023 †x#^ | Affirm | 6/06/2022 | 53 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; YUNN-LIJC, 29.350%, 9/08/2023 †x#^ | Affirm | 3/13/2023 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; YUNU-HPFZ, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 308 | 307 | 306 |
| &nbsp;&nbsp;&nbsp; YUNW-ESAE, 30.000%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 293 | 275 | 18 |
| &nbsp;&nbsp;&nbsp; YUNZ-CLBL, 35.540%, 12/28/2025 †§x | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YUNZ-YPBP, 25.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 201 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; YUO7-QSWM, 23.400%, 10/28/2025 †x# | Affirm | 10/31/2024 | 486 | 503 | 29 |
| &nbsp;&nbsp;&nbsp; YUOC-O7EL, 35.380%, 8/04/2024 †x#^ | Affirm | 12/07/2023 | 98 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; YUOD-HJS9, 22.730%, 9/16/2025 †§x | Affirm | 9/19/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YUOL-04S8, 35.400%, 6/29/2024 †x#^ | Affirm | 7/07/2023 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; YUOV-SRTH, 29.000%, 5/28/2024 †x#^ | Affirm | 12/05/2022 | 124 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; YUP3-3YV3, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 192 | 194 | 192 |
| &nbsp;&nbsp;&nbsp; YUP9-IQ8F, 35.480%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 56 | 57 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8424** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YUPA-MK8K, 35.360%, 2/27/2026 †§x | Affirm | 8/30/2024 | $274 | $272 | $274 |
| &nbsp;&nbsp;&nbsp; YUPB-JBQD, 29.530%, 10/25/2022 †x#^ | Affirm | 4/28/2022 | 90 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; YUPD-RKHU, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 146 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; YUPJ-V8FS, 31.640%, 9/15/2023 †x#^ | Affirm | 9/19/2022 | 120 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; YUPM-RRHV, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YUPP-JCDU, 23.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 302 | 307 | 308 |
| &nbsp;&nbsp;&nbsp; YUQE-TI1X, 35.390%, 8/26/2026 †§x | Affirm | 8/29/2024 | 484 | 482 | 489 |
| &nbsp;&nbsp;&nbsp; YUQG-0LZX, 35.380%, 5/22/2025 †x#^ | Affirm | 11/27/2023 | 48 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; YUQO-8C3D, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YUQY-4PM9, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YUR3-I6L9, 29.730%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; YUR9-5WXY, 0.000%, 9/19/2025 †§x# | Affirm | 9/23/2024 | 200 | 188 | 198 |
| &nbsp;&nbsp;&nbsp; YURA-FXH8, 29.750%, 5/21/2023 †x#^ | Affirm | 11/25/2022 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YURB-OPXV, 22.810%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1495 | 1541 | 1551 |
| &nbsp;&nbsp;&nbsp; YURD-OA1G, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 200 | 202 | 203 |
| &nbsp;&nbsp;&nbsp; YURH-F3SI, 35.390%, 2/04/2025 †x#^ | Affirm | 12/07/2023 | 222 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; YURJ-EI2S, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 121 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; YURV-RIGK, 23.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 262 | 270 | 271 |
| &nbsp;&nbsp;&nbsp; YURY-MV79, 29.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YURZ-PBPC, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; YUS4-QJMN, 35.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 2324 | 2458 | 139 |
| &nbsp;&nbsp;&nbsp; YUSB-176C, 29.040%, 4/19/2027 †x# | Affirm | 4/27/2023 | 1704 | 1864 | 102 |
| &nbsp;&nbsp;&nbsp; YUSG-TPGA, 35.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YUT0-81S7, 15.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 164 | 168 | 25 |
| &nbsp;&nbsp;&nbsp; YUT9-K8HI, 22.750%, 12/28/2027 †x# | Affirm | 1/29/2025 | 8452 | 8705 | 8744 |
| &nbsp;&nbsp;&nbsp; YUTA-JH5B, 24.760%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 613 | 584 | 593 |
| &nbsp;&nbsp;&nbsp; YUTE-T5PB, 24.760%, 1/09/2026 †§x | Affirm | 1/29/2025 | 869 | 879 | 880 |
| &nbsp;&nbsp;&nbsp; YUTG-UD86, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YUTI-XYPE, 35.710%, 8/10/2026 †§x | Affirm | 2/26/2025 | 121 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; YUTQ-W643, 22.860%, 2/05/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YUTV-9M63, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 119 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; YUU1-RRZZ, 31.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 125 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; YUU2-T4FT, 33.000%, 3/03/2026 †x# | Affirm | 3/28/2025 | 1206 | 1191 | 57 |
| &nbsp;&nbsp;&nbsp; YUUE-V1JS, 33.050%, 5/15/2026 †§x | Affirm | 11/27/2024 | 1319 | 1356 | 1351 |
| &nbsp;&nbsp;&nbsp; YUUF-EN1G, 35.480%, 6/20/2026 †§x | Affirm | 12/27/2024 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; YUUH-GA99, 24.700%, 9/26/2025 †x# | Affirm | 9/30/2024 | 124 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; YUUK-Q6QU, 31.000%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 174 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; YUUT-J7SL, 29.490%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; YUV4-X24J, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YUVF-5GKK, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YUVG-MZ9Q, 23.400%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YUVH-18J4, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 142 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; YUVO-IQ72, 15.720%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 279 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; YUVO-WU3P, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 147 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; YUVW-71VP, 29.640%, 12/16/2025 †§x | Affirm | 12/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YUVX-IDE8, 29.840%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 60 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; YUW8-O7VM, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; YUW9-C7YY, 33.050%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 230 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; YUWN-8Y8W, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; YUWO-D0W2, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; YUWV-ECPI, 22.770%, 11/12/2025 †§x | Affirm | 11/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; YUWX-Z5E5, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YUX7-YQV6, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 214 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; YUX8-X32C, 23.400%, 4/25/2026 †§x | Affirm | 10/31/2024 | 154 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; YUXF-6OCD, 35.650%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 297 | 300 | 300 |
| &nbsp;&nbsp;&nbsp; YUXO-VUKQ, 29.610%, 6/13/2023 †x#^ | Affirm | 12/16/2021 | 223 | 213 | 13 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8425** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YUXP-V63L, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $175 | $177 | $176 |
| &nbsp;&nbsp;&nbsp; YUXR-KDTQ, 35.310%, 5/21/2026 †x# | Affirm | 5/24/2024 | 332 | 338 | 93 |
| &nbsp;&nbsp;&nbsp; YUYE-CAG0, 27.500%, 9/01/2023 †x#^ | Affirm | 9/06/2022 | 162 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; YUYI-XCC7, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YUYJ-UGIJ, 29.340%, 11/06/2025 †§x | Affirm | 5/30/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YUYM-O0N5, 29.440%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 123 | 132 | 7 |
| &nbsp;&nbsp;&nbsp; YUZ9-1AM6, 33.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 184 | 191 | 194 |
| &nbsp;&nbsp;&nbsp; YUZA-2XJJ, 35.570%, 8/27/2025 †x#^ | Affirm | 3/01/2024 | 259 | 262 | 16 |
| &nbsp;&nbsp;&nbsp; YUZA-OHFV, 32.000%, 3/26/2027 †§x | Affirm | 4/22/2025 | 2093 | 2179 | 2233 |
| &nbsp;&nbsp;&nbsp; YUZC-B6J1, 11.830%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 162 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; YUZC-NQP4, 26.200%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 2535 | 2584 | 152 |
| &nbsp;&nbsp;&nbsp; YUZD-2PF6, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 142 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; YUZO-BDLV, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YUZQ-G6NH, 25.200%, 2/07/2026 †§x | Affirm | 2/26/2025 | 178 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; YUZR-JEIC, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YUZW-BSLN, 29.900%, 7/27/2022 †x#^ | Affirm | 1/31/2022 | 187 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; YV0Q-K7KJ, 29.420%, 3/10/2023 †x#^ | Affirm | 3/14/2022 | 192 | 190 | 12 |
| &nbsp;&nbsp;&nbsp; YV0X-OFQP, 33.950%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 75 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; YV0X-XMHC, 29.610%, 7/04/2023 †x#^ | Affirm | 1/07/2022 | 302 | 282 | 18 |
| &nbsp;&nbsp;&nbsp; YV0X-YIVW, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 248 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; YV11-5GQB, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 145 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; YV1B-2ZNA, 29.680%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; YV1J-VNL0, 35.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 36 |
| &nbsp;&nbsp;&nbsp; YV1L-A2KL, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 178 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; YV27-8YAL, 33.050%, 7/13/2026 †x | Affirm | 1/29/2025 | 312 | 323 | 321 |
| &nbsp;&nbsp;&nbsp; YV29-SUAR, 28.000%, 4/24/2024 †x#^ | Affirm | 10/28/2022 | 133 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; YV29-XSYS, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YV2S-LDRG, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1160 | 1209 | 1207 |
| &nbsp;&nbsp;&nbsp; YV30-5PQW, 21.941%, 12/23/2024 †x#^« | Affirm | 9/26/2024 | 3277 | 3124 | 197 |
| &nbsp;&nbsp;&nbsp; YV31-85EH, 29.920%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 448 | 461 | 456 |
| &nbsp;&nbsp;&nbsp; YV33-R4T4, 33.950%, 9/20/2026 †§x | Affirm | 9/26/2024 | 323 | 332 | 334 |
| &nbsp;&nbsp;&nbsp; YV38-V9SS, 35.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 41 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YV38-WSVL, 35.720%, 3/03/2026 †x | Affirm | 3/28/2025 | 158 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; YV3I-MIAO, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 384 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; YV3Z-AR8V, 25.900%, 12/11/2025 †§x | Affirm | 12/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YV4A-QL28, 35.380%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 236 | 241 | 14 |
| &nbsp;&nbsp;&nbsp; YV4H-IPYW, 35.450%, 1/02/2026 †§x | Affirm | 1/29/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YV52-CMDF, 30.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 177 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; YV52-YHLB, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; YV5A-X5HB, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 87 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; YV5E-NVT5, 35.380%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 25 | 24 | 2 |
| &nbsp;&nbsp;&nbsp; YV5J-MWD1, 29.500%, 3/26/2027 †§x | Affirm | 3/31/2025 | 176 | 175 | 177 |
| &nbsp;&nbsp;&nbsp; YV5L-G7YR, 29.500%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 242 | 247 | 15 |
| &nbsp;&nbsp;&nbsp; YV5Q-WNOZ, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 769 | 778 | 779 |
| &nbsp;&nbsp;&nbsp; YV5U-96XD, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; YV69-PSEI, 22.590%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 1169 | 1234 | 70 |
| &nbsp;&nbsp;&nbsp; YV6G-8L1H, 35.530%, 12/02/2025 †x | Affirm | 6/27/2025 | 203 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; YV6G-AGP9, 33.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; YV6I-2H5O, 15.760%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 149 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; YV6P-GNS4, 33.950%, 10/28/2026 †§x | Affirm | 10/31/2024 | 1246 | 1267 | 1294 |
| &nbsp;&nbsp;&nbsp; YV72-NE8D, 29.610%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 177 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; YV72-W91X, 33.950%, 12/24/2025 †§x | Affirm | 6/27/2024 | 130 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; YV73-7QYC, 35.000%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 80 | 81 | 46 |
| &nbsp;&nbsp;&nbsp; YV75-Y08V, 35.320%, 9/02/2025 †§x | Affirm | 6/27/2025 | 16 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; YV7I-DL3T, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 382 | 389 | 387 |
| &nbsp;&nbsp;&nbsp; YV80-DEVK, 29.580%, 6/12/2024 †x#^ | Affirm | 12/15/2022 | 234 | 235 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8426** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YV80-E9Q6, 35.490%, 9/24/2025 †x# | Affirm | 9/27/2024 | $47 | $48 | $1 |
| &nbsp;&nbsp;&nbsp; YV86-9NA8, 24.400%, 9/18/2025 †§x | Affirm | 9/23/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YV88-F929, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 211 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; YV8D-C2LV, 33.950%, 11/08/2025 †x# | Affirm | 5/13/2024 | 127 | 133 | 32 |
| &nbsp;&nbsp;&nbsp; YV8D-DJKM, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 233 | 238 | 14 |
| &nbsp;&nbsp;&nbsp; YV8K-5MID, 29.570%, 1/04/2026 †§x | Affirm | 1/08/2024 | 241 | 243 | 243 |
| &nbsp;&nbsp;&nbsp; YV91-89MQ, 31.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 199 | 205 | 207 |
| &nbsp;&nbsp;&nbsp; YV9P-DERI, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 291 | 299 | 297 |
| &nbsp;&nbsp;&nbsp; YV9R-F9ZK, 35.900%, 9/03/2025 †x | Affirm | 3/28/2025 | 86 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; YV9T-5NEH, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; YV9V-92V8, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 203 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; YVA0-H75G, 35.470%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; YVA7-CCWN, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 135 | 139 | 141 |
| &nbsp;&nbsp;&nbsp; YVAO-4BQN, 33.050%, 9/28/2026 †§x | Affirm | 3/31/2025 | 117 | 123 | 121 |
| &nbsp;&nbsp;&nbsp; YVAO-627I, 33.950%, 5/02/2025 †x#^ | Affirm | 5/06/2024 | 77 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; YVAY-XKQW, 29.560%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 611 | 631 | 37 |
| &nbsp;&nbsp;&nbsp; YVB4-9O4W, 9.318%, 3/28/2026 †x#« | Affirm | 10/03/2024 | 201 | 176 | 12 |
| &nbsp;&nbsp;&nbsp; YVB8-VBDV, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; YVBC-8NL0, 29.900%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 85 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; YVBV-84MX, 15.830%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 155 | 162 | 9 |
| &nbsp;&nbsp;&nbsp; YVCB-OE3M, 11.740%, 8/17/2022 †x#^ | Affirm | 5/20/2022 | 78 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; YVCT-4NNR, 15.760%, 2/15/2024 †x#^ | Affirm | 8/18/2022 | 246 | 257 | 15 |
| &nbsp;&nbsp;&nbsp; YVCW-B15Y, 33.950%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 259 | 263 | 157 |
| &nbsp;&nbsp;&nbsp; YVCX-NE88, 29.490%, 4/21/2024 †x#^ | Affirm | 4/27/2023 | 2296 | 2315 | 138 |
| &nbsp;&nbsp;&nbsp; YVD0-ZS8W, 33.050%, 12/02/2026 †§x | Affirm | 6/27/2025 | 719 | 757 | 763 |
| &nbsp;&nbsp;&nbsp; YVD5-9UP9, 30.500%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 136 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; YVDB-HYX6, 29.900%, 7/18/2022 †x#^ | Affirm | 1/21/2022 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; YVDG-AN71, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 499 | 512 | 515 |
| &nbsp;&nbsp;&nbsp; YVDK-HM37, 32.500%, 12/20/2025 †§x | Affirm | 6/24/2024 | 553 | 557 | 554 |
| &nbsp;&nbsp;&nbsp; YVDN-NGBB, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 121 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; YVDP-XV7I, 29.480%, 5/02/2025 †x#^ | Affirm | 8/07/2023 | 381 | 395 | 23 |
| &nbsp;&nbsp;&nbsp; YVDQ-YBCU, 15.770%, 10/23/2025 †§x | Affirm | 10/28/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YVDT-P54G, 35.290%, 11/06/2025 †§x | Affirm | 5/10/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YVDU-NO54, 33.050%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 80 | 80 | 32 |
| &nbsp;&nbsp;&nbsp; YVE8-OQMN, 35.620%, 8/11/2026 †§x | Affirm | 2/26/2025 | 195 | 193 | 195 |
| &nbsp;&nbsp;&nbsp; YVED-IBHG, 29.580%, 4/23/2026 †§x | Affirm | 10/28/2024 | 154 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; YVEZ-LKQW, 35.640%, 1/02/2026 †§x | Affirm | 1/29/2025 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; YVF2-UNCF, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 50 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; YVF8-OW3Q, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YVFV-20AQ, 32.500%, 1/08/2026 †§x | Affirm | 7/31/2025 | 349 | 353 | 355 |
| &nbsp;&nbsp;&nbsp; YVFY-4D81, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 316 | 305 | 313 |
| &nbsp;&nbsp;&nbsp; YVG1-N530, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 61 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; YVG2-KTTL, 22.750%, 1/09/2026 †§x | Affirm | 1/29/2025 | 76 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; YVGG-Z2S8, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YVGH-V3RE, 35.590%, 12/05/2023 †x#^ | Affirm | 9/08/2023 | 29 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YVGP-4CLB, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; YVGY-E2LU, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 142 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; YVHI-P1A0, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; YVHJ-CUOV, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 205 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; YVHK-S0K4, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 34 | 35 | 34 |
| &nbsp;&nbsp;&nbsp; YVHU-VF5R, 35.480%, 4/21/2026 †§x | Affirm | 10/24/2024 | 599 | 609 | 603 |
| &nbsp;&nbsp;&nbsp; YVHZ-RFIC, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 730 | 727 | 729 |
| &nbsp;&nbsp;&nbsp; YVI3-JOX9, 29.730%, 12/27/2023 †x#^ | Affirm | 10/02/2023 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; YVI6-TTW9, 15.770%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 530 | 548 | 32 |
| &nbsp;&nbsp;&nbsp; YVI7-DUE2, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 128 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; YVIH-QAL9, 23.400%, 3/28/2027 †x# | Affirm | 3/31/2025 | 3732 | 3929 | 3970 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8427** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YVIK-D3QU, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | $117 | $121 | $7 |
| &nbsp;&nbsp;&nbsp; YVIR-AJ2I, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YVIS-D0BD, 35.330%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 25 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; YVIZ-1QZ4, 35.420%, 10/28/2025 †§x | Affirm | 10/31/2024 | 26 | 26 | 27 |
| &nbsp;&nbsp;&nbsp; YVJ2-9K16, 29.420%, 3/20/2026 †x | Affirm | 3/28/2025 | 103 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; YVJ3-RJBW, 24.600%, 3/26/2028 †§x | Affirm | 4/22/2025 | 1433 | 1479 | 1516 |
| &nbsp;&nbsp;&nbsp; YVJ3-XWWU, 18.000%, 5/01/2026 †§x | Affirm | 11/27/2024 | 265 | 270 | 270 |
| &nbsp;&nbsp;&nbsp; YVJ4-9RU4, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YVJF-5TEK, 33.000%, 3/12/2025 †x#^ | Affirm | 3/15/2024 | 115 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YVJG-WQVU, 35.430%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YVJL-PD2A, 18.000%, 2/26/2026 †§x | Affirm | 8/29/2024 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YVJM-G3Z7, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YVJX-A8HJ, 35.590%, 12/29/2023 †x#^ | Affirm | 10/05/2023 | 419 | 424 | 25 |
| &nbsp;&nbsp;&nbsp; YVJY-GB5F, 22.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 89 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; YVKB-ZD4A, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YVKO-S0RU, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YVKS-KDI9, 35.990%, 9/10/2025 †x# | Affirm | 2/26/2025 | 27 | 27 | 6 |
| &nbsp;&nbsp;&nbsp; YVL4-5O7H, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 77 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; YVLC-VHH3, 29.470%, 7/28/2025 †x#^ | Affirm | 8/03/2023 | 305 | 293 | 18 |
| &nbsp;&nbsp;&nbsp; YVLD-0ON2, 29.570%, 8/27/2026 †§x | Affirm | 8/30/2024 | 941 | 969 | 973 |
| &nbsp;&nbsp;&nbsp; YVLD-1K3P, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 287 | 275 | 275 |
| &nbsp;&nbsp;&nbsp; YVLF-O5GV, 30.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YVLI-KY9F, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 582 | 566 | 562 |
| &nbsp;&nbsp;&nbsp; YVLJ-1XY8, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 247 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; YVLV-L4Y3, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 171 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; YVMB-HUKE, 33.050%, 4/23/2025 †x#^ | Affirm | 10/28/2024 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YVMH-WB7W, 15.820%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; YVMI-UKX0, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; YVMM-FK1I, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YVMQ-CA1A, 14.800%, 1/13/2028 †§x | Affirm | 1/29/2025 | 1579 | 1630 | 1642 |
| &nbsp;&nbsp;&nbsp; YVMR-QN49, 29.580%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 239 | 245 | 245 |
| &nbsp;&nbsp;&nbsp; YVMZ-WDRJ, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 250 | 253 | 254 |
| &nbsp;&nbsp;&nbsp; YVNC-R8HF, 28.000%, 4/21/2024 †x#^ | Affirm | 10/28/2022 | 196 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; YVNG-KE5S, 32.500%, 9/20/2025 †§x | Affirm | 3/28/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YVNP-OBBP, 35.990%, 10/05/2025 †x# | Affirm | 2/26/2025 | 986 | 986 | 981 |
| &nbsp;&nbsp;&nbsp; YVNQ-HXGR, 33.020%, 10/03/2025 †§x | Affirm | 10/07/2024 | 21 | 21 | 20 |
| &nbsp;&nbsp;&nbsp; YVNW-9GVU, 28.950%, 1/29/2025 †x#^ | Affirm | 8/03/2023 | 190 | 203 | 11 |
| &nbsp;&nbsp;&nbsp; YVO3-H4TO, 35.570%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 470 | 465 | 471 |
| &nbsp;&nbsp;&nbsp; YVO9-VGOZ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; YVOA-0LP8, 25.900%, 2/28/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YVOD-AO54, 30.950%, 4/21/2026 †§x | Affirm | 10/24/2024 | 439 | 446 | 449 |
| &nbsp;&nbsp;&nbsp; YVOK-O6IN, 29.680%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; YVOK-V1KU, 11.770%, 3/21/2023 †x#^ | Affirm | 3/24/2022 | 14 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; YVOR-UNTL, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YVOS-UOQK, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 123 | 127 | 129 |
| &nbsp;&nbsp;&nbsp; YVP5-H828, 24.400%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 250 | 257 | 259 |
| &nbsp;&nbsp;&nbsp; YVP8-9O34, 35.440%, 12/18/2025 †§x | Affirm | 12/27/2024 | 79 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; YVPB-4QT3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 287 | 292 | 290 |
| &nbsp;&nbsp;&nbsp; YVPE-0WKN, 32.500%, 3/20/2026 †x# | Affirm | 3/28/2025 | 270 | 281 | 19 |
| &nbsp;&nbsp;&nbsp; YVPJ-6QHV, 35.490%, 5/15/2026 †§x | Affirm | 11/27/2024 | 94 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YVPO-ZQJ4, 15.620%, 11/06/2024 †x#^ | Affirm | 5/09/2024 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; YVPR-E9P5, 30.000%, 12/05/2024 †x#^ | Affirm | 6/08/2023 | 162 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; YVPU-C5D7, 24.400%, 2/10/2028 †§x | Affirm | 2/26/2025 | 953 | 997 | 1007 |
| &nbsp;&nbsp;&nbsp; YVQ3-UWBF, 8.890%, 8/19/2025 †§x^« | Affirm | 8/22/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YVQ6-PFD9, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 356 | 366 | 368 |
| &nbsp;&nbsp;&nbsp; YVQ8-X8F4, 31.000%, 9/28/2025 †§x | Affirm | 10/03/2024 | 107 | 107 | 106 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8428** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YVQJ-NER6, 25.900%, 2/07/2026 †§x | Affirm | 8/29/2025 | $130 | $133 | $133 |
| &nbsp;&nbsp;&nbsp; YVR6-MJHA, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 150 | 154 | 153 |
| &nbsp;&nbsp;&nbsp; YVRB-C7BP, 23.400%, 12/25/2025 †§x | Affirm | 6/28/2024 | 146 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; YVRD-Q25Q, 24.570%, 1/17/2026 †§x | Affirm | 1/20/2023 | 396 | 398 | 399 |
| &nbsp;&nbsp;&nbsp; YVRL-ZU52, 15.840%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 84 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; YVRO-329Y, 29.560%, 4/08/2027 †§x | Affirm | 4/11/2024 | 796 | 805 | 807 |
| &nbsp;&nbsp;&nbsp; YVRT-AUP7, 29.560%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 67 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; YVS4-FFAD, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YVSD-WY99, 22.760%, 12/09/2025 †§x | Affirm | 12/27/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YVSH-KX1K, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; YVSX-ETFR, 35.950%, 5/23/2024 †x#^ | Affirm | 2/29/2024 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; YVTC-NPX1, 25.900%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 107 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; YVTI-HCNG, 29.510%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 34 | 36 |  |
| &nbsp;&nbsp;&nbsp; YVTY-PAYW, 35.290%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 150 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YVU0-J6JY, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 110 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YVU1-FPZ1, 29.550%, 2/27/2026 †§x | Affirm | 8/30/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YVU2-OXTQ, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 430 | 439 | 82 |
| &nbsp;&nbsp;&nbsp; YVU9-SXA4, 35.520%, 6/19/2026 †§x | Affirm | 12/27/2024 | 252 | 251 | 253 |
| &nbsp;&nbsp;&nbsp; YVUO-EA53, 21.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 327 | 333 | 334 |
| &nbsp;&nbsp;&nbsp; YVUP-JRJ1, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 252 | 265 | 12 |
| &nbsp;&nbsp;&nbsp; YVUS-PW17, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; YVUT-ZCI8, 29.670%, 12/08/2025 †§x# | Affirm | 12/14/2023 | 142 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; YVUX-UZE8, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YVV1-JNCM, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; YVV7-4C4B, 30.000%, 5/03/2025 †x#^ | Affirm | 5/11/2023 | 566 | 564 | 34 |
| &nbsp;&nbsp;&nbsp; YVW1-348B, 29.680%, 9/05/2025 †x# | Affirm | 9/08/2023 | 460 | 466 | 28 |
| &nbsp;&nbsp;&nbsp; YVW1-I2KA, 35.870%, 12/28/2025 †§x | Affirm | 1/29/2025 | 21 | 22 | 21 |
| &nbsp;&nbsp;&nbsp; YVW2-PX88, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 105 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; YVWA-PCYJ, 11.790%, 7/08/2026 †§x | Affirm | 7/31/2025 | 378 | 390 | 391 |
| &nbsp;&nbsp;&nbsp; YVWF-WC3J, 18.000%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 149 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YVWL-UPRI, 35.490%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; YVWS-5YOJ, 29.610%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 90 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; YVX0-OOEJ, 28.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 485 | 505 | 499 |
| &nbsp;&nbsp;&nbsp; YVX2-XZEC, 27.100%, 11/04/2025 †§x | Affirm | 11/10/2022 | 119 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; YVX6-0Q6V, 15.830%, 9/24/2025 †§x | Affirm | 9/27/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YVXF-38M1, 14.400%, 2/04/2024 †x#^« | Affirm | 8/10/2023 | 17 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; YVXM-NGLB, 33.050%, 3/25/2026 †§x | Affirm | 9/30/2024 | 346 | 354 | 355 |
| &nbsp;&nbsp;&nbsp; YVXU-3VF9, 28.890%, 2/29/2024 †x#^ | Affirm | 9/08/2023 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; YVXW-XTA9, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 85 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; YVY4-EXP9, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YVY6-G54A, 35.300%, 4/08/2026 †x# | Affirm | 4/11/2024 | 840 | 855 | 50 |
| &nbsp;&nbsp;&nbsp; YVY9-693M, 29.510%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; YVYD-7WPG, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YVYK-GA6Q, 24.610%, 6/02/2026 †§x | Affirm | 6/27/2025 | 116 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; YVYU-1HZJ, 35.430%, 12/20/2026 †§x | Affirm | 12/27/2024 | 400 | 400 | 406 |
| &nbsp;&nbsp;&nbsp; YVYV-XA80, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 218 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; YVYZ-1HVO, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 68 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; YVZ4-QFXR, 15.840%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; YVZB-59PI, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YVZF-T8E0, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 194 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; YW03-6M2C, 29.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 156 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; YW05-FUEL, 11.860%, 9/24/2025 †x | Affirm | 9/27/2024 | 673 | 688 | 680 |
| &nbsp;&nbsp;&nbsp; YW0T-IZNJ, 33.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1687 | 1686 | 1698 |
| &nbsp;&nbsp;&nbsp; YW0Y-3OOS, 29.610%, 2/20/2028 †x | Affirm | 2/23/2024 | 2416 | 2601 | 2584 |
| &nbsp;&nbsp;&nbsp; YW10-I2VR, 35.470%, 11/15/2026 †x# | Affirm | 11/27/2024 | 841 | 838 |  |
| &nbsp;&nbsp;&nbsp; YW1F-1K69, 11.820%, 9/27/2025 †§x | Affirm | 10/02/2023 | 44 | 44 | 44 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8429** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YW1P-99HG, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | $158 | $156 | $10 |
| &nbsp;&nbsp;&nbsp; YW1U-KDL4, 29.430%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; YW1W-7JIE, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 352 | 370 | 21 |
| &nbsp;&nbsp;&nbsp; YW27-9CS9, 26.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YW28-2X9Q, 33.950%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 64 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; YW2T-6MB7, 25.000%, 8/01/2023 †x#^ | Affirm | 8/11/2022 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; YW33-AG07, 35.500%, 10/22/2025 †§x | Affirm | 10/25/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YW3D-F0DY, 28.000%, 5/18/2024 †x#^ | Affirm | 11/25/2022 | 255 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; YW3O-X8HT, 33.950%, 5/27/2025 †x#^ | Affirm | 3/28/2025 | 121 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; YW3Q-1M6Q, 29.520%, 4/27/2023 †x#^ | Affirm | 5/02/2022 | 390 | 404 | 23 |
| &nbsp;&nbsp;&nbsp; YW3W-QMZ1, 35.990%, 5/23/2024 †x#^ | Affirm | 2/29/2024 | 62 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; YW3Y-NPXG, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; YW49-LRTK, 22.840%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 90 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YW4D-1C3H, 29.980%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 241 | 251 | 14 |
| &nbsp;&nbsp;&nbsp; YW4I-NAC7, 33.300%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YW4K-ZBI5, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 121 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; YW4P-9Y8L, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YW51-UCHB, 18.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 179 | 183 | 184 |
| &nbsp;&nbsp;&nbsp; YW53-REBY, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 476 | 492 | 492 |
| &nbsp;&nbsp;&nbsp; YW56-M01N, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 87 | 90 | 23 |
| &nbsp;&nbsp;&nbsp; YW5I-NCPY, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YW5K-VE5Y, 35.170%, 2/07/2026 †§x | Affirm | 8/29/2025 | 139 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; YW5M-B51C, 29.500%, 2/01/2025 †x#^ | Affirm | 8/04/2023 | 112 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; YW60-QG8N, 9.930%, 2/05/2026 †§x | Affirm | 2/26/2025 | 153 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; YW62-ZWGO, 15.760%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 593 | 626 | 36 |
| &nbsp;&nbsp;&nbsp; YW63-35A3, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 137 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YW63-38RV, 29.450%, 5/26/2023 †x#^ | Affirm | 6/03/2022 | 208 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; YW68-WQ4D, 33.050%, 1/02/2027 †x# | Affirm | 1/29/2025 | 313 | 327 | 74 |
| &nbsp;&nbsp;&nbsp; YW6F-M8DX, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 70 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; YW6L-QUBT, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; YW6U-9A8T, 35.570%, 9/24/2025 †x# | Affirm | 9/27/2024 | 230 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; YW6X-D7R5, 29.120%, 10/29/2022 †x#^ | Affirm | 8/04/2022 | 53 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YW70-38QM, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YW73-39QK, 35.290%, 3/03/2026 †x# | Affirm | 3/28/2025 | 135 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YW76-GCTZ, 35.510%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; YW76-VK8Q, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YW79-NQQ4, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YW7F-TSWW, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; YW7I-91DI, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; YW7N-27RJ, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 203 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; YW7Z-O0V6, 24.400%, 12/11/2025 †§x | Affirm | 12/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YW80-9PZ1, 33.950%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; YW81-ACA0, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 202 | 209 | 208 |
| &nbsp;&nbsp;&nbsp; YW83-T8RU, 15.940%, 12/28/2025 †§x | Affirm | 1/29/2025 | 146 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; YW85-VM5L, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 355 | 362 | 364 |
| &nbsp;&nbsp;&nbsp; YW88-7PV9, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 173 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; YW8P-TCBX, 32.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 895 | 922 | 915 |
| &nbsp;&nbsp;&nbsp; YW8V-1XNR, 15.720%, 9/28/2026 †§x | Affirm | 3/31/2025 | 235 | 234 | 237 |
| &nbsp;&nbsp;&nbsp; YW8Y-K03D, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 109 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; YW9E-VYSW, 29.610%, 10/18/2025 †§x | Affirm | 10/24/2024 | 26 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; YW9G-G0RU, 35.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 452 | 456 | 27 |
| &nbsp;&nbsp;&nbsp; YW9L-Q1XC, 35.730%, 2/07/2026 †§x | Affirm | 2/26/2025 | 756 | 770 | 771 |
| &nbsp;&nbsp;&nbsp; YW9P-VWTD, 29.620%, 3/20/2026 †§x | Affirm | 9/26/2024 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; YW9V-3AZ1, 29.380%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; YWA0-KJHE, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; YWA4-RHQD, 35.510%, 8/28/2026 †x# | Affirm | 9/05/2023 | 1129 | 1255 | 68 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8430** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YWAC-P1SL, 35.350%, 3/25/2027 †§x | Affirm | 3/31/2025 | $706 | $703 | $718 |
| &nbsp;&nbsp;&nbsp; YWAR-8EMA, 33.950%, 10/18/2025 †§x | Affirm | 4/22/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YWAS-PB7L, 35.410%, 4/04/2025 †x#^ | Affirm | 4/08/2024 | 453 | 469 | 27 |
| &nbsp;&nbsp;&nbsp; YWB1-2I2T, 29.590%, 10/04/2023 †x#^ | Affirm | 10/07/2022 | 912 | 944 | 55 |
| &nbsp;&nbsp;&nbsp; YWB4-I21X, 35.430%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 138 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; YWBG-2LG4, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YWBG-ZO6W, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; YWBR-BNXF, 35.330%, 5/23/2025 †x#^ | Affirm | 5/28/2024 | 197 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; YWBZ-WMU9, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; YWC1-QO96, 11.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; YWC4-K1GY, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 421 | 425 | 425 |
| &nbsp;&nbsp;&nbsp; YWCM-FGY8, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 81 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YWCN-050B, 35.160%, 9/20/2025 †§x | Affirm | 3/28/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YWCN-CYGU, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YWCN-FV0T, 27.500%, 11/28/2026 †§x# | Affirm | 12/01/2022 | 968 | 1059 | 232 |
| &nbsp;&nbsp;&nbsp; YWCO-VP9N, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YWCZ-XUO6, 29.640%, 11/15/2023 †x#^ | Affirm | 11/18/2021 | 692 | 758 | 41 |
| &nbsp;&nbsp;&nbsp; YWD6-CBFA, 29.380%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 87 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YWDC-IC6A, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 338 | 355 | 20 |
| &nbsp;&nbsp;&nbsp; YWDT-16AX, 33.050%, 11/20/2026 †§x# | Affirm | 11/27/2024 | 218 | 224 | 223 |
| &nbsp;&nbsp;&nbsp; YWEP-JRWK, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YWET-Z3HP, 15.750%, 12/24/2025 †§x | Affirm | 6/27/2024 | 27 | 28 | 27 |
| &nbsp;&nbsp;&nbsp; YWEX-3VVV, 29.470%, 6/02/2023 †x#^ | Affirm | 6/06/2022 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YWF0-OPOQ, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 301 | 313 | 312 |
| &nbsp;&nbsp;&nbsp; YWF5-AD25, 32.500%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 236 | 240 | 244 |
| &nbsp;&nbsp;&nbsp; YWFB-G1EM, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 149 | 154 | 156 |
| &nbsp;&nbsp;&nbsp; YWFI-FDJM, 29.820%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; YWFL-C9V7, 22.750%, 9/25/2025 †§x | Affirm | 9/30/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YWFP-0PFK, 29.440%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 563 | 556 | 34 |
| &nbsp;&nbsp;&nbsp; YWG1-QTUO, 25.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 78 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YWG2-GDS0, 7.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 214 | 216 | 215 |
| &nbsp;&nbsp;&nbsp; YWG2-MH48, 23.400%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 177 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; YWG6-AS6D, 23.400%, 3/20/2026 †§x | Affirm | 9/26/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YWG7-89TF, 33.950%, 12/15/2025 †x# | Affirm | 11/27/2024 | 709 | 715 | 718 |
| &nbsp;&nbsp;&nbsp; YWG9-HI1S, 32.860%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 79 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; YWGK-RDXV, 11.850%, 2/27/2025 †x#^ | Affirm | 3/01/2024 | 128 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YWGM-EOZV, 29.580%, 4/23/2026 †§x | Affirm | 10/28/2024 | 173 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; YWGU-D7R9, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YWH0-EMVJ, 15.860%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YWH9-B10A, 35.460%, 8/07/2026 †§x | Affirm | 8/29/2025 | 257 | 264 | 264 |
| &nbsp;&nbsp;&nbsp; YWHD-0B1T, 28.500%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 211 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; YWHI-H5YP, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YWI2-H6NG, 29.990%, 9/03/2026 †§x | Affirm | 3/28/2025 | 1122 | 1171 | 1166 |
| &nbsp;&nbsp;&nbsp; YWI4-5I27, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 335 | 340 | 341 |
| &nbsp;&nbsp;&nbsp; YWI5-M5NJ, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 116 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; YWI9-0SGK, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YWIC-QCHP, 33.050%, 3/25/2026 †§x | Affirm | 9/30/2024 | 164 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; YWJ4-T14Z, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YWJ5-RHRS, 28.000%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 72 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; YWJ8-5XS8, 15.890%, 2/10/2026 †x# | Affirm | 2/26/2025 | 318 | 316 | 13 |
| &nbsp;&nbsp;&nbsp; YWJE-07BL, 29.480%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 519 | 538 | 31 |
| &nbsp;&nbsp;&nbsp; YWJI-424B, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 220 | 215 | 215 |
| &nbsp;&nbsp;&nbsp; YWJQ-BBDM, 29.530%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 174 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; YWJS-CLH3, 35.470%, 1/02/2027 †§x | Affirm | 1/29/2025 | 718 | 712 | 722 |
| &nbsp;&nbsp;&nbsp; YWJV-3DJP, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 80 | 6 |
| &nbsp;&nbsp;&nbsp; YWK1-ATD8, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 419 | 431 | 431 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8431** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YWK4-HC94, 35.360%, 12/18/2025 †§x | Affirm | 6/21/2024 | $103 | $104 | $103 |
| &nbsp;&nbsp;&nbsp; YWKD-6QSX, 33.950%, 4/16/2026 †§x | Affirm | 4/19/2024 | 332 | 337 | 339 |
| &nbsp;&nbsp;&nbsp; YWKI-NAFS, 21.252%, 9/28/2022 †x#^« | Affirm | 7/01/2022 | 542 | 517 | 33 |
| &nbsp;&nbsp;&nbsp; YWKK-EBZL, 33.050%, 10/24/2025 †§x | Affirm | 10/28/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YWKK-FNG9, 33.050%, 11/15/2025 †x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YWKK-VRA4, 28.000%, 9/21/2023 †x#^ | Affirm | 7/25/2022 | 215 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; YWKQ-4102, 35.690%, 10/02/2025 †§x | Affirm | 10/07/2024 | 147 | 146 | 143 |
| &nbsp;&nbsp;&nbsp; YWKQ-ME9M, 27.500%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 125 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; YWL1-BJAT, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YWL2-OFK6, 35.320%, 4/18/2025 †x#^ | Affirm | 4/22/2024 | 1103 | 1140 | 66 |
| &nbsp;&nbsp;&nbsp; YWL6-ZODU, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 833 | 819 | 826 |
| &nbsp;&nbsp;&nbsp; YWL9-ZHCT, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YWLG-CCHU, 31.450%, 1/02/2026 †x# | Affirm | 1/29/2025 | 139 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; YWLM-39JR, 31.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 164 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; YWLM-X7CK, 33.950%, 3/16/2025 †x#^ | Affirm | 9/19/2024 | 63 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; YWLO-5VOS, 22.610%, 9/29/2024 †x#^ | Affirm | 1/05/2024 | 203 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; YWLQ-IK49, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 271 | 278 | 280 |
| &nbsp;&nbsp;&nbsp; YWLY-TP7D, 23.400%, 6/18/2026 †§x | Affirm | 6/21/2024 | 517 | 528 | 531 |
| &nbsp;&nbsp;&nbsp; YWLZ-CO31, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 602 | 623 | 628 |
| &nbsp;&nbsp;&nbsp; YWM3-4K2N, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 92 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; YWM5-BR8V, 35.210%, 11/07/2025 †§x | Affirm | 8/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YWM8-DRBR, 29.530%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; YWM9-KYDA, 9.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 143 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; YWMC-ZRWE, 29.520%, 3/26/2028 †§x | Affirm | 4/22/2025 | 1676 | 1730 | 1776 |
| &nbsp;&nbsp;&nbsp; YWMN-VQ44, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YWMV-PWVE, 29.550%, 10/05/2025 †x# | Affirm | 4/11/2024 | 282 | 296 | 17 |
| &nbsp;&nbsp;&nbsp; YWN0-5N6P, 30.500%, 3/28/2026 †§x | Affirm | 3/31/2025 | 139 | 143 | 145 |
| &nbsp;&nbsp;&nbsp; YWN2-DLF5, 32.500%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 595 | 592 | 601 |
| &nbsp;&nbsp;&nbsp; YWN4-EZT0, 29.450%, 11/23/2024 †x#^ | Affirm | 5/26/2023 | 191 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; YWN5-0SWA, 7.890%, 9/25/2025 †§x | Affirm | 9/30/2024 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; YWN6-JD0Q, 33.950%, 11/20/2025 †§x | Affirm | 5/24/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YWNF-ACFS, 13.840%, 12/28/2025 †§x | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; YWNL-WMNO, 11.850%, 5/03/2026 †§x | Affirm | 5/09/2024 | 571 | 579 | 580 |
| &nbsp;&nbsp;&nbsp; YWO1-8ZY3, 33.140%, 11/15/2025 †x# | Affirm | 11/27/2024 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; YWO7-Q78T, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 516 | 529 | 532 |
| &nbsp;&nbsp;&nbsp; YWOC-8JOC, 29.550%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 59 | 62 | 2 |
| &nbsp;&nbsp;&nbsp; YWOT-LI7O, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 70 | 68 | 70 |
| &nbsp;&nbsp;&nbsp; YWP3-337Q, 22.770%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1510 | 1574 | 1597 |
| &nbsp;&nbsp;&nbsp; YWP3-IDLM, 32.780%, 11/06/2025 †§x | Affirm | 8/29/2025 | 38 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YWPA-0F3D, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YWPB-6OXU, 29.570%, 8/19/2027 †§x | Affirm | 8/22/2024 | 921 | 934 | 938 |
| &nbsp;&nbsp;&nbsp; YWPC-WJ8D, 24.650%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YWPG-KUNP, 35.490%, 10/28/2027 †§x# | Affirm | 10/31/2024 | 1610 | 1516 | 1579 |
| &nbsp;&nbsp;&nbsp; YWPM-PA4T, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 139 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; YWPM-QLZP, 29.800%, 2/10/2024 †x#^ | Affirm | 2/16/2023 | 55 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YWPQ-CQFB, 35.490%, 9/19/2025 †§x | Affirm | 9/23/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; YWPV-2VQC, 35.160%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; YWPX-BXU5, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 97 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; YWQA-490S, 11.830%, 7/11/2025 †x#^ | Affirm | 1/16/2024 | 222 | 233 | 13 |
| &nbsp;&nbsp;&nbsp; YWR1-MOTD, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YWR2-BRI7, 21.900%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 65 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; YWR3-PDRJ, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 407 | 405 | 405 |
| &nbsp;&nbsp;&nbsp; YWR8-JNU7, 32.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 230 | 236 | 237 |
| &nbsp;&nbsp;&nbsp; YWRB-TN9I, 29.500%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 657 | 687 | 39 |
| &nbsp;&nbsp;&nbsp; YWRK-VFXV, 6.952%, 1/08/2026 †§x« | Affirm | 7/31/2025 | 166 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; YWRP-LLL7, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 162 | 161 | 160 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8432** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YWRQ-CPCU, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | $197 | $202 | $202 |
| &nbsp;&nbsp;&nbsp; YWS9-TZJZ, 35.770%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; YWSH-W7N6, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YWSK-EA4L, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 259 | 259 | 258 |
| &nbsp;&nbsp;&nbsp; YWTC-QGBI, 35.480%, 9/01/2024 †x#^ | Affirm | 9/08/2023 | 20 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; YWTE-AS5V, 33.950%, 1/03/2028 †§x# | Affirm | 1/29/2025 | 1637 | 1675 | 614 |
| &nbsp;&nbsp;&nbsp; YWTL-32EJ, 35.120%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; YWTO-PZP3, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 137 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; YWTX-G3JZ, 27.100%, 5/12/2023 †x#^ | Affirm | 11/18/2021 | 551 | 593 | 33 |
| &nbsp;&nbsp;&nbsp; YWU9-NTU0, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 221 | 214 | 219 |
| &nbsp;&nbsp;&nbsp; YWUC-NK16, 23.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 159 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; YWUK-TCWQ, 35.510%, 12/19/2026 †§x | Affirm | 12/27/2024 | 671 | 671 | 681 |
| &nbsp;&nbsp;&nbsp; YWUT-7VDB, 29.560%, 6/17/2026 †§x# | Affirm | 6/21/2024 | 307 | 314 | 316 |
| &nbsp;&nbsp;&nbsp; YWUT-YBKA, 35.380%, 8/27/2025 †§x#^ | Affirm | 8/30/2024 | 36 | 37 | 9 |
| &nbsp;&nbsp;&nbsp; YWUU-FKFX, 35.330%, 12/28/2025 †§x | Affirm | 1/05/2024 | 114 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; YWV6-5Y8Z, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 130 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; YWVB-4OU5, 22.750%, 2/06/2026 †§x | Affirm | 8/29/2025 | 237 | 242 | 242 |
| &nbsp;&nbsp;&nbsp; YWVC-ULU8, 27.950%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 292 | 294 | 293 |
| &nbsp;&nbsp;&nbsp; YWVG-BBOU, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 281 | 286 | 285 |
| &nbsp;&nbsp;&nbsp; YWVI-2JI4, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 119 | 119 | 117 |
| &nbsp;&nbsp;&nbsp; YWVM-4IJH, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 330 | 341 | 344 |
| &nbsp;&nbsp;&nbsp; YWVP-314Z, 29.620%, 11/20/2027 †§x# | Affirm | 11/27/2024 | 1442 | 1484 | 1507 |
| &nbsp;&nbsp;&nbsp; YWVV-YOXJ, 35.530%, 3/24/2025 †x#^ | Affirm | 9/27/2024 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; YWW0-BV6L, 33.950%, 2/28/2026 †§x | Affirm | 3/28/2025 | 115 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; YWW4-5Q53, 33.050%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 50 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; YWWF-JT38, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YWWJ-MPFU, 29.620%, 3/06/2023 †x#^ | Affirm | 9/09/2022 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; YWWN-C7L2, 29.480%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 430 | 438 | 26 |
| &nbsp;&nbsp;&nbsp; YWWN-EJYI, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; YWWT-JTQT, 29.680%, 11/20/2025 †§x | Affirm | 11/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YWX8-0SMF, 29.490%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YWXC-BV0B, 33.950%, 11/09/2025 †§x | Affirm | 5/13/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; YWXN-AOBO, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 223 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; YWXQ-S20F, 35.300%, 3/28/2025 †x#^ | Affirm | 4/04/2024 | 1132 | 1136 | 68 |
| &nbsp;&nbsp;&nbsp; YWXX-7M4H, 29.620%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 144 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; YWY3-6U83, 33.050%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YWYA-JZ0X, 29.620%, 2/28/2026 †§x | Affirm | 3/04/2024 | 219 | 221 | 223 |
| &nbsp;&nbsp;&nbsp; YWYI-6W76, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 145 | 145 | 144 |
| &nbsp;&nbsp;&nbsp; YWYK-UZ3C, 30.950%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YWYQ-EKRO, 23.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 379 | 384 | 384 |
| &nbsp;&nbsp;&nbsp; YWYQ-QJDF, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; YWYR-K3GU, 27.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; YWYS-8RG7, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YWZC-NYWD, 26.900%, 10/02/2025 †§x | Affirm | 10/07/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; YWZD-8XG7, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 96 | 97 | 96 |
| &nbsp;&nbsp;&nbsp; YWZQ-SKMT, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YWZT-IMVH, 18.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 730 | 745 | 747 |
| &nbsp;&nbsp;&nbsp; YWZU-CH76, 32.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 271 | 276 | 277 |
| &nbsp;&nbsp;&nbsp; YWZU-JIM3, 20.900%, 9/28/2025 †§x | Affirm | 10/03/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YWZY-BF18, 29.610%, 11/22/2024 †x#^ | Affirm | 11/25/2022 | 455 | 491 | 27 |
| &nbsp;&nbsp;&nbsp; YWZZ-YW8K, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 628 | 635 | 633 |
| &nbsp;&nbsp;&nbsp; YX03-UT7E, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 208 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; YX0L-BC36, 32.500%, 11/21/2025 †§x | Affirm | 5/24/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YX0O-9LC7, 24.400%, 10/21/2027 †§x | Affirm | 10/24/2024 | 683 | 705 | 703 |
| &nbsp;&nbsp;&nbsp; YX0Q-FN3O, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 199 | 203 | 202 |
| &nbsp;&nbsp;&nbsp; YX0R-197Y, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 60 | 60 | 60 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8433** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YX13-85FI, 29.620%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | $584 | $574 | $35 |
| &nbsp;&nbsp;&nbsp; YX14-6TAV, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; YX16-WPVT, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; YX1H-V39G, 29.600%, 6/08/2023 †x#^ | Affirm | 12/13/2021 | 202 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; YX1L-5UMI, 29.570%, 2/26/2026 †§x | Affirm | 2/29/2024 | 318 | 318 | 324 |
| &nbsp;&nbsp;&nbsp; YX1M-PZJ7, 32.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YX1O-3X4H, 35.810%, 1/02/2027 †§x | Affirm | 1/29/2025 | 776 | 769 | 772 |
| &nbsp;&nbsp;&nbsp; YX1R-YCG0, 35.530%, 7/13/2026 †§x | Affirm | 1/29/2025 | 334 | 340 | 341 |
| &nbsp;&nbsp;&nbsp; YX1U-83MC, 35.710%, 8/07/2026 †§x | Affirm | 2/26/2025 | 480 | 499 | 496 |
| &nbsp;&nbsp;&nbsp; YX23-GG0W, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YX23-NU8F, 22.750%, 1/08/2026 †§x | Affirm | 7/31/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YX2F-I5MP, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; YX2F-ML50, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 795 | 773 | 768 |
| &nbsp;&nbsp;&nbsp; YX2I-PJ1W, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YX2J-VL9U, 29.590%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; YX2M-TQMK, 15.630%, 12/02/2025 †§x | Affirm | 6/27/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YX2O-RNQL, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 341 | 353 | 351 |
| &nbsp;&nbsp;&nbsp; YX36-LQZ3, 15.760%, 10/26/2025 †§x | Affirm | 5/02/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YX37-V68W, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 210 | 216 | 217 |
| &nbsp;&nbsp;&nbsp; YX39-W7SL, 35.780%, 7/02/2026 †§x | Affirm | 1/29/2025 | 179 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; YX3C-IM87, 33.620%, 8/08/2024 †x#^ | Affirm | 8/11/2023 | 743 | 781 | 45 |
| &nbsp;&nbsp;&nbsp; YX3F-CS6X, 30.000%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 96 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YX3R-B5LF, 30.500%, 7/03/2026 †x# | Affirm | 7/07/2023 | 2534 | 2818 | 351 |
| &nbsp;&nbsp;&nbsp; YX3T-WJK3, 15.840%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 1400 | 1465 | 84 |
| &nbsp;&nbsp;&nbsp; YX3U-XRFW, 35.880%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 486 | 489 | 83 |
| &nbsp;&nbsp;&nbsp; YX4A-2BI4, 35.800%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; YX4C-B7BC, 32.000%, 5/01/2025 †x#^ | Affirm | 5/06/2024 | 222 | 233 | 13 |
| &nbsp;&nbsp;&nbsp; YX4I-8Q29, 35.810%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 229 | 233 | 235 |
| &nbsp;&nbsp;&nbsp; YX4M-0A09, 29.890%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 436 | 431 | 26 |
| &nbsp;&nbsp;&nbsp; YX4P-NW94, 35.790%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 17 | 17 | 2 |
| &nbsp;&nbsp;&nbsp; YX4Q-S73F, 35.300%, 3/11/2026 †§x# | Affirm | 3/14/2024 | 214 | 215 | 218 |
| &nbsp;&nbsp;&nbsp; YX5B-95NI, 30.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 137 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; YX5C-L779, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 65 |
| &nbsp;&nbsp;&nbsp; YX5Q-83Q0, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 42 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; YX5V-5TFY, 35.410%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YX5Y-OGRK, 29.120%, 12/20/2023 †x#^ | Affirm | 12/23/2022 | 57 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; YX65-9UC0, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YX6A-R7IP, 29.480%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; YX6F-K1G4, 29.340%, 8/17/2022 †x#^ | Affirm | 5/20/2022 | 79 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; YX6H-2WQT, 29.390%, 9/25/2022 †x#^ | Affirm | 3/31/2022 | 153 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; YX6I-OC0K, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; YX6M-I8I6, 29.410%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 559 | 569 | 34 |
| &nbsp;&nbsp;&nbsp; YX6N-3GQM, 32.500%, 3/20/2026 †§x | Affirm | 3/28/2025 | 733 | 750 | 755 |
| &nbsp;&nbsp;&nbsp; YX6T-Z0X0, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 69 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YX6V-TEI7, 28.000%, 5/21/2023 †x#^ | Affirm | 11/25/2022 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YX70-A5KI, 18.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1678 | 1731 | 1739 |
| &nbsp;&nbsp;&nbsp; YX7A-1RNU, 9.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 189 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; YX7E-5XL1, 12.656%, 10/18/2025 †§x« | Affirm | 10/24/2024 | 276 | 271 | 268 |
| &nbsp;&nbsp;&nbsp; YX7E-RG7Z, 11.880%, 3/28/2026 †§x# | Affirm | 10/03/2024 | 405 | 411 | 410 |
| &nbsp;&nbsp;&nbsp; YX7O-UZ0S, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 152 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; YX7P-3K8M, 35.300%, 3/28/2027 †§x | Affirm | 3/31/2025 | 174 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; YX7R-ETE9, 35.820%, 10/02/2025 †§x | Affirm | 10/07/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YX7Y-352L, 35.430%, 3/08/2026 †x | Affirm | 1/29/2025 | 129 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; YX87-BXKQ, 29.560%, 10/26/2022 †x#^ | Affirm | 4/29/2022 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; YX87-GBAQ, 26.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 295 | 295 | 294 |
| &nbsp;&nbsp;&nbsp; YX8F-6IUV, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8434** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YX8K-LCEP, 34.000%, 10/21/2025 †§x | Affirm | 10/28/2024 | $109 | $108 | $107 |
| &nbsp;&nbsp;&nbsp; YX8L-1SQ9, 30.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 226 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; YX8M-CBVJ, 25.200%, 1/03/2028 †§x | Affirm | 1/29/2025 | 1093 | 1127 | 1132 |
| &nbsp;&nbsp;&nbsp; YX8Q-DAXW, 35.390%, 8/23/2026 †§x | Affirm | 8/29/2024 | 249 | 248 | 250 |
| &nbsp;&nbsp;&nbsp; YX8S-J4C2, 33.950%, 12/20/2025 †§x | Affirm | 6/24/2024 | 125 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; YX8Y-V2CB, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YX93-HF3K, 33.000%, 4/10/2026 †§x | Affirm | 4/15/2024 | 268 | 270 | 273 |
| &nbsp;&nbsp;&nbsp; YX96-ZGVV, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YX9A-JCR3, 29.630%, 12/01/2023 †x#^ | Affirm | 12/06/2021 | 48 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; YX9C-W1RE, 15.680%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 304 | 316 | 18 |
| &nbsp;&nbsp;&nbsp; YX9J-ODNP, 29.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YX9M-1ZGA, 29.610%, 11/28/2024 †x#^ | Affirm | 12/01/2022 | 889 | 963 | 53 |
| &nbsp;&nbsp;&nbsp; YX9M-OFX1, 11.830%, 11/07/2025 †§x | Affirm | 11/10/2022 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YX9P-PPNO, 33.050%, 6/25/2026 †x# | Affirm | 6/28/2024 | 593 | 623 | 36 |
| &nbsp;&nbsp;&nbsp; YX9R-K6HP, 27.100%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 222 | 233 | 13 |
| &nbsp;&nbsp;&nbsp; YX9T-4TE1, 30.000%, 11/11/2024 †x#^ | Affirm | 5/15/2023 | 346 | 365 | 21 |
| &nbsp;&nbsp;&nbsp; YX9U-MZ0D, 35.210%, 3/03/2026 †§x | Affirm | 3/28/2025 | 145 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; YXA7-U51R, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 195 | 197 | 195 |
| &nbsp;&nbsp;&nbsp; YXAU-BEVC, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; YXAW-YKHR, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YXB6-M45T, 33.050%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 24 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; YXBA-BMQG, 35.380%, 2/27/2025 †x#^ | Affirm | 1/02/2024 | 1148 | 1181 | 69 |
| &nbsp;&nbsp;&nbsp; YXBD-MBRQ, 13.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 137 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; YXBF-WTGE, 35.470%, 1/05/2026 †x# | Affirm | 1/11/2024 | 614 | 617 | 37 |
| &nbsp;&nbsp;&nbsp; YXBG-LANA, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 819 | 833 | 829 |
| &nbsp;&nbsp;&nbsp; YXBR-6ORY, 29.620%, 2/20/2026 †§x | Affirm | 2/23/2024 | 175 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; YXBR-HEA5, 35.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YXBT-CYBL, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 359 | 368 | 370 |
| &nbsp;&nbsp;&nbsp; YXBV-V21W, 11.780%, 4/28/2023 †x#^ | Affirm | 5/06/2022 | 84 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; YXC1-XI2S, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; YXC6-G1ZA, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; YXCA-V5HD, 29.760%, 8/07/2026 †§x# | Affirm | 2/26/2025 | 554 | 568 | 327 |
| &nbsp;&nbsp;&nbsp; YXCP-Q6US, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; YXD4-PPVR, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 723 | 742 | 746 |
| &nbsp;&nbsp;&nbsp; YXD8-3FYU, 24.400%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 527 | 555 | 561 |
| &nbsp;&nbsp;&nbsp; YXDD-5ANK, 31.000%, 6/08/2025 †x#^ | Affirm | 12/14/2023 | 779 | 798 | 47 |
| &nbsp;&nbsp;&nbsp; YXDK-E7C8, 31.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 969 | 996 | 1003 |
| &nbsp;&nbsp;&nbsp; YXDN-LHSF, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 337 | 341 | 340 |
| &nbsp;&nbsp;&nbsp; YXDQ-1J8L, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YXDQ-2LKS, 29.900%, 4/28/2026 †x# | Affirm | 7/05/2024 | 881 | 864 | 53 |
| &nbsp;&nbsp;&nbsp; YXDY-ZEWL, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YXE3-MZUY, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 141 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; YXE7-HGGY, 26.700%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YXE8-2HZK, 22.750%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YXE8-RMPY, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 113 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YXEB-LHB0, 29.510%, 5/28/2026 †§x# | Affirm | 5/31/2024 | 226 | 230 | 232 |
| &nbsp;&nbsp;&nbsp; YXEE-B6A7, 32.820%, 2/06/2026 †§x | Affirm | 8/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YXEI-BSIT, 15.720%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 186 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; YXEM-AVOK, 29.620%, 12/10/2025 †§x | Affirm | 12/27/2024 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YXEO-TA6Q, 31.000%, 10/21/2026 †x | Affirm | 10/24/2024 | 2369 | 2446 | 2455 |
| &nbsp;&nbsp;&nbsp; YXER-GFOO, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YXES-HTAY, 35.380%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1211 | 1194 | 1206 |
| &nbsp;&nbsp;&nbsp; YXET-SCA8, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 737 | 732 | 729 |
| &nbsp;&nbsp;&nbsp; YXEU-CLEV, 29.720%, 3/26/2023 †x#^ | Affirm | 1/31/2022 | 198 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; YXEY-17VL, 4.920%, 5/01/2026 †§x | Affirm | 5/06/2024 | 409 | 415 | 415 |
| &nbsp;&nbsp;&nbsp; YXEY-4P38, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 18 | 18 | 18 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8435** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YXF1-8TG9, 22.900%, 5/19/2026 †§x | Affirm | 5/25/2023 | $788 | $803 | $809 |
| &nbsp;&nbsp;&nbsp; YXF1-K2OI, 25.200%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 993 | 1003 | 540 |
| &nbsp;&nbsp;&nbsp; YXF6-SJXO, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 163 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; YXFA-2CI8, 25.000%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 424 | 446 | 25 |
| &nbsp;&nbsp;&nbsp; YXFH-FMHH, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 296 | 293 | 292 |
| &nbsp;&nbsp;&nbsp; YXFI-A8Y5, 34.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | 47 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; YXFO-QI56, 31.530%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 315 | 325 | 19 |
| &nbsp;&nbsp;&nbsp; YXFV-5630, 26.900%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 16 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; YXGF-ZT30, 30.500%, 6/08/2024 †x#^ | Affirm | 6/15/2023 | 124 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; YXGX-U9FP, 30.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; YXH0-UVFE, 29.550%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 523 | 517 | 31 |
| &nbsp;&nbsp;&nbsp; YXH2-L21I, 35.650%, 1/28/2026 †§x | Affirm | 2/26/2025 | 132 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; YXH4-E4RP, 33.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 169 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; YXHB-L00Y, 15.760%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 262 | 266 | 269 |
| &nbsp;&nbsp;&nbsp; YXHH-5TZG, 7.849%, 6/01/2024 †x#^« | Affirm | 6/05/2023 | 1250 | 1160 | 75 |
| &nbsp;&nbsp;&nbsp; YXHO-GMRN, 25.200%, 9/23/2026 †§x | Affirm | 9/26/2024 | 85 | 87 | 85 |
| &nbsp;&nbsp;&nbsp; YXHX-LKUY, 35.690%, 10/02/2025 †x | Affirm | 10/07/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YXI0-C3YJ, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 475 | 483 | 484 |
| &nbsp;&nbsp;&nbsp; YXI8-05QM, 29.480%, 7/08/2026 †§x | Affirm | 7/31/2025 | 111 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; YXIC-OR46, 13.840%, 9/26/2025 †x# | Affirm | 9/30/2024 | 2224 | 2301 | 133 |
| &nbsp;&nbsp;&nbsp; YXID-1RUU, 33.050%, 3/20/2026 †§x | Affirm | 9/26/2024 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YXIM-ZBVW, 29.540%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 136 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; YXIN-Z9IF, 35.500%, 10/24/2025 †§x | Affirm | 10/28/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YXIO-BB6R, 29.760%, 8/10/2026 †x# | Affirm | 2/26/2025 | 391 | 415 |  |
| &nbsp;&nbsp;&nbsp; YXIS-681V, 29.430%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; YXJ0-4ZH2, 29.680%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 208 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; YXJ0-NNPJ, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YXJ4-VVY7, 35.500%, 10/21/2025 †x# | Affirm | 10/24/2024 | 93 | 93 | 19 |
| &nbsp;&nbsp;&nbsp; YXJ5-39EF, 23.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YXJ9-DINJ, 22.750%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 12 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; YXJ9-S677, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 761 | 782 | 787 |
| &nbsp;&nbsp;&nbsp; YXJG-PN3R, 28.000%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 165 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; YXJJ-174A, 35.350%, 12/21/2024 †x#^ | Affirm | 6/27/2024 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; YXJP-LBDU, 7.375%, 9/19/2025 †x#« | Affirm | 3/28/2025 | 835 | 807 | 158 |
| &nbsp;&nbsp;&nbsp; YXK7-26J9, 35.360%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 115 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YXK8-QD9T, 32.500%, 10/18/2025 †§x | Affirm | 10/24/2024 | 268 | 268 | 268 |
| &nbsp;&nbsp;&nbsp; YXK9-976J, 24.340%, 10/08/2025 †§x# | Affirm | 7/31/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; YXK9-BMGG, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 243 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; YXKA-ALOM, 32.000%, 2/26/2026 †§x | Affirm | 8/29/2024 | 912 | 924 | 920 |
| &nbsp;&nbsp;&nbsp; YXKY-7DF8, 35.760%, 2/27/2026 †x# | Affirm | 3/28/2025 | 187 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; YXL9-33AZ, 35.600%, 1/06/2026 †§x | Affirm | 1/29/2025 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; YXLC-ILNO, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 248 | 250 | 248 |
| &nbsp;&nbsp;&nbsp; YXLI-7RX9, 27.500%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 226 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; YXLY-3JZS, 29.760%, 8/11/2026 †x | Affirm | 2/26/2025 | 3019 | 3143 | 3131 |
| &nbsp;&nbsp;&nbsp; YXM7-UR3T, 22.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 236 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; YXML-NEDH, 35.540%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 238 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; YXMQ-0XIS, 23.400%, 1/02/2026 †x# | Affirm | 1/29/2025 | 168 | 170 | 99 |
| &nbsp;&nbsp;&nbsp; YXMU-J6A4, 13.840%, 1/13/2027 †§x | Affirm | 1/29/2025 | 353 | 366 | 364 |
| &nbsp;&nbsp;&nbsp; YXNG-CRFK, 35.410%, 12/14/2025 †x# | Affirm | 6/21/2024 | 225 | 234 | 54 |
| &nbsp;&nbsp;&nbsp; YXNG-IYG8, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YXNG-RI54, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 1154 | 1199 | 69 |
| &nbsp;&nbsp;&nbsp; YXNL-V4O3, 29.450%, 7/08/2026 †§x | Affirm | 7/31/2025 | 139 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; YXNS-UC54, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 429 | 439 | 442 |
| &nbsp;&nbsp;&nbsp; YXNV-ROMW, 35.620%, 8/07/2026 †§x | Affirm | 2/26/2025 | 492 | 504 | 504 |
| &nbsp;&nbsp;&nbsp; YXNV-V52Q, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 187 | 195 | 194 |
| &nbsp;&nbsp;&nbsp; YXNZ-1LD1, 29.650%, 2/10/2027 †§x | Affirm | 2/26/2025 | 356 | 373 | 375 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8436** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YXO5-OQVF, 6.804%, 10/28/2025 †§x« | Affirm | 10/31/2024 | $529 | $523 | $519 |
| &nbsp;&nbsp;&nbsp; YXOB-O56V, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 122 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; YXOH-R2AA, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 171 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; YXOI-0295, 31.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 326 | 334 | 334 |
| &nbsp;&nbsp;&nbsp; YXOU-2BKZ, 35.990%, 8/07/2025 †§x^ | Affirm | 2/26/2025 | 27 | 27 | 5 |
| &nbsp;&nbsp;&nbsp; YXP3-IPHZ, 33.210%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; YXP7-7RCX, 24.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 246 | 244 | 244 |
| &nbsp;&nbsp;&nbsp; YXP7-R3L1, 33.000%, 3/28/2025 †x#^ | Affirm | 10/02/2023 | 322 | 321 | 19 |
| &nbsp;&nbsp;&nbsp; YXPB-23N8, 29.000%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YXPE-WK1I, 35.360%, 4/15/2026 †§x | Affirm | 4/18/2024 | 111 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; YXPM-5RKW, 26.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 75 | 77 | 8 |
| &nbsp;&nbsp;&nbsp; YXQB-GDJ5, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 60 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YXQD-V1SO, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 394 | 391 | 24 |
| &nbsp;&nbsp;&nbsp; YXQK-7T54, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; YXQM-DDDD, 15.740%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 287 | 284 | 17 |
| &nbsp;&nbsp;&nbsp; YXQN-Z0Y4, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YXQR-VROV, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 396 | 402 | 401 |
| &nbsp;&nbsp;&nbsp; YXQV-B8R0, 15.870%, 10/02/2025 †x# | Affirm | 10/07/2024 | 181 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; YXR9-9OO3, 32.500%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YXRA-7A8U, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YXRB-VWME, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YXRF-T627, 33.950%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; YXRG-U943, 7.870%, 10/25/2025 †§x | Affirm | 10/31/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YXRI-VIRE, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YXRW-TC0S, 6.928%, 1/03/2023 †x#^« | Affirm | 10/06/2022 | 47 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YXS3-8USB, 29.000%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; YXS3-Q3WO, 35.350%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 230 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; YXS4-159W, 20.706%, 11/06/2025 †§x« | Affirm | 8/29/2025 | 51 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YXS7-MBEJ, 33.950%, 1/06/2026 †x# | Affirm | 1/29/2025 | 166 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; YXSA-2ZIY, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 222 | 227 | 227 |
| &nbsp;&nbsp;&nbsp; YXSS-IU88, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 92 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; YXT1-F8JF, 29.620%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YXT6-TXXO, 25.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; YXTF-5BMN, 18.000%, 4/21/2026 †§x | Affirm | 10/25/2024 | 343 | 349 | 347 |
| &nbsp;&nbsp;&nbsp; YXTI-9RSQ, 29.560%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 246 | 264 | 15 |
| &nbsp;&nbsp;&nbsp; YXU0-Y0XT, 35.190%, 11/11/2023 †x#^ | Affirm | 5/15/2023 | 89 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; YXUF-AS7J, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 636 | 647 | 644 |
| &nbsp;&nbsp;&nbsp; YXUK-WUQT, 35.380%, 1/09/2025 †x#^ | Affirm | 1/12/2024 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; YXUR-2DUY, 35.670%, 8/11/2026 †§x | Affirm | 2/26/2025 | 230 | 237 | 237 |
| &nbsp;&nbsp;&nbsp; YXUZ-IRVY, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 234 | 240 | 241 |
| &nbsp;&nbsp;&nbsp; YXUZ-J5QG, 29.680%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 91 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; YXV8-0KUN, 30.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1581 | 1616 | 1624 |
| &nbsp;&nbsp;&nbsp; YXVC-U9UB, 22.770%, 1/06/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; YXVG-V9F4, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 737 | 723 | 44 |
| &nbsp;&nbsp;&nbsp; YXW1-BB9O, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 201 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; YXW9-18GH, 32.770%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YXWZ-URGH, 35.380%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 572 | 564 | 570 |
| &nbsp;&nbsp;&nbsp; YXXF-F45S, 22.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 79 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; YXXO-6YVY, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YXXY-IBHX, 29.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YXY0-16NO, 23.400%, 9/03/2026 †§x | Affirm | 3/28/2025 | 135 | 140 | 139 |
| &nbsp;&nbsp;&nbsp; YXY3-VEHM, 35.730%, 3/03/2026 †§x | Affirm | 3/28/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; YXYA-F48R, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 157 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; YXYH-LM93, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 456 | 456 | 451 |
| &nbsp;&nbsp;&nbsp; YXYT-NF83, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YXYU-KZB8, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1758 | 1822 | 1839 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8437** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YXZ3-W4UQ, 15.800%, 3/24/2026 †§x# | Affirm | 9/27/2024 | $166 | $168 | $169 |
| &nbsp;&nbsp;&nbsp; YXZ7-VI3C, 35.590%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 85 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; YXZE-2BTN, 35.380%, 11/17/2025 †§x | Affirm | 5/24/2024 | 150 | 151 | 150 |
| &nbsp;&nbsp;&nbsp; YXZE-TGWO, 33.050%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 93 | 98 | 2 |
| &nbsp;&nbsp;&nbsp; YXZE-XAXF, 35.370%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 108 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YXZJ-6172, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 113 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; YXZM-B3C4, 35.810%, 10/02/2025 †x# | Affirm | 10/07/2024 | 164 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; YXZT-PNV4, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 198 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; YXZY-3AA2, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YY01-H22O, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 216 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; YY06-91KX, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; YY06-HT04, 15.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; YY0K-K503, 33.150%, 11/15/2025 †x# | Affirm | 11/27/2024 | 176 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; YY0M-41XC, 33.950%, 4/09/2025 †x#^ | Affirm | 4/12/2024 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; YY0O-5M1X, 35.240%, 1/28/2025 †x#^ | Affirm | 10/31/2024 | 113 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; YY0R-UMES, 29.900%, 6/28/2022 †x#^ | Affirm | 1/06/2022 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; YY12-3W3L, 32.500%, 3/27/2027 †§x# | Affirm | 3/31/2025 | 945 | 941 | 962 |
| &nbsp;&nbsp;&nbsp; YY12-5T67, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 41 | 41 | 4 |
| &nbsp;&nbsp;&nbsp; YY16-XZND, 29.480%, 4/20/2024 †x#^ | Affirm | 4/27/2023 | 90 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; YY1E-S460, 33.050%, 1/22/2026 †§x | Affirm | 7/25/2024 | 295 | 299 | 301 |
| &nbsp;&nbsp;&nbsp; YY1M-FL85, 27.100%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; YY1M-VSSL, 33.950%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 156 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; YY1N-UTKT, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 299 | 312 | 310 |
| &nbsp;&nbsp;&nbsp; YY1R-ANG1, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 53 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; YY1T-2DLV, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YY22-MIVP, 15.700%, 3/28/2026 †§x | Affirm | 3/31/2025 | 133 | 137 | 139 |
| &nbsp;&nbsp;&nbsp; YY2D-8TAI, 11.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YY2H-4G4D, 24.900%, 1/27/2026 †x# | Affirm | 2/26/2025 | 142 | 146 | 47 |
| &nbsp;&nbsp;&nbsp; YY37-NE7V, 33.060%, 12/28/2025 †§x | Affirm | 1/29/2025 | 38 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; YY38-5M88, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; YY3M-4R3R, 35.530%, 1/06/2026 †§x | Affirm | 1/29/2025 | 518 | 522 | 523 |
| &nbsp;&nbsp;&nbsp; YY3O-XLDF, 30.500%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 336 | 336 | 20 |
| &nbsp;&nbsp;&nbsp; YY3X-Q9MA, 15.810%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 59 | 63 | 61 |
| &nbsp;&nbsp;&nbsp; YY3Z-M23V, 35.400%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; YY4B-D4YW, 22.650%, 10/28/2025 †x# | Affirm | 5/03/2024 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; YY4H-NSQN, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; YY4L-KJF6, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 631 | 636 | 632 |
| &nbsp;&nbsp;&nbsp; YY4S-GWVV, 29.620%, 12/10/2025 †§x | Affirm | 12/27/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; YY4Y-O3IJ, 29.550%, 10/14/2022 †x#^ | Affirm | 4/18/2022 | 92 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; YY51-V74P, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; YY59-ICXT, 31.000%, 11/15/2026 †§x | Affirm | 11/27/2024 | 386 | 399 | 401 |
| &nbsp;&nbsp;&nbsp; YY5I-MIYH, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YY63-CPWN, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 26 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; YY69-2ZJT, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 130 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; YY6K-1FF1, 35.690%, 2/07/2026 †§x | Affirm | 2/26/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YY76-DQ6Q, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 98 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; YY78-GVWE, 22.650%, 12/14/2025 †§x | Affirm | 6/21/2024 | 117 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; YY78-STV0, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 283 | 298 | 17 |
| &nbsp;&nbsp;&nbsp; YY79-BATC, 33.950%, 8/05/2027 †§x | Affirm | 8/29/2025 | 417 | 440 | 440 |
| &nbsp;&nbsp;&nbsp; YY7G-6NSO, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; YY7R-5VKO, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 364 | 362 | 362 |
| &nbsp;&nbsp;&nbsp; YY7V-3ILP, 33.220%, 5/12/2025 †x#^ | Affirm | 11/27/2024 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; YY84-C6L4, 29.490%, 6/02/2024 †x#^ | Affirm | 6/08/2023 | 911 | 857 | 55 |
| &nbsp;&nbsp;&nbsp; YY84-FM7E, 29.770%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YY88-HFDM, 35.280%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 14 |
| &nbsp;&nbsp;&nbsp; YY8I-O09P, 23.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 191 | 197 | 199 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8438** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YY8L-9J0T, 29.120%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | $102 | $106 | $6 |
| &nbsp;&nbsp;&nbsp; YY8X-NQGD, 29.760%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 64 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; YY8Y-THDG, 30.000%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 76 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; YY91-2HGN, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 305 | 308 | 309 |
| &nbsp;&nbsp;&nbsp; YY91-7SEG, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YY93-XXKK, 15.810%, 12/18/2025 †§x | Affirm | 12/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YY9A-KQXW, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 316 | 320 | 319 |
| &nbsp;&nbsp;&nbsp; YY9F-GB7O, 11.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YY9Z-91S2, 29.570%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 129 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; YYA3-QCMX, 35.430%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; YYAL-6DKW, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 265 | 272 | 272 |
| &nbsp;&nbsp;&nbsp; YYAY-J2AL, 22.810%, 8/12/2026 †§x | Affirm | 2/26/2025 | 283 | 295 | 294 |
| &nbsp;&nbsp;&nbsp; YYB2-3ANY, 22.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YYB9-0DXX, 26.500%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 353 | 369 | 21 |
| &nbsp;&nbsp;&nbsp; YYBC-ZQC6, 29.490%, 11/22/2025 †§x | Affirm | 5/28/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YYBG-2O9A, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 767 | 780 | 783 |
| &nbsp;&nbsp;&nbsp; YYBJ-DD0J, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 17 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; YYBL-T6Y1, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; YYBR-RY36, 24.400%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 204 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; YYBX-X1VR, 35.290%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YYC0-B604, 15.610%, 2/06/2026 †§x | Affirm | 8/29/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YYC3-V0DL, 31.000%, 2/12/2027 †§x | Affirm | 2/26/2025 | 1569 | 1644 | 1660 |
| &nbsp;&nbsp;&nbsp; YYC7-93ZS, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YYC9-YQ4S, 18.000%, 12/13/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YYCP-0TEY, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; YYCP-E04O, 33.950%, 9/16/2025 †§x | Affirm | 9/19/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; YYCZ-SMFI, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 163 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; YYCZ-TEPT, 35.470%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 995 | 1024 | 60 |
| &nbsp;&nbsp;&nbsp; YYD3-LZZ3, 35.620%, 8/06/2026 †§x | Affirm | 2/26/2025 | 267 | 271 | 274 |
| &nbsp;&nbsp;&nbsp; YYD3-UTJL, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 643 | 672 | 670 |
| &nbsp;&nbsp;&nbsp; YYDC-I2YR, 9.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1671 | 1703 | 1709 |
| &nbsp;&nbsp;&nbsp; YYDI-NQTP, 19.770%, 9/20/2025 †§x | Affirm | 9/26/2024 | 93 | 85 | 91 |
| &nbsp;&nbsp;&nbsp; YYDN-ICT6, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; YYDQ-05M0, 23.400%, 12/17/2025 †§x | Affirm | 6/21/2024 | 206 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; YYDT-DLAK, 29.540%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 1207 | 1269 | 72 |
| &nbsp;&nbsp;&nbsp; YYE0-MXKG, 6.952%, 1/08/2026 †§x« | Affirm | 7/31/2025 | 2084 | 2035 | 2030 |
| &nbsp;&nbsp;&nbsp; YYE7-8S86, 28.000%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 432 | 452 | 26 |
| &nbsp;&nbsp;&nbsp; YYEA-0OTT, 28.000%, 2/07/2023 †§x^ | Affirm | 2/10/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; YYEE-8DLP, 35.310%, 4/03/2024 †x#^ | Affirm | 10/06/2023 | 800 | 773 | 48 |
| &nbsp;&nbsp;&nbsp; YYEE-NWDQ, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 332 | 342 | 344 |
| &nbsp;&nbsp;&nbsp; YYEF-D9U2, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; YYES-F6B2, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1073 | 1069 | 1071 |
| &nbsp;&nbsp;&nbsp; YYEU-D6PU, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 439 | 460 | 26 |
| &nbsp;&nbsp;&nbsp; YYEW-KK37, 33.950%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 53 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; YYF9-2TK0, 29.690%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 312 | 292 | 19 |
| &nbsp;&nbsp;&nbsp; YYFF-K2SF, 33.950%, 2/12/2028 †§x | Affirm | 2/26/2025 | 1235 | 1281 | 1303 |
| &nbsp;&nbsp;&nbsp; YYFI-HRE5, 29.460%, 7/08/2026 †§x | Affirm | 7/31/2025 | 143 | 149 | 151 |
| &nbsp;&nbsp;&nbsp; YYFO-DBOF, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; YYFS-TTC7, 15.690%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 116 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; YYFX-IB3Q, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 343 | 348 | 349 |
| &nbsp;&nbsp;&nbsp; YYFX-OSKQ, 24.400%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 370 | 380 | 382 |
| &nbsp;&nbsp;&nbsp; YYG1-B8D4, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; YYGC-23AH, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; YYGL-SSP6, 20.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 493 | 504 | 507 |
| &nbsp;&nbsp;&nbsp; YYGN-6YHR, 35.570%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 38 | 39 | 5 |
| &nbsp;&nbsp;&nbsp; YYGN-O8J0, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 42 | 41 | 41 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8439** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YYGO-7UFN, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | $1130 | $1169 | $1169 |
| &nbsp;&nbsp;&nbsp; YYGV-09MN, 28.990%, 2/09/2025 †x#^ | Affirm | 8/14/2023 | 291 | 311 | 17 |
| &nbsp;&nbsp;&nbsp; YYGX-33AO, 33.050%, 10/21/2026 †§x | Affirm | 10/25/2024 | 366 | 378 | 379 |
| &nbsp;&nbsp;&nbsp; YYGX-AAXA, 18.700%, 8/01/2026 †§x | Affirm | 8/29/2025 | 675 | 692 | 692 |
| &nbsp;&nbsp;&nbsp; YYGX-C1EB, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 94 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; YYH1-47RR, 15.770%, 10/28/2024 †x#^ | Affirm | 11/03/2022 | 598 | 651 | 36 |
| &nbsp;&nbsp;&nbsp; YYH5-ETNV, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YYHF-55VI, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 151 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; YYIL-QKO7, 33.950%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; YYIM-6DT1, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 227 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; YYIN-R5QR, 22.680%, 8/06/2026 †§x | Affirm | 8/29/2025 | 102 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YYIT-61ZB, 35.470%, 11/20/2026 †x# | Affirm | 11/27/2024 | 767 | 767 |  |
| &nbsp;&nbsp;&nbsp; YYIW-UKWG, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; YYIW-W9L5, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; YYJ2-7G45, 35.570%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 156 | 144 | 9 |
| &nbsp;&nbsp;&nbsp; YYJI-HC99, 6.061%, 7/08/2026 †§x« | Affirm | 7/31/2025 | 3164 | 3009 | 3005 |
| &nbsp;&nbsp;&nbsp; YYJR-DMNT, 29.650%, 9/09/2023 †x#^ | Affirm | 9/15/2022 | 445 | 461 | 27 |
| &nbsp;&nbsp;&nbsp; YYKA-PDEC, 29.650%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 279 | 276 | 17 |
| &nbsp;&nbsp;&nbsp; YYKB-081G, 29.560%, 10/11/2024 †x#^ | Affirm | 10/14/2022 | 488 | 532 | 29 |
| &nbsp;&nbsp;&nbsp; YYKB-II7X, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YYKC-O1RI, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 122 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; YYKD-KOYF, 35.730%, 2/10/2026 †§x | Affirm | 2/26/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YYKI-AJ1N, 29.490%, 12/02/2026 †§x | Affirm | 6/27/2025 | 379 | 399 | 402 |
| &nbsp;&nbsp;&nbsp; YYKM-6H4Z, 35.240%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YYKM-7FZK, 7.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 183 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; YYKP-ZYU6, 15.850%, 1/08/2026 †x# | Affirm | 1/29/2025 | 22 | 23 | 3 |
| &nbsp;&nbsp;&nbsp; YYKR-X03D, 26.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 163 | 171 | 3 |
| &nbsp;&nbsp;&nbsp; YYKS-4ERY, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 530 | 539 | 536 |
| &nbsp;&nbsp;&nbsp; YYKS-BN2O, 35.740%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 43 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; YYKU-1HQA, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; YYKV-O3B0, 35.450%, 2/21/2026 †§x | Affirm | 8/26/2024 | 277 | 281 | 279 |
| &nbsp;&nbsp;&nbsp; YYL5-MC1S, 19.700%, 1/10/2028 †§x# | Affirm | 1/29/2025 | 610 | 629 | 626 |
| &nbsp;&nbsp;&nbsp; YYL7-YQYU, 13.840%, 7/02/2026 †§x | Affirm | 1/29/2025 | 242 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; YYLB-0HRM, 33.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 210 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; YYLC-L1C6, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 466 | 474 | 472 |
| &nbsp;&nbsp;&nbsp; YYLR-CVEW, 29.440%, 1/28/2025 †x#^ | Affirm | 8/03/2023 | 306 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; YYLV-SMIT, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; YYLW-EBWR, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 201 | 202 | 201 |
| &nbsp;&nbsp;&nbsp; YYLW-JPRU, 35.610%, 6/02/2026 †§x | Affirm | 6/27/2025 | 108 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; YYLY-VBFH, 29.550%, 12/18/2025 †§x | Affirm | 6/21/2024 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; YYM5-IJAW, 23.400%, 11/15/2026 †§x | Affirm | 11/27/2024 | 390 | 403 | 405 |
| &nbsp;&nbsp;&nbsp; YYMF-47M8, 30.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; YYMG-4J73, 35.780%, 2/06/2026 †x# | Affirm | 2/26/2025 | 139 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; YYMG-L3SP, 35.000%, 8/23/2026 †§x | Affirm | 8/29/2024 | 486 | 483 | 490 |
| &nbsp;&nbsp;&nbsp; YYMI-C1IU, 32.000%, 8/07/2026 †§x | Affirm | 2/26/2025 | 739 | 751 | 745 |
| &nbsp;&nbsp;&nbsp; YYMN-HBU2, 29.130%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 538 | 549 | 32 |
| &nbsp;&nbsp;&nbsp; YYMR-NAFZ, 6.863%, 9/20/2025 †§x« | Affirm | 9/26/2024 | 71 | 67 | 71 |
| &nbsp;&nbsp;&nbsp; YYMU-QGQX, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 545 | 551 | 551 |
| &nbsp;&nbsp;&nbsp; YYMW-03QS, 28.000%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; YYMZ-KKZP, 29.520%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 114 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; YYMZ-VVWQ, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 89 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; YYN4-B6NL, 35.000%, 11/12/2025 †§x | Affirm | 11/27/2024 | 59 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; YYN7-KDF1, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 124 | 127 | 24 |
| &nbsp;&nbsp;&nbsp; YYNY-6JJY, 9.840%, 12/28/2025 †§x# | Affirm | 1/02/2024 | 224 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; YYO3-9RMP, 23.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 96 | 97 | 96 |
| &nbsp;&nbsp;&nbsp; YYO8-M2WD, 11.810%, 9/07/2027 †§x | Affirm | 9/11/2023 | 1132 | 1213 | 1192 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8440** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YYOA-ZI4P, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | $241 | $237 | $240 |
| &nbsp;&nbsp;&nbsp; YYOH-OWN5, 29.740%, 1/06/2026 †§x | Affirm | 1/29/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YYOK-WD1A, 32.500%, 11/06/2026 †§x | Affirm | 5/30/2025 | 266 | 273 | 275 |
| &nbsp;&nbsp;&nbsp; YYOM-16VP, 29.630%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 90 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; YYON-0RR9, 26.200%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 821 | 835 | 49 |
| &nbsp;&nbsp;&nbsp; YYOR-T1S2, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 1754 | 1774 | 1774 |
| &nbsp;&nbsp;&nbsp; YYOS-7OJ3, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; YYOS-WJPH, 35.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 327 | 332 | 329 |
| &nbsp;&nbsp;&nbsp; YYOU-X8Q9, 28.500%, 1/11/2023 †x#^ | Affirm | 7/14/2022 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; YYOV-3MMW, 35.440%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 296 | 300 | 297 |
| &nbsp;&nbsp;&nbsp; YYP1-HVW8, 29.620%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 274 | 268 | 16 |
| &nbsp;&nbsp;&nbsp; YYPA-GFZ8, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; YYPI-4Z1L, 35.510%, 12/04/2025 †x# | Affirm | 12/07/2023 | 475 | 477 | 28 |
| &nbsp;&nbsp;&nbsp; YYPM-IAKX, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 191 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; YYPN-N7UD, 13.092%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 285 | 281 | 282 |
| &nbsp;&nbsp;&nbsp; YYPS-D629, 30.500%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 1153 | 1213 | 69 |
| &nbsp;&nbsp;&nbsp; YYPW-4BVO, 35.450%, 12/18/2025 †§x | Affirm | 6/21/2024 | 358 | 361 | 358 |
| &nbsp;&nbsp;&nbsp; YYQ2-DRPK, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 136 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; YYQ4-CQBA, 35.610%, 8/11/2026 †§x | Affirm | 2/26/2025 | 260 | 256 | 260 |
| &nbsp;&nbsp;&nbsp; YYQ6-ZNRU, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; YYQ9-CKR5, 29.350%, 8/09/2023 †x#^ | Affirm | 5/12/2023 | 355 | 340 | 21 |
| &nbsp;&nbsp;&nbsp; YYQ9-ENP9, 15.690%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YYQA-54AQ, 13.840%, 11/14/2025 †§x | Affirm | 11/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YYQX-M0S5, 29.690%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 73 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; YYQY-OHUV, 33.050%, 5/06/2028 †§x | Affirm | 5/30/2025 | 1367 | 1445 | 1459 |
| &nbsp;&nbsp;&nbsp; YYQZ-8A7Q, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; YYR6-HB6I, 33.950%, 8/23/2026 †§x | Affirm | 8/29/2024 | 520 | 534 | 538 |
| &nbsp;&nbsp;&nbsp; YYRA-F2DO, 15.780%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YYRE-U3C9, 29.690%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; YYRG-5NHF, 29.640%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 481 | 519 | 29 |
| &nbsp;&nbsp;&nbsp; YYRN-BWLJ, 23.112%, 6/13/2026 †§x | Affirm | 6/16/2023 | 1117 | 1143 | 1148 |
| &nbsp;&nbsp;&nbsp; YYRP-NI4R, 35.490%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YYS8-JAD8, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YYS9-UGHO, 29.600%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; YYSA-CZT2, 28.000%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 58 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; YYSO-DVQZ, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 85 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; YYSS-WWCP, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 907 | 896 | 54 |
| &nbsp;&nbsp;&nbsp; YYSU-2D5V, 28.000%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 135 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; YYSY-APWP, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; YYTE-WC4J, 29.540%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 269 | 266 | 16 |
| &nbsp;&nbsp;&nbsp; YYTL-0VP5, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; YYTQ-N8TU, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; YYTS-FXTG, 23.400%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; YYTV-JPEB, 32.500%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 1264 | 1255 | 1258 |
| &nbsp;&nbsp;&nbsp; YYTZ-GBIU, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 475 | 479 | 474 |
| &nbsp;&nbsp;&nbsp; YYUQ-KGBY, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; YYUR-XE70, 15.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 463 | 460 | 460 |
| &nbsp;&nbsp;&nbsp; YYUU-6A7T, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; YYUU-FOEO, 35.650%, 1/28/2024 †x#^ | Affirm | 2/02/2023 | 188 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; YYV1-IDXE, 29.680%, 7/19/2023 †x#^ | Affirm | 1/24/2022 | 244 | 229 | 15 |
| &nbsp;&nbsp;&nbsp; YYV4-AQSW, 29.580%, 10/22/2025 †§x | Affirm | 10/25/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YYVJ-DA29, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 250 | 259 | 261 |
| &nbsp;&nbsp;&nbsp; YYVS-NRFX, 22.660%, 4/28/2025 †x#^ | Affirm | 11/27/2024 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; YYW3-1ZC4, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 482 | 490 | 492 |
| &nbsp;&nbsp;&nbsp; YYWJ-QGAP, 35.990%, 5/05/2025 †x#^ | Affirm | 2/26/2025 | 31 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; YYWK-6TWD, 24.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 442 | 450 | 452 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8441** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YYWM-A4ZN, 29.680%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | $229 | $234 | $14 |
| &nbsp;&nbsp;&nbsp; YYWN-F430, 35.990%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 54 | 54 | 9 |
| &nbsp;&nbsp;&nbsp; YYWR-IRTK, 35.500%, 11/23/2025 †x# | Affirm | 10/28/2024 | 59 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; YYWV-VKYI, 15.770%, 8/06/2026 †§x | Affirm | 8/29/2025 | 217 | 228 | 228 |
| &nbsp;&nbsp;&nbsp; YYWZ-7V6Z, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YYX5-ERFY, 22.380%, 10/08/2025 †§x | Affirm | 7/31/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; YYXE-78RF, 29.040%, 6/13/2027 †§x | Affirm | 6/16/2023 | 1563 | 1662 | 1628 |
| &nbsp;&nbsp;&nbsp; YYXL-DCVF, 19.700%, 1/03/2027 †§x | Affirm | 1/08/2024 | 2075 | 2135 | 2140 |
| &nbsp;&nbsp;&nbsp; YYXS-HGT7, 35.530%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 436 | 444 | 26 |
| &nbsp;&nbsp;&nbsp; YYXU-Q7A3, 22.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; YYXY-DZ15, 35.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 203 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; YYY1-2XRN, 35.000%, 12/25/2025 †§x | Affirm | 6/28/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; YYY1-BTZN, 15.740%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 30 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; YYY3-9NU8, 29.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YYYA-5SUJ, 35.310%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 338 | 347 | 350 |
| &nbsp;&nbsp;&nbsp; YYYB-C4KE, 33.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 446 | 445 | 449 |
| &nbsp;&nbsp;&nbsp; YYYB-I1QL, 29.620%, 12/01/2022 †x#^ | Affirm | 6/06/2022 | 142 | 144 | 9 |
| &nbsp;&nbsp;&nbsp; YYYF-DHH3, 32.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 343 | 343 | 342 |
| &nbsp;&nbsp;&nbsp; YYYV-Z91P, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YYYY-5LM2, 29.640%, 5/22/2023 †x#^ | Affirm | 11/29/2021 | 168 | 161 | 10 |
| &nbsp;&nbsp;&nbsp; YYYZ-3XTH, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 54 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; YYYZ-HFO9, 29.490%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; YYZ0-NUHS, 35.580%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 1416 | 1409 | 1432 |
| &nbsp;&nbsp;&nbsp; YYZ2-6KA8, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; YYZ6-BYRZ, 29.460%, 5/25/2025 †x#^ | Affirm | 5/30/2023 | 711 | 708 | 43 |
| &nbsp;&nbsp;&nbsp; YYZ7-FBIE, 29.550%, 9/05/2025 †x# | Affirm | 9/08/2023 | 209 | 208 | 13 |
| &nbsp;&nbsp;&nbsp; YYZB-CFF1, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 416 | 433 | 437 |
| &nbsp;&nbsp;&nbsp; YYZF-EPJ3, 32.000%, 9/28/2026 †§x | Affirm | 3/31/2025 | 390 | 404 | 407 |
| &nbsp;&nbsp;&nbsp; YYZU-7HSO, 35.570%, 11/15/2025 †x# | Affirm | 11/27/2024 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; YZ01-P4KI, 29.480%, 9/27/2025 †§x | Affirm | 4/01/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; YZ0A-L10H, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1729 | 1781 | 1767 |
| &nbsp;&nbsp;&nbsp; YZ0A-UURK, 33.950%, 3/23/2026 †§x | Affirm | 9/26/2024 | 207 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; YZ0F-5EKD, 25.200%, 6/15/2026 †§x | Affirm | 6/20/2023 | 1770 | 1812 | 1820 |
| &nbsp;&nbsp;&nbsp; YZ0F-BFH0, 18.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 669 | 682 | 685 |
| &nbsp;&nbsp;&nbsp; YZ0L-C6XW, 11.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 52 | 53 | 34 |
| &nbsp;&nbsp;&nbsp; YZ0Q-SKUA, 27.100%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 206 | 192 | 12 |
| &nbsp;&nbsp;&nbsp; YZ0T-52OA, 29.590%, 10/25/2026 †§x | Affirm | 10/31/2024 | 564 | 583 | 585 |
| &nbsp;&nbsp;&nbsp; YZ1E-IONB, 15.710%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 96 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; YZ1O-ROCH, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 72 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; YZ1V-HVW3, 19.700%, 9/25/2026 †§x | Affirm | 9/30/2024 | 513 | 528 | 531 |
| &nbsp;&nbsp;&nbsp; YZ1Y-GW1M, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 158 | 166 | 9 |
| &nbsp;&nbsp;&nbsp; YZ21-U4V3, 29.470%, 2/21/2025 †x#^ | Affirm | 8/24/2023 | 57 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; YZ22-T837, 29.340%, 9/02/2025 †§x | Affirm | 6/27/2025 | 66 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; YZ28-3OQ5, 34.990%, 10/08/2025 †§x | Affirm | 7/31/2025 | 194 | 195 | 196 |
| &nbsp;&nbsp;&nbsp; YZ2B-VKJO, 29.470%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1217 | 1271 | 1283 |
| &nbsp;&nbsp;&nbsp; YZ2L-55YT, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; YZ2M-I37B, 35.410%, 10/23/2025 †x# | Affirm | 10/28/2024 | 122 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; YZ2T-PHHD, 32.500%, 2/07/2027 †§x | Affirm | 2/26/2025 | 2053 | 2030 | 2067 |
| &nbsp;&nbsp;&nbsp; YZ2V-SICM, 35.540%, 3/26/2026 †x# | Affirm | 9/30/2024 | 252 | 248 | 15 |
| &nbsp;&nbsp;&nbsp; YZ2Z-007Z, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; YZ31-FLQL, 32.500%, 4/25/2026 †x | Affirm | 10/31/2024 | 2473 | 2514 | 2498 |
| &nbsp;&nbsp;&nbsp; YZ39-S1DV, 22.850%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 201 | 206 | 204 |
| &nbsp;&nbsp;&nbsp; YZ3C-6V05, 22.680%, 4/28/2026 †§x | Affirm | 10/31/2024 | 1142 | 1171 | 1171 |
| &nbsp;&nbsp;&nbsp; YZ3C-C0AF, 35.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YZ3D-5HXW, 29.620%, 6/02/2024 †x#^ | Affirm | 9/09/2022 | 1097 | 1173 | 66 |
| &nbsp;&nbsp;&nbsp; YZ3H-2GOQ, 33.310%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 55 | 55 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8442** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YZ3H-BJH2, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | $69 | $70 | $70 |
| &nbsp;&nbsp;&nbsp; YZ3K-AEV9, 32.980%, 10/01/2025 †x# | Affirm | 4/04/2024 | 323 | 333 | 19 |
| &nbsp;&nbsp;&nbsp; YZ3R-94IO, 35.540%, 9/23/2025 †§x | Affirm | 9/26/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; YZ3W-TBOZ, 31.000%, 3/24/2026 †§x | Affirm | 9/27/2024 | 457 | 467 | 468 |
| &nbsp;&nbsp;&nbsp; YZ41-G8HD, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 234 | 230 | 230 |
| &nbsp;&nbsp;&nbsp; YZ42-VUT1, 35.460%, 9/26/2025 †x# | Affirm | 8/29/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; YZ44-NNTA, 30.000%, 11/07/2022 †x#^ | Affirm | 2/10/2022 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; YZ4F-Q9F3, 25.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; YZ4P-WEKS, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YZ4V-CV7L, 29.810%, 2/15/2024 †x#^ | Affirm | 2/21/2023 | 123 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; YZ50-XSY0, 19.700%, 9/20/2027 †x | Affirm | 9/26/2024 | 1892 | 1950 | 1913 |
| &nbsp;&nbsp;&nbsp; YZ56-LSU1, 32.500%, 12/19/2026 †§x | Affirm | 12/27/2024 | 398 | 398 | 403 |
| &nbsp;&nbsp;&nbsp; YZ5F-2JRJ, 15.760%, 10/07/2024 †x#^ | Affirm | 10/14/2022 | 118 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; YZ5G-JUKT, 11.790%, 4/19/2024 †x#^ | Affirm | 4/27/2023 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; YZ5L-VO3W, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; YZ5L-XDJR, 33.050%, 5/06/2026 †§x | Affirm | 5/13/2024 | 273 | 278 | 278 |
| &nbsp;&nbsp;&nbsp; YZ5O-NSX3, 15.690%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 568 | 588 | 34 |
| &nbsp;&nbsp;&nbsp; YZ63-9XBL, 25.200%, 5/06/2026 †§x | Affirm | 5/30/2025 | 1922 | 1991 | 2011 |
| &nbsp;&nbsp;&nbsp; YZ65-7U1P, 35.460%, 9/28/2025 †§x# | Affirm | 10/05/2023 | 131 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; YZ66-67RH, 24.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 317 | 321 | 322 |
| &nbsp;&nbsp;&nbsp; YZ6A-VZD3, 13.840%, 11/06/2026 †§x | Affirm | 5/30/2025 | 198 | 205 | 204 |
| &nbsp;&nbsp;&nbsp; YZ6F-5XM3, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 710 | 719 | 720 |
| &nbsp;&nbsp;&nbsp; YZ6G-K6ZM, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 676 | 665 | 663 |
| &nbsp;&nbsp;&nbsp; YZ6O-CW1K, 35.963%, 11/22/2024 †x#^ | Affirm | 5/28/2024 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; YZ6V-P5VU, 34.000%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; YZ6Y-GJPO, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 542 | 551 | 551 |
| &nbsp;&nbsp;&nbsp; YZ6Z-QMGL, 35.250%, 2/07/2026 †§x | Affirm | 8/29/2025 | 201 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; YZ71-9Q2D, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 277 | 281 | 280 |
| &nbsp;&nbsp;&nbsp; YZ71-TYOB, 35.640%, 2/07/2027 †x | Affirm | 2/26/2025 | 2407 | 2381 | 2423 |
| &nbsp;&nbsp;&nbsp; YZ74-XU2X, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; YZ78-TWYS, 29.540%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; YZ7Y-PGEZ, 32.500%, 9/20/2025 †x# | Affirm | 3/28/2025 | 325 | 335 | 20 |
| &nbsp;&nbsp;&nbsp; YZ87-LGGQ, 35.480%, 10/03/2025 †§x | Affirm | 10/07/2024 | 124 | 124 | 123 |
| &nbsp;&nbsp;&nbsp; YZ88-K9ON, 28.000%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 100 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YZ8C-L3S5, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 172 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; YZ8X-QSS6, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 176 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; YZ92-KHV6, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; YZ93-CYI6, 35.290%, 11/21/2025 †x# | Affirm | 5/24/2024 | 335 | 346 | 20 |
| &nbsp;&nbsp;&nbsp; YZ99-1G4X, 25.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; YZ9B-F18N, 27.500%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 813 | 880 | 49 |
| &nbsp;&nbsp;&nbsp; YZ9I-SMZ4, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 370 | 376 | 374 |
| &nbsp;&nbsp;&nbsp; YZ9K-H02E, 28.970%, 5/09/2025 †x#^ | Affirm | 5/12/2023 | 127 | 126 | 8 |
| &nbsp;&nbsp;&nbsp; YZA1-Q8H7, 23.400%, 2/27/2026 †§x | Affirm | 8/30/2024 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; YZA5-64JK, 15.740%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 816 | 806 | 49 |
| &nbsp;&nbsp;&nbsp; YZA8-MS0J, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 540 | 553 | 556 |
| &nbsp;&nbsp;&nbsp; YZAB-DZJP, 29.340%, 8/09/2022 †x#^ | Affirm | 5/12/2022 | 116 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; YZAB-Z00L, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; YZAG-T8M4, 13.840%, 4/25/2026 †§x | Affirm | 10/31/2024 | 1157 | 1179 | 1183 |
| &nbsp;&nbsp;&nbsp; YZAQ-H810, 29.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; YZAT-RJ8H, 29.280%, 1/12/2023 †x#^ | Affirm | 7/15/2022 | 130 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; YZAY-TTW1, 35.450%, 12/20/2025 †§x | Affirm | 6/24/2024 | 255 | 257 | 256 |
| &nbsp;&nbsp;&nbsp; YZAZ-O83R, 29.480%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 260 | 277 | 16 |
| &nbsp;&nbsp;&nbsp; YZB6-I8DP, 21.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 142 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; YZBJ-XSYU, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 199 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; YZBP-44OR, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YZBR-5NO7, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 91 | 93 | 92 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8443** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YZBY-MQQH, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $857 | $851 | $847 |
| &nbsp;&nbsp;&nbsp; YZC6-I971, 15.800%, 3/26/2026 †§x | Affirm | 9/30/2024 | 360 | 368 | 369 |
| &nbsp;&nbsp;&nbsp; YZCG-ECF4, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; YZCK-9DN9, 34.000%, 9/26/2025 †x# | Affirm | 8/29/2024 | 2075 | 1896 | 51 |
| &nbsp;&nbsp;&nbsp; YZCK-USKO, 11.820%, 6/18/2026 †§x | Affirm | 6/21/2024 | 132 | 134 | 132 |
| &nbsp;&nbsp;&nbsp; YZCM-BL3L, 29.120%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 81 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; YZCM-E8DR, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 160 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; YZCS-C0HF, 29.460%, 5/22/2025 †x#^ | Affirm | 5/25/2023 | 514 | 512 | 31 |
| &nbsp;&nbsp;&nbsp; YZCW-0520, 29.680%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 102 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; YZD0-I6BH, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; YZE8-5DT1, 19.730%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 1251 | 1121 | 1137 |
| &nbsp;&nbsp;&nbsp; YZEF-HAVI, 18.000%, 8/18/2026 †§x | Affirm | 8/24/2023 | 991 | 1021 | 1029 |
| &nbsp;&nbsp;&nbsp; YZEK-HSH0, 29.500%, 1/02/2026 †x# | Affirm | 7/05/2024 | 126 | 128 | 73 |
| &nbsp;&nbsp;&nbsp; YZEM-3G6R, 27.500%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 158 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; YZEO-SCRD, 29.000%, 9/08/2022 †x#^ | Affirm | 3/11/2022 | 292 | 293 | 18 |
| &nbsp;&nbsp;&nbsp; YZEQ-KKGQ, 29.650%, 10/02/2025 †§x | Affirm | 10/05/2023 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; YZER-FD7N, 15.760%, 2/26/2026 †§x | Affirm | 8/29/2024 | 133 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; YZES-TWYH, 29.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 174 | 181 | 183 |
| &nbsp;&nbsp;&nbsp; YZFM-FJFD, 35.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 63 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YZFU-PZY7, 24.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 724 | 741 | 741 |
| &nbsp;&nbsp;&nbsp; YZFY-VZNJ, 29.680%, 7/18/2023 †x#^ | Affirm | 1/21/2022 | 320 | 300 | 19 |
| &nbsp;&nbsp;&nbsp; YZFZ-W7EO, 35.360%, 12/02/2025 †x | Affirm | 6/27/2025 | 180 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; YZG9-HQUW, 19.900%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 181 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; YZGP-0JCW, 29.450%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 977 | 1011 | 59 |
| &nbsp;&nbsp;&nbsp; YZGR-1I7T, 29.390%, 9/30/2023 †x#^ | Affirm | 4/03/2023 | 32 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; YZGS-SZK2, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; YZHA-FTR7, 32.000%, 3/23/2026 †§x | Affirm | 9/26/2024 | 628 | 637 | 632 |
| &nbsp;&nbsp;&nbsp; YZHC-KA9Z, 15.760%, 12/21/2025 †§x | Affirm | 6/27/2024 | 335 | 338 | 336 |
| &nbsp;&nbsp;&nbsp; YZHD-IM8F, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; YZHF-2QXH, 33.950%, 1/06/2026 †x# | Affirm | 1/29/2025 | 103 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; YZHG-P4P2, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 65 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; YZHZ-LNO7, 35.330%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 300 | 310 | 18 |
| &nbsp;&nbsp;&nbsp; YZI4-3I5W, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 117 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; YZIA-MOMR, 29.580%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; YZIJ-598S, 35.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 35 | 35 | 34 |
| &nbsp;&nbsp;&nbsp; YZIP-Q1C2, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; YZJC-576E, 29.690%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 48 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; YZJG-FV3A, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; YZJT-R2LA, 9.890%, 1/06/2026 †§x | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; YZJX-3Q2W, 23.700%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 402 | 410 | 24 |
| &nbsp;&nbsp;&nbsp; YZKI-S1FX, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YZKM-ZW6W, 28.000%, 9/19/2024 †x#^ | Affirm | 9/22/2022 | 525 | 567 | 32 |
| &nbsp;&nbsp;&nbsp; YZLB-DYUU, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 344 | 351 | 353 |
| &nbsp;&nbsp;&nbsp; YZLD-71Q4, 35.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; YZLE-EXA5, 35.610%, 1/06/2026 †§x | Affirm | 1/29/2025 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; YZLI-3HQE, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 189 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; YZLI-F25C, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; YZLZ-IG9L, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; YZM9-F09H, 29.660%, 9/08/2023 †x#^ | Affirm | 9/12/2022 | 97 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YZM9-V0AI, 29.750%, 8/28/2026 †§x# | Affirm | 3/28/2025 | 189 | 197 | 193 |
| &nbsp;&nbsp;&nbsp; YZMA-PISM, 35.550%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 72 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; YZMJ-9PWG, 35.460%, 8/07/2026 †§x | Affirm | 8/29/2025 | 254 | 261 | 261 |
| &nbsp;&nbsp;&nbsp; YZMK-7E26, 11.830%, 8/27/2026 †§x | Affirm | 8/30/2024 | 843 | 865 | 873 |
| &nbsp;&nbsp;&nbsp; YZMK-C195, 29.530%, 12/11/2025 †§x | Affirm | 12/14/2023 | 123 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; YZMT-3RY8, 32.000%, 10/21/2025 †§x | Affirm | 10/24/2024 | 166 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; YZMU-6LQW, 33.950%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 163 | 163 | 165 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8444** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YZMY-FCSZ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | $697 | $706 | $708 |
| &nbsp;&nbsp;&nbsp; YZN7-VHMK, 28.000%, 6/15/2022 †x#^ | Affirm | 12/20/2021 | 205 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; YZN7-ZDFZ, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 306 | 311 | 313 |
| &nbsp;&nbsp;&nbsp; YZN8-4AWC, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 261 | 263 | 16 |
| &nbsp;&nbsp;&nbsp; YZND-4APD, 29.810%, 2/01/2023 †x#^ | Affirm | 12/06/2021 | 160 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; YZND-ACDK, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 109 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; YZNF-M4QD, 30.950%, 4/21/2026 †§x | Affirm | 10/24/2024 | 212 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; YZNV-K2KY, 22.750%, 3/28/2026 †§x | Affirm | 4/04/2024 | 551 | 559 | 560 |
| &nbsp;&nbsp;&nbsp; YZO1-RFIO, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 187 | 195 | 194 |
| &nbsp;&nbsp;&nbsp; YZOB-9138, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1033 | 1030 | 1033 |
| &nbsp;&nbsp;&nbsp; YZOI-3IGM, 33.500%, 9/03/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; YZOK-Z34G, 33.950%, 5/13/2026 †§x | Affirm | 11/27/2024 | 197 | 203 | 202 |
| &nbsp;&nbsp;&nbsp; YZOO-CX0U, 33.140%, 10/01/2025 †§x | Affirm | 10/04/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; YZOS-TFXI, 33.950%, 10/25/2025 †§x | Affirm | 10/31/2024 | 154 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; YZOW-UZ23, 26.500%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 194 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; YZOX-I8JJ, 29.600%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; YZOZ-5ENT, 25.200%, 11/07/2025 †§x | Affirm | 5/10/2024 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; YZOZ-6BJI, 35.560%, 11/14/2026 †§x | Affirm | 11/27/2024 | 358 | 358 | 359 |
| &nbsp;&nbsp;&nbsp; YZP6-3TD3, 35.530%, 12/10/2025 †§x | Affirm | 12/27/2024 | 131 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; YZP6-GREI, 35.650%, 1/02/2026 †x# | Affirm | 1/29/2025 | 163 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; YZP6-W7KV, 29.640%, 11/01/2024 †x#^ | Affirm | 11/04/2022 | 115 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; YZPE-30FL, 24.400%, 8/19/2026 †§x | Affirm | 8/22/2024 | 1164 | 1196 | 1200 |
| &nbsp;&nbsp;&nbsp; YZPG-HPUY, 33.950%, 8/22/2026 †§x | Affirm | 8/26/2024 | 536 | 550 | 554 |
| &nbsp;&nbsp;&nbsp; YZPH-KGGG, 35.160%, 1/08/2026 †§x | Affirm | 7/31/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; YZPT-5SKV, 29.580%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 102 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; YZPT-UQSX, 18.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; YZPX-7VE6, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; YZPY-H868, 25.200%, 8/11/2026 †§x | Affirm | 2/26/2025 | 295 | 307 | 300 |
| &nbsp;&nbsp;&nbsp; YZQF-FIYK, 11.790%, 7/08/2026 †§x | Affirm | 7/31/2025 | 396 | 413 | 417 |
| &nbsp;&nbsp;&nbsp; YZQP-U282, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | 450 | 428 | 428 |
| &nbsp;&nbsp;&nbsp; YZQQ-ZUGG, 35.560%, 7/04/2024 †x#^ | Affirm | 1/08/2024 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; YZQU-TI9A, 35.200%, 1/02/2026 †§x | Affirm | 1/29/2025 | 27 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; YZQV-A37W, 29.630%, 12/12/2025 †x# | Affirm | 12/27/2024 | 84 | 88 |  |
| &nbsp;&nbsp;&nbsp; YZQX-T5H7, 19.750%, 2/02/2025 †x#^ | Affirm | 2/06/2023 | 3744 | 4013 | 225 |
| &nbsp;&nbsp;&nbsp; YZR0-HFW5, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; YZR8-UK1F, 35.320%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 316 | 318 | 19 |
| &nbsp;&nbsp;&nbsp; YZRO-Z3W6, 11.880%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 54 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; YZRU-L6H6, 23.400%, 3/26/2026 †§x | Affirm | 9/30/2024 | 193 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; YZRX-C37I, 33.050%, 9/18/2025 †§x# | Affirm | 9/23/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; YZRX-MJOF, 22.900%, 6/20/2026 †x | Affirm | 6/24/2024 | 3784 | 3863 | 3895 |
| &nbsp;&nbsp;&nbsp; YZS5-EQJF, 33.950%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 269 | 284 | 40 |
| &nbsp;&nbsp;&nbsp; YZS8-WTNB, 35.620%, 11/12/2025 †§x | Affirm | 11/27/2024 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; YZSD-49O2, 24.400%, 12/11/2025 †§x | Affirm | 12/27/2024 | 332 | 336 | 336 |
| &nbsp;&nbsp;&nbsp; YZSG-7LLO, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; YZSM-GIO7, 24.400%, 5/22/2026 †§x | Affirm | 5/28/2024 | 229 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; YZSQ-RHIC, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YZSS-ZXAY, 29.120%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 157 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; YZT5-VVCZ, 15.760%, 9/28/2025 †x# | Affirm | 10/02/2023 | 554 | 562 | 33 |
| &nbsp;&nbsp;&nbsp; YZT5-ZEUG, 29.670%, 6/21/2022 †x#^ | Affirm | 12/27/2021 | 149 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; YZTD-CBUG, 9.850%, 4/26/2027 †§x | Affirm | 5/02/2024 | 2077 | 2109 | 2117 |
| &nbsp;&nbsp;&nbsp; YZTH-P5Z8, 21.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; YZTI-U080, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 15 |
| &nbsp;&nbsp;&nbsp; YZTJ-F7BN, 35.370%, 11/21/2025 †§x | Affirm | 5/24/2024 | 113 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; YZTL-1XXZ, 24.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | 210 | 218 | 220 |
| &nbsp;&nbsp;&nbsp; YZTR-6XPC, 29.520%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 682 | 695 | 41 |
| &nbsp;&nbsp;&nbsp; YZTW-ZRJS, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 370 | 376 | 377 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8445** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; YZUS-KXAH, 32.500%, 7/02/2026 †§x | Affirm | 1/29/2025 | $433 | $440 | $439 |
| &nbsp;&nbsp;&nbsp; YZUT-VOZW, 29.470%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 504 | 498 | 30 |
| &nbsp;&nbsp;&nbsp; YZUU-CQH7, 27.690%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 329 | 346 | 20 |
| &nbsp;&nbsp;&nbsp; YZUV-0INK, 22.750%, 5/21/2027 †§x | Affirm | 5/24/2024 | 1804 | 1835 | 1844 |
| &nbsp;&nbsp;&nbsp; YZV8-NU4A, 33.050%, 8/27/2026 †§x | Affirm | 8/30/2024 | 336 | 346 | 347 |
| &nbsp;&nbsp;&nbsp; YZVA-TWU7, 22.750%, 3/03/2028 †§x# | Affirm | 3/28/2025 | 1780 | 1861 | 1875 |
| &nbsp;&nbsp;&nbsp; YZVV-8GZS, 33.050%, 10/21/2026 †§x | Affirm | 10/24/2024 | 391 | 404 | 403 |
| &nbsp;&nbsp;&nbsp; YZW6-0KG3, 35.610%, 8/12/2026 †§x | Affirm | 2/26/2025 | 244 | 242 | 244 |
| &nbsp;&nbsp;&nbsp; YZW7-X06T, 29.580%, 1/05/2028 †§x# | Affirm | 1/11/2024 | 1075 | 1155 | 1139 |
| &nbsp;&nbsp;&nbsp; YZW8-FDP5, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 195 | 201 | 198 |
| &nbsp;&nbsp;&nbsp; YZW8-VIY7, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 144 | 146 | 145 |
| &nbsp;&nbsp;&nbsp; YZWC-BCN8, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YZWE-GP9C, 35.490%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; YZWJ-O58U, 29.800%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; YZWO-6ICG, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 138 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; YZWQ-KXHT, 29.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; YZWS-L66Z, 35.620%, 8/10/2026 †§x | Affirm | 2/26/2025 | 189 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; YZWW-GY6V, 22.690%, 10/25/2025 †§x | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; YZX6-M4B0, 11.730%, 1/08/2026 †§x | Affirm | 7/31/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; YZX8-XVLI, 29.490%, 1/25/2026 †§x | Affirm | 7/29/2024 | 127 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; YZXB-RHNP, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; YZXV-BX5F, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; YZXW-VPGS, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; YZY1-G6M0, 24.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 1521 | 1568 | 1594 |
| &nbsp;&nbsp;&nbsp; YZY4-3F0F, 35.390%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 89 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; YZY5-7DEW, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; YZY6-590M, 22.730%, 1/03/2027 †§x | Affirm | 1/29/2025 | 560 | 579 | 583 |
| &nbsp;&nbsp;&nbsp; YZY7-UBER, 32.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 350 | 356 | 357 |
| &nbsp;&nbsp;&nbsp; YZY8-9H9L, 29.680%, 1/02/2027 †§x | Affirm | 1/29/2025 | 295 | 306 | 302 |
| &nbsp;&nbsp;&nbsp; YZYH-UE2I, 35.880%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 102 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; YZYK-EDLQ, 29.670%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; YZYT-8SGZ, 35.990%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 58 | 58 | 2 |
| &nbsp;&nbsp;&nbsp; YZZ8-JBE8, 25.900%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 185 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; YZZC-5C0C, 33.950%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1725 | 1799 | 1826 |
| &nbsp;&nbsp;&nbsp; YZZC-EE57, 22.750%, 9/02/2025 †§x | Affirm | 6/27/2025 | 84 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; YZZE-8MTY, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 98 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; YZZO-BQX5, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 167 | 169 | 168 |
| &nbsp;&nbsp;&nbsp; YZZS-PU43, 33.070%, 12/28/2025 †x# | Affirm | 1/29/2025 | 222 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; YZZT-MJ2Z, 22.830%, 12/11/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Z004-QLAL, 35.360%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; Z00N-V4LB, 14.700%, 10/02/2025 †§x | Affirm | 10/07/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Z00P-0YXE, 35.790%, 2/07/2026 †§x | Affirm | 2/26/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Z00S-3KUG, 35.690%, 2/10/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; Z00X-RO9P, 29.290%, 1/30/2024 †x#^ | Affirm | 8/03/2023 | 1500 | 1445 | 90 |
| &nbsp;&nbsp;&nbsp; Z010-HXWN, 15.790%, 6/19/2026 †§x | Affirm | 12/27/2024 | 325 | 323 | 324 |
| &nbsp;&nbsp;&nbsp; Z010-J2O0, 9.920%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Z011-2LY1, 35.530%, 12/12/2025 †§x | Affirm | 12/27/2024 | 79 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; Z011-H1P2, 29.540%, 10/08/2022 †x#^ | Affirm | 4/14/2022 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; Z017-I7XA, 29.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Z01C-5PBO, 29.490%, 5/17/2026 †x# | Affirm | 5/22/2023 | 2359 | 2139 | 142 |
| &nbsp;&nbsp;&nbsp; Z01C-H3KS, 29.420%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 117 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Z01D-7Y3B, 22.770%, 2/07/2027 †§x | Affirm | 2/26/2025 | 599 | 623 | 628 |
| &nbsp;&nbsp;&nbsp; Z01G-C034, 13.840%, 12/04/2025 †§x# | Affirm | 12/07/2023 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Z01Y-31SR, 35.320%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 393 | 395 | 24 |
| &nbsp;&nbsp;&nbsp; Z01Z-O5ZL, 29.620%, 6/28/2022 †x#^ | Affirm | 12/31/2021 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; Z029-NRO4, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 49 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8446** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z02A-I1V9, 35.440%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | $250 | $252 | $15 |
| &nbsp;&nbsp;&nbsp; Z02B-0A3D, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Z02B-QDQO, 4.434%, 11/28/2022 †x#^« | Affirm | 12/02/2021 | 272 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; Z02F-TDW5, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Z02J-WHU7, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 157 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; Z02L-LNYM, 33.669%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | 134 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; Z02P-5AKN, 23.400%, 10/18/2025 †§x | Affirm | 10/24/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Z03N-1JN5, 29.290%, 12/02/2025 †§x | Affirm | 6/27/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z03R-ZVLP, 29.520%, 12/04/2025 †x# | Affirm | 12/07/2023 | 181 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; Z042-MES6, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 358 | 353 | 356 |
| &nbsp;&nbsp;&nbsp; Z044-MAXZ, 35.570%, 5/15/2026 †§x | Affirm | 11/27/2024 | 510 | 507 | 510 |
| &nbsp;&nbsp;&nbsp; Z04Q-1XEA, 35.540%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; Z04S-HFX3, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; Z04V-X27T, 32.000%, 12/06/2025 †x# | Affirm | 12/27/2024 | 827 | 867 | 50 |
| &nbsp;&nbsp;&nbsp; Z04X-VDSQ, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; Z051-TVR1, 29.110%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Z053-48SM, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 126 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; Z053-XY73, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 119 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; Z055-JPAG, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Z058-0VKW, 20.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 382 | 395 | 399 |
| &nbsp;&nbsp;&nbsp; Z05A-NCSJ, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 251 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; Z05F-SVMS, 33.950%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 170 | 178 | 10 |
| &nbsp;&nbsp;&nbsp; Z05T-2FNH, 35.380%, 11/06/2025 †§x | Affirm | 5/09/2024 | 180 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; Z066-74SN, 22.900%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; Z06C-2NLG, 23.400%, 1/13/2028 †§x | Affirm | 1/29/2025 | 1010 | 1043 | 1030 |
| &nbsp;&nbsp;&nbsp; Z06C-MZHK, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Z06E-F0DT, 29.020%, 10/02/2025 †§x# | Affirm | 10/05/2023 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Z06G-ZJCS, 29.710%, 1/11/2023 †x#^ | Affirm | 1/21/2022 | 193 | 185 | 12 |
| &nbsp;&nbsp;&nbsp; Z06L-POU5, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z06Y-85U7, 27.500%, 10/28/2025 †§x# | Affirm | 11/03/2022 | 93 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; Z07B-CM83, 35.380%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 191 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; Z07C-T2XN, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z07H-BH0V, 33.290%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z07I-P9M7, 9.840%, 6/28/2026 †§x# | Affirm | 7/07/2023 | 1844 | 1891 | 1908 |
| &nbsp;&nbsp;&nbsp; Z07T-N021, 29.720%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 232 | 239 | 237 |
| &nbsp;&nbsp;&nbsp; Z080-O76C, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; Z081-4ZLS, 29.500%, 11/28/2026 †§x# | Affirm | 12/04/2023 | 1624 | 1671 | 1681 |
| &nbsp;&nbsp;&nbsp; Z085-TKFA, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 80 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Z089-U0TZ, 35.560%, 1/09/2026 †§x | Affirm | 1/29/2025 | 262 | 261 | 261 |
| &nbsp;&nbsp;&nbsp; Z08F-UXNW, 33.050%, 1/06/2026 †x# | Affirm | 1/29/2025 | 136 | 142 | 7 |
| &nbsp;&nbsp;&nbsp; Z08T-SKMB, 29.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 120 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; Z09F-6CAA, 11.920%, 4/03/2026 †x# | Affirm | 3/28/2025 | 95 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; Z09F-71HO, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 132 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; Z09H-FWD4, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; Z09I-ZJ17, 35.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; Z09M-GU1E, 29.320%, 11/27/2022 †x#^ | Affirm | 6/03/2022 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; Z0A2-JWOL, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 252 | 261 | 262 |
| &nbsp;&nbsp;&nbsp; Z0AC-QUGA, 35.330%, 4/28/2025 †x#^ | Affirm | 5/03/2024 | 115 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Z0AH-EAJH, 24.400%, 2/10/2027 †§x | Affirm | 2/26/2025 | 558 | 584 | 587 |
| &nbsp;&nbsp;&nbsp; Z0AL-85U7, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; Z0AP-0G7Y, 29.450%, 6/02/2026 †§x | Affirm | 6/27/2025 | 324 | 333 | 335 |
| &nbsp;&nbsp;&nbsp; Z0AP-4OD5, 35.977%, 8/19/2023 †x#^ | Affirm | 5/25/2023 | 118 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Z0AT-98KW, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 364 | 373 | 375 |
| &nbsp;&nbsp;&nbsp; Z0AT-BJVJ, 33.050%, 2/07/2026 †§x | Affirm | 8/29/2025 | 147 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; Z0AV-1OOB, 29.900%, 7/20/2022 †x#^ | Affirm | 1/24/2022 | 16 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; Z0AW-3N2I, 15.830%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 25 | 25 | 26 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8447** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z0BD-RK9F, 15.890%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | $355 | $352 | $21 |
| &nbsp;&nbsp;&nbsp; Z0BE-J48O, 19.900%, 4/24/2024 †x#^ | Affirm | 10/28/2022 | 129 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; Z0BR-O1J2, 33.950%, 8/26/2026 †§x | Affirm | 8/29/2024 | 461 | 474 | 478 |
| &nbsp;&nbsp;&nbsp; Z0BY-V5RM, 29.680%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 674 | 662 | 40 |
| &nbsp;&nbsp;&nbsp; Z0C0-VE0N, 23.266%, 2/22/2026 †§x« | Affirm | 8/29/2024 | 100 | 73 | 88 |
| &nbsp;&nbsp;&nbsp; Z0C8-T31U, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 225 | 227 | 227 |
| &nbsp;&nbsp;&nbsp; Z0CD-SWIC, 29.560%, 2/17/2024 †x#^ | Affirm | 8/22/2022 | 190 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; Z0CI-157A, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Z0CI-RA5D, 35.320%, 5/03/2025 †x#^ | Affirm | 5/09/2024 | 99 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; Z0CR-DXNK, 35.680%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 161 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; Z0CT-LM8Q, 35.520%, 12/28/2025 †§x | Affirm | 1/29/2025 | 105 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; Z0CV-QCXF, 25.200%, 3/28/2026 †§x | Affirm | 3/31/2025 | 121 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; Z0CY-OTRE, 22.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 190 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; Z0DV-TSCZ, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Z0E8-XQ9W, 30.000%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 47 | 48 | 11 |
| &nbsp;&nbsp;&nbsp; Z0E9-KA7B, 13.840%, 1/02/2027 †x | Affirm | 1/29/2025 | 6780 | 7012 | 7060 |
| &nbsp;&nbsp;&nbsp; Z0EE-6UAQ, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Z0EV-RAFL, 35.240%, 9/03/2025 †§x | Affirm | 3/28/2025 | 36 | 36 | 35 |
| &nbsp;&nbsp;&nbsp; Z0EX-WX8Y, 15.920%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 55 | 56 | 5 |
| &nbsp;&nbsp;&nbsp; Z0F1-BL1H, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; Z0F4-7BMD, 9.780%, 11/06/2025 †§x | Affirm | 5/30/2025 | 1107 | 1117 | 1120 |
| &nbsp;&nbsp;&nbsp; Z0FI-YPJ0, 29.610%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 242 | 250 | 248 |
| &nbsp;&nbsp;&nbsp; Z0FN-6G4P, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 162 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; Z0FT-437V, 24.620%, 12/24/2025 †§x | Affirm | 6/27/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Z0FY-0A5C, 35.450%, 12/20/2025 †§x | Affirm | 6/24/2024 | 237 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; Z0G5-Q8HF, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 260 | 263 | 263 |
| &nbsp;&nbsp;&nbsp; Z0G7-JO96, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 325 | 330 | 329 |
| &nbsp;&nbsp;&nbsp; Z0GD-FUMK, 29.370%, 2/06/2026 †§x | Affirm | 8/29/2025 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; Z0GD-SIC2, 22.530%, 2/06/2026 †§x | Affirm | 8/29/2025 | 457 | 467 | 467 |
| &nbsp;&nbsp;&nbsp; Z0GV-CPNR, 33.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; Z0GV-CYFS, 29.550%, 4/26/2026 †§x | Affirm | 5/02/2024 | 286 | 290 | 293 |
| &nbsp;&nbsp;&nbsp; Z0H0-BI10, 29.560%, 6/18/2026 †§x | Affirm | 6/21/2024 | 337 | 345 | 346 |
| &nbsp;&nbsp;&nbsp; Z0H4-3ROP, 26.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Z0HC-DPYR, 19.700%, 9/26/2025 †§x | Affirm | 9/30/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z0HL-0GQU, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Z0HP-IVTZ, 29.360%, 9/20/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z0HS-0ZGV, 35.290%, 1/22/2026 †x# | Affirm | 7/25/2024 | 419 | 436 | 25 |
| &nbsp;&nbsp;&nbsp; Z0HS-LW5F, 16.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 118 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; Z0HW-VUZC, 26.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Z0I0-9PCD, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 881 | 916 | 919 |
| &nbsp;&nbsp;&nbsp; Z0I8-0UBD, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 275 | 280 | 278 |
| &nbsp;&nbsp;&nbsp; Z0ID-Y4UR, 35.870%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 1015 | 1020 | 111 |
| &nbsp;&nbsp;&nbsp; Z0IN-EIB7, 15.750%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 122 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; Z0IV-01E8, 29.430%, 3/16/2023 †x#^ | Affirm | 3/21/2022 | 88 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; Z0IX-HTKG, 21.900%, 10/03/2025 †§x | Affirm | 10/07/2024 | 124 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; Z0JJ-VIPL, 3.589%, 2/21/2024 †x#^« | Affirm | 10/27/2022 | 128 | 122 | 8 |
| &nbsp;&nbsp;&nbsp; Z0JL-25EC, 33.950%, 7/06/2026 †§x | Affirm | 1/29/2025 | 148 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; Z0JQ-4EH6, 35.650%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 281 | 283 | 283 |
| &nbsp;&nbsp;&nbsp; Z0JT-Q047, 15.940%, 12/28/2025 †§x | Affirm | 1/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Z0JX-O3SX, 35.760%, 2/07/2026 †x# | Affirm | 2/26/2025 | 358 | 355 | 15 |
| &nbsp;&nbsp;&nbsp; Z0K3-G7TW, 29.070%, 10/02/2025 †§x# | Affirm | 10/05/2023 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Z0KC-FS9E, 30.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 155 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; Z0KI-JQOX, 35.990%, 1/02/2026 †x# | Affirm | 1/29/2025 | 1352 | 1384 | 38 |
| &nbsp;&nbsp;&nbsp; Z0KM-CIB8, 35.440%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 1202 | 1250 | 72 |
| &nbsp;&nbsp;&nbsp; Z0LC-PVVV, 24.720%, 9/16/2025 †§x | Affirm | 9/19/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; Z0LJ-AV8R, 35.290%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 458 | 466 | 27 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8448** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z0LL-OJ40, 29.440%, 3/28/2026 †§x# | Affirm | 4/22/2025 | $62 | $64 | $64 |
| &nbsp;&nbsp;&nbsp; Z0LM-ZUSM, 33.950%, 10/18/2025 †§x | Affirm | 10/24/2024 | 142 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; Z0LX-B1H7, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 132 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; Z0LY-OYZA, 24.950%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z0M5-6CSX, 32.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Z0MJ-TI0H, 35.540%, 12/10/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; Z0MM-K6UW, 24.690%, 3/23/2026 †§x | Affirm | 9/26/2024 | 483 | 479 | 482 |
| &nbsp;&nbsp;&nbsp; Z0MP-D7YN, 26.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Z0MQ-KR7N, 29.400%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; Z0N3-4UCG, 35.530%, 12/12/2025 †§x | Affirm | 12/27/2024 | 369 | 368 | 367 |
| &nbsp;&nbsp;&nbsp; Z0N5-JR2H, 22.710%, 12/16/2025 †§x | Affirm | 12/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Z0NL-S3MH, 33.950%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 133 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; Z0NM-0JKQ, 19.730%, 12/19/2026 †§x | Affirm | 12/27/2024 | 347 | 347 | 352 |
| &nbsp;&nbsp;&nbsp; Z0NM-XTP3, 31.523%, 7/02/2024 †x#^ | Affirm | 1/05/2024 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Z0NO-X6EX, 28.200%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 435 | 455 | 26 |
| &nbsp;&nbsp;&nbsp; Z0NP-KRIY, 29.530%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 324 | 336 | 19 |
| &nbsp;&nbsp;&nbsp; Z0O0-6GOO, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 434 | 448 | 445 |
| &nbsp;&nbsp;&nbsp; Z0O6-02FE, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; Z0OB-L4EL, 11.700%, 1/17/2026 †§x | Affirm | 1/20/2023 | 803 | 812 | 817 |
| &nbsp;&nbsp;&nbsp; Z0OC-WMYH, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Z0OK-I4GZ, 15.730%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 1094 | 1103 | 66 |
| &nbsp;&nbsp;&nbsp; Z0OU-WGAH, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; Z0OY-16HH, 32.500%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 418 | 417 | 425 |
| &nbsp;&nbsp;&nbsp; Z0P2-ATZB, 18.900%, 9/08/2026 †§x | Affirm | 9/12/2022 | 618 | 636 | 601 |
| &nbsp;&nbsp;&nbsp; Z0P9-QY8H, 35.590%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 1087 | 1094 | 65 |
| &nbsp;&nbsp;&nbsp; Z0PA-2J5P, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; Z0PD-IG68, 18.000%, 8/26/2026 †§x | Affirm | 8/29/2024 | 567 | 582 | 585 |
| &nbsp;&nbsp;&nbsp; Z0PX-M29W, 35.280%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; Z0Q3-YZIU, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Z0Q5-HXZV, 29.470%, 7/08/2026 †§x | Affirm | 7/31/2025 | 144 | 151 | 150 |
| &nbsp;&nbsp;&nbsp; Z0Q6-R2DB, 31.000%, 11/15/2026 †§x | Affirm | 11/27/2024 | 1363 | 1412 | 1419 |
| &nbsp;&nbsp;&nbsp; Z0Q7-MFV7, 29.490%, 8/22/2024 †x#^ | Affirm | 8/25/2023 | 205 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; Z0QP-HTMB, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 58 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Z0R3-13OA, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 1805 | 1829 | 1835 |
| &nbsp;&nbsp;&nbsp; Z0R7-PQHN, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; Z0R8-5FPB, 29.490%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 228 | 239 | 240 |
| &nbsp;&nbsp;&nbsp; Z0R9-H3LK, 33.950%, 1/03/2027 †§x | Affirm | 1/29/2025 | 783 | 807 | 816 |
| &nbsp;&nbsp;&nbsp; Z0RJ-PAG7, 33.950%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; Z0RR-1W00, 29.580%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 185 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; Z0S0-M3UC, 24.400%, 6/20/2026 †§x | Affirm | 6/24/2024 | 412 | 421 | 423 |
| &nbsp;&nbsp;&nbsp; Z0S2-3HWA, 22.660%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 77 | 81 | 4 |
| &nbsp;&nbsp;&nbsp; Z0S2-IGSO, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; Z0S9-SWME, 29.770%, 8/11/2026 †§x | Affirm | 2/26/2025 | 263 | 271 | 273 |
| &nbsp;&nbsp;&nbsp; Z0SB-USMN, 33.950%, 9/26/2025 †§x | Affirm | 9/30/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Z0SF-IV6H, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; Z0SH-1ORX, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 311 | 320 | 322 |
| &nbsp;&nbsp;&nbsp; Z0SU-RHK4, 29.180%, 10/08/2025 †§x | Affirm | 7/31/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Z0SX-0TDL, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z0T6-UVS9, 29.620%, 3/25/2026 †§x | Affirm | 9/30/2024 | 130 | 132 | 133 |
| &nbsp;&nbsp;&nbsp; Z0TB-G71K, 29.560%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 209 | 221 | 13 |
| &nbsp;&nbsp;&nbsp; Z0TU-F0O0, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 121 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; Z0TW-OBUX, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 321 | 321 | 323 |
| &nbsp;&nbsp;&nbsp; Z0U2-J0ER, 35.610%, 11/20/2025 †§x | Affirm | 11/27/2024 | 261 | 264 | 265 |
| &nbsp;&nbsp;&nbsp; Z0UA-I4G7, 35.360%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Z0UF-N12H, 35.510%, 12/02/2026 †x | Affirm | 6/27/2025 | 1423 | 1391 | 1408 |
| &nbsp;&nbsp;&nbsp; Z0UQ-0C8V, 23.400%, 3/03/2027 †§x | Affirm | 3/28/2025 | 903 | 945 | 954 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8449** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z0UR-XDU7, 32.500%, 9/28/2025 †§x# | Affirm | 10/03/2024 | $107 | $107 | $106 |
| &nbsp;&nbsp;&nbsp; Z0UU-I56U, 29.480%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 387 | 402 | 23 |
| &nbsp;&nbsp;&nbsp; Z0V0-037B, 29.640%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; Z0V2-YS8C, 30.000%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 26 | 26 | 7 |
| &nbsp;&nbsp;&nbsp; Z0V3-K64Q, 35.330%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | 233 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; Z0V6-44U6, 29.820%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 184 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; Z0V7-MNXC, 30.000%, 6/29/2024 †x#^ | Affirm | 7/03/2023 | 110 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; Z0VG-VL4S, 29.430%, 3/02/2023 †x#^ | Affirm | 3/07/2022 | 90 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; Z0W0-U978, 28.500%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 2948 | 3087 | 177 |
| &nbsp;&nbsp;&nbsp; Z0W3-CZTF, 33.950%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 141 | 149 | 8 |
| &nbsp;&nbsp;&nbsp; Z0W5-T967, 30.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z0WE-8K65, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Z0WP-S0E4, 24.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | 456 | 450 | 454 |
| &nbsp;&nbsp;&nbsp; Z0WR-PFX7, 25.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 101 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; Z0WW-GN1I, 33.950%, 11/15/2026 †§x | Affirm | 11/27/2024 | 509 | 526 | 530 |
| &nbsp;&nbsp;&nbsp; Z0WZ-XQWL, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 199 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; Z0X7-8O4V, 11.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Z0XM-82H3, 24.400%, 12/11/2025 †x# | Affirm | 12/27/2024 | 622 | 643 | 25 |
| &nbsp;&nbsp;&nbsp; Z0XO-PDH8, 28.500%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 72 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z0XV-EGZV, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Z0Y9-GELJ, 13.840%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; Z0YC-663M, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Z0YG-UF3P, 30.950%, 9/28/2025 †§x | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Z0YO-Y1KT, 23.400%, 9/26/2025 †§x | Affirm | 9/30/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Z0YS-0ZPP, 31.000%, 9/26/2025 †§x | Affirm | 9/30/2024 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; Z0YV-CVFL, 15.880%, 9/02/2025 †§x | Affirm | 6/27/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Z0YY-OOEA, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 247 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; Z0Z5-XCPZ, 35.210%, 11/10/2023 †x#^ | Affirm | 8/14/2023 | 47 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; Z0ZB-Y6WX, 31.000%, 3/23/2026 †§x | Affirm | 9/26/2024 | 117 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; Z0ZF-G8UE, 33.050%, 10/23/2025 †§x | Affirm | 10/28/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Z0ZN-GBHR, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 127 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; Z0ZV-EKJZ, 11.880%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 517 | 543 | 31 |
| &nbsp;&nbsp;&nbsp; Z0ZV-ZVKM, 35.480%, 9/23/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z0ZW-AGC8, 33.050%, 5/13/2026 †§x | Affirm | 11/27/2024 | 153 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; Z10B-Q2NB, 29.720%, 1/08/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Z10E-WCKV, 9.760%, 1/08/2026 †§x | Affirm | 7/31/2025 | 137 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; Z10K-RUO6, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z10R-HAMI, 8.217%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 736 | 704 | 697 |
| &nbsp;&nbsp;&nbsp; Z10T-A11X, 35.500%, 12/16/2025 †x# | Affirm | 12/27/2024 | 105 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; Z10Y-U7NV, 29.700%, 3/28/2026 †§x# | Affirm | 10/03/2024 | 193 | 197 | 195 |
| &nbsp;&nbsp;&nbsp; Z10Z-8FXG, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z119-NQSK, 33.950%, 12/14/2025 †§x | Affirm | 6/21/2024 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Z11A-6LA5, 26.500%, 7/09/2024 †x#^ | Affirm | 1/12/2023 | 196 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; Z11D-WX3D, 29.620%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 159 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; Z11F-RL8A, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 148 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; Z11I-A4W0, 29.570%, 12/06/2026 †x# | Affirm | 12/11/2023 | 998 | 1076 | 60 |
| &nbsp;&nbsp;&nbsp; Z11O-2WFG, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z11R-DFZW, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 170 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; Z11T-CFUM, 29.660%, 9/24/2025 †§x | Affirm | 9/27/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Z126-JAY2, 22.760%, 11/06/2025 †§x# | Affirm | 11/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; Z12E-ZMXS, 29.460%, 5/25/2025 †x#^ | Affirm | 5/30/2023 | 526 | 556 | 32 |
| &nbsp;&nbsp;&nbsp; Z12I-WE8C, 32.500%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 1285 | 1165 | 77 |
| &nbsp;&nbsp;&nbsp; Z12J-WB3O, 29.630%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Z12K-Q8OM, 35.560%, 11/20/2026 †x# | Affirm | 11/27/2024 | 310 | 310 | 15 |
| &nbsp;&nbsp;&nbsp; Z12Q-UJGV, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Z12R-FQ06, 32.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 886 | 903 | 906 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8450** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z130-28W5, 29.570%, 4/21/2024 †x#^ | Affirm | 10/31/2022 | $261 | $280 | $16 |
| &nbsp;&nbsp;&nbsp; Z137-JQNK, 29.490%, 6/29/2024 †x#^ | Affirm | 7/07/2023 | 56 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; Z13B-3QPI, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 151 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; Z13G-D7DU, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 174 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; Z13M-7S9U, 35.420%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 92 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; Z13O-Q6RI, 31.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 63 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; Z13R-YL3L, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 601 | 617 | 620 |
| &nbsp;&nbsp;&nbsp; Z13S-N5SC, 29.570%, 8/27/2026 †§x | Affirm | 8/30/2024 | 427 | 439 | 441 |
| &nbsp;&nbsp;&nbsp; Z13U-A2M0, 29.500%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 592 | 585 | 36 |
| &nbsp;&nbsp;&nbsp; Z13Z-4VLT, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 7 | 7 | 8 |
| &nbsp;&nbsp;&nbsp; Z143-DBCJ, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Z14E-2DXF, 35.290%, 12/20/2024 †x#^ | Affirm | 6/24/2024 | 339 | 349 | 20 |
| &nbsp;&nbsp;&nbsp; Z14P-HJRV, 33.000%, 12/24/2025 †§x | Affirm | 6/27/2024 | 153 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; Z14T-4Y9C, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 194 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; Z14X-CEU4, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 217 | 221 | 221 |
| &nbsp;&nbsp;&nbsp; Z151-DAXW, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 362 | 360 | 358 |
| &nbsp;&nbsp;&nbsp; Z15F-8GXY, 15.750%, 10/29/2024 †x#^ | Affirm | 5/02/2024 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; Z15V-NWYD, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Z15Y-WIF4, 26.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Z16A-NHM5, 35.370%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 446 | 459 | 27 |
| &nbsp;&nbsp;&nbsp; Z16F-F8LL, 11.790%, 2/06/2026 †§x | Affirm | 8/29/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; Z16N-JZBA, 35.460%, 10/22/2025 †§x | Affirm | 10/25/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; Z16T-5OJV, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 151 | 156 | 153 |
| &nbsp;&nbsp;&nbsp; Z16U-0KQC, 29.580%, 4/28/2026 †§x | Affirm | 10/31/2024 | 241 | 247 | 247 |
| &nbsp;&nbsp;&nbsp; Z16W-6B3X, 29.290%, 1/28/2023 †x#^ | Affirm | 8/01/2022 | 238 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; Z16X-YBGM, 33.050%, 5/20/2026 †§x | Affirm | 11/27/2024 | 194 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; Z17J-A0WR, 27.500%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 330 | 347 | 20 |
| &nbsp;&nbsp;&nbsp; Z17K-19RP, 29.680%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 825 | 771 | 49 |
| &nbsp;&nbsp;&nbsp; Z17M-2K6W, 29.680%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 303 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; Z17T-09RM, 35.280%, 9/05/2025 †§x | Affirm | 3/08/2024 | 35 | 35 | 34 |
| &nbsp;&nbsp;&nbsp; Z17W-9HK7, 29.710%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 193 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; Z183-8GPF, 29.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z18G-0Z8F, 24.900%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 264 | 272 | 275 |
| &nbsp;&nbsp;&nbsp; Z18M-RZHL, 33.050%, 4/25/2026 †§x | Affirm | 10/31/2024 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Z18T-MPXK, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 318 | 323 | 321 |
| &nbsp;&nbsp;&nbsp; Z18T-RE1L, 32.500%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 429 | 428 | 429 |
| &nbsp;&nbsp;&nbsp; Z18U-0BNY, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 32 | 32 | 33 |
| &nbsp;&nbsp;&nbsp; Z18W-BME1, 28.000%, 7/11/2024 †x#^ | Affirm | 1/17/2023 | 159 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; Z199-UXZF, 35.190%, 8/22/2023 †x#^ | Affirm | 5/25/2023 | 85 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; Z19D-36MD, 33.000%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 79 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; Z19E-9F5Q, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; Z19J-RENY, 24.400%, 12/17/2025 †§x | Affirm | 6/21/2024 | 125 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; Z19N-9CXL, 32.000%, 9/23/2027 †x | Affirm | 9/26/2024 | 2377 | 2433 | 2458 |
| &nbsp;&nbsp;&nbsp; Z19X-6VAL, 15.750%, 10/17/2025 †§x | Affirm | 4/22/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Z1A1-QO6Z, 29.560%, 6/18/2026 †§x | Affirm | 6/21/2024 | 601 | 614 | 617 |
| &nbsp;&nbsp;&nbsp; Z1AA-19TY, 11.750%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Z1AM-8U10, 16.700%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 306 | 302 | 18 |
| &nbsp;&nbsp;&nbsp; Z1AM-HSTH, 24.400%, 1/02/2027 †§x | Affirm | 1/29/2025 | 477 | 494 | 497 |
| &nbsp;&nbsp;&nbsp; Z1AR-BDZP, 35.440%, 1/06/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; Z1B1-LNR8, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 344 | 353 | 355 |
| &nbsp;&nbsp;&nbsp; Z1B4-3GOZ, 35.320%, 6/28/2025 †x#^ | Affirm | 1/02/2024 | 330 | 338 | 20 |
| &nbsp;&nbsp;&nbsp; Z1BF-F5B1, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 72 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; Z1BI-K236, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 55 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; Z1BJ-69J8, 19.700%, 5/28/2027 †x# | Affirm | 6/02/2023 | 4739 | 5005 | 4875 |
| &nbsp;&nbsp;&nbsp; Z1BK-1YK0, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 162 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; Z1BK-8V7I, 29.740%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8451** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z1BU-CY90, 31.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | $101 | $101 | $101 |
| &nbsp;&nbsp;&nbsp; Z1C3-4IBW, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; Z1C3-HYZB, 29.000%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 170 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; Z1C4-0BOJ, 29.510%, 4/21/2023 †x#^ | Affirm | 4/25/2022 | 58 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; Z1C6-45GT, 13.840%, 6/20/2027 †x | Affirm | 6/24/2024 | 3300 | 3338 | 3353 |
| &nbsp;&nbsp;&nbsp; Z1C8-VIR4, 20.900%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 309 | 326 | 19 |
| &nbsp;&nbsp;&nbsp; Z1CF-8TFG, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z1CK-PKV0, 29.500%, 9/23/2025 †§x | Affirm | 9/26/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Z1CO-0PI3, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 222 | 229 |  |
| &nbsp;&nbsp;&nbsp; Z1CX-9YTM, 24.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 307 | 315 | 316 |
| &nbsp;&nbsp;&nbsp; Z1CX-ANPL, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; Z1D4-HWP0, 32.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 92 | 93 | 91 |
| &nbsp;&nbsp;&nbsp; Z1DI-KQY7, 35.530%, 12/11/2025 †§x | Affirm | 12/27/2024 | 212 | 212 | 212 |
| &nbsp;&nbsp;&nbsp; Z1DN-HOQN, 32.990%, 12/24/2025 †x# | Affirm | 6/27/2024 | 152 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; Z1DW-O5T3, 29.470%, 8/01/2023 †x#^ | Affirm | 8/04/2022 | 156 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; Z1EA-RSHZ, 35.290%, 1/19/2026 †§x | Affirm | 7/25/2024 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; Z1ED-K6K7, 29.690%, 6/01/2023 †x#^ | Affirm | 6/06/2022 | 87 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; Z1EN-I198, 29.000%, 1/07/2023 †x#^ | Affirm | 10/14/2022 | 325 | 324 | 20 |
| &nbsp;&nbsp;&nbsp; Z1EQ-F2UT, 35.380%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 2681 | 2595 | 161 |
| &nbsp;&nbsp;&nbsp; Z1EQ-Y1BG, 15.770%, 1/08/2026 †x# | Affirm | 1/11/2024 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; Z1ES-XGAN, 29.510%, 6/26/2025 †x#^ | Affirm | 6/29/2023 | 404 | 402 | 24 |
| &nbsp;&nbsp;&nbsp; Z1F5-G7PN, 35.620%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; Z1F8-NDQK, 26.700%, 9/20/2025 †§x | Affirm | 3/28/2025 | 141 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; Z1FC-8WQ9, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 206 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; Z1FD-NS8J, 29.600%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 96 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; Z1FN-MWMM, 29.650%, 5/18/2026 †§x | Affirm | 11/27/2024 | 139 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; Z1FT-4H93, 29.610%, 2/20/2028 †§x | Affirm | 2/23/2024 | 1440 | 1550 | 1540 |
| &nbsp;&nbsp;&nbsp; Z1FT-BV0K, 29.430%, 5/05/2023 †x#^ | Affirm | 5/09/2022 | 79 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; Z1FW-XNUX, 29.430%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 67 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; Z1FX-PCTV, 33.950%, 11/28/2024 †x#^ | Affirm | 5/31/2024 | 317 | 325 | 19 |
| &nbsp;&nbsp;&nbsp; Z1G6-MQS4, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z1GD-L5CD, 33.050%, 9/26/2025 †§x | Affirm | 9/30/2024 | 16 | 16 | 17 |
| &nbsp;&nbsp;&nbsp; Z1GK-R2DW, 35.310%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 72 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; Z1GL-1TBJ, 33.950%, 1/01/2026 †x# | Affirm | 7/05/2024 | 129 | 137 | 6 |
| &nbsp;&nbsp;&nbsp; Z1GP-B18J, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z1GY-OZC0, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 87 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; Z1GY-WDQU, 29.420%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 299 | 296 | 18 |
| &nbsp;&nbsp;&nbsp; Z1H1-V0JU, 15.910%, 2/07/2026 †§x | Affirm | 2/26/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; Z1H4-KP5L, 15.720%, 7/08/2026 †§x | Affirm | 7/31/2025 | 599 | 617 | 620 |
| &nbsp;&nbsp;&nbsp; Z1H8-GA95, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z1HA-FDTL, 15.780%, 10/22/2025 †§x | Affirm | 10/25/2024 | 106 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; Z1HJ-KYKZ, 35.490%, 3/01/2026 †x# | Affirm | 3/07/2024 | 462 | 470 | 17 |
| &nbsp;&nbsp;&nbsp; Z1HN-KAYW, 23.250%, 12/08/2025 †x | Affirm | 12/14/2023 | 2812 | 2833 | 2834 |
| &nbsp;&nbsp;&nbsp; Z1HQ-IY0M, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Z1I5-VCFG, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 353 | 351 | 353 |
| &nbsp;&nbsp;&nbsp; Z1IA-KC4E, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 265 | 272 | 274 |
| &nbsp;&nbsp;&nbsp; Z1IA-XYGQ, 22.900%, 2/01/2025 †x#^ | Affirm | 8/04/2023 | 64 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Z1IB-5G81, 22.870%, 2/05/2026 †§x | Affirm | 2/26/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; Z1IE-DPPQ, 35.380%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 1074 | 1019 | 64 |
| &nbsp;&nbsp;&nbsp; Z1IH-ZMDW, 20.022%, 2/20/2025 †x#^« | Affirm | 11/27/2024 | 519 | 498 | 31 |
| &nbsp;&nbsp;&nbsp; Z1IM-PDOX, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; Z1IX-UQAC, 29.600%, 1/02/2028 †§x | Affirm | 1/29/2025 | 962 | 992 | 995 |
| &nbsp;&nbsp;&nbsp; Z1J1-1UQ4, 22.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 375 | 386 | 389 |
| &nbsp;&nbsp;&nbsp; Z1J1-NV4Y, 35.660%, 1/08/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Z1J9-77VT, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Z1JK-ZW7F, 29.420%, 3/24/2023 †x#^ | Affirm | 3/28/2022 | 145 | 144 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8452** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z1JV-4FFW, 35.280%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | $1150 | $1145 | $69 |
| &nbsp;&nbsp;&nbsp; Z1KB-PI26, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z1KX-OFK7, 29.680%, 7/09/2026 †§x | Affirm | 1/29/2025 | 141 | 146 | 144 |
| &nbsp;&nbsp;&nbsp; Z1LA-F7J6, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z1LA-RFNX, 15.810%, 9/28/2025 †§x | Affirm | 10/03/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Z1LB-6TAR, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 262 | 261 | 260 |
| &nbsp;&nbsp;&nbsp; Z1LM-A45M, 22.000%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 71 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; Z1M3-B046, 22.900%, 6/13/2026 †§x | Affirm | 6/16/2023 | 329 | 336 | 335 |
| &nbsp;&nbsp;&nbsp; Z1M3-U2SQ, 29.820%, 7/02/2026 †§x | Affirm | 1/29/2025 | 328 | 335 | 336 |
| &nbsp;&nbsp;&nbsp; Z1M5-YPIM, 33.050%, 3/28/2027 †§x | Affirm | 3/31/2025 | 1385 | 1459 | 1475 |
| &nbsp;&nbsp;&nbsp; Z1M6-SQ68, 18.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; Z1MB-CQ85, 35.490%, 10/03/2025 †§x | Affirm | 10/07/2024 | 74 | 74 | 73 |
| &nbsp;&nbsp;&nbsp; Z1MC-M32R, 29.670%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 130 | 121 | 8 |
| &nbsp;&nbsp;&nbsp; Z1MK-77N2, 35.290%, 5/05/2024 †x#^ | Affirm | 5/11/2023 | 164 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; Z1MN-BE9U, 28.500%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 61 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; Z1MT-D2NL, 29.520%, 11/06/2025 †§x | Affirm | 5/30/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; Z1NC-7DZ1, 29.650%, 1/24/2024 †x#^ | Affirm | 1/27/2022 | 781 | 719 | 47 |
| &nbsp;&nbsp;&nbsp; Z1NI-N5Q4, 35.100%, 11/06/2025 †§x | Affirm | 5/30/2025 | 22 | 22 | 21 |
| &nbsp;&nbsp;&nbsp; Z1NV-SK3V, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 127 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; Z1O4-VR86, 35.510%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 182 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; Z1OB-RNAS, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 91 | 90 |
| &nbsp;&nbsp;&nbsp; Z1OF-42W4, 22.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 281 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; Z1OI-F9GW, 29.440%, 3/20/2026 †§x | Affirm | 3/28/2025 | 79 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Z1OL-QS8D, 32.500%, 9/11/2025 †§x | Affirm | 3/14/2024 | 361 | 361 | 359 |
| &nbsp;&nbsp;&nbsp; Z1OL-VX0U, 32.500%, 6/17/2026 †§x# | Affirm | 6/21/2024 | 375 | 374 | 379 |
| &nbsp;&nbsp;&nbsp; Z1OX-9X9M, 29.440%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 97 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; Z1P2-YHZP, 22.750%, 6/24/2027 †x | Affirm | 6/27/2024 | 2463 | 2493 | 2506 |
| &nbsp;&nbsp;&nbsp; Z1P3-Z9MF, 33.330%, 2/07/2026 †x# | Affirm | 2/26/2025 | 41 | 42 |  |
| &nbsp;&nbsp;&nbsp; Z1P7-4AY0, 24.700%, 12/18/2025 †§x | Affirm | 12/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Z1PJ-X5XO, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 647 | 670 | 39 |
| &nbsp;&nbsp;&nbsp; Z1Q5-HGSW, 35.490%, 10/18/2025 †§x# | Affirm | 10/24/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Z1QB-Z1YG, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 548 | 553 | 33 |
| &nbsp;&nbsp;&nbsp; Z1QD-OZJH, 35.380%, 5/28/2026 †§x# | Affirm | 6/27/2025 | 436 | 402 | 402 |
| &nbsp;&nbsp;&nbsp; Z1QV-0L74, 29.670%, 9/24/2025 †§x | Affirm | 9/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Z1QV-AN60, 29.600%, 12/28/2027 †§x# | Affirm | 1/29/2025 | 1258 | 1296 | 1301 |
| &nbsp;&nbsp;&nbsp; Z1R2-H2Y7, 23.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 159 | 162 | 163 |
| &nbsp;&nbsp;&nbsp; Z1R4-PLCR, 35.880%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 183 | 182 | 181 |
| &nbsp;&nbsp;&nbsp; Z1RD-YVY2, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Z1SF-WVRZ, 24.590%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 162 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; Z1SM-XS0I, 28.500%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 215 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; Z1SZ-20VN, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Z1TD-UXTL, 35.210%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Z1TW-NIKF, 22.840%, 2/06/2026 †§x | Affirm | 2/26/2025 | 225 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; Z1U0-GHK9, 35.820%, 10/03/2025 †§x | Affirm | 10/07/2024 | 63 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; Z1U5-RSD4, 30.000%, 8/01/2023 †x#^ | Affirm | 2/06/2023 | 73 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; Z1UK-2R4L, 22.740%, 5/08/2026 †§x | Affirm | 11/27/2024 | 119 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; Z1UP-I7S8, 29.480%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 163 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; Z1UQ-TFH3, 15.750%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 192 | 189 | 191 |
| &nbsp;&nbsp;&nbsp; Z1UQ-YRD9, 23.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; Z1UR-5UTH, 29.720%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 76 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; Z1UY-VXDG, 22.790%, 1/27/2026 †§x | Affirm | 2/26/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Z1V5-JOQ6, 15.830%, 7/03/2026 †§x | Affirm | 1/29/2025 | 1317 | 1357 | 1344 |
| &nbsp;&nbsp;&nbsp; Z1VB-QLDC, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Z1VG-YWOM, 28.000%, 9/13/2024 †x#^ | Affirm | 9/16/2022 | 328 | 355 | 20 |
| &nbsp;&nbsp;&nbsp; Z1VK-ILVQ, 35.470%, 4/20/2025 †x#^ | Affirm | 11/24/2023 | 53 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; Z1VP-ICA8, 25.200%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 529 | 545 | 538 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8453** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z1VP-PH8C, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | $149 | $149 | $149 |
| &nbsp;&nbsp;&nbsp; Z1VS-CO0X, 15.790%, 2/23/2027 †x | Affirm | 2/29/2024 | 3902 | 4020 | 4050 |
| &nbsp;&nbsp;&nbsp; Z1VW-6DH7, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Z1VX-PCTD, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; Z1WF-Q8UN, 13.840%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 1290 | 1318 | 1329 |
| &nbsp;&nbsp;&nbsp; Z1WI-1NRS, 29.520%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 121 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; Z1WK-MJDM, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Z1WQ-ZKM0, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 195 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; Z1WS-7QUF, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 633 | 656 | 657 |
| &nbsp;&nbsp;&nbsp; Z1WT-5LVN, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 55 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Z1WX-FC1M, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 185 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; Z1X2-6HWY, 27.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 439 | 428 | 428 |
| &nbsp;&nbsp;&nbsp; Z1XB-JE74, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; Z1XB-X5R3, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; Z1XX-CXJ2, 29.560%, 9/07/2025 †§x# | Affirm | 9/11/2023 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Z1Y0-0VTU, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Z1Y6-P029, 35.540%, 12/10/2025 †§x | Affirm | 12/27/2024 | 194 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; Z1Y8-5LK4, 35.440%, 1/02/2026 †§x | Affirm | 1/29/2025 | 644 | 640 | 638 |
| &nbsp;&nbsp;&nbsp; Z1Y9-MV22, 29.540%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 382 | 396 | 23 |
| &nbsp;&nbsp;&nbsp; Z1YD-O2K7, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 356 | 364 | 366 |
| &nbsp;&nbsp;&nbsp; Z1YI-ABQS, 29.640%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 109 | 105 | 7 |
| &nbsp;&nbsp;&nbsp; Z1YK-RR36, 7.108%, 9/24/2025 †§x« | Affirm | 4/22/2025 | 42 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; Z1YO-VB7O, 4.405%, 5/28/2023 †x#^« | Affirm | 12/02/2021 | 1149 | 1078 | 69 |
| &nbsp;&nbsp;&nbsp; Z1YP-7ACX, 22.730%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z1Z2-ZXPV, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Z1Z6-IR0M, 15.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Z1ZC-I9YO, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; Z1ZN-EBEN, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; Z1ZO-8J2B, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Z1ZP-LAJ4, 35.430%, 12/19/2026 †§x | Affirm | 12/27/2024 | 436 | 436 | 443 |
| &nbsp;&nbsp;&nbsp; Z1ZU-BX0Q, 33.950%, 10/28/2025 †§x | Affirm | 10/31/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Z1ZU-NNLC, 30.950%, 8/23/2027 †§x | Affirm | 8/29/2024 | 1471 | 1493 | 1500 |
| &nbsp;&nbsp;&nbsp; Z1ZV-7HEZ, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Z1ZX-2A34, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 185 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; Z1ZX-ZJTG, 28.500%, 3/25/2023 †x#^ | Affirm | 3/31/2022 | 51 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; Z1ZY-EYOX, 30.000%, 7/22/2024 †x#^ | Affirm | 5/25/2023 | 341 | 356 | 20 |
| &nbsp;&nbsp;&nbsp; Z203-E5L0, 22.850%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 375 | 374 | 246 |
| &nbsp;&nbsp;&nbsp; Z206-JG1W, 23.700%, 3/02/2024 †x#^ | Affirm | 3/06/2023 | 212 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; Z20A-DY0R, 29.430%, 3/18/2023 †x#^ | Affirm | 3/24/2022 | 1042 | 1079 | 63 |
| &nbsp;&nbsp;&nbsp; Z20F-1D7N, 29.540%, 12/20/2025 †§x | Affirm | 6/24/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; Z20O-6OJ0, 15.830%, 1/06/2026 †§x | Affirm | 1/29/2025 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z20P-TS30, 29.530%, 4/12/2025 †x#^ | Affirm | 4/18/2024 | 41 | 43 | 2 |
| &nbsp;&nbsp;&nbsp; Z21F-9II9, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; Z21I-I691, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 933 | 958 | 964 |
| &nbsp;&nbsp;&nbsp; Z21I-KGVL, 29.500%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 129 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; Z21N-SLVG, 29.600%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 214 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; Z21T-R161, 29.390%, 9/25/2022 †x#^ | Affirm | 3/31/2022 | 207 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; Z21W-CT5X, 29.620%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; Z224-AK0Q, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 255 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; Z225-WZ0B, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Z22E-NF9Q, 33.050%, 6/19/2026 †§x | Affirm | 12/27/2024 | 266 | 271 | 273 |
| &nbsp;&nbsp;&nbsp; Z22H-4PKE, 15.810%, 9/28/2023 †x#^ | Affirm | 10/03/2022 | 186 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; Z22J-PJZI, 29.480%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 46 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; Z22M-DTBC, 29.060%, 9/06/2025 †§x | Affirm | 9/11/2023 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z22Q-RTSI, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 300 | 300 | 300 |
| &nbsp;&nbsp;&nbsp; Z231-0JS9, 24.710%, 1/13/2027 †§x | Affirm | 1/29/2025 | 807 | 837 | 842 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8454** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z23C-OCOZ, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | $10 | $10 | $10 |
| &nbsp;&nbsp;&nbsp; Z23H-T2J1, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 268 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; Z23X-5636, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 69 | 63 | 68 |
| &nbsp;&nbsp;&nbsp; Z243-05Z2, 29.460%, 5/03/2023 †x#^ | Affirm | 5/06/2022 | 220 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; Z244-RENW, 35.430%, 6/19/2026 †§x | Affirm | 12/27/2024 | 301 | 300 | 301 |
| &nbsp;&nbsp;&nbsp; Z248-1WNN, 29.470%, 12/28/2023 †x#^ | Affirm | 7/03/2023 | 80 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Z248-FOZX, 29.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z24B-HQW0, 15.780%, 1/02/2027 †§x | Affirm | 1/29/2025 | 500 | 495 | 502 |
| &nbsp;&nbsp;&nbsp; Z24I-GH7Q, 35.540%, 12/02/2025 †§x | Affirm | 6/27/2025 | 63 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; Z24N-EW18, 15.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z24R-QFE0, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 555 | 553 | 554 |
| &nbsp;&nbsp;&nbsp; Z24U-G75B, 35.610%, 11/20/2025 †§x | Affirm | 11/27/2024 | 67 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; Z24U-NI3R, 24.400%, 10/18/2026 †§x | Affirm | 10/25/2024 | 802 | 828 | 831 |
| &nbsp;&nbsp;&nbsp; Z24X-WHMP, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 331 | 339 | 342 |
| &nbsp;&nbsp;&nbsp; Z256-9XZ5, 35.150%, 11/07/2025 †§x | Affirm | 8/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Z258-5JC4, 25.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 149 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; Z25C-EBFV, 35.460%, 6/17/2026 †§x | Affirm | 6/21/2024 | 1642 | 1632 | 1658 |
| &nbsp;&nbsp;&nbsp; Z25M-9DWF, 29.600%, 12/20/2026 †§x | Affirm | 12/27/2024 | 657 | 680 | 688 |
| &nbsp;&nbsp;&nbsp; Z260-8F46, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 612 | 610 | 612 |
| &nbsp;&nbsp;&nbsp; Z263-3W1X, 33.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 41 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; Z269-L9UK, 28.000%, 7/12/2022 †x#^ | Affirm | 4/15/2022 | 58 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; Z26Q-67NV, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 873 | 875 | 52 |
| &nbsp;&nbsp;&nbsp; Z26R-3DD3, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 148 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; Z26S-4JHF, 24.400%, 9/16/2025 †§x | Affirm | 9/19/2024 | 80 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; Z26S-KCUC, 29.640%, 6/22/2022 †x#^ | Affirm | 12/27/2021 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp; Z27G-J8D6, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 784 | 780 | 780 |
| &nbsp;&nbsp;&nbsp; Z27K-P9XU, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; Z27P-PLJD, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 24 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; Z28E-JM32, 35.310%, 5/06/2026 †§x# | Affirm | 5/09/2024 | 383 | 385 | 389 |
| &nbsp;&nbsp;&nbsp; Z28H-4FDW, 35.550%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; Z28H-GTXP, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; Z28I-NB7T, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 99 | 103 | 31 |
| &nbsp;&nbsp;&nbsp; Z28N-DASC, 35.670%, 2/05/2026 †x# | Affirm | 2/26/2025 | 119 | 118 | 6 |
| &nbsp;&nbsp;&nbsp; Z28O-SCMI, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 509 | 492 | 505 |
| &nbsp;&nbsp;&nbsp; Z294-VWUC, 25.200%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; Z296-SMZ3, 29.590%, 10/25/2025 †x# | Affirm | 10/31/2024 | 81 | 85 |  |
| &nbsp;&nbsp;&nbsp; Z29P-8W8V, 29.260%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 91 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; Z29Q-UMR5, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 97 | 100 | 97 |
| &nbsp;&nbsp;&nbsp; Z29X-8LEE, 32.500%, 10/25/2026 †x# | Affirm | 10/31/2024 | 1558 | 1540 | 332 |
| &nbsp;&nbsp;&nbsp; Z2A0-L9QD, 29.160%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 340 | 341 | 20 |
| &nbsp;&nbsp;&nbsp; Z2A1-XUHK, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 102 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; Z2AC-ULYW, 35.380%, 8/24/2024 †x#^ | Affirm | 8/28/2023 | 167 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; Z2AE-W4HW, 29.580%, 7/11/2025 †x#^ | Affirm | 1/16/2024 | 218 | 229 | 13 |
| &nbsp;&nbsp;&nbsp; Z2AI-9XFG, 34.000%, 4/02/2025 †x#^ | Affirm | 4/05/2024 | 2004 | 2010 | 120 |
| &nbsp;&nbsp;&nbsp; Z2AN-LD1R, 28.500%, 9/02/2023 †x#^ | Affirm | 9/09/2022 | 161 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; Z2AS-5H5T, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; Z2AZ-01XE, 33.050%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 425 | 439 | 439 |
| &nbsp;&nbsp;&nbsp; Z2BF-Y14Q, 35.710%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 604 | 620 | 620 |
| &nbsp;&nbsp;&nbsp; Z2BK-16VJ, 26.700%, 2/05/2026 †§x | Affirm | 2/26/2025 | 512 | 525 | 527 |
| &nbsp;&nbsp;&nbsp; Z2BK-3IZV, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 101 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; Z2BK-VP2E, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 560 | 574 | 578 |
| &nbsp;&nbsp;&nbsp; Z2BQ-YVM1, 33.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 399 | 399 | 403 |
| &nbsp;&nbsp;&nbsp; Z2BX-QZJ3, 29.550%, 4/26/2026 †§x | Affirm | 5/02/2024 | 384 | 390 | 392 |
| &nbsp;&nbsp;&nbsp; Z2BY-KD1S, 29.650%, 8/20/2025 †§x#^ | Affirm | 2/23/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Z2BY-ZXJG, 30.000%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 93 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; Z2C1-Z3B0, 33.950%, 11/06/2025 †§x | Affirm | 5/09/2024 | 15 | 15 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8455** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z2C5-CL1I, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | $57 | $58 | $58 |
| &nbsp;&nbsp;&nbsp; Z2CG-KVOP, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Z2D0-9SAG, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 25 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; Z2D1-IWLG, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 846 | 861 | 857 |
| &nbsp;&nbsp;&nbsp; Z2D4-LW5F, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 211 | 215 | 214 |
| &nbsp;&nbsp;&nbsp; Z2DB-8BMP, 13.840%, 8/11/2026 †§x | Affirm | 2/26/2025 | 230 | 237 | 239 |
| &nbsp;&nbsp;&nbsp; Z2DC-SU2T, 29.430%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 99 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; Z2DO-YOAB, 23.000%, 5/06/2025 †x#^ | Affirm | 2/26/2025 | 33 | 33 | 3 |
| &nbsp;&nbsp;&nbsp; Z2DU-CM5G, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; Z2DZ-4HDT, 28.500%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 1185 | 1140 | 71 |
| &nbsp;&nbsp;&nbsp; Z2E4-ZGAW, 29.560%, 9/28/2025 †§x | Affirm | 10/05/2023 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Z2EG-1G4A, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 172 | 175 | 174 |
| &nbsp;&nbsp;&nbsp; Z2EH-H9T6, 33.110%, 8/26/2025 †§x^ | Affirm | 2/29/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z2EK-3T7X, 35.360%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 516 | 518 | 530 |
| &nbsp;&nbsp;&nbsp; Z2EK-DHAM, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 311 | 320 | 320 |
| &nbsp;&nbsp;&nbsp; Z2EM-9AIF, 15.800%, 11/15/2026 †§x | Affirm | 11/27/2024 | 640 | 639 | 647 |
| &nbsp;&nbsp;&nbsp; Z2ER-R5ZZ, 23.400%, 3/25/2026 †§x | Affirm | 9/30/2024 | 326 | 331 | 332 |
| &nbsp;&nbsp;&nbsp; Z2EV-QTCH, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 397 | 403 | 404 |
| &nbsp;&nbsp;&nbsp; Z2EW-7KXK, 29.510%, 8/25/2025 †x#^ | Affirm | 8/31/2023 | 87 | 93 | 15 |
| &nbsp;&nbsp;&nbsp; Z2F2-8GJQ, 29.900%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 541 | 549 | 32 |
| &nbsp;&nbsp;&nbsp; Z2F6-1QET, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z2F7-4ACM, 35.560%, 9/20/2025 †x# | Affirm | 9/26/2024 | 107 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; Z2F7-8VMV, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 137 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; Z2FG-F3ND, 35.520%, 12/28/2025 †§x | Affirm | 1/29/2025 | 67 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Z2FN-VBW3, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Z2FO-XMH9, 35.390%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 162 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; Z2FU-AAU2, 30.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 207 | 213 | 215 |
| &nbsp;&nbsp;&nbsp; Z2G5-2POU, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z2G6-OH73, 35.700%, 10/01/2025 †x# | Affirm | 10/04/2024 | 96 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; Z2GE-3ZWE, 30.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 277 | 283 | 285 |
| &nbsp;&nbsp;&nbsp; Z2GJ-4Q8X, 28.000%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 252 | 273 | 15 |
| &nbsp;&nbsp;&nbsp; Z2GM-OK7D, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 85 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; Z2GQ-2XUJ, 35.380%, 11/07/2025 †§x | Affirm | 5/10/2024 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; Z2GW-L6NC, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 113 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Z2H1-VUKW, 29.640%, 5/21/2024 †x#^ | Affirm | 11/25/2022 | 306 | 306 | 18 |
| &nbsp;&nbsp;&nbsp; Z2H2-J8RF, 13.840%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Z2H7-7KC3, 35.320%, 3/20/2026 †§x | Affirm | 3/28/2025 | 108 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; Z2HE-CCRV, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 270 | 278 | 276 |
| &nbsp;&nbsp;&nbsp; Z2HF-56CD, 35.430%, 12/18/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Z2HO-GTN7, 21.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 130 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; Z2HQ-C2F0, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 197 | 196 | 195 |
| &nbsp;&nbsp;&nbsp; Z2HR-WXJ6, 29.440%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 120 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; Z2I3-NCHW, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 784 | 791 | 790 |
| &nbsp;&nbsp;&nbsp; Z2I4-AUJH, 29.610%, 6/03/2023 †x#^ | Affirm | 12/09/2021 | 333 | 319 | 20 |
| &nbsp;&nbsp;&nbsp; Z2I6-YUT2, 35.600%, 11/15/2025 †x# | Affirm | 11/27/2024 | 34 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; Z2IA-XLN5, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; Z2IC-LCWU, 28.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 12 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; Z2IF-OF68, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 204 | 209 | 211 |
| &nbsp;&nbsp;&nbsp; Z2JQ-YKSU, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1331 | 1322 | 1326 |
| &nbsp;&nbsp;&nbsp; Z2JV-Z41Y, 22.860%, 2/06/2026 †§x | Affirm | 2/26/2025 | 103 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; Z2JZ-N0AA, 22.760%, 7/03/2026 †§x | Affirm | 1/29/2025 | 154 | 156 | 155 |
| &nbsp;&nbsp;&nbsp; Z2K0-W93G, 29.600%, 12/19/2026 †§x | Affirm | 12/27/2024 | 700 | 727 | 731 |
| &nbsp;&nbsp;&nbsp; Z2K5-8XKZ, 22.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 498 | 504 | 505 |
| &nbsp;&nbsp;&nbsp; Z2K7-OL69, 35.380%, 6/02/2026 †x# | Affirm | 6/27/2025 | 464 | 474 | 275 |
| &nbsp;&nbsp;&nbsp; Z2K7-VKAW, 15.860%, 8/11/2026 †§x | Affirm | 2/26/2025 | 118 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; Z2KF-Y0BL, 24.400%, 2/20/2026 †§x | Affirm | 8/23/2024 | 318 | 322 | 323 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8456** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z2KP-1OYK, 15.690%, 3/28/2026 †§x | Affirm | 3/31/2025 | $890 | $913 | $909 |
| &nbsp;&nbsp;&nbsp; Z2KU-ZPL4, 29.420%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 401 | 396 | 24 |
| &nbsp;&nbsp;&nbsp; Z2KY-YD24, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Z2LE-0X6X, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Z2LE-QUHJ, 29.550%, 12/14/2025 †§x | Affirm | 6/21/2024 | 93 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; Z2LK-YXBE, 29.920%, 7/13/2026 †§x | Affirm | 1/29/2025 | 147 | 152 | 150 |
| &nbsp;&nbsp;&nbsp; Z2LR-W3QD, 22.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; Z2LW-FUTF, 32.810%, 9/20/2025 †§x | Affirm | 3/28/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; Z2LZ-26TS, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 295 | 301 | 18 |
| &nbsp;&nbsp;&nbsp; Z2M0-Z6B7, 33.050%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 125 | 129 | 127 |
| &nbsp;&nbsp;&nbsp; Z2M4-LE45, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; Z2M8-0NNN, 19.700%, 11/20/2026 †§x | Affirm | 11/27/2024 | 426 | 441 | 444 |
| &nbsp;&nbsp;&nbsp; Z2ME-CD9B, 33.950%, 9/23/2025 †x# | Affirm | 9/26/2024 | 270 | 285 | 16 |
| &nbsp;&nbsp;&nbsp; Z2MO-BE0T, 33.950%, 6/18/2026 †§x | Affirm | 6/21/2024 | 388 | 397 | 400 |
| &nbsp;&nbsp;&nbsp; Z2N6-D295, 35.330%, 12/28/2025 †x# | Affirm | 1/02/2024 | 559 | 561 | 34 |
| &nbsp;&nbsp;&nbsp; Z2NH-1R51, 33.950%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 190 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; Z2O2-PZ6V, 29.400%, 12/11/2025 †§x# | Affirm | 12/14/2023 | 268 | 268 | 148 |
| &nbsp;&nbsp;&nbsp; Z2O8-6DYC, 28.000%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 270 | 284 | 16 |
| &nbsp;&nbsp;&nbsp; Z2O9-958P, 33.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; Z2OC-U3FC, 35.430%, 10/30/2024 †x#^ | Affirm | 5/03/2024 | 319 | 325 | 19 |
| &nbsp;&nbsp;&nbsp; Z2OD-X3FG, 29.370%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z2OK-HOZK, 29.340%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Z2OL-IK1T, 35.480%, 5/20/2026 †§x | Affirm | 11/27/2024 | 211 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; Z2OL-XKVG, 29.710%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Z2ON-C6V5, 29.340%, 11/06/2025 †§x | Affirm | 5/30/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Z2ON-OZKH, 21.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 152 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; Z2OO-3KOQ, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 169 | 170 | 171 |
| &nbsp;&nbsp;&nbsp; Z2OO-X4E9, 22.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 278 | 287 | 289 |
| &nbsp;&nbsp;&nbsp; Z2OS-03OV, 33.050%, 2/27/2026 †§x | Affirm | 8/30/2024 | 133 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; Z2OT-VOAP, 35.300%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 160 | 149 | 10 |
| &nbsp;&nbsp;&nbsp; Z2OX-7C64, 33.950%, 5/21/2026 †§x | Affirm | 5/24/2024 | 229 | 233 | 235 |
| &nbsp;&nbsp;&nbsp; Z2P3-FTQO, 35.430%, 12/19/2026 †§x | Affirm | 12/27/2024 | 508 | 508 | 515 |
| &nbsp;&nbsp;&nbsp; Z2P3-GC15, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 114 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; Z2P6-CDXY, 9.780%, 12/02/2025 †§x | Affirm | 6/27/2025 | 281 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; Z2PB-U4QG, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 610 | 607 | 607 |
| &nbsp;&nbsp;&nbsp; Z2PS-5RY5, 25.200%, 7/19/2028 †§x | Affirm | 7/25/2024 | 1152 | 1222 | 1218 |
| &nbsp;&nbsp;&nbsp; Z2PS-R37A, 17.900%, 12/09/2022 †x#^ | Affirm | 6/13/2022 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; Z2QT-X3QN, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; Z2R0-J8T9, 17.900%, 2/07/2026 †x# | Affirm | 2/26/2025 | 276 | 286 | 36 |
| &nbsp;&nbsp;&nbsp; Z2R3-RJZW, 29.490%, 12/02/2025 †§x | Affirm | 6/27/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Z2RC-3XAU, 15.850%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 146 | 149 | 93 |
| &nbsp;&nbsp;&nbsp; Z2RT-I2MS, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Z2S5-NPWU, 35.220%, 8/23/2024 †x#^ | Affirm | 5/28/2024 | 26 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; Z2SD-M2F5, 15.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 305 | 311 | 312 |
| &nbsp;&nbsp;&nbsp; Z2SL-R833, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 439 | 430 | 429 |
| &nbsp;&nbsp;&nbsp; Z2SX-07A0, 0.000%, 9/17/2025 †§x | Affirm | 9/20/2024 | 99 | 93 | 98 |
| &nbsp;&nbsp;&nbsp; Z2SY-TB2T, 29.590%, 10/24/2025 †§x | Affirm | 10/28/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z2T0-OKTG, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 379 | 388 | 390 |
| &nbsp;&nbsp;&nbsp; Z2T3-H7CA, 33.050%, 7/23/2026 †§x | Affirm | 7/26/2024 | 311 | 318 | 319 |
| &nbsp;&nbsp;&nbsp; Z2TD-LNQD, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 129 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; Z2TT-YBX2, 35.990%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Z2U3-TV51, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 305 | 311 | 311 |
| &nbsp;&nbsp;&nbsp; Z2UM-JP9X, 24.770%, 1/09/2026 †§x | Affirm | 1/29/2025 | 16 | 17 | 16 |
| &nbsp;&nbsp;&nbsp; Z2US-1MT4, 27.500%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; Z2V1-KU0N, 31.000%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 792 | 799 | 808 |
| &nbsp;&nbsp;&nbsp; Z2V5-HF5T, 18.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 541 | 560 | 563 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8457** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z2V8-R28W, 28.500%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | $265 | $271 | $16 |
| &nbsp;&nbsp;&nbsp; Z2V9-W9SF, 35.900%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 312 | 316 | 314 |
| &nbsp;&nbsp;&nbsp; Z2VA-1VT1, 10.836%, 12/27/2022 †x#^« | Affirm | 9/30/2022 | 181 | 177 | 11 |
| &nbsp;&nbsp;&nbsp; Z2W0-JLGQ, 33.230%, 12/28/2025 †§x | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z2WH-KFAZ, 29.810%, 7/02/2026 †§x | Affirm | 1/29/2025 | 211 | 217 | 216 |
| &nbsp;&nbsp;&nbsp; Z2WT-E3X8, 27.500%, 10/12/2023 †x#^ | Affirm | 10/20/2022 | 49 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; Z2WV-13CT, 15.810%, 6/27/2022 †x#^ | Affirm | 12/30/2021 | 206 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; Z2XD-0N6F, 29.560%, 12/01/2025 †x# | Affirm | 12/07/2023 | 270 | 284 | 51 |
| &nbsp;&nbsp;&nbsp; Z2XE-0DOC, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Z2XE-E4M0, 35.690%, 2/10/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Z2XF-9MQA, 24.680%, 12/28/2025 †§x | Affirm | 1/29/2025 | 1013 | 1030 | 1025 |
| &nbsp;&nbsp;&nbsp; Z2XG-K2S8, 15.720%, 9/14/2025 †§x | Affirm | 3/18/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z2Y9-642A, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Z2YC-NIBD, 32.000%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Z2YH-ZOZG, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 123 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; Z2YT-HO6K, 35.900%, 4/02/2025 †x#^ | Affirm | 1/29/2025 | 88 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; Z2Z4-E7SJ, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; Z2Z9-IJ21, 29.500%, 4/01/2026 †§x# | Affirm | 4/04/2024 | 341 | 345 | 344 |
| &nbsp;&nbsp;&nbsp; Z2ZI-D84C, 35.330%, 12/05/2025 †§x# | Affirm | 12/08/2023 | 118 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; Z2ZJ-81DJ, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 149 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; Z2ZV-05KL, 30.500%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 9140 | 9357 | 548 |
| &nbsp;&nbsp;&nbsp; Z300-303A, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | 673 | 687 | 689 |
| &nbsp;&nbsp;&nbsp; Z302-HPQ3, 33.160%, 7/13/2026 †x# | Affirm | 1/29/2025 | 94 | 93 | 26 |
| &nbsp;&nbsp;&nbsp; Z303-PH9V, 14.890%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 36 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Z30D-YOY1, 18.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 170 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; Z30G-3H5U, 29.690%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z30H-PK1N, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 110 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; Z311-O5YF, 29.540%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 324 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; Z31E-EU3D, 35.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 61 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Z31G-70U2, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; Z31J-TJ66, 29.620%, 12/11/2025 †§x | Affirm | 12/27/2024 | 171 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; Z31Y-KZP6, 9.840%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 710 | 738 | 745 |
| &nbsp;&nbsp;&nbsp; Z322-OKQ2, 29.670%, 9/01/2025 †x | Affirm | 3/06/2023 | 46 | 44 | 18 |
| &nbsp;&nbsp;&nbsp; Z329-C9N5, 6.804%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 1056 | 1045 | 1037 |
| &nbsp;&nbsp;&nbsp; Z329-N7KD, 29.420%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Z32A-RWHJ, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Z32G-V0ZT, 23.400%, 10/21/2025 †§x | Affirm | 10/24/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z32I-FHIR, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; Z32J-7QTN, 23.400%, 11/12/2025 †§x | Affirm | 11/27/2024 | 454 | 458 | 458 |
| &nbsp;&nbsp;&nbsp; Z32J-YDUW, 29.650%, 7/18/2024 †x#^ | Affirm | 1/23/2023 | 221 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; Z32L-MFJX, 35.550%, 2/11/2027 †§x | Affirm | 2/26/2025 | 486 | 482 | 491 |
| &nbsp;&nbsp;&nbsp; Z32S-LPXS, 33.950%, 3/19/2025 †x#^ | Affirm | 9/23/2024 | 113 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Z331-5KIZ, 15.630%, 11/07/2023 †x#^ | Affirm | 8/10/2023 | 161 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; Z337-U53O, 23.400%, 9/16/2025 †x# | Affirm | 9/19/2024 | 291 | 301 | 17 |
| &nbsp;&nbsp;&nbsp; Z338-VS0S, 35.490%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 81 | 82 | 9 |
| &nbsp;&nbsp;&nbsp; Z33E-QUL3, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Z33E-TZ91, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 404 | 407 | 407 |
| &nbsp;&nbsp;&nbsp; Z33L-HWAN, 24.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Z33P-VTJM, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 158 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; Z33Q-X7FJ, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 276 | 274 | 279 |
| &nbsp;&nbsp;&nbsp; Z342-B4A5, 33.950%, 9/03/2026 †§x | Affirm | 3/28/2025 | 359 | 375 | 374 |
| &nbsp;&nbsp;&nbsp; Z34J-XRSE, 29.540%, 11/06/2025 †x# | Affirm | 5/09/2024 | 162 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; Z34L-YPJ3, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Z34R-RMT0, 31.500%, 6/09/2024 †x#^ | Affirm | 6/15/2023 | 1527 | 1493 | 92 |
| &nbsp;&nbsp;&nbsp; Z34S-TY65, 15.830%, 12/18/2022 †x#^ | Affirm | 11/22/2021 | 82 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; Z34V-9I40, 29.490%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 54 | 53 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8458** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z35D-VPM7, 30.000%, 2/10/2026 †x# | Affirm | 2/26/2025 | $91 | $96 | $25 |
| &nbsp;&nbsp;&nbsp; Z35E-H07R, 35.590%, 11/15/2025 †§x | Affirm | 11/27/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Z35R-5ZPY, 35.570%, 7/03/2026 †§x | Affirm | 1/29/2025 | 368 | 374 | 372 |
| &nbsp;&nbsp;&nbsp; Z35S-2TMA, 33.050%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 474 | 486 | 486 |
| &nbsp;&nbsp;&nbsp; Z360-K8PP, 25.200%, 2/19/2026 †§x | Affirm | 8/22/2024 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Z364-R301, 30.950%, 11/09/2025 †§x | Affirm | 5/13/2024 | 409 | 411 | 410 |
| &nbsp;&nbsp;&nbsp; Z366-D32H, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Z369-1HNE, 33.050%, 3/03/2026 †x# | Affirm | 3/28/2025 | 199 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; Z36A-JBOE, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 323 | 328 | 330 |
| &nbsp;&nbsp;&nbsp; Z36D-Y3H6, 29.710%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 36 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; Z36H-3HQO, 35.370%, 7/02/2025 †x#^ | Affirm | 7/05/2024 | 79 | 72 | 5 |
| &nbsp;&nbsp;&nbsp; Z36S-AHM7, 33.050%, 9/02/2025 †§x | Affirm | 6/27/2025 | 225 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; Z36T-5THY, 13.840%, 1/13/2029 †§x | Affirm | 1/29/2025 | 1529 | 1638 | 1655 |
| &nbsp;&nbsp;&nbsp; Z36W-6Z9I, 35.450%, 2/21/2026 †§x | Affirm | 2/26/2024 | 178 | 178 | 181 |
| &nbsp;&nbsp;&nbsp; Z372-3KBV, 26.026%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 793 | 816 | 48 |
| &nbsp;&nbsp;&nbsp; Z373-PYP8, 29.710%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 385 | 381 | 23 |
| &nbsp;&nbsp;&nbsp; Z37E-6ST8, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 363 | 370 | 22 |
| &nbsp;&nbsp;&nbsp; Z37G-1IWG, 35.540%, 12/18/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Z37K-76WA, 35.270%, 1/29/2025 †x#^ | Affirm | 8/03/2023 | 159 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; Z37V-OX1Q, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 84 |
| &nbsp;&nbsp;&nbsp; Z383-ROTM, 11.950%, 5/22/2023 †x#^ | Affirm | 11/25/2022 | 58 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; Z384-SE5L, 8.990%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 600 | 583 | 577 |
| &nbsp;&nbsp;&nbsp; Z384-YKMT, 35.780%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 165 | 168 | 100 |
| &nbsp;&nbsp;&nbsp; Z38H-RYEL, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 516 | 539 | 544 |
| &nbsp;&nbsp;&nbsp; Z38S-GG4R, 33.090%, 5/25/2023 †x#^ | Affirm | 12/01/2022 | 160 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; Z38X-8RB9, 29.550%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 104 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; Z38X-UWWR, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; Z39B-VWYV, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 140 | 143 | 141 |
| &nbsp;&nbsp;&nbsp; Z39D-C5KG, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; Z39F-FMWQ, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 177 | 184 | 186 |
| &nbsp;&nbsp;&nbsp; Z39K-QMFH, 26.700%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 415 | 424 | 263 |
| &nbsp;&nbsp;&nbsp; Z39S-NHQE, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Z39Y-BVBR, 29.570%, 3/28/2024 †x#^ | Affirm | 10/02/2023 | 430 | 443 | 26 |
| &nbsp;&nbsp;&nbsp; Z39Y-D23V, 35.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 163 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; Z3A3-ZHDJ, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 230 | 238 | 14 |
| &nbsp;&nbsp;&nbsp; Z3A5-PSAB, 29.430%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 43 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; Z3AA-CANW, 35.380%, 1/22/2026 †§x | Affirm | 7/25/2024 | 530 | 536 | 533 |
| &nbsp;&nbsp;&nbsp; Z3AU-W2OW, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; Z3AW-CKPF, 21.900%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; Z3AY-0DOU, 29.600%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 124 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; Z3B0-5BF7, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z3B8-HLB7, 29.620%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 55 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; Z3BC-9KPT, 22.750%, 2/06/2026 †§x | Affirm | 8/29/2025 | 71 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Z3BG-0QAR, 15.860%, 1/06/2026 †§x | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Z3BJ-PUGO, 32.000%, 7/27/2025 †x#^ | Affirm | 2/26/2025 | 134 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; Z3BL-IZP4, 32.500%, 2/10/2027 †§x | Affirm | 2/26/2025 | 498 | 494 | 503 |
| &nbsp;&nbsp;&nbsp; Z3BM-E4SQ, 29.180%, 6/17/2022 †x#^ | Affirm | 12/23/2021 | 28 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; Z3BN-7IBP, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 212 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; Z3BS-4FJC, 35.370%, 6/18/2026 †§x | Affirm | 6/21/2024 | 310 | 308 | 313 |
| &nbsp;&nbsp;&nbsp; Z3BZ-B3QN, 33.000%, 11/13/2026 †§x# | Affirm | 11/27/2024 | 400 | 399 | 405 |
| &nbsp;&nbsp;&nbsp; Z3C3-J08F, 22.610%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 44 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; Z3CE-P3LX, 33.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 359 | 357 | 358 |
| &nbsp;&nbsp;&nbsp; Z3CP-G5QX, 29.650%, 9/26/2025 †§x | Affirm | 9/30/2024 | 13 | 13 | 14 |
| &nbsp;&nbsp;&nbsp; Z3CQ-0KXD, 35.320%, 6/02/2026 †§x | Affirm | 6/27/2025 | 113 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; Z3CZ-0KW2, 35.580%, 9/25/2025 †x# | Affirm | 9/30/2024 | 57 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; Z3CZ-HOQ4, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 285 | 290 | 288 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8459** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z3D6-DVX0, 27.500%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | $307 | $327 | $18 |
| &nbsp;&nbsp;&nbsp; Z3DB-38Q9, 15.620%, 12/02/2025 †§x | Affirm | 6/27/2025 | 101 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; Z3DN-YWG8, 18.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 102 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; Z3DQ-95VZ, 22.520%, 11/06/2025 †§x | Affirm | 5/30/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Z3DQ-DS70, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 171 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; Z3DR-5ALJ, 24.840%, 3/03/2026 †x# | Affirm | 3/28/2025 | 371 | 350 | 351 |
| &nbsp;&nbsp;&nbsp; Z3DS-KRF0, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 455 | 470 | 474 |
| &nbsp;&nbsp;&nbsp; Z3E4-BPDN, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Z3E7-78HY, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 273 | 284 | 282 |
| &nbsp;&nbsp;&nbsp; Z3E8-LVUO, 12.491%, 2/10/2026 †x« | Affirm | 2/26/2025 | 122 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; Z3ED-S0IS, 25.200%, 11/12/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Z3EF-AFFA, 35.560%, 9/25/2025 †x# | Affirm | 9/30/2024 | 229 | 229 | 14 |
| &nbsp;&nbsp;&nbsp; Z3EI-Z2KN, 32.000%, 5/20/2026 †§x | Affirm | 11/27/2024 | 923 | 951 | 948 |
| &nbsp;&nbsp;&nbsp; Z3EP-C9S1, 29.890%, 7/05/2023 †x#^ | Affirm | 1/09/2023 | 28 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; Z3F9-SK53, 29.600%, 11/01/2025 †§x# | Affirm | 5/06/2024 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; Z3FA-CY6V, 31.000%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 538 | 552 | 552 |
| &nbsp;&nbsp;&nbsp; Z3FE-Q0X0, 33.240%, 8/11/2026 †§x | Affirm | 2/26/2025 | 203 | 201 | 120 |
| &nbsp;&nbsp;&nbsp; Z3FG-GPIY, 35.560%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 162 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; Z3FN-GEST, 31.000%, 5/14/2026 †§x | Affirm | 11/27/2024 | 332 | 342 | 338 |
| &nbsp;&nbsp;&nbsp; Z3FV-8H1B, 29.530%, 12/28/2025 †§x | Affirm | 1/05/2024 | 202 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; Z3FV-K8YV, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 590 | 600 | 601 |
| &nbsp;&nbsp;&nbsp; Z3G2-D9EE, 29.330%, 11/23/2022 †x#^ | Affirm | 5/26/2022 | 106 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; Z3HC-IZDX, 18.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 168 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; Z3HE-4Q4X, 35.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z3HF-USU0, 35.690%, 5/20/2025 †x#^ | Affirm | 11/27/2024 | 48 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; Z3HN-TSOZ, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; Z3HY-P0YH, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 421 | 435 | 432 |
| &nbsp;&nbsp;&nbsp; Z3I7-Z13Y, 35.480%, 1/02/2025 †x#^ | Affirm | 10/05/2023 | 80 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Z3I9-CZ3R, 35.320%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Z3I9-WVEO, 35.650%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 38 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Z3IG-3ZXT, 35.770%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 29 | 29 | 5 |
| &nbsp;&nbsp;&nbsp; Z3IK-SHUO, 33.950%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 167 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; Z3IL-MYGO, 26.900%, 1/09/2025 †x#^ | Affirm | 1/12/2024 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; Z3IN-XB1I, 35.430%, 7/13/2026 †§x | Affirm | 1/29/2025 | 212 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; Z3IS-D6EV, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; Z3IY-2SF5, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; Z3J1-9WVF, 22.750%, 2/06/2026 †§x | Affirm | 8/29/2025 | 201 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; Z3JA-4Y6M, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 165 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; Z3JM-0AG9, 31.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 698 | 711 | 712 |
| &nbsp;&nbsp;&nbsp; Z3JU-BULA, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 190 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; Z3KL-QTA1, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Z3KQ-FVKF, 32.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 166 | 168 | 169 |
| &nbsp;&nbsp;&nbsp; Z3KQ-RNZ8, 31.000%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 242 | 249 | 247 |
| &nbsp;&nbsp;&nbsp; Z3KT-HBKU, 29.440%, 11/25/2024 †x#^ | Affirm | 5/30/2023 | 108 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; Z3LD-A5NZ, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 121 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; Z3LH-NWZ1, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 356 | 365 | 364 |
| &nbsp;&nbsp;&nbsp; Z3LU-7RWE, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Z3M1-EL5A, 22.610%, 6/28/2024 †x#^ | Affirm | 7/03/2023 | 130 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; Z3MD-ASWZ, 18.000%, 10/01/2025 †§x | Affirm | 10/04/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Z3MF-MRXE, 32.500%, 3/03/2026 †§x | Affirm | 3/28/2025 | 376 | 383 | 384 |
| &nbsp;&nbsp;&nbsp; Z3MI-S82C, 24.840%, 2/07/2026 †x# | Affirm | 2/26/2025 | 1458 | 1446 | 173 |
| &nbsp;&nbsp;&nbsp; Z3MS-AIHV, 35.490%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Z3MT-QCOS, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Z3N0-DOI9, 27.100%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 210 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; Z3NC-SXUY, 26.500%, 9/19/2023 †x#^ | Affirm | 9/22/2022 | 95 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; Z3NK-D8K5, 14.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 794 | 800 | 802 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8460** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z3NK-YEU1, 33.050%, 3/23/2026 †§x | Affirm | 9/26/2024 | $126 | $129 | $129 |
| &nbsp;&nbsp;&nbsp; Z3NN-ZCIH, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 84 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; Z3O1-3UG7, 15.730%, 5/23/2026 †§x | Affirm | 5/26/2023 | 740 | 755 | 760 |
| &nbsp;&nbsp;&nbsp; Z3O5-G81H, 16.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; Z3O9-4C62, 26.900%, 3/28/2025 †x#^ | Affirm | 4/04/2024 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; Z3OB-3CLF, 25.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 197 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; Z3P0-QYM4, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 211 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; Z3P1-BLWG, 29.510%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 196 | 194 | 12 |
| &nbsp;&nbsp;&nbsp; Z3P4-VVWR, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 201 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; Z3PD-3FYY, 29.560%, 8/02/2023 †x#^ | Affirm | 8/05/2022 | 557 | 550 | 33 |
| &nbsp;&nbsp;&nbsp; Z3PG-26LG, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Z3PL-3IIL, 22.840%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Z3PR-H8HP, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; Z3PW-M1VO, 24.400%, 12/28/2027 †§x# | Affirm | 1/29/2025 | 840 | 865 | 869 |
| &nbsp;&nbsp;&nbsp; Z3PZ-HT7L, 29.450%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 302 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; Z3Q4-OTE9, 22.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 971 | 988 | 983 |
| &nbsp;&nbsp;&nbsp; Z3Q8-LNA2, 11.830%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Z3Q9-FQVA, 24.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; Z3QA-4J1Z, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Z3QA-9TO1, 6.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 197 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; Z3QA-Y4MG, 29.400%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 213 | 198 | 13 |
| &nbsp;&nbsp;&nbsp; Z3QB-Q1WY, 15.740%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 42 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; Z3QK-UZUO, 29.000%, 10/25/2022 †x#^ | Affirm | 7/28/2022 | 231 | 233 | 14 |
| &nbsp;&nbsp;&nbsp; Z3QL-UD4M, 33.050%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 207 | 214 | 212 |
| &nbsp;&nbsp;&nbsp; Z3QL-W1PM, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; Z3QN-J94W, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 472 | 459 | 455 |
| &nbsp;&nbsp;&nbsp; Z3QR-13X0, 35.540%, 9/23/2026 †§x | Affirm | 9/26/2024 | 1804 | 1794 | 1813 |
| &nbsp;&nbsp;&nbsp; Z3QS-KGOU, 28.000%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 391 | 387 | 23 |
| &nbsp;&nbsp;&nbsp; Z3QW-H8I9, 22.860%, 2/10/2026 †§x | Affirm | 2/26/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; Z3R2-R9JV, 29.370%, 9/20/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z3R7-W2PJ, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Z3RV-6X31, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Z3RV-Z6DE, 29.510%, 6/28/2025 †x#^ | Affirm | 7/03/2023 | 963 | 1029 | 58 |
| &nbsp;&nbsp;&nbsp; Z3RX-W4FA, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 564 | 559 | 33 |
| &nbsp;&nbsp;&nbsp; Z3S2-EW95, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 117 | 118 | 68 |
| &nbsp;&nbsp;&nbsp; Z3S3-U4M7, 33.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Z3SA-H1YU, 24.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 345 | 353 | 351 |
| &nbsp;&nbsp;&nbsp; Z3SD-DZ2X, 35.600%, 9/23/2025 †§x | Affirm | 9/26/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; Z3SO-GWZO, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 272 | 271 | 272 |
| &nbsp;&nbsp;&nbsp; Z3SU-216P, 15.640%, 12/02/2025 †§x | Affirm | 6/27/2025 | 104 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; Z3SV-V7W4, 28.000%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 95 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; Z3SY-ZK0Y, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 285 | 292 | 294 |
| &nbsp;&nbsp;&nbsp; Z3T1-U4IN, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 127 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; Z3T3-Y9R0, 32.000%, 2/10/2027 †x | Affirm | 2/26/2025 | 2416 | 2519 | 2556 |
| &nbsp;&nbsp;&nbsp; Z3T6-KBSA, 29.560%, 9/06/2024 †x#^ | Affirm | 9/11/2023 | 152 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; Z3T7-4HR8, 33.230%, 1/02/2026 †§x | Affirm | 1/29/2025 | 54 | 55 | 54 |
| &nbsp;&nbsp;&nbsp; Z3T8-L429, 35.210%, 8/30/2023 †x#^ | Affirm | 6/02/2023 | 153 | 148 | 9 |
| &nbsp;&nbsp;&nbsp; Z3TB-PX7G, 23.750%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 353 | 372 | 21 |
| &nbsp;&nbsp;&nbsp; Z3TC-4JHG, 33.050%, 11/06/2025 †§x# | Affirm | 8/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z3TD-JFNN, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Z3TH-L2JY, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Z3TM-QZ8Z, 19.700%, 12/02/2025 †§x | Affirm | 6/27/2025 | 1119 | 1133 | 1137 |
| &nbsp;&nbsp;&nbsp; Z3TN-KKLY, 29.310%, 1/05/2023 †x#^ | Affirm | 7/08/2022 | 92 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; Z3TT-PHUE, 29.450%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 2039 | 2111 | 122 |
| &nbsp;&nbsp;&nbsp; Z3TV-ERYM, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 159 | 156 | 10 |
| &nbsp;&nbsp;&nbsp; Z3UF-OS9N, 24.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 215 | 220 | 221 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8461** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z3UN-4Z83, 35.440%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | $634 | $639 | $38 |
| &nbsp;&nbsp;&nbsp; Z3UR-IGJ7, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 96 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; Z3UT-DAHB, 35.360%, 4/08/2026 †§x | Affirm | 4/11/2024 | 522 | 524 | 531 |
| &nbsp;&nbsp;&nbsp; Z3UU-DL22, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 218 | 223 | 224 |
| &nbsp;&nbsp;&nbsp; Z3V3-8J0S, 29.660%, 6/13/2022 †x#^ | Affirm | 12/16/2021 | 135 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; Z3V4-U5J1, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; Z3V8-75XH, 35.380%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 120 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; Z3VB-QY9M, 18.000%, 9/17/2026 †§x | Affirm | 9/20/2024 | 682 | 701 | 704 |
| &nbsp;&nbsp;&nbsp; Z3VC-VBAH, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 184 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; Z3VH-3ZHR, 29.550%, 2/26/2026 †§x | Affirm | 8/29/2024 | 155 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; Z3VS-Z1KZ, 29.900%, 6/28/2023 †x#^ | Affirm | 1/06/2023 | 223 | 228 | 13 |
| &nbsp;&nbsp;&nbsp; Z3VZ-OKZM, 29.260%, 10/08/2025 †§x | Affirm | 7/31/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z3W1-GJZY, 29.700%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; Z3W5-GN1I, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z3WI-DGN3, 33.950%, 4/21/2026 †§x | Affirm | 10/25/2024 | 372 | 381 | 380 |
| &nbsp;&nbsp;&nbsp; Z3WU-VQ2R, 25.200%, 6/02/2026 †§x | Affirm | 6/27/2025 | 470 | 488 | 493 |
| &nbsp;&nbsp;&nbsp; Z3XH-NYR7, 35.580%, 8/23/2025 †x#^ | Affirm | 2/29/2024 | 169 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; Z3XN-6H6K, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Z3XO-T7HQ, 29.620%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 404 | 407 | 24 |
| &nbsp;&nbsp;&nbsp; Z3XV-53RA, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Z3XZ-VRMT, 33.000%, 1/03/2026 †x# | Affirm | 1/08/2024 | 885 | 889 | 53 |
| &nbsp;&nbsp;&nbsp; Z3Y4-O1UT, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 529 | 510 | 506 |
| &nbsp;&nbsp;&nbsp; Z3YE-MELR, 24.400%, 10/18/2025 †§x | Affirm | 4/22/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Z3YE-Z5RP, 35.280%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 112 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; Z3YH-3OA8, 15.780%, 10/25/2025 †§x | Affirm | 10/31/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; Z3YU-8R11, 28.500%, 7/09/2024 †x#^ | Affirm | 1/12/2023 | 218 | 232 | 13 |
| &nbsp;&nbsp;&nbsp; Z3YV-C1N6, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 99 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; Z3YX-7LNH, 29.660%, 7/06/2024 †x#^ | Affirm | 1/12/2023 | 202 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; Z3Z5-S80T, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 174 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; Z3Z8-ZW0U, 30.950%, 9/03/2026 †§x | Affirm | 3/28/2025 | 147 | 152 | 149 |
| &nbsp;&nbsp;&nbsp; Z3ZB-6O2Q, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Z3ZH-IQ6V, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1661 | 1690 | 1696 |
| &nbsp;&nbsp;&nbsp; Z3ZL-A2ZB, 29.570%, 8/10/2023 †x#^ | Affirm | 8/15/2022 | 339 | 355 | 20 |
| &nbsp;&nbsp;&nbsp; Z3ZP-4PTX, 33.950%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 83 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; Z3ZU-NEED, 35.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 832 | 850 | 852 |
| &nbsp;&nbsp;&nbsp; Z3ZX-H0DI, 35.580%, 1/13/2027 †§x# | Affirm | 1/29/2025 | 400 | 398 | 405 |
| &nbsp;&nbsp;&nbsp; Z3ZZ-8DZ9, 35.660%, 2/10/2026 †§x | Affirm | 2/26/2025 | 65 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; Z405-PJ1E, 29.640%, 10/01/2025 †§x | Affirm | 10/04/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Z40N-MEYX, 32.500%, 11/15/2026 †§x | Affirm | 11/27/2024 | 288 | 287 | 289 |
| &nbsp;&nbsp;&nbsp; Z40S-SJJN, 22.750%, 12/02/2025 †§x | Affirm | 6/27/2025 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; Z40W-GCIT, 32.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 209 | 219 | 221 |
| &nbsp;&nbsp;&nbsp; Z41A-I16Y, 13.840%, 2/06/2026 †§x | Affirm | 8/29/2025 | 953 | 974 | 974 |
| &nbsp;&nbsp;&nbsp; Z41H-K7J3, 29.520%, 10/15/2024 †x#^ | Affirm | 4/18/2024 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; Z41H-WRMG, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 147 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; Z41Q-YS13, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Z41S-2JF7, 24.400%, 9/24/2025 †x# | Affirm | 9/27/2024 | 54 | 55 | 4 |
| &nbsp;&nbsp;&nbsp; Z41U-9HS4, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 74 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Z41U-W1L3, 29.540%, 10/08/2025 †§x | Affirm | 4/11/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Z41V-F9JU, 29.440%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; Z41X-81SZ, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 202 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; Z426-CQF5, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; Z42C-GKT6, 33.950%, 8/10/2026 †§x | Affirm | 2/26/2025 | 306 | 318 | 318 |
| &nbsp;&nbsp;&nbsp; Z42F-2PPC, 22.660%, 10/28/2024 †x#^ | Affirm | 11/04/2022 | 892 | 967 | 54 |
| &nbsp;&nbsp;&nbsp; Z42H-585Q, 33.050%, 9/03/2026 †§x | Affirm | 3/28/2025 | 570 | 595 | 595 |
| &nbsp;&nbsp;&nbsp; Z42S-FYS3, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 490 | 500 | 504 |
| &nbsp;&nbsp;&nbsp; Z42W-9FVX, 35.270%, 3/28/2026 †§x | Affirm | 4/22/2025 | 135 | 138 | 140 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8462** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z435-RJ1T, 35.570%, 9/20/2025 †x# | Affirm | 9/26/2024 | $326 | $327 | $20 |
| &nbsp;&nbsp;&nbsp; Z43A-F5QS, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 138 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; Z43F-6JXG, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; Z43O-Y8KJ, 33.950%, 4/16/2025 †x#^ | Affirm | 4/19/2024 | 161 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; Z44H-N07G, 29.880%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 52 | 54 | 9 |
| &nbsp;&nbsp;&nbsp; Z44I-GTFG, 13.840%, 12/02/2026 †§x | Affirm | 6/27/2025 | 323 | 335 | 338 |
| &nbsp;&nbsp;&nbsp; Z451-OYY0, 35.830%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; Z455-8KKD, 35.450%, 1/01/2026 †§x | Affirm | 7/05/2024 | 184 | 187 | 184 |
| &nbsp;&nbsp;&nbsp; Z45I-26MP, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Z45Q-1C5L, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 124 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; Z45Q-EKSD, 33.950%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 110 | 113 | 66 |
| &nbsp;&nbsp;&nbsp; Z45R-8KB4, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 68 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Z45W-C18S, 29.730%, 2/06/2026 †x# | Affirm | 1/29/2025 | 182 | 190 | 54 |
| &nbsp;&nbsp;&nbsp; Z45X-DRLU, 22.750%, 3/03/2027 †§x | Affirm | 3/28/2025 | 450 | 471 | 475 |
| &nbsp;&nbsp;&nbsp; Z463-X4S8, 35.620%, 8/11/2026 †x | Affirm | 2/26/2025 | 298 | 306 | 308 |
| &nbsp;&nbsp;&nbsp; Z467-QQRU, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Z46A-PN0D, 33.050%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 109 | 112 | 13 |
| &nbsp;&nbsp;&nbsp; Z46D-T1ZB, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Z46D-X4BK, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Z46K-WPYW, 29.450%, 5/27/2023 †x#^ | Affirm | 6/03/2022 | 161 | 169 | 10 |
| &nbsp;&nbsp;&nbsp; Z46U-UK4F, 35.260%, 2/27/2025 †x#^ | Affirm | 8/30/2024 | 160 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; Z475-0BU6, 35.620%, 8/06/2026 †§x | Affirm | 8/29/2025 | 158 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; Z47U-SA4C, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 224 | 227 | 226 |
| &nbsp;&nbsp;&nbsp; Z47Z-3AF4, 35.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 296 | 290 | 291 |
| &nbsp;&nbsp;&nbsp; Z481-8XMA, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 228 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; Z487-NXRM, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | 164 | 167 | 168 |
| &nbsp;&nbsp;&nbsp; Z489-LL7R, 26.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Z48H-MPDE, 35.480%, 10/25/2025 †§x | Affirm | 10/31/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Z48J-YJMJ, 29.640%, 1/02/2029 †x | Affirm | 1/29/2025 | 4689 | 5023 | 5072 |
| &nbsp;&nbsp;&nbsp; Z48N-MH57, 35.990%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 198 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; Z48X-5SYF, 26.900%, 9/28/2025 †§x | Affirm | 3/31/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Z490-PWWM, 15.800%, 9/23/2026 †§x | Affirm | 9/26/2024 | 530 | 543 | 547 |
| &nbsp;&nbsp;&nbsp; Z493-E6VW, 35.420%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 95 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; Z49A-2JNK, 19.900%, 3/26/2024 †x#^ | Affirm | 9/29/2022 | 279 | 297 | 17 |
| &nbsp;&nbsp;&nbsp; Z49A-F5PB, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Z49E-NPHW, 11.860%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Z49G-I2TD, 29.440%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 307 | 309 | 18 |
| &nbsp;&nbsp;&nbsp; Z49I-GGEV, 29.570%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 12 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; Z49L-0V8C, 35.580%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 193 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; Z49M-JWWK, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; Z49N-R0OW, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 32 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; Z49T-DYI7, 29.670%, 2/27/2025 †x#^ | Affirm | 3/02/2023 | 931 | 880 | 56 |
| &nbsp;&nbsp;&nbsp; Z4A2-NE04, 24.710%, 10/01/2025 †§x | Affirm | 10/04/2024 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; Z4AB-5A43, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 190 | 195 | 196 |
| &nbsp;&nbsp;&nbsp; Z4AB-ZUHW, 35.500%, 10/24/2025 †x# | Affirm | 10/28/2024 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Z4AD-ADHP, 15.890%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 125 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; Z4AH-BKSK, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 233 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; Z4AQ-1PKI, 15.690%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 670 | 686 | 702 |
| &nbsp;&nbsp;&nbsp; Z4AQ-XO3G, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; Z4AT-PLUF, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; Z4AW-E9JI, 18.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 107 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; Z4B2-UXZZ, 35.360%, 4/26/2026 †x# | Affirm | 5/02/2024 | 528 | 538 | 32 |
| &nbsp;&nbsp;&nbsp; Z4B5-Z633, 18.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 189 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; Z4BA-7LCD, 35.470%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Z4BB-AO4Q, 28.500%, 4/18/2023 †x#^ | Affirm | 10/21/2022 | 207 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; Z4BC-T36C, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 274 | 276 | 274 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8463** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z4BD-XDXB, 29.510%, 6/27/2025 †x#^ | Affirm | 1/02/2024 | $1170 | $1229 | $70 |
| &nbsp;&nbsp;&nbsp; Z4BI-K92Q, 29.560%, 12/24/2025 †x# | Affirm | 6/27/2024 | 217 | 231 | 13 |
| &nbsp;&nbsp;&nbsp; Z4BR-JCBY, 35.450%, 2/26/2026 †x# | Affirm | 8/29/2024 | 229 | 225 | 14 |
| &nbsp;&nbsp;&nbsp; Z4BS-CDAT, 28.000%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 484 | 501 | 29 |
| &nbsp;&nbsp;&nbsp; Z4BT-YWLE, 15.640%, 11/23/2022 †x#^ | Affirm | 5/26/2022 | 291 | 297 | 17 |
| &nbsp;&nbsp;&nbsp; Z4BV-FZFS, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 184 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; Z4C2-KEZW, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Z4CE-Z0Q6, 24.720%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z4CI-X3IM, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 350 | 354 | 353 |
| &nbsp;&nbsp;&nbsp; Z4CL-PZPO, 35.590%, 9/28/2025 †§x | Affirm | 10/03/2024 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; Z4CL-YYTL, 12.549%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 270 | 264 | 261 |
| &nbsp;&nbsp;&nbsp; Z4CO-0YSZ, 29.570%, 10/08/2025 †§x | Affirm | 4/11/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Z4CR-XKH9, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 790 | 788 | 47 |
| &nbsp;&nbsp;&nbsp; Z4CV-XGMA, 29.700%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; Z4D5-P95S, 25.900%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 1338 | 1392 | 80 |
| &nbsp;&nbsp;&nbsp; Z4D6-A72T, 15.800%, 11/15/2026 †§x | Affirm | 11/27/2024 | 585 | 605 | 608 |
| &nbsp;&nbsp;&nbsp; Z4D9-3M5I, 29.470%, 7/08/2026 †§x | Affirm | 7/31/2025 | 135 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; Z4DJ-JSGY, 15.760%, 8/07/2026 †§x | Affirm | 8/29/2025 | 1422 | 1463 | 1463 |
| &nbsp;&nbsp;&nbsp; Z4DO-F3MT, 22.000%, 9/28/2025 †§x | Affirm | 3/31/2025 | 71 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; Z4DO-JFX0, 24.400%, 5/15/2026 †§x | Affirm | 11/27/2024 | 145 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; Z4DQ-2Y3Z, 35.390%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 88 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; Z4E1-GJD8, 35.590%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 25 | 26 | 1 |
| &nbsp;&nbsp;&nbsp; Z4E8-69YV, 33.950%, 8/20/2027 †§x | Affirm | 8/23/2024 | 811 | 784 | 787 |
| &nbsp;&nbsp;&nbsp; Z4EJ-HBVC, 28.000%, 4/24/2024 †x#^ | Affirm | 10/27/2022 | 354 | 380 | 21 |
| &nbsp;&nbsp;&nbsp; Z4EO-DSV3, 35.280%, 5/29/2024 †x#^ | Affirm | 6/05/2023 | 4 | 4 |  |
| &nbsp;&nbsp;&nbsp; Z4FA-R8PF, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 106 | 109 | 63 |
| &nbsp;&nbsp;&nbsp; Z4FC-LYPB, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 204 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; Z4G3-U1PR, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; Z4GA-U97N, 30.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 335 | 343 | 345 |
| &nbsp;&nbsp;&nbsp; Z4GO-8TQ5, 29.550%, 2/27/2026 †§x | Affirm | 8/30/2024 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; Z4GX-Y9ET, 29.660%, 9/18/2025 †§x | Affirm | 9/23/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Z4GY-2EIW, 35.950%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 1204 | 1207 |  |
| &nbsp;&nbsp;&nbsp; Z4H3-2MSF, 29.680%, 3/05/2024 †x#^ | Affirm | 9/08/2023 | 63 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; Z4H6-ELZU, 24.200%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 72 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z4H7-EZVW, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Z4HE-FJUH, 29.680%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 209 | 205 | 13 |
| &nbsp;&nbsp;&nbsp; Z4HH-J3OD, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 178 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; Z4HI-HCK5, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; Z4HN-1AZ2, 35.320%, 6/28/2025 †x#^ | Affirm | 1/05/2024 | 149 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; Z4I0-3CFJ, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 295 | 287 | 286 |
| &nbsp;&nbsp;&nbsp; Z4I5-E4EV, 29.580%, 10/04/2025 †§x# | Affirm | 10/10/2023 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Z4I7-ZPTF, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 187 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; Z4IH-DOHF, 31.000%, 9/28/2025 †§x | Affirm | 10/03/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Z4IL-ZN7G, 7.586%, 8/30/2025 †§x^« | Affirm | 6/27/2025 | 226 | 223 | 226 |
| &nbsp;&nbsp;&nbsp; Z4IN-AIHP, 20.900%, 9/24/2026 †x# | Affirm | 9/27/2024 | 70 | 74 | 5 |
| &nbsp;&nbsp;&nbsp; Z4IW-E093, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 218 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; Z4J9-O5L4, 29.470%, 7/27/2023 †x#^ | Affirm | 8/01/2022 | 128 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; Z4JB-MA5K, 29.680%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 175 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; Z4JG-6522, 29.520%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; Z4JP-RLHO, 35.290%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 111 | 113 | 115 |
| &nbsp;&nbsp;&nbsp; Z4JZ-9K4B, 35.770%, 7/02/2026 †§x | Affirm | 1/29/2025 | 510 | 503 | 507 |
| &nbsp;&nbsp;&nbsp; Z4K2-FR5G, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Z4K4-TQB0, 9.880%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; Z4KG-08CG, 30.500%, 3/07/2024 †x#^ | Affirm | 3/10/2023 | 16 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; Z4KT-W3MP, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Z4KZ-JNJ1, 35.350%, 7/16/2026 †§x | Affirm | 7/31/2025 | 1251 | 1153 | 1146 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8464** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z4L3-13WO, 35.600%, 1/06/2026 †§x | Affirm | 1/29/2025 | $155 | $157 | $157 |
| &nbsp;&nbsp;&nbsp; Z4LD-BS9I, 22.750%, 5/03/2026 †§x# | Affirm | 5/11/2023 | 1580 | 1612 | 1614 |
| &nbsp;&nbsp;&nbsp; Z4LJ-JB21, 29.460%, 5/22/2025 †x#^ | Affirm | 5/25/2023 | 1155 | 1150 | 69 |
| &nbsp;&nbsp;&nbsp; Z4LR-03BV, 29.410%, 11/24/2024 †x#^ | Affirm | 5/30/2023 | 1622 | 1586 | 97 |
| &nbsp;&nbsp;&nbsp; Z4LU-AV6H, 29.410%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 62 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; Z4MN-BGCK, 35.610%, 11/14/2025 †x | Affirm | 11/27/2024 | 268 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; Z4MQ-56OU, 32.500%, 1/02/2028 †§x | Affirm | 1/29/2025 | 2096 | 2057 | 2089 |
| &nbsp;&nbsp;&nbsp; Z4MW-UKE8, 15.700%, 3/28/2026 †§x | Affirm | 3/31/2025 | 202 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; Z4MY-KD5U, 33.950%, 12/02/2026 †§x | Affirm | 6/27/2025 | 289 | 296 | 299 |
| &nbsp;&nbsp;&nbsp; Z4MZ-5P0J, 33.070%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 141 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; Z4N0-PXYO, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 221 | 228 | 230 |
| &nbsp;&nbsp;&nbsp; Z4N8-RDD4, 15.860%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; Z4NC-SDHR, 22.700%, 1/03/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Z4NF-YYV3, 33.050%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 116 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Z4NK-1R8A, 31.000%, 8/11/2026 †§x | Affirm | 2/26/2025 | 545 | 568 | 565 |
| &nbsp;&nbsp;&nbsp; Z4NN-B2OB, 31.000%, 1/27/2026 †§x | Affirm | 2/26/2025 | 125 | 128 | 130 |
| &nbsp;&nbsp;&nbsp; Z4NU-OPAW, 29.380%, 7/09/2023 †x#^ | Affirm | 1/12/2023 | 98 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; Z4OD-FGPO, 30.000%, 5/28/2025 †x#^ | Affirm | 6/02/2023 | 398 | 397 | 24 |
| &nbsp;&nbsp;&nbsp; Z4OF-L49J, 35.440%, 12/28/2025 †§x | Affirm | 1/29/2025 | 46 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; Z4OI-KL46, 9.810%, 3/20/2026 †§x | Affirm | 3/28/2025 | 381 | 389 | 391 |
| &nbsp;&nbsp;&nbsp; Z4OJ-0QY4, 13.840%, 1/06/2027 †§x | Affirm | 1/29/2025 | 1170 | 1211 | 1219 |
| &nbsp;&nbsp;&nbsp; Z4OM-P8MC, 26.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z4OU-R821, 6.952%, 2/06/2026 †§x« | Affirm | 8/29/2025 | 231 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; Z4P2-6MVL, 25.900%, 11/06/2025 †§x | Affirm | 5/30/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z4PB-EVNX, 35.410%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 474 | 475 | 28 |
| &nbsp;&nbsp;&nbsp; Z4PF-3O9A, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 193 | 198 | 199 |
| &nbsp;&nbsp;&nbsp; Z4PI-K0AP, 29.480%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; Z4PM-X3TA, 29.610%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 164 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; Z4PP-XQIO, 33.010%, 6/28/2026 †§x# | Affirm | 7/05/2024 | 434 | 431 | 433 |
| &nbsp;&nbsp;&nbsp; Z4PS-NQTQ, 31.000%, 11/21/2025 †§x | Affirm | 5/24/2024 | 211 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; Z4Q6-OFXF, 21.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; Z4QI-L4YG, 35.530%, 11/15/2025 †§x | Affirm | 11/27/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z4QQ-78XA, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 31 | 32 | 31 |
| &nbsp;&nbsp;&nbsp; Z4QS-ONFM, 29.500%, 1/23/2026 †§x | Affirm | 7/26/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; Z4QY-NGOW, 28.500%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 824 | 825 | 49 |
| &nbsp;&nbsp;&nbsp; Z4QY-Y2K6, 28.000%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 432 | 452 | 26 |
| &nbsp;&nbsp;&nbsp; Z4QZ-ORQA, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Z4RA-3BX8, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 483 | 499 | 503 |
| &nbsp;&nbsp;&nbsp; Z4RO-RELK, 35.210%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 140 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; Z4RO-T4Y4, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 309 | 317 | 318 |
| &nbsp;&nbsp;&nbsp; Z4RQ-QI95, 13.840%, 12/09/2025 †§x | Affirm | 12/27/2024 | 173 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; Z4RU-TGXF, 35.620%, 8/11/2026 †x | Affirm | 2/26/2025 | 347 | 343 | 346 |
| &nbsp;&nbsp;&nbsp; Z4RX-56PK, 35.500%, 10/18/2025 †§x | Affirm | 10/24/2024 | 73 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; Z4SI-B7H1, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 14 |
| &nbsp;&nbsp;&nbsp; Z4SL-1PCN, 28.000%, 11/10/2024 †x#^ | Affirm | 11/17/2022 | 842 | 909 | 51 |
| &nbsp;&nbsp;&nbsp; Z4SL-BYFZ, 28.000%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 567 | 595 | 34 |
| &nbsp;&nbsp;&nbsp; Z4SN-XU9T, 29.670%, 2/11/2028 †§x | Affirm | 2/26/2025 | 1823 | 1890 | 1921 |
| &nbsp;&nbsp;&nbsp; Z4ST-ZFCF, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 1613 | 1593 | 97 |
| &nbsp;&nbsp;&nbsp; Z4SX-Z5TN, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 110 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; Z4T8-OGWB, 24.400%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; Z4TM-J0G2, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 79 | 80 | 6 |
| &nbsp;&nbsp;&nbsp; Z4TO-7OLU, 33.950%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Z4U5-40BV, 31.000%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 498 | 524 | 523 |
| &nbsp;&nbsp;&nbsp; Z4U7-OPR5, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Z4UL-261W, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Z4V3-T45A, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 97 | 98 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8465** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z4V5-IGSU, 15.760%, 8/06/2026 †§x# | Affirm | 8/29/2025 | $231 | $242 | $242 |
| &nbsp;&nbsp;&nbsp; Z4V8-BTUE, 24.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 582 | 590 | 592 |
| &nbsp;&nbsp;&nbsp; Z4V8-FMUS, 32.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 466 | 483 | 488 |
| &nbsp;&nbsp;&nbsp; Z4VF-S7DW, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 372 | 384 | 388 |
| &nbsp;&nbsp;&nbsp; Z4VR-0WQF, 35.440%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 186 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; Z4VU-GI3I, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 382 | 381 | 384 |
| &nbsp;&nbsp;&nbsp; Z4W5-K49H, 33.950%, 10/28/2025 †x# | Affirm | 10/31/2024 | 600 | 635 | 57 |
| &nbsp;&nbsp;&nbsp; Z4W7-1P7N, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Z4W7-N24G, 35.330%, 12/27/2025 †x# | Affirm | 1/02/2024 | 733 | 737 | 44 |
| &nbsp;&nbsp;&nbsp; Z4WQ-8H5H, 35.460%, 6/02/2026 †§x | Affirm | 6/27/2025 | 135 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; Z4WS-KKMN, 29.300%, 1/26/2023 †x#^ | Affirm | 7/29/2022 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Z4X0-P5RD, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 115 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; Z4X6-H5H7, 31.000%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; Z4XC-SK0F, 35.390%, 8/03/2024 †x#^ | Affirm | 8/07/2023 | 50 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; Z4XF-Z04T, 31.450%, 1/08/2026 †§x | Affirm | 1/29/2025 | 100 | 100 | 61 |
| &nbsp;&nbsp;&nbsp; Z4XK-DL0O, 29.500%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 138 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; Z4XR-ZPQV, 22.200%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; Z4Y2-HEXB, 29.540%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 381 | 401 | 23 |
| &nbsp;&nbsp;&nbsp; Z4Y5-6H0Y, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; Z4YD-XSQG, 35.520%, 11/12/2025 †§x | Affirm | 11/27/2024 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; Z4YT-8UTR, 15.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; Z4Z0-E8JH, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; Z4ZK-SMMH, 23.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 117 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; Z4ZN-CL61, 33.050%, 2/05/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; Z4ZU-4WA3, 29.740%, 12/28/2025 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Z505-54XS, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 188 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; Z506-CCWF, 33.950%, 11/06/2025 †§x# | Affirm | 8/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z50O-BBGO, 21.400%, 12/04/2025 †§x | Affirm | 12/07/2023 | 113 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; Z50X-AMIH, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 232 | 235 | 234 |
| &nbsp;&nbsp;&nbsp; Z512-BHF2, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 271 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; Z518-H9EV, 29.550%, 2/05/2027 †§x | Affirm | 8/29/2025 | 498 | 527 | 527 |
| &nbsp;&nbsp;&nbsp; Z519-LXPK, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 499 | 508 | 510 |
| &nbsp;&nbsp;&nbsp; Z51A-U58H, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Z51C-4CUB, 27.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z51D-24E5, 35.450%, 2/20/2026 †§x | Affirm | 2/23/2024 | 293 | 293 | 298 |
| &nbsp;&nbsp;&nbsp; Z51D-W897, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 139 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; Z51G-18EZ, 29.680%, 11/15/2025 †x# | Affirm | 11/27/2024 | 753 | 793 | 60 |
| &nbsp;&nbsp;&nbsp; Z51J-ODKT, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; Z51V-JOUY, 11.790%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 920 | 967 | 55 |
| &nbsp;&nbsp;&nbsp; Z51Y-P1HU, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 176 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; Z521-O0Y6, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 511 | 517 | 518 |
| &nbsp;&nbsp;&nbsp; Z521-XKR1, 26.900%, 10/24/2025 †§x | Affirm | 10/28/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Z528-OIBA, 28.000%, 11/23/2022 †x#^ | Affirm | 5/26/2022 | 178 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; Z534-1NPP, 29.610%, 6/19/2026 †§x# | Affirm | 12/27/2024 | 471 | 486 | 485 |
| &nbsp;&nbsp;&nbsp; Z53A-F9Q0, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 63 | 63 | 33 |
| &nbsp;&nbsp;&nbsp; Z53Q-MISQ, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 148 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; Z53V-3KBS, 28.500%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 913 | 960 | 55 |
| &nbsp;&nbsp;&nbsp; Z548-C97Y, 27.500%, 4/27/2025 †x#^ | Affirm | 12/30/2022 | 328 | 355 | 20 |
| &nbsp;&nbsp;&nbsp; Z54B-4SVC, 35.220%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 50 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; Z54C-EMGO, 34.290%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; Z54I-2GIV, 29.650%, 9/07/2023 †x#^ | Affirm | 9/12/2022 | 56 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; Z54M-UHW0, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 284 | 291 | 293 |
| &nbsp;&nbsp;&nbsp; Z54O-C06X, 33.950%, 4/11/2025 †x#^ | Affirm | 4/15/2024 | 110 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; Z54P-C8Q0, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 48 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; Z54R-PIWZ, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z551-GC2J, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 184 | 183 | 182 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8466** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z559-LICS, 27.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | $19 | $19 | $19 |
| &nbsp;&nbsp;&nbsp; Z55C-XPXN, 29.630%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 78 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Z55D-94MH, 29.070%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 82 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; Z55I-X80W, 29.490%, 5/04/2026 †§x | Affirm | 5/11/2023 | 1664 | 1696 | 1692 |
| &nbsp;&nbsp;&nbsp; Z55O-VLTM, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; Z564-UOO5, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Z565-XJVP, 33.050%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; Z56E-04D5, 35.650%, 3/06/2026 †x# | Affirm | 1/29/2025 | 1193 | 1182 | 608 |
| &nbsp;&nbsp;&nbsp; Z56G-B6RP, 27.500%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 167 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; Z56K-WSJM, 11.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; Z56U-3NQJ, 24.700%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Z573-YL81, 33.050%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 102 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; Z574-HUS6, 30.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 77 | 73 | 5 |
| &nbsp;&nbsp;&nbsp; Z576-99DR, 24.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1141 | 1180 | 1180 |
| &nbsp;&nbsp;&nbsp; Z578-JNMA, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; Z57P-8VJS, 15.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; Z57W-O8W3, 32.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 361 | 364 | 365 |
| &nbsp;&nbsp;&nbsp; Z586-P3VO, 22.650%, 12/20/2025 †§x | Affirm | 6/24/2024 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; Z58Q-FKM1, 29.610%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 241 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; Z58R-2KBE, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Z59Y-A35E, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 412 | 420 | 417 |
| &nbsp;&nbsp;&nbsp; Z59Z-YYVC, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; Z5A3-SIYQ, 35.380%, 12/04/2025 †x# | Affirm | 12/07/2023 | 565 | 567 | 34 |
| &nbsp;&nbsp;&nbsp; Z5AF-21O7, 22.750%, 11/08/2025 †§x# | Affirm | 11/27/2024 | 44 | 44 | 23 |
| &nbsp;&nbsp;&nbsp; Z5AG-9848, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; Z5AM-CGL1, 35.410%, 4/02/2025 †x#^ | Affirm | 10/07/2024 | 300 | 309 | 18 |
| &nbsp;&nbsp;&nbsp; Z5AU-B0KP, 15.890%, 3/03/2026 †x# | Affirm | 3/28/2025 | 552 | 569 | 33 |
| &nbsp;&nbsp;&nbsp; Z5B4-QUFP, 32.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 146 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; Z5BA-4ZF2, 18.000%, 2/07/2026 †§x | Affirm | 8/29/2025 | 40 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Z5BC-CD80, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Z5BF-SRUE, 27.950%, 2/06/2026 †x# | Affirm | 2/26/2025 | 186 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; Z5BH-EUCO, 15.820%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Z5BR-1YCS, 23.700%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 32 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Z5BT-84RI, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | 602 | 573 | 572 |
| &nbsp;&nbsp;&nbsp; Z5BY-LEW7, 35.380%, 6/02/2026 †§x | Affirm | 6/27/2025 | 501 | 494 | 499 |
| &nbsp;&nbsp;&nbsp; Z5BZ-2MD7, 29.450%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 452 | 475 | 27 |
| &nbsp;&nbsp;&nbsp; Z5C1-M6CJ, 35.280%, 7/28/2024 †x#^ | Affirm | 8/03/2023 | 100 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; Z5C4-0HOR, 15.800%, 2/26/2026 †§x | Affirm | 2/29/2024 | 144 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; Z5C4-BOCS, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Z5C4-F41Q, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 295 | 304 | 302 |
| &nbsp;&nbsp;&nbsp; Z5CB-7RO7, 33.950%, 10/25/2026 †§x | Affirm | 10/31/2024 | 489 | 503 | 507 |
| &nbsp;&nbsp;&nbsp; Z5CC-B3O5, 32.000%, 2/19/2026 †§x | Affirm | 8/22/2024 | 467 | 477 | 477 |
| &nbsp;&nbsp;&nbsp; Z5CD-BOXV, 22.770%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 673 | 686 | 40 |
| &nbsp;&nbsp;&nbsp; Z5CF-6OXW, 35.450%, 3/25/2026 †§x | Affirm | 9/30/2024 | 133 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; Z5CH-3FJW, 23.400%, 9/24/2027 †§x | Affirm | 9/27/2024 | 957 | 986 | 992 |
| &nbsp;&nbsp;&nbsp; Z5CM-H1RJ, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 136 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; Z5CT-Q8P9, 35.500%, 10/24/2025 †§x | Affirm | 10/28/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z5CU-71IS, 29.470%, 7/26/2023 †x#^ | Affirm | 7/29/2022 | 110 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Z5DC-HTBK, 32.500%, 10/17/2024 †x#^ | Affirm | 4/22/2024 | 245 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; Z5DL-X2DD, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 419 | 418 | 419 |
| &nbsp;&nbsp;&nbsp; Z5DR-U773, 35.300%, 9/28/2025 †x# | Affirm | 3/31/2025 | 38 | 39 | 4 |
| &nbsp;&nbsp;&nbsp; Z5DV-MT4D, 11.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 156 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; Z5DV-OVOY, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 65 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; Z5E3-IQKL, 32.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 511 | 528 | 525 |
| &nbsp;&nbsp;&nbsp; Z5ED-PDC8, 15.870%, 8/12/2026 †§x | Affirm | 2/26/2025 | 173 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; Z5EI-CRDZ, 29.520%, 4/24/2026 †x# | Affirm | 4/27/2023 | 2375 | 2463 | 143 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8467** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z5EZ-IFT5, 35.350%, 12/17/2024 †x#^ | Affirm | 9/20/2024 | $30 | $30 | $2 |
| &nbsp;&nbsp;&nbsp; Z5EZ-YKPQ, 35.600%, 10/02/2025 †x# | Affirm | 10/07/2024 | 108 | 112 | 4 |
| &nbsp;&nbsp;&nbsp; Z5F7-44AN, 27.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 85 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; Z5F8-SCJD, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Z5F9-LMF9, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; Z5FE-Y8C3, 29.660%, 1/15/2027 †§x | Affirm | 1/29/2025 | 546 | 567 | 570 |
| &nbsp;&nbsp;&nbsp; Z5FZ-FJ81, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 759 | 773 | 776 |
| &nbsp;&nbsp;&nbsp; Z5G8-W421, 26.200%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 667 | 659 | 40 |
| &nbsp;&nbsp;&nbsp; Z5GA-W6KY, 35.600%, 12/05/2023 †x#^ | Affirm | 9/08/2023 | 87 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; Z5GQ-7E97, 32.940%, 7/08/2026 †§x | Affirm | 7/31/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; Z5GR-MDB2, 15.730%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 62 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; Z5GS-HD0Q, 30.000%, 5/04/2025 †x#^ | Affirm | 5/11/2023 | 268 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; Z5GZ-PJ7D, 35.360%, 4/15/2026 †§x | Affirm | 4/18/2024 | 737 | 741 | 752 |
| &nbsp;&nbsp;&nbsp; Z5H4-UE2U, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 122 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; Z5H4-WFA8, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Z5H9-UCMH, 20.000%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 11 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; Z5HA-0CJJ, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 42 |
| &nbsp;&nbsp;&nbsp; Z5HB-UJ0S, 29.870%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Z5HL-2KLS, 25.200%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z5HP-GNUG, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; Z5HS-7YPA, 29.710%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 173 | 176 | 10 |
| &nbsp;&nbsp;&nbsp; Z5HX-9JK5, 35.590%, 9/16/2025 †§x | Affirm | 9/19/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z5I0-HX4Z, 29.670%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z5I5-2L7T, 35.610%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 211 | 208 | 210 |
| &nbsp;&nbsp;&nbsp; Z5IF-3DEM, 22.860%, 2/05/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Z5IH-HJ63, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Z5IL-94VA, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; Z5IM-IY6O, 25.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Z5IN-ZOZU, 33.950%, 6/20/2026 †§x | Affirm | 6/24/2024 | 493 | 503 | 507 |
| &nbsp;&nbsp;&nbsp; Z5IS-7PS4, 30.000%, 12/26/2024 †x#^ | Affirm | 6/29/2023 | 159 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; Z5IW-2PM0, 29.520%, 10/04/2025 †x# | Affirm | 10/10/2023 | 168 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; Z5IW-366U, 29.710%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 672 | 643 | 40 |
| &nbsp;&nbsp;&nbsp; Z5J4-MN2R, 18.000%, 3/23/2026 †§x | Affirm | 9/26/2024 | 306 | 312 | 312 |
| &nbsp;&nbsp;&nbsp; Z5JC-P0J6, 33.050%, 9/20/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z5JD-L3JP, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; Z5JO-108V, 6.069%, 8/07/2026 †§x« | Affirm | 8/29/2025 | 4401 | 4166 | 4166 |
| &nbsp;&nbsp;&nbsp; Z5JP-Q6OK, 29.550%, 12/17/2025 †§x | Affirm | 6/21/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; Z5JR-G9K6, 33.950%, 9/26/2025 †§x | Affirm | 9/30/2024 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; Z5JU-2FJC, 29.640%, 9/14/2023 †x#^ | Affirm | 9/19/2022 | 193 | 191 | 12 |
| &nbsp;&nbsp;&nbsp; Z5JV-YA5S, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 846 | 861 | 865 |
| &nbsp;&nbsp;&nbsp; Z5JW-R4OD, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Z5K3-GOLX, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z5K3-NLTC, 15.760%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 175 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; Z5K8-TH2J, 15.870%, 8/11/2026 †§x | Affirm | 2/26/2025 | 207 | 215 | 213 |
| &nbsp;&nbsp;&nbsp; Z5KC-7XPL, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 66 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; Z5KC-9617, 35.290%, 6/06/2024 †x#^ | Affirm | 3/09/2023 | 56 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; Z5KE-HVAF, 29.600%, 12/14/2023 †x#^ | Affirm | 12/17/2021 | 572 | 617 | 34 |
| &nbsp;&nbsp;&nbsp; Z5KG-33TV, 33.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 103 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; Z5KI-9CWL, 35.440%, 10/26/2025 †§x# | Affirm | 5/06/2024 | 164 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; Z5KL-CTBQ, 18.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 317 | 322 | 323 |
| &nbsp;&nbsp;&nbsp; Z5L9-ZYFT, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; Z5LF-TD8O, 29.620%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 205 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; Z5LH-5YUT, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z5LW-TR85, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 421 | 429 | 25 |
| &nbsp;&nbsp;&nbsp; Z5LX-6JKF, 35.250%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z5M2-QINQ, 29.820%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 80 | 79 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8468** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z5M6-RICP, 6.952%, 1/08/2026 †§x« | Affirm | 7/31/2025 | $354 | $346 | $345 |
| &nbsp;&nbsp;&nbsp; Z5ME-71UV, 33.050%, 4/18/2026 †§x | Affirm | 10/24/2024 | 118 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; Z5MO-S89G, 29.800%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 96 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; Z5N0-IZJ5, 29.620%, 9/26/2026 †§x | Affirm | 9/30/2024 | 506 | 520 | 524 |
| &nbsp;&nbsp;&nbsp; Z5N2-O585, 35.560%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; Z5NC-N9AR, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Z5NH-C09G, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Z5NO-QWX3, 11.810%, 10/01/2025 †§x | Affirm | 4/04/2024 | 229 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; Z5NQ-CT9T, 28.950%, 9/24/2026 †§x | Affirm | 9/27/2024 | 550 | 547 | 554 |
| &nbsp;&nbsp;&nbsp; Z5O4-7A6N, 35.520%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 121 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; Z5O4-NACS, 28.000%, 4/20/2024 †x#^ | Affirm | 10/24/2022 | 174 | 186 | 10 |
| &nbsp;&nbsp;&nbsp; Z5O5-397Q, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; Z5O8-CDMP, 35.380%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; Z5OC-XQTM, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; Z5OD-0FXO, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 124 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; Z5OL-1TCZ, 33.000%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 1440 | 1431 | 1431 |
| &nbsp;&nbsp;&nbsp; Z5OY-556D, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Z5P3-G2WI, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; Z5PC-3BNA, 29.870%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 169 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; Z5PH-6SVC, 33.950%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 293 | 300 | 301 |
| &nbsp;&nbsp;&nbsp; Z5PK-V9TF, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; Z5PQ-7TR9, 33.950%, 4/16/2027 †§x# | Affirm | 4/19/2024 | 687 | 697 | 699 |
| &nbsp;&nbsp;&nbsp; Z5PX-5PW5, 22.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 572 | 585 | 589 |
| &nbsp;&nbsp;&nbsp; Z5Q3-GAZF, 24.540%, 12/19/2025 †§x | Affirm | 12/23/2022 | 358 | 361 | 362 |
| &nbsp;&nbsp;&nbsp; Z5QE-Q5I8, 13.840%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1585 | 1667 | 1685 |
| &nbsp;&nbsp;&nbsp; Z5QO-WSBC, 25.900%, 9/23/2025 †§x | Affirm | 9/26/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; Z5R9-N0PR, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 297 | 292 | 291 |
| &nbsp;&nbsp;&nbsp; Z5RA-QSJJ, 32.500%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 97 | 91 | 6 |
| &nbsp;&nbsp;&nbsp; Z5RC-79TY, 29.490%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 76 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; Z5RG-AV5E, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 974 | 991 | 986 |
| &nbsp;&nbsp;&nbsp; Z5RG-PWPE, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Z5RQ-TMCG, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 389 | 400 | 400 |
| &nbsp;&nbsp;&nbsp; Z5RU-AAZP, 31.500%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 29 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; Z5RX-K1RT, 29.610%, 6/22/2023 †x#^ | Affirm | 12/27/2021 | 205 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; Z5SL-ZZI8, 33.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 135 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; Z5SN-61MQ, 15.830%, 9/24/2025 †§x | Affirm | 9/27/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; Z5SP-1ZZE, 24.400%, 8/05/2029 †§x | Affirm | 8/29/2025 | 1556 | 1693 | 1693 |
| &nbsp;&nbsp;&nbsp; Z5SQ-37QV, 27.500%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 921 | 965 | 55 |
| &nbsp;&nbsp;&nbsp; Z5SR-UD6I, 28.000%, 5/19/2024 †x#^ | Affirm | 5/25/2023 | 416 | 387 | 25 |
| &nbsp;&nbsp;&nbsp; Z5SY-V5UV, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Z5T0-ZM40, 25.000%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 2137 | 2240 | 128 |
| &nbsp;&nbsp;&nbsp; Z5T5-WTCV, 35.480%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z5T6-2152, 32.500%, 10/02/2025 †§x | Affirm | 10/07/2024 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; Z5T6-ET3G, 22.750%, 7/06/2026 †§x | Affirm | 1/29/2025 | 215 | 222 | 220 |
| &nbsp;&nbsp;&nbsp; Z5T6-OHV9, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Z5T9-A2YY, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; Z5TE-RYXI, 33.950%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 296 | 302 | 18 |
| &nbsp;&nbsp;&nbsp; Z5TE-W1CC, 35.480%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; Z5TF-HVHM, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 657 | 668 | 670 |
| &nbsp;&nbsp;&nbsp; Z5TH-Y2GP, 31.000%, 10/24/2025 †§x | Affirm | 10/28/2024 | 100 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; Z5TI-K9V4, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z5TN-K3EY, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 138 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; Z5TV-Z9ZQ, 29.630%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Z5U7-HYBL, 29.650%, 9/16/2023 †x#^ | Affirm | 9/22/2022 | 251 | 248 | 15 |
| &nbsp;&nbsp;&nbsp; Z5U7-U2LT, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; Z5V0-AN7R, 33.090%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 108 | 108 | 7 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8469** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z5V1-U31W, 21.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | $52 | $54 | $53 |
| &nbsp;&nbsp;&nbsp; Z5V5-4G5F, 33.050%, 1/15/2026 †x# | Affirm | 11/27/2024 | 82 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; Z5VB-YOX9, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 202 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; Z5VJ-GGKJ, 35.000%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Z5VK-AP1Y, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z5VR-QEPT, 35.360%, 2/27/2026 †x# | Affirm | 8/30/2024 | 211 | 219 |  |
| &nbsp;&nbsp;&nbsp; Z5VS-XGE1, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Z5VU-1CN2, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 218 | 223 | 224 |
| &nbsp;&nbsp;&nbsp; Z5VY-NQ2B, 18.000%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; Z5W3-JP8F, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 287 | 292 | 293 |
| &nbsp;&nbsp;&nbsp; Z5W6-1JQU, 28.000%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 198 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; Z5WA-ZAP1, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; Z5X4-7HCG, 15.810%, 5/15/2026 †§x | Affirm | 11/27/2024 | 863 | 887 | 883 |
| &nbsp;&nbsp;&nbsp; Z5X5-DUIM, 14.700%, 5/21/2026 †§x | Affirm | 5/24/2024 | 1758 | 1789 | 1796 |
| &nbsp;&nbsp;&nbsp; Z5XO-GFK1, 31.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 4158 | 4323 | 4349 |
| &nbsp;&nbsp;&nbsp; Z5XV-BKFZ, 29.580%, 4/03/2024 †x#^ | Affirm | 10/06/2022 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; Z5XV-SK9H, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 98 | 103 |  |
| &nbsp;&nbsp;&nbsp; Z5Y3-8QPY, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 213 | 217 | 216 |
| &nbsp;&nbsp;&nbsp; Z5Y8-WY60, 29.590%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; Z5YJ-M5GU, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z5YK-9JWE, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 125 | 129 | 131 |
| &nbsp;&nbsp;&nbsp; Z5YL-Z0VC, 25.900%, 10/24/2025 †§x | Affirm | 10/28/2024 | 27 | 27 | 28 |
| &nbsp;&nbsp;&nbsp; Z5YQ-AB9Q, 22.750%, 8/28/2026 †§x# | Affirm | 8/31/2023 | 473 | 486 | 493 |
| &nbsp;&nbsp;&nbsp; Z5YS-HLJO, 35.740%, 3/03/2026 †§x | Affirm | 3/28/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Z5YU-LEDT, 33.050%, 3/28/2026 †§x | Affirm | 3/31/2025 | 53 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; Z5YX-F1J3, 30.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 637 | 648 | 650 |
| &nbsp;&nbsp;&nbsp; Z5ZG-4BU8, 29.720%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 77 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; Z5ZO-G8VQ, 29.500%, 12/11/2025 †§x | Affirm | 12/14/2023 | 413 | 417 | 417 |
| &nbsp;&nbsp;&nbsp; Z5ZT-I3AA, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 133 | 131 | 133 |
| &nbsp;&nbsp;&nbsp; Z5ZY-76G7, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 113 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; Z601-WKIK, 15.850%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Z605-5M7V, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Z605-K238, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 327 | 322 | 321 |
| &nbsp;&nbsp;&nbsp; Z608-ZVK3, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 577 | 589 | 590 |
| &nbsp;&nbsp;&nbsp; Z60A-B6HG, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; Z60P-S79U, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; Z610-BAPP, 29.610%, 6/10/2023 †x#^ | Affirm | 12/16/2021 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp; Z613-8CA2, 13.840%, 8/07/2026 †§x | Affirm | 8/29/2025 | 737 | 763 | 763 |
| &nbsp;&nbsp;&nbsp; Z615-NTQG, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 413 | 420 | 418 |
| &nbsp;&nbsp;&nbsp; Z615-SX4Z, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 87 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; Z61A-7AM4, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; Z61A-MPRQ, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 201 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; Z61Q-CKE3, 19.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 375 | 378 | 379 |
| &nbsp;&nbsp;&nbsp; Z61R-Q5JP, 35.450%, 4/15/2026 †§x | Affirm | 4/18/2024 | 658 | 662 | 673 |
| &nbsp;&nbsp;&nbsp; Z61S-N6WD, 30.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Z61W-TZDC, 29.610%, 6/08/2023 †x#^ | Affirm | 12/13/2021 | 178 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; Z61Z-WQ6W, 29.650%, 5/12/2023 †x#^ | Affirm | 11/18/2021 | 81 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; Z627-VLYO, 16.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 102 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; Z62M-THNK, 29.540%, 6/03/2023 †x#^ | Affirm | 6/09/2022 | 404 | 424 | 24 |
| &nbsp;&nbsp;&nbsp; Z62T-79CA, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 423 | 431 | 432 |
| &nbsp;&nbsp;&nbsp; Z62T-JKZ7, 35.600%, 2/11/2027 †§x | Affirm | 2/26/2025 | 659 | 653 | 665 |
| &nbsp;&nbsp;&nbsp; Z62W-HHEZ, 35.630%, 1/08/2026 †§x | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; Z632-H36Z, 29.450%, 5/09/2023 †x#^ | Affirm | 5/19/2022 | 299 | 295 | 18 |
| &nbsp;&nbsp;&nbsp; Z633-4FQZ, 29.480%, 12/28/2022 †x#^ | Affirm | 7/01/2022 | 734 | 748 | 44 |
| &nbsp;&nbsp;&nbsp; Z633-AG8Z, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z638-S61X, 29.000%, 5/25/2026 †x# | Affirm | 5/30/2023 | 3178 | 3410 | 191 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8470** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z63L-2AHD, 30.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | $111 | $111 | $110 |
| &nbsp;&nbsp;&nbsp; Z63R-1FAM, 35.700%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Z641-FSLS, 33.000%, 12/17/2025 †x# | Affirm | 6/21/2024 | 313 | 307 | 19 |
| &nbsp;&nbsp;&nbsp; Z641-H6YT, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 124 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; Z641-ITU4, 31.000%, 11/20/2026 †x# | Affirm | 11/27/2024 | 6843 | 7088 | 7159 |
| &nbsp;&nbsp;&nbsp; Z643-8H8E, 29.130%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 70 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; Z64C-2ZPN, 31.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 234 | 242 | 240 |
| &nbsp;&nbsp;&nbsp; Z64G-B6HQ, 7.910%, 1/08/2026 †§x | Affirm | 1/29/2025 | 196 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; Z64L-4T1X, 29.390%, 7/21/2022 †x#^ | Affirm | 1/27/2022 | 73 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; Z64M-0MMW, 29.510%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 414 | 409 | 25 |
| &nbsp;&nbsp;&nbsp; Z64Z-ZYJB, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 152 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; Z653-KJFN, 20.000%, 4/20/2024 †x#^ | Affirm | 10/24/2022 | 16 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; Z655-6OPD, 35.440%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 199 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; Z65E-TQGU, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 198 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; Z65K-VZO3, 32.500%, 7/03/2026 †§x | Affirm | 1/29/2025 | 196 | 199 | 198 |
| &nbsp;&nbsp;&nbsp; Z65V-9G8W, 33.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Z65X-C7DI, 33.950%, 10/21/2025 †x# | Affirm | 10/24/2024 | 38 | 40 | 8 |
| &nbsp;&nbsp;&nbsp; Z665-EV9P, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; Z66E-7WU4, 35.480%, 9/24/2025 †x# | Affirm | 9/27/2024 | 278 | 289 | 74 |
| &nbsp;&nbsp;&nbsp; Z66F-1512, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Z670-U4QE, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 122 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; Z672-6WCF, 35.900%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; Z674-B3JA, 29.810%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 197 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; Z67F-6TTE, 21.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 778 | 795 | 799 |
| &nbsp;&nbsp;&nbsp; Z67G-98OR, 20.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 190 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; Z67L-8N77, 9.920%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Z67N-J3E2, 33.000%, 12/16/2025 †§x | Affirm | 12/27/2024 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Z67R-81OM, 29.680%, 1/03/2024 †x#^ | Affirm | 11/07/2022 | 1160 | 1136 | 70 |
| &nbsp;&nbsp;&nbsp; Z67Z-QAPZ, 35.470%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z682-80NJ, 29.500%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 391 | 410 | 23 |
| &nbsp;&nbsp;&nbsp; Z685-67BE, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 30 | 31 | 30 |
| &nbsp;&nbsp;&nbsp; Z68F-NVOH, 35.400%, 10/28/2025 †x# | Affirm | 10/31/2024 | 97 | 97 | 2 |
| &nbsp;&nbsp;&nbsp; Z68Y-SZIP, 11.750%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 127 | 129 | 128 |
| &nbsp;&nbsp;&nbsp; Z69M-4PHV, 29.710%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 136 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; Z69N-X8ST, 29.520%, 4/05/2023 †x#^ | Affirm | 4/08/2022 | 454 | 448 | 27 |
| &nbsp;&nbsp;&nbsp; Z69U-XU15, 29.540%, 12/20/2025 †§x | Affirm | 6/24/2024 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; Z6A4-HIPY, 25.200%, 2/19/2026 †x# | Affirm | 8/22/2024 | 1162 | 1235 | 70 |
| &nbsp;&nbsp;&nbsp; Z6AB-CYQO, 21.900%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 191 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; Z6AE-O60B, 35.480%, 8/29/2024 †x#^ | Affirm | 9/08/2023 | 594 | 557 | 36 |
| &nbsp;&nbsp;&nbsp; Z6AT-LWUN, 29.520%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 1088 | 1074 | 65 |
| &nbsp;&nbsp;&nbsp; Z6AU-FFJR, 35.360%, 12/14/2025 †§x | Affirm | 6/21/2024 | 163 | 165 | 163 |
| &nbsp;&nbsp;&nbsp; Z6AZ-9XB0, 26.500%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 70 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; Z6B4-BDYB, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 144 | 149 | 151 |
| &nbsp;&nbsp;&nbsp; Z6BF-4KBF, 29.500%, 12/15/2024 †x#^ | Affirm | 6/20/2023 | 712 | 751 | 43 |
| &nbsp;&nbsp;&nbsp; Z6BL-T574, 35.420%, 11/02/2024 †x#^ | Affirm | 5/06/2024 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; Z6BZ-FUOC, 29.550%, 12/14/2025 †§x# | Affirm | 6/21/2024 | 137 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; Z6CR-6ZFQ, 32.000%, 12/12/2025 †§x | Affirm | 12/27/2024 | 91 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; Z6DL-AJ7Q, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 345 | 360 | 364 |
| &nbsp;&nbsp;&nbsp; Z6DW-SLYI, 30.000%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 265 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; Z6EE-F1UQ, 33.050%, 12/02/2026 †x | Affirm | 6/27/2025 | 968 | 1018 | 1024 |
| &nbsp;&nbsp;&nbsp; Z6EF-OYNY, 22.490%, 11/14/2025 †§x | Affirm | 5/30/2025 | 500 | 505 | 507 |
| &nbsp;&nbsp;&nbsp; Z6EJ-BASU, 29.550%, 4/15/2026 †x# | Affirm | 4/18/2024 | 495 | 514 | 30 |
| &nbsp;&nbsp;&nbsp; Z6EK-RBFM, 35.560%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z6EV-BQ48, 35.120%, 11/27/2024 †x#^ | Affirm | 8/30/2024 | 85 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; Z6FA-391U, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 552 | 565 | 567 |
| &nbsp;&nbsp;&nbsp; Z6G2-N1JZ, 29.000%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 103 | 105 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8471** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z6G7-ZEBR, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | $2188 | $2068 | $2081 |
| &nbsp;&nbsp;&nbsp; Z6G9-3XAU, 25.200%, 11/23/2025 †§x | Affirm | 5/28/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Z6GD-PSHX, 35.490%, 9/28/2025 †§x | Affirm | 10/03/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Z6GP-PISQ, 32.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; Z6GS-M4KW, 18.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1178 | 1215 | 1222 |
| &nbsp;&nbsp;&nbsp; Z6GU-37DE, 25.000%, 11/07/2025 †§x | Affirm | 11/10/2022 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; Z6GY-CEYG, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 176 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; Z6H8-11WO, 35.480%, 4/21/2026 †§x | Affirm | 10/24/2024 | 275 | 282 | 281 |
| &nbsp;&nbsp;&nbsp; Z6HA-KPPD, 35.410%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 113 | 102 | 7 |
| &nbsp;&nbsp;&nbsp; Z6HG-YERS, 35.700%, 5/12/2025 †x#^ | Affirm | 11/27/2024 | 150 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Z6HT-OJZA, 29.820%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 42 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; Z6I4-1KMX, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; Z6I6-IN9N, 35.560%, 9/23/2025 †x# | Affirm | 9/26/2024 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; Z6I8-C850, 15.850%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Z6IF-AOV7, 23.400%, 6/20/2026 †§x | Affirm | 12/27/2024 | 354 | 362 | 363 |
| &nbsp;&nbsp;&nbsp; Z6IJ-5YEB, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 181 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; Z6IL-64LK, 33.000%, 3/24/2026 †§x | Affirm | 9/27/2024 | 152 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; Z6IX-SEHD, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 315 | 320 | 319 |
| &nbsp;&nbsp;&nbsp; Z6J0-NCPZ, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Z6JC-3BTH, 18.700%, 6/07/2025 †x#^ | Affirm | 6/12/2023 | 692 | 690 | 42 |
| &nbsp;&nbsp;&nbsp; Z6JF-YFUH, 35.360%, 12/17/2025 †§x# | Affirm | 6/21/2024 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; Z6JH-RMFD, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 137 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; Z6JJ-ACV9, 24.400%, 1/02/2028 †§x# | Affirm | 1/29/2025 | 994 | 1025 | 1032 |
| &nbsp;&nbsp;&nbsp; Z6K1-D3IM, 15.740%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 876 | 904 | 53 |
| &nbsp;&nbsp;&nbsp; Z6KC-9J0Y, 35.500%, 12/28/2025 †x# | Affirm | 1/29/2025 | 33 | 33 | 7 |
| &nbsp;&nbsp;&nbsp; Z6KD-N1OK, 33.050%, 1/02/2027 †§x | Affirm | 1/29/2025 | 401 | 415 | 417 |
| &nbsp;&nbsp;&nbsp; Z6KH-P15H, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 81 | 79 | 49 |
| &nbsp;&nbsp;&nbsp; Z6KN-VWWK, 11.820%, 4/16/2027 †§x | Affirm | 4/19/2024 | 1020 | 1031 | 1037 |
| &nbsp;&nbsp;&nbsp; Z6KP-DFQ0, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 58 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; Z6KU-OY8A, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Z6KV-FN7F, 29.490%, 6/02/2026 †§x | Affirm | 6/27/2025 | 506 | 526 | 532 |
| &nbsp;&nbsp;&nbsp; Z6LA-4NZW, 35.790%, 2/10/2026 †§x | Affirm | 2/26/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Z6LL-FF5U, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Z6LP-TJFS, 29.620%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 94 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; Z6LS-EA1G, 35.430%, 1/06/2027 †§x | Affirm | 1/29/2025 | 485 | 482 | 490 |
| &nbsp;&nbsp;&nbsp; Z6LT-3BFU, 29.410%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 3667 | 3415 | 220 |
| &nbsp;&nbsp;&nbsp; Z6LU-GZR4, 20.900%, 6/24/2027 †x | Affirm | 6/27/2024 | 4102 | 4152 | 4174 |
| &nbsp;&nbsp;&nbsp; Z6M5-YUOQ, 31.500%, 6/28/2024 †x#^ | Affirm | 7/03/2023 | 98 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; Z6M6-J3N2, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 2040 | 2075 | 2065 |
| &nbsp;&nbsp;&nbsp; Z6MD-BQKF, 15.830%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 96 | 98 | 9 |
| &nbsp;&nbsp;&nbsp; Z6MN-N6Q3, 32.000%, 1/06/2027 †§x | Affirm | 1/29/2025 | 260 | 269 | 271 |
| &nbsp;&nbsp;&nbsp; Z6MQ-H8LP, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 195 | 200 | 200 |
| &nbsp;&nbsp;&nbsp; Z6MS-CXA0, 29.620%, 1/06/2026 †§x | Affirm | 1/29/2025 | 322 | 329 | 330 |
| &nbsp;&nbsp;&nbsp; Z6MW-JT4I, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Z6MY-MFRU, 27.100%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 197 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; Z6N3-BQ8A, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 243 | 251 | 15 |
| &nbsp;&nbsp;&nbsp; Z6NE-9DSL, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 183 | 185 | 184 |
| &nbsp;&nbsp;&nbsp; Z6NK-GQJ6, 22.750%, 3/29/2024 †x#^ | Affirm | 4/03/2023 | 84 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; Z6NK-X4K8, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; Z6NS-HA42, 29.550%, 12/17/2025 †§x | Affirm | 6/21/2024 | 159 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; Z6NU-3BXX, 22.540%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 81 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; Z6NV-XBWS, 33.050%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 415 | 437 | 25 |
| &nbsp;&nbsp;&nbsp; Z6NY-F7JO, 35.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 181 | 184 | 183 |
| &nbsp;&nbsp;&nbsp; Z6O5-9DMD, 29.490%, 7/19/2024 †x#^ | Affirm | 4/27/2023 | 174 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; Z6O7-3VE6, 26.900%, 1/02/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Z6OE-9QOK, 33.950%, 3/26/2027 †§x# | Affirm | 4/22/2025 | 505 | 529 | 103 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8472** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z6OF-HDST, 15.790%, 2/26/2026 †§x# | Affirm | 2/29/2024 | $319 | $320 | $326 |
| &nbsp;&nbsp;&nbsp; Z6OO-SRQT, 29.950%, 12/03/2022 †x#^ | Affirm | 12/09/2021 | 96 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; Z6P7-1OPL, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 167 | 168 | 167 |
| &nbsp;&nbsp;&nbsp; Z6P7-G4QB, 15.840%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 458 | 466 | 27 |
| &nbsp;&nbsp;&nbsp; Z6PD-TH2F, 26.500%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 318 | 334 | 19 |
| &nbsp;&nbsp;&nbsp; Z6Q7-HHRA, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 605 | 627 | 633 |
| &nbsp;&nbsp;&nbsp; Z6Q9-62EG, 28.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z6QH-T8H0, 29.640%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 683 | 737 | 41 |
| &nbsp;&nbsp;&nbsp; Z6QN-YBZY, 15.870%, 8/11/2026 †§x | Affirm | 2/26/2025 | 1920 | 1998 | 1989 |
| &nbsp;&nbsp;&nbsp; Z6QV-RV9K, 35.490%, 1/13/2027 †x# | Affirm | 1/29/2025 | 844 | 839 | 35 |
| &nbsp;&nbsp;&nbsp; Z6R4-VO2O, 23.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 316 | 323 | 323 |
| &nbsp;&nbsp;&nbsp; Z6S0-5EZM, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 77 | 81 | 18 |
| &nbsp;&nbsp;&nbsp; Z6S1-1V0P, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 107 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; Z6SB-X75Z, 28.000%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 624 | 656 | 37 |
| &nbsp;&nbsp;&nbsp; Z6SF-BHIK, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; Z6SG-A2GU, 23.400%, 1/09/2026 †§x | Affirm | 1/29/2025 | 110 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; Z6SI-XK4P, 29.520%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 234 | 211 | 14 |
| &nbsp;&nbsp;&nbsp; Z6SL-VOBB, 32.500%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 222 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; Z6SM-BRKQ, 28.000%, 11/21/2024 †x#^ | Affirm | 11/25/2022 | 1573 | 1659 | 94 |
| &nbsp;&nbsp;&nbsp; Z6SW-B0IX, 33.050%, 11/15/2026 †§x | Affirm | 11/27/2024 | 458 | 474 | 476 |
| &nbsp;&nbsp;&nbsp; Z6T4-09HJ, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Z6U7-IZQH, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 177 | 176 | 177 |
| &nbsp;&nbsp;&nbsp; Z6U7-LJWB, 35.360%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; Z6U9-N3XO, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; Z6UN-MKZA, 31.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 2323 | 2354 | 2362 |
| &nbsp;&nbsp;&nbsp; Z6UO-A09U, 28.000%, 7/26/2022 †x#^ | Affirm | 1/31/2022 | 12 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; Z6UP-EA5Z, 15.810%, 11/12/2022 †x#^ | Affirm | 11/18/2021 | 69 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; Z6UV-B4UE, 29.660%, 10/02/2025 †§x | Affirm | 10/07/2024 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Z6UW-G19H, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 631 | 661 | 38 |
| &nbsp;&nbsp;&nbsp; Z6VK-6DBO, 28.000%, 6/03/2024 †x#^ | Affirm | 10/06/2022 | 50 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; Z6VM-FZY5, 28.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 568 | 595 | 34 |
| &nbsp;&nbsp;&nbsp; Z6VR-VK9V, 9.820%, 7/08/2026 †§x | Affirm | 7/31/2025 | 781 | 816 | 823 |
| &nbsp;&nbsp;&nbsp; Z6VY-HMT2, 19.750%, 2/16/2024 †x#^ | Affirm | 8/19/2022 | 104 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; Z6W0-8XHY, 29.340%, 11/09/2022 †x#^ | Affirm | 5/12/2022 | 856 | 859 | 51 |
| &nbsp;&nbsp;&nbsp; Z6W9-5LW0, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Z6WH-WTEJ, 29.510%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 288 | 298 | 17 |
| &nbsp;&nbsp;&nbsp; Z6WW-XG9Q, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 201 | 210 | 209 |
| &nbsp;&nbsp;&nbsp; Z6X3-93IL, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Z6XA-NEZP, 13.840%, 7/02/2026 †x | Affirm | 1/29/2025 | 3206 | 3278 | 3290 |
| &nbsp;&nbsp;&nbsp; Z6XD-CKP5, 33.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 212 | 215 | 215 |
| &nbsp;&nbsp;&nbsp; Z6XF-GSFA, 31.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 95 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; Z6XH-0QH7, 29.640%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 83 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; Z6XI-XFVC, 29.610%, 6/19/2026 †§x | Affirm | 12/27/2024 | 165 | 171 | 170 |
| &nbsp;&nbsp;&nbsp; Z6XJ-WEQK, 33.050%, 4/21/2026 †§x | Affirm | 10/24/2024 | 404 | 414 | 413 |
| &nbsp;&nbsp;&nbsp; Z6XO-ZY8T, 29.590%, 10/24/2023 †x#^ | Affirm | 10/27/2022 | 253 | 250 | 15 |
| &nbsp;&nbsp;&nbsp; Z6XV-WEBE, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 568 | 575 | 577 |
| &nbsp;&nbsp;&nbsp; Z6YF-0H68, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 41 | 38 | 40 |
| &nbsp;&nbsp;&nbsp; Z6YH-B1GU, 35.450%, 3/24/2026 †§x | Affirm | 9/27/2024 | 184 | 186 | 185 |
| &nbsp;&nbsp;&nbsp; Z6YL-HIBO, 26.700%, 1/02/2027 †§x | Affirm | 1/29/2025 | 918 | 946 | 952 |
| &nbsp;&nbsp;&nbsp; Z6YO-Y7O6, 29.470%, 9/06/2022 †x#^ | Affirm | 6/09/2022 | 39 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; Z6YQ-PXGJ, 29.420%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 260 | 244 | 16 |
| &nbsp;&nbsp;&nbsp; Z6YU-8DES, 35.120%, 12/02/2025 †§x | Affirm | 6/27/2025 | 208 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; Z6YX-3JYR, 35.460%, 6/24/2026 †§x | Affirm | 6/27/2024 | 1091 | 1084 | 1105 |
| &nbsp;&nbsp;&nbsp; Z6YY-8FLE, 22.780%, 1/08/2026 †§x | Affirm | 1/29/2025 | 707 | 704 | 704 |
| &nbsp;&nbsp;&nbsp; Z6YZ-M1L8, 30.000%, 11/17/2024 †x#^ | Affirm | 5/22/2023 | 417 | 440 | 25 |
| &nbsp;&nbsp;&nbsp; Z6ZE-7Q09, 23.700%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 75 | 76 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8473** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z6ZG-I04Y, 29.570%, 12/04/2027 †§x | Affirm | 12/07/2023 | $896 | $960 | $946 |
| &nbsp;&nbsp;&nbsp; Z6ZH-50K1, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 364 | 371 | 377 |
| &nbsp;&nbsp;&nbsp; Z6ZH-ZL1Y, 35.600%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; Z6ZP-FJ40, 35.630%, 12/23/2024 †x#^ | Affirm | 9/26/2024 | 35 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Z6ZU-L78W, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 618 | 614 |  |
| &nbsp;&nbsp;&nbsp; Z6ZZ-RU3P, 35.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 90 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; Z700-TA2H, 29.510%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 567 | 587 | 34 |
| &nbsp;&nbsp;&nbsp; Z709-9UNS, 35.780%, 2/07/2026 †x# | Affirm | 2/26/2025 | 225 | 223 | 14 |
| &nbsp;&nbsp;&nbsp; Z70C-HIEB, 30.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; Z70G-JKKL, 35.640%, 1/08/2026 †x# | Affirm | 1/29/2025 | 77 | 76 | 13 |
| &nbsp;&nbsp;&nbsp; Z70L-6VRS, 15.750%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 2155 | 2231 | 129 |
| &nbsp;&nbsp;&nbsp; Z70M-T1OC, 27.450%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 48 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; Z70Q-OG5X, 28.000%, 5/01/2024 †x#^ | Affirm | 11/04/2022 | 327 | 348 | 20 |
| &nbsp;&nbsp;&nbsp; Z70T-4D05, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; Z715-YCU6, 9.238%, 4/03/2024 †x#^« | Affirm | 7/07/2023 | 157 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; Z71G-CB1M, 14.700%, 1/10/2028 †§x | Affirm | 1/29/2025 | 1654 | 1706 | 1718 |
| &nbsp;&nbsp;&nbsp; Z71H-WBHN, 15.670%, 9/20/2025 †§x | Affirm | 3/28/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z71M-PFWO, 30.000%, 1/02/2026 †§x | Affirm | 1/05/2024 | 119 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; Z71P-NT25, 24.690%, 12/28/2025 †§x | Affirm | 1/29/2025 | 38 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; Z71S-91VF, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 605 | 622 | 619 |
| &nbsp;&nbsp;&nbsp; Z71U-5X1N, 29.610%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 399 | 417 | 24 |
| &nbsp;&nbsp;&nbsp; Z71V-9DAR, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 296 | 299 | 299 |
| &nbsp;&nbsp;&nbsp; Z724-233F, 35.400%, 10/22/2026 †§x | Affirm | 10/25/2024 | 785 | 780 | 789 |
| &nbsp;&nbsp;&nbsp; Z726-DJOA, 29.370%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; Z72D-B36T, 33.950%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 48 | 48 | 26 |
| &nbsp;&nbsp;&nbsp; Z72H-73T2, 25.200%, 2/12/2029 †x# | Affirm | 2/26/2025 | 100 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; Z72M-PJE0, 29.590%, 3/05/2024 †x#^ | Affirm | 9/08/2023 | 202 | 207 | 12 |
| &nbsp;&nbsp;&nbsp; Z72P-EX3D, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 389 | 395 | 396 |
| &nbsp;&nbsp;&nbsp; Z72Q-IAJR, 28.970%, 5/09/2025 †x#^ | Affirm | 5/12/2023 | 492 | 519 | 30 |
| &nbsp;&nbsp;&nbsp; Z72Q-LGTL, 35.770%, 2/06/2026 †x# | Affirm | 2/26/2025 | 509 | 505 | 31 |
| &nbsp;&nbsp;&nbsp; Z72R-FRHA, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1670 | 1709 | 1720 |
| &nbsp;&nbsp;&nbsp; Z72Z-WLE9, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 131 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; Z732-XCXS, 29.570%, 11/20/2027 †§x | Affirm | 11/24/2023 | 1223 | 1310 | 1293 |
| &nbsp;&nbsp;&nbsp; Z734-TX1J, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Z73N-9GSB, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 704 | 694 | 691 |
| &nbsp;&nbsp;&nbsp; Z73P-EQRS, 14.700%, 12/28/2023 †x#^ | Affirm | 1/06/2023 | 122 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; Z73R-J47J, 8.990%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 488 | 474 | 473 |
| &nbsp;&nbsp;&nbsp; Z74F-M1MC, 11.920%, 2/07/2026 †§x | Affirm | 2/26/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; Z74N-Q01B, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Z74W-T7VE, 29.680%, 11/15/2025 †x# | Affirm | 11/27/2024 | 663 | 698 | 79 |
| &nbsp;&nbsp;&nbsp; Z757-Y5AS, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; Z75M-ET1O, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 257 | 262 | 262 |
| &nbsp;&nbsp;&nbsp; Z75P-M8S7, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 428 | 425 | 423 |
| &nbsp;&nbsp;&nbsp; Z75Q-PQBB, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 69 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Z75Y-LOYF, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 221 | 223 | 225 |
| &nbsp;&nbsp;&nbsp; Z76E-ZTR8, 24.710%, 9/25/2025 †§x | Affirm | 9/30/2024 | 22 | 22 | 23 |
| &nbsp;&nbsp;&nbsp; Z76F-CLZU, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 253 | 257 | 257 |
| &nbsp;&nbsp;&nbsp; Z76P-HWZM, 35.480%, 4/23/2026 †§x | Affirm | 10/28/2024 | 430 | 426 | 428 |
| &nbsp;&nbsp;&nbsp; Z76Q-38U0, 25.900%, 11/14/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Z775-JL2L, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Z775-VUV2, 15.850%, 1/27/2026 †§x | Affirm | 2/26/2025 | 433 | 438 | 447 |
| &nbsp;&nbsp;&nbsp; Z77B-L8ZY, 32.500%, 3/07/2027 †x# | Affirm | 3/31/2025 | 2835 | 2784 | 502 |
| &nbsp;&nbsp;&nbsp; Z77B-RIAV, 29.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | 139 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; Z77L-BO3L, 29.490%, 11/21/2025 †§x# | Affirm | 5/24/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; Z782-I91D, 24.490%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Z784-08K0, 11.780%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 666 | 658 | 40 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8474** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z786-QZAR, 22.770%, 11/12/2025 †§x | Affirm | 11/27/2024 | $59 | $60 | $60 |
| &nbsp;&nbsp;&nbsp; Z78G-GRGR, 33.050%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 114 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; Z78P-K2IB, 29.670%, 2/10/2028 †x | Affirm | 2/26/2025 | 3018 | 3159 | 3192 |
| &nbsp;&nbsp;&nbsp; Z78T-PST3, 35.370%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 21 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; Z793-404X, 26.700%, 2/06/2026 †§x | Affirm | 2/26/2025 | 140 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; Z798-6VYA, 29.610%, 11/18/2024 †x#^ | Affirm | 11/25/2022 | 689 | 727 | 41 |
| &nbsp;&nbsp;&nbsp; Z79B-TRM0, 29.670%, 4/01/2025 †x#^ | Affirm | 10/04/2024 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Z79C-ZBP6, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 73 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; Z79S-H6KB, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 487 | 493 | 491 |
| &nbsp;&nbsp;&nbsp; Z79W-XG2V, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 390 | 397 | 398 |
| &nbsp;&nbsp;&nbsp; Z79X-XAZC, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 228 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; Z7A3-1JTJ, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z7A9-8YBE, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; Z7AC-1H89, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 236 | 235 | 20 |
| &nbsp;&nbsp;&nbsp; Z7AF-T3HH, 29.000%, 1/06/2023 †x#^ | Affirm | 1/10/2022 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; Z7AG-6T21, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; Z7AG-PZJO, 22.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; Z7AT-87OC, 35.390%, 4/24/2026 †x# | Affirm | 10/28/2024 | 262 | 258 | 16 |
| &nbsp;&nbsp;&nbsp; Z7B2-KGIR, 33.050%, 1/08/2028 †§x | Affirm | 1/29/2025 | 1013 | 1046 | 1054 |
| &nbsp;&nbsp;&nbsp; Z7B7-OT70, 15.640%, 11/06/2025 †§x | Affirm | 5/30/2025 | 168 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; Z7B8-S1ZF, 29.430%, 5/11/2024 †x#^ | Affirm | 5/15/2023 | 96 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; Z7B9-WEP1, 35.330%, 12/07/2025 †x# | Affirm | 12/11/2023 | 419 | 421 | 25 |
| &nbsp;&nbsp;&nbsp; Z7BA-KXU2, 35.400%, 1/01/2025 †x#^ | Affirm | 7/05/2024 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; Z7BB-CKY5, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 23 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z7BI-KVHZ, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 173 | 172 | 173 |
| &nbsp;&nbsp;&nbsp; Z7BI-Y0IH, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Z7BL-FQBJ, 35.490%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 164 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; Z7BO-XU8C, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z7BR-6PDN, 35.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 94 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; Z7BS-CTF9, 18.000%, 1/09/2028 †x | Affirm | 1/29/2025 | 2983 | 3077 | 3100 |
| &nbsp;&nbsp;&nbsp; Z7BT-QDLM, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 261 | 269 | 267 |
| &nbsp;&nbsp;&nbsp; Z7BU-ULJA, 35.290%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 285 | 279 | 17 |
| &nbsp;&nbsp;&nbsp; Z7BY-DZ2M, 35.210%, 3/28/2026 †§x | Affirm | 4/22/2025 | 145 | 144 | 147 |
| &nbsp;&nbsp;&nbsp; Z7C7-SKUS, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; Z7CC-VJ81, 35.470%, 6/05/2024 †x#^ | Affirm | 12/08/2023 | 14 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; Z7CF-2SWC, 35.810%, 2/10/2026 †x# | Affirm | 2/26/2025 | 48 | 48 |  |
| &nbsp;&nbsp;&nbsp; Z7CG-7SK3, 22.480%, 9/02/2025 †§x | Affirm | 6/27/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Z7CG-CUQL, 22.570%, 3/20/2026 †§x | Affirm | 3/28/2025 | 302 | 309 | 310 |
| &nbsp;&nbsp;&nbsp; Z7CN-YDK0, 29.190%, 10/08/2025 †§x | Affirm | 7/31/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Z7D3-IU94, 35.000%, 10/25/2025 †x# | Affirm | 10/31/2024 | 471 | 473 | 82 |
| &nbsp;&nbsp;&nbsp; Z7D4-GXF0, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Z7DG-7GMK, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 179 | 177 | 11 |
| &nbsp;&nbsp;&nbsp; Z7DR-1GSF, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; Z7DT-7974, 32.500%, 7/15/2026 †§x | Affirm | 1/29/2025 | 270 | 276 | 276 |
| &nbsp;&nbsp;&nbsp; Z7E2-3KRD, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 153 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; Z7E4-GBIT, 35.450%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Z7E4-GXX1, 35.370%, 11/21/2025 †§x | Affirm | 5/24/2024 | 112 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; Z7E4-HNJP, 25.900%, 9/28/2025 †§x | Affirm | 3/31/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Z7E4-TGOA, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; Z7E8-946Z, 35.460%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Z7EO-HALQ, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; Z7ER-3JER, 29.440%, 11/22/2024 †x#^ | Affirm | 5/25/2023 | 248 | 241 | 15 |
| &nbsp;&nbsp;&nbsp; Z7EV-SQXG, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; Z7EY-LL86, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 96 | 100 | 101 |
| &nbsp;&nbsp;&nbsp; Z7F3-81ZR, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Z7F7-XYXJ, 22.720%, 9/19/2025 †x# | Affirm | 9/23/2024 | 159 | 159 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8475** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z7FB-ANLX, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $37 | $37 | $37 |
| &nbsp;&nbsp;&nbsp; Z7FB-T4GV, 29.590%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 465 | 489 | 28 |
| &nbsp;&nbsp;&nbsp; Z7FD-KEOC, 11.820%, 12/24/2025 †x# | Affirm | 6/27/2024 | 322 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; Z7FK-B7XL, 22.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Z7FQ-X52C, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 36 |
| &nbsp;&nbsp;&nbsp; Z7G6-7LFW, 35.780%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; Z7GA-OKAW, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z7GJ-KSN4, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 468 | 455 | 452 |
| &nbsp;&nbsp;&nbsp; Z7GS-1VP1, 33.950%, 10/08/2025 †x# | Affirm | 4/11/2024 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Z7H0-LU84, 26.900%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Z7H7-BV64, 29.590%, 10/21/2026 †§x | Affirm | 10/24/2024 | 333 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; Z7HB-BSYQ, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Z7HC-JYQC, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 162 | 166 | 167 |
| &nbsp;&nbsp;&nbsp; Z7HP-0GP7, 35.180%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Z7HP-NZIK, 15.870%, 8/12/2026 †§x | Affirm | 2/26/2025 | 178 | 185 | 184 |
| &nbsp;&nbsp;&nbsp; Z7I9-0VC1, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Z7IB-VLUK, 35.640%, 1/06/2026 †x# | Affirm | 1/29/2025 | 125 | 128 | 31 |
| &nbsp;&nbsp;&nbsp; Z7IM-J7YC, 20.900%, 5/22/2026 †§x | Affirm | 5/28/2024 | 563 | 573 | 576 |
| &nbsp;&nbsp;&nbsp; Z7IR-J5DM, 29.330%, 1/08/2026 †§x | Affirm | 7/31/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Z7IT-7TDL, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 168 | 169 | 168 |
| &nbsp;&nbsp;&nbsp; Z7IV-Q7CZ, 30.500%, 8/24/2024 †x#^ | Affirm | 8/28/2023 | 50 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; Z7J0-IQ2M, 29.590%, 11/14/2026 †x# | Affirm | 11/27/2024 | 499 | 522 | 30 |
| &nbsp;&nbsp;&nbsp; Z7JD-RWKJ, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; Z7JE-6IB8, 29.670%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 97 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; Z7JF-Q304, 31.000%, 4/28/2027 †x# | Affirm | 5/02/2024 | 2585 | 2620 | 2646 |
| &nbsp;&nbsp;&nbsp; Z7JH-VREM, 31.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 45 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Z7JI-B8FL, 35.650%, 1/02/2026 †§x | Affirm | 1/29/2025 | 720 | 733 | 733 |
| &nbsp;&nbsp;&nbsp; Z7JP-FJZA, 15.690%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 151 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; Z7JQ-11ZY, 35.520%, 7/13/2026 †x# | Affirm | 1/29/2025 | 309 | 306 |  |
| &nbsp;&nbsp;&nbsp; Z7JW-WPGV, 32.500%, 9/17/2026 †§x | Affirm | 9/20/2024 | 592 | 588 | 594 |
| &nbsp;&nbsp;&nbsp; Z7K0-NX6W, 35.770%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 880 | 894 | 894 |
| &nbsp;&nbsp;&nbsp; Z7K0-OE66, 33.950%, 6/24/2026 †§x | Affirm | 6/27/2024 | 1073 | 1096 | 1107 |
| &nbsp;&nbsp;&nbsp; Z7K0-V2X4, 35.310%, 6/02/2026 †§x | Affirm | 6/27/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; Z7K4-8FZ8, 29.790%, 2/01/2026 †x# | Affirm | 2/06/2023 | 1017 | 1092 | 61 |
| &nbsp;&nbsp;&nbsp; Z7K9-STEU, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 120 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; Z7KJ-OF3W, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; Z7KK-MBTW, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 353 | 331 | 353 |
| &nbsp;&nbsp;&nbsp; Z7KL-TPI8, 20.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 681 | 689 | 691 |
| &nbsp;&nbsp;&nbsp; Z7KP-D9EO, 32.500%, 11/15/2026 †§x | Affirm | 11/27/2024 | 1047 | 1046 | 1060 |
| &nbsp;&nbsp;&nbsp; Z7L5-ZD1M, 29.320%, 12/02/2025 †§x | Affirm | 6/27/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z7L7-UNMN, 31.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 68 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; Z7LM-6Q72, 29.010%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 136 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; Z7M1-GLQO, 32.000%, 10/22/2025 †§x | Affirm | 10/25/2024 | 167 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; Z7M8-U3YA, 29.560%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 66 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; Z7MB-4JXU, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 208 | 207 | 208 |
| &nbsp;&nbsp;&nbsp; Z7ME-W0D5, 29.900%, 12/28/2025 †x# | Affirm | 1/29/2025 | 148 | 147 | 46 |
| &nbsp;&nbsp;&nbsp; Z7MF-57BG, 11.960%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; Z7MQ-ODKN, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 247 | 236 | 15 |
| &nbsp;&nbsp;&nbsp; Z7MU-ZOLB, 35.440%, 12/16/2025 †x# | Affirm | 12/27/2024 | 85 | 88 | 14 |
| &nbsp;&nbsp;&nbsp; Z7MY-ZZZ6, 29.640%, 11/08/2023 †x#^ | Affirm | 11/15/2021 | 207 | 223 | 12 |
| &nbsp;&nbsp;&nbsp; Z7MZ-ES30, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 184 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; Z7N5-RG0S, 6.237%, 3/05/2026 †§x« | Affirm | 3/28/2025 | 1835 | 1779 | 1767 |
| &nbsp;&nbsp;&nbsp; Z7NC-94TS, 29.620%, 12/28/2025 †x# | Affirm | 1/29/2025 | 291 | 304 | 17 |
| &nbsp;&nbsp;&nbsp; Z7NG-2V0M, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 73 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Z7NH-B6PQ, 29.590%, 10/19/2023 †x#^ | Affirm | 10/24/2022 | 73 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; Z7NW-XYRI, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 252 | 264 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8476** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z7O1-P5WT, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | $371 | $380 | $382 |
| &nbsp;&nbsp;&nbsp; Z7P0-DRL5, 29.420%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; Z7P4-WXDZ, 35.460%, 1/02/2026 †§x# | Affirm | 1/05/2024 | 1200 | 1198 | 1207 |
| &nbsp;&nbsp;&nbsp; Z7PA-Z8OF, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 401 | 411 | 415 |
| &nbsp;&nbsp;&nbsp; Z7PR-UDEN, 29.490%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 348 | 361 | 21 |
| &nbsp;&nbsp;&nbsp; Z7PU-4A0H, 29.680%, 1/26/2023 †x#^ | Affirm | 12/02/2021 | 965 | 983 | 58 |
| &nbsp;&nbsp;&nbsp; Z7Q6-UX9Z, 33.050%, 2/27/2026 †§x | Affirm | 8/30/2024 | 148 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; Z7Q7-NW3F, 29.630%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 208 | 217 | 12 |
| &nbsp;&nbsp;&nbsp; Z7QQ-XU45, 24.400%, 10/24/2026 †§x | Affirm | 10/28/2024 | 405 | 418 | 420 |
| &nbsp;&nbsp;&nbsp; Z7QX-EFD9, 35.390%, 7/09/2025 †x#^ | Affirm | 1/12/2024 | 345 | 345 | 21 |
| &nbsp;&nbsp;&nbsp; Z7R4-OAP5, 29.820%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 64 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Z7R8-6W5X, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 178 | 179 | 178 |
| &nbsp;&nbsp;&nbsp; Z7R9-XQ21, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 190 | 192 | 191 |
| &nbsp;&nbsp;&nbsp; Z7RF-70RP, 29.430%, 3/28/2026 †§x | Affirm | 3/31/2025 | 80 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; Z7RG-JWNV, 33.050%, 1/13/2029 †§x | Affirm | 1/29/2025 | 1262 | 1356 | 1370 |
| &nbsp;&nbsp;&nbsp; Z7RH-AKJC, 26.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 70 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; Z7RO-LZQ9, 35.550%, 12/16/2025 †x# | Affirm | 12/27/2024 | 93 | 93 | 22 |
| &nbsp;&nbsp;&nbsp; Z7RS-3I63, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z7RT-CKUW, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 125 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; Z7S6-6DFT, 35.730%, 2/07/2026 †§x | Affirm | 2/26/2025 | 420 | 427 | 428 |
| &nbsp;&nbsp;&nbsp; Z7SL-ASK0, 35.190%, 11/06/2025 †§x | Affirm | 5/30/2025 | 135 | 135 | 134 |
| &nbsp;&nbsp;&nbsp; Z7SP-5RNW, 29.560%, 11/01/2024 †x#^ | Affirm | 11/04/2022 | 479 | 504 | 29 |
| &nbsp;&nbsp;&nbsp; Z7SP-7MW0, 33.050%, 4/18/2026 †§x | Affirm | 10/24/2024 | 159 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; Z7SS-CO94, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 264 | 270 |  |
| &nbsp;&nbsp;&nbsp; Z7SU-F81L, 18.000%, 9/04/2025 †§x | Affirm | 3/07/2024 | 128 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; Z7T1-NU6D, 33.950%, 9/28/2025 †§x | Affirm | 10/03/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Z7T4-IU3D, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 499 | 499 | 499 |
| &nbsp;&nbsp;&nbsp; Z7TB-BDBP, 35.570%, 2/20/2025 †x#^ | Affirm | 2/29/2024 | 89 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; Z7TF-0MG5, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 239 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; Z7TJ-I8IQ, 8.944%, 11/20/2025 †§x« | Affirm | 11/27/2024 | 193 | 190 | 188 |
| &nbsp;&nbsp;&nbsp; Z7TN-MDJF, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 287 | 292 | 290 |
| &nbsp;&nbsp;&nbsp; Z7TS-WKN5, 15.790%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 156 | 161 | 159 |
| &nbsp;&nbsp;&nbsp; Z7TU-VU40, 28.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 439 | 448 | 443 |
| &nbsp;&nbsp;&nbsp; Z7U3-RQ3H, 26.500%, 9/21/2025 †§x | Affirm | 9/26/2022 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; Z7U4-LDME, 33.950%, 11/05/2025 †x# | Affirm | 4/11/2024 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; Z7U6-527H, 23.400%, 8/26/2026 †§x | Affirm | 8/29/2024 | 334 | 343 | 341 |
| &nbsp;&nbsp;&nbsp; Z7U7-318I, 32.000%, 1/10/2028 †x | Affirm | 1/29/2025 | 2331 | 2391 | 2424 |
| &nbsp;&nbsp;&nbsp; Z7UB-247M, 22.870%, 2/07/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z7UM-N2QI, 23.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z7UP-DV6O, 29.200%, 6/02/2026 †§x | Affirm | 6/27/2025 | 586 | 577 | 583 |
| &nbsp;&nbsp;&nbsp; Z7UR-SPOB, 35.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; Z7UZ-5I64, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 257 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; Z7VC-OHGF, 29.580%, 10/21/2025 †§x | Affirm | 10/24/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Z7VD-ILPP, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 248 | 256 | 252 |
| &nbsp;&nbsp;&nbsp; Z7VN-995U, 35.700%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 66 | 66 | 39 |
| &nbsp;&nbsp;&nbsp; Z7VV-NKN5, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 441 | 451 | 453 |
| &nbsp;&nbsp;&nbsp; Z7VW-WUSA, 33.000%, 9/25/2027 †x# | Affirm | 9/30/2024 | 3372 | 3332 | 3382 |
| &nbsp;&nbsp;&nbsp; Z7VX-8NPT, 22.710%, 12/11/2025 †§x | Affirm | 12/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Z7W5-M6N8, 11.830%, 11/04/2026 †§x | Affirm | 11/10/2022 | 329 | 339 | 328 |
| &nbsp;&nbsp;&nbsp; Z7WC-V5R7, 29.760%, 10/01/2025 †§x | Affirm | 10/04/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z7WH-8MOE, 35.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 141 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; Z7WI-XT05, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Z7WK-5PY8, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 153 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; Z7WP-JY6Y, 12.350%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 183 | 173 | 179 |
| &nbsp;&nbsp;&nbsp; Z7X4-VG2S, 29.570%, 8/27/2026 †§x | Affirm | 8/30/2024 | 508 | 523 | 525 |
| &nbsp;&nbsp;&nbsp; Z7X6-BUNL, 23.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 76 | 76 | 77 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8477** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z7XK-HYFL, 35.300%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | $44 | $41 | $3 |
| &nbsp;&nbsp;&nbsp; Z7XN-B3YJ, 35.290%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 1947 | 1904 | 117 |
| &nbsp;&nbsp;&nbsp; Z7XQ-EIOV, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 206 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; Z7XW-69FJ, 24.400%, 10/28/2025 †§x | Affirm | 10/31/2024 | 180 | 181 | 182 |
| &nbsp;&nbsp;&nbsp; Z7XX-YLWI, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; Z7Y3-VXKF, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; Z7Y6-TQKX, 35.570%, 9/28/2025 †§x | Affirm | 10/03/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Z7Z2-2D11, 33.950%, 10/09/2025 †x# | Affirm | 4/12/2024 | 367 | 385 | 22 |
| &nbsp;&nbsp;&nbsp; Z7Z4-M6RP, 20.900%, 8/28/2025 †x#^ | Affirm | 3/04/2024 | 1198 | 1257 | 72 |
| &nbsp;&nbsp;&nbsp; Z7Z6-C3FY, 35.450%, 12/18/2025 †§x | Affirm | 6/21/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; Z7Z9-1O6N, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 56 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Z7ZP-FLNQ, 35.480%, 9/05/2024 †x#^ | Affirm | 9/11/2023 | 428 | 401 | 26 |
| &nbsp;&nbsp;&nbsp; Z7ZU-TH0Q, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 136 | 135 | 77 |
| &nbsp;&nbsp;&nbsp; Z7ZV-GZN9, 24.400%, 3/26/2026 †§x | Affirm | 9/30/2024 | 114 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; Z7ZY-HVOI, 29.550%, 2/20/2026 †§x | Affirm | 8/23/2024 | 133 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; Z800-OLHD, 28.000%, 3/20/2024 †x#^ | Affirm | 9/23/2022 | 225 | 241 | 14 |
| &nbsp;&nbsp;&nbsp; Z801-DX1L, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; Z80B-11JN, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Z80F-DQ54, 28.000%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 221 | 232 | 13 |
| &nbsp;&nbsp;&nbsp; Z817-2J1S, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; Z818-MJKG, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Z818-ZCYE, 32.200%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 487 | 445 | 481 |
| &nbsp;&nbsp;&nbsp; Z81A-A46Y, 28.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 132 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; Z81E-XK0L, 31.500%, 11/26/2023 †x#^ | Affirm | 6/02/2023 | 2063 | 2086 | 124 |
| &nbsp;&nbsp;&nbsp; Z820-ADNT, 29.470%, 7/28/2023 †x#^ | Affirm | 8/01/2022 | 432 | 447 | 26 |
| &nbsp;&nbsp;&nbsp; Z820-ZHMP, 35.200%, 3/03/2026 †§x | Affirm | 3/28/2025 | 103 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; Z826-5AFT, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 350 | 356 | 356 |
| &nbsp;&nbsp;&nbsp; Z827-Y0TD, 28.000%, 7/21/2022 †x#^ | Affirm | 1/27/2022 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; Z82E-GDZL, 33.050%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Z82O-HQGO, 21.900%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 368 | 371 | 371 |
| &nbsp;&nbsp;&nbsp; Z82T-XJ5O, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 254 | 245 | 243 |
| &nbsp;&nbsp;&nbsp; Z82U-TZNS, 29.660%, 12/06/2022 †x#^ | Affirm | 9/09/2022 | 461 | 453 | 28 |
| &nbsp;&nbsp;&nbsp; Z832-9H91, 35.670%, 2/07/2026 †§x | Affirm | 2/26/2025 | 95 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; Z833-2OFD, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; Z833-7S3H, 29.710%, 2/10/2027 †§x | Affirm | 2/26/2025 | 558 | 585 | 590 |
| &nbsp;&nbsp;&nbsp; Z834-4KP6, 35.340%, 12/08/2023 †x#^ | Affirm | 6/12/2023 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; Z834-58OK, 29.000%, 5/28/2025 †x#^ | Affirm | 7/07/2023 | 78 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; Z83F-S3Z6, 35.370%, 7/08/2026 †§x | Affirm | 7/31/2025 | 112 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; Z83G-HIGI, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 114 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; Z83J-Q8AN, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; Z83Y-ZF3O, 35.000%, 2/28/2026 †x# | Affirm | 1/29/2025 | 86 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; Z844-4766, 29.560%, 6/20/2026 †x# | Affirm | 6/24/2024 | 490 | 515 | 29 |
| &nbsp;&nbsp;&nbsp; Z84L-G4HQ, 35.440%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Z84R-N1BI, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; Z858-8LKH, 29.560%, 9/05/2025 †x# | Affirm | 9/08/2023 | 543 | 550 | 33 |
| &nbsp;&nbsp;&nbsp; Z85J-VMR4, 35.000%, 2/07/2026 †x# | Affirm | 2/26/2025 | 130 | 134 | 5 |
| &nbsp;&nbsp;&nbsp; Z85L-5AD7, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Z85M-9UZP, 13.840%, 2/06/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z85U-QSR7, 13.840%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1198 | 1234 | 1243 |
| &nbsp;&nbsp;&nbsp; Z85U-ZM74, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; Z863-GN5T, 17.900%, 10/20/2026 †§x | Affirm | 10/27/2022 | 1904 | 1964 | 1862 |
| &nbsp;&nbsp;&nbsp; Z86D-N759, 33.050%, 1/08/2027 †§x | Affirm | 7/31/2025 | 400 | 422 | 426 |
| &nbsp;&nbsp;&nbsp; Z86L-D9XD, 28.000%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; Z86L-Y3MO, 35.360%, 10/28/2025 †§x# | Affirm | 5/03/2024 | 54 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; Z86P-U886, 29.600%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Z86V-T3ZT, 30.000%, 3/13/2025 †x#^ | Affirm | 6/16/2023 | 364 | 366 | 22 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8478** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z86X-6G69, 29.850%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | $26 | $26 | $2 |
| &nbsp;&nbsp;&nbsp; Z86Y-8XFN, 33.950%, 9/05/2025 †x# | Affirm | 9/08/2023 | 1565 | 1671 | 94 |
| &nbsp;&nbsp;&nbsp; Z870-LSEY, 35.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 95 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; Z87C-9ESG, 18.000%, 5/20/2027 †§x | Affirm | 5/30/2025 | 37 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; Z87C-YTTS, 35.580%, 9/20/2025 †§x | Affirm | 9/26/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Z87D-E9IE, 33.950%, 6/08/2024 †x#^ | Affirm | 6/12/2023 | 997 | 1043 | 60 |
| &nbsp;&nbsp;&nbsp; Z87I-R0X2, 32.940%, 3/25/2027 †§x | Affirm | 3/31/2025 | 436 | 434 | 443 |
| &nbsp;&nbsp;&nbsp; Z87M-B2NE, 24.480%, 9/20/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z87Z-WVEC, 29.500%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 714 | 752 | 760 |
| &nbsp;&nbsp;&nbsp; Z881-G6KY, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 328 | 336 | 338 |
| &nbsp;&nbsp;&nbsp; Z881-S9QV, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; Z882-IS2O, 33.950%, 5/02/2026 †§x | Affirm | 5/06/2024 | 425 | 432 | 432 |
| &nbsp;&nbsp;&nbsp; Z88C-H1RH, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 884 | 860 | 855 |
| &nbsp;&nbsp;&nbsp; Z88D-Y46U, 35.300%, 2/06/2026 †§x | Affirm | 8/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; Z88F-7M4X, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 160 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; Z88G-OPU3, 29.820%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 104 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; Z88I-UC7D, 31.000%, 6/11/2025 †x#^ | Affirm | 12/14/2023 | 417 | 427 | 25 |
| &nbsp;&nbsp;&nbsp; Z88N-WEGK, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z895-AA30, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 390 | 376 | 373 |
| &nbsp;&nbsp;&nbsp; Z899-T3ON, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 306 | 322 | 18 |
| &nbsp;&nbsp;&nbsp; Z89G-721C, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 629 | 647 | 650 |
| &nbsp;&nbsp;&nbsp; Z89L-7P05, 11.770%, 7/08/2026 †§x | Affirm | 7/31/2025 | 127 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; Z89R-3EWA, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; Z89U-JN40, 29.760%, 5/25/2023 †x#^ | Affirm | 12/01/2022 | 170 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; Z89X-7L8A, 33.950%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 36 | 37 | 4 |
| &nbsp;&nbsp;&nbsp; Z8A2-USB0, 35.350%, 7/17/2025 †x#^ | Affirm | 7/25/2024 | 765 | 795 | 46 |
| &nbsp;&nbsp;&nbsp; Z8A7-K6TF, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Z8A7-QU2J, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; Z8AJ-H9GR, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 411 | 418 | 420 |
| &nbsp;&nbsp;&nbsp; Z8AT-QSU9, 22.720%, 12/28/2025 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; Z8AU-HYGN, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 357 | 366 | 368 |
| &nbsp;&nbsp;&nbsp; Z8AZ-18RQ, 31.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 40 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Z8B5-MHBW, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 210 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; Z8BA-5KY8, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; Z8BB-72B1, 29.620%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 315 | 329 | 19 |
| &nbsp;&nbsp;&nbsp; Z8BB-91P0, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 183 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; Z8BI-0QHT, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 364 | 368 | 367 |
| &nbsp;&nbsp;&nbsp; Z8BM-TQD1, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 470 | 460 | 463 |
| &nbsp;&nbsp;&nbsp; Z8BP-1PU5, 35.450%, 8/06/2026 †§x | Affirm | 8/29/2025 | 114 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; Z8C4-C9IG, 22.900%, 10/01/2025 †§x | Affirm | 10/04/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; Z8C5-MW0P, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 215 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; Z8CA-7EC7, 29.410%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 203 | 207 | 12 |
| &nbsp;&nbsp;&nbsp; Z8CX-RUGW, 24.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; Z8DD-UENK, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 218 | 221 | 220 |
| &nbsp;&nbsp;&nbsp; Z8DN-0EUX, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 94 | 97 | 95 |
| &nbsp;&nbsp;&nbsp; Z8DS-7J8U, 29.340%, 9/02/2025 †§x | Affirm | 6/27/2025 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Z8DV-9VF5, 29.560%, 8/19/2025 †§x#^ | Affirm | 8/22/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; Z8DW-GR86, 11.269%, 2/28/2023 †x#^« | Affirm | 12/01/2022 | 310 | 302 | 19 |
| &nbsp;&nbsp;&nbsp; Z8E4-R8BL, 35.700%, 12/28/2025 †x# | Affirm | 1/29/2025 | 49 | 48 | 12 |
| &nbsp;&nbsp;&nbsp; Z8EB-5OTX, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 135 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; Z8EG-XBU5, 31.000%, 5/17/2024 †x#^ | Affirm | 11/24/2023 | 1454 | 1491 | 87 |
| &nbsp;&nbsp;&nbsp; Z8EJ-H31I, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 223 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; Z8EJ-YUTZ, 15.820%, 2/10/2028 †x | Affirm | 2/26/2025 | 3827 | 3960 | 4019 |
| &nbsp;&nbsp;&nbsp; Z8EK-04OM, 29.480%, 1/01/2023 †x#^ | Affirm | 7/08/2022 | 381 | 391 | 23 |
| &nbsp;&nbsp;&nbsp; Z8EN-BET4, 29.710%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z8F1-99M3, 15.770%, 8/06/2026 †§x | Affirm | 8/29/2025 | 715 | 740 | 740 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8479** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z8F8-144A, 35.450%, 2/27/2026 †§x# | Affirm | 3/01/2024 | $304 | $305 | $313 |
| &nbsp;&nbsp;&nbsp; Z8F9-H1NE, 25.200%, 3/28/2028 †x# | Affirm | 3/31/2025 | 2257 | 2370 | 2397 |
| &nbsp;&nbsp;&nbsp; Z8FA-PVHR, 32.500%, 5/15/2026 †§x | Affirm | 11/27/2024 | 222 | 226 | 224 |
| &nbsp;&nbsp;&nbsp; Z8FF-2CPD, 35.690%, 2/05/2026 †§x | Affirm | 2/26/2025 | 207 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; Z8FS-6IS1, 35.670%, 2/10/2026 †§x | Affirm | 2/26/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Z8G1-FKQO, 31.500%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Z8G1-SO8K, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 233 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; Z8G2-JKUN, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 123 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; Z8G5-GXUE, 23.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 185 | 189 | 190 |
| &nbsp;&nbsp;&nbsp; Z8G5-LLI8, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z8G8-078D, 14.588%, 12/20/2024 †x#^« | Affirm | 6/24/2024 | 265 | 248 | 16 |
| &nbsp;&nbsp;&nbsp; Z8G8-4ZPE, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; Z8GQ-6DYJ, 28.000%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z8H2-SXU8, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 392 | 358 | 69 |
| &nbsp;&nbsp;&nbsp; Z8HG-K7SY, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 46 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; Z8I0-B8LO, 30.950%, 9/18/2025 †§x | Affirm | 9/23/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z8I6-H4K9, 26.500%, 2/02/2024 †x#^ | Affirm | 8/05/2022 | 39 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; Z8I7-TINJ, 29.600%, 10/25/2025 †§x | Affirm | 10/31/2024 | 24 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Z8IG-ZJX6, 29.650%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 217 | 208 | 13 |
| &nbsp;&nbsp;&nbsp; Z8II-QMI9, 32.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; Z8IN-QEWK, 29.550%, 12/21/2025 †§x | Affirm | 6/27/2024 | 151 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; Z8IO-Q073, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Z8IQ-3HJX, 35.480%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 4800 | 4780 | 288 |
| &nbsp;&nbsp;&nbsp; Z8IR-P5Y4, 32.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 219 | 224 | 226 |
| &nbsp;&nbsp;&nbsp; Z8IS-0S7Z, 24.750%, 6/02/2026 †§x | Affirm | 6/27/2025 | 467 | 477 | 478 |
| &nbsp;&nbsp;&nbsp; Z8IZ-RHUD, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; Z8J2-4FEN, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 54 | 52 | 54 |
| &nbsp;&nbsp;&nbsp; Z8J4-RB17, 28.000%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 231 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; Z8J5-T1I6, 28.500%, 12/07/2022 †x#^ | Affirm | 9/12/2022 | 467 | 470 | 28 |
| &nbsp;&nbsp;&nbsp; Z8J6-7GJB, 26.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 26 | 26 | 27 |
| &nbsp;&nbsp;&nbsp; Z8JH-AY2A, 29.520%, 10/02/2025 †§x | Affirm | 10/05/2023 | 75 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; Z8JK-R98W, 23.400%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 248 | 255 | 257 |
| &nbsp;&nbsp;&nbsp; Z8JM-WI6I, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 384 | 381 | 23 |
| &nbsp;&nbsp;&nbsp; Z8JO-Z0SR, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Z8JQ-LMFO, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 269 | 273 | 273 |
| &nbsp;&nbsp;&nbsp; Z8K3-X1KP, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 212 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; Z8KD-4JTE, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 217 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; Z8KE-3718, 29.690%, 1/12/2023 †x#^ | Affirm | 1/21/2022 | 119 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; Z8KG-0WYN, 29.580%, 4/28/2026 †§x | Affirm | 10/31/2024 | 181 | 185 | 185 |
| &nbsp;&nbsp;&nbsp; Z8KI-MGHY, 29.420%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 132 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; Z8KR-QGOP, 35.550%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; Z8KT-TW6M, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 499 | 514 | 508 |
| &nbsp;&nbsp;&nbsp; Z8KV-NPS8, 30.000%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 226 | 231 | 14 |
| &nbsp;&nbsp;&nbsp; Z8L3-N01N, 29.490%, 5/25/2025 †x#^ | Affirm | 8/31/2023 | 61 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; Z8LA-QNA2, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; Z8LD-YAT4, 29.660%, 9/19/2025 †§x | Affirm | 9/23/2024 | 17 | 17 | 18 |
| &nbsp;&nbsp;&nbsp; Z8LF-VL1J, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z8LK-JFMJ, 23.400%, 12/19/2026 †§x | Affirm | 12/27/2024 | 471 | 488 | 491 |
| &nbsp;&nbsp;&nbsp; Z8LW-NZPZ, 29.710%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 211 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; Z8M2-2PZ6, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; Z8M5-NDYS, 25.200%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 494 | 497 | 495 |
| &nbsp;&nbsp;&nbsp; Z8MB-V75T, 33.950%, 2/12/2027 †§x# | Affirm | 2/26/2025 | 416 | 434 | 437 |
| &nbsp;&nbsp;&nbsp; Z8ME-ET93, 35.730%, 5/12/2025 †x#^ | Affirm | 11/27/2024 | 66 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; Z8MH-3J89, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 140 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; Z8MH-CL52, 22.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Z8MQ-6LAJ, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 117 | 119 | 119 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8480** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z8MQ-DJXC, 20.000%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | $309 | $324 | $19 |
| &nbsp;&nbsp;&nbsp; Z8MQ-J28S, 29.690%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; Z8MW-CCLZ, 31.000%, 6/05/2026 †§x | Affirm | 6/08/2023 | 603 | 603 | 377 |
| &nbsp;&nbsp;&nbsp; Z8N1-V5CU, 32.980%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 195 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; Z8N2-3CSE, 24.400%, 2/06/2026 †§x | Affirm | 8/29/2025 | 284 | 290 | 290 |
| &nbsp;&nbsp;&nbsp; Z8N6-9WG9, 32.500%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z8NJ-BZQA, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 437 | 458 | 26 |
| &nbsp;&nbsp;&nbsp; Z8NW-EVHV, 25.000%, 11/28/2024 †x#^ | Affirm | 12/01/2022 | 438 | 473 | 26 |
| &nbsp;&nbsp;&nbsp; Z8O1-U8OE, 33.950%, 4/18/2026 †§x | Affirm | 4/22/2024 | 957 | 971 | 978 |
| &nbsp;&nbsp;&nbsp; Z8OC-JKEH, 29.610%, 6/22/2023 †x#^ | Affirm | 12/27/2021 | 92 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; Z8OE-CE1O, 15.860%, 1/06/2026 †§x | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; Z8OO-7X7K, 29.620%, 12/15/2023 †x#^ | Affirm | 12/19/2022 | 123 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; Z8OR-5K1H, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z8OR-ODET, 33.950%, 1/02/2026 †§x | Affirm | 1/05/2024 | 187 | 189 | 188 |
| &nbsp;&nbsp;&nbsp; Z8OV-98Z1, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 154 | 157 | 156 |
| &nbsp;&nbsp;&nbsp; Z8OV-NUCO, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; Z8OX-LERP, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 248 | 254 | 255 |
| &nbsp;&nbsp;&nbsp; Z8PC-M0DA, 15.800%, 9/25/2026 †§x | Affirm | 9/30/2024 | 209 | 214 | 215 |
| &nbsp;&nbsp;&nbsp; Z8PE-YT4L, 33.050%, 9/28/2025 †§x | Affirm | 3/31/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; Z8PH-UJZK, 18.000%, 1/23/2026 †§x | Affirm | 7/26/2024 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; Z8PW-BF1M, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; Z8Q1-KZT1, 23.400%, 12/25/2025 †§x | Affirm | 6/28/2024 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; Z8Q6-7053, 22.700%, 9/23/2027 †§x | Affirm | 9/26/2024 | 583 | 596 | 603 |
| &nbsp;&nbsp;&nbsp; Z8QF-05EM, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 289 | 298 | 65 |
| &nbsp;&nbsp;&nbsp; Z8QM-G066, 15.790%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; Z8QO-B9WU, 29.890%, 7/18/2022 †x#^ | Affirm | 1/21/2022 | 29 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; Z8QR-TBTF, 29.640%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 68 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; Z8QX-2H5V, 32.500%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 89 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; Z8QX-BTFS, 29.600%, 6/08/2023 †x#^ | Affirm | 12/13/2021 | 106 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; Z8R2-M7JT, 25.900%, 9/25/2025 †§x | Affirm | 9/30/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Z8RD-CURL, 30.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 109 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; Z8RD-G26H, 33.110%, 7/17/2025 †x#^ | Affirm | 7/25/2024 | 94 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; Z8RE-KE4I, 11.930%, 1/02/2027 †§x | Affirm | 1/29/2025 | 430 | 445 | 448 |
| &nbsp;&nbsp;&nbsp; Z8RI-UJC1, 22.690%, 9/13/2024 †x#^ | Affirm | 9/16/2022 | 1128 | 1230 | 68 |
| &nbsp;&nbsp;&nbsp; Z8RM-U088, 35.650%, 1/08/2026 †x# | Affirm | 1/29/2025 | 328 | 337 | 85 |
| &nbsp;&nbsp;&nbsp; Z8RM-WKXU, 29.610%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 75 | 72 | 5 |
| &nbsp;&nbsp;&nbsp; Z8RP-7FG9, 29.630%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 177 | 170 | 11 |
| &nbsp;&nbsp;&nbsp; Z8RW-Q6RN, 18.000%, 8/11/2026 †§x | Affirm | 2/26/2025 | 600 | 618 | 622 |
| &nbsp;&nbsp;&nbsp; Z8RX-K8EU, 11.183%, 7/25/2023 †x#^« | Affirm | 1/28/2022 | 142 | 124 | 9 |
| &nbsp;&nbsp;&nbsp; Z8S0-4JLP, 35.800%, 8/26/2024 †x#^ | Affirm | 2/29/2024 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; Z8S1-GCG7, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; Z8S2-FUYM, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 145 | 147 | 146 |
| &nbsp;&nbsp;&nbsp; Z8S6-YIZD, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 131 | 134 | 132 |
| &nbsp;&nbsp;&nbsp; Z8SI-31EC, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; Z8SK-79QC, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; Z8SP-UISS, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 97 | 96 | 48 |
| &nbsp;&nbsp;&nbsp; Z8SX-K1VS, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 74 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; Z8SY-1V69, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; Z8T1-Y6LX, 28.000%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 140 | 147 | 8 |
| &nbsp;&nbsp;&nbsp; Z8T3-C26G, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 248 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; Z8TI-7PKG, 24.400%, 4/15/2027 †x | Affirm | 4/18/2024 | 4093 | 4159 | 4174 |
| &nbsp;&nbsp;&nbsp; Z8TI-U5T6, 26.700%, 8/10/2026 †x | Affirm | 2/26/2025 | 3280 | 3366 | 3358 |
| &nbsp;&nbsp;&nbsp; Z8TJ-JTL0, 15.890%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; Z8TO-6A5U, 29.120%, 6/21/2023 †x#^ | Affirm | 12/27/2021 | 206 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; Z8TQ-032A, 35.380%, 2/04/2025 †x#^ | Affirm | 12/07/2023 | 3352 | 3104 | 201 |
| &nbsp;&nbsp;&nbsp; Z8TT-570K, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 105 | 107 | 108 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8481** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z8TT-X6PV, 35.610%, 8/07/2026 †§x# | Affirm | 2/26/2025 | $216 | $221 | $221 |
| &nbsp;&nbsp;&nbsp; Z8U0-CXEJ, 35.320%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 233 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; Z8U8-ZOMD, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z8UB-6AVH, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; Z8UL-CDML, 33.950%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 219 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; Z8UN-YECO, 29.020%, 8/28/2025 †§x#^ | Affirm | 8/31/2023 | 32 | 32 | 31 |
| &nbsp;&nbsp;&nbsp; Z8US-T2YN, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 1114 | 1141 | 1156 |
| &nbsp;&nbsp;&nbsp; Z8UT-1DFF, 33.950%, 11/14/2025 †§x | Affirm | 11/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z8V7-RDNY, 29.660%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z8VM-G9ZE, 29.030%, 6/28/2026 †x# | Affirm | 7/03/2023 | 1208 | 1313 | 72 |
| &nbsp;&nbsp;&nbsp; Z8VS-PXGE, 29.620%, 12/12/2025 †§x | Affirm | 12/27/2024 | 222 | 225 | 226 |
| &nbsp;&nbsp;&nbsp; Z8VT-Z8VM, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 1643 | 1730 | 99 |
| &nbsp;&nbsp;&nbsp; Z8VU-7MNW, 11.830%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; Z8W0-1R9M, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; Z8W5-9T7B, 14.700%, 7/21/2023 †x#^ | Affirm | 7/25/2022 | 250 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; Z8WE-AL0B, 35.580%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; Z8WU-ILGQ, 22.750%, 5/06/2026 †§x# | Affirm | 5/30/2025 | 112 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; Z8WY-326W, 33.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 32 | 32 | 33 |
| &nbsp;&nbsp;&nbsp; Z8X8-PUNW, 29.510%, 8/28/2025 †x#^ | Affirm | 9/01/2023 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Z8XE-3JOD, 33.060%, 12/28/2025 †§x | Affirm | 1/29/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Z8XI-HQXW, 31.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 85 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; Z8XI-TZ6S, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 114 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; Z8XP-4C0J, 9.940%, 2/07/2026 †§x | Affirm | 2/26/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; Z8XS-Z64D, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; Z8XV-5Z6I, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 248 | 252 | 253 |
| &nbsp;&nbsp;&nbsp; Z8XV-OJP6, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 222 | 227 | 229 |
| &nbsp;&nbsp;&nbsp; Z8YA-VXDH, 13.840%, 12/28/2025 †§x | Affirm | 1/29/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; Z8YD-PQK7, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 63 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; Z8YL-MKH9, 35.620%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; Z8YQ-BEYQ, 33.050%, 9/25/2025 †§x | Affirm | 9/30/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Z8Z3-1PNP, 35.800%, 8/10/2026 †§x | Affirm | 2/26/2025 | 151 | 149 | 151 |
| &nbsp;&nbsp;&nbsp; Z8ZF-TU99, 26.900%, 3/28/2026 †§x | Affirm | 4/22/2025 | 105 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; Z8ZI-KQAX, 15.730%, 3/27/2027 †x | Affirm | 3/31/2025 | 2717 | 2706 | 2760 |
| &nbsp;&nbsp;&nbsp; Z8ZL-BYJ6, 20.900%, 3/04/2026 †§x | Affirm | 3/07/2024 | 219 | 221 | 221 |
| &nbsp;&nbsp;&nbsp; Z8ZO-1J4Y, 35.680%, 2/06/2026 †x# | Affirm | 1/29/2025 | 32 | 32 | 17 |
| &nbsp;&nbsp;&nbsp; Z8ZY-C3TB, 35.360%, 4/15/2026 †§x | Affirm | 4/18/2024 | 297 | 299 | 304 |
| &nbsp;&nbsp;&nbsp; Z8ZZ-9PRT, 29.330%, 11/23/2022 †x#^ | Affirm | 5/26/2022 | 219 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; Z901-D7U9, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 213 | 214 | 215 |
| &nbsp;&nbsp;&nbsp; Z904-YE0O, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 98 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; Z90C-81FZ, 25.900%, 9/16/2025 †§x | Affirm | 9/19/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; Z90M-DY54, 15.800%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Z90U-B5L1, 27.500%, 1/18/2026 †§x | Affirm | 1/23/2023 | 229 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; Z90U-US8F, 28.000%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 226 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; Z90Y-LNZN, 35.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z90Z-5VQ8, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Z911-JQCB, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 102 | 103 | 102 |
| &nbsp;&nbsp;&nbsp; Z911-NJMT, 35.590%, 9/16/2025 †x# | Affirm | 9/19/2024 | 41 | 42 | 11 |
| &nbsp;&nbsp;&nbsp; Z916-ONY9, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; Z916-UGM8, 28.500%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 32 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Z91B-3V0K, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 100 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; Z91C-02F4, 29.550%, 4/09/2026 †§x | Affirm | 4/12/2024 | 302 | 307 | 306 |
| &nbsp;&nbsp;&nbsp; Z91K-MH28, 22.750%, 1/06/2026 †§x | Affirm | 1/29/2025 | 126 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; Z91X-N410, 29.430%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 170 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; Z92C-2YBI, 35.750%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 59 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; Z92G-2RKQ, 31.000%, 5/06/2027 †§x | Affirm | 5/30/2025 | 665 | 700 | 706 |
| &nbsp;&nbsp;&nbsp; Z92V-1HUD, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 152 | 146 | 150 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8482** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z92V-S9OO, 35.490%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | $157 | $158 | $9 |
| &nbsp;&nbsp;&nbsp; Z92Y-VYUG, 25.200%, 11/15/2025 †§x | Affirm | 11/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Z930-QMA4, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Z934-X8SW, 35.500%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; Z93C-PA4M, 15.810%, 5/20/2026 †§x | Affirm | 11/27/2024 | 428 | 436 | 433 |
| &nbsp;&nbsp;&nbsp; Z93E-M591, 11.840%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 139 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; Z93H-6U26, 30.000%, 11/11/2024 †x#^ | Affirm | 5/15/2023 | 317 | 319 | 19 |
| &nbsp;&nbsp;&nbsp; Z93J-4IEC, 35.990%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Z93Z-A9JW, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 258 | 262 | 261 |
| &nbsp;&nbsp;&nbsp; Z948-JJYI, 32.000%, 9/17/2025 †§x | Affirm | 9/26/2024 | 169 | 156 | 167 |
| &nbsp;&nbsp;&nbsp; Z94G-1GL3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 575 | 585 | 582 |
| &nbsp;&nbsp;&nbsp; Z94L-0BA0, 25.400%, 9/19/2025 †§x | Affirm | 9/23/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; Z94Q-K03N, 35.160%, 12/02/2025 †§x | Affirm | 6/27/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; Z94Q-SSMR, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; Z957-CTL3, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 347 | 351 | 351 |
| &nbsp;&nbsp;&nbsp; Z95E-NR1M, 26.200%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 28 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; Z963-NK0X, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 90 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; Z964-QBX7, 29.490%, 11/06/2025 †§x | Affirm | 5/10/2024 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; Z965-5MGJ, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 136 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; Z96G-E580, 13.840%, 12/01/2025 †§x# | Affirm | 12/07/2023 | 155 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; Z96H-FDIF, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; Z96I-516U, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 119 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; Z96K-DW3T, 29.550%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 195 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; Z96N-EBDT, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 567 | 594 | 594 |
| &nbsp;&nbsp;&nbsp; Z96Q-QANR, 26.700%, 8/12/2026 †x | Affirm | 2/26/2025 | 6426 | 6697 | 6666 |
| &nbsp;&nbsp;&nbsp; Z96U-UZB5, 23.400%, 6/27/2027 †§x | Affirm | 7/01/2024 | 837 | 847 | 852 |
| &nbsp;&nbsp;&nbsp; Z971-ONBI, 33.050%, 8/20/2025 †§x^ | Affirm | 8/23/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; Z979-TQ0D, 29.680%, 11/20/2025 †§x | Affirm | 11/27/2024 | 220 | 222 | 222 |
| &nbsp;&nbsp;&nbsp; Z97E-HD3Z, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; Z97L-79EB, 33.950%, 4/25/2026 †§x | Affirm | 10/31/2024 | 179 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; Z97U-PIR7, 35.350%, 7/23/2025 †x#^ | Affirm | 7/26/2024 | 179 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; Z97V-NMDA, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; Z97Y-PPTI, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; Z980-0VX9, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 323 | 329 | 19 |
| &nbsp;&nbsp;&nbsp; Z986-H7FO, 29.520%, 4/24/2023 †x#^ | Affirm | 11/03/2022 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; Z987-3JWB, 21.900%, 10/03/2025 †§x | Affirm | 10/07/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; Z98D-JMH0, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1145 | 1175 | 1181 |
| &nbsp;&nbsp;&nbsp; Z98M-HS4Y, 33.050%, 8/06/2026 †§x | Affirm | 8/29/2025 | 358 | 375 | 375 |
| &nbsp;&nbsp;&nbsp; Z98W-T4GC, 35.990%, 8/06/2025 †§x#^ | Affirm | 2/26/2025 | 36 | 36 | 8 |
| &nbsp;&nbsp;&nbsp; Z98W-XYT3, 35.990%, 5/10/2025 †x#^ | Affirm | 2/26/2025 | 159 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; Z98Z-O48Q, 29.460%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 329 | 325 | 20 |
| &nbsp;&nbsp;&nbsp; Z992-TPL7, 29.560%, 8/06/2026 †§x | Affirm | 8/29/2025 | 175 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; Z995-XRSZ, 35.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 157 | 160 | 159 |
| &nbsp;&nbsp;&nbsp; Z99D-OUPN, 29.640%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 60 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; Z99J-XMM4, 30.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; Z99K-WN3I, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 34 | 34 | 35 |
| &nbsp;&nbsp;&nbsp; Z99Q-6QHT, 22.640%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 83 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; Z99V-M6AL, 24.630%, 8/06/2026 †§x | Affirm | 8/29/2025 | 127 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; Z99Y-BYJS, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; Z99Z-NDHH, 22.750%, 5/06/2026 †§x | Affirm | 5/30/2025 | 126 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; Z9A0-IHKP, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 1169 | 1182 | 1183 |
| &nbsp;&nbsp;&nbsp; Z9A0-IIPU, 28.500%, 4/20/2023 †x#^ | Affirm | 10/24/2022 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; Z9A0-LKZO, 15.760%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 93 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; Z9A5-K18O, 29.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 252 | 265 | 15 |
| &nbsp;&nbsp;&nbsp; Z9AI-ID3Q, 29.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 311 | 317 | 318 |
| &nbsp;&nbsp;&nbsp; Z9AZ-TI6R, 28.980%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 10 | 10 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8483** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z9B0-JUAJ, 11.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $186 | $189 | $189 |
| &nbsp;&nbsp;&nbsp; Z9B3-Y1V9, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 482 | 508 | 29 |
| &nbsp;&nbsp;&nbsp; Z9B6-T0O0, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 281 | 277 | 17 |
| &nbsp;&nbsp;&nbsp; Z9BE-WMCX, 35.530%, 12/16/2025 †x# | Affirm | 12/27/2024 | 66 | 66 |  |
| &nbsp;&nbsp;&nbsp; Z9BU-AEFR, 35.280%, 9/07/2025 †x# | Affirm | 3/11/2024 | 75 | 77 | 19 |
| &nbsp;&nbsp;&nbsp; Z9CI-ELHA, 15.760%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 306 | 319 | 18 |
| &nbsp;&nbsp;&nbsp; Z9CR-KHUZ, 35.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z9D2-3MJ2, 35.000%, 12/20/2026 †§x | Affirm | 12/27/2024 | 228 | 228 | 231 |
| &nbsp;&nbsp;&nbsp; Z9D2-JI2F, 35.780%, 1/02/2026 †§x | Affirm | 1/29/2025 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; Z9D8-M0L0, 33.950%, 8/07/2025 †§x^ | Affirm | 2/26/2025 | 18 | 18 | 4 |
| &nbsp;&nbsp;&nbsp; Z9DC-Y2LF, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 237 | 243 | 245 |
| &nbsp;&nbsp;&nbsp; Z9DI-Z3PR, 35.710%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 562 | 576 | 575 |
| &nbsp;&nbsp;&nbsp; Z9DS-9CIN, 29.610%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 71 | 72 | 41 |
| &nbsp;&nbsp;&nbsp; Z9DU-AKLT, 35.490%, 10/25/2025 †§x | Affirm | 10/31/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; Z9DY-0EG3, 19.800%, 1/06/2026 †§x | Affirm | 1/29/2025 | 361 | 359 | 359 |
| &nbsp;&nbsp;&nbsp; Z9EA-0MQD, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 101 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; Z9EA-QB5T, 35.250%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; Z9EC-XF96, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; Z9EH-5A08, 29.580%, 6/16/2024 †x#^ | Affirm | 12/23/2022 | 378 | 395 | 23 |
| &nbsp;&nbsp;&nbsp; Z9ER-9TFH, 35.370%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 180 | 179 | 11 |
| &nbsp;&nbsp;&nbsp; Z9FF-7FLI, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; Z9FG-MBMB, 24.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 188 | 194 | 195 |
| &nbsp;&nbsp;&nbsp; Z9FN-WEBW, 32.500%, 4/22/2026 †§x# | Affirm | 10/25/2024 | 131 | 136 | 132 |
| &nbsp;&nbsp;&nbsp; Z9FU-MVX8, 29.400%, 12/28/2023 †x#^ | Affirm | 7/03/2023 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; Z9FU-VSL9, 23.400%, 9/26/2025 †§x | Affirm | 9/30/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; Z9G6-MAGH, 35.460%, 8/19/2025 †§x#^ | Affirm | 8/22/2024 | 39 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; Z9GH-SKQD, 33.000%, 10/28/2025 †§x | Affirm | 10/31/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z9GK-X3WY, 15.650%, 6/14/2022 †x#^ | Affirm | 3/17/2022 | 236 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; Z9GM-21EJ, 11.972%, 3/08/2024 †x#^ | Affirm | 3/13/2023 | 150 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; Z9GS-SNX8, 33.050%, 6/17/2027 †§x | Affirm | 6/21/2024 | 866 | 877 | 881 |
| &nbsp;&nbsp;&nbsp; Z9HB-HNKB, 35.400%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; Z9HE-W7XG, 34.500%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; Z9HL-KC2Q, 15.680%, 2/07/2026 †§x# | Affirm | 8/29/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; Z9HM-LZCN, 33.050%, 1/27/2026 †§x | Affirm | 2/26/2025 | 133 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; Z9HN-38Z5, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; Z9HO-IAUD, 29.530%, 12/06/2025 †§x | Affirm | 12/11/2023 | 257 | 257 | 258 |
| &nbsp;&nbsp;&nbsp; Z9HO-LYCY, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 549 | 564 | 564 |
| &nbsp;&nbsp;&nbsp; Z9HP-DWYK, 35.750%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Z9IA-3S2C, 35.360%, 12/17/2025 †x# | Affirm | 6/21/2024 | 407 | 424 | 24 |
| &nbsp;&nbsp;&nbsp; Z9IB-QBQ9, 35.390%, 1/05/2026 †x# | Affirm | 1/11/2024 | 649 | 652 | 39 |
| &nbsp;&nbsp;&nbsp; Z9IM-D0W9, 32.500%, 2/23/2024 †x#^ | Affirm | 8/28/2023 | 64 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; Z9IN-TNMU, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 169 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; Z9IP-SKQH, 29.680%, 12/11/2025 †§x | Affirm | 12/27/2024 | 417 | 424 | 425 |
| &nbsp;&nbsp;&nbsp; Z9IR-74D3, 35.260%, 3/20/2026 †§x | Affirm | 3/28/2025 | 398 | 408 | 410 |
| &nbsp;&nbsp;&nbsp; Z9IS-J9GI, 35.540%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 192 | 183 | 12 |
| &nbsp;&nbsp;&nbsp; Z9J2-0TL5, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 362 | 380 | 380 |
| &nbsp;&nbsp;&nbsp; Z9J4-OVHL, 22.810%, 8/07/2026 †§x | Affirm | 2/26/2025 | 176 | 183 | 181 |
| &nbsp;&nbsp;&nbsp; Z9JF-83FQ, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; Z9JF-B7TO, 35.210%, 12/02/2025 †§x | Affirm | 6/27/2025 | 226 | 228 | 229 |
| &nbsp;&nbsp;&nbsp; Z9JI-3SQ1, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 104 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; Z9JL-DUX5, 15.760%, 8/06/2026 †§x | Affirm | 8/29/2025 | 400 | 419 | 419 |
| &nbsp;&nbsp;&nbsp; Z9JZ-4UZL, 11.810%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 94 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; Z9KF-OJ9Z, 26.700%, 3/24/2026 †§x | Affirm | 9/27/2024 | 158 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; Z9KQ-WPLO, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 265 | 274 | 277 |
| &nbsp;&nbsp;&nbsp; Z9KS-B86U, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 26 |
| &nbsp;&nbsp;&nbsp; Z9L1-NZTF, 29.580%, 10/02/2025 †§x# | Affirm | 10/05/2023 | 58 | 58 | 58 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8484** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z9L4-HYPA, 35.460%, 12/18/2025 †§x | Affirm | 12/27/2024 | $68 | $69 | $69 |
| &nbsp;&nbsp;&nbsp; Z9L6-HIAR, 29.540%, 10/12/2025 †§x | Affirm | 4/18/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; Z9LI-ZV1R, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 125 | 127 | 8 |
| &nbsp;&nbsp;&nbsp; Z9LJ-I14T, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 848 | 871 | 876 |
| &nbsp;&nbsp;&nbsp; Z9LM-49LO, 29.420%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 245 | 242 | 15 |
| &nbsp;&nbsp;&nbsp; Z9LM-KB9E, 30.000%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 1238 | 1306 | 74 |
| &nbsp;&nbsp;&nbsp; Z9LU-QXFV, 31.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 131 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; Z9LY-KS86, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Z9M1-BWI0, 35.490%, 10/24/2025 †§x | Affirm | 10/28/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; Z9MA-C87Z, 35.750%, 2/03/2026 †§x | Affirm | 2/26/2025 | 103 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; Z9MF-SHWH, 28.500%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 206 | 214 | 12 |
| &nbsp;&nbsp;&nbsp; Z9MF-U9I8, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 184 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; Z9MO-5ZBJ, 29.650%, 9/25/2025 †§x | Affirm | 9/30/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; Z9MV-S1BI, 26.700%, 10/01/2025 †§x | Affirm | 10/04/2024 | 401 | 403 | 401 |
| &nbsp;&nbsp;&nbsp; Z9NF-J2R9, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 130 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; Z9NM-3SU1, 29.000%, 5/26/2026 †x# | Affirm | 6/02/2023 | 2247 | 2411 | 135 |
| &nbsp;&nbsp;&nbsp; Z9NO-DV2G, 35.410%, 10/21/2025 †§x | Affirm | 10/24/2024 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Z9NT-EDR7, 33.950%, 10/02/2025 †x# | Affirm | 10/07/2024 | 121 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; Z9NT-JC5F, 24.660%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; Z9NW-46AT, 32.500%, 5/20/2026 †x# | Affirm | 11/27/2024 | 2618 | 2719 | 157 |
| &nbsp;&nbsp;&nbsp; Z9NW-NQAW, 14.700%, 5/15/2026 †§x | Affirm | 11/27/2024 | 212 | 216 | 217 |
| &nbsp;&nbsp;&nbsp; Z9NX-9S0M, 33.950%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 180 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; Z9NY-QKRD, 4.472%, 6/28/2023 †x#^« | Affirm | 7/05/2022 | 66 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; Z9OB-T8V5, 22.820%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 69 | 70 | 43 |
| &nbsp;&nbsp;&nbsp; Z9OS-U2LL, 29.810%, 2/14/2023 †x#^ | Affirm | 2/17/2022 | 292 | 307 | 18 |
| &nbsp;&nbsp;&nbsp; Z9OW-VBMM, 29.640%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 163 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; Z9OX-NJIX, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; Z9PB-F1VT, 29.420%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 134 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; Z9PH-MYNM, 15.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 137 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; Z9PO-LJ4O, 22.710%, 3/23/2026 †§x | Affirm | 9/26/2024 | 111 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; Z9PV-L46X, 22.750%, 2/11/2027 †x | Affirm | 2/26/2025 | 2236 | 2342 | 2363 |
| &nbsp;&nbsp;&nbsp; Z9QC-NN5G, 35.440%, 1/06/2026 †§x | Affirm | 1/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; Z9QD-H196, 25.200%, 3/20/2026 †§x | Affirm | 9/26/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; Z9QH-HBW2, 29.610%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 103 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; Z9QN-TEHY, 28.990%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 207 | 222 | 12 |
| &nbsp;&nbsp;&nbsp; Z9QO-QNC6, 35.880%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 221 | 222 | 11 |
| &nbsp;&nbsp;&nbsp; Z9QR-FY06, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; Z9QV-22O2, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 721 | 696 | 689 |
| &nbsp;&nbsp;&nbsp; Z9QV-NAPU, 35.520%, 7/13/2026 †§x# | Affirm | 1/29/2025 | 291 | 288 | 291 |
| &nbsp;&nbsp;&nbsp; Z9R2-AEGA, 35.490%, 10/25/2025 †§x | Affirm | 10/31/2024 | 143 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; Z9RR-X6JE, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 657 | 684 | 691 |
| &nbsp;&nbsp;&nbsp; Z9RW-DZXJ, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 1245 | 1309 | 75 |
| &nbsp;&nbsp;&nbsp; Z9RX-1VYZ, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 153 | 158 | 160 |
| &nbsp;&nbsp;&nbsp; Z9S8-WF4L, 11.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 169 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; Z9SI-U5XD, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 80 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; Z9SK-YWXS, 35.280%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 203 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; Z9SR-AELE, 29.470%, 6/11/2024 †x#^ | Affirm | 12/14/2023 | 109 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; Z9TA-ROAM, 13.840%, 2/12/2027 †§x | Affirm | 2/26/2025 | 944 | 988 | 997 |
| &nbsp;&nbsp;&nbsp; Z9TC-SM7C, 33.950%, 3/20/2026 †§x | Affirm | 9/26/2024 | 171 | 174 | 174 |
| &nbsp;&nbsp;&nbsp; Z9TJ-HLUN, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1000 | 1049 | 1049 |
| &nbsp;&nbsp;&nbsp; Z9TJ-W8GQ, 15.760%, 10/15/2025 †§x | Affirm | 4/18/2024 | 267 | 268 | 266 |
| &nbsp;&nbsp;&nbsp; Z9TK-3WUN, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 523 | 538 | 541 |
| &nbsp;&nbsp;&nbsp; Z9TK-WU7O, 11.880%, 1/06/2026 †§x | Affirm | 1/29/2025 | 210 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; Z9TY-GI9I, 22.750%, 9/23/2025 †§x | Affirm | 9/26/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; Z9U2-B1AP, 32.500%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 279 | 284 | 282 |
| &nbsp;&nbsp;&nbsp; Z9U7-B5YO, 33.050%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 303 | 318 | 18 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8485** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Z9UA-KCAL, 29.220%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | $56 | $55 | $3 |
| &nbsp;&nbsp;&nbsp; Z9UD-YAQ5, 31.557%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 121 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; Z9V4-YWY8, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; Z9V7-BY3L, 35.640%, 2/11/2027 †§x | Affirm | 2/26/2025 | 1719 | 1703 | 1735 |
| &nbsp;&nbsp;&nbsp; Z9V8-8MDT, 22.740%, 11/08/2025 †§x | Affirm | 11/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Z9V8-CB88, 26.200%, 1/02/2026 †§x | Affirm | 1/29/2025 | 458 | 455 | 454 |
| &nbsp;&nbsp;&nbsp; Z9VN-G1LP, 35.350%, 10/15/2025 †x# | Affirm | 4/18/2024 | 687 | 710 | 41 |
| &nbsp;&nbsp;&nbsp; Z9VR-GDP3, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 144 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; Z9VW-E8WZ, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 171 | 169 | 171 |
| &nbsp;&nbsp;&nbsp; Z9W2-YBEZ, 29.510%, 10/17/2024 †x#^ | Affirm | 4/27/2023 | 133 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; Z9W4-B3WD, 29.670%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; Z9W6-GT9D, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 115 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; Z9WE-O5VI, 35.470%, 8/19/2026 †§x | Affirm | 8/22/2024 | 687 | 681 | 690 |
| &nbsp;&nbsp;&nbsp; Z9WO-WNRI, 26.500%, 1/12/2023 †x#^ | Affirm | 7/15/2022 | 140 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; Z9WZ-FZBU, 29.070%, 12/12/2025 †x# | Affirm | 12/15/2022 | 2354 | 2576 | 141 |
| &nbsp;&nbsp;&nbsp; Z9X2-Z4P7, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 8 | 8 |  |
| &nbsp;&nbsp;&nbsp; Z9XF-0SM8, 29.620%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 44 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; Z9XL-K3IH, 35.500%, 10/28/2025 †x# | Affirm | 10/31/2024 | 163 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; Z9XT-0BN9, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; Z9XW-X68Q, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 200 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; Z9Y5-6QIN, 32.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; Z9Y7-PLZI, 15.770%, 8/16/2028 †§x | Affirm | 8/22/2024 | 1648 | 1747 | 1751 |
| &nbsp;&nbsp;&nbsp; Z9YB-94UZ, 32.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 3033 | 3143 | 3148 |
| &nbsp;&nbsp;&nbsp; Z9YN-NI13, 29.750%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; Z9YO-B1S9, 13.840%, 12/24/2025 †§x | Affirm | 6/27/2024 | 412 | 415 | 416 |
| &nbsp;&nbsp;&nbsp; Z9YY-WHLY, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; Z9Z0-MPAR, 29.590%, 10/25/2023 †x#^ | Affirm | 10/28/2022 | 218 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; Z9Z2-GXAF, 29.550%, 10/28/2025 †x# | Affirm | 5/02/2024 | 150 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; Z9ZJ-8BXE, 35.610%, 11/14/2025 †§x | Affirm | 11/27/2024 | 180 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; Z9ZJ-AJLY, 29.610%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 122 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; Z9ZK-3UKZ, 35.979%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 67 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; Z9ZQ-3092, 29.610%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; Z9ZR-7BDW, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 544 | 555 | 565 |
| &nbsp;&nbsp;&nbsp; Z9ZX-2PKM, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 98 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; Z9ZZ-8O0L, 29.370%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; ZA01-BEPL, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 76 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; ZA07-0EZ0, 29.630%, 7/04/2025 †x#^ | Affirm | 10/10/2023 | 277 | 275 | 17 |
| &nbsp;&nbsp;&nbsp; ZA07-6S8Z, 29.650%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 160 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; ZA0P-2SUW, 29.490%, 11/07/2025 †§x | Affirm | 5/10/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZA0U-RPGI, 35.290%, 11/24/2025 †§x | Affirm | 5/31/2024 | 105 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; ZA12-UN25, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZA15-ZTYL, 32.500%, 2/15/2025 †x#^ | Affirm | 11/27/2024 | 736 | 736 | 44 |
| &nbsp;&nbsp;&nbsp; ZA17-I8IU, 24.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZA1D-21TE, 35.480%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; ZA1F-RB85, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 62 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; ZA1W-W22K, 25.200%, 2/16/2026 †§x | Affirm | 8/22/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZA1Z-S4JP, 21.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 287 | 290 | 291 |
| &nbsp;&nbsp;&nbsp; ZA21-ISIB, 35.430%, 7/02/2026 †§x | Affirm | 1/29/2025 | 283 | 287 | 285 |
| &nbsp;&nbsp;&nbsp; ZA2I-61AG, 31.500%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 143 | 143 | 141 |
| &nbsp;&nbsp;&nbsp; ZA2K-IKN3, 15.810%, 9/28/2025 †x# | Affirm | 10/03/2024 | 175 | 184 | 10 |
| &nbsp;&nbsp;&nbsp; ZA2L-GYG1, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZA2L-LYI0, 35.490%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 14 | 15 | 14 |
| &nbsp;&nbsp;&nbsp; ZA2S-2U66, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; ZA2U-XELI, 29.420%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZA32-Q94K, 26.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZA33-OOZF, 32.500%, 1/06/2027 †§x# | Affirm | 1/29/2025 | 553 | 550 | 558 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8486** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZA36-ZTHO, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $111 | $113 | $112 |
| &nbsp;&nbsp;&nbsp; ZA39-EWXR, 33.290%, 2/06/2026 †§x | Affirm | 2/26/2025 | 435 | 433 | 434 |
| &nbsp;&nbsp;&nbsp; ZA3H-JF3M, 29.760%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 311 | 308 | 19 |
| &nbsp;&nbsp;&nbsp; ZA3H-NXGJ, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 107 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; ZA3O-J0W7, 35.380%, 12/08/2024 †x#^ | Affirm | 8/11/2023 | 137 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; ZA3Q-O1RG, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 160 | 160 | 161 |
| &nbsp;&nbsp;&nbsp; ZA3T-9KEJ, 18.000%, 10/26/2025 †§x | Affirm | 5/02/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZA3V-6H0Y, 35.610%, 11/20/2025 †§x | Affirm | 11/27/2024 | 116 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZA3W-9HE6, 21.900%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 48 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZA40-M57H, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZA41-QMNU, 24.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 320 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; ZA42-G8GE, 29.580%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 80 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZA46-6SBU, 15.860%, 8/12/2026 †x# | Affirm | 2/26/2025 | 349 | 363 | 21 |
| &nbsp;&nbsp;&nbsp; ZA47-H38K, 24.860%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 102 | 104 | 65 |
| &nbsp;&nbsp;&nbsp; ZA4M-GCYY, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZA4P-17IL, 28.000%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 65 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZA4P-SQND, 30.420%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 316 | 314 | 19 |
| &nbsp;&nbsp;&nbsp; ZA4X-6CCI, 26.700%, 10/01/2025 †§x | Affirm | 10/04/2024 | 34 | 35 | 34 |
| &nbsp;&nbsp;&nbsp; ZA51-O1RN, 22.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 67 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZA54-PW3B, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; ZA61-KJ7U, 25.200%, 3/23/2026 †§x | Affirm | 9/26/2024 | 229 | 234 | 233 |
| &nbsp;&nbsp;&nbsp; ZA61-OLUD, 33.950%, 5/28/2025 †x#^ | Affirm | 5/31/2024 | 200 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; ZA64-G8LS, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 137 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; ZA65-UNIJ, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZA66-8LW8, 29.760%, 8/11/2026 †§x | Affirm | 2/26/2025 | 174 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; ZA69-BZV8, 27.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 271 | 280 | 16 |
| &nbsp;&nbsp;&nbsp; ZA6A-TZHT, 35.770%, 2/28/2026 †x# | Affirm | 3/28/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; ZA6H-LG40, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZA6O-1L13, 19.790%, 1/09/2026 †x | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZA6O-XMY3, 26.500%, 10/13/2023 †x#^ | Affirm | 10/17/2022 | 80 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; ZA6W-QSQF, 19.700%, 9/26/2027 †§x# | Affirm | 9/30/2024 | 1626 | 1676 | 1679 |
| &nbsp;&nbsp;&nbsp; ZA6Y-MQAT, 29.620%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 55 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZA6Y-TNP2, 35.400%, 8/28/2025 †§x#^ | Affirm | 9/01/2023 | 96 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; ZA74-WKMO, 29.970%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 177 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; ZA77-IY33, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZA78-94PY, 35.570%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 111 | 103 | 109 |
| &nbsp;&nbsp;&nbsp; ZA7D-S18J, 29.610%, 12/11/2025 †§x | Affirm | 12/27/2024 | 56 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; ZA7E-SW9Y, 35.370%, 9/13/2025 †x# | Affirm | 3/18/2024 | 180 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; ZA7F-HZEP, 29.800%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 144 | 141 | 9 |
| &nbsp;&nbsp;&nbsp; ZA7J-902L, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 23 | 24 | 23 |
| &nbsp;&nbsp;&nbsp; ZA7W-WBBW, 29.700%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; ZA80-EC7J, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | 741 | 756 | 758 |
| &nbsp;&nbsp;&nbsp; ZA84-5IYE, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZA89-CPIW, 32.500%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZA89-J47Q, 35.610%, 7/08/2026 †§x | Affirm | 1/29/2025 | 538 | 548 | 545 |
| &nbsp;&nbsp;&nbsp; ZA8B-13IF, 28.000%, 10/24/2024 †x#^ | Affirm | 10/27/2022 | 310 | 338 | 19 |
| &nbsp;&nbsp;&nbsp; ZA8B-31IU, 35.370%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 60 | 56 | 4 |
| &nbsp;&nbsp;&nbsp; ZA8E-CHE7, 26.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 30 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZA8L-JB41, 33.950%, 5/13/2026 †§x | Affirm | 11/27/2024 | 206 | 209 | 208 |
| &nbsp;&nbsp;&nbsp; ZA8R-HM70, 15.830%, 11/12/2025 †§x | Affirm | 11/27/2024 | 811 | 817 | 816 |
| &nbsp;&nbsp;&nbsp; ZA8W-6UXX, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 94 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; ZA8X-LWJ0, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZA8Y-EMQP, 22.850%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 98 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZA8Z-A15W, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 327 | 336 | 20 |
| &nbsp;&nbsp;&nbsp; ZA97-PBYC, 29.510%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 1470 | 1452 | 88 |
| &nbsp;&nbsp;&nbsp; ZA9B-9J4P, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 146 | 149 | 149 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8487** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZA9N-27BF, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | $45 | $45 | $45 |
| &nbsp;&nbsp;&nbsp; ZA9Q-UFR6, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 800 | 806 | 801 |
| &nbsp;&nbsp;&nbsp; ZA9R-MDUO, 35.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 228 | 225 | 227 |
| &nbsp;&nbsp;&nbsp; ZA9Y-X4EJ, 30.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 158 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; ZAA1-N2MZ, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1473 | 1450 | 1450 |
| &nbsp;&nbsp;&nbsp; ZAA6-C4G9, 14.810%, 9/24/2026 †§x | Affirm | 9/27/2024 | 670 | 633 | 642 |
| &nbsp;&nbsp;&nbsp; ZAA8-IBZ6, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZAAF-0PL8, 32.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 102 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; ZAAF-91L4, 35.000%, 9/03/2025 †x# | Affirm | 3/28/2025 | 76 | 77 | 23 |
| &nbsp;&nbsp;&nbsp; ZAAI-NC45, 29.680%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 455 | 465 | 27 |
| &nbsp;&nbsp;&nbsp; ZAAQ-0MSE, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZABF-LYPI, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 134 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; ZABI-RXFW, 32.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZABR-ERP5, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1075 | 1094 | 1098 |
| &nbsp;&nbsp;&nbsp; ZAC1-CKJ1, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZACD-44J7, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZACE-NSTK, 29.560%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 296 | 312 | 18 |
| &nbsp;&nbsp;&nbsp; ZACV-H6H3, 15.720%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 48 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; ZACZ-R2R8, 32.910%, 7/08/2026 †§x | Affirm | 7/31/2025 | 125 | 123 | 79 |
| &nbsp;&nbsp;&nbsp; ZAD5-MVHR, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; ZAD7-CGKN, 29.590%, 10/13/2023 †x#^ | Affirm | 10/17/2022 | 1096 | 1134 | 66 |
| &nbsp;&nbsp;&nbsp; ZADE-L20W, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 182 | 188 | 187 |
| &nbsp;&nbsp;&nbsp; ZAEC-9NXI, 22.660%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 123 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; ZAEH-6L4M, 15.700%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 35 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZAEL-EBED, 29.580%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZAEP-V4OE, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 186 | 185 | 185 |
| &nbsp;&nbsp;&nbsp; ZAEV-XIHR, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 200 | 204 | 203 |
| &nbsp;&nbsp;&nbsp; ZAF0-NCIW, 28.000%, 4/22/2023 †x#^ | Affirm | 4/28/2022 | 233 | 245 | 14 |
| &nbsp;&nbsp;&nbsp; ZAF4-1GN9, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 99 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; ZAF5-IKFJ, 29.620%, 3/20/2026 †§x | Affirm | 9/26/2024 | 191 | 195 | 195 |
| &nbsp;&nbsp;&nbsp; ZAFB-9LTU, 28.000%, 11/03/2024 †x#^ | Affirm | 11/07/2022 | 305 | 322 | 18 |
| &nbsp;&nbsp;&nbsp; ZAFF-ZLQ5, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZAFK-8E9P, 33.050%, 12/25/2025 †§x | Affirm | 6/28/2024 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZAFL-82PE, 22.840%, 2/06/2026 †§x | Affirm | 2/26/2025 | 107 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; ZAFX-6T1A, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 419 | 426 | 428 |
| &nbsp;&nbsp;&nbsp; ZAFX-IP8A, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 400 | 398 | 399 |
| &nbsp;&nbsp;&nbsp; ZAG0-ZD1O, 35.360%, 10/02/2024 †x#^ | Affirm | 1/05/2024 | 48 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; ZAG2-JHEY, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 261 | 263 | 50 |
| &nbsp;&nbsp;&nbsp; ZAGC-2B80, 29.320%, 1/08/2026 †§x | Affirm | 7/31/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZAGJ-CT9H, 35.200%, 6/20/2025 †x#^ | Affirm | 3/28/2025 | 248 | 252 | 22 |
| &nbsp;&nbsp;&nbsp; ZAGK-HTDR, 29.720%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; ZAGQ-JHAT, 29.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 90 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZAGT-O4SN, 35.360%, 12/25/2025 †x# | Affirm | 6/28/2024 | 272 | 267 | 16 |
| &nbsp;&nbsp;&nbsp; ZAH0-48XH, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZAHP-380L, 29.690%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 97 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; ZAI3-9JHF, 13.289%, 8/30/2025 †§x^« | Affirm | 6/27/2025 | 142 | 139 | 142 |
| &nbsp;&nbsp;&nbsp; ZAI9-4AJ9, 29.580%, 10/24/2026 †§x | Affirm | 10/28/2024 | 378 | 376 | 380 |
| &nbsp;&nbsp;&nbsp; ZAI9-NBMV, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 107 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; ZAID-5XAZ, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 258 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; ZAIL-U3PD, 30.000%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 237 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; ZAIQ-GYKS, 28.500%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 195 | 192 | 12 |
| &nbsp;&nbsp;&nbsp; ZAIY-626M, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 562 | 566 | 566 |
| &nbsp;&nbsp;&nbsp; ZAIZ-7BJJ, 35.400%, 10/24/2025 †x# | Affirm | 10/28/2024 | 143 | 149 | 1 |
| &nbsp;&nbsp;&nbsp; ZAJ8-QWGT, 22.750%, 4/16/2025 †x#^ | Affirm | 4/19/2024 | 107 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; ZAJ9-60AM, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; ZAJB-KXLS, 15.760%, 12/16/2025 †§x | Affirm | 12/27/2024 | 40 | 40 | 40 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8488** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZAJT-Z2FP, 33.080%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $93 | $93 | $92 |
| &nbsp;&nbsp;&nbsp; ZAJY-6K1V, 35.440%, 1/01/2026 †§x# | Affirm | 7/05/2024 | 86 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; ZAJZ-ZH6W, 29.000%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 172 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; ZAK5-3ET7, 29.450%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 290 | 286 | 17 |
| &nbsp;&nbsp;&nbsp; ZAK7-AEHS, 22.620%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 1427 | 1524 | 86 |
| &nbsp;&nbsp;&nbsp; ZAKH-32SV, 31.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 682 | 701 | 706 |
| &nbsp;&nbsp;&nbsp; ZAKK-YPCS, 29.500%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 58 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; ZAKQ-BPKV, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1028 | 1013 | 1023 |
| &nbsp;&nbsp;&nbsp; ZAL5-TBL4, 15.740%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 79 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZAL6-4SIZ, 25.200%, 10/26/2025 †§x | Affirm | 5/02/2024 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZALA-22EE, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 381 | 385 | 387 |
| &nbsp;&nbsp;&nbsp; ZALK-V2KI, 15.994%, 4/24/2025 †x#^« | Affirm | 10/28/2024 | 251 | 233 | 15 |
| &nbsp;&nbsp;&nbsp; ZALQ-344X, 32.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 92 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; ZALU-S2SV, 35.610%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; ZAM0-9Y7O, 29.450%, 5/26/2023 †x#^ | Affirm | 5/31/2022 | 537 | 564 | 32 |
| &nbsp;&nbsp;&nbsp; ZAM0-BEQO, 31.800%, 12/09/2025 †§x | Affirm | 12/27/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZAMD-O4IS, 35.470%, 11/22/2025 †x# | Affirm | 11/27/2023 | 1125 | 1130 | 67 |
| &nbsp;&nbsp;&nbsp; ZAME-QKRG, 29.580%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 232 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; ZAMG-BWZI, 29.610%, 6/20/2023 †x#^ | Affirm | 12/23/2021 | 242 | 237 | 15 |
| &nbsp;&nbsp;&nbsp; ZAMJ-VNT7, 35.510%, 12/28/2025 †x# | Affirm | 1/29/2025 | 73 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZAMN-IIBS, 35.340%, 5/22/2025 †x#^ | Affirm | 5/25/2023 | 1267 | 1262 | 76 |
| &nbsp;&nbsp;&nbsp; ZAMP-U4CI, 7.641%, 5/21/2023 †x#^« | Affirm | 2/24/2023 | 504 | 495 | 30 |
| &nbsp;&nbsp;&nbsp; ZAMQ-O0CV, 26.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZAMQ-R4YL, 25.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZAMR-NJ6C, 35.260%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 106 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; ZAN6-WUHU, 29.350%, 11/04/2022 †x#^ | Affirm | 5/09/2022 | 109 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; ZAN7-M74X, 26.400%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 832 | 861 | 50 |
| &nbsp;&nbsp;&nbsp; ZANC-CQZQ, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZANH-O6WA, 26.500%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 122 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; ZANU-H3UT, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 397 | 405 | 24 |
| &nbsp;&nbsp;&nbsp; ZANV-SA4X, 33.000%, 12/17/2025 †§x | Affirm | 6/21/2024 | 80 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZANY-CIR9, 35.710%, 12/28/2025 †x# | Affirm | 1/29/2025 | 182 | 164 | 11 |
| &nbsp;&nbsp;&nbsp; ZANZ-C20H, 25.200%, 2/11/2029 †§x | Affirm | 2/26/2025 | 1677 | 1805 | 1828 |
| &nbsp;&nbsp;&nbsp; ZAO2-PN1C, 22.700%, 6/19/2026 †§x | Affirm | 12/27/2024 | 201 | 207 | 205 |
| &nbsp;&nbsp;&nbsp; ZAO5-VHH9, 32.990%, 10/04/2025 †§x | Affirm | 4/08/2024 | 49 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; ZAO9-1610, 29.560%, 12/24/2025 †§x | Affirm | 6/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZAOE-TAUS, 33.950%, 1/03/2027 †§x | Affirm | 1/29/2025 | 389 | 401 | 405 |
| &nbsp;&nbsp;&nbsp; ZAOP-TGSQ, 7.910%, 1/06/2026 †§x | Affirm | 1/29/2025 | 632 | 639 | 640 |
| &nbsp;&nbsp;&nbsp; ZAOS-THSK, 11.850%, 9/28/2025 †x# | Affirm | 10/03/2024 | 181 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; ZAP3-KZGM, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZAP5-ELRQ, 28.000%, 4/28/2023 †x#^ | Affirm | 11/03/2022 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; ZAQF-DRCU, 35.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 470 | 468 | 467 |
| &nbsp;&nbsp;&nbsp; ZAQH-WULC, 18.000%, 5/21/2027 †x | Affirm | 5/24/2024 | 2805 | 2851 | 2865 |
| &nbsp;&nbsp;&nbsp; ZAQP-Q2TK, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 98 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; ZAR3-6GTP, 35.460%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZAR8-L1AI, 32.500%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZARA-I6PV, 35.380%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 85 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; ZARG-X71I, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 603 | 620 | 623 |
| &nbsp;&nbsp;&nbsp; ZARL-U6FI, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 120 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; ZARO-VGP9, 19.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 148 | 151 | 152 |
| &nbsp;&nbsp;&nbsp; ZARR-B5KT, 29.520%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; ZARU-IRX9, 35.590%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZAS8-O7YQ, 15.700%, 3/20/2026 †§x | Affirm | 3/28/2025 | 136 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; ZAS8-WEFD, 29.550%, 6/06/2025 †x#^ | Affirm | 9/11/2023 | 277 | 287 | 17 |
| &nbsp;&nbsp;&nbsp; ZAS9-N876, 32.500%, 2/11/2027 †§x | Affirm | 2/26/2025 | 480 | 476 | 484 |
| &nbsp;&nbsp;&nbsp; ZASG-4R7U, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 173 | 171 | 171 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8489** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZASM-2KL0, 30.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | $45 | $45 | $45 |
| &nbsp;&nbsp;&nbsp; ZASO-E051, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 125 | 126 | 126 |
| &nbsp;&nbsp;&nbsp; ZASW-TDUQ, 26.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZAT0-INZP, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZAT2-3XD0, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 167 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; ZATD-J5DV, 32.500%, 8/20/2025 †x#^ | Affirm | 2/23/2024 | 217 | 222 | 13 |
| &nbsp;&nbsp;&nbsp; ZATF-9PO5, 35.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZATH-D43X, 11.870%, 1/06/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; ZATO-IK4Z, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 133 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; ZATP-1EBJ, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZATR-MLGJ, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 12 | 13 |  |
| &nbsp;&nbsp;&nbsp; ZAU1-0ZWJ, 33.050%, 10/15/2025 †§x | Affirm | 4/18/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZAU5-3EG5, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZAU5-F0Y1, 35.350%, 3/28/2027 †§x | Affirm | 3/31/2025 | 466 | 464 | 475 |
| &nbsp;&nbsp;&nbsp; ZAUB-ST9R, 35.360%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 239 | 240 | 245 |
| &nbsp;&nbsp;&nbsp; ZAUH-N0XF, 29.030%, 3/07/2024 †x#^ | Affirm | 9/11/2023 | 59 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; ZAUL-PAFF, 29.510%, 5/06/2026 †§x | Affirm | 5/13/2024 | 200 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; ZAUO-6OCR, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; ZAUP-W5O2, 33.050%, 9/20/2025 †x# | Affirm | 3/28/2025 | 160 | 165 | 7 |
| &nbsp;&nbsp;&nbsp; ZAUR-F9OA, 24.400%, 2/23/2026 †§x | Affirm | 8/29/2024 | 123 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; ZAUS-DBWH, 29.710%, 7/02/2026 †§x | Affirm | 1/29/2025 | 169 | 173 | 174 |
| &nbsp;&nbsp;&nbsp; ZAV3-WCTB, 12.700%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 193 | 197 | 199 |
| &nbsp;&nbsp;&nbsp; ZAVC-YQG8, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 195 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; ZAVF-X51P, 35.470%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 53 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZAVS-KDSF, 34.000%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZAVU-U8BU, 13.840%, 1/02/2027 †§x | Affirm | 1/05/2024 | 517 | 531 | 527 |
| &nbsp;&nbsp;&nbsp; ZAVV-O3EU, 29.540%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 209 | 210 | 13 |
| &nbsp;&nbsp;&nbsp; ZAVW-0Z46, 29.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 238 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; ZAW6-AQY9, 35.360%, 4/15/2026 †x# | Affirm | 4/18/2024 | 662 | 674 | 40 |
| &nbsp;&nbsp;&nbsp; ZAW9-FDPN, 27.500%, 7/13/2023 †x#^ | Affirm | 7/18/2022 | 469 | 464 | 28 |
| &nbsp;&nbsp;&nbsp; ZAWA-06U7, 22.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; ZAWE-PWQD, 35.260%, 2/06/2026 †x | Affirm | 8/29/2025 | 700 | 700 | 700 |
| &nbsp;&nbsp;&nbsp; ZAWK-RHLZ, 15.830%, 11/15/2025 †x# | Affirm | 11/27/2024 | 600 | 596 | 36 |
| &nbsp;&nbsp;&nbsp; ZAX6-6SB7, 25.200%, 7/08/2026 †§x | Affirm | 7/31/2025 | 550 | 574 | 580 |
| &nbsp;&nbsp;&nbsp; ZAX7-QNIM, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 118 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; ZAX8-V80S, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZAXA-KDWH, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 457 | 468 | 474 |
| &nbsp;&nbsp;&nbsp; ZAXA-UDC2, 33.000%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 176 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; ZAXA-UMGE, 29.480%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 136 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; ZAXB-WK44, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZAXN-B6RF, 7.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 108 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; ZAXN-DF3V, 28.000%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 319 | 331 | 19 |
| &nbsp;&nbsp;&nbsp; ZAXO-VXMH, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZAXX-44PM, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1587 | 1640 | 1654 |
| &nbsp;&nbsp;&nbsp; ZAXX-84I6, 29.630%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 24 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; ZAYD-93OL, 32.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 311 | 321 | 326 |
| &nbsp;&nbsp;&nbsp; ZAZ8-5LLM, 35.380%, 12/28/2024 †x#^ | Affirm | 1/02/2024 | 274 | 274 | 16 |
| &nbsp;&nbsp;&nbsp; ZAZF-CLWL, 29.560%, 6/17/2026 †x# | Affirm | 6/21/2024 | 369 | 386 | 22 |
| &nbsp;&nbsp;&nbsp; ZAZJ-DQ2R, 27.500%, 5/20/2023 †x#^ | Affirm | 5/26/2022 | 390 | 410 | 23 |
| &nbsp;&nbsp;&nbsp; ZAZO-PPT2, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 133 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; ZAZZ-U1VL, 29.500%, 6/02/2026 †§x | Affirm | 6/27/2025 | 90 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; ZB00-TDWZ, 35.280%, 9/05/2025 †§x | Affirm | 3/11/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZB02-AFH2, 28.000%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 225 | 236 | 14 |
| &nbsp;&nbsp;&nbsp; ZB04-HPE9, 29.460%, 5/17/2025 †x#^ | Affirm | 5/22/2023 | 507 | 535 | 30 |
| &nbsp;&nbsp;&nbsp; ZB0F-ZD8I, 26.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 14 | 14 | 15 |
| &nbsp;&nbsp;&nbsp; ZB0I-CUX2, 35.720%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 94 | 94 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8490** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZB0M-G23K, 35.160%, 1/08/2026 †§x | Affirm | 7/31/2025 | $74 | $75 | $76 |
| &nbsp;&nbsp;&nbsp; ZB0V-18DH, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 294 | 301 | 303 |
| &nbsp;&nbsp;&nbsp; ZB0Z-2BRR, 21.900%, 1/09/2026 †§x | Affirm | 1/29/2025 | 186 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; ZB11-CJ7W, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; ZB13-J0LM, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 77 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; ZB15-IPCT, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 140 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; ZB1A-6JN8, 30.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZB1F-EUNC, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZB1N-GDIT, 9.930%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1377 | 1400 | 1405 |
| &nbsp;&nbsp;&nbsp; ZB1R-RBMB, 15.730%, 3/25/2027 †§x | Affirm | 3/31/2025 | 1048 | 1043 | 1056 |
| &nbsp;&nbsp;&nbsp; ZB1X-4PAD, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 501 | 518 | 522 |
| &nbsp;&nbsp;&nbsp; ZB2F-OXQA, 15.810%, 9/28/2025 †x# | Affirm | 10/03/2024 | 34 | 35 | 5 |
| &nbsp;&nbsp;&nbsp; ZB2H-VMOO, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZB2P-Z9KV, 35.420%, 12/19/2026 †§x | Affirm | 12/27/2024 | 438 | 438 | 445 |
| &nbsp;&nbsp;&nbsp; ZB2V-57HW, 29.650%, 9/17/2025 †§x | Affirm | 9/20/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZB2X-6ZFH, 35.830%, 8/20/2024 †x#^ | Affirm | 2/23/2024 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; ZB31-E83M, 29.680%, 11/23/2023 †x#^ | Affirm | 12/01/2022 | 180 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; ZB3A-QY25, 22.740%, 9/24/2025 †x# | Affirm | 9/27/2024 | 200 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; ZB3H-ODD7, 35.630%, 1/09/2026 †§x | Affirm | 1/29/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZB3L-3HNQ, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZB3L-EWDD, 29.640%, 12/06/2023 †x#^ | Affirm | 12/10/2021 | 508 | 545 | 30 |
| &nbsp;&nbsp;&nbsp; ZB3M-D7YQ, 24.670%, 7/02/2026 †§x | Affirm | 1/29/2025 | 182 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; ZB3Q-EW6E, 35.400%, 4/10/2025 †x#^ | Affirm | 4/15/2024 | 274 | 275 | 16 |
| &nbsp;&nbsp;&nbsp; ZB3Z-LBRZ, 29.620%, 2/22/2027 †x# | Affirm | 2/27/2023 | 1414 | 1547 | 85 |
| &nbsp;&nbsp;&nbsp; ZB43-XK9B, 11.870%, 11/15/2025 †§x | Affirm | 11/27/2024 | 379 | 383 | 384 |
| &nbsp;&nbsp;&nbsp; ZB4G-NK54, 15.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 161 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; ZB4H-CGKE, 33.950%, 12/18/2025 †§x | Affirm | 6/21/2024 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; ZB4I-JMAM, 29.710%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 192 | 196 | 12 |
| &nbsp;&nbsp;&nbsp; ZB4L-TX7M, 29.140%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; ZB4M-OLPL, 24.400%, 1/02/2026 †§x | Affirm | 1/29/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; ZB4P-ABHH, 23.400%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZB4U-L6UN, 35.810%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1823 | 1807 | 1835 |
| &nbsp;&nbsp;&nbsp; ZB50-8NSS, 24.900%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 766 | 758 | 768 |
| &nbsp;&nbsp;&nbsp; ZB50-XZ68, 30.000%, 7/28/2022 †x#^ | Affirm | 2/03/2022 | 7 | 8 |  |
| &nbsp;&nbsp;&nbsp; ZB57-7HR3, 35.250%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZB5D-KR7Z, 28.000%, 7/04/2024 †x#^ | Affirm | 1/09/2023 | 787 | 839 | 47 |
| &nbsp;&nbsp;&nbsp; ZB5O-TDY8, 29.580%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 138 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; ZB5P-3D62, 15.700%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 118 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZB5S-TXHQ, 11.880%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZB5U-SP3I, 29.540%, 12/05/2026 †§x | Affirm | 12/08/2023 | 102 | 106 | 102 |
| &nbsp;&nbsp;&nbsp; ZB62-826M, 29.590%, 10/02/2025 †x# | Affirm | 10/07/2024 | 230 | 243 | 28 |
| &nbsp;&nbsp;&nbsp; ZB65-R4N2, 29.480%, 6/02/2026 †§x | Affirm | 6/27/2025 | 88 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; ZB6K-LHC9, 24.400%, 1/02/2026 †§x | Affirm | 1/05/2024 | 216 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; ZB6L-HUVB, 18.000%, 5/13/2026 †§x | Affirm | 11/27/2024 | 587 | 599 | 600 |
| &nbsp;&nbsp;&nbsp; ZB6R-128G, 25.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZB6S-PRAL, 29.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZB7D-GNJQ, 22.750%, 9/01/2025 †x | Affirm | 3/07/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZB7M-S7KQ, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1081 | 1111 | 1116 |
| &nbsp;&nbsp;&nbsp; ZB8K-QDTC, 33.050%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 174 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; ZB8X-QGDE, 35.790%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZB8Z-36IY, 29.500%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1892 | 1960 | 1970 |
| &nbsp;&nbsp;&nbsp; ZB92-CS93, 29.620%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 205 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; ZB94-QJV7, 35.580%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 8 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; ZB9G-2QXH, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 115 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; ZB9J-YCIV, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; ZB9L-8SKX, 29.570%, 1/09/2026 †§x | Affirm | 1/12/2024 | 181 | 183 | 183 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8491** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZBA1-C0FD, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $40 | $41 | $41 |
| &nbsp;&nbsp;&nbsp; ZBA6-95RY, 35.670%, 9/28/2025 †x# | Affirm | 10/03/2024 | 28 | 28 | 6 |
| &nbsp;&nbsp;&nbsp; ZBAF-7J3Q, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 308 | 302 | 300 |
| &nbsp;&nbsp;&nbsp; ZBAH-ELOY, 35.390%, 3/26/2027 †x# | Affirm | 3/31/2025 | 396 | 393 |  |
| &nbsp;&nbsp;&nbsp; ZBAJ-BKHF, 29.660%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZBAS-LOBV, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 189 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; ZBAT-SYJU, 15.760%, 12/21/2024 †x#^ | Affirm | 12/27/2022 | 423 | 446 | 25 |
| &nbsp;&nbsp;&nbsp; ZBAW-2M2V, 11.840%, 6/19/2026 †§x | Affirm | 12/27/2024 | 222 | 229 | 228 |
| &nbsp;&nbsp;&nbsp; ZBB7-OFLT, 22.770%, 1/06/2026 †§x | Affirm | 1/29/2025 | 237 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; ZBBG-MTJN, 35.610%, 7/08/2024 †x#^ | Affirm | 4/11/2024 | 140 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; ZBBN-Z5WX, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 181 | 186 | 187 |
| &nbsp;&nbsp;&nbsp; ZBBR-ZD6M, 15.800%, 12/02/2025 †§x | Affirm | 6/27/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; ZBC1-POUW, 35.590%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZBC9-3CJE, 13.840%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1143 | 1178 | 1185 |
| &nbsp;&nbsp;&nbsp; ZBCA-14DX, 19.700%, 6/28/2026 †x# | Affirm | 1/29/2025 | 800 | 818 | 815 |
| &nbsp;&nbsp;&nbsp; ZBCO-K70R, 29.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 203 | 206 | 207 |
| &nbsp;&nbsp;&nbsp; ZBCY-SJ7M, 33.950%, 3/26/2027 †§x | Affirm | 4/22/2025 | 2161 | 2251 | 2311 |
| &nbsp;&nbsp;&nbsp; ZBD3-K40B, 35.990%, 5/27/2025 †x#^ | Affirm | 3/28/2025 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; ZBD5-G2EM, 13.840%, 1/03/2028 †§x | Affirm | 1/29/2025 | 1611 | 1659 | 1672 |
| &nbsp;&nbsp;&nbsp; ZBDE-SO3W, 33.070%, 7/02/2026 †§x | Affirm | 1/29/2025 | 214 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; ZBDG-Z12F, 9.920%, 1/02/2028 †x | Affirm | 1/29/2025 | 6626 | 6820 | 6872 |
| &nbsp;&nbsp;&nbsp; ZBDJ-UEEZ, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZBDR-KWXH, 29.480%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; ZBDW-EHUN, 28.500%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; ZBDX-707P, 11.930%, 10/02/2025 †§x | Affirm | 10/07/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZBDY-UD9J, 29.590%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 158 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; ZBE0-JO82, 35.300%, 3/28/2027 †§x | Affirm | 3/31/2025 | 742 | 739 | 755 |
| &nbsp;&nbsp;&nbsp; ZBEG-XCYB, 22.750%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1795 | 1858 | 1869 |
| &nbsp;&nbsp;&nbsp; ZBEM-H8SF, 33.500%, 8/21/2025 †§x#^ | Affirm | 8/26/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZBER-BSMM, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; ZBEU-Z8S6, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZBEY-84CE, 29.520%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 301 | 311 | 18 |
| &nbsp;&nbsp;&nbsp; ZBFA-EORM, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 654 | 679 | 687 |
| &nbsp;&nbsp;&nbsp; ZBFK-T6N8, 18.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZBFK-W7KH, 29.620%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZBFN-ECSZ, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 64 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; ZBFN-PD2X, 29.570%, 3/23/2025 †x#^ | Affirm | 9/26/2024 | 58 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; ZBFP-14T1, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZBFX-7FAX, 22.900%, 2/07/2025 †x#^ | Affirm | 8/10/2023 | 299 | 315 | 18 |
| &nbsp;&nbsp;&nbsp; ZBFZ-RLV8, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 285 | 290 | 288 |
| &nbsp;&nbsp;&nbsp; ZBG0-L913, 11.790%, 9/27/2025 †§x | Affirm | 4/01/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZBG6-3ZIH, 35.510%, 10/02/2025 †§x | Affirm | 10/07/2024 | 56 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; ZBGA-9KLV, 35.420%, 12/08/2025 †§x | Affirm | 12/15/2023 | 680 | 680 | 683 |
| &nbsp;&nbsp;&nbsp; ZBGF-SU7P, 35.480%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 176 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; ZBGH-2U34, 29.330%, 11/06/2025 †§x | Affirm | 5/30/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZBGL-AV1K, 35.880%, 2/28/2026 †x# | Affirm | 1/29/2025 | 462 | 466 | 467 |
| &nbsp;&nbsp;&nbsp; ZBGO-AHKK, 29.720%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 152 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; ZBGO-TA3T, 35.480%, 8/21/2025 †x#^ | Affirm | 2/26/2024 | 52 | 54 | 1 |
| &nbsp;&nbsp;&nbsp; ZBGV-4WDN, 22.750%, 11/12/2025 †§x | Affirm | 11/27/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZBGX-OEYI, 23.400%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; ZBH7-E88I, 18.000%, 11/03/2025 †§x | Affirm | 5/09/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZBHJ-XK03, 29.520%, 6/08/2025 †x#^ | Affirm | 12/14/2023 | 145 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; ZBHO-RJF1, 13.621%, 6/18/2025 †x#^« | Affirm | 12/27/2024 | 151 | 142 | 17 |
| &nbsp;&nbsp;&nbsp; ZBHO-YUCP, 29.900%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 296 | 284 | 18 |
| &nbsp;&nbsp;&nbsp; ZBHP-FWB5, 35.990%, 2/03/2026 †x# | Affirm | 2/26/2025 | 1182 | 1169 | 283 |
| &nbsp;&nbsp;&nbsp; ZBI0-E0UF, 11.860%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 30 | 30 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8492** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZBID-A3DP, 32.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | $507 | $517 | $518 |
| &nbsp;&nbsp;&nbsp; ZBID-O79C, 33.000%, 11/08/2025 †§x | Affirm | 5/13/2024 | 266 | 266 | 264 |
| &nbsp;&nbsp;&nbsp; ZBIK-KNXV, 29.710%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 63 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; ZBIM-KIA2, 18.000%, 1/08/2028 †x | Affirm | 1/11/2024 | 2719 | 2906 | 2875 |
| &nbsp;&nbsp;&nbsp; ZBIO-0RB1, 33.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZBIQ-X8M4, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZBIS-6O9F, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 253 | 257 | 258 |
| &nbsp;&nbsp;&nbsp; ZBIW-YTFW, 32.750%, 9/02/2025 †§x | Affirm | 6/27/2025 | 57 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; ZBJ2-RZUT, 15.790%, 3/26/2026 †§x | Affirm | 9/30/2024 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; ZBJ3-GAJC, 35.770%, 2/28/2026 †§x# | Affirm | 3/28/2025 | 179 | 182 | 182 |
| &nbsp;&nbsp;&nbsp; ZBJ7-B056, 35.890%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 103 | 104 | 4 |
| &nbsp;&nbsp;&nbsp; ZBJD-LP1N, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZBJI-693E, 35.630%, 12/28/2025 †x# | Affirm | 1/29/2025 | 187 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; ZBJY-ZKCP, 35.260%, 9/29/2023 †x#^ | Affirm | 4/03/2023 | 359 | 358 | 22 |
| &nbsp;&nbsp;&nbsp; ZBKG-JIP7, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 919 | 908 | 55 |
| &nbsp;&nbsp;&nbsp; ZBKI-NDQW, 35.480%, 1/03/2025 †x#^ | Affirm | 1/08/2024 | 157 | 157 | 9 |
| &nbsp;&nbsp;&nbsp; ZBKZ-9HN6, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 162 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; ZBL1-1GK0, 18.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 242 | 247 | 249 |
| &nbsp;&nbsp;&nbsp; ZBL5-RCDO, 32.500%, 8/10/2026 †§x | Affirm | 2/26/2025 | 214 | 219 | 219 |
| &nbsp;&nbsp;&nbsp; ZBLF-CFPX, 35.310%, 3/03/2026 †§x | Affirm | 3/28/2025 | 145 | 144 | 145 |
| &nbsp;&nbsp;&nbsp; ZBLH-TOEE, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 19 | 20 | 19 |
| &nbsp;&nbsp;&nbsp; ZBLR-JXC0, 29.620%, 11/15/2027 †§x | Affirm | 11/27/2024 | 1137 | 1168 | 1182 |
| &nbsp;&nbsp;&nbsp; ZBLU-Q99R, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 210 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; ZBLX-BEO4, 15.820%, 11/15/2025 †§x | Affirm | 11/27/2024 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZBM8-63FF, 29.060%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZBMC-90MM, 29.560%, 10/02/2025 †§x | Affirm | 10/05/2023 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZBMH-H729, 29.480%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 135 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; ZBMO-AXM7, 35.280%, 9/28/2026 †x# | Affirm | 3/31/2025 | 457 | 479 |  |
| &nbsp;&nbsp;&nbsp; ZBMS-489G, 15.800%, 9/25/2026 †x# | Affirm | 9/30/2024 | 1811 | 1790 | 109 |
| &nbsp;&nbsp;&nbsp; ZBN0-OZ64, 14.042%, 11/17/2025 †x# | Affirm | 11/24/2023 | 547 | 575 | 86 |
| &nbsp;&nbsp;&nbsp; ZBN7-LC85, 23.400%, 10/02/2025 †§x | Affirm | 10/07/2024 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; ZBNF-V2EX, 29.500%, 6/07/2024 †x#^ | Affirm | 6/15/2023 | 153 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; ZBNH-P5I4, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 24 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; ZBNJ-QWFW, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZBNP-UKUG, 11.750%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 176 | 179 | 178 |
| &nbsp;&nbsp;&nbsp; ZBNT-D5Z4, 15.760%, 10/28/2025 †x# | Affirm | 5/02/2024 | 175 | 183 | 10 |
| &nbsp;&nbsp;&nbsp; ZBNT-UEFJ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 93 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; ZBNV-7N1N, 15.790%, 6/20/2026 †x# | Affirm | 12/27/2024 | 185 | 193 | 63 |
| &nbsp;&nbsp;&nbsp; ZBO0-1AFR, 26.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 79 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; ZBO0-Q20T, 29.590%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZBO2-5RT0, 24.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 537 | 547 | 548 |
| &nbsp;&nbsp;&nbsp; ZBO2-HXXW, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 116 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; ZBOG-B2S7, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 228 | 231 | 232 |
| &nbsp;&nbsp;&nbsp; ZBOP-1Y46, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 110 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; ZBOR-BNB7, 23.400%, 11/13/2027 †§x# | Affirm | 11/27/2024 | 696 | 719 | 705 |
| &nbsp;&nbsp;&nbsp; ZBP6-2QJU, 26.500%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 116 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; ZBP8-UX4Q, 35.410%, 4/08/2025 †x#^ | Affirm | 4/11/2024 | 1004 | 908 | 60 |
| &nbsp;&nbsp;&nbsp; ZBPN-X7UG, 18.000%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 518 | 532 | 535 |
| &nbsp;&nbsp;&nbsp; ZBQ3-3NFK, 33.050%, 10/25/2025 †§x | Affirm | 10/31/2024 | 27 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZBQ8-S17S, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 689 | 686 | 686 |
| &nbsp;&nbsp;&nbsp; ZBQ9-M1EW, 29.710%, 1/18/2024 †x#^ | Affirm | 1/23/2023 | 913 | 931 | 55 |
| &nbsp;&nbsp;&nbsp; ZBQH-YB5O, 35.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZBQI-P73V, 29.760%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 559 | 578 | 34 |
| &nbsp;&nbsp;&nbsp; ZBQT-PN1T, 16.000%, 8/04/2022 †x#^ | Affirm | 2/10/2022 | 128 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; ZBQW-PAUS, 19.900%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 70 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZBR9-1HDJ, 35.570%, 9/23/2025 †x# | Affirm | 9/26/2024 | 223 | 224 | 33 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8493** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZBRI-HS7K, 29.510%, 8/07/2025 †x#^ | Affirm | 8/10/2023 | $530 | $566 | $32 |
| &nbsp;&nbsp;&nbsp; ZBRQ-30HQ, 22.900%, 5/28/2027 †§x | Affirm | 6/02/2023 | 1079 | 1142 | 1112 |
| &nbsp;&nbsp;&nbsp; ZBRU-O163, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; ZBS4-BJ80, 35.170%, 9/20/2025 †x# | Affirm | 3/28/2025 | 155 | 159 | 36 |
| &nbsp;&nbsp;&nbsp; ZBS6-AL0E, 24.400%, 10/25/2027 †§x | Affirm | 10/31/2024 | 604 | 623 | 624 |
| &nbsp;&nbsp;&nbsp; ZBS8-FRI4, 32.500%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 103 | 107 | 104 |
| &nbsp;&nbsp;&nbsp; ZBSE-IZAU, 29.650%, 2/12/2029 †§x | Affirm | 2/26/2025 | 1509 | 1625 | 1649 |
| &nbsp;&nbsp;&nbsp; ZBSH-D6T8, 22.900%, 9/24/2025 †x# | Affirm | 9/27/2024 | 58 | 61 | 13 |
| &nbsp;&nbsp;&nbsp; ZBSK-YPBA, 35.600%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 131 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; ZBSL-PY87, 35.260%, 9/28/2025 †§x | Affirm | 3/31/2025 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZBST-VQQD, 35.410%, 4/03/2025 †x#^ | Affirm | 4/08/2024 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; ZBSV-AVTL, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; ZBSX-6O4H, 32.990%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; ZBSY-F2U0, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 218 | 209 | 209 |
| &nbsp;&nbsp;&nbsp; ZBT2-YTBT, 31.000%, 10/28/2025 †x# | Affirm | 10/31/2024 | 219 | 232 |  |
| &nbsp;&nbsp;&nbsp; ZBT7-T5WR, 29.710%, 1/11/2024 †x#^ | Affirm | 1/17/2023 | 174 | 182 | 10 |
| &nbsp;&nbsp;&nbsp; ZBTG-BLPE, 32.880%, 5/06/2026 †§x | Affirm | 5/30/2025 | 630 | 622 | 627 |
| &nbsp;&nbsp;&nbsp; ZBTW-CX5Z, 33.000%, 8/26/2026 †§x | Affirm | 8/29/2024 | 573 | 571 | 579 |
| &nbsp;&nbsp;&nbsp; ZBTY-37TH, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZBU3-P5FC, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZBU8-DISL, 35.270%, 9/03/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; ZBUF-PSI1, 29.590%, 10/07/2022 †x#^ | Affirm | 4/11/2022 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; ZBUQ-L8VB, 29.490%, 11/06/2026 †§x | Affirm | 5/30/2025 | 248 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; ZBUV-4XJZ, 35.450%, 6/18/2025 †x#^ | Affirm | 6/21/2024 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZBUY-GEJ6, 25.200%, 10/15/2025 †§x | Affirm | 4/18/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZBV1-OA74, 35.480%, 5/15/2026 †§x | Affirm | 11/27/2024 | 178 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; ZBV3-U78G, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; ZBV7-RDZM, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; ZBVB-4NV5, 33.950%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 626 | 635 | 642 |
| &nbsp;&nbsp;&nbsp; ZBVV-227H, 35.390%, 3/06/2026 †§x | Affirm | 3/11/2024 | 229 | 230 | 232 |
| &nbsp;&nbsp;&nbsp; ZBW2-FZ7I, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZBWJ-6F7S, 29.400%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 83 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; ZBWT-J4JN, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZBX1-ZFMN, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; ZBXL-AG0R, 24.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZBYK-ZY64, 13.840%, 11/06/2025 †§x | Affirm | 8/29/2025 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; ZBYM-3NRH, 35.410%, 4/12/2025 †x#^ | Affirm | 4/18/2024 | 241 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; ZBZK-E3DN, 22.710%, 12/28/2025 †§x | Affirm | 1/29/2025 | 155 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; ZBZS-S3CV, 35.730%, 2/10/2026 †x | Affirm | 2/26/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZBZT-D6Y3, 35.380%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 326 | 325 | 20 |
| &nbsp;&nbsp;&nbsp; ZC02-8UYD, 35.390%, 8/23/2026 †§x | Affirm | 8/29/2024 | 442 | 439 | 446 |
| &nbsp;&nbsp;&nbsp; ZC05-1GGK, 29.470%, 7/08/2026 †§x | Affirm | 7/31/2025 | 513 | 529 | 528 |
| &nbsp;&nbsp;&nbsp; ZC0E-9T5K, 27.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 488 | 482 | 29 |
| &nbsp;&nbsp;&nbsp; ZC0M-9TH5, 32.500%, 8/19/2026 †§x | Affirm | 8/22/2024 | 452 | 449 | 455 |
| &nbsp;&nbsp;&nbsp; ZC0R-EC35, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 326 | 331 | 330 |
| &nbsp;&nbsp;&nbsp; ZC0W-CUVW, 35.380%, 11/03/2025 †§x | Affirm | 5/09/2024 | 167 | 168 | 166 |
| &nbsp;&nbsp;&nbsp; ZC1C-6MT2, 33.050%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 28 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; ZC1I-UHH2, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 137 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; ZC1Q-Y3Y7, 18.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 165 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; ZC1Z-BXZ4, 29.580%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 48 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZC24-8G6M, 27.100%, 11/18/2024 †x#^ | Affirm | 11/25/2022 | 632 | 682 | 38 |
| &nbsp;&nbsp;&nbsp; ZC2N-TQIP, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 252 | 257 | 257 |
| &nbsp;&nbsp;&nbsp; ZC2O-2ODZ, 29.560%, 4/14/2024 †x#^ | Affirm | 10/20/2022 | 30 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; ZC2R-S6RN, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 245 | 250 | 252 |
| &nbsp;&nbsp;&nbsp; ZC38-WIZX, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 103 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; ZC3C-DEYZ, 15.750%, 10/04/2025 †x# | Affirm | 4/08/2024 | 250 | 263 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8494** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZC3C-TZUH, 24.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | $551 | $549 | $551 |
| &nbsp;&nbsp;&nbsp; ZC3E-EQU5, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 264 | 269 | 269 |
| &nbsp;&nbsp;&nbsp; ZC3E-HLUW, 29.500%, 12/26/2024 †x#^ | Affirm | 6/29/2023 | 98 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; ZC3J-2AB8, 33.950%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 86 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; ZC3J-S97X, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 184 | 190 | 192 |
| &nbsp;&nbsp;&nbsp; ZC3S-FCP2, 9.860%, 10/22/2025 †§x | Affirm | 10/25/2024 | 127 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; ZC49-KP3V, 35.820%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 13 | 13 | 1 |
| &nbsp;&nbsp;&nbsp; ZC4C-ZAVL, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZC4E-IBN4, 30.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZC4M-0SGQ, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 121 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; ZC4S-34PG, 35.470%, 9/28/2026 †x# | Affirm | 10/02/2023 | 2027 | 1980 |  |
| &nbsp;&nbsp;&nbsp; ZC51-9H8K, 18.500%, 12/04/2026 †§x | Affirm | 12/07/2023 | 446 | 458 | 457 |
| &nbsp;&nbsp;&nbsp; ZC5H-02QG, 35.400%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 41 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; ZC5J-CIXV, 32.500%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 301 | 313 | 18 |
| &nbsp;&nbsp;&nbsp; ZC5T-N3DF, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZC5W-LNX8, 22.800%, 5/02/2024 †x#^ | Affirm | 11/10/2022 | 138 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; ZC5Y-QCJ3, 15.770%, 12/19/2024 †x#^ | Affirm | 12/22/2022 | 341 | 360 | 20 |
| &nbsp;&nbsp;&nbsp; ZC66-W6H2, 35.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZC67-GED3, 35.450%, 2/26/2026 †x# | Affirm | 8/29/2024 | 337 | 330 | 20 |
| &nbsp;&nbsp;&nbsp; ZC67-X4B9, 29.550%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 176 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; ZC69-1UDC, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 212 | 209 | 208 |
| &nbsp;&nbsp;&nbsp; ZC6I-JLZM, 35.480%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 65 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; ZC6S-3J4F, 29.260%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; ZC74-B6V0, 33.950%, 6/07/2024 †x#^ | Affirm | 12/11/2023 | 16 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; ZC7H-Z1HO, 29.620%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 492 | 502 | 30 |
| &nbsp;&nbsp;&nbsp; ZC7P-ILRF, 13.840%, 8/10/2026 †§x | Affirm | 2/26/2025 | 462 | 476 | 479 |
| &nbsp;&nbsp;&nbsp; ZC7X-G7LR, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 92 | 93 | 92 |
| &nbsp;&nbsp;&nbsp; ZC7Z-JLRG, 33.730%, 2/23/2025 †x#^ | Affirm | 8/29/2024 | 612 | 631 | 37 |
| &nbsp;&nbsp;&nbsp; ZC8D-77ZJ, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 184 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; ZC8T-5TLR, 28.500%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 216 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; ZC8V-QAVH, 35.580%, 2/23/2025 †x#^ | Affirm | 2/29/2024 | 64 | 59 | 4 |
| &nbsp;&nbsp;&nbsp; ZC8W-9ROW, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 202 | 203 | 204 |
| &nbsp;&nbsp;&nbsp; ZC93-SQO2, 29.640%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 119 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZC94-OVG6, 15.780%, 10/23/2026 †x# | Affirm | 10/28/2024 | 719 | 710 | 119 |
| &nbsp;&nbsp;&nbsp; ZC95-7ZA4, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZC98-OE3L, 13.840%, 10/15/2025 †§x | Affirm | 4/18/2024 | 190 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; ZC9C-9G5Z, 35.760%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 66 | 68 | 67 |
| &nbsp;&nbsp;&nbsp; ZC9C-L8J1, 21.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; ZC9C-SWLV, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 130 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; ZC9D-JSUV, 35.470%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZC9J-WEXE, 29.670%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; ZC9L-48KT, 26.700%, 4/28/2026 †§x# | Affirm | 5/02/2024 | 421 | 427 | 431 |
| &nbsp;&nbsp;&nbsp; ZC9L-MKZR, 15.840%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 101 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; ZC9Y-2FMZ, 32.500%, 12/24/2025 †§x | Affirm | 6/27/2024 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; ZC9Z-DQHY, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZCAH-41BJ, 24.560%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 193 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; ZCAM-GF40, 35.430%, 1/02/2026 †§x | Affirm | 1/29/2025 | 80 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZCAZ-6EKL, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 317 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; ZCB2-G68U, 29.700%, 4/03/2024 †x#^ | Affirm | 10/06/2022 | 280 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; ZCB9-9BRN, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZCB9-G9PW, 23.400%, 9/25/2025 †§x | Affirm | 9/30/2024 | 65 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; ZCBG-JGIX, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 120 | 126 |  |
| &nbsp;&nbsp;&nbsp; ZCBR-U6CD, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZCBT-ATI2, 35.450%, 9/23/2026 †x# | Affirm | 9/26/2024 | 775 | 766 | 47 |
| &nbsp;&nbsp;&nbsp; ZCC1-E6J6, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZCCN-5FGB, 30.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 76 | 76 | 76 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8495** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZCCO-ZPHZ, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | $14 | $14 | $14 |
| &nbsp;&nbsp;&nbsp; ZCCP-S8V4, 32.500%, 6/17/2026 †§x | Affirm | 6/21/2024 | 1366 | 1359 | 1380 |
| &nbsp;&nbsp;&nbsp; ZCCT-S3WY, 22.780%, 1/03/2026 †§x# | Affirm | 1/29/2025 | 582 | 593 | 591 |
| &nbsp;&nbsp;&nbsp; ZCCV-A06H, 33.220%, 1/02/2026 †§x | Affirm | 1/29/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZCD3-GCBC, 21.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZCD5-C8BZ, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 586 | 597 | 599 |
| &nbsp;&nbsp;&nbsp; ZCD5-MTR6, 35.330%, 5/20/2025 †x#^ | Affirm | 5/24/2024 | 1771 | 1825 | 106 |
| &nbsp;&nbsp;&nbsp; ZCD6-4N1K, 29.540%, 10/10/2025 †§x | Affirm | 4/15/2024 | 49 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; ZCDH-T5IE, 15.870%, 9/03/2026 †§x | Affirm | 3/28/2025 | 1070 | 1096 | 1102 |
| &nbsp;&nbsp;&nbsp; ZCDO-9PGV, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZCDU-ETSO, 29.600%, 1/03/2027 †§x | Affirm | 1/29/2025 | 501 | 519 | 521 |
| &nbsp;&nbsp;&nbsp; ZCE4-6QI7, 28.000%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 109 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; ZCE7-83LF, 33.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 49 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; ZCE8-GG6E, 35.230%, 12/02/2025 †§x | Affirm | 6/27/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZCEL-R9DQ, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1538 | 1512 | 1508 |
| &nbsp;&nbsp;&nbsp; ZCEO-IWZ2, 29.540%, 4/15/2026 †§x# | Affirm | 4/18/2024 | 289 | 294 | 295 |
| &nbsp;&nbsp;&nbsp; ZCEP-Q2OD, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZCES-4AY2, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 160 | 159 | 158 |
| &nbsp;&nbsp;&nbsp; ZCES-MM7H, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1104 | 1085 | 1082 |
| &nbsp;&nbsp;&nbsp; ZCET-6TVJ, 32.000%, 10/21/2025 †§x | Affirm | 10/24/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZCF0-E476, 19.700%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 312 | 321 | 317 |
| &nbsp;&nbsp;&nbsp; ZCF1-I42L, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 305 | 301 | 184 |
| &nbsp;&nbsp;&nbsp; ZCF3-ZTQJ, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZCFL-63N1, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 244 | 247 | 246 |
| &nbsp;&nbsp;&nbsp; ZCFM-AG15, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZCFS-980R, 15.750%, 7/25/2027 †x | Affirm | 7/29/2024 | 901 | 874 | 877 |
| &nbsp;&nbsp;&nbsp; ZCFV-8J08, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 362 | 372 | 374 |
| &nbsp;&nbsp;&nbsp; ZCFV-WFL2, 26.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 103 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; ZCG9-DR8U, 15.580%, 8/25/2022 †x#^ | Affirm | 5/31/2022 | 74 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZCG9-XGBN, 24.400%, 6/17/2026 †§x | Affirm | 6/21/2024 | 280 | 287 | 288 |
| &nbsp;&nbsp;&nbsp; ZCGH-YCCE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 210 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; ZCGI-1IGJ, 35.620%, 6/02/2026 †§x | Affirm | 6/27/2025 | 235 | 240 | 242 |
| &nbsp;&nbsp;&nbsp; ZCGI-P3UQ, 29.920%, 7/02/2026 †§x | Affirm | 1/29/2025 | 179 | 185 | 184 |
| &nbsp;&nbsp;&nbsp; ZCGI-R8X2, 24.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZCGK-II1H, 33.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 164 | 164 | 166 |
| &nbsp;&nbsp;&nbsp; ZCGP-866D, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 23 | 24 | 23 |
| &nbsp;&nbsp;&nbsp; ZCGR-FUXH, 35.330%, 5/08/2025 †x#^ | Affirm | 5/13/2024 | 340 | 342 | 20 |
| &nbsp;&nbsp;&nbsp; ZCGT-O0JL, 25.900%, 2/27/2025 †x#^ | Affirm | 8/30/2024 | 25 | 25 | 1 |
| &nbsp;&nbsp;&nbsp; ZCGY-EZZG, 35.950%, 2/03/2026 †x# | Affirm | 2/26/2025 | 86 | 88 |  |
| &nbsp;&nbsp;&nbsp; ZCH7-3T9S, 29.390%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 90 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; ZCHC-RRU5, 29.430%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 119 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; ZCHE-HPE9, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 193 | 195 | 194 |
| &nbsp;&nbsp;&nbsp; ZCI2-8OVM, 29.610%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 59 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; ZCI8-JLWC, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 169 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; ZCIB-X155, 18.000%, 4/28/2026 †§x | Affirm | 5/03/2024 | 1063 | 1080 | 1077 |
| &nbsp;&nbsp;&nbsp; ZCIM-R04G, 26.000%, 1/06/2026 †x# | Affirm | 1/29/2025 | 229 | 234 | 14 |
| &nbsp;&nbsp;&nbsp; ZCJ3-A5JH, 35.490%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZCJ8-DBJE, 33.950%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 530 | 557 | 567 |
| &nbsp;&nbsp;&nbsp; ZCJB-JGYG, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZCJI-EBHZ, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZCJR-OW9P, 33.050%, 5/20/2026 †§x | Affirm | 11/27/2024 | 147 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; ZCJS-MW1D, 35.560%, 1/06/2026 †x# | Affirm | 1/29/2025 | 277 | 285 | 17 |
| &nbsp;&nbsp;&nbsp; ZCJY-7QME, 35.290%, 1/24/2026 †§x | Affirm | 7/29/2024 | 92 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; ZCK3-VKD0, 25.200%, 9/23/2026 †§x | Affirm | 9/26/2024 | 309 | 318 | 319 |
| &nbsp;&nbsp;&nbsp; ZCK4-4891, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 358 | 352 | 351 |
| &nbsp;&nbsp;&nbsp; ZCK4-F4WQ, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 262 | 263 | 16 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8496** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZCK8-4CPR, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | $53 | $54 | $54 |
| &nbsp;&nbsp;&nbsp; ZCK8-EUDT, 35.290%, 2/06/2026 †§x | Affirm | 8/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZCKT-8GIP, 29.540%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 95 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZCKU-ZCFT, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 110 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; ZCL7-BGF5, 35.500%, 10/21/2025 †x# | Affirm | 10/24/2024 | 385 | 401 |  |
| &nbsp;&nbsp;&nbsp; ZCLK-9LXN, 26.700%, 10/01/2025 †§x | Affirm | 4/04/2024 | 217 | 218 | 217 |
| &nbsp;&nbsp;&nbsp; ZCLK-H54P, 35.210%, 12/02/2025 †x# | Affirm | 6/27/2025 | 706 | 705 | 228 |
| &nbsp;&nbsp;&nbsp; ZCLY-D49V, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 244 | 246 | 246 |
| &nbsp;&nbsp;&nbsp; ZCM9-MLQJ, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 1089 | 1145 | 65 |
| &nbsp;&nbsp;&nbsp; ZCME-9U9K, 29.000%, 2/25/2025 †x#^ | Affirm | 8/31/2023 | 133 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; ZCMK-M31Q, 25.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZCML-2JO7, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 148 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; ZCMX-CCAP, 35.600%, 2/10/2028 †x | Affirm | 2/26/2025 | 2236 | 2226 | 2264 |
| &nbsp;&nbsp;&nbsp; ZCN1-DLG7, 11.860%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 146 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; ZCN6-6LNN, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 289 | 292 | 293 |
| &nbsp;&nbsp;&nbsp; ZCNA-7R4K, 35.500%, 12/09/2025 †§x | Affirm | 12/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZCNB-8JY0, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 322 | 311 | 309 |
| &nbsp;&nbsp;&nbsp; ZCND-Y6HK, 13.840%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZCNG-IMVX, 35.470%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 198 | 188 | 12 |
| &nbsp;&nbsp;&nbsp; ZCNI-0113, 19.700%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZCNL-44OE, 30.950%, 5/13/2026 †§x | Affirm | 11/27/2024 | 605 | 618 | 620 |
| &nbsp;&nbsp;&nbsp; ZCNV-N93J, 28.000%, 3/16/2024 †x#^ | Affirm | 9/22/2022 | 2320 | 2483 | 139 |
| &nbsp;&nbsp;&nbsp; ZCNX-GALT, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; ZCO2-LQBJ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 138 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZCOA-14P5, 29.710%, 2/10/2027 †§x | Affirm | 2/26/2025 | 409 | 428 | 430 |
| &nbsp;&nbsp;&nbsp; ZCP5-F82Z, 29.510%, 8/28/2025 †x#^ | Affirm | 9/05/2023 | 338 | 342 | 20 |
| &nbsp;&nbsp;&nbsp; ZCPA-RN3G, 35.350%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZCPE-A13W, 32.890%, 12/21/2024 †x#^ | Affirm | 6/27/2024 | 37 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZCPS-3PXI, 35.490%, 5/15/2026 †§x | Affirm | 11/27/2024 | 194 | 193 | 194 |
| &nbsp;&nbsp;&nbsp; ZCPT-4BPD, 35.470%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 176 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; ZCPV-4SWO, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; ZCQ1-I72G, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 276 | 274 | 275 |
| &nbsp;&nbsp;&nbsp; ZCQ5-QCW5, 29.510%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 254 | 250 | 15 |
| &nbsp;&nbsp;&nbsp; ZCQH-NM9Y, 29.500%, 2/27/2026 †§x | Affirm | 3/28/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZCQI-OIKS, 15.780%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 188 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; ZCQR-BKJ6, 28.500%, 11/23/2022 †x#^ | Affirm | 5/26/2022 | 120 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; ZCQR-LP15, 29.070%, 9/28/2025 †x# | Affirm | 10/05/2023 | 459 | 465 | 28 |
| &nbsp;&nbsp;&nbsp; ZCQV-NHQD, 29.610%, 6/08/2023 †x#^ | Affirm | 12/13/2021 | 321 | 307 | 19 |
| &nbsp;&nbsp;&nbsp; ZCQV-YOX9, 23.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 317 | 317 | 321 |
| &nbsp;&nbsp;&nbsp; ZCR0-5HWU, 35.560%, 11/14/2025 †§x | Affirm | 11/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZCRE-WNNF, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZCRS-50K2, 33.950%, 5/15/2026 †x | Affirm | 11/27/2024 | 1060 | 1091 | 1086 |
| &nbsp;&nbsp;&nbsp; ZCS1-2N62, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZCS1-P8VK, 35.985%, 2/23/2026 †§x# | Affirm | 2/29/2024 | 927 | 928 | 947 |
| &nbsp;&nbsp;&nbsp; ZCS7-YOJ9, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 279 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; ZCS9-CNXQ, 15.750%, 5/23/2027 †x | Affirm | 5/28/2024 | 3701 | 3761 | 3781 |
| &nbsp;&nbsp;&nbsp; ZCSL-OWLF, 35.370%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 138 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; ZCSR-J0SD, 35.990%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 125 | 125 | 25 |
| &nbsp;&nbsp;&nbsp; ZCSS-IJNR, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZCSV-TJMS, 24.400%, 3/14/2027 †§x | Affirm | 3/18/2024 | 1264 | 1284 | 1283 |
| &nbsp;&nbsp;&nbsp; ZCSV-X7AA, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; ZCT6-MMB7, 33.050%, 10/03/2025 †§x | Affirm | 10/07/2024 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZCTL-28MR, 6.565%, 6/21/2026 †§x« | Affirm | 6/27/2024 | 318 | 302 | 297 |
| &nbsp;&nbsp;&nbsp; ZCTM-Y5TS, 29.650%, 8/23/2025 †x#^ | Affirm | 2/29/2024 | 464 | 488 | 28 |
| &nbsp;&nbsp;&nbsp; ZCTQ-02N7, 33.050%, 2/19/2026 †§x | Affirm | 8/22/2024 | 110 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; ZCTR-6M7D, 26.900%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 43 | 43 | 43 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8497** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZCU1-2H07, 28.500%, 7/08/2023 †x#^ | Affirm | 7/14/2022 | $312 | $308 | $19 |
| &nbsp;&nbsp;&nbsp; ZCUA-JMXT, 35.770%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 352 | 351 | 350 |
| &nbsp;&nbsp;&nbsp; ZCUJ-MZVG, 15.810%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; ZCV3-C2CO, 33.950%, 3/24/2026 †§x | Affirm | 9/27/2024 | 136 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; ZCV7-1IX4, 35.990%, 5/05/2025 †x#^ | Affirm | 2/26/2025 | 57 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; ZCVK-71PQ, 35.060%, 1/08/2026 †§x | Affirm | 7/31/2025 | 317 | 321 | 321 |
| &nbsp;&nbsp;&nbsp; ZCVL-KG5V, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZCVL-XNC7, 29.760%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 265 | 279 | 16 |
| &nbsp;&nbsp;&nbsp; ZCVM-M2MC, 21.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZCWF-EDQE, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 981 | 997 | 1000 |
| &nbsp;&nbsp;&nbsp; ZCWH-OEI7, 18.000%, 9/23/2027 †§x | Affirm | 9/26/2024 | 886 | 912 | 918 |
| &nbsp;&nbsp;&nbsp; ZCWP-WPO1, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZCX9-KR9K, 25.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; ZCXF-HZ5B, 33.050%, 5/21/2028 †§x | Affirm | 5/24/2024 | 1812 | 1919 | 1922 |
| &nbsp;&nbsp;&nbsp; ZCXZ-0UWQ, 24.570%, 9/02/2025 †§x | Affirm | 6/27/2025 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZCY1-FJW4, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZCY5-IIRI, 29.750%, 8/28/2026 †§x | Affirm | 3/28/2025 | 203 | 212 | 209 |
| &nbsp;&nbsp;&nbsp; ZCY5-WB1V, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZCYC-G2QM, 18.000%, 11/06/2025 †§x | Affirm | 5/30/2025 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; ZCYQ-OF5T, 33.950%, 11/20/2027 †§x | Affirm | 11/27/2024 | 933 | 961 | 973 |
| &nbsp;&nbsp;&nbsp; ZCYS-WN3D, 29.030%, 6/13/2026 †x# | Affirm | 6/16/2023 | 584 | 627 | 180 |
| &nbsp;&nbsp;&nbsp; ZCYU-VP5Z, 33.950%, 12/25/2025 †x# | Affirm | 6/28/2024 | 135 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; ZCZ5-C32K, 7.680%, 5/28/2026 †§x« | Affirm | 6/27/2025 | 230 | 217 | 216 |
| &nbsp;&nbsp;&nbsp; ZCZ6-3563, 15.810%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; ZCZ7-BC7Q, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; ZCZ9-N2EE, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 126 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; ZCZH-G9P5, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 119 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; ZCZH-SK8Z, 29.800%, 2/06/2026 †§x | Affirm | 2/26/2025 | 8 | 9 | 8 |
| &nbsp;&nbsp;&nbsp; ZD07-WKS1, 23.400%, 12/09/2025 †§x | Affirm | 12/27/2024 | 191 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; ZD09-49YY, 35.760%, 2/05/2026 †§x | Affirm | 2/26/2025 | 463 | 461 | 462 |
| &nbsp;&nbsp;&nbsp; ZD0J-2Q85, 9.840%, 8/07/2026 †§x | Affirm | 8/10/2023 | 791 | 813 | 812 |
| &nbsp;&nbsp;&nbsp; ZD0N-L7C4, 35.990%, 9/20/2025 †x | Affirm | 2/26/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZD0S-MO9N, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZD13-4D2K, 35.520%, 6/20/2026 †§x | Affirm | 12/27/2024 | 1097 | 1121 | 1113 |
| &nbsp;&nbsp;&nbsp; ZD15-XJNR, 33.050%, 11/12/2025 †§x | Affirm | 11/27/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZD1S-RD57, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 58 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; ZD1T-5J5C, 35.410%, 10/28/2025 †§x | Affirm | 10/31/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZD29-TNB6, 17.900%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 239 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; ZD2F-Z1A8, 22.900%, 1/06/2028 †x | Affirm | 1/29/2025 | 5985 | 6126 | 6207 |
| &nbsp;&nbsp;&nbsp; ZD2L-WNBC, 29.000%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 229 | 227 | 14 |
| &nbsp;&nbsp;&nbsp; ZD36-UN47, 35.380%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 856 | 871 | 51 |
| &nbsp;&nbsp;&nbsp; ZD3I-J1D4, 29.540%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; ZD3P-UHKG, 29.710%, 1/11/2023 †x#^ | Affirm | 1/21/2022 | 166 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; ZD3X-4Y2I, 24.520%, 3/28/2026 †§x | Affirm | 3/31/2025 | 329 | 341 | 344 |
| &nbsp;&nbsp;&nbsp; ZD40-N3WB, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 165 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; ZD42-ONYL, 22.750%, 6/20/2026 †x# | Affirm | 12/27/2024 | 434 | 453 | 26 |
| &nbsp;&nbsp;&nbsp; ZD4G-1HR0, 24.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZD59-PEKT, 33.050%, 10/28/2025 †§x | Affirm | 5/03/2024 | 28 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; ZD5N-687O, 35.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 95 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; ZD5O-17FO, 35.220%, 3/20/2026 †§x | Affirm | 3/28/2025 | 783 | 802 | 808 |
| &nbsp;&nbsp;&nbsp; ZD5R-8ZBK, 25.200%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZD5S-0NQS, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; ZD5V-NOYU, 15.740%, 5/08/2027 †§x | Affirm | 5/11/2023 | 1047 | 1103 | 1079 |
| &nbsp;&nbsp;&nbsp; ZD5X-2Q9M, 21.518%, 9/09/2022 †x#^« | Affirm | 6/13/2022 | 57 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; ZD61-QG58, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZD6P-57AH, 13.840%, 9/23/2025 †§x | Affirm | 9/26/2024 | 27 | 27 | 27 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8498** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZD6U-F304, 22.780%, 1/08/2026 †§x | Affirm | 1/29/2025 | $94 | $96 | $97 |
| &nbsp;&nbsp;&nbsp; ZD6W-VTJZ, 29.450%, 9/03/2023 †x#^ | Affirm | 3/09/2023 | 58 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; ZD78-0K8J, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZD79-WTSJ, 35.290%, 5/26/2024 †x#^ | Affirm | 6/02/2023 | 1364 | 1270 | 82 |
| &nbsp;&nbsp;&nbsp; ZD7P-7E93, 35.540%, 12/28/2025 †x# | Affirm | 1/29/2025 | 180 | 176 | 11 |
| &nbsp;&nbsp;&nbsp; ZD7P-L359, 35.140%, 2/02/2024 †x#^ | Affirm | 8/07/2023 | 3980 | 4086 | 239 |
| &nbsp;&nbsp;&nbsp; ZD7V-QPG8, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZD80-F94Q, 29.620%, 3/16/2026 †§x | Affirm | 9/19/2024 | 200 | 204 | 202 |
| &nbsp;&nbsp;&nbsp; ZD81-DU2J, 29.790%, 2/01/2026 †§x# | Affirm | 2/06/2023 | 930 | 942 | 588 |
| &nbsp;&nbsp;&nbsp; ZD83-A1F7, 29.110%, 12/09/2023 †x#^ | Affirm | 12/13/2021 | 276 | 298 | 17 |
| &nbsp;&nbsp;&nbsp; ZD86-MTSR, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZD88-V5L8, 21.900%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 473 | 497 | 28 |
| &nbsp;&nbsp;&nbsp; ZD8I-HJ4B, 29.450%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 112 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; ZD8S-RCI2, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZD8U-EDAX, 15.840%, 2/27/2026 †x# | Affirm | 3/28/2025 | 320 | 315 | 19 |
| &nbsp;&nbsp;&nbsp; ZD9E-4VAE, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 636 | 627 | 627 |
| &nbsp;&nbsp;&nbsp; ZD9J-2WQQ, 32.500%, 1/09/2026 †x# | Affirm | 1/29/2025 | 22 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; ZDAB-A17M, 22.320%, 10/08/2025 †§x | Affirm | 7/31/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZDAK-87GE, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 203 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; ZDAL-PIL0, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 331 | 335 | 335 |
| &nbsp;&nbsp;&nbsp; ZDAQ-PVQK, 29.340%, 11/06/2025 †§x | Affirm | 5/30/2025 | 160 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; ZDAS-03PO, 21.900%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZDAU-ENSM, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZDAV-W82O, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZDB1-F7TV, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 943 | 925 | 57 |
| &nbsp;&nbsp;&nbsp; ZDB9-3JI5, 35.890%, 7/12/2023 †x#^ | Affirm | 1/17/2023 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; ZDBB-VWD3, 35.460%, 8/21/2025 †x#^ | Affirm | 8/29/2024 | 540 | 494 | 32 |
| &nbsp;&nbsp;&nbsp; ZDBB-YEW8, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 103 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; ZDBJ-0O1L, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZDBN-RQ5F, 28.500%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 1925 | 2013 | 116 |
| &nbsp;&nbsp;&nbsp; ZDBU-NBXA, 35.250%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZDBV-DVWM, 31.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 254 | 264 | 266 |
| &nbsp;&nbsp;&nbsp; ZDC4-KIOR, 29.620%, 12/28/2022 †x#^ | Affirm | 1/03/2022 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; ZDC5-85PI, 32.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 86 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; ZDC7-UT3J, 9.860%, 10/21/2025 †§x | Affirm | 10/25/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZDCE-QU33, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 173 | 173 | 175 |
| &nbsp;&nbsp;&nbsp; ZDCL-V2QC, 35.610%, 8/10/2026 †x# | Affirm | 2/26/2025 | 155 | 161 | 5 |
| &nbsp;&nbsp;&nbsp; ZDCY-P2QQ, 35.630%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 442 | 442 | 27 |
| &nbsp;&nbsp;&nbsp; ZDD4-ZEZ7, 35.580%, 9/25/2025 †§x | Affirm | 9/30/2024 | 120 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; ZDD7-GKWU, 27.990%, 9/03/2025 †§x# | Affirm | 3/28/2025 | 12 | 12 | 3 |
| &nbsp;&nbsp;&nbsp; ZDD9-5OU4, 31.500%, 5/06/2026 †§x | Affirm | 5/30/2025 | 742 | 732 | 738 |
| &nbsp;&nbsp;&nbsp; ZDDC-12MN, 26.900%, 12/10/2025 †§x | Affirm | 12/27/2024 | 54 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; ZDDN-7CLF, 15.820%, 2/11/2028 †§x | Affirm | 2/26/2025 | 953 | 996 | 1006 |
| &nbsp;&nbsp;&nbsp; ZDDR-EHPM, 35.420%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 258 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; ZDDY-3IOP, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZDE4-JCNJ, 28.200%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 86 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; ZDEL-CXNG, 35.820%, 10/25/2025 †§x | Affirm | 10/31/2024 | 584 | 575 | 573 |
| &nbsp;&nbsp;&nbsp; ZDEL-T5PU, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 123 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; ZDES-XNOQ, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 37 | 38 | 37 |
| &nbsp;&nbsp;&nbsp; ZDF2-B2S9, 35.330%, 5/17/2025 †x#^ | Affirm | 5/24/2024 | 99 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZDF7-73ZW, 29.600%, 12/13/2023 †x#^ | Affirm | 12/16/2021 | 262 | 283 | 16 |
| &nbsp;&nbsp;&nbsp; ZDFX-YNLS, 35.560%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZDG5-8C26, 24.400%, 4/15/2026 †§x | Affirm | 4/18/2024 | 255 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; ZDGB-ZT27, 35.370%, 2/08/2025 †x#^ | Affirm | 8/11/2023 | 368 | 365 | 22 |
| &nbsp;&nbsp;&nbsp; ZDGJ-RWPF, 21.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 217 | 220 | 220 |
| &nbsp;&nbsp;&nbsp; ZDGN-NPE3, 31.000%, 4/21/2026 †x | Affirm | 10/24/2024 | 3487 | 3573 | 3565 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8499** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZDGV-C80O, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | $413 | $427 | $430 |
| &nbsp;&nbsp;&nbsp; ZDGX-TAVA, 29.860%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 414 | 409 | 25 |
| &nbsp;&nbsp;&nbsp; ZDH8-B4S5, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZDHA-1HPY, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; ZDHL-94XO, 32.000%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 738 | 760 | 764 |
| &nbsp;&nbsp;&nbsp; ZDHP-1U8G, 33.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; ZDHP-QV1K, 24.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 162 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; ZDHT-PVT7, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZDHU-6UC2, 33.950%, 2/06/2026 †x# | Affirm | 2/26/2025 | 106 | 112 | 8 |
| &nbsp;&nbsp;&nbsp; ZDHZ-X1RS, 22.850%, 2/07/2026 †x# | Affirm | 2/26/2025 | 659 | 682 | 40 |
| &nbsp;&nbsp;&nbsp; ZDIC-230D, 29.760%, 8/07/2026 †§x | Affirm | 2/26/2025 | 349 | 363 | 361 |
| &nbsp;&nbsp;&nbsp; ZDID-7GL1, 22.750%, 10/01/2025 †§x | Affirm | 10/04/2024 | 151 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; ZDIH-30L3, 29.590%, 10/26/2023 †x#^ | Affirm | 11/03/2022 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; ZDIJ-46S6, 32.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 169 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; ZDJ2-GQXT, 33.000%, 9/26/2026 †§x# | Affirm | 9/30/2024 | 711 | 708 | 716 |
| &nbsp;&nbsp;&nbsp; ZDJI-U96L, 18.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; ZDJL-BDY8, 29.750%, 5/04/2023 †x#^ | Affirm | 11/10/2022 | 343 | 351 | 21 |
| &nbsp;&nbsp;&nbsp; ZDJP-8KVR, 29.610%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZDJT-U3Z6, 11.840%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 649 | 685 | 39 |
| &nbsp;&nbsp;&nbsp; ZDJU-JZES, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; ZDJV-KXM1, 4.421%, 11/23/2022 †x#^« | Affirm | 11/26/2021 | 214 | 207 | 13 |
| &nbsp;&nbsp;&nbsp; ZDK2-P2DK, 15.750%, 4/11/2026 †§x# | Affirm | 4/15/2024 | 271 | 275 | 276 |
| &nbsp;&nbsp;&nbsp; ZDK3-NBBY, 29.550%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 844 | 833 | 51 |
| &nbsp;&nbsp;&nbsp; ZDK4-6Z5Q, 29.600%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 156 | 160 | 158 |
| &nbsp;&nbsp;&nbsp; ZDKC-9KPS, 9.024%, 9/26/2025 †§x« | Affirm | 9/30/2024 | 36 | 34 | 36 |
| &nbsp;&nbsp;&nbsp; ZDKD-V222, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 140 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; ZDKG-QB45, 35.620%, 7/13/2026 †§x | Affirm | 1/29/2025 | 397 | 405 | 403 |
| &nbsp;&nbsp;&nbsp; ZDKN-JI6N, 29.710%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 83 | 84 | 47 |
| &nbsp;&nbsp;&nbsp; ZDL6-PVFO, 11.780%, 11/09/2024 †x#^ | Affirm | 5/12/2023 | 52 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; ZDLB-8KR7, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZDLD-BM1A, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 88 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; ZDLH-3XCU, 35.550%, 12/28/2025 †§x | Affirm | 1/29/2025 | 47 | 48 | 47 |
| &nbsp;&nbsp;&nbsp; ZDLH-ZCT8, 31.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 476 | 497 | 29 |
| &nbsp;&nbsp;&nbsp; ZDLM-E9QU, 33.180%, 1/08/2026 †§x | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZDLX-IVK2, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; ZDLX-J1L6, 29.530%, 12/04/2025 †§x | Affirm | 12/07/2023 | 225 | 225 | 225 |
| &nbsp;&nbsp;&nbsp; ZDMA-9RAU, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZDMA-LVKU, 35.460%, 6/17/2026 †§x | Affirm | 6/21/2024 | 659 | 655 | 665 |
| &nbsp;&nbsp;&nbsp; ZDMA-R68L, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZDMD-GW82, 23.400%, 3/25/2026 †§x | Affirm | 9/30/2024 | 124 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; ZDMZ-LU5S, 35.770%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 111 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; ZDNC-7BWG, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 518 | 516 | 516 |
| &nbsp;&nbsp;&nbsp; ZDND-B1E7, 22.880%, 2/27/2026 †x# | Affirm | 3/28/2025 | 82 | 81 | 8 |
| &nbsp;&nbsp;&nbsp; ZDNL-73RH, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 62 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZDNL-MJ5T, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 66 | 64 | 63 |
| &nbsp;&nbsp;&nbsp; ZDO7-B8VU, 25.900%, 11/06/2025 †§x | Affirm | 8/29/2025 | 137 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZDOB-TQUB, 35.440%, 12/12/2025 †§x | Affirm | 12/27/2024 | 233 | 235 | 236 |
| &nbsp;&nbsp;&nbsp; ZDOD-QKJR, 15.760%, 2/22/2026 †§x | Affirm | 8/26/2024 | 281 | 284 | 282 |
| &nbsp;&nbsp;&nbsp; ZDOG-TY25, 29.480%, 9/11/2025 †§x | Affirm | 3/14/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZDOM-Z5W2, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 134 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; ZDOQ-GRG2, 35.490%, 9/23/2025 †§x | Affirm | 9/26/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZDP2-R7M2, 13.840%, 9/02/2025 †§x | Affirm | 6/27/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZDP9-082B, 30.950%, 9/03/2025 †x# | Affirm | 3/28/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZDPA-R4SF, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 64 | 65 | 66 |
| &nbsp;&nbsp;&nbsp; ZDPC-ZFSK, 29.570%, 12/04/2025 †§x | Affirm | 12/07/2023 | 144 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; ZDPD-UIFR, 22.680%, 12/09/2025 †§x | Affirm | 12/27/2024 | 49 | 49 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8500** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZDPO-PJ6W, 35.450%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | $41 | $42 | $2 |
| &nbsp;&nbsp;&nbsp; ZDPO-R66K, 29.620%, 12/28/2025 †x# | Affirm | 1/29/2025 | 265 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; ZDPV-NTCV, 35.460%, 1/08/2025 †x#^ | Affirm | 1/11/2024 | 178 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; ZDPW-LOBE, 32.000%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZDQ2-R33B, 33.050%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZDQ3-LQY5, 9.780%, 12/02/2025 †§x | Affirm | 6/27/2025 | 265 | 268 | 269 |
| &nbsp;&nbsp;&nbsp; ZDQ7-8C8X, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 581 | 588 | 586 |
| &nbsp;&nbsp;&nbsp; ZDQ9-PGQX, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 138 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; ZDQD-G89L, 35.710%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 67 | 67 | 39 |
| &nbsp;&nbsp;&nbsp; ZDQL-TQ3K, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 116 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; ZDQM-MU01, 29.650%, 9/16/2025 †x# | Affirm | 9/19/2024 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; ZDQM-UQTE, 32.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 100 | 101 | 100 |
| &nbsp;&nbsp;&nbsp; ZDQX-3116, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 373 | 386 | 389 |
| &nbsp;&nbsp;&nbsp; ZDR4-C0IK, 35.890%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 62 | 63 | 4 |
| &nbsp;&nbsp;&nbsp; ZDR5-OQJB, 11.830%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZDR6-G775, 35.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZDR6-N1D8, 35.750%, 8/10/2026 †§x | Affirm | 2/26/2025 | 502 | 516 | 514 |
| &nbsp;&nbsp;&nbsp; ZDRA-393F, 11.880%, 1/08/2026 †§x | Affirm | 1/29/2025 | 266 | 264 | 264 |
| &nbsp;&nbsp;&nbsp; ZDRB-3OJD, 35.510%, 1/03/2027 †§x | Affirm | 1/29/2025 | 1106 | 1096 | 1113 |
| &nbsp;&nbsp;&nbsp; ZDRO-WOOC, 25.200%, 8/06/2026 †§x | Affirm | 8/29/2025 | 982 | 1029 | 1029 |
| &nbsp;&nbsp;&nbsp; ZDS1-3J7G, 22.850%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 104 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; ZDS6-8NNM, 25.900%, 12/10/2025 †§x | Affirm | 12/27/2024 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; ZDSB-O47E, 29.730%, 11/01/2025 †§x | Affirm | 11/04/2022 | 328 | 330 | 329 |
| &nbsp;&nbsp;&nbsp; ZDSD-RWHX, 15.790%, 3/28/2024 †x#^ | Affirm | 10/03/2022 | 116 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; ZDSD-YPSZ, 29.510%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 77 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; ZDSF-GXQ6, 29.650%, 9/18/2025 †§x | Affirm | 9/23/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZDSF-U6O5, 25.200%, 10/25/2026 †§x | Affirm | 10/31/2024 | 293 | 302 | 303 |
| &nbsp;&nbsp;&nbsp; ZDSI-ZGYN, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 87 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; ZDSJ-CY8T, 29.550%, 2/23/2026 †x# | Affirm | 8/29/2024 | 198 | 210 |  |
| &nbsp;&nbsp;&nbsp; ZDT9-DR9A, 35.250%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 145 | 147 | 146 |
| &nbsp;&nbsp;&nbsp; ZDTA-ACVN, 25.900%, 9/19/2025 †§x | Affirm | 9/23/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZDTD-DO6C, 26.900%, 2/28/2025 †x#^ | Affirm | 3/04/2024 | 119 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; ZDTG-J5A9, 35.770%, 2/27/2024 †x#^ | Affirm | 3/02/2023 | 2183 | 2201 | 131 |
| &nbsp;&nbsp;&nbsp; ZDTU-RRZI, 29.590%, 11/02/2023 †x#^ | Affirm | 11/07/2022 | 179 | 175 | 11 |
| &nbsp;&nbsp;&nbsp; ZDTX-W1YT, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 88 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; ZDU3-BZ8D, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZDU9-VPC6, 33.160%, 11/20/2025 †§x | Affirm | 11/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZDUN-NM0O, 33.080%, 12/11/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZDUS-49PR, 33.950%, 12/20/2026 †§x | Affirm | 12/27/2024 | 630 | 653 | 659 |
| &nbsp;&nbsp;&nbsp; ZDUZ-VU34, 23.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 472 | 483 | 486 |
| &nbsp;&nbsp;&nbsp; ZDV3-KBLI, 35.600%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 27 | 27 | 3 |
| &nbsp;&nbsp;&nbsp; ZDV8-BCI5, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 130 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; ZDVP-46II, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; ZDVR-D89S, 15.790%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 210 | 215 | 215 |
| &nbsp;&nbsp;&nbsp; ZDVR-XQ0W, 35.340%, 6/02/2026 †§x | Affirm | 6/27/2025 | 69 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZDVZ-LHYV, 22.480%, 11/14/2025 †§x | Affirm | 5/30/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZDVZ-X9TA, 19.900%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 170 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; ZDW6-3GTG, 35.400%, 10/21/2025 †§x | Affirm | 10/24/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZDW9-QEUH, 33.950%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 2707 | 2849 | 162 |
| &nbsp;&nbsp;&nbsp; ZDWR-CS4N, 35.710%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; ZDWZ-WGLY, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 386 | 384 | 385 |
| &nbsp;&nbsp;&nbsp; ZDX4-A32K, 13.840%, 6/19/2026 †§x | Affirm | 12/27/2024 | 199 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; ZDX7-20RY, 24.400%, 4/15/2026 †§x | Affirm | 4/18/2024 | 351 | 357 | 355 |
| &nbsp;&nbsp;&nbsp; ZDXE-P8WS, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 41 | 38 | 41 |
| &nbsp;&nbsp;&nbsp; ZDXN-2MNM, 28.000%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 525 | 552 | 32 |
| &nbsp;&nbsp;&nbsp; ZDY9-QXML, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 89 | 90 | 90 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8501** 

------

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZDYJ-LP2P, 35.280%, 5/09/2024 †x#^ | Affirm | 5/12/2023 | $135 | $137 | $8 |
| &nbsp;&nbsp;&nbsp; ZDYJ-NXHU, 26.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 491 | 508 | 29 |
| &nbsp;&nbsp;&nbsp; ZDYS-1K7C, 29.710%, 2/12/2027 †§x | Affirm | 2/26/2025 | 714 | 744 | 755 |
| &nbsp;&nbsp;&nbsp; ZDZ2-9CUH, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 173 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; ZDZJ-Z5RO, 24.950%, 9/09/2023 †x#^ | Affirm | 9/15/2022 | 373 | 386 | 22 |
| &nbsp;&nbsp;&nbsp; ZDZO-V3BR, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 113 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; ZDZW-Q2K0, 15.680%, 4/28/2024 †x#^ | Affirm | 8/31/2023 | 138 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; ZE0D-IHZ5, 29.500%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 193 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; ZE0E-F8CV, 29.470%, 7/15/2023 †x#^ | Affirm | 7/21/2022 | 457 | 478 | 27 |
| &nbsp;&nbsp;&nbsp; ZE0I-2N2I, 29.710%, 2/11/2027 †§x | Affirm | 2/26/2025 | 675 | 708 | 714 |
| &nbsp;&nbsp;&nbsp; ZE0X-8QLT, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; ZE12-WYIY, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 583 | 593 | 590 |
| &nbsp;&nbsp;&nbsp; ZE13-NNUJ, 35.770%, 2/03/2026 †§x | Affirm | 2/26/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZE19-PHLN, 18.000%, 12/04/2025 †§x# | Affirm | 12/07/2023 | 287 | 289 | 165 |
| &nbsp;&nbsp;&nbsp; ZE1E-U9HV, 29.620%, 9/20/2026 †§x# | Affirm | 9/26/2024 | 616 | 634 | 639 |
| &nbsp;&nbsp;&nbsp; ZE1K-ZYS5, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 337 | 346 | 348 |
| &nbsp;&nbsp;&nbsp; ZE1R-DV1N, 26.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZE1U-BNBD, 32.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 705 | 724 | 729 |
| &nbsp;&nbsp;&nbsp; ZE1X-XQXN, 29.120%, 6/21/2023 †x#^ | Affirm | 12/27/2021 | 228 | 218 | 14 |
| &nbsp;&nbsp;&nbsp; ZE26-F84H, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; ZE27-BSAK, 26.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZE2D-NLJ1, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 592 | 614 | 614 |
| &nbsp;&nbsp;&nbsp; ZE2F-2VSK, 25.200%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 367 | 379 | 380 |
| &nbsp;&nbsp;&nbsp; ZE2I-P85E, 33.050%, 3/26/2026 †§x | Affirm | 9/30/2024 | 118 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZE2K-MQG8, 33.050%, 10/02/2025 †§x | Affirm | 10/07/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZE2N-1ZC4, 35.570%, 9/28/2025 †§x | Affirm | 10/03/2024 | 346 | 346 | 342 |
| &nbsp;&nbsp;&nbsp; ZE2O-U6IS, 35.260%, 8/06/2026 †§x | Affirm | 8/29/2025 | 234 | 230 | 230 |
| &nbsp;&nbsp;&nbsp; ZE2R-RLQI, 29.800%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZE3N-6JM6, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 721 | 746 | 741 |
| &nbsp;&nbsp;&nbsp; ZE3P-MFS5, 15.760%, 6/02/2026 †§x | Affirm | 6/27/2025 | 85 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; ZE40-0L6M, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZE43-FO04, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 93 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZE47-GDPR, 9.930%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1804 | 1835 | 1842 |
| &nbsp;&nbsp;&nbsp; ZE49-GZ1E, 29.510%, 11/13/2025 †x# | Affirm | 6/16/2023 | 218 | 230 | 40 |
| &nbsp;&nbsp;&nbsp; ZE4A-FPXN, 35.570%, 2/22/2025 †x#^ | Affirm | 2/26/2024 | 592 | 609 | 36 |
| &nbsp;&nbsp;&nbsp; ZE4E-8Y2S, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 242 | 247 | 247 |
| &nbsp;&nbsp;&nbsp; ZE4F-FAU5, 22.750%, 11/12/2025 †§x | Affirm | 11/27/2024 | 387 | 390 | 390 |
| &nbsp;&nbsp;&nbsp; ZE4J-YQE8, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZE4T-0JL4, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 107 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; ZE55-4WJV, 23.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 261 | 270 | 273 |
| &nbsp;&nbsp;&nbsp; ZE5C-HPT9, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; ZE5M-XQ1J, 29.480%, 10/08/2025 †§x | Affirm | 4/11/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZE5Q-F0TV, 11.850%, 12/23/2023 †x#^ | Affirm | 12/30/2022 | 54 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; ZE5Q-LX87, 33.950%, 7/13/2026 †x | Affirm | 1/29/2025 | 2792 | 2843 | 2821 |
| &nbsp;&nbsp;&nbsp; ZE64-I12O, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZE6C-YH5J, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZE6D-4APS, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 125 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; ZE6E-7JGK, 29.380%, 9/20/2025 †x# | Affirm | 3/28/2025 | 63 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; ZE6G-PTSI, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 46 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; ZE6H-X9FB, 29.540%, 10/17/2025 †§x | Affirm | 4/22/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZE6I-10AC, 33.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZE78-KAUY, 29.510%, 5/22/2026 †x# | Affirm | 5/28/2024 | 1450 | 1508 | 87 |
| &nbsp;&nbsp;&nbsp; ZE7T-KOM2, 25.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZE8G-56L6, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZE8J-QHK1, 11.830%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZE8N-5JNF, 29.520%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 157 | 163 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8502** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZE8W-5NGU, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | $15 | $15 | $15 |
| &nbsp;&nbsp;&nbsp; ZE8Z-F8HQ, 33.000%, 7/13/2026 †§x | Affirm | 1/29/2025 | 685 | 680 | 685 |
| &nbsp;&nbsp;&nbsp; ZE97-RQP9, 35.210%, 3/03/2026 †§x | Affirm | 3/28/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; ZE9H-RE1H, 35.580%, 9/16/2025 †x# | Affirm | 9/19/2024 | 1004 | 1043 | 60 |
| &nbsp;&nbsp;&nbsp; ZE9K-6ZQO, 35.490%, 10/25/2025 †x# | Affirm | 10/31/2024 | 1715 | 1783 | 168 |
| &nbsp;&nbsp;&nbsp; ZE9P-LK7Y, 29.280%, 1/08/2026 †§x | Affirm | 7/31/2025 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZE9R-K5YZ, 35.710%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 1349 | 1384 | 733 |
| &nbsp;&nbsp;&nbsp; ZE9T-WZAT, 18.000%, 3/26/2026 †§x | Affirm | 9/30/2024 | 303 | 308 | 309 |
| &nbsp;&nbsp;&nbsp; ZE9V-UCTM, 29.520%, 2/01/2024 †x#^ | Affirm | 8/04/2023 | 159 | 153 | 10 |
| &nbsp;&nbsp;&nbsp; ZEA1-ST67, 29.850%, 9/02/2025 †§x | Affirm | 6/27/2025 | 55 | 56 | 55 |
| &nbsp;&nbsp;&nbsp; ZEA2-VSSK, 29.550%, 4/08/2026 †x# | Affirm | 4/11/2024 | 780 | 812 | 47 |
| &nbsp;&nbsp;&nbsp; ZEAC-1RSA, 26.500%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 1127 | 1169 | 68 |
| &nbsp;&nbsp;&nbsp; ZEAE-2T3M, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; ZEAK-DKTG, 32.500%, 3/23/2026 †§x | Affirm | 9/26/2024 | 426 | 432 | 429 |
| &nbsp;&nbsp;&nbsp; ZEAM-G68C, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZEAU-TFB2, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 109 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; ZEAW-A409, 19.700%, 7/02/2026 †§x | Affirm | 1/29/2025 | 678 | 693 | 695 |
| &nbsp;&nbsp;&nbsp; ZEAW-L544, 29.460%, 10/04/2024 †x#^ | Affirm | 10/10/2023 | 120 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; ZEAY-A6BI, 33.950%, 12/18/2025 †§x | Affirm | 6/21/2024 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; ZEAY-KP3M, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 274 | 286 | 285 |
| &nbsp;&nbsp;&nbsp; ZEBD-ATL7, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZEBF-P7AV, 33.050%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZEBN-Q6L3, 22.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 165 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; ZEBO-5I1I, 35.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 110 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; ZEC3-TPHL, 35.760%, 1/06/2026 †§x | Affirm | 1/29/2025 | 745 | 752 | 752 |
| &nbsp;&nbsp;&nbsp; ZEC9-UHWO, 29.530%, 12/28/2025 †x# | Affirm | 1/05/2024 | 1857 | 1866 | 111 |
| &nbsp;&nbsp;&nbsp; ZECC-8UVZ, 29.800%, 2/08/2023 †x#^ | Affirm | 2/11/2022 | 65 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; ZECL-33UC, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZECL-TLNE, 25.900%, 9/03/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZECM-ISE8, 29.570%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 109 | 108 | 7 |
| &nbsp;&nbsp;&nbsp; ZECN-P8OZ, 33.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 604 | 600 | 600 |
| &nbsp;&nbsp;&nbsp; ZECZ-HTKW, 29.620%, 12/28/2025 †x# | Affirm | 1/29/2025 | 204 | 213 | 12 |
| &nbsp;&nbsp;&nbsp; ZEE6-26W6, 35.410%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 420 | 433 | 25 |
| &nbsp;&nbsp;&nbsp; ZEE6-T5BQ, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 610 | 617 | 615 |
| &nbsp;&nbsp;&nbsp; ZEE8-OZ26, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 206 | 210 | 210 |
| &nbsp;&nbsp;&nbsp; ZEEA-JVD6, 13.840%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 180 | 184 | 185 |
| &nbsp;&nbsp;&nbsp; ZEED-XISA, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 543 | 553 | 555 |
| &nbsp;&nbsp;&nbsp; ZEEE-ZKN2, 30.000%, 8/02/2022 †x#^ | Affirm | 2/07/2022 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; ZEFC-GBLX, 35.210%, 3/20/2026 †x | Affirm | 3/28/2025 | 356 | 356 | 359 |
| &nbsp;&nbsp;&nbsp; ZEFD-RTZB, 29.550%, 10/11/2025 †§x | Affirm | 4/15/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZEFW-FNTI, 32.000%, 7/03/2026 †§x | Affirm | 1/29/2025 | 271 | 279 | 277 |
| &nbsp;&nbsp;&nbsp; ZEFX-N3LJ, 29.620%, 2/27/2026 †§x | Affirm | 3/01/2024 | 189 | 191 | 193 |
| &nbsp;&nbsp;&nbsp; ZEGD-9JA6, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZEGI-GCPE, 14.800%, 12/28/2025 †x | Affirm | 1/29/2025 | 617 | 593 | 208 |
| &nbsp;&nbsp;&nbsp; ZEGP-G3GQ, 29.650%, 5/24/2023 †x#^ | Affirm | 11/29/2021 | 187 | 197 | 11 |
| &nbsp;&nbsp;&nbsp; ZEGR-N106, 32.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 70 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZEGV-J7DH, 33.040%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 61 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; ZEGW-HZMD, 28.500%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 141 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; ZEH1-CV62, 33.050%, 9/20/2025 †§x | Affirm | 9/26/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZEH5-2W8J, 29.470%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 220 | 217 | 13 |
| &nbsp;&nbsp;&nbsp; ZEHB-RNWL, 22.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 463 | 471 | 473 |
| &nbsp;&nbsp;&nbsp; ZEHQ-8F0Q, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 133 | 135 | 134 |
| &nbsp;&nbsp;&nbsp; ZEHR-04FW, 35.870%, 1/02/2026 †§x | Affirm | 1/29/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZEI5-P4G2, 35.400%, 4/28/2026 †x# | Affirm | 10/31/2024 | 208 | 206 | 204 |
| &nbsp;&nbsp;&nbsp; ZEI6-Z0DP, 32.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 1575 | 1606 | 1611 |
| &nbsp;&nbsp;&nbsp; ZEI7-3BOG, 19.700%, 10/23/2026 †§x | Affirm | 10/28/2024 | 500 | 515 | 513 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8503** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZEIF-8V4N, 11.820%, 9/06/2025 †§x | Affirm | 9/11/2023 | $94 | $94 | $94 |
| &nbsp;&nbsp;&nbsp; ZEIF-8YAR, 15.880%, 2/07/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZEIN-BQQ8, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 235 | 217 | 232 |
| &nbsp;&nbsp;&nbsp; ZEIN-V1ZQ, 27.100%, 10/17/2023 †x#^ | Affirm | 10/20/2022 | 112 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; ZEIU-QNNT, 29.660%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 255 | 243 | 15 |
| &nbsp;&nbsp;&nbsp; ZEJ0-ALMZ, 35.500%, 11/12/2025 †§x | Affirm | 11/27/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZEJE-0HCP, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 453 | 458 | 457 |
| &nbsp;&nbsp;&nbsp; ZEJJ-Z81D, 25.200%, 10/28/2025 †x# | Affirm | 10/31/2024 | 72 | 76 | 1 |
| &nbsp;&nbsp;&nbsp; ZEJL-4QKP, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZEJR-JSWG, 33.290%, 2/06/2026 †§x | Affirm | 2/26/2025 | 48 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; ZEJV-EJRN, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZEJX-VJ8N, 18.000%, 10/05/2025 †§x | Affirm | 4/11/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZEK6-DUHG, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZEKB-B189, 29.190%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 50 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZEKB-FJ77, 29.760%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 326 | 339 | 335 |
| &nbsp;&nbsp;&nbsp; ZEKC-9KO1, 29.560%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 53 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZEKD-XH8A, 25.900%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 130 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; ZEKS-EJFI, 11.830%, 8/06/2026 †§x | Affirm | 8/29/2025 | 47 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZEKU-JV2D, 33.050%, 8/07/2026 †§x | Affirm | 8/29/2025 | 178 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; ZEL1-H70I, 29.290%, 1/08/2023 †x#^ | Affirm | 7/14/2022 | 505 | 515 | 30 |
| &nbsp;&nbsp;&nbsp; ZELL-Q6E2, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 162 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; ZEM5-55S5, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 662 | 696 | 40 |
| &nbsp;&nbsp;&nbsp; ZEMI-6TNV, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 350 | 356 | 357 |
| &nbsp;&nbsp;&nbsp; ZEMJ-J130, 35.810%, 10/02/2025 †x# | Affirm | 10/07/2024 | 96 | 96 | 41 |
| &nbsp;&nbsp;&nbsp; ZEMN-L2Q7, 19.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 363 | 366 | 366 |
| &nbsp;&nbsp;&nbsp; ZEN6-WR6E, 35.380%, 12/02/2025 †x | Affirm | 6/27/2025 | 189 | 189 | 109 |
| &nbsp;&nbsp;&nbsp; ZEN7-97B4, 33.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 86 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; ZENA-LO98, 35.180%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 67 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; ZENC-3673, 29.560%, 12/07/2025 †x# | Affirm | 12/11/2023 | 433 | 455 | 26 |
| &nbsp;&nbsp;&nbsp; ZENH-JO77, 13.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 536 | 546 | 548 |
| &nbsp;&nbsp;&nbsp; ZENP-WZE9, 35.640%, 1/09/2026 †§x | Affirm | 1/29/2025 | 113 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; ZENY-5EVY, 32.500%, 5/12/2025 †x#^ | Affirm | 11/27/2024 | 401 | 410 | 24 |
| &nbsp;&nbsp;&nbsp; ZEO2-ACB2, 19.800%, 2/11/2027 †§x# | Affirm | 2/26/2025 | 1048 | 1039 | 548 |
| &nbsp;&nbsp;&nbsp; ZEO8-HO2X, 22.580%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZEO9-HV0P, 29.590%, 10/21/2023 †x#^ | Affirm | 10/28/2022 | 56 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; ZEOE-KJTE, 35.280%, 3/20/2026 †§x | Affirm | 3/28/2025 | 82 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZEOH-09GA, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 212 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; ZEOT-2II6, 33.950%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 297 | 306 | 306 |
| &nbsp;&nbsp;&nbsp; ZEOW-VSWP, 29.540%, 10/07/2022 †x#^ | Affirm | 4/11/2022 | 194 | 195 | 12 |
| &nbsp;&nbsp;&nbsp; ZEPG-Y76H, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 103 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; ZEPT-AD9B, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 179 | 185 | 184 |
| &nbsp;&nbsp;&nbsp; ZEQ1-TYIO, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 228 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; ZEQA-2L8R, 11.780%, 3/28/2026 †§x | Affirm | 3/31/2025 | 101 | 104 | 103 |
| &nbsp;&nbsp;&nbsp; ZEQA-G2CL, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; ZEQF-H4ZL, 22.870%, 11/04/2025 †x# | Affirm | 11/27/2024 | 105 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; ZEQG-MW4L, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 221 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; ZEQM-SBTI, 35.510%, 10/24/2025 †§x | Affirm | 10/28/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZEQW-W95E, 22.820%, 8/07/2026 †§x | Affirm | 2/26/2025 | 253 | 263 | 262 |
| &nbsp;&nbsp;&nbsp; ZER5-1WCF, 29.490%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 185 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; ZERF-TNAX, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 633 | 647 | 650 |
| &nbsp;&nbsp;&nbsp; ZERZ-YTBY, 33.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 786 | 784 | 786 |
| &nbsp;&nbsp;&nbsp; ZES5-87TS, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 222 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; ZESC-82EO, 29.500%, 12/02/2024 †x#^ | Affirm | 6/08/2023 | 390 | 379 | 23 |
| &nbsp;&nbsp;&nbsp; ZESL-8MG7, 15.950%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 26 | 26 | 4 |
| &nbsp;&nbsp;&nbsp; ZESM-5LSR, 24.950%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 414 | 409 | 25 |
| &nbsp;&nbsp;&nbsp; ZESW-8EIG, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 55 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8504** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZET6-RVF5, 35.870%, 1/02/2026 †x# | Affirm | 1/29/2025 | $232 | $243 | $14 |
| &nbsp;&nbsp;&nbsp; ZETP-QBTK, 33.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; ZETT-TU58, 35.480%, 8/27/2026 †§x | Affirm | 8/30/2024 | 1120 | 1115 | 1131 |
| &nbsp;&nbsp;&nbsp; ZEU2-0UK5, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 80 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZEU3-LXM9, 35.450%, 4/28/2025 †x#^ | Affirm | 5/03/2024 | 153 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; ZEUA-85XM, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 137 | 140 | 141 |
| &nbsp;&nbsp;&nbsp; ZEUK-511L, 24.650%, 10/24/2025 †§x | Affirm | 10/28/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZEUM-UU7G, 29.590%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; ZEUP-4SX7, 29.500%, 6/28/2025 †x#^ | Affirm | 7/03/2023 | 816 | 872 | 49 |
| &nbsp;&nbsp;&nbsp; ZEUW-1582, 29.920%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZEV8-XIUP, 22.850%, 2/07/2026 †x# | Affirm | 2/26/2025 | 407 | 428 | 51 |
| &nbsp;&nbsp;&nbsp; ZEV9-A3IN, 29.440%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 209 | 220 | 13 |
| &nbsp;&nbsp;&nbsp; ZEVH-VUYJ, 35.550%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZEVJ-UNNK, 35.370%, 6/14/2026 †§x | Affirm | 6/21/2024 | 920 | 915 | 926 |
| &nbsp;&nbsp;&nbsp; ZEVM-7VCU, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; ZEW0-S6BP, 29.290%, 9/02/2025 †§x | Affirm | 6/27/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZEW1-7MRO, 23.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 785 | 809 | 813 |
| &nbsp;&nbsp;&nbsp; ZEWA-GVJP, 29.560%, 11/29/2024 †x#^ | Affirm | 12/04/2023 | 53 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; ZEWC-D18B, 29.610%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 137 | 131 | 8 |
| &nbsp;&nbsp;&nbsp; ZEWD-MXZQ, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 177 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; ZEWE-2X0I, 29.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 132 | 132 | 77 |
| &nbsp;&nbsp;&nbsp; ZEWP-E4RZ, 27.100%, 10/03/2024 †x#^ | Affirm | 10/06/2022 | 401 | 431 | 24 |
| &nbsp;&nbsp;&nbsp; ZEWZ-GMLR, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 774 | 786 | 785 |
| &nbsp;&nbsp;&nbsp; ZEWZ-IN2F, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 81 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; ZEX8-I4HG, 23.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 322 | 330 | 332 |
| &nbsp;&nbsp;&nbsp; ZEXG-FBKC, 32.000%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZEXI-17CO, 35.610%, 8/11/2026 †§x | Affirm | 2/26/2025 | 476 | 470 | 475 |
| &nbsp;&nbsp;&nbsp; ZEXL-KMMY, 18.000%, 12/17/2025 †§x | Affirm | 6/21/2024 | 246 | 248 | 249 |
| &nbsp;&nbsp;&nbsp; ZEXN-7ZPB, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 240 | 252 | 14 |
| &nbsp;&nbsp;&nbsp; ZEY2-NOC8, 35.230%, 12/02/2025 †§x | Affirm | 6/27/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZEY3-1UC5, 15.750%, 8/07/2026 †§x | Affirm | 8/10/2023 | 395 | 410 | 411 |
| &nbsp;&nbsp;&nbsp; ZEY4-9E0C, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; ZEYG-L9BM, 29.470%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 1269 | 1334 | 76 |
| &nbsp;&nbsp;&nbsp; ZEYI-HQQ1, 21.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 147 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; ZEYQ-MSU9, 24.400%, 9/03/2026 †§x | Affirm | 3/28/2025 | 1370 | 1416 | 1425 |
| &nbsp;&nbsp;&nbsp; ZEZA-GBEC, 35.440%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 84 | 77 | 8 |
| &nbsp;&nbsp;&nbsp; ZEZD-ANFD, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 145 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; ZEZD-FR5B, 15.810%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZEZI-HPT7, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 128 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; ZF0B-SOQU, 22.490%, 11/11/2023 †x#^ | Affirm | 5/15/2023 | 227 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; ZF0D-3OSP, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 253 | 263 | 62 |
| &nbsp;&nbsp;&nbsp; ZF0E-33B8, 22.750%, 4/25/2026 †§x# | Affirm | 10/31/2024 | 238 | 243 | 245 |
| &nbsp;&nbsp;&nbsp; ZF0N-25B1, 29.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | 199 | 207 | 209 |
| &nbsp;&nbsp;&nbsp; ZF12-3QD3, 35.360%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 257 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; ZF19-VMHW, 35.490%, 10/28/2025 †x# | Affirm | 10/31/2024 | 128 | 128 | 4 |
| &nbsp;&nbsp;&nbsp; ZF1N-6Y2N, 35.480%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZF1N-HFDJ, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; ZF1Q-67FP, 35.500%, 3/28/2026 †§x# | Affirm | 10/03/2024 | 380 | 377 | 374 |
| &nbsp;&nbsp;&nbsp; ZF1V-57TX, 29.560%, 4/18/2027 †§x | Affirm | 4/22/2024 | 1987 | 1915 | 1932 |
| &nbsp;&nbsp;&nbsp; ZF29-M6PQ, 18.000%, 9/24/2025 †§x | Affirm | 9/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZF2G-PV9V, 24.400%, 11/20/2025 †§x | Affirm | 5/24/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZF2Q-WPY6, 35.690%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 106 | 107 | 9 |
| &nbsp;&nbsp;&nbsp; ZF36-CY3J, 33.050%, 4/18/2026 †§x | Affirm | 10/24/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZF3F-838M, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 101 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; ZF3G-AQMR, 24.400%, 12/02/2026 †§x | Affirm | 6/27/2025 | 1094 | 1136 | 1146 |
| &nbsp;&nbsp;&nbsp; ZF3K-06EO, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 167 | 166 | 44 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8505** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZF3M-SIRX, 32.000%, 12/28/2025 †§x# | Affirm | 1/05/2024 | $393 | $393 | $399 |
| &nbsp;&nbsp;&nbsp; ZF3N-6VVK, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 87 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; ZF3X-D1F0, 33.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZF3X-EYAQ, 31.000%, 4/15/2026 †§x | Affirm | 4/18/2024 | 596 | 606 | 608 |
| &nbsp;&nbsp;&nbsp; ZF43-L0R3, 35.490%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZF43-RM3L, 35.200%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZF4E-47Z6, 35.380%, 2/07/2025 †x#^ | Affirm | 12/11/2023 | 621 | 639 | 37 |
| &nbsp;&nbsp;&nbsp; ZF4Q-L9QX, 35.450%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; ZF56-0BJH, 29.810%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 320 | 316 | 19 |
| &nbsp;&nbsp;&nbsp; ZF5C-466C, 29.000%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 203 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; ZF5M-DX63, 16.000%, 8/08/2022 †x#^ | Affirm | 2/11/2022 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; ZF5M-VHL1, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZF5Y-WSM8, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZF64-299X, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZF65-VDNZ, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 332 | 341 | 20 |
| &nbsp;&nbsp;&nbsp; ZF67-WF9X, 32.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 424 | 424 | 422 |
| &nbsp;&nbsp;&nbsp; ZF6A-KU0Q, 29.590%, 4/01/2026 †§x | Affirm | 4/04/2024 | 980 | 995 | 995 |
| &nbsp;&nbsp;&nbsp; ZF6H-3RAE, 29.580%, 7/11/2024 †x#^ | Affirm | 10/14/2022 | 86 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; ZF6K-SI24, 35.710%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 786 | 807 | 483 |
| &nbsp;&nbsp;&nbsp; ZF6L-2PA2, 35.570%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZF6M-CKHH, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZF6Z-1SD0, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZF6Z-3E51, 29.620%, 3/14/2023 †x#^ | Affirm | 9/19/2022 | 275 | 282 | 17 |
| &nbsp;&nbsp;&nbsp; ZF7B-2U6K, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 213 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; ZF7B-3UJ8, 29.530%, 9/05/2026 †§x | Affirm | 9/08/2023 | 514 | 534 | 534 |
| &nbsp;&nbsp;&nbsp; ZF7B-PCJP, 29.870%, 2/02/2023 †x#^ | Affirm | 2/07/2022 | 305 | 316 | 18 |
| &nbsp;&nbsp;&nbsp; ZF7G-2TOB, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 744 | 741 | 45 |
| &nbsp;&nbsp;&nbsp; ZF7H-N19L, 7.151%, 2/28/2023 †x#^« | Affirm | 12/01/2022 | 156 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; ZF7J-IJCV, 29.460%, 5/26/2023 †x#^ | Affirm | 5/31/2022 | 78 | 78 | 5 |
| &nbsp;&nbsp;&nbsp; ZF7L-BV2B, 35.490%, 10/18/2026 †x# | Affirm | 10/24/2024 | 473 | 467 | 28 |
| &nbsp;&nbsp;&nbsp; ZF7O-XTXL, 35.540%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 145 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; ZF7W-QQI9, 35.430%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZF7X-WKPK, 35.240%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZF87-UJ0U, 29.500%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; ZF8G-DV0R, 33.950%, 12/08/2025 †x# | Affirm | 12/14/2023 | 299 | 312 | 18 |
| &nbsp;&nbsp;&nbsp; ZF8N-0I4S, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZF98-4OL8, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 189 | 194 | 192 |
| &nbsp;&nbsp;&nbsp; ZF9A-J9S2, 9.850%, 2/26/2026 †§x | Affirm | 8/29/2024 | 188 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; ZF9G-VT07, 35.990%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 43 | 44 | 8 |
| &nbsp;&nbsp;&nbsp; ZF9J-S3YD, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 147 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; ZF9O-AWBV, 35.220%, 3/04/2025 †x#^ | Affirm | 3/07/2024 | 84 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; ZFAY-BVJU, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 497 | 502 | 501 |
| &nbsp;&nbsp;&nbsp; ZFBC-3MGB, 29.460%, 7/08/2026 †§x | Affirm | 7/31/2025 | 59 | 62 | 60 |
| &nbsp;&nbsp;&nbsp; ZFBL-ZOR2, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 122 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; ZFC7-6ZKL, 35.450%, 8/06/2026 †§x | Affirm | 8/29/2025 | 169 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; ZFCC-LV35, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1100 | 1082 | 1079 |
| &nbsp;&nbsp;&nbsp; ZFCF-ZY8J, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZFCN-R8H4, 15.770%, 12/16/2025 †§x | Affirm | 12/27/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZFCS-JCG7, 35.140%, 12/02/2025 †x# | Affirm | 6/27/2025 | 44 | 44 | 24 |
| &nbsp;&nbsp;&nbsp; ZFCV-HS9E, 29.560%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; ZFD2-TQ9N, 35.540%, 5/15/2026 †§x | Affirm | 11/27/2024 | 417 | 425 | 421 |
| &nbsp;&nbsp;&nbsp; ZFD4-G3WP, 24.400%, 1/08/2026 †§x | Affirm | 1/29/2025 | 142 | 144 | 144 |
| &nbsp;&nbsp;&nbsp; ZFDH-P6G8, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 99 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; ZFDP-QHN2, 35.430%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZFDV-KEXP, 35.240%, 9/20/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZFEM-WRKJ, 35.000%, 3/25/2026 †§x# | Affirm | 9/30/2024 | 170 | 168 | 170 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8506** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZFET-HSQH, 15.780%, 10/28/2025 †§x | Affirm | 10/31/2024 | $229 | $230 | $231 |
| &nbsp;&nbsp;&nbsp; ZFEV-WTKG, 35.480%, 10/25/2025 †x# | Affirm | 10/31/2024 | 69 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; ZFF1-UGPD, 22.730%, 1/13/2027 †§x | Affirm | 1/29/2025 | 377 | 389 | 394 |
| &nbsp;&nbsp;&nbsp; ZFF3-HYI5, 30.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; ZFFD-NO7T, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 826 | 833 | 828 |
| &nbsp;&nbsp;&nbsp; ZFFE-BRLB, 29.630%, 3/20/2026 †§x# | Affirm | 9/26/2024 | 60 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; ZFFE-U808, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; ZFFF-NTNC, 33.950%, 9/04/2025 †§x# | Affirm | 3/07/2024 | 39 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; ZFFN-VC7Y, 11.800%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 108 | 113 | 6 |
| &nbsp;&nbsp;&nbsp; ZFFO-I1VB, 35.530%, 12/11/2025 †§x | Affirm | 12/27/2024 | 137 | 136 | 136 |
| &nbsp;&nbsp;&nbsp; ZFFO-J6Z5, 18.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 203 | 205 | 204 |
| &nbsp;&nbsp;&nbsp; ZFFQ-V8DD, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 105 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; ZFFW-6PNA, 28.990%, 2/24/2025 †x#^ | Affirm | 8/28/2023 | 443 | 473 | 27 |
| &nbsp;&nbsp;&nbsp; ZFG3-U8EE, 32.500%, 8/12/2026 †§x | Affirm | 2/26/2025 | 220 | 225 | 227 |
| &nbsp;&nbsp;&nbsp; ZFG9-1LKA, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 506 | 500 | 30 |
| &nbsp;&nbsp;&nbsp; ZFGC-MFKY, 29.620%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 130 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; ZFGG-RV4R, 33.050%, 12/16/2025 †x# | Affirm | 12/27/2024 | 98 | 103 |  |
| &nbsp;&nbsp;&nbsp; ZFGY-LIXL, 33.990%, 11/18/2023 †x#^ | Affirm | 11/25/2022 | 368 | 385 | 22 |
| &nbsp;&nbsp;&nbsp; ZFGY-T4KM, 18.000%, 6/20/2026 †§x | Affirm | 12/27/2024 | 953 | 975 | 979 |
| &nbsp;&nbsp;&nbsp; ZFH2-0X4K, 35.560%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZFHF-JAF8, 35.490%, 10/21/2025 †x# | Affirm | 10/24/2024 | 108 | 108 | 6 |
| &nbsp;&nbsp;&nbsp; ZFHF-ZVSW, 29.710%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 247 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; ZFHN-I4DS, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1193 | 1207 | 1209 |
| &nbsp;&nbsp;&nbsp; ZFI0-5PE9, 22.610%, 11/22/2025 †§x# | Affirm | 5/28/2024 | 123 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; ZFI1-W8M6, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 31 | 32 | 12 |
| &nbsp;&nbsp;&nbsp; ZFI8-NCJK, 29.660%, 5/22/2023 †x#^ | Affirm | 11/26/2021 | 235 | 247 | 14 |
| &nbsp;&nbsp;&nbsp; ZFIG-B8NY, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 118 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; ZFIH-KFCZ, 18.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZFIJ-2DQ5, 33.050%, 10/10/2025 †x# | Affirm | 4/15/2024 | 91 | 96 | 8 |
| &nbsp;&nbsp;&nbsp; ZFIU-RHTR, 28.500%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 150 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; ZFIY-7OWE, 15.700%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 145 | 143 | 9 |
| &nbsp;&nbsp;&nbsp; ZFIY-CS6Y, 21.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZFIY-PQ22, 28.500%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 188 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; ZFJH-W3YS, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; ZFJO-LKR3, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 89 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; ZFJP-QI4F, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 43 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; ZFK1-IEKS, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 91 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; ZFK2-SS88, 29.700%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 102 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; ZFK4-CM4F, 32.500%, 7/06/2026 †§x | Affirm | 1/29/2025 | 211 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; ZFK7-1Q3D, 29.480%, 12/09/2022 †x#^ | Affirm | 6/13/2022 | 168 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; ZFKG-ACYD, 26.900%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 80 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZFKN-E92A, 29.900%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 54 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZFKV-JHR7, 25.200%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZFKV-QYUM, 28.000%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 251 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; ZFL3-BPC7, 29.590%, 4/18/2026 †§x# | Affirm | 10/25/2024 | 113 | 116 | 115 |
| &nbsp;&nbsp;&nbsp; ZFL7-DO4N, 15.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; ZFL8-XKEW, 12.549%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 64 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; ZFLC-6W0R, 35.280%, 11/06/2025 †§x | Affirm | 5/10/2024 | 52 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; ZFLJ-P3D2, 29.550%, 12/20/2025 †§x | Affirm | 6/24/2024 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; ZFM2-N5NQ, 15.810%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZFM6-DM12, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; ZFMB-LR7H, 9.900%, 7/13/2026 †§x | Affirm | 1/29/2025 | 216 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; ZFMC-AJFS, 25.200%, 2/10/2026 †§x | Affirm | 2/26/2025 | 283 | 291 | 292 |
| &nbsp;&nbsp;&nbsp; ZFMJ-0T9N, 15.840%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZFMU-Z1ZJ, 33.280%, 2/07/2026 †§x | Affirm | 2/26/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZFMX-ANM3, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 129 | 130 | 130 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8507** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZFN1-B8JX, 35.370%, 6/02/2026 †§x | Affirm | 6/27/2025 | $323 | $319 | $322 |
| &nbsp;&nbsp;&nbsp; ZFNA-1ZP2, 22.750%, 11/07/2025 †§x | Affirm | 11/27/2024 | 175 | 177 | 177 |
| &nbsp;&nbsp;&nbsp; ZFNB-E9TB, 29.500%, 11/06/2025 †§x | Affirm | 5/30/2025 | 387 | 390 | 392 |
| &nbsp;&nbsp;&nbsp; ZFNR-VDRZ, 13.840%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 323 | 331 | 330 |
| &nbsp;&nbsp;&nbsp; ZFO7-2LQO, 25.900%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZFO7-EFPE, 24.730%, 7/13/2026 †§x | Affirm | 1/29/2025 | 226 | 224 | 226 |
| &nbsp;&nbsp;&nbsp; ZFO7-U5L8, 29.650%, 2/22/2025 †x#^ | Affirm | 2/26/2024 | 194 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; ZFOB-8D53, 11.770%, 3/20/2026 †§x | Affirm | 3/28/2025 | 468 | 468 | 469 |
| &nbsp;&nbsp;&nbsp; ZFOP-LY4Y, 26.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZFOS-X1XM, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; ZFOZ-WHOY, 15.810%, 9/24/2025 †§x | Affirm | 9/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZFOZ-WYG0, 22.750%, 11/07/2025 †§x | Affirm | 11/27/2024 | 77 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; ZFP4-LNO7, 23.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 244 | 248 | 249 |
| &nbsp;&nbsp;&nbsp; ZFPA-QOEZ, 29.470%, 7/14/2023 †x#^ | Affirm | 7/18/2022 | 43 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; ZFPC-LI86, 22.690%, 12/11/2025 †§x | Affirm | 12/27/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZFPI-O34Y, 29.200%, 10/21/2025 †§x | Affirm | 10/24/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZFPL-1U6A, 29.750%, 1/09/2026 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZFPS-FCYK, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 230 | 236 | 237 |
| &nbsp;&nbsp;&nbsp; ZFPU-W9GE, 30.950%, 11/06/2025 †§x | Affirm | 8/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZFPV-TD30, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZFQ3-Y82A, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZFQE-130D, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZFQK-YOC8, 15.790%, 1/01/2026 †§x | Affirm | 7/05/2024 | 493 | 498 | 490 |
| &nbsp;&nbsp;&nbsp; ZFQP-H2JR, 35.410%, 10/21/2026 †§x | Affirm | 10/24/2024 | 424 | 421 | 426 |
| &nbsp;&nbsp;&nbsp; ZFQP-QMV7, 30.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 88 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; ZFQQ-SOZT, 29.370%, 2/06/2026 †§x | Affirm | 8/29/2025 | 209 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; ZFQS-V76V, 29.610%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 54 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; ZFQZ-M0XA, 11.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 177 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; ZFR0-QRRC, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 527 | 542 | 540 |
| &nbsp;&nbsp;&nbsp; ZFR7-M0CK, 35.110%, 12/02/2025 †§x | Affirm | 6/27/2025 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; ZFR9-AQBT, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZFRN-YYH9, 11.860%, 9/12/2023 †x#^ | Affirm | 9/16/2022 | 148 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; ZFRR-T33E, 29.440%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 301 | 311 | 18 |
| &nbsp;&nbsp;&nbsp; ZFRR-UBL1, 33.050%, 10/28/2025 †§x | Affirm | 10/31/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZFRY-R5KW, 29.610%, 11/10/2024 †x#^ | Affirm | 11/17/2022 | 497 | 524 | 30 |
| &nbsp;&nbsp;&nbsp; ZFSK-XDYP, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZFSU-UTAF, 13.840%, 4/28/2027 †§x# | Affirm | 5/02/2024 | 1664 | 1691 | 1701 |
| &nbsp;&nbsp;&nbsp; ZFSZ-AS8G, 28.500%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 459 | 482 | 28 |
| &nbsp;&nbsp;&nbsp; ZFT4-8ZOK, 29.630%, 1/02/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZFT8-Z0ZO, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 311 | 320 | 318 |
| &nbsp;&nbsp;&nbsp; ZFTI-BTG7, 29.630%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 53 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; ZFTI-DPQW, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 172 | 173 | 172 |
| &nbsp;&nbsp;&nbsp; ZFTJ-Q5TF, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 234 | 237 | 236 |
| &nbsp;&nbsp;&nbsp; ZFTP-TCU4, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 47 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; ZFTR-2L2F, 29.500%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 101 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZFTT-JQ9T, 29.490%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 910 | 957 | 55 |
| &nbsp;&nbsp;&nbsp; ZFTT-OONX, 35.990%, 5/07/2025 †x#^ | Affirm | 2/26/2025 | 111 | 108 | 7 |
| &nbsp;&nbsp;&nbsp; ZFTV-PXTW, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 102 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; ZFTW-604U, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 568 | 578 | 576 |
| &nbsp;&nbsp;&nbsp; ZFU5-QWPX, 22.200%, 11/03/2024 †x#^ | Affirm | 11/07/2022 | 395 | 426 | 24 |
| &nbsp;&nbsp;&nbsp; ZFU5-U23R, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 222 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; ZFU6-LOYZ, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 387 | 387 | 391 |
| &nbsp;&nbsp;&nbsp; ZFU8-6VQV, 26.700%, 3/26/2026 †x# | Affirm | 9/30/2024 | 303 | 320 | 18 |
| &nbsp;&nbsp;&nbsp; ZFU8-RR6E, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 104 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; ZFUF-O136, 29.580%, 4/28/2026 †§x | Affirm | 10/31/2024 | 148 | 152 | 152 |
| &nbsp;&nbsp;&nbsp; ZFUR-BP5T, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 262 | 266 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8508** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZFUV-IGGY, 35.780%, 3/03/2026 †§x | Affirm | 3/28/2025 | $113 | $112 | $113 |
| &nbsp;&nbsp;&nbsp; ZFV8-JSMF, 35.410%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZFVN-8NPN, 29.480%, 11/28/2025 †x# | Affirm | 5/31/2024 | 126 | 132 | 23 |
| &nbsp;&nbsp;&nbsp; ZFVR-XEYE, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 314 | 319 | 318 |
| &nbsp;&nbsp;&nbsp; ZFVV-HC1E, 24.840%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 125 | 128 | 127 |
| &nbsp;&nbsp;&nbsp; ZFW5-FXNU, 35.380%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 10 | 11 | 2 |
| &nbsp;&nbsp;&nbsp; ZFW7-0TVB, 33.050%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; ZFW7-8QCC, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZFWC-EHNK, 35.570%, 5/15/2026 †§x | Affirm | 11/27/2024 | 271 | 269 | 270 |
| &nbsp;&nbsp;&nbsp; ZFWE-GMIV, 29.400%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZFWI-W00M, 33.950%, 1/02/2026 †§x | Affirm | 1/05/2024 | 1056 | 1064 | 1062 |
| &nbsp;&nbsp;&nbsp; ZFWK-C4JD, 32.990%, 4/15/2026 †§x# | Affirm | 4/18/2024 | 202 | 203 | 207 |
| &nbsp;&nbsp;&nbsp; ZFWQ-8ZXB, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 482 | 479 | 479 |
| &nbsp;&nbsp;&nbsp; ZFX4-WRVU, 29.550%, 12/27/2025 †§x | Affirm | 7/01/2024 | 86 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; ZFX5-MRY9, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 100 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; ZFX8-GWBJ, 35.290%, 5/26/2024 †x#^ | Affirm | 6/02/2023 | 203 | 198 | 12 |
| &nbsp;&nbsp;&nbsp; ZFXA-6JPN, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; ZFXJ-DGBO, 35.350%, 4/28/2026 †x# | Affirm | 5/02/2024 | 616 | 627 | 37 |
| &nbsp;&nbsp;&nbsp; ZFXK-2O06, 32.500%, 10/02/2025 †§x | Affirm | 10/07/2024 | 500 | 502 | 498 |
| &nbsp;&nbsp;&nbsp; ZFXK-AMRV, 35.570%, 9/17/2025 †§x | Affirm | 9/20/2024 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; ZFXS-5QV4, 22.700%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 408 | 423 | 423 |
| &nbsp;&nbsp;&nbsp; ZFXT-0GLA, 8.736%, 5/22/2022 †x#^« | Affirm | 11/26/2021 | 22 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; ZFYD-FX4J, 29.700%, 11/22/2022 †x#^ | Affirm | 11/29/2021 | 68 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; ZFYG-FXOC, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 198 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; ZFYM-I82Q, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 185 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; ZFYY-ZND3, 29.620%, 3/16/2026 †§x | Affirm | 9/19/2024 | 107 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; ZFZ4-B8OL, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 373 | 378 | 380 |
| &nbsp;&nbsp;&nbsp; ZFZ4-D9M4, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZFZ5-A98A, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZFZ6-8RCM, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 622 | 620 | 621 |
| &nbsp;&nbsp;&nbsp; ZFZ7-SDCK, 29.760%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 258 | 269 | 152 |
| &nbsp;&nbsp;&nbsp; ZFZ8-0UFJ, 35.560%, 9/26/2025 †§x | Affirm | 9/30/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZFZC-2OUR, 18.000%, 9/18/2025 †§x | Affirm | 9/23/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZFZF-JKZN, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 340 | 350 | 348 |
| &nbsp;&nbsp;&nbsp; ZFZM-1IQC, 11.830%, 12/18/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZG07-NQDU, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; ZG0E-D7DN, 29.420%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 39 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; ZG10-IM80, 35.770%, 2/22/2024 †x#^ | Affirm | 2/27/2023 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; ZG13-HU6T, 25.900%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 103 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; ZG16-MDNH, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; ZG17-SM39, 33.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 307 | 303 | 306 |
| &nbsp;&nbsp;&nbsp; ZG1I-Y9Q4, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 78 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; ZG22-7O37, 29.810%, 2/02/2023 †x#^ | Affirm | 11/07/2022 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; ZG2A-N4XZ, 25.200%, 2/06/2026 †§x | Affirm | 2/26/2025 | 150 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; ZG2F-DD7Y, 30.000%, 8/23/2023 †x#^ | Affirm | 2/27/2023 | 254 | 253 | 15 |
| &nbsp;&nbsp;&nbsp; ZG2F-VSGO, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZG2P-PZV0, 33.170%, 6/02/2026 †§x | Affirm | 6/27/2025 | 121 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; ZG31-0W6D, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 729 | 745 | 749 |
| &nbsp;&nbsp;&nbsp; ZG32-819R, 35.610%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 106 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; ZG3P-FXYD, 33.000%, 9/03/2026 †§x | Affirm | 3/28/2025 | 232 | 228 | 231 |
| &nbsp;&nbsp;&nbsp; ZG3R-7XPW, 24.660%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 68 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; ZG3T-GHYB, 24.400%, 2/03/2026 †§x | Affirm | 2/26/2025 | 220 | 224 | 224 |
| &nbsp;&nbsp;&nbsp; ZG3T-R6SP, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZG3T-TC08, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 312 | 320 | 322 |
| &nbsp;&nbsp;&nbsp; ZG3U-XS2T, 29.000%, 11/22/2024 †x#^ | Affirm | 11/25/2022 | 177 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; ZG3Y-R1EG, 18.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8509** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZG4I-9DAX, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $53 | $54 | $53 |
| &nbsp;&nbsp;&nbsp; ZG4J-UYOK, 13.840%, 2/06/2026 †§x | Affirm | 2/26/2025 | 405 | 412 | 413 |
| &nbsp;&nbsp;&nbsp; ZG52-TQAU, 33.050%, 10/02/2025 †§x | Affirm | 10/07/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZG56-LXQ4, 35.420%, 4/28/2025 †x#^ | Affirm | 10/31/2024 | 15 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; ZG57-L6C6, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 104 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZG5H-X2DS, 35.390%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 591 | 610 | 35 |
| &nbsp;&nbsp;&nbsp; ZG5I-2PAM, 29.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; ZG5I-MJTB, 29.510%, 8/28/2025 †x#^ | Affirm | 9/01/2023 | 389 | 394 | 23 |
| &nbsp;&nbsp;&nbsp; ZG5J-ZKKS, 24.400%, 8/23/2026 †§x | Affirm | 8/29/2024 | 333 | 341 | 343 |
| &nbsp;&nbsp;&nbsp; ZG5T-GI7Z, 21.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZG5U-D0SQ, 33.950%, 7/02/2026 †§x | Affirm | 1/29/2025 | 243 | 250 | 249 |
| &nbsp;&nbsp;&nbsp; ZG68-X5VY, 29.660%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 61 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; ZG6A-16OJ, 35.430%, 6/28/2026 †§x | Affirm | 1/29/2025 | 95 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; ZG6F-KEG5, 30.875%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 502 | 527 | 30 |
| &nbsp;&nbsp;&nbsp; ZG6G-9YIQ, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 509 | 514 | 513 |
| &nbsp;&nbsp;&nbsp; ZG6J-27GX, 15.700%, 9/14/2024 †x#^ | Affirm | 3/18/2024 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZG6L-SSSZ, 35.570%, 9/24/2025 †§x | Affirm | 9/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZG6M-ARQ1, 25.200%, 12/25/2025 †§x | Affirm | 6/28/2024 | 137 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; ZG6Y-RL26, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; ZG6Z-UEKD, 35.770%, 2/07/2026 †x# | Affirm | 2/26/2025 | 814 | 808 |  |
| &nbsp;&nbsp;&nbsp; ZG75-P427, 24.400%, 11/03/2025 †§x# | Affirm | 5/09/2024 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; ZG77-TINW, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1089 | 1086 | 1090 |
| &nbsp;&nbsp;&nbsp; ZG7G-5PTQ, 29.550%, 3/06/2025 †x#^ | Affirm | 9/11/2023 | 244 | 261 | 15 |
| &nbsp;&nbsp;&nbsp; ZG7P-R2XB, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; ZG82-ARQG, 15.780%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; ZG87-ASGT, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 133 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; ZG8B-MUEF, 35.310%, 3/28/2026 †§x | Affirm | 3/31/2025 | 176 | 180 | 182 |
| &nbsp;&nbsp;&nbsp; ZG95-OX7L, 35.580%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 56 | 55 | 6 |
| &nbsp;&nbsp;&nbsp; ZG96-C43K, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZG9C-JZ6G, 25.000%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 875 | 906 | 53 |
| &nbsp;&nbsp;&nbsp; ZG9M-SIY9, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZG9O-6UCY, 24.480%, 9/20/2025 †§x | Affirm | 3/28/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; ZG9P-QML8, 29.960%, 4/06/2025 †x#^ | Affirm | 1/29/2025 | 40 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; ZGA5-51TL, 35.550%, 12/10/2025 †§x | Affirm | 12/27/2024 | 39 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZGA5-GLBM, 22.770%, 2/11/2027 †§x | Affirm | 2/26/2025 | 755 | 791 | 797 |
| &nbsp;&nbsp;&nbsp; ZGA8-H3PH, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZGA8-RE9G, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZGAF-PEGI, 33.950%, 3/28/2025 †x#^ | Affirm | 10/03/2024 | 60 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; ZGAI-GHRQ, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 50 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZGAP-DL69, 35.320%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 302 | 303 | 18 |
| &nbsp;&nbsp;&nbsp; ZGB8-1BXM, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 46 | 42 | 45 |
| &nbsp;&nbsp;&nbsp; ZGBG-I8SK, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 1576 | 1581 | 95 |
| &nbsp;&nbsp;&nbsp; ZGBH-E9KN, 8.998%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 138 | 136 | 134 |
| &nbsp;&nbsp;&nbsp; ZGBO-S3IH, 13.840%, 5/06/2026 †§x | Affirm | 5/30/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; ZGBQ-JGIR, 29.650%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 157 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; ZGBS-BYP9, 29.690%, 11/19/2022 †x#^ | Affirm | 11/26/2021 | 300 | 305 | 18 |
| &nbsp;&nbsp;&nbsp; ZGBW-TTL8, 28.000%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 361 | 356 | 22 |
| &nbsp;&nbsp;&nbsp; ZGCD-IWID, 29.390%, 9/12/2024 †x#^ | Affirm | 3/15/2024 | 147 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; ZGCE-Q8CK, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; ZGCI-956Z, 29.690%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 156 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; ZGCL-AQ6U, 35.420%, 10/05/2024 †x#^ | Affirm | 4/11/2024 | 431 | 442 | 26 |
| &nbsp;&nbsp;&nbsp; ZGCO-S5ZC, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; ZGCX-KX35, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 159 | 161 | 160 |
| &nbsp;&nbsp;&nbsp; ZGCY-PC77, 15.760%, 10/15/2025 †§x | Affirm | 4/18/2024 | 54 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; ZGD9-IIOZ, 35.600%, 7/13/2026 †§x | Affirm | 1/29/2025 | 172 | 171 | 172 |
| &nbsp;&nbsp;&nbsp; ZGDF-2HI7, 29.550%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 44 | 46 | 3 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8510** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZGDT-SK29, 35.620%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | $31 | $32 | $3 |
| &nbsp;&nbsp;&nbsp; ZGDU-CJ14, 11.800%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZGE1-PM4Q, 29.620%, 3/22/2023 †x#^ | Affirm | 9/26/2022 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZGE5-OWZE, 28.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 126 | 128 | 8 |
| &nbsp;&nbsp;&nbsp; ZGEP-VBKH, 35.390%, 1/08/2026 †x# | Affirm | 1/11/2024 | 442 | 445 | 27 |
| &nbsp;&nbsp;&nbsp; ZGEU-J2Z9, 29.350%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; ZGEW-VNGM, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 177 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; ZGF0-FN2A, 11.880%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 52 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; ZGF2-AORX, 29.760%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 130 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; ZGFN-0AZO, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZGFQ-IVIA, 26.900%, 11/20/2025 †§x | Affirm | 11/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZGFR-WZSR, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZGFV-L2XO, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 15 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZGFZ-AGNT, 13.840%, 9/28/2025 †x# | Affirm | 10/03/2024 | 82 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZGFZ-E1O3, 28.500%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 103 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; ZGG6-0037, 23.700%, 11/01/2024 †x#^ | Affirm | 11/04/2022 | 891 | 965 | 53 |
| &nbsp;&nbsp;&nbsp; ZGGJ-Z9OA, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 261 | 269 | 266 |
| &nbsp;&nbsp;&nbsp; ZGGY-9U1F, 33.050%, 4/08/2027 †x# | Affirm | 4/11/2024 | 2381 | 2444 | 143 |
| &nbsp;&nbsp;&nbsp; ZGH0-BV9B, 28.950%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 387 | 396 | 23 |
| &nbsp;&nbsp;&nbsp; ZGH6-C0YR, 35.750%, 4/02/2025 †x#^ | Affirm | 10/07/2024 | 412 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; ZGH9-E3OJ, 24.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 188 | 187 | 186 |
| &nbsp;&nbsp;&nbsp; ZGHC-PWX9, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 147 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; ZGHL-3SF0, 35.300%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 619 | 614 | 625 |
| &nbsp;&nbsp;&nbsp; ZGHN-7KY6, 29.660%, 7/14/2022 †x#^ | Affirm | 4/18/2022 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; ZGHN-Q4U5, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 291 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; ZGHZ-Z2TO, 22.710%, 3/23/2026 †§x | Affirm | 9/26/2024 | 190 | 189 | 190 |
| &nbsp;&nbsp;&nbsp; ZGI5-PT4D, 29.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 249 | 261 | 15 |
| &nbsp;&nbsp;&nbsp; ZGI6-9QK2, 29.600%, 12/19/2026 †§x# | Affirm | 12/27/2024 | 409 | 424 | 427 |
| &nbsp;&nbsp;&nbsp; ZGIE-IIY0, 22.750%, 1/06/2026 †§x | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZGIJ-28ZH, 33.050%, 10/24/2025 †§x | Affirm | 10/28/2024 | 150 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; ZGIR-KLOA, 29.580%, 4/21/2026 †§x | Affirm | 10/24/2024 | 154 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; ZGJ5-2YRB, 35.450%, 3/24/2026 †§x | Affirm | 9/27/2024 | 126 | 128 | 127 |
| &nbsp;&nbsp;&nbsp; ZGJA-LB9L, 29.570%, 10/18/2027 †x# | Affirm | 6/21/2024 | 4643 | 4317 | 4269 |
| &nbsp;&nbsp;&nbsp; ZGJD-P9EV, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 445 | 450 | 449 |
| &nbsp;&nbsp;&nbsp; ZGJE-PJBA, 24.400%, 1/13/2027 †§x | Affirm | 1/29/2025 | 453 | 470 | 473 |
| &nbsp;&nbsp;&nbsp; ZGJG-1WG9, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZGJR-QKOE, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 1610 | 1639 | 1647 |
| &nbsp;&nbsp;&nbsp; ZGJY-GCB3, 35.490%, 12/28/2025 †x# | Affirm | 1/29/2025 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZGK9-X2TV, 35.610%, 8/13/2026 †x | Affirm | 1/29/2025 | 749 | 743 | 751 |
| &nbsp;&nbsp;&nbsp; ZGKT-RRYI, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 631 | 643 | 645 |
| &nbsp;&nbsp;&nbsp; ZGL3-1PCQ, 28.000%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 120 | 124 | 7 |
| &nbsp;&nbsp;&nbsp; ZGLI-WEZI, 18.000%, 9/24/2026 †§x | Affirm | 9/27/2024 | 748 | 770 | 773 |
| &nbsp;&nbsp;&nbsp; ZGLW-PHQL, 29.480%, 8/06/2026 †§x | Affirm | 8/29/2025 | 128 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; ZGM0-5612, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 229 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; ZGM9-Z7X9, 29.710%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 128 | 123 | 8 |
| &nbsp;&nbsp;&nbsp; ZGME-GY4H, 33.100%, 11/20/2026 †§x | Affirm | 11/27/2024 | 353 | 353 | 358 |
| &nbsp;&nbsp;&nbsp; ZGMO-2FI3, 29.800%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 780 | 832 | 47 |
| &nbsp;&nbsp;&nbsp; ZGN5-D2CF, 33.500%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 141 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; ZGNH-8TKA, 32.500%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 678 | 705 | 41 |
| &nbsp;&nbsp;&nbsp; ZGNL-4G3M, 33.310%, 2/07/2026 †§x | Affirm | 2/26/2025 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; ZGNU-H30A, 25.200%, 3/28/2027 †x | Affirm | 3/31/2025 | 2520 | 2653 | 2670 |
| &nbsp;&nbsp;&nbsp; ZGO3-X0GU, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 107 | 108 | 109 |
| &nbsp;&nbsp;&nbsp; ZGO4-9TXC, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZGO4-HCJZ, 29.540%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 82 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZGOG-WR6A, 35.180%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; ZGOI-INAC, 35.290%, 3/28/2026 †§x | Affirm | 3/31/2025 | 255 | 255 | 254 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8511** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZGOT-3HCY, 24.400%, 10/21/2025 †§x | Affirm | 10/24/2024 | $247 | $248 | $249 |
| &nbsp;&nbsp;&nbsp; ZGPM-QRL5, 29.710%, 1/08/2026 †x# | Affirm | 1/29/2025 | 133 | 139 | 9 |
| &nbsp;&nbsp;&nbsp; ZGPS-RXI5, 26.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 164 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; ZGPW-U9AZ, 24.520%, 3/03/2026 †§x | Affirm | 3/28/2025 | 136 | 140 | 140 |
| &nbsp;&nbsp;&nbsp; ZGQ5-8TRP, 28.000%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 198 | 205 | 12 |
| &nbsp;&nbsp;&nbsp; ZGQF-M9LU, 35.370%, 12/07/2024 †x#^ | Affirm | 12/11/2023 | 381 | 381 | 23 |
| &nbsp;&nbsp;&nbsp; ZGQH-WL54, 35.270%, 2/19/2025 †x#^ | Affirm | 8/22/2024 | 70 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; ZGQI-42MY, 23.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 900 | 931 | 931 |
| &nbsp;&nbsp;&nbsp; ZGQP-FLHZ, 11.760%, 11/30/2022 †x#^ | Affirm | 6/03/2022 | 70 | 71 | 4 |
| &nbsp;&nbsp;&nbsp; ZGR8-E3JM, 35.490%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 1576 | 1576 | 95 |
| &nbsp;&nbsp;&nbsp; ZGR9-A0AL, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 154 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; ZGRD-GE4B, 26.500%, 12/19/2023 †x#^ | Affirm | 12/22/2022 | 186 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; ZGRE-1HVZ, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZGRE-AU92, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZGRI-RI4C, 18.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 167 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; ZGRR-XSLH, 29.610%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 103 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; ZGSM-SBO1, 26.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 115 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; ZGSN-8AG6, 32.500%, 3/21/2027 †§x | Affirm | 3/31/2025 | 823 | 817 | 834 |
| &nbsp;&nbsp;&nbsp; ZGSN-YMDV, 27.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 275 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; ZGSR-OLE7, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 117 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZGSZ-V4OZ, 35.200%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 93 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZGT3-2RHN, 33.050%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 409 | 430 | 428 |
| &nbsp;&nbsp;&nbsp; ZGT5-J9D8, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 69 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZGTA-9Q3H, 30.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZGTA-YHQT, 18.000%, 3/03/2026 †§x | Affirm | 3/28/2025 | 575 | 586 | 588 |
| &nbsp;&nbsp;&nbsp; ZGTD-Q2WJ, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 178 | 180 | 179 |
| &nbsp;&nbsp;&nbsp; ZGTG-XLHH, 29.000%, 5/28/2024 †x#^ | Affirm | 12/05/2022 | 205 | 218 | 12 |
| &nbsp;&nbsp;&nbsp; ZGTX-V4J9, 35.460%, 3/29/2024 †x#^ | Affirm | 10/05/2023 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; ZGTZ-57ZP, 29.620%, 2/26/2026 †§x | Affirm | 2/29/2024 | 417 | 422 | 425 |
| &nbsp;&nbsp;&nbsp; ZGU3-DWBD, 28.000%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 310 | 323 | 19 |
| &nbsp;&nbsp;&nbsp; ZGUA-25QU, 33.950%, 6/14/2026 †§x | Affirm | 6/21/2024 | 328 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; ZGUB-3G9H, 6.061%, 7/08/2026 †§x« | Affirm | 7/31/2025 | 902 | 858 | 854 |
| &nbsp;&nbsp;&nbsp; ZGUB-QMDH, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 1237 | 1211 | 1204 |
| &nbsp;&nbsp;&nbsp; ZGUE-I670, 15.690%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 64 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZGUG-GBZ5, 23.700%, 11/26/2022 †x#^ | Affirm | 5/31/2022 | 117 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; ZGUK-YS6V, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 126 | 120 | 8 |
| &nbsp;&nbsp;&nbsp; ZGUV-TFU2, 29.640%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 102 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZGUW-JVQ2, 29.720%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 206 | 216 | 12 |
| &nbsp;&nbsp;&nbsp; ZGV7-U8EY, 35.760%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; ZGV8-L1HA, 13.840%, 1/02/2027 †§x | Affirm | 1/29/2025 | 2135 | 2208 | 2222 |
| &nbsp;&nbsp;&nbsp; ZGVA-US6C, 29.700%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 103 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; ZGVE-7LK1, 11.810%, 12/28/2026 †§x# | Affirm | 1/02/2024 | 435 | 451 | 452 |
| &nbsp;&nbsp;&nbsp; ZGVE-A5F2, 35.300%, 3/20/2026 †x# | Affirm | 3/28/2025 | 1860 | 1936 | 495 |
| &nbsp;&nbsp;&nbsp; ZGVR-CIR5, 14.810%, 9/17/2026 †§x | Affirm | 9/26/2024 | 997 | 943 | 955 |
| &nbsp;&nbsp;&nbsp; ZGVW-4PLP, 29.690%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 295 | 278 | 18 |
| &nbsp;&nbsp;&nbsp; ZGVX-SEHE, 29.390%, 2/08/2023 †x#^ | Affirm | 8/11/2022 | 723 | 735 | 43 |
| &nbsp;&nbsp;&nbsp; ZGVY-N3J1, 29.490%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 149 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; ZGVZ-CRFD, 11.800%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZGW7-IKIB, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZGWB-ZV34, 33.950%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZGWD-96M5, 35.430%, 9/24/2024 †x#^ | Affirm | 6/27/2024 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZGWL-04UV, 35.120%, 11/22/2024 †x#^ | Affirm | 5/28/2024 | 96 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; ZGX0-5A5R, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 375 | 386 | 388 |
| &nbsp;&nbsp;&nbsp; ZGXE-CPU5, 29.690%, 11/10/2023 †x#^ | Affirm | 11/17/2022 | 120 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; ZGXI-7Y0X, 32.500%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 193 | 198 | 198 |
| &nbsp;&nbsp;&nbsp; ZGXQ-CX4I, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 38 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8512** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZGXS-QCHV, 29.630%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | $161 | $157 | $10 |
| &nbsp;&nbsp;&nbsp; ZGXY-O110, 15.710%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 166 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; ZGY0-SF40, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 302 | 313 | 316 |
| &nbsp;&nbsp;&nbsp; ZGY0-YD6L, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 75 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; ZGY2-6TPO, 23.400%, 10/23/2025 †§x | Affirm | 10/28/2024 | 284 | 286 | 287 |
| &nbsp;&nbsp;&nbsp; ZGY6-B677, 9.624%, 2/28/2023 †x#^« | Affirm | 3/03/2022 | 224 | 204 | 13 |
| &nbsp;&nbsp;&nbsp; ZGY7-D7MA, 35.560%, 9/17/2025 †x# | Affirm | 9/26/2024 | 52 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZGYC-XWA2, 29.820%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; ZGYI-7KH6, 29.620%, 3/16/2026 †§x# | Affirm | 9/19/2024 | 208 | 207 | 206 |
| &nbsp;&nbsp;&nbsp; ZGYJ-K8L0, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 108 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; ZGYN-ATIM, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZGYW-LEOR, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 252 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; ZGYX-NZXW, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 302 | 306 | 305 |
| &nbsp;&nbsp;&nbsp; ZGZ3-SQ9F, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 75 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; ZGZI-RY36, 35.280%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 101 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; ZGZN-KWTS, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 135 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; ZGZO-TGQ3, 22.900%, 3/09/2026 †§x | Affirm | 3/13/2023 | 302 | 307 | 307 |
| &nbsp;&nbsp;&nbsp; ZGZQ-EN52, 29.800%, 2/27/2024 †x#^ | Affirm | 3/02/2023 | 172 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; ZGZY-HXJM, 29.620%, 3/28/2024 †x#^ | Affirm | 10/03/2022 | 318 | 342 | 19 |
| &nbsp;&nbsp;&nbsp; ZH06-FJJ4, 32.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 101 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; ZH0F-N3X3, 29.680%, 11/28/2023 †x#^ | Affirm | 12/02/2022 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; ZH0F-RDOD, 15.740%, 5/06/2026 †§x | Affirm | 5/09/2024 | 742 | 754 | 755 |
| &nbsp;&nbsp;&nbsp; ZH0H-ZOIC, 35.490%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 517 | 530 | 529 |
| &nbsp;&nbsp;&nbsp; ZH0K-P3YY, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZH1A-YNF1, 25.000%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 320 | 335 | 19 |
| &nbsp;&nbsp;&nbsp; ZH1B-2LY1, 35.510%, 10/22/2025 †§x | Affirm | 10/25/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZH1E-KPVW, 29.560%, 10/28/2024 †x#^ | Affirm | 11/03/2022 | 187 | 204 | 11 |
| &nbsp;&nbsp;&nbsp; ZH1K-MLR5, 29.870%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZH1Q-UACG, 35.550%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 199 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; ZH22-I8OI, 35.400%, 6/14/2025 †x#^ | Affirm | 6/20/2023 | 1747 | 1743 | 105 |
| &nbsp;&nbsp;&nbsp; ZH2N-F3RF, 35.220%, 3/20/2026 †§x | Affirm | 3/28/2025 | 137 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; ZH2T-MRK9, 29.490%, 12/15/2024 †x#^ | Affirm | 6/20/2023 | 347 | 349 | 21 |
| &nbsp;&nbsp;&nbsp; ZH2Z-LJI5, 33.050%, 5/15/2026 †§x | Affirm | 11/27/2024 | 207 | 213 | 210 |
| &nbsp;&nbsp;&nbsp; ZH33-M4ZO, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 816 | 826 | 828 |
| &nbsp;&nbsp;&nbsp; ZH35-W940, 23.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 366 | 373 | 373 |
| &nbsp;&nbsp;&nbsp; ZH36-5EKI, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZH39-PWSF, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 85 | 88 | 89 |
| &nbsp;&nbsp;&nbsp; ZH3D-YJ51, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; ZH3G-F1H0, 18.000%, 9/17/2025 †§x | Affirm | 9/20/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZH3L-6V13, 15.000%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 287 | 300 | 17 |
| &nbsp;&nbsp;&nbsp; ZH4C-7H0O, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZH4M-CG4H, 24.400%, 2/27/2026 †§x | Affirm | 8/30/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZH4Y-BA8J, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 659 | 685 | 692 |
| &nbsp;&nbsp;&nbsp; ZH5P-XK4Z, 22.850%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 189 | 192 | 192 |
| &nbsp;&nbsp;&nbsp; ZH5Z-EG8G, 32.870%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 73 | 73 | 74 |
| &nbsp;&nbsp;&nbsp; ZH66-MP1B, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZH67-G6BH, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; ZH69-7TTJ, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 223 | 226 | 225 |
| &nbsp;&nbsp;&nbsp; ZH6A-MEGP, 15.770%, 8/20/2025 †x#^ | Affirm | 8/23/2024 | 148 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; ZH6A-NB6B, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 22 | 23 | 22 |
| &nbsp;&nbsp;&nbsp; ZH6B-2ANX, 23.400%, 11/15/2026 †x | Affirm | 11/27/2024 | 3251 | 3363 | 3380 |
| &nbsp;&nbsp;&nbsp; ZH6N-9FQ1, 29.810%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 136 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; ZH6P-VYJW, 33.950%, 9/17/2025 †§x | Affirm | 9/20/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZH6U-KW9F, 29.620%, 9/23/2026 †§x | Affirm | 9/26/2024 | 310 | 319 | 321 |
| &nbsp;&nbsp;&nbsp; ZH78-UUIS, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZH7B-1SJH, 27.950%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 357 | 357 | 359 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8513** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZH7C-Z918, 29.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $41 | $41 | $41 |
| &nbsp;&nbsp;&nbsp; ZH7K-VW2K, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 32 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; ZH7V-JGCP, 29.550%, 1/02/2026 †§x | Affirm | 7/05/2024 | 108 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; ZH83-6VOJ, 32.000%, 9/20/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZH8B-D115, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZH8G-MS4T, 35.560%, 2/28/2025 †x#^ | Affirm | 3/04/2024 | 129 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZH8H-LCVG, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZH8J-LQB0, 29.560%, 8/06/2026 †§x | Affirm | 8/29/2025 | 160 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; ZH8P-2VZ2, 35.550%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 77 | 76 |
| &nbsp;&nbsp;&nbsp; ZH8U-I9CI, 29.620%, 3/25/2025 †x#^ | Affirm | 9/30/2024 | 210 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; ZH96-78U5, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 160 | 160 | 160 |
| &nbsp;&nbsp;&nbsp; ZH9B-NFI6, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 247 | 242 | 240 |
| &nbsp;&nbsp;&nbsp; ZH9D-4PF7, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 257 | 264 | 266 |
| &nbsp;&nbsp;&nbsp; ZH9D-Q789, 22.580%, 5/14/2026 †§x | Affirm | 5/30/2025 | 109 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; ZH9E-VG6V, 13.840%, 3/03/2026 †§x | Affirm | 3/28/2025 | 174 | 178 | 178 |
| &nbsp;&nbsp;&nbsp; ZH9I-WFY2, 15.700%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 185 | 183 | 11 |
| &nbsp;&nbsp;&nbsp; ZH9U-5UV8, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1229 | 1284 | 1280 |
| &nbsp;&nbsp;&nbsp; ZH9W-P0IZ, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 280 | 276 | 278 |
| &nbsp;&nbsp;&nbsp; ZHA0-79KK, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 251 | 258 | 260 |
| &nbsp;&nbsp;&nbsp; ZHA2-JU2S, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 743 | 750 | 744 |
| &nbsp;&nbsp;&nbsp; ZHA4-X2EB, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; ZHAF-MOLX, 15.790%, 12/20/2026 †§x | Affirm | 12/27/2024 | 1396 | 1447 | 1456 |
| &nbsp;&nbsp;&nbsp; ZHAH-PWY3, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 166 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; ZHAR-N4QW, 35.170%, 7/01/2024 †x#^ | Affirm | 4/04/2024 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZHBB-W1OD, 35.470%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 54 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZHBN-TXRG, 29.650%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZHC1-Z2L7, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 572 | 586 | 589 |
| &nbsp;&nbsp;&nbsp; ZHC3-8X29, 29.420%, 3/28/2026 †§x | Affirm | 4/22/2025 | 308 | 315 | 318 |
| &nbsp;&nbsp;&nbsp; ZHCF-4F82, 29.620%, 12/10/2025 †§x | Affirm | 12/27/2024 | 44 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZHCK-DHHQ, 28.000%, 1/08/2023 †x#^ | Affirm | 7/14/2022 | 81 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZHD3-0T2F, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZHDH-QXH5, 29.450%, 5/06/2026 †§x | Affirm | 5/30/2025 | 113 | 117 | 119 |
| &nbsp;&nbsp;&nbsp; ZHDI-KIIZ, 33.050%, 10/25/2025 †§x | Affirm | 10/31/2024 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; ZHDK-BK9B, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZHDV-8E7R, 30.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZHDY-1ZDZ, 33.950%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 121 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; ZHDZ-Z3DD, 33.290%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 79 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZHE6-48O3, 33.950%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZHEF-7983, 29.810%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 75 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZHEI-91NE, 29.650%, 5/20/2026 †§x | Affirm | 11/27/2024 | 327 | 334 | 335 |
| &nbsp;&nbsp;&nbsp; ZHF1-NPCL, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 122 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZHF4-VOCE, 29.410%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 487 | 507 | 29 |
| &nbsp;&nbsp;&nbsp; ZHFG-H81I, 6.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; ZHFI-NPW1, 29.550%, 4/17/2026 †§x | Affirm | 4/22/2024 | 267 | 271 | 272 |
| &nbsp;&nbsp;&nbsp; ZHFS-CLZ1, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; ZHFT-HE54, 32.500%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 755 | 763 | 473 |
| &nbsp;&nbsp;&nbsp; ZHFZ-0K14, 27.840%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 173 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; ZHG6-9VDE, 33.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZHGD-L1GP, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 217 | 225 | 226 |
| &nbsp;&nbsp;&nbsp; ZHGE-NUMT, 35.240%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZHGM-WS19, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 127 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; ZHGV-LOCE, 15.770%, 10/18/2025 †§x# | Affirm | 10/24/2024 | 93 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; ZHGZ-VRTK, 22.530%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; ZHH6-46WK, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 295 | 297 | 298 |
| &nbsp;&nbsp;&nbsp; ZHHD-5IW2, 35.430%, 6/02/2026 †§x | Affirm | 6/27/2025 | 589 | 602 | 607 |
| &nbsp;&nbsp;&nbsp; ZHHD-NOFS, 15.750%, 11/06/2025 †§x | Affirm | 5/09/2024 | 52 | 53 | 52 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8514** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZHHF-7983, 29.650%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | $48 | $49 | $3 |
| &nbsp;&nbsp;&nbsp; ZHHI-9SXK, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 61 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; ZHHI-FSNZ, 15.920%, 10/01/2025 †§x | Affirm | 10/04/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZHHR-52RT, 35.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZHI1-RM7X, 35.540%, 12/11/2025 †§x | Affirm | 12/27/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZHI9-MV6T, 29.500%, 3/26/2027 †§x | Affirm | 4/22/2025 | 607 | 632 | 649 |
| &nbsp;&nbsp;&nbsp; ZHIG-RR0Z, 13.840%, 10/22/2025 †§x | Affirm | 10/25/2024 | 103 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; ZHIP-EQ62, 32.500%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 866 | 860 | 875 |
| &nbsp;&nbsp;&nbsp; ZHIP-SZSA, 35.380%, 1/22/2025 †x#^ | Affirm | 11/27/2023 | 172 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; ZHIZ-XWE0, 15.830%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 108 | 113 | 6 |
| &nbsp;&nbsp;&nbsp; ZHJE-7AVL, 15.810%, 9/25/2025 †§x | Affirm | 9/30/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZHKA-3S6O, 29.000%, 11/18/2023 †x#^ | Affirm | 11/25/2022 | 158 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; ZHKO-0OQ3, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 135 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; ZHKO-4V9V, 29.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZHKV-QFFR, 24.740%, 11/15/2025 †x# | Affirm | 11/27/2024 | 115 | 114 | 38 |
| &nbsp;&nbsp;&nbsp; ZHL4-9OOX, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 136 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZHL6-IVKO, 29.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZHLC-VP4K, 29.430%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 82 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZHLF-Y6CW, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 532 | 547 | 550 |
| &nbsp;&nbsp;&nbsp; ZHLP-EBZQ, 35.580%, 9/28/2025 †§x | Affirm | 10/03/2024 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; ZHM7-0K5K, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 159 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; ZHM7-ET8T, 35.270%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 21 | 21 | 22 |
| &nbsp;&nbsp;&nbsp; ZHM9-U84U, 29.570%, 4/11/2024 †x#^ | Affirm | 10/14/2022 | 223 | 238 | 13 |
| &nbsp;&nbsp;&nbsp; ZHMG-RWN0, 35.270%, 12/24/2024 †x#^ | Affirm | 6/27/2024 | 73 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; ZHMI-4R5D, 23.400%, 2/28/2026 †§x# | Affirm | 3/04/2024 | 524 | 531 | 534 |
| &nbsp;&nbsp;&nbsp; ZHMI-IC0U, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 218 | 224 | 225 |
| &nbsp;&nbsp;&nbsp; ZHMR-BXGL, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 475 | 483 | 483 |
| &nbsp;&nbsp;&nbsp; ZHMU-C7OP, 35.310%, 3/28/2026 †x# | Affirm | 4/22/2025 | 102 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; ZHN0-VO7W, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; ZHN8-ISZP, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 188 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; ZHN9-SXHU, 35.810%, 2/07/2027 †x# | Affirm | 2/26/2025 | 1043 | 1028 | 63 |
| &nbsp;&nbsp;&nbsp; ZHNP-NQ36, 29.710%, 1/05/2023 †x#^ | Affirm | 1/10/2022 | 79 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZHNR-IEUB, 30.000%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 10 | 10 | 2 |
| &nbsp;&nbsp;&nbsp; ZHNX-JS4U, 20.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 566 | 581 | 584 |
| &nbsp;&nbsp;&nbsp; ZHNX-Y28K, 29.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; ZHO1-4IZ4, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 189 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; ZHO2-BD3I, 22.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZHO2-RX16, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 313 | 321 | 323 |
| &nbsp;&nbsp;&nbsp; ZHOJ-M261, 29.530%, 9/01/2025 †x# | Affirm | 9/08/2023 | 974 | 1040 | 58 |
| &nbsp;&nbsp;&nbsp; ZHOQ-30R2, 35.300%, 3/04/2025 †x#^ | Affirm | 3/07/2024 | 614 | 555 | 37 |
| &nbsp;&nbsp;&nbsp; ZHOT-D6U7, 29.540%, 11/04/2022 †x#^ | Affirm | 5/09/2022 | 163 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; ZHOX-18J4, 29.630%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 94 | 92 | 6 |
| &nbsp;&nbsp;&nbsp; ZHP1-WIDF, 29.520%, 4/08/2023 †x#^ | Affirm | 4/14/2022 | 111 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; ZHP2-YS1F, 31.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 407 | 417 | 419 |
| &nbsp;&nbsp;&nbsp; ZHP3-Y4EI, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 96 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; ZHP8-AELD, 29.570%, 12/21/2024 †x#^ | Affirm | 12/27/2022 | 514 | 543 | 31 |
| &nbsp;&nbsp;&nbsp; ZHP8-HFNJ, 33.950%, 1/09/2026 †x# | Affirm | 1/29/2025 | 351 | 361 | 21 |
| &nbsp;&nbsp;&nbsp; ZHPE-7SMM, 29.440%, 5/10/2023 †x#^ | Affirm | 5/19/2022 | 87 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; ZHPG-2UI2, 29.550%, 4/03/2025 †x#^ | Affirm | 10/06/2023 | 297 | 296 | 18 |
| &nbsp;&nbsp;&nbsp; ZHPG-K8E3, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; ZHPI-TVNB, 28.000%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 170 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; ZHPL-ZQS6, 33.050%, 12/09/2025 †x# | Affirm | 12/27/2024 | 72 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZHPY-OFNZ, 29.590%, 10/02/2026 †§x | Affirm | 10/05/2023 | 646 | 662 | 660 |
| &nbsp;&nbsp;&nbsp; ZHQ7-BHDV, 11.790%, 5/28/2026 †§x# | Affirm | 6/02/2023 | 413 | 421 | 421 |
| &nbsp;&nbsp;&nbsp; ZHQ7-ZW8Y, 35.760%, 2/03/2026 †§x | Affirm | 2/26/2025 | 183 | 187 | 188 |
| &nbsp;&nbsp;&nbsp; ZHQM-TH3X, 32.000%, 10/28/2026 †x# | Affirm | 10/31/2024 | 2014 | 2073 | 471 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8515** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZHQN-5JCP, 27.500%, 3/28/2024 †x#^ | Affirm | 10/03/2022 | $389 | $417 | $23 |
| &nbsp;&nbsp;&nbsp; ZHQQ-O9KT, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 119 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; ZHR4-K2W1, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 116 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; ZHR8-HPUQ, 9.930%, 2/07/2026 †§x | Affirm | 2/26/2025 | 24 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZHRB-X7LJ, 29.690%, 11/18/2022 †x#^ | Affirm | 11/22/2021 | 249 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; ZHRI-K22P, 29.770%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; ZHRI-ZF2D, 35.450%, 3/23/2026 †§x | Affirm | 9/26/2024 | 156 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; ZHRM-M9PL, 30.000%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 138 | 148 | 8 |
| &nbsp;&nbsp;&nbsp; ZHRP-3TQF, 29.610%, 12/18/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZHRU-MRFV, 35.380%, 8/08/2024 †x#^ | Affirm | 8/11/2023 | 2805 | 2793 | 168 |
| &nbsp;&nbsp;&nbsp; ZHS1-XU1B, 33.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZHSO-RUBB, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZHSP-IHES, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 474 | 479 | 482 |
| &nbsp;&nbsp;&nbsp; ZHSQ-GRZC, 29.560%, 9/27/2025 †x# | Affirm | 10/02/2023 | 536 | 543 | 32 |
| &nbsp;&nbsp;&nbsp; ZHSU-FOTJ, 29.320%, 12/02/2025 †§x | Affirm | 6/27/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZHT1-DRRL, 15.660%, 12/02/2025 †§x | Affirm | 6/27/2025 | 117 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; ZHT5-9EKT, 35.650%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 77 | 78 | 33 |
| &nbsp;&nbsp;&nbsp; ZHTB-E9K5, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 150 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; ZHTD-F776, 29.620%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 256 | 245 | 15 |
| &nbsp;&nbsp;&nbsp; ZHTJ-D6HO, 22.770%, 2/10/2027 †§x | Affirm | 2/26/2025 | 733 | 764 | 775 |
| &nbsp;&nbsp;&nbsp; ZHTM-O8KR, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1744 | 1774 | 1780 |
| &nbsp;&nbsp;&nbsp; ZHTO-B0GE, 29.480%, 2/25/2025 †x#^ | Affirm | 8/31/2023 | 262 | 260 | 16 |
| &nbsp;&nbsp;&nbsp; ZHTT-P1LJ, 33.950%, 11/15/2025 †x# | Affirm | 11/27/2024 | 252 | 266 | 56 |
| &nbsp;&nbsp;&nbsp; ZHTX-SMC3, 15.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 577 | 593 | 596 |
| &nbsp;&nbsp;&nbsp; ZHTZ-N70M, 29.600%, 12/08/2023 †x#^ | Affirm | 12/13/2021 | 530 | 572 | 32 |
| &nbsp;&nbsp;&nbsp; ZHUB-KUKU, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 254 | 262 | 261 |
| &nbsp;&nbsp;&nbsp; ZHUC-V3TQ, 15.790%, 3/23/2026 †x# | Affirm | 9/26/2024 | 259 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; ZHUL-77D8, 29.500%, 10/20/2024 †x#^ | Affirm | 4/27/2023 | 48 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; ZHUX-OUVS, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZHUX-ZHU3, 29.420%, 3/09/2023 †x#^ | Affirm | 3/14/2022 | 231 | 228 | 14 |
| &nbsp;&nbsp;&nbsp; ZHV4-BCE2, 5.509%, 11/30/2022 †x#^« | Affirm | 6/03/2022 | 99 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; ZHVS-3Q23, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZHW1-DZJS, 29.710%, 1/13/2023 †x#^ | Affirm | 1/21/2022 | 456 | 436 | 27 |
| &nbsp;&nbsp;&nbsp; ZHW1-THYD, 29.000%, 5/28/2023 †x#^ | Affirm | 12/03/2021 | 145 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; ZHW3-T47D, 35.680%, 2/06/2026 †§x | Affirm | 2/26/2025 | 478 | 476 | 477 |
| &nbsp;&nbsp;&nbsp; ZHWH-4PZP, 35.460%, 12/16/2025 †§x | Affirm | 12/27/2024 | 65 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; ZHWP-WZ9V, 29.710%, 2/12/2027 †§x | Affirm | 2/26/2025 | 622 | 652 | 655 |
| &nbsp;&nbsp;&nbsp; ZHWS-5O4J, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZHWX-LXK8, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 91 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; ZHXB-JVU6, 29.640%, 5/28/2024 †x#^ | Affirm | 12/05/2022 | 397 | 415 | 24 |
| &nbsp;&nbsp;&nbsp; ZHXF-AL4E, 35.470%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 165 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; ZHXF-BO50, 31.000%, 2/06/2026 †§x | Affirm | 2/26/2025 | 348 | 356 | 358 |
| &nbsp;&nbsp;&nbsp; ZHXQ-OTK8, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 425 | 428 | 429 |
| &nbsp;&nbsp;&nbsp; ZHXS-Q8DI, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 560 | 556 | 160 |
| &nbsp;&nbsp;&nbsp; ZHXZ-ON7B, 35.310%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 122 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; ZHXZ-QJ63, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 484 | 494 | 496 |
| &nbsp;&nbsp;&nbsp; ZHY1-Y80T, 29.590%, 6/09/2024 †x#^ | Affirm | 12/15/2022 | 29 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; ZHY2-XDCN, 33.270%, 2/10/2026 †§x | Affirm | 2/26/2025 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZHYA-SVOF, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZHYV-TKS0, 20.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 128 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; ZHYZ-JFLI, 24.400%, 1/06/2026 †x | Affirm | 1/29/2025 | 3570 | 3613 | 3619 |
| &nbsp;&nbsp;&nbsp; ZHYZ-MG1Y, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZHZF-P6AC, 32.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 523 | 546 | 31 |
| &nbsp;&nbsp;&nbsp; ZHZJ-HKT4, 31.450%, 8/21/2026 †x# | Affirm | 8/29/2024 | 4710 | 4383 | 4534 |
| &nbsp;&nbsp;&nbsp; ZHZR-EKYV, 30.990%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 164 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; ZHZT-8PPV, 29.330%, 12/02/2025 †§x | Affirm | 6/27/2025 | 67 | 67 | 68 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8516** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZHZW-1XI5, 35.420%, 12/16/2025 †§x# | Affirm | 12/27/2024 | $55 | $56 | $56 |
| &nbsp;&nbsp;&nbsp; ZHZZ-BU5Q, 33.050%, 3/23/2026 †§x | Affirm | 9/26/2024 | 886 | 906 | 907 |
| &nbsp;&nbsp;&nbsp; ZI0B-IQNC, 35.340%, 6/27/2025 †x#^ | Affirm | 7/01/2024 | 311 | 323 | 19 |
| &nbsp;&nbsp;&nbsp; ZI0D-VWR8, 15.780%, 9/16/2025 †§x | Affirm | 9/22/2022 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZI0N-H69N, 24.400%, 10/25/2026 †§x | Affirm | 10/31/2024 | 1524 | 1572 | 1580 |
| &nbsp;&nbsp;&nbsp; ZI0N-KVVI, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 178 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; ZI0P-PRGB, 29.650%, 5/15/2026 †§x | Affirm | 11/27/2024 | 269 | 277 | 276 |
| &nbsp;&nbsp;&nbsp; ZI1C-FNZ7, 11.780%, 3/20/2026 †§x | Affirm | 3/28/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZI1E-91US, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 296 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; ZI1G-ECYU, 35.670%, 1/06/2026 †§x | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZI1H-BK1O, 27.500%, 9/07/2022 †x#^ | Affirm | 3/10/2022 | 90 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; ZI1I-OC5L, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZI1L-SFW0, 35.470%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 61 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; ZI1M-KXGP, 22.750%, 1/02/2029 †§x# | Affirm | 1/29/2025 | 1555 | 1664 | 1681 |
| &nbsp;&nbsp;&nbsp; ZI1M-M88E, 29.860%, 7/18/2023 †x#^ | Affirm | 1/23/2023 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZI1V-A99K, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 115 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; ZI1X-WAYS, 29.800%, 2/05/2026 †§x | Affirm | 2/26/2025 | 107 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; ZI2Q-4BY1, 29.500%, 3/26/2027 †§x | Affirm | 4/22/2025 | 823 | 852 | 880 |
| &nbsp;&nbsp;&nbsp; ZI2U-FHUG, 15.820%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; ZI2V-1SRF, 29.640%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 66 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; ZI2Z-KESW, 29.440%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 80 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; ZI32-X1R1, 35.320%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 76 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZI3A-DZHI, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 216 | 220 | 221 |
| &nbsp;&nbsp;&nbsp; ZI3J-W3PY, 29.500%, 9/24/2025 †§x | Affirm | 9/27/2024 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; ZI3T-VN1S, 33.950%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZI3U-LQX3, 29.660%, 6/22/2022 †x#^ | Affirm | 12/27/2021 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZI3W-G641, 35.530%, 6/01/2024 †x#^ | Affirm | 6/05/2023 | 822 | 765 | 49 |
| &nbsp;&nbsp;&nbsp; ZI47-LMSP, 15.800%, 3/20/2026 †§x | Affirm | 9/26/2024 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZI4G-W0BU, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 280 | 274 | 274 |
| &nbsp;&nbsp;&nbsp; ZI4H-O1TR, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 140 | 143 | 144 |
| &nbsp;&nbsp;&nbsp; ZI53-UHYO, 22.650%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 87 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; ZI57-O6X6, 29.620%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 38 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZI5A-FCT3, 15.740%, 9/01/2025 †x# | Affirm | 9/08/2023 | 870 | 924 | 226 |
| &nbsp;&nbsp;&nbsp; ZI5A-ZQNJ, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 405 | 410 | 411 |
| &nbsp;&nbsp;&nbsp; ZI5B-1KTF, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 159 | 161 | 160 |
| &nbsp;&nbsp;&nbsp; ZI5H-ZCE8, 29.610%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 80 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; ZI5R-794Y, 35.580%, 2/22/2025 †x#^ | Affirm | 2/26/2024 | 212 | 212 | 13 |
| &nbsp;&nbsp;&nbsp; ZI64-OE93, 22.900%, 8/27/2025 †§x#^ | Affirm | 3/28/2025 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZI65-C4YF, 35.490%, 9/23/2025 †§x | Affirm | 9/26/2024 | 22 | 21 | 22 |
| &nbsp;&nbsp;&nbsp; ZI67-DR3N, 15.750%, 10/18/2025 †§x | Affirm | 4/22/2024 | 141 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; ZI6F-PR6M, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; ZI6K-N97X, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 132 | 136 | 137 |
| &nbsp;&nbsp;&nbsp; ZI6N-88M7, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 32 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; ZI6Q-RY97, 22.900%, 9/17/2025 †§x | Affirm | 9/20/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZI6W-ZJPJ, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 173 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; ZI7B-O44B, 35.470%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 957 | 905 | 57 |
| &nbsp;&nbsp;&nbsp; ZI7C-G3GO, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 716 | 728 | 725 |
| &nbsp;&nbsp;&nbsp; ZI7D-I079, 29.490%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 421 | 424 | 25 |
| &nbsp;&nbsp;&nbsp; ZI7G-RV67, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 135 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; ZI89-NSJG, 35.580%, 1/13/2027 †§x | Affirm | 1/29/2025 | 552 | 550 | 559 |
| &nbsp;&nbsp;&nbsp; ZI8F-BX7L, 26.700%, 3/03/2026 †§x | Affirm | 3/28/2025 | 152 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; ZI8M-05TA, 33.950%, 6/20/2026 †§x | Affirm | 12/27/2024 | 214 | 221 | 220 |
| &nbsp;&nbsp;&nbsp; ZI8T-5NWA, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 812 | 834 | 835 |
| &nbsp;&nbsp;&nbsp; ZI8T-7JFB, 23.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 271 | 279 | 281 |
| &nbsp;&nbsp;&nbsp; ZI94-QQXX, 35.520%, 12/18/2025 †§x | Affirm | 12/27/2024 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZI9H-B0PI, 35.390%, 12/02/2025 †§x | Affirm | 6/27/2025 | 148 | 149 | 150 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8517** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZI9O-9RD5, 29.930%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | $112 | $111 | $7 |
| &nbsp;&nbsp;&nbsp; ZIA5-WOI2, 22.750%, 4/21/2026 †§x | Affirm | 10/25/2024 | 397 | 405 | 406 |
| &nbsp;&nbsp;&nbsp; ZIAC-YNNZ, 29.550%, 12/17/2025 †x# | Affirm | 6/21/2024 | 285 | 296 | 17 |
| &nbsp;&nbsp;&nbsp; ZIAH-6VRA, 29.490%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 321 | 327 | 19 |
| &nbsp;&nbsp;&nbsp; ZIB1-USSA, 33.080%, 12/10/2025 †x# | Affirm | 12/27/2024 | 105 | 104 | 7 |
| &nbsp;&nbsp;&nbsp; ZIBE-IPBM, 35.360%, 5/06/2027 †§x | Affirm | 5/30/2025 | 697 | 689 | 699 |
| &nbsp;&nbsp;&nbsp; ZIBE-ODWH, 28.000%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 202 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; ZIBF-AILB, 33.950%, 10/21/2025 †§x# | Affirm | 10/24/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZIBK-Z59S, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 248 | 252 | 251 |
| &nbsp;&nbsp;&nbsp; ZIBO-33Y8, 26.700%, 4/17/2026 †§x | Affirm | 4/22/2024 | 613 | 622 | 626 |
| &nbsp;&nbsp;&nbsp; ZIBU-T9OC, 31.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1065 | 1113 | 147 |
| &nbsp;&nbsp;&nbsp; ZIBV-G24W, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 31 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZIBX-YLBG, 29.810%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 1904 | 1979 | 114 |
| &nbsp;&nbsp;&nbsp; ZIC2-FBVH, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 104 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; ZIC2-RLVM, 35.310%, 5/06/2026 †§x | Affirm | 5/30/2025 | 116 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; ZICA-TJ9J, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZICB-CTV3, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 1149 | 1180 | 1186 |
| &nbsp;&nbsp;&nbsp; ZICF-Q7P5, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 113 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; ZICL-LBRK, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 369 | 376 | 377 |
| &nbsp;&nbsp;&nbsp; ZICN-YBHI, 15.750%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 1619 | 1683 | 97 |
| &nbsp;&nbsp;&nbsp; ZICT-MQJG, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; ZID5-YB1Q, 13.840%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 273 | 279 | 280 |
| &nbsp;&nbsp;&nbsp; ZIDG-OMV7, 32.000%, 3/28/2026 †§x | Affirm | 3/31/2025 | 310 | 321 | 324 |
| &nbsp;&nbsp;&nbsp; ZIDN-GBX9, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 201 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; ZIDN-K3IX, 12.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZIDQ-WAUZ, 31.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 168 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; ZIDY-ZHTM, 35.600%, 11/20/2025 †§x | Affirm | 11/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZIE3-DN0Y, 35.450%, 9/23/2026 †§x# | Affirm | 9/26/2024 | 364 | 362 | 366 |
| &nbsp;&nbsp;&nbsp; ZIE7-83L0, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 104 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZIEQ-5469, 29.540%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 221 | 230 | 232 |
| &nbsp;&nbsp;&nbsp; ZIEZ-869V, 35.250%, 9/07/2025 †§x | Affirm | 3/28/2025 | 75 | 70 | 73 |
| &nbsp;&nbsp;&nbsp; ZIF2-6EAV, 15.890%, 2/22/2023 †x#^ | Affirm | 2/25/2022 | 821 | 813 | 49 |
| &nbsp;&nbsp;&nbsp; ZIF3-6A4U, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZIFB-YMM0, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZIFP-KP5J, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 133 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; ZIFZ-B891, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; ZIFZ-IX3V, 15.810%, 2/23/2025 †x#^ | Affirm | 2/29/2024 | 162 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; ZIG6-QUBC, 32.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 303 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; ZIGB-XSIC, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZIGF-65II, 35.480%, 5/14/2026 †§x | Affirm | 11/27/2024 | 113 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; ZIGF-6WA3, 13.840%, 2/23/2026 †§x | Affirm | 8/29/2024 | 519 | 526 | 527 |
| &nbsp;&nbsp;&nbsp; ZIGO-GJH1, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; ZIGS-K9PN, 27.500%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 326 | 343 | 20 |
| &nbsp;&nbsp;&nbsp; ZIGT-SNA0, 25.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZIGV-9HPC, 24.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 55 |
| &nbsp;&nbsp;&nbsp; ZIGW-UTPO, 35.580%, 9/28/2025 †x# | Affirm | 10/03/2024 | 512 | 533 | 31 |
| &nbsp;&nbsp;&nbsp; ZIHC-K2XH, 29.030%, 7/03/2026 †§x | Affirm | 7/07/2023 | 424 | 437 | 438 |
| &nbsp;&nbsp;&nbsp; ZIHE-0PEM, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZIHE-NEIT, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZIHT-UQIN, 29.620%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 245 | 241 | 15 |
| &nbsp;&nbsp;&nbsp; ZIHV-AZ5G, 29.670%, 2/24/2025 †x#^ | Affirm | 3/02/2023 | 562 | 578 | 34 |
| &nbsp;&nbsp;&nbsp; ZII1-LWUW, 27.500%, 2/18/2023 †x#^ | Affirm | 2/25/2022 | 286 | 283 | 17 |
| &nbsp;&nbsp;&nbsp; ZII5-HKJC, 29.350%, 11/28/2023 †x#^ | Affirm | 8/31/2023 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; ZII6-2UMQ, 29.560%, 8/09/2023 †x#^ | Affirm | 8/12/2022 | 112 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; ZII8-VKPK, 21.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 393 | 401 | 402 |
| &nbsp;&nbsp;&nbsp; ZIID-8KWV, 29.600%, 3/26/2023 †x#^ | Affirm | 9/29/2022 | 151 | 154 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8518** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZIIE-7ALG, 15.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $49 | $49 | $49 |
| &nbsp;&nbsp;&nbsp; ZIIG-WPYJ, 28.200%, 9/28/2026 †x# | Affirm | 10/02/2023 | 2117 | 2230 | 127 |
| &nbsp;&nbsp;&nbsp; ZIIK-T6MN, 29.530%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 190 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; ZIIO-DVCT, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 49 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZIIW-KA21, 29.660%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 23 | 23 | 22 |
| &nbsp;&nbsp;&nbsp; ZIJ3-T68D, 30.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 176 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; ZIJH-SMIY, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 198 | 202 | 200 |
| &nbsp;&nbsp;&nbsp; ZIJI-BPZA, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 138 | 143 | 145 |
| &nbsp;&nbsp;&nbsp; ZIJO-MNRH, 29.430%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 95 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; ZIJR-I5AL, 35.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZIJS-X3HF, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 266 | 275 | 278 |
| &nbsp;&nbsp;&nbsp; ZIK4-XMD9, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 540 | 539 | 540 |
| &nbsp;&nbsp;&nbsp; ZIK6-USOI, 32.500%, 6/24/2026 †§x | Affirm | 6/27/2024 | 374 | 372 | 378 |
| &nbsp;&nbsp;&nbsp; ZIKO-O6MQ, 35.700%, 10/01/2025 †§x | Affirm | 10/04/2024 | 302 | 303 | 300 |
| &nbsp;&nbsp;&nbsp; ZIKT-X7NC, 24.770%, 1/06/2026 †§x | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZIL1-H6EB, 35.640%, 1/02/2026 †§x | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZIL3-LBIY, 33.050%, 12/28/2026 †x# | Affirm | 1/29/2025 | 429 | 449 | 21 |
| &nbsp;&nbsp;&nbsp; ZILK-2J26, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZILT-HTXW, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; ZIMD-QR68, 29.650%, 5/26/2023 †x#^ | Affirm | 12/02/2021 | 235 | 224 | 14 |
| &nbsp;&nbsp;&nbsp; ZIMN-5LTK, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 505 | 525 | 523 |
| &nbsp;&nbsp;&nbsp; ZIMT-K7PK, 35.590%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZIMV-60XZ, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 361 | 367 | 368 |
| &nbsp;&nbsp;&nbsp; ZIN5-ICUX, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 269 | 274 | 273 |
| &nbsp;&nbsp;&nbsp; ZINK-31KT, 29.620%, 12/28/2025 †x# | Affirm | 1/29/2025 | 111 | 113 | 35 |
| &nbsp;&nbsp;&nbsp; ZINL-2E6Y, 15.860%, 1/06/2026 †x# | Affirm | 1/29/2025 | 81 | 83 | 11 |
| &nbsp;&nbsp;&nbsp; ZINM-NRQ8, 29.460%, 3/28/2025 †x#^ | Affirm | 4/03/2023 | 711 | 732 | 43 |
| &nbsp;&nbsp;&nbsp; ZIOA-XM8W, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 301 | 303 | 304 |
| &nbsp;&nbsp;&nbsp; ZIOC-I3NU, 22.900%, 12/04/2025 †§x | Affirm | 12/07/2023 | 214 | 216 | 216 |
| &nbsp;&nbsp;&nbsp; ZIOD-39JA, 24.400%, 12/17/2025 †§x | Affirm | 6/21/2024 | 80 | 80 | 81 |
| &nbsp;&nbsp;&nbsp; ZIOG-BPCY, 25.900%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; ZION-NZ50, 26.500%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 229 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; ZIP4-43L5, 11.770%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZIP4-J6UX, 29.560%, 3/27/2024 †x#^ | Affirm | 10/02/2023 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; ZIP8-D5V2, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; ZIPB-74VE, 20.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 151 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; ZIPJ-ZECJ, 29.540%, 3/07/2025 †x#^ | Affirm | 9/11/2023 | 207 | 221 | 12 |
| &nbsp;&nbsp;&nbsp; ZIPK-85H1, 30.500%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 162 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; ZIPM-3DKD, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 287 | 290 | 288 |
| &nbsp;&nbsp;&nbsp; ZIPX-919M, 35.560%, 3/20/2025 †x#^ | Affirm | 2/23/2024 | 121 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; ZIQ7-2UH2, 23.400%, 11/15/2026 †§x | Affirm | 11/27/2024 | 524 | 542 | 545 |
| &nbsp;&nbsp;&nbsp; ZIQG-2K7S, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZIQG-GOFB, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 375 | 379 | 380 |
| &nbsp;&nbsp;&nbsp; ZIQK-AC4G, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZIQL-JLQU, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 258 | 257 | 258 |
| &nbsp;&nbsp;&nbsp; ZIQT-AEN8, 13.840%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZIQT-FK1V, 25.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 109 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; ZIQT-U72X, 15.940%, 1/06/2026 †§x | Affirm | 1/29/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZIR0-SMEJ, 35.380%, 8/29/2024 †x#^ | Affirm | 9/01/2023 | 56 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; ZIRD-D22A, 33.050%, 9/20/2025 †x# | Affirm | 3/28/2025 | 111 | 114 | 9 |
| &nbsp;&nbsp;&nbsp; ZIRD-WVVG, 15.770%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 600 | 607 | 36 |
| &nbsp;&nbsp;&nbsp; ZIRF-MMYY, 35.650%, 1/07/2026 †x | Affirm | 1/29/2025 | 307 | 305 | 305 |
| &nbsp;&nbsp;&nbsp; ZIRH-2BCK, 21.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; ZIRR-IY2K, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 454 | 467 | 470 |
| &nbsp;&nbsp;&nbsp; ZIRS-MOS1, 29.000%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 337 | 333 | 20 |
| &nbsp;&nbsp;&nbsp; ZIRX-QSQ2, 35.460%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 89 | 90 | 5 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8519** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZIS3-TARP, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | $1139 | $1164 | $1170 |
| &nbsp;&nbsp;&nbsp; ZISE-MU2K, 29.380%, 9/17/2022 †x#^ | Affirm | 3/21/2022 | 124 | 128 | 7 |
| &nbsp;&nbsp;&nbsp; ZISF-Q6VL, 35.440%, 7/01/2025 †x#^ | Affirm | 7/05/2024 | 446 | 463 | 27 |
| &nbsp;&nbsp;&nbsp; ZISJ-DBUK, 29.820%, 2/07/2026 †§x | Affirm | 2/26/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; ZISR-2KM2, 35.660%, 1/06/2026 †§x | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZISZ-01L4, 29.620%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 84 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZIT4-VLVV, 35.420%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 382 | 383 | 23 |
| &nbsp;&nbsp;&nbsp; ZIT4-WYN2, 29.810%, 2/14/2023 †x#^ | Affirm | 2/17/2022 | 61 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; ZIT6-4H6N, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 142 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; ZITA-NDPT, 29.660%, 6/20/2023 †x#^ | Affirm | 12/23/2022 | 268 | 268 | 16 |
| &nbsp;&nbsp;&nbsp; ZITK-UODN, 4.434%, 2/03/2023 †x#^« | Affirm | 2/07/2022 | 1355 | 1298 | 81 |
| &nbsp;&nbsp;&nbsp; ZIU6-O8G3, 29.850%, 10/02/2025 †§x | Affirm | 10/07/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZIUT-JU3O, 29.620%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; ZIUU-9EV8, 35.460%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; ZIV6-S71Z, 23.400%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 278 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; ZIV6-XTYM, 22.750%, 9/26/2025 †§x | Affirm | 9/30/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZIV7-157X, 26.500%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 76 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; ZIV9-5ZVM, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 128 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; ZIVA-VX83, 11.850%, 12/16/2025 †§x | Affirm | 12/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZIVB-HAHT, 35.440%, 10/16/2025 †§x | Affirm | 4/19/2024 | 175 | 176 | 175 |
| &nbsp;&nbsp;&nbsp; ZIVJ-Z9GP, 35.590%, 9/28/2025 †x# | Affirm | 10/03/2024 | 63 | 63 | 10 |
| &nbsp;&nbsp;&nbsp; ZIVN-SZFY, 32.000%, 10/14/2023 †x#^ | Affirm | 10/20/2022 | 199 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; ZIW4-HFS6, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZIW6-SV8T, 29.490%, 9/07/2025 †x# | Affirm | 3/11/2024 | 191 | 201 | 11 |
| &nbsp;&nbsp;&nbsp; ZIWC-QG41, 18.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 153 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; ZIWG-2ZLT, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZIWW-CPEC, 35.550%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZIX1-ZU4U, 35.210%, 3/03/2026 †§x | Affirm | 3/28/2025 | 37 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; ZIX3-FCIR, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 622 | 634 | 636 |
| &nbsp;&nbsp;&nbsp; ZIX7-ZX7X, 29.760%, 1/02/2026 †§x | Affirm | 1/29/2025 | 373 | 376 | 375 |
| &nbsp;&nbsp;&nbsp; ZIXA-0ZBN, 35.420%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 123 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; ZIXF-8GBW, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZIXF-9E9A, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 153 | 154 | 153 |
| &nbsp;&nbsp;&nbsp; ZIXF-Y11M, 22.200%, 6/19/2023 †x#^ | Affirm | 12/22/2022 | 64 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; ZIXN-IBUY, 35.490%, 10/02/2025 †x# | Affirm | 10/07/2024 | 587 | 610 | 226 |
| &nbsp;&nbsp;&nbsp; ZIXP-V5PV, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZIXQ-GGFS, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 139 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; ZIXR-FHXZ, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 72 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZIXU-GW53, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 228 | 232 | 233 |
| &nbsp;&nbsp;&nbsp; ZIXZ-O5HN, 29.540%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 187 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; ZIYD-61OF, 29.610%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 85 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZIYF-V5VV, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 324 | 318 | 19 |
| &nbsp;&nbsp;&nbsp; ZIYM-AY4J, 13.943%, 3/28/2025 †x#^« | Affirm | 10/03/2024 | 1220 | 1146 | 73 |
| &nbsp;&nbsp;&nbsp; ZIYM-WGGM, 24.400%, 1/03/2029 †x | Affirm | 1/29/2025 | 2591 | 2775 | 2802 |
| &nbsp;&nbsp;&nbsp; ZIYX-R2UG, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 546 | 556 | 557 |
| &nbsp;&nbsp;&nbsp; ZIZ5-6A46, 35.990%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 893 | 898 | 90 |
| &nbsp;&nbsp;&nbsp; ZIZ6-KU09, 35.260%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 304 | 311 | 18 |
| &nbsp;&nbsp;&nbsp; ZIZE-GY2F, 33.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 200 | 196 | 12 |
| &nbsp;&nbsp;&nbsp; ZIZJ-1XOO, 35.370%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 166 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; ZIZN-TOO7, 35.360%, 4/15/2026 †§x | Affirm | 4/18/2024 | 450 | 452 | 460 |
| &nbsp;&nbsp;&nbsp; ZIZP-20MB, 28.000%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 237 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; ZIZX-54S7, 29.550%, 8/19/2025 †x#^ | Affirm | 8/22/2024 | 57 | 60 | 6 |
| &nbsp;&nbsp;&nbsp; ZIZX-QU25, 35.440%, 6/28/2025 †x#^ | Affirm | 7/05/2024 | 260 | 262 | 16 |
| &nbsp;&nbsp;&nbsp; ZJ0A-HBVV, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZJ0E-NAK4, 24.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 1296 | 1319 | 1325 |
| &nbsp;&nbsp;&nbsp; ZJ0N-ESJL, 28.500%, 2/15/2024 †x#^ | Affirm | 8/18/2022 | 173 | 181 | 10 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8520** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZJ0S-F7XI, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | $405 | $420 | $424 |
| &nbsp;&nbsp;&nbsp; ZJ0U-3JJG, 28.920%, 3/03/2024 †x#^ | Affirm | 3/09/2023 | 18 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; ZJ0U-PWZK, 22.690%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZJ11-9ECK, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZJ16-7IQ6, 22.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZJ1B-MH5F, 22.850%, 3/03/2026 †x# | Affirm | 3/28/2025 | 165 | 174 | 16 |
| &nbsp;&nbsp;&nbsp; ZJ1E-K2B2, 33.950%, 2/06/2026 †x# | Affirm | 2/26/2025 | 111 | 117 | 28 |
| &nbsp;&nbsp;&nbsp; ZJ1M-6HAV, 34.480%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 42 | 44 | 3 |
| &nbsp;&nbsp;&nbsp; ZJ1M-M99P, 22.610%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 166 | 171 | 10 |
| &nbsp;&nbsp;&nbsp; ZJ1N-1EMZ, 29.680%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 23 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; ZJ1R-BYM4, 29.550%, 10/05/2025 †§x | Affirm | 4/11/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZJ1Y-YM5R, 15.620%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 253 | 253 | 163 |
| &nbsp;&nbsp;&nbsp; ZJ1Z-7L3B, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 238 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; ZJ21-7H6R, 29.600%, 6/20/2026 †§x | Affirm | 12/27/2024 | 236 | 244 | 243 |
| &nbsp;&nbsp;&nbsp; ZJ28-AREM, 30.000%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; ZJ2F-PICG, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; ZJ2Q-5IDK, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZJ2Z-3RZF, 35.360%, 4/28/2026 †x# | Affirm | 5/06/2024 | 2065 | 2103 | 124 |
| &nbsp;&nbsp;&nbsp; ZJ30-D2JK, 29.910%, 7/10/2022 †x#^ | Affirm | 1/21/2022 | 108 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; ZJ33-SRL5, 33.950%, 8/21/2024 †x#^ | Affirm | 5/24/2024 | 38 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; ZJ38-7MKM, 35.350%, 10/26/2025 †x# | Affirm | 5/02/2024 | 208 | 210 | 12 |
| &nbsp;&nbsp;&nbsp; ZJ3C-YIPK, 33.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 128 | 134 | 44 |
| &nbsp;&nbsp;&nbsp; ZJ3G-5QZL, 26.700%, 1/17/2026 †§x# | Affirm | 1/20/2023 | 589 | 598 | 600 |
| &nbsp;&nbsp;&nbsp; ZJ3O-ZWVL, 29.560%, 9/06/2025 †§x | Affirm | 9/11/2023 | 72 | 72 | 71 |
| &nbsp;&nbsp;&nbsp; ZJ3T-ZE3Z, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; ZJ3U-P378, 35.460%, 12/16/2025 †x# | Affirm | 12/27/2024 | 164 | 170 |  |
| &nbsp;&nbsp;&nbsp; ZJ42-UB3K, 35.370%, 6/25/2026 †§x | Affirm | 6/28/2024 | 315 | 313 | 319 |
| &nbsp;&nbsp;&nbsp; ZJ44-5QG1, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 261 | 265 | 263 |
| &nbsp;&nbsp;&nbsp; ZJ46-FJ4N, 28.000%, 2/25/2024 †x#^ | Affirm | 9/01/2022 | 350 | 371 | 21 |
| &nbsp;&nbsp;&nbsp; ZJ48-WBFC, 29.560%, 5/20/2025 †x#^ | Affirm | 11/24/2023 | 95 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; ZJ4B-ZE1Y, 22.900%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZJ4E-EIDZ, 24.950%, 12/20/2022 †x#^ | Affirm | 12/23/2021 | 53 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; ZJ4R-EUIT, 22.740%, 2/07/2028 †§x | Affirm | 2/26/2025 | 1307 | 1352 | 1374 |
| &nbsp;&nbsp;&nbsp; ZJ4T-Z76X, 29.650%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 629 | 651 | 38 |
| &nbsp;&nbsp;&nbsp; ZJ50-O86Y, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZJ54-MVMC, 34.800%, 10/08/2025 †§x | Affirm | 7/31/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZJ54-YZEV, 22.550%, 3/28/2026 †§x | Affirm | 3/31/2025 | 70 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; ZJ5C-3OOS, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 408 | 419 | 422 |
| &nbsp;&nbsp;&nbsp; ZJ5J-HVUW, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZJ5K-28DB, 23.237%, 6/25/2026 †§x | Affirm | 6/28/2024 | 1547 | 1582 | 1592 |
| &nbsp;&nbsp;&nbsp; ZJ5R-RSGH, 35.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 69 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; ZJ5Y-YU4F, 14.730%, 7/23/2025 †x#^ | Affirm | 7/26/2024 | 71 | 66 | 10 |
| &nbsp;&nbsp;&nbsp; ZJ6A-SVDL, 28.500%, 5/25/2023 †x#^ | Affirm | 6/03/2022 | 119 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; ZJ6E-AHV6, 29.530%, 12/05/2025 †§x# | Affirm | 12/08/2023 | 183 | 184 | 184 |
| &nbsp;&nbsp;&nbsp; ZJ6G-D82U, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZJ6I-PPAH, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 317 | 313 | 311 |
| &nbsp;&nbsp;&nbsp; ZJ6U-B03N, 29.760%, 8/12/2026 †§x | Affirm | 2/26/2025 | 158 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; ZJ73-D4IZ, 7.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 173 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; ZJ7F-38F0, 24.700%, 9/28/2025 †§x | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZJ7H-NP1I, 22.750%, 9/23/2026 †§x | Affirm | 9/26/2024 | 550 | 566 | 568 |
| &nbsp;&nbsp;&nbsp; ZJ7J-L85U, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 129 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; ZJ7O-IMWD, 6.840%, 11/18/2025 †§x | Affirm | 11/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZJ7Q-XOET, 31.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 489 | 494 | 494 |
| &nbsp;&nbsp;&nbsp; ZJ7V-OIZK, 28.000%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 169 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; ZJ7W-7Q43, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 368 | 376 | 378 |
| &nbsp;&nbsp;&nbsp; ZJ80-VQV0, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 114 | 115 | 115 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8521** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZJ86-VX0Z, 35.450%, 12/24/2025 †x# | Affirm | 6/27/2024 | $267 | $277 | $67 |
| &nbsp;&nbsp;&nbsp; ZJ8F-FRQK, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZJ8V-A3VR, 22.900%, 10/25/2025 †x# | Affirm | 10/31/2024 | 156 | 164 | 9 |
| &nbsp;&nbsp;&nbsp; ZJ98-P9VF, 35.190%, 12/02/2025 †§x | Affirm | 6/27/2025 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZJ99-9FYU, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; ZJ99-ESQM, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZJ9C-UG58, 29.570%, 12/12/2024 †x#^ | Affirm | 12/15/2022 | 6109 | 6597 | 367 |
| &nbsp;&nbsp;&nbsp; ZJ9N-2DAJ, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 261 | 261 | 261 |
| &nbsp;&nbsp;&nbsp; ZJ9O-DAK7, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 301 | 308 | 310 |
| &nbsp;&nbsp;&nbsp; ZJ9O-TNKR, 15.000%, 5/25/2024 †x#^ | Affirm | 12/01/2022 | 781 | 828 | 47 |
| &nbsp;&nbsp;&nbsp; ZJ9R-H7RV, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 706 | 714 | 714 |
| &nbsp;&nbsp;&nbsp; ZJ9W-O2TZ, 35.200%, 3/26/2026 †x | Affirm | 4/22/2025 | 102 | 101 | 103 |
| &nbsp;&nbsp;&nbsp; ZJA5-2W7Y, 11.810%, 6/28/2026 †x# | Affirm | 7/03/2023 | 944 | 1026 | 57 |
| &nbsp;&nbsp;&nbsp; ZJA8-6Z7X, 24.500%, 1/02/2026 †§x | Affirm | 1/29/2025 | 208 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; ZJAE-IT1C, 29.640%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 198 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; ZJAG-YJGS, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 92 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; ZJAJ-A0MJ, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 154 | 157 | 158 |
| &nbsp;&nbsp;&nbsp; ZJAX-UK73, 23.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 105 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; ZJBA-WJKO, 26.500%, 4/03/2024 †x#^ | Affirm | 10/06/2022 | 221 | 237 | 13 |
| &nbsp;&nbsp;&nbsp; ZJBC-RN2A, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 134 | 135 | 133 |
| &nbsp;&nbsp;&nbsp; ZJBD-0HFI, 15.890%, 9/02/2025 †§x | Affirm | 6/27/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZJBK-LQKK, 33.000%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 216 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; ZJBQ-H0YL, 29.490%, 12/29/2024 †x#^ | Affirm | 7/03/2023 | 279 | 289 | 17 |
| &nbsp;&nbsp;&nbsp; ZJBX-4JWL, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 167 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; ZJC1-BV4A, 35.300%, 3/12/2025 †x#^ | Affirm | 3/15/2024 | 472 | 473 | 28 |
| &nbsp;&nbsp;&nbsp; ZJC4-9KSW, 35.470%, 9/07/2024 †x#^ | Affirm | 9/11/2023 | 80 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; ZJC4-JM9Z, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZJCG-OGP5, 13.840%, 6/15/2027 †§x# | Affirm | 6/20/2023 | 498 | 525 | 515 |
| &nbsp;&nbsp;&nbsp; ZJCH-LWM0, 18.000%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 792 | 833 | 842 |
| &nbsp;&nbsp;&nbsp; ZJCM-MTN9, 22.570%, 5/13/2026 †§x | Affirm | 5/30/2025 | 210 | 218 | 220 |
| &nbsp;&nbsp;&nbsp; ZJCS-83SG, 22.750%, 1/08/2026 †§x | Affirm | 1/29/2025 | 69 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; ZJCU-KI1E, 24.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 365 | 372 | 373 |
| &nbsp;&nbsp;&nbsp; ZJDI-GSKQ, 29.700%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 1310 | 1282 | 79 |
| &nbsp;&nbsp;&nbsp; ZJDM-MZO8, 16.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 93 | 94 | 93 |
| &nbsp;&nbsp;&nbsp; ZJDS-J4C4, 28.990%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 288 | 286 | 17 |
| &nbsp;&nbsp;&nbsp; ZJDU-KNM7, 15.780%, 4/25/2026 †§x | Affirm | 10/31/2024 | 132 | 134 | 135 |
| &nbsp;&nbsp;&nbsp; ZJE0-CRMZ, 35.702%, 2/01/2024 †x#^ | Affirm | 2/06/2023 | 297 | 287 | 18 |
| &nbsp;&nbsp;&nbsp; ZJE1-OJF4, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZJE4-7JXX, 22.740%, 6/07/2022 †x#^ | Affirm | 12/13/2021 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; ZJE4-9OPF, 29.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 299 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; ZJE7-CB3Z, 6.965%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 570 | 554 | 554 |
| &nbsp;&nbsp;&nbsp; ZJE7-HB19, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; ZJE8-QHNT, 26.900%, 2/10/2026 †x# | Affirm | 2/26/2025 | 96 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZJEU-WIJU, 11.800%, 3/26/2027 †§x | Affirm | 4/22/2025 | 587 | 610 | 626 |
| &nbsp;&nbsp;&nbsp; ZJF0-WJV1, 32.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 123 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; ZJFA-CM5Z, 22.750%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZJFR-IV3P, 29.620%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; ZJFT-ZLBF, 28.950%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 104 | 107 | 6 |
| &nbsp;&nbsp;&nbsp; ZJFX-TZ8Q, 30.000%, 8/07/2022 †x#^ | Affirm | 2/10/2022 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; ZJGF-14ZG, 35.360%, 12/27/2025 †x# | Affirm | 7/01/2024 | 370 | 385 | 22 |
| &nbsp;&nbsp;&nbsp; ZJGH-LMFF, 19.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 379 | 383 | 382 |
| &nbsp;&nbsp;&nbsp; ZJGN-KFCS, 15.690%, 11/06/2025 †§x | Affirm | 8/29/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZJGP-QHDV, 15.760%, 6/24/2026 †§x | Affirm | 6/27/2024 | 368 | 366 | 369 |
| &nbsp;&nbsp;&nbsp; ZJGQ-9RQ3, 28.500%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 539 | 557 | 32 |
| &nbsp;&nbsp;&nbsp; ZJGQ-WZJA, 29.660%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 265 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; ZJH0-0GAG, 35.990%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 23 | 23 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8522** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZJH0-SLMH, 29.380%, 9/29/2023 †x#^ | Affirm | 4/03/2023 | $25 | $25 | $1 |
| &nbsp;&nbsp;&nbsp; ZJH2-X5EX, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; ZJHC-NOKS, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 267 | 274 | 276 |
| &nbsp;&nbsp;&nbsp; ZJHF-LF6N, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; ZJHF-PIAN, 29.490%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 987 | 926 | 59 |
| &nbsp;&nbsp;&nbsp; ZJHK-HJJD, 27.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZJHS-AJKD, 15.890%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1288 | 1310 | 1314 |
| &nbsp;&nbsp;&nbsp; ZJI6-YF8Y, 35.410%, 10/18/2025 †§x | Affirm | 10/24/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZJIF-QNOA, 33.050%, 9/02/2025 †§x | Affirm | 6/27/2025 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZJII-OXQJ, 29.690%, 12/16/2025 †§x | Affirm | 12/27/2024 | 12 | 13 | 12 |
| &nbsp;&nbsp;&nbsp; ZJIU-M5PF, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZJIW-XXCL, 35.430%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZJJB-41DV, 29.940%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 213 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; ZJJC-DGE9, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 121 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; ZJJE-EYS8, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 168 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; ZJJJ-TACR, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 86 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; ZJJK-THZP, 35.630%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 210 | 207 | 209 |
| &nbsp;&nbsp;&nbsp; ZJJT-1ERE, 15.800%, 12/28/2025 †§x | Affirm | 1/29/2025 | 131 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; ZJJU-ET49, 35.380%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 181 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; ZJK0-T3W3, 35.300%, 3/03/2026 †x# | Affirm | 3/28/2025 | 241 | 238 | 9 |
| &nbsp;&nbsp;&nbsp; ZJK1-YPX8, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 111 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; ZJKA-HF52, 29.600%, 9/16/2024 †x#^ | Affirm | 9/22/2022 | 182 | 198 | 11 |
| &nbsp;&nbsp;&nbsp; ZJKA-XJ2C, 35.360%, 10/08/2025 †x# | Affirm | 4/11/2024 | 127 | 129 | 17 |
| &nbsp;&nbsp;&nbsp; ZJKC-8KF7, 11.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 137 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; ZJKF-7PDR, 29.570%, 12/04/2025 †§x | Affirm | 12/08/2023 | 892 | 893 | 895 |
| &nbsp;&nbsp;&nbsp; ZJKP-415H, 18.000%, 3/16/2026 †§x | Affirm | 9/19/2024 | 153 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; ZJKT-FXAL, 29.600%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 411 | 423 | 425 |
| &nbsp;&nbsp;&nbsp; ZJL1-5K2P, 33.050%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 49 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZJL6-EXDO, 5.952%, 7/03/2023 †x#^« | Affirm | 1/06/2023 | 88 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; ZJLI-0K7X, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZJLJ-K50Z, 33.950%, 2/21/2025 †x#^ | Affirm | 8/24/2023 | 230 | 246 | 14 |
| &nbsp;&nbsp;&nbsp; ZJLM-JW5J, 29.810%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 230 | 223 | 14 |
| &nbsp;&nbsp;&nbsp; ZJLN-3MDB, 15.790%, 12/02/2025 †§x | Affirm | 6/27/2025 | 264 | 267 | 268 |
| &nbsp;&nbsp;&nbsp; ZJLN-BR48, 30.000%, 3/28/2025 †x#^ | Affirm | 6/02/2023 | 238 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; ZJLQ-G31O, 29.140%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | 551 | 575 | 33 |
| &nbsp;&nbsp;&nbsp; ZJLS-ZQ78, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZJLW-DVXU, 29.640%, 11/15/2026 †§x | Affirm | 11/27/2024 | 487 | 504 | 506 |
| &nbsp;&nbsp;&nbsp; ZJM9-IVHV, 13.840%, 1/02/2026 †§x | Affirm | 1/05/2024 | 289 | 291 | 291 |
| &nbsp;&nbsp;&nbsp; ZJMH-L09L, 35.290%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZJMI-VHPH, 29.610%, 6/21/2023 †x#^ | Affirm | 12/27/2021 | 55 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZJMN-SKP4, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 207 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; ZJMT-ANDW, 33.050%, 3/28/2029 †§x | Affirm | 3/31/2025 | 890 | 962 | 930 |
| &nbsp;&nbsp;&nbsp; ZJN7-V4OO, 35.470%, 3/17/2025 †x#^ | Affirm | 11/24/2023 | 122 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; ZJNJ-Z319, 29.550%, 2/19/2026 †§x | Affirm | 8/22/2024 | 242 | 247 | 247 |
| &nbsp;&nbsp;&nbsp; ZJNX-4KUG, 29.430%, 3/28/2023 †x#^ | Affirm | 3/31/2022 | 49 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZJO3-UTG3, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZJO5-1MHU, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZJOJ-479Y, 31.000%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 254 | 257 | 258 |
| &nbsp;&nbsp;&nbsp; ZJOO-O6CO, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZJOT-IKQY, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZJOU-DADG, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 217 | 220 | 219 |
| &nbsp;&nbsp;&nbsp; ZJOW-15O5, 29.540%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 598 | 619 | 36 |
| &nbsp;&nbsp;&nbsp; ZJP1-Q49D, 33.950%, 7/06/2026 †§x | Affirm | 1/29/2025 | 646 | 666 | 662 |
| &nbsp;&nbsp;&nbsp; ZJP3-BCRN, 35.610%, 11/14/2025 †§x | Affirm | 11/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZJP5-HJ07, 11.800%, 7/08/2026 †x# | Affirm | 7/31/2025 | 172 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; ZJP6-JNQ6, 35.580%, 9/25/2025 †x | Affirm | 9/30/2024 | 51 | 51 | 51 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8523** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZJP8-NIKB, 35.270%, 3/20/2026 †§x | Affirm | 3/28/2025 | $163 | $167 | $168 |
| &nbsp;&nbsp;&nbsp; ZJPH-TOFO, 24.730%, 7/13/2026 †§x | Affirm | 1/29/2025 | 518 | 528 | 526 |
| &nbsp;&nbsp;&nbsp; ZJPH-VR4G, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 78 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; ZJPK-PTZN, 24.610%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 256 | 266 | 15 |
| &nbsp;&nbsp;&nbsp; ZJPP-ZKYG, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; ZJPS-K2FK, 29.490%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 52 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; ZJQ0-HF6N, 33.050%, 3/26/2026 †§x | Affirm | 9/30/2024 | 798 | 816 | 818 |
| &nbsp;&nbsp;&nbsp; ZJQ4-WZRU, 31.000%, 10/03/2025 †§x | Affirm | 10/07/2024 | 120 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZJQP-FNPF, 30.000%, 4/06/2023 †x#^ | Affirm | 1/12/2023 | 56 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; ZJQZ-02XV, 23.400%, 5/20/2026 †§x | Affirm | 11/27/2024 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZJRD-ZESE, 29.630%, 12/28/2025 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZJRL-DFXN, 28.000%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 97 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; ZJRM-I56N, 24.760%, 1/09/2026 †§x | Affirm | 1/29/2025 | 109 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; ZJRR-LI0M, 33.050%, 5/07/2026 †§x | Affirm | 5/13/2024 | 262 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; ZJRT-U7GY, 35.510%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZJRY-6G2L, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZJRZ-UH3B, 35.300%, 3/25/2027 †§x# | Affirm | 3/31/2025 | 655 | 652 | 664 |
| &nbsp;&nbsp;&nbsp; ZJS0-4T20, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 224 | 234 | 231 |
| &nbsp;&nbsp;&nbsp; ZJS8-68HW, 28.000%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; ZJSC-IH4L, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 29 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZJSN-YVHZ, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZJSP-1B7Y, 29.290%, 1/25/2023 †x#^ | Affirm | 7/28/2022 | 116 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZJSP-PRLR, 19.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZJSS-6SX3, 29.620%, 12/16/2023 †x#^ | Affirm | 12/22/2022 | 653 | 639 | 39 |
| &nbsp;&nbsp;&nbsp; ZJSU-KTY6, 28.000%, 3/06/2026 †§x | Affirm | 3/09/2023 | 192 | 196 | 193 |
| &nbsp;&nbsp;&nbsp; ZJSY-YTIA, 15.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 260 | 259 | 259 |
| &nbsp;&nbsp;&nbsp; ZJT0-0TZA, 29.650%, 9/13/2023 †x#^ | Affirm | 9/22/2022 | 523 | 517 | 31 |
| &nbsp;&nbsp;&nbsp; ZJT3-DHEY, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 234 | 236 | 234 |
| &nbsp;&nbsp;&nbsp; ZJT4-9C9A, 29.890%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; ZJT7-SPQ7, 29.450%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 111 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; ZJTV-ZXOP, 29.550%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZJUK-EFHS, 29.620%, 1/02/2026 †x# | Affirm | 1/29/2025 | 298 | 312 | 18 |
| &nbsp;&nbsp;&nbsp; ZJUM-6HVZ, 29.210%, 1/09/2024 †x#^ | Affirm | 1/12/2023 | 135 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; ZJVC-X1QX, 35.140%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 46 | 46 | 23 |
| &nbsp;&nbsp;&nbsp; ZJVM-F49H, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZJVR-S0GF, 35.370%, 4/28/2025 †x#^ | Affirm | 5/03/2024 | 1529 | 1581 | 92 |
| &nbsp;&nbsp;&nbsp; ZJVS-I3JO, 25.000%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 291 | 305 | 17 |
| &nbsp;&nbsp;&nbsp; ZJW1-VO3B, 28.500%, 7/12/2022 †x#^ | Affirm | 1/18/2022 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; ZJW5-SUVD, 7.834%, 11/07/2025 †§x« | Affirm | 8/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZJW7-SAF6, 15.870%, 8/10/2026 †§x | Affirm | 2/26/2025 | 909 | 933 | 931 |
| &nbsp;&nbsp;&nbsp; ZJWA-0VJY, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZJWG-QWMM, 33.050%, 6/21/2026 †§x# | Affirm | 6/27/2024 | 192 | 196 | 198 |
| &nbsp;&nbsp;&nbsp; ZJWK-G4D3, 22.650%, 6/02/2026 †§x | Affirm | 6/27/2025 | 97 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; ZJWV-NY9N, 24.660%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; ZJWY-RNAQ, 35.570%, 9/24/2025 †§x | Affirm | 9/27/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZJWZ-VUTG, 35.950%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 859 | 864 | 224 |
| &nbsp;&nbsp;&nbsp; ZJX2-P0NE, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 187 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; ZJX8-RB6X, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZJXG-NEWS, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1090 | 1122 | 1113 |
| &nbsp;&nbsp;&nbsp; ZJXS-BA6X, 26.700%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 367 | 376 | 22 |
| &nbsp;&nbsp;&nbsp; ZJXY-9KFC, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 367 | 374 | 375 |
| &nbsp;&nbsp;&nbsp; ZJY4-RJML, 35.460%, 4/02/2025 †x#^ | Affirm | 4/05/2024 | 157 | 163 | 9 |
| &nbsp;&nbsp;&nbsp; ZJY6-S9AK, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 385 | 391 | 390 |
| &nbsp;&nbsp;&nbsp; ZJYE-TSJD, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZJYM-LK99, 29.680%, 5/26/2022 †x#^ | Affirm | 12/02/2021 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; ZJYN-AR5C, 29.020%, 6/28/2025 †x#^ | Affirm | 7/03/2023 | 100 | 101 | 6 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8524** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZJYO-D2CW, 29.620%, 3/26/2026 †§x | Affirm | 9/30/2024 | $140 | $144 | $142 |
| &nbsp;&nbsp;&nbsp; ZJYX-3NH6, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 305 | 308 | 309 |
| &nbsp;&nbsp;&nbsp; ZJYY-FUMQ, 29.550%, 8/10/2023 †x#^ | Affirm | 8/15/2022 | 105 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; ZJZ1-KZVR, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 1312 | 1358 | 79 |
| &nbsp;&nbsp;&nbsp; ZJZ3-BU9K, 25.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZJZ5-JMDO, 13.840%, 1/08/2026 †§x | Affirm | 1/29/2025 | 364 | 369 | 370 |
| &nbsp;&nbsp;&nbsp; ZJZM-E93L, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZJZM-HE2O, 29.460%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 72 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; ZJZT-42GV, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZJZZ-FPN2, 35.700%, 8/12/2026 †§x | Affirm | 2/26/2025 | 187 | 185 | 186 |
| &nbsp;&nbsp;&nbsp; ZK05-LFS8, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; ZK0K-Z662, 29.720%, 1/03/2028 †§x | Affirm | 1/29/2025 | 887 | 915 | 909 |
| &nbsp;&nbsp;&nbsp; ZK0T-D3KK, 29.490%, 6/02/2024 †x#^ | Affirm | 6/08/2023 | 691 | 723 | 41 |
| &nbsp;&nbsp;&nbsp; ZK0X-2112, 24.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 611 | 622 | 623 |
| &nbsp;&nbsp;&nbsp; ZK16-WGSK, 24.950%, 6/02/2023 †x#^ | Affirm | 6/06/2022 | 308 | 319 | 18 |
| &nbsp;&nbsp;&nbsp; ZK19-YP3X, 30.950%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZK1A-GF5G, 32.000%, 1/09/2026 †§x | Affirm | 1/12/2024 | 344 | 348 | 347 |
| &nbsp;&nbsp;&nbsp; ZK1E-TDBK, 28.000%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 78 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZK1N-XE2C, 13.840%, 6/02/2026 †§x | Affirm | 6/27/2025 | 270 | 277 | 279 |
| &nbsp;&nbsp;&nbsp; ZK1U-4FRA, 35.370%, 12/18/2024 †x#^ | Affirm | 6/21/2024 | 388 | 396 | 23 |
| &nbsp;&nbsp;&nbsp; ZK24-FLNR, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 396 | 403 | 401 |
| &nbsp;&nbsp;&nbsp; ZK2F-YI1H, 35.260%, 2/07/2026 †§x# | Affirm | 8/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZK2U-X8V2, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZK35-4BN1, 29.110%, 12/27/2023 †x#^ | Affirm | 12/30/2021 | 946 | 871 | 57 |
| &nbsp;&nbsp;&nbsp; ZK37-17GJ, 33.050%, 2/07/2026 †§x | Affirm | 2/26/2025 | 185 | 189 | 190 |
| &nbsp;&nbsp;&nbsp; ZK3E-F78O, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 213 | 214 | 215 |
| &nbsp;&nbsp;&nbsp; ZK3E-HVMX, 35.490%, 10/22/2025 †§x | Affirm | 10/25/2024 | 217 | 219 | 219 |
| &nbsp;&nbsp;&nbsp; ZK3F-WNCH, 29.410%, 3/06/2024 †x#^ | Affirm | 3/09/2023 | 88 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; ZK3G-DBO0, 15.770%, 6/02/2026 †§x | Affirm | 6/27/2025 | 110 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; ZK3S-CXSF, 13.840%, 6/18/2027 †x | Affirm | 6/21/2024 | 6599 | 6677 | 6704 |
| &nbsp;&nbsp;&nbsp; ZK47-YMON, 35.450%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZK4G-0ULP, 24.400%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1385 | 1434 | 1443 |
| &nbsp;&nbsp;&nbsp; ZK4J-6BEP, 19.700%, 9/19/2025 †§x | Affirm | 9/23/2024 | 30 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; ZK4J-K67P, 35.540%, 12/11/2025 †§x | Affirm | 12/27/2024 | 102 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; ZK4L-83VY, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 297 | 295 | 295 |
| &nbsp;&nbsp;&nbsp; ZK4P-BMNK, 29.540%, 10/26/2025 †§x# | Affirm | 5/02/2024 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; ZK55-F7N8, 29.550%, 12/18/2025 †§x | Affirm | 6/21/2024 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZK55-PU3J, 35.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZK57-K35H, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZK5B-0P1B, 15.820%, 11/25/2023 †x#^ | Affirm | 12/01/2022 | 229 | 233 | 14 |
| &nbsp;&nbsp;&nbsp; ZK5C-654W, 33.050%, 12/28/2027 †x# | Affirm | 1/29/2025 | 4261 | 4391 | 4407 |
| &nbsp;&nbsp;&nbsp; ZK5F-IBT1, 29.650%, 10/02/2025 †§x# | Affirm | 10/05/2023 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZK5R-CI6I, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 113 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; ZK5T-QQRY, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 93 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZK5U-8GOA, 28.500%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 221 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; ZK61-4HTY, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 203 | 212 | 211 |
| &nbsp;&nbsp;&nbsp; ZK62-OAXT, 33.950%, 2/27/2026 †§x | Affirm | 3/28/2025 | 397 | 408 | 408 |
| &nbsp;&nbsp;&nbsp; ZK66-AKM7, 6.965%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 215 | 209 | 209 |
| &nbsp;&nbsp;&nbsp; ZK6B-J0CC, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 137 | 141 | 138 |
| &nbsp;&nbsp;&nbsp; ZK6F-83U1, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 185 | 187 | 114 |
| &nbsp;&nbsp;&nbsp; ZK79-2S7Z, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 344 | 351 | 352 |
| &nbsp;&nbsp;&nbsp; ZK7B-4SPS, 31.000%, 3/24/2026 †§x | Affirm | 9/27/2024 | 481 | 491 | 492 |
| &nbsp;&nbsp;&nbsp; ZK7E-2EHT, 27.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 123 | 124 | 123 |
| &nbsp;&nbsp;&nbsp; ZK83-70YE, 33.050%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 107 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZK8D-8FAN, 33.050%, 6/19/2026 †§x | Affirm | 12/27/2024 | 257 | 265 | 264 |
| &nbsp;&nbsp;&nbsp; ZK8I-YZAB, 25.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 21 | 22 | 22 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8525** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZK8K-9IJY, 33.950%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | $51 | $53 | $3 |
| &nbsp;&nbsp;&nbsp; ZK8O-0WY2, 29.580%, 10/21/2026 †§x | Affirm | 10/24/2024 | 338 | 348 | 349 |
| &nbsp;&nbsp;&nbsp; ZK8O-YWLD, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZK8T-YBXU, 32.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; ZK95-P0U6, 32.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 179 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; ZK98-BTZ7, 29.720%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 83 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; ZK9H-EPTA, 31.000%, 8/28/2024 †x#^ | Affirm | 3/04/2024 | 1309 | 1347 | 79 |
| &nbsp;&nbsp;&nbsp; ZK9L-Z45T, 26.900%, 9/02/2025 †§x | Affirm | 6/27/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZK9M-UKES, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 1302 | 1275 | 78 |
| &nbsp;&nbsp;&nbsp; ZK9N-1VM5, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; ZK9S-13F0, 29.540%, 2/18/2024 †x#^ | Affirm | 8/22/2022 | 93 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZKA0-P6PE, 30.950%, 1/23/2026 †§x | Affirm | 7/26/2024 | 322 | 326 | 327 |
| &nbsp;&nbsp;&nbsp; ZKA5-1T21, 26.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 122 | 126 | 128 |
| &nbsp;&nbsp;&nbsp; ZKA9-V34W, 15.720%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 4797 | 5125 | 288 |
| &nbsp;&nbsp;&nbsp; ZKAF-P9BM, 29.650%, 5/12/2023 †x#^ | Affirm | 11/18/2021 | 203 | 194 | 12 |
| &nbsp;&nbsp;&nbsp; ZKAI-LF43, 15.720%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 130 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; ZKAP-M7G7, 35.530%, 12/12/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZKAY-K744, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 199 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; ZKB6-V3OK, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 83 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZKB8-7LI3, 29.820%, 3/03/2026 †§x | Affirm | 3/28/2025 | 62 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZKB9-O3OZ, 29.520%, 6/06/2026 †x# | Affirm | 6/09/2023 | 473 | 508 | 28 |
| &nbsp;&nbsp;&nbsp; ZKBG-BUG6, 29.130%, 1/09/2025 †x#^ | Affirm | 1/12/2023 | 43 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; ZKBH-TAGE, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 198 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; ZKBZ-GL47, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | 183 | 191 | 190 |
| &nbsp;&nbsp;&nbsp; ZKC6-KQBX, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 173 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; ZKCA-ENBM, 28.990%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 198 | 196 | 12 |
| &nbsp;&nbsp;&nbsp; ZKCC-Y2Z9, 22.750%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1046 | 1079 | 1085 |
| &nbsp;&nbsp;&nbsp; ZKCE-RNOF, 24.400%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 256 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; ZKCI-D7MC, 35.450%, 3/18/2026 †§x | Affirm | 9/23/2024 | 210 | 213 | 211 |
| &nbsp;&nbsp;&nbsp; ZKCK-2SFU, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 250 | 256 | 257 |
| &nbsp;&nbsp;&nbsp; ZKD5-287W, 35.570%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZKD5-I812, 35.430%, 6/20/2026 †§x | Affirm | 12/27/2024 | 374 | 382 | 379 |
| &nbsp;&nbsp;&nbsp; ZKDM-IIAL, 26.700%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; ZKDQ-PCLX, 33.050%, 10/03/2025 †§x | Affirm | 10/07/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZKDR-BRO9, 35.300%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZKDS-H6KO, 33.950%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; ZKDT-QWWR, 33.950%, 8/06/2026 †§x | Affirm | 8/29/2025 | 175 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; ZKE1-NYKF, 29.890%, 1/02/2026 †§x | Affirm | 1/29/2025 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; ZKE3-M6P4, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; ZKER-1KA8, 25.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 244 | 252 | 254 |
| &nbsp;&nbsp;&nbsp; ZKET-YTQ6, 35.430%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 373 | 368 | 370 |
| &nbsp;&nbsp;&nbsp; ZKEY-UFN6, 33.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 206 | 210 | 211 |
| &nbsp;&nbsp;&nbsp; ZKF0-HX7B, 35.410%, 10/21/2026 †§x | Affirm | 10/24/2024 | 297 | 295 | 297 |
| &nbsp;&nbsp;&nbsp; ZKF6-3F0Z, 15.750%, 9/20/2025 †§x | Affirm | 3/28/2025 | 32 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZKFG-DQ63, 26.700%, 10/28/2025 †§x | Affirm | 10/31/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZKFM-X0UN, 26.700%, 12/20/2026 †x | Affirm | 12/27/2024 | 2821 | 2921 | 2950 |
| &nbsp;&nbsp;&nbsp; ZKFS-RGDJ, 29.510%, 12/29/2022 †x#^ | Affirm | 7/05/2022 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; ZKFV-C354, 29.600%, 1/02/2026 †§x | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZKFZ-X2UW, 30.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 115 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; ZKG4-I7GN, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 111 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; ZKG8-IZHM, 28.500%, 7/18/2024 †x#^ | Affirm | 10/21/2022 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; ZKGC-D4GP, 6.069%, 8/07/2026 †§x« | Affirm | 8/29/2025 | 204 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; ZKGC-S0NX, 29.540%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 245 | 258 | 15 |
| &nbsp;&nbsp;&nbsp; ZKGC-TRUO, 35.280%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 80 | 80 | 5 |
| &nbsp;&nbsp;&nbsp; ZKGQ-SK8E, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZKGR-GSA4, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 504 | 513 | 514 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8526** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZKGZ-SVK4, 33.000%, 6/28/2026 †§x# | Affirm | 1/29/2025 | $620 | $611 | $614 |
| &nbsp;&nbsp;&nbsp; ZKH3-TWIW, 35.530%, 12/10/2025 †x# | Affirm | 12/27/2024 | 242 | 240 | 15 |
| &nbsp;&nbsp;&nbsp; ZKHD-WPQV, 24.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZKHE-XF1F, 31.590%, 4/03/2023 †x#^ | Affirm | 10/06/2022 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; ZKHJ-WO32, 24.400%, 6/12/2026 †§x | Affirm | 12/27/2024 | 283 | 289 | 290 |
| &nbsp;&nbsp;&nbsp; ZKHL-E3SD, 35.640%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; ZKHW-4WOQ, 29.610%, 6/06/2023 †§x^ | Affirm | 12/09/2021 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; ZKHX-3AYV, 29.620%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 420 | 428 | 25 |
| &nbsp;&nbsp;&nbsp; ZKHZ-LMNB, 29.620%, 12/13/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZKI1-CRWP, 23.400%, 2/12/2027 †§x | Affirm | 2/26/2025 | 342 | 359 | 358 |
| &nbsp;&nbsp;&nbsp; ZKI6-S2HX, 28.000%, 7/01/2023 †x#^ | Affirm | 7/08/2022 | 198 | 208 | 12 |
| &nbsp;&nbsp;&nbsp; ZKI9-RESY, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 487 | 501 | 499 |
| &nbsp;&nbsp;&nbsp; ZKIA-BUHJ, 29.690%, 12/15/2025 †x# | Affirm | 11/27/2024 | 133 | 140 | 11 |
| &nbsp;&nbsp;&nbsp; ZKIL-NDDY, 35.350%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 70 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZKIO-PPAJ, 35.400%, 10/28/2026 †x# | Affirm | 10/31/2024 | 602 | 595 | 22 |
| &nbsp;&nbsp;&nbsp; ZKIU-HYAB, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 394 | 401 | 24 |
| &nbsp;&nbsp;&nbsp; ZKIX-RB9L, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 189 | 196 | 199 |
| &nbsp;&nbsp;&nbsp; ZKJ5-6A33, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 148 | 151 | 9 |
| &nbsp;&nbsp;&nbsp; ZKJD-A364, 29.710%, 1/11/2023 †x#^ | Affirm | 1/14/2022 | 72 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZKJK-7443, 29.020%, 6/28/2025 †x#^ | Affirm | 7/03/2023 | 413 | 441 | 25 |
| &nbsp;&nbsp;&nbsp; ZKJN-GIK9, 25.700%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 303 | 318 | 18 |
| &nbsp;&nbsp;&nbsp; ZKJR-NJNY, 15.810%, 9/23/2025 †§x | Affirm | 9/26/2024 | 48 | 48 | 49 |
| &nbsp;&nbsp;&nbsp; ZKK2-UJU1, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 162 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; ZKK3-WI9G, 29.810%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 23 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; ZKK7-0OJZ, 33.950%, 9/24/2025 †§x | Affirm | 9/27/2024 | 120 | 120 | 121 |
| &nbsp;&nbsp;&nbsp; ZKKD-WWXV, 35.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 110 | 113 | 70 |
| &nbsp;&nbsp;&nbsp; ZKKE-MLLW, 26.000%, 10/03/2025 †x# | Affirm | 10/07/2024 | 492 | 512 | 30 |
| &nbsp;&nbsp;&nbsp; ZKKE-OMFL, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 799 | 808 | 809 |
| &nbsp;&nbsp;&nbsp; ZKKO-BZQT, 24.680%, 10/28/2025 †§x | Affirm | 10/31/2024 | 22 | 22 | 23 |
| &nbsp;&nbsp;&nbsp; ZKKQ-KNED, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 170 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; ZKL0-LX0S, 29.390%, 9/30/2022 †x#^ | Affirm | 4/04/2022 | 236 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; ZKL9-TBDR, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 137 | 141 | 139 |
| &nbsp;&nbsp;&nbsp; ZKLA-T09H, 22.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZKMA-QB1F, 29.570%, 8/06/2026 †§x | Affirm | 8/29/2025 | 212 | 222 | 222 |
| &nbsp;&nbsp;&nbsp; ZKMO-O6LU, 30.500%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 251 | 257 | 260 |
| &nbsp;&nbsp;&nbsp; ZKMQ-T8W8, 23.400%, 8/07/2026 †§x | Affirm | 2/26/2025 | 1123 | 1157 | 1165 |
| &nbsp;&nbsp;&nbsp; ZKMR-CX9H, 35.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; ZKMV-JWCR, 24.950%, 6/05/2025 †x#^ | Affirm | 6/08/2023 | 2815 | 2691 | 169 |
| &nbsp;&nbsp;&nbsp; ZKMY-CR37, 35.360%, 12/28/2023 †x#^ | Affirm | 7/03/2023 | 211 | 215 | 13 |
| &nbsp;&nbsp;&nbsp; ZKN6-6BTE, 35.160%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZKN7-YZ5B, 29.780%, 4/03/2024 †x#^ | Affirm | 10/06/2022 | 158 | 165 | 9 |
| &nbsp;&nbsp;&nbsp; ZKN8-KWVS, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 119 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; ZKNB-CFJM, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 457 | 465 | 461 |
| &nbsp;&nbsp;&nbsp; ZKNJ-691G, 35.620%, 8/12/2026 †§x | Affirm | 2/26/2025 | 244 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; ZKNK-D0OI, 29.420%, 3/15/2023 †x#^ | Affirm | 3/18/2022 | 116 | 115 | 7 |
| &nbsp;&nbsp;&nbsp; ZKO3-DW6U, 13.840%, 11/20/2027 †§x | Affirm | 11/27/2024 | 960 | 990 | 998 |
| &nbsp;&nbsp;&nbsp; ZKO6-XN58, 31.000%, 9/28/2025 †x# | Affirm | 10/03/2024 | 214 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; ZKOD-ZZ6D, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 200 | 205 | 206 |
| &nbsp;&nbsp;&nbsp; ZKOF-3KA9, 24.400%, 11/15/2026 †§x | Affirm | 11/27/2024 | 400 | 414 | 416 |
| &nbsp;&nbsp;&nbsp; ZKOJ-IQ4D, 20.900%, 10/23/2026 †§x | Affirm | 10/28/2024 | 364 | 375 | 374 |
| &nbsp;&nbsp;&nbsp; ZKOS-UEZH, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 238 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; ZKOW-JVJ9, 29.640%, 2/21/2025 †x#^ | Affirm | 2/29/2024 | 84 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; ZKOX-UQHP, 33.050%, 10/22/2025 †§x | Affirm | 10/25/2024 | 140 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; ZKP7-5BON, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 702 | 714 | 708 |
| &nbsp;&nbsp;&nbsp; ZKPH-W09A, 29.660%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; ZKPK-O8BL, 33.950%, 12/16/2025 †x# | Affirm | 12/27/2024 | 143 | 151 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8527** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZKPL-0ZF8, 29.520%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | $35 | $35 | $2 |
| &nbsp;&nbsp;&nbsp; ZKPQ-X53J, 16.000%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 68 | 68 | 7 |
| &nbsp;&nbsp;&nbsp; ZKPR-H926, 7.870%, 10/28/2025 †§x | Affirm | 10/31/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZKPY-JQOX, 29.650%, 9/28/2025 †§x | Affirm | 10/03/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZKQ4-JCB2, 28.000%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 175 | 184 | 11 |
| &nbsp;&nbsp;&nbsp; ZKQQ-MZ9V, 29.510%, 12/12/2023 †x#^ | Affirm | 6/15/2023 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZKQR-9HJJ, 33.050%, 12/09/2025 †x# | Affirm | 12/27/2024 | 184 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; ZKR2-CHA0, 24.400%, 12/20/2025 †§x | Affirm | 6/24/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZKR2-L2MU, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 106 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; ZKRT-P6WL, 7.990%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 37 | 38 | 6 |
| &nbsp;&nbsp;&nbsp; ZKS0-0UWA, 24.400%, 12/28/2026 †x# | Affirm | 1/29/2025 | 4018 | 4158 | 4165 |
| &nbsp;&nbsp;&nbsp; ZKS4-KO4U, 35.380%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 31 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; ZKSA-ZJ5R, 33.050%, 11/21/2025 †§x# | Affirm | 5/24/2024 | 112 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; ZKSB-HOSW, 25.900%, 12/11/2025 †§x | Affirm | 12/27/2024 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; ZKSC-9824, 15.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 79 | 78 |
| &nbsp;&nbsp;&nbsp; ZKSD-5WPM, 13.840%, 3/23/2026 †§x | Affirm | 9/26/2024 | 203 | 207 | 207 |
| &nbsp;&nbsp;&nbsp; ZKSI-ZKAA, 29.710%, 1/09/2026 †§x | Affirm | 1/29/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; ZKSJ-83DG, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 402 | 412 | 414 |
| &nbsp;&nbsp;&nbsp; ZKSO-YDUO, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZKSP-2X33, 29.610%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 631 | 643 | 38 |
| &nbsp;&nbsp;&nbsp; ZKST-BO5P, 33.950%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZKSV-12Q6, 33.950%, 5/20/2026 †§x# | Affirm | 5/24/2024 | 167 | 169 | 170 |
| &nbsp;&nbsp;&nbsp; ZKT0-122T, 32.000%, 11/12/2025 †§x | Affirm | 11/27/2024 | 180 | 182 | 183 |
| &nbsp;&nbsp;&nbsp; ZKT2-X3LK, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 244 | 248 | 140 |
| &nbsp;&nbsp;&nbsp; ZKTA-37X7, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 296 | 299 | 18 |
| &nbsp;&nbsp;&nbsp; ZKTG-6IKU, 35.590%, 6/11/2025 †x#^ | Affirm | 12/27/2024 | 358 | 367 | 22 |
| &nbsp;&nbsp;&nbsp; ZKTL-UZAO, 29.500%, 10/19/2024 †x#^ | Affirm | 4/27/2023 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; ZKTQ-LN8T, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 199 | 201 | 200 |
| &nbsp;&nbsp;&nbsp; ZKU5-L6VD, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 155 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; ZKU8-S5YJ, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 159 | 162 | 162 |
| &nbsp;&nbsp;&nbsp; ZKU9-QJHT, 35.580%, 9/18/2025 †§x | Affirm | 9/23/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZKUF-700J, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 164 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; ZKUF-HIQS, 29.700%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 294 | 308 | 18 |
| &nbsp;&nbsp;&nbsp; ZKV0-CZN3, 29.560%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 121 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; ZKV4-M0BP, 14.780%, 8/27/2026 †§x | Affirm | 8/30/2024 | 379 | 377 | 383 |
| &nbsp;&nbsp;&nbsp; ZKVD-1JGT, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; ZKVE-66ZV, 33.050%, 1/02/2027 †§x | Affirm | 1/29/2025 | 733 | 760 | 764 |
| &nbsp;&nbsp;&nbsp; ZKVU-68XQ, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 1182 | 1195 | 1195 |
| &nbsp;&nbsp;&nbsp; ZKVW-22D1, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 201 | 202 | 201 |
| &nbsp;&nbsp;&nbsp; ZKW0-UH7Z, 35.360%, 2/19/2026 †§x# | Affirm | 8/22/2024 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; ZKW5-4PZR, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 33 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; ZKW7-5IYS, 15.870%, 3/03/2026 †§x | Affirm | 3/28/2025 | 84 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; ZKWU-4ZQR, 29.200%, 1/03/2026 †§x | Affirm | 1/08/2024 | 399 | 399 | 400 |
| &nbsp;&nbsp;&nbsp; ZKWW-DWG1, 29.710%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 325 | 331 | 19 |
| &nbsp;&nbsp;&nbsp; ZKX1-A26T, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZKX8-DG5K, 29.850%, 10/02/2025 †§x | Affirm | 10/07/2024 | 22 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZKXA-IURR, 35.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; ZKXB-EDVI, 35.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 585 | 596 | 590 |
| &nbsp;&nbsp;&nbsp; ZKY1-WYVH, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 106 | 109 | 108 |
| &nbsp;&nbsp;&nbsp; ZKY7-WFSD, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZKYC-4TN1, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 160 | 163 | 164 |
| &nbsp;&nbsp;&nbsp; ZKYM-Q8ST, 22.480%, 3/01/2024 †x#^ | Affirm | 9/08/2023 | 46 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZKYO-V2FB, 28.500%, 9/27/2025 †§x# | Affirm | 9/30/2022 | 98 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; ZKYZ-X26P, 29.690%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 93 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZKZ3-PPPB, 29.500%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; ZKZE-94PT, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 58 | 58 | 58 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8528** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZKZI-OYQB, 33.050%, 9/02/2025 †§x# | Affirm | 6/27/2025 | $40 | $40 | $40 |
| &nbsp;&nbsp;&nbsp; ZKZM-B1E9, 33.050%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 234 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; ZKZM-OI1C, 13.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZL03-OM9T, 15.800%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 102 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; ZL04-LJ7T, 35.580%, 9/16/2025 †§x | Affirm | 9/26/2024 | 16 | 14 | 15 |
| &nbsp;&nbsp;&nbsp; ZL0I-TTRA, 29.810%, 2/06/2026 †§x | Affirm | 2/26/2025 | 134 | 137 | 138 |
| &nbsp;&nbsp;&nbsp; ZL0L-585O, 25.200%, 1/02/2026 †§x | Affirm | 1/05/2024 | 260 | 262 | 261 |
| &nbsp;&nbsp;&nbsp; ZL11-GR3Q, 22.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZL12-P688, 35.300%, 3/03/2026 †§x | Affirm | 3/28/2025 | 132 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; ZL1H-VAHZ, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 184 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; ZL1I-G3BJ, 35.570%, 9/28/2025 †x# | Affirm | 10/03/2024 | 94 | 94 | 26 |
| &nbsp;&nbsp;&nbsp; ZL1J-VI03, 33.000%, 10/21/2025 †§x | Affirm | 10/24/2024 | 229 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; ZL1W-7IFX, 35.330%, 5/06/2025 †x#^ | Affirm | 5/13/2024 | 136 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; ZL24-33L1, 35.380%, 8/22/2026 †§x | Affirm | 8/26/2024 | 276 | 275 | 278 |
| &nbsp;&nbsp;&nbsp; ZL28-LC5Q, 29.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZL2U-RWXO, 35.350%, 12/24/2025 †§x | Affirm | 6/27/2024 | 64 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZL2W-KH44, 35.370%, 11/06/2025 †x# | Affirm | 5/09/2024 | 421 | 435 | 25 |
| &nbsp;&nbsp;&nbsp; ZL2Y-RWRM, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZL30-V9FM, 29.570%, 9/24/2026 †§x | Affirm | 9/27/2024 | 365 | 376 | 378 |
| &nbsp;&nbsp;&nbsp; ZL4H-98OY, 19.750%, 2/28/2024 †x#^ | Affirm | 8/31/2023 | 172 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; ZL4I-85KH, 29.490%, 6/29/2024 †x#^ | Affirm | 7/07/2023 | 299 | 298 | 18 |
| &nbsp;&nbsp;&nbsp; ZL4Q-J2AU, 35.440%, 7/03/2026 †§x | Affirm | 1/29/2025 | 299 | 304 | 304 |
| &nbsp;&nbsp;&nbsp; ZL4T-GQNL, 28.890%, 9/29/2023 †x#^ | Affirm | 4/03/2023 | 212 | 218 | 13 |
| &nbsp;&nbsp;&nbsp; ZL4Y-081N, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 672 | 696 | 40 |
| &nbsp;&nbsp;&nbsp; ZL56-DY1N, 29.890%, 2/01/2023 †x#^ | Affirm | 2/04/2022 | 95 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZL5G-TO76, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 129 | 133 | 135 |
| &nbsp;&nbsp;&nbsp; ZL5N-SOFN, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 167 | 171 | 170 |
| &nbsp;&nbsp;&nbsp; ZL5O-USP5, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; ZL5P-U3E1, 29.600%, 12/16/2023 †x#^ | Affirm | 12/20/2021 | 510 | 551 | 31 |
| &nbsp;&nbsp;&nbsp; ZL5V-DET7, 29.070%, 10/02/2025 †§x | Affirm | 10/05/2023 | 250 | 251 | 250 |
| &nbsp;&nbsp;&nbsp; ZL68-U8BZ, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZL6I-IO10, 35.530%, 12/10/2025 †§x | Affirm | 12/27/2024 | 818 | 831 | 833 |
| &nbsp;&nbsp;&nbsp; ZL6J-QKPZ, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 113 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; ZL7F-345C, 24.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 492 | 503 | 505 |
| &nbsp;&nbsp;&nbsp; ZL7P-XOHJ, 33.140%, 11/15/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZL83-WE48, 26.700%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; ZL87-8YIF, 29.550%, 2/22/2026 †§x | Affirm | 8/26/2024 | 183 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; ZL8B-Y7C4, 30.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 109 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; ZL8S-VD23, 31.000%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 1194 | 1227 | 1234 |
| &nbsp;&nbsp;&nbsp; ZL97-S5K6, 29.430%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 13 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; ZL9U-B883, 35.480%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 22 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; ZL9U-ZEGL, 28.950%, 11/23/2024 †x#^ | Affirm | 5/26/2023 | 104 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; ZL9V-6PUQ, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZL9Z-13UC, 23.400%, 2/05/2026 †§x | Affirm | 2/26/2025 | 167 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; ZLAN-O2LY, 14.700%, 9/24/2026 †x | Affirm | 9/27/2024 | 3083 | 3171 | 3187 |
| &nbsp;&nbsp;&nbsp; ZLAN-OT1A, 31.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 1363 | 1423 | 1419 |
| &nbsp;&nbsp;&nbsp; ZLAT-WWM9, 29.910%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZLAV-598W, 29.570%, 4/25/2024 †x#^ | Affirm | 10/28/2022 | 306 | 327 | 18 |
| &nbsp;&nbsp;&nbsp; ZLB3-TTCM, 35.400%, 10/25/2026 †§x | Affirm | 10/31/2024 | 1142 | 1135 | 1151 |
| &nbsp;&nbsp;&nbsp; ZLB6-76J3, 29.690%, 11/20/2025 †§x | Affirm | 11/27/2024 | 150 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; ZLBK-KRF9, 35.370%, 12/25/2025 †§x | Affirm | 6/28/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZLBO-PNNR, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 172 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; ZLBP-OGVO, 25.200%, 5/06/2026 †§x | Affirm | 5/30/2025 | 203 | 210 | 212 |
| &nbsp;&nbsp;&nbsp; ZLBY-IIU5, 29.590%, 10/24/2025 †x# | Affirm | 10/28/2024 | 561 | 593 | 34 |
| &nbsp;&nbsp;&nbsp; ZLC8-HD5W, 29.430%, 3/03/2026 †§x | Affirm | 3/28/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZLCI-7HLA, 24.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 899 | 919 | 919 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8529** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZLCJ-WVRL, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | $34 | $35 | $35 |
| &nbsp;&nbsp;&nbsp; ZLCQ-66JD, 29.570%, 11/22/2025 †x# | Affirm | 11/27/2023 | 99 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; ZLCS-XHXW, 29.140%, 11/28/2023 †x#^ | Affirm | 12/02/2021 | 453 | 486 | 27 |
| &nbsp;&nbsp;&nbsp; ZLD0-MDEB, 22.750%, 1/02/2026 †§x | Affirm | 1/29/2025 | 427 | 432 | 433 |
| &nbsp;&nbsp;&nbsp; ZLD3-RJG0, 15.700%, 2/19/2025 †x#^ | Affirm | 8/22/2024 | 102 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; ZLE5-K8Y2, 30.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; ZLE6-GQCT, 28.000%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 209 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; ZLEG-BA8L, 29.620%, 2/15/2023 †x#^ | Affirm | 12/20/2021 | 949 | 968 | 57 |
| &nbsp;&nbsp;&nbsp; ZLEN-2JG7, 33.300%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 96 | 95 | 57 |
| &nbsp;&nbsp;&nbsp; ZLEU-CUW0, 29.560%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 14 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; ZLF3-MS5U, 28.500%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 163 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; ZLFE-Q2RS, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 371 | 384 | 387 |
| &nbsp;&nbsp;&nbsp; ZLFF-13GA, 35.150%, 1/08/2026 †§x# | Affirm | 7/31/2025 | 569 | 569 | 328 |
| &nbsp;&nbsp;&nbsp; ZLFH-Y910, 13.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZLFJ-DBYB, 33.050%, 3/24/2026 †x# | Affirm | 9/27/2024 | 223 | 235 | 13 |
| &nbsp;&nbsp;&nbsp; ZLFJ-G627, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 151 | 148 | 154 |
| &nbsp;&nbsp;&nbsp; ZLFL-HCZ4, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZLFL-PYFE, 15.880%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; ZLFS-GKP9, 29.510%, 6/13/2025 †x#^ | Affirm | 6/16/2023 | 1148 | 1143 | 69 |
| &nbsp;&nbsp;&nbsp; ZLG2-Y4DR, 32.500%, 8/06/2026 †§x | Affirm | 2/26/2025 | 721 | 711 | 717 |
| &nbsp;&nbsp;&nbsp; ZLG4-6ZJ5, 35.500%, 10/24/2025 †§x | Affirm | 10/28/2024 | 146 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; ZLGH-5V77, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZLGQ-WXRA, 11.860%, 9/25/2025 †x# | Affirm | 9/30/2024 | 69 | 72 | 18 |
| &nbsp;&nbsp;&nbsp; ZLGT-WO6V, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 538 | 536 | 538 |
| &nbsp;&nbsp;&nbsp; ZLGW-KE2X, 33.950%, 5/10/2024 †x#^ | Affirm | 5/15/2023 | 72 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; ZLH4-821H, 27.100%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 45 | 47 | 3 |
| &nbsp;&nbsp;&nbsp; ZLH7-K4QA, 32.850%, 3/20/2026 †§x | Affirm | 3/28/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; ZLHE-8KV6, 35.410%, 4/26/2025 †x#^ | Affirm | 5/02/2024 | 261 | 261 | 16 |
| &nbsp;&nbsp;&nbsp; ZLHK-SJNQ, 29.610%, 7/02/2026 †§x | Affirm | 1/29/2025 | 162 | 167 | 164 |
| &nbsp;&nbsp;&nbsp; ZLHS-X2LV, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 172 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; ZLHW-5916, 26.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 121 | 123 | 124 |
| &nbsp;&nbsp;&nbsp; ZLI1-54AN, 29.620%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 1370 | 1398 | 82 |
| &nbsp;&nbsp;&nbsp; ZLI2-7VBG, 29.460%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 297 | 293 | 18 |
| &nbsp;&nbsp;&nbsp; ZLI7-A4P0, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZLI7-IEE9, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 183 | 186 | 185 |
| &nbsp;&nbsp;&nbsp; ZLIA-SHD1, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZLIE-AFR1, 26.900%, 11/12/2025 †§x | Affirm | 11/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZLIF-NEC2, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 281 | 287 | 287 |
| &nbsp;&nbsp;&nbsp; ZLIG-A38N, 35.380%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZLIW-7MQ8, 35.550%, 12/16/2025 †§x | Affirm | 12/27/2024 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZLIX-WS20, 29.570%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 105 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; ZLIY-YYTM, 35.300%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 439 | 437 | 446 |
| &nbsp;&nbsp;&nbsp; ZLIZ-49TS, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 146 | 146 | 144 |
| &nbsp;&nbsp;&nbsp; ZLIZ-X117, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 124 | 127 | 126 |
| &nbsp;&nbsp;&nbsp; ZLJ8-QEJL, 29.650%, 9/19/2025 †x# | Affirm | 9/23/2024 | 81 | 84 | 1 |
| &nbsp;&nbsp;&nbsp; ZLJ9-F45H, 15.870%, 12/28/2025 †x# | Affirm | 1/29/2025 | 165 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; ZLJQ-AFGC, 29.630%, 12/02/2025 †§x | Affirm | 6/27/2025 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; ZLJS-P4GL, 29.810%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 2029 | 2100 | 122 |
| &nbsp;&nbsp;&nbsp; ZLJU-B17O, 25.200%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 16 | 17 | 2 |
| &nbsp;&nbsp;&nbsp; ZLJV-HF6B, 29.540%, 10/16/2025 †§x | Affirm | 4/19/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZLJW-YJSJ, 29.520%, 7/08/2027 †§x | Affirm | 7/31/2025 | 882 | 872 | 868 |
| &nbsp;&nbsp;&nbsp; ZLJY-39I5, 29.710%, 2/11/2027 †§x | Affirm | 2/26/2025 | 641 | 672 | 678 |
| &nbsp;&nbsp;&nbsp; ZLJZ-VFOP, 24.690%, 12/28/2025 †§x | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZLK5-54Q5, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 129 | 132 | 131 |
| &nbsp;&nbsp;&nbsp; ZLK8-CATV, 35.380%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 487 | 513 | 29 |
| &nbsp;&nbsp;&nbsp; ZLK9-N5T5, 31.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 396 | 412 | 416 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8530** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZLKD-0LJL, 33.050%, 8/12/2026 †§x | Affirm | 2/26/2025 | $261 | $272 | $270 |
| &nbsp;&nbsp;&nbsp; ZLKN-HTFJ, 29.430%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 9 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; ZLL1-7M2T, 29.450%, 5/12/2023 †x#^ | Affirm | 5/16/2022 | 160 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; ZLL1-SS50, 29.020%, 8/28/2025 †x#^ | Affirm | 9/01/2023 | 452 | 483 | 27 |
| &nbsp;&nbsp;&nbsp; ZLL2-ZAQX, 30.950%, 9/23/2026 †§x | Affirm | 9/26/2024 | 1318 | 1359 | 1364 |
| &nbsp;&nbsp;&nbsp; ZLL3-CY38, 29.410%, 5/19/2024 †x#^ | Affirm | 5/25/2023 | 67 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; ZLL4-V1JU, 29.800%, 2/06/2026 †§x | Affirm | 2/26/2025 | 65 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZLL5-LNVR, 23.400%, 11/06/2025 †§x | Affirm | 5/30/2025 | 210 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; ZLL8-PP0L, 33.950%, 10/21/2027 †§x | Affirm | 10/24/2024 | 1602 | 1640 | 1654 |
| &nbsp;&nbsp;&nbsp; ZLLK-2YV6, 29.650%, 6/23/2023 †x#^ | Affirm | 12/30/2022 | 119 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZLLK-SN7F, 29.330%, 11/17/2023 †x#^ | Affirm | 5/22/2023 | 96 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; ZLLK-TREV, 29.510%, 4/06/2023 †x#^ | Affirm | 4/11/2022 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZLLR-LP8B, 24.400%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZLM0-MES9, 29.490%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 242 | 249 | 15 |
| &nbsp;&nbsp;&nbsp; ZLM8-882B, 31.500%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 72 | 72 | 14 |
| &nbsp;&nbsp;&nbsp; ZLM9-KOM8, 29.610%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 68 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; ZLM9-YSY6, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZLMD-3HFZ, 29.430%, 3/03/2023 †x#^ | Affirm | 3/07/2022 | 895 | 926 | 54 |
| &nbsp;&nbsp;&nbsp; ZLMI-TE8E, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 90 | 91 |
| &nbsp;&nbsp;&nbsp; ZLMK-1CZ9, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 512 | 503 | 31 |
| &nbsp;&nbsp;&nbsp; ZLMM-QZVD, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZLMN-M8UX, 33.050%, 11/06/2025 †§x | Affirm | 8/29/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; ZLMQ-2INH, 33.950%, 9/02/2025 †§x | Affirm | 6/27/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; ZLMT-WVMF, 33.950%, 9/16/2025 †§x | Affirm | 9/19/2024 | 114 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; ZLMV-3II3, 35.370%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 687 | 685 | 685 |
| &nbsp;&nbsp;&nbsp; ZLN5-P0J0, 29.700%, 3/18/2026 †§x | Affirm | 9/23/2024 | 88 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; ZLNF-CS0O, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 113 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; ZLNJ-UKMX, 29.480%, 9/14/2025 †x# | Affirm | 3/18/2024 | 255 | 267 | 15 |
| &nbsp;&nbsp;&nbsp; ZLNS-LPVU, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 73 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; ZLNT-XSQH, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 337 | 339 | 340 |
| &nbsp;&nbsp;&nbsp; ZLO1-BNL9, 29.273%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 152 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; ZLO3-NG4G, 33.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 145 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; ZLO4-68WH, 35.440%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 626 | 650 | 38 |
| &nbsp;&nbsp;&nbsp; ZLO4-WJ3X, 29.570%, 9/28/2027 †§x# | Affirm | 10/02/2023 | 1184 | 1283 | 1262 |
| &nbsp;&nbsp;&nbsp; ZLOG-J5YG, 27.500%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 215 | 226 | 13 |
| &nbsp;&nbsp;&nbsp; ZLOK-08DG, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 32 | 32 | 7 |
| &nbsp;&nbsp;&nbsp; ZLOP-Q39Y, 35.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 133 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; ZLOQ-3EZS, 29.560%, 9/05/2025 †§x | Affirm | 9/08/2023 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZLOW-BMYJ, 29.510%, 5/06/2026 †§x | Affirm | 5/09/2024 | 236 | 240 | 241 |
| &nbsp;&nbsp;&nbsp; ZLOX-NH0B, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 486 | 496 | 29 |
| &nbsp;&nbsp;&nbsp; ZLP1-KHVI, 17.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1074 | 1102 | 1108 |
| &nbsp;&nbsp;&nbsp; ZLP3-EK0T, 35.280%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 1804 | 1700 | 108 |
| &nbsp;&nbsp;&nbsp; ZLP4-WF65, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 475 | 485 | 488 |
| &nbsp;&nbsp;&nbsp; ZLPG-08LD, 35.540%, 12/09/2025 †§x | Affirm | 12/27/2024 | 153 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; ZLPI-LAH7, 29.020%, 5/28/2026 †§x | Affirm | 6/05/2023 | 424 | 434 | 435 |
| &nbsp;&nbsp;&nbsp; ZLPQ-QUVD, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZLPS-JWXS, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; ZLPT-57QA, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 256 | 261 | 262 |
| &nbsp;&nbsp;&nbsp; ZLQ0-ZQ11, 18.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 231 | 235 | 236 |
| &nbsp;&nbsp;&nbsp; ZLQ8-XYTR, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZLQ8-ZOX4, 29.480%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; ZLQA-1QMP, 29.650%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZLQD-CM3Z, 29.200%, 3/03/2026 †§x | Affirm | 3/28/2025 | 136 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; ZLQU-NXOF, 29.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZLR0-121U, 18.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; ZLR7-K4L3, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 133 | 136 | 137 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8531** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZLR9-XAES, 29.630%, 5/28/2024 †x#^ | Affirm | 12/02/2022 | $315 | $336 | $19 |
| &nbsp;&nbsp;&nbsp; ZLRA-W8FX, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 249 | 259 | 258 |
| &nbsp;&nbsp;&nbsp; ZLRD-0K9D, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 352 | 361 | 363 |
| &nbsp;&nbsp;&nbsp; ZLRH-FP24, 35.370%, 9/28/2026 †§x | Affirm | 3/31/2025 | 970 | 1005 | 1011 |
| &nbsp;&nbsp;&nbsp; ZLRI-M1AO, 22.780%, 1/02/2026 †§x | Affirm | 1/29/2025 | 723 | 736 | 737 |
| &nbsp;&nbsp;&nbsp; ZLRT-9UNK, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 179 | 179 | 178 |
| &nbsp;&nbsp;&nbsp; ZLRT-UW1P, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 419 | 419 | 418 |
| &nbsp;&nbsp;&nbsp; ZLRU-8UJQ, 35.780%, 2/06/2026 †§x | Affirm | 2/26/2025 | 142 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; ZLRV-3CQI, 29.560%, 10/27/2024 †x#^ | Affirm | 10/31/2022 | 359 | 392 | 22 |
| &nbsp;&nbsp;&nbsp; ZLRV-IPKO, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 153 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; ZLS1-Q40K, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 62 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZLS3-WCE6, 35.460%, 8/16/2025 †x#^ | Affirm | 8/22/2024 | 302 | 304 | 18 |
| &nbsp;&nbsp;&nbsp; ZLS4-W33B, 35.310%, 3/28/2025 †x#^ | Affirm | 4/04/2024 | 316 | 317 | 19 |
| &nbsp;&nbsp;&nbsp; ZLS5-18EM, 29.200%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 293 | 293 | 294 |
| &nbsp;&nbsp;&nbsp; ZLSJ-BZPE, 35.780%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 120 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; ZLSR-FVOZ, 28.500%, 11/22/2025 †§x | Affirm | 11/25/2022 | 257 | 259 | 260 |
| &nbsp;&nbsp;&nbsp; ZLSR-O4V5, 35.380%, 8/28/2024 †x#^ | Affirm | 7/03/2023 | 149 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; ZLT2-HSO0, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 41 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZLT6-H9H4, 35.760%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 131 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; ZLT9-4VIX, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZLTC-DURE, 23.400%, 12/04/2025 †§x | Affirm | 12/07/2023 | 160 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; ZLTH-VQ00, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 733 | 733 | 735 |
| &nbsp;&nbsp;&nbsp; ZLTJ-XI3H, 35.210%, 11/21/2024 †x#^ | Affirm | 5/24/2024 | 197 | 195 | 12 |
| &nbsp;&nbsp;&nbsp; ZLTL-KYYT, 33.050%, 11/13/2027 †§x | Affirm | 11/27/2024 | 1429 | 1467 | 1485 |
| &nbsp;&nbsp;&nbsp; ZLTN-AUUJ, 18.000%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZLTR-BF0E, 29.540%, 12/02/2026 †§x | Affirm | 6/27/2025 | 323 | 336 | 334 |
| &nbsp;&nbsp;&nbsp; ZLTS-R6OT, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 372 | 374 | 376 |
| &nbsp;&nbsp;&nbsp; ZLTX-DGQF, 22.920%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 67 | 68 | 12 |
| &nbsp;&nbsp;&nbsp; ZLU1-M6PV, 18.000%, 11/03/2025 †§x | Affirm | 5/13/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZLU6-F73O, 33.050%, 9/16/2025 †§x | Affirm | 9/19/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZLUA-I3PQ, 29.490%, 6/05/2024 †x#^ | Affirm | 6/08/2023 | 621 | 649 | 37 |
| &nbsp;&nbsp;&nbsp; ZLUG-7SNW, 25.200%, 12/24/2025 †§x | Affirm | 6/27/2024 | 538 | 545 | 547 |
| &nbsp;&nbsp;&nbsp; ZLUH-ILDB, 11.840%, 12/19/2026 †x# | Affirm | 12/27/2024 | 2619 | 2616 | 157 |
| &nbsp;&nbsp;&nbsp; ZLUM-85MX, 35.340%, 7/08/2026 †§x | Affirm | 7/31/2025 | 223 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; ZLUM-K3VN, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 557 | 566 | 568 |
| &nbsp;&nbsp;&nbsp; ZLUP-CXQA, 29.640%, 6/28/2022 †x#^ | Affirm | 1/03/2022 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; ZLUV-L0CE, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 299 | 307 | 309 |
| &nbsp;&nbsp;&nbsp; ZLUW-RQIA, 35.890%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 35 | 35 | 5 |
| &nbsp;&nbsp;&nbsp; ZLV4-UQGS, 32.930%, 9/28/2026 †§x | Affirm | 3/31/2025 | 392 | 390 | 395 |
| &nbsp;&nbsp;&nbsp; ZLVG-LMVI, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1346 | 1324 | 1321 |
| &nbsp;&nbsp;&nbsp; ZLVI-XUSX, 22.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZLVO-P7MR, 29.530%, 12/05/2025 †§x | Affirm | 12/08/2023 | 138 | 138 | 139 |
| &nbsp;&nbsp;&nbsp; ZLW7-NN7K, 33.050%, 11/13/2026 †§x | Affirm | 11/27/2024 | 447 | 463 | 465 |
| &nbsp;&nbsp;&nbsp; ZLWA-HZCC, 29.590%, 12/28/2025 †§x | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZLWE-71PY, 18.000%, 9/25/2025 †§x | Affirm | 9/30/2024 | 135 | 135 | 136 |
| &nbsp;&nbsp;&nbsp; ZLWF-JPJP, 11.700%, 12/02/2025 †x# | Affirm | 6/27/2025 | 138 | 141 | 47 |
| &nbsp;&nbsp;&nbsp; ZLWF-QQJV, 29.540%, 10/13/2022 †x#^ | Affirm | 4/18/2022 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZLWG-053C, 33.050%, 12/12/2025 †§x# | Affirm | 12/27/2024 | 200 | 203 | 203 |
| &nbsp;&nbsp;&nbsp; ZLWV-756M, 28.000%, 6/28/2023 †x#^ | Affirm | 7/01/2022 | 328 | 340 | 20 |
| &nbsp;&nbsp;&nbsp; ZLWV-T7HN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZLX1-LJHD, 33.050%, 12/20/2026 †§x | Affirm | 12/27/2024 | 492 | 511 | 514 |
| &nbsp;&nbsp;&nbsp; ZLX5-92CL, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 46 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZLXC-D0Q7, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZLXD-X35L, 29.500%, 1/09/2026 †§x | Affirm | 1/29/2025 | 153 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; ZLXH-B8VG, 35.480%, 8/27/2025 †x#^ | Affirm | 3/01/2024 | 255 | 258 | 15 |
| &nbsp;&nbsp;&nbsp; ZLXO-0NUE, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 76 | 76 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8532** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZLXU-T04L, 35.410%, 10/21/2025 †§x | Affirm | 10/24/2024 | $33 | $33 | $33 |
| &nbsp;&nbsp;&nbsp; ZLY2-AOKY, 29.480%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 239 | 256 | 14 |
| &nbsp;&nbsp;&nbsp; ZLY3-ZG3J, 30.950%, 12/10/2025 †§x | Affirm | 12/27/2024 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZLY6-YWNY, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; ZLY9-AZ0S, 35.470%, 9/06/2024 †x#^ | Affirm | 9/11/2023 | 385 | 384 | 23 |
| &nbsp;&nbsp;&nbsp; ZLYD-EWEZ, 18.000%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 522 | 532 | 534 |
| &nbsp;&nbsp;&nbsp; ZLYF-745H, 35.420%, 12/20/2026 †§x | Affirm | 12/27/2024 | 437 | 437 | 444 |
| &nbsp;&nbsp;&nbsp; ZLYF-MZR7, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 962 | 950 | 957 |
| &nbsp;&nbsp;&nbsp; ZLYH-QGFO, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 109 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; ZLYI-5R0E, 15.810%, 10/01/2025 †§x# | Affirm | 10/04/2024 | 77 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; ZLZ7-ZKW8, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZLZW-6IKI, 27.950%, 6/21/2025 †x#^ | Affirm | 6/27/2024 | 322 | 334 | 19 |
| &nbsp;&nbsp;&nbsp; ZLZW-KOVQ, 29.490%, 8/03/2024 †x#^ | Affirm | 8/07/2023 | 94 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZLZW-RFA2, 15.660%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZM00-Y78D, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 315 | 318 | 317 |
| &nbsp;&nbsp;&nbsp; ZM0J-NBCD, 30.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 470 | 475 | 476 |
| &nbsp;&nbsp;&nbsp; ZM0S-L2VN, 15.750%, 6/24/2025 †x#^ | Affirm | 6/27/2024 | 66 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZM0X-56NT, 32.500%, 9/23/2026 †x# | Affirm | 9/26/2024 | 663 | 655 | 40 |
| &nbsp;&nbsp;&nbsp; ZM0Z-79DR, 33.010%, 6/18/2026 †§x | Affirm | 6/21/2024 | 451 | 448 | 455 |
| &nbsp;&nbsp;&nbsp; ZM11-W4O2, 35.370%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 412 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; ZM17-16HV, 35.300%, 4/24/2027 †x# | Affirm | 3/31/2025 | 730 | 724 | 736 |
| &nbsp;&nbsp;&nbsp; ZM18-BO6R, 21.900%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZM1A-UYTF, 35.540%, 5/12/2026 †§x | Affirm | 11/27/2024 | 154 | 156 | 155 |
| &nbsp;&nbsp;&nbsp; ZM1I-2WM5, 35.320%, 7/22/2026 †§x# | Affirm | 7/25/2024 | 384 | 382 | 387 |
| &nbsp;&nbsp;&nbsp; ZM1N-HGE1, 35.430%, 6/27/2025 †x#^ | Affirm | 7/01/2024 | 177 | 187 | 11 |
| &nbsp;&nbsp;&nbsp; ZM1Q-9ANN, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZM1T-CWKC, 33.050%, 1/27/2026 †x# | Affirm | 2/26/2025 | 133 | 139 | 36 |
| &nbsp;&nbsp;&nbsp; ZM26-JIR3, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZM27-UXL3, 18.000%, 3/25/2026 †§x | Affirm | 9/30/2024 | 130 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; ZM2B-7MAV, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 533 | 529 | 527 |
| &nbsp;&nbsp;&nbsp; ZM2F-I9F7, 35.450%, 2/26/2026 †§x | Affirm | 2/29/2024 | 304 | 304 | 310 |
| &nbsp;&nbsp;&nbsp; ZM2Q-HJS6, 35.630%, 1/03/2025 †x#^ | Affirm | 10/07/2024 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; ZM38-W04P, 15.800%, 3/26/2026 †§x | Affirm | 9/30/2024 | 157 | 159 | 160 |
| &nbsp;&nbsp;&nbsp; ZM3A-WA66, 33.950%, 12/19/2026 †§x | Affirm | 12/27/2024 | 417 | 432 | 436 |
| &nbsp;&nbsp;&nbsp; ZM3K-HIL2, 35.460%, 6/20/2026 †§x | Affirm | 6/24/2024 | 1155 | 1149 | 1168 |
| &nbsp;&nbsp;&nbsp; ZM3L-C9O6, 15.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZM3Q-8HE4, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 274 | 273 | 273 |
| &nbsp;&nbsp;&nbsp; ZM3W-4R3W, 33.950%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 100 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; ZM3X-H3OL, 32.000%, 10/03/2025 †§x | Affirm | 10/07/2024 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; ZM41-O5OH, 29.500%, 6/09/2024 †x#^ | Affirm | 6/15/2023 | 86 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; ZM4C-BF86, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 312 | 304 | 301 |
| &nbsp;&nbsp;&nbsp; ZM4F-ZFET, 29.820%, 2/06/2026 †§x | Affirm | 2/26/2025 | 137 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZM4J-OQK0, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZM4K-05AN, 13.840%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZM4V-NB29, 15.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; ZM4X-9NEO, 35.490%, 10/25/2025 †§x# | Affirm | 10/31/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZM51-ZHNE, 22.200%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 492 | 501 | 30 |
| &nbsp;&nbsp;&nbsp; ZM58-CUQT, 26.700%, 3/25/2027 †x | Affirm | 3/31/2025 | 3467 | 3449 | 3524 |
| &nbsp;&nbsp;&nbsp; ZM5N-YQZA, 35.540%, 1/06/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZM5R-236D, 35.500%, 9/20/2025 †§x | Affirm | 9/26/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZM5S-NKAZ, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZM5Z-XMLZ, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZM63-CHNT, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZM65-BFTH, 35.430%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 119 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; ZM66-Z9WK, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 118 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; ZM6A-FMFP, 15.700%, 5/25/2023 †x#^ | Affirm | 6/03/2022 | 147 | 155 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8533** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZM6F-J3BL, 29.000%, 6/09/2023 †x#^ | Affirm | 6/13/2022 | $3430 | $3387 | $206 |
| &nbsp;&nbsp;&nbsp; ZM6I-F8F4, 30.950%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 139 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZM6M-Y53K, 22.900%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 78 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZM6N-GZYU, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; ZM6Q-5ECG, 11.829%, 2/28/2023 †x#^« | Affirm | 12/05/2022 | 26 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; ZM6Q-JDAP, 33.050%, 1/08/2026 †§x | Affirm | 1/29/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZM6S-T0TU, 29.440%, 11/25/2024 †x#^ | Affirm | 5/30/2023 | 288 | 290 | 17 |
| &nbsp;&nbsp;&nbsp; ZM6T-VSIU, 15.790%, 12/16/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZM6U-UCRX, 35.110%, 1/03/2025 †x#^ | Affirm | 10/07/2024 | 129 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; ZM6X-W81P, 26.500%, 7/09/2023 †x#^ | Affirm | 1/12/2023 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; ZM6Z-YHF5, 35.300%, 3/24/2027 †§x | Affirm | 3/31/2025 | 482 | 479 | 487 |
| &nbsp;&nbsp;&nbsp; ZM70-QQIF, 24.520%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1438 | 1472 | 1482 |
| &nbsp;&nbsp;&nbsp; ZM72-OS0B, 19.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | 324 | 333 | 334 |
| &nbsp;&nbsp;&nbsp; ZM73-801A, 28.000%, 10/21/2023 †x#^ | Affirm | 10/27/2022 | 35 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZM73-ZSXR, 29.000%, 6/28/2023 †x#^ | Affirm | 7/05/2022 | 292 | 307 | 18 |
| &nbsp;&nbsp;&nbsp; ZM75-WK3G, 29.720%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; ZM7I-RHZN, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 151 | 157 | 156 |
| &nbsp;&nbsp;&nbsp; ZM7S-1T05, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 207 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; ZM7W-GCGF, 22.560%, 4/01/2025 †x#^ | Affirm | 4/04/2024 | 125 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; ZM7Z-Q93K, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 222 | 221 | 223 |
| &nbsp;&nbsp;&nbsp; ZM8O-XHL9, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZM8T-0ANQ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 687 | 704 | 709 |
| &nbsp;&nbsp;&nbsp; ZM94-ZWYH, 29.390%, 9/04/2022 †x#^ | Affirm | 3/10/2022 | 109 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; ZM9D-2GRK, 29.310%, 1/26/2023 †x#^ | Affirm | 7/29/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZM9G-0YES, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZM9M-3NYY, 4.446%, 7/06/2023 †x#^« | Affirm | 7/11/2022 | 79 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; ZM9Q-CRPH, 29.500%, 3/11/2026 †§x | Affirm | 3/14/2024 | 178 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; ZM9W-XU9M, 22.810%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 288 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; ZMA2-6YMR, 15.850%, 1/08/2026 †§x | Affirm | 1/29/2025 | 117 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; ZMAE-JB32, 29.700%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 133 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; ZMAF-S5CF, 30.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 140 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; ZMAJ-ZY2Y, 32.500%, 3/23/2026 †§x# | Affirm | 9/26/2024 | 257 | 261 | 259 |
| &nbsp;&nbsp;&nbsp; ZMAT-1NO6, 29.500%, 3/07/2026 †§x | Affirm | 3/11/2024 | 264 | 267 | 267 |
| &nbsp;&nbsp;&nbsp; ZMB2-LJOZ, 24.450%, 11/06/2025 †§x | Affirm | 5/30/2025 | 401 | 403 | 404 |
| &nbsp;&nbsp;&nbsp; ZMB5-NBKM, 33.000%, 11/26/2024 †x#^ | Affirm | 8/29/2024 | 428 | 423 | 26 |
| &nbsp;&nbsp;&nbsp; ZMB6-AMKK, 15.730%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 48 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; ZMBJ-91MC, 31.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 165 | 168 | 168 |
| &nbsp;&nbsp;&nbsp; ZMBO-E92Y, 35.490%, 10/23/2025 †§x# | Affirm | 10/28/2024 | 316 | 316 | 317 |
| &nbsp;&nbsp;&nbsp; ZMBT-SFZH, 29.400%, 9/28/2022 †x#^ | Affirm | 4/01/2022 | 62 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; ZMBU-SBVZ, 35.650%, 1/06/2026 †x# | Affirm | 1/29/2025 | 274 | 281 | 13 |
| &nbsp;&nbsp;&nbsp; ZMBW-R9X0, 35.380%, 11/24/2024 †x#^ | Affirm | 4/27/2023 | 664 | 602 | 40 |
| &nbsp;&nbsp;&nbsp; ZMBX-BZEH, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 69 | 71 | 72 |
| &nbsp;&nbsp;&nbsp; ZMBZ-9N8S, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 277 | 284 | 286 |
| &nbsp;&nbsp;&nbsp; ZMBZ-AT6S, 24.950%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 170 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; ZMC0-9LYA, 29.570%, 10/21/2025 †§x | Affirm | 10/24/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZMC7-AT5Y, 22.750%, 1/27/2026 †§x | Affirm | 2/26/2025 | 811 | 823 | 829 |
| &nbsp;&nbsp;&nbsp; ZMCA-HAKM, 23.400%, 2/06/2026 †§x | Affirm | 2/26/2025 | 127 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; ZMCD-7MKZ, 17.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 92 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; ZMCF-IGG1, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 350 | 348 | 348 |
| &nbsp;&nbsp;&nbsp; ZMCI-NZSZ, 35.380%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 105 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; ZMCR-9Z26, 29.930%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 89 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; ZMCX-ES1J, 29.200%, 1/02/2028 †x# | Affirm | 1/29/2025 | 2569 | 2525 | 2560 |
| &nbsp;&nbsp;&nbsp; ZMCX-GFI3, 29.030%, 10/24/2023 †x#^ | Affirm | 4/27/2023 | 58 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; ZMD8-V930, 29.410%, 2/08/2023 †x#^ | Affirm | 8/11/2022 | 102 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; ZMD8-WVTV, 27.500%, 9/16/2025 †x# | Affirm | 9/22/2022 | 125 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; ZMDK-9Q2N, 35.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8534** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZMDS-N6RP, 15.800%, 6/02/2026 †§x | Affirm | 6/27/2025 | $100 | $103 | $104 |
| &nbsp;&nbsp;&nbsp; ZMDT-KKP4, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZMDV-2WA2, 33.990%, 12/28/2025 †x# | Affirm | 1/29/2025 | 241 | 245 | 53 |
| &nbsp;&nbsp;&nbsp; ZMDV-VXJ1, 29.550%, 2/16/2024 †x#^ | Affirm | 8/19/2022 | 210 | 225 | 13 |
| &nbsp;&nbsp;&nbsp; ZMDY-1QPN, 26.500%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 236 | 244 | 14 |
| &nbsp;&nbsp;&nbsp; ZME5-EYZC, 18.000%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 246 | 251 | 251 |
| &nbsp;&nbsp;&nbsp; ZME9-X9BW, 30.950%, 11/06/2025 †§x | Affirm | 5/30/2025 | 120 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; ZMEB-19KQ, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 260 | 265 | 266 |
| &nbsp;&nbsp;&nbsp; ZMED-1B0U, 35.450%, 10/08/2025 †x# | Affirm | 4/11/2024 | 371 | 375 | 22 |
| &nbsp;&nbsp;&nbsp; ZMEH-J8IN, 33.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; ZMEJ-EDH3, 35.390%, 1/11/2026 †§x# | Affirm | 1/16/2024 | 161 | 161 | 93 |
| &nbsp;&nbsp;&nbsp; ZMEM-YI82, 35.280%, 11/09/2025 †§x# | Affirm | 5/13/2024 | 51 | 52 | 51 |
| &nbsp;&nbsp;&nbsp; ZMEO-2UV1, 33.050%, 9/16/2025 †§x | Affirm | 9/19/2024 | 29 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; ZMEU-Z1YU, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; ZMF4-ZYKH, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZMFF-1F24, 35.540%, 3/24/2026 †§x | Affirm | 9/27/2024 | 143 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; ZMFH-HHE6, 35.750%, 2/06/2026 †§x | Affirm | 2/26/2025 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZMFH-QH91, 34.990%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 210 | 203 | 13 |
| &nbsp;&nbsp;&nbsp; ZMFJ-KSH6, 23.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 309 | 316 | 318 |
| &nbsp;&nbsp;&nbsp; ZMG1-ELDP, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZMG4-FJRE, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 631 | 632 | 632 |
| &nbsp;&nbsp;&nbsp; ZMG5-T2IA, 33.950%, 1/09/2026 †§x | Affirm | 1/29/2025 | 56 | 58 | 57 |
| &nbsp;&nbsp;&nbsp; ZMG5-XU76, 32.500%, 8/10/2026 †§x | Affirm | 2/26/2025 | 242 | 248 | 248 |
| &nbsp;&nbsp;&nbsp; ZMGB-919Z, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 379 | 385 | 386 |
| &nbsp;&nbsp;&nbsp; ZMGE-GDYP, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 430 | 439 | 26 |
| &nbsp;&nbsp;&nbsp; ZMGF-HLVB, 29.590%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 1364 | 1430 | 82 |
| &nbsp;&nbsp;&nbsp; ZMGG-R667, 27.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZMH1-F8FW, 22.730%, 5/15/2026 †§x | Affirm | 11/27/2024 | 190 | 193 | 192 |
| &nbsp;&nbsp;&nbsp; ZMHB-HST9, 30.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 267 | 273 | 275 |
| &nbsp;&nbsp;&nbsp; ZMHE-HASL, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 128 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; ZMHY-C6LS, 23.400%, 1/09/2028 †§x | Affirm | 1/29/2025 | 2037 | 2102 | 2117 |
| &nbsp;&nbsp;&nbsp; ZMI4-2IZ7, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZMI7-YTMM, 35.530%, 12/11/2025 †§x | Affirm | 12/27/2024 | 44 | 44 | 22 |
| &nbsp;&nbsp;&nbsp; ZMIE-91AZ, 29.460%, 7/08/2026 †§x | Affirm | 7/31/2025 | 202 | 211 | 211 |
| &nbsp;&nbsp;&nbsp; ZMIF-E261, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 122 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; ZMIM-7J3U, 31.000%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 250 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; ZMIW-M0OZ, 30.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 340 | 347 | 347 |
| &nbsp;&nbsp;&nbsp; ZMIX-KWA1, 32.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 622 | 643 | 645 |
| &nbsp;&nbsp;&nbsp; ZMIZ-ZK3P, 26.900%, 2/10/2026 †x# | Affirm | 2/26/2025 | 153 | 159 | 9 |
| &nbsp;&nbsp;&nbsp; ZMJ1-MZEC, 35.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 151 | 153 | 152 |
| &nbsp;&nbsp;&nbsp; ZMJ4-BHW4, 29.620%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; ZMJ6-I50P, 27.950%, 2/21/2025 †x#^ | Affirm | 2/26/2024 | 85 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; ZMJF-R0ND, 33.050%, 10/01/2025 †§x | Affirm | 10/04/2024 | 115 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; ZMJS-TW1A, 32.500%, 10/16/2024 †x#^ | Affirm | 4/19/2024 | 170 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; ZMJU-WB0G, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZMK0-QATQ, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 502 | 512 | 513 |
| &nbsp;&nbsp;&nbsp; ZMK1-EP0V, 29.450%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 543 | 570 | 33 |
| &nbsp;&nbsp;&nbsp; ZMK2-IHKI, 35.900%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 59 | 60 | 7 |
| &nbsp;&nbsp;&nbsp; ZMK2-UXAT, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 72 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; ZMK8-QDOX, 35.650%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 45 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; ZMKH-IE6J, 30.950%, 9/23/2025 †§x | Affirm | 9/26/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZMKN-VUD4, 13.840%, 7/13/2026 †§x | Affirm | 1/29/2025 | 237 | 242 | 243 |
| &nbsp;&nbsp;&nbsp; ZMKP-N7OQ, 35.580%, 9/24/2025 †§x | Affirm | 9/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZMKW-88FW, 18.000%, 12/24/2025 †§x | Affirm | 6/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZMKZ-77SK, 28.500%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 438 | 461 | 26 |
| &nbsp;&nbsp;&nbsp; ZMLD-LAMH, 30.000%, 9/01/2022 †x#^ | Affirm | 3/04/2022 | 10 | 10 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8535** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZMLO-FASQ, 15.800%, 1/06/2026 †§x | Affirm | 1/29/2025 | $210 | $212 | $212 |
| &nbsp;&nbsp;&nbsp; ZMLV-8O8C, 29.720%, 1/02/2026 †§x# | Affirm | 1/05/2024 | 182 | 184 | 183 |
| &nbsp;&nbsp;&nbsp; ZMM4-DFMZ, 24.400%, 11/15/2026 †§x | Affirm | 11/27/2024 | 1019 | 1054 | 1059 |
| &nbsp;&nbsp;&nbsp; ZMM6-HI9Z, 11.850%, 11/20/2026 †§x | Affirm | 11/27/2024 | 478 | 494 | 497 |
| &nbsp;&nbsp;&nbsp; ZMM6-MNL7, 23.400%, 1/02/2026 †§x | Affirm | 7/05/2024 | 565 | 571 | 570 |
| &nbsp;&nbsp;&nbsp; ZMM7-IUZQ, 28.980%, 7/28/2025 †x#^ | Affirm | 8/03/2023 | 895 | 955 | 54 |
| &nbsp;&nbsp;&nbsp; ZMMA-LV3A, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 373 | 390 | 393 |
| &nbsp;&nbsp;&nbsp; ZMMH-71LK, 15.790%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 429 | 450 | 26 |
| &nbsp;&nbsp;&nbsp; ZMML-NX1V, 29.520%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZMMW-V4JY, 21.900%, 2/07/2026 †§x | Affirm | 8/29/2025 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZMN0-9X7K, 35.630%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; ZMNB-LUCI, 29.540%, 10/15/2025 †§x | Affirm | 4/18/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZMND-HPCT, 29.660%, 9/06/2023 †x#^ | Affirm | 9/09/2022 | 158 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; ZMNQ-BCUS, 35.570%, 9/25/2025 †§x | Affirm | 9/30/2024 | 6 | 5 | 6 |
| &nbsp;&nbsp;&nbsp; ZMNX-AXOG, 35.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 84 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; ZMO0-KS6G, 33.050%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 130 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; ZMO1-C37F, 32.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; ZMOL-0L5Z, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 221 | 227 | 228 |
| &nbsp;&nbsp;&nbsp; ZMOU-AJ5M, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZMOV-84GG, 32.000%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 918 | 914 | 55 |
| &nbsp;&nbsp;&nbsp; ZMOV-KF4I, 15.760%, 6/20/2026 †x# | Affirm | 6/24/2024 | 561 | 589 | 34 |
| &nbsp;&nbsp;&nbsp; ZMOY-33R5, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZMP3-OGQ8, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZMP3-UBKA, 29.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 68 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZMPI-S4M6, 35.290%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 584 | 601 | 35 |
| &nbsp;&nbsp;&nbsp; ZMPJ-2OWB, 35.540%, 11/15/2025 †§x | Affirm | 11/27/2024 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZMPS-OV1Z, 25.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZMPT-H815, 35.470%, 1/10/2025 †x#^ | Affirm | 1/16/2024 | 138 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; ZMPX-7Q3F, 29.810%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 180 | 174 | 11 |
| &nbsp;&nbsp;&nbsp; ZMQ1-6YXG, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZMQC-KE38, 29.900%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 4650 | 4330 | 279 |
| &nbsp;&nbsp;&nbsp; ZMQI-3A90, 35.520%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZMQP-1BI0, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 864 | 883 | 887 |
| &nbsp;&nbsp;&nbsp; ZMQY-V8JU, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZMR2-AKZ2, 35.770%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 580 | 590 | 591 |
| &nbsp;&nbsp;&nbsp; ZMR2-MUEE, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 122 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; ZMR2-PJUL, 32.940%, 1/08/2027 †§x | Affirm | 7/31/2025 | 248 | 255 | 254 |
| &nbsp;&nbsp;&nbsp; ZMR6-B7AZ, 15.000%, 10/17/2023 †x#^ | Affirm | 10/20/2022 | 199 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; ZMR9-3CB3, 29.590%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 178 | 176 | 11 |
| &nbsp;&nbsp;&nbsp; ZMRD-BJZ6, 11.770%, 11/06/2025 †§x | Affirm | 5/30/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZMRF-1NC3, 35.480%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 424 | 427 | 25 |
| &nbsp;&nbsp;&nbsp; ZMRG-UYTW, 29.660%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 115 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; ZMRT-ZKPU, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 42 | 42 | 43 |
| &nbsp;&nbsp;&nbsp; ZMRY-DD8N, 28.990%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 56 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; ZMS1-6FBK, 32.000%, 2/23/2026 †§x | Affirm | 8/29/2024 | 570 | 583 | 584 |
| &nbsp;&nbsp;&nbsp; ZMS6-VPI6, 35.390%, 8/23/2026 †§x# | Affirm | 8/29/2024 | 1064 | 1057 | 1075 |
| &nbsp;&nbsp;&nbsp; ZMSA-CO3B, 29.660%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 223 | 228 | 13 |
| &nbsp;&nbsp;&nbsp; ZMSD-A2G5, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 125 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; ZMSH-UD0I, 29.500%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 271 | 274 | 274 |
| &nbsp;&nbsp;&nbsp; ZMSS-KVJJ, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 604 | 614 | 612 |
| &nbsp;&nbsp;&nbsp; ZMSS-LULM, 33.060%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 82 | 81 |
| &nbsp;&nbsp;&nbsp; ZMSV-A6UG, 35.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 222 | 222 | 224 |
| &nbsp;&nbsp;&nbsp; ZMSW-JEKO, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 146 | 143 |  |
| &nbsp;&nbsp;&nbsp; ZMSW-OF3A, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 157 | 159 | 160 |
| &nbsp;&nbsp;&nbsp; ZMT6-1WCK, 29.981%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZMT9-OP9F, 33.990%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 59 | 60 | 4 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8536** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZMTQ-7KY5, 29.620%, 1/02/2026 †§x | Affirm | 1/29/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;115 | $117 | $117 |
| &nbsp;&nbsp;&nbsp; ZMTR-FHM7, 35.150%, 9/02/2025 †§x# | Affirm | 6/27/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZMU1-Q2JC, 24.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 218 | 225 | 225 |
| &nbsp;&nbsp;&nbsp; ZMUD-5TH8, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZMUJ-LZ7P, 33.950%, 5/21/2026 †§x | Affirm | 5/24/2024 | 547 | 556 | 558 |
| &nbsp;&nbsp;&nbsp; ZMUL-SIJH, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 144 | 146 | 147 |
| &nbsp;&nbsp;&nbsp; ZMUT-QSEI, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 103 | 101 | 6 |
| &nbsp;&nbsp;&nbsp; ZMVF-2I3J, 29.430%, 3/11/2023 †x#^ | Affirm | 3/17/2022 | 165 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; ZMVJ-1W0U, 33.300%, 2/07/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; ZMVU-FCUO, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 78 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; ZMW0-GO35, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 51 | 49 | 50 |
| &nbsp;&nbsp;&nbsp; ZMW3-OO0W, 30.000%, 1/29/2025 †x#^ | Affirm | 6/02/2023 | 86 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; ZMW5-CFKT, 35.440%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZMW7-ACAK, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 746 | 771 | 777 |
| &nbsp;&nbsp;&nbsp; ZMWU-Z3T2, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | 116 | 118 | 118 |
| &nbsp;&nbsp;&nbsp; ZMWV-4D33, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 718 | 732 | 734 |
| &nbsp;&nbsp;&nbsp; ZMWX-BVRS, 35.160%, 2/06/2026 †§x | Affirm | 8/29/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZMXC-T6UO, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 191 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; ZMXI-QIEG, 35.270%, 9/28/2025 †§x | Affirm | 4/22/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; ZMXW-Z951, 29.610%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 451 | 476 | 27 |
| &nbsp;&nbsp;&nbsp; ZMXZ-P37M, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 163 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; ZMY4-0BTJ, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZMY8-LO40, 10.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 322 | 325 | 326 |
| &nbsp;&nbsp;&nbsp; ZMYB-LUOA, 35.710%, 2/10/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZMYD-KEAR, 22.780%, 1/03/2026 †§x | Affirm | 1/29/2025 | 877 | 892 | 894 |
| &nbsp;&nbsp;&nbsp; ZMYD-ODGW, 29.620%, 2/21/2026 †§x | Affirm | 2/26/2024 | 81 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; ZMYM-I30G, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZMYM-PLJ3, 29.630%, 12/18/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZMYP-3OC5, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 465 | 470 | 469 |
| &nbsp;&nbsp;&nbsp; ZMYR-SDM1, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; ZMZJ-BXNE, 29.550%, 8/16/2024 †x#^ | Affirm | 8/19/2022 | 360 | 393 | 22 |
| &nbsp;&nbsp;&nbsp; ZMZP-DXIM, 29.630%, 12/28/2025 †x# | Affirm | 1/29/2025 | 65 | 66 | 18 |
| &nbsp;&nbsp;&nbsp; ZMZP-JLJN, 32.500%, 12/24/2025 †§x# | Affirm | 6/27/2024 | 150 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; ZMZQ-1BKT, 35.310%, 5/06/2026 †§x | Affirm | 5/30/2025 | 79 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; ZMZQ-4KZ3, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 82 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; ZMZX-B2QI, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZMZZ-GE4U, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 45 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; ZN0K-QZPJ, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 269 | 272 | 271 |
| &nbsp;&nbsp;&nbsp; ZN0L-QBII, 19.700%, 11/15/2025 †x# | Affirm | 11/27/2024 | 95 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; ZN0M-KK4O, 35.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 95 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; ZN0P-E2MK, 33.050%, 12/02/2026 †§x | Affirm | 6/27/2025 | 318 | 335 | 338 |
| &nbsp;&nbsp;&nbsp; ZN0R-V9H6, 35.300%, 3/28/2026 †§x | Affirm | 4/22/2025 | 119 | 118 | 120 |
| &nbsp;&nbsp;&nbsp; ZN0T-H7Q1, 18.000%, 4/21/2026 †§x | Affirm | 10/25/2024 | 485 | 494 | 492 |
| &nbsp;&nbsp;&nbsp; ZN0X-JAFM, 35.330%, 12/28/2025 †§x# | Affirm | 1/02/2024 | 164 | 164 | 167 |
| &nbsp;&nbsp;&nbsp; ZN0X-U3ZK, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 332 | 332 | 334 |
| &nbsp;&nbsp;&nbsp; ZN17-TVAZ, 32.500%, 7/02/2026 †§x | Affirm | 1/29/2025 | 184 | 186 | 185 |
| &nbsp;&nbsp;&nbsp; ZN18-Q0RZ, 18.000%, 5/15/2026 †§x | Affirm | 11/27/2024 | 230 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; ZN18-W5PY, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 134 | 136 | 135 |
| &nbsp;&nbsp;&nbsp; ZN1B-KEHR, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; ZN1E-2FNP, 35.390%, 3/13/2026 †x# | Affirm | 3/18/2024 | 778 | 793 | 47 |
| &nbsp;&nbsp;&nbsp; ZN1G-EJTF, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 26 | 26 | 3 |
| &nbsp;&nbsp;&nbsp; ZN1I-VV7U, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 44 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZN1V-7UWM, 15.770%, 9/29/2024 †x#^ | Affirm | 10/05/2023 | 145 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; ZN1Y-1SG4, 33.300%, 2/10/2026 †§x | Affirm | 2/26/2025 | 130 | 130 | 77 |
| &nbsp;&nbsp;&nbsp; ZN27-84C0, 29.680%, 11/15/2025 †x# | Affirm | 11/27/2024 | 670 | 665 | 64 |
| &nbsp;&nbsp;&nbsp; ZN28-6PPA, 33.950%, 12/24/2025 †§x | Affirm | 6/27/2024 | 82 | 84 | 84 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8537** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZN2E-HF50, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;39 | $40 | $40 |
| &nbsp;&nbsp;&nbsp; ZN2M-909C, 13.237%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 50 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZN2S-GUXI, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 76 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; ZN2T-VM3Y, 29.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZN2W-V4YS, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 259 | 266 | 268 |
| &nbsp;&nbsp;&nbsp; ZN2X-HMUT, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 284 | 291 | 292 |
| &nbsp;&nbsp;&nbsp; ZN3A-KU7C, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 56 |
| &nbsp;&nbsp;&nbsp; ZN3G-SMAV, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 23 | 22 | 23 |
| &nbsp;&nbsp;&nbsp; ZN3N-HRXQ, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 171 | 175 | 173 |
| &nbsp;&nbsp;&nbsp; ZN3Q-7VGN, 26.500%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 131 | 134 | 8 |
| &nbsp;&nbsp;&nbsp; ZN44-WVUL, 35.680%, 2/10/2026 †§x | Affirm | 2/26/2025 | 148 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; ZN49-L5TW, 29.530%, 6/13/2027 †§x | Affirm | 6/16/2023 | 950 | 1010 | 984 |
| &nbsp;&nbsp;&nbsp; ZN4J-MYSH, 15.850%, 1/06/2026 †§x | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; ZN4Q-5LJV, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 527 | 537 | 538 |
| &nbsp;&nbsp;&nbsp; ZN4X-IWIP, 15.800%, 12/18/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZN51-E7H9, 29.720%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 120 | 126 | 7 |
| &nbsp;&nbsp;&nbsp; ZN58-DF6Z, 35.670%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 409 | 406 | 196 |
| &nbsp;&nbsp;&nbsp; ZN5E-96FG, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZN5I-VIHQ, 29.490%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 88 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; ZN5J-K5DH, 33.050%, 2/23/2026 †§x | Affirm | 8/29/2024 | 556 | 569 | 570 |
| &nbsp;&nbsp;&nbsp; ZN5W-PD1I, 26.200%, 6/27/2025 †x#^ | Affirm | 1/02/2024 | 303 | 318 | 18 |
| &nbsp;&nbsp;&nbsp; ZN5W-ZDZM, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 309 | 312 | 312 |
| &nbsp;&nbsp;&nbsp; ZN5Z-GPGR, 29.630%, 4/01/2023 †x#^ | Affirm | 4/07/2022 | 226 | 223 | 14 |
| &nbsp;&nbsp;&nbsp; ZN60-U9JB, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 100 | 99 | 6 |
| &nbsp;&nbsp;&nbsp; ZN67-UUVS, 35.470%, 11/15/2026 †§x | Affirm | 11/27/2024 | 630 | 629 | 637 |
| &nbsp;&nbsp;&nbsp; ZN6A-T74R, 15.790%, 10/02/2025 †x# | Affirm | 10/07/2024 | 35 | 37 | 9 |
| &nbsp;&nbsp;&nbsp; ZN6H-IUW5, 35.950%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 456 | 426 | 15 |
| &nbsp;&nbsp;&nbsp; ZN6O-LRQQ, 31.450%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 59 | 59 | 60 |
| &nbsp;&nbsp;&nbsp; ZN6P-4NXF, 29.500%, 2/07/2026 †§x | Affirm | 2/26/2025 | 244 | 250 | 251 |
| &nbsp;&nbsp;&nbsp; ZN6P-U4UM, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZN73-TJ2V, 22.750%, 10/18/2026 †§x | Affirm | 10/25/2024 | 360 | 372 | 373 |
| &nbsp;&nbsp;&nbsp; ZN7G-0RIC, 35.260%, 9/28/2025 †x# | Affirm | 3/31/2025 | 199 | 199 | 45 |
| &nbsp;&nbsp;&nbsp; ZN7N-H6NM, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 66 |
| &nbsp;&nbsp;&nbsp; ZN80-GT3L, 18.900%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 142 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; ZN83-TKV8, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 202 | 201 | 202 |
| &nbsp;&nbsp;&nbsp; ZN8K-2F45, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZN8M-WWFV, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 151 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; ZN8Q-VJ13, 29.310%, 11/12/2022 †x#^ | Affirm | 5/16/2022 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; ZN8T-9JC7, 15.820%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 216 | 227 | 13 |
| &nbsp;&nbsp;&nbsp; ZN97-GAZ3, 26.900%, 12/28/2025 †§x | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZN9A-4OPK, 35.480%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 62 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; ZN9D-D02G, 33.050%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 91 | 96 | 5 |
| &nbsp;&nbsp;&nbsp; ZN9J-SSVJ, 27.880%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 246 | 257 | 15 |
| &nbsp;&nbsp;&nbsp; ZN9N-9FCF, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZN9P-YPP0, 29.520%, 6/28/2025 †x#^ | Affirm | 7/07/2023 | 841 | 851 | 50 |
| &nbsp;&nbsp;&nbsp; ZN9Q-3DEQ, 23.400%, 9/23/2026 †§x | Affirm | 9/26/2024 | 330 | 340 | 342 |
| &nbsp;&nbsp;&nbsp; ZN9R-XCT7, 20.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZNA8-PJYA, 33.950%, 9/24/2025 †§x | Affirm | 9/27/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZNAI-YYOI, 24.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 367 | 383 | 383 |
| &nbsp;&nbsp;&nbsp; ZNAN-76VC, 11.205%, 5/28/2023 †x#^« | Affirm | 12/02/2021 | 719 | 614 | 43 |
| &nbsp;&nbsp;&nbsp; ZNAN-L7BO, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 91 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; ZNAO-XUF4, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 184 | 186 | 187 |
| &nbsp;&nbsp;&nbsp; ZNAZ-AYUD, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 314 | 320 | 19 |
| &nbsp;&nbsp;&nbsp; ZNB5-9SAH, 33.050%, 5/15/2026 †§x | Affirm | 11/27/2024 | 167 | 172 | 170 |
| &nbsp;&nbsp;&nbsp; ZNB9-CKLG, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 270 | 268 |  |
| &nbsp;&nbsp;&nbsp; ZNBN-6U7H, 29.530%, 10/22/2022 †x#^ | Affirm | 4/28/2022 | 934 | 961 | 56 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8538** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZNBR-55SC, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | $62 | $62 | $62 |
| &nbsp;&nbsp;&nbsp; ZNBV-XY4N, 35.530%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZNC4-77GU, 28.000%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; ZNCG-8X0I, 28.000%, 9/26/2024 †x#^ | Affirm | 10/31/2022 | 77 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZNCP-FN9L, 33.010%, 7/01/2026 †x# | Affirm | 7/05/2024 | 954 | 945 | 57 |
| &nbsp;&nbsp;&nbsp; ZNCX-0A6S, 35.450%, 9/20/2026 †§x | Affirm | 9/26/2024 | 611 | 607 | 613 |
| &nbsp;&nbsp;&nbsp; ZNDC-KU9D, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 145 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; ZNDE-LBEB, 29.380%, 11/05/2023 †x#^ | Affirm | 5/11/2023 | 68 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZNDE-QMT2, 35.650%, 6/02/2026 †§x | Affirm | 6/27/2025 | 93 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; ZNDI-IXKL, 29.480%, 8/29/2024 †x#^ | Affirm | 9/08/2023 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; ZNDI-VPHW, 29.790%, 2/13/2024 †x#^ | Affirm | 2/16/2023 | 77 | 75 | 5 |
| &nbsp;&nbsp;&nbsp; ZNDJ-6IQO, 19.700%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 391 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; ZNDO-41GU, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 549 | 538 | 538 |
| &nbsp;&nbsp;&nbsp; ZNDT-WW1C, 28.795%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 352 | 345 | 21 |
| &nbsp;&nbsp;&nbsp; ZNE6-WEQR, 18.000%, 7/28/2026 †§x | Affirm | 8/03/2023 | 736 | 757 | 756 |
| &nbsp;&nbsp;&nbsp; ZNEG-Y7Z7, 32.500%, 1/02/2026 †x | Affirm | 1/29/2025 | 466 | 470 | 272 |
| &nbsp;&nbsp;&nbsp; ZNEL-JP0O, 29.620%, 3/19/2023 †x#^ | Affirm | 9/22/2022 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; ZNEU-GK4E, 35.370%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 94 | 88 | 6 |
| &nbsp;&nbsp;&nbsp; ZNEY-STI3, 10.840%, 11/14/2026 †§x | Affirm | 11/17/2022 | 1244 | 1284 | 1231 |
| &nbsp;&nbsp;&nbsp; ZNF6-MJY9, 35.380%, 12/04/2025 †x# | Affirm | 12/07/2023 | 481 | 484 | 29 |
| &nbsp;&nbsp;&nbsp; ZNF8-86W6, 29.520%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 148 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; ZNFB-10MQ, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZNFE-YAWT, 22.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZNFH-AVP8, 24.400%, 12/24/2025 †§x | Affirm | 6/27/2024 | 574 | 579 | 580 |
| &nbsp;&nbsp;&nbsp; ZNFM-IAUY, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZNFV-U00F, 24.950%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 45 | 45 | 3 |
| &nbsp;&nbsp;&nbsp; ZNFV-WN73, 26.200%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 160 | 168 | 10 |
| &nbsp;&nbsp;&nbsp; ZNG0-HGA1, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; ZNG6-2IL4, 29.000%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 270 | 273 | 16 |
| &nbsp;&nbsp;&nbsp; ZNG9-RFVW, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 163 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; ZNGE-D4BN, 33.950%, 3/03/2026 †x# | Affirm | 3/28/2025 | 162 | 170 | 40 |
| &nbsp;&nbsp;&nbsp; ZNGU-LGJB, 35.450%, 9/24/2026 †§x# | Affirm | 9/27/2024 | 664 | 660 | 667 |
| &nbsp;&nbsp;&nbsp; ZNGY-TAS1, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 25 | 26 | 25 |
| &nbsp;&nbsp;&nbsp; ZNH1-D0E4, 29.480%, 9/28/2026 †§x | Affirm | 3/31/2025 | 446 | 468 | 464 |
| &nbsp;&nbsp;&nbsp; ZNHB-XMML, 29.490%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 138 | 144 | 8 |
| &nbsp;&nbsp;&nbsp; ZNHE-CS8A, 33.050%, 11/20/2025 †§x | Affirm | 11/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZNHE-D3I8, 24.400%, 2/27/2026 †§x | Affirm | 8/30/2024 | 948 | 960 | 964 |
| &nbsp;&nbsp;&nbsp; ZNHE-UX5Y, 35.180%, 9/20/2025 †§x | Affirm | 3/28/2025 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZNHP-NENY, 35.963%, 2/22/2024 †x#^ | Affirm | 2/27/2023 | 98 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; ZNHW-7X5Z, 29.710%, 2/12/2027 †§x# | Affirm | 2/26/2025 | 378 | 396 | 398 |
| &nbsp;&nbsp;&nbsp; ZNHX-UVN0, 35.540%, 3/16/2026 †§x | Affirm | 9/19/2024 | 703 | 714 | 707 |
| &nbsp;&nbsp;&nbsp; ZNI5-KQPF, 29.810%, 8/24/2024 †x#^ | Affirm | 3/02/2023 | 2045 | 2125 | 123 |
| &nbsp;&nbsp;&nbsp; ZNI8-T41D, 35.770%, 3/01/2024 †x#^ | Affirm | 3/06/2023 | 25 | 26 | 2 |
| &nbsp;&nbsp;&nbsp; ZNID-4DUA, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZNIE-KFQ0, 29.710%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; ZNII-3K58, 29.560%, 6/24/2026 †§x# | Affirm | 6/27/2024 | 440 | 450 | 455 |
| &nbsp;&nbsp;&nbsp; ZNIK-5YRA, 15.760%, 10/28/2025 †x# | Affirm | 5/02/2024 | 202 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; ZNJ1-I9IQ, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 400 | 417 | 411 |
| &nbsp;&nbsp;&nbsp; ZNJ1-Q9YD, 23.400%, 11/20/2025 †§x# | Affirm | 11/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZNJG-MOSL, 35.590%, 11/20/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZNJR-O10D, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 77 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZNJU-D4EB, 35.890%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZNK1-7V3A, 32.500%, 5/20/2026 †§x | Affirm | 11/27/2024 | 275 | 281 | 278 |
| &nbsp;&nbsp;&nbsp; ZNK8-FRLA, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 330 | 339 | 340 |
| &nbsp;&nbsp;&nbsp; ZNK9-8RKQ, 29.680%, 7/13/2023 †x#^ | Affirm | 1/18/2022 | 618 | 578 | 37 |
| &nbsp;&nbsp;&nbsp; ZNKL-BGKP, 29.500%, 9/16/2025 †§x | Affirm | 9/19/2024 | 26 | 26 | 26 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8539** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZNKP-PE6I, 13.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | $252 | $255 | $256 |
| &nbsp;&nbsp;&nbsp; ZNL4-NS8R, 15.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZNLD-W6EH, 7.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; ZNLK-2V0H, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 626 | 640 | 50 |
| &nbsp;&nbsp;&nbsp; ZNLV-AXJG, 29.600%, 1/02/2027 †§x | Affirm | 1/29/2025 | 546 | 565 | 568 |
| &nbsp;&nbsp;&nbsp; ZNM0-IQ4E, 29.720%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 125 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; ZNMF-IS04, 9.870%, 1/06/2028 †§x | Affirm | 1/29/2025 | 1520 | 1565 | 1577 |
| &nbsp;&nbsp;&nbsp; ZNML-GW2D, 35.250%, 5/03/2025 †x#^ | Affirm | 5/13/2024 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; ZNMP-QJWY, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 128 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; ZNMW-5HRE, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZNN0-MF4D, 17.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZNN1-CQY8, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 164 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; ZNN2-VZHJ, 13.840%, 5/06/2026 †§x | Affirm | 5/30/2025 | 182 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; ZNNF-4F11, 24.400%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 431 | 454 | 459 |
| &nbsp;&nbsp;&nbsp; ZNNT-QRVG, 11.820%, 1/02/2026 †§x | Affirm | 1/05/2024 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZNO2-E4Z1, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 163 | 166 | 165 |
| &nbsp;&nbsp;&nbsp; ZNO6-UV39, 24.710%, 1/03/2027 †x | Affirm | 1/29/2025 | 2637 | 2731 | 2740 |
| &nbsp;&nbsp;&nbsp; ZNOC-9W0N, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 233 | 243 | 245 |
| &nbsp;&nbsp;&nbsp; ZNOP-ZR2C, 22.750%, 9/24/2026 †§x | Affirm | 9/27/2024 | 262 | 270 | 268 |
| &nbsp;&nbsp;&nbsp; ZNOV-B265, 32.490%, 11/21/2023 †x#^ | Affirm | 11/25/2022 | 97 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; ZNP3-YOWG, 29.420%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 75 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; ZNP6-58GV, 18.000%, 12/12/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZNPA-HW7M, 15.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZNPH-B1MS, 29.680%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 32 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; ZNPI-YIDK, 29.520%, 4/22/2023 †x#^ | Affirm | 4/28/2022 | 121 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZNPM-GTKG, 28.200%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 1096 | 1118 | 66 |
| &nbsp;&nbsp;&nbsp; ZNPV-GTAE, 29.550%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 250 | 247 | 15 |
| &nbsp;&nbsp;&nbsp; ZNQ5-6XU5, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZNQ6-PXH5, 13.840%, 10/08/2025 †§x | Affirm | 7/31/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZNQ8-KY5R, 35.360%, 12/24/2025 †§x | Affirm | 6/27/2024 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; ZNQG-MI7J, 35.200%, 9/02/2025 †§x | Affirm | 6/27/2025 | 189 | 186 | 188 |
| &nbsp;&nbsp;&nbsp; ZNQT-M3JK, 29.500%, 12/08/2024 †x#^ | Affirm | 12/14/2023 | 213 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; ZNQX-TMPF, 33.950%, 6/19/2026 †§x | Affirm | 12/27/2024 | 151 | 156 | 154 |
| &nbsp;&nbsp;&nbsp; ZNQZ-HWPN, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 93 | 95 | 94 |
| &nbsp;&nbsp;&nbsp; ZNRB-652O, 13.840%, 10/24/2025 †§x | Affirm | 10/28/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZNRC-3WOB, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 112 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; ZNRC-LLMO, 35.500%, 9/24/2025 †§x | Affirm | 9/27/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; ZNRD-4FFS, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZNRD-L7H9, 31.000%, 2/28/2025 †x#^ | Affirm | 8/31/2023 | 1547 | 1605 | 93 |
| &nbsp;&nbsp;&nbsp; ZNRI-Z2NC, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZNRK-IVIH, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 548 | 571 | 570 |
| &nbsp;&nbsp;&nbsp; ZNRW-07WN, 29.580%, 4/21/2026 †§x | Affirm | 10/24/2024 | 159 | 163 | 162 |
| &nbsp;&nbsp;&nbsp; ZNS1-94WO, 15.670%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; ZNSC-WMSQ, 35.760%, 2/10/2026 †x# | Affirm | 2/26/2025 | 207 | 206 | 12 |
| &nbsp;&nbsp;&nbsp; ZNSH-Z86Y, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 67 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; ZNSP-VMUL, 29.200%, 12/14/2025 †§x | Affirm | 6/21/2024 | 331 | 329 | 328 |
| &nbsp;&nbsp;&nbsp; ZNSY-RI90, 27.100%, 5/10/2024 †x#^ | Affirm | 11/17/2022 | 215 | 230 | 13 |
| &nbsp;&nbsp;&nbsp; ZNT3-2N3B, 29.570%, 3/12/2026 †x# | Affirm | 12/15/2023 | 2004 | 2014 | 120 |
| &nbsp;&nbsp;&nbsp; ZNT3-TXDD, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 142 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; ZNT3-ZPQ2, 29.890%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZNTI-JCF1, 29.600%, 6/19/2026 †§x | Affirm | 12/27/2024 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; ZNTI-XI54, 29.410%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 59 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; ZNUC-4L3H, 33.950%, 6/18/2025 †x#^ | Affirm | 12/27/2024 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; ZNUC-6NLP, 29.480%, 8/07/2024 †x#^ | Affirm | 8/10/2023 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; ZNUD-RPB4, 32.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 145 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; ZNUE-BYD3, 15.740%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 472 | 495 | 28 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8540** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZNUH-Q0E1, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | $35 | $36 | $36 |
| &nbsp;&nbsp;&nbsp; ZNUJ-5EPH, 35.580%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 314 | 314 | 19 |
| &nbsp;&nbsp;&nbsp; ZNUT-P54E, 35.380%, 8/21/2024 †x#^ | Affirm | 8/24/2023 | 83 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZNUZ-CRYI, 31.552%, 7/25/2025 †x#^ | Affirm | 7/29/2024 | 238 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; ZNV9-WFRQ, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 154 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; ZNVH-2NUE, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 509 | 522 | 525 |
| &nbsp;&nbsp;&nbsp; ZNVK-MUP1, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZNVQ-J9HB, 35.280%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 451 | 466 | 27 |
| &nbsp;&nbsp;&nbsp; ZNVY-GI2M, 29.390%, 2/06/2026 †§x | Affirm | 8/29/2025 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; ZNW1-DW8I, 11.830%, 4/21/2026 †§x | Affirm | 10/24/2024 | 208 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; ZNW4-FK1X, 22.200%, 10/25/2026 †§x | Affirm | 10/28/2022 | 739 | 763 | 720 |
| &nbsp;&nbsp;&nbsp; ZNWA-ED5U, 22.750%, 9/28/2025 †§x# | Affirm | 4/01/2024 | 174 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; ZNWE-4B6Z, 15.810%, 5/15/2026 †§x | Affirm | 11/27/2024 | 143 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; ZNWK-91E1, 35.380%, 1/22/2026 †§x | Affirm | 7/25/2024 | 240 | 243 | 241 |
| &nbsp;&nbsp;&nbsp; ZNWN-Z9E0, 22.200%, 9/19/2025 †§x | Affirm | 9/22/2022 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZNWS-P6GN, 30.000%, 11/28/2025 †§x# | Affirm | 12/05/2022 | 550 | 554 | 551 |
| &nbsp;&nbsp;&nbsp; ZNWV-QFFE, 11.820%, 10/02/2027 †§x | Affirm | 10/05/2023 | 1243 | 1334 | 1319 |
| &nbsp;&nbsp;&nbsp; ZNWZ-4MZJ, 35.490%, 10/25/2026 †§x | Affirm | 10/31/2024 | 1806 | 1794 | 1819 |
| &nbsp;&nbsp;&nbsp; ZNX3-4LT1, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZNX9-DQPU, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZNX9-F4ZX, 29.510%, 8/25/2025 †x#^ | Affirm | 8/31/2023 | 854 | 864 | 51 |
| &nbsp;&nbsp;&nbsp; ZNXA-L4UR, 15.720%, 7/28/2025 †x#^ | Affirm | 9/05/2023 | 130 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZNXB-QEAH, 29.550%, 4/26/2026 †x# | Affirm | 5/02/2024 | 592 | 616 | 36 |
| &nbsp;&nbsp;&nbsp; ZNXC-03CN, 13.840%, 10/08/2025 †§x | Affirm | 4/11/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZNXN-8OBG, 24.400%, 1/02/2029 †§x | Affirm | 1/29/2025 | 1394 | 1493 | 1507 |
| &nbsp;&nbsp;&nbsp; ZNXW-0CD6, 29.640%, 10/02/2025 †§x | Affirm | 10/07/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZNY1-KKXZ, 29.820%, 3/02/2024 †x#^ | Affirm | 9/09/2022 | 218 | 234 | 13 |
| &nbsp;&nbsp;&nbsp; ZNY2-KOPZ, 35.550%, 12/28/2025 †x# | Affirm | 1/29/2025 | 161 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; ZNY3-X5ED, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 44 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; ZNY6-MYKD, 30.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZNYE-021R, 26.500%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 2434 | 2383 | 146 |
| &nbsp;&nbsp;&nbsp; ZNYR-5X81, 22.900%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 49 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; ZNYU-8QW6, 23.400%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 608 | 622 | 623 |
| &nbsp;&nbsp;&nbsp; ZNZ8-H35Y, 29.630%, 12/09/2022 †x#^ | Affirm | 12/16/2021 | 73 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; ZNZ8-R7BR, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZNZM-3T0A, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZNZR-YFTS, 27.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZO04-ZNFN, 28.000%, 10/18/2024 †x#^ | Affirm | 10/21/2022 | 877 | 946 | 53 |
| &nbsp;&nbsp;&nbsp; ZO0D-56QE, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 135 | 139 | 140 |
| &nbsp;&nbsp;&nbsp; ZO0N-YU5O, 25.900%, 3/28/2025 †x#^ | Affirm | 4/01/2024 | 92 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; ZO0R-IVNS, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZO0W-OXZ7, 35.470%, 9/27/2024 †x#^ | Affirm | 10/02/2023 | 1640 | 1550 | 98 |
| &nbsp;&nbsp;&nbsp; ZO1I-TRSA, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 151 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; ZO1M-U2LQ, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 163 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; ZO1X-7AW1, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZO2C-PBSN, 35.450%, 4/15/2026 †x# | Affirm | 4/18/2024 | 686 | 699 | 41 |
| &nbsp;&nbsp;&nbsp; ZO34-0IMZ, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; ZO3B-37LG, 23.400%, 3/03/2026 †§x | Affirm | 3/28/2025 | 108 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; ZO3C-M8KV, 33.050%, 12/16/2025 †x# | Affirm | 12/27/2024 | 89 | 94 | 6 |
| &nbsp;&nbsp;&nbsp; ZO3G-LANR, 22.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZO3Q-8OUZ, 29.550%, 4/10/2026 †§x | Affirm | 4/15/2024 | 226 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; ZO3X-B69P, 29.550%, 2/27/2026 †§x# | Affirm | 8/30/2024 | 124 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; ZO4D-3S0A, 29.540%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 94 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZO4U-CI1M, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZO4Y-C17A, 29.550%, 4/16/2026 †§x | Affirm | 4/19/2024 | 799 | 810 | 815 |
| &nbsp;&nbsp;&nbsp; ZO66-MCHQ, 32.500%, 3/19/2026 †§x | Affirm | 9/23/2024 | 1093 | 1110 | 1098 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8541** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZO6D-WMCR, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | $264 | $271 | $272 |
| &nbsp;&nbsp;&nbsp; ZO6G-BSF3, 35.450%, 12/11/2025 †§x | Affirm | 12/27/2024 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZO6H-JFZT, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 59 | 59 | 58 |
| &nbsp;&nbsp;&nbsp; ZO6I-COGI, 32.990%, 9/02/2025 †§x | Affirm | 6/27/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZO6L-DTJF, 7.990%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 224 | 227 | 226 |
| &nbsp;&nbsp;&nbsp; ZO6V-U8MQ, 29.560%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 174 | 184 | 10 |
| &nbsp;&nbsp;&nbsp; ZO7A-6F5F, 35.500%, 10/18/2025 †§x | Affirm | 10/24/2024 | 119 | 118 | 117 |
| &nbsp;&nbsp;&nbsp; ZO7D-VMI2, 35.400%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 254 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; ZO7I-3NI4, 35.540%, 3/02/2025 †x#^ | Affirm | 1/05/2024 | 159 | 159 | 10 |
| &nbsp;&nbsp;&nbsp; ZO7I-7ZOR, 35.200%, 3/20/2026 †§x | Affirm | 3/28/2025 | 90 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; ZO7U-Z0W2, 35.490%, 10/21/2026 †§x# | Affirm | 10/24/2024 | 979 | 973 | 983 |
| &nbsp;&nbsp;&nbsp; ZO83-3U3X, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; ZO89-9ZOO, 35.450%, 1/06/2026 †§x | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZO8E-Q3FW, 35.520%, 12/28/2025 †§x | Affirm | 1/29/2025 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZO8L-2XQB, 29.000%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 1874 | 1859 | 112 |
| &nbsp;&nbsp;&nbsp; ZO8N-XV5J, 5.949%, 7/13/2023 †x#^« | Affirm | 7/18/2022 | 80 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; ZO8O-GQKY, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZO8Z-ALXD, 33.950%, 5/15/2026 †§x | Affirm | 11/27/2024 | 165 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; ZO98-84ER, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 73 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZO9M-R26R, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; ZO9O-WZLM, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZO9X-B8U9, 24.400%, 6/17/2026 †§x | Affirm | 6/21/2024 | 334 | 341 | 343 |
| &nbsp;&nbsp;&nbsp; ZOA4-FVD5, 27.500%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 139 | 149 | 8 |
| &nbsp;&nbsp;&nbsp; ZOAD-IO3M, 34.010%, 10/28/2023 †x#^ | Affirm | 11/03/2022 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZOAE-DV3I, 28.500%, 2/28/2024 †x#^ | Affirm | 9/09/2022 | 66 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZOAI-5GKV, 32.000%, 10/15/2025 †§x | Affirm | 4/18/2024 | 230 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; ZOAY-0JUO, 28.970%, 5/17/2025 †x#^ | Affirm | 5/22/2023 | 317 | 336 | 19 |
| &nbsp;&nbsp;&nbsp; ZOB8-2HHW, 35.710%, 2/10/2026 †§x | Affirm | 2/26/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZOBH-W669, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 77 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; ZOBJ-BJPI, 35.610%, 8/12/2026 †§x | Affirm | 2/26/2025 | 277 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; ZOBM-TGDW, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 60 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; ZOBO-FTYM, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZOBS-ZK52, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 15 | 16 | 1 |
| &nbsp;&nbsp;&nbsp; ZOBZ-1G1K, 29.580%, 10/28/2026 †x# | Affirm | 10/31/2024 | 750 | 787 |  |
| &nbsp;&nbsp;&nbsp; ZOC2-7XHZ, 15.810%, 9/28/2025 †§x | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZOC6-2X1S, 29.550%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 767 | 719 | 46 |
| &nbsp;&nbsp;&nbsp; ZOC6-BJNQ, 29.680%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 124 | 130 | 7 |
| &nbsp;&nbsp;&nbsp; ZOCE-RHT2, 13.840%, 5/15/2026 †§x | Affirm | 11/27/2024 | 214 | 219 | 219 |
| &nbsp;&nbsp;&nbsp; ZOCF-69JU, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 63 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZOCI-9QYL, 29.520%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 132 | 130 | 8 |
| &nbsp;&nbsp;&nbsp; ZOCI-UO1F, 25.000%, 11/21/2023 †x#^ | Affirm | 11/25/2022 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZOCN-GNIM, 35.000%, 11/12/2025 †§x | Affirm | 11/27/2024 | 300 | 300 | 299 |
| &nbsp;&nbsp;&nbsp; ZOCR-YA4X, 22.750%, 1/06/2026 †§x | Affirm | 1/29/2025 | 887 | 898 | 900 |
| &nbsp;&nbsp;&nbsp; ZOCX-P752, 31.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 197 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; ZOD5-K2YR, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 343 | 349 | 350 |
| &nbsp;&nbsp;&nbsp; ZOD9-6NFE, 25.900%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 114 | 117 | 118 |
| &nbsp;&nbsp;&nbsp; ZODM-LP7G, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZODO-I4ST, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZODU-YXMW, 32.000%, 5/06/2026 †§x | Affirm | 5/30/2025 | 218 | 226 | 228 |
| &nbsp;&nbsp;&nbsp; ZOE6-1JVW, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; ZOEC-FE76, 29.650%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 344 | 318 | 21 |
| &nbsp;&nbsp;&nbsp; ZOEO-FQN9, 35.530%, 12/28/2025 †x | Affirm | 1/29/2025 | 260 | 258 | 64 |
| &nbsp;&nbsp;&nbsp; ZOER-LW6Q, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 268 | 271 | 270 |
| &nbsp;&nbsp;&nbsp; ZOEV-OD8R, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZOEZ-NEHG, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZOEZ-Q1T9, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 108 | 110 | 111 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8542** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZOF3-1WYA, 29.630%, 12/18/2025 †§x | Affirm | 12/27/2024 | $60 | $61 | $61 |
| &nbsp;&nbsp;&nbsp; ZOF9-8MMU, 35.770%, 2/10/2026 †x | Affirm | 2/26/2025 | 61 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; ZOFA-JV0E, 23.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 101 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; ZOFK-V94O, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 22 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; ZOFT-KZTS, 30.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1055 | 1088 | 1096 |
| &nbsp;&nbsp;&nbsp; ZOFV-QQ8Y, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 147 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; ZOGB-UN1X, 35.220%, 3/20/2026 †x# | Affirm | 3/28/2025 | 138 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; ZOGD-9837, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 79 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; ZOGI-81H0, 19.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 267 | 272 | 273 |
| &nbsp;&nbsp;&nbsp; ZOGL-MSOD, 23.400%, 5/06/2026 †§x | Affirm | 5/30/2025 | 488 | 500 | 503 |
| &nbsp;&nbsp;&nbsp; ZOGN-9GJG, 9.920%, 3/03/2026 †§x | Affirm | 3/28/2025 | 114 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; ZOH2-HH5X, 33.950%, 9/05/2026 †x# | Affirm | 9/08/2023 | 538 | 595 | 139 |
| &nbsp;&nbsp;&nbsp; ZOH7-9ZSI, 11.870%, 11/15/2025 †x# | Affirm | 11/27/2024 | 57 | 60 | 18 |
| &nbsp;&nbsp;&nbsp; ZOHB-2A7M, 29.700%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 56 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; ZOHL-T4BG, 29.510%, 6/28/2025 †x#^ | Affirm | 1/02/2024 | 113 | 119 | 10 |
| &nbsp;&nbsp;&nbsp; ZOHO-JGM4, 35.600%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZOHX-9IVK, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 53 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZOIB-57BX, 22.750%, 11/12/2025 †§x | Affirm | 11/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZOIG-YD4K, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 355 | 348 | 348 |
| &nbsp;&nbsp;&nbsp; ZOII-M2XE, 35.480%, 8/23/2026 †§x | Affirm | 8/29/2024 | 444 | 441 | 448 |
| &nbsp;&nbsp;&nbsp; ZOII-RYRL, 29.650%, 7/06/2024 †x#^ | Affirm | 1/12/2023 | 164 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; ZOIU-GVPU, 31.200%, 8/11/2026 †§x | Affirm | 2/26/2025 | 304 | 301 | 303 |
| &nbsp;&nbsp;&nbsp; ZOIZ-WT9U, 35.540%, 12/18/2025 †§x | Affirm | 12/27/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZOJB-VF5P, 29.630%, 4/05/2023 †x#^ | Affirm | 10/11/2022 | 77 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; ZOJC-S2L1, 35.330%, 7/22/2026 †x# | Affirm | 7/25/2024 | 2419 | 2398 | 145 |
| &nbsp;&nbsp;&nbsp; ZOJE-V9H4, 29.680%, 7/13/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; ZOJG-1SJZ, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 342 | 348 | 21 |
| &nbsp;&nbsp;&nbsp; ZOJN-MOO6, 29.480%, 9/27/2025 †§x | Affirm | 4/01/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZOJW-N1HY, 23.400%, 12/04/2025 †§x | Affirm | 12/07/2023 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZOK4-7O0U, 27.500%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 78 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZOK9-Q8MM, 13.840%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 482 | 506 | 512 |
| &nbsp;&nbsp;&nbsp; ZOKA-X8UM, 29.000%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 194 | 204 | 12 |
| &nbsp;&nbsp;&nbsp; ZOKG-DUZQ, 35.290%, 7/22/2024 †x#^ | Affirm | 5/25/2023 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; ZOKM-0JT0, 35.710%, 8/10/2026 †x | Affirm | 2/26/2025 | 886 | 908 | 913 |
| &nbsp;&nbsp;&nbsp; ZOKM-LNVB, 33.950%, 11/06/2025 †§x# | Affirm | 5/30/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZOKS-F5KQ, 29.981%, 6/05/2024 †x#^ | Affirm | 6/08/2023 | 44 | 41 | 3 |
| &nbsp;&nbsp;&nbsp; ZOKS-NGZX, 23.400%, 5/23/2026 †§x | Affirm | 5/28/2024 | 203 | 206 | 206 |
| &nbsp;&nbsp;&nbsp; ZOL1-SYYI, 35.420%, 10/24/2025 †x# | Affirm | 10/28/2024 | 156 | 156 | 9 |
| &nbsp;&nbsp;&nbsp; ZOL7-0PT8, 33.950%, 1/06/2027 †§x | Affirm | 1/29/2025 | 1079 | 1109 | 1126 |
| &nbsp;&nbsp;&nbsp; ZOLO-9Y91, 33.050%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 255 | 265 | 266 |
| &nbsp;&nbsp;&nbsp; ZOLX-KUCC, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 109 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; ZOLY-WR9E, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZOM0-36DO, 29.580%, 10/02/2025 †§x | Affirm | 10/05/2023 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZOM1-A211, 33.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 158 | 161 | 162 |
| &nbsp;&nbsp;&nbsp; ZOM1-WVPA, 22.760%, 11/20/2025 †§x | Affirm | 11/27/2024 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; ZOMH-4Q0U, 24.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 202 | 207 | 207 |
| &nbsp;&nbsp;&nbsp; ZOMH-DD1P, 30.000%, 11/05/2024 †x#^ | Affirm | 5/11/2023 | 280 | 295 | 17 |
| &nbsp;&nbsp;&nbsp; ZOMJ-W6DG, 29.580%, 11/15/2025 †§x | Affirm | 11/27/2024 | 81 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; ZON2-FT6Q, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 148 | 150 | 149 |
| &nbsp;&nbsp;&nbsp; ZONF-98HK, 28.000%, 10/26/2023 †x#^ | Affirm | 10/31/2022 | 69 | 72 | 4 |
| &nbsp;&nbsp;&nbsp; ZONG-JVJG, 11.890%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; ZONX-IUMV, 18.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1131 | 1166 | 1173 |
| &nbsp;&nbsp;&nbsp; ZONZ-A0RJ, 24.660%, 12/16/2025 †§x | Affirm | 12/27/2024 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZOO7-0TIK, 33.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZOO9-3J69, 22.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 183 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; ZOOF-TQGY, 16.700%, 2/10/2024 †x#^ | Affirm | 2/16/2023 | 242 | 252 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8543** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZOOH-T745, 28.900%, 9/04/2022 †x#^ | Affirm | 3/10/2022 | $120 | $120 | $7 |
| &nbsp;&nbsp;&nbsp; ZOOR-F40D, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 176 | 176 | 176 |
| &nbsp;&nbsp;&nbsp; ZOOS-NRQQ, 18.000%, 12/19/2026 †§x | Affirm | 12/27/2024 | 347 | 359 | 360 |
| &nbsp;&nbsp;&nbsp; ZOOU-30EV, 29.560%, 12/20/2025 †§x | Affirm | 6/24/2024 | 115 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZOOV-GBP1, 29.610%, 11/28/2024 †x#^ | Affirm | 12/05/2022 | 621 | 655 | 37 |
| &nbsp;&nbsp;&nbsp; ZOOV-OWFD, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZOP1-Y9OY, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 229 | 234 | 14 |
| &nbsp;&nbsp;&nbsp; ZOP4-72YP, 26.900%, 1/08/2026 †§x | Affirm | 1/29/2025 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; ZOP5-C87X, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZOPA-SLTH, 30.000%, 1/08/2026 †§x | Affirm | 1/29/2025 | 215 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; ZOPC-6ZAN, 35.300%, 3/07/2026 †§x# | Affirm | 3/28/2025 | 215 | 203 | 204 |
| &nbsp;&nbsp;&nbsp; ZOPD-B81X, 33.950%, 10/15/2025 †§x | Affirm | 4/18/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZOPJ-MJ1L, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 298 | 285 | 18 |
| &nbsp;&nbsp;&nbsp; ZOPT-YB7G, 35.670%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; ZOPV-5LN4, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 272 | 282 | 285 |
| &nbsp;&nbsp;&nbsp; ZOPW-ILLL, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 822 | 846 | 841 |
| &nbsp;&nbsp;&nbsp; ZOPX-UUHF, 29.660%, 9/16/2023 †x#^ | Affirm | 9/22/2022 | 138 | 142 | 8 |
| &nbsp;&nbsp;&nbsp; ZOPZ-WJ74, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 132 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; ZOQ2-BCLU, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 73 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZOQ6-D73E, 32.500%, 9/20/2025 †x# | Affirm | 3/28/2025 | 154 | 158 | 41 |
| &nbsp;&nbsp;&nbsp; ZOQ7-0QXK, 25.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; ZOQ9-XHT5, 15.810%, 12/16/2025 †§x | Affirm | 12/27/2024 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; ZOQA-7SQ1, 31.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 168 | 166 | 166 |
| &nbsp;&nbsp;&nbsp; ZOQG-M7GY, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 154 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; ZOQU-G0XC, 29.690%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 141 | 138 | 8 |
| &nbsp;&nbsp;&nbsp; ZOQX-S68L, 15.750%, 2/23/2026 †x# | Affirm | 8/29/2024 | 251 | 267 | 15 |
| &nbsp;&nbsp;&nbsp; ZOR1-AXC1, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 196 | 188 | 188 |
| &nbsp;&nbsp;&nbsp; ZOR8-IQJV, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; ZORC-1CQC, 26.700%, 9/29/2023 †x#^ | Affirm | 7/03/2023 | 26 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; ZORH-AEBT, 11.950%, 12/28/2025 †x# | Affirm | 1/29/2025 | 81 | 83 | 28 |
| &nbsp;&nbsp;&nbsp; ZORT-Z691, 29.570%, 12/19/2024 †x#^ | Affirm | 12/22/2022 | 490 | 517 | 29 |
| &nbsp;&nbsp;&nbsp; ZORU-8QPD, 32.500%, 9/06/2024 †x#^ | Affirm | 9/11/2023 | 2370 | 2224 | 142 |
| &nbsp;&nbsp;&nbsp; ZOSC-ZHLC, 29.760%, 10/02/2025 †§x | Affirm | 10/07/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZOSF-8H0Y, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZOSK-AJ3L, 35.580%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZOSQ-E1E9, 33.950%, 12/20/2025 †§x | Affirm | 6/24/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZOTC-3JOG, 23.400%, 3/28/2026 †§x | Affirm | 3/31/2025 | 285 | 292 | 294 |
| &nbsp;&nbsp;&nbsp; ZOTF-76VB, 35.300%, 3/26/2027 †§x | Affirm | 3/31/2025 | 445 | 443 | 452 |
| &nbsp;&nbsp;&nbsp; ZOTR-ENDE, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZOTV-OG49, 27.500%, 5/22/2022 †x#^ | Affirm | 11/26/2021 | 285 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; ZOU3-AAG1, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZOUD-VMPE, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZOUH-T19R, 23.400%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 408 | 424 | 427 |
| &nbsp;&nbsp;&nbsp; ZOUJ-3XNZ, 33.050%, 5/03/2025 †x#^ | Affirm | 2/26/2025 | 72 | 72 | 8 |
| &nbsp;&nbsp;&nbsp; ZOUJ-94D5, 35.250%, 6/07/2024 †x#^ | Affirm | 12/11/2023 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; ZOVE-2ALH, 22.830%, 2/06/2026 †§x | Affirm | 2/26/2025 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; ZOVF-PA7X, 29.530%, 12/28/2025 †x# | Affirm | 1/02/2024 | 287 | 288 | 17 |
| &nbsp;&nbsp;&nbsp; ZOVM-G3XR, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZOVN-BPCL, 30.000%, 11/05/2023 †x#^ | Affirm | 5/11/2023 | 100 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; ZOVX-7A23, 35.540%, 2/26/2026 †§x | Affirm | 2/29/2024 | 645 | 645 | 659 |
| &nbsp;&nbsp;&nbsp; ZOW6-A4MT, 29.550%, 12/24/2025 †§x | Affirm | 6/27/2024 | 85 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; ZOW8-V794, 32.500%, 9/26/2026 †§x# | Affirm | 9/30/2024 | 420 | 417 | 423 |
| &nbsp;&nbsp;&nbsp; ZOWD-M2RJ, 35.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; ZOX0-P6QL, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 115 | 118 | 119 |
| &nbsp;&nbsp;&nbsp; ZOXA-DOZQ, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 309 | 311 | 309 |
| &nbsp;&nbsp;&nbsp; ZOXB-LKBZ, 30.950%, 7/13/2026 †§x | Affirm | 1/29/2025 | 159 | 163 | 162 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8544** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZOXO-Z43W, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $550 | $560 | $555 |
| &nbsp;&nbsp;&nbsp; ZOXZ-YOXQ, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZOY5-PZ9S, 30.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; ZOYK-IHLW, 11.820%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZOYM-0RX2, 24.920%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 66 | 67 | 10 |
| &nbsp;&nbsp;&nbsp; ZOYP-6JML, 33.050%, 9/26/2026 †§x# | Affirm | 9/30/2024 | 675 | 697 | 702 |
| &nbsp;&nbsp;&nbsp; ZOYT-Z8EA, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZOYX-PSZ1, 32.000%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 647 | 667 | 673 |
| &nbsp;&nbsp;&nbsp; ZOZI-GBJ2, 24.840%, 4/07/2026 †x# | Affirm | 2/26/2025 | 833 | 856 | 862 |
| &nbsp;&nbsp;&nbsp; ZOZM-CX16, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 136 | 138 | 137 |
| &nbsp;&nbsp;&nbsp; ZOZN-NEV4, 30.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 307 | 314 | 316 |
| &nbsp;&nbsp;&nbsp; ZP00-29JL, 29.730%, 8/23/2024 †x#^ | Affirm | 2/27/2023 | 165 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; ZP00-70NN, 32.500%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 323 | 332 | 335 |
| &nbsp;&nbsp;&nbsp; ZP02-BX4E, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 557 | 556 | 555 |
| &nbsp;&nbsp;&nbsp; ZP06-LRFR, 29.640%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 95 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; ZP0B-G7HP, 27.000%, 1/12/2024 †x#^ | Affirm | 1/17/2023 | 58 | 60 | 3 |
| &nbsp;&nbsp;&nbsp; ZP0E-PBME, 29.660%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZP0O-BS5O, 24.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 202 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; ZP0O-QMCI, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; ZP0R-H8YJ, 13.840%, 6/27/2026 †§x | Affirm | 7/01/2024 | 1919 | 1960 | 1973 |
| &nbsp;&nbsp;&nbsp; ZP0S-GB8N, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 184 | 181 | 11 |
| &nbsp;&nbsp;&nbsp; ZP0X-C4QE, 29.660%, 5/24/2023 †x#^ | Affirm | 11/29/2021 | 206 | 197 | 12 |
| &nbsp;&nbsp;&nbsp; ZP14-96BM, 28.110%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 57 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; ZP15-Q53G, 28.500%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 57 | 58 | 3 |
| &nbsp;&nbsp;&nbsp; ZP16-08US, 25.200%, 9/19/2026 †§x | Affirm | 9/23/2024 | 75 | 77 | 75 |
| &nbsp;&nbsp;&nbsp; ZP1F-AMFG, 29.310%, 11/06/2025 †§x | Affirm | 5/30/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZP1H-AU62, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 106 | 109 | 109 |
| &nbsp;&nbsp;&nbsp; ZP1J-X8SD, 33.050%, 8/10/2026 †§x | Affirm | 2/26/2025 | 669 | 697 | 694 |
| &nbsp;&nbsp;&nbsp; ZP1N-K6QC, 35.480%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; ZP1O-KMEF, 35.710%, 8/11/2026 †§x | Affirm | 2/26/2025 | 572 | 588 | 586 |
| &nbsp;&nbsp;&nbsp; ZP1R-OZE0, 35.490%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 2011 | 1998 | 2028 |
| &nbsp;&nbsp;&nbsp; ZP1S-SCVK, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 654 | 670 | 673 |
| &nbsp;&nbsp;&nbsp; ZP1T-8VJF, 35.990%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 525 | 538 | 135 |
| &nbsp;&nbsp;&nbsp; ZP1U-MGU2, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 29 | 29 | 6 |
| &nbsp;&nbsp;&nbsp; ZP27-7GUC, 24.400%, 5/20/2026 †§x | Affirm | 11/27/2024 | 224 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; ZP2F-UEJY, 15.690%, 2/07/2024 †x#^ | Affirm | 8/10/2023 | 211 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; ZP2M-A0ZP, 35.990%, 2/03/2026 †§x | Affirm | 2/26/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZP2O-QSHK, 28.500%, 3/08/2023 †x#^ | Affirm | 3/11/2022 | 468 | 484 | 28 |
| &nbsp;&nbsp;&nbsp; ZP2Y-YKTM, 29.620%, 12/18/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZP36-DGKA, 6.654%, 6/26/2027 †§x« | Affirm | 7/01/2024 | 719 | 639 | 618 |
| &nbsp;&nbsp;&nbsp; ZP3D-LTCM, 29.710%, 1/19/2024 †x#^ | Affirm | 1/23/2023 | 129 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; ZP3J-P6PU, 33.030%, 10/25/2025 †x# | Affirm | 10/31/2024 | 49 | 51 | 11 |
| &nbsp;&nbsp;&nbsp; ZP3T-N0VK, 29.610%, 12/10/2022 †x#^ | Affirm | 12/16/2021 | 33 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZP3Y-T0PN, 29.710%, 12/02/2026 †§x# | Affirm | 6/27/2025 | 324 | 341 | 344 |
| &nbsp;&nbsp;&nbsp; ZP46-AD7S, 35.440%, 6/19/2026 †x | Affirm | 12/27/2024 | 274 | 272 | 274 |
| &nbsp;&nbsp;&nbsp; ZP4F-WKBF, 33.950%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 151 | 159 | 156 |
| &nbsp;&nbsp;&nbsp; ZP4K-KZL5, 35.490%, 10/28/2025 †§x | Affirm | 10/31/2024 | 198 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; ZP4V-TC7J, 28.000%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; ZP4Y-TME5, 24.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 176 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; ZP53-EHZR, 28.000%, 6/16/2024 †x#^ | Affirm | 12/22/2022 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; ZP56-NLUV, 35.400%, 5/07/2026 †§x | Affirm | 5/13/2024 | 287 | 289 | 291 |
| &nbsp;&nbsp;&nbsp; ZP5A-2B1S, 29.600%, 6/24/2023 †x#^ | Affirm | 12/30/2021 | 155 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; ZP5I-54QN, 35.580%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 333 | 334 | 20 |
| &nbsp;&nbsp;&nbsp; ZP5L-MB6Q, 29.790%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZP5Q-LJQF, 27.950%, 4/28/2026 †x# | Affirm | 10/31/2024 | 244 | 248 | 73 |
| &nbsp;&nbsp;&nbsp; ZP5R-DJNK, 31.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 48 | 48 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8545** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZP69-J2Z7, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | $174 | $175 | $175 |
| &nbsp;&nbsp;&nbsp; ZP6C-3704, 33.950%, 1/08/2027 †§x# | Affirm | 7/31/2025 | 184 | 194 | 196 |
| &nbsp;&nbsp;&nbsp; ZP6G-4266, 24.400%, 2/26/2026 †§x | Affirm | 8/29/2024 | 121 | 122 | 123 |
| &nbsp;&nbsp;&nbsp; ZP6G-RQCB, 29.560%, 10/03/2025 †§x# | Affirm | 10/06/2023 | 93 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; ZP6Q-VJGE, 35.900%, 8/27/2025 †§x^ | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZP6U-OPOH, 35.440%, 12/02/2026 †x | Affirm | 6/27/2025 | 2713 | 2781 | 2810 |
| &nbsp;&nbsp;&nbsp; ZP77-M52U, 22.700%, 12/16/2025 †§x | Affirm | 12/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZP7A-6Y3X, 22.850%, 2/06/2026 †§x | Affirm | 2/26/2025 | 293 | 298 | 299 |
| &nbsp;&nbsp;&nbsp; ZP7A-9UHJ, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 294 | 294 | 296 |
| &nbsp;&nbsp;&nbsp; ZP7G-RUET, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 201 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; ZP7N-B1WY, 33.950%, 8/07/2026 †§x | Affirm | 2/26/2025 | 259 | 269 | 268 |
| &nbsp;&nbsp;&nbsp; ZP7Q-RG0X, 33.950%, 3/16/2026 †§x | Affirm | 9/19/2024 | 134 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; ZP7T-0EK4, 32.500%, 5/15/2026 †§x | Affirm | 11/27/2024 | 500 | 508 | 505 |
| &nbsp;&nbsp;&nbsp; ZP7U-P567, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZP7V-P6VY, 35.460%, 8/21/2025 †x#^ | Affirm | 8/26/2024 | 249 | 258 | 15 |
| &nbsp;&nbsp;&nbsp; ZP7W-SCTW, 29.590%, 4/24/2026 †§x | Affirm | 10/28/2024 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZP8B-LLUI, 35.710%, 8/06/2026 †§x | Affirm | 2/26/2025 | 715 | 733 | 733 |
| &nbsp;&nbsp;&nbsp; ZP8D-3QSW, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; ZP8D-7P2T, 11.820%, 6/20/2026 †x | Affirm | 6/24/2024 | 2579 | 2633 | 2646 |
| &nbsp;&nbsp;&nbsp; ZP8I-S39L, 29.500%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 836 | 764 | 50 |
| &nbsp;&nbsp;&nbsp; ZP8O-SDRO, 29.110%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 258 | 246 | 15 |
| &nbsp;&nbsp;&nbsp; ZP8Q-CXT3, 28.500%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 426 | 421 | 26 |
| &nbsp;&nbsp;&nbsp; ZP8R-NDH6, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; ZP8S-9KZX, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZP8Z-KFQH, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 18 |
| &nbsp;&nbsp;&nbsp; ZP9D-JUHF, 33.950%, 10/15/2025 †§x | Affirm | 4/18/2024 | 64 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZP9J-4NH3, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 322 | 325 | 322 |
| &nbsp;&nbsp;&nbsp; ZPA4-MVHU, 29.720%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 170 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; ZPA9-WQYD, 35.470%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 276 | 257 | 17 |
| &nbsp;&nbsp;&nbsp; ZPAA-XI5B, 33.950%, 7/08/2025 †x#^ | Affirm | 1/29/2025 | 40 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; ZPAB-MY0J, 15.760%, 10/26/2024 †x#^ | Affirm | 10/31/2022 | 203 | 221 | 12 |
| &nbsp;&nbsp;&nbsp; ZPAC-BZ3W, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 86 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; ZPB1-QZ99, 35.560%, 11/15/2026 †§x | Affirm | 11/27/2024 | 434 | 434 | 439 |
| &nbsp;&nbsp;&nbsp; ZPBJ-E58C, 29.540%, 7/03/2024 †x#^ | Affirm | 7/07/2023 | 49 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; ZPC6-I8RV, 35.540%, 9/26/2026 †§x | Affirm | 9/30/2024 | 417 | 415 | 421 |
| &nbsp;&nbsp;&nbsp; ZPCJ-1TYQ, 35.650%, 1/28/2026 †§x# | Affirm | 2/26/2025 | 151 | 143 | 146 |
| &nbsp;&nbsp;&nbsp; ZPCU-S0WS, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZPD1-X8HZ, 22.660%, 9/27/2025 †§x | Affirm | 10/02/2023 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZPD3-UQ95, 35.710%, 8/11/2026 †§x | Affirm | 2/26/2025 | 891 | 915 | 915 |
| &nbsp;&nbsp;&nbsp; ZPD4-T8LW, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 317 | 316 | 317 |
| &nbsp;&nbsp;&nbsp; ZPD9-DES0, 29.520%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; ZPDW-IB12, 15.760%, 6/02/2026 †§x | Affirm | 6/27/2025 | 309 | 315 | 318 |
| &nbsp;&nbsp;&nbsp; ZPE0-ISY3, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZPE9-MYC2, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 173 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; ZPEA-RXGC, 35.240%, 2/07/2026 †§x | Affirm | 8/29/2025 | 71 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZPEC-1NZZ, 32.000%, 1/08/2026 †§x | Affirm | 7/31/2025 | 226 | 229 | 230 |
| &nbsp;&nbsp;&nbsp; ZPEI-B071, 33.950%, 10/03/2025 †§x | Affirm | 10/07/2024 | 37 | 38 | 37 |
| &nbsp;&nbsp;&nbsp; ZPEW-SNMV, 29.620%, 12/11/2025 †§x# | Affirm | 12/27/2024 | 52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; ZPEX-2P9L, 19.700%, 7/13/2026 †§x | Affirm | 1/29/2025 | 1182 | 1211 | 1216 |
| &nbsp;&nbsp;&nbsp; ZPF2-P5XL, 29.280%, 1/08/2026 †§x | Affirm | 7/31/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; ZPF2-SLEP, 35.260%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZPF9-JHQR, 30.000%, 5/03/2022 †x#^ | Affirm | 2/07/2022 | 218 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; ZPFG-N35H, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 511 | 520 | 521 |
| &nbsp;&nbsp;&nbsp; ZPFN-AJZP, 29.450%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 238 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; ZPFW-AOVG, 11.880%, 1/08/2026 †§x | Affirm | 1/29/2025 | 184 | 187 | 188 |
| &nbsp;&nbsp;&nbsp; ZPFX-1LVR, 35.410%, 6/27/2025 †x#^ | Affirm | 1/02/2024 | 795 | 796 | 48 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8546** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZPGA-ZRHI, 33.050%, 10/02/2025 †§x | Affirm | 10/07/2024 | $76 | $76 | $76 |
| &nbsp;&nbsp;&nbsp; ZPGB-DLGP, 29.570%, 1/11/2026 †§x | Affirm | 1/16/2024 | 179 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; ZPGG-FNVB, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZPGG-JMDZ, 29.030%, 6/28/2026 †x# | Affirm | 7/03/2023 | 1218 | 1323 | 73 |
| &nbsp;&nbsp;&nbsp; ZPGL-IPFG, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZPGT-QP3P, 18.000%, 2/06/2026 †§x | Affirm | 8/29/2025 | 139 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; ZPGU-9TGI, 33.050%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 265 | 273 | 274 |
| &nbsp;&nbsp;&nbsp; ZPH9-PTKV, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZPHA-N6B5, 11.740%, 12/02/2025 †§x | Affirm | 6/27/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZPHH-BX88, 33.950%, 10/02/2025 †§x | Affirm | 10/07/2024 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZPHK-PK84, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZPHL-A9Q6, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 242 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; ZPHM-5YTG, 15.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; ZPHZ-CHYM, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZPI3-R2OT, 29.100%, 6/20/2024 †x#^ | Affirm | 12/23/2022 | 351 | 374 | 21 |
| &nbsp;&nbsp;&nbsp; ZPIA-L97R, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 265 | 268 | 267 |
| &nbsp;&nbsp;&nbsp; ZPIS-AD2O, 33.950%, 4/16/2025 †x#^ | Affirm | 4/19/2024 | 911 | 956 | 55 |
| &nbsp;&nbsp;&nbsp; ZPIY-G6AM, 15.870%, 8/11/2026 †§x | Affirm | 2/26/2025 | 483 | 496 | 496 |
| &nbsp;&nbsp;&nbsp; ZPJ4-ROLR, 35.570%, 9/26/2025 †§x | Affirm | 9/30/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZPJ8-66WV, 35.230%, 6/02/2026 †§x | Affirm | 6/27/2025 | 56 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZPJD-OJBU, 29.660%, 7/06/2024 †x#^ | Affirm | 1/12/2023 | 270 | 271 | 16 |
| &nbsp;&nbsp;&nbsp; ZPJH-R6ZW, 29.630%, 3/17/2025 †x#^ | Affirm | 9/20/2024 | 45 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; ZPJP-7KLA, 29.700%, 11/16/2022 †x#^ | Affirm | 11/19/2021 | 63 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; ZPJT-E4PJ, 35.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZPJW-YNQR, 11.920%, 2/07/2026 †§x | Affirm | 2/26/2025 | 2473 | 2463 | 2468 |
| &nbsp;&nbsp;&nbsp; ZPK1-WVNI, 35.430%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 440 | 436 | 441 |
| &nbsp;&nbsp;&nbsp; ZPK5-430E, 35.580%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZPK6-MTT6, 35.580%, 2/28/2025 †x#^ | Affirm | 3/04/2024 | 185 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; ZPK8-GPB5, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZPKE-A4MB, 35.630%, 6/02/2026 †x# | Affirm | 6/27/2025 | 135 | 133 | 29 |
| &nbsp;&nbsp;&nbsp; ZPKE-FUMW, 35.520%, 11/15/2025 †§x | Affirm | 11/27/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZPKG-ISV4, 35.990%, 8/05/2025 †x#^ | Affirm | 2/26/2025 | 39 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; ZPKI-Z3L8, 29.540%, 6/18/2025 †x#^ | Affirm | 6/21/2024 | 86 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; ZPKU-ZA7Y, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 100 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; ZPL2-1CB3, 25.900%, 10/25/2025 †§x | Affirm | 10/31/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZPLA-SX12, 10.840%, 10/11/2025 †§x# | Affirm | 10/14/2022 | 205 | 205 | 205 |
| &nbsp;&nbsp;&nbsp; ZPLH-3211, 24.680%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 107 | 106 |
| &nbsp;&nbsp;&nbsp; ZPLT-MHK4, 24.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZPLX-QYWH, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 258 | 260 | 261 |
| &nbsp;&nbsp;&nbsp; ZPM2-I0F6, 35.650%, 3/01/2024 †x#^ | Affirm | 9/08/2023 | 478 | 485 | 29 |
| &nbsp;&nbsp;&nbsp; ZPM9-DUBQ, 33.950%, 1/22/2026 †§x | Affirm | 7/25/2024 | 86 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZPMA-07VE, 15.810%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1181 | 1206 | 1222 |
| &nbsp;&nbsp;&nbsp; ZPME-80IK, 35.500%, 11/02/2025 †x# | Affirm | 10/07/2024 | 231 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; ZPMG-SFCC, 29.610%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 191 | 196 | 194 |
| &nbsp;&nbsp;&nbsp; ZPML-OSE2, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZPMV-OFW2, 29.610%, 12/28/2025 †x# | Affirm | 1/29/2025 | 78 | 81 | 8 |
| &nbsp;&nbsp;&nbsp; ZPMX-L09L, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 78 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZPMY-VA8N, 29.400%, 3/08/2024 †x#^ | Affirm | 3/13/2023 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; ZPMY-XE69, 29.770%, 8/12/2026 †§x | Affirm | 2/26/2025 | 106 | 110 | 110 |
| &nbsp;&nbsp;&nbsp; ZPN7-I81E, 15.720%, 5/06/2026 †§x | Affirm | 5/30/2025 | 46 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZPN8-JSVL, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 129 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; ZPN9-FBE0, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZPN9-NLPS, 24.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZPNB-PKZA, 30.000%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 609 | 631 | 37 |
| &nbsp;&nbsp;&nbsp; ZPNR-M05A, 35.710%, 8/11/2026 †§x | Affirm | 2/26/2025 | 488 | 502 | 500 |
| &nbsp;&nbsp;&nbsp; ZPNX-ARX3, 29.720%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1091 | 1115 | 1130 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8547** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZPNX-J6K4, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | $39 | $40 | $39 |
| &nbsp;&nbsp;&nbsp; ZPNY-9THR, 35.700%, 10/02/2025 †x# | Affirm | 10/07/2024 | 1296 | 1348 | 78 |
| &nbsp;&nbsp;&nbsp; ZPO1-KF92, 29.360%, 11/06/2025 †§x | Affirm | 5/30/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZPO3-ZV29, 27.450%, 3/16/2023 †x#^ | Affirm | 3/21/2022 | 180 | 186 | 11 |
| &nbsp;&nbsp;&nbsp; ZPO6-42JH, 35.430%, 12/12/2025 †§x# | Affirm | 12/27/2024 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZPO9-SWKI, 29.510%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 536 | 529 | 32 |
| &nbsp;&nbsp;&nbsp; ZPOD-CDVU, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 309 | 313 | 314 |
| &nbsp;&nbsp;&nbsp; ZPOQ-XUCO, 35.420%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 398 | 395 | 398 |
| &nbsp;&nbsp;&nbsp; ZPOW-S4A0, 35.380%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 197 | 182 | 12 |
| &nbsp;&nbsp;&nbsp; ZPOX-M3DC, 35.500%, 12/16/2025 †§x | Affirm | 12/27/2024 | 87 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; ZPP8-K54B, 29.760%, 5/16/2022 †x#^ | Affirm | 11/19/2021 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; ZPPI-SC2L, 35.390%, 8/27/2026 †x# | Affirm | 8/30/2024 | 513 | 509 |  |
| &nbsp;&nbsp;&nbsp; ZPPT-F5IE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 120 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; ZPPW-ZM1M, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZPQ2-RDF5, 29.940%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 161 | 164 | 10 |
| &nbsp;&nbsp;&nbsp; ZPQ4-3UCG, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 71 | 72 | 73 |
| &nbsp;&nbsp;&nbsp; ZPQ4-9M7M, 24.400%, 8/11/2026 †§x | Affirm | 2/26/2025 | 233 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; ZPQ9-Z2HL, 30.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 503 | 498 | 499 |
| &nbsp;&nbsp;&nbsp; ZPQG-5VB6, 15.720%, 9/28/2026 †§x | Affirm | 3/31/2025 | 676 | 709 | 709 |
| &nbsp;&nbsp;&nbsp; ZPQM-9XXN, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 308 | 315 | 317 |
| &nbsp;&nbsp;&nbsp; ZPQP-VP9L, 33.950%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 52 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZPQR-VBQ4, 18.000%, 7/08/2026 †§x | Affirm | 7/31/2025 | 125 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; ZPQT-SG4M, 33.050%, 1/08/2026 †§x | Affirm | 7/31/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZPR3-3KCS, 19.700%, 1/08/2026 †§x | Affirm | 1/29/2025 | 343 | 347 | 347 |
| &nbsp;&nbsp;&nbsp; ZPRD-89XW, 29.530%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 141 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; ZPRL-UD42, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 90 | 89 |
| &nbsp;&nbsp;&nbsp; ZPRO-V5B2, 24.400%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 345 | 355 | 358 |
| &nbsp;&nbsp;&nbsp; ZPRV-X1DI, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZPRX-2IS7, 29.070%, 1/03/2025 †x#^ | Affirm | 7/07/2023 | 128 | 137 | 8 |
| &nbsp;&nbsp;&nbsp; ZPS0-MPCD, 35.000%, 5/06/2025 †x#^ | Affirm | 5/09/2024 | 540 | 542 | 32 |
| &nbsp;&nbsp;&nbsp; ZPSA-D36R, 29.680%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 669 | 700 | 40 |
| &nbsp;&nbsp;&nbsp; ZPSF-YFT0, 29.500%, 11/15/2025 †§x | Affirm | 11/27/2024 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZPSP-WX9T, 35.260%, 9/28/2025 †§x | Affirm | 3/31/2025 | 375 | 375 | 375 |
| &nbsp;&nbsp;&nbsp; ZPSQ-MRG4, 32.000%, 9/28/2025 †§x# | Affirm | 10/02/2023 | 219 | 219 | 221 |
| &nbsp;&nbsp;&nbsp; ZPTE-QNGV, 28.000%, 1/08/2023 †x#^ | Affirm | 7/14/2022 | 71 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZPTF-J7EE, 35.350%, 2/21/2025 †x#^ | Affirm | 6/27/2024 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZPTI-7UTY, 35.710%, 8/11/2026 †§x | Affirm | 2/26/2025 | 203 | 200 | 202 |
| &nbsp;&nbsp;&nbsp; ZPTJ-OD5S, 35.390%, 3/21/2027 †§x | Affirm | 3/31/2025 | 189 | 187 | 190 |
| &nbsp;&nbsp;&nbsp; ZPTN-5HQ1, 30.000%, 8/27/2023 †x#^ | Affirm | 3/02/2023 | 58 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; ZPTV-21WE, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 328 | 334 | 337 |
| &nbsp;&nbsp;&nbsp; ZPTZ-P78Q, 30.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZPU4-KYOV, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 198 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; ZPU7-TIQ9, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 188 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; ZPUK-44S9, 35.770%, 2/03/2026 †x# | Affirm | 2/26/2025 | 594 | 537 | 36 |
| &nbsp;&nbsp;&nbsp; ZPV0-GEBZ, 32.000%, 9/16/2025 †§x | Affirm | 9/19/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZPV0-VQOE, 23.000%, 8/06/2025 †x#^ | Affirm | 2/26/2025 | 21 | 22 | 5 |
| &nbsp;&nbsp;&nbsp; ZPV4-WG5E, 13.840%, 9/03/2025 †§x | Affirm | 3/28/2025 | 68 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZPVH-H3MK, 33.950%, 12/20/2025 †x# | Affirm | 6/24/2024 | 353 | 375 | 21 |
| &nbsp;&nbsp;&nbsp; ZPVS-VFDB, 33.950%, 9/20/2025 †x# | Affirm | 3/28/2025 | 99 | 102 | 8 |
| &nbsp;&nbsp;&nbsp; ZPVU-0FO3, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZPW6-HKXN, 32.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 119 | 120 | 119 |
| &nbsp;&nbsp;&nbsp; ZPW6-PAQA, 28.990%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 110 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; ZPWD-KXGD, 29.200%, 11/05/2025 †§x | Affirm | 11/27/2024 | 68 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZPWF-7I9I, 35.780%, 9/02/2025 †§x | Affirm | 6/27/2025 | 28 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZPWN-KMLW, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 180 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; ZPWR-Y4HV, 11.770%, 2/07/2026 †§x | Affirm | 8/29/2025 | 78 | 78 | 78 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8548** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZPWS-SDBY, 29.720%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | $73 | $75 | $4 |
| &nbsp;&nbsp;&nbsp; ZPWU-3HAB, 29.550%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 235 | 243 | 14 |
| &nbsp;&nbsp;&nbsp; ZPXD-VG0Q, 32.940%, 3/24/2027 †§x | Affirm | 3/31/2025 | 843 | 838 | 856 |
| &nbsp;&nbsp;&nbsp; ZPXN-5WM7, 35.990%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 90 | 91 | 11 |
| &nbsp;&nbsp;&nbsp; ZPY3-H9X8, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; ZPYB-ENIX, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 134 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; ZPYJ-2HOF, 29.760%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; ZPYN-HSET, 29.710%, 1/11/2024 †x#^ | Affirm | 1/17/2023 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZPYP-BX75, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 95 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZPYT-KPY3, 29.000%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 355 | 362 | 21 |
| &nbsp;&nbsp;&nbsp; ZPYX-A3VZ, 22.900%, 10/21/2025 †x# | Affirm | 10/24/2024 | 406 | 419 | 24 |
| &nbsp;&nbsp;&nbsp; ZPZ8-W5FK, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZPZ9-JJ0K, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 361 | 364 | 364 |
| &nbsp;&nbsp;&nbsp; ZPZC-H8WJ, 13.840%, 3/20/2026 †§x | Affirm | 3/28/2025 | 992 | 1014 | 1015 |
| &nbsp;&nbsp;&nbsp; ZPZE-0E8W, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 46 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; ZPZE-RR16, 29.610%, 3/28/2023 †x#^ | Affirm | 10/06/2022 | 27 | 27 | 2 |
| &nbsp;&nbsp;&nbsp; ZPZK-J03N, 35.430%, 7/02/2026 †x# | Affirm | 1/29/2025 | 405 | 416 | 24 |
| &nbsp;&nbsp;&nbsp; ZPZT-6OAK, 29.470%, 7/05/2023 †x#^ | Affirm | 7/08/2022 | 161 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; ZQ05-6X8Y, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZQ08-EA4S, 13.840%, 3/26/2026 †§x | Affirm | 9/30/2024 | 495 | 503 | 505 |
| &nbsp;&nbsp;&nbsp; ZQ09-IYK2, 29.670%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 52 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZQ0H-13TK, 17.700%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1188 | 1244 | 1255 |
| &nbsp;&nbsp;&nbsp; ZQ0M-RNX9, 19.500%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 121 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; ZQ0T-N3QD, 9.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZQ11-2MDM, 29.510%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 248 | 257 | 15 |
| &nbsp;&nbsp;&nbsp; ZQ18-00LP, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 242 | 246 | 245 |
| &nbsp;&nbsp;&nbsp; ZQ1B-LOTK, 35.230%, 2/06/2026 †§x | Affirm | 8/29/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZQ1G-J9BT, 33.950%, 2/23/2026 †§x | Affirm | 8/29/2024 | 209 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; ZQ1I-SPIO, 27.950%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 136 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; ZQ1R-IH2X, 29.580%, 4/21/2026 †§x | Affirm | 10/25/2024 | 107 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; ZQ1Y-AO9N, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; ZQ25-6XW7, 29.680%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 197 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; ZQ2B-OBFZ, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; ZQ2K-UKTH, 29.620%, 3/24/2025 †x#^ | Affirm | 9/27/2024 | 90 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; ZQ2L-5MWW, 27.950%, 2/04/2026 †§x | Affirm | 8/29/2025 | 1070 | 1085 | 1085 |
| &nbsp;&nbsp;&nbsp; ZQ2M-RU9A, 26.900%, 2/05/2026 †§x | Affirm | 2/26/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; ZQ2X-6MW5, 25.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 197 | 200 | 201 |
| &nbsp;&nbsp;&nbsp; ZQ2X-KDLO, 30.000%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | 434 | 392 | 26 |
| &nbsp;&nbsp;&nbsp; ZQ31-09UX, 35.450%, 2/26/2026 †§x | Affirm | 2/29/2024 | 277 | 277 | 283 |
| &nbsp;&nbsp;&nbsp; ZQ32-337M, 22.690%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZQ32-PONL, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZQ39-D9QB, 35.640%, 2/12/2027 †x | Affirm | 2/26/2025 | 2315 | 2294 | 2338 |
| &nbsp;&nbsp;&nbsp; ZQ3I-FZCD, 29.660%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZQ3R-QUCM, 6.660%, 6/21/2027 †§x« | Affirm | 6/27/2024 | 778 | 693 | 671 |
| &nbsp;&nbsp;&nbsp; ZQ43-I6MU, 29.460%, 5/06/2026 †§x | Affirm | 5/30/2025 | 95 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; ZQ4H-7JSE, 35.570%, 9/20/2025 †§x | Affirm | 9/26/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZQ4N-I754, 29.150%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZQ51-Z9O9, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZQ5C-68FY, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 93 | 94 | 94 |
| &nbsp;&nbsp;&nbsp; ZQ5O-B33G, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZQ5P-XX03, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 293 | 298 | 299 |
| &nbsp;&nbsp;&nbsp; ZQ5V-RG8C, 22.830%, 2/10/2026 †§x | Affirm | 2/26/2025 | 101 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; ZQ69-46HA, 33.170%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 82 | 81 | 40 |
| &nbsp;&nbsp;&nbsp; ZQ6K-J3FL, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZQ6L-BVQE, 23.400%, 8/26/2025 †x#^ | Affirm | 2/29/2024 | 703 | 729 | 42 |
| &nbsp;&nbsp;&nbsp; ZQ6M-HLPY, 29.620%, 12/07/2022 †x#^ | Affirm | 12/10/2021 | 276 | 282 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8549** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZQ6R-0MM6, 26.900%, 4/17/2025 †x#^ | Affirm | 4/22/2024 | $78 | $81 | $5 |
| &nbsp;&nbsp;&nbsp; ZQ6T-5QZA, 29.450%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 156 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; ZQ6U-3MXE, 35.630%, 1/06/2026 †§x | Affirm | 1/29/2025 | 28 | 29 | 28 |
| &nbsp;&nbsp;&nbsp; ZQ6W-I9TK, 31.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 838 | 863 | 856 |
| &nbsp;&nbsp;&nbsp; ZQ6Z-H0PJ, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZQ77-943N, 35.220%, 3/20/2026 †x# | Affirm | 3/28/2025 | 135 | 140 |  |
| &nbsp;&nbsp;&nbsp; ZQ7A-AP6B, 28.850%, 11/22/2023 †x#^ | Affirm | 5/25/2023 | 39 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; ZQ7B-H029, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 316 | 319 | 318 |
| &nbsp;&nbsp;&nbsp; ZQ7B-WI3Y, 30.000%, 8/03/2022 †x#^ | Affirm | 2/07/2022 | 55 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; ZQ7F-9HY9, 29.560%, 9/06/2025 †§x | Affirm | 9/11/2023 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZQ7J-VFQJ, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 486 | 490 | 490 |
| &nbsp;&nbsp;&nbsp; ZQ7Q-8C9G, 29.470%, 7/27/2023 †x#^ | Affirm | 8/01/2022 | 281 | 295 | 17 |
| &nbsp;&nbsp;&nbsp; ZQ7Q-VZXZ, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 277 | 272 | 275 |
| &nbsp;&nbsp;&nbsp; ZQ7Z-UBZP, 33.950%, 4/23/2026 †§x | Affirm | 10/28/2024 | 373 | 382 | 382 |
| &nbsp;&nbsp;&nbsp; ZQ85-FLXI, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZQ8F-00LN, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 26 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZQ8I-0SR6, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 82 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; ZQ8Q-YAGT, 33.950%, 11/20/2025 †x# | Affirm | 11/24/2023 | 208 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; ZQ8W-XQ83, 33.240%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 266 | 265 | 264 |
| &nbsp;&nbsp;&nbsp; ZQ99-63G5, 26.900%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 89 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; ZQ9P-4S0C, 33.050%, 10/22/2025 †§x | Affirm | 10/25/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZQ9U-4B53, 29.640%, 11/26/2023 †x#^ | Affirm | 12/02/2021 | 844 | 910 | 51 |
| &nbsp;&nbsp;&nbsp; ZQ9V-SLD0, 35.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 219 | 223 | 139 |
| &nbsp;&nbsp;&nbsp; ZQ9W-8UYK, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 161 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; ZQ9X-ZC5S, 35.480%, 1/03/2025 †x#^ | Affirm | 1/08/2024 | 419 | 419 | 25 |
| &nbsp;&nbsp;&nbsp; ZQA6-NM8I, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZQAO-LGCU, 32.500%, 2/20/2026 †x# | Affirm | 2/23/2024 | 1916 | 1925 | 115 |
| &nbsp;&nbsp;&nbsp; ZQAS-G5AL, 23.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 315 | 319 | 320 |
| &nbsp;&nbsp;&nbsp; ZQAZ-VZSP, 15.998%, 2/21/2026 †§x | Affirm | 8/26/2024 | 440 | 449 | 450 |
| &nbsp;&nbsp;&nbsp; ZQB0-GN3Y, 35.780%, 2/05/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZQBK-M303, 35.330%, 5/06/2025 †x#^ | Affirm | 5/10/2024 | 465 | 481 | 28 |
| &nbsp;&nbsp;&nbsp; ZQBV-UACM, 18.700%, 12/19/2027 †x | Affirm | 12/27/2024 | 8366 | 8288 | 8411 |
| &nbsp;&nbsp;&nbsp; ZQC4-HTN1, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZQCI-J5WJ, 29.700%, 2/03/2026 †§x | Affirm | 2/26/2025 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; ZQCP-2B92, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 103 | 105 | 106 |
| &nbsp;&nbsp;&nbsp; ZQCS-99EI, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZQCW-BLCQ, 7.659%, 7/08/2026 †§x« | Affirm | 7/31/2025 | 4628 | 4347 | 4312 |
| &nbsp;&nbsp;&nbsp; ZQCW-K3NG, 35.290%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZQCZ-2PNM, 32.000%, 2/07/2027 †x | Affirm | 2/26/2025 | 2419 | 2520 | 2556 |
| &nbsp;&nbsp;&nbsp; ZQD3-EOGS, 35.370%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 115 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; ZQD7-GETN, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZQDD-V2K2, 29.510%, 6/08/2025 †x#^ | Affirm | 12/14/2023 | 27 | 28 | 3 |
| &nbsp;&nbsp;&nbsp; ZQDI-6WFX, 6.840%, 10/23/2025 †§x | Affirm | 10/28/2024 | 41 | 41 | 41 |
| &nbsp;&nbsp;&nbsp; ZQDI-JAD1, 29.410%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZQDO-W99K, 35.570%, 11/15/2025 †x# | Affirm | 11/27/2024 | 131 | 135 | 32 |
| &nbsp;&nbsp;&nbsp; ZQE1-ZL9N, 15.995%, 8/20/2025 †§x^ | Affirm | 8/23/2024 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZQEB-5V3K, 22.750%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1289 | 1350 | 1362 |
| &nbsp;&nbsp;&nbsp; ZQEK-ROLK, 33.000%, 6/25/2026 †§x | Affirm | 6/28/2024 | 597 | 594 | 605 |
| &nbsp;&nbsp;&nbsp; ZQEL-IL4X, 24.620%, 12/18/2025 †§x | Affirm | 6/21/2024 | 180 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; ZQEQ-FNXG, 15.740%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 29 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; ZQEQ-TRAI, 14.700%, 9/26/2026 †§x | Affirm | 9/30/2024 | 808 | 832 | 836 |
| &nbsp;&nbsp;&nbsp; ZQET-LMIC, 30.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 123 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; ZQF1-BK43, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZQF2-QJMH, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 365 | 372 | 370 |
| &nbsp;&nbsp;&nbsp; ZQFA-Y2TX, 23.000%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 90 | 92 | 93 |
| &nbsp;&nbsp;&nbsp; ZQFD-3ESA, 32.000%, 1/09/2026 †§x# | Affirm | 1/29/2025 | 152 | 155 | 155 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8550** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZQFG-RYJP, 15.700%, 6/02/2026 †§x | Affirm | 6/27/2025 | $775 | $797 | $800 |
| &nbsp;&nbsp;&nbsp; ZQFN-3RNC, 33.070%, 12/28/2025 †§x | Affirm | 1/29/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZQG1-277S, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 72 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZQG1-FLDB, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 459 | 468 | 469 |
| &nbsp;&nbsp;&nbsp; ZQG1-TXNK, 35.460%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 388 | 409 | 23 |
| &nbsp;&nbsp;&nbsp; ZQG2-JJA6, 30.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 197 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; ZQG4-AGYY, 35.730%, 2/10/2026 †§x | Affirm | 2/26/2025 | 441 | 449 | 450 |
| &nbsp;&nbsp;&nbsp; ZQG4-FSPV, 33.950%, 8/25/2025 †x#^ | Affirm | 8/31/2023 | 1027 | 1097 | 62 |
| &nbsp;&nbsp;&nbsp; ZQGH-SWOJ, 28.000%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 142 | 140 | 9 |
| &nbsp;&nbsp;&nbsp; ZQGJ-I6YM, 22.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZQGJ-VCGZ, 24.570%, 6/02/2026 †§x | Affirm | 6/27/2025 | 648 | 639 | 641 |
| &nbsp;&nbsp;&nbsp; ZQGK-RW2X, 29.590%, 11/07/2025 †§x | Affirm | 11/10/2022 | 453 | 454 | 452 |
| &nbsp;&nbsp;&nbsp; ZQGR-4XMA, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 89 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; ZQGV-JERW, 35.380%, 12/28/2024 †x#^ | Affirm | 1/02/2024 | 241 | 241 | 14 |
| &nbsp;&nbsp;&nbsp; ZQH2-YZ2G, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 1499 | 1447 | 1434 |
| &nbsp;&nbsp;&nbsp; ZQH7-JDID, 35.990%, 2/07/2026 †§x | Affirm | 2/26/2025 | 211 | 217 | 218 |
| &nbsp;&nbsp;&nbsp; ZQHI-OCX4, 31.500%, 12/11/2025 †x# | Affirm | 12/15/2023 | 1438 | 1445 | 86 |
| &nbsp;&nbsp;&nbsp; ZQHI-R27F, 28.500%, 6/01/2024 †x#^ | Affirm | 12/05/2022 | 135 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZQHK-3RFE, 15.830%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 401 | 408 | 24 |
| &nbsp;&nbsp;&nbsp; ZQHW-DRW5, 33.050%, 10/23/2026 †§x | Affirm | 10/28/2024 | 347 | 358 | 355 |
| &nbsp;&nbsp;&nbsp; ZQHW-LYCY, 33.050%, 10/15/2025 †x# | Affirm | 4/18/2024 | 181 | 190 | 11 |
| &nbsp;&nbsp;&nbsp; ZQHW-PK1O, 30.950%, 9/16/2025 †§x | Affirm | 9/19/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZQI1-DP61, 35.620%, 11/15/2025 †x# | Affirm | 11/27/2024 | 345 | 356 | 21 |
| &nbsp;&nbsp;&nbsp; ZQI6-8MSY, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 54 | 57 | 55 |
| &nbsp;&nbsp;&nbsp; ZQID-6WLS, 28.000%, 5/04/2024 †x#^ | Affirm | 11/10/2022 | 168 | 179 | 10 |
| &nbsp;&nbsp;&nbsp; ZQIJ-3HXP, 31.000%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 400 | 405 | 406 |
| &nbsp;&nbsp;&nbsp; ZQIP-WEKN, 35.000%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZQIR-9D3X, 11.780%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; ZQIT-MH0C, 6.804%, 10/28/2025 †§x« | Affirm | 10/31/2024 | 62 | 61 | 60 |
| &nbsp;&nbsp;&nbsp; ZQIX-7PAC, 29.460%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 135 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; ZQJ5-CKU5, 28.000%, 7/18/2023 †x#^ | Affirm | 7/21/2022 | 205 | 215 | 12 |
| &nbsp;&nbsp;&nbsp; ZQJF-PKAE, 15.730%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 160 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; ZQJN-HNUJ, 24.400%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1216 | 1280 | 1293 |
| &nbsp;&nbsp;&nbsp; ZQJR-JX2H, 29.680%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 176 | 172 | 11 |
| &nbsp;&nbsp;&nbsp; ZQJZ-1YQZ, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZQK0-FHJE, 35.540%, 3/16/2026 †§x | Affirm | 9/19/2024 | 423 | 430 | 425 |
| &nbsp;&nbsp;&nbsp; ZQKQ-5OHZ, 35.420%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; ZQKU-1BMK, 27.500%, 1/21/2023 †x#^ | Affirm | 1/27/2022 | 147 | 154 | 9 |
| &nbsp;&nbsp;&nbsp; ZQKU-G3DJ, 13.840%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 141 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; ZQL2-H7BP, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 240 | 245 | 245 |
| &nbsp;&nbsp;&nbsp; ZQL6-JNNK, 29.500%, 8/25/2024 †x#^ | Affirm | 8/31/2023 | 348 | 366 | 21 |
| &nbsp;&nbsp;&nbsp; ZQLB-3QVJ, 29.480%, 4/02/2025 †x#^ | Affirm | 4/05/2024 | 88 | 92 | 5 |
| &nbsp;&nbsp;&nbsp; ZQLB-Q3YP, 24.400%, 7/03/2026 †§x | Affirm | 1/29/2025 | 100 | 102 | 101 |
| &nbsp;&nbsp;&nbsp; ZQLJ-D0NQ, 35.490%, 5/15/2026 †§x | Affirm | 11/27/2024 | 215 | 214 | 215 |
| &nbsp;&nbsp;&nbsp; ZQLS-HCX5, 26.700%, 9/17/2027 †x | Affirm | 9/26/2024 | 5031 | 5147 | 5199 |
| &nbsp;&nbsp;&nbsp; ZQLS-TMPE, 24.690%, 12/16/2025 †§x | Affirm | 12/27/2024 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; ZQLW-DVDQ, 28.500%, 11/07/2024 †x#^ | Affirm | 11/10/2022 | 1227 | 1295 | 74 |
| &nbsp;&nbsp;&nbsp; ZQM2-0FKF, 35.990%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 1230 | 1237 | 74 |
| &nbsp;&nbsp;&nbsp; ZQMC-EP6F, 35.580%, 9/28/2025 †§x | Affirm | 10/03/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZQMC-QFZR, 22.850%, 2/10/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZQMF-27YB, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 662 | 676 | 40 |
| &nbsp;&nbsp;&nbsp; ZQMK-FLF0, 26.900%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 86 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZQMN-KUDG, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZQMO-N87Q, 35.470%, 5/01/2026 †§x | Affirm | 5/06/2024 | 333 | 335 | 337 |
| &nbsp;&nbsp;&nbsp; ZQMP-7794, 29.810%, 1/01/2023 †x#^ | Affirm | 12/06/2021 | 182 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; ZQMQ-LYA6, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 282 | 285 | 285 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8551** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZQMV-RJ47, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $54 | $53 | $53 |
| &nbsp;&nbsp;&nbsp; ZQNA-D50N, 29.840%, 10/01/2025 †§x | Affirm | 10/04/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZQNC-EX0I, 29.810%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 326 | 342 | 20 |
| &nbsp;&nbsp;&nbsp; ZQNJ-1HFR, 35.360%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZQNU-H8FP, 33.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 95 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZQO2-4GH5, 13.840%, 8/12/2026 †x | Affirm | 2/26/2025 | 1433 | 1477 | 1486 |
| &nbsp;&nbsp;&nbsp; ZQO5-YCG9, 35.650%, 1/08/2026 †§x | Affirm | 1/29/2025 | 516 | 522 | 522 |
| &nbsp;&nbsp;&nbsp; ZQO7-2HEZ, 35.990%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 105 | 106 | 24 |
| &nbsp;&nbsp;&nbsp; ZQOC-F53N, 35.290%, 11/28/2025 †x# | Affirm | 5/31/2024 | 281 | 290 | 17 |
| &nbsp;&nbsp;&nbsp; ZQOD-QF2V, 15.810%, 9/28/2023 †x#^ | Affirm | 10/06/2022 | 193 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; ZQOG-4TF5, 18.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 83 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZQOH-MI02, 35.490%, 10/02/2025 †x | Affirm | 10/07/2024 | 102 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; ZQOM-D5KP, 22.860%, 2/06/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; ZQOT-YGYV, 35.160%, 1/08/2026 †§x | Affirm | 7/31/2025 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZQOV-MI9W, 35.130%, 9/20/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZQOW-8GTA, 29.600%, 12/28/2026 †x# | Affirm | 1/29/2025 | 555 | 574 | 112 |
| &nbsp;&nbsp;&nbsp; ZQOZ-HFES, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 68 | 66 | 68 |
| &nbsp;&nbsp;&nbsp; ZQP1-VK67, 29.860%, 10/02/2025 †§x | Affirm | 10/07/2024 | 96 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; ZQP7-72FG, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 148 | 149 | 150 |
| &nbsp;&nbsp;&nbsp; ZQP8-3IP5, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 90 | 91 | 91 |
| &nbsp;&nbsp;&nbsp; ZQP9-YP7S, 29.430%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 134 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; ZQPI-W9WE, 29.610%, 6/10/2023 †x#^ | Affirm | 12/17/2021 | 175 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; ZQPM-NKJJ, 22.780%, 1/06/2026 †x# | Affirm | 1/29/2025 | 164 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; ZQPX-6ZX7, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 582 | 600 | 592 |
| &nbsp;&nbsp;&nbsp; ZQQ1-G4N8, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 138 | 139 | 138 |
| &nbsp;&nbsp;&nbsp; ZQQ2-URD3, 33.950%, 11/21/2025 †§x | Affirm | 5/24/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZQQ3-0QMY, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 138 | 142 | 143 |
| &nbsp;&nbsp;&nbsp; ZQQ7-IV7K, 9.830%, 6/02/2026 †§x | Affirm | 6/27/2025 | 1546 | 1589 | 1597 |
| &nbsp;&nbsp;&nbsp; ZQQ9-2ET9, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 81 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; ZQQD-9HSV, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZQQH-74TG, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZQR2-03KU, 29.420%, 3/14/2023 †x#^ | Affirm | 3/17/2022 | 128 | 126 | 8 |
| &nbsp;&nbsp;&nbsp; ZQR6-90XP, 29.580%, 10/21/2025 †§x | Affirm | 10/24/2024 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZQR7-5W6B, 22.750%, 11/15/2025 †§x | Affirm | 11/27/2024 | 317 | 319 | 320 |
| &nbsp;&nbsp;&nbsp; ZQR7-8XG8, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; ZQRF-QQH8, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 237 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; ZQRL-BNFU, 29.600%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 113 | 105 | 7 |
| &nbsp;&nbsp;&nbsp; ZQRR-LM6Q, 34.450%, 2/07/2026 †x# | Affirm | 2/26/2025 | 242 | 240 | 14 |
| &nbsp;&nbsp;&nbsp; ZQRS-VO2U, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 13 | 13 | 14 |
| &nbsp;&nbsp;&nbsp; ZQRU-H07L, 22.900%, 2/03/2026 †§x# | Affirm | 2/26/2025 | 262 | 266 | 267 |
| &nbsp;&nbsp;&nbsp; ZQRV-6A21, 19.900%, 9/21/2024 †x#^ | Affirm | 9/26/2022 | 239 | 258 | 14 |
| &nbsp;&nbsp;&nbsp; ZQSE-H1I9, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 326 | 343 | 20 |
| &nbsp;&nbsp;&nbsp; ZQTB-8S01, 29.420%, 2/06/2026 †§x | Affirm | 8/29/2025 | 70 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZQTC-08NO, 29.470%, 7/08/2026 †§x# | Affirm | 7/31/2025 | 662 | 692 | 698 |
| &nbsp;&nbsp;&nbsp; ZQTF-AIMX, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 98 | 97 |
| &nbsp;&nbsp;&nbsp; ZQTK-B0NF, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; ZQTM-1H72, 29.820%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 82 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; ZQTY-XCLY, 33.070%, 6/02/2027 †x | Affirm | 6/27/2025 | 3151 | 3114 | 3159 |
| &nbsp;&nbsp;&nbsp; ZQU5-Y836, 26.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 67 | 68 | 69 |
| &nbsp;&nbsp;&nbsp; ZQU7-5WVK, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 60 | 61 | 62 |
| &nbsp;&nbsp;&nbsp; ZQUF-JQJ3, 35.490%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 132 | 132 | 60 |
| &nbsp;&nbsp;&nbsp; ZQUH-LG76, 35.640%, 2/11/2027 †§x | Affirm | 2/26/2025 | 659 | 653 | 665 |
| &nbsp;&nbsp;&nbsp; ZQUJ-2CRU, 35.520%, 12/09/2025 †§x# | Affirm | 12/27/2024 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZQUM-5UBG, 24.630%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 138 | 146 | 8 |
| &nbsp;&nbsp;&nbsp; ZQUR-U5O7, 29.550%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 94 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; ZQV0-JV0Z, 35.250%, 9/20/2025 †§x | Affirm | 3/28/2025 | 52 | 52 | 52 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8552** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZQV0-KXCS, 29.620%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | $72 | $71 | $4 |
| &nbsp;&nbsp;&nbsp; ZQV4-QKI4, 24.400%, 6/17/2026 †§x | Affirm | 6/21/2024 | 362 | 370 | 372 |
| &nbsp;&nbsp;&nbsp; ZQV8-CC5T, 31.000%, 1/02/2027 †§x# | Affirm | 1/29/2025 | 1727 | 1790 | 1792 |
| &nbsp;&nbsp;&nbsp; ZQV9-U5MZ, 5.996%, 4/24/2023 †x#^« | Affirm | 10/28/2022 | 454 | 442 | 27 |
| &nbsp;&nbsp;&nbsp; ZQVF-3L4D, 30.950%, 1/02/2026 †§x | Affirm | 1/05/2024 | 226 | 228 | 226 |
| &nbsp;&nbsp;&nbsp; ZQVF-QSJ1, 32.890%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 84 | 83 | 85 |
| &nbsp;&nbsp;&nbsp; ZQVI-CYJG, 35.880%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 383 | 368 | 366 |
| &nbsp;&nbsp;&nbsp; ZQVR-GFG3, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZQVS-LY6C, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZQVU-DNW6, 35.430%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 311 | 306 | 307 |
| &nbsp;&nbsp;&nbsp; ZQW9-6JVU, 29.650%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 573 | 593 | 34 |
| &nbsp;&nbsp;&nbsp; ZQWB-8V28, 29.530%, 7/08/2028 †§x | Affirm | 7/31/2025 | 1251 | 1324 | 1321 |
| &nbsp;&nbsp;&nbsp; ZQWD-CUWT, 29.480%, 12/07/2022 †x#^ | Affirm | 6/10/2022 | 21 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; ZQWH-XCCO, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 141 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; ZQWI-QGSM, 35.390%, 6/08/2024 †x#^ | Affirm | 12/14/2023 | 57 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; ZQWS-X1B0, 29.530%, 4/18/2027 †§x | Affirm | 4/27/2023 | 724 | 760 | 745 |
| &nbsp;&nbsp;&nbsp; ZQWU-IJTO, 33.950%, 2/26/2026 †x# | Affirm | 2/29/2024 | 2996 | 3126 | 180 |
| &nbsp;&nbsp;&nbsp; ZQWV-0IHX, 35.290%, 8/23/2024 †x#^ | Affirm | 5/26/2023 | 743 | 757 | 45 |
| &nbsp;&nbsp;&nbsp; ZQWX-J015, 29.640%, 11/20/2026 †§x | Affirm | 11/27/2024 | 351 | 364 | 363 |
| &nbsp;&nbsp;&nbsp; ZQX9-OV8W, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 78 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; ZQXB-70F3, 15.680%, 2/06/2026 †§x | Affirm | 8/29/2025 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZQXC-BXYR, 26.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZQXF-CPMK, 30.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZQXK-8EWY, 29.620%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZQXR-0HEN, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZQXU-UCU0, 29.890%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 105 | 106 | 107 |
| &nbsp;&nbsp;&nbsp; ZQXZ-RFPR, 24.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 315 | 321 | 322 |
| &nbsp;&nbsp;&nbsp; ZQYD-GX09, 33.950%, 10/28/2025 †x# | Affirm | 5/02/2024 | 99 | 104 | 10 |
| &nbsp;&nbsp;&nbsp; ZQYS-8RO3, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 936 | 951 | 954 |
| &nbsp;&nbsp;&nbsp; ZQYS-SCK1, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 146 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; ZQYY-PGHM, 29.570%, 1/05/2026 †§x# | Affirm | 1/11/2024 | 238 | 240 | 135 |
| &nbsp;&nbsp;&nbsp; ZQZ3-0N1N, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 78 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZQZF-Z3F8, 29.900%, 12/28/2022 †x#^ | Affirm | 1/06/2022 | 202 | 212 | 12 |
| &nbsp;&nbsp;&nbsp; ZQZP-Y930, 29.510%, 8/28/2025 †x#^ | Affirm | 8/31/2023 | 1465 | 1565 | 88 |
| &nbsp;&nbsp;&nbsp; ZR01-1X78, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZR04-2IOZ, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; ZR09-CMTA, 35.630%, 6/02/2026 †§x | Affirm | 6/27/2025 | 264 | 270 | 262 |
| &nbsp;&nbsp;&nbsp; ZR0E-EE0Y, 24.670%, 12/16/2025 †§x | Affirm | 12/27/2024 | 75 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZR0E-P17E, 29.120%, 6/10/2023 †x#^ | Affirm | 12/16/2021 | 355 | 339 | 21 |
| &nbsp;&nbsp;&nbsp; ZR0I-4FGN, 29.480%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 144 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; ZR0P-H44Y, 29.600%, 9/02/2025 †§x | Affirm | 9/09/2022 | 117 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; ZR0T-EYR8, 32.500%, 11/21/2025 †§x | Affirm | 5/24/2024 | 123 | 124 | 123 |
| &nbsp;&nbsp;&nbsp; ZR0V-AFVD, 21.518%, 9/09/2022 †x#^« | Affirm | 6/13/2022 | 97 | 93 | 6 |
| &nbsp;&nbsp;&nbsp; ZR1D-KNFC, 13.840%, 1/08/2026 †§x | Affirm | 7/31/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZR1D-M4WQ, 35.770%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 173 | 176 | 174 |
| &nbsp;&nbsp;&nbsp; ZR1F-IVW2, 26.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZR1G-99O9, 30.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1188 | 1210 | 1213 |
| &nbsp;&nbsp;&nbsp; ZR23-B5QV, 35.490%, 4/24/2026 †§x | Affirm | 10/28/2024 | 404 | 411 | 408 |
| &nbsp;&nbsp;&nbsp; ZR2I-6TWR, 18.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZR2J-PKOI, 30.950%, 7/02/2026 †x | Affirm | 1/29/2025 | 140 | 143 | 52 |
| &nbsp;&nbsp;&nbsp; ZR2L-144N, 35.650%, 2/10/2027 †§x | Affirm | 2/26/2025 | 406 | 402 | 408 |
| &nbsp;&nbsp;&nbsp; ZR2W-Y6QD, 24.400%, 11/06/2025 †§x | Affirm | 5/30/2025 | 256 | 258 | 259 |
| &nbsp;&nbsp;&nbsp; ZR2X-M95D, 35.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZR30-3QXA, 11.840%, 12/19/2026 †§x | Affirm | 12/27/2024 | 408 | 407 | 412 |
| &nbsp;&nbsp;&nbsp; ZR30-Q1EM, 27.500%, 1/20/2023 †x#^ | Affirm | 1/24/2022 | 838 | 801 | 50 |
| &nbsp;&nbsp;&nbsp; ZR39-2JWP, 35.650%, 1/09/2026 †§x | Affirm | 1/29/2025 | 246 | 245 | 245 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8553** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZR3B-ZLRT, 16.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | $314 | $319 | $320 |
| &nbsp;&nbsp;&nbsp; ZR3C-2SFE, 33.050%, 12/21/2025 †§x | Affirm | 6/27/2024 | 517 | 525 | 526 |
| &nbsp;&nbsp;&nbsp; ZR3D-AQJR, 35.370%, 9/28/2026 †x# | Affirm | 3/31/2025 | 1376 | 1366 | 83 |
| &nbsp;&nbsp;&nbsp; ZR3K-U2KC, 35.580%, 9/24/2025 †§x | Affirm | 9/27/2024 | 86 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; ZR3O-3227, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 227 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; ZR3O-IHDT, 18.000%, 12/19/2026 †§x | Affirm | 12/27/2024 | 417 | 432 | 434 |
| &nbsp;&nbsp;&nbsp; ZR3T-1NZG, 33.050%, 1/02/2026 †§x | Affirm | 1/29/2025 | 366 | 373 | 374 |
| &nbsp;&nbsp;&nbsp; ZR3T-XLY7, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZR3V-K46S, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZR3W-CRNR, 35.580%, 3/01/2025 †x#^ | Affirm | 3/07/2024 | 107 | 113 | 6 |
| &nbsp;&nbsp;&nbsp; ZR47-M3GX, 22.900%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | 237 | 248 | 14 |
| &nbsp;&nbsp;&nbsp; ZR4A-L78Y, 29.620%, 12/28/2022 †x#^ | Affirm | 12/31/2021 | 928 | 945 | 56 |
| &nbsp;&nbsp;&nbsp; ZR4B-21SY, 15.830%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 149 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; ZR4C-EPCK, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 85 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; ZR4C-YJ8Y, 29.560%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 91 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; ZR4F-O3VE, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 194 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; ZR4V-NTRN, 35.580%, 9/28/2025 †§x | Affirm | 10/03/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZR4Z-B4T3, 30.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZR52-HFC4, 6.069%, 8/07/2026 †x« | Affirm | 8/29/2025 | 8000 | 7573 | 7573 |
| &nbsp;&nbsp;&nbsp; ZR55-I3YE, 32.200%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 2650 | 2454 | 159 |
| &nbsp;&nbsp;&nbsp; ZR58-IKX6, 29.700%, 2/12/2027 †§x | Affirm | 2/26/2025 | 436 | 455 | 461 |
| &nbsp;&nbsp;&nbsp; ZR58-XE46, 33.100%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; ZR5C-WY31, 35.000%, 11/06/2025 †§x | Affirm | 8/29/2025 | 365 | 356 | 356 |
| &nbsp;&nbsp;&nbsp; ZR5D-ON79, 18.000%, 1/02/2026 †§x | Affirm | 1/29/2025 | 199 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; ZR6H-UCTW, 35.980%, 9/05/2024 †x#^ | Affirm | 9/08/2023 | 159 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; ZR6T-F7LI, 33.050%, 11/06/2025 †§x | Affirm | 5/30/2025 | 91 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZR6X-MT7H, 22.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 257 | 263 | 264 |
| &nbsp;&nbsp;&nbsp; ZR6X-QK4K, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 210 | 214 | 213 |
| &nbsp;&nbsp;&nbsp; ZR76-RY6H, 33.950%, 2/12/2027 †§x | Affirm | 2/26/2025 | 684 | 714 | 724 |
| &nbsp;&nbsp;&nbsp; ZR79-0LBU, 24.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 424 | 436 | 438 |
| &nbsp;&nbsp;&nbsp; ZR7G-RFTP, 29.660%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; ZR7G-XGUQ, 35.560%, 9/20/2025 †§x# | Affirm | 9/26/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; ZR7K-2PL7, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 53 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; ZR7S-J13O, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZR7X-1XZU, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | 169 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; ZR87-K2XZ, 23.840%, 1/03/2025 †x#^ | Affirm | 1/08/2024 | 280 | 294 | 17 |
| &nbsp;&nbsp;&nbsp; ZR8G-5FKG, 33.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 314 | 313 | 314 |
| &nbsp;&nbsp;&nbsp; ZR8G-9XZM, 35.460%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 23 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; ZR8G-CI4W, 26.900%, 2/03/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZR8G-DC91, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 130 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; ZR8U-YUQU, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZR8Y-C153, 30.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 612 | 624 | 626 |
| &nbsp;&nbsp;&nbsp; ZR91-AYKP, 35.480%, 5/20/2026 †§x | Affirm | 11/27/2024 | 239 | 243 | 241 |
| &nbsp;&nbsp;&nbsp; ZR94-CUB4, 35.320%, 4/08/2025 †x#^ | Affirm | 4/11/2024 | 454 | 470 | 27 |
| &nbsp;&nbsp;&nbsp; ZR95-H71U, 28.000%, 9/23/2023 †x#^ | Affirm | 9/29/2022 | 39 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; ZR9C-0LGT, 29.450%, 5/09/2023 †x#^ | Affirm | 5/12/2022 | 212 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; ZR9C-T8XU, 29.720%, 2/07/2026 †§x | Affirm | 2/26/2025 | 84 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; ZR9E-6W53, 35.450%, 2/26/2026 †§x | Affirm | 8/29/2024 | 344 | 349 | 348 |
| &nbsp;&nbsp;&nbsp; ZR9S-EACA, 22.900%, 8/26/2027 †x | Affirm | 8/29/2024 | 4470 | 4329 | 4347 |
| &nbsp;&nbsp;&nbsp; ZR9U-KBEB, 33.950%, 7/15/2026 †§x | Affirm | 1/29/2025 | 582 | 594 | 595 |
| &nbsp;&nbsp;&nbsp; ZR9U-NFPV, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 141 | 143 | 143 |
| &nbsp;&nbsp;&nbsp; ZRA2-XZZA, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 234 | 239 | 239 |
| &nbsp;&nbsp;&nbsp; ZRA4-VDMF, 29.520%, 4/11/2023 †x#^ | Affirm | 10/14/2022 | 160 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; ZRA9-6HYD, 26.900%, 9/23/2025 †§x | Affirm | 9/26/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZRAI-HHQ2, 29.610%, 12/18/2025 †§x | Affirm | 12/27/2024 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZRAR-EB6R, 35.530%, 2/26/2027 †§x | Affirm | 2/29/2024 | 1220 | 1240 | 1261 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8554** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZRAT-QQ1Q, 29.710%, 1/06/2026 †§x | Affirm | 1/29/2025 | $60 | $61 | $61 |
| &nbsp;&nbsp;&nbsp; ZRBF-PZO2, 33.050%, 2/06/2026 †§x# | Affirm | 8/29/2025 | 164 | 167 | 167 |
| &nbsp;&nbsp;&nbsp; ZRBG-1KFR, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 364 | 357 | 357 |
| &nbsp;&nbsp;&nbsp; ZRBR-EF4Y, 26.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZRBT-PCUV, 25.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 122 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; ZRBY-P2WV, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 381 | 386 | 385 |
| &nbsp;&nbsp;&nbsp; ZRC8-L0G9, 15.690%, 3/03/2026 †§x | Affirm | 3/28/2025 | 289 | 287 | 288 |
| &nbsp;&nbsp;&nbsp; ZRCK-VQZF, 33.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 199 | 198 | 197 |
| &nbsp;&nbsp;&nbsp; ZRCN-3UY8, 35.540%, 12/28/2025 †§x | Affirm | 1/29/2025 | 102 | 103 | 102 |
| &nbsp;&nbsp;&nbsp; ZRCS-921W, 29.610%, 1/02/2026 †§x | Affirm | 1/29/2025 | 112 | 114 | 115 |
| &nbsp;&nbsp;&nbsp; ZRCT-QQKV, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 89 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; ZRCY-MWLG, 19.900%, 12/28/2024 †x#^ | Affirm | 1/03/2023 | 464 | 501 | 28 |
| &nbsp;&nbsp;&nbsp; ZRDM-IQ06, 33.100%, 9/24/2025 †§x | Affirm | 9/27/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; ZRDQ-IT80, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 226 | 225 | 226 |
| &nbsp;&nbsp;&nbsp; ZRDR-4LHG, 33.050%, 10/22/2025 †§x | Affirm | 10/25/2024 | 33 | 33 | 34 |
| &nbsp;&nbsp;&nbsp; ZRDS-44RR, 29.510%, 6/13/2025 †x#^ | Affirm | 6/16/2023 | 765 | 762 | 46 |
| &nbsp;&nbsp;&nbsp; ZRDV-FOTU, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZRDV-S4HL, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZRDZ-9G76, 35.460%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZRE0-P3DW, 29.440%, 5/18/2023 †x#^ | Affirm | 5/23/2022 | 182 | 188 | 11 |
| &nbsp;&nbsp;&nbsp; ZRE1-HZGD, 35.220%, 11/12/2023 †x#^ | Affirm | 6/02/2023 | 54 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZRE2-4QWH, 6.295%, 1/03/2026 †§x« | Affirm | 1/29/2025 | 1126 | 1102 | 1096 |
| &nbsp;&nbsp;&nbsp; ZREC-4R5C, 31.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 721 | 737 | 740 |
| &nbsp;&nbsp;&nbsp; ZREF-AN2Y, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZREH-MAUJ, 29.610%, 12/24/2022 †x#^ | Affirm | 12/30/2021 | 87 | 91 | 5 |
| &nbsp;&nbsp;&nbsp; ZREX-T7EN, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZREY-F12U, 33.950%, 7/08/2026 †§x | Affirm | 7/31/2025 | 67 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZRFB-D5E8, 6.061%, 7/08/2026 †§x« | Affirm | 7/31/2025 | 768 | 731 | 730 |
| &nbsp;&nbsp;&nbsp; ZRFD-QV9T, 25.900%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZRFI-5RDM, 35.420%, 4/11/2025 †x#^ | Affirm | 4/15/2024 | 94 | 95 | 6 |
| &nbsp;&nbsp;&nbsp; ZRFN-JT82, 35.700%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 495 | 488 | 13 |
| &nbsp;&nbsp;&nbsp; ZRFN-M7OS, 18.000%, 4/11/2026 †§x | Affirm | 4/15/2024 | 436 | 442 | 443 |
| &nbsp;&nbsp;&nbsp; ZRFS-JPS6, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 198 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; ZRFU-V3V4, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1025 | 1037 | 1034 |
| &nbsp;&nbsp;&nbsp; ZRG6-UJ4X, 8.998%, 9/23/2025 †§x« | Affirm | 9/26/2024 | 105 | 97 | 103 |
| &nbsp;&nbsp;&nbsp; ZRGD-NS4H, 29.660%, 6/22/2022 †x#^ | Affirm | 12/27/2021 | 57 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; ZRGJ-KVIL, 24.400%, 10/21/2025 †§x | Affirm | 10/24/2024 | 81 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZRGM-JLTM, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 87 | 88 | 87 |
| &nbsp;&nbsp;&nbsp; ZRGP-60U5, 29.500%, 11/28/2025 †§x# | Affirm | 12/04/2023 | 111 | 112 | 111 |
| &nbsp;&nbsp;&nbsp; ZRGU-HWBY, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 31 | 33 | 2 |
| &nbsp;&nbsp;&nbsp; ZRGZ-OEWA, 35.380%, 10/23/2024 †x#^ | Affirm | 8/28/2023 | 293 | 292 | 18 |
| &nbsp;&nbsp;&nbsp; ZRH5-J0HC, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZRHB-DSR1, 29.680%, 9/26/2025 †§x | Affirm | 9/30/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZRHL-PVGH, 29.020%, 7/03/2025 †x#^ | Affirm | 7/07/2023 | 555 | 562 | 33 |
| &nbsp;&nbsp;&nbsp; ZRHX-44D8, 35.580%, 9/26/2025 †§x | Affirm | 9/30/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZRHY-6V28, 26.700%, 6/06/2025 †x#^ | Affirm | 12/11/2023 | 336 | 353 | 20 |
| &nbsp;&nbsp;&nbsp; ZRIA-G63D, 15.700%, 5/06/2026 †§x | Affirm | 5/30/2025 | 83 | 86 | 87 |
| &nbsp;&nbsp;&nbsp; ZRIH-MD8K, 35.380%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 374 | 346 | 22 |
| &nbsp;&nbsp;&nbsp; ZRII-HJ1L, 28.500%, 12/14/2023 †x#^ | Affirm | 12/19/2022 | 803 | 786 | 48 |
| &nbsp;&nbsp;&nbsp; ZRIM-DAGG, 23.400%, 10/12/2025 †§x | Affirm | 4/18/2024 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; ZRIO-SSA6, 32.500%, 12/28/2025 †§x | Affirm | 1/29/2025 | 245 | 247 | 246 |
| &nbsp;&nbsp;&nbsp; ZRIO-YLPW, 29.680%, 11/15/2022 †x#^ | Affirm | 11/18/2021 | 325 | 342 | 20 |
| &nbsp;&nbsp;&nbsp; ZRJ1-IBFD, 29.500%, 4/03/2025 †x#^ | Affirm | 10/06/2023 | 236 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; ZRJ2-HOWJ, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 469 | 474 | 474 |
| &nbsp;&nbsp;&nbsp; ZRJF-5ANY, 20.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 239 | 241 | 242 |
| &nbsp;&nbsp;&nbsp; ZRJH-BJOG, 29.000%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 822 | 838 | 49 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8555** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZRJK-WGM7, 33.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | $226 | $221 | $26 |
| &nbsp;&nbsp;&nbsp; ZRJN-BZRJ, 29.490%, 2/01/2024 †x#^ | Affirm | 8/04/2022 | 283 | 297 | 17 |
| &nbsp;&nbsp;&nbsp; ZRK9-Z914, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZRKD-55Z7, 9.890%, 11/15/2025 †§x | Affirm | 11/27/2024 | 279 | 281 | 281 |
| &nbsp;&nbsp;&nbsp; ZRKK-UWJO, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZRKO-O4CC, 35.660%, 8/12/2026 †§x | Affirm | 2/26/2025 | 318 | 326 | 328 |
| &nbsp;&nbsp;&nbsp; ZRKS-GTIR, 29.650%, 5/28/2023 †x#^ | Affirm | 12/02/2021 | 262 | 250 | 16 |
| &nbsp;&nbsp;&nbsp; ZRKZ-KXFH, 29.590%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZRLC-W878, 35.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 70 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZRLL-IXPA, 35.540%, 12/16/2025 †§x | Affirm | 12/27/2024 | 85 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZRLO-TOI0, 29.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 41 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; ZRMH-UJL5, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 190 | 195 | 193 |
| &nbsp;&nbsp;&nbsp; ZRML-XO6V, 20.022%, 2/20/2025 †x#^« | Affirm | 11/27/2024 | 50 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; ZRMW-VE7I, 29.610%, 11/04/2024 †x#^ | Affirm | 11/10/2022 | 871 | 919 | 52 |
| &nbsp;&nbsp;&nbsp; ZRN1-CH2B, 33.050%, 11/03/2025 †§x | Affirm | 5/09/2024 | 175 | 176 | 175 |
| &nbsp;&nbsp;&nbsp; ZRN1-PT2Q, 35.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 920 | 928 | 927 |
| &nbsp;&nbsp;&nbsp; ZRNE-S6XV, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; ZRNF-CY52, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 428 | 435 | 436 |
| &nbsp;&nbsp;&nbsp; ZRNP-YMHE, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 130 | 131 | 130 |
| &nbsp;&nbsp;&nbsp; ZRNQ-CHPM, 35.400%, 4/21/2026 †§x | Affirm | 10/24/2024 | 205 | 209 | 207 |
| &nbsp;&nbsp;&nbsp; ZRNW-DQ8R, 11.800%, 3/03/2027 †x | Affirm | 3/28/2025 | 4776 | 4707 | 4788 |
| &nbsp;&nbsp;&nbsp; ZRNX-KQOV, 22.750%, 11/08/2025 †§x | Affirm | 11/27/2024 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZRO6-6N95, 22.810%, 8/11/2026 †§x | Affirm | 2/26/2025 | 1521 | 1585 | 1577 |
| &nbsp;&nbsp;&nbsp; ZROF-G0RR, 11.850%, 12/16/2025 †§x | Affirm | 12/27/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZROG-C5S0, 29.490%, 10/29/2024 †x#^ | Affirm | 9/01/2023 | 85 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; ZROG-EFJ0, 29.610%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 236 | 243 | 241 |
| &nbsp;&nbsp;&nbsp; ZROK-KECH, 12.547%, 3/18/2025 †x#^« | Affirm | 12/27/2024 | 30 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; ZRON-2LT3, 11.900%, 8/12/2026 †§x | Affirm | 2/26/2025 | 274 | 281 | 281 |
| &nbsp;&nbsp;&nbsp; ZROP-ZXOY, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 119 | 121 | 120 |
| &nbsp;&nbsp;&nbsp; ZROV-XVPF, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; ZROZ-Y0KB, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 257 | 261 | 262 |
| &nbsp;&nbsp;&nbsp; ZRP0-ZPQ2, 29.340%, 12/02/2025 †§x | Affirm | 6/27/2025 | 196 | 199 | 199 |
| &nbsp;&nbsp;&nbsp; ZRP5-DFES, 21.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 113 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; ZRPI-4C4X, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 572 | 579 | 577 |
| &nbsp;&nbsp;&nbsp; ZRPK-N1H0, 33.060%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 307 | 303 | 305 |
| &nbsp;&nbsp;&nbsp; ZRPM-AGGL, 29.760%, 8/11/2026 †§x# | Affirm | 2/26/2025 | 310 | 322 | 321 |
| &nbsp;&nbsp;&nbsp; ZRQL-12JU, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 218 | 219 | 218 |
| &nbsp;&nbsp;&nbsp; ZRQQ-PK3S, 29.940%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 389 | 393 | 392 |
| &nbsp;&nbsp;&nbsp; ZRQS-CX9J, 35.630%, 1/08/2026 †§x | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZRR7-LLK0, 27.100%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 34 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; ZRR9-LRNW, 35.890%, 1/02/2026 †§x | Affirm | 1/29/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZRRK-7TI7, 28.000%, 11/14/2025 †x# | Affirm | 11/17/2022 | 293 | 320 | 18 |
| &nbsp;&nbsp;&nbsp; ZRRR-DU50, 28.500%, 5/17/2023 †x#^ | Affirm | 5/20/2022 | 320 | 331 | 19 |
| &nbsp;&nbsp;&nbsp; ZRRR-MY18, 35.400%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 216 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; ZRRT-AC33, 23.400%, 2/07/2026 †§x | Affirm | 2/26/2025 | 360 | 367 | 368 |
| &nbsp;&nbsp;&nbsp; ZRS3-B3MF, 35.570%, 9/28/2025 †§x | Affirm | 10/03/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZRS9-7X0C, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 425 | 435 | 434 |
| &nbsp;&nbsp;&nbsp; ZRSI-HT24, 35.610%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 79 | 79 | 80 |
| &nbsp;&nbsp;&nbsp; ZRSJ-8DE1, 35.440%, 12/09/2025 †§x | Affirm | 12/27/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZRSX-LEAJ, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 483 | 506 | 29 |
| &nbsp;&nbsp;&nbsp; ZRT6-XDRK, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZRT9-095X, 35.200%, 11/06/2025 †§x | Affirm | 5/30/2025 | 281 | 281 | 280 |
| &nbsp;&nbsp;&nbsp; ZRTB-MJEI, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 631 | 646 | 649 |
| &nbsp;&nbsp;&nbsp; ZRU3-OY9T, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 68 |
| &nbsp;&nbsp;&nbsp; ZRU8-JWW9, 29.550%, 12/17/2025 †§x | Affirm | 6/21/2024 | 121 | 123 | 123 |
| &nbsp;&nbsp;&nbsp; ZRUF-OYIX, 35.440%, 10/16/2025 †x# | Affirm | 4/19/2024 | 192 | 195 | 12 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8556** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZRUJ-AUPR, 33.950%, 1/16/2026 †x# | Affirm | 12/27/2024 | $105 | $108 | $22 |
| &nbsp;&nbsp;&nbsp; ZRUJ-TCOZ, 30.950%, 10/01/2025 †x# | Affirm | 10/04/2024 | 1242 | 1284 | 75 |
| &nbsp;&nbsp;&nbsp; ZRUL-B3Q1, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZRUR-PV4O, 33.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZRUX-1YN2, 35.260%, 2/06/2026 †§x | Affirm | 8/29/2025 | 355 | 360 | 360 |
| &nbsp;&nbsp;&nbsp; ZRUX-CO67, 35.570%, 7/03/2026 †x# | Affirm | 1/29/2025 | 310 | 318 | 19 |
| &nbsp;&nbsp;&nbsp; ZRV0-6OQR, 32.500%, 1/02/2027 †x# | Affirm | 1/29/2025 | 2094 | 2067 | 126 |
| &nbsp;&nbsp;&nbsp; ZRV3-SJCQ, 31.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 176 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; ZRV3-WJZM, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZRV6-56UR, 35.560%, 1/08/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZRV9-M7WZ, 29.600%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 102 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; ZRVB-4579, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 124 | 128 | 129 |
| &nbsp;&nbsp;&nbsp; ZRVJ-L5FX, 35.420%, 6/02/2026 †§x | Affirm | 6/27/2025 | 86 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZRW4-480X, 31.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 289 | 296 | 298 |
| &nbsp;&nbsp;&nbsp; ZRW6-C3OO, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; ZRW9-XLIW, 28.000%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 322 | 334 | 19 |
| &nbsp;&nbsp;&nbsp; ZRWM-QC3Q, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZRWP-7UK1, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 268 | 271 | 271 |
| &nbsp;&nbsp;&nbsp; ZRWR-7WH5, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZRWU-B6WU, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 116 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZRWU-C57S, 24.620%, 2/26/2026 †x# | Affirm | 8/29/2024 | 902 | 938 | 272 |
| &nbsp;&nbsp;&nbsp; ZRX4-41WZ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 149 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; ZRX6-B2VZ, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 258 | 248 | 246 |
| &nbsp;&nbsp;&nbsp; ZRXA-OOGC, 19.700%, 1/08/2026 †§x | Affirm | 7/31/2025 | 162 | 165 | 166 |
| &nbsp;&nbsp;&nbsp; ZRXQ-VRWP, 29.430%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 160 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; ZRXS-H9QW, 29.600%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZRXZ-AIQT, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 78 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; ZRY2-YFZK, 24.400%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 212 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; ZRYK-3QCI, 25.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZRYK-6CH6, 32.000%, 9/23/2025 †§x | Affirm | 9/26/2024 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; ZRYO-I3CP, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 254 | 246 | 252 |
| &nbsp;&nbsp;&nbsp; ZRYX-PBX8, 35.400%, 4/09/2025 †x#^ | Affirm | 4/12/2024 | 75 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; ZRZ7-1OGQ, 35.700%, 9/03/2026 †§x | Affirm | 3/28/2025 | 496 | 509 | 511 |
| &nbsp;&nbsp;&nbsp; ZRZ9-QIQD, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 446 | 454 | 451 |
| &nbsp;&nbsp;&nbsp; ZRZA-5YOC, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 105 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; ZRZB-LR4Z, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 248 | 250 | 250 |
| &nbsp;&nbsp;&nbsp; ZRZC-K6AS, 35.570%, 9/20/2025 †§x | Affirm | 9/26/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZRZD-44KI, 33.950%, 7/03/2026 †§x | Affirm | 1/29/2025 | 269 | 277 | 275 |
| &nbsp;&nbsp;&nbsp; ZRZF-W1PL, 15.880%, 2/07/2026 †§x | Affirm | 2/26/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZRZU-QCZY, 13.840%, 12/28/2025 †§x | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; ZRZV-X6T0, 11.920%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1050 | 1078 | 1085 |
| &nbsp;&nbsp;&nbsp; ZS00-DGCJ, 35.530%, 12/28/2025 †x# | Affirm | 1/29/2025 | 143 | 140 | 12 |
| &nbsp;&nbsp;&nbsp; ZS06-WIK1, 30.000%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 283 | 300 | 17 |
| &nbsp;&nbsp;&nbsp; ZS0A-IIAJ, 22.740%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZS0C-EMFJ, 29.610%, 1/17/2025 †x#^ | Affirm | 1/20/2023 | 500 | 528 | 30 |
| &nbsp;&nbsp;&nbsp; ZS0E-U0GN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 63 | 64 | 64 |
| &nbsp;&nbsp;&nbsp; ZS0G-MP2E, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZS0K-DHBD, 29.630%, 3/25/2026 †§x | Affirm | 9/30/2024 | 136 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; ZS0K-K34X, 33.950%, 4/24/2026 †§x | Affirm | 10/28/2024 | 237 | 243 | 243 |
| &nbsp;&nbsp;&nbsp; ZS0L-L0Y9, 28.500%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 383 | 396 | 23 |
| &nbsp;&nbsp;&nbsp; ZS0T-UN3K, 33.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZS14-7N2T, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 129 | 131 | 132 |
| &nbsp;&nbsp;&nbsp; ZS19-W484, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 702 | 707 | 707 |
| &nbsp;&nbsp;&nbsp; ZS1G-Q11U, 26.700%, 5/15/2026 †§x | Affirm | 11/27/2024 | 91 | 94 | 92 |
| &nbsp;&nbsp;&nbsp; ZS1J-0Z0Y, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 50 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; ZS1Z-3GQN, 29.510%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 129 | 128 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8557** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZS2F-W948, 29.650%, 9/26/2023 †x#^ | Affirm | 9/29/2022 | $783 | $821 | $47 |
| &nbsp;&nbsp;&nbsp; ZS2G-G3VG, 29.560%, 9/05/2025 †§x | Affirm | 9/08/2023 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZS2O-ZEPK, 23.400%, 8/06/2026 †§x | Affirm | 8/29/2025 | 265 | 274 | 274 |
| &nbsp;&nbsp;&nbsp; ZS2W-T3IF, 29.630%, 6/01/2024 †x#^ | Affirm | 12/05/2022 | 213 | 213 | 13 |
| &nbsp;&nbsp;&nbsp; ZS35-5LUD, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; ZS3K-TNL1, 29.710%, 8/06/2024 †x#^ | Affirm | 1/12/2023 | 593 | 581 | 36 |
| &nbsp;&nbsp;&nbsp; ZS43-U44I, 29.660%, 11/15/2025 †§x | Affirm | 11/27/2024 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZS4C-Y8MA, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZS4M-G4YI, 13.840%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 161 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; ZS4W-6KDW, 6.298%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 557 | 546 | 546 |
| &nbsp;&nbsp;&nbsp; ZS4Y-36K6, 29.530%, 9/01/2025 †x# | Affirm | 9/08/2023 | 302 | 306 | 18 |
| &nbsp;&nbsp;&nbsp; ZS4Z-AQUE, 28.000%, 12/08/2022 †x#^ | Affirm | 6/13/2022 | 132 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; ZS51-JUKI, 29.560%, 9/28/2025 †x# | Affirm | 10/05/2023 | 1459 | 1479 | 88 |
| &nbsp;&nbsp;&nbsp; ZS5D-P6IX, 29.020%, 8/28/2025 †x#^ | Affirm | 9/01/2023 | 209 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; ZS5K-80VJ, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZS5N-8EO5, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 448 | 457 | 458 |
| &nbsp;&nbsp;&nbsp; ZS64-X7YU, 35.380%, 10/05/2024 †x#^ | Affirm | 10/10/2023 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZS6B-STLB, 23.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 612 | 610 | 611 |
| &nbsp;&nbsp;&nbsp; ZS6D-C12V, 15.760%, 6/17/2026 †§x | Affirm | 6/21/2024 | 554 | 566 | 568 |
| &nbsp;&nbsp;&nbsp; ZS6E-8RDF, 15.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 97 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; ZS6Z-DMO4, 32.500%, 4/17/2026 †§x | Affirm | 4/22/2024 | 649 | 653 | 665 |
| &nbsp;&nbsp;&nbsp; ZS75-XSWL, 35.510%, 12/28/2025 †x# | Affirm | 1/29/2025 | 63 | 62 | 5 |
| &nbsp;&nbsp;&nbsp; ZS7B-R5XY, 29.610%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 111 | 114 | 7 |
| &nbsp;&nbsp;&nbsp; ZS7G-6JGA, 33.050%, 9/03/2025 †x# | Affirm | 3/28/2025 | 360 | 368 | 42 |
| &nbsp;&nbsp;&nbsp; ZS7Q-LIMX, 26.900%, 1/08/2026 †§x | Affirm | 7/31/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZS89-8CXL, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 229 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; ZS8A-18D5, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 232 | 234 | 14 |
| &nbsp;&nbsp;&nbsp; ZS8H-400R, 11.750%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZS8L-8MVH, 29.930%, 7/24/2022 †x#^ | Affirm | 1/27/2022 | 25 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; ZS95-RZ1F, 26.200%, 11/14/2023 †x#^ | Affirm | 11/17/2022 | 110 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; ZS99-AKE8, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZS9G-JVI6, 22.760%, 11/20/2025 †§x | Affirm | 11/27/2024 | 123 | 124 | 125 |
| &nbsp;&nbsp;&nbsp; ZS9I-QTMP, 33.950%, 9/02/2025 †§x | Affirm | 6/27/2025 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZS9X-K1ZH, 22.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZSAA-WS2X, 11.910%, 2/10/2026 †§x | Affirm | 2/26/2025 | 90 | 91 | 92 |
| &nbsp;&nbsp;&nbsp; ZSAC-FFCF, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 23 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZSAS-CY92, 29.540%, 11/01/2025 †§x# | Affirm | 5/06/2024 | 183 | 183 | 181 |
| &nbsp;&nbsp;&nbsp; ZSAU-SG3P, 29.440%, 5/09/2025 †x#^ | Affirm | 5/13/2024 | 154 | 161 | 9 |
| &nbsp;&nbsp;&nbsp; ZSAW-DELT, 28.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 136 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZSAW-U479, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZSBH-EZIV, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 1878 | 1812 | 1798 |
| &nbsp;&nbsp;&nbsp; ZSBT-QY3M, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 321 | 332 | 19 |
| &nbsp;&nbsp;&nbsp; ZSBY-QPKU, 35.300%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZSC3-L3B7, 29.560%, 4/21/2024 †x#^ | Affirm | 10/28/2022 | 177 | 185 | 11 |
| &nbsp;&nbsp;&nbsp; ZSC8-XGLL, 35.670%, 1/02/2027 †§x | Affirm | 1/29/2025 | 715 | 709 | 720 |
| &nbsp;&nbsp;&nbsp; ZSCQ-6Y3H, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 274 | 279 | 277 |
| &nbsp;&nbsp;&nbsp; ZSCY-UC0A, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 146 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; ZSD1-CVX2, 35.990%, 2/06/2026 †§x# | Affirm | 2/26/2025 | 640 | 657 | 654 |
| &nbsp;&nbsp;&nbsp; ZSD7-FHC9, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 55 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZSD9-XUJT, 29.710%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 8 | 9 | 1 |
| &nbsp;&nbsp;&nbsp; ZSDB-C636, 29.300%, 1/11/2023 †x#^ | Affirm | 10/14/2022 | 33 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; ZSDG-BHE4, 35.200%, 12/02/2025 †§x | Affirm | 6/27/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZSDI-4QMI, 26.200%, 9/08/2023 †x#^ | Affirm | 3/13/2023 | 67 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; ZSDI-DZZ8, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZSDK-ZPUY, 18.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZSDW-KJDT, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 440 | 426 | 422 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8558** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZSE0-C2JY, 24.400%, 1/06/2026 †§x | Affirm | 1/29/2025 | $250 | $253 | $254 |
| &nbsp;&nbsp;&nbsp; ZSE5-6MPY, 29.560%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 90 | 95 | 5 |
| &nbsp;&nbsp;&nbsp; ZSEB-DBD0, 29.410%, 7/28/2024 †x#^ | Affirm | 8/03/2023 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZSEF-PKL2, 9.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZSF0-6YHL, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 149 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; ZSFB-WBFM, 24.800%, 12/28/2025 †x# | Affirm | 1/29/2025 | 1233 | 1260 | 74 |
| &nbsp;&nbsp;&nbsp; ZSFC-JUDB, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 988 | 982 | 59 |
| &nbsp;&nbsp;&nbsp; ZSFG-J5SO, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 120 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; ZSFK-MGMO, 7.409%, 2/25/2023 †x#^« | Affirm | 12/01/2022 | 125 | 123 | 8 |
| &nbsp;&nbsp;&nbsp; ZSFL-L5G7, 29.540%, 10/12/2022 †x#^ | Affirm | 4/15/2022 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; ZSFR-HMA4, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 249 | 256 | 257 |
| &nbsp;&nbsp;&nbsp; ZSGC-5L7B, 29.720%, 4/13/2024 †x#^ | Affirm | 1/20/2023 | 65 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; ZSGC-RS90, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 34 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZSGE-OKRN, 33.000%, 2/19/2026 †§x | Affirm | 8/22/2024 | 569 | 564 | 566 |
| &nbsp;&nbsp;&nbsp; ZSGF-N3IN, 9.910%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 163 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; ZSGQ-4ZMM, 30.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 200 | 204 | 205 |
| &nbsp;&nbsp;&nbsp; ZSGZ-KCW8, 27.500%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 225 | 233 | 14 |
| &nbsp;&nbsp;&nbsp; ZSHF-QGA2, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZSHN-GBWL, 33.950%, 3/28/2026 †x# | Affirm | 3/31/2025 | 50 | 52 | 12 |
| &nbsp;&nbsp;&nbsp; ZSI0-C5XT, 33.950%, 2/03/2026 †§x | Affirm | 2/26/2025 | 61 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; ZSI2-KUZI, 35.700%, 9/03/2026 †x | Affirm | 3/28/2025 | 735 | 703 | 713 |
| &nbsp;&nbsp;&nbsp; ZSI5-384W, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZSI6-NP9E, 33.050%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 138 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; ZSI8-2DUF, 26.900%, 9/28/2025 †§x | Affirm | 3/31/2025 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; ZSIB-0UEB, 24.400%, 8/10/2026 †§x | Affirm | 2/26/2025 | 387 | 399 | 402 |
| &nbsp;&nbsp;&nbsp; ZSIB-SOCH, 22.750%, 1/08/2026 †§x | Affirm | 7/31/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZSIJ-KOUN, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1056 | 1074 | 1078 |
| &nbsp;&nbsp;&nbsp; ZSIT-DP3P, 29.720%, 1/12/2023 †x#^ | Affirm | 1/18/2022 | 258 | 263 | 15 |
| &nbsp;&nbsp;&nbsp; ZSIW-9150, 8.736%, 6/22/2022 †x#^« | Affirm | 12/27/2021 | 25 | 24 | 2 |
| &nbsp;&nbsp;&nbsp; ZSIW-CGHW, 22.810%, 8/11/2026 †§x | Affirm | 2/26/2025 | 1103 | 1138 | 1145 |
| &nbsp;&nbsp;&nbsp; ZSJ9-JE34, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 245 | 242 | 240 |
| &nbsp;&nbsp;&nbsp; ZSJL-A7ZD, 7.038%, 11/14/2025 †§x« | Affirm | 5/30/2025 | 150 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; ZSJQ-7OKY, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 173 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; ZSJT-O2C4, 29.490%, 11/21/2025 †§x | Affirm | 5/24/2024 | 173 | 174 | 173 |
| &nbsp;&nbsp;&nbsp; ZSJU-06YU, 35.500%, 10/28/2025 †§x | Affirm | 10/31/2024 | 151 | 152 | 153 |
| &nbsp;&nbsp;&nbsp; ZSJU-YM32, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZSJX-ZZNZ, 19.700%, 12/28/2025 †§x | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZSK0-NN7W, 35.360%, 9/28/2025 †§x# | Affirm | 4/04/2024 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; ZSKS-VK49, 35.370%, 6/12/2024 †x#^ | Affirm | 6/15/2023 | 137 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; ZSKX-G64V, 33.950%, 12/16/2024 †x#^ | Affirm | 9/19/2024 | 205 | 209 | 12 |
| &nbsp;&nbsp;&nbsp; ZSM3-HBKQ, 35.580%, 9/23/2025 †§x# | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZSMH-IOGZ, 19.700%, 12/09/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZSMI-V323, 35.350%, 7/08/2026 †§x | Affirm | 7/31/2025 | 369 | 378 | 381 |
| &nbsp;&nbsp;&nbsp; ZSMO-DR1B, 34.000%, 2/21/2024 †x#^ | Affirm | 2/24/2023 | 131 | 132 | 8 |
| &nbsp;&nbsp;&nbsp; ZSMO-LA24, 31.000%, 11/21/2025 †§x | Affirm | 5/24/2024 | 374 | 377 | 378 |
| &nbsp;&nbsp;&nbsp; ZSN1-M8S1, 29.340%, 11/27/2022 †x#^ | Affirm | 6/03/2022 | 323 | 323 | 19 |
| &nbsp;&nbsp;&nbsp; ZSN3-G3MZ, 35.410%, 4/25/2025 †x#^ | Affirm | 10/31/2024 | 217 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; ZSNE-AO32, 29.800%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; ZSNF-692H, 35.380%, 5/28/2025 †x#^ | Affirm | 12/04/2023 | 254 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; ZSNG-SX12, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZSNO-A4CB, 7.659%, 7/08/2026 †§x« | Affirm | 7/31/2025 | 252 | 236 | 236 |
| &nbsp;&nbsp;&nbsp; ZSNQ-UEL2, 35.240%, 2/06/2026 †§x | Affirm | 8/29/2025 | 257 | 261 | 261 |
| &nbsp;&nbsp;&nbsp; ZSNV-B0CY, 22.850%, 2/05/2026 †§x | Affirm | 2/26/2025 | 630 | 627 | 628 |
| &nbsp;&nbsp;&nbsp; ZSOX-S14T, 35.330%, 5/22/2025 †x#^ | Affirm | 5/28/2024 | 128 | 129 | 8 |
| &nbsp;&nbsp;&nbsp; ZSP0-ZUWQ, 29.500%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 230 | 235 | 14 |
| &nbsp;&nbsp;&nbsp; ZSP6-L785, 33.240%, 12/28/2025 †§x | Affirm | 1/29/2025 | 33 | 33 | 33 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8559** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZSPC-TK5U, 35.580%, 2/22/2025 †x#^ | Affirm | 2/29/2024 | $254 | $235 | $15 |
| &nbsp;&nbsp;&nbsp; ZSPO-WHTB, 35.390%, 3/24/2027 †§x | Affirm | 3/31/2025 | 1627 | 1618 | 1652 |
| &nbsp;&nbsp;&nbsp; ZSPS-7F1X, 29.420%, 3/20/2026 †§x | Affirm | 3/28/2025 | 72 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZSQF-R7QL, 33.150%, 7/13/2026 †x# | Affirm | 1/29/2025 | 206 | 204 |  |
| &nbsp;&nbsp;&nbsp; ZSQH-VDDI, 35.710%, 8/12/2026 †§x | Affirm | 2/26/2025 | 709 | 702 | 708 |
| &nbsp;&nbsp;&nbsp; ZSQI-9BT8, 29.650%, 6/07/2023 †x#^ | Affirm | 12/10/2021 | 352 | 336 | 21 |
| &nbsp;&nbsp;&nbsp; ZSQI-NXJ2, 7.795%, 10/08/2025 †§x« | Affirm | 7/31/2025 | 633 | 628 | 626 |
| &nbsp;&nbsp;&nbsp; ZSQT-FISC, 15.780%, 12/28/2025 †x# | Affirm | 1/29/2025 | 86 | 90 | 32 |
| &nbsp;&nbsp;&nbsp; ZSRH-IMQO, 35.580%, 9/23/2025 †x# | Affirm | 9/26/2024 | 374 | 375 | 22 |
| &nbsp;&nbsp;&nbsp; ZSRJ-DY66, 29.210%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 35 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZSRJ-SH4T, 35.500%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 172 | 172 | 10 |
| &nbsp;&nbsp;&nbsp; ZSRS-B35V, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1000 | 984 | 982 |
| &nbsp;&nbsp;&nbsp; ZSRT-CGCQ, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZSRV-YKTD, 29.620%, 2/23/2026 †§x | Affirm | 2/29/2024 | 175 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; ZSS0-XBVN, 11.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZSS8-Z6HQ, 27.100%, 5/25/2024 †x#^ | Affirm | 12/01/2022 | 206 | 220 | 12 |
| &nbsp;&nbsp;&nbsp; ZSSD-9SV9, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZSSF-THEO, 29.700%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 115 | 121 | 7 |
| &nbsp;&nbsp;&nbsp; ZSSK-DYGA, 31.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 100 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; ZSSQ-LPZG, 29.570%, 12/05/2025 †§x | Affirm | 12/08/2023 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; ZSSR-D92B, 24.400%, 4/28/2027 †§x# | Affirm | 5/03/2024 | 580 | 590 | 587 |
| &nbsp;&nbsp;&nbsp; ZSSS-JD1R, 29.520%, 1/08/2026 †§x | Affirm | 1/11/2024 | 97 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZSSY-IJWI, 35.840%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 85 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZST1-AJ10, 35.900%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; ZSTG-RLCZ, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 48 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; ZSTG-WLNC, 31.000%, 6/20/2026 †§x | Affirm | 12/27/2024 | 200 | 206 | 205 |
| &nbsp;&nbsp;&nbsp; ZSTJ-205W, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZSTM-57NP, 35.680%, 2/27/2026 †§x# | Affirm | 3/28/2025 | 287 | 291 | 292 |
| &nbsp;&nbsp;&nbsp; ZSTP-G8HD, 35.000%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 106 | 105 | 62 |
| &nbsp;&nbsp;&nbsp; ZSTZ-IBPD, 35.420%, 9/02/2025 †§x# | Affirm | 6/27/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZSU9-ZYZ3, 30.000%, 12/23/2024 †x#^ | Affirm | 6/29/2023 | 55 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; ZSUH-FNM0, 7.108%, 9/24/2025 †§x« | Affirm | 4/22/2025 | 52 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; ZSUK-WE8V, 29.510%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 201 | 199 | 12 |
| &nbsp;&nbsp;&nbsp; ZSUL-24O9, 33.050%, 2/29/2024 †x#^ | Affirm | 9/05/2023 | 191 | 197 | 11 |
| &nbsp;&nbsp;&nbsp; ZSUL-YXWO, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZSUN-HAQU, 6.965%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 166 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; ZSUO-SOV3, 35.280%, 7/02/2024 †x#^ | Affirm | 1/05/2024 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; ZSUS-88IZ, 23.400%, 3/26/2026 †§x | Affirm | 9/30/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZSUT-AVJZ, 29.630%, 12/12/2023 †x#^ | Affirm | 12/15/2022 | 81 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZSV2-OMQP, 33.950%, 3/25/2026 †§x | Affirm | 9/30/2024 | 548 | 560 | 561 |
| &nbsp;&nbsp;&nbsp; ZSVN-7MD3, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1496 | 1512 | 1509 |
| &nbsp;&nbsp;&nbsp; ZSVU-1E1R, 29.530%, 12/07/2025 †§x | Affirm | 12/11/2023 | 80 | 81 | 80 |
| &nbsp;&nbsp;&nbsp; ZSVU-L8YY, 35.450%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 49 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; ZSVZ-C3QT, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1431 | 1466 | 1475 |
| &nbsp;&nbsp;&nbsp; ZSW3-88RL, 29.490%, 11/03/2025 †§x | Affirm | 5/09/2024 | 106 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZSW6-67HV, 22.710%, 12/10/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZSW6-PUU1, 29.810%, 2/08/2023 †x#^ | Affirm | 2/11/2022 | 434 | 429 | 26 |
| &nbsp;&nbsp;&nbsp; ZSWA-W3C1, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 236 | 239 | 240 |
| &nbsp;&nbsp;&nbsp; ZSWD-PA9F, 33.950%, 9/24/2026 †§x | Affirm | 9/27/2024 | 443 | 455 | 458 |
| &nbsp;&nbsp;&nbsp; ZSWJ-NS8M, 35.480%, 10/28/2025 †x# | Affirm | 10/31/2024 | 109 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; ZSWN-OEGM, 24.660%, 12/28/2025 †x# | Affirm | 1/29/2025 | 84 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; ZSWW-77GR, 35.610%, 8/06/2026 †§x | Affirm | 2/26/2025 | 328 | 323 | 327 |
| &nbsp;&nbsp;&nbsp; ZSX4-03WR, 28.500%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 243 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; ZSX4-1Q6I, 31.000%, 10/26/2025 †§x | Affirm | 5/02/2024 | 293 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; ZSXD-AP1P, 22.750%, 1/06/2026 †§x | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZSXJ-WPUM, 25.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 79 | 80 | 81 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8560** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZSXK-HE6S, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | $427 | $432 | $433 |
| &nbsp;&nbsp;&nbsp; ZSXP-L10L, 35.530%, 12/11/2025 †§x | Affirm | 12/27/2024 | 313 | 312 | 312 |
| &nbsp;&nbsp;&nbsp; ZSXS-DELE, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 36 | 36 | 37 |
| &nbsp;&nbsp;&nbsp; ZSXV-FI8S, 29.760%, 8/10/2026 †§x | Affirm | 2/26/2025 | 304 | 314 | 316 |
| &nbsp;&nbsp;&nbsp; ZSY2-SK7N, 27.100%, 9/07/2024 †x#^ | Affirm | 9/12/2022 | 721 | 774 | 43 |
| &nbsp;&nbsp;&nbsp; ZSYE-28Q1, 35.580%, 11/15/2025 †§x | Affirm | 11/27/2024 | 124 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; ZSYE-78Z7, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 235 | 239 | 238 |
| &nbsp;&nbsp;&nbsp; ZSYG-5KS9, 29.460%, 12/29/2022 †x#^ | Affirm | 7/05/2022 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; ZSYK-RW5D, 13.840%, 1/02/2027 †§x | Affirm | 1/29/2025 | 1366 | 1413 | 1422 |
| &nbsp;&nbsp;&nbsp; ZSYS-TYJ2, 32.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 162 | 164 | 165 |
| &nbsp;&nbsp;&nbsp; ZSZK-5BXQ, 35.260%, 9/28/2025 †§x | Affirm | 3/31/2025 | 33 | 33 | 34 |
| &nbsp;&nbsp;&nbsp; ZSZN-URWX, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 126 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; ZT00-YIFA, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 38 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZT03-NKNP, 29.440%, 11/10/2024 †x#^ | Affirm | 5/15/2023 | 142 | 138 | 9 |
| &nbsp;&nbsp;&nbsp; ZT07-VG4U, 31.000%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1895 | 1987 | 2004 |
| &nbsp;&nbsp;&nbsp; ZT0L-TOP6, 15.730%, 4/14/2023 †x#^ | Affirm | 4/18/2022 | 233 | 230 | 14 |
| &nbsp;&nbsp;&nbsp; ZT0N-C3AW, 27.500%, 11/28/2023 †x#^ | Affirm | 12/01/2022 | 2150 | 2248 | 129 |
| &nbsp;&nbsp;&nbsp; ZT0P-FG4X, 22.850%, 2/07/2026 †§x | Affirm | 2/26/2025 | 680 | 692 | 694 |
| &nbsp;&nbsp;&nbsp; ZT0S-C8WX, 28.000%, 1/06/2024 †x#^ | Affirm | 1/12/2023 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; ZT11-5Y6G, 35.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZT16-CDU3, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 2695 | 2802 | 162 |
| &nbsp;&nbsp;&nbsp; ZT17-AKUB, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZT1C-5PMK, 29.530%, 10/08/2024 †x#^ | Affirm | 4/11/2024 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; ZT1D-ELMV, 33.050%, 12/11/2025 †§x | Affirm | 12/27/2024 | 108 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; ZT1G-W4NQ, 35.430%, 12/16/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZT22-ZEQM, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 1632 | 1659 | 1665 |
| &nbsp;&nbsp;&nbsp; ZT24-EM9L, 35.570%, 2/27/2025 †x#^ | Affirm | 3/01/2024 | 185 | 194 | 11 |
| &nbsp;&nbsp;&nbsp; ZT2H-C02K, 35.400%, 10/03/2025 †§x | Affirm | 10/07/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZT2R-1E4I, 28.000%, 5/28/2024 †x#^ | Affirm | 12/05/2022 | 185 | 197 | 11 |
| &nbsp;&nbsp;&nbsp; ZT2S-J8CE, 11.800%, 5/21/2026 †§x | Affirm | 5/24/2024 | 236 | 239 | 241 |
| &nbsp;&nbsp;&nbsp; ZT2S-Q3WA, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 767 | 786 | 790 |
| &nbsp;&nbsp;&nbsp; ZT2W-5QU9, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; ZT38-A3UI, 11.830%, 10/28/2025 †§x | Affirm | 10/31/2024 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; ZT3O-AVRP, 15.730%, 9/03/2026 †§x# | Affirm | 3/28/2025 | 710 | 727 | 728 |
| &nbsp;&nbsp;&nbsp; ZT3Y-KR7M, 29.820%, 2/25/2023 †x#^ | Affirm | 3/03/2022 | 83 | 86 | 5 |
| &nbsp;&nbsp;&nbsp; ZT40-DGYQ, 28.500%, 12/08/2022 †x#^ | Affirm | 12/13/2021 | 111 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; ZT48-2BKR, 29.590%, 10/18/2026 †§x | Affirm | 10/25/2024 | 412 | 425 | 427 |
| &nbsp;&nbsp;&nbsp; ZT4H-4EUR, 35.370%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 29 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; ZT4H-BXU8, 22.810%, 8/06/2026 †§x | Affirm | 2/26/2025 | 695 | 722 | 719 |
| &nbsp;&nbsp;&nbsp; ZT4J-KB3B, 28.500%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 249 | 254 | 15 |
| &nbsp;&nbsp;&nbsp; ZT4R-V7VX, 25.900%, 9/26/2025 †§x | Affirm | 9/30/2024 | 23 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; ZT55-G4YH, 35.260%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 154 | 154 | 155 |
| &nbsp;&nbsp;&nbsp; ZT5E-L58C, 35.981%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 149 | 145 | 9 |
| &nbsp;&nbsp;&nbsp; ZT5L-XZUU, 6.327%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 230 | 225 | 228 |
| &nbsp;&nbsp;&nbsp; ZT5N-HVPN, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 362 | 371 | 373 |
| &nbsp;&nbsp;&nbsp; ZT5P-LLP9, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 48 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZT5V-9033, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 147 | 153 | 154 |
| &nbsp;&nbsp;&nbsp; ZT62-R03C, 33.000%, 6/17/2025 †x#^ | Affirm | 6/21/2024 | 598 | 603 | 52 |
| &nbsp;&nbsp;&nbsp; ZT64-ZVHQ, 35.520%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 9 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; ZT65-2KWB, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 228 | 233 | 14 |
| &nbsp;&nbsp;&nbsp; ZT6C-HK9M, 23.400%, 12/20/2026 †§x | Affirm | 12/27/2024 | 421 | 437 | 439 |
| &nbsp;&nbsp;&nbsp; ZT6C-ZZX1, 29.570%, 8/16/2026 †§x | Affirm | 8/22/2024 | 333 | 343 | 344 |
| &nbsp;&nbsp;&nbsp; ZT6N-8E40, 35.310%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 182 | 187 | 189 |
| &nbsp;&nbsp;&nbsp; ZT6O-ZKQI, 8.909%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 98 | 96 | 95 |
| &nbsp;&nbsp;&nbsp; ZT6Y-NZT6, 25.900%, 2/03/2026 †§x | Affirm | 2/26/2025 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; ZT73-SPYD, 32.500%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 253 | 259 | 263 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8561** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZT7A-LTY2, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | $96 | $98 | $98 |
| &nbsp;&nbsp;&nbsp; ZT7B-3NRR, 33.050%, 3/03/2026 †§x | Affirm | 3/28/2025 | 233 | 240 | 239 |
| &nbsp;&nbsp;&nbsp; ZT7I-1329, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; ZT7J-E5ED, 35.770%, 3/03/2026 †§x | Affirm | 3/28/2025 | 106 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZT7K-CN75, 33.950%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 51 | 51 | 52 |
| &nbsp;&nbsp;&nbsp; ZT7T-E1AX, 27.950%, 3/01/2027 †x | Affirm | 3/07/2024 | 3200 | 3094 | 3098 |
| &nbsp;&nbsp;&nbsp; ZT7Z-8YXA, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 153 | 156 | 157 |
| &nbsp;&nbsp;&nbsp; ZT83-AF35, 33.050%, 9/24/2025 †§x | Affirm | 9/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZT8R-5TU5, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 687 | 712 | 172 |
| &nbsp;&nbsp;&nbsp; ZT8U-8BKO, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 427 | 423 | 26 |
| &nbsp;&nbsp;&nbsp; ZT8V-5VV5, 29.510%, 9/05/2025 †x | Affirm | 9/08/2023 | 35 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; ZT8W-4YHO, 25.900%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 73 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZT91-NZDR, 18.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 395 | 404 | 406 |
| &nbsp;&nbsp;&nbsp; ZT93-PJ4D, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 160 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; ZT9I-GS7M, 35.560%, 2/10/2027 †§x | Affirm | 2/26/2025 | 750 | 742 | 756 |
| &nbsp;&nbsp;&nbsp; ZT9N-1Z8G, 25.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZT9T-65W6, 23.400%, 7/08/2026 †§x | Affirm | 7/31/2025 | 276 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; ZT9V-842K, 29.540%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 376 | 384 | 23 |
| &nbsp;&nbsp;&nbsp; ZT9X-5MZJ, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 26 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZTA7-OS39, 28.500%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 261 | 266 | 16 |
| &nbsp;&nbsp;&nbsp; ZTAA-K1TD, 27.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; ZTAI-8LVL, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 140 | 142 | 141 |
| &nbsp;&nbsp;&nbsp; ZTB2-JP4B, 33.950%, 12/11/2025 †§x | Affirm | 12/27/2024 | 23 | 24 | 23 |
| &nbsp;&nbsp;&nbsp; ZTBE-0ZUA, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZTBE-PYBE, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 119 | 117 | 30 |
| &nbsp;&nbsp;&nbsp; ZTBI-JSYC, 22.750%, 2/27/2026 †§x | Affirm | 8/30/2024 | 155 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; ZTBM-PFR8, 29.410%, 3/20/2026 †§x | Affirm | 3/28/2025 | 94 | 97 | 98 |
| &nbsp;&nbsp;&nbsp; ZTBM-YUYE, 27.950%, 1/02/2028 †§x | Affirm | 1/29/2025 | 1668 | 1637 | 1663 |
| &nbsp;&nbsp;&nbsp; ZTBN-M8PL, 15.650%, 2/29/2024 †x#^ | Affirm | 9/01/2023 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; ZTC6-OJ1D, 29.470%, 2/21/2025 †x#^ | Affirm | 8/24/2023 | 142 | 141 | 9 |
| &nbsp;&nbsp;&nbsp; ZTC7-5Q5V, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 212 | 224 | 13 |
| &nbsp;&nbsp;&nbsp; ZTC8-EI5H, 35.330%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 206 | 203 | 205 |
| &nbsp;&nbsp;&nbsp; ZTCA-YXPN, 33.500%, 5/19/2024 †x#^ | Affirm | 5/25/2023 | 509 | 518 | 31 |
| &nbsp;&nbsp;&nbsp; ZTCM-X32X, 25.200%, 2/10/2026 †§x | Affirm | 2/26/2025 | 59 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZTD7-CBEU, 29.610%, 12/16/2023 †x#^ | Affirm | 12/20/2021 | 365 | 394 | 22 |
| &nbsp;&nbsp;&nbsp; ZTDD-OG5E, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 224 | 228 | 226 |
| &nbsp;&nbsp;&nbsp; ZTDF-GM36, 29.610%, 12/16/2025 †§x | Affirm | 12/27/2024 | 7 | 7 | 7 |
| &nbsp;&nbsp;&nbsp; ZTDF-N51B, 15.710%, 7/08/2026 †§x | Affirm | 7/31/2025 | 216 | 213 | 215 |
| &nbsp;&nbsp;&nbsp; ZTDJ-VGWO, 29.570%, 4/17/2024 †x#^ | Affirm | 10/20/2022 | 397 | 426 | 24 |
| &nbsp;&nbsp;&nbsp; ZTE0-8Y9V, 33.950%, 12/12/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZTE5-34T3, 33.950%, 8/26/2027 †§x | Affirm | 8/29/2024 | 1082 | 1047 | 1052 |
| &nbsp;&nbsp;&nbsp; ZTE5-V1BV, 29.460%, 3/28/2023 †x#^ | Affirm | 4/04/2022 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; ZTEB-Z9J7, 29.720%, 1/18/2024 †x#^ | Affirm | 1/23/2023 | 16 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; ZTEG-CWUW, 15.750%, 8/28/2026 †§x# | Affirm | 9/01/2023 | 784 | 809 | 812 |
| &nbsp;&nbsp;&nbsp; ZTEK-D1YO, 29.820%, 2/10/2026 †x# | Affirm | 2/26/2025 | 99 | 104 | 28 |
| &nbsp;&nbsp;&nbsp; ZTF0-31R4, 29.000%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 787 | 778 | 47 |
| &nbsp;&nbsp;&nbsp; ZTF2-TYYR, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 149 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; ZTF3-HIKI, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; ZTF4-4QOD, 29.480%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 167 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; ZTF4-C2B5, 33.500%, 9/20/2025 †x# | Affirm | 3/28/2025 | 265 | 262 | 65 |
| &nbsp;&nbsp;&nbsp; ZTF9-EDO8, 33.050%, 2/19/2025 †x#^ | Affirm | 8/22/2024 | 194 | 200 | 12 |
| &nbsp;&nbsp;&nbsp; ZTFH-5BIB, 33.950%, 11/22/2025 †§x | Affirm | 5/28/2024 | 104 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; ZTFK-JL6Y, 24.400%, 2/12/2027 †§x | Affirm | 2/26/2025 | 476 | 498 | 503 |
| &nbsp;&nbsp;&nbsp; ZTFN-HQV4, 23.250%, 9/26/2027 †x | Affirm | 9/30/2024 | 5540 | 5465 | 5550 |
| &nbsp;&nbsp;&nbsp; ZTFN-L8MK, 15.810%, 9/17/2025 †§x | Affirm | 9/20/2024 | 92 | 92 | 92 |
| &nbsp;&nbsp;&nbsp; ZTFR-XN5J, 35.400%, 10/08/2024 †x#^ | Affirm | 4/11/2024 | 136 | 138 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8562** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZTG8-AZ47, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | $79 | $78 | $78 |
| &nbsp;&nbsp;&nbsp; ZTGF-A581, 33.950%, 7/09/2025 †x#^ | Affirm | 1/29/2025 | 2135 | 2180 | 128 |
| &nbsp;&nbsp;&nbsp; ZTGK-CRLZ, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 207 | 210 | 209 |
| &nbsp;&nbsp;&nbsp; ZTGO-W1T3, 35.250%, 9/28/2025 †x# | Affirm | 4/22/2025 | 152 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; ZTH9-SXZE, 35.770%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 156 | 155 | 155 |
| &nbsp;&nbsp;&nbsp; ZTHB-GGZV, 13.840%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; ZTHE-3CDM, 35.330%, 6/02/2026 †§x | Affirm | 6/27/2025 | 293 | 299 | 296 |
| &nbsp;&nbsp;&nbsp; ZTHJ-5YGE, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 587 | 598 | 35 |
| &nbsp;&nbsp;&nbsp; ZTHL-TBBU, 11.850%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; ZTHM-RSAS, 26.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 117 | 119 | 120 |
| &nbsp;&nbsp;&nbsp; ZTHV-GLMT, 11.850%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 130 | 130 |
| &nbsp;&nbsp;&nbsp; ZTIE-EDZN, 29.530%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 223 | 235 | 13 |
| &nbsp;&nbsp;&nbsp; ZTIE-KW8G, 35.000%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 420 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; ZTIJ-KZFR, 33.950%, 3/20/2026 †§x | Affirm | 9/26/2024 | 181 | 185 | 185 |
| &nbsp;&nbsp;&nbsp; ZTIS-J7WV, 35.260%, 9/03/2025 †§x | Affirm | 3/28/2025 | 62 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; ZTIV-HXNI, 25.900%, 10/08/2025 †§x | Affirm | 7/31/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZTIZ-Z7XC, 35.750%, 2/07/2026 †§x | Affirm | 2/26/2025 | 96 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZTJ1-UUES, 29.620%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 389 | 382 | 23 |
| &nbsp;&nbsp;&nbsp; ZTJA-WE5J, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 251 | 260 | 262 |
| &nbsp;&nbsp;&nbsp; ZTJN-WBA1, 35.280%, 7/29/2024 †x#^ | Affirm | 8/03/2023 | 374 | 386 | 22 |
| &nbsp;&nbsp;&nbsp; ZTJR-4428, 35.400%, 4/23/2026 †§x# | Affirm | 10/28/2024 | 162 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; ZTJV-E26G, 29.580%, 10/25/2025 †§x | Affirm | 10/31/2024 | 38 | 38 | 39 |
| &nbsp;&nbsp;&nbsp; ZTKB-TKJY, 33.050%, 11/21/2025 †§x | Affirm | 5/24/2024 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZTKH-9GD1, 25.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 131 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; ZTKR-3HDU, 29.570%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 32 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZTKS-FLPS, 32.500%, 2/10/2026 †§x | Affirm | 2/26/2025 | 498 | 507 | 509 |
| &nbsp;&nbsp;&nbsp; ZTKU-T6HR, 29.620%, 9/23/2026 †x# | Affirm | 9/26/2024 | 460 | 483 | 28 |
| &nbsp;&nbsp;&nbsp; ZTKV-TFW2, 33.950%, 4/21/2026 †§x# | Affirm | 10/24/2024 | 131 | 134 | 133 |
| &nbsp;&nbsp;&nbsp; ZTL3-D505, 11.910%, 3/03/2026 †§x | Affirm | 3/28/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZTL5-YZL3, 33.050%, 11/15/2025 †§x | Affirm | 11/27/2024 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZTLC-RQLQ, 35.310%, 5/06/2026 †§x | Affirm | 5/13/2024 | 748 | 752 | 760 |
| &nbsp;&nbsp;&nbsp; ZTLE-7VZ4, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 365 | 371 | 372 |
| &nbsp;&nbsp;&nbsp; ZTLK-EKC7, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 19 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZTLV-9YZE, 30.950%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 227 | 230 | 231 |
| &nbsp;&nbsp;&nbsp; ZTLV-OYS0, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 154 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; ZTLW-UXQT, 24.400%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 59 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZTM4-ZOBJ, 35.200%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 543 | 542 | 541 |
| &nbsp;&nbsp;&nbsp; ZTM5-NHZE, 26.200%, 2/14/2023 †x#^ | Affirm | 2/17/2022 | 209 | 216 | 13 |
| &nbsp;&nbsp;&nbsp; ZTM5-SK9J, 24.760%, 11/15/2025 †§x | Affirm | 11/27/2024 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZTM6-1H65, 24.400%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 355 | 362 | 365 |
| &nbsp;&nbsp;&nbsp; ZTM7-52P2, 33.950%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 108 | 109 | 110 |
| &nbsp;&nbsp;&nbsp; ZTM9-371S, 15.760%, 8/23/2025 †§x#^ | Affirm | 8/29/2024 | 103 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; ZTM9-4MOZ, 29.540%, 10/11/2025 †x# | Affirm | 4/15/2024 | 131 | 138 | 10 |
| &nbsp;&nbsp;&nbsp; ZTMH-PFH0, 35.370%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 1529 | 1523 | 1523 |
| &nbsp;&nbsp;&nbsp; ZTMK-A0OO, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 424 | 418 | 422 |
| &nbsp;&nbsp;&nbsp; ZTMO-C91B, 31.000%, 4/17/2026 †§x# | Affirm | 4/22/2024 | 604 | 614 | 612 |
| &nbsp;&nbsp;&nbsp; ZTMZ-HCVE, 29.620%, 12/17/2022 †x#^ | Affirm | 12/23/2021 | 852 | 896 | 51 |
| &nbsp;&nbsp;&nbsp; ZTN1-X5HJ, 29.680%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 119 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; ZTN2-XHV7, 33.950%, 9/28/2025 †§x | Affirm | 3/31/2025 | 11 | 11 | 12 |
| &nbsp;&nbsp;&nbsp; ZTN6-O88G, 29.520%, 4/20/2023 †x#^ | Affirm | 4/25/2022 | 1061 | 1048 | 64 |
| &nbsp;&nbsp;&nbsp; ZTNM-1EWI, 22.570%, 5/28/2025 †x#^ | Affirm | 5/31/2024 | 343 | 355 | 21 |
| &nbsp;&nbsp;&nbsp; ZTNV-91CP, 15.880%, 3/03/2026 †§x | Affirm | 3/28/2025 | 151 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; ZTO3-O0VO, 31.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 305 | 308 | 310 |
| &nbsp;&nbsp;&nbsp; ZTO7-P5UK, 29.630%, 12/28/2025 †§x | Affirm | 1/29/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; ZTOP-LV3O, 33.050%, 12/28/2025 †x# | Affirm | 1/29/2025 | 391 | 408 | 23 |
| &nbsp;&nbsp;&nbsp; ZTOU-JF2E, 35.450%, 9/23/2026 †§x | Affirm | 9/26/2024 | 567 | 564 | 571 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8563** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZTP4-HN2X, 30.950%, 9/17/2025 †§x | Affirm | 9/20/2024 | $104 | $104 | $104 |
| &nbsp;&nbsp;&nbsp; ZTPF-0TNI, 35.250%, 9/20/2025 †x# | Affirm | 3/28/2025 | 88 | 89 | 6 |
| &nbsp;&nbsp;&nbsp; ZTPF-L8PV, 26.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZTPS-H38M, 6.404%, 3/28/2026 †§x« | Affirm | 3/31/2025 | 1552 | 1498 | 1485 |
| &nbsp;&nbsp;&nbsp; ZTPU-NMHD, 35.570%, 9/28/2025 †§x | Affirm | 10/03/2024 | 24 | 24 | 23 |
| &nbsp;&nbsp;&nbsp; ZTPU-QD1J, 35.580%, 9/18/2025 †§x | Affirm | 9/26/2024 | 212 | 194 | 208 |
| &nbsp;&nbsp;&nbsp; ZTPV-S81O, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 51 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZTPW-QFUS, 35.620%, 1/06/2026 †x# | Affirm | 1/29/2025 | 126 | 129 |  |
| &nbsp;&nbsp;&nbsp; ZTPY-LW7G, 35.530%, 12/09/2025 †§x | Affirm | 12/27/2024 | 427 | 433 | 434 |
| &nbsp;&nbsp;&nbsp; ZTQ8-NK3I, 35.450%, 12/28/2025 †§x | Affirm | 1/29/2025 | 106 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; ZTQD-O9C4, 29.640%, 5/10/2024 †x#^ | Affirm | 11/17/2022 | 329 | 330 | 20 |
| &nbsp;&nbsp;&nbsp; ZTQM-BV80, 35.000%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 176 | 171 | 11 |
| &nbsp;&nbsp;&nbsp; ZTQO-U2C3, 19.700%, 8/26/2026 †§x | Affirm | 8/29/2024 | 1313 | 1349 | 1356 |
| &nbsp;&nbsp;&nbsp; ZTQV-U383, 33.050%, 9/03/2026 †§x | Affirm | 3/28/2025 | 739 | 772 | 771 |
| &nbsp;&nbsp;&nbsp; ZTQZ-Q7YL, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZTR1-W9VW, 20.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 929 | 960 | 968 |
| &nbsp;&nbsp;&nbsp; ZTR3-9ZZ9, 29.610%, 6/21/2023 †x#^ | Affirm | 12/27/2021 | 263 | 251 | 16 |
| &nbsp;&nbsp;&nbsp; ZTR8-ETSV, 28.500%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 573 | 566 | 34 |
| &nbsp;&nbsp;&nbsp; ZTRA-4BDK, 29.590%, 10/25/2025 †§x | Affirm | 10/31/2024 | 124 | 125 | 126 |
| &nbsp;&nbsp;&nbsp; ZTRF-8NGE, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 173 | 175 | 175 |
| &nbsp;&nbsp;&nbsp; ZTRG-IVK0, 35.500%, 9/26/2025 †x# | Affirm | 9/30/2024 | 155 | 155 | 9 |
| &nbsp;&nbsp;&nbsp; ZTRN-A88F, 18.000%, 1/02/2027 †§x | Affirm | 1/29/2025 | 751 | 777 | 781 |
| &nbsp;&nbsp;&nbsp; ZTRT-DR3E, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 144 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; ZTS2-FK7S, 23.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 187 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; ZTS3-IR8H, 15.850%, 6/02/2026 †x | Affirm | 6/27/2025 | 158 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; ZTS5-C7KF, 35.580%, 2/16/2025 †x#^ | Affirm | 2/23/2024 | 81 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZTSD-ECYH, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 201 | 205 | 204 |
| &nbsp;&nbsp;&nbsp; ZTSL-NCYU, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 148 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; ZTSP-IB2I, 35.380%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZTSY-5G72, 11.880%, 1/06/2026 †§x | Affirm | 1/29/2025 | 275 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; ZTTG-YMDN, 29.500%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 161 | 162 | 10 |
| &nbsp;&nbsp;&nbsp; ZTTO-C3Y0, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 111 | 113 | 112 |
| &nbsp;&nbsp;&nbsp; ZTTP-FE65, 29.690%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 31 | 31 | 2 |
| &nbsp;&nbsp;&nbsp; ZTTS-O5KM, 22.750%, 9/03/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZTTT-CSRY, 29.520%, 12/11/2025 †§x | Affirm | 12/14/2023 | 155 | 156 | 156 |
| &nbsp;&nbsp;&nbsp; ZTTV-KQ6H, 30.950%, 10/22/2025 †§x | Affirm | 10/25/2024 | 55 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZTU2-NNIR, 21.900%, 5/06/2026 †§x | Affirm | 5/30/2025 | 220 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; ZTU8-8B32, 29.570%, 4/03/2024 †x#^ | Affirm | 10/06/2022 | 27 | 28 | 2 |
| &nbsp;&nbsp;&nbsp; ZTUL-3RRX, 29.470%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 99 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; ZTUM-4N22, 35.650%, 2/07/2026 †§x | Affirm | 2/26/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZTUO-AOBK, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 218 | 224 | 225 |
| &nbsp;&nbsp;&nbsp; ZTUT-YJQJ, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 98 | 99 | 100 |
| &nbsp;&nbsp;&nbsp; ZTV1-4SZF, 29.650%, 5/04/2023 †x#^ | Affirm | 11/10/2022 | 12 | 12 | 1 |
| &nbsp;&nbsp;&nbsp; ZTV5-9QN8, 29.630%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp; ZTV9-EAF7, 35.370%, 1/09/2025 †x#^ | Affirm | 1/12/2024 | 67 | 69 | 4 |
| &nbsp;&nbsp;&nbsp; ZTV9-G5ZZ, 33.950%, 5/13/2026 †§x | Affirm | 11/27/2024 | 253 | 260 | 259 |
| &nbsp;&nbsp;&nbsp; ZTVB-THX2, 30.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZTVE-6TAB, 33.000%, 10/25/2026 †x# | Affirm | 10/31/2024 | 1697 | 1677 |  |
| &nbsp;&nbsp;&nbsp; ZTVJ-2R5A, 24.400%, 9/24/2025 †§x | Affirm | 9/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZTVV-25NP, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 128 | 131 | 131 |
| &nbsp;&nbsp;&nbsp; ZTVV-L4A8, 35.480%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 83 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; ZTW2-7T2I, 35.280%, 5/29/2024 †x#^ | Affirm | 6/02/2023 | 28 | 29 | 2 |
| &nbsp;&nbsp;&nbsp; ZTWB-0616, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 191 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; ZTWS-8AG8, 30.950%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZTWY-1NTO, 18.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZTX4-NGH5, 24.400%, 4/15/2026 †§x# | Affirm | 4/18/2024 | 119 | 121 | 120 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8564** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZTX9-P6C9, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | $15 | $15 | $15 |
| &nbsp;&nbsp;&nbsp; ZTXR-0CAP, 31.000%, 12/09/2025 †x# | Affirm | 12/27/2024 | 257 | 270 | 65 |
| &nbsp;&nbsp;&nbsp; ZTXU-O38A, 35.580%, 1/06/2026 †x# | Affirm | 1/29/2025 | 56 | 55 | 13 |
| &nbsp;&nbsp;&nbsp; ZTXW-FEJF, 29.770%, 5/21/2023 †x#^ | Affirm | 11/25/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZTYE-3XLY, 13.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 1195 | 1209 | 1211 |
| &nbsp;&nbsp;&nbsp; ZTYF-H4GQ, 33.950%, 12/07/2025 †§x | Affirm | 12/11/2023 | 125 | 124 | 126 |
| &nbsp;&nbsp;&nbsp; ZTYG-2KJ9, 35.410%, 2/26/2026 †x# | Affirm | 8/29/2024 | 186 | 182 | 11 |
| &nbsp;&nbsp;&nbsp; ZTYJ-BFM9, 22.750%, 2/26/2026 †§x | Affirm | 8/29/2024 | 422 | 428 | 429 |
| &nbsp;&nbsp;&nbsp; ZTYV-N0XD, 22.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 172 | 173 | 173 |
| &nbsp;&nbsp;&nbsp; ZTZ2-T9EI, 29.810%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 637 | 631 | 38 |
| &nbsp;&nbsp;&nbsp; ZTZ3-PY00, 33.280%, 3/03/2026 †§x | Affirm | 3/28/2025 | 62 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; ZTZ3-YJD0, 35.470%, 8/27/2025 †x#^ | Affirm | 8/30/2024 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; ZTZY-VMMQ, 29.570%, 8/16/2026 †§x | Affirm | 8/22/2024 | 301 | 310 | 311 |
| &nbsp;&nbsp;&nbsp; ZU03-0NA0, 33.050%, 12/28/2025 †§x | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZU07-WER6, 29.520%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 100 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; ZU0A-XSF5, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZU0B-8QL8, 33.950%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 41 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; ZU0B-9TNH, 29.630%, 12/09/2022 †x#^ | Affirm | 12/13/2021 | 88 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; ZU0P-TY7M, 15.680%, 9/03/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZU0Z-52GJ, 32.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZU14-YH5O, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZU15-2Z6M, 15.930%, 2/07/2026 †§x | Affirm | 2/26/2025 | 82 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZU1A-UA95, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 208 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; ZU1F-IHXT, 33.950%, 6/28/2026 †§x | Affirm | 1/29/2025 | 361 | 371 | 366 |
| &nbsp;&nbsp;&nbsp; ZU1G-NBB3, 35.630%, 11/01/2023 †x#^ | Affirm | 11/04/2022 | 72 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZU1H-0P98, 14.810%, 9/19/2026 †x# | Affirm | 9/23/2024 | 3858 | 3813 | 231 |
| &nbsp;&nbsp;&nbsp; ZU1K-4JRR, 26.700%, 1/02/2027 †§x | Affirm | 1/29/2025 | 709 | 731 | 738 |
| &nbsp;&nbsp;&nbsp; ZU1M-RM6A, 5.915%, 7/18/2023 †x#^« | Affirm | 7/21/2022 | 1042 | 985 | 63 |
| &nbsp;&nbsp;&nbsp; ZU1N-MEJ4, 15.840%, 6/02/2027 †§x | Affirm | 6/27/2025 | 886 | 875 | 886 |
| &nbsp;&nbsp;&nbsp; ZU1N-ONAS, 35.160%, 1/25/2025 †x#^ | Affirm | 10/31/2024 | 57 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; ZU1O-Y4OS, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZU1Z-CB6B, 35.580%, 9/24/2025 †§x# | Affirm | 9/27/2024 | 74 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZU21-PCV3, 33.050%, 7/02/2026 †§x | Affirm | 1/29/2025 | 145 | 150 | 149 |
| &nbsp;&nbsp;&nbsp; ZU23-7MDJ, 29.510%, 4/25/2023 †x#^ | Affirm | 4/28/2022 | 112 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; ZU28-9CBL, 22.670%, 4/28/2026 †§x | Affirm | 10/31/2024 | 135 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZU28-WXF3, 15.770%, 8/23/2026 †x | Affirm | 8/29/2024 | 2916 | 2904 | 2944 |
| &nbsp;&nbsp;&nbsp; ZU29-NE2A, 33.050%, 2/26/2026 †§x | Affirm | 8/29/2024 | 155 | 158 | 158 |
| &nbsp;&nbsp;&nbsp; ZU2E-AIRT, 29.680%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZU2L-MNBP, 33.050%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 73 | 76 | 77 |
| &nbsp;&nbsp;&nbsp; ZU2M-G80U, 22.810%, 8/12/2026 †§x | Affirm | 2/26/2025 | 276 | 285 | 287 |
| &nbsp;&nbsp;&nbsp; ZU2S-DOFH, 33.950%, 1/11/2027 †x | Affirm | 1/16/2024 | 2571 | 2686 | 2693 |
| &nbsp;&nbsp;&nbsp; ZU37-JP6B, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 68 |
| &nbsp;&nbsp;&nbsp; ZU3G-3XIP, 32.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 58 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZU3G-MGAV, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 125 | 123 | 122 |
| &nbsp;&nbsp;&nbsp; ZU4E-VRZO, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; ZU4G-E1LY, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 83 | 84 | 85 |
| &nbsp;&nbsp;&nbsp; ZU4G-UQEO, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 61 |
| &nbsp;&nbsp;&nbsp; ZU4I-2DP5, 33.950%, 1/06/2026 †§x | Affirm | 1/29/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; ZU4K-RZTY, 24.830%, 7/28/2026 †§x | Affirm | 2/26/2025 | 547 | 523 | 536 |
| &nbsp;&nbsp;&nbsp; ZU4W-XTSR, 33.950%, 1/02/2027 †§x | Affirm | 1/29/2025 | 436 | 449 | 454 |
| &nbsp;&nbsp;&nbsp; ZU58-CBKB, 26.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZU5A-ZSXU, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZU5G-LWVL, 29.300%, 1/08/2026 †§x | Affirm | 7/31/2025 | 74 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; ZU5I-PLLA, 29.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 675 | 694 | 698 |
| &nbsp;&nbsp;&nbsp; ZU5I-SRT1, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 574 | 567 | 34 |
| &nbsp;&nbsp;&nbsp; ZU5L-NLVS, 30.500%, 3/25/2025 †x#^ | Affirm | 9/30/2024 | 32 | 33 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8565** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZU5T-6WY7, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | $333 | $322 | $330 |
| &nbsp;&nbsp;&nbsp; ZU62-E6TW, 35.460%, 4/26/2027 †§x | Affirm | 5/02/2024 | 1315 | 1265 | 1283 |
| &nbsp;&nbsp;&nbsp; ZU63-508V, 27.500%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 99 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; ZU64-EZFL, 15.760%, 12/20/2025 †§x | Affirm | 6/24/2024 | 546 | 553 | 554 |
| &nbsp;&nbsp;&nbsp; ZU6A-PFMZ, 31.500%, 11/20/2026 †§x | Affirm | 11/27/2024 | 1308 | 1353 | 1364 |
| &nbsp;&nbsp;&nbsp; ZU6B-WI9U, 35.210%, 3/20/2026 †§x | Affirm | 3/28/2025 | 411 | 421 | 424 |
| &nbsp;&nbsp;&nbsp; ZU6J-QPDY, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 132 | 135 | 135 |
| &nbsp;&nbsp;&nbsp; ZU6T-S1HN, 33.170%, 1/09/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZU6Y-Y86H, 35.570%, 9/16/2025 †§x | Affirm | 9/19/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZU78-U20U, 31.000%, 9/25/2025 †§x | Affirm | 9/30/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZU7Q-RX0T, 31.700%, 3/28/2024 †x#^ | Affirm | 10/02/2023 | 2734 | 2642 | 164 |
| &nbsp;&nbsp;&nbsp; ZU7V-HK0R, 35.900%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 29 | 30 | 3 |
| &nbsp;&nbsp;&nbsp; ZU80-04AS, 29.510%, 10/24/2024 †x#^ | Affirm | 4/27/2023 | 98 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; ZU86-SINR, 26.900%, 2/06/2026 †§x | Affirm | 8/29/2025 | 184 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; ZU8B-6OQT, 35.260%, 9/06/2024 †x#^ | Affirm | 3/11/2024 | 556 | 566 | 33 |
| &nbsp;&nbsp;&nbsp; ZU8M-6ST8, 13.840%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZU8S-L7HO, 29.610%, 12/10/2025 †§x# | Affirm | 12/27/2024 | 146 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; ZU8T-G75E, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZU8U-T1Y5, 35.430%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZU8Z-BLY1, 35.760%, 3/03/2026 †§x | Affirm | 3/28/2025 | 232 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; ZU91-13SE, 29.810%, 2/10/2024 †x#^ | Affirm | 2/16/2023 | 326 | 329 | 20 |
| &nbsp;&nbsp;&nbsp; ZU99-BK1P, 32.810%, 9/20/2025 †§x | Affirm | 3/28/2025 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; ZU99-SDII, 29.540%, 10/04/2025 †§x# | Affirm | 4/08/2024 | 75 | 75 | 74 |
| &nbsp;&nbsp;&nbsp; ZU9E-43TI, 34.490%, 3/17/2024 †x#^ | Affirm | 1/20/2023 | 138 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; ZU9I-0QJZ, 15.720%, 7/11/2023 †x#^ | Affirm | 7/14/2022 | 912 | 944 | 55 |
| &nbsp;&nbsp;&nbsp; ZUA6-3QCD, 33.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 275 | 280 | 280 |
| &nbsp;&nbsp;&nbsp; ZUA6-CC7S, 24.400%, 12/28/2025 †x# | Affirm | 7/05/2024 | 109 | 110 | 28 |
| &nbsp;&nbsp;&nbsp; ZUA6-NVIS, 33.950%, 12/16/2025 †x# | Affirm | 12/27/2024 | 143 | 150 | 11 |
| &nbsp;&nbsp;&nbsp; ZUA7-ZEXF, 35.410%, 12/24/2025 †§x | Affirm | 6/27/2024 | 109 | 110 | 109 |
| &nbsp;&nbsp;&nbsp; ZUAC-U872, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; ZUAJ-LBBW, 33.950%, 10/21/2025 †§x | Affirm | 10/24/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZUAN-7D4K, 24.400%, 11/12/2025 †§x | Affirm | 11/27/2024 | 270 | 272 | 273 |
| &nbsp;&nbsp;&nbsp; ZUB2-WD9I, 24.400%, 9/03/2025 †§x | Affirm | 3/28/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZUB3-N8IX, 22.750%, 4/18/2026 †§x | Affirm | 10/24/2024 | 479 | 488 | 489 |
| &nbsp;&nbsp;&nbsp; ZUC0-4YJS, 25.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZUC1-6LUO, 24.650%, 4/23/2026 †§x | Affirm | 10/28/2024 | 138 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZUC7-ZF4P, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 375 | 385 | 387 |
| &nbsp;&nbsp;&nbsp; ZUC9-P891, 35.390%, 6/02/2026 †§x | Affirm | 6/27/2025 | 91 | 93 | 94 |
| &nbsp;&nbsp;&nbsp; ZUCB-JDW8, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 41 | 41 | 42 |
| &nbsp;&nbsp;&nbsp; ZUCC-YQL0, 32.000%, 3/24/2026 †x# | Affirm | 9/27/2024 | 1013 | 1068 | 61 |
| &nbsp;&nbsp;&nbsp; ZUCE-XRQA, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZUCM-0R5T, 33.050%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 113 | 116 | 113 |
| &nbsp;&nbsp;&nbsp; ZUCO-A1OI, 29.600%, 12/14/2023 †x#^ | Affirm | 12/17/2021 | 413 | 445 | 25 |
| &nbsp;&nbsp;&nbsp; ZUCY-ZJ8C, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 887 | 874 | 881 |
| &nbsp;&nbsp;&nbsp; ZUD1-40OQ, 33.050%, 2/27/2026 †§x | Affirm | 8/30/2024 | 172 | 175 | 176 |
| &nbsp;&nbsp;&nbsp; ZUD2-FW9H, 24.400%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 699 | 714 | 718 |
| &nbsp;&nbsp;&nbsp; ZUD4-ZF2U, 18.000%, 9/26/2027 †§x | Affirm | 9/30/2024 | 993 | 1023 | 1030 |
| &nbsp;&nbsp;&nbsp; ZUD5-R1LK, 27.500%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 112 | 110 | 7 |
| &nbsp;&nbsp;&nbsp; ZUDB-X999, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZUE5-VNSJ, 29.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 284 | 289 | 288 |
| &nbsp;&nbsp;&nbsp; ZUE6-CQXD, 35.500%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 97 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; ZUE8-246C, 35.570%, 11/14/2025 †x | Affirm | 11/27/2024 | 131 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; ZUEB-PBKZ, 30.000%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 1229 | 1237 | 74 |
| &nbsp;&nbsp;&nbsp; ZUEP-O6BJ, 35.880%, 12/28/2025 †x# | Affirm | 1/29/2025 | 302 | 272 | 57 |
| &nbsp;&nbsp;&nbsp; ZUES-U25D, 35.530%, 12/18/2025 †§x | Affirm | 12/27/2024 | 19 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZUFC-VQB6, 6.858%, 1/01/2026 †§x« | Affirm | 7/31/2025 | 2355 | 2303 | 2299 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8566** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZUFD-SYBU, 32.500%, 11/12/2025 †§x | Affirm | 11/27/2024 | $110 | $111 | $111 |
| &nbsp;&nbsp;&nbsp; ZUFE-2V97, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZUFG-QZMV, 29.430%, 3/20/2026 †§x | Affirm | 3/28/2025 | 78 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; ZUFK-5LVQ, 25.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZUFP-PZVB, 22.500%, 12/02/2025 †§x | Affirm | 6/27/2025 | 210 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; ZUFU-0OY4, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 414 | 425 | 426 |
| &nbsp;&nbsp;&nbsp; ZUG3-FPYR, 35.360%, 12/17/2025 †§x | Affirm | 6/21/2024 | 99 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; ZUG6-USXD, 15.800%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 285 | 290 | 17 |
| &nbsp;&nbsp;&nbsp; ZUG8-E7N3, 22.640%, 10/25/2022 †x#^ | Affirm | 4/28/2022 | 188 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; ZUG9-C1FM, 35.700%, 8/12/2026 †§x | Affirm | 2/26/2025 | 249 | 247 | 249 |
| &nbsp;&nbsp;&nbsp; ZUG9-ECQI, 29.520%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 193 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; ZUGO-6R0X, 35.440%, 10/28/2025 †x# | Affirm | 5/03/2024 | 276 | 279 | 17 |
| &nbsp;&nbsp;&nbsp; ZUGO-R47G, 22.630%, 4/21/2023 †x#^ | Affirm | 10/28/2022 | 83 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZUGP-7EQL, 29.480%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; ZUGP-9CFF, 29.310%, 1/08/2026 †§x | Affirm | 7/31/2025 | 49 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZUGZ-NEKY, 29.360%, 11/23/2022 †x#^ | Affirm | 5/26/2022 | 75 | 77 | 5 |
| &nbsp;&nbsp;&nbsp; ZUH1-02E6, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZUHF-EKCK, 33.950%, 10/15/2025 †§x | Affirm | 4/18/2024 | 124 | 124 | 124 |
| &nbsp;&nbsp;&nbsp; ZUHH-HOHD, 29.800%, 2/10/2026 †§x | Affirm | 2/26/2025 | 92 | 95 | 95 |
| &nbsp;&nbsp;&nbsp; ZUHL-NAIC, 29.200%, 10/12/2022 †x#^ | Affirm | 7/15/2022 | 122 | 123 | 7 |
| &nbsp;&nbsp;&nbsp; ZUHN-1Q44, 30.000%, 5/17/2025 †x#^ | Affirm | 5/22/2023 | 167 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; ZUHT-211V, 35.320%, 9/28/2025 †x# | Affirm | 5/02/2024 | 411 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; ZUHT-DCQZ, 22.900%, 10/03/2025 †§x | Affirm | 10/07/2024 | 721 | 723 | 723 |
| &nbsp;&nbsp;&nbsp; ZUI7-JI1J, 33.950%, 10/12/2024 †x#^ | Affirm | 4/18/2024 | 11 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; ZUIK-8OTX, 29.820%, 7/04/2023 †x#^ | Affirm | 1/07/2022 | 462 | 432 | 28 |
| &nbsp;&nbsp;&nbsp; ZUIK-OBM6, 18.000%, 7/08/2027 †§x | Affirm | 7/31/2025 | 583 | 615 | 620 |
| &nbsp;&nbsp;&nbsp; ZUIO-3NE8, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 90 | 87 | 89 |
| &nbsp;&nbsp;&nbsp; ZUIQ-FL7L, 15.650%, 11/13/2022 †x#^ | Affirm | 5/19/2022 | 107 | 110 | 6 |
| &nbsp;&nbsp;&nbsp; ZUIU-KLB0, 24.400%, 7/13/2026 †§x | Affirm | 1/29/2025 | 1527 | 1564 | 1571 |
| &nbsp;&nbsp;&nbsp; ZUJ7-8QDZ, 28.970%, 5/24/2025 †x#^ | Affirm | 5/30/2023 | 359 | 358 | 22 |
| &nbsp;&nbsp;&nbsp; ZUJ8-CJAJ, 22.530%, 9/22/2022 †x#^ | Affirm | 3/25/2022 | 189 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; ZUJO-LRYM, 18.000%, 11/15/2025 †§x | Affirm | 11/27/2024 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZUJZ-UC45, 31.000%, 11/15/2026 †§x | Affirm | 11/27/2024 | 479 | 496 | 498 |
| &nbsp;&nbsp;&nbsp; ZUK7-7WY5, 35.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZUKB-WKW8, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 384 | 384 | 385 |
| &nbsp;&nbsp;&nbsp; ZUKC-PHVD, 15.810%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZUKF-EBD5, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZUKG-6QAA, 29.520%, 6/13/2026 †§x | Affirm | 6/16/2023 | 389 | 399 | 400 |
| &nbsp;&nbsp;&nbsp; ZUKS-KNKB, 15.000%, 3/26/2026 †§x | Affirm | 9/30/2024 | 2022 | 2057 | 2063 |
| &nbsp;&nbsp;&nbsp; ZUKT-PZV9, 35.570%, 9/23/2025 †§x | Affirm | 9/26/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZUL0-DKZT, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | 223 | 221 | 221 |
| &nbsp;&nbsp;&nbsp; ZUL4-BJNU, 22.900%, 2/06/2026 †§x | Affirm | 2/26/2025 | 33 | 34 | 33 |
| &nbsp;&nbsp;&nbsp; ZUL6-L176, 29.540%, 6/07/2023 †x#^ | Affirm | 6/10/2022 | 722 | 747 | 43 |
| &nbsp;&nbsp;&nbsp; ZULL-40CO, 29.630%, 7/07/2022 †x#^ | Affirm | 4/11/2022 | 103 | 102 | 6 |
| &nbsp;&nbsp;&nbsp; ZULL-6FHV, 20.700%, 10/25/2025 †§x | Affirm | 10/31/2024 | 118 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; ZULO-ZAL3, 35.460%, 8/26/2025 †x#^ | Affirm | 8/30/2024 | 2429 | 2220 | 146 |
| &nbsp;&nbsp;&nbsp; ZULY-171M, 29.460%, 10/08/2025 †x# | Affirm | 5/11/2023 | 704 | 701 | 42 |
| &nbsp;&nbsp;&nbsp; ZUM1-AJCB, 35.760%, 2/07/2026 †§x | Affirm | 2/26/2025 | 245 | 249 | 250 |
| &nbsp;&nbsp;&nbsp; ZUM5-ONR5, 35.610%, 7/13/2026 †§x | Affirm | 1/29/2025 | 161 | 159 | 161 |
| &nbsp;&nbsp;&nbsp; ZUM9-LLW4, 29.390%, 9/20/2025 †§x | Affirm | 3/28/2025 | 57 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; ZUMJ-SD8V, 27.500%, 9/12/2023 †x#^ | Affirm | 9/15/2022 | 71 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZUMM-NZ0Z, 35.780%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 111 | 111 | 64 |
| &nbsp;&nbsp;&nbsp; ZUMR-RQNY, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; ZUMW-82IO, 29.560%, 8/06/2026 †§x | Affirm | 8/29/2025 | 240 | 252 | 252 |
| &nbsp;&nbsp;&nbsp; ZUN1-NZRC, 22.900%, 1/02/2028 †x# | Affirm | 1/29/2025 | 3045 | 3111 | 1211 |
| &nbsp;&nbsp;&nbsp; ZUN6-250T, 29.620%, 12/16/2025 †§x | Affirm | 12/27/2024 | 46 | 46 | 46 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8567** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZUNN-MIYY, 35.740%, 10/02/2025 †§x | Affirm | 10/07/2024 | $22 | $22 | $22 |
| &nbsp;&nbsp;&nbsp; ZUNT-B29F, 15.810%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZUNW-24OZ, 29.610%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 90 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; ZUO0-SAQX, 15.850%, 1/08/2026 †§x | Affirm | 1/29/2025 | 102 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; ZUOH-G4K6, 35.300%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 77 | 78 | 79 |
| &nbsp;&nbsp;&nbsp; ZUOL-0R74, 29.290%, 1/08/2026 †§x | Affirm | 7/31/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZUOM-C49T, 26.900%, 12/16/2025 †§x | Affirm | 12/27/2024 | 75 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; ZUOS-AQ98, 33.010%, 3/28/2025 †x#^ | Affirm | 1/29/2025 | 15 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; ZUOU-GXD2, 22.530%, 9/03/2025 †§x | Affirm | 3/28/2025 | 176 | 176 | 175 |
| &nbsp;&nbsp;&nbsp; ZUOX-U4TS, 22.900%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 226 | 231 | 231 |
| &nbsp;&nbsp;&nbsp; ZUOY-1AUT, 30.950%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZUP3-RM0N, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZUP6-N0B2, 29.650%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZUPC-CYIN, 29.640%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | 297 | 317 | 18 |
| &nbsp;&nbsp;&nbsp; ZUPC-E6XS, 35.750%, 2/10/2026 †§x | Affirm | 2/26/2025 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; ZUPG-2CVH, 31.000%, 9/14/2025 †§x | Affirm | 3/18/2024 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZUPM-3E8P, 22.480%, 11/13/2025 †§x | Affirm | 5/30/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZUPU-VO9S, 29.700%, 2/07/2026 †§x | Affirm | 2/26/2025 | 95 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZUPW-OJZN, 12.773%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 65 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; ZUQ2-R9QC, 29.030%, 5/05/2026 †§x | Affirm | 5/11/2023 | 360 | 368 | 368 |
| &nbsp;&nbsp;&nbsp; ZUQ3-Q8WI, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 17 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; ZUQH-YIX3, 29.650%, 9/23/2025 †§x | Affirm | 9/26/2024 | 47 | 47 | 48 |
| &nbsp;&nbsp;&nbsp; ZUQY-3XCM, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 105 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZUR4-9SQI, 28.950%, 12/09/2025 †§x | Affirm | 12/27/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZURC-2QPI, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | 50 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; ZURD-HI95, 35.520%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 88 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; ZURN-W9ID, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 162 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; ZURO-XBRO, 22.780%, 1/09/2026 †x# | Affirm | 1/29/2025 | 107 | 110 | 32 |
| &nbsp;&nbsp;&nbsp; ZURU-57NO, 7.009%, 1/30/2023 †x#^« | Affirm | 11/03/2022 | 99 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZURZ-Q32X, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; ZUS1-1X3Z, 22.710%, 12/16/2025 †§x | Affirm | 12/27/2024 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZUS6-TU6Z, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 141 | 140 | 139 |
| &nbsp;&nbsp;&nbsp; ZUSC-JURK, 35.430%, 6/28/2026 †§x# | Affirm | 1/29/2025 | 176 | 178 | 177 |
| &nbsp;&nbsp;&nbsp; ZUSH-KT2J, 29.810%, 2/22/2023 †x#^ | Affirm | 2/25/2022 | 172 | 170 | 10 |
| &nbsp;&nbsp;&nbsp; ZUSH-N66A, 18.000%, 9/24/2025 †§x | Affirm | 9/27/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZUSJ-9KJB, 15.860%, 1/02/2026 †§x | Affirm | 1/29/2025 | 97 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZUSU-YOTK, 33.950%, 6/20/2026 †§x | Affirm | 6/24/2024 | 296 | 303 | 305 |
| &nbsp;&nbsp;&nbsp; ZUT1-6DWJ, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 205 | 198 | 203 |
| &nbsp;&nbsp;&nbsp; ZUT5-9612, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZUTB-ESPB, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 145 | 149 | 149 |
| &nbsp;&nbsp;&nbsp; ZUTB-Z4EY, 35.990%, 2/05/2026 †x# | Affirm | 2/26/2025 | 181 | 180 | 50 |
| &nbsp;&nbsp;&nbsp; ZUTK-2MHP, 29.610%, 2/20/2027 †§x | Affirm | 2/23/2024 | 775 | 800 | 804 |
| &nbsp;&nbsp;&nbsp; ZUTY-PSPZ, 35.370%, 8/20/2025 †x#^ | Affirm | 8/23/2024 | 152 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; ZUU7-5FQH, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 45 |
| &nbsp;&nbsp;&nbsp; ZUUA-XSD9, 33.950%, 10/01/2027 †§x# | Affirm | 10/04/2024 | 767 | 786 | 786 |
| &nbsp;&nbsp;&nbsp; ZUUL-DFA1, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 98 | 99 | 99 |
| &nbsp;&nbsp;&nbsp; ZUUS-G3XN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZUUT-AUSX, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZUUT-RD60, 35.900%, 2/12/2027 †x# | Affirm | 2/26/2025 | 504 | 498 | 11 |
| &nbsp;&nbsp;&nbsp; ZUUT-WD14, 25.200%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 657 | 668 | 670 |
| &nbsp;&nbsp;&nbsp; ZUUV-MUYN, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 84 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZUUW-BB9J, 30.950%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 28 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZUV0-EMVK, 9.920%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZUV6-HI4G, 18.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 592 | 602 | 604 |
| &nbsp;&nbsp;&nbsp; ZUV9-JU3J, 25.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZUVI-YLDK, 35.310%, 5/06/2026 †§x | Affirm | 5/30/2025 | 87 | 89 | 89 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8568** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZUVO-BGJJ, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | $3 | $3 | $3 |
| &nbsp;&nbsp;&nbsp; ZUWH-66KJ, 29.200%, 1/08/2027 †§x# | Affirm | 7/31/2025 | 436 | 426 | 429 |
| &nbsp;&nbsp;&nbsp; ZUWI-SSIU, 29.700%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 129 | 124 | 8 |
| &nbsp;&nbsp;&nbsp; ZUWK-JUQQ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 792 | 811 | 815 |
| &nbsp;&nbsp;&nbsp; ZUWK-PLYO, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 228 | 234 | 235 |
| &nbsp;&nbsp;&nbsp; ZUWS-1XVB, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 424 | 428 | 25 |
| &nbsp;&nbsp;&nbsp; ZUX6-WRCC, 33.050%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 28 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; ZUX7-HGK8, 33.050%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 68 | 70 | 4 |
| &nbsp;&nbsp;&nbsp; ZUXC-CRZH, 33.050%, 12/18/2025 †§x# | Affirm | 12/27/2024 | 56 | 57 | 58 |
| &nbsp;&nbsp;&nbsp; ZUXC-DVMD, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZUXO-7K0L, 29.380%, 9/20/2025 †§x | Affirm | 3/28/2025 | 25 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; ZUXZ-BBBM, 19.220%, 12/05/2023 †x#^« | Affirm | 9/08/2023 | 196 | 188 | 12 |
| &nbsp;&nbsp;&nbsp; ZUY4-KW0W, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 120 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZUY7-NNUY, 4.966%, 12/01/2023 †x#^« | Affirm | 12/05/2022 | 378 | 360 | 23 |
| &nbsp;&nbsp;&nbsp; ZUY8-DUH9, 35.000%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1724 | 1696 | 1696 |
| &nbsp;&nbsp;&nbsp; ZUY8-JISA, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 206 | 212 | 213 |
| &nbsp;&nbsp;&nbsp; ZUY9-A6MA, 22.720%, 9/23/2025 †§x | Affirm | 9/26/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZUYG-L8UL, 35.620%, 11/15/2025 †§x | Affirm | 11/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZUYI-BICL, 15.880%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 140 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; ZUYK-UDYB, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZUYN-0J6Z, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZUYZ-2WJR, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 106 | 108 | 107 |
| &nbsp;&nbsp;&nbsp; ZUZ1-80TG, 15.790%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 95 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; ZUZ4-9R8X, 19.750%, 10/14/2025 †§x | Affirm | 10/20/2022 | 105 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZUZ8-ZDOI, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 329 | 346 | 20 |
| &nbsp;&nbsp;&nbsp; ZUZ9-9B3J, 28.500%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 1687 | 1719 | 101 |
| &nbsp;&nbsp;&nbsp; ZUZE-6T0T, 35.360%, 12/24/2025 †x# | Affirm | 6/27/2024 | 130 | 136 | 19 |
| &nbsp;&nbsp;&nbsp; ZUZN-RL2Q, 21.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZUZR-FJ6N, 35.490%, 4/18/2026 †§x | Affirm | 10/25/2024 | 363 | 369 | 364 |
| &nbsp;&nbsp;&nbsp; ZUZV-RQIP, 35.490%, 5/20/2026 †§x# | Affirm | 11/27/2024 | 235 | 240 | 238 |
| &nbsp;&nbsp;&nbsp; ZUZZ-OCU9, 35.440%, 10/28/2025 †x# | Affirm | 5/02/2024 | 110 | 110 | 23 |
| &nbsp;&nbsp;&nbsp; ZV0F-3ZY7, 35.630%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 902 | 922 | 929 |
| &nbsp;&nbsp;&nbsp; ZV0G-HWJI, 28.000%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 78 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZV0H-A443, 35.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZV0U-8XUG, 15.770%, 8/06/2026 †§x | Affirm | 8/29/2025 | 185 | 194 | 194 |
| &nbsp;&nbsp;&nbsp; ZV0U-BZQJ, 35.450%, 3/16/2026 †§x | Affirm | 9/19/2024 | 234 | 238 | 235 |
| &nbsp;&nbsp;&nbsp; ZV1B-XC7M, 28.000%, 4/28/2024 †x#^ | Affirm | 11/03/2022 | 213 | 229 | 13 |
| &nbsp;&nbsp;&nbsp; ZV1C-5ANA, 35.410%, 4/12/2025 †x#^ | Affirm | 4/22/2024 | 658 | 595 | 40 |
| &nbsp;&nbsp;&nbsp; ZV1H-CZ2E, 29.330%, 11/06/2025 †§x | Affirm | 8/29/2025 | 140 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZV1N-LMXY, 33.950%, 11/06/2025 †§x | Affirm | 5/10/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZV1O-USGO, 33.050%, 11/15/2025 †x# | Affirm | 11/27/2024 | 407 | 428 | 24 |
| &nbsp;&nbsp;&nbsp; ZV1V-3ERB, 35.470%, 11/20/2024 †x#^ | Affirm | 11/24/2023 | 31 | 32 | 2 |
| &nbsp;&nbsp;&nbsp; ZV1W-2W17, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 55 | 56 | 57 |
| &nbsp;&nbsp;&nbsp; ZV1W-P3CO, 11.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZV2B-Z632, 28.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 89 | 88 | 5 |
| &nbsp;&nbsp;&nbsp; ZV2G-DQ1R, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 71 | 72 | 72 |
| &nbsp;&nbsp;&nbsp; ZV2O-C4QF, 28.000%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; ZV2P-P548, 24.760%, 1/08/2026 †§x | Affirm | 1/29/2025 | 259 | 262 | 263 |
| &nbsp;&nbsp;&nbsp; ZV2U-JCXR, 26.900%, 10/21/2025 †§x | Affirm | 10/24/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZV2V-1A85, 22.900%, 2/07/2027 †§x | Affirm | 2/26/2025 | 564 | 587 | 596 |
| &nbsp;&nbsp;&nbsp; ZV2X-L6ZS, 33.050%, 9/26/2025 †§x | Affirm | 9/30/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; ZV33-NGIC, 29.630%, 1/13/2028 †x | Affirm | 1/29/2025 | 2261 | 2322 | 2353 |
| &nbsp;&nbsp;&nbsp; ZV39-AJEM, 35.380%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 75 | 70 | 5 |
| &nbsp;&nbsp;&nbsp; ZV3A-RRQC, 29.720%, 1/10/2023 †x#^ | Affirm | 1/18/2022 | 82 | 79 | 5 |
| &nbsp;&nbsp;&nbsp; ZV3B-9RYW, 29.500%, 1/08/2026 †§x | Affirm | 7/31/2025 | 80 | 82 | 82 |
| &nbsp;&nbsp;&nbsp; ZV3I-C3A9, 29.530%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 20 | 20 | 1 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8569** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZV3I-CAIP, 35.760%, 3/03/2026 †§x# | Affirm | 3/28/2025 | $481 | $487 | $491 |
| &nbsp;&nbsp;&nbsp; ZV3L-BWAR, 35.210%, 11/08/2023 †x#^ | Affirm | 5/11/2023 | 212 | 214 | 13 |
| &nbsp;&nbsp;&nbsp; ZV3L-GL8A, 29.180%, 10/08/2025 †§x | Affirm | 7/31/2025 | 98 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; ZV3L-UC4X, 31.000%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 288 | 295 | 297 |
| &nbsp;&nbsp;&nbsp; ZV3O-LHPV, 25.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 64 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZV43-CIGW, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 37 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; ZV49-P3NV, 35.770%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 3035 | 3144 | 1901 |
| &nbsp;&nbsp;&nbsp; ZV51-2FAR, 27.690%, 4/13/2023 †x#^ | Affirm | 4/18/2022 | 149 | 156 | 9 |
| &nbsp;&nbsp;&nbsp; ZV52-3B70, 29.630%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 215 | 219 | 13 |
| &nbsp;&nbsp;&nbsp; ZV5J-23HB, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 95 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; ZV5L-T9AX, 28.850%, 2/25/2024 †x#^ | Affirm | 8/31/2023 | 95 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; ZV5U-3OXM, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 68 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZV5W-A01F, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 478 | 489 | 489 |
| &nbsp;&nbsp;&nbsp; ZV69-GETK, 28.980%, 8/22/2024 †x#^ | Affirm | 8/25/2023 | 19 | 20 | 1 |
| &nbsp;&nbsp;&nbsp; ZV6B-0WUZ, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 75 | 76 | 75 |
| &nbsp;&nbsp;&nbsp; ZV6E-C5UV, 29.750%, 12/28/2025 †§x | Affirm | 1/29/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZV6J-L9SJ, 35.470%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 351 | 347 | 351 |
| &nbsp;&nbsp;&nbsp; ZV6L-GI1I, 30.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZV6O-I8TH, 33.950%, 8/06/2025 †§x#^ | Affirm | 2/26/2025 | 41 | 41 | 8 |
| &nbsp;&nbsp;&nbsp; ZV6P-8A0N, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZV6Q-026E, 29.390%, 2/29/2024 †x#^ | Affirm | 9/01/2023 | 72 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZV6U-52BE, 35.810%, 10/03/2025 †§x | Affirm | 10/07/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZV73-BBX2, 33.000%, 1/13/2028 †x# | Affirm | 1/29/2025 | 6438 | 6330 |  |
| &nbsp;&nbsp;&nbsp; ZV73-Y7CJ, 32.500%, 7/02/2026 †x# | Affirm | 1/29/2025 | 162 | 165 | 91 |
| &nbsp;&nbsp;&nbsp; ZV76-CZ9A, 24.400%, 3/28/2027 †§x# | Affirm | 3/31/2025 | 1440 | 1516 | 1531 |
| &nbsp;&nbsp;&nbsp; ZV7D-RN5L, 33.050%, 1/17/2026 †§x | Affirm | 7/25/2024 | 88 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; ZV7K-HC4E, 31.000%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 172 | 179 | 180 |
| &nbsp;&nbsp;&nbsp; ZV7K-ZG8D, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZV7S-FK8U, 29.440%, 11/08/2024 †x#^ | Affirm | 5/11/2023 | 134 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZV81-OGF6, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 93 | 96 | 98 |
| &nbsp;&nbsp;&nbsp; ZV83-9S8Z, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 187 | 192 | 193 |
| &nbsp;&nbsp;&nbsp; ZV85-FXMR, 35.400%, 6/13/2024 †x#^ | Affirm | 6/16/2023 | 74 | 76 | 4 |
| &nbsp;&nbsp;&nbsp; ZV87-IL21, 27.500%, 4/12/2023 †x#^ | Affirm | 4/15/2022 | 87 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; ZV88-A5CZ, 35.180%, 2/06/2026 †x | Affirm | 8/29/2025 | 92 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; ZV8I-5YNN, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 732 | 728 | 728 |
| &nbsp;&nbsp;&nbsp; ZV92-NQB5, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 1103 | 1095 | 1092 |
| &nbsp;&nbsp;&nbsp; ZV98-GD8I, 35.250%, 2/06/2026 †§x | Affirm | 8/29/2025 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZV9I-KZRG, 29.550%, 10/16/2025 †§x | Affirm | 4/19/2024 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZV9J-R6IY, 15.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 290 | 289 | 290 |
| &nbsp;&nbsp;&nbsp; ZV9M-XX7V, 29.300%, 11/23/2023 †x#^ | Affirm | 5/26/2023 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; ZV9Q-2Y4J, 35.430%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 139 | 140 | 8 |
| &nbsp;&nbsp;&nbsp; ZV9Y-MUOF, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 866 | 909 | 52 |
| &nbsp;&nbsp;&nbsp; ZVA2-JW8O, 23.400%, 12/28/2025 †§x | Affirm | 1/29/2025 | 79 | 80 | 79 |
| &nbsp;&nbsp;&nbsp; ZVAA-Y49H, 29.710%, 1/14/2023 †x#^ | Affirm | 1/21/2022 | 129 | 123 | 8 |
| &nbsp;&nbsp;&nbsp; ZVAG-6SQX, 32.500%, 12/20/2025 †§x | Affirm | 6/24/2024 | 121 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; ZVAK-M6O6, 33.050%, 5/06/2026 †§x | Affirm | 5/30/2025 | 94 | 98 | 99 |
| &nbsp;&nbsp;&nbsp; ZVAM-U7TU, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 76 | 77 | 78 |
| &nbsp;&nbsp;&nbsp; ZVAQ-GRST, 22.750%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 79 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZVAR-VJ16, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | 95 | 98 | 96 |
| &nbsp;&nbsp;&nbsp; ZVB3-KJ0N, 35.900%, 7/02/2026 †§x# | Affirm | 1/29/2025 | 866 | 879 | 873 |
| &nbsp;&nbsp;&nbsp; ZVB3-QM1Z, 35.540%, 8/03/2026 †§x | Affirm | 8/07/2023 | 388 | 395 | 391 |
| &nbsp;&nbsp;&nbsp; ZVB9-M0HS, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZVBF-6UUM, 15.760%, 4/05/2027 †§x# | Affirm | 4/11/2024 | 109 | 111 | 109 |
| &nbsp;&nbsp;&nbsp; ZVBJ-KRNM, 26.500%, 8/08/2023 †x#^ | Affirm | 8/11/2022 | 118 | 122 | 7 |
| &nbsp;&nbsp;&nbsp; ZVBK-87Q4, 24.400%, 11/08/2025 †§x | Affirm | 5/13/2024 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZVBM-0UJ8, 13.840%, 6/19/2026 †§x | Affirm | 12/27/2024 | 172 | 176 | 176 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8570** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZVBX-BNDA, 29.620%, 1/02/2026 †§x# | Affirm | 1/29/2025 | $208 | $212 | $212 |
| &nbsp;&nbsp;&nbsp; ZVC6-54RP, 35.470%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 16 | 16 | 4 |
| &nbsp;&nbsp;&nbsp; ZVCE-EYAX, 35.780%, 7/02/2026 †§x | Affirm | 1/29/2025 | 1010 | 1025 | 1024 |
| &nbsp;&nbsp;&nbsp; ZVCG-JAVC, 15.760%, 10/18/2025 †x# | Affirm | 4/22/2024 | 104 | 109 | 32 |
| &nbsp;&nbsp;&nbsp; ZVCI-FHF9, 35.300%, 3/27/2027 †x# | Affirm | 3/31/2025 | 915 | 910 | 227 |
| &nbsp;&nbsp;&nbsp; ZVCV-9HIK, 25.000%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 506 | 532 | 30 |
| &nbsp;&nbsp;&nbsp; ZVCX-HV0H, 15.820%, 9/24/2025 †§x | Affirm | 9/27/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZVCZ-DTFX, 29.620%, 12/16/2025 †x# | Affirm | 12/27/2024 | 62 | 64 | 5 |
| &nbsp;&nbsp;&nbsp; ZVD0-OAUX, 33.050%, 1/06/2027 †§x | Affirm | 1/29/2025 | 1424 | 1477 | 1484 |
| &nbsp;&nbsp;&nbsp; ZVD1-WQ3U, 35.430%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 40 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; ZVD5-I8W5, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZVD7-XNJ5, 13.840%, 8/12/2026 †§x | Affirm | 2/26/2025 | 275 | 284 | 285 |
| &nbsp;&nbsp;&nbsp; ZVDH-6S5T, 33.950%, 11/17/2025 †§x | Affirm | 11/24/2023 | 179 | 180 | 181 |
| &nbsp;&nbsp;&nbsp; ZVDJ-429P, 35.570%, 9/17/2025 †§x | Affirm | 9/20/2024 | 63 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZVDK-CPY1, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 76 | 76 | 76 |
| &nbsp;&nbsp;&nbsp; ZVDZ-HK4X, 29.810%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZVE9-CF5P, 22.790%, 12/28/2025 †§x | Affirm | 1/29/2025 | 54 | 54 | 53 |
| &nbsp;&nbsp;&nbsp; ZVEG-TWAO, 29.640%, 3/12/2023 †x#^ | Affirm | 9/15/2022 | 109 | 111 | 7 |
| &nbsp;&nbsp;&nbsp; ZVEO-GRRK, 29.710%, 1/10/2023 †x#^ | Affirm | 1/13/2022 | 323 | 329 | 19 |
| &nbsp;&nbsp;&nbsp; ZVFD-E2BF, 35.490%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; ZVFH-JRBT, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 152 | 154 | 154 |
| &nbsp;&nbsp;&nbsp; ZVFR-93R5, 30.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 119 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; ZVFU-1YEI, 32.490%, 1/13/2024 †x#^ | Affirm | 1/20/2023 | 60 | 61 | 4 |
| &nbsp;&nbsp;&nbsp; ZVFY-PYNY, 10.572%, 10/22/2022 †x#^« | Affirm | 7/28/2022 | 210 | 205 | 13 |
| &nbsp;&nbsp;&nbsp; ZVG4-QM2V, 35.280%, 11/07/2025 †x# | Affirm | 5/10/2024 | 314 | 324 | 19 |
| &nbsp;&nbsp;&nbsp; ZVG8-FDG4, 35.320%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 301 | 309 | 18 |
| &nbsp;&nbsp;&nbsp; ZVG9-JSYN, 21.900%, 1/03/2023 †x#^ | Affirm | 1/06/2022 | 1238 | 1184 | 74 |
| &nbsp;&nbsp;&nbsp; ZVGG-WUOQ, 35.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; ZVGN-PJ9C, 35.350%, 12/02/2025 †§x | Affirm | 6/27/2025 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZVH1-U83Z, 33.050%, 4/25/2026 †§x | Affirm | 10/31/2024 | 144 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; ZVH4-Q55N, 18.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 126 | 127 | 128 |
| &nbsp;&nbsp;&nbsp; ZVHB-DNKP, 27.920%, 1/10/2023 †x#^ | Affirm | 1/21/2022 | 103 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZVHJ-TFBV, 30.000%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 387 | 370 | 23 |
| &nbsp;&nbsp;&nbsp; ZVHS-VZCH, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 32 | 31 | 32 |
| &nbsp;&nbsp;&nbsp; ZVHW-YKHB, 29.620%, 12/10/2025 †§x# | Affirm | 12/27/2024 | 113 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; ZVI3-Z8EC, 32.500%, 1/06/2026 †§x | Affirm | 1/29/2025 | 334 | 337 | 337 |
| &nbsp;&nbsp;&nbsp; ZVI7-MSUN, 35.450%, 12/16/2025 †§x | Affirm | 12/27/2024 | 69 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; ZVIA-Z6PZ, 32.500%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 1231 | 1252 | 1244 |
| &nbsp;&nbsp;&nbsp; ZVID-1H8Y, 29.440%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 91 | 94 | 5 |
| &nbsp;&nbsp;&nbsp; ZVIJ-9YDY, 22.760%, 11/17/2022 †x#^ | Affirm | 11/22/2021 | 113 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZVIX-WPS9, 33.050%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZVIY-13I8, 29.810%, 2/07/2026 †§x | Affirm | 2/26/2025 | 328 | 336 | 338 |
| &nbsp;&nbsp;&nbsp; ZVJ7-12V6, 29.460%, 5/10/2025 †x#^ | Affirm | 5/15/2023 | 388 | 410 | 23 |
| &nbsp;&nbsp;&nbsp; ZVJ8-0DYU, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZVJA-HZHL, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 129 | 129 |
| &nbsp;&nbsp;&nbsp; ZVJC-S3FC, 29.910%, 1/02/2026 †§x | Affirm | 1/29/2025 | 91 | 93 | 93 |
| &nbsp;&nbsp;&nbsp; ZVJP-KGQA, 15.800%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZVJX-B5ZS, 30.950%, 2/06/2026 †§x | Affirm | 2/26/2025 | 81 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZVKA-S759, 29.570%, 10/03/2024 †x#^ | Affirm | 10/06/2023 | 387 | 401 | 23 |
| &nbsp;&nbsp;&nbsp; ZVKG-Q876, 29.410%, 5/22/2024 †x#^ | Affirm | 5/25/2023 | 404 | 423 | 24 |
| &nbsp;&nbsp;&nbsp; ZVKT-IA4Q, 35.330%, 5/21/2025 †x#^ | Affirm | 5/24/2024 | 1356 | 1402 | 81 |
| &nbsp;&nbsp;&nbsp; ZVKU-TX25, 23.400%, 12/25/2025 †§x | Affirm | 6/28/2024 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; ZVL1-J23Q, 30.950%, 6/02/2026 †§x# | Affirm | 6/27/2025 | 708 | 728 | 732 |
| &nbsp;&nbsp;&nbsp; ZVL1-MUY7, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | 203 | 208 | 209 |
| &nbsp;&nbsp;&nbsp; ZVL2-13H0, 35.310%, 3/20/2026 †§x | Affirm | 3/28/2025 | 116 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZVL5-DDP8, 9.850%, 8/23/2026 †§x | Affirm | 8/29/2024 | 1644 | 1687 | 1696 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8571** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZVL8-15RP, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | $1500 | $1542 | $1542 |
| &nbsp;&nbsp;&nbsp; ZVLC-I8NO, 29.420%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZVLG-BDA9, 29.590%, 10/03/2023 †x#^ | Affirm | 10/06/2022 | 191 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; ZVLN-X3EX, 15.680%, 3/07/2023 †x#^ | Affirm | 3/10/2022 | 243 | 240 | 15 |
| &nbsp;&nbsp;&nbsp; ZVLV-GNCK, 35.650%, 2/07/2026 †§x | Affirm | 2/26/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZVM4-JUPY, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 70 | 70 | 71 |
| &nbsp;&nbsp;&nbsp; ZVM6-MF49, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 73 | 75 | 76 |
| &nbsp;&nbsp;&nbsp; ZVMG-9WZP, 35.570%, 11/15/2025 †x | Affirm | 11/27/2024 | 149 | 150 | 150 |
| &nbsp;&nbsp;&nbsp; ZVMR-65G9, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 47 | 49 | 3 |
| &nbsp;&nbsp;&nbsp; ZVMX-UIN0, 33.950%, 2/07/2026 †§x | Affirm | 2/26/2025 | 183 | 188 | 189 |
| &nbsp;&nbsp;&nbsp; ZVMY-HAZR, 13.840%, 2/26/2026 †§x | Affirm | 8/29/2024 | 634 | 642 | 644 |
| &nbsp;&nbsp;&nbsp; ZVN0-9I9Q, 9.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZVN1-EHWB, 22.750%, 7/02/2026 †§x | Affirm | 1/29/2025 | 206 | 211 | 212 |
| &nbsp;&nbsp;&nbsp; ZVNE-FIXJ, 25.000%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 62 | 66 | 4 |
| &nbsp;&nbsp;&nbsp; ZVNI-0R7D, 9.860%, 8/06/2026 †§x | Affirm | 8/29/2025 | 206 | 213 | 213 |
| &nbsp;&nbsp;&nbsp; ZVNI-RH4Z, 33.050%, 2/06/2026 †§x | Affirm | 2/26/2025 | 45 | 47 | 46 |
| &nbsp;&nbsp;&nbsp; ZVNJ-E01Z, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZVNJ-TIY7, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZVNL-00XL, 9.870%, 3/23/2026 †§x | Affirm | 9/26/2024 | 1051 | 1068 | 1071 |
| &nbsp;&nbsp;&nbsp; ZVNP-5ABL, 23.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 483 | 493 | 495 |
| &nbsp;&nbsp;&nbsp; ZVNS-6RET, 29.640%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 285 | 304 | 17 |
| &nbsp;&nbsp;&nbsp; ZVO1-SVQH, 35.320%, 5/06/2026 †§x | Affirm | 5/30/2025 | 317 | 323 | 326 |
| &nbsp;&nbsp;&nbsp; ZVO5-XV1U, 30.000%, 2/04/2023 †x#^ | Affirm | 2/10/2022 | 38 | 39 | 2 |
| &nbsp;&nbsp;&nbsp; ZVOB-WEJ7, 27.450%, 10/13/2022 †x#^ | Affirm | 4/18/2022 | 196 | 196 | 12 |
| &nbsp;&nbsp;&nbsp; ZVOL-GL9R, 33.050%, 6/02/2026 †§x | Affirm | 6/27/2025 | 179 | 186 | 188 |
| &nbsp;&nbsp;&nbsp; ZVON-CLS7, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZVP2-AY66, 33.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 431 | 431 | 434 |
| &nbsp;&nbsp;&nbsp; ZVP5-3YFZ, 30.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 97 | 99 | 98 |
| &nbsp;&nbsp;&nbsp; ZVPB-7YEF, 33.050%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZVPJ-M2MA, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 113 | 115 | 116 |
| &nbsp;&nbsp;&nbsp; ZVPR-9C86, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 141 | 142 | 142 |
| &nbsp;&nbsp;&nbsp; ZVPS-HBT5, 35.380%, 11/28/2025 †x# | Affirm | 12/04/2023 | 473 | 475 | 28 |
| &nbsp;&nbsp;&nbsp; ZVQJ-40X2, 35.410%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 468 | 424 | 28 |
| &nbsp;&nbsp;&nbsp; ZVQN-5Q4M, 35.530%, 12/10/2025 †x# | Affirm | 12/27/2024 | 111 | 110 | 5 |
| &nbsp;&nbsp;&nbsp; ZVQQ-UGZU, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 82 | 85 | 85 |
| &nbsp;&nbsp;&nbsp; ZVQX-XJBF, 30.950%, 9/20/2025 †§x | Affirm | 3/28/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZVRM-R254, 35.580%, 9/16/2025 †§x | Affirm | 9/19/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZVRO-L99J, 33.050%, 12/02/2025 †§x | Affirm | 6/27/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZVRS-SRWV, 30.950%, 1/02/2026 †§x | Affirm | 1/29/2025 | 545 | 552 | 552 |
| &nbsp;&nbsp;&nbsp; ZVS0-4DTL, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 171 | 174 | 173 |
| &nbsp;&nbsp;&nbsp; ZVS2-JQX7, 29.660%, 9/26/2025 †§x | Affirm | 9/30/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZVS5-W0AM, 33.050%, 2/16/2026 †§x | Affirm | 8/22/2024 | 126 | 128 | 128 |
| &nbsp;&nbsp;&nbsp; ZVS6-65LS, 11.920%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 466 | 463 | 28 |
| &nbsp;&nbsp;&nbsp; ZVSD-1702, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 451 | 446 | 27 |
| &nbsp;&nbsp;&nbsp; ZVSJ-QK4Q, 33.000%, 8/05/2027 †§x | Affirm | 8/29/2025 | 1348 | 1331 | 1331 |
| &nbsp;&nbsp;&nbsp; ZVSK-5S5Z, 29.430%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 101 | 104 | 105 |
| &nbsp;&nbsp;&nbsp; ZVSR-DN7O, 14.850%, 1/04/2023 †x#^ | Affirm | 1/07/2022 | 188 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; ZVST-G8HC, 29.290%, 1/08/2026 †§x | Affirm | 7/31/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZVST-NH3L, 15.810%, 11/15/2025 †§x | Affirm | 11/27/2024 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; ZVSX-Q0IM, 29.550%, 3/28/2025 †x#^ | Affirm | 10/05/2023 | 376 | 388 | 23 |
| &nbsp;&nbsp;&nbsp; ZVT1-QEB8, 29.600%, 12/18/2025 †§x | Affirm | 12/27/2024 | 54 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; ZVT3-XYHM, 29.560%, 10/13/2024 †x#^ | Affirm | 10/17/2022 | 660 | 719 | 40 |
| &nbsp;&nbsp;&nbsp; ZVTC-U7CC, 35.370%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 118 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZVTD-387N, 29.600%, 12/22/2022 †x#^ | Affirm | 12/27/2021 | 59 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; ZVTD-4XG3, 18.000%, 6/02/2026 †§x | Affirm | 6/27/2025 | 151 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; ZVTV-F9ZC, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 144 | 146 | 145 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8572** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZVTY-Z39H, 30.000%, 2/03/2023 †x#^ | Affirm | 2/07/2022 | $828 | $857 | $50 |
| &nbsp;&nbsp;&nbsp; ZVU7-OP6Q, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZVUL-O5YH, 35.880%, 12/28/2025 †§x | Affirm | 1/29/2025 | 81 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZVUX-KGDE, 23.400%, 12/09/2025 †§x | Affirm | 12/27/2024 | 110 | 111 | 112 |
| &nbsp;&nbsp;&nbsp; ZVV1-J361, 30.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 385 | 381 | 381 |
| &nbsp;&nbsp;&nbsp; ZVV4-3SQQ, 29.620%, 12/13/2022 †x#^ | Affirm | 12/16/2021 | 121 | 119 | 7 |
| &nbsp;&nbsp;&nbsp; ZVV7-376A, 24.520%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 199 | 204 | 207 |
| &nbsp;&nbsp;&nbsp; ZVVI-X7JR, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 89 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; ZVVO-PZ87, 35.740%, 3/03/2026 †x# | Affirm | 3/28/2025 | 73 | 72 | 18 |
| &nbsp;&nbsp;&nbsp; ZVVO-ZCI2, 13.840%, 11/15/2027 †§x | Affirm | 11/27/2024 | 911 | 939 | 946 |
| &nbsp;&nbsp;&nbsp; ZVVP-VVXA, 15.000%, 1/05/2026 †§x | Affirm | 1/09/2023 | 195 | 197 | 197 |
| &nbsp;&nbsp;&nbsp; ZVVW-LJAN, 35.680%, 2/07/2026 †§x | Affirm | 2/26/2025 | 639 | 649 | 650 |
| &nbsp;&nbsp;&nbsp; ZVVY-9TRB, 11.810%, 11/02/2022 †x#^ | Affirm | 5/05/2022 | 184 | 189 | 11 |
| &nbsp;&nbsp;&nbsp; ZVWA-GW2I, 15.810%, 9/28/2025 †§x | Affirm | 10/03/2024 | 127 | 127 | 126 |
| &nbsp;&nbsp;&nbsp; ZVWB-HAKG, 27.500%, 9/01/2024 †x#^ | Affirm | 3/06/2023 | 2135 | 2257 | 128 |
| &nbsp;&nbsp;&nbsp; ZVWB-QA4T, 32.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 96 | 97 | 97 |
| &nbsp;&nbsp;&nbsp; ZVWF-KSMP, 35.520%, 12/28/2025 †x# | Affirm | 1/29/2025 | 242 | 237 | 15 |
| &nbsp;&nbsp;&nbsp; ZVWF-XZEW, 33.050%, 12/18/2025 †§x | Affirm | 12/27/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; ZVWR-2X6H, 15.930%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZVWR-W8YE, 35.000%, 2/26/2025 †x#^ | Affirm | 8/29/2024 | 53 | 55 | 3 |
| &nbsp;&nbsp;&nbsp; ZVWX-HTEG, 35.460%, 8/06/2026 †§x | Affirm | 8/29/2025 | 573 | 563 | 563 |
| &nbsp;&nbsp;&nbsp; ZVWX-KBBR, 29.400%, 9/20/2025 †x# | Affirm | 3/28/2025 | 170 | 174 | 10 |
| &nbsp;&nbsp;&nbsp; ZVX3-13P4, 33.050%, 7/08/2026 †§x | Affirm | 7/31/2025 | 310 | 324 | 325 |
| &nbsp;&nbsp;&nbsp; ZVX5-H5AN, 29.720%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 285 | 299 | 17 |
| &nbsp;&nbsp;&nbsp; ZVXA-WRON, 33.100%, 7/02/2025 †x#^ | Affirm | 1/05/2024 | 234 | 234 | 14 |
| &nbsp;&nbsp;&nbsp; ZVXM-2QU0, 35.000%, 2/05/2026 †§x | Affirm | 2/26/2025 | 114 | 116 | 116 |
| &nbsp;&nbsp;&nbsp; ZVXO-6RKV, 35.590%, 11/15/2025 †§x | Affirm | 11/27/2024 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; ZVXP-CQSI, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 13 | 14 | 13 |
| &nbsp;&nbsp;&nbsp; ZVXW-IHF8, 28.000%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 16 | 17 | 1 |
| &nbsp;&nbsp;&nbsp; ZVXX-FTS9, 29.010%, 12/26/2024 †x#^ | Affirm | 6/29/2023 | 258 | 272 | 15 |
| &nbsp;&nbsp;&nbsp; ZVY1-2EXZ, 28.500%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 128 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZVY3-1KIC, 33.950%, 2/11/2027 †§x# | Affirm | 2/26/2025 | 421 | 440 | 203 |
| &nbsp;&nbsp;&nbsp; ZVY6-AWXA, 29.680%, 11/22/2022 †x#^ | Affirm | 11/26/2021 | 115 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; ZVY8-C3QI, 29.320%, 12/02/2025 †§x | Affirm | 6/27/2025 | 39 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZVY8-HWKL, 11.625%, 2/07/2026 †§x« | Affirm | 8/29/2025 | 191 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; ZVYI-BH8J, 15.660%, 9/28/2025 †x# | Affirm | 3/31/2025 | 86 | 89 | 14 |
| &nbsp;&nbsp;&nbsp; ZVYK-8HEI, 35.700%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 165 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; ZVYV-VUX7, 35.590%, 9/26/2025 †§x# | Affirm | 9/30/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZVYZ-57FH, 28.500%, 3/01/2023 †x#^ | Affirm | 3/04/2022 | 151 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; ZVZ3-OS0S, 29.650%, 1/24/2024 †x#^ | Affirm | 1/27/2022 | 423 | 389 | 25 |
| &nbsp;&nbsp;&nbsp; ZVZ7-J97A, 11.810%, 12/18/2025 †§x | Affirm | 6/21/2024 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZVZD-ZWJ9, 28.500%, 4/28/2023 †x#^ | Affirm | 5/05/2022 | 65 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; ZVZE-RVSK, 35.990%, 2/05/2026 †§x | Affirm | 2/26/2025 | 447 | 446 | 446 |
| &nbsp;&nbsp;&nbsp; ZVZQ-6749, 31.000%, 12/20/2025 †§x | Affirm | 6/24/2024 | 369 | 374 | 374 |
| &nbsp;&nbsp;&nbsp; ZVZQ-YZY0, 29.020%, 8/28/2025 †§x#^ | Affirm | 8/31/2023 | 42 | 42 | 41 |
| &nbsp;&nbsp;&nbsp; ZVZV-VZPH, 15.820%, 9/28/2025 †x# | Affirm | 10/03/2024 | 38 | 38 | 10 |
| &nbsp;&nbsp;&nbsp; ZW09-NQ1O, 29.020%, 10/28/2025 †x# | Affirm | 9/01/2023 | 165 | 167 | 29 |
| &nbsp;&nbsp;&nbsp; ZW0H-N66I, 35.370%, 12/06/2024 †x#^ | Affirm | 12/11/2023 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZW0H-NL39, 32.000%, 8/12/2026 †§x | Affirm | 2/26/2025 | 1063 | 1109 | 1098 |
| &nbsp;&nbsp;&nbsp; ZW0K-N65R, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; ZW13-FYFN, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZW1A-68RK, 29.070%, 4/02/2025 †x#^ | Affirm | 10/05/2023 | 373 | 397 | 22 |
| &nbsp;&nbsp;&nbsp; ZW1K-8M5F, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 315 | 308 | 307 |
| &nbsp;&nbsp;&nbsp; ZW1M-XU6Q, 35.200%, 11/30/2023 †x#^ | Affirm | 6/02/2023 | 218 | 223 | 13 |
| &nbsp;&nbsp;&nbsp; ZW1P-H3M9, 32.940%, 3/26/2027 †§x | Affirm | 3/31/2025 | 1612 | 1605 | 1639 |
| &nbsp;&nbsp;&nbsp; ZW2C-2FKK, 22.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 84 | 85 | 85 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8573** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZW2C-8ZFA, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | $84 | $84 | $84 |
| &nbsp;&nbsp;&nbsp; ZW2C-R4MI, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 310 | 310 | 309 |
| &nbsp;&nbsp;&nbsp; ZW2U-6XYT, 35.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 38 | 39 | 38 |
| &nbsp;&nbsp;&nbsp; ZW32-YN97, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 47 | 49 | 48 |
| &nbsp;&nbsp;&nbsp; ZW34-VLD4, 26.900%, 3/20/2026 †§x | Affirm | 3/28/2025 | 117 | 120 | 120 |
| &nbsp;&nbsp;&nbsp; ZW37-4GTN, 33.180%, 1/27/2026 †x# | Affirm | 2/26/2025 | 223 | 219 |  |
| &nbsp;&nbsp;&nbsp; ZW39-HN3S, 29.550%, 2/20/2026 †§x | Affirm | 8/23/2024 | 343 | 350 | 351 |
| &nbsp;&nbsp;&nbsp; ZW3A-NGW3, 32.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 477 | 479 | 476 |
| &nbsp;&nbsp;&nbsp; ZW3A-YL6N, 6.843%, 9/28/2025 †§x« | Affirm | 10/03/2024 | 32 | 30 | 32 |
| &nbsp;&nbsp;&nbsp; ZW3E-81SY, 29.620%, 12/27/2023 †x#^ | Affirm | 12/30/2022 | 115 | 118 | 7 |
| &nbsp;&nbsp;&nbsp; ZW3G-QFSR, 29.560%, 9/28/2024 †x#^ | Affirm | 10/02/2023 | 119 | 125 | 7 |
| &nbsp;&nbsp;&nbsp; ZW3M-ZJ9S, 29.610%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 251 | 256 | 15 |
| &nbsp;&nbsp;&nbsp; ZW3O-8Y2Z, 35.570%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 101 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZW49-J9R6, 35.580%, 9/23/2025 †§x | Affirm | 9/26/2024 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZW4A-OQMM, 33.950%, 9/24/2025 †§x | Affirm | 9/27/2024 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZW4E-VN1X, 33.050%, 1/03/2027 †§x | Affirm | 1/29/2025 | 458 | 474 | 477 |
| &nbsp;&nbsp;&nbsp; ZW4R-ZXMV, 35.640%, 1/02/2026 †§x | Affirm | 1/29/2025 | 122 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZW4Y-OV4W, 18.000%, 9/28/2025 †§x | Affirm | 4/22/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZW59-7DAS, 25.900%, 10/02/2025 †§x | Affirm | 10/07/2024 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; ZW59-JONT, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZW5J-QZE0, 24.400%, 3/16/2026 †§x | Affirm | 9/19/2024 | 225 | 229 | 229 |
| &nbsp;&nbsp;&nbsp; ZW5L-5L52, 29.500%, 6/06/2023 †x#^ | Affirm | 6/09/2022 | 142 | 147 | 9 |
| &nbsp;&nbsp;&nbsp; ZW5Q-4NZ7, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 51 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; ZW63-ZBZP, 35.450%, 12/20/2025 †x# | Affirm | 6/24/2024 | 533 | 555 | 32 |
| &nbsp;&nbsp;&nbsp; ZW65-TLMK, 27.730%, 5/15/2025 †x#^ | Affirm | 6/20/2023 | 227 | 221 | 14 |
| &nbsp;&nbsp;&nbsp; ZW6I-VMWY, 25.900%, 8/06/2026 †§x | Affirm | 8/29/2025 | 65 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZW6Q-GL2X, 32.500%, 12/06/2026 †§x | Affirm | 12/11/2023 | 1253 | 1273 | 1277 |
| &nbsp;&nbsp;&nbsp; ZW6U-M1H1, 29.460%, 10/11/2024 †x#^ | Affirm | 4/15/2024 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; ZW6Y-11RI, 15.750%, 10/28/2025 †§x# | Affirm | 5/02/2024 | 116 | 116 | 117 |
| &nbsp;&nbsp;&nbsp; ZW7I-BF08, 35.000%, 2/07/2026 †§x | Affirm | 2/26/2025 | 54 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZW7J-1ZMX, 35.690%, 10/02/2025 †§x# | Affirm | 10/07/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZW7J-UPHS, 32.000%, 8/10/2026 †§x | Affirm | 2/26/2025 | 1332 | 1388 | 1381 |
| &nbsp;&nbsp;&nbsp; ZW7R-Q57X, 22.940%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 34 | 34 | 2 |
| &nbsp;&nbsp;&nbsp; ZW7U-YNY4, 19.700%, 12/04/2025 †§x | Affirm | 12/07/2023 | 158 | 159 | 159 |
| &nbsp;&nbsp;&nbsp; ZW81-HUQ9, 35.290%, 5/23/2024 †x#^ | Affirm | 5/26/2023 | 640 | 625 | 38 |
| &nbsp;&nbsp;&nbsp; ZW83-Y2NQ, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp; ZW88-FOCT, 19.700%, 7/02/2026 †§x | Affirm | 1/29/2025 | 272 | 278 | 279 |
| &nbsp;&nbsp;&nbsp; ZW8C-CBMO, 33.950%, 2/26/2026 †§x | Affirm | 8/29/2024 | 590 | 603 | 606 |
| &nbsp;&nbsp;&nbsp; ZW8E-OJ4W, 30.000%, 1/03/2024 †x#^ | Affirm | 1/06/2023 | 159 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; ZW8I-H2CU, 6.592%, 10/06/2022 †x#^« | Affirm | 7/11/2022 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; ZW8I-IB5K, 29.710%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 651 | 683 | 39 |
| &nbsp;&nbsp;&nbsp; ZW8M-WPHT, 27.100%, 1/28/2023 †x#^ | Affirm | 12/03/2021 | 231 | 242 | 14 |
| &nbsp;&nbsp;&nbsp; ZW8R-52CA, 32.000%, 4/28/2026 †§x# | Affirm | 10/31/2024 | 381 | 391 | 391 |
| &nbsp;&nbsp;&nbsp; ZW8X-ZNF2, 6.413%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 433 | 427 | 424 |
| &nbsp;&nbsp;&nbsp; ZW96-SHQI, 29.470%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 60 | 60 | 4 |
| &nbsp;&nbsp;&nbsp; ZW98-TP4C, 28.500%, 7/12/2023 †x#^ | Affirm | 7/15/2022 | 46 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; ZW9O-9NT1, 26.500%, 5/07/2024 †x#^ | Affirm | 11/10/2022 | 128 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; ZWAC-GSYQ, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZWAE-7CAV, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZWAK-4K3H, 27.500%, 11/07/2023 †x#^ | Affirm | 11/10/2022 | 360 | 353 | 22 |
| &nbsp;&nbsp;&nbsp; ZWAK-FYIB, 31.000%, 1/06/2026 †§x | Affirm | 1/29/2025 | 176 | 180 | 179 |
| &nbsp;&nbsp;&nbsp; ZWAL-Z4T7, 30.950%, 1/08/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZWAP-7KNH, 34.870%, 10/08/2025 †§x | Affirm | 7/31/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZWB1-YLAH, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 273 | 278 | 16 |
| &nbsp;&nbsp;&nbsp; ZWBA-XMUH, 15.690%, 3/20/2026 †§x | Affirm | 3/28/2025 | 992 | 1025 | 1034 |
| &nbsp;&nbsp;&nbsp; ZWBC-RPDB, 35.610%, 12/28/2025 †§x | Affirm | 1/29/2025 | 91 | 92 | 92 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8574** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZWBM-NV9U, 29.000%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | $367 | $385 | $22 |
| &nbsp;&nbsp;&nbsp; ZWBR-YCR7, 23.400%, 6/14/2028 †x | Affirm | 6/21/2024 | 2170 | 2297 | 2296 |
| &nbsp;&nbsp;&nbsp; ZWC6-M0VX, 35.710%, 8/12/2026 †§x# | Affirm | 2/26/2025 | 498 | 491 | 495 |
| &nbsp;&nbsp;&nbsp; ZWC6-OOBD, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZWC7-B7BA, 24.820%, 2/10/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 64 |
| &nbsp;&nbsp;&nbsp; ZWC9-H47M, 34.000%, 10/15/2024 †x#^ | Affirm | 4/18/2024 | 60 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; ZWCJ-38TU, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 373 | 376 | 376 |
| &nbsp;&nbsp;&nbsp; ZWCK-K1LN, 35.510%, 10/21/2025 †x# | Affirm | 10/24/2024 | 168 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; ZWCL-MRRT, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 75 | 74 | 74 |
| &nbsp;&nbsp;&nbsp; ZWCM-J66N, 20.900%, 2/10/2027 †§x | Affirm | 2/26/2025 | 1963 | 2055 | 2073 |
| &nbsp;&nbsp;&nbsp; ZWD2-9C9F, 11.770%, 3/28/2026 †§x | Affirm | 3/31/2025 | 2122 | 2195 | 2219 |
| &nbsp;&nbsp;&nbsp; ZWD3-6VDK, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 754 | 741 | 45 |
| &nbsp;&nbsp;&nbsp; ZWD7-271S, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 91 | 92 | 91 |
| &nbsp;&nbsp;&nbsp; ZWDC-XUNS, 18.000%, 12/02/2025 †§x | Affirm | 6/27/2025 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZWDM-RBAW, 18.000%, 4/18/2026 †§x | Affirm | 10/25/2024 | 302 | 308 | 308 |
| &nbsp;&nbsp;&nbsp; ZWDS-FMFN, 35.560%, 1/09/2026 †§x | Affirm | 1/29/2025 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZWDT-OS07, 35.540%, 9/25/2026 †§x | Affirm | 9/30/2024 | 305 | 303 | 307 |
| &nbsp;&nbsp;&nbsp; ZWDU-R0Y4, 29.550%, 3/27/2025 †x#^ | Affirm | 10/02/2023 | 196 | 202 | 12 |
| &nbsp;&nbsp;&nbsp; ZWDW-2NET, 35.830%, 10/02/2025 †§x | Affirm | 10/07/2024 | 33 | 33 | 32 |
| &nbsp;&nbsp;&nbsp; ZWE1-1UCH, 22.750%, 8/10/2026 †§x# | Affirm | 2/26/2025 | 205 | 211 | 213 |
| &nbsp;&nbsp;&nbsp; ZWE5-KH29, 35.510%, 11/15/2025 †§x | Affirm | 11/27/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZWE6-SIIZ, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 538 | 538 | 542 |
| &nbsp;&nbsp;&nbsp; ZWEF-ZX3T, 14.700%, 5/09/2026 †§x | Affirm | 5/13/2024 | 731 | 743 | 743 |
| &nbsp;&nbsp;&nbsp; ZWEI-U6X5, 26.500%, 11/14/2024 †x#^ | Affirm | 11/17/2022 | 508 | 549 | 30 |
| &nbsp;&nbsp;&nbsp; ZWEN-4ZDE, 29.570%, 9/06/2024 †x#^ | Affirm | 9/11/2023 | 271 | 285 | 16 |
| &nbsp;&nbsp;&nbsp; ZWEN-54OA, 28.500%, 7/17/2024 †x#^ | Affirm | 1/20/2023 | 329 | 351 | 20 |
| &nbsp;&nbsp;&nbsp; ZWF1-NLD5, 29.520%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 1121 | 1178 | 67 |
| &nbsp;&nbsp;&nbsp; ZWFA-CW7N, 33.050%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZWFH-A3Z4, 24.820%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 37 | 38 | 2 |
| &nbsp;&nbsp;&nbsp; ZWFL-29YZ, 28.000%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 8 | 8 |  |
| &nbsp;&nbsp;&nbsp; ZWFS-3GEH, 22.820%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 400 | 407 | 405 |
| &nbsp;&nbsp;&nbsp; ZWFY-4MVW, 29.520%, 12/28/2025 †§x# | Affirm | 1/05/2024 | 144 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; ZWGB-00CY, 33.050%, 2/10/2026 †§x | Affirm | 2/26/2025 | 151 | 155 | 156 |
| &nbsp;&nbsp;&nbsp; ZWGG-E63R, 35.550%, 12/16/2025 †§x | Affirm | 12/27/2024 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZWGH-JGUK, 18.000%, 7/02/2026 †§x | Affirm | 1/29/2025 | 833 | 851 | 855 |
| &nbsp;&nbsp;&nbsp; ZWGS-P7XW, 30.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 135 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; ZWGW-NAFU, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZWH4-OLGF, 35.400%, 3/16/2025 †x#^ | Affirm | 12/27/2024 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; ZWHL-7X8I, 29.690%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 61 | 58 | 4 |
| &nbsp;&nbsp;&nbsp; ZWHM-2OE9, 33.950%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 10 | 10 | 11 |
| &nbsp;&nbsp;&nbsp; ZWHM-4K8Q, 15.840%, 2/10/2027 †§x | Affirm | 2/26/2025 | 85 | 89 | 88 |
| &nbsp;&nbsp;&nbsp; ZWHS-4BSK, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 270 | 275 | 275 |
| &nbsp;&nbsp;&nbsp; ZWHT-RNNR, 33.950%, 2/06/2026 †§x | Affirm | 8/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZWI0-L2W0, 15.187%, 5/07/2024 †x#^« | Affirm | 11/10/2022 | 565 | 458 | 34 |
| &nbsp;&nbsp;&nbsp; ZWI9-MEKT, 33.050%, 4/28/2026 †§x | Affirm | 10/31/2024 | 133 | 137 | 137 |
| &nbsp;&nbsp;&nbsp; ZWIF-AFQV, 29.650%, 6/09/2025 †x#^ | Affirm | 12/27/2024 | 142 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; ZWIK-XT8U, 35.670%, 1/08/2026 †§x | Affirm | 1/29/2025 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZWIR-7EI3, 35.580%, 9/24/2025 †x# | Affirm | 9/27/2024 | 150 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; ZWIR-EECX, 35.780%, 2/07/2026 †§x | Affirm | 2/26/2025 | 118 | 117 | 117 |
| &nbsp;&nbsp;&nbsp; ZWIY-I68N, 35.590%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 42 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; ZWJ0-R7NZ, 35.260%, 9/20/2025 †§x | Affirm | 3/28/2025 | 102 | 102 | 103 |
| &nbsp;&nbsp;&nbsp; ZWJA-41XW, 35.460%, 6/02/2026 †§x | Affirm | 6/27/2025 | 92 | 94 | 95 |
| &nbsp;&nbsp;&nbsp; ZWJB-QJH2, 29.800%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 140 | 139 | 8 |
| &nbsp;&nbsp;&nbsp; ZWJG-KBNE, 23.400%, 6/20/2025 †x#^ | Affirm | 6/24/2024 | 93 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; ZWJI-F757, 29.820%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 109 | 108 | 7 |
| &nbsp;&nbsp;&nbsp; ZWJK-W02W, 35.770%, 2/07/2026 †§x | Affirm | 2/26/2025 | 486 | 495 | 496 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8575** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZWJN-Q4BZ, 35.500%, 10/21/2025 †§x | Affirm | 10/24/2024 | $1721 | $1732 | $1744 |
| &nbsp;&nbsp;&nbsp; ZWJQ-VK88, 11.830%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 187 | 196 | 196 |
| &nbsp;&nbsp;&nbsp; ZWJR-JS6E, 25.900%, 2/03/2026 †§x | Affirm | 2/26/2025 | 42 | 42 | 42 |
| &nbsp;&nbsp;&nbsp; ZWJV-2AGM, 29.720%, 1/18/2023 †x#^ | Affirm | 1/21/2022 | 80 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZWKP-7699, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 132 | 130 | 131 |
| &nbsp;&nbsp;&nbsp; ZWKT-UVF0, 24.730%, 1/02/2027 †§x | Affirm | 1/29/2025 | 349 | 359 | 361 |
| &nbsp;&nbsp;&nbsp; ZWKW-AI1I, 15.730%, 9/03/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZWL6-X9W5, 22.850%, 3/03/2026 †§x# | Affirm | 3/28/2025 | 195 | 194 | 195 |
| &nbsp;&nbsp;&nbsp; ZWLI-WGXT, 35.560%, 1/06/2026 †§x | Affirm | 1/29/2025 | 210 | 213 | 111 |
| &nbsp;&nbsp;&nbsp; ZWM1-2AE2, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZWM2-CYZC, 35.950%, 5/20/2024 †x#^ | Affirm | 2/23/2024 | 30 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; ZWME-0IUP, 26.700%, 9/28/2026 †§x | Affirm | 3/31/2025 | 196 | 206 | 204 |
| &nbsp;&nbsp;&nbsp; ZWN7-182N, 29.600%, 6/19/2026 †§x | Affirm | 12/27/2024 | 191 | 197 | 196 |
| &nbsp;&nbsp;&nbsp; ZWNB-RX72, 33.050%, 3/04/2026 †x# | Affirm | 3/07/2024 | 543 | 568 | 33 |
| &nbsp;&nbsp;&nbsp; ZWNS-18UV, 35.590%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 85 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZWNU-ZSRI, 33.950%, 5/20/2026 †§x# | Affirm | 11/27/2024 | 300 | 310 | 309 |
| &nbsp;&nbsp;&nbsp; ZWO5-RMZ2, 6.804%, 10/21/2025 †§x« | Affirm | 10/24/2024 | 90 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZWO9-7RJA, 29.620%, 3/21/2024 †x#^ | Affirm | 9/26/2022 | 191 | 200 | 11 |
| &nbsp;&nbsp;&nbsp; ZWOQ-KWNX, 24.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 108 | 111 | 110 |
| &nbsp;&nbsp;&nbsp; ZWOW-K974, 33.050%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 122 | 122 | 124 |
| &nbsp;&nbsp;&nbsp; ZWP3-U0GE, 25.200%, 10/24/2025 †§x | Affirm | 10/28/2024 | 21 | 21 | 22 |
| &nbsp;&nbsp;&nbsp; ZWP3-YD85, 26.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 533 | 547 | 551 |
| &nbsp;&nbsp;&nbsp; ZWPE-HN3P, 29.540%, 4/07/2023 †x#^ | Affirm | 10/14/2022 | 74 | 75 | 4 |
| &nbsp;&nbsp;&nbsp; ZWPF-OGLQ, 35.660%, 1/17/2024 †x#^ | Affirm | 1/20/2023 | 131 | 133 | 8 |
| &nbsp;&nbsp;&nbsp; ZWQV-H8D6, 29.710%, 1/08/2026 †§x | Affirm | 1/29/2025 | 188 | 191 | 191 |
| &nbsp;&nbsp;&nbsp; ZWQV-QGUQ, 35.380%, 12/04/2025 †§x | Affirm | 12/07/2023 | 202 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; ZWRB-IDVI, 24.400%, 1/03/2027 †§x | Affirm | 1/29/2025 | 211 | 219 | 214 |
| &nbsp;&nbsp;&nbsp; ZWRT-7S28, 35.290%, 11/22/2025 †x# | Affirm | 5/28/2024 | 282 | 291 | 17 |
| &nbsp;&nbsp;&nbsp; ZWRX-W3K6, 6.654%, 6/26/2027 †§x« | Affirm | 7/01/2024 | 477 | 424 | 410 |
| &nbsp;&nbsp;&nbsp; ZWRZ-0X0F, 29.000%, 11/28/2022 †x#^ | Affirm | 12/02/2021 | 731 | 745 | 44 |
| &nbsp;&nbsp;&nbsp; ZWS0-DMI1, 33.950%, 1/13/2027 †§x | Affirm | 1/29/2025 | 835 | 831 | 845 |
| &nbsp;&nbsp;&nbsp; ZWS4-F4QJ, 35.710%, 8/06/2026 †§x | Affirm | 2/26/2025 | 711 | 729 | 728 |
| &nbsp;&nbsp;&nbsp; ZWS6-IXP6, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 60 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZWS9-3N5J, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 261 | 257 | 260 |
| &nbsp;&nbsp;&nbsp; ZWSC-PGU7, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 267 | 272 | 271 |
| &nbsp;&nbsp;&nbsp; ZWSC-QGD7, 35.490%, 1/03/2027 †§x | Affirm | 1/29/2025 | 483 | 479 | 485 |
| &nbsp;&nbsp;&nbsp; ZWSE-E69U, 19.700%, 2/27/2026 †§x | Affirm | 8/30/2024 | 94 | 95 | 96 |
| &nbsp;&nbsp;&nbsp; ZWSE-EDTJ, 35.530%, 12/12/2025 †§x | Affirm | 12/27/2024 | 326 | 329 | 329 |
| &nbsp;&nbsp;&nbsp; ZWSG-PYE6, 29.620%, 3/22/2024 †x#^ | Affirm | 9/26/2022 | 442 | 462 | 27 |
| &nbsp;&nbsp;&nbsp; ZWSR-N2P2, 29.560%, 5/02/2023 †x#^ | Affirm | 5/05/2022 | 79 | 83 | 5 |
| &nbsp;&nbsp;&nbsp; ZWT4-SESO, 28.000%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 322 | 334 | 19 |
| &nbsp;&nbsp;&nbsp; ZWT8-J8Q4, 29.390%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZWTA-7992, 35.950%, 9/03/2025 †§x | Affirm | 3/28/2025 | 78 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZWTB-S3MM, 25.000%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 19 | 19 | 4 |
| &nbsp;&nbsp;&nbsp; ZWTD-PP1B, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZWTD-UYSC, 29.580%, 7/08/2025 †x#^ | Affirm | 1/11/2024 | 189 | 198 | 11 |
| &nbsp;&nbsp;&nbsp; ZWTM-QO9O, 34.490%, 6/12/2023 †x#^ | Affirm | 12/15/2022 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZWTP-851S, 29.480%, 2/28/2025 †x#^ | Affirm | 9/05/2023 | 35 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZWTX-YHMO, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 119 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; ZWTY-IH4K, 29.620%, 12/07/2022 †x#^ | Affirm | 12/13/2021 | 41 | 40 | 2 |
| &nbsp;&nbsp;&nbsp; ZWUB-HJ48, 29.530%, 10/24/2023 †x#^ | Affirm | 4/27/2023 | 52 | 53 | 3 |
| &nbsp;&nbsp;&nbsp; ZWUB-T50D, 23.110%, 8/03/2025 †x#^ | Affirm | 2/26/2025 | 408 | 417 | 25 |
| &nbsp;&nbsp;&nbsp; ZWUJ-9277, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZWUY-09FH, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 142 | 147 | 148 |
| &nbsp;&nbsp;&nbsp; ZWUY-YN16, 7.387%, 9/20/2025 †§x« | Affirm | 3/28/2025 | 44 | 43 | 44 |
| &nbsp;&nbsp;&nbsp; ZWV1-CLKH, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 69 | 70 | 71 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8576** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZWV1-ZEAY, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | $50 | $50 | $50 |
| &nbsp;&nbsp;&nbsp; ZWV8-ROQZ, 33.010%, 8/06/2026 †§x | Affirm | 8/29/2025 | 153 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; ZWVL-BQ4C, 29.490%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 1051 | 986 | 63 |
| &nbsp;&nbsp;&nbsp; ZWVO-UZ8R, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZWVP-C8ML, 35.360%, 12/02/2025 †§x | Affirm | 6/27/2025 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp; ZWVQ-SNEX, 15.790%, 3/23/2026 †§x | Affirm | 9/26/2024 | 200 | 204 | 204 |
| &nbsp;&nbsp;&nbsp; ZWVV-VKX2, 29.550%, 10/13/2022 †x#^ | Affirm | 4/18/2022 | 104 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; ZWW6-FFG3, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 120 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; ZWWJ-5AR5, 35.450%, 3/23/2026 †§x | Affirm | 9/26/2024 | 175 | 178 | 176 |
| &nbsp;&nbsp;&nbsp; ZWWR-6SSU, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 173 | 178 |  |
| &nbsp;&nbsp;&nbsp; ZWXE-15IF, 35.770%, 2/10/2026 †x# | Affirm | 2/26/2025 | 144 | 143 | 6 |
| &nbsp;&nbsp;&nbsp; ZWXK-OPGF, 33.140%, 11/15/2025 †§x | Affirm | 11/27/2024 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZWXL-9MKB, 32.000%, 12/28/2025 †x# | Affirm | 1/29/2025 | 420 | 439 | 25 |
| &nbsp;&nbsp;&nbsp; ZWXP-9YH0, 33.050%, 2/03/2026 †§x | Affirm | 2/26/2025 | 232 | 238 | 239 |
| &nbsp;&nbsp;&nbsp; ZWXQ-33TC, 35.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZWXU-OLZS, 35.610%, 9/03/2026 †§x | Affirm | 3/28/2025 | 379 | 389 | 391 |
| &nbsp;&nbsp;&nbsp; ZWXU-QBXJ, 6.840%, 1/06/2026 †§x | Affirm | 1/29/2025 | 425 | 430 | 431 |
| &nbsp;&nbsp;&nbsp; ZWXX-TJCX, 13.840%, 11/12/2025 †§x | Affirm | 11/27/2024 | 76 | 77 | 77 |
| &nbsp;&nbsp;&nbsp; ZWXY-8M5M, 35.360%, 2/23/2026 †x# | Affirm | 8/29/2024 | 138 | 143 | 8 |
| &nbsp;&nbsp;&nbsp; ZWY8-7E09, 23.400%, 6/02/2026 †§x | Affirm | 6/27/2025 | 616 | 633 | 636 |
| &nbsp;&nbsp;&nbsp; ZWYE-4RCX, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; ZWYH-3YG0, 11.860%, 6/19/2023 †x#^ | Affirm | 12/22/2022 | 64 | 65 | 4 |
| &nbsp;&nbsp;&nbsp; ZWYJ-9BIC, 29.720%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 281 | 294 | 17 |
| &nbsp;&nbsp;&nbsp; ZWZE-AEPY, 29.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 39 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; ZWZN-GX28, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZWZQ-NNZ5, 26.500%, 6/28/2026 †x# | Affirm | 7/07/2023 | 3746 | 3540 | 225 |
| &nbsp;&nbsp;&nbsp; ZX01-ILQX, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 606 | 599 | 599 |
| &nbsp;&nbsp;&nbsp; ZX02-265M, 29.710%, 1/13/2023 †x#^ | Affirm | 1/18/2022 | 114 | 116 | 7 |
| &nbsp;&nbsp;&nbsp; ZX06-OZ3X, 24.400%, 11/20/2026 †§x# | Affirm | 11/27/2024 | 40 | 41 | 40 |
| &nbsp;&nbsp;&nbsp; ZX09-3RC4, 24.400%, 6/19/2026 †§x | Affirm | 12/27/2024 | 167 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; ZX0B-1W42, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZX0B-S7KY, 35.690%, 12/16/2025 †§x | Affirm | 12/27/2024 | 58 | 59 | 59 |
| &nbsp;&nbsp;&nbsp; ZX0D-MMKL, 28.000%, 2/09/2023 †x#^ | Affirm | 2/14/2022 | 511 | 505 | 31 |
| &nbsp;&nbsp;&nbsp; ZX0G-AZ2L, 33.050%, 8/07/2026 †§x | Affirm | 8/29/2025 | 207 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; ZX0H-NXQ0, 35.210%, 3/03/2026 †§x | Affirm | 3/28/2025 | 99 | 98 | 98 |
| &nbsp;&nbsp;&nbsp; ZX0J-EVJS, 28.000%, 8/17/2022 †x#^ | Affirm | 5/20/2022 | 51 | 51 | 3 |
| &nbsp;&nbsp;&nbsp; ZX0O-XNTN, 35.430%, 12/28/2025 †§x | Affirm | 1/29/2025 | 45 | 45 | 45 |
| &nbsp;&nbsp;&nbsp; ZX0P-0ZI1, 25.200%, 7/02/2026 †§x | Affirm | 1/29/2025 | 376 | 387 | 384 |
| &nbsp;&nbsp;&nbsp; ZX0Q-N509, 32.500%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 55 | 57 | 3 |
| &nbsp;&nbsp;&nbsp; ZX0T-AL1L, 29.090%, 10/02/2025 †x# | Affirm | 10/05/2023 | 364 | 382 | 22 |
| &nbsp;&nbsp;&nbsp; ZX0W-VU3V, 35.120%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZX11-6EDU, 29.550%, 4/17/2026 †§x | Affirm | 4/22/2024 | 254 | 257 | 259 |
| &nbsp;&nbsp;&nbsp; ZX17-40MG, 25.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 45 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZX1I-0IBI, 33.050%, 3/16/2026 †§x | Affirm | 9/19/2024 | 147 | 151 | 150 |
| &nbsp;&nbsp;&nbsp; ZX1U-40MJ, 33.950%, 8/11/2026 †§x | Affirm | 2/26/2025 | 276 | 288 | 286 |
| &nbsp;&nbsp;&nbsp; ZX1V-JY1H, 29.370%, 12/02/2025 †§x | Affirm | 6/27/2025 | 45 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; ZX20-VSDA, 29.290%, 1/08/2026 †§x | Affirm | 7/31/2025 | 35 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZX26-SDAK, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 292 | 298 | 18 |
| &nbsp;&nbsp;&nbsp; ZX28-MA62, 35.140%, 1/08/2026 †§x | Affirm | 7/31/2025 | 175 | 177 | 178 |
| &nbsp;&nbsp;&nbsp; ZX2D-YR1K, 29.500%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 390 | 385 | 23 |
| &nbsp;&nbsp;&nbsp; ZX2N-1RI9, 15.750%, 12/27/2025 †§x | Affirm | 1/02/2024 | 438 | 441 | 442 |
| &nbsp;&nbsp;&nbsp; ZX2T-QQK4, 33.050%, 9/25/2025 †§x# | Affirm | 9/30/2024 | 58 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; ZX33-5EX8, 29.550%, 12/26/2025 †§x | Affirm | 7/01/2024 | 112 | 113 | 114 |
| &nbsp;&nbsp;&nbsp; ZX35-8CDV, 33.050%, 9/28/2025 †x# | Affirm | 10/03/2024 | 103 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; ZX37-MUDS, 15.830%, 11/28/2023 †x#^ | Affirm | 12/02/2022 | 188 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; ZX38-F9SW, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 28 | 28 | 28 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8577** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZX3B-RCZN, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | $58 | $59 | $60 |
| &nbsp;&nbsp;&nbsp; ZX3P-K1HI, 24.640%, 4/23/2026 †§x | Affirm | 10/28/2024 | 139 | 143 | 142 |
| &nbsp;&nbsp;&nbsp; ZX43-SVNJ, 23.400%, 2/26/2027 †x | Affirm | 2/29/2024 | 1639 | 1691 | 1703 |
| &nbsp;&nbsp;&nbsp; ZX44-D76T, 35.480%, 12/01/2024 †x#^ | Affirm | 12/07/2023 | 251 | 259 | 15 |
| &nbsp;&nbsp;&nbsp; ZX4A-MP6F, 30.500%, 3/24/2026 †§x | Affirm | 9/27/2024 | 503 | 514 | 514 |
| &nbsp;&nbsp;&nbsp; ZX4G-1UPZ, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 158 | 160 | 159 |
| &nbsp;&nbsp;&nbsp; ZX4I-C23O, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 213 | 217 | 216 |
| &nbsp;&nbsp;&nbsp; ZX4I-JW5X, 35.380%, 1/02/2025 †x#^ | Affirm | 1/05/2024 | 597 | 614 | 36 |
| &nbsp;&nbsp;&nbsp; ZX4K-K55W, 29.400%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZX4L-AK10, 29.620%, 12/06/2022 †x#^ | Affirm | 12/09/2021 | 102 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZX4T-FRMQ, 35.530%, 12/16/2025 †§x | Affirm | 12/27/2024 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZX5F-P7EO, 35.550%, 12/16/2025 †§x | Affirm | 12/27/2024 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZX5I-3I2J, 29.350%, 11/06/2025 †§x | Affirm | 5/30/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZX68-5S4N, 29.490%, 12/29/2024 †x#^ | Affirm | 7/03/2023 | 239 | 237 | 14 |
| &nbsp;&nbsp;&nbsp; ZX6U-JRP7, 18.000%, 12/10/2025 †§x | Affirm | 12/27/2024 | 114 | 115 | 115 |
| &nbsp;&nbsp;&nbsp; ZX6Y-5C42, 33.050%, 9/23/2025 †§x | Affirm | 9/26/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; ZX70-K7P7, 22.680%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 382 | 385 | 381 |
| &nbsp;&nbsp;&nbsp; ZX70-YF7F, 29.690%, 11/04/2023 †x#^ | Affirm | 11/10/2022 | 98 | 103 | 6 |
| &nbsp;&nbsp;&nbsp; ZX73-O9U5, 35.450%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 51 | 50 |
| &nbsp;&nbsp;&nbsp; ZX76-AL4O, 33.080%, 3/16/2026 †§x# | Affirm | 9/19/2024 | 349 | 347 | 346 |
| &nbsp;&nbsp;&nbsp; ZX78-G068, 24.900%, 10/23/2025 †§x | Affirm | 10/28/2024 | 44 | 44 | 45 |
| &nbsp;&nbsp;&nbsp; ZX7D-ESQZ, 35.990%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 178 | 179 | 26 |
| &nbsp;&nbsp;&nbsp; ZX7D-Q46K, 11.750%, 9/03/2025 †§x | Affirm | 3/28/2025 | 189 | 190 | 189 |
| &nbsp;&nbsp;&nbsp; ZX7F-9O6I, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 41 | 41 | 2 |
| &nbsp;&nbsp;&nbsp; ZX7L-FI2J, 18.000%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 23 | 23 | 24 |
| &nbsp;&nbsp;&nbsp; ZX7X-PE2A, 29.560%, 9/27/2025 †§x | Affirm | 10/02/2023 | 61 | 61 | 61 |
| &nbsp;&nbsp;&nbsp; ZX83-LG4B, 29.670%, 9/24/2025 †§x | Affirm | 9/27/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZX89-9UJ8, 33.050%, 12/02/2026 †§x# | Affirm | 6/27/2025 | 346 | 364 | 364 |
| &nbsp;&nbsp;&nbsp; ZX8E-VSA7, 29.620%, 9/24/2026 †§x | Affirm | 9/27/2024 | 1135 | 1165 | 1162 |
| &nbsp;&nbsp;&nbsp; ZX8N-8XF6, 35.310%, 3/20/2026 †x# | Affirm | 3/28/2025 | 175 | 175 | 16 |
| &nbsp;&nbsp;&nbsp; ZX8O-W03B, 29.700%, 1/05/2024 †x#^ | Affirm | 1/09/2023 | 95 | 97 | 6 |
| &nbsp;&nbsp;&nbsp; ZX8P-DMXY, 35.700%, 5/15/2025 †x#^ | Affirm | 11/27/2024 | 420 | 425 | 25 |
| &nbsp;&nbsp;&nbsp; ZX8R-1SNF, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 9 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; ZX8S-4IP1, 29.450%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 136 | 141 | 8 |
| &nbsp;&nbsp;&nbsp; ZX93-KHNP, 29.110%, 12/09/2023 †x#^ | Affirm | 12/15/2022 | 81 | 84 | 5 |
| &nbsp;&nbsp;&nbsp; ZX95-SPZW, 13.840%, 11/15/2025 †§x | Affirm | 11/27/2024 | 106 | 107 | 107 |
| &nbsp;&nbsp;&nbsp; ZX9B-Q869, 35.500%, 10/03/2025 †§x | Affirm | 10/07/2024 | 132 | 133 | 133 |
| &nbsp;&nbsp;&nbsp; ZX9F-TLMU, 27.960%, 5/04/2023 †x#^ | Affirm | 11/10/2022 | 177 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; ZX9P-769H, 29.450%, 5/11/2023 †x#^ | Affirm | 5/16/2022 | 1160 | 1219 | 70 |
| &nbsp;&nbsp;&nbsp; ZX9Q-SMVK, 18.000%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 228 | 233 | 235 |
| &nbsp;&nbsp;&nbsp; ZXAD-ZTCB, 35.710%, 10/03/2025 †§x | Affirm | 10/07/2024 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZXAP-NW8O, 29.600%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 25 | 26 | 1 |
| &nbsp;&nbsp;&nbsp; ZXAQ-WTRF, 30.500%, 8/09/2024 †x#^ | Affirm | 8/14/2023 | 532 | 560 | 32 |
| &nbsp;&nbsp;&nbsp; ZXAT-1Y0V, 35.760%, 2/06/2026 †§x | Affirm | 2/26/2025 | 59 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZXAT-VBKN, 29.550%, 4/18/2026 †§x | Affirm | 4/22/2024 | 212 | 215 | 216 |
| &nbsp;&nbsp;&nbsp; ZXAU-YG6K, 35.440%, 12/28/2025 †x# | Affirm | 1/29/2025 | 146 | 144 | 50 |
| &nbsp;&nbsp;&nbsp; ZXB2-Z2UQ, 29.460%, 5/08/2025 †x#^ | Affirm | 5/11/2023 | 669 | 666 | 40 |
| &nbsp;&nbsp;&nbsp; ZXBA-7NSD, 13.840%, 10/21/2025 †§x | Affirm | 10/24/2024 | 53 | 53 | 54 |
| &nbsp;&nbsp;&nbsp; ZXBC-5PGS, 32.500%, 8/18/2024 †x#^ | Affirm | 8/24/2023 | 211 | 210 | 13 |
| &nbsp;&nbsp;&nbsp; ZXBE-B6NA, 29.810%, 2/05/2026 †§x | Affirm | 2/26/2025 | 214 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; ZXBF-MSFV, 35.460%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 35 | 36 | 8 |
| &nbsp;&nbsp;&nbsp; ZXBU-FCVM, 29.670%, 12/06/2025 †§x | Affirm | 12/11/2023 | 90 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; ZXBX-6RCM, 35.410%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 260 | 261 | 16 |
| &nbsp;&nbsp;&nbsp; ZXC2-H9Q7, 35.360%, 8/10/2024 †x#^ | Affirm | 8/14/2023 | 109 | 108 | 7 |
| &nbsp;&nbsp;&nbsp; ZXC5-RPXL, 29.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 36 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZXC6-PST4, 15.790%, 2/20/2026 †§x | Affirm | 2/23/2024 | 335 | 339 | 341 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8578** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZXCC-GFW9, 15.710%, 5/06/2023 †x#^ | Affirm | 5/12/2022 | $139 | $137 | $8 |
| &nbsp;&nbsp;&nbsp; ZXCF-XYYY, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 326 | 328 | 20 |
| &nbsp;&nbsp;&nbsp; ZXCG-4NR4, 26.900%, 3/03/2026 †§x | Affirm | 3/28/2025 | 119 | 121 | 122 |
| &nbsp;&nbsp;&nbsp; ZXCG-N8GG, 22.650%, 10/15/2025 †§x | Affirm | 4/18/2024 | 111 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; ZXCJ-556D, 33.950%, 1/08/2026 †x# | Affirm | 1/29/2025 | 534 | 548 | 137 |
| &nbsp;&nbsp;&nbsp; ZXCL-UR2C, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 102 | 103 | 102 |
| &nbsp;&nbsp;&nbsp; ZXCN-DFPH, 18.000%, 10/18/2025 †§x | Affirm | 10/24/2024 | 260 | 261 | 262 |
| &nbsp;&nbsp;&nbsp; ZXCN-Y4JA, 33.950%, 5/17/2026 †§x | Affirm | 5/22/2023 | 1232 | 1259 | 1256 |
| &nbsp;&nbsp;&nbsp; ZXCP-VGI2, 29.810%, 12/01/2022 †x#^ | Affirm | 12/06/2021 | 485 | 495 | 29 |
| &nbsp;&nbsp;&nbsp; ZXCR-BJRZ, 29.390%, 9/07/2022 †x#^ | Affirm | 3/10/2022 | 192 | 193 | 12 |
| &nbsp;&nbsp;&nbsp; ZXCU-7EYY, 32.820%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; ZXD2-669Q, 35.610%, 11/15/2025 †x# | Affirm | 11/27/2024 | 283 | 259 | 73 |
| &nbsp;&nbsp;&nbsp; ZXD7-JRJ7, 29.900%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 100 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; ZXD8-EZLE, 33.050%, 10/28/2026 †§x# | Affirm | 10/31/2024 | 248 | 256 | 254 |
| &nbsp;&nbsp;&nbsp; ZXDB-78SQ, 23.900%, 12/11/2024 †x#^ | Affirm | 12/14/2023 | 187 | 193 | 11 |
| &nbsp;&nbsp;&nbsp; ZXDD-PEMJ, 33.050%, 3/20/2026 †§x | Affirm | 3/28/2025 | 136 | 141 | 142 |
| &nbsp;&nbsp;&nbsp; ZXDJ-GQAQ, 23.400%, 8/26/2026 †§x | Affirm | 8/29/2024 | 676 | 693 | 697 |
| &nbsp;&nbsp;&nbsp; ZXDO-0RNB, 35.310%, 5/09/2026 †§x# | Affirm | 5/13/2024 | 264 | 266 | 269 |
| &nbsp;&nbsp;&nbsp; ZXE6-RLXL, 29.450%, 5/23/2023 †x#^ | Affirm | 5/26/2022 | 363 | 359 | 22 |
| &nbsp;&nbsp;&nbsp; ZXE9-QDRO, 35.900%, 7/02/2026 †§x | Affirm | 1/29/2025 | 288 | 284 | 287 |
| &nbsp;&nbsp;&nbsp; ZXEM-2G1V, 35.990%, 1/02/2026 †§x | Affirm | 1/29/2025 | 71 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; ZXFG-80WT, 29.610%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZXFO-4NQ8, 33.950%, 8/12/2026 †§x | Affirm | 2/26/2025 | 239 | 249 | 248 |
| &nbsp;&nbsp;&nbsp; ZXFS-0GAZ, 33.950%, 3/20/2026 †§x | Affirm | 3/28/2025 | 86 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZXFS-1A6R, 6.356%, 3/19/2026 †§x« | Affirm | 3/28/2025 | 153 | 148 | 147 |
| &nbsp;&nbsp;&nbsp; ZXFW-TAJQ, 29.550%, 10/15/2025 †§x | Affirm | 4/18/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZXG2-6NVF, 23.400%, 3/23/2026 †§x | Affirm | 9/26/2024 | 184 | 187 | 187 |
| &nbsp;&nbsp;&nbsp; ZXG4-XNA0, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 352 | 358 | 356 |
| &nbsp;&nbsp;&nbsp; ZXGC-I9W7, 26.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZXGI-OLFN, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZXGP-EV72, 7.586%, 8/30/2025 †§x^« | Affirm | 6/27/2025 | 601 | 593 | 600 |
| &nbsp;&nbsp;&nbsp; ZXGU-FJXD, 15.880%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 66 | 68 | 45 |
| &nbsp;&nbsp;&nbsp; ZXGW-O2EV, 32.500%, 11/12/2025 †§x# | Affirm | 11/27/2024 | 362 | 361 | 156 |
| &nbsp;&nbsp;&nbsp; ZXH1-5EVM, 10.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 128 | 130 | 129 |
| &nbsp;&nbsp;&nbsp; ZXHG-UWXH, 25.900%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; ZXHK-C22Q, 35.520%, 6/16/2025 †x#^ | Affirm | 12/27/2024 | 80 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZXHO-1X30, 29.670%, 3/02/2025 †x#^ | Affirm | 3/06/2023 | 525 | 540 | 32 |
| &nbsp;&nbsp;&nbsp; ZXIA-RSOO, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZXID-47N3, 29.460%, 5/24/2025 †x#^ | Affirm | 5/30/2023 | 1812 | 1732 | 109 |
| &nbsp;&nbsp;&nbsp; ZXIH-FRF7, 35.550%, 9/24/2025 †x# | Affirm | 9/27/2024 | 15 | 15 | 1 |
| &nbsp;&nbsp;&nbsp; ZXIN-FJ10, 29.720%, 1/06/2026 †§x | Affirm | 1/29/2025 | 77 | 78 | 78 |
| &nbsp;&nbsp;&nbsp; ZXIV-AFBH, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 58 | 58 |
| &nbsp;&nbsp;&nbsp; ZXIW-Z0CU, 22.750%, 7/03/2026 †§x | Affirm | 1/29/2025 | 490 | 501 | 503 |
| &nbsp;&nbsp;&nbsp; ZXIX-OELU, 29.580%, 4/18/2026 †§x | Affirm | 10/25/2024 | 186 | 189 | 190 |
| &nbsp;&nbsp;&nbsp; ZXJ0-7E0O, 23.400%, 2/10/2026 †§x | Affirm | 2/26/2025 | 366 | 372 | 374 |
| &nbsp;&nbsp;&nbsp; ZXJT-3WHL, 32.750%, 9/02/2025 †x# | Affirm | 6/27/2025 | 28 | 28 | 4 |
| &nbsp;&nbsp;&nbsp; ZXK7-0WH3, 35.540%, 9/23/2025 †x# | Affirm | 9/26/2024 | 51 | 52 | 3 |
| &nbsp;&nbsp;&nbsp; ZXKH-7C2S, 30.000%, 5/24/2024 †x#^ | Affirm | 5/30/2023 | 192 | 195 | 11 |
| &nbsp;&nbsp;&nbsp; ZXL7-292W, 35.460%, 12/28/2025 †§x | Affirm | 1/29/2025 | 37 | 37 | 37 |
| &nbsp;&nbsp;&nbsp; ZXLN-NC0Q, 29.620%, 6/24/2023 †x#^ | Affirm | 12/30/2021 | 178 | 166 | 11 |
| &nbsp;&nbsp;&nbsp; ZXLY-09VC, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 68 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; ZXM3-8M4F, 35.470%, 9/25/2025 †x# | Affirm | 9/30/2024 | 143 | 149 | 9 |
| &nbsp;&nbsp;&nbsp; ZXM4-0PIH, 23.400%, 1/04/2026 †§x | Affirm | 1/08/2024 | 178 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; ZXMK-AEE0, 35.370%, 8/23/2025 †x#^ | Affirm | 8/29/2024 | 774 | 804 | 46 |
| &nbsp;&nbsp;&nbsp; ZXMM-6I90, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | 190 | 197 | 196 |
| &nbsp;&nbsp;&nbsp; ZXMT-VA0I, 33.950%, 11/12/2025 †§x | Affirm | 11/27/2024 | 57 | 57 | 57 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8579** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZXN7-3RUV, 35.640%, 1/06/2026 †§x | Affirm | 1/29/2025 | $109 | $109 | $109 |
| &nbsp;&nbsp;&nbsp; ZXN8-GUOM, 35.380%, 8/29/2024 †x#^ | Affirm | 9/05/2023 | 74 | 73 | 4 |
| &nbsp;&nbsp;&nbsp; ZXNB-77G3, 8.936%, 11/15/2025 †§x« | Affirm | 11/27/2024 | 267 | 263 | 260 |
| &nbsp;&nbsp;&nbsp; ZXND-W1OO, 15.840%, 1/09/2026 †§x | Affirm | 1/29/2025 | 386 | 393 | 395 |
| &nbsp;&nbsp;&nbsp; ZXNL-LSXY, 29.360%, 11/06/2025 †§x | Affirm | 5/30/2025 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; ZXNM-JE5V, 29.480%, 12/06/2022 †x#^ | Affirm | 6/09/2022 | 36 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; ZXNN-APDB, 29.680%, 11/24/2022 †x#^ | Affirm | 11/29/2021 | 292 | 297 | 18 |
| &nbsp;&nbsp;&nbsp; ZXNO-U7CP, 29.540%, 4/26/2023 †x#^ | Affirm | 4/29/2022 | 65 | 64 | 4 |
| &nbsp;&nbsp;&nbsp; ZXNU-4NFQ, 13.840%, 10/02/2025 †§x | Affirm | 10/07/2024 | 86 | 86 | 86 |
| &nbsp;&nbsp;&nbsp; ZXO1-MY5N, 29.620%, 12/14/2022 †x#^ | Affirm | 12/17/2021 | 85 | 87 | 5 |
| &nbsp;&nbsp;&nbsp; ZXOB-FBGN, 15.640%, 6/07/2022 †x#^ | Affirm | 3/10/2022 | 157 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; ZXOR-Y8JR, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 104 | 107 | 108 |
| &nbsp;&nbsp;&nbsp; ZXOV-0S9F, 28.000%, 1/28/2023 †x#^ | Affirm | 2/03/2022 | 507 | 531 | 30 |
| &nbsp;&nbsp;&nbsp; ZXOY-3H5V, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 156 | 158 | 157 |
| &nbsp;&nbsp;&nbsp; ZXP3-1LWG, 22.900%, 8/07/2026 †§x | Affirm | 8/29/2025 | 789 | 828 | 828 |
| &nbsp;&nbsp;&nbsp; ZXP6-ZRKK, 35.450%, 12/24/2025 †§x | Affirm | 6/27/2024 | 185 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; ZXPA-92UQ, 18.000%, 9/28/2026 †§x# | Affirm | 3/31/2025 | 226 | 235 | 237 |
| &nbsp;&nbsp;&nbsp; ZXPC-TJ77, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 115 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; ZXPG-GYEK, 26.900%, 9/24/2025 †§x | Affirm | 9/27/2024 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZXPH-89X7, 22.810%, 8/28/2026 †x# | Affirm | 3/28/2025 | 561 | 593 | 34 |
| &nbsp;&nbsp;&nbsp; ZXPL-E7MD, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZXPL-NK5A, 35.530%, 12/28/2025 †§x | Affirm | 1/29/2025 | 743 | 749 | 743 |
| &nbsp;&nbsp;&nbsp; ZXPO-LTDF, 35.380%, 8/28/2024 †x#^ | Affirm | 8/31/2023 | 36 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; ZXQ1-IM2W, 29.520%, 4/18/2023 †x#^ | Affirm | 4/21/2022 | 353 | 349 | 21 |
| &nbsp;&nbsp;&nbsp; ZXQL-6E7R, 35.460%, 8/26/2025 †§x#^ | Affirm | 8/29/2024 | 60 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; ZXQU-J4Z5, 35.780%, 2/05/2026 †§x# | Affirm | 2/26/2025 | 120 | 122 | 66 |
| &nbsp;&nbsp;&nbsp; ZXQV-PZVQ, 35.440%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 105 | 104 |
| &nbsp;&nbsp;&nbsp; ZXQX-A600, 35.690%, 4/01/2025 †x#^ | Affirm | 10/04/2024 | 22 | 23 | 1 |
| &nbsp;&nbsp;&nbsp; ZXQZ-2TM4, 35.950%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 425 | 427 | 26 |
| &nbsp;&nbsp;&nbsp; ZXQZ-9ZPL, 29.410%, 3/09/2024 †x#^ | Affirm | 3/13/2023 | 175 | 158 | 10 |
| &nbsp;&nbsp;&nbsp; ZXR7-3V7Q, 29.490%, 9/07/2025 †§x | Affirm | 3/11/2024 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZXRI-R021, 29.710%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 110 | 112 | 7 |
| &nbsp;&nbsp;&nbsp; ZXRI-V1LY, 22.640%, 6/25/2025 †x#^ | Affirm | 6/28/2024 | 78 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZXRQ-GU3L, 35.660%, 8/11/2026 †§x | Affirm | 2/26/2025 | 165 | 169 | 169 |
| &nbsp;&nbsp;&nbsp; ZXRQ-H36A, 33.070%, 12/09/2025 †§x | Affirm | 12/27/2024 | 75 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZXSK-WEW9, 35.520%, 7/13/2026 †§x | Affirm | 1/29/2025 | 196 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; ZXST-YIYC, 22.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 145 | 147 | 147 |
| &nbsp;&nbsp;&nbsp; ZXT8-LG5Q, 33.050%, 8/26/2025 †x#^ | Affirm | 8/29/2024 | 92 | 98 | 6 |
| &nbsp;&nbsp;&nbsp; ZXT9-2AIE, 26.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZXTG-KFQP, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 164 | 165 | 165 |
| &nbsp;&nbsp;&nbsp; ZXTH-UNEY, 31.000%, 3/17/2026 †§x | Affirm | 9/20/2024 | 59 | 60 | 59 |
| &nbsp;&nbsp;&nbsp; ZXTP-8RAK, 35.380%, 6/04/2024 †x#^ | Affirm | 12/07/2023 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; ZXTQ-RB42, 9.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 144 | 146 | 146 |
| &nbsp;&nbsp;&nbsp; ZXTS-5CPN, 29.750%, 9/12/2026 †x | Affirm | 2/26/2025 | 297 | 311 | 311 |
| &nbsp;&nbsp;&nbsp; ZXTW-SHHF, 35.310%, 5/21/2026 †x# | Affirm | 5/24/2024 | 630 | 641 | 38 |
| &nbsp;&nbsp;&nbsp; ZXU1-WSKP, 9.790%, 9/03/2025 †§x | Affirm | 3/28/2025 | 139 | 141 | 139 |
| &nbsp;&nbsp;&nbsp; ZXU2-R43M, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 74 | 75 | 75 |
| &nbsp;&nbsp;&nbsp; ZXU6-08P1, 35.480%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZXU8-2LS5, 35.710%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 185 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; ZXUB-0LNI, 23.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | 243 | 247 | 248 |
| &nbsp;&nbsp;&nbsp; ZXUB-AZT6, 35.380%, 8/09/2024 †x#^ | Affirm | 8/14/2023 | 266 | 275 | 16 |
| &nbsp;&nbsp;&nbsp; ZXUB-ST2R, 35.330%, 12/28/2025 †x# | Affirm | 1/02/2024 | 472 | 475 | 28 |
| &nbsp;&nbsp;&nbsp; ZXUH-5ERG, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 38 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZXUU-XKF6, 29.720%, 1/26/2023 †x#^ | Affirm | 1/31/2022 | 88 | 90 | 5 |
| &nbsp;&nbsp;&nbsp; ZXUV-64BO, 33.950%, 6/20/2026 †§x | Affirm | 12/27/2024 | 96 | 99 | 97 |
| &nbsp;&nbsp;&nbsp; ZXUZ-KMX5, 15.760%, 4/11/2024 †x#^ | Affirm | 10/14/2022 | 250 | 261 | 15 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8580** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZXV2-KKMW, 15.200%, 9/28/2026 †§x# | Affirm | 10/05/2023 | $788 | $807 | $813 |
| &nbsp;&nbsp;&nbsp; ZXVB-48CM, 13.840%, 9/28/2025 †§x | Affirm | 3/31/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZXVI-QSGF, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 130 | 134 | 134 |
| &nbsp;&nbsp;&nbsp; ZXVL-JP8H, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZXVT-X1FG, 33.050%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 36 | 37 | 2 |
| &nbsp;&nbsp;&nbsp; ZXW4-KJZK, 33.050%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZXW8-96QP, 35.670%, 8/12/2026 †x# | Affirm | 2/26/2025 | 353 | 367 | 21 |
| &nbsp;&nbsp;&nbsp; ZXWC-FFFV, 29.690%, 11/15/2025 †§x | Affirm | 11/27/2024 | 69 | 69 | 70 |
| &nbsp;&nbsp;&nbsp; ZXWJ-15G7, 13.840%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 168 | 168 | 170 |
| &nbsp;&nbsp;&nbsp; ZXWL-7489, 29.550%, 3/05/2025 †x#^ | Affirm | 9/08/2023 | 2595 | 2773 | 156 |
| &nbsp;&nbsp;&nbsp; ZXX3-EKHJ, 35.700%, 5/12/2025 †x#^ | Affirm | 11/27/2024 | 61 | 62 | 4 |
| &nbsp;&nbsp;&nbsp; ZXXZ-6SCG, 35.370%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 535 | 544 | 32 |
| &nbsp;&nbsp;&nbsp; ZXY4-EP3K, 32.000%, 8/26/2025 †§x^ | Affirm | 8/29/2024 | 64 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; ZXY7-NAGK, 33.120%, 9/26/2025 †§x | Affirm | 9/30/2024 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; ZXYD-1FCF, 20.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 109 | 111 | 111 |
| &nbsp;&nbsp;&nbsp; ZXYE-CVGZ, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 84 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; ZXYL-T3F8, 35.770%, 2/05/2026 †§x | Affirm | 2/26/2025 | 71 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZXYL-VYA4, 27.100%, 11/10/2024 †x#^ | Affirm | 11/17/2022 | 381 | 412 | 23 |
| &nbsp;&nbsp;&nbsp; ZXYV-U4AS, 29.560%, 10/13/2024 †x#^ | Affirm | 10/17/2022 | 141 | 153 | 8 |
| &nbsp;&nbsp;&nbsp; ZXYY-NA2N, 23.400%, 8/12/2026 †§x | Affirm | 2/26/2025 | 147 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; ZXZ1-KZ7F, 30.000%, 8/10/2025 †§x#^ | Affirm | 2/26/2025 | 47 | 47 | 8 |
| &nbsp;&nbsp;&nbsp; ZXZ6-LDMQ, 29.680%, 10/02/2025 †x | Affirm | 4/05/2024 | 91 | 91 | 45 |
| &nbsp;&nbsp;&nbsp; ZXZ7-5C3I, 22.620%, 3/26/2027 †§x | Affirm | 3/31/2025 | 1017 | 1013 | 1033 |
| &nbsp;&nbsp;&nbsp; ZXZA-TBQ7, 22.750%, 9/05/2025 †x# | Affirm | 9/08/2023 | 343 | 367 | 21 |
| &nbsp;&nbsp;&nbsp; ZXZS-GFJ0, 29.000%, 5/28/2023 †x#^ | Affirm | 6/03/2022 | 90 | 93 | 5 |
| &nbsp;&nbsp;&nbsp; ZXZT-UW6E, 35.770%, 7/02/2026 †§x | Affirm | 1/29/2025 | 195 | 198 | 196 |
| &nbsp;&nbsp;&nbsp; ZY0M-RKML, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 229 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; ZY0N-6J5T, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 69 | 71 | 70 |
| &nbsp;&nbsp;&nbsp; ZY0N-MFIZ, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1199 | 1231 | 1237 |
| &nbsp;&nbsp;&nbsp; ZY0X-HFEE, 26.200%, 9/27/2026 †§x | Affirm | 10/02/2023 | 1362 | 1398 | 1405 |
| &nbsp;&nbsp;&nbsp; ZY16-NEEH, 29.590%, 10/21/2025 †x# | Affirm | 10/24/2024 | 1567 | 1629 | 94 |
| &nbsp;&nbsp;&nbsp; ZY18-PP12, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZY19-NI4Y, 29.740%, 5/17/2022 †x#^ | Affirm | 11/22/2021 | 35 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; ZY1H-MEBN, 29.520%, 4/20/2023 †x#^ | Affirm | 4/25/2022 | 146 | 153 | 9 |
| &nbsp;&nbsp;&nbsp; ZY28-OSCP, 15.720%, 8/23/2024 †x#^ | Affirm | 8/28/2023 | 56 | 59 | 3 |
| &nbsp;&nbsp;&nbsp; ZY2J-V24Z, 29.620%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 569 | 558 | 34 |
| &nbsp;&nbsp;&nbsp; ZY2N-EDMH, 11.910%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 70 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; ZY2O-FNX7, 19.700%, 11/06/2025 †§x | Affirm | 8/29/2025 | 552 | 557 | 557 |
| &nbsp;&nbsp;&nbsp; ZY2O-W195, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 42 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZY2P-137K, 35.420%, 12/04/2025 †§x | Affirm | 12/07/2023 | 407 | 407 | 408 |
| &nbsp;&nbsp;&nbsp; ZY2S-63D8, 25.900%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 80 | 82 | 5 |
| &nbsp;&nbsp;&nbsp; ZY2S-V9H3, 29.430%, 5/19/2024 †x#^ | Affirm | 5/26/2023 | 106 | 104 | 6 |
| &nbsp;&nbsp;&nbsp; ZY32-NT3B, 8.990%, 12/28/2025 †§x« | Affirm | 1/29/2025 | 125 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; ZY38-LGDD, 30.950%, 3/28/2027 †§x | Affirm | 3/31/2025 | 1520 | 1602 | 1602 |
| &nbsp;&nbsp;&nbsp; ZY3A-2C61, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 271 | 280 | 283 |
| &nbsp;&nbsp;&nbsp; ZY3D-XS0N, 29.610%, 6/03/2023 †x#^ | Affirm | 12/09/2021 | 249 | 238 | 15 |
| &nbsp;&nbsp;&nbsp; ZY3G-JMZW, 35.950%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 43 | 43 | 7 |
| &nbsp;&nbsp;&nbsp; ZY3K-TTRA, 35.650%, 1/06/2026 †x# | Affirm | 1/29/2025 | 675 | 666 | 161 |
| &nbsp;&nbsp;&nbsp; ZY3O-8NZL, 15.820%, 9/23/2025 †§x | Affirm | 9/26/2024 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZY3Z-0LUU, 19.700%, 1/29/2025 †x#^ | Affirm | 8/03/2023 | 603 | 626 | 36 |
| &nbsp;&nbsp;&nbsp; ZY3Z-1DJ7, 15.790%, 3/21/2024 †x#^ | Affirm | 9/26/2022 | 2804 | 3011 | 168 |
| &nbsp;&nbsp;&nbsp; ZY47-NIYT, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 179 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; ZY49-G5OG, 29.380%, 2/06/2026 †§x | Affirm | 8/29/2025 | 213 | 218 | 218 |
| &nbsp;&nbsp;&nbsp; ZY4B-E72I, 30.950%, 3/03/2026 †§x | Affirm | 3/28/2025 | 1175 | 1198 | 1202 |
| &nbsp;&nbsp;&nbsp; ZY4E-AJL2, 6.437%, 12/18/2025 †§x« | Affirm | 12/27/2024 | 47 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZY4E-C2D6, 35.990%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 56 | 56 | 2 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8581** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZY4H-N17L, 15.700%, 3/28/2026 †§x | Affirm | 3/31/2025 | $146 | $150 | $151 |
| &nbsp;&nbsp;&nbsp; ZY4M-D0SG, 26.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 21 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZY4V-CC3E, 30.500%, 1/03/2024 †x#^ | Affirm | 7/07/2023 | 160 | 165 | 10 |
| &nbsp;&nbsp;&nbsp; ZY4W-9O17, 18.000%, 5/11/2026 †§x | Affirm | 5/15/2023 | 757 | 773 | 775 |
| &nbsp;&nbsp;&nbsp; ZY58-H5AO, 35.490%, 11/01/2025 †§x | Affirm | 5/06/2024 | 63 | 63 | 62 |
| &nbsp;&nbsp;&nbsp; ZY5C-29FM, 11.840%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 563 | 578 | 582 |
| &nbsp;&nbsp;&nbsp; ZY5G-IHWA, 22.750%, 5/07/2025 †x#^ | Affirm | 11/27/2024 | 42 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; ZY5J-0YW9, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 11 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; ZY5P-OYJS, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 76 | 78 | 77 |
| &nbsp;&nbsp;&nbsp; ZY5Z-HZPJ, 29.670%, 11/03/2023 †x#^ | Affirm | 11/07/2022 | 49 | 50 | 3 |
| &nbsp;&nbsp;&nbsp; ZY6D-SG8Y, 29.570%, 1/11/2026 †x# | Affirm | 1/16/2024 | 601 | 604 | 36 |
| &nbsp;&nbsp;&nbsp; ZY6J-9OT9, 35.540%, 3/16/2026 †§x | Affirm | 9/19/2024 | 286 | 290 | 287 |
| &nbsp;&nbsp;&nbsp; ZY6J-KLJ5, 33.080%, 12/11/2025 †§x | Affirm | 12/27/2024 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZY75-Y145, 35.280%, 10/01/2025 †x# | Affirm | 4/04/2024 | 147 | 152 | 9 |
| &nbsp;&nbsp;&nbsp; ZY7E-417M, 33.050%, 12/16/2025 †§x | Affirm | 12/27/2024 | 59 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; ZY7F-Z8YV, 19.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 293 | 296 | 294 |
| &nbsp;&nbsp;&nbsp; ZY7L-C9OD, 29.440%, 11/29/2024 †x#^ | Affirm | 6/02/2023 | 655 | 635 | 39 |
| &nbsp;&nbsp;&nbsp; ZY7P-03TI, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 454 | 448 | 452 |
| &nbsp;&nbsp;&nbsp; ZY7P-KTKN, 33.050%, 2/23/2026 †§x | Affirm | 8/29/2024 | 168 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; ZY7P-NP7A, 35.530%, 5/13/2026 †x# | Affirm | 11/27/2024 | 218 | 219 | 220 |
| &nbsp;&nbsp;&nbsp; ZY7X-F015, 27.100%, 4/19/2023 †x#^ | Affirm | 10/27/2022 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; ZY80-YLFU, 31.000%, 11/12/2025 †§x | Affirm | 11/27/2024 | 100 | 102 | 54 |
| &nbsp;&nbsp;&nbsp; ZY8A-EB3U, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 381 | 385 | 228 |
| &nbsp;&nbsp;&nbsp; ZY8C-Q008, 35.500%, 10/23/2025 †§x | Affirm | 10/28/2024 | 55 | 55 | 56 |
| &nbsp;&nbsp;&nbsp; ZY8L-IY0U, 33.950%, 2/05/2027 †§x# | Affirm | 8/29/2025 | 724 | 744 | 744 |
| &nbsp;&nbsp;&nbsp; ZY8P-CVOG, 29.670%, 7/11/2024 †x#^ | Affirm | 1/16/2024 | 169 | 173 | 10 |
| &nbsp;&nbsp;&nbsp; ZY8Q-1P6J, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZY8Q-25V7, 22.510%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZY8Q-IST7, 26.200%, 10/06/2023 †x#^ | Affirm | 10/11/2022 | 68 | 67 | 4 |
| &nbsp;&nbsp;&nbsp; ZY8Y-DHYP, 33.050%, 1/06/2026 †§x | Affirm | 1/29/2025 | 65 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; ZY91-IXVV, 22.200%, 12/16/2022 †x#^ | Affirm | 12/20/2021 | 2233 | 2342 | 134 |
| &nbsp;&nbsp;&nbsp; ZY98-BQOZ, 15.800%, 11/20/2026 †§x | Affirm | 11/27/2024 | 1583 | 1583 | 1605 |
| &nbsp;&nbsp;&nbsp; ZY9A-N4W0, 35.300%, 3/20/2026 †§x | Affirm | 3/28/2025 | 184 | 183 | 185 |
| &nbsp;&nbsp;&nbsp; ZY9A-RXLV, 29.390%, 9/07/2022 †x#^ | Affirm | 3/10/2022 | 188 | 192 | 11 |
| &nbsp;&nbsp;&nbsp; ZY9G-KCF6, 29.000%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 97 | 96 | 6 |
| &nbsp;&nbsp;&nbsp; ZY9I-SG5R, 35.610%, 11/12/2025 †§x | Affirm | 11/27/2024 | 124 | 125 | 125 |
| &nbsp;&nbsp;&nbsp; ZY9M-RRFE, 29.740%, 5/07/2023 †x#^ | Affirm | 11/10/2022 | 155 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; ZY9Y-UN2A, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 535 | 540 | 536 |
| &nbsp;&nbsp;&nbsp; ZYA1-566M, 33.950%, 12/02/2025 †§x | Affirm | 6/27/2025 | 136 | 138 | 138 |
| &nbsp;&nbsp;&nbsp; ZYA5-E9TZ, 13.840%, 2/07/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZYA9-GFF3, 23.400%, 1/08/2027 †§x | Affirm | 7/31/2025 | 305 | 317 | 317 |
| &nbsp;&nbsp;&nbsp; ZYAA-DYWS, 29.440%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 64 | 66 | 67 |
| &nbsp;&nbsp;&nbsp; ZYAD-5YAY, 31.000%, 4/15/2025 †x#^ | Affirm | 4/18/2024 | 123 | 129 | 7 |
| &nbsp;&nbsp;&nbsp; ZYAF-2MEZ, 29.570%, 6/04/2025 †x#^ | Affirm | 12/07/2023 | 68 | 68 | 4 |
| &nbsp;&nbsp;&nbsp; ZYAH-WNV3, 35.390%, 12/04/2024 †x#^ | Affirm | 12/07/2023 | 76 | 76 | 5 |
| &nbsp;&nbsp;&nbsp; ZYAI-4JLZ, 29.000%, 6/28/2024 †x#^ | Affirm | 7/03/2023 | 155 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; ZYAY-HOF2, 35.490%, 10/21/2025 †§x | Affirm | 10/24/2024 | 263 | 263 | 264 |
| &nbsp;&nbsp;&nbsp; ZYAZ-4R90, 35.420%, 12/02/2025 †§x | Affirm | 6/27/2025 | 43 | 43 | 43 |
| &nbsp;&nbsp;&nbsp; ZYB3-X8SV, 29.630%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; ZYB4-M1NL, 29.000%, 1/24/2023 †x#^ | Affirm | 1/27/2022 | 159 | 167 | 10 |
| &nbsp;&nbsp;&nbsp; ZYBE-MLCR, 29.340%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZYBE-RK1D, 22.900%, 2/16/2024 †x#^ | Affirm | 2/21/2023 | 364 | 380 | 22 |
| &nbsp;&nbsp;&nbsp; ZYBN-CKW9, 35.770%, 2/06/2026 †§x | Affirm | 2/26/2025 | 927 | 951 | 955 |
| &nbsp;&nbsp;&nbsp; ZYBU-51M3, 23.400%, 10/15/2025 †§x | Affirm | 4/18/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZYBV-5T90, 15.820%, 9/23/2025 †x# | Affirm | 9/26/2024 | 157 | 166 | 9 |
| &nbsp;&nbsp;&nbsp; ZYC2-9Q0D, 35.480%, 8/06/2026 †§x | Affirm | 8/29/2025 | 159 | 156 | 156 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8582** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZYC2-F0BV, 33.950%, 4/21/2026 †§x | Affirm | 10/24/2024 | $388 | $398 | $397 |
| &nbsp;&nbsp;&nbsp; ZYC6-VWXI, 33.070%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 109 | 108 | 108 |
| &nbsp;&nbsp;&nbsp; ZYC8-K4U2, 33.000%, 11/15/2025 †§x# | Affirm | 11/27/2024 | 148 | 148 | 148 |
| &nbsp;&nbsp;&nbsp; ZYCF-UAZ9, 29.520%, 12/28/2025 †x# | Affirm | 1/02/2024 | 17 | 18 |  |
| &nbsp;&nbsp;&nbsp; ZYCK-R01V, 29.680%, 7/10/2023 †x#^ | Affirm | 1/18/2022 | 121 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; ZYCR-UR5S, 33.500%, 3/03/2026 †§x | Affirm | 3/28/2025 | 90 | 90 | 90 |
| &nbsp;&nbsp;&nbsp; ZYCV-UKAV, 20.900%, 12/02/2025 †§x | Affirm | 6/27/2025 | 750 | 759 | 760 |
| &nbsp;&nbsp;&nbsp; ZYCY-YVJ8, 35.490%, 12/28/2025 †§x | Affirm | 1/29/2025 | 629 | 635 | 630 |
| &nbsp;&nbsp;&nbsp; ZYD3-PF9O, 30.000%, 3/09/2023 †x#^ | Affirm | 12/15/2022 | 1314 | 1309 | 79 |
| &nbsp;&nbsp;&nbsp; ZYDA-RH89, 35.000%, 10/01/2025 †x | Affirm | 10/04/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZYDE-JQZU, 35.480%, 7/02/2025 †x#^ | Affirm | 1/29/2025 | 54 | 55 | 9 |
| &nbsp;&nbsp;&nbsp; ZYDG-EJIJ, 35.830%, 10/01/2025 †x# | Affirm | 10/04/2024 | 254 | 269 | 15 |
| &nbsp;&nbsp;&nbsp; ZYDG-U52G, 29.300%, 11/08/2023 †x#^ | Affirm | 5/11/2023 | 104 | 106 | 6 |
| &nbsp;&nbsp;&nbsp; ZYDJ-3WP3, 35.570%, 9/17/2025 †§x | Affirm | 9/20/2024 | 57 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZYDJ-H7G5, 33.950%, 5/20/2026 †§x | Affirm | 11/27/2024 | 219 | 223 | 222 |
| &nbsp;&nbsp;&nbsp; ZYDL-XEBG, 29.710%, 1/06/2023 †x#^ | Affirm | 1/10/2022 | 209 | 213 | 13 |
| &nbsp;&nbsp;&nbsp; ZYDT-0Q58, 32.000%, 2/07/2026 †§x# | Affirm | 2/26/2025 | 77 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZYDZ-6YF6, 35.330%, 5/06/2026 †§x | Affirm | 5/30/2025 | 220 | 217 | 219 |
| &nbsp;&nbsp;&nbsp; ZYE3-LH5R, 29.590%, 1/02/2029 †§x | Affirm | 1/29/2025 | 1753 | 1878 | 1896 |
| &nbsp;&nbsp;&nbsp; ZYE4-W6AZ, 15.720%, 2/28/2025 †x#^ | Affirm | 9/01/2023 | 21 | 22 | 1 |
| &nbsp;&nbsp;&nbsp; ZYE6-USFO, 29.680%, 7/24/2023 †x#^ | Affirm | 1/27/2022 | 246 | 231 | 15 |
| &nbsp;&nbsp;&nbsp; ZYED-PKIH, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 130 | 136 | 8 |
| &nbsp;&nbsp;&nbsp; ZYEJ-H1EL, 33.950%, 7/23/2026 †§x | Affirm | 7/26/2024 | 1182 | 1210 | 1220 |
| &nbsp;&nbsp;&nbsp; ZYEW-JDQY, 29.620%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 361 | 365 | 364 |
| &nbsp;&nbsp;&nbsp; ZYF3-68BK, 35.520%, 7/13/2026 †x# | Affirm | 1/29/2025 | 227 | 225 | 14 |
| &nbsp;&nbsp;&nbsp; ZYFC-0277, 23.400%, 12/02/2025 †§x | Affirm | 6/27/2025 | 542 | 549 | 551 |
| &nbsp;&nbsp;&nbsp; ZYFK-NPEG, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 37 | 38 | 38 |
| &nbsp;&nbsp;&nbsp; ZYFM-PYJ0, 29.620%, 12/27/2022 †x#^ | Affirm | 12/30/2021 | 522 | 532 | 31 |
| &nbsp;&nbsp;&nbsp; ZYFV-V9JR, 35.690%, 2/10/2026 †§x | Affirm | 2/26/2025 | 100 | 102 | 102 |
| &nbsp;&nbsp;&nbsp; ZYG6-78JW, 9.850%, 4/28/2027 †x# | Affirm | 5/02/2024 | 2648 | 2689 | 2705 |
| &nbsp;&nbsp;&nbsp; ZYG6-W7C4, 22.810%, 5/08/2026 †§x | Affirm | 11/27/2024 | 465 | 477 | 475 |
| &nbsp;&nbsp;&nbsp; ZYGA-MD4E, 33.950%, 1/13/2028 †§x | Affirm | 1/29/2025 | 2060 | 2115 | 2139 |
| &nbsp;&nbsp;&nbsp; ZYGB-XOEH, 11.820%, 8/06/2026 †§x | Affirm | 8/29/2025 | 1794 | 1844 | 1844 |
| &nbsp;&nbsp;&nbsp; ZYGD-2S8Y, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 27 | 27 | 28 |
| &nbsp;&nbsp;&nbsp; ZYGD-RC36, 15.970%, 7/17/2023 †x#^ | Affirm | 1/20/2023 | 98 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZYGE-O6PL, 35.690%, 2/07/2026 †§x | Affirm | 2/26/2025 | 83 | 84 | 84 |
| &nbsp;&nbsp;&nbsp; ZYGV-0N6B, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 85 | 86 | 85 |
| &nbsp;&nbsp;&nbsp; ZYGZ-DN4A, 29.510%, 5/21/2026 †§x | Affirm | 5/24/2024 | 186 | 189 | 190 |
| &nbsp;&nbsp;&nbsp; ZYH5-ZJJ8, 35.570%, 9/24/2025 †§x | Affirm | 9/27/2024 | 26 | 26 | 27 |
| &nbsp;&nbsp;&nbsp; ZYH6-Z8GU, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 108 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; ZYHA-KKYM, 15.890%, 2/10/2026 †§x | Affirm | 2/26/2025 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; ZYHA-UZHR, 33.000%, 6/19/2026 †§x | Affirm | 12/27/2024 | 297 | 296 | 297 |
| &nbsp;&nbsp;&nbsp; ZYHG-GK4F, 31.000%, 11/20/2025 †§x | Affirm | 11/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZYHR-E48U, 33.950%, 10/16/2025 †§x | Affirm | 4/19/2024 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; ZYHW-UBKW, 35.660%, 8/10/2026 †x# | Affirm | 2/26/2025 | 71 | 73 | 16 |
| &nbsp;&nbsp;&nbsp; ZYHY-QZE6, 13.840%, 1/02/2026 †§x | Affirm | 1/29/2025 | 311 | 315 | 315 |
| &nbsp;&nbsp;&nbsp; ZYI0-UHFE, 11.800%, 9/07/2024 †x#^ | Affirm | 9/11/2023 | 40 | 42 | 2 |
| &nbsp;&nbsp;&nbsp; ZYI0-VW43, 35.780%, 2/10/2026 †§x | Affirm | 2/26/2025 | 164 | 164 | 164 |
| &nbsp;&nbsp;&nbsp; ZYIF-BC0O, 35.560%, 12/23/2024 †x#^ | Affirm | 9/26/2024 | 24 | 24 | 1 |
| &nbsp;&nbsp;&nbsp; ZYII-2ORF, 35.340%, 5/29/2024 †x#^ | Affirm | 6/05/2023 | 500 | 509 | 30 |
| &nbsp;&nbsp;&nbsp; ZYII-V2G9, 35.350%, 6/02/2026 †§x | Affirm | 6/27/2025 | 131 | 129 | 131 |
| &nbsp;&nbsp;&nbsp; ZYIQ-YZWB, 22.810%, 8/07/2026 †§x | Affirm | 2/26/2025 | 345 | 359 | 357 |
| &nbsp;&nbsp;&nbsp; ZYIS-V43I, 23.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 99 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; ZYIU-6TSH, 13.840%, 4/18/2026 †§x | Affirm | 10/24/2024 | 280 | 285 | 286 |
| &nbsp;&nbsp;&nbsp; ZYIW-25CY, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 1082 | 1101 | 1105 |
| &nbsp;&nbsp;&nbsp; ZYJ7-6LJ6, 28.500%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 133 | 135 | 8 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8583** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZYJQ-BQVY, 26.900%, 2/10/2026 †§x# | Affirm | 2/26/2025 | $74 | $76 | $76 |
| &nbsp;&nbsp;&nbsp; ZYK2-F283, 29.370%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 16 | 16 | 16 |
| &nbsp;&nbsp;&nbsp; ZYK4-IK6B, 24.690%, 3/24/2026 †x# | Affirm | 9/27/2024 | 194 | 201 | 12 |
| &nbsp;&nbsp;&nbsp; ZYK5-VBAC, 29.620%, 12/15/2022 †x#^ | Affirm | 12/20/2021 | 472 | 464 | 28 |
| &nbsp;&nbsp;&nbsp; ZYK8-TNFU, 15.870%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 238 | 242 | 241 |
| &nbsp;&nbsp;&nbsp; ZYK9-7SBE, 9.810%, 3/03/2026 †§x | Affirm | 3/28/2025 | 175 | 178 | 179 |
| &nbsp;&nbsp;&nbsp; ZYKL-15WH, 35.400%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZYKR-AMJ4, 35.390%, 10/01/2025 †x# | Affirm | 4/04/2024 | 404 | 417 | 24 |
| &nbsp;&nbsp;&nbsp; ZYKR-WDGV, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 191 | 190 | 190 |
| &nbsp;&nbsp;&nbsp; ZYKV-9YRY, 22.750%, 12/10/2025 †§x | Affirm | 12/27/2024 | 33 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZYL0-FXFD, 35.540%, 12/16/2025 †§x# | Affirm | 12/27/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZYL6-D3VH, 6.286%, 1/02/2026 †§x« | Affirm | 1/29/2025 | 790 | 773 | 769 |
| &nbsp;&nbsp;&nbsp; ZYLA-BTEU, 33.950%, 3/28/2026 †§x# | Affirm | 4/22/2025 | 263 | 271 | 276 |
| &nbsp;&nbsp;&nbsp; ZYLL-ZWN6, 33.950%, 5/01/2026 †§x | Affirm | 5/06/2024 | 518 | 526 | 521 |
| &nbsp;&nbsp;&nbsp; ZYM9-D8NT, 35.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 61 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZYMF-1QS5, 35.530%, 10/03/2026 †§x | Affirm | 10/07/2024 | 655 | 651 | 652 |
| &nbsp;&nbsp;&nbsp; ZYMH-5O3J, 29.620%, 12/28/2025 †§x | Affirm | 1/29/2025 | 120 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; ZYMM-5I3E, 27.200%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 497 | 524 | 30 |
| &nbsp;&nbsp;&nbsp; ZYMT-HTFY, 29.000%, 7/22/2023 †x#^ | Affirm | 7/28/2022 | 44 | 46 | 3 |
| &nbsp;&nbsp;&nbsp; ZYNT-J1AW, 23.400%, 1/02/2026 †§x# | Affirm | 1/29/2025 | 598 | 605 | 606 |
| &nbsp;&nbsp;&nbsp; ZYNT-WBED, 35.290%, 3/20/2026 †§x# | Affirm | 3/28/2025 | 183 | 189 | 192 |
| &nbsp;&nbsp;&nbsp; ZYNW-416G, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZYOB-GKVG, 26.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZYOI-LD6Y, 29.560%, 6/14/2026 †x# | Affirm | 6/21/2024 | 2493 | 2471 | 150 |
| &nbsp;&nbsp;&nbsp; ZYOJ-WDE4, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 40 | 40 | 40 |
| &nbsp;&nbsp;&nbsp; ZYOP-BGDT, 33.000%, 12/21/2025 †§x | Affirm | 6/27/2024 | 172 | 171 | 171 |
| &nbsp;&nbsp;&nbsp; ZYOP-K831, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 81 | 82 | 83 |
| &nbsp;&nbsp;&nbsp; ZYOS-0XJF, 33.050%, 12/10/2025 †§x | Affirm | 12/27/2024 | 245 | 249 | 250 |
| &nbsp;&nbsp;&nbsp; ZYOZ-UNKN, 28.500%, 1/26/2023 †x#^ | Affirm | 7/29/2022 | 79 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZYP2-7L9B, 18.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 53 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZYP7-WI8K, 35.300%, 3/25/2027 †§x# | Affirm | 3/31/2025 | 848 | 844 | 863 |
| &nbsp;&nbsp;&nbsp; ZYPD-DY1T, 32.500%, 2/10/2028 †§x | Affirm | 2/26/2025 | 1512 | 1506 | 1534 |
| &nbsp;&nbsp;&nbsp; ZYPE-VT5W, 35.360%, 7/08/2026 †§x | Affirm | 7/31/2025 | 315 | 310 | 312 |
| &nbsp;&nbsp;&nbsp; ZYPN-Z24Q, 35.490%, 7/03/2025 †x#^ | Affirm | 1/08/2024 | 2692 | 2693 | 162 |
| &nbsp;&nbsp;&nbsp; ZYPP-PEZZ, 35.430%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 250 | 252 | 30 |
| &nbsp;&nbsp;&nbsp; ZYPR-LILH, 33.950%, 12/18/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZYPR-R058, 27.500%, 5/14/2024 †x#^ | Affirm | 11/17/2022 | 978 | 1021 | 59 |
| &nbsp;&nbsp;&nbsp; ZYPY-7P1C, 35.570%, 12/30/2024 †x#^ | Affirm | 10/03/2024 | 47 | 48 | 3 |
| &nbsp;&nbsp;&nbsp; ZYQ5-F15Y, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 62 | 63 | 63 |
| &nbsp;&nbsp;&nbsp; ZYQ6-CPMP, 34.970%, 10/08/2025 †§x# | Affirm | 7/31/2025 | 26 | 26 | 26 |
| &nbsp;&nbsp;&nbsp; ZYQO-WQFU, 35.470%, 2/20/2025 †x#^ | Affirm | 2/23/2024 | 141 | 145 | 8 |
| &nbsp;&nbsp;&nbsp; ZYQY-94K3, 15.830%, 11/15/2025 †§x | Affirm | 11/27/2024 | 147 | 148 | 149 |
| &nbsp;&nbsp;&nbsp; ZYQY-R4W9, 25.900%, 9/20/2025 †§x | Affirm | 3/28/2025 | 19 | 19 | 19 |
| &nbsp;&nbsp;&nbsp; ZYR8-CL7A, 24.400%, 3/24/2026 †§x | Affirm | 9/27/2024 | 148 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; ZYRA-52L1, 15.650%, 2/06/2026 †§x | Affirm | 8/29/2025 | 49 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZYRK-5Q4X, 35.100%, 1/08/2026 †§x | Affirm | 7/31/2025 | 46 | 46 | 47 |
| &nbsp;&nbsp;&nbsp; ZYRP-DVBY, 35.370%, 6/28/2026 †x# | Affirm | 7/05/2024 | 520 | 515 | 31 |
| &nbsp;&nbsp;&nbsp; ZYRT-FDAL, 35.460%, 8/06/2026 †§x# | Affirm | 8/29/2025 | 613 | 643 | 643 |
| &nbsp;&nbsp;&nbsp; ZYRW-HHFB, 35.530%, 12/16/2025 †x# | Affirm | 12/27/2024 | 77 | 77 | 4 |
| &nbsp;&nbsp;&nbsp; ZYS5-AXJH, 35.380%, 11/28/2025 †§x | Affirm | 12/04/2023 | 89 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZYS5-CNA8, 35.490%, 3/26/2025 †x#^ | Affirm | 9/30/2024 | 34 | 35 | 2 |
| &nbsp;&nbsp;&nbsp; ZYS8-EDYS, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 79 | 81 | 82 |
| &nbsp;&nbsp;&nbsp; ZYSI-RCYX, 24.400%, 8/12/2026 †x | Affirm | 2/26/2025 | 1857 | 1935 | 1926 |
| &nbsp;&nbsp;&nbsp; ZYSO-RMFJ, 32.000%, 12/28/2025 †§x | Affirm | 1/29/2025 | 67 | 68 | 68 |
| &nbsp;&nbsp;&nbsp; ZYSQ-MV5U, 35.270%, 9/20/2025 †§x | Affirm | 3/28/2025 | 34 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; ZYT0-28SN, 29.610%, 6/15/2023 †x#^ | Affirm | 12/20/2021 | 148 | 141 | 9 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8584** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZYT7-BU6U, 29.490%, 6/02/2026 †§x | Affirm | 6/27/2025 | $146 | $150 | $151 |
| &nbsp;&nbsp;&nbsp; ZYTC-QKTK, 33.050%, 1/09/2026 †§x | Affirm | 1/29/2025 | 87 | 89 | 89 |
| &nbsp;&nbsp;&nbsp; ZYTF-EUTA, 35.950%, 9/03/2025 †x# | Affirm | 3/28/2025 | 713 | 728 | 14 |
| &nbsp;&nbsp;&nbsp; ZYTV-AD06, 29.520%, 10/11/2022 †x#^ | Affirm | 4/14/2022 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; ZYTV-NJUK, 33.950%, 5/06/2026 †§x | Affirm | 5/30/2025 | 425 | 441 | 445 |
| &nbsp;&nbsp;&nbsp; ZYU0-JYIU, 24.400%, 9/12/2025 †§x | Affirm | 3/15/2024 | 73 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZYUC-0PK5, 35.490%, 10/03/2025 †x# | Affirm | 10/07/2024 | 203 | 211 | 12 |
| &nbsp;&nbsp;&nbsp; ZYUD-E9MX, 27.500%, 1/27/2023 †x#^ | Affirm | 1/31/2022 | 418 | 439 | 25 |
| &nbsp;&nbsp;&nbsp; ZYUJ-ASR3, 19.700%, 11/15/2025 †§x | Affirm | 11/27/2024 | 82 | 83 | 83 |
| &nbsp;&nbsp;&nbsp; ZYV3-IJ1G, 28.990%, 2/25/2025 †x#^ | Affirm | 9/01/2023 | 318 | 329 | 19 |
| &nbsp;&nbsp;&nbsp; ZYV8-Z6HV, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 212 | 217 | 217 |
| &nbsp;&nbsp;&nbsp; ZYVD-6JU9, 35.530%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 363 | 366 | 364 |
| &nbsp;&nbsp;&nbsp; ZYW1-BFA2, 22.720%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZYW6-PVWI, 35.170%, 2/06/2026 †§x | Affirm | 8/29/2025 | 23 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZYWA-MSML, 26.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZYWN-9JQG, 32.000%, 12/02/2026 †§x | Affirm | 6/27/2025 | 317 | 333 | 333 |
| &nbsp;&nbsp;&nbsp; ZYX2-P0AF, 24.900%, 2/07/2026 †§x | Affirm | 2/26/2025 | 154 | 157 | 157 |
| &nbsp;&nbsp;&nbsp; ZYX9-9DKF, 29.660%, 9/09/2023 †x#^ | Affirm | 9/15/2022 | 82 | 85 | 5 |
| &nbsp;&nbsp;&nbsp; ZYX9-K8I7, 29.330%, 11/04/2022 †x#^ | Affirm | 5/09/2022 | 238 | 239 | 14 |
| &nbsp;&nbsp;&nbsp; ZYXE-RFC9, 35.430%, 6/14/2025 †x#^ | Affirm | 6/21/2024 | 279 | 290 | 17 |
| &nbsp;&nbsp;&nbsp; ZYXG-HP96, 35.650%, 1/06/2026 †§x | Affirm | 1/29/2025 | 773 | 781 | 780 |
| &nbsp;&nbsp;&nbsp; ZYXJ-37AM, 29.560%, 10/28/2024 †x#^ | Affirm | 11/03/2022 | 1293 | 1410 | 78 |
| &nbsp;&nbsp;&nbsp; ZYXJ-8JZX, 26.900%, 7/08/2026 †§x | Affirm | 7/31/2025 | 100 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; ZYXT-YUB3, 35.380%, 5/20/2025 †x#^ | Affirm | 11/24/2023 | 254 | 260 | 15 |
| &nbsp;&nbsp;&nbsp; ZYY0-XWS6, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 120 | 122 | 121 |
| &nbsp;&nbsp;&nbsp; ZYY1-O4PV, 29.400%, 5/08/2024 †x#^ | Affirm | 5/11/2023 | 104 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; ZYY3-3BG8, 29.470%, 4/24/2024 †x#^ | Affirm | 4/27/2023 | 111 | 108 | 7 |
| &nbsp;&nbsp;&nbsp; ZYY4-T89R, 15.780%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 50 | 49 | 49 |
| &nbsp;&nbsp;&nbsp; ZYY6-J1OS, 35.650%, 3/01/2024 †x#^ | Affirm | 9/08/2023 | 283 | 273 | 17 |
| &nbsp;&nbsp;&nbsp; ZYY7-KBWT, 26.500%, 9/07/2023 †x#^ | Affirm | 9/12/2022 | 121 | 127 | 7 |
| &nbsp;&nbsp;&nbsp; ZYYB-H7X0, 15.750%, 4/28/2026 †§x# | Affirm | 5/03/2024 | 211 | 214 | 214 |
| &nbsp;&nbsp;&nbsp; ZYYE-P5RB, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZYYF-PVB0, 29.620%, 3/23/2026 †§x | Affirm | 9/26/2024 | 150 | 153 | 153 |
| &nbsp;&nbsp;&nbsp; ZYYS-3H6M, 15.710%, 8/07/2025 †x#^ | Affirm | 8/10/2023 | 315 | 319 | 9 |
| &nbsp;&nbsp;&nbsp; ZYYU-A1OL, 29.190%, 11/28/2022 †x#^ | Affirm | 12/03/2021 | 294 | 288 | 18 |
| &nbsp;&nbsp;&nbsp; ZYZ1-0TET, 23.400%, 10/01/2025 †§x | Affirm | 10/04/2024 | 62 | 62 | 62 |
| &nbsp;&nbsp;&nbsp; ZYZ7-THSM, 29.620%, 3/24/2026 †§x | Affirm | 9/27/2024 | 111 | 114 | 114 |
| &nbsp;&nbsp;&nbsp; ZYZA-A16J, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 46 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZYZE-UAX0, 29.620%, 4/04/2023 †x#^ | Affirm | 4/07/2022 | 113 | 117 | 7 |
| &nbsp;&nbsp;&nbsp; ZYZH-VCDQ, 19.670%, 3/07/2027 †§x | Affirm | 3/28/2025 | 1273 | 1192 | 1218 |
| &nbsp;&nbsp;&nbsp; ZYZP-I4YK, 33.950%, 6/02/2026 †§x | Affirm | 6/27/2025 | 101 | 103 | 104 |
| &nbsp;&nbsp;&nbsp; ZYZY-E6OI, 22.650%, 10/18/2024 †x#^ | Affirm | 4/22/2024 | 106 | 109 | 6 |
| &nbsp;&nbsp;&nbsp; ZZ01-6REC, 22.700%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 56 | 57 | 57 |
| &nbsp;&nbsp;&nbsp; ZZ01-R3F4, 35.650%, 1/06/2026 †§x# | Affirm | 1/29/2025 | 224 | 226 | 129 |
| &nbsp;&nbsp;&nbsp; ZZ03-FPON, 29.710%, 1/25/2023 †x#^ | Affirm | 1/28/2022 | 173 | 177 | 10 |
| &nbsp;&nbsp;&nbsp; ZZ03-MTGI, 29.610%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 135 | 137 | 136 |
| &nbsp;&nbsp;&nbsp; ZZ0E-GAFC, 24.590%, 5/28/2027 †x# | Affirm | 6/27/2025 | 3283 | 3234 | 3344 |
| &nbsp;&nbsp;&nbsp; ZZ0M-JW8Z, 35.720%, 9/02/2025 †§x | Affirm | 6/27/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZZ0T-8RHE, 35.770%, 2/10/2026 †§x | Affirm | 2/26/2025 | 229 | 233 | 234 |
| &nbsp;&nbsp;&nbsp; ZZ0Z-TPMP, 23.700%, 1/02/2026 †§x | Affirm | 1/29/2025 | 408 | 415 | 416 |
| &nbsp;&nbsp;&nbsp; ZZ12-2C9Q, 29.820%, 12/02/2022 †x#^ | Affirm | 12/06/2021 | 132 | 135 | 8 |
| &nbsp;&nbsp;&nbsp; ZZ19-0AUF, 35.140%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 20 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; ZZ1D-CGDI, 29.500%, 4/01/2026 †x# | Affirm | 4/04/2024 | 324 | 339 | 19 |
| &nbsp;&nbsp;&nbsp; ZZ1T-FOEK, 16.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 22 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; ZZ1V-AZVL, 25.900%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZZ26-1PV5, 35.480%, 9/23/2025 †§x | Affirm | 9/26/2024 | 15 | 15 | 16 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8585** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZZ26-B6W8, 24.400%, 1/08/2026 †§x | Affirm | 7/31/2025 | $298 | $303 | $304 |
| &nbsp;&nbsp;&nbsp; ZZ27-35Q4, 13.840%, 9/24/2025 †§x | Affirm | 9/27/2024 | 17 | 17 | 17 |
| &nbsp;&nbsp;&nbsp; ZZ2L-C7H0, 7.375%, 9/19/2025 †§x« | Affirm | 3/28/2025 | 103 | 100 | 102 |
| &nbsp;&nbsp;&nbsp; ZZ2T-IAZQ, 7.444%, 9/28/2025 †§x« | Affirm | 3/31/2025 | 342 | 330 | 338 |
| &nbsp;&nbsp;&nbsp; ZZ2X-S0NQ, 29.420%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 721 | 747 | 744 |
| &nbsp;&nbsp;&nbsp; ZZ30-S0E7, 29.650%, 9/18/2025 †§x | Affirm | 9/23/2024 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; ZZ34-2PYI, 26.900%, 6/02/2026 †§x | Affirm | 6/27/2025 | 137 | 141 | 141 |
| &nbsp;&nbsp;&nbsp; ZZ36-S5LN, 35.750%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 47 | 47 | 47 |
| &nbsp;&nbsp;&nbsp; ZZ37-U0NY, 6.863%, 9/20/2025 †§x« | Affirm | 9/26/2024 | 379 | 357 | 375 |
| &nbsp;&nbsp;&nbsp; ZZ3E-F3NQ, 30.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 55 | 55 | 55 |
| &nbsp;&nbsp;&nbsp; ZZ42-9ZU1, 29.620%, 9/23/2026 †§x | Affirm | 9/26/2024 | 361 | 372 | 373 |
| &nbsp;&nbsp;&nbsp; ZZ47-OG6O, 35.350%, 10/10/2025 †§x | Affirm | 4/15/2024 | 50 | 50 | 49 |
| &nbsp;&nbsp;&nbsp; ZZ47-W934, 30.000%, 6/05/2024 †x#^ | Affirm | 6/08/2023 | 85 | 89 | 5 |
| &nbsp;&nbsp;&nbsp; ZZ4F-L9RH, 35.760%, 2/10/2026 †§x | Affirm | 2/26/2025 | 103 | 105 | 105 |
| &nbsp;&nbsp;&nbsp; ZZ4S-FOHH, 28.000%, 6/08/2023 †x#^ | Affirm | 6/13/2022 | 359 | 378 | 22 |
| &nbsp;&nbsp;&nbsp; ZZ4T-BE5L, 29.420%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 589 | 583 | 35 |
| &nbsp;&nbsp;&nbsp; ZZ4T-NKEN, 26.700%, 7/05/2025 †x#^ | Affirm | 1/11/2024 | 297 | 312 | 18 |
| &nbsp;&nbsp;&nbsp; ZZ4U-ZKYB, 33.050%, 1/02/2028 †§x | Affirm | 1/29/2025 | 312 | 322 | 318 |
| &nbsp;&nbsp;&nbsp; ZZ4W-9AHD, 29.820%, 3/03/2026 †§x | Affirm | 3/28/2025 | 123 | 126 | 127 |
| &nbsp;&nbsp;&nbsp; ZZ4W-UIWI, 33.050%, 2/06/2026 †§x | Affirm | 8/29/2025 | 203 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; ZZ52-H8XH, 6.228%, 3/04/2026 †§x« | Affirm | 3/28/2025 | 1512 | 1466 | 1456 |
| &nbsp;&nbsp;&nbsp; ZZ5D-DDWQ, 7.521%, 5/15/2025 †x#^« | Affirm | 11/27/2024 | 1541 | 1490 | 92 |
| &nbsp;&nbsp;&nbsp; ZZ5I-V36C, 22.750%, 3/20/2026 †§x | Affirm | 3/28/2025 | 2335 | 2388 | 2399 |
| &nbsp;&nbsp;&nbsp; ZZ5K-8PSV, 29.650%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 223 | 228 | 228 |
| &nbsp;&nbsp;&nbsp; ZZ5Q-VWJS, 9.960%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 386 | 390 | 389 |
| &nbsp;&nbsp;&nbsp; ZZ5S-4RLC, 30.000%, 9/03/2025 †§x | Affirm | 3/28/2025 | 14 | 14 | 14 |
| &nbsp;&nbsp;&nbsp; ZZ5V-AM0N, 28.500%, 3/22/2023 †x#^ | Affirm | 3/25/2022 | 185 | 191 | 11 |
| &nbsp;&nbsp;&nbsp; ZZ5Z-4BVN, 29.700%, 1/06/2026 †§x | Affirm | 1/29/2025 | 47 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZZ61-UJLG, 35.570%, 8/20/2025 †x#^ | Affirm | 2/23/2024 | 260 | 260 | 16 |
| &nbsp;&nbsp;&nbsp; ZZ67-RGDF, 35.380%, 12/07/2025 †x# | Affirm | 12/11/2023 | 626 | 629 | 38 |
| &nbsp;&nbsp;&nbsp; ZZ67-W8NN, 35.520%, 12/16/2025 †§x | Affirm | 12/27/2024 | 62 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZZ6I-9S3Q, 29.490%, 12/29/2024 †x#^ | Affirm | 7/07/2023 | 236 | 253 | 14 |
| &nbsp;&nbsp;&nbsp; ZZ6M-CU2O, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 81 | 83 | 82 |
| &nbsp;&nbsp;&nbsp; ZZ6X-KRMR, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 485 | 493 | 494 |
| &nbsp;&nbsp;&nbsp; ZZ74-CKXM, 24.400%, 3/20/2026 †§x | Affirm | 3/28/2025 | 1533 | 1567 | 1575 |
| &nbsp;&nbsp;&nbsp; ZZ7U-1WKW, 35.950%, 8/10/2025 †x#^ | Affirm | 2/26/2025 | 37 | 37 | 8 |
| &nbsp;&nbsp;&nbsp; ZZ7X-DBJY, 35.300%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 89 | 89 | 90 |
| &nbsp;&nbsp;&nbsp; ZZ81-UCWC, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 72 | 74 | 75 |
| &nbsp;&nbsp;&nbsp; ZZ85-OV2C, 29.400%, 9/28/2025 †§x# | Affirm | 3/31/2025 | 52 | 52 | 53 |
| &nbsp;&nbsp;&nbsp; ZZ86-JCM8, 29.440%, 5/16/2023 †x#^ | Affirm | 5/19/2022 | 17 | 18 | 1 |
| &nbsp;&nbsp;&nbsp; ZZ87-111O, 21.252%, 9/28/2022 †x#^« | Affirm | 7/01/2022 | 45 | 42 | 3 |
| &nbsp;&nbsp;&nbsp; ZZ8F-QL07, 35.290%, 3/24/2026 †x | Affirm | 4/22/2025 | 80 | 75 | 77 |
| &nbsp;&nbsp;&nbsp; ZZ8G-SDN9, 29.070%, 10/02/2025 †§x | Affirm | 10/05/2023 | 84 | 84 | 83 |
| &nbsp;&nbsp;&nbsp; ZZ8M-2ZPE, 35.420%, 12/27/2025 †§x | Affirm | 1/02/2024 | 202 | 202 | 205 |
| &nbsp;&nbsp;&nbsp; ZZ8R-0G8M, 31.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 259 | 263 | 264 |
| &nbsp;&nbsp;&nbsp; ZZ8T-A5MP, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 65 | 66 | 66 |
| &nbsp;&nbsp;&nbsp; ZZ8U-M1KZ, 33.200%, 1/08/2026 †§x# | Affirm | 1/29/2025 | 46 | 46 | 26 |
| &nbsp;&nbsp;&nbsp; ZZ92-ZAE1, 29.460%, 5/04/2023 †x#^ | Affirm | 5/09/2022 | 126 | 124 | 8 |
| &nbsp;&nbsp;&nbsp; ZZ95-VB4D, 33.950%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 681 | 693 | 689 |
| &nbsp;&nbsp;&nbsp; ZZ96-FBGA, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 455 | 439 | 437 |
| &nbsp;&nbsp;&nbsp; ZZ9F-EZQN, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 15 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; ZZ9G-RTO6, 35.990%, 9/03/2025 †§x | Affirm | 3/28/2025 | 18 | 18 | 18 |
| &nbsp;&nbsp;&nbsp; ZZ9G-X5U9, 29.810%, 2/28/2023 †x#^ | Affirm | 3/03/2022 | 148 | 146 | 9 |
| &nbsp;&nbsp;&nbsp; ZZ9J-XIZ7, 33.950%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; ZZ9L-81YO, 13.900%, 11/15/2025 †x# | Affirm | 11/27/2024 | 877 | 924 | 53 |
| &nbsp;&nbsp;&nbsp; ZZ9V-ZS8J, 33.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 37 | 38 | 38 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8586** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZZ9X-OIV3, 29.460%, 5/24/2025 †x#^ | Affirm | 5/30/2023 | $590 | $623 | $35 |
| &nbsp;&nbsp;&nbsp; ZZAB-AVPP, 30.950%, 12/16/2025 †§x | Affirm | 12/27/2024 | 43 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZZAI-JUGK, 35.870%, 1/06/2026 †§x | Affirm | 1/29/2025 | 385 | 389 | 389 |
| &nbsp;&nbsp;&nbsp; ZZAS-EV8H, 33.950%, 2/05/2026 †§x | Affirm | 2/26/2025 | 103 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; ZZAS-R0NY, 35.500%, 10/28/2025 †§x# | Affirm | 10/31/2024 | 343 | 345 | 342 |
| &nbsp;&nbsp;&nbsp; ZZB5-EEXE, 29.350%, 12/02/2025 †§x | Affirm | 6/27/2025 | 234 | 237 | 237 |
| &nbsp;&nbsp;&nbsp; ZZB6-TIWT, 33.950%, 1/08/2026 †§x | Affirm | 7/31/2025 | 159 | 161 | 161 |
| &nbsp;&nbsp;&nbsp; ZZB8-7JWS, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 559 | 579 | 34 |
| &nbsp;&nbsp;&nbsp; ZZB9-YGR7, 35.450%, 12/28/2025 †x# | Affirm | 1/29/2025 | 65 | 66 | 16 |
| &nbsp;&nbsp;&nbsp; ZZBT-H39C, 33.950%, 12/28/2025 †§x | Affirm | 1/29/2025 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; ZZC4-WVEO, 34.000%, 8/11/2026 †§x | Affirm | 2/26/2025 | 1481 | 1464 | 1478 |
| &nbsp;&nbsp;&nbsp; ZZCH-2P6R, 29.500%, 11/22/2025 †§x | Affirm | 11/27/2023 | 102 | 103 | 103 |
| &nbsp;&nbsp;&nbsp; ZZCH-MULT, 31.000%, 10/02/2025 †§x | Affirm | 10/07/2024 | 409 | 411 | 408 |
| &nbsp;&nbsp;&nbsp; ZZCN-FUFP, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 80 | 81 | 81 |
| &nbsp;&nbsp;&nbsp; ZZCR-GUH2, 33.950%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 1248 | 1309 | 75 |
| &nbsp;&nbsp;&nbsp; ZZCR-YC18, 35.610%, 8/06/2026 †§x# | Affirm | 2/26/2025 | 232 | 236 | 132 |
| &nbsp;&nbsp;&nbsp; ZZCT-MP3Z, 29.520%, 4/11/2023 †x#^ | Affirm | 4/14/2022 | 262 | 259 | 16 |
| &nbsp;&nbsp;&nbsp; ZZCU-5KDE, 32.500%, 12/24/2025 †§x | Affirm | 6/27/2024 | 72 | 73 | 72 |
| &nbsp;&nbsp;&nbsp; ZZD1-REUM, 24.400%, 11/21/2025 †§x | Affirm | 5/24/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZZD2-CVZN, 29.760%, 8/12/2026 †x# | Affirm | 2/26/2025 | 364 | 386 | 23 |
| &nbsp;&nbsp;&nbsp; ZZD4-PQVH, 22.750%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 179 | 181 | 181 |
| &nbsp;&nbsp;&nbsp; ZZD8-JDWB, 35.580%, 2/26/2025 †x#^ | Affirm | 2/29/2024 | 504 | 505 | 30 |
| &nbsp;&nbsp;&nbsp; ZZDA-R9J4, 22.690%, 12/16/2025 †§x | Affirm | 12/27/2024 | 57 | 58 | 59 |
| &nbsp;&nbsp;&nbsp; ZZDE-2SM8, 33.050%, 9/02/2025 †§x | Affirm | 6/27/2025 | 87 | 87 | 87 |
| &nbsp;&nbsp;&nbsp; ZZDE-QBCL, 35.350%, 6/02/2026 †§x | Affirm | 6/27/2025 | 364 | 372 | 373 |
| &nbsp;&nbsp;&nbsp; ZZDJ-3CUE, 9.820%, 7/08/2026 †§x | Affirm | 7/31/2025 | 306 | 315 | 317 |
| &nbsp;&nbsp;&nbsp; ZZDX-6C7S, 23.400%, 9/28/2025 †§x# | Affirm | 4/22/2025 | 54 | 54 | 54 |
| &nbsp;&nbsp;&nbsp; ZZE7-O2EB, 29.610%, 5/17/2024 †x#^ | Affirm | 11/24/2023 | 337 | 324 | 20 |
| &nbsp;&nbsp;&nbsp; ZZEJ-SGQR, 29.120%, 6/05/2026 †§x# | Affirm | 6/08/2023 | 276 | 282 | 278 |
| &nbsp;&nbsp;&nbsp; ZZET-20T3, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZZEW-0IG0, 28.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; ZZFK-EGEY, 25.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 59 | 60 | 60 |
| &nbsp;&nbsp;&nbsp; ZZFR-DGCU, 26.700%, 2/10/2026 †§x | Affirm | 2/26/2025 | 724 | 743 | 747 |
| &nbsp;&nbsp;&nbsp; ZZFR-ZNTU, 35.250%, 9/24/2025 †x | Affirm | 4/22/2025 | 60 | 58 | 60 |
| &nbsp;&nbsp;&nbsp; ZZFT-UOJO, 8.192%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 286 | 276 | 273 |
| &nbsp;&nbsp;&nbsp; ZZGH-ASZQ, 29.620%, 12/10/2025 †§x | Affirm | 12/27/2024 | 72 | 73 | 73 |
| &nbsp;&nbsp;&nbsp; ZZGK-YFG5, 26.900%, 3/28/2026 †§x | Affirm | 3/31/2025 | 196 | 196 | 197 |
| &nbsp;&nbsp;&nbsp; ZZGN-3BDW, 35.670%, 9/01/2024 †x#^ | Affirm | 9/11/2023 | 46 | 43 | 3 |
| &nbsp;&nbsp;&nbsp; ZZGS-36TE, 29.590%, 10/11/2023 †x#^ | Affirm | 10/14/2022 | 433 | 453 | 26 |
| &nbsp;&nbsp;&nbsp; ZZGU-6K3L, 29.000%, 6/09/2024 †x#^ | Affirm | 12/15/2022 | 383 | 384 | 23 |
| &nbsp;&nbsp;&nbsp; ZZH1-P8C5, 35.000%, 3/20/2026 †§x | Affirm | 3/28/2025 | 154 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; ZZH4-3MLI, 24.710%, 5/15/2026 †§x# | Affirm | 11/27/2024 | 234 | 240 | 240 |
| &nbsp;&nbsp;&nbsp; ZZH9-10OU, 11.670%, 10/08/2025 †§x | Affirm | 7/31/2025 | 48 | 48 | 48 |
| &nbsp;&nbsp;&nbsp; ZZHJ-7R1I, 13.840%, 12/02/2025 †§x | Affirm | 6/27/2025 | 529 | 536 | 537 |
| &nbsp;&nbsp;&nbsp; ZZHS-7MTF, 30.000%, 5/01/2022 †x#^ | Affirm | 2/04/2022 | 55 | 54 | 3 |
| &nbsp;&nbsp;&nbsp; ZZHW-X4DH, 15.840%, 11/12/2025 †§x | Affirm | 11/27/2024 | 79 | 80 | 80 |
| &nbsp;&nbsp;&nbsp; ZZI6-2LVZ, 15.710%, 3/28/2023 †x#^ | Affirm | 4/01/2022 | 82 | 81 | 5 |
| &nbsp;&nbsp;&nbsp; ZZJ3-U8H6, 27.700%, 7/04/2025 †x#^ | Affirm | 5/11/2023 | 351 | 350 | 21 |
| &nbsp;&nbsp;&nbsp; ZZJ5-ALIZ, 31.000%, 11/06/2025 †x# | Affirm | 5/09/2024 | 1401 | 1470 | 84 |
| &nbsp;&nbsp;&nbsp; ZZJ8-9QUM, 6.824%, 9/26/2025 †§x« | Affirm | 9/30/2024 | 18 | 17 | 18 |
| &nbsp;&nbsp;&nbsp; ZZJL-Z3QP, 35.500%, 10/18/2025 †x# | Affirm | 10/24/2024 | 162 | 163 | 10 |
| &nbsp;&nbsp;&nbsp; ZZJV-7IHO, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 128 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; ZZJV-J3AM, 35.300%, 3/20/2026 †x# | Affirm | 3/28/2025 | 317 | 330 |  |
| &nbsp;&nbsp;&nbsp; ZZK1-4PLU, 24.400%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 143 | 145 | 145 |
| &nbsp;&nbsp;&nbsp; ZZK5-ZBA1, 33.950%, 12/17/2024 †x#^ | Affirm | 6/21/2024 | 97 | 100 | 6 |
| &nbsp;&nbsp;&nbsp; ZZKK-UNH8, 28.000%, 4/24/2024 †x#^ | Affirm | 10/28/2022 | 1104 | 1156 | 66 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8587** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZZKS-LWOH, 35.710%, 1/02/2027 †§x | Affirm | 1/29/2025 | $1698 | $1683 | $1709 |
| &nbsp;&nbsp;&nbsp; ZZKT-HP0U, 31.500%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 597 | 593 | 591 |
| &nbsp;&nbsp;&nbsp; ZZLJ-CLRF, 35.020%, 10/08/2025 †§x | Affirm | 7/31/2025 | 171 | 170 | 170 |
| &nbsp;&nbsp;&nbsp; ZZLU-1XSI, 33.950%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 883 | 915 | 925 |
| &nbsp;&nbsp;&nbsp; ZZLV-CEBZ, 28.500%, 7/25/2023 †x#^ | Affirm | 7/28/2022 | 775 | 803 | 47 |
| &nbsp;&nbsp;&nbsp; ZZLX-I7CG, 33.050%, 12/09/2025 †§x | Affirm | 12/27/2024 | 188 | 191 | 192 |
| &nbsp;&nbsp;&nbsp; ZZLZ-22EZ, 6.886%, 11/30/2025 †§x« | Affirm | 6/27/2025 | 1025 | 1008 | 1005 |
| &nbsp;&nbsp;&nbsp; ZZM3-8CR8, 35.300%, 9/20/2025 †§x# | Affirm | 3/28/2025 | 39 | 39 | 40 |
| &nbsp;&nbsp;&nbsp; ZZM7-7H8K, 35.640%, 1/06/2026 †x# | Affirm | 1/29/2025 | 487 | 499 | 29 |
| &nbsp;&nbsp;&nbsp; ZZM9-DX4H, 35.470%, 10/02/2024 †x#^ | Affirm | 10/05/2023 | 254 | 255 | 15 |
| &nbsp;&nbsp;&nbsp; ZZMD-5YST, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 143 | 145 | 146 |
| &nbsp;&nbsp;&nbsp; ZZMK-4QHI, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 104 | 106 | 105 |
| &nbsp;&nbsp;&nbsp; ZZN0-EY7F, 35.420%, 4/21/2025 †x#^ | Affirm | 10/24/2024 | 118 | 120 | 7 |
| &nbsp;&nbsp;&nbsp; ZZN4-HB0X, 35.770%, 6/28/2025 †x#^ | Affirm | 1/29/2025 | 111 | 113 | 7 |
| &nbsp;&nbsp;&nbsp; ZZN5-5J43, 23.400%, 12/19/2026 †§x | Affirm | 12/27/2024 | 732 | 759 | 764 |
| &nbsp;&nbsp;&nbsp; ZZN5-GXFM, 35.610%, 11/12/2025 †x# | Affirm | 11/27/2024 | 89 | 92 | 14 |
| &nbsp;&nbsp;&nbsp; ZZN7-XT0E, 35.450%, 12/17/2025 †§x | Affirm | 6/21/2024 | 713 | 719 | 714 |
| &nbsp;&nbsp;&nbsp; ZZNJ-VQWK, 29.620%, 12/21/2022 †x#^ | Affirm | 12/27/2021 | 171 | 175 | 10 |
| &nbsp;&nbsp;&nbsp; ZZNL-QZ7H, 35.880%, 1/02/2026 †§x | Affirm | 1/29/2025 | 245 | 247 | 246 |
| &nbsp;&nbsp;&nbsp; ZZNN-MAT2, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 169 | 170 | 169 |
| &nbsp;&nbsp;&nbsp; ZZO9-5S36, 35.700%, 3/03/2026 †§x | Affirm | 3/28/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZZOB-RCAS, 24.820%, 12/28/2025 †§x | Affirm | 1/29/2025 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZZOC-SMM1, 29.976%, 4/28/2025 †x#^ | Affirm | 5/02/2024 | 150 | 158 | 9 |
| &nbsp;&nbsp;&nbsp; ZZOY-2JWS, 29.570%, 10/03/2025 †§x# | Affirm | 10/07/2024 | 29 | 29 | 7 |
| &nbsp;&nbsp;&nbsp; ZZOZ-3BR5, 33.050%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 78 | 79 | 79 |
| &nbsp;&nbsp;&nbsp; ZZOZ-PZIR, 33.772%, 8/16/2023 †x#^ | Affirm | 2/21/2023 | 35 | 36 | 2 |
| &nbsp;&nbsp;&nbsp; ZZPB-E6G9, 26.900%, 11/15/2025 †§x | Affirm | 11/27/2024 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; ZZPJ-K5KC, 33.950%, 2/26/2026 †§x# | Affirm | 8/29/2024 | 165 | 168 | 167 |
| &nbsp;&nbsp;&nbsp; ZZPL-IHN5, 35.320%, 3/20/2026 †§x | Affirm | 3/28/2025 | 85 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; ZZPP-G2OU, 18.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 189 | 193 | 193 |
| &nbsp;&nbsp;&nbsp; ZZPQ-NVJC, 27.500%, 12/28/2023 †x#^ | Affirm | 1/03/2023 | 1379 | 1442 | 83 |
| &nbsp;&nbsp;&nbsp; ZZPS-Z7TN, 6.297%, 2/10/2026 †§x« | Affirm | 2/26/2025 | 531 | 516 | 517 |
| &nbsp;&nbsp;&nbsp; ZZPX-2EFD, 30.950%, 9/25/2025 †§x | Affirm | 9/30/2024 | 31 | 31 | 31 |
| &nbsp;&nbsp;&nbsp; ZZQ2-KAH1, 13.840%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 36 | 36 | 36 |
| &nbsp;&nbsp;&nbsp; ZZQD-JK4O, 33.950%, 2/10/2026 †§x | Affirm | 2/26/2025 | 94 | 96 | 97 |
| &nbsp;&nbsp;&nbsp; ZZQK-WTSH, 34.000%, 2/03/2026 †§x | Affirm | 2/26/2025 | 1202 | 1196 | 1197 |
| &nbsp;&nbsp;&nbsp; ZZQM-8FNL, 35.160%, 12/02/2025 †§x# | Affirm | 6/27/2025 | 30 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; ZZQN-GJ1P, 24.400%, 12/19/2026 †§x | Affirm | 12/27/2024 | 786 | 816 | 820 |
| &nbsp;&nbsp;&nbsp; ZZQP-L5OU, 35.450%, 10/28/2026 †§x | Affirm | 10/31/2024 | 430 | 428 | 434 |
| &nbsp;&nbsp;&nbsp; ZZQP-MBKO, 32.000%, 2/10/2026 †§x | Affirm | 2/26/2025 | 52 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZZQS-YH78, 18.000%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 186 | 186 | 185 |
| &nbsp;&nbsp;&nbsp; ZZR7-68VZ, 35.540%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 101 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; ZZRA-H15R, 35.550%, 1/06/2026 †§x | Affirm | 1/29/2025 | 67 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZZRF-52WB, 29.800%, 2/07/2026 †§x | Affirm | 2/26/2025 | 117 | 119 | 119 |
| &nbsp;&nbsp;&nbsp; ZZRH-DWR4, 35.620%, 8/10/2026 †§x | Affirm | 2/26/2025 | 203 | 201 | 203 |
| &nbsp;&nbsp;&nbsp; ZZRP-M28B, 29.000%, 10/29/2022 †x#^ | Affirm | 5/05/2022 | 231 | 232 | 14 |
| &nbsp;&nbsp;&nbsp; ZZRS-J7R0, 35.470%, 1/02/2026 †§x | Affirm | 1/05/2024 | 158 | 158 | 159 |
| &nbsp;&nbsp;&nbsp; ZZSK-GXXK, 20.900%, 12/28/2026 †§x# | Affirm | 1/29/2025 | 643 | 665 | 665 |
| &nbsp;&nbsp;&nbsp; ZZSN-HJGH, 29.590%, 10/17/2023 †x#^ | Affirm | 10/20/2022 | 250 | 247 | 15 |
| &nbsp;&nbsp;&nbsp; ZZSQ-OHXI, 18.000%, 10/08/2025 †§x | Affirm | 7/31/2025 | 65 | 65 | 65 |
| &nbsp;&nbsp;&nbsp; ZZSR-EKCT, 22.560%, 3/28/2026 †§x# | Affirm | 3/31/2025 | 381 | 391 | 395 |
| &nbsp;&nbsp;&nbsp; ZZSY-F7PS, 33.050%, 2/10/2026 †§x# | Affirm | 2/26/2025 | 68 | 70 | 69 |
| &nbsp;&nbsp;&nbsp; ZZT0-5WXG, 29.570%, 1/10/2026 †§x | Affirm | 1/16/2024 | 534 | 539 | 539 |
| &nbsp;&nbsp;&nbsp; ZZT2-KP3D, 29.630%, 5/28/2024 †x#^ | Affirm | 12/01/2022 | 160 | 160 | 10 |
| &nbsp;&nbsp;&nbsp; ZZT6-CXE5, 15.790%, 12/28/2025 †x# | Affirm | 1/29/2025 | 54 | 56 | 3 |
| &nbsp;&nbsp;&nbsp; ZZT8-R406, 35.610%, 11/15/2025 †§x | Affirm | 11/27/2024 | 277 | 280 | 280 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8588** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 89.85% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ZZTA-7V1F, 35.510%, 1/02/2027 †§x | Affirm | 1/29/2025 | $609 | $604 | $613 |
| &nbsp;&nbsp;&nbsp; ZZTA-HKGD, 35.380%, 12/28/2024 †x#^ | Affirm | 7/03/2023 | 2073 | 2060 | 124 |
| &nbsp;&nbsp;&nbsp; ZZTB-HGJZ, 21.900%, 1/06/2026 †§x | Affirm | 1/29/2025 | 70 | 71 | 71 |
| &nbsp;&nbsp;&nbsp; ZZTE-SS2U, 29.420%, 3/28/2026 †§x | Affirm | 3/31/2025 | 248 | 253 | 255 |
| &nbsp;&nbsp;&nbsp; ZZTF-0N5N, 33.950%, 11/15/2025 †§x | Affirm | 11/27/2024 | 109 | 110 | 111 |
| &nbsp;&nbsp;&nbsp; ZZTM-DEIT, 29.600%, 12/10/2023 †x#^ | Affirm | 12/16/2021 | 674 | 727 | 40 |
| &nbsp;&nbsp;&nbsp; ZZU9-A2E7, 35.900%, 7/02/2026 †x# | Affirm | 1/29/2025 | 206 | 203 | 12 |
| &nbsp;&nbsp;&nbsp; ZZUD-ARGN, 29.700%, 11/26/2022 †x#^ | Affirm | 12/02/2021 | 29 | 30 | 2 |
| &nbsp;&nbsp;&nbsp; ZZUH-6CYF, 29.620%, 2/20/2026 †x# | Affirm | 2/23/2024 | 717 | 749 | 43 |
| &nbsp;&nbsp;&nbsp; ZZUL-1ZEX, 35.440%, 6/02/2026 †§x | Affirm | 6/27/2025 | 86 | 87 | 86 |
| &nbsp;&nbsp;&nbsp; ZZUL-KPUX, 29.690%, 7/13/2026 †§x | Affirm | 1/29/2025 | 217 | 222 | 223 |
| &nbsp;&nbsp;&nbsp; ZZUS-SZIA, 24.400%, 7/02/2026 †§x | Affirm | 1/29/2025 | 282 | 288 | 290 |
| &nbsp;&nbsp;&nbsp; ZZUU-JDY2, 32.000%, 12/28/2025 †§x# | Affirm | 1/29/2025 | 100 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; ZZUV-XOPZ, 35.240%, 6/02/2026 †§x | Affirm | 6/27/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZZV5-FOLB, 29.810%, 2/10/2026 †§x | Affirm | 2/26/2025 | 87 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; ZZV6-8756, 11.920%, 7/02/2026 †§x | Affirm | 1/29/2025 | 2106 | 2154 | 2161 |
| &nbsp;&nbsp;&nbsp; ZZVC-D5OQ, 18.000%, 11/02/2025 †§x | Affirm | 5/06/2024 | 127 | 127 | 127 |
| &nbsp;&nbsp;&nbsp; ZZVH-KKOY, 35.710%, 10/01/2025 †x# | Affirm | 10/04/2024 | 150 | 150 | 9 |
| &nbsp;&nbsp;&nbsp; ZZVS-2187, 25.900%, 2/10/2026 †§x | Affirm | 2/26/2025 | 110 | 112 | 113 |
| &nbsp;&nbsp;&nbsp; ZZVT-U3LC, 32.500%, 10/18/2025 †x# | Affirm | 9/23/2024 | 183 | 190 | 37 |
| &nbsp;&nbsp;&nbsp; ZZVY-MTJ4, 35.080%, 12/02/2025 †§x | Affirm | 6/27/2025 | 53 | 53 | 53 |
| &nbsp;&nbsp;&nbsp; ZZW1-X1GI, 35.800%, 7/06/2025 †x#^ | Affirm | 1/29/2025 | 20 | 21 | 1 |
| &nbsp;&nbsp;&nbsp; ZZW3-KJSO, 29.440%, 5/06/2026 †§x | Affirm | 5/30/2025 | 830 | 860 | 868 |
| &nbsp;&nbsp;&nbsp; ZZW3-UQXS, 13.840%, 12/28/2025 †x# | Affirm | 1/29/2025 | 2969 | 3000 | 2994 |
| &nbsp;&nbsp;&nbsp; ZZW5-JO7Y, 35.580%, 10/02/2025 †§x | Affirm | 10/07/2024 | 53 | 53 | 52 |
| &nbsp;&nbsp;&nbsp; ZZW8-AMY1, 29.810%, 2/07/2023 †x#^ | Affirm | 2/10/2022 | 106 | 105 | 6 |
| &nbsp;&nbsp;&nbsp; ZZWB-G61C, 15.740%, 4/07/2023 †x#^ | Affirm | 4/11/2022 | 519 | 537 | 31 |
| &nbsp;&nbsp;&nbsp; ZZWE-QZJI, 22.730%, 9/28/2025 †x# | Affirm | 10/03/2024 | 70 | 74 | 4 |
| &nbsp;&nbsp;&nbsp; ZZWO-M9FZ, 24.400%, 11/15/2025 †§x | Affirm | 11/27/2024 | 87 | 87 | 88 |
| &nbsp;&nbsp;&nbsp; ZZWW-JNA0, 11.900%, 8/11/2026 †§x | Affirm | 2/26/2025 | 178 | 183 | 183 |
| &nbsp;&nbsp;&nbsp; ZZXG-D2YI, 35.300%, 12/05/2024 †x#^ | Affirm | 12/08/2023 | 166 | 166 | 10 |
| &nbsp;&nbsp;&nbsp; ZZXH-BYKL, 30.200%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 291 | 293 | 17 |
| &nbsp;&nbsp;&nbsp; ZZXI-XY2G, 29.560%, 12/20/2025 †§x | Affirm | 6/24/2024 | 66 | 67 | 67 |
| &nbsp;&nbsp;&nbsp; ZZXM-M0QB, 33.050%, 9/20/2025 †§x | Affirm | 3/28/2025 | 21 | 21 | 22 |
| &nbsp;&nbsp;&nbsp; ZZXO-04SF, 35.300%, 3/28/2026 †§x | Affirm | 3/31/2025 | 1644 | 1686 | 1686 |
| &nbsp;&nbsp;&nbsp; ZZY6-WS2X, 33.950%, 8/07/2025 †x#^ | Affirm | 2/26/2025 | 25 | 26 | 1 |
| &nbsp;&nbsp;&nbsp; ZZYI-2F05, 31.500%, 8/07/2026 †§x | Affirm | 8/29/2025 | 945 | 930 | 930 |
| &nbsp;&nbsp;&nbsp; ZZYN-A9N2, 29.670%, 9/28/2025 †§x# | Affirm | 10/03/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; ZZYP-QLGC, 23.400%, 2/11/2027 †§x | Affirm | 2/26/2025 | 502 | 526 | 531 |
| &nbsp;&nbsp;&nbsp; ZZZ2-WNWW, 13.840%, 2/10/2026 †§x | Affirm | 2/26/2025 | 523 | 532 | 534 |
| &nbsp;&nbsp;&nbsp; ZZZF-2MHK, 35.170%, 2/06/2026 †§x | Affirm | 8/29/2025 | 449 | 449 | 449 |
| &nbsp;&nbsp;&nbsp; ZZZG-IG1E, 29.560%, 1/04/2025 †x#^ | Affirm | 1/08/2024 | 152 | 160 | 9 |
| &nbsp;&nbsp;&nbsp; ZZZM-M0VS, 13.840%, 9/20/2025 †§x | Affirm | 3/28/2025 | 46 | 46 | 46 |
| &nbsp;&nbsp;&nbsp; ZZZS-2TDE, 29.600%, 7/03/2024 †x#^ | Affirm | 1/06/2023 | 178 | 178 | 11 |
| &nbsp;&nbsp;&nbsp; ZZZT-4W58, 24.500%, 6/28/2026 †§x# | Affirm | 7/07/2023 | 976 | 1004 | 1012 |
| **Total Consumer Loans** |  |  |  | **1666206312** | **1475586854** |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8589** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **Home Equity Loans - 1.73%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 1.73%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5000051094, 12.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | $65500 | $67963 | $67923 |
| &nbsp;&nbsp;&nbsp; 5000051160, 12.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 85700 | 88922 | 88956 |
| &nbsp;&nbsp;&nbsp; 5000051282, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 34561 | 35860 | 35874 |
| &nbsp;&nbsp;&nbsp; 5000051290, 10.500%, 8/01/2055 †x∆ | Achieve | 8/27/2025 | 29300 | 30402 | 30468 |
| &nbsp;&nbsp;&nbsp; 5000051350, 12.750%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 135000 | 140076 | 140129 |
| &nbsp;&nbsp;&nbsp; 5000051421, 9.250%, 8/01/2055 †x∆ | Achieve | 8/15/2025 | 49900 | 52140 | 52462 |
| &nbsp;&nbsp;&nbsp; 5000051424, 11.750%, 8/01/2035 †x∆ | Achieve | 8/27/2025 | 32000 | 33203 | 33210 |
| &nbsp;&nbsp;&nbsp; 5000051438, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 72500 | 75226 | 75258 |
| &nbsp;&nbsp;&nbsp; 5000051478, 11.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155720 |
| &nbsp;&nbsp;&nbsp; 5000051503, 10.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 142800 | 146656 | 146876 |
| &nbsp;&nbsp;&nbsp; 5000051550, 10.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 42000 | 43134 | 43117 |
| &nbsp;&nbsp;&nbsp; 5000051609, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 81500 | 84564 | 84659 |
| &nbsp;&nbsp;&nbsp; 5000051623, 11.125%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 109300 | 112251 | 112316 |
| &nbsp;&nbsp;&nbsp; 5000051625, 11.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 62300 | 64642 | 64611 |
| &nbsp;&nbsp;&nbsp; 5000051627, 11.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 46500 | 48248 | 48349 |
| &nbsp;&nbsp;&nbsp; 5000051630, 12.000%, 8/01/2055 †x∆↕ | Achieve | 8/15/2025 | 149207 | 155906 | 156849 |
| &nbsp;&nbsp;&nbsp; 5000051639, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 131000 | 135926 | 134932 |
| &nbsp;&nbsp;&nbsp; 5000051666, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 128500 | 133332 | 133348 |
| &nbsp;&nbsp;&nbsp; 5000051679, 12.125%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 38050 | 39077 | 39183 |
| &nbsp;&nbsp;&nbsp; 5000051715, 10.750%, 8/01/2055 †x∆ | Achieve | 8/15/2025 | 44050 | 44794 | 45141 |
| &nbsp;&nbsp;&nbsp; 5000051722, 11.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 154865 |
| &nbsp;&nbsp;&nbsp; 5000051749, 12.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 71500 | 74188 | 74323 |
| &nbsp;&nbsp;&nbsp; 5000051781, 13.000%, 8/01/2040 †x∆ | Achieve | 8/15/2025 | 76200 | 79619 | 79635 |
| &nbsp;&nbsp;&nbsp; 5000051787, 9.990%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 82000 | 84214 | 84369 |
| &nbsp;&nbsp;&nbsp; 5000051794, 12.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 39900 | 41400 | 41431 |
| &nbsp;&nbsp;&nbsp; 5000051807, 12.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 72250 | 74201 | 74249 |
| &nbsp;&nbsp;&nbsp; 5000051808, 12.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 65300 | 67755 | 67853 |
| &nbsp;&nbsp;&nbsp; 5000051809, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 50800 | 52710 | 52602 |
| &nbsp;&nbsp;&nbsp; 5000051815, 13.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 81700 | 84772 | 84779 |
| &nbsp;&nbsp;&nbsp; 5000051823, 13.500%, 8/01/2040 †x∆ | Achieve | 8/27/2025 | 77750 | 80673 | 80711 |
| &nbsp;&nbsp;&nbsp; 5000051825, 13.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 57100 | 59247 | 59254 |
| &nbsp;&nbsp;&nbsp; 5000051833, 12.750%, 8/01/2035 †x∆ | Achieve | 8/27/2025 | 36000 | 37353 | 37362 |
| &nbsp;&nbsp;&nbsp; 5000051838, 9.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 98300 | 101996 | 102171 |
| &nbsp;&nbsp;&nbsp; 5000051841, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 55100 | 57172 | 57188 |
| &nbsp;&nbsp;&nbsp; 5000051853, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 67550 | 70090 | 70025 |
| &nbsp;&nbsp;&nbsp; 5000051855, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 56500 | 58624 | 58678 |
| &nbsp;&nbsp;&nbsp; 5000051874, 11.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 20000 | 20752 | 20608 |
| &nbsp;&nbsp;&nbsp; 5000051882, 12.000%, 8/01/2055 †x∆ | Achieve | 8/15/2025 | 72500 | 75755 | 75602 |
| &nbsp;&nbsp;&nbsp; 5000051889, 11.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 74300 | 77094 | 77002 |
| &nbsp;&nbsp;&nbsp; 5000051890, 12.250%, 8/01/2035 †x∆ | Achieve | 8/15/2025 | 84200 | 87973 | 88242 |
| &nbsp;&nbsp;&nbsp; 5000051913, 10.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 68000 | 69836 | 69866 |
| &nbsp;&nbsp;&nbsp; 5000051915, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 30900 | 32062 | 32088 |
| &nbsp;&nbsp;&nbsp; 5000051931, 10.625%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 119600 | 122829 | 122903 |
| &nbsp;&nbsp;&nbsp; 5000051937, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 52400 | 54370 | 54473 |
| &nbsp;&nbsp;&nbsp; 5000051953, 11.875%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 65575 | 67346 | 67195 |
| &nbsp;&nbsp;&nbsp; 5000051969, 11.000%, 8/01/2040 †x∆ | Achieve | 8/15/2025 | 44000 | 44743 | 44933 |
| &nbsp;&nbsp;&nbsp; 5000051970, 10.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 60700 | 62982 | 63027 |
| &nbsp;&nbsp;&nbsp; 5000051973, 11.625%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 145000 | 148915 | 149089 |
| &nbsp;&nbsp;&nbsp; 5000051983, 9.625%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 60400 | 62031 | 61992 |
| &nbsp;&nbsp;&nbsp; 5000051987, 10.250%, 8/01/2040 †x∆ | Achieve | 8/15/2025 | 47500 | 49630 | 49639 |
| &nbsp;&nbsp;&nbsp; 5000051988, 11.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 136750 | 141892 | 142197 |
| &nbsp;&nbsp;&nbsp; 5000051995, 8.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 50000 | 51880 | 51907 |
| &nbsp;&nbsp;&nbsp; 5000052001, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 70200 | 72840 | 72876 |
| &nbsp;&nbsp;&nbsp; 5000052010, 12.250%, 8/01/2035 †x∆ | Achieve | 8/15/2025 | 58500 | 61121 | 61273 |
| &nbsp;&nbsp;&nbsp; 5000052011, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 55200 | 57276 | 57293 |
| &nbsp;&nbsp;&nbsp; 5000052012, 11.750%, 8/01/2040 †x∆ | Achieve | 8/15/2025 | 50000 | 52243 | 52474 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8590** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 1.73% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5000052016, 11.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | $48277 | $50092 | $50196 |
| &nbsp;&nbsp;&nbsp; 5000052018, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 65150 | 67600 | 67646 |
| &nbsp;&nbsp;&nbsp; 5000052021, 11.500%, 8/01/2035 †x∆ | Achieve | 8/27/2025 | 38150 | 39584 | 39572 |
| &nbsp;&nbsp;&nbsp; 5000052027, 10.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 58000 | 60181 | 60312 |
| &nbsp;&nbsp;&nbsp; 5000052031, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 27300 | 28326 | 28408 |
| &nbsp;&nbsp;&nbsp; 5000052032, 7.740%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 52500 | 53918 | 53950 |
| &nbsp;&nbsp;&nbsp; 5000052059, 9.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 91100 | 94525 | 95042 |
| &nbsp;&nbsp;&nbsp; 5000052068, 12.000%, 8/01/2040 †x∆ | Achieve | 8/15/2025 | 45050 | 45811 | 46015 |
| &nbsp;&nbsp;&nbsp; 5000052078, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 53200 | 55200 | 55238 |
| &nbsp;&nbsp;&nbsp; 5000052079, 11.625%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 79000 | 81133 | 81259 |
| &nbsp;&nbsp;&nbsp; 5000052082, 10.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 25200 | 25880 | 26066 |
| &nbsp;&nbsp;&nbsp; 5000052083, 9.250%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 95250 | 98831 | 98949 |
| &nbsp;&nbsp;&nbsp; 5000052086, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 72200 | 74915 | 74957 |
| &nbsp;&nbsp;&nbsp; 5000052087, 10.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 204500 | 210022 | 209299 |
| &nbsp;&nbsp;&nbsp; 5000052091, 8.750%, 8/01/2035 †x∆ | Achieve | 8/27/2025 | 49000 | 50322 | 50182 |
| &nbsp;&nbsp;&nbsp; 5000052100, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 44450 | 46121 | 46133 |
| &nbsp;&nbsp;&nbsp; 5000052106, 11.375%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 91800 | 94279 | 93702 |
| &nbsp;&nbsp;&nbsp; 5000052115, 11.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 92700 | 96186 | 95978 |
| &nbsp;&nbsp;&nbsp; 5000052117, 8.750%, 8/01/2040 †x∆ | Achieve | 8/15/2025 | 50200 | 51047 | 51348 |
| &nbsp;&nbsp;&nbsp; 5000052118, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 23050 | 23917 | 23936 |
| &nbsp;&nbsp;&nbsp; 5000052124, 11.875%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 71350 | 74033 | 73869 |
| &nbsp;&nbsp;&nbsp; 5000052125, 10.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 250000 | 256750 | 256908 |
| &nbsp;&nbsp;&nbsp; 5000052129, 12.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 74750 | 77561 | 77574 |
| &nbsp;&nbsp;&nbsp; 5000052132, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 70000 | 72632 | 72623 |
| &nbsp;&nbsp;&nbsp; 5000052150, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 50000 | 51880 | 51815 |
| &nbsp;&nbsp;&nbsp; 5000052151, 10.625%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 300000 | 308100 | 308213 |
| &nbsp;&nbsp;&nbsp; 5000052158, 9.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 85400 | 88611 | 88617 |
| &nbsp;&nbsp;&nbsp; 5000052162, 10.500%, 8/01/2035 †x∆ | Achieve | 8/15/2025 | 38606 | 40335 | 40488 |
| &nbsp;&nbsp;&nbsp; 5000052169, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 120400 | 124927 | 124979 |
| &nbsp;&nbsp;&nbsp; 5000052175, 13.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 148950 | 154551 | 154557 |
| &nbsp;&nbsp;&nbsp; 5000052181, 8.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 86500 | 88836 | 88739 |
| &nbsp;&nbsp;&nbsp; 5000052182, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 91750 | 95200 | 95089 |
| &nbsp;&nbsp;&nbsp; 5000052185, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 58900 | 61115 | 60891 |
| &nbsp;&nbsp;&nbsp; 5000052187, 8.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 30200 | 31015 | 31068 |
| &nbsp;&nbsp;&nbsp; 5000052188, 10.000%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 55000 | 56485 | 56325 |
| &nbsp;&nbsp;&nbsp; 5000052192, 10.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 106400 | 109273 | 109443 |
| &nbsp;&nbsp;&nbsp; 5000052193, 10.750%, 8/01/2040 †x∆ | Achieve | 8/27/2025 | 78800 | 81762 | 80326 |
| &nbsp;&nbsp;&nbsp; 5000052197, 10.000%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 128800 | 132278 | 132349 |
| &nbsp;&nbsp;&nbsp; 5000052202, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 43150 | 44772 | 44802 |
| &nbsp;&nbsp;&nbsp; 5000052205, 11.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 82950 | 86069 | 86039 |
| &nbsp;&nbsp;&nbsp; 5000052218, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 53650 | 55667 | 55542 |
| &nbsp;&nbsp;&nbsp; 5000052220, 8.625%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 62200 | 63879 | 63801 |
| &nbsp;&nbsp;&nbsp; 5000052222, 11.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 43600 | 45239 | 45342 |
| &nbsp;&nbsp;&nbsp; 5000052223, 9.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 109750 | 113877 | 113912 |
| &nbsp;&nbsp;&nbsp; 5000052225, 7.365%, 8/01/2055 †x∆ | Achieve | 8/15/2025 | 50000 | 50845 | 51360 |
| &nbsp;&nbsp;&nbsp; 5000052226, 11.250%, 8/01/2040 †x∆ | Achieve | 8/27/2025 | 37000 | 38391 | 38412 |
| &nbsp;&nbsp;&nbsp; 5000052229, 11.000%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 144500 | 149933 | 150045 |
| &nbsp;&nbsp;&nbsp; 5000052233, 13.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 40700 | 42230 | 42244 |
| &nbsp;&nbsp;&nbsp; 5000052235, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 38900 | 40363 | 40465 |
| &nbsp;&nbsp;&nbsp; 5000052237, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 85650 | 88870 | 88915 |
| &nbsp;&nbsp;&nbsp; 5000052240, 10.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 125550 | 130271 | 130300 |
| &nbsp;&nbsp;&nbsp; 5000052241, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 47250 | 49027 | 49041 |
| &nbsp;&nbsp;&nbsp; 5000052246, 8.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 34000 | 34918 | 33286 |
| &nbsp;&nbsp;&nbsp; 5000052248, 10.250%, 8/01/2035 †x∆ | Achieve | 8/15/2025 | 62250 | 65038 | 65304 |
| &nbsp;&nbsp;&nbsp; 5000052254, 12.625%, 8/01/2055 †x∆ | Achieve | 8/27/2025 | 49950 | 51299 | 51386 |
| &nbsp;&nbsp;&nbsp; 5000052256, 12.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 35550 | 36510 | 36590 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8591** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 1.73% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5000052257, 12.250%, 8/01/2055 †x∆ | Achieve | 8/27/2025 | $17000 | $17639 | $17659 |
| &nbsp;&nbsp;&nbsp; 5000052258, 12.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 58300 | 60492 | 60476 |
| &nbsp;&nbsp;&nbsp; 5000052259, 8.875%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 50500 | 51864 | 52030 |
| &nbsp;&nbsp;&nbsp; 5000052262, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155540 |
| &nbsp;&nbsp;&nbsp; 5000052266, 9.375%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 93850 | 96384 | 96417 |
| &nbsp;&nbsp;&nbsp; 5000052269, 13.000%, 8/01/2040 †x∆ | Achieve | 8/27/2025 | 60900 | 63190 | 63223 |
| &nbsp;&nbsp;&nbsp; 5000052271, 10.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 200000 | 205400 | 200138 |
| &nbsp;&nbsp;&nbsp; 5000052275, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 33700 | 34967 | 34992 |
| &nbsp;&nbsp;&nbsp; 5000052276, 8.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 41250 | 42364 | 42512 |
| &nbsp;&nbsp;&nbsp; 5000052277, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 48600 | 50427 | 50358 |
| &nbsp;&nbsp;&nbsp; 5000052281, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 70800 | 73462 | 73694 |
| &nbsp;&nbsp;&nbsp; 5000052282, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 32300 | 33514 | 33528 |
| &nbsp;&nbsp;&nbsp; 5000052283, 12.125%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 164250 | 168685 | 167938 |
| &nbsp;&nbsp;&nbsp; 5000052284, 11.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 25300 | 25983 | 26002 |
| &nbsp;&nbsp;&nbsp; 5000052287, 9.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 49100 | 50946 | 51041 |
| &nbsp;&nbsp;&nbsp; 5000052292, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 68250 | 70816 | 70728 |
| &nbsp;&nbsp;&nbsp; 5000052293, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 40500 | 42023 | 41965 |
| &nbsp;&nbsp;&nbsp; 5000052294, 11.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 113000 | 116051 | 116110 |
| &nbsp;&nbsp;&nbsp; 5000052295, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 101100 | 104901 | 104961 |
| &nbsp;&nbsp;&nbsp; 5000052298, 10.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 132900 | 136488 | 136864 |
| &nbsp;&nbsp;&nbsp; 5000052300, 8.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 200000 | 205400 | 205819 |
| &nbsp;&nbsp;&nbsp; 5000052301, 9.875%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 38100 | 39129 | 39158 |
| &nbsp;&nbsp;&nbsp; 5000052302, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155701 |
| &nbsp;&nbsp;&nbsp; 5000052303, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 117000 | 121399 | 121404 |
| &nbsp;&nbsp;&nbsp; 5000052304, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 51050 | 52428 | 52442 |
| &nbsp;&nbsp;&nbsp; 5000052306, 9.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 78800 | 81763 | 81956 |
| &nbsp;&nbsp;&nbsp; 5000052309, 12.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 27900 | 28653 | 28664 |
| &nbsp;&nbsp;&nbsp; 5000052310, 10.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 25400 | 26086 | 26117 |
| &nbsp;&nbsp;&nbsp; 5000052311, 10.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 77150 | 80051 | 80104 |
| &nbsp;&nbsp;&nbsp; 5000052313, 9.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 34100 | 35382 | 35328 |
| &nbsp;&nbsp;&nbsp; 5000052314, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 22800 | 23657 | 23665 |
| &nbsp;&nbsp;&nbsp; 5000052317, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 40000 | 41504 | 41645 |
| &nbsp;&nbsp;&nbsp; 5000052320, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 61800 | 63469 | 63483 |
| &nbsp;&nbsp;&nbsp; 5000052321, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 38650 | 40103 | 40115 |
| &nbsp;&nbsp;&nbsp; 5000052322, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 50500 | 52399 | 52356 |
| &nbsp;&nbsp;&nbsp; 5000052323, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 24850 | 25784 | 25795 |
| &nbsp;&nbsp;&nbsp; 5000052329, 8.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 32600 | 33480 | 33500 |
| &nbsp;&nbsp;&nbsp; 5000052331, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 53700 | 55719 | 55870 |
| &nbsp;&nbsp;&nbsp; 5000052333, 12.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 51900 | 53851 | 53883 |
| &nbsp;&nbsp;&nbsp; 5000052335, 9.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 62200 | 64539 | 63506 |
| &nbsp;&nbsp;&nbsp; 5000052338, 12.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 88550 | 91879 | 91153 |
| &nbsp;&nbsp;&nbsp; 5000052339, 8.125%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 50100 | 51453 | 51511 |
| &nbsp;&nbsp;&nbsp; 5000052341, 13.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 40700 | 42230 | 42240 |
| &nbsp;&nbsp;&nbsp; 5000052342, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 51100 | 53021 | 53042 |
| &nbsp;&nbsp;&nbsp; 5000052345, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 50700 | 52606 | 52615 |
| &nbsp;&nbsp;&nbsp; 5000052346, 8.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 22800 | 23416 | 23725 |
| &nbsp;&nbsp;&nbsp; 5000052348, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 35000 | 36316 | 36341 |
| &nbsp;&nbsp;&nbsp; 5000052349, 11.625%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 72000 | 73944 | 74016 |
| &nbsp;&nbsp;&nbsp; 5000052352, 11.625%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 40000 | 41080 | 40300 |
| &nbsp;&nbsp;&nbsp; 5000052353, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 46950 | 48715 | 48740 |
| &nbsp;&nbsp;&nbsp; 5000052355, 9.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155678 |
| &nbsp;&nbsp;&nbsp; 5000052356, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 39250 | 40310 | 40323 |
| &nbsp;&nbsp;&nbsp; 5000052357, 11.875%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 75700 | 77744 | 77863 |
| &nbsp;&nbsp;&nbsp; 5000052361, 9.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 39800 | 40875 | 40991 |
| &nbsp;&nbsp;&nbsp; 5000052362, 9.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 49500 | 51361 | 51113 |
| &nbsp;&nbsp;&nbsp; 5000052366, 11.625%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 63450 | 65163 | 65175 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8592** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 1.73% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5000052369, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | $37350 | $38754 | $38770 |
| &nbsp;&nbsp;&nbsp; 5000052370, 12.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155809 |
| &nbsp;&nbsp;&nbsp; 5000052371, 9.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 53800 | 55253 | 55212 |
| &nbsp;&nbsp;&nbsp; 5000052375, 10.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 56000 | 58106 | 58125 |
| &nbsp;&nbsp;&nbsp; 5000052377, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 50300 | 52191 | 52074 |
| &nbsp;&nbsp;&nbsp; 5000052379, 10.750%, 8/01/2040 †x∆ | Achieve | 8/27/2025 | 45650 | 47366 | 47402 |
| &nbsp;&nbsp;&nbsp; 5000052380, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 47500 | 49286 | 49296 |
| &nbsp;&nbsp;&nbsp; 5000052383, 9.125%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 40500 | 41594 | 41636 |
| &nbsp;&nbsp;&nbsp; 5000052385, 8.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 30500 | 31324 | 31318 |
| &nbsp;&nbsp;&nbsp; 5000052387, 10.875%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 57000 | 58539 | 58465 |
| &nbsp;&nbsp;&nbsp; 5000052389, 10.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 105850 | 109830 | 109896 |
| &nbsp;&nbsp;&nbsp; 5000052392, 10.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 109350 | 112302 | 112710 |
| &nbsp;&nbsp;&nbsp; 5000052393, 12.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 74400 | 77197 | 77120 |
| &nbsp;&nbsp;&nbsp; 5000052394, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 52000 | 53955 | 53988 |
| &nbsp;&nbsp;&nbsp; 5000052397, 12.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 36650 | 38028 | 38039 |
| &nbsp;&nbsp;&nbsp; 5000052400, 10.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 36700 | 37691 | 37857 |
| &nbsp;&nbsp;&nbsp; 5000052406, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 52550 | 54526 | 54512 |
| &nbsp;&nbsp;&nbsp; 5000052407, 12.125%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 63350 | 65060 | 65170 |
| &nbsp;&nbsp;&nbsp; 5000052408, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 32150 | 33359 | 33367 |
| &nbsp;&nbsp;&nbsp; 5000052411, 11.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 17350 | 18002 | 18010 |
| &nbsp;&nbsp;&nbsp; 5000052414, 12.125%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 70000 | 71890 | 71616 |
| &nbsp;&nbsp;&nbsp; 5000052419, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 87850 | 91153 | 90951 |
| &nbsp;&nbsp;&nbsp; 5000052420, 9.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 120245 | 123492 | 123752 |
| &nbsp;&nbsp;&nbsp; 5000052421, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 55950 | 58054 | 58070 |
| &nbsp;&nbsp;&nbsp; 5000052422, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 48500 | 50324 | 50363 |
| &nbsp;&nbsp;&nbsp; 5000052424, 10.125%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 56500 | 58026 | 58070 |
| &nbsp;&nbsp;&nbsp; 5000052426, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155295 |
| &nbsp;&nbsp;&nbsp; 5000052427, 11.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 106500 | 110504 | 110300 |
| &nbsp;&nbsp;&nbsp; 5000052429, 12.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 51300 | 53229 | 53239 |
| &nbsp;&nbsp;&nbsp; 5000052433, 10.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 65595 | 68061 | 68107 |
| &nbsp;&nbsp;&nbsp; 5000052436, 11.625%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 80500 | 82674 | 83160 |
| &nbsp;&nbsp;&nbsp; 5000052439, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 69950 | 72580 | 72589 |
| &nbsp;&nbsp;&nbsp; 5000052440, 8.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 19300 | 19821 | 19873 |
| &nbsp;&nbsp;&nbsp; 5000052441, 9.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 34000 | 35278 | 35198 |
| &nbsp;&nbsp;&nbsp; 5000052442, 13.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 36500 | 37872 | 37881 |
| &nbsp;&nbsp;&nbsp; 5000052443, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 30933 | 32096 | 32098 |
| &nbsp;&nbsp;&nbsp; 5000052444, 11.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 64700 | 67133 | 67159 |
| &nbsp;&nbsp;&nbsp; 5000052445, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 87100 | 90375 | 90432 |
| &nbsp;&nbsp;&nbsp; 5000052448, 12.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 36950 | 38339 | 38370 |
| &nbsp;&nbsp;&nbsp; 5000052449, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 21500 | 22308 | 22328 |
| &nbsp;&nbsp;&nbsp; 5000052450, 10.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 109000 | 113098 | 113268 |
| &nbsp;&nbsp;&nbsp; 5000052455, 12.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 80000 | 83008 | 82518 |
| &nbsp;&nbsp;&nbsp; 5000052456, 9.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 101050 | 103778 | 104492 |
| &nbsp;&nbsp;&nbsp; 5000052457, 11.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 66900 | 69415 | 69458 |
| &nbsp;&nbsp;&nbsp; 5000052458, 9.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 72450 | 75174 | 75228 |
| &nbsp;&nbsp;&nbsp; 5000052459, 11.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 60800 | 63086 | 63101 |
| &nbsp;&nbsp;&nbsp; 5000052460, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 61500 | 63812 | 63827 |
| &nbsp;&nbsp;&nbsp; 5000052465, 10.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 113200 | 117456 | 117433 |
| &nbsp;&nbsp;&nbsp; 5000052467, 8.875%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 95000 | 97565 | 98100 |
| &nbsp;&nbsp;&nbsp; 5000052469, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 77300 | 79387 | 79399 |
| &nbsp;&nbsp;&nbsp; 5000052470, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 47700 | 49494 | 49527 |
| &nbsp;&nbsp;&nbsp; 5000052471, 11.750%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 197500 | 202833 | 202925 |
| &nbsp;&nbsp;&nbsp; 5000052472, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 27750 | 28793 | 28805 |
| &nbsp;&nbsp;&nbsp; 5000052473, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 140000 | 145264 | 145342 |
| &nbsp;&nbsp;&nbsp; 5000052474, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 75000 | 77820 | 77171 |
| &nbsp;&nbsp;&nbsp; 5000052477, 10.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 107600 | 111646 | 111675 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8593** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 1.73% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5000052484, 9.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | $73000 | $74971 | $75008 |
| &nbsp;&nbsp;&nbsp; 5000052487, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 62500 | 64850 | 64855 |
| &nbsp;&nbsp;&nbsp; 5000052488, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 50000 | 51880 | 51909 |
| &nbsp;&nbsp;&nbsp; 5000052489, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 41500 | 43060 | 43071 |
| &nbsp;&nbsp;&nbsp; 5000052490, 13.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 50750 | 52658 | 52693 |
| &nbsp;&nbsp;&nbsp; 5000052492, 8.625%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 44150 | 45342 | 45367 |
| &nbsp;&nbsp;&nbsp; 5000052493, 9.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 189000 | 194103 | 194071 |
| &nbsp;&nbsp;&nbsp; 5000052494, 12.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 30600 | 31751 | 31703 |
| &nbsp;&nbsp;&nbsp; 5000052495, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 43300 | 44928 | 44757 |
| &nbsp;&nbsp;&nbsp; 5000052497, 8.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 73000 | 74971 | 72665 |
| &nbsp;&nbsp;&nbsp; 5000052498, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 60050 | 62308 | 62342 |
| &nbsp;&nbsp;&nbsp; 5000052499, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 54800 | 56860 | 56831 |
| &nbsp;&nbsp;&nbsp; 5000052501, 11.375%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 51200 | 52582 | 52686 |
| &nbsp;&nbsp;&nbsp; 5000052504, 12.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 50750 | 52658 | 52896 |
| &nbsp;&nbsp;&nbsp; 5000052508, 13.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 44200 | 45862 | 45692 |
| &nbsp;&nbsp;&nbsp; 5000052509, 10.125%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 127300 | 130737 | 129494 |
| &nbsp;&nbsp;&nbsp; 5000052511, 10.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 63650 | 66043 | 66483 |
| &nbsp;&nbsp;&nbsp; 5000052512, 8.375%, 9/01/2035 †x∆↕ | Achieve | 8/27/2025 | 56000 | 57512 | 57541 |
| &nbsp;&nbsp;&nbsp; 5000052513, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 129950 | 134836 | 134810 |
| &nbsp;&nbsp;&nbsp; 5000052514, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 58950 | 61167 | 61203 |
| &nbsp;&nbsp;&nbsp; 5000052515, 12.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 76550 | 79428 | 78743 |
| &nbsp;&nbsp;&nbsp; 5000052516, 10.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 100027 | 103788 | 103813 |
| &nbsp;&nbsp;&nbsp; 5000052518, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 53100 | 55097 | 55017 |
| &nbsp;&nbsp;&nbsp; 5000052522, 10.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 30800 | 31958 | 31973 |
| &nbsp;&nbsp;&nbsp; 5000052523, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 42800 | 44409 | 44487 |
| &nbsp;&nbsp;&nbsp; 5000052525, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 93850 | 97379 | 97431 |
| &nbsp;&nbsp;&nbsp; 5000052527, 12.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 37050 | 38443 | 38471 |
| &nbsp;&nbsp;&nbsp; 5000052528, 12.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 38400 | 39844 | 39892 |
| &nbsp;&nbsp;&nbsp; 5000052529, 11.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 68400 | 70972 | 71095 |
| &nbsp;&nbsp;&nbsp; 5000052530, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 101513 | 105330 | 104935 |
| &nbsp;&nbsp;&nbsp; 5000052533, 10.375%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 21650 | 22235 | 22243 |
| &nbsp;&nbsp;&nbsp; 5000052538, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 65000 | 67444 | 67559 |
| &nbsp;&nbsp;&nbsp; 5000052544, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 30800 | 31958 | 31985 |
| &nbsp;&nbsp;&nbsp; 5000052545, 9.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 109900 | 114032 | 114060 |
| &nbsp;&nbsp;&nbsp; 5000052547, 9.125%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 51200 | 52582 | 51680 |
| &nbsp;&nbsp;&nbsp; 5000052549, 8.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 99700 | 102392 | 102266 |
| &nbsp;&nbsp;&nbsp; 5000052550, 11.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 45600 | 46831 | 47210 |
| &nbsp;&nbsp;&nbsp; 5000052554, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 46300 | 48041 | 47818 |
| &nbsp;&nbsp;&nbsp; 5000052555, 13.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 44500 | 46173 | 46184 |
| &nbsp;&nbsp;&nbsp; 5000052556, 7.740%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 60010 | 61630 | 61700 |
| &nbsp;&nbsp;&nbsp; 5000052557, 11.375%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 131000 | 134537 | 134818 |
| &nbsp;&nbsp;&nbsp; 5000052558, 11.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 92100 | 95563 | 95382 |
| &nbsp;&nbsp;&nbsp; 5000052559, 9.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 199500 | 204887 | 205211 |
| &nbsp;&nbsp;&nbsp; 5000052561, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 42000 | 43579 | 43558 |
| &nbsp;&nbsp;&nbsp; 5000052564, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 141600 | 146924 | 146494 |
| &nbsp;&nbsp;&nbsp; 5000052566, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 40600 | 42127 | 42109 |
| &nbsp;&nbsp;&nbsp; 5000052570, 11.625%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 49500 | 50837 | 50891 |
| &nbsp;&nbsp;&nbsp; 5000052572, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 46600 | 47858 | 47871 |
| &nbsp;&nbsp;&nbsp; 5000052573, 10.250%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 32300 | 33172 | 32763 |
| &nbsp;&nbsp;&nbsp; 5000052574, 10.625%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 74500 | 76512 | 76773 |
| &nbsp;&nbsp;&nbsp; 5000052578, 11.625%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 83000 | 85241 | 85284 |
| &nbsp;&nbsp;&nbsp; 5000052579, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 88000 | 91309 | 91325 |
| &nbsp;&nbsp;&nbsp; 5000052580, 11.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 147550 | 153098 | 153166 |
| &nbsp;&nbsp;&nbsp; 5000052581, 11.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 152156 |
| &nbsp;&nbsp;&nbsp; 5000052582, 9.500%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 57500 | 59053 | 57634 |
| &nbsp;&nbsp;&nbsp; 5000052584, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 66150 | 68637 | 68358 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8594** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 1.73% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5000052588, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | $39600 | $40669 | $40775 |
| &nbsp;&nbsp;&nbsp; 5000052590, 9.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 33000 | 33891 | 34010 |
| &nbsp;&nbsp;&nbsp; 5000052591, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155547 |
| &nbsp;&nbsp;&nbsp; 5000052592, 9.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 86050 | 89285 | 89370 |
| &nbsp;&nbsp;&nbsp; 5000052593, 8.875%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 50200 | 51555 | 49545 |
| &nbsp;&nbsp;&nbsp; 5000052595, 11.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 51330 | 53260 | 53279 |
| &nbsp;&nbsp;&nbsp; 5000052597, 9.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 124050 | 127399 | 127429 |
| &nbsp;&nbsp;&nbsp; 5000052598, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 67500 | 70038 | 70046 |
| &nbsp;&nbsp;&nbsp; 5000052605, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 101500 | 105316 | 105244 |
| &nbsp;&nbsp;&nbsp; 5000052606, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 42200 | 43787 | 43818 |
| &nbsp;&nbsp;&nbsp; 5000052607, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 40500 | 42023 | 41962 |
| &nbsp;&nbsp;&nbsp; 5000052609, 11.625%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 27050 | 27780 | 27889 |
| &nbsp;&nbsp;&nbsp; 5000052610, 12.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 53200 | 55200 | 55296 |
| &nbsp;&nbsp;&nbsp; 5000052612, 8.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 76300 | 78360 | 78394 |
| &nbsp;&nbsp;&nbsp; 5000052613, 13.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 45600 | 47315 | 47324 |
| &nbsp;&nbsp;&nbsp; 5000052620, 9.875%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 89000 | 91403 | 91431 |
| &nbsp;&nbsp;&nbsp; 5000052624, 8.625%, 9/01/2040 †x∆↕ | Achieve | 8/27/2025 | 5200 | 5340 | 5340 |
| &nbsp;&nbsp;&nbsp; 5000052625, 9.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 149800 | 153845 | 151716 |
| &nbsp;&nbsp;&nbsp; 5000052629, 12.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 73850 | 76627 | 76666 |
| &nbsp;&nbsp;&nbsp; 5000052630, 9.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 78300 | 81244 | 80780 |
| &nbsp;&nbsp;&nbsp; 5000052631, 13.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 58900 | 61115 | 60574 |
| &nbsp;&nbsp;&nbsp; 5000052633, 8.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 54000 | 55458 | 55387 |
| &nbsp;&nbsp;&nbsp; 5000052634, 10.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 45200 | 46900 | 46916 |
| &nbsp;&nbsp;&nbsp; 5000052636, 10.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 206000 | 211562 | 206147 |
| &nbsp;&nbsp;&nbsp; 5000052637, 9.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 120458 | 123710 | 123834 |
| &nbsp;&nbsp;&nbsp; 5000052638, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 61800 | 63469 | 63504 |
| &nbsp;&nbsp;&nbsp; 5000052640, 9.125%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 166200 | 170687 | 170755 |
| &nbsp;&nbsp;&nbsp; 5000052642, 11.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 218000 | 223886 | 224137 |
| &nbsp;&nbsp;&nbsp; 5000052647, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 125000 | 128375 | 128389 |
| &nbsp;&nbsp;&nbsp; 5000052650, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 86250 | 89493 | 89669 |
| &nbsp;&nbsp;&nbsp; 5000052651, 8.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 75750 | 77795 | 77425 |
| &nbsp;&nbsp;&nbsp; 5000052652, 10.375%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 57500 | 59053 | 59071 |
| &nbsp;&nbsp;&nbsp; 5000052654, 8.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 21500 | 22081 | 22110 |
| &nbsp;&nbsp;&nbsp; 5000052655, 13.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 67200 | 69727 | 69761 |
| &nbsp;&nbsp;&nbsp; 5000052656, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 53500 | 55512 | 55521 |
| &nbsp;&nbsp;&nbsp; 5000052657, 11.500%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 83300 | 85549 | 85371 |
| &nbsp;&nbsp;&nbsp; 5000052658, 10.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 79700 | 81852 | 81782 |
| &nbsp;&nbsp;&nbsp; 5000052659, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 72850 | 75589 | 75336 |
| &nbsp;&nbsp;&nbsp; 5000052663, 12.125%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 124850 | 128221 | 127818 |
| &nbsp;&nbsp;&nbsp; 5000052669, 10.625%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 82950 | 85190 | 85211 |
| &nbsp;&nbsp;&nbsp; 5000052670, 9.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 36600 | 37976 | 37945 |
| &nbsp;&nbsp;&nbsp; 5000052672, 9.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 40500 | 41594 | 41635 |
| &nbsp;&nbsp;&nbsp; 5000052673, 9.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 18200 | 18884 | 18896 |
| &nbsp;&nbsp;&nbsp; 5000052674, 10.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 106000 | 109986 | 110014 |
| &nbsp;&nbsp;&nbsp; 5000052678, 10.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 145500 | 150971 | 150308 |
| &nbsp;&nbsp;&nbsp; 5000052682, 8.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 128650 | 132124 | 133617 |
| &nbsp;&nbsp;&nbsp; 5000052685, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 148600 | 154187 | 154184 |
| &nbsp;&nbsp;&nbsp; 5000052687, 10.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 90100 | 93488 | 93549 |
| &nbsp;&nbsp;&nbsp; 5000052689, 9.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 60000 | 62256 | 62273 |
| &nbsp;&nbsp;&nbsp; 5000052693, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 55700 | 57794 | 57508 |
| &nbsp;&nbsp;&nbsp; 5000052696, 12.000%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 36300 | 37665 | 37747 |
| &nbsp;&nbsp;&nbsp; 5000052699, 12.250%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 26100 | 27081 | 27104 |
| &nbsp;&nbsp;&nbsp; 5000052700, 10.625%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 119600 | 122829 | 122807 |
| &nbsp;&nbsp;&nbsp; 5000052704, 9.375%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 60800 | 62442 | 62494 |
| &nbsp;&nbsp;&nbsp; 5000052717, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 20750 | 21530 | 21539 |
| &nbsp;&nbsp;&nbsp; 5000052719, 8.375%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 52000 | 53404 | 53839 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8595** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 1.73% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5000052720, 9.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | $66800 | $69312 | $69295 |
| &nbsp;&nbsp;&nbsp; 5000052721, 8.875%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 100000 | 102700 | 102608 |
| &nbsp;&nbsp;&nbsp; 5000052727, 6.740%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 26050 | 26753 | 26778 |
| &nbsp;&nbsp;&nbsp; 5000052729, 8.500%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 114000 | 117078 | 115426 |
| &nbsp;&nbsp;&nbsp; 5000052730, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 68300 | 70868 | 70909 |
| &nbsp;&nbsp;&nbsp; 5000052734, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 48500 | 50324 | 50175 |
| &nbsp;&nbsp;&nbsp; 5000052739, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 55000 | 57068 | 57082 |
| &nbsp;&nbsp;&nbsp; 5000052753, 12.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 35000 | 36316 | 36277 |
| &nbsp;&nbsp;&nbsp; 5000052755, 11.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 37700 | 39118 | 39130 |
| &nbsp;&nbsp;&nbsp; 5000052758, 8.625%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 24600 | 25264 | 25291 |
| &nbsp;&nbsp;&nbsp; 5000052759, 11.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 150000 | 155640 | 155710 |
| &nbsp;&nbsp;&nbsp; 5000052760, 10.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 85400 | 88611 | 88634 |
| &nbsp;&nbsp;&nbsp; 5000052765, 7.990%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 200150 | 205554 | 206111 |
| &nbsp;&nbsp;&nbsp; 5000052767, 10.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 103400 | 107288 | 107310 |
| &nbsp;&nbsp;&nbsp; 5000052769, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 19350 | 19872 | 19891 |
| &nbsp;&nbsp;&nbsp; 5000052770, 12.000%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 51000 | 52918 | 52951 |
| &nbsp;&nbsp;&nbsp; 5000052773, 9.375%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 33300 | 34199 | 34208 |
| &nbsp;&nbsp;&nbsp; 5000052780, 8.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 27800 | 28845 | 28843 |
| &nbsp;&nbsp;&nbsp; 5000052782, 13.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 35350 | 36679 | 36704 |
| &nbsp;&nbsp;&nbsp; 5000052791, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 101200 | 105005 | 105016 |
| &nbsp;&nbsp;&nbsp; 5000052794, 9.625%, 9/01/2045 †x∆ | Achieve | 8/27/2025 | 165200 | 169660 | 168648 |
| &nbsp;&nbsp;&nbsp; 5000052801, 8.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 168450 | 172998 | 173151 |
| &nbsp;&nbsp;&nbsp; 5000052806, 7.490%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 21000 | 21567 | 21586 |
| &nbsp;&nbsp;&nbsp; 5000052811, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 68000 | 69836 | 69851 |
| &nbsp;&nbsp;&nbsp; 5000052813, 10.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 53900 | 55927 | 55945 |
| &nbsp;&nbsp;&nbsp; 5000052815, 13.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 40550 | 42075 | 42084 |
| &nbsp;&nbsp;&nbsp; 5000052818, 7.875%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 100000 | 102700 | 102886 |
| &nbsp;&nbsp;&nbsp; 5000052819, 10.250%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 126950 | 130378 | 130860 |
| &nbsp;&nbsp;&nbsp; 5000052822, 9.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 136000 | 141114 | 141180 |
| &nbsp;&nbsp;&nbsp; 5000052829, 11.125%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 64600 | 66344 | 66414 |
| &nbsp;&nbsp;&nbsp; 5000052831, 8.750%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 21000 | 21567 | 21579 |
| &nbsp;&nbsp;&nbsp; 5000052833, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 26200 | 27185 | 27173 |
| &nbsp;&nbsp;&nbsp; 5000052835, 12.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 33000 | 34241 | 33351 |
| &nbsp;&nbsp;&nbsp; 5000052858, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 61075 | 63371 | 63216 |
| &nbsp;&nbsp;&nbsp; 5000052862, 10.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 76000 | 78858 | 78962 |
| &nbsp;&nbsp;&nbsp; 5000052878, 13.250%, 9/01/2040 †x∆↕ | Achieve | 8/27/2025 | 48000 | 49805 | 49817 |
| &nbsp;&nbsp;&nbsp; 5000052884, 8.625%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 24400 | 25059 | 25075 |
| &nbsp;&nbsp;&nbsp; 5000052887, 13.000%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 38000 | 39429 | 39440 |
| &nbsp;&nbsp;&nbsp; 5000052895, 10.750%, 9/01/2055 †x∆ | Achieve | 8/27/2025 | 66900 | 69415 | 69058 |
| &nbsp;&nbsp;&nbsp; 5000052901, 12.250%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 63400 | 65784 | 65822 |
| &nbsp;&nbsp;&nbsp; 5000052917, 11.750%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 85000 | 88196 | 88245 |
| &nbsp;&nbsp;&nbsp; 5000052930, 12.500%, 9/01/2040 †x∆ | Achieve | 8/27/2025 | 30300 | 31439 | 31344 |
| &nbsp;&nbsp;&nbsp; 5000052934, 8.625%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 26700 | 27421 | 27447 |
| &nbsp;&nbsp;&nbsp; 5000053074, 11.500%, 9/01/2035 †x∆ | Achieve | 8/27/2025 | 87500 | 90790 | 90801 |
| **Total Home Equity Loans** |  |  |  | **28349526** | **28324565** |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8596** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **Small Business Loans - 5.77%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 114489, 11.900%, 7/25/2021 †x#^ | Funding Circle | 7/25/2016 | GBP | 3480 | $4789 | $1411 |
| &nbsp;&nbsp;&nbsp; 117752, 8.300%, 9/07/2021 †x#^ | Funding Circle | 9/07/2016 | GBP | 13720 | 18299 | 5563 |
| &nbsp;&nbsp;&nbsp; 133573, 7.900%, 11/09/2022 †x#^ | Funding Circle | 11/09/2017 | GBP | 36917 | 48539 | 14969 |
| &nbsp;&nbsp;&nbsp; 136787, 8.300%, 10/30/2021 †x#^ | Funding Circle | 8/31/2016 | GBP | 619 | 812 | 251 |
| &nbsp;&nbsp;&nbsp; 137841, 14.100%, 8/30/2021 †x#^ | Funding Circle | 8/31/2016 | GBP | 4021 | 5533 | 1630 |
| &nbsp;&nbsp;&nbsp; 141750, 21.900%, 12/22/2022 †x#^ | Funding Circle | 12/22/2017 | GBP | 28057 | 38611 | 11377 |
| &nbsp;&nbsp;&nbsp; 141962, 11.900%, 9/21/2021 †x#^ | Funding Circle | 9/21/2016 | GBP | 12884 | 17730 | 5224 |
| &nbsp;&nbsp;&nbsp; 144465, 10.500%, 11/23/2022 †x#^ | Funding Circle | 11/23/2017 | GBP | 430 | 592 | 174 |
| &nbsp;&nbsp;&nbsp; 144749, 9.000%, 6/19/2022 †x#^ | Funding Circle | 6/19/2017 | GBP | 5255 | 6692 | 2131 |
| &nbsp;&nbsp;&nbsp; 145473, 14.100%, 10/11/2021 †x#^ | Funding Circle | 10/11/2016 | GBP | 6774 | 9322 | 2747 |
| &nbsp;&nbsp;&nbsp; 148103, 10.500%, 1/28/2022 †x#^ | Funding Circle | 1/30/2017 | GBP | 3607 | 4964 | 1463 |
| &nbsp;&nbsp;&nbsp; 149091, 9.000%, 11/10/2021 †x#^ | Funding Circle | 11/10/2016 | GBP | 2241 | 3084 | 909 |
| &nbsp;&nbsp;&nbsp; 149168, 13.500%, 1/26/2022 †x#^ | Funding Circle | 1/26/2017 | GBP | 2398 | 3019 | 972 |
| &nbsp;&nbsp;&nbsp; 150824, 11.900%, 10/30/2021 †x#^ | Funding Circle | 10/31/2016 | GBP | 152 | 186 | 62 |
| &nbsp;&nbsp;&nbsp; 151628, 11.900%, 11/03/2021 †x#^ | Funding Circle | 11/03/2016 | GBP | 4653 | 5798 | 1887 |
| &nbsp;&nbsp;&nbsp; 152971, 7.000%, 11/25/2020 †x#^ | Funding Circle | 11/25/2016 | GBP | 938 | 1291 | 380 |
| &nbsp;&nbsp;&nbsp; 154010, 9.000%, 11/28/2021 †x#^ | Funding Circle | 11/28/2016 | GBP | 36277 | 49923 | 14710 |
| &nbsp;&nbsp;&nbsp; 154357, 10.500%, 11/18/2021 †x#^ | Funding Circle | 11/18/2016 | GBP | 1246 | 1539 | 505 |
| &nbsp;&nbsp;&nbsp; 155675, 13.500%, 12/16/2021 †x#^ | Funding Circle | 12/16/2016 | GBP | 5692 | 7105 | 2308 |
| &nbsp;&nbsp;&nbsp; 155741, 10.500%, 12/01/2021 †x#^ | Funding Circle | 12/01/2016 | GBP | 23528 | 32378 | 9540 |
| &nbsp;&nbsp;&nbsp; 156333, 13.500%, 11/29/2021 †x#^ | Funding Circle | 11/29/2016 | GBP | 227 | 284 | 92 |
| &nbsp;&nbsp;&nbsp; 156968, 13.500%, 12/01/2021 †x#^ | Funding Circle | 12/01/2016 | GBP | 2083 | 2867 | 845 |
| &nbsp;&nbsp;&nbsp; 157046, 9.000%, 12/05/2021 †x#^ | Funding Circle | 12/05/2016 | GBP | 2100 | 2672 | 851 |
| &nbsp;&nbsp;&nbsp; 157303, 7.500%, 12/29/2021 †x#^ | Funding Circle | 12/29/2016 | GBP | 17479 | 24054 | 7087 |
| &nbsp;&nbsp;&nbsp; 157520, 10.500%, 3/10/2022 †x#^ | Funding Circle | 1/10/2017 | GBP | 1356 | 1650 | 550 |
| &nbsp;&nbsp;&nbsp; 157718, 13.500%, 4/24/2022 †x#^ | Funding Circle | 4/24/2017 | GBP | 5346 | 6838 | 2168 |
| &nbsp;&nbsp;&nbsp; 158247, 10.500%, 1/17/2022 †x#^ | Funding Circle | 1/17/2017 | GBP | 4386 | 5438 | 1778 |
| &nbsp;&nbsp;&nbsp; 159389, 7.500%, 12/12/2021 †x#^ | Funding Circle | 12/12/2016 | GBP | 396 | 546 | 161 |
| &nbsp;&nbsp;&nbsp; 159460, 7.500%, 3/23/2022 †x#^ | Funding Circle | 1/23/2017 | GBP | 3177 | 3973 | 1288 |
| &nbsp;&nbsp;&nbsp; 160524, 13.500%, 1/19/2022 †x#^ | Funding Circle | 1/19/2017 | GBP | 9232 | 11382 | 3743 |
| &nbsp;&nbsp;&nbsp; 161405, 13.500%, 1/10/2022 †x#^ | Funding Circle | 1/10/2017 | GBP | 6718 | 8176 | 2724 |
| &nbsp;&nbsp;&nbsp; 161430, 13.500%, 5/24/2022 †x#^ | Funding Circle | 5/24/2017 | GBP | 4199 | 5443 | 1703 |
| &nbsp;&nbsp;&nbsp; 162653, 13.500%, 1/05/2022 †x#^ | Funding Circle | 1/05/2017 | GBP | 434 | 597 | 176 |
| &nbsp;&nbsp;&nbsp; 163400, 10.500%, 1/13/2022 †x#^ | Funding Circle | 1/13/2017 | GBP | 13406 | 18449 | 5436 |
| &nbsp;&nbsp;&nbsp; 164624, 7.500%, 1/20/2022 †x#^ | Funding Circle | 1/20/2017 | GBP | 8809 | 12123 | 3572 |
| &nbsp;&nbsp;&nbsp; 165017, 9.000%, 1/19/2022 †x#^ | Funding Circle | 1/19/2017 | GBP | 22570 | 31059 | 9152 |
| &nbsp;&nbsp;&nbsp; 165766, 10.500%, 1/28/2022 †x#^ | Funding Circle | 1/31/2017 | GBP | 899 | 1131 | 365 |
| &nbsp;&nbsp;&nbsp; 166262, 10.500%, 2/07/2022 †x#^ | Funding Circle | 2/07/2017 | GBP | 1679 | 2101 | 681 |
| &nbsp;&nbsp;&nbsp; 166331, 9.000%, 1/28/2022 †x#^ | Funding Circle | 1/30/2017 | GBP | 9684 | 13327 | 3927 |
| &nbsp;&nbsp;&nbsp; 166423, 12.900%, 1/27/2021 †x#^ | Funding Circle | 1/27/2017 | GBP | 1554 | 2139 | 630 |
| &nbsp;&nbsp;&nbsp; 166564, 9.000%, 1/28/2022 †x#^ | Funding Circle | 1/30/2017 | GBP | 2416 | 3325 | 980 |
| &nbsp;&nbsp;&nbsp; 166748, 10.500%, 1/26/2022 †x#^ | Funding Circle | 1/26/2017 | GBP | 1679 | 2114 | 681 |
| &nbsp;&nbsp;&nbsp; 167085, 13.500%, 1/26/2022 †x#^ | Funding Circle | 1/26/2017 | GBP | 20939 | 26359 | 8490 |
| &nbsp;&nbsp;&nbsp; 167089, 10.500%, 1/27/2022 †x#^ | Funding Circle | 1/27/2017 | GBP | 10944 | 13739 | 4438 |
| &nbsp;&nbsp;&nbsp; 167148, 10.500%, 1/27/2022 †x#^ | Funding Circle | 1/27/2017 | GBP | 6462 | 8112 | 2620 |
| &nbsp;&nbsp;&nbsp; 167579, 9.000%, 1/28/2022 †x#^ | Funding Circle | 1/30/2017 | GBP | 2131 | 2661 | 864 |
| &nbsp;&nbsp;&nbsp; 169017, 7.500%, 2/02/2022 †x#^ | Funding Circle | 2/02/2017 | GBP | 1689 | 2324 | 685 |
| &nbsp;&nbsp;&nbsp; 170044, 10.500%, 6/19/2022 †x#^ | Funding Circle | 6/19/2017 | GBP | 13624 | 18749 | 5524 |
| &nbsp;&nbsp;&nbsp; 171371, 10.500%, 2/21/2022 †x#^ | Funding Circle | 2/21/2017 | GBP | 7416 | 10206 | 3007 |
| &nbsp;&nbsp;&nbsp; 172439, 7.500%, 4/15/2022 †x#^ | Funding Circle | 2/15/2017 | GBP | 982 | 1223 | 398 |
| &nbsp;&nbsp;&nbsp; 178832, 13.500%, 3/30/2022 †x#^ | Funding Circle | 3/31/2017 | GBP | 18639 | 23352 | 7558 |
| &nbsp;&nbsp;&nbsp; 179947, 10.500%, 3/28/2022 †x#^ | Funding Circle | 3/28/2017 | GBP | 63794 | 87791 | 25867 |
| &nbsp;&nbsp;&nbsp; 180946, 21.900%, 3/29/2022 †x#^ | Funding Circle | 3/29/2017 | GBP | 287 | 357 | 116 |
| &nbsp;&nbsp;&nbsp; 183931, 13.500%, 4/10/2022 †x#^ | Funding Circle | 4/10/2017 | GBP | 7349 | 9121 | 2980 |
| &nbsp;&nbsp;&nbsp; 184402, 7.500%, 7/11/2022 †x#^ | Funding Circle | 5/11/2017 | GBP | 7114 | 9171 | 2885 |
| &nbsp;&nbsp;&nbsp; 184694, 7.000%, 4/10/2021 †x#^ | Funding Circle | 4/10/2017 | GBP | 3384 | 4200 | 1372 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8597** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24% (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 185464, 7.500%, 4/20/2022 †x#^ | Funding Circle | 4/20/2017 | GBP | 36419 | $50118 | $14767 |
| &nbsp;&nbsp;&nbsp; 186100, 10.500%, 5/03/2022 †x#^ | Funding Circle | 5/03/2017 | GBP | 22248 | 30617 | 9021 |
| &nbsp;&nbsp;&nbsp; 186571, 7.500%, 4/26/2022 †x#^ | Funding Circle | 4/26/2017 | GBP | 12833 | 16492 | 5204 |
| &nbsp;&nbsp;&nbsp; 190282, 13.500%, 5/11/2022 †x#^ | Funding Circle | 5/11/2017 | GBP | 18139 | 24963 | 7355 |
| &nbsp;&nbsp;&nbsp; 190593, 17.500%, 6/06/2021 †x#^ | Funding Circle | 6/06/2017 | GBP | 4498 | 5806 | 1824 |
| &nbsp;&nbsp;&nbsp; 190987, 7.500%, 5/12/2022 †x#^ | Funding Circle | 5/12/2017 | GBP | 1078 | 1389 | 437 |
| &nbsp;&nbsp;&nbsp; 191297, 12.900%, 6/06/2021 †x#^ | Funding Circle | 6/06/2017 | GBP | 2508 | 3452 | 1017 |
| &nbsp;&nbsp;&nbsp; 191626, 7.500%, 5/24/2022 †x#^ | Funding Circle | 5/24/2017 | GBP | 28188 | 36537 | 11430 |
| &nbsp;&nbsp;&nbsp; 191860, 10.500%, 5/25/2022 †x#^ | Funding Circle | 5/25/2017 | GBP | 638 | 825 | 259 |
| &nbsp;&nbsp;&nbsp; 195909, 17.900%, 8/16/2022 †x#^ | Funding Circle | 6/16/2017 | GBP | 686 | 877 | 278 |
| &nbsp;&nbsp;&nbsp; 196957, 10.500%, 6/15/2022 †x#^ | Funding Circle | 6/15/2017 | GBP | 2799 | 3571 | 1135 |
| &nbsp;&nbsp;&nbsp; 198130, 7.500%, 6/21/2022 †x#^ | Funding Circle | 6/21/2017 | GBP | 20576 | 26059 | 8343 |
| &nbsp;&nbsp;&nbsp; 198873, 21.900%, 7/10/2022 †x#^ | Funding Circle | 7/10/2017 | GBP | 30625 | 42145 | 12418 |
| &nbsp;&nbsp;&nbsp; 198940, 10.500%, 7/13/2022 †x#^ | Funding Circle | 7/13/2017 | GBP | 27129 | 35119 | 11000 |
| &nbsp;&nbsp;&nbsp; 199287, 17.900%, 6/28/2022 †x#^ | Funding Circle | 6/28/2017 | GBP | 11108 | 15286 | 4504 |
| &nbsp;&nbsp;&nbsp; 200242, 7.500%, 6/29/2022 †x#^ | Funding Circle | 6/29/2017 | GBP | 16365 | 22520 | 6636 |
| &nbsp;&nbsp;&nbsp; 201013, 7.500%, 7/07/2022 †x#^ | Funding Circle | 7/07/2017 | GBP | 26518 | 34177 | 10753 |
| &nbsp;&nbsp;&nbsp; 203110, 13.500%, 7/21/2022 †x#^ | Funding Circle | 7/21/2017 | GBP | 7857 | 10211 | 3186 |
| &nbsp;&nbsp;&nbsp; 203567, 10.500%, 7/17/2022 †x#^ | Funding Circle | 7/17/2017 | GBP | 4193 | 5475 | 1700 |
| &nbsp;&nbsp;&nbsp; 204098, 7.500%, 7/21/2022 †x#^ | Funding Circle | 7/21/2017 | GBP | 8834 | 11480 | 3582 |
| &nbsp;&nbsp;&nbsp; 204268, 7.500%, 8/04/2022 †x#^ | Funding Circle | 8/04/2017 | GBP | 6979 | 9604 | 2830 |
| &nbsp;&nbsp;&nbsp; 204353, 13.500%, 7/31/2022 †x#^ | Funding Circle | 7/31/2017 | GBP | 2294 | 3027 | 930 |
| &nbsp;&nbsp;&nbsp; 206167, 10.500%, 8/11/2022 †x#^ | Funding Circle | 8/11/2017 | GBP | 43076 | 56066 | 17467 |
| &nbsp;&nbsp;&nbsp; 206937, 21.900%, 11/15/2022 †x#^ | Funding Circle | 8/15/2017 | GBP | 143 | 184 | 58 |
| &nbsp;&nbsp;&nbsp; 207258, 7.500%, 8/04/2022 †x#^ | Funding Circle | 8/04/2017 | GBP | 2529 | 3299 | 1025 |
| &nbsp;&nbsp;&nbsp; 210691, 13.500%, 10/27/2022 †x#^ | Funding Circle | 9/27/2017 | GBP | 4481 | 6002 | 1817 |
| &nbsp;&nbsp;&nbsp; 210891, 7.500%, 9/25/2022 †x#^ | Funding Circle | 9/25/2017 | GBP | 7873 | 10835 | 3193 |
| &nbsp;&nbsp;&nbsp; 212170, 7.900%, 9/06/2022 †x#^ | Funding Circle | 9/06/2017 | GBP | 37179 | 48480 | 15076 |
| &nbsp;&nbsp;&nbsp; 213364, 7.900%, 10/26/2022 †x#^ | Funding Circle | 10/26/2017 | GBP | 9943 | 13076 | 4032 |
| &nbsp;&nbsp;&nbsp; 213411, 7.600%, 9/25/2021 †x#^ | Funding Circle | 9/25/2017 | GBP | 15452 | 21264 | 6266 |
| &nbsp;&nbsp;&nbsp; 214196, 10.500%, 9/19/2022 †x#^ | Funding Circle | 9/19/2017 | GBP | 6178 | 8502 | 2505 |
| &nbsp;&nbsp;&nbsp; 214245, 17.900%, 10/04/2022 †x#^ | Funding Circle | 10/04/2017 | GBP | 4277 | 5668 | 1734 |
| &nbsp;&nbsp;&nbsp; 214334, 17.900%, 9/19/2022 †x#^ | Funding Circle | 9/19/2017 | GBP | 1565 | 2116 | 634 |
| &nbsp;&nbsp;&nbsp; 214398, 7.600%, 10/12/2021 †x#^ | Funding Circle | 10/12/2017 | GBP | 9382 | 12912 | 3804 |
| &nbsp;&nbsp;&nbsp; 214498, 7.900%, 1/19/2023 †x#^ | Funding Circle | 9/19/2017 | GBP | 23044 | 31172 | 9344 |
| &nbsp;&nbsp;&nbsp; 214896, 7.900%, 9/18/2022 †x#^ | Funding Circle | 9/18/2017 | GBP | 90442 | 124462 | 36673 |
| &nbsp;&nbsp;&nbsp; 216453, 12.900%, 9/20/2020 †x#^ | Funding Circle | 9/20/2017 | GBP | 617 | 849 | 250 |
| &nbsp;&nbsp;&nbsp; 216671, 7.900%, 10/12/2022 †x#^ | Funding Circle | 10/12/2017 | GBP | 2021 | 2680 | 820 |
| &nbsp;&nbsp;&nbsp; 216792, 10.500%, 9/25/2022 †x#^ | Funding Circle | 9/25/2017 | GBP | 818 | 1102 | 332 |
| &nbsp;&nbsp;&nbsp; 217298, 7.900%, 11/27/2022 †x#^ | Funding Circle | 9/27/2017 | GBP | 3655 | 4895 | 1482 |
| &nbsp;&nbsp;&nbsp; 218029, 7.900%, 10/05/2022 †x#^ | Funding Circle | 10/05/2017 | GBP | 57651 | 79337 | 23376 |
| &nbsp;&nbsp;&nbsp; 219486, 7.900%, 11/30/2022 †x#^ | Funding Circle | 11/30/2017 | GBP | 12273 | 16598 | 4976 |
| &nbsp;&nbsp;&nbsp; 219594, 10.500%, 10/19/2022 †x#^ | Funding Circle | 10/19/2017 | GBP | 1481 | 1949 | 601 |
| &nbsp;&nbsp;&nbsp; 220230, 5.900%, 12/06/2022 †x#^ | Funding Circle | 10/06/2017 | GBP | 12184 | 16767 | 4940 |
| &nbsp;&nbsp;&nbsp; 221086, 21.600%, 10/19/2021 †x#^ | Funding Circle | 10/19/2017 | GBP | 11367 | 14959 | 4609 |
| &nbsp;&nbsp;&nbsp; 221149, 17.900%, 10/12/2022 †x#^ | Funding Circle | 10/12/2017 | GBP | 5016 | 6653 | 2034 |
| &nbsp;&nbsp;&nbsp; 221584, 10.500%, 10/20/2022 †x#^ | Funding Circle | 10/20/2017 | GBP | 9823 | 12952 | 3983 |
| &nbsp;&nbsp;&nbsp; 221764, 10.500%, 10/11/2022 †x#^ | Funding Circle | 10/11/2017 | GBP | 2839 | 3907 | 1151 |
| &nbsp;&nbsp;&nbsp; 221956, 13.500%, 10/20/2022 †x#^ | Funding Circle | 10/20/2017 | GBP | 22893 | 31504 | 9283 |
| &nbsp;&nbsp;&nbsp; 222106, 10.500%, 10/12/2022 †x#^ | Funding Circle | 10/12/2017 | GBP | 1818 | 2502 | 737 |
| &nbsp;&nbsp;&nbsp; 223262, 13.500%, 11/13/2022 †x#^ | Funding Circle | 11/13/2017 | GBP | 8797 | 11543 | 3567 |
| &nbsp;&nbsp;&nbsp; 224620, 17.900%, 11/14/2022 †x#^ | Funding Circle | 11/14/2017 | GBP | 3184 | 4382 | 1291 |
| &nbsp;&nbsp;&nbsp; 224983, 13.500%, 12/25/2022 †x#^ | Funding Circle | 10/25/2017 | GBP | 2929 | 3881 | 1188 |
| &nbsp;&nbsp;&nbsp; 225252, 17.900%, 11/28/2022 †x#^ | Funding Circle | 11/28/2017 | GBP | 3152 | 4209 | 1278 |
| &nbsp;&nbsp;&nbsp; 225377, 10.200%, 10/30/2021 †x#^ | Funding Circle | 10/30/2017 | GBP | 17914 | 24653 | 7264 |
| &nbsp;&nbsp;&nbsp; 225799, 10.500%, 11/17/2022 †x#^ | Funding Circle | 11/17/2017 | GBP | 7018 | 9276 | 2846 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8598** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24% (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 226350, 17.900%, 11/16/2022 †x#^ | Funding Circle | 11/16/2017 | GBP | 19681 | $27084 | $7980 |
| &nbsp;&nbsp;&nbsp; 226489, 7.900%, 11/13/2022 †x#^ | Funding Circle | 11/13/2017 | GBP | 1123 | 1474 | 455 |
| &nbsp;&nbsp;&nbsp; 226505, 10.500%, 11/14/2022 †x#^ | Funding Circle | 11/14/2017 | GBP | 21973 | 28921 | 8910 |
| &nbsp;&nbsp;&nbsp; 227889, 21.600%, 1/08/2022 †x#^ | Funding Circle | 11/08/2017 | GBP | 44 | 57 | 18 |
| &nbsp;&nbsp;&nbsp; 229803, 21.900%, 11/17/2022 †x#^ | Funding Circle | 11/17/2017 | GBP | 30922 | 40871 | 12538 |
| &nbsp;&nbsp;&nbsp; 229820, 7.900%, 11/13/2022 †x#^ | Funding Circle | 11/13/2017 | GBP | 3074 | 4033 | 1246 |
| &nbsp;&nbsp;&nbsp; 229841, 17.900%, 12/07/2022 †x#^ | Funding Circle | 12/07/2017 | GBP | 26147 | 35982 | 10602 |
| &nbsp;&nbsp;&nbsp; 230169, 7.900%, 11/16/2022 †x#^ | Funding Circle | 11/16/2017 | GBP | 152557 | 209942 | 61859 |
| &nbsp;&nbsp;&nbsp; 232450, 13.200%, 11/30/2021 †x#^ | Funding Circle | 11/30/2017 | GBP | 10247 | 13858 | 4155 |
| &nbsp;&nbsp;&nbsp; 232622, 13.500%, 1/29/2023 †x#^ | Funding Circle | 11/29/2017 | GBP | 2158 | 2894 | 875 |
| &nbsp;&nbsp;&nbsp; 233056, 8.900%, 2/08/2023 †x#^ | Funding Circle | 2/08/2018 | GBP | 8848 | 12300 | 3588 |
| &nbsp;&nbsp;&nbsp; 233157, 7.900%, 1/28/2023 †x#^ | Funding Circle | 11/28/2017 | GBP | 5968 | 7969 | 2420 |
| &nbsp;&nbsp;&nbsp; 233318, 17.900%, 11/24/2022 †x#^ | Funding Circle | 11/24/2017 | GBP | 1323 | 1764 | 536 |
| &nbsp;&nbsp;&nbsp; 233879, 21.900%, 12/08/2022 †x#^ | Funding Circle | 12/08/2017 | GBP | 5297 | 7092 | 2148 |
| &nbsp;&nbsp;&nbsp; 233930, 17.900%, 12/11/2022 †x#^ | Funding Circle | 12/11/2017 | GBP | 12572 | 17301 | 5098 |
| &nbsp;&nbsp;&nbsp; 234861, 7.600%, 12/06/2021 †x#^ | Funding Circle | 12/06/2017 | GBP | 9136 | 12572 | 3704 |
| &nbsp;&nbsp;&nbsp; 235133, 17.900%, 12/07/2022 †x#^ | Funding Circle | 12/07/2017 | GBP | 49044 | 66095 | 19887 |
| &nbsp;&nbsp;&nbsp; 235577, 10.500%, 12/13/2022 †x#^ | Funding Circle | 12/13/2017 | GBP | 18971 | 26107 | 7692 |
| &nbsp;&nbsp;&nbsp; 235753, 10.500%, 12/06/2022 †x#^ | Funding Circle | 12/06/2017 | GBP | 910 | 1219 | 369 |
| &nbsp;&nbsp;&nbsp; 235889, 17.900%, 12/07/2022 †x#^ | Funding Circle | 12/07/2017 | GBP | 1956 | 2635 | 793 |
| &nbsp;&nbsp;&nbsp; 235965, 7.900%, 12/11/2022 †x#^ | Funding Circle | 12/11/2017 | GBP | 12148 | 16203 | 4926 |
| &nbsp;&nbsp;&nbsp; 239325, 10.200%, 12/22/2021 †x#^ | Funding Circle | 12/22/2017 | GBP | 23202 | 31929 | 9408 |
| &nbsp;&nbsp;&nbsp; 242221, 10.500%, 1/16/2023 †x#^ | Funding Circle | 1/16/2018 | GBP | 8038 | 11087 | 3259 |
| &nbsp;&nbsp;&nbsp; 244896, 9.500%, 2/07/2023 †x#^ | Funding Circle | 2/07/2018 | GBP | 2599 | 3607 | 1054 |
| &nbsp;&nbsp;&nbsp; 247345, 15.900%, 2/07/2023 †x#^ | Funding Circle | 2/07/2018 | GBP | 4047 | 5617 | 1641 |
| &nbsp;&nbsp;&nbsp; 247364, 9.500%, 7/22/2023 †x#^ | Funding Circle | 5/22/2018 | GBP | 28898 | 38824 | 11717 |
| &nbsp;&nbsp;&nbsp; 248016, 8.900%, 2/14/2023 †x#^ | Funding Circle | 2/14/2018 | GBP | 38413 | 52862 | 15576 |
| &nbsp;&nbsp;&nbsp; 248401, 11.500%, 4/30/2023 †x#^ | Funding Circle | 4/30/2018 | GBP | 10950 | 15074 | 4440 |
| &nbsp;&nbsp;&nbsp; 249488, 15.200%, 2/13/2022 †x#^ | Funding Circle | 2/13/2018 | GBP | 3023 | 4160 | 1226 |
| &nbsp;&nbsp;&nbsp; 250845, 6.900%, 2/23/2023 †x#^ | Funding Circle | 2/23/2018 | GBP | 45796 | 63960 | 18570 |
| &nbsp;&nbsp;&nbsp; 250889, 11.500%, 2/26/2023 †x#^ | Funding Circle | 2/26/2018 | GBP | 25941 | 36223 | 10519 |
| &nbsp;&nbsp;&nbsp; 251315, 19.900%, 3/16/2023 †x#^ | Funding Circle | 3/16/2018 | GBP | 9237 | 12880 | 3745 |
| &nbsp;&nbsp;&nbsp; 251764, 19.900%, 4/09/2023 †x#^ | Funding Circle | 4/09/2018 | GBP | 32352 | 45710 | 13118 |
| &nbsp;&nbsp;&nbsp; 251986, 19.900%, 2/23/2023 †x#^ | Funding Circle | 2/23/2018 | GBP | 9436 | 13178 | 3826 |
| &nbsp;&nbsp;&nbsp; 252158, 19.900%, 2/23/2023 †x#^ | Funding Circle | 2/23/2018 | GBP | 7117 | 9795 | 2886 |
| &nbsp;&nbsp;&nbsp; 252188, 23.900%, 2/22/2023 †x#^ | Funding Circle | 2/22/2018 | GBP | 5336 | 7444 | 2164 |
| &nbsp;&nbsp;&nbsp; 252492, 15.500%, 2/22/2023 †x#^ | Funding Circle | 2/22/2018 | GBP | 22778 | 31346 | 9236 |
| &nbsp;&nbsp;&nbsp; 255206, 23.900%, 3/07/2023 †x#^ | Funding Circle | 3/07/2018 | GBP | 2425 | 3337 | 983 |
| &nbsp;&nbsp;&nbsp; 256326, 9.500%, 3/14/2023 †x#^ | Funding Circle | 3/14/2018 | GBP | 80267 | 112118 | 32547 |
| &nbsp;&nbsp;&nbsp; 260801, 9.500%, 3/29/2023 †x#^ | Funding Circle | 3/29/2018 | GBP | 57298 | 80390 | 23234 |
| &nbsp;&nbsp;&nbsp; 263493, 8.900%, 5/04/2023 †x#^ | Funding Circle | 5/04/2018 | GBP | 19134 | 26332 | 7759 |
| &nbsp;&nbsp;&nbsp; 263910, 13.500%, 5/23/2023 †x#^ | Funding Circle | 5/23/2018 | GBP | 20668 | 27602 | 8380 |
| &nbsp;&nbsp;&nbsp; 264777, 8.900%, 4/09/2023 †x#^ | Funding Circle | 4/09/2018 | GBP | 31234 | 44130 | 12665 |
| &nbsp;&nbsp;&nbsp; 264953, 9.500%, 4/12/2023 †x#^ | Funding Circle | 4/12/2018 | GBP | 3171 | 4511 | 1286 |
| &nbsp;&nbsp;&nbsp; 266350, 15.500%, 4/19/2023 †x#^ | Funding Circle | 4/19/2018 | GBP | 2078 | 2928 | 842 |
| &nbsp;&nbsp;&nbsp; 266466, 9.500%, 5/04/2023 †x#^ | Funding Circle | 5/04/2018 | GBP | 168486 | 231863 | 68318 |
| &nbsp;&nbsp;&nbsp; 267657, 21.900%, 5/17/2023 †x#^ | Funding Circle | 5/17/2018 | GBP | 4810 | 6498 | 1950 |
| &nbsp;&nbsp;&nbsp; 268716, 23.900%, 4/27/2023 †x#^ | Funding Circle | 4/27/2018 | GBP | 586 | 806 | 238 |
| &nbsp;&nbsp;&nbsp; 268907, 6.900%, 4/30/2023 †x#^ | Funding Circle | 4/30/2018 | GBP | 26279 | 36164 | 10656 |
| &nbsp;&nbsp;&nbsp; 269241, 19.900%, 6/30/2023 †x#^ | Funding Circle | 4/30/2018 | GBP | 8845 | 12177 | 3586 |
| &nbsp;&nbsp;&nbsp; 269811, 6.900%, 4/27/2023 †x#^ | Funding Circle | 4/27/2018 | GBP | 1725 | 2378 | 700 |
| &nbsp;&nbsp;&nbsp; 270076, 9.500%, 4/27/2023 †x#^ | Funding Circle | 4/27/2018 | GBP | 2403 | 3312 | 974 |
| &nbsp;&nbsp;&nbsp; 270777, 17.900%, 6/07/2023 †x#^ | Funding Circle | 6/07/2018 | GBP | 6904 | 6904 | 2799 |
| &nbsp;&nbsp;&nbsp; 270967, 7.900%, 5/18/2023 †x#^ | Funding Circle | 5/18/2018 | GBP | 18984 | 25586 | 7698 |
| &nbsp;&nbsp;&nbsp; 272261, 7.600%, 6/18/2022 †x#^ | Funding Circle | 5/18/2018 | GBP | 280 | 378 | 114 |
| &nbsp;&nbsp;&nbsp; 272780, 17.900%, 5/22/2023 †x#^ | Funding Circle | 5/22/2018 | GBP | 12566 | 17293 | 5095 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8599** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24% (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 272902, 7.900%, 7/27/2023 †x#^ | Funding Circle | 7/27/2018 | GBP | 9370 | $12284 | $3799 |
| &nbsp;&nbsp;&nbsp; 273352, 10.500%, 7/17/2023 †x#^ | Funding Circle | 5/17/2018 | GBP | 11244 | 15190 | 4559 |
| &nbsp;&nbsp;&nbsp; 275627, 10.500%, 5/24/2023 †x#^ | Funding Circle | 5/24/2018 | GBP | 10013 | 13400 | 4060 |
| &nbsp;&nbsp;&nbsp; 276131, 17.900%, 5/23/2023 †x#^ | Funding Circle | 5/23/2018 | GBP | 8986 | 12001 | 3644 |
| &nbsp;&nbsp;&nbsp; 276372, 7.900%, 5/25/2023 †x#^ | Funding Circle | 5/25/2018 | GBP | 10783 | 14357 | 4372 |
| &nbsp;&nbsp;&nbsp; 277714, 10.500%, 6/12/2023 †x#^ | Funding Circle | 6/12/2018 | GBP | 21780 | 29960 | 8832 |
| &nbsp;&nbsp;&nbsp; 279731, 7.900%, 6/07/2023 †x#^ | Funding Circle | 6/07/2018 | GBP | 222058 | 305587 | 90041 |
| &nbsp;&nbsp;&nbsp; 280804, 7.900%, 6/28/2023 †x#^ | Funding Circle | 6/28/2018 | GBP | 13932 | 18214 | 5649 |
| &nbsp;&nbsp;&nbsp; 281504, 10.500%, 6/13/2023 †x#^ | Funding Circle | 6/13/2018 | GBP | 6659 | 8908 | 2700 |
| &nbsp;&nbsp;&nbsp; 283571, 10.500%, 7/05/2023 †x#^ | Funding Circle | 7/05/2018 | GBP | 71728 | 98710 | 29085 |
| &nbsp;&nbsp;&nbsp; 284688, 7.900%, 7/11/2023 †x#^ | Funding Circle | 7/11/2018 | GBP | 61901 | 81716 | 25100 |
| &nbsp;&nbsp;&nbsp; 285214, 7.900%, 7/11/2023 †x#^ | Funding Circle | 7/11/2018 | GBP | 89052 | 122549 | 36109 |
| &nbsp;&nbsp;&nbsp; 285755, 10.500%, 7/04/2023 †x#^ | Funding Circle | 7/04/2018 | GBP | 10338 | 13682 | 4192 |
| &nbsp;&nbsp;&nbsp; 286443, 10.500%, 7/03/2023 †x#^ | Funding Circle | 7/03/2018 | GBP | 95244 | 131071 | 38620 |
| &nbsp;&nbsp;&nbsp; 287153, 7.600%, 7/20/2022 †x#^ | Funding Circle | 7/20/2018 | GBP | 13789 | 18111 | 5591 |
| &nbsp;&nbsp;&nbsp; 287570, 7.900%, 7/25/2023 †x#^ | Funding Circle | 7/25/2018 | GBP | 4126 | 5444 | 1673 |
| &nbsp;&nbsp;&nbsp; 288452, 7.900%, 7/09/2023 †x#^ | Funding Circle | 7/09/2018 | GBP | 15005 | 20649 | 6084 |
| &nbsp;&nbsp;&nbsp; 289210, 5.600%, 7/10/2022 †x#^ | Funding Circle | 7/10/2018 | GBP | 4327 | 5743 | 1755 |
| &nbsp;&nbsp;&nbsp; 289669, 5.900%, 9/09/2023 †x#^ | Funding Circle | 7/09/2018 | GBP | 12360 | 16377 | 5012 |
| &nbsp;&nbsp;&nbsp; 291877, 8.900%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | GBP | 24444 | 33639 | 9912 |
| &nbsp;&nbsp;&nbsp; 293121, 8.900%, 1/10/2024 †x#^ | Funding Circle | 9/10/2018 | GBP | 58856 | 76678 | 23865 |
| &nbsp;&nbsp;&nbsp; 293882, 17.900%, 8/02/2023 †x#^ | Funding Circle | 8/02/2018 | GBP | 7227 | 9409 | 2931 |
| &nbsp;&nbsp;&nbsp; 293991, 12.900%, 11/19/2023 †x#^ | Funding Circle | 11/19/2018 | GBP | 5678 | 7297 | 2302 |
| &nbsp;&nbsp;&nbsp; 295885, 13.900%, 8/06/2023 †x#^ | Funding Circle | 8/06/2018 | GBP | 3012 | 3898 | 1221 |
| &nbsp;&nbsp;&nbsp; 296242, 7.900%, 12/16/2023 †x#^ | Funding Circle | 8/16/2018 | GBP | 55356 | 70399 | 22446 |
| &nbsp;&nbsp;&nbsp; 296369, 11.900%, 8/01/2023 †x#^ | Funding Circle | 8/01/2018 | GBP | 7125 | 9351 | 2889 |
| &nbsp;&nbsp;&nbsp; 296373, 11.900%, 8/02/2023 †x#^ | Funding Circle | 8/02/2018 | GBP | 4187 | 5761 | 1698 |
| &nbsp;&nbsp;&nbsp; 303759, 17.600%, 9/06/2022 †x#^ | Funding Circle | 9/06/2018 | GBP | 1126 | 1455 | 456 |
| &nbsp;&nbsp;&nbsp; 304076, 24.900%, 10/30/2023 †x#^ | Funding Circle | 10/31/2018 | GBP | 13206 | 16879 | 5355 |
| &nbsp;&nbsp;&nbsp; 304406, 17.600%, 10/04/2022 †x#^ | Funding Circle | 10/04/2018 | GBP | 122535 | 168628 | 49686 |
| &nbsp;&nbsp;&nbsp; 304442, 7.900%, 1/19/2024 †x#^ | Funding Circle | 9/19/2018 | GBP | 28963 | 38064 | 11744 |
| &nbsp;&nbsp;&nbsp; 305161, 6.300%, 9/07/2021 †x#^ | Funding Circle | 9/07/2018 | GBP | 28078 | 38640 | 11385 |
| &nbsp;&nbsp;&nbsp; 305320, 14.900%, 9/12/2023 †x#^ | Funding Circle | 9/12/2018 | GBP | 2182 | 2848 | 885 |
| &nbsp;&nbsp;&nbsp; 305333, 9.900%, 9/11/2023 †x#^ | Funding Circle | 9/11/2018 | GBP | 1933 | 2516 | 784 |
| &nbsp;&nbsp;&nbsp; 306224, 5.600%, 9/10/2022 †x#^ | Funding Circle | 9/10/2018 | GBP | 33109 | 45564 | 13425 |
| &nbsp;&nbsp;&nbsp; 306352, 13.500%, 9/11/2023 †x#^ | Funding Circle | 9/11/2018 | GBP | 2544 | 3312 | 1032 |
| &nbsp;&nbsp;&nbsp; 306593, 7.900%, 9/17/2023 †x#^ | Funding Circle | 9/17/2018 | GBP | 43802 | 57647 | 17761 |
| &nbsp;&nbsp;&nbsp; 307206, 8.600%, 9/13/2022 †x#^ | Funding Circle | 9/13/2018 | GBP | 24954 | 34340 | 10118 |
| &nbsp;&nbsp;&nbsp; 307365, 17.300%, 10/18/2021 †x#^ | Funding Circle | 10/18/2018 | GBP | 4684 | 6099 | 1899 |
| &nbsp;&nbsp;&nbsp; 307424, 11.900%, 9/18/2023 †x#^ | Funding Circle | 9/18/2018 | GBP | 43663 | 57386 | 17705 |
| &nbsp;&nbsp;&nbsp; 308106, 23.900%, 9/24/2023 †x#^ | Funding Circle | 9/24/2018 | GBP | 13295 | 17432 | 5391 |
| &nbsp;&nbsp;&nbsp; 308801, 12.900%, 10/08/2023 †x#^ | Funding Circle | 10/08/2018 | GBP | 196705 | 257586 | 79760 |
| &nbsp;&nbsp;&nbsp; 311647, 9.900%, 10/18/2023 †x#^ | Funding Circle | 10/18/2018 | GBP | 2823 | 3885 | 1145 |
| &nbsp;&nbsp;&nbsp; 312709, 11.900%, 10/04/2023 †x#^ | Funding Circle | 10/04/2018 | GBP | 38341 | 49931 | 15546 |
| &nbsp;&nbsp;&nbsp; 312922, 4.600%, 10/18/2022 †x#^ | Funding Circle | 10/18/2018 | GBP | 14877 | 20473 | 6032 |
| &nbsp;&nbsp;&nbsp; 313000, 7.900%, 12/18/2023 †x#^ | Funding Circle | 10/18/2018 | GBP | 17417 | 22677 | 7062 |
| &nbsp;&nbsp;&nbsp; 313167, 9.600%, 10/05/2022 †x#^ | Funding Circle | 10/05/2018 | GBP | 5409 | 7094 | 2193 |
| &nbsp;&nbsp;&nbsp; 313272, 11.900%, 12/09/2023 †x#^ | Funding Circle | 10/09/2018 | GBP | 28258 | 37146 | 11458 |
| &nbsp;&nbsp;&nbsp; 313299, 8.900%, 2/29/2024 †x#^ | Funding Circle | 10/31/2018 | GBP | 187880 | 240148 | 76182 |
| &nbsp;&nbsp;&nbsp; 313578, 9.900%, 10/15/2023 †x#^ | Funding Circle | 10/15/2018 | GBP | 14778 | 19439 | 5992 |
| &nbsp;&nbsp;&nbsp; 313715, 23.900%, 10/05/2023 †x#^ | Funding Circle | 10/05/2018 | GBP | 3241 | 4251 | 1314 |
| &nbsp;&nbsp;&nbsp; 313952, 9.900%, 10/16/2023 †x#^ | Funding Circle | 10/16/2018 | GBP | 2243 | 2958 | 910 |
| &nbsp;&nbsp;&nbsp; 313966, 13.900%, 10/18/2023 †x#^ | Funding Circle | 10/18/2018 | GBP | 6412 | 8348 | 2600 |
| &nbsp;&nbsp;&nbsp; 314401, 14.900%, 10/16/2023 †x#^ | Funding Circle | 10/16/2018 | GBP | 178113 | 245111 | 72221 |
| &nbsp;&nbsp;&nbsp; 314510, 13.500%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | GBP | 127271 | 175145 | 51606 |
| &nbsp;&nbsp;&nbsp; 314786, 12.600%, 10/15/2022 †x#^ | Funding Circle | 10/15/2018 | GBP | 19399 | 26696 | 7866 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8600** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24% (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 315529, 25.500%, 10/12/2021 †x#^ | Funding Circle | 10/12/2018 | GBP | 7530 | $10362 | $3053 |
| &nbsp;&nbsp;&nbsp; 315906, 10.500%, 12/18/2023 †x#^ | Funding Circle | 10/18/2018 | GBP | 98823 | 135996 | 40071 |
| &nbsp;&nbsp;&nbsp; 315982, 14.900%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | GBP | 152543 | 209924 | 61854 |
| &nbsp;&nbsp;&nbsp; 316530, 12.600%, 1/15/2023 †x#^ | Funding Circle | 11/15/2018 | GBP | 7648 | 10525 | 3101 |
| &nbsp;&nbsp;&nbsp; 316642, 17.900%, 10/18/2023 †x#^ | Funding Circle | 10/18/2018 | GBP | 3537 | 4605 | 1434 |
| &nbsp;&nbsp;&nbsp; 316863, 21.900%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | GBP | 19257 | 24681 | 7809 |
| &nbsp;&nbsp;&nbsp; 317387, 9.900%, 1/04/2024 †x#^ | Funding Circle | 1/04/2019 | GBP | 136525 | 173883 | 55358 |
| &nbsp;&nbsp;&nbsp; 317464, 14.900%, 10/29/2023 †x#^ | Funding Circle | 10/29/2018 | GBP | 42050 | 53836 | 17051 |
| &nbsp;&nbsp;&nbsp; 317579, 19.900%, 10/29/2023 †x#^ | Funding Circle | 10/29/2018 | GBP | 2797 | 3581 | 1134 |
| &nbsp;&nbsp;&nbsp; 317730, 8.900%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | GBP | 5941 | 7615 | 2409 |
| &nbsp;&nbsp;&nbsp; 317951, 16.900%, 10/30/2023 †x#^ | Funding Circle | 10/31/2018 | GBP | 1140 | 1458 | 462 |
| &nbsp;&nbsp;&nbsp; 318271, 11.300%, 10/30/2021 †x#^ | Funding Circle | 10/30/2018 | GBP | 12411 | 15771 | 5032 |
| &nbsp;&nbsp;&nbsp; 318273, 9.900%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | GBP | 53005 | 67932 | 21493 |
| &nbsp;&nbsp;&nbsp; 318436, 3.900%, 10/22/2023 †x#^ | Funding Circle | 10/22/2018 | GBP | 27780 | 38229 | 11264 |
| &nbsp;&nbsp;&nbsp; 318520, 4.000%, 11/07/2020 †x#^ | Funding Circle | 11/07/2018 | GBP | 284 | 390 | 115 |
| &nbsp;&nbsp;&nbsp; 318684, 14.900%, 11/05/2023 †x#^ | Funding Circle | 11/05/2018 | GBP | 7703 | 10045 | 3123 |
| &nbsp;&nbsp;&nbsp; 319340, 4.900%, 11/15/2023 †x#^ | Funding Circle | 11/15/2018 | GBP | 40841 | 52195 | 16560 |
| &nbsp;&nbsp;&nbsp; 319886, 9.900%, 12/13/2023 †x#^ | Funding Circle | 12/13/2018 | GBP | 31412 | 43228 | 12737 |
| &nbsp;&nbsp;&nbsp; 319964, 9.900%, 10/30/2023 †x#^ | Funding Circle | 10/30/2018 | GBP | 7756 | 9857 | 3145 |
| &nbsp;&nbsp;&nbsp; 320009, 17.900%, 11/19/2023 †x#^ | Funding Circle | 11/19/2018 | GBP | 10817 | 14886 | 4386 |
| &nbsp;&nbsp;&nbsp; 320442, 9.600%, 11/01/2022 †x#^ | Funding Circle | 11/01/2018 | GBP | 35172 | 48403 | 14262 |
| &nbsp;&nbsp;&nbsp; 320606, 17.900%, 10/30/2023 †x#^ | Funding Circle | 10/31/2018 | GBP | 9655 | 12341 | 3915 |
| &nbsp;&nbsp;&nbsp; 320913, 12.900%, 11/05/2023 †x#^ | Funding Circle | 11/05/2018 | GBP | 33596 | 46234 | 13623 |
| &nbsp;&nbsp;&nbsp; 321225, 9.900%, 12/30/2023 †x#^ | Funding Circle | 10/31/2018 | GBP | 1997 | 2553 | 810 |
| &nbsp;&nbsp;&nbsp; 321381, 8.900%, 3/01/2024 †x#^ | Funding Circle | 11/01/2018 | GBP | 21527 | 28007 | 8729 |
| &nbsp;&nbsp;&nbsp; 321446, 19.900%, 11/21/2023 †x#^ | Funding Circle | 11/21/2018 | GBP | 16078 | 22126 | 6519 |
| &nbsp;&nbsp;&nbsp; 322114, 13.900%, 11/28/2023 †x#^ | Funding Circle | 11/28/2018 | GBP | 8389 | 11544 | 3402 |
| &nbsp;&nbsp;&nbsp; 323452, 8.900%, 11/19/2023 †x#^ | Funding Circle | 11/19/2018 | GBP | 11688 | 16085 | 4739 |
| &nbsp;&nbsp;&nbsp; 323868, 8.900%, 11/23/2023 †x#^ | Funding Circle | 11/23/2018 | GBP | 74038 | 101888 | 30021 |
| &nbsp;&nbsp;&nbsp; 324210, 15.900%, 11/15/2023 †x#^ | Funding Circle | 11/15/2018 | GBP | 11037 | 14105 | 4475 |
| &nbsp;&nbsp;&nbsp; 324357, 12.900%, 1/21/2024 †x#^ | Funding Circle | 11/21/2018 | GBP | 11240 | 14359 | 4558 |
| &nbsp;&nbsp;&nbsp; 324370, 10.300%, 12/05/2021 †x#^ | Funding Circle | 12/05/2018 | GBP | 10670 | 14683 | 4326 |
| &nbsp;&nbsp;&nbsp; 325688, 6.900%, 1/21/2024 †x#^ | Funding Circle | 11/21/2018 | GBP | 32401 | 41390 | 13138 |
| &nbsp;&nbsp;&nbsp; 327023, 9.900%, 11/28/2023 †x#^ | Funding Circle | 11/28/2018 | GBP | 33295 | 45820 | 13501 |
| &nbsp;&nbsp;&nbsp; 328065, 10.500%, 4/06/2024 †x#^ | Funding Circle | 2/06/2019 | GBP | 28007 | 36230 | 11356 |
| &nbsp;&nbsp;&nbsp; 328632, 17.000%, 12/13/2020 †x#^ | Funding Circle | 12/13/2018 | GBP | 1529 | 2104 | 620 |
| &nbsp;&nbsp;&nbsp; 328780, 10.900%, 12/17/2023 †x#^ | Funding Circle | 12/17/2018 | GBP | 17057 | 23473 | 6916 |
| &nbsp;&nbsp;&nbsp; 329350, 9.900%, 12/05/2023 †x#^ | Funding Circle | 12/05/2018 | GBP | 124954 | 159060 | 50667 |
| &nbsp;&nbsp;&nbsp; 329377, 12.900%, 11/28/2023 †x#^ | Funding Circle | 11/28/2018 | GBP | 9752 | 12506 | 3954 |
| &nbsp;&nbsp;&nbsp; 329891, 13.500%, 12/05/2023 †x#^ | Funding Circle | 12/05/2018 | GBP | 27284 | 34731 | 11063 |
| &nbsp;&nbsp;&nbsp; 330489, 14.900%, 12/17/2023 †x#^ | Funding Circle | 12/17/2018 | GBP | 30753 | 38785 | 12470 |
| &nbsp;&nbsp;&nbsp; 330971, 9.900%, 12/14/2023 †x#^ | Funding Circle | 12/14/2018 | GBP | 22889 | 28803 | 9281 |
| &nbsp;&nbsp;&nbsp; 331213, 19.900%, 12/05/2023 †x#^ | Funding Circle | 12/05/2018 | GBP | 28251 | 38878 | 11455 |
| &nbsp;&nbsp;&nbsp; 332092, 10.500%, 12/13/2023 †x#^ | Funding Circle | 12/13/2018 | GBP | 30992 | 42650 | 12567 |
| &nbsp;&nbsp;&nbsp; 332352, 16.900%, 1/21/2024 †x#^ | Funding Circle | 1/21/2019 | GBP | 2038 | 2628 | 826 |
| &nbsp;&nbsp;&nbsp; 332422, 12.900%, 2/13/2024 †x#^ | Funding Circle | 12/13/2018 | GBP | 48113 | 60930 | 19509 |
| &nbsp;&nbsp;&nbsp; 332559, 8.900%, 12/17/2023 †x#^ | Funding Circle | 12/17/2018 | GBP | 32900 | 45276 | 13341 |
| &nbsp;&nbsp;&nbsp; 333314, 13.900%, 12/14/2023 †x#^ | Funding Circle | 12/14/2018 | GBP | 10185 | 14016 | 4130 |
| &nbsp;&nbsp;&nbsp; 333789, 19.900%, 12/14/2023 †x#^ | Funding Circle | 12/14/2018 | GBP | 18512 | 23295 | 7506 |
| &nbsp;&nbsp;&nbsp; 334232, 10.900%, 12/14/2023 †x#^ | Funding Circle | 12/14/2018 | GBP | 11949 | 15036 | 4845 |
| &nbsp;&nbsp;&nbsp; 334332, 12.300%, 12/14/2021 †x#^ | Funding Circle | 12/14/2018 | GBP | 1067 | 1343 | 433 |
| &nbsp;&nbsp;&nbsp; 334887, 16.900%, 2/17/2024 †x#^ | Funding Circle | 12/17/2018 | GBP | 3099 | 3908 | 1257 |
| &nbsp;&nbsp;&nbsp; 335186, 13.900%, 12/17/2023 †x#^ | Funding Circle | 12/17/2018 | GBP | 29551 | 37270 | 11982 |
| &nbsp;&nbsp;&nbsp; 335219, 11.900%, 12/17/2023 †x#^ | Funding Circle | 12/17/2018 | GBP | 81115 | 102302 | 32891 |
| &nbsp;&nbsp;&nbsp; 335338, 19.900%, 1/24/2024 †x#^ | Funding Circle | 1/24/2019 | GBP | 9232 | 12056 | 3744 |
| &nbsp;&nbsp;&nbsp; 336161, 4.300%, 1/14/2022 †x#^ | Funding Circle | 1/14/2019 | GBP | 493 | 678 | 200 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8601** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24% (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 336373, 15.600%, 7/27/2023 †x#^ | Funding Circle | 3/27/2019 | GBP | 5776 | $7653 | $2342 |
| &nbsp;&nbsp;&nbsp; 337264, 9.900%, 1/04/2024 †x#^ | Funding Circle | 1/04/2019 | GBP | 4877 | 6211 | 1977 |
| &nbsp;&nbsp;&nbsp; 337577, 16.900%, 1/24/2024 †x#^ | Funding Circle | 1/24/2019 | GBP | 8063 | 11096 | 3269 |
| &nbsp;&nbsp;&nbsp; 337671, 11.900%, 1/07/2024 †x#^ | Funding Circle | 1/07/2019 | GBP | 40780 | 56120 | 16536 |
| &nbsp;&nbsp;&nbsp; 337806, 13.200%, 1/09/2023 †x#^ | Funding Circle | 1/09/2019 | GBP | 13415 | 17175 | 5440 |
| &nbsp;&nbsp;&nbsp; 338057, 11.900%, 1/07/2024 †x#^ | Funding Circle | 1/07/2019 | GBP | 9284 | 11855 | 3765 |
| &nbsp;&nbsp;&nbsp; 338294, 7.900%, 1/07/2024 †x#^ | Funding Circle | 1/07/2019 | GBP | 532 | 679 | 216 |
| &nbsp;&nbsp;&nbsp; 339610, 10.900%, 4/07/2024 †x#^ | Funding Circle | 2/07/2019 | GBP | 43494 | 56324 | 17636 |
| &nbsp;&nbsp;&nbsp; 340217, 11.900%, 2/06/2024 †x#^ | Funding Circle | 2/06/2019 | GBP | 69350 | 89710 | 28120 |
| &nbsp;&nbsp;&nbsp; 341093, 11.900%, 3/18/2024 †x#^ | Funding Circle | 3/18/2019 | GBP | 34392 | 45600 | 13945 |
| &nbsp;&nbsp;&nbsp; 341152, 13.900%, 1/28/2024 †x#^ | Funding Circle | 1/30/2019 | GBP | 35007 | 45870 | 14195 |
| &nbsp;&nbsp;&nbsp; 341378, 13.600%, 1/21/2023 †x#^ | Funding Circle | 1/21/2019 | GBP | 14176 | 18277 | 5748 |
| &nbsp;&nbsp;&nbsp; 342452, 7.900%, 1/28/2024 †x#^ | Funding Circle | 1/30/2019 | GBP | 2702 | 3540 | 1096 |
| &nbsp;&nbsp;&nbsp; 342554, 12.000%, 1/24/2021 †x#^ | Funding Circle | 1/24/2019 | GBP | 32907 | 45285 | 13343 |
| &nbsp;&nbsp;&nbsp; 343385, 17.900%, 1/28/2024 †x#^ | Funding Circle | 1/28/2019 | GBP | 21895 | 30131 | 8878 |
| &nbsp;&nbsp;&nbsp; 343946, 9.900%, 1/28/2024 †x#^ | Funding Circle | 1/30/2019 | GBP | 1761 | 2423 | 714 |
| &nbsp;&nbsp;&nbsp; 344674, 10.900%, 2/14/2024 †x#^ | Funding Circle | 2/14/2019 | GBP | 17560 | 22464 | 7120 |
| &nbsp;&nbsp;&nbsp; 344749, 12.900%, 1/28/2024 †x#^ | Funding Circle | 1/30/2019 | GBP | 8569 | 11792 | 3474 |
| &nbsp;&nbsp;&nbsp; 347075, 9.900%, 6/13/2024 †x#^ | Funding Circle | 2/13/2019 | GBP | 52508 | 67465 | 21291 |
| &nbsp;&nbsp;&nbsp; 347355, 14.900%, 2/14/2024 †x#^ | Funding Circle | 2/14/2019 | GBP | 59203 | 75738 | 24006 |
| &nbsp;&nbsp;&nbsp; 347896, 11.300%, 2/13/2022 †x#^ | Funding Circle | 2/13/2019 | GBP | 12855 | 16517 | 5213 |
| &nbsp;&nbsp;&nbsp; 348888, 17.900%, 3/27/2024 †x#^ | Funding Circle | 3/27/2019 | GBP | 2016 | 2671 | 817 |
| &nbsp;&nbsp;&nbsp; 348901, 8.600%, 5/21/2023 †x#^ | Funding Circle | 3/21/2019 | GBP | 15753 | 20633 | 6387 |
| &nbsp;&nbsp;&nbsp; 348914, 13.500%, 2/13/2024 †x#^ | Funding Circle | 2/13/2019 | GBP | 59954 | 77032 | 24310 |
| &nbsp;&nbsp;&nbsp; 348977, 9.900%, 2/14/2024 †x#^ | Funding Circle | 2/14/2019 | GBP | 392 | 502 | 159 |
| &nbsp;&nbsp;&nbsp; 350529, 19.900%, 3/06/2024 †x#^ | Funding Circle | 3/06/2019 | GBP | 13056 | 17967 | 5294 |
| &nbsp;&nbsp;&nbsp; 351744, 10.900%, 2/21/2024 †x#^ | Funding Circle | 2/21/2019 | GBP | 91979 | 119912 | 37296 |
| &nbsp;&nbsp;&nbsp; 351758, 14.300%, 2/21/2022 †x#^ | Funding Circle | 2/21/2019 | GBP | 16062 | 22103 | 6513 |
| &nbsp;&nbsp;&nbsp; 352027, 9.600%, 4/22/2023 †x#^ | Funding Circle | 2/22/2019 | GBP | 48995 | 63948 | 19867 |
| &nbsp;&nbsp;&nbsp; 352231, 21.900%, 3/28/2024 †x#^ | Funding Circle | 2/28/2019 | GBP | 26860 | 35625 | 10891 |
| &nbsp;&nbsp;&nbsp; 352337, 16.900%, 2/28/2024 †x#^ | Funding Circle | 2/28/2019 | GBP | 18868 | 25025 | 7651 |
| &nbsp;&nbsp;&nbsp; 353116, 15.900%, 3/11/2024 †x#^ | Funding Circle | 3/11/2019 | GBP | 10202 | 13403 | 4137 |
| &nbsp;&nbsp;&nbsp; 353852, 21.900%, 2/27/2024 †x#^ | Funding Circle | 2/27/2019 | GBP | 12067 | 16056 | 4893 |
| &nbsp;&nbsp;&nbsp; 354506, 17.600%, 3/25/2023 †x#^ | Funding Circle | 3/25/2019 | GBP | 28796 | 38002 | 11676 |
| &nbsp;&nbsp;&nbsp; 356573, 14.900%, 4/04/2024 †x#^ | Funding Circle | 4/04/2019 | GBP | 14286 | 18693 | 5793 |
| &nbsp;&nbsp;&nbsp; 356643, 17.900%, 5/20/2024 †x#^ | Funding Circle | 3/20/2019 | GBP | 22001 | 29041 | 8921 |
| &nbsp;&nbsp;&nbsp; 357563, 11.900%, 3/13/2024 †x#^ | Funding Circle | 3/13/2019 | GBP | 55224 | 73238 | 22392 |
| &nbsp;&nbsp;&nbsp; 357664, 12.900%, 6/06/2024 †x#^ | Funding Circle | 6/06/2019 | GBP | 52697 | 72519 | 21368 |
| &nbsp;&nbsp;&nbsp; 358211, 9.900%, 3/18/2024 †x#^ | Funding Circle | 3/18/2019 | GBP | 13947 | 18493 | 5655 |
| &nbsp;&nbsp;&nbsp; 358346, 9.900%, 5/20/2024 †x#^ | Funding Circle | 3/20/2019 | GBP | 38144 | 52493 | 15467 |
| &nbsp;&nbsp;&nbsp; 358548, 11.900%, 3/27/2024 †x#^ | Funding Circle | 3/27/2019 | GBP | 31765 | 42089 | 12880 |
| &nbsp;&nbsp;&nbsp; 359849, 11.900%, 6/24/2024 †x#^ | Funding Circle | 6/24/2019 | GBP | 1799 | 2292 | 729 |
| &nbsp;&nbsp;&nbsp; 360825, 19.900%, 5/25/2024 †x#^ | Funding Circle | 3/25/2019 | GBP | 22168 | 29255 | 8989 |
| &nbsp;&nbsp;&nbsp; 361165, 11.900%, 4/08/2024 †x#^ | Funding Circle | 4/08/2019 | GBP | 25019 | 32689 | 10145 |
| &nbsp;&nbsp;&nbsp; 362649, 12.900%, 6/17/2024 †x#^ | Funding Circle | 6/17/2019 | GBP | 6467 | 8108 | 2622 |
| &nbsp;&nbsp;&nbsp; 362965, 11.900%, 4/23/2024 †x#^ | Funding Circle | 4/23/2019 | GBP | 10627 | 13753 | 4309 |
| &nbsp;&nbsp;&nbsp; 363898, 9.900%, 4/10/2024 †x#^ | Funding Circle | 4/10/2019 | GBP | 42448 | 55573 | 17212 |
| &nbsp;&nbsp;&nbsp; 364101, 13.900%, 6/17/2024 †x#^ | Funding Circle | 6/17/2019 | GBP | 8220 | 10305 | 3333 |
| &nbsp;&nbsp;&nbsp; 364185, 9.900%, 5/09/2024 †x#^ | Funding Circle | 5/09/2019 | GBP | 198504 | 273174 | 80490 |
| &nbsp;&nbsp;&nbsp; 364297, 15.900%, 4/08/2024 †x#^ | Funding Circle | 4/08/2019 | GBP | 29987 | 39180 | 12159 |
| &nbsp;&nbsp;&nbsp; 364872, 14.900%, 6/11/2024 †x#^ | Funding Circle | 4/11/2019 | GBP | 7585 | 10438 | 3075 |
| &nbsp;&nbsp;&nbsp; 365501, 9.900%, 4/10/2024 †x#^ | Funding Circle | 4/10/2019 | GBP | 152155 | 199200 | 61696 |
| &nbsp;&nbsp;&nbsp; 365557, 14.900%, 4/18/2024 †x#^ | Funding Circle | 4/18/2019 | GBP | 15017 | 19497 | 6089 |
| &nbsp;&nbsp;&nbsp; 366001, 12.600%, 4/25/2023 †x#^ | Funding Circle | 4/25/2019 | GBP | 27308 | 35209 | 11073 |
| &nbsp;&nbsp;&nbsp; 366051, 11.900%, 6/24/2024 †x#^ | Funding Circle | 4/24/2019 | GBP | 12 | 16 | 5 |
| &nbsp;&nbsp;&nbsp; 366491, 11.900%, 5/28/2024 †x#^ | Funding Circle | 5/28/2019 | GBP | 9387 | 11879 | 3806 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8602** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24% (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 367029, 18.900%, 4/29/2024 †x#^ | Funding Circle | 4/29/2019 | GBP | 35231 | $45578 | $14286 |
| &nbsp;&nbsp;&nbsp; 367290, 9.300%, 4/23/2022 †x#^ | Funding Circle | 4/23/2019 | GBP | 8929 | 12288 | 3621 |
| &nbsp;&nbsp;&nbsp; 367328, 15.900%, 4/24/2024 †x#^ | Funding Circle | 4/24/2019 | GBP | 19865 | 25632 | 8055 |
| &nbsp;&nbsp;&nbsp; 367726, 12.600%, 4/26/2023 †x#^ | Funding Circle | 4/26/2019 | GBP | 113955 | 156820 | 46207 |
| &nbsp;&nbsp;&nbsp; 367858, 7.600%, 6/15/2023 †x#^ | Funding Circle | 4/15/2019 | GBP | 12337 | 16160 | 5002 |
| &nbsp;&nbsp;&nbsp; 368177, 19.900%, 5/16/2024 †x#^ | Funding Circle | 5/16/2019 | GBP | 7965 | 10190 | 3230 |
| &nbsp;&nbsp;&nbsp; 369022, 19.900%, 6/17/2024 †x#^ | Funding Circle | 6/17/2019 | GBP | 27166 | 37385 | 11015 |
| &nbsp;&nbsp;&nbsp; 369177, 11.900%, 7/09/2024 †x#^ | Funding Circle | 5/09/2019 | GBP | 18721 | 25763 | 7591 |
| &nbsp;&nbsp;&nbsp; 369571, 7.900%, 7/01/2024 †x#^ | Funding Circle | 7/01/2019 | GBP | 19876 | 27352 | 8059 |
| &nbsp;&nbsp;&nbsp; 369874, 9.900%, 4/26/2024 †x#^ | Funding Circle | 4/26/2019 | GBP | 8234 | 10639 | 3339 |
| &nbsp;&nbsp;&nbsp; 370220, 14.900%, 6/10/2024 †x#^ | Funding Circle | 6/10/2019 | GBP | 42970 | 59134 | 17424 |
| &nbsp;&nbsp;&nbsp; 370249, 14.900%, 5/09/2024 †x#^ | Funding Circle | 5/09/2019 | GBP | 3840 | 4998 | 1557 |
| &nbsp;&nbsp;&nbsp; 371314, 9.900%, 5/10/2024 †x#^ | Funding Circle | 5/10/2019 | GBP | 23543 | 32399 | 9546 |
| &nbsp;&nbsp;&nbsp; 371414, 19.900%, 7/09/2024 †x#^ | Funding Circle | 5/09/2019 | GBP | 13288 | 17294 | 5388 |
| &nbsp;&nbsp;&nbsp; 371483, 10.900%, 5/13/2024 †x#^ | Funding Circle | 5/13/2019 | GBP | 14825 | 19211 | 6011 |
| &nbsp;&nbsp;&nbsp; 371618, 14.600%, 5/15/2023 †x#^ | Funding Circle | 5/15/2019 | GBP | 15942 | 21939 | 6464 |
| &nbsp;&nbsp;&nbsp; 372201, 11.900%, 8/11/2024 †x#^ | Funding Circle | 6/11/2019 | GBP | 22588 | 28738 | 9159 |
| &nbsp;&nbsp;&nbsp; 372702, 17.900%, 9/23/2024 †x#^ | Funding Circle | 5/23/2019 | GBP | 40595 | 51377 | 16460 |
| &nbsp;&nbsp;&nbsp; 372800, 9.300%, 5/14/2022 †x#^ | Funding Circle | 5/14/2019 | GBP | 15039 | 19410 | 6098 |
| &nbsp;&nbsp;&nbsp; 373206, 5.900%, 5/13/2024 †x#^ | Funding Circle | 5/13/2019 | GBP | 9335 | 12096 | 3785 |
| &nbsp;&nbsp;&nbsp; 373299, 19.900%, 5/14/2024 †x#^ | Funding Circle | 5/14/2019 | GBP | 32 | 41 | 13 |
| &nbsp;&nbsp;&nbsp; 373451, 9.900%, 5/15/2024 †x#^ | Funding Circle | 5/15/2019 | GBP | 51264 | 70548 | 20787 |
| &nbsp;&nbsp;&nbsp; 373461, 14.900%, 5/13/2024 †x#^ | Funding Circle | 5/13/2019 | GBP | 26958 | 34934 | 10931 |
| &nbsp;&nbsp;&nbsp; 373647, 12.900%, 6/12/2024 †x#^ | Funding Circle | 6/12/2019 | GBP | 63036 | 86748 | 25560 |
| &nbsp;&nbsp;&nbsp; 374007, 11.900%, 5/28/2024 †x#^ | Funding Circle | 5/28/2019 | GBP | 5567 | 7046 | 2258 |
| &nbsp;&nbsp;&nbsp; 374010, 7.300%, 6/12/2022 †x#^ | Funding Circle | 6/12/2019 | GBP | 38223 | 48486 | 15499 |
| &nbsp;&nbsp;&nbsp; 374061, 10.500%, 7/15/2024 †x#^ | Funding Circle | 5/15/2019 | GBP | 14724 | 18908 | 5970 |
| &nbsp;&nbsp;&nbsp; 374293, 15.900%, 5/20/2024 †x#^ | Funding Circle | 5/20/2019 | GBP | 4493 | 5717 | 1822 |
| &nbsp;&nbsp;&nbsp; 374853, 9.600%, 5/16/2023 †x#^ | Funding Circle | 5/16/2019 | GBP | 153741 | 211572 | 62339 |
| &nbsp;&nbsp;&nbsp; 375761, 14.900%, 5/23/2024 †x#^ | Funding Circle | 5/23/2019 | GBP | 7716 | 9766 | 3129 |
| &nbsp;&nbsp;&nbsp; 375814, 12.900%, 6/12/2024 †x#^ | Funding Circle | 6/12/2019 | GBP | 3927 | 4981 | 1592 |
| &nbsp;&nbsp;&nbsp; 376972, 11.900%, 5/28/2024 †x#^ | Funding Circle | 5/28/2019 | GBP | 10363 | 13114 | 4202 |
| &nbsp;&nbsp;&nbsp; 377059, 15.900%, 6/03/2024 †x#^ | Funding Circle | 6/03/2019 | GBP | 28577 | 39326 | 11587 |
| &nbsp;&nbsp;&nbsp; 377553, 8.900%, 10/20/2024 †x#^ | Funding Circle | 6/20/2019 | GBP | 94437 | 119973 | 38292 |
| &nbsp;&nbsp;&nbsp; 378717, 10.900%, 6/11/2024 †x#^ | Funding Circle | 6/11/2019 | GBP | 30044 | 38223 | 12182 |
| &nbsp;&nbsp;&nbsp; 378783, 19.900%, 6/12/2024 †x#^ | Funding Circle | 6/12/2019 | GBP | 14116 | 17906 | 5724 |
| &nbsp;&nbsp;&nbsp; 378919, 15.900%, 6/03/2024 †x#^ | Funding Circle | 6/03/2019 | GBP | 36156 | 49756 | 14660 |
| &nbsp;&nbsp;&nbsp; 379260, 13.500%, 5/30/2024 †x#^ | Funding Circle | 5/30/2019 | GBP | 65364 | 89425 | 26504 |
| &nbsp;&nbsp;&nbsp; 380209, 18.600%, 6/05/2023 †x#^ | Funding Circle | 6/05/2019 | GBP | 688 | 872 | 279 |
| &nbsp;&nbsp;&nbsp; 380726, 8.900%, 6/26/2024 †x#^ | Funding Circle | 6/26/2019 | GBP | 9497 | 12051 | 3851 |
| &nbsp;&nbsp;&nbsp; 381864, 9.900%, 8/12/2024 †x#^ | Funding Circle | 6/12/2019 | GBP | 79478 | 100819 | 32227 |
| &nbsp;&nbsp;&nbsp; 381928, 15.900%, 6/19/2024 †x#^ | Funding Circle | 6/19/2019 | GBP | 1866 | 2360 | 757 |
| &nbsp;&nbsp;&nbsp; 382053, 7.900%, 6/24/2024 †x#^ | Funding Circle | 6/24/2019 | GBP | 16278 | 20742 | 6600 |
| &nbsp;&nbsp;&nbsp; 383730, 19.600%, 7/10/2023 †x#^ | Funding Circle | 7/10/2019 | GBP | 10015 | 12522 | 4061 |
| &nbsp;&nbsp;&nbsp; 383774, 10.000%, 6/27/2021 †x#^ | Funding Circle | 6/27/2019 | GBP | 11001 | 15139 | 4461 |
| &nbsp;&nbsp;&nbsp; 383815, 17.900%, 6/19/2024 †x#^ | Funding Circle | 6/19/2019 | GBP | 18944 | 23966 | 7682 |
| &nbsp;&nbsp;&nbsp; 384212, 13.500%, 6/17/2024 †x#^ | Funding Circle | 6/17/2019 | GBP | 13691 | 17164 | 5551 |
| &nbsp;&nbsp;&nbsp; 385140, 12.900%, 7/05/2024 †x#^ | Funding Circle | 7/05/2019 | GBP | 5428 | 6798 | 2201 |
| &nbsp;&nbsp;&nbsp; 385258, 7.900%, 6/27/2024 †x#^ | Funding Circle | 6/27/2019 | GBP | 1064 | 1348 | 431 |
| &nbsp;&nbsp;&nbsp; 386384, 19.900%, 7/26/2024 †x#^ | Funding Circle | 7/26/2019 | GBP | 12009 | 14873 | 4869 |
| &nbsp;&nbsp;&nbsp; 386788, 17.900%, 8/20/2024 †x#^ | Funding Circle | 6/20/2019 | GBP | 65012 | 82592 | 26361 |
| &nbsp;&nbsp;&nbsp; 386943, 13.900%, 8/26/2024 †x#^ | Funding Circle | 6/26/2019 | GBP | 7687 | 9755 | 3117 |
| &nbsp;&nbsp;&nbsp; 387999, 9.900%, 7/04/2024 †x#^ | Funding Circle | 7/04/2019 | GBP | 22189 | 27918 | 8997 |
| &nbsp;&nbsp;&nbsp; 390855, 8.900%, 7/12/2024 †x#^ | Funding Circle | 7/12/2019 | GBP | 23640 | 32532 | 9586 |
| &nbsp;&nbsp;&nbsp; 390973, 13.500%, 11/05/2024 †x#^ | Funding Circle | 7/05/2019 | GBP | 7616 | 9538 | 3088 |
| &nbsp;&nbsp;&nbsp; 391281, 17.900%, 7/10/2024 †x#^ | Funding Circle | 7/10/2019 | GBP | 176569 | 242987 | 71596 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8603** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United Kingdom - 0.24% (continued)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 391863, 18.900%, 7/26/2024 †x#^ | Funding Circle | 7/26/2019 | GBP | 62596 | $77528 | $25382 |
| &nbsp;&nbsp;&nbsp; 391883, 15.900%, 7/18/2024 †x#^ | Funding Circle | 7/18/2019 | GBP | 14064 | 17658 | 5703 |
| &nbsp;&nbsp;&nbsp; 391895, 15.900%, 7/11/2024 †x#^ | Funding Circle | 7/11/2019 | GBP | 23093 | 28927 | 9364 |
| &nbsp;&nbsp;&nbsp; 391905, 12.900%, 7/23/2024 †x#^ | Funding Circle | 7/23/2019 | GBP | 111283 | 153144 | 45123 |
| &nbsp;&nbsp;&nbsp; 392106, 14.900%, 7/05/2024 †x#^ | Funding Circle | 7/05/2019 | GBP | 37928 | 47500 | 15379 |
| &nbsp;&nbsp;&nbsp; 392466, 13.200%, 7/03/2023 †x#^ | Funding Circle | 7/03/2019 | GBP | 30656 | 42188 | 12431 |
| &nbsp;&nbsp;&nbsp; 392893, 15.300%, 7/18/2022 †x#^ | Funding Circle | 7/18/2019 | GBP | 8611 | 11851 | 3492 |
| &nbsp;&nbsp;&nbsp; 393672, 12.900%, 7/05/2024 †x#^ | Funding Circle | 7/05/2019 | GBP | 32099 | 40201 | 13016 |
| &nbsp;&nbsp;&nbsp; 393795, 11.600%, 7/10/2023 †x#^ | Funding Circle | 7/10/2019 | GBP | 11343 | 15610 | 4599 |
| &nbsp;&nbsp;&nbsp; 394232, 9.900%, 7/12/2024 †x#^ | Funding Circle | 7/12/2019 | GBP | 468 | 588 | 190 |
| &nbsp;&nbsp;&nbsp; 396822, 7.900%, 7/17/2024 †x#^ | Funding Circle | 7/17/2019 | GBP | 26699 | 33197 | 10826 |
| &nbsp;&nbsp;&nbsp; 397213, 12.900%, 7/19/2024 †x#^ | Funding Circle | 7/19/2019 | GBP | 21887 | 30121 | 8875 |
| &nbsp;&nbsp;&nbsp; 400902, 17.600%, 7/31/2023 †x#^ | Funding Circle | 7/31/2019 | GBP | 25852 | 35576 | 10482 |
| &nbsp;&nbsp;&nbsp; 70592, 10.500%, 12/15/2021 †x#^ | Funding Circle | 12/15/2016 | GBP | 6160 | 7655 | 2498 |
|  |  |  |  |  | **12825530** | **3894982** |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8604** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 0083fa8e-a170-4ecb-b450-54bb00e10de4, 15.420%, 12/29/2023 †x#^ | Funding Circle | 7/02/2018 | $4937 | $4937 | $1481 |
| &nbsp;&nbsp;&nbsp; 009f9d7a-789f-4bad-92d2-88cece16eccc, 19.700%, 1/10/2024 †x#^ | Funding Circle | 1/14/2019 | 41402 | 41402 | 12421 |
| &nbsp;&nbsp;&nbsp; 023fe1e6-0c5a-4abf-a46e-c457ce278acd, 10.790%, 2/04/2024 †x#^ | Funding Circle | 2/06/2019 | 5361 | 5361 | 1608 |
| &nbsp;&nbsp;&nbsp; 02cb546c-5da0-4e83-9fbf-282a020e96b5, 10.790%, 9/24/2023 †x#^ | Funding Circle | 9/26/2018 | 114250 | 114250 | 34275 |
| &nbsp;&nbsp;&nbsp; 07832286-bef7-4502-adb6-3f5d1e410992, 15.820%, 5/13/2024 †x#^ | Funding Circle | 11/16/2018 | 90200 | 90200 | 27060 |
| &nbsp;&nbsp;&nbsp; 07b45e22-b042-4497-96e1-f9e9cb1576f2, 16.090%, 8/25/2022 †x#^ | Funding Circle | 8/28/2017 | 2516 | 2516 | 755 |
| &nbsp;&nbsp;&nbsp; 0b1052ff-4621-40c3-ba0e-bc788b309e02, 10.490%, 2/09/2024 †x#^ | Funding Circle | 8/13/2018 | 23741 | 23741 | 7122 |
| &nbsp;&nbsp;&nbsp; 0d319bef-a790-4907-b351-ebff4731d2b6, 8.250%, 5/01/2023 †x#^ | Funding Circle | 5/03/2018 | 148966 | 148966 | 44690 |
| &nbsp;&nbsp;&nbsp; 0d65f8f4-a679-4e34-ae32-fc94edfe755c, 15.420%, 12/12/2022 †x#^ | Funding Circle | 12/14/2017 | 93645 | 93645 | 28094 |
| &nbsp;&nbsp;&nbsp; 0fa5c132-61c7-48fb-9dcf-1e39abcbf833, 16.090%, 10/13/2022 †x#^ | Funding Circle | 10/16/2017 | 47451 | 47451 | 14235 |
| &nbsp;&nbsp;&nbsp; 1000363539, 22.396%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 2901 | 3017 | 3078 |
| &nbsp;&nbsp;&nbsp; 1001137932, 18.930%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 1454 | 1512 | 1551 |
| &nbsp;&nbsp;&nbsp; 1002470343, 20.800%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 9750 | 10140 | 10343 |
| &nbsp;&nbsp;&nbsp; 1003288172, 26.519%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 1141 | 1186 | 1217 |
| &nbsp;&nbsp;&nbsp; 1004459877, 21.200%, 1/21/2025 †x¥#^ | Stripe | 7/27/2023 | 3215 | 3344 | 129 |
| &nbsp;&nbsp;&nbsp; 1005023980, 25.596%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 19569 | 20351 | 20439 |
| &nbsp;&nbsp;&nbsp; 1009952858, 18.667%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 2522 | 2622 | 2692 |
| &nbsp;&nbsp;&nbsp; 1014518190, 16.132%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 7904 | 8220 | 8281 |
| &nbsp;&nbsp;&nbsp; 1015542470, 20.000%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 2695 | 2803 | 2832 |
| &nbsp;&nbsp;&nbsp; 1020127049, 26.500%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 3123 | 3248 | 3249 |
| &nbsp;&nbsp;&nbsp; 1021360283, 20.783%, 3/26/2025 †x¥#^ | Stripe | 9/29/2023 | 2147 | 2233 | 86 |
| &nbsp;&nbsp;&nbsp; 1024582592, 26.513%, 4/03/2025 †x¥#^ | Stripe | 10/10/2023 | 1392 | 1448 | 56 |
| &nbsp;&nbsp;&nbsp; 1024834806, 20.000%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 1728 | 1797 | 1847 |
| &nbsp;&nbsp;&nbsp; 1025898126, 26.526%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 892 | 928 | 947 |
| &nbsp;&nbsp;&nbsp; 1026428742, 19.314%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 513 | 533 | 548 |
| &nbsp;&nbsp;&nbsp; 1027398041, 18.667%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 5191 | 5399 | 5508 |
| &nbsp;&nbsp;&nbsp; 1029219155, 17.199%, 8/09/2024 †x¥#^ | Stripe | 2/14/2023 | 21298 | 22150 | 852 |
| &nbsp;&nbsp;&nbsp; 1029787389, 20.393%, 9/19/2025 †x¥ | Stripe | 3/26/2024 | 1829 | 1902 | 1961 |
| &nbsp;&nbsp;&nbsp; 1032363516, 19.331%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 7444 | 7742 | 7916 |
| &nbsp;&nbsp;&nbsp; 1038322540, 25.852%, 8/15/2026 †x¥# | Stripe | 2/20/2025 | 3600 | 3744 | 607 |
| &nbsp;&nbsp;&nbsp; 1038661155, 26.495%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 1850 | 1924 | 74 |
| &nbsp;&nbsp;&nbsp; 1039287463, 18.796%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 16533 | 17195 | 17248 |
| &nbsp;&nbsp;&nbsp; 1040103830, 26.133%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 1775 | 1846 | 1903 |
| &nbsp;&nbsp;&nbsp; 1042539900, 26.095%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 1010 | 1051 | 1073 |
| &nbsp;&nbsp;&nbsp; 1046289203, 26.533%, 11/05/2026 †x¥# | Stripe | 9/04/2024 | 3201 | 3329 | 128 |
| &nbsp;&nbsp;&nbsp; 1046864122, 19.304%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 1809 | 1882 | 1894 |
| &nbsp;&nbsp;&nbsp; 1049383567, 25.867%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 2721 | 2830 | 2900 |
| &nbsp;&nbsp;&nbsp; 1050003767, 22.222%, 7/03/2023 †x¥#^ | Stripe | 11/08/2021 | 145 | 151 | 6 |
| &nbsp;&nbsp;&nbsp; 105401042, 21.983%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 1582 | 1645 | 1681 |
| &nbsp;&nbsp;&nbsp; 1054158, 6.509%, 9/06/2019 †x¶#^ | Square | 3/08/2018 | 4432 | 4038 | 347 |
| &nbsp;&nbsp;&nbsp; 1055664477, 23.457%, 6/05/2024 †x¥#^ | Stripe | 12/09/2022 | 629 | 654 | 25 |
| &nbsp;&nbsp;&nbsp; 1057308311, 26.528%, 5/27/2025 †x¥#^ | Stripe | 11/30/2023 | 14210 | 14779 | 568 |
| &nbsp;&nbsp;&nbsp; 1057785, 7.302%, 9/08/2019 †x¶#^ | Square | 3/12/2018 | 347 | 334 | 27 |
| &nbsp;&nbsp;&nbsp; 1060519777, 19.194%, 12/01/2024 †x¥#^ | Stripe | 4/07/2023 | 2376 | 2471 | 95 |
| &nbsp;&nbsp;&nbsp; 1060729, 4.603%, 9/12/2019 †x¶#^ | Square | 3/14/2018 | 3464 | 3241 | 272 |
| &nbsp;&nbsp;&nbsp; 1060800110, 18.123%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 7081 | 7365 | 7371 |
| &nbsp;&nbsp;&nbsp; 1062813637, 26.133%, 8/25/2026 †x¥# | Stripe | 2/27/2025 | 904 | 941 | 153 |
| &nbsp;&nbsp;&nbsp; 1063912943, 20.000%, 1/30/2024 †x¥#^ | Stripe | 8/04/2022 | 12088 | 12571 | 484 |
| &nbsp;&nbsp;&nbsp; 1065253690, 16.000%, 10/21/2023 †x¥#^ | Stripe | 4/27/2022 | 3223 | 3352 | 129 |
| &nbsp;&nbsp;&nbsp; 1065753315, 18.797%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 7466 | 7764 | 7808 |
| &nbsp;&nbsp;&nbsp; 1067470904, 20.494%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 2073 | 2155 | 83 |
| &nbsp;&nbsp;&nbsp; 1068143740, 21.333%, 9/17/2025 †x¥# | Stripe | 3/22/2024 | 8251 | 8581 | 330 |
| &nbsp;&nbsp;&nbsp; 1068531285, 24.000%, 6/02/2024 †x¥#^ | Stripe | 4/20/2022 | 8242 | 8571 | 330 |
| &nbsp;&nbsp;&nbsp; 1070128177, 11.194%, 7/23/2024 †x¥#^ | Stripe | 1/26/2023 | 6253 | 6503 | 250 |
| &nbsp;&nbsp;&nbsp; 1070204429, 14.933%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | 123834 | 128787 | 129274 |
| &nbsp;&nbsp;&nbsp; 1070304253, 26.533%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 5830 | 6063 | 6069 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8605** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1070901309, 24.000%, 1/04/2024 †x¥#^ | Stripe | 10/19/2021 | $601 | $625 | $24 |
| &nbsp;&nbsp;&nbsp; 107397290, 26.444%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 830 | 863 | 873 |
| &nbsp;&nbsp;&nbsp; 107996bf-c5c9-4c01-8ee2-893b71d4c39a, 15.420%, 6/25/2023 †x#^ | Funding Circle | 6/27/2018 | 49116 | 49116 | 14735 |
| &nbsp;&nbsp;&nbsp; 1082213987, 26.533%, 5/15/2025 †x¥#^ | Stripe | 11/20/2023 | 1623 | 1688 | 65 |
| &nbsp;&nbsp;&nbsp; 1093966, 3.810%, 10/05/2019 †x¶#^ | Square | 4/09/2018 | 306 | 289 | 24 |
| &nbsp;&nbsp;&nbsp; 1096646455, 22.667%, 4/12/2023 †x¥#^ | Stripe | 10/15/2021 | 883 | 918 | 35 |
| &nbsp;&nbsp;&nbsp; 1096937392, 25.565%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 2204 | 2292 | 2295 |
| &nbsp;&nbsp;&nbsp; 1097247969, 22.927%, 12/09/2025 †x¥# | Stripe | 6/13/2024 | 4932 | 5129 | 197 |
| &nbsp;&nbsp;&nbsp; 1098179550, 24.000%, 5/06/2023 †x¥#^ | Stripe | 11/10/2021 | 1323 | 1376 | 53 |
| &nbsp;&nbsp;&nbsp; 1100412823, 18.667%, 11/06/2025 †x¥# | Stripe | 5/13/2024 | 42588 | 44292 | 1704 |
| &nbsp;&nbsp;&nbsp; 1101205, 4.615%, 10/10/2019 †x¶#^ | Square | 4/12/2018 | 739 | 691 | 58 |
| &nbsp;&nbsp;&nbsp; 1102949571, 19.600%, 7/19/2024 †x¥#^ | Stripe | 1/24/2023 | 995 | 1035 | 40 |
| &nbsp;&nbsp;&nbsp; 1103930845, 25.333%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 717 | 745 | 29 |
| &nbsp;&nbsp;&nbsp; 1104732, 5.714%, 10/12/2019 †x¶#^ | Square | 4/16/2018 | 6481 | 5969 | 508 |
| &nbsp;&nbsp;&nbsp; 1106633550, 21.997%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3157 | 3283 | 3388 |
| &nbsp;&nbsp;&nbsp; 110800689, 26.527%, 1/01/2026 †x¥# | Stripe | 7/09/2024 | 3613 | 3758 | 145 |
| &nbsp;&nbsp;&nbsp; 1111189322, 22.532%, 4/28/2023 †x¥#^ | Stripe | 11/02/2021 | 57086 | 59369 | 2283 |
| &nbsp;&nbsp;&nbsp; 1113968, 4.603%, 10/19/2019 †x¶#^ | Square | 4/23/2018 | 9573 | 8955 | 751 |
| &nbsp;&nbsp;&nbsp; 1114400279, 20.000%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 547 | 569 | 586 |
| &nbsp;&nbsp;&nbsp; 1114443706, 16.267%, 1/06/2027 †x¥ | Stripe | 7/11/2025 | 12657 | 13163 | 13193 |
| &nbsp;&nbsp;&nbsp; 1115506966, 24.000%, 10/07/2023 †x¥#^ | Stripe | 4/13/2022 | 13417 | 13953 | 537 |
| &nbsp;&nbsp;&nbsp; 1118474117, 25.860%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 4636 | 4822 | 185 |
| &nbsp;&nbsp;&nbsp; 1121239774, 26.526%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 4246 | 4415 | 4457 |
| &nbsp;&nbsp;&nbsp; 1122528596, 24.000%, 7/11/2023 †x¥#^ | Stripe | 1/13/2022 | 1618 | 1682 | 65 |
| &nbsp;&nbsp;&nbsp; 112295903, 18.533%, 1/14/2024 †x¥#^ | Stripe | 10/27/2021 | 151 | 158 | 6 |
| &nbsp;&nbsp;&nbsp; 1123760940, 20.929%, 5/22/2024 †x¥#^ | Stripe | 11/28/2022 | 17291 | 17983 | 692 |
| &nbsp;&nbsp;&nbsp; 1123959461, 26.526%, 8/08/2025 †x¥#^ | Stripe | 2/13/2024 | 11762 | 12232 | 470 |
| &nbsp;&nbsp;&nbsp; 1130315051, 20.508%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 1669 | 1736 | 67 |
| &nbsp;&nbsp;&nbsp; 1131264138, 20.800%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 9221 | 9590 | 9679 |
| &nbsp;&nbsp;&nbsp; 1131371419, 16.121%, 4/03/2026 †x¥ | Stripe | 10/08/2024 | 1676 | 1743 | 1762 |
| &nbsp;&nbsp;&nbsp; 1134243863, 22.000%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 1813 | 1886 | 1909 |
| &nbsp;&nbsp;&nbsp; 1137076086, 26.519%, 3/18/2025 †x¥#^ | Stripe | 9/21/2023 | 1586 | 1650 | 63 |
| &nbsp;&nbsp;&nbsp; 114167488, 26.133%, 4/03/2026 †x¥ | Stripe | 10/08/2024 | 2791 | 2903 | 2975 |
| &nbsp;&nbsp;&nbsp; 1144791, 4.603%, 11/05/2019 †x¶#^ | Square | 5/09/2018 | 3257 | 3047 | 255 |
| &nbsp;&nbsp;&nbsp; 1145340705, 16.267%, 8/10/2023 †x¥#^ | Stripe | 2/14/2022 | 32523 | 33824 | 1301 |
| &nbsp;&nbsp;&nbsp; 1146190289, 16.000%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 3803 | 3955 | 3969 |
| &nbsp;&nbsp;&nbsp; 1147913431, 25.600%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 474 | 493 | 503 |
| &nbsp;&nbsp;&nbsp; 1148404804, 25.861%, 2/24/2026 †x¥ | Stripe | 8/29/2024 | 1241 | 1291 | 1339 |
| &nbsp;&nbsp;&nbsp; 1148799, 6.843%, 11/09/2019 †x¶#^ | Square | 5/11/2018 | 211 | 191 | 17 |
| &nbsp;&nbsp;&nbsp; 1149975975, 24.000%, 11/07/2023 †x¥#^ | Stripe | 5/12/2022 | 2184 | 2271 | 87 |
| &nbsp;&nbsp;&nbsp; 1152619613, 16.267%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 3203 | 3331 | 3344 |
| &nbsp;&nbsp;&nbsp; 1154934943, 19.333%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 2416 | 2513 | 2528 |
| &nbsp;&nbsp;&nbsp; 1156391, 6.511%, 11/15/2019 †x¶#^ | Square | 5/17/2018 | 9078 | 8270 | 712 |
| &nbsp;&nbsp;&nbsp; 1156645, 5.079%, 11/15/2019 †x¶#^ | Square | 5/17/2018 | 1151 | 1069 | 90 |
| &nbsp;&nbsp;&nbsp; 1158754978, 15.193%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 1854 | 1928 | 1958 |
| &nbsp;&nbsp;&nbsp; 1161637070, 26.529%, 3/13/2026 †x¥# | Stripe | 9/17/2024 | 8937 | 9295 | 3572 |
| &nbsp;&nbsp;&nbsp; 1161662968, 20.397%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 22035 | 22916 | 23026 |
| &nbsp;&nbsp;&nbsp; 1167122476, 18.667%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 23232 | 24161 | 24567 |
| &nbsp;&nbsp;&nbsp; 1171738268, 20.000%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 18000 | 18720 | 19125 |
| &nbsp;&nbsp;&nbsp; 1171876725, 24.000%, 10/14/2023 †x¥#^ | Stripe | 4/20/2022 | 856 | 890 | 34 |
| &nbsp;&nbsp;&nbsp; 1174426788, 21.091%, 10/23/2024 †x¥#^ | Stripe | 4/28/2023 | 278 | 289 | 11 |
| &nbsp;&nbsp;&nbsp; 1177936304, 24.533%, 5/10/2024 †x¥#^ | Stripe | 11/16/2022 | 2070 | 2153 | 83 |
| &nbsp;&nbsp;&nbsp; 1183884001, 14.932%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 15364 | 15979 | 16102 |
| &nbsp;&nbsp;&nbsp; 1188483494, 25.599%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 50270 | 52281 | 52411 |
| &nbsp;&nbsp;&nbsp; 1189071534, 26.512%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 3041 | 3162 | 3197 |
| &nbsp;&nbsp;&nbsp; 1191751509, 26.513%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 1733 | 1803 | 1826 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8606** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 119313125, 26.533%, 10/31/2025 †x¥ | Stripe | 5/07/2024 | $1902 | $1978 | $2047 |
| &nbsp;&nbsp;&nbsp; 1194960946, 26.516%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 4442 | 4620 | 4647 |
| &nbsp;&nbsp;&nbsp; 1195550959, 18.366%, 9/29/2023 †x¥#^ | Stripe | 4/05/2022 | 1033 | 1075 | 41 |
| &nbsp;&nbsp;&nbsp; 119616390, 26.530%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 4806 | 4998 | 5119 |
| &nbsp;&nbsp;&nbsp; 1196841394, 25.841%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 1769 | 1840 | 1852 |
| &nbsp;&nbsp;&nbsp; 1203294876, 18.794%, 5/03/2024 †x¥#^ | Stripe | 11/08/2022 | 6892 | 7168 | 276 |
| &nbsp;&nbsp;&nbsp; 1206608147, 26.515%, 3/06/2026 †x¥# | Stripe | 9/10/2024 | 3587 | 3730 | 143 |
| &nbsp;&nbsp;&nbsp; 1206751379, 14.799%, 5/22/2026 †x¥ | Stripe | 11/26/2024 | 4533 | 4714 | 4748 |
| &nbsp;&nbsp;&nbsp; 120894926, 26.531%, 10/23/2024 †x¥#^ | Stripe | 4/28/2023 | 3814 | 3967 | 153 |
| &nbsp;&nbsp;&nbsp; 120941176, 22.389%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1500 | 1560 | 1583 |
| &nbsp;&nbsp;&nbsp; 121121558, 17.867%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 9413 | 9789 | 9891 |
| &nbsp;&nbsp;&nbsp; 1217234036, 20.513%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 280 | 291 | 11 |
| &nbsp;&nbsp;&nbsp; 1217271984, 19.196%, 5/15/2024 †x¥#^ | Stripe | 11/18/2022 | 6917 | 7194 | 277 |
| &nbsp;&nbsp;&nbsp; 1218371269, 20.925%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 1770 | 1841 | 1870 |
| &nbsp;&nbsp;&nbsp; 1222749499, 26.133%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 258 | 269 | 281 |
| &nbsp;&nbsp;&nbsp; 1224701204, 26.476%, 1/02/2025 †x¥#^ | Stripe | 7/10/2023 | 601 | 625 | 24 |
| &nbsp;&nbsp;&nbsp; 1226505080, 26.519%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 1493 | 1552 | 1578 |
| &nbsp;&nbsp;&nbsp; 1227357018, 26.533%, 2/10/2026 †x¥# | Stripe | 8/15/2024 | 2249 | 2339 | 388 |
| &nbsp;&nbsp;&nbsp; 122753688, 19.327%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 4043 | 4204 | 4282 |
| &nbsp;&nbsp;&nbsp; 1232930133, 22.400%, 3/31/2026 †x¥ | Stripe | 10/03/2024 | 39764 | 41354 | 42747 |
| &nbsp;&nbsp;&nbsp; 1233469742, 21.733%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 9107 | 9472 | 364 |
| &nbsp;&nbsp;&nbsp; 1235298385, 18.789%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 3553 | 3695 | 3722 |
| &nbsp;&nbsp;&nbsp; 1236100541, 21.600%, 2/21/2023 †x¥#^ | Stripe | 8/26/2021 | 1692 | 1760 | 68 |
| &nbsp;&nbsp;&nbsp; 1237393907, 22.000%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; 1238923664, 16.000%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 733 | 762 | 773 |
| &nbsp;&nbsp;&nbsp; 1240463055, 14.266%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 20105 | 20909 | 21240 |
| &nbsp;&nbsp;&nbsp; 1240779455, 22.000%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 1404 | 1460 | 1499 |
| &nbsp;&nbsp;&nbsp; 1241471412, 21.455%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 4222 | 4391 | 4477 |
| &nbsp;&nbsp;&nbsp; 1244652388, 26.533%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 607 | 631 | 650 |
| &nbsp;&nbsp;&nbsp; 1245290400, 18.667%, 6/10/2026 †x¥ | Stripe | 12/13/2024 | 2539 | 2641 | 2710 |
| &nbsp;&nbsp;&nbsp; 1247400711, 17.863%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 4105 | 4269 | 4343 |
| &nbsp;&nbsp;&nbsp; 124779986, 10.667%, 4/17/2024 †x¥#^ | Stripe | 10/21/2022 | 10500 | 10920 | 420 |
| &nbsp;&nbsp;&nbsp; 1249330629, 14.800%, 11/20/2025 †x¥# | Stripe | 5/28/2024 | 106222 | 110471 | 17592 |
| &nbsp;&nbsp;&nbsp; 1251308971, 20.000%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 8269 | 8600 | 8787 |
| &nbsp;&nbsp;&nbsp; 125138795, 14.267%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 1805 | 1877 | 1967 |
| &nbsp;&nbsp;&nbsp; 1252702200, 19.066%, 10/03/2024 †x¥#^ | Stripe | 4/10/2023 | 26167 | 27213 | 1047 |
| &nbsp;&nbsp;&nbsp; 1254134933, 22.400%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 2558 | 2660 | 2721 |
| &nbsp;&nbsp;&nbsp; 1254185738, 24.000%, 8/01/2023 †x¥#^ | Stripe | 2/03/2022 | 1694 | 1762 | 68 |
| &nbsp;&nbsp;&nbsp; 1255089851, 22.000%, 4/10/2026 †x¥ | Stripe | 10/16/2024 | 35556 | 36978 | 37709 |
| &nbsp;&nbsp;&nbsp; 1257541311, 18.133%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 2182 | 2269 | 2285 |
| &nbsp;&nbsp;&nbsp; 1258154892, 22.389%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 6500 | 6760 | 6846 |
| &nbsp;&nbsp;&nbsp; 1259481669, 18.667%, 4/10/2026 †x¥ | Stripe | 10/16/2024 | 512 | 532 | 549 |
| &nbsp;&nbsp;&nbsp; 1260672006, 26.524%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 471 | 489 | 19 |
| &nbsp;&nbsp;&nbsp; 1261703597, 19.732%, 6/24/2023 †x¥#^ | Stripe | 12/29/2021 | 13621 | 14166 | 545 |
| &nbsp;&nbsp;&nbsp; 1263426870, 20.333%, 1/08/2027 †x¥ | Stripe | 7/15/2025 | 1522 | 1583 | 1585 |
| &nbsp;&nbsp;&nbsp; 1265444829, 18.933%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1239 | 1289 | 1317 |
| &nbsp;&nbsp;&nbsp; 1266491659, 20.267%, 4/28/2023 †x¥#^ | Stripe | 11/02/2021 | 68166 | 70892 | 2727 |
| &nbsp;&nbsp;&nbsp; 1267034731, 24.000%, 5/18/2023 †x¥#^ | Stripe | 11/22/2021 | 907 | 943 | 36 |
| &nbsp;&nbsp;&nbsp; 1270384636, 17.733%, 3/26/2024 †x¥#^ | Stripe | 9/29/2022 | 83090 | 86414 | 3324 |
| &nbsp;&nbsp;&nbsp; 1270673, 5.714%, 1/31/2020 †x¶#^ | Square | 8/02/2018 | 835 | 769 | 65 |
| &nbsp;&nbsp;&nbsp; 1271310395, 22.359%, 4/21/2026 †x¥ | Stripe | 10/24/2024 | 162 | 168 | 174 |
| &nbsp;&nbsp;&nbsp; 1276066849, 16.133%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 3332 | 3466 | 3501 |
| &nbsp;&nbsp;&nbsp; 1276431164, 20.795%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 12001 | 12481 | 12603 |
| &nbsp;&nbsp;&nbsp; 1277640610, 24.000%, 3/08/2023 †x¥#^ | Stripe | 9/10/2021 | 3111 | 3236 | 124 |
| &nbsp;&nbsp;&nbsp; 1278224055, 17.600%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 2949 | 3067 | 3095 |
| &nbsp;&nbsp;&nbsp; 1281183898, 22.905%, 12/02/2025 †x¥# | Stripe | 6/06/2024 | 762 | 792 | 132 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8607** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1281745199, 20.667%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | $3721 | $3870 | $3911 |
| &nbsp;&nbsp;&nbsp; 1286034142, 18.767%, 8/30/2025 †x¥#^ | Stripe | 1/03/2024 | 21 | 22 | 4 |
| &nbsp;&nbsp;&nbsp; 1288136936, 16.109%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 1720 | 1789 | 1805 |
| &nbsp;&nbsp;&nbsp; 1290840234, 26.533%, 11/05/2025 †x¥# | Stripe | 5/10/2024 | 88106 | 91630 | 3524 |
| &nbsp;&nbsp;&nbsp; 1290972079, 18.930%, 9/05/2023 †x¥#^ | Stripe | 3/10/2022 | 18015 | 18735 | 721 |
| &nbsp;&nbsp;&nbsp; 1291440967, 26.108%, 2/27/2026 †x¥ | Stripe | 9/04/2024 | 1151 | 1197 | 1236 |
| &nbsp;&nbsp;&nbsp; 1291512267, 21.467%, 11/19/2025 †x¥# | Stripe | 5/24/2024 | 22334 | 23227 | 893 |
| &nbsp;&nbsp;&nbsp; 1291944671, 18.933%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 901 | 937 | 953 |
| &nbsp;&nbsp;&nbsp; 1292327150, 16.132%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 5255 | 5465 | 5540 |
| &nbsp;&nbsp;&nbsp; 1292458335, 23.200%, 11/04/2025 †x¥ | Stripe | 5/09/2024 | 266 | 276 | 287 |
| &nbsp;&nbsp;&nbsp; 1294558848, 24.000%, 5/03/2023 †x¥#^ | Stripe | 9/09/2021 | 14407 | 14983 | 576 |
| &nbsp;&nbsp;&nbsp; 129710529, 19.307%, 3/29/2024 †x¥#^ | Stripe | 10/04/2022 | 281 | 292 | 11 |
| &nbsp;&nbsp;&nbsp; 1297717172, 21.051%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 367 | 382 | 15 |
| &nbsp;&nbsp;&nbsp; 1298589418, 21.179%, 2/20/2026 †x¥# | Stripe | 12/27/2023 | 324 | 337 | 13 |
| &nbsp;&nbsp;&nbsp; 1299459421, 14.267%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 2481 | 2581 | 2622 |
| &nbsp;&nbsp;&nbsp; 12a29f98-0a52-48a7-a233-21283d4711b8, 14.090%, 9/23/2019 †x#^ | Funding Circle | 12/16/2016 | 112621 | 112621 | 33786 |
| &nbsp;&nbsp;&nbsp; 12ba0de1-b4c3-4485-b870-ab312e91f6ac, 26.240%, 9/11/2022 †x#^ | Funding Circle | 9/13/2018 | 24618 | 24618 | 7385 |
| &nbsp;&nbsp;&nbsp; 1301691037, 20.267%, 7/19/2024 †x¥#^ | Stripe | 1/24/2023 | 29814 | 31006 | 1193 |
| &nbsp;&nbsp;&nbsp; 1302204791, 17.065%, 4/22/2025 †x¥#^ | Stripe | 10/26/2023 | 6838 | 7112 | 274 |
| &nbsp;&nbsp;&nbsp; 130821569, 15.198%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 29127 | 30292 | 30350 |
| &nbsp;&nbsp;&nbsp; 131015278, 17.719%, 11/07/2025 †x¥ | Stripe | 5/14/2024 | 718 | 747 | 763 |
| &nbsp;&nbsp;&nbsp; 1310655940, 21.189%, 2/05/2025 †x¥#^ | Stripe | 8/11/2023 | 5310 | 5523 | 212 |
| &nbsp;&nbsp;&nbsp; 1311387489, 14.800%, 9/02/2023 †x¥#^ | Stripe | 6/17/2021 | 9901 | 10297 | 396 |
| &nbsp;&nbsp;&nbsp; 1311388803, 19.066%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 91060 | 94703 | 3642 |
| &nbsp;&nbsp;&nbsp; 1311647724, 21.994%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 5455 | 5673 | 5775 |
| &nbsp;&nbsp;&nbsp; 1312493520, 17.600%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 2568 | 2671 | 2719 |
| &nbsp;&nbsp;&nbsp; 1312952420, 19.867%, 8/05/2024 †x¥#^ | Stripe | 12/13/2022 | 70035 | 72837 | 2801 |
| &nbsp;&nbsp;&nbsp; 1313092149, 21.333%, 10/09/2025 †x¥ | Stripe | 4/15/2024 | 499 | 519 | 544 |
| &nbsp;&nbsp;&nbsp; 1313786037, 25.600%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 545 | 567 | 573 |
| &nbsp;&nbsp;&nbsp; 1320083222, 20.132%, 2/29/2024 †x¥#^ | Stripe | 9/06/2022 | 46188 | 48035 | 1848 |
| &nbsp;&nbsp;&nbsp; 1320255381, 18.133%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 28759 | 29910 | 29940 |
| &nbsp;&nbsp;&nbsp; 1320820355, 17.333%, 7/21/2024 †x¥#^ | Stripe | 5/05/2022 | 10469 | 10887 | 419 |
| &nbsp;&nbsp;&nbsp; 1321676767, 25.587%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 3465 | 3603 | 3626 |
| &nbsp;&nbsp;&nbsp; 1322525439, 20.912%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 1750 | 1820 | 1841 |
| &nbsp;&nbsp;&nbsp; 1323733279, 25.867%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 8625 | 8970 | 9328 |
| &nbsp;&nbsp;&nbsp; 1327838198, 26.530%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 6006 | 6246 | 6379 |
| &nbsp;&nbsp;&nbsp; 132906829, 23.859%, 5/16/2024 †x¥#^ | Stripe | 11/21/2022 | 3498 | 3638 | 140 |
| &nbsp;&nbsp;&nbsp; 1330940642, 26.489%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 264 | 275 | 284 |
| &nbsp;&nbsp;&nbsp; 1333237852, 17.867%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 59825 | 62218 | 62532 |
| &nbsp;&nbsp;&nbsp; 1334056469, 11.328%, 9/25/2024 †x¥#^ | Stripe | 3/31/2023 | 4881 | 5076 | 195 |
| &nbsp;&nbsp;&nbsp; 1334472545, 22.778%, 12/05/2024 †x¥#^ | Stripe | 6/12/2023 | 340 | 353 | 14 |
| &nbsp;&nbsp;&nbsp; 1334480685, 20.933%, 8/03/2024 †x¥#^ | Stripe | 2/08/2023 | 20712 | 21541 | 828 |
| &nbsp;&nbsp;&nbsp; 1335892175, 23.059%, 12/10/2024 †x¥#^ | Stripe | 6/15/2023 | 2970 | 3089 | 119 |
| &nbsp;&nbsp;&nbsp; 133805216, 15.990%, 11/30/2023 †x#^ | Lending Club | 12/04/2018 | 8424 | 8424 | 842 |
| &nbsp;&nbsp;&nbsp; 134108191, 13.067%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | 4694 | 4882 | 4921 |
| &nbsp;&nbsp;&nbsp; 1343986, 5.877%, 3/18/2020 †x¶#^ | Square | 9/20/2018 | 4877 | 4482 | 382 |
| &nbsp;&nbsp;&nbsp; 1345448958, 18.131%, 6/14/2025 †x¥#^ | Stripe | 12/20/2023 | 21676 | 22543 | 867 |
| &nbsp;&nbsp;&nbsp; 1347224232, 25.593%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 11556 | 12019 | 12115 |
| &nbsp;&nbsp;&nbsp; 1347981299, 20.000%, 9/15/2026 †x¥# | Stripe | 3/20/2025 | 15611 | 16235 | 5961 |
| &nbsp;&nbsp;&nbsp; 1348296793, 14.255%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 1248 | 1298 | 1324 |
| &nbsp;&nbsp;&nbsp; 1349826545, 18.111%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 3424 | 3561 | 3564 |
| &nbsp;&nbsp;&nbsp; 1349855727, 22.394%, 8/12/2026 †x¥ | Stripe | 12/18/2024 | 4957 | 5155 | 2874 |
| &nbsp;&nbsp;&nbsp; 13531226, 20.392%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 3022 | 3143 | 3154 |
| &nbsp;&nbsp;&nbsp; 135378068, 26.527%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 4292 | 4464 | 4523 |
| &nbsp;&nbsp;&nbsp; 1354920270, 26.524%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3960 | 4119 | 4231 |
| &nbsp;&nbsp;&nbsp; 1355094652, 26.130%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 8125 | 8450 | 8610 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8608** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1356216117, 19.598%, 1/31/2026 †x¥# | Stripe | 11/13/2023 | $1021 | $1061 | $179 |
| &nbsp;&nbsp;&nbsp; 1358067433, 16.099%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 786 | 818 | 828 |
| &nbsp;&nbsp;&nbsp; 1358813, 3.492%, 3/25/2020 †x¶#^ | Square | 9/27/2018 | 13798 | 13112 | 1082 |
| &nbsp;&nbsp;&nbsp; 1361938560, 26.513%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 1623 | 1688 | 1711 |
| &nbsp;&nbsp;&nbsp; 1366419990, 18.000%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 4166 | 4333 | 4333 |
| &nbsp;&nbsp;&nbsp; 1367213006, 20.119%, 9/28/2024 †x¥#^ | Stripe | 4/05/2023 | 2608 | 2713 | 104 |
| &nbsp;&nbsp;&nbsp; 1368855130, 20.908%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 2668 | 2774 | 107 |
| &nbsp;&nbsp;&nbsp; 136937969, 26.133%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 63 | 65 | 69 |
| &nbsp;&nbsp;&nbsp; 136997612, 25.593%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 6300 | 6552 | 6693 |
| &nbsp;&nbsp;&nbsp; 1372928680, 25.725%, 4/17/2025 †x¥#^ | Stripe | 10/23/2023 | 34 | 35 | 1 |
| &nbsp;&nbsp;&nbsp; 1373524130, 18.922%, 7/04/2024 †x¥#^ | Stripe | 1/09/2023 | 7918 | 8235 | 317 |
| &nbsp;&nbsp;&nbsp; 1374285518, 19.065%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 11191 | 11639 | 448 |
| &nbsp;&nbsp;&nbsp; 1374589439, 21.193%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 361 | 375 | 211 |
| &nbsp;&nbsp;&nbsp; 1377111005, 22.393%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 2545 | 2647 | 2683 |
| &nbsp;&nbsp;&nbsp; 1377408282, 21.333%, 12/24/2024 †x¥#^ | Stripe | 6/29/2023 | 5833 | 6067 | 233 |
| &nbsp;&nbsp;&nbsp; 1379193667, 26.462%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 143 | 149 | 58 |
| &nbsp;&nbsp;&nbsp; 138152071, 26.525%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 10225 | 10634 | 10698 |
| &nbsp;&nbsp;&nbsp; 1385421707, 20.396%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 14356 | 14930 | 14960 |
| &nbsp;&nbsp;&nbsp; 1386317781, 25.333%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 25009 | 26010 | 1000 |
| &nbsp;&nbsp;&nbsp; 1386676093, 25.600%, 1/19/2027 †x¥ | Stripe | 7/24/2025 | 33630 | 34975 | 35234 |
| &nbsp;&nbsp;&nbsp; 1387986, 5.079%, 4/12/2020 †x¶#^ | Square | 10/16/2018 | 1000 | 929 | 78 |
| &nbsp;&nbsp;&nbsp; 1388782, 7.289%, 4/15/2020 †x¶#^ | Square | 10/17/2018 | 261 | 235 | 20 |
| &nbsp;&nbsp;&nbsp; 1389227290, 20.381%, 9/14/2024 †x¥#^ | Stripe | 3/22/2023 | 1142 | 1187 | 46 |
| &nbsp;&nbsp;&nbsp; 1389874327, 13.050%, 4/30/2026 †x¥ | Stripe | 11/04/2024 | 2037 | 2119 | 2142 |
| &nbsp;&nbsp;&nbsp; 1390871033, 19.866%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 94266 | 98037 | 3771 |
| &nbsp;&nbsp;&nbsp; 1393318, 5.079%, 4/17/2020 †x¶#^ | Square | 10/19/2018 | 1119 | 1040 | 88 |
| &nbsp;&nbsp;&nbsp; 1393736741, 20.667%, 1/05/2023 †x¥#^ | Stripe | 7/12/2021 | 493 | 513 | 20 |
| &nbsp;&nbsp;&nbsp; 1394179671, 26.533%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 821 | 854 | 860 |
| &nbsp;&nbsp;&nbsp; 1394296491, 18.780%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 1920 | 1997 | 2034 |
| &nbsp;&nbsp;&nbsp; 1397137277, 23.051%, 1/07/2026 †x¥ | Stripe | 7/12/2024 | 1261 | 1312 | 1355 |
| &nbsp;&nbsp;&nbsp; 1398002547, 21.462%, 4/20/2024 †x¥#^ | Stripe | 10/26/2022 | 3427 | 3564 | 137 |
| &nbsp;&nbsp;&nbsp; 1398775429, 26.523%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 957 | 996 | 1023 |
| &nbsp;&nbsp;&nbsp; 1399574926, 21.333%, 1/03/2024 †x¥#^ | Stripe | 7/08/2022 | 6417 | 6673 | 257 |
| &nbsp;&nbsp;&nbsp; 1399818363, 15.197%, 8/20/2025 †x¥#^ | Stripe | 2/23/2024 | 1464 | 1523 | 59 |
| &nbsp;&nbsp;&nbsp; 13a87c95-6293-4f33-a888-a69900f946d2, 12.690%, 7/27/2021 †x#^ | Funding Circle | 12/16/2016 | 86931 | 87236 | 26079 |
| &nbsp;&nbsp;&nbsp; 1400829085, 18.799%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 6818 | 7090 | 7263 |
| &nbsp;&nbsp;&nbsp; 140171157, 19.990%, 10/18/2023 †x#^ | Lending Club | 10/22/2018 | 3547 | 3547 | 355 |
| &nbsp;&nbsp;&nbsp; 1403609096, 16.099%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1010 | 1050 | 1061 |
| &nbsp;&nbsp;&nbsp; 1403968850, 26.510%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 2183 | 2271 | 2301 |
| &nbsp;&nbsp;&nbsp; 1404215956, 26.515%, 2/03/2026 †x¥# | Stripe | 8/08/2024 | 3911 | 4068 | 156 |
| &nbsp;&nbsp;&nbsp; 1404331, 17.600%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 40029 | 41630 | 42096 |
| &nbsp;&nbsp;&nbsp; 1404736026, 19.064%, 12/31/2024 †x¥#^ | Stripe | 7/07/2023 | 14426 | 15003 | 577 |
| &nbsp;&nbsp;&nbsp; 1405432415, 22.120%, 7/11/2023 †x¥#^ | Stripe | 1/13/2022 | 4572 | 4754 | 183 |
| &nbsp;&nbsp;&nbsp; 1407420, 3.810%, 4/23/2020 †x¶#^ | Square | 10/25/2018 | 14468 | 13686 | 1134 |
| &nbsp;&nbsp;&nbsp; 140849557, 20.132%, 3/15/2024 †x¥#^ | Stripe | 9/20/2022 | 12631 | 13136 | 505 |
| &nbsp;&nbsp;&nbsp; 1412140020, 14.798%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 33241 | 34570 | 34741 |
| &nbsp;&nbsp;&nbsp; 1413617326, 26.133%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 240 | 250 | 260 |
| &nbsp;&nbsp;&nbsp; 1414283180, 15.200%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 1506 | 1567 | 1589 |
| &nbsp;&nbsp;&nbsp; 1415636710, 20.797%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 10687 | 11115 | 11350 |
| &nbsp;&nbsp;&nbsp; 1416041238, 20.933%, 11/13/2024 †x¥#^ | Stripe | 5/19/2023 | 72962 | 75880 | 2918 |
| &nbsp;&nbsp;&nbsp; 1419572697, 25.855%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 1527 | 1588 | 1609 |
| &nbsp;&nbsp;&nbsp; 1420102920, 14.798%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 12977 | 13496 | 13745 |
| &nbsp;&nbsp;&nbsp; 1421287268, 14.928%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 8685 | 9033 | 9079 |
| &nbsp;&nbsp;&nbsp; 1422176492, 26.533%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 27867 | 28981 | 29660 |
| &nbsp;&nbsp;&nbsp; 1426462986, 26.525%, 4/15/2025 †x¥#^ | Stripe | 10/19/2023 | 4729 | 4918 | 189 |
| &nbsp;&nbsp;&nbsp; 1430689070, 17.600%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 5397 | 5613 | 5706 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8609** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1432928321, 22.667%, 10/05/2024 †x¥#^ | Stripe | 4/12/2023 | $891 | $927 | $36 |
| &nbsp;&nbsp;&nbsp; 1433616880, 21.067%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 6797 | 7069 | 272 |
| &nbsp;&nbsp;&nbsp; 143419699, 21.143%, 2/03/2026 †x¥ | Stripe | 8/08/2024 | 594 | 618 | 632 |
| &nbsp;&nbsp;&nbsp; 1435466311, 13.066%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 53385 | 55520 | 55951 |
| &nbsp;&nbsp;&nbsp; 1435963000, 21.589%, 8/31/2024 †x¥#^ | Stripe | 3/08/2023 | 3153 | 3279 | 126 |
| &nbsp;&nbsp;&nbsp; 143744873, 14.925%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 3339 | 3473 | 3537 |
| &nbsp;&nbsp;&nbsp; 1438891692, 26.532%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 4632 | 4818 | 5024 |
| &nbsp;&nbsp;&nbsp; 1439574170, 25.867%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 8020 | 8340 | 8426 |
| &nbsp;&nbsp;&nbsp; 1440065206, 22.398%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 7674 | 7981 | 8201 |
| &nbsp;&nbsp;&nbsp; 144040686, 14.800%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 4111 | 4275 | 4391 |
| &nbsp;&nbsp;&nbsp; 144279964, 20.132%, 8/08/2026 †x¥# | Stripe | 5/28/2024 | 4129 | 4294 | 710 |
| &nbsp;&nbsp;&nbsp; 1444024, 7.308%, 5/06/2020 †x¶#^ | Square | 11/08/2018 | 1092 | 984 | 86 |
| &nbsp;&nbsp;&nbsp; 1446144849, 25.583%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 1478 | 1537 | 1540 |
| &nbsp;&nbsp;&nbsp; 1447266525, 18.116%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 3575 | 3718 | 3739 |
| &nbsp;&nbsp;&nbsp; 1447427947, 14.800%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 5461 | 5679 | 5710 |
| &nbsp;&nbsp;&nbsp; 1448732225, 21.733%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 341 | 355 | 14 |
| &nbsp;&nbsp;&nbsp; 1449623352, 26.133%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 693 | 721 | 740 |
| &nbsp;&nbsp;&nbsp; 1455052127, 24.909%, 1/22/2025 †x¥#^ | Stripe | 11/29/2022 | 692 | 720 | 28 |
| &nbsp;&nbsp;&nbsp; 1456469527, 18.074%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 1800 | 1872 | 1872 |
| &nbsp;&nbsp;&nbsp; 1457255043, 26.133%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 8192 | 8519 | 8609 |
| &nbsp;&nbsp;&nbsp; 1457985416, 26.510%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 1213 | 1262 | 1275 |
| &nbsp;&nbsp;&nbsp; 1460928752, 25.818%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 761 | 791 | 802 |
| &nbsp;&nbsp;&nbsp; 1462233420, 16.130%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 9152 | 9519 | 9590 |
| &nbsp;&nbsp;&nbsp; 1466843496, 26.533%, 3/17/2026 †x¥ | Stripe | 9/19/2024 | 2030 | 2111 | 2180 |
| &nbsp;&nbsp;&nbsp; 1468345742, 24.119%, 7/20/2024 †x¥#^ | Stripe | 1/25/2023 | 4559 | 4742 | 182 |
| &nbsp;&nbsp;&nbsp; 1471450523, 17.591%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 8117 | 8442 | 8508 |
| &nbsp;&nbsp;&nbsp; 1473570846, 22.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 731 | 761 | 774 |
| &nbsp;&nbsp;&nbsp; 1474433706, 19.066%, 9/18/2024 †x¥#^ | Stripe | 3/24/2023 | 50238 | 52248 | 2010 |
| &nbsp;&nbsp;&nbsp; 147582611, 18.990%, 4/09/2022 †x#^ | Lending Club | 4/11/2019 | 10739 | 10696 | 1074 |
| &nbsp;&nbsp;&nbsp; 1478553230, 20.267%, 12/14/2023 †x¥#^ | Stripe | 10/13/2021 | 1085 | 1129 | 43 |
| &nbsp;&nbsp;&nbsp; 147c977b-fc94-4a7e-a366-e517eaf5cc55, 16.090%, 10/02/2022 †x#^ | Funding Circle | 10/04/2017 | 55476 | 55476 | 16643 |
| &nbsp;&nbsp;&nbsp; 1480307755, 12.133%, 6/20/2023 †x¥#^ | Stripe | 12/23/2021 | 10876 | 11311 | 435 |
| &nbsp;&nbsp;&nbsp; 1480503927, 20.788%, 10/03/2026 †x¥ | Stripe | 4/09/2025 | 3102 | 3226 | 1783 |
| &nbsp;&nbsp;&nbsp; 1480603517, 25.565%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 2022 | 2102 | 2114 |
| &nbsp;&nbsp;&nbsp; 1482427421, 22.386%, 4/18/2026 †x¥ | Stripe | 10/23/2024 | 1549 | 1611 | 1644 |
| &nbsp;&nbsp;&nbsp; 1486513386, 20.372%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 3483 | 3623 | 3643 |
| &nbsp;&nbsp;&nbsp; 1489011946, 22.800%, 1/03/2026 †x¥ | Stripe | 7/10/2024 | 464 | 482 | 514 |
| &nbsp;&nbsp;&nbsp; 1490082602, 20.800%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 4186 | 4354 | 4452 |
| &nbsp;&nbsp;&nbsp; 1490473451, 18.000%, 1/04/2024 †x¥#^ | Stripe | 7/11/2022 | 4324 | 4497 | 173 |
| &nbsp;&nbsp;&nbsp; 1490475536, 22.667%, 10/07/2025 †x¥# | Stripe | 4/11/2024 | 2197 | 2285 | 88 |
| &nbsp;&nbsp;&nbsp; 1491207629, 14.933%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 29601 | 30785 | 31239 |
| &nbsp;&nbsp;&nbsp; 149189166, 22.391%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 1227 | 1277 | 1306 |
| &nbsp;&nbsp;&nbsp; 1492030, 3.494%, 6/04/2020 †x¶#^ | Square | 12/06/2018 | 4290 | 4076 | 336 |
| &nbsp;&nbsp;&nbsp; 1493240531, 20.381%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 2174 | 2261 | 2284 |
| &nbsp;&nbsp;&nbsp; 1493375717, 24.533%, 2/18/2025 †x¥#^ | Stripe | 12/12/2022 | 5724 | 5953 | 229 |
| &nbsp;&nbsp;&nbsp; 1493831248, 24.000%, 4/01/2023 †x¥#^ | Stripe | 10/06/2021 | 1086 | 1129 | 43 |
| &nbsp;&nbsp;&nbsp; 1494172097, 17.560%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 1334 | 1387 | 1403 |
| &nbsp;&nbsp;&nbsp; 1499652776, 16.532%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 21082 | 21925 | 843 |
| &nbsp;&nbsp;&nbsp; 1500019, 5.870%, 6/07/2020 †x¶#^ | Square | 12/11/2018 | 1421 | 1306 | 111 |
| &nbsp;&nbsp;&nbsp; 1500387061, 15.190%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1074 | 1117 | 1135 |
| &nbsp;&nbsp;&nbsp; 150074174, 24.000%, 3/25/2023 †x¥#^ | Stripe | 9/29/2021 | 736 | 765 | 29 |
| &nbsp;&nbsp;&nbsp; 1503640314, 13.066%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 13128 | 13653 | 13830 |
| &nbsp;&nbsp;&nbsp; 150602561, 24.000%, 7/25/2023 †x¥#^ | Stripe | 1/27/2022 | 2301 | 2393 | 92 |
| &nbsp;&nbsp;&nbsp; 1507757715, 21.333%, 4/25/2024 †x¥#^ | Stripe | 10/31/2022 | 3000 | 3120 | 120 |
| &nbsp;&nbsp;&nbsp; 1509070621, 26.095%, 4/15/2026 †x¥# | Stripe | 10/18/2024 | 2489 | 2589 | 100 |
| &nbsp;&nbsp;&nbsp; 1510892243, 19.200%, 8/07/2024 †x¥#^ | Stripe | 2/10/2023 | 7703 | 8011 | 308 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8610** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1511106885, 22.800%, 10/24/2025 †x¥# | Stripe | 4/30/2024 | $4838 | $5031 | $832 |
| &nbsp;&nbsp;&nbsp; 1512457963, 22.909%, 8/08/2024 †x¥#^ | Stripe | 2/13/2023 | 3511 | 3651 | 140 |
| &nbsp;&nbsp;&nbsp; 1514219623, 14.931%, 1/16/2024 †x¥#^ | Stripe | 10/28/2021 | 2788 | 2899 | 112 |
| &nbsp;&nbsp;&nbsp; 1515994121, 17.596%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 4140 | 4306 | 4343 |
| &nbsp;&nbsp;&nbsp; 1517638090, 13.989%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 5131 | 5336 | 5358 |
| &nbsp;&nbsp;&nbsp; 1518386389, 25.030%, 2/26/2026 †x¥# | Stripe | 9/03/2024 | 2200 | 2288 | 88 |
| &nbsp;&nbsp;&nbsp; 1518952820, 20.400%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 12916 | 13433 | 13497 |
| &nbsp;&nbsp;&nbsp; 1519414138, 18.800%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 22706 | 23614 | 23796 |
| &nbsp;&nbsp;&nbsp; 1519961061, 20.131%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 4278 | 4449 | 171 |
| &nbsp;&nbsp;&nbsp; 1521563802, 26.522%, 5/30/2025 †x¥#^ | Stripe | 12/05/2023 | 3628 | 3773 | 145 |
| &nbsp;&nbsp;&nbsp; 1524909192, 24.000%, 7/26/2023 †x¥#^ | Stripe | 1/28/2022 | 12622 | 13127 | 505 |
| &nbsp;&nbsp;&nbsp; 1528669306, 18.095%, 12/30/2026 †x¥ | Stripe | 7/07/2025 | 1682 | 1749 | 1758 |
| &nbsp;&nbsp;&nbsp; 1529270771, 22.000%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 274 | 285 | 297 |
| &nbsp;&nbsp;&nbsp; 1529799544, 20.242%, 10/25/2023 †x¥#^ | Stripe | 4/29/2022 | 582 | 605 | 23 |
| &nbsp;&nbsp;&nbsp; 1534442935, 24.000%, 10/10/2023 †x¥#^ | Stripe | 4/14/2022 | 1095 | 1139 | 44 |
| &nbsp;&nbsp;&nbsp; 1537130136, 23.733%, 2/18/2026 †x¥# | Stripe | 8/23/2024 | 521 | 542 | 90 |
| &nbsp;&nbsp;&nbsp; 1537194454, 22.507%, 5/17/2024 †x¥#^ | Stripe | 3/24/2022 | 1094 | 1138 | 44 |
| &nbsp;&nbsp;&nbsp; 153764663, 19.586%, 7/20/2024 †x¥#^ | Stripe | 1/25/2023 | 2869 | 2984 | 115 |
| &nbsp;&nbsp;&nbsp; 1539979439, 20.932%, 4/21/2025 †x¥#^ | Stripe | 1/31/2023 | 4326 | 4499 | 173 |
| &nbsp;&nbsp;&nbsp; 1540718985, 25.556%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 1511 | 1571 | 1592 |
| &nbsp;&nbsp;&nbsp; 1542794674, 22.794%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 3819 | 3972 | 153 |
| &nbsp;&nbsp;&nbsp; 154389311, 19.333%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 9825 | 10218 | 10375 |
| &nbsp;&nbsp;&nbsp; 15443ac2-cef1-40a4-88fd-a02f1bda6f1e, 8.250%, 1/12/2023 †x#^ | Funding Circle | 1/16/2018 | 244769 | 244769 | 73431 |
| &nbsp;&nbsp;&nbsp; 1545548871, 13.866%, 11/02/2024 †x¥#^ | Stripe | 5/10/2023 | 85775 | 89206 | 3431 |
| &nbsp;&nbsp;&nbsp; 1546194323, 26.111%, 7/17/2026 †x¥# | Stripe | 1/22/2025 | 1182 | 1229 | 203 |
| &nbsp;&nbsp;&nbsp; 1546200, 5.879%, 7/03/2020 †x¶#^ | Square | 1/07/2019 | 1768 | 1625 | 139 |
| &nbsp;&nbsp;&nbsp; 1547452, 5.880%, 7/04/2020 †x¶#^ | Square | 1/08/2019 | 323 | 297 | 25 |
| &nbsp;&nbsp;&nbsp; 1548761712, 15.200%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 17236 | 17926 | 18017 |
| &nbsp;&nbsp;&nbsp; 1549973639, 17.466%, 12/13/2024 †x¥#^ | Stripe | 6/21/2023 | 12833 | 13347 | 513 |
| &nbsp;&nbsp;&nbsp; 154999994, 21.981%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 936 | 973 | 999 |
| &nbsp;&nbsp;&nbsp; 1550887744, 18.791%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 4164 | 4330 | 4392 |
| &nbsp;&nbsp;&nbsp; 155254968, 17.721%, 1/20/2026 †x¥# | Stripe | 7/25/2024 | 4889 | 5084 | 196 |
| &nbsp;&nbsp;&nbsp; 155500755, 22.303%, 7/17/2026 †x¥# | Stripe | 1/22/2025 | 478 | 497 | 186 |
| &nbsp;&nbsp;&nbsp; 1557687104, 20.105%, 12/04/2025 †x¥ | Stripe | 6/10/2024 | 502 | 522 | 535 |
| &nbsp;&nbsp;&nbsp; 1559470965, 16.133%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 21004 | 21844 | 22066 |
| &nbsp;&nbsp;&nbsp; 1559613870, 26.424%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 658 | 684 | 694 |
| &nbsp;&nbsp;&nbsp; 1560935562, 22.264%, 2/28/2026 †x¥# | Stripe | 9/05/2024 | 9948 | 10346 | 398 |
| &nbsp;&nbsp;&nbsp; 1561526, 7.304%, 7/12/2020 †x¶#^ | Square | 1/16/2019 | 2318 | 2089 | 182 |
| &nbsp;&nbsp;&nbsp; 1561636, 4.600%, 7/12/2020 †x¶#^ | Square | 1/16/2019 | 1165 | 1090 | 91 |
| &nbsp;&nbsp;&nbsp; 1561653, 3.810%, 7/13/2020 †x¶#^ | Square | 1/16/2019 | 1371 | 1297 | 108 |
| &nbsp;&nbsp;&nbsp; 1563276225, 26.513%, 1/02/2025 †x¥#^ | Stripe | 7/10/2023 | 1348 | 1402 | 54 |
| &nbsp;&nbsp;&nbsp; 1568769773, 17.600%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 8628 | 8973 | 9061 |
| &nbsp;&nbsp;&nbsp; 1575876551, 14.933%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 35194 | 36602 | 36923 |
| &nbsp;&nbsp;&nbsp; 1579993121, 21.600%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 339 | 352 | 14 |
| &nbsp;&nbsp;&nbsp; 1580655479, 22.533%, 12/09/2025 †x¥ | Stripe | 6/13/2024 | 33122 | 34447 | 35674 |
| &nbsp;&nbsp;&nbsp; 1581873441, 20.000%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 3680 | 3827 | 3887 |
| &nbsp;&nbsp;&nbsp; 1588409277, 26.531%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 7805 | 8117 | 8182 |
| &nbsp;&nbsp;&nbsp; 1588937555, 26.133%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 8311 | 8644 | 8818 |
| &nbsp;&nbsp;&nbsp; 1589234705, 20.089%, 12/18/2024 †x¥#^ | Stripe | 6/23/2023 | 461 | 480 | 18 |
| &nbsp;&nbsp;&nbsp; 1589757469, 18.933%, 7/17/2024 †x¥#^ | Stripe | 1/20/2023 | 26541 | 27603 | 1062 |
| &nbsp;&nbsp;&nbsp; 1591109868, 24.000%, 6/29/2023 †x¥#^ | Stripe | 1/03/2022 | 20278 | 21089 | 811 |
| &nbsp;&nbsp;&nbsp; 1593180517, 21.600%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 780 | 811 | 31 |
| &nbsp;&nbsp;&nbsp; 1596328191, 19.833%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 514 | 535 | 21 |
| &nbsp;&nbsp;&nbsp; 15c10867-ba02-403a-8589-5ba99d7f9635, 26.990%, 6/20/2023 †x#^ | Funding Circle | 6/22/2018 | 13891 | 13891 | 4167 |
| &nbsp;&nbsp;&nbsp; 15f0ca8d-6121-4a8c-a558-e868ef064404, 19.700%, 12/20/2023 †x#^ | Funding Circle | 12/26/2018 | 73967 | 73967 | 22190 |
| &nbsp;&nbsp;&nbsp; 1601215554, 16.130%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 2860 | 2974 | 3015 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8611** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1601868712, 20.265%, 6/19/2024 †x¥#^ | Stripe | 12/23/2022 | $7611 | $7915 | $304 |
| &nbsp;&nbsp;&nbsp; 1601869469, 22.386%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 2086 | 2169 | 2227 |
| &nbsp;&nbsp;&nbsp; 1601876393, 16.000%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 19816 | 20609 | 793 |
| &nbsp;&nbsp;&nbsp; 1602589308, 16.127%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 3023 | 3143 | 3178 |
| &nbsp;&nbsp;&nbsp; 1603135797, 14.929%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 4299 | 4471 | 4523 |
| &nbsp;&nbsp;&nbsp; 1607957996, 19.333%, 6/25/2024 †x¥#^ | Stripe | 11/01/2022 | 1060 | 1103 | 42 |
| &nbsp;&nbsp;&nbsp; 1609400, 7.302%, 8/09/2020 †x¶#^ | Square | 2/13/2019 | 449 | 405 | 35 |
| &nbsp;&nbsp;&nbsp; 1609943076, 20.664%, 12/26/2025 †x¥# | Stripe | 7/02/2024 | 6261 | 6511 | 6654 |
| &nbsp;&nbsp;&nbsp; 1610280475, 18.400%, 10/27/2023 †x¥#^ | Stripe | 5/03/2022 | 13998 | 14558 | 560 |
| &nbsp;&nbsp;&nbsp; 1612341547, 14.264%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 5230 | 5439 | 5515 |
| &nbsp;&nbsp;&nbsp; 1614806888, 24.000%, 4/12/2023 †x¥#^ | Stripe | 10/15/2021 | 2931 | 3048 | 117 |
| &nbsp;&nbsp;&nbsp; 1615999077, 16.129%, 3/05/2026 †x¥ | Stripe | 9/09/2024 | 2936 | 3054 | 3088 |
| &nbsp;&nbsp;&nbsp; 1616129664, 19.462%, 6/29/2024 †x¥#^ | Stripe | 1/05/2023 | 2000 | 2080 | 80 |
| &nbsp;&nbsp;&nbsp; 1617321925, 21.596%, 12/20/2023 †x¥#^ | Stripe | 6/24/2022 | 3535 | 3676 | 141 |
| &nbsp;&nbsp;&nbsp; 1619560092, 25.600%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 24010 | 24970 | 25170 |
| &nbsp;&nbsp;&nbsp; 1620121809, 15.463%, 3/18/2023 †x¥#^ | Stripe | 9/22/2021 | 3894 | 4050 | 156 |
| &nbsp;&nbsp;&nbsp; 1621171755, 20.400%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 4389 | 4564 | 4601 |
| &nbsp;&nbsp;&nbsp; 1624295169, 26.533%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 2701 | 2809 | 2859 |
| &nbsp;&nbsp;&nbsp; 1625253815, 19.200%, 11/19/2022 †x¥#^ | Stripe | 5/26/2021 | 5211 | 5418 | 208 |
| &nbsp;&nbsp;&nbsp; 162574356, 24.242%, 3/14/2025 †x¥#^ | Stripe | 9/19/2023 | 752 | 782 | 30 |
| &nbsp;&nbsp;&nbsp; 162584928, 19.332%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 34921 | 36318 | 36543 |
| &nbsp;&nbsp;&nbsp; 1627333347, 16.133%, 12/18/2024 †x¥#^ | Stripe | 6/23/2023 | 104121 | 108286 | 4165 |
| &nbsp;&nbsp;&nbsp; 1633239704, 21.864%, 8/01/2023 †x¥#^ | Stripe | 2/03/2022 | 20202 | 21010 | 808 |
| &nbsp;&nbsp;&nbsp; 1633548153, 21.063%, 9/18/2023 †x¥#^ | Stripe | 11/30/2021 | 2487 | 2586 | 99 |
| &nbsp;&nbsp;&nbsp; 1633711, 5.714%, 8/19/2020 †x¶#^ | Square | 2/21/2019 | 3445 | 3173 | 270 |
| &nbsp;&nbsp;&nbsp; 1636224604, 26.504%, 6/19/2025 †x¥#^ | Stripe | 12/26/2023 | 306 | 318 | 87 |
| &nbsp;&nbsp;&nbsp; 1644518691, 17.842%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 2368 | 2463 | 2490 |
| &nbsp;&nbsp;&nbsp; 1645237967, 25.600%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 990 | 1030 | 1030 |
| &nbsp;&nbsp;&nbsp; 164553731, 18.797%, 7/24/2024 †x¥#^ | Stripe | 1/27/2023 | 3967 | 4125 | 159 |
| &nbsp;&nbsp;&nbsp; 1645635749, 19.867%, 11/15/2024 †x¥#^ | Stripe | 5/23/2023 | 1854 | 1928 | 74 |
| &nbsp;&nbsp;&nbsp; 1647636950, 25.524%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 1394 | 1450 | 1450 |
| &nbsp;&nbsp;&nbsp; 1647959, 6.520%, 8/27/2020 †x¶#^ | Square | 3/01/2019 | 184 | 167 | 14 |
| &nbsp;&nbsp;&nbsp; 1648912921, 26.519%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 2213 | 2301 | 2366 |
| &nbsp;&nbsp;&nbsp; 1649315640, 18.133%, 7/17/2025 †x¥#^ | Stripe | 4/20/2023 | 1025 | 1067 | 41 |
| &nbsp;&nbsp;&nbsp; 1652649218, 26.533%, 12/10/2025 †x¥ | Stripe | 6/14/2024 | 771 | 802 | 830 |
| &nbsp;&nbsp;&nbsp; 1653997486, 25.867%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 2113 | 2198 | 2248 |
| &nbsp;&nbsp;&nbsp; 1654678718, 26.125%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 31 | 32 | 35 |
| &nbsp;&nbsp;&nbsp; 1656253490, 25.333%, 7/17/2024 †x¥#^ | Stripe | 1/20/2023 | 1993 | 2073 | 80 |
| &nbsp;&nbsp;&nbsp; 165881963, 21.968%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 691 | 719 | 737 |
| &nbsp;&nbsp;&nbsp; 1661444900, 17.867%, 2/18/2023 †x¥#^ | Stripe | 8/25/2021 | 68460 | 71198 | 2738 |
| &nbsp;&nbsp;&nbsp; 1661801159, 16.530%, 2/10/2026 †x¥# | Stripe | 8/15/2024 | 4535 | 4716 | 769 |
| &nbsp;&nbsp;&nbsp; 1663200534, 18.667%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 1373 | 1428 | 1466 |
| &nbsp;&nbsp;&nbsp; 1664121309, 26.495%, 9/16/2025 †x¥# | Stripe | 1/23/2024 | 2561 | 2664 | 102 |
| &nbsp;&nbsp;&nbsp; 1666456411, 26.523%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 1719 | 1787 | 1836 |
| &nbsp;&nbsp;&nbsp; 1667862, 5.873%, 9/08/2020 †x¶#^ | Square | 3/12/2019 | 710 | 653 | 56 |
| &nbsp;&nbsp;&nbsp; 1668866297, 13.067%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 123927 | 128884 | 130159 |
| &nbsp;&nbsp;&nbsp; 1671761217, 16.267%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 1709 | 1777 | 1788 |
| &nbsp;&nbsp;&nbsp; 1673166985, 17.589%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 7127 | 7412 | 7454 |
| &nbsp;&nbsp;&nbsp; 1678179063, 24.000%, 11/02/2023 †x¥#^ | Stripe | 5/09/2022 | 9880 | 10275 | 395 |
| &nbsp;&nbsp;&nbsp; 1681857188, 26.051%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 627 | 652 | 669 |
| &nbsp;&nbsp;&nbsp; 1684715718, 24.000%, 1/09/2024 †x¥#^ | Stripe | 5/17/2022 | 3812 | 3964 | 152 |
| &nbsp;&nbsp;&nbsp; 1687416932, 14.267%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 48513 | 50454 | 51080 |
| &nbsp;&nbsp;&nbsp; 1687980479, 19.588%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 6602 | 6866 | 264 |
| &nbsp;&nbsp;&nbsp; 1689006513, 25.333%, 12/02/2023 †x¥#^ | Stripe | 6/08/2022 | 6500 | 6760 | 260 |
| &nbsp;&nbsp;&nbsp; 1692099556, 25.600%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 3300 | 3432 | 3436 |
| &nbsp;&nbsp;&nbsp; 1692853080, 18.933%, 9/24/2024 †x¥#^ | Stripe | 7/27/2022 | 1706 | 1774 | 68 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8612** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1701180255, 20.786%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | $1426 | $1483 | $1512 |
| &nbsp;&nbsp;&nbsp; 1701295995, 20.800%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 1996 | 2076 | 2103 |
| &nbsp;&nbsp;&nbsp; 1702600, 6.605%, 9/22/2020 †x¶#^ | Square | 3/26/2019 | 2100 | 1911 | 165 |
| &nbsp;&nbsp;&nbsp; 1703245252, 23.067%, 11/26/2025 †x¥ | Stripe | 5/31/2024 | 456 | 474 | 493 |
| &nbsp;&nbsp;&nbsp; 1704888333, 20.516%, 3/08/2023 †x¥#^ | Stripe | 9/10/2021 | 1378 | 1433 | 55 |
| &nbsp;&nbsp;&nbsp; 1705393947, 24.000%, 2/14/2023 †x¥#^ | Stripe | 8/19/2021 | 440 | 458 | 18 |
| &nbsp;&nbsp;&nbsp; 1705463110, 19.855%, 9/02/2025 †x¥# | Stripe | 7/12/2023 | 1980 | 2060 | 79 |
| &nbsp;&nbsp;&nbsp; 1706115584, 26.489%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 1142 | 1187 | 1198 |
| &nbsp;&nbsp;&nbsp; 1708783288, 20.253%, 6/06/2024 †x¥#^ | Stripe | 12/12/2022 | 878 | 914 | 35 |
| &nbsp;&nbsp;&nbsp; 1709156435, 22.400%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 111788 | 116260 | 118667 |
| &nbsp;&nbsp;&nbsp; 171312169, 10.667%, 8/17/2024 †x¥#^ | Stripe | 12/22/2022 | 19330 | 20103 | 773 |
| &nbsp;&nbsp;&nbsp; 1713180226, 26.533%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 6927 | 7204 | 7295 |
| &nbsp;&nbsp;&nbsp; 1714964578, 22.762%, 8/16/2025 †x¥#^ | Stripe | 2/22/2024 | 1125 | 1170 | 45 |
| &nbsp;&nbsp;&nbsp; 1716660491, 25.701%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 29 | 31 | 5 |
| &nbsp;&nbsp;&nbsp; 1716685375, 12.800%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 23860 | 24814 | 24908 |
| &nbsp;&nbsp;&nbsp; 1717943207, 22.797%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 7826 | 8139 | 313 |
| &nbsp;&nbsp;&nbsp; 1717984690, 21.988%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 1369 | 1424 | 1462 |
| &nbsp;&nbsp;&nbsp; 1719819764, 22.532%, 6/27/2023 †x¥#^ | Stripe | 12/30/2021 | 13907 | 14464 | 556 |
| &nbsp;&nbsp;&nbsp; 1721201087, 20.127%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 3374 | 3508 | 135 |
| &nbsp;&nbsp;&nbsp; 1721367767, 25.998%, 2/11/2026 †x¥ | Stripe | 8/16/2024 | 2411 | 2508 | 2621 |
| &nbsp;&nbsp;&nbsp; 1722132870, 19.333%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 399 | 415 | 422 |
| &nbsp;&nbsp;&nbsp; 1725927952, 18.248%, 1/31/2024 †x¥#^ | Stripe | 12/31/2021 | 189 | 196 | 8 |
| &nbsp;&nbsp;&nbsp; 1727129374, 26.525%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 3123 | 3248 | 3290 |
| &nbsp;&nbsp;&nbsp; 1727244235, 25.590%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 4600 | 4784 | 4806 |
| &nbsp;&nbsp;&nbsp; 1728039326, 24.931%, 4/01/2025 †x¥#^ | Stripe | 10/05/2023 | 8366 | 8700 | 335 |
| &nbsp;&nbsp;&nbsp; 1728751161, 24.667%, 1/28/2026 †x¥# | Stripe | 8/02/2024 | 1085 | 1129 | 300 |
| &nbsp;&nbsp;&nbsp; 1729120, 6.517%, 10/03/2020 †x¶#^ | Square | 4/05/2019 | 1875 | 1708 | 147 |
| &nbsp;&nbsp;&nbsp; 1729806691, 18.000%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 48706 | 50654 | 50698 |
| &nbsp;&nbsp;&nbsp; 1730276434, 17.600%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 26514 | 27575 | 28093 |
| &nbsp;&nbsp;&nbsp; 1731134001, 22.393%, 5/15/2026 †x¥ | Stripe | 11/19/2024 | 986 | 1025 | 1062 |
| &nbsp;&nbsp;&nbsp; 1731568961, 16.261%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 3873 | 4028 | 4040 |
| &nbsp;&nbsp;&nbsp; 1731879217, 18.083%, 11/06/2024 †x¥#^ | Stripe | 5/12/2023 | 133 | 138 | 5 |
| &nbsp;&nbsp;&nbsp; 1732039449, 26.533%, 1/28/2026 †x¥# | Stripe | 6/05/2024 | 983 | 1022 | 597 |
| &nbsp;&nbsp;&nbsp; 1732346436, 25.867%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 3120 | 3244 | 3320 |
| &nbsp;&nbsp;&nbsp; 1732460876, 26.527%, 8/29/2025 †x¥#^ | Stripe | 6/23/2023 | 147 | 152 | 6 |
| &nbsp;&nbsp;&nbsp; 1735915, 4.603%, 10/05/2020 †x¶#^ | Square | 4/09/2019 | 236 | 220 | 18 |
| &nbsp;&nbsp;&nbsp; 1738514204, 20.500%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 236 | 246 | 9 |
| &nbsp;&nbsp;&nbsp; 1738670800, 26.125%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 635 | 660 | 697 |
| &nbsp;&nbsp;&nbsp; 1739214762, 18.133%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 2300 | 2392 | 2410 |
| &nbsp;&nbsp;&nbsp; 1739385224, 26.476%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 912 | 949 | 961 |
| &nbsp;&nbsp;&nbsp; 1739873, 3.810%, 10/07/2020 †x¶#^ | Square | 4/04/2022 | 304 | 287 | 24 |
| &nbsp;&nbsp;&nbsp; 1739965879, 22.256%, 3/28/2024 †x¥#^ | Stripe | 3/02/2022 | 3270 | 3401 | 131 |
| &nbsp;&nbsp;&nbsp; 1741486571, 15.847%, 6/27/2023 †x¥#^ | Stripe | 12/30/2021 | 4745 | 4935 | 190 |
| &nbsp;&nbsp;&nbsp; 1744360586, 25.867%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 1966 | 2044 | 2113 |
| &nbsp;&nbsp;&nbsp; 1745687602, 20.133%, 8/20/2024 †x¥#^ | Stripe | 7/20/2022 | 1371 | 1425 | 55 |
| &nbsp;&nbsp;&nbsp; 1748800957, 18.667%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 5576 | 5799 | 5918 |
| &nbsp;&nbsp;&nbsp; 174e3dfa-9684-4006-b2a9-e11083aad350, 12.690%, 10/13/2022 †x#^ | Funding Circle | 10/16/2017 | 68355 | 68355 | 20507 |
| &nbsp;&nbsp;&nbsp; 1751374178, 14.267%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 26999 | 28079 | 28585 |
| &nbsp;&nbsp;&nbsp; 1751486951, 19.323%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 3726 | 3875 | 3923 |
| &nbsp;&nbsp;&nbsp; 1752083427, 14.000%, 3/29/2025 †x¥#^ | Stripe | 10/04/2023 | 13563 | 14105 | 543 |
| &nbsp;&nbsp;&nbsp; 1753974692, 19.193%, 8/17/2023 †x¥#^ | Stripe | 2/22/2022 | 1214 | 1263 | 49 |
| &nbsp;&nbsp;&nbsp; 1755410444, 26.531%, 10/17/2024 †x¥#^ | Stripe | 4/24/2023 | 35818 | 37251 | 1433 |
| &nbsp;&nbsp;&nbsp; 1755903605, 20.398%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 19741 | 20531 | 20573 |
| &nbsp;&nbsp;&nbsp; 1756446870, 14.800%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 2487 | 2586 | 2614 |
| &nbsp;&nbsp;&nbsp; 1756915808, 17.596%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 2633 | 2738 | 2771 |
| &nbsp;&nbsp;&nbsp; 1758180511, 26.526%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 4418 | 4595 | 4685 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8613** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1759492856, 18.797%, 4/19/2023 †x¥#^ | Stripe | 10/22/2021 | $9279 | $9650 | $371 |
| &nbsp;&nbsp;&nbsp; 1759624714, 20.784%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 1436 | 1494 | 1527 |
| &nbsp;&nbsp;&nbsp; 1760518, 5.079%, 10/16/2020 †x¶#^ | Square | 4/18/2019 | 1917 | 1781 | 150 |
| &nbsp;&nbsp;&nbsp; 1760745, 5.714%, 10/16/2020 †x¶#^ | Square | 4/18/2019 | 8232 | 7582 | 645 |
| &nbsp;&nbsp;&nbsp; 1761625256, 18.133%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 23551 | 24493 | 24505 |
| &nbsp;&nbsp;&nbsp; 1764334389, 26.528%, 12/28/2024 †x¥#^ | Stripe | 7/06/2023 | 3016 | 3136 | 121 |
| &nbsp;&nbsp;&nbsp; 1765341916, 25.200%, 10/09/2025 †x¥# | Stripe | 4/15/2024 | 392 | 408 | 16 |
| &nbsp;&nbsp;&nbsp; 1766150169, 21.461%, 12/02/2023 †x¥#^ | Stripe | 6/08/2022 | 313 | 325 | 13 |
| &nbsp;&nbsp;&nbsp; 1766554656, 15.866%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 59389 | 61765 | 2376 |
| &nbsp;&nbsp;&nbsp; 1766929, 5.184%, 10/17/2020 †x¶#^ | Square | 4/19/2019 | 1736 | 1611 | 136 |
| &nbsp;&nbsp;&nbsp; 1768021295, 20.000%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 782 | 813 | 832 |
| &nbsp;&nbsp;&nbsp; 1769872767, 18.133%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 14251 | 14821 | 14858 |
| &nbsp;&nbsp;&nbsp; 1770100519, 18.133%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 5379 | 5594 | 5596 |
| &nbsp;&nbsp;&nbsp; 1770505, 5.876%, 10/18/2020 †x¶#^ | Square | 4/22/2019 | 630 | 579 | 49 |
| &nbsp;&nbsp;&nbsp; 1773815158, 23.636%, 7/05/2023 †x¥#^ | Stripe | 1/07/2022 | 978 | 1017 | 39 |
| &nbsp;&nbsp;&nbsp; 1776336158, 19.582%, 6/15/2024 †x¥#^ | Stripe | 12/21/2022 | 1352 | 1406 | 54 |
| &nbsp;&nbsp;&nbsp; 1780742589, 26.523%, 1/07/2026 †x¥# | Stripe | 7/12/2024 | 2744 | 2854 | 485 |
| &nbsp;&nbsp;&nbsp; 1782037892, 20.262%, 8/31/2024 †x¥#^ | Stripe | 3/08/2023 | 14117 | 14682 | 565 |
| &nbsp;&nbsp;&nbsp; 1784868881, 19.289%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 1443 | 1501 | 1502 |
| &nbsp;&nbsp;&nbsp; 1786890577, 14.265%, 3/05/2026 †x¥# | Stripe | 9/09/2024 | 15155 | 15761 | 5701 |
| &nbsp;&nbsp;&nbsp; 1786909625, 21.461%, 9/16/2025 †x¥# | Stripe | 3/21/2024 | 12283 | 12774 | 491 |
| &nbsp;&nbsp;&nbsp; 1787019045, 21.867%, 6/17/2023 †x¥#^ | Stripe | 6/30/2021 | 19769 | 20560 | 791 |
| &nbsp;&nbsp;&nbsp; 1787114873, 24.385%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 74 | 77 | 3 |
| &nbsp;&nbsp;&nbsp; 17910725, 22.931%, 11/22/2023 †x¥#^ | Stripe | 5/27/2022 | 10431 | 10848 | 417 |
| &nbsp;&nbsp;&nbsp; 1792112253, 21.594%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 14772 | 15363 | 591 |
| &nbsp;&nbsp;&nbsp; 1793675164, 19.721%, 5/07/2025 †x¥#^ | Stripe | 11/10/2023 | 6128 | 6326 | 245 |
| &nbsp;&nbsp;&nbsp; 1794047140, 18.000%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 29947 | 31144 | 31199 |
| &nbsp;&nbsp;&nbsp; 179507020, 18.909%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 2276 | 2367 | 2399 |
| &nbsp;&nbsp;&nbsp; 1796824165, 26.087%, 6/03/2026 †x¥# | Stripe | 12/06/2024 | 1019 | 1059 | 284 |
| &nbsp;&nbsp;&nbsp; 179707734, 16.267%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 12105 | 12590 | 12591 |
| &nbsp;&nbsp;&nbsp; 1798340123, 26.133%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 11175 | 11622 | 11886 |
| &nbsp;&nbsp;&nbsp; 1798920847, 26.130%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 5250 | 5460 | 5563 |
| &nbsp;&nbsp;&nbsp; 1799622277, 18.526%, 4/10/2025 †x¥#^ | Stripe | 10/16/2023 | 4997 | 5197 | 200 |
| &nbsp;&nbsp;&nbsp; 1800506477, 18.920%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 2133 | 2218 | 2260 |
| &nbsp;&nbsp;&nbsp; 1805060082, 25.333%, 6/28/2024 †x¥#^ | Stripe | 1/04/2023 | 529 | 550 | 21 |
| &nbsp;&nbsp;&nbsp; 1807389462, 19.599%, 7/24/2024 †x¥#^ | Stripe | 1/27/2023 | 7016 | 7296 | 281 |
| &nbsp;&nbsp;&nbsp; 180776418, 19.725%, 7/09/2024 †x¥#^ | Stripe | 1/12/2023 | 3351 | 3485 | 134 |
| &nbsp;&nbsp;&nbsp; 1809430802, 21.176%, 10/21/2025 †x¥# | Stripe | 4/25/2024 | 1511 | 1572 | 60 |
| &nbsp;&nbsp;&nbsp; 180bc08b-2384-4162-9f69-f3e5aedfec97, 18.900%, 3/30/2023 †x#^ | Funding Circle | 4/02/2018 | 73185 | 73185 | 21956 |
| &nbsp;&nbsp;&nbsp; 1812132193, 21.333%, 4/06/2024 †x¥#^ | Stripe | 10/13/2022 | 614 | 639 | 25 |
| &nbsp;&nbsp;&nbsp; 1812375381, 22.400%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 4355 | 4529 | 4592 |
| &nbsp;&nbsp;&nbsp; 1817382144, 21.333%, 8/09/2025 †x¥#^ | Stripe | 2/14/2024 | 389 | 404 | 16 |
| &nbsp;&nbsp;&nbsp; 1818481421, 21.596%, 11/05/2024 †x¥#^ | Stripe | 5/11/2023 | 7177 | 7464 | 287 |
| &nbsp;&nbsp;&nbsp; 1819979101, 17.595%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 14133 | 14699 | 14830 |
| &nbsp;&nbsp;&nbsp; 1820231864, 22.400%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 86842 | 90316 | 91776 |
| &nbsp;&nbsp;&nbsp; 1823862987, 26.529%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 4337 | 4510 | 4638 |
| &nbsp;&nbsp;&nbsp; 1826269598, 22.267%, 5/01/2024 †x¥#^ | Stripe | 11/04/2022 | 14136 | 14701 | 565 |
| &nbsp;&nbsp;&nbsp; 1828269568, 18.667%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 693 | 721 | 731 |
| &nbsp;&nbsp;&nbsp; 1828738168, 13.067%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 115642 | 120268 | 121209 |
| &nbsp;&nbsp;&nbsp; 1831039596, 14.267%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 6035 | 6276 | 6385 |
| &nbsp;&nbsp;&nbsp; 1831156122, 21.067%, 7/24/2024 †x¥#^ | Stripe | 1/27/2023 | 15000 | 15600 | 600 |
| &nbsp;&nbsp;&nbsp; 1831418292, 26.115%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 1611 | 1676 | 1715 |
| &nbsp;&nbsp;&nbsp; 1832798076, 26.533%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 29461 | 30639 | 30878 |
| &nbsp;&nbsp;&nbsp; 1833853605, 20.769%, 12/28/2024 †x¥#^ | Stripe | 7/06/2023 | 1923 | 2000 | 77 |
| &nbsp;&nbsp;&nbsp; 1835152612, 21.195%, 11/19/2024 †x¥#^ | Stripe | 5/25/2023 | 15675 | 16302 | 627 |
| &nbsp;&nbsp;&nbsp; 183893985, 20.667%, 12/18/2024 †x¥#^ | Stripe | 10/20/2022 | 13215 | 13744 | 529 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8614** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 184122764, 25.586%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | $7610 | $7915 | $4413 |
| &nbsp;&nbsp;&nbsp; 1842367, 5.079%, 11/17/2020 †x¶#^ | Square | 5/21/2019 | 1759 | 1634 | 138 |
| &nbsp;&nbsp;&nbsp; 1843285996, 18.925%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 2539 | 2641 | 2686 |
| &nbsp;&nbsp;&nbsp; 1847851661, 19.333%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 37151 | 38637 | 39540 |
| &nbsp;&nbsp;&nbsp; 1849639095, 14.919%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 2182 | 2269 | 2291 |
| &nbsp;&nbsp;&nbsp; 1851084, 7.304%, 11/21/2020 †x¶#^ | Square | 5/23/2019 | 9663 | 8709 | 758 |
| &nbsp;&nbsp;&nbsp; 1851532163, 21.198%, 1/24/2026 †x¥# | Stripe | 7/31/2024 | 28014 | 29135 | 1121 |
| &nbsp;&nbsp;&nbsp; 1853156188, 13.733%, 1/31/2026 †x¥ | Stripe | 8/07/2024 | 30156 | 31362 | 32112 |
| &nbsp;&nbsp;&nbsp; 1853857120, 14.000%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 67443 | 70140 | 70405 |
| &nbsp;&nbsp;&nbsp; 1857286446, 26.133%, 10/01/2026 †x¥ | Stripe | 4/07/2025 | 564 | 586 | 597 |
| &nbsp;&nbsp;&nbsp; 1857524553, 15.467%, 12/01/2022 †x¥#^ | Stripe | 6/07/2021 | 849 | 883 | 34 |
| &nbsp;&nbsp;&nbsp; 1862445485, 18.000%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 26584 | 27647 | 27868 |
| &nbsp;&nbsp;&nbsp; 186279627, 25.859%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 7877 | 8159 | 8374 |
| &nbsp;&nbsp;&nbsp; 1863787339, 19.590%, 6/11/2024 †x¥#^ | Stripe | 12/15/2022 | 4912 | 5108 | 196 |
| &nbsp;&nbsp;&nbsp; 1864486550, 14.400%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 56526 | 58787 | 59158 |
| &nbsp;&nbsp;&nbsp; 1865271403, 16.800%, 9/30/2023 †x¥#^ | Stripe | 4/06/2022 | 5383 | 5598 | 215 |
| &nbsp;&nbsp;&nbsp; 1866914065, 26.520%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 3139 | 3264 | 3343 |
| &nbsp;&nbsp;&nbsp; 1867013011, 26.133%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 3970 | 4129 | 4259 |
| &nbsp;&nbsp;&nbsp; 1867293047, 25.053%, 4/16/2024 †x¥#^ | Stripe | 10/20/2022 | 1439 | 1497 | 58 |
| &nbsp;&nbsp;&nbsp; 1870414828, 20.923%, 1/29/2026 †x¥# | Stripe | 11/15/2023 | 632 | 657 | 25 |
| &nbsp;&nbsp;&nbsp; 1871075471, 18.800%, 10/23/2026 †x¥ | Stripe | 4/29/2025 | 3321 | 3454 | 3496 |
| &nbsp;&nbsp;&nbsp; 1871604332, 16.130%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 13826 | 14379 | 14510 |
| &nbsp;&nbsp;&nbsp; 1875214462, 26.533%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 644 | 670 | 679 |
| &nbsp;&nbsp;&nbsp; 1884860278, 18.933%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 7250 | 7540 | 7740 |
| &nbsp;&nbsp;&nbsp; 1885321902, 25.598%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 56629 | 58894 | 58919 |
| &nbsp;&nbsp;&nbsp; 1885659243, 26.424%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 356 | 371 | 14 |
| &nbsp;&nbsp;&nbsp; 1886727092, 20.667%, 7/05/2023 †x¥#^ | Stripe | 11/10/2021 | 12715 | 13224 | 509 |
| &nbsp;&nbsp;&nbsp; 1887110178, 26.512%, 1/17/2026 †x¥# | Stripe | 7/24/2024 | 4300 | 4472 | 172 |
| &nbsp;&nbsp;&nbsp; 1887502401, 26.533%, 1/15/2027 †x¥ | Stripe | 7/22/2025 | 1637 | 1703 | 1713 |
| &nbsp;&nbsp;&nbsp; 1888122916, 19.333%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 3610 | 3755 | 3822 |
| &nbsp;&nbsp;&nbsp; 1890302283, 14.267%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 6554 | 6816 | 6978 |
| &nbsp;&nbsp;&nbsp; 1893865741, 13.067%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 17491 | 18191 | 18294 |
| &nbsp;&nbsp;&nbsp; 189782633, 21.867%, 2/02/2023 †x¥#^ | Stripe | 8/09/2021 | 458 | 476 | 18 |
| &nbsp;&nbsp;&nbsp; 1898058374, 19.464%, 10/03/2024 †x¥#^ | Stripe | 4/10/2023 | 8156 | 8482 | 326 |
| &nbsp;&nbsp;&nbsp; 1901854897, 21.067%, 1/23/2024 †x¥#^ | Stripe | 7/28/2022 | 11402 | 11858 | 456 |
| &nbsp;&nbsp;&nbsp; 19036878, 26.519%, 7/02/2025 †x¥#^ | Stripe | 1/05/2024 | 1674 | 1741 | 67 |
| &nbsp;&nbsp;&nbsp; 1905065079, 14.799%, 7/07/2023 †x¥#^ | Stripe | 1/11/2022 | 57359 | 59653 | 2294 |
| &nbsp;&nbsp;&nbsp; 1907575883, 23.062%, 7/17/2024 †x¥#^ | Stripe | 1/20/2023 | 4856 | 5050 | 194 |
| &nbsp;&nbsp;&nbsp; 1909002058, 17.865%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 13496 | 14036 | 14167 |
| &nbsp;&nbsp;&nbsp; 1909745169, 20.667%, 9/20/2024 †x¥#^ | Stripe | 3/28/2023 | 7899 | 8215 | 316 |
| &nbsp;&nbsp;&nbsp; 1909830, 5.714%, 12/13/2020 †x¶#^ | Square | 6/17/2019 | 1648 | 1518 | 129 |
| &nbsp;&nbsp;&nbsp; 1910742212, 24.000%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 428 | 445 | 17 |
| &nbsp;&nbsp;&nbsp; 1912843375, 15.058%, 6/15/2026 †x¥# | Stripe | 3/27/2024 | 6834 | 7107 | 273 |
| &nbsp;&nbsp;&nbsp; 1912895483, 19.467%, 1/29/2026 †x¥# | Stripe | 11/27/2023 | 37 | 38 | 6 |
| &nbsp;&nbsp;&nbsp; 1915367682, 25.576%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 2812 | 2924 | 2966 |
| &nbsp;&nbsp;&nbsp; 1916761349, 18.933%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 1180 | 1227 | 1255 |
| &nbsp;&nbsp;&nbsp; 1917878620, 18.933%, 3/14/2026 †x¥# | Stripe | 4/09/2024 | 1970 | 2049 | 79 |
| &nbsp;&nbsp;&nbsp; 1918170258, 26.131%, 4/07/2026 †x¥ | Stripe | 10/10/2024 | 841 | 874 | 924 |
| &nbsp;&nbsp;&nbsp; 1918829335, 15.333%, 2/23/2023 †x¥#^ | Stripe | 8/30/2021 | 37322 | 38815 | 1493 |
| &nbsp;&nbsp;&nbsp; 1919257723, 20.266%, 1/05/2024 †x¥#^ | Stripe | 7/12/2022 | 21951 | 22829 | 878 |
| &nbsp;&nbsp;&nbsp; 1919546384, 16.133%, 2/14/2026 †x¥ | Stripe | 8/21/2024 | 1643 | 1708 | 1775 |
| &nbsp;&nbsp;&nbsp; 1920820153, 14.133%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 14594 | 15178 | 15222 |
| &nbsp;&nbsp;&nbsp; 1921411, 7.308%, 12/17/2020 †x¶#^ | Square | 6/19/2019 | 2421 | 2182 | 190 |
| &nbsp;&nbsp;&nbsp; 1921522600, 20.000%, 4/15/2026 †x¥ | Stripe | 10/18/2024 | 2767 | 2878 | 2941 |
| &nbsp;&nbsp;&nbsp; 1922937823, 25.596%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 5282 | 5494 | 5551 |
| &nbsp;&nbsp;&nbsp; 1925153824, 18.533%, 7/20/2024 †x¥#^ | Stripe | 11/25/2022 | 73323 | 76256 | 2933 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8615** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1925691988, 21.600%, 5/21/2025 †x¥#^ | Stripe | 11/27/2023 | $7133 | $7418 | $285 |
| &nbsp;&nbsp;&nbsp; 1927463, 6.818%, 12/19/2020 †x¶#^ | Square | 6/21/2019 | 344 | 312 | 27 |
| &nbsp;&nbsp;&nbsp; 19304073, 20.103%, 11/14/2024 †x¥#^ | Stripe | 5/22/2023 | 129 | 134 | 5 |
| &nbsp;&nbsp;&nbsp; 1932432772, 23.067%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 722 | 751 | 29 |
| &nbsp;&nbsp;&nbsp; 1934472778, 26.532%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 2656 | 2762 | 2831 |
| &nbsp;&nbsp;&nbsp; 1935710948, 26.533%, 3/07/2026 †x¥ | Stripe | 9/11/2024 | 1196 | 1244 | 1284 |
| &nbsp;&nbsp;&nbsp; 1936653864, 16.386%, 12/14/2022 †x¥#^ | Stripe | 6/18/2021 | 4382 | 4558 | 175 |
| &nbsp;&nbsp;&nbsp; 1937316886, 18.933%, 2/03/2024 †x¥#^ | Stripe | 6/09/2022 | 39806 | 41398 | 1592 |
| &nbsp;&nbsp;&nbsp; 1937383764, 18.666%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 58923 | 61280 | 62504 |
| &nbsp;&nbsp;&nbsp; 1938426786, 26.526%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 505 | 525 | 538 |
| &nbsp;&nbsp;&nbsp; 1938481845, 20.257%, 5/03/2024 †x¥#^ | Stripe | 11/08/2022 | 4314 | 4486 | 173 |
| &nbsp;&nbsp;&nbsp; 1939969657, 16.533%, 12/25/2024 †x¥#^ | Stripe | 6/30/2023 | 30387 | 31602 | 1215 |
| &nbsp;&nbsp;&nbsp; 1940316401, 26.133%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 2411 | 2507 | 2571 |
| &nbsp;&nbsp;&nbsp; 1942425323, 14.263%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 1659 | 1726 | 1734 |
| &nbsp;&nbsp;&nbsp; 1945639343, 23.858%, 10/21/2023 †x¥#^ | Stripe | 4/27/2022 | 2090 | 2173 | 84 |
| &nbsp;&nbsp;&nbsp; 1946261768, 26.123%, 5/30/2026 †x¥ | Stripe | 12/04/2024 | 4084 | 4247 | 2385 |
| &nbsp;&nbsp;&nbsp; 1947464227, 26.519%, 3/12/2026 †x¥ | Stripe | 9/16/2024 | 657 | 684 | 712 |
| &nbsp;&nbsp;&nbsp; 1948197943, 20.661%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 4798 | 4990 | 5071 |
| &nbsp;&nbsp;&nbsp; 1948990872, 20.392%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 3279 | 3410 | 3443 |
| &nbsp;&nbsp;&nbsp; 1950003868, 25.867%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 914 | 951 | 972 |
| &nbsp;&nbsp;&nbsp; 195064218, 17.867%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 10329 | 10742 | 10829 |
| &nbsp;&nbsp;&nbsp; 19512706, 22.395%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 1394 | 1450 | 1496 |
| &nbsp;&nbsp;&nbsp; 1951803935, 16.108%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 2124 | 2209 | 2225 |
| &nbsp;&nbsp;&nbsp; 1952637527, 18.788%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 1492 | 1551 | 60 |
| &nbsp;&nbsp;&nbsp; 1954807992, 16.267%, 2/21/2023 †x¥#^ | Stripe | 8/26/2021 | 840 | 874 | 34 |
| &nbsp;&nbsp;&nbsp; 1955049086, 26.523%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 9002 | 9362 | 9363 |
| &nbsp;&nbsp;&nbsp; 1955142293, 26.353%, 1/28/2026 †x¥ | Stripe | 8/02/2024 | 374 | 389 | 404 |
| &nbsp;&nbsp;&nbsp; 1955360925, 19.733%, 10/24/2024 †x¥#^ | Stripe | 5/01/2023 | 22539 | 23440 | 902 |
| &nbsp;&nbsp;&nbsp; 1955877, 5.079%, 1/01/2021 †x¶#^ | Square | 7/03/2019 | 1431 | 1330 | 112 |
| &nbsp;&nbsp;&nbsp; 1957048, 4.607%, 1/01/2021 †x¶#^ | Square | 7/03/2019 | 5610 | 5247 | 440 |
| &nbsp;&nbsp;&nbsp; 1959747902, 24.000%, 7/15/2023 †x¥#^ | Stripe | 1/20/2022 | 2882 | 2997 | 115 |
| &nbsp;&nbsp;&nbsp; 1960143303, 18.923%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 2112 | 2196 | 2243 |
| &nbsp;&nbsp;&nbsp; 1965206605, 23.319%, 2/21/2023 †x¥#^ | Stripe | 8/26/2021 | 926 | 963 | 37 |
| &nbsp;&nbsp;&nbsp; 1966909339, 15.333%, 11/07/2025 †x¥# | Stripe | 5/14/2024 | 53588 | 55732 | 20553 |
| &nbsp;&nbsp;&nbsp; 1968717, 5.079%, 1/05/2021 †x¶#^ | Square | 7/09/2019 | 6623 | 6155 | 519 |
| &nbsp;&nbsp;&nbsp; 1975856, 4.601%, 1/09/2021 †x¶#^ | Square | 7/11/2019 | 487 | 456 | 38 |
| &nbsp;&nbsp;&nbsp; 1977908657, 16.667%, 2/04/2023 †x¥#^ | Stripe | 8/11/2021 | 1567 | 1629 | 63 |
| &nbsp;&nbsp;&nbsp; 1980131, 3.492%, 1/10/2021 †x¶#^ | Square | 7/12/2019 | 2614 | 2484 | 205 |
| &nbsp;&nbsp;&nbsp; 1982393605, 26.132%, 5/01/2026 †x¥# | Stripe | 11/05/2024 | 9550 | 9932 | 3782 |
| &nbsp;&nbsp;&nbsp; 1982936, 4.610%, 1/11/2021 †x¶#^ | Square | 7/15/2019 | 1886 | 1764 | 148 |
| &nbsp;&nbsp;&nbsp; 1984011272, 20.000%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 4042 | 4204 | 4264 |
| &nbsp;&nbsp;&nbsp; 1986453, 5.714%, 1/11/2021 †x¶#^ | Square | 7/15/2019 | 5387 | 4962 | 422 |
| &nbsp;&nbsp;&nbsp; 1988610659, 19.333%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 18266 | 18997 | 19180 |
| &nbsp;&nbsp;&nbsp; 1989485126, 22.248%, 4/05/2024 †x¥#^ | Stripe | 10/12/2022 | 1446 | 1504 | 58 |
| &nbsp;&nbsp;&nbsp; 1991492309, 21.729%, 9/02/2023 †x¥#^ | Stripe | 3/09/2022 | 13380 | 13915 | 535 |
| &nbsp;&nbsp;&nbsp; 199452348, 19.583%, 11/04/2025 †x¥ | Stripe | 5/09/2024 | 363 | 378 | 393 |
| &nbsp;&nbsp;&nbsp; 1996254252, 26.515%, 2/10/2026 †x¥# | Stripe | 11/07/2023 | 882 | 918 | 35 |
| &nbsp;&nbsp;&nbsp; 199658156, 14.266%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 12871 | 13385 | 13694 |
| &nbsp;&nbsp;&nbsp; 1996785304, 23.467%, 5/22/2024 †x¥#^ | Stripe | 11/28/2022 | 9693 | 10081 | 388 |
| &nbsp;&nbsp;&nbsp; 1996988551, 25.858%, 7/30/2026 †x¥# | Stripe | 2/03/2025 | 9894 | 10290 | 2718 |
| &nbsp;&nbsp;&nbsp; 1997779328, 18.000%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 6195 | 6443 | 6456 |
| &nbsp;&nbsp;&nbsp; 1999591545, 26.533%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 797 | 829 | 835 |
| &nbsp;&nbsp;&nbsp; 19bcb0d4-0357-4c4d-bc0f-40ede9ee0715, 26.990%, 1/24/2023 †x#^ | Funding Circle | 1/26/2018 | 40044 | 40044 | 12013 |
| &nbsp;&nbsp;&nbsp; 1a43e8be-9f43-4051-8896-b6ff78e12bce, 17.400%, 2/14/2021 †x#^ | Funding Circle | 2/16/2018 | 3206 | 3206 | 962 |
| &nbsp;&nbsp;&nbsp; 1b31d419-4a53-40a8-a956-c5f725a69bff, 10.490%, 8/06/2023 †x#^ | Funding Circle | 8/08/2018 | 39707 | 39707 | 11912 |
| &nbsp;&nbsp;&nbsp; 1b8fc6f9-12d2-4ecb-bc06-69bb87768e7a, 10.490%, 8/07/2023 †x#^ | Funding Circle | 2/09/2018 | 48852 | 48852 | 14656 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8616** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1c8986d9-ae3c-4c03-ab63-289372bc2dad, 10.490%, 1/02/2024 †x#^ | Funding Circle | 7/05/2018 | $11660 | $11660 | $3498 |
| &nbsp;&nbsp;&nbsp; 1e2137b3-bdde-4980-a703-423ddbbe8aec, 16.090%, 3/07/2022 †x#^ | Funding Circle | 3/09/2017 | 61948 | 61948 | 18584 |
| &nbsp;&nbsp;&nbsp; 1ec2c8b8-1e2c-4d0b-894e-f987b38b0028, 16.090%, 8/28/2022 †x#^ | Funding Circle | 3/02/2017 | 60603 | 60603 | 18181 |
| &nbsp;&nbsp;&nbsp; 2002979897, 18.933%, 6/14/2024 †x¥#^ | Stripe | 12/20/2022 | 694 | 722 | 28 |
| &nbsp;&nbsp;&nbsp; 2003440621, 20.000%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 3134 | 3260 | 3299 |
| &nbsp;&nbsp;&nbsp; 2004628122, 26.133%, 4/17/2026 †x¥ | Stripe | 10/22/2024 | 497 | 516 | 531 |
| &nbsp;&nbsp;&nbsp; 2007545098, 26.103%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 838 | 872 | 903 |
| &nbsp;&nbsp;&nbsp; 2008318024, 20.513%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 1237 | 1286 | 49 |
| &nbsp;&nbsp;&nbsp; 2010173108, 25.333%, 8/31/2024 †x¥#^ | Stripe | 3/08/2023 | 5152 | 5358 | 206 |
| &nbsp;&nbsp;&nbsp; 201044702, 20.905%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 775 | 806 | 31 |
| &nbsp;&nbsp;&nbsp; 2014497, 5.189%, 1/23/2021 †x¶#^ | Square | 7/25/2019 | 7365 | 6833 | 577 |
| &nbsp;&nbsp;&nbsp; 2016221, 5.031%, 1/24/2021 †x¶#^ | Square | 7/26/2019 | 2244 | 2086 | 176 |
| &nbsp;&nbsp;&nbsp; 2016835951, 17.992%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 13823 | 14376 | 14404 |
| &nbsp;&nbsp;&nbsp; 2017869417, 18.794%, 12/10/2025 †x¥# | Stripe | 5/07/2024 | 1139 | 1184 | 443 |
| &nbsp;&nbsp;&nbsp; 2019370272, 22.333%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 836 | 870 | 485 |
| &nbsp;&nbsp;&nbsp; 2020499884, 26.500%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1244 | 1294 | 1305 |
| &nbsp;&nbsp;&nbsp; 2021469, 3.941%, 1/25/2021 †x¶#^ | Square | 7/29/2019 | 912 | 861 | 72 |
| &nbsp;&nbsp;&nbsp; 2022292, 7.302%, 1/25/2021 †x¶#^ | Square | 7/29/2019 | 383 | 345 | 30 |
| &nbsp;&nbsp;&nbsp; 2022848216, 26.533%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 3764 | 3915 | 4028 |
| &nbsp;&nbsp;&nbsp; 2023040610, 22.387%, 5/08/2026 †x¥# | Stripe | 11/13/2024 | 5066 | 5269 | 860 |
| &nbsp;&nbsp;&nbsp; 2025132243, 26.507%, 2/19/2026 †x¥ | Stripe | 8/26/2024 | 459 | 478 | 495 |
| &nbsp;&nbsp;&nbsp; 2027116, 2.830%, 1/28/2021 †x¶#^ | Square | 7/31/2019 | 689 | 661 | 54 |
| &nbsp;&nbsp;&nbsp; 2029314425, 24.000%, 9/22/2023 †x¥#^ | Stripe | 3/29/2022 | 18354 | 19088 | 734 |
| &nbsp;&nbsp;&nbsp; 2029445, 3.810%, 1/29/2021 †x¶#^ | Square | 7/31/2019 | 311 | 294 | 24 |
| &nbsp;&nbsp;&nbsp; 2033874, 5.869%, 1/30/2021 †x¶#^ | Square | 8/01/2019 | 270 | 252 | 21 |
| &nbsp;&nbsp;&nbsp; 2033892973, 20.917%, 4/08/2026 †x¥ | Stripe | 10/11/2024 | 2000 | 2080 | 2106 |
| &nbsp;&nbsp;&nbsp; 2033918, 3.492%, 1/30/2021 †x¶#^ | Square | 8/01/2019 | 885 | 841 | 69 |
| &nbsp;&nbsp;&nbsp; 203405739, 17.860%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2959 | 3078 | 3127 |
| &nbsp;&nbsp;&nbsp; 203578706, 20.000%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 1169 | 1216 | 1252 |
| &nbsp;&nbsp;&nbsp; 2038659093, 26.124%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 6158 | 6404 | 6538 |
| &nbsp;&nbsp;&nbsp; 2040277783, 17.465%, 5/02/2023 †x¥#^ | Stripe | 11/04/2021 | 47679 | 49586 | 1907 |
| &nbsp;&nbsp;&nbsp; 2042146, 3.810%, 2/01/2021 †x¶#^ | Square | 8/05/2019 | 1016 | 961 | 80 |
| &nbsp;&nbsp;&nbsp; 2047503143, 16.133%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 49520 | 51501 | 52006 |
| &nbsp;&nbsp;&nbsp; 2048554, 4.607%, 2/05/2021 †x¶#^ | Square | 8/07/2019 | 916 | 857 | 72 |
| &nbsp;&nbsp;&nbsp; 2049438296, 20.370%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 1165 | 1212 | 1224 |
| &nbsp;&nbsp;&nbsp; 205204734, 20.000%, 2/13/2024 †x¥#^ | Stripe | 8/18/2022 | 4051 | 4213 | 162 |
| &nbsp;&nbsp;&nbsp; 2052757337, 21.992%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 3178 | 3305 | 3391 |
| &nbsp;&nbsp;&nbsp; 2052918283, 20.778%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 2351 | 2445 | 2476 |
| &nbsp;&nbsp;&nbsp; 2054859460, 21.193%, 5/14/2026 †x¥ | Stripe | 11/18/2024 | 654 | 680 | 691 |
| &nbsp;&nbsp;&nbsp; 2056151184, 26.519%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 117 | 122 | 130 |
| &nbsp;&nbsp;&nbsp; 2056207137, 21.733%, 11/28/2025 †x¥# | Stripe | 10/05/2023 | 602 | 626 | 24 |
| &nbsp;&nbsp;&nbsp; 2057224803, 20.000%, 6/04/2024 †x¥#^ | Stripe | 10/12/2022 | 1648 | 1714 | 66 |
| &nbsp;&nbsp;&nbsp; 2058964, 6.825%, 2/07/2021 †x¶#^ | Square | 12/06/2023 | 926 | 840 | 73 |
| &nbsp;&nbsp;&nbsp; 2062256103, 22.909%, 8/28/2024 †x¥#^ | Stripe | 3/03/2023 | 2506 | 2606 | 100 |
| &nbsp;&nbsp;&nbsp; 2063311915, 26.519%, 10/31/2024 †x¥#^ | Stripe | 5/08/2023 | 2492 | 2592 | 100 |
| &nbsp;&nbsp;&nbsp; 206385608, 21.066%, 4/02/2024 †x¥#^ | Stripe | 10/06/2022 | 54832 | 57025 | 2193 |
| &nbsp;&nbsp;&nbsp; 2064627538, 23.867%, 3/19/2023 †x¥#^ | Stripe | 7/23/2021 | 35874 | 37309 | 1435 |
| &nbsp;&nbsp;&nbsp; 2065529, 3.810%, 2/09/2021 †x¶#^ | Square | 8/13/2019 | 3750 | 3547 | 294 |
| &nbsp;&nbsp;&nbsp; 2067490057, 19.733%, 5/08/2024 †x¥#^ | Stripe | 11/14/2022 | 2442 | 2539 | 98 |
| &nbsp;&nbsp;&nbsp; 2070378173, 25.333%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 1173 | 1220 | 47 |
| &nbsp;&nbsp;&nbsp; 2071024, 5.884%, 2/12/2021 †x¶#^ | Square | 8/14/2019 | 65 | 60 | 5 |
| &nbsp;&nbsp;&nbsp; 2071332846, 26.129%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 2914 | 3031 | 3103 |
| &nbsp;&nbsp;&nbsp; 2074408042, 21.707%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 1380 | 1436 | 55 |
| &nbsp;&nbsp;&nbsp; 2076695263, 21.195%, 10/24/2023 †x¥#^ | Stripe | 4/28/2022 | 17199 | 17887 | 688 |
| &nbsp;&nbsp;&nbsp; 2077038557, 22.533%, 4/19/2023 †x¥#^ | Stripe | 10/22/2021 | 3024 | 3145 | 121 |
| &nbsp;&nbsp;&nbsp; 2077430604, 26.533%, 3/27/2026 †x¥# | Stripe | 10/01/2024 | 11127 | 11572 | 445 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8617** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2077485974, 22.519%, 1/20/2026 †x¥ | Stripe | 7/25/2024 | $864 | $898 | $921 |
| &nbsp;&nbsp;&nbsp; 2079711, 5.868%, 2/13/2021 †x¶#^ | Square | 8/15/2019 | 373 | 343 | 29 |
| &nbsp;&nbsp;&nbsp; 2082431631, 19.867%, 1/17/2025 †x¥#^ | Stripe | 7/25/2023 | 5869 | 6104 | 235 |
| &nbsp;&nbsp;&nbsp; 2083593356, 20.933%, 1/24/2023 †x¥#^ | Stripe | 7/29/2021 | 1716 | 1786 | 69 |
| &nbsp;&nbsp;&nbsp; 2083959250, 26.121%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 1217 | 1266 | 1289 |
| &nbsp;&nbsp;&nbsp; 2084124132, 14.395%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 8899 | 9255 | 9358 |
| &nbsp;&nbsp;&nbsp; 2085122549, 25.143%, 9/11/2025 †x¥# | Stripe | 3/18/2024 | 968 | 1007 | 39 |
| &nbsp;&nbsp;&nbsp; 2086467305, 15.200%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 13874 | 14429 | 14461 |
| &nbsp;&nbsp;&nbsp; 2087688840, 20.933%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 22556 | 23458 | 23573 |
| &nbsp;&nbsp;&nbsp; 2091200, 5.031%, 2/16/2021 †x¶#^ | Square | 8/20/2019 | 2240 | 2083 | 176 |
| &nbsp;&nbsp;&nbsp; 2091280, 3.932%, 2/16/2021 †x¶#^ | Square | 8/20/2019 | 5475 | 5173 | 429 |
| &nbsp;&nbsp;&nbsp; 2096102, 6.520%, 2/20/2021 †x¶#^ | Square | 8/22/2019 | 480 | 437 | 38 |
| &nbsp;&nbsp;&nbsp; 2096158, 7.337%, 2/20/2021 †x¶#^ | Square | 8/22/2019 | 304 | 275 | 24 |
| &nbsp;&nbsp;&nbsp; 2098510085, 20.267%, 12/03/2025 †x¥ | Stripe | 6/07/2024 | 1139 | 1184 | 1230 |
| &nbsp;&nbsp;&nbsp; 2099966226, 21.598%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 29770 | 30961 | 1191 |
| &nbsp;&nbsp;&nbsp; 20fafdff-c6d8-4b99-a268-47e09fc661b2, 10.490%, 10/17/2022 †x#^ | Funding Circle | 10/19/2017 | 72358 | 72358 | 21707 |
| &nbsp;&nbsp;&nbsp; 2100259, 4.406%, 2/21/2021 †x¶#^ | Square | 8/23/2019 | 1058 | 992 | 83 |
| &nbsp;&nbsp;&nbsp; 2100317, 5.031%, 2/21/2021 †x¶#^ | Square | 8/23/2019 | 776 | 721 | 61 |
| &nbsp;&nbsp;&nbsp; 2100902, 2.834%, 2/21/2021 †x¶#^ | Square | 8/23/2019 | 276 | 265 | 22 |
| &nbsp;&nbsp;&nbsp; 2101103124, 14.800%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 71291 | 74143 | 74809 |
| &nbsp;&nbsp;&nbsp; 2104636776, 19.289%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 557 | 579 | 590 |
| &nbsp;&nbsp;&nbsp; 2106779725, 26.133%, 7/03/2026 †x¥# | Stripe | 1/07/2025 | 15811 | 16444 | 2690 |
| &nbsp;&nbsp;&nbsp; 2107910591, 23.196%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 490 | 509 | 538 |
| &nbsp;&nbsp;&nbsp; 2109571, 5.189%, 2/23/2021 †x¶#^ | Square | 8/27/2019 | 592 | 550 | 46 |
| &nbsp;&nbsp;&nbsp; 2109655593, 18.531%, 3/07/2024 †x¥#^ | Stripe | 9/12/2022 | 6141 | 6387 | 246 |
| &nbsp;&nbsp;&nbsp; 2110722729, 20.130%, 9/21/2024 †x¥#^ | Stripe | 3/29/2023 | 6620 | 6884 | 265 |
| &nbsp;&nbsp;&nbsp; 2110944, 6.139%, 2/25/2021 †x¶#^ | Square | 8/28/2019 | 250 | 229 | 20 |
| &nbsp;&nbsp;&nbsp; 2111907, 3.931%, 2/26/2021 †x¶#^ | Square | 8/28/2019 | 114 | 108 | 9 |
| &nbsp;&nbsp;&nbsp; 2114378, 5.185%, 2/26/2021 †x¶#^ | Square | 8/28/2019 | 413 | 383 | 32 |
| &nbsp;&nbsp;&nbsp; 2115928222, 26.533%, 1/15/2026 †x¥# | Stripe | 7/22/2024 | 485 | 505 | 85 |
| &nbsp;&nbsp;&nbsp; 2116288016, 17.846%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 1805 | 1877 | 1891 |
| &nbsp;&nbsp;&nbsp; 2116339438, 25.066%, 6/18/2025 †x¥#^ | Stripe | 12/22/2023 | 91049 | 94691 | 3642 |
| &nbsp;&nbsp;&nbsp; 2117604780, 17.728%, 9/14/2026 †x¥# | Stripe | 8/08/2024 | 2143 | 2229 | 579 |
| &nbsp;&nbsp;&nbsp; 2119440913, 25.867%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 467 | 485 | 495 |
| &nbsp;&nbsp;&nbsp; 2119855665, 25.810%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 874 | 909 | 926 |
| &nbsp;&nbsp;&nbsp; 2119872195, 20.000%, 1/16/2026 †x¥# | Stripe | 7/23/2024 | 14 | 15 | 5 |
| &nbsp;&nbsp;&nbsp; 2121599930, 25.667%, 2/14/2026 †x¥ | Stripe | 8/21/2024 | 199 | 207 | 118 |
| &nbsp;&nbsp;&nbsp; 2121878530, 17.697%, 5/25/2025 †x¥#^ | Stripe | 9/29/2023 | 492 | 511 | 20 |
| &nbsp;&nbsp;&nbsp; 2122042754, 19.200%, 9/26/2024 †x¥#^ | Stripe | 4/03/2023 | 72062 | 74945 | 2882 |
| &nbsp;&nbsp;&nbsp; 2122358756, 26.524%, 2/10/2026 †x¥# | Stripe | 8/15/2024 | 2388 | 2484 | 660 |
| &nbsp;&nbsp;&nbsp; 2123130638, 24.000%, 3/08/2023 †x¥#^ | Stripe | 9/10/2021 | 4220 | 4388 | 169 |
| &nbsp;&nbsp;&nbsp; 2126419313, 20.000%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 1333 | 1386 | 1408 |
| &nbsp;&nbsp;&nbsp; 2127675078, 24.000%, 10/12/2023 †x¥#^ | Stripe | 4/18/2022 | 8400 | 8736 | 336 |
| &nbsp;&nbsp;&nbsp; 212892026, 16.133%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 15539 | 16160 | 16300 |
| &nbsp;&nbsp;&nbsp; 2133136629, 26.133%, 4/07/2026 †x¥ | Stripe | 10/10/2024 | 5874 | 6109 | 6455 |
| &nbsp;&nbsp;&nbsp; 2135299371, 25.066%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 50177 | 52184 | 2007 |
| &nbsp;&nbsp;&nbsp; 213577100, 20.000%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 1189 | 1236 | 1269 |
| &nbsp;&nbsp;&nbsp; 2136611, 4.605%, 3/03/2021 †x¶#^ | Square | 9/05/2019 | 5979 | 5593 | 469 |
| &nbsp;&nbsp;&nbsp; 2137405753, 19.325%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 4757 | 4947 | 5004 |
| &nbsp;&nbsp;&nbsp; 2138844268, 14.400%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 3410 | 3547 | 3597 |
| &nbsp;&nbsp;&nbsp; 2139515, 5.079%, 3/04/2021 †x¶#^ | Square | 9/06/2019 | 4086 | 3797 | 320 |
| &nbsp;&nbsp;&nbsp; 2142744061, 19.066%, 2/16/2024 †x¥#^ | Stripe | 8/23/2022 | 2110 | 2195 | 84 |
| &nbsp;&nbsp;&nbsp; 2144833507, 24.000%, 2/03/2023 †x¥#^ | Stripe | 8/10/2021 | 6553 | 6815 | 262 |
| &nbsp;&nbsp;&nbsp; 2145007, 4.603%, 3/05/2021 †x¶#^ | Square | 9/09/2019 | 1367 | 1279 | 107 |
| &nbsp;&nbsp;&nbsp; 2145533344, 19.302%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 1828 | 1901 | 1917 |
| &nbsp;&nbsp;&nbsp; 2146283956, 21.600%, 10/04/2024 †x¥#^ | Stripe | 4/11/2023 | 36189 | 37636 | 1448 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8618** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2147999052, 26.526%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | $1580 | $1644 | $1687 |
| &nbsp;&nbsp;&nbsp; 2148662, 4.603%, 3/06/2021 †x¶#^ | Square | 9/10/2019 | 257 | 241 | 20 |
| &nbsp;&nbsp;&nbsp; 2150236, 6.509%, 3/06/2021 †x¶#^ | Square | 9/10/2019 | 6493 | 5916 | 509 |
| &nbsp;&nbsp;&nbsp; 2150258, 6.510%, 3/06/2021 †x¶#^ | Square | 9/10/2019 | 4647 | 4234 | 364 |
| &nbsp;&nbsp;&nbsp; 2150770187, 20.000%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 1718 | 1787 | 1820 |
| &nbsp;&nbsp;&nbsp; 2153888, 5.714%, 3/09/2021 †x¶#^ | Square | 9/11/2019 | 1217 | 1121 | 95 |
| &nbsp;&nbsp;&nbsp; 2154577063, 18.667%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 1160 | 1206 | 1224 |
| &nbsp;&nbsp;&nbsp; 2154872988, 22.000%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 19191 | 19959 | 20545 |
| &nbsp;&nbsp;&nbsp; 2156282658, 26.051%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 482 | 501 | 514 |
| &nbsp;&nbsp;&nbsp; 2156466091, 20.000%, 6/05/2024 †x¥#^ | Stripe | 12/09/2022 | 3442 | 3580 | 138 |
| &nbsp;&nbsp;&nbsp; 2156859807, 18.667%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 5002 | 5202 | 5241 |
| &nbsp;&nbsp;&nbsp; 2157742, 6.508%, 3/10/2021 †x¶#^ | Square | 9/12/2019 | 10525 | 9588 | 825 |
| &nbsp;&nbsp;&nbsp; 2157917, 3.492%, 3/10/2021 †x¶#^ | Square | 9/12/2019 | 1667 | 1584 | 131 |
| &nbsp;&nbsp;&nbsp; 2160444223, 21.333%, 5/08/2024 †x¥#^ | Stripe | 11/14/2022 | 2197 | 2285 | 88 |
| &nbsp;&nbsp;&nbsp; 2160642818, 22.395%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 3061 | 3183 | 3287 |
| &nbsp;&nbsp;&nbsp; 2160955405, 15.866%, 8/03/2023 †x¥#^ | Stripe | 10/08/2021 | 27228 | 28317 | 1089 |
| &nbsp;&nbsp;&nbsp; 2162721292, 23.733%, 1/19/2026 †x¥ | Stripe | 5/28/2024 | 1300 | 1352 | 1401 |
| &nbsp;&nbsp;&nbsp; 2164692232, 25.846%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 912 | 949 | 974 |
| &nbsp;&nbsp;&nbsp; 2164710743, 24.000%, 5/13/2023 †x¥#^ | Stripe | 11/17/2021 | 944 | 982 | 38 |
| &nbsp;&nbsp;&nbsp; 2165838137, 19.723%, 6/25/2025 †x¥#^ | Stripe | 4/20/2023 | 677 | 704 | 27 |
| &nbsp;&nbsp;&nbsp; 2166906878, 24.000%, 2/08/2023 †x¥#^ | Stripe | 8/13/2021 | 341 | 355 | 14 |
| &nbsp;&nbsp;&nbsp; 2167654835, 26.127%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 1702 | 1770 | 1841 |
| &nbsp;&nbsp;&nbsp; 2169499659, 24.000%, 4/06/2023 †x¥#^ | Stripe | 10/12/2021 | 2731 | 2841 | 109 |
| &nbsp;&nbsp;&nbsp; 2170164666, 20.000%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 6190 | 6437 | 6584 |
| &nbsp;&nbsp;&nbsp; 2170698, 5.179%, 3/14/2021 †x¶#^ | Square | 9/18/2019 | 1245 | 1155 | 98 |
| &nbsp;&nbsp;&nbsp; 2171367321, 25.599%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 35649 | 37075 | 37438 |
| &nbsp;&nbsp;&nbsp; 2171981, 5.818%, 3/16/2021 †x¶#^ | Square | 9/18/2019 | 12306 | 11318 | 965 |
| &nbsp;&nbsp;&nbsp; 2172988289, 14.792%, 5/06/2025 †x¥#^ | Stripe | 1/26/2023 | 1818 | 1891 | 73 |
| &nbsp;&nbsp;&nbsp; 2173048, 5.822%, 3/16/2021 †x¶#^ | Square | 9/18/2019 | 474 | 436 | 37 |
| &nbsp;&nbsp;&nbsp; 217350768, 26.424%, 3/05/2026 †x¥ | Stripe | 9/09/2024 | 127 | 132 | 137 |
| &nbsp;&nbsp;&nbsp; 2173631, 6.131%, 3/16/2021 †x¶#^ | Square | 9/18/2019 | 3408 | 3121 | 267 |
| &nbsp;&nbsp;&nbsp; 2175739, 3.935%, 3/16/2021 †x¶#^ | Square | 9/18/2019 | 1395 | 1317 | 109 |
| &nbsp;&nbsp;&nbsp; 2176388188, 14.790%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 3428 | 3565 | 3625 |
| &nbsp;&nbsp;&nbsp; 2176705, 3.926%, 3/17/2021 †x¶#^ | Square | 9/19/2019 | 1499 | 1415 | 117 |
| &nbsp;&nbsp;&nbsp; 2177800229, 24.000%, 2/02/2023 †x¥#^ | Stripe | 8/09/2021 | 572 | 595 | 23 |
| &nbsp;&nbsp;&nbsp; 2178718, 5.714%, 3/17/2021 †x¶#^ | Square | 9/19/2019 | 13876 | 12780 | 1088 |
| &nbsp;&nbsp;&nbsp; 2181529322, 20.400%, 6/06/2026 †x¥# | Stripe | 2/15/2024 | 28742 | 29891 | 1150 |
| &nbsp;&nbsp;&nbsp; 2181755, 5.714%, 3/18/2021 †x¶#^ | Square | 9/20/2019 | 3123 | 2876 | 245 |
| &nbsp;&nbsp;&nbsp; 2182539998, 20.395%, 10/02/2025 †x¥# | Stripe | 4/08/2024 | 6060 | 6302 | 242 |
| &nbsp;&nbsp;&nbsp; 2185128848, 26.533%, 4/23/2026 †x¥ | Stripe | 10/28/2024 | 35 | 36 | 39 |
| &nbsp;&nbsp;&nbsp; 2186469091, 20.800%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 3270 | 3401 | 3446 |
| &nbsp;&nbsp;&nbsp; 2188652230, 22.797%, 10/26/2024 †x¥#^ | Stripe | 5/03/2023 | 12267 | 12758 | 491 |
| &nbsp;&nbsp;&nbsp; 2189420, 3.145%, 3/21/2021 †x¶#^ | Square | 9/25/2019 | 127 | 121 | 10 |
| &nbsp;&nbsp;&nbsp; 2189989378, 22.370%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1683 | 1750 | 1785 |
| &nbsp;&nbsp;&nbsp; 2190135094, 18.800%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 8427 | 8746 | 8905 |
| &nbsp;&nbsp;&nbsp; 2192120, 5.031%, 3/23/2021 †x¶#^ | Square | 9/25/2019 | 670 | 623 | 53 |
| &nbsp;&nbsp;&nbsp; 2192324885, 19.467%, 4/02/2024 †x¥#^ | Stripe | 10/06/2022 | 2915 | 3032 | 117 |
| &nbsp;&nbsp;&nbsp; 2192464, 3.931%, 3/23/2021 †x¶#^ | Square | 9/25/2019 | 438 | 414 | 34 |
| &nbsp;&nbsp;&nbsp; 2192671192, 22.667%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 48108 | 50032 | 51178 |
| &nbsp;&nbsp;&nbsp; 2192694004, 20.000%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 4692 | 4880 | 4989 |
| &nbsp;&nbsp;&nbsp; 2192762, 3.932%, 3/23/2021 †x¶#^ | Square | 9/25/2019 | 4519 | 4267 | 354 |
| &nbsp;&nbsp;&nbsp; 2193168, 6.136%, 3/23/2021 †x¶#^ | Square | 9/25/2019 | 2474 | 2265 | 194 |
| &nbsp;&nbsp;&nbsp; 2194054488, 17.999%, 10/02/2025 †x¥ | Stripe | 4/08/2024 | 3877 | 4032 | 4160 |
| &nbsp;&nbsp;&nbsp; 2194086, 6.127%, 3/23/2021 †x¶#^ | Square | 9/25/2019 | 610 | 559 | 48 |
| &nbsp;&nbsp;&nbsp; 2194111, 6.604%, 3/23/2021 †x¶#^ | Square | 9/25/2019 | 179 | 162 | 14 |
| &nbsp;&nbsp;&nbsp; 2194417, 6.615%, 3/23/2021 †x¶#^ | Square | 9/25/2019 | 238 | 217 | 19 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8619** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2194811692, 24.000%, 6/02/2023 †x¥#^ | Stripe | 12/07/2021 | $56147 | $58392 | $2246 |
| &nbsp;&nbsp;&nbsp; 219560088, 20.798%, 10/24/2026 †x¥ | Stripe | 4/30/2025 | 5109 | 5313 | 5445 |
| &nbsp;&nbsp;&nbsp; 2196130, 4.605%, 3/24/2021 †x¶#^ | Square | 9/26/2019 | 8320 | 7783 | 652 |
| &nbsp;&nbsp;&nbsp; 2197399794, 20.000%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 2074 | 2157 | 2209 |
| &nbsp;&nbsp;&nbsp; 2198197670, 20.266%, 9/16/2025 †x¥# | Stripe | 1/23/2024 | 5886 | 6122 | 2320 |
| &nbsp;&nbsp;&nbsp; 2199421331, 15.733%, 8/15/2023 †x¥#^ | Stripe | 2/17/2022 | 43438 | 45175 | 1738 |
| &nbsp;&nbsp;&nbsp; 2199561868, 26.444%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 783 | 814 | 825 |
| &nbsp;&nbsp;&nbsp; 219972810, 22.000%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 287 | 299 | 306 |
| &nbsp;&nbsp;&nbsp; 2204125208, 14.667%, 10/20/2023 †x¥#^ | Stripe | 4/26/2022 | 57623 | 59927 | 2305 |
| &nbsp;&nbsp;&nbsp; 220676378, 14.788%, 11/08/2025 †x¥ | Stripe | 5/15/2024 | 204 | 212 | 217 |
| &nbsp;&nbsp;&nbsp; 2207413, 4.607%, 3/27/2021 †x¶#^ | Square | 10/01/2019 | 1388 | 1298 | 109 |
| &nbsp;&nbsp;&nbsp; 2209130157, 26.489%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 1407 | 1464 | 1467 |
| &nbsp;&nbsp;&nbsp; 2209966455, 26.525%, 4/11/2025 †x¥#^ | Stripe | 10/17/2023 | 8610 | 8954 | 344 |
| &nbsp;&nbsp;&nbsp; 2212321, 5.079%, 3/30/2021 †x¶#^ | Square | 10/02/2019 | 907 | 843 | 71 |
| &nbsp;&nbsp;&nbsp; 2212525, 4.605%, 3/30/2021 †x¶#^ | Square | 10/02/2019 | 8411 | 7868 | 659 |
| &nbsp;&nbsp;&nbsp; 2214618289, 24.645%, 2/14/2026 †x¥# | Stripe | 8/21/2024 | 3007 | 3127 | 120 |
| &nbsp;&nbsp;&nbsp; 2214964, 5.905%, 4/01/2021 †x¶#^ | Square | 10/03/2019 | 187 | 172 | 15 |
| &nbsp;&nbsp;&nbsp; 2215486687, 20.792%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1509 | 1569 | 1598 |
| &nbsp;&nbsp;&nbsp; 2216749, 4.605%, 4/01/2021 †x¶#^ | Square | 10/03/2019 | 2215 | 2071 | 174 |
| &nbsp;&nbsp;&nbsp; 2218540, 6.508%, 4/02/2021 †x¶#^ | Square | 10/04/2019 | 4482 | 4084 | 351 |
| &nbsp;&nbsp;&nbsp; 222002848, 21.971%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 782 | 813 | 832 |
| &nbsp;&nbsp;&nbsp; 2221128720, 26.510%, 1/08/2026 †x¥# | Stripe | 7/15/2024 | 3780 | 3931 | 151 |
| &nbsp;&nbsp;&nbsp; 2221243181, 15.065%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 30993 | 32232 | 32329 |
| &nbsp;&nbsp;&nbsp; 22262134, 24.000%, 2/28/2023 †x¥#^ | Stripe | 9/02/2021 | 482 | 502 | 19 |
| &nbsp;&nbsp;&nbsp; 2228356, 6.512%, 4/04/2021 †x¶#^ | Square | 10/08/2019 | 1535 | 1398 | 120 |
| &nbsp;&nbsp;&nbsp; 2229695961, 21.181%, 10/12/2024 †x¥#^ | Stripe | 4/19/2023 | 935 | 973 | 37 |
| &nbsp;&nbsp;&nbsp; 2231073, 6.817%, 4/05/2021 †x¶#^ | Square | 10/09/2019 | 1364 | 1237 | 107 |
| &nbsp;&nbsp;&nbsp; 2231592005, 26.061%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 579 | 602 | 617 |
| &nbsp;&nbsp;&nbsp; 2231890, 5.714%, 4/06/2021 †x¶#^ | Square | 10/09/2019 | 1169 | 1077 | 92 |
| &nbsp;&nbsp;&nbsp; 2233198813, 19.333%, 3/13/2024 †x¥#^ | Stripe | 9/16/2022 | 8446 | 8784 | 338 |
| &nbsp;&nbsp;&nbsp; 2233292558, 18.800%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 997 | 1037 | 1051 |
| &nbsp;&nbsp;&nbsp; 2234082447, 20.521%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 5524 | 5745 | 221 |
| &nbsp;&nbsp;&nbsp; 2234722, 5.095%, 4/07/2021 †x¶#^ | Square | 10/09/2019 | 500 | 465 | 39 |
| &nbsp;&nbsp;&nbsp; 2235631862, 14.267%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 7117 | 7402 | 7546 |
| &nbsp;&nbsp;&nbsp; 2237315, 7.302%, 4/08/2021 †x¶#^ | Square | 10/10/2019 | 2717 | 2449 | 213 |
| &nbsp;&nbsp;&nbsp; 2237525, 3.810%, 4/08/2021 †x¶#^ | Square | 10/10/2019 | 1431 | 1354 | 112 |
| &nbsp;&nbsp;&nbsp; 2238055, 6.508%, 4/08/2021 †x¶#^ | Square | 10/10/2019 | 304 | 277 | 24 |
| &nbsp;&nbsp;&nbsp; 2238760847, 20.800%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 380 | 395 | 404 |
| &nbsp;&nbsp;&nbsp; 2240129835, 26.127%, 3/21/2026 †x¥# | Stripe | 9/25/2024 | 3246 | 3376 | 130 |
| &nbsp;&nbsp;&nbsp; 2240648945, 22.400%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 6017 | 6257 | 3493 |
| &nbsp;&nbsp;&nbsp; 2241102, 4.610%, 4/08/2021 †x¶#^ | Square | 10/10/2019 | 2585 | 2418 | 203 |
| &nbsp;&nbsp;&nbsp; 2244301586, 26.516%, 3/26/2026 †x¥# | Stripe | 9/30/2024 | 1844 | 1918 | 741 |
| &nbsp;&nbsp;&nbsp; 2246347327, 25.858%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 4747 | 4937 | 5055 |
| &nbsp;&nbsp;&nbsp; 2246936016, 22.400%, 6/13/2026 †x¥ | Stripe | 12/18/2024 | 3845 | 3999 | 4078 |
| &nbsp;&nbsp;&nbsp; 2250062, 5.818%, 4/10/2021 †x¶#^ | Square | 10/15/2019 | 5000 | 4599 | 392 |
| &nbsp;&nbsp;&nbsp; 2250269964, 18.133%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 2677 | 2784 | 2807 |
| &nbsp;&nbsp;&nbsp; 2251548133, 15.600%, 11/26/2025 †x¥# | Stripe | 2/06/2024 | 14517 | 15098 | 3920 |
| &nbsp;&nbsp;&nbsp; 2255283, 3.931%, 4/12/2021 †x¶#^ | Square | 10/17/2019 | 8284 | 7823 | 649 |
| &nbsp;&nbsp;&nbsp; 2256239, 3.931%, 4/14/2021 †x¶#^ | Square | 10/17/2019 | 1039 | 981 | 81 |
| &nbsp;&nbsp;&nbsp; 2256490, 6.604%, 4/14/2021 †x¶#^ | Square | 10/17/2019 | 647 | 588 | 51 |
| &nbsp;&nbsp;&nbsp; 2258456, 5.031%, 4/15/2021 †x¶#^ | Square | 10/17/2019 | 1872 | 1741 | 147 |
| &nbsp;&nbsp;&nbsp; 2259053693, 14.797%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 10247 | 10657 | 10832 |
| &nbsp;&nbsp;&nbsp; 225910254, 18.800%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 14530 | 15111 | 15326 |
| &nbsp;&nbsp;&nbsp; 2259899, 5.828%, 4/15/2021 †x¶#^ | Square | 10/17/2019 | 782 | 719 | 61 |
| &nbsp;&nbsp;&nbsp; 2261049359, 25.727%, 11/07/2025 †x¥# | Stripe | 5/14/2024 | 604 | 628 | 241 |
| &nbsp;&nbsp;&nbsp; 2261962, 3.933%, 4/15/2021 †x¶#^ | Square | 10/17/2019 | 297 | 280 | 23 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8620** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2262542427, 26.061%, 9/25/2026 †x¥ | Stripe | 4/01/2025 | $837 | $870 | $879 |
| &nbsp;&nbsp;&nbsp; 2262851, 5.178%, 4/16/2021 †x¶#^ | Square | 10/18/2019 | 1310 | 1216 | 103 |
| &nbsp;&nbsp;&nbsp; 2263095, 6.129%, 4/16/2021 †x¶#^ | Square | 10/18/2019 | 6140 | 5623 | 481 |
| &nbsp;&nbsp;&nbsp; 2265753261, 21.143%, 3/11/2026 †x¥ | Stripe | 9/13/2024 | 313 | 325 | 330 |
| &nbsp;&nbsp;&nbsp; 2266577815, 22.000%, 4/11/2026 †x¥ | Stripe | 10/17/2024 | 5956 | 6194 | 6347 |
| &nbsp;&nbsp;&nbsp; 2270865096, 18.257%, 9/04/2024 †x¥#^ | Stripe | 3/10/2023 | 7314 | 7606 | 293 |
| &nbsp;&nbsp;&nbsp; 2271442914, 20.396%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 26299 | 27351 | 27394 |
| &nbsp;&nbsp;&nbsp; 2273364084, 16.133%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 2718 | 2827 | 2879 |
| &nbsp;&nbsp;&nbsp; 2273626, 4.604%, 4/19/2021 †x¶#^ | Square | 10/23/2019 | 8109 | 7586 | 636 |
| &nbsp;&nbsp;&nbsp; 2274319, 3.145%, 4/20/2021 †x¶#^ | Square | 10/23/2019 | 1784 | 1704 | 140 |
| &nbsp;&nbsp;&nbsp; 2275333575, 14.931%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 6653 | 6919 | 6988 |
| &nbsp;&nbsp;&nbsp; 2275971836, 14.133%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 57778 | 60089 | 60147 |
| &nbsp;&nbsp;&nbsp; 2277468190, 18.667%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 3962 | 4121 | 4194 |
| &nbsp;&nbsp;&nbsp; 2278548776, 26.533%, 12/26/2025 †x¥ | Stripe | 7/02/2024 | 606 | 630 | 651 |
| &nbsp;&nbsp;&nbsp; 2278773, 2.830%, 4/22/2021 †x¶#^ | Square | 10/24/2019 | 766 | 734 | 60 |
| &nbsp;&nbsp;&nbsp; 2279983403, 23.590%, 8/09/2024 †x¥#^ | Stripe | 2/14/2023 | 11276 | 11727 | 451 |
| &nbsp;&nbsp;&nbsp; 2281162, 5.815%, 4/22/2021 †x¶#^ | Square | 10/24/2019 | 2466 | 2268 | 193 |
| &nbsp;&nbsp;&nbsp; 2281313947, 26.533%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 608 | 632 | 642 |
| &nbsp;&nbsp;&nbsp; 228206652, 21.859%, 5/31/2023 †x¥#^ | Stripe | 12/03/2021 | 4245 | 4415 | 170 |
| &nbsp;&nbsp;&nbsp; 2282753483, 25.581%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 2338 | 2432 | 2476 |
| &nbsp;&nbsp;&nbsp; 2283128, 5.192%, 4/23/2021 †x¶#^ | Square | 10/25/2019 | 1978 | 1835 | 155 |
| &nbsp;&nbsp;&nbsp; 2284523925, 26.533%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 2474 | 2573 | 2590 |
| &nbsp;&nbsp;&nbsp; 2285672, 6.803%, 4/23/2021 †x¶#^ | Square | 10/25/2019 | 445 | 404 | 35 |
| &nbsp;&nbsp;&nbsp; 2286725235, 24.528%, 12/11/2024 †x¥#^ | Stripe | 6/16/2023 | 1586 | 1650 | 63 |
| &nbsp;&nbsp;&nbsp; 2287917742, 19.590%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 2088 | 2171 | 84 |
| &nbsp;&nbsp;&nbsp; 2288532563, 14.789%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 6032 | 6273 | 6303 |
| &nbsp;&nbsp;&nbsp; 2288845806, 22.377%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 1247 | 1297 | 1319 |
| &nbsp;&nbsp;&nbsp; 2289204739, 16.267%, 9/26/2023 †x¥#^ | Stripe | 2/01/2022 | 6668 | 6935 | 267 |
| &nbsp;&nbsp;&nbsp; 2289359, 5.031%, 4/24/2021 †x¶#^ | Square | 10/28/2019 | 3554 | 3313 | 279 |
| &nbsp;&nbsp;&nbsp; 2290173152, 26.133%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 478 | 497 | 511 |
| &nbsp;&nbsp;&nbsp; 2290910682, 22.000%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 914 | 951 | 974 |
| &nbsp;&nbsp;&nbsp; 2291455046, 17.996%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 3867 | 4022 | 155 |
| &nbsp;&nbsp;&nbsp; 2291783, 5.811%, 4/25/2021 †x¶#^ | Square | 10/29/2019 | 1007 | 926 | 79 |
| &nbsp;&nbsp;&nbsp; 2292806996, 22.384%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 1748 | 1818 | 1850 |
| &nbsp;&nbsp;&nbsp; 2293221218, 24.000%, 10/27/2023 †x¥#^ | Stripe | 5/03/2022 | 1635 | 1700 | 65 |
| &nbsp;&nbsp;&nbsp; 2293694258, 20.260%, 7/31/2024 †x¥#^ | Stripe | 2/03/2023 | 3515 | 3655 | 141 |
| &nbsp;&nbsp;&nbsp; 2297323, 5.031%, 4/28/2021 †x¶#^ | Square | 10/30/2019 | 1380 | 1283 | 108 |
| &nbsp;&nbsp;&nbsp; 2298872158, 18.933%, 3/01/2025 †x¥#^ | Stripe | 7/07/2023 | 67583 | 70286 | 2703 |
| &nbsp;&nbsp;&nbsp; 22d7f7b1-3e98-4c31-8867-c712e4a6a12a, 18.900%, 9/07/2023 †x#^ | Funding Circle | 9/10/2018 | 150646 | 150646 | 45194 |
| &nbsp;&nbsp;&nbsp; 2300816270, 17.855%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 4802 | 4994 | 5032 |
| &nbsp;&nbsp;&nbsp; 2302072977, 22.000%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 5664 | 5890 | 6026 |
| &nbsp;&nbsp;&nbsp; 2306879454, 14.906%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 1236 | 1286 | 1298 |
| &nbsp;&nbsp;&nbsp; 2308255194, 19.597%, 2/20/2024 †x¥#^ | Stripe | 8/25/2022 | 15929 | 16566 | 637 |
| &nbsp;&nbsp;&nbsp; 2310914335, 24.000%, 6/15/2023 †x¥#^ | Stripe | 12/20/2021 | 7762 | 8073 | 311 |
| &nbsp;&nbsp;&nbsp; 2311761855, 21.167%, 5/01/2026 †x¥ | Stripe | 11/05/2024 | 843 | 877 | 884 |
| &nbsp;&nbsp;&nbsp; 231180753, 20.000%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 907 | 943 | 970 |
| &nbsp;&nbsp;&nbsp; 231716857, 18.800%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 2799 | 2911 | 2946 |
| &nbsp;&nbsp;&nbsp; 2317948835, 18.400%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 35500 | 36920 | 1420 |
| &nbsp;&nbsp;&nbsp; 2318469872, 19.192%, 11/19/2025 †x¥# | Stripe | 5/24/2024 | 5901 | 6137 | 236 |
| &nbsp;&nbsp;&nbsp; 2319821147, 26.533%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 4961 | 5159 | 5159 |
| &nbsp;&nbsp;&nbsp; 2319890, 6.502%, 5/05/2021 †x¶#^ | Square | 11/07/2019 | 1619 | 1475 | 127 |
| &nbsp;&nbsp;&nbsp; 2320254277, 25.569%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 1467 | 1526 | 1559 |
| &nbsp;&nbsp;&nbsp; 2321842, 4.602%, 5/06/2021 †x¶#^ | Square | 11/08/2019 | 2885 | 2699 | 226 |
| &nbsp;&nbsp;&nbsp; 2322122, 5.889%, 5/06/2021 †x¶#^ | Square | 11/08/2019 | 1231 | 1131 | 97 |
| &nbsp;&nbsp;&nbsp; 2322210, 4.610%, 5/06/2021 †x¶#^ | Square | 11/08/2019 | 508 | 475 | 40 |
| &nbsp;&nbsp;&nbsp; 2322962788, 18.000%, 10/09/2024 †x¥#^ | Stripe | 2/15/2023 | 85245 | 88655 | 3410 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8621** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2323465116, 22.528%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | $2297 | $2389 | $92 |
| &nbsp;&nbsp;&nbsp; 2323710773, 18.667%, 5/29/2025 †x¥#^ | Stripe | 12/04/2023 | 6901 | 7177 | 276 |
| &nbsp;&nbsp;&nbsp; 2324092, 7.302%, 5/06/2021 †x¶#^ | Square | 11/08/2019 | 1933 | 1742 | 152 |
| &nbsp;&nbsp;&nbsp; 2324247, 4.598%, 5/06/2021 †x¶#^ | Square | 11/08/2019 | 650 | 608 | 51 |
| &nbsp;&nbsp;&nbsp; 2324581, 5.083%, 5/06/2021 †x¶#^ | Square | 11/08/2019 | 4351 | 4043 | 341 |
| &nbsp;&nbsp;&nbsp; 2324686763, 22.400%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 411 | 427 | 446 |
| &nbsp;&nbsp;&nbsp; 2324903, 4.606%, 5/06/2021 †x¶#^ | Square | 11/08/2019 | 2458 | 2299 | 193 |
| &nbsp;&nbsp;&nbsp; 2325894153, 20.078%, 6/18/2024 †x¥#^ | Stripe | 12/22/2022 | 401 | 417 | 16 |
| &nbsp;&nbsp;&nbsp; 2328679267, 20.400%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 137093 | 142576 | 143817 |
| &nbsp;&nbsp;&nbsp; 2328756, 4.602%, 5/07/2021 †x¶#^ | Square | 11/12/2019 | 12270 | 11478 | 962 |
| &nbsp;&nbsp;&nbsp; 2328950244, 17.594%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 7408 | 7704 | 7778 |
| &nbsp;&nbsp;&nbsp; 2329290406, 26.528%, 3/24/2026 †x¥# | Stripe | 9/26/2024 | 2900 | 3016 | 509 |
| &nbsp;&nbsp;&nbsp; 2329795858, 26.133%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 1984 | 2063 | 2123 |
| &nbsp;&nbsp;&nbsp; 2330581, 6.509%, 5/07/2021 †x¶#^ | Square | 11/12/2019 | 2060 | 1877 | 161 |
| &nbsp;&nbsp;&nbsp; 2331754, 7.310%, 5/08/2021 †x¶#^ | Square | 11/13/2019 | 2623 | 2364 | 206 |
| &nbsp;&nbsp;&nbsp; 2332210, 5.873%, 5/08/2021 †x¶#^ | Square | 11/13/2019 | 1141 | 1053 | 89 |
| &nbsp;&nbsp;&nbsp; 2334836, 5.714%, 5/11/2021 †x¶#^ | Square | 11/14/2019 | 137 | 127 | 11 |
| &nbsp;&nbsp;&nbsp; 2334845, 5.873%, 5/09/2021 †x¶#^ | Square | 11/14/2019 | 1899 | 1746 | 149 |
| &nbsp;&nbsp;&nbsp; 2334918, 5.714%, 5/11/2021 †x¶#^ | Square | 11/14/2019 | 5761 | 5306 | 452 |
| &nbsp;&nbsp;&nbsp; 2335307, 5.714%, 5/09/2021 †x¶#^ | Square | 11/14/2019 | 1601 | 1474 | 125 |
| &nbsp;&nbsp;&nbsp; 2335316529, 17.733%, 4/17/2025 †x¥#^ | Stripe | 10/23/2023 | 17640 | 18274 | 706 |
| &nbsp;&nbsp;&nbsp; 2336248, 4.607%, 5/11/2021 †x¶#^ | Square | 11/14/2019 | 4295 | 4017 | 337 |
| &nbsp;&nbsp;&nbsp; 2337781, 3.501%, 5/11/2021 †x¶#^ | Square | 11/14/2019 | 1927 | 1831 | 151 |
| &nbsp;&nbsp;&nbsp; 2338819, 4.444%, 5/12/2021 †x¶#^ | Square | 11/14/2019 | 1103 | 1034 | 86 |
| &nbsp;&nbsp;&nbsp; 2340132762, 16.129%, 6/13/2026 †x¥ | Stripe | 12/18/2024 | 8703 | 9051 | 9154 |
| &nbsp;&nbsp;&nbsp; 2340222, 5.877%, 5/12/2021 †x¶#^ | Square | 11/14/2019 | 308 | 283 | 24 |
| &nbsp;&nbsp;&nbsp; 2340950320, 18.667%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 2530 | 2631 | 2683 |
| &nbsp;&nbsp;&nbsp; 2341619198, 20.394%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 13272 | 13803 | 13933 |
| &nbsp;&nbsp;&nbsp; 2341665680, 25.569%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 2498 | 2598 | 2625 |
| &nbsp;&nbsp;&nbsp; 2342216, 4.603%, 5/12/2021 †x¶#^ | Square | 11/14/2019 | 792 | 741 | 62 |
| &nbsp;&nbsp;&nbsp; 2342303, 5.083%, 5/12/2021 †x¶#^ | Square | 11/14/2019 | 3740 | 3475 | 293 |
| &nbsp;&nbsp;&nbsp; 2343115641, 26.133%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 624 | 648 | 662 |
| &nbsp;&nbsp;&nbsp; 2343839, 3.813%, 5/13/2021 †x¶#^ | Square | 11/15/2019 | 2564 | 2431 | 201 |
| &nbsp;&nbsp;&nbsp; 2344366, 5.714%, 5/13/2021 †x¶#^ | Square | 11/15/2019 | 53 | 49 | 4 |
| &nbsp;&nbsp;&nbsp; 2347083603, 26.532%, 1/20/2026 †x¥ | Stripe | 7/25/2024 | 4298 | 4470 | 4598 |
| &nbsp;&nbsp;&nbsp; 2348145064, 24.508%, 4/19/2024 †x¥#^ | Stripe | 10/25/2022 | 494 | 514 | 20 |
| &nbsp;&nbsp;&nbsp; 235011276, 21.188%, 10/14/2025 †x¥# | Stripe | 4/18/2024 | 9015 | 9376 | 361 |
| &nbsp;&nbsp;&nbsp; 2353362181, 26.523%, 12/05/2025 †x¥# | Stripe | 6/11/2024 | 2180 | 2267 | 87 |
| &nbsp;&nbsp;&nbsp; 2353858, 3.774%, 5/15/2021 †x¶#^ | Square | 11/19/2019 | 6155 | 5825 | 483 |
| &nbsp;&nbsp;&nbsp; 2354681, 5.031%, 5/15/2021 †x¶#^ | Square | 11/19/2019 | 6781 | 6305 | 532 |
| &nbsp;&nbsp;&nbsp; 2354711089, 26.533%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 15214 | 15823 | 16097 |
| &nbsp;&nbsp;&nbsp; 2355037, 5.237%, 5/15/2021 †x¶#^ | Square | 11/19/2019 | 5500 | 5100 | 431 |
| &nbsp;&nbsp;&nbsp; 2355721, 5.406%, 5/15/2021 †x¶#^ | Square | 11/19/2019 | 660 | 610 | 52 |
| &nbsp;&nbsp;&nbsp; 2356443847, 22.800%, 9/10/2025 †x¥# | Stripe | 3/15/2024 | 1084 | 1128 | 189 |
| &nbsp;&nbsp;&nbsp; 2356497, 3.302%, 5/15/2021 †x¶#^ | Square | 11/19/2019 | 285 | 271 | 22 |
| &nbsp;&nbsp;&nbsp; 2357115, 4.722%, 5/15/2021 †x¶#^ | Square | 11/19/2019 | 1751 | 1635 | 137 |
| &nbsp;&nbsp;&nbsp; 2357189862, 23.067%, 11/01/2025 †x¥# | Stripe | 5/08/2024 | 2527 | 2628 | 101 |
| &nbsp;&nbsp;&nbsp; 2358806, 4.561%, 5/16/2021 †x¶#^ | Square | 11/20/2019 | 1314 | 1230 | 103 |
| &nbsp;&nbsp;&nbsp; 2358863, 4.403%, 5/16/2021 †x¶#^ | Square | 11/20/2019 | 802 | 752 | 63 |
| &nbsp;&nbsp;&nbsp; 2358966128, 22.921%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 1136 | 1182 | 45 |
| &nbsp;&nbsp;&nbsp; 2359294838, 20.370%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 3376 | 3511 | 3515 |
| &nbsp;&nbsp;&nbsp; 2359761, 4.874%, 5/16/2021 †x¶#^ | Square | 11/20/2019 | 1279 | 1192 | 100 |
| &nbsp;&nbsp;&nbsp; 2360100862, 20.133%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 2040 | 2122 | 82 |
| &nbsp;&nbsp;&nbsp; 2360107, 6.118%, 5/17/2021 †x¶#^ | Square | 11/20/2019 | 265 | 243 | 21 |
| &nbsp;&nbsp;&nbsp; 2360220, 5.031%, 5/17/2021 †x¶#^ | Square | 11/20/2019 | 275 | 255 | 22 |
| &nbsp;&nbsp;&nbsp; 2361667, 4.403%, 5/18/2021 †x¶#^ | Square | 11/20/2019 | 4282 | 4017 | 336 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8622** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2361924112, 22.118%, 12/20/2025 †x¥# | Stripe | 4/25/2024 | $813 | $845 | $33 |
| &nbsp;&nbsp;&nbsp; 236222363, 16.246%, 8/17/2024 †x¥#^ | Stripe | 2/23/2023 | 1896 | 1972 | 76 |
| &nbsp;&nbsp;&nbsp; 2362240, 4.559%, 5/18/2021 †x¶#^ | Square | 11/20/2019 | 5377 | 5033 | 422 |
| &nbsp;&nbsp;&nbsp; 2362311, 5.079%, 5/18/2021 †x¶#^ | Square | 11/20/2019 | 6286 | 5841 | 493 |
| &nbsp;&nbsp;&nbsp; 2362913, 4.403%, 5/18/2021 †x¶#^ | Square | 11/20/2019 | 21723 | 20377 | 1703 |
| &nbsp;&nbsp;&nbsp; 2364751, 3.309%, 5/18/2021 †x¶#^ | Square | 11/20/2019 | 1854 | 1766 | 145 |
| &nbsp;&nbsp;&nbsp; 2365550, 4.403%, 5/18/2021 †x¶#^ | Square | 11/20/2019 | 2638 | 2475 | 207 |
| &nbsp;&nbsp;&nbsp; 2365906, 5.238%, 5/19/2021 †x¶#^ | Square | 11/21/2019 | 1329 | 1232 | 104 |
| &nbsp;&nbsp;&nbsp; 2366293811, 19.328%, 12/09/2025 †x¥ | Stripe | 4/16/2024 | 29 | 30 | 17 |
| &nbsp;&nbsp;&nbsp; 2366847, 4.563%, 5/19/2021 †x¶#^ | Square | 11/21/2019 | 2265 | 2120 | 178 |
| &nbsp;&nbsp;&nbsp; 2367496, 4.403%, 5/19/2021 †x¶#^ | Square | 11/21/2019 | 478 | 448 | 37 |
| &nbsp;&nbsp;&nbsp; 2367543, 4.444%, 5/19/2021 †x¶#^ | Square | 11/21/2019 | 2966 | 2781 | 233 |
| &nbsp;&nbsp;&nbsp; 2367790, 3.941%, 5/19/2021 †x¶#^ | Square | 11/21/2019 | 449 | 424 | 35 |
| &nbsp;&nbsp;&nbsp; 2367824647, 24.792%, 8/02/2024 †x¥#^ | Stripe | 2/07/2023 | 6273 | 6523 | 251 |
| &nbsp;&nbsp;&nbsp; 2369993, 3.309%, 5/20/2021 †x¶#^ | Square | 11/22/2019 | 2090 | 1992 | 164 |
| &nbsp;&nbsp;&nbsp; 2370017, 4.560%, 5/20/2021 †x¶#^ | Square | 11/22/2019 | 879 | 822 | 69 |
| &nbsp;&nbsp;&nbsp; 2370830171, 21.956%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 845 | 879 | 892 |
| &nbsp;&nbsp;&nbsp; 2370913, 6.134%, 5/20/2021 †x¶#^ | Square | 11/22/2019 | 2323 | 2127 | 182 |
| &nbsp;&nbsp;&nbsp; 2371050, 5.237%, 5/20/2021 †x¶#^ | Square | 11/22/2019 | 4181 | 3876 | 328 |
| &nbsp;&nbsp;&nbsp; 2374039, 4.403%, 5/21/2021 †x¶#^ | Square | 11/25/2019 | 329 | 309 | 26 |
| &nbsp;&nbsp;&nbsp; 2374903, 4.635%, 5/21/2021 †x¶#^ | Square | 11/25/2019 | 580 | 542 | 45 |
| &nbsp;&nbsp;&nbsp; 2374994, 4.562%, 5/21/2021 †x¶#^ | Square | 11/25/2019 | 1235 | 1156 | 97 |
| &nbsp;&nbsp;&nbsp; 2375470, 4.403%, 5/21/2021 †x¶#^ | Square | 11/25/2019 | 46111 | 43255 | 3615 |
| &nbsp;&nbsp;&nbsp; 2375537, 4.603%, 5/21/2021 †x¶#^ | Square | 11/25/2019 | 541 | 506 | 42 |
| &nbsp;&nbsp;&nbsp; 2375603, 3.813%, 5/21/2021 †x¶#^ | Square | 11/25/2019 | 4833 | 4572 | 379 |
| &nbsp;&nbsp;&nbsp; 2377177, 5.237%, 5/21/2021 †x¶#^ | Square | 11/25/2019 | 10329 | 9577 | 810 |
| &nbsp;&nbsp;&nbsp; 2377255987, 19.329%, 2/11/2025 †x¥#^ | Stripe | 8/17/2023 | 11008 | 11449 | 440 |
| &nbsp;&nbsp;&nbsp; 2377423197, 20.400%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 939 | 977 | 978 |
| &nbsp;&nbsp;&nbsp; 2378105, 5.238%, 5/22/2021 †x¶#^ | Square | 11/26/2019 | 1808 | 1676 | 142 |
| &nbsp;&nbsp;&nbsp; 2379107, 3.496%, 5/22/2021 †x¶#^ | Square | 11/26/2019 | 3611 | 3431 | 283 |
| &nbsp;&nbsp;&nbsp; 238031559, 20.930%, 8/28/2024 †x¥#^ | Stripe | 3/03/2023 | 27645 | 28750 | 1106 |
| &nbsp;&nbsp;&nbsp; 2381430, 6.519%, 5/23/2021 †x¶#^ | Square | 11/27/2019 | 230 | 210 | 18 |
| &nbsp;&nbsp;&nbsp; 2381430933, 16.396%, 5/20/2023 †x¥#^ | Stripe | 11/24/2021 | 10458 | 10877 | 418 |
| &nbsp;&nbsp;&nbsp; 2382099070, 18.930%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 22067 | 22949 | 883 |
| &nbsp;&nbsp;&nbsp; 2383640, 5.817%, 5/25/2021 †x¶#^ | Square | 11/27/2019 | 4226 | 3887 | 331 |
| &nbsp;&nbsp;&nbsp; 2385166, 4.403%, 5/25/2021 †x¶#^ | Square | 11/27/2019 | 750 | 703 | 59 |
| &nbsp;&nbsp;&nbsp; 2386028, 4.615%, 5/25/2021 †x¶#^ | Square | 11/27/2019 | 2038 | 1906 | 160 |
| &nbsp;&nbsp;&nbsp; 2386678953, 16.267%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 24040 | 25002 | 25054 |
| &nbsp;&nbsp;&nbsp; 2388270, 4.558%, 5/26/2021 †x¶#^ | Square | 11/29/2019 | 8893 | 8324 | 697 |
| &nbsp;&nbsp;&nbsp; 2388874, 4.574%, 5/26/2021 †x¶#^ | Square | 11/29/2019 | 212 | 198 | 17 |
| &nbsp;&nbsp;&nbsp; 2389356204, 20.667%, 4/22/2025 †x¥#^ | Stripe | 10/26/2023 | 2156 | 2242 | 86 |
| &nbsp;&nbsp;&nbsp; 2389886021, 25.333%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 3637 | 3782 | 145 |
| &nbsp;&nbsp;&nbsp; 2390724033, 25.333%, 12/27/2023 †x¥#^ | Stripe | 7/01/2022 | 8986 | 9346 | 359 |
| &nbsp;&nbsp;&nbsp; 2392480198, 19.333%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 12659 | 13165 | 13306 |
| &nbsp;&nbsp;&nbsp; 2393931571, 20.000%, 3/12/2026 †x¥ | Stripe | 9/16/2024 | 384 | 400 | 413 |
| &nbsp;&nbsp;&nbsp; 2395165465, 20.133%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 1658 | 1724 | 66 |
| &nbsp;&nbsp;&nbsp; 2396455294, 11.467%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 33246 | 34576 | 1330 |
| &nbsp;&nbsp;&nbsp; 2396765465, 26.462%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 337 | 351 | 360 |
| &nbsp;&nbsp;&nbsp; 2397450, 3.974%, 5/27/2021 †x¶#^ | Square | 12/02/2019 | 1644 | 1551 | 129 |
| &nbsp;&nbsp;&nbsp; 239757232, 20.131%, 1/15/2026 †x¥ | Stripe | 7/22/2024 | 481 | 500 | 526 |
| &nbsp;&nbsp;&nbsp; 2397884729, 26.531%, 1/22/2026 †x¥ | Stripe | 7/29/2024 | 3975 | 4134 | 4341 |
| &nbsp;&nbsp;&nbsp; 2401966, 4.444%, 5/29/2021 †x¶#^ | Square | 12/03/2019 | 4293 | 4025 | 337 |
| &nbsp;&nbsp;&nbsp; 2401978, 5.406%, 5/29/2021 †x¶#^ | Square | 12/03/2019 | 2187 | 2023 | 171 |
| &nbsp;&nbsp;&nbsp; 2402051, 3.972%, 5/29/2021 †x¶#^ | Square | 12/03/2019 | 559 | 528 | 44 |
| &nbsp;&nbsp;&nbsp; 2403646124, 14.924%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 4282 | 4453 | 4528 |
| &nbsp;&nbsp;&nbsp; 2405750, 5.714%, 6/01/2021 †x¶#^ | Square | 12/04/2019 | 925 | 852 | 73 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8623** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2405994, 7.302%, 6/01/2021 †x¶#^ | Square | 12/04/2019 | $977 | $881 | $77 |
| &nbsp;&nbsp;&nbsp; 2406390398, 26.528%, 2/10/2026 †x¥# | Stripe | 8/15/2024 | 5754 | 5984 | 230 |
| &nbsp;&nbsp;&nbsp; 2407360, 5.079%, 6/02/2021 †x¶#^ | Square | 12/04/2019 | 12548 | 11660 | 984 |
| &nbsp;&nbsp;&nbsp; 2407782563, 20.397%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 6207 | 6455 | 6504 |
| &nbsp;&nbsp;&nbsp; 2408624, 5.395%, 6/02/2021 †x¶#^ | Square | 12/04/2019 | 2250 | 2082 | 176 |
| &nbsp;&nbsp;&nbsp; 2413572825, 26.083%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 390 | 405 | 421 |
| &nbsp;&nbsp;&nbsp; 2413756, 4.603%, 6/03/2021 †x¶#^ | Square | 12/05/2019 | 497 | 465 | 39 |
| &nbsp;&nbsp;&nbsp; 2415619472, 26.133%, 4/18/2026 †x¥ | Stripe | 10/23/2024 | 624 | 649 | 375 |
| &nbsp;&nbsp;&nbsp; 2416275, 5.243%, 6/04/2021 †x¶#^ | Square | 12/06/2019 | 1843 | 1708 | 144 |
| &nbsp;&nbsp;&nbsp; 2416780245, 24.000%, 6/16/2023 †x¥#^ | Stripe | 12/21/2021 | 399 | 415 | 16 |
| &nbsp;&nbsp;&nbsp; 2417344891, 18.928%, 1/17/2024 †x¥#^ | Stripe | 7/22/2022 | 2784 | 2895 | 111 |
| &nbsp;&nbsp;&nbsp; 2418753, 4.444%, 6/04/2021 †x¶#^ | Square | 12/06/2019 | 11544 | 10822 | 905 |
| &nbsp;&nbsp;&nbsp; 2421089483, 23.467%, 1/14/2023 †x¥#^ | Stripe | 7/21/2021 | 2000 | 2080 | 80 |
| &nbsp;&nbsp;&nbsp; 2421293, 5.566%, 6/05/2021 †x¶#^ | Square | 12/09/2019 | 989 | 913 | 78 |
| &nbsp;&nbsp;&nbsp; 2421330, 5.714%, 6/05/2021 †x¶#^ | Square | 12/09/2019 | 830 | 765 | 65 |
| &nbsp;&nbsp;&nbsp; 242165428, 14.930%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 8262 | 8593 | 8647 |
| &nbsp;&nbsp;&nbsp; 2421695, 4.604%, 6/05/2021 †x¶#^ | Square | 12/09/2019 | 481 | 450 | 38 |
| &nbsp;&nbsp;&nbsp; 2425052937, 25.333%, 8/22/2024 †x¥#^ | Stripe | 2/27/2023 | 1649 | 1715 | 66 |
| &nbsp;&nbsp;&nbsp; 2426506622, 26.519%, 11/12/2025 †x¥# | Stripe | 5/17/2024 | 457 | 475 | 80 |
| &nbsp;&nbsp;&nbsp; 2428973465, 16.133%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 7433 | 7730 | 7825 |
| &nbsp;&nbsp;&nbsp; 2429274203, 22.127%, 6/28/2024 †x¥#^ | Stripe | 1/04/2023 | 4032 | 4194 | 161 |
| &nbsp;&nbsp;&nbsp; 2431468511, 24.000%, 6/30/2023 †x¥#^ | Stripe | 1/04/2022 | 6378 | 6633 | 255 |
| &nbsp;&nbsp;&nbsp; 2433809876, 24.000%, 2/14/2024 †x¥#^ | Stripe | 2/01/2022 | 7068 | 7350 | 283 |
| &nbsp;&nbsp;&nbsp; 2434591320, 26.533%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 2565 | 2667 | 1528 |
| &nbsp;&nbsp;&nbsp; 2434603368, 17.867%, 5/08/2026 †x¥ | Stripe | 11/13/2024 | 1049 | 1091 | 1107 |
| &nbsp;&nbsp;&nbsp; 2436413425, 26.516%, 12/19/2025 †x¥ | Stripe | 6/25/2024 | 482 | 501 | 294 |
| &nbsp;&nbsp;&nbsp; 2436597010, 25.333%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 555 | 577 | 22 |
| &nbsp;&nbsp;&nbsp; 2437203, 4.417%, 6/10/2021 †x¶#^ | Square | 12/12/2019 | 360 | 338 | 28 |
| &nbsp;&nbsp;&nbsp; 2437215, 4.567%, 6/10/2021 †x¶#^ | Square | 12/12/2019 | 466 | 437 | 37 |
| &nbsp;&nbsp;&nbsp; 2437334, 4.403%, 6/10/2021 †x¶#^ | Square | 12/12/2019 | 21005 | 19704 | 1647 |
| &nbsp;&nbsp;&nbsp; 2438313, 4.444%, 6/10/2021 †x¶#^ | Square | 12/12/2019 | 1496 | 1403 | 117 |
| &nbsp;&nbsp;&nbsp; 2438549, 4.553%, 6/11/2021 †x¶#^ | Square | 12/13/2019 | 459 | 430 | 36 |
| &nbsp;&nbsp;&nbsp; 2439418, 4.403%, 6/11/2021 †x¶#^ | Square | 12/13/2019 | 801 | 752 | 63 |
| &nbsp;&nbsp;&nbsp; 2439424, 4.724%, 6/11/2021 †x¶#^ | Square | 12/13/2019 | 1759 | 1642 | 138 |
| &nbsp;&nbsp;&nbsp; 2439499, 4.403%, 6/11/2021 †x¶#^ | Square | 12/13/2019 | 2027 | 1902 | 159 |
| &nbsp;&nbsp;&nbsp; 2439721034, 20.000%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 34846 | 36240 | 37192 |
| &nbsp;&nbsp;&nbsp; 2440294, 4.403%, 6/11/2021 †x¶#^ | Square | 12/13/2019 | 10548 | 9894 | 827 |
| &nbsp;&nbsp;&nbsp; 2441311, 3.302%, 6/11/2021 †x¶#^ | Square | 12/13/2019 | 156 | 148 | 12 |
| &nbsp;&nbsp;&nbsp; 2441498900, 13.067%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 33327 | 34660 | 35173 |
| &nbsp;&nbsp;&nbsp; 2441831, 3.302%, 6/11/2021 †x¶#^ | Square | 12/13/2019 | 6555 | 6246 | 514 |
| &nbsp;&nbsp;&nbsp; 2444837725, 25.538%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | 684 | 711 | 724 |
| &nbsp;&nbsp;&nbsp; 2445053369, 24.000%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 6682 | 6949 | 7179 |
| &nbsp;&nbsp;&nbsp; 2445628254, 21.172%, 7/04/2024 †x¥#^ | Stripe | 1/09/2023 | 2126 | 2211 | 85 |
| &nbsp;&nbsp;&nbsp; 2445724, 5.415%, 6/12/2021 †x¶#^ | Square | 12/16/2019 | 576 | 533 | 45 |
| &nbsp;&nbsp;&nbsp; 2445799, 3.301%, 6/12/2021 †x¶#^ | Square | 12/16/2019 | 7543 | 7187 | 591 |
| &nbsp;&nbsp;&nbsp; 2445971830, 26.530%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 2028 | 2109 | 2147 |
| &nbsp;&nbsp;&nbsp; 2446700, 4.577%, 6/12/2021 †x¶#^ | Square | 12/16/2019 | 738 | 690 | 58 |
| &nbsp;&nbsp;&nbsp; 2447115, 4.572%, 6/12/2021 †x¶#^ | Square | 12/16/2019 | 415 | 388 | 33 |
| &nbsp;&nbsp;&nbsp; 2447996, 4.867%, 6/13/2021 †x¶#^ | Square | 12/17/2019 | 610 | 568 | 48 |
| &nbsp;&nbsp;&nbsp; 2448272, 3.966%, 6/13/2021 †x¶#^ | Square | 12/17/2019 | 1652 | 1559 | 130 |
| &nbsp;&nbsp;&nbsp; 2448680, 4.565%, 6/13/2021 †x¶#^ | Square | 12/17/2019 | 2922 | 2734 | 229 |
| &nbsp;&nbsp;&nbsp; 2451359, 5.079%, 6/14/2021 †x¶#^ | Square | 12/18/2019 | 1036 | 963 | 81 |
| &nbsp;&nbsp;&nbsp; 2453274149, 22.399%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 15560 | 16182 | 16622 |
| &nbsp;&nbsp;&nbsp; 245372948, 26.095%, 3/20/2026 †x¥# | Stripe | 9/24/2024 | 1147 | 1193 | 198 |
| &nbsp;&nbsp;&nbsp; 2455439091, 26.531%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 26179 | 27226 | 27554 |
| &nbsp;&nbsp;&nbsp; 2455983, 4.557%, 6/16/2021 †x¶#^ | Square | 12/18/2019 | 464 | 434 | 36 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8624** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2456816, 3.774%, 6/16/2021 †x¶#^ | Square | 12/18/2019 | $12370 | $11708 | $970 |
| &nbsp;&nbsp;&nbsp; 2457818562, 21.143%, 1/24/2026 †x¥ | Stripe | 7/31/2024 | 168 | 175 | 179 |
| &nbsp;&nbsp;&nbsp; 2458998798, 26.533%, 10/21/2025 †x¥# | Stripe | 4/25/2024 | 759 | 789 | 30 |
| &nbsp;&nbsp;&nbsp; 2461123, 3.963%, 6/18/2021 †x¶#^ | Square | 12/20/2019 | 1719 | 1623 | 135 |
| &nbsp;&nbsp;&nbsp; 2461388679, 24.000%, 5/02/2023 †x¥#^ | Stripe | 11/04/2021 | 6578 | 6841 | 263 |
| &nbsp;&nbsp;&nbsp; 2461852, 3.774%, 6/18/2021 †x¶#^ | Square | 12/20/2019 | 404 | 382 | 32 |
| &nbsp;&nbsp;&nbsp; 2462047, 5.238%, 6/18/2021 †x¶#^ | Square | 12/20/2019 | 1612 | 1494 | 126 |
| &nbsp;&nbsp;&nbsp; 2463812, 5.249%, 6/18/2021 †x¶#^ | Square | 12/20/2019 | 2454 | 2275 | 192 |
| &nbsp;&nbsp;&nbsp; 2464078, 5.079%, 6/18/2021 †x¶#^ | Square | 12/20/2019 | 9648 | 8965 | 756 |
| &nbsp;&nbsp;&nbsp; 2464717015, 16.262%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 15040 | 15641 | 15658 |
| &nbsp;&nbsp;&nbsp; 2465422, 5.238%, 6/18/2021 †x¶#^ | Square | 12/20/2019 | 10808 | 10021 | 847 |
| &nbsp;&nbsp;&nbsp; 2467577, 4.563%, 6/19/2021 †x¶#^ | Square | 12/23/2019 | 995 | 931 | 78 |
| &nbsp;&nbsp;&nbsp; 2467840, 4.417%, 6/19/2021 †x¶#^ | Square | 12/23/2019 | 1185 | 1111 | 93 |
| &nbsp;&nbsp;&nbsp; 2467946, 4.717%, 6/19/2021 †x¶#^ | Square | 12/23/2019 | 668 | 624 | 52 |
| &nbsp;&nbsp;&nbsp; 2468887, 3.299%, 6/19/2021 †x¶#^ | Square | 12/23/2019 | 3699 | 3525 | 290 |
| &nbsp;&nbsp;&nbsp; 2469961, 4.724%, 6/19/2021 †x¶#^ | Square | 12/23/2019 | 3405 | 3180 | 267 |
| &nbsp;&nbsp;&nbsp; 2470253641, 24.000%, 4/19/2023 †x¥#^ | Stripe | 10/22/2021 | 1265 | 1315 | 51 |
| &nbsp;&nbsp;&nbsp; 2470596, 4.732%, 6/19/2021 †x¶#^ | Square | 12/23/2019 | 435 | 406 | 34 |
| &nbsp;&nbsp;&nbsp; 2470607, 4.415%, 6/19/2021 †x¶#^ | Square | 12/23/2019 | 1372 | 1286 | 108 |
| &nbsp;&nbsp;&nbsp; 2470871, 5.714%, 6/20/2021 †x¶#^ | Square | 12/24/2019 | 220 | 202 | 17 |
| &nbsp;&nbsp;&nbsp; 2471129704, 25.333%, 12/27/2023 †x¥#^ | Stripe | 7/01/2022 | 858 | 892 | 34 |
| &nbsp;&nbsp;&nbsp; 2471212, 4.558%, 6/20/2021 †x¶#^ | Square | 12/24/2019 | 4108 | 3845 | 322 |
| &nbsp;&nbsp;&nbsp; 2471421, 5.238%, 6/20/2021 †x¶#^ | Square | 12/24/2019 | 1285 | 1191 | 101 |
| &nbsp;&nbsp;&nbsp; 2473761806, 26.519%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 441 | 458 | 471 |
| &nbsp;&nbsp;&nbsp; 2473973, 3.774%, 6/20/2021 †x¶#^ | Square | 12/24/2019 | 43002 | 40698 | 3371 |
| &nbsp;&nbsp;&nbsp; 2475046, 4.563%, 6/21/2021 †x¶#^ | Square | 12/26/2019 | 3477 | 3254 | 273 |
| &nbsp;&nbsp;&nbsp; 2475337312, 26.493%, 1/15/2026 †x¥# | Stripe | 7/22/2024 | 1557 | 1619 | 62 |
| &nbsp;&nbsp;&nbsp; 2476573, 4.597%, 6/22/2021 †x¶#^ | Square | 12/26/2019 | 1491 | 1395 | 117 |
| &nbsp;&nbsp;&nbsp; 2476596, 4.444%, 6/22/2021 †x¶#^ | Square | 12/26/2019 | 1092 | 1024 | 86 |
| &nbsp;&nbsp;&nbsp; 2476713, 4.567%, 6/23/2021 †x¶#^ | Square | 12/26/2019 | 2562 | 2398 | 201 |
| &nbsp;&nbsp;&nbsp; 2476894731, 21.060%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 3196 | 3324 | 3414 |
| &nbsp;&nbsp;&nbsp; 2477171825, 17.998%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 10160 | 10566 | 10574 |
| &nbsp;&nbsp;&nbsp; 2477517, 4.560%, 6/23/2021 †x¶#^ | Square | 12/26/2019 | 705 | 659 | 55 |
| &nbsp;&nbsp;&nbsp; 2478223451, 20.400%, 6/03/2025 †x¥#^ | Stripe | 12/07/2023 | 3783 | 3935 | 151 |
| &nbsp;&nbsp;&nbsp; 2478709273, 21.199%, 4/11/2024 †x¥#^ | Stripe | 10/17/2022 | 4806 | 4998 | 192 |
| &nbsp;&nbsp;&nbsp; 2478817083, 17.600%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 6524 | 6784 | 6884 |
| &nbsp;&nbsp;&nbsp; 2478943, 4.560%, 6/23/2021 †x¶#^ | Square | 12/26/2019 | 1254 | 1174 | 98 |
| &nbsp;&nbsp;&nbsp; 2479222254, 26.533%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 695 | 723 | 741 |
| &nbsp;&nbsp;&nbsp; 2480443474, 18.784%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 1598 | 1661 | 1687 |
| &nbsp;&nbsp;&nbsp; 2481369, 4.563%, 6/24/2021 †x¶#^ | Square | 12/27/2019 | 2469 | 2311 | 194 |
| &nbsp;&nbsp;&nbsp; 24820173, 23.848%, 4/24/2024 †x¥#^ | Stripe | 10/28/2022 | 754 | 784 | 30 |
| &nbsp;&nbsp;&nbsp; 2483014, 5.246%, 6/24/2021 †x¶#^ | Square | 12/27/2019 | 3015 | 2795 | 236 |
| &nbsp;&nbsp;&nbsp; 2483437, 3.774%, 6/24/2021 †x¶#^ | Square | 12/27/2019 | 13991 | 13241 | 1097 |
| &nbsp;&nbsp;&nbsp; 248991823, 20.666%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 2258 | 2348 | 2403 |
| &nbsp;&nbsp;&nbsp; 2490750, 5.397%, 6/27/2021 †x¶#^ | Square | 12/31/2019 | 2731 | 2526 | 214 |
| &nbsp;&nbsp;&nbsp; 2491359, 5.547%, 6/27/2021 †x¶#^ | Square | 12/31/2019 | 495 | 457 | 39 |
| &nbsp;&nbsp;&nbsp; 2491716500, 26.133%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 5356 | 5571 | 5674 |
| &nbsp;&nbsp;&nbsp; 2493576, 4.621%, 6/29/2021 †x¶#^ | Square | 1/02/2020 | 1219 | 1140 | 96 |
| &nbsp;&nbsp;&nbsp; 2494765, 3.973%, 6/30/2021 †x¶#^ | Square | 1/02/2020 | 296 | 280 | 23 |
| &nbsp;&nbsp;&nbsp; 2494863, 5.079%, 6/30/2021 †x¶#^ | Square | 1/02/2020 | 25165 | 23624 | 1973 |
| &nbsp;&nbsp;&nbsp; 2495545523, 22.000%, 10/03/2026 †x¥ | Stripe | 4/09/2025 | 25619 | 26644 | 27258 |
| &nbsp;&nbsp;&nbsp; 2495726739, 26.532%, 8/01/2025 †x¥#^ | Stripe | 2/06/2024 | 8542 | 8884 | 342 |
| &nbsp;&nbsp;&nbsp; 2496202691, 26.532%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 15528 | 16150 | 16342 |
| &nbsp;&nbsp;&nbsp; 2497100352, 16.074%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 438 | 456 | 462 |
| &nbsp;&nbsp;&nbsp; 2498139, 5.238%, 6/30/2021 †x¶#^ | Square | 1/02/2020 | 968 | 898 | 76 |
| &nbsp;&nbsp;&nbsp; 2498614, 3.970%, 6/30/2021 †x¶#^ | Square | 1/03/2020 | 3514 | 3316 | 275 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8625** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2498898, 3.969%, 6/30/2021 †x¶#^ | Square | 1/03/2020 | $5441 | $5136 | $427 |
| &nbsp;&nbsp;&nbsp; 2498910, 5.714%, 6/30/2021 †x¶#^ | Square | 1/03/2020 | 3800 | 3500 | 298 |
| &nbsp;&nbsp;&nbsp; 2500343, 5.237%, 6/30/2021 †x¶#^ | Square | 1/03/2020 | 5710 | 5294 | 448 |
| &nbsp;&nbsp;&nbsp; 2501602, 5.239%, 6/30/2021 †x¶#^ | Square | 1/03/2020 | 19709 | 18309 | 1545 |
| &nbsp;&nbsp;&nbsp; 2503212, 3.968%, 7/01/2021 †x¶#^ | Square | 1/06/2020 | 2437 | 2300 | 191 |
| &nbsp;&nbsp;&nbsp; 2504395, 5.245%, 7/02/2021 †x¶#^ | Square | 1/06/2020 | 1367 | 1268 | 107 |
| &nbsp;&nbsp;&nbsp; 2504634874, 26.485%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 2200 | 2288 | 2288 |
| &nbsp;&nbsp;&nbsp; 2506316, 5.238%, 7/02/2021 †x¶#^ | Square | 1/06/2020 | 2417 | 2241 | 190 |
| &nbsp;&nbsp;&nbsp; 2507740941, 14.399%, 3/05/2026 †x¥ | Stripe | 9/09/2024 | 2267 | 2357 | 2455 |
| &nbsp;&nbsp;&nbsp; 2507976, 5.553%, 7/03/2021 †x¶#^ | Square | 1/07/2020 | 1518 | 1402 | 119 |
| &nbsp;&nbsp;&nbsp; 2508521, 5.238%, 7/03/2021 †x¶#^ | Square | 1/07/2020 | 370 | 343 | 29 |
| &nbsp;&nbsp;&nbsp; 2510141, 5.239%, 7/03/2021 †x¶#^ | Square | 1/07/2020 | 765 | 709 | 60 |
| &nbsp;&nbsp;&nbsp; 2511133661, 25.846%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 1713 | 1782 | 1822 |
| &nbsp;&nbsp;&nbsp; 2511481, 5.714%, 7/04/2021 †x¶#^ | Square | 1/08/2020 | 792 | 729 | 62 |
| &nbsp;&nbsp;&nbsp; 251262402, 26.510%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 1438 | 1496 | 1528 |
| &nbsp;&nbsp;&nbsp; 2516558, 5.243%, 7/07/2021 †x¶#^ | Square | 1/09/2020 | 2045 | 1896 | 160 |
| &nbsp;&nbsp;&nbsp; 2517068372, 19.329%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 11310 | 11762 | 11825 |
| &nbsp;&nbsp;&nbsp; 2517773, 5.079%, 7/07/2021 †x¶#^ | Square | 1/09/2020 | 958 | 890 | 75 |
| &nbsp;&nbsp;&nbsp; 2517964449, 19.459%, 1/20/2025 †x¥#^ | Stripe | 11/29/2022 | 5623 | 5848 | 225 |
| &nbsp;&nbsp;&nbsp; 251fcd86-6588-4350-8af4-7a8d61c03c30, 26.990%, 3/13/2024 †x#^ | Funding Circle | 9/17/2018 | 11583 | 11583 | 3475 |
| &nbsp;&nbsp;&nbsp; 2520977519, 25.859%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 4983 | 5182 | 5237 |
| &nbsp;&nbsp;&nbsp; 2525413, 3.941%, 7/09/2021 †x¶#^ | Square | 1/13/2020 | 782 | 738 | 61 |
| &nbsp;&nbsp;&nbsp; 2525918212, 22.667%, 12/16/2024 †x¥#^ | Stripe | 10/14/2022 | 4723 | 4912 | 189 |
| &nbsp;&nbsp;&nbsp; 2526748, 4.558%, 7/10/2021 †x¶#^ | Square | 1/14/2020 | 325 | 304 | 25 |
| &nbsp;&nbsp;&nbsp; 2527245, 3.305%, 7/10/2021 †x¶#^ | Square | 1/14/2020 | 7122 | 6785 | 558 |
| &nbsp;&nbsp;&nbsp; 2527252, 4.874%, 7/10/2021 †x¶#^ | Square | 1/14/2020 | 889 | 829 | 70 |
| &nbsp;&nbsp;&nbsp; 2527290, 3.774%, 7/10/2021 †x¶#^ | Square | 1/14/2020 | 713 | 675 | 56 |
| &nbsp;&nbsp;&nbsp; 2528885800, 26.127%, 12/20/2025 †x¥# | Stripe | 10/13/2023 | 298 | 310 | 12 |
| &nbsp;&nbsp;&nbsp; 2529174813, 18.933%, 5/16/2023 †x¥#^ | Stripe | 11/18/2021 | 905 | 942 | 36 |
| &nbsp;&nbsp;&nbsp; 2529376761, 26.522%, 10/17/2025 †x¥# | Stripe | 8/08/2023 | 2414 | 2511 | 97 |
| &nbsp;&nbsp;&nbsp; 2529576254, 16.267%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 11758 | 12228 | 12273 |
| &nbsp;&nbsp;&nbsp; 2530145, 3.774%, 7/11/2021 †x¶#^ | Square | 1/15/2020 | 5960 | 5641 | 467 |
| &nbsp;&nbsp;&nbsp; 2532111, 4.568%, 7/13/2021 †x¶#^ | Square | 1/15/2020 | 892 | 835 | 70 |
| &nbsp;&nbsp;&nbsp; 2533239, 5.031%, 7/13/2021 †x¶#^ | Square | 1/15/2020 | 189 | 176 | 15 |
| &nbsp;&nbsp;&nbsp; 2533587, 3.932%, 7/13/2021 †x¶#^ | Square | 1/15/2020 | 5153 | 4866 | 404 |
| &nbsp;&nbsp;&nbsp; 2534135, 3.931%, 7/13/2021 †x¶#^ | Square | 1/15/2020 | 546 | 515 | 43 |
| &nbsp;&nbsp;&nbsp; 2534410, 4.403%, 7/13/2021 †x¶#^ | Square | 1/15/2020 | 6328 | 5936 | 496 |
| &nbsp;&nbsp;&nbsp; 2534494, 4.560%, 7/13/2021 †x¶#^ | Square | 1/15/2020 | 10354 | 9691 | 812 |
| &nbsp;&nbsp;&nbsp; 253458019, 14.929%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 6249 | 6499 | 6563 |
| &nbsp;&nbsp;&nbsp; 2535612860, 24.000%, 6/06/2023 †x¥#^ | Stripe | 12/09/2021 | 1977 | 2056 | 79 |
| &nbsp;&nbsp;&nbsp; 2544878986, 22.122%, 3/28/2025 †x¥#^ | Stripe | 10/03/2023 | 2226 | 2315 | 89 |
| &nbsp;&nbsp;&nbsp; 25470756, 23.865%, 6/03/2025 †x¥#^ | Stripe | 12/07/2023 | 42248 | 43937 | 1690 |
| &nbsp;&nbsp;&nbsp; 2549862991, 25.600%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 3046 | 3168 | 3198 |
| &nbsp;&nbsp;&nbsp; 2551069661, 16.000%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 2653 | 2759 | 2768 |
| &nbsp;&nbsp;&nbsp; 2554418991, 26.485%, 1/22/2025 †x¥#^ | Stripe | 7/28/2023 | 615 | 640 | 25 |
| &nbsp;&nbsp;&nbsp; 2555180586, 20.394%, 1/06/2027 †x¥ | Stripe | 7/11/2025 | 10839 | 11272 | 11363 |
| &nbsp;&nbsp;&nbsp; 2556226251, 25.867%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | 34496 | 35876 | 36422 |
| &nbsp;&nbsp;&nbsp; 2557532990, 26.120%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 2135 | 2220 | 2260 |
| &nbsp;&nbsp;&nbsp; 2562113739, 26.533%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 317 | 329 | 338 |
| &nbsp;&nbsp;&nbsp; 2566608, 4.560%, 7/25/2021 †x¶#^ | Square | 1/29/2020 | 2493 | 2334 | 195 |
| &nbsp;&nbsp;&nbsp; 2566671800, 21.159%, 1/14/2026 †x¥ | Stripe | 7/19/2024 | 97 | 101 | 105 |
| &nbsp;&nbsp;&nbsp; 2566918711, 20.000%, 12/20/2024 †x¥#^ | Stripe | 6/27/2023 | 8390 | 8726 | 336 |
| &nbsp;&nbsp;&nbsp; 2567933, 4.403%, 7/27/2021 †x¶#^ | Square | 1/29/2020 | 8109 | 7606 | 636 |
| &nbsp;&nbsp;&nbsp; 2568555798, 26.444%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 1164 | 1211 | 1212 |
| &nbsp;&nbsp;&nbsp; 2569473706, 19.321%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 3812 | 3964 | 3998 |
| &nbsp;&nbsp;&nbsp; 2571179009, 26.533%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 559 | 582 | 591 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8626** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2576239308, 25.600%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | $6000 | $6240 | $6240 |
| &nbsp;&nbsp;&nbsp; 257936127, 20.928%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 1712 | 1781 | 68 |
| &nbsp;&nbsp;&nbsp; 2580784, 4.107%, 7/30/2021 †x¶#^ | Square | 2/03/2020 | 53815 | 50692 | 4219 |
| &nbsp;&nbsp;&nbsp; 2581543889, 26.532%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 17745 | 18455 | 18651 |
| &nbsp;&nbsp;&nbsp; 2582526824, 25.333%, 10/04/2024 †x¥#^ | Stripe | 4/11/2023 | 3312 | 3444 | 132 |
| &nbsp;&nbsp;&nbsp; 2582781, 5.210%, 7/31/2021 †x¶#^ | Square | 2/04/2020 | 638 | 592 | 50 |
| &nbsp;&nbsp;&nbsp; 2583145573, 24.000%, 2/21/2023 †x¥#^ | Stripe | 8/26/2021 | 23091 | 24015 | 924 |
| &nbsp;&nbsp;&nbsp; 2583344, 4.739%, 7/31/2021 †x¶#^ | Square | 2/04/2020 | 1183 | 1104 | 93 |
| &nbsp;&nbsp;&nbsp; 2584475795, 20.799%, 8/17/2024 †x¥#^ | Stripe | 2/23/2023 | 2122 | 2207 | 85 |
| &nbsp;&nbsp;&nbsp; 2585983264, 21.975%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 1128 | 1173 | 1197 |
| &nbsp;&nbsp;&nbsp; 2586541282, 26.523%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 6016 | 6257 | 6274 |
| &nbsp;&nbsp;&nbsp; 2587926727, 15.200%, 11/22/2022 †x¥#^ | Stripe | 5/27/2021 | 397 | 413 | 16 |
| &nbsp;&nbsp;&nbsp; 2588359023, 19.199%, 8/09/2024 †x¥#^ | Stripe | 2/14/2023 | 5119 | 5320 | 205 |
| &nbsp;&nbsp;&nbsp; 2588551, 4.739%, 8/03/2021 †x¶#^ | Square | 2/05/2020 | 729 | 680 | 57 |
| &nbsp;&nbsp;&nbsp; 2589370486, 26.528%, 5/30/2026 †x¥ | Stripe | 12/04/2024 | 1831 | 1904 | 1103 |
| &nbsp;&nbsp;&nbsp; 2589435603, 18.118%, 3/04/2024 †x¥#^ | Stripe | 12/14/2021 | 1499 | 1559 | 60 |
| &nbsp;&nbsp;&nbsp; 2589894080, 16.000%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 7166 | 7453 | 7500 |
| &nbsp;&nbsp;&nbsp; 2590261, 4.282%, 8/03/2021 †x¶#^ | Square | 2/05/2020 | 652 | 612 | 51 |
| &nbsp;&nbsp;&nbsp; 2591694492, 26.519%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 631 | 656 | 671 |
| &nbsp;&nbsp;&nbsp; 2591932, 4.587%, 8/04/2021 †x¶#^ | Square | 2/06/2020 | 522 | 489 | 41 |
| &nbsp;&nbsp;&nbsp; 2592612, 3.635%, 8/04/2021 †x¶#^ | Square | 2/06/2020 | 3328 | 3156 | 261 |
| &nbsp;&nbsp;&nbsp; 2592617, 5.371%, 8/04/2021 †x¶#^ | Square | 2/06/2020 | 591 | 547 | 46 |
| &nbsp;&nbsp;&nbsp; 2592899476, 24.000%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 1071 | 1113 | 1143 |
| &nbsp;&nbsp;&nbsp; 2592919, 4.270%, 8/04/2021 †x¶#^ | Square | 2/06/2020 | 2090 | 1964 | 164 |
| &nbsp;&nbsp;&nbsp; 2593141, 4.739%, 8/04/2021 †x¶#^ | Square | 2/06/2020 | 1208 | 1128 | 95 |
| &nbsp;&nbsp;&nbsp; 25936838, 26.532%, 2/17/2025 †x¥#^ | Stripe | 6/26/2023 | 7304 | 7596 | 292 |
| &nbsp;&nbsp;&nbsp; 2594381, 4.906%, 8/04/2021 †x¶#^ | Square | 2/06/2020 | 2344 | 2184 | 184 |
| &nbsp;&nbsp;&nbsp; 2595656, 4.897%, 8/05/2021 †x¶#^ | Square | 2/07/2020 | 7469 | 6958 | 586 |
| &nbsp;&nbsp;&nbsp; 2595875, 4.739%, 8/05/2021 †x¶#^ | Square | 2/07/2020 | 1473 | 1375 | 115 |
| &nbsp;&nbsp;&nbsp; 2597001793, 19.733%, 6/01/2024 †x¥#^ | Stripe | 12/07/2022 | 1149 | 1195 | 46 |
| &nbsp;&nbsp;&nbsp; 2598072, 4.248%, 8/05/2021 †x¶#^ | Square | 2/07/2020 | 324 | 304 | 25 |
| &nbsp;&nbsp;&nbsp; 2598232, 4.898%, 8/05/2021 †x¶#^ | Square | 2/07/2020 | 2220 | 2068 | 174 |
| &nbsp;&nbsp;&nbsp; 2598574, 4.897%, 8/05/2021 †x¶#^ | Square | 2/07/2020 | 1828 | 1703 | 143 |
| &nbsp;&nbsp;&nbsp; 2600113816, 19.188%, 3/04/2026 †x¥ | Stripe | 9/06/2024 | 1071 | 1114 | 1147 |
| &nbsp;&nbsp;&nbsp; 2601083, 4.902%, 8/06/2021 †x¶#^ | Square | 2/10/2020 | 1689 | 1573 | 132 |
| &nbsp;&nbsp;&nbsp; 2601394, 4.897%, 8/06/2021 †x¶#^ | Square | 2/10/2020 | 1400 | 1304 | 110 |
| &nbsp;&nbsp;&nbsp; 2602500, 5.224%, 8/06/2021 †x¶#^ | Square | 2/10/2020 | 1465 | 1358 | 115 |
| &nbsp;&nbsp;&nbsp; 2604856, 5.068%, 8/07/2021 †x¶#^ | Square | 2/11/2020 | 1323 | 1230 | 104 |
| &nbsp;&nbsp;&nbsp; 2605336, 5.217%, 8/07/2021 †x¶#^ | Square | 2/11/2020 | 4381 | 4063 | 343 |
| &nbsp;&nbsp;&nbsp; 2605675, 4.909%, 8/07/2021 †x¶#^ | Square | 2/11/2020 | 1617 | 1506 | 127 |
| &nbsp;&nbsp;&nbsp; 2605956, 4.880%, 8/07/2021 †x¶#^ | Square | 2/11/2020 | 69 | 64 | 5 |
| &nbsp;&nbsp;&nbsp; 2606099, 4.256%, 8/07/2021 †x¶#^ | Square | 2/11/2020 | 1243 | 1168 | 97 |
| &nbsp;&nbsp;&nbsp; 2608437877, 25.600%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 8026 | 8347 | 8372 |
| &nbsp;&nbsp;&nbsp; 2609043102, 20.784%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 897 | 933 | 947 |
| &nbsp;&nbsp;&nbsp; 2609612, 3.602%, 8/10/2021 †x¶#^ | Square | 2/12/2020 | 174 | 165 | 14 |
| &nbsp;&nbsp;&nbsp; 2609661222, 20.667%, 9/23/2025 †x¥# | Stripe | 3/28/2024 | 1029 | 1070 | 41 |
| &nbsp;&nbsp;&nbsp; 2610335758, 19.458%, 10/04/2024 †x¥#^ | Stripe | 4/11/2023 | 916 | 953 | 37 |
| &nbsp;&nbsp;&nbsp; 2610717, 4.739%, 8/10/2021 †x¶#^ | Square | 2/12/2020 | 2677 | 2499 | 210 |
| &nbsp;&nbsp;&nbsp; 2611673, 3.633%, 8/10/2021 †x¶#^ | Square | 2/12/2020 | 548 | 519 | 43 |
| &nbsp;&nbsp;&nbsp; 2615081572, 22.000%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 948 | 985 | 1029 |
| &nbsp;&nbsp;&nbsp; 2617305, 4.895%, 8/12/2021 †x¶#^ | Square | 2/14/2020 | 2759 | 2570 | 216 |
| &nbsp;&nbsp;&nbsp; 2618393, 3.633%, 8/12/2021 †x¶#^ | Square | 2/14/2020 | 2392 | 2268 | 188 |
| &nbsp;&nbsp;&nbsp; 262035522, 26.303%, 3/19/2025 †x¥#^ | Stripe | 9/22/2023 | 296 | 308 | 12 |
| &nbsp;&nbsp;&nbsp; 262158154, 14.000%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 12908 | 13424 | 13486 |
| &nbsp;&nbsp;&nbsp; 2622250, 5.225%, 8/13/2021 †x¶#^ | Square | 2/18/2020 | 1228 | 1139 | 96 |
| &nbsp;&nbsp;&nbsp; 2622364, 5.371%, 8/13/2021 †x¶#^ | Square | 2/18/2020 | 2071 | 1917 | 162 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8627** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2622578029, 25.544%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | $1269 | $1320 | $1337 |
| &nbsp;&nbsp;&nbsp; 2623248, 4.739%, 8/13/2021 †x¶#^ | Square | 2/18/2020 | 668 | 624 | 52 |
| &nbsp;&nbsp;&nbsp; 2623661, 4.707%, 8/13/2021 †x¶#^ | Square | 2/18/2020 | 939 | 877 | 74 |
| &nbsp;&nbsp;&nbsp; 2624106, 4.591%, 8/13/2021 †x¶#^ | Square | 2/18/2020 | 201 | 188 | 16 |
| &nbsp;&nbsp;&nbsp; 2624648, 5.371%, 8/13/2021 †x¶#^ | Square | 2/18/2020 | 1631 | 1510 | 128 |
| &nbsp;&nbsp;&nbsp; 2626479682, 19.600%, 10/01/2024 †x¥#^ | Stripe | 4/06/2023 | 16755 | 17426 | 670 |
| &nbsp;&nbsp;&nbsp; 2627101534, 23.198%, 4/21/2023 †x¥#^ | Stripe | 10/26/2021 | 1530 | 1591 | 61 |
| &nbsp;&nbsp;&nbsp; 2627835, 4.866%, 8/14/2021 †x¶#^ | Square | 2/19/2020 | 495 | 461 | 39 |
| &nbsp;&nbsp;&nbsp; 2628594, 4.403%, 8/15/2021 †x¶#^ | Square | 2/20/2020 | 1443 | 1353 | 113 |
| &nbsp;&nbsp;&nbsp; 2629114, 4.739%, 8/15/2021 †x¶#^ | Square | 2/20/2020 | 4523 | 4223 | 355 |
| &nbsp;&nbsp;&nbsp; 2629258, 4.545%, 8/15/2021 †x¶#^ | Square | 2/20/2020 | 155 | 145 | 12 |
| &nbsp;&nbsp;&nbsp; 2629381, 4.902%, 8/16/2021 †x¶#^ | Square | 2/20/2020 | 4441 | 4137 | 348 |
| &nbsp;&nbsp;&nbsp; 2629434050, 24.000%, 10/18/2023 †x¥#^ | Stripe | 4/22/2022 | 3500 | 3640 | 140 |
| &nbsp;&nbsp;&nbsp; 2629854, 4.403%, 8/16/2021 †x¶#^ | Square | 2/20/2020 | 1292 | 1212 | 101 |
| &nbsp;&nbsp;&nbsp; 2630137, 4.570%, 8/17/2021 †x¶#^ | Square | 2/20/2020 | 2043 | 1912 | 160 |
| &nbsp;&nbsp;&nbsp; 2630203, 3.928%, 8/17/2021 †x¶#^ | Square | 2/20/2020 | 3304 | 3120 | 259 |
| &nbsp;&nbsp;&nbsp; 2630682, 4.892%, 8/17/2021 †x¶#^ | Square | 2/20/2020 | 994 | 926 | 78 |
| &nbsp;&nbsp;&nbsp; 2631117, 4.562%, 8/17/2021 †x¶#^ | Square | 2/20/2020 | 9739 | 9115 | 764 |
| &nbsp;&nbsp;&nbsp; 2632182, 3.309%, 8/18/2021 †x¶#^ | Square | 2/20/2020 | 2748 | 2618 | 215 |
| &nbsp;&nbsp;&nbsp; 2632310271, 23.054%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 4264 | 4435 | 171 |
| &nbsp;&nbsp;&nbsp; 2634111, 3.906%, 8/18/2021 †x¶#^ | Square | 2/20/2020 | 237 | 223 | 19 |
| &nbsp;&nbsp;&nbsp; 2635256611, 18.800%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 17034 | 17715 | 17888 |
| &nbsp;&nbsp;&nbsp; 2638336, 4.897%, 8/19/2021 †x¶#^ | Square | 2/21/2020 | 36305 | 33820 | 2846 |
| &nbsp;&nbsp;&nbsp; 2639156, 5.031%, 8/19/2021 †x¶#^ | Square | 2/21/2020 | 9844 | 9154 | 772 |
| &nbsp;&nbsp;&nbsp; 2640236, 4.739%, 8/20/2021 †x¶#^ | Square | 2/24/2020 | 7839 | 7319 | 615 |
| &nbsp;&nbsp;&nbsp; 2640349, 4.903%, 8/20/2021 †x¶#^ | Square | 2/24/2020 | 1856 | 1729 | 145 |
| &nbsp;&nbsp;&nbsp; 2640565, 5.217%, 8/20/2021 †x¶#^ | Square | 2/24/2020 | 2967 | 2752 | 233 |
| &nbsp;&nbsp;&nbsp; 2640964, 3.774%, 8/20/2021 †x¶#^ | Square | 2/24/2020 | 5403 | 5114 | 424 |
| &nbsp;&nbsp;&nbsp; 2641065, 4.565%, 8/20/2021 †x¶#^ | Square | 2/24/2020 | 1294 | 1211 | 101 |
| &nbsp;&nbsp;&nbsp; 2641708, 4.558%, 8/20/2021 †x¶#^ | Square | 2/24/2020 | 7166 | 6708 | 562 |
| &nbsp;&nbsp;&nbsp; 2641894, 3.330%, 8/20/2021 †x¶#^ | Square | 2/24/2020 | 553 | 527 | 43 |
| &nbsp;&nbsp;&nbsp; 264400038, 20.800%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 4842 | 5035 | 5121 |
| &nbsp;&nbsp;&nbsp; 2645116, 5.371%, 8/21/2021 †x¶#^ | Square | 2/25/2020 | 1577 | 1459 | 124 |
| &nbsp;&nbsp;&nbsp; 264533588, 18.933%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 18649 | 19395 | 19701 |
| &nbsp;&nbsp;&nbsp; 2645419, 3.633%, 8/21/2021 †x¶#^ | Square | 2/25/2020 | 1760 | 1669 | 138 |
| &nbsp;&nbsp;&nbsp; 2645462, 4.912%, 8/21/2021 †x¶#^ | Square | 2/25/2020 | 281 | 262 | 22 |
| &nbsp;&nbsp;&nbsp; 2645597, 5.057%, 8/21/2021 †x¶#^ | Square | 2/25/2020 | 5616 | 5220 | 440 |
| &nbsp;&nbsp;&nbsp; 2646063007, 20.889%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 1382 | 1438 | 1445 |
| &nbsp;&nbsp;&nbsp; 26498980, 19.333%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 4715 | 4903 | 4999 |
| &nbsp;&nbsp;&nbsp; 2649915470, 26.520%, 7/02/2025 †x¥#^ | Stripe | 1/05/2024 | 5883 | 6118 | 235 |
| &nbsp;&nbsp;&nbsp; 2651818, 4.901%, 8/25/2021 †x¶#^ | Square | 2/27/2020 | 2368 | 2205 | 186 |
| &nbsp;&nbsp;&nbsp; 2651908642, 20.796%, 6/15/2024 †x¥#^ | Stripe | 12/21/2022 | 4225 | 4394 | 169 |
| &nbsp;&nbsp;&nbsp; 2651980, 5.223%, 8/25/2021 †x¶#^ | Square | 2/27/2020 | 366 | 340 | 29 |
| &nbsp;&nbsp;&nbsp; 2652702, 4.906%, 8/25/2021 †x¶#^ | Square | 2/27/2020 | 1009 | 940 | 79 |
| &nbsp;&nbsp;&nbsp; 2653829140, 26.531%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 2144 | 2229 | 2286 |
| &nbsp;&nbsp;&nbsp; 2654865, 4.899%, 8/25/2021 †x¶#^ | Square | 2/27/2020 | 8906 | 8296 | 698 |
| &nbsp;&nbsp;&nbsp; 2655066, 4.909%, 8/25/2021 †x¶#^ | Square | 2/27/2020 | 2093 | 1950 | 164 |
| &nbsp;&nbsp;&nbsp; 2655413, 4.280%, 8/25/2021 †x¶#^ | Square | 2/27/2020 | 819 | 770 | 64 |
| &nbsp;&nbsp;&nbsp; 2657315, 4.273%, 8/26/2021 †x¶#^ | Square | 2/28/2020 | 203 | 193 | 16 |
| &nbsp;&nbsp;&nbsp; 2658022, 4.297%, 8/26/2021 †x¶#^ | Square | 2/28/2020 | 349 | 328 | 27 |
| &nbsp;&nbsp;&nbsp; 2658409982, 20.800%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 2740 | 2849 | 2893 |
| &nbsp;&nbsp;&nbsp; 2659119, 4.745%, 8/26/2021 †x¶#^ | Square | 2/28/2020 | 2384 | 2226 | 187 |
| &nbsp;&nbsp;&nbsp; 2662188800, 16.130%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 12751 | 13261 | 13402 |
| &nbsp;&nbsp;&nbsp; 2663576191, 26.519%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 2331 | 2425 | 2436 |
| &nbsp;&nbsp;&nbsp; 2664283024, 18.133%, 12/30/2026 †x¥ | Stripe | 7/07/2025 | 31453 | 32711 | 32879 |
| &nbsp;&nbsp;&nbsp; 2665665555, 23.167%, 10/25/2024 †x¥#^ | Stripe | 5/02/2023 | 870 | 905 | 35 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8628** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2666364, 4.898%, 8/28/2021 †x¶#^ | Square | 3/03/2020 | $15223 | $14218 | $1193 |
| &nbsp;&nbsp;&nbsp; 2668052, 5.371%, 8/28/2021 †x¶#^ | Square | 3/03/2020 | 1031 | 954 | 81 |
| &nbsp;&nbsp;&nbsp; 2668698, 4.897%, 8/29/2021 †x¶#^ | Square | 3/04/2020 | 1901 | 1771 | 149 |
| &nbsp;&nbsp;&nbsp; 2668867, 4.896%, 8/29/2021 †x¶#^ | Square | 3/04/2020 | 10176 | 9479 | 798 |
| &nbsp;&nbsp;&nbsp; 2669370, 3.633%, 9/01/2021 †x¶#^ | Square | 3/04/2020 | 1068 | 1013 | 84 |
| &nbsp;&nbsp;&nbsp; 2669776090, 25.593%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 3097 | 3220 | 3239 |
| &nbsp;&nbsp;&nbsp; 2670023, 4.107%, 9/01/2021 †x¶#^ | Square | 3/04/2020 | 1703 | 1604 | 134 |
| &nbsp;&nbsp;&nbsp; 2671399, 4.739%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 20616 | 19247 | 1616 |
| &nbsp;&nbsp;&nbsp; 2671895, 4.739%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 2810 | 2624 | 220 |
| &nbsp;&nbsp;&nbsp; 2672027, 4.739%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 10552 | 9851 | 827 |
| &nbsp;&nbsp;&nbsp; 2672045972, 20.131%, 12/01/2025 †x¥# | Stripe | 9/22/2023 | 29722 | 30911 | 1189 |
| &nbsp;&nbsp;&nbsp; 2672073, 4.901%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 1520 | 1475 | 119 |
| &nbsp;&nbsp;&nbsp; 2672192, 4.739%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 7094 | 6623 | 556 |
| &nbsp;&nbsp;&nbsp; 2673212, 4.892%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 978 | 912 | 77 |
| &nbsp;&nbsp;&nbsp; 2673568, 5.371%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 155 | 144 | 12 |
| &nbsp;&nbsp;&nbsp; 2673804, 3.640%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 3080 | 2920 | 241 |
| &nbsp;&nbsp;&nbsp; 2674150, 4.897%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 957 | 891 | 75 |
| &nbsp;&nbsp;&nbsp; 2674342, 4.897%, 9/02/2021 †x¶#^ | Square | 3/04/2020 | 2206 | 2055 | 173 |
| &nbsp;&nbsp;&nbsp; 2676058, 4.866%, 9/03/2021 †x¶#^ | Square | 3/05/2020 | 606 | 564 | 47 |
| &nbsp;&nbsp;&nbsp; 2676108176, 26.510%, 8/12/2025 †x¥#^ | Stripe | 2/15/2024 | 1457 | 1516 | 58 |
| &nbsp;&nbsp;&nbsp; 2676544174, 18.933%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 364 | 378 | 387 |
| &nbsp;&nbsp;&nbsp; 2677605504, 21.995%, 3/19/2026 †x¥ | Stripe | 9/23/2024 | 7041 | 7323 | 7500 |
| &nbsp;&nbsp;&nbsp; 2677911121, 20.778%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 972 | 1011 | 1029 |
| &nbsp;&nbsp;&nbsp; 2678150, 5.058%, 9/03/2021 †x¶#^ | Square | 3/05/2020 | 4134 | 3842 | 324 |
| &nbsp;&nbsp;&nbsp; 2678636497, 11.066%, 7/24/2024 †x¥#^ | Stripe | 1/27/2023 | 28178 | 29305 | 1127 |
| &nbsp;&nbsp;&nbsp; 2680075, 4.906%, 9/04/2021 †x¶#^ | Square | 3/06/2020 | 448 | 417 | 35 |
| &nbsp;&nbsp;&nbsp; 2681719824, 26.510%, 5/06/2025 †x¥#^ | Stripe | 11/09/2023 | 1184 | 1231 | 47 |
| &nbsp;&nbsp;&nbsp; 2683924758, 26.533%, 2/21/2026 †x¥ | Stripe | 8/28/2024 | 2333 | 2427 | 2484 |
| &nbsp;&nbsp;&nbsp; 2684377, 3.633%, 9/05/2021 †x¶#^ | Square | 3/09/2020 | 1696 | 1608 | 133 |
| &nbsp;&nbsp;&nbsp; 2687126, 4.739%, 9/05/2021 †x¶#^ | Square | 3/09/2020 | 3366 | 3143 | 264 |
| &nbsp;&nbsp;&nbsp; 2687753338, 24.000%, 6/28/2023 †x¥#^ | Stripe | 12/31/2021 | 19200 | 19968 | 768 |
| &nbsp;&nbsp;&nbsp; 2688404, 5.217%, 9/06/2021 †x¶#^ | Square | 3/10/2020 | 2903 | 2692 | 228 |
| &nbsp;&nbsp;&nbsp; 2688630854, 13.067%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 46903 | 48779 | 49284 |
| &nbsp;&nbsp;&nbsp; 2689045, 3.632%, 9/06/2021 †x¶#^ | Square | 3/10/2020 | 6242 | 5919 | 489 |
| &nbsp;&nbsp;&nbsp; 2689337, 3.630%, 9/06/2021 †x¶#^ | Square | 3/10/2020 | 1364 | 1293 | 107 |
| &nbsp;&nbsp;&nbsp; 2690254465, 25.866%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 54698 | 56886 | 57668 |
| &nbsp;&nbsp;&nbsp; 2690805, 4.739%, 9/06/2021 †x¶#^ | Square | 3/10/2020 | 22922 | 21418 | 1797 |
| &nbsp;&nbsp;&nbsp; 2691094, 5.213%, 9/06/2021 †x¶#^ | Square | 3/10/2020 | 1264 | 1172 | 99 |
| &nbsp;&nbsp;&nbsp; 2692588, 4.912%, 9/07/2021 †x¶#^ | Square | 3/11/2020 | 553 | 515 | 43 |
| &nbsp;&nbsp;&nbsp; 2692858213, 18.790%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 4117 | 4281 | 4311 |
| &nbsp;&nbsp;&nbsp; 2694494, 3.639%, 9/09/2021 †x¶#^ | Square | 3/11/2020 | 27 | 25 | 2 |
| &nbsp;&nbsp;&nbsp; 2694725123, 22.667%, 4/23/2024 †x¥#^ | Stripe | 10/27/2022 | 31741 | 33011 | 1270 |
| &nbsp;&nbsp;&nbsp; 2695979, 4.742%, 9/09/2021 †x¶#^ | Square | 3/11/2020 | 5936 | 5541 | 465 |
| &nbsp;&nbsp;&nbsp; 2698218256, 25.571%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 2787 | 2898 | 2899 |
| &nbsp;&nbsp;&nbsp; 2700876114, 26.444%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 928 | 965 | 973 |
| &nbsp;&nbsp;&nbsp; 2702067113, 14.400%, 10/20/2023 †x¥#^ | Stripe | 4/26/2022 | 1244 | 1293 | 50 |
| &nbsp;&nbsp;&nbsp; 2704438, 4.929%, 9/11/2021 †x¶#^ | Square | 3/13/2020 | 580 | 540 | 45 |
| &nbsp;&nbsp;&nbsp; 2704454675, 26.525%, 1/13/2026 †x¥# | Stripe | 7/18/2024 | 2289 | 2381 | 407 |
| &nbsp;&nbsp;&nbsp; 2704561, 4.261%, 9/11/2021 †x¶#^ | Square | 3/13/2020 | 3107 | 2920 | 244 |
| &nbsp;&nbsp;&nbsp; 270494871, 18.799%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 4911 | 5107 | 5173 |
| &nbsp;&nbsp;&nbsp; 2706532, 5.055%, 9/12/2021 †x¶#^ | Square | 3/16/2020 | 24057 | 22361 | 1886 |
| &nbsp;&nbsp;&nbsp; 2707862, 4.739%, 9/12/2021 †x¶#^ | Square | 3/16/2020 | 4868 | 4545 | 382 |
| &nbsp;&nbsp;&nbsp; 2707892274, 25.863%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 12097 | 12580 | 12841 |
| &nbsp;&nbsp;&nbsp; 2708515653, 24.000%, 3/15/2023 †x¥#^ | Stripe | 9/17/2021 | 5951 | 6189 | 238 |
| &nbsp;&nbsp;&nbsp; 2708585758, 19.316%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 872 | 907 | 929 |
| &nbsp;&nbsp;&nbsp; 2709581891, 19.330%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 22385 | 23281 | 23290 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8629** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2710070, 4.258%, 9/13/2021 †x¶#^ | Square | 3/17/2020 | $784 | $737 | $61 |
| &nbsp;&nbsp;&nbsp; 2710096, 4.900%, 9/13/2021 †x¶#^ | Square | 3/17/2020 | 2834 | 2640 | 222 |
| &nbsp;&nbsp;&nbsp; 2710213, 4.739%, 9/13/2021 †x¶#^ | Square | 3/17/2020 | 18871 | 17627 | 1480 |
| &nbsp;&nbsp;&nbsp; 2710604168, 16.800%, 5/10/2023 †x¥#^ | Stripe | 11/15/2021 | 4371 | 4546 | 175 |
| &nbsp;&nbsp;&nbsp; 2712544, 4.107%, 9/15/2021 †x¶#^ | Square | 3/18/2020 | 546 | 515 | 43 |
| &nbsp;&nbsp;&nbsp; 2713495365, 16.131%, 5/26/2026 †x¥ | Stripe | 11/29/2024 | 19772 | 20563 | 20766 |
| &nbsp;&nbsp;&nbsp; 271444047, 14.262%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 4816 | 5008 | 5117 |
| &nbsp;&nbsp;&nbsp; 2714515148, 26.523%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 5592 | 5816 | 5868 |
| &nbsp;&nbsp;&nbsp; 2714759357, 19.304%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 2055 | 2137 | 1165 |
| &nbsp;&nbsp;&nbsp; 2715552, 3.632%, 9/17/2021 †x¶#^ | Square | 3/19/2020 | 12211 | 11580 | 957 |
| &nbsp;&nbsp;&nbsp; 2718279, 5.213%, 9/20/2021 †x¶#^ | Square | 3/24/2020 | 4268 | 3959 | 335 |
| &nbsp;&nbsp;&nbsp; 2719899197, 16.666%, 6/26/2024 †x¥#^ | Stripe | 12/30/2022 | 22150 | 23036 | 886 |
| &nbsp;&nbsp;&nbsp; 2723177383, 24.000%, 3/01/2023 †x¥#^ | Stripe | 9/03/2021 | 4275 | 4446 | 171 |
| &nbsp;&nbsp;&nbsp; 2724191067, 18.256%, 8/15/2023 †x¥#^ | Stripe | 2/17/2022 | 3498 | 3638 | 140 |
| &nbsp;&nbsp;&nbsp; 2725545869, 16.129%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 3826 | 3979 | 4011 |
| &nbsp;&nbsp;&nbsp; 2727076239, 25.333%, 2/03/2024 †x¥#^ | Stripe | 8/10/2022 | 5241 | 5451 | 210 |
| &nbsp;&nbsp;&nbsp; 2730846259, 20.133%, 10/17/2024 †x¥#^ | Stripe | 4/24/2023 | 5917 | 6154 | 237 |
| &nbsp;&nbsp;&nbsp; 273367270, 21.197%, 10/29/2025 †x¥# | Stripe | 5/03/2024 | 6551 | 6813 | 262 |
| &nbsp;&nbsp;&nbsp; 2735925608, 26.531%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 11545 | 12007 | 12190 |
| &nbsp;&nbsp;&nbsp; 2737132691, 20.800%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 3556 | 3698 | 3712 |
| &nbsp;&nbsp;&nbsp; 273936204, 20.000%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 1461 | 1520 | 1554 |
| &nbsp;&nbsp;&nbsp; 2739762312, 23.062%, 1/15/2025 †x¥#^ | Stripe | 5/24/2023 | 721 | 750 | 29 |
| &nbsp;&nbsp;&nbsp; 2742790181, 14.928%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 11973 | 12452 | 12489 |
| &nbsp;&nbsp;&nbsp; 2744048953, 24.000%, 5/10/2023 †x¥#^ | Stripe | 11/15/2021 | 3363 | 3498 | 135 |
| &nbsp;&nbsp;&nbsp; 274708127, 22.394%, 3/18/2026 †x¥ | Stripe | 9/20/2024 | 1834 | 1908 | 1968 |
| &nbsp;&nbsp;&nbsp; 2751977919, 26.519%, 1/20/2026 †x¥# | Stripe | 7/25/2024 | 4181 | 4349 | 167 |
| &nbsp;&nbsp;&nbsp; 2753981746, 24.000%, 8/23/2023 †x¥#^ | Stripe | 2/25/2022 | 30533 | 31754 | 1221 |
| &nbsp;&nbsp;&nbsp; 2754089100, 26.525%, 4/28/2026 †x¥# | Stripe | 10/31/2024 | 3406 | 3542 | 1360 |
| &nbsp;&nbsp;&nbsp; 2754452865, 18.132%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 17887 | 18603 | 18735 |
| &nbsp;&nbsp;&nbsp; 2758432194, 22.400%, 2/03/2023 †x¥#^ | Stripe | 8/10/2021 | 1666 | 1732 | 67 |
| &nbsp;&nbsp;&nbsp; 2760172555, 26.531%, 5/13/2026 †x¥# | Stripe | 11/15/2024 | 15874 | 16509 | 6315 |
| &nbsp;&nbsp;&nbsp; 2762189659, 18.000%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 3122 | 3246 | 3267 |
| &nbsp;&nbsp;&nbsp; 2762766619, 24.000%, 11/14/2023 †x¥#^ | Stripe | 5/19/2022 | 1381 | 1436 | 55 |
| &nbsp;&nbsp;&nbsp; 276293323, 16.261%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 4054 | 4216 | 4232 |
| &nbsp;&nbsp;&nbsp; 2763351373, 13.333%, 1/24/2023 †x¥#^ | Stripe | 7/29/2021 | 20854 | 21689 | 834 |
| &nbsp;&nbsp;&nbsp; 276964126, 20.381%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 1380 | 1436 | 1436 |
| &nbsp;&nbsp;&nbsp; 2770565264, 13.037%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 1183 | 1231 | 1242 |
| &nbsp;&nbsp;&nbsp; 277457790, 22.000%, 10/29/2024 †x¥#^ | Stripe | 5/04/2023 | 8005 | 8325 | 320 |
| &nbsp;&nbsp;&nbsp; 2780101402, 24.000%, 11/27/2023 †x¥#^ | Stripe | 9/13/2021 | 34174 | 35541 | 1367 |
| &nbsp;&nbsp;&nbsp; 2781291804, 24.092%, 1/31/2024 †x¥#^ | Stripe | 6/08/2022 | 122 | 126 | 5 |
| &nbsp;&nbsp;&nbsp; 2781537690, 26.424%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 965 | 1004 | 1008 |
| &nbsp;&nbsp;&nbsp; 2784432542, 26.500%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 1807 | 1879 | 1909 |
| &nbsp;&nbsp;&nbsp; 2784604711, 15.188%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 7013 | 7293 | 7330 |
| &nbsp;&nbsp;&nbsp; 278475579, 26.526%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 3093 | 3216 | 3273 |
| &nbsp;&nbsp;&nbsp; 2785548259, 23.332%, 8/15/2024 †x¥#^ | Stripe | 2/21/2023 | 45044 | 46846 | 1802 |
| &nbsp;&nbsp;&nbsp; 2789630807, 22.133%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 2356 | 2450 | 94 |
| &nbsp;&nbsp;&nbsp; 2790202182, 10.928%, 3/13/2024 †x¥#^ | Stripe | 9/16/2022 | 3767 | 3917 | 151 |
| &nbsp;&nbsp;&nbsp; 2790562864, 22.400%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 387 | 403 | 412 |
| &nbsp;&nbsp;&nbsp; 2791493614, 18.924%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 2857 | 2971 | 3007 |
| &nbsp;&nbsp;&nbsp; 2793259224, 23.590%, 10/14/2025 †x¥# | Stripe | 4/18/2024 | 4086 | 4250 | 163 |
| &nbsp;&nbsp;&nbsp; 2794030467, 24.000%, 10/07/2023 †x¥#^ | Stripe | 2/10/2022 | 38886 | 40442 | 1555 |
| &nbsp;&nbsp;&nbsp; 27caa0f6-01d0-430b-b36d-746209f720af, 26.990%, 5/15/2023 †x#^ | Funding Circle | 5/17/2018 | 1003 | 1003 | 301 |
| &nbsp;&nbsp;&nbsp; 2802493867, 22.000%, 9/25/2026 †x¥ | Stripe | 4/01/2025 | 4066 | 4228 | 4297 |
| &nbsp;&nbsp;&nbsp; 2803808032, 25.600%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 70207 | 73015 | 73348 |
| &nbsp;&nbsp;&nbsp; 2805429373, 17.556%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 356 | 371 | 376 |
| &nbsp;&nbsp;&nbsp; 2805656056, 18.533%, 1/16/2024 †x¥#^ | Stripe | 7/21/2022 | 6505 | 6766 | 260 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8630** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2806163011, 22.393%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | $2705 | $2813 | $2877 |
| &nbsp;&nbsp;&nbsp; 2809638226, 21.980%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 2933 | 3051 | 117 |
| &nbsp;&nbsp;&nbsp; 2813071874, 17.833%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 1001 | 1041 | 1055 |
| &nbsp;&nbsp;&nbsp; 2817825748, 25.333%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 133 | 138 | 5 |
| &nbsp;&nbsp;&nbsp; 2818192385, 16.127%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 12087 | 12571 | 12640 |
| &nbsp;&nbsp;&nbsp; 2820058021, 13.600%, 3/18/2025 †x¥#^ | Stripe | 9/21/2023 | 2522 | 2623 | 101 |
| &nbsp;&nbsp;&nbsp; 2820437134, 24.000%, 5/07/2023 †x¥#^ | Stripe | 9/10/2021 | 333 | 347 | 13 |
| &nbsp;&nbsp;&nbsp; 2821100591, 26.526%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 7224 | 7513 | 7575 |
| &nbsp;&nbsp;&nbsp; 2821103336, 26.051%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 242 | 252 | 261 |
| &nbsp;&nbsp;&nbsp; 2821716391, 26.123%, 4/18/2026 †x¥ | Stripe | 10/23/2024 | 1191 | 1238 | 1294 |
| &nbsp;&nbsp;&nbsp; 28226689, 26.529%, 10/16/2025 †x¥# | Stripe | 4/22/2024 | 2627 | 2732 | 465 |
| &nbsp;&nbsp;&nbsp; 2822923860, 26.493%, 2/18/2026 †x¥# | Stripe | 8/23/2024 | 2300 | 2392 | 92 |
| &nbsp;&nbsp;&nbsp; 2825606584, 17.867%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 849 | 883 | 899 |
| &nbsp;&nbsp;&nbsp; 2826057723, 26.061%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 373 | 388 | 399 |
| &nbsp;&nbsp;&nbsp; 2826924143, 26.133%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 47973 | 49892 | 50831 |
| &nbsp;&nbsp;&nbsp; 2829607920, 18.667%, 12/25/2024 †x¥#^ | Stripe | 5/03/2023 | 21234 | 22083 | 849 |
| &nbsp;&nbsp;&nbsp; 283353822, 25.865%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | 17956 | 18674 | 19046 |
| &nbsp;&nbsp;&nbsp; 2834596, 15.198%, 8/12/2023 †x¥#^ | Stripe | 2/16/2022 | 23023 | 23944 | 921 |
| &nbsp;&nbsp;&nbsp; 2837069638, 26.507%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 435 | 452 | 467 |
| &nbsp;&nbsp;&nbsp; 2843823612, 26.523%, 5/07/2025 †x¥#^ | Stripe | 11/10/2023 | 2067 | 2150 | 83 |
| &nbsp;&nbsp;&nbsp; 2845415420, 22.525%, 4/24/2024 †x¥#^ | Stripe | 10/28/2022 | 305 | 317 | 12 |
| &nbsp;&nbsp;&nbsp; 2846065805, 20.527%, 11/21/2024 †x¥#^ | Stripe | 9/09/2022 | 5227 | 5436 | 209 |
| &nbsp;&nbsp;&nbsp; 2847893701, 20.000%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 474 | 493 | 507 |
| &nbsp;&nbsp;&nbsp; 2848337380, 19.333%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 3661 | 3807 | 3842 |
| &nbsp;&nbsp;&nbsp; 2851278751, 21.064%, 8/05/2025 †x¥#^ | Stripe | 2/08/2024 | 6488 | 6747 | 260 |
| &nbsp;&nbsp;&nbsp; 2856608026, 26.533%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 300 | 312 | 323 |
| &nbsp;&nbsp;&nbsp; 2856706352, 21.730%, 9/25/2025 †x¥# | Stripe | 4/01/2024 | 435 | 452 | 76 |
| &nbsp;&nbsp;&nbsp; 28573094, 26.533%, 1/16/2026 †x¥# | Stripe | 7/23/2024 | 1691 | 1759 | 68 |
| &nbsp;&nbsp;&nbsp; 2859302473, 14.933%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 35418 | 36835 | 37006 |
| &nbsp;&nbsp;&nbsp; 2861803439, 19.467%, 6/17/2025 †x¥#^ | Stripe | 12/21/2023 | 7931 | 8249 | 317 |
| &nbsp;&nbsp;&nbsp; 2864796193, 24.000%, 6/18/2023 †x¥#^ | Stripe | 10/22/2021 | 11490 | 11949 | 460 |
| &nbsp;&nbsp;&nbsp; 2869306786, 21.600%, 2/14/2024 †x¥#^ | Stripe | 8/19/2022 | 3743 | 3893 | 150 |
| &nbsp;&nbsp;&nbsp; 2869850866, 18.667%, 6/13/2026 †x¥ | Stripe | 12/18/2024 | 6326 | 6580 | 6663 |
| &nbsp;&nbsp;&nbsp; 2870109490, 23.667%, 4/05/2023 †x¥#^ | Stripe | 10/08/2021 | 270 | 281 | 11 |
| &nbsp;&nbsp;&nbsp; 28718283, 22.133%, 11/30/2024 †x¥#^ | Stripe | 6/07/2023 | 11139 | 11584 | 446 |
| &nbsp;&nbsp;&nbsp; 2874513020, 20.390%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 3047 | 3169 | 3193 |
| &nbsp;&nbsp;&nbsp; 2879284598, 17.857%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 4668 | 4855 | 4909 |
| &nbsp;&nbsp;&nbsp; 2885067688, 16.262%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 9835 | 10229 | 10244 |
| &nbsp;&nbsp;&nbsp; 2887598900, 20.265%, 11/13/2024 †x¥#^ | Stripe | 4/20/2023 | 2381 | 2477 | 95 |
| &nbsp;&nbsp;&nbsp; 2891835064, 21.988%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 436 | 454 | 471 |
| &nbsp;&nbsp;&nbsp; 2894778717, 26.533%, 2/14/2026 †x¥ | Stripe | 8/21/2024 | 4429 | 4606 | 4816 |
| &nbsp;&nbsp;&nbsp; 2895707336, 26.533%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 1975 | 2054 | 2093 |
| &nbsp;&nbsp;&nbsp; 2898415336, 26.493%, 1/13/2026 †x¥# | Stripe | 7/18/2024 | 1488 | 1548 | 60 |
| &nbsp;&nbsp;&nbsp; 2898772006, 20.396%, 8/16/2024 †x¥#^ | Stripe | 2/22/2023 | 1676 | 1743 | 67 |
| &nbsp;&nbsp;&nbsp; 2898851854, 22.378%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1222 | 1271 | 1303 |
| &nbsp;&nbsp;&nbsp; 289949830, 25.067%, 9/17/2024 †x¥#^ | Stripe | 3/23/2023 | 3004 | 3125 | 120 |
| &nbsp;&nbsp;&nbsp; 28cb8cb3-7e02-4d7a-9d10-8d86c806fce9, 20.290%, 1/17/2021 †x#^ | Funding Circle | 1/19/2017 | 95826 | 95826 | 28748 |
| &nbsp;&nbsp;&nbsp; 2900181028, 19.861%, 5/09/2024 †x¥#^ | Stripe | 11/15/2022 | 6075 | 6318 | 243 |
| &nbsp;&nbsp;&nbsp; 2900438871, 18.933%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 16546 | 17208 | 17540 |
| &nbsp;&nbsp;&nbsp; 2901855757, 15.332%, 7/31/2023 †x¥#^ | Stripe | 12/06/2021 | 36721 | 38190 | 1469 |
| &nbsp;&nbsp;&nbsp; 290421043, 13.064%, 5/06/2026 †x¥ | Stripe | 11/08/2024 | 509 | 529 | 546 |
| &nbsp;&nbsp;&nbsp; 2904466348, 19.333%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 875 | 910 | 913 |
| &nbsp;&nbsp;&nbsp; 2904538567, 23.198%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 6678 | 6945 | 267 |
| &nbsp;&nbsp;&nbsp; 290909166, 26.516%, 6/11/2025 †x¥#^ | Stripe | 12/15/2023 | 5253 | 5463 | 210 |
| &nbsp;&nbsp;&nbsp; 2910550438, 22.250%, 11/06/2024 †x¥#^ | Stripe | 5/12/2023 | 965 | 1004 | 39 |
| &nbsp;&nbsp;&nbsp; 2912313860, 17.973%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 1652 | 1718 | 1733 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8631** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2915508047, 17.600%, 12/20/2026 †x¥ | Stripe | 4/25/2025 | $13292 | $13824 | $13880 |
| &nbsp;&nbsp;&nbsp; 291635538, 19.818%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 447 | 464 | 18 |
| &nbsp;&nbsp;&nbsp; 2926326122, 26.528%, 12/04/2025 †x¥# | Stripe | 6/10/2024 | 6899 | 7175 | 276 |
| &nbsp;&nbsp;&nbsp; 2926954147, 23.733%, 6/03/2023 †x¥#^ | Stripe | 12/08/2021 | 3009 | 3125 | 120 |
| &nbsp;&nbsp;&nbsp; 2932275565, 19.588%, 9/14/2024 †x¥#^ | Stripe | 3/22/2023 | 550 | 572 | 22 |
| &nbsp;&nbsp;&nbsp; 2933488072, 20.392%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 1444 | 1501 | 1508 |
| &nbsp;&nbsp;&nbsp; 293445229, 26.493%, 10/03/2025 †x¥# | Stripe | 4/09/2024 | 1850 | 1924 | 74 |
| &nbsp;&nbsp;&nbsp; 2936991251, 14.933%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 95716 | 99545 | 100249 |
| &nbsp;&nbsp;&nbsp; 2942375412, 26.533%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 1000 | 1040 | 1040 |
| &nbsp;&nbsp;&nbsp; 2942685773, 18.781%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 1688 | 1755 | 1781 |
| &nbsp;&nbsp;&nbsp; 2945548179, 14.933%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 2098 | 2182 | 2197 |
| &nbsp;&nbsp;&nbsp; 2946466478, 26.133%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 4457 | 4636 | 4887 |
| &nbsp;&nbsp;&nbsp; 2949648732, 25.569%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 3622 | 3767 | 3767 |
| &nbsp;&nbsp;&nbsp; 2950220543, 25.333%, 7/11/2024 †x¥#^ | Stripe | 1/17/2023 | 1120 | 1164 | 45 |
| &nbsp;&nbsp;&nbsp; 2952429798, 21.981%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 1451 | 1509 | 1544 |
| &nbsp;&nbsp;&nbsp; 2953139554, 16.133%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 3730 | 3879 | 3922 |
| &nbsp;&nbsp;&nbsp; 2957901601, 14.933%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 62066 | 64549 | 65490 |
| &nbsp;&nbsp;&nbsp; 2961568406, 26.196%, 10/04/2025 †x¥# | Stripe | 10/11/2023 | 1383 | 1438 | 55 |
| &nbsp;&nbsp;&nbsp; 2963734475, 20.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 736 | 766 | 792 |
| &nbsp;&nbsp;&nbsp; 2967545563, 21.867%, 4/25/2024 †x¥#^ | Stripe | 10/31/2022 | 1862 | 1937 | 74 |
| &nbsp;&nbsp;&nbsp; 2968116147, 26.530%, 1/01/2026 †x¥ | Stripe | 7/09/2024 | 6200 | 6448 | 6675 |
| &nbsp;&nbsp;&nbsp; 2968507588, 26.521%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 2453 | 2551 | 2626 |
| &nbsp;&nbsp;&nbsp; 2971307570, 19.333%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 1527 | 1588 | 1600 |
| &nbsp;&nbsp;&nbsp; 2975838254, 14.800%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 5654 | 5880 | 5916 |
| &nbsp;&nbsp;&nbsp; 297832044, 23.594%, 11/09/2024 †x¥#^ | Stripe | 5/17/2023 | 11302 | 11754 | 452 |
| &nbsp;&nbsp;&nbsp; 2978458876, 25.592%, 1/14/2027 †x¥ | Stripe | 7/21/2025 | 5379 | 5594 | 5634 |
| &nbsp;&nbsp;&nbsp; 2980618162, 24.259%, 4/19/2025 †x¥#^ | Stripe | 10/25/2023 | 1927 | 2004 | 77 |
| &nbsp;&nbsp;&nbsp; 2983312535, 25.597%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 13581 | 14124 | 14188 |
| &nbsp;&nbsp;&nbsp; 2984206428, 19.732%, 11/22/2024 †x¥#^ | Stripe | 5/31/2023 | 24748 | 25738 | 990 |
| &nbsp;&nbsp;&nbsp; 2984933221, 24.222%, 6/18/2024 †x¥#^ | Stripe | 12/22/2022 | 522 | 543 | 21 |
| &nbsp;&nbsp;&nbsp; 2985697654, 20.000%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 3519 | 3660 | 3744 |
| &nbsp;&nbsp;&nbsp; 2985903334, 20.933%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1729 | 1798 | 1823 |
| &nbsp;&nbsp;&nbsp; 2986496896, 22.394%, 4/09/2026 †x¥ | Stripe | 10/15/2024 | 1956 | 2034 | 2076 |
| &nbsp;&nbsp;&nbsp; 2986813430, 20.933%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 623 | 648 | 656 |
| &nbsp;&nbsp;&nbsp; 2988052755, 17.200%, 2/28/2023 †x¥#^ | Stripe | 9/02/2021 | 3942 | 4099 | 158 |
| &nbsp;&nbsp;&nbsp; 2988187416, 20.000%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 6085 | 6329 | 6484 |
| &nbsp;&nbsp;&nbsp; 2990478845, 26.476%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 2083 | 2166 | 2166 |
| &nbsp;&nbsp;&nbsp; 2993561738, 25.598%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 8159 | 8486 | 8618 |
| &nbsp;&nbsp;&nbsp; 2995573298, 25.600%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 9626 | 10011 | 10029 |
| &nbsp;&nbsp;&nbsp; 2996052196, 24.130%, 12/27/2024 †x¥#^ | Stripe | 7/05/2023 | 4754 | 4944 | 190 |
| &nbsp;&nbsp;&nbsp; 2996646204, 18.800%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 146493 | 152353 | 153699 |
| &nbsp;&nbsp;&nbsp; 2998732799, 26.476%, 11/27/2024 †x¥#^ | Stripe | 6/02/2023 | 1276 | 1327 | 51 |
| &nbsp;&nbsp;&nbsp; 2999662512, 26.533%, 4/07/2026 †x¥ | Stripe | 10/10/2024 | 1804 | 1877 | 1937 |
| &nbsp;&nbsp;&nbsp; 2a63907e-2a48-4762-ae68-ba020c14049c, 7.650%, 11/21/2020 †x#^ | Funding Circle | 11/24/2017 | 70513 | 70513 | 21154 |
| &nbsp;&nbsp;&nbsp; 2aabbcb0-bd60-4407-81e2-28aeee2d5c6d, 10.490%, 3/09/2023 †x#^ | Funding Circle | 3/12/2018 | 40907 | 40907 | 12272 |
| &nbsp;&nbsp;&nbsp; 2b5567a3-1066-408f-a0a1-b81fbfcb075f, 26.990%, 12/12/2023 †x#^ | Funding Circle | 6/14/2018 | 67571 | 67571 | 20271 |
| &nbsp;&nbsp;&nbsp; 2be687d2-d428-4d9f-ac32-eafa03a91db8, 12.690%, 7/29/2021 †x#^ | Funding Circle | 12/16/2016 | 14614 | 14614 | 4384 |
| &nbsp;&nbsp;&nbsp; 2d997052-e8f8-4705-83b5-86cbf1be7ada, 26.240%, 7/31/2022 †x#^ | Funding Circle | 8/02/2018 | 44373 | 44373 | 13312 |
| &nbsp;&nbsp;&nbsp; 3005293816, 19.333%, 1/09/2027 †x¥ | Stripe | 7/16/2025 | 10113 | 10518 | 10575 |
| &nbsp;&nbsp;&nbsp; 300abd65-7310-467f-98df-2cfe258e6d27, 8.250%, 8/09/2023 †x#^ | Funding Circle | 8/13/2018 | 41883 | 41883 | 12565 |
| &nbsp;&nbsp;&nbsp; 3010165452, 20.800%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 638 | 663 | 681 |
| &nbsp;&nbsp;&nbsp; 3011103344, 20.656%, 7/12/2024 †x¥#^ | Stripe | 1/18/2023 | 4604 | 4788 | 184 |
| &nbsp;&nbsp;&nbsp; 3011148415, 18.667%, 10/10/2025 †x¥# | Stripe | 7/27/2023 | 4873 | 5067 | 195 |
| &nbsp;&nbsp;&nbsp; 3011778877, 19.200%, 7/25/2024 †x¥#^ | Stripe | 1/30/2023 | 29026 | 30188 | 1161 |
| &nbsp;&nbsp;&nbsp; 3014129825, 21.467%, 12/24/2024 †x¥#^ | Stripe | 6/29/2023 | 48015 | 49936 | 1921 |
| &nbsp;&nbsp;&nbsp; 3017123615, 26.533%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 3406 | 3542 | 3586 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8632** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3017235253, 24.787%, 1/07/2025 †x¥#^ | Stripe | 5/16/2023 | $2207 | $2295 | $88 |
| &nbsp;&nbsp;&nbsp; 3018653233, 22.130%, 11/08/2025 †x¥# | Stripe | 10/23/2023 | 686 | 714 | 27 |
| &nbsp;&nbsp;&nbsp; 3022337104, 21.143%, 3/14/2023 †x¥#^ | Stripe | 9/16/2021 | 667 | 694 | 27 |
| &nbsp;&nbsp;&nbsp; 3022512661, 25.867%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 1703 | 1772 | 1826 |
| &nbsp;&nbsp;&nbsp; 3023969690, 24.000%, 2/25/2023 †x¥#^ | Stripe | 9/01/2021 | 6874 | 7149 | 275 |
| &nbsp;&nbsp;&nbsp; 3024765978, 26.476%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 2100 | 2184 | 2184 |
| &nbsp;&nbsp;&nbsp; 3026191031, 22.000%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 1010 | 1051 | 1072 |
| &nbsp;&nbsp;&nbsp; 3026788557, 26.525%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 7572 | 7875 | 303 |
| &nbsp;&nbsp;&nbsp; 3029208565, 24.000%, 4/25/2023 †x¥#^ | Stripe | 10/28/2021 | 347 | 361 | 14 |
| &nbsp;&nbsp;&nbsp; 3031543874, 17.599%, 5/26/2026 †x¥ | Stripe | 11/29/2024 | 1290 | 1342 | 1411 |
| &nbsp;&nbsp;&nbsp; 30321829, 26.531%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 12288 | 12780 | 492 |
| &nbsp;&nbsp;&nbsp; 3032386669, 20.397%, 5/23/2024 †x¥#^ | Stripe | 11/29/2022 | 6209 | 6457 | 248 |
| &nbsp;&nbsp;&nbsp; 3032652117, 22.400%, 5/14/2026 †x¥# | Stripe | 11/18/2024 | 1207 | 1255 | 470 |
| &nbsp;&nbsp;&nbsp; 3033771440, 17.863%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 6022 | 6263 | 6397 |
| &nbsp;&nbsp;&nbsp; 303501571, 26.533%, 10/10/2025 †x¥# | Stripe | 4/16/2024 | 2077 | 2161 | 83 |
| &nbsp;&nbsp;&nbsp; 3035484433, 22.333%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 579 | 602 | 616 |
| &nbsp;&nbsp;&nbsp; 304035141, 16.133%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 21919 | 22796 | 23103 |
| &nbsp;&nbsp;&nbsp; 3042516027, 26.526%, 6/09/2026 †x¥ | Stripe | 10/16/2024 | 5892 | 6128 | 3522 |
| &nbsp;&nbsp;&nbsp; 3042938672, 22.504%, 12/09/2023 †x¥#^ | Stripe | 6/15/2022 | 3280 | 3411 | 131 |
| &nbsp;&nbsp;&nbsp; 3045591798, 19.196%, 8/14/2024 †x¥#^ | Stripe | 2/17/2023 | 860 | 894 | 34 |
| &nbsp;&nbsp;&nbsp; 3048845136, 20.400%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 3750 | 3900 | 3905 |
| &nbsp;&nbsp;&nbsp; 3049556274, 20.662%, 7/13/2024 †x¥#^ | Stripe | 1/19/2023 | 8816 | 9168 | 353 |
| &nbsp;&nbsp;&nbsp; 3050541782, 19.333%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 1158 | 1204 | 1215 |
| &nbsp;&nbsp;&nbsp; 3053780632, 25.993%, 6/19/2025 †x¥#^ | Stripe | 12/26/2023 | 3144 | 3270 | 126 |
| &nbsp;&nbsp;&nbsp; 3055502606, 20.391%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 8991 | 9351 | 9357 |
| &nbsp;&nbsp;&nbsp; 3058585799, 18.932%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 1320 | 1371 | 53 |
| &nbsp;&nbsp;&nbsp; 305896128, 26.533%, 1/27/2026 †x¥# | Stripe | 8/01/2024 | 444 | 462 | 265 |
| &nbsp;&nbsp;&nbsp; 3060031884, 20.267%, 3/04/2025 †x¥#^ | Stripe | 7/11/2023 | 51474 | 53533 | 2059 |
| &nbsp;&nbsp;&nbsp; 3064757784, 25.864%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 5433 | 5650 | 5785 |
| &nbsp;&nbsp;&nbsp; 3065315150, 22.251%, 8/16/2025 †x¥#^ | Stripe | 2/22/2024 | 6557 | 6820 | 262 |
| &nbsp;&nbsp;&nbsp; 3065919685, 22.397%, 4/09/2026 †x¥# | Stripe | 10/15/2024 | 6609 | 6874 | 1820 |
| &nbsp;&nbsp;&nbsp; 3067029973, 24.000%, 5/04/2023 †x¥#^ | Stripe | 11/08/2021 | 58 | 60 | 2 |
| &nbsp;&nbsp;&nbsp; 3067212505, 20.931%, 4/07/2026 †x¥ | Stripe | 10/10/2024 | 1226 | 1275 | 1304 |
| &nbsp;&nbsp;&nbsp; 3067399738, 19.867%, 9/03/2024 †x¥#^ | Stripe | 3/09/2023 | 2744 | 2854 | 110 |
| &nbsp;&nbsp;&nbsp; 30677056-3f94-44c7-8043-ea325272579f, 27.790%, 10/05/2021 †x#^ | Funding Circle | 10/10/2017 | 13638 | 13638 | 4091 |
| &nbsp;&nbsp;&nbsp; 3067801091, 18.127%, 7/31/2024 †x¥#^ | Stripe | 2/03/2023 | 1951 | 2029 | 78 |
| &nbsp;&nbsp;&nbsp; 306794706, 20.400%, 10/04/2025 †x¥# | Stripe | 4/10/2024 | 23301 | 24234 | 3994 |
| &nbsp;&nbsp;&nbsp; 3069334197, 13.066%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 34015 | 35375 | 35743 |
| &nbsp;&nbsp;&nbsp; 3070894657, 16.000%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 8812 | 9164 | 9182 |
| &nbsp;&nbsp;&nbsp; 3071119862, 26.118%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 446 | 464 | 478 |
| &nbsp;&nbsp;&nbsp; 3077968273, 26.529%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 2767 | 2878 | 2969 |
| &nbsp;&nbsp;&nbsp; 3080971868, 22.400%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 459 | 477 | 488 |
| &nbsp;&nbsp;&nbsp; 3086082723, 22.391%, 1/20/2026 †x¥ | Stripe | 7/25/2024 | 519 | 539 | 562 |
| &nbsp;&nbsp;&nbsp; 3087868802, 25.556%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 1575 | 1638 | 1645 |
| &nbsp;&nbsp;&nbsp; 3087994862, 15.062%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 2668 | 2775 | 2821 |
| &nbsp;&nbsp;&nbsp; 3089175241, 26.533%, 2/17/2026 †x¥# | Stripe | 8/22/2024 | 1503 | 1563 | 263 |
| &nbsp;&nbsp;&nbsp; 3089718429, 14.392%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 5841 | 6074 | 6157 |
| &nbsp;&nbsp;&nbsp; 3090980440, 18.933%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 62310 | 64802 | 65629 |
| &nbsp;&nbsp;&nbsp; 3090994930, 20.400%, 10/17/2023 †x¥#^ | Stripe | 4/21/2022 | 23889 | 24845 | 956 |
| &nbsp;&nbsp;&nbsp; 3091599633, 26.133%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 2561 | 2664 | 2744 |
| &nbsp;&nbsp;&nbsp; 3091625655, 25.191%, 3/30/2024 †x¥#^ | Stripe | 10/05/2022 | 2251 | 2341 | 90 |
| &nbsp;&nbsp;&nbsp; 3092557992, 14.237%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 2297 | 2389 | 1276 |
| &nbsp;&nbsp;&nbsp; 3095062101, 16.133%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 101155 | 105201 | 106089 |
| &nbsp;&nbsp;&nbsp; 3095855558, 15.722%, 3/01/2024 †x¥#^ | Stripe | 12/09/2021 | 728 | 757 | 29 |
| &nbsp;&nbsp;&nbsp; 3096880292, 18.667%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 3637 | 3782 | 3842 |
| &nbsp;&nbsp;&nbsp; 3097008729, 25.846%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 75 | 78 | 82 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8633** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3100225584, 20.667%, 4/09/2025 †x¥#^ | Stripe | 10/13/2023 | $2850 | $2964 | $114 |
| &nbsp;&nbsp;&nbsp; 3101002214, 22.396%, 4/21/2026 †x¥ | Stripe | 10/24/2024 | 3350 | 3484 | 3580 |
| &nbsp;&nbsp;&nbsp; 310202111, 24.000%, 7/20/2024 †x¥#^ | Stripe | 5/23/2022 | 4589 | 4772 | 184 |
| &nbsp;&nbsp;&nbsp; 3102771411, 21.994%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 4104 | 4268 | 4359 |
| &nbsp;&nbsp;&nbsp; 3103644962, 25.865%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 11708 | 12177 | 12469 |
| &nbsp;&nbsp;&nbsp; 3105387335, 25.858%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 3648 | 3794 | 3889 |
| &nbsp;&nbsp;&nbsp; 3111454336, 21.333%, 3/06/2025 †x¥#^ | Stripe | 9/11/2023 | 5047 | 5249 | 202 |
| &nbsp;&nbsp;&nbsp; 3112768762, 26.128%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 6286 | 6537 | 6641 |
| &nbsp;&nbsp;&nbsp; 3115033593, 26.519%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 508 | 529 | 549 |
| &nbsp;&nbsp;&nbsp; 3116757642, 18.933%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 155 | 161 | 6 |
| &nbsp;&nbsp;&nbsp; 3119363951, 14.265%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 3386 | 3521 | 3561 |
| &nbsp;&nbsp;&nbsp; 3120166195, 22.000%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 2105 | 2189 | 2240 |
| &nbsp;&nbsp;&nbsp; 3120682543, 25.867%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 609 | 633 | 648 |
| &nbsp;&nbsp;&nbsp; 3120820493, 14.933%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 144595 | 150378 | 151162 |
| &nbsp;&nbsp;&nbsp; 3123720201, 24.267%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 864 | 899 | 35 |
| &nbsp;&nbsp;&nbsp; 3126783083, 18.000%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 10944 | 11381 | 11435 |
| &nbsp;&nbsp;&nbsp; 3127156700, 24.000%, 10/31/2023 †x¥#^ | Stripe | 5/05/2022 | 1090 | 1134 | 44 |
| &nbsp;&nbsp;&nbsp; 3128761, 6.151%, 2/12/2022 †x¶#^ | Square | 8/14/2020 | 5238 | 4796 | 411 |
| &nbsp;&nbsp;&nbsp; 3129202, 6.472%, 2/12/2022 †x¶#^ | Square | 8/14/2020 | 7608 | 6934 | 596 |
| &nbsp;&nbsp;&nbsp; 3129617853, 20.000%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 1508 | 1569 | 1614 |
| &nbsp;&nbsp;&nbsp; 3132023782, 25.591%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 411 | 427 | 446 |
| &nbsp;&nbsp;&nbsp; 3132402, 6.155%, 2/15/2022 †x¶#^ | Square | 8/19/2020 | 3640 | 3358 | 285 |
| &nbsp;&nbsp;&nbsp; 3132485792, 19.067%, 3/14/2024 †x¥#^ | Stripe | 9/19/2022 | 1583 | 1646 | 63 |
| &nbsp;&nbsp;&nbsp; 3132872, 5.347%, 2/17/2022 †x¶#^ | Square | 8/19/2020 | 707 | 655 | 55 |
| &nbsp;&nbsp;&nbsp; 3133449, 6.472%, 2/17/2022 †x¶#^ | Square | 8/19/2020 | 5004 | 4565 | 392 |
| &nbsp;&nbsp;&nbsp; 3133538, 6.472%, 2/17/2022 †x¶#^ | Square | 8/19/2020 | 2768 | 2523 | 217 |
| &nbsp;&nbsp;&nbsp; 3134424012, 14.259%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 4325 | 4498 | 4562 |
| &nbsp;&nbsp;&nbsp; 3135118237, 22.399%, 3/09/2027 †x¥ | Stripe | 12/27/2024 | 55071 | 57274 | 58033 |
| &nbsp;&nbsp;&nbsp; 3136189, 4.033%, 2/19/2022 †x¶#^ | Square | 8/21/2020 | 1669 | 1574 | 131 |
| &nbsp;&nbsp;&nbsp; 3137790545, 20.926%, 8/16/2025 †x¥#^ | Stripe | 5/30/2023 | 257 | 267 | 10 |
| &nbsp;&nbsp;&nbsp; 3140077999, 14.933%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 12059 | 12541 | 12627 |
| &nbsp;&nbsp;&nbsp; 3140123630, 20.606%, 10/04/2024 †x¥#^ | Stripe | 4/11/2023 | 361 | 375 | 14 |
| &nbsp;&nbsp;&nbsp; 3140521, 7.575%, 2/21/2022 †x¶#^ | Square | 8/25/2020 | 386 | 347 | 30 |
| &nbsp;&nbsp;&nbsp; 3142303, 6.761%, 2/21/2022 †x¶#^ | Square | 8/25/2020 | 936 | 850 | 73 |
| &nbsp;&nbsp;&nbsp; 3142899, 4.033%, 2/21/2022 †x¶#^ | Square | 8/25/2020 | 77 | 76 | 6 |
| &nbsp;&nbsp;&nbsp; 3143044, 3.380%, 2/21/2022 †x¶#^ | Square | 8/25/2020 | 757 | 721 | 59 |
| &nbsp;&nbsp;&nbsp; 3144741, 6.472%, 2/22/2022 †x¶#^ | Square | 8/26/2020 | 985 | 898 | 77 |
| &nbsp;&nbsp;&nbsp; 3144837, 7.921%, 2/22/2022 †x¶#^ | Square | 8/26/2020 | 1123 | 1004 | 88 |
| &nbsp;&nbsp;&nbsp; 3145666, 3.409%, 2/22/2022 †x¶#^ | Square | 8/26/2020 | 693 | 659 | 54 |
| &nbsp;&nbsp;&nbsp; 3151057, 4.049%, 2/25/2022 †x¶#^ | Square | 8/27/2020 | 277 | 261 | 22 |
| &nbsp;&nbsp;&nbsp; 3152051288, 25.592%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 7387 | 7682 | 7769 |
| &nbsp;&nbsp;&nbsp; 3152330, 4.799%, 2/25/2022 †x¶#^ | Square | 8/27/2020 | 249 | 233 | 20 |
| &nbsp;&nbsp;&nbsp; 3153617, 6.766%, 2/26/2022 †x¶#^ | Square | 8/28/2020 | 1463 | 1328 | 115 |
| &nbsp;&nbsp;&nbsp; 3158007, 6.765%, 2/28/2022 †x¶#^ | Square | 9/01/2020 | 7238 | 6572 | 567 |
| &nbsp;&nbsp;&nbsp; 3159467416, 20.133%, 7/31/2024 †x¥#^ | Stripe | 2/03/2023 | 29684 | 30871 | 1187 |
| &nbsp;&nbsp;&nbsp; 3159993, 5.363%, 2/28/2022 †x¶#^ | Square | 9/02/2020 | 204 | 189 | 16 |
| &nbsp;&nbsp;&nbsp; 3161088969, 20.792%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 2159 | 2246 | 2290 |
| &nbsp;&nbsp;&nbsp; 3163265, 6.476%, 3/01/2022 †x¶#^ | Square | 9/03/2020 | 7141 | 6509 | 560 |
| &nbsp;&nbsp;&nbsp; 3163484998, 20.133%, 11/15/2026 †x¥# | Stripe | 8/29/2024 | 92405 | 96101 | 3696 |
| &nbsp;&nbsp;&nbsp; 3165788705, 15.062%, 7/25/2025 †x¥#^ | Stripe | 1/30/2024 | 7071 | 7354 | 1195 |
| &nbsp;&nbsp;&nbsp; 3170628542, 21.867%, 3/14/2024 †x¥#^ | Stripe | 9/19/2022 | 15111 | 15716 | 604 |
| &nbsp;&nbsp;&nbsp; 3174141, 4.052%, 3/08/2022 †x¶#^ | Square | 9/10/2020 | 1356 | 1278 | 106 |
| &nbsp;&nbsp;&nbsp; 3174965348, 14.800%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 3963 | 4121 | 4192 |
| &nbsp;&nbsp;&nbsp; 3177982486, 26.533%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 1826 | 1899 | 1906 |
| &nbsp;&nbsp;&nbsp; 3178414, 4.045%, 3/09/2022 †x¶#^ | Square | 9/11/2020 | 1004 | 947 | 79 |
| &nbsp;&nbsp;&nbsp; 3182231983, 19.200%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 405 | 421 | 70 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8634** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3183084635, 26.525%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | $3616 | $3760 | $2134 |
| &nbsp;&nbsp;&nbsp; 3185553654, 26.521%, 12/13/2025 †x¥# | Stripe | 10/23/2023 | 3146 | 3272 | 126 |
| &nbsp;&nbsp;&nbsp; 3186452905, 16.000%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 841 | 875 | 884 |
| &nbsp;&nbsp;&nbsp; 3186853009, 25.333%, 1/25/2024 †x¥#^ | Stripe | 8/01/2022 | 1531 | 1592 | 61 |
| &nbsp;&nbsp;&nbsp; 3188927809, 24.000%, 12/29/2022 †x¥#^ | Stripe | 7/06/2021 | 562 | 585 | 22 |
| &nbsp;&nbsp;&nbsp; 3189408897, 18.267%, 10/05/2023 †x¥#^ | Stripe | 8/09/2021 | 1577 | 1640 | 63 |
| &nbsp;&nbsp;&nbsp; 3190068076, 18.095%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 1096 | 1140 | 1146 |
| &nbsp;&nbsp;&nbsp; 3190229, 5.336%, 3/11/2022 †x¶#^ | Square | 9/15/2020 | 1139 | 1055 | 89 |
| &nbsp;&nbsp;&nbsp; 3190265, 5.348%, 3/11/2022 †x¶#^ | Square | 9/15/2020 | 2092 | 1937 | 164 |
| &nbsp;&nbsp;&nbsp; 3192033687, 24.932%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 37871 | 39385 | 40115 |
| &nbsp;&nbsp;&nbsp; 3196473, 6.164%, 3/14/2022 †x¶#^ | Square | 9/16/2020 | 580 | 531 | 45 |
| &nbsp;&nbsp;&nbsp; 3196593686, 19.200%, 4/16/2024 †x¥#^ | Stripe | 10/20/2022 | 5227 | 5436 | 209 |
| &nbsp;&nbsp;&nbsp; 3197143418, 16.800%, 10/28/2023 †x¥#^ | Stripe | 5/04/2022 | 11784 | 12255 | 471 |
| &nbsp;&nbsp;&nbsp; 3197676, 7.921%, 3/14/2022 †x¶#^ | Square | 9/16/2020 | 9103 | 8136 | 714 |
| &nbsp;&nbsp;&nbsp; 3198275, 7.921%, 3/14/2022 †x¶#^ | Square | 9/16/2020 | 871 | 778 | 68 |
| &nbsp;&nbsp;&nbsp; 3200771302, 24.930%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 4133 | 4298 | 4418 |
| &nbsp;&nbsp;&nbsp; 3200939120, 26.525%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 2471 | 2569 | 2615 |
| &nbsp;&nbsp;&nbsp; 3202079388, 13.067%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 5569 | 5792 | 5892 |
| &nbsp;&nbsp;&nbsp; 3203190447, 13.066%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 48688 | 50636 | 51126 |
| &nbsp;&nbsp;&nbsp; 3203375070, 26.531%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 14257 | 14827 | 15041 |
| &nbsp;&nbsp;&nbsp; 3203899920, 26.133%, 3/28/2026 †x¥ | Stripe | 10/02/2024 | 77 | 80 | 83 |
| &nbsp;&nbsp;&nbsp; 3204801648, 18.933%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 93762 | 97512 | 98960 |
| &nbsp;&nbsp;&nbsp; 3205647754, 25.598%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 14681 | 15268 | 15268 |
| &nbsp;&nbsp;&nbsp; 3205797968, 20.387%, 4/09/2025 †x¥#^ | Stripe | 10/13/2023 | 5399 | 5615 | 216 |
| &nbsp;&nbsp;&nbsp; 3206562264, 18.800%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 673 | 700 | 706 |
| &nbsp;&nbsp;&nbsp; 3207507132, 26.513%, 4/03/2026 †x¥# | Stripe | 2/07/2024 | 706 | 735 | 28 |
| &nbsp;&nbsp;&nbsp; 3208762, 4.796%, 3/17/2022 †x¶#^ | Square | 9/21/2020 | 493 | 463 | 39 |
| &nbsp;&nbsp;&nbsp; 3209755, 3.397%, 3/17/2022 †x¶#^ | Square | 9/21/2020 | 2142 | 2039 | 168 |
| &nbsp;&nbsp;&nbsp; 3210073424, 26.129%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 13213 | 13742 | 7652 |
| &nbsp;&nbsp;&nbsp; 321020507, 26.523%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 4040 | 4201 | 4257 |
| &nbsp;&nbsp;&nbsp; 3214029495, 26.527%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 8637 | 8982 | 9081 |
| &nbsp;&nbsp;&nbsp; 3214482407, 19.333%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 45 | 47 | 50 |
| &nbsp;&nbsp;&nbsp; 3219033304, 17.996%, 5/27/2026 †x¥# | Stripe | 3/07/2024 | 3694 | 3841 | 631 |
| &nbsp;&nbsp;&nbsp; 3220853, 6.149%, 3/22/2022 †x¶#^ | Square | 9/24/2020 | 420 | 384 | 33 |
| &nbsp;&nbsp;&nbsp; 3223391854, 22.000%, 4/02/2026 †x¥ | Stripe | 10/07/2024 | 291 | 303 | 313 |
| &nbsp;&nbsp;&nbsp; 3224082, 3.398%, 3/23/2022 †x¶#^ | Square | 9/25/2020 | 244 | 232 | 19 |
| &nbsp;&nbsp;&nbsp; 3224970171, 26.476%, 1/24/2025 †x¥#^ | Stripe | 8/01/2023 | 638 | 664 | 26 |
| &nbsp;&nbsp;&nbsp; 3225278534, 26.529%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 6120 | 6365 | 6456 |
| &nbsp;&nbsp;&nbsp; 3226118370, 24.533%, 7/30/2024 †x¥#^ | Stripe | 2/02/2023 | 702 | 730 | 28 |
| &nbsp;&nbsp;&nbsp; 3226797, 4.693%, 3/23/2022 †x¶#^ | Square | 9/25/2020 | 1947 | 1819 | 153 |
| &nbsp;&nbsp;&nbsp; 3227214, 3.406%, 3/23/2022 †x¶#^ | Square | 9/25/2020 | 1467 | 1396 | 115 |
| &nbsp;&nbsp;&nbsp; 3227458280, 18.799%, 2/23/2024 †x¥#^ | Stripe | 8/30/2022 | 34366 | 35741 | 1375 |
| &nbsp;&nbsp;&nbsp; 3227873, 4.054%, 3/23/2022 †x¶#^ | Square | 9/25/2020 | 532 | 501 | 42 |
| &nbsp;&nbsp;&nbsp; 3229932615, 20.918%, 5/02/2025 †x¥#^ | Stripe | 11/07/2023 | 1076 | 1119 | 43 |
| &nbsp;&nbsp;&nbsp; 3230383322, 16.125%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1477 | 1536 | 1561 |
| &nbsp;&nbsp;&nbsp; 3230395304, 25.333%, 5/30/2024 †x¥#^ | Stripe | 12/05/2022 | 391 | 407 | 16 |
| &nbsp;&nbsp;&nbsp; 3232873057, 25.600%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 2546 | 2648 | 2676 |
| &nbsp;&nbsp;&nbsp; 3236713849, 24.929%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 472 | 491 | 515 |
| &nbsp;&nbsp;&nbsp; 323791378, 25.333%, 5/27/2025 †x¥#^ | Stripe | 3/14/2023 | 8712 | 9061 | 348 |
| &nbsp;&nbsp;&nbsp; 3238583, 3.409%, 3/29/2022 †x¶#^ | Square | 10/01/2020 | 403 | 383 | 32 |
| &nbsp;&nbsp;&nbsp; 3240218, 7.939%, 3/29/2022 †x¶#^ | Square | 10/01/2020 | 115 | 103 | 9 |
| &nbsp;&nbsp;&nbsp; 3240758, 5.457%, 3/30/2022 †x¶#^ | Square | 10/02/2020 | 2356 | 2178 | 185 |
| &nbsp;&nbsp;&nbsp; 3242410, 6.472%, 3/30/2022 †x¶#^ | Square | 10/02/2020 | 4850 | 4421 | 380 |
| &nbsp;&nbsp;&nbsp; 3244374669, 23.599%, 10/31/2025 †x¥# | Stripe | 5/07/2024 | 18727 | 19476 | 749 |
| &nbsp;&nbsp;&nbsp; 3248325939, 14.261%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 5738 | 5968 | 6065 |
| &nbsp;&nbsp;&nbsp; 3249127800, 24.000%, 7/15/2023 †x¥#^ | Stripe | 1/20/2022 | 3441 | 3579 | 138 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8635** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3250278915, 24.000%, 10/01/2025 †x¥# | Stripe | 4/05/2024 | $1458 | $1516 | $58 |
| &nbsp;&nbsp;&nbsp; 3252311366, 20.400%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 7771 | 8082 | 8090 |
| &nbsp;&nbsp;&nbsp; 3252407035, 17.333%, 12/16/2025 †x¥# | Stripe | 6/21/2024 | 15815 | 16448 | 633 |
| &nbsp;&nbsp;&nbsp; 3256914600, 20.400%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 2976 | 3095 | 3095 |
| &nbsp;&nbsp;&nbsp; 3257532078, 21.999%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 59133 | 61499 | 62352 |
| &nbsp;&nbsp;&nbsp; 3257630, 4.099%, 4/08/2022 †x¶#^ | Square | 10/13/2020 | 265 | 250 | 21 |
| &nbsp;&nbsp;&nbsp; 3258531837, 18.796%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 3129 | 3254 | 3344 |
| &nbsp;&nbsp;&nbsp; 3258655917, 21.159%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 1685 | 1752 | 67 |
| &nbsp;&nbsp;&nbsp; 3259136026, 26.133%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 1271 | 1322 | 1354 |
| &nbsp;&nbsp;&nbsp; 3260614453, 20.399%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 20864 | 21699 | 21699 |
| &nbsp;&nbsp;&nbsp; 3262854636, 17.733%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 7345 | 7638 | 7727 |
| &nbsp;&nbsp;&nbsp; 3264802186, 25.569%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 1097 | 1141 | 1157 |
| &nbsp;&nbsp;&nbsp; 3265018837, 21.200%, 12/24/2024 †x¥#^ | Stripe | 6/29/2023 | 11920 | 12396 | 477 |
| &nbsp;&nbsp;&nbsp; 3266092363, 26.524%, 8/09/2025 †x¥#^ | Stripe | 2/14/2024 | 1316 | 1369 | 53 |
| &nbsp;&nbsp;&nbsp; 327028527, 18.000%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 2754 | 2864 | 2864 |
| &nbsp;&nbsp;&nbsp; 3272006070, 19.464%, 4/25/2024 †x¥#^ | Stripe | 10/31/2022 | 9876 | 10271 | 395 |
| &nbsp;&nbsp;&nbsp; 327395147, 25.598%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 11100 | 11544 | 11544 |
| &nbsp;&nbsp;&nbsp; 3274907355, 20.400%, 1/20/2027 †x¥ | Stripe | 7/25/2025 | 2674 | 2781 | 2841 |
| &nbsp;&nbsp;&nbsp; 3274947378, 26.525%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 11116 | 11560 | 11599 |
| &nbsp;&nbsp;&nbsp; 327724437, 16.782%, 10/31/2023 †x¥#^ | Stripe | 5/05/2022 | 5093 | 5296 | 204 |
| &nbsp;&nbsp;&nbsp; 3278154150, 18.794%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 2111 | 2195 | 2251 |
| &nbsp;&nbsp;&nbsp; 3278525937, 25.849%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 2191 | 2279 | 2337 |
| &nbsp;&nbsp;&nbsp; 3278564154, 13.728%, 7/10/2024 †x¥#^ | Stripe | 1/13/2023 | 1149 | 1195 | 46 |
| &nbsp;&nbsp;&nbsp; 3279838765, 26.530%, 1/24/2026 †x¥# | Stripe | 7/31/2024 | 14583 | 15166 | 583 |
| &nbsp;&nbsp;&nbsp; 3283297259, 26.510%, 11/06/2024 †x¥#^ | Stripe | 5/12/2023 | 1372 | 1427 | 55 |
| &nbsp;&nbsp;&nbsp; 3286461021, 22.800%, 6/26/2026 †x¥# | Stripe | 5/30/2024 | 87509 | 91009 | 15117 |
| &nbsp;&nbsp;&nbsp; 3286624352, 24.000%, 1/03/2024 †x¥#^ | Stripe | 10/21/2021 | 304 | 316 | 12 |
| &nbsp;&nbsp;&nbsp; 3289222345, 21.460%, 6/27/2023 †x¥#^ | Stripe | 11/02/2021 | 8963 | 9321 | 359 |
| &nbsp;&nbsp;&nbsp; 3289712437, 17.863%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 26505 | 27565 | 27659 |
| &nbsp;&nbsp;&nbsp; 3290661009, 14.932%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 29386 | 30562 | 30699 |
| &nbsp;&nbsp;&nbsp; 3291095879, 25.576%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 108 | 112 | 117 |
| &nbsp;&nbsp;&nbsp; 3293552, 6.152%, 4/22/2022 †x¶#^ | Square | 10/26/2020 | 9844 | 9013 | 772 |
| &nbsp;&nbsp;&nbsp; 3293775390, 25.333%, 9/03/2024 †x¥#^ | Stripe | 3/09/2023 | 2849 | 2963 | 114 |
| &nbsp;&nbsp;&nbsp; 3295017084, 26.523%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 1819 | 1892 | 1916 |
| &nbsp;&nbsp;&nbsp; 3295998301, 22.393%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 2049 | 2131 | 2170 |
| &nbsp;&nbsp;&nbsp; 3298450768, 23.636%, 12/09/2025 †x¥ | Stripe | 6/13/2024 | 270 | 280 | 158 |
| &nbsp;&nbsp;&nbsp; 3302547197, 20.386%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 5833 | 6066 | 6096 |
| &nbsp;&nbsp;&nbsp; 3304493972, 24.000%, 7/14/2023 †x¥#^ | Stripe | 1/19/2022 | 8300 | 8632 | 332 |
| &nbsp;&nbsp;&nbsp; 330791477, 22.381%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 1217 | 1265 | 1292 |
| &nbsp;&nbsp;&nbsp; 3308057976, 26.476%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 639 | 664 | 678 |
| &nbsp;&nbsp;&nbsp; 3310069, 5.769%, 4/30/2022 †x¶#^ | Square | 11/03/2020 | 505 | 465 | 40 |
| &nbsp;&nbsp;&nbsp; 331109033, 21.200%, 8/21/2026 †x¥# | Stripe | 2/25/2025 | 947 | 984 | 164 |
| &nbsp;&nbsp;&nbsp; 3311568271, 16.000%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 28673 | 29820 | 29893 |
| &nbsp;&nbsp;&nbsp; 3311927, 3.397%, 4/30/2022 †x¶#^ | Square | 11/04/2020 | 182 | 173 | 14 |
| &nbsp;&nbsp;&nbsp; 3311e1c9-60e6-4a66-9ded-516fc2a4579d, 26.990%, 4/04/2023 †x#^ | Funding Circle | 4/06/2018 | 7519 | 7519 | 2256 |
| &nbsp;&nbsp;&nbsp; 3313a4fa-2c2a-413e-868c-759fc8f71270, 10.490%, 3/09/2023 †x#^ | Funding Circle | 3/12/2018 | 57226 | 57226 | 17168 |
| &nbsp;&nbsp;&nbsp; 3314107856, 22.390%, 8/30/2025 †x¥#^ | Stripe | 3/06/2024 | 4030 | 4192 | 161 |
| &nbsp;&nbsp;&nbsp; 3314903, 6.867%, 5/02/2022 †x¶#^ | Square | 11/04/2020 | 4020 | 3644 | 315 |
| &nbsp;&nbsp;&nbsp; 3315484854, 25.600%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 2367 | 2462 | 2501 |
| &nbsp;&nbsp;&nbsp; 3316091690, 20.513%, 3/05/2025 †x¥#^ | Stripe | 9/08/2023 | 948 | 986 | 38 |
| &nbsp;&nbsp;&nbsp; 3316241, 7.190%, 5/03/2022 †x¶#^ | Square | 11/05/2020 | 1267 | 1143 | 99 |
| &nbsp;&nbsp;&nbsp; 3317185, 7.190%, 5/03/2022 †x¶#^ | Square | 11/05/2020 | 2877 | 2597 | 226 |
| &nbsp;&nbsp;&nbsp; 3318558088, 26.476%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 400 | 416 | 238 |
| &nbsp;&nbsp;&nbsp; 3322457, 5.391%, 5/05/2022 †x¶#^ | Square | 11/09/2020 | 13917 | 12875 | 1091 |
| &nbsp;&nbsp;&nbsp; 3324121968, 20.370%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 755 | 785 | 798 |
| &nbsp;&nbsp;&nbsp; 3325020580, 18.660%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 1605 | 1670 | 1707 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8636** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3329576795, 22.379%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | $2055 | $2137 | $2190 |
| &nbsp;&nbsp;&nbsp; 3332012075, 26.476%, 10/11/2024 †x¥#^ | Stripe | 4/18/2023 | 640 | 665 | 26 |
| &nbsp;&nbsp;&nbsp; 3333236155, 19.333%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 1979 | 2058 | 2068 |
| &nbsp;&nbsp;&nbsp; 3333295299, 21.984%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 1247 | 1296 | 1334 |
| &nbsp;&nbsp;&nbsp; 333437847, 17.867%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 17711 | 18419 | 18602 |
| &nbsp;&nbsp;&nbsp; 3336218652, 19.331%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 16917 | 17594 | 17822 |
| &nbsp;&nbsp;&nbsp; 3337914166, 22.124%, 9/15/2023 †x¥#^ | Stripe | 3/22/2022 | 8085 | 8409 | 323 |
| &nbsp;&nbsp;&nbsp; 333831563, 13.066%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 9552 | 9934 | 10088 |
| &nbsp;&nbsp;&nbsp; 3342784948, 20.394%, 10/21/2025 †x¥ | Stripe | 4/25/2024 | 163 | 170 | 180 |
| &nbsp;&nbsp;&nbsp; 3344543710, 20.000%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3230 | 3359 | 3400 |
| &nbsp;&nbsp;&nbsp; 3344895370, 19.600%, 2/17/2024 †x¥#^ | Stripe | 8/24/2022 | 7891 | 8206 | 316 |
| &nbsp;&nbsp;&nbsp; 3348943643, 14.132%, 12/30/2025 †x¥ | Stripe | 7/05/2024 | 10427 | 10844 | 11067 |
| &nbsp;&nbsp;&nbsp; 3351772229, 24.000%, 1/13/2023 †x¥#^ | Stripe | 7/20/2021 | 14185 | 14752 | 567 |
| &nbsp;&nbsp;&nbsp; 3351873713, 20.800%, 10/22/2025 †x¥# | Stripe | 8/07/2023 | 1057 | 1100 | 42 |
| &nbsp;&nbsp;&nbsp; 3352129339, 26.519%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 196 | 204 | 211 |
| &nbsp;&nbsp;&nbsp; 3356617146, 22.400%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 307 | 319 | 330 |
| &nbsp;&nbsp;&nbsp; 3359463656, 26.521%, 4/04/2026 †x¥ | Stripe | 8/08/2024 | 2175 | 2262 | 2330 |
| &nbsp;&nbsp;&nbsp; 3364088234, 13.467%, 6/14/2023 †x¥#^ | Stripe | 12/17/2021 | 20237 | 21042 | 810 |
| &nbsp;&nbsp;&nbsp; 336557138, 21.667%, 8/15/2025 †x¥#^ | Stripe | 2/21/2024 | 196 | 204 | 8 |
| &nbsp;&nbsp;&nbsp; 3367822930, 22.392%, 7/24/2024 †x¥#^ | Stripe | 1/27/2023 | 10200 | 10608 | 408 |
| &nbsp;&nbsp;&nbsp; 3371838276, 26.000%, 1/04/2025 †x¥#^ | Stripe | 7/12/2023 | 4031 | 4192 | 161 |
| &nbsp;&nbsp;&nbsp; 3372613421, 19.598%, 12/24/2024 †x¥#^ | Stripe | 5/02/2023 | 3231 | 3360 | 129 |
| &nbsp;&nbsp;&nbsp; 3374931328, 16.133%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 4896 | 5092 | 5156 |
| &nbsp;&nbsp;&nbsp; 337748062, 21.860%, 12/19/2024 †x¥#^ | Stripe | 6/26/2023 | 3056 | 3178 | 122 |
| &nbsp;&nbsp;&nbsp; 3377960798, 26.533%, 9/01/2026 †x¥# | Stripe | 3/06/2025 | 1191 | 1239 | 478 |
| &nbsp;&nbsp;&nbsp; 3378395780, 21.333%, 2/28/2023 †x¥#^ | Stripe | 9/02/2021 | 6250 | 6500 | 250 |
| &nbsp;&nbsp;&nbsp; 3378452673, 16.525%, 10/31/2024 †x¥#^ | Stripe | 5/08/2023 | 918 | 955 | 37 |
| &nbsp;&nbsp;&nbsp; 3380225305, 17.333%, 12/16/2025 †x¥ | Stripe | 6/21/2024 | 1793 | 1865 | 1904 |
| &nbsp;&nbsp;&nbsp; 3380963388, 26.533%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 382 | 398 | 407 |
| &nbsp;&nbsp;&nbsp; 3382925160, 26.101%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 1616 | 1681 | 1723 |
| &nbsp;&nbsp;&nbsp; 3382b330-edd3-4830-8d50-111778c1066d, 10.490%, 10/02/2023 †x#^ | Funding Circle | 4/04/2018 | 32850 | 32850 | 9855 |
| &nbsp;&nbsp;&nbsp; 3383657630, 25.333%, 9/06/2024 †x¥#^ | Stripe | 3/14/2023 | 1516 | 1576 | 61 |
| &nbsp;&nbsp;&nbsp; 3384634093, 20.667%, 1/16/2025 †x¥#^ | Stripe | 7/24/2023 | 2375 | 2470 | 95 |
| &nbsp;&nbsp;&nbsp; 3384977617, 12.532%, 3/04/2024 †x¥#^ | Stripe | 12/14/2021 | 5196 | 5404 | 208 |
| &nbsp;&nbsp;&nbsp; 3385042799, 26.532%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 15630 | 16255 | 16708 |
| &nbsp;&nbsp;&nbsp; 3391170931, 25.583%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 1415 | 1472 | 1479 |
| &nbsp;&nbsp;&nbsp; 3392437085, 19.327%, 1/16/2027 †x¥ | Stripe | 7/23/2025 | 9058 | 9420 | 9452 |
| &nbsp;&nbsp;&nbsp; 3394563059, 24.000%, 3/20/2024 †x¥#^ | Stripe | 2/22/2022 | 2695 | 2803 | 108 |
| &nbsp;&nbsp;&nbsp; 3395142, 7.190%, 6/01/2022 †x¶#^ | Square | 12/03/2020 | 8375 | 7560 | 657 |
| &nbsp;&nbsp;&nbsp; 3395510168, 17.867%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 33988 | 35348 | 36048 |
| &nbsp;&nbsp;&nbsp; 3398118213, 23.600%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 475 | 494 | 19 |
| &nbsp;&nbsp;&nbsp; 3399934482, 26.512%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 3913 | 4069 | 157 |
| &nbsp;&nbsp;&nbsp; 33a6eea1-ecd7-4668-9ade-b1550092e6b0, 18.900%, 8/17/2023 †x#^ | Funding Circle | 8/20/2018 | 54961 | 54961 | 16488 |
| &nbsp;&nbsp;&nbsp; 3400707746, 20.923%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 358 | 372 | 378 |
| &nbsp;&nbsp;&nbsp; 3401588, 2.724%, 6/02/2022 †x¶#^ | Square | 12/04/2020 | 648 | 622 | 51 |
| &nbsp;&nbsp;&nbsp; 3402276, 4.017%, 6/02/2022 †x¶#^ | Square | 12/04/2020 | 533 | 503 | 42 |
| &nbsp;&nbsp;&nbsp; 3402988154, 21.200%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 13888 | 14444 | 14553 |
| &nbsp;&nbsp;&nbsp; 340304706, 25.600%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 884 | 920 | 923 |
| &nbsp;&nbsp;&nbsp; 3403047060, 21.467%, 10/17/2024 †x¥#^ | Stripe | 4/24/2023 | 975 | 1014 | 39 |
| &nbsp;&nbsp;&nbsp; 3404162877, 20.909%, 7/06/2024 †x¥#^ | Stripe | 1/11/2023 | 4400 | 4576 | 176 |
| &nbsp;&nbsp;&nbsp; 3404286994, 17.576%, 5/16/2026 †x¥ | Stripe | 11/20/2024 | 500 | 520 | 527 |
| &nbsp;&nbsp;&nbsp; 3406321040, 24.381%, 1/13/2026 †x¥# | Stripe | 7/18/2024 | 1007 | 1047 | 40 |
| &nbsp;&nbsp;&nbsp; 3407505644, 22.133%, 11/26/2025 †x¥ | Stripe | 5/31/2024 | 1944 | 2021 | 2095 |
| &nbsp;&nbsp;&nbsp; 3408395969, 20.078%, 12/03/2024 †x¥#^ | Stripe | 6/08/2023 | 994 | 1034 | 40 |
| &nbsp;&nbsp;&nbsp; 3408521156, 20.933%, 12/12/2024 †x¥#^ | Stripe | 6/20/2023 | 2010 | 2091 | 80 |
| &nbsp;&nbsp;&nbsp; 3414011476, 20.399%, 12/29/2025 †x¥# | Stripe | 5/06/2024 | 29954 | 31152 | 1198 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8637** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3414103795, 20.926%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | $8400 | $8736 | $8783 |
| &nbsp;&nbsp;&nbsp; 341431454, 17.333%, 1/21/2026 †x¥ | Stripe | 7/26/2024 | 108 | 112 | 115 |
| &nbsp;&nbsp;&nbsp; 3414cb10-3fdc-491c-8063-091fa8957ce6, 19.700%, 1/08/2024 †x#^ | Funding Circle | 1/10/2019 | 2008 | 2008 | 602 |
| &nbsp;&nbsp;&nbsp; 3415425508, 25.573%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2834 | 2947 | 2978 |
| &nbsp;&nbsp;&nbsp; 3422700418, 19.319%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 3807 | 3959 | 3976 |
| &nbsp;&nbsp;&nbsp; 3423679700, 20.105%, 10/03/2024 †x¥#^ | Stripe | 4/10/2023 | 1451 | 1509 | 58 |
| &nbsp;&nbsp;&nbsp; 3426475709, 26.527%, 2/15/2026 †x¥ | Stripe | 6/24/2024 | 2280 | 2372 | 1354 |
| &nbsp;&nbsp;&nbsp; 3427965264, 26.515%, 3/10/2026 †x¥ | Stripe | 9/12/2024 | 947 | 985 | 1014 |
| &nbsp;&nbsp;&nbsp; 3429488, 6.046%, 6/11/2022 †x¶#^ | Square | 12/15/2020 | 1523 | 1397 | 119 |
| &nbsp;&nbsp;&nbsp; 3431302758, 16.667%, 2/11/2023 †x¥#^ | Stripe | 8/18/2021 | 268 | 278 | 11 |
| &nbsp;&nbsp;&nbsp; 343132353, 19.200%, 3/25/2025 †x¥#^ | Stripe | 9/28/2023 | 112394 | 116890 | 4496 |
| &nbsp;&nbsp;&nbsp; 3432090164, 20.000%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 7151 | 7438 | 7528 |
| &nbsp;&nbsp;&nbsp; 3434808342, 17.864%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 19042 | 19804 | 20052 |
| &nbsp;&nbsp;&nbsp; 3435064595, 20.788%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 2200 | 2288 | 2323 |
| &nbsp;&nbsp;&nbsp; 3435840726, 23.582%, 2/03/2026 †x¥ | Stripe | 8/08/2024 | 1700 | 1768 | 1818 |
| &nbsp;&nbsp;&nbsp; 3436186755, 14.933%, 3/15/2023 †x¥#^ | Stripe | 9/17/2021 | 8411 | 8747 | 336 |
| &nbsp;&nbsp;&nbsp; 3437090255, 21.198%, 4/04/2026 †x¥ | Stripe | 10/09/2024 | 1202 | 1251 | 1269 |
| &nbsp;&nbsp;&nbsp; 3437895218, 14.000%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 6385 | 6640 | 6656 |
| &nbsp;&nbsp;&nbsp; 3439237041, 16.267%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 5898 | 6134 | 6135 |
| &nbsp;&nbsp;&nbsp; 3440664428, 22.393%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 2796 | 2908 | 2979 |
| &nbsp;&nbsp;&nbsp; 3444782272, 20.533%, 3/14/2025 †x¥#^ | Stripe | 12/22/2022 | 36429 | 37886 | 1457 |
| &nbsp;&nbsp;&nbsp; 3445223, 4.010%, 6/18/2022 †x¶#^ | Square | 12/22/2020 | 3146 | 2968 | 247 |
| &nbsp;&nbsp;&nbsp; 3445757565, 22.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 1397 | 1453 | 1489 |
| &nbsp;&nbsp;&nbsp; 3447309898, 26.133%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 2537 | 2639 | 2725 |
| &nbsp;&nbsp;&nbsp; 3453304184, 26.128%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 7890 | 8205 | 8358 |
| &nbsp;&nbsp;&nbsp; 3453473568, 18.131%, 1/14/2027 †x¥ | Stripe | 7/21/2025 | 32383 | 33679 | 33741 |
| &nbsp;&nbsp;&nbsp; 3458073159, 19.464%, 4/17/2024 †x¥#^ | Stripe | 10/21/2022 | 24838 | 25831 | 994 |
| &nbsp;&nbsp;&nbsp; 3458925087, 14.257%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 3747 | 3897 | 3953 |
| &nbsp;&nbsp;&nbsp; 346192062, 20.000%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 12385 | 12881 | 13195 |
| &nbsp;&nbsp;&nbsp; 3464493557, 19.867%, 3/07/2026 †x¥ | Stripe | 9/11/2024 | 99 | 103 | 109 |
| &nbsp;&nbsp;&nbsp; 3464854833, 20.791%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 4277 | 4448 | 4534 |
| &nbsp;&nbsp;&nbsp; 346536758, 19.328%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 7205 | 7493 | 7607 |
| &nbsp;&nbsp;&nbsp; 3465661159, 26.524%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 1518 | 1579 | 1605 |
| &nbsp;&nbsp;&nbsp; 3467208663, 22.400%, 3/17/2026 †x¥ | Stripe | 9/19/2024 | 6667 | 6933 | 7077 |
| &nbsp;&nbsp;&nbsp; 3467518331, 25.600%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 7491 | 7791 | 7796 |
| &nbsp;&nbsp;&nbsp; 3467902363, 26.424%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 368 | 383 | 392 |
| &nbsp;&nbsp;&nbsp; 3468121139, 26.133%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 667 | 693 | 704 |
| &nbsp;&nbsp;&nbsp; 3472623336, 19.313%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 2566 | 2669 | 2679 |
| &nbsp;&nbsp;&nbsp; 3472652, 5.769%, 6/26/2022 †x¶#^ | Square | 12/30/2020 | 5019 | 4619 | 393 |
| &nbsp;&nbsp;&nbsp; 347281327, 25.867%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 1786 | 1858 | 1945 |
| &nbsp;&nbsp;&nbsp; 3473027918, 25.333%, 1/10/2024 †x¥#^ | Stripe | 7/15/2022 | 6438 | 6695 | 258 |
| &nbsp;&nbsp;&nbsp; 3473439, 4.647%, 6/28/2022 †x¶#^ | Square | 12/30/2020 | 2281 | 2133 | 179 |
| &nbsp;&nbsp;&nbsp; 3473757786, 20.796%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 2815 | 2928 | 113 |
| &nbsp;&nbsp;&nbsp; 3474535569, 19.328%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 9789 | 10181 | 10245 |
| &nbsp;&nbsp;&nbsp; 34776215, 20.120%, 7/19/2023 †x¥#^ | Stripe | 1/21/2022 | 5455 | 5673 | 218 |
| &nbsp;&nbsp;&nbsp; 3479042186, 25.833%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 1628 | 1693 | 1720 |
| &nbsp;&nbsp;&nbsp; 3479142899, 15.583%, 12/04/2025 †x¥# | Stripe | 6/10/2024 | 4755 | 4945 | 190 |
| &nbsp;&nbsp;&nbsp; 3479852668, 26.444%, 11/11/2025 †x¥# | Stripe | 5/16/2024 | 171 | 178 | 69 |
| &nbsp;&nbsp;&nbsp; 3481781865, 25.862%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 4038 | 4199 | 162 |
| &nbsp;&nbsp;&nbsp; 3483086709, 10.933%, 10/29/2024 †x¥#^ | Stripe | 12/13/2022 | 76429 | 79487 | 3057 |
| &nbsp;&nbsp;&nbsp; 3483997953, 25.580%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 2343 | 2437 | 2449 |
| &nbsp;&nbsp;&nbsp; 3484847673, 26.528%, 11/05/2025 †x¥# | Stripe | 5/10/2024 | 955 | 993 | 169 |
| &nbsp;&nbsp;&nbsp; 3485241314, 17.731%, 12/10/2023 †x¥#^ | Stripe | 10/25/2021 | 7386 | 7681 | 295 |
| &nbsp;&nbsp;&nbsp; 3485339729, 25.600%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 76604 | 79668 | 79983 |
| &nbsp;&nbsp;&nbsp; 3488323836, 18.917%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 2150 | 2236 | 2270 |
| &nbsp;&nbsp;&nbsp; 3492259, 3.370%, 6/30/2022 †x¶#^ | Square | 1/05/2021 | 909 | 865 | 71 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8638** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3493487076, 23.865%, 11/29/2025 †x¥ | Stripe | 6/05/2024 | $1523 | $1584 | $1644 |
| &nbsp;&nbsp;&nbsp; 3493875238, 24.923%, 7/03/2025 †x¥#^ | Stripe | 1/08/2024 | 831 | 864 | 33 |
| &nbsp;&nbsp;&nbsp; 3497500516, 18.667%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 5125 | 5330 | 5422 |
| &nbsp;&nbsp;&nbsp; 3497529189, 16.260%, 7/12/2023 †x¥#^ | Stripe | 1/14/2022 | 2976 | 3095 | 119 |
| &nbsp;&nbsp;&nbsp; 3498624, 7.192%, 7/04/2022 †x¶#^ | Square | 1/06/2021 | 2748 | 2487 | 215 |
| &nbsp;&nbsp;&nbsp; 350013814, 21.999%, 4/15/2026 †x¥# | Stripe | 10/18/2024 | 26408 | 27464 | 1056 |
| &nbsp;&nbsp;&nbsp; 3500267982, 23.302%, 5/20/2025 †x¥#^ | Stripe | 11/24/2023 | 874 | 908 | 35 |
| &nbsp;&nbsp;&nbsp; 3501554450, 15.466%, 1/18/2024 †x¥#^ | Stripe | 11/10/2021 | 7711 | 8019 | 308 |
| &nbsp;&nbsp;&nbsp; 3501570288, 16.000%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 15017 | 15617 | 15667 |
| &nbsp;&nbsp;&nbsp; 3504810, 2.699%, 7/05/2022 †x¶#^ | Square | 1/07/2021 | 203 | 200 | 16 |
| &nbsp;&nbsp;&nbsp; 3512170026, 22.667%, 5/23/2024 †x¥#^ | Stripe | 11/29/2022 | 870 | 905 | 35 |
| &nbsp;&nbsp;&nbsp; 3512875433, 16.532%, 7/11/2023 †x¥#^ | Stripe | 1/13/2022 | 9567 | 9950 | 383 |
| &nbsp;&nbsp;&nbsp; 3515043151, 26.533%, 1/08/2026 †x¥# | Stripe | 7/15/2024 | 21333 | 22187 | 3658 |
| &nbsp;&nbsp;&nbsp; 3515865, 5.781%, 7/07/2022 †x¶#^ | Square | 1/11/2021 | 2424 | 2230 | 190 |
| &nbsp;&nbsp;&nbsp; 3517617707, 20.400%, 8/31/2024 †x¥#^ | Stripe | 3/08/2023 | 179 | 186 | 7 |
| &nbsp;&nbsp;&nbsp; 3519393407, 22.400%, 10/27/2023 †x¥#^ | Stripe | 5/03/2022 | 1442 | 1500 | 58 |
| &nbsp;&nbsp;&nbsp; 3520654284, 16.267%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 3655 | 3801 | 3813 |
| &nbsp;&nbsp;&nbsp; 3521337289, 14.909%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 2928 | 3046 | 3057 |
| &nbsp;&nbsp;&nbsp; 352217521, 25.600%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 11194 | 11642 | 11759 |
| &nbsp;&nbsp;&nbsp; 3522625, 4.011%, 7/09/2022 †x¶#^ | Square | 1/13/2021 | 1320 | 1245 | 103 |
| &nbsp;&nbsp;&nbsp; 3525267809, 20.787%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 3974 | 4133 | 4187 |
| &nbsp;&nbsp;&nbsp; 352539884, 14.920%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 3030 | 3151 | 3177 |
| &nbsp;&nbsp;&nbsp; 3528586815, 17.865%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 32544 | 33845 | 18716 |
| &nbsp;&nbsp;&nbsp; 3528886415, 18.925%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 1585 | 1648 | 1684 |
| &nbsp;&nbsp;&nbsp; 3531669090, 21.054%, 12/26/2024 †x¥#^ | Stripe | 7/03/2023 | 3102 | 3226 | 124 |
| &nbsp;&nbsp;&nbsp; 3533143909, 19.467%, 3/22/2023 †x¥#^ | Stripe | 9/24/2021 | 1845 | 1919 | 74 |
| &nbsp;&nbsp;&nbsp; 3534538697, 16.000%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 7755 | 8065 | 8068 |
| &nbsp;&nbsp;&nbsp; 353633697, 18.113%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 4059 | 4221 | 4246 |
| &nbsp;&nbsp;&nbsp; 3538967411, 25.460%, 2/25/2026 †x¥ | Stripe | 8/30/2024 | 1144 | 1190 | 1230 |
| &nbsp;&nbsp;&nbsp; 3539015111, 20.933%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 2858 | 2972 | 114 |
| &nbsp;&nbsp;&nbsp; 3539778523, 18.790%, 5/30/2025 †x¥#^ | Stripe | 12/05/2023 | 1511 | 1572 | 60 |
| &nbsp;&nbsp;&nbsp; 3540076729, 20.627%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 756 | 786 | 30 |
| &nbsp;&nbsp;&nbsp; 3540326776, 17.597%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 15613 | 16238 | 16379 |
| &nbsp;&nbsp;&nbsp; 35407858, 20.659%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 7733 | 8043 | 309 |
| &nbsp;&nbsp;&nbsp; 3548670705, 22.773%, 4/03/2025 †x¥#^ | Stripe | 10/10/2023 | 671 | 698 | 27 |
| &nbsp;&nbsp;&nbsp; 3549751357, 25.867%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 43139 | 44865 | 45928 |
| &nbsp;&nbsp;&nbsp; 3549969683, 18.920%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 5481 | 5701 | 5752 |
| &nbsp;&nbsp;&nbsp; 355069972, 23.686%, 2/10/2026 †x¥# | Stripe | 8/15/2024 | 951 | 989 | 38 |
| &nbsp;&nbsp;&nbsp; 3551087, 5.769%, 7/14/2022 †x¶#^ | Square | 1/19/2021 | 7141 | 6575 | 560 |
| &nbsp;&nbsp;&nbsp; 3552359887, 20.778%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 504 | 524 | 533 |
| &nbsp;&nbsp;&nbsp; 3554237088, 24.000%, 8/08/2023 †x¥#^ | Stripe | 2/10/2022 | 11478 | 11937 | 459 |
| &nbsp;&nbsp;&nbsp; 3554248366, 18.399%, 6/13/2025 †x¥#^ | Stripe | 12/19/2023 | 24443 | 25421 | 978 |
| &nbsp;&nbsp;&nbsp; 3556294699, 26.533%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 37746 | 39256 | 39729 |
| &nbsp;&nbsp;&nbsp; 35569283, 18.667%, 2/21/2026 †x¥# | Stripe | 8/28/2024 | 3925 | 4083 | 1063 |
| &nbsp;&nbsp;&nbsp; 3557812455, 18.931%, 6/13/2026 †x¥ | Stripe | 12/18/2024 | 5027 | 5228 | 5376 |
| &nbsp;&nbsp;&nbsp; 3560430762, 26.523%, 1/20/2026 †x¥ | Stripe | 7/25/2024 | 520 | 541 | 562 |
| &nbsp;&nbsp;&nbsp; 3560584579, 20.933%, 6/19/2025 †x¥#^ | Stripe | 4/20/2023 | 580 | 603 | 23 |
| &nbsp;&nbsp;&nbsp; 3561795370, 18.920%, 5/13/2023 †x¥#^ | Stripe | 11/17/2021 | 3222 | 3351 | 129 |
| &nbsp;&nbsp;&nbsp; 3567970085, 14.799%, 5/19/2026 †x¥# | Stripe | 11/21/2024 | 50372 | 52387 | 8267 |
| &nbsp;&nbsp;&nbsp; 3568447540, 21.200%, 2/22/2024 †x¥#^ | Stripe | 8/17/2022 | 256 | 266 | 10 |
| &nbsp;&nbsp;&nbsp; 3569648400, 16.000%, 8/11/2023 †x¥#^ | Stripe | 2/15/2022 | 17889 | 18604 | 716 |
| &nbsp;&nbsp;&nbsp; 3570027817, 18.126%, 1/19/2027 †x¥ | Stripe | 7/24/2025 | 13967 | 14526 | 14603 |
| &nbsp;&nbsp;&nbsp; 3570173734, 20.400%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 9756 | 10147 | 10291 |
| &nbsp;&nbsp;&nbsp; 3572074889, 16.125%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1630 | 1695 | 1709 |
| &nbsp;&nbsp;&nbsp; 3575252607, 26.519%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 1577 | 1641 | 1664 |
| &nbsp;&nbsp;&nbsp; 3575269230, 17.833%, 4/12/2023 †x¥#^ | Stripe | 10/15/2021 | 356 | 370 | 14 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8639** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3576050047, 17.600%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | $4779 | $4970 | $5026 |
| &nbsp;&nbsp;&nbsp; 3576607567, 20.533%, 4/12/2025 †x¥#^ | Stripe | 10/18/2023 | 4380 | 4555 | 175 |
| &nbsp;&nbsp;&nbsp; 3576866996, 16.230%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2317 | 2410 | 2418 |
| &nbsp;&nbsp;&nbsp; 3580467140, 26.101%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1284 | 1335 | 1369 |
| &nbsp;&nbsp;&nbsp; 3582037324, 24.000%, 4/18/2023 †x¥#^ | Stripe | 10/21/2021 | 7935 | 8252 | 317 |
| &nbsp;&nbsp;&nbsp; 3582535016, 23.467%, 3/16/2023 †x¥#^ | Stripe | 9/20/2021 | 6843 | 7117 | 274 |
| &nbsp;&nbsp;&nbsp; 3582861172, 26.533%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 8850 | 9204 | 9477 |
| &nbsp;&nbsp;&nbsp; 3583147414, 20.667%, 9/30/2025 †x¥# | Stripe | 7/26/2023 | 7453 | 7751 | 298 |
| &nbsp;&nbsp;&nbsp; 3583837717, 25.846%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 35 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; 3585613194, 20.396%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 7400 | 7696 | 7696 |
| &nbsp;&nbsp;&nbsp; 3586831577, 26.532%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 11211 | 11659 | 11766 |
| &nbsp;&nbsp;&nbsp; 3588688225, 18.786%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 3185 | 3313 | 3356 |
| &nbsp;&nbsp;&nbsp; 35897908, 20.921%, 12/24/2024 †x¥#^ | Stripe | 6/29/2023 | 2490 | 2590 | 100 |
| &nbsp;&nbsp;&nbsp; 3590780323, 25.863%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 17500 | 18200 | 18454 |
| &nbsp;&nbsp;&nbsp; 3592009, 5.449%, 7/27/2022 †x¶#^ | Square | 1/29/2021 | 11250 | 10400 | 882 |
| &nbsp;&nbsp;&nbsp; 3592685812, 20.364%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 1082 | 1125 | 1125 |
| &nbsp;&nbsp;&nbsp; 3596352258, 15.333%, 8/11/2023 †x¥#^ | Stripe | 2/15/2022 | 17363 | 18058 | 695 |
| &nbsp;&nbsp;&nbsp; 3597063219, 25.599%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 12472 | 12971 | 13004 |
| &nbsp;&nbsp;&nbsp; 359734614, 20.132%, 4/24/2024 †x¥#^ | Stripe | 10/28/2022 | 7779 | 8090 | 311 |
| &nbsp;&nbsp;&nbsp; 3598435248, 21.956%, 9/20/2025 †x¥# | Stripe | 1/25/2024 | 334 | 347 | 58 |
| &nbsp;&nbsp;&nbsp; 3598739342, 25.576%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 4330 | 4503 | 4504 |
| &nbsp;&nbsp;&nbsp; 3599084006, 18.800%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 28091 | 29215 | 30059 |
| &nbsp;&nbsp;&nbsp; 3600786688, 26.444%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 678 | 705 | 722 |
| &nbsp;&nbsp;&nbsp; 3601557314, 26.529%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 242 | 252 | 263 |
| &nbsp;&nbsp;&nbsp; 3602503687, 20.392%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 1159 | 1206 | 1217 |
| &nbsp;&nbsp;&nbsp; 3602945835, 18.667%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 7852 | 8166 | 314 |
| &nbsp;&nbsp;&nbsp; 3603106785, 26.500%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 1147 | 1193 | 1205 |
| &nbsp;&nbsp;&nbsp; 3603214358, 16.261%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 3319 | 3452 | 3473 |
| &nbsp;&nbsp;&nbsp; 3604772128, 22.235%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 374 | 389 | 15 |
| &nbsp;&nbsp;&nbsp; 3605417065, 25.818%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 933 | 971 | 999 |
| &nbsp;&nbsp;&nbsp; 360556190, 20.785%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 1630 | 1695 | 1719 |
| &nbsp;&nbsp;&nbsp; 3610042866, 17.867%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 3751 | 3901 | 3952 |
| &nbsp;&nbsp;&nbsp; 3611463272, 26.532%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 1068 | 1111 | 1149 |
| &nbsp;&nbsp;&nbsp; 3612039, 3.970%, 7/29/2022 †x¶#^ | Square | 2/02/2021 | 11938 | 11267 | 936 |
| &nbsp;&nbsp;&nbsp; 3613167470, 14.667%, 10/10/2023 †x¥#^ | Stripe | 4/14/2022 | 25712 | 26741 | 1028 |
| &nbsp;&nbsp;&nbsp; 3613576, 3.351%, 7/30/2022 †x¶#^ | Square | 2/03/2021 | 1103 | 1050 | 86 |
| &nbsp;&nbsp;&nbsp; 3613939367, 20.000%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 2019 | 2099 | 2149 |
| &nbsp;&nbsp;&nbsp; 3615639028, 26.533%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 1748 | 1819 | 70 |
| &nbsp;&nbsp;&nbsp; 3616178104, 15.600%, 11/11/2025 †x¥# | Stripe | 5/16/2024 | 6208 | 6456 | 1036 |
| &nbsp;&nbsp;&nbsp; 3617064, 3.321%, 8/01/2022 †x¶#^ | Square | 2/03/2021 | 199 | 189 | 16 |
| &nbsp;&nbsp;&nbsp; 3618480946, 26.519%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 780 | 811 | 828 |
| &nbsp;&nbsp;&nbsp; 3622008, 3.958%, 8/03/2022 †x¶#^ | Square | 2/05/2021 | 1755 | 1656 | 138 |
| &nbsp;&nbsp;&nbsp; 3625191298, 16.799%, 11/10/2023 †x¥#^ | Stripe | 5/17/2022 | 39337 | 40910 | 1573 |
| &nbsp;&nbsp;&nbsp; 3626412264, 18.000%, 4/13/2024 †x¥#^ | Stripe | 10/19/2022 | 7569 | 7871 | 303 |
| &nbsp;&nbsp;&nbsp; 3627326499, 24.000%, 1/12/2023 †x¥#^ | Stripe | 7/19/2021 | 2687 | 2794 | 107 |
| &nbsp;&nbsp;&nbsp; 3627649, 3.338%, 8/05/2022 †x¶#^ | Square | 2/09/2021 | 877 | 835 | 69 |
| &nbsp;&nbsp;&nbsp; 3628561, 4.675%, 8/05/2022 †x¶#^ | Square | 2/09/2021 | 594 | 555 | 47 |
| &nbsp;&nbsp;&nbsp; 3629235817, 24.000%, 7/20/2023 †x¥#^ | Stripe | 1/24/2022 | 34273 | 35644 | 1371 |
| &nbsp;&nbsp;&nbsp; 3629989250, 21.020%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 1056 | 1098 | 1113 |
| &nbsp;&nbsp;&nbsp; 363068757, 16.133%, 4/22/2026 †x¥ | Stripe | 10/25/2024 | 11122 | 11567 | 11661 |
| &nbsp;&nbsp;&nbsp; 3631549479, 20.667%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 2519 | 2620 | 2657 |
| &nbsp;&nbsp;&nbsp; 3633029, 3.968%, 8/08/2022 †x¶#^ | Square | 2/10/2021 | 764 | 721 | 60 |
| &nbsp;&nbsp;&nbsp; 3633429734, 24.000%, 8/04/2023 †x¥#^ | Stripe | 2/08/2022 | 244 | 254 | 10 |
| &nbsp;&nbsp;&nbsp; 3634270175, 19.867%, 3/10/2023 †x¥#^ | Stripe | 9/14/2021 | 1861 | 1936 | 74 |
| &nbsp;&nbsp;&nbsp; 3634615264, 21.200%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 5313 | 5526 | 5569 |
| &nbsp;&nbsp;&nbsp; 3639338071, 26.532%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 2899 | 3015 | 3082 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8640** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3639877500, 26.462%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | $874 | $909 | $518 |
| &nbsp;&nbsp;&nbsp; 3640525780, 21.982%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 1789 | 1861 | 1899 |
| &nbsp;&nbsp;&nbsp; 3642018250, 21.200%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 16873 | 17548 | 17632 |
| &nbsp;&nbsp;&nbsp; 364212001, 22.000%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 458 | 477 | 492 |
| &nbsp;&nbsp;&nbsp; 3642819, 6.498%, 8/11/2022 †x¶#^ | Square | 2/16/2021 | 534 | 487 | 42 |
| &nbsp;&nbsp;&nbsp; 3643724, 3.334%, 8/11/2022 †x¶#^ | Square | 2/16/2021 | 6355 | 6054 | 498 |
| &nbsp;&nbsp;&nbsp; 364446043, 22.389%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 357 | 372 | 384 |
| &nbsp;&nbsp;&nbsp; 3646346462, 22.000%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 1625 | 1690 | 1751 |
| &nbsp;&nbsp;&nbsp; 3647744031, 25.867%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 889 | 924 | 930 |
| &nbsp;&nbsp;&nbsp; 3648134098, 20.000%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 3554 | 3696 | 3744 |
| &nbsp;&nbsp;&nbsp; 3648137555, 26.528%, 10/09/2025 †x¥# | Stripe | 4/15/2024 | 11046 | 11488 | 442 |
| &nbsp;&nbsp;&nbsp; 3648746065, 19.462%, 4/23/2024 †x¥#^ | Stripe | 10/27/2022 | 6107 | 6351 | 244 |
| &nbsp;&nbsp;&nbsp; 3651890874, 20.395%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 5367 | 5581 | 5582 |
| &nbsp;&nbsp;&nbsp; 3652882751, 19.318%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 3422 | 3559 | 3582 |
| &nbsp;&nbsp;&nbsp; 3662244045, 24.364%, 12/02/2025 †x¥ | Stripe | 6/06/2024 | 795 | 827 | 468 |
| &nbsp;&nbsp;&nbsp; 3663923864, 22.797%, 11/15/2025 †x¥ | Stripe | 5/22/2024 | 3782 | 3933 | 4072 |
| &nbsp;&nbsp;&nbsp; 3664665511, 19.054%, 4/03/2024 †x¥#^ | Stripe | 10/07/2022 | 3354 | 3488 | 134 |
| &nbsp;&nbsp;&nbsp; 3670380, 3.324%, 8/18/2022 †x¶#^ | Square | 2/22/2021 | 409 | 390 | 32 |
| &nbsp;&nbsp;&nbsp; 3671344355, 16.133%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 51335 | 53388 | 53919 |
| &nbsp;&nbsp;&nbsp; 3672321473, 20.381%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 1144 | 1189 | 1195 |
| &nbsp;&nbsp;&nbsp; 3673107299, 20.393%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 12815 | 13328 | 13334 |
| &nbsp;&nbsp;&nbsp; 3673583390, 20.000%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 8493 | 8833 | 9028 |
| &nbsp;&nbsp;&nbsp; 3677260311, 15.200%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 28124 | 29249 | 29454 |
| &nbsp;&nbsp;&nbsp; 3679128308, 25.600%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 767 | 797 | 805 |
| &nbsp;&nbsp;&nbsp; 3681424056, 18.133%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 9661 | 10047 | 10110 |
| &nbsp;&nbsp;&nbsp; 3682281222, 23.600%, 1/02/2023 †x¥#^ | Stripe | 5/10/2021 | 1003 | 1043 | 40 |
| &nbsp;&nbsp;&nbsp; 3683349096, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 84865 | 88260 | 89013 |
| &nbsp;&nbsp;&nbsp; 3683647158, 14.000%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 59145 | 61511 | 61818 |
| &nbsp;&nbsp;&nbsp; 3685976355, 20.000%, 11/27/2025 †x¥# | Stripe | 6/03/2024 | 979 | 1018 | 569 |
| &nbsp;&nbsp;&nbsp; 3688841836, 19.455%, 6/05/2024 †x¥#^ | Stripe | 12/09/2022 | 965 | 1003 | 39 |
| &nbsp;&nbsp;&nbsp; 3689136744, 16.915%, 3/06/2025 †x¥#^ | Stripe | 9/11/2023 | 3526 | 3667 | 141 |
| &nbsp;&nbsp;&nbsp; 3691055805, 24.000%, 10/05/2023 †x¥#^ | Stripe | 4/11/2022 | 10581 | 11004 | 423 |
| &nbsp;&nbsp;&nbsp; 3695037229, 20.000%, 4/04/2024 †x¥#^ | Stripe | 10/11/2022 | 3002 | 3122 | 120 |
| &nbsp;&nbsp;&nbsp; 3696580513, 26.485%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 806 | 838 | 865 |
| &nbsp;&nbsp;&nbsp; 3697415928, 20.933%, 3/01/2024 †x¥#^ | Stripe | 9/07/2022 | 23673 | 24620 | 947 |
| &nbsp;&nbsp;&nbsp; 3698067572, 20.400%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 32000 | 33280 | 33311 |
| &nbsp;&nbsp;&nbsp; 3700761541, 22.400%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 45123 | 46928 | 26062 |
| &nbsp;&nbsp;&nbsp; 3701504154, 21.333%, 3/05/2025 †x¥#^ | Stripe | 9/08/2023 | 733 | 763 | 29 |
| &nbsp;&nbsp;&nbsp; 370245562, 20.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 4148 | 4314 | 4415 |
| &nbsp;&nbsp;&nbsp; 370267301, 18.125%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 8560 | 8903 | 8913 |
| &nbsp;&nbsp;&nbsp; 3703261611, 20.907%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 1387 | 1442 | 1463 |
| &nbsp;&nbsp;&nbsp; 3703286005, 14.796%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 2662 | 2769 | 2796 |
| &nbsp;&nbsp;&nbsp; 3704185532, 17.985%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 3440 | 3577 | 3599 |
| &nbsp;&nbsp;&nbsp; 3704613616, 26.532%, 2/20/2027 †x¥ | Stripe | 8/27/2025 | 65771 | 68402 | 68403 |
| &nbsp;&nbsp;&nbsp; 3705063687, 26.133%, 1/14/2026 †x¥ | Stripe | 7/19/2024 | 314 | 326 | 343 |
| &nbsp;&nbsp;&nbsp; 3707504368, 21.065%, 6/27/2023 †x¥#^ | Stripe | 12/30/2021 | 16542 | 17204 | 662 |
| &nbsp;&nbsp;&nbsp; 3708133632, 20.000%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 2703 | 2812 | 108 |
| &nbsp;&nbsp;&nbsp; 3708198680, 18.267%, 7/22/2026 †x¥# | Stripe | 5/06/2024 | 12647 | 13153 | 2156 |
| &nbsp;&nbsp;&nbsp; 370863421, 20.356%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 1191 | 1239 | 1246 |
| &nbsp;&nbsp;&nbsp; 3713097073, 21.196%, 3/20/2026 †x¥ | Stripe | 9/24/2024 | 3483 | 3623 | 3704 |
| &nbsp;&nbsp;&nbsp; 3713982771, 19.333%, 3/13/2024 †x¥#^ | Stripe | 12/23/2021 | 29702 | 30890 | 1188 |
| &nbsp;&nbsp;&nbsp; 3714037583, 20.926%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 1621 | 1686 | 1705 |
| &nbsp;&nbsp;&nbsp; 3715282868, 20.000%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 1580 | 1643 | 1681 |
| &nbsp;&nbsp;&nbsp; 3718822910, 20.000%, 8/16/2024 †x¥#^ | Stripe | 2/22/2023 | 755 | 785 | 30 |
| &nbsp;&nbsp;&nbsp; 3724862165, 22.531%, 3/05/2025 †x¥#^ | Stripe | 9/08/2023 | 2993 | 3113 | 120 |
| &nbsp;&nbsp;&nbsp; 3724883331, 26.524%, 10/30/2026 †x¥ | Stripe | 8/13/2024 | 1017 | 1058 | 609 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8641** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3725684222, 18.533%, 1/17/2025 †x¥#^ | Stripe | 7/25/2023 | $1791 | $1863 | $72 |
| &nbsp;&nbsp;&nbsp; 372959937, 20.133%, 10/12/2024 †x¥#^ | Stripe | 4/19/2023 | 4374 | 4549 | 175 |
| &nbsp;&nbsp;&nbsp; 3731327454, 19.333%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 1991 | 2070 | 2140 |
| &nbsp;&nbsp;&nbsp; 37318733, 21.995%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 1766 | 1836 | 1883 |
| &nbsp;&nbsp;&nbsp; 3732222625, 17.956%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 1027 | 1068 | 1075 |
| &nbsp;&nbsp;&nbsp; 373766873, 20.530%, 5/27/2024 †x¥#^ | Stripe | 10/25/2022 | 1614 | 1679 | 65 |
| &nbsp;&nbsp;&nbsp; 3738073096, 18.133%, 1/14/2027 †x¥ | Stripe | 7/21/2025 | 28362 | 29497 | 29577 |
| &nbsp;&nbsp;&nbsp; 3741690715, 26.516%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 5088 | 5292 | 5294 |
| &nbsp;&nbsp;&nbsp; 3741741798, 26.529%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 999 | 1039 | 1065 |
| &nbsp;&nbsp;&nbsp; 3744496233, 19.461%, 5/30/2024 †x¥#^ | Stripe | 3/15/2022 | 12716 | 13225 | 509 |
| &nbsp;&nbsp;&nbsp; 374713355, 26.510%, 12/13/2025 †x¥# | Stripe | 6/20/2024 | 1763 | 1834 | 71 |
| &nbsp;&nbsp;&nbsp; 3747684174, 25.867%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 3264 | 3395 | 3486 |
| &nbsp;&nbsp;&nbsp; 3747826899, 19.598%, 6/06/2024 †x¥#^ | Stripe | 12/12/2022 | 35927 | 37364 | 1437 |
| &nbsp;&nbsp;&nbsp; 3748902894, 20.266%, 6/27/2026 †x¥# | Stripe | 4/15/2024 | 5261 | 5471 | 1455 |
| &nbsp;&nbsp;&nbsp; 3751733431, 25.865%, 11/03/2026 †x¥# | Stripe | 5/08/2025 | 15335 | 15948 | 5862 |
| &nbsp;&nbsp;&nbsp; 3752737251, 25.865%, 11/30/2026 †x¥ | Stripe | 4/07/2025 | 8632 | 8977 | 4997 |
| &nbsp;&nbsp;&nbsp; 3753441957, 26.530%, 4/15/2025 †x¥#^ | Stripe | 10/19/2023 | 6550 | 6812 | 262 |
| &nbsp;&nbsp;&nbsp; 3758127604, 26.132%, 5/26/2026 †x¥# | Stripe | 11/29/2024 | 13722 | 14271 | 3790 |
| &nbsp;&nbsp;&nbsp; 3759497766, 14.931%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 24733 | 25722 | 25835 |
| &nbsp;&nbsp;&nbsp; 3759707955, 20.796%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 3835 | 3988 | 4040 |
| &nbsp;&nbsp;&nbsp; 3760177554, 14.398%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 6750 | 7020 | 7107 |
| &nbsp;&nbsp;&nbsp; 3760748488, 26.507%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 2091 | 2175 | 1231 |
| &nbsp;&nbsp;&nbsp; 3762555469, 12.797%, 1/15/2027 †x¥ | Stripe | 7/22/2025 | 20774 | 21605 | 21662 |
| &nbsp;&nbsp;&nbsp; 3762866814, 14.800%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 7720 | 8029 | 8142 |
| &nbsp;&nbsp;&nbsp; 3763678325, 14.267%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 735 | 764 | 790 |
| &nbsp;&nbsp;&nbsp; 3763780310, 22.000%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 3521 | 3662 | 3765 |
| &nbsp;&nbsp;&nbsp; 3764668236, 19.324%, 5/17/2023 †x¥#^ | Stripe | 11/19/2021 | 1656 | 1722 | 66 |
| &nbsp;&nbsp;&nbsp; 3766015659, 18.933%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 39836 | 41429 | 42241 |
| &nbsp;&nbsp;&nbsp; 376632830, 18.799%, 6/20/2023 †x¥#^ | Stripe | 12/23/2021 | 31139 | 32385 | 1246 |
| &nbsp;&nbsp;&nbsp; 3767351948, 26.119%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 742 | 772 | 809 |
| &nbsp;&nbsp;&nbsp; 3769787246, 26.523%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 9715 | 10103 | 10174 |
| &nbsp;&nbsp;&nbsp; 3772258360, 25.569%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 623 | 648 | 663 |
| &nbsp;&nbsp;&nbsp; 3773197768, 17.866%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 13684 | 14231 | 14391 |
| &nbsp;&nbsp;&nbsp; 3774820232, 18.791%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 2521 | 2622 | 2680 |
| &nbsp;&nbsp;&nbsp; 3774821, 3.333%, 9/03/2022 †x¶#^ | Square | 3/05/2021 | 1007 | 959 | 79 |
| &nbsp;&nbsp;&nbsp; 3786696190, 19.597%, 12/01/2024 †x¥#^ | Stripe | 4/07/2023 | 6404 | 6660 | 256 |
| &nbsp;&nbsp;&nbsp; 3788101032, 26.526%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 6177 | 6424 | 3632 |
| &nbsp;&nbsp;&nbsp; 3791398037, 24.932%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 16480 | 17140 | 17728 |
| &nbsp;&nbsp;&nbsp; 3796326855, 21.589%, 8/20/2025 †x¥#^ | Stripe | 2/23/2024 | 1939 | 2017 | 78 |
| &nbsp;&nbsp;&nbsp; 3797632324, 20.800%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 8474 | 8813 | 8923 |
| &nbsp;&nbsp;&nbsp; 3797896386, 17.866%, 10/28/2026 †x¥# | Stripe | 5/02/2025 | 86600 | 90064 | 32794 |
| &nbsp;&nbsp;&nbsp; 379999318, 24.113%, 12/14/2024 †x¥#^ | Stripe | 6/22/2023 | 1127 | 1172 | 45 |
| &nbsp;&nbsp;&nbsp; 38035881, 22.393%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 1802 | 1875 | 1910 |
| &nbsp;&nbsp;&nbsp; 3804736984, 26.489%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 1450 | 1508 | 1510 |
| &nbsp;&nbsp;&nbsp; 3806458473, 22.400%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 1541 | 1602 | 1648 |
| &nbsp;&nbsp;&nbsp; 3806873, 3.330%, 9/04/2022 †x¶#^ | Square | 3/08/2021 | 4217 | 4016 | 331 |
| &nbsp;&nbsp;&nbsp; 380842781, 20.252%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 926 | 963 | 37 |
| &nbsp;&nbsp;&nbsp; 3809670794, 25.600%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 781 | 812 | 819 |
| &nbsp;&nbsp;&nbsp; 3812124474, 26.525%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 10461 | 10880 | 10880 |
| &nbsp;&nbsp;&nbsp; 3813606999, 26.533%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 37197 | 38684 | 39184 |
| &nbsp;&nbsp;&nbsp; 3816667329, 21.982%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 1033 | 1075 | 1102 |
| &nbsp;&nbsp;&nbsp; 3816964737, 26.526%, 7/25/2025 †x¥#^ | Stripe | 1/30/2024 | 5255 | 5466 | 210 |
| &nbsp;&nbsp;&nbsp; 38181399, 20.000%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 1434 | 1491 | 1513 |
| &nbsp;&nbsp;&nbsp; 3818403, 5.344%, 9/06/2022 †x¶#^ | Square | 3/10/2021 | 2067 | 1913 | 162 |
| &nbsp;&nbsp;&nbsp; 3820957225, 16.799%, 8/01/2023 †x¥#^ | Stripe | 2/03/2022 | 56069 | 58312 | 2243 |
| &nbsp;&nbsp;&nbsp; 3821229194, 14.786%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 2595 | 2699 | 2737 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8642** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3828710213, 20.799%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | $10012 | $10413 | $10586 |
| &nbsp;&nbsp;&nbsp; 3830058368, 15.200%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 109951 | 114349 | 115172 |
| &nbsp;&nbsp;&nbsp; 3830169316, 22.386%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 833 | 866 | 887 |
| &nbsp;&nbsp;&nbsp; 3830475, 4.686%, 9/09/2022 †x¶#^ | Square | 3/11/2021 | 450 | 420 | 35 |
| &nbsp;&nbsp;&nbsp; 3832436, 3.332%, 9/10/2022 †x¶#^ | Square | 3/12/2021 | 5567 | 5302 | 436 |
| &nbsp;&nbsp;&nbsp; 3833164230, 18.130%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 1825 | 1898 | 1961 |
| &nbsp;&nbsp;&nbsp; 3835332, 4.709%, 9/10/2022 †x¶#^ | Square | 3/12/2021 | 1500 | 1401 | 118 |
| &nbsp;&nbsp;&nbsp; 3838191082, 20.000%, 8/11/2026 †x¥# | Stripe | 2/13/2025 | 78509 | 81650 | 20986 |
| &nbsp;&nbsp;&nbsp; 3838708481, 25.333%, 8/09/2024 †x¥#^ | Stripe | 2/14/2023 | 13164 | 13691 | 527 |
| &nbsp;&nbsp;&nbsp; 3839080576, 24.000%, 4/08/2023 †x¥#^ | Stripe | 8/12/2021 | 2547 | 2649 | 102 |
| &nbsp;&nbsp;&nbsp; 3839187016, 26.529%, 10/28/2026 †x¥ | Stripe | 3/05/2025 | 10060 | 10462 | 10702 |
| &nbsp;&nbsp;&nbsp; 3839447923, 25.333%, 9/13/2024 †x¥#^ | Stripe | 3/21/2023 | 2581 | 2684 | 103 |
| &nbsp;&nbsp;&nbsp; 3841366, 5.082%, 9/11/2022 †x¶#^ | Square | 3/15/2021 | 9782 | 9089 | 767 |
| &nbsp;&nbsp;&nbsp; 3845145804, 18.000%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 51039 | 53081 | 53508 |
| &nbsp;&nbsp;&nbsp; 3847922637, 26.424%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 474 | 493 | 506 |
| &nbsp;&nbsp;&nbsp; 3848886650, 25.333%, 4/12/2024 †x¥#^ | Stripe | 10/18/2022 | 641 | 666 | 26 |
| &nbsp;&nbsp;&nbsp; 3850276564, 26.533%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 21955 | 22833 | 23294 |
| &nbsp;&nbsp;&nbsp; 3850295788, 23.137%, 7/26/2023 †x¥#^ | Stripe | 1/28/2022 | 842 | 876 | 34 |
| &nbsp;&nbsp;&nbsp; 3851549097, 13.067%, 5/20/2023 †x¥#^ | Stripe | 11/24/2021 | 1180 | 1227 | 47 |
| &nbsp;&nbsp;&nbsp; 3852528795, 18.756%, 4/26/2023 †x¥#^ | Stripe | 10/29/2021 | 381 | 396 | 15 |
| &nbsp;&nbsp;&nbsp; 3853165728, 25.593%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 7200 | 7488 | 7488 |
| &nbsp;&nbsp;&nbsp; 3853756305, 26.514%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 3247 | 3377 | 3387 |
| &nbsp;&nbsp;&nbsp; 3854181256, 18.795%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 3474 | 3613 | 3701 |
| &nbsp;&nbsp;&nbsp; 3855508251, 14.265%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 4078 | 4242 | 4286 |
| &nbsp;&nbsp;&nbsp; 3856759879, 26.128%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 1535 | 1596 | 1660 |
| &nbsp;&nbsp;&nbsp; 3858774564, 26.505%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 1732 | 1802 | 1831 |
| &nbsp;&nbsp;&nbsp; 3859632165, 25.867%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 4351 | 4525 | 4550 |
| &nbsp;&nbsp;&nbsp; 3867588, 5.079%, 9/17/2022 †x¶#^ | Square | 3/19/2021 | 3609 | 3354 | 283 |
| &nbsp;&nbsp;&nbsp; 3868527906, 16.930%, 3/18/2023 †x¥#^ | Stripe | 9/22/2021 | 2871 | 2986 | 115 |
| &nbsp;&nbsp;&nbsp; 3871322760, 25.841%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 962 | 1001 | 1040 |
| &nbsp;&nbsp;&nbsp; 3871828869, 13.066%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 52177 | 54264 | 54658 |
| &nbsp;&nbsp;&nbsp; 3876371555, 22.129%, 10/08/2025 †x¥# | Stripe | 7/28/2023 | 4897 | 5093 | 196 |
| &nbsp;&nbsp;&nbsp; 3878490930, 14.800%, 3/25/2026 †x¥ | Stripe | 9/27/2024 | 5355 | 5569 | 5769 |
| &nbsp;&nbsp;&nbsp; 3879834337, 24.000%, 7/07/2023 †x¥#^ | Stripe | 1/11/2022 | 95 | 99 | 4 |
| &nbsp;&nbsp;&nbsp; 3881122304, 21.171%, 8/11/2026 †x¥# | Stripe | 2/13/2025 | 2967 | 3086 | 821 |
| &nbsp;&nbsp;&nbsp; 3881282806, 25.804%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 1419 | 1476 | 1488 |
| &nbsp;&nbsp;&nbsp; 3881634562, 20.788%, 9/27/2023 †x¥#^ | Stripe | 4/01/2022 | 925 | 962 | 37 |
| &nbsp;&nbsp;&nbsp; 3882268628, 14.792%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 2542 | 2644 | 2661 |
| &nbsp;&nbsp;&nbsp; 3882520410, 16.133%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 7642 | 7948 | 8036 |
| &nbsp;&nbsp;&nbsp; 3883663181, 22.000%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 168 | 175 | 184 |
| &nbsp;&nbsp;&nbsp; 3886440244, 18.667%, 4/16/2023 †x¥#^ | Stripe | 8/20/2021 | 3667 | 3813 | 147 |
| &nbsp;&nbsp;&nbsp; 3886681845, 18.000%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 1135 | 1180 | 1185 |
| &nbsp;&nbsp;&nbsp; 3887690652, 22.333%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 273 | 284 | 292 |
| &nbsp;&nbsp;&nbsp; 3888947059, 18.000%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 54216 | 56384 | 56472 |
| &nbsp;&nbsp;&nbsp; 38921316, 26.521%, 3/10/2026 †x¥ | Stripe | 9/12/2024 | 2092 | 2176 | 2242 |
| &nbsp;&nbsp;&nbsp; 38955977, 26.510%, 10/10/2025 †x¥ | Stripe | 4/16/2024 | 48 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; 3895777958, 21.733%, 7/11/2025 †x¥#^ | Stripe | 1/17/2024 | 1667 | 1733 | 659 |
| &nbsp;&nbsp;&nbsp; 3902440026, 23.060%, 5/28/2024 †x¥#^ | Stripe | 12/01/2022 | 3814 | 3966 | 153 |
| &nbsp;&nbsp;&nbsp; 3905983718, 21.200%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 1264 | 1314 | 1327 |
| &nbsp;&nbsp;&nbsp; 390627425, 24.000%, 10/18/2023 †x¥#^ | Stripe | 4/22/2022 | 19565 | 20348 | 783 |
| &nbsp;&nbsp;&nbsp; 3907954330, 16.130%, 3/07/2026 †x¥ | Stripe | 9/11/2024 | 3178 | 3305 | 3355 |
| &nbsp;&nbsp;&nbsp; 3908079454, 26.533%, 3/13/2025 †x¥#^ | Stripe | 9/18/2023 | 1778 | 1849 | 71 |
| &nbsp;&nbsp;&nbsp; 3909793995, 17.733%, 1/17/2023 †x¥#^ | Stripe | 7/22/2021 | 294 | 305 | 12 |
| &nbsp;&nbsp;&nbsp; 3911282549, 26.514%, 11/01/2024 †x¥#^ | Stripe | 5/09/2023 | 1253 | 1303 | 50 |
| &nbsp;&nbsp;&nbsp; 3917381975, 20.133%, 11/21/2023 †x¥#^ | Stripe | 5/26/2022 | 2674 | 2781 | 107 |
| &nbsp;&nbsp;&nbsp; 3918104161, 26.519%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 4854 | 5048 | 5109 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8643** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3919823973, 20.381%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | $940 | $977 | $986 |
| &nbsp;&nbsp;&nbsp; 3921036172, 26.504%, 8/04/2026 †x¥ | Stripe | 12/10/2024 | 1686 | 1754 | 1008 |
| &nbsp;&nbsp;&nbsp; 3921980191, 25.333%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 7200 | 7488 | 288 |
| &nbsp;&nbsp;&nbsp; 3922959680, 21.197%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 3267 | 3397 | 3417 |
| &nbsp;&nbsp;&nbsp; 3926991375, 26.529%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 12862 | 13376 | 13587 |
| &nbsp;&nbsp;&nbsp; 3929596, 4.791%, 9/27/2022 †x¶#^ | Square | 3/31/2021 | 1107 | 1033 | 87 |
| &nbsp;&nbsp;&nbsp; 3929873, 3.333%, 9/27/2022 †x¶#^ | Square | 3/31/2021 | 1888 | 1798 | 148 |
| &nbsp;&nbsp;&nbsp; 3929886, 5.079%, 9/27/2022 †x¶#^ | Square | 3/31/2021 | 1794 | 1667 | 141 |
| &nbsp;&nbsp;&nbsp; 3931807, 3.335%, 9/28/2022 †x¶#^ | Square | 3/31/2021 | 9157 | 8722 | 718 |
| &nbsp;&nbsp;&nbsp; 393456555, 18.667%, 11/15/2025 †x¥ | Stripe | 5/22/2024 | 4763 | 4954 | 5076 |
| &nbsp;&nbsp;&nbsp; 3934889192, 22.390%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 3717 | 3865 | 3974 |
| &nbsp;&nbsp;&nbsp; 3934907077, 17.333%, 1/15/2026 †x¥ | Stripe | 7/22/2024 | 135 | 140 | 144 |
| &nbsp;&nbsp;&nbsp; 3936149885, 20.000%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 1358 | 1412 | 1442 |
| &nbsp;&nbsp;&nbsp; 3937399164, 25.591%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 6295 | 6547 | 6565 |
| &nbsp;&nbsp;&nbsp; 3940433455, 24.000%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 2039 | 2120 | 2192 |
| &nbsp;&nbsp;&nbsp; 3944689, 4.690%, 9/30/2022 †x¶#^ | Square | 4/01/2021 | 5843 | 5459 | 458 |
| &nbsp;&nbsp;&nbsp; 3946185517, 26.515%, 8/12/2025 †x¥#^ | Stripe | 2/15/2024 | 978 | 1017 | 39 |
| &nbsp;&nbsp;&nbsp; 3946256896, 20.533%, 5/25/2024 †x¥#^ | Stripe | 3/04/2022 | 46771 | 48642 | 1871 |
| &nbsp;&nbsp;&nbsp; 3947636, 3.492%, 9/30/2022 †x¶#^ | Square | 4/01/2021 | 127 | 121 | 10 |
| &nbsp;&nbsp;&nbsp; 3949551728, 26.531%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 1851 | 1926 | 1970 |
| &nbsp;&nbsp;&nbsp; 3949658690, 18.530%, 8/08/2023 †x¥#^ | Stripe | 2/10/2022 | 4756 | 4946 | 190 |
| &nbsp;&nbsp;&nbsp; 3953185686, 26.424%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 399 | 415 | 425 |
| &nbsp;&nbsp;&nbsp; 395538476, 26.516%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 2822 | 2935 | 113 |
| &nbsp;&nbsp;&nbsp; 3958537546, 26.519%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 1650 | 1717 | 1740 |
| &nbsp;&nbsp;&nbsp; 3959868969, 17.463%, 3/22/2023 †x¥#^ | Stripe | 9/24/2021 | 3998 | 4158 | 160 |
| &nbsp;&nbsp;&nbsp; 3960241617, 25.596%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 5540 | 5762 | 5799 |
| &nbsp;&nbsp;&nbsp; 3963788633, 24.133%, 3/13/2025 †x¥#^ | Stripe | 9/18/2023 | 6083 | 6327 | 243 |
| &nbsp;&nbsp;&nbsp; 3964968529, 25.581%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 2303 | 2395 | 2439 |
| &nbsp;&nbsp;&nbsp; 3970456071, 16.132%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 16595 | 17259 | 17396 |
| &nbsp;&nbsp;&nbsp; 3970601546, 17.595%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 6311 | 6564 | 6671 |
| &nbsp;&nbsp;&nbsp; 3970627025, 20.792%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 3829 | 3982 | 4061 |
| &nbsp;&nbsp;&nbsp; 3971867, 3.346%, 10/02/2022 †x¶#^ | Square | 4/06/2021 | 668 | 636 | 52 |
| &nbsp;&nbsp;&nbsp; 3973063, 6.472%, 10/02/2022 †x¶#^ | Square | 4/06/2021 | 275 | 250 | 22 |
| &nbsp;&nbsp;&nbsp; 3973699089, 24.000%, 2/10/2023 †x¥#^ | Stripe | 8/17/2021 | 5436 | 5654 | 217 |
| &nbsp;&nbsp;&nbsp; 3973806454, 21.985%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 1640 | 1706 | 1750 |
| &nbsp;&nbsp;&nbsp; 3974073, 4.690%, 10/02/2022 †x¶#^ | Square | 4/06/2021 | 4635 | 4330 | 363 |
| &nbsp;&nbsp;&nbsp; 3974711, 5.079%, 10/02/2022 †x¶#^ | Square | 4/06/2021 | 13552 | 12593 | 1062 |
| &nbsp;&nbsp;&nbsp; 3975692, 3.968%, 10/03/2022 †x¶#^ | Square | 4/07/2021 | 5747 | 5473 | 451 |
| &nbsp;&nbsp;&nbsp; 3975796693, 16.133%, 3/05/2026 †x¥# | Stripe | 9/09/2024 | 858 | 892 | 330 |
| &nbsp;&nbsp;&nbsp; 3978132675, 18.667%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 24515 | 25496 | 25897 |
| &nbsp;&nbsp;&nbsp; 39783765, 15.867%, 9/02/2025 †x¥# | Stripe | 3/07/2024 | 22443 | 23340 | 898 |
| &nbsp;&nbsp;&nbsp; 3979113814, 21.866%, 4/15/2025 †x¥#^ | Stripe | 10/19/2023 | 31122 | 32367 | 1245 |
| &nbsp;&nbsp;&nbsp; 398004587, 21.997%, 4/23/2026 †x¥# | Stripe | 10/28/2024 | 9860 | 10254 | 1700 |
| &nbsp;&nbsp;&nbsp; 3980961874, 26.507%, 2/21/2026 †x¥ | Stripe | 8/28/2024 | 272 | 283 | 295 |
| &nbsp;&nbsp;&nbsp; 3981687155, 20.000%, 6/03/2026 †x¥ | Stripe | 12/06/2024 | 662 | 689 | 711 |
| &nbsp;&nbsp;&nbsp; 3983178054, 14.266%, 5/31/2024 †x¥#^ | Stripe | 12/06/2022 | 6093 | 6337 | 244 |
| &nbsp;&nbsp;&nbsp; 3983475053, 18.667%, 7/07/2026 †x¥# | Stripe | 1/09/2025 | 2730 | 2839 | 1047 |
| &nbsp;&nbsp;&nbsp; 3984388, 6.136%, 10/05/2022 †x¶#^ | Square | 4/07/2021 | 180 | 164 | 14 |
| &nbsp;&nbsp;&nbsp; 3984426360, 26.533%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 28341 | 29475 | 29967 |
| &nbsp;&nbsp;&nbsp; 3985079258, 18.667%, 12/27/2024 †x¥#^ | Stripe | 7/05/2023 | 552 | 574 | 22 |
| &nbsp;&nbsp;&nbsp; 3985304977, 20.000%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 25176 | 26183 | 1007 |
| &nbsp;&nbsp;&nbsp; 3989974, 6.472%, 10/06/2022 †x¶#^ | Square | 4/08/2021 | 1626 | 1507 | 128 |
| &nbsp;&nbsp;&nbsp; 3990155, 5.079%, 10/06/2022 †x¶#^ | Square | 4/08/2021 | 3709 | 3447 | 291 |
| &nbsp;&nbsp;&nbsp; 3990636, 3.321%, 10/06/2022 †x¶#^ | Square | 4/08/2021 | 12 | 11 | 1 |
| &nbsp;&nbsp;&nbsp; 3994811755, 20.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 4441 | 4618 | 4731 |
| &nbsp;&nbsp;&nbsp; 3995594423, 21.461%, 3/29/2026 †x¥# | Stripe | 1/11/2024 | 1835 | 1909 | 73 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8644** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 3995604, 5.342%, 10/07/2022 †x¶#^ | Square | 4/09/2021 | $1871 | $1733 | $147 |
| &nbsp;&nbsp;&nbsp; 3995770, 5.079%, 10/07/2022 †x¶#^ | Square | 4/09/2021 | 11347 | 10543 | 890 |
| &nbsp;&nbsp;&nbsp; 3996270, 4.693%, 10/07/2022 †x¶#^ | Square | 4/09/2021 | 2320 | 2167 | 182 |
| &nbsp;&nbsp;&nbsp; 3997196933, 19.193%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 485 | 505 | 19 |
| &nbsp;&nbsp;&nbsp; 3997361931, 26.525%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 6464 | 6723 | 6775 |
| &nbsp;&nbsp;&nbsp; 3998983562, 14.267%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 20007 | 20808 | 21109 |
| &nbsp;&nbsp;&nbsp; 3999239324, 16.083%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 798 | 830 | 835 |
| &nbsp;&nbsp;&nbsp; 3a981d9b-1d2f-46ea-ab77-94328daa2276, 10.490%, 3/22/2023 †x#^ | Funding Circle | 3/26/2018 | 13897 | 13897 | 4169 |
| &nbsp;&nbsp;&nbsp; 3e176382-8381-4ed0-95ba-83b56504bbf7, 10.490%, 2/23/2023 †x#^ | Funding Circle | 8/25/2017 | 49093 | 49093 | 14728 |
| &nbsp;&nbsp;&nbsp; 3f7f7795-9011-4205-ac4e-580d08799013, 15.420%, 5/25/2023 †x#^ | Funding Circle | 5/29/2018 | 4164 | 4164 | 1249 |
| &nbsp;&nbsp;&nbsp; 4000867939, 24.000%, 6/20/2023 †x¥#^ | Stripe | 12/23/2021 | 1187 | 1235 | 47 |
| &nbsp;&nbsp;&nbsp; 40022db6-77cf-4915-93a1-b1750b2442a7, 26.990%, 11/28/2022 †x#^ | Funding Circle | 11/30/2017 | 34809 | 34809 | 10443 |
| &nbsp;&nbsp;&nbsp; 4004319097, 25.333%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 2601 | 2705 | 104 |
| &nbsp;&nbsp;&nbsp; 4005780750, 26.516%, 1/03/2025 †x¥#^ | Stripe | 7/11/2023 | 4454 | 4632 | 178 |
| &nbsp;&nbsp;&nbsp; 4008731301, 14.927%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 9963 | 10361 | 10416 |
| &nbsp;&nbsp;&nbsp; 4008778518, 22.392%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 1546 | 1608 | 1640 |
| &nbsp;&nbsp;&nbsp; 4009162013, 18.788%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 567 | 590 | 603 |
| &nbsp;&nbsp;&nbsp; 4010509, 20.799%, 10/13/2023 †x¥#^ | Stripe | 4/19/2022 | 45454 | 47272 | 1818 |
| &nbsp;&nbsp;&nbsp; 4010735973, 25.865%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | 7513 | 7813 | 7967 |
| &nbsp;&nbsp;&nbsp; 4010827, 5.079%, 10/08/2022 †x¶#^ | Square | 4/12/2021 | 4447 | 4132 | 349 |
| &nbsp;&nbsp;&nbsp; 4011114, 6.472%, 10/08/2022 †x¶#^ | Square | 4/12/2021 | 1579 | 1439 | 124 |
| &nbsp;&nbsp;&nbsp; 4012292315, 14.933%, 6/01/2024 †x¥#^ | Stripe | 10/06/2022 | 1899 | 1975 | 76 |
| &nbsp;&nbsp;&nbsp; 4015786807, 20.923%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 849 | 883 | 890 |
| &nbsp;&nbsp;&nbsp; 4015803930, 16.000%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 126 | 131 | 133 |
| &nbsp;&nbsp;&nbsp; 4015976, 4.688%, 10/09/2022 †x¶#^ | Square | 4/13/2021 | 1222 | 1142 | 96 |
| &nbsp;&nbsp;&nbsp; 4016417364, 17.841%, 3/20/2026 †x¥# | Stripe | 9/24/2024 | 1001 | 1041 | 386 |
| &nbsp;&nbsp;&nbsp; 4017170, 4.762%, 10/09/2022 †x¶#^ | Square | 4/13/2021 | 9855 | 9198 | 773 |
| &nbsp;&nbsp;&nbsp; 4018108164, 18.256%, 7/06/2024 †x¥#^ | Stripe | 1/11/2023 | 2021 | 2102 | 81 |
| &nbsp;&nbsp;&nbsp; 401845494, 18.667%, 5/10/2026 †x¥# | Stripe | 5/31/2024 | 27222 | 28311 | 10525 |
| &nbsp;&nbsp;&nbsp; 4019654, 6.472%, 10/10/2022 †x¶#^ | Square | 4/14/2021 | 4057 | 3698 | 318 |
| &nbsp;&nbsp;&nbsp; 4021645, 4.766%, 10/11/2022 †x¶#^ | Square | 4/14/2021 | 2904 | 2711 | 228 |
| &nbsp;&nbsp;&nbsp; 4022504622, 26.529%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 5559 | 5781 | 222 |
| &nbsp;&nbsp;&nbsp; 4024861, 4.688%, 10/12/2022 †x¶#^ | Square | 4/14/2021 | 2362 | 2207 | 185 |
| &nbsp;&nbsp;&nbsp; 402541196, 17.065%, 3/31/2023 †x¥#^ | Stripe | 10/05/2021 | 23646 | 24592 | 946 |
| &nbsp;&nbsp;&nbsp; 4026355, 6.472%, 10/12/2022 †x¶#^ | Square | 4/14/2021 | 4924 | 4488 | 386 |
| &nbsp;&nbsp;&nbsp; 4026454625, 22.400%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 3081 | 3204 | 123 |
| &nbsp;&nbsp;&nbsp; 4027412980, 18.800%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 33368 | 34702 | 35173 |
| &nbsp;&nbsp;&nbsp; 4029077, 3.336%, 10/13/2022 †x¶#^ | Square | 4/15/2021 | 2203 | 2098 | 173 |
| &nbsp;&nbsp;&nbsp; 4029989228, 17.867%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 3506 | 3646 | 3683 |
| &nbsp;&nbsp;&nbsp; 4030494124, 26.525%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 8357 | 8691 | 8695 |
| &nbsp;&nbsp;&nbsp; 4030869529, 12.800%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 39868 | 41463 | 41615 |
| &nbsp;&nbsp;&nbsp; 4032558240, 16.132%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 21524 | 22385 | 22584 |
| &nbsp;&nbsp;&nbsp; 4032701, 4.697%, 10/14/2022 †x¶#^ | Square | 4/16/2021 | 3365 | 3144 | 264 |
| &nbsp;&nbsp;&nbsp; 4035223364, 19.464%, 2/11/2026 †x¥# | Stripe | 6/20/2024 | 9744 | 10133 | 2644 |
| &nbsp;&nbsp;&nbsp; 4035544231, 17.067%, 1/26/2023 †x¥#^ | Stripe | 8/02/2021 | 4252 | 4422 | 170 |
| &nbsp;&nbsp;&nbsp; 4036281, 6.149%, 10/14/2022 †x¶#^ | Square | 4/16/2021 | 3588 | 3285 | 281 |
| &nbsp;&nbsp;&nbsp; 4040460878, 21.045%, 12/19/2024 †x¥#^ | Stripe | 6/26/2023 | 334 | 347 | 13 |
| &nbsp;&nbsp;&nbsp; 4042674605, 25.333%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 3700 | 3848 | 148 |
| &nbsp;&nbsp;&nbsp; 4044086, 4.700%, 10/16/2022 †x¶#^ | Square | 4/20/2021 | 562 | 526 | 44 |
| &nbsp;&nbsp;&nbsp; 4044389, 5.334%, 10/16/2022 †x¶#^ | Square | 4/20/2021 | 554 | 513 | 43 |
| &nbsp;&nbsp;&nbsp; 4044472, 5.079%, 10/16/2022 †x¶#^ | Square | 4/20/2021 | 3447 | 3203 | 270 |
| &nbsp;&nbsp;&nbsp; 4046088792, 17.589%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 4813 | 5005 | 5045 |
| &nbsp;&nbsp;&nbsp; 4050035138, 25.333%, 5/07/2024 †x¥#^ | Stripe | 11/10/2022 | 62 | 65 | 2 |
| &nbsp;&nbsp;&nbsp; 4050353, 6.168%, 10/19/2022 †x¶#^ | Square | 4/21/2021 | 571 | 523 | 45 |
| &nbsp;&nbsp;&nbsp; 405462238, 22.781%, 11/20/2025 †x¥# | Stripe | 5/28/2024 | 142 | 148 | 57 |
| &nbsp;&nbsp;&nbsp; 4055063, 4.762%, 10/20/2022 †x¶#^ | Square | 4/22/2021 | 1340 | 1251 | 105 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8645** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4055136476, 20.392%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | $2626 | $2731 | $2749 |
| &nbsp;&nbsp;&nbsp; 4056454, 5.345%, 10/20/2022 †x¶#^ | Square | 4/22/2021 | 1850 | 1713 | 145 |
| &nbsp;&nbsp;&nbsp; 4056462431, 14.400%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 3005 | 3125 | 3179 |
| &nbsp;&nbsp;&nbsp; 4057736287, 25.598%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 15491 | 16111 | 16355 |
| &nbsp;&nbsp;&nbsp; 4058913904, 26.508%, 3/18/2026 †x¥ | Stripe | 9/20/2024 | 1867 | 1941 | 1981 |
| &nbsp;&nbsp;&nbsp; 4060551009, 20.909%, 5/01/2024 †x¥#^ | Stripe | 11/04/2022 | 1569 | 1632 | 63 |
| &nbsp;&nbsp;&nbsp; 4061331, 6.472%, 10/21/2022 †x¶#^ | Square | 4/23/2021 | 8004 | 7296 | 628 |
| &nbsp;&nbsp;&nbsp; 4062205300, 18.000%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 15319 | 15932 | 15955 |
| &nbsp;&nbsp;&nbsp; 40627ae9-e223-4ddb-a426-4c2b8907300e, 15.420%, 3/05/2024 †x#^ | Funding Circle | 9/07/2018 | 66320 | 66320 | 19896 |
| &nbsp;&nbsp;&nbsp; 4063039992, 19.728%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 4200 | 4368 | 168 |
| &nbsp;&nbsp;&nbsp; 4066044369, 19.200%, 4/27/2023 †x¥#^ | Stripe | 11/01/2021 | 5958 | 6196 | 238 |
| &nbsp;&nbsp;&nbsp; 4066741663, 26.462%, 2/12/2026 †x¥ | Stripe | 8/19/2024 | 302 | 314 | 324 |
| &nbsp;&nbsp;&nbsp; 4069620801, 18.000%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 17058 | 17740 | 682 |
| &nbsp;&nbsp;&nbsp; 4070759, 5.083%, 10/22/2022 †x¶#^ | Square | 4/26/2021 | 5892 | 5475 | 462 |
| &nbsp;&nbsp;&nbsp; 4070858, 4.716%, 10/22/2022 †x¶#^ | Square | 4/26/2021 | 686 | 641 | 54 |
| &nbsp;&nbsp;&nbsp; 4073536533, 16.133%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1104 | 1149 | 1157 |
| &nbsp;&nbsp;&nbsp; 4073731018, 14.797%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 5174 | 5381 | 5451 |
| &nbsp;&nbsp;&nbsp; 4073777505, 20.400%, 12/25/2026 †x¥ | Stripe | 7/01/2025 | 10642 | 11067 | 11163 |
| &nbsp;&nbsp;&nbsp; 4074262758, 22.667%, 10/03/2025 †x¥ | Stripe | 4/09/2024 | 9 | 9 | 10 |
| &nbsp;&nbsp;&nbsp; 4075059420, 21.961%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 514 | 535 | 548 |
| &nbsp;&nbsp;&nbsp; 4075099684, 18.933%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 2091 | 2175 | 2225 |
| &nbsp;&nbsp;&nbsp; 4078331, 6.472%, 10/23/2022 †x¶#^ | Square | 4/27/2021 | 1060 | 966 | 83 |
| &nbsp;&nbsp;&nbsp; 4080247, 6.472%, 10/23/2022 †x¶#^ | Square | 4/27/2021 | 13585 | 12383 | 1065 |
| &nbsp;&nbsp;&nbsp; 4080395, 3.332%, 10/23/2022 †x¶#^ | Square | 4/27/2021 | 7459 | 7104 | 585 |
| &nbsp;&nbsp;&nbsp; 4081732976, 26.533%, 8/16/2025 †x¥#^ | Stripe | 6/15/2023 | 15230 | 15839 | 609 |
| &nbsp;&nbsp;&nbsp; 408279353, 17.600%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 91971 | 95650 | 96974 |
| &nbsp;&nbsp;&nbsp; 4083220644, 26.514%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2578 | 2681 | 2720 |
| &nbsp;&nbsp;&nbsp; 4083706, 3.333%, 10/26/2022 †x¶#^ | Square | 4/28/2021 | 447 | 426 | 35 |
| &nbsp;&nbsp;&nbsp; 4083805098, 22.400%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 324 | 337 | 13 |
| &nbsp;&nbsp;&nbsp; 4086204, 3.965%, 10/26/2022 †x¶#^ | Square | 4/28/2021 | 1625 | 1534 | 127 |
| &nbsp;&nbsp;&nbsp; 4088340586, 26.444%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 439 | 457 | 467 |
| &nbsp;&nbsp;&nbsp; 4088711143, 17.867%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 2252 | 2342 | 2368 |
| &nbsp;&nbsp;&nbsp; 4088835803, 16.133%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 23617 | 24562 | 24736 |
| &nbsp;&nbsp;&nbsp; 4089769592, 25.048%, 11/05/2024 †x¥#^ | Stripe | 5/11/2023 | 1531 | 1592 | 61 |
| &nbsp;&nbsp;&nbsp; 4091863822, 26.510%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 1167 | 1213 | 1228 |
| &nbsp;&nbsp;&nbsp; 4092583203, 22.000%, 5/23/2026 †x¥ | Stripe | 11/27/2024 | 7970 | 8289 | 8536 |
| &nbsp;&nbsp;&nbsp; 4094214019, 24.000%, 6/27/2023 †x¥#^ | Stripe | 12/30/2021 | 140 | 145 | 6 |
| &nbsp;&nbsp;&nbsp; 4094673658, 18.532%, 5/16/2024 †x¥#^ | Stripe | 11/21/2022 | 3336 | 3470 | 133 |
| &nbsp;&nbsp;&nbsp; 4095521925, 26.533%, 1/06/2027 †x¥ | Stripe | 7/11/2025 | 892 | 928 | 931 |
| &nbsp;&nbsp;&nbsp; 4099454638, 21.198%, 2/25/2025 †x¥#^ | Stripe | 8/31/2023 | 22839 | 23753 | 914 |
| &nbsp;&nbsp;&nbsp; 410291864, 26.500%, 11/01/2024 †x¥#^ | Stripe | 5/09/2023 | 1257 | 1307 | 50 |
| &nbsp;&nbsp;&nbsp; 4104677496, 20.800%, 2/04/2023 †x¥#^ | Stripe | 8/11/2021 | 18 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; 4105107354, 25.595%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 11235 | 11684 | 11837 |
| &nbsp;&nbsp;&nbsp; 4105728727, 19.576%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 1291 | 1343 | 52 |
| &nbsp;&nbsp;&nbsp; 4107902265, 26.533%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 277 | 288 | 297 |
| &nbsp;&nbsp;&nbsp; 4107979962, 26.131%, 5/30/2026 †x¥ | Stripe | 12/04/2024 | 4813 | 5006 | 5116 |
| &nbsp;&nbsp;&nbsp; 4110996375, 18.667%, 8/17/2024 †x¥#^ | Stripe | 2/23/2023 | 1332 | 1385 | 53 |
| &nbsp;&nbsp;&nbsp; 4111903441, 17.600%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 1403 | 1459 | 1474 |
| &nbsp;&nbsp;&nbsp; 4114594, 5.079%, 11/01/2022 †x¶#^ | Square | 5/05/2021 | 1228 | 1141 | 96 |
| &nbsp;&nbsp;&nbsp; 4114870, 4.762%, 11/01/2022 †x¶#^ | Square | 5/05/2021 | 79 | 74 | 6 |
| &nbsp;&nbsp;&nbsp; 4115009, 5.079%, 11/01/2022 †x¶#^ | Square | 5/05/2021 | 1279 | 1188 | 100 |
| &nbsp;&nbsp;&nbsp; 4115659906, 16.133%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 6964 | 7243 | 7279 |
| &nbsp;&nbsp;&nbsp; 4117612257, 20.638%, 10/05/2024 †x¥#^ | Stripe | 4/12/2023 | 402 | 418 | 16 |
| &nbsp;&nbsp;&nbsp; 4122011, 4.762%, 11/04/2022 †x¶#^ | Square | 5/06/2021 | 10189 | 9509 | 799 |
| &nbsp;&nbsp;&nbsp; 4122080, 3.333%, 11/04/2022 †x¶#^ | Square | 5/06/2021 | 10023 | 9546 | 786 |
| &nbsp;&nbsp;&nbsp; 4123018105, 20.000%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 2328 | 2421 | 2500 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8646** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4123775, 3.331%, 11/04/2022 †x¶#^ | Square | 5/06/2021 | $5308 | $5056 | $416 |
| &nbsp;&nbsp;&nbsp; 4124937, 6.472%, 11/05/2022 †x¶#^ | Square | 5/07/2021 | 4764 | 4342 | 373 |
| &nbsp;&nbsp;&nbsp; 4128026497, 20.794%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 3664 | 3811 | 3880 |
| &nbsp;&nbsp;&nbsp; 4130594624, 26.130%, 3/20/2026 †x¥ | Stripe | 9/24/2024 | 4089 | 4252 | 4350 |
| &nbsp;&nbsp;&nbsp; 4130732886, 21.412%, 11/14/2024 †x¥#^ | Stripe | 5/22/2023 | 1584 | 1647 | 63 |
| &nbsp;&nbsp;&nbsp; 4130925342, 26.529%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 3069 | 3192 | 3254 |
| &nbsp;&nbsp;&nbsp; 4132865439, 20.000%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 14435 | 15012 | 15282 |
| &nbsp;&nbsp;&nbsp; 4133020647, 26.505%, 3/06/2025 †x¥#^ | Stripe | 9/11/2023 | 239 | 249 | 10 |
| &nbsp;&nbsp;&nbsp; 4133136165, 26.103%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 1447 | 1505 | 1533 |
| &nbsp;&nbsp;&nbsp; 4137298, 3.333%, 11/08/2022 †x¶#^ | Square | 5/12/2021 | 575 | 548 | 45 |
| &nbsp;&nbsp;&nbsp; 4137319, 3.333%, 11/08/2022 †x¶#^ | Square | 5/12/2021 | 9595 | 9138 | 752 |
| &nbsp;&nbsp;&nbsp; 4139306743, 25.580%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 4999 | 5199 | 5211 |
| &nbsp;&nbsp;&nbsp; 4139948984, 20.000%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 9323 | 9696 | 9915 |
| &nbsp;&nbsp;&nbsp; 4141152712, 22.000%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 295 | 307 | 315 |
| &nbsp;&nbsp;&nbsp; 4141685272, 19.838%, 4/24/2024 †x¥#^ | Stripe | 10/28/2022 | 2651 | 2758 | 106 |
| &nbsp;&nbsp;&nbsp; 4143175876, 19.333%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 839 | 872 | 885 |
| &nbsp;&nbsp;&nbsp; 4144059174, 15.599%, 1/29/2024 †x¥#^ | Stripe | 10/22/2021 | 1441 | 1498 | 58 |
| &nbsp;&nbsp;&nbsp; 4146215, 3.333%, 11/11/2022 †x¶#^ | Square | 5/13/2021 | 20308 | 19341 | 1592 |
| &nbsp;&nbsp;&nbsp; 4148695, 3.337%, 11/12/2022 †x¶#^ | Square | 5/14/2021 | 900 | 857 | 71 |
| &nbsp;&nbsp;&nbsp; 4148857, 3.336%, 11/12/2022 †x¶#^ | Square | 5/14/2021 | 424 | 403 | 33 |
| &nbsp;&nbsp;&nbsp; 4148868410, 23.733%, 11/19/2024 †x¥#^ | Stripe | 5/25/2023 | 36605 | 38069 | 1464 |
| &nbsp;&nbsp;&nbsp; 4150133240, 25.067%, 8/16/2024 †x¥#^ | Stripe | 2/22/2023 | 4144 | 4310 | 166 |
| &nbsp;&nbsp;&nbsp; 4152383841, 23.182%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 2077 | 2160 | 2212 |
| &nbsp;&nbsp;&nbsp; 4153730624, 18.933%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 44919 | 46715 | 47356 |
| &nbsp;&nbsp;&nbsp; 4154043342, 17.867%, 7/09/2024 †x¥#^ | Stripe | 11/16/2022 | 93446 | 97184 | 3738 |
| &nbsp;&nbsp;&nbsp; 4154756508, 22.000%, 5/15/2026 †x¥ | Stripe | 11/19/2024 | 354 | 368 | 382 |
| &nbsp;&nbsp;&nbsp; 4154914590, 25.600%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 590 | 614 | 624 |
| &nbsp;&nbsp;&nbsp; 4157226571, 20.258%, 1/17/2025 †x¥#^ | Stripe | 7/25/2023 | 2655 | 2761 | 106 |
| &nbsp;&nbsp;&nbsp; 4157925, 5.079%, 11/13/2022 †x¶#^ | Square | 5/17/2021 | 396 | 368 | 31 |
| &nbsp;&nbsp;&nbsp; 4159644, 3.333%, 11/13/2022 †x¶#^ | Square | 5/17/2021 | 943 | 898 | 74 |
| &nbsp;&nbsp;&nbsp; 4159721239, 17.576%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 706 | 734 | 405 |
| &nbsp;&nbsp;&nbsp; 4159882327, 16.263%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 11288 | 11739 | 11795 |
| &nbsp;&nbsp;&nbsp; 4159926196, 14.265%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 11350 | 11804 | 11991 |
| &nbsp;&nbsp;&nbsp; 4160116, 5.079%, 11/13/2022 †x¶#^ | Square | 5/17/2021 | 1824 | 1695 | 143 |
| &nbsp;&nbsp;&nbsp; 4160696, 4.762%, 11/13/2022 †x¶#^ | Square | 5/17/2021 | 22538 | 21035 | 1767 |
| &nbsp;&nbsp;&nbsp; 4164026449, 22.393%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 7732 | 8041 | 8154 |
| &nbsp;&nbsp;&nbsp; 4164367649, 14.800%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 32295 | 33587 | 34128 |
| &nbsp;&nbsp;&nbsp; 4164556, 3.335%, 11/14/2022 †x¶#^ | Square | 5/18/2021 | 1621 | 1544 | 127 |
| &nbsp;&nbsp;&nbsp; 4165277, 5.079%, 11/15/2022 †x¶#^ | Square | 5/19/2021 | 1205 | 1120 | 94 |
| &nbsp;&nbsp;&nbsp; 4166662, 4.773%, 11/16/2022 †x¶#^ | Square | 5/19/2021 | 556 | 519 | 44 |
| &nbsp;&nbsp;&nbsp; 4168550176, 25.333%, 5/28/2024 †x¥#^ | Stripe | 12/01/2022 | 1233 | 1282 | 49 |
| &nbsp;&nbsp;&nbsp; 4168943566, 18.000%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 11721 | 12190 | 12192 |
| &nbsp;&nbsp;&nbsp; 4169119537, 25.333%, 8/27/2024 †x¥#^ | Stripe | 3/02/2023 | 524 | 545 | 21 |
| &nbsp;&nbsp;&nbsp; 4169131078, 23.067%, 2/14/2024 †x¥#^ | Stripe | 8/19/2022 | 3496 | 3635 | 140 |
| &nbsp;&nbsp;&nbsp; 4169623012, 21.996%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 2007 | 2088 | 2164 |
| &nbsp;&nbsp;&nbsp; 4172574343, 18.667%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 634 | 659 | 668 |
| &nbsp;&nbsp;&nbsp; 417390876, 25.043%, 6/01/2024 †x¥#^ | Stripe | 12/07/2022 | 2063 | 2146 | 83 |
| &nbsp;&nbsp;&nbsp; 4174500573, 20.399%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 3756 | 3906 | 150 |
| &nbsp;&nbsp;&nbsp; 4174713074, 19.200%, 10/13/2024 †x¥#^ | Stripe | 8/11/2022 | 5751 | 5981 | 230 |
| &nbsp;&nbsp;&nbsp; 41760496, 15.333%, 8/09/2026 †x¥# | Stripe | 5/30/2024 | 2159 | 2246 | 366 |
| &nbsp;&nbsp;&nbsp; 4176239212, 19.200%, 5/30/2024 †x¥#^ | Stripe | 12/05/2022 | 692 | 720 | 28 |
| &nbsp;&nbsp;&nbsp; 4177201388, 18.532%, 6/04/2024 †x¥#^ | Stripe | 12/08/2022 | 12313 | 12805 | 493 |
| &nbsp;&nbsp;&nbsp; 4177866, 3.974%, 11/19/2022 †x¶#^ | Square | 5/21/2021 | 1164 | 1099 | 91 |
| &nbsp;&nbsp;&nbsp; 4177881, 3.365%, 11/19/2022 †x¶#^ | Square | 5/21/2021 | 919 | 875 | 72 |
| &nbsp;&nbsp;&nbsp; 4178194, 3.968%, 11/19/2022 †x¶#^ | Square | 5/21/2021 | 3766 | 3554 | 295 |
| &nbsp;&nbsp;&nbsp; 4178205355, 16.129%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 5351 | 5565 | 5643 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8647** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4180339462, 18.111%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | $3149 | $3275 | $3284 |
| &nbsp;&nbsp;&nbsp; 4180391674, 25.818%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 1380 | 1435 | 1464 |
| &nbsp;&nbsp;&nbsp; 4184979081, 13.333%, 12/19/2024 †x¥#^ | Stripe | 6/26/2023 | 6433 | 6691 | 257 |
| &nbsp;&nbsp;&nbsp; 4185441495, 21.600%, 9/27/2025 †x¥# | Stripe | 4/03/2024 | 55712 | 57941 | 2228 |
| &nbsp;&nbsp;&nbsp; 4185768095, 21.988%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1599 | 1663 | 1707 |
| &nbsp;&nbsp;&nbsp; 4186801693, 22.000%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 725 | 754 | 775 |
| &nbsp;&nbsp;&nbsp; 4187839124, 22.521%, 7/26/2023 †x¥#^ | Stripe | 1/28/2022 | 4464 | 4642 | 179 |
| &nbsp;&nbsp;&nbsp; 4189041, 5.079%, 11/20/2022 †x¶#^ | Square | 5/24/2021 | 2573 | 2391 | 202 |
| &nbsp;&nbsp;&nbsp; 4189243857, 18.133%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 1234 | 1283 | 1289 |
| &nbsp;&nbsp;&nbsp; 4190234257, 17.995%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 5768 | 5999 | 6004 |
| &nbsp;&nbsp;&nbsp; 4190354, 4.749%, 11/20/2022 †x¶#^ | Square | 5/24/2021 | 565 | 528 | 44 |
| &nbsp;&nbsp;&nbsp; 4190760, 3.321%, 11/20/2022 †x¶#^ | Square | 5/24/2021 | 780 | 743 | 61 |
| &nbsp;&nbsp;&nbsp; 4191031145, 11.333%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 12651 | 13157 | 506 |
| &nbsp;&nbsp;&nbsp; 4191149290, 14.797%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 12581 | 13084 | 13289 |
| &nbsp;&nbsp;&nbsp; 419182442, 22.667%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 3640 | 3785 | 146 |
| &nbsp;&nbsp;&nbsp; 4193566736, 19.065%, 11/02/2024 †x¥#^ | Stripe | 3/09/2023 | 41351 | 42992 | 1654 |
| &nbsp;&nbsp;&nbsp; 4194467, 3.970%, 11/21/2022 †x¶#^ | Square | 5/25/2021 | 11088 | 10464 | 869 |
| &nbsp;&nbsp;&nbsp; 4196427782, 21.198%, 4/16/2025 †x¥#^ | Stripe | 10/20/2023 | 6002 | 6243 | 240 |
| &nbsp;&nbsp;&nbsp; 4196970660, 18.784%, 6/10/2025 †x¥#^ | Stripe | 12/14/2023 | 5993 | 6232 | 240 |
| &nbsp;&nbsp;&nbsp; 4197466576, 26.133%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 2546 | 2647 | 2732 |
| &nbsp;&nbsp;&nbsp; 4199199555, 18.923%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 1717 | 1786 | 1819 |
| &nbsp;&nbsp;&nbsp; 4199657, 5.079%, 11/22/2022 †x¶#^ | Square | 5/26/2021 | 1355 | 1259 | 106 |
| &nbsp;&nbsp;&nbsp; 4199908, 3.986%, 11/22/2022 †x¶#^ | Square | 5/26/2021 | 544 | 513 | 43 |
| &nbsp;&nbsp;&nbsp; 4200087, 3.330%, 11/23/2022 †x¶#^ | Square | 5/26/2021 | 6709 | 6390 | 526 |
| &nbsp;&nbsp;&nbsp; 4200164, 3.332%, 11/23/2022 †x¶#^ | Square | 5/26/2021 | 2664 | 2538 | 209 |
| &nbsp;&nbsp;&nbsp; 4201280986, 17.600%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 8218 | 8547 | 8582 |
| &nbsp;&nbsp;&nbsp; 4201893, 3.335%, 11/24/2022 †x¶#^ | Square | 5/26/2021 | 10003 | 9526 | 784 |
| &nbsp;&nbsp;&nbsp; 420211937, 19.333%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 825 | 858 | 873 |
| &nbsp;&nbsp;&nbsp; 4202814, 3.348%, 11/24/2022 †x¶#^ | Square | 5/26/2021 | 715 | 681 | 56 |
| &nbsp;&nbsp;&nbsp; 4204917029, 24.000%, 5/17/2024 †x¥#^ | Stripe | 3/07/2022 | 400 | 416 | 16 |
| &nbsp;&nbsp;&nbsp; 4205119213, 13.730%, 11/15/2023 †x¥#^ | Stripe | 5/20/2022 | 9108 | 9472 | 364 |
| &nbsp;&nbsp;&nbsp; 4205260, 5.079%, 11/24/2022 †x¶#^ | Square | 5/26/2021 | 6365 | 5914 | 499 |
| &nbsp;&nbsp;&nbsp; 4207077157, 19.467%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 9333 | 9707 | 373 |
| &nbsp;&nbsp;&nbsp; 420829413, 26.485%, 1/08/2025 †x¥#^ | Stripe | 7/14/2023 | 879 | 914 | 35 |
| &nbsp;&nbsp;&nbsp; 4208475, 3.333%, 11/25/2022 †x¶#^ | Square | 5/27/2021 | 928 | 883 | 73 |
| &nbsp;&nbsp;&nbsp; 4210915, 3.336%, 11/25/2022 †x¶#^ | Square | 5/27/2021 | 2358 | 2246 | 185 |
| &nbsp;&nbsp;&nbsp; 4212505, 5.079%, 11/25/2022 †x¶#^ | Square | 5/27/2021 | 2066 | 1920 | 162 |
| &nbsp;&nbsp;&nbsp; 4214061975, 25.333%, 9/15/2024 †x¥#^ | Stripe | 1/20/2023 | 3658 | 3804 | 146 |
| &nbsp;&nbsp;&nbsp; 4214603685, 20.927%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 4931 | 5128 | 5189 |
| &nbsp;&nbsp;&nbsp; 4215711241, 25.333%, 9/13/2024 †x¥#^ | Stripe | 3/21/2023 | 2038 | 2119 | 82 |
| &nbsp;&nbsp;&nbsp; 4216138, 3.326%, 11/26/2022 †x¶#^ | Square | 5/28/2021 | 812 | 786 | 64 |
| &nbsp;&nbsp;&nbsp; 4216647989, 26.095%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 828 | 861 | 887 |
| &nbsp;&nbsp;&nbsp; 4216921, 3.333%, 11/26/2022 †x¶#^ | Square | 5/28/2021 | 445 | 424 | 35 |
| &nbsp;&nbsp;&nbsp; 4216983555, 19.867%, 10/14/2023 †x¥#^ | Stripe | 4/20/2022 | 706 | 734 | 28 |
| &nbsp;&nbsp;&nbsp; 4217084834, 17.998%, 4/02/2025 †x¥#^ | Stripe | 10/06/2023 | 31014 | 32255 | 1241 |
| &nbsp;&nbsp;&nbsp; 4220890300, 18.000%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 2404 | 2500 | 2518 |
| &nbsp;&nbsp;&nbsp; 4224252765, 23.198%, 10/17/2024 †x¥#^ | Stripe | 4/24/2023 | 1451 | 1509 | 58 |
| &nbsp;&nbsp;&nbsp; 4225236684, 25.593%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 3264 | 3395 | 3418 |
| &nbsp;&nbsp;&nbsp; 4226007822, 15.333%, 3/08/2025 †x¥#^ | Stripe | 9/13/2023 | 6944 | 7222 | 278 |
| &nbsp;&nbsp;&nbsp; 4228209200, 26.095%, 10/03/2025 †x¥# | Stripe | 4/09/2024 | 714 | 743 | 124 |
| &nbsp;&nbsp;&nbsp; 4229434331, 14.932%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 13558 | 14100 | 14331 |
| &nbsp;&nbsp;&nbsp; 422965602, 19.332%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 27454 | 28552 | 28991 |
| &nbsp;&nbsp;&nbsp; 4229952822, 24.796%, 4/10/2025 †x¥#^ | Stripe | 10/16/2023 | 9818 | 10211 | 393 |
| &nbsp;&nbsp;&nbsp; 4229991159, 14.265%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 11374 | 11829 | 12052 |
| &nbsp;&nbsp;&nbsp; 4231891005, 23.333%, 10/12/2023 †x¥#^ | Stripe | 4/18/2022 | 8069 | 8392 | 323 |
| &nbsp;&nbsp;&nbsp; 4234408356, 20.399%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 90653 | 94279 | 94280 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8648** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 423442082, 24.393%, 9/18/2024 †x¥#^ | Stripe | 3/24/2023 | $2783 | $2895 | $111 |
| &nbsp;&nbsp;&nbsp; 4237865598, 26.522%, 1/02/2025 †x¥#^ | Stripe | 7/10/2023 | 2999 | 3119 | 120 |
| &nbsp;&nbsp;&nbsp; 423999173, 26.476%, 12/20/2025 †x¥# | Stripe | 6/26/2024 | 708 | 736 | 28 |
| &nbsp;&nbsp;&nbsp; 4239f22b-b16c-400f-a22b-f362d560698d, 18.900%, 8/03/2023 †x#^ | Funding Circle | 8/06/2018 | 1843 | 1843 | 553 |
| &nbsp;&nbsp;&nbsp; 4241313350, 22.000%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 2233 | 2322 | 2357 |
| &nbsp;&nbsp;&nbsp; 4242971728, 16.000%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 5143 | 5349 | 5426 |
| &nbsp;&nbsp;&nbsp; 4243303396, 26.533%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 317 | 329 | 190 |
| &nbsp;&nbsp;&nbsp; 4243483109, 26.533%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 29993 | 31192 | 31645 |
| &nbsp;&nbsp;&nbsp; 4246936973, 17.333%, 4/04/2024 †x¥#^ | Stripe | 10/11/2022 | 19237 | 20007 | 770 |
| &nbsp;&nbsp;&nbsp; 4248434383, 21.852%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 4566 | 4749 | 183 |
| &nbsp;&nbsp;&nbsp; 4249645448, 15.730%, 12/17/2025 †x¥ | Stripe | 6/24/2024 | 3070 | 3192 | 3249 |
| &nbsp;&nbsp;&nbsp; 4250286545, 26.500%, 9/23/2025 †x¥# | Stripe | 3/28/2024 | 920 | 957 | 162 |
| &nbsp;&nbsp;&nbsp; 4251152460, 26.533%, 8/21/2025 †x¥#^ | Stripe | 2/26/2024 | 202 | 210 | 8 |
| &nbsp;&nbsp;&nbsp; 4256437847, 23.596%, 12/29/2023 †x¥#^ | Stripe | 7/06/2022 | 9716 | 10104 | 389 |
| &nbsp;&nbsp;&nbsp; 4258552362, 26.519%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 1600 | 1664 | 1671 |
| &nbsp;&nbsp;&nbsp; 4260246178, 26.533%, 5/28/2025 †x¥#^ | Stripe | 12/01/2023 | 114091 | 118655 | 4564 |
| &nbsp;&nbsp;&nbsp; 4261227511, 17.597%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 14169 | 14735 | 14870 |
| &nbsp;&nbsp;&nbsp; 4263126205, 24.000%, 11/23/2023 †x¥#^ | Stripe | 5/31/2022 | 10211 | 10620 | 408 |
| &nbsp;&nbsp;&nbsp; 4263153726, 14.933%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 5917 | 6153 | 6268 |
| &nbsp;&nbsp;&nbsp; 4265364560, 22.353%, 7/09/2026 †x¥# | Stripe | 1/13/2025 | 741 | 771 | 289 |
| &nbsp;&nbsp;&nbsp; 42750681, 26.121%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 890 | 925 | 948 |
| &nbsp;&nbsp;&nbsp; 4278233098, 18.800%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 5020 | 5221 | 5246 |
| &nbsp;&nbsp;&nbsp; 4278875112, 19.333%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 72869 | 75783 | 76207 |
| &nbsp;&nbsp;&nbsp; 4280068338, 25.592%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 3961 | 4120 | 4183 |
| &nbsp;&nbsp;&nbsp; 4282645691, 26.528%, 4/19/2025 †x¥#^ | Stripe | 10/25/2023 | 250 | 260 | 10 |
| &nbsp;&nbsp;&nbsp; 4282683320, 26.513%, 12/24/2024 †x¥#^ | Stripe | 6/29/2023 | 3859 | 4013 | 154 |
| &nbsp;&nbsp;&nbsp; 4283985762, 19.333%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 1185 | 1232 | 47 |
| &nbsp;&nbsp;&nbsp; 4287917701, 24.000%, 8/18/2023 †x¥#^ | Stripe | 2/23/2022 | 3726 | 3875 | 149 |
| &nbsp;&nbsp;&nbsp; 4287919085, 26.510%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 723 | 752 | 767 |
| &nbsp;&nbsp;&nbsp; 4289286310, 21.867%, 1/27/2023 †x¥#^ | Stripe | 8/03/2021 | 5549 | 5771 | 222 |
| &nbsp;&nbsp;&nbsp; 428958192, 26.444%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 267 | 278 | 286 |
| &nbsp;&nbsp;&nbsp; 4289794039, 24.000%, 2/21/2023 †x¥#^ | Stripe | 8/26/2021 | 195 | 203 | 8 |
| &nbsp;&nbsp;&nbsp; 429094979, 26.514%, 6/21/2025 †x¥#^ | Stripe | 12/28/2023 | 125 | 130 | 23 |
| &nbsp;&nbsp;&nbsp; 4292973860, 14.266%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 45576 | 47400 | 47842 |
| &nbsp;&nbsp;&nbsp; 4293703145, 25.600%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 5570 | 5792 | 5852 |
| &nbsp;&nbsp;&nbsp; 4295299815, 20.000%, 5/27/2025 †x¥#^ | Stripe | 11/30/2023 | 15971 | 16610 | 639 |
| &nbsp;&nbsp;&nbsp; 4296713526, 24.000%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 1765 | 1835 | 1902 |
| &nbsp;&nbsp;&nbsp; 4297631358, 26.533%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 11328 | 11781 | 11894 |
| &nbsp;&nbsp;&nbsp; 4298486951, 23.063%, 11/10/2025 †x¥# | Stripe | 9/19/2023 | 862 | 896 | 34 |
| &nbsp;&nbsp;&nbsp; 4299720209, 23.195%, 8/02/2024 †x¥#^ | Stripe | 2/07/2023 | 10100 | 10504 | 404 |
| &nbsp;&nbsp;&nbsp; 4299891488, 19.200%, 1/25/2024 †x¥#^ | Stripe | 8/01/2022 | 2946 | 3063 | 118 |
| &nbsp;&nbsp;&nbsp; 4303638247, 24.266%, 3/12/2024 †x¥#^ | Stripe | 9/15/2022 | 190117 | 197721 | 7605 |
| &nbsp;&nbsp;&nbsp; 4304248746, 20.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 2910 | 3026 | 3095 |
| &nbsp;&nbsp;&nbsp; 4306420278, 25.867%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 357 | 371 | 381 |
| &nbsp;&nbsp;&nbsp; 4308625966, 19.599%, 10/18/2024 †x¥#^ | Stripe | 4/25/2023 | 300 | 312 | 12 |
| &nbsp;&nbsp;&nbsp; 4310079270, 18.667%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 83479 | 86818 | 87761 |
| &nbsp;&nbsp;&nbsp; 4311196768, 22.400%, 11/07/2023 †x¥#^ | Stripe | 5/12/2022 | 8294 | 8626 | 332 |
| &nbsp;&nbsp;&nbsp; 4315126750, 26.519%, 2/07/2026 †x¥# | Stripe | 8/14/2024 | 1953 | 2031 | 345 |
| &nbsp;&nbsp;&nbsp; 4315590065, 26.523%, 12/13/2024 †x¥#^ | Stripe | 6/21/2023 | 1878 | 1953 | 75 |
| &nbsp;&nbsp;&nbsp; 4315619179, 18.914%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 314 | 326 | 335 |
| &nbsp;&nbsp;&nbsp; 4315652607, 22.500%, 9/09/2025 †x¥# | Stripe | 1/17/2024 | 1970 | 2049 | 79 |
| &nbsp;&nbsp;&nbsp; 4316117375, 23.733%, 6/13/2023 †x¥#^ | Stripe | 12/16/2021 | 544 | 566 | 22 |
| &nbsp;&nbsp;&nbsp; 4322647673, 26.529%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 18175 | 18902 | 18944 |
| &nbsp;&nbsp;&nbsp; 4324026202, 17.867%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 2725 | 2834 | 2899 |
| &nbsp;&nbsp;&nbsp; 4324319696, 17.067%, 9/14/2024 †x¥#^ | Stripe | 3/22/2023 | 7830 | 8143 | 313 |
| &nbsp;&nbsp;&nbsp; 4324888527, 14.264%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 9630 | 10015 | 10164 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8649** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4325853217, 20.923%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | $4333 | $4507 | $4557 |
| &nbsp;&nbsp;&nbsp; 4328086092, 24.000%, 3/15/2023 †x¥#^ | Stripe | 9/17/2021 | 1322 | 1375 | 53 |
| &nbsp;&nbsp;&nbsp; 4329141183, 17.997%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 21335 | 22189 | 22222 |
| &nbsp;&nbsp;&nbsp; 4329215966, 20.000%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1393 | 1449 | 1482 |
| &nbsp;&nbsp;&nbsp; 4329740609, 18.667%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 3445 | 3583 | 3636 |
| &nbsp;&nbsp;&nbsp; 4329959986, 14.932%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 23874 | 24829 | 24994 |
| &nbsp;&nbsp;&nbsp; 4331126068, 18.533%, 4/12/2023 †x¥#^ | Stripe | 10/15/2021 | 1296 | 1348 | 52 |
| &nbsp;&nbsp;&nbsp; 4336094900, 26.133%, 3/10/2026 †x¥ | Stripe | 9/12/2024 | 301 | 313 | 321 |
| &nbsp;&nbsp;&nbsp; 4337374332, 18.266%, 2/19/2026 †x¥ | Stripe | 8/26/2024 | 16431 | 17088 | 17499 |
| &nbsp;&nbsp;&nbsp; 4337465384, 20.907%, 7/06/2023 †x¥#^ | Stripe | 1/10/2022 | 318 | 330 | 13 |
| &nbsp;&nbsp;&nbsp; 4342851921, 25.804%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 725 | 754 | 771 |
| &nbsp;&nbsp;&nbsp; 434452883, 25.867%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 2861 | 2975 | 3038 |
| &nbsp;&nbsp;&nbsp; 4345200141, 23.598%, 2/22/2025 †x¥#^ | Stripe | 1/06/2023 | 1471 | 1530 | 59 |
| &nbsp;&nbsp;&nbsp; 4345765847, 19.331%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 18234 | 18964 | 19206 |
| &nbsp;&nbsp;&nbsp; 4346019206, 17.597%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 2753 | 2863 | 2899 |
| &nbsp;&nbsp;&nbsp; 4347948653, 14.263%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 1503 | 1563 | 1611 |
| &nbsp;&nbsp;&nbsp; 4349189878, 17.333%, 9/30/2025 †x¥# | Stripe | 4/04/2024 | 2467 | 2565 | 421 |
| &nbsp;&nbsp;&nbsp; 4352629984, 21.984%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 2690 | 2798 | 2833 |
| &nbsp;&nbsp;&nbsp; 435468826, 22.932%, 3/02/2024 †x¥#^ | Stripe | 9/08/2022 | 14187 | 14754 | 567 |
| &nbsp;&nbsp;&nbsp; 435579822, 18.799%, 8/10/2024 †x¥#^ | Stripe | 12/15/2022 | 16630 | 17295 | 665 |
| &nbsp;&nbsp;&nbsp; 4356252648, 19.822%, 8/15/2023 †x¥#^ | Stripe | 2/17/2022 | 542 | 564 | 22 |
| &nbsp;&nbsp;&nbsp; 4357149091, 19.200%, 1/12/2024 †x¥#^ | Stripe | 7/19/2022 | 1451 | 1509 | 58 |
| &nbsp;&nbsp;&nbsp; 4358988670, 26.519%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 2267 | 2357 | 2398 |
| &nbsp;&nbsp;&nbsp; 4359260170, 26.522%, 4/23/2026 †x¥ | Stripe | 10/28/2024 | 5003 | 5204 | 5292 |
| &nbsp;&nbsp;&nbsp; 4362017456, 17.597%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 6694 | 6961 | 7051 |
| &nbsp;&nbsp;&nbsp; 4362638013, 14.256%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1102 | 1146 | 1174 |
| &nbsp;&nbsp;&nbsp; 4365008554, 24.667%, 3/01/2025 †x¥#^ | Stripe | 9/07/2023 | 3500 | 3640 | 140 |
| &nbsp;&nbsp;&nbsp; 4370220735, 20.800%, 9/07/2026 †x¥# | Stripe | 1/13/2025 | 15097 | 15701 | 5812 |
| &nbsp;&nbsp;&nbsp; 4370532254, 20.400%, 1/30/2024 †x¥#^ | Stripe | 8/04/2022 | 165273 | 171884 | 6611 |
| &nbsp;&nbsp;&nbsp; 4374267268, 17.600%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 4310 | 4482 | 4532 |
| &nbsp;&nbsp;&nbsp; 4374674683, 18.933%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 775 | 806 | 835 |
| &nbsp;&nbsp;&nbsp; 4381131495, 24.000%, 11/16/2023 †x¥#^ | Stripe | 10/29/2021 | 3496 | 3636 | 140 |
| &nbsp;&nbsp;&nbsp; 4381425759, 22.000%, 4/07/2026 †x¥ | Stripe | 10/10/2024 | 10235 | 10645 | 10924 |
| &nbsp;&nbsp;&nbsp; 4381639, 3.006%, 12/30/2022 †x¶#^ | Square | 7/02/2021 | 207 | 198 | 16 |
| &nbsp;&nbsp;&nbsp; 4382200230, 20.247%, 5/03/2024 †x¥#^ | Stripe | 11/08/2022 | 2419 | 2516 | 97 |
| &nbsp;&nbsp;&nbsp; 4383174, 3.012%, 12/30/2022 †x¶#^ | Square | 7/02/2021 | 1925 | 1842 | 151 |
| &nbsp;&nbsp;&nbsp; 4384363, 3.633%, 12/30/2022 †x¶#^ | Square | 7/02/2021 | 7156 | 6786 | 561 |
| &nbsp;&nbsp;&nbsp; 4385422981, 18.400%, 4/15/2024 †x¥#^ | Stripe | 1/26/2022 | 1035 | 1077 | 41 |
| &nbsp;&nbsp;&nbsp; 4385684844, 26.444%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 616 | 640 | 652 |
| &nbsp;&nbsp;&nbsp; 4386523573, 26.061%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 601 | 625 | 639 |
| &nbsp;&nbsp;&nbsp; 4387972001, 17.818%, 4/21/2026 †x¥# | Stripe | 10/24/2024 | 1951 | 2029 | 78 |
| &nbsp;&nbsp;&nbsp; 4390653162, 25.864%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 9178 | 9545 | 9635 |
| &nbsp;&nbsp;&nbsp; 4390676187, 18.933%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 4624 | 4808 | 4907 |
| &nbsp;&nbsp;&nbsp; 4391308, 3.006%, 1/03/2023 †x¶#^ | Square | 7/08/2021 | 1207 | 1155 | 95 |
| &nbsp;&nbsp;&nbsp; 4391377, 3.007%, 1/03/2023 †x¶#^ | Square | 7/08/2021 | 3606 | 3451 | 283 |
| &nbsp;&nbsp;&nbsp; 4391400, 3.633%, 1/03/2023 †x¶#^ | Square | 7/08/2021 | 2225 | 2110 | 174 |
| &nbsp;&nbsp;&nbsp; 4391722026, 21.956%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 37 | 38 | 40 |
| &nbsp;&nbsp;&nbsp; 4391866, 3.004%, 1/04/2023 †x¶#^ | Square | 7/08/2021 | 934 | 894 | 73 |
| &nbsp;&nbsp;&nbsp; 4392045, 4.756%, 1/05/2023 †x¶#^ | Square | 7/08/2021 | 706 | 659 | 55 |
| &nbsp;&nbsp;&nbsp; 4393374, 3.002%, 1/06/2023 †x¶#^ | Square | 7/08/2021 | 437 | 418 | 34 |
| &nbsp;&nbsp;&nbsp; 4393755209, 22.000%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 619 | 643 | 667 |
| &nbsp;&nbsp;&nbsp; 4393905274, 20.397%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 3354 | 3488 | 3517 |
| &nbsp;&nbsp;&nbsp; 4394501, 3.000%, 1/06/2023 †x¶#^ | Square | 7/08/2021 | 831 | 795 | 65 |
| &nbsp;&nbsp;&nbsp; 4395808, 4.422%, 1/07/2023 †x¶#^ | Square | 7/09/2021 | 8281 | 7766 | 649 |
| &nbsp;&nbsp;&nbsp; 4395904764, 20.267%, 11/22/2023 †x¥#^ | Stripe | 9/10/2021 | 16211 | 16860 | 648 |
| &nbsp;&nbsp;&nbsp; 4397257656, 22.400%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 19348 | 20121 | 20743 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8650** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4397471803, 20.399%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | $56490 | $58750 | $59088 |
| &nbsp;&nbsp;&nbsp; 4398526, 4.739%, 1/08/2023 †x¶#^ | Square | 7/12/2021 | 6054 | 5652 | 475 |
| &nbsp;&nbsp;&nbsp; 4399234684, 20.333%, 3/19/2024 †x¥#^ | Stripe | 9/22/2022 | 195 | 203 | 8 |
| &nbsp;&nbsp;&nbsp; 4399486919, 22.000%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 9880 | 10276 | 10513 |
| &nbsp;&nbsp;&nbsp; 4400833, 3.639%, 1/09/2023 †x¶#^ | Square | 7/13/2021 | 267 | 253 | 21 |
| &nbsp;&nbsp;&nbsp; 4400859, 3.012%, 1/09/2023 †x¶#^ | Square | 7/13/2021 | 600 | 574 | 47 |
| &nbsp;&nbsp;&nbsp; 4400907, 4.739%, 1/09/2023 †x¶#^ | Square | 7/13/2021 | 1541 | 1439 | 121 |
| &nbsp;&nbsp;&nbsp; 4402605, 3.005%, 1/10/2023 †x¶#^ | Square | 7/14/2021 | 2657 | 2543 | 208 |
| &nbsp;&nbsp;&nbsp; 4402693, 3.014%, 1/10/2023 †x¶#^ | Square | 7/14/2021 | 423 | 405 | 33 |
| &nbsp;&nbsp;&nbsp; 4402830, 2.989%, 1/10/2023 †x¶#^ | Square | 7/14/2021 | 917 | 877 | 72 |
| &nbsp;&nbsp;&nbsp; 4403994, 3.002%, 1/12/2023 †x¶#^ | Square | 7/14/2021 | 1103 | 1061 | 86 |
| &nbsp;&nbsp;&nbsp; 4404249, 3.018%, 1/12/2023 †x¶#^ | Square | 7/14/2021 | 717 | 686 | 56 |
| &nbsp;&nbsp;&nbsp; 4404806, 3.003%, 1/12/2023 †x¶#^ | Square | 7/14/2021 | 6497 | 6217 | 509 |
| &nbsp;&nbsp;&nbsp; 4404849593, 22.400%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 918 | 954 | 980 |
| &nbsp;&nbsp;&nbsp; 4405537, 4.426%, 1/12/2023 †x¶#^ | Square | 7/14/2021 | 5860 | 5496 | 459 |
| &nbsp;&nbsp;&nbsp; 4405787705, 20.000%, 9/19/2023 †x¥#^ | Stripe | 3/24/2022 | 3395 | 3530 | 136 |
| &nbsp;&nbsp;&nbsp; 4406493486, 20.795%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2719 | 2828 | 2874 |
| &nbsp;&nbsp;&nbsp; 4412906, 3.002%, 1/15/2023 †x¶#^ | Square | 7/19/2021 | 1132 | 1084 | 89 |
| &nbsp;&nbsp;&nbsp; 4416689, 2.999%, 1/16/2023 †x¶#^ | Square | 7/20/2021 | 3618 | 3462 | 284 |
| &nbsp;&nbsp;&nbsp; 4417786005, 18.398%, 7/14/2023 †x¥#^ | Stripe | 1/19/2022 | 14097 | 14661 | 564 |
| &nbsp;&nbsp;&nbsp; 4418075, 4.743%, 1/17/2023 †x¶#^ | Square | 7/21/2021 | 4927 | 4600 | 386 |
| &nbsp;&nbsp;&nbsp; 4418454511, 26.529%, 1/03/2026 †x¥ | Stripe | 7/10/2024 | 4533 | 4715 | 4881 |
| &nbsp;&nbsp;&nbsp; 4420658416, 23.795%, 3/25/2023 †x¥#^ | Stripe | 9/29/2021 | 666 | 692 | 27 |
| &nbsp;&nbsp;&nbsp; 4421436589, 21.181%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 1217 | 1266 | 1280 |
| &nbsp;&nbsp;&nbsp; 4426444985, 18.667%, 2/28/2023 †x¥#^ | Stripe | 9/02/2021 | 227 | 236 | 9 |
| &nbsp;&nbsp;&nbsp; 4427859, 3.641%, 1/21/2023 †x¶#^ | Square | 7/23/2021 | 2586 | 2452 | 203 |
| &nbsp;&nbsp;&nbsp; 4427884621, 26.127%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 3692 | 3840 | 3983 |
| &nbsp;&nbsp;&nbsp; 4427989916, 24.000%, 4/29/2023 †x¥#^ | Stripe | 11/03/2021 | 27456 | 28554 | 1098 |
| &nbsp;&nbsp;&nbsp; 4428209, 3.002%, 1/21/2023 †x¶#^ | Square | 7/23/2021 | 1659 | 1587 | 130 |
| &nbsp;&nbsp;&nbsp; 4429703, 3.638%, 1/22/2023 †x¶#^ | Square | 7/26/2021 | 926 | 878 | 73 |
| &nbsp;&nbsp;&nbsp; 4432517, 4.739%, 1/23/2023 †x¶#^ | Square | 7/27/2021 | 1863 | 1740 | 146 |
| &nbsp;&nbsp;&nbsp; 4432886210, 18.132%, 9/05/2023 †x¥#^ | Stripe | 3/10/2022 | 6498 | 6757 | 260 |
| &nbsp;&nbsp;&nbsp; 4435318, 4.739%, 1/26/2023 †x¶#^ | Square | 7/28/2021 | 5712 | 5333 | 448 |
| &nbsp;&nbsp;&nbsp; 4437192, 4.739%, 1/26/2023 †x¶#^ | Square | 7/28/2021 | 4528 | 4227 | 355 |
| &nbsp;&nbsp;&nbsp; 4437225, 4.423%, 1/27/2023 †x¶#^ | Square | 7/29/2021 | 13386 | 12566 | 1049 |
| &nbsp;&nbsp;&nbsp; 4438524898, 21.995%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 692 | 720 | 760 |
| &nbsp;&nbsp;&nbsp; 4439064, 3.002%, 1/27/2023 †x¶#^ | Square | 7/29/2021 | 2329 | 2229 | 183 |
| &nbsp;&nbsp;&nbsp; 4439269299, 22.400%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 257 | 268 | 277 |
| &nbsp;&nbsp;&nbsp; 4439412, 2.977%, 1/27/2023 †x¶#^ | Square | 7/29/2021 | 172 | 164 | 13 |
| &nbsp;&nbsp;&nbsp; 4439667, 3.006%, 1/28/2023 †x¶#^ | Square | 7/30/2021 | 1628 | 1558 | 128 |
| &nbsp;&nbsp;&nbsp; 4439761268, 21.996%, 5/09/2023 †x¥#^ | Stripe | 11/12/2021 | 7218 | 7507 | 289 |
| &nbsp;&nbsp;&nbsp; 4440171, 3.006%, 1/28/2023 †x¶#^ | Square | 7/30/2021 | 2154 | 2061 | 169 |
| &nbsp;&nbsp;&nbsp; 4440620830, 17.854%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1345 | 1398 | 1417 |
| &nbsp;&nbsp;&nbsp; 4440624334, 17.152%, 10/05/2024 †x¥#^ | Stripe | 4/12/2023 | 1823 | 1896 | 73 |
| &nbsp;&nbsp;&nbsp; 4441298, 4.432%, 1/28/2023 †x¶#^ | Square | 7/30/2021 | 638 | 598 | 50 |
| &nbsp;&nbsp;&nbsp; 4441333771, 25.600%, 1/19/2027 †x¥ | Stripe | 7/24/2025 | 3359 | 3493 | 3515 |
| &nbsp;&nbsp;&nbsp; 4441366, 3.024%, 1/28/2023 †x¶#^ | Square | 7/30/2021 | 572 | 547 | 45 |
| &nbsp;&nbsp;&nbsp; 4443868653, 21.989%, 9/08/2023 †x¥#^ | Stripe | 3/15/2022 | 2562 | 2664 | 102 |
| &nbsp;&nbsp;&nbsp; 4445783177, 17.864%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 7666 | 7973 | 8035 |
| &nbsp;&nbsp;&nbsp; 4446066809, 18.930%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 10402 | 10818 | 10972 |
| &nbsp;&nbsp;&nbsp; 4448922608, 17.333%, 4/18/2023 †x¥#^ | Stripe | 10/21/2021 | 1343 | 1396 | 54 |
| &nbsp;&nbsp;&nbsp; 4451340172, 24.667%, 4/02/2025 †x¥#^ | Stripe | 10/06/2023 | 3029 | 3150 | 121 |
| &nbsp;&nbsp;&nbsp; 4451754422, 18.800%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 3010 | 3131 | 3167 |
| &nbsp;&nbsp;&nbsp; 4453638071, 20.933%, 1/22/2025 †x¥#^ | Stripe | 7/28/2023 | 15786 | 16418 | 631 |
| &nbsp;&nbsp;&nbsp; 4461347350, 21.200%, 4/05/2023 †x¥#^ | Stripe | 10/08/2021 | 3416 | 3552 | 137 |
| &nbsp;&nbsp;&nbsp; 446279921, 26.513%, 12/17/2025 †x¥ | Stripe | 6/24/2024 | 415 | 432 | 249 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8651** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4464181530, 12.800%, 11/27/2026 †x¥ | Stripe | 6/03/2025 | $88334 | $91868 | $92367 |
| &nbsp;&nbsp;&nbsp; 4464861267, 17.600%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 4738 | 4928 | 4986 |
| &nbsp;&nbsp;&nbsp; 44656635, 26.095%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 217 | 225 | 234 |
| &nbsp;&nbsp;&nbsp; 4468756793, 24.000%, 11/09/2023 †x¥#^ | Stripe | 5/16/2022 | 712 | 741 | 29 |
| &nbsp;&nbsp;&nbsp; 4470678818, 25.576%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 842 | 876 | 884 |
| &nbsp;&nbsp;&nbsp; 4471130976, 26.533%, 12/09/2025 †x¥ | Stripe | 6/13/2024 | 199 | 207 | 213 |
| &nbsp;&nbsp;&nbsp; 4472216816, 17.333%, 12/20/2025 †x¥ | Stripe | 6/26/2024 | 6348 | 6602 | 6734 |
| &nbsp;&nbsp;&nbsp; 4472798384, 20.386%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 3643 | 3789 | 3793 |
| &nbsp;&nbsp;&nbsp; 4474010000, 17.861%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 2514 | 2614 | 2645 |
| &nbsp;&nbsp;&nbsp; 4475241501, 22.000%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 23489 | 24428 | 24629 |
| &nbsp;&nbsp;&nbsp; 4475803874, 26.530%, 1/16/2027 †x¥ | Stripe | 7/23/2025 | 3610 | 3755 | 3763 |
| &nbsp;&nbsp;&nbsp; 447612815, 26.522%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 3575 | 3718 | 3738 |
| &nbsp;&nbsp;&nbsp; 4477859118, 25.333%, 12/05/2024 †x¥#^ | Stripe | 6/12/2023 | 2935 | 3052 | 117 |
| &nbsp;&nbsp;&nbsp; 4478352831, 10.667%, 4/23/2024 †x¥#^ | Stripe | 10/27/2022 | 4905 | 5101 | 196 |
| &nbsp;&nbsp;&nbsp; 4479567298, 24.000%, 3/14/2023 †x¥#^ | Stripe | 9/16/2021 | 676 | 703 | 27 |
| &nbsp;&nbsp;&nbsp; 4479775277, 19.194%, 4/05/2023 †x¥#^ | Stripe | 10/08/2021 | 8942 | 9300 | 358 |
| &nbsp;&nbsp;&nbsp; 4481704946, 18.790%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 2899 | 3015 | 3060 |
| &nbsp;&nbsp;&nbsp; 448363423, 20.528%, 9/14/2023 †x¥#^ | Stripe | 3/21/2022 | 4180 | 4348 | 167 |
| &nbsp;&nbsp;&nbsp; 4484271064, 24.000%, 12/09/2023 †x¥#^ | Stripe | 4/14/2022 | 2552 | 2654 | 102 |
| &nbsp;&nbsp;&nbsp; 4484534781, 20.252%, 12/01/2024 †x¥#^ | Stripe | 4/07/2023 | 3723 | 3871 | 149 |
| &nbsp;&nbsp;&nbsp; 4485880958, 21.600%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 4476 | 4655 | 179 |
| &nbsp;&nbsp;&nbsp; 4486621575, 18.924%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 2815 | 2927 | 2970 |
| &nbsp;&nbsp;&nbsp; 4486641701, 20.074%, 12/26/2025 †x¥ | Stripe | 7/02/2024 | 249 | 259 | 266 |
| &nbsp;&nbsp;&nbsp; 4488495554, 17.827%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1090 | 1134 | 1148 |
| &nbsp;&nbsp;&nbsp; 4491323984, 26.533%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 106 | 110 | 117 |
| &nbsp;&nbsp;&nbsp; 4495613332, 19.323%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 4688 | 4875 | 4920 |
| &nbsp;&nbsp;&nbsp; 449741715, 14.267%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 62339 | 64833 | 65874 |
| &nbsp;&nbsp;&nbsp; 4498823, 2.675%, 2/28/2023 †x¶#^ | Square | 9/01/2021 | 2097 | 2016 | 164 |
| &nbsp;&nbsp;&nbsp; 4499743, 4.088%, 2/28/2023 †x¶#^ | Square | 9/01/2021 | 21547 | 20302 | 1689 |
| &nbsp;&nbsp;&nbsp; 4499874114, 21.458%, 5/16/2023 †x¥#^ | Stripe | 11/18/2021 | 8103 | 8427 | 324 |
| &nbsp;&nbsp;&nbsp; 4501307, 4.403%, 2/28/2023 †x¶#^ | Square | 9/01/2021 | 5371 | 5038 | 421 |
| &nbsp;&nbsp;&nbsp; 4501622204, 18.933%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 40115 | 41719 | 42645 |
| &nbsp;&nbsp;&nbsp; 4502535, 4.086%, 2/28/2023 †x¶#^ | Square | 9/02/2021 | 5475 | 5159 | 429 |
| &nbsp;&nbsp;&nbsp; 4503680193, 26.489%, 6/03/2025 †x¥#^ | Stripe | 12/07/2023 | 194 | 202 | 8 |
| &nbsp;&nbsp;&nbsp; 4504402, 4.099%, 3/01/2023 †x¶#^ | Square | 9/03/2021 | 842 | 793 | 66 |
| &nbsp;&nbsp;&nbsp; 4504568352, 20.257%, 6/06/2024 †x¥#^ | Stripe | 12/12/2022 | 5576 | 5799 | 223 |
| &nbsp;&nbsp;&nbsp; 450751095, 26.531%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 21777 | 22648 | 23115 |
| &nbsp;&nbsp;&nbsp; 4508599971, 20.800%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 6441 | 6698 | 6771 |
| &nbsp;&nbsp;&nbsp; 4509046, 3.300%, 3/02/2023 †x¶#^ | Square | 9/07/2021 | 5013 | 4796 | 393 |
| &nbsp;&nbsp;&nbsp; 4509061238, 24.667%, 4/23/2025 †x¥#^ | Stripe | 10/27/2023 | 188 | 196 | 8 |
| &nbsp;&nbsp;&nbsp; 4509453, 2.679%, 3/02/2023 †x¶#^ | Square | 9/07/2021 | 1175 | 1130 | 92 |
| &nbsp;&nbsp;&nbsp; 4509714, 4.403%, 3/02/2023 †x¶#^ | Square | 9/07/2021 | 10635 | 9976 | 834 |
| &nbsp;&nbsp;&nbsp; 4510562760, 20.795%, 11/22/2025 †x¥ | Stripe | 5/30/2024 | 41 | 43 | 45 |
| &nbsp;&nbsp;&nbsp; 4512780, 2.674%, 3/03/2023 †x¶#^ | Square | 9/08/2021 | 11917 | 11458 | 934 |
| &nbsp;&nbsp;&nbsp; 451333452, 20.399%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 74302 | 77274 | 77549 |
| &nbsp;&nbsp;&nbsp; 4513435, 4.403%, 3/04/2023 †x¶#^ | Square | 9/09/2021 | 2434 | 2283 | 191 |
| &nbsp;&nbsp;&nbsp; 4514221889, 13.037%, 9/21/2023 †x¥#^ | Stripe | 3/28/2022 | 742 | 772 | 30 |
| &nbsp;&nbsp;&nbsp; 4514439, 5.031%, 3/06/2023 †x¶#^ | Square | 9/09/2021 | 2244 | 2086 | 176 |
| &nbsp;&nbsp;&nbsp; 4514688, 4.088%, 3/06/2023 †x¶#^ | Square | 9/09/2021 | 2478 | 2335 | 194 |
| &nbsp;&nbsp;&nbsp; 4514861, 4.403%, 3/06/2023 †x¶#^ | Square | 9/09/2021 | 2569 | 2410 | 201 |
| &nbsp;&nbsp;&nbsp; 4515028, 3.303%, 3/07/2023 †x¶#^ | Square | 9/09/2021 | 366 | 349 | 29 |
| &nbsp;&nbsp;&nbsp; 4515455272, 23.463%, 9/01/2023 †x¥#^ | Stripe | 3/08/2022 | 20291 | 21103 | 812 |
| &nbsp;&nbsp;&nbsp; 4516668786, 22.384%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 448 | 466 | 482 |
| &nbsp;&nbsp;&nbsp; 4516770, 2.680%, 3/07/2023 †x¶#^ | Square | 9/09/2021 | 4920 | 4730 | 386 |
| &nbsp;&nbsp;&nbsp; 4517080936, 13.067%, 9/26/2026 †x¥ | Stripe | 4/02/2025 | 68773 | 71524 | 71973 |
| &nbsp;&nbsp;&nbsp; 4517249, 3.302%, 3/07/2023 †x¶#^ | Square | 9/09/2021 | 669 | 643 | 52 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8652** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4517275, 4.403%, 3/07/2023 †x¶#^ | Square | 9/09/2021 | $1480 | $1389 | $116 |
| &nbsp;&nbsp;&nbsp; 4517732545, 14.133%, 11/06/2026 †x¥# | Stripe | 8/15/2024 | 63731 | 66280 | 10510 |
| &nbsp;&nbsp;&nbsp; 4518556, 3.774%, 3/08/2023 †x¶#^ | Square | 9/10/2021 | 3638 | 3443 | 285 |
| &nbsp;&nbsp;&nbsp; 4519101805, 19.333%, 5/31/2024 †x¥#^ | Stripe | 12/06/2022 | 1514 | 1574 | 61 |
| &nbsp;&nbsp;&nbsp; 4519152, 2.664%, 3/08/2023 †x¶#^ | Square | 9/10/2021 | 1148 | 1104 | 90 |
| &nbsp;&nbsp;&nbsp; 4520738, 2.682%, 3/08/2023 †x¶#^ | Square | 9/10/2021 | 745 | 716 | 58 |
| &nbsp;&nbsp;&nbsp; 4520757798, 22.398%, 6/01/2026 †x¥# | Stripe | 4/03/2024 | 4702 | 4890 | 188 |
| &nbsp;&nbsp;&nbsp; 4520830, 4.417%, 3/08/2023 †x¶#^ | Square | 9/10/2021 | 2025 | 1899 | 159 |
| &nbsp;&nbsp;&nbsp; 4521397807, 23.195%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 6687 | 6954 | 7071 |
| &nbsp;&nbsp;&nbsp; 4521431054, 14.395%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 9338 | 9712 | 9836 |
| &nbsp;&nbsp;&nbsp; 4522171194, 18.667%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 937 | 974 | 989 |
| &nbsp;&nbsp;&nbsp; 4524288, 4.403%, 3/09/2023 †x¶#^ | Square | 9/13/2021 | 4426 | 4152 | 347 |
| &nbsp;&nbsp;&nbsp; 4525875, 2.673%, 3/10/2023 †x¶#^ | Square | 9/14/2021 | 578 | 556 | 45 |
| &nbsp;&nbsp;&nbsp; 4526393, 3.938%, 3/10/2023 †x¶#^ | Square | 9/14/2021 | 584 | 552 | 46 |
| &nbsp;&nbsp;&nbsp; 4526510583, 26.514%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 1496 | 1555 | 1601 |
| &nbsp;&nbsp;&nbsp; 4527596, 4.403%, 3/11/2023 †x¶#^ | Square | 9/15/2021 | 376 | 353 | 29 |
| &nbsp;&nbsp;&nbsp; 4527792, 3.294%, 3/11/2023 †x¶#^ | Square | 9/15/2021 | 161 | 154 | 13 |
| &nbsp;&nbsp;&nbsp; 4527962, 2.680%, 3/12/2023 †x¶#^ | Square | 9/15/2021 | 3461 | 3327 | 271 |
| &nbsp;&nbsp;&nbsp; 4528882, 4.406%, 3/13/2023 †x¶#^ | Square | 9/15/2021 | 6712 | 6295 | 526 |
| &nbsp;&nbsp;&nbsp; 4529294, 4.094%, 3/13/2023 †x¶#^ | Square | 9/15/2021 | 5474 | 5157 | 429 |
| &nbsp;&nbsp;&nbsp; 4529326, 2.669%, 3/13/2023 †x¶#^ | Square | 9/15/2021 | 1533 | 1474 | 120 |
| &nbsp;&nbsp;&nbsp; 4529724937, 26.504%, 11/20/2024 †x¥#^ | Stripe | 5/26/2023 | 510 | 530 | 20 |
| &nbsp;&nbsp;&nbsp; 4530276, 2.673%, 3/13/2023 †x¶#^ | Square | 9/15/2021 | 778 | 748 | 61 |
| &nbsp;&nbsp;&nbsp; 4530723640, 22.000%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 414 | 431 | 446 |
| &nbsp;&nbsp;&nbsp; 4530762, 4.088%, 3/13/2023 †x¶#^ | Square | 9/15/2021 | 2023 | 1906 | 159 |
| &nbsp;&nbsp;&nbsp; 4530846023, 21.333%, 12/14/2024 †x¥#^ | Stripe | 6/22/2023 | 1163 | 1210 | 47 |
| &nbsp;&nbsp;&nbsp; 4531538, 2.667%, 3/14/2023 †x¶#^ | Square | 9/16/2021 | 267 | 257 | 21 |
| &nbsp;&nbsp;&nbsp; 4531870, 5.031%, 3/14/2023 †x¶#^ | Square | 9/16/2021 | 1684 | 1566 | 132 |
| &nbsp;&nbsp;&nbsp; 4532029, 4.569%, 3/14/2023 †x¶#^ | Square | 9/16/2021 | 1303 | 1220 | 102 |
| &nbsp;&nbsp;&nbsp; 4532052, 4.408%, 3/14/2023 †x¶#^ | Square | 9/16/2021 | 4095 | 3841 | 321 |
| &nbsp;&nbsp;&nbsp; 4532578102, 15.198%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 12352 | 12847 | 12919 |
| &nbsp;&nbsp;&nbsp; 453413195, 19.733%, 10/07/2023 †x¥#^ | Stripe | 4/13/2022 | 922 | 959 | 37 |
| &nbsp;&nbsp;&nbsp; 4534433, 2.661%, 3/15/2023 †x¶#^ | Square | 9/17/2021 | 349 | 335 | 27 |
| &nbsp;&nbsp;&nbsp; 4535528908, 26.131%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 9467 | 9845 | 10020 |
| &nbsp;&nbsp;&nbsp; 4536335716, 20.797%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 10235 | 10644 | 10834 |
| &nbsp;&nbsp;&nbsp; 4536674148, 16.266%, 9/07/2023 †x¥#^ | Stripe | 3/14/2022 | 10883 | 11318 | 435 |
| &nbsp;&nbsp;&nbsp; 4537573126, 26.500%, 5/16/2026 †x¥ | Stripe | 11/20/2024 | 217 | 226 | 236 |
| &nbsp;&nbsp;&nbsp; 4539519, 4.560%, 3/16/2023 †x¶#^ | Square | 9/20/2021 | 4495 | 4207 | 352 |
| &nbsp;&nbsp;&nbsp; 4539574, 4.560%, 3/16/2023 †x¶#^ | Square | 9/20/2021 | 2318 | 2169 | 182 |
| &nbsp;&nbsp;&nbsp; 4540500, 4.560%, 3/17/2023 †x¶#^ | Square | 9/21/2021 | 3180 | 2977 | 249 |
| &nbsp;&nbsp;&nbsp; 4541236, 4.403%, 3/17/2023 †x¶#^ | Square | 9/21/2021 | 4026 | 3776 | 316 |
| &nbsp;&nbsp;&nbsp; 4541645, 4.403%, 3/17/2023 †x¶#^ | Square | 9/21/2021 | 12622 | 11840 | 990 |
| &nbsp;&nbsp;&nbsp; 4542031284, 10.667%, 4/19/2024 †x¥#^ | Stripe | 10/25/2022 | 13156 | 13682 | 526 |
| &nbsp;&nbsp;&nbsp; 4543186, 4.403%, 3/18/2023 †x¶#^ | Square | 9/22/2021 | 6665 | 6252 | 523 |
| &nbsp;&nbsp;&nbsp; 4543764818, 18.799%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 16265 | 16915 | 17284 |
| &nbsp;&nbsp;&nbsp; 4546059, 2.659%, 3/20/2023 †x¶#^ | Square | 9/22/2021 | 119 | 114 | 9 |
| &nbsp;&nbsp;&nbsp; 4546103, 4.717%, 3/20/2023 †x¶#^ | Square | 9/22/2021 | 16986 | 15863 | 1332 |
| &nbsp;&nbsp;&nbsp; 4546222, 4.562%, 3/20/2023 †x¶#^ | Square | 9/22/2021 | 5298 | 4959 | 415 |
| &nbsp;&nbsp;&nbsp; 4546497927, 22.398%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 12110 | 12594 | 12832 |
| &nbsp;&nbsp;&nbsp; 4546571953, 16.263%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 11027 | 11468 | 11514 |
| &nbsp;&nbsp;&nbsp; 4546877, 2.674%, 3/20/2023 †x¶#^ | Square | 9/22/2021 | 4956 | 4769 | 389 |
| &nbsp;&nbsp;&nbsp; 4547413, 4.403%, 3/21/2023 †x¶#^ | Square | 9/23/2021 | 9008 | 8450 | 706 |
| &nbsp;&nbsp;&nbsp; 4548231, 5.031%, 3/21/2023 †x¶#^ | Square | 9/23/2021 | 6882 | 6399 | 540 |
| &nbsp;&nbsp;&nbsp; 4550200, 4.403%, 3/21/2023 †x¶#^ | Square | 9/23/2021 | 2134 | 2002 | 167 |
| &nbsp;&nbsp;&nbsp; 4550300, 4.564%, 3/22/2023 †x¶#^ | Square | 9/24/2021 | 920 | 861 | 72 |
| &nbsp;&nbsp;&nbsp; 4550338, 4.561%, 3/22/2023 †x¶#^ | Square | 9/24/2021 | 7393 | 6919 | 580 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8653** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4551904668, 26.514%, 12/06/2025 †x¥# | Stripe | 6/12/2024 | $3427 | $3565 | $137 |
| &nbsp;&nbsp;&nbsp; 4552505, 4.562%, 3/22/2023 †x¶#^ | Square | 9/24/2021 | 3221 | 3015 | 253 |
| &nbsp;&nbsp;&nbsp; 4552666, 4.559%, 3/22/2023 †x¶#^ | Square | 9/24/2021 | 8078 | 7561 | 633 |
| &nbsp;&nbsp;&nbsp; 4553432988, 20.000%, 3/27/2026 †x¥ | Stripe | 10/01/2024 | 8615 | 8960 | 9139 |
| &nbsp;&nbsp;&nbsp; 4553734, 4.403%, 3/22/2023 †x¶#^ | Square | 9/24/2021 | 6592 | 6183 | 517 |
| &nbsp;&nbsp;&nbsp; 455387746, 26.125%, 2/25/2027 †x¥# | Stripe | 2/10/2025 | 7129 | 7414 | 1966 |
| &nbsp;&nbsp;&nbsp; 4555532, 5.031%, 3/23/2023 †x¶#^ | Square | 9/27/2021 | 3230 | 3003 | 253 |
| &nbsp;&nbsp;&nbsp; 4556292, 4.561%, 3/23/2023 †x¶#^ | Square | 9/27/2021 | 8931 | 8359 | 700 |
| &nbsp;&nbsp;&nbsp; 4556346043, 23.385%, 3/24/2024 †x¥#^ | Stripe | 1/24/2022 | 447 | 465 | 18 |
| &nbsp;&nbsp;&nbsp; 4557061722, 26.462%, 8/19/2026 †x¥# | Stripe | 2/21/2025 | 1050 | 1092 | 292 |
| &nbsp;&nbsp;&nbsp; 4559406336, 26.519%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 583 | 606 | 627 |
| &nbsp;&nbsp;&nbsp; 4560086, 2.680%, 3/24/2023 †x¶#^ | Square | 9/28/2021 | 230 | 221 | 18 |
| &nbsp;&nbsp;&nbsp; 4560727301, 16.128%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 4737 | 4926 | 4983 |
| &nbsp;&nbsp;&nbsp; 4561096, 3.298%, 3/24/2023 †x¶#^ | Square | 9/28/2021 | 5243 | 4996 | 411 |
| &nbsp;&nbsp;&nbsp; 4561694, 4.563%, 3/25/2023 †x¶#^ | Square | 9/29/2021 | 125 | 117 | 10 |
| &nbsp;&nbsp;&nbsp; 4561842, 4.875%, 3/25/2023 †x¶#^ | Square | 9/29/2021 | 11625 | 10833 | 911 |
| &nbsp;&nbsp;&nbsp; 4561916, 5.031%, 3/25/2023 †x¶#^ | Square | 9/29/2021 | 11376 | 10578 | 892 |
| &nbsp;&nbsp;&nbsp; 4562455, 4.566%, 3/26/2023 †x¶#^ | Square | 9/29/2021 | 2281 | 2135 | 179 |
| &nbsp;&nbsp;&nbsp; 4563021129, 22.396%, 6/13/2026 †x¥ | Stripe | 12/18/2024 | 3395 | 3530 | 1986 |
| &nbsp;&nbsp;&nbsp; 4563200377, 20.400%, 5/16/2025 †x¥#^ | Stripe | 11/21/2023 | 4390 | 4566 | 176 |
| &nbsp;&nbsp;&nbsp; 4563378, 3.948%, 3/27/2023 †x¶#^ | Square | 9/29/2021 | 405 | 383 | 32 |
| &nbsp;&nbsp;&nbsp; 4565639, 4.088%, 3/27/2023 †x¶#^ | Square | 9/29/2021 | 5329 | 5021 | 418 |
| &nbsp;&nbsp;&nbsp; 4567078, 4.557%, 3/28/2023 †x¶#^ | Square | 9/30/2021 | 1387 | 1304 | 109 |
| &nbsp;&nbsp;&nbsp; 4567159, 4.403%, 3/28/2023 †x¶#^ | Square | 9/30/2021 | 2852 | 2675 | 224 |
| &nbsp;&nbsp;&nbsp; 4569291675, 26.532%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 5713 | 5941 | 6036 |
| &nbsp;&nbsp;&nbsp; 4571882267, 26.115%, 4/07/2026 †x¥ | Stripe | 10/10/2024 | 770 | 801 | 825 |
| &nbsp;&nbsp;&nbsp; 4574109297, 21.333%, 4/13/2024 †x¥#^ | Stripe | 10/19/2022 | 1854 | 1928 | 74 |
| &nbsp;&nbsp;&nbsp; 4574259123, 25.857%, 12/04/2026 †x¥ | Stripe | 6/10/2025 | 2350 | 2444 | 2464 |
| &nbsp;&nbsp;&nbsp; 4576410259, 15.998%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 27466 | 28564 | 28665 |
| &nbsp;&nbsp;&nbsp; 4577375018, 18.932%, 4/24/2026 †x¥ | Stripe | 10/29/2024 | 12802 | 13314 | 13541 |
| &nbsp;&nbsp;&nbsp; 4581671668, 14.263%, 3/20/2026 †x¥ | Stripe | 9/24/2024 | 2579 | 2682 | 2744 |
| &nbsp;&nbsp;&nbsp; 4581768878, 25.565%, 2/11/2027 †x¥ | Stripe | 8/18/2025 | 2220 | 2309 | 2311 |
| &nbsp;&nbsp;&nbsp; 4583354714, 14.930%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 10067 | 10470 | 10556 |
| &nbsp;&nbsp;&nbsp; 458527912, 24.000%, 6/17/2025 †x¥#^ | Stripe | 12/21/2023 | 6015 | 6256 | 241 |
| &nbsp;&nbsp;&nbsp; 4586439255, 26.489%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 1499 | 1559 | 1559 |
| &nbsp;&nbsp;&nbsp; 4588646973, 18.795%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 2104 | 2188 | 2239 |
| &nbsp;&nbsp;&nbsp; 45891963, 23.152%, 1/03/2025 †x¥#^ | Stripe | 7/11/2023 | 1087 | 1130 | 43 |
| &nbsp;&nbsp;&nbsp; 4596079095, 14.786%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 714 | 742 | 752 |
| &nbsp;&nbsp;&nbsp; 4597098781, 22.366%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 2033 | 2114 | 2138 |
| &nbsp;&nbsp;&nbsp; 459814373, 14.800%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 5076 | 5280 | 5360 |
| &nbsp;&nbsp;&nbsp; 4600071997, 21.067%, 11/20/2024 †x¥#^ | Stripe | 5/26/2023 | 38071 | 39593 | 1523 |
| &nbsp;&nbsp;&nbsp; 4602098615, 22.400%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 1168 | 1215 | 1240 |
| &nbsp;&nbsp;&nbsp; 4604773, 4.729%, 4/09/2023 †x¶#^ | Square | 10/14/2021 | 2214 | 2067 | 174 |
| &nbsp;&nbsp;&nbsp; 4604948, 4.560%, 4/10/2023 †x¶#^ | Square | 10/14/2021 | 2990 | 2799 | 234 |
| &nbsp;&nbsp;&nbsp; 4605222, 3.774%, 4/10/2023 †x¶#^ | Square | 10/14/2021 | 1125 | 1065 | 88 |
| &nbsp;&nbsp;&nbsp; 4605405, 3.774%, 4/10/2023 †x¶#^ | Square | 10/14/2021 | 2642 | 2500 | 207 |
| &nbsp;&nbsp;&nbsp; 4605527, 3.310%, 4/10/2023 †x¶#^ | Square | 10/14/2021 | 1481 | 1411 | 116 |
| &nbsp;&nbsp;&nbsp; 4605934, 4.558%, 4/11/2023 †x¶#^ | Square | 10/14/2021 | 6559 | 6140 | 514 |
| &nbsp;&nbsp;&nbsp; 4606095, 4.560%, 4/11/2023 †x¶#^ | Square | 10/14/2021 | 10249 | 9593 | 804 |
| &nbsp;&nbsp;&nbsp; 4606446525, 18.933%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 27404 | 28500 | 28801 |
| &nbsp;&nbsp;&nbsp; 4606921, 3.931%, 4/11/2023 †x¶#^ | Square | 10/14/2021 | 61 | 57 | 5 |
| &nbsp;&nbsp;&nbsp; 4606929, 2.674%, 4/11/2023 †x¶#^ | Square | 10/14/2021 | 18583 | 17867 | 1457 |
| &nbsp;&nbsp;&nbsp; 4607320, 4.717%, 4/11/2023 †x¶#^ | Square | 10/14/2021 | 877 | 819 | 69 |
| &nbsp;&nbsp;&nbsp; 4607330, 4.723%, 4/11/2023 †x¶#^ | Square | 10/14/2021 | 1742 | 1627 | 137 |
| &nbsp;&nbsp;&nbsp; 4607761, 5.031%, 4/12/2023 †x¶#^ | Square | 10/14/2021 | 1360 | 1265 | 107 |
| &nbsp;&nbsp;&nbsp; 4607805744, 22.800%, 7/30/2024 †x¥#^ | Stripe | 2/02/2023 | 21333 | 22187 | 853 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8654** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4608815, 4.874%, 4/12/2023 †x¶#^ | Square | 10/14/2021 | $9691 | $9031 | $760 |
| &nbsp;&nbsp;&nbsp; 4609031, 4.403%, 4/12/2023 †x¶#^ | Square | 10/14/2021 | 2491 | 2336 | 195 |
| &nbsp;&nbsp;&nbsp; 4609117697, 10.667%, 7/16/2024 †x¥#^ | Stripe | 5/03/2022 | 7920 | 8237 | 317 |
| &nbsp;&nbsp;&nbsp; 4609838033, 21.993%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 1679 | 1746 | 1799 |
| &nbsp;&nbsp;&nbsp; 4609905, 4.561%, 4/12/2023 †x¶#^ | Square | 10/14/2021 | 16498 | 15442 | 1293 |
| &nbsp;&nbsp;&nbsp; 4609924, 4.403%, 4/12/2023 †x¶#^ | Square | 10/14/2021 | 3490 | 3274 | 274 |
| &nbsp;&nbsp;&nbsp; 4610126, 4.560%, 4/12/2023 †x¶#^ | Square | 10/14/2021 | 14991 | 14031 | 1175 |
| &nbsp;&nbsp;&nbsp; 46111886, 26.530%, 7/23/2025 †x¥#^ | Stripe | 1/26/2024 | 25169 | 26175 | 1007 |
| &nbsp;&nbsp;&nbsp; 461560384, 21.167%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 580 | 603 | 609 |
| &nbsp;&nbsp;&nbsp; 4616370026, 24.000%, 10/10/2023 †x¥#^ | Stripe | 4/14/2022 | 6837 | 7110 | 273 |
| &nbsp;&nbsp;&nbsp; 4616560495, 20.000%, 7/17/2025 †x¥#^ | Stripe | 1/22/2024 | 305 | 317 | 52 |
| &nbsp;&nbsp;&nbsp; 4618844055, 15.200%, 2/09/2023 †x¥#^ | Stripe | 8/16/2021 | 1497 | 1557 | 60 |
| &nbsp;&nbsp;&nbsp; 4619741604, 22.523%, 3/08/2025 †x¥#^ | Stripe | 9/13/2023 | 7501 | 7801 | 300 |
| &nbsp;&nbsp;&nbsp; 4619833658, 20.396%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 5949 | 6187 | 6187 |
| &nbsp;&nbsp;&nbsp; 4620224105, 26.531%, 12/11/2025 †x¥ | Stripe | 6/17/2024 | 198 | 206 | 217 |
| &nbsp;&nbsp;&nbsp; 4620550345, 20.397%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 11661 | 12127 | 12318 |
| &nbsp;&nbsp;&nbsp; 4630046484, 19.465%, 3/01/2026 †x¥# | Stripe | 1/19/2024 | 3309 | 3441 | 572 |
| &nbsp;&nbsp;&nbsp; 4630079785, 26.500%, 11/01/2025 †x¥ | Stripe | 5/08/2024 | 129 | 134 | 141 |
| &nbsp;&nbsp;&nbsp; 4631664857, 14.125%, 1/09/2026 †x¥ | Stripe | 7/16/2024 | 1536 | 1597 | 1633 |
| &nbsp;&nbsp;&nbsp; 4634859091, 18.667%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 7372 | 7667 | 7804 |
| &nbsp;&nbsp;&nbsp; 4641190564, 18.129%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 5178 | 5385 | 5408 |
| &nbsp;&nbsp;&nbsp; 4642193498, 26.521%, 7/16/2026 †x¥# | Stripe | 1/21/2025 | 3267 | 3398 | 1301 |
| &nbsp;&nbsp;&nbsp; 464398199, 19.867%, 7/30/2024 †x¥#^ | Stripe | 2/02/2023 | 9449 | 9827 | 378 |
| &nbsp;&nbsp;&nbsp; 4645167903, 26.122%, 7/16/2026 †x¥# | Stripe | 1/21/2025 | 4287 | 4459 | 739 |
| &nbsp;&nbsp;&nbsp; 4646270332, 26.400%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 5927 | 6164 | 6283 |
| &nbsp;&nbsp;&nbsp; 4649593345, 24.000%, 9/17/2024 †x¥#^ | Stripe | 3/23/2023 | 410 | 426 | 16 |
| &nbsp;&nbsp;&nbsp; 4651025, 3.774%, 4/28/2023 †x¶#^ | Square | 11/01/2021 | 162360 | 153662 | 12729 |
| &nbsp;&nbsp;&nbsp; 4651290275, 26.528%, 1/24/2025 †x¥#^ | Stripe | 8/01/2023 | 12461 | 12960 | 498 |
| &nbsp;&nbsp;&nbsp; 4651398198, 20.400%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 4845 | 5039 | 5042 |
| &nbsp;&nbsp;&nbsp; 4652259, 5.031%, 4/28/2023 †x¶#^ | Square | 11/01/2021 | 7572 | 7041 | 594 |
| &nbsp;&nbsp;&nbsp; 4654445, 4.717%, 4/29/2023 †x¶#^ | Square | 11/02/2021 | 7435 | 6944 | 583 |
| &nbsp;&nbsp;&nbsp; 4655722, 3.301%, 4/29/2023 †x¶#^ | Square | 11/02/2021 | 6429 | 6127 | 504 |
| &nbsp;&nbsp;&nbsp; 4655894, 4.563%, 4/29/2023 †x¶#^ | Square | 11/02/2021 | 2698 | 2525 | 212 |
| &nbsp;&nbsp;&nbsp; 4656187, 4.562%, 4/29/2023 †x¶#^ | Square | 11/02/2021 | 12328 | 11538 | 967 |
| &nbsp;&nbsp;&nbsp; 465648172, 19.333%, 7/13/2024 †x¥#^ | Stripe | 1/19/2023 | 7275 | 7566 | 291 |
| &nbsp;&nbsp;&nbsp; 4656636, 3.316%, 4/29/2023 †x¶#^ | Square | 11/02/2021 | 168 | 160 | 13 |
| &nbsp;&nbsp;&nbsp; 4656750, 5.031%, 4/30/2023 †x¶#^ | Square | 11/03/2021 | 10213 | 9496 | 801 |
| &nbsp;&nbsp;&nbsp; 4658440, 4.562%, 5/01/2023 †x¶#^ | Square | 11/03/2021 | 14938 | 13981 | 1171 |
| &nbsp;&nbsp;&nbsp; 4659933, 4.734%, 5/01/2023 †x¶#^ | Square | 11/03/2021 | 1744 | 1628 | 137 |
| &nbsp;&nbsp;&nbsp; 4660614, 3.774%, 5/01/2023 †x¶#^ | Square | 11/03/2021 | 9562 | 9051 | 750 |
| &nbsp;&nbsp;&nbsp; 4660660, 4.566%, 5/01/2023 †x¶#^ | Square | 11/03/2021 | 3987 | 3731 | 313 |
| &nbsp;&nbsp;&nbsp; 4661487, 4.403%, 5/02/2023 †x¶#^ | Square | 11/04/2021 | 15166 | 14227 | 1189 |
| &nbsp;&nbsp;&nbsp; 4661960045, 25.589%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 1723 | 1792 | 1837 |
| &nbsp;&nbsp;&nbsp; 4662177, 4.570%, 5/02/2023 †x¶#^ | Square | 11/04/2021 | 2623 | 2455 | 206 |
| &nbsp;&nbsp;&nbsp; 4662866, 5.031%, 5/02/2023 †x¶#^ | Square | 11/04/2021 | 1507 | 1402 | 118 |
| &nbsp;&nbsp;&nbsp; 4663942, 4.560%, 5/02/2023 †x¶#^ | Square | 11/04/2021 | 4430 | 4146 | 347 |
| &nbsp;&nbsp;&nbsp; 4664903, 4.403%, 5/03/2023 †x¶#^ | Square | 11/05/2021 | 1733 | 1625 | 136 |
| &nbsp;&nbsp;&nbsp; 4665520, 4.560%, 5/03/2023 †x¶#^ | Square | 11/05/2021 | 4826 | 4517 | 378 |
| &nbsp;&nbsp;&nbsp; 4666187074, 21.867%, 5/10/2026 †x¥# | Stripe | 5/16/2024 | 53574 | 55565 | 9227 |
| &nbsp;&nbsp;&nbsp; 4666481, 3.303%, 5/03/2023 †x¶#^ | Square | 11/05/2021 | 18979 | 18083 | 1488 |
| &nbsp;&nbsp;&nbsp; 4666689, 4.560%, 5/03/2023 †x¶#^ | Square | 11/05/2021 | 64579 | 61233 | 5063 |
| &nbsp;&nbsp;&nbsp; 4668570, 4.563%, 5/04/2023 †x¶#^ | Square | 11/08/2021 | 896 | 841 | 70 |
| &nbsp;&nbsp;&nbsp; 4668817, 4.567%, 5/04/2023 †x¶#^ | Square | 11/08/2021 | 1467 | 1373 | 115 |
| &nbsp;&nbsp;&nbsp; 4668990996, 19.333%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 6793 | 7065 | 7099 |
| &nbsp;&nbsp;&nbsp; 4669261, 4.879%, 5/04/2023 †x¶#^ | Square | 11/08/2021 | 1460 | 1360 | 114 |
| &nbsp;&nbsp;&nbsp; 4670046334, 20.263%, 9/11/2024 †x¥#^ | Stripe | 3/17/2023 | 3107 | 3232 | 124 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8655** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4670788, 3.354%, 5/04/2023 †x¶#^ | Square | 11/08/2021 | $415 | $395 | $33 |
| &nbsp;&nbsp;&nbsp; 4671508, 4.403%, 5/04/2023 †x¶#^ | Square | 11/08/2021 | 10834 | 10163 | 849 |
| &nbsp;&nbsp;&nbsp; 4671660, 4.403%, 5/04/2023 †x¶#^ | Square | 11/08/2021 | 4204 | 3944 | 330 |
| &nbsp;&nbsp;&nbsp; 4673126581, 26.533%, 10/30/2024 †x¥#^ | Stripe | 5/05/2023 | 18937 | 19694 | 757 |
| &nbsp;&nbsp;&nbsp; 4674221, 3.913%, 5/05/2023 †x¶#^ | Square | 11/09/2021 | 531 | 502 | 42 |
| &nbsp;&nbsp;&nbsp; 4674965, 4.873%, 5/05/2023 †x¶#^ | Square | 11/09/2021 | 6133 | 5715 | 481 |
| &nbsp;&nbsp;&nbsp; 4675530, 4.560%, 5/05/2023 †x¶#^ | Square | 11/09/2021 | 80563 | 75406 | 6316 |
| &nbsp;&nbsp;&nbsp; 4676605898, 22.399%, 11/14/2023 †x¥#^ | Stripe | 5/19/2022 | 33913 | 35269 | 1357 |
| &nbsp;&nbsp;&nbsp; 4678497, 4.565%, 5/07/2023 †x¶#^ | Square | 11/10/2021 | 437 | 409 | 34 |
| &nbsp;&nbsp;&nbsp; 4678580, 4.874%, 5/07/2023 †x¶#^ | Square | 11/10/2021 | 140 | 131 | 11 |
| &nbsp;&nbsp;&nbsp; 4678677, 5.031%, 5/07/2023 †x¶#^ | Square | 11/10/2021 | 486 | 452 | 38 |
| &nbsp;&nbsp;&nbsp; 4679474972, 21.996%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 3407 | 3543 | 3644 |
| &nbsp;&nbsp;&nbsp; 467962371, 21.200%, 5/08/2024 †x¥#^ | Stripe | 11/14/2022 | 56442 | 58700 | 2258 |
| &nbsp;&nbsp;&nbsp; 468276971, 26.133%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 3670 | 3817 | 3919 |
| &nbsp;&nbsp;&nbsp; 4683256569, 22.000%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 3420 | 3557 | 3621 |
| &nbsp;&nbsp;&nbsp; 4683623, 4.560%, 5/08/2023 †x¶#^ | Square | 11/10/2021 | 43480 | 40697 | 3409 |
| &nbsp;&nbsp;&nbsp; 4683959, 4.563%, 5/08/2023 †x¶#^ | Square | 11/10/2021 | 5371 | 5027 | 421 |
| &nbsp;&nbsp;&nbsp; 468517562, 14.267%, 4/21/2026 †x¥# | Stripe | 10/24/2024 | 2312 | 2404 | 379 |
| &nbsp;&nbsp;&nbsp; 4685233874, 17.733%, 8/26/2025 †x¥#^ | Stripe | 2/29/2024 | 193527 | 201268 | 7741 |
| &nbsp;&nbsp;&nbsp; 4685325765, 25.185%, 4/12/2025 †x¥#^ | Stripe | 10/18/2023 | 7200 | 7488 | 288 |
| &nbsp;&nbsp;&nbsp; 4688987237, 18.667%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 29612 | 30796 | 31254 |
| &nbsp;&nbsp;&nbsp; 4692734, 4.560%, 5/09/2023 †x¶#^ | Square | 11/12/2021 | 37816 | 35395 | 2965 |
| &nbsp;&nbsp;&nbsp; 4693542, 3.302%, 5/09/2023 †x¶#^ | Square | 11/12/2021 | 10795 | 10286 | 846 |
| &nbsp;&nbsp;&nbsp; 469948988, 20.889%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 787 | 819 | 829 |
| &nbsp;&nbsp;&nbsp; 4699968614, 26.495%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 3088 | 3212 | 3211 |
| &nbsp;&nbsp;&nbsp; 4701395028, 20.399%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 21693 | 22561 | 22860 |
| &nbsp;&nbsp;&nbsp; 4703264483, 20.000%, 11/26/2025 †x¥# | Stripe | 9/14/2023 | 14222 | 14791 | 569 |
| &nbsp;&nbsp;&nbsp; 4703609, 4.561%, 5/10/2023 †x¶#^ | Square | 11/15/2021 | 2577 | 2412 | 202 |
| &nbsp;&nbsp;&nbsp; 4704275, 4.558%, 5/10/2023 †x¶#^ | Square | 11/15/2021 | 9749 | 9125 | 764 |
| &nbsp;&nbsp;&nbsp; 4704340438, 22.396%, 7/11/2026 †x¥ | Stripe | 1/15/2025 | 8065 | 8388 | 8587 |
| &nbsp;&nbsp;&nbsp; 4704948264, 20.000%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 710 | 738 | 750 |
| &nbsp;&nbsp;&nbsp; 4705022875, 21.197%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 2140 | 2226 | 86 |
| &nbsp;&nbsp;&nbsp; 4705265247, 19.465%, 9/27/2024 †x¥#^ | Stripe | 4/04/2023 | 7258 | 7548 | 290 |
| &nbsp;&nbsp;&nbsp; 4705645915, 19.333%, 10/31/2023 †x¥#^ | Stripe | 8/19/2021 | 474 | 493 | 19 |
| &nbsp;&nbsp;&nbsp; 4705890, 4.560%, 5/10/2023 †x¶#^ | Square | 11/15/2021 | 8942 | 8369 | 701 |
| &nbsp;&nbsp;&nbsp; 4706704011, 22.000%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 364 | 379 | 387 |
| &nbsp;&nbsp;&nbsp; 4706780079, 18.933%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 571 | 594 | 623 |
| &nbsp;&nbsp;&nbsp; 4707103840, 16.133%, 4/02/2026 †x¥ | Stripe | 10/07/2024 | 24862 | 25857 | 26206 |
| &nbsp;&nbsp;&nbsp; 4708719, 3.774%, 5/11/2023 †x¶#^ | Square | 11/16/2021 | 57720 | 54628 | 4525 |
| &nbsp;&nbsp;&nbsp; 4708983, 4.403%, 5/12/2023 †x¶#^ | Square | 11/16/2021 | 1589 | 1491 | 125 |
| &nbsp;&nbsp;&nbsp; 4711521634, 15.193%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 4095 | 4258 | 4288 |
| &nbsp;&nbsp;&nbsp; 4712816, 4.566%, 5/12/2023 †x¶#^ | Square | 11/16/2021 | 3507 | 3311 | 275 |
| &nbsp;&nbsp;&nbsp; 4713504692, 16.922%, 12/30/2025 †x¥# | Stripe | 7/05/2024 | 3756 | 3906 | 636 |
| &nbsp;&nbsp;&nbsp; 4713966, 4.574%, 5/13/2023 †x¶#^ | Square | 11/17/2021 | 1814 | 1698 | 142 |
| &nbsp;&nbsp;&nbsp; 4714026, 4.732%, 5/13/2023 †x¶#^ | Square | 11/17/2021 | 897 | 838 | 70 |
| &nbsp;&nbsp;&nbsp; 4714564, 4.882%, 5/14/2023 †x¶#^ | Square | 11/17/2021 | 148 | 138 | 12 |
| &nbsp;&nbsp;&nbsp; 4714667, 4.569%, 5/14/2023 †x¶#^ | Square | 11/17/2021 | 3590 | 3360 | 281 |
| &nbsp;&nbsp;&nbsp; 4715569059, 20.795%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 3387 | 3522 | 3593 |
| &nbsp;&nbsp;&nbsp; 4718603330, 16.242%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 878 | 913 | 916 |
| &nbsp;&nbsp;&nbsp; 4720137, 5.031%, 5/16/2023 †x¶#^ | Square | 11/18/2021 | 623 | 579 | 49 |
| &nbsp;&nbsp;&nbsp; 4720142207, 14.800%, 8/21/2026 †x¥# | Stripe | 2/25/2025 | 83095 | 86419 | 22197 |
| &nbsp;&nbsp;&nbsp; 4720999, 4.559%, 5/16/2023 †x¶#^ | Square | 11/18/2021 | 7091 | 6637 | 556 |
| &nbsp;&nbsp;&nbsp; 4721473461, 26.533%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 1000 | 1040 | 1040 |
| &nbsp;&nbsp;&nbsp; 4722571, 4.725%, 5/16/2023 †x¶#^ | Square | 11/18/2021 | 1681 | 1569 | 132 |
| &nbsp;&nbsp;&nbsp; 4723152, 4.403%, 5/16/2023 †x¶#^ | Square | 11/18/2021 | 47861 | 44896 | 3752 |
| &nbsp;&nbsp;&nbsp; 4723482348, 20.526%, 10/23/2024 †x¥#^ | Stripe | 4/28/2023 | 3765 | 3915 | 151 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8656** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4724721, 3.774%, 5/16/2023 †x¶#^ | Square | 11/18/2021 | $35429 | $33531 | $2778 |
| &nbsp;&nbsp;&nbsp; 4724781980, 14.399%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 13752 | 14302 | 14413 |
| &nbsp;&nbsp;&nbsp; 4725132, 4.560%, 5/17/2023 †x¶#^ | Square | 11/19/2021 | 1265 | 1209 | 99 |
| &nbsp;&nbsp;&nbsp; 4725829, 5.031%, 5/17/2023 †x¶#^ | Square | 11/19/2021 | 677 | 629 | 53 |
| &nbsp;&nbsp;&nbsp; 4725831702, 17.997%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 15368 | 15983 | 16024 |
| &nbsp;&nbsp;&nbsp; 4727253967, 19.467%, 10/03/2024 †x¥#^ | Stripe | 4/10/2023 | 1847 | 1921 | 74 |
| &nbsp;&nbsp;&nbsp; 4728393156, 20.923%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 2027 | 2108 | 81 |
| &nbsp;&nbsp;&nbsp; 4728699, 5.031%, 5/17/2023 †x¶#^ | Square | 11/19/2021 | 1400 | 1302 | 110 |
| &nbsp;&nbsp;&nbsp; 4728828, 4.566%, 5/17/2023 †x¶#^ | Square | 11/19/2021 | 2718 | 2544 | 213 |
| &nbsp;&nbsp;&nbsp; 4729208, 4.881%, 5/17/2023 †x¶#^ | Square | 11/19/2021 | 462 | 430 | 36 |
| &nbsp;&nbsp;&nbsp; 4730044, 4.561%, 5/17/2023 †x¶#^ | Square | 11/19/2021 | 20202 | 18909 | 1584 |
| &nbsp;&nbsp;&nbsp; 4730105417, 20.667%, 2/25/2026 †x¥ | Stripe | 8/30/2024 | 6530 | 6791 | 6927 |
| &nbsp;&nbsp;&nbsp; 4731702759, 14.931%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 25311 | 26324 | 26576 |
| &nbsp;&nbsp;&nbsp; 4733875966, 19.333%, 1/22/2027 †x¥ | Stripe | 7/29/2025 | 17508 | 18209 | 18273 |
| &nbsp;&nbsp;&nbsp; 4735685, 25.600%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 49281 | 51252 | 51277 |
| &nbsp;&nbsp;&nbsp; 4736163678, 20.364%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 854 | 889 | 894 |
| &nbsp;&nbsp;&nbsp; 4736604790, 21.200%, 6/16/2023 †x¥#^ | Stripe | 12/21/2021 | 3172 | 3299 | 127 |
| &nbsp;&nbsp;&nbsp; 4737115855, 21.056%, 10/08/2025 †x¥# | Stripe | 4/12/2024 | 1917 | 1994 | 526 |
| &nbsp;&nbsp;&nbsp; 4739607726, 18.927%, 5/12/2026 †x¥# | Stripe | 5/09/2024 | 5117 | 5321 | 869 |
| &nbsp;&nbsp;&nbsp; 4741898, 4.560%, 5/18/2023 †x¶#^ | Square | 11/22/2021 | 2100 | 1965 | 165 |
| &nbsp;&nbsp;&nbsp; 4744272, 4.717%, 5/18/2023 †x¶#^ | Square | 11/22/2021 | 1179 | 1101 | 92 |
| &nbsp;&nbsp;&nbsp; 4746151962, 26.526%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 1293 | 1344 | 52 |
| &nbsp;&nbsp;&nbsp; 4749387343, 22.798%, 4/05/2024 †x¥#^ | Stripe | 3/02/2022 | 34850 | 36244 | 1394 |
| &nbsp;&nbsp;&nbsp; 4749787, 4.875%, 5/20/2023 †x¶#^ | Square | 11/24/2021 | 11570 | 10836 | 907 |
| &nbsp;&nbsp;&nbsp; 4749869, 3.303%, 5/20/2023 †x¶#^ | Square | 11/24/2021 | 2837 | 2703 | 222 |
| &nbsp;&nbsp;&nbsp; 4750260065, 22.000%, 6/06/2026 †x¥ | Stripe | 12/11/2024 | 612 | 636 | 665 |
| &nbsp;&nbsp;&nbsp; 4750514, 4.574%, 5/20/2023 †x¶#^ | Square | 11/24/2021 | 1698 | 1589 | 133 |
| &nbsp;&nbsp;&nbsp; 4750663, 4.560%, 5/21/2023 †x¶#^ | Square | 11/24/2021 | 716 | 670 | 56 |
| &nbsp;&nbsp;&nbsp; 4750719926, 21.200%, 5/13/2023 †x¥#^ | Stripe | 11/17/2021 | 6085 | 6329 | 243 |
| &nbsp;&nbsp;&nbsp; 4751557326, 24.000%, 9/21/2023 †x¥#^ | Stripe | 3/28/2022 | 1019 | 1060 | 41 |
| &nbsp;&nbsp;&nbsp; 4751872, 3.321%, 5/22/2023 †x¶#^ | Square | 11/24/2021 | 809 | 770 | 63 |
| &nbsp;&nbsp;&nbsp; 4752508, 3.774%, 5/22/2023 †x¶#^ | Square | 11/24/2021 | 1526 | 1444 | 120 |
| &nbsp;&nbsp;&nbsp; 4752666, 4.870%, 5/22/2023 †x¶#^ | Square | 11/24/2021 | 5437 | 5067 | 426 |
| &nbsp;&nbsp;&nbsp; 4754179, 3.310%, 5/22/2023 †x¶#^ | Square | 11/24/2021 | 652 | 622 | 51 |
| &nbsp;&nbsp;&nbsp; 4755092568, 21.062%, 8/01/2024 †x¥#^ | Stripe | 2/06/2023 | 5559 | 5781 | 222 |
| &nbsp;&nbsp;&nbsp; 4755818693, 26.531%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 4018 | 4178 | 4245 |
| &nbsp;&nbsp;&nbsp; 4758548074, 19.515%, 8/28/2024 †x¥#^ | Stripe | 3/03/2023 | 852 | 886 | 34 |
| &nbsp;&nbsp;&nbsp; 4761233, 4.560%, 5/23/2023 †x¶#^ | Square | 11/26/2021 | 1241 | 1161 | 97 |
| &nbsp;&nbsp;&nbsp; 4761240, 3.302%, 5/23/2023 †x¶#^ | Square | 11/26/2021 | 1561 | 1487 | 122 |
| &nbsp;&nbsp;&nbsp; 4761362, 5.031%, 5/23/2023 †x¶#^ | Square | 11/26/2021 | 423 | 393 | 33 |
| &nbsp;&nbsp;&nbsp; 4762526386, 26.519%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 1192 | 1240 | 712 |
| &nbsp;&nbsp;&nbsp; 4762559134, 18.933%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 13214 | 13742 | 14084 |
| &nbsp;&nbsp;&nbsp; 4764689855, 26.521%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 2955 | 3073 | 118 |
| &nbsp;&nbsp;&nbsp; 4765784, 4.560%, 5/23/2023 †x¶#^ | Square | 11/26/2021 | 17190 | 16089 | 1348 |
| &nbsp;&nbsp;&nbsp; 4769220380, 17.467%, 5/16/2025 †x¥#^ | Stripe | 11/21/2023 | 5468 | 5687 | 219 |
| &nbsp;&nbsp;&nbsp; 4772194870, 26.476%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 933 | 971 | 983 |
| &nbsp;&nbsp;&nbsp; 4772851466, 22.400%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1218 | 1267 | 1287 |
| &nbsp;&nbsp;&nbsp; 4772860241, 20.667%, 9/25/2025 †x¥# | Stripe | 4/01/2024 | 1361 | 1416 | 54 |
| &nbsp;&nbsp;&nbsp; 4773681217, 22.667%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 59059 | 61421 | 62693 |
| &nbsp;&nbsp;&nbsp; 4773720617, 25.582%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 4942 | 5140 | 5172 |
| &nbsp;&nbsp;&nbsp; 4774067, 4.570%, 5/24/2023 †x¶#^ | Square | 11/29/2021 | 1917 | 1794 | 150 |
| &nbsp;&nbsp;&nbsp; 4774386, 4.403%, 5/24/2023 †x¶#^ | Square | 11/29/2021 | 2177 | 2042 | 171 |
| &nbsp;&nbsp;&nbsp; 4776692731, 25.200%, 11/05/2025 †x¥ | Stripe | 5/10/2024 | 30 | 31 | 34 |
| &nbsp;&nbsp;&nbsp; 4778044605, 25.333%, 8/27/2024 †x¥#^ | Stripe | 3/02/2023 | 14021 | 14582 | 561 |
| &nbsp;&nbsp;&nbsp; 477816786, 18.400%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 6250 | 6500 | 250 |
| &nbsp;&nbsp;&nbsp; 4778459, 4.403%, 5/24/2023 †x¶#^ | Square | 11/29/2021 | 1743 | 1635 | 137 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8657** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 477942080, 16.121%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | $1862 | $1936 | $1959 |
| &nbsp;&nbsp;&nbsp; 4779496, 5.031%, 5/25/2023 †x¶#^ | Square | 11/30/2021 | 6906 | 6421 | 541 |
| &nbsp;&nbsp;&nbsp; 4783027939, 24.000%, 5/10/2024 †x¥#^ | Stripe | 3/10/2022 | 7555 | 7858 | 302 |
| &nbsp;&nbsp;&nbsp; 4784089, 3.931%, 5/26/2023 †x¶#^ | Square | 11/30/2021 | 1347 | 1272 | 106 |
| &nbsp;&nbsp;&nbsp; 4784549, 4.539%, 5/26/2023 †x¶#^ | Square | 11/30/2021 | 744 | 696 | 58 |
| &nbsp;&nbsp;&nbsp; 4787008252, 14.667%, 2/17/2026 †x¥# | Stripe | 8/22/2024 | 10143 | 10549 | 406 |
| &nbsp;&nbsp;&nbsp; 479342186, 24.000%, 5/02/2023 †x¥#^ | Stripe | 11/04/2021 | 4725 | 4914 | 189 |
| &nbsp;&nbsp;&nbsp; 4798269498, 16.267%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 3762 | 3913 | 3930 |
| &nbsp;&nbsp;&nbsp; 4799174970, 21.599%, 6/14/2025 †x¥#^ | Stripe | 12/20/2023 | 4854 | 5048 | 841 |
| &nbsp;&nbsp;&nbsp; 4799744413, 26.133%, 5/14/2026 †x¥ | Stripe | 11/18/2024 | 1221 | 1270 | 1305 |
| &nbsp;&nbsp;&nbsp; 47f5eef0-75d7-45e5-9a64-dbdb6f833254, 10.490%, 1/04/2023 †x#^ | Funding Circle | 1/08/2018 | 108037 | 108037 | 32411 |
| &nbsp;&nbsp;&nbsp; 4804262259, 21.200%, 2/25/2023 †x¥#^ | Stripe | 9/01/2021 | 1260 | 1311 | 50 |
| &nbsp;&nbsp;&nbsp; 4805761956, 20.000%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 1537 | 1599 | 1635 |
| &nbsp;&nbsp;&nbsp; 4807044805, 13.064%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 14670 | 15257 | 15408 |
| &nbsp;&nbsp;&nbsp; 4808370016, 19.333%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 5869 | 6103 | 6159 |
| &nbsp;&nbsp;&nbsp; 4810314059, 25.733%, 3/20/2025 †x¥#^ | Stripe | 9/25/2023 | 4926 | 5123 | 197 |
| &nbsp;&nbsp;&nbsp; 4816530622, 26.526%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 3016 | 3137 | 3180 |
| &nbsp;&nbsp;&nbsp; 4819601547, 16.133%, 4/08/2026 †x¥ | Stripe | 10/11/2024 | 25297 | 26309 | 26694 |
| &nbsp;&nbsp;&nbsp; 4820559012, 18.931%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 13588 | 14131 | 14313 |
| &nbsp;&nbsp;&nbsp; 4822530704, 19.994%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 5621 | 5846 | 5981 |
| &nbsp;&nbsp;&nbsp; 482310697, 24.000%, 4/24/2024 †x¥#^ | Stripe | 10/28/2022 | 1368 | 1423 | 55 |
| &nbsp;&nbsp;&nbsp; 4828438503, 16.265%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 12678 | 13186 | 13243 |
| &nbsp;&nbsp;&nbsp; 4828661960, 20.768%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 1875 | 1950 | 1975 |
| &nbsp;&nbsp;&nbsp; 4828927573, 22.386%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 829 | 863 | 881 |
| &nbsp;&nbsp;&nbsp; 4832916100, 19.333%, 4/24/2024 †x¥#^ | Stripe | 10/28/2022 | 3484 | 3623 | 139 |
| &nbsp;&nbsp;&nbsp; 4834737475, 17.864%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 9988 | 10387 | 10532 |
| &nbsp;&nbsp;&nbsp; 4836408344, 20.391%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 5800 | 6032 | 6032 |
| &nbsp;&nbsp;&nbsp; 4837843636, 20.796%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 11568 | 12030 | 12215 |
| &nbsp;&nbsp;&nbsp; 4840324154, 26.524%, 1/31/2026 †x¥# | Stripe | 8/07/2024 | 2092 | 2175 | 586 |
| &nbsp;&nbsp;&nbsp; 4840660272, 24.000%, 4/25/2023 †x¥#^ | Stripe | 10/28/2021 | 189 | 196 | 8 |
| &nbsp;&nbsp;&nbsp; 4845040223, 20.000%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1611 | 1675 | 1713 |
| &nbsp;&nbsp;&nbsp; 4845230760, 16.262%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 21217 | 22066 | 22126 |
| &nbsp;&nbsp;&nbsp; 4847686849, 19.860%, 9/13/2024 †x¥#^ | Stripe | 3/21/2023 | 1028 | 1069 | 41 |
| &nbsp;&nbsp;&nbsp; 4850575014, 18.796%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 2735 | 2844 | 2890 |
| &nbsp;&nbsp;&nbsp; 4852931543, 26.533%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 303 | 315 | 323 |
| &nbsp;&nbsp;&nbsp; 4853240790, 16.267%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 9709 | 10097 | 10100 |
| &nbsp;&nbsp;&nbsp; 4858426519, 22.398%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 4389 | 4565 | 4681 |
| &nbsp;&nbsp;&nbsp; 4858451627, 21.981%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 1675 | 1742 | 1779 |
| &nbsp;&nbsp;&nbsp; 485c7d58-f947-456c-990d-21f6dd1f736d, 11.190%, 11/06/2020 †x#^ | Funding Circle | 11/08/2017 | 35950 | 36206 | 10785 |
| &nbsp;&nbsp;&nbsp; 4860110104, 24.000%, 4/05/2023 †x¥#^ | Stripe | 10/08/2021 | 433 | 450 | 17 |
| &nbsp;&nbsp;&nbsp; 4861910537, 14.000%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 8419 | 8756 | 8763 |
| &nbsp;&nbsp;&nbsp; 4864863723, 16.130%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 16014 | 16654 | 16791 |
| &nbsp;&nbsp;&nbsp; 4865691203, 21.464%, 11/01/2024 †x¥#^ | Stripe | 5/09/2023 | 5036 | 5238 | 201 |
| &nbsp;&nbsp;&nbsp; 4867302699, 26.121%, 10/19/2026 †x¥# | Stripe | 8/15/2024 | 1057 | 1099 | 297 |
| &nbsp;&nbsp;&nbsp; 4868560739, 18.303%, 10/25/2025 †x¥ | Stripe | 5/01/2024 | 43 | 45 | 47 |
| &nbsp;&nbsp;&nbsp; 4871239467, 26.495%, 10/14/2025 †x¥# | Stripe | 11/08/2023 | 903 | 939 | 36 |
| &nbsp;&nbsp;&nbsp; 4874337704, 26.493%, 4/15/2026 †x¥# | Stripe | 10/18/2024 | 1421 | 1478 | 397 |
| &nbsp;&nbsp;&nbsp; 4877477343, 25.600%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 8173 | 8500 | 8562 |
| &nbsp;&nbsp;&nbsp; 4880478188, 26.495%, 6/09/2026 †x¥# | Stripe | 12/12/2024 | 2169 | 2256 | 604 |
| &nbsp;&nbsp;&nbsp; 4882804670, 20.923%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 1672 | 1739 | 980 |
| &nbsp;&nbsp;&nbsp; 4885444682, 17.600%, 10/25/2023 †x¥#^ | Stripe | 11/01/2021 | 5147 | 5352 | 206 |
| &nbsp;&nbsp;&nbsp; 4885540, 4.556%, 6/29/2023 †x¶#^ | Square | 1/03/2022 | 4567 | 4276 | 358 |
| &nbsp;&nbsp;&nbsp; 4885857, 4.403%, 6/29/2023 †x¶#^ | Square | 1/03/2022 | 6666 | 6253 | 523 |
| &nbsp;&nbsp;&nbsp; 4887511, 3.746%, 6/30/2023 †x¶#^ | Square | 1/04/2022 | 4816 | 4559 | 378 |
| &nbsp;&nbsp;&nbsp; 4887716, 4.560%, 6/30/2023 †x¶#^ | Square | 1/04/2022 | 2969 | 2789 | 233 |
| &nbsp;&nbsp;&nbsp; 4888868, 3.486%, 6/30/2023 †x¶#^ | Square | 1/04/2022 | 1867 | 1775 | 146 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8658** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4888951, 5.556%, 6/30/2023 †x¶#^ | Square | 1/05/2022 | $10174 | $9391 | $798 |
| &nbsp;&nbsp;&nbsp; 4889055, 4.561%, 6/30/2023 †x¶#^ | Square | 1/05/2022 | 22846 | 21383 | 1791 |
| &nbsp;&nbsp;&nbsp; 4889795, 4.877%, 7/01/2023 †x¶#^ | Square | 1/05/2022 | 2650 | 2470 | 208 |
| &nbsp;&nbsp;&nbsp; 4890825, 3.953%, 7/03/2023 †x¶#^ | Square | 1/05/2022 | 370 | 354 | 29 |
| &nbsp;&nbsp;&nbsp; 4891224, 4.479%, 7/03/2023 †x¶#^ | Square | 1/05/2022 | 3171 | 2971 | 249 |
| &nbsp;&nbsp;&nbsp; 4891680, 4.531%, 7/03/2023 †x¶#^ | Square | 1/05/2022 | 16688 | 15626 | 1308 |
| &nbsp;&nbsp;&nbsp; 4892568, 4.715%, 7/04/2023 †x¶#^ | Square | 1/06/2022 | 5284 | 4935 | 414 |
| &nbsp;&nbsp;&nbsp; 4892620, 4.560%, 7/04/2023 †x¶#^ | Square | 1/06/2022 | 2758 | 2582 | 216 |
| &nbsp;&nbsp;&nbsp; 4893129, 4.403%, 7/04/2023 †x¶#^ | Square | 1/06/2022 | 1959 | 1837 | 154 |
| &nbsp;&nbsp;&nbsp; 4894155, 3.303%, 7/04/2023 †x¶#^ | Square | 1/06/2022 | 6701 | 6385 | 525 |
| &nbsp;&nbsp;&nbsp; 4894257589, 22.114%, 9/05/2023 †x¥#^ | Stripe | 3/10/2022 | 2903 | 3019 | 116 |
| &nbsp;&nbsp;&nbsp; 4894559516, 24.000%, 8/18/2023 †x¥#^ | Stripe | 2/23/2022 | 964 | 1003 | 39 |
| &nbsp;&nbsp;&nbsp; 4894608, 2.554%, 7/04/2023 †x¶#^ | Square | 1/06/2022 | 1524 | 1467 | 119 |
| &nbsp;&nbsp;&nbsp; 4894614, 4.403%, 7/04/2023 †x¶#^ | Square | 1/06/2022 | 4895 | 4591 | 384 |
| &nbsp;&nbsp;&nbsp; 4895544, 4.560%, 7/05/2023 †x¶#^ | Square | 1/07/2022 | 1041 | 974 | 82 |
| &nbsp;&nbsp;&nbsp; 4895691, 5.109%, 7/05/2023 †x¶#^ | Square | 1/07/2022 | 42368 | 39352 | 3322 |
| &nbsp;&nbsp;&nbsp; 4895962, 3.435%, 7/05/2023 †x¶#^ | Square | 1/07/2022 | 1288 | 1225 | 101 |
| &nbsp;&nbsp;&nbsp; 4896148, 4.475%, 7/05/2023 †x¶#^ | Square | 1/07/2022 | 4243 | 3976 | 333 |
| &nbsp;&nbsp;&nbsp; 4896283, 3.601%, 7/05/2023 †x¶#^ | Square | 1/07/2022 | 4242 | 4025 | 333 |
| &nbsp;&nbsp;&nbsp; 4896537, 4.403%, 7/05/2023 †x¶#^ | Square | 1/07/2022 | 5150 | 4831 | 404 |
| &nbsp;&nbsp;&nbsp; 4897439926, 21.200%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 55265 | 57476 | 2211 |
| &nbsp;&nbsp;&nbsp; 4897994098, 24.267%, 3/03/2025 †x¥#^ | Stripe | 2/13/2023 | 2057 | 2139 | 82 |
| &nbsp;&nbsp;&nbsp; 4899019, 5.031%, 7/06/2023 †x¶#^ | Square | 1/10/2022 | 195 | 181 | 15 |
| &nbsp;&nbsp;&nbsp; 4899372628, 19.733%, 11/19/2024 †x¥#^ | Stripe | 5/25/2023 | 102575 | 106678 | 4103 |
| &nbsp;&nbsp;&nbsp; 4899579210, 22.000%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 1718 | 1786 | 1818 |
| &nbsp;&nbsp;&nbsp; 4900328, 2.980%, 7/06/2023 †x¶#^ | Square | 1/10/2022 | 4799 | 4593 | 376 |
| &nbsp;&nbsp;&nbsp; 4900437, 4.735%, 7/06/2023 †x¶#^ | Square | 1/10/2022 | 656 | 612 | 51 |
| &nbsp;&nbsp;&nbsp; 4900519644, 22.397%, 4/25/2026 †x¥ | Stripe | 10/30/2024 | 5172 | 5379 | 5572 |
| &nbsp;&nbsp;&nbsp; 4900911181, 14.667%, 1/13/2024 †x¥#^ | Stripe | 9/24/2021 | 12248 | 12738 | 490 |
| &nbsp;&nbsp;&nbsp; 4901878, 4.562%, 7/07/2023 †x¶#^ | Square | 1/11/2022 | 3438 | 3218 | 270 |
| &nbsp;&nbsp;&nbsp; 4902240386, 19.581%, 7/05/2024 †x¥#^ | Stripe | 1/10/2023 | 1610 | 1674 | 64 |
| &nbsp;&nbsp;&nbsp; 4902600, 3.667%, 7/07/2023 †x¶#^ | Square | 1/11/2022 | 1085 | 1028 | 85 |
| &nbsp;&nbsp;&nbsp; 4903057, 3.293%, 7/08/2023 †x¶#^ | Square | 1/12/2022 | 1167 | 1112 | 92 |
| &nbsp;&nbsp;&nbsp; 4903198, 4.403%, 7/08/2023 †x¶#^ | Square | 1/12/2022 | 13726 | 12876 | 1076 |
| &nbsp;&nbsp;&nbsp; 4903743, 4.335%, 7/09/2023 †x¶#^ | Square | 1/12/2022 | 2614 | 2456 | 205 |
| &nbsp;&nbsp;&nbsp; 4904460380, 18.667%, 2/13/2025 †x¥#^ | Stripe | 12/12/2022 | 28219 | 29348 | 1129 |
| &nbsp;&nbsp;&nbsp; 4904824375, 18.000%, 4/15/2025 †x¥#^ | Stripe | 10/19/2023 | 10104 | 10508 | 404 |
| &nbsp;&nbsp;&nbsp; 4905283, 3.305%, 7/10/2023 †x¶#^ | Square | 1/12/2022 | 2706 | 2578 | 212 |
| &nbsp;&nbsp;&nbsp; 4905959, 3.305%, 7/10/2023 †x¶#^ | Square | 1/12/2022 | 2374 | 2262 | 186 |
| &nbsp;&nbsp;&nbsp; 4906623, 5.822%, 7/11/2023 †x¶#^ | Square | 1/13/2022 | 1036 | 953 | 81 |
| &nbsp;&nbsp;&nbsp; 4907080, 4.724%, 7/11/2023 †x¶#^ | Square | 1/13/2022 | 1969 | 1839 | 154 |
| &nbsp;&nbsp;&nbsp; 4907498, 5.296%, 7/11/2023 †x¶#^ | Square | 1/13/2022 | 1601 | 1483 | 126 |
| &nbsp;&nbsp;&nbsp; 4908265, 4.403%, 7/11/2023 †x¶#^ | Square | 1/13/2022 | 875 | 821 | 69 |
| &nbsp;&nbsp;&nbsp; 4909990872, 22.000%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 7462 | 7761 | 8002 |
| &nbsp;&nbsp;&nbsp; 4910239401, 26.485%, 1/23/2026 †x¥# | Stripe | 7/30/2024 | 1172 | 1219 | 206 |
| &nbsp;&nbsp;&nbsp; 4910785947, 23.592%, 10/07/2023 †x¥#^ | Stripe | 4/13/2022 | 5731 | 5961 | 229 |
| &nbsp;&nbsp;&nbsp; 4910968004, 20.782%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 421 | 438 | 452 |
| &nbsp;&nbsp;&nbsp; 4911764080, 19.733%, 3/26/2024 †x¥#^ | Stripe | 9/29/2022 | 8947 | 9305 | 358 |
| &nbsp;&nbsp;&nbsp; 4913532015, 17.571%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 288 | 299 | 305 |
| &nbsp;&nbsp;&nbsp; 4915047, 3.306%, 7/13/2023 †x¶#^ | Square | 1/18/2022 | 1649 | 1571 | 129 |
| &nbsp;&nbsp;&nbsp; 4915475, 3.927%, 7/14/2023 †x¶#^ | Square | 1/19/2022 | 4120 | 3891 | 323 |
| &nbsp;&nbsp;&nbsp; 4915670, 3.564%, 7/14/2023 †x¶#^ | Square | 1/19/2022 | 700 | 665 | 55 |
| &nbsp;&nbsp;&nbsp; 4915681, 5.006%, 7/14/2023 †x¶#^ | Square | 1/19/2022 | 11927 | 11094 | 935 |
| &nbsp;&nbsp;&nbsp; 4916165, 3.298%, 7/14/2023 †x¶#^ | Square | 1/19/2022 | 3773 | 3595 | 296 |
| &nbsp;&nbsp;&nbsp; 4916180, 3.302%, 7/14/2023 †x¶#^ | Square | 1/19/2022 | 246 | 234 | 19 |
| &nbsp;&nbsp;&nbsp; 4916861, 5.298%, 7/14/2023 †x¶#^ | Square | 1/19/2022 | 2043 | 1893 | 160 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8659** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4917630646, 18.800%, 12/26/2024 †x¥#^ | Stripe | 10/20/2022 | $6701 | $6969 | $268 |
| &nbsp;&nbsp;&nbsp; 4918304633, 18.000%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 18385 | 19121 | 19146 |
| &nbsp;&nbsp;&nbsp; 4921214528, 26.529%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 17780 | 18491 | 18545 |
| &nbsp;&nbsp;&nbsp; 4922641, 2.830%, 7/14/2023 †x¶#^ | Square | 1/19/2022 | 202 | 194 | 16 |
| &nbsp;&nbsp;&nbsp; 4923933, 4.472%, 7/16/2023 †x¶#^ | Square | 1/20/2022 | 277 | 260 | 22 |
| &nbsp;&nbsp;&nbsp; 4924013304, 25.854%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 4576 | 4759 | 4827 |
| &nbsp;&nbsp;&nbsp; 4924106, 6.043%, 7/17/2023 †x¶#^ | Square | 1/20/2022 | 9251 | 8482 | 725 |
| &nbsp;&nbsp;&nbsp; 4924183, 2.451%, 7/17/2023 †x¶#^ | Square | 1/20/2022 | 249 | 240 | 20 |
| &nbsp;&nbsp;&nbsp; 4924562, 4.449%, 7/17/2023 †x¶#^ | Square | 1/20/2022 | 10955 | 10270 | 859 |
| &nbsp;&nbsp;&nbsp; 4924664, 3.298%, 7/17/2023 †x¶#^ | Square | 1/20/2022 | 1016 | 968 | 80 |
| &nbsp;&nbsp;&nbsp; 492474433, 22.133%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 3249 | 3379 | 130 |
| &nbsp;&nbsp;&nbsp; 4925659, 3.333%, 7/18/2023 †x¶#^ | Square | 1/20/2022 | 238 | 227 | 19 |
| &nbsp;&nbsp;&nbsp; 4925961084, 26.510%, 3/24/2026 †x¥# | Stripe | 9/26/2024 | 601 | 625 | 241 |
| &nbsp;&nbsp;&nbsp; 4926256, 4.560%, 7/18/2023 †x¶#^ | Square | 1/20/2022 | 521 | 487 | 41 |
| &nbsp;&nbsp;&nbsp; 4926841, 4.198%, 7/19/2023 †x¶#^ | Square | 1/21/2022 | 6187 | 5821 | 485 |
| &nbsp;&nbsp;&nbsp; 4931092, 4.403%, 7/20/2023 †x¶#^ | Square | 1/24/2022 | 10534 | 9882 | 826 |
| &nbsp;&nbsp;&nbsp; 4932252, 3.906%, 7/20/2023 †x¶#^ | Square | 1/24/2022 | 296 | 280 | 23 |
| &nbsp;&nbsp;&nbsp; 4932290, 4.585%, 7/20/2023 †x¶#^ | Square | 1/24/2022 | 2502 | 2341 | 196 |
| &nbsp;&nbsp;&nbsp; 4932332962, 22.400%, 11/26/2025 †x¥ | Stripe | 5/31/2024 | 295 | 307 | 319 |
| &nbsp;&nbsp;&nbsp; 4932677, 4.548%, 7/20/2023 †x¶#^ | Square | 1/24/2022 | 965 | 904 | 76 |
| &nbsp;&nbsp;&nbsp; 4934560, 4.717%, 7/21/2023 †x¶#^ | Square | 1/25/2022 | 3726 | 3480 | 292 |
| &nbsp;&nbsp;&nbsp; 4935682, 4.557%, 7/23/2023 †x¶#^ | Square | 1/26/2022 | 1588 | 1486 | 124 |
| &nbsp;&nbsp;&nbsp; 4936025, 4.403%, 7/23/2023 †x¶#^ | Square | 1/26/2022 | 4637 | 4350 | 364 |
| &nbsp;&nbsp;&nbsp; 4936582915, 20.399%, 11/12/2024 †x¥#^ | Stripe | 5/18/2023 | 26829 | 27903 | 1073 |
| &nbsp;&nbsp;&nbsp; 4936683, 4.568%, 7/24/2023 †x¶#^ | Square | 1/26/2022 | 364 | 340 | 29 |
| &nbsp;&nbsp;&nbsp; 4937610, 3.774%, 7/24/2023 †x¶#^ | Square | 1/26/2022 | 15563 | 14730 | 1220 |
| &nbsp;&nbsp;&nbsp; 4937647, 4.570%, 7/24/2023 †x¶#^ | Square | 1/26/2022 | 3073 | 2876 | 241 |
| &nbsp;&nbsp;&nbsp; 4937739, 4.569%, 7/24/2023 †x¶#^ | Square | 1/26/2022 | 2602 | 2435 | 204 |
| &nbsp;&nbsp;&nbsp; 4937746, 4.561%, 7/24/2023 †x¶#^ | Square | 1/26/2022 | 2811 | 2631 | 220 |
| &nbsp;&nbsp;&nbsp; 4938259315, 22.800%, 3/28/2024 †x¥#^ | Stripe | 10/03/2022 | 3153 | 3279 | 126 |
| &nbsp;&nbsp;&nbsp; 4938287637, 17.051%, 8/19/2023 †x¥#^ | Stripe | 2/24/2022 | 2409 | 2506 | 96 |
| &nbsp;&nbsp;&nbsp; 4938875, 4.285%, 7/24/2023 †x¶#^ | Square | 1/26/2022 | 230 | 216 | 18 |
| &nbsp;&nbsp;&nbsp; 4939651, 2.628%, 7/25/2023 †x¶#^ | Square | 1/27/2022 | 8985 | 8645 | 704 |
| &nbsp;&nbsp;&nbsp; 493966856, 26.527%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 3404 | 3540 | 3603 |
| &nbsp;&nbsp;&nbsp; 4941079809, 20.798%, 11/27/2026 †x¥ | Stripe | 6/03/2025 | 5133 | 5338 | 5428 |
| &nbsp;&nbsp;&nbsp; 4942148, 4.560%, 7/26/2023 †x¶#^ | Square | 1/28/2022 | 12916 | 12089 | 1013 |
| &nbsp;&nbsp;&nbsp; 4942217425, 22.000%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1854 | 1928 | 1970 |
| &nbsp;&nbsp;&nbsp; 4942277, 4.698%, 7/26/2023 †x¶#^ | Square | 1/28/2022 | 293 | 274 | 23 |
| &nbsp;&nbsp;&nbsp; 4942458, 4.205%, 7/26/2023 †x¶#^ | Square | 1/28/2022 | 34087 | 32064 | 2672 |
| &nbsp;&nbsp;&nbsp; 494276494, 21.973%, 5/26/2026 †x¥ | Stripe | 11/29/2024 | 937 | 974 | 996 |
| &nbsp;&nbsp;&nbsp; 4943121479, 12.930%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 8372 | 8707 | 335 |
| &nbsp;&nbsp;&nbsp; 4943865299, 14.921%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1633 | 1699 | 1703 |
| &nbsp;&nbsp;&nbsp; 4945083, 4.558%, 7/27/2023 †x¶#^ | Square | 1/31/2022 | 5879 | 5503 | 461 |
| &nbsp;&nbsp;&nbsp; 494533459, 17.984%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 4300 | 4472 | 4472 |
| &nbsp;&nbsp;&nbsp; 4945406849, 13.067%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 164536 | 171117 | 172293 |
| &nbsp;&nbsp;&nbsp; 4946514, 5.031%, 7/27/2023 †x¶#^ | Square | 1/31/2022 | 2468 | 2295 | 194 |
| &nbsp;&nbsp;&nbsp; 4947112912, 20.800%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 732 | 762 | 780 |
| &nbsp;&nbsp;&nbsp; 4948325038, 19.333%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 4556 | 4738 | 4772 |
| &nbsp;&nbsp;&nbsp; 494859447, 26.514%, 12/16/2025 †x¥# | Stripe | 6/21/2024 | 3500 | 3640 | 140 |
| &nbsp;&nbsp;&nbsp; 4950224341, 20.933%, 3/25/2026 †x¥# | Stripe | 9/27/2024 | 425 | 442 | 74 |
| &nbsp;&nbsp;&nbsp; 4951033217, 22.333%, 5/23/2026 †x¥ | Stripe | 11/27/2024 | 379 | 394 | 404 |
| &nbsp;&nbsp;&nbsp; 495153480, 23.054%, 11/18/2025 †x¥ | Stripe | 5/23/2024 | 525 | 546 | 564 |
| &nbsp;&nbsp;&nbsp; 4955864666, 21.200%, 1/23/2026 †x¥# | Stripe | 7/30/2024 | 6431 | 6688 | 257 |
| &nbsp;&nbsp;&nbsp; 4960222185, 21.983%, 6/06/2026 †x¥ | Stripe | 12/11/2024 | 1307 | 1360 | 1393 |
| &nbsp;&nbsp;&nbsp; 4960540618, 25.867%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 16105 | 16749 | 16921 |
| &nbsp;&nbsp;&nbsp; 4963971268, 15.198%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 30344 | 31558 | 31589 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8660** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 4966275217, 26.533%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | $1223 | $1272 | $1290 |
| &nbsp;&nbsp;&nbsp; 4967534438, 26.513%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 2125 | 2209 | 2225 |
| &nbsp;&nbsp;&nbsp; 4969271108, 26.525%, 6/10/2025 †x¥#^ | Stripe | 12/14/2023 | 4101 | 4265 | 164 |
| &nbsp;&nbsp;&nbsp; 4970138801, 18.476%, 8/02/2024 †x¥#^ | Stripe | 2/07/2023 | 269 | 280 | 11 |
| &nbsp;&nbsp;&nbsp; 4970877761, 22.000%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3745 | 3895 | 3967 |
| &nbsp;&nbsp;&nbsp; 4971438059, 17.596%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 10007 | 10408 | 10519 |
| &nbsp;&nbsp;&nbsp; 4971741784, 22.000%, 4/15/2026 †x¥ | Stripe | 10/18/2024 | 3398 | 3534 | 1996 |
| &nbsp;&nbsp;&nbsp; 4972799307, 16.399%, 9/06/2023 †x¥#^ | Stripe | 3/11/2022 | 24977 | 25976 | 999 |
| &nbsp;&nbsp;&nbsp; 4975522447, 17.200%, 9/26/2023 †x¥#^ | Stripe | 3/31/2022 | 11284 | 11735 | 451 |
| &nbsp;&nbsp;&nbsp; 4976742969, 26.533%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 12604 | 13109 | 13268 |
| &nbsp;&nbsp;&nbsp; 4977852338, 26.530%, 3/14/2025 †x¥#^ | Stripe | 9/19/2023 | 18166 | 18892 | 727 |
| &nbsp;&nbsp;&nbsp; 49783663, 19.467%, 3/08/2023 †x¥#^ | Stripe | 9/10/2021 | 1238 | 1287 | 50 |
| &nbsp;&nbsp;&nbsp; 4979328632, 19.333%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 442 | 459 | 467 |
| &nbsp;&nbsp;&nbsp; 4979684416, 21.067%, 8/02/2024 †x¥#^ | Stripe | 2/07/2023 | 678 | 705 | 27 |
| &nbsp;&nbsp;&nbsp; 4979702429, 19.307%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 1081 | 1125 | 1143 |
| &nbsp;&nbsp;&nbsp; 497995142, 26.527%, 3/25/2026 †x¥ | Stripe | 9/27/2024 | 2386 | 2481 | 2541 |
| &nbsp;&nbsp;&nbsp; 4983273412, 19.867%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 2921 | 3037 | 117 |
| &nbsp;&nbsp;&nbsp; 4983695035, 24.533%, 6/21/2026 †x¥# | Stripe | 4/23/2024 | 1992 | 2072 | 80 |
| &nbsp;&nbsp;&nbsp; 49855359, 18.931%, 8/12/2025 †x¥#^ | Stripe | 2/15/2024 | 4791 | 4983 | 192 |
| &nbsp;&nbsp;&nbsp; 4986524023, 26.527%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 7935 | 8252 | 317 |
| &nbsp;&nbsp;&nbsp; 4986984077, 22.256%, 12/13/2025 †x¥# | Stripe | 6/20/2024 | 834 | 867 | 33 |
| &nbsp;&nbsp;&nbsp; 4988510817, 14.267%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1548 | 1610 | 1645 |
| &nbsp;&nbsp;&nbsp; 49893794, 26.521%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 1824 | 1897 | 1944 |
| &nbsp;&nbsp;&nbsp; 4989524581, 17.600%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 25178 | 26185 | 26466 |
| &nbsp;&nbsp;&nbsp; 4990275533, 16.400%, 5/14/2023 †x¥#^ | Stripe | 9/17/2021 | 39506 | 41086 | 1580 |
| &nbsp;&nbsp;&nbsp; 4991461509, 26.533%, 4/10/2026 †x¥# | Stripe | 10/16/2024 | 335 | 349 | 95 |
| &nbsp;&nbsp;&nbsp; 4993949003, 25.167%, 3/22/2024 †x¥#^ | Stripe | 9/27/2022 | 1067 | 1109 | 43 |
| &nbsp;&nbsp;&nbsp; 4994005116, 22.400%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 1788 | 1860 | 1880 |
| &nbsp;&nbsp;&nbsp; 4995252977, 18.931%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 6755 | 7026 | 7135 |
| &nbsp;&nbsp;&nbsp; 4997213574, 22.800%, 11/14/2024 †x¥#^ | Stripe | 5/22/2023 | 6738 | 7007 | 270 |
| &nbsp;&nbsp;&nbsp; 499932271, 14.931%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 9098 | 9462 | 9502 |
| &nbsp;&nbsp;&nbsp; 4999619631, 26.510%, 1/21/2025 †x¥#^ | Stripe | 7/27/2023 | 948 | 985 | 38 |
| &nbsp;&nbsp;&nbsp; 4abce04e-954e-433d-8cbc-d2916e0580a4, 14.670%, 8/15/2022 †x#^ | Funding Circle | 8/17/2018 | 106732 | 106732 | 32020 |
| &nbsp;&nbsp;&nbsp; 4cf4ee98-5b0b-438f-8990-fd6d64a70299, 18.900%, 12/12/2022 †x#^ | Funding Circle | 12/14/2017 | 10671 | 10671 | 3201 |
| &nbsp;&nbsp;&nbsp; 4e5f91e9-471e-48bd-9fb2-11276a835d4c, 26.990%, 8/13/2023 †x#^ | Funding Circle | 8/15/2018 | 41071 | 41071 | 12321 |
| &nbsp;&nbsp;&nbsp; 5003589224, 16.261%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 8213 | 8542 | 8547 |
| &nbsp;&nbsp;&nbsp; 5004786185, 19.309%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 2185 | 2272 | 87 |
| &nbsp;&nbsp;&nbsp; 5007516752, 26.533%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 5769 | 6000 | 6061 |
| &nbsp;&nbsp;&nbsp; 5011164814, 22.377%, 1/04/2025 †x¥#^ | Stripe | 7/12/2023 | 2035 | 2117 | 81 |
| &nbsp;&nbsp;&nbsp; 501425578, 20.664%, 11/07/2024 †x¥#^ | Stripe | 9/12/2022 | 3175 | 3302 | 127 |
| &nbsp;&nbsp;&nbsp; 5021422868, 26.240%, 12/26/2025 †x¥# | Stripe | 7/02/2024 | 928 | 965 | 996 |
| &nbsp;&nbsp;&nbsp; 5022806410, 23.058%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 6277 | 6528 | 251 |
| &nbsp;&nbsp;&nbsp; 5022953987, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 18953 | 19711 | 20011 |
| &nbsp;&nbsp;&nbsp; 5024221973, 21.048%, 9/26/2024 †x¥#^ | Stripe | 4/03/2023 | 970 | 1008 | 39 |
| &nbsp;&nbsp;&nbsp; 5025122091, 18.667%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 30974 | 32213 | 32906 |
| &nbsp;&nbsp;&nbsp; 5025350526, 20.000%, 7/17/2024 †x¥#^ | Stripe | 1/20/2023 | 14373 | 14947 | 575 |
| &nbsp;&nbsp;&nbsp; 5025482968, 19.319%, 8/15/2026 †x¥# | Stripe | 2/20/2025 | 3773 | 3924 | 1009 |
| &nbsp;&nbsp;&nbsp; 5027727789, 25.600%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 978 | 1017 | 1031 |
| &nbsp;&nbsp;&nbsp; 5029123355, 26.533%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 2399 | 2495 | 2512 |
| &nbsp;&nbsp;&nbsp; 5030753831, 26.105%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 930 | 968 | 993 |
| &nbsp;&nbsp;&nbsp; 5034250832, 26.531%, 10/12/2024 †x¥#^ | Stripe | 4/19/2023 | 1142 | 1188 | 46 |
| &nbsp;&nbsp;&nbsp; 5036477210, 22.400%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 833 | 867 | 881 |
| &nbsp;&nbsp;&nbsp; 503762447, 20.333%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 1087 | 1131 | 1134 |
| &nbsp;&nbsp;&nbsp; 5037864085, 26.533%, 2/10/2026 †x¥ | Stripe | 8/15/2024 | 1631 | 1696 | 1760 |
| &nbsp;&nbsp;&nbsp; 5039637513, 26.515%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 1461 | 1516 | 1558 |
| &nbsp;&nbsp;&nbsp; 5041921256, 22.395%, 4/28/2026 †x¥# | Stripe | 10/31/2024 | 7840 | 8154 | 1347 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8661** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5043976134, 20.260%, 1/21/2026 †x¥ | Stripe | 7/26/2024 | $1086 | $1130 | $1167 |
| &nbsp;&nbsp;&nbsp; 5045032680, 22.386%, 4/15/2026 †x¥ | Stripe | 10/18/2024 | 132 | 137 | 144 |
| &nbsp;&nbsp;&nbsp; 5045790906, 21.961%, 3/27/2026 †x¥ | Stripe | 10/01/2024 | 339 | 352 | 363 |
| &nbsp;&nbsp;&nbsp; 5045959103, 14.000%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 57392 | 59688 | 60083 |
| &nbsp;&nbsp;&nbsp; 504619635, 26.522%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 4403 | 4579 | 4582 |
| &nbsp;&nbsp;&nbsp; 5050463457, 18.933%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 38650 | 40196 | 1546 |
| &nbsp;&nbsp;&nbsp; 5052288132, 24.000%, 9/05/2023 †x¥#^ | Stripe | 3/10/2022 | 1096 | 1140 | 44 |
| &nbsp;&nbsp;&nbsp; 5056720, 4.874%, 9/03/2023 †x¶#^ | Square | 3/07/2022 | 89585 | 83481 | 7023 |
| &nbsp;&nbsp;&nbsp; 5058922303, 25.333%, 5/04/2024 †x¥#^ | Stripe | 11/09/2022 | 6165 | 6412 | 247 |
| &nbsp;&nbsp;&nbsp; 5059904063, 20.797%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 1692 | 1759 | 68 |
| &nbsp;&nbsp;&nbsp; 5060117254, 26.526%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 913 | 949 | 968 |
| &nbsp;&nbsp;&nbsp; 5061048767, 14.800%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 41173 | 42820 | 43472 |
| &nbsp;&nbsp;&nbsp; 5062571870, 25.590%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 6914 | 7191 | 7235 |
| &nbsp;&nbsp;&nbsp; 5064097440, 17.727%, 5/25/2023 †x¥#^ | Stripe | 11/30/2021 | 8812 | 9164 | 352 |
| &nbsp;&nbsp;&nbsp; 5066139082, 24.000%, 6/23/2023 †x¥#^ | Stripe | 12/28/2021 | 1215 | 1264 | 49 |
| &nbsp;&nbsp;&nbsp; 5066379, 4.560%, 9/08/2023 †x¶#^ | Square | 3/10/2022 | 72416 | 67780 | 5677 |
| &nbsp;&nbsp;&nbsp; 5069056180, 26.533%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 3400 | 3536 | 3693 |
| &nbsp;&nbsp;&nbsp; 5070329708, 26.532%, 11/05/2024 †x¥#^ | Stripe | 5/11/2023 | 21076 | 21920 | 843 |
| &nbsp;&nbsp;&nbsp; 5071866254, 26.462%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 322 | 335 | 345 |
| &nbsp;&nbsp;&nbsp; 507440522, 20.750%, 1/21/2025 †x¥#^ | Stripe | 7/27/2023 | 613 | 637 | 25 |
| &nbsp;&nbsp;&nbsp; 5075319589, 24.000%, 3/29/2023 †x¥#^ | Stripe | 10/01/2021 | 2762 | 2873 | 111 |
| &nbsp;&nbsp;&nbsp; 5075676019, 22.303%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 349 | 363 | 373 |
| &nbsp;&nbsp;&nbsp; 5077959527, 25.600%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 3823 | 3976 | 3981 |
| &nbsp;&nbsp;&nbsp; 5078283129, 21.463%, 7/08/2023 †x¥#^ | Stripe | 1/12/2022 | 7499 | 7799 | 300 |
| &nbsp;&nbsp;&nbsp; 5078908786, 26.462%, 12/30/2025 †x¥# | Stripe | 7/05/2024 | 416 | 433 | 167 |
| &nbsp;&nbsp;&nbsp; 5080575952, 26.529%, 11/01/2026 †x¥# | Stripe | 8/19/2024 | 4821 | 5014 | 1340 |
| &nbsp;&nbsp;&nbsp; 508170120, 20.000%, 8/16/2024 †x¥#^ | Stripe | 2/22/2023 | 3112 | 3237 | 124 |
| &nbsp;&nbsp;&nbsp; 508176643, 24.000%, 6/29/2023 †x¥#^ | Stripe | 1/03/2022 | 5396 | 5611 | 216 |
| &nbsp;&nbsp;&nbsp; 5083625, 5.148%, 9/15/2023 †x¶#^ | Square | 3/17/2022 | 117040 | 108650 | 9176 |
| &nbsp;&nbsp;&nbsp; 5084098348, 22.000%, 5/05/2026 †x¥ | Stripe | 11/07/2024 | 356 | 370 | 389 |
| &nbsp;&nbsp;&nbsp; 5096538494, 26.533%, 11/02/2024 †x¥#^ | Stripe | 5/10/2023 | 1093 | 1137 | 44 |
| &nbsp;&nbsp;&nbsp; 5097220834, 20.932%, 11/21/2023 †x¥#^ | Stripe | 5/26/2022 | 16293 | 16945 | 652 |
| &nbsp;&nbsp;&nbsp; 5097930739, 25.600%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 29616 | 30800 | 30807 |
| &nbsp;&nbsp;&nbsp; 510035127, 14.000%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2175 | 2262 | 2310 |
| &nbsp;&nbsp;&nbsp; 5101334014, 17.996%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 9717 | 10105 | 10190 |
| &nbsp;&nbsp;&nbsp; 510153194, 21.730%, 4/17/2025 †x¥#^ | Stripe | 10/23/2023 | 7579 | 7659 | 303 |
| &nbsp;&nbsp;&nbsp; 5103725837, 25.464%, 8/09/2025 †x¥#^ | Stripe | 2/14/2024 | 2489 | 2588 | 693 |
| &nbsp;&nbsp;&nbsp; 5105734363, 26.533%, 1/23/2026 †x¥ | Stripe | 7/30/2024 | 1815 | 1887 | 1936 |
| &nbsp;&nbsp;&nbsp; 5107792833, 24.000%, 11/03/2023 †x¥#^ | Stripe | 5/10/2022 | 1200 | 1248 | 48 |
| &nbsp;&nbsp;&nbsp; 5115673658, 26.476%, 6/06/2025 †x¥#^ | Stripe | 12/12/2023 | 1620 | 1684 | 65 |
| &nbsp;&nbsp;&nbsp; 5116143402, 17.860%, 4/25/2023 †x¥#^ | Stripe | 10/28/2021 | 1377 | 1432 | 55 |
| &nbsp;&nbsp;&nbsp; 5117070555, 14.259%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 3154 | 3280 | 3325 |
| &nbsp;&nbsp;&nbsp; 5117410, 4.875%, 9/30/2023 †x¶#^ | Square | 4/01/2022 | 30839 | 28737 | 2418 |
| &nbsp;&nbsp;&nbsp; 5117662, 4.570%, 9/30/2023 †x¶#^ | Square | 4/01/2022 | 284 | 266 | 22 |
| &nbsp;&nbsp;&nbsp; 5118155, 4.403%, 9/30/2023 †x¶#^ | Square | 4/01/2022 | 2548 | 2390 | 200 |
| &nbsp;&nbsp;&nbsp; 5118724, 3.774%, 9/30/2023 †x¶#^ | Square | 4/01/2022 | 3893 | 3685 | 305 |
| &nbsp;&nbsp;&nbsp; 5119219, 4.403%, 9/30/2023 †x¶#^ | Square | 4/01/2022 | 1392 | 1306 | 109 |
| &nbsp;&nbsp;&nbsp; 5119522579, 17.467%, 3/10/2023 †x¥#^ | Stripe | 9/14/2021 | 14786 | 15377 | 591 |
| &nbsp;&nbsp;&nbsp; 5119925446, 17.600%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 612 | 637 | 649 |
| &nbsp;&nbsp;&nbsp; 5120779768, 18.531%, 5/20/2024 †x¥#^ | Stripe | 9/26/2022 | 2728 | 2837 | 109 |
| &nbsp;&nbsp;&nbsp; 5121962, 4.553%, 9/30/2023 †x¶#^ | Square | 4/04/2022 | 1409 | 1319 | 111 |
| &nbsp;&nbsp;&nbsp; 5124079, 4.877%, 9/30/2023 †x¶#^ | Square | 4/04/2022 | 6522 | 6077 | 511 |
| &nbsp;&nbsp;&nbsp; 5124223, 2.314%, 9/30/2023 †x¶#^ | Square | 4/04/2022 | 761 | 735 | 60 |
| &nbsp;&nbsp;&nbsp; 5124581, 4.560%, 9/30/2023 †x¶#^ | Square | 4/04/2022 | 7819 | 7367 | 613 |
| &nbsp;&nbsp;&nbsp; 5124748, 3.301%, 9/30/2023 †x¶#^ | Square | 4/04/2022 | 2609 | 2486 | 205 |
| &nbsp;&nbsp;&nbsp; 5126518, 4.558%, 10/01/2023 †x¶#^ | Square | 4/05/2022 | 2114 | 1980 | 166 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8662** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5127530, 4.579%, 10/01/2023 †x¶#^ | Square | 4/05/2022 | $615 | $575 | $48 |
| &nbsp;&nbsp;&nbsp; 5128099197, 18.667%, 7/11/2026 †x¥ | Stripe | 1/15/2025 | 6127 | 6372 | 6468 |
| &nbsp;&nbsp;&nbsp; 5128164, 4.563%, 10/02/2023 †x¶#^ | Square | 4/06/2022 | 3601 | 3370 | 282 |
| &nbsp;&nbsp;&nbsp; 5128948356, 25.867%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 1238 | 1287 | 1317 |
| &nbsp;&nbsp;&nbsp; 5129161691, 18.667%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 10560 | 10983 | 11201 |
| &nbsp;&nbsp;&nbsp; 5130182718, 19.852%, 8/20/2025 †x¥#^ | Stripe | 2/23/2024 | 900 | 936 | 36 |
| &nbsp;&nbsp;&nbsp; 5130214, 3.308%, 10/04/2023 †x¶#^ | Square | 4/06/2022 | 314 | 300 | 25 |
| &nbsp;&nbsp;&nbsp; 5130649, 4.880%, 10/04/2023 †x¶#^ | Square | 4/06/2022 | 4120 | 3839 | 323 |
| &nbsp;&nbsp;&nbsp; 513122218, 18.667%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 12926 | 13443 | 13694 |
| &nbsp;&nbsp;&nbsp; 5131467649, 26.505%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 1028 | 1069 | 1099 |
| &nbsp;&nbsp;&nbsp; 5133087, 6.233%, 10/05/2023 †x¶#^ | Square | 4/07/2022 | 12666 | 11636 | 993 |
| &nbsp;&nbsp;&nbsp; 5133520, 3.774%, 10/05/2023 †x¶#^ | Square | 4/07/2022 | 13628 | 12898 | 1068 |
| &nbsp;&nbsp;&nbsp; 5134380625, 20.254%, 12/01/2024 †x¥#^ | Stripe | 4/07/2023 | 1739 | 1809 | 70 |
| &nbsp;&nbsp;&nbsp; 5134550, 4.558%, 10/05/2023 †x¶#^ | Square | 4/07/2022 | 6189 | 5793 | 485 |
| &nbsp;&nbsp;&nbsp; 5137105, 3.774%, 10/06/2023 †x¶#^ | Square | 4/08/2022 | 377 | 357 | 30 |
| &nbsp;&nbsp;&nbsp; 513744233, 23.200%, 2/19/2026 †x¥ | Stripe | 8/26/2024 | 2049 | 2131 | 2263 |
| &nbsp;&nbsp;&nbsp; 5138287, 3.671%, 10/06/2023 †x¶#^ | Square | 4/08/2022 | 3779 | 3582 | 296 |
| &nbsp;&nbsp;&nbsp; 5138664, 4.560%, 10/06/2023 †x¶#^ | Square | 4/08/2022 | 31027 | 29099 | 2433 |
| &nbsp;&nbsp;&nbsp; 5138846, 3.741%, 10/06/2023 †x¶#^ | Square | 4/08/2022 | 23582 | 22330 | 1849 |
| &nbsp;&nbsp;&nbsp; 5141490, 4.561%, 10/07/2023 †x¶#^ | Square | 4/11/2022 | 5326 | 4985 | 418 |
| &nbsp;&nbsp;&nbsp; 5142001650, 20.393%, 1/25/2023 †x¥#^ | Stripe | 7/30/2021 | 5019 | 5220 | 201 |
| &nbsp;&nbsp;&nbsp; 5142655059, 19.850%, 10/31/2024 †x¥#^ | Stripe | 5/08/2023 | 6666 | 6932 | 267 |
| &nbsp;&nbsp;&nbsp; 5143048, 4.559%, 10/07/2023 †x¶#^ | Square | 4/11/2022 | 5381 | 5037 | 422 |
| &nbsp;&nbsp;&nbsp; 5143711522, 26.533%, 9/10/2026 †x¥# | Stripe | 3/17/2025 | 2365 | 2459 | 935 |
| &nbsp;&nbsp;&nbsp; 5143863765, 17.333%, 5/02/2024 †x¥#^ | Stripe | 3/07/2022 | 3897 | 4053 | 156 |
| &nbsp;&nbsp;&nbsp; 5143941610, 26.530%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 1971 | 2050 | 2086 |
| &nbsp;&nbsp;&nbsp; 5144032464, 18.133%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 8244 | 8574 | 8592 |
| &nbsp;&nbsp;&nbsp; 5144113655, 26.132%, 3/25/2026 †x¥ | Stripe | 9/27/2024 | 10518 | 10938 | 11372 |
| &nbsp;&nbsp;&nbsp; 5144364, 3.294%, 10/07/2023 †x¶#^ | Square | 4/11/2022 | 1073 | 1022 | 84 |
| &nbsp;&nbsp;&nbsp; 5146367, 5.058%, 10/08/2023 †x¶#^ | Square | 4/12/2022 | 1861 | 1730 | 146 |
| &nbsp;&nbsp;&nbsp; 5147308, 3.306%, 10/08/2023 †x¶#^ | Square | 4/12/2022 | 981 | 935 | 77 |
| &nbsp;&nbsp;&nbsp; 5147516503, 26.133%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 316 | 328 | 338 |
| &nbsp;&nbsp;&nbsp; 5147690937, 26.507%, 6/11/2025 †x¥#^ | Stripe | 12/15/2023 | 914 | 950 | 37 |
| &nbsp;&nbsp;&nbsp; 5148427, 4.566%, 10/09/2023 †x¶#^ | Square | 4/13/2022 | 1069 | 1000 | 84 |
| &nbsp;&nbsp;&nbsp; 5148635, 4.587%, 10/09/2023 †x¶#^ | Square | 4/13/2022 | 227 | 212 | 18 |
| &nbsp;&nbsp;&nbsp; 5149789, 3.913%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 854 | 807 | 67 |
| &nbsp;&nbsp;&nbsp; 5149805, 4.403%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 636 | 597 | 50 |
| &nbsp;&nbsp;&nbsp; 5150588, 4.560%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 19159 | 17933 | 1502 |
| &nbsp;&nbsp;&nbsp; 5150802, 4.560%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 3957 | 3704 | 310 |
| &nbsp;&nbsp;&nbsp; 5151022, 5.556%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 3488 | 3219 | 273 |
| &nbsp;&nbsp;&nbsp; 5151489, 4.566%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 1076 | 1007 | 84 |
| &nbsp;&nbsp;&nbsp; 5151590, 4.403%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 216740 | 203316 | 16992 |
| &nbsp;&nbsp;&nbsp; 5152252, 3.313%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 386 | 368 | 30 |
| &nbsp;&nbsp;&nbsp; 5152354, 3.281%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 508 | 485 | 40 |
| &nbsp;&nbsp;&nbsp; 5152635, 4.717%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 2444 | 2283 | 192 |
| &nbsp;&nbsp;&nbsp; 5152848, 4.717%, 10/11/2023 †x¶#^ | Square | 4/13/2022 | 27435 | 25622 | 2151 |
| &nbsp;&nbsp;&nbsp; 5154051, 4.406%, 10/12/2023 †x¶#^ | Square | 4/14/2022 | 6257 | 5869 | 491 |
| &nbsp;&nbsp;&nbsp; 5154839, 4.489%, 10/12/2023 †x¶#^ | Square | 4/14/2022 | 3348 | 3137 | 262 |
| &nbsp;&nbsp;&nbsp; 5157380, 4.972%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 1042 | 970 | 82 |
| &nbsp;&nbsp;&nbsp; 5158598, 4.514%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 1371 | 1284 | 108 |
| &nbsp;&nbsp;&nbsp; 5158839, 4.207%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 348 | 328 | 27 |
| &nbsp;&nbsp;&nbsp; 5159561, 4.882%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 927 | 864 | 73 |
| &nbsp;&nbsp;&nbsp; 5159610, 4.560%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 453 | 424 | 35 |
| &nbsp;&nbsp;&nbsp; 5159995, 4.344%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 2747 | 2579 | 215 |
| &nbsp;&nbsp;&nbsp; 5160521, 4.563%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 6413 | 6003 | 503 |
| &nbsp;&nbsp;&nbsp; 5160672, 4.548%, 10/13/2023 †x¶#^ | Square | 4/15/2022 | 295 | 276 | 23 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8663** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5160928328, 20.648%, 12/03/2024 †x¥#^ | Stripe | 6/08/2023 | $2379 | $2475 | $95 |
| &nbsp;&nbsp;&nbsp; 5160973974, 18.129%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 22326 | 23219 | 23289 |
| &nbsp;&nbsp;&nbsp; 5161446207, 26.519%, 10/15/2025 †x¥# | Stripe | 4/19/2024 | 277 | 288 | 11 |
| &nbsp;&nbsp;&nbsp; 5161859076, 16.266%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 47648 | 49554 | 50152 |
| &nbsp;&nbsp;&nbsp; 5162517, 4.717%, 10/14/2023 †x¶#^ | Square | 4/18/2022 | 4747 | 4433 | 372 |
| &nbsp;&nbsp;&nbsp; 5162531, 4.560%, 10/14/2023 †x¶#^ | Square | 4/18/2022 | 3707 | 3470 | 291 |
| &nbsp;&nbsp;&nbsp; 5163116, 4.406%, 10/14/2023 †x¶#^ | Square | 4/18/2022 | 1451 | 1361 | 114 |
| &nbsp;&nbsp;&nbsp; 5163336, 3.159%, 10/14/2023 †x¶#^ | Square | 4/18/2022 | 627 | 607 | 49 |
| &nbsp;&nbsp;&nbsp; 5164609, 5.031%, 10/14/2023 †x¶#^ | Square | 4/18/2022 | 5376 | 5002 | 421 |
| &nbsp;&nbsp;&nbsp; 5167915318, 16.111%, 1/15/2026 †x¥ | Stripe | 7/22/2024 | 400 | 416 | 421 |
| &nbsp;&nbsp;&nbsp; 5170572, 3.774%, 10/15/2023 †x¶#^ | Square | 4/19/2022 | 100830 | 95428 | 7905 |
| &nbsp;&nbsp;&nbsp; 5171795, 3.459%, 10/16/2023 †x¶#^ | Square | 4/20/2022 | 640 | 608 | 50 |
| &nbsp;&nbsp;&nbsp; 5172193, 4.769%, 10/16/2023 †x¶#^ | Square | 4/20/2022 | 944 | 881 | 74 |
| &nbsp;&nbsp;&nbsp; 5173188, 4.292%, 10/17/2023 †x¶#^ | Square | 4/20/2022 | 954 | 896 | 75 |
| &nbsp;&nbsp;&nbsp; 5173595408, 19.864%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 10390 | 10806 | 416 |
| &nbsp;&nbsp;&nbsp; 5174284437, 26.527%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 8386 | 8721 | 8893 |
| &nbsp;&nbsp;&nbsp; 5174833227, 21.190%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 2424 | 2521 | 97 |
| &nbsp;&nbsp;&nbsp; 5176057437, 20.267%, 10/17/2024 †x¥#^ | Stripe | 8/17/2022 | 4477 | 4656 | 179 |
| &nbsp;&nbsp;&nbsp; 5176688686, 19.828%, 9/14/2024 †x¥#^ | Stripe | 3/22/2023 | 1255 | 1305 | 50 |
| &nbsp;&nbsp;&nbsp; 5177752, 4.560%, 10/18/2023 †x¶#^ | Square | 4/20/2022 | 26494 | 24798 | 2077 |
| &nbsp;&nbsp;&nbsp; 5178555, 4.873%, 10/18/2023 †x¶#^ | Square | 4/20/2022 | 4961 | 4623 | 389 |
| &nbsp;&nbsp;&nbsp; 5180023455, 16.132%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 7864 | 8179 | 8248 |
| &nbsp;&nbsp;&nbsp; 5181796570, 13.467%, 2/23/2023 †x¥#^ | Stripe | 8/30/2021 | 21426 | 22283 | 857 |
| &nbsp;&nbsp;&nbsp; 5182119236, 14.263%, 5/19/2026 †x¥ | Stripe | 11/21/2024 | 4406 | 4582 | 4680 |
| &nbsp;&nbsp;&nbsp; 5182771314, 26.522%, 9/06/2026 †x¥# | Stripe | 7/08/2024 | 4285 | 4456 | 751 |
| &nbsp;&nbsp;&nbsp; 5183039184, 26.533%, 3/15/2026 †x¥# | Stripe | 1/05/2024 | 676 | 703 | 121 |
| &nbsp;&nbsp;&nbsp; 5183440945, 19.200%, 5/25/2024 †x¥#^ | Stripe | 11/30/2022 | 382 | 397 | 15 |
| &nbsp;&nbsp;&nbsp; 5183715, 4.992%, 10/19/2023 †x¶#^ | Square | 4/21/2022 | 3494 | 3251 | 274 |
| &nbsp;&nbsp;&nbsp; 5183801298, 20.650%, 12/02/2025 †x¥# | Stripe | 6/06/2024 | 3612 | 3757 | 144 |
| &nbsp;&nbsp;&nbsp; 5185856497, 16.261%, 1/06/2027 †x¥ | Stripe | 7/11/2025 | 8312 | 8644 | 8672 |
| &nbsp;&nbsp;&nbsp; 518694331, 26.125%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 1459 | 1518 | 1552 |
| &nbsp;&nbsp;&nbsp; 5188431195, 22.383%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 2315 | 2408 | 2457 |
| &nbsp;&nbsp;&nbsp; 5188449109, 19.333%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 4770 | 4961 | 4964 |
| &nbsp;&nbsp;&nbsp; 5188913242, 18.667%, 6/19/2025 †x¥#^ | Stripe | 12/26/2023 | 22265 | 23155 | 891 |
| &nbsp;&nbsp;&nbsp; 5189497, 4.403%, 10/20/2023 †x¶#^ | Square | 4/22/2022 | 566 | 531 | 44 |
| &nbsp;&nbsp;&nbsp; 5189610905, 19.466%, 1/26/2026 †x¥# | Stripe | 11/30/2023 | 35089 | 36492 | 1404 |
| &nbsp;&nbsp;&nbsp; 5189785, 4.564%, 10/20/2023 †x¶#^ | Square | 4/22/2022 | 4763 | 4458 | 373 |
| &nbsp;&nbsp;&nbsp; 5189813485, 22.000%, 4/25/2026 †x¥ | Stripe | 10/30/2024 | 1131 | 1176 | 1207 |
| &nbsp;&nbsp;&nbsp; 5190382, 4.562%, 10/20/2023 †x¶#^ | Square | 4/22/2022 | 5730 | 5363 | 449 |
| &nbsp;&nbsp;&nbsp; 519059948, 22.000%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 81992 | 85272 | 87593 |
| &nbsp;&nbsp;&nbsp; 519185426, 25.538%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 1161 | 1208 | 1213 |
| &nbsp;&nbsp;&nbsp; 519408274, 19.333%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 5781 | 6012 | 6128 |
| &nbsp;&nbsp;&nbsp; 5195315251, 18.927%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 4883 | 5079 | 5192 |
| &nbsp;&nbsp;&nbsp; 519564358, 21.865%, 10/11/2025 †x¥# | Stripe | 4/17/2024 | 16433 | 17090 | 657 |
| &nbsp;&nbsp;&nbsp; 519658806, 26.533%, 3/19/2026 †x¥ | Stripe | 9/23/2024 | 1403 | 1460 | 1509 |
| &nbsp;&nbsp;&nbsp; 5197996079, 18.133%, 1/08/2027 †x¥ | Stripe | 7/15/2025 | 6983 | 7262 | 7285 |
| &nbsp;&nbsp;&nbsp; 5198363194, 20.394%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 10170 | 10577 | 10587 |
| &nbsp;&nbsp;&nbsp; 5198377577, 17.333%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 623 | 648 | 674 |
| &nbsp;&nbsp;&nbsp; 5198605, 4.717%, 10/21/2023 †x¶#^ | Square | 4/25/2022 | 1046 | 977 | 82 |
| &nbsp;&nbsp;&nbsp; 51f338e3-c546-41c5-96b8-d7508e7e0700, 21.290%, 12/15/2021 †x#^ | Funding Circle | 1/09/2017 | 30915 | 30915 | 9274 |
| &nbsp;&nbsp;&nbsp; 5201714, 3.935%, 10/21/2023 †x¶#^ | Square | 4/25/2022 | 5615 | 5302 | 440 |
| &nbsp;&nbsp;&nbsp; 5203678, 4.561%, 10/21/2023 †x¶#^ | Square | 4/25/2022 | 6311 | 5907 | 495 |
| &nbsp;&nbsp;&nbsp; 5204395, 4.403%, 10/22/2023 †x¶#^ | Square | 4/26/2022 | 3255 | 3053 | 255 |
| &nbsp;&nbsp;&nbsp; 5204847914, 24.000%, 5/16/2023 †x¥#^ | Stripe | 11/18/2021 | 2824 | 2937 | 113 |
| &nbsp;&nbsp;&nbsp; 5205463222, 25.867%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 292 | 304 | 313 |
| &nbsp;&nbsp;&nbsp; 5206715137, 16.264%, 12/30/2026 †x¥ | Stripe | 7/07/2025 | 8603 | 8947 | 8971 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8664** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5206828, 3.994%, 10/22/2023 †x¶#^ | Square | 4/26/2022 | $361 | $341 | $28 |
| &nbsp;&nbsp;&nbsp; 5207223, 5.031%, 10/22/2023 †x¶#^ | Square | 4/26/2022 | 678 | 630 | 53 |
| &nbsp;&nbsp;&nbsp; 5207517356, 22.400%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 1455 | 1513 | 1538 |
| &nbsp;&nbsp;&nbsp; 5209659875, 26.533%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 4602 | 4786 | 4880 |
| &nbsp;&nbsp;&nbsp; 5209661841, 15.463%, 8/10/2023 †x¥#^ | Stripe | 2/14/2022 | 6557 | 6820 | 262 |
| &nbsp;&nbsp;&nbsp; 5210212477, 20.800%, 12/13/2022 †x¥#^ | Stripe | 6/17/2021 | 444 | 462 | 18 |
| &nbsp;&nbsp;&nbsp; 5210811, 4.654%, 10/24/2023 †x¶#^ | Square | 4/27/2022 | 4777 | 4466 | 375 |
| &nbsp;&nbsp;&nbsp; 5212141, 4.562%, 10/25/2023 †x¶#^ | Square | 4/27/2022 | 3153 | 2951 | 247 |
| &nbsp;&nbsp;&nbsp; 5212677, 4.562%, 10/25/2023 †x¶#^ | Square | 4/27/2022 | 567 | 530 | 44 |
| &nbsp;&nbsp;&nbsp; 5214541, 3.697%, 10/25/2023 †x¶#^ | Square | 4/27/2022 | 1573 | 1491 | 123 |
| &nbsp;&nbsp;&nbsp; 5215381, 4.564%, 10/25/2023 †x¶#^ | Square | 4/27/2022 | 6992 | 6544 | 548 |
| &nbsp;&nbsp;&nbsp; 5215408105, 22.133%, 4/19/2025 †x¥#^ | Stripe | 10/25/2023 | 1604 | 1668 | 64 |
| &nbsp;&nbsp;&nbsp; 5215413, 5.475%, 10/25/2023 †x¶#^ | Square | 4/27/2022 | 714 | 660 | 56 |
| &nbsp;&nbsp;&nbsp; 5215613, 4.560%, 10/25/2023 †x¶#^ | Square | 4/27/2022 | 15100 | 14133 | 1184 |
| &nbsp;&nbsp;&nbsp; 5216462, 5.031%, 10/26/2023 †x¶#^ | Square | 4/28/2022 | 1720 | 1599 | 135 |
| &nbsp;&nbsp;&nbsp; 5216629672, 24.133%, 2/27/2026 †x¥# | Stripe | 9/04/2024 | 3976 | 4135 | 1558 |
| &nbsp;&nbsp;&nbsp; 5217533083, 19.859%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 7895 | 8211 | 316 |
| &nbsp;&nbsp;&nbsp; 5217620780, 18.923%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 2981 | 3100 | 3155 |
| &nbsp;&nbsp;&nbsp; 5219099, 3.774%, 10/26/2023 †x¶#^ | Square | 4/28/2022 | 37441 | 35452 | 2935 |
| &nbsp;&nbsp;&nbsp; 5221138, 3.943%, 10/27/2023 †x¶#^ | Square | 4/29/2022 | 1374 | 1299 | 108 |
| &nbsp;&nbsp;&nbsp; 5221307, 4.570%, 10/27/2023 †x¶#^ | Square | 4/29/2022 | 2006 | 1877 | 157 |
| &nbsp;&nbsp;&nbsp; 5221343, 6.107%, 10/27/2023 †x¶#^ | Square | 4/29/2022 | 678 | 622 | 53 |
| &nbsp;&nbsp;&nbsp; 5221425164, 26.533%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 2837 | 2951 | 2982 |
| &nbsp;&nbsp;&nbsp; 5223852103, 26.444%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 805 | 837 | 848 |
| &nbsp;&nbsp;&nbsp; 5226188624, 21.167%, 11/04/2025 †x¥ | Stripe | 5/09/2024 | 219 | 228 | 233 |
| &nbsp;&nbsp;&nbsp; 522877467, 16.797%, 6/20/2023 †x¥#^ | Stripe | 12/23/2021 | 17930 | 18647 | 717 |
| &nbsp;&nbsp;&nbsp; 5229138044, 16.267%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 16190 | 16837 | 16870 |
| &nbsp;&nbsp;&nbsp; 5231996123, 24.000%, 10/07/2023 †x¥#^ | Stripe | 4/13/2022 | 7188 | 7475 | 288 |
| &nbsp;&nbsp;&nbsp; 5232775761, 18.931%, 3/05/2025 †x¥#^ | Stripe | 9/08/2023 | 25376 | 26391 | 1015 |
| &nbsp;&nbsp;&nbsp; 5234540, 3.220%, 10/28/2023 †x¶#^ | Square | 5/02/2022 | 40880 | 38997 | 3205 |
| &nbsp;&nbsp;&nbsp; 5235390812, 26.128%, 6/06/2026 †x¥ | Stripe | 12/11/2024 | 1644 | 1710 | 1791 |
| &nbsp;&nbsp;&nbsp; 5237354885, 18.666%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 11743 | 12213 | 12387 |
| &nbsp;&nbsp;&nbsp; 5239556127, 22.000%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 3008 | 3128 | 3184 |
| &nbsp;&nbsp;&nbsp; 5239806656, 24.000%, 11/19/2023 †x¥#^ | Stripe | 9/15/2021 | 4800 | 4992 | 192 |
| &nbsp;&nbsp;&nbsp; 5240315748, 21.849%, 7/30/2025 †x¥#^ | Stripe | 2/02/2024 | 3015 | 3136 | 121 |
| &nbsp;&nbsp;&nbsp; 5246606204, 25.590%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 10900 | 11336 | 11337 |
| &nbsp;&nbsp;&nbsp; 5246657528, 21.733%, 6/03/2025 †x¥#^ | Stripe | 12/07/2023 | 4111 | 4276 | 164 |
| &nbsp;&nbsp;&nbsp; 5248317862, 26.133%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 482 | 501 | 519 |
| &nbsp;&nbsp;&nbsp; 5254546, 3.774%, 11/04/2023 †x¶#^ | Square | 5/06/2022 | 51566 | 48803 | 4043 |
| &nbsp;&nbsp;&nbsp; 5255728325, 14.254%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 1808 | 1880 | 1916 |
| &nbsp;&nbsp;&nbsp; 5256398282, 22.396%, 5/05/2026 †x¥ | Stripe | 11/07/2024 | 6361 | 6615 | 6800 |
| &nbsp;&nbsp;&nbsp; 5259935713, 20.133%, 12/12/2024 †x¥#^ | Stripe | 6/20/2023 | 42745 | 44454 | 1710 |
| &nbsp;&nbsp;&nbsp; 5261717523, 20.789%, 1/21/2025 †x¥#^ | Stripe | 7/27/2023 | 2949 | 3067 | 118 |
| &nbsp;&nbsp;&nbsp; 526393683, 22.397%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 27585 | 28688 | 28932 |
| &nbsp;&nbsp;&nbsp; 5265143149, 22.925%, 6/21/2024 †x¥#^ | Stripe | 12/28/2022 | 5545 | 5767 | 222 |
| &nbsp;&nbsp;&nbsp; 5267525446, 20.000%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 2054 | 2137 | 2192 |
| &nbsp;&nbsp;&nbsp; 5268225385, 24.000%, 11/30/2023 †x¥#^ | Stripe | 6/06/2022 | 1609 | 1674 | 64 |
| &nbsp;&nbsp;&nbsp; 5269512031, 20.000%, 10/23/2026 †x¥ | Stripe | 4/29/2025 | 8164 | 8491 | 8662 |
| &nbsp;&nbsp;&nbsp; 5269588878, 14.800%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 106262 | 110513 | 112223 |
| &nbsp;&nbsp;&nbsp; 5270839799, 22.130%, 7/27/2024 †x¥#^ | Stripe | 2/01/2023 | 5439 | 5657 | 218 |
| &nbsp;&nbsp;&nbsp; 5271756248, 26.528%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 913 | 949 | 37 |
| &nbsp;&nbsp;&nbsp; 5272281981, 13.067%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 11917 | 12394 | 12497 |
| &nbsp;&nbsp;&nbsp; 5274723910, 22.390%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 6715 | 6983 | 269 |
| &nbsp;&nbsp;&nbsp; 5277440208, 22.385%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 2070 | 2153 | 2200 |
| &nbsp;&nbsp;&nbsp; 5279126821, 19.597%, 8/31/2024 †x¥#^ | Stripe | 3/08/2023 | 1160 | 1207 | 46 |
| &nbsp;&nbsp;&nbsp; 5280372, 4.717%, 11/10/2023 †x¶#^ | Square | 5/12/2022 | 44944 | 41974 | 3524 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8665** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5281644279, 20.394%, 10/10/2024 †x¥#^ | Stripe | 4/17/2023 | $1887 | $1963 | $75 |
| &nbsp;&nbsp;&nbsp; 5281662735, 26.476%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 551 | 573 | 585 |
| &nbsp;&nbsp;&nbsp; 5282590469, 21.544%, 4/01/2025 †x¥#^ | Stripe | 10/05/2023 | 384 | 399 | 15 |
| &nbsp;&nbsp;&nbsp; 5283581, 4.403%, 11/11/2023 †x¶#^ | Square | 5/13/2022 | 233421 | 218961 | 18300 |
| &nbsp;&nbsp;&nbsp; 5284398737, 18.128%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 4120 | 4284 | 4306 |
| &nbsp;&nbsp;&nbsp; 5284729145, 24.933%, 5/18/2024 †x¥#^ | Stripe | 11/23/2022 | 545 | 567 | 22 |
| &nbsp;&nbsp;&nbsp; 5285167628, 22.000%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 1601 | 1665 | 1702 |
| &nbsp;&nbsp;&nbsp; 5288448076, 18.667%, 7/25/2024 †x¥#^ | Stripe | 1/30/2023 | 5726 | 5955 | 229 |
| &nbsp;&nbsp;&nbsp; 5289179138, 13.722%, 2/17/2026 †x¥# | Stripe | 8/22/2024 | 3907 | 4063 | 646 |
| &nbsp;&nbsp;&nbsp; 5289796883, 26.519%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 1791 | 1863 | 1887 |
| &nbsp;&nbsp;&nbsp; 5290052, 3.950%, 11/12/2023 †x¶#^ | Square | 5/16/2022 | 118159 | 111577 | 9264 |
| &nbsp;&nbsp;&nbsp; 5290252410, 26.507%, 1/06/2026 †x¥ | Stripe | 7/11/2024 | 119 | 124 | 131 |
| &nbsp;&nbsp;&nbsp; 5291321728, 24.000%, 8/08/2023 †x¥#^ | Stripe | 2/10/2022 | 425 | 442 | 17 |
| &nbsp;&nbsp;&nbsp; 5292444555, 26.133%, 4/21/2026 †x¥# | Stripe | 10/24/2024 | 26302 | 27354 | 27719 |
| &nbsp;&nbsp;&nbsp; 5292837781, 16.267%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 11722 | 12191 | 12240 |
| &nbsp;&nbsp;&nbsp; 5299232793, 12.800%, 12/04/2026 †x¥ | Stripe | 6/10/2025 | 203704 | 211852 | 212570 |
| &nbsp;&nbsp;&nbsp; 5300131, 4.560%, 11/17/2023 †x¶#^ | Square | 5/19/2022 | 79502 | 74412 | 6233 |
| &nbsp;&nbsp;&nbsp; 5302059309, 13.065%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 18739 | 19489 | 19763 |
| &nbsp;&nbsp;&nbsp; 5302132118, 18.130%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 5546 | 5768 | 5815 |
| &nbsp;&nbsp;&nbsp; 5303555829, 26.111%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 249 | 259 | 270 |
| &nbsp;&nbsp;&nbsp; 5304851236, 16.933%, 3/10/2024 †x¥#^ | Stripe | 2/25/2022 | 6248 | 6498 | 250 |
| &nbsp;&nbsp;&nbsp; 5307654571, 17.987%, 5/17/2024 †x¥#^ | Stripe | 11/22/2022 | 1662 | 1729 | 66 |
| &nbsp;&nbsp;&nbsp; 5307962891, 12.800%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 150425 | 156442 | 156957 |
| &nbsp;&nbsp;&nbsp; 5309580697, 23.591%, 5/20/2023 †x¥#^ | Stripe | 11/24/2021 | 3128 | 3253 | 125 |
| &nbsp;&nbsp;&nbsp; 5309641109, 26.533%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 889 | 924 | 36 |
| &nbsp;&nbsp;&nbsp; 5309674620, 14.909%, 1/03/2025 †x¥#^ | Stripe | 7/11/2023 | 335 | 349 | 13 |
| &nbsp;&nbsp;&nbsp; 5309877238, 19.467%, 8/17/2025 †x¥#^ | Stripe | 5/30/2023 | 306 | 318 | 12 |
| &nbsp;&nbsp;&nbsp; 5311081325, 20.132%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 4732 | 4921 | 189 |
| &nbsp;&nbsp;&nbsp; 5311904820, 26.532%, 3/15/2025 †x¥#^ | Stripe | 9/20/2023 | 7017 | 7298 | 281 |
| &nbsp;&nbsp;&nbsp; 531218018, 26.531%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 13229 | 13758 | 13927 |
| &nbsp;&nbsp;&nbsp; 5315454346, 15.064%, 2/18/2026 †x¥ | Stripe | 8/23/2024 | 923 | 960 | 1011 |
| &nbsp;&nbsp;&nbsp; 5318930608, 20.364%, 1/15/2027 †x¥ | Stripe | 7/22/2025 | 3142 | 3267 | 3271 |
| &nbsp;&nbsp;&nbsp; 5321469709, 18.800%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 22724 | 23633 | 23904 |
| &nbsp;&nbsp;&nbsp; 5321729669, 22.400%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 437 | 454 | 463 |
| &nbsp;&nbsp;&nbsp; 5327698916, 21.971%, 3/21/2026 †x¥# | Stripe | 9/25/2024 | 1293 | 1345 | 221 |
| &nbsp;&nbsp;&nbsp; 532794544, 25.600%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 3310 | 3442 | 3486 |
| &nbsp;&nbsp;&nbsp; 5327961970, 20.389%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 3065 | 3188 | 3222 |
| &nbsp;&nbsp;&nbsp; 5330177331, 18.933%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 8057 | 8379 | 8565 |
| &nbsp;&nbsp;&nbsp; 5330638518, 22.000%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 458 | 476 | 489 |
| &nbsp;&nbsp;&nbsp; 5330661586, 23.733%, 1/16/2024 †x¥#^ | Stripe | 7/21/2022 | 289 | 301 | 12 |
| &nbsp;&nbsp;&nbsp; 5330769355, 24.909%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 2882 | 2997 | 3044 |
| &nbsp;&nbsp;&nbsp; 5330816638, 25.600%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 7303 | 7595 | 7687 |
| &nbsp;&nbsp;&nbsp; 5332664, 4.695%, 11/24/2023 †x¶#^ | Square | 5/26/2022 | 72 | 67 | 6 |
| &nbsp;&nbsp;&nbsp; 5332847348, 20.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 2812 | 2925 | 2981 |
| &nbsp;&nbsp;&nbsp; 533328870, 26.095%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 112 | 117 | 124 |
| &nbsp;&nbsp;&nbsp; 5333297, 2.984%, 11/24/2023 †x¶#^ | Square | 5/26/2022 | 2278 | 2181 | 179 |
| &nbsp;&nbsp;&nbsp; 5333549, 4.537%, 11/24/2023 †x¶#^ | Square | 5/26/2022 | 11622 | 10882 | 911 |
| &nbsp;&nbsp;&nbsp; 5334689, 4.290%, 11/24/2023 †x¶#^ | Square | 5/26/2022 | 3421 | 3214 | 268 |
| &nbsp;&nbsp;&nbsp; 5334977002, 25.867%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 3420 | 3557 | 3670 |
| &nbsp;&nbsp;&nbsp; 5335874019, 26.500%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 1422 | 1479 | 1485 |
| &nbsp;&nbsp;&nbsp; 5340272594, 25.333%, 5/23/2024 †x¥#^ | Stripe | 11/29/2022 | 4747 | 4937 | 190 |
| &nbsp;&nbsp;&nbsp; 534068022, 17.733%, 11/11/2023 †x¥#^ | Stripe | 8/26/2021 | 7633 | 7938 | 305 |
| &nbsp;&nbsp;&nbsp; 5341472351, 18.797%, 2/28/2024 †x¥#^ | Stripe | 9/02/2022 | 12029 | 12510 | 481 |
| &nbsp;&nbsp;&nbsp; 5343042530, 26.524%, 1/20/2026 †x¥# | Stripe | 7/25/2024 | 7474 | 7773 | 299 |
| &nbsp;&nbsp;&nbsp; 5343347274, 16.000%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 2440 | 2538 | 2559 |
| &nbsp;&nbsp;&nbsp; 5343670438, 22.267%, 1/20/2024 †x¥#^ | Stripe | 7/27/2022 | 2667 | 2773 | 107 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8666** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5343720812, 23.309%, 3/05/2026 †x¥ | Stripe | 9/09/2024 | $70 | $73 | $77 |
| &nbsp;&nbsp;&nbsp; 5344090865, 25.333%, 10/21/2023 †x¥#^ | Stripe | 4/27/2022 | 10292 | 10703 | 412 |
| &nbsp;&nbsp;&nbsp; 5344204542, 22.400%, 6/19/2026 †x¥ | Stripe | 12/24/2024 | 1210 | 1258 | 1308 |
| &nbsp;&nbsp;&nbsp; 5344559394, 26.476%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 1766 | 1837 | 1849 |
| &nbsp;&nbsp;&nbsp; 5344578362, 23.333%, 8/02/2025 †x¥#^ | Stripe | 2/07/2024 | 2394 | 2490 | 96 |
| &nbsp;&nbsp;&nbsp; 5346349733, 20.638%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 568 | 590 | 23 |
| &nbsp;&nbsp;&nbsp; 5349251646, 14.933%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 4313 | 4486 | 4526 |
| &nbsp;&nbsp;&nbsp; 5350884229, 22.333%, 11/22/2024 †x¥#^ | Stripe | 5/31/2023 | 931 | 969 | 37 |
| &nbsp;&nbsp;&nbsp; 5352538840, 26.523%, 1/20/2026 †x¥ | Stripe | 7/25/2024 | 695 | 723 | 746 |
| &nbsp;&nbsp;&nbsp; 5356094666, 19.314%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 1976 | 2055 | 2080 |
| &nbsp;&nbsp;&nbsp; 5356990349, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 5041 | 5243 | 5323 |
| &nbsp;&nbsp;&nbsp; 5357889643, 17.598%, 3/21/2024 †x¥#^ | Stripe | 9/26/2022 | 17794 | 18505 | 712 |
| &nbsp;&nbsp;&nbsp; 5360477114, 22.000%, 4/15/2026 †x¥# | Stripe | 10/18/2024 | 1628 | 1693 | 446 |
| &nbsp;&nbsp;&nbsp; 5361072116, 18.933%, 12/06/2022 †x¥#^ | Stripe | 6/10/2021 | 1044 | 1086 | 42 |
| &nbsp;&nbsp;&nbsp; 5364161142, 17.598%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 8657 | 9003 | 9166 |
| &nbsp;&nbsp;&nbsp; 5365294280, 19.722%, 4/02/2024 †x¥#^ | Stripe | 10/06/2022 | 871 | 906 | 35 |
| &nbsp;&nbsp;&nbsp; 5365423400, 17.856%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 1553 | 1615 | 1638 |
| &nbsp;&nbsp;&nbsp; 5366434137, 26.523%, 10/10/2026 †x¥# | Stripe | 8/28/2024 | 5579 | 5802 | 974 |
| &nbsp;&nbsp;&nbsp; 5368628888, 18.933%, 5/01/2026 †x¥ | Stripe | 11/05/2024 | 25058 | 26061 | 26422 |
| &nbsp;&nbsp;&nbsp; 5372594053, 21.720%, 8/05/2025 †x¥#^ | Stripe | 2/08/2024 | 3053 | 3175 | 122 |
| &nbsp;&nbsp;&nbsp; 5377545238, 25.600%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 11753 | 12223 | 12333 |
| &nbsp;&nbsp;&nbsp; 5378689, 4.403%, 11/27/2023 †x¶#^ | Square | 6/01/2022 | 26450 | 24811 | 2074 |
| &nbsp;&nbsp;&nbsp; 5379171766, 15.200%, 12/24/2025 †x¥ | Stripe | 6/28/2024 | 76967 | 80046 | 81572 |
| &nbsp;&nbsp;&nbsp; 5379175543, 25.593%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 3570 | 3713 | 3732 |
| &nbsp;&nbsp;&nbsp; 5380978720, 19.330%, 1/24/2025 †x¥#^ | Stripe | 8/01/2023 | 12623 | 13128 | 505 |
| &nbsp;&nbsp;&nbsp; 5386513144, 17.333%, 9/17/2023 †x¥#^ | Stripe | 8/25/2021 | 5565 | 5787 | 223 |
| &nbsp;&nbsp;&nbsp; 5388473044, 17.197%, 1/03/2026 †x¥# | Stripe | 10/24/2023 | 3389 | 3525 | 136 |
| &nbsp;&nbsp;&nbsp; 5391423825, 26.133%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 3933 | 4091 | 4197 |
| &nbsp;&nbsp;&nbsp; 5391844424, 22.400%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 2542 | 2644 | 2698 |
| &nbsp;&nbsp;&nbsp; 5395280480, 26.444%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 566 | 589 | 600 |
| &nbsp;&nbsp;&nbsp; 5396829359, 19.333%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 4937 | 5134 | 5177 |
| &nbsp;&nbsp;&nbsp; 5396988617, 16.000%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 7178 | 7465 | 7483 |
| &nbsp;&nbsp;&nbsp; 5400747202, 14.264%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 7474 | 7773 | 7894 |
| &nbsp;&nbsp;&nbsp; 5400778998, 25.867%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 166 | 173 | 180 |
| &nbsp;&nbsp;&nbsp; 5400815966, 17.864%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 5702 | 5930 | 5996 |
| &nbsp;&nbsp;&nbsp; 5401086885, 19.467%, 3/09/2024 †x¥#^ | Stripe | 9/14/2022 | 1799 | 1871 | 72 |
| &nbsp;&nbsp;&nbsp; 5402917708, 19.333%, 6/24/2023 †x¥#^ | Stripe | 10/28/2021 | 3433 | 3571 | 137 |
| &nbsp;&nbsp;&nbsp; 5403018100, 20.348%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 2077 | 2160 | 2164 |
| &nbsp;&nbsp;&nbsp; 5403532127, 24.000%, 5/03/2023 †x¥#^ | Stripe | 11/05/2021 | 1186 | 1234 | 47 |
| &nbsp;&nbsp;&nbsp; 540361480, 15.862%, 11/17/2023 †x¥#^ | Stripe | 5/24/2022 | 3926 | 4083 | 157 |
| &nbsp;&nbsp;&nbsp; 5408015147, 26.533%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 1497 | 1557 | 1573 |
| &nbsp;&nbsp;&nbsp; 5408861615, 26.510%, 3/07/2026 †x¥ | Stripe | 9/11/2024 | 1474 | 1533 | 1565 |
| &nbsp;&nbsp;&nbsp; 5408925476, 26.462%, 9/01/2026 †x¥# | Stripe | 3/06/2025 | 1245 | 1295 | 216 |
| &nbsp;&nbsp;&nbsp; 54093346-43f6-47b3-89f2-d2c53c7bb66b, 26.990%, 6/22/2023 †x#^ | Funding Circle | 6/25/2018 | 90730 | 90730 | 27219 |
| &nbsp;&nbsp;&nbsp; 5410847721, 25.333%, 4/02/2024 †x¥#^ | Stripe | 10/06/2022 | 2606 | 2710 | 104 |
| &nbsp;&nbsp;&nbsp; 5411110309, 25.846%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 939 | 977 | 990 |
| &nbsp;&nbsp;&nbsp; 5412335065, 25.591%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 2993 | 3112 | 3117 |
| &nbsp;&nbsp;&nbsp; 5413383426, 23.200%, 2/18/2023 †x¥#^ | Stripe | 8/25/2021 | 8058 | 8380 | 322 |
| &nbsp;&nbsp;&nbsp; 5417230866, 18.654%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 3428 | 3565 | 3631 |
| &nbsp;&nbsp;&nbsp; 5419227885, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 4868 | 5062 | 5084 |
| &nbsp;&nbsp;&nbsp; 5419976404, 20.333%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 1098 | 1142 | 1152 |
| &nbsp;&nbsp;&nbsp; 5421103234, 26.532%, 1/17/2026 †x¥# | Stripe | 11/10/2023 | 2179 | 2267 | 87 |
| &nbsp;&nbsp;&nbsp; 5423950305, 20.000%, 5/02/2026 †x¥ | Stripe | 11/06/2024 | 2888 | 3004 | 3111 |
| &nbsp;&nbsp;&nbsp; 5424872169, 17.733%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 82795 | 86107 | 86720 |
| &nbsp;&nbsp;&nbsp; 5425693345, 17.866%, 12/04/2025 †x¥# | Stripe | 9/28/2023 | 4395 | 4571 | 176 |
| &nbsp;&nbsp;&nbsp; 5426636465, 26.129%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 6768 | 7039 | 7259 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8667** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5432211966, 20.133%, 5/12/2024 †x¥#^ | Stripe | 9/16/2022 | $658 | $684 | $26 |
| &nbsp;&nbsp;&nbsp; 5440015438, 26.525%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 2071 | 2154 | 2199 |
| &nbsp;&nbsp;&nbsp; 5444625351, 14.800%, 5/23/2026 †x¥ | Stripe | 11/27/2024 | 12664 | 13171 | 13274 |
| &nbsp;&nbsp;&nbsp; 5447369636, 26.400%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1336 | 1390 | 1436 |
| &nbsp;&nbsp;&nbsp; 5448599013, 17.733%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 23456 | 24394 | 938 |
| &nbsp;&nbsp;&nbsp; 544889918, 20.384%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 4833 | 5026 | 5031 |
| &nbsp;&nbsp;&nbsp; 5449010762, 26.476%, 8/31/2025 †x¥#^ | Stripe | 7/28/2023 | 19 | 19 | 1 |
| &nbsp;&nbsp;&nbsp; 5449116670, 26.133%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 900 | 936 | 976 |
| &nbsp;&nbsp;&nbsp; 5449384214, 20.400%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 759 | 790 | 793 |
| &nbsp;&nbsp;&nbsp; 5449711307, 20.390%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 8042 | 8363 | 8424 |
| &nbsp;&nbsp;&nbsp; 5453190433, 25.579%, 6/10/2025 †x¥#^ | Stripe | 12/14/2023 | 2414 | 2510 | 97 |
| &nbsp;&nbsp;&nbsp; 5453444666, 22.667%, 3/16/2023 †x¥#^ | Stripe | 9/20/2021 | 3298 | 3430 | 132 |
| &nbsp;&nbsp;&nbsp; 5453521979, 24.798%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 6633 | 6898 | 265 |
| &nbsp;&nbsp;&nbsp; 5458097966, 21.187%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 5879 | 6114 | 6149 |
| &nbsp;&nbsp;&nbsp; 5459184320, 26.527%, 4/23/2026 †x¥# | Stripe | 10/28/2024 | 9882 | 10277 | 395 |
| &nbsp;&nbsp;&nbsp; 5467952496, 26.532%, 3/18/2025 †x¥#^ | Stripe | 7/25/2023 | 7533 | 7835 | 301 |
| &nbsp;&nbsp;&nbsp; 5468643616, 24.000%, 11/07/2023 †x¥#^ | Stripe | 5/12/2022 | 1020 | 1060 | 41 |
| &nbsp;&nbsp;&nbsp; 5469465297, 21.992%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 5067 | 5269 | 5319 |
| &nbsp;&nbsp;&nbsp; 5469528878, 14.400%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 52427 | 54524 | 55203 |
| &nbsp;&nbsp;&nbsp; 5469920231, 20.927%, 5/17/2024 †x¥#^ | Stripe | 11/22/2022 | 3306 | 3438 | 132 |
| &nbsp;&nbsp;&nbsp; 5477704774, 21.062%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 777 | 808 | 31 |
| &nbsp;&nbsp;&nbsp; 5479a9db-409a-45a5-b6d3-477f6e91892c, 10.490%, 3/06/2023 †x#^ | Funding Circle | 3/08/2018 | 9684 | 9684 | 2905 |
| &nbsp;&nbsp;&nbsp; 5481204727, 22.533%, 5/23/2023 †x¥#^ | Stripe | 11/26/2021 | 68945 | 71703 | 2758 |
| &nbsp;&nbsp;&nbsp; 5481706476, 26.132%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 9477 | 9856 | 10120 |
| &nbsp;&nbsp;&nbsp; 5482431386, 22.400%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 1289 | 1341 | 1358 |
| &nbsp;&nbsp;&nbsp; 5488752137, 24.930%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 9117 | 9482 | 9751 |
| &nbsp;&nbsp;&nbsp; 5488782, 4.128%, 12/06/2023 †x¶#^ | Square | 6/08/2022 | 82547 | 77733 | 6472 |
| &nbsp;&nbsp;&nbsp; 5492704374, 14.266%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 40639 | 42265 | 43029 |
| &nbsp;&nbsp;&nbsp; 5493340754, 24.000%, 4/30/2023 †x¥#^ | Stripe | 9/03/2021 | 2290 | 2381 | 92 |
| &nbsp;&nbsp;&nbsp; 5495094317, 20.667%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 427 | 444 | 456 |
| &nbsp;&nbsp;&nbsp; 5496481520, 19.052%, 6/29/2025 †x¥#^ | Stripe | 3/09/2023 | 1965 | 2043 | 79 |
| &nbsp;&nbsp;&nbsp; 549838103, 17.865%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 20098 | 20902 | 21010 |
| &nbsp;&nbsp;&nbsp; 549855046, 23.333%, 9/12/2023 †x¥#^ | Stripe | 3/17/2022 | 4221 | 4390 | 169 |
| &nbsp;&nbsp;&nbsp; 5498584193, 22.667%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1515 | 1576 | 1622 |
| &nbsp;&nbsp;&nbsp; 5502833322, 16.267%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 5063 | 5266 | 5290 |
| &nbsp;&nbsp;&nbsp; 5504955040, 26.533%, 4/30/2026 †x¥ | Stripe | 11/04/2024 | 713 | 741 | 759 |
| &nbsp;&nbsp;&nbsp; 5506261408, 17.867%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2142 | 2228 | 2258 |
| &nbsp;&nbsp;&nbsp; 5507952020, 19.066%, 7/31/2026 †x¥# | Stripe | 4/22/2024 | 47581 | 49484 | 1903 |
| &nbsp;&nbsp;&nbsp; 5510381106, 20.800%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 12876 | 13391 | 13491 |
| &nbsp;&nbsp;&nbsp; 5512058052, 14.261%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 6932 | 7209 | 7310 |
| &nbsp;&nbsp;&nbsp; 5513084165, 23.326%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 4350 | 4524 | 747 |
| &nbsp;&nbsp;&nbsp; 5513852903, 16.000%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 24300 | 25272 | 25272 |
| &nbsp;&nbsp;&nbsp; 5517275861, 26.424%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 356 | 370 | 383 |
| &nbsp;&nbsp;&nbsp; 5521054029, 20.000%, 7/25/2024 †x¥#^ | Stripe | 1/30/2023 | 27419 | 28516 | 1097 |
| &nbsp;&nbsp;&nbsp; 5523119165, 20.000%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 12290 | 12782 | 13186 |
| &nbsp;&nbsp;&nbsp; 552368485, 22.400%, 4/17/2025 †x¥#^ | Stripe | 10/23/2023 | 108020 | 112340 | 4321 |
| &nbsp;&nbsp;&nbsp; 552461976, 20.933%, 3/05/2026 †x¥# | Stripe | 9/09/2024 | 221 | 229 | 38 |
| &nbsp;&nbsp;&nbsp; 5526209946, 18.133%, 3/10/2026 †x¥ | Stripe | 9/12/2024 | 6976 | 7255 | 7404 |
| &nbsp;&nbsp;&nbsp; 5526660950, 26.515%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 738 | 767 | 805 |
| &nbsp;&nbsp;&nbsp; 5529184870, 19.063%, 4/03/2024 †x¥#^ | Stripe | 10/07/2022 | 9316 | 9689 | 373 |
| &nbsp;&nbsp;&nbsp; 5531832869, 25.556%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 1737 | 1806 | 1826 |
| &nbsp;&nbsp;&nbsp; 5532961854, 20.000%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 3295 | 3426 | 3505 |
| &nbsp;&nbsp;&nbsp; 5535261821, 20.393%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 8834 | 9187 | 9272 |
| &nbsp;&nbsp;&nbsp; 5536173027, 25.587%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 4617 | 4801 | 4854 |
| &nbsp;&nbsp;&nbsp; 5537709766, 26.513%, 11/18/2025 †x¥ | Stripe | 5/23/2024 | 179 | 186 | 200 |
| &nbsp;&nbsp;&nbsp; 5538009173, 24.000%, 6/20/2023 †x¥#^ | Stripe | 12/23/2021 | 619 | 644 | 25 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8668** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5538153437, 25.333%, 5/08/2024 †x¥#^ | Stripe | 11/14/2022 | $9956 | $10354 | $398 |
| &nbsp;&nbsp;&nbsp; 5539147, 3.774%, 12/10/2023 †x¶#^ | Square | 6/14/2022 | 135508 | 128248 | 10624 |
| &nbsp;&nbsp;&nbsp; 5539693805, 20.792%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | 5718 | 5947 | 5981 |
| &nbsp;&nbsp;&nbsp; 5540412, 2.975%, 12/11/2023 †x¶#^ | Square | 6/15/2022 | 20124 | 19264 | 1578 |
| &nbsp;&nbsp;&nbsp; 5544859, 4.695%, 12/13/2023 †x¶#^ | Square | 6/15/2022 | 27040 | 25425 | 2120 |
| &nbsp;&nbsp;&nbsp; 5545718, 4.956%, 12/13/2023 †x¶#^ | Square | 6/15/2022 | 514 | 478 | 40 |
| &nbsp;&nbsp;&nbsp; 5548581903, 17.585%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 1736 | 1806 | 1837 |
| &nbsp;&nbsp;&nbsp; 5557482, 3.443%, 12/15/2023 †x¶#^ | Square | 6/17/2022 | 14505 | 13793 | 1137 |
| &nbsp;&nbsp;&nbsp; 5558179, 4.226%, 12/15/2023 †x¶#^ | Square | 6/17/2022 | 3191 | 3001 | 250 |
| &nbsp;&nbsp;&nbsp; 5558314, 4.533%, 12/15/2023 †x¶#^ | Square | 6/17/2022 | 2077 | 1946 | 163 |
| &nbsp;&nbsp;&nbsp; 5558412, 4.695%, 12/15/2023 †x¶#^ | Square | 6/17/2022 | 8433 | 7878 | 661 |
| &nbsp;&nbsp;&nbsp; 5558829, 3.591%, 12/15/2023 †x¶#^ | Square | 6/17/2022 | 1698 | 1611 | 133 |
| &nbsp;&nbsp;&nbsp; 555905eb-a4eb-4e81-adf9-01963b7f70f0, 18.950%, 10/30/2022 †x#^ | Funding Circle | 11/01/2018 | 52357 | 52357 | 15707 |
| &nbsp;&nbsp;&nbsp; 555b393f-664e-44ee-bfcc-63cfe201449e, 17.400%, 5/22/2021 †x#^ | Funding Circle | 5/24/2018 | 32064 | 32064 | 9619 |
| &nbsp;&nbsp;&nbsp; 5562127752, 14.267%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 1581 | 1644 | 1672 |
| &nbsp;&nbsp;&nbsp; 5562931107, 26.531%, 8/28/2025 †x¥#^ | Stripe | 3/04/2024 | 17272 | 17963 | 691 |
| &nbsp;&nbsp;&nbsp; 5563520487, 22.000%, 7/22/2026 †x¥# | Stripe | 1/24/2025 | 5176 | 5383 | 2005 |
| &nbsp;&nbsp;&nbsp; 5566715220, 26.500%, 10/10/2024 †x¥#^ | Stripe | 4/17/2023 | 2128 | 2213 | 85 |
| &nbsp;&nbsp;&nbsp; 5568505386, 25.867%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 766 | 797 | 824 |
| &nbsp;&nbsp;&nbsp; 5569377186, 18.260%, 3/23/2024 †x¥#^ | Stripe | 9/28/2022 | 10900 | 11336 | 436 |
| &nbsp;&nbsp;&nbsp; 5569939866, 24.000%, 4/21/2026 †x¥ | Stripe | 10/24/2024 | 2181 | 2268 | 2336 |
| &nbsp;&nbsp;&nbsp; 5571215050, 22.251%, 6/09/2023 †x¥#^ | Stripe | 12/14/2021 | 4624 | 4809 | 185 |
| &nbsp;&nbsp;&nbsp; 5572015346, 23.183%, 3/14/2023 †x¥#^ | Stripe | 9/16/2021 | 2058 | 2140 | 82 |
| &nbsp;&nbsp;&nbsp; 557209217, 23.590%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 171 | 178 | 68 |
| &nbsp;&nbsp;&nbsp; 5573870086, 25.867%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 1623 | 1688 | 930 |
| &nbsp;&nbsp;&nbsp; 5574884844, 17.867%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 8460 | 8798 | 8944 |
| &nbsp;&nbsp;&nbsp; 5575117, 4.403%, 12/21/2023 †x¶#^ | Square | 6/23/2022 | 36629 | 34360 | 2872 |
| &nbsp;&nbsp;&nbsp; 5575807265, 20.914%, 2/25/2026 †x¥ | Stripe | 8/30/2024 | 459 | 477 | 491 |
| &nbsp;&nbsp;&nbsp; 557632474, 14.797%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 6474 | 6733 | 6865 |
| &nbsp;&nbsp;&nbsp; 5580201447, 19.330%, 10/12/2024 †x¥#^ | Stripe | 8/24/2022 | 3051 | 3173 | 122 |
| &nbsp;&nbsp;&nbsp; 5580409027, 18.926%, 4/18/2026 †x¥ | Stripe | 10/23/2024 | 741 | 770 | 789 |
| &nbsp;&nbsp;&nbsp; 558062194, 26.529%, 3/05/2025 †x¥#^ | Stripe | 9/08/2023 | 5032 | 5233 | 201 |
| &nbsp;&nbsp;&nbsp; 558190247, 26.529%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 20926 | 21763 | 21778 |
| &nbsp;&nbsp;&nbsp; 5582629262, 24.000%, 9/09/2023 †x¥#^ | Stripe | 3/16/2022 | 1736 | 1805 | 69 |
| &nbsp;&nbsp;&nbsp; 5583949447, 26.510%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 1808 | 1880 | 72 |
| &nbsp;&nbsp;&nbsp; 5584384193, 26.133%, 9/03/2026 †x¥# | Stripe | 12/03/2024 | 55336 | 57549 | 15126 |
| &nbsp;&nbsp;&nbsp; 5585588645, 22.246%, 4/30/2024 †x¥#^ | Stripe | 3/28/2022 | 1206 | 1254 | 48 |
| &nbsp;&nbsp;&nbsp; 5587594026, 15.995%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 681 | 708 | 733 |
| &nbsp;&nbsp;&nbsp; 5588464822, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 19508 | 20288 | 20526 |
| &nbsp;&nbsp;&nbsp; 5591685014, 26.510%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 1971 | 2050 | 2081 |
| &nbsp;&nbsp;&nbsp; 5593683191, 21.597%, 7/22/2026 †x¥# | Stripe | 7/11/2024 | 2881 | 2996 | 496 |
| &nbsp;&nbsp;&nbsp; 5596751, 4.567%, 12/29/2023 †x¶#^ | Square | 7/01/2022 | 924 | 864 | 72 |
| &nbsp;&nbsp;&nbsp; 5597129503, 16.266%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 31929 | 33206 | 33365 |
| &nbsp;&nbsp;&nbsp; 5597486, 4.559%, 12/29/2023 †x¶#^ | Square | 7/01/2022 | 16517 | 15460 | 1295 |
| &nbsp;&nbsp;&nbsp; 5597692, 5.031%, 12/29/2023 †x¶#^ | Square | 7/01/2022 | 2432 | 2261 | 191 |
| &nbsp;&nbsp;&nbsp; 5597712, 3.301%, 12/29/2023 †x¶#^ | Square | 7/01/2022 | 2762 | 2631 | 217 |
| &nbsp;&nbsp;&nbsp; 5598823, 4.561%, 12/29/2023 †x¶#^ | Square | 7/01/2022 | 31446 | 29433 | 2465 |
| &nbsp;&nbsp;&nbsp; 55c58f9e-9724-45d8-9463-fa22d6179d36, 26.990%, 12/28/2023 †x#^ | Funding Circle | 7/02/2018 | 154400 | 154400 | 46320 |
| &nbsp;&nbsp;&nbsp; 5600369107, 24.769%, 3/16/2024 †x¥#^ | Stripe | 9/21/2022 | 2532 | 2633 | 101 |
| &nbsp;&nbsp;&nbsp; 5602165219, 24.000%, 9/16/2023 †x¥#^ | Stripe | 3/23/2022 | 1173 | 1220 | 47 |
| &nbsp;&nbsp;&nbsp; 5603059820, 17.061%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 2227 | 2316 | 89 |
| &nbsp;&nbsp;&nbsp; 5604578088, 14.266%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 17573 | 18276 | 18468 |
| &nbsp;&nbsp;&nbsp; 5605189965, 22.118%, 10/11/2023 †x¥#^ | Stripe | 4/15/2022 | 1951 | 2029 | 78 |
| &nbsp;&nbsp;&nbsp; 5607274769, 26.495%, 2/11/2026 †x¥# | Stripe | 8/16/2024 | 547 | 569 | 98 |
| &nbsp;&nbsp;&nbsp; 5608664504, 26.525%, 1/21/2026 †x¥# | Stripe | 7/26/2024 | 5134 | 5340 | 205 |
| &nbsp;&nbsp;&nbsp; 5610405, 4.558%, 12/30/2023 †x¶#^ | Square | 7/05/2022 | 9659 | 9041 | 757 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8669** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 561168529, 21.587%, 9/06/2025 †x¥# | Stripe | 7/11/2023 | $1400 | $1456 | $56 |
| &nbsp;&nbsp;&nbsp; 5612333, 3.302%, 12/30/2023 †x¶#^ | Square | 7/05/2022 | 11856 | 11297 | 930 |
| &nbsp;&nbsp;&nbsp; 5612748, 5.164%, 12/30/2023 †x¶#^ | Square | 7/05/2022 | 479 | 445 | 38 |
| &nbsp;&nbsp;&nbsp; 5613276, 4.403%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 24101 | 22608 | 1890 |
| &nbsp;&nbsp;&nbsp; 5613789, 4.560%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 19864 | 18592 | 1557 |
| &nbsp;&nbsp;&nbsp; 5614510392, 17.593%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 8943 | 9301 | 9384 |
| &nbsp;&nbsp;&nbsp; 5614692, 4.347%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 9033 | 8480 | 708 |
| &nbsp;&nbsp;&nbsp; 5614783, 4.561%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 3964 | 3710 | 311 |
| &nbsp;&nbsp;&nbsp; 5615195, 4.568%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 2032 | 1902 | 159 |
| &nbsp;&nbsp;&nbsp; 5615757, 3.532%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 21615 | 20528 | 1695 |
| &nbsp;&nbsp;&nbsp; 5616528, 3.898%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 2088 | 1973 | 164 |
| &nbsp;&nbsp;&nbsp; 5616587, 4.562%, 1/01/2024 †x¶#^ | Square | 7/06/2022 | 2250 | 2106 | 176 |
| &nbsp;&nbsp;&nbsp; 5617068412, 26.510%, 2/19/2026 †x¥ | Stripe | 8/26/2024 | 230 | 239 | 247 |
| &nbsp;&nbsp;&nbsp; 5617867, 4.108%, 1/02/2024 †x¶#^ | Square | 7/07/2022 | 1943 | 1830 | 152 |
| &nbsp;&nbsp;&nbsp; 5618019, 3.919%, 1/02/2024 †x¶#^ | Square | 7/07/2022 | 671 | 634 | 53 |
| &nbsp;&nbsp;&nbsp; 5618103, 4.575%, 1/02/2024 †x¶#^ | Square | 7/07/2022 | 2296 | 2148 | 180 |
| &nbsp;&nbsp;&nbsp; 5618423, 4.874%, 1/02/2024 †x¶#^ | Square | 7/07/2022 | 2373 | 2212 | 186 |
| &nbsp;&nbsp;&nbsp; 5618476, 4.717%, 1/02/2024 †x¶#^ | Square | 7/07/2022 | 3139 | 2932 | 246 |
| &nbsp;&nbsp;&nbsp; 5618635, 3.330%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 448 | 427 | 35 |
| &nbsp;&nbsp;&nbsp; 5618841439, 26.533%, 2/17/2026 †x¥# | Stripe | 8/22/2024 | 807 | 839 | 32 |
| &nbsp;&nbsp;&nbsp; 5618875, 4.034%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 5691 | 5386 | 446 |
| &nbsp;&nbsp;&nbsp; 5618900, 3.996%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 900 | 849 | 71 |
| &nbsp;&nbsp;&nbsp; 5618963, 4.405%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 7225 | 6777 | 566 |
| &nbsp;&nbsp;&nbsp; 5619068, 4.564%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 744 | 696 | 58 |
| &nbsp;&nbsp;&nbsp; 5619211, 4.860%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 208 | 194 | 16 |
| &nbsp;&nbsp;&nbsp; 5619215, 5.031%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 171 | 159 | 13 |
| &nbsp;&nbsp;&nbsp; 5619244, 4.403%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 3411 | 3200 | 267 |
| &nbsp;&nbsp;&nbsp; 5619247, 3.302%, 1/03/2024 †x¶#^ | Square | 7/07/2022 | 5986 | 5703 | 469 |
| &nbsp;&nbsp;&nbsp; 5619429262, 23.714%, 11/14/2024 †x¥#^ | Stripe | 5/22/2023 | 806 | 838 | 32 |
| &nbsp;&nbsp;&nbsp; 5619465, 3.976%, 1/04/2024 †x¶#^ | Square | 7/07/2022 | 1203 | 1135 | 94 |
| &nbsp;&nbsp;&nbsp; 5619621, 4.892%, 1/04/2024 †x¶#^ | Square | 7/07/2022 | 4197 | 3910 | 329 |
| &nbsp;&nbsp;&nbsp; 5619878, 3.776%, 1/04/2024 †x¶#^ | Square | 7/07/2022 | 4669 | 4419 | 366 |
| &nbsp;&nbsp;&nbsp; 5620003, 4.403%, 1/04/2024 †x¶#^ | Square | 7/07/2022 | 37271 | 34962 | 2922 |
| &nbsp;&nbsp;&nbsp; 5620064, 4.560%, 1/04/2024 †x¶#^ | Square | 7/07/2022 | 6579 | 6158 | 516 |
| &nbsp;&nbsp;&nbsp; 5620089012, 24.000%, 6/14/2023 †x¥#^ | Stripe | 12/17/2021 | 434 | 451 | 17 |
| &nbsp;&nbsp;&nbsp; 5621901544, 25.862%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 5367 | 5582 | 5740 |
| &nbsp;&nbsp;&nbsp; 5622467, 4.428%, 1/05/2024 †x¶#^ | Square | 7/07/2022 | 233 | 219 | 18 |
| &nbsp;&nbsp;&nbsp; 5622613, 3.293%, 1/05/2024 †x¶#^ | Square | 7/07/2022 | 1882 | 1794 | 148 |
| &nbsp;&nbsp;&nbsp; 5623186, 3.739%, 1/05/2024 †x¶#^ | Square | 7/07/2022 | 8054 | 7627 | 631 |
| &nbsp;&nbsp;&nbsp; 5623201234, 18.792%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 1293 | 1344 | 1366 |
| &nbsp;&nbsp;&nbsp; 5623380, 4.577%, 1/05/2024 †x¶#^ | Square | 7/07/2022 | 1484 | 1389 | 116 |
| &nbsp;&nbsp;&nbsp; 5623863773, 26.533%, 5/09/2025 †x¥#^ | Stripe | 11/14/2023 | 1862 | 1936 | 74 |
| &nbsp;&nbsp;&nbsp; 5624249, 4.574%, 1/05/2024 †x¶#^ | Square | 7/07/2022 | 459 | 430 | 36 |
| &nbsp;&nbsp;&nbsp; 5624383, 4.404%, 1/05/2024 †x¶#^ | Square | 7/07/2022 | 3937 | 3693 | 309 |
| &nbsp;&nbsp;&nbsp; 5624624485, 19.188%, 2/03/2026 †x¥ | Stripe | 8/08/2024 | 507 | 528 | 550 |
| &nbsp;&nbsp;&nbsp; 5624885543, 26.130%, 4/25/2026 †x¥ | Stripe | 10/30/2024 | 4242 | 4412 | 4619 |
| &nbsp;&nbsp;&nbsp; 5625289, 5.031%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 1404 | 1306 | 110 |
| &nbsp;&nbsp;&nbsp; 5626117413, 20.922%, 10/18/2024 †x¥#^ | Stripe | 4/25/2023 | 2731 | 2840 | 109 |
| &nbsp;&nbsp;&nbsp; 5626617386, 17.600%, 9/19/2024 †x¥#^ | Stripe | 3/27/2023 | 54066 | 56228 | 2163 |
| &nbsp;&nbsp;&nbsp; 5627202, 4.875%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 11005 | 10255 | 863 |
| &nbsp;&nbsp;&nbsp; 5628231, 3.774%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 11787 | 11155 | 924 |
| &nbsp;&nbsp;&nbsp; 5628335762, 18.529%, 4/26/2023 †x¥#^ | Stripe | 10/29/2021 | 6757 | 7027 | 270 |
| &nbsp;&nbsp;&nbsp; 5628823, 4.717%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 857 | 801 | 67 |
| &nbsp;&nbsp;&nbsp; 5628876, 3.903%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 587 | 554 | 46 |
| &nbsp;&nbsp;&nbsp; 5629590, 4.560%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 9437 | 8833 | 740 |
| &nbsp;&nbsp;&nbsp; 5629672, 3.939%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 1513 | 1429 | 119 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8670** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5629706, 5.665%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | $5516 | $5084 | $432 |
| &nbsp;&nbsp;&nbsp; 5630024, 4.558%, 1/06/2024 †x¶#^ | Square | 7/08/2022 | 5427 | 5079 | 425 |
| &nbsp;&nbsp;&nbsp; 5631597973, 22.922%, 3/28/2024 †x¥#^ | Stripe | 10/03/2022 | 1866 | 1940 | 75 |
| &nbsp;&nbsp;&nbsp; 5634293100, 26.505%, 12/14/2024 †x¥#^ | Stripe | 6/22/2023 | 715 | 744 | 29 |
| &nbsp;&nbsp;&nbsp; 563484321, 22.366%, 7/11/2026 †x¥ | Stripe | 1/15/2025 | 270 | 281 | 293 |
| &nbsp;&nbsp;&nbsp; 5635837043, 24.924%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 1919 | 1995 | 2070 |
| &nbsp;&nbsp;&nbsp; 5639967236, 20.381%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 3282 | 3413 | 3455 |
| &nbsp;&nbsp;&nbsp; 5640505565, 17.600%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 144163 | 149929 | 151452 |
| &nbsp;&nbsp;&nbsp; 5640767, 5.022%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 3031 | 2818 | 238 |
| &nbsp;&nbsp;&nbsp; 5641023, 6.081%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 2328 | 2133 | 182 |
| &nbsp;&nbsp;&nbsp; 5642165059, 24.000%, 6/14/2023 †x¥#^ | Stripe | 12/17/2021 | 1400 | 1456 | 56 |
| &nbsp;&nbsp;&nbsp; 5642627786, 19.333%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 24588 | 25571 | 25714 |
| &nbsp;&nbsp;&nbsp; 5644150, 5.031%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 1905 | 1772 | 149 |
| &nbsp;&nbsp;&nbsp; 5645451, 4.561%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 4517 | 4228 | 354 |
| &nbsp;&nbsp;&nbsp; 5645602, 4.390%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 6919 | 6491 | 542 |
| &nbsp;&nbsp;&nbsp; 5645850, 2.657%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 11294 | 10861 | 885 |
| &nbsp;&nbsp;&nbsp; 5646489843, 16.933%, 11/08/2022 †x¥#^ | Stripe | 5/13/2021 | 14923 | 15520 | 597 |
| &nbsp;&nbsp;&nbsp; 5647195, 4.803%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 256 | 239 | 20 |
| &nbsp;&nbsp;&nbsp; 5647553, 4.403%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 3328 | 3122 | 261 |
| &nbsp;&nbsp;&nbsp; 5647780333, 20.000%, 3/24/2026 †x¥ | Stripe | 9/26/2024 | 1512 | 1572 | 1605 |
| &nbsp;&nbsp;&nbsp; 5647891, 4.717%, 1/07/2024 †x¶#^ | Square | 7/11/2022 | 27822 | 25983 | 2181 |
| &nbsp;&nbsp;&nbsp; 5648024, 3.918%, 1/08/2024 †x¶#^ | Square | 7/12/2022 | 1430 | 1351 | 112 |
| &nbsp;&nbsp;&nbsp; 564878154, 26.533%, 9/07/2026 †x¥# | Stripe | 7/03/2024 | 18094 | 18818 | 724 |
| &nbsp;&nbsp;&nbsp; 5648852587, 17.846%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1555 | 1617 | 1630 |
| &nbsp;&nbsp;&nbsp; 5648916, 5.031%, 1/08/2024 †x¶#^ | Square | 7/12/2022 | 1671 | 1553 | 131 |
| &nbsp;&nbsp;&nbsp; 5648969954, 20.800%, 12/27/2024 †x¥#^ | Stripe | 7/05/2023 | 33568 | 34911 | 1343 |
| &nbsp;&nbsp;&nbsp; 5649326, 3.774%, 1/08/2024 †x¶#^ | Square | 7/12/2022 | 167 | 158 | 13 |
| &nbsp;&nbsp;&nbsp; 5650392756, 21.998%, 6/06/2026 †x¥ | Stripe | 12/11/2024 | 14981 | 15580 | 15870 |
| &nbsp;&nbsp;&nbsp; 5651428, 4.720%, 1/08/2024 †x¶#^ | Square | 7/12/2022 | 7214 | 6737 | 566 |
| &nbsp;&nbsp;&nbsp; 5651980268, 22.933%, 5/16/2023 †x¥#^ | Stripe | 11/18/2021 | 421 | 437 | 17 |
| &nbsp;&nbsp;&nbsp; 5653384, 5.853%, 1/08/2024 †x¶#^ | Square | 7/12/2022 | 3203 | 2944 | 251 |
| &nbsp;&nbsp;&nbsp; 5653918478, 16.267%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 9293 | 9665 | 9702 |
| &nbsp;&nbsp;&nbsp; 5654688740, 21.053%, 4/23/2024 †x¥#^ | Stripe | 10/27/2022 | 3318 | 3450 | 133 |
| &nbsp;&nbsp;&nbsp; 5654722674, 15.867%, 9/15/2025 †x¥# | Stripe | 7/06/2023 | 1409 | 1465 | 56 |
| &nbsp;&nbsp;&nbsp; 5655286, 4.122%, 1/08/2024 †x¶#^ | Square | 7/12/2022 | 1963 | 1848 | 154 |
| &nbsp;&nbsp;&nbsp; 5655650, 4.561%, 1/09/2024 †x¶#^ | Square | 7/13/2022 | 9815 | 9187 | 770 |
| &nbsp;&nbsp;&nbsp; 5655809, 5.526%, 1/09/2024 †x¶#^ | Square | 7/13/2022 | 9442 | 8719 | 740 |
| &nbsp;&nbsp;&nbsp; 5655849, 4.718%, 1/09/2024 †x¶#^ | Square | 7/13/2022 | 3113 | 2907 | 244 |
| &nbsp;&nbsp;&nbsp; 5655885, 4.543%, 1/09/2024 †x¶#^ | Square | 7/13/2022 | 830 | 777 | 65 |
| &nbsp;&nbsp;&nbsp; 5656034, 3.774%, 1/09/2024 †x¶#^ | Square | 7/13/2022 | 27117 | 25664 | 2126 |
| &nbsp;&nbsp;&nbsp; 5656517861, 15.859%, 6/02/2023 †x¥#^ | Stripe | 12/07/2021 | 6466 | 6725 | 259 |
| &nbsp;&nbsp;&nbsp; 5656680, 4.553%, 1/10/2024 †x¶#^ | Square | 7/13/2022 | 1788 | 1674 | 140 |
| &nbsp;&nbsp;&nbsp; 5656806, 3.913%, 1/10/2024 †x¶#^ | Square | 7/13/2022 | 1453 | 1373 | 114 |
| &nbsp;&nbsp;&nbsp; 5656823, 3.213%, 1/10/2024 †x¶#^ | Square | 7/13/2022 | 3462 | 3303 | 271 |
| &nbsp;&nbsp;&nbsp; 5656875, 3.774%, 1/10/2024 †x¶#^ | Square | 7/13/2022 | 7406 | 7009 | 581 |
| &nbsp;&nbsp;&nbsp; 5656942, 3.449%, 1/10/2024 †x¶#^ | Square | 7/13/2022 | 2861 | 2720 | 224 |
| &nbsp;&nbsp;&nbsp; 5657548492, 16.000%, 12/12/2023 †x¥#^ | Stripe | 4/19/2022 | 7608 | 7912 | 304 |
| &nbsp;&nbsp;&nbsp; 5657647658, 20.127%, 5/24/2025 †x¥#^ | Stripe | 4/05/2023 | 6461 | 6719 | 258 |
| &nbsp;&nbsp;&nbsp; 5657739, 4.870%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 1677 | 1563 | 131 |
| &nbsp;&nbsp;&nbsp; 5658371182, 24.000%, 12/03/2022 †x¥#^ | Stripe | 6/09/2021 | 8230 | 8560 | 329 |
| &nbsp;&nbsp;&nbsp; 5660215, 3.920%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 1566 | 1480 | 123 |
| &nbsp;&nbsp;&nbsp; 5660325, 4.881%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 485 | 452 | 38 |
| &nbsp;&nbsp;&nbsp; 5660951180, 23.193%, 11/22/2025 †x¥ | Stripe | 5/30/2024 | 1665 | 1732 | 1788 |
| &nbsp;&nbsp;&nbsp; 5661324, 4.864%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 158 | 147 | 12 |
| &nbsp;&nbsp;&nbsp; 5661412, 4.566%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 2274 | 2128 | 178 |
| &nbsp;&nbsp;&nbsp; 5661716682, 18.391%, 5/06/2024 †x¥#^ | Stripe | 2/25/2022 | 1211 | 1260 | 48 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8671** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5662600, 2.119%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | $5073 | $4916 | $398 |
| &nbsp;&nbsp;&nbsp; 5663029, 4.581%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 1151 | 1077 | 90 |
| &nbsp;&nbsp;&nbsp; 5663208, 4.741%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 1722 | 1607 | 135 |
| &nbsp;&nbsp;&nbsp; 5663335, 3.969%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 2113 | 1995 | 166 |
| &nbsp;&nbsp;&nbsp; 5663424, 3.934%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 3037 | 2880 | 238 |
| &nbsp;&nbsp;&nbsp; 566398442, 26.444%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 274 | 285 | 293 |
| &nbsp;&nbsp;&nbsp; 5664681, 3.372%, 1/11/2024 †x¶#^ | Square | 7/13/2022 | 14554 | 13853 | 1141 |
| &nbsp;&nbsp;&nbsp; 5665434847, 26.533%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 23295 | 24227 | 24766 |
| &nbsp;&nbsp;&nbsp; 5665937, 4.566%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 3461 | 3239 | 271 |
| &nbsp;&nbsp;&nbsp; 5666456, 3.298%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 2640 | 2516 | 207 |
| &nbsp;&nbsp;&nbsp; 566674057, 22.379%, 3/28/2026 †x¥ | Stripe | 10/02/2024 | 587 | 611 | 633 |
| &nbsp;&nbsp;&nbsp; 5667638, 3.302%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 12729 | 12128 | 998 |
| &nbsp;&nbsp;&nbsp; 5668109874, 14.000%, 1/09/2027 †x¥ | Stripe | 7/16/2025 | 65352 | 67966 | 68137 |
| &nbsp;&nbsp;&nbsp; 5668488412, 16.133%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 17778 | 18489 | 10138 |
| &nbsp;&nbsp;&nbsp; 5669939, 3.774%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 14756 | 13966 | 1157 |
| &nbsp;&nbsp;&nbsp; 5670309, 3.781%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 1164 | 1102 | 91 |
| &nbsp;&nbsp;&nbsp; 567110023, 26.122%, 7/22/2026 †x¥# | Stripe | 1/24/2025 | 6291 | 6542 | 1084 |
| &nbsp;&nbsp;&nbsp; 5671500, 4.566%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 703 | 658 | 55 |
| &nbsp;&nbsp;&nbsp; 5671885123, 26.507%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 2469 | 2568 | 2569 |
| &nbsp;&nbsp;&nbsp; 5672240, 3.774%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 339 | 321 | 27 |
| &nbsp;&nbsp;&nbsp; 5672413, 4.880%, 1/12/2024 †x¶#^ | Square | 7/14/2022 | 2755 | 2576 | 216 |
| &nbsp;&nbsp;&nbsp; 5673406, 4.561%, 1/13/2024 †x¶#^ | Square | 7/15/2022 | 6960 | 6514 | 546 |
| &nbsp;&nbsp;&nbsp; 5675421182, 24.000%, 6/27/2023 †x¥#^ | Stripe | 12/30/2021 | 1041 | 1083 | 42 |
| &nbsp;&nbsp;&nbsp; 5676099, 4.574%, 1/13/2024 †x¶#^ | Square | 7/15/2022 | 2065 | 1933 | 162 |
| &nbsp;&nbsp;&nbsp; 5676346, 4.403%, 1/13/2024 †x¶#^ | Square | 7/15/2022 | 116671 | 109444 | 9147 |
| &nbsp;&nbsp;&nbsp; 5676447, 3.297%, 1/13/2024 †x¶#^ | Square | 7/15/2022 | 798 | 761 | 63 |
| &nbsp;&nbsp;&nbsp; 5677798, 5.036%, 1/13/2024 †x¶#^ | Square | 7/15/2022 | 845 | 785 | 66 |
| &nbsp;&nbsp;&nbsp; 5677898, 5.099%, 1/13/2024 †x¶#^ | Square | 7/15/2022 | 3187 | 2961 | 250 |
| &nbsp;&nbsp;&nbsp; 5678069, 4.873%, 1/13/2024 †x¶#^ | Square | 7/15/2022 | 3997 | 3725 | 313 |
| &nbsp;&nbsp;&nbsp; 5678142123, 20.795%, 9/10/2024 †x¥#^ | Stripe | 3/16/2023 | 10159 | 10565 | 406 |
| &nbsp;&nbsp;&nbsp; 5684074900, 22.000%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 2686 | 2794 | 2832 |
| &nbsp;&nbsp;&nbsp; 5685530432, 20.397%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 30489 | 31708 | 31815 |
| &nbsp;&nbsp;&nbsp; 5687987828, 26.529%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 3326 | 3459 | 3551 |
| &nbsp;&nbsp;&nbsp; 5688293407, 18.932%, 4/09/2025 †x¥#^ | Stripe | 10/13/2023 | 26966 | 28045 | 1079 |
| &nbsp;&nbsp;&nbsp; 5688725710, 26.424%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 563 | 585 | 595 |
| &nbsp;&nbsp;&nbsp; 5690180642, 17.600%, 8/24/2023 †x¥#^ | Stripe | 2/28/2022 | 2222 | 2311 | 89 |
| &nbsp;&nbsp;&nbsp; 5690281, 4.871%, 1/14/2024 †x¶#^ | Square | 7/18/2022 | 5688 | 5301 | 446 |
| &nbsp;&nbsp;&nbsp; 5690509496, 16.126%, 4/02/2026 †x¥ | Stripe | 10/07/2024 | 1058 | 1101 | 1130 |
| &nbsp;&nbsp;&nbsp; 5691206, 4.560%, 1/14/2024 †x¶#^ | Square | 7/18/2022 | 6895 | 6454 | 541 |
| &nbsp;&nbsp;&nbsp; 5693872, 3.982%, 1/14/2024 †x¶#^ | Square | 7/18/2022 | 14217 | 13416 | 1115 |
| &nbsp;&nbsp;&nbsp; 5694258923, 18.667%, 2/10/2026 †x¥# | Stripe | 8/15/2024 | 3038 | 3160 | 829 |
| &nbsp;&nbsp;&nbsp; 5696123, 5.031%, 1/14/2024 †x¶#^ | Square | 7/18/2022 | 2242 | 2085 | 176 |
| &nbsp;&nbsp;&nbsp; 5696316741, 19.066%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 34007 | 35367 | 1360 |
| &nbsp;&nbsp;&nbsp; 5697058758, 14.800%, 6/01/2023 †x¥#^ | Stripe | 9/23/2021 | 360 | 374 | 14 |
| &nbsp;&nbsp;&nbsp; 5697139, 4.874%, 1/15/2024 †x¶#^ | Square | 7/19/2022 | 3509 | 3270 | 275 |
| &nbsp;&nbsp;&nbsp; 5698084, 4.403%, 1/15/2024 †x¶#^ | Square | 7/19/2022 | 16351 | 15338 | 1282 |
| &nbsp;&nbsp;&nbsp; 5699039973, 14.250%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 2239 | 2329 | 2344 |
| &nbsp;&nbsp;&nbsp; 5699308, 4.719%, 1/15/2024 †x¶#^ | Square | 7/19/2022 | 3323 | 3104 | 261 |
| &nbsp;&nbsp;&nbsp; 5700496609, 22.400%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 1444 | 1502 | 1538 |
| &nbsp;&nbsp;&nbsp; 5701152194, 20.667%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 3467 | 3606 | 3639 |
| &nbsp;&nbsp;&nbsp; 5701943, 4.790%, 1/15/2024 †x¶#^ | Square | 7/19/2022 | 5381 | 5078 | 422 |
| &nbsp;&nbsp;&nbsp; 5702780, 4.403%, 1/16/2024 †x¶#^ | Square | 7/20/2022 | 3583 | 3361 | 281 |
| &nbsp;&nbsp;&nbsp; 5703090965, 20.800%, 2/06/2025 †x¥#^ | Stripe | 8/14/2023 | 922 | 958 | 37 |
| &nbsp;&nbsp;&nbsp; 5703099, 4.562%, 1/17/2024 †x¶#^ | Square | 7/20/2022 | 5175 | 4844 | 406 |
| &nbsp;&nbsp;&nbsp; 5703320, 4.980%, 1/17/2024 †x¶#^ | Square | 7/20/2022 | 1156 | 1076 | 91 |
| &nbsp;&nbsp;&nbsp; 5703408, 6.246%, 1/17/2024 †x¶#^ | Square | 7/20/2022 | 3225 | 2949 | 253 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8672** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5703490888, 20.351%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | $1486 | $1545 | $1555 |
| &nbsp;&nbsp;&nbsp; 5705454232, 26.133%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 366 | 381 | 398 |
| &nbsp;&nbsp;&nbsp; 5706408, 4.562%, 1/18/2024 †x¶#^ | Square | 7/20/2022 | 1576 | 1490 | 124 |
| &nbsp;&nbsp;&nbsp; 5707077, 4.722%, 1/18/2024 †x¶#^ | Square | 7/20/2022 | 3286 | 3069 | 258 |
| &nbsp;&nbsp;&nbsp; 5709075298, 22.400%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 5746 | 5975 | 6065 |
| &nbsp;&nbsp;&nbsp; 5709232, 3.321%, 1/18/2024 †x¶#^ | Square | 7/20/2022 | 609 | 580 | 48 |
| &nbsp;&nbsp;&nbsp; 5712178, 3.305%, 1/19/2024 †x¶#^ | Square | 7/21/2022 | 2742 | 2620 | 215 |
| &nbsp;&nbsp;&nbsp; 5713486, 4.561%, 1/19/2024 †x¶#^ | Square | 7/21/2022 | 8166 | 7643 | 640 |
| &nbsp;&nbsp;&nbsp; 5713594, 4.626%, 1/19/2024 †x¶#^ | Square | 7/21/2022 | 1288 | 1205 | 101 |
| &nbsp;&nbsp;&nbsp; 5714449, 5.645%, 1/19/2024 †x¶#^ | Square | 7/21/2022 | 69342 | 63928 | 5436 |
| &nbsp;&nbsp;&nbsp; 5714715990, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 26398 | 27454 | 27804 |
| &nbsp;&nbsp;&nbsp; 5714788, 3.766%, 1/19/2024 †x¶#^ | Square | 7/21/2022 | 846 | 801 | 66 |
| &nbsp;&nbsp;&nbsp; 5715660, 3.302%, 1/19/2024 †x¶#^ | Square | 7/21/2022 | 1402 | 1336 | 110 |
| &nbsp;&nbsp;&nbsp; 5717082, 4.987%, 1/20/2024 †x¶#^ | Square | 7/22/2022 | 7579 | 7051 | 594 |
| &nbsp;&nbsp;&nbsp; 5717756161, 20.800%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | 14623 | 15207 | 15408 |
| &nbsp;&nbsp;&nbsp; 5718525, 3.454%, 1/20/2024 †x¶#^ | Square | 7/22/2022 | 14639 | 13920 | 1148 |
| &nbsp;&nbsp;&nbsp; 5720437, 4.545%, 1/20/2024 †x¶#^ | Square | 7/22/2022 | 151 | 141 | 12 |
| &nbsp;&nbsp;&nbsp; 5720746, 2.804%, 1/20/2024 †x¶#^ | Square | 7/22/2022 | 929 | 892 | 73 |
| &nbsp;&nbsp;&nbsp; 5720761, 3.302%, 1/20/2024 †x¶#^ | Square | 7/22/2022 | 1584 | 1509 | 124 |
| &nbsp;&nbsp;&nbsp; 5724675571, 17.861%, 9/07/2023 †x¥#^ | Stripe | 3/14/2022 | 687 | 715 | 27 |
| &nbsp;&nbsp;&nbsp; 5729069353, 18.000%, 8/14/2024 †x¥#^ | Stripe | 2/17/2023 | 2539 | 2641 | 102 |
| &nbsp;&nbsp;&nbsp; 5729567, 5.018%, 1/21/2024 †x¶#^ | Square | 7/25/2022 | 1519 | 1412 | 119 |
| &nbsp;&nbsp;&nbsp; 5730128, 3.306%, 1/21/2024 †x¶#^ | Square | 7/25/2022 | 2917 | 2779 | 229 |
| &nbsp;&nbsp;&nbsp; 5730795, 4.561%, 1/21/2024 †x¶#^ | Square | 7/25/2022 | 20470 | 19159 | 1605 |
| &nbsp;&nbsp;&nbsp; 5731184, 3.707%, 1/22/2024 †x¶#^ | Square | 7/26/2022 | 461 | 436 | 36 |
| &nbsp;&nbsp;&nbsp; 5734332, 4.560%, 1/22/2024 †x¶#^ | Square | 7/26/2022 | 14112 | 13413 | 1106 |
| &nbsp;&nbsp;&nbsp; 5734629, 5.031%, 1/23/2024 †x¶#^ | Square | 7/27/2022 | 386 | 359 | 30 |
| &nbsp;&nbsp;&nbsp; 5734697, 5.427%, 1/23/2024 †x¶#^ | Square | 7/27/2022 | 11871 | 10978 | 931 |
| &nbsp;&nbsp;&nbsp; 5735312, 4.561%, 1/24/2024 †x¶#^ | Square | 7/27/2022 | 9942 | 9305 | 779 |
| &nbsp;&nbsp;&nbsp; 5735791, 4.201%, 1/24/2024 †x¶#^ | Square | 7/27/2022 | 2504 | 2356 | 196 |
| &nbsp;&nbsp;&nbsp; 5737331465, 25.585%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 6696 | 6964 | 6969 |
| &nbsp;&nbsp;&nbsp; 5738163, 3.302%, 1/25/2024 †x¶#^ | Square | 7/27/2022 | 1177 | 1121 | 92 |
| &nbsp;&nbsp;&nbsp; 5739306693, 20.400%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 14008 | 14568 | 14756 |
| &nbsp;&nbsp;&nbsp; 5739703, 4.703%, 1/25/2024 †x¶#^ | Square | 7/27/2022 | 540 | 504 | 42 |
| &nbsp;&nbsp;&nbsp; 5739738, 3.941%, 1/25/2024 †x¶#^ | Square | 7/27/2022 | 456 | 430 | 36 |
| &nbsp;&nbsp;&nbsp; 5740272, 4.938%, 1/26/2024 †x¶#^ | Square | 7/28/2022 | 5385 | 5014 | 422 |
| &nbsp;&nbsp;&nbsp; 5740352, 4.561%, 1/26/2024 †x¶#^ | Square | 7/28/2022 | 125 | 117 | 10 |
| &nbsp;&nbsp;&nbsp; 5741210, 3.302%, 1/26/2024 †x¶#^ | Square | 7/28/2022 | 478 | 456 | 38 |
| &nbsp;&nbsp;&nbsp; 5742423, 4.560%, 1/26/2024 †x¶#^ | Square | 7/28/2022 | 52664 | 49294 | 4129 |
| &nbsp;&nbsp;&nbsp; 5742434424, 16.129%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 4546 | 4727 | 4789 |
| &nbsp;&nbsp;&nbsp; 5742702, 4.629%, 1/26/2024 †x¶#^ | Square | 7/28/2022 | 24107 | 22542 | 1890 |
| &nbsp;&nbsp;&nbsp; 5742867, 4.560%, 1/26/2024 †x¶#^ | Square | 7/28/2022 | 14050 | 13150 | 1101 |
| &nbsp;&nbsp;&nbsp; 5743262, 3.774%, 1/26/2024 †x¶#^ | Square | 7/28/2022 | 143957 | 136246 | 11286 |
| &nbsp;&nbsp;&nbsp; 5743561, 4.552%, 1/27/2024 †x¶#^ | Square | 7/29/2022 | 310 | 290 | 24 |
| &nbsp;&nbsp;&nbsp; 5744483378, 24.000%, 7/11/2023 †x¥#^ | Stripe | 1/13/2022 | 890 | 925 | 36 |
| &nbsp;&nbsp;&nbsp; 5745438019, 26.529%, 12/12/2026 †x¥ | Stripe | 4/17/2025 | 22409 | 23305 | 13240 |
| &nbsp;&nbsp;&nbsp; 5745845, 4.403%, 1/27/2024 †x¶#^ | Square | 7/29/2022 | 57770 | 54192 | 4529 |
| &nbsp;&nbsp;&nbsp; 5746300, 4.721%, 1/27/2024 †x¶#^ | Square | 7/29/2022 | 7164 | 6690 | 562 |
| &nbsp;&nbsp;&nbsp; 5746327764, 26.424%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 553 | 575 | 586 |
| &nbsp;&nbsp;&nbsp; 5746410, 5.031%, 1/27/2024 †x¶#^ | Square | 7/29/2022 | 3727 | 3466 | 292 |
| &nbsp;&nbsp;&nbsp; 5746865931, 14.933%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 2361 | 2455 | 2465 |
| &nbsp;&nbsp;&nbsp; 5747385710, 20.800%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 3170 | 3297 | 3339 |
| &nbsp;&nbsp;&nbsp; 5754612200, 26.533%, 6/26/2025 †x¥#^ | Stripe | 1/02/2024 | 9775 | 10166 | 391 |
| &nbsp;&nbsp;&nbsp; 5755483909, 20.396%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 8595 | 8939 | 9042 |
| &nbsp;&nbsp;&nbsp; 5755646133, 26.495%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2630 | 2735 | 2751 |
| &nbsp;&nbsp;&nbsp; 5756001301, 21.193%, 11/01/2024 †x¥#^ | Stripe | 5/09/2023 | 3013 | 3134 | 121 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8673** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5757866100, 22.261%, 12/27/2023 †x¥#^ | Stripe | 10/12/2021 | $5685 | $5913 | $227 |
| &nbsp;&nbsp;&nbsp; 5758139064, 22.400%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 6974 | 7253 | 7495 |
| &nbsp;&nbsp;&nbsp; 5758760347, 20.398%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 18570 | 19313 | 19356 |
| &nbsp;&nbsp;&nbsp; 575880530, 20.127%, 2/07/2025 †x¥#^ | Stripe | 8/15/2023 | 3287 | 3418 | 131 |
| &nbsp;&nbsp;&nbsp; 5758971951, 26.533%, 1/10/2026 †x¥ | Stripe | 7/17/2024 | 1247 | 1296 | 1356 |
| &nbsp;&nbsp;&nbsp; 5760133534, 17.864%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 19571 | 20353 | 20629 |
| &nbsp;&nbsp;&nbsp; 5762562987, 26.462%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 813 | 845 | 857 |
| &nbsp;&nbsp;&nbsp; 5764187679, 26.531%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 3183 | 3311 | 3368 |
| &nbsp;&nbsp;&nbsp; 5765033720, 17.851%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 3914 | 4071 | 4111 |
| &nbsp;&nbsp;&nbsp; 5767262537, 19.862%, 2/04/2025 †x¥#^ | Stripe | 12/15/2022 | 10219 | 10628 | 409 |
| &nbsp;&nbsp;&nbsp; 5767433229, 20.923%, 6/03/2023 †x¥#^ | Stripe | 12/08/2021 | 2925 | 3042 | 117 |
| &nbsp;&nbsp;&nbsp; 5767491070, 22.667%, 3/25/2023 †x¥#^ | Stripe | 9/29/2021 | 199 | 207 | 8 |
| &nbsp;&nbsp;&nbsp; 5769906951, 21.988%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 2790 | 2902 | 2954 |
| &nbsp;&nbsp;&nbsp; 5771430313, 18.133%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 1926 | 2003 | 2010 |
| &nbsp;&nbsp;&nbsp; 5772733964, 20.000%, 9/05/2025 †x¥# | Stripe | 9/11/2023 | 4673 | 4860 | 187 |
| &nbsp;&nbsp;&nbsp; 5773740, 4.403%, 2/04/2024 †x¶#^ | Square | 8/08/2022 | 40745 | 38312 | 3194 |
| &nbsp;&nbsp;&nbsp; 5775992645, 18.395%, 11/18/2023 †x¥#^ | Stripe | 5/25/2022 | 3835 | 3988 | 153 |
| &nbsp;&nbsp;&nbsp; 5784264335, 20.929%, 5/09/2024 †x¥#^ | Stripe | 11/15/2022 | 4929 | 5126 | 197 |
| &nbsp;&nbsp;&nbsp; 5785363283, 18.799%, 2/20/2025 †x¥#^ | Stripe | 8/28/2023 | 6327 | 6580 | 253 |
| &nbsp;&nbsp;&nbsp; 5786381882, 17.597%, 7/15/2023 †x¥#^ | Stripe | 1/20/2022 | 11125 | 11570 | 445 |
| &nbsp;&nbsp;&nbsp; 5787642478, 20.800%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2474 | 2573 | 2623 |
| &nbsp;&nbsp;&nbsp; 5789702344, 21.990%, 6/26/2026 †x¥# | Stripe | 12/31/2024 | 3710 | 3858 | 635 |
| &nbsp;&nbsp;&nbsp; 579074869, 20.000%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 3567 | 3709 | 3769 |
| &nbsp;&nbsp;&nbsp; 5792135738, 19.467%, 12/15/2023 †x¥#^ | Stripe | 6/22/2022 | 19087 | 19851 | 763 |
| &nbsp;&nbsp;&nbsp; 5795222, 4.528%, 2/10/2024 †x¶#^ | Square | 8/12/2022 | 35584 | 33320 | 2790 |
| &nbsp;&nbsp;&nbsp; 5798703993, 17.864%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 13638 | 14184 | 14465 |
| &nbsp;&nbsp;&nbsp; 5803824075, 19.333%, 2/05/2025 †x¥#^ | Stripe | 8/11/2023 | 3815 | 3968 | 153 |
| &nbsp;&nbsp;&nbsp; 5804612624, 17.855%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 1111 | 1155 | 1169 |
| &nbsp;&nbsp;&nbsp; 58063648, 25.563%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 2162 | 2249 | 2272 |
| &nbsp;&nbsp;&nbsp; 5811121601, 20.000%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 136 | 141 | 148 |
| &nbsp;&nbsp;&nbsp; 581394506, 22.000%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 12019 | 12499 | 12815 |
| &nbsp;&nbsp;&nbsp; 5814813790, 23.710%, 10/08/2025 †x¥# | Stripe | 4/12/2024 | 2985 | 3104 | 119 |
| &nbsp;&nbsp;&nbsp; 5816812728, 25.730%, 12/24/2024 †x¥#^ | Stripe | 6/29/2023 | 11656 | 12122 | 466 |
| &nbsp;&nbsp;&nbsp; 5817131326, 21.994%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 352 | 366 | 389 |
| &nbsp;&nbsp;&nbsp; 5820451508, 15.863%, 12/01/2024 †x¥#^ | Stripe | 4/07/2023 | 2701 | 2810 | 108 |
| &nbsp;&nbsp;&nbsp; 5820559574, 13.463%, 11/18/2025 †x¥# | Stripe | 9/22/2023 | 592 | 615 | 24 |
| &nbsp;&nbsp;&nbsp; 5822522422, 22.254%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 7685 | 7992 | 307 |
| &nbsp;&nbsp;&nbsp; 5823550891, 21.173%, 10/18/2023 †x¥#^ | Stripe | 4/22/2022 | 1171 | 1218 | 47 |
| &nbsp;&nbsp;&nbsp; 5826065987, 26.424%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 50 | 52 | 55 |
| &nbsp;&nbsp;&nbsp; 5829532184, 16.398%, 8/17/2023 †x¥#^ | Stripe | 2/22/2022 | 26072 | 27115 | 1043 |
| &nbsp;&nbsp;&nbsp; 5831966895, 18.667%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 6410 | 6667 | 256 |
| &nbsp;&nbsp;&nbsp; 5832011314, 19.333%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 1523 | 1584 | 61 |
| &nbsp;&nbsp;&nbsp; 5834619381, 14.933%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 20158 | 20964 | 21294 |
| &nbsp;&nbsp;&nbsp; 5835796044, 19.867%, 2/16/2024 †x¥#^ | Stripe | 8/23/2022 | 24307 | 25279 | 972 |
| &nbsp;&nbsp;&nbsp; 583995384, 17.600%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 142039 | 147720 | 148770 |
| &nbsp;&nbsp;&nbsp; 5842147437, 23.067%, 2/25/2023 †x¥#^ | Stripe | 9/01/2021 | 372 | 387 | 15 |
| &nbsp;&nbsp;&nbsp; 5848343027, 26.533%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 406 | 422 | 16 |
| &nbsp;&nbsp;&nbsp; 5854239702, 26.533%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 19696 | 20484 | 20510 |
| &nbsp;&nbsp;&nbsp; 5857357883, 26.530%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 9421 | 9798 | 9982 |
| &nbsp;&nbsp;&nbsp; 5858760698, 21.333%, 8/12/2025 †x¥#^ | Stripe | 2/15/2024 | 1125 | 1170 | 45 |
| &nbsp;&nbsp;&nbsp; 5859889460, 18.902%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 2111 | 2195 | 2218 |
| &nbsp;&nbsp;&nbsp; 5860525213, 23.185%, 5/21/2025 †x¥#^ | Stripe | 11/27/2023 | 214 | 221 | 9 |
| &nbsp;&nbsp;&nbsp; 5861311125, 16.131%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 22744 | 23654 | 23799 |
| &nbsp;&nbsp;&nbsp; 5863068, 4.592%, 2/29/2024 †x¶#^ | Square | 9/01/2022 | 46182 | 43206 | 3621 |
| &nbsp;&nbsp;&nbsp; 5863142, 4.863%, 2/29/2024 †x¶#^ | Square | 9/01/2022 | 1785 | 1663 | 140 |
| &nbsp;&nbsp;&nbsp; 5863528, 4.025%, 2/29/2024 †x¶#^ | Square | 9/01/2022 | 676 | 637 | 53 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8674** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5863533382, 16.133%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | $9252 | $9622 | $9719 |
| &nbsp;&nbsp;&nbsp; 5863667, 5.031%, 2/29/2024 †x¶#^ | Square | 9/01/2022 | 3291 | 3177 | 258 |
| &nbsp;&nbsp;&nbsp; 5863716459, 20.132%, 4/11/2024 †x¥#^ | Stripe | 10/17/2022 | 30550 | 31771 | 1222 |
| &nbsp;&nbsp;&nbsp; 5864177999, 20.800%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 577 | 600 | 609 |
| &nbsp;&nbsp;&nbsp; 5865194, 5.531%, 2/29/2024 †x¶#^ | Square | 9/02/2022 | 2329 | 2234 | 183 |
| &nbsp;&nbsp;&nbsp; 5865656, 4.755%, 2/29/2024 †x¶#^ | Square | 9/02/2022 | 3267 | 3049 | 256 |
| &nbsp;&nbsp;&nbsp; 5865970335, 19.597%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 772 | 803 | 31 |
| &nbsp;&nbsp;&nbsp; 5866228, 5.440%, 2/29/2024 †x¶#^ | Square | 9/02/2022 | 4957 | 4583 | 389 |
| &nbsp;&nbsp;&nbsp; 5866638, 5.285%, 2/29/2024 †x¶#^ | Square | 9/02/2022 | 502 | 465 | 39 |
| &nbsp;&nbsp;&nbsp; 5868391989, 26.529%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 4074 | 4237 | 4281 |
| &nbsp;&nbsp;&nbsp; 5868558870, 25.193%, 4/01/2025 †x¥#^ | Stripe | 10/05/2023 | 7513 | 7814 | 301 |
| &nbsp;&nbsp;&nbsp; 5870716, 3.929%, 3/01/2024 †x¶#^ | Square | 9/06/2022 | 1909 | 1802 | 150 |
| &nbsp;&nbsp;&nbsp; 5871431, 4.773%, 3/01/2024 †x¶#^ | Square | 9/06/2022 | 689 | 643 | 54 |
| &nbsp;&nbsp;&nbsp; 587194824, 26.111%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 582 | 605 | 618 |
| &nbsp;&nbsp;&nbsp; 587299744, 19.599%, 5/22/2024 †x¥#^ | Stripe | 11/28/2022 | 33184 | 34511 | 1327 |
| &nbsp;&nbsp;&nbsp; 5873037, 4.560%, 3/01/2024 †x¶#^ | Square | 9/06/2022 | 6324 | 5919 | 496 |
| &nbsp;&nbsp;&nbsp; 5873373, 5.442%, 3/01/2024 †x¶#^ | Square | 9/06/2022 | 18263 | 16885 | 1432 |
| &nbsp;&nbsp;&nbsp; 587351568, 26.132%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 10273 | 10684 | 10876 |
| &nbsp;&nbsp;&nbsp; 5875469061, 13.333%, 3/17/2026 †x¥ | Stripe | 9/19/2024 | 6098 | 6342 | 6467 |
| &nbsp;&nbsp;&nbsp; 5875485, 5.535%, 3/02/2024 †x¶#^ | Square | 9/07/2022 | 1061 | 980 | 83 |
| &nbsp;&nbsp;&nbsp; 5875504, 5.262%, 3/02/2024 †x¶#^ | Square | 9/07/2022 | 1770 | 1641 | 139 |
| &nbsp;&nbsp;&nbsp; 5875996, 4.215%, 3/02/2024 †x¶#^ | Square | 9/07/2022 | 9494 | 8929 | 744 |
| &nbsp;&nbsp;&nbsp; 5876562287, 26.533%, 11/20/2025 †x¥# | Stripe | 5/28/2024 | 82 | 85 | 3 |
| &nbsp;&nbsp;&nbsp; 5876642, 4.821%, 3/02/2024 †x¶#^ | Square | 9/07/2022 | 1257 | 1172 | 99 |
| &nbsp;&nbsp;&nbsp; 5876809, 4.843%, 3/02/2024 †x¶#^ | Square | 9/07/2022 | 17863 | 16653 | 1400 |
| &nbsp;&nbsp;&nbsp; 5877187, 4.528%, 3/03/2024 †x¶#^ | Square | 9/08/2022 | 18589 | 17407 | 1457 |
| &nbsp;&nbsp;&nbsp; 5877551515, 25.857%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 5971 | 6210 | 6314 |
| &nbsp;&nbsp;&nbsp; 5877697, 5.031%, 3/03/2024 †x¶#^ | Square | 9/08/2022 | 2389 | 2222 | 187 |
| &nbsp;&nbsp;&nbsp; 5877804, 4.938%, 3/03/2024 †x¶#^ | Square | 9/08/2022 | 54 | 50 | 4 |
| &nbsp;&nbsp;&nbsp; 5877857, 4.311%, 3/03/2024 †x¶#^ | Square | 9/08/2022 | 6442 | 6051 | 505 |
| &nbsp;&nbsp;&nbsp; 5878628, 4.772%, 3/05/2024 †x¶#^ | Square | 9/08/2022 | 563 | 525 | 44 |
| &nbsp;&nbsp;&nbsp; 5878834591, 26.133%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 8343 | 8677 | 334 |
| &nbsp;&nbsp;&nbsp; 5879248587, 21.333%, 4/17/2024 †x¥#^ | Stripe | 10/21/2022 | 3518 | 3659 | 141 |
| &nbsp;&nbsp;&nbsp; 5879476343, 16.667%, 6/21/2024 †x¥#^ | Stripe | 12/28/2022 | 7379 | 7674 | 295 |
| &nbsp;&nbsp;&nbsp; 5881191, 3.986%, 3/06/2024 †x¶#^ | Square | 9/08/2022 | 153 | 145 | 12 |
| &nbsp;&nbsp;&nbsp; 5881710, 4.064%, 3/06/2024 †x¶#^ | Square | 9/08/2022 | 298 | 281 | 23 |
| &nbsp;&nbsp;&nbsp; 5881840, 5.205%, 3/06/2024 †x¶#^ | Square | 9/08/2022 | 1380 | 1280 | 108 |
| &nbsp;&nbsp;&nbsp; 5882619, 4.717%, 3/06/2024 †x¶#^ | Square | 9/08/2022 | 14116 | 13500 | 1107 |
| &nbsp;&nbsp;&nbsp; 5882721, 4.844%, 3/06/2024 †x¶#^ | Square | 9/08/2022 | 11777 | 10980 | 923 |
| &nbsp;&nbsp;&nbsp; 5882763597, 19.327%, 7/14/2026 †x¥# | Stripe | 1/16/2025 | 6929 | 7206 | 2650 |
| &nbsp;&nbsp;&nbsp; 5883026, 5.015%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 856 | 796 | 67 |
| &nbsp;&nbsp;&nbsp; 5883026863, 14.399%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 31035 | 32277 | 32661 |
| &nbsp;&nbsp;&nbsp; 5883603, 5.533%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 2420 | 2235 | 190 |
| &nbsp;&nbsp;&nbsp; 5883735, 3.302%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 2472 | 2356 | 194 |
| &nbsp;&nbsp;&nbsp; 5884714, 4.754%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 483 | 451 | 38 |
| &nbsp;&nbsp;&nbsp; 5885121609, 14.000%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 241845 | 251518 | 251668 |
| &nbsp;&nbsp;&nbsp; 5885434, 4.748%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 2927 | 2732 | 229 |
| &nbsp;&nbsp;&nbsp; 5885857, 4.937%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 5110 | 4758 | 401 |
| &nbsp;&nbsp;&nbsp; 5885991, 4.962%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 658 | 612 | 52 |
| &nbsp;&nbsp;&nbsp; 5886017, 4.309%, 3/07/2024 †x¶#^ | Square | 9/09/2022 | 3158 | 2967 | 248 |
| &nbsp;&nbsp;&nbsp; 5886215210, 21.995%, 4/09/2026 †x¥ | Stripe | 10/15/2024 | 4060 | 4222 | 2370 |
| &nbsp;&nbsp;&nbsp; 5886753002, 20.762%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 581 | 605 | 617 |
| &nbsp;&nbsp;&nbsp; 5888084, 4.906%, 3/08/2024 †x¶#^ | Square | 9/12/2022 | 2851 | 2656 | 224 |
| &nbsp;&nbsp;&nbsp; 5888643, 4.748%, 3/08/2024 †x¶#^ | Square | 9/12/2022 | 16840 | 15720 | 1320 |
| &nbsp;&nbsp;&nbsp; 5889860, 5.522%, 3/08/2024 †x¶#^ | Square | 9/12/2022 | 595 | 550 | 47 |
| &nbsp;&nbsp;&nbsp; 5890271, 3.774%, 3/08/2024 †x¶#^ | Square | 9/12/2022 | 35121 | 33239 | 2753 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8675** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5890979, 4.434%, 3/08/2024 †x¶#^ | Square | 9/12/2022 | $35481 | $33269 | $2782 |
| &nbsp;&nbsp;&nbsp; 5891173556, 18.667%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 5543 | 5765 | 5834 |
| &nbsp;&nbsp;&nbsp; 5891253, 4.743%, 3/09/2024 †x¶#^ | Square | 9/13/2022 | 3603 | 3364 | 282 |
| &nbsp;&nbsp;&nbsp; 5891433, 5.442%, 3/09/2024 †x¶#^ | Square | 9/13/2022 | 4183 | 3867 | 328 |
| &nbsp;&nbsp;&nbsp; 5891701, 4.750%, 3/09/2024 †x¶#^ | Square | 9/13/2022 | 14946 | 13952 | 1172 |
| &nbsp;&nbsp;&nbsp; 5892207, 5.147%, 3/09/2024 †x¶#^ | Square | 9/13/2022 | 395 | 366 | 31 |
| &nbsp;&nbsp;&nbsp; 5892241, 5.027%, 3/09/2024 †x¶#^ | Square | 9/13/2022 | 553 | 514 | 43 |
| &nbsp;&nbsp;&nbsp; 5892628447, 26.476%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 2058 | 2140 | 2140 |
| &nbsp;&nbsp;&nbsp; 5893101010, 16.259%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 5704 | 5933 | 5955 |
| &nbsp;&nbsp;&nbsp; 5893248199, 26.530%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 1724 | 1793 | 1830 |
| &nbsp;&nbsp;&nbsp; 5893952467, 22.394%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 11964 | 12442 | 12580 |
| &nbsp;&nbsp;&nbsp; 5894998, 5.565%, 3/10/2024 †x¶#^ | Square | 9/14/2022 | 1059 | 978 | 83 |
| &nbsp;&nbsp;&nbsp; 5895164, 4.208%, 3/11/2024 †x¶#^ | Square | 9/14/2022 | 845 | 795 | 66 |
| &nbsp;&nbsp;&nbsp; 5895419, 5.424%, 3/11/2024 †x¶#^ | Square | 9/14/2022 | 1072 | 993 | 84 |
| &nbsp;&nbsp;&nbsp; 5895675, 5.358%, 3/11/2024 †x¶#^ | Square | 9/14/2022 | 101 | 94 | 8 |
| &nbsp;&nbsp;&nbsp; 5895810, 4.939%, 3/11/2024 †x¶#^ | Square | 9/14/2022 | 3545 | 3300 | 278 |
| &nbsp;&nbsp;&nbsp; 5896468437, 21.980%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 1497 | 1557 | 1587 |
| &nbsp;&nbsp;&nbsp; 5896870, 5.445%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 2385 | 2205 | 187 |
| &nbsp;&nbsp;&nbsp; 5897251, 4.308%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 15091 | 14175 | 1183 |
| &nbsp;&nbsp;&nbsp; 5897558, 4.528%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 95385 | 89318 | 7478 |
| &nbsp;&nbsp;&nbsp; 5897987, 4.906%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 2573 | 2396 | 202 |
| &nbsp;&nbsp;&nbsp; 5898011, 5.035%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 776 | 721 | 61 |
| &nbsp;&nbsp;&nbsp; 5898268, 5.157%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 16898 | 15684 | 1325 |
| &nbsp;&nbsp;&nbsp; 5898531, 4.906%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 25221 | 23492 | 1977 |
| &nbsp;&nbsp;&nbsp; 5898791, 4.026%, 3/12/2024 †x¶#^ | Square | 9/14/2022 | 576 | 544 | 45 |
| &nbsp;&nbsp;&nbsp; 5899158983, 14.798%, 7/11/2026 †x¥ | Stripe | 1/15/2025 | 13389 | 13924 | 14148 |
| &nbsp;&nbsp;&nbsp; 5899809, 5.282%, 3/13/2024 †x¶#^ | Square | 9/15/2022 | 770 | 714 | 60 |
| &nbsp;&nbsp;&nbsp; 58eae0bd-26ce-453b-b704-e6f89394d1e9, 19.290%, 11/04/2019 †x#^ | Funding Circle | 12/14/2016 | 14730 | 14730 | 4419 |
| &nbsp;&nbsp;&nbsp; 5901014, 4.750%, 3/13/2024 †x¶#^ | Square | 9/15/2022 | 5607 | 5290 | 440 |
| &nbsp;&nbsp;&nbsp; 5901357, 4.937%, 3/13/2024 †x¶#^ | Square | 9/15/2022 | 1617 | 1506 | 127 |
| &nbsp;&nbsp;&nbsp; 5901534877, 23.729%, 9/26/2025 †x¥# | Stripe | 4/02/2024 | 17256 | 17947 | 690 |
| &nbsp;&nbsp;&nbsp; 5901828, 5.095%, 3/13/2024 †x¶#^ | Square | 9/15/2022 | 20369 | 18923 | 1597 |
| &nbsp;&nbsp;&nbsp; 5901996, 5.285%, 3/13/2024 †x¶#^ | Square | 9/15/2022 | 3729 | 3455 | 292 |
| &nbsp;&nbsp;&nbsp; 5902970897, 15.065%, 5/03/2023 †x¥#^ | Stripe | 11/05/2021 | 12756 | 13266 | 510 |
| &nbsp;&nbsp;&nbsp; 5903489, 5.031%, 3/14/2024 †x¶#^ | Square | 9/16/2022 | 1677 | 1559 | 131 |
| &nbsp;&nbsp;&nbsp; 5904157094, 19.333%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 10006 | 10406 | 10510 |
| &nbsp;&nbsp;&nbsp; 5904784, 5.096%, 3/14/2024 †x¶#^ | Square | 9/16/2022 | 11158 | 10366 | 875 |
| &nbsp;&nbsp;&nbsp; 5904829, 5.190%, 3/14/2024 †x¶#^ | Square | 9/16/2022 | 19769 | 18341 | 1550 |
| &nbsp;&nbsp;&nbsp; 5906128140, 14.400%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 167589 | 174292 | 175687 |
| &nbsp;&nbsp;&nbsp; 5906866800, 20.308%, 3/16/2024 †x¥#^ | Stripe | 9/21/2022 | 408 | 424 | 16 |
| &nbsp;&nbsp;&nbsp; 5907151, 4.591%, 3/15/2024 †x¶#^ | Square | 9/19/2022 | 1844 | 1725 | 145 |
| &nbsp;&nbsp;&nbsp; 5908614963, 19.333%, 1/22/2027 †x¥ | Stripe | 7/29/2025 | 8793 | 9145 | 9204 |
| &nbsp;&nbsp;&nbsp; 5910838, 4.432%, 3/16/2024 †x¶#^ | Square | 9/20/2022 | 10289 | 9647 | 807 |
| &nbsp;&nbsp;&nbsp; 5911648, 4.747%, 3/16/2024 †x¶#^ | Square | 9/20/2022 | 2271 | 2120 | 178 |
| &nbsp;&nbsp;&nbsp; 5911662280, 13.600%, 3/13/2025 †x¥#^ | Stripe | 9/18/2023 | 142740 | 148450 | 5710 |
| &nbsp;&nbsp;&nbsp; 5912106133, 25.333%, 6/10/2025 †x¥#^ | Stripe | 12/14/2023 | 1334 | 1387 | 53 |
| &nbsp;&nbsp;&nbsp; 5912759, 3.931%, 3/16/2024 †x¶#^ | Square | 9/20/2022 | 37707 | 35607 | 2956 |
| &nbsp;&nbsp;&nbsp; 5913480579, 24.933%, 10/23/2026 †x¥ | Stripe | 4/29/2025 | 658 | 684 | 695 |
| &nbsp;&nbsp;&nbsp; 5914693, 4.751%, 3/18/2024 †x¶#^ | Square | 9/21/2022 | 1802 | 1682 | 141 |
| &nbsp;&nbsp;&nbsp; 5915731, 4.841%, 3/19/2024 †x¶#^ | Square | 9/21/2022 | 978 | 911 | 77 |
| &nbsp;&nbsp;&nbsp; 5918901810, 26.061%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 373 | 388 | 402 |
| &nbsp;&nbsp;&nbsp; 5919035, 5.426%, 3/20/2024 †x¶#^ | Square | 9/22/2022 | 734 | 679 | 58 |
| &nbsp;&nbsp;&nbsp; 5919310, 4.302%, 3/20/2024 †x¶#^ | Square | 9/22/2022 | 2680 | 2517 | 210 |
| &nbsp;&nbsp;&nbsp; 5921692, 4.030%, 3/20/2024 †x¶#^ | Square | 9/22/2022 | 406 | 383 | 32 |
| &nbsp;&nbsp;&nbsp; 5921934, 4.748%, 3/20/2024 †x¶#^ | Square | 9/22/2022 | 24273 | 22659 | 1903 |
| &nbsp;&nbsp;&nbsp; 5924375929, 22.390%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 3443 | 3581 | 3673 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8676** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5925345, 5.281%, 3/21/2024 †x¶#^ | Square | 9/23/2022 | $6312 | $5848 | $495 |
| &nbsp;&nbsp;&nbsp; 5926055235, 25.864%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 10628 | 11053 | 11238 |
| &nbsp;&nbsp;&nbsp; 5926783744, 20.368%, 4/17/2025 †x¥#^ | Stripe | 10/23/2023 | 1319 | 1372 | 53 |
| &nbsp;&nbsp;&nbsp; 5927220869, 20.400%, 2/24/2027 †x¥ | Stripe | 8/29/2025 | 73000 | 75920 | 75920 |
| &nbsp;&nbsp;&nbsp; 5927227658, 26.525%, 3/06/2025 †x¥#^ | Stripe | 9/11/2023 | 5180 | 5387 | 207 |
| &nbsp;&nbsp;&nbsp; 5927626916, 14.800%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 6956 | 7234 | 7311 |
| &nbsp;&nbsp;&nbsp; 5927692, 4.756%, 3/22/2024 †x¶#^ | Square | 9/26/2022 | 266 | 248 | 21 |
| &nbsp;&nbsp;&nbsp; 5928796, 4.436%, 3/22/2024 †x¶#^ | Square | 9/26/2022 | 2620 | 2456 | 205 |
| &nbsp;&nbsp;&nbsp; 5928829, 5.031%, 3/22/2024 †x¶#^ | Square | 9/26/2022 | 7794 | 7247 | 611 |
| &nbsp;&nbsp;&nbsp; 5929285956, 18.667%, 4/02/2024 †x¥#^ | Stripe | 8/09/2022 | 10726 | 11155 | 429 |
| &nbsp;&nbsp;&nbsp; 5929929, 4.716%, 3/22/2024 †x¶#^ | Square | 9/26/2022 | 1742 | 1627 | 137 |
| &nbsp;&nbsp;&nbsp; 5930768, 4.935%, 3/22/2024 †x¶#^ | Square | 9/26/2022 | 3248 | 3024 | 255 |
| &nbsp;&nbsp;&nbsp; 5930845, 5.539%, 3/23/2024 †x¶#^ | Square | 9/27/2022 | 1200 | 1108 | 94 |
| &nbsp;&nbsp;&nbsp; 5930864, 4.718%, 3/23/2024 †x¶#^ | Square | 9/27/2022 | 15756 | 14714 | 1235 |
| &nbsp;&nbsp;&nbsp; 5931448, 5.377%, 3/23/2024 †x¶#^ | Square | 9/27/2022 | 19601 | 18138 | 1537 |
| &nbsp;&nbsp;&nbsp; 5931547, 4.749%, 3/23/2024 †x¶#^ | Square | 9/27/2022 | 8289 | 7738 | 650 |
| &nbsp;&nbsp;&nbsp; 5931756622, 20.667%, 10/08/2025 †x¥ | Stripe | 4/12/2024 | 443 | 461 | 479 |
| &nbsp;&nbsp;&nbsp; 5931937, 4.948%, 3/23/2024 †x¶#^ | Square | 9/27/2022 | 813 | 757 | 64 |
| &nbsp;&nbsp;&nbsp; 5932882, 4.591%, 3/23/2024 †x¶#^ | Square | 9/27/2022 | 3975 | 3719 | 312 |
| &nbsp;&nbsp;&nbsp; 5933105, 5.085%, 3/23/2024 †x¶#^ | Square | 9/27/2022 | 1408 | 1308 | 110 |
| &nbsp;&nbsp;&nbsp; 5934512, 5.428%, 3/24/2024 †x¶#^ | Square | 9/28/2022 | 414 | 383 | 32 |
| &nbsp;&nbsp;&nbsp; 5935042, 5.438%, 3/25/2024 †x¶#^ | Square | 9/28/2022 | 176 | 163 | 14 |
| &nbsp;&nbsp;&nbsp; 5935584, 5.031%, 3/26/2024 †x¶#^ | Square | 9/28/2022 | 5645 | 5249 | 443 |
| &nbsp;&nbsp;&nbsp; 5935639, 4.762%, 3/26/2024 †x¶#^ | Square | 9/28/2022 | 783 | 731 | 61 |
| &nbsp;&nbsp;&nbsp; 593825008, 18.798%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 4045 | 4207 | 4307 |
| &nbsp;&nbsp;&nbsp; 5939357632, 25.865%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 27739 | 28848 | 29581 |
| &nbsp;&nbsp;&nbsp; 5939614, 5.034%, 3/27/2024 †x¶#^ | Square | 9/29/2022 | 2240 | 2086 | 176 |
| &nbsp;&nbsp;&nbsp; 5940011, 4.313%, 3/27/2024 †x¶#^ | Square | 9/29/2022 | 5514 | 5179 | 432 |
| &nbsp;&nbsp;&nbsp; 5940806, 4.434%, 3/27/2024 †x¶#^ | Square | 9/29/2022 | 887 | 832 | 70 |
| &nbsp;&nbsp;&nbsp; 5944080, 5.454%, 3/28/2024 †x¶#^ | Square | 9/30/2022 | 894 | 826 | 70 |
| &nbsp;&nbsp;&nbsp; 5944119, 4.719%, 3/28/2024 †x¶#^ | Square | 9/30/2022 | 5281 | 4932 | 414 |
| &nbsp;&nbsp;&nbsp; 5945318, 4.216%, 3/28/2024 †x¶#^ | Square | 9/30/2022 | 6412 | 6031 | 503 |
| &nbsp;&nbsp;&nbsp; 5948303650, 26.526%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 8830 | 9183 | 9264 |
| &nbsp;&nbsp;&nbsp; 5949309, 5.444%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 1557 | 1440 | 122 |
| &nbsp;&nbsp;&nbsp; 5949467, 5.437%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 847 | 783 | 66 |
| &nbsp;&nbsp;&nbsp; 5949553, 5.446%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 1000 | 924 | 78 |
| &nbsp;&nbsp;&nbsp; 5949589, 5.157%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 16110 | 14953 | 1263 |
| &nbsp;&nbsp;&nbsp; 5949609, 4.750%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 2875 | 2684 | 225 |
| &nbsp;&nbsp;&nbsp; 5949718, 4.906%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 11820 | 11011 | 927 |
| &nbsp;&nbsp;&nbsp; 5949819, 5.036%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 5402 | 5023 | 424 |
| &nbsp;&nbsp;&nbsp; 5950245, 5.157%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 11516 | 10689 | 903 |
| &nbsp;&nbsp;&nbsp; 5950364, 4.591%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 29696 | 27783 | 2328 |
| &nbsp;&nbsp;&nbsp; 5950650, 4.035%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 2358 | 2223 | 185 |
| &nbsp;&nbsp;&nbsp; 5950922, 5.160%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 6701 | 6220 | 525 |
| &nbsp;&nbsp;&nbsp; 5950937353, 24.000%, 9/12/2023 †x¥#^ | Stripe | 1/19/2022 | 2400 | 2496 | 96 |
| &nbsp;&nbsp;&nbsp; 5950952, 5.366%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 1237 | 1145 | 97 |
| &nbsp;&nbsp;&nbsp; 5950960, 4.906%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 13152 | 12250 | 1031 |
| &nbsp;&nbsp;&nbsp; 5951152, 5.031%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 1783 | 1668 | 140 |
| &nbsp;&nbsp;&nbsp; 5951297665, 14.400%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 55945 | 58183 | 58867 |
| &nbsp;&nbsp;&nbsp; 5951499779, 26.133%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 5224 | 5433 | 5573 |
| &nbsp;&nbsp;&nbsp; 5951630, 4.053%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 769 | 725 | 60 |
| &nbsp;&nbsp;&nbsp; 5951705, 4.901%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 2892 | 2694 | 227 |
| &nbsp;&nbsp;&nbsp; 5951720, 5.031%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 44649 | 41515 | 3500 |
| &nbsp;&nbsp;&nbsp; 5951772, 4.766%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 673 | 628 | 53 |
| &nbsp;&nbsp;&nbsp; 5951830, 5.283%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 4640 | 4300 | 364 |
| &nbsp;&nbsp;&nbsp; 5951918, 5.031%, 3/29/2024 †x¶#^ | Square | 10/03/2022 | 4461 | 4164 | 350 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8677** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5952122987, 16.121%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | $3494 | $3633 | $3667 |
| &nbsp;&nbsp;&nbsp; 5953084, 5.435%, 3/30/2024 †x¶#^ | Square | 10/04/2022 | 1004 | 929 | 79 |
| &nbsp;&nbsp;&nbsp; 5953904, 4.746%, 3/30/2024 †x¶#^ | Square | 10/04/2022 | 4564 | 4261 | 358 |
| &nbsp;&nbsp;&nbsp; 5954026, 4.749%, 3/30/2024 †x¶#^ | Square | 10/04/2022 | 52704 | 49200 | 4132 |
| &nbsp;&nbsp;&nbsp; 5954301, 5.272%, 3/30/2024 †x¶#^ | Square | 10/04/2022 | 400 | 371 | 31 |
| &nbsp;&nbsp;&nbsp; 5954567, 4.527%, 3/30/2024 †x¶#^ | Square | 10/04/2022 | 2294 | 2148 | 180 |
| &nbsp;&nbsp;&nbsp; 5954760805, 19.328%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 3804 | 3956 | 4036 |
| &nbsp;&nbsp;&nbsp; 5955496, 5.533%, 4/01/2024 †x¶#^ | Square | 10/05/2022 | 4791 | 4423 | 376 |
| &nbsp;&nbsp;&nbsp; 5956135, 4.751%, 4/01/2024 †x¶#^ | Square | 10/05/2022 | 2875 | 2684 | 225 |
| &nbsp;&nbsp;&nbsp; 5956272, 4.934%, 4/02/2024 †x¶#^ | Square | 10/05/2022 | 8083 | 7526 | 634 |
| &nbsp;&nbsp;&nbsp; 5956794, 5.140%, 4/02/2024 †x¶#^ | Square | 10/05/2022 | 956 | 887 | 75 |
| &nbsp;&nbsp;&nbsp; 5956871, 5.031%, 4/02/2024 †x¶#^ | Square | 10/05/2022 | 669 | 622 | 52 |
| &nbsp;&nbsp;&nbsp; 5956879, 5.537%, 4/02/2024 †x¶#^ | Square | 10/05/2022 | 2269 | 2095 | 178 |
| &nbsp;&nbsp;&nbsp; 5956915, 4.840%, 4/02/2024 †x¶#^ | Square | 10/05/2022 | 477 | 445 | 37 |
| &nbsp;&nbsp;&nbsp; 5956916, 4.748%, 4/02/2024 †x¶#^ | Square | 10/05/2022 | 4901 | 4575 | 384 |
| &nbsp;&nbsp;&nbsp; 5957006022, 22.000%, 3/26/2026 †x¥ | Stripe | 9/30/2024 | 2136 | 2222 | 2312 |
| &nbsp;&nbsp;&nbsp; 5957206, 5.189%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 1655 | 1535 | 130 |
| &nbsp;&nbsp;&nbsp; 5957252304, 18.923%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 905 | 941 | 960 |
| &nbsp;&nbsp;&nbsp; 5957485, 5.031%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 8563 | 7962 | 671 |
| &nbsp;&nbsp;&nbsp; 5957565, 5.157%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 14294 | 13267 | 1121 |
| &nbsp;&nbsp;&nbsp; 5957625, 5.031%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 4490 | 4174 | 352 |
| &nbsp;&nbsp;&nbsp; 5958007306, 20.800%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 2286 | 2378 | 2425 |
| &nbsp;&nbsp;&nbsp; 5958636, 4.932%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 462 | 431 | 36 |
| &nbsp;&nbsp;&nbsp; 5958866, 5.028%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 1755 | 1631 | 138 |
| &nbsp;&nbsp;&nbsp; 5958883, 4.941%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 2623 | 2442 | 206 |
| &nbsp;&nbsp;&nbsp; 5959387, 4.592%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 11258 | 10533 | 883 |
| &nbsp;&nbsp;&nbsp; 5959574906, 14.800%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 39551 | 41133 | 41893 |
| &nbsp;&nbsp;&nbsp; 5959629, 4.939%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 8290 | 7718 | 650 |
| &nbsp;&nbsp;&nbsp; 5960031, 4.305%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 2686 | 2523 | 211 |
| &nbsp;&nbsp;&nbsp; 5960085, 5.522%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 1509 | 1393 | 118 |
| &nbsp;&nbsp;&nbsp; 5960115, 4.752%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 2044 | 1908 | 160 |
| &nbsp;&nbsp;&nbsp; 5960125, 4.310%, 4/03/2024 †x¶#^ | Square | 10/05/2022 | 8144 | 7650 | 639 |
| &nbsp;&nbsp;&nbsp; 5960159038, 26.525%, 10/31/2025 †x¥# | Stripe | 5/07/2024 | 1567 | 1629 | 629 |
| &nbsp;&nbsp;&nbsp; 5961009, 4.530%, 4/04/2024 †x¶#^ | Square | 10/06/2022 | 12226 | 11448 | 959 |
| &nbsp;&nbsp;&nbsp; 5961578890, 13.067%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 9105 | 9469 | 9760 |
| &nbsp;&nbsp;&nbsp; 5961822, 5.285%, 4/04/2024 †x¶#^ | Square | 10/06/2022 | 6806 | 6306 | 534 |
| &nbsp;&nbsp;&nbsp; 5961978, 4.906%, 4/04/2024 †x¶#^ | Square | 10/06/2022 | 38503 | 35863 | 3019 |
| &nbsp;&nbsp;&nbsp; 5962386, 5.286%, 4/04/2024 †x¶#^ | Square | 10/06/2022 | 2528 | 2342 | 198 |
| &nbsp;&nbsp;&nbsp; 5962575, 4.215%, 4/04/2024 †x¶#^ | Square | 10/06/2022 | 14269 | 13421 | 1119 |
| &nbsp;&nbsp;&nbsp; 5962735, 5.432%, 4/04/2024 †x¶#^ | Square | 10/06/2022 | 877 | 811 | 69 |
| &nbsp;&nbsp;&nbsp; 5963778, 4.029%, 4/04/2024 †x¶#^ | Square | 10/06/2022 | 1153 | 1089 | 90 |
| &nbsp;&nbsp;&nbsp; 596426519, 14.261%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 1481 | 1540 | 1580 |
| &nbsp;&nbsp;&nbsp; 5965960, 5.098%, 4/05/2024 †x¶#^ | Square | 10/07/2022 | 2799 | 2600 | 219 |
| &nbsp;&nbsp;&nbsp; 5966103, 5.533%, 4/05/2024 †x¶#^ | Square | 10/07/2022 | 13223 | 12212 | 1037 |
| &nbsp;&nbsp;&nbsp; 5967957011, 19.329%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 11568 | 12031 | 12121 |
| &nbsp;&nbsp;&nbsp; 5968554511, 25.333%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 43715 | 45463 | 1749 |
| &nbsp;&nbsp;&nbsp; 5970026690, 26.530%, 11/14/2024 †x¥#^ | Stripe | 5/22/2023 | 29300 | 30472 | 1172 |
| &nbsp;&nbsp;&nbsp; 5971174, 4.906%, 4/06/2024 †x¶#^ | Square | 10/11/2022 | 174562 | 162598 | 13686 |
| &nbsp;&nbsp;&nbsp; 5971207828, 16.000%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 11040 | 11482 | 11547 |
| &nbsp;&nbsp;&nbsp; 5972455, 5.034%, 4/06/2024 †x¶#^ | Square | 10/11/2022 | 2095 | 1948 | 164 |
| &nbsp;&nbsp;&nbsp; 5973513, 5.283%, 4/06/2024 †x¶#^ | Square | 10/11/2022 | 26677 | 24718 | 2091 |
| &nbsp;&nbsp;&nbsp; 5973618791, 19.323%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 3555 | 3697 | 3745 |
| &nbsp;&nbsp;&nbsp; 5974794, 4.748%, 4/07/2024 †x¶#^ | Square | 10/12/2022 | 19990 | 18661 | 1567 |
| &nbsp;&nbsp;&nbsp; 5975194, 3.931%, 4/07/2024 †x¶#^ | Square | 10/12/2022 | 6658 | 6287 | 522 |
| &nbsp;&nbsp;&nbsp; 5976320, 5.031%, 4/07/2024 †x¶#^ | Square | 10/12/2022 | 35857 | 33340 | 2811 |
| &nbsp;&nbsp;&nbsp; 5976504, 5.377%, 4/07/2024 †x¶#^ | Square | 10/12/2022 | 21704 | 20212 | 1702 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8678** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5978152, 4.842%, 4/08/2024 †x¶#^ | Square | 10/13/2022 | $3013 | $2809 | $236 |
| &nbsp;&nbsp;&nbsp; 5978171, 5.031%, 4/08/2024 †x¶#^ | Square | 10/13/2022 | 5770 | 5365 | 452 |
| &nbsp;&nbsp;&nbsp; 5978230, 5.441%, 4/08/2024 †x¶#^ | Square | 10/13/2022 | 3115 | 2880 | 244 |
| &nbsp;&nbsp;&nbsp; 5978505, 4.820%, 4/08/2024 †x¶#^ | Square | 10/13/2022 | 964 | 899 | 76 |
| &nbsp;&nbsp;&nbsp; 5978529, 5.151%, 4/08/2024 †x¶#^ | Square | 10/13/2022 | 1736 | 1612 | 136 |
| &nbsp;&nbsp;&nbsp; 5978542, 4.745%, 4/08/2024 †x¶#^ | Square | 10/13/2022 | 2697 | 2518 | 211 |
| &nbsp;&nbsp;&nbsp; 5978708, 4.427%, 4/08/2024 †x¶#^ | Square | 10/13/2022 | 1019 | 956 | 80 |
| &nbsp;&nbsp;&nbsp; 5978864, 4.851%, 4/09/2024 †x¶#^ | Square | 10/13/2022 | 2791 | 2601 | 219 |
| &nbsp;&nbsp;&nbsp; 5979281, 4.912%, 4/09/2024 †x¶#^ | Square | 10/13/2022 | 2305 | 2147 | 181 |
| &nbsp;&nbsp;&nbsp; 5979358, 5.544%, 4/09/2024 †x¶#^ | Square | 10/13/2022 | 1555 | 1436 | 122 |
| &nbsp;&nbsp;&nbsp; 5979359, 5.186%, 4/09/2024 †x¶#^ | Square | 10/13/2022 | 2035 | 1888 | 160 |
| &nbsp;&nbsp;&nbsp; 5979520, 5.031%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 18327 | 17041 | 1437 |
| &nbsp;&nbsp;&nbsp; 5979859, 4.527%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 25844 | 24201 | 2026 |
| &nbsp;&nbsp;&nbsp; 5979937, 4.845%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 5427 | 5059 | 425 |
| &nbsp;&nbsp;&nbsp; 5979997, 5.031%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 2394 | 2226 | 188 |
| &nbsp;&nbsp;&nbsp; 5980358, 5.025%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 2929 | 2723 | 230 |
| &nbsp;&nbsp;&nbsp; 5980684, 4.842%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 709 | 661 | 56 |
| &nbsp;&nbsp;&nbsp; 5980878, 4.009%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 426 | 401 | 33 |
| &nbsp;&nbsp;&nbsp; 5980902, 4.746%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 1069 | 998 | 84 |
| &nbsp;&nbsp;&nbsp; 5981119, 5.438%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 6210 | 5742 | 487 |
| &nbsp;&nbsp;&nbsp; 5981141, 4.048%, 4/10/2024 †x¶#^ | Square | 10/13/2022 | 349 | 329 | 27 |
| &nbsp;&nbsp;&nbsp; 5981446, 4.741%, 4/11/2024 †x¶#^ | Square | 10/13/2022 | 498 | 465 | 39 |
| &nbsp;&nbsp;&nbsp; 5981666, 4.717%, 4/11/2024 †x¶#^ | Square | 10/13/2022 | 412 | 385 | 32 |
| &nbsp;&nbsp;&nbsp; 5981873, 4.905%, 4/11/2024 †x¶#^ | Square | 10/13/2022 | 13890 | 12938 | 1089 |
| &nbsp;&nbsp;&nbsp; 5981988, 5.286%, 4/11/2024 †x¶#^ | Square | 10/13/2022 | 1461 | 1354 | 115 |
| &nbsp;&nbsp;&nbsp; 5982058925, 18.000%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 23216 | 24144 | 24318 |
| &nbsp;&nbsp;&nbsp; 5983653, 5.031%, 4/11/2024 †x¶#^ | Square | 10/13/2022 | 29892 | 27794 | 2344 |
| &nbsp;&nbsp;&nbsp; 5983846, 4.313%, 4/11/2024 †x¶#^ | Square | 10/13/2022 | 7889 | 7409 | 618 |
| &nbsp;&nbsp;&nbsp; 5984240, 5.125%, 4/11/2024 †x¶#^ | Square | 10/13/2022 | 618 | 574 | 48 |
| &nbsp;&nbsp;&nbsp; 5984512559, 19.583%, 5/18/2024 †x¥#^ | Stripe | 11/23/2022 | 4049 | 4210 | 162 |
| &nbsp;&nbsp;&nbsp; 5984744103, 26.504%, 1/25/2025 †x¥#^ | Stripe | 8/02/2023 | 2653 | 2760 | 106 |
| &nbsp;&nbsp;&nbsp; 5984834, 5.031%, 4/12/2024 †x¶#^ | Square | 10/14/2022 | 16302 | 15158 | 1278 |
| &nbsp;&nbsp;&nbsp; 5985911, 4.854%, 4/12/2024 †x¶#^ | Square | 10/14/2022 | 923 | 860 | 72 |
| &nbsp;&nbsp;&nbsp; 5986037, 4.717%, 4/12/2024 †x¶#^ | Square | 10/14/2022 | 3964 | 3702 | 311 |
| &nbsp;&nbsp;&nbsp; 5986662397, 24.000%, 10/07/2023 †x¥#^ | Stripe | 4/13/2022 | 778 | 809 | 31 |
| &nbsp;&nbsp;&nbsp; 5986827, 4.717%, 4/12/2024 †x¶#^ | Square | 10/14/2022 | 36571 | 34155 | 2867 |
| &nbsp;&nbsp;&nbsp; 5987122692, 24.400%, 12/17/2025 †x¥ | Stripe | 6/24/2024 | 172 | 179 | 102 |
| &nbsp;&nbsp;&nbsp; 5987273, 4.529%, 4/12/2024 †x¶#^ | Square | 10/14/2022 | 42867 | 40140 | 3361 |
| &nbsp;&nbsp;&nbsp; 5987805249, 16.133%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 122568 | 127471 | 128439 |
| &nbsp;&nbsp;&nbsp; 598802445, 19.322%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 9242 | 9611 | 9632 |
| &nbsp;&nbsp;&nbsp; 5989635, 4.906%, 4/13/2024 †x¶#^ | Square | 10/17/2022 | 8934 | 8322 | 700 |
| &nbsp;&nbsp;&nbsp; 5989641, 4.748%, 4/13/2024 †x¶#^ | Square | 10/17/2022 | 91953 | 85839 | 7209 |
| &nbsp;&nbsp;&nbsp; 5990201, 4.025%, 4/13/2024 †x¶#^ | Square | 10/17/2022 | 735 | 693 | 58 |
| &nbsp;&nbsp;&nbsp; 5990240770, 25.864%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 16336 | 16989 | 17204 |
| &nbsp;&nbsp;&nbsp; 5990619, 4.756%, 4/13/2024 †x¶#^ | Square | 10/17/2022 | 270 | 252 | 21 |
| &nbsp;&nbsp;&nbsp; 5990910, 5.031%, 4/13/2024 †x¶#^ | Square | 10/17/2022 | 1938 | 1802 | 152 |
| &nbsp;&nbsp;&nbsp; 5990943, 4.916%, 4/13/2024 †x¶#^ | Square | 10/17/2022 | 1620 | 1509 | 127 |
| &nbsp;&nbsp;&nbsp; 5991137202, 22.929%, 11/27/2024 †x¥#^ | Stripe | 6/02/2023 | 19367 | 20141 | 775 |
| &nbsp;&nbsp;&nbsp; 5991169224, 20.000%, 4/15/2026 †x¥ | Stripe | 10/18/2024 | 572 | 595 | 613 |
| &nbsp;&nbsp;&nbsp; 5992194, 5.158%, 4/13/2024 †x¶#^ | Square | 10/17/2022 | 24356 | 22607 | 1910 |
| &nbsp;&nbsp;&nbsp; 5993614377, 14.000%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 7754 | 8064 | 8106 |
| &nbsp;&nbsp;&nbsp; 5993806, 4.749%, 4/14/2024 †x¶#^ | Square | 10/18/2022 | 1694 | 1581 | 133 |
| &nbsp;&nbsp;&nbsp; 5994690569, 16.124%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 1763 | 1834 | 1866 |
| &nbsp;&nbsp;&nbsp; 599518384, 26.519%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 424 | 441 | 454 |
| &nbsp;&nbsp;&nbsp; 5995350801, 17.867%, 5/10/2023 †x¥#^ | Stripe | 11/15/2021 | 5323 | 5536 | 213 |
| &nbsp;&nbsp;&nbsp; 5995906, 5.428%, 4/14/2024 †x¶#^ | Square | 10/18/2022 | 1118 | 1034 | 88 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8679** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 5996261211, 21.867%, 3/08/2023 †x¥#^ | Stripe | 9/10/2021 | $376 | $391 | $15 |
| &nbsp;&nbsp;&nbsp; 5996488, 4.308%, 4/15/2024 †x¶#^ | Square | 10/19/2022 | 4878 | 4582 | 382 |
| &nbsp;&nbsp;&nbsp; 5996774, 4.752%, 4/15/2024 †x¶#^ | Square | 10/19/2022 | 7548 | 7045 | 592 |
| &nbsp;&nbsp;&nbsp; 5996844, 5.526%, 4/15/2024 †x¶#^ | Square | 10/19/2022 | 612 | 565 | 48 |
| &nbsp;&nbsp;&nbsp; 5997268, 4.309%, 4/16/2024 †x¶#^ | Square | 10/19/2022 | 1505 | 1413 | 118 |
| &nbsp;&nbsp;&nbsp; 5997361, 5.276%, 4/16/2024 †x¶#^ | Square | 10/19/2022 | 1780 | 1650 | 140 |
| &nbsp;&nbsp;&nbsp; 5998323, 5.528%, 4/17/2024 †x¶#^ | Square | 10/19/2022 | 615 | 568 | 48 |
| &nbsp;&nbsp;&nbsp; 5998500, 5.189%, 4/17/2024 †x¶#^ | Square | 10/19/2022 | 1628 | 1510 | 128 |
| &nbsp;&nbsp;&nbsp; 5999089960, 15.200%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 25800 | 26832 | 27017 |
| &nbsp;&nbsp;&nbsp; 5a73fd77-a192-43b2-a63e-1c62bbd82e8d, 18.900%, 10/10/2023 †x#^ | Funding Circle | 4/12/2018 | 86896 | 86896 | 26069 |
| &nbsp;&nbsp;&nbsp; 5ce74c68-7111-4747-b6dc-2298d090f681, 26.990%, 7/23/2023 †x#^ | Funding Circle | 1/25/2018 | 25801 | 25801 | 7740 |
| &nbsp;&nbsp;&nbsp; 6000146, 4.906%, 4/17/2024 †x¶#^ | Square | 10/19/2022 | 25289 | 23556 | 1983 |
| &nbsp;&nbsp;&nbsp; 6001804, 5.158%, 4/18/2024 †x¶#^ | Square | 10/20/2022 | 14039 | 13031 | 1101 |
| &nbsp;&nbsp;&nbsp; 6001961, 4.216%, 4/18/2024 †x¶#^ | Square | 10/20/2022 | 4161 | 3914 | 326 |
| &nbsp;&nbsp;&nbsp; 6002649, 5.115%, 4/18/2024 †x¶#^ | Square | 10/20/2022 | 172 | 160 | 13 |
| &nbsp;&nbsp;&nbsp; 6003940, 5.405%, 4/18/2024 †x¶#^ | Square | 10/20/2022 | 172 | 159 | 14 |
| &nbsp;&nbsp;&nbsp; 6005038, 5.078%, 4/19/2024 †x¶#^ | Square | 10/21/2022 | 1319 | 1226 | 103 |
| &nbsp;&nbsp;&nbsp; 6005975603, 21.200%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 1096 | 1139 | 1156 |
| &nbsp;&nbsp;&nbsp; 6005996, 5.203%, 4/19/2024 †x¶#^ | Square | 10/21/2022 | 740 | 686 | 58 |
| &nbsp;&nbsp;&nbsp; 6006631389, 21.333%, 9/19/2023 †x¥#^ | Stripe | 3/24/2022 | 343 | 356 | 14 |
| &nbsp;&nbsp;&nbsp; 6007487414, 22.266%, 4/12/2023 †x¥#^ | Stripe | 10/15/2021 | 32383 | 33678 | 1295 |
| &nbsp;&nbsp;&nbsp; 6009330534, 26.519%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 724 | 754 | 769 |
| &nbsp;&nbsp;&nbsp; 6010411, 5.529%, 4/20/2024 †x¶#^ | Square | 10/24/2022 | 2246 | 2074 | 176 |
| &nbsp;&nbsp;&nbsp; 6011592, 4.749%, 4/20/2024 †x¶#^ | Square | 10/24/2022 | 29598 | 27630 | 2320 |
| &nbsp;&nbsp;&nbsp; 6012040, 4.844%, 4/20/2024 †x¶#^ | Square | 10/24/2022 | 6967 | 6495 | 546 |
| &nbsp;&nbsp;&nbsp; 6012161, 4.843%, 4/20/2024 †x¶#^ | Square | 10/24/2022 | 463 | 432 | 36 |
| &nbsp;&nbsp;&nbsp; 6014297, 4.213%, 4/21/2024 †x¶#^ | Square | 10/25/2022 | 16750 | 15754 | 1313 |
| &nbsp;&nbsp;&nbsp; 6015552, 4.843%, 4/21/2024 †x¶#^ | Square | 10/25/2022 | 6503 | 6062 | 510 |
| &nbsp;&nbsp;&nbsp; 6015903, 4.748%, 4/22/2024 †x¶#^ | Square | 10/26/2022 | 16816 | 15727 | 1318 |
| &nbsp;&nbsp;&nbsp; 6016259, 5.031%, 4/22/2024 †x¶#^ | Square | 10/26/2022 | 527 | 490 | 41 |
| &nbsp;&nbsp;&nbsp; 6016289, 4.751%, 4/22/2024 †x¶#^ | Square | 10/26/2022 | 2100 | 1961 | 165 |
| &nbsp;&nbsp;&nbsp; 6016649000, 22.933%, 2/20/2026 †x¥ | Stripe | 8/27/2024 | 1179 | 1226 | 1262 |
| &nbsp;&nbsp;&nbsp; 6016737, 4.900%, 4/23/2024 †x¶#^ | Square | 10/26/2022 | 2445 | 2278 | 192 |
| &nbsp;&nbsp;&nbsp; 6016778, 5.460%, 4/23/2024 †x¶#^ | Square | 10/26/2022 | 845 | 781 | 66 |
| &nbsp;&nbsp;&nbsp; 6017029, 4.910%, 4/23/2024 †x¶#^ | Square | 10/26/2022 | 2845 | 2650 | 223 |
| &nbsp;&nbsp;&nbsp; 6017094, 4.308%, 4/23/2024 †x¶#^ | Square | 10/26/2022 | 12965 | 12178 | 1016 |
| &nbsp;&nbsp;&nbsp; 6021051, 4.906%, 4/25/2024 †x¶#^ | Square | 10/27/2022 | 118005 | 109917 | 9252 |
| &nbsp;&nbsp;&nbsp; 6021685974, 24.000%, 3/14/2023 †x¥#^ | Stripe | 9/16/2021 | 43 | 44 | 2 |
| &nbsp;&nbsp;&nbsp; 6022556, 4.033%, 4/25/2024 †x¶#^ | Square | 10/27/2022 | 66 | 62 | 5 |
| &nbsp;&nbsp;&nbsp; 6023025, 5.031%, 4/25/2024 †x¶#^ | Square | 10/27/2022 | 880 | 819 | 69 |
| &nbsp;&nbsp;&nbsp; 6023039, 3.976%, 4/25/2024 †x¶#^ | Square | 10/27/2022 | 596 | 563 | 47 |
| &nbsp;&nbsp;&nbsp; 6023559085, 20.359%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 2518 | 2619 | 2621 |
| &nbsp;&nbsp;&nbsp; 6023719, 4.435%, 4/25/2024 †x¶#^ | Square | 10/27/2022 | 33038 | 30978 | 2590 |
| &nbsp;&nbsp;&nbsp; 6024046, 4.757%, 4/25/2024 †x¶#^ | Square | 10/27/2022 | 2474 | 2310 | 194 |
| &nbsp;&nbsp;&nbsp; 6026991, 4.030%, 4/26/2024 †x¶#^ | Square | 10/28/2022 | 1132 | 1068 | 89 |
| &nbsp;&nbsp;&nbsp; 6027688881, 20.800%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 8668 | 9015 | 9064 |
| &nbsp;&nbsp;&nbsp; 6028698916, 19.333%, 3/01/2025 †x¥#^ | Stripe | 7/07/2023 | 49380 | 51355 | 1975 |
| &nbsp;&nbsp;&nbsp; 6029458, 4.528%, 4/27/2024 †x¶#^ | Square | 10/31/2022 | 1087 | 1017 | 85 |
| &nbsp;&nbsp;&nbsp; 6029644, 4.309%, 4/27/2024 †x¶#^ | Square | 10/31/2022 | 25731 | 24169 | 2017 |
| &nbsp;&nbsp;&nbsp; 6031665153, 26.533%, 3/25/2025 †x¥#^ | Stripe | 9/28/2023 | 190 | 198 | 8 |
| &nbsp;&nbsp;&nbsp; 6037380205, 19.458%, 3/21/2023 †x¥#^ | Stripe | 9/23/2021 | 475 | 494 | 19 |
| &nbsp;&nbsp;&nbsp; 6038113386, 19.733%, 5/25/2024 †x¥#^ | Stripe | 11/30/2022 | 70966 | 73805 | 2839 |
| &nbsp;&nbsp;&nbsp; 6039357238, 19.600%, 5/15/2023 †x¥#^ | Stripe | 7/27/2021 | 367 | 382 | 15 |
| &nbsp;&nbsp;&nbsp; 6041310787, 14.265%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 10962 | 11401 | 11589 |
| &nbsp;&nbsp;&nbsp; 6044203114, 19.196%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 11955 | 12433 | 478 |
| &nbsp;&nbsp;&nbsp; 6044275703, 20.800%, 9/03/2024 †x¥#^ | Stripe | 3/09/2023 | 3975 | 4134 | 159 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8680** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6044848527, 18.533%, 10/31/2023 †x¥#^ | Stripe | 5/05/2022 | $18545 | $19287 | $742 |
| &nbsp;&nbsp;&nbsp; 6045164358, 25.597%, 2/24/2026 †x¥# | Stripe | 8/29/2024 | 376 | 391 | 108 |
| &nbsp;&nbsp;&nbsp; 6049840147, 18.000%, 1/20/2027 †x¥ | Stripe | 7/25/2025 | 3230 | 3359 | 3374 |
| &nbsp;&nbsp;&nbsp; 6053252526, 18.788%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 3874 | 4029 | 4075 |
| &nbsp;&nbsp;&nbsp; 6056264582, 16.125%, 5/20/2023 †x¥#^ | Stripe | 9/23/2021 | 1467 | 1525 | 59 |
| &nbsp;&nbsp;&nbsp; 6057254604, 26.523%, 8/23/2025 †x¥#^ | Stripe | 2/28/2024 | 1272 | 1323 | 51 |
| &nbsp;&nbsp;&nbsp; 6058862269, 17.333%, 12/15/2023 †x¥#^ | Stripe | 6/22/2022 | 1922 | 1998 | 77 |
| &nbsp;&nbsp;&nbsp; 6062239, 4.748%, 5/07/2024 †x¶#^ | Square | 11/09/2022 | 54451 | 50830 | 4269 |
| &nbsp;&nbsp;&nbsp; 6063807032, 24.000%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 298 | 310 | 12 |
| &nbsp;&nbsp;&nbsp; 6068827173, 13.067%, 6/10/2026 †x¥ | Stripe | 12/13/2024 | 20208 | 21016 | 21518 |
| &nbsp;&nbsp;&nbsp; 6075848047, 26.521%, 1/20/2026 †x¥# | Stripe | 7/25/2024 | 4978 | 5177 | 199 |
| &nbsp;&nbsp;&nbsp; 6077794376, 26.530%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 3497 | 3637 | 3766 |
| &nbsp;&nbsp;&nbsp; 6078968296, 22.000%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 3002 | 3122 | 3205 |
| &nbsp;&nbsp;&nbsp; 6080455981, 25.185%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 1085 | 1129 | 43 |
| &nbsp;&nbsp;&nbsp; 6088009001, 19.586%, 4/22/2023 †x¥#^ | Stripe | 10/27/2021 | 1841 | 1915 | 74 |
| &nbsp;&nbsp;&nbsp; 6089102624, 19.333%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 9975 | 10375 | 10401 |
| &nbsp;&nbsp;&nbsp; 6090083009, 26.505%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 2249 | 2339 | 2368 |
| &nbsp;&nbsp;&nbsp; 6092404336, 16.267%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 6150 | 6396 | 6423 |
| &nbsp;&nbsp;&nbsp; 6096456138, 18.931%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 17407 | 18103 | 18380 |
| &nbsp;&nbsp;&nbsp; 609665105, 22.377%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 2240 | 2329 | 2375 |
| &nbsp;&nbsp;&nbsp; 6098939196, 26.528%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 2866 | 2981 | 3082 |
| &nbsp;&nbsp;&nbsp; 6099777568, 21.867%, 12/20/2024 †x¥#^ | Stripe | 6/27/2023 | 667 | 693 | 27 |
| &nbsp;&nbsp;&nbsp; 6105092932, 14.397%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 27265 | 28355 | 28560 |
| &nbsp;&nbsp;&nbsp; 6105447695, 18.921%, 7/04/2025 †x¥#^ | Stripe | 1/09/2024 | 1464 | 1523 | 59 |
| &nbsp;&nbsp;&nbsp; 6106432227, 20.800%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 795 | 827 | 846 |
| &nbsp;&nbsp;&nbsp; 6107829960, 16.124%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 4223 | 4392 | 4442 |
| &nbsp;&nbsp;&nbsp; 6111816436, 26.122%, 8/11/2026 †x¥# | Stripe | 2/13/2025 | 6792 | 7064 | 1877 |
| &nbsp;&nbsp;&nbsp; 6112251772, 20.800%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 358 | 372 | 381 |
| &nbsp;&nbsp;&nbsp; 6112932945, 25.867%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 1962 | 2040 | 2108 |
| &nbsp;&nbsp;&nbsp; 6113114426, 25.862%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 2183 | 2271 | 2366 |
| &nbsp;&nbsp;&nbsp; 6115978351, 18.667%, 7/04/2026 †x¥ | Stripe | 1/08/2025 | 89347 | 92921 | 94132 |
| &nbsp;&nbsp;&nbsp; 6116142400, 20.530%, 12/24/2025 †x¥ | Stripe | 6/28/2024 | 8063 | 8385 | 8556 |
| &nbsp;&nbsp;&nbsp; 6117391067, 26.487%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 1223 | 1272 | 1293 |
| &nbsp;&nbsp;&nbsp; 6124883544, 21.994%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 255 | 266 | 285 |
| &nbsp;&nbsp;&nbsp; 6125083058, 17.990%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 6450 | 6708 | 6719 |
| &nbsp;&nbsp;&nbsp; 6125556522, 21.199%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 9979 | 10379 | 5887 |
| &nbsp;&nbsp;&nbsp; 6128667069, 19.048%, 1/21/2025 †x¥#^ | Stripe | 7/27/2023 | 2568 | 2670 | 103 |
| &nbsp;&nbsp;&nbsp; 6132839275, 20.800%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 569 | 592 | 600 |
| &nbsp;&nbsp;&nbsp; 6133339588, 21.161%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 128 | 133 | 138 |
| &nbsp;&nbsp;&nbsp; 6133373739, 26.532%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 7608 | 7912 | 8052 |
| &nbsp;&nbsp;&nbsp; 613474800, 23.732%, 8/23/2024 †x¥#^ | Stripe | 2/28/2023 | 35578 | 37002 | 1423 |
| &nbsp;&nbsp;&nbsp; 6134755463, 14.929%, 1/06/2024 †x¥#^ | Stripe | 5/12/2022 | 2175 | 2263 | 87 |
| &nbsp;&nbsp;&nbsp; 6136296217, 24.000%, 7/06/2023 †x¥#^ | Stripe | 1/10/2022 | 1098 | 1142 | 44 |
| &nbsp;&nbsp;&nbsp; 6137178826, 26.119%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 3191 | 3319 | 1883 |
| &nbsp;&nbsp;&nbsp; 6137228353, 26.529%, 4/02/2025 †x¥#^ | Stripe | 10/06/2023 | 2813 | 2926 | 113 |
| &nbsp;&nbsp;&nbsp; 6137413853, 15.332%, 9/30/2023 †x¥#^ | Stripe | 4/06/2022 | 13838 | 14392 | 554 |
| &nbsp;&nbsp;&nbsp; 6141484931, 26.399%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 42501 | 44201 | 45220 |
| &nbsp;&nbsp;&nbsp; 6141819, 5.031%, 5/17/2024 †x¶#^ | Square | 11/21/2022 | 76540 | 71421 | 6001 |
| &nbsp;&nbsp;&nbsp; 614414838, 21.988%, 3/07/2026 †x¥ | Stripe | 9/11/2024 | 1459 | 1518 | 1558 |
| &nbsp;&nbsp;&nbsp; 6146125778, 26.424%, 4/09/2026 †x¥ | Stripe | 10/15/2024 | 163 | 169 | 175 |
| &nbsp;&nbsp;&nbsp; 6147025443, 26.532%, 11/05/2025 †x¥# | Stripe | 9/12/2023 | 33380 | 34716 | 1335 |
| &nbsp;&nbsp;&nbsp; 6147717788, 24.000%, 7/11/2023 †x¥#^ | Stripe | 1/13/2022 | 419 | 436 | 17 |
| &nbsp;&nbsp;&nbsp; 6150178215, 15.333%, 11/12/2024 †x¥#^ | Stripe | 5/18/2023 | 5163 | 5369 | 207 |
| &nbsp;&nbsp;&nbsp; 6150677813, 25.333%, 1/10/2024 †x¥#^ | Stripe | 7/15/2022 | 2278 | 2370 | 91 |
| &nbsp;&nbsp;&nbsp; 6151434541, 26.510%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 3787 | 3938 | 3975 |
| &nbsp;&nbsp;&nbsp; 6155902, 4.906%, 5/22/2024 †x¶#^ | Square | 11/25/2022 | 84908 | 79088 | 6657 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8681** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6159044, 4.748%, 5/23/2024 †x¶#^ | Square | 11/28/2022 | $140165 | $130845 | $10989 |
| &nbsp;&nbsp;&nbsp; 6159171453, 19.314%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 1704 | 1772 | 1799 |
| &nbsp;&nbsp;&nbsp; 6160036, 5.157%, 5/23/2024 †x¶#^ | Square | 11/28/2022 | 111037 | 103065 | 8705 |
| &nbsp;&nbsp;&nbsp; 6163432, 4.748%, 5/25/2024 †x¶#^ | Square | 11/29/2022 | 39526 | 36898 | 3099 |
| &nbsp;&nbsp;&nbsp; 6166915533, 19.464%, 4/27/2024 †x¥#^ | Stripe | 11/02/2022 | 3006 | 3126 | 120 |
| &nbsp;&nbsp;&nbsp; 6168641, 4.748%, 5/28/2024 †x¶#^ | Square | 11/30/2022 | 89682 | 83719 | 7031 |
| &nbsp;&nbsp;&nbsp; 6169825, 5.376%, 5/29/2024 †x¶#^ | Square | 12/01/2022 | 9113 | 8433 | 714 |
| &nbsp;&nbsp;&nbsp; 6169887, 4.310%, 5/29/2024 †x¶#^ | Square | 12/01/2022 | 5315 | 4992 | 417 |
| &nbsp;&nbsp;&nbsp; 6170187369, 24.250%, 7/04/2025 †x¥#^ | Stripe | 1/09/2024 | 541 | 563 | 95 |
| &nbsp;&nbsp;&nbsp; 6170418177, 18.933%, 5/28/2024 †x¥#^ | Stripe | 12/01/2022 | 16906 | 17582 | 676 |
| &nbsp;&nbsp;&nbsp; 6171687, 5.438%, 5/29/2024 †x¶#^ | Square | 12/01/2022 | 11676 | 10795 | 915 |
| &nbsp;&nbsp;&nbsp; 6172046, 5.031%, 5/29/2024 †x¶#^ | Square | 12/01/2022 | 10544 | 9804 | 827 |
| &nbsp;&nbsp;&nbsp; 6172241, 5.437%, 5/29/2024 †x¶#^ | Square | 12/01/2022 | 1158 | 1070 | 91 |
| &nbsp;&nbsp;&nbsp; 6172676, 5.540%, 5/29/2024 †x¶#^ | Square | 12/01/2022 | 753 | 702 | 59 |
| &nbsp;&nbsp;&nbsp; 6172899, 5.284%, 5/29/2024 †x¶#^ | Square | 12/01/2022 | 12180 | 11285 | 955 |
| &nbsp;&nbsp;&nbsp; 6173802481, 26.114%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 360 | 374 | 393 |
| &nbsp;&nbsp;&nbsp; 6175056, 4.749%, 5/30/2024 †x¶#^ | Square | 12/02/2022 | 38914 | 36326 | 3051 |
| &nbsp;&nbsp;&nbsp; 6175406, 5.282%, 5/30/2024 †x¶#^ | Square | 12/02/2022 | 8259 | 7652 | 647 |
| &nbsp;&nbsp;&nbsp; 6175422, 5.380%, 5/30/2024 †x¶#^ | Square | 12/02/2022 | 1391 | 1287 | 109 |
| &nbsp;&nbsp;&nbsp; 6175578, 5.446%, 5/30/2024 †x¶#^ | Square | 12/02/2022 | 2099 | 1941 | 165 |
| &nbsp;&nbsp;&nbsp; 6175954, 4.308%, 5/30/2024 †x¶#^ | Square | 12/02/2022 | 10320 | 9694 | 809 |
| &nbsp;&nbsp;&nbsp; 6176229983, 14.126%, 9/06/2023 †x¥#^ | Stripe | 3/11/2022 | 4844 | 5038 | 194 |
| &nbsp;&nbsp;&nbsp; 6177189139, 22.533%, 12/13/2025 †x¥# | Stripe | 6/20/2024 | 376 | 391 | 15 |
| &nbsp;&nbsp;&nbsp; 6180777, 4.904%, 6/01/2024 †x¶#^ | Square | 12/05/2022 | 3185 | 2967 | 250 |
| &nbsp;&nbsp;&nbsp; 6181379, 4.308%, 6/01/2024 †x¶#^ | Square | 12/05/2022 | 29582 | 27787 | 2319 |
| &nbsp;&nbsp;&nbsp; 6181500, 5.031%, 6/01/2024 †x¶#^ | Square | 12/05/2022 | 27172 | 25265 | 2130 |
| &nbsp;&nbsp;&nbsp; 6181650, 5.434%, 6/01/2024 †x¶#^ | Square | 12/05/2022 | 191 | 176 | 15 |
| &nbsp;&nbsp;&nbsp; 6181751715, 21.091%, 7/05/2025 †x¥#^ | Stripe | 1/10/2024 | 729 | 758 | 29 |
| &nbsp;&nbsp;&nbsp; 6182137, 5.455%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 801 | 740 | 63 |
| &nbsp;&nbsp;&nbsp; 6182165, 5.444%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 1237 | 1143 | 97 |
| &nbsp;&nbsp;&nbsp; 6182273, 4.902%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 2535 | 2362 | 199 |
| &nbsp;&nbsp;&nbsp; 6183241, 5.444%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 427 | 395 | 33 |
| &nbsp;&nbsp;&nbsp; 6183452, 5.156%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 7990 | 7416 | 626 |
| &nbsp;&nbsp;&nbsp; 6184279, 4.528%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 51695 | 48407 | 4053 |
| &nbsp;&nbsp;&nbsp; 6184956, 4.748%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 1776 | 1658 | 139 |
| &nbsp;&nbsp;&nbsp; 6185174, 5.438%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 2277 | 2105 | 179 |
| &nbsp;&nbsp;&nbsp; 6185424, 5.166%, 6/02/2024 †x¶#^ | Square | 12/06/2022 | 1053 | 977 | 83 |
| &nbsp;&nbsp;&nbsp; 6185721, 5.281%, 6/03/2024 †x¶#^ | Square | 12/07/2022 | 637 | 592 | 50 |
| &nbsp;&nbsp;&nbsp; 6185743, 5.559%, 6/03/2024 †x¶#^ | Square | 12/07/2022 | 936 | 864 | 73 |
| &nbsp;&nbsp;&nbsp; 6185838, 4.748%, 6/03/2024 †x¶#^ | Square | 12/07/2022 | 16020 | 14955 | 1256 |
| &nbsp;&nbsp;&nbsp; 6187273572, 20.784%, 7/31/2024 †x¥#^ | Stripe | 2/03/2023 | 3909 | 4065 | 156 |
| &nbsp;&nbsp;&nbsp; 6187611932, 21.058%, 12/18/2024 †x¥#^ | Stripe | 6/23/2023 | 6860 | 7135 | 274 |
| &nbsp;&nbsp;&nbsp; 6188425679, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 5539 | 5760 | 5815 |
| &nbsp;&nbsp;&nbsp; 6188945, 5.381%, 6/05/2024 †x¶#^ | Square | 12/07/2022 | 675 | 625 | 53 |
| &nbsp;&nbsp;&nbsp; 6189677, 5.161%, 6/05/2024 †x¶#^ | Square | 12/07/2022 | 3029 | 2811 | 237 |
| &nbsp;&nbsp;&nbsp; 6190314, 4.904%, 6/05/2024 †x¶#^ | Square | 12/07/2022 | 13195 | 12334 | 1034 |
| &nbsp;&nbsp;&nbsp; 6191724, 5.533%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | 2253 | 2080 | 177 |
| &nbsp;&nbsp;&nbsp; 619209521, 22.375%, 7/28/2023 †x¥#^ | Stripe | 2/01/2022 | 2242 | 2332 | 90 |
| &nbsp;&nbsp;&nbsp; 6192103, 4.313%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | 3665 | 3442 | 287 |
| &nbsp;&nbsp;&nbsp; 6193068605, 15.063%, 10/04/2023 †x¥#^ | Stripe | 4/08/2022 | 14858 | 15453 | 594 |
| &nbsp;&nbsp;&nbsp; 6193791, 5.537%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | 1657 | 1530 | 130 |
| &nbsp;&nbsp;&nbsp; 6194088, 4.912%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | 4349 | 4051 | 341 |
| &nbsp;&nbsp;&nbsp; 6194123, 5.379%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | 7424 | 6870 | 582 |
| &nbsp;&nbsp;&nbsp; 619421231, 21.996%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 9787 | 10179 | 10352 |
| &nbsp;&nbsp;&nbsp; 6194914703, 19.182%, 4/25/2023 †x¥#^ | Stripe | 10/28/2021 | 650 | 676 | 26 |
| &nbsp;&nbsp;&nbsp; 6194991, 5.530%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | 2025 | 1870 | 159 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8682** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6195023, 4.530%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | $4482 | $4197 | $351 |
| &nbsp;&nbsp;&nbsp; 6195046, 5.026%, 6/06/2024 †x¶#^ | Square | 12/08/2022 | 755 | 702 | 59 |
| &nbsp;&nbsp;&nbsp; 6196898869, 14.264%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 20529 | 21351 | 21614 |
| &nbsp;&nbsp;&nbsp; 6197790330, 24.929%, 6/04/2025 †x¥#^ | Stripe | 12/08/2023 | 6600 | 6864 | 264 |
| &nbsp;&nbsp;&nbsp; 6199370927, 26.121%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 1211 | 1259 | 1282 |
| &nbsp;&nbsp;&nbsp; 6200485, 5.533%, 6/07/2024 †x¶#^ | Square | 12/09/2022 | 2313 | 2135 | 181 |
| &nbsp;&nbsp;&nbsp; 6203653, 4.760%, 6/08/2024 †x¶#^ | Square | 12/12/2022 | 1242 | 1172 | 97 |
| &nbsp;&nbsp;&nbsp; 6204146, 5.379%, 6/08/2024 †x¶#^ | Square | 12/12/2022 | 541 | 525 | 42 |
| &nbsp;&nbsp;&nbsp; 620414951, 24.000%, 5/14/2025 †x¥#^ | Stripe | 11/17/2023 | 13485 | 14024 | 539 |
| &nbsp;&nbsp;&nbsp; 6204162, 5.031%, 6/08/2024 †x¶#^ | Square | 12/12/2022 | 1667 | 1550 | 131 |
| &nbsp;&nbsp;&nbsp; 6204959, 4.905%, 6/08/2024 †x¶#^ | Square | 12/12/2022 | 7397 | 6890 | 580 |
| &nbsp;&nbsp;&nbsp; 6205571, 5.538%, 6/08/2024 †x¶#^ | Square | 12/12/2022 | 662 | 611 | 52 |
| &nbsp;&nbsp;&nbsp; 6205789, 5.531%, 6/08/2024 †x¶#^ | Square | 12/12/2022 | 6305 | 5822 | 494 |
| &nbsp;&nbsp;&nbsp; 6206530662, 25.818%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 24 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; 6208484, 4.745%, 6/09/2024 †x¶#^ | Square | 12/13/2022 | 664 | 620 | 52 |
| &nbsp;&nbsp;&nbsp; 620900073, 24.000%, 3/21/2023 †x¥#^ | Stripe | 9/23/2021 | 5890 | 6125 | 236 |
| &nbsp;&nbsp;&nbsp; 6209255908, 18.932%, 4/12/2023 †x¥#^ | Stripe | 10/15/2021 | 7540 | 7842 | 302 |
| &nbsp;&nbsp;&nbsp; 6209715565, 25.583%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 4974 | 5173 | 5219 |
| &nbsp;&nbsp;&nbsp; 6209764, 4.903%, 6/10/2024 †x¶#^ | Square | 12/14/2022 | 5508 | 5131 | 432 |
| &nbsp;&nbsp;&nbsp; 6210119, 4.309%, 6/10/2024 †x¶#^ | Square | 12/14/2022 | 1250 | 1174 | 98 |
| &nbsp;&nbsp;&nbsp; 6210206, 4.530%, 6/10/2024 †x¶#^ | Square | 12/14/2022 | 7272 | 6811 | 570 |
| &nbsp;&nbsp;&nbsp; 6210734, 4.305%, 6/11/2024 †x¶#^ | Square | 12/14/2022 | 1132 | 1063 | 89 |
| &nbsp;&nbsp;&nbsp; 6210838, 5.441%, 6/11/2024 †x¶#^ | Square | 12/14/2022 | 9214 | 8528 | 722 |
| &nbsp;&nbsp;&nbsp; 6211773, 5.031%, 6/12/2024 †x¶#^ | Square | 12/14/2022 | 10337 | 9614 | 810 |
| &nbsp;&nbsp;&nbsp; 6212282, 5.535%, 6/12/2024 †x¶#^ | Square | 12/14/2022 | 25791 | 23814 | 2022 |
| &nbsp;&nbsp;&nbsp; 6213140, 5.457%, 6/12/2024 †x¶#^ | Square | 12/14/2022 | 807 | 746 | 63 |
| &nbsp;&nbsp;&nbsp; 6213296429, 24.000%, 3/11/2023 †x¥#^ | Stripe | 9/15/2021 | 971 | 1010 | 39 |
| &nbsp;&nbsp;&nbsp; 621333435, 16.933%, 1/11/2026 †x¥# | Stripe | 5/17/2024 | 40778 | 42409 | 15712 |
| &nbsp;&nbsp;&nbsp; 6213542368, 26.444%, 3/22/2025 †x¥#^ | Stripe | 9/27/2023 | 452 | 470 | 18 |
| &nbsp;&nbsp;&nbsp; 6213610, 5.446%, 6/12/2024 †x¶#^ | Square | 12/14/2022 | 4135 | 3823 | 324 |
| &nbsp;&nbsp;&nbsp; 6213811, 5.370%, 6/12/2024 †x¶#^ | Square | 12/14/2022 | 325 | 301 | 26 |
| &nbsp;&nbsp;&nbsp; 6213906322, 16.116%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 2443 | 2541 | 1392 |
| &nbsp;&nbsp;&nbsp; 6214807, 5.157%, 6/12/2024 †x¶#^ | Square | 12/14/2022 | 43497 | 40374 | 3410 |
| &nbsp;&nbsp;&nbsp; 6215261876, 19.327%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 7499 | 7799 | 7860 |
| &nbsp;&nbsp;&nbsp; 6215655, 5.281%, 6/13/2024 †x¶#^ | Square | 12/15/2022 | 4688 | 4344 | 368 |
| &nbsp;&nbsp;&nbsp; 6216524, 5.453%, 6/13/2024 †x¶#^ | Square | 12/15/2022 | 630 | 582 | 49 |
| &nbsp;&nbsp;&nbsp; 6216605, 5.380%, 6/13/2024 †x¶#^ | Square | 12/15/2022 | 7477 | 6919 | 586 |
| &nbsp;&nbsp;&nbsp; 6216942, 4.780%, 6/13/2024 †x¶#^ | Square | 12/15/2022 | 711 | 663 | 56 |
| &nbsp;&nbsp;&nbsp; 6216945, 5.039%, 6/13/2024 †x¶#^ | Square | 12/15/2022 | 1863 | 1732 | 146 |
| &nbsp;&nbsp;&nbsp; 621790977, 24.000%, 10/10/2023 †x¥#^ | Stripe | 4/14/2022 | 1859 | 1934 | 74 |
| &nbsp;&nbsp;&nbsp; 6217951, 4.531%, 6/13/2024 †x¶#^ | Square | 12/15/2022 | 1159 | 1085 | 91 |
| &nbsp;&nbsp;&nbsp; 6218163, 4.752%, 6/14/2024 †x¶#^ | Square | 12/16/2022 | 1967 | 1836 | 154 |
| &nbsp;&nbsp;&nbsp; 6218765278, 26.519%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 4500 | 4680 | 4680 |
| &nbsp;&nbsp;&nbsp; 6219065, 4.533%, 6/14/2024 †x¶#^ | Square | 12/16/2022 | 4263 | 3992 | 334 |
| &nbsp;&nbsp;&nbsp; 6219097, 5.444%, 6/14/2024 †x¶#^ | Square | 12/16/2022 | 2266 | 2100 | 178 |
| &nbsp;&nbsp;&nbsp; 6220324622, 16.533%, 6/09/2023 †x¥#^ | Stripe | 12/14/2021 | 4889 | 5084 | 196 |
| &nbsp;&nbsp;&nbsp; 6220660568, 22.000%, 4/18/2026 †x¥ | Stripe | 10/23/2024 | 301 | 313 | 321 |
| &nbsp;&nbsp;&nbsp; 6222387734, 16.667%, 11/22/2025 †x¥ | Stripe | 5/30/2024 | 5111 | 5315 | 5526 |
| &nbsp;&nbsp;&nbsp; 6223951394, 16.933%, 4/25/2024 †x¥#^ | Stripe | 10/31/2022 | 122335 | 127228 | 4893 |
| &nbsp;&nbsp;&nbsp; 6225527324, 12.800%, 1/27/2027 †x¥ | Stripe | 8/01/2025 | 11826 | 12299 | 12345 |
| &nbsp;&nbsp;&nbsp; 6226304556, 26.516%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 5069 | 5272 | 203 |
| &nbsp;&nbsp;&nbsp; 6226557646, 23.059%, 3/14/2026 †x¥# | Stripe | 12/28/2023 | 1203 | 1251 | 211 |
| &nbsp;&nbsp;&nbsp; 6226936783, 21.333%, 8/08/2025 †x¥#^ | Stripe | 2/13/2024 | 949 | 987 | 38 |
| &nbsp;&nbsp;&nbsp; 6227514, 4.313%, 6/16/2024 †x¶#^ | Square | 12/20/2022 | 2050 | 1926 | 161 |
| &nbsp;&nbsp;&nbsp; 6227595588, 17.867%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 4288 | 4460 | 4537 |
| &nbsp;&nbsp;&nbsp; 6227689, 5.283%, 6/16/2024 †x¶#^ | Square | 12/20/2022 | 7780 | 7209 | 610 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8683** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6228122, 5.376%, 6/16/2024 †x¶#^ | Square | 12/20/2022 | $14261 | $13197 | $1118 |
| &nbsp;&nbsp;&nbsp; 6228459, 5.511%, 6/16/2024 †x¶#^ | Square | 12/20/2022 | 1205 | 1113 | 94 |
| &nbsp;&nbsp;&nbsp; 6229702884, 21.333%, 7/23/2024 †x¥#^ | Stripe | 1/26/2023 | 3119 | 3243 | 125 |
| &nbsp;&nbsp;&nbsp; 6229841689, 26.133%, 3/24/2026 †x¥# | Stripe | 9/26/2024 | 639 | 665 | 256 |
| &nbsp;&nbsp;&nbsp; 6230790784, 26.533%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 956 | 994 | 1013 |
| &nbsp;&nbsp;&nbsp; 6232274329, 16.133%, 5/19/2026 †x¥ | Stripe | 11/21/2024 | 8022 | 8343 | 8468 |
| &nbsp;&nbsp;&nbsp; 6234305, 5.156%, 6/16/2024 †x¶#^ | Square | 12/20/2022 | 3145 | 2919 | 247 |
| &nbsp;&nbsp;&nbsp; 6234566, 5.280%, 6/16/2024 †x¶#^ | Square | 12/20/2022 | 9435 | 8743 | 740 |
| &nbsp;&nbsp;&nbsp; 6235582, 5.283%, 6/17/2024 †x¶#^ | Square | 12/21/2022 | 7972 | 7387 | 625 |
| &nbsp;&nbsp;&nbsp; 6235651, 4.749%, 6/17/2024 †x¶#^ | Square | 12/21/2022 | 24478 | 22851 | 1919 |
| &nbsp;&nbsp;&nbsp; 6235880, 4.764%, 6/17/2024 †x¶#^ | Square | 12/21/2022 | 962 | 898 | 75 |
| &nbsp;&nbsp;&nbsp; 6236570, 5.480%, 6/18/2024 †x¶#^ | Square | 12/21/2022 | 683 | 631 | 54 |
| &nbsp;&nbsp;&nbsp; 6236664, 4.967%, 6/18/2024 †x¶#^ | Square | 12/21/2022 | 6135 | 5710 | 481 |
| &nbsp;&nbsp;&nbsp; 6236699, 4.525%, 6/18/2024 †x¶#^ | Square | 12/21/2022 | 2270 | 2125 | 178 |
| &nbsp;&nbsp;&nbsp; 6237136975, 21.859%, 9/23/2025 †x¥# | Stripe | 3/28/2024 | 3909 | 4065 | 156 |
| &nbsp;&nbsp;&nbsp; 6239130, 5.771%, 6/19/2024 †x¶#^ | Square | 12/21/2022 | 486 | 448 | 38 |
| &nbsp;&nbsp;&nbsp; 6239188681, 23.333%, 10/02/2025 †x¥# | Stripe | 4/08/2024 | 1361 | 1416 | 54 |
| &nbsp;&nbsp;&nbsp; 6239700, 5.254%, 6/19/2024 †x¶#^ | Square | 12/21/2022 | 4055 | 3762 | 318 |
| &nbsp;&nbsp;&nbsp; 6239816, 5.660%, 6/19/2024 †x¶#^ | Square | 12/21/2022 | 1158 | 1068 | 91 |
| &nbsp;&nbsp;&nbsp; 6240076, 4.906%, 6/19/2024 †x¶#^ | Square | 12/21/2022 | 9347 | 8707 | 733 |
| &nbsp;&nbsp;&nbsp; 6240534, 5.384%, 6/20/2024 †x¶#^ | Square | 12/22/2022 | 1541 | 1426 | 121 |
| &nbsp;&nbsp;&nbsp; 6241423, 5.599%, 6/20/2024 †x¶#^ | Square | 12/22/2022 | 756 | 699 | 59 |
| &nbsp;&nbsp;&nbsp; 6241832, 5.125%, 6/20/2024 †x¶#^ | Square | 12/22/2022 | 18471 | 17152 | 1448 |
| &nbsp;&nbsp;&nbsp; 6242199, 4.749%, 6/20/2024 †x¶#^ | Square | 12/22/2022 | 26442 | 24684 | 2073 |
| &nbsp;&nbsp;&nbsp; 624253197, 21.733%, 11/19/2024 †x¥#^ | Stripe | 5/25/2023 | 759 | 789 | 30 |
| &nbsp;&nbsp;&nbsp; 6242962, 5.378%, 6/20/2024 †x¶#^ | Square | 12/22/2022 | 15144 | 14014 | 1187 |
| &nbsp;&nbsp;&nbsp; 624310118, 24.000%, 8/08/2023 †x¥#^ | Stripe | 2/10/2022 | 642 | 668 | 26 |
| &nbsp;&nbsp;&nbsp; 6243744, 4.965%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 99 | 93 | 8 |
| &nbsp;&nbsp;&nbsp; 6244487401, 24.000%, 6/22/2023 †x¥#^ | Stripe | 12/27/2021 | 6536 | 6797 | 261 |
| &nbsp;&nbsp;&nbsp; 6245034, 5.762%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 497 | 457 | 39 |
| &nbsp;&nbsp;&nbsp; 6245043, 4.748%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 638 | 596 | 50 |
| &nbsp;&nbsp;&nbsp; 6245765, 5.387%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 2986 | 2763 | 234 |
| &nbsp;&nbsp;&nbsp; 6245832729, 26.532%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 8851 | 9205 | 9383 |
| &nbsp;&nbsp;&nbsp; 6245922, 5.252%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 17358 | 16090 | 1361 |
| &nbsp;&nbsp;&nbsp; 6246001, 5.606%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 2154 | 1987 | 169 |
| &nbsp;&nbsp;&nbsp; 6246246, 5.248%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 760 | 705 | 60 |
| &nbsp;&nbsp;&nbsp; 6246397, 5.378%, 6/21/2024 †x¶#^ | Square | 12/23/2022 | 1323 | 1225 | 104 |
| &nbsp;&nbsp;&nbsp; 6246580488, 18.667%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 1598 | 1662 | 1681 |
| &nbsp;&nbsp;&nbsp; 6250142117, 16.125%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 4411 | 4587 | 4645 |
| &nbsp;&nbsp;&nbsp; 6251552, 5.379%, 6/22/2024 †x¶#^ | Square | 12/27/2022 | 14483 | 13401 | 1135 |
| &nbsp;&nbsp;&nbsp; 6251559, 4.748%, 6/22/2024 †x¶#^ | Square | 12/27/2022 | 78805 | 73565 | 6178 |
| &nbsp;&nbsp;&nbsp; 6251696, 4.748%, 6/22/2024 †x¶#^ | Square | 12/27/2022 | 54887 | 51238 | 4303 |
| &nbsp;&nbsp;&nbsp; 6251703, 5.256%, 6/22/2024 †x¶#^ | Square | 12/27/2022 | 361 | 338 | 28 |
| &nbsp;&nbsp;&nbsp; 6251865, 4.906%, 6/22/2024 †x¶#^ | Square | 12/27/2022 | 45678 | 42547 | 3581 |
| &nbsp;&nbsp;&nbsp; 6252304, 5.683%, 6/23/2024 †x¶#^ | Square | 12/28/2022 | 220 | 203 | 17 |
| &nbsp;&nbsp;&nbsp; 6252778, 5.762%, 6/23/2024 †x¶#^ | Square | 12/28/2022 | 1574 | 1449 | 123 |
| &nbsp;&nbsp;&nbsp; 6253120, 4.976%, 6/23/2024 †x¶#^ | Square | 12/28/2022 | 1136 | 1057 | 89 |
| &nbsp;&nbsp;&nbsp; 6253229, 5.464%, 6/23/2024 †x¶#^ | Square | 12/28/2022 | 364 | 336 | 29 |
| &nbsp;&nbsp;&nbsp; 6254143345, 22.000%, 8/04/2026 †x¥# | Stripe | 2/06/2025 | 18178 | 18905 | 3075 |
| &nbsp;&nbsp;&nbsp; 6254525, 5.440%, 6/23/2024 †x¶#^ | Square | 12/28/2022 | 29437 | 27232 | 2308 |
| &nbsp;&nbsp;&nbsp; 6255521, 5.471%, 6/24/2024 †x¶#^ | Square | 12/29/2022 | 13873 | 12864 | 1088 |
| &nbsp;&nbsp;&nbsp; 6255627705, 21.172%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 1774 | 1844 | 1858 |
| &nbsp;&nbsp;&nbsp; 6255678, 5.755%, 6/25/2024 †x¶#^ | Square | 12/29/2022 | 3025 | 2785 | 237 |
| &nbsp;&nbsp;&nbsp; 6255894, 4.746%, 6/25/2024 †x¶#^ | Square | 12/29/2022 | 7109 | 6637 | 557 |
| &nbsp;&nbsp;&nbsp; 6256082, 5.666%, 6/26/2024 †x¶#^ | Square | 12/29/2022 | 6285 | 5793 | 493 |
| &nbsp;&nbsp;&nbsp; 6256171, 5.595%, 6/26/2024 †x¶#^ | Square | 12/29/2022 | 2798 | 2581 | 219 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8684** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 625619454, 21.333%, 5/11/2023 †x¥#^ | Stripe | 11/16/2021 | $1011 | $1052 | $40 |
| &nbsp;&nbsp;&nbsp; 6256343, 5.251%, 6/26/2024 †x¶#^ | Square | 12/29/2022 | 13331 | 12358 | 1045 |
| &nbsp;&nbsp;&nbsp; 6256397, 4.528%, 6/26/2024 †x¶#^ | Square | 12/29/2022 | 1785 | 1672 | 140 |
| &nbsp;&nbsp;&nbsp; 6256714, 5.240%, 6/26/2024 †x¶#^ | Square | 12/29/2022 | 360 | 334 | 28 |
| &nbsp;&nbsp;&nbsp; 6256918, 5.376%, 6/26/2024 †x¶#^ | Square | 12/29/2022 | 9188 | 8502 | 720 |
| &nbsp;&nbsp;&nbsp; 6256960, 5.762%, 6/26/2024 †x¶#^ | Square | 12/29/2022 | 2836 | 2611 | 222 |
| &nbsp;&nbsp;&nbsp; 6257316, 5.252%, 6/27/2024 †x¶#^ | Square | 12/29/2022 | 59737 | 55375 | 4683 |
| &nbsp;&nbsp;&nbsp; 6257678585, 19.732%, 11/12/2025 †x¥# | Stripe | 5/17/2024 | 35354 | 36768 | 1414 |
| &nbsp;&nbsp;&nbsp; 6258953, 5.438%, 6/27/2024 †x¶#^ | Square | 12/29/2022 | 1897 | 1754 | 149 |
| &nbsp;&nbsp;&nbsp; 6258954, 4.749%, 6/27/2024 †x¶#^ | Square | 12/29/2022 | 2501 | 2335 | 196 |
| &nbsp;&nbsp;&nbsp; 6259299, 4.976%, 6/27/2024 †x¶#^ | Square | 12/29/2022 | 1566 | 1465 | 123 |
| &nbsp;&nbsp;&nbsp; 6259405228, 26.531%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 2422 | 2519 | 2565 |
| &nbsp;&nbsp;&nbsp; 6260025226, 12.800%, 12/31/2023 †x¥#^ | Stripe | 5/06/2022 | 86226 | 89675 | 3449 |
| &nbsp;&nbsp;&nbsp; 6260179, 5.126%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 1057 | 981 | 83 |
| &nbsp;&nbsp;&nbsp; 6260325, 5.252%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 437 | 406 | 34 |
| &nbsp;&nbsp;&nbsp; 6260500119, 26.526%, 12/27/2024 †x¥#^ | Stripe | 7/05/2023 | 422 | 439 | 17 |
| &nbsp;&nbsp;&nbsp; 6260570, 5.448%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 556 | 514 | 44 |
| &nbsp;&nbsp;&nbsp; 6261399091, 21.200%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 1087 | 1130 | 1145 |
| &nbsp;&nbsp;&nbsp; 6261473, 5.748%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 288 | 265 | 23 |
| &nbsp;&nbsp;&nbsp; 6261900, 5.471%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 8888 | 8214 | 697 |
| &nbsp;&nbsp;&nbsp; 6262325, 5.379%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 8119 | 7513 | 637 |
| &nbsp;&nbsp;&nbsp; 6262348090, 26.533%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 2875 | 2990 | 2991 |
| &nbsp;&nbsp;&nbsp; 6262358318, 26.530%, 10/24/2025 †x¥# | Stripe | 4/30/2024 | 1337 | 1391 | 53 |
| &nbsp;&nbsp;&nbsp; 6262381, 5.599%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 8164 | 7531 | 640 |
| &nbsp;&nbsp;&nbsp; 6262449, 4.748%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 69301 | 64710 | 5433 |
| &nbsp;&nbsp;&nbsp; 6262639, 5.660%, 6/28/2024 †x¶#^ | Square | 12/30/2022 | 9160 | 8448 | 718 |
| &nbsp;&nbsp;&nbsp; 6263702174, 22.507%, 4/04/2025 †x¥#^ | Stripe | 10/11/2023 | 571 | 594 | 23 |
| &nbsp;&nbsp;&nbsp; 626509435, 21.600%, 10/17/2024 †x¥#^ | Stripe | 4/24/2023 | 1914 | 1990 | 77 |
| &nbsp;&nbsp;&nbsp; 6265731, 4.746%, 6/29/2024 †x¶#^ | Square | 1/03/2023 | 1479 | 1381 | 116 |
| &nbsp;&nbsp;&nbsp; 6267289958, 14.267%, 6/27/2023 †x¥#^ | Stripe | 12/30/2021 | 44724 | 46513 | 1789 |
| &nbsp;&nbsp;&nbsp; 6267384, 5.258%, 6/29/2024 †x¶#^ | Square | 1/03/2023 | 1282 | 1188 | 100 |
| &nbsp;&nbsp;&nbsp; 6267411, 5.763%, 6/29/2024 †x¶#^ | Square | 1/03/2023 | 140 | 136 | 11 |
| &nbsp;&nbsp;&nbsp; 6267463, 4.969%, 6/29/2024 †x¶#^ | Square | 1/03/2023 | 18471 | 17190 | 1448 |
| &nbsp;&nbsp;&nbsp; 6267947, 5.582%, 6/29/2024 †x¶#^ | Square | 1/03/2023 | 659 | 608 | 52 |
| &nbsp;&nbsp;&nbsp; 6268425, 5.283%, 6/30/2024 †x¶#^ | Square | 1/04/2023 | 714 | 662 | 56 |
| &nbsp;&nbsp;&nbsp; 6269490838, 19.333%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 38142 | 39667 | 39716 |
| &nbsp;&nbsp;&nbsp; 6269704, 5.472%, 6/30/2024 †x¶#^ | Square | 1/04/2023 | 268 | 248 | 21 |
| &nbsp;&nbsp;&nbsp; 6270257, 4.528%, 6/30/2024 †x¶#^ | Square | 1/04/2023 | 7731 | 7239 | 606 |
| &nbsp;&nbsp;&nbsp; 6271138, 5.749%, 6/30/2024 †x¶#^ | Square | 1/05/2023 | 1366 | 1258 | 107 |
| &nbsp;&nbsp;&nbsp; 6271337, 4.748%, 7/01/2024 †x¶#^ | Square | 1/05/2023 | 3171 | 2960 | 249 |
| &nbsp;&nbsp;&nbsp; 6271798, 5.475%, 7/02/2024 †x¶#^ | Square | 1/05/2023 | 1752 | 1619 | 137 |
| &nbsp;&nbsp;&nbsp; 6271883253, 19.733%, 5/02/2024 †x¥#^ | Stripe | 11/07/2022 | 387 | 403 | 15 |
| &nbsp;&nbsp;&nbsp; 6271987, 5.746%, 7/02/2024 †x¶#^ | Square | 1/05/2023 | 1348 | 1241 | 106 |
| &nbsp;&nbsp;&nbsp; 6272022, 5.755%, 7/02/2024 †x¶#^ | Square | 1/05/2023 | 5947 | 5474 | 466 |
| &nbsp;&nbsp;&nbsp; 6272065596, 16.000%, 12/25/2026 †x¥ | Stripe | 7/01/2025 | 42590 | 44293 | 44456 |
| &nbsp;&nbsp;&nbsp; 6272633494, 22.000%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 469 | 488 | 497 |
| &nbsp;&nbsp;&nbsp; 6272688, 5.660%, 7/02/2024 †x¶#^ | Square | 1/05/2023 | 371 | 342 | 29 |
| &nbsp;&nbsp;&nbsp; 6273779, 5.592%, 7/03/2024 †x¶#^ | Square | 1/05/2023 | 1726 | 1593 | 135 |
| &nbsp;&nbsp;&nbsp; 6273804082, 24.000%, 9/12/2023 †x¥#^ | Stripe | 3/17/2022 | 6055 | 6297 | 242 |
| &nbsp;&nbsp;&nbsp; 6274438953, 21.591%, 6/05/2024 †x¥#^ | Stripe | 12/09/2022 | 6169 | 6416 | 247 |
| &nbsp;&nbsp;&nbsp; 6274856946, 19.733%, 12/27/2023 †x¥#^ | Stripe | 7/01/2022 | 5544 | 5766 | 222 |
| &nbsp;&nbsp;&nbsp; 6275237775, 20.800%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 7394 | 7690 | 7837 |
| &nbsp;&nbsp;&nbsp; 6275249, 4.970%, 7/03/2024 †x¶#^ | Square | 1/05/2023 | 1378 | 1282 | 108 |
| &nbsp;&nbsp;&nbsp; 6275709, 5.371%, 7/03/2024 †x¶#^ | Square | 1/05/2023 | 3522 | 3260 | 276 |
| &nbsp;&nbsp;&nbsp; 6275741, 5.377%, 7/03/2024 †x¶#^ | Square | 1/05/2023 | 22828 | 21124 | 1790 |
| &nbsp;&nbsp;&nbsp; 6275930, 5.751%, 7/04/2024 †x¶#^ | Square | 1/06/2023 | 3837 | 3532 | 301 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8685** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6277768, 4.729%, 7/04/2024 †x¶#^ | Square | 1/06/2023 | $388 | $362 | $30 |
| &nbsp;&nbsp;&nbsp; 6278381, 5.126%, 7/04/2024 †x¶#^ | Square | 1/06/2023 | 9417 | 8744 | 738 |
| &nbsp;&nbsp;&nbsp; 6279921, 4.972%, 7/05/2024 †x¶#^ | Square | 1/09/2023 | 1165 | 1084 | 91 |
| &nbsp;&nbsp;&nbsp; 6279967, 5.378%, 7/05/2024 †x¶#^ | Square | 1/09/2023 | 12895 | 11933 | 1011 |
| &nbsp;&nbsp;&nbsp; 6280173728, 19.325%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 3119 | 3244 | 3299 |
| &nbsp;&nbsp;&nbsp; 6280177, 5.124%, 7/05/2024 †x¶#^ | Square | 1/09/2023 | 12037 | 11178 | 944 |
| &nbsp;&nbsp;&nbsp; 6280379, 4.527%, 7/05/2024 †x¶#^ | Square | 1/09/2023 | 7025 | 6579 | 551 |
| &nbsp;&nbsp;&nbsp; 6281290061, 22.516%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 3523 | 3664 | 3730 |
| &nbsp;&nbsp;&nbsp; 6281762, 4.972%, 7/05/2024 †x¶#^ | Square | 1/09/2023 | 2528 | 2353 | 198 |
| &nbsp;&nbsp;&nbsp; 6282142, 5.600%, 7/05/2024 †x¶#^ | Square | 1/09/2023 | 7658 | 7096 | 600 |
| &nbsp;&nbsp;&nbsp; 6283590, 5.253%, 7/06/2024 †x¶#^ | Square | 1/10/2023 | 381 | 353 | 30 |
| &nbsp;&nbsp;&nbsp; 6284099, 5.412%, 7/06/2024 †x¶#^ | Square | 1/10/2023 | 87 | 81 | 7 |
| &nbsp;&nbsp;&nbsp; 6284620, 5.604%, 7/06/2024 †x¶#^ | Square | 1/10/2023 | 2998 | 2766 | 235 |
| &nbsp;&nbsp;&nbsp; 6284640, 5.660%, 7/06/2024 †x¶#^ | Square | 1/10/2023 | 3849 | 3548 | 302 |
| &nbsp;&nbsp;&nbsp; 6284709808, 26.394%, 7/07/2026 †x¥# | Stripe | 1/09/2025 | 7071 | 7354 | 2764 |
| &nbsp;&nbsp;&nbsp; 6284908, 5.732%, 7/06/2024 †x¶#^ | Square | 1/10/2023 | 1134 | 1045 | 89 |
| &nbsp;&nbsp;&nbsp; 6286068, 5.592%, 7/07/2024 †x¶#^ | Square | 1/11/2023 | 3649 | 3366 | 286 |
| &nbsp;&nbsp;&nbsp; 6286327735, 20.000%, 5/16/2026 †x¥# | Stripe | 11/20/2024 | 5857 | 6092 | 985 |
| &nbsp;&nbsp;&nbsp; 6286558, 5.660%, 7/08/2024 †x¶#^ | Square | 1/11/2023 | 3086 | 2870 | 242 |
| &nbsp;&nbsp;&nbsp; 6288538, 5.467%, 7/09/2024 †x¶#^ | Square | 1/11/2023 | 669 | 619 | 52 |
| &nbsp;&nbsp;&nbsp; 6288936, 4.533%, 7/09/2024 †x¶#^ | Square | 1/11/2023 | 418 | 392 | 33 |
| &nbsp;&nbsp;&nbsp; 6288943, 5.612%, 7/09/2024 †x¶#^ | Square | 1/11/2023 | 327 | 302 | 26 |
| &nbsp;&nbsp;&nbsp; 6289179762, 26.533%, 11/11/2025 †x¥# | Stripe | 5/16/2024 | 510 | 530 | 20 |
| &nbsp;&nbsp;&nbsp; 6289183162, 21.197%, 12/04/2025 †x¥# | Stripe | 6/10/2024 | 17246 | 17935 | 690 |
| &nbsp;&nbsp;&nbsp; 6289886, 4.973%, 7/10/2024 †x¶#^ | Square | 1/12/2023 | 6158 | 5730 | 483 |
| &nbsp;&nbsp;&nbsp; 6289972, 4.969%, 7/10/2024 †x¶#^ | Square | 1/12/2023 | 9514 | 8854 | 746 |
| &nbsp;&nbsp;&nbsp; 6291959, 5.746%, 7/10/2024 †x¶#^ | Square | 1/12/2023 | 1414 | 1302 | 111 |
| &nbsp;&nbsp;&nbsp; 6292057, 5.126%, 7/10/2024 †x¶#^ | Square | 1/12/2023 | 1714 | 1591 | 134 |
| &nbsp;&nbsp;&nbsp; 6292355543, 19.060%, 10/05/2024 †x¥#^ | Stripe | 4/12/2023 | 3820 | 3973 | 153 |
| &nbsp;&nbsp;&nbsp; 6292610850, 17.806%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 907 | 943 | 952 |
| &nbsp;&nbsp;&nbsp; 6293231242, 19.667%, 2/27/2026 †x¥ | Stripe | 9/04/2024 | 313 | 326 | 332 |
| &nbsp;&nbsp;&nbsp; 6293766, 4.752%, 7/11/2024 †x¶#^ | Square | 1/13/2023 | 1075 | 1004 | 84 |
| &nbsp;&nbsp;&nbsp; 6294251, 5.458%, 7/11/2024 †x¶#^ | Square | 1/13/2023 | 1062 | 982 | 83 |
| &nbsp;&nbsp;&nbsp; 6294258, 5.446%, 7/11/2024 †x¶#^ | Square | 1/13/2023 | 421 | 389 | 33 |
| &nbsp;&nbsp;&nbsp; 6295023447, 20.782%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 1623 | 1688 | 1731 |
| &nbsp;&nbsp;&nbsp; 6295110988, 20.267%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 6936 | 7213 | 277 |
| &nbsp;&nbsp;&nbsp; 6295402544, 21.725%, 11/20/2024 †x¥#^ | Stripe | 5/26/2023 | 1020 | 1061 | 41 |
| &nbsp;&nbsp;&nbsp; 6297760, 4.743%, 7/12/2024 †x¶#^ | Square | 1/17/2023 | 1544 | 1442 | 121 |
| &nbsp;&nbsp;&nbsp; 6298324385, 16.131%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 12029 | 12511 | 12604 |
| &nbsp;&nbsp;&nbsp; 6299204, 5.670%, 7/12/2024 †x¶#^ | Square | 1/17/2023 | 3193 | 2943 | 250 |
| &nbsp;&nbsp;&nbsp; 6300183, 5.249%, 7/12/2024 †x¶#^ | Square | 1/17/2023 | 10907 | 10111 | 855 |
| &nbsp;&nbsp;&nbsp; 6300196194, 14.267%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1629 | 1695 | 1723 |
| &nbsp;&nbsp;&nbsp; 6300241, 5.596%, 7/12/2024 †x¶#^ | Square | 1/17/2023 | 6485 | 5983 | 508 |
| &nbsp;&nbsp;&nbsp; 6300261, 5.446%, 7/12/2024 †x¶#^ | Square | 1/17/2023 | 1901 | 1759 | 149 |
| &nbsp;&nbsp;&nbsp; 6300281786, 21.066%, 10/13/2023 †x¥#^ | Stripe | 4/19/2022 | 27846 | 28960 | 1114 |
| &nbsp;&nbsp;&nbsp; 6301255, 4.970%, 7/13/2024 †x¶#^ | Square | 1/18/2023 | 4178 | 3888 | 328 |
| &nbsp;&nbsp;&nbsp; 6301284, 4.749%, 7/13/2024 †x¶#^ | Square | 1/18/2023 | 25931 | 24207 | 2033 |
| &nbsp;&nbsp;&nbsp; 6302634790, 17.825%, 9/30/2025 †x¥ | Stripe | 4/04/2024 | 211 | 220 | 225 |
| &nbsp;&nbsp;&nbsp; 6302652, 5.745%, 7/13/2024 †x¶#^ | Square | 1/18/2023 | 710 | 656 | 56 |
| &nbsp;&nbsp;&nbsp; 6302777, 5.753%, 7/13/2024 †x¶#^ | Square | 1/18/2023 | 2168 | 1996 | 170 |
| &nbsp;&nbsp;&nbsp; 6304040, 5.754%, 7/14/2024 †x¶#^ | Square | 1/19/2023 | 14935 | 13820 | 1171 |
| &nbsp;&nbsp;&nbsp; 6304075, 5.436%, 7/14/2024 †x¶#^ | Square | 1/19/2023 | 368 | 340 | 29 |
| &nbsp;&nbsp;&nbsp; 6304202, 4.530%, 7/14/2024 †x¶#^ | Square | 1/19/2023 | 3019 | 2827 | 237 |
| &nbsp;&nbsp;&nbsp; 6304483, 4.527%, 7/15/2024 †x¶#^ | Square | 1/19/2023 | 4944 | 4629 | 388 |
| &nbsp;&nbsp;&nbsp; 6304496076, 18.000%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 7071 | 7354 | 7395 |
| &nbsp;&nbsp;&nbsp; 6304674, 5.691%, 7/15/2024 †x¶#^ | Square | 1/19/2023 | 401 | 369 | 31 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8686** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6304990, 5.599%, 7/16/2024 †x¶#^ | Square | 1/19/2023 | $7232 | $6671 | $567 |
| &nbsp;&nbsp;&nbsp; 6305216, 4.969%, 7/16/2024 †x¶#^ | Square | 1/19/2023 | 566 | 527 | 44 |
| &nbsp;&nbsp;&nbsp; 6305776, 5.473%, 7/16/2024 †x¶#^ | Square | 1/19/2023 | 8283 | 7693 | 649 |
| &nbsp;&nbsp;&nbsp; 6305824, 4.756%, 7/16/2024 †x¶#^ | Square | 1/19/2023 | 1414 | 1330 | 111 |
| &nbsp;&nbsp;&nbsp; 6306103216, 21.467%, 9/30/2023 †x¥#^ | Stripe | 7/28/2021 | 3283 | 3414 | 131 |
| &nbsp;&nbsp;&nbsp; 6306266, 4.528%, 7/17/2024 †x¶#^ | Square | 1/19/2023 | 5002 | 4683 | 392 |
| &nbsp;&nbsp;&nbsp; 6306820, 5.446%, 7/17/2024 †x¶#^ | Square | 1/19/2023 | 959 | 886 | 75 |
| &nbsp;&nbsp;&nbsp; 6307319, 4.748%, 7/17/2024 †x¶#^ | Square | 1/19/2023 | 93740 | 87507 | 7349 |
| &nbsp;&nbsp;&nbsp; 6307462, 5.756%, 7/17/2024 †x¶#^ | Square | 1/19/2023 | 9987 | 9193 | 783 |
| &nbsp;&nbsp;&nbsp; 6308004514, 24.530%, 12/19/2024 †x¥#^ | Stripe | 6/26/2023 | 8512 | 8853 | 340 |
| &nbsp;&nbsp;&nbsp; 6308285, 4.969%, 7/17/2024 †x¶#^ | Square | 1/19/2023 | 11763 | 10947 | 922 |
| &nbsp;&nbsp;&nbsp; 6308382, 5.598%, 7/17/2024 †x¶#^ | Square | 1/19/2023 | 16012 | 14771 | 1255 |
| &nbsp;&nbsp;&nbsp; 6308534, 5.660%, 7/18/2024 †x¶#^ | Square | 1/20/2023 | 2316 | 2135 | 182 |
| &nbsp;&nbsp;&nbsp; 6308649, 5.250%, 7/18/2024 †x¶#^ | Square | 1/20/2023 | 8511 | 7936 | 667 |
| &nbsp;&nbsp;&nbsp; 6309696, 4.769%, 7/18/2024 †x¶#^ | Square | 1/20/2023 | 450 | 420 | 35 |
| &nbsp;&nbsp;&nbsp; 6310896, 4.749%, 7/18/2024 †x¶#^ | Square | 1/20/2023 | 37998 | 35471 | 2979 |
| &nbsp;&nbsp;&nbsp; 6311038413, 20.393%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 15921 | 16558 | 16567 |
| &nbsp;&nbsp;&nbsp; 6311386294, 25.600%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 4382 | 4557 | 4580 |
| &nbsp;&nbsp;&nbsp; 6311921984, 19.319%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 4473 | 4652 | 4652 |
| &nbsp;&nbsp;&nbsp; 6313305, 5.755%, 7/19/2024 †x¶#^ | Square | 1/23/2023 | 3644 | 3355 | 286 |
| &nbsp;&nbsp;&nbsp; 6314288448, 23.333%, 1/10/2026 †x¥# | Stripe | 7/17/2024 | 3885 | 4040 | 155 |
| &nbsp;&nbsp;&nbsp; 6314776, 5.748%, 7/19/2024 †x¶#^ | Square | 1/23/2023 | 542 | 499 | 43 |
| &nbsp;&nbsp;&nbsp; 631526481, 26.531%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 3278 | 3409 | 131 |
| &nbsp;&nbsp;&nbsp; 6315509, 5.254%, 7/19/2024 †x¶#^ | Square | 1/23/2023 | 1231 | 1141 | 97 |
| &nbsp;&nbsp;&nbsp; 6315824, 5.758%, 7/19/2024 †x¶#^ | Square | 1/23/2023 | 351 | 324 | 28 |
| &nbsp;&nbsp;&nbsp; 6316348860, 25.583%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 5951 | 6189 | 6206 |
| &nbsp;&nbsp;&nbsp; 6316672, 4.968%, 7/20/2024 †x¶#^ | Square | 1/24/2023 | 11975 | 11145 | 939 |
| &nbsp;&nbsp;&nbsp; 6316866345, 26.529%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 2473 | 2572 | 2584 |
| &nbsp;&nbsp;&nbsp; 6317202304, 26.533%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 1647 | 1713 | 1740 |
| &nbsp;&nbsp;&nbsp; 6317249528, 24.267%, 12/19/2025 †x¥# | Stripe | 6/25/2024 | 311 | 324 | 54 |
| &nbsp;&nbsp;&nbsp; 6318728, 5.434%, 7/20/2024 †x¶#^ | Square | 1/24/2023 | 3137 | 2901 | 246 |
| &nbsp;&nbsp;&nbsp; 6318905265, 17.981%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 5480 | 5699 | 5700 |
| &nbsp;&nbsp;&nbsp; 6319314, 5.754%, 7/21/2024 †x¶#^ | Square | 1/25/2023 | 33383 | 30730 | 2617 |
| &nbsp;&nbsp;&nbsp; 6319438937, 26.130%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 6958 | 7236 | 7493 |
| &nbsp;&nbsp;&nbsp; 6319662, 4.780%, 7/21/2024 †x¶#^ | Square | 1/25/2023 | 84 | 78 | 7 |
| &nbsp;&nbsp;&nbsp; 6319667, 4.748%, 7/21/2024 †x¶#^ | Square | 1/25/2023 | 3040 | 2838 | 238 |
| &nbsp;&nbsp;&nbsp; 6319892, 5.593%, 7/21/2024 †x¶#^ | Square | 1/25/2023 | 532 | 491 | 42 |
| &nbsp;&nbsp;&nbsp; 6320396, 5.128%, 7/22/2024 †x¶#^ | Square | 1/25/2023 | 6949 | 6453 | 545 |
| &nbsp;&nbsp;&nbsp; 6320447, 5.255%, 7/22/2024 †x¶#^ | Square | 1/25/2023 | 2917 | 2704 | 229 |
| &nbsp;&nbsp;&nbsp; 6320540, 5.593%, 7/22/2024 †x¶#^ | Square | 1/25/2023 | 952 | 878 | 75 |
| &nbsp;&nbsp;&nbsp; 6320544901, 24.000%, 4/12/2023 †x¥#^ | Stripe | 10/15/2021 | 14010 | 14571 | 560 |
| &nbsp;&nbsp;&nbsp; 6320601049, 19.333%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 11628 | 12093 | 12181 |
| &nbsp;&nbsp;&nbsp; 6320853276, 18.667%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 6348 | 6602 | 6718 |
| &nbsp;&nbsp;&nbsp; 6320913, 5.660%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 716 | 660 | 56 |
| &nbsp;&nbsp;&nbsp; 6320915, 5.666%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 5401 | 4978 | 423 |
| &nbsp;&nbsp;&nbsp; 6321240, 5.382%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 924 | 855 | 72 |
| &nbsp;&nbsp;&nbsp; 6321291, 5.249%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 2262 | 2097 | 177 |
| &nbsp;&nbsp;&nbsp; 6322035, 5.374%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 6155 | 5696 | 483 |
| &nbsp;&nbsp;&nbsp; 6323749, 5.388%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 1143 | 1057 | 90 |
| &nbsp;&nbsp;&nbsp; 6324568, 5.759%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 5501 | 5064 | 431 |
| &nbsp;&nbsp;&nbsp; 63246518, 26.532%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 16384 | 17039 | 17394 |
| &nbsp;&nbsp;&nbsp; 632582500, 22.000%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 3431 | 3568 | 3632 |
| &nbsp;&nbsp;&nbsp; 6327262784, 26.527%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 13411 | 13947 | 14082 |
| &nbsp;&nbsp;&nbsp; 6330261217, 22.784%, 8/06/2024 †x¥#^ | Stripe | 2/09/2023 | 5067 | 5269 | 203 |
| &nbsp;&nbsp;&nbsp; 6331138642, 19.984%, 8/11/2023 †x¥#^ | Stripe | 2/15/2022 | 1348 | 1402 | 54 |
| &nbsp;&nbsp;&nbsp; 6331598269, 21.417%, 1/22/2025 †x¥#^ | Stripe | 7/28/2023 | 681 | 708 | 27 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8687** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6332650728, 24.000%, 9/08/2023 †x¥#^ | Stripe | 3/15/2022 | $2112 | $2197 | $84 |
| &nbsp;&nbsp;&nbsp; 6332918923, 20.928%, 10/01/2025 †x¥# | Stripe | 7/27/2023 | 125 | 130 | 5 |
| &nbsp;&nbsp;&nbsp; 6333235109, 19.997%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 2603 | 2708 | 2768 |
| &nbsp;&nbsp;&nbsp; 6335112, 5.377%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 39 | 36 | 3 |
| &nbsp;&nbsp;&nbsp; 6338459, 5.760%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 3597 | 3311 | 282 |
| &nbsp;&nbsp;&nbsp; 6343678387, 19.333%, 1/15/2027 †x¥ | Stripe | 7/22/2025 | 8647 | 8993 | 9017 |
| &nbsp;&nbsp;&nbsp; 6343880741, 15.200%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 24048 | 25010 | 25162 |
| &nbsp;&nbsp;&nbsp; 6345158098, 23.581%, 6/03/2025 †x¥#^ | Stripe | 12/07/2023 | 2100 | 2184 | 84 |
| &nbsp;&nbsp;&nbsp; 6349832531, 17.724%, 3/20/2026 †x¥ | Stripe | 9/24/2024 | 1686 | 1753 | 1789 |
| &nbsp;&nbsp;&nbsp; 6351356, 5.251%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 15341 | 14221 | 1203 |
| &nbsp;&nbsp;&nbsp; 6351794, 5.377%, 7/23/2024 †x¶#^ | Square | 1/25/2023 | 79446 | 73516 | 6229 |
| &nbsp;&nbsp;&nbsp; 6351994, 5.249%, 7/24/2024 †x¶#^ | Square | 1/26/2023 | 1733 | 1607 | 136 |
| &nbsp;&nbsp;&nbsp; 6352037, 5.471%, 7/24/2024 †x¶#^ | Square | 1/26/2023 | 9877 | 9128 | 774 |
| &nbsp;&nbsp;&nbsp; 6352944, 5.380%, 7/24/2024 †x¶#^ | Square | 1/26/2023 | 2203 | 2039 | 173 |
| &nbsp;&nbsp;&nbsp; 6353112, 4.747%, 7/24/2024 †x¶#^ | Square | 1/26/2023 | 865 | 807 | 68 |
| &nbsp;&nbsp;&nbsp; 6353118, 5.474%, 7/24/2024 †x¶#^ | Square | 1/26/2023 | 305 | 282 | 24 |
| &nbsp;&nbsp;&nbsp; 6353163823, 17.867%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 31499 | 32759 | 32938 |
| &nbsp;&nbsp;&nbsp; 6354772966, 25.852%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 681 | 708 | 730 |
| &nbsp;&nbsp;&nbsp; 6354962726, 15.867%, 10/17/2023 †x¥#^ | Stripe | 4/21/2022 | 9298 | 9670 | 372 |
| &nbsp;&nbsp;&nbsp; 6356058, 5.250%, 7/25/2024 †x¶#^ | Square | 1/27/2023 | 12292 | 11395 | 964 |
| &nbsp;&nbsp;&nbsp; 6356402239, 22.000%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 17163 | 17850 | 18206 |
| &nbsp;&nbsp;&nbsp; 6357446104, 21.949%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 215 | 224 | 230 |
| &nbsp;&nbsp;&nbsp; 6357636205, 14.000%, 10/04/2025 †x¥ | Stripe | 4/10/2024 | 56 | 59 | 61 |
| &nbsp;&nbsp;&nbsp; 6359510, 5.759%, 7/26/2024 †x¶#^ | Square | 1/30/2023 | 190 | 175 | 15 |
| &nbsp;&nbsp;&nbsp; 6359514, 5.379%, 7/26/2024 †x¶#^ | Square | 1/30/2023 | 10123 | 9368 | 794 |
| &nbsp;&nbsp;&nbsp; 6359618, 5.124%, 7/26/2024 †x¶#^ | Square | 1/30/2023 | 8905 | 8270 | 698 |
| &nbsp;&nbsp;&nbsp; 6360948, 5.445%, 7/26/2024 †x¶#^ | Square | 1/30/2023 | 2698 | 2494 | 212 |
| &nbsp;&nbsp;&nbsp; 6361281, 4.523%, 7/26/2024 †x¶#^ | Square | 1/30/2023 | 1232 | 1154 | 97 |
| &nbsp;&nbsp;&nbsp; 6361407, 5.770%, 7/26/2024 †x¶#^ | Square | 1/30/2023 | 1539 | 1417 | 121 |
| &nbsp;&nbsp;&nbsp; 6361885, 5.755%, 7/26/2024 †x¶#^ | Square | 1/30/2023 | 1685 | 1551 | 132 |
| &nbsp;&nbsp;&nbsp; 6362363999, 19.467%, 5/03/2023 †x¥#^ | Stripe | 11/05/2021 | 3667 | 3814 | 147 |
| &nbsp;&nbsp;&nbsp; 6365894224, 16.128%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 3982 | 4141 | 4201 |
| &nbsp;&nbsp;&nbsp; 6367095238, 25.867%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 3469 | 3607 | 3700 |
| &nbsp;&nbsp;&nbsp; 6367129248, 26.526%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 594 | 617 | 633 |
| &nbsp;&nbsp;&nbsp; 6369343, 5.126%, 7/30/2024 †x¶#^ | Square | 2/01/2023 | 75799 | 70387 | 5943 |
| &nbsp;&nbsp;&nbsp; 6374244796, 25.854%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 560 | 582 | 609 |
| &nbsp;&nbsp;&nbsp; 6375465, 5.126%, 8/01/2024 †x¶#^ | Square | 2/03/2023 | 84365 | 78341 | 6614 |
| &nbsp;&nbsp;&nbsp; 6376319983, 19.315%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 3808 | 3961 | 3997 |
| &nbsp;&nbsp;&nbsp; 6376545998, 19.059%, 6/18/2025 †x¥#^ | Stripe | 12/22/2023 | 2092 | 2175 | 84 |
| &nbsp;&nbsp;&nbsp; 6380701, 4.748%, 8/02/2024 †x¶#^ | Square | 2/06/2023 | 21289 | 19874 | 1669 |
| &nbsp;&nbsp;&nbsp; 6380725655, 26.516%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 1760 | 1830 | 1871 |
| &nbsp;&nbsp;&nbsp; 6380780054, 21.460%, 8/06/2025 †x¥#^ | Stripe | 2/09/2024 | 778 | 809 | 31 |
| &nbsp;&nbsp;&nbsp; 638126769, 26.523%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 3029 | 3150 | 3169 |
| &nbsp;&nbsp;&nbsp; 6383458947, 25.333%, 9/19/2024 †x¥#^ | Stripe | 3/27/2023 | 4831 | 5024 | 193 |
| &nbsp;&nbsp;&nbsp; 6392547, 5.252%, 8/07/2024 †x¶#^ | Square | 2/09/2023 | 13750 | 12746 | 1078 |
| &nbsp;&nbsp;&nbsp; 6396551570, 18.000%, 6/26/2025 †x¥#^ | Stripe | 1/02/2024 | 1097 | 1141 | 44 |
| &nbsp;&nbsp;&nbsp; 6396556135, 13.067%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 142393 | 148089 | 149359 |
| &nbsp;&nbsp;&nbsp; 6396654380, 24.533%, 1/13/2026 †x¥# | Stripe | 7/18/2024 | 2115 | 2200 | 85 |
| &nbsp;&nbsp;&nbsp; 6397374060, 22.485%, 1/23/2026 †x¥ | Stripe | 7/30/2024 | 184 | 191 | 199 |
| &nbsp;&nbsp;&nbsp; 63b49123-4e59-46a3-b229-62d54900cc65, 10.490%, 4/12/2023 †x#^ | Funding Circle | 4/16/2018 | 2406 | 2406 | 722 |
| &nbsp;&nbsp;&nbsp; 63f8e0ef-5237-4649-aa40-4ed5ec168536, 8.250%, 11/29/2022 †x#^ | Funding Circle | 12/01/2017 | 80559 | 80559 | 24168 |
| &nbsp;&nbsp;&nbsp; 6400268423, 18.087%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 1634 | 1700 | 1712 |
| &nbsp;&nbsp;&nbsp; 6401172, 4.748%, 8/10/2024 †x¶#^ | Square | 2/14/2023 | 22623 | 21119 | 1774 |
| &nbsp;&nbsp;&nbsp; 6401315384, 20.929%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 7464 | 7762 | 299 |
| &nbsp;&nbsp;&nbsp; 6403494231, 17.597%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 17565 | 18267 | 18452 |
| &nbsp;&nbsp;&nbsp; 6409165812, 26.333%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 1192 | 1239 | 48 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8688** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6409756636, 26.133%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | $2261 | $2352 | $2398 |
| &nbsp;&nbsp;&nbsp; 6411727331, 16.632%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 869 | 904 | 911 |
| &nbsp;&nbsp;&nbsp; 64119203, 14.925%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 1384 | 1439 | 1450 |
| &nbsp;&nbsp;&nbsp; 6412035747, 24.000%, 6/23/2023 †x¥#^ | Stripe | 12/28/2021 | 2503 | 2603 | 100 |
| &nbsp;&nbsp;&nbsp; 6416368724, 19.863%, 4/01/2025 †x¥#^ | Stripe | 10/05/2023 | 682 | 709 | 27 |
| &nbsp;&nbsp;&nbsp; 6419854, 5.377%, 8/16/2024 †x¶#^ | Square | 2/21/2023 | 87679 | 81134 | 6874 |
| &nbsp;&nbsp;&nbsp; 6420018563, 20.133%, 7/26/2025 †x¥#^ | Stripe | 4/20/2023 | 12091 | 12575 | 484 |
| &nbsp;&nbsp;&nbsp; 6420837881, 13.067%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 110598 | 115022 | 116311 |
| &nbsp;&nbsp;&nbsp; 6422508165, 25.588%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 5561 | 5784 | 5868 |
| &nbsp;&nbsp;&nbsp; 6423515106, 17.563%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 2434 | 2531 | 2540 |
| &nbsp;&nbsp;&nbsp; 6423645, 5.472%, 8/17/2024 †x¶#^ | Square | 2/22/2023 | 52274 | 48311 | 4098 |
| &nbsp;&nbsp;&nbsp; 6423685633, 19.467%, 9/13/2024 †x¥#^ | Stripe | 6/27/2022 | 19098 | 19862 | 764 |
| &nbsp;&nbsp;&nbsp; 6424154259, 17.866%, 9/20/2026 †x¥ | Stripe | 1/24/2025 | 82620 | 85924 | 86892 |
| &nbsp;&nbsp;&nbsp; 6424461308, 21.981%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 820 | 853 | 876 |
| &nbsp;&nbsp;&nbsp; 6425439127, 17.196%, 7/20/2024 †x¥#^ | Stripe | 1/25/2023 | 2636 | 2741 | 105 |
| &nbsp;&nbsp;&nbsp; 642733754, 15.194%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 6861 | 7136 | 7200 |
| &nbsp;&nbsp;&nbsp; 6428758676, 21.600%, 11/21/2025 †x¥# | Stripe | 5/29/2024 | 3364 | 3499 | 135 |
| &nbsp;&nbsp;&nbsp; 6428786288, 26.131%, 11/11/2025 †x¥ | Stripe | 5/16/2024 | 2813 | 2926 | 3098 |
| &nbsp;&nbsp;&nbsp; 6431250595, 20.933%, 2/14/2024 †x¥#^ | Stripe | 8/19/2022 | 871 | 906 | 35 |
| &nbsp;&nbsp;&nbsp; 6437221961, 20.000%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 2829 | 2943 | 3004 |
| &nbsp;&nbsp;&nbsp; 6439398, 4.748%, 8/23/2024 †x¶#^ | Square | 2/27/2023 | 20406 | 19049 | 1600 |
| &nbsp;&nbsp;&nbsp; 6440291883, 26.532%, 12/19/2025 †x¥ | Stripe | 6/25/2024 | 6868 | 7143 | 7511 |
| &nbsp;&nbsp;&nbsp; 6443269711, 22.389%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 2155 | 2241 | 2299 |
| &nbsp;&nbsp;&nbsp; 6445298, 4.966%, 8/26/2024 †x¶#^ | Square | 3/01/2023 | 75 | 70 | 6 |
| &nbsp;&nbsp;&nbsp; 6445356, 5.761%, 8/26/2024 †x¶#^ | Square | 3/01/2023 | 1247 | 1148 | 98 |
| &nbsp;&nbsp;&nbsp; 6445412, 5.762%, 8/26/2024 †x¶#^ | Square | 3/01/2023 | 848 | 780 | 66 |
| &nbsp;&nbsp;&nbsp; 6446307, 5.468%, 8/27/2024 †x¶#^ | Square | 3/01/2023 | 1730 | 1599 | 136 |
| &nbsp;&nbsp;&nbsp; 6446578, 5.448%, 8/27/2024 †x¶#^ | Square | 3/01/2023 | 1830 | 1691 | 143 |
| &nbsp;&nbsp;&nbsp; 6448369221, 16.000%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 64702 | 67290 | 67825 |
| &nbsp;&nbsp;&nbsp; 6449491, 4.971%, 8/28/2024 †x¶#^ | Square | 3/02/2023 | 6333 | 5893 | 496 |
| &nbsp;&nbsp;&nbsp; 6450010964, 18.133%, 10/05/2024 †x¥#^ | Stripe | 4/12/2023 | 84452 | 87830 | 3378 |
| &nbsp;&nbsp;&nbsp; 6450178422, 22.000%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 4682 | 4870 | 4990 |
| &nbsp;&nbsp;&nbsp; 6450877017, 25.600%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 849 | 882 | 888 |
| &nbsp;&nbsp;&nbsp; 6450934555, 22.667%, 9/22/2023 †x¥#^ | Stripe | 11/30/2021 | 3795 | 3947 | 152 |
| &nbsp;&nbsp;&nbsp; 6451133501, 26.476%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 597 | 620 | 639 |
| &nbsp;&nbsp;&nbsp; 6451260477, 17.733%, 3/31/2024 †x¥#^ | Stripe | 2/08/2022 | 1185 | 1232 | 47 |
| &nbsp;&nbsp;&nbsp; 6451496, 4.526%, 8/28/2024 †x¶#^ | Square | 3/02/2023 | 2118 | 1983 | 166 |
| &nbsp;&nbsp;&nbsp; 6451928, 5.251%, 8/28/2024 †x¶#^ | Square | 3/02/2023 | 10124 | 9385 | 794 |
| &nbsp;&nbsp;&nbsp; 6452536, 4.529%, 8/28/2024 †x¶#^ | Square | 3/02/2023 | 9247 | 8659 | 725 |
| &nbsp;&nbsp;&nbsp; 6452831, 5.128%, 9/01/2024 †x¶#^ | Square | 3/03/2023 | 666 | 619 | 52 |
| &nbsp;&nbsp;&nbsp; 6453052, 4.753%, 9/01/2024 †x¶#^ | Square | 3/03/2023 | 5529 | 5161 | 433 |
| &nbsp;&nbsp;&nbsp; 6453096, 5.440%, 9/01/2024 †x¶#^ | Square | 3/03/2023 | 12796 | 11831 | 1003 |
| &nbsp;&nbsp;&nbsp; 6453892948, 26.531%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 4034 | 4195 | 4323 |
| &nbsp;&nbsp;&nbsp; 6454108, 4.969%, 9/01/2024 †x¶#^ | Square | 3/03/2023 | 2609 | 2428 | 205 |
| &nbsp;&nbsp;&nbsp; 6454200, 5.664%, 9/01/2024 †x¶#^ | Square | 3/03/2023 | 1153 | 1062 | 90 |
| &nbsp;&nbsp;&nbsp; 6454248, 5.663%, 9/01/2024 †x¶#^ | Square | 3/03/2023 | 6492 | 5984 | 509 |
| &nbsp;&nbsp;&nbsp; 6454587242, 22.259%, 5/13/2025 †x¥#^ | Stripe | 11/16/2023 | 5851 | 6085 | 234 |
| &nbsp;&nbsp;&nbsp; 6454740384, 18.667%, 1/06/2025 †x¥#^ | Stripe | 5/15/2023 | 498 | 518 | 20 |
| &nbsp;&nbsp;&nbsp; 6455090, 5.660%, 9/01/2024 †x¶#^ | Square | 3/03/2023 | 479 | 441 | 38 |
| &nbsp;&nbsp;&nbsp; 6456171522, 14.932%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 14756 | 15346 | 15403 |
| &nbsp;&nbsp;&nbsp; 64588e14-c7c5-4242-8c7d-a14db6b69c81, 15.420%, 11/15/2022 †x#^ | Funding Circle | 11/17/2017 | 80455 | 80455 | 24137 |
| &nbsp;&nbsp;&nbsp; 6459386, 5.126%, 9/02/2024 †x¶#^ | Square | 3/06/2023 | 22102 | 20524 | 1733 |
| &nbsp;&nbsp;&nbsp; 6459756500, 18.927%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 8566 | 8909 | 343 |
| &nbsp;&nbsp;&nbsp; 6460973, 5.376%, 9/03/2024 †x¶#^ | Square | 3/07/2023 | 7751 | 7744 | 608 |
| &nbsp;&nbsp;&nbsp; 6462844153, 14.932%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 10642 | 11067 | 11149 |
| &nbsp;&nbsp;&nbsp; 6463971, 5.253%, 9/04/2024 †x¶#^ | Square | 3/08/2023 | 7018 | 6506 | 550 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8689** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6464113, 4.972%, 9/04/2024 †x¶#^ | Square | 3/08/2023 | $4899 | $4559 | $384 |
| &nbsp;&nbsp;&nbsp; 6464852, 5.380%, 9/05/2024 †x¶#^ | Square | 3/08/2023 | 1591 | 1472 | 125 |
| &nbsp;&nbsp;&nbsp; 6465227, 5.451%, 9/05/2024 †x¶#^ | Square | 3/08/2023 | 488 | 451 | 38 |
| &nbsp;&nbsp;&nbsp; 6465958082, 26.515%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 2076 | 2159 | 2200 |
| &nbsp;&nbsp;&nbsp; 6467112549, 26.529%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 6467 | 6725 | 6812 |
| &nbsp;&nbsp;&nbsp; 6467648, 5.597%, 9/06/2024 †x¶#^ | Square | 3/08/2023 | 5525 | 5097 | 433 |
| &nbsp;&nbsp;&nbsp; 6467787, 5.439%, 9/06/2024 †x¶#^ | Square | 3/08/2023 | 6586 | 6089 | 516 |
| &nbsp;&nbsp;&nbsp; 6468340, 5.674%, 9/06/2024 †x¶#^ | Square | 3/08/2023 | 1099 | 1014 | 86 |
| &nbsp;&nbsp;&nbsp; 6468726792, 23.590%, 5/09/2023 †x¥#^ | Stripe | 11/12/2021 | 7479 | 7779 | 299 |
| &nbsp;&nbsp;&nbsp; 6468928, 5.443%, 9/06/2024 †x¶#^ | Square | 3/08/2023 | 1816 | 1679 | 142 |
| &nbsp;&nbsp;&nbsp; 6469077, 5.593%, 9/07/2024 †x¶#^ | Square | 3/09/2023 | 1654 | 1526 | 130 |
| &nbsp;&nbsp;&nbsp; 6469292, 5.254%, 9/07/2024 †x¶#^ | Square | 3/09/2023 | 1220 | 1131 | 96 |
| &nbsp;&nbsp;&nbsp; 6469705, 4.530%, 9/07/2024 †x¶#^ | Square | 3/09/2023 | 4406 | 4125 | 345 |
| &nbsp;&nbsp;&nbsp; 6470296, 5.447%, 9/07/2024 †x¶#^ | Square | 3/09/2023 | 2002 | 1851 | 157 |
| &nbsp;&nbsp;&nbsp; 6471060894, 18.000%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 7806 | 8118 | 8170 |
| &nbsp;&nbsp;&nbsp; 6471317, 4.746%, 9/07/2024 †x¶#^ | Square | 3/09/2023 | 2078 | 1940 | 163 |
| &nbsp;&nbsp;&nbsp; 6471640, 5.436%, 9/07/2024 †x¶#^ | Square | 3/09/2023 | 1991 | 1842 | 156 |
| &nbsp;&nbsp;&nbsp; 6472881, 5.475%, 9/08/2024 †x¶#^ | Square | 3/10/2023 | 125 | 116 | 10 |
| &nbsp;&nbsp;&nbsp; 6473161, 4.746%, 9/08/2024 †x¶#^ | Square | 3/10/2023 | 1781 | 1662 | 140 |
| &nbsp;&nbsp;&nbsp; 6474705181, 22.000%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 621 | 646 | 671 |
| &nbsp;&nbsp;&nbsp; 6475285, 5.252%, 9/08/2024 †x¶#^ | Square | 3/10/2023 | 16428 | 15229 | 1288 |
| &nbsp;&nbsp;&nbsp; 6475569523, 24.000%, 6/15/2023 †x¥#^ | Stripe | 12/20/2021 | 5593 | 5817 | 224 |
| &nbsp;&nbsp;&nbsp; 6476290189, 17.590%, 7/13/2023 †x¥#^ | Stripe | 1/18/2022 | 2060 | 2142 | 82 |
| &nbsp;&nbsp;&nbsp; 6476652826, 23.062%, 11/12/2025 †x¥# | Stripe | 5/17/2024 | 1493 | 1553 | 60 |
| &nbsp;&nbsp;&nbsp; 6477130968, 20.400%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 8338 | 8672 | 8715 |
| &nbsp;&nbsp;&nbsp; 6477225483, 18.800%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 4717 | 4906 | 4971 |
| &nbsp;&nbsp;&nbsp; 6477595860, 26.462%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 23 | 24 | 25 |
| &nbsp;&nbsp;&nbsp; 6478454, 5.471%, 9/09/2024 †x¶#^ | Square | 3/13/2023 | 602 | 556 | 47 |
| &nbsp;&nbsp;&nbsp; 6478984, 4.529%, 9/09/2024 †x¶#^ | Square | 3/13/2023 | 10662 | 9984 | 836 |
| &nbsp;&nbsp;&nbsp; 6479952, 4.970%, 9/09/2024 †x¶#^ | Square | 3/13/2023 | 6781 | 6310 | 532 |
| &nbsp;&nbsp;&nbsp; 6482096, 5.474%, 9/10/2024 †x¶#^ | Square | 3/14/2023 | 2683 | 2479 | 210 |
| &nbsp;&nbsp;&nbsp; 6482365, 5.752%, 9/10/2024 †x¶#^ | Square | 3/14/2023 | 1766 | 1625 | 138 |
| &nbsp;&nbsp;&nbsp; 6482702, 5.660%, 9/10/2024 †x¶#^ | Square | 3/14/2023 | 42927 | 39568 | 3366 |
| &nbsp;&nbsp;&nbsp; 6483503, 5.470%, 9/10/2024 †x¶#^ | Square | 3/14/2023 | 7145 | 6604 | 560 |
| &nbsp;&nbsp;&nbsp; 6483720257, 14.262%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 7535 | 7836 | 7958 |
| &nbsp;&nbsp;&nbsp; 6484309664, 18.394%, 9/17/2023 †x¥#^ | Stripe | 1/21/2022 | 3661 | 3807 | 146 |
| &nbsp;&nbsp;&nbsp; 6484354, 4.971%, 9/10/2024 †x¶#^ | Square | 3/14/2023 | 3555 | 3308 | 279 |
| &nbsp;&nbsp;&nbsp; 6484443, 5.384%, 9/10/2024 †x¶#^ | Square | 3/14/2023 | 2253 | 2085 | 177 |
| &nbsp;&nbsp;&nbsp; 6485655, 5.750%, 9/11/2024 †x¶#^ | Square | 3/15/2023 | 1096 | 1009 | 86 |
| &nbsp;&nbsp;&nbsp; 648587386, 26.485%, 1/06/2026 †x¥# | Stripe | 7/11/2024 | 937 | 974 | 165 |
| &nbsp;&nbsp;&nbsp; 6486894, 5.466%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 1990 | 1839 | 156 |
| &nbsp;&nbsp;&nbsp; 6487036635, 18.930%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 5432 | 5649 | 5761 |
| &nbsp;&nbsp;&nbsp; 6487779, 5.472%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 9570 | 8844 | 750 |
| &nbsp;&nbsp;&nbsp; 6488027, 5.379%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 3514 | 3255 | 276 |
| &nbsp;&nbsp;&nbsp; 6488610, 5.250%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 12901 | 11959 | 1011 |
| &nbsp;&nbsp;&nbsp; 6488794, 5.131%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 561 | 521 | 44 |
| &nbsp;&nbsp;&nbsp; 6489285, 4.976%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 207 | 192 | 16 |
| &nbsp;&nbsp;&nbsp; 6489336, 5.031%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 290 | 269 | 23 |
| &nbsp;&nbsp;&nbsp; 6489467, 5.660%, 9/13/2024 †x¶#^ | Square | 3/15/2023 | 2257 | 2080 | 177 |
| &nbsp;&nbsp;&nbsp; 649007812, 16.267%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 8485 | 8825 | 8824 |
| &nbsp;&nbsp;&nbsp; 6490963, 5.443%, 9/14/2024 †x¶#^ | Square | 3/16/2023 | 876 | 812 | 69 |
| &nbsp;&nbsp;&nbsp; 6491903, 5.444%, 9/14/2024 †x¶#^ | Square | 3/16/2023 | 2924 | 2718 | 229 |
| &nbsp;&nbsp;&nbsp; 6492304, 5.442%, 9/14/2024 †x¶#^ | Square | 3/16/2023 | 4397 | 4065 | 345 |
| &nbsp;&nbsp;&nbsp; 6492681, 5.660%, 9/14/2024 †x¶#^ | Square | 3/16/2023 | 50904 | 46920 | 3991 |
| &nbsp;&nbsp;&nbsp; 649329754, 26.527%, 12/12/2025 †x¥# | Stripe | 6/18/2024 | 1292 | 1344 | 229 |
| &nbsp;&nbsp;&nbsp; 6493461, 5.599%, 9/14/2024 †x¶#^ | Square | 3/16/2023 | 9930 | 9160 | 778 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8690** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6493659149, 20.526%, 9/28/2023 †x¥#^ | Stripe | 4/04/2022 | $4337 | $4510 | $173 |
| &nbsp;&nbsp;&nbsp; 6493821741, 15.198%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 4628 | 4813 | 4860 |
| &nbsp;&nbsp;&nbsp; 6494016, 5.660%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 1431 | 1319 | 112 |
| &nbsp;&nbsp;&nbsp; 6494382, 4.968%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 12575 | 11703 | 986 |
| &nbsp;&nbsp;&nbsp; 6495050, 4.311%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 5112 | 4802 | 401 |
| &nbsp;&nbsp;&nbsp; 6496210, 5.471%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 26475 | 24467 | 2076 |
| &nbsp;&nbsp;&nbsp; 6496458892, 13.865%, 6/07/2023 †x¥#^ | Stripe | 12/10/2021 | 24730 | 25719 | 989 |
| &nbsp;&nbsp;&nbsp; 6496748, 4.758%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 301 | 281 | 24 |
| &nbsp;&nbsp;&nbsp; 6496762, 4.969%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 32907 | 30624 | 2580 |
| &nbsp;&nbsp;&nbsp; 6497104, 5.472%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 60555 | 55962 | 4748 |
| &nbsp;&nbsp;&nbsp; 6497130712, 12.800%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 1425 | 1482 | 1483 |
| &nbsp;&nbsp;&nbsp; 6497165, 5.380%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 4536 | 4198 | 356 |
| &nbsp;&nbsp;&nbsp; 6497181, 4.741%, 9/15/2024 †x¶#^ | Square | 3/17/2023 | 2635 | 2461 | 207 |
| &nbsp;&nbsp;&nbsp; 6499041, 4.748%, 9/16/2024 †x¶#^ | Square | 3/20/2023 | 2865 | 2675 | 225 |
| &nbsp;&nbsp;&nbsp; 6499213960, 26.526%, 10/03/2026 †x¥ | Stripe | 4/09/2025 | 741 | 770 | 795 |
| &nbsp;&nbsp;&nbsp; 6499248008, 16.132%, 12/18/2026 †x¥# | Stripe | 10/23/2024 | 13387 | 13922 | 13996 |
| &nbsp;&nbsp;&nbsp; 6501886763, 23.461%, 3/24/2023 †x¥#^ | Stripe | 9/28/2021 | 10226 | 10635 | 409 |
| &nbsp;&nbsp;&nbsp; 650287535, 25.867%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 1956 | 2034 | 2088 |
| &nbsp;&nbsp;&nbsp; 6503016, 5.374%, 9/17/2024 †x¶#^ | Square | 3/21/2023 | 1847 | 1722 | 145 |
| &nbsp;&nbsp;&nbsp; 6503530921, 26.532%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 23068 | 23991 | 923 |
| &nbsp;&nbsp;&nbsp; 6504056, 5.460%, 9/17/2024 †x¶#^ | Square | 3/21/2023 | 1020 | 943 | 80 |
| &nbsp;&nbsp;&nbsp; 6504463421, 25.333%, 4/19/2024 †x¥#^ | Stripe | 10/25/2022 | 26900 | 27976 | 1076 |
| &nbsp;&nbsp;&nbsp; 6505266, 4.841%, 9/17/2024 †x¶#^ | Square | 3/21/2023 | 5256 | 4900 | 412 |
| &nbsp;&nbsp;&nbsp; 6505436, 4.743%, 9/17/2024 †x¶#^ | Square | 3/21/2023 | 14 | 14 | 1 |
| &nbsp;&nbsp;&nbsp; 6505749, 5.476%, 9/18/2024 †x¶#^ | Square | 3/22/2023 | 4313 | 3986 | 338 |
| &nbsp;&nbsp;&nbsp; 6505907, 4.843%, 9/18/2024 †x¶#^ | Square | 3/22/2023 | 456 | 425 | 36 |
| &nbsp;&nbsp;&nbsp; 6506046, 4.972%, 9/18/2024 †x¶#^ | Square | 3/22/2023 | 988 | 919 | 77 |
| &nbsp;&nbsp;&nbsp; 6507241875, 16.133%, 2/03/2023 †x¥#^ | Stripe | 8/10/2021 | 76996 | 80076 | 3080 |
| &nbsp;&nbsp;&nbsp; 6508473033, 24.000%, 9/08/2023 †x¥#^ | Stripe | 3/15/2022 | 683 | 711 | 27 |
| &nbsp;&nbsp;&nbsp; 6509176, 5.383%, 9/20/2024 †x¶#^ | Square | 3/22/2023 | 1714 | 1586 | 134 |
| &nbsp;&nbsp;&nbsp; 6509602, 5.126%, 9/20/2024 †x¶#^ | Square | 3/22/2023 | 9453 | 8805 | 741 |
| &nbsp;&nbsp;&nbsp; 6509971, 5.602%, 9/20/2024 †x¶#^ | Square | 3/22/2023 | 3146 | 2902 | 247 |
| &nbsp;&nbsp;&nbsp; 6510064, 5.126%, 9/20/2024 †x¶#^ | Square | 3/22/2023 | 3179 | 2952 | 249 |
| &nbsp;&nbsp;&nbsp; 6510425, 5.763%, 9/20/2024 †x¶#^ | Square | 3/22/2023 | 603 | 555 | 47 |
| &nbsp;&nbsp;&nbsp; 6510550313, 26.533%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 5004 | 5204 | 5276 |
| &nbsp;&nbsp;&nbsp; 6511508296, 24.000%, 7/14/2023 †x¥#^ | Stripe | 1/19/2022 | 3969 | 4127 | 159 |
| &nbsp;&nbsp;&nbsp; 6511509, 4.530%, 9/21/2024 †x¶#^ | Square | 3/23/2023 | 284 | 266 | 22 |
| &nbsp;&nbsp;&nbsp; 6512340, 5.380%, 9/21/2024 †x¶#^ | Square | 3/23/2023 | 2453 | 2269 | 192 |
| &nbsp;&nbsp;&nbsp; 6512509, 5.378%, 9/21/2024 †x¶#^ | Square | 3/23/2023 | 4937 | 4569 | 387 |
| &nbsp;&nbsp;&nbsp; 6512602, 5.252%, 9/21/2024 †x¶#^ | Square | 3/23/2023 | 4447 | 4122 | 349 |
| &nbsp;&nbsp;&nbsp; 6513327, 4.971%, 9/21/2024 †x¶#^ | Square | 3/23/2023 | 7757 | 7219 | 608 |
| &nbsp;&nbsp;&nbsp; 6514095908, 20.789%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 3894 | 4049 | 4123 |
| &nbsp;&nbsp;&nbsp; 6514185, 6.164%, 9/22/2024 †x¶#^ | Square | 3/24/2023 | 1649 | 1509 | 129 |
| &nbsp;&nbsp;&nbsp; 6514422, 4.762%, 9/22/2024 †x¶#^ | Square | 3/24/2023 | 966 | 902 | 76 |
| &nbsp;&nbsp;&nbsp; 6514853, 5.448%, 9/22/2024 †x¶#^ | Square | 3/24/2023 | 1861 | 1721 | 146 |
| &nbsp;&nbsp;&nbsp; 6515544618, 19.200%, 2/10/2024 †x¥#^ | Stripe | 8/17/2022 | 9033 | 9395 | 361 |
| &nbsp;&nbsp;&nbsp; 6515721144, 24.000%, 10/11/2023 †x¥#^ | Stripe | 4/15/2022 | 1711 | 1780 | 68 |
| &nbsp;&nbsp;&nbsp; 6516316, 5.475%, 9/22/2024 †x¶#^ | Square | 3/24/2023 | 4020 | 3715 | 315 |
| &nbsp;&nbsp;&nbsp; 6516434, 5.255%, 9/22/2024 †x¶#^ | Square | 3/24/2023 | 7642 | 7084 | 599 |
| &nbsp;&nbsp;&nbsp; 6516512, 4.843%, 9/22/2024 †x¶#^ | Square | 3/24/2023 | 8922 | 8318 | 700 |
| &nbsp;&nbsp;&nbsp; 6519469, 5.601%, 9/23/2024 †x¶#^ | Square | 3/27/2023 | 3344 | 3085 | 262 |
| &nbsp;&nbsp;&nbsp; 6519573, 5.629%, 9/23/2024 †x¶#^ | Square | 3/27/2023 | 266 | 246 | 21 |
| &nbsp;&nbsp;&nbsp; 6520931, 5.126%, 9/23/2024 †x¶#^ | Square | 3/27/2023 | 21693 | 20144 | 1701 |
| &nbsp;&nbsp;&nbsp; 6521245, 6.080%, 9/23/2024 †x¶#^ | Square | 3/27/2023 | 1586 | 1454 | 124 |
| &nbsp;&nbsp;&nbsp; 6521366, 5.586%, 9/23/2024 †x¶#^ | Square | 3/27/2023 | 1628 | 1502 | 128 |
| &nbsp;&nbsp;&nbsp; 652150010, 16.133%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 4198 | 4366 | 4432 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8691** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6521526959, 14.667%, 1/01/2026 †x¥# | Stripe | 11/07/2023 | $394 | $410 | $16 |
| &nbsp;&nbsp;&nbsp; 6521588261, 19.461%, 7/04/2024 †x¥#^ | Stripe | 1/09/2023 | 9891 | 10287 | 396 |
| &nbsp;&nbsp;&nbsp; 6522037, 5.760%, 9/23/2024 †x¶#^ | Square | 3/27/2023 | 1880 | 1730 | 147 |
| &nbsp;&nbsp;&nbsp; 6522066, 5.251%, 9/23/2024 †x¶#^ | Square | 3/27/2023 | 14882 | 13796 | 1167 |
| &nbsp;&nbsp;&nbsp; 6522941, 5.123%, 9/24/2024 †x¶#^ | Square | 3/28/2023 | 2029 | 1885 | 159 |
| &nbsp;&nbsp;&nbsp; 6523646289, 23.867%, 1/05/2023 †x¥#^ | Stripe | 7/12/2021 | 5439 | 5657 | 218 |
| &nbsp;&nbsp;&nbsp; 652372187, 22.119%, 5/20/2025 †x¥#^ | Stripe | 11/24/2023 | 5398 | 5614 | 216 |
| &nbsp;&nbsp;&nbsp; 6525707, 5.373%, 9/25/2024 †x¶#^ | Square | 3/29/2023 | 3145 | 2910 | 247 |
| &nbsp;&nbsp;&nbsp; 6525811, 5.670%, 9/25/2024 †x¶#^ | Square | 3/29/2023 | 2401 | 2213 | 188 |
| &nbsp;&nbsp;&nbsp; 6526198, 5.372%, 9/25/2024 †x¶#^ | Square | 3/29/2023 | 1979 | 1832 | 155 |
| &nbsp;&nbsp;&nbsp; 6526211, 5.455%, 9/25/2024 †x¶#^ | Square | 3/29/2023 | 1513 | 1399 | 119 |
| &nbsp;&nbsp;&nbsp; 6526590, 6.066%, 9/26/2024 †x¶#^ | Square | 3/29/2023 | 3495 | 3204 | 274 |
| &nbsp;&nbsp;&nbsp; 6526660, 5.732%, 9/26/2024 †x¶#^ | Square | 3/29/2023 | 1232 | 1134 | 97 |
| &nbsp;&nbsp;&nbsp; 6527819, 5.374%, 9/27/2024 †x¶#^ | Square | 3/29/2023 | 405 | 375 | 32 |
| &nbsp;&nbsp;&nbsp; 6527967, 4.749%, 9/27/2024 †x¶#^ | Square | 3/29/2023 | 13421 | 12528 | 1052 |
| &nbsp;&nbsp;&nbsp; 6529078, 5.220%, 9/27/2024 †x¶#^ | Square | 3/29/2023 | 59311 | 55094 | 4650 |
| &nbsp;&nbsp;&nbsp; 6529156, 5.660%, 9/27/2024 †x¶#^ | Square | 3/29/2023 | 2891 | 2664 | 227 |
| &nbsp;&nbsp;&nbsp; 6529381, 5.757%, 9/27/2024 †x¶#^ | Square | 3/29/2023 | 11168 | 10280 | 876 |
| &nbsp;&nbsp;&nbsp; 6529836738, 22.388%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 2851 | 2965 | 3005 |
| &nbsp;&nbsp;&nbsp; 6530711859, 22.933%, 1/08/2025 †x¥#^ | Stripe | 7/14/2023 | 26106 | 27150 | 1044 |
| &nbsp;&nbsp;&nbsp; 6531051, 4.749%, 9/28/2024 †x¶#^ | Square | 3/30/2023 | 65956 | 61570 | 5171 |
| &nbsp;&nbsp;&nbsp; 6532161856, 25.599%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 67871 | 70586 | 71105 |
| &nbsp;&nbsp;&nbsp; 6532538493, 17.841%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1611 | 1675 | 1701 |
| &nbsp;&nbsp;&nbsp; 6532908, 4.748%, 9/28/2024 †x¶#^ | Square | 3/30/2023 | 1904 | 1777 | 149 |
| &nbsp;&nbsp;&nbsp; 6533097, 4.591%, 9/28/2024 †x¶#^ | Square | 3/30/2023 | 8361 | 7822 | 655 |
| &nbsp;&nbsp;&nbsp; 6533609982, 21.467%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 20683 | 21511 | 827 |
| &nbsp;&nbsp;&nbsp; 6533666, 4.530%, 9/28/2024 †x¶#^ | Square | 3/30/2023 | 180 | 169 | 14 |
| &nbsp;&nbsp;&nbsp; 6533973515, 24.000%, 11/27/2024 †x¥#^ | Stripe | 4/05/2023 | 6400 | 6656 | 256 |
| &nbsp;&nbsp;&nbsp; 6534835, 4.748%, 9/29/2024 †x¶#^ | Square | 3/31/2023 | 10183 | 9506 | 798 |
| &nbsp;&nbsp;&nbsp; 6535940551, 16.266%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 37677 | 39184 | 39233 |
| &nbsp;&nbsp;&nbsp; 6536412, 5.123%, 9/29/2024 †x¶#^ | Square | 3/31/2023 | 2277 | 2115 | 179 |
| &nbsp;&nbsp;&nbsp; 6537177, 5.468%, 9/29/2024 †x¶#^ | Square | 3/31/2023 | 1271 | 1175 | 100 |
| &nbsp;&nbsp;&nbsp; 6537245, 4.596%, 9/29/2024 †x¶#^ | Square | 3/31/2023 | 526 | 500 | 41 |
| &nbsp;&nbsp;&nbsp; 6540536517, 24.118%, 8/15/2024 †x¥#^ | Stripe | 2/21/2023 | 4389 | 4564 | 176 |
| &nbsp;&nbsp;&nbsp; 6541162817, 22.400%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 176992 | 184072 | 186113 |
| &nbsp;&nbsp;&nbsp; 6543866198, 26.476%, 3/06/2025 †x¥#^ | Stripe | 9/11/2023 | 61 | 63 | 2 |
| &nbsp;&nbsp;&nbsp; 6545508206, 26.525%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 7295 | 7586 | 7653 |
| &nbsp;&nbsp;&nbsp; 6546223022, 25.333%, 3/20/2024 †x¥#^ | Stripe | 9/23/2022 | 794 | 825 | 32 |
| &nbsp;&nbsp;&nbsp; 6547813345, 18.132%, 3/14/2025 †x¥#^ | Stripe | 9/19/2023 | 41457 | 43115 | 1658 |
| &nbsp;&nbsp;&nbsp; 6550161375, 19.848%, 5/20/2023 †x¥#^ | Stripe | 11/24/2021 | 2577 | 2680 | 103 |
| &nbsp;&nbsp;&nbsp; 6552831813, 25.867%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 4913 | 5109 | 5147 |
| &nbsp;&nbsp;&nbsp; 6553163570, 21.200%, 6/28/2024 †x¥#^ | Stripe | 1/04/2023 | 4761 | 4951 | 190 |
| &nbsp;&nbsp;&nbsp; 6554403338, 20.400%, 1/15/2027 †x¥ | Stripe | 7/22/2025 | 8320 | 8652 | 8696 |
| &nbsp;&nbsp;&nbsp; 6555033792, 18.921%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3121 | 3246 | 3302 |
| &nbsp;&nbsp;&nbsp; 6555394716, 18.933%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 4629 | 4814 | 4888 |
| &nbsp;&nbsp;&nbsp; 6559328437, 22.400%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1330 | 1384 | 1429 |
| &nbsp;&nbsp;&nbsp; 6559701020, 23.861%, 12/27/2023 †x¥#^ | Stripe | 10/26/2021 | 1305 | 1357 | 52 |
| &nbsp;&nbsp;&nbsp; 6559937937, 18.667%, 12/22/2023 †x¥#^ | Stripe | 6/28/2022 | 2937 | 3055 | 117 |
| &nbsp;&nbsp;&nbsp; 6562849012, 18.133%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 26461 | 27519 | 27686 |
| &nbsp;&nbsp;&nbsp; 6566499787, 22.400%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 1636 | 1701 | 1730 |
| &nbsp;&nbsp;&nbsp; 6567457706, 20.399%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 11636 | 12102 | 12215 |
| &nbsp;&nbsp;&nbsp; 6569136172, 14.788%, 1/12/2024 †x¥#^ | Stripe | 7/19/2022 | 1132 | 1178 | 45 |
| &nbsp;&nbsp;&nbsp; 6569555662, 20.783%, 12/20/2024 †x¥#^ | Stripe | 6/27/2023 | 2844 | 2958 | 114 |
| &nbsp;&nbsp;&nbsp; 6570787438, 18.398%, 1/22/2025 †x¥#^ | Stripe | 7/28/2023 | 4866 | 5061 | 195 |
| &nbsp;&nbsp;&nbsp; 6572541151, 14.267%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 10599 | 11023 | 11197 |
| &nbsp;&nbsp;&nbsp; 6574282365, 24.000%, 9/10/2023 †x¥#^ | Stripe | 2/15/2022 | 799 | 831 | 32 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8692** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6576451024, 26.462%, 2/21/2026 †x¥ | Stripe | 8/28/2024 | $332 | $345 | $354 |
| &nbsp;&nbsp;&nbsp; 6576808142, 18.125%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 2762 | 2872 | 2882 |
| &nbsp;&nbsp;&nbsp; 6577209103, 22.400%, 4/21/2026 †x¥ | Stripe | 10/24/2024 | 767 | 797 | 815 |
| &nbsp;&nbsp;&nbsp; 6579659593, 14.799%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 16013 | 16653 | 16873 |
| &nbsp;&nbsp;&nbsp; 6580535076, 26.510%, 5/30/2026 †x¥ | Stripe | 12/04/2024 | 755 | 785 | 808 |
| &nbsp;&nbsp;&nbsp; 658141598, 24.000%, 6/24/2023 †x¥#^ | Stripe | 12/29/2021 | 12179 | 12666 | 487 |
| &nbsp;&nbsp;&nbsp; 6582548564, 14.133%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 3289 | 3421 | 3443 |
| &nbsp;&nbsp;&nbsp; 6591318341, 19.867%, 10/23/2024 †x¥#^ | Stripe | 4/28/2023 | 105756 | 109986 | 4230 |
| &nbsp;&nbsp;&nbsp; 659243488, 14.800%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 4032 | 4193 | 4229 |
| &nbsp;&nbsp;&nbsp; 6594439620, 20.667%, 11/08/2024 †x¥#^ | Stripe | 5/16/2023 | 1633 | 1699 | 65 |
| &nbsp;&nbsp;&nbsp; 6594782786, 19.328%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 7770 | 8081 | 8173 |
| &nbsp;&nbsp;&nbsp; 6595414869, 26.485%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 852 | 886 | 915 |
| &nbsp;&nbsp;&nbsp; 6596164, 4.937%, 10/19/2024 †x¶#^ | Square | 4/21/2023 | 64592 | 60139 | 5064 |
| &nbsp;&nbsp;&nbsp; 6597154, 4.937%, 10/19/2024 †x¶#^ | Square | 4/21/2023 | 113662 | 105825 | 8911 |
| &nbsp;&nbsp;&nbsp; 6597203744, 22.927%, 12/21/2025 †x¥# | Stripe | 2/14/2024 | 691 | 719 | 28 |
| &nbsp;&nbsp;&nbsp; 6597422264, 26.462%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 1270 | 1320 | 1320 |
| &nbsp;&nbsp;&nbsp; 6597655157, 19.683%, 8/28/2024 †x¥#^ | Stripe | 3/03/2023 | 2016 | 2097 | 81 |
| &nbsp;&nbsp;&nbsp; 6605719894, 20.267%, 11/26/2025 †x¥ | Stripe | 5/31/2024 | 91 | 95 | 99 |
| &nbsp;&nbsp;&nbsp; 6608479727, 18.800%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 780 | 811 | 816 |
| &nbsp;&nbsp;&nbsp; 6613310108, 21.996%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 4686 | 4873 | 4995 |
| &nbsp;&nbsp;&nbsp; 6613426581, 24.000%, 7/05/2023 †x¥#^ | Stripe | 1/07/2022 | 903 | 939 | 36 |
| &nbsp;&nbsp;&nbsp; 6615958609, 18.394%, 4/02/2024 †x¥#^ | Stripe | 10/06/2022 | 11010 | 11451 | 440 |
| &nbsp;&nbsp;&nbsp; 6616620467, 26.424%, 3/24/2026 †x¥# | Stripe | 9/26/2024 | 739 | 769 | 30 |
| &nbsp;&nbsp;&nbsp; 6617144, 4.935%, 10/27/2024 †x¶#^ | Square | 5/01/2023 | 1375 | 1297 | 108 |
| &nbsp;&nbsp;&nbsp; 661731632, 19.453%, 3/30/2024 †x¥#^ | Stripe | 10/05/2022 | 4396 | 4572 | 176 |
| &nbsp;&nbsp;&nbsp; 6617381059, 21.862%, 1/17/2025 †x¥#^ | Stripe | 7/25/2023 | 2844 | 2957 | 114 |
| &nbsp;&nbsp;&nbsp; 6618103463, 18.899%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 980 | 1019 | 1035 |
| &nbsp;&nbsp;&nbsp; 6618471496, 21.982%, 6/16/2026 †x¥# | Stripe | 12/19/2024 | 2920 | 3036 | 496 |
| &nbsp;&nbsp;&nbsp; 6618667, 6.009%, 10/27/2024 †x¶#^ | Square | 5/01/2023 | 4391 | 4028 | 344 |
| &nbsp;&nbsp;&nbsp; 6618722, 5.189%, 10/27/2024 †x¶#^ | Square | 5/01/2023 | 91701 | 85102 | 7189 |
| &nbsp;&nbsp;&nbsp; 6618794, 4.661%, 10/27/2024 †x¶#^ | Square | 5/01/2023 | 402 | 375 | 31 |
| &nbsp;&nbsp;&nbsp; 6619565, 4.654%, 10/27/2024 †x¶#^ | Square | 5/01/2023 | 11969 | 11188 | 938 |
| &nbsp;&nbsp;&nbsp; 6619978, 4.656%, 10/27/2024 †x¶#^ | Square | 5/01/2023 | 5394 | 5042 | 423 |
| &nbsp;&nbsp;&nbsp; 6620379, 4.937%, 10/27/2024 †x¶#^ | Square | 5/01/2023 | 25336 | 23838 | 1986 |
| &nbsp;&nbsp;&nbsp; 6620587, 6.265%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 4201 | 3840 | 329 |
| &nbsp;&nbsp;&nbsp; 6621175, 4.938%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 10536 | 9810 | 826 |
| &nbsp;&nbsp;&nbsp; 6621660715, 26.525%, 3/06/2026 †x¥ | Stripe | 9/10/2024 | 1631 | 1696 | 1745 |
| &nbsp;&nbsp;&nbsp; 6621825170, 16.933%, 12/25/2025 †x¥# | Stripe | 10/24/2023 | 1796 | 1868 | 72 |
| &nbsp;&nbsp;&nbsp; 6622348, 4.712%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 432 | 403 | 34 |
| &nbsp;&nbsp;&nbsp; 6623358, 4.654%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 9898 | 9252 | 776 |
| &nbsp;&nbsp;&nbsp; 6623395, 6.160%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 4991 | 4569 | 391 |
| &nbsp;&nbsp;&nbsp; 6623483030, 26.476%, 1/16/2025 †x¥#^ | Stripe | 7/24/2023 | 1630 | 1695 | 65 |
| &nbsp;&nbsp;&nbsp; 6623521, 4.747%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 3800 | 3547 | 298 |
| &nbsp;&nbsp;&nbsp; 6623688, 5.765%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 1993 | 1834 | 156 |
| &nbsp;&nbsp;&nbsp; 6624021, 5.754%, 10/28/2024 †x¶#^ | Square | 5/02/2023 | 1903 | 1752 | 149 |
| &nbsp;&nbsp;&nbsp; 6624624, 5.418%, 10/29/2024 †x¶#^ | Square | 5/03/2023 | 499 | 470 | 39 |
| &nbsp;&nbsp;&nbsp; 6625077973, 22.390%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 2425 | 2522 | 2573 |
| &nbsp;&nbsp;&nbsp; 6625171, 19.330%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 17099 | 17783 | 17880 |
| &nbsp;&nbsp;&nbsp; 6625341, 5.771%, 10/30/2024 †x¶#^ | Square | 5/03/2023 | 441 | 406 | 35 |
| &nbsp;&nbsp;&nbsp; 6625500, 5.378%, 10/30/2024 †x¶#^ | Square | 5/03/2023 | 2727 | 2524 | 214 |
| &nbsp;&nbsp;&nbsp; 6625780, 6.161%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | 2124 | 1944 | 167 |
| &nbsp;&nbsp;&nbsp; 6626067, 5.755%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | 7076 | 6514 | 555 |
| &nbsp;&nbsp;&nbsp; 6627182, 5.562%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | 2836 | 2618 | 222 |
| &nbsp;&nbsp;&nbsp; 6627417, 5.376%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | 5375 | 4974 | 421 |
| &nbsp;&nbsp;&nbsp; 6627769, 4.762%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | 647 | 604 | 51 |
| &nbsp;&nbsp;&nbsp; 6628180, 6.421%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | 3937 | 3591 | 309 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8693** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6628299, 5.429%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | $449 | $415 | $35 |
| &nbsp;&nbsp;&nbsp; 6628766261, 12.925%, 10/06/2024 †x¥#^ | Stripe | 2/10/2023 | 7142 | 7428 | 286 |
| &nbsp;&nbsp;&nbsp; 6629144961, 26.133%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 6205 | 6453 | 6578 |
| &nbsp;&nbsp;&nbsp; 6629246, 5.378%, 11/01/2024 †x¶#^ | Square | 5/03/2023 | 19153 | 17798 | 1502 |
| &nbsp;&nbsp;&nbsp; 6630169, 5.567%, 11/02/2024 †x¶#^ | Square | 5/04/2023 | 8061 | 7440 | 632 |
| &nbsp;&nbsp;&nbsp; 6630223, 5.190%, 11/02/2024 †x¶#^ | Square | 5/04/2023 | 10515 | 9756 | 824 |
| &nbsp;&nbsp;&nbsp; 6630560482, 14.267%, 4/24/2026 †x¥# | Stripe | 10/29/2024 | 220581 | 229405 | 8823 |
| &nbsp;&nbsp;&nbsp; 6631797, 6.010%, 11/02/2024 †x¶#^ | Square | 5/04/2023 | 157 | 144 | 12 |
| &nbsp;&nbsp;&nbsp; 6631895, 5.568%, 11/02/2024 †x¶#^ | Square | 5/04/2023 | 10166 | 9382 | 797 |
| &nbsp;&nbsp;&nbsp; 6631990391, 26.127%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 72 | 75 | 78 |
| &nbsp;&nbsp;&nbsp; 6632264, 5.381%, 11/02/2024 †x¶#^ | Square | 5/04/2023 | 7067 | 6539 | 554 |
| &nbsp;&nbsp;&nbsp; 6632440102, 26.529%, 10/03/2025 †x¥# | Stripe | 4/09/2024 | 12541 | 13042 | 502 |
| &nbsp;&nbsp;&nbsp; 6632876436, 19.066%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 27285 | 28376 | 1091 |
| &nbsp;&nbsp;&nbsp; 6633319, 5.364%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 943 | 872 | 74 |
| &nbsp;&nbsp;&nbsp; 6633364, 5.448%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 1423 | 1317 | 112 |
| &nbsp;&nbsp;&nbsp; 6633417, 5.760%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 284 | 261 | 22 |
| &nbsp;&nbsp;&nbsp; 6633678, 6.005%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 1651 | 1515 | 129 |
| &nbsp;&nbsp;&nbsp; 6633887, 5.438%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 1250 | 1155 | 98 |
| &nbsp;&nbsp;&nbsp; 6633923, 4.762%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 214 | 199 | 17 |
| &nbsp;&nbsp;&nbsp; 6634782917, 14.795%, 2/28/2026 †x¥ | Stripe | 9/05/2024 | 5072 | 5275 | 5383 |
| &nbsp;&nbsp;&nbsp; 6635069, 4.751%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 2046 | 1910 | 160 |
| &nbsp;&nbsp;&nbsp; 6635108, 6.261%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 11196 | 10235 | 878 |
| &nbsp;&nbsp;&nbsp; 6635295, 4.747%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 2382 | 2224 | 187 |
| &nbsp;&nbsp;&nbsp; 6635668, 5.438%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 2946 | 2723 | 231 |
| &nbsp;&nbsp;&nbsp; 6635825, 6.007%, 11/03/2024 †x¶#^ | Square | 5/05/2023 | 6414 | 5884 | 503 |
| &nbsp;&nbsp;&nbsp; 6637649947, 24.929%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 7700 | 8008 | 8103 |
| &nbsp;&nbsp;&nbsp; 6638028, 5.995%, 11/04/2024 †x¶#^ | Square | 5/08/2023 | 1421 | 1304 | 111 |
| &nbsp;&nbsp;&nbsp; 6638141, 6.258%, 11/04/2024 †x¶#^ | Square | 5/08/2023 | 174 | 159 | 14 |
| &nbsp;&nbsp;&nbsp; 6638156489, 23.179%, 10/31/2024 †x¥#^ | Stripe | 5/08/2023 | 632 | 658 | 25 |
| &nbsp;&nbsp;&nbsp; 6638166, 6.003%, 11/04/2024 †x¶#^ | Square | 5/08/2023 | 4033 | 3700 | 316 |
| &nbsp;&nbsp;&nbsp; 6639408221, 24.000%, 3/28/2023 †x¥#^ | Stripe | 9/30/2021 | 1467 | 1525 | 59 |
| &nbsp;&nbsp;&nbsp; 6641042, 5.755%, 11/04/2024 †x¶#^ | Square | 5/08/2023 | 1529 | 1407 | 120 |
| &nbsp;&nbsp;&nbsp; 6641072, 6.258%, 11/04/2024 †x¶#^ | Square | 5/08/2023 | 190635 | 174276 | 14946 |
| &nbsp;&nbsp;&nbsp; 6641725, 5.386%, 11/05/2024 †x¶#^ | Square | 5/09/2023 | 960 | 888 | 75 |
| &nbsp;&nbsp;&nbsp; 6641854, 5.752%, 11/05/2024 †x¶#^ | Square | 5/09/2023 | 1032 | 950 | 81 |
| &nbsp;&nbsp;&nbsp; 6642492055, 21.066%, 11/01/2025 †x¥# | Stripe | 9/06/2023 | 31500 | 32760 | 1260 |
| &nbsp;&nbsp;&nbsp; 6642675, 6.004%, 11/05/2024 †x¶#^ | Square | 5/09/2023 | 6311 | 5790 | 495 |
| &nbsp;&nbsp;&nbsp; 6642833, 4.651%, 11/05/2024 †x¶#^ | Square | 5/09/2023 | 121 | 114 | 10 |
| &nbsp;&nbsp;&nbsp; 6643988, 5.757%, 11/05/2024 †x¶#^ | Square | 5/09/2023 | 4021 | 3701 | 315 |
| &nbsp;&nbsp;&nbsp; 6644412, 5.189%, 11/05/2024 †x¶#^ | Square | 5/09/2023 | 47894 | 44436 | 3755 |
| &nbsp;&nbsp;&nbsp; 6644568, 5.756%, 11/05/2024 †x¶#^ | Square | 5/09/2023 | 1587 | 1461 | 124 |
| &nbsp;&nbsp;&nbsp; 6644656, 5.385%, 11/06/2024 †x¶#^ | Square | 5/10/2023 | 638 | 590 | 50 |
| &nbsp;&nbsp;&nbsp; 6644743, 5.376%, 11/06/2024 †x¶#^ | Square | 5/10/2023 | 10143 | 9437 | 795 |
| &nbsp;&nbsp;&nbsp; 6644773, 5.567%, 11/06/2024 †x¶#^ | Square | 5/10/2023 | 10761 | 9932 | 844 |
| &nbsp;&nbsp;&nbsp; 6644942, 5.565%, 11/06/2024 †x¶#^ | Square | 5/10/2023 | 1942 | 1793 | 154 |
| &nbsp;&nbsp;&nbsp; 6644961, 4.652%, 11/06/2024 †x¶#^ | Square | 5/10/2023 | 876 | 819 | 70 |
| &nbsp;&nbsp;&nbsp; 6645072, 6.416%, 11/06/2024 †x¶#^ | Square | 5/10/2023 | 2625 | 2394 | 206 |
| &nbsp;&nbsp;&nbsp; 6645125, 6.164%, 11/06/2024 †x¶#^ | Square | 5/10/2023 | 2133 | 1952 | 167 |
| &nbsp;&nbsp;&nbsp; 6645674, 5.192%, 11/07/2024 †x¶#^ | Square | 5/10/2023 | 2456 | 2279 | 193 |
| &nbsp;&nbsp;&nbsp; 6646468, 5.425%, 11/08/2024 †x¶#^ | Square | 5/10/2023 | 796 | 736 | 62 |
| &nbsp;&nbsp;&nbsp; 6647122, 5.189%, 11/08/2024 †x¶#^ | Square | 5/10/2023 | 5687 | 5276 | 446 |
| &nbsp;&nbsp;&nbsp; 6647523, 5.762%, 11/08/2024 †x¶#^ | Square | 5/10/2023 | 2132 | 1963 | 167 |
| &nbsp;&nbsp;&nbsp; 6648297, 5.384%, 11/08/2024 †x¶#^ | Square | 5/10/2023 | 450 | 416 | 38 |
| &nbsp;&nbsp;&nbsp; 6648333, 4.725%, 11/08/2024 †x¶#^ | Square | 5/10/2023 | 1028 | 960 | 81 |
| &nbsp;&nbsp;&nbsp; 6648335, 4.937%, 11/08/2024 †x¶#^ | Square | 5/10/2023 | 6499 | 6051 | 510 |
| &nbsp;&nbsp;&nbsp; 6648715, 4.747%, 11/08/2024 †x¶#^ | Square | 5/10/2023 | 338 | 316 | 27 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8694** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6651862, 5.446%, 11/09/2024 †x¶#^ | Square | 5/11/2023 | $2426 | $2243 | $190 |
| &nbsp;&nbsp;&nbsp; 6652951128, 26.462%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 846 | 879 | 891 |
| &nbsp;&nbsp;&nbsp; 6653022, 5.414%, 11/10/2024 †x¶#^ | Square | 5/12/2023 | 480 | 444 | 38 |
| &nbsp;&nbsp;&nbsp; 6654422, 6.159%, 11/10/2024 †x¶#^ | Square | 5/12/2023 | 645 | 590 | 51 |
| &nbsp;&nbsp;&nbsp; 6654637, 5.566%, 11/10/2024 †x¶#^ | Square | 5/12/2023 | 50166 | 46300 | 3933 |
| &nbsp;&nbsp;&nbsp; 6655139344, 22.000%, 4/29/2026 †x¥ | Stripe | 11/01/2024 | 1493 | 1553 | 1592 |
| &nbsp;&nbsp;&nbsp; 6655150, 6.174%, 11/10/2024 †x¶#^ | Square | 5/12/2023 | 1768 | 1618 | 139 |
| &nbsp;&nbsp;&nbsp; 6655734211, 17.467%, 12/20/2023 †x¥#^ | Stripe | 6/24/2022 | 1856 | 1930 | 74 |
| &nbsp;&nbsp;&nbsp; 6655761, 5.571%, 11/10/2024 †x¶#^ | Square | 5/12/2023 | 6432 | 5936 | 504 |
| &nbsp;&nbsp;&nbsp; 6656152455, 23.467%, 2/29/2024 †x¥#^ | Stripe | 9/06/2022 | 2709 | 2817 | 108 |
| &nbsp;&nbsp;&nbsp; 6658258, 6.165%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 2088 | 1911 | 164 |
| &nbsp;&nbsp;&nbsp; 6658414, 5.568%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 487 | 450 | 38 |
| &nbsp;&nbsp;&nbsp; 6658508, 4.741%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 654 | 611 | 51 |
| &nbsp;&nbsp;&nbsp; 6658598660, 22.400%, 10/01/2026 †x¥ | Stripe | 4/07/2025 | 1835 | 1908 | 1941 |
| &nbsp;&nbsp;&nbsp; 6658930, 4.654%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 720 | 673 | 56 |
| &nbsp;&nbsp;&nbsp; 6658978, 4.939%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 6436 | 5992 | 505 |
| &nbsp;&nbsp;&nbsp; 6659526, 4.746%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 348 | 325 | 27 |
| &nbsp;&nbsp;&nbsp; 6660361, 4.654%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 107417 | 100408 | 8422 |
| &nbsp;&nbsp;&nbsp; 6661175, 4.725%, 11/11/2024 †x¶#^ | Square | 5/15/2023 | 407 | 380 | 32 |
| &nbsp;&nbsp;&nbsp; 6663416418, 24.000%, 4/25/2023 †x¥#^ | Stripe | 10/28/2021 | 3515 | 3656 | 141 |
| &nbsp;&nbsp;&nbsp; 6663984, 4.749%, 11/12/2024 †x¶#^ | Square | 5/16/2023 | 4961 | 4631 | 389 |
| &nbsp;&nbsp;&nbsp; 6664360, 4.660%, 11/12/2024 †x¶#^ | Square | 5/16/2023 | 2170 | 2029 | 170 |
| &nbsp;&nbsp;&nbsp; 6664749, 5.754%, 11/13/2024 †x¶#^ | Square | 5/17/2023 | 7679 | 7069 | 602 |
| &nbsp;&nbsp;&nbsp; 6665155, 6.172%, 11/13/2024 †x¶#^ | Square | 5/17/2023 | 2230 | 2054 | 175 |
| &nbsp;&nbsp;&nbsp; 6665167, 4.652%, 11/13/2024 †x¶#^ | Square | 5/17/2023 | 336 | 314 | 26 |
| &nbsp;&nbsp;&nbsp; 6665860, 4.658%, 11/14/2024 †x¶#^ | Square | 5/17/2023 | 4673 | 4368 | 366 |
| &nbsp;&nbsp;&nbsp; 6666130203, 26.132%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 19600 | 20384 | 20578 |
| &nbsp;&nbsp;&nbsp; 6666135342, 19.733%, 7/27/2024 †x¥#^ | Stripe | 2/01/2023 | 2660 | 2766 | 106 |
| &nbsp;&nbsp;&nbsp; 6666181617, 26.444%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 934 | 971 | 978 |
| &nbsp;&nbsp;&nbsp; 6666867, 5.756%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 8182 | 7532 | 641 |
| &nbsp;&nbsp;&nbsp; 6666960, 5.585%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 342 | 316 | 27 |
| &nbsp;&nbsp;&nbsp; 6667338, 5.188%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 10292 | 9549 | 807 |
| &nbsp;&nbsp;&nbsp; 6667546, 5.378%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 17971 | 16630 | 1409 |
| &nbsp;&nbsp;&nbsp; 6667754, 5.566%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 73777 | 68092 | 5784 |
| &nbsp;&nbsp;&nbsp; 6667972, 4.937%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 78595 | 73176 | 6162 |
| &nbsp;&nbsp;&nbsp; 6668049013, 22.074%, 3/16/2023 †x¥#^ | Stripe | 9/20/2021 | 203 | 211 | 8 |
| &nbsp;&nbsp;&nbsp; 6668353, 6.009%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 5224 | 4792 | 410 |
| &nbsp;&nbsp;&nbsp; 6668471, 5.753%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 4990 | 4594 | 391 |
| &nbsp;&nbsp;&nbsp; 6668746052, 20.778%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 906 | 942 | 950 |
| &nbsp;&nbsp;&nbsp; 6669180, 6.258%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 18202 | 16640 | 1427 |
| &nbsp;&nbsp;&nbsp; 6669799, 5.442%, 11/15/2024 †x¶#^ | Square | 5/17/2023 | 1758 | 1626 | 138 |
| &nbsp;&nbsp;&nbsp; 6670478, 5.376%, 11/16/2024 †x¶#^ | Square | 5/18/2023 | 6425 | 5945 | 504 |
| &nbsp;&nbsp;&nbsp; 6671386, 5.567%, 11/16/2024 †x¶#^ | Square | 5/18/2023 | 17179 | 15855 | 1347 |
| &nbsp;&nbsp;&nbsp; 6672546, 5.185%, 11/16/2024 †x¶#^ | Square | 5/18/2023 | 403 | 374 | 32 |
| &nbsp;&nbsp;&nbsp; 6673948092, 19.318%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 3780 | 3931 | 3945 |
| &nbsp;&nbsp;&nbsp; 6675351, 5.564%, 11/17/2024 †x¶#^ | Square | 5/19/2023 | 812 | 750 | 64 |
| &nbsp;&nbsp;&nbsp; 6676110583, 23.710%, 3/22/2023 †x¥#^ | Stripe | 9/24/2021 | 634 | 659 | 25 |
| &nbsp;&nbsp;&nbsp; 6676249, 5.364%, 11/17/2024 †x¶#^ | Square | 5/19/2023 | 336 | 311 | 26 |
| &nbsp;&nbsp;&nbsp; 6676677, 6.256%, 11/17/2024 †x¶#^ | Square | 5/19/2023 | 76 | 71 | 6 |
| &nbsp;&nbsp;&nbsp; 6677420262, 26.476%, 1/17/2025 †x¥#^ | Stripe | 7/25/2023 | 1036 | 1078 | 41 |
| &nbsp;&nbsp;&nbsp; 6678081313, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 3722 | 3871 | 3897 |
| &nbsp;&nbsp;&nbsp; 6679763, 5.376%, 11/18/2024 †x¶#^ | Square | 5/22/2023 | 12566 | 11628 | 985 |
| &nbsp;&nbsp;&nbsp; 6679824250, 24.133%, 2/14/2026 †x¥ | Stripe | 8/21/2024 | 12156 | 12642 | 13109 |
| &nbsp;&nbsp;&nbsp; 6680522512, 25.333%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 202 | 210 | 8 |
| &nbsp;&nbsp;&nbsp; 6680585, 5.438%, 11/18/2024 †x¶#^ | Square | 5/22/2023 | 1467 | 1368 | 115 |
| &nbsp;&nbsp;&nbsp; 6680799, 5.441%, 11/18/2024 †x¶#^ | Square | 5/22/2023 | 3376 | 3122 | 265 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8695** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6680989856, 21.732%, 5/13/2023 †x¥#^ | Stripe | 11/17/2021 | $5569 | $5792 | $223 |
| &nbsp;&nbsp;&nbsp; 6681096, 4.737%, 11/18/2024 †x¶#^ | Square | 5/22/2023 | 1202 | 1122 | 94 |
| &nbsp;&nbsp;&nbsp; 6681213980, 18.788%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 836 | 870 | 885 |
| &nbsp;&nbsp;&nbsp; 6681833, 4.942%, 11/19/2024 †x¶#^ | Square | 5/23/2023 | 864 | 804 | 68 |
| &nbsp;&nbsp;&nbsp; 6683026, 5.775%, 11/19/2024 †x¶#^ | Square | 5/23/2023 | 994 | 915 | 78 |
| &nbsp;&nbsp;&nbsp; 6683194, 5.753%, 11/19/2024 †x¶#^ | Square | 5/23/2023 | 410 | 377 | 32 |
| &nbsp;&nbsp;&nbsp; 6683950, 5.757%, 11/19/2024 †x¶#^ | Square | 5/23/2023 | 4377 | 4029 | 343 |
| &nbsp;&nbsp;&nbsp; 6684548, 5.553%, 11/19/2024 †x¶#^ | Square | 5/23/2023 | 944 | 871 | 74 |
| &nbsp;&nbsp;&nbsp; 6685197, 6.007%, 11/20/2024 †x¶#^ | Square | 5/24/2023 | 2408 | 2209 | 189 |
| &nbsp;&nbsp;&nbsp; 6685294, 6.006%, 11/20/2024 †x¶#^ | Square | 5/24/2023 | 1793 | 1645 | 141 |
| &nbsp;&nbsp;&nbsp; 6685469, 5.371%, 11/20/2024 †x¶#^ | Square | 5/24/2023 | 3948 | 3654 | 310 |
| &nbsp;&nbsp;&nbsp; 6685526, 5.582%, 11/20/2024 †x¶#^ | Square | 5/24/2023 | 1422 | 1312 | 111 |
| &nbsp;&nbsp;&nbsp; 6685579, 6.265%, 11/20/2024 †x¶#^ | Square | 5/24/2023 | 2563 | 2343 | 201 |
| &nbsp;&nbsp;&nbsp; 6685912, 5.378%, 11/21/2024 †x¶#^ | Square | 5/24/2023 | 1130 | 1046 | 89 |
| &nbsp;&nbsp;&nbsp; 6686716685, 24.667%, 3/20/2024 †x¥#^ | Stripe | 9/23/2022 | 1689 | 1756 | 68 |
| &nbsp;&nbsp;&nbsp; 6686737, 4.755%, 11/22/2024 †x¶#^ | Square | 5/24/2023 | 1856 | 1732 | 146 |
| &nbsp;&nbsp;&nbsp; 6687424997, 19.417%, 1/04/2025 †x¥#^ | Stripe | 7/12/2023 | 1202 | 1250 | 48 |
| &nbsp;&nbsp;&nbsp; 6687579, 5.189%, 11/22/2024 †x¶#^ | Square | 5/24/2023 | 4046 | 3754 | 413 |
| &nbsp;&nbsp;&nbsp; 6687636388, 16.260%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 7555 | 7857 | 7900 |
| &nbsp;&nbsp;&nbsp; 6687897, 5.566%, 11/22/2024 †x¶#^ | Square | 5/24/2023 | 95735 | 88375 | 9826 |
| &nbsp;&nbsp;&nbsp; 6688200, 5.752%, 11/22/2024 †x¶#^ | Square | 5/24/2023 | 2862 | 2635 | 224 |
| &nbsp;&nbsp;&nbsp; 6688341, 6.250%, 11/22/2024 †x¶#^ | Square | 5/24/2023 | 902 | 825 | 71 |
| &nbsp;&nbsp;&nbsp; 6690231, 5.757%, 11/23/2024 †x¶#^ | Square | 5/25/2023 | 9166 | 8438 | 719 |
| &nbsp;&nbsp;&nbsp; 6690907, 5.995%, 11/23/2024 †x¶#^ | Square | 5/25/2023 | 1267 | 1163 | 99 |
| &nbsp;&nbsp;&nbsp; 6691024332, 19.592%, 6/12/2024 †x¥#^ | Stripe | 12/16/2022 | 12567 | 13070 | 503 |
| &nbsp;&nbsp;&nbsp; 6691290273, 21.993%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 4980 | 5179 | 5266 |
| &nbsp;&nbsp;&nbsp; 6691496, 6.396%, 11/23/2024 †x¶#^ | Square | 5/25/2023 | 475 | 434 | 37 |
| &nbsp;&nbsp;&nbsp; 6691501, 5.566%, 11/23/2024 †x¶#^ | Square | 5/25/2023 | 1544 | 1425 | 121 |
| &nbsp;&nbsp;&nbsp; 6692060069, 26.531%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 1617 | 1682 | 1723 |
| &nbsp;&nbsp;&nbsp; 6693087, 5.191%, 11/23/2024 †x¶#^ | Square | 5/25/2023 | 6479 | 6011 | 508 |
| &nbsp;&nbsp;&nbsp; 6693589, 6.006%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 4885 | 4481 | 383 |
| &nbsp;&nbsp;&nbsp; 6693951, 5.378%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 2739 | 2535 | 215 |
| &nbsp;&nbsp;&nbsp; 669423941, 26.524%, 4/25/2025 †x¥#^ | Stripe | 10/31/2023 | 1663 | 1729 | 67 |
| &nbsp;&nbsp;&nbsp; 6694889253, 23.600%, 8/29/2025 †x¥#^ | Stripe | 3/05/2024 | 9033 | 9395 | 361 |
| &nbsp;&nbsp;&nbsp; 6694976, 5.567%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 35819 | 33059 | 2808 |
| &nbsp;&nbsp;&nbsp; 6695108, 6.163%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 3919 | 3588 | 307 |
| &nbsp;&nbsp;&nbsp; 6695164, 5.569%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 1286 | 1187 | 101 |
| &nbsp;&nbsp;&nbsp; 6695366407, 24.000%, 6/14/2023 †x¥#^ | Stripe | 12/17/2021 | 2725 | 2834 | 109 |
| &nbsp;&nbsp;&nbsp; 6696131, 5.571%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 3104 | 2865 | 243 |
| &nbsp;&nbsp;&nbsp; 6696194, 6.010%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 579 | 531 | 45 |
| &nbsp;&nbsp;&nbsp; 6696259, 6.409%, 11/24/2024 †x¶#^ | Square | 5/26/2023 | 350 | 319 | 27 |
| &nbsp;&nbsp;&nbsp; 6700779, 5.195%, 11/25/2024 †x¶#^ | Square | 5/30/2023 | 1470 | 1363 | 115 |
| &nbsp;&nbsp;&nbsp; 6700794, 5.389%, 11/25/2024 †x¶#^ | Square | 5/30/2023 | 952 | 881 | 75 |
| &nbsp;&nbsp;&nbsp; 6701031, 5.383%, 11/25/2024 †x¶#^ | Square | 5/30/2023 | 1920 | 1776 | 151 |
| &nbsp;&nbsp;&nbsp; 6701124, 5.573%, 11/25/2024 †x¶#^ | Square | 5/30/2023 | 2388 | 2204 | 187 |
| &nbsp;&nbsp;&nbsp; 6701366, 4.945%, 11/25/2024 †x¶#^ | Square | 5/30/2023 | 439 | 409 | 34 |
| &nbsp;&nbsp;&nbsp; 6702378, 5.433%, 11/25/2024 †x¶#^ | Square | 5/30/2023 | 1453 | 1344 | 114 |
| &nbsp;&nbsp;&nbsp; 6703454, 5.753%, 11/25/2024 †x¶#^ | Square | 5/30/2023 | 8958 | 8246 | 702 |
| &nbsp;&nbsp;&nbsp; 6705839791, 20.399%, 10/03/2024 †x¥#^ | Stripe | 4/10/2023 | 16309 | 16961 | 652 |
| &nbsp;&nbsp;&nbsp; 6706269, 6.007%, 11/26/2024 †x¶#^ | Square | 5/31/2023 | 3588 | 3291 | 281 |
| &nbsp;&nbsp;&nbsp; 6706442, 5.189%, 11/26/2024 †x¶#^ | Square | 5/31/2023 | 96541 | 89569 | 7569 |
| &nbsp;&nbsp;&nbsp; 6707043, 6.012%, 11/26/2024 †x¶#^ | Square | 5/31/2023 | 2051 | 1881 | 161 |
| &nbsp;&nbsp;&nbsp; 6710445387, 15.434%, 4/23/2024 †x¥#^ | Stripe | 10/27/2022 | 1854 | 1928 | 74 |
| &nbsp;&nbsp;&nbsp; 6710579596, 26.524%, 10/07/2025 †x¥# | Stripe | 4/11/2024 | 2800 | 2912 | 112 |
| &nbsp;&nbsp;&nbsp; 671349865, 12.797%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 15116 | 15721 | 15794 |
| &nbsp;&nbsp;&nbsp; 6714120789, 14.795%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 1274 | 1325 | 1352 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8696** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6717947940, 16.267%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | $8268 | $8599 | $8619 |
| &nbsp;&nbsp;&nbsp; 6722229901, 26.526%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1314 | 1367 | 1399 |
| &nbsp;&nbsp;&nbsp; 6728606401, 26.524%, 2/11/2026 †x¥# | Stripe | 8/16/2024 | 1210 | 1258 | 338 |
| &nbsp;&nbsp;&nbsp; 672873149, 19.733%, 2/02/2023 †x¥#^ | Stripe | 8/09/2021 | 12588 | 13092 | 504 |
| &nbsp;&nbsp;&nbsp; 6728899, 4.654%, 12/05/2024 †x¶#^ | Square | 6/07/2023 | 14321 | 13387 | 1123 |
| &nbsp;&nbsp;&nbsp; 6729725809, 25.538%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 439 | 456 | 468 |
| &nbsp;&nbsp;&nbsp; 6731110551, 26.132%, 3/26/2026 †x¥ | Stripe | 9/30/2024 | 4460 | 4638 | 4887 |
| &nbsp;&nbsp;&nbsp; 6731276394, 18.667%, 6/07/2023 †x¥#^ | Stripe | 12/10/2021 | 1392 | 1448 | 56 |
| &nbsp;&nbsp;&nbsp; 6733128266, 21.991%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3528 | 3669 | 3737 |
| &nbsp;&nbsp;&nbsp; 6733563079, 18.667%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 7218 | 7507 | 289 |
| &nbsp;&nbsp;&nbsp; 6735607663, 26.532%, 12/14/2025 †x¥# | Stripe | 10/05/2023 | 9833 | 10226 | 393 |
| &nbsp;&nbsp;&nbsp; 6738187510, 26.519%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 4851 | 5045 | 5106 |
| &nbsp;&nbsp;&nbsp; 6739899217, 26.516%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 1318 | 1371 | 1413 |
| &nbsp;&nbsp;&nbsp; 6744883515, 18.667%, 1/03/2024 †x¥#^ | Stripe | 11/05/2021 | 1469 | 1528 | 59 |
| &nbsp;&nbsp;&nbsp; 674710776, 20.396%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 6164 | 6411 | 6416 |
| &nbsp;&nbsp;&nbsp; 6749110038, 22.792%, 11/08/2024 †x¥#^ | Stripe | 5/16/2023 | 7523 | 7824 | 301 |
| &nbsp;&nbsp;&nbsp; 6757048645, 20.800%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 846 | 880 | 897 |
| &nbsp;&nbsp;&nbsp; 6757267877, 19.725%, 9/27/2025 †x¥# | Stripe | 4/03/2024 | 1309 | 1362 | 52 |
| &nbsp;&nbsp;&nbsp; 6757584726, 16.127%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 6051 | 6294 | 6356 |
| &nbsp;&nbsp;&nbsp; 6759421217, 14.792%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 5180 | 5387 | 5420 |
| &nbsp;&nbsp;&nbsp; 6760143712, 26.510%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 2990 | 3109 | 3158 |
| &nbsp;&nbsp;&nbsp; 6760765569, 20.267%, 1/30/2023 †x¥#^ | Stripe | 6/07/2021 | 36533 | 37995 | 1461 |
| &nbsp;&nbsp;&nbsp; 6760815423, 18.797%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 4722 | 4911 | 5008 |
| &nbsp;&nbsp;&nbsp; 6760915847, 24.000%, 4/05/2023 †x¥#^ | Stripe | 10/08/2021 | 2367 | 2461 | 95 |
| &nbsp;&nbsp;&nbsp; 676246808, 16.264%, 1/20/2027 †x¥ | Stripe | 7/25/2025 | 7393 | 7689 | 7738 |
| &nbsp;&nbsp;&nbsp; 6764827, 5.377%, 12/15/2024 †x¶#^ | Square | 6/20/2023 | 88591 | 81978 | 10183 |
| &nbsp;&nbsp;&nbsp; 6766918346, 25.333%, 5/23/2024 †x¥#^ | Stripe | 11/29/2022 | 3253 | 3383 | 130 |
| &nbsp;&nbsp;&nbsp; 6771395760, 20.932%, 4/18/2026 †x¥ | Stripe | 10/23/2024 | 7652 | 7958 | 8113 |
| &nbsp;&nbsp;&nbsp; 6771460891, 19.333%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 1710 | 1779 | 1782 |
| &nbsp;&nbsp;&nbsp; 6772535468, 26.510%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 1634 | 1699 | 1701 |
| &nbsp;&nbsp;&nbsp; 6775812654, 26.533%, 4/15/2026 †x¥# | Stripe | 10/18/2024 | 11940 | 12418 | 478 |
| &nbsp;&nbsp;&nbsp; 6777511846, 20.527%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 2440 | 2538 | 98 |
| &nbsp;&nbsp;&nbsp; 6780759142, 26.124%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 2025 | 2106 | 2139 |
| &nbsp;&nbsp;&nbsp; 6783810017, 19.323%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 6333 | 6586 | 6585 |
| &nbsp;&nbsp;&nbsp; 6784245922, 22.398%, 7/29/2026 †x¥# | Stripe | 12/04/2024 | 11144 | 11590 | 1890 |
| &nbsp;&nbsp;&nbsp; 6789598138, 22.524%, 4/22/2023 †x¥#^ | Stripe | 10/27/2021 | 1396 | 1451 | 56 |
| &nbsp;&nbsp;&nbsp; 678997432, 22.000%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 2409 | 2505 | 2574 |
| &nbsp;&nbsp;&nbsp; 6791994, 4.654%, 12/27/2024 †x¶#^ | Square | 6/29/2023 | 74167 | 69327 | 5815 |
| &nbsp;&nbsp;&nbsp; 6793869718, 23.710%, 10/31/2024 †x¥#^ | Stripe | 5/08/2023 | 3293 | 3425 | 132 |
| &nbsp;&nbsp;&nbsp; 6794126337, 22.667%, 5/22/2025 †x¥#^ | Stripe | 11/28/2023 | 14009 | 14569 | 560 |
| &nbsp;&nbsp;&nbsp; 6797080597, 15.333%, 7/25/2023 †x¥#^ | Stripe | 1/27/2022 | 1383 | 1439 | 55 |
| &nbsp;&nbsp;&nbsp; 679835247, 26.489%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 884 | 920 | 35 |
| &nbsp;&nbsp;&nbsp; 6800475, 6.422%, 12/29/2024 †x¶#^ | Square | 7/03/2023 | 3076 | 2806 | 241 |
| &nbsp;&nbsp;&nbsp; 6801875, 5.190%, 12/29/2024 †x¶#^ | Square | 7/03/2023 | 5394 | 5005 | 848 |
| &nbsp;&nbsp;&nbsp; 6802295168, 26.533%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 71 | 73 | 77 |
| &nbsp;&nbsp;&nbsp; 6802364382, 26.524%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 4675 | 4862 | 4938 |
| &nbsp;&nbsp;&nbsp; 6802666, 6.414%, 12/29/2024 †x¶#^ | Square | 7/03/2023 | 859 | 784 | 67 |
| &nbsp;&nbsp;&nbsp; 6803189096, 26.530%, 4/09/2025 †x¥#^ | Stripe | 10/13/2023 | 684 | 711 | 27 |
| &nbsp;&nbsp;&nbsp; 6803650170, 20.308%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 1048 | 1090 | 1096 |
| &nbsp;&nbsp;&nbsp; 6804989355, 24.000%, 9/12/2023 †x¥#^ | Stripe | 3/17/2022 | 1225 | 1274 | 49 |
| &nbsp;&nbsp;&nbsp; 6805711, 5.753%, 12/30/2024 †x¶#^ | Square | 7/05/2023 | 15275 | 14061 | 1198 |
| &nbsp;&nbsp;&nbsp; 6806933, 5.765%, 12/30/2024 †x¶#^ | Square | 7/05/2023 | 677 | 623 | 53 |
| &nbsp;&nbsp;&nbsp; 6806945666, 26.530%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 3580 | 3723 | 3803 |
| &nbsp;&nbsp;&nbsp; 6806986, 5.377%, 12/30/2024 †x¶#^ | Square | 7/05/2023 | 52873 | 48927 | 4145 |
| &nbsp;&nbsp;&nbsp; 6809176, 6.260%, 1/02/2025 †x¶#^ | Square | 7/06/2023 | 7949 | 7267 | 623 |
| &nbsp;&nbsp;&nbsp; 6809457777, 22.000%, 12/12/2023 †x¥#^ | Stripe | 6/16/2022 | 11742 | 12211 | 470 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8697** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6810406, 5.442%, 1/03/2025 †x¶#^ | Square | 7/06/2023 | $1115 | $1031 | $87 |
| &nbsp;&nbsp;&nbsp; 6812232, 6.006%, 1/03/2025 †x¶#^ | Square | 7/06/2023 | 38414 | 35239 | 3473 |
| &nbsp;&nbsp;&nbsp; 6812375885, 21.333%, 12/04/2024 †x¥#^ | Stripe | 6/09/2023 | 569 | 592 | 23 |
| &nbsp;&nbsp;&nbsp; 681255, 77.131%, 2/02/2018 †x¶#^ | Square | 8/04/2016 | 952 | 903 | 75 |
| &nbsp;&nbsp;&nbsp; 6812689, 5.757%, 1/03/2025 †x¶#^ | Square | 7/06/2023 | 3959 | 3644 | 310 |
| &nbsp;&nbsp;&nbsp; 681278071, 14.800%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 851 | 886 | 909 |
| &nbsp;&nbsp;&nbsp; 681314086, 24.513%, 11/27/2024 †x¥#^ | Stripe | 6/02/2023 | 518 | 538 | 21 |
| &nbsp;&nbsp;&nbsp; 6813390180, 10.667%, 10/18/2023 †x¥#^ | Stripe | 4/22/2022 | 36328 | 37781 | 1453 |
| &nbsp;&nbsp;&nbsp; 6815379, 5.189%, 1/05/2025 †x¶#^ | Square | 7/07/2023 | 6131 | 5688 | 481 |
| &nbsp;&nbsp;&nbsp; 6819074, 6.258%, 1/06/2025 †x¶#^ | Square | 7/10/2023 | 56171 | 51351 | 4404 |
| &nbsp;&nbsp;&nbsp; 6820613, 5.755%, 1/06/2025 †x¶#^ | Square | 7/10/2023 | 35704 | 32867 | 2799 |
| &nbsp;&nbsp;&nbsp; 6822007863, 20.663%, 7/18/2024 †x¥#^ | Stripe | 1/23/2023 | 7907 | 8224 | 316 |
| &nbsp;&nbsp;&nbsp; 6822630, 4.777%, 1/07/2025 †x¶#^ | Square | 7/11/2023 | 937 | 874 | 73 |
| &nbsp;&nbsp;&nbsp; 6822639, 6.184%, 1/07/2025 †x¶#^ | Square | 7/11/2023 | 1038 | 950 | 81 |
| &nbsp;&nbsp;&nbsp; 6823069, 5.563%, 1/07/2025 †x¶#^ | Square | 7/11/2023 | 4020 | 3710 | 315 |
| &nbsp;&nbsp;&nbsp; 6823223, 5.569%, 1/07/2025 †x¶#^ | Square | 7/11/2023 | 4264 | 3935 | 334 |
| &nbsp;&nbsp;&nbsp; 6826735, 5.389%, 1/09/2025 †x¶#^ | Square | 7/12/2023 | 1915 | 1772 | 150 |
| &nbsp;&nbsp;&nbsp; 6827029, 5.193%, 1/09/2025 †x¶#^ | Square | 7/12/2023 | 2962 | 2748 | 232 |
| &nbsp;&nbsp;&nbsp; 6828121, 4.751%, 1/10/2025 †x¶#^ | Square | 7/12/2023 | 8389 | 7853 | 658 |
| &nbsp;&nbsp;&nbsp; 6829530574, 18.392%, 8/23/2024 †x¥#^ | Stripe | 2/28/2023 | 2268 | 2359 | 91 |
| &nbsp;&nbsp;&nbsp; 6829538114, 18.800%, 11/29/2024 †x¥#^ | Stripe | 6/06/2023 | 378 | 393 | 15 |
| &nbsp;&nbsp;&nbsp; 6831765, 6.008%, 1/11/2025 †x¶#^ | Square | 7/13/2023 | 3470 | 3185 | 272 |
| &nbsp;&nbsp;&nbsp; 6832427, 4.745%, 1/11/2025 †x¶#^ | Square | 7/13/2023 | 3679 | 3434 | 288 |
| &nbsp;&nbsp;&nbsp; 6833469, 4.937%, 1/11/2025 †x¶#^ | Square | 7/13/2023 | 41488 | 38628 | 8168 |
| &nbsp;&nbsp;&nbsp; 6833498, 5.377%, 1/11/2025 †x¶#^ | Square | 7/13/2023 | 11089 | 10261 | 1556 |
| &nbsp;&nbsp;&nbsp; 6833584408, 24.000%, 3/03/2023 †x¥#^ | Stripe | 9/08/2021 | 6448 | 6706 | 258 |
| &nbsp;&nbsp;&nbsp; 6835521, 6.258%, 1/12/2025 †x¶#^ | Square | 7/14/2023 | 1932 | 1767 | 397 |
| &nbsp;&nbsp;&nbsp; 6835582, 5.746%, 1/12/2025 †x¶#^ | Square | 7/14/2023 | 110 | 102 | 9 |
| &nbsp;&nbsp;&nbsp; 6839815642, 24.000%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 3073 | 3196 | 3290 |
| &nbsp;&nbsp;&nbsp; 6843112, 6.257%, 1/14/2025 †x¶#^ | Square | 7/18/2023 | 13156 | 12076 | 1031 |
| &nbsp;&nbsp;&nbsp; 6843752, 4.654%, 1/14/2025 †x¶#^ | Square | 7/18/2023 | 102638 | 95940 | 8047 |
| &nbsp;&nbsp;&nbsp; 684394778, 26.444%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 462 | 481 | 496 |
| &nbsp;&nbsp;&nbsp; 6846018638, 22.526%, 11/05/2025 †x¥ | Stripe | 5/10/2024 | 59 | 61 | 65 |
| &nbsp;&nbsp;&nbsp; 6846036, 6.252%, 1/15/2025 †x¶#^ | Square | 7/19/2023 | 941 | 866 | 74 |
| &nbsp;&nbsp;&nbsp; 6846151, 6.232%, 1/15/2025 †x¶#^ | Square | 7/19/2023 | 961 | 879 | 75 |
| &nbsp;&nbsp;&nbsp; 6846735, 5.756%, 1/16/2025 †x¶#^ | Square | 7/19/2023 | 2746 | 2537 | 215 |
| &nbsp;&nbsp;&nbsp; 6847956, 4.735%, 1/17/2025 †x¶#^ | Square | 7/19/2023 | 126 | 118 | 18 |
| &nbsp;&nbsp;&nbsp; 6851610, 4.654%, 1/18/2025 †x¶#^ | Square | 7/20/2023 | 5208 | 4868 | 860 |
| &nbsp;&nbsp;&nbsp; 6855397885, 24.000%, 3/22/2023 †x¥#^ | Stripe | 9/24/2021 | 200 | 208 | 8 |
| &nbsp;&nbsp;&nbsp; 6856124846, 16.267%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 7120 | 7405 | 7451 |
| &nbsp;&nbsp;&nbsp; 6856747663, 26.533%, 1/03/2026 †x¥# | Stripe | 7/10/2024 | 69200 | 71968 | 2768 |
| &nbsp;&nbsp;&nbsp; 685746644, 20.800%, 4/24/2024 †x¥#^ | Stripe | 8/31/2022 | 12690 | 13198 | 508 |
| &nbsp;&nbsp;&nbsp; 6857477431, 16.130%, 6/06/2026 †x¥ | Stripe | 12/11/2024 | 4578 | 4761 | 4811 |
| &nbsp;&nbsp;&nbsp; 6858325, 5.562%, 1/20/2025 †x¶#^ | Square | 7/24/2023 | 907 | 837 | 71 |
| &nbsp;&nbsp;&nbsp; 6859538882, 17.600%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 2168 | 2254 | 2278 |
| &nbsp;&nbsp;&nbsp; 6860201659, 25.866%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 24207 | 25175 | 25472 |
| &nbsp;&nbsp;&nbsp; 6861587, 4.750%, 1/20/2025 †x¶#^ | Square | 7/24/2023 | 389 | 363 | 31 |
| &nbsp;&nbsp;&nbsp; 686240662, 17.857%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 3595 | 3739 | 3789 |
| &nbsp;&nbsp;&nbsp; 6862808509, 24.000%, 10/28/2023 †x¥#^ | Stripe | 2/17/2022 | 246 | 256 | 10 |
| &nbsp;&nbsp;&nbsp; 6863749821, 25.333%, 4/25/2024 †x¥#^ | Stripe | 10/31/2022 | 988 | 1028 | 40 |
| &nbsp;&nbsp;&nbsp; 6863821, 6.164%, 1/21/2025 †x¶#^ | Square | 7/25/2023 | 4015 | 3675 | 315 |
| &nbsp;&nbsp;&nbsp; 6864352641, 21.968%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 1062 | 1104 | 1126 |
| &nbsp;&nbsp;&nbsp; 6864407532, 21.861%, 8/29/2023 †x¥#^ | Stripe | 3/03/2022 | 12971 | 13490 | 519 |
| &nbsp;&nbsp;&nbsp; 6864654954, 19.600%, 11/28/2025 †x¥# | Stripe | 6/04/2024 | 31960 | 33238 | 1278 |
| &nbsp;&nbsp;&nbsp; 6865435, 5.560%, 1/23/2025 †x¶#^ | Square | 7/26/2023 | 2012 | 1860 | 158 |
| &nbsp;&nbsp;&nbsp; 6865761, 6.423%, 1/23/2025 †x¶#^ | Square | 7/26/2023 | 834 | 761 | 65 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8698** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6865819, 6.251%, 1/23/2025 †x¶#^ | Square | 7/26/2023 | $136 | $125 | $11 |
| &nbsp;&nbsp;&nbsp; 6866024499, 19.200%, 2/26/2025 †x¥#^ | Stripe | 9/01/2023 | 6179 | 6427 | 247 |
| &nbsp;&nbsp;&nbsp; 6868522, 4.937%, 1/24/2025 †x¶#^ | Square | 7/26/2023 | 62175 | 57888 | 4875 |
| &nbsp;&nbsp;&nbsp; 6868557, 6.014%, 1/24/2025 †x¶#^ | Square | 7/26/2023 | 2053 | 1883 | 161 |
| &nbsp;&nbsp;&nbsp; 6868863757, 18.133%, 11/21/2025 †x¥ | Stripe | 5/29/2024 | 1231 | 1280 | 1311 |
| &nbsp;&nbsp;&nbsp; 6872475, 6.427%, 1/25/2025 †x¶#^ | Square | 7/27/2023 | 179 | 163 | 14 |
| &nbsp;&nbsp;&nbsp; 6872488, 5.189%, 1/25/2025 †x¶#^ | Square | 7/27/2023 | 3103 | 2881 | 243 |
| &nbsp;&nbsp;&nbsp; 6873917135, 14.267%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 3999 | 4159 | 4215 |
| &nbsp;&nbsp;&nbsp; 6874313, 5.197%, 1/26/2025 †x¶#^ | Square | 7/28/2023 | 1435 | 1331 | 113 |
| &nbsp;&nbsp;&nbsp; 687519059, 18.667%, 3/26/2024 †x¥#^ | Stripe | 9/29/2022 | 8371 | 8706 | 335 |
| &nbsp;&nbsp;&nbsp; 687535233, 18.667%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 5947 | 6184 | 6256 |
| &nbsp;&nbsp;&nbsp; 6878259, 5.570%, 1/27/2025 †x¶#^ | Square | 7/31/2023 | 6000 | 5537 | 470 |
| &nbsp;&nbsp;&nbsp; 6878576514, 26.133%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 1110 | 1154 | 1192 |
| &nbsp;&nbsp;&nbsp; 6878664285, 20.800%, 11/03/2023 †x¥#^ | Stripe | 8/20/2021 | 12255 | 12745 | 490 |
| &nbsp;&nbsp;&nbsp; 6878990522, 21.733%, 9/28/2025 †x¥# | Stripe | 7/28/2023 | 18328 | 19061 | 733 |
| &nbsp;&nbsp;&nbsp; 688049093, 25.054%, 6/09/2025 †x¥#^ | Stripe | 4/19/2023 | 1541 | 1603 | 62 |
| &nbsp;&nbsp;&nbsp; 6880875, 4.777%, 1/28/2025 †x¶#^ | Square | 8/01/2023 | 813 | 762 | 64 |
| &nbsp;&nbsp;&nbsp; 6882420, 6.005%, 1/28/2025 †x¶#^ | Square | 8/01/2023 | 335 | 307 | 35 |
| &nbsp;&nbsp;&nbsp; 6882601, 5.193%, 1/28/2025 †x¶#^ | Square | 8/01/2023 | 2161 | 2005 | 169 |
| &nbsp;&nbsp;&nbsp; 6883084, 5.564%, 1/28/2025 †x¶#^ | Square | 8/01/2023 | 9896 | 9133 | 824 |
| &nbsp;&nbsp;&nbsp; 6883810, 5.377%, 1/28/2025 †x¶#^ | Square | 8/01/2023 | 16578 | 15373 | 1300 |
| &nbsp;&nbsp;&nbsp; 6884122, 5.567%, 1/29/2025 †x¶#^ | Square | 8/02/2023 | 5341 | 4929 | 419 |
| &nbsp;&nbsp;&nbsp; 6884674, 5.383%, 1/29/2025 †x¶#^ | Square | 8/02/2023 | 3132 | 2899 | 246 |
| &nbsp;&nbsp;&nbsp; 6885148212, 21.200%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 2228 | 2317 | 2338 |
| &nbsp;&nbsp;&nbsp; 6885215, 4.713%, 1/30/2025 †x¶#^ | Square | 8/02/2023 | 471 | 439 | 37 |
| &nbsp;&nbsp;&nbsp; 6885485, 5.180%, 1/30/2025 †x¶#^ | Square | 8/02/2023 | 2683 | 2490 | 210 |
| &nbsp;&nbsp;&nbsp; 6886008, 5.566%, 1/31/2025 †x¶#^ | Square | 8/02/2023 | 29104 | 26861 | 2282 |
| &nbsp;&nbsp;&nbsp; 6886422, 4.750%, 1/31/2025 †x¶#^ | Square | 8/02/2023 | 8273 | 7723 | 649 |
| &nbsp;&nbsp;&nbsp; 6886925, 6.009%, 1/31/2025 †x¶#^ | Square | 8/02/2023 | 4773 | 4378 | 374 |
| &nbsp;&nbsp;&nbsp; 6886955, 5.566%, 1/31/2025 †x¶#^ | Square | 8/02/2023 | 10392 | 9591 | 815 |
| &nbsp;&nbsp;&nbsp; 6887418, 6.420%, 1/31/2025 †x¶#^ | Square | 8/02/2023 | 2851 | 2606 | 224 |
| &nbsp;&nbsp;&nbsp; 6887442625, 18.772%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 2365 | 2459 | 2485 |
| &nbsp;&nbsp;&nbsp; 6889805, 4.717%, 2/01/2025 †x¶#^ | Square | 8/03/2023 | 131 | 123 | 30 |
| &nbsp;&nbsp;&nbsp; 6889860707, 26.531%, 5/05/2026 †x¥ | Stripe | 11/07/2024 | 2722 | 2831 | 2879 |
| &nbsp;&nbsp;&nbsp; 6890034, 4.652%, 2/01/2025 †x¶#^ | Square | 8/03/2023 | 3018 | 2821 | 237 |
| &nbsp;&nbsp;&nbsp; 6890212396, 16.127%, 9/25/2026 †x¥ | Stripe | 4/01/2025 | 3236 | 3366 | 3394 |
| &nbsp;&nbsp;&nbsp; 6890390, 5.379%, 2/01/2025 †x¶#^ | Square | 8/03/2023 | 229 | 212 | 18 |
| &nbsp;&nbsp;&nbsp; 6890919, 4.936%, 2/01/2025 †x¶#^ | Square | 8/03/2023 | 13001 | 12104 | 1019 |
| &nbsp;&nbsp;&nbsp; 6891574, 6.416%, 2/01/2025 †x¶#^ | Square | 8/03/2023 | 1746 | 1592 | 137 |
| &nbsp;&nbsp;&nbsp; 6892176866, 17.858%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 5187 | 5394 | 5445 |
| &nbsp;&nbsp;&nbsp; 6892492, 5.578%, 2/01/2025 †x¶#^ | Square | 8/03/2023 | 572 | 528 | 45 |
| &nbsp;&nbsp;&nbsp; 6892926394, 26.516%, 4/07/2026 †x¥# | Stripe | 10/10/2024 | 2761 | 2871 | 110 |
| &nbsp;&nbsp;&nbsp; 6893060, 4.780%, 2/02/2025 †x¶#^ | Square | 8/04/2023 | 524 | 492 | 41 |
| &nbsp;&nbsp;&nbsp; 6893063780, 26.519%, 1/21/2026 †x¥# | Stripe | 7/26/2024 | 3256 | 3386 | 572 |
| &nbsp;&nbsp;&nbsp; 6893326, 5.378%, 2/02/2025 †x¶#^ | Square | 8/04/2023 | 6284 | 5815 | 493 |
| &nbsp;&nbsp;&nbsp; 6893610885, 18.800%, 1/16/2026 †x¥ | Stripe | 7/23/2024 | 1043 | 1076 | 1160 |
| &nbsp;&nbsp;&nbsp; 6893848, 6.250%, 2/02/2025 †x¶#^ | Square | 8/04/2023 | 1264 | 1156 | 99 |
| &nbsp;&nbsp;&nbsp; 6894149, 5.756%, 2/02/2025 †x¶#^ | Square | 8/04/2023 | 187 | 172 | 32 |
| &nbsp;&nbsp;&nbsp; 6894258, 5.448%, 2/02/2025 †x¶#^ | Square | 8/04/2023 | 1065 | 997 | 83 |
| &nbsp;&nbsp;&nbsp; 6895477, 4.654%, 2/02/2025 †x¶#^ | Square | 8/04/2023 | 4535 | 4239 | 356 |
| &nbsp;&nbsp;&nbsp; 6895534, 4.748%, 2/02/2025 †x¶#^ | Square | 8/04/2023 | 11596 | 10825 | 909 |
| &nbsp;&nbsp;&nbsp; 6895557507, 25.581%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 3896 | 4052 | 4065 |
| &nbsp;&nbsp;&nbsp; 6897920, 4.660%, 2/03/2025 †x¶#^ | Square | 8/07/2023 | 2697 | 2521 | 211 |
| &nbsp;&nbsp;&nbsp; 6899175, 6.147%, 2/03/2025 †x¶#^ | Square | 8/07/2023 | 859 | 786 | 67 |
| &nbsp;&nbsp;&nbsp; 6899862, 6.267%, 2/03/2025 †x¶#^ | Square | 8/07/2023 | 1940 | 1773 | 152 |
| &nbsp;&nbsp;&nbsp; 68e2956d-5ad7-40e0-97f9-3fbf7022bbfd, 11.890%, 12/13/2020 †x#^ | Funding Circle | 12/16/2016 | 30839 | 30839 | 9252 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8699** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6900015, 4.750%, 2/03/2025 †x¶#^ | Square | 8/07/2023 | $1874 | $1749 | $147 |
| &nbsp;&nbsp;&nbsp; 6900136, 4.937%, 2/03/2025 †x¶#^ | Square | 8/07/2023 | 85784 | 79869 | 6725 |
| &nbsp;&nbsp;&nbsp; 6901510, 5.755%, 2/04/2025 †x¶#^ | Square | 8/08/2023 | 22585 | 20791 | 1771 |
| &nbsp;&nbsp;&nbsp; 6902098, 5.766%, 2/04/2025 †x¶#^ | Square | 8/08/2023 | 2175 | 2002 | 171 |
| &nbsp;&nbsp;&nbsp; 6902273, 4.937%, 2/04/2025 †x¶#^ | Square | 8/08/2023 | 24993 | 23270 | 1959 |
| &nbsp;&nbsp;&nbsp; 6902900, 6.003%, 2/04/2025 †x¶#^ | Square | 8/08/2023 | 2475 | 2270 | 194 |
| &nbsp;&nbsp;&nbsp; 6903588823, 22.400%, 11/21/2024 †x¥#^ | Stripe | 5/30/2023 | 1134 | 1180 | 45 |
| &nbsp;&nbsp;&nbsp; 6903680, 5.189%, 2/04/2025 †x¶#^ | Square | 8/08/2023 | 13965 | 12957 | 1095 |
| &nbsp;&nbsp;&nbsp; 6903733, 4.657%, 2/04/2025 †x¶#^ | Square | 8/08/2023 | 343 | 321 | 79 |
| &nbsp;&nbsp;&nbsp; 6904512, 5.754%, 2/05/2025 †x¶#^ | Square | 8/09/2023 | 7312 | 6731 | 573 |
| &nbsp;&nbsp;&nbsp; 6904576, 4.744%, 2/05/2025 †x¶#^ | Square | 8/09/2023 | 482 | 450 | 93 |
| &nbsp;&nbsp;&nbsp; 6904721, 5.561%, 2/05/2025 †x¶#^ | Square | 8/09/2023 | 685 | 632 | 140 |
| &nbsp;&nbsp;&nbsp; 6904741, 4.748%, 2/05/2025 †x¶#^ | Square | 8/09/2023 | 4920 | 4593 | 386 |
| &nbsp;&nbsp;&nbsp; 6904842, 5.756%, 2/05/2025 †x¶#^ | Square | 8/09/2023 | 2869 | 2641 | 225 |
| &nbsp;&nbsp;&nbsp; 6905194, 6.016%, 2/06/2025 †x¶#^ | Square | 8/09/2023 | 1209 | 1108 | 95 |
| &nbsp;&nbsp;&nbsp; 6905267, 5.564%, 2/06/2025 †x¶#^ | Square | 8/09/2023 | 7134 | 6584 | 559 |
| &nbsp;&nbsp;&nbsp; 6905333, 4.657%, 2/06/2025 †x¶#^ | Square | 8/09/2023 | 1771 | 1655 | 139 |
| &nbsp;&nbsp;&nbsp; 6905615661, 22.794%, 1/20/2026 †x¥ | Stripe | 7/25/2024 | 805 | 837 | 866 |
| &nbsp;&nbsp;&nbsp; 6906690, 4.946%, 2/07/2025 †x¶#^ | Square | 8/09/2023 | 3171 | 2952 | 249 |
| &nbsp;&nbsp;&nbsp; 6907120, 4.938%, 2/07/2025 †x¶#^ | Square | 8/09/2023 | 8812 | 8205 | 691 |
| &nbsp;&nbsp;&nbsp; 6907868, 5.437%, 2/07/2025 †x¶#^ | Square | 8/09/2023 | 3297 | 3049 | 259 |
| &nbsp;&nbsp;&nbsp; 6907950868, 17.600%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 33 | 34 | 36 |
| &nbsp;&nbsp;&nbsp; 6909322, 5.196%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 3364 | 3121 | 264 |
| &nbsp;&nbsp;&nbsp; 6909544, 4.744%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 2880 | 2700 | 226 |
| &nbsp;&nbsp;&nbsp; 6909769, 5.381%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 5635 | 5214 | 442 |
| &nbsp;&nbsp;&nbsp; 6909912, 6.405%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 591 | 540 | 46 |
| &nbsp;&nbsp;&nbsp; 6910315, 5.431%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 1038 | 960 | 81 |
| &nbsp;&nbsp;&nbsp; 6910317, 6.006%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 49211 | 45144 | 3858 |
| &nbsp;&nbsp;&nbsp; 6910541, 5.379%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 5394 | 4991 | 423 |
| &nbsp;&nbsp;&nbsp; 6911293, 6.255%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 6914 | 6321 | 542 |
| &nbsp;&nbsp;&nbsp; 6911320, 5.574%, 2/08/2025 †x¶#^ | Square | 8/10/2023 | 1848 | 1705 | 145 |
| &nbsp;&nbsp;&nbsp; 6912273, 5.565%, 2/09/2025 †x¶#^ | Square | 8/11/2023 | 18321 | 16911 | 1436 |
| &nbsp;&nbsp;&nbsp; 6912758, 5.566%, 2/09/2025 †x¶#^ | Square | 8/11/2023 | 11278 | 10409 | 884 |
| &nbsp;&nbsp;&nbsp; 6913035, 4.750%, 2/09/2025 †x¶#^ | Square | 8/11/2023 | 1931 | 1803 | 151 |
| &nbsp;&nbsp;&nbsp; 6913712823, 15.594%, 5/07/2024 †x¥#^ | Stripe | 11/10/2022 | 7534 | 7835 | 301 |
| &nbsp;&nbsp;&nbsp; 6913791, 4.749%, 2/09/2025 †x¶#^ | Square | 8/11/2023 | 1360 | 1270 | 107 |
| &nbsp;&nbsp;&nbsp; 6916423469, 15.200%, 12/12/2025 †x¥# | Stripe | 9/21/2023 | 1575 | 1638 | 63 |
| &nbsp;&nbsp;&nbsp; 6917436, 4.762%, 2/10/2025 †x¶#^ | Square | 8/14/2023 | 2086 | 1947 | 164 |
| &nbsp;&nbsp;&nbsp; 6917774943, 22.359%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 588 | 612 | 629 |
| &nbsp;&nbsp;&nbsp; 6917890, 6.004%, 2/10/2025 †x¶#^ | Square | 8/14/2023 | 2646 | 2427 | 207 |
| &nbsp;&nbsp;&nbsp; 6918749243, 26.523%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 7120 | 7404 | 7411 |
| &nbsp;&nbsp;&nbsp; 6918891, 4.654%, 2/10/2025 †x¶#^ | Square | 8/14/2023 | 16128 | 15076 | 1264 |
| &nbsp;&nbsp;&nbsp; 6919374, 4.654%, 2/11/2025 †x¶#^ | Square | 8/15/2023 | 271 | 253 | 68 |
| &nbsp;&nbsp;&nbsp; 6919538, 5.398%, 2/11/2025 †x¶#^ | Square | 8/15/2023 | 323 | 299 | 35 |
| &nbsp;&nbsp;&nbsp; 6919983, 5.372%, 2/11/2025 †x¶#^ | Square | 8/15/2023 | 4690 | 4340 | 368 |
| &nbsp;&nbsp;&nbsp; 6920099, 6.254%, 2/11/2025 †x¶#^ | Square | 8/15/2023 | 3446 | 3150 | 270 |
| &nbsp;&nbsp;&nbsp; 6920130, 6.229%, 2/11/2025 †x¶#^ | Square | 8/15/2023 | 10 | 10 | 1 |
| &nbsp;&nbsp;&nbsp; 6920169, 5.441%, 2/11/2025 †x¶#^ | Square | 8/15/2023 | 497 | 459 | 39 |
| &nbsp;&nbsp;&nbsp; 6920290, 5.566%, 2/11/2025 †x¶#^ | Square | 8/15/2023 | 10293 | 9506 | 1974 |
| &nbsp;&nbsp;&nbsp; 6920548, 5.999%, 2/12/2025 †x¶#^ | Square | 8/16/2023 | 1192 | 1093 | 93 |
| &nbsp;&nbsp;&nbsp; 6920556, 4.938%, 2/12/2025 †x¶#^ | Square | 8/16/2023 | 495 | 461 | 39 |
| &nbsp;&nbsp;&nbsp; 6920588, 5.562%, 2/12/2025 †x¶#^ | Square | 8/16/2023 | 246 | 227 | 19 |
| &nbsp;&nbsp;&nbsp; 6920934, 4.760%, 2/12/2025 †x¶#^ | Square | 8/16/2023 | 774 | 723 | 61 |
| &nbsp;&nbsp;&nbsp; 6921354, 5.382%, 2/13/2025 †x¶#^ | Square | 8/16/2023 | 5300 | 4904 | 416 |
| &nbsp;&nbsp;&nbsp; 6921397, 6.414%, 2/13/2025 †x¶#^ | Square | 8/16/2023 | 1958 | 1786 | 154 |
| &nbsp;&nbsp;&nbsp; 6921690, 6.006%, 2/14/2025 †x¶#^ | Square | 8/16/2023 | 7139 | 6549 | 560 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8700** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6922540, 5.188%, 2/14/2025 †x¶#^ | Square | 8/16/2023 | $1648 | $1529 | $129 |
| &nbsp;&nbsp;&nbsp; 6922652962, 16.264%, 1/27/2027 †x¥ | Stripe | 8/01/2025 | 17645 | 18351 | 18383 |
| &nbsp;&nbsp;&nbsp; 6922721, 4.755%, 2/14/2025 †x¶#^ | Square | 8/16/2023 | 2465 | 2301 | 193 |
| &nbsp;&nbsp;&nbsp; 6922741, 6.008%, 2/14/2025 †x¶#^ | Square | 8/16/2023 | 3254 | 2985 | 793 |
| &nbsp;&nbsp;&nbsp; 6922760, 5.763%, 2/14/2025 †x¶#^ | Square | 8/16/2023 | 487 | 449 | 38 |
| &nbsp;&nbsp;&nbsp; 6922927168, 22.000%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 4982 | 5181 | 5314 |
| &nbsp;&nbsp;&nbsp; 6923177, 5.566%, 2/14/2025 †x¶#^ | Square | 8/16/2023 | 25751 | 23816 | 2019 |
| &nbsp;&nbsp;&nbsp; 6923590349, 26.133%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 1994 | 2074 | 2134 |
| &nbsp;&nbsp;&nbsp; 6923623, 5.754%, 2/15/2025 †x¶#^ | Square | 8/17/2023 | 56720 | 52213 | 4447 |
| &nbsp;&nbsp;&nbsp; 6923805, 5.755%, 2/15/2025 †x¶#^ | Square | 8/17/2023 | 25600 | 23565 | 2007 |
| &nbsp;&nbsp;&nbsp; 692413399, 25.333%, 2/10/2026 †x¥# | Stripe | 11/27/2023 | 3041 | 3163 | 122 |
| &nbsp;&nbsp;&nbsp; 6927012, 5.189%, 2/15/2025 †x¶#^ | Square | 8/17/2023 | 7401 | 6867 | 580 |
| &nbsp;&nbsp;&nbsp; 6927553428, 19.733%, 11/12/2023 †x¥#^ | Stripe | 8/24/2021 | 42079 | 43544 | 1683 |
| &nbsp;&nbsp;&nbsp; 6927820045, 21.992%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 2393 | 2489 | 2551 |
| &nbsp;&nbsp;&nbsp; 6928949, 5.377%, 2/16/2025 †x¶#^ | Square | 8/18/2023 | 109350 | 101188 | 8573 |
| &nbsp;&nbsp;&nbsp; 6929531193, 26.507%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 1145 | 1190 | 46 |
| &nbsp;&nbsp;&nbsp; 6931167229, 21.196%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 12445 | 12942 | 498 |
| &nbsp;&nbsp;&nbsp; 6931643402, 20.308%, 1/22/2027 †x¥ | Stripe | 7/29/2025 | 1190 | 1238 | 1241 |
| &nbsp;&nbsp;&nbsp; 6931669492, 22.266%, 9/29/2023 †x¥#^ | Stripe | 4/05/2022 | 3731 | 3880 | 149 |
| &nbsp;&nbsp;&nbsp; 6932514566, 21.200%, 10/28/2024 †x¥#^ | Stripe | 3/06/2023 | 9882 | 10277 | 395 |
| &nbsp;&nbsp;&nbsp; 6933229, 5.187%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 2597 | 2410 | 204 |
| &nbsp;&nbsp;&nbsp; 6933437, 5.189%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 3124 | 2899 | 245 |
| &nbsp;&nbsp;&nbsp; 6933673, 4.654%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 2446 | 2286 | 192 |
| &nbsp;&nbsp;&nbsp; 6933979, 5.747%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 1022 | 941 | 80 |
| &nbsp;&nbsp;&nbsp; 6934201, 6.002%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 986 | 913 | 77 |
| &nbsp;&nbsp;&nbsp; 6934333, 4.656%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 11631 | 10872 | 912 |
| &nbsp;&nbsp;&nbsp; 6934399, 5.439%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 2459 | 2274 | 193 |
| &nbsp;&nbsp;&nbsp; 6934450, 5.986%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 1024 | 939 | 80 |
| &nbsp;&nbsp;&nbsp; 6934533, 5.754%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 557 | 512 | 152 |
| &nbsp;&nbsp;&nbsp; 6934558, 4.654%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 14912 | 13939 | 2894 |
| &nbsp;&nbsp;&nbsp; 6934707, 5.441%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 3774 | 3489 | 296 |
| &nbsp;&nbsp;&nbsp; 6935211, 4.937%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 28277 | 26327 | 2217 |
| &nbsp;&nbsp;&nbsp; 693528602, 18.400%, 10/31/2025 †x¥ | Stripe | 5/07/2024 | 9327 | 9700 | 10033 |
| &nbsp;&nbsp;&nbsp; 6935831, 6.251%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 1876 | 1715 | 147 |
| &nbsp;&nbsp;&nbsp; 6935926, 5.188%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 3848 | 3571 | 302 |
| &nbsp;&nbsp;&nbsp; 6936350, 6.258%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 1800 | 1646 | 141 |
| &nbsp;&nbsp;&nbsp; 6936666, 5.439%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 7070 | 6550 | 554 |
| &nbsp;&nbsp;&nbsp; 6936862, 5.182%, 2/17/2025 †x¶#^ | Square | 8/21/2023 | 2128 | 1974 | 167 |
| &nbsp;&nbsp;&nbsp; 6937204, 5.582%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 40 | 37 | 3 |
| &nbsp;&nbsp;&nbsp; 6937842, 4.767%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 1575 | 1470 | 123 |
| &nbsp;&nbsp;&nbsp; 6937904, 4.937%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 7851 | 7393 | 1786 |
| &nbsp;&nbsp;&nbsp; 6938002, 4.747%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 3128 | 2920 | 245 |
| &nbsp;&nbsp;&nbsp; 6938433, 4.762%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 2067 | 1929 | 162 |
| &nbsp;&nbsp;&nbsp; 6938465, 4.754%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 303 | 283 | 24 |
| &nbsp;&nbsp;&nbsp; 6938469, 6.172%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 2362 | 2162 | 185 |
| &nbsp;&nbsp;&nbsp; 6938776762, 26.533%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 979 | 1018 | 1018 |
| &nbsp;&nbsp;&nbsp; 6938913, 6.006%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 2355 | 2160 | 185 |
| &nbsp;&nbsp;&nbsp; 6938931, 4.937%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 92319 | 85953 | 7238 |
| &nbsp;&nbsp;&nbsp; 6939130, 5.753%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 8615 | 7930 | 675 |
| &nbsp;&nbsp;&nbsp; 6939679, 4.748%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 26134 | 24396 | 6723 |
| &nbsp;&nbsp;&nbsp; 6940269107, 17.865%, 2/19/2025 †x¥#^ | Stripe | 12/14/2022 | 53914 | 56071 | 2157 |
| &nbsp;&nbsp;&nbsp; 6940465, 5.756%, 2/18/2025 †x¶#^ | Square | 8/22/2023 | 18765 | 17273 | 1471 |
| &nbsp;&nbsp;&nbsp; 6941271, 5.754%, 2/19/2025 †x¶#^ | Square | 8/23/2023 | 9030 | 8313 | 708 |
| &nbsp;&nbsp;&nbsp; 6941430, 5.368%, 2/19/2025 †x¶#^ | Square | 8/23/2023 | 1114 | 1031 | 87 |
| &nbsp;&nbsp;&nbsp; 6941808, 4.755%, 2/19/2025 †x¶#^ | Square | 8/23/2023 | 1436 | 1340 | 113 |
| &nbsp;&nbsp;&nbsp; 6941884, 5.766%, 2/20/2025 †x¶#^ | Square | 8/23/2023 | 563 | 522 | 44 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8701** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6942134, 6.006%, 2/20/2025 †x¶#^ | Square | 8/23/2023 | $1640 | $1505 | $129 |
| &nbsp;&nbsp;&nbsp; 6942180, 6.229%, 2/20/2025 †x¶#^ | Square | 8/23/2023 | 457 | 418 | 36 |
| &nbsp;&nbsp;&nbsp; 6942302, 6.162%, 2/20/2025 †x¶#^ | Square | 8/23/2023 | 1790 | 1639 | 140 |
| &nbsp;&nbsp;&nbsp; 6942407, 5.190%, 2/20/2025 †x¶#^ | Square | 8/23/2023 | 10601 | 9835 | 831 |
| &nbsp;&nbsp;&nbsp; 6942615, 6.258%, 2/20/2025 †x¶#^ | Square | 8/23/2023 | 1940 | 1774 | 152 |
| &nbsp;&nbsp;&nbsp; 6943006, 6.257%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 982 | 898 | 265 |
| &nbsp;&nbsp;&nbsp; 6943911, 6.006%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 12580 | 11540 | 986 |
| &nbsp;&nbsp;&nbsp; 6944233, 5.368%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 1930 | 1786 | 151 |
| &nbsp;&nbsp;&nbsp; 6944479, 4.751%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 5290 | 4944 | 415 |
| &nbsp;&nbsp;&nbsp; 6944498, 5.755%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 29414 | 27077 | 2306 |
| &nbsp;&nbsp;&nbsp; 6944593, 5.758%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 5853 | 5388 | 459 |
| &nbsp;&nbsp;&nbsp; 6944818, 5.754%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 8315 | 7654 | 652 |
| &nbsp;&nbsp;&nbsp; 6945407, 5.190%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 6333 | 5876 | 497 |
| &nbsp;&nbsp;&nbsp; 6945601, 5.187%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 3620 | 3359 | 284 |
| &nbsp;&nbsp;&nbsp; 694580331, 20.660%, 7/05/2025 †x¥#^ | Stripe | 1/10/2024 | 3041 | 3163 | 122 |
| &nbsp;&nbsp;&nbsp; 6946184, 4.654%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 6426 | 6007 | 504 |
| &nbsp;&nbsp;&nbsp; 6946277, 4.744%, 2/21/2025 †x¶#^ | Square | 8/23/2023 | 786 | 737 | 62 |
| &nbsp;&nbsp;&nbsp; 6947130350, 21.067%, 11/21/2023 †x¥#^ | Stripe | 9/02/2021 | 1212 | 1260 | 48 |
| &nbsp;&nbsp;&nbsp; 6948164, 6.261%, 2/22/2025 †x¶#^ | Square | 8/24/2023 | 1021 | 933 | 80 |
| &nbsp;&nbsp;&nbsp; 6949275, 5.376%, 2/22/2025 †x¶#^ | Square | 8/24/2023 | 4327 | 4005 | 339 |
| &nbsp;&nbsp;&nbsp; 6949304, 6.256%, 2/22/2025 †x¶#^ | Square | 8/24/2023 | 4593 | 4199 | 360 |
| &nbsp;&nbsp;&nbsp; 6949340051, 25.733%, 12/28/2024 †x¥#^ | Stripe | 7/06/2023 | 736 | 766 | 29 |
| &nbsp;&nbsp;&nbsp; 6949638, 5.376%, 2/22/2025 †x¶#^ | Square | 8/24/2023 | 1818 | 1682 | 143 |
| &nbsp;&nbsp;&nbsp; 6950111, 6.262%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 2314 | 2116 | 625 |
| &nbsp;&nbsp;&nbsp; 6950175, 6.415%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 1774 | 1618 | 139 |
| &nbsp;&nbsp;&nbsp; 6950441, 4.935%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 1669 | 1554 | 131 |
| &nbsp;&nbsp;&nbsp; 6950511864, 18.799%, 9/25/2026 †x¥ | Stripe | 4/01/2025 | 24226 | 25195 | 25612 |
| &nbsp;&nbsp;&nbsp; 6950569, 4.656%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 5204 | 4865 | 408 |
| &nbsp;&nbsp;&nbsp; 6950794, 5.189%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 2308 | 2142 | 181 |
| &nbsp;&nbsp;&nbsp; 6951269, 4.753%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 1015 | 948 | 80 |
| &nbsp;&nbsp;&nbsp; 6951276, 5.571%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 2221 | 2050 | 174 |
| &nbsp;&nbsp;&nbsp; 6951683, 4.937%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 166075 | 154624 | 13020 |
| &nbsp;&nbsp;&nbsp; 6951944, 4.756%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 382 | 356 | 30 |
| &nbsp;&nbsp;&nbsp; 6951948622, 22.398%, 10/01/2026 †x¥ | Stripe | 4/07/2025 | 29880 | 31075 | 31546 |
| &nbsp;&nbsp;&nbsp; 6951954, 5.453%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 49 | 45 | 4 |
| &nbsp;&nbsp;&nbsp; 6952072, 6.006%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 1686 | 1547 | 132 |
| &nbsp;&nbsp;&nbsp; 6952270, 5.189%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 11591 | 10754 | 909 |
| &nbsp;&nbsp;&nbsp; 6952886, 5.754%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 4868 | 4482 | 382 |
| &nbsp;&nbsp;&nbsp; 6952907, 5.190%, 2/23/2025 †x¶#^ | Square | 8/25/2023 | 7517 | 6974 | 2300 |
| &nbsp;&nbsp;&nbsp; 6953774143, 21.187%, 10/22/2025 †x¥# | Stripe | 4/26/2024 | 6493 | 6752 | 260 |
| &nbsp;&nbsp;&nbsp; 6954735836, 17.569%, 4/18/2025 †x¥#^ | Stripe | 10/24/2023 | 999 | 1039 | 40 |
| &nbsp;&nbsp;&nbsp; 6954754, 6.263%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 711 | 650 | 56 |
| &nbsp;&nbsp;&nbsp; 6954959, 5.382%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 1152 | 1066 | 90 |
| &nbsp;&nbsp;&nbsp; 6955062997, 20.667%, 8/02/2024 †x¥#^ | Stripe | 2/07/2023 | 9146 | 9512 | 366 |
| &nbsp;&nbsp;&nbsp; 6955396, 5.746%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 1551 | 1428 | 367 |
| &nbsp;&nbsp;&nbsp; 6955595, 6.241%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 517 | 473 | 41 |
| &nbsp;&nbsp;&nbsp; 6956349289, 20.000%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 3144 | 3270 | 3353 |
| &nbsp;&nbsp;&nbsp; 6956882, 5.570%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 2029 | 1873 | 159 |
| &nbsp;&nbsp;&nbsp; 69572810, 19.463%, 7/18/2025 †x¥#^ | Stripe | 4/27/2023 | 2190 | 2278 | 88 |
| &nbsp;&nbsp;&nbsp; 6957653, 4.747%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 205 | 192 | 16 |
| &nbsp;&nbsp;&nbsp; 6958054, 6.165%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 3414 | 3125 | 268 |
| &nbsp;&nbsp;&nbsp; 6958150, 5.761%, 2/24/2025 †x¶#^ | Square | 8/28/2023 | 1267 | 1179 | 333 |
| &nbsp;&nbsp;&nbsp; 6958457, 6.425%, 2/25/2025 †x¶#^ | Square | 8/29/2023 | 465 | 425 | 36 |
| &nbsp;&nbsp;&nbsp; 6959411439, 18.750%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 825 | 858 | 870 |
| &nbsp;&nbsp;&nbsp; 6960211, 6.006%, 2/25/2025 †x¶#^ | Square | 8/29/2023 | 59947 | 54992 | 4700 |
| &nbsp;&nbsp;&nbsp; 6961083, 5.749%, 2/25/2025 †x¶#^ | Square | 8/29/2023 | 1190 | 1095 | 93 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8702** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6962016420, 22.000%, 8/07/2025 †x¥#^ | Stripe | 2/12/2024 | $3480 | $3619 | $139 |
| &nbsp;&nbsp;&nbsp; 6962062, 4.751%, 2/25/2025 †x¶#^ | Square | 8/29/2023 | 1182 | 1104 | 93 |
| &nbsp;&nbsp;&nbsp; 6962397, 5.554%, 2/26/2025 †x¶#^ | Square | 8/30/2023 | 906 | 837 | 71 |
| &nbsp;&nbsp;&nbsp; 6962534, 5.192%, 2/26/2025 †x¶#^ | Square | 8/30/2023 | 158 | 146 | 12 |
| &nbsp;&nbsp;&nbsp; 6962572, 4.654%, 2/26/2025 †x¶#^ | Square | 8/30/2023 | 16630 | 15545 | 1304 |
| &nbsp;&nbsp;&nbsp; 6962646, 6.262%, 2/26/2025 †x¶#^ | Square | 8/30/2023 | 2486 | 2273 | 195 |
| &nbsp;&nbsp;&nbsp; 6963032, 5.567%, 2/26/2025 †x¶#^ | Square | 8/30/2023 | 88 | 82 | 18 |
| &nbsp;&nbsp;&nbsp; 6963038, 6.263%, 2/26/2025 †x¶#^ | Square | 8/30/2023 | 1672 | 1529 | 431 |
| &nbsp;&nbsp;&nbsp; 6963069, 5.193%, 2/27/2025 †x¶#^ | Square | 8/30/2023 | 7116 | 6602 | 558 |
| &nbsp;&nbsp;&nbsp; 6963217, 5.366%, 2/27/2025 †x¶#^ | Square | 8/30/2023 | 1249 | 1156 | 98 |
| &nbsp;&nbsp;&nbsp; 6963599, 6.417%, 2/27/2025 †x¶#^ | Square | 8/30/2023 | 2408 | 2205 | 189 |
| &nbsp;&nbsp;&nbsp; 6963660, 6.003%, 2/27/2025 †x¶#^ | Square | 8/30/2023 | 2284 | 2095 | 179 |
| &nbsp;&nbsp;&nbsp; 6965270, 6.255%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 2622 | 2397 | 206 |
| &nbsp;&nbsp;&nbsp; 6965727, 5.439%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 1213 | 1121 | 95 |
| &nbsp;&nbsp;&nbsp; 6965839, 5.564%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 9230 | 8519 | 724 |
| &nbsp;&nbsp;&nbsp; 6966165, 6.259%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 19501 | 17828 | 1529 |
| &nbsp;&nbsp;&nbsp; 6966236, 5.438%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 4902 | 4532 | 384 |
| &nbsp;&nbsp;&nbsp; 6966274, 6.010%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 3928 | 3603 | 308 |
| &nbsp;&nbsp;&nbsp; 6966359, 5.568%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 13881 | 12838 | 1088 |
| &nbsp;&nbsp;&nbsp; 6966949961, 19.333%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 14431 | 15008 | 15026 |
| &nbsp;&nbsp;&nbsp; 6967003, 4.931%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 498 | 464 | 39 |
| &nbsp;&nbsp;&nbsp; 6967003067, 22.389%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2791 | 2902 | 2952 |
| &nbsp;&nbsp;&nbsp; 6967277, 5.757%, 2/28/2025 †x¶#^ | Square | 8/30/2023 | 8398 | 7730 | 658 |
| &nbsp;&nbsp;&nbsp; 6967686, 6.014%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 1625 | 1490 | 127 |
| &nbsp;&nbsp;&nbsp; 6967720, 5.760%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 1580 | 1454 | 124 |
| &nbsp;&nbsp;&nbsp; 6967797, 5.192%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 6007 | 5573 | 999 |
| &nbsp;&nbsp;&nbsp; 6968908337, 19.723%, 4/26/2024 †x¥#^ | Stripe | 11/01/2022 | 5388 | 5604 | 216 |
| &nbsp;&nbsp;&nbsp; 6969690, 6.165%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 8204 | 7510 | 643 |
| &nbsp;&nbsp;&nbsp; 6969937, 5.737%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 715 | 659 | 56 |
| &nbsp;&nbsp;&nbsp; 6970168, 4.941%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 2266 | 2109 | 178 |
| &nbsp;&nbsp;&nbsp; 6970825, 5.741%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 341 | 314 | 27 |
| &nbsp;&nbsp;&nbsp; 6970840, 4.937%, 2/28/2025 †x¶#^ | Square | 8/31/2023 | 1180 | 1099 | 332 |
| &nbsp;&nbsp;&nbsp; 6971073, 4.937%, 2/28/2025 †x¶#^ | Square | 9/01/2023 | 12088 | 11255 | 948 |
| &nbsp;&nbsp;&nbsp; 6972074585, 16.132%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 2399 | 2495 | 2526 |
| &nbsp;&nbsp;&nbsp; 6972206497, 14.800%, 5/30/2026 †x¥ | Stripe | 12/04/2024 | 3893 | 4049 | 4151 |
| &nbsp;&nbsp;&nbsp; 6972714758, 26.532%, 3/19/2026 †x¥# | Stripe | 9/23/2024 | 7465 | 7763 | 1318 |
| &nbsp;&nbsp;&nbsp; 6973496, 4.654%, 2/28/2025 †x¶#^ | Square | 9/01/2023 | 37422 | 34983 | 10750 |
| &nbsp;&nbsp;&nbsp; 6973564, 5.375%, 2/28/2025 †x¶#^ | Square | 9/01/2023 | 3195 | 2956 | 732 |
| &nbsp;&nbsp;&nbsp; 6974170, 4.642%, 2/28/2025 †x¶#^ | Square | 9/01/2023 | 1638 | 1531 | 128 |
| &nbsp;&nbsp;&nbsp; 6974190, 5.193%, 2/28/2025 †x¶#^ | Square | 9/01/2023 | 1930 | 1792 | 151 |
| &nbsp;&nbsp;&nbsp; 6975252747, 14.799%, 5/30/2026 †x¥ | Stripe | 12/04/2024 | 1945 | 2023 | 2049 |
| &nbsp;&nbsp;&nbsp; 6976846776, 26.526%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 901 | 937 | 955 |
| &nbsp;&nbsp;&nbsp; 6978080, 5.189%, 2/28/2025 †x¶#^ | Square | 9/05/2023 | 883 | 820 | 296 |
| &nbsp;&nbsp;&nbsp; 6978909, 6.416%, 2/28/2025 †x¶#^ | Square | 9/05/2023 | 953 | 870 | 75 |
| &nbsp;&nbsp;&nbsp; 6979408006, 14.533%, 7/19/2023 †x¥#^ | Stripe | 1/21/2022 | 76637 | 79702 | 3065 |
| &nbsp;&nbsp;&nbsp; 6980864789, 21.451%, 8/07/2024 †x¥#^ | Stripe | 2/10/2023 | 1526 | 1587 | 61 |
| &nbsp;&nbsp;&nbsp; 6981919, 6.164%, 3/01/2025 †x¶#^ | Square | 9/06/2023 | 10509 | 9619 | 824 |
| &nbsp;&nbsp;&nbsp; 6982315, 5.754%, 3/01/2025 †x¶#^ | Square | 9/06/2023 | 400 | 368 | 31 |
| &nbsp;&nbsp;&nbsp; 6982684867, 21.998%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 157 | 163 | 171 |
| &nbsp;&nbsp;&nbsp; 6982703, 5.566%, 3/01/2025 †x¶#^ | Square | 9/06/2023 | 9370 | 8648 | 735 |
| &nbsp;&nbsp;&nbsp; 6983086, 4.937%, 3/01/2025 †x¶#^ | Square | 9/06/2023 | 17879 | 16646 | 1402 |
| &nbsp;&nbsp;&nbsp; 6983234582, 18.800%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 1408 | 1464 | 1492 |
| &nbsp;&nbsp;&nbsp; 6985101, 5.761%, 3/02/2025 †x¶#^ | Square | 9/07/2023 | 3208 | 2953 | 252 |
| &nbsp;&nbsp;&nbsp; 6985472, 5.563%, 3/02/2025 †x¶#^ | Square | 9/07/2023 | 1814 | 1675 | 538 |
| &nbsp;&nbsp;&nbsp; 6985542, 4.944%, 3/03/2025 †x¶#^ | Square | 9/07/2023 | 2515 | 2341 | 197 |
| &nbsp;&nbsp;&nbsp; 6985595, 5.563%, 3/03/2025 †x¶#^ | Square | 9/07/2023 | 6361 | 5871 | 499 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8703** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 6985605965, 26.526%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | $8800 | $9152 | $9289 |
| &nbsp;&nbsp;&nbsp; 6986022299, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3217 | 3345 | 3378 |
| &nbsp;&nbsp;&nbsp; 6986097600, 18.795%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 5001 | 5201 | 5258 |
| &nbsp;&nbsp;&nbsp; 6986241, 6.289%, 3/04/2025 †x¶#^ | Square | 9/07/2023 | 422 | 385 | 33 |
| &nbsp;&nbsp;&nbsp; 6986363, 5.383%, 3/04/2025 †x¶#^ | Square | 9/07/2023 | 4260 | 3944 | 334 |
| &nbsp;&nbsp;&nbsp; 6986419, 6.416%, 3/04/2025 †x¶#^ | Square | 9/07/2023 | 1276 | 1177 | 333 |
| &nbsp;&nbsp;&nbsp; 6986466, 5.736%, 3/04/2025 †x¶#^ | Square | 9/07/2023 | 708 | 652 | 56 |
| &nbsp;&nbsp;&nbsp; 6986676, 6.415%, 3/04/2025 †x¶#^ | Square | 9/07/2023 | 1416 | 1292 | 111 |
| &nbsp;&nbsp;&nbsp; 6986824, 4.937%, 3/04/2025 †x¶#^ | Square | 9/07/2023 | 40507 | 37714 | 3176 |
| &nbsp;&nbsp;&nbsp; 6987186, 6.428%, 3/04/2025 †x¶#^ | Square | 9/07/2023 | 1210 | 1103 | 95 |
| &nbsp;&nbsp;&nbsp; 6987965812, 26.476%, 12/26/2025 †x¥# | Stripe | 7/02/2024 | 957 | 995 | 1018 |
| &nbsp;&nbsp;&nbsp; 6988759, 5.375%, 3/05/2025 †x¶#^ | Square | 9/07/2023 | 4925 | 4558 | 386 |
| &nbsp;&nbsp;&nbsp; 6989131008, 20.400%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 3524 | 3665 | 3696 |
| &nbsp;&nbsp;&nbsp; 6989440658, 23.733%, 1/24/2023 †x¥#^ | Stripe | 7/29/2021 | 589 | 613 | 24 |
| &nbsp;&nbsp;&nbsp; 6989927, 5.384%, 3/05/2025 †x¶#^ | Square | 9/07/2023 | 1313 | 1215 | 103 |
| &nbsp;&nbsp;&nbsp; 6990162, 5.192%, 3/05/2025 †x¶#^ | Square | 9/07/2023 | 562 | 521 | 167 |
| &nbsp;&nbsp;&nbsp; 6990520718, 26.133%, 5/23/2026 †x¥ | Stripe | 11/27/2024 | 799 | 831 | 864 |
| &nbsp;&nbsp;&nbsp; 6990772, 5.374%, 3/06/2025 †x¶#^ | Square | 9/08/2023 | 5106 | 4763 | 400 |
| &nbsp;&nbsp;&nbsp; 6991181, 5.375%, 3/06/2025 †x¶#^ | Square | 9/08/2023 | 2906 | 2690 | 999 |
| &nbsp;&nbsp;&nbsp; 6992769, 4.752%, 3/06/2025 †x¶#^ | Square | 9/08/2023 | 295 | 275 | 23 |
| &nbsp;&nbsp;&nbsp; 6992779, 6.416%, 3/06/2025 †x¶#^ | Square | 9/08/2023 | 10520 | 9596 | 825 |
| &nbsp;&nbsp;&nbsp; 6993047, 4.654%, 3/06/2025 †x¶#^ | Square | 9/08/2023 | 68633 | 64155 | 5381 |
| &nbsp;&nbsp;&nbsp; 6995629, 6.259%, 3/07/2025 †x¶#^ | Square | 9/11/2023 | 4592 | 4198 | 360 |
| &nbsp;&nbsp;&nbsp; 6995985840, 18.667%, 6/26/2024 †x¥#^ | Stripe | 12/30/2022 | 11547 | 12008 | 462 |
| &nbsp;&nbsp;&nbsp; 6996049, 5.381%, 3/07/2025 †x¶#^ | Square | 9/11/2023 | 1140 | 1055 | 89 |
| &nbsp;&nbsp;&nbsp; 6996764199, 25.585%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 3208 | 3336 | 3387 |
| &nbsp;&nbsp;&nbsp; 6997638027, 20.254%, 2/11/2025 †x¥#^ | Stripe | 8/17/2023 | 2778 | 2889 | 111 |
| &nbsp;&nbsp;&nbsp; 6997654, 5.189%, 3/07/2025 †x¶#^ | Square | 9/11/2023 | 829 | 769 | 65 |
| &nbsp;&nbsp;&nbsp; 6998323459, 20.794%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 4522 | 4703 | 4796 |
| &nbsp;&nbsp;&nbsp; 6dc963f6-3ee3-4614-aed9-8f50d51fdac6, 18.900%, 11/14/2022 †x#^ | Funding Circle | 11/16/2017 | 11684 | 11684 | 3505 |
| &nbsp;&nbsp;&nbsp; 6f467b7c-7e83-4ce1-8e1d-94cf0d70bd72, 15.420%, 12/21/2022 †x#^ | Funding Circle | 12/26/2017 | 109566 | 109566 | 32870 |
| &nbsp;&nbsp;&nbsp; 7000539, 5.374%, 3/08/2025 †x¶#^ | Square | 9/12/2023 | 3282 | 3037 | 257 |
| &nbsp;&nbsp;&nbsp; 7000643, 5.440%, 3/08/2025 †x¶#^ | Square | 9/12/2023 | 559 | 517 | 44 |
| &nbsp;&nbsp;&nbsp; 7000914, 4.653%, 3/08/2025 †x¶#^ | Square | 9/12/2023 | 27856 | 26039 | 2184 |
| &nbsp;&nbsp;&nbsp; 7001406, 5.566%, 3/08/2025 †x¶#^ | Square | 9/12/2023 | 56362 | 52019 | 4419 |
| &nbsp;&nbsp;&nbsp; 7002905, 5.571%, 3/09/2025 †x¶#^ | Square | 9/13/2023 | 6676 | 6161 | 523 |
| &nbsp;&nbsp;&nbsp; 7003148, 5.757%, 3/09/2025 †x¶#^ | Square | 9/13/2023 | 1628 | 1498 | 128 |
| &nbsp;&nbsp;&nbsp; 7003235, 6.257%, 3/09/2025 †x¶#^ | Square | 9/13/2023 | 996 | 911 | 78 |
| &nbsp;&nbsp;&nbsp; 7003619, 4.938%, 3/10/2025 †x¶#^ | Square | 9/13/2023 | 7011 | 6528 | 550 |
| &nbsp;&nbsp;&nbsp; 7004148997, 20.665%, 4/19/2025 †x¥#^ | Stripe | 10/25/2023 | 20055 | 20858 | 802 |
| &nbsp;&nbsp;&nbsp; 7004753, 5.187%, 3/11/2025 †x¶#^ | Square | 9/13/2023 | 8901 | 8259 | 698 |
| &nbsp;&nbsp;&nbsp; 7005067, 5.566%, 3/11/2025 †x¶#^ | Square | 9/13/2023 | 5934 | 5477 | 465 |
| &nbsp;&nbsp;&nbsp; 700527388, 22.388%, 6/27/2024 †x¥#^ | Stripe | 1/03/2023 | 5211 | 5420 | 208 |
| &nbsp;&nbsp;&nbsp; 7005943, 4.754%, 3/11/2025 †x¶#^ | Square | 9/13/2023 | 3696 | 3461 | 290 |
| &nbsp;&nbsp;&nbsp; 7006535, 5.189%, 3/11/2025 †x¶#^ | Square | 9/13/2023 | 93321 | 86582 | 7316 |
| &nbsp;&nbsp;&nbsp; 7006716283, 26.493%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 1463 | 1522 | 1542 |
| &nbsp;&nbsp;&nbsp; 7007260, 4.751%, 3/11/2025 †x¶#^ | Square | 9/13/2023 | 3846 | 3590 | 302 |
| &nbsp;&nbsp;&nbsp; 7007316, 5.381%, 3/11/2025 †x¶#^ | Square | 9/13/2023 | 1421 | 1315 | 111 |
| &nbsp;&nbsp;&nbsp; 7007493371, 26.533%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 14000 | 14560 | 560 |
| &nbsp;&nbsp;&nbsp; 7007584409, 23.185%, 6/10/2023 †x¥#^ | Stripe | 12/15/2021 | 3176 | 3303 | 127 |
| &nbsp;&nbsp;&nbsp; 7007819765, 26.533%, 5/09/2026 †x¥ | Stripe | 11/14/2024 | 5618 | 5843 | 6167 |
| &nbsp;&nbsp;&nbsp; 7007940780, 26.495%, 1/09/2026 †x¥# | Stripe | 7/16/2024 | 1525 | 1586 | 269 |
| &nbsp;&nbsp;&nbsp; 7009131, 5.563%, 3/12/2025 †x¶#^ | Square | 9/14/2023 | 8061 | 7440 | 726 |
| &nbsp;&nbsp;&nbsp; 7009397, 5.379%, 3/12/2025 †x¶#^ | Square | 9/14/2023 | 15496 | 14339 | 1215 |
| &nbsp;&nbsp;&nbsp; 7010086, 5.766%, 3/12/2025 †x¶#^ | Square | 9/14/2023 | 2163 | 1991 | 170 |
| &nbsp;&nbsp;&nbsp; 7010913116, 17.066%, 3/21/2023 †x¥#^ | Stripe | 9/23/2021 | 35773 | 37204 | 1431 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8704** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7010977, 4.654%, 3/13/2025 †x¶#^ | Square | 9/15/2023 | $25064 | $23569 | $1965 |
| &nbsp;&nbsp;&nbsp; 7012138, 5.191%, 3/13/2025 †x¶#^ | Square | 9/15/2023 | 3853 | 3574 | 302 |
| &nbsp;&nbsp;&nbsp; 7012341, 5.556%, 3/13/2025 †x¶#^ | Square | 9/15/2023 | 183 | 169 | 60 |
| &nbsp;&nbsp;&nbsp; 7012939, 4.746%, 3/13/2025 †x¶#^ | Square | 9/15/2023 | 1206 | 1126 | 95 |
| &nbsp;&nbsp;&nbsp; 7013148, 5.566%, 3/13/2025 †x¶#^ | Square | 9/15/2023 | 12742 | 11760 | 999 |
| &nbsp;&nbsp;&nbsp; 7013392986, 13.065%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 16134 | 16780 | 16961 |
| &nbsp;&nbsp;&nbsp; 7013973, 5.475%, 3/13/2025 †x¶#^ | Square | 9/15/2023 | 128 | 118 | 43 |
| &nbsp;&nbsp;&nbsp; 7017539, 5.373%, 3/14/2025 †x¶#^ | Square | 9/18/2023 | 3306 | 3059 | 259 |
| &nbsp;&nbsp;&nbsp; 7019049981, 19.320%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 4105 | 4269 | 4294 |
| &nbsp;&nbsp;&nbsp; 7020033, 5.565%, 3/14/2025 †x¶#^ | Square | 9/18/2023 | 9762 | 9010 | 765 |
| &nbsp;&nbsp;&nbsp; 7021903917, 26.513%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 975 | 1014 | 1036 |
| &nbsp;&nbsp;&nbsp; 7021912320, 18.132%, 1/03/2025 †x¥#^ | Stripe | 7/11/2023 | 11804 | 12276 | 472 |
| &nbsp;&nbsp;&nbsp; 7022074, 6.415%, 3/15/2025 †x¶#^ | Square | 9/19/2023 | 16088 | 14676 | 1261 |
| &nbsp;&nbsp;&nbsp; 7023028, 6.005%, 3/15/2025 †x¶#^ | Square | 9/19/2023 | 14996 | 13756 | 1176 |
| &nbsp;&nbsp;&nbsp; 7023347911, 19.195%, 7/29/2023 †x¥#^ | Stripe | 2/02/2022 | 2082 | 2166 | 83 |
| &nbsp;&nbsp;&nbsp; 7023567, 5.377%, 3/15/2025 †x¶#^ | Square | 9/19/2023 | 60444 | 55933 | 4739 |
| &nbsp;&nbsp;&nbsp; 7025585, 5.438%, 3/17/2025 †x¶#^ | Square | 9/20/2023 | 3565 | 3296 | 279 |
| &nbsp;&nbsp;&nbsp; 7025997, 4.737%, 3/17/2025 †x¶#^ | Square | 9/20/2023 | 367 | 342 | 29 |
| &nbsp;&nbsp;&nbsp; 7026262425, 21.600%, 6/25/2026 †x¥# | Stripe | 4/29/2024 | 11167 | 11614 | 447 |
| &nbsp;&nbsp;&nbsp; 7027261, 4.945%, 3/18/2025 †x¶#^ | Square | 9/20/2023 | 1097 | 1021 | 86 |
| &nbsp;&nbsp;&nbsp; 702793, 12.046%, 11/03/2018 †x¶#^ | Square | 5/05/2017 | 232 | 214 | 18 |
| &nbsp;&nbsp;&nbsp; 7028120297, 17.867%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 2495 | 2594 | 2605 |
| &nbsp;&nbsp;&nbsp; 7028359, 6.153%, 3/18/2025 †x¶#^ | Square | 9/20/2023 | 341 | 312 | 27 |
| &nbsp;&nbsp;&nbsp; 7028755, 5.428%, 3/18/2025 †x¶#^ | Square | 9/20/2023 | 1419 | 1312 | 111 |
| &nbsp;&nbsp;&nbsp; 7028799, 5.377%, 3/18/2025 †x¶#^ | Square | 9/20/2023 | 5892 | 5452 | 462 |
| &nbsp;&nbsp;&nbsp; 7029828, 5.375%, 3/18/2025 †x¶#^ | Square | 9/20/2023 | 1915 | 1772 | 150 |
| &nbsp;&nbsp;&nbsp; 7030145, 4.655%, 3/18/2025 †x¶#^ | Square | 9/20/2023 | 204 | 190 | 70 |
| &nbsp;&nbsp;&nbsp; 7030228228, 20.800%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 1260 | 1311 | 1330 |
| &nbsp;&nbsp;&nbsp; 7030259609, 22.424%, 3/30/2026 †x¥# | Stripe | 1/19/2024 | 28 | 29 | 1 |
| &nbsp;&nbsp;&nbsp; 7032289, 4.937%, 3/19/2025 †x¶#^ | Square | 9/21/2023 | 32182 | 29963 | 8615 |
| &nbsp;&nbsp;&nbsp; 7032304, 4.937%, 3/19/2025 †x¶#^ | Square | 9/21/2023 | 15324 | 14268 | 1201 |
| &nbsp;&nbsp;&nbsp; 7032647, 6.163%, 3/19/2025 †x¶#^ | Square | 9/21/2023 | 10848 | 9930 | 850 |
| &nbsp;&nbsp;&nbsp; 7032729, 5.563%, 3/19/2025 †x¶#^ | Square | 9/21/2023 | 4696 | 4334 | 368 |
| &nbsp;&nbsp;&nbsp; 7033541, 4.939%, 3/19/2025 †x¶#^ | Square | 9/21/2023 | 4020 | 3745 | 1334 |
| &nbsp;&nbsp;&nbsp; 7034089, 5.752%, 3/19/2025 †x¶#^ | Square | 9/21/2023 | 2651 | 2441 | 208 |
| &nbsp;&nbsp;&nbsp; 7034129, 5.568%, 3/19/2025 †x¶#^ | Square | 9/21/2023 | 9623 | 8881 | 754 |
| &nbsp;&nbsp;&nbsp; 7034424, 5.376%, 3/20/2025 †x¶#^ | Square | 9/22/2023 | 3745 | 3466 | 294 |
| &nbsp;&nbsp;&nbsp; 7035068, 4.655%, 3/20/2025 †x¶#^ | Square | 9/22/2023 | 2744 | 2565 | 215 |
| &nbsp;&nbsp;&nbsp; 7036042789, 22.396%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 9580 | 9964 | 10175 |
| &nbsp;&nbsp;&nbsp; 7036405, 5.189%, 3/20/2025 †x¶#^ | Square | 9/22/2023 | 161739 | 150060 | 12680 |
| &nbsp;&nbsp;&nbsp; 7036870, 6.162%, 3/20/2025 †x¶#^ | Square | 9/22/2023 | 3100 | 2837 | 243 |
| &nbsp;&nbsp;&nbsp; 7039459722, 21.593%, 10/17/2025 †x¥# | Stripe | 7/28/2023 | 143 | 148 | 6 |
| &nbsp;&nbsp;&nbsp; 7041949, 6.259%, 3/21/2025 †x¶#^ | Square | 9/25/2023 | 5922 | 5414 | 464 |
| &nbsp;&nbsp;&nbsp; 7042218, 6.258%, 3/21/2025 †x¶#^ | Square | 9/25/2023 | 9480 | 8666 | 743 |
| &nbsp;&nbsp;&nbsp; 7043401, 5.565%, 3/21/2025 †x¶#^ | Square | 9/25/2023 | 1157 | 1068 | 91 |
| &nbsp;&nbsp;&nbsp; 7043751, 4.654%, 3/21/2025 †x¶#^ | Square | 9/25/2023 | 74951 | 70060 | 5876 |
| &nbsp;&nbsp;&nbsp; 7044243, 5.761%, 3/22/2025 †x¶#^ | Square | 9/26/2023 | 3124 | 2876 | 245 |
| &nbsp;&nbsp;&nbsp; 7045644620, 18.252%, 10/18/2025 †x¥# | Stripe | 4/24/2024 | 5839 | 6072 | 234 |
| &nbsp;&nbsp;&nbsp; 7046111, 6.010%, 3/22/2025 †x¶#^ | Square | 9/26/2023 | 3167 | 2914 | 248 |
| &nbsp;&nbsp;&nbsp; 7046785, 5.567%, 3/22/2025 †x¶#^ | Square | 9/26/2023 | 16957 | 15650 | 1329 |
| &nbsp;&nbsp;&nbsp; 7047015, 6.155%, 3/22/2025 †x¶#^ | Square | 9/26/2023 | 733 | 671 | 57 |
| &nbsp;&nbsp;&nbsp; 7047923, 6.253%, 3/23/2025 †x¶#^ | Square | 9/27/2023 | 6010 | 5495 | 471 |
| &nbsp;&nbsp;&nbsp; 7048550, 4.935%, 3/24/2025 †x¶#^ | Square | 9/27/2023 | 1748 | 1627 | 137 |
| &nbsp;&nbsp;&nbsp; 7048987, 6.426%, 3/25/2025 †x¶#^ | Square | 9/27/2023 | 1426 | 1301 | 112 |
| &nbsp;&nbsp;&nbsp; 704ff7c8-f206-409c-be3f-1189d9605ac7, 15.420%, 10/06/2023 †x#^ | Funding Circle | 4/09/2018 | 37801 | 37801 | 11340 |
| &nbsp;&nbsp;&nbsp; 7051532051, 20.769%, 7/17/2024 †x¥#^ | Stripe | 1/20/2023 | 168 | 175 | 7 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8705** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7052011756, 19.333%, 9/14/2024 †x¥#^ | Stripe | 3/22/2023 | $2196 | $2284 | $88 |
| &nbsp;&nbsp;&nbsp; 7052183, 5.755%, 3/25/2025 †x¶#^ | Square | 9/27/2023 | 9716 | 8944 | 3485 |
| &nbsp;&nbsp;&nbsp; 7054123424, 19.597%, 6/06/2024 †x¥#^ | Stripe | 12/12/2022 | 14411 | 14988 | 576 |
| &nbsp;&nbsp;&nbsp; 7054210, 4.657%, 3/26/2025 †x¶#^ | Square | 9/28/2023 | 3086 | 2884 | 242 |
| &nbsp;&nbsp;&nbsp; 7054286, 5.565%, 3/26/2025 †x¶#^ | Square | 9/28/2023 | 3616 | 3338 | 284 |
| &nbsp;&nbsp;&nbsp; 7054302, 5.566%, 3/26/2025 †x¶#^ | Square | 9/28/2023 | 35888 | 33122 | 2814 |
| &nbsp;&nbsp;&nbsp; 7055577742, 26.500%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 3114 | 3238 | 3241 |
| &nbsp;&nbsp;&nbsp; 7056119, 5.439%, 3/27/2025 †x¶#^ | Square | 9/29/2023 | 8576 | 7929 | 672 |
| &nbsp;&nbsp;&nbsp; 7058086, 5.565%, 3/27/2025 †x¶#^ | Square | 9/29/2023 | 4835 | 4475 | 379 |
| &nbsp;&nbsp;&nbsp; 7058611682, 22.397%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 2080 | 2163 | 2228 |
| &nbsp;&nbsp;&nbsp; 7061795940, 20.933%, 12/05/2025 †x¥# | Stripe | 6/11/2024 | 2631 | 2736 | 105 |
| &nbsp;&nbsp;&nbsp; 7064790506, 14.933%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 128997 | 134157 | 135011 |
| &nbsp;&nbsp;&nbsp; 7065781150, 20.795%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 8278 | 8610 | 8655 |
| &nbsp;&nbsp;&nbsp; 7069990104, 26.526%, 6/16/2026 †x¥# | Stripe | 10/22/2024 | 3877 | 4032 | 688 |
| &nbsp;&nbsp;&nbsp; 7072135907, 18.394%, 9/19/2023 †x¥#^ | Stripe | 3/24/2022 | 9965 | 10364 | 399 |
| &nbsp;&nbsp;&nbsp; 7075654, 4.937%, 4/03/2025 †x¶#^ | Square | 10/05/2023 | 121362 | 112995 | 34610 |
| &nbsp;&nbsp;&nbsp; 7077625218, 20.848%, 1/30/2026 †x¥# | Stripe | 8/06/2024 | 625 | 650 | 107 |
| &nbsp;&nbsp;&nbsp; 7077959217, 26.500%, 11/16/2024 †x¥#^ | Stripe | 5/24/2023 | 768 | 799 | 31 |
| &nbsp;&nbsp;&nbsp; 7079071335, 18.256%, 8/15/2024 †x¥#^ | Stripe | 2/21/2023 | 1865 | 1940 | 75 |
| &nbsp;&nbsp;&nbsp; 7080833, 5.755%, 4/04/2025 †x¶#^ | Square | 10/06/2023 | 67326 | 61977 | 5278 |
| &nbsp;&nbsp;&nbsp; 7084084139, 16.265%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 35655 | 37081 | 37291 |
| &nbsp;&nbsp;&nbsp; 7084643181, 21.333%, 3/11/2023 †x¥#^ | Stripe | 9/15/2021 | 7036 | 7317 | 281 |
| &nbsp;&nbsp;&nbsp; 7084913884, 20.242%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 1840 | 1914 | 74 |
| &nbsp;&nbsp;&nbsp; 7085748453, 18.800%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 3426 | 3563 | 3608 |
| &nbsp;&nbsp;&nbsp; 7086267809, 14.256%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 2754 | 2864 | 2904 |
| &nbsp;&nbsp;&nbsp; 7087099438, 24.000%, 9/08/2023 †x¥#^ | Stripe | 3/15/2022 | 1145 | 1191 | 46 |
| &nbsp;&nbsp;&nbsp; 7089801755, 20.000%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 2318 | 2411 | 2467 |
| &nbsp;&nbsp;&nbsp; 7092183, 5.377%, 4/06/2025 †x¶#^ | Square | 10/11/2023 | 137138 | 126904 | 10752 |
| &nbsp;&nbsp;&nbsp; 7095528846, 26.533%, 8/12/2025 †x¥#^ | Stripe | 2/15/2024 | 778 | 809 | 139 |
| &nbsp;&nbsp;&nbsp; 709605349, 19.152%, 4/01/2023 †x¥#^ | Stripe | 10/06/2021 | 245 | 254 | 10 |
| &nbsp;&nbsp;&nbsp; 7097160263, 16.238%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 2004 | 2084 | 2095 |
| &nbsp;&nbsp;&nbsp; 7097604897, 26.424%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 356 | 370 | 379 |
| &nbsp;&nbsp;&nbsp; 70c06338-aa14-46d4-8098-f840fe94e244, 18.900%, 8/17/2023 †x#^ | Funding Circle | 8/20/2018 | 107014 | 107014 | 32104 |
| &nbsp;&nbsp;&nbsp; 7102879177, 20.933%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 425 | 443 | 450 |
| &nbsp;&nbsp;&nbsp; 710298137, 18.667%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 6374 | 6629 | 6754 |
| &nbsp;&nbsp;&nbsp; 710373653, 19.581%, 10/01/2024 †x¥#^ | Stripe | 4/06/2023 | 2194 | 2282 | 88 |
| &nbsp;&nbsp;&nbsp; 7108129684, 20.384%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 4897 | 5092 | 5131 |
| &nbsp;&nbsp;&nbsp; 7108659484, 24.000%, 9/15/2023 †x¥#^ | Stripe | 3/22/2022 | 1219 | 1236 | 49 |
| &nbsp;&nbsp;&nbsp; 7109180750, 14.000%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 8238 | 8568 | 8599 |
| &nbsp;&nbsp;&nbsp; 7110466068, 26.265%, 12/25/2024 †x¥#^ | Stripe | 6/30/2023 | 2817 | 2930 | 113 |
| &nbsp;&nbsp;&nbsp; 7110668, 4.654%, 4/13/2025 †x¶#^ | Square | 10/17/2023 | 47423 | 44328 | 6989 |
| &nbsp;&nbsp;&nbsp; 7113614502, 19.599%, 1/04/2026 †x¥# | Stripe | 11/02/2023 | 965 | 1004 | 39 |
| &nbsp;&nbsp;&nbsp; 7114554996, 22.800%, 12/21/2023 †x¥#^ | Stripe | 10/01/2021 | 3676 | 3823 | 147 |
| &nbsp;&nbsp;&nbsp; 7115174, 5.377%, 4/16/2025 †x¶#^ | Square | 10/18/2023 | 81815 | 75709 | 6414 |
| &nbsp;&nbsp;&nbsp; 7117687189, 21.176%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 354 | 368 | 373 |
| &nbsp;&nbsp;&nbsp; 7120210, 4.937%, 4/17/2025 †x¶#^ | Square | 10/19/2023 | 43640 | 40631 | 6473 |
| &nbsp;&nbsp;&nbsp; 7120845397, 18.266%, 11/22/2025 †x¥ | Stripe | 5/30/2024 | 7266 | 7556 | 7747 |
| &nbsp;&nbsp;&nbsp; 7123096151, 24.000%, 10/03/2023 †x¥#^ | Stripe | 7/01/2021 | 898 | 934 | 36 |
| &nbsp;&nbsp;&nbsp; 7123159174, 17.859%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 5120 | 5325 | 5402 |
| &nbsp;&nbsp;&nbsp; 7130418251, 26.527%, 12/26/2024 †x¥#^ | Stripe | 7/03/2023 | 11510 | 11970 | 460 |
| &nbsp;&nbsp;&nbsp; 7131337279, 21.333%, 12/03/2025 †x¥ | Stripe | 6/07/2024 | 1911 | 1988 | 2041 |
| &nbsp;&nbsp;&nbsp; 7132652308, 25.538%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 662 | 688 | 700 |
| &nbsp;&nbsp;&nbsp; 7135198956, 26.519%, 1/03/2026 †x¥# | Stripe | 7/10/2024 | 840 | 874 | 339 |
| &nbsp;&nbsp;&nbsp; 7136037007, 23.859%, 1/02/2025 †x¥#^ | Stripe | 7/10/2023 | 1833 | 1907 | 73 |
| &nbsp;&nbsp;&nbsp; 7137570, 5.566%, 4/20/2025 †x¶#^ | Square | 10/24/2023 | 135562 | 125117 | 10628 |
| &nbsp;&nbsp;&nbsp; 7138244895, 13.067%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 2897 | 3012 | 3050 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8706** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7142996697, 24.000%, 4/19/2023 †x¥#^ | Stripe | 10/22/2021 | $1912 | $1988 | $76 |
| &nbsp;&nbsp;&nbsp; 7146642885, 20.133%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 1555 | 1617 | 62 |
| &nbsp;&nbsp;&nbsp; 7149581271, 22.353%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 360 | 374 | 386 |
| &nbsp;&nbsp;&nbsp; 7149897, 4.937%, 4/24/2025 †x¶#^ | Square | 10/26/2023 | 57079 | 53144 | 8393 |
| &nbsp;&nbsp;&nbsp; 7151369, 6.258%, 4/24/2025 †x¶#^ | Square | 10/26/2023 | 97681 | 89299 | 7658 |
| &nbsp;&nbsp;&nbsp; 7152436140, 14.262%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 5149 | 5355 | 5446 |
| &nbsp;&nbsp;&nbsp; 7152551401, 24.889%, 4/03/2024 †x¥#^ | Stripe | 10/07/2022 | 200 | 208 | 8 |
| &nbsp;&nbsp;&nbsp; 7154845282, 26.133%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 4223 | 4391 | 4520 |
| &nbsp;&nbsp;&nbsp; 7157455284, 23.710%, 3/21/2023 †x¥#^ | Stripe | 9/23/2021 | 3042 | 3164 | 122 |
| &nbsp;&nbsp;&nbsp; 7157477296, 16.794%, 12/27/2023 †x¥#^ | Stripe | 7/01/2022 | 8234 | 8563 | 329 |
| &nbsp;&nbsp;&nbsp; 7158240003, 20.800%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 1096 | 1140 | 1158 |
| &nbsp;&nbsp;&nbsp; 716025348, 25.852%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1196 | 1244 | 1262 |
| &nbsp;&nbsp;&nbsp; 7161165987, 26.529%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 2283 | 2374 | 2394 |
| &nbsp;&nbsp;&nbsp; 7164235, 4.943%, 4/28/2025 †x¶#^ | Square | 11/01/2023 | 2183 | 2032 | 299 |
| &nbsp;&nbsp;&nbsp; 7164248, 5.376%, 4/28/2025 †x¶#^ | Square | 11/01/2023 | 2535 | 2346 | 199 |
| &nbsp;&nbsp;&nbsp; 7164324, 5.376%, 4/28/2025 †x¶#^ | Square | 11/01/2023 | 3293 | 3047 | 258 |
| &nbsp;&nbsp;&nbsp; 7165658, 5.443%, 4/29/2025 †x¶#^ | Square | 11/01/2023 | 625 | 578 | 49 |
| &nbsp;&nbsp;&nbsp; 7165759, 5.759%, 4/29/2025 †x¶#^ | Square | 11/01/2023 | 4064 | 3741 | 319 |
| &nbsp;&nbsp;&nbsp; 7165911, 5.758%, 4/29/2025 †x¶#^ | Square | 11/01/2023 | 1340 | 1234 | 414 |
| &nbsp;&nbsp;&nbsp; 7165995, 4.755%, 4/29/2025 †x¶#^ | Square | 11/01/2023 | 529 | 494 | 42 |
| &nbsp;&nbsp;&nbsp; 7167850, 5.571%, 4/30/2025 †x¶#^ | Square | 11/01/2023 | 5257 | 4852 | 412 |
| &nbsp;&nbsp;&nbsp; 7168068, 4.654%, 4/30/2025 †x¶#^ | Square | 11/01/2023 | 46408 | 43380 | 3638 |
| &nbsp;&nbsp;&nbsp; 7168460, 5.189%, 4/30/2025 †x¶#^ | Square | 11/01/2023 | 129486 | 120135 | 10152 |
| &nbsp;&nbsp;&nbsp; 7169130, 5.188%, 4/30/2025 †x¶#^ | Square | 11/01/2023 | 1083 | 1005 | 467 |
| &nbsp;&nbsp;&nbsp; 7170019, 5.563%, 4/30/2025 †x¶#^ | Square | 11/01/2023 | 2131 | 1967 | 167 |
| &nbsp;&nbsp;&nbsp; 7170796717, 20.797%, 3/24/2024 †x¥#^ | Stripe | 8/02/2022 | 11185 | 11633 | 447 |
| &nbsp;&nbsp;&nbsp; 7170812, 5.191%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 3221 | 2992 | 253 |
| &nbsp;&nbsp;&nbsp; 717099144, 22.000%, 12/31/2024 †x¥#^ | Stripe | 7/07/2023 | 1922 | 1999 | 77 |
| &nbsp;&nbsp;&nbsp; 7171686, 5.562%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 4863 | 4488 | 381 |
| &nbsp;&nbsp;&nbsp; 7171896, 4.938%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 377 | 351 | 30 |
| &nbsp;&nbsp;&nbsp; 7172109, 6.259%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 746 | 682 | 59 |
| &nbsp;&nbsp;&nbsp; 7172208, 4.938%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 16799 | 15643 | 1803 |
| &nbsp;&nbsp;&nbsp; 7172745, 5.384%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 1026 | 949 | 114 |
| &nbsp;&nbsp;&nbsp; 717305672, 14.799%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 26872 | 27947 | 28141 |
| &nbsp;&nbsp;&nbsp; 7173448276, 17.849%, 7/05/2025 †x¥#^ | Stripe | 1/10/2024 | 2067 | 2149 | 83 |
| &nbsp;&nbsp;&nbsp; 7173475, 4.937%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 5530 | 5164 | 912 |
| &nbsp;&nbsp;&nbsp; 7173701, 6.271%, 4/30/2025 †x¶#^ | Square | 11/02/2023 | 469 | 429 | 37 |
| &nbsp;&nbsp;&nbsp; 7173928, 6.161%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 2763 | 2530 | 217 |
| &nbsp;&nbsp;&nbsp; 7173941, 5.205%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 841 | 781 | 66 |
| &nbsp;&nbsp;&nbsp; 7174011, 4.935%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 4920 | 4581 | 386 |
| &nbsp;&nbsp;&nbsp; 7174832, 5.196%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 798 | 740 | 89 |
| &nbsp;&nbsp;&nbsp; 7174899, 5.377%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 2655 | 2457 | 989 |
| &nbsp;&nbsp;&nbsp; 717514468, 25.333%, 12/28/2023 †x¥#^ | Stripe | 7/05/2022 | 1579 | 1643 | 63 |
| &nbsp;&nbsp;&nbsp; 7176099, 4.654%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 83535 | 78088 | 33893 |
| &nbsp;&nbsp;&nbsp; 7176500, 5.567%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 8652 | 7985 | 678 |
| &nbsp;&nbsp;&nbsp; 7176905, 5.561%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 688 | 635 | 309 |
| &nbsp;&nbsp;&nbsp; 7179559, 5.371%, 5/02/2025 †x¶#^ | Square | 11/06/2023 | 1471 | 1362 | 115 |
| &nbsp;&nbsp;&nbsp; 7179904010, 20.000%, 7/04/2024 †x¥#^ | Stripe | 1/09/2023 | 2683 | 2791 | 107 |
| &nbsp;&nbsp;&nbsp; 7180179, 5.755%, 5/02/2025 †x¶#^ | Square | 11/06/2023 | 43915 | 40425 | 3443 |
| &nbsp;&nbsp;&nbsp; 7180676, 4.654%, 5/02/2025 †x¶#^ | Square | 11/06/2023 | 128184 | 119820 | 10050 |
| &nbsp;&nbsp;&nbsp; 7180785, 6.407%, 5/02/2025 †x¶#^ | Square | 11/06/2023 | 840 | 767 | 93 |
| &nbsp;&nbsp;&nbsp; 7181129791, 24.000%, 2/25/2023 †x¥#^ | Stripe | 9/01/2021 | 993 | 1033 | 40 |
| &nbsp;&nbsp;&nbsp; 7182398, 5.562%, 5/02/2025 †x¶#^ | Square | 11/06/2023 | 4127 | 3809 | 481 |
| &nbsp;&nbsp;&nbsp; 7182859890, 25.580%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 2357 | 2451 | 2464 |
| &nbsp;&nbsp;&nbsp; 7183581, 5.753%, 5/02/2025 †x¶#^ | Square | 11/06/2023 | 1346 | 1239 | 106 |
| &nbsp;&nbsp;&nbsp; 7183919, 4.752%, 5/03/2025 †x¶#^ | Square | 11/07/2023 | 726 | 678 | 57 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8707** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7184082, 6.010%, 5/03/2025 †x¶#^ | Square | 11/07/2023 | $5469 | $5016 | $429 |
| &nbsp;&nbsp;&nbsp; 7184980, 5.746%, 5/03/2025 †x¶#^ | Square | 11/07/2023 | 1880 | 1735 | 147 |
| &nbsp;&nbsp;&nbsp; 7185793, 6.020%, 5/03/2025 †x¶#^ | Square | 11/07/2023 | 741 | 679 | 335 |
| &nbsp;&nbsp;&nbsp; 7185888, 5.377%, 5/03/2025 †x¶#^ | Square | 11/07/2023 | 1308 | 1211 | 103 |
| &nbsp;&nbsp;&nbsp; 7186253, 4.749%, 5/03/2025 †x¶#^ | Square | 11/07/2023 | 10390 | 9699 | 815 |
| &nbsp;&nbsp;&nbsp; 7186607, 4.745%, 5/03/2025 †x¶#^ | Square | 11/07/2023 | 2363 | 2206 | 185 |
| &nbsp;&nbsp;&nbsp; 7187734437, 21.600%, 8/03/2025 †x¥#^ | Stripe | 6/09/2023 | 932 | 969 | 37 |
| &nbsp;&nbsp;&nbsp; 7187867, 5.773%, 5/04/2025 †x¶#^ | Square | 11/08/2023 | 162 | 149 | 13 |
| &nbsp;&nbsp;&nbsp; 7187891298, 13.999%, 1/16/2027 †x¥ | Stripe | 7/23/2025 | 89322 | 92895 | 93050 |
| &nbsp;&nbsp;&nbsp; 7188818, 5.984%, 5/05/2025 †x¶#^ | Square | 11/08/2023 | 841 | 772 | 101 |
| &nbsp;&nbsp;&nbsp; 7189377240, 22.933%, 3/08/2024 †x¥#^ | Stripe | 9/13/2022 | 6457 | 6715 | 258 |
| &nbsp;&nbsp;&nbsp; 7190183, 6.000%, 5/06/2025 †x¶#^ | Square | 11/08/2023 | 1776 | 1629 | 139 |
| &nbsp;&nbsp;&nbsp; 7190718218, 20.400%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 16752 | 17422 | 17507 |
| &nbsp;&nbsp;&nbsp; 7192021, 5.377%, 5/06/2025 †x¶#^ | Square | 11/08/2023 | 24991 | 23126 | 1959 |
| &nbsp;&nbsp;&nbsp; 7192623, 6.392%, 5/06/2025 †x¶#^ | Square | 11/08/2023 | 466 | 426 | 37 |
| &nbsp;&nbsp;&nbsp; 7193373, 5.179%, 5/06/2025 †x¶#^ | Square | 11/08/2023 | 2264 | 2101 | 178 |
| &nbsp;&nbsp;&nbsp; 7194290, 5.189%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 36892 | 34228 | 2892 |
| &nbsp;&nbsp;&nbsp; 7194745, 5.563%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 6297 | 5812 | 494 |
| &nbsp;&nbsp;&nbsp; 7194776, 5.382%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 3347 | 3097 | 262 |
| &nbsp;&nbsp;&nbsp; 7195149, 5.189%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 4269 | 3960 | 335 |
| &nbsp;&nbsp;&nbsp; 7195275, 6.256%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 10379 | 9489 | 814 |
| &nbsp;&nbsp;&nbsp; 7195596, 6.007%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 1657 | 1520 | 130 |
| &nbsp;&nbsp;&nbsp; 7195644204, 25.544%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 1276 | 1327 | 1344 |
| &nbsp;&nbsp;&nbsp; 7196098, 5.566%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 10106 | 9327 | 3163 |
| &nbsp;&nbsp;&nbsp; 7196859211, 26.095%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 735 | 765 | 784 |
| &nbsp;&nbsp;&nbsp; 7196920, 4.762%, 5/07/2025 †x¶#^ | Square | 11/09/2023 | 1201 | 1121 | 94 |
| &nbsp;&nbsp;&nbsp; 7198138375, 16.254%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 3149 | 3275 | 3290 |
| &nbsp;&nbsp;&nbsp; 7198466, 6.409%, 5/08/2025 †x¶#^ | Square | 11/10/2023 | 4828 | 4405 | 379 |
| &nbsp;&nbsp;&nbsp; 7198946599, 24.000%, 11/02/2024 †x¥#^ | Stripe | 5/10/2023 | 1051 | 1093 | 42 |
| &nbsp;&nbsp;&nbsp; 7199273, 5.999%, 5/08/2025 †x¶#^ | Square | 11/10/2023 | 390 | 358 | 183 |
| &nbsp;&nbsp;&nbsp; 7199320792, 14.381%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 1191 | 1239 | 1256 |
| &nbsp;&nbsp;&nbsp; 71fda597-58c6-4f26-a39a-f418819fbe77, 15.090%, 1/18/2021 †x#^ | Funding Circle | 1/20/2017 | 28044 | 28044 | 8413 |
| &nbsp;&nbsp;&nbsp; 7200228, 5.745%, 5/08/2025 †x¶#^ | Square | 11/10/2023 | 1030 | 948 | 81 |
| &nbsp;&nbsp;&nbsp; 7200304, 5.475%, 5/08/2025 †x¶#^ | Square | 11/10/2023 | 130 | 120 | 14 |
| &nbsp;&nbsp;&nbsp; 7200560, 6.006%, 5/08/2025 †x¶#^ | Square | 11/10/2023 | 2650 | 2431 | 208 |
| &nbsp;&nbsp;&nbsp; 7200912252, 21.185%, 10/23/2025 †x¥# | Stripe | 4/29/2024 | 1549 | 1611 | 62 |
| &nbsp;&nbsp;&nbsp; 7203285, 5.753%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 3709 | 3414 | 792 |
| &nbsp;&nbsp;&nbsp; 7203340, 5.767%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 452 | 416 | 73 |
| &nbsp;&nbsp;&nbsp; 7203348661, 26.532%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 4335 | 4508 | 4572 |
| &nbsp;&nbsp;&nbsp; 7204537, 5.440%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 264 | 244 | 21 |
| &nbsp;&nbsp;&nbsp; 7205177974, 17.846%, 4/08/2026 †x¥# | Stripe | 10/11/2024 | 3001 | 3121 | 508 |
| &nbsp;&nbsp;&nbsp; 7205417, 6.011%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 2081 | 1909 | 751 |
| &nbsp;&nbsp;&nbsp; 7205544, 5.188%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 22541 | 20944 | 1767 |
| &nbsp;&nbsp;&nbsp; 7205934, 5.755%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 2747 | 2529 | 373 |
| &nbsp;&nbsp;&nbsp; 7206787, 6.008%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 3001 | 2753 | 1236 |
| &nbsp;&nbsp;&nbsp; 7206977, 5.567%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 1513 | 1396 | 714 |
| &nbsp;&nbsp;&nbsp; 7207197, 4.653%, 5/09/2025 †x¶#^ | Square | 11/13/2023 | 5672 | 5302 | 445 |
| &nbsp;&nbsp;&nbsp; 7207478, 5.759%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 802 | 738 | 63 |
| &nbsp;&nbsp;&nbsp; 7208445, 5.568%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 1518 | 1401 | 360 |
| &nbsp;&nbsp;&nbsp; 7208517, 5.427%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 557 | 515 | 44 |
| &nbsp;&nbsp;&nbsp; 7208537, 5.566%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 5200 | 4800 | 2188 |
| &nbsp;&nbsp;&nbsp; 7208814, 5.753%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 1189 | 1095 | 93 |
| &nbsp;&nbsp;&nbsp; 7208823, 4.937%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 136411 | 127005 | 10695 |
| &nbsp;&nbsp;&nbsp; 7209106, 4.655%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 38204 | 35710 | 2995 |
| &nbsp;&nbsp;&nbsp; 7209943, 4.740%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 608 | 568 | 48 |
| &nbsp;&nbsp;&nbsp; 7210068056, 15.200%, 1/08/2027 †x¥ | Stripe | 7/15/2025 | 29354 | 30528 | 30680 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8708** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7210115, 4.750%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | $11604 | $10833 | $910 |
| &nbsp;&nbsp;&nbsp; 7210395, 5.756%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 5964 | 5490 | 468 |
| &nbsp;&nbsp;&nbsp; 7210798, 5.753%, 5/10/2025 †x¶#^ | Square | 11/14/2023 | 1890 | 1739 | 914 |
| &nbsp;&nbsp;&nbsp; 7210989, 4.749%, 5/11/2025 †x¶#^ | Square | 11/15/2023 | 4871 | 4547 | 382 |
| &nbsp;&nbsp;&nbsp; 7211457, 5.198%, 5/11/2025 †x¶#^ | Square | 11/15/2023 | 1260 | 1169 | 499 |
| &nbsp;&nbsp;&nbsp; 7211669001, 18.396%, 8/15/2023 †x¥#^ | Stripe | 2/17/2022 | 11003 | 11444 | 440 |
| &nbsp;&nbsp;&nbsp; 7211858, 4.654%, 5/12/2025 †x¶#^ | Square | 11/15/2023 | 19205 | 17952 | 1506 |
| &nbsp;&nbsp;&nbsp; 7215121, 6.007%, 5/13/2025 †x¶#^ | Square | 11/15/2023 | 73 | 67 | 10 |
| &nbsp;&nbsp;&nbsp; 7215356, 5.189%, 5/13/2025 †x¶#^ | Square | 11/15/2023 | 10510 | 9751 | 824 |
| &nbsp;&nbsp;&nbsp; 7215437655, 20.376%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 2711 | 2819 | 2845 |
| &nbsp;&nbsp;&nbsp; 7215936989, 14.667%, 4/25/2025 †x¥#^ | Stripe | 10/31/2023 | 288 | 299 | 50 |
| &nbsp;&nbsp;&nbsp; 7215995, 5.377%, 5/13/2025 †x¶#^ | Square | 11/15/2023 | 18898 | 17488 | 1482 |
| &nbsp;&nbsp;&nbsp; 7216201, 5.376%, 5/13/2025 †x¶#^ | Square | 11/15/2023 | 11134 | 10303 | 873 |
| &nbsp;&nbsp;&nbsp; 7216370222, 19.199%, 10/04/2025 †x¥# | Stripe | 4/10/2024 | 32442 | 33739 | 1298 |
| &nbsp;&nbsp;&nbsp; 7216450, 6.164%, 5/13/2025 †x¶#^ | Square | 11/15/2023 | 6350 | 5812 | 498 |
| &nbsp;&nbsp;&nbsp; 7217193, 5.382%, 5/14/2025 †x¶#^ | Square | 11/16/2023 | 1642 | 1520 | 129 |
| &nbsp;&nbsp;&nbsp; 7217801824, 26.115%, 5/11/2026 †x¥# | Stripe | 9/16/2024 | 5384 | 5599 | 215 |
| &nbsp;&nbsp;&nbsp; 7217961, 5.753%, 5/14/2025 †x¶#^ | Square | 11/16/2023 | 487 | 449 | 38 |
| &nbsp;&nbsp;&nbsp; 7219060, 6.038%, 5/14/2025 †x¶#^ | Square | 11/16/2023 | 480 | 441 | 38 |
| &nbsp;&nbsp;&nbsp; 7219932111, 21.441%, 12/05/2024 †x¥#^ | Stripe | 6/12/2023 | 2376 | 2472 | 95 |
| &nbsp;&nbsp;&nbsp; 7220334, 4.939%, 5/14/2025 †x¶#^ | Square | 11/16/2023 | 4385 | 4082 | 2110 |
| &nbsp;&nbsp;&nbsp; 7220385, 5.440%, 5/14/2025 †x¶#^ | Square | 11/16/2023 | 3936 | 3639 | 309 |
| &nbsp;&nbsp;&nbsp; 7220458, 4.937%, 5/14/2025 †x¶#^ | Square | 11/16/2023 | 9878 | 9197 | 3995 |
| &nbsp;&nbsp;&nbsp; 7220478885, 26.505%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1010 | 1050 | 1077 |
| &nbsp;&nbsp;&nbsp; 7220763604, 17.852%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 2350 | 2444 | 2465 |
| &nbsp;&nbsp;&nbsp; 7221120, 5.379%, 5/15/2025 †x¶#^ | Square | 11/17/2023 | 3247 | 3004 | 255 |
| &nbsp;&nbsp;&nbsp; 7221496, 4.654%, 5/15/2025 †x¶#^ | Square | 11/17/2023 | 42406 | 39639 | 4708 |
| &nbsp;&nbsp;&nbsp; 7221745, 5.565%, 5/15/2025 †x¶#^ | Square | 11/17/2023 | 15 | 14 | 7 |
| &nbsp;&nbsp;&nbsp; 7223278, 6.174%, 5/15/2025 †x¶#^ | Square | 11/17/2023 | 201 | 184 | 28 |
| &nbsp;&nbsp;&nbsp; 7223632, 5.561%, 5/15/2025 †x¶#^ | Square | 11/17/2023 | 946 | 874 | 147 |
| &nbsp;&nbsp;&nbsp; 7227086, 4.950%, 5/16/2025 †x¶#^ | Square | 11/20/2023 | 258 | 240 | 20 |
| &nbsp;&nbsp;&nbsp; 7227091, 6.235%, 5/16/2025 †x¶#^ | Square | 11/20/2023 | 1019 | 932 | 80 |
| &nbsp;&nbsp;&nbsp; 722730152, 17.596%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 17274 | 17965 | 18113 |
| &nbsp;&nbsp;&nbsp; 7227315, 6.258%, 5/16/2025 †x¶#^ | Square | 11/20/2023 | 4610 | 4214 | 1904 |
| &nbsp;&nbsp;&nbsp; 7228074329, 22.000%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 9333 | 9707 | 9839 |
| &nbsp;&nbsp;&nbsp; 7231247, 5.769%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 472 | 435 | 37 |
| &nbsp;&nbsp;&nbsp; 7231253, 5.566%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 9958 | 9191 | 781 |
| &nbsp;&nbsp;&nbsp; 7231267, 5.189%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 3058 | 2837 | 1310 |
| &nbsp;&nbsp;&nbsp; 7231663993, 26.476%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 1859 | 1933 | 1942 |
| &nbsp;&nbsp;&nbsp; 7231732, 6.251%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 2328 | 2129 | 183 |
| &nbsp;&nbsp;&nbsp; 7231857234, 16.267%, 8/18/2023 †x¥#^ | Stripe | 2/23/2022 | 249 | 259 | 10 |
| &nbsp;&nbsp;&nbsp; 7232026, 5.745%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 769 | 708 | 60 |
| &nbsp;&nbsp;&nbsp; 7233503, 4.654%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 17613 | 16464 | 1381 |
| &nbsp;&nbsp;&nbsp; 7233620, 6.003%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 4738 | 4513 | 371 |
| &nbsp;&nbsp;&nbsp; 7234145252, 25.867%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 442 | 460 | 18 |
| &nbsp;&nbsp;&nbsp; 7234165, 5.374%, 5/17/2025 †x¶#^ | Square | 11/21/2023 | 5869 | 5431 | 460 |
| &nbsp;&nbsp;&nbsp; 7234543405, 20.261%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 6000 | 6240 | 240 |
| &nbsp;&nbsp;&nbsp; 7234821, 5.559%, 5/18/2025 †x¶#^ | Square | 11/22/2023 | 4188 | 3866 | 328 |
| &nbsp;&nbsp;&nbsp; 7235130, 4.745%, 5/18/2025 †x¶#^ | Square | 11/22/2023 | 2643 | 2468 | 207 |
| &nbsp;&nbsp;&nbsp; 7235728, 6.255%, 5/19/2025 †x¶#^ | Square | 11/22/2023 | 375 | 343 | 63 |
| &nbsp;&nbsp;&nbsp; 7235734, 5.564%, 5/19/2025 †x¶#^ | Square | 11/22/2023 | 5965 | 5506 | 468 |
| &nbsp;&nbsp;&nbsp; 7236351, 6.015%, 5/19/2025 †x¶#^ | Square | 11/22/2023 | 858 | 787 | 67 |
| &nbsp;&nbsp;&nbsp; 7238425, 5.188%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 12166 | 11288 | 954 |
| &nbsp;&nbsp;&nbsp; 7238705, 5.439%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 3642 | 3367 | 286 |
| &nbsp;&nbsp;&nbsp; 7238994, 5.377%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 138182 | 127868 | 10833 |
| &nbsp;&nbsp;&nbsp; 7239147, 5.189%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 5878 | 5454 | 2851 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8709** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7239148024, 26.505%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | $3300 | $3432 | $1931 |
| &nbsp;&nbsp;&nbsp; 7239331, 6.260%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 9293 | 8496 | 1100 |
| &nbsp;&nbsp;&nbsp; 7239431, 5.189%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 11794 | 10942 | 925 |
| &nbsp;&nbsp;&nbsp; 7240244, 4.740%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 854 | 798 | 67 |
| &nbsp;&nbsp;&nbsp; 7240283, 5.754%, 5/20/2025 †x¶#^ | Square | 11/22/2023 | 7650 | 7042 | 600 |
| &nbsp;&nbsp;&nbsp; 7242631, 5.377%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 2132 | 1973 | 167 |
| &nbsp;&nbsp;&nbsp; 7242701249, 19.862%, 3/15/2024 †x¥#^ | Stripe | 9/20/2022 | 12550 | 13052 | 502 |
| &nbsp;&nbsp;&nbsp; 7242756, 6.261%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 1278 | 1168 | 412 |
| &nbsp;&nbsp;&nbsp; 7243099, 5.199%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 1243 | 1153 | 97 |
| &nbsp;&nbsp;&nbsp; 7243164, 4.741%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 1096 | 1023 | 86 |
| &nbsp;&nbsp;&nbsp; 7243491, 5.752%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 2659 | 2447 | 208 |
| &nbsp;&nbsp;&nbsp; 7243517862, 13.995%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 11499 | 11959 | 11986 |
| &nbsp;&nbsp;&nbsp; 7243560, 5.374%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 995 | 924 | 436 |
| &nbsp;&nbsp;&nbsp; 7243783, 5.191%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 4307 | 3996 | 2133 |
| &nbsp;&nbsp;&nbsp; 7243813, 5.188%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 22202 | 20599 | 7556 |
| &nbsp;&nbsp;&nbsp; 7244062, 5.753%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 516 | 475 | 264 |
| &nbsp;&nbsp;&nbsp; 7244098, 6.401%, 5/21/2025 †x¶#^ | Square | 11/24/2023 | 506 | 462 | 77 |
| &nbsp;&nbsp;&nbsp; 7246881250, 21.188%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 6547 | 6809 | 262 |
| &nbsp;&nbsp;&nbsp; 7247470, 4.937%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 841 | 783 | 415 |
| &nbsp;&nbsp;&nbsp; 7247522, 5.381%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 1942 | 1797 | 152 |
| &nbsp;&nbsp;&nbsp; 7248004, 6.232%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 69 | 63 | 5 |
| &nbsp;&nbsp;&nbsp; 7248782, 5.189%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 1219 | 1158 | 161 |
| &nbsp;&nbsp;&nbsp; 7249119, 5.442%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 13898 | 12850 | 1090 |
| &nbsp;&nbsp;&nbsp; 7249165106, 26.527%, 8/09/2025 †x¥#^ | Stripe | 2/14/2024 | 5137 | 5343 | 206 |
| &nbsp;&nbsp;&nbsp; 7249180, 6.009%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 1604 | 1471 | 126 |
| &nbsp;&nbsp;&nbsp; 7249244, 5.760%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 1708 | 1572 | 837 |
| &nbsp;&nbsp;&nbsp; 7249488, 4.654%, 5/22/2025 †x¶#^ | Square | 11/27/2023 | 15154 | 14165 | 1188 |
| &nbsp;&nbsp;&nbsp; 7250734438, 25.600%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 23612 | 24557 | 24619 |
| &nbsp;&nbsp;&nbsp; 7251662, 5.440%, 5/23/2025 †x¶#^ | Square | 11/28/2023 | 9338 | 8633 | 732 |
| &nbsp;&nbsp;&nbsp; 7251849594, 26.500%, 11/15/2025 †x¥# | Stripe | 5/22/2024 | 2845 | 2958 | 114 |
| &nbsp;&nbsp;&nbsp; 7251885, 4.933%, 5/23/2025 †x¶#^ | Square | 11/28/2023 | 2111 | 1966 | 883 |
| &nbsp;&nbsp;&nbsp; 7251906, 6.279%, 5/23/2025 †x¶#^ | Square | 11/28/2023 | 687 | 628 | 54 |
| &nbsp;&nbsp;&nbsp; 7254428378, 18.667%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 2737 | 2847 | 2879 |
| &nbsp;&nbsp;&nbsp; 7254679081, 19.333%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 7259 | 7550 | 290 |
| &nbsp;&nbsp;&nbsp; 7254703, 6.014%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 2243 | 2057 | 176 |
| &nbsp;&nbsp;&nbsp; 7255384, 6.418%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 1845 | 1683 | 145 |
| &nbsp;&nbsp;&nbsp; 7255417, 6.000%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 1301 | 1193 | 102 |
| &nbsp;&nbsp;&nbsp; 7255475, 5.189%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 3270 | 3034 | 1153 |
| &nbsp;&nbsp;&nbsp; 7255529, 4.765%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 1712 | 1598 | 134 |
| &nbsp;&nbsp;&nbsp; 725558409, 20.800%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 4232 | 4402 | 4500 |
| &nbsp;&nbsp;&nbsp; 7255593, 6.418%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 4612 | 4207 | 362 |
| &nbsp;&nbsp;&nbsp; 7255815, 6.000%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 979 | 898 | 408 |
| &nbsp;&nbsp;&nbsp; 7255828487, 21.867%, 11/06/2023 †x¥#^ | Stripe | 9/10/2021 | 7732 | 8041 | 309 |
| &nbsp;&nbsp;&nbsp; 7255874, 6.159%, 5/25/2025 †x¶#^ | Square | 11/29/2023 | 3239 | 2966 | 254 |
| &nbsp;&nbsp;&nbsp; 7256181, 4.936%, 5/26/2025 †x¶#^ | Square | 11/29/2023 | 17253 | 16063 | 2075 |
| &nbsp;&nbsp;&nbsp; 7256596, 5.189%, 5/26/2025 †x¶#^ | Square | 11/29/2023 | 2681 | 2487 | 210 |
| &nbsp;&nbsp;&nbsp; 7256643029, 14.266%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 9973 | 10372 | 10530 |
| &nbsp;&nbsp;&nbsp; 7256655, 5.753%, 5/26/2025 †x¶#^ | Square | 11/29/2023 | 4642 | 4274 | 510 |
| &nbsp;&nbsp;&nbsp; 7260935883, 14.241%, 4/09/2026 †x¥ | Stripe | 10/15/2024 | 1763 | 1834 | 988 |
| &nbsp;&nbsp;&nbsp; 7260962, 4.755%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 1396 | 1304 | 109 |
| &nbsp;&nbsp;&nbsp; 7260996, 6.021%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 1998 | 1832 | 157 |
| &nbsp;&nbsp;&nbsp; 7261015, 4.937%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 5218 | 4858 | 1876 |
| &nbsp;&nbsp;&nbsp; 7261157, 5.378%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 3254 | 3011 | 255 |
| &nbsp;&nbsp;&nbsp; 7261208, 5.378%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 1626 | 1504 | 831 |
| &nbsp;&nbsp;&nbsp; 7261678, 5.755%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 4752 | 4374 | 373 |
| &nbsp;&nbsp;&nbsp; 7262613, 6.417%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 133 | 122 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8710** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7262936169, 25.333%, 7/11/2024 †x¥#^ | Stripe | 1/17/2023 | $4943 | $5141 | $198 |
| &nbsp;&nbsp;&nbsp; 7263006, 5.367%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 789 | 730 | 345 |
| &nbsp;&nbsp;&nbsp; 7263068, 5.377%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 48288 | 44683 | 21552 |
| &nbsp;&nbsp;&nbsp; 7263418, 5.758%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 6843 | 6299 | 536 |
| &nbsp;&nbsp;&nbsp; 7263484, 5.563%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 1085 | 1002 | 477 |
| &nbsp;&nbsp;&nbsp; 7271742068, 20.381%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2290 | 2382 | 2405 |
| &nbsp;&nbsp;&nbsp; 7273784430, 18.798%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 9343 | 9717 | 9926 |
| &nbsp;&nbsp;&nbsp; 7274284668, 26.533%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1151 | 1197 | 1221 |
| &nbsp;&nbsp;&nbsp; 7274755432, 20.533%, 10/28/2025 †x¥# | Stripe | 5/02/2024 | 175210 | 182219 | 7008 |
| &nbsp;&nbsp;&nbsp; 727704727, 25.843%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2149 | 2235 | 2274 |
| &nbsp;&nbsp;&nbsp; 7277619956, 20.375%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 976 | 1015 | 39 |
| &nbsp;&nbsp;&nbsp; 7278569013, 19.044%, 3/21/2024 †x¥#^ | Stripe | 9/26/2022 | 1115 | 1160 | 45 |
| &nbsp;&nbsp;&nbsp; 7279192730, 18.266%, 2/07/2024 †x¥#^ | Stripe | 12/14/2021 | 51324 | 53376 | 2053 |
| &nbsp;&nbsp;&nbsp; 7281098406, 16.660%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 3630 | 3775 | 3811 |
| &nbsp;&nbsp;&nbsp; 7281147001, 24.000%, 8/17/2023 †x¥#^ | Stripe | 2/22/2022 | 1284 | 1336 | 51 |
| &nbsp;&nbsp;&nbsp; 7283017693, 22.130%, 8/20/2025 †x¥#^ | Stripe | 2/23/2024 | 12604 | 13108 | 504 |
| &nbsp;&nbsp;&nbsp; 7283515916, 22.528%, 4/06/2023 †x¥#^ | Stripe | 10/12/2021 | 9600 | 9984 | 384 |
| &nbsp;&nbsp;&nbsp; 7283602187, 16.121%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 1470 | 1529 | 1543 |
| &nbsp;&nbsp;&nbsp; 7284743425, 16.533%, 11/07/2023 †x¥#^ | Stripe | 5/12/2022 | 60439 | 62856 | 2418 |
| &nbsp;&nbsp;&nbsp; 7290130112, 17.464%, 4/17/2024 †x¥#^ | Stripe | 10/21/2022 | 20038 | 20840 | 802 |
| &nbsp;&nbsp;&nbsp; 7295258332, 19.855%, 8/09/2025 †x¥#^ | Stripe | 2/14/2024 | 2710 | 2818 | 108 |
| &nbsp;&nbsp;&nbsp; 7298364600, 20.800%, 3/10/2023 †x¥#^ | Stripe | 9/14/2021 | 1997 | 2077 | 80 |
| &nbsp;&nbsp;&nbsp; 7299583712, 14.265%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 8204 | 8532 | 8695 |
| &nbsp;&nbsp;&nbsp; 7301851809, 16.131%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 3529 | 3670 | 3713 |
| &nbsp;&nbsp;&nbsp; 7303250427, 25.333%, 3/06/2025 †x¥#^ | Stripe | 9/11/2023 | 4827 | 5020 | 193 |
| &nbsp;&nbsp;&nbsp; 7304132432, 20.667%, 11/04/2025 †x¥ | Stripe | 5/09/2024 | 1799 | 1871 | 1975 |
| &nbsp;&nbsp;&nbsp; 730731298, 25.598%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 14810 | 15402 | 15636 |
| &nbsp;&nbsp;&nbsp; 7308400547, 22.400%, 10/10/2026 †x¥# | Stripe | 2/13/2025 | 13260 | 13791 | 3576 |
| &nbsp;&nbsp;&nbsp; 7310263333, 21.999%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 12421 | 12918 | 13149 |
| &nbsp;&nbsp;&nbsp; 7310984543, 19.333%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 16704 | 17372 | 17543 |
| &nbsp;&nbsp;&nbsp; 7311257402, 22.400%, 12/28/2024 †x¥#^ | Stripe | 7/06/2023 | 823 | 856 | 33 |
| &nbsp;&nbsp;&nbsp; 7313384, 5.378%, 6/12/2025 †x¶#^ | Square | 12/14/2023 | 38909 | 36005 | 5919 |
| &nbsp;&nbsp;&nbsp; 7314631592, 20.798%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 5163 | 5370 | 5468 |
| &nbsp;&nbsp;&nbsp; 7315072820, 21.997%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 5392 | 5607 | 5762 |
| &nbsp;&nbsp;&nbsp; 7315889940, 24.122%, 7/12/2024 †x¥#^ | Stripe | 7/11/2022 | 4732 | 4921 | 189 |
| &nbsp;&nbsp;&nbsp; 7316115446, 26.111%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 721 | 750 | 763 |
| &nbsp;&nbsp;&nbsp; 731752974, 20.400%, 1/10/2023 †x¥#^ | Stripe | 7/15/2021 | 13950 | 14508 | 558 |
| &nbsp;&nbsp;&nbsp; 7318290591, 23.733%, 2/03/2023 †x¥#^ | Stripe | 8/10/2021 | 3393 | 3529 | 136 |
| &nbsp;&nbsp;&nbsp; 7318934834, 25.600%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 2500 | 2600 | 2600 |
| &nbsp;&nbsp;&nbsp; 7322265, 5.566%, 6/14/2025 †x¶#^ | Square | 12/18/2023 | 114868 | 106017 | 9006 |
| &nbsp;&nbsp;&nbsp; 7324280114, 20.000%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 1802 | 1874 | 1914 |
| &nbsp;&nbsp;&nbsp; 7325183068, 18.800%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 4146 | 4312 | 4383 |
| &nbsp;&nbsp;&nbsp; 7329083501, 25.849%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 1916 | 1993 | 2023 |
| &nbsp;&nbsp;&nbsp; 7339635758, 26.533%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 649 | 675 | 684 |
| &nbsp;&nbsp;&nbsp; 7340103324, 18.933%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 1261 | 1312 | 1340 |
| &nbsp;&nbsp;&nbsp; 7341400479, 24.000%, 8/08/2023 †x¥#^ | Stripe | 2/10/2022 | 393 | 408 | 16 |
| &nbsp;&nbsp;&nbsp; 7341747747, 26.444%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 992 | 1032 | 1038 |
| &nbsp;&nbsp;&nbsp; 7341760006, 23.198%, 3/18/2025 †x¥#^ | Stripe | 9/21/2023 | 16042 | 16684 | 642 |
| &nbsp;&nbsp;&nbsp; 7342890642, 25.600%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 990 | 1030 | 1030 |
| &nbsp;&nbsp;&nbsp; 7343272, 20.800%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 9092 | 9456 | 9663 |
| &nbsp;&nbsp;&nbsp; 7343749590, 14.266%, 6/18/2026 †x¥ | Stripe | 12/23/2024 | 1684 | 1751 | 1823 |
| &nbsp;&nbsp;&nbsp; 7346798226, 18.800%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 2372 | 2467 | 2495 |
| &nbsp;&nbsp;&nbsp; 7346958996, 20.790%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 1305 | 1357 | 1378 |
| &nbsp;&nbsp;&nbsp; 7348486047, 26.500%, 1/22/2027 †x¥ | Stripe | 7/29/2025 | 1559 | 1621 | 1622 |
| &nbsp;&nbsp;&nbsp; 7350357288, 19.198%, 10/09/2024 †x¥#^ | Stripe | 4/14/2023 | 247 | 256 | 10 |
| &nbsp;&nbsp;&nbsp; 7352133692, 23.865%, 8/23/2025 †x¥#^ | Stripe | 6/27/2023 | 6088 | 6331 | 244 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8711** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7353029225, 26.519%, 9/12/2025 †x¥# | Stripe | 3/19/2024 | $2701 | $2809 | $108 |
| &nbsp;&nbsp;&nbsp; 7353112007, 19.728%, 3/27/2024 †x¥#^ | Stripe | 9/30/2022 | 5445 | 5662 | 218 |
| &nbsp;&nbsp;&nbsp; 7356034332, 17.062%, 8/07/2024 †x¥#^ | Stripe | 7/25/2022 | 1067 | 1110 | 43 |
| &nbsp;&nbsp;&nbsp; 7356053635, 18.931%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 17758 | 18469 | 18761 |
| &nbsp;&nbsp;&nbsp; 7358429365, 25.600%, 1/06/2027 †x¥ | Stripe | 7/11/2025 | 4741 | 4930 | 4959 |
| &nbsp;&nbsp;&nbsp; 7358470555, 21.576%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 403 | 420 | 16 |
| &nbsp;&nbsp;&nbsp; 7360513994, 22.397%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 6590 | 6853 | 264 |
| &nbsp;&nbsp;&nbsp; 7362447652, 17.333%, 8/26/2024 †x¥#^ | Stripe | 1/03/2023 | 12417 | 12914 | 497 |
| &nbsp;&nbsp;&nbsp; 7363302683, 20.000%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 2428 | 2525 | 2567 |
| &nbsp;&nbsp;&nbsp; 7364390, 5.380%, 6/28/2025 †x¶#^ | Square | 1/02/2024 | 3985 | 3687 | 2114 |
| &nbsp;&nbsp;&nbsp; 7365027688, 19.063%, 8/11/2023 †x¥#^ | Stripe | 2/15/2022 | 439 | 457 | 18 |
| &nbsp;&nbsp;&nbsp; 7365326, 5.375%, 6/28/2025 †x¶#^ | Square | 1/02/2024 | 2413 | 2233 | 1309 |
| &nbsp;&nbsp;&nbsp; 7365344, 4.940%, 6/28/2025 †x¶#^ | Square | 1/02/2024 | 2863 | 2667 | 392 |
| &nbsp;&nbsp;&nbsp; 7365650, 5.999%, 6/28/2025 †x¶#^ | Square | 1/02/2024 | 1036 | 951 | 81 |
| &nbsp;&nbsp;&nbsp; 7366704538, 18.933%, 6/04/2026 †x¥ | Stripe | 12/09/2024 | 1941 | 2019 | 2130 |
| &nbsp;&nbsp;&nbsp; 7367279336, 18.667%, 11/29/2025 †x¥# | Stripe | 9/13/2023 | 6805 | 7077 | 272 |
| &nbsp;&nbsp;&nbsp; 7367484, 5.189%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 1061 | 984 | 661 |
| &nbsp;&nbsp;&nbsp; 7367907, 4.654%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 24572 | 22968 | 1926 |
| &nbsp;&nbsp;&nbsp; 7368345, 5.453%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 1059 | 979 | 83 |
| &nbsp;&nbsp;&nbsp; 736839647, 14.400%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 191506 | 199166 | 200350 |
| &nbsp;&nbsp;&nbsp; 7368409396, 26.533%, 6/09/2026 †x¥# | Stripe | 12/12/2024 | 5887 | 6122 | 235 |
| &nbsp;&nbsp;&nbsp; 7368492, 4.930%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 172 | 160 | 108 |
| &nbsp;&nbsp;&nbsp; 7368671, 5.755%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 12666 | 11659 | 993 |
| &nbsp;&nbsp;&nbsp; 7369418, 4.938%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 3006 | 2799 | 1755 |
| &nbsp;&nbsp;&nbsp; 7369435, 4.741%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 292 | 272 | 33 |
| &nbsp;&nbsp;&nbsp; 7370058, 5.390%, 6/29/2025 †x¶#^ | Square | 1/03/2024 | 191 | 177 | 118 |
| &nbsp;&nbsp;&nbsp; 7370448, 5.378%, 6/30/2025 †x¶#^ | Square | 1/04/2024 | 363 | 336 | 222 |
| &nbsp;&nbsp;&nbsp; 7370888114, 12.800%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 7938 | 8255 | 8265 |
| &nbsp;&nbsp;&nbsp; 7370906, 5.441%, 6/30/2025 †x¶#^ | Square | 1/04/2024 | 9778 | 9040 | 767 |
| &nbsp;&nbsp;&nbsp; 7370964, 5.758%, 6/30/2025 †x¶#^ | Square | 1/04/2024 | 2065 | 1901 | 874 |
| &nbsp;&nbsp;&nbsp; 7371183, 5.372%, 6/30/2025 †x¶#^ | Square | 1/04/2024 | 520 | 481 | 286 |
| &nbsp;&nbsp;&nbsp; 7371640, 5.371%, 6/30/2025 †x¶#^ | Square | 1/04/2024 | 733 | 682 | 58 |
| &nbsp;&nbsp;&nbsp; 7371767, 6.263%, 6/30/2025 †x¶#^ | Square | 1/04/2024 | 3704 | 3386 | 290 |
| &nbsp;&nbsp;&nbsp; 7371892, 4.938%, 7/01/2025 †x¶#^ | Square | 1/04/2024 | 6615 | 6159 | 4131 |
| &nbsp;&nbsp;&nbsp; 7372113, 6.438%, 7/01/2025 †x¶#^ | Square | 1/04/2024 | 516 | 470 | 60 |
| &nbsp;&nbsp;&nbsp; 7372179, 5.559%, 7/01/2025 †x¶#^ | Square | 1/04/2024 | 594 | 549 | 47 |
| &nbsp;&nbsp;&nbsp; 7372227, 4.938%, 7/01/2025 †x¶#^ | Square | 1/04/2024 | 1406 | 1309 | 885 |
| &nbsp;&nbsp;&nbsp; 737227417, 22.528%, 8/03/2025 †x¥#^ | Stripe | 5/26/2023 | 16012 | 16653 | 640 |
| &nbsp;&nbsp;&nbsp; 7372565872, 20.397%, 2/24/2027 †x¥ | Stripe | 8/29/2025 | 17800 | 18512 | 18512 |
| &nbsp;&nbsp;&nbsp; 7372768800, 19.863%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 14010 | 14571 | 560 |
| &nbsp;&nbsp;&nbsp; 7373627, 6.030%, 7/02/2025 †x¶#^ | Square | 1/04/2024 | 657 | 603 | 52 |
| &nbsp;&nbsp;&nbsp; 7374455, 5.446%, 7/02/2025 †x¶#^ | Square | 1/04/2024 | 500 | 462 | 39 |
| &nbsp;&nbsp;&nbsp; 7374484025, 22.349%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 1233 | 1283 | 1302 |
| &nbsp;&nbsp;&nbsp; 7374505698, 16.267%, 11/13/2025 †x¥# | Stripe | 5/20/2024 | 5213 | 5422 | 209 |
| &nbsp;&nbsp;&nbsp; 7375837, 6.184%, 7/02/2025 †x¶#^ | Square | 1/04/2024 | 166 | 152 | 93 |
| &nbsp;&nbsp;&nbsp; 7376055, 5.560%, 7/03/2025 †x¶#^ | Square | 1/05/2024 | 5550 | 5123 | 435 |
| &nbsp;&nbsp;&nbsp; 7376397813, 20.796%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 4461 | 4639 | 4756 |
| &nbsp;&nbsp;&nbsp; 7376616, 4.751%, 7/03/2025 †x¶#^ | Square | 1/05/2024 | 613 | 572 | 48 |
| &nbsp;&nbsp;&nbsp; 7376920399, 24.000%, 3/20/2024 †x¥#^ | Stripe | 2/25/2022 | 2580 | 2683 | 103 |
| &nbsp;&nbsp;&nbsp; 7377463, 5.190%, 7/03/2025 †x¶#^ | Square | 1/05/2024 | 256 | 238 | 163 |
| &nbsp;&nbsp;&nbsp; 7378258928, 17.595%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 2571 | 2674 | 2699 |
| &nbsp;&nbsp;&nbsp; 7378726, 5.560%, 7/03/2025 †x¶#^ | Square | 1/05/2024 | 3585 | 3309 | 281 |
| &nbsp;&nbsp;&nbsp; 737883440, 19.321%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 3826 | 3979 | 4012 |
| &nbsp;&nbsp;&nbsp; 7379064, 5.755%, 7/03/2025 †x¶#^ | Square | 1/05/2024 | 3959 | 3644 | 310 |
| &nbsp;&nbsp;&nbsp; 7380360329, 20.491%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 987 | 1026 | 39 |
| &nbsp;&nbsp;&nbsp; 7381177, 4.936%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 2266 | 2110 | 1422 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8712** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7381237, 6.409%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | $772 | $705 | $61 |
| &nbsp;&nbsp;&nbsp; 7381251, 5.763%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 295 | 271 | 23 |
| &nbsp;&nbsp;&nbsp; 7381308, 5.373%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 4047 | 3753 | 317 |
| &nbsp;&nbsp;&nbsp; 7382019, 5.753%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 1251 | 1151 | 98 |
| &nbsp;&nbsp;&nbsp; 7382149, 5.567%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 25251 | 23305 | 1980 |
| &nbsp;&nbsp;&nbsp; 7382282064, 23.143%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 1006 | 1046 | 40 |
| &nbsp;&nbsp;&nbsp; 738235241, 23.467%, 10/20/2023 †x¥#^ | Stripe | 9/01/2021 | 4507 | 4687 | 180 |
| &nbsp;&nbsp;&nbsp; 7382934, 5.376%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 609 | 563 | 387 |
| &nbsp;&nbsp;&nbsp; 7383671, 6.268%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 989 | 904 | 200 |
| &nbsp;&nbsp;&nbsp; 7383828, 6.172%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 1189 | 1088 | 180 |
| &nbsp;&nbsp;&nbsp; 7383838, 5.390%, 7/04/2025 †x¶#^ | Square | 1/08/2024 | 723 | 669 | 114 |
| &nbsp;&nbsp;&nbsp; 7384965, 4.937%, 7/05/2025 †x¶#^ | Square | 1/09/2024 | 9700 | 9032 | 2148 |
| &nbsp;&nbsp;&nbsp; 7385412030, 25.595%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 9286 | 9657 | 9689 |
| &nbsp;&nbsp;&nbsp; 7385459, 5.187%, 7/05/2025 †x¶#^ | Square | 1/09/2024 | 5395 | 5005 | 423 |
| &nbsp;&nbsp;&nbsp; 7385992, 6.184%, 7/05/2025 †x¶#^ | Square | 1/09/2024 | 699 | 639 | 55 |
| &nbsp;&nbsp;&nbsp; 7386101, 6.420%, 7/05/2025 †x¶#^ | Square | 1/09/2024 | 3744 | 3415 | 294 |
| &nbsp;&nbsp;&nbsp; 7386119, 6.258%, 7/05/2025 †x¶#^ | Square | 1/09/2024 | 2584 | 2362 | 616 |
| &nbsp;&nbsp;&nbsp; 7386852, 4.654%, 7/05/2025 †x¶#^ | Square | 1/09/2024 | 53297 | 49820 | 33458 |
| &nbsp;&nbsp;&nbsp; 7387023, 5.573%, 7/06/2025 †x¶#^ | Square | 1/10/2024 | 196 | 181 | 122 |
| &nbsp;&nbsp;&nbsp; 7387094, 4.743%, 7/06/2025 †x¶#^ | Square | 1/10/2024 | 914 | 853 | 72 |
| &nbsp;&nbsp;&nbsp; 7387226, 5.743%, 7/06/2025 †x¶#^ | Square | 1/10/2024 | 2553 | 2350 | 200 |
| &nbsp;&nbsp;&nbsp; 7387422, 6.269%, 7/06/2025 †x¶#^ | Square | 1/10/2024 | 2643 | 2416 | 207 |
| &nbsp;&nbsp;&nbsp; 7387429, 5.769%, 7/06/2025 †x¶#^ | Square | 1/10/2024 | 222 | 204 | 113 |
| &nbsp;&nbsp;&nbsp; 7387820, 6.273%, 7/07/2025 †x¶#^ | Square | 1/10/2024 | 716 | 654 | 137 |
| &nbsp;&nbsp;&nbsp; 7388165, 5.189%, 7/07/2025 †x¶#^ | Square | 1/10/2024 | 3239 | 3005 | 254 |
| &nbsp;&nbsp;&nbsp; 738864469, 20.800%, 7/26/2024 †x¥#^ | Stripe | 1/31/2023 | 765 | 796 | 31 |
| &nbsp;&nbsp;&nbsp; 7388849, 4.936%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 1799 | 1675 | 1166 |
| &nbsp;&nbsp;&nbsp; 7390315, 4.654%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 69901 | 65339 | 5480 |
| &nbsp;&nbsp;&nbsp; 7390741, 5.741%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 255 | 234 | 130 |
| &nbsp;&nbsp;&nbsp; 7390748, 5.756%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 10173 | 9402 | 798 |
| &nbsp;&nbsp;&nbsp; 7391018, 5.378%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 959 | 888 | 602 |
| &nbsp;&nbsp;&nbsp; 7391077, 6.013%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 1573 | 1443 | 123 |
| &nbsp;&nbsp;&nbsp; 7391322811, 17.865%, 1/10/2025 †x¥#^ | Stripe | 12/12/2022 | 26430 | 27487 | 1057 |
| &nbsp;&nbsp;&nbsp; 7391428, 5.746%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 1746 | 1608 | 137 |
| &nbsp;&nbsp;&nbsp; 7391445, 5.376%, 7/08/2025 †x¶#^ | Square | 1/10/2024 | 5677 | 5254 | 445 |
| &nbsp;&nbsp;&nbsp; 7391571, 5.380%, 7/09/2025 †x¶#^ | Square | 1/11/2024 | 2284 | 2113 | 179 |
| &nbsp;&nbsp;&nbsp; 7391857, 5.370%, 7/09/2025 †x¶#^ | Square | 1/11/2024 | 80 | 74 | 52 |
| &nbsp;&nbsp;&nbsp; 7391881833, 25.600%, 2/20/2027 †x¥ | Stripe | 8/27/2025 | 35995 | 37435 | 37435 |
| &nbsp;&nbsp;&nbsp; 739193047, 23.667%, 2/28/2024 †x¥#^ | Stripe | 9/02/2022 | 921 | 958 | 37 |
| &nbsp;&nbsp;&nbsp; 7391974, 5.740%, 7/09/2025 †x¶#^ | Square | 1/11/2024 | 762 | 702 | 372 |
| &nbsp;&nbsp;&nbsp; 7392879, 5.571%, 7/09/2025 †x¶#^ | Square | 1/11/2024 | 1934 | 1785 | 152 |
| &nbsp;&nbsp;&nbsp; 7393439, 6.258%, 7/09/2025 †x¶#^ | Square | 1/11/2024 | 44967 | 41108 | 9253 |
| &nbsp;&nbsp;&nbsp; 7393880, 6.163%, 7/09/2025 †x¶#^ | Square | 1/11/2024 | 3025 | 2769 | 518 |
| &nbsp;&nbsp;&nbsp; 7394650, 5.379%, 7/10/2025 †x¶#^ | Square | 1/12/2024 | 733 | 678 | 57 |
| &nbsp;&nbsp;&nbsp; 7394734, 4.654%, 7/10/2025 †x¶#^ | Square | 1/12/2024 | 11405 | 10661 | 6507 |
| &nbsp;&nbsp;&nbsp; 7394928, 6.141%, 7/10/2025 †x¶#^ | Square | 1/12/2024 | 315 | 288 | 156 |
| &nbsp;&nbsp;&nbsp; 7396622, 5.566%, 7/10/2025 †x¶#^ | Square | 1/12/2024 | 225 | 208 | 120 |
| &nbsp;&nbsp;&nbsp; 7397889863, 26.133%, 5/20/2026 †x¥ | Stripe | 11/22/2024 | 474 | 493 | 504 |
| &nbsp;&nbsp;&nbsp; 73dabe21-9a77-4962-b690-4df197cfb9b5, 20.290%, 10/27/2021 †x#^ | Funding Circle | 10/30/2017 | 28464 | 28464 | 8539 |
| &nbsp;&nbsp;&nbsp; 7400597, 4.722%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 186 | 174 | 15 |
| &nbsp;&nbsp;&nbsp; 7401011605, 17.333%, 10/31/2023 †x¥#^ | Stripe | 5/05/2022 | 13680 | 14227 | 547 |
| &nbsp;&nbsp;&nbsp; 7401158, 6.006%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 2325 | 2132 | 182 |
| &nbsp;&nbsp;&nbsp; 7401905, 6.008%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 3502 | 3213 | 275 |
| &nbsp;&nbsp;&nbsp; 7401954, 5.984%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 1168 | 1072 | 92 |
| &nbsp;&nbsp;&nbsp; 7402162, 5.378%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 1433 | 1326 | 824 |
| &nbsp;&nbsp;&nbsp; 7402186058, 26.533%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 4775 | 4966 | 4966 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8713** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7402269, 6.254%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | $5716 | $5226 | $448 |
| &nbsp;&nbsp;&nbsp; 7402319, 6.254%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 266 | 243 | 144 |
| &nbsp;&nbsp;&nbsp; 7402499, 5.378%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 1276 | 1181 | 662 |
| &nbsp;&nbsp;&nbsp; 7402541, 6.417%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 9326 | 8509 | 731 |
| &nbsp;&nbsp;&nbsp; 7402681, 4.654%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 7836 | 7325 | 4191 |
| &nbsp;&nbsp;&nbsp; 7403059, 5.377%, 7/11/2025 †x¶#^ | Square | 1/16/2024 | 41545 | 38444 | 3257 |
| &nbsp;&nbsp;&nbsp; 7403129698, 26.516%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 4733 | 4923 | 4987 |
| &nbsp;&nbsp;&nbsp; 7404161, 5.560%, 7/12/2025 †x¶#^ | Square | 1/17/2024 | 1320 | 1218 | 250 |
| &nbsp;&nbsp;&nbsp; 7404472, 6.151%, 7/12/2025 †x¶#^ | Square | 1/17/2024 | 247 | 226 | 112 |
| &nbsp;&nbsp;&nbsp; 7404876, 4.940%, 7/12/2025 †x¶#^ | Square | 1/17/2024 | 10355 | 9640 | 812 |
| &nbsp;&nbsp;&nbsp; 7405251822, 17.733%, 9/27/2023 †x¥#^ | Stripe | 4/01/2022 | 10300 | 10712 | 412 |
| &nbsp;&nbsp;&nbsp; 7405433, 5.375%, 7/12/2025 †x¶#^ | Square | 1/17/2024 | 4153 | 3843 | 326 |
| &nbsp;&nbsp;&nbsp; 7405519, 5.561%, 7/12/2025 †x¶#^ | Square | 1/17/2024 | 10 | 9 | 7 |
| &nbsp;&nbsp;&nbsp; 7405845, 4.938%, 7/12/2025 †x¶#^ | Square | 1/17/2024 | 13836 | 12882 | 1085 |
| &nbsp;&nbsp;&nbsp; 7406098, 5.755%, 7/12/2025 †x¶#^ | Square | 1/17/2024 | 99379 | 91482 | 7791 |
| &nbsp;&nbsp;&nbsp; 7406534901, 16.260%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 5382 | 5598 | 5632 |
| &nbsp;&nbsp;&nbsp; 7407029991, 23.733%, 1/17/2025 †x¥#^ | Stripe | 7/25/2023 | 1611 | 1676 | 64 |
| &nbsp;&nbsp;&nbsp; 7407108386, 25.778%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 437 | 455 | 466 |
| &nbsp;&nbsp;&nbsp; 7407384, 5.753%, 7/14/2025 †x¶#^ | Square | 1/18/2024 | 1420 | 1307 | 111 |
| &nbsp;&nbsp;&nbsp; 7407541, 5.753%, 7/14/2025 †x¶#^ | Square | 1/18/2024 | 1065 | 981 | 700 |
| &nbsp;&nbsp;&nbsp; 7407675728, 16.133%, 3/05/2026 †x¥ | Stripe | 9/09/2024 | 8792 | 9144 | 9332 |
| &nbsp;&nbsp;&nbsp; 7407685, 4.745%, 7/14/2025 †x¶#^ | Square | 1/18/2024 | 3550 | 3314 | 478 |
| &nbsp;&nbsp;&nbsp; 7407878, 6.266%, 7/15/2025 †x¶#^ | Square | 1/18/2024 | 2363 | 2160 | 185 |
| &nbsp;&nbsp;&nbsp; 7408369867, 16.133%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1143 | 1189 | 1205 |
| &nbsp;&nbsp;&nbsp; 7408480, 5.575%, 7/15/2025 †x¶#^ | Square | 1/18/2024 | 2895 | 2672 | 483 |
| &nbsp;&nbsp;&nbsp; 7408590574, 26.533%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 619 | 643 | 25 |
| &nbsp;&nbsp;&nbsp; 7408823, 5.447%, 7/15/2025 †x¶#^ | Square | 1/18/2024 | 819 | 757 | 473 |
| &nbsp;&nbsp;&nbsp; 7410677, 6.161%, 7/16/2025 †x¶#^ | Square | 1/18/2024 | 6282 | 5756 | 493 |
| &nbsp;&nbsp;&nbsp; 7411981916, 26.115%, 9/04/2026 †x¥# | Stripe | 3/11/2025 | 2002 | 2082 | 787 |
| &nbsp;&nbsp;&nbsp; 7412362, 6.158%, 7/17/2025 †x¶#^ | Square | 1/19/2024 | 520 | 476 | 41 |
| &nbsp;&nbsp;&nbsp; 7413696, 6.400%, 7/17/2025 †x¶#^ | Square | 1/19/2024 | 82 | 75 | 6 |
| &nbsp;&nbsp;&nbsp; 7414165, 4.743%, 7/17/2025 †x¶#^ | Square | 1/19/2024 | 2840 | 2652 | 223 |
| &nbsp;&nbsp;&nbsp; 7414872205, 19.333%, 9/25/2025 †x¥ | Stripe | 4/01/2024 | 532 | 554 | 581 |
| &nbsp;&nbsp;&nbsp; 7415760397, 26.533%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 71 | 74 | 77 |
| &nbsp;&nbsp;&nbsp; 7416143, 6.004%, 7/18/2025 †x¶#^ | Square | 1/22/2024 | 5651 | 5184 | 443 |
| &nbsp;&nbsp;&nbsp; 741628865, 26.533%, 1/09/2026 †x¥# | Stripe | 7/16/2024 | 23789 | 24741 | 4167 |
| &nbsp;&nbsp;&nbsp; 7417863, 5.755%, 7/18/2025 †x¶#^ | Square | 1/22/2024 | 28480 | 26217 | 2233 |
| &nbsp;&nbsp;&nbsp; 7418987, 6.439%, 7/18/2025 †x¶#^ | Square | 1/22/2024 | 184 | 168 | 38 |
| &nbsp;&nbsp;&nbsp; 7418994, 5.566%, 7/18/2025 †x¶#^ | Square | 1/22/2024 | 8268 | 7631 | 648 |
| &nbsp;&nbsp;&nbsp; 7419030, 5.377%, 7/18/2025 †x¶#^ | Square | 1/22/2024 | 8506 | 7871 | 5490 |
| &nbsp;&nbsp;&nbsp; 7419132, 4.937%, 7/18/2025 †x¶#^ | Square | 1/22/2024 | 128549 | 119708 | 10078 |
| &nbsp;&nbsp;&nbsp; 7420591, 4.930%, 7/19/2025 †x¶#^ | Square | 1/23/2024 | 120 | 112 | 80 |
| &nbsp;&nbsp;&nbsp; 7420680, 5.481%, 7/19/2025 †x¶#^ | Square | 1/23/2024 | 803 | 742 | 63 |
| &nbsp;&nbsp;&nbsp; 7421716, 4.752%, 7/19/2025 †x¶#^ | Square | 1/23/2024 | 7164 | 6687 | 562 |
| &nbsp;&nbsp;&nbsp; 7421789, 5.199%, 7/19/2025 †x¶#^ | Square | 1/23/2024 | 194 | 180 | 132 |
| &nbsp;&nbsp;&nbsp; 7422092, 4.934%, 7/19/2025 †x¶#^ | Square | 1/23/2024 | 1147 | 1068 | 669 |
| &nbsp;&nbsp;&nbsp; 7422378557, 22.000%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 445 | 463 | 474 |
| &nbsp;&nbsp;&nbsp; 7422465, 6.260%, 7/20/2025 †x¶#^ | Square | 1/24/2024 | 3853 | 3523 | 302 |
| &nbsp;&nbsp;&nbsp; 7422980, 6.263%, 7/20/2025 †x¶#^ | Square | 1/24/2024 | 5022 | 4601 | 394 |
| &nbsp;&nbsp;&nbsp; 7423000, 4.656%, 7/20/2025 †x¶#^ | Square | 1/24/2024 | 2823 | 2639 | 221 |
| &nbsp;&nbsp;&nbsp; 7423042, 5.566%, 7/20/2025 †x¶#^ | Square | 1/24/2024 | 9184 | 8476 | 720 |
| &nbsp;&nbsp;&nbsp; 7423140, 4.743%, 7/20/2025 †x¶#^ | Square | 1/24/2024 | 2323 | 2169 | 182 |
| &nbsp;&nbsp;&nbsp; 7423499, 4.938%, 7/21/2025 †x¶#^ | Square | 1/24/2024 | 2600 | 2420 | 1716 |
| &nbsp;&nbsp;&nbsp; 7423516, 5.758%, 7/21/2025 †x¶#^ | Square | 1/24/2024 | 3321 | 3057 | 1741 |
| &nbsp;&nbsp;&nbsp; 7423614, 5.566%, 7/21/2025 †x¶#^ | Square | 1/24/2024 | 13881 | 12812 | 1088 |
| &nbsp;&nbsp;&nbsp; 7423858, 5.741%, 7/22/2025 †x¶#^ | Square | 1/24/2024 | 223 | 205 | 17 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8714** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7424287, 4.939%, 7/22/2025 †x¶#^ | Square | 1/24/2024 | $12540 | $11675 | $2473 |
| &nbsp;&nbsp;&nbsp; 7424566, 6.150%, 7/22/2025 †x¶#^ | Square | 1/24/2024 | 1083 | 991 | 85 |
| &nbsp;&nbsp;&nbsp; 7424802, 5.753%, 7/22/2025 †x¶#^ | Square | 1/24/2024 | 9615 | 8851 | 754 |
| &nbsp;&nbsp;&nbsp; 7425182, 6.141%, 7/22/2025 †x¶#^ | Square | 1/24/2024 | 820 | 751 | 64 |
| &nbsp;&nbsp;&nbsp; 7425543, 5.565%, 7/22/2025 †x¶#^ | Square | 1/24/2024 | 17964 | 16580 | 11677 |
| &nbsp;&nbsp;&nbsp; 7426783, 4.654%, 7/22/2025 †x¶#^ | Square | 1/24/2024 | 4669 | 4365 | 1208 |
| &nbsp;&nbsp;&nbsp; 7427417, 6.259%, 7/23/2025 †x¶#^ | Square | 1/25/2024 | 11255 | 10289 | 882 |
| &nbsp;&nbsp;&nbsp; 7427677090, 21.590%, 6/29/2024 †x¥#^ | Stripe | 1/05/2023 | 1376 | 1431 | 55 |
| &nbsp;&nbsp;&nbsp; 7427912976, 18.667%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1023 | 1064 | 1102 |
| &nbsp;&nbsp;&nbsp; 7428185310, 17.733%, 2/03/2026 †x¥ | Stripe | 8/08/2024 | 108 | 112 | 116 |
| &nbsp;&nbsp;&nbsp; 7428357, 6.003%, 7/23/2025 †x¶#^ | Square | 1/25/2024 | 1585 | 1458 | 922 |
| &nbsp;&nbsp;&nbsp; 7428805, 5.377%, 7/23/2025 †x¶#^ | Square | 1/25/2024 | 31390 | 29160 | 20193 |
| &nbsp;&nbsp;&nbsp; 7429020540, 13.999%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 42185 | 43873 | 43924 |
| &nbsp;&nbsp;&nbsp; 7429678, 5.189%, 7/23/2025 †x¶#^ | Square | 1/25/2024 | 65632 | 60895 | 5146 |
| &nbsp;&nbsp;&nbsp; 7430577, 4.654%, 7/24/2025 †x¶#^ | Square | 1/26/2024 | 11392 | 10648 | 893 |
| &nbsp;&nbsp;&nbsp; 7431254555, 21.993%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 2801 | 2913 | 2987 |
| &nbsp;&nbsp;&nbsp; 7431911, 5.442%, 7/24/2025 †x¶#^ | Square | 1/26/2024 | 2189 | 2023 | 172 |
| &nbsp;&nbsp;&nbsp; 7431994, 6.415%, 7/24/2025 †x¶#^ | Square | 1/26/2024 | 124 | 113 | 10 |
| &nbsp;&nbsp;&nbsp; 7432028251, 26.424%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 876 | 911 | 918 |
| &nbsp;&nbsp;&nbsp; 7432127, 5.755%, 7/24/2025 †x¶#^ | Square | 1/26/2024 | 29663 | 27340 | 2326 |
| &nbsp;&nbsp;&nbsp; 743256157, 26.444%, 2/12/2026 †x¥ | Stripe | 8/19/2024 | 242 | 251 | 259 |
| &nbsp;&nbsp;&nbsp; 7432820567, 26.133%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 4631 | 4817 | 4991 |
| &nbsp;&nbsp;&nbsp; 7433148, 5.451%, 7/24/2025 †x¶#^ | Square | 1/26/2024 | 754 | 697 | 59 |
| &nbsp;&nbsp;&nbsp; 7433928719, 15.066%, 12/31/2023 †x¥#^ | Stripe | 5/06/2022 | 24452 | 25430 | 978 |
| &nbsp;&nbsp;&nbsp; 743399483, 16.400%, 1/12/2023 †x¥#^ | Stripe | 7/19/2021 | 48489 | 50428 | 1940 |
| &nbsp;&nbsp;&nbsp; 7434203661, 23.333%, 11/28/2025 †x¥# | Stripe | 6/04/2024 | 1809 | 1881 | 72 |
| &nbsp;&nbsp;&nbsp; 743454070, 21.988%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 1308 | 1360 | 1401 |
| &nbsp;&nbsp;&nbsp; 7435508, 4.656%, 7/25/2025 †x¶#^ | Square | 1/29/2024 | 1447 | 1353 | 865 |
| &nbsp;&nbsp;&nbsp; 7435559, 6.404%, 7/25/2025 †x¶#^ | Square | 1/29/2024 | 139 | 127 | 82 |
| &nbsp;&nbsp;&nbsp; 7435583, 4.654%, 7/25/2025 †x¶#^ | Square | 1/29/2024 | 5376 | 5026 | 422 |
| &nbsp;&nbsp;&nbsp; 7437575377, 25.600%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 35495 | 36915 | 37338 |
| &nbsp;&nbsp;&nbsp; 7438576, 4.651%, 7/25/2025 †x¶#^ | Square | 1/29/2024 | 7642 | 7144 | 599 |
| &nbsp;&nbsp;&nbsp; 7439454, 4.937%, 7/26/2025 †x¶#^ | Square | 1/30/2024 | 14170 | 13194 | 7864 |
| &nbsp;&nbsp;&nbsp; 7440009, 5.556%, 7/26/2025 †x¶#^ | Square | 1/30/2024 | 1183 | 1093 | 616 |
| &nbsp;&nbsp;&nbsp; 7440614, 5.756%, 7/26/2025 †x¶#^ | Square | 1/30/2024 | 2755 | 2536 | 216 |
| &nbsp;&nbsp;&nbsp; 7440809, 5.189%, 7/26/2025 †x¶#^ | Square | 1/30/2024 | 82084 | 76162 | 6435 |
| &nbsp;&nbsp;&nbsp; 7440941, 6.386%, 7/26/2025 †x¶#^ | Square | 1/30/2024 | 517 | 485 | 275 |
| &nbsp;&nbsp;&nbsp; 7441540907, 17.600%, 1/29/2025 †x¥#^ | Stripe | 8/04/2023 | 75431 | 78449 | 3017 |
| &nbsp;&nbsp;&nbsp; 744195880, 18.933%, 6/03/2026 †x¥ | Stripe | 12/06/2024 | 1135 | 1180 | 1216 |
| &nbsp;&nbsp;&nbsp; 7442644, 4.938%, 7/27/2025 †x¶#^ | Square | 1/31/2024 | 29772 | 27719 | 2334 |
| &nbsp;&nbsp;&nbsp; 7442770, 4.940%, 7/27/2025 †x¶#^ | Square | 1/31/2024 | 2601 | 2421 | 204 |
| &nbsp;&nbsp;&nbsp; 7442944, 5.755%, 7/28/2025 †x¶#^ | Square | 1/31/2024 | 15806 | 14550 | 1239 |
| &nbsp;&nbsp;&nbsp; 7443065, 4.653%, 7/28/2025 †x¶#^ | Square | 1/31/2024 | 109 | 102 | 66 |
| &nbsp;&nbsp;&nbsp; 7443261, 5.759%, 7/28/2025 †x¶#^ | Square | 1/31/2024 | 4484 | 4127 | 352 |
| &nbsp;&nbsp;&nbsp; 7444872561, 17.999%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 26751 | 27822 | 1070 |
| &nbsp;&nbsp;&nbsp; 7445004216, 20.000%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 1914 | 1990 | 2040 |
| &nbsp;&nbsp;&nbsp; 7445107, 5.470%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 757 | 700 | 59 |
| &nbsp;&nbsp;&nbsp; 7445742, 5.564%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 1914 | 1767 | 150 |
| &nbsp;&nbsp;&nbsp; 7445841, 5.758%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 380 | 350 | 229 |
| &nbsp;&nbsp;&nbsp; 7446091, 4.741%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 4323 | 4036 | 339 |
| &nbsp;&nbsp;&nbsp; 7446570516, 20.000%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 14919 | 15515 | 15869 |
| &nbsp;&nbsp;&nbsp; 7446764, 5.755%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 11938 | 10990 | 7741 |
| &nbsp;&nbsp;&nbsp; 7446872828, 25.778%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 298 | 310 | 176 |
| &nbsp;&nbsp;&nbsp; 7447031, 6.006%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 28670 | 26300 | 2248 |
| &nbsp;&nbsp;&nbsp; 7447096520, 19.867%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 4176 | 4343 | 167 |
| &nbsp;&nbsp;&nbsp; 7447195, 5.565%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 1102 | 1017 | 764 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8715** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7447211512, 18.533%, 3/23/2025 †x¥#^ | Stripe | 1/12/2023 | $19460 | $20238 | $778 |
| &nbsp;&nbsp;&nbsp; 7447288823, 18.101%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 959 | 997 | 1013 |
| &nbsp;&nbsp;&nbsp; 7447493, 5.188%, 7/29/2025 †x¶#^ | Square | 1/31/2024 | 7292 | 6765 | 572 |
| &nbsp;&nbsp;&nbsp; 7448997799, 20.800%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1284 | 1335 | 1355 |
| &nbsp;&nbsp;&nbsp; 7449490126, 17.867%, 4/09/2025 †x¥#^ | Stripe | 10/13/2023 | 761 | 791 | 30 |
| &nbsp;&nbsp;&nbsp; 7450263, 5.189%, 7/30/2025 †x¶#^ | Square | 2/01/2024 | 69196 | 64199 | 41971 |
| &nbsp;&nbsp;&nbsp; 7452810989, 20.261%, 3/27/2024 †x¥#^ | Stripe | 9/30/2022 | 1179 | 1226 | 47 |
| &nbsp;&nbsp;&nbsp; 7453920, 4.654%, 7/31/2025 †x¶#^ | Square | 2/02/2024 | 51943 | 48553 | 4072 |
| &nbsp;&nbsp;&nbsp; 745812387, 25.600%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 2000 | 2080 | 2080 |
| &nbsp;&nbsp;&nbsp; 7460563227, 25.566%, 1/06/2027 †x¥ | Stripe | 7/11/2025 | 1198 | 1246 | 1258 |
| &nbsp;&nbsp;&nbsp; 7462537690, 26.532%, 3/31/2026 †x¥ | Stripe | 8/06/2024 | 7218 | 7506 | 4241 |
| &nbsp;&nbsp;&nbsp; 7462610203, 20.727%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 227 | 236 | 242 |
| &nbsp;&nbsp;&nbsp; 7464808141, 25.843%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 972 | 1010 | 1045 |
| &nbsp;&nbsp;&nbsp; 7464808526, 26.129%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 10775 | 11206 | 11413 |
| &nbsp;&nbsp;&nbsp; 7466091372, 21.467%, 7/30/2024 †x¥#^ | Stripe | 2/02/2023 | 1707 | 1776 | 68 |
| &nbsp;&nbsp;&nbsp; 7466859068, 18.917%, 3/14/2025 †x¥#^ | Stripe | 9/19/2023 | 4597 | 4781 | 184 |
| &nbsp;&nbsp;&nbsp; 7468635698, 26.533%, 4/23/2025 †x¥#^ | Stripe | 10/27/2023 | 1912 | 1988 | 76 |
| &nbsp;&nbsp;&nbsp; 7471308828, 22.000%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 343 | 357 | 368 |
| &nbsp;&nbsp;&nbsp; 7473078, 5.440%, 8/07/2025 †x¶#^ | Square | 2/09/2024 | 114744 | 106087 | 8996 |
| &nbsp;&nbsp;&nbsp; 7474723514, 20.000%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 13224 | 13753 | 13973 |
| &nbsp;&nbsp;&nbsp; 7475031370, 26.476%, 4/04/2025 †x¥#^ | Stripe | 10/11/2023 | 1145 | 1191 | 46 |
| &nbsp;&nbsp;&nbsp; 7475081626, 20.667%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 546 | 568 | 578 |
| &nbsp;&nbsp;&nbsp; 748040427, 18.667%, 6/27/2025 †x¥#^ | Stripe | 1/03/2024 | 2888 | 3004 | 116 |
| &nbsp;&nbsp;&nbsp; 7480690942, 21.333%, 9/12/2025 †x¥# | Stripe | 7/25/2023 | 198 | 206 | 8 |
| &nbsp;&nbsp;&nbsp; 7480906855, 17.839%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1175 | 1222 | 1236 |
| &nbsp;&nbsp;&nbsp; 7482350339, 20.800%, 11/19/2024 †x¥#^ | Stripe | 5/25/2023 | 1787 | 1858 | 71 |
| &nbsp;&nbsp;&nbsp; 7488308085, 25.718%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 1016 | 1057 | 1100 |
| &nbsp;&nbsp;&nbsp; 7490578, 5.566%, 8/13/2025 †x¶^ | Square | 2/15/2024 | 39068 | 36058 | 26129 |
| &nbsp;&nbsp;&nbsp; 7490847, 4.654%, 8/13/2025 †x¶#^ | Square | 2/15/2024 | 127070 | 118778 | 59378 |
| &nbsp;&nbsp;&nbsp; 7491126079, 20.799%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 6121 | 6366 | 6567 |
| &nbsp;&nbsp;&nbsp; 7496107067, 26.051%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 262 | 272 | 282 |
| &nbsp;&nbsp;&nbsp; 7497700001, 26.516%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 2889 | 3005 | 3085 |
| &nbsp;&nbsp;&nbsp; 7498587207, 26.519%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 3600 | 3744 | 3744 |
| &nbsp;&nbsp;&nbsp; 7500884948, 18.911%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 2085 | 2168 | 2204 |
| &nbsp;&nbsp;&nbsp; 750186228, 18.933%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 47800 | 49590 | 50214 |
| &nbsp;&nbsp;&nbsp; 7504788776, 18.928%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 5286 | 5498 | 5608 |
| &nbsp;&nbsp;&nbsp; 7507582452, 18.933%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 4758 | 4948 | 5004 |
| &nbsp;&nbsp;&nbsp; 7508981289, 25.333%, 1/05/2024 †x¥#^ | Stripe | 7/12/2022 | 1824 | 1897 | 73 |
| &nbsp;&nbsp;&nbsp; 7509447876, 14.261%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 989 | 1029 | 1049 |
| &nbsp;&nbsp;&nbsp; 7510345153, 19.333%, 1/08/2027 †x¥ | Stripe | 7/15/2025 | 10395 | 10811 | 10853 |
| &nbsp;&nbsp;&nbsp; 7513126958, 26.533%, 11/21/2025 †x¥# | Stripe | 5/29/2024 | 982 | 1021 | 39 |
| &nbsp;&nbsp;&nbsp; 7513235243, 26.126%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 1945 | 2023 | 2105 |
| &nbsp;&nbsp;&nbsp; 7514446882, 24.000%, 2/28/2023 †x¥#^ | Stripe | 9/02/2021 | 1154 | 1200 | 46 |
| &nbsp;&nbsp;&nbsp; 7516467488, 20.400%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 4000 | 4160 | 4160 |
| &nbsp;&nbsp;&nbsp; 7521230645, 26.533%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 2719 | 2827 | 2883 |
| &nbsp;&nbsp;&nbsp; 7524036, 5.566%, 8/22/2025 †x¶^ | Square | 2/26/2024 | 14075 | 12990 | 9865 |
| &nbsp;&nbsp;&nbsp; 7524081, 5.189%, 8/22/2025 †x¶^ | Square | 2/26/2024 | 56692 | 52598 | 38622 |
| &nbsp;&nbsp;&nbsp; 7525819050, 26.533%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 4456 | 4634 | 4709 |
| &nbsp;&nbsp;&nbsp; 7526843498, 18.933%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 1429 | 1487 | 57 |
| &nbsp;&nbsp;&nbsp; 7528165, 4.654%, 8/23/2025 †x¶#^ | Square | 2/27/2024 | 36406 | 34031 | 17126 |
| &nbsp;&nbsp;&nbsp; 7528318, 4.654%, 8/23/2025 †x¶#^ | Square | 2/27/2024 | 79111 | 73948 | 51132 |
| &nbsp;&nbsp;&nbsp; 7534295, 4.937%, 8/26/2025 †x¶#^ | Square | 2/28/2024 | 70229 | 65386 | 47027 |
| &nbsp;&nbsp;&nbsp; 7534514166, 23.200%, 7/14/2023 †x¥#^ | Stripe | 1/19/2022 | 233 | 243 | 9 |
| &nbsp;&nbsp;&nbsp; 7534597829, 20.000%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 737 | 767 | 783 |
| &nbsp;&nbsp;&nbsp; 7535624634, 21.733%, 6/11/2024 †x¥#^ | Stripe | 12/15/2022 | 407 | 423 | 16 |
| &nbsp;&nbsp;&nbsp; 7535959247, 19.329%, 3/05/2025 †x¥#^ | Stripe | 3/08/2023 | 1992 | 2072 | 80 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8716** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7537634488, 20.000%, 2/17/2026 †x¥# | Stripe | 8/22/2024 | $31551 | $32813 | $5369 |
| &nbsp;&nbsp;&nbsp; 753820033, 26.519%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 876 | 911 | 934 |
| &nbsp;&nbsp;&nbsp; 7539504217, 21.600%, 2/14/2023 †x¥#^ | Stripe | 8/19/2021 | 1222 | 1271 | 49 |
| &nbsp;&nbsp;&nbsp; 7540721099, 16.264%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 21986 | 22866 | 22888 |
| &nbsp;&nbsp;&nbsp; 7541067680, 20.107%, 9/27/2023 †x¥#^ | Stripe | 4/01/2022 | 1966 | 2045 | 79 |
| &nbsp;&nbsp;&nbsp; 7541530903, 26.533%, 8/13/2025 †x¥#^ | Stripe | 2/16/2024 | 6222 | 6471 | 249 |
| &nbsp;&nbsp;&nbsp; 7541682, 5.549%, 8/28/2025 †x¶#^ | Square | 3/01/2024 | 1026 | 947 | 80 |
| &nbsp;&nbsp;&nbsp; 7541713, 5.560%, 8/28/2025 †x¶^ | Square | 3/01/2024 | 359 | 332 | 214 |
| &nbsp;&nbsp;&nbsp; 7541722, 4.743%, 8/28/2025 †x¶#^ | Square | 3/01/2024 | 1830 | 1709 | 676 |
| &nbsp;&nbsp;&nbsp; 7541726, 5.377%, 8/28/2025 †x¶^ | Square | 3/01/2024 | 13846 | 12812 | 6735 |
| &nbsp;&nbsp;&nbsp; 7542634, 4.654%, 8/28/2025 †x¶^ | Square | 3/01/2024 | 7147 | 6681 | 5112 |
| &nbsp;&nbsp;&nbsp; 7543192584, 20.386%, 2/23/2024 †x¥#^ | Stripe | 8/30/2022 | 3893 | 4048 | 156 |
| &nbsp;&nbsp;&nbsp; 7546296, 6.161%, 8/29/2025 †x¶^ | Square | 3/04/2024 | 2239 | 2050 | 1379 |
| &nbsp;&nbsp;&nbsp; 7546351, 5.378%, 8/29/2025 †x¶#^ | Square | 3/04/2024 | 17847 | 16788 | 1399 |
| &nbsp;&nbsp;&nbsp; 7546758, 5.752%, 8/29/2025 †x¶^ | Square | 3/04/2024 | 1400 | 1289 | 636 |
| &nbsp;&nbsp;&nbsp; 7548289, 5.567%, 8/29/2025 †x¶#^ | Square | 3/04/2024 | 9631 | 8888 | 755 |
| &nbsp;&nbsp;&nbsp; 7549041, 4.780%, 8/29/2025 †x¶#^ | Square | 3/04/2024 | 726 | 677 | 57 |
| &nbsp;&nbsp;&nbsp; 7549400757, 26.505%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 950 | 988 | 1015 |
| &nbsp;&nbsp;&nbsp; 7550136, 5.444%, 8/29/2025 †x¶^ | Square | 3/04/2024 | 4172 | 3857 | 1718 |
| &nbsp;&nbsp;&nbsp; 7550196, 5.374%, 8/29/2025 †x¶^ | Square | 3/04/2024 | 248 | 229 | 94 |
| &nbsp;&nbsp;&nbsp; 7550256516, 19.733%, 2/10/2026 †x¥# | Stripe | 12/12/2023 | 39838 | 41432 | 1594 |
| &nbsp;&nbsp;&nbsp; 7550460190, 26.133%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1485 | 1544 | 1577 |
| &nbsp;&nbsp;&nbsp; 7550549, 5.751%, 9/01/2025 †x¶# | Square | 3/05/2024 | 1601 | 1474 | 126 |
| &nbsp;&nbsp;&nbsp; 7550612, 6.413%, 9/01/2025 †x¶ | Square | 3/05/2024 | 227 | 207 | 136 |
| &nbsp;&nbsp;&nbsp; 7550807, 6.142%, 9/01/2025 †x¶# | Square | 3/05/2024 | 649 | 594 | 251 |
| &nbsp;&nbsp;&nbsp; 7550877, 5.433%, 9/01/2025 †x¶# | Square | 3/05/2024 | 1639 | 1516 | 650 |
| &nbsp;&nbsp;&nbsp; 7550935, 5.184%, 9/01/2025 †x¶# | Square | 3/05/2024 | 966 | 896 | 426 |
| &nbsp;&nbsp;&nbsp; 7552501, 6.417%, 9/01/2025 †x¶# | Square | 3/05/2024 | 5867 | 5352 | 2643 |
| &nbsp;&nbsp;&nbsp; 7552745, 5.379%, 9/01/2025 †x¶# | Square | 3/05/2024 | 3395 | 3141 | 266 |
| &nbsp;&nbsp;&nbsp; 7552945135, 19.333%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 130914 | 136151 | 137900 |
| &nbsp;&nbsp;&nbsp; 7553615, 5.185%, 9/01/2025 †x¶ | Square | 3/05/2024 | 2511 | 2330 | 1030 |
| &nbsp;&nbsp;&nbsp; 7553663, 5.383%, 9/01/2025 †x¶# | Square | 3/05/2024 | 2382 | 2204 | 1600 |
| &nbsp;&nbsp;&nbsp; 7553909, 6.006%, 9/01/2025 †x¶ | Square | 3/05/2024 | 8970 | 8229 | 4212 |
| &nbsp;&nbsp;&nbsp; 7554501, 6.012%, 9/02/2025 †x¶# | Square | 3/06/2024 | 1550 | 1423 | 122 |
| &nbsp;&nbsp;&nbsp; 7554918, 5.535%, 9/02/2025 †x¶# | Square | 3/06/2024 | 395 | 365 | 31 |
| &nbsp;&nbsp;&nbsp; 7555223184, 20.788%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2806 | 2918 | 2950 |
| &nbsp;&nbsp;&nbsp; 7555320, 5.565%, 9/02/2025 †x¶# | Square | 3/06/2024 | 2989 | 2788 | 234 |
| &nbsp;&nbsp;&nbsp; 7555604, 5.567%, 9/02/2025 †x¶# | Square | 3/06/2024 | 2910 | 2685 | 228 |
| &nbsp;&nbsp;&nbsp; 7555719, 5.191%, 9/03/2025 †x¶# | Square | 3/06/2024 | 8741 | 8109 | 685 |
| &nbsp;&nbsp;&nbsp; 7555797764, 16.397%, 6/28/2024 †x¥#^ | Stripe | 1/04/2023 | 8928 | 9285 | 357 |
| &nbsp;&nbsp;&nbsp; 7556045, 5.567%, 9/03/2025 †x¶ | Square | 3/06/2024 | 3870 | 3572 | 1792 |
| &nbsp;&nbsp;&nbsp; 7556254, 5.188%, 9/03/2025 †x¶# | Square | 3/06/2024 | 13318 | 12357 | 1044 |
| &nbsp;&nbsp;&nbsp; 7556809, 5.754%, 9/03/2025 †x¶# | Square | 3/06/2024 | 514 | 473 | 40 |
| &nbsp;&nbsp;&nbsp; 7557444070, 22.395%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1199 | 1247 | 1300 |
| &nbsp;&nbsp;&nbsp; 7557670, 5.754%, 9/04/2025 †x¶ | Square | 3/06/2024 | 4319 | 3976 | 2555 |
| &nbsp;&nbsp;&nbsp; 7557770, 5.567%, 9/04/2025 †x¶# | Square | 3/06/2024 | 5002 | 4617 | 392 |
| &nbsp;&nbsp;&nbsp; 7558053, 4.930%, 9/04/2025 †x¶# | Square | 3/06/2024 | 1415 | 1318 | 111 |
| &nbsp;&nbsp;&nbsp; 7558761, 5.384%, 9/04/2025 †x¶ | Square | 3/06/2024 | 391 | 362 | 293 |
| &nbsp;&nbsp;&nbsp; 7559117415, 16.129%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 7559 | 7861 | 7948 |
| &nbsp;&nbsp;&nbsp; 7559902, 6.003%, 9/04/2025 †x¶ | Square | 3/06/2024 | 2527 | 2318 | 1241 |
| &nbsp;&nbsp;&nbsp; 7559927, 5.566%, 9/04/2025 †x¶# | Square | 3/06/2024 | 16224 | 14973 | 1272 |
| &nbsp;&nbsp;&nbsp; 7559969530, 20.790%, 11/23/2024 †x¥#^ | Stripe | 6/01/2023 | 2899 | 3015 | 116 |
| &nbsp;&nbsp;&nbsp; 7560304, 5.757%, 9/04/2025 †x¶ | Square | 3/06/2024 | 2416 | 2231 | 1459 |
| &nbsp;&nbsp;&nbsp; 7560901799, 26.527%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 2090 | 2173 | 2228 |
| &nbsp;&nbsp;&nbsp; 7561120, 5.188%, 9/05/2025 †x¶# | Square | 3/07/2024 | 15323 | 14217 | 1201 |
| &nbsp;&nbsp;&nbsp; 7561575104, 25.867%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 2097 | 2181 | 2222 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8717** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7562201, 6.002%, 9/05/2025 †x¶ | Square | 3/07/2024 | $1157 | $1061 | $439 |
| &nbsp;&nbsp;&nbsp; 7562668, 6.038%, 9/05/2025 †x¶ | Square | 3/07/2024 | 289 | 265 | 171 |
| &nbsp;&nbsp;&nbsp; 7562988265, 26.123%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 188 | 195 | 204 |
| &nbsp;&nbsp;&nbsp; 7563063, 4.654%, 9/05/2025 †x¶# | Square | 3/07/2024 | 3232 | 3021 | 253 |
| &nbsp;&nbsp;&nbsp; 7563368, 5.377%, 9/05/2025 †x¶ | Square | 3/07/2024 | 706 | 654 | 430 |
| &nbsp;&nbsp;&nbsp; 7564898, 5.568%, 9/05/2025 †x¶# | Square | 3/07/2024 | 9882 | 9160 | 775 |
| &nbsp;&nbsp;&nbsp; 7565824, 4.948%, 9/06/2025 †x¶# | Square | 3/08/2024 | 1811 | 1686 | 142 |
| &nbsp;&nbsp;&nbsp; 7566518, 5.759%, 9/06/2025 †x¶ | Square | 3/08/2024 | 642 | 591 | 389 |
| &nbsp;&nbsp;&nbsp; 7567613, 5.998%, 9/06/2025 †x¶# | Square | 3/08/2024 | 1205 | 1115 | 94 |
| &nbsp;&nbsp;&nbsp; 7568356, 4.654%, 9/06/2025 †x¶# | Square | 3/08/2024 | 7425 | 6941 | 582 |
| &nbsp;&nbsp;&nbsp; 7568469, 5.387%, 9/06/2025 †x¶# | Square | 3/08/2024 | 1192 | 1103 | 574 |
| &nbsp;&nbsp;&nbsp; 7570297230, 14.256%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 5596 | 5820 | 5846 |
| &nbsp;&nbsp;&nbsp; 7571092, 6.258%, 9/07/2025 †x¶# | Square | 3/11/2024 | 3838 | 3527 | 301 |
| &nbsp;&nbsp;&nbsp; 7571125, 5.569%, 9/07/2025 †x¶ | Square | 3/11/2024 | 2527 | 2332 | 1179 |
| &nbsp;&nbsp;&nbsp; 7571145330, 16.133%, 9/08/2023 †x¥#^ | Stripe | 3/15/2022 | 68471 | 71210 | 2739 |
| &nbsp;&nbsp;&nbsp; 7571215, 5.748%, 9/07/2025 †x¶# | Square | 3/11/2024 | 1256 | 1184 | 98 |
| &nbsp;&nbsp;&nbsp; 7571966043, 24.000%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 4900 | 5096 | 196 |
| &nbsp;&nbsp;&nbsp; 7572174, 5.753%, 9/07/2025 †x¶ | Square | 3/11/2024 | 235 | 216 | 172 |
| &nbsp;&nbsp;&nbsp; 7573673, 5.188%, 9/07/2025 †x¶# | Square | 3/11/2024 | 11679 | 10836 | 916 |
| &nbsp;&nbsp;&nbsp; 7573702, 6.007%, 9/07/2025 †x¶ | Square | 3/11/2024 | 4515 | 4142 | 2652 |
| &nbsp;&nbsp;&nbsp; 7573778, 6.422%, 9/07/2025 †x¶# | Square | 3/11/2024 | 616 | 562 | 48 |
| &nbsp;&nbsp;&nbsp; 7573783, 5.757%, 9/07/2025 †x¶# | Square | 3/11/2024 | 2493 | 2295 | 1526 |
| &nbsp;&nbsp;&nbsp; 7574011472, 25.867%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 3383 | 3518 | 3588 |
| &nbsp;&nbsp;&nbsp; 7574374, 6.249%, 9/07/2025 †x¶ | Square | 3/11/2024 | 1140 | 1046 | 523 |
| &nbsp;&nbsp;&nbsp; 7574466, 4.937%, 9/07/2025 †x¶# | Square | 3/11/2024 | 5605 | 5219 | 481 |
| &nbsp;&nbsp;&nbsp; 7574731, 6.004%, 9/08/2025 †x¶# | Square | 3/12/2024 | 4890 | 4486 | 383 |
| &nbsp;&nbsp;&nbsp; 7574903, 5.196%, 9/08/2025 †x¶# | Square | 3/12/2024 | 783 | 727 | 346 |
| &nbsp;&nbsp;&nbsp; 7574983, 5.556%, 9/08/2025 †x¶# | Square | 3/12/2024 | 2206 | 2036 | 173 |
| &nbsp;&nbsp;&nbsp; 7576058, 5.190%, 9/08/2025 †x¶# | Square | 3/12/2024 | 625 | 580 | 314 |
| &nbsp;&nbsp;&nbsp; 7576515, 4.749%, 9/08/2025 †x¶ | Square | 3/12/2024 | 4876 | 4552 | 1879 |
| &nbsp;&nbsp;&nbsp; 7577382, 5.362%, 9/08/2025 †x¶# | Square | 3/12/2024 | 516 | 477 | 40 |
| &nbsp;&nbsp;&nbsp; 7577852, 5.188%, 9/08/2025 †x¶# | Square | 3/12/2024 | 11656 | 10814 | 914 |
| &nbsp;&nbsp;&nbsp; 7577899, 4.934%, 9/08/2025 †x¶# | Square | 3/12/2024 | 2806 | 2613 | 220 |
| &nbsp;&nbsp;&nbsp; 7577930, 5.377%, 9/08/2025 †x¶# | Square | 3/12/2024 | 2539 | 2350 | 199 |
| &nbsp;&nbsp;&nbsp; 7578293, 5.560%, 9/08/2025 †x¶# | Square | 3/12/2024 | 2592 | 2392 | 203 |
| &nbsp;&nbsp;&nbsp; 7578741, 5.755%, 9/09/2025 †x¶# | Square | 3/13/2024 | 7604 | 7000 | 596 |
| &nbsp;&nbsp;&nbsp; 7578924, 6.262%, 9/09/2025 †x¶ | Square | 3/13/2024 | 207 | 190 | 88 |
| &nbsp;&nbsp;&nbsp; 7578962, 6.157%, 9/09/2025 †x¶# | Square | 3/13/2024 | 1433 | 1312 | 112 |
| &nbsp;&nbsp;&nbsp; 7579000, 4.661%, 9/09/2025 †x¶# | Square | 3/13/2024 | 3294 | 3079 | 258 |
| &nbsp;&nbsp;&nbsp; 7579031784, 26.424%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 672 | 699 | 708 |
| &nbsp;&nbsp;&nbsp; 7579268, 5.448%, 9/09/2025 †x¶# | Square | 3/13/2024 | 2644 | 2444 | 901 |
| &nbsp;&nbsp;&nbsp; 7579280, 5.753%, 9/09/2025 †x¶# | Square | 3/13/2024 | 829 | 763 | 103 |
| &nbsp;&nbsp;&nbsp; 7579845, 5.191%, 9/10/2025 †x¶# | Square | 3/13/2024 | 2421 | 2246 | 190 |
| &nbsp;&nbsp;&nbsp; 7579922, 5.383%, 9/10/2025 †x¶ | Square | 3/13/2024 | 208 | 192 | 136 |
| &nbsp;&nbsp;&nbsp; 7581189, 4.656%, 9/11/2025 †x¶# | Square | 3/13/2024 | 2962 | 2769 | 232 |
| &nbsp;&nbsp;&nbsp; 7581247, 5.755%, 9/11/2025 †x¶ | Square | 3/13/2024 | 938 | 863 | 592 |
| &nbsp;&nbsp;&nbsp; 7582262998, 15.048%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 515 | 536 | 541 |
| &nbsp;&nbsp;&nbsp; 7583155, 6.162%, 9/11/2025 †x¶# | Square | 3/13/2024 | 879 | 805 | 69 |
| &nbsp;&nbsp;&nbsp; 7583171, 6.416%, 9/11/2025 †x¶# | Square | 3/13/2024 | 8848 | 8071 | 694 |
| &nbsp;&nbsp;&nbsp; 7583823, 6.005%, 9/11/2025 †x¶ | Square | 3/13/2024 | 469 | 430 | 348 |
| &nbsp;&nbsp;&nbsp; 7583920, 5.190%, 9/11/2025 †x¶# | Square | 3/13/2024 | 2017 | 1872 | 1036 |
| &nbsp;&nbsp;&nbsp; 7584034035, 20.381%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 1374 | 1429 | 1429 |
| &nbsp;&nbsp;&nbsp; 7584597, 6.380%, 9/12/2025 †x¶# | Square | 3/14/2024 | 232 | 211 | 113 |
| &nbsp;&nbsp;&nbsp; 7584893, 5.993%, 9/12/2025 †x¶# | Square | 3/14/2024 | 105 | 97 | 8 |
| &nbsp;&nbsp;&nbsp; 7585793, 6.007%, 9/12/2025 †x¶ | Square | 3/14/2024 | 4410 | 4069 | 2804 |
| &nbsp;&nbsp;&nbsp; 7586263480, 20.391%, 1/08/2025 †x¥#^ | Stripe | 7/14/2023 | 4937 | 5135 | 198 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8718** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7586660, 6.162%, 9/12/2025 †x¶ | Square | 3/14/2024 | $1749 | $1601 | $954 |
| &nbsp;&nbsp;&nbsp; 7586807, 5.756%, 9/12/2025 †x¶ | Square | 3/14/2024 | 192 | 177 | 134 |
| &nbsp;&nbsp;&nbsp; 7586821, 5.749%, 9/12/2025 †x¶# | Square | 3/14/2024 | 682 | 641 | 53 |
| &nbsp;&nbsp;&nbsp; 7587199, 4.950%, 9/12/2025 †x¶ | Square | 3/14/2024 | 684 | 637 | 468 |
| &nbsp;&nbsp;&nbsp; 7587296, 6.422%, 9/12/2025 †x¶# | Square | 3/14/2024 | 493 | 450 | 39 |
| &nbsp;&nbsp;&nbsp; 7587724, 5.189%, 9/12/2025 †x¶# | Square | 3/14/2024 | 12144 | 11267 | 952 |
| &nbsp;&nbsp;&nbsp; 7588121, 6.167%, 9/12/2025 †x¶ | Square | 3/14/2024 | 246 | 225 | 134 |
| &nbsp;&nbsp;&nbsp; 7588203, 5.565%, 9/13/2025 †x¶# | Square | 3/15/2024 | 9457 | 8729 | 741 |
| &nbsp;&nbsp;&nbsp; 7588708975, 24.000%, 5/10/2023 †x¥#^ | Stripe | 11/15/2021 | 2176 | 2263 | 87 |
| &nbsp;&nbsp;&nbsp; 7588990, 5.562%, 9/13/2025 †x¶ | Square | 3/15/2024 | 2844 | 2625 | 1523 |
| &nbsp;&nbsp;&nbsp; 7589394, 5.369%, 9/13/2025 †x¶# | Square | 3/15/2024 | 2857 | 2644 | 224 |
| &nbsp;&nbsp;&nbsp; 7589930, 5.201%, 9/13/2025 †x¶ | Square | 3/15/2024 | 84 | 78 | 66 |
| &nbsp;&nbsp;&nbsp; 75899515, 26.533%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 942 | 980 | 1007 |
| &nbsp;&nbsp;&nbsp; 7590185, 5.189%, 9/13/2025 †x¶# | Square | 3/15/2024 | 20869 | 19375 | 13344 |
| &nbsp;&nbsp;&nbsp; 7590337, 5.565%, 9/13/2025 †x¶# | Square | 3/15/2024 | 19554 | 18048 | 1533 |
| &nbsp;&nbsp;&nbsp; 7590509, 5.376%, 9/13/2025 †x¶ | Square | 3/15/2024 | 8654 | 8008 | 5789 |
| &nbsp;&nbsp;&nbsp; 7590560, 6.170%, 9/13/2025 †x¶# | Square | 3/15/2024 | 769 | 704 | 60 |
| &nbsp;&nbsp;&nbsp; 7590627, 5.759%, 9/13/2025 †x¶# | Square | 3/15/2024 | 7045 | 6485 | 552 |
| &nbsp;&nbsp;&nbsp; 7592715825, 25.333%, 5/23/2024 †x¥#^ | Stripe | 11/29/2022 | 745 | 774 | 30 |
| &nbsp;&nbsp;&nbsp; 7593372, 6.263%, 9/14/2025 †x¶ | Square | 3/18/2024 | 107 | 98 | 67 |
| &nbsp;&nbsp;&nbsp; 7593635, 5.386%, 9/14/2025 †x¶ | Square | 3/18/2024 | 1112 | 1029 | 688 |
| &nbsp;&nbsp;&nbsp; 7593931, 5.564%, 9/14/2025 †x¶ | Square | 3/18/2024 | 462 | 427 | 346 |
| &nbsp;&nbsp;&nbsp; 7594382, 5.382%, 9/14/2025 †x¶ | Square | 3/18/2024 | 479 | 444 | 394 |
| &nbsp;&nbsp;&nbsp; 7594527, 5.566%, 9/14/2025 †x¶# | Square | 3/18/2024 | 10544 | 9732 | 827 |
| &nbsp;&nbsp;&nbsp; 7594616, 6.262%, 9/14/2025 †x¶# | Square | 3/18/2024 | 3784 | 3459 | 2177 |
| &nbsp;&nbsp;&nbsp; 7594837, 4.720%, 9/14/2025 †x¶# | Square | 3/18/2024 | 139 | 130 | 69 |
| &nbsp;&nbsp;&nbsp; 7594975, 4.941%, 9/14/2025 †x¶# | Square | 3/18/2024 | 4018 | 3741 | 2378 |
| &nbsp;&nbsp;&nbsp; 7595497, 5.752%, 9/14/2025 †x¶# | Square | 3/18/2024 | 311 | 286 | 188 |
| &nbsp;&nbsp;&nbsp; 7596095877, 26.476%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 1958 | 2037 | 2041 |
| &nbsp;&nbsp;&nbsp; 7596144212, 26.513%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 2478 | 2578 | 2581 |
| &nbsp;&nbsp;&nbsp; 7596231, 5.196%, 9/14/2025 †x¶# | Square | 3/18/2024 | 1833 | 1701 | 144 |
| &nbsp;&nbsp;&nbsp; 7597218, 5.193%, 9/15/2025 †x¶ | Square | 3/19/2024 | 4386 | 4069 | 2831 |
| &nbsp;&nbsp;&nbsp; 7598440, 6.152%, 9/15/2025 †x¶# | Square | 3/19/2024 | 1658 | 1518 | 130 |
| &nbsp;&nbsp;&nbsp; 7598498, 5.567%, 9/15/2025 †x¶# | Square | 3/19/2024 | 14745 | 13608 | 1156 |
| &nbsp;&nbsp;&nbsp; 7598879, 6.261%, 9/15/2025 †x¶# | Square | 3/19/2024 | 7603 | 6950 | 596 |
| &nbsp;&nbsp;&nbsp; 7599034, 5.565%, 9/15/2025 †x¶# | Square | 3/19/2024 | 7525 | 6946 | 590 |
| &nbsp;&nbsp;&nbsp; 7599161, 6.007%, 9/15/2025 †x¶ | Square | 3/19/2024 | 1155 | 1060 | 717 |
| &nbsp;&nbsp;&nbsp; 7599307, 4.937%, 9/15/2025 †x¶ | Square | 3/19/2024 | 5197 | 4839 | 3547 |
| &nbsp;&nbsp;&nbsp; 7599899, 6.255%, 9/15/2025 †x¶ | Square | 3/19/2024 | 778 | 712 | 496 |
| &nbsp;&nbsp;&nbsp; 7600197, 5.565%, 9/16/2025 †x¶# | Square | 3/20/2024 | 9665 | 8920 | 758 |
| &nbsp;&nbsp;&nbsp; 7600419, 4.730%, 9/16/2025 †x¶# | Square | 3/20/2024 | 521 | 486 | 41 |
| &nbsp;&nbsp;&nbsp; 7600471, 5.755%, 9/16/2025 †x¶# | Square | 3/20/2024 | 1265 | 1165 | 595 |
| &nbsp;&nbsp;&nbsp; 7601342, 4.935%, 9/17/2025 †x¶ | Square | 3/20/2024 | 1881 | 1751 | 1060 |
| &nbsp;&nbsp;&nbsp; 7601433, 6.010%, 9/17/2025 †x¶ | Square | 3/20/2024 | 382 | 351 | 284 |
| &nbsp;&nbsp;&nbsp; 7601442, 4.937%, 9/17/2025 †x¶# | Square | 3/20/2024 | 10786 | 10042 | 846 |
| &nbsp;&nbsp;&nbsp; 7602148, 6.419%, 9/18/2025 †x¶# | Square | 3/20/2024 | 2003 | 1827 | 157 |
| &nbsp;&nbsp;&nbsp; 7602203, 5.566%, 9/18/2025 †x¶# | Square | 3/20/2024 | 7353 | 6786 | 576 |
| &nbsp;&nbsp;&nbsp; 7602290, 4.655%, 9/18/2025 †x¶# | Square | 3/20/2024 | 6600 | 6169 | 3498 |
| &nbsp;&nbsp;&nbsp; 7602614806, 16.000%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 19586 | 20369 | 20371 |
| &nbsp;&nbsp;&nbsp; 7603743, 4.938%, 9/18/2025 †x¶# | Square | 3/20/2024 | 8377 | 7799 | 657 |
| &nbsp;&nbsp;&nbsp; 7604070, 4.654%, 9/18/2025 †x¶# | Square | 3/20/2024 | 2214 | 2069 | 174 |
| &nbsp;&nbsp;&nbsp; 7604363, 5.186%, 9/18/2025 †x¶# | Square | 3/20/2024 | 4948 | 4591 | 388 |
| &nbsp;&nbsp;&nbsp; 7604535, 5.577%, 9/18/2025 †x¶ | Square | 3/20/2024 | 508 | 468 | 305 |
| &nbsp;&nbsp;&nbsp; 7604838, 5.200%, 9/18/2025 †x¶# | Square | 3/20/2024 | 1909 | 1771 | 150 |
| &nbsp;&nbsp;&nbsp; 7606408, 4.939%, 9/19/2025 †x¶ | Square | 3/21/2024 | 5929 | 5520 | 4018 |
| &nbsp;&nbsp;&nbsp; 7606717, 4.937%, 9/19/2025 †x¶ | Square | 3/21/2024 | 2366 | 2203 | 1448 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8719** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7607114, 4.655%, 9/19/2025 †x¶ | Square | 3/21/2024 | $22719 | $21236 | $13815 |
| &nbsp;&nbsp;&nbsp; 7607351, 4.654%, 9/19/2025 †x¶# | Square | 3/21/2024 | 4975 | 4650 | 3143 |
| &nbsp;&nbsp;&nbsp; 7607438, 6.170%, 9/19/2025 †x¶# | Square | 3/21/2024 | 92 | 84 | 7 |
| &nbsp;&nbsp;&nbsp; 7607973, 5.739%, 9/19/2025 †x¶ | Square | 3/21/2024 | 401 | 370 | 197 |
| &nbsp;&nbsp;&nbsp; 7608074091, 16.126%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 3279 | 3410 | 3443 |
| &nbsp;&nbsp;&nbsp; 7608629, 6.170%, 9/19/2025 †x¶# | Square | 3/21/2024 | 1836 | 1680 | 144 |
| &nbsp;&nbsp;&nbsp; 7608631, 5.438%, 9/19/2025 †x¶# | Square | 3/21/2024 | 6772 | 6261 | 531 |
| &nbsp;&nbsp;&nbsp; 7608724, 4.654%, 9/19/2025 †x¶# | Square | 3/21/2024 | 79535 | 74345 | 6236 |
| &nbsp;&nbsp;&nbsp; 7608756, 6.169%, 9/19/2025 †x¶ | Square | 3/21/2024 | 1591 | 1456 | 1013 |
| &nbsp;&nbsp;&nbsp; 7609036, 6.008%, 9/19/2025 †x¶# | Square | 3/21/2024 | 2859 | 2623 | 224 |
| &nbsp;&nbsp;&nbsp; 7609712, 6.262%, 9/20/2025 †x¶# | Square | 3/22/2024 | 953 | 871 | 75 |
| &nbsp;&nbsp;&nbsp; 7610512, 4.948%, 9/20/2025 †x¶ | Square | 3/22/2024 | 588 | 547 | 284 |
| &nbsp;&nbsp;&nbsp; 7610698943, 20.531%, 11/15/2025 †x¥# | Stripe | 5/22/2024 | 12063 | 12545 | 483 |
| &nbsp;&nbsp;&nbsp; 7610830790, 14.932%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 16895 | 17571 | 17659 |
| &nbsp;&nbsp;&nbsp; 7611001, 6.264%, 9/20/2025 †x¶ | Square | 3/22/2024 | 1248 | 1140 | 585 |
| &nbsp;&nbsp;&nbsp; 7611373, 5.769%, 9/20/2025 †x¶ | Square | 3/22/2024 | 959 | 883 | 539 |
| &nbsp;&nbsp;&nbsp; 7611395, 5.191%, 9/20/2025 †x¶# | Square | 3/22/2024 | 1934 | 1794 | 152 |
| &nbsp;&nbsp;&nbsp; 7611654, 5.189%, 9/20/2025 †x¶# | Square | 3/22/2024 | 91610 | 84994 | 39385 |
| &nbsp;&nbsp;&nbsp; 7611712, 5.451%, 9/20/2025 †x¶ | Square | 3/22/2024 | 1299 | 1203 | 769 |
| &nbsp;&nbsp;&nbsp; 7612007, 4.654%, 9/20/2025 †x¶ | Square | 3/22/2024 | 13664 | 12772 | 9089 |
| &nbsp;&nbsp;&nbsp; 7612056976, 17.733%, 6/16/2024 †x¥#^ | Stripe | 10/21/2022 | 20183 | 20990 | 807 |
| &nbsp;&nbsp;&nbsp; 7612278, 6.163%, 9/20/2025 †x¶# | Square | 3/22/2024 | 4159 | 3807 | 326 |
| &nbsp;&nbsp;&nbsp; 7614128200, 20.400%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 3022 | 3143 | 3165 |
| &nbsp;&nbsp;&nbsp; 7614852, 5.758%, 9/21/2025 †x¶ | Square | 3/25/2024 | 1196 | 1101 | 571 |
| &nbsp;&nbsp;&nbsp; 7616427578, 18.667%, 6/18/2026 †x¥ | Stripe | 12/23/2024 | 2653 | 2759 | 2827 |
| &nbsp;&nbsp;&nbsp; 7616558, 5.754%, 9/21/2025 †x¶ | Square | 3/25/2024 | 708 | 652 | 512 |
| &nbsp;&nbsp;&nbsp; 7617137664, 26.424%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 734 | 763 | 29 |
| &nbsp;&nbsp;&nbsp; 7617158, 5.568%, 9/21/2025 †x¶# | Square | 3/25/2024 | 5888 | 5434 | 462 |
| &nbsp;&nbsp;&nbsp; 7617323, 4.652%, 9/21/2025 †x¶ | Square | 3/25/2024 | 2226 | 2081 | 1445 |
| &nbsp;&nbsp;&nbsp; 7617391, 5.188%, 9/21/2025 †x¶# | Square | 3/25/2024 | 9083 | 8431 | 5313 |
| &nbsp;&nbsp;&nbsp; 7617953371, 17.856%, 6/30/2026 †x¥ | Stripe | 11/05/2024 | 1306 | 1358 | 1384 |
| &nbsp;&nbsp;&nbsp; 7618079, 5.568%, 9/21/2025 †x¶ | Square | 3/25/2024 | 2753 | 2541 | 1604 |
| &nbsp;&nbsp;&nbsp; 7618818, 6.005%, 9/22/2025 †x¶ | Square | 3/26/2024 | 213 | 195 | 161 |
| &nbsp;&nbsp;&nbsp; 7618935, 5.194%, 9/22/2025 †x¶# | Square | 3/26/2024 | 1267 | 1175 | 99 |
| &nbsp;&nbsp;&nbsp; 7619413, 5.571%, 9/22/2025 †x¶ | Square | 3/26/2024 | 1749 | 1615 | 1257 |
| &nbsp;&nbsp;&nbsp; 7620167, 4.656%, 9/22/2025 †x¶ | Square | 3/26/2024 | 344 | 322 | 299 |
| &nbsp;&nbsp;&nbsp; 7620700252, 26.500%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 1740 | 1810 | 1840 |
| &nbsp;&nbsp;&nbsp; 7620780, 5.442%, 9/22/2025 †x¶# | Square | 3/26/2024 | 1808 | 1671 | 142 |
| &nbsp;&nbsp;&nbsp; 7620781, 5.377%, 9/22/2025 †x¶# | Square | 3/26/2024 | 35476 | 32828 | 2781 |
| &nbsp;&nbsp;&nbsp; 7621134, 5.377%, 9/22/2025 †x¶# | Square | 3/26/2024 | 128261 | 118856 | 10056 |
| &nbsp;&nbsp;&nbsp; 7621456, 5.565%, 9/23/2025 †x¶# | Square | 3/27/2024 | 7877 | 7270 | 618 |
| &nbsp;&nbsp;&nbsp; 7621506, 6.010%, 9/23/2025 †x¶# | Square | 3/27/2024 | 626 | 575 | 49 |
| &nbsp;&nbsp;&nbsp; 7621885, 4.769%, 9/23/2025 †x¶ | Square | 3/27/2024 | 757 | 707 | 294 |
| &nbsp;&nbsp;&nbsp; 7622166, 6.447%, 9/24/2025 †x¶ | Square | 3/27/2024 | 37 | 34 | 22 |
| &nbsp;&nbsp;&nbsp; 7622254, 5.740%, 9/24/2025 †x¶ | Square | 3/27/2024 | 967 | 891 | 555 |
| &nbsp;&nbsp;&nbsp; 7622356704, 17.939%, 7/19/2023 †x¥#^ | Stripe | 1/21/2022 | 758 | 788 | 30 |
| &nbsp;&nbsp;&nbsp; 7622500410, 14.262%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 5137 | 5342 | 5425 |
| &nbsp;&nbsp;&nbsp; 7622529, 5.384%, 9/24/2025 †x¶ | Square | 3/27/2024 | 568 | 526 | 376 |
| &nbsp;&nbsp;&nbsp; 7622921, 6.030%, 9/24/2025 †x¶ | Square | 3/27/2024 | 376 | 344 | 182 |
| &nbsp;&nbsp;&nbsp; 7623502, 6.004%, 9/25/2025 †x¶# | Square | 3/27/2024 | 7344 | 6737 | 2483 |
| &nbsp;&nbsp;&nbsp; 7623793, 6.019%, 9/25/2025 †x¶# | Square | 3/27/2024 | 1215 | 1114 | 461 |
| &nbsp;&nbsp;&nbsp; 7624166, 4.940%, 9/25/2025 †x¶# | Square | 3/27/2024 | 10380 | 9664 | 814 |
| &nbsp;&nbsp;&nbsp; 7624477, 6.006%, 9/25/2025 †x¶# | Square | 3/27/2024 | 2187 | 2008 | 1392 |
| &nbsp;&nbsp;&nbsp; 7625903, 5.189%, 9/25/2025 †x¶ | Square | 3/27/2024 | 5621 | 5215 | 3647 |
| &nbsp;&nbsp;&nbsp; 7625984, 5.767%, 9/25/2025 †x¶# | Square | 3/27/2024 | 313 | 288 | 25 |
| &nbsp;&nbsp;&nbsp; 7626315, 6.258%, 9/25/2025 †x¶# | Square | 3/27/2024 | 5149 | 4707 | 404 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8720** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7627520, 6.010%, 9/26/2025 †x¶# | Square | 3/28/2024 | $2548 | $2337 | $200 |
| &nbsp;&nbsp;&nbsp; 7628202, 5.567%, 9/26/2025 †x¶# | Square | 3/28/2024 | 7614 | 7027 | 597 |
| &nbsp;&nbsp;&nbsp; 7628448, 4.937%, 9/26/2025 †x¶# | Square | 3/28/2024 | 337 | 314 | 287 |
| &nbsp;&nbsp;&nbsp; 7628677, 6.414%, 9/26/2025 †x¶# | Square | 3/28/2024 | 377 | 344 | 30 |
| &nbsp;&nbsp;&nbsp; 7629329672, 26.510%, 12/18/2024 †x¥#^ | Stripe | 6/23/2023 | 1615 | 1680 | 65 |
| &nbsp;&nbsp;&nbsp; 7629337, 4.654%, 9/26/2025 †x¶# | Square | 3/28/2024 | 47410 | 44317 | 3717 |
| &nbsp;&nbsp;&nbsp; 7629783, 5.379%, 9/26/2025 †x¶ | Square | 3/28/2024 | 24 | 23 | 19 |
| &nbsp;&nbsp;&nbsp; 7629896673, 20.000%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 10636 | 11061 | 11313 |
| &nbsp;&nbsp;&nbsp; 7629928692, 26.476%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 457 | 476 | 488 |
| &nbsp;&nbsp;&nbsp; 763008416, 14.397%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 5159 | 5365 | 5415 |
| &nbsp;&nbsp;&nbsp; 7630164, 5.772%, 9/26/2025 †x¶ | Square | 3/28/2024 | 681 | 626 | 350 |
| &nbsp;&nbsp;&nbsp; 7631163, 6.488%, 9/27/2025 †x¶# | Square | 3/29/2024 | 1002 | 913 | 79 |
| &nbsp;&nbsp;&nbsp; 7631280, 5.559%, 9/27/2025 †x¶# | Square | 3/29/2024 | 756 | 698 | 59 |
| &nbsp;&nbsp;&nbsp; 7631284253, 16.103%, 6/13/2026 †x¥# | Stripe | 12/18/2024 | 2885 | 3000 | 771 |
| &nbsp;&nbsp;&nbsp; 7631342, 5.726%, 9/27/2025 †x¶# | Square | 3/29/2024 | 7280 | 6704 | 571 |
| &nbsp;&nbsp;&nbsp; 7632367, 5.434%, 9/27/2025 †x¶# | Square | 3/29/2024 | 2729 | 2523 | 214 |
| &nbsp;&nbsp;&nbsp; 7632449, 4.653%, 9/27/2025 †x¶ | Square | 3/29/2024 | 5774 | 5397 | 4166 |
| &nbsp;&nbsp;&nbsp; 7632755, 5.182%, 9/27/2025 †x¶ | Square | 3/29/2024 | 242 | 225 | 196 |
| &nbsp;&nbsp;&nbsp; 7633414, 6.410%, 9/27/2025 †x¶# | Square | 3/29/2024 | 1282 | 1216 | 101 |
| &nbsp;&nbsp;&nbsp; 763492336, 20.000%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 5943 | 6180 | 6300 |
| &nbsp;&nbsp;&nbsp; 7638331008, 20.000%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 163321 | 169853 | 171887 |
| &nbsp;&nbsp;&nbsp; 7640747723, 20.113%, 12/14/2024 †x¥#^ | Stripe | 6/22/2023 | 4673 | 4860 | 187 |
| &nbsp;&nbsp;&nbsp; 7641282887, 18.933%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 401 | 417 | 432 |
| &nbsp;&nbsp;&nbsp; 7642136, 4.654%, 9/29/2025 †x¶ | Square | 4/02/2024 | 43784 | 40927 | 33632 |
| &nbsp;&nbsp;&nbsp; 7646129632, 20.257%, 6/06/2024 †x¥#^ | Stripe | 12/12/2022 | 6672 | 6938 | 267 |
| &nbsp;&nbsp;&nbsp; 764748832, 16.000%, 5/06/2025 †x¥#^ | Stripe | 11/09/2023 | 2500 | 2600 | 100 |
| &nbsp;&nbsp;&nbsp; 7649238065, 25.849%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 1143 | 1189 | 1219 |
| &nbsp;&nbsp;&nbsp; 765270854, 16.116%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 286 | 297 | 302 |
| &nbsp;&nbsp;&nbsp; 7654940925, 20.398%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 25399 | 26415 | 26525 |
| &nbsp;&nbsp;&nbsp; 7655659700, 26.513%, 10/18/2024 †x¥#^ | Stripe | 4/25/2023 | 2209 | 2297 | 88 |
| &nbsp;&nbsp;&nbsp; 7655780230, 26.516%, 2/09/2026 †x¥# | Stripe | 11/22/2023 | 665 | 691 | 27 |
| &nbsp;&nbsp;&nbsp; 7656149839, 17.865%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 4982 | 5181 | 5274 |
| &nbsp;&nbsp;&nbsp; 7657391772, 22.370%, 4/18/2026 †x¥# | Stripe | 2/29/2024 | 1302 | 1354 | 52 |
| &nbsp;&nbsp;&nbsp; 7658298688, 25.867%, 5/17/2025 †x¥#^ | Stripe | 11/22/2023 | 1471 | 1530 | 59 |
| &nbsp;&nbsp;&nbsp; 7660782793, 19.467%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 10433 | 10850 | 417 |
| &nbsp;&nbsp;&nbsp; 7661154250, 20.000%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 291 | 303 | 12 |
| &nbsp;&nbsp;&nbsp; 7662152, 4.654%, 10/04/2025 †x¶# | Square | 4/08/2024 | 186437 | 174271 | 14617 |
| &nbsp;&nbsp;&nbsp; 7666137968, 26.519%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 4195 | 4363 | 4374 |
| &nbsp;&nbsp;&nbsp; 7666375, 4.937%, 10/05/2025 †x¶# | Square | 4/09/2024 | 23860 | 22215 | 20545 |
| &nbsp;&nbsp;&nbsp; 7666391611, 17.993%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 9520 | 9901 | 9914 |
| &nbsp;&nbsp;&nbsp; 7667117229, 23.059%, 9/01/2023 †x¥#^ | Stripe | 3/08/2022 | 150 | 156 | 6 |
| &nbsp;&nbsp;&nbsp; 7667208, 4.937%, 10/05/2025 †x¶ | Square | 4/09/2024 | 6304 | 5870 | 5852 |
| &nbsp;&nbsp;&nbsp; 766845845, 22.133%, 4/18/2025 †x¥#^ | Stripe | 10/24/2023 | 194 | 202 | 34 |
| &nbsp;&nbsp;&nbsp; 7671082444, 23.185%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 691 | 718 | 739 |
| &nbsp;&nbsp;&nbsp; 7672609, 5.566%, 10/08/2025 †x¶# | Square | 4/10/2024 | 101868 | 94022 | 68117 |
| &nbsp;&nbsp;&nbsp; 7675642, 5.189%, 10/09/2025 †x¶ | Square | 4/11/2024 | 43989 | 40812 | 21651 |
| &nbsp;&nbsp;&nbsp; 7680492412, 26.533%, 5/21/2026 †x¥# | Stripe | 11/25/2024 | 417 | 434 | 167 |
| &nbsp;&nbsp;&nbsp; 7683900479, 18.129%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 4380 | 4555 | 4582 |
| &nbsp;&nbsp;&nbsp; 7684070230, 20.533%, 8/03/2024 †x¥#^ | Stripe | 2/08/2023 | 11048 | 11489 | 442 |
| &nbsp;&nbsp;&nbsp; 7684079140, 14.400%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 13356 | 13890 | 14029 |
| &nbsp;&nbsp;&nbsp; 7684648894, 19.066%, 9/27/2024 †x¥#^ | Stripe | 4/04/2023 | 21033 | 21874 | 841 |
| &nbsp;&nbsp;&nbsp; 7688097, 5.566%, 10/12/2025 †x¶ | Square | 4/16/2024 | 50809 | 46894 | 30575 |
| &nbsp;&nbsp;&nbsp; 7689971258, 21.333%, 9/08/2024 †x¥#^ | Stripe | 1/13/2023 | 5113 | 5317 | 205 |
| &nbsp;&nbsp;&nbsp; 7690201389, 13.065%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 1881 | 1957 | 1996 |
| &nbsp;&nbsp;&nbsp; 7691890548, 26.485%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 1220 | 1269 | 1290 |
| &nbsp;&nbsp;&nbsp; 7693006124, 25.333%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 32212 | 33500 | 1288 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8721** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7693055288, 22.400%, 4/18/2026 †x¥ | Stripe | 10/23/2024 | $5232 | $5441 | $5584 |
| &nbsp;&nbsp;&nbsp; 7693468, 4.654%, 10/15/2025 †x¶ | Square | 4/17/2024 | 9256 | 8652 | 8999 |
| &nbsp;&nbsp;&nbsp; 7693597532, 26.400%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 1249 | 1299 | 220 |
| &nbsp;&nbsp;&nbsp; 7694569208, 25.333%, 1/03/2024 †x¥#^ | Stripe | 7/08/2022 | 1067 | 1110 | 43 |
| &nbsp;&nbsp;&nbsp; 7695192488, 20.396%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 20101 | 20905 | 20937 |
| &nbsp;&nbsp;&nbsp; 7696027379, 26.127%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 10578 | 11001 | 6104 |
| &nbsp;&nbsp;&nbsp; 7696587, 4.654%, 10/16/2025 †x¶ | Square | 4/18/2024 | 47509 | 44409 | 38741 |
| &nbsp;&nbsp;&nbsp; 7697263707, 15.179%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 1996 | 2076 | 2089 |
| &nbsp;&nbsp;&nbsp; 7699057723, 25.846%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 905 | 942 | 967 |
| &nbsp;&nbsp;&nbsp; 7699594469, 25.333%, 6/26/2024 †x¥#^ | Stripe | 12/30/2022 | 679 | 706 | 27 |
| &nbsp;&nbsp;&nbsp; 770151325, 21.429%, 3/12/2024 †x¥#^ | Stripe | 9/15/2022 | 1023 | 1063 | 41 |
| &nbsp;&nbsp;&nbsp; 7702609987, 26.513%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 703 | 731 | 759 |
| &nbsp;&nbsp;&nbsp; 7702768, 4.654%, 10/18/2025 †x¶ | Square | 4/22/2024 | 13910 | 13002 | 12811 |
| &nbsp;&nbsp;&nbsp; 7702961, 5.566%, 10/18/2025 †x¶# | Square | 4/22/2024 | 73663 | 67986 | 5775 |
| &nbsp;&nbsp;&nbsp; 7703908428, 22.398%, 9/01/2026 †x¥# | Stripe | 3/06/2025 | 18391 | 19127 | 7100 |
| &nbsp;&nbsp;&nbsp; 7704037518, 26.532%, 11/14/2025 †x¥ | Stripe | 5/21/2024 | 599 | 623 | 671 |
| &nbsp;&nbsp;&nbsp; 7705144658, 26.119%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 2648 | 2753 | 2827 |
| &nbsp;&nbsp;&nbsp; 7705164561, 19.333%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2129 | 2214 | 2245 |
| &nbsp;&nbsp;&nbsp; 7706197087, 20.800%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 1661 | 1728 | 1787 |
| &nbsp;&nbsp;&nbsp; 7706439948, 20.798%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 13167 | 13693 | 13902 |
| &nbsp;&nbsp;&nbsp; 7707386096, 25.867%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 357 | 371 | 383 |
| &nbsp;&nbsp;&nbsp; 7708924430, 18.933%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 4548 | 4730 | 4836 |
| &nbsp;&nbsp;&nbsp; 7709172564, 17.591%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 3191 | 3319 | 3346 |
| &nbsp;&nbsp;&nbsp; 771030200, 22.400%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 4076 | 4239 | 4389 |
| &nbsp;&nbsp;&nbsp; 7711703078, 24.000%, 2/16/2023 †x¥#^ | Stripe | 8/23/2021 | 597 | 621 | 24 |
| &nbsp;&nbsp;&nbsp; 7714524520, 20.667%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 3225 | 3354 | 3394 |
| &nbsp;&nbsp;&nbsp; 7721578943, 22.396%, 7/14/2026 †x¥# | Stripe | 1/16/2025 | 12267 | 12757 | 2076 |
| &nbsp;&nbsp;&nbsp; 7721661065, 20.126%, 9/24/2025 †x¥# | Stripe | 7/27/2023 | 580 | 604 | 23 |
| &nbsp;&nbsp;&nbsp; 7722545, 5.346%, 10/25/2025 †x¶# | Square | 4/29/2024 | 17274 | 15992 | 2187 |
| &nbsp;&nbsp;&nbsp; 7723969270, 26.528%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 3818 | 3971 | 3971 |
| &nbsp;&nbsp;&nbsp; 7724067831, 19.330%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 17308 | 18000 | 18009 |
| &nbsp;&nbsp;&nbsp; 7724525730, 20.930%, 6/17/2025 †x¥#^ | Stripe | 12/21/2023 | 3646 | 3792 | 146 |
| &nbsp;&nbsp;&nbsp; 7726300102, 18.132%, 12/08/2024 †x¥#^ | Stripe | 10/20/2022 | 7683 | 7990 | 307 |
| &nbsp;&nbsp;&nbsp; 7728421, 5.534%, 10/26/2025 †x¶# | Square | 4/30/2024 | 59958 | 55362 | 4701 |
| &nbsp;&nbsp;&nbsp; 7731920, 6.477%, 10/27/2025 †x¶# | Square | 5/01/2024 | 2529 | 2305 | 198 |
| &nbsp;&nbsp;&nbsp; 773261923, 17.587%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 805 | 837 | 847 |
| &nbsp;&nbsp;&nbsp; 7732665450, 18.666%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 5502 | 5722 | 5820 |
| &nbsp;&nbsp;&nbsp; 7732794, 4.781%, 10/28/2025 †x¶ | Square | 5/01/2024 | 7071 | 6599 | 5517 |
| &nbsp;&nbsp;&nbsp; 773311869, 26.398%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 2143 | 2229 | 2326 |
| &nbsp;&nbsp;&nbsp; 7733770, 5.926%, 10/29/2025 †x¶ | Square | 5/01/2024 | 720 | 661 | 336 |
| &nbsp;&nbsp;&nbsp; 7733855, 4.781%, 10/29/2025 †x¶ | Square | 5/01/2024 | 3017 | 2816 | 2640 |
| &nbsp;&nbsp;&nbsp; 7733898473, 16.667%, 6/02/2023 †x¥#^ | Stripe | 12/07/2021 | 5809 | 6041 | 232 |
| &nbsp;&nbsp;&nbsp; 7734338, 4.773%, 10/29/2025 †x¶# | Square | 5/01/2024 | 371 | 347 | 29 |
| &nbsp;&nbsp;&nbsp; 7735752, 6.168%, 10/29/2025 †x¶ | Square | 5/01/2024 | 2656 | 2431 | 1907 |
| &nbsp;&nbsp;&nbsp; 7736598, 4.762%, 10/29/2025 †x¶# | Square | 5/01/2024 | 1050 | 980 | 82 |
| &nbsp;&nbsp;&nbsp; 7736607, 5.724%, 10/29/2025 †x¶ | Square | 5/01/2024 | 2383 | 2195 | 1349 |
| &nbsp;&nbsp;&nbsp; 7737009, 5.345%, 10/29/2025 †x¶ | Square | 5/01/2024 | 3317 | 3071 | 1347 |
| &nbsp;&nbsp;&nbsp; 7737793919, 26.531%, 11/22/2025 †x¥# | Stripe | 5/30/2024 | 2424 | 2521 | 421 |
| &nbsp;&nbsp;&nbsp; 7737830, 5.094%, 10/29/2025 †x¶ | Square | 5/01/2024 | 3313 | 3080 | 2315 |
| &nbsp;&nbsp;&nbsp; 7738376, 5.440%, 10/30/2025 †x¶# | Square | 5/02/2024 | 6130 | 5698 | 481 |
| &nbsp;&nbsp;&nbsp; 7738786452, 19.325%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 4142 | 4308 | 4308 |
| &nbsp;&nbsp;&nbsp; 7739325, 5.435%, 10/30/2025 †x¶ | Square | 5/02/2024 | 281 | 260 | 222 |
| &nbsp;&nbsp;&nbsp; 7739502, 5.092%, 10/30/2025 †x¶ | Square | 5/02/2024 | 3241 | 3011 | 2325 |
| &nbsp;&nbsp;&nbsp; 7739948, 4.780%, 10/30/2025 †x¶ | Square | 5/02/2024 | 2336 | 2179 | 1727 |
| &nbsp;&nbsp;&nbsp; 7740440, 6.160%, 10/30/2025 †x¶# | Square | 5/02/2024 | 1657 | 1517 | 130 |
| &nbsp;&nbsp;&nbsp; 7740585, 5.345%, 10/30/2025 †x¶ | Square | 5/02/2024 | 2693 | 2493 | 1369 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8722** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7740816, 5.098%, 10/30/2025 †x¶# | Square | 5/02/2024 | $1058 | $983 | $83 |
| &nbsp;&nbsp;&nbsp; 7740826, 5.346%, 10/30/2025 †x¶# | Square | 5/02/2024 | 192 | 177 | 15 |
| &nbsp;&nbsp;&nbsp; 7741328, 5.919%, 10/30/2025 †x¶ | Square | 5/02/2024 | 1802 | 1655 | 817 |
| &nbsp;&nbsp;&nbsp; 7741856, 6.164%, 10/30/2025 †x¶# | Square | 5/02/2024 | 14201 | 13000 | 1113 |
| &nbsp;&nbsp;&nbsp; 774203048, 26.530%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 1238 | 1288 | 1319 |
| &nbsp;&nbsp;&nbsp; 7742302, 5.912%, 10/30/2025 †x¶ | Square | 5/02/2024 | 1093 | 1004 | 763 |
| &nbsp;&nbsp;&nbsp; 7742498, 5.096%, 10/30/2025 †x¶# | Square | 5/02/2024 | 4470 | 4152 | 350 |
| &nbsp;&nbsp;&nbsp; 7742646241, 16.128%, 9/16/2026 †x¥# | Stripe | 1/23/2025 | 7145 | 7430 | 2720 |
| &nbsp;&nbsp;&nbsp; 7743107, 4.776%, 11/01/2025 †x¶ | Square | 5/03/2024 | 1217 | 1136 | 830 |
| &nbsp;&nbsp;&nbsp; 7743178, 4.779%, 11/01/2025 †x¶ | Square | 5/03/2024 | 4289 | 4002 | 3779 |
| &nbsp;&nbsp;&nbsp; 7743290313, 20.667%, 4/18/2023 †x¥#^ | Stripe | 8/24/2021 | 2858 | 2972 | 114 |
| &nbsp;&nbsp;&nbsp; 7743398, 5.548%, 11/01/2025 †x¶ | Square | 5/03/2024 | 360 | 333 | 293 |
| &nbsp;&nbsp;&nbsp; 7743743271, 25.710%, 3/13/2026 †x¥# | Stripe | 9/17/2024 | 2363 | 2457 | 408 |
| &nbsp;&nbsp;&nbsp; 7744515, 6.166%, 11/01/2025 †x¶ | Square | 5/03/2024 | 285 | 261 | 250 |
| &nbsp;&nbsp;&nbsp; 7744546, 5.912%, 11/01/2025 †x¶# | Square | 5/03/2024 | 40883 | 37553 | 3205 |
| &nbsp;&nbsp;&nbsp; 7745066, 5.898%, 11/01/2025 †x¶ | Square | 5/03/2024 | 350 | 322 | 201 |
| &nbsp;&nbsp;&nbsp; 7745731539, 18.667%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 3187 | 3315 | 3369 |
| &nbsp;&nbsp;&nbsp; 7745752649, 14.000%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 6990 | 7270 | 280 |
| &nbsp;&nbsp;&nbsp; 7745906721, 22.400%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 2298 | 2390 | 2438 |
| &nbsp;&nbsp;&nbsp; 7745916, 5.346%, 11/01/2025 †x¶ | Square | 5/03/2024 | 10966 | 10152 | 9386 |
| &nbsp;&nbsp;&nbsp; 7746858029, 19.199%, 5/08/2024 †x¥#^ | Stripe | 11/14/2022 | 24663 | 25650 | 987 |
| &nbsp;&nbsp;&nbsp; 7747955677, 24.000%, 8/16/2023 †x¥#^ | Stripe | 2/18/2022 | 2377 | 2472 | 95 |
| &nbsp;&nbsp;&nbsp; 7749113749, 13.064%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 5617 | 5841 | 5930 |
| &nbsp;&nbsp;&nbsp; 7749286, 5.440%, 11/02/2025 †x¶# | Square | 5/06/2024 | 7186 | 6644 | 2698 |
| &nbsp;&nbsp;&nbsp; 7750310, 4.758%, 11/02/2025 †x¶# | Square | 5/06/2024 | 1048 | 978 | 386 |
| &nbsp;&nbsp;&nbsp; 7750551203, 15.731%, 5/18/2024 †x¥#^ | Stripe | 11/23/2022 | 22208 | 23097 | 888 |
| &nbsp;&nbsp;&nbsp; 7750755, 4.778%, 11/02/2025 †x¶ | Square | 5/06/2024 | 6366 | 5940 | 3764 |
| &nbsp;&nbsp;&nbsp; 7751015761, 26.528%, 7/02/2025 †x¥#^ | Stripe | 1/05/2024 | 2619 | 2724 | 105 |
| &nbsp;&nbsp;&nbsp; 7751151975, 25.333%, 4/23/2025 †x¥#^ | Stripe | 10/27/2023 | 19152 | 19918 | 766 |
| &nbsp;&nbsp;&nbsp; 7751317, 5.092%, 11/02/2025 †x¶ | Square | 5/06/2024 | 2501 | 2325 | 1242 |
| &nbsp;&nbsp;&nbsp; 7751376, 6.474%, 11/02/2025 †x¶# | Square | 5/06/2024 | 5082 | 4632 | 398 |
| &nbsp;&nbsp;&nbsp; 7751641044, 19.324%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 6232 | 6482 | 6499 |
| &nbsp;&nbsp;&nbsp; 7751969689, 26.533%, 7/12/2025 †x¥#^ | Stripe | 1/18/2024 | 368 | 383 | 15 |
| &nbsp;&nbsp;&nbsp; 7752359, 5.723%, 11/02/2025 †x¶ | Square | 5/06/2024 | 1921 | 1769 | 1120 |
| &nbsp;&nbsp;&nbsp; 7752933, 5.443%, 11/02/2025 †x¶# | Square | 5/06/2024 | 763 | 731 | 60 |
| &nbsp;&nbsp;&nbsp; 7753055, 4.737%, 11/02/2025 †x¶# | Square | 5/06/2024 | 863 | 806 | 68 |
| &nbsp;&nbsp;&nbsp; 7753562, 4.780%, 11/03/2025 †x¶ | Square | 5/07/2024 | 3870 | 3611 | 3059 |
| &nbsp;&nbsp;&nbsp; 7753716678, 21.997%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 3427 | 3564 | 3649 |
| &nbsp;&nbsp;&nbsp; 7754159700, 19.333%, 12/30/2025 †x¥ | Stripe | 7/05/2024 | 932 | 969 | 1003 |
| &nbsp;&nbsp;&nbsp; 7754413, 6.150%, 11/03/2025 †x¶ | Square | 5/07/2024 | 953 | 873 | 394 |
| &nbsp;&nbsp;&nbsp; 7754460808, 24.000%, 11/13/2023 †x¥#^ | Stripe | 12/09/2021 | 9790 | 10182 | 392 |
| &nbsp;&nbsp;&nbsp; 7754832, 6.163%, 11/03/2025 †x¶ | Square | 5/07/2024 | 556 | 509 | 349 |
| &nbsp;&nbsp;&nbsp; 7754984, 6.159%, 11/03/2025 †x¶# | Square | 5/07/2024 | 687 | 629 | 54 |
| &nbsp;&nbsp;&nbsp; 7755510, 6.471%, 11/03/2025 †x¶# | Square | 5/07/2024 | 2907 | 2671 | 228 |
| &nbsp;&nbsp;&nbsp; 7756254594, 19.600%, 7/27/2023 †x¥#^ | Stripe | 1/31/2022 | 569 | 592 | 23 |
| &nbsp;&nbsp;&nbsp; 7756707, 5.727%, 11/03/2025 †x¶ | Square | 5/07/2024 | 387 | 356 | 307 |
| &nbsp;&nbsp;&nbsp; 7756783114, 18.800%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 9803 | 10196 | 10267 |
| &nbsp;&nbsp;&nbsp; 7756938, 5.093%, 11/03/2025 †x¶ | Square | 5/07/2024 | 1559 | 1448 | 1361 |
| &nbsp;&nbsp;&nbsp; 7756996, 5.918%, 11/03/2025 †x¶# | Square | 5/07/2024 | 2366 | 2173 | 186 |
| &nbsp;&nbsp;&nbsp; 7757297, 5.912%, 11/03/2025 †x¶ | Square | 5/07/2024 | 2346 | 2155 | 1317 |
| &nbsp;&nbsp;&nbsp; 7757336, 5.096%, 11/03/2025 †x¶ | Square | 5/07/2024 | 10686 | 9927 | 5778 |
| &nbsp;&nbsp;&nbsp; 7757440, 6.477%, 11/03/2025 †x¶# | Square | 5/07/2024 | 823 | 750 | 64 |
| &nbsp;&nbsp;&nbsp; 7757627930, 20.398%, 2/24/2027 †x¥ | Stripe | 8/29/2025 | 66600 | 69264 | 69264 |
| &nbsp;&nbsp;&nbsp; 7758176, 4.780%, 11/04/2025 †x¶ | Square | 5/08/2024 | 1142 | 1065 | 1006 |
| &nbsp;&nbsp;&nbsp; 7758248, 5.092%, 11/04/2025 †x¶ | Square | 5/08/2024 | 498 | 463 | 362 |
| &nbsp;&nbsp;&nbsp; 7758320678, 19.325%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 8147 | 8473 | 326 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8723** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7758354, 5.909%, 11/04/2025 †x¶ | Square | 5/08/2024 | $2743 | $2519 | $1616 |
| &nbsp;&nbsp;&nbsp; 7758419, 5.367%, 11/04/2025 †x¶ | Square | 5/08/2024 | 904 | 837 | 416 |
| &nbsp;&nbsp;&nbsp; 7758688, 6.157%, 11/04/2025 †x¶ | Square | 5/08/2024 | 423 | 387 | 285 |
| &nbsp;&nbsp;&nbsp; 7758703, 5.089%, 11/04/2025 †x¶ | Square | 5/08/2024 | 2176 | 2021 | 1161 |
| &nbsp;&nbsp;&nbsp; 7758736, 5.914%, 11/05/2025 †x¶# | Square | 5/08/2024 | 5748 | 5289 | 451 |
| &nbsp;&nbsp;&nbsp; 7758929, 4.754%, 11/05/2025 †x¶ | Square | 5/08/2024 | 158 | 147 | 81 |
| &nbsp;&nbsp;&nbsp; 775910776, 22.932%, 10/04/2025 †x¥# | Stripe | 7/28/2023 | 7551 | 7853 | 302 |
| &nbsp;&nbsp;&nbsp; 7759360, 6.493%, 11/05/2025 †x¶ | Square | 5/08/2024 | 45 | 41 | 37 |
| &nbsp;&nbsp;&nbsp; 7759364, 5.537%, 11/05/2025 †x¶ | Square | 5/08/2024 | 3502 | 3233 | 1765 |
| &nbsp;&nbsp;&nbsp; 7759755, 6.171%, 11/05/2025 †x¶ | Square | 5/08/2024 | 307 | 281 | 165 |
| &nbsp;&nbsp;&nbsp; 7760139214, 14.800%, 12/04/2024 †x¥#^ | Stripe | 6/09/2023 | 49989 | 51989 | 2000 |
| &nbsp;&nbsp;&nbsp; 7760233, 6.153%, 11/06/2025 †x¶ | Square | 5/08/2024 | 1117 | 1022 | 712 |
| &nbsp;&nbsp;&nbsp; 7760244, 5.538%, 11/06/2025 †x¶ | Square | 5/08/2024 | 54 | 50 | 48 |
| &nbsp;&nbsp;&nbsp; 7760688, 5.098%, 11/06/2025 †x¶ | Square | 5/08/2024 | 1474 | 1369 | 1189 |
| &nbsp;&nbsp;&nbsp; 7761196106, 20.267%, 9/16/2025 †x¥# | Stripe | 7/26/2023 | 732 | 761 | 29 |
| &nbsp;&nbsp;&nbsp; 7761968, 5.896%, 11/06/2025 †x¶ | Square | 5/08/2024 | 37 | 34 | 34 |
| &nbsp;&nbsp;&nbsp; 7762154, 5.920%, 11/06/2025 †x¶ | Square | 5/08/2024 | 100 | 92 | 88 |
| &nbsp;&nbsp;&nbsp; 7762170, 4.780%, 11/06/2025 †x¶ | Square | 5/08/2024 | 28324 | 26429 | 15210 |
| &nbsp;&nbsp;&nbsp; 7762561, 5.916%, 11/06/2025 †x¶# | Square | 5/08/2024 | 8185 | 7518 | 642 |
| &nbsp;&nbsp;&nbsp; 7762644, 5.912%, 11/06/2025 †x¶ | Square | 5/08/2024 | 3140 | 2884 | 2609 |
| &nbsp;&nbsp;&nbsp; 7762732, 6.164%, 11/06/2025 †x¶# | Square | 5/08/2024 | 5868 | 5434 | 460 |
| &nbsp;&nbsp;&nbsp; 7763530, 6.165%, 11/06/2025 †x¶ | Square | 5/08/2024 | 598 | 548 | 371 |
| &nbsp;&nbsp;&nbsp; 7763785, 4.730%, 11/06/2025 †x¶# | Square | 5/08/2024 | 733 | 685 | 57 |
| &nbsp;&nbsp;&nbsp; 7764245, 5.544%, 11/07/2025 †x¶ | Square | 5/09/2024 | 93 | 86 | 91 |
| &nbsp;&nbsp;&nbsp; 7764566, 6.168%, 11/07/2025 †x¶ | Square | 5/09/2024 | 699 | 640 | 417 |
| &nbsp;&nbsp;&nbsp; 7764912, 6.164%, 11/07/2025 †x¶# | Square | 5/09/2024 | 3320 | 3039 | 260 |
| &nbsp;&nbsp;&nbsp; 7765132, 5.911%, 11/07/2025 †x¶ | Square | 5/09/2024 | 472 | 445 | 292 |
| &nbsp;&nbsp;&nbsp; 7765210, 5.531%, 11/07/2025 †x¶# | Square | 5/09/2024 | 1225 | 1131 | 494 |
| &nbsp;&nbsp;&nbsp; 7765424, 5.095%, 11/07/2025 †x¶# | Square | 5/09/2024 | 18445 | 17135 | 1446 |
| &nbsp;&nbsp;&nbsp; 7766133, 5.921%, 11/07/2025 †x¶ | Square | 5/09/2024 | 638 | 586 | 486 |
| &nbsp;&nbsp;&nbsp; 7766326, 4.780%, 11/07/2025 †x¶# | Square | 5/09/2024 | 4706 | 4391 | 369 |
| &nbsp;&nbsp;&nbsp; 7766473065, 14.798%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 22026 | 22907 | 23002 |
| &nbsp;&nbsp;&nbsp; 7766954, 6.478%, 11/07/2025 †x¶# | Square | 5/09/2024 | 3508 | 3198 | 275 |
| &nbsp;&nbsp;&nbsp; 7767231, 4.778%, 11/07/2025 †x¶ | Square | 5/09/2024 | 2624 | 2449 | 1713 |
| &nbsp;&nbsp;&nbsp; 7767255, 5.906%, 11/07/2025 †x¶ | Square | 5/09/2024 | 118 | 109 | 89 |
| &nbsp;&nbsp;&nbsp; 7767536, 6.163%, 11/07/2025 †x¶ | Square | 5/09/2024 | 4049 | 3707 | 2412 |
| &nbsp;&nbsp;&nbsp; 7767766, 5.912%, 11/07/2025 †x¶ | Square | 5/09/2024 | 566 | 520 | 354 |
| &nbsp;&nbsp;&nbsp; 7768017461, 20.667%, 8/07/2023 †x¥#^ | Stripe | 12/13/2021 | 16195 | 16843 | 648 |
| &nbsp;&nbsp;&nbsp; 7768195, 5.442%, 11/08/2025 †x¶ | Square | 5/10/2024 | 3642 | 3367 | 2143 |
| &nbsp;&nbsp;&nbsp; 776821032, 17.729%, 9/21/2023 †x¥#^ | Stripe | 3/28/2022 | 14564 | 15146 | 583 |
| &nbsp;&nbsp;&nbsp; 7768586523, 20.800%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 289 | 300 | 307 |
| &nbsp;&nbsp;&nbsp; 7768914, 4.778%, 11/08/2025 †x¶ | Square | 5/10/2024 | 3575 | 3336 | 2683 |
| &nbsp;&nbsp;&nbsp; 7769081, 4.779%, 11/08/2025 †x¶ | Square | 5/10/2024 | 135 | 126 | 132 |
| &nbsp;&nbsp;&nbsp; 7769405477, 18.127%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 11495 | 11955 | 11967 |
| &nbsp;&nbsp;&nbsp; 7769499, 6.164%, 11/08/2025 †x¶# | Square | 5/10/2024 | 6022 | 5512 | 472 |
| &nbsp;&nbsp;&nbsp; 7769715271, 20.667%, 8/22/2023 †x¥#^ | Stripe | 6/28/2021 | 3557 | 3700 | 142 |
| &nbsp;&nbsp;&nbsp; 7770110, 4.779%, 11/08/2025 †x¶ | Square | 5/10/2024 | 13443 | 12544 | 9226 |
| &nbsp;&nbsp;&nbsp; 7770680, 6.165%, 11/08/2025 †x¶ | Square | 5/10/2024 | 928 | 849 | 652 |
| &nbsp;&nbsp;&nbsp; 7770797, 4.751%, 11/08/2025 †x¶# | Square | 5/10/2024 | 1269 | 1185 | 100 |
| &nbsp;&nbsp;&nbsp; 7770963, 4.751%, 11/08/2025 †x¶# | Square | 5/10/2024 | 2109 | 1976 | 165 |
| &nbsp;&nbsp;&nbsp; 7771145, 5.535%, 11/08/2025 †x¶# | Square | 5/10/2024 | 25834 | 23854 | 2025 |
| &nbsp;&nbsp;&nbsp; 77720630, 22.525%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 3896 | 4052 | 4141 |
| &nbsp;&nbsp;&nbsp; 7774043733, 13.988%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 5439 | 5657 | 5656 |
| &nbsp;&nbsp;&nbsp; 7774451, 4.780%, 11/09/2025 †x¶ | Square | 5/13/2024 | 1411 | 1317 | 1179 |
| &nbsp;&nbsp;&nbsp; 7774987, 6.166%, 11/09/2025 †x¶ | Square | 5/13/2024 | 1285 | 1176 | 896 |
| &nbsp;&nbsp;&nbsp; 7775440, 5.912%, 11/09/2025 †x¶# | Square | 5/13/2024 | 823 | 756 | 401 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8724** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7775808286, 25.867%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | $135 | $140 | $147 |
| &nbsp;&nbsp;&nbsp; 7776648099, 26.524%, 2/17/2026 †x¥# | Stripe | 8/22/2024 | 3245 | 3375 | 130 |
| &nbsp;&nbsp;&nbsp; 7778075, 5.092%, 11/10/2025 †x¶# | Square | 5/14/2024 | 5195 | 4827 | 407 |
| &nbsp;&nbsp;&nbsp; 7778724, 5.094%, 11/10/2025 †x¶ | Square | 5/14/2024 | 73 | 68 | 70 |
| &nbsp;&nbsp;&nbsp; 7778867, 5.344%, 11/10/2025 †x¶ | Square | 5/14/2024 | 2696 | 2496 | 1179 |
| &nbsp;&nbsp;&nbsp; 7778946, 4.772%, 11/10/2025 †x¶ | Square | 5/14/2024 | 564 | 526 | 243 |
| &nbsp;&nbsp;&nbsp; 7779278, 5.536%, 11/10/2025 †x¶ | Square | 5/14/2024 | 2535 | 2340 | 1491 |
| &nbsp;&nbsp;&nbsp; 777951585, 26.504%, 12/04/2025 †x¥# | Stripe | 6/10/2024 | 802 | 834 | 226 |
| &nbsp;&nbsp;&nbsp; 7779614, 4.796%, 11/10/2025 †x¶ | Square | 5/14/2024 | 339 | 316 | 303 |
| &nbsp;&nbsp;&nbsp; 7779888, 5.723%, 11/10/2025 †x¶# | Square | 5/14/2024 | 16795 | 15467 | 1317 |
| &nbsp;&nbsp;&nbsp; 7779997, 5.534%, 11/10/2025 †x¶# | Square | 5/14/2024 | 31928 | 29481 | 2503 |
| &nbsp;&nbsp;&nbsp; 7780589949, 18.781%, 3/28/2024 †x¥#^ | Stripe | 1/28/2022 | 2032 | 2114 | 81 |
| &nbsp;&nbsp;&nbsp; 7780656, 6.289%, 11/10/2025 †x¶# | Square | 5/14/2024 | 170 | 156 | 13 |
| &nbsp;&nbsp;&nbsp; 7781372, 5.720%, 11/10/2025 †x¶# | Square | 5/14/2024 | 3270 | 3011 | 256 |
| &nbsp;&nbsp;&nbsp; 7781513, 6.153%, 11/10/2025 †x¶ | Square | 5/14/2024 | 746 | 683 | 303 |
| &nbsp;&nbsp;&nbsp; 7781820, 6.295%, 11/11/2025 †x¶# | Square | 5/15/2024 | 822 | 756 | 64 |
| &nbsp;&nbsp;&nbsp; 7781830, 6.159%, 11/11/2025 †x¶# | Square | 5/15/2024 | 3159 | 2892 | 248 |
| &nbsp;&nbsp;&nbsp; 7781841, 4.781%, 11/11/2025 †x¶ | Square | 5/15/2024 | 10226 | 9542 | 7370 |
| &nbsp;&nbsp;&nbsp; 7782677, 5.535%, 11/12/2025 †x¶ | Square | 5/15/2024 | 6776 | 6256 | 5118 |
| &nbsp;&nbsp;&nbsp; 7782818, 6.184%, 11/12/2025 †x¶ | Square | 5/15/2024 | 753 | 689 | 424 |
| &nbsp;&nbsp;&nbsp; 7782820, 5.090%, 11/12/2025 †x¶ | Square | 5/15/2024 | 2538 | 2358 | 1207 |
| &nbsp;&nbsp;&nbsp; 7784078, 4.781%, 11/13/2025 †x¶ | Square | 5/15/2024 | 3498 | 3271 | 3075 |
| &nbsp;&nbsp;&nbsp; 7785132, 4.744%, 11/13/2025 †x¶ | Square | 5/15/2024 | 1144 | 1068 | 727 |
| &nbsp;&nbsp;&nbsp; 7785196, 5.090%, 11/13/2025 †x¶ | Square | 5/15/2024 | 25 | 23 | 23 |
| &nbsp;&nbsp;&nbsp; 7785361, 5.535%, 11/13/2025 †x¶ | Square | 5/15/2024 | 2106 | 1945 | 1175 |
| &nbsp;&nbsp;&nbsp; 7786142, 6.159%, 11/13/2025 †x¶ | Square | 5/15/2024 | 280 | 257 | 172 |
| &nbsp;&nbsp;&nbsp; 7786316, 5.913%, 11/13/2025 †x¶# | Square | 5/15/2024 | 4664 | 4284 | 366 |
| &nbsp;&nbsp;&nbsp; 7786687986, 20.000%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 2970 | 3089 | 3190 |
| &nbsp;&nbsp;&nbsp; 7786761, 5.094%, 11/13/2025 †x¶ | Square | 5/15/2024 | 4095 | 3804 | 2912 |
| &nbsp;&nbsp;&nbsp; 7787012, 4.776%, 11/13/2025 †x¶ | Square | 5/15/2024 | 812 | 758 | 639 |
| &nbsp;&nbsp;&nbsp; 7787023, 6.181%, 11/13/2025 †x¶# | Square | 5/15/2024 | 1312 | 1201 | 103 |
| &nbsp;&nbsp;&nbsp; 7787114, 4.752%, 11/13/2025 †x¶ | Square | 5/15/2024 | 172 | 161 | 103 |
| &nbsp;&nbsp;&nbsp; 7787235335, 26.533%, 3/27/2026 †x¥# | Stripe | 10/01/2024 | 665 | 692 | 188 |
| &nbsp;&nbsp;&nbsp; 7787920, 6.477%, 11/14/2025 †x¶# | Square | 5/16/2024 | 1067 | 973 | 84 |
| &nbsp;&nbsp;&nbsp; 7788841, 4.760%, 11/14/2025 †x¶# | Square | 5/16/2024 | 2896 | 2703 | 227 |
| &nbsp;&nbsp;&nbsp; 7789090, 5.105%, 11/14/2025 †x¶ | Square | 5/16/2024 | 908 | 844 | 646 |
| &nbsp;&nbsp;&nbsp; 7789895, 5.527%, 11/14/2025 †x¶# | Square | 5/16/2024 | 1752 | 1618 | 137 |
| &nbsp;&nbsp;&nbsp; 7789993, 6.152%, 11/14/2025 †x¶ | Square | 5/16/2024 | 958 | 877 | 432 |
| &nbsp;&nbsp;&nbsp; 7790011, 5.438%, 11/14/2025 †x¶# | Square | 5/16/2024 | 1352 | 1250 | 106 |
| &nbsp;&nbsp;&nbsp; 7790092918, 25.563%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 2578 | 2681 | 2693 |
| &nbsp;&nbsp;&nbsp; 7790103, 5.535%, 11/14/2025 †x¶ | Square | 5/16/2024 | 4159 | 3840 | 2083 |
| &nbsp;&nbsp;&nbsp; 7790170, 6.166%, 11/14/2025 †x¶ | Square | 5/16/2024 | 5569 | 5098 | 2129 |
| &nbsp;&nbsp;&nbsp; 7790266, 5.535%, 11/14/2025 †x¶ | Square | 5/16/2024 | 9290 | 8578 | 4698 |
| &nbsp;&nbsp;&nbsp; 7790395, 4.788%, 11/14/2025 †x¶ | Square | 5/16/2024 | 425 | 397 | 374 |
| &nbsp;&nbsp;&nbsp; 7790410, 5.347%, 11/14/2025 †x¶ | Square | 5/16/2024 | 22801 | 21108 | 17077 |
| &nbsp;&nbsp;&nbsp; 7790644, 4.783%, 11/14/2025 †x¶ | Square | 5/16/2024 | 1395 | 1302 | 1008 |
| &nbsp;&nbsp;&nbsp; 7790891, 6.162%, 11/14/2025 †x¶# | Square | 5/16/2024 | 6562 | 6007 | 514 |
| &nbsp;&nbsp;&nbsp; 7790927, 5.095%, 11/14/2025 †x¶# | Square | 5/16/2024 | 32125 | 29845 | 2519 |
| &nbsp;&nbsp;&nbsp; 7791012, 4.779%, 11/14/2025 †x¶ | Square | 5/16/2024 | 7923 | 7393 | 6777 |
| &nbsp;&nbsp;&nbsp; 7791097, 4.780%, 11/14/2025 †x¶ | Square | 5/16/2024 | 2574 | 2402 | 1651 |
| &nbsp;&nbsp;&nbsp; 7791173, 4.750%, 11/14/2025 †x¶ | Square | 5/16/2024 | 3775 | 3524 | 1496 |
| &nbsp;&nbsp;&nbsp; 7791251, 6.282%, 11/14/2025 †x¶# | Square | 5/16/2024 | 1649 | 1507 | 129 |
| &nbsp;&nbsp;&nbsp; 7791260, 4.788%, 11/14/2025 †x¶ | Square | 5/16/2024 | 1604 | 1496 | 952 |
| &nbsp;&nbsp;&nbsp; 7791570, 5.347%, 11/15/2025 †x¶ | Square | 5/17/2024 | 6074 | 5623 | 4360 |
| &nbsp;&nbsp;&nbsp; 7792317, 4.746%, 11/15/2025 †x¶ | Square | 5/17/2024 | 762 | 712 | 267 |
| &nbsp;&nbsp;&nbsp; 7792373805, 25.593%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 2940 | 3057 | 3080 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8725** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7792444, 5.434%, 11/15/2025 †x¶# | Square | 5/17/2024 | $353 | $326 | $200 |
| &nbsp;&nbsp;&nbsp; 779258638, 16.262%, 4/23/2024 †x¥#^ | Stripe | 10/27/2022 | 2595 | 2699 | 104 |
| &nbsp;&nbsp;&nbsp; 7792608018, 19.282%, 1/06/2026 †x¥# | Stripe | 7/11/2024 | 839 | 872 | 34 |
| &nbsp;&nbsp;&nbsp; 7793081, 5.348%, 11/15/2025 †x¶# | Square | 5/17/2024 | 3759 | 3479 | 2338 |
| &nbsp;&nbsp;&nbsp; 7793305821, 18.759%, 7/11/2023 †x¥#^ | Stripe | 1/13/2022 | 645 | 671 | 26 |
| &nbsp;&nbsp;&nbsp; 7793378, 5.724%, 11/15/2025 †x¶ | Square | 5/17/2024 | 10687 | 9851 | 6928 |
| &nbsp;&nbsp;&nbsp; 779359792, 19.733%, 12/19/2025 †x¥ | Stripe | 6/25/2024 | 1066 | 1109 | 1133 |
| &nbsp;&nbsp;&nbsp; 7793747, 5.531%, 11/15/2025 †x¶ | Square | 5/17/2024 | 533 | 492 | 500 |
| &nbsp;&nbsp;&nbsp; 7793808763, 14.266%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 4247 | 4417 | 4452 |
| &nbsp;&nbsp;&nbsp; 7793885, 5.094%, 11/15/2025 †x¶ | Square | 5/17/2024 | 661 | 614 | 644 |
| &nbsp;&nbsp;&nbsp; 7794660, 5.909%, 11/15/2025 †x¶# | Square | 5/17/2024 | 2619 | 2405 | 1165 |
| &nbsp;&nbsp;&nbsp; 7794853, 6.164%, 11/15/2025 †x¶ | Square | 5/17/2024 | 493 | 452 | 179 |
| &nbsp;&nbsp;&nbsp; 7797095362, 20.519%, 5/03/2024 †x¥#^ | Stripe | 11/08/2022 | 4603 | 4787 | 184 |
| &nbsp;&nbsp;&nbsp; 77971568, 14.400%, 6/13/2023 †x¥#^ | Stripe | 12/16/2021 | 7567 | 7870 | 303 |
| &nbsp;&nbsp;&nbsp; 7798178, 6.171%, 11/16/2025 †x¶ | Square | 5/20/2024 | 2034 | 1863 | 864 |
| &nbsp;&nbsp;&nbsp; 7798629002, 25.846%, 11/27/2026 †x¥ | Stripe | 6/03/2025 | 2311 | 2404 | 2415 |
| &nbsp;&nbsp;&nbsp; 7799062, 5.347%, 11/16/2025 †x¶# | Square | 5/20/2024 | 30086 | 27853 | 11930 |
| &nbsp;&nbsp;&nbsp; 7800556, 5.354%, 11/17/2025 †x¶ | Square | 5/21/2024 | 186 | 172 | 174 |
| &nbsp;&nbsp;&nbsp; 7800753, 5.464%, 11/17/2025 †x¶ | Square | 5/21/2024 | 719 | 664 | 217 |
| &nbsp;&nbsp;&nbsp; 7800849, 4.768%, 11/17/2025 †x¶ | Square | 5/21/2024 | 539 | 503 | 464 |
| &nbsp;&nbsp;&nbsp; 7800947, 5.094%, 11/17/2025 †x¶ | Square | 5/21/2024 | 12373 | 11495 | 6001 |
| &nbsp;&nbsp;&nbsp; 7801271, 6.162%, 11/17/2025 †x¶# | Square | 5/21/2024 | 8032 | 7352 | 630 |
| &nbsp;&nbsp;&nbsp; 7801585, 5.720%, 11/17/2025 †x¶ | Square | 5/21/2024 | 2636 | 2428 | 1538 |
| &nbsp;&nbsp;&nbsp; 7801601, 5.552%, 11/17/2025 †x¶# | Square | 5/21/2024 | 1741 | 1635 | 137 |
| &nbsp;&nbsp;&nbsp; 7801753, 6.158%, 11/17/2025 †x¶# | Square | 5/21/2024 | 1315 | 1204 | 103 |
| &nbsp;&nbsp;&nbsp; 7802215, 5.095%, 11/17/2025 †x¶# | Square | 5/21/2024 | 4549 | 4226 | 357 |
| &nbsp;&nbsp;&nbsp; 7802283, 4.745%, 11/17/2025 †x¶# | Square | 5/21/2024 | 348 | 325 | 126 |
| &nbsp;&nbsp;&nbsp; 7802575, 5.347%, 11/17/2025 †x¶# | Square | 5/21/2024 | 5430 | 5027 | 4310 |
| &nbsp;&nbsp;&nbsp; 7803910, 5.094%, 11/17/2025 †x¶ | Square | 5/21/2024 | 20218 | 18783 | 13236 |
| &nbsp;&nbsp;&nbsp; 7804060, 6.166%, 11/18/2025 †x¶# | Square | 5/22/2024 | 2771 | 2539 | 1004 |
| &nbsp;&nbsp;&nbsp; 7804509, 6.160%, 11/18/2025 †x¶ | Square | 5/22/2024 | 467 | 428 | 190 |
| &nbsp;&nbsp;&nbsp; 7804513, 5.912%, 11/18/2025 †x¶ | Square | 5/22/2024 | 991 | 911 | 359 |
| &nbsp;&nbsp;&nbsp; 7804532, 5.342%, 11/18/2025 †x¶ | Square | 5/22/2024 | 653 | 605 | 389 |
| &nbsp;&nbsp;&nbsp; 7804578, 5.912%, 11/18/2025 †x¶ | Square | 5/22/2024 | 1272 | 1168 | 980 |
| &nbsp;&nbsp;&nbsp; 7804737, 6.483%, 11/18/2025 †x¶# | Square | 5/22/2024 | 3439 | 3161 | 270 |
| &nbsp;&nbsp;&nbsp; 7804840, 4.779%, 11/18/2025 †x¶ | Square | 5/22/2024 | 2637 | 2461 | 2281 |
| &nbsp;&nbsp;&nbsp; 7804940548, 14.933%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 40729 | 42358 | 42912 |
| &nbsp;&nbsp;&nbsp; 7804957, 5.092%, 11/19/2025 †x¶ | Square | 5/22/2024 | 1391 | 1293 | 778 |
| &nbsp;&nbsp;&nbsp; 7805212, 4.783%, 11/19/2025 †x¶ | Square | 5/22/2024 | 3423 | 3194 | 1268 |
| &nbsp;&nbsp;&nbsp; 7805328, 4.767%, 11/19/2025 †x¶ | Square | 5/22/2024 | 409 | 382 | 369 |
| &nbsp;&nbsp;&nbsp; 7805352, 5.094%, 11/19/2025 †x¶# | Square | 5/22/2024 | 3291 | 3058 | 258 |
| &nbsp;&nbsp;&nbsp; 7805497, 5.913%, 11/19/2025 †x¶ | Square | 5/22/2024 | 2298 | 2111 | 1624 |
| &nbsp;&nbsp;&nbsp; 7805577, 5.535%, 11/19/2025 †x¶# | Square | 5/22/2024 | 8106 | 7485 | 636 |
| &nbsp;&nbsp;&nbsp; 7805828, 5.727%, 11/20/2025 †x¶ | Square | 5/22/2024 | 956 | 880 | 378 |
| &nbsp;&nbsp;&nbsp; 7806112, 4.780%, 11/20/2025 †x¶ | Square | 5/22/2024 | 521 | 486 | 144 |
| &nbsp;&nbsp;&nbsp; 7806115, 5.530%, 11/20/2025 †x¶# | Square | 5/22/2024 | 3693 | 3410 | 290 |
| &nbsp;&nbsp;&nbsp; 7806449, 5.545%, 11/20/2025 †x¶ | Square | 5/22/2024 | 539 | 497 | 449 |
| &nbsp;&nbsp;&nbsp; 7806493, 5.448%, 11/20/2025 †x¶ | Square | 5/22/2024 | 12 | 11 | 8 |
| &nbsp;&nbsp;&nbsp; 7806919, 6.163%, 11/20/2025 †x¶# | Square | 5/22/2024 | 19244 | 17616 | 1509 |
| &nbsp;&nbsp;&nbsp; 7807390, 4.751%, 11/20/2025 †x¶# | Square | 5/22/2024 | 9558 | 8922 | 749 |
| &nbsp;&nbsp;&nbsp; 7807599, 6.162%, 11/20/2025 †x¶ | Square | 5/22/2024 | 1186 | 1085 | 415 |
| &nbsp;&nbsp;&nbsp; 7807801, 5.093%, 11/20/2025 †x¶ | Square | 5/22/2024 | 2051 | 1906 | 1390 |
| &nbsp;&nbsp;&nbsp; 7807955, 6.165%, 11/20/2025 †x¶# | Square | 5/22/2024 | 195 | 178 | 172 |
| &nbsp;&nbsp;&nbsp; 7808678585, 17.600%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1781 | 1852 | 1876 |
| &nbsp;&nbsp;&nbsp; 7808686, 4.781%, 11/20/2025 †x¶ | Square | 5/22/2024 | 909 | 848 | 750 |
| &nbsp;&nbsp;&nbsp; 7808753, 5.094%, 11/20/2025 †x¶ | Square | 5/22/2024 | 20767 | 19294 | 16092 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8726** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7808875751, 26.533%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | $5371 | $5586 | $5610 |
| &nbsp;&nbsp;&nbsp; 7809652, 5.358%, 11/21/2025 †x¶# | Square | 5/23/2024 | 1191 | 1102 | 93 |
| &nbsp;&nbsp;&nbsp; 7809908, 5.346%, 11/21/2025 †x¶ | Square | 5/23/2024 | 4995 | 4625 | 3871 |
| &nbsp;&nbsp;&nbsp; 7810429, 4.744%, 11/21/2025 †x¶ | Square | 5/23/2024 | 599 | 559 | 172 |
| &nbsp;&nbsp;&nbsp; 7811028, 5.546%, 11/21/2025 †x¶ | Square | 5/23/2024 | 729 | 673 | 470 |
| &nbsp;&nbsp;&nbsp; 7811165, 5.909%, 11/21/2025 †x¶# | Square | 5/23/2024 | 1898 | 1744 | 149 |
| &nbsp;&nbsp;&nbsp; 7811448849, 20.400%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 23024 | 23944 | 23996 |
| &nbsp;&nbsp;&nbsp; 7811593550, 14.931%, 5/12/2024 †x¥#^ | Stripe | 3/10/2022 | 36663 | 38129 | 1467 |
| &nbsp;&nbsp;&nbsp; 7812315, 4.773%, 11/21/2025 †x¶ | Square | 5/23/2024 | 285 | 266 | 276 |
| &nbsp;&nbsp;&nbsp; 7812599, 4.780%, 11/21/2025 †x¶ | Square | 5/23/2024 | 24002 | 22396 | 19424 |
| &nbsp;&nbsp;&nbsp; 7812791, 5.724%, 11/21/2025 †x¶# | Square | 5/23/2024 | 9864 | 9084 | 4201 |
| &nbsp;&nbsp;&nbsp; 78130334, 22.390%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 5037 | 5238 | 5335 |
| &nbsp;&nbsp;&nbsp; 7813159, 4.735%, 11/21/2025 †x¶# | Square | 5/23/2024 | 1799 | 1680 | 141 |
| &nbsp;&nbsp;&nbsp; 7813186, 5.536%, 11/21/2025 †x¶ | Square | 5/23/2024 | 3374 | 3116 | 2728 |
| &nbsp;&nbsp;&nbsp; 7813866, 5.355%, 11/22/2025 †x¶ | Square | 5/24/2024 | 768 | 711 | 523 |
| &nbsp;&nbsp;&nbsp; 7813885, 4.742%, 11/22/2025 †x¶# | Square | 5/24/2024 | 3812 | 3559 | 299 |
| &nbsp;&nbsp;&nbsp; 7814744, 5.085%, 11/22/2025 †x¶ | Square | 5/24/2024 | 220 | 205 | 198 |
| &nbsp;&nbsp;&nbsp; 7814763228, 25.591%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 2659 | 2765 | 2781 |
| &nbsp;&nbsp;&nbsp; 7815116, 5.086%, 11/22/2025 †x¶ | Square | 5/24/2024 | 2001 | 1859 | 1063 |
| &nbsp;&nbsp;&nbsp; 7815766, 5.897%, 11/22/2025 †x¶ | Square | 5/24/2024 | 717 | 658 | 343 |
| &nbsp;&nbsp;&nbsp; 7815887, 5.090%, 11/22/2025 †x¶ | Square | 5/24/2024 | 385 | 358 | 353 |
| &nbsp;&nbsp;&nbsp; 7816022, 6.289%, 11/22/2025 †x¶# | Square | 5/24/2024 | 1409 | 1288 | 111 |
| &nbsp;&nbsp;&nbsp; 7816411, 5.349%, 11/22/2025 †x¶# | Square | 5/24/2024 | 10629 | 9839 | 833 |
| &nbsp;&nbsp;&nbsp; 7816439, 5.441%, 11/22/2025 †x¶# | Square | 5/24/2024 | 39126 | 36183 | 3068 |
| &nbsp;&nbsp;&nbsp; 7816583, 6.170%, 11/22/2025 †x¶ | Square | 5/24/2024 | 792 | 725 | 284 |
| &nbsp;&nbsp;&nbsp; 7816846, 6.163%, 11/22/2025 †x¶ | Square | 5/24/2024 | 10007 | 9160 | 4113 |
| &nbsp;&nbsp;&nbsp; 7817417674, 22.528%, 7/04/2024 †x¥#^ | Stripe | 1/09/2023 | 5251 | 5461 | 210 |
| &nbsp;&nbsp;&nbsp; 7818070525, 17.978%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 3100 | 3224 | 3224 |
| &nbsp;&nbsp;&nbsp; 7818093756, 26.129%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 1784 | 1855 | 1908 |
| &nbsp;&nbsp;&nbsp; 7819895026, 26.523%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 4460 | 4639 | 4693 |
| &nbsp;&nbsp;&nbsp; 7821093322, 26.504%, 10/09/2025 †x¥# | Stripe | 4/15/2024 | 1703 | 1771 | 68 |
| &nbsp;&nbsp;&nbsp; 7821432, 6.289%, 11/23/2025 †x¶# | Square | 5/28/2024 | 4304 | 3944 | 337 |
| &nbsp;&nbsp;&nbsp; 7821839, 5.913%, 11/23/2025 †x¶# | Square | 5/28/2024 | 24951 | 22918 | 1956 |
| &nbsp;&nbsp;&nbsp; 7822071552, 22.399%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 19031 | 19792 | 20324 |
| &nbsp;&nbsp;&nbsp; 7822941, 5.525%, 11/23/2025 †x¶ | Square | 5/28/2024 | 23 | 22 | 22 |
| &nbsp;&nbsp;&nbsp; 7823575, 5.722%, 11/23/2025 †x¶ | Square | 5/28/2024 | 1359 | 1251 | 1153 |
| &nbsp;&nbsp;&nbsp; 7824046, 4.780%, 11/23/2025 †x¶# | Square | 5/28/2024 | 2373 | 2215 | 1846 |
| &nbsp;&nbsp;&nbsp; 7824339, 6.162%, 11/23/2025 †x¶ | Square | 5/28/2024 | 1343 | 1229 | 1091 |
| &nbsp;&nbsp;&nbsp; 7824778, 4.755%, 11/23/2025 †x¶# | Square | 5/28/2024 | 2695 | 2516 | 211 |
| &nbsp;&nbsp;&nbsp; 7824781, 4.765%, 11/23/2025 †x¶# | Square | 5/28/2024 | 407 | 380 | 211 |
| &nbsp;&nbsp;&nbsp; 7825038, 4.780%, 11/23/2025 †x¶# | Square | 5/28/2024 | 3350 | 3126 | 925 |
| &nbsp;&nbsp;&nbsp; 7825738, 6.164%, 11/24/2025 †x¶ | Square | 5/29/2024 | 100 | 92 | 85 |
| &nbsp;&nbsp;&nbsp; 7826836, 4.777%, 11/24/2025 †x¶ | Square | 5/29/2024 | 451 | 420 | 422 |
| &nbsp;&nbsp;&nbsp; 7826899, 6.164%, 11/24/2025 †x¶# | Square | 5/29/2024 | 1079 | 988 | 508 |
| &nbsp;&nbsp;&nbsp; 7827323, 6.173%, 11/24/2025 †x¶ | Square | 5/29/2024 | 1322 | 1210 | 715 |
| &nbsp;&nbsp;&nbsp; 7828342, 6.490%, 11/24/2025 †x¶ | Square | 5/29/2024 | 346 | 315 | 243 |
| &nbsp;&nbsp;&nbsp; 7828506, 6.289%, 11/24/2025 †x¶ | Square | 5/29/2024 | 3023 | 2763 | 831 |
| &nbsp;&nbsp;&nbsp; 7828700, 6.166%, 11/24/2025 †x¶ | Square | 5/29/2024 | 744 | 681 | 584 |
| &nbsp;&nbsp;&nbsp; 7829935, 4.791%, 11/25/2025 †x¶ | Square | 5/30/2024 | 698 | 651 | 358 |
| &nbsp;&nbsp;&nbsp; 7830179, 5.916%, 11/25/2025 †x¶# | Square | 5/30/2024 | 4145 | 3808 | 325 |
| &nbsp;&nbsp;&nbsp; 7830722030, 21.956%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 316 | 329 | 340 |
| &nbsp;&nbsp;&nbsp; 7830862, 4.778%, 11/26/2025 †x¶ | Square | 5/30/2024 | 2181 | 2035 | 2032 |
| &nbsp;&nbsp;&nbsp; 7831057, 5.531%, 11/26/2025 †x¶# | Square | 5/30/2024 | 1169 | 1079 | 92 |
| &nbsp;&nbsp;&nbsp; 7831081, 6.482%, 11/26/2025 †x¶# | Square | 5/30/2024 | 1371 | 1249 | 107 |
| &nbsp;&nbsp;&nbsp; 7831205, 4.745%, 11/26/2025 †x¶# | Square | 5/30/2024 | 3775 | 3533 | 296 |
| &nbsp;&nbsp;&nbsp; 7831274, 4.781%, 11/26/2025 †x¶ | Square | 5/30/2024 | 288 | 269 | 276 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8727** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7831833, 5.099%, 11/27/2025 †x¶ | Square | 5/30/2024 | $1148 | $1067 | $976 |
| &nbsp;&nbsp;&nbsp; 7833009822, 25.600%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 2956 | 3074 | 3074 |
| &nbsp;&nbsp;&nbsp; 7833853, 4.769%, 11/28/2025 †x¶ | Square | 5/30/2024 | 217 | 203 | 207 |
| &nbsp;&nbsp;&nbsp; 783476195, 24.000%, 9/17/2023 †x¥#^ | Stripe | 1/21/2022 | 11570 | 12033 | 463 |
| &nbsp;&nbsp;&nbsp; 7834918, 6.161%, 11/28/2025 †x¶# | Square | 5/30/2024 | 3004 | 2750 | 236 |
| &nbsp;&nbsp;&nbsp; 7836135, 6.158%, 11/28/2025 †x¶# | Square | 5/30/2024 | 2099 | 1921 | 486 |
| &nbsp;&nbsp;&nbsp; 7836431, 5.094%, 11/29/2025 †x¶ | Square | 5/31/2024 | 22088 | 20521 | 15144 |
| &nbsp;&nbsp;&nbsp; 7837669, 4.762%, 11/29/2025 †x¶ | Square | 5/31/2024 | 574 | 535 | 302 |
| &nbsp;&nbsp;&nbsp; 7837715, 4.746%, 11/29/2025 †x¶# | Square | 5/31/2024 | 3159 | 2949 | 248 |
| &nbsp;&nbsp;&nbsp; 7837793, 5.908%, 11/29/2025 †x¶ | Square | 5/31/2024 | 921 | 846 | 684 |
| &nbsp;&nbsp;&nbsp; 7837962, 5.906%, 11/29/2025 †x¶ | Square | 5/31/2024 | 108 | 99 | 93 |
| &nbsp;&nbsp;&nbsp; 7838038, 6.289%, 11/29/2025 †x¶# | Square | 5/31/2024 | 9112 | 8327 | 714 |
| &nbsp;&nbsp;&nbsp; 7838121, 6.289%, 11/29/2025 †x¶# | Square | 5/31/2024 | 2271 | 2076 | 178 |
| &nbsp;&nbsp;&nbsp; 7838853, 5.093%, 11/29/2025 †x¶ | Square | 5/31/2024 | 566 | 525 | 504 |
| &nbsp;&nbsp;&nbsp; 7838970, 5.536%, 11/29/2025 †x¶# | Square | 5/31/2024 | 7050 | 6510 | 2436 |
| &nbsp;&nbsp;&nbsp; 7838991, 4.750%, 11/29/2025 †x¶# | Square | 5/31/2024 | 6048 | 5646 | 474 |
| &nbsp;&nbsp;&nbsp; 7839450, 5.351%, 11/29/2025 †x¶ | Square | 5/31/2024 | 2351 | 2176 | 1835 |
| &nbsp;&nbsp;&nbsp; 7839816809, 20.657%, 4/09/2025 †x¥#^ | Stripe | 10/13/2023 | 1586 | 1649 | 63 |
| &nbsp;&nbsp;&nbsp; 7839825894, 20.267%, 7/24/2024 †x¥#^ | Stripe | 1/27/2023 | 1088 | 1131 | 44 |
| &nbsp;&nbsp;&nbsp; 7839938, 5.346%, 11/29/2025 †x¶ | Square | 5/31/2024 | 8012 | 7417 | 3695 |
| &nbsp;&nbsp;&nbsp; 7841168971, 14.792%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 2312 | 2404 | 2426 |
| &nbsp;&nbsp;&nbsp; 7842088244, 18.000%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 5118 | 5323 | 5329 |
| &nbsp;&nbsp;&nbsp; 7844447299, 18.083%, 1/23/2027 †x¥ | Stripe | 7/30/2025 | 1446 | 1504 | 1507 |
| &nbsp;&nbsp;&nbsp; 7848777886, 24.000%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 10928 | 11365 | 437 |
| &nbsp;&nbsp;&nbsp; 7850741189, 11.733%, 11/14/2023 †x¥#^ | Stripe | 5/19/2022 | 30714 | 31943 | 1229 |
| &nbsp;&nbsp;&nbsp; 7852108251, 25.867%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 8128 | 8453 | 8669 |
| &nbsp;&nbsp;&nbsp; 785509439, 14.794%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1376 | 1431 | 1446 |
| &nbsp;&nbsp;&nbsp; 7855332527, 15.065%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 11578 | 12041 | 12158 |
| &nbsp;&nbsp;&nbsp; 7856149553, 25.865%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 6794 | 7066 | 7214 |
| &nbsp;&nbsp;&nbsp; 7856568844, 26.533%, 1/22/2027 †x¥ | Stripe | 7/29/2025 | 18981 | 19740 | 19796 |
| &nbsp;&nbsp;&nbsp; 7858768742, 26.129%, 3/17/2026 †x¥# | Stripe | 9/19/2024 | 18136 | 18861 | 725 |
| &nbsp;&nbsp;&nbsp; 786035734, 22.526%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 2116 | 2200 | 85 |
| &nbsp;&nbsp;&nbsp; 7862807490, 25.333%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 1618 | 1682 | 65 |
| &nbsp;&nbsp;&nbsp; 7862896615, 17.593%, 9/13/2025 †x¥# | Stripe | 3/20/2024 | 8278 | 8609 | 331 |
| &nbsp;&nbsp;&nbsp; 7864894792, 20.133%, 12/26/2025 †x¥ | Stripe | 7/02/2024 | 3278 | 3409 | 3528 |
| &nbsp;&nbsp;&nbsp; 7864949111, 17.333%, 2/03/2026 †x¥ | Stripe | 8/08/2024 | 1498 | 1558 | 405 |
| &nbsp;&nbsp;&nbsp; 7866111945, 26.510%, 1/10/2026 †x¥# | Stripe | 7/17/2024 | 716 | 745 | 29 |
| &nbsp;&nbsp;&nbsp; 7868135028, 17.867%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | 4547 | 4729 | 4791 |
| &nbsp;&nbsp;&nbsp; 7868839255, 10.667%, 5/03/2024 †x¥#^ | Stripe | 11/08/2022 | 5509 | 5730 | 220 |
| &nbsp;&nbsp;&nbsp; 7869654394, 24.000%, 10/01/2024 †x¥#^ | Stripe | 4/06/2023 | 8137 | 8462 | 325 |
| &nbsp;&nbsp;&nbsp; 7871230221, 26.533%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 2680 | 2787 | 2879 |
| &nbsp;&nbsp;&nbsp; 7872615719, 13.066%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 33703 | 35051 | 35762 |
| &nbsp;&nbsp;&nbsp; 7878813931, 16.133%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 45034 | 46835 | 47282 |
| &nbsp;&nbsp;&nbsp; 788003961, 19.996%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 2250 | 2340 | 90 |
| &nbsp;&nbsp;&nbsp; 78815737, 20.000%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 86445 | 89902 | 91171 |
| &nbsp;&nbsp;&nbsp; 7885557074, 21.091%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 978 | 1017 | 39 |
| &nbsp;&nbsp;&nbsp; 7886746819, 23.864%, 3/21/2023 †x¥#^ | Stripe | 9/23/2021 | 11521 | 11982 | 461 |
| &nbsp;&nbsp;&nbsp; 7886843008, 18.667%, 4/11/2026 †x¥ | Stripe | 10/17/2024 | 2193 | 2281 | 2329 |
| &nbsp;&nbsp;&nbsp; 7894984015, 17.600%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 3696 | 3843 | 3867 |
| &nbsp;&nbsp;&nbsp; 7895885634, 22.115%, 7/11/2025 †x¥#^ | Stripe | 1/17/2024 | 1846 | 1920 | 74 |
| &nbsp;&nbsp;&nbsp; 7896012597, 16.000%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 2997 | 3117 | 3132 |
| &nbsp;&nbsp;&nbsp; 7896687065, 19.861%, 3/01/2024 †x¥#^ | Stripe | 9/07/2022 | 3079 | 3202 | 123 |
| &nbsp;&nbsp;&nbsp; 7897210730, 20.800%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 657 | 683 | 695 |
| &nbsp;&nbsp;&nbsp; 7898261920, 14.788%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 739 | 768 | 775 |
| &nbsp;&nbsp;&nbsp; 7899321, 21.200%, 11/18/2025 †x¥# | Stripe | 5/23/2024 | 495 | 515 | 87 |
| &nbsp;&nbsp;&nbsp; 7901248206, 26.133%, 4/28/2026 †x¥# | Stripe | 10/31/2024 | 4338 | 4512 | 750 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8728** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7901377171, 14.000%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | $23125 | $24050 | $24090 |
| &nbsp;&nbsp;&nbsp; 7902180, 5.094%, 12/17/2025 †x¶# | Square | 6/20/2024 | 67583 | 62809 | 42168 |
| &nbsp;&nbsp;&nbsp; 7904220970, 17.600%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 1892 | 1968 | 1988 |
| &nbsp;&nbsp;&nbsp; 7906538774, 24.000%, 4/15/2023 †x¥#^ | Stripe | 8/19/2021 | 6493 | 6753 | 260 |
| &nbsp;&nbsp;&nbsp; 7909736910, 20.399%, 8/17/2024 †x¥#^ | Stripe | 2/23/2023 | 45049 | 46851 | 1802 |
| &nbsp;&nbsp;&nbsp; 7910239632, 26.533%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 2939 | 3057 | 3194 |
| &nbsp;&nbsp;&nbsp; 7910996693, 22.115%, 2/02/2024 †x¥#^ | Stripe | 8/09/2022 | 4971 | 5170 | 199 |
| &nbsp;&nbsp;&nbsp; 7911233009, 17.866%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 30445 | 31663 | 31919 |
| &nbsp;&nbsp;&nbsp; 7912523671, 22.133%, 2/19/2026 †x¥ | Stripe | 8/26/2024 | 1140 | 1186 | 1215 |
| &nbsp;&nbsp;&nbsp; 7912544085, 17.866%, 9/19/2024 †x¥#^ | Stripe | 3/27/2023 | 84423 | 87799 | 3377 |
| &nbsp;&nbsp;&nbsp; 7913403490, 19.192%, 12/09/2023 †x¥#^ | Stripe | 6/15/2022 | 6600 | 6864 | 264 |
| &nbsp;&nbsp;&nbsp; 7913428939, 21.467%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 10763 | 11194 | 11393 |
| &nbsp;&nbsp;&nbsp; 7915462491, 19.333%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 5135 | 5340 | 205 |
| &nbsp;&nbsp;&nbsp; 7915586947, 16.108%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 901 | 937 | 950 |
| &nbsp;&nbsp;&nbsp; 791566393, 26.510%, 9/03/2025 †x¥# | Stripe | 1/10/2024 | 2064 | 2147 | 83 |
| &nbsp;&nbsp;&nbsp; 7915669685, 18.667%, 4/24/2025 †x¥#^ | Stripe | 10/30/2023 | 1127 | 1172 | 45 |
| &nbsp;&nbsp;&nbsp; 7922790668, 19.333%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 9244 | 9614 | 9648 |
| &nbsp;&nbsp;&nbsp; 7932021545, 18.400%, 10/10/2023 †x¥#^ | Stripe | 4/14/2022 | 7895 | 8211 | 316 |
| &nbsp;&nbsp;&nbsp; 7932328960, 20.373%, 11/27/2026 †x¥ | Stripe | 6/03/2025 | 1854 | 1928 | 1943 |
| &nbsp;&nbsp;&nbsp; 793360518, 17.866%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 32513 | 33813 | 34278 |
| &nbsp;&nbsp;&nbsp; 7934764368, 18.933%, 4/21/2026 †x¥ | Stripe | 10/24/2024 | 18966 | 19725 | 20015 |
| &nbsp;&nbsp;&nbsp; 7935037, 4.779%, 12/27/2025 †x¶# | Square | 7/01/2024 | 5275 | 4922 | 4097 |
| &nbsp;&nbsp;&nbsp; 7935865, 4.784%, 12/27/2025 †§x¶ | Square | 7/01/2024 | 194 | 181 | 188 |
| &nbsp;&nbsp;&nbsp; 7936285, 5.908%, 12/27/2025 †x¶ | Square | 7/01/2024 | 1266 | 1163 | 880 |
| &nbsp;&nbsp;&nbsp; 7936514, 4.749%, 12/27/2025 †§x¶ | Square | 7/01/2024 | 176 | 164 | 120 |
| &nbsp;&nbsp;&nbsp; 7936527, 6.289%, 12/27/2025 †x¶ | Square | 7/01/2024 | 4222 | 3858 | 2658 |
| &nbsp;&nbsp;&nbsp; 7936903776, 25.867%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 845 | 878 | 886 |
| &nbsp;&nbsp;&nbsp; 7937125, 5.912%, 12/27/2025 †x¶ | Square | 7/01/2024 | 1474 | 1354 | 1218 |
| &nbsp;&nbsp;&nbsp; 7937402, 5.094%, 12/27/2025 †x¶# | Square | 7/01/2024 | 32231 | 29943 | 2527 |
| &nbsp;&nbsp;&nbsp; 793769284, 22.400%, 2/11/2023 †x¥#^ | Stripe | 8/18/2021 | 2442 | 2539 | 98 |
| &nbsp;&nbsp;&nbsp; 7938107456, 15.195%, 1/22/2026 †x¥# | Stripe | 7/29/2024 | 3062 | 3185 | 1155 |
| &nbsp;&nbsp;&nbsp; 7938434530, 20.399%, 12/04/2025 †x¥# | Stripe | 6/10/2024 | 58919 | 61276 | 2357 |
| &nbsp;&nbsp;&nbsp; 7939736, 4.774%, 12/28/2025 †§x¶ | Square | 7/02/2024 | 376 | 351 | 368 |
| &nbsp;&nbsp;&nbsp; 7939753067, 22.131%, 7/02/2025 †x¥#^ | Stripe | 1/05/2024 | 11615 | 12080 | 465 |
| &nbsp;&nbsp;&nbsp; 7939785, 5.336%, 12/28/2025 †§x¶ | Square | 7/02/2024 | 313 | 290 | 298 |
| &nbsp;&nbsp;&nbsp; 7940248956, 22.933%, 6/12/2024 †x¥#^ | Stripe | 12/16/2022 | 1843 | 1917 | 74 |
| &nbsp;&nbsp;&nbsp; 7940754, 4.780%, 12/28/2025 †x¶ | Square | 7/02/2024 | 68544 | 63958 | 45224 |
| &nbsp;&nbsp;&nbsp; 7941675, 5.713%, 12/28/2025 †x¶ | Square | 7/02/2024 | 1047 | 964 | 671 |
| &nbsp;&nbsp;&nbsp; 7941701, 5.912%, 12/28/2025 †§x¶ | Square | 7/02/2024 | 811 | 745 | 438 |
| &nbsp;&nbsp;&nbsp; 7942126, 5.428%, 12/29/2025 †x¶# | Square | 7/03/2024 | 511 | 472 | 40 |
| &nbsp;&nbsp;&nbsp; 7943382542, 20.392%, 12/30/2026 †x¥ | Stripe | 7/07/2025 | 5172 | 5379 | 5418 |
| &nbsp;&nbsp;&nbsp; 7943650, 6.480%, 12/30/2025 †§x¶ | Square | 7/03/2024 | 830 | 757 | 673 |
| &nbsp;&nbsp;&nbsp; 7943754, 6.189%, 12/30/2025 †x¶ | Square | 7/03/2024 | 556 | 509 | 240 |
| &nbsp;&nbsp;&nbsp; 7944066, 5.727%, 1/01/2026 †x¶ | Square | 7/03/2024 | 5545 | 5106 | 3341 |
| &nbsp;&nbsp;&nbsp; 7944506, 5.900%, 1/01/2026 †x¶ | Square | 7/03/2024 | 1500 | 1378 | 574 |
| &nbsp;&nbsp;&nbsp; 7945412, 4.783%, 1/01/2026 †x¶ | Square | 7/03/2024 | 2689 | 2509 | 2331 |
| &nbsp;&nbsp;&nbsp; 7946183, 4.747%, 1/01/2026 †x¶# | Square | 7/03/2024 | 5458 | 5095 | 428 |
| &nbsp;&nbsp;&nbsp; 7946548, 5.096%, 1/01/2026 †x¶# | Square | 7/03/2024 | 14819 | 13767 | 1162 |
| &nbsp;&nbsp;&nbsp; 7946710, 4.788%, 1/01/2026 †x¶ | Square | 7/03/2024 | 2144 | 2000 | 1442 |
| &nbsp;&nbsp;&nbsp; 7946756, 4.783%, 1/01/2026 †x¶# | Square | 7/03/2024 | 675 | 630 | 157 |
| &nbsp;&nbsp;&nbsp; 7947387, 6.168%, 1/01/2026 †§x¶ | Square | 7/03/2024 | 79 | 73 | 75 |
| &nbsp;&nbsp;&nbsp; 7947412, 5.095%, 1/01/2026 †x¶# | Square | 7/03/2024 | 28918 | 26884 | 2267 |
| &nbsp;&nbsp;&nbsp; 7947727, 4.753%, 1/01/2026 †x¶ | Square | 7/03/2024 | 481 | 449 | 317 |
| &nbsp;&nbsp;&nbsp; 7949516, 6.163%, 1/02/2026 †x¶# | Square | 7/05/2024 | 6523 | 5971 | 511 |
| &nbsp;&nbsp;&nbsp; 7950032, 6.160%, 1/02/2026 †x¶ | Square | 7/05/2024 | 1408 | 1289 | 714 |
| &nbsp;&nbsp;&nbsp; 7950731, 5.921%, 1/02/2026 †§x¶ | Square | 7/05/2024 | 80 | 74 | 76 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8729** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7950892305, 19.867%, 10/10/2023 †x¥#^ | Stripe | 4/14/2022 | $13381 | $13916 | $535 |
| &nbsp;&nbsp;&nbsp; 7953666392, 20.399%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 78022 | 81143 | 81546 |
| &nbsp;&nbsp;&nbsp; 7954608472, 26.500%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 1873 | 1948 | 1963 |
| &nbsp;&nbsp;&nbsp; 7955391857, 21.200%, 12/14/2022 †x¥#^ | Stripe | 6/18/2021 | 1667 | 1733 | 67 |
| &nbsp;&nbsp;&nbsp; 7956067452, 25.600%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 7882 | 8197 | 8292 |
| &nbsp;&nbsp;&nbsp; 7957177, 5.724%, 1/03/2026 †x¶ | Square | 7/08/2024 | 12132 | 11172 | 7541 |
| &nbsp;&nbsp;&nbsp; 7957866, 4.745%, 1/03/2026 †x¶# | Square | 7/08/2024 | 3308 | 3096 | 259 |
| &nbsp;&nbsp;&nbsp; 7959261, 5.911%, 1/04/2026 †x¶# | Square | 7/09/2024 | 1889 | 1735 | 1198 |
| &nbsp;&nbsp;&nbsp; 7959341, 5.744%, 1/04/2026 †x¶ | Square | 7/09/2024 | 852 | 784 | 385 |
| &nbsp;&nbsp;&nbsp; 7959353, 6.178%, 1/04/2026 †x¶ | Square | 7/09/2024 | 448 | 410 | 306 |
| &nbsp;&nbsp;&nbsp; 7959662, 5.436%, 1/04/2026 †§x¶ | Square | 7/09/2024 | 513 | 476 | 391 |
| &nbsp;&nbsp;&nbsp; 7959852, 4.769%, 1/05/2026 †x¶ | Square | 7/09/2024 | 205 | 191 | 137 |
| &nbsp;&nbsp;&nbsp; 7961141, 4.774%, 1/05/2026 †x¶ | Square | 7/09/2024 | 3268 | 3050 | 2176 |
| &nbsp;&nbsp;&nbsp; 7962044, 5.912%, 1/05/2026 †x¶ | Square | 7/09/2024 | 2312 | 2123 | 1160 |
| &nbsp;&nbsp;&nbsp; 7962296, 5.348%, 1/05/2026 †x¶# | Square | 7/09/2024 | 5647 | 5227 | 443 |
| &nbsp;&nbsp;&nbsp; 7962479, 4.717%, 1/05/2026 †x¶# | Square | 7/09/2024 | 88 | 82 | 16 |
| &nbsp;&nbsp;&nbsp; 7962978859, 20.372%, 8/16/2024 †x¥#^ | Stripe | 2/22/2023 | 2576 | 2679 | 103 |
| &nbsp;&nbsp;&nbsp; 7963196, 4.779%, 1/06/2026 †x¶ | Square | 7/10/2024 | 12844 | 11984 | 10716 |
| &nbsp;&nbsp;&nbsp; 7964147, 4.747%, 1/07/2026 †x¶ | Square | 7/10/2024 | 5065 | 4728 | 1692 |
| &nbsp;&nbsp;&nbsp; 7964383, 6.473%, 1/07/2026 †x¶# | Square | 7/10/2024 | 1550 | 1413 | 122 |
| &nbsp;&nbsp;&nbsp; 7964443, 5.092%, 1/07/2026 †§x¶ | Square | 7/10/2024 | 1699 | 1578 | 1651 |
| &nbsp;&nbsp;&nbsp; 7964568, 4.787%, 1/07/2026 †x¶# | Square | 7/10/2024 | 627 | 585 | 128 |
| &nbsp;&nbsp;&nbsp; 7964923, 5.346%, 1/07/2026 †x¶# | Square | 7/10/2024 | 3231 | 2991 | 253 |
| &nbsp;&nbsp;&nbsp; 7964958, 5.910%, 1/07/2026 †§x¶ | Square | 7/10/2024 | 116 | 106 | 106 |
| &nbsp;&nbsp;&nbsp; 7965411, 5.914%, 1/08/2026 †x¶# | Square | 7/10/2024 | 1416 | 1308 | 111 |
| &nbsp;&nbsp;&nbsp; 7966395, 4.785%, 1/08/2026 †x¶ | Square | 7/10/2024 | 1161 | 1084 | 1115 |
| &nbsp;&nbsp;&nbsp; 7966602, 6.178%, 1/08/2026 †x¶# | Square | 7/10/2024 | 1009 | 923 | 269 |
| &nbsp;&nbsp;&nbsp; 7967116, 6.296%, 1/08/2026 †x¶ | Square | 7/10/2024 | 1235 | 1129 | 695 |
| &nbsp;&nbsp;&nbsp; 7967129, 4.780%, 1/08/2026 †§x¶ | Square | 7/10/2024 | 2983 | 2783 | 2933 |
| &nbsp;&nbsp;&nbsp; 7967261062, 26.476%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 1497 | 1557 | 1573 |
| &nbsp;&nbsp;&nbsp; 7968014, 5.097%, 1/08/2026 †x¶ | Square | 7/10/2024 | 4035 | 3749 | 3336 |
| &nbsp;&nbsp;&nbsp; 7968285, 5.911%, 1/08/2026 †x¶# | Square | 7/10/2024 | 7521 | 6909 | 590 |
| &nbsp;&nbsp;&nbsp; 7968324312, 22.400%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 2120 | 2205 | 2260 |
| &nbsp;&nbsp;&nbsp; 7968433, 5.451%, 1/08/2026 †x¶ | Square | 7/10/2024 | 1019 | 942 | 488 |
| &nbsp;&nbsp;&nbsp; 7969157910, 18.928%, 2/23/2024 †x¥#^ | Stripe | 8/30/2022 | 13520 | 14061 | 541 |
| &nbsp;&nbsp;&nbsp; 7969458, 4.782%, 1/09/2026 †x¶ | Square | 7/11/2024 | 1890 | 1764 | 1777 |
| &nbsp;&nbsp;&nbsp; 7969632, 4.777%, 1/09/2026 †x¶ | Square | 7/11/2024 | 3190 | 2977 | 2831 |
| &nbsp;&nbsp;&nbsp; 7969690, 6.497%, 1/09/2026 †x¶# | Square | 7/11/2024 | 1017 | 927 | 80 |
| &nbsp;&nbsp;&nbsp; 7970382651, 23.329%, 11/27/2024 †x¥#^ | Stripe | 4/05/2023 | 14115 | 14680 | 565 |
| &nbsp;&nbsp;&nbsp; 7970383, 6.157%, 1/09/2026 †§x¶ | Square | 7/11/2024 | 516 | 473 | 444 |
| &nbsp;&nbsp;&nbsp; 7971365, 6.167%, 1/09/2026 †x¶# | Square | 7/11/2024 | 1699 | 1555 | 1148 |
| &nbsp;&nbsp;&nbsp; 7972746716, 14.000%, 10/10/2023 †x¥#^ | Stripe | 4/14/2022 | 103522 | 107662 | 4141 |
| &nbsp;&nbsp;&nbsp; 797295503, 23.199%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 42313 | 44005 | 44593 |
| &nbsp;&nbsp;&nbsp; 7973074, 5.533%, 1/10/2026 †x¶# | Square | 7/12/2024 | 4517 | 4171 | 354 |
| &nbsp;&nbsp;&nbsp; 7973125, 4.754%, 1/10/2026 †x¶# | Square | 7/12/2024 | 3553 | 3316 | 279 |
| &nbsp;&nbsp;&nbsp; 7973391, 5.344%, 1/10/2026 †§x¶ | Square | 7/12/2024 | 546 | 506 | 519 |
| &nbsp;&nbsp;&nbsp; 7973764, 5.094%, 1/10/2026 †§x¶ | Square | 7/12/2024 | 931 | 865 | 907 |
| &nbsp;&nbsp;&nbsp; 7973817, 5.729%, 1/10/2026 †x¶# | Square | 7/12/2024 | 943 | 868 | 774 |
| &nbsp;&nbsp;&nbsp; 7974254, 5.912%, 1/10/2026 †x¶ | Square | 7/12/2024 | 887 | 814 | 573 |
| &nbsp;&nbsp;&nbsp; 7974289, 5.525%, 1/10/2026 †§x¶ | Square | 7/12/2024 | 213 | 197 | 196 |
| &nbsp;&nbsp;&nbsp; 7974297, 6.162%, 1/10/2026 †x¶ | Square | 7/12/2024 | 1281 | 1173 | 782 |
| &nbsp;&nbsp;&nbsp; 7974648, 6.289%, 1/10/2026 †x¶ | Square | 7/12/2024 | 5518 | 5042 | 1349 |
| &nbsp;&nbsp;&nbsp; 7975014, 4.779%, 1/10/2026 †x¶# | Square | 7/12/2024 | 13852 | 12926 | 1086 |
| &nbsp;&nbsp;&nbsp; 7975204764, 18.529%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 699 | 727 | 28 |
| &nbsp;&nbsp;&nbsp; 7976233783, 20.000%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 12606 | 13111 | 13349 |
| &nbsp;&nbsp;&nbsp; 7977203, 4.756%, 1/11/2026 †x¶ | Square | 7/15/2024 | 1870 | 1746 | 507 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8730** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 7977492798, 13.063%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | $10138 | $10544 | $10644 |
| &nbsp;&nbsp;&nbsp; 7977583, 6.478%, 1/11/2026 †x¶# | Square | 7/15/2024 | 2670 | 2439 | 209 |
| &nbsp;&nbsp;&nbsp; 7978384, 5.347%, 1/11/2026 †§x¶ | Square | 7/15/2024 | 1503 | 1391 | 1436 |
| &nbsp;&nbsp;&nbsp; 7978588, 4.745%, 1/11/2026 †x¶ | Square | 7/15/2024 | 2341 | 2186 | 755 |
| &nbsp;&nbsp;&nbsp; 7978627, 4.780%, 1/11/2026 †x¶ | Square | 7/15/2024 | 6791 | 6336 | 4885 |
| &nbsp;&nbsp;&nbsp; 7978963, 5.535%, 1/11/2026 †x¶ | Square | 7/15/2024 | 20098 | 18557 | 16216 |
| &nbsp;&nbsp;&nbsp; 7979349, 6.476%, 1/11/2026 †x¶ | Square | 7/15/2024 | 2475 | 2256 | 1237 |
| &nbsp;&nbsp;&nbsp; 7979372, 5.346%, 1/11/2026 †x¶# | Square | 7/15/2024 | 69700 | 64525 | 5464 |
| &nbsp;&nbsp;&nbsp; 7979881474, 24.000%, 8/11/2023 †x¥#^ | Stripe | 2/15/2022 | 5002 | 5202 | 200 |
| &nbsp;&nbsp;&nbsp; 7979995, 4.780%, 1/11/2026 †x¶ | Square | 7/15/2024 | 4496 | 4196 | 3607 |
| &nbsp;&nbsp;&nbsp; 7981248, 6.174%, 1/12/2026 †x¶# | Square | 7/16/2024 | 1155 | 1057 | 392 |
| &nbsp;&nbsp;&nbsp; 7982525, 4.780%, 1/12/2026 †x¶ | Square | 7/16/2024 | 7778 | 7257 | 6952 |
| &nbsp;&nbsp;&nbsp; 7982885, 6.447%, 1/12/2026 †x¶ | Square | 7/16/2024 | 213 | 195 | 154 |
| &nbsp;&nbsp;&nbsp; 7983716, 5.095%, 1/12/2026 †x¶ | Square | 7/16/2024 | 6499 | 6038 | 5879 |
| &nbsp;&nbsp;&nbsp; 7984020, 6.169%, 1/12/2026 †§x¶ | Square | 7/16/2024 | 207 | 190 | 159 |
| &nbsp;&nbsp;&nbsp; 7984059616, 18.667%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 24643 | 25628 | 25968 |
| &nbsp;&nbsp;&nbsp; 7984346, 5.099%, 1/13/2026 †x¶ | Square | 7/17/2024 | 1182 | 1098 | 954 |
| &nbsp;&nbsp;&nbsp; 7984780, 5.535%, 1/13/2026 †x¶ | Square | 7/17/2024 | 5363 | 4952 | 4317 |
| &nbsp;&nbsp;&nbsp; 7985366, 4.781%, 1/14/2026 †§x¶ | Square | 7/17/2024 | 657 | 613 | 643 |
| &nbsp;&nbsp;&nbsp; 7985538, 4.782%, 1/14/2026 †x¶ | Square | 7/17/2024 | 3155 | 2944 | 2853 |
| &nbsp;&nbsp;&nbsp; 7985600, 6.165%, 1/14/2026 †x¶# | Square | 7/17/2024 | 8750 | 8009 | 686 |
| &nbsp;&nbsp;&nbsp; 7986390471, 25.600%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 2822 | 2934 | 2978 |
| &nbsp;&nbsp;&nbsp; 7987103, 6.142%, 1/15/2026 †x¶# | Square | 7/17/2024 | 794 | 727 | 62 |
| &nbsp;&nbsp;&nbsp; 7987555, 5.541%, 1/15/2026 †x¶ | Square | 7/17/2024 | 606 | 560 | 520 |
| &nbsp;&nbsp;&nbsp; 7988000, 6.162%, 1/15/2026 †x¶# | Square | 7/17/2024 | 2778 | 2543 | 218 |
| &nbsp;&nbsp;&nbsp; 7988267, 4.780%, 1/15/2026 †x¶ | Square | 7/17/2024 | 1035 | 966 | 966 |
| &nbsp;&nbsp;&nbsp; 7988692, 6.155%, 1/15/2026 †x¶# | Square | 7/17/2024 | 770 | 705 | 60 |
| &nbsp;&nbsp;&nbsp; 7988839, 5.534%, 1/15/2026 †x¶ | Square | 7/17/2024 | 7814 | 7215 | 5721 |
| &nbsp;&nbsp;&nbsp; 7989856, 6.462%, 1/16/2026 †§x¶ | Square | 7/18/2024 | 42 | 38 | 31 |
| &nbsp;&nbsp;&nbsp; 7989873, 4.780%, 1/16/2026 †x¶ | Square | 7/18/2024 | 2551 | 2380 | 2383 |
| &nbsp;&nbsp;&nbsp; 7991012351, 20.800%, 6/01/2025 †x¥#^ | Stripe | 5/03/2023 | 4662 | 4848 | 186 |
| &nbsp;&nbsp;&nbsp; 7991585, 4.737%, 1/16/2026 †x¶# | Square | 7/18/2024 | 1359 | 1269 | 107 |
| &nbsp;&nbsp;&nbsp; 7992496, 4.782%, 1/16/2026 †§x¶ | Square | 7/18/2024 | 1874 | 1749 | 1823 |
| &nbsp;&nbsp;&nbsp; 7992528, 4.780%, 1/16/2026 †§x¶ | Square | 7/18/2024 | 2228 | 2079 | 2191 |
| &nbsp;&nbsp;&nbsp; 7992984, 6.289%, 1/16/2026 †x¶# | Square | 7/18/2024 | 13677 | 12498 | 1072 |
| &nbsp;&nbsp;&nbsp; 7993483071, 17.864%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 2852 | 2966 | 3013 |
| &nbsp;&nbsp;&nbsp; 7993505, 5.342%, 1/17/2026 †§x¶ | Square | 7/19/2024 | 83 | 77 | 81 |
| &nbsp;&nbsp;&nbsp; 7994175, 6.267%, 1/17/2026 †x¶# | Square | 7/19/2024 | 835 | 764 | 65 |
| &nbsp;&nbsp;&nbsp; 7994359, 4.790%, 1/17/2026 †x¶ | Square | 7/19/2024 | 618 | 577 | 558 |
| &nbsp;&nbsp;&nbsp; 7994411, 5.347%, 1/17/2026 †x¶ | Square | 7/19/2024 | 890 | 824 | 509 |
| &nbsp;&nbsp;&nbsp; 7995085336, 18.776%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 4560 | 4742 | 182 |
| &nbsp;&nbsp;&nbsp; 7995501148, 18.266%, 12/04/2024 †x¥#^ | Stripe | 6/09/2023 | 10565 | 10987 | 423 |
| &nbsp;&nbsp;&nbsp; 7995705, 5.912%, 1/17/2026 †§x¶ | Square | 7/19/2024 | 412 | 378 | 377 |
| &nbsp;&nbsp;&nbsp; 7997811, 4.780%, 1/17/2026 †x¶# | Square | 7/19/2024 | 39667 | 37013 | 19779 |
| &nbsp;&nbsp;&nbsp; 7997967466, 17.066%, 6/30/2024 †x¥#^ | Stripe | 11/04/2022 | 59934 | 62331 | 2397 |
| &nbsp;&nbsp;&nbsp; 7999678, 5.913%, 1/17/2026 †x¶ | Square | 7/19/2024 | 4803 | 4412 | 3783 |
| &nbsp;&nbsp;&nbsp; 7999871, 6.511%, 1/17/2026 †§x¶ | Square | 7/19/2024 | 68 | 62 | 57 |
| &nbsp;&nbsp;&nbsp; 7999892002, 18.931%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 13867 | 14421 | 14724 |
| &nbsp;&nbsp;&nbsp; 7b3f605a-09f4-40ef-aec7-5beb2071bd43, 16.090%, 12/01/2021 †x#^ | Funding Circle | 12/16/2016 | 246761 | 246761 | 74028 |
| &nbsp;&nbsp;&nbsp; 7cefe586-c397-474f-842f-5ae699581004, 15.090%, 11/17/2020 †x#^ | Funding Circle | 12/16/2016 | 23494 | 23494 | 7048 |
| &nbsp;&nbsp;&nbsp; 7d08f75d-41d3-4a5a-b40c-237b187ef239, 8.250%, 5/22/2023 †x#^ | Funding Circle | 5/24/2018 | 38452 | 38452 | 11536 |
| &nbsp;&nbsp;&nbsp; 7d0e70e8-7e5d-4cc5-9fcc-12bd8fac5229, 15.090%, 8/29/2021 †x#^ | Funding Circle | 8/31/2017 | 234894 | 234894 | 70468 |
| &nbsp;&nbsp;&nbsp; 7ea25f0d-4f05-4719-b6ec-7dddfe9eb9c5, 8.250%, 1/18/2023 †x#^ | Funding Circle | 1/22/2018 | 28737 | 28737 | 8621 |
| &nbsp;&nbsp;&nbsp; 7ef4e737-67d5-4ab6-8fe7-9c9153eff815, 8.250%, 12/22/2022 †x#^ | Funding Circle | 12/26/2017 | 13200 | 13200 | 3960 |
| &nbsp;&nbsp;&nbsp; 7fa64df4-c88c-49f4-8f21-359a37e9bcbc, 9.790%, 6/21/2021 †x#^ | Funding Circle | 6/23/2017 | 451 | 451 | 135 |
| &nbsp;&nbsp;&nbsp; 8000469, 5.348%, 1/17/2026 †x¶ | Square | 7/19/2024 | 3767 | 3487 | 3112 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8731** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8000810, 5.093%, 1/17/2026 †x¶ | Square | 7/19/2024 | $6583 | $6115 | $2836 |
| &nbsp;&nbsp;&nbsp; 8001061724, 21.198%, 9/25/2025 †x¥# | Stripe | 4/01/2024 | 5810 | 6042 | 232 |
| &nbsp;&nbsp;&nbsp; 8003265, 4.780%, 1/18/2026 †x¶ | Square | 7/22/2024 | 7586 | 7079 | 5950 |
| &nbsp;&nbsp;&nbsp; 8004760215, 25.844%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2319 | 2412 | 2459 |
| &nbsp;&nbsp;&nbsp; 8005604091, 26.248%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 1556 | 1618 | 62 |
| &nbsp;&nbsp;&nbsp; 8006107, 4.780%, 1/18/2026 †x¶ | Square | 7/22/2024 | 13699 | 12782 | 11418 |
| &nbsp;&nbsp;&nbsp; 8006396, 5.730%, 1/18/2026 †x¶ | Square | 7/22/2024 | 868 | 799 | 477 |
| &nbsp;&nbsp;&nbsp; 8006813498, 20.266%, 10/17/2024 †x¥#^ | Stripe | 4/24/2023 | 25762 | 26793 | 1031 |
| &nbsp;&nbsp;&nbsp; 8007966, 4.752%, 1/19/2026 †§x¶ | Square | 7/23/2024 | 127 | 119 | 108 |
| &nbsp;&nbsp;&nbsp; 8008008, 6.478%, 1/19/2026 †x¶# | Square | 7/23/2024 | 10484 | 9556 | 822 |
| &nbsp;&nbsp;&nbsp; 8008128, 5.535%, 1/19/2026 †x¶ | Square | 7/23/2024 | 1851 | 1709 | 1292 |
| &nbsp;&nbsp;&nbsp; 8008274, 5.092%, 1/19/2026 †x¶ | Square | 7/23/2024 | 8071 | 7499 | 5359 |
| &nbsp;&nbsp;&nbsp; 8008584, 4.769%, 1/19/2026 †x¶ | Square | 7/23/2024 | 760 | 709 | 173 |
| &nbsp;&nbsp;&nbsp; 8010355, 6.283%, 1/20/2026 †x¶ | Square | 7/24/2024 | 584 | 534 | 272 |
| &nbsp;&nbsp;&nbsp; 8010502, 6.289%, 1/20/2026 †§x¶ | Square | 7/24/2024 | 32 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; 8010786, 6.165%, 1/21/2026 †x¶# | Square | 7/24/2024 | 6704 | 6137 | 526 |
| &nbsp;&nbsp;&nbsp; 8011252, 5.097%, 1/21/2026 †x¶ | Square | 7/24/2024 | 3430 | 3186 | 3024 |
| &nbsp;&nbsp;&nbsp; 8011327, 6.164%, 1/21/2026 †x¶# | Square | 7/24/2024 | 14667 | 13430 | 7377 |
| &nbsp;&nbsp;&nbsp; 8011931961, 20.667%, 3/11/2023 †x¥#^ | Stripe | 9/15/2021 | 9425 | 9802 | 377 |
| &nbsp;&nbsp;&nbsp; 8012403, 4.784%, 1/22/2026 †§x¶ | Square | 7/24/2024 | 15 | 14 | 12 |
| &nbsp;&nbsp;&nbsp; 8012694, 4.782%, 1/22/2026 †x¶ | Square | 7/24/2024 | 3302 | 3081 | 3097 |
| &nbsp;&nbsp;&nbsp; 8012890510, 22.397%, 9/20/2024 †x¥#^ | Stripe | 3/28/2023 | 7408 | 7704 | 296 |
| &nbsp;&nbsp;&nbsp; 8013328, 5.535%, 1/22/2026 †x¶ | Square | 7/24/2024 | 3663 | 3382 | 3397 |
| &nbsp;&nbsp;&nbsp; 8013403, 5.535%, 1/22/2026 †x¶ | Square | 7/24/2024 | 1718 | 1587 | 1518 |
| &nbsp;&nbsp;&nbsp; 8013451888, 22.397%, 1/28/2025 †x¥#^ | Stripe | 8/03/2023 | 21114 | 21959 | 845 |
| &nbsp;&nbsp;&nbsp; 8013475, 5.346%, 1/22/2026 †x¶# | Square | 7/24/2024 | 17730 | 16414 | 15755 |
| &nbsp;&nbsp;&nbsp; 8013989, 5.100%, 1/22/2026 †x¶ | Square | 7/24/2024 | 1066 | 990 | 1002 |
| &nbsp;&nbsp;&nbsp; 8015435, 4.803%, 1/23/2026 †x¶# | Square | 7/25/2024 | 227 | 212 | 18 |
| &nbsp;&nbsp;&nbsp; 8015446, 5.911%, 1/23/2026 †x¶ | Square | 7/25/2024 | 671 | 617 | 146 |
| &nbsp;&nbsp;&nbsp; 8015702, 5.094%, 1/23/2026 †§x¶ | Square | 7/25/2024 | 1633 | 1517 | 1572 |
| &nbsp;&nbsp;&nbsp; 8016196, 5.723%, 1/23/2026 †x¶# | Square | 7/25/2024 | 15347 | 14133 | 1203 |
| &nbsp;&nbsp;&nbsp; 8016459070, 26.523%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 3785 | 3936 | 4008 |
| &nbsp;&nbsp;&nbsp; 8016871126, 24.000%, 1/05/2023 †x¥#^ | Stripe | 7/12/2021 | 1214 | 1263 | 49 |
| &nbsp;&nbsp;&nbsp; 8017118, 5.346%, 1/23/2026 †x¶# | Square | 7/25/2024 | 27107 | 25095 | 2125 |
| &nbsp;&nbsp;&nbsp; 8017219480, 21.059%, 8/06/2024 †x¥#^ | Stripe | 2/09/2023 | 182 | 189 | 7 |
| &nbsp;&nbsp;&nbsp; 8017723, 5.095%, 1/23/2026 †x¶# | Square | 7/25/2024 | 69618 | 64675 | 5458 |
| &nbsp;&nbsp;&nbsp; 8018471, 5.909%, 1/23/2026 †§x¶ | Square | 7/25/2024 | 240 | 220 | 202 |
| &nbsp;&nbsp;&nbsp; 8018885, 5.344%, 1/24/2026 †x¶# | Square | 7/26/2024 | 3337 | 3137 | 1286 |
| &nbsp;&nbsp;&nbsp; 8021262245, 23.570%, 8/30/2023 †x¥#^ | Stripe | 3/04/2022 | 739 | 768 | 30 |
| &nbsp;&nbsp;&nbsp; 8021417, 6.161%, 1/24/2026 †x¶# | Square | 7/26/2024 | 6507 | 5957 | 1291 |
| &nbsp;&nbsp;&nbsp; 8021484, 5.916%, 1/24/2026 †x¶# | Square | 7/26/2024 | 2324 | 2135 | 182 |
| &nbsp;&nbsp;&nbsp; 8021840098, 20.390%, 10/12/2023 †x¥#^ | Stripe | 4/18/2022 | 1708 | 1776 | 68 |
| &nbsp;&nbsp;&nbsp; 8024697, 5.346%, 1/25/2026 †x¶ | Square | 7/29/2024 | 752 | 697 | 643 |
| &nbsp;&nbsp;&nbsp; 8024729, 4.754%, 1/25/2026 †x¶# | Square | 7/29/2024 | 2204 | 2057 | 173 |
| &nbsp;&nbsp;&nbsp; 8025130, 5.912%, 1/25/2026 †x¶ | Square | 7/29/2024 | 5111 | 4695 | 3211 |
| &nbsp;&nbsp;&nbsp; 8025346910, 20.381%, 8/30/2024 †x¥#^ | Stripe | 12/09/2022 | 128 | 133 | 5 |
| &nbsp;&nbsp;&nbsp; 8025733, 5.344%, 1/25/2026 †§x¶ | Square | 7/29/2024 | 1437 | 1330 | 1363 |
| &nbsp;&nbsp;&nbsp; 8026248, 5.346%, 1/25/2026 †x¶ | Square | 7/29/2024 | 1722 | 1594 | 1381 |
| &nbsp;&nbsp;&nbsp; 8026734943, 25.861%, 7/31/2025 †x¥#^ | Stripe | 2/05/2024 | 3733 | 3883 | 149 |
| &nbsp;&nbsp;&nbsp; 8028342, 5.720%, 1/26/2026 †x¶ | Square | 7/30/2024 | 3252 | 2995 | 2445 |
| &nbsp;&nbsp;&nbsp; 8029200955, 21.988%, 10/01/2024 †x¥#^ | Stripe | 4/06/2023 | 3903 | 4059 | 156 |
| &nbsp;&nbsp;&nbsp; 8029231045, 25.580%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2700 | 2808 | 1564 |
| &nbsp;&nbsp;&nbsp; 8029462414, 21.985%, 5/15/2026 †x¥ | Stripe | 11/19/2024 | 468 | 487 | 505 |
| &nbsp;&nbsp;&nbsp; 8029556, 6.289%, 1/26/2026 †x¶# | Square | 7/30/2024 | 3947 | 3607 | 309 |
| &nbsp;&nbsp;&nbsp; 8031673, 4.779%, 1/27/2026 †x¶ | Square | 7/31/2024 | 2113 | 1972 | 1845 |
| &nbsp;&nbsp;&nbsp; 8031930, 4.781%, 1/27/2026 †x¶# | Square | 7/31/2024 | 8989 | 8388 | 705 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8732** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8032275, 5.540%, 1/28/2026 †x¶ | Square | 7/31/2024 | $1107 | $1022 | $1007 |
| &nbsp;&nbsp;&nbsp; 8032573, 4.780%, 1/28/2026 †x¶ | Square | 7/31/2024 | 1373 | 1281 | 1285 |
| &nbsp;&nbsp;&nbsp; 8032970, 5.094%, 1/28/2026 †x¶ | Square | 7/31/2024 | 214 | 199 | 201 |
| &nbsp;&nbsp;&nbsp; 8033642, 6.164%, 1/29/2026 †§x¶ | Square | 7/31/2024 | 30 | 28 | 29 |
| &nbsp;&nbsp;&nbsp; 8034253, 5.088%, 1/29/2026 †x¶ | Square | 7/31/2024 | 1415 | 1315 | 1124 |
| &nbsp;&nbsp;&nbsp; 8034288, 5.350%, 1/29/2026 †x¶ | Square | 7/31/2024 | 1661 | 1537 | 1544 |
| &nbsp;&nbsp;&nbsp; 8034397387, 19.331%, 4/02/2025 †x¥#^ | Stripe | 10/06/2023 | 24241 | 25210 | 970 |
| &nbsp;&nbsp;&nbsp; 8034468, 4.756%, 1/29/2026 †x¶# | Square | 7/31/2024 | 369 | 344 | 29 |
| &nbsp;&nbsp;&nbsp; 8034950, 6.165%, 1/29/2026 †x¶# | Square | 7/31/2024 | 7554 | 6914 | 592 |
| &nbsp;&nbsp;&nbsp; 8035265, 5.346%, 1/29/2026 †x¶ | Square | 7/31/2024 | 1176 | 1089 | 1084 |
| &nbsp;&nbsp;&nbsp; 8035457, 5.095%, 1/29/2026 †x¶ | Square | 7/31/2024 | 8056 | 7484 | 7113 |
| &nbsp;&nbsp;&nbsp; 8035624916, 23.867%, 5/30/2024 †x¥#^ | Stripe | 5/12/2022 | 9442 | 9820 | 378 |
| &nbsp;&nbsp;&nbsp; 8035667, 4.780%, 1/29/2026 †§x¶ | Square | 7/31/2024 | 319 | 298 | 314 |
| &nbsp;&nbsp;&nbsp; 8036011609, 14.267%, 5/23/2026 †x¥ | Stripe | 11/27/2024 | 5880 | 6115 | 6281 |
| &nbsp;&nbsp;&nbsp; 8036147, 4.780%, 1/29/2026 †§x¶ | Square | 7/31/2024 | 1319 | 1230 | 1293 |
| &nbsp;&nbsp;&nbsp; 8036671, 6.159%, 1/29/2026 †x¶ | Square | 7/31/2024 | 2576 | 2358 | 1258 |
| &nbsp;&nbsp;&nbsp; 8036920, 4.748%, 1/29/2026 †x¶# | Square | 7/31/2024 | 1576 | 1471 | 124 |
| &nbsp;&nbsp;&nbsp; 8038566721, 14.800%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 24395 | 25371 | 13860 |
| &nbsp;&nbsp;&nbsp; 8039237411, 21.725%, 1/31/2024 †x¥#^ | Stripe | 6/08/2022 | 2184 | 2272 | 87 |
| &nbsp;&nbsp;&nbsp; 8039372169, 17.860%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 8104 | 8428 | 8504 |
| &nbsp;&nbsp;&nbsp; 8041402127, 26.444%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 271 | 281 | 11 |
| &nbsp;&nbsp;&nbsp; 8044722442, 24.848%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 682 | 710 | 725 |
| &nbsp;&nbsp;&nbsp; 8045019065, 26.529%, 4/03/2025 †x¥#^ | Stripe | 10/10/2023 | 1719 | 1787 | 69 |
| &nbsp;&nbsp;&nbsp; 8046739674, 26.533%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 348 | 362 | 371 |
| &nbsp;&nbsp;&nbsp; 8048884747, 18.095%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 1240 | 1290 | 1292 |
| &nbsp;&nbsp;&nbsp; 8051583474, 17.867%, 4/26/2023 †x¥#^ | Stripe | 10/29/2021 | 1065 | 1108 | 43 |
| &nbsp;&nbsp;&nbsp; 805237902, 20.000%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 630 | 655 | 673 |
| &nbsp;&nbsp;&nbsp; 8052901605, 23.590%, 1/09/2024 †x¥#^ | Stripe | 7/14/2022 | 434 | 451 | 17 |
| &nbsp;&nbsp;&nbsp; 8053071672, 24.000%, 9/13/2023 †x¥#^ | Stripe | 3/18/2022 | 3351 | 3485 | 134 |
| &nbsp;&nbsp;&nbsp; 8053808729, 17.998%, 3/16/2024 †x¥#^ | Stripe | 9/21/2022 | 12827 | 13340 | 513 |
| &nbsp;&nbsp;&nbsp; 8054276013, 25.867%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 479 | 498 | 510 |
| &nbsp;&nbsp;&nbsp; 8055572275, 26.529%, 1/27/2026 †x¥ | Stripe | 8/01/2024 | 761 | 792 | 822 |
| &nbsp;&nbsp;&nbsp; 8055650233, 26.127%, 8/11/2026 †x¥# | Stripe | 2/13/2025 | 13100 | 13624 | 2210 |
| &nbsp;&nbsp;&nbsp; 8057759362, 19.063%, 8/23/2023 †x¥#^ | Stripe | 2/25/2022 | 10800 | 11232 | 432 |
| &nbsp;&nbsp;&nbsp; 8062317240, 20.768%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 1849 | 1923 | 1949 |
| &nbsp;&nbsp;&nbsp; 8063455750, 26.533%, 10/09/2025 †x¥# | Stripe | 4/15/2024 | 20935 | 21772 | 837 |
| &nbsp;&nbsp;&nbsp; 8064349869, 21.999%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 73446 | 76384 | 77129 |
| &nbsp;&nbsp;&nbsp; 8064777389, 26.525%, 4/07/2026 †x¥# | Stripe | 10/10/2024 | 1866 | 1941 | 525 |
| &nbsp;&nbsp;&nbsp; 8068265128, 16.267%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 33495 | 34834 | 34884 |
| &nbsp;&nbsp;&nbsp; 8070624138, 18.799%, 7/06/2024 †x¥#^ | Stripe | 11/10/2022 | 17979 | 18698 | 719 |
| &nbsp;&nbsp;&nbsp; 8070654145, 23.190%, 11/11/2025 †x¥# | Stripe | 5/16/2024 | 1766 | 1837 | 71 |
| &nbsp;&nbsp;&nbsp; 8073781932, 17.867%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 527 | 548 | 560 |
| &nbsp;&nbsp;&nbsp; 8075608084, 16.133%, 6/04/2026 †x¥ | Stripe | 12/09/2024 | 6767 | 7038 | 7187 |
| &nbsp;&nbsp;&nbsp; 8076965311, 26.133%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 258 | 268 | 278 |
| &nbsp;&nbsp;&nbsp; 8077259494, 20.529%, 12/25/2024 †x¥#^ | Stripe | 6/30/2023 | 9267 | 9637 | 371 |
| &nbsp;&nbsp;&nbsp; 8078148143, 14.667%, 1/05/2023 †x¥#^ | Stripe | 7/12/2021 | 4607 | 4791 | 184 |
| &nbsp;&nbsp;&nbsp; 8078721843, 19.867%, 6/06/2023 †x¥#^ | Stripe | 12/09/2021 | 589 | 613 | 24 |
| &nbsp;&nbsp;&nbsp; 807953373, 22.264%, 6/10/2025 †x¥#^ | Stripe | 12/14/2023 | 1776 | 1847 | 71 |
| &nbsp;&nbsp;&nbsp; 8080720693, 23.597%, 10/11/2024 †x¥#^ | Stripe | 4/18/2023 | 7748 | 8058 | 310 |
| &nbsp;&nbsp;&nbsp; 8089470203, 12.800%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 17944 | 18662 | 18717 |
| &nbsp;&nbsp;&nbsp; 8095672197, 14.251%, 4/21/2026 †x¥ | Stripe | 10/24/2024 | 1117 | 1162 | 1191 |
| &nbsp;&nbsp;&nbsp; 809640241, 20.799%, 12/14/2024 †x¥#^ | Stripe | 6/22/2023 | 1544 | 1606 | 62 |
| &nbsp;&nbsp;&nbsp; 809730370, 24.000%, 6/21/2023 †x¥#^ | Stripe | 12/24/2021 | 2910 | 3026 | 116 |
| &nbsp;&nbsp;&nbsp; 8098717335, 21.333%, 12/14/2024 †x¥#^ | Stripe | 6/22/2023 | 2458 | 2556 | 98 |
| &nbsp;&nbsp;&nbsp; 8101017356, 14.265%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 28732 | 29881 | 30110 |
| &nbsp;&nbsp;&nbsp; 810357498, 13.066%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 33150 | 34476 | 35035 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8733** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8105368254, 26.533%, 7/12/2025 †x¥#^ | Stripe | 1/18/2024 | $175 | $182 | $7 |
| &nbsp;&nbsp;&nbsp; 8107733053, 21.128%, 12/27/2025 †x¥ | Stripe | 7/03/2024 | 149 | 155 | 158 |
| &nbsp;&nbsp;&nbsp; 8108200, 5.094%, 2/21/2026 †§x¶ | Square | 8/23/2024 | 6232 | 5789 | 6140 |
| &nbsp;&nbsp;&nbsp; 8108601076, 14.930%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 14445 | 15023 | 15093 |
| &nbsp;&nbsp;&nbsp; 8110358433, 20.667%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 22381 | 23276 | 895 |
| &nbsp;&nbsp;&nbsp; 8110594842, 18.393%, 5/06/2024 †x¥#^ | Stripe | 9/12/2022 | 4008 | 4169 | 160 |
| &nbsp;&nbsp;&nbsp; 8113787599, 25.598%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 13555 | 14098 | 14098 |
| &nbsp;&nbsp;&nbsp; 8113802786, 20.400%, 1/27/2027 †x¥ | Stripe | 8/01/2025 | 87280 | 90771 | 90870 |
| &nbsp;&nbsp;&nbsp; 8113818199, 25.333%, 5/21/2024 †x¥#^ | Stripe | 11/25/2022 | 38340 | 39873 | 1534 |
| &nbsp;&nbsp;&nbsp; 811540435, 14.266%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 4823 | 5016 | 5113 |
| &nbsp;&nbsp;&nbsp; 8117571132, 16.265%, 9/02/2023 †x¥#^ | Stripe | 1/06/2022 | 2054 | 2136 | 82 |
| &nbsp;&nbsp;&nbsp; 8118290479, 19.197%, 1/30/2024 †x¥#^ | Stripe | 11/12/2021 | 14727 | 15316 | 589 |
| &nbsp;&nbsp;&nbsp; 8123481141, 26.532%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 7400 | 7696 | 7842 |
| &nbsp;&nbsp;&nbsp; 8123634071, 19.592%, 6/06/2024 †x¥#^ | Stripe | 12/12/2022 | 2566 | 2669 | 103 |
| &nbsp;&nbsp;&nbsp; 8123753430, 21.731%, 3/25/2025 †x¥#^ | Stripe | 9/28/2023 | 4422 | 4599 | 177 |
| &nbsp;&nbsp;&nbsp; 8125324892, 25.600%, 3/05/2026 †x¥ | Stripe | 9/09/2024 | 1027 | 1069 | 1111 |
| &nbsp;&nbsp;&nbsp; 8126910206, 26.526%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 375 | 390 | 402 |
| &nbsp;&nbsp;&nbsp; 8127923040, 20.933%, 8/30/2024 †x¥#^ | Stripe | 3/07/2023 | 11230 | 11679 | 449 |
| &nbsp;&nbsp;&nbsp; 8133567486, 24.793%, 12/02/2025 †x¥# | Stripe | 6/06/2024 | 4660 | 4846 | 1290 |
| &nbsp;&nbsp;&nbsp; 813488133, 26.133%, 8/25/2026 †x¥# | Stripe | 2/27/2025 | 3538 | 3679 | 1381 |
| &nbsp;&nbsp;&nbsp; 8135031, 6.667%, 2/28/2026 †x¶# | Square | 9/03/2024 | 2084 | 1895 | 163 |
| &nbsp;&nbsp;&nbsp; 8135109, 6.436%, 2/28/2026 †x¶# | Square | 9/03/2024 | 912 | 831 | 71 |
| &nbsp;&nbsp;&nbsp; 8135635, 4.777%, 2/28/2026 †§x¶ | Square | 9/03/2024 | 893 | 833 | 871 |
| &nbsp;&nbsp;&nbsp; 8135828611, 21.995%, 5/13/2026 †x¥# | Stripe | 11/15/2024 | 7333 | 7627 | 2849 |
| &nbsp;&nbsp;&nbsp; 8136154, 5.408%, 2/28/2026 †x¶ | Square | 9/03/2024 | 3119 | 2885 | 2325 |
| &nbsp;&nbsp;&nbsp; 8136188, 4.779%, 2/28/2026 †§x¶ | Square | 9/03/2024 | 1117 | 1042 | 1103 |
| &nbsp;&nbsp;&nbsp; 8136399, 5.113%, 2/28/2026 †x¶# | Square | 9/03/2024 | 18140 | 16848 | 1422 |
| &nbsp;&nbsp;&nbsp; 8137227, 6.139%, 2/28/2026 †x¶ | Square | 9/03/2024 | 222 | 204 | 177 |
| &nbsp;&nbsp;&nbsp; 8137281, 6.483%, 2/28/2026 †x¶ | Square | 9/03/2024 | 2277 | 2076 | 782 |
| &nbsp;&nbsp;&nbsp; 8137672, 5.110%, 2/28/2026 †x¶ | Square | 9/03/2024 | 2633 | 2445 | 2441 |
| &nbsp;&nbsp;&nbsp; 8137692, 5.346%, 2/28/2026 †x¶ | Square | 9/03/2024 | 1091 | 1010 | 660 |
| &nbsp;&nbsp;&nbsp; 8137831069, 22.381%, 3/06/2026 †x¥# | Stripe | 9/10/2024 | 2794 | 2906 | 1086 |
| &nbsp;&nbsp;&nbsp; 8138040, 4.952%, 2/28/2026 †x¶ | Square | 9/03/2024 | 1924 | 1796 | 865 |
| &nbsp;&nbsp;&nbsp; 8138132, 6.337%, 2/28/2026 †x¶ | Square | 9/03/2024 | 1342 | 1225 | 815 |
| &nbsp;&nbsp;&nbsp; 8138134, 5.119%, 2/28/2026 †x¶ | Square | 9/03/2024 | 3463 | 3216 | 2349 |
| &nbsp;&nbsp;&nbsp; 8138170, 5.108%, 2/28/2026 †x¶ | Square | 9/03/2024 | 1044 | 969 | 964 |
| &nbsp;&nbsp;&nbsp; 8138343, 4.780%, 2/28/2026 †§x¶ | Square | 9/03/2024 | 1175 | 1096 | 1157 |
| &nbsp;&nbsp;&nbsp; 8138563, 5.409%, 2/28/2026 †§x¶ | Square | 9/03/2024 | 4596 | 4251 | 4470 |
| &nbsp;&nbsp;&nbsp; 8138765, 4.782%, 2/28/2026 †x¶ | Square | 9/03/2024 | 3124 | 2914 | 2642 |
| &nbsp;&nbsp;&nbsp; 8139086442, 21.412%, 10/03/2025 †x¥# | Stripe | 7/28/2023 | 147 | 153 | 6 |
| &nbsp;&nbsp;&nbsp; 8139139580, 14.667%, 8/30/2023 †x¥#^ | Stripe | 3/04/2022 | 134646 | 140032 | 5386 |
| &nbsp;&nbsp;&nbsp; 8139367, 4.748%, 2/28/2026 †x¶ | Square | 9/04/2024 | 1485 | 1386 | 395 |
| &nbsp;&nbsp;&nbsp; 8139756, 4.962%, 2/28/2026 †x¶ | Square | 9/04/2024 | 370 | 345 | 224 |
| &nbsp;&nbsp;&nbsp; 8139820958, 25.867%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 603 | 627 | 640 |
| &nbsp;&nbsp;&nbsp; 8140403, 4.780%, 2/28/2026 †§x¶ | Square | 9/04/2024 | 2727 | 2544 | 2685 |
| &nbsp;&nbsp;&nbsp; 8140577708, 18.265%, 12/14/2025 †x¥# | Stripe | 9/26/2023 | 14738 | 15327 | 590 |
| &nbsp;&nbsp;&nbsp; 8140591, 5.532%, 2/28/2026 †§x¶ | Square | 9/04/2024 | 419 | 386 | 408 |
| &nbsp;&nbsp;&nbsp; 8141681, 6.332%, 2/28/2026 †x¶# | Square | 9/04/2024 | 3923 | 3583 | 308 |
| &nbsp;&nbsp;&nbsp; 8141945258, 22.400%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 1282 | 1334 | 1362 |
| &nbsp;&nbsp;&nbsp; 8142571, 4.967%, 2/28/2026 †x¶# | Square | 9/05/2024 | 1089 | 1013 | 85 |
| &nbsp;&nbsp;&nbsp; 8142600, 6.421%, 2/28/2026 †§x¶ | Square | 9/05/2024 | 1336 | 1220 | 1191 |
| &nbsp;&nbsp;&nbsp; 8142734, 6.324%, 2/28/2026 †x¶# | Square | 9/05/2024 | 833 | 761 | 448 |
| &nbsp;&nbsp;&nbsp; 8142824827, 16.133%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 7831 | 8145 | 8231 |
| &nbsp;&nbsp;&nbsp; 8142894, 5.660%, 2/28/2026 †x¶ | Square | 9/05/2024 | 1806 | 1665 | 1433 |
| &nbsp;&nbsp;&nbsp; 8143221, 5.422%, 2/28/2026 †x¶ | Square | 9/05/2024 | 815 | 753 | 570 |
| &nbsp;&nbsp;&nbsp; 8143346, 5.410%, 2/28/2026 †x¶ | Square | 9/05/2024 | 4065 | 3759 | 3598 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8734** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8143930, 4.782%, 3/01/2026 †§x¶ | Square | 9/05/2024 | $1344 | $1254 | $1323 |
| &nbsp;&nbsp;&nbsp; 8143992, 5.669%, 3/01/2026 †x¶ | Square | 9/05/2024 | 1271 | 1171 | 1000 |
| &nbsp;&nbsp;&nbsp; 8144058, 6.164%, 3/01/2026 †x¶ | Square | 9/05/2024 | 1170 | 1071 | 848 |
| &nbsp;&nbsp;&nbsp; 8144400, 4.779%, 3/02/2026 †x¶ | Square | 9/05/2024 | 4622 | 4316 | 4119 |
| &nbsp;&nbsp;&nbsp; 8144523, 5.404%, 3/02/2026 †x¶ | Square | 9/05/2024 | 1422 | 1315 | 1306 |
| &nbsp;&nbsp;&nbsp; 8144560, 4.777%, 3/02/2026 †§x¶ | Square | 9/05/2024 | 1287 | 1201 | 1257 |
| &nbsp;&nbsp;&nbsp; 8144595, 6.426%, 3/02/2026 †x¶ | Square | 9/05/2024 | 2925 | 2668 | 669 |
| &nbsp;&nbsp;&nbsp; 8144610, 6.681%, 3/02/2026 †x¶# | Square | 9/05/2024 | 1662 | 1510 | 130 |
| &nbsp;&nbsp;&nbsp; 8144700, 4.779%, 3/02/2026 †§x¶ | Square | 9/05/2024 | 2121 | 1979 | 2089 |
| &nbsp;&nbsp;&nbsp; 8144860, 6.151%, 3/02/2026 †x¶# | Square | 9/05/2024 | 38587 | 35328 | 3025 |
| &nbsp;&nbsp;&nbsp; 8145051, 6.146%, 3/02/2026 †x¶# | Square | 9/05/2024 | 3402 | 3114 | 1273 |
| &nbsp;&nbsp;&nbsp; 8145098, 5.912%, 3/02/2026 †x¶ | Square | 9/05/2024 | 1101 | 1012 | 1012 |
| &nbsp;&nbsp;&nbsp; 8145256, 5.663%, 3/02/2026 †x¶ | Square | 9/05/2024 | 8161 | 7522 | 2001 |
| &nbsp;&nbsp;&nbsp; 8145311, 5.633%, 3/02/2026 †x¶ | Square | 9/05/2024 | 1995 | 1840 | 1396 |
| &nbsp;&nbsp;&nbsp; 8145333, 5.113%, 3/02/2026 †§x¶ | Square | 9/05/2024 | 3060 | 2842 | 2986 |
| &nbsp;&nbsp;&nbsp; 8145414, 6.330%, 3/02/2026 †x¶# | Square | 9/05/2024 | 2719 | 2483 | 213 |
| &nbsp;&nbsp;&nbsp; 8145460, 4.784%, 3/02/2026 †§x¶ | Square | 9/05/2024 | 1265 | 1181 | 1237 |
| &nbsp;&nbsp;&nbsp; 8145477, 6.441%, 3/02/2026 †x¶# | Square | 9/05/2024 | 1039 | 948 | 250 |
| &nbsp;&nbsp;&nbsp; 8145752, 6.546%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 660 | 601 | 608 |
| &nbsp;&nbsp;&nbsp; 8146601, 4.781%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 2802 | 2614 | 2759 |
| &nbsp;&nbsp;&nbsp; 8146782, 4.780%, 3/03/2026 †x¶ | Square | 9/05/2024 | 245 | 229 | 242 |
| &nbsp;&nbsp;&nbsp; 8146866, 4.779%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 3399 | 3171 | 3305 |
| &nbsp;&nbsp;&nbsp; 8146998, 4.790%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 311 | 290 | 302 |
| &nbsp;&nbsp;&nbsp; 8147150, 4.780%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 22 | 20 | 21 |
| &nbsp;&nbsp;&nbsp; 8147172, 4.773%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 18 | 17 | 18 |
| &nbsp;&nbsp;&nbsp; 8147197, 5.912%, 3/03/2026 †x¶ | Square | 9/05/2024 | 20419 | 18756 | 5342 |
| &nbsp;&nbsp;&nbsp; 8147329, 6.151%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 1386 | 1268 | 1269 |
| &nbsp;&nbsp;&nbsp; 8147409, 5.114%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 140 | 130 | 137 |
| &nbsp;&nbsp;&nbsp; 8147490, 4.778%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 1264 | 1179 | 1242 |
| &nbsp;&nbsp;&nbsp; 8147652, 5.660%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 938 | 864 | 835 |
| &nbsp;&nbsp;&nbsp; 8148374, 5.114%, 3/03/2026 †§x¶ | Square | 9/05/2024 | 3503 | 3254 | 3340 |
| &nbsp;&nbsp;&nbsp; 8148512, 5.660%, 3/03/2026 †x¶ | Square | 9/05/2024 | 12571 | 11587 | 5223 |
| &nbsp;&nbsp;&nbsp; 8148690736, 22.500%, 4/18/2023 †x¥#^ | Stripe | 10/21/2021 | 1410 | 1467 | 56 |
| &nbsp;&nbsp;&nbsp; 8148811, 4.782%, 3/03/2026 †x¶ | Square | 9/05/2024 | 3497 | 3263 | 2973 |
| &nbsp;&nbsp;&nbsp; 8149289, 4.782%, 3/03/2026 †x¶ | Square | 9/05/2024 | 6376 | 5949 | 5665 |
| &nbsp;&nbsp;&nbsp; 8149464, 4.780%, 3/04/2026 †§x¶ | Square | 9/06/2024 | 1041 | 972 | 1032 |
| &nbsp;&nbsp;&nbsp; 8149907, 4.780%, 3/04/2026 †x¶ | Square | 9/06/2024 | 4108 | 3845 | 3885 |
| &nbsp;&nbsp;&nbsp; 8150392, 4.780%, 3/04/2026 †x¶ | Square | 9/06/2024 | 9748 | 9096 | 8694 |
| &nbsp;&nbsp;&nbsp; 8150546, 6.677%, 3/04/2026 †x¶ | Square | 9/06/2024 | 2288 | 2080 | 1553 |
| &nbsp;&nbsp;&nbsp; 8150570, 5.106%, 3/04/2026 †x¶ | Square | 9/06/2024 | 1426 | 1325 | 1251 |
| &nbsp;&nbsp;&nbsp; 8150597, 4.762%, 3/04/2026 †x¶ | Square | 9/06/2024 | 357 | 333 | 296 |
| &nbsp;&nbsp;&nbsp; 8150675, 4.785%, 3/04/2026 †x¶ | Square | 9/06/2024 | 1387 | 1294 | 1178 |
| &nbsp;&nbsp;&nbsp; 8150794151, 16.133%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 17136 | 17821 | 18012 |
| &nbsp;&nbsp;&nbsp; 8151165774, 20.387%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 5579 | 5802 | 5867 |
| &nbsp;&nbsp;&nbsp; 8151600, 4.779%, 3/04/2026 †§x¶ | Square | 9/06/2024 | 3527 | 3291 | 3450 |
| &nbsp;&nbsp;&nbsp; 8151873, 6.675%, 3/04/2026 †x¶# | Square | 9/06/2024 | 14518 | 13196 | 1138 |
| &nbsp;&nbsp;&nbsp; 8152073, 6.419%, 3/04/2026 †x¶# | Square | 9/06/2024 | 6889 | 6284 | 540 |
| &nbsp;&nbsp;&nbsp; 8152177141, 20.000%, 4/05/2024 †x¥#^ | Stripe | 10/12/2022 | 1725 | 1794 | 69 |
| &nbsp;&nbsp;&nbsp; 8152272587, 18.925%, 9/04/2024 †x¥#^ | Stripe | 3/10/2023 | 4515 | 4696 | 181 |
| &nbsp;&nbsp;&nbsp; 8152359, 4.782%, 3/04/2026 †§x¶ | Square | 9/06/2024 | 1312 | 1224 | 1282 |
| &nbsp;&nbsp;&nbsp; 8152585, 5.115%, 3/04/2026 †x¶ | Square | 9/06/2024 | 12161 | 11295 | 7517 |
| &nbsp;&nbsp;&nbsp; 8152824, 4.783%, 3/04/2026 †x¶ | Square | 9/06/2024 | 2681 | 2501 | 2450 |
| &nbsp;&nbsp;&nbsp; 8152974, 6.320%, 3/04/2026 †x¶# | Square | 9/06/2024 | 3179 | 2904 | 249 |
| &nbsp;&nbsp;&nbsp; 8152984, 4.780%, 3/04/2026 †§x¶ | Square | 9/06/2024 | 5930 | 5533 | 5815 |
| &nbsp;&nbsp;&nbsp; 8153432807, 25.538%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 795 | 827 | 840 |
| &nbsp;&nbsp;&nbsp; 8155057, 5.112%, 3/05/2026 †x¶ | Square | 9/09/2024 | 3234 | 3003 | 2738 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8735** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8155077783, 26.118%, 5/19/2026 †x¥# | Stripe | 11/21/2024 | $474 | $493 | $189 |
| &nbsp;&nbsp;&nbsp; 8155112, 5.114%, 3/05/2026 †x¶ | Square | 9/09/2024 | 1895 | 1783 | 1850 |
| &nbsp;&nbsp;&nbsp; 8155176, 5.098%, 3/05/2026 †x¶ | Square | 9/09/2024 | 551 | 512 | 521 |
| &nbsp;&nbsp;&nbsp; 8155425, 5.899%, 3/05/2026 †x¶ | Square | 9/09/2024 | 998 | 917 | 547 |
| &nbsp;&nbsp;&nbsp; 8155679, 5.414%, 3/05/2026 †§x¶ | Square | 9/09/2024 | 1087 | 1006 | 1059 |
| &nbsp;&nbsp;&nbsp; 8155728, 4.952%, 3/05/2026 †x¶# | Square | 9/09/2024 | 4588 | 4414 | 360 |
| &nbsp;&nbsp;&nbsp; 8155864, 4.775%, 3/05/2026 †x¶ | Square | 9/09/2024 | 1601 | 1494 | 1530 |
| &nbsp;&nbsp;&nbsp; 8155948, 4.780%, 3/05/2026 †§x¶ | Square | 9/09/2024 | 110 | 103 | 109 |
| &nbsp;&nbsp;&nbsp; 8156748998, 20.387%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 2393 | 2489 | 2506 |
| &nbsp;&nbsp;&nbsp; 8156860, 6.421%, 3/05/2026 †§x¶ | Square | 9/09/2024 | 11247 | 10259 | 9694 |
| &nbsp;&nbsp;&nbsp; 8157512, 5.412%, 3/05/2026 †§x¶ | Square | 9/09/2024 | 1635 | 1513 | 1554 |
| &nbsp;&nbsp;&nbsp; 8157933594, 22.000%, 7/19/2024 †x¥#^ | Stripe | 1/24/2023 | 2233 | 2322 | 89 |
| &nbsp;&nbsp;&nbsp; 8158381, 5.408%, 3/05/2026 †x¶ | Square | 9/09/2024 | 2273 | 2102 | 2142 |
| &nbsp;&nbsp;&nbsp; 8158494, 5.909%, 3/05/2026 †x¶ | Square | 9/09/2024 | 1679 | 1542 | 1174 |
| &nbsp;&nbsp;&nbsp; 8158592, 5.660%, 3/05/2026 †x¶ | Square | 9/09/2024 | 3728 | 3437 | 3281 |
| &nbsp;&nbsp;&nbsp; 8159034, 5.113%, 3/06/2026 †§x¶ | Square | 9/10/2024 | 5202 | 4831 | 4966 |
| &nbsp;&nbsp;&nbsp; 8159149777, 14.263%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 10323 | 10736 | 10883 |
| &nbsp;&nbsp;&nbsp; 8159323, 5.412%, 3/06/2026 †x¶# | Square | 9/10/2024 | 1432 | 1324 | 112 |
| &nbsp;&nbsp;&nbsp; 8159937, 4.962%, 3/06/2026 †§x¶ | Square | 9/10/2024 | 173 | 161 | 148 |
| &nbsp;&nbsp;&nbsp; 8159959, 6.553%, 3/06/2026 †§x¶ | Square | 9/10/2024 | 551 | 501 | 454 |
| &nbsp;&nbsp;&nbsp; 8160009, 5.407%, 3/06/2026 †x¶# | Square | 9/10/2024 | 1463 | 1354 | 564 |
| &nbsp;&nbsp;&nbsp; 8160033637, 26.098%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 1134 | 1179 | 1209 |
| &nbsp;&nbsp;&nbsp; 8160519, 5.116%, 3/06/2026 †x¶ | Square | 9/10/2024 | 1157 | 1074 | 1071 |
| &nbsp;&nbsp;&nbsp; 8160634, 6.547%, 3/06/2026 †x¶ | Square | 9/10/2024 | 7667 | 6981 | 6139 |
| &nbsp;&nbsp;&nbsp; 8160698, 5.113%, 3/06/2026 †§x¶ | Square | 9/10/2024 | 250 | 232 | 245 |
| &nbsp;&nbsp;&nbsp; 8160815, 5.409%, 3/06/2026 †§x¶ | Square | 9/10/2024 | 2881 | 2665 | 2679 |
| &nbsp;&nbsp;&nbsp; 8160826492, 26.513%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 2104 | 2188 | 2196 |
| &nbsp;&nbsp;&nbsp; 8160876, 4.779%, 3/06/2026 †§x¶ | Square | 9/10/2024 | 1893 | 1766 | 1849 |
| &nbsp;&nbsp;&nbsp; 8161011851, 20.800%, 11/29/2024 †x¥#^ | Stripe | 6/06/2023 | 29254 | 30425 | 1170 |
| &nbsp;&nbsp;&nbsp; 8161195, 6.159%, 3/06/2026 †x¶ | Square | 9/10/2024 | 1577 | 1444 | 1005 |
| &nbsp;&nbsp;&nbsp; 8161615, 6.675%, 3/06/2026 †x¶# | Square | 9/10/2024 | 3791 | 3446 | 297 |
| &nbsp;&nbsp;&nbsp; 8161722065, 26.133%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 67 | 70 | 73 |
| &nbsp;&nbsp;&nbsp; 8161934, 4.780%, 3/06/2026 †x¶ | Square | 9/10/2024 | 3111 | 2903 | 2981 |
| &nbsp;&nbsp;&nbsp; 8161978, 6.156%, 3/06/2026 †§x¶ | Square | 9/10/2024 | 724 | 663 | 630 |
| &nbsp;&nbsp;&nbsp; 8162310, 4.784%, 3/07/2026 †x¶ | Square | 9/11/2024 | 2158 | 2013 | 2008 |
| &nbsp;&nbsp;&nbsp; 8162586, 5.660%, 3/07/2026 †x¶ | Square | 9/11/2024 | 2989 | 2755 | 2447 |
| &nbsp;&nbsp;&nbsp; 8162619, 6.151%, 3/07/2026 †x¶ | Square | 9/11/2024 | 12856 | 11770 | 10213 |
| &nbsp;&nbsp;&nbsp; 8162760, 5.114%, 3/07/2026 †x¶# | Square | 9/11/2024 | 4636 | 4308 | 2354 |
| &nbsp;&nbsp;&nbsp; 8162786, 5.725%, 3/07/2026 †§x¶ | Square | 9/11/2024 | 2042 | 1881 | 1922 |
| &nbsp;&nbsp;&nbsp; 8162886, 6.332%, 3/07/2026 †x¶ | Square | 9/11/2024 | 292 | 266 | 148 |
| &nbsp;&nbsp;&nbsp; 8163104, 5.404%, 3/07/2026 †§x¶ | Square | 9/11/2024 | 553 | 511 | 533 |
| &nbsp;&nbsp;&nbsp; 8163203609, 20.792%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 3157 | 3284 | 3355 |
| &nbsp;&nbsp;&nbsp; 8163355, 5.115%, 3/08/2026 †§x¶ | Square | 9/11/2024 | 1937 | 1799 | 1828 |
| &nbsp;&nbsp;&nbsp; 8163373, 6.421%, 3/08/2026 †x¶# | Square | 9/11/2024 | 32630 | 29764 | 2558 |
| &nbsp;&nbsp;&nbsp; 8163461, 4.787%, 3/08/2026 †§x¶ | Square | 9/11/2024 | 992 | 926 | 950 |
| &nbsp;&nbsp;&nbsp; 8163471, 4.780%, 3/08/2026 †§x¶ | Square | 9/11/2024 | 5183 | 4836 | 5084 |
| &nbsp;&nbsp;&nbsp; 8163598, 5.126%, 3/08/2026 †§x¶ | Square | 9/11/2024 | 549 | 509 | 522 |
| &nbsp;&nbsp;&nbsp; 8163662, 4.780%, 3/08/2026 †§x¶ | Square | 9/11/2024 | 2166 | 2021 | 1939 |
| &nbsp;&nbsp;&nbsp; 8163755, 6.415%, 3/08/2026 †§x¶ | Square | 9/11/2024 | 694 | 634 | 611 |
| &nbsp;&nbsp;&nbsp; 8163858, 5.660%, 3/08/2026 †x¶# | Square | 9/11/2024 | 15027 | 13851 | 1178 |
| &nbsp;&nbsp;&nbsp; 8163951, 6.673%, 3/08/2026 †x¶ | Square | 9/11/2024 | 3868 | 3516 | 1501 |
| &nbsp;&nbsp;&nbsp; 8164329, 6.674%, 3/09/2026 †x¶ | Square | 9/11/2024 | 2317 | 2107 | 516 |
| &nbsp;&nbsp;&nbsp; 8164347, 5.409%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 1689 | 1562 | 1580 |
| &nbsp;&nbsp;&nbsp; 8164376, 5.407%, 3/09/2026 †x¶ | Square | 9/11/2024 | 1304 | 1206 | 750 |
| &nbsp;&nbsp;&nbsp; 8164383, 4.778%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 834 | 779 | 800 |
| &nbsp;&nbsp;&nbsp; 8164406, 6.427%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 947 | 864 | 617 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8736** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8165145, 5.113%, 3/09/2026 †§x¶ | Square | 9/11/2024 | $2463 | $2287 | $2414 |
| &nbsp;&nbsp;&nbsp; 8165317, 5.417%, 3/09/2026 †x¶ | Square | 9/11/2024 | 1665 | 1540 | 1104 |
| &nbsp;&nbsp;&nbsp; 8165392, 4.773%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp; 8165408, 6.150%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 1151 | 1054 | 1093 |
| &nbsp;&nbsp;&nbsp; 8165723265, 18.927%, 7/14/2026 †x¥# | Stripe | 1/16/2025 | 17014 | 17695 | 2847 |
| &nbsp;&nbsp;&nbsp; 8165884, 4.781%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 1739 | 1623 | 1710 |
| &nbsp;&nbsp;&nbsp; 8165974, 5.631%, 3/09/2026 †x¶ | Square | 9/11/2024 | 1547 | 1426 | 1007 |
| &nbsp;&nbsp;&nbsp; 8166012, 6.543%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 444 | 405 | 393 |
| &nbsp;&nbsp;&nbsp; 8166064, 4.780%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 1517 | 1416 | 1483 |
| &nbsp;&nbsp;&nbsp; 8166088, 4.956%, 3/09/2026 †x¶# | Square | 9/11/2024 | 3190 | 2969 | 250 |
| &nbsp;&nbsp;&nbsp; 8166125, 4.778%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 2054 | 1916 | 1954 |
| &nbsp;&nbsp;&nbsp; 8166711, 5.126%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 203 | 189 | 200 |
| &nbsp;&nbsp;&nbsp; 8166712, 5.633%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 113 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; 8167055, 6.422%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 7130 | 6504 | 6150 |
| &nbsp;&nbsp;&nbsp; 8167649, 4.780%, 3/09/2026 †x¶# | Square | 9/11/2024 | 11118 | 10374 | 872 |
| &nbsp;&nbsp;&nbsp; 8167744, 4.776%, 3/09/2026 †§x¶ | Square | 9/11/2024 | 434 | 405 | 427 |
| &nbsp;&nbsp;&nbsp; 8167798, 6.155%, 3/10/2026 †x¶ | Square | 9/12/2024 | 2888 | 2644 | 2280 |
| &nbsp;&nbsp;&nbsp; 8167939, 4.784%, 3/10/2026 †§x¶ | Square | 9/12/2024 | 302 | 282 | 297 |
| &nbsp;&nbsp;&nbsp; 8168734, 6.479%, 3/10/2026 †x¶ | Square | 9/12/2024 | 5862 | 5343 | 1149 |
| &nbsp;&nbsp;&nbsp; 8169358, 5.116%, 3/10/2026 †§x¶ | Square | 9/12/2024 | 1599 | 1485 | 1486 |
| &nbsp;&nbsp;&nbsp; 8169500, 6.417%, 3/10/2026 †x¶ | Square | 9/12/2024 | 2513 | 2293 | 1909 |
| &nbsp;&nbsp;&nbsp; 8169520, 4.779%, 3/10/2026 †x¶ | Square | 9/12/2024 | 6345 | 5920 | 5274 |
| &nbsp;&nbsp;&nbsp; 8169565, 4.782%, 3/10/2026 †x¶ | Square | 9/12/2024 | 6242 | 5824 | 4648 |
| &nbsp;&nbsp;&nbsp; 8170115, 4.783%, 3/10/2026 †§x¶ | Square | 9/12/2024 | 1756 | 1638 | 1683 |
| &nbsp;&nbsp;&nbsp; 8170230, 4.780%, 3/10/2026 †§x¶ | Square | 9/12/2024 | 1980 | 1847 | 1940 |
| &nbsp;&nbsp;&nbsp; 8170514, 4.780%, 3/10/2026 †x¶ | Square | 9/12/2024 | 1994 | 1861 | 1594 |
| &nbsp;&nbsp;&nbsp; 8170576, 5.126%, 3/10/2026 †§x¶ | Square | 9/12/2024 | 146 | 135 | 139 |
| &nbsp;&nbsp;&nbsp; 8170858, 4.780%, 3/10/2026 †§x¶ | Square | 9/12/2024 | 12068 | 11261 | 11729 |
| &nbsp;&nbsp;&nbsp; 8171114, 6.154%, 3/10/2026 †x¶ | Square | 9/12/2024 | 3730 | 3415 | 2958 |
| &nbsp;&nbsp;&nbsp; 8171207, 5.668%, 3/10/2026 †x¶ | Square | 9/12/2024 | 1908 | 1758 | 1660 |
| &nbsp;&nbsp;&nbsp; 8171235, 5.663%, 3/10/2026 †§x¶ | Square | 9/12/2024 | 4180 | 3853 | 3672 |
| &nbsp;&nbsp;&nbsp; 8171360, 5.115%, 3/10/2026 †x¶ | Square | 9/12/2024 | 3732 | 3466 | 2279 |
| &nbsp;&nbsp;&nbsp; 8171562, 5.647%, 3/11/2026 †x¶# | Square | 9/13/2024 | 2550 | 2351 | 200 |
| &nbsp;&nbsp;&nbsp; 8171825, 6.155%, 3/11/2026 †x¶# | Square | 9/13/2024 | 2486 | 2276 | 195 |
| &nbsp;&nbsp;&nbsp; 8171980, 6.414%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 1107 | 1010 | 924 |
| &nbsp;&nbsp;&nbsp; 8172094, 6.412%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 156 | 143 | 147 |
| &nbsp;&nbsp;&nbsp; 8172157, 6.307%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 564 | 516 | 371 |
| &nbsp;&nbsp;&nbsp; 8172600, 4.777%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 1474 | 1375 | 1445 |
| &nbsp;&nbsp;&nbsp; 8172645, 5.660%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 688 | 634 | 627 |
| &nbsp;&nbsp;&nbsp; 8172648, 6.541%, 3/11/2026 †x¶# | Square | 9/13/2024 | 498 | 454 | 39 |
| &nbsp;&nbsp;&nbsp; 8172762, 4.780%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 6863 | 6404 | 6576 |
| &nbsp;&nbsp;&nbsp; 8173280, 6.317%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 1290 | 1179 | 845 |
| &nbsp;&nbsp;&nbsp; 8173420, 5.667%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 216 | 199 | 211 |
| &nbsp;&nbsp;&nbsp; 8173470, 5.118%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 357 | 331 | 342 |
| &nbsp;&nbsp;&nbsp; 8173777398, 18.800%, 10/03/2026 †x¥ | Stripe | 4/09/2025 | 94654 | 98440 | 53683 |
| &nbsp;&nbsp;&nbsp; 8173843, 4.780%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 779 | 727 | 767 |
| &nbsp;&nbsp;&nbsp; 8173859, 4.780%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 10951 | 10218 | 10735 |
| &nbsp;&nbsp;&nbsp; 8174209, 6.671%, 3/11/2026 †x¶ | Square | 9/13/2024 | 10732 | 9756 | 5056 |
| &nbsp;&nbsp;&nbsp; 8174272, 6.328%, 3/11/2026 †x¶# | Square | 9/13/2024 | 8594 | 8081 | 674 |
| &nbsp;&nbsp;&nbsp; 8174315, 5.643%, 3/11/2026 †x¶ | Square | 9/13/2024 | 1649 | 1527 | 342 |
| &nbsp;&nbsp;&nbsp; 8174614, 6.317%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 106 | 96 | 96 |
| &nbsp;&nbsp;&nbsp; 8174630, 4.773%, 3/11/2026 †§x¶ | Square | 9/13/2024 | 621 | 579 | 604 |
| &nbsp;&nbsp;&nbsp; 8177145471, 19.331%, 12/28/2025 †x¥# | Stripe | 10/26/2023 | 883 | 918 | 35 |
| &nbsp;&nbsp;&nbsp; 8177555, 4.778%, 3/12/2026 †§x¶ | Square | 9/16/2024 | 982 | 916 | 959 |
| &nbsp;&nbsp;&nbsp; 8177826, 5.676%, 3/12/2026 †§x¶ | Square | 9/16/2024 | 421 | 388 | 397 |
| &nbsp;&nbsp;&nbsp; 8177991, 5.670%, 3/12/2026 †§x¶ | Square | 9/16/2024 | 1226 | 1130 | 1080 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8737** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8178786, 4.776%, 3/12/2026 †§x¶ | Square | 9/16/2024 | $933 | $871 | $909 |
| &nbsp;&nbsp;&nbsp; 8178940, 5.409%, 3/12/2026 †§x¶ | Square | 9/16/2024 | 1967 | 1820 | 1871 |
| &nbsp;&nbsp;&nbsp; 8179300, 6.148%, 3/12/2026 †§x¶ | Square | 9/16/2024 | 886 | 811 | 834 |
| &nbsp;&nbsp;&nbsp; 8179308410, 18.527%, 4/17/2025 †x¥#^ | Stripe | 10/23/2023 | 8409 | 8745 | 336 |
| &nbsp;&nbsp;&nbsp; 8179322, 6.156%, 3/12/2026 †x¶ | Square | 9/16/2024 | 3074 | 2814 | 2240 |
| &nbsp;&nbsp;&nbsp; 8179603691, 18.793%, 12/04/2025 †x¥ | Stripe | 6/10/2024 | 257 | 267 | 279 |
| &nbsp;&nbsp;&nbsp; 8179879, 6.669%, 3/12/2026 †x¶# | Square | 9/16/2024 | 2698 | 2453 | 212 |
| &nbsp;&nbsp;&nbsp; 8179887, 5.408%, 3/12/2026 †x¶ | Square | 9/16/2024 | 20155 | 18642 | 16223 |
| &nbsp;&nbsp;&nbsp; 8180097, 6.669%, 3/12/2026 †x¶ | Square | 9/16/2024 | 3403 | 3093 | 1908 |
| &nbsp;&nbsp;&nbsp; 8180125, 6.154%, 3/12/2026 †§x¶ | Square | 9/16/2024 | 1335 | 1222 | 1009 |
| &nbsp;&nbsp;&nbsp; 8180912, 6.669%, 3/13/2026 †x¶# | Square | 9/17/2024 | 5249 | 4772 | 2013 |
| &nbsp;&nbsp;&nbsp; 8181074, 4.769%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 71 | 66 | 70 |
| &nbsp;&nbsp;&nbsp; 8181503, 5.680%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 242 | 223 | 229 |
| &nbsp;&nbsp;&nbsp; 8181605, 5.643%, 3/13/2026 †x¶ | Square | 9/17/2024 | 962 | 887 | 598 |
| &nbsp;&nbsp;&nbsp; 8181838, 4.776%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 269 | 251 | 266 |
| &nbsp;&nbsp;&nbsp; 8181996, 4.783%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 2238 | 2088 | 2125 |
| &nbsp;&nbsp;&nbsp; 8182071932, 22.000%, 2/11/2023 †x¥#^ | Stripe | 8/18/2021 | 556 | 578 | 22 |
| &nbsp;&nbsp;&nbsp; 8182471, 6.441%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 415 | 378 | 320 |
| &nbsp;&nbsp;&nbsp; 8182524, 5.623%, 3/13/2026 †x¶ | Square | 9/17/2024 | 1304 | 1202 | 310 |
| &nbsp;&nbsp;&nbsp; 8182599, 6.421%, 3/13/2026 †x¶# | Square | 9/17/2024 | 13073 | 11924 | 1025 |
| &nbsp;&nbsp;&nbsp; 8182917, 5.337%, 3/13/2026 †x¶ | Square | 9/17/2024 | 1268 | 1174 | 1002 |
| &nbsp;&nbsp;&nbsp; 8182921, 4.782%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 444 | 415 | 436 |
| &nbsp;&nbsp;&nbsp; 8182944, 4.780%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 1460 | 1363 | 1430 |
| &nbsp;&nbsp;&nbsp; 8183217, 6.543%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 574 | 523 | 509 |
| &nbsp;&nbsp;&nbsp; 8183239504, 26.125%, 7/28/2026 †x¥# | Stripe | 1/30/2025 | 1883 | 1959 | 523 |
| &nbsp;&nbsp;&nbsp; 8183267, 4.773%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 1304 | 1217 | 1264 |
| &nbsp;&nbsp;&nbsp; 8183299405, 24.000%, 12/18/2023 †x¥#^ | Stripe | 10/07/2021 | 1566 | 1628 | 63 |
| &nbsp;&nbsp;&nbsp; 8183365341, 17.597%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 7847 | 8161 | 8252 |
| &nbsp;&nbsp;&nbsp; 8183678, 5.408%, 3/13/2026 †§x¶ | Square | 9/17/2024 | 805 | 745 | 790 |
| &nbsp;&nbsp;&nbsp; 8183774, 4.953%, 3/13/2026 †x¶# | Square | 9/17/2024 | 526 | 490 | 41 |
| &nbsp;&nbsp;&nbsp; 8184255, 5.666%, 3/14/2026 †§x¶ | Square | 9/18/2024 | 1692 | 1560 | 1531 |
| &nbsp;&nbsp;&nbsp; 8184271, 5.406%, 3/14/2026 †§x¶ | Square | 9/18/2024 | 2073 | 1917 | 1987 |
| &nbsp;&nbsp;&nbsp; 8184375, 6.151%, 3/14/2026 †x¶ | Square | 9/18/2024 | 12584 | 11521 | 8774 |
| &nbsp;&nbsp;&nbsp; 8184560, 5.660%, 3/14/2026 †§x¶ | Square | 9/18/2024 | 3563 | 3284 | 3360 |
| &nbsp;&nbsp;&nbsp; 8184775, 5.113%, 3/14/2026 †x¶ | Square | 9/18/2024 | 4262 | 3959 | 3731 |
| &nbsp;&nbsp;&nbsp; 8185053, 5.413%, 3/14/2026 †x¶ | Square | 9/18/2024 | 1262 | 1167 | 927 |
| &nbsp;&nbsp;&nbsp; 8185094, 6.675%, 3/14/2026 †x¶# | Square | 9/18/2024 | 1994 | 1813 | 1410 |
| &nbsp;&nbsp;&nbsp; 8185265, 4.783%, 3/15/2026 †x¶ | Square | 9/18/2024 | 2658 | 2480 | 814 |
| &nbsp;&nbsp;&nbsp; 8185382, 6.328%, 3/15/2026 †x¶# | Square | 9/18/2024 | 7586 | 6928 | 1207 |
| &nbsp;&nbsp;&nbsp; 8185413, 5.111%, 3/15/2026 †§x¶ | Square | 9/18/2024 | 2310 | 2156 | 2154 |
| &nbsp;&nbsp;&nbsp; 8185452, 5.126%, 3/15/2026 †§x¶ | Square | 9/18/2024 | 53 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; 8185500, 6.673%, 3/15/2026 †x¶ | Square | 9/18/2024 | 899 | 817 | 334 |
| &nbsp;&nbsp;&nbsp; 8185502, 5.408%, 3/15/2026 †x¶# | Square | 9/18/2024 | 4227 | 3910 | 331 |
| &nbsp;&nbsp;&nbsp; 8185543, 5.112%, 3/15/2026 †x¶ | Square | 9/18/2024 | 3217 | 2988 | 2595 |
| &nbsp;&nbsp;&nbsp; 8185927, 6.316%, 3/15/2026 †x¶# | Square | 9/18/2024 | 2366 | 2162 | 186 |
| &nbsp;&nbsp;&nbsp; 8186281, 5.922%, 3/16/2026 †x¶ | Square | 9/18/2024 | 1179 | 1082 | 914 |
| &nbsp;&nbsp;&nbsp; 8186575, 5.638%, 3/16/2026 †x¶# | Square | 9/18/2024 | 835 | 770 | 66 |
| &nbsp;&nbsp;&nbsp; 8186854, 6.154%, 3/16/2026 †x¶ | Square | 9/18/2024 | 5148 | 4713 | 1868 |
| &nbsp;&nbsp;&nbsp; 8187175, 6.132%, 3/16/2026 †x¶ | Square | 9/18/2024 | 673 | 617 | 529 |
| &nbsp;&nbsp;&nbsp; 8187176, 6.331%, 3/16/2026 †x¶ | Square | 9/18/2024 | 3807 | 3477 | 826 |
| &nbsp;&nbsp;&nbsp; 8187217, 4.781%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 1876 | 1751 | 1828 |
| &nbsp;&nbsp;&nbsp; 8187244719, 20.798%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 3264 | 3394 | 3481 |
| &nbsp;&nbsp;&nbsp; 8187299, 5.127%, 3/16/2026 †x¶ | Square | 9/18/2024 | 161 | 150 | 154 |
| &nbsp;&nbsp;&nbsp; 8187390, 4.780%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 823 | 773 | 807 |
| &nbsp;&nbsp;&nbsp; 8187401, 6.545%, 3/16/2026 †x¶ | Square | 9/18/2024 | 3431 | 3125 | 844 |
| &nbsp;&nbsp;&nbsp; 8187447, 6.545%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 1093 | 995 | 956 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8738** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8187564, 5.660%, 3/16/2026 †§x¶ | Square | 9/18/2024 | $3210 | $2958 | $3016 |
| &nbsp;&nbsp;&nbsp; 8187596, 4.772%, 3/16/2026 †x¶ | Square | 9/18/2024 | 1454 | 1357 | 1317 |
| &nbsp;&nbsp;&nbsp; 8187743, 6.419%, 3/16/2026 †x¶ | Square | 9/18/2024 | 875 | 798 | 165 |
| &nbsp;&nbsp;&nbsp; 8187970, 5.410%, 3/16/2026 †x¶ | Square | 9/18/2024 | 3674 | 3398 | 2837 |
| &nbsp;&nbsp;&nbsp; 8187986, 4.780%, 3/16/2026 †x¶ | Square | 9/18/2024 | 2765 | 2580 | 2298 |
| &nbsp;&nbsp;&nbsp; 818806810, 18.398%, 4/19/2024 †x¥#^ | Stripe | 10/25/2022 | 29249 | 30419 | 1170 |
| &nbsp;&nbsp;&nbsp; 8188430, 5.111%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 2212 | 2054 | 2052 |
| &nbsp;&nbsp;&nbsp; 8188444585, 14.258%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 4850 | 5044 | 5085 |
| &nbsp;&nbsp;&nbsp; 8188488, 4.796%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 266 | 249 | 258 |
| &nbsp;&nbsp;&nbsp; 818850685, 13.054%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 5044 | 5246 | 5264 |
| &nbsp;&nbsp;&nbsp; 8188635, 4.778%, 3/16/2026 †x¶ | Square | 9/18/2024 | 9774 | 9121 | 7301 |
| &nbsp;&nbsp;&nbsp; 8188771, 5.407%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 1575 | 1457 | 1497 |
| &nbsp;&nbsp;&nbsp; 8189007, 6.680%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 683 | 621 | 493 |
| &nbsp;&nbsp;&nbsp; 8189038, 5.112%, 3/16/2026 †x¶ | Square | 9/18/2024 | 3009 | 2794 | 2427 |
| &nbsp;&nbsp;&nbsp; 8189243, 4.948%, 3/16/2026 †x¶# | Square | 9/18/2024 | 2560 | 2383 | 201 |
| &nbsp;&nbsp;&nbsp; 8189247, 4.774%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 156 | 145 | 154 |
| &nbsp;&nbsp;&nbsp; 8189526, 5.407%, 3/16/2026 †x¶ | Square | 9/18/2024 | 2974 | 2751 | 991 |
| &nbsp;&nbsp;&nbsp; 8189547, 5.660%, 3/16/2026 †§x¶ | Square | 9/18/2024 | 453 | 417 | 443 |
| &nbsp;&nbsp;&nbsp; 8189610, 6.151%, 3/16/2026 †x¶# | Square | 9/18/2024 | 14665 | 13489 | 1150 |
| &nbsp;&nbsp;&nbsp; 8189912854, 20.392%, 9/30/2023 †x¥#^ | Stripe | 4/06/2022 | 3894 | 4049 | 156 |
| &nbsp;&nbsp;&nbsp; 8190179, 6.175%, 3/17/2026 †x¶# | Square | 9/19/2024 | 982 | 898 | 77 |
| &nbsp;&nbsp;&nbsp; 8190186, 6.429%, 3/17/2026 †x¶ | Square | 9/19/2024 | 1543 | 1408 | 379 |
| &nbsp;&nbsp;&nbsp; 8190350, 5.116%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 1816 | 1687 | 1613 |
| &nbsp;&nbsp;&nbsp; 8190389, 4.780%, 3/17/2026 †x¶# | Square | 9/19/2024 | 1812 | 1691 | 1527 |
| &nbsp;&nbsp;&nbsp; 8190585, 6.327%, 3/17/2026 †x¶# | Square | 9/19/2024 | 6098 | 5570 | 478 |
| &nbsp;&nbsp;&nbsp; 8190692, 6.347%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 27 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; 8190788, 6.314%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 154 | 141 | 127 |
| &nbsp;&nbsp;&nbsp; 8191040, 5.113%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 17632 | 16376 | 16030 |
| &nbsp;&nbsp;&nbsp; 8191241, 5.660%, 3/17/2026 †x¶ | Square | 9/19/2024 | 7397 | 6818 | 1623 |
| &nbsp;&nbsp;&nbsp; 8191275, 6.147%, 3/17/2026 †x¶ | Square | 9/19/2024 | 1782 | 1631 | 1101 |
| &nbsp;&nbsp;&nbsp; 8191386477, 22.000%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 386 | 401 | 419 |
| &nbsp;&nbsp;&nbsp; 8191718, 4.777%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 317 | 296 | 313 |
| &nbsp;&nbsp;&nbsp; 8191741, 6.321%, 3/17/2026 †x¶# | Square | 9/19/2024 | 2481 | 2266 | 195 |
| &nbsp;&nbsp;&nbsp; 8192020, 5.409%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 1137 | 1052 | 1096 |
| &nbsp;&nbsp;&nbsp; 8192206, 6.671%, 3/17/2026 †x¶ | Square | 9/19/2024 | 5670 | 5154 | 1236 |
| &nbsp;&nbsp;&nbsp; 8192295, 5.113%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 28866 | 26810 | 27290 |
| &nbsp;&nbsp;&nbsp; 8192572, 6.422%, 3/17/2026 †x¶ | Square | 9/19/2024 | 3756 | 3426 | 2185 |
| &nbsp;&nbsp;&nbsp; 8192768, 5.660%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 672 | 620 | 646 |
| &nbsp;&nbsp;&nbsp; 8193072, 6.326%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 1236 | 1129 | 947 |
| &nbsp;&nbsp;&nbsp; 8193175, 6.152%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 6723 | 6177 | 6019 |
| &nbsp;&nbsp;&nbsp; 8193261, 5.660%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 1850 | 1705 | 1451 |
| &nbsp;&nbsp;&nbsp; 8193321, 5.113%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 15484 | 14381 | 14787 |
| &nbsp;&nbsp;&nbsp; 8193746, 5.408%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 7554 | 6987 | 7117 |
| &nbsp;&nbsp;&nbsp; 8194000, 5.634%, 3/18/2026 †x¶# | Square | 9/20/2024 | 5066 | 4672 | 2448 |
| &nbsp;&nbsp;&nbsp; 8194207, 5.121%, 3/18/2026 †x¶ | Square | 9/20/2024 | 1863 | 1730 | 1155 |
| &nbsp;&nbsp;&nbsp; 8194637, 4.777%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 593 | 553 | 585 |
| &nbsp;&nbsp;&nbsp; 8194672, 5.108%, 3/18/2026 †x¶ | Square | 9/20/2024 | 2806 | 2606 | 2393 |
| &nbsp;&nbsp;&nbsp; 8194810, 4.781%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 1419 | 1324 | 1375 |
| &nbsp;&nbsp;&nbsp; 8194843, 4.780%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 30 | 28 | 30 |
| &nbsp;&nbsp;&nbsp; 8195078, 5.400%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 966 | 894 | 901 |
| &nbsp;&nbsp;&nbsp; 8195238, 5.406%, 3/18/2026 †x¶ | Square | 9/20/2024 | 7610 | 7039 | 4668 |
| &nbsp;&nbsp;&nbsp; 8195425, 5.660%, 3/18/2026 †x¶ | Square | 9/20/2024 | 2693 | 2482 | 2181 |
| &nbsp;&nbsp;&nbsp; 8195453, 6.153%, 3/18/2026 †x¶ | Square | 9/20/2024 | 6188 | 5665 | 1648 |
| &nbsp;&nbsp;&nbsp; 8195657, 4.780%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 8841 | 8250 | 8651 |
| &nbsp;&nbsp;&nbsp; 8196106, 4.956%, 3/18/2026 †x¶# | Square | 9/20/2024 | 5378 | 5006 | 422 |
| &nbsp;&nbsp;&nbsp; 8196120, 6.154%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 241 | 221 | 228 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8739** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8196143, 5.911%, 3/18/2026 †§x¶ | Square | 9/20/2024 | $9162 | $8415 | $7944 |
| &nbsp;&nbsp;&nbsp; 8196243753, 26.510%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 125 | 130 | 134 |
| &nbsp;&nbsp;&nbsp; 8196270, 4.781%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 1262 | 1177 | 1240 |
| &nbsp;&nbsp;&nbsp; 8196354, 4.943%, 3/18/2026 †x¶ | Square | 9/20/2024 | 380 | 354 | 93 |
| &nbsp;&nbsp;&nbsp; 8196364, 5.398%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 10 | 9 | 9 |
| &nbsp;&nbsp;&nbsp; 8196411, 4.780%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 2173 | 2027 | 2128 |
| &nbsp;&nbsp;&nbsp; 8196485, 4.780%, 3/18/2026 †§x¶ | Square | 9/20/2024 | 6873 | 6413 | 6685 |
| &nbsp;&nbsp;&nbsp; 8198227348, 22.392%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 888 | 923 | 949 |
| &nbsp;&nbsp;&nbsp; 8198876, 4.780%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 2481 | 2315 | 2428 |
| &nbsp;&nbsp;&nbsp; 8199317, 6.160%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 454 | 416 | 160 |
| &nbsp;&nbsp;&nbsp; 8199475, 4.778%, 3/19/2026 †x¶ | Square | 9/23/2024 | 3584 | 3344 | 3347 |
| &nbsp;&nbsp;&nbsp; 8199531, 6.643%, 3/19/2026 †x¶# | Square | 9/23/2024 | 711 | 646 | 179 |
| &nbsp;&nbsp;&nbsp; 8199538, 4.780%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 4153 | 3875 | 4022 |
| &nbsp;&nbsp;&nbsp; 81c5af05-4362-457b-b2ac-2578c8efa6fc, 10.490%, 9/04/2023 †x#^ | Funding Circle | 9/06/2018 | 16216 | 16430 | 4865 |
| &nbsp;&nbsp;&nbsp; 81e4e3f1-3942-4706-a74f-e1071b8e1919, 10.790%, 11/26/2023 †x#^ | Funding Circle | 11/28/2018 | 56810 | 56810 | 17043 |
| &nbsp;&nbsp;&nbsp; 8200094, 5.111%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 3147 | 2922 | 2870 |
| &nbsp;&nbsp;&nbsp; 820028252, 26.533%, 12/06/2025 †x¥# | Stripe | 6/12/2024 | 9322 | 9695 | 373 |
| &nbsp;&nbsp;&nbsp; 8200303, 6.322%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 945 | 863 | 848 |
| &nbsp;&nbsp;&nbsp; 8200616, 4.782%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 393 | 366 | 388 |
| &nbsp;&nbsp;&nbsp; 8200623855, 18.791%, 10/10/2024 †x¥#^ | Stripe | 4/17/2023 | 2393 | 2489 | 96 |
| &nbsp;&nbsp;&nbsp; 8201023, 6.546%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 2138 | 1946 | 1706 |
| &nbsp;&nbsp;&nbsp; 8201061, 5.916%, 3/19/2026 †x¶ | Square | 9/23/2024 | 2909 | 2672 | 1934 |
| &nbsp;&nbsp;&nbsp; 8201746, 6.426%, 3/19/2026 †x¶ | Square | 9/23/2024 | 901 | 822 | 277 |
| &nbsp;&nbsp;&nbsp; 8201853, 5.660%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 1423 | 1312 | 1234 |
| &nbsp;&nbsp;&nbsp; 8201893, 6.541%, 3/19/2026 †x¶ | Square | 9/23/2024 | 987 | 899 | 690 |
| &nbsp;&nbsp;&nbsp; 8202040, 4.780%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 919 | 857 | 907 |
| &nbsp;&nbsp;&nbsp; 8202105, 6.415%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 1510 | 1378 | 1270 |
| &nbsp;&nbsp;&nbsp; 8202127, 5.660%, 3/19/2026 †§x¶ | Square | 9/23/2024 | 967 | 891 | 890 |
| &nbsp;&nbsp;&nbsp; 8202409, 5.911%, 3/19/2026 †x¶# | Square | 9/23/2024 | 26461 | 24306 | 4616 |
| &nbsp;&nbsp;&nbsp; 8202947, 6.342%, 3/20/2026 †x¶# | Square | 9/24/2024 | 732 | 668 | 211 |
| &nbsp;&nbsp;&nbsp; 8203087, 5.668%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 1076 | 991 | 993 |
| &nbsp;&nbsp;&nbsp; 8203173, 4.778%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 1781 | 1662 | 1541 |
| &nbsp;&nbsp;&nbsp; 8203656, 5.404%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 1116 | 1032 | 1001 |
| &nbsp;&nbsp;&nbsp; 8204122, 5.647%, 3/20/2026 †x¶# | Square | 9/24/2024 | 1909 | 1760 | 150 |
| &nbsp;&nbsp;&nbsp; 8204318, 4.780%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 17688 | 16504 | 16392 |
| &nbsp;&nbsp;&nbsp; 8204510, 6.667%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 1538 | 1399 | 1088 |
| &nbsp;&nbsp;&nbsp; 8204826, 6.151%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 2506 | 2294 | 2379 |
| &nbsp;&nbsp;&nbsp; 8204900, 4.782%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 2172 | 2027 | 2105 |
| &nbsp;&nbsp;&nbsp; 8205066, 5.913%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 4048 | 3742 | 3482 |
| &nbsp;&nbsp;&nbsp; 8205097, 6.421%, 3/20/2026 †x¶ | Square | 9/24/2024 | 1220 | 1113 | 237 |
| &nbsp;&nbsp;&nbsp; 8205124, 5.637%, 3/20/2026 †x¶ | Square | 9/24/2024 | 3141 | 2897 | 1286 |
| &nbsp;&nbsp;&nbsp; 8205160, 5.408%, 3/20/2026 †x¶ | Square | 9/24/2024 | 15098 | 13965 | 12459 |
| &nbsp;&nbsp;&nbsp; 8205404, 5.111%, 3/20/2026 †§x¶ | Square | 9/24/2024 | 1281 | 1190 | 1256 |
| &nbsp;&nbsp;&nbsp; 8205441069, 17.728%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 3422 | 3558 | 3625 |
| &nbsp;&nbsp;&nbsp; 8205507, 5.409%, 3/20/2026 †x¶ | Square | 9/24/2024 | 26532 | 24541 | 20934 |
| &nbsp;&nbsp;&nbsp; 8205713, 5.409%, 3/20/2026 †x¶# | Square | 9/24/2024 | 36187 | 33471 | 7648 |
| &nbsp;&nbsp;&nbsp; 8206475, 6.326%, 3/21/2026 †x¶# | Square | 9/25/2024 | 1685 | 1539 | 208 |
| &nbsp;&nbsp;&nbsp; 8206481, 6.552%, 3/21/2026 †x¶ | Square | 9/25/2024 | 307 | 280 | 287 |
| &nbsp;&nbsp;&nbsp; 8206519, 5.914%, 3/21/2026 †x¶# | Square | 9/25/2024 | 8249 | 7577 | 647 |
| &nbsp;&nbsp;&nbsp; 8206639, 4.780%, 3/21/2026 †x¶ | Square | 9/25/2024 | 1930 | 1800 | 1448 |
| &nbsp;&nbsp;&nbsp; 8206728, 6.160%, 3/21/2026 †x¶ | Square | 9/25/2024 | 591 | 541 | 449 |
| &nbsp;&nbsp;&nbsp; 8206968, 6.413%, 3/21/2026 †§x¶ | Square | 9/25/2024 | 138 | 126 | 132 |
| &nbsp;&nbsp;&nbsp; 8206977, 4.779%, 3/21/2026 †x¶ | Square | 9/25/2024 | 1097 | 1023 | 958 |
| &nbsp;&nbsp;&nbsp; 8206981, 5.423%, 3/21/2026 †x¶ | Square | 9/25/2024 | 936 | 866 | 826 |
| &nbsp;&nbsp;&nbsp; 8207055, 5.409%, 3/21/2026 †x¶ | Square | 9/25/2024 | 5725 | 5295 | 1381 |
| &nbsp;&nbsp;&nbsp; 8207080, 6.324%, 3/22/2026 †§x¶ | Square | 9/25/2024 | 73 | 66 | 55 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8740** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8207322, 6.674%, 3/22/2026 †x¶# | Square | 9/25/2024 | $1575 | $1432 | $1047 |
| &nbsp;&nbsp;&nbsp; 8207332, 4.776%, 3/22/2026 †§x¶ | Square | 9/25/2024 | 1358 | 1267 | 1322 |
| &nbsp;&nbsp;&nbsp; 8207369, 4.781%, 3/22/2026 †§x¶ | Square | 9/25/2024 | 327 | 305 | 322 |
| &nbsp;&nbsp;&nbsp; 8207416, 6.674%, 3/22/2026 †x¶# | Square | 9/25/2024 | 1198 | 1089 | 94 |
| &nbsp;&nbsp;&nbsp; 8207428, 6.154%, 3/22/2026 †x¶ | Square | 9/25/2024 | 3946 | 3615 | 2189 |
| &nbsp;&nbsp;&nbsp; 8207444, 5.663%, 3/22/2026 †x¶# | Square | 9/25/2024 | 10990 | 10129 | 4422 |
| &nbsp;&nbsp;&nbsp; 8207622, 5.395%, 3/22/2026 †§x¶ | Square | 9/25/2024 | 322 | 298 | 314 |
| &nbsp;&nbsp;&nbsp; 8207753, 5.660%, 3/22/2026 †§x¶ | Square | 9/25/2024 | 123 | 113 | 109 |
| &nbsp;&nbsp;&nbsp; 8207837, 5.114%, 3/22/2026 †§x¶ | Square | 9/25/2024 | 2709 | 2516 | 2658 |
| &nbsp;&nbsp;&nbsp; 820801937, 20.000%, 2/15/2024 †x¥#^ | Stripe | 8/22/2022 | 4141 | 4306 | 166 |
| &nbsp;&nbsp;&nbsp; 8208196, 6.331%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 217 | 198 | 189 |
| &nbsp;&nbsp;&nbsp; 8208276, 6.667%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 321 | 292 | 291 |
| &nbsp;&nbsp;&nbsp; 8208278, 5.114%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 4232 | 3930 | 4012 |
| &nbsp;&nbsp;&nbsp; 8208545, 6.152%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 1010 | 924 | 975 |
| &nbsp;&nbsp;&nbsp; 8208657, 4.780%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 733 | 684 | 716 |
| &nbsp;&nbsp;&nbsp; 8208822, 5.660%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 9199 | 8479 | 8184 |
| &nbsp;&nbsp;&nbsp; 8209254542, 13.066%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 10259 | 10669 | 10813 |
| &nbsp;&nbsp;&nbsp; 8209259, 4.780%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 28234 | 26345 | 27357 |
| &nbsp;&nbsp;&nbsp; 8209679, 5.409%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 3487 | 3225 | 3373 |
| &nbsp;&nbsp;&nbsp; 8209894, 5.415%, 3/23/2026 †x¶ | Square | 9/25/2024 | 2710 | 2506 | 2021 |
| &nbsp;&nbsp;&nbsp; 8210174, 4.777%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 1640 | 1530 | 1609 |
| &nbsp;&nbsp;&nbsp; 8210218, 5.660%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 435 | 401 | 420 |
| &nbsp;&nbsp;&nbsp; 8210294, 4.780%, 3/23/2026 †x¶ | Square | 9/25/2024 | 1130 | 1054 | 1010 |
| &nbsp;&nbsp;&nbsp; 8210348, 5.409%, 3/23/2026 †x¶# | Square | 9/25/2024 | 4219 | 3903 | 331 |
| &nbsp;&nbsp;&nbsp; 8210734, 6.422%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 3898 | 3555 | 3759 |
| &nbsp;&nbsp;&nbsp; 8210837, 4.780%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 1281 | 1195 | 1247 |
| &nbsp;&nbsp;&nbsp; 8210979, 5.398%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 553 | 511 | 497 |
| &nbsp;&nbsp;&nbsp; 8211139, 6.162%, 3/23/2026 †x¶# | Square | 9/25/2024 | 2357 | 2158 | 185 |
| &nbsp;&nbsp;&nbsp; 8211393, 5.913%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 75 | 68 | 73 |
| &nbsp;&nbsp;&nbsp; 8211418, 5.667%, 3/23/2026 †x¶# | Square | 9/25/2024 | 4180 | 3855 | 801 |
| &nbsp;&nbsp;&nbsp; 8211567, 4.783%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 2369 | 2210 | 2276 |
| &nbsp;&nbsp;&nbsp; 8211643, 4.779%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 2592 | 2419 | 2467 |
| &nbsp;&nbsp;&nbsp; 8211751, 4.780%, 3/24/2026 †§x¶ | Square | 9/26/2024 | 332 | 310 | 318 |
| &nbsp;&nbsp;&nbsp; 8212188, 5.126%, 3/24/2026 †§x¶ | Square | 9/26/2024 | 571 | 530 | 535 |
| &nbsp;&nbsp;&nbsp; 8212203, 6.322%, 3/24/2026 †x¶# | Square | 9/26/2024 | 920 | 840 | 374 |
| &nbsp;&nbsp;&nbsp; 8212480, 5.108%, 3/24/2026 †§x¶ | Square | 9/26/2024 | 981 | 911 | 945 |
| &nbsp;&nbsp;&nbsp; 8212496, 6.553%, 3/24/2026 †§x¶ | Square | 9/26/2024 | 489 | 445 | 457 |
| &nbsp;&nbsp;&nbsp; 8212555, 5.408%, 3/24/2026 †§x¶ | Square | 9/26/2024 | 2356 | 2180 | 2319 |
| &nbsp;&nbsp;&nbsp; 8212903982, 26.125%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 6860 | 7134 | 7317 |
| &nbsp;&nbsp;&nbsp; 8212983567, 14.933%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 3478 | 3618 | 3695 |
| &nbsp;&nbsp;&nbsp; 8213387, 5.905%, 3/24/2026 †§x¶ | Square | 9/26/2024 | 836 | 768 | 769 |
| &nbsp;&nbsp;&nbsp; 8213595, 5.409%, 3/24/2026 †x¶# | Square | 9/26/2024 | 7368 | 6815 | 578 |
| &nbsp;&nbsp;&nbsp; 8213721, 6.546%, 3/24/2026 †x¶# | Square | 9/26/2024 | 14853 | 13618 | 1164 |
| &nbsp;&nbsp;&nbsp; 8214055, 6.518%, 3/24/2026 †x¶ | Square | 9/26/2024 | 564 | 514 | 151 |
| &nbsp;&nbsp;&nbsp; 8214385, 5.912%, 3/24/2026 †x¶# | Square | 9/26/2024 | 3366 | 3092 | 264 |
| &nbsp;&nbsp;&nbsp; 8215070, 6.151%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 3033 | 2777 | 2658 |
| &nbsp;&nbsp;&nbsp; 8215202, 5.114%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 2645 | 2457 | 2581 |
| &nbsp;&nbsp;&nbsp; 8215651, 6.151%, 3/25/2026 †x¶ | Square | 9/27/2024 | 1634 | 1496 | 1334 |
| &nbsp;&nbsp;&nbsp; 8215700, 6.150%, 3/25/2026 †x¶# | Square | 9/27/2024 | 10532 | 9642 | 826 |
| &nbsp;&nbsp;&nbsp; 8215898, 4.779%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 2511 | 2343 | 2449 |
| &nbsp;&nbsp;&nbsp; 8216075, 4.780%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 772 | 721 | 759 |
| &nbsp;&nbsp;&nbsp; 8216133, 5.417%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 844 | 781 | 805 |
| &nbsp;&nbsp;&nbsp; 8216230, 6.316%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 261 | 238 | 243 |
| &nbsp;&nbsp;&nbsp; 8216397, 5.660%, 3/25/2026 †x¶# | Square | 9/27/2024 | 5141 | 4738 | 403 |
| &nbsp;&nbsp;&nbsp; 8216461, 4.775%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 835 | 780 | 798 |
| &nbsp;&nbsp;&nbsp; 8216464, 5.116%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 571 | 530 | 526 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8741** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8216596, 4.777%, 3/25/2026 †§x¶ | Square | 9/27/2024 | $799 | $746 | $788 |
| &nbsp;&nbsp;&nbsp; 8216797, 5.116%, 3/25/2026 †x¶ | Square | 9/27/2024 | 798 | 741 | 689 |
| &nbsp;&nbsp;&nbsp; 8217171, 6.317%, 3/25/2026 †x¶ | Square | 9/27/2024 | 2111 | 1929 | 1089 |
| &nbsp;&nbsp;&nbsp; 8217851, 5.113%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 22566 | 20959 | 21317 |
| &nbsp;&nbsp;&nbsp; 8218223, 6.331%, 3/25/2026 †x¶# | Square | 9/27/2024 | 1393 | 1272 | 109 |
| &nbsp;&nbsp;&nbsp; 8220683, 4.952%, 3/26/2026 †x¶# | Square | 9/30/2024 | 1909 | 1798 | 1368 |
| &nbsp;&nbsp;&nbsp; 8220834, 5.113%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 2439 | 2268 | 2300 |
| &nbsp;&nbsp;&nbsp; 8221279, 6.155%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 269 | 246 | 255 |
| &nbsp;&nbsp;&nbsp; 8221517, 6.151%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 2948 | 2700 | 2562 |
| &nbsp;&nbsp;&nbsp; 8221589, 4.775%, 3/26/2026 †x¶ | Square | 9/30/2024 | 1612 | 1505 | 1514 |
| &nbsp;&nbsp;&nbsp; 8221762, 5.628%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 41 | 37 | 38 |
| &nbsp;&nbsp;&nbsp; 8222120, 6.551%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 14 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; 8222928, 6.328%, 3/26/2026 †x¶# | Square | 9/30/2024 | 17728 | 16191 | 7217 |
| &nbsp;&nbsp;&nbsp; 8223101734, 19.999%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1108 | 1152 | 1203 |
| &nbsp;&nbsp;&nbsp; 8223662, 6.151%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 820 | 751 | 803 |
| &nbsp;&nbsp;&nbsp; 8223802, 4.784%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 1206 | 1125 | 1169 |
| &nbsp;&nbsp;&nbsp; 8223930, 4.780%, 3/26/2026 †§x¶ | Square | 9/30/2024 | 1493 | 1393 | 1465 |
| &nbsp;&nbsp;&nbsp; 8225242013, 20.800%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 2515 | 2616 | 2656 |
| &nbsp;&nbsp;&nbsp; 8225744695, 21.333%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 26 | 27 | 1 |
| &nbsp;&nbsp;&nbsp; 8229630621, 20.000%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 5310 | 5522 | 5644 |
| &nbsp;&nbsp;&nbsp; 8230510997, 20.655%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 321 | 334 | 13 |
| &nbsp;&nbsp;&nbsp; 82318005, 13.067%, 4/30/2026 †x¥ | Stripe | 11/04/2024 | 2775 | 2886 | 2916 |
| &nbsp;&nbsp;&nbsp; 8231813691, 14.397%, 7/06/2024 †x¥#^ | Stripe | 1/11/2023 | 22631 | 23536 | 905 |
| &nbsp;&nbsp;&nbsp; 8234609201, 16.122%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 2645 | 2751 | 2783 |
| &nbsp;&nbsp;&nbsp; 8235882504, 20.648%, 12/23/2024 †x¥#^ | Stripe | 12/16/2022 | 454 | 472 | 18 |
| &nbsp;&nbsp;&nbsp; 8238703143, 22.400%, 9/08/2026 †x¥# | Stripe | 3/13/2025 | 845 | 878 | 324 |
| &nbsp;&nbsp;&nbsp; 8239201761, 26.133%, 6/02/2026 †x¥# | Stripe | 12/05/2024 | 10979 | 11418 | 1907 |
| &nbsp;&nbsp;&nbsp; 8239753219, 20.793%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 2467 | 2565 | 2598 |
| &nbsp;&nbsp;&nbsp; 82462768-f710-4529-a6e4-e6f61b077688, 26.990%, 8/03/2023 †x#^ | Funding Circle | 8/06/2018 | 139709 | 139709 | 41913 |
| &nbsp;&nbsp;&nbsp; 8246482910, 21.977%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 1358 | 1412 | 1439 |
| &nbsp;&nbsp;&nbsp; 8248036796, 14.667%, 11/01/2023 †x¥#^ | Stripe | 5/06/2022 | 21588 | 22451 | 864 |
| &nbsp;&nbsp;&nbsp; 8249436591, 24.133%, 4/12/2025 †x¥#^ | Stripe | 10/18/2023 | 3993 | 4153 | 160 |
| &nbsp;&nbsp;&nbsp; 8251369837, 20.000%, 6/02/2026 †x¥# | Stripe | 12/05/2024 | 6063 | 6306 | 1628 |
| &nbsp;&nbsp;&nbsp; 8252521194, 19.328%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 10103 | 10507 | 10584 |
| &nbsp;&nbsp;&nbsp; 8256045773, 22.115%, 4/18/2023 †x¥#^ | Stripe | 10/21/2021 | 1611 | 1676 | 64 |
| &nbsp;&nbsp;&nbsp; 8258501483, 25.582%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 5684 | 5911 | 5918 |
| &nbsp;&nbsp;&nbsp; 825873193, 25.862%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 8156 | 8483 | 8754 |
| &nbsp;&nbsp;&nbsp; 8259659786, 17.867%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 4572 | 4754 | 4801 |
| &nbsp;&nbsp;&nbsp; 8259812929, 24.000%, 8/18/2023 †x¥#^ | Stripe | 2/23/2022 | 59 | 61 | 2 |
| &nbsp;&nbsp;&nbsp; 8260064431, 22.533%, 9/12/2024 †x¥#^ | Stripe | 3/20/2023 | 2576 | 2680 | 103 |
| &nbsp;&nbsp;&nbsp; 826183687, 20.000%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 1800 | 1872 | 1893 |
| &nbsp;&nbsp;&nbsp; 8263732508, 26.235%, 10/16/2026 †x¥# | Stripe | 8/21/2024 | 1351 | 1405 | 373 |
| &nbsp;&nbsp;&nbsp; 8264385493, 26.533%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 1639 | 1705 | 1717 |
| &nbsp;&nbsp;&nbsp; 8265392957, 20.395%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 10430 | 10847 | 10946 |
| &nbsp;&nbsp;&nbsp; 8272655037, 16.667%, 8/09/2023 †x¥#^ | Stripe | 2/11/2022 | 39506 | 41086 | 1580 |
| &nbsp;&nbsp;&nbsp; 827302427, 24.000%, 1/22/2024 †x¥#^ | Stripe | 5/31/2022 | 654 | 680 | 26 |
| &nbsp;&nbsp;&nbsp; 8273512712, 17.200%, 2/29/2024 †x¥#^ | Stripe | 9/06/2022 | 122005 | 126885 | 4880 |
| &nbsp;&nbsp;&nbsp; 8274928562, 20.267%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 3885 | 4040 | 155 |
| &nbsp;&nbsp;&nbsp; 8276196163, 25.833%, 9/12/2026 †x¥# | Stripe | 3/19/2025 | 1449 | 1507 | 245 |
| &nbsp;&nbsp;&nbsp; 8276468087, 26.130%, 5/23/2026 †x¥ | Stripe | 11/27/2024 | 2973 | 3092 | 3197 |
| &nbsp;&nbsp;&nbsp; 8276763089, 26.116%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 327 | 341 | 356 |
| &nbsp;&nbsp;&nbsp; 8278086202, 25.600%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 3973 | 4131 | 4208 |
| &nbsp;&nbsp;&nbsp; 8282390028, 20.930%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 7421 | 7718 | 7819 |
| &nbsp;&nbsp;&nbsp; 8287780902, 26.521%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 8659 | 9005 | 9056 |
| &nbsp;&nbsp;&nbsp; 829162840, 19.860%, 3/20/2024 †x¥#^ | Stripe | 9/23/2022 | 16266 | 16917 | 651 |
| &nbsp;&nbsp;&nbsp; 8291855292, 26.532%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 63280 | 65811 | 65964 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8742** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8292363638, 23.331%, 10/03/2025 †x¥# | Stripe | 4/09/2024 | $10234 | $10643 | $409 |
| &nbsp;&nbsp;&nbsp; 8297102029, 26.531%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2504 | 2604 | 2659 |
| &nbsp;&nbsp;&nbsp; 8298675542, 20.786%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 442 | 460 | 476 |
| &nbsp;&nbsp;&nbsp; 8299266221, 20.400%, 1/20/2027 †x¥ | Stripe | 7/25/2025 | 17727 | 18436 | 18490 |
| &nbsp;&nbsp;&nbsp; 8299823086, 18.921%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 1547 | 1609 | 881 |
| &nbsp;&nbsp;&nbsp; 82e3bf8f-4f77-4f0c-8e82-24f4a1df629f, 18.900%, 8/21/2023 †x#^ | Funding Circle | 8/23/2018 | 160525 | 160525 | 48157 |
| &nbsp;&nbsp;&nbsp; 8301375960, 20.800%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1446 | 1504 | 1529 |
| &nbsp;&nbsp;&nbsp; 8301541014, 19.467%, 8/05/2024 †x¥#^ | Stripe | 5/26/2022 | 9784 | 10175 | 391 |
| &nbsp;&nbsp;&nbsp; 830420336, 26.521%, 8/23/2025 †x¥#^ | Stripe | 2/28/2024 | 847 | 881 | 34 |
| &nbsp;&nbsp;&nbsp; 8304996, 5.113%, 4/22/2026 †§x¶ | Square | 10/24/2024 | 60037 | 55760 | 58228 |
| &nbsp;&nbsp;&nbsp; 8306589, 5.660%, 4/22/2026 †x¶ | Square | 10/24/2024 | 51629 | 47588 | 42914 |
| &nbsp;&nbsp;&nbsp; 8307715530, 26.526%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 12398 | 12894 | 12983 |
| &nbsp;&nbsp;&nbsp; 8308160398, 23.190%, 11/22/2024 †x¥#^ | Stripe | 9/26/2022 | 4439 | 4616 | 178 |
| &nbsp;&nbsp;&nbsp; 8308820666, 19.733%, 2/03/2026 †x¥# | Stripe | 8/08/2024 | 622 | 647 | 25 |
| &nbsp;&nbsp;&nbsp; 8308836870, 26.533%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 502 | 522 | 545 |
| &nbsp;&nbsp;&nbsp; 8309375, 5.409%, 4/23/2026 †§x¶ | Square | 10/25/2024 | 15266 | 14121 | 15031 |
| &nbsp;&nbsp;&nbsp; 8312683568, 22.795%, 12/28/2023 †x¥#^ | Stripe | 7/05/2022 | 9117 | 9482 | 365 |
| &nbsp;&nbsp;&nbsp; 8312780000, 20.120%, 2/17/2026 †x¥# | Stripe | 8/22/2024 | 4542 | 4723 | 776 |
| &nbsp;&nbsp;&nbsp; 8313336156, 20.793%, 8/01/2026 †x¥ | Stripe | 2/05/2025 | 1914 | 1990 | 2021 |
| &nbsp;&nbsp;&nbsp; 8318530, 4.780%, 4/25/2026 †§x¶ | Square | 10/29/2024 | 57017 | 53202 | 54297 |
| &nbsp;&nbsp;&nbsp; 832122445, 15.200%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 160759 | 167190 | 167781 |
| &nbsp;&nbsp;&nbsp; 832181, 6.349%, 3/06/2019 †x¶#^ | Square | 9/08/2017 | 4420 | 4036 | 347 |
| &nbsp;&nbsp;&nbsp; 8322901994, 25.589%, 7/22/2025 †x¥#^ | Stripe | 1/25/2024 | 3717 | 3866 | 149 |
| &nbsp;&nbsp;&nbsp; 8323496667, 14.262%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 4103 | 4268 | 4323 |
| &nbsp;&nbsp;&nbsp; 8324329267, 26.527%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | 7879 | 8194 | 8305 |
| &nbsp;&nbsp;&nbsp; 832454888, 16.257%, 1/01/2027 †x¥ | Stripe | 7/09/2025 | 9598 | 9982 | 10011 |
| &nbsp;&nbsp;&nbsp; 8326718476, 26.126%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 5367 | 5581 | 5647 |
| &nbsp;&nbsp;&nbsp; 8327709232, 26.507%, 3/05/2026 †x¥# | Stripe | 9/09/2024 | 1970 | 2049 | 79 |
| &nbsp;&nbsp;&nbsp; 8327744635, 20.927%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 5467 | 5685 | 5728 |
| &nbsp;&nbsp;&nbsp; 8329302956, 20.644%, 8/21/2024 †x¥#^ | Stripe | 2/24/2023 | 949 | 987 | 38 |
| &nbsp;&nbsp;&nbsp; 8329470014, 21.991%, 6/06/2026 †x¥ | Stripe | 12/11/2024 | 3569 | 3711 | 3789 |
| &nbsp;&nbsp;&nbsp; 833000940, 20.800%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 7694 | 8001 | 8113 |
| &nbsp;&nbsp;&nbsp; 8330115, 6.151%, 4/29/2026 †§x¶ | Square | 10/31/2024 | 15000 | 13733 | 14564 |
| &nbsp;&nbsp;&nbsp; 8330480, 5.912%, 4/29/2026 †§x¶ | Square | 10/31/2024 | 7272 | 6680 | 7173 |
| &nbsp;&nbsp;&nbsp; 8331302, 4.780%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 12300 | 11477 | 11461 |
| &nbsp;&nbsp;&nbsp; 8332067, 5.924%, 4/30/2026 †x¶# | Square | 11/01/2024 | 1163 | 1068 | 253 |
| &nbsp;&nbsp;&nbsp; 8332081, 5.660%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 8932 | 8233 | 8657 |
| &nbsp;&nbsp;&nbsp; 8332486, 4.777%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 1025 | 956 | 999 |
| &nbsp;&nbsp;&nbsp; 8332712, 4.780%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 1444 | 1347 | 1413 |
| &nbsp;&nbsp;&nbsp; 8333767, 5.912%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 3656 | 3359 | 3459 |
| &nbsp;&nbsp;&nbsp; 8334039, 4.780%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 1096 | 1023 | 1075 |
| &nbsp;&nbsp;&nbsp; 8334076, 6.420%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 3500 | 3192 | 3158 |
| &nbsp;&nbsp;&nbsp; 8334117, 6.677%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 1514 | 1376 | 1260 |
| &nbsp;&nbsp;&nbsp; 8334172, 4.778%, 4/30/2026 †x¶ | Square | 11/01/2024 | 6490 | 6059 | 6016 |
| &nbsp;&nbsp;&nbsp; 8334281, 5.119%, 4/30/2026 †§x¶ | Square | 11/01/2024 | 1053 | 978 | 1030 |
| &nbsp;&nbsp;&nbsp; 8336235710, 26.261%, 2/13/2026 †x¥ | Stripe | 8/20/2024 | 379 | 394 | 412 |
| &nbsp;&nbsp;&nbsp; 8336837, 6.327%, 4/30/2026 †x¶# | Square | 11/04/2024 | 4788 | 4373 | 375 |
| &nbsp;&nbsp;&nbsp; 8336925, 6.157%, 4/30/2026 †§x¶ | Square | 11/04/2024 | 708 | 648 | 627 |
| &nbsp;&nbsp;&nbsp; 8337176, 4.785%, 4/30/2026 †x¶ | Square | 11/04/2024 | 3623 | 3383 | 2887 |
| &nbsp;&nbsp;&nbsp; 8337865, 6.683%, 4/30/2026 †x¶# | Square | 11/04/2024 | 3004 | 2730 | 236 |
| &nbsp;&nbsp;&nbsp; 8337905, 6.545%, 4/30/2026 †§x¶ | Square | 11/04/2024 | 2040 | 1858 | 1912 |
| &nbsp;&nbsp;&nbsp; 8338485044, 26.533%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 10498 | 10918 | 420 |
| &nbsp;&nbsp;&nbsp; 8338603, 4.780%, 4/30/2026 †§x¶ | Square | 11/04/2024 | 860 | 803 | 846 |
| &nbsp;&nbsp;&nbsp; 8338711, 4.780%, 4/30/2026 †x¶# | Square | 11/04/2024 | 8351 | 7792 | 6378 |
| &nbsp;&nbsp;&nbsp; 8338810, 6.289%, 4/30/2026 †x¶ | Square | 11/04/2024 | 188 | 172 | 40 |
| &nbsp;&nbsp;&nbsp; 8339203, 5.113%, 4/30/2026 †§x¶ | Square | 11/04/2024 | 13422 | 12466 | 13081 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8743** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8339849894, 20.000%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | $4778 | $4969 | $5057 |
| &nbsp;&nbsp;&nbsp; 8340004, 4.967%, 4/30/2026 †§x¶ | Square | 11/04/2024 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; 8340017, 6.339%, 4/30/2026 †x¶# | Square | 11/04/2024 | 161 | 147 | 144 |
| &nbsp;&nbsp;&nbsp; 8340424, 6.672%, 4/30/2026 †x¶ | Square | 11/04/2024 | 3651 | 3319 | 2840 |
| &nbsp;&nbsp;&nbsp; 8341005026, 26.507%, 1/21/2025 †x¥#^ | Stripe | 7/27/2023 | 1015 | 1055 | 41 |
| &nbsp;&nbsp;&nbsp; 8341465709, 21.733%, 10/21/2023 †x¥#^ | Stripe | 4/27/2022 | 778 | 810 | 31 |
| &nbsp;&nbsp;&nbsp; 8341710, 4.780%, 5/01/2026 †§x¶ | Square | 11/05/2024 | 2540 | 2371 | 2481 |
| &nbsp;&nbsp;&nbsp; 8342082506, 18.667%, 1/09/2026 †x¥ | Stripe | 7/16/2024 | 296 | 307 | 315 |
| &nbsp;&nbsp;&nbsp; 8342091, 5.111%, 5/01/2026 †x¶ | Square | 11/05/2024 | 4133 | 3839 | 3473 |
| &nbsp;&nbsp;&nbsp; 8343218, 4.940%, 5/01/2026 †x¶# | Square | 11/05/2024 | 1009 | 940 | 79 |
| &nbsp;&nbsp;&nbsp; 8343255, 4.780%, 5/01/2026 †§x¶ | Square | 11/05/2024 | 12301 | 11478 | 11992 |
| &nbsp;&nbsp;&nbsp; 8343812, 6.418%, 5/02/2026 †§x¶ | Square | 11/06/2024 | 1470 | 1341 | 1400 |
| &nbsp;&nbsp;&nbsp; 8343970, 6.424%, 5/02/2026 †x¶ | Square | 11/06/2024 | 4868 | 4440 | 2662 |
| &nbsp;&nbsp;&nbsp; 8344020, 4.782%, 5/02/2026 †§x¶ | Square | 11/06/2024 | 3561 | 3323 | 3392 |
| &nbsp;&nbsp;&nbsp; 8344342, 6.154%, 5/02/2026 †x¶ | Square | 11/06/2024 | 3409 | 3130 | 2614 |
| &nbsp;&nbsp;&nbsp; 8344378, 6.427%, 5/02/2026 †x¶ | Square | 11/06/2024 | 1285 | 1172 | 915 |
| &nbsp;&nbsp;&nbsp; 8344397, 6.152%, 5/02/2026 †§x¶ | Square | 11/06/2024 | 504 | 463 | 475 |
| &nbsp;&nbsp;&nbsp; 8344467, 5.905%, 5/02/2026 †§x¶ | Square | 11/06/2024 | 721 | 662 | 695 |
| &nbsp;&nbsp;&nbsp; 8344495, 5.109%, 5/02/2026 †§x¶ | Square | 11/06/2024 | 694 | 645 | 667 |
| &nbsp;&nbsp;&nbsp; 8344673, 4.780%, 5/02/2026 †§x¶ | Square | 11/06/2024 | 1713 | 1598 | 1674 |
| &nbsp;&nbsp;&nbsp; 8344756, 5.660%, 5/02/2026 †x¶# | Square | 11/06/2024 | 1386 | 1277 | 109 |
| &nbsp;&nbsp;&nbsp; 8345042, 6.671%, 5/03/2026 †x¶# | Square | 11/06/2024 | 2005 | 1823 | 1178 |
| &nbsp;&nbsp;&nbsp; 8345418, 6.161%, 5/03/2026 †§x¶ | Square | 11/06/2024 | 216 | 198 | 206 |
| &nbsp;&nbsp;&nbsp; 8345652, 4.774%, 5/03/2026 †§x¶ | Square | 11/06/2024 | 891 | 832 | 876 |
| &nbsp;&nbsp;&nbsp; 8345705, 5.397%, 5/03/2026 †x¶# | Square | 11/06/2024 | 2606 | 2411 | 204 |
| &nbsp;&nbsp;&nbsp; 8345950, 4.780%, 5/04/2026 †§x¶ | Square | 11/06/2024 | 752 | 702 | 740 |
| &nbsp;&nbsp;&nbsp; 8346233, 4.912%, 5/04/2026 †§x¶ | Square | 11/06/2024 | 40 | 37 | 34 |
| &nbsp;&nbsp;&nbsp; 8347847, 6.322%, 5/04/2026 †§x¶ | Square | 11/06/2024 | 439 | 401 | 418 |
| &nbsp;&nbsp;&nbsp; 8347912, 4.779%, 5/04/2026 †§x¶ | Square | 11/06/2024 | 7664 | 7151 | 7515 |
| &nbsp;&nbsp;&nbsp; 8348126, 6.415%, 5/04/2026 †x¶ | Square | 11/06/2024 | 1055 | 962 | 583 |
| &nbsp;&nbsp;&nbsp; 8348590, 4.780%, 5/04/2026 †§x¶ | Square | 11/06/2024 | 15234 | 14215 | 14928 |
| &nbsp;&nbsp;&nbsp; 8349380, 5.408%, 5/04/2026 †§x¶ | Square | 11/06/2024 | 3131 | 2896 | 3063 |
| &nbsp;&nbsp;&nbsp; 8349686577, 26.386%, 12/31/2024 †x¥#^ | Stripe | 7/07/2023 | 4521 | 4702 | 181 |
| &nbsp;&nbsp;&nbsp; 8349738, 6.422%, 5/04/2026 †x¶ | Square | 11/06/2024 | 6442 | 5876 | 4650 |
| &nbsp;&nbsp;&nbsp; 8349876, 6.153%, 5/05/2026 †§x¶ | Square | 11/07/2024 | 3875 | 3547 | 3639 |
| &nbsp;&nbsp;&nbsp; 8350096, 5.113%, 5/05/2026 †§x¶ | Square | 11/07/2024 | 12130 | 11267 | 11271 |
| &nbsp;&nbsp;&nbsp; 8350114997, 26.485%, 7/26/2026 †x¥# | Stripe | 6/20/2024 | 1443 | 1500 | 58 |
| &nbsp;&nbsp;&nbsp; 8350515, 4.958%, 5/05/2026 †x¶# | Square | 11/07/2024 | 1356 | 1263 | 206 |
| &nbsp;&nbsp;&nbsp; 8350556, 5.660%, 5/05/2026 †§x¶ | Square | 11/07/2024 | 1245 | 1148 | 1119 |
| &nbsp;&nbsp;&nbsp; 8351066, 6.554%, 5/05/2026 †§x¶ | Square | 11/07/2024 | 809 | 737 | 734 |
| &nbsp;&nbsp;&nbsp; 8351287, 4.775%, 5/05/2026 †§x¶ | Square | 11/07/2024 | 1520 | 1418 | 1451 |
| &nbsp;&nbsp;&nbsp; 8351314, 5.660%, 5/05/2026 †x¶# | Square | 11/07/2024 | 10625 | 9794 | 833 |
| &nbsp;&nbsp;&nbsp; 8351579, 4.780%, 5/05/2026 †§x¶ | Square | 11/07/2024 | 179 | 167 | 176 |
| &nbsp;&nbsp;&nbsp; 8351602, 5.110%, 5/05/2026 †§x¶ | Square | 11/07/2024 | 2907 | 2700 | 2755 |
| &nbsp;&nbsp;&nbsp; 835171182, 21.198%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 6178 | 6425 | 6506 |
| &nbsp;&nbsp;&nbsp; 8351956, 5.924%, 5/05/2026 †x¶# | Square | 11/07/2024 | 1650 | 1516 | 129 |
| &nbsp;&nbsp;&nbsp; 8351972, 6.326%, 5/05/2026 †x¶# | Square | 11/07/2024 | 6177 | 5641 | 484 |
| &nbsp;&nbsp;&nbsp; 8351997991, 25.583%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 4722 | 4911 | 4911 |
| &nbsp;&nbsp;&nbsp; 8352360869, 26.527%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 5713 | 5942 | 5975 |
| &nbsp;&nbsp;&nbsp; 8352532, 5.912%, 5/05/2026 †x¶# | Square | 11/07/2024 | 45284 | 41595 | 3550 |
| &nbsp;&nbsp;&nbsp; 8353369, 4.785%, 5/06/2026 †§x¶ | Square | 11/08/2024 | 81 | 76 | 80 |
| &nbsp;&nbsp;&nbsp; 8353826, 5.414%, 5/06/2026 †x¶ | Square | 11/08/2024 | 1255 | 1161 | 669 |
| &nbsp;&nbsp;&nbsp; 8354370, 4.781%, 5/06/2026 †§x¶ | Square | 11/08/2024 | 2182 | 2036 | 2128 |
| &nbsp;&nbsp;&nbsp; 8354489099, 20.792%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 1774 | 1845 | 1887 |
| &nbsp;&nbsp;&nbsp; 8354788, 4.945%, 5/06/2026 †§x¶ | Square | 11/08/2024 | 826 | 769 | 416 |
| &nbsp;&nbsp;&nbsp; 8355283, 6.673%, 5/06/2026 †x¶ | Square | 11/08/2024 | 8430 | 7663 | 5328 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8744** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8355472, 6.150%, 5/06/2026 †§x¶ | Square | 11/08/2024 | $21835 | $19991 | $18578 |
| &nbsp;&nbsp;&nbsp; 8356563940, 21.199%, 7/28/2026 †x¥# | Stripe | 1/30/2025 | 10222 | 10631 | 2826 |
| &nbsp;&nbsp;&nbsp; 8356600, 4.958%, 5/06/2026 †§x¶ | Square | 11/08/2024 | 969 | 902 | 888 |
| &nbsp;&nbsp;&nbsp; 8360824, 4.781%, 5/07/2026 †§x¶ | Square | 11/12/2024 | 2744 | 2560 | 2691 |
| &nbsp;&nbsp;&nbsp; 8360958, 4.781%, 5/07/2026 †§x¶ | Square | 11/12/2024 | 1606 | 1499 | 1580 |
| &nbsp;&nbsp;&nbsp; 8361005, 6.680%, 5/07/2026 †x¶ | Square | 11/12/2024 | 1887 | 1715 | 1106 |
| &nbsp;&nbsp;&nbsp; 8361143302, 25.593%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 12094 | 12578 | 12678 |
| &nbsp;&nbsp;&nbsp; 8361820, 6.144%, 5/07/2026 †x¶ | Square | 11/12/2024 | 3301 | 3023 | 523 |
| &nbsp;&nbsp;&nbsp; 8361913, 5.670%, 5/07/2026 †§x¶ | Square | 11/12/2024 | 1526 | 1406 | 1393 |
| &nbsp;&nbsp;&nbsp; 8362010266, 26.533%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 355 | 369 | 382 |
| &nbsp;&nbsp;&nbsp; 8362239, 4.972%, 5/07/2026 †x¶ | Square | 11/12/2024 | 1497 | 1393 | 259 |
| &nbsp;&nbsp;&nbsp; 8362276, 6.331%, 5/07/2026 †x¶# | Square | 11/12/2024 | 8338 | 7615 | 654 |
| &nbsp;&nbsp;&nbsp; 8362370, 4.780%, 5/07/2026 †§x¶ | Square | 11/12/2024 | 8385 | 7824 | 8011 |
| &nbsp;&nbsp;&nbsp; 8363241, 6.549%, 5/07/2026 †§x¶ | Square | 11/12/2024 | 2960 | 2695 | 2703 |
| &nbsp;&nbsp;&nbsp; 8363473, 5.113%, 5/07/2026 †x¶ | Square | 11/12/2024 | 12314 | 11450 | 10525 |
| &nbsp;&nbsp;&nbsp; 836357884, 14.933%, 3/15/2023 †x¥#^ | Stripe | 9/17/2021 | 1089 | 1133 | 44 |
| &nbsp;&nbsp;&nbsp; 8363846, 6.327%, 5/07/2026 †§x¶ | Square | 11/12/2024 | 7093 | 6479 | 5254 |
| &nbsp;&nbsp;&nbsp; 8364225, 4.780%, 5/07/2026 †§x¶ | Square | 11/12/2024 | 2604 | 2430 | 2547 |
| &nbsp;&nbsp;&nbsp; 8365348, 6.431%, 5/08/2026 †§x¶ | Square | 11/13/2024 | 613 | 559 | 569 |
| &nbsp;&nbsp;&nbsp; 8365864, 4.780%, 5/08/2026 †§x¶ | Square | 11/13/2024 | 2622 | 2447 | 2563 |
| &nbsp;&nbsp;&nbsp; 8366574, 5.113%, 5/08/2026 †§x¶ | Square | 11/13/2024 | 6249 | 5804 | 6158 |
| &nbsp;&nbsp;&nbsp; 8367482, 5.660%, 5/08/2026 †§x¶ | Square | 11/13/2024 | 23442 | 21607 | 18427 |
| &nbsp;&nbsp;&nbsp; 8368332, 6.678%, 5/09/2026 †x¶# | Square | 11/14/2024 | 3173 | 2884 | 446 |
| &nbsp;&nbsp;&nbsp; 8368417, 6.329%, 5/09/2026 †x¶# | Square | 11/14/2024 | 3949 | 3607 | 310 |
| &nbsp;&nbsp;&nbsp; 8368647, 4.785%, 5/09/2026 †§x¶ | Square | 11/14/2024 | 1281 | 1195 | 1239 |
| &nbsp;&nbsp;&nbsp; 8368659849, 20.793%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 5648 | 5874 | 5926 |
| &nbsp;&nbsp;&nbsp; 8368692, 5.112%, 5/09/2026 †§x¶ | Square | 11/14/2024 | 3040 | 2823 | 2834 |
| &nbsp;&nbsp;&nbsp; 8368865, 6.331%, 5/09/2026 †x¶# | Square | 11/14/2024 | 1181 | 1078 | 586 |
| &nbsp;&nbsp;&nbsp; 8368977, 5.112%, 5/09/2026 †§x¶ | Square | 11/14/2024 | 1742 | 1618 | 1587 |
| &nbsp;&nbsp;&nbsp; 8368993, 5.919%, 5/09/2026 †§x¶ | Square | 11/14/2024 | 442 | 406 | 384 |
| &nbsp;&nbsp;&nbsp; 8369188, 5.118%, 5/10/2026 †§x¶ | Square | 11/14/2024 | 607 | 564 | 588 |
| &nbsp;&nbsp;&nbsp; 8369203, 4.780%, 5/10/2026 †§x¶ | Square | 11/14/2024 | 1031 | 962 | 1011 |
| &nbsp;&nbsp;&nbsp; 8369235, 6.422%, 5/10/2026 †x¶# | Square | 11/14/2024 | 24877 | 22706 | 3921 |
| &nbsp;&nbsp;&nbsp; 8369481, 6.152%, 5/10/2026 †x¶ | Square | 11/14/2024 | 11449 | 10481 | 4194 |
| &nbsp;&nbsp;&nbsp; 8369821, 4.771%, 5/10/2026 †§x¶ | Square | 11/14/2024 | 655 | 612 | 640 |
| &nbsp;&nbsp;&nbsp; 8369835, 6.317%, 5/10/2026 †§x¶ | Square | 11/14/2024 | 486 | 444 | 207 |
| &nbsp;&nbsp;&nbsp; 8369845, 5.112%, 5/10/2026 †§x¶ | Square | 11/14/2024 | 1588 | 1475 | 1555 |
| &nbsp;&nbsp;&nbsp; 8370036, 4.780%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 1361 | 1270 | 1323 |
| &nbsp;&nbsp;&nbsp; 8370088, 6.330%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 788 | 720 | 540 |
| &nbsp;&nbsp;&nbsp; 8370103, 4.776%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 1397 | 1304 | 1357 |
| &nbsp;&nbsp;&nbsp; 8370128, 5.109%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 1275 | 1184 | 1095 |
| &nbsp;&nbsp;&nbsp; 8370221, 4.778%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 4038 | 3768 | 3747 |
| &nbsp;&nbsp;&nbsp; 8370281, 6.553%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 133 | 121 | 128 |
| &nbsp;&nbsp;&nbsp; 8370411379, 26.533%, 1/06/2027 †x¥ | Stripe | 7/11/2025 | 1092 | 1136 | 1154 |
| &nbsp;&nbsp;&nbsp; 8370451, 5.403%, 5/11/2026 †x¶ | Square | 11/14/2024 | 2907 | 2689 | 1876 |
| &nbsp;&nbsp;&nbsp; 837062753, 14.798%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 21269 | 22120 | 22198 |
| &nbsp;&nbsp;&nbsp; 8370646, 5.409%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 490 | 453 | 481 |
| &nbsp;&nbsp;&nbsp; 8370955, 5.669%, 5/11/2026 †x¶# | Square | 11/14/2024 | 4184 | 3856 | 328 |
| &nbsp;&nbsp;&nbsp; 8371034, 6.414%, 5/11/2026 †x¶ | Square | 11/14/2024 | 2161 | 1971 | 503 |
| &nbsp;&nbsp;&nbsp; 8371308, 5.660%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 3388 | 3123 | 3043 |
| &nbsp;&nbsp;&nbsp; 8371350, 4.780%, 5/11/2026 †x¶ | Square | 11/14/2024 | 3647 | 3403 | 2586 |
| &nbsp;&nbsp;&nbsp; 8371373, 4.780%, 5/11/2026 †§x¶ | Square | 11/14/2024 | 8855 | 8262 | 8692 |
| &nbsp;&nbsp;&nbsp; 8371861, 4.783%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 3101 | 2894 | 2971 |
| &nbsp;&nbsp;&nbsp; 8372350, 5.111%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 903 | 839 | 882 |
| &nbsp;&nbsp;&nbsp; 8372732, 4.962%, 5/12/2026 †x¶# | Square | 11/14/2024 | 4196 | 3905 | 329 |
| &nbsp;&nbsp;&nbsp; 8372841, 4.780%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 5752 | 5367 | 5565 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8745** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8373403, 6.151%, 5/12/2026 †x¶# | Square | 11/14/2024 | $8671 | $7938 | $7969 |
| &nbsp;&nbsp;&nbsp; 8373816, 5.665%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 2900 | 2673 | 2649 |
| &nbsp;&nbsp;&nbsp; 8373872, 4.965%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 406 | 379 | 269 |
| &nbsp;&nbsp;&nbsp; 8374094, 6.154%, 5/12/2026 †x¶ | Square | 11/14/2024 | 596 | 545 | 251 |
| &nbsp;&nbsp;&nbsp; 8374112, 5.912%, 5/12/2026 †x¶# | Square | 11/14/2024 | 25629 | 23541 | 2009 |
| &nbsp;&nbsp;&nbsp; 8374327, 6.671%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 643 | 584 | 614 |
| &nbsp;&nbsp;&nbsp; 8374343, 5.414%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 806 | 745 | 767 |
| &nbsp;&nbsp;&nbsp; 8374411, 6.418%, 5/12/2026 †x¶ | Square | 11/14/2024 | 6566 | 5989 | 1265 |
| &nbsp;&nbsp;&nbsp; 8374869, 5.126%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 106 | 99 | 105 |
| &nbsp;&nbsp;&nbsp; 8374877, 5.112%, 5/12/2026 †x¶ | Square | 11/14/2024 | 5911 | 5490 | 3926 |
| &nbsp;&nbsp;&nbsp; 8374979, 6.421%, 5/12/2026 †§x¶ | Square | 11/14/2024 | 6539 | 5965 | 5333 |
| &nbsp;&nbsp;&nbsp; 8375179589, 26.476%, 10/09/2025 †x¥# | Stripe | 4/15/2024 | 635 | 660 | 113 |
| &nbsp;&nbsp;&nbsp; 8375312, 4.782%, 5/13/2026 †§x¶ | Square | 11/15/2024 | 1478 | 1379 | 1457 |
| &nbsp;&nbsp;&nbsp; 8375430281, 20.000%, 2/03/2024 †x¥#^ | Stripe | 8/10/2022 | 20748 | 21578 | 830 |
| &nbsp;&nbsp;&nbsp; 8376328, 5.104%, 5/13/2026 †§x¶ | Square | 11/15/2024 | 802 | 745 | 778 |
| &nbsp;&nbsp;&nbsp; 8376375, 6.421%, 5/13/2026 †§x¶ | Square | 11/15/2024 | 836 | 763 | 655 |
| &nbsp;&nbsp;&nbsp; 8376724136, 21.599%, 9/18/2025 †x¥# | Stripe | 3/25/2024 | 33278 | 34609 | 1331 |
| &nbsp;&nbsp;&nbsp; 8377159, 4.772%, 5/13/2026 †§x¶ | Square | 11/15/2024 | 1477 | 1379 | 1413 |
| &nbsp;&nbsp;&nbsp; 8378119, 6.327%, 5/13/2026 †x¶# | Square | 11/15/2024 | 6987 | 6381 | 1179 |
| &nbsp;&nbsp;&nbsp; 8378399, 4.780%, 5/13/2026 †§x¶ | Square | 11/15/2024 | 5586 | 5212 | 5387 |
| &nbsp;&nbsp;&nbsp; 8379315804, 26.520%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 4887 | 5082 | 5118 |
| &nbsp;&nbsp;&nbsp; 8379334859, 18.000%, 1/22/2027 †x¥ | Stripe | 7/29/2025 | 11658 | 12124 | 12171 |
| &nbsp;&nbsp;&nbsp; 8379769437, 22.370%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 669 | 696 | 713 |
| &nbsp;&nbsp;&nbsp; 8380123582, 17.867%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 3155 | 3281 | 3305 |
| &nbsp;&nbsp;&nbsp; 8380659381, 24.264%, 10/22/2025 †x¥# | Stripe | 4/26/2024 | 7511 | 7811 | 300 |
| &nbsp;&nbsp;&nbsp; 8381054, 5.635%, 5/14/2026 †§x¶ | Square | 11/18/2024 | 12616 | 11632 | 11349 |
| &nbsp;&nbsp;&nbsp; 8381836, 6.417%, 5/14/2026 †x¶ | Square | 11/18/2024 | 4094 | 3735 | 2426 |
| &nbsp;&nbsp;&nbsp; 8381960, 5.669%, 5/14/2026 †§x¶ | Square | 11/18/2024 | 1640 | 1512 | 1437 |
| &nbsp;&nbsp;&nbsp; 8382071, 6.331%, 5/14/2026 †§x¶ | Square | 11/18/2024 | 626 | 572 | 502 |
| &nbsp;&nbsp;&nbsp; 8382096, 4.781%, 5/14/2026 †§x¶ | Square | 11/18/2024 | 3556 | 3318 | 3472 |
| &nbsp;&nbsp;&nbsp; 8382341, 5.403%, 5/14/2026 †x¶ | Square | 11/18/2024 | 4338 | 4013 | 2482 |
| &nbsp;&nbsp;&nbsp; 8382511109, 15.200%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 4716 | 4905 | 4913 |
| &nbsp;&nbsp;&nbsp; 8383289, 6.406%, 5/14/2026 †§x¶ | Square | 11/18/2024 | 555 | 506 | 492 |
| &nbsp;&nbsp;&nbsp; 8383346884, 26.111%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 531 | 552 | 570 |
| &nbsp;&nbsp;&nbsp; 8383797, 4.778%, 5/14/2026 †§x¶ | Square | 11/18/2024 | 2236 | 2087 | 1961 |
| &nbsp;&nbsp;&nbsp; 8384258, 6.420%, 5/14/2026 †x¶ | Square | 11/18/2024 | 8541 | 7794 | 4214 |
| &nbsp;&nbsp;&nbsp; 8385114, 4.780%, 5/15/2026 †x¶ | Square | 11/19/2024 | 3240 | 3023 | 3031 |
| &nbsp;&nbsp;&nbsp; 8385454, 5.111%, 5/15/2026 †§x¶ | Square | 11/19/2024 | 4053 | 3764 | 3865 |
| &nbsp;&nbsp;&nbsp; 8385887404, 22.667%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 819 | 852 | 33 |
| &nbsp;&nbsp;&nbsp; 8386297, 5.114%, 5/15/2026 †§x¶ | Square | 11/19/2024 | 28848 | 26793 | 27471 |
| &nbsp;&nbsp;&nbsp; 8387255, 6.391%, 5/15/2026 †§x¶ | Square | 11/19/2024 | 291 | 266 | 265 |
| &nbsp;&nbsp;&nbsp; 8387643047, 20.400%, 1/08/2027 †x¥ | Stripe | 7/15/2025 | 3221 | 3350 | 3368 |
| &nbsp;&nbsp;&nbsp; 8387744, 5.110%, 5/15/2026 †§x¶ | Square | 11/19/2024 | 1947 | 1808 | 1647 |
| &nbsp;&nbsp;&nbsp; 8387810, 6.150%, 5/15/2026 †x¶# | Square | 11/19/2024 | 6374 | 5837 | 869 |
| &nbsp;&nbsp;&nbsp; 8388099, 6.152%, 5/16/2026 †§x¶ | Square | 11/20/2024 | 1208 | 1106 | 1118 |
| &nbsp;&nbsp;&nbsp; 8388151, 4.941%, 5/16/2026 †x¶# | Square | 11/20/2024 | 935 | 870 | 73 |
| &nbsp;&nbsp;&nbsp; 8388435, 4.782%, 5/16/2026 †§x¶ | Square | 11/20/2024 | 439 | 410 | 433 |
| &nbsp;&nbsp;&nbsp; 8388488, 6.146%, 5/16/2026 †§x¶ | Square | 11/20/2024 | 1767 | 1618 | 1631 |
| &nbsp;&nbsp;&nbsp; 8388528, 6.423%, 5/16/2026 †x¶ | Square | 11/20/2024 | 5110 | 4661 | 949 |
| &nbsp;&nbsp;&nbsp; 8388601, 4.782%, 5/16/2026 †§x¶ | Square | 11/20/2024 | 1883 | 1757 | 1821 |
| &nbsp;&nbsp;&nbsp; 8388663, 4.781%, 5/16/2026 †§x¶ | Square | 11/20/2024 | 2755 | 2570 | 2695 |
| &nbsp;&nbsp;&nbsp; 8388791, 5.909%, 5/17/2026 †§x¶ | Square | 11/20/2024 | 2054 | 1887 | 1969 |
| &nbsp;&nbsp;&nbsp; 8388855, 6.329%, 5/17/2026 †§x¶ | Square | 11/20/2024 | 1536 | 1403 | 1374 |
| &nbsp;&nbsp;&nbsp; 8389113, 4.780%, 5/17/2026 †§x¶ | Square | 11/20/2024 | 2696 | 2515 | 2585 |
| &nbsp;&nbsp;&nbsp; 8389312, 5.660%, 5/17/2026 †§x¶ | Square | 11/20/2024 | 1561 | 1439 | 1525 |
| &nbsp;&nbsp;&nbsp; 8389528, 5.109%, 5/17/2026 †§x¶ | Square | 11/20/2024 | 1308 | 1215 | 1271 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8746** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8389842, 4.782%, 5/18/2026 †§x¶ | Square | 11/20/2024 | $2622 | $2446 | $2573 |
| &nbsp;&nbsp;&nbsp; 8390206, 4.780%, 5/18/2026 †§x¶ | Square | 11/20/2024 | 2699 | 2518 | 2646 |
| &nbsp;&nbsp;&nbsp; 8391492, 6.418%, 5/18/2026 †§x¶ | Square | 11/20/2024 | 4132 | 3769 | 3636 |
| &nbsp;&nbsp;&nbsp; 8392162, 4.780%, 5/18/2026 †§x¶ | Square | 11/20/2024 | 5840 | 5449 | 5496 |
| &nbsp;&nbsp;&nbsp; 8392274718, 26.129%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 13355 | 13890 | 14176 |
| &nbsp;&nbsp;&nbsp; 8392325, 4.778%, 5/18/2026 †§x¶ | Square | 11/20/2024 | 6590 | 6149 | 6316 |
| &nbsp;&nbsp;&nbsp; 8392588, 5.117%, 5/18/2026 †§x¶ | Square | 11/20/2024 | 1590 | 1477 | 1551 |
| &nbsp;&nbsp;&nbsp; 8392714, 4.781%, 5/18/2026 †§x¶ | Square | 11/20/2024 | 11575 | 10801 | 11150 |
| &nbsp;&nbsp;&nbsp; 8392991, 6.668%, 5/18/2026 †x¶ | Square | 11/20/2024 | 233 | 211 | 226 |
| &nbsp;&nbsp;&nbsp; 8393386, 6.541%, 5/18/2026 †§x¶ | Square | 11/20/2024 | 1880 | 1712 | 899 |
| &nbsp;&nbsp;&nbsp; 8394832775, 20.129%, 7/13/2023 †x¥#^ | Stripe | 1/18/2022 | 1830 | 1903 | 73 |
| &nbsp;&nbsp;&nbsp; 8395134978, 17.586%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 3935 | 4093 | 4136 |
| &nbsp;&nbsp;&nbsp; 8395431, 6.680%, 5/19/2026 †x¶# | Square | 11/21/2024 | 3430 | 3118 | 269 |
| &nbsp;&nbsp;&nbsp; 8395677, 5.660%, 5/19/2026 †§x¶ | Square | 11/21/2024 | 5662 | 5219 | 4776 |
| &nbsp;&nbsp;&nbsp; 8395830, 5.409%, 5/19/2026 †§x¶ | Square | 11/21/2024 | 6119 | 5660 | 5880 |
| &nbsp;&nbsp;&nbsp; 8396468, 4.780%, 5/19/2026 †§x¶ | Square | 11/21/2024 | 6454 | 6023 | 6349 |
| &nbsp;&nbsp;&nbsp; 8397449, 5.616%, 5/20/2026 †x¶# | Square | 11/22/2024 | 1361 | 1255 | 107 |
| &nbsp;&nbsp;&nbsp; 8397458, 5.115%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 6627 | 6155 | 6321 |
| &nbsp;&nbsp;&nbsp; 8397777, 4.780%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 5185 | 4838 | 5087 |
| &nbsp;&nbsp;&nbsp; 8398367, 4.949%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 551 | 513 | 409 |
| &nbsp;&nbsp;&nbsp; 8398490, 4.778%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 4001 | 3734 | 3756 |
| &nbsp;&nbsp;&nbsp; 8398922, 5.667%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 1475 | 1360 | 1396 |
| &nbsp;&nbsp;&nbsp; 8399134, 4.780%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 6250 | 5832 | 6150 |
| &nbsp;&nbsp;&nbsp; 8399755206, 13.066%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 33663 | 35009 | 35218 |
| &nbsp;&nbsp;&nbsp; 8399794, 5.409%, 5/20/2026 †x¶# | Square | 11/22/2024 | 17450 | 16141 | 3608 |
| &nbsp;&nbsp;&nbsp; 83ae0869-6c1d-4768-bb1f-d60e9ed79b41, 8.990%, 6/29/2020 †x#^ | Funding Circle | 7/03/2017 | 91035 | 91035 | 27310 |
| &nbsp;&nbsp;&nbsp; 83d2dae2-8467-44ba-80f9-112dacea296b, 18.900%, 12/14/2022 †x#^ | Funding Circle | 12/18/2017 | 21789 | 21789 | 6537 |
| &nbsp;&nbsp;&nbsp; 8400474, 4.952%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 2688 | 2502 | 1879 |
| &nbsp;&nbsp;&nbsp; 8400652, 4.789%, 5/20/2026 †x¶ | Square | 11/22/2024 | 2036 | 1900 | 1636 |
| &nbsp;&nbsp;&nbsp; 8400669, 4.784%, 5/20/2026 †§x¶ | Square | 11/22/2024 | 924 | 862 | 904 |
| &nbsp;&nbsp;&nbsp; 8402254937, 19.060%, 4/17/2024 †x¥#^ | Stripe | 10/21/2022 | 630 | 655 | 25 |
| &nbsp;&nbsp;&nbsp; 8403910832, 19.667%, 3/19/2024 †x¥#^ | Stripe | 9/22/2022 | 512 | 532 | 20 |
| &nbsp;&nbsp;&nbsp; 8404520352, 20.267%, 2/14/2024 †x¥#^ | Stripe | 8/19/2022 | 2641 | 2746 | 106 |
| &nbsp;&nbsp;&nbsp; 840520978, 22.391%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 6631 | 6896 | 7013 |
| &nbsp;&nbsp;&nbsp; 8406080, 4.780%, 5/21/2026 †§x¶ | Square | 11/25/2024 | 3608 | 3367 | 3391 |
| &nbsp;&nbsp;&nbsp; 8406208, 4.777%, 5/21/2026 †§x¶ | Square | 11/25/2024 | 536 | 500 | 528 |
| &nbsp;&nbsp;&nbsp; 8406587361, 26.533%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 649 | 675 | 26 |
| &nbsp;&nbsp;&nbsp; 8406894, 5.391%, 5/21/2026 †x¶ | Square | 11/25/2024 | 1067 | 987 | 197 |
| &nbsp;&nbsp;&nbsp; 8407213, 5.678%, 5/21/2026 †§x¶ | Square | 11/25/2024 | 554 | 511 | 532 |
| &nbsp;&nbsp;&nbsp; 8407386, 6.673%, 5/21/2026 †§x¶ | Square | 11/25/2024 | 590 | 536 | 544 |
| &nbsp;&nbsp;&nbsp; 8409543874, 19.733%, 1/03/2025 †x¥#^ | Stripe | 7/11/2023 | 3827 | 3980 | 153 |
| &nbsp;&nbsp;&nbsp; 8411648, 5.113%, 5/22/2026 †§x¶ | Square | 11/26/2024 | 23013 | 21373 | 22002 |
| &nbsp;&nbsp;&nbsp; 8412311124, 19.333%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 1621 | 1686 | 1705 |
| &nbsp;&nbsp;&nbsp; 8412595216, 26.530%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 14057 | 14620 | 14864 |
| &nbsp;&nbsp;&nbsp; 8413029, 4.780%, 5/23/2026 †§x¶ | Square | 11/27/2024 | 3778 | 3525 | 3699 |
| &nbsp;&nbsp;&nbsp; 8413517, 4.782%, 5/23/2026 †§x¶ | Square | 11/27/2024 | 5159 | 4814 | 4968 |
| &nbsp;&nbsp;&nbsp; 8413827597, 14.929%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | 12535 | 13037 | 13100 |
| &nbsp;&nbsp;&nbsp; 8413939, 6.416%, 5/24/2026 †§x¶ | Square | 11/27/2024 | 2271 | 2071 | 1829 |
| &nbsp;&nbsp;&nbsp; 8414156, 4.781%, 5/24/2026 †§x¶ | Square | 11/27/2024 | 2584 | 2411 | 2497 |
| &nbsp;&nbsp;&nbsp; 8414640, 6.423%, 5/24/2026 †x¶ | Square | 11/27/2024 | 2531 | 2308 | 970 |
| &nbsp;&nbsp;&nbsp; 8414668, 4.783%, 5/24/2026 †x¶ | Square | 11/27/2024 | 5276 | 4922 | 4526 |
| &nbsp;&nbsp;&nbsp; 8414803186, 21.719%, 12/21/2022 †x¥#^ | Stripe | 6/25/2021 | 1696 | 1764 | 68 |
| &nbsp;&nbsp;&nbsp; 8415865, 5.912%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 817 | 750 | 785 |
| &nbsp;&nbsp;&nbsp; 8416608, 4.786%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 1180 | 1101 | 1151 |
| &nbsp;&nbsp;&nbsp; 8416780, 6.547%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 432 | 394 | 386 |
| &nbsp;&nbsp;&nbsp; 8416953, 4.780%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 708 | 660 | 687 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8747** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8417184, 4.780%, 5/25/2026 †§x¶ | Square | 11/27/2024 | $1498 | $1398 | $1463 |
| &nbsp;&nbsp;&nbsp; 8417387, 6.151%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 1640 | 1503 | 1585 |
| &nbsp;&nbsp;&nbsp; 8417474, 4.786%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 882 | 823 | 860 |
| &nbsp;&nbsp;&nbsp; 8417525, 5.914%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 961 | 882 | 892 |
| &nbsp;&nbsp;&nbsp; 8417595, 6.660%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 165 | 150 | 159 |
| &nbsp;&nbsp;&nbsp; 8417637540, 14.133%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 13138 | 13663 | 13711 |
| &nbsp;&nbsp;&nbsp; 8417748, 6.339%, 5/25/2026 †x¶ | Square | 11/27/2024 | 1381 | 1261 | 686 |
| &nbsp;&nbsp;&nbsp; 8417846338, 12.800%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 37864 | 39379 | 39552 |
| &nbsp;&nbsp;&nbsp; 8418075, 6.421%, 5/25/2026 †x¶# | Square | 11/27/2024 | 3955 | 3608 | 496 |
| &nbsp;&nbsp;&nbsp; 8418226, 5.629%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 171 | 158 | 160 |
| &nbsp;&nbsp;&nbsp; 8419232261, 26.132%, 8/01/2026 †x¥# | Stripe | 2/05/2025 | 15241 | 15851 | 4200 |
| &nbsp;&nbsp;&nbsp; 8419234, 5.410%, 5/25/2026 †§x¶ | Square | 11/27/2024 | 1401 | 1296 | 1381 |
| &nbsp;&nbsp;&nbsp; 8419376, 5.113%, 5/25/2026 †x¶ | Square | 11/27/2024 | 20228 | 18787 | 16322 |
| &nbsp;&nbsp;&nbsp; 8419623209, 20.000%, 3/10/2026 †x¥ | Stripe | 9/12/2024 | 1578 | 1641 | 1674 |
| &nbsp;&nbsp;&nbsp; 8420772965, 19.059%, 9/14/2025 †x¥# | Stripe | 1/19/2024 | 9743 | 10133 | 390 |
| &nbsp;&nbsp;&nbsp; 8421049, 5.915%, 5/26/2026 †§x¶ | Square | 11/29/2024 | 617 | 567 | 555 |
| &nbsp;&nbsp;&nbsp; 8421365, 5.660%, 5/26/2026 †§x¶ | Square | 11/29/2024 | 2537 | 2338 | 2442 |
| &nbsp;&nbsp;&nbsp; 8421560, 4.780%, 5/26/2026 †§x¶ | Square | 11/29/2024 | 5672 | 5293 | 5301 |
| &nbsp;&nbsp;&nbsp; 8421721, 5.107%, 5/26/2026 †§x¶ | Square | 11/29/2024 | 731 | 679 | 698 |
| &nbsp;&nbsp;&nbsp; 8421731, 5.665%, 5/26/2026 †§x¶ | Square | 11/29/2024 | 2192 | 2020 | 2063 |
| &nbsp;&nbsp;&nbsp; 8422758, 6.325%, 5/26/2026 †x¶# | Square | 11/29/2024 | 2706 | 2472 | 1629 |
| &nbsp;&nbsp;&nbsp; 8422896302, 20.391%, 6/11/2024 †x¥#^ | Stripe | 12/15/2022 | 5156 | 5362 | 206 |
| &nbsp;&nbsp;&nbsp; 8424560, 6.421%, 5/26/2026 †§x¶ | Square | 11/29/2024 | 8757 | 7988 | 8366 |
| &nbsp;&nbsp;&nbsp; 8427358386, 18.108%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 2552 | 2654 | 2666 |
| &nbsp;&nbsp;&nbsp; 8427754626, 20.800%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 1971 | 2050 | 1130 |
| &nbsp;&nbsp;&nbsp; 8428347666, 24.000%, 6/11/2023 †x¥#^ | Stripe | 10/15/2021 | 1060 | 1102 | 42 |
| &nbsp;&nbsp;&nbsp; 8429286151, 12.800%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 55046 | 57248 | 57298 |
| &nbsp;&nbsp;&nbsp; 8434048324, 26.132%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 33571 | 34914 | 19624 |
| &nbsp;&nbsp;&nbsp; 8435463981, 13.066%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 44259 | 46030 | 46669 |
| &nbsp;&nbsp;&nbsp; 8437182905, 26.095%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 293 | 305 | 315 |
| &nbsp;&nbsp;&nbsp; 8437633394, 22.392%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 2551 | 2653 | 2720 |
| &nbsp;&nbsp;&nbsp; 8438160771, 22.000%, 5/05/2026 †x¥ | Stripe | 11/07/2024 | 195 | 203 | 214 |
| &nbsp;&nbsp;&nbsp; 8440320132, 26.523%, 3/21/2026 †x¥# | Stripe | 7/25/2024 | 1543 | 1604 | 607 |
| &nbsp;&nbsp;&nbsp; 8445400655, 22.389%, 8/15/2026 †x¥# | Stripe | 2/20/2025 | 1821 | 1894 | 493 |
| &nbsp;&nbsp;&nbsp; 844957628, 16.666%, 12/27/2024 †x¥#^ | Stripe | 10/06/2022 | 132711 | 138020 | 5308 |
| &nbsp;&nbsp;&nbsp; 8451625514, 20.397%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 5546 | 5768 | 222 |
| &nbsp;&nbsp;&nbsp; 8452182096, 21.996%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 3560 | 3703 | 3827 |
| &nbsp;&nbsp;&nbsp; 8452861033, 14.528%, 10/26/2024 †x¥#^ | Stripe | 9/27/2022 | 10712 | 11140 | 428 |
| &nbsp;&nbsp;&nbsp; 8455095534, 22.388%, 9/22/2023 †x¥#^ | Stripe | 3/29/2022 | 3561 | 3703 | 142 |
| &nbsp;&nbsp;&nbsp; 8455492471, 20.667%, 3/14/2024 †x¥#^ | Stripe | 9/19/2022 | 4623 | 4808 | 185 |
| &nbsp;&nbsp;&nbsp; 845556005, 21.200%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 1594 | 1658 | 1681 |
| &nbsp;&nbsp;&nbsp; 8455881558, 19.600%, 5/02/2025 †x¥#^ | Stripe | 2/09/2023 | 5968 | 6207 | 239 |
| &nbsp;&nbsp;&nbsp; 8457678145, 20.930%, 1/04/2025 †x¥#^ | Stripe | 7/12/2023 | 12764 | 13274 | 511 |
| &nbsp;&nbsp;&nbsp; 8458950775, 26.531%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 4825 | 5018 | 5019 |
| &nbsp;&nbsp;&nbsp; 845f55d2-787f-400d-b7f5-4e105e541b00, 19.290%, 2/17/2020 †x#^ | Funding Circle | 2/21/2017 | 154774 | 154774 | 46432 |
| &nbsp;&nbsp;&nbsp; 8462115215, 14.400%, 1/16/2026 †x¥ | Stripe | 7/23/2024 | 2617 | 2721 | 2784 |
| &nbsp;&nbsp;&nbsp; 8465453896, 21.730%, 5/22/2024 †x¥#^ | Stripe | 11/28/2022 | 16223 | 16872 | 649 |
| &nbsp;&nbsp;&nbsp; 8467771660, 18.925%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 4011 | 4171 | 4254 |
| &nbsp;&nbsp;&nbsp; 8469683221, 22.385%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 4323 | 4496 | 4569 |
| &nbsp;&nbsp;&nbsp; 8470130284, 14.261%, 6/10/2026 †x¥ | Stripe | 12/13/2024 | 966 | 1004 | 1036 |
| &nbsp;&nbsp;&nbsp; 8472747323, 18.773%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 597 | 621 | 635 |
| &nbsp;&nbsp;&nbsp; 8473961992, 26.111%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1517 | 1578 | 1608 |
| &nbsp;&nbsp;&nbsp; 847414610, 22.667%, 6/19/2025 †x¥#^ | Stripe | 12/26/2023 | 16300 | 16952 | 652 |
| &nbsp;&nbsp;&nbsp; 8475500688, 24.000%, 8/19/2023 †x¥#^ | Stripe | 2/24/2022 | 20108 | 20912 | 804 |
| &nbsp;&nbsp;&nbsp; 8478868663, 13.059%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1485 | 1544 | 1561 |
| &nbsp;&nbsp;&nbsp; 8478876192, 21.993%, 3/31/2026 †x¥ | Stripe | 10/03/2024 | 3469 | 3608 | 3688 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8748** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8479501616, 16.258%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | $4784 | $4975 | $4995 |
| &nbsp;&nbsp;&nbsp; 8484711284, 24.000%, 11/08/2023 †x¥#^ | Stripe | 5/13/2022 | 1588 | 1652 | 64 |
| &nbsp;&nbsp;&nbsp; 8485841713, 22.667%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 6534 | 6796 | 6987 |
| &nbsp;&nbsp;&nbsp; 8487193995, 26.424%, 1/08/2026 †x¥# | Stripe | 7/15/2024 | 307 | 319 | 54 |
| &nbsp;&nbsp;&nbsp; 8488063167, 24.000%, 8/05/2023 †x¥#^ | Stripe | 2/09/2022 | 1483 | 1543 | 59 |
| &nbsp;&nbsp;&nbsp; 8488565389, 25.867%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 4798 | 4990 | 5124 |
| &nbsp;&nbsp;&nbsp; 8488984262, 21.189%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 2467 | 2565 | 2580 |
| &nbsp;&nbsp;&nbsp; 8489526672, 20.000%, 8/07/2024 †x¥#^ | Stripe | 2/10/2023 | 1260 | 1310 | 50 |
| &nbsp;&nbsp;&nbsp; 8490082582, 18.797%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 23708 | 24656 | 948 |
| &nbsp;&nbsp;&nbsp; 8490122168, 16.000%, 2/17/2023 †x¥#^ | Stripe | 8/24/2021 | 954 | 992 | 38 |
| &nbsp;&nbsp;&nbsp; 8490631968, 20.928%, 10/19/2023 †x¥#^ | Stripe | 4/25/2022 | 450 | 469 | 18 |
| &nbsp;&nbsp;&nbsp; 8494870337, 26.508%, 8/10/2025 †x¥#^ | Stripe | 6/26/2023 | 557 | 579 | 22 |
| &nbsp;&nbsp;&nbsp; 8496142486, 16.266%, 1/23/2027 †x¥ | Stripe | 7/30/2025 | 89347 | 92921 | 93014 |
| &nbsp;&nbsp;&nbsp; 84a9d62e-9a5f-4a85-8d1c-7e15434001e4, 8.250%, 5/30/2023 †x#^ | Funding Circle | 6/01/2018 | 11409 | 11409 | 3423 |
| &nbsp;&nbsp;&nbsp; 8503103697, 21.067%, 2/14/2023 †x¥#^ | Stripe | 8/19/2021 | 3460 | 3599 | 138 |
| &nbsp;&nbsp;&nbsp; 8505986589, 17.600%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 918 | 954 | 968 |
| &nbsp;&nbsp;&nbsp; 851055845, 18.930%, 6/10/2026 †x¥ | Stripe | 12/13/2024 | 2232 | 2321 | 2369 |
| &nbsp;&nbsp;&nbsp; 8512970755, 13.067%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 2095 | 2179 | 2216 |
| &nbsp;&nbsp;&nbsp; 8514695173, 18.122%, 1/08/2027 †x¥ | Stripe | 7/15/2025 | 3821 | 3974 | 3993 |
| &nbsp;&nbsp;&nbsp; 8516395247, 26.485%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1570 | 1633 | 1651 |
| &nbsp;&nbsp;&nbsp; 8517902483, 21.861%, 12/11/2024 †x¥#^ | Stripe | 6/16/2023 | 2663 | 2769 | 107 |
| &nbsp;&nbsp;&nbsp; 8522427347, 26.510%, 6/05/2026 †x¥# | Stripe | 12/10/2024 | 2595 | 2699 | 716 |
| &nbsp;&nbsp;&nbsp; 8526858118, 23.841%, 5/23/2023 †x¥#^ | Stripe | 11/26/2021 | 365 | 379 | 15 |
| &nbsp;&nbsp;&nbsp; 8527107416, 17.714%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 911 | 947 | 36 |
| &nbsp;&nbsp;&nbsp; 8528927477, 21.593%, 6/06/2024 †x¥#^ | Stripe | 12/12/2022 | 5576 | 5800 | 223 |
| &nbsp;&nbsp;&nbsp; 8529159261, 25.865%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 20731 | 21560 | 22118 |
| &nbsp;&nbsp;&nbsp; 8534235054, 26.489%, 1/23/2025 †x¥#^ | Stripe | 7/31/2023 | 500 | 520 | 20 |
| &nbsp;&nbsp;&nbsp; 8536237680, 18.796%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 18825 | 19578 | 19762 |
| &nbsp;&nbsp;&nbsp; 8537596007, 22.397%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 3164 | 3291 | 3373 |
| &nbsp;&nbsp;&nbsp; 8539785636, 14.933%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 25778 | 26809 | 27008 |
| &nbsp;&nbsp;&nbsp; 8541316196, 24.000%, 2/02/2023 †x¥#^ | Stripe | 8/09/2021 | 870 | 905 | 35 |
| &nbsp;&nbsp;&nbsp; 8542141078, 16.930%, 8/31/2024 †x¥#^ | Stripe | 3/08/2023 | 3580 | 3724 | 143 |
| &nbsp;&nbsp;&nbsp; 8542608518, 14.265%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 11387 | 11843 | 11997 |
| &nbsp;&nbsp;&nbsp; 8542926, 6.673%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 9637 | 8760 | 8202 |
| &nbsp;&nbsp;&nbsp; 8542955, 5.912%, 6/30/2026 †x¶# | Square | 1/02/2025 | 32080 | 29467 | 2515 |
| &nbsp;&nbsp;&nbsp; 8543006, 6.116%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 631 | 579 | 578 |
| &nbsp;&nbsp;&nbsp; 8543027, 6.447%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 17594 | 16043 | 8227 |
| &nbsp;&nbsp;&nbsp; 8543050, 4.780%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 8031 | 7493 | 7853 |
| &nbsp;&nbsp;&nbsp; 8543061, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2039 | 1904 | 1994 |
| &nbsp;&nbsp;&nbsp; 8543085, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2210 | 2064 | 2118 |
| &nbsp;&nbsp;&nbsp; 8543105, 5.594%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2527 | 2331 | 2367 |
| &nbsp;&nbsp;&nbsp; 8543123, 6.102%, 6/30/2026 †x¶ | Square | 1/02/2025 | 12587 | 11531 | 8757 |
| &nbsp;&nbsp;&nbsp; 8543146, 4.783%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 3549 | 3311 | 3407 |
| &nbsp;&nbsp;&nbsp; 8543147, 6.445%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 8382 | 7643 | 6495 |
| &nbsp;&nbsp;&nbsp; 8543161, 6.454%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 269 | 245 | 251 |
| &nbsp;&nbsp;&nbsp; 8543162, 6.443%, 6/30/2026 †x¶ | Square | 1/02/2025 | 1696 | 1547 | 1095 |
| &nbsp;&nbsp;&nbsp; 8543179, 6.286%, 6/30/2026 †x¶# | Square | 1/02/2025 | 5069 | 4632 | 397 |
| &nbsp;&nbsp;&nbsp; 8543184, 6.447%, 6/30/2026 †x¶ | Square | 1/02/2025 | 7677 | 7008 | 6884 |
| &nbsp;&nbsp;&nbsp; 8543225, 6.420%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 3207 | 2925 | 3004 |
| &nbsp;&nbsp;&nbsp; 8543226, 6.103%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 1227 | 1124 | 1127 |
| &nbsp;&nbsp;&nbsp; 8543234, 5.339%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 798 | 739 | 783 |
| &nbsp;&nbsp;&nbsp; 8543237, 6.447%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 3373 | 3076 | 3103 |
| &nbsp;&nbsp;&nbsp; 8543254, 5.627%, 6/30/2026 †x¶ | Square | 1/02/2025 | 2243 | 2069 | 2091 |
| &nbsp;&nbsp;&nbsp; 8543258, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 6508 | 6078 | 6310 |
| &nbsp;&nbsp;&nbsp; 8543270, 5.031%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 4807 | 4470 | 4608 |
| &nbsp;&nbsp;&nbsp; 8543296, 5.347%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 25938 | 24012 | 24386 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8749** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8543343, 5.351%, 6/30/2026 †§x¶ | Square | 1/02/2025 | $2934 | $2716 | $2835 |
| &nbsp;&nbsp;&nbsp; 8543349, 4.719%, 6/30/2026 †x¶ | Square | 1/02/2025 | 10312 | 9630 | 7850 |
| &nbsp;&nbsp;&nbsp; 8543362, 5.599%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 6041 | 5573 | 5754 |
| &nbsp;&nbsp;&nbsp; 8543370, 5.923%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 931 | 855 | 886 |
| &nbsp;&nbsp;&nbsp; 8543374, 4.722%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 1706 | 1594 | 1664 |
| &nbsp;&nbsp;&nbsp; 8543375, 4.723%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 29 | 27 | 28 |
| &nbsp;&nbsp;&nbsp; 8543380, 5.031%, 6/30/2026 †x¶# | Square | 1/02/2025 | 9804 | 9116 | 979 |
| &nbsp;&nbsp;&nbsp; 8543390, 6.284%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 514 | 470 | 486 |
| &nbsp;&nbsp;&nbsp; 8543425, 6.429%, 6/30/2026 †x¶ | Square | 1/02/2025 | 1068 | 974 | 214 |
| &nbsp;&nbsp;&nbsp; 8543433, 6.101%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 8588 | 7868 | 8266 |
| &nbsp;&nbsp;&nbsp; 8543469, 4.719%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2357 | 2201 | 2300 |
| &nbsp;&nbsp;&nbsp; 8543480, 4.718%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2892 | 2701 | 2837 |
| &nbsp;&nbsp;&nbsp; 8543495, 5.031%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 69706 | 64814 | 67910 |
| &nbsp;&nbsp;&nbsp; 8543500, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 4401 | 4110 | 4286 |
| &nbsp;&nbsp;&nbsp; 8543510, 5.039%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 1406 | 1307 | 1359 |
| &nbsp;&nbsp;&nbsp; 8543528, 5.597%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 8400 | 7749 | 7944 |
| &nbsp;&nbsp;&nbsp; 8543538, 5.031%, 6/30/2026 †x¶ | Square | 1/02/2025 | 21258 | 19766 | 15899 |
| &nbsp;&nbsp;&nbsp; 8543548, 6.443%, 6/30/2026 †x¶ | Square | 1/02/2025 | 2198 | 2005 | 224 |
| &nbsp;&nbsp;&nbsp; 8543562, 4.966%, 6/30/2026 †x¶# | Square | 1/02/2025 | 870 | 809 | 68 |
| &nbsp;&nbsp;&nbsp; 8543563, 5.035%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 1477 | 1373 | 1417 |
| &nbsp;&nbsp;&nbsp; 8543571, 6.443%, 6/30/2026 †x¶ | Square | 1/02/2025 | 3581 | 3265 | 2121 |
| &nbsp;&nbsp;&nbsp; 8543572, 5.031%, 6/30/2026 †x¶ | Square | 1/02/2025 | 2357 | 2192 | 2142 |
| &nbsp;&nbsp;&nbsp; 8543583, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 49091 | 45850 | 46470 |
| &nbsp;&nbsp;&nbsp; 8543626, 4.719%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 8367 | 7814 | 8007 |
| &nbsp;&nbsp;&nbsp; 8543637, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2440 | 2278 | 2380 |
| &nbsp;&nbsp;&nbsp; 8543639, 6.292%, 6/30/2026 †x¶ | Square | 1/02/2025 | 2543 | 2323 | 1343 |
| &nbsp;&nbsp;&nbsp; 8543643, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2253 | 2104 | 2202 |
| &nbsp;&nbsp;&nbsp; 8543654, 4.776%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 1577 | 1471 | 1527 |
| &nbsp;&nbsp;&nbsp; 8543657, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 43389 | 40522 | 41531 |
| &nbsp;&nbsp;&nbsp; 8543701, 6.098%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 1174 | 1077 | 1125 |
| &nbsp;&nbsp;&nbsp; 8543707, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 5858 | 5471 | 5414 |
| &nbsp;&nbsp;&nbsp; 8543764, 6.449%, 6/30/2026 †x¶# | Square | 1/02/2025 | 8562 | 7807 | 671 |
| &nbsp;&nbsp;&nbsp; 8543778, 6.103%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 5064 | 4640 | 4828 |
| &nbsp;&nbsp;&nbsp; 8543784, 4.719%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 2581 | 2410 | 2491 |
| &nbsp;&nbsp;&nbsp; 8543845, 6.440%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 602 | 549 | 583 |
| &nbsp;&nbsp;&nbsp; 8544783754, 25.863%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 3669 | 3816 | 3914 |
| &nbsp;&nbsp;&nbsp; 8544793410, 20.933%, 3/28/2024 †x¥#^ | Stripe | 10/03/2022 | 6015 | 6256 | 241 |
| &nbsp;&nbsp;&nbsp; 8544930, 4.719%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 2507 | 2342 | 2446 |
| &nbsp;&nbsp;&nbsp; 8544959, 5.601%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 3515 | 3242 | 3188 |
| &nbsp;&nbsp;&nbsp; 8544982, 5.031%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 10641 | 9895 | 10259 |
| &nbsp;&nbsp;&nbsp; 8545070, 6.099%, 6/30/2026 †x¶# | Square | 1/03/2025 | 11528 | 10562 | 904 |
| &nbsp;&nbsp;&nbsp; 8545101, 4.721%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 2069 | 1932 | 2006 |
| &nbsp;&nbsp;&nbsp; 8545111, 4.717%, 6/30/2026 †x¶ | Square | 1/03/2025 | 2143 | 2003 | 1740 |
| &nbsp;&nbsp;&nbsp; 8545155, 4.715%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 2723 | 2543 | 2630 |
| &nbsp;&nbsp;&nbsp; 8545189, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 5503 | 5139 | 5411 |
| &nbsp;&nbsp;&nbsp; 8545436, 6.101%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 15591 | 14284 | 13087 |
| &nbsp;&nbsp;&nbsp; 8545488, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 6930 | 6472 | 6809 |
| &nbsp;&nbsp;&nbsp; 8545543, 5.031%, 6/30/2026 †x¶ | Square | 1/03/2025 | 64430 | 59908 | 62476 |
| &nbsp;&nbsp;&nbsp; 8545602, 5.031%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 9018 | 8386 | 8649 |
| &nbsp;&nbsp;&nbsp; 8545653, 5.350%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 1073 | 994 | 1044 |
| &nbsp;&nbsp;&nbsp; 8545670, 5.598%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 2234 | 2061 | 2148 |
| &nbsp;&nbsp;&nbsp; 8545696, 4.718%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 17267 | 16126 | 16367 |
| &nbsp;&nbsp;&nbsp; 8545809, 4.721%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 2390 | 2232 | 2306 |
| &nbsp;&nbsp;&nbsp; 8545823, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 2503 | 2337 | 2465 |
| &nbsp;&nbsp;&nbsp; 8545912, 4.721%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 1661 | 1551 | 1611 |
| &nbsp;&nbsp;&nbsp; 8545937, 5.026%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 1899 | 1766 | 1844 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8750** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8545976, 4.722%, 6/30/2026 †§x¶ | Square | 1/03/2025 | $3799 | $3548 | $3519 |
| &nbsp;&nbsp;&nbsp; 8546004, 5.031%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 1064 | 989 | 1041 |
| &nbsp;&nbsp;&nbsp; 8546042, 5.348%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 1782 | 1650 | 1736 |
| &nbsp;&nbsp;&nbsp; 8546074894, 14.800%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 80045 | 83247 | 83716 |
| &nbsp;&nbsp;&nbsp; 8546392, 6.099%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 2524 | 2312 | 2257 |
| &nbsp;&nbsp;&nbsp; 8546456, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 4210 | 3932 | 3792 |
| &nbsp;&nbsp;&nbsp; 8546500, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 3641 | 3401 | 3462 |
| &nbsp;&nbsp;&nbsp; 8546570424, 20.929%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 53 | 56 | 2 |
| &nbsp;&nbsp;&nbsp; 8546824, 5.351%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 1120 | 1037 | 1072 |
| &nbsp;&nbsp;&nbsp; 8546938, 5.031%, 6/30/2026 †x¶ | Square | 1/03/2025 | 5275 | 4904 | 3263 |
| &nbsp;&nbsp;&nbsp; 8546978, 5.348%, 6/30/2026 †x¶ | Square | 1/03/2025 | 11338 | 10496 | 8493 |
| &nbsp;&nbsp;&nbsp; 8547122, 6.450%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 734 | 670 | 691 |
| &nbsp;&nbsp;&nbsp; 8547171185, 18.400%, 1/10/2024 †x¥#^ | Stripe | 7/15/2022 | 6870 | 7145 | 275 |
| &nbsp;&nbsp;&nbsp; 8547226510, 17.862%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 3637 | 3782 | 3832 |
| &nbsp;&nbsp;&nbsp; 8547263, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 288 | 269 | 282 |
| &nbsp;&nbsp;&nbsp; 8547285, 4.721%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 4882 | 4559 | 4255 |
| &nbsp;&nbsp;&nbsp; 8547380, 6.458%, 6/30/2026 †x¶# | Square | 1/03/2025 | 1348 | 1229 | 106 |
| &nbsp;&nbsp;&nbsp; 8547401, 5.598%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 8631 | 7962 | 8366 |
| &nbsp;&nbsp;&nbsp; 8547502, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 15886 | 14836 | 15415 |
| &nbsp;&nbsp;&nbsp; 8547567, 5.031%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 6346 | 5901 | 6181 |
| &nbsp;&nbsp;&nbsp; 8547702025, 26.510%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 795 | 827 | 842 |
| &nbsp;&nbsp;&nbsp; 8547712, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 24670 | 23040 | 23218 |
| &nbsp;&nbsp;&nbsp; 8549233237, 26.533%, 10/21/2025 †x¥ | Stripe | 4/25/2024 | 134 | 140 | 144 |
| &nbsp;&nbsp;&nbsp; 8549272086, 14.264%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 6044 | 6286 | 6342 |
| &nbsp;&nbsp;&nbsp; 8550086, 5.036%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 1599 | 1487 | 1486 |
| &nbsp;&nbsp;&nbsp; 8550135, 5.625%, 7/01/2026 †x¶# | Square | 1/06/2025 | 2022 | 1865 | 302 |
| &nbsp;&nbsp;&nbsp; 8550161, 6.098%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 341 | 312 | 334 |
| &nbsp;&nbsp;&nbsp; 8550248, 5.031%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 1273 | 1184 | 1255 |
| &nbsp;&nbsp;&nbsp; 8550296, 4.722%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 1836 | 1714 | 1797 |
| &nbsp;&nbsp;&nbsp; 8550307, 4.721%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 3245 | 3032 | 3134 |
| &nbsp;&nbsp;&nbsp; 8550331, 5.919%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 1950 | 1791 | 1815 |
| &nbsp;&nbsp;&nbsp; 8550343, 6.101%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 6498 | 5953 | 6168 |
| &nbsp;&nbsp;&nbsp; 8550433639, 13.599%, 7/09/2024 †x¥#^ | Stripe | 4/27/2022 | 12375 | 12870 | 495 |
| &nbsp;&nbsp;&nbsp; 8550444, 5.348%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 5965 | 5522 | 5700 |
| &nbsp;&nbsp;&nbsp; 8550464, 4.717%, 7/01/2026 †x¶ | Square | 1/06/2025 | 7821 | 7304 | 4234 |
| &nbsp;&nbsp;&nbsp; 8550488, 6.467%, 7/01/2026 †x¶# | Square | 1/06/2025 | 1168 | 1065 | 92 |
| &nbsp;&nbsp;&nbsp; 8550493, 4.717%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 11135 | 10399 | 10691 |
| &nbsp;&nbsp;&nbsp; 8550510422, 26.476%, 4/30/2026 †x¥ | Stripe | 11/04/2024 | 284 | 295 | 303 |
| &nbsp;&nbsp;&nbsp; 8550576, 4.720%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 2259 | 2113 | 2185 |
| &nbsp;&nbsp;&nbsp; 8550593, 5.355%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 487 | 450 | 478 |
| &nbsp;&nbsp;&nbsp; 8550603, 4.719%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 7080 | 6612 | 6893 |
| &nbsp;&nbsp;&nbsp; 8550638, 4.718%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 13188 | 12316 | 12719 |
| &nbsp;&nbsp;&nbsp; 8550684, 4.717%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 827 | 772 | 793 |
| &nbsp;&nbsp;&nbsp; 8550686, 5.350%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 3580 | 3314 | 3289 |
| &nbsp;&nbsp;&nbsp; 8550699, 4.717%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 5278 | 4929 | 5146 |
| &nbsp;&nbsp;&nbsp; 8550734, 4.717%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 5376 | 5020 | 5056 |
| &nbsp;&nbsp;&nbsp; 8550817, 6.104%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 1457 | 1335 | 1385 |
| &nbsp;&nbsp;&nbsp; 8550870, 6.295%, 7/01/2026 †x¶ | Square | 1/06/2025 | 3698 | 3379 | 1758 |
| &nbsp;&nbsp;&nbsp; 8550898, 5.031%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 3018 | 2806 | 2904 |
| &nbsp;&nbsp;&nbsp; 8550917, 5.350%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 1557 | 1442 | 1460 |
| &nbsp;&nbsp;&nbsp; 8550928, 5.031%, 7/01/2026 †x¶ | Square | 1/06/2025 | 2011 | 1870 | 1157 |
| &nbsp;&nbsp;&nbsp; 8550934, 5.660%, 7/01/2026 †§x¶ | Square | 1/06/2025 | 1193 | 1100 | 1177 |
| &nbsp;&nbsp;&nbsp; 8551141, 6.281%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 169 | 154 | 161 |
| &nbsp;&nbsp;&nbsp; 8551143, 4.718%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 18108 | 16912 | 17105 |
| &nbsp;&nbsp;&nbsp; 8551200, 6.468%, 7/02/2026 †x¶ | Square | 1/06/2025 | 1140 | 1039 | 162 |
| &nbsp;&nbsp;&nbsp; 8551225, 4.719%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 1896 | 1771 | 1847 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8751** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8551232, 4.717%, 7/02/2026 †§x¶ | Square | 1/06/2025 | $7010 | $6547 | $6801 |
| &nbsp;&nbsp;&nbsp; 8551290, 5.346%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 3137 | 2904 | 3053 |
| &nbsp;&nbsp;&nbsp; 8551366, 5.031%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 8088 | 7520 | 7666 |
| &nbsp;&nbsp;&nbsp; 8551494, 6.101%, 7/02/2026 †x¶ | Square | 1/06/2025 | 5235 | 4800 | 3729 |
| &nbsp;&nbsp;&nbsp; 8551607, 4.716%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 1218 | 1137 | 1183 |
| &nbsp;&nbsp;&nbsp; 8551666, 4.717%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 8034 | 7503 | 7738 |
| &nbsp;&nbsp;&nbsp; 8551779, 4.729%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 1145 | 1069 | 1089 |
| &nbsp;&nbsp;&nbsp; 8551805, 6.440%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 1171 | 1068 | 891 |
| &nbsp;&nbsp;&nbsp; 8551815, 6.100%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 924 | 846 | 805 |
| &nbsp;&nbsp;&nbsp; 8551910159, 25.333%, 11/05/2024 †x¥#^ | Stripe | 5/11/2023 | 595 | 618 | 24 |
| &nbsp;&nbsp;&nbsp; 8551963, 4.711%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 1510 | 1410 | 1466 |
| &nbsp;&nbsp;&nbsp; 8552087, 4.926%, 7/02/2026 †x¶# | Square | 1/06/2025 | 879 | 819 | 69 |
| &nbsp;&nbsp;&nbsp; 8552103, 5.346%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 1477 | 1368 | 1407 |
| &nbsp;&nbsp;&nbsp; 8552120, 6.454%, 7/02/2026 †x¶ | Square | 1/06/2025 | 2073 | 1890 | 300 |
| &nbsp;&nbsp;&nbsp; 8552141, 4.718%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 5333 | 4980 | 5091 |
| &nbsp;&nbsp;&nbsp; 8552150084, 16.389%, 10/29/2025 †x¥# | Stripe | 5/03/2024 | 8154 | 8480 | 326 |
| &nbsp;&nbsp;&nbsp; 8552203, 4.716%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 416 | 388 | 410 |
| &nbsp;&nbsp;&nbsp; 8552211, 6.452%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 953 | 868 | 889 |
| &nbsp;&nbsp;&nbsp; 8552227, 5.350%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 2775 | 2569 | 2652 |
| &nbsp;&nbsp;&nbsp; 8552289, 4.717%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 6450 | 6024 | 6247 |
| &nbsp;&nbsp;&nbsp; 8552313, 4.719%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 6585 | 6150 | 6385 |
| &nbsp;&nbsp;&nbsp; 8552351, 4.718%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 9734 | 9090 | 9439 |
| &nbsp;&nbsp;&nbsp; 8552404, 5.031%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 216 | 201 | 211 |
| &nbsp;&nbsp;&nbsp; 8552652, 5.348%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 4192 | 3881 | 3984 |
| &nbsp;&nbsp;&nbsp; 8552784, 6.545%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 3263 | 2971 | 3074 |
| &nbsp;&nbsp;&nbsp; 8552822, 5.038%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 1658 | 1541 | 1584 |
| &nbsp;&nbsp;&nbsp; 8552849, 4.717%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 15404 | 14390 | 15050 |
| &nbsp;&nbsp;&nbsp; 8552989, 6.456%, 7/02/2026 †x¶ | Square | 1/06/2025 | 1542 | 1406 | 1118 |
| &nbsp;&nbsp;&nbsp; 8552990, 5.590%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 918 | 847 | 894 |
| &nbsp;&nbsp;&nbsp; 8552996, 5.046%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 351 | 326 | 342 |
| &nbsp;&nbsp;&nbsp; 8553002, 5.599%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 2659 | 2453 | 2489 |
| &nbsp;&nbsp;&nbsp; 8553018, 5.034%, 7/02/2026 †x¶ | Square | 1/06/2025 | 3739 | 3476 | 2668 |
| &nbsp;&nbsp;&nbsp; 8553030, 5.595%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 2031 | 1874 | 1840 |
| &nbsp;&nbsp;&nbsp; 8553062, 6.447%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 2498 | 2278 | 2446 |
| &nbsp;&nbsp;&nbsp; 8553195, 6.441%, 7/02/2026 †x¶# | Square | 1/06/2025 | 1540 | 1404 | 174 |
| &nbsp;&nbsp;&nbsp; 8553202, 5.031%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 6805 | 6328 | 6544 |
| &nbsp;&nbsp;&nbsp; 8553332, 5.346%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 2019 | 1869 | 1960 |
| &nbsp;&nbsp;&nbsp; 8553361, 6.091%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 164 | 150 | 158 |
| &nbsp;&nbsp;&nbsp; 8553397, 5.345%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 3835 | 3554 | 3725 |
| &nbsp;&nbsp;&nbsp; 8553461, 5.346%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 5956 | 5514 | 5690 |
| &nbsp;&nbsp;&nbsp; 8553503, 4.780%, 7/02/2026 †x¶ | Square | 1/06/2025 | 5035 | 4698 | 2761 |
| &nbsp;&nbsp;&nbsp; 8553667, 4.719%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 3129 | 2923 | 3055 |
| &nbsp;&nbsp;&nbsp; 8553722, 6.454%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 448 | 408 | 401 |
| &nbsp;&nbsp;&nbsp; 8553832, 4.717%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 3029 | 2829 | 2963 |
| &nbsp;&nbsp;&nbsp; 8553933, 4.717%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 4590 | 4287 | 4398 |
| &nbsp;&nbsp;&nbsp; 8554078, 6.427%, 7/02/2026 †x¶# | Square | 1/06/2025 | 1121 | 1058 | 148 |
| &nbsp;&nbsp;&nbsp; 8554100, 5.346%, 7/02/2026 †§x¶ | Square | 1/06/2025 | 914 | 846 | 870 |
| &nbsp;&nbsp;&nbsp; 8555157, 4.718%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 32279 | 30145 | 30567 |
| &nbsp;&nbsp;&nbsp; 8555393, 5.031%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 66864 | 62172 | 64490 |
| &nbsp;&nbsp;&nbsp; 8555442, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 31775 | 29676 | 30880 |
| &nbsp;&nbsp;&nbsp; 8555647676, 20.903%, 10/22/2024 †x¥#^ | Stripe | 4/27/2023 | 1500 | 1560 | 60 |
| &nbsp;&nbsp;&nbsp; 8555662, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 4991 | 4661 | 4857 |
| &nbsp;&nbsp;&nbsp; 8555744, 4.715%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 4142 | 3869 | 3619 |
| &nbsp;&nbsp;&nbsp; 8555781, 5.915%, 7/03/2026 †x¶# | Square | 1/07/2025 | 3134 | 2915 | 246 |
| &nbsp;&nbsp;&nbsp; 8555904, 6.094%, 7/03/2026 †x¶ | Square | 1/07/2025 | 1673 | 1533 | 1244 |
| &nbsp;&nbsp;&nbsp; 8555944, 4.713%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 886 | 828 | 863 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8752** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8555969, 4.715%, 7/03/2026 †§x¶ | Square | 1/07/2025 | $2943 | $2748 | $2799 |
| &nbsp;&nbsp;&nbsp; 8556038, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 14760 | 13785 | 14250 |
| &nbsp;&nbsp;&nbsp; 8556205, 6.462%, 7/03/2026 †x¶ | Square | 1/07/2025 | 866 | 789 | 420 |
| &nbsp;&nbsp;&nbsp; 8556209, 5.035%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1189 | 1105 | 1156 |
| &nbsp;&nbsp;&nbsp; 8556219, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 561 | 524 | 529 |
| &nbsp;&nbsp;&nbsp; 8556220, 4.941%, 7/03/2026 †x¶# | Square | 1/07/2025 | 4195 | 3905 | 1985 |
| &nbsp;&nbsp;&nbsp; 8556247, 6.101%, 7/03/2026 †x¶ | Square | 1/07/2025 | 11028 | 10104 | 7398 |
| &nbsp;&nbsp;&nbsp; 8556324, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 4597 | 4293 | 4492 |
| &nbsp;&nbsp;&nbsp; 8556383, 4.945%, 7/03/2026 †x¶# | Square | 1/07/2025 | 910 | 847 | 71 |
| &nbsp;&nbsp;&nbsp; 8556398, 5.024%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1561 | 1452 | 1492 |
| &nbsp;&nbsp;&nbsp; 8556413, 5.031%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1490 | 1385 | 1469 |
| &nbsp;&nbsp;&nbsp; 8556448, 4.715%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 2307 | 2154 | 2252 |
| &nbsp;&nbsp;&nbsp; 8556526, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 2068 | 1931 | 1953 |
| &nbsp;&nbsp;&nbsp; 8556614, 5.906%, 7/03/2026 †x¶ | Square | 1/07/2025 | 2201 | 2022 | 1934 |
| &nbsp;&nbsp;&nbsp; 8556888, 5.600%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 7904 | 7297 | 6192 |
| &nbsp;&nbsp;&nbsp; 8556925, 5.031%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 4607 | 4284 | 3692 |
| &nbsp;&nbsp;&nbsp; 8556957, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 4559 | 4258 | 4421 |
| &nbsp;&nbsp;&nbsp; 8556993, 6.098%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1076 | 986 | 1010 |
| &nbsp;&nbsp;&nbsp; 8557020, 4.718%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 13824 | 12911 | 13556 |
| &nbsp;&nbsp;&nbsp; 8557150, 4.718%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 15786 | 14743 | 15255 |
| &nbsp;&nbsp;&nbsp; 8557263, 5.346%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 7071 | 6547 | 6962 |
| &nbsp;&nbsp;&nbsp; 8557463, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 22118 | 20657 | 21576 |
| &nbsp;&nbsp;&nbsp; 8557631, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 21541 | 20117 | 21034 |
| &nbsp;&nbsp;&nbsp; 8557769, 4.717%, 7/03/2026 †x¶# | Square | 1/07/2025 | 63740 | 59598 | 4997 |
| &nbsp;&nbsp;&nbsp; 8557874, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1251 | 1168 | 1205 |
| &nbsp;&nbsp;&nbsp; 8557879, 6.100%, 7/03/2026 †x¶ | Square | 1/07/2025 | 44158 | 40456 | 24367 |
| &nbsp;&nbsp;&nbsp; 8557992, 5.028%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1713 | 1593 | 1586 |
| &nbsp;&nbsp;&nbsp; 8557999, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 200 | 187 | 196 |
| &nbsp;&nbsp;&nbsp; 8558003, 5.348%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 5410 | 5008 | 4674 |
| &nbsp;&nbsp;&nbsp; 8558154, 6.101%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 389 | 356 | 360 |
| &nbsp;&nbsp;&nbsp; 8558169, 5.031%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 707 | 658 | 697 |
| &nbsp;&nbsp;&nbsp; 8558196, 4.714%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1754 | 1639 | 1708 |
| &nbsp;&nbsp;&nbsp; 8558217, 4.715%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 1865 | 1742 | 1769 |
| &nbsp;&nbsp;&nbsp; 8558244, 5.031%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 4388 | 4080 | 4282 |
| &nbsp;&nbsp;&nbsp; 8558339, 5.349%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 4245 | 3929 | 4021 |
| &nbsp;&nbsp;&nbsp; 8558534, 4.719%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 5288 | 4938 | 5178 |
| &nbsp;&nbsp;&nbsp; 855856, 7.303%, 3/27/2019 †x¶#^ | Square | 9/29/2017 | 11474 | 10342 | 900 |
| &nbsp;&nbsp;&nbsp; 8558951, 5.031%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 10017 | 9314 | 9747 |
| &nbsp;&nbsp;&nbsp; 8559034, 4.712%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 1696 | 1585 | 1651 |
| &nbsp;&nbsp;&nbsp; 8559048, 6.449%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 3070 | 2799 | 2876 |
| &nbsp;&nbsp;&nbsp; 8559079, 4.711%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 1577 | 1472 | 1540 |
| &nbsp;&nbsp;&nbsp; 8559192, 4.720%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 5937 | 5544 | 5690 |
| &nbsp;&nbsp;&nbsp; 8559241, 5.597%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 6256 | 5771 | 6010 |
| &nbsp;&nbsp;&nbsp; 8559431, 6.439%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 627 | 572 | 600 |
| &nbsp;&nbsp;&nbsp; 8559487, 4.719%, 7/04/2026 †x¶ | Square | 1/08/2025 | 12371 | 11553 | 10323 |
| &nbsp;&nbsp;&nbsp; 8559747, 6.114%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 306 | 280 | 298 |
| &nbsp;&nbsp;&nbsp; 8559763, 5.031%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 3275 | 3047 | 3151 |
| &nbsp;&nbsp;&nbsp; 8559848, 4.720%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 1013 | 946 | 985 |
| &nbsp;&nbsp;&nbsp; 8559863, 4.717%, 7/04/2026 †x¶ | Square | 1/08/2025 | 13074 | 12210 | 10054 |
| &nbsp;&nbsp;&nbsp; 8559968, 5.597%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 2120 | 1955 | 1945 |
| &nbsp;&nbsp;&nbsp; 8560026, 4.719%, 7/04/2026 †§x¶ | Square | 1/08/2025 | 2490 | 2325 | 2416 |
| &nbsp;&nbsp;&nbsp; 8560259, 4.717%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 5882 | 5493 | 5658 |
| &nbsp;&nbsp;&nbsp; 8560341, 4.717%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 1842 | 1720 | 1789 |
| &nbsp;&nbsp;&nbsp; 8560375, 5.342%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 2330 | 2158 | 2220 |
| &nbsp;&nbsp;&nbsp; 8560426, 6.101%, 7/05/2026 †x¶ | Square | 1/08/2025 | 14621 | 13395 | 8759 |
| &nbsp;&nbsp;&nbsp; 8560502, 5.031%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 1939 | 1803 | 1752 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8753** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8560554, 5.353%, 7/05/2026 †§x¶ | Square | 1/08/2025 | $1133 | $1049 | $1080 |
| &nbsp;&nbsp;&nbsp; 8560605, 4.717%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 2176 | 2032 | 2111 |
| &nbsp;&nbsp;&nbsp; 8560629, 5.347%, 7/05/2026 †x¶ | Square | 1/08/2025 | 2445 | 2264 | 1964 |
| &nbsp;&nbsp;&nbsp; 8560637, 6.440%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 1413 | 1289 | 1089 |
| &nbsp;&nbsp;&nbsp; 8560733, 4.718%, 7/05/2026 †x¶ | Square | 1/08/2025 | 31308 | 29238 | 15508 |
| &nbsp;&nbsp;&nbsp; 8560920, 5.031%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 2951 | 2744 | 2487 |
| &nbsp;&nbsp;&nbsp; 8560959, 4.716%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 3946 | 3686 | 3844 |
| &nbsp;&nbsp;&nbsp; 8561001587, 16.113%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 4178 | 4345 | 4353 |
| &nbsp;&nbsp;&nbsp; 8561025, 6.442%, 7/05/2026 †§x¶ | Square | 1/08/2025 | 2609 | 2379 | 2028 |
| &nbsp;&nbsp;&nbsp; 8561588, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 14850 | 13869 | 11227 |
| &nbsp;&nbsp;&nbsp; 8563050298, 18.784%, 5/09/2023 †x¥#^ | Stripe | 11/12/2021 | 2782 | 2893 | 111 |
| &nbsp;&nbsp;&nbsp; 8563275315, 21.851%, 9/27/2025 †x¥ | Stripe | 4/03/2024 | 412 | 429 | 444 |
| &nbsp;&nbsp;&nbsp; 8563664516, 17.467%, 7/27/2024 †x¥#^ | Stripe | 12/01/2022 | 101955 | 106034 | 4078 |
| &nbsp;&nbsp;&nbsp; 8564064, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 2304 | 2152 | 2243 |
| &nbsp;&nbsp;&nbsp; 8564709907, 25.714%, 1/08/2025 †x¥#^ | Stripe | 7/14/2023 | 3267 | 3397 | 131 |
| &nbsp;&nbsp;&nbsp; 8565036029, 26.095%, 7/07/2026 †x¥# | Stripe | 1/09/2025 | 466 | 485 | 186 |
| &nbsp;&nbsp;&nbsp; 8566316970, 20.381%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 4235 | 4404 | 4447 |
| &nbsp;&nbsp;&nbsp; 8566926365, 20.919%, 4/21/2026 †x¥# | Stripe | 10/24/2024 | 2459 | 2558 | 420 |
| &nbsp;&nbsp;&nbsp; 8567938572, 14.265%, 12/07/2023 †x¥#^ | Stripe | 6/13/2022 | 15052 | 15654 | 602 |
| &nbsp;&nbsp;&nbsp; 8571246731, 24.000%, 4/12/2024 †x¥#^ | Stripe | 1/25/2022 | 2251 | 2341 | 90 |
| &nbsp;&nbsp;&nbsp; 8575465364, 22.000%, 12/24/2025 †x¥# | Stripe | 6/28/2024 | 50308 | 52321 | 2012 |
| &nbsp;&nbsp;&nbsp; 8575859543, 26.530%, 12/19/2025 †x¥# | Stripe | 6/25/2024 | 8842 | 9195 | 354 |
| &nbsp;&nbsp;&nbsp; 8576705584, 14.395%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 8675 | 9022 | 9122 |
| &nbsp;&nbsp;&nbsp; 8577975324, 26.530%, 1/19/2027 †x¥ | Stripe | 7/24/2025 | 3314 | 3446 | 3463 |
| &nbsp;&nbsp;&nbsp; 8578915812, 22.116%, 12/02/2023 †x¥#^ | Stripe | 4/07/2022 | 602 | 626 | 24 |
| &nbsp;&nbsp;&nbsp; 8578956265, 26.133%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 448 | 466 | 483 |
| &nbsp;&nbsp;&nbsp; 8579844, 6.289%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 458 | 418 | 399 |
| &nbsp;&nbsp;&nbsp; 8581912, 4.727%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 1919 | 1792 | 1663 |
| &nbsp;&nbsp;&nbsp; 8582573754, 26.523%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 3785 | 3937 | 3998 |
| &nbsp;&nbsp;&nbsp; 8584517445, 16.667%, 4/01/2024 †x¥#^ | Stripe | 1/11/2022 | 69372 | 72147 | 2775 |
| &nbsp;&nbsp;&nbsp; 8586018466, 19.858%, 4/16/2025 †x¥#^ | Stripe | 10/20/2023 | 941 | 979 | 38 |
| &nbsp;&nbsp;&nbsp; 8586750, 5.031%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 294 | 273 | 291 |
| &nbsp;&nbsp;&nbsp; 8586810, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 4263 | 3981 | 4171 |
| &nbsp;&nbsp;&nbsp; 8586874, 6.100%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 3631 | 3335 | 3281 |
| &nbsp;&nbsp;&nbsp; 8586992, 5.031%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 23761 | 22094 | 20003 |
| &nbsp;&nbsp;&nbsp; 8586992103, 20.000%, 5/26/2026 †x¥ | Stripe | 11/29/2024 | 937 | 974 | 995 |
| &nbsp;&nbsp;&nbsp; 8588090092, 20.000%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 697 | 725 | 743 |
| &nbsp;&nbsp;&nbsp; 8588131, 5.599%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 2268 | 2092 | 2205 |
| &nbsp;&nbsp;&nbsp; 8588285149, 21.571%, 5/27/2025 †x¥#^ | Stripe | 11/30/2023 | 1545 | 1607 | 62 |
| &nbsp;&nbsp;&nbsp; 8588789, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 65526 | 61196 | 56661 |
| &nbsp;&nbsp;&nbsp; 8589073430, 17.600%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 3961 | 4120 | 4172 |
| &nbsp;&nbsp;&nbsp; 8589643, 5.597%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 12869 | 11872 | 12585 |
| &nbsp;&nbsp;&nbsp; 8589735, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 50914 | 47550 | 49393 |
| &nbsp;&nbsp;&nbsp; 8589933589, 15.595%, 7/12/2025 †x¥#^ | Stripe | 1/18/2024 | 2187 | 2274 | 87 |
| &nbsp;&nbsp;&nbsp; 8590216814, 21.733%, 5/02/2024 †x¥#^ | Stripe | 11/07/2022 | 4174 | 4341 | 167 |
| &nbsp;&nbsp;&nbsp; 8590406, 4.715%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 3725 | 3481 | 3633 |
| &nbsp;&nbsp;&nbsp; 8590406312, 24.000%, 2/02/2023 †x¥#^ | Stripe | 8/09/2021 | 930 | 968 | 37 |
| &nbsp;&nbsp;&nbsp; 8591051844, 17.866%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 21903 | 22779 | 23068 |
| &nbsp;&nbsp;&nbsp; 8591149, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 3716 | 3470 | 3610 |
| &nbsp;&nbsp;&nbsp; 8591219, 4.709%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 1339 | 1253 | 675 |
| &nbsp;&nbsp;&nbsp; 8591317, 5.346%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 160 | 148 | 158 |
| &nbsp;&nbsp;&nbsp; 8591351, 5.346%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 8449 | 7822 | 7311 |
| &nbsp;&nbsp;&nbsp; 8591419, 5.031%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 6011 | 5589 | 5590 |
| &nbsp;&nbsp;&nbsp; 8591474, 4.719%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 2305 | 2153 | 2243 |
| &nbsp;&nbsp;&nbsp; 8591507, 4.719%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 3368 | 3145 | 3233 |
| &nbsp;&nbsp;&nbsp; 8591561, 4.718%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 9123 | 8520 | 8896 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8754** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8591669, 5.350%, 7/06/2026 †§x¶ | Square | 1/08/2025 | $2508 | $2321 | $2439 |
| &nbsp;&nbsp;&nbsp; 8591696, 6.106%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 1136 | 1041 | 1092 |
| &nbsp;&nbsp;&nbsp; 8591778, 5.606%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 1986 | 1832 | 1690 |
| &nbsp;&nbsp;&nbsp; 8591874, 4.724%, 7/06/2026 †x¶ | Square | 1/08/2025 | 2194 | 2049 | 1689 |
| &nbsp;&nbsp;&nbsp; 8592011, 5.031%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 318 | 295 | 312 |
| &nbsp;&nbsp;&nbsp; 8592073, 6.101%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 22718 | 20814 | 21759 |
| &nbsp;&nbsp;&nbsp; 8592514, 5.346%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 1927 | 1784 | 1410 |
| &nbsp;&nbsp;&nbsp; 8592530, 5.031%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 4045 | 3761 | 3946 |
| &nbsp;&nbsp;&nbsp; 8592534, 5.031%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 2295 | 2134 | 2220 |
| &nbsp;&nbsp;&nbsp; 8592601, 6.100%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 1402 | 1285 | 1381 |
| &nbsp;&nbsp;&nbsp; 8592708, 5.029%, 7/07/2026 †x¶ | Square | 1/09/2025 | 4063 | 3778 | 3206 |
| &nbsp;&nbsp;&nbsp; 8592888, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 3788 | 3522 | 3604 |
| &nbsp;&nbsp;&nbsp; 8592911, 4.929%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 1336 | 1244 | 781 |
| &nbsp;&nbsp;&nbsp; 8592934, 6.278%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 1531 | 1399 | 226 |
| &nbsp;&nbsp;&nbsp; 8593005, 4.717%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 37056 | 34607 | 35621 |
| &nbsp;&nbsp;&nbsp; 8594177, 4.717%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 10010 | 9348 | 8676 |
| &nbsp;&nbsp;&nbsp; 8594243, 6.447%, 7/07/2026 †x¶ | Square | 1/09/2025 | 9318 | 8496 | 1179 |
| &nbsp;&nbsp;&nbsp; 8594281, 4.724%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 2137 | 1996 | 2023 |
| &nbsp;&nbsp;&nbsp; 8594300, 4.717%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 1722 | 1608 | 1696 |
| &nbsp;&nbsp;&nbsp; 8594316, 6.103%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 5088 | 4661 | 4698 |
| &nbsp;&nbsp;&nbsp; 8594369, 4.724%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 1462 | 1365 | 1428 |
| &nbsp;&nbsp;&nbsp; 8594396, 5.031%, 7/07/2026 †x¶# | Square | 1/09/2025 | 2043 | 1900 | 608 |
| &nbsp;&nbsp;&nbsp; 8594399, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 2941 | 2735 | 2807 |
| &nbsp;&nbsp;&nbsp; 8594619, 4.717%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 7340 | 6855 | 7150 |
| &nbsp;&nbsp;&nbsp; 8594728, 4.717%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 5459 | 5098 | 5312 |
| &nbsp;&nbsp;&nbsp; 8594783, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 5507 | 5120 | 5368 |
| &nbsp;&nbsp;&nbsp; 8594854, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 45935 | 42711 | 44388 |
| &nbsp;&nbsp;&nbsp; 8594898, 5.346%, 7/07/2026 †x¶ | Square | 1/09/2025 | 1557 | 1441 | 1118 |
| &nbsp;&nbsp;&nbsp; 8595286, 6.447%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 2299 | 2097 | 2226 |
| &nbsp;&nbsp;&nbsp; 8595349, 4.715%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 4682 | 4372 | 4495 |
| &nbsp;&nbsp;&nbsp; 8595397, 6.100%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 1171 | 1073 | 887 |
| &nbsp;&nbsp;&nbsp; 8595533, 4.718%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 24990 | 23338 | 24259 |
| &nbsp;&nbsp;&nbsp; 8595737, 6.289%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 6095 | 5570 | 5566 |
| &nbsp;&nbsp;&nbsp; 8595802, 4.715%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 2592 | 2421 | 2522 |
| &nbsp;&nbsp;&nbsp; 8595881, 5.600%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 2328 | 2148 | 2287 |
| &nbsp;&nbsp;&nbsp; 8595926, 5.346%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 7499 | 6942 | 7368 |
| &nbsp;&nbsp;&nbsp; 8596009, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 38867 | 36140 | 37843 |
| &nbsp;&nbsp;&nbsp; 8596040, 4.719%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 1341 | 1252 | 1323 |
| &nbsp;&nbsp;&nbsp; 8596083, 5.349%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 3944 | 3652 | 3793 |
| &nbsp;&nbsp;&nbsp; 8596178, 4.738%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 679 | 634 | 655 |
| &nbsp;&nbsp;&nbsp; 8596184, 5.031%, 7/07/2026 †x¶ | Square | 1/09/2025 | 9455 | 8792 | 5700 |
| &nbsp;&nbsp;&nbsp; 8596222, 5.597%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 1316 | 1214 | 1288 |
| &nbsp;&nbsp;&nbsp; 8596284, 6.457%, 7/07/2026 †x¶# | Square | 1/09/2025 | 2303 | 2100 | 420 |
| &nbsp;&nbsp;&nbsp; 8596542, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 16723 | 15550 | 16229 |
| &nbsp;&nbsp;&nbsp; 8596692, 6.439%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 542 | 495 | 524 |
| &nbsp;&nbsp;&nbsp; 8596841, 6.108%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2121 | 1943 | 2007 |
| &nbsp;&nbsp;&nbsp; 859685721, 17.599%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 63778 | 66329 | 66789 |
| &nbsp;&nbsp;&nbsp; 8596867, 4.715%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 4149 | 3875 | 3934 |
| &nbsp;&nbsp;&nbsp; 8596996, 4.935%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 4491 | 4181 | 2336 |
| &nbsp;&nbsp;&nbsp; 8597032, 6.445%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 834 | 760 | 802 |
| &nbsp;&nbsp;&nbsp; 8597096, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 3422 | 3182 | 3093 |
| &nbsp;&nbsp;&nbsp; 8597108, 4.720%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1463 | 1366 | 1425 |
| &nbsp;&nbsp;&nbsp; 8597167, 4.719%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1990 | 1859 | 1953 |
| &nbsp;&nbsp;&nbsp; 8597240, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2499 | 2334 | 2421 |
| &nbsp;&nbsp;&nbsp; 8597355, 5.912%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 7743 | 7112 | 7362 |
| &nbsp;&nbsp;&nbsp; 8597623, 4.935%, 7/08/2026 †x¶# | Square | 1/10/2025 | 3837 | 3572 | 301 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8755** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8597857, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | $14694 | $13723 | $14203 |
| &nbsp;&nbsp;&nbsp; 8597976, 5.348%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2034 | 1883 | 1962 |
| &nbsp;&nbsp;&nbsp; 8597983, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 7388 | 6870 | 7072 |
| &nbsp;&nbsp;&nbsp; 8598020, 4.713%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 993 | 928 | 968 |
| &nbsp;&nbsp;&nbsp; 8598024, 4.719%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 4021 | 3755 | 3901 |
| &nbsp;&nbsp;&nbsp; 8598028227, 22.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 35097 | 36501 | 37116 |
| &nbsp;&nbsp;&nbsp; 8598246, 5.597%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1533 | 1415 | 1332 |
| &nbsp;&nbsp;&nbsp; 8598293, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 5647 | 5274 | 5501 |
| &nbsp;&nbsp;&nbsp; 8598358, 5.346%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1099 | 1017 | 1074 |
| &nbsp;&nbsp;&nbsp; 8598457, 4.718%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2275 | 2124 | 2176 |
| &nbsp;&nbsp;&nbsp; 8598513, 4.713%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1957 | 1828 | 1908 |
| &nbsp;&nbsp;&nbsp; 8598519, 6.093%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1962 | 1798 | 1390 |
| &nbsp;&nbsp;&nbsp; 8598537, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 34592 | 32165 | 33842 |
| &nbsp;&nbsp;&nbsp; 8598556, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2851 | 2663 | 2750 |
| &nbsp;&nbsp;&nbsp; 8598575, 6.444%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 861 | 785 | 818 |
| &nbsp;&nbsp;&nbsp; 8598579, 5.593%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2479 | 2287 | 1787 |
| &nbsp;&nbsp;&nbsp; 8598580, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 28828 | 26923 | 25632 |
| &nbsp;&nbsp;&nbsp; 8598690, 4.719%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 6458 | 6031 | 5418 |
| &nbsp;&nbsp;&nbsp; 8598764, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1086 | 1010 | 1072 |
| &nbsp;&nbsp;&nbsp; 8598789, 4.715%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 3650 | 3409 | 3501 |
| &nbsp;&nbsp;&nbsp; 8598903, 6.101%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 8602 | 7881 | 5384 |
| &nbsp;&nbsp;&nbsp; 8598995, 5.911%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 9197 | 8448 | 8591 |
| &nbsp;&nbsp;&nbsp; 8599037, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 680 | 633 | 669 |
| &nbsp;&nbsp;&nbsp; 8599061, 6.467%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 431 | 393 | 381 |
| &nbsp;&nbsp;&nbsp; 8599110, 5.031%, 7/08/2026 †x¶ | Square | 1/10/2025 | 64334 | 59820 | 20320 |
| &nbsp;&nbsp;&nbsp; 8599419, 5.346%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 19511 | 18062 | 19038 |
| &nbsp;&nbsp;&nbsp; 8599495, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 25367 | 23587 | 24659 |
| &nbsp;&nbsp;&nbsp; 8599551, 6.289%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 6955 | 6355 | 4538 |
| &nbsp;&nbsp;&nbsp; 8599563, 5.601%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2657 | 2451 | 2429 |
| &nbsp;&nbsp;&nbsp; 8599583, 4.929%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 398 | 370 | 239 |
| &nbsp;&nbsp;&nbsp; 8599587, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 889 | 831 | 867 |
| &nbsp;&nbsp;&nbsp; 8599633, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 10953 | 10184 | 10705 |
| &nbsp;&nbsp;&nbsp; 8599729, 4.780%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 7845 | 7320 | 7437 |
| &nbsp;&nbsp;&nbsp; 8599756, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 27482 | 25554 | 26497 |
| &nbsp;&nbsp;&nbsp; 8599840, 4.718%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 8122 | 7587 | 7872 |
| &nbsp;&nbsp;&nbsp; 8599847003, 16.120%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 3988 | 4148 | 4182 |
| &nbsp;&nbsp;&nbsp; 8599916, 4.724%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 899 | 840 | 874 |
| &nbsp;&nbsp;&nbsp; 8599949, 6.451%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 2278 | 2077 | 2123 |
| &nbsp;&nbsp;&nbsp; 8600019, 6.101%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 11346 | 10394 | 10447 |
| &nbsp;&nbsp;&nbsp; 8600046, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 1829 | 1709 | 1781 |
| &nbsp;&nbsp;&nbsp; 8600055, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 835 | 780 | 797 |
| &nbsp;&nbsp;&nbsp; 8600061, 5.346%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 26646 | 24667 | 25828 |
| &nbsp;&nbsp;&nbsp; 8602363, 6.425%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 130 | 119 | 123 |
| &nbsp;&nbsp;&nbsp; 8602368, 6.449%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 965 | 880 | 913 |
| &nbsp;&nbsp;&nbsp; 8602407, 4.718%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 17625 | 16460 | 16428 |
| &nbsp;&nbsp;&nbsp; 8602491, 5.339%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 734 | 680 | 701 |
| &nbsp;&nbsp;&nbsp; 8602544, 5.031%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 3845 | 3575 | 3746 |
| &nbsp;&nbsp;&nbsp; 8602580, 5.350%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 4482 | 4149 | 3854 |
| &nbsp;&nbsp;&nbsp; 8602658, 4.710%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 1858 | 1736 | 1798 |
| &nbsp;&nbsp;&nbsp; 8602690, 5.346%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 27913 | 25841 | 27377 |
| &nbsp;&nbsp;&nbsp; 8602771, 6.458%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 501 | 457 | 457 |
| &nbsp;&nbsp;&nbsp; 8602868, 6.289%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 569 | 520 | 347 |
| &nbsp;&nbsp;&nbsp; 8602892, 4.717%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 1463 | 1367 | 1435 |
| &nbsp;&nbsp;&nbsp; 8603015, 4.738%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 834 | 779 | 766 |
| &nbsp;&nbsp;&nbsp; 8603192, 4.716%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 2601 | 2430 | 2374 |
| &nbsp;&nbsp;&nbsp; 8603203, 5.346%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 1258 | 1165 | 1172 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8756** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8603528, 5.336%, 7/09/2026 †§x¶ | Square | 1/13/2025 | $1352 | $1252 | $1078 |
| &nbsp;&nbsp;&nbsp; 8603531, 4.717%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 3284 | 3067 | 3165 |
| &nbsp;&nbsp;&nbsp; 8603552, 6.447%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 5932 | 5408 | 5148 |
| &nbsp;&nbsp;&nbsp; 8603608, 5.606%, 7/09/2026 †x¶ | Square | 1/13/2025 | 2882 | 2658 | 1741 |
| &nbsp;&nbsp;&nbsp; 8603631, 5.346%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 2684 | 2485 | 2157 |
| &nbsp;&nbsp;&nbsp; 8603675, 5.031%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 10509 | 9771 | 10257 |
| &nbsp;&nbsp;&nbsp; 8604072, 4.717%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 56777 | 53025 | 55436 |
| &nbsp;&nbsp;&nbsp; 8604174, 6.100%, 7/09/2026 †x¶ | Square | 1/13/2025 | 75 | 69 | 75 |
| &nbsp;&nbsp;&nbsp; 8604528237, 16.000%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 3912 | 4069 | 4098 |
| &nbsp;&nbsp;&nbsp; 8604541, 4.727%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 2205 | 2059 | 1876 |
| &nbsp;&nbsp;&nbsp; 8604562, 4.720%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 4490 | 4193 | 4333 |
| &nbsp;&nbsp;&nbsp; 8604608, 5.031%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 13777 | 12810 | 12086 |
| &nbsp;&nbsp;&nbsp; 8604681, 4.717%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 10562 | 9864 | 10180 |
| &nbsp;&nbsp;&nbsp; 8604738, 4.720%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 4435 | 4142 | 4299 |
| &nbsp;&nbsp;&nbsp; 8604810, 5.031%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 22917 | 21312 | 22105 |
| &nbsp;&nbsp;&nbsp; 8605046, 6.101%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 2433 | 2229 | 2206 |
| &nbsp;&nbsp;&nbsp; 8605055, 4.712%, 7/09/2026 †x¶# | Square | 1/13/2025 | 2240 | 2092 | 176 |
| &nbsp;&nbsp;&nbsp; 8605065, 5.031%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 618 | 575 | 556 |
| &nbsp;&nbsp;&nbsp; 8605074, 6.105%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 694 | 636 | 667 |
| &nbsp;&nbsp;&nbsp; 8605078, 4.717%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 11643 | 10873 | 11373 |
| &nbsp;&nbsp;&nbsp; 8605152, 5.913%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 5700 | 5236 | 5488 |
| &nbsp;&nbsp;&nbsp; 8605205, 4.717%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 2248 | 2099 | 2136 |
| &nbsp;&nbsp;&nbsp; 8605207, 6.449%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 7819 | 7130 | 6547 |
| &nbsp;&nbsp;&nbsp; 8605238, 5.038%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 513 | 477 | 505 |
| &nbsp;&nbsp;&nbsp; 8605511, 4.715%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 4410 | 4118 | 4251 |
| &nbsp;&nbsp;&nbsp; 8605542, 5.912%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 14996 | 13775 | 10714 |
| &nbsp;&nbsp;&nbsp; 8605641, 4.717%, 7/09/2026 †x¶ | Square | 1/13/2025 | 56581 | 52842 | 46854 |
| &nbsp;&nbsp;&nbsp; 8606030, 6.102%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 581 | 532 | 503 |
| &nbsp;&nbsp;&nbsp; 8606077, 6.304%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1120 | 1024 | 658 |
| &nbsp;&nbsp;&nbsp; 8606101, 6.444%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2129 | 1942 | 2045 |
| &nbsp;&nbsp;&nbsp; 8606176, 6.447%, 7/10/2026 †x¶ | Square | 1/14/2025 | 1132 | 1032 | 169 |
| &nbsp;&nbsp;&nbsp; 8606375, 6.097%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 39 | 36 | 38 |
| &nbsp;&nbsp;&nbsp; 8606403, 5.598%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1329 | 1226 | 1259 |
| &nbsp;&nbsp;&nbsp; 8606587, 6.442%, 7/10/2026 †x¶ | Square | 1/14/2025 | 1530 | 1395 | 259 |
| &nbsp;&nbsp;&nbsp; 8606602, 4.721%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 3638 | 3397 | 3525 |
| &nbsp;&nbsp;&nbsp; 8606675, 6.281%, 7/10/2026 †x¶ | Square | 1/14/2025 | 1421 | 1299 | 159 |
| &nbsp;&nbsp;&nbsp; 8606696, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1742 | 1627 | 1656 |
| &nbsp;&nbsp;&nbsp; 8606829, 6.448%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 5121 | 4669 | 4919 |
| &nbsp;&nbsp;&nbsp; 8606833780, 26.489%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 779 | 810 | 830 |
| &nbsp;&nbsp;&nbsp; 8607020, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 3374 | 3151 | 3225 |
| &nbsp;&nbsp;&nbsp; 8607112, 4.721%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2480 | 2316 | 2298 |
| &nbsp;&nbsp;&nbsp; 8607127, 4.715%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2140 | 1999 | 2056 |
| &nbsp;&nbsp;&nbsp; 8607187, 5.031%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 35595 | 33097 | 34445 |
| &nbsp;&nbsp;&nbsp; 8607198, 4.719%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2670 | 2494 | 2573 |
| &nbsp;&nbsp;&nbsp; 860735239, 16.000%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 162276 | 168767 | 168797 |
| &nbsp;&nbsp;&nbsp; 8607388, 6.100%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2076 | 1902 | 1957 |
| &nbsp;&nbsp;&nbsp; 8607397, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2534 | 2366 | 2471 |
| &nbsp;&nbsp;&nbsp; 8607449, 5.031%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1855 | 1725 | 1822 |
| &nbsp;&nbsp;&nbsp; 8607489, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 3645 | 3404 | 3591 |
| &nbsp;&nbsp;&nbsp; 8607614, 6.101%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 14872 | 13625 | 11525 |
| &nbsp;&nbsp;&nbsp; 8607705, 4.719%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2717 | 2537 | 2651 |
| &nbsp;&nbsp;&nbsp; 8607719, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1584 | 1480 | 1513 |
| &nbsp;&nbsp;&nbsp; 8607822, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1869 | 1746 | 1817 |
| &nbsp;&nbsp;&nbsp; 8607890, 5.904%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1355 | 1245 | 1237 |
| &nbsp;&nbsp;&nbsp; 8607902, 4.718%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 19102 | 17839 | 18610 |
| &nbsp;&nbsp;&nbsp; 8608147, 4.719%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 6214 | 5803 | 6041 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8757** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8608174, 4.720%, 7/10/2026 †§x¶ | Square | 1/14/2025 | $3011 | $2812 | $2950 |
| &nbsp;&nbsp;&nbsp; 8608200, 5.031%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 16174 | 15039 | 15456 |
| &nbsp;&nbsp;&nbsp; 8608460, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 7447 | 6955 | 7176 |
| &nbsp;&nbsp;&nbsp; 8608541, 4.718%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 16548 | 15454 | 16046 |
| &nbsp;&nbsp;&nbsp; 8608651, 6.447%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2510 | 2289 | 701 |
| &nbsp;&nbsp;&nbsp; 8608692, 4.715%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2923 | 2730 | 2851 |
| &nbsp;&nbsp;&nbsp; 8608728, 4.719%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2495 | 2334 | 2437 |
| &nbsp;&nbsp;&nbsp; 8608958, 6.091%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 973 | 892 | 878 |
| &nbsp;&nbsp;&nbsp; 8609076, 5.596%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2312 | 2133 | 2242 |
| &nbsp;&nbsp;&nbsp; 8609139, 5.348%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 3610 | 3342 | 3350 |
| &nbsp;&nbsp;&nbsp; 8609177, 4.719%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 5035 | 4702 | 4887 |
| &nbsp;&nbsp;&nbsp; 8609191, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 3764 | 3515 | 3651 |
| &nbsp;&nbsp;&nbsp; 8609226, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1000 | 934 | 985 |
| &nbsp;&nbsp;&nbsp; 8609320, 5.605%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2827 | 2607 | 2195 |
| &nbsp;&nbsp;&nbsp; 8609333, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 3292 | 3076 | 3183 |
| &nbsp;&nbsp;&nbsp; 8609355, 5.031%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 1125 | 1046 | 1098 |
| &nbsp;&nbsp;&nbsp; 8609383, 4.712%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 2021 | 1888 | 1961 |
| &nbsp;&nbsp;&nbsp; 8609411, 4.717%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 20296 | 18955 | 18944 |
| &nbsp;&nbsp;&nbsp; 8609459, 5.628%, 7/11/2026 †x¶# | Square | 1/15/2025 | 2568 | 2368 | 1718 |
| &nbsp;&nbsp;&nbsp; 8609493, 5.031%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 6905 | 6420 | 5861 |
| &nbsp;&nbsp;&nbsp; 8609507, 4.717%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 2541 | 2373 | 2440 |
| &nbsp;&nbsp;&nbsp; 8609514, 6.103%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 3541 | 3244 | 3356 |
| &nbsp;&nbsp;&nbsp; 8609525, 5.604%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 896 | 826 | 874 |
| &nbsp;&nbsp;&nbsp; 8609534, 4.719%, 7/11/2026 †x¶ | Square | 1/15/2025 | 5156 | 4815 | 4327 |
| &nbsp;&nbsp;&nbsp; 8609586, 6.457%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 371 | 339 | 356 |
| &nbsp;&nbsp;&nbsp; 8609590, 4.719%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 5743 | 5364 | 5575 |
| &nbsp;&nbsp;&nbsp; 8609626, 5.912%, 7/11/2026 †x¶ | Square | 1/15/2025 | 11632 | 10684 | 8078 |
| &nbsp;&nbsp;&nbsp; 8609701, 4.719%, 7/11/2026 †x¶ | Square | 1/15/2025 | 3229 | 3015 | 2309 |
| &nbsp;&nbsp;&nbsp; 8609706, 4.715%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 2711 | 2532 | 2645 |
| &nbsp;&nbsp;&nbsp; 8609730, 4.941%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 869 | 811 | 792 |
| &nbsp;&nbsp;&nbsp; 8609792, 4.720%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 4284 | 4001 | 4154 |
| &nbsp;&nbsp;&nbsp; 8609836, 4.716%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 1730 | 1616 | 1684 |
| &nbsp;&nbsp;&nbsp; 8609885, 5.025%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 2070 | 1925 | 1995 |
| &nbsp;&nbsp;&nbsp; 8609896, 4.721%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 2522 | 2355 | 2470 |
| &nbsp;&nbsp;&nbsp; 8609915, 4.721%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 5085 | 4749 | 4753 |
| &nbsp;&nbsp;&nbsp; 8609932, 4.717%, 7/11/2026 †x¶ | Square | 1/15/2025 | 15212 | 14207 | 12628 |
| &nbsp;&nbsp;&nbsp; 8610006, 6.094%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 1361 | 1247 | 1282 |
| &nbsp;&nbsp;&nbsp; 8610051, 5.596%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 1744 | 1609 | 1710 |
| &nbsp;&nbsp;&nbsp; 8610069, 4.717%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 18500 | 17277 | 15706 |
| &nbsp;&nbsp;&nbsp; 8610134, 4.718%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 7844 | 7326 | 7608 |
| &nbsp;&nbsp;&nbsp; 8610201, 6.444%, 7/11/2026 †§x¶ | Square | 1/15/2025 | 5188 | 4730 | 4577 |
| &nbsp;&nbsp;&nbsp; 8610236, 6.093%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 224 | 206 | 220 |
| &nbsp;&nbsp;&nbsp; 8610247, 5.031%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 10864 | 10102 | 10584 |
| &nbsp;&nbsp;&nbsp; 8610408, 4.717%, 7/12/2026 †x¶ | Square | 1/15/2025 | 7550 | 7051 | 5376 |
| &nbsp;&nbsp;&nbsp; 8610426, 6.107%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 1838 | 1684 | 1289 |
| &nbsp;&nbsp;&nbsp; 8610432, 5.340%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 1873 | 1734 | 1444 |
| &nbsp;&nbsp;&nbsp; 8610443, 6.102%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 847 | 776 | 831 |
| &nbsp;&nbsp;&nbsp; 8610465, 6.089%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 1378 | 1263 | 1172 |
| &nbsp;&nbsp;&nbsp; 8610475, 5.597%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 5833 | 5381 | 5700 |
| &nbsp;&nbsp;&nbsp; 8610522, 6.264%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 138 | 126 | 123 |
| &nbsp;&nbsp;&nbsp; 8610546, 6.445%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 957 | 873 | 935 |
| &nbsp;&nbsp;&nbsp; 8610568, 4.719%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 2484 | 2320 | 2335 |
| &nbsp;&nbsp;&nbsp; 8610582, 5.608%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 1205 | 1112 | 1096 |
| &nbsp;&nbsp;&nbsp; 8610631, 4.717%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 3586 | 3349 | 3459 |
| &nbsp;&nbsp;&nbsp; 8610653, 4.717%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 1089 | 1017 | 1066 |
| &nbsp;&nbsp;&nbsp; 8610718, 6.448%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 3059 | 2789 | 2082 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8758** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8610736, 4.716%, 7/12/2026 †§x¶ | Square | 1/15/2025 | $6141 | $5735 | $5821 |
| &nbsp;&nbsp;&nbsp; 8610766, 6.110%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 1415 | 1296 | 1066 |
| &nbsp;&nbsp;&nbsp; 8610807, 4.717%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 3798 | 3548 | 3663 |
| &nbsp;&nbsp;&nbsp; 8610834, 5.346%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 12288 | 11376 | 11985 |
| &nbsp;&nbsp;&nbsp; 8610914, 4.717%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 698 | 652 | 539 |
| &nbsp;&nbsp;&nbsp; 8610918, 5.912%, 7/12/2026 †§x¶ | Square | 1/15/2025 | 12567 | 11544 | 11914 |
| &nbsp;&nbsp;&nbsp; 8611336, 6.102%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 6000 | 5497 | 4384 |
| &nbsp;&nbsp;&nbsp; 8611369, 4.725%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 830 | 775 | 802 |
| &nbsp;&nbsp;&nbsp; 8611381, 4.735%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1011 | 944 | 956 |
| &nbsp;&nbsp;&nbsp; 8611400, 5.913%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 12109 | 11123 | 10257 |
| &nbsp;&nbsp;&nbsp; 8611463, 6.444%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 642 | 585 | 618 |
| &nbsp;&nbsp;&nbsp; 8611499, 6.447%, 7/13/2026 †x¶# | Square | 1/15/2025 | 7466 | 6807 | 585 |
| &nbsp;&nbsp;&nbsp; 8611543, 4.717%, 7/13/2026 †x¶ | Square | 1/15/2025 | 7278 | 6797 | 7111 |
| &nbsp;&nbsp;&nbsp; 8611668587, 18.933%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 93280 | 97011 | 98736 |
| &nbsp;&nbsp;&nbsp; 8611744, 4.717%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 9264 | 8651 | 9005 |
| &nbsp;&nbsp;&nbsp; 8611996, 5.029%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1936 | 1800 | 1886 |
| &nbsp;&nbsp;&nbsp; 8612057, 6.429%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 434 | 396 | 304 |
| &nbsp;&nbsp;&nbsp; 8612069, 5.035%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1015 | 946 | 987 |
| &nbsp;&nbsp;&nbsp; 8612097, 5.346%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 6025 | 5578 | 5885 |
| &nbsp;&nbsp;&nbsp; 8612196, 4.717%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 18450 | 17231 | 17556 |
| &nbsp;&nbsp;&nbsp; 8612385, 5.597%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 24273 | 22393 | 22834 |
| &nbsp;&nbsp;&nbsp; 86125952, 24.000%, 1/07/2023 †x¥#^ | Stripe | 7/14/2021 | 1246 | 1296 | 50 |
| &nbsp;&nbsp;&nbsp; 8612677, 5.031%, 7/13/2026 †x¶ | Square | 1/15/2025 | 12360 | 11493 | 8543 |
| &nbsp;&nbsp;&nbsp; 8612741, 5.913%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1153 | 1059 | 1132 |
| &nbsp;&nbsp;&nbsp; 8612765243, 15.467%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 6778 | 7049 | 7085 |
| &nbsp;&nbsp;&nbsp; 8612838, 4.712%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1572 | 1470 | 1510 |
| &nbsp;&nbsp;&nbsp; 8612846, 5.031%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 11202 | 10416 | 10934 |
| &nbsp;&nbsp;&nbsp; 8612946, 4.720%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 5586 | 5216 | 5178 |
| &nbsp;&nbsp;&nbsp; 8613144, 4.717%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 9443 | 8819 | 9213 |
| &nbsp;&nbsp;&nbsp; 8613195, 5.912%, 7/13/2026 †x¶ | Square | 1/15/2025 | 1715 | 1578 | 1253 |
| &nbsp;&nbsp;&nbsp; 8613274, 4.717%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 3824 | 3572 | 3695 |
| &nbsp;&nbsp;&nbsp; 8613299, 6.454%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1647 | 1501 | 1299 |
| &nbsp;&nbsp;&nbsp; 8613323, 6.453%, 7/13/2026 †x¶# | Square | 1/15/2025 | 2511 | 2289 | 197 |
| &nbsp;&nbsp;&nbsp; 8613375, 5.037%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1161 | 1079 | 1085 |
| &nbsp;&nbsp;&nbsp; 8613377, 4.718%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 23563 | 22006 | 22579 |
| &nbsp;&nbsp;&nbsp; 8613381, 5.346%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 38292 | 35470 | 37411 |
| &nbsp;&nbsp;&nbsp; 8613728, 5.031%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 15293 | 14220 | 14499 |
| &nbsp;&nbsp;&nbsp; 8613854, 5.348%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1302 | 1205 | 1266 |
| &nbsp;&nbsp;&nbsp; 8613864, 5.346%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 2501 | 2315 | 2411 |
| &nbsp;&nbsp;&nbsp; 8613926, 4.719%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 7739 | 7228 | 7508 |
| &nbsp;&nbsp;&nbsp; 8614338, 5.031%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 3832 | 3563 | 3706 |
| &nbsp;&nbsp;&nbsp; 8614378, 6.447%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 6837 | 6234 | 6552 |
| &nbsp;&nbsp;&nbsp; 8614450, 6.289%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1287 | 1176 | 1241 |
| &nbsp;&nbsp;&nbsp; 8614544, 6.284%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 843 | 770 | 671 |
| &nbsp;&nbsp;&nbsp; 8614566, 5.034%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 1998 | 1858 | 1930 |
| &nbsp;&nbsp;&nbsp; 8614625, 5.346%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 5077 | 4700 | 4782 |
| &nbsp;&nbsp;&nbsp; 8614698, 5.602%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 305 | 282 | 301 |
| &nbsp;&nbsp;&nbsp; 8614726, 5.346%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 1378 | 1275 | 1346 |
| &nbsp;&nbsp;&nbsp; 8614760, 5.348%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 3592 | 3325 | 3357 |
| &nbsp;&nbsp;&nbsp; 8614806, 6.449%, 7/14/2026 †x¶# | Square | 1/16/2025 | 12838 | 11706 | 1006 |
| &nbsp;&nbsp;&nbsp; 8614851, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 15823 | 14777 | 15360 |
| &nbsp;&nbsp;&nbsp; 8614972, 5.602%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 1607 | 1482 | 1542 |
| &nbsp;&nbsp;&nbsp; 8614979, 4.718%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 13301 | 12425 | 12659 |
| &nbsp;&nbsp;&nbsp; 8615094, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 3229 | 3016 | 3127 |
| &nbsp;&nbsp;&nbsp; 8615139, 5.047%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 1135 | 1055 | 846 |
| &nbsp;&nbsp;&nbsp; 8615203, 4.715%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 4037 | 3771 | 3930 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8759** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8615289, 6.267%, 7/14/2026 †§x¶ | Square | 1/16/2025 | $450 | $411 | $402 |
| &nbsp;&nbsp;&nbsp; 8615321, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 3261 | 3046 | 3192 |
| &nbsp;&nbsp;&nbsp; 8615400, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 2934 | 2740 | 2825 |
| &nbsp;&nbsp;&nbsp; 8615416, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 10791 | 10078 | 10331 |
| &nbsp;&nbsp;&nbsp; 8615578, 5.027%, 7/14/2026 †x¶ | Square | 1/16/2025 | 4858 | 4517 | 3554 |
| &nbsp;&nbsp;&nbsp; 8615631, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 1333 | 1244 | 1313 |
| &nbsp;&nbsp;&nbsp; 8615739, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 6591 | 6155 | 6434 |
| &nbsp;&nbsp;&nbsp; 8615847, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 32739 | 30576 | 29364 |
| &nbsp;&nbsp;&nbsp; 8615859, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 44732 | 41776 | 43622 |
| &nbsp;&nbsp;&nbsp; 8615921902, 20.398%, 8/03/2025 †x¥#^ | Stripe | 5/22/2023 | 1252 | 1303 | 50 |
| &nbsp;&nbsp;&nbsp; 8616005, 5.031%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 5485 | 5100 | 5357 |
| &nbsp;&nbsp;&nbsp; 8616062, 4.718%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 12757 | 11914 | 12343 |
| &nbsp;&nbsp;&nbsp; 8616176, 6.447%, 7/14/2026 †x¶# | Square | 1/16/2025 | 26680 | 24327 | 2092 |
| &nbsp;&nbsp;&nbsp; 8616280398, 26.513%, 1/08/2025 †x¥#^ | Stripe | 7/14/2023 | 1658 | 1724 | 66 |
| &nbsp;&nbsp;&nbsp; 8616298021, 14.259%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 1262 | 1313 | 1337 |
| &nbsp;&nbsp;&nbsp; 8616311, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 1932 | 1804 | 1900 |
| &nbsp;&nbsp;&nbsp; 8616355, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 4940 | 4614 | 4817 |
| &nbsp;&nbsp;&nbsp; 8616390, 5.031%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 981 | 912 | 922 |
| &nbsp;&nbsp;&nbsp; 8616414, 4.719%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 6288 | 5872 | 6061 |
| &nbsp;&nbsp;&nbsp; 8616466, 6.100%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 7316 | 6703 | 6991 |
| &nbsp;&nbsp;&nbsp; 8616610, 6.103%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 1070 | 981 | 1047 |
| &nbsp;&nbsp;&nbsp; 8616630, 5.029%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 2777 | 2582 | 2565 |
| &nbsp;&nbsp;&nbsp; 8616669, 5.031%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 947 | 880 | 928 |
| &nbsp;&nbsp;&nbsp; 8616729, 4.718%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 4150 | 3876 | 4037 |
| &nbsp;&nbsp;&nbsp; 8616820, 5.912%, 7/14/2026 †x¶ | Square | 1/16/2025 | 9519 | 8744 | 1351 |
| &nbsp;&nbsp;&nbsp; 8616895, 4.715%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 4241 | 3961 | 4081 |
| &nbsp;&nbsp;&nbsp; 8616929, 6.447%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 5313 | 4845 | 5094 |
| &nbsp;&nbsp;&nbsp; 8616971, 5.348%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 3097 | 2867 | 2967 |
| &nbsp;&nbsp;&nbsp; 8617032, 5.031%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 17571 | 16338 | 17153 |
| &nbsp;&nbsp;&nbsp; 8617256, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 3123 | 2916 | 2839 |
| &nbsp;&nbsp;&nbsp; 8617267, 6.096%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 2813 | 2577 | 2602 |
| &nbsp;&nbsp;&nbsp; 86173500, 26.529%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 11773 | 12244 | 12321 |
| &nbsp;&nbsp;&nbsp; 8617420, 5.597%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 28654 | 26435 | 26396 |
| &nbsp;&nbsp;&nbsp; 8617553, 5.031%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 36033 | 33504 | 34501 |
| &nbsp;&nbsp;&nbsp; 8617780, 5.031%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 4172 | 3879 | 4092 |
| &nbsp;&nbsp;&nbsp; 8617808, 4.724%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 2922 | 2729 | 2641 |
| &nbsp;&nbsp;&nbsp; 8617818, 6.447%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 9207 | 8395 | 8626 |
| &nbsp;&nbsp;&nbsp; 8617913, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 9063 | 8464 | 8785 |
| &nbsp;&nbsp;&nbsp; 8617944, 4.717%, 7/14/2026 †x¶ | Square | 1/16/2025 | 10464 | 9773 | 4008 |
| &nbsp;&nbsp;&nbsp; 8617977, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 3873 | 3617 | 3803 |
| &nbsp;&nbsp;&nbsp; 8618081, 4.933%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 1692 | 1575 | 243 |
| &nbsp;&nbsp;&nbsp; 8618086, 5.031%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 5629 | 5234 | 5341 |
| &nbsp;&nbsp;&nbsp; 8618110, 5.910%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 3512 | 3226 | 3356 |
| &nbsp;&nbsp;&nbsp; 8618129, 6.449%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 9944 | 9067 | 6365 |
| &nbsp;&nbsp;&nbsp; 8618285, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 5071 | 4736 | 4945 |
| &nbsp;&nbsp;&nbsp; 8618375, 4.717%, 7/15/2026 †x¶ | Square | 1/17/2025 | 29744 | 27778 | 21208 |
| &nbsp;&nbsp;&nbsp; 8618717, 6.447%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 3506 | 3196 | 3348 |
| &nbsp;&nbsp;&nbsp; 8618849, 4.720%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 7173 | 6699 | 6506 |
| &nbsp;&nbsp;&nbsp; 8618950, 4.720%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 1769 | 1652 | 1714 |
| &nbsp;&nbsp;&nbsp; 8618975, 4.714%, 7/15/2026 †x¶ | Square | 1/17/2025 | 2822 | 2636 | 2351 |
| &nbsp;&nbsp;&nbsp; 8619002, 6.447%, 7/15/2026 †x¶# | Square | 1/17/2025 | 14235 | 12980 | 1116 |
| &nbsp;&nbsp;&nbsp; 8619305, 4.719%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 2114 | 1975 | 2047 |
| &nbsp;&nbsp;&nbsp; 8619322, 6.289%, 7/15/2026 †x¶# | Square | 1/17/2025 | 546 | 499 | 466 |
| &nbsp;&nbsp;&nbsp; 8619408, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 612 | 572 | 602 |
| &nbsp;&nbsp;&nbsp; 8619428, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 1794 | 1676 | 1754 |
| &nbsp;&nbsp;&nbsp; 8619466, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 1291 | 1206 | 1272 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8760** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8619539, 5.598%, 7/15/2026 †§x¶ | Square | 1/17/2025 | $3688 | $3402 | $3600 |
| &nbsp;&nbsp;&nbsp; 8619634, 5.599%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 4259 | 3929 | 4091 |
| &nbsp;&nbsp;&nbsp; 8619731, 5.031%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 3886 | 3613 | 3613 |
| &nbsp;&nbsp;&nbsp; 8619754, 6.445%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 1704 | 1554 | 1559 |
| &nbsp;&nbsp;&nbsp; 8619879, 4.715%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 4852 | 4532 | 4415 |
| &nbsp;&nbsp;&nbsp; 8619910, 5.031%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 1401 | 1303 | 1377 |
| &nbsp;&nbsp;&nbsp; 8619958, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 18898 | 17650 | 18219 |
| &nbsp;&nbsp;&nbsp; 8620676, 4.726%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 930 | 869 | 911 |
| &nbsp;&nbsp;&nbsp; 8620897, 6.101%, 7/15/2026 †x¶ | Square | 1/17/2025 | 8762 | 8027 | 8505 |
| &nbsp;&nbsp;&nbsp; 8621058, 5.031%, 7/15/2026 †x¶ | Square | 1/17/2025 | 11477 | 10671 | 9403 |
| &nbsp;&nbsp;&nbsp; 8621110, 4.721%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 4615 | 4310 | 4371 |
| &nbsp;&nbsp;&nbsp; 8621125, 5.346%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 25403 | 23517 | 24885 |
| &nbsp;&nbsp;&nbsp; 8621245, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 41478 | 38737 | 40386 |
| &nbsp;&nbsp;&nbsp; 8621428, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 42528 | 39717 | 40563 |
| &nbsp;&nbsp;&nbsp; 8621568, 6.101%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 398 | 365 | 374 |
| &nbsp;&nbsp;&nbsp; 8621574, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 3238 | 3024 | 3132 |
| &nbsp;&nbsp;&nbsp; 8621596, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 13094 | 12229 | 12754 |
| &nbsp;&nbsp;&nbsp; 8621653437, 17.865%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 12873 | 13388 | 13527 |
| &nbsp;&nbsp;&nbsp; 8623679020, 24.000%, 3/21/2023 †x¥#^ | Stripe | 9/23/2021 | 2926 | 3043 | 117 |
| &nbsp;&nbsp;&nbsp; 8624619, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 4143 | 3870 | 4056 |
| &nbsp;&nbsp;&nbsp; 8624711, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 29489 | 27541 | 28399 |
| &nbsp;&nbsp;&nbsp; 8624734, 5.031%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 70524 | 65575 | 67844 |
| &nbsp;&nbsp;&nbsp; 8625021, 5.031%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 5923 | 5507 | 5768 |
| &nbsp;&nbsp;&nbsp; 8625102, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 1742 | 1627 | 1646 |
| &nbsp;&nbsp;&nbsp; 8625229, 5.346%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 14716 | 13624 | 14142 |
| &nbsp;&nbsp;&nbsp; 8625553, 6.446%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 2862 | 2610 | 2680 |
| &nbsp;&nbsp;&nbsp; 8625640, 6.478%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 459 | 418 | 406 |
| &nbsp;&nbsp;&nbsp; 8625655, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 2946 | 2751 | 2875 |
| &nbsp;&nbsp;&nbsp; 8625737, 5.031%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 16165 | 15030 | 15752 |
| &nbsp;&nbsp;&nbsp; 8625858, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 74609 | 69679 | 71935 |
| &nbsp;&nbsp;&nbsp; 8625878, 6.446%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 3328 | 3035 | 3152 |
| &nbsp;&nbsp;&nbsp; 8626047, 5.349%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 3549 | 3285 | 3441 |
| &nbsp;&nbsp;&nbsp; 8626239, 4.725%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 2364 | 2207 | 2228 |
| &nbsp;&nbsp;&nbsp; 8626257, 4.721%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 2230 | 2083 | 2173 |
| &nbsp;&nbsp;&nbsp; 8626266, 4.717%, 7/16/2026 †x¶ | Square | 1/21/2025 | 17040 | 15914 | 12932 |
| &nbsp;&nbsp;&nbsp; 8626489, 4.721%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 5209 | 4865 | 4912 |
| &nbsp;&nbsp;&nbsp; 8626753, 6.450%, 7/16/2026 †x¶ | Square | 1/21/2025 | 1817 | 1656 | 1536 |
| &nbsp;&nbsp;&nbsp; 8626938, 4.718%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 18716 | 17479 | 18109 |
| &nbsp;&nbsp;&nbsp; 8627090, 5.031%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 2909 | 2705 | 2831 |
| &nbsp;&nbsp;&nbsp; 8627260, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 6933 | 6475 | 6735 |
| &nbsp;&nbsp;&nbsp; 8627348, 5.040%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 894 | 831 | 874 |
| &nbsp;&nbsp;&nbsp; 8627355, 5.031%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 9528 | 8861 | 6863 |
| &nbsp;&nbsp;&nbsp; 8627534, 6.101%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 3156 | 2891 | 2995 |
| &nbsp;&nbsp;&nbsp; 8627554, 4.719%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 3265 | 3049 | 3178 |
| &nbsp;&nbsp;&nbsp; 8627619, 5.346%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 4807 | 4451 | 4735 |
| &nbsp;&nbsp;&nbsp; 8627649877, 25.573%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 2529 | 2630 | 2666 |
| &nbsp;&nbsp;&nbsp; 8627717, 5.346%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 12077 | 11181 | 11714 |
| &nbsp;&nbsp;&nbsp; 8627817548, 20.666%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 14845 | 15438 | 15689 |
| &nbsp;&nbsp;&nbsp; 8627927, 6.468%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 870 | 793 | 699 |
| &nbsp;&nbsp;&nbsp; 8627951, 4.718%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 35967 | 33590 | 33904 |
| &nbsp;&nbsp;&nbsp; 8628343, 5.031%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 10152 | 9439 | 9875 |
| &nbsp;&nbsp;&nbsp; 8628467, 4.724%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1824 | 1704 | 1755 |
| &nbsp;&nbsp;&nbsp; 8628547, 6.451%, 7/17/2026 †x¶ | Square | 1/22/2025 | 1579 | 1440 | 206 |
| &nbsp;&nbsp;&nbsp; 8628630, 5.351%, 7/17/2026 †x¶# | Square | 1/22/2025 | 2995 | 2773 | 257 |
| &nbsp;&nbsp;&nbsp; 8628998, 4.716%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 2369 | 2212 | 2304 |
| &nbsp;&nbsp;&nbsp; 8629058, 4.723%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1945 | 1816 | 1896 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8761** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8629132, 5.043%, 7/17/2026 †§x¶ | Square | 1/22/2025 | $1190 | $1107 | $1103 |
| &nbsp;&nbsp;&nbsp; 8629142, 5.031%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 6487 | 6032 | 6339 |
| &nbsp;&nbsp;&nbsp; 8629312, 5.598%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 797 | 736 | 786 |
| &nbsp;&nbsp;&nbsp; 8629438, 4.717%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 4964 | 4636 | 4835 |
| &nbsp;&nbsp;&nbsp; 8629492, 4.718%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 15391 | 14373 | 14564 |
| &nbsp;&nbsp;&nbsp; 8629611, 5.342%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 3127 | 2895 | 2704 |
| &nbsp;&nbsp;&nbsp; 8629646, 5.031%, 7/17/2026 †x¶ | Square | 1/22/2025 | 7774 | 7233 | 1516 |
| &nbsp;&nbsp;&nbsp; 8629673, 5.594%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1302 | 1201 | 1101 |
| &nbsp;&nbsp;&nbsp; 8629710, 6.102%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1055 | 967 | 1023 |
| &nbsp;&nbsp;&nbsp; 8629737, 6.440%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1161 | 1059 | 1074 |
| &nbsp;&nbsp;&nbsp; 8629738, 4.715%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 2973 | 2777 | 2809 |
| &nbsp;&nbsp;&nbsp; 8629758, 6.447%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 4267 | 3890 | 4011 |
| &nbsp;&nbsp;&nbsp; 8629852, 6.102%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1885 | 1727 | 1826 |
| &nbsp;&nbsp;&nbsp; 8629900, 4.709%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1176 | 1098 | 1126 |
| &nbsp;&nbsp;&nbsp; 8629912, 5.912%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 11576 | 10633 | 11380 |
| &nbsp;&nbsp;&nbsp; 8630083, 5.031%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 40601 | 37751 | 39642 |
| &nbsp;&nbsp;&nbsp; 8630301, 5.031%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 5561 | 5171 | 5386 |
| &nbsp;&nbsp;&nbsp; 8630579, 5.593%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 553 | 511 | 543 |
| &nbsp;&nbsp;&nbsp; 8630592, 4.726%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 1541 | 1439 | 1484 |
| &nbsp;&nbsp;&nbsp; 8630608, 4.715%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 4359 | 4071 | 4184 |
| &nbsp;&nbsp;&nbsp; 8630697, 5.912%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 18831 | 17297 | 18341 |
| &nbsp;&nbsp;&nbsp; 8630930, 6.289%, 7/17/2026 †x¶ | Square | 1/22/2025 | 38171 | 34882 | 5700 |
| &nbsp;&nbsp;&nbsp; 8631153820, 19.863%, 9/05/2023 †x¥#^ | Stripe | 3/10/2022 | 2698 | 2805 | 108 |
| &nbsp;&nbsp;&nbsp; 8631156, 5.031%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 40812 | 37976 | 39243 |
| &nbsp;&nbsp;&nbsp; 8631822, 6.099%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 2893 | 2651 | 2734 |
| &nbsp;&nbsp;&nbsp; 8631830, 6.101%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 19963 | 18289 | 15559 |
| &nbsp;&nbsp;&nbsp; 8631861, 5.024%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 1425 | 1325 | 1370 |
| &nbsp;&nbsp;&nbsp; 8631878, 6.102%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 690 | 633 | 674 |
| &nbsp;&nbsp;&nbsp; 8631901, 5.031%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 1939 | 1804 | 1852 |
| &nbsp;&nbsp;&nbsp; 8631918, 6.443%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 846 | 772 | 827 |
| &nbsp;&nbsp;&nbsp; 8631926, 5.908%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 783 | 719 | 730 |
| &nbsp;&nbsp;&nbsp; 8631934, 6.442%, 7/18/2026 †x¶ | Square | 1/23/2025 | 4210 | 3842 | 2576 |
| &nbsp;&nbsp;&nbsp; 8631949, 5.031%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 3129 | 2910 | 3005 |
| &nbsp;&nbsp;&nbsp; 8631960, 4.717%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 2458 | 2295 | 2392 |
| &nbsp;&nbsp;&nbsp; 8631994, 5.346%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 7415 | 6865 | 7110 |
| &nbsp;&nbsp;&nbsp; 8632015, 5.351%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 1207 | 1118 | 1136 |
| &nbsp;&nbsp;&nbsp; 8632018, 4.721%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 4534 | 4236 | 4364 |
| &nbsp;&nbsp;&nbsp; 8632037, 6.440%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 654 | 596 | 621 |
| &nbsp;&nbsp;&nbsp; 8632047, 5.031%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 3450 | 3210 | 3315 |
| &nbsp;&nbsp;&nbsp; 8632076, 6.453%, 7/18/2026 †x¶ | Square | 1/23/2025 | 353 | 322 | 317 |
| &nbsp;&nbsp;&nbsp; 8632106, 4.719%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 3113 | 2907 | 3008 |
| &nbsp;&nbsp;&nbsp; 8632138, 6.449%, 7/18/2026 †x¶# | Square | 1/23/2025 | 7725 | 7043 | 606 |
| &nbsp;&nbsp;&nbsp; 8632185, 4.719%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 3567 | 3331 | 3445 |
| &nbsp;&nbsp;&nbsp; 8632203, 5.346%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 16147 | 14948 | 15486 |
| &nbsp;&nbsp;&nbsp; 8632299, 4.722%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 1886 | 1761 | 1844 |
| &nbsp;&nbsp;&nbsp; 8632310, 4.901%, 7/18/2026 †x¶# | Square | 1/23/2025 | 660 | 615 | 52 |
| &nbsp;&nbsp;&nbsp; 8632361, 5.344%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 2377 | 2201 | 2247 |
| &nbsp;&nbsp;&nbsp; 8632428, 5.031%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 2096 | 1949 | 2044 |
| &nbsp;&nbsp;&nbsp; 8632445, 5.031%, 7/18/2026 †§x¶ | Square | 1/23/2025 | 2834 | 2635 | 2753 |
| &nbsp;&nbsp;&nbsp; 8632473, 4.719%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 2988 | 2791 | 2935 |
| &nbsp;&nbsp;&nbsp; 8632509, 5.031%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 3608 | 3355 | 3452 |
| &nbsp;&nbsp;&nbsp; 8632532, 6.440%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 2360 | 2152 | 1579 |
| &nbsp;&nbsp;&nbsp; 8632542, 4.717%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 6802 | 6352 | 6668 |
| &nbsp;&nbsp;&nbsp; 8632599, 6.443%, 7/19/2026 †x¶ | Square | 1/23/2025 | 5860 | 5343 | 3638 |
| &nbsp;&nbsp;&nbsp; 8632612, 5.599%, 7/19/2026 †x¶# | Square | 1/23/2025 | 2326 | 2146 | 2050 |
| &nbsp;&nbsp;&nbsp; 8632624, 4.718%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 9857 | 9209 | 9567 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8762** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8632693, 6.107%, 7/19/2026 †x¶# | Square | 1/23/2025 | $2015 | $1846 | $840 |
| &nbsp;&nbsp;&nbsp; 8632701, 4.720%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 2165 | 2022 | 2092 |
| &nbsp;&nbsp;&nbsp; 8632714, 5.595%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 4285 | 3953 | 3839 |
| &nbsp;&nbsp;&nbsp; 8632739, 4.717%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 8567 | 8006 | 8330 |
| &nbsp;&nbsp;&nbsp; 8632794, 6.441%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 2283 | 2082 | 1923 |
| &nbsp;&nbsp;&nbsp; 8632805, 5.031%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 1760 | 1637 | 1679 |
| &nbsp;&nbsp;&nbsp; 8632850, 4.719%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 6446 | 6019 | 6231 |
| &nbsp;&nbsp;&nbsp; 8632909, 6.110%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 734 | 672 | 687 |
| &nbsp;&nbsp;&nbsp; 8632913, 5.347%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 1594 | 1475 | 1553 |
| &nbsp;&nbsp;&nbsp; 8632955, 5.344%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 3594 | 3327 | 3451 |
| &nbsp;&nbsp;&nbsp; 8632975, 4.719%, 7/19/2026 †§x¶ | Square | 1/23/2025 | 7117 | 6647 | 6894 |
| &nbsp;&nbsp;&nbsp; 8633097, 4.717%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 3789 | 3538 | 3660 |
| &nbsp;&nbsp;&nbsp; 8633134, 4.717%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 1507 | 1407 | 1474 |
| &nbsp;&nbsp;&nbsp; 8633153, 5.026%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 937 | 871 | 902 |
| &nbsp;&nbsp;&nbsp; 8633160, 6.465%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 156 | 142 | 146 |
| &nbsp;&nbsp;&nbsp; 8633179, 4.717%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 4802 | 4487 | 4673 |
| &nbsp;&nbsp;&nbsp; 8633197, 4.718%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 13366 | 12483 | 12779 |
| &nbsp;&nbsp;&nbsp; 8633259, 5.336%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 962 | 891 | 889 |
| &nbsp;&nbsp;&nbsp; 8633281, 6.101%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 3659 | 3353 | 3566 |
| &nbsp;&nbsp;&nbsp; 8633360, 4.941%, 7/20/2026 †x¶# | Square | 1/23/2025 | 789 | 735 | 64 |
| &nbsp;&nbsp;&nbsp; 8633476, 5.597%, 7/20/2026 †x¶# | Square | 1/23/2025 | 35063 | 32350 | 21507 |
| &nbsp;&nbsp;&nbsp; 8633533, 6.455%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 1819 | 1658 | 1131 |
| &nbsp;&nbsp;&nbsp; 8633536, 5.348%, 7/20/2026 †x¶ | Square | 1/23/2025 | 8247 | 7634 | 5155 |
| &nbsp;&nbsp;&nbsp; 8633557, 6.101%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 4661 | 4271 | 4522 |
| &nbsp;&nbsp;&nbsp; 8633593, 5.346%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 428 | 396 | 419 |
| &nbsp;&nbsp;&nbsp; 8633602, 6.452%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 1163 | 1060 | 1071 |
| &nbsp;&nbsp;&nbsp; 8633631, 5.027%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 897 | 834 | 876 |
| &nbsp;&nbsp;&nbsp; 8633667, 5.598%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 15922 | 14689 | 14892 |
| &nbsp;&nbsp;&nbsp; 8633779, 4.718%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 2011 | 1878 | 1945 |
| &nbsp;&nbsp;&nbsp; 8633803, 5.031%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 313 | 291 | 301 |
| &nbsp;&nbsp;&nbsp; 8633804, 6.110%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 1888 | 1729 | 1464 |
| &nbsp;&nbsp;&nbsp; 8633820, 4.719%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 860 | 803 | 847 |
| &nbsp;&nbsp;&nbsp; 8633857, 4.716%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 6164 | 5757 | 5907 |
| &nbsp;&nbsp;&nbsp; 8633922962, 18.400%, 10/27/2025 †x¥# | Stripe | 10/24/2023 | 57 | 60 | 10 |
| &nbsp;&nbsp;&nbsp; 8633926, 6.116%, 7/20/2026 †§x¶ | Square | 1/23/2025 | 655 | 600 | 600 |
| &nbsp;&nbsp;&nbsp; 8634034, 6.440%, 7/21/2026 †x¶ | Square | 1/23/2025 | 1211 | 1104 | 158 |
| &nbsp;&nbsp;&nbsp; 8634036, 6.442%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 1252 | 1142 | 1128 |
| &nbsp;&nbsp;&nbsp; 8634041, 5.031%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 12270 | 11409 | 11996 |
| &nbsp;&nbsp;&nbsp; 8634119, 5.597%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 7021 | 6477 | 6753 |
| &nbsp;&nbsp;&nbsp; 8634212, 4.717%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 7525 | 7028 | 6460 |
| &nbsp;&nbsp;&nbsp; 8634373, 5.031%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 8025 | 7461 | 7879 |
| &nbsp;&nbsp;&nbsp; 8634548, 4.718%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 4010 | 3746 | 3460 |
| &nbsp;&nbsp;&nbsp; 8634697, 5.023%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 959 | 892 | 936 |
| &nbsp;&nbsp;&nbsp; 8634821, 4.721%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 3267 | 3051 | 3181 |
| &nbsp;&nbsp;&nbsp; 8634887, 4.722%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 3380 | 3156 | 3247 |
| &nbsp;&nbsp;&nbsp; 8634945, 6.447%, 7/21/2026 †x¶# | Square | 1/23/2025 | 19262 | 17760 | 1510 |
| &nbsp;&nbsp;&nbsp; 8635030, 6.105%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 961 | 880 | 938 |
| &nbsp;&nbsp;&nbsp; 8635143, 4.713%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 1979 | 1849 | 1920 |
| &nbsp;&nbsp;&nbsp; 8635204, 4.717%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 13305 | 12425 | 11879 |
| &nbsp;&nbsp;&nbsp; 8635285, 6.449%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 1640 | 1495 | 1607 |
| &nbsp;&nbsp;&nbsp; 8635366, 5.597%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 15287 | 14103 | 14940 |
| &nbsp;&nbsp;&nbsp; 8635893, 5.031%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 7147 | 6646 | 6289 |
| &nbsp;&nbsp;&nbsp; 8635945, 4.719%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 7162 | 6689 | 6979 |
| &nbsp;&nbsp;&nbsp; 8636017, 5.594%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 2397 | 2212 | 2328 |
| &nbsp;&nbsp;&nbsp; 8636052, 5.034%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 2823 | 2625 | 2729 |
| &nbsp;&nbsp;&nbsp; 8636172, 4.717%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 9428 | 8806 | 9186 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8763** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8636234, 4.717%, 7/21/2026 †§x¶ | Square | 1/23/2025 | $64481 | $60220 | $62257 |
| &nbsp;&nbsp;&nbsp; 8636242, 4.716%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 1030 | 961 | 1013 |
| &nbsp;&nbsp;&nbsp; 8636262, 4.717%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 24273 | 22669 | 23431 |
| &nbsp;&nbsp;&nbsp; 8636447, 4.714%, 7/21/2026 †x¶ | Square | 1/23/2025 | 3556 | 3321 | 2682 |
| &nbsp;&nbsp;&nbsp; 8636489, 6.289%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 11979 | 10947 | 11420 |
| &nbsp;&nbsp;&nbsp; 8636574, 5.019%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 1038 | 965 | 949 |
| &nbsp;&nbsp;&nbsp; 8636583, 6.096%, 7/21/2026 †x¶ | Square | 1/23/2025 | 4621 | 4234 | 638 |
| &nbsp;&nbsp;&nbsp; 8636663, 5.340%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 3014 | 2790 | 2530 |
| &nbsp;&nbsp;&nbsp; 8636674, 6.449%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 2354 | 2146 | 2277 |
| &nbsp;&nbsp;&nbsp; 8636699, 5.353%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 919 | 851 | 896 |
| &nbsp;&nbsp;&nbsp; 8636765, 5.347%, 7/21/2026 †x¶# | Square | 1/23/2025 | 12671 | 11730 | 993 |
| &nbsp;&nbsp;&nbsp; 8636824, 4.718%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 15841 | 14794 | 15436 |
| &nbsp;&nbsp;&nbsp; 8637232, 4.720%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 3880 | 3625 | 3660 |
| &nbsp;&nbsp;&nbsp; 8637292, 4.715%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 5388 | 5032 | 5114 |
| &nbsp;&nbsp;&nbsp; 8637316, 6.451%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 2552 | 2327 | 2105 |
| &nbsp;&nbsp;&nbsp; 8637322, 5.031%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 5097 | 4740 | 4941 |
| &nbsp;&nbsp;&nbsp; 8637339, 5.346%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 3633 | 3364 | 3212 |
| &nbsp;&nbsp;&nbsp; 8637476, 6.447%, 7/22/2026 †x¶# | Square | 1/24/2025 | 23254 | 21203 | 2896 |
| &nbsp;&nbsp;&nbsp; 8637600, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 52161 | 48714 | 50884 |
| &nbsp;&nbsp;&nbsp; 8637609, 4.721%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 2726 | 2546 | 2659 |
| &nbsp;&nbsp;&nbsp; 8637653, 4.716%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 1506 | 1407 | 1451 |
| &nbsp;&nbsp;&nbsp; 8637662, 6.103%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 266 | 243 | 260 |
| &nbsp;&nbsp;&nbsp; 8637708, 4.718%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 22500 | 21013 | 21724 |
| &nbsp;&nbsp;&nbsp; 8637796, 6.101%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 18831 | 17252 | 12929 |
| &nbsp;&nbsp;&nbsp; 8637861, 4.718%, 7/22/2026 †x¶ | Square | 1/24/2025 | 10216 | 9541 | 6958 |
| &nbsp;&nbsp;&nbsp; 8637892, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 10107 | 9440 | 9838 |
| &nbsp;&nbsp;&nbsp; 8638065, 6.298%, 7/22/2026 †x¶ | Square | 1/24/2025 | 1308 | 1195 | 693 |
| &nbsp;&nbsp;&nbsp; 8638193, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 25267 | 23597 | 23094 |
| &nbsp;&nbsp;&nbsp; 8638485, 4.967%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 382 | 356 | 210 |
| &nbsp;&nbsp;&nbsp; 8638486, 4.721%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 3803 | 3552 | 3676 |
| &nbsp;&nbsp;&nbsp; 8638588, 5.031%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 10988 | 10217 | 10472 |
| &nbsp;&nbsp;&nbsp; 8638690, 5.027%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 2029 | 1887 | 1448 |
| &nbsp;&nbsp;&nbsp; 8638692, 5.585%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 1196 | 1103 | 1101 |
| &nbsp;&nbsp;&nbsp; 8638843, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 2576 | 2406 | 2513 |
| &nbsp;&nbsp;&nbsp; 8638868, 5.348%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 1481 | 1371 | 1452 |
| &nbsp;&nbsp;&nbsp; 8638903, 6.099%, 7/22/2026 †x¶ | Square | 1/24/2025 | 3742 | 3429 | 3586 |
| &nbsp;&nbsp;&nbsp; 8638972, 6.447%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 780 | 711 | 713 |
| &nbsp;&nbsp;&nbsp; 8639000, 6.447%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 485 | 442 | 399 |
| &nbsp;&nbsp;&nbsp; 8639025, 4.721%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 3419 | 3193 | 3279 |
| &nbsp;&nbsp;&nbsp; 8639046, 5.031%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 13448 | 12505 | 13203 |
| &nbsp;&nbsp;&nbsp; 8639268, 6.082%, 7/22/2026 †x¶# | Square | 1/24/2025 | 1792 | 1642 | 140 |
| &nbsp;&nbsp;&nbsp; 8639270, 6.104%, 7/22/2026 †x¶ | Square | 1/24/2025 | 4985 | 4567 | 500 |
| &nbsp;&nbsp;&nbsp; 8639282, 6.101%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 3190 | 2923 | 3140 |
| &nbsp;&nbsp;&nbsp; 8639361, 6.447%, 7/22/2026 †x¶# | Square | 1/24/2025 | 20386 | 18589 | 1598 |
| &nbsp;&nbsp;&nbsp; 8639424, 5.343%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 1291 | 1195 | 1254 |
| &nbsp;&nbsp;&nbsp; 8639435, 5.031%, 7/22/2026 †x¶ | Square | 1/24/2025 | 3539 | 3291 | 657 |
| &nbsp;&nbsp;&nbsp; 8639450, 5.913%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 12505 | 11486 | 11850 |
| &nbsp;&nbsp;&nbsp; 8639565, 6.289%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 6033 | 5513 | 5032 |
| &nbsp;&nbsp;&nbsp; 8639585, 6.086%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 540 | 495 | 521 |
| &nbsp;&nbsp;&nbsp; 8639642, 6.093%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 1446 | 1325 | 1326 |
| &nbsp;&nbsp;&nbsp; 8639732258, 18.400%, 8/09/2024 †x¥#^ | Stripe | 2/14/2023 | 1709 | 1778 | 68 |
| &nbsp;&nbsp;&nbsp; 8639740, 5.031%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 35900 | 33380 | 34978 |
| &nbsp;&nbsp;&nbsp; 8639757, 4.715%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 2664 | 2488 | 2599 |
| &nbsp;&nbsp;&nbsp; 8639786, 4.719%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 3550 | 3315 | 3445 |
| &nbsp;&nbsp;&nbsp; 8639954, 5.029%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 1752 | 1630 | 1701 |
| &nbsp;&nbsp;&nbsp; 8639968, 4.720%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 5744 | 5364 | 5528 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8764** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8640010, 6.122%, 7/22/2026 †§x¶ | Square | 1/24/2025 | $368 | $337 | $341 |
| &nbsp;&nbsp;&nbsp; 8640043, 5.914%, 7/22/2026 †x¶ | Square | 1/24/2025 | 5862 | 5384 | 3735 |
| &nbsp;&nbsp;&nbsp; 8640105, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 52755 | 49269 | 49553 |
| &nbsp;&nbsp;&nbsp; 8640332, 5.913%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 2421 | 2224 | 2353 |
| &nbsp;&nbsp;&nbsp; 8640393, 5.343%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 1761 | 1630 | 1644 |
| &nbsp;&nbsp;&nbsp; 8640506, 5.597%, 7/22/2026 †x¶# | Square | 1/24/2025 | 76069 | 70177 | 13031 |
| &nbsp;&nbsp;&nbsp; 8640679, 4.714%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 814 | 760 | 802 |
| &nbsp;&nbsp;&nbsp; 8640701, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 8636 | 8065 | 8511 |
| &nbsp;&nbsp;&nbsp; 8640861, 5.597%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 14314 | 13205 | 13722 |
| &nbsp;&nbsp;&nbsp; 8641260771, 20.267%, 1/03/2024 †x¥#^ | Stripe | 7/08/2022 | 149 | 155 | 6 |
| &nbsp;&nbsp;&nbsp; 8642794707, 26.133%, 6/18/2026 †x¥ | Stripe | 12/23/2024 | 473 | 492 | 503 |
| &nbsp;&nbsp;&nbsp; 8642976, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 11923 | 11135 | 11638 |
| &nbsp;&nbsp;&nbsp; 8643089, 5.031%, 7/23/2026 †x¶ | Square | 1/27/2025 | 21685 | 20163 | 14444 |
| &nbsp;&nbsp;&nbsp; 8643102, 5.346%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 38729 | 35854 | 37810 |
| &nbsp;&nbsp;&nbsp; 8643209, 5.353%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1064 | 984 | 1034 |
| &nbsp;&nbsp;&nbsp; 8643291, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 3028 | 2828 | 2973 |
| &nbsp;&nbsp;&nbsp; 8643345, 6.447%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1565 | 1427 | 1158 |
| &nbsp;&nbsp;&nbsp; 8643349, 5.031%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1578 | 1468 | 1525 |
| &nbsp;&nbsp;&nbsp; 8643536, 5.031%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 4001 | 3720 | 3826 |
| &nbsp;&nbsp;&nbsp; 8643612, 4.712%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 2198 | 2053 | 2125 |
| &nbsp;&nbsp;&nbsp; 8643682, 5.347%, 7/23/2026 †x¶ | Square | 1/27/2025 | 5361 | 4963 | 3361 |
| &nbsp;&nbsp;&nbsp; 8643724, 5.031%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 20646 | 19198 | 18124 |
| &nbsp;&nbsp;&nbsp; 8643936497, 25.592%, 12/31/2026 †x¥ | Stripe | 7/08/2025 | 4357 | 4532 | 4570 |
| &nbsp;&nbsp;&nbsp; 8643985, 4.724%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1865 | 1742 | 1814 |
| &nbsp;&nbsp;&nbsp; 8644136, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 9569 | 8937 | 9218 |
| &nbsp;&nbsp;&nbsp; 8644205, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1299 | 1213 | 1123 |
| &nbsp;&nbsp;&nbsp; 8644247, 5.598%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 5061 | 4671 | 4950 |
| &nbsp;&nbsp;&nbsp; 8644357, 5.583%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 819 | 756 | 761 |
| &nbsp;&nbsp;&nbsp; 8644360, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 6764 | 6317 | 6634 |
| &nbsp;&nbsp;&nbsp; 8644454, 5.608%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1328 | 1225 | 1257 |
| &nbsp;&nbsp;&nbsp; 8644470, 5.039%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 155 | 144 | 152 |
| &nbsp;&nbsp;&nbsp; 8644489, 6.445%, 7/23/2026 †x¶# | Square | 1/27/2025 | 10382 | 9468 | 814 |
| &nbsp;&nbsp;&nbsp; 8644615, 5.346%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 26876 | 24880 | 25821 |
| &nbsp;&nbsp;&nbsp; 8644853, 4.718%, 7/23/2026 †x¶ | Square | 1/27/2025 | 10239 | 9562 | 8385 |
| &nbsp;&nbsp;&nbsp; 8644918, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 21802 | 20362 | 19751 |
| &nbsp;&nbsp;&nbsp; 8645019, 5.031%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 3294 | 3063 | 3223 |
| &nbsp;&nbsp;&nbsp; 8645163, 5.598%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1702 | 1571 | 1362 |
| &nbsp;&nbsp;&nbsp; 8645170, 4.729%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 1050 | 981 | 1023 |
| &nbsp;&nbsp;&nbsp; 8645177, 4.716%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 2969 | 2773 | 2859 |
| &nbsp;&nbsp;&nbsp; 8645207, 5.346%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 6705 | 6207 | 6464 |
| &nbsp;&nbsp;&nbsp; 8645266, 4.718%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 17117 | 15986 | 16742 |
| &nbsp;&nbsp;&nbsp; 8645443, 5.031%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 14474 | 13458 | 12846 |
| &nbsp;&nbsp;&nbsp; 8645510, 4.721%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 2392 | 2233 | 2340 |
| &nbsp;&nbsp;&nbsp; 8645568, 5.599%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 10071 | 9291 | 9654 |
| &nbsp;&nbsp;&nbsp; 8645657042, 20.775%, 4/02/2024 †x¥#^ | Stripe | 10/06/2022 | 1133 | 1178 | 45 |
| &nbsp;&nbsp;&nbsp; 8645680, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 4265 | 3984 | 4141 |
| &nbsp;&nbsp;&nbsp; 8645744, 6.122%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 641 | 587 | 613 |
| &nbsp;&nbsp;&nbsp; 8645753, 6.102%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 16641 | 15246 | 12775 |
| &nbsp;&nbsp;&nbsp; 8645879, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 15332 | 14319 | 15043 |
| &nbsp;&nbsp;&nbsp; 8645915072, 14.267%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 2421 | 2518 | 2555 |
| &nbsp;&nbsp;&nbsp; 8645931, 5.598%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 20921 | 19301 | 20518 |
| &nbsp;&nbsp;&nbsp; 8646208, 4.717%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 2897 | 2706 | 2831 |
| &nbsp;&nbsp;&nbsp; 8646220, 5.597%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 32714 | 30180 | 21301 |
| &nbsp;&nbsp;&nbsp; 8646498, 6.100%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 7289 | 6678 | 6883 |
| &nbsp;&nbsp;&nbsp; 8646663, 5.598%, 7/23/2026 †x¶# | Square | 1/27/2025 | 5213 | 4809 | 409 |
| &nbsp;&nbsp;&nbsp; 8646821, 4.716%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 5833 | 5448 | 5626 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8765** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8646943, 5.041%, 7/24/2026 †§x¶ | Square | 1/28/2025 | $850 | $790 | $821 |
| &nbsp;&nbsp;&nbsp; 8646974, 4.719%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 2061 | 1925 | 1973 |
| &nbsp;&nbsp;&nbsp; 8647004, 5.349%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 883 | 817 | 858 |
| &nbsp;&nbsp;&nbsp; 8647020, 4.719%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3501 | 3270 | 3402 |
| &nbsp;&nbsp;&nbsp; 8647197, 6.447%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 1017 | 927 | 998 |
| &nbsp;&nbsp;&nbsp; 8647546, 5.031%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 1764 | 1641 | 1722 |
| &nbsp;&nbsp;&nbsp; 8647665, 4.717%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 5623 | 5251 | 5261 |
| &nbsp;&nbsp;&nbsp; 8647985, 5.347%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 10368 | 9600 | 9945 |
| &nbsp;&nbsp;&nbsp; 8648014130, 26.111%, 3/14/2026 †x¥ | Stripe | 9/18/2024 | 821 | 854 | 883 |
| &nbsp;&nbsp;&nbsp; 8648129, 5.356%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 567 | 525 | 551 |
| &nbsp;&nbsp;&nbsp; 8648145, 4.723%, 7/24/2026 †x¶ | Square | 1/28/2025 | 2434 | 2273 | 1781 |
| &nbsp;&nbsp;&nbsp; 8648207, 5.349%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 2513 | 2327 | 2080 |
| &nbsp;&nbsp;&nbsp; 8648225, 4.718%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 17508 | 16351 | 16570 |
| &nbsp;&nbsp;&nbsp; 8648371, 5.344%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 1190 | 1101 | 1154 |
| &nbsp;&nbsp;&nbsp; 8648398, 5.031%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 2279 | 2119 | 2206 |
| &nbsp;&nbsp;&nbsp; 8648560, 4.715%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 2681 | 2504 | 2610 |
| &nbsp;&nbsp;&nbsp; 8648619, 4.938%, 7/24/2026 †x¶# | Square | 1/28/2025 | 15133 | 14089 | 1186 |
| &nbsp;&nbsp;&nbsp; 8648681, 5.346%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 15038 | 13925 | 14603 |
| &nbsp;&nbsp;&nbsp; 8648820, 4.720%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 5265 | 4917 | 5044 |
| &nbsp;&nbsp;&nbsp; 8648973, 4.717%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 2107 | 1968 | 2018 |
| &nbsp;&nbsp;&nbsp; 8648975, 6.101%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 21349 | 19559 | 16466 |
| &nbsp;&nbsp;&nbsp; 8649023, 5.346%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 58183 | 53864 | 54404 |
| &nbsp;&nbsp;&nbsp; 8649285, 5.031%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 1200 | 1115 | 1151 |
| &nbsp;&nbsp;&nbsp; 8649403, 4.717%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 39804 | 37173 | 38836 |
| &nbsp;&nbsp;&nbsp; 8649406, 4.718%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 20420 | 19071 | 19792 |
| &nbsp;&nbsp;&nbsp; 8649558, 4.721%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3325 | 3105 | 3215 |
| &nbsp;&nbsp;&nbsp; 8649620, 5.346%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 1710 | 1583 | 1671 |
| &nbsp;&nbsp;&nbsp; 8649757, 4.717%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 23074 | 21549 | 22329 |
| &nbsp;&nbsp;&nbsp; 8649847, 4.719%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3648 | 3407 | 3545 |
| &nbsp;&nbsp;&nbsp; 8649896, 5.031%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 1713 | 1593 | 1608 |
| &nbsp;&nbsp;&nbsp; 8649965, 4.717%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3000 | 2802 | 2925 |
| &nbsp;&nbsp;&nbsp; 8650119, 4.721%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3427 | 3201 | 3335 |
| &nbsp;&nbsp;&nbsp; 8650183, 4.719%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3496 | 3265 | 3392 |
| &nbsp;&nbsp;&nbsp; 8650225, 6.081%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 970 | 889 | 810 |
| &nbsp;&nbsp;&nbsp; 8650415, 4.719%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3347 | 3126 | 3263 |
| &nbsp;&nbsp;&nbsp; 8650465, 6.292%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 2263 | 2068 | 1234 |
| &nbsp;&nbsp;&nbsp; 8650482, 4.933%, 7/24/2026 †x¶ | Square | 1/28/2025 | 4884 | 4547 | 3247 |
| &nbsp;&nbsp;&nbsp; 8650504, 6.445%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 3838 | 3500 | 3590 |
| &nbsp;&nbsp;&nbsp; 8650561, 4.721%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 4035 | 3768 | 3834 |
| &nbsp;&nbsp;&nbsp; 8650813, 5.354%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 193 | 179 | 190 |
| &nbsp;&nbsp;&nbsp; 8650819, 4.717%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 9066 | 8467 | 8763 |
| &nbsp;&nbsp;&nbsp; 8650843, 4.943%, 7/25/2026 †x¶ | Square | 1/29/2025 | 3663 | 3410 | 1364 |
| &nbsp;&nbsp;&nbsp; 8650859, 5.031%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 3347 | 3112 | 3268 |
| &nbsp;&nbsp;&nbsp; 8650890, 4.719%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 4087 | 3816 | 3953 |
| &nbsp;&nbsp;&nbsp; 8650903, 6.466%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 384 | 351 | 361 |
| &nbsp;&nbsp;&nbsp; 8650908, 5.598%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 26523 | 24468 | 24734 |
| &nbsp;&nbsp;&nbsp; 8651061, 6.445%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 1878 | 1712 | 1816 |
| &nbsp;&nbsp;&nbsp; 8651076989, 21.037%, 7/08/2026 †x¥# | Stripe | 5/14/2024 | 578 | 601 | 227 |
| &nbsp;&nbsp;&nbsp; 8651123, 4.719%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 3415 | 3189 | 3302 |
| &nbsp;&nbsp;&nbsp; 8651140, 5.975%, 7/25/2026 †x¶ | Square | 1/29/2025 | 189 | 173 | 97 |
| &nbsp;&nbsp;&nbsp; 8651141, 4.719%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 3959 | 3698 | 3836 |
| &nbsp;&nbsp;&nbsp; 8651157, 4.718%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 14603 | 13638 | 13913 |
| &nbsp;&nbsp;&nbsp; 8651264, 4.717%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 7758 | 7245 | 7411 |
| &nbsp;&nbsp;&nbsp; 8651313, 4.718%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 22739 | 21236 | 20796 |
| &nbsp;&nbsp;&nbsp; 8651444, 4.717%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 13569 | 12672 | 13219 |
| &nbsp;&nbsp;&nbsp; 8651553, 4.717%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 5084 | 4748 | 4921 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8766** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8651599, 4.717%, 7/25/2026 †§x¶ | Square | 1/29/2025 | $1430 | $1335 | $1397 |
| &nbsp;&nbsp;&nbsp; 8651625, 4.721%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 1910 | 1784 | 1847 |
| &nbsp;&nbsp;&nbsp; 8651646, 4.721%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 3710 | 3464 | 3576 |
| &nbsp;&nbsp;&nbsp; 8651670, 5.346%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 89 | 83 | 88 |
| &nbsp;&nbsp;&nbsp; 8651685, 6.449%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 5670 | 5170 | 5252 |
| &nbsp;&nbsp;&nbsp; 8651745, 4.726%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 1464 | 1367 | 1420 |
| &nbsp;&nbsp;&nbsp; 8651823, 5.595%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 4337 | 4002 | 4063 |
| &nbsp;&nbsp;&nbsp; 8651923, 5.029%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 2404 | 2236 | 2324 |
| &nbsp;&nbsp;&nbsp; 8651932, 4.715%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 5542 | 5175 | 5260 |
| &nbsp;&nbsp;&nbsp; 8651961, 4.716%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 1889 | 1764 | 1845 |
| &nbsp;&nbsp;&nbsp; 8651972, 5.601%, 7/26/2026 †x¶ | Square | 1/29/2025 | 6281 | 5795 | 4191 |
| &nbsp;&nbsp;&nbsp; 8651992, 4.713%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 3871 | 3615 | 3301 |
| &nbsp;&nbsp;&nbsp; 8652011, 4.720%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 4437 | 4143 | 4293 |
| &nbsp;&nbsp;&nbsp; 8652041, 4.719%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 7459 | 6966 | 7181 |
| &nbsp;&nbsp;&nbsp; 8652156, 4.721%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 2645 | 2470 | 2565 |
| &nbsp;&nbsp;&nbsp; 8652301, 6.448%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 843 | 777 | 820 |
| &nbsp;&nbsp;&nbsp; 8652357, 5.027%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 1041 | 968 | 1017 |
| &nbsp;&nbsp;&nbsp; 8652371, 4.719%, 7/26/2026 †§x¶ | Square | 1/29/2025 | 8150 | 7611 | 7808 |
| &nbsp;&nbsp;&nbsp; 8652524, 4.720%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 2817 | 2631 | 2711 |
| &nbsp;&nbsp;&nbsp; 8652538, 6.447%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 1161 | 1059 | 984 |
| &nbsp;&nbsp;&nbsp; 8652545, 5.031%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 3076 | 2860 | 2977 |
| &nbsp;&nbsp;&nbsp; 8652808, 4.717%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 5461 | 5100 | 5303 |
| &nbsp;&nbsp;&nbsp; 8653021, 4.717%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 11869 | 11085 | 11451 |
| &nbsp;&nbsp;&nbsp; 8653217, 4.718%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 12687 | 11848 | 12253 |
| &nbsp;&nbsp;&nbsp; 8653431, 6.440%, 7/27/2026 †x¶ | Square | 1/29/2025 | 987 | 900 | 571 |
| &nbsp;&nbsp;&nbsp; 8653490, 6.090%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 661 | 606 | 638 |
| &nbsp;&nbsp;&nbsp; 8653510, 5.913%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 918 | 843 | 817 |
| &nbsp;&nbsp;&nbsp; 8653598, 5.599%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 12633 | 11654 | 11241 |
| &nbsp;&nbsp;&nbsp; 8653714, 5.031%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 48925 | 45492 | 47775 |
| &nbsp;&nbsp;&nbsp; 8653746, 4.717%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 5001 | 4671 | 4808 |
| &nbsp;&nbsp;&nbsp; 8653834, 6.447%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 352 | 321 | 312 |
| &nbsp;&nbsp;&nbsp; 8653857, 4.705%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 325 | 303 | 319 |
| &nbsp;&nbsp;&nbsp; 8653872, 4.722%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 1987 | 1856 | 1688 |
| &nbsp;&nbsp;&nbsp; 8653896, 4.719%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 2609 | 2437 | 2507 |
| &nbsp;&nbsp;&nbsp; 8653917, 4.711%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 883 | 825 | 863 |
| &nbsp;&nbsp;&nbsp; 8653936, 6.457%, 7/27/2026 †x¶ | Square | 1/29/2025 | 1228 | 1119 | 1147 |
| &nbsp;&nbsp;&nbsp; 8653960, 4.723%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 2077 | 1940 | 2020 |
| &nbsp;&nbsp;&nbsp; 8654008, 6.469%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 327 | 298 | 310 |
| &nbsp;&nbsp;&nbsp; 8654014, 5.597%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 23652 | 21821 | 22290 |
| &nbsp;&nbsp;&nbsp; 8654113741, 22.000%, 4/13/2027 †x¥# | Stripe | 3/18/2025 | 21458 | 22317 | 8215 |
| &nbsp;&nbsp;&nbsp; 8654224, 4.715%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 3324 | 3104 | 3188 |
| &nbsp;&nbsp;&nbsp; 8654251, 5.912%, 7/27/2026 †x¶ | Square | 1/29/2025 | 3504 | 3219 | 2284 |
| &nbsp;&nbsp;&nbsp; 8654545, 4.717%, 7/27/2026 †x¶ | Square | 1/29/2025 | 8356 | 7804 | 5943 |
| &nbsp;&nbsp;&nbsp; 8654636, 4.720%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 4679 | 4369 | 4557 |
| &nbsp;&nbsp;&nbsp; 8654663, 5.031%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 1602 | 1490 | 1567 |
| &nbsp;&nbsp;&nbsp; 8654726, 4.720%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 6059 | 5659 | 5820 |
| &nbsp;&nbsp;&nbsp; 8654756, 6.441%, 7/27/2026 †x¶ | Square | 1/29/2025 | 1215 | 1108 | 701 |
| &nbsp;&nbsp;&nbsp; 8654780, 4.723%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 3151 | 2942 | 2964 |
| &nbsp;&nbsp;&nbsp; 8654794, 4.713%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 3350 | 3129 | 2889 |
| &nbsp;&nbsp;&nbsp; 8654875, 4.918%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 449 | 418 | 355 |
| &nbsp;&nbsp;&nbsp; 8654895, 4.720%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 4382 | 4093 | 4215 |
| &nbsp;&nbsp;&nbsp; 8655010244, 18.133%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 4810 | 5002 | 5008 |
| &nbsp;&nbsp;&nbsp; 8655117, 6.100%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 8481 | 7770 | 8243 |
| &nbsp;&nbsp;&nbsp; 8655140177, 26.533%, 10/15/2024 †x¥#^ | Stripe | 4/20/2023 | 348 | 362 | 14 |
| &nbsp;&nbsp;&nbsp; 8655222, 6.473%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 218 | 199 | 211 |
| &nbsp;&nbsp;&nbsp; 8655223, 5.600%, 7/27/2026 †x¶ | Square | 1/29/2025 | 2043 | 1885 | 1323 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8767** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8655256, 4.730%, 7/27/2026 †§x¶ | Square | 1/29/2025 | $1544 | $1442 | $1456 |
| &nbsp;&nbsp;&nbsp; 8655273, 4.719%, 7/27/2026 †x¶ | Square | 1/29/2025 | 5155 | 4815 | 3772 |
| &nbsp;&nbsp;&nbsp; 8655313, 6.103%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 2040 | 1869 | 1543 |
| &nbsp;&nbsp;&nbsp; 8655320, 5.904%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 2320 | 2131 | 1800 |
| &nbsp;&nbsp;&nbsp; 8655665, 4.709%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 1421 | 1327 | 1096 |
| &nbsp;&nbsp;&nbsp; 8655689, 4.717%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 703 | 657 | 514 |
| &nbsp;&nbsp;&nbsp; 8655716, 5.031%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 6884 | 6401 | 6682 |
| &nbsp;&nbsp;&nbsp; 8655776, 5.348%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 4715 | 4365 | 4350 |
| &nbsp;&nbsp;&nbsp; 8655821, 4.932%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 576 | 536 | 469 |
| &nbsp;&nbsp;&nbsp; 8655960, 4.720%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 1965 | 1836 | 1892 |
| &nbsp;&nbsp;&nbsp; 8655994, 5.031%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 2171 | 2018 | 1841 |
| &nbsp;&nbsp;&nbsp; 8656260779, 20.795%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 6689 | 6957 | 7106 |
| &nbsp;&nbsp;&nbsp; 8656337, 5.031%, 7/27/2026 †x¶ | Square | 1/29/2025 | 6949 | 6461 | 3590 |
| &nbsp;&nbsp;&nbsp; 8656576, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 9432 | 8809 | 9186 |
| &nbsp;&nbsp;&nbsp; 8656585753, 26.424%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 897 | 932 | 939 |
| &nbsp;&nbsp;&nbsp; 8656777, 6.442%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 498 | 454 | 476 |
| &nbsp;&nbsp;&nbsp; 8656780, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 25120 | 23460 | 23657 |
| &nbsp;&nbsp;&nbsp; 8657088, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2023 | 1889 | 1950 |
| &nbsp;&nbsp;&nbsp; 8657128, 4.719%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 11590 | 10826 | 10947 |
| &nbsp;&nbsp;&nbsp; 8657325, 5.603%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 1641 | 1514 | 1193 |
| &nbsp;&nbsp;&nbsp; 8657690, 4.719%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 5278 | 4929 | 4970 |
| &nbsp;&nbsp;&nbsp; 86583736-0cb3-43f3-97e9-8ba570fce8e4, 25.490%, 2/03/2022 †x#^ | Funding Circle | 8/06/2018 | 12900 | 12900 | 3870 |
| &nbsp;&nbsp;&nbsp; 8658430, 5.922%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 994 | 913 | 950 |
| &nbsp;&nbsp;&nbsp; 8658668, 5.031%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 6145 | 5714 | 5961 |
| &nbsp;&nbsp;&nbsp; 8658744, 4.723%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 1893 | 1768 | 1840 |
| &nbsp;&nbsp;&nbsp; 8658775, 5.040%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 1270 | 1181 | 1223 |
| &nbsp;&nbsp;&nbsp; 8658819, 4.715%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2664 | 2488 | 2594 |
| &nbsp;&nbsp;&nbsp; 8658847, 5.031%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 397 | 369 | 388 |
| &nbsp;&nbsp;&nbsp; 8658901, 5.337%, 7/28/2026 †x¶ | Square | 1/30/2025 | 2159 | 1999 | 441 |
| &nbsp;&nbsp;&nbsp; 8659008, 6.478%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 143 | 130 | 138 |
| &nbsp;&nbsp;&nbsp; 8659020, 5.346%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2934 | 2716 | 2838 |
| &nbsp;&nbsp;&nbsp; 8659088, 5.912%, 7/28/2026 †x¶ | Square | 1/30/2025 | 123843 | 113755 | 111907 |
| &nbsp;&nbsp;&nbsp; 8659140, 4.718%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 14970 | 13980 | 14602 |
| &nbsp;&nbsp;&nbsp; 8659331, 5.343%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2785 | 2581 | 2676 |
| &nbsp;&nbsp;&nbsp; 8659358, 5.031%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 6897 | 6413 | 6439 |
| &nbsp;&nbsp;&nbsp; 8659394, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2337 | 2182 | 2286 |
| &nbsp;&nbsp;&nbsp; 8659411, 5.597%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2727 | 2515 | 2649 |
| &nbsp;&nbsp;&nbsp; 8659427, 5.031%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 226 | 210 | 223 |
| &nbsp;&nbsp;&nbsp; 8659586135, 20.000%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 152 | 158 | 168 |
| &nbsp;&nbsp;&nbsp; 8660187270, 25.333%, 1/17/2024 †x¥#^ | Stripe | 7/22/2022 | 551 | 573 | 22 |
| &nbsp;&nbsp;&nbsp; 8660243, 5.346%, 7/28/2026 †x¶ | Square | 1/30/2025 | 18343 | 16982 | 11289 |
| &nbsp;&nbsp;&nbsp; 8660333, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 11081 | 10349 | 10800 |
| &nbsp;&nbsp;&nbsp; 8660481, 5.031%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 4313 | 4010 | 4237 |
| &nbsp;&nbsp;&nbsp; 8660535, 4.944%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 1934 | 1801 | 1368 |
| &nbsp;&nbsp;&nbsp; 8660823, 5.024%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 1780 | 1655 | 1683 |
| &nbsp;&nbsp;&nbsp; 8660838, 5.031%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 13040 | 12125 | 11215 |
| &nbsp;&nbsp;&nbsp; 8660899443, 24.000%, 5/30/2023 †x¥#^ | Stripe | 12/02/2021 | 761 | 791 | 30 |
| &nbsp;&nbsp;&nbsp; 8660956, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 6397 | 5974 | 6172 |
| &nbsp;&nbsp;&nbsp; 8661036, 5.344%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2155 | 1995 | 2067 |
| &nbsp;&nbsp;&nbsp; 8661054, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 9174 | 8568 | 8916 |
| &nbsp;&nbsp;&nbsp; 8661124, 5.927%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 941 | 864 | 861 |
| &nbsp;&nbsp;&nbsp; 8661202, 6.461%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 546 | 497 | 530 |
| &nbsp;&nbsp;&nbsp; 8661206, 5.348%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 5534 | 5123 | 4943 |
| &nbsp;&nbsp;&nbsp; 8661324, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 43096 | 40248 | 41782 |
| &nbsp;&nbsp;&nbsp; 8661516855, 26.523%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 2273 | 2364 | 2422 |
| &nbsp;&nbsp;&nbsp; 8661614, 5.031%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 2893 | 2690 | 2797 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8768** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8661640, 6.099%, 7/28/2026 †x¶# | Square | 1/30/2025 | $4381 | $4014 | $366 |
| &nbsp;&nbsp;&nbsp; 8661668, 6.455%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 1030 | 939 | 975 |
| &nbsp;&nbsp;&nbsp; 8662130, 5.040%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1065 | 990 | 1039 |
| &nbsp;&nbsp;&nbsp; 8662159, 5.588%, 7/29/2026 †x¶ | Square | 1/31/2025 | 335 | 309 | 324 |
| &nbsp;&nbsp;&nbsp; 8662175, 5.031%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 287 | 267 | 280 |
| &nbsp;&nbsp;&nbsp; 8662187, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 7848 | 7330 | 7578 |
| &nbsp;&nbsp;&nbsp; 8662300, 5.600%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 2696 | 2487 | 2569 |
| &nbsp;&nbsp;&nbsp; 8662322, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 3666 | 3423 | 3558 |
| &nbsp;&nbsp;&nbsp; 8662380, 4.716%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1754 | 1638 | 1664 |
| &nbsp;&nbsp;&nbsp; 8662445, 5.912%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1770 | 1626 | 1660 |
| &nbsp;&nbsp;&nbsp; 8662602, 5.031%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 7923 | 7367 | 7679 |
| &nbsp;&nbsp;&nbsp; 8663177, 5.034%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 2098 | 1951 | 2037 |
| &nbsp;&nbsp;&nbsp; 8663300, 6.093%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1884 | 1726 | 1701 |
| &nbsp;&nbsp;&nbsp; 8663317, 5.916%, 7/29/2026 †x¶ | Square | 1/31/2025 | 2951 | 2711 | 1733 |
| &nbsp;&nbsp;&nbsp; 8663344, 5.590%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1832 | 1690 | 1726 |
| &nbsp;&nbsp;&nbsp; 8663434, 5.346%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 27812 | 25747 | 27232 |
| &nbsp;&nbsp;&nbsp; 8663542, 5.337%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1443 | 1336 | 1355 |
| &nbsp;&nbsp;&nbsp; 8663708, 5.911%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 11079 | 10176 | 9694 |
| &nbsp;&nbsp;&nbsp; 8663794, 5.602%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 4840 | 4465 | 4222 |
| &nbsp;&nbsp;&nbsp; 8663830, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 7264 | 6784 | 6276 |
| &nbsp;&nbsp;&nbsp; 8663857, 6.101%, 7/29/2026 †x¶# | Square | 1/31/2025 | 28429 | 26046 | 2229 |
| &nbsp;&nbsp;&nbsp; 8664013, 4.722%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 3275 | 3058 | 3167 |
| &nbsp;&nbsp;&nbsp; 8665572, 6.449%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 741 | 676 | 696 |
| &nbsp;&nbsp;&nbsp; 8665576, 5.597%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 7364 | 6793 | 7093 |
| &nbsp;&nbsp;&nbsp; 8665586971, 21.991%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 3481 | 3621 | 3693 |
| &nbsp;&nbsp;&nbsp; 8665668, 4.711%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1606 | 1500 | 1533 |
| &nbsp;&nbsp;&nbsp; 8665688, 6.444%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 4278 | 3902 | 3311 |
| &nbsp;&nbsp;&nbsp; 8665743, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 10267 | 9589 | 9983 |
| &nbsp;&nbsp;&nbsp; 8665876, 6.465%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 636 | 579 | 598 |
| &nbsp;&nbsp;&nbsp; 8665920, 5.346%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1420 | 1314 | 1385 |
| &nbsp;&nbsp;&nbsp; 8665960, 6.442%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 958 | 874 | 598 |
| &nbsp;&nbsp;&nbsp; 8665965, 5.913%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 5267 | 4838 | 4880 |
| &nbsp;&nbsp;&nbsp; 8665998, 5.031%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 4793 | 4456 | 4647 |
| &nbsp;&nbsp;&nbsp; 8666043, 5.346%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 8197 | 7588 | 7946 |
| &nbsp;&nbsp;&nbsp; 8666056, 5.031%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 37202 | 34591 | 36352 |
| &nbsp;&nbsp;&nbsp; 8666116, 6.462%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 370 | 338 | 345 |
| &nbsp;&nbsp;&nbsp; 8666122, 5.036%, 7/29/2026 †x¶ | Square | 1/31/2025 | 2234 | 2077 | 1605 |
| &nbsp;&nbsp;&nbsp; 8666136, 5.031%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 3212 | 2986 | 3105 |
| &nbsp;&nbsp;&nbsp; 8666302, 4.939%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 758 | 706 | 723 |
| &nbsp;&nbsp;&nbsp; 8666343, 4.713%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1062 | 992 | 1037 |
| &nbsp;&nbsp;&nbsp; 8666374, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 44813 | 41852 | 42999 |
| &nbsp;&nbsp;&nbsp; 8666554, 5.601%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1043 | 962 | 988 |
| &nbsp;&nbsp;&nbsp; 8666557, 5.346%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 5355 | 4958 | 4911 |
| &nbsp;&nbsp;&nbsp; 8666587, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 3081 | 2877 | 2985 |
| &nbsp;&nbsp;&nbsp; 8666642, 5.344%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 2831 | 2621 | 2730 |
| &nbsp;&nbsp;&nbsp; 8666707, 4.720%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 1904 | 1778 | 1873 |
| &nbsp;&nbsp;&nbsp; 8666774, 5.596%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 4574 | 4220 | 4388 |
| &nbsp;&nbsp;&nbsp; 8666786, 4.715%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 4717 | 4406 | 4543 |
| &nbsp;&nbsp;&nbsp; 8666806, 5.612%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 70 | 64 | 68 |
| &nbsp;&nbsp;&nbsp; 8666810, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 7638 | 7134 | 7375 |
| &nbsp;&nbsp;&nbsp; 8666856, 5.598%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 13358 | 12324 | 13022 |
| &nbsp;&nbsp;&nbsp; 8666957, 5.595%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 2134 | 1969 | 2069 |
| &nbsp;&nbsp;&nbsp; 8666978, 6.478%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 215 | 197 | 208 |
| &nbsp;&nbsp;&nbsp; 8666979, 5.346%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 3230 | 2990 | 3168 |
| &nbsp;&nbsp;&nbsp; 8668083144, 19.333%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 112922 | 117439 | 119366 |
| &nbsp;&nbsp;&nbsp; 8670709235, 25.856%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 2230 | 2319 | 2384 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8769** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 867279106, 17.600%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | $74020 | $76981 | $77438 |
| &nbsp;&nbsp;&nbsp; 8673338108, 24.000%, 10/03/2023 †x¥#^ | Stripe | 4/07/2022 | 3467 | 3605 | 139 |
| &nbsp;&nbsp;&nbsp; 8673820731, 19.195%, 4/01/2023 †x¥#^ | Stripe | 10/06/2021 | 3225 | 3354 | 129 |
| &nbsp;&nbsp;&nbsp; 867882833, 20.230%, 1/03/2025 †x¥#^ | Stripe | 7/11/2023 | 323 | 336 | 13 |
| &nbsp;&nbsp;&nbsp; 8678850815, 25.333%, 10/03/2024 †x¥#^ | Stripe | 4/10/2023 | 1344 | 1397 | 54 |
| &nbsp;&nbsp;&nbsp; 8679144153, 14.933%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2842 | 2955 | 2978 |
| &nbsp;&nbsp;&nbsp; 8679924423, 25.600%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 1934 | 2012 | 2014 |
| &nbsp;&nbsp;&nbsp; 868410804, 24.000%, 3/09/2023 †x¥#^ | Stripe | 9/13/2021 | 778 | 809 | 31 |
| &nbsp;&nbsp;&nbsp; 8684657469, 24.657%, 3/25/2025 †x¥#^ | Stripe | 9/28/2023 | 391 | 406 | 16 |
| &nbsp;&nbsp;&nbsp; 8684914608, 14.000%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 9338 | 9712 | 9809 |
| &nbsp;&nbsp;&nbsp; 8686895241, 22.388%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 2168 | 2255 | 2302 |
| &nbsp;&nbsp;&nbsp; 8687618222, 14.394%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 4462 | 4641 | 4730 |
| &nbsp;&nbsp;&nbsp; 8691811820, 13.333%, 8/16/2024 †x¥#^ | Stripe | 2/22/2023 | 31148 | 32394 | 1246 |
| &nbsp;&nbsp;&nbsp; 8692866414, 14.782%, 7/13/2023 †x¥#^ | Stripe | 1/18/2022 | 2462 | 2561 | 98 |
| &nbsp;&nbsp;&nbsp; 869596629, 22.000%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 368 | 383 | 394 |
| &nbsp;&nbsp;&nbsp; 8695984029, 26.122%, 6/24/2026 †x¥ | Stripe | 12/30/2024 | 2835 | 2948 | 3014 |
| &nbsp;&nbsp;&nbsp; 8696298127, 18.667%, 7/22/2023 †x¥#^ | Stripe | 1/26/2022 | 1092 | 1135 | 44 |
| &nbsp;&nbsp;&nbsp; 8698790207, 20.364%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 1753 | 1824 | 1835 |
| &nbsp;&nbsp;&nbsp; 8699315923, 20.000%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1080 | 1123 | 1142 |
| &nbsp;&nbsp;&nbsp; 8700217457, 19.456%, 10/07/2023 †x¥#^ | Stripe | 4/13/2022 | 4085 | 4249 | 163 |
| &nbsp;&nbsp;&nbsp; 8701362970, 16.133%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 20924 | 21761 | 21991 |
| &nbsp;&nbsp;&nbsp; 8705575312, 26.515%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 2023 | 2104 | 2154 |
| &nbsp;&nbsp;&nbsp; 8706420476, 26.508%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 1887 | 1963 | 2003 |
| &nbsp;&nbsp;&nbsp; 8707472952, 26.533%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 1956 | 2034 | 2091 |
| &nbsp;&nbsp;&nbsp; 8707738697, 26.500%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 384 | 400 | 411 |
| &nbsp;&nbsp;&nbsp; 8707813138, 26.462%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 289 | 301 | 310 |
| &nbsp;&nbsp;&nbsp; 8708079418, 26.083%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 973 | 1012 | 573 |
| &nbsp;&nbsp;&nbsp; 8710725167, 22.400%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 384 | 400 | 415 |
| &nbsp;&nbsp;&nbsp; 871156036, 22.400%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 2848 | 2962 | 3021 |
| &nbsp;&nbsp;&nbsp; 8712216010, 20.000%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 887 | 922 | 944 |
| &nbsp;&nbsp;&nbsp; 8712954997, 20.791%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 5306 | 5518 | 5584 |
| &nbsp;&nbsp;&nbsp; 8713250098, 17.857%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 2903 | 3019 | 3075 |
| &nbsp;&nbsp;&nbsp; 8713259939, 21.997%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 13413 | 13950 | 14152 |
| &nbsp;&nbsp;&nbsp; 8713971753, 13.064%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 7660 | 7966 | 8017 |
| &nbsp;&nbsp;&nbsp; 8716153671, 17.598%, 8/19/2025 †x¥#^ | Stripe | 6/16/2023 | 1819 | 1891 | 73 |
| &nbsp;&nbsp;&nbsp; 8718000079, 21.333%, 11/01/2024 †x¥#^ | Stripe | 5/09/2023 | 3815 | 3967 | 153 |
| &nbsp;&nbsp;&nbsp; 8718181528, 20.398%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 12917 | 13434 | 13460 |
| &nbsp;&nbsp;&nbsp; 8719453087, 25.600%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 519 | 540 | 550 |
| &nbsp;&nbsp;&nbsp; 8721027081, 21.862%, 8/14/2025 †x¥#^ | Stripe | 2/20/2024 | 366 | 381 | 64 |
| &nbsp;&nbsp;&nbsp; 872244934, 14.798%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 36565 | 38027 | 38145 |
| &nbsp;&nbsp;&nbsp; 8728106430, 22.000%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 5679 | 5906 | 6046 |
| &nbsp;&nbsp;&nbsp; 8729875666, 26.133%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 131 | 136 | 145 |
| &nbsp;&nbsp;&nbsp; 8730587724, 26.529%, 1/15/2026 †x¥# | Stripe | 7/22/2024 | 19653 | 20440 | 786 |
| &nbsp;&nbsp;&nbsp; 8731186210, 21.196%, 4/04/2025 †x¥#^ | Stripe | 10/11/2023 | 22928 | 23845 | 917 |
| &nbsp;&nbsp;&nbsp; 8733992929, 14.790%, 6/03/2026 †x¥ | Stripe | 12/06/2024 | 1166 | 1213 | 1227 |
| &nbsp;&nbsp;&nbsp; 87355610, 18.919%, 9/15/2023 †x¥#^ | Stripe | 3/22/2022 | 491 | 511 | 20 |
| &nbsp;&nbsp;&nbsp; 8736460292, 21.998%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 13787 | 14339 | 14640 |
| &nbsp;&nbsp;&nbsp; 8738853772, 25.723%, 12/13/2025 †x¥# | Stripe | 6/20/2024 | 1954 | 2032 | 78 |
| &nbsp;&nbsp;&nbsp; 8740184903, 22.902%, 10/27/2023 †x¥#^ | Stripe | 5/03/2022 | 1309 | 1361 | 52 |
| &nbsp;&nbsp;&nbsp; 8740263055, 26.115%, 8/15/2026 †x¥ | Stripe | 2/20/2025 | 933 | 971 | 1006 |
| &nbsp;&nbsp;&nbsp; 8741158129, 23.467%, 10/23/2023 †x¥#^ | Stripe | 9/02/2021 | 3654 | 3800 | 146 |
| &nbsp;&nbsp;&nbsp; 8742943834, 25.590%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 4556 | 4738 | 4761 |
| &nbsp;&nbsp;&nbsp; 8743979148, 24.000%, 11/15/2023 †x¥#^ | Stripe | 5/20/2022 | 1167 | 1213 | 47 |
| &nbsp;&nbsp;&nbsp; 8745430056, 26.520%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 3319 | 3452 | 3529 |
| &nbsp;&nbsp;&nbsp; 8746312767, 20.797%, 7/10/2024 †x¥#^ | Stripe | 1/13/2023 | 20717 | 21545 | 829 |
| &nbsp;&nbsp;&nbsp; 8746639143, 25.867%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1605 | 1669 | 1725 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8770** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8749927967, 20.800%, 6/18/2026 †x¥ | Stripe | 12/23/2024 | $3766 | $3917 | $4027 |
| &nbsp;&nbsp;&nbsp; 8752074677, 25.333%, 3/28/2024 †x¥#^ | Stripe | 10/03/2022 | 1458 | 1516 | 58 |
| &nbsp;&nbsp;&nbsp; 8752312950, 21.179%, 12/03/2024 †x¥#^ | Stripe | 6/08/2023 | 1042 | 1084 | 42 |
| &nbsp;&nbsp;&nbsp; 8753137417, 20.660%, 2/01/2026 †x¥# | Stripe | 2/08/2024 | 2390 | 2485 | 659 |
| &nbsp;&nbsp;&nbsp; 8755336699, 22.393%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 214 | 223 | 229 |
| &nbsp;&nbsp;&nbsp; 875636051, 16.122%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 2765 | 2875 | 2901 |
| &nbsp;&nbsp;&nbsp; 8757874088, 16.265%, 1/24/2026 †x¥ | Stripe | 7/31/2024 | 1311 | 1363 | 1397 |
| &nbsp;&nbsp;&nbsp; 8759268198, 18.788%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 1158 | 1204 | 1220 |
| &nbsp;&nbsp;&nbsp; 8765656708, 25.538%, 11/27/2026 †x¥ | Stripe | 6/03/2025 | 561 | 584 | 595 |
| &nbsp;&nbsp;&nbsp; 8765756796, 21.333%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 467 | 486 | 19 |
| &nbsp;&nbsp;&nbsp; 8766639586, 22.267%, 5/22/2026 †x¥# | Stripe | 3/21/2024 | 9475 | 9854 | 379 |
| &nbsp;&nbsp;&nbsp; 8767378402, 20.400%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 7509 | 7810 | 7819 |
| &nbsp;&nbsp;&nbsp; 8768250407, 18.133%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 915 | 951 | 970 |
| &nbsp;&nbsp;&nbsp; 8770312026, 18.397%, 5/11/2026 †x¥# | Stripe | 9/16/2024 | 6467 | 6726 | 2487 |
| &nbsp;&nbsp;&nbsp; 8771292096, 25.590%, 12/25/2026 †x¥ | Stripe | 7/01/2025 | 6832 | 7105 | 7208 |
| &nbsp;&nbsp;&nbsp; 8771623732, 22.395%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 3446 | 3584 | 3623 |
| &nbsp;&nbsp;&nbsp; 8772013615, 25.867%, 2/14/2025 †x¥#^ | Stripe | 8/22/2023 | 592 | 616 | 24 |
| &nbsp;&nbsp;&nbsp; 8772413221, 18.667%, 2/17/2023 †x¥#^ | Stripe | 8/24/2021 | 1177 | 1224 | 47 |
| &nbsp;&nbsp;&nbsp; 8774029723, 23.600%, 5/29/2025 †x¥#^ | Stripe | 12/04/2023 | 20461 | 21279 | 818 |
| &nbsp;&nbsp;&nbsp; 877788692, 26.122%, 4/28/2026 †x¥# | Stripe | 10/31/2024 | 3212 | 3341 | 1265 |
| &nbsp;&nbsp;&nbsp; 8779254694, 26.126%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 8452 | 8790 | 4946 |
| &nbsp;&nbsp;&nbsp; 8779463, 4.717%, 8/27/2026 †§x¶ | Square | 3/03/2025 | 58078 | 54240 | 56112 |
| &nbsp;&nbsp;&nbsp; 8780388759, 17.333%, 11/05/2023 †x¥#^ | Stripe | 3/11/2022 | 34104 | 35468 | 1364 |
| &nbsp;&nbsp;&nbsp; 8781074061, 22.000%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 7331 | 7624 | 293 |
| &nbsp;&nbsp;&nbsp; 8782660, 4.717%, 8/27/2026 †§x¶ | Square | 3/03/2025 | 63357 | 59170 | 61259 |
| &nbsp;&nbsp;&nbsp; 8786561, 5.346%, 8/28/2026 †§x¶ | Square | 3/04/2025 | 67200 | 62211 | 65576 |
| &nbsp;&nbsp;&nbsp; 8786788949, 19.330%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 8257 | 8588 | 8700 |
| &nbsp;&nbsp;&nbsp; 8787269844, 26.133%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 2982 | 3101 | 3185 |
| &nbsp;&nbsp;&nbsp; 8789182, 4.717%, 9/01/2026 †§x¶ | Square | 3/05/2025 | 102522 | 95748 | 89322 |
| &nbsp;&nbsp;&nbsp; 8790299853, 25.600%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 1334 | 1387 | 1394 |
| &nbsp;&nbsp;&nbsp; 8790849847, 20.133%, 4/16/2024 †x¥#^ | Stripe | 10/20/2022 | 18384 | 19120 | 735 |
| &nbsp;&nbsp;&nbsp; 8794497, 4.717%, 9/03/2026 †§x¶ | Square | 3/05/2025 | 70411 | 65758 | 67544 |
| &nbsp;&nbsp;&nbsp; 8794809, 5.031%, 9/03/2026 †§x¶ | Square | 3/05/2025 | 100674 | 93609 | 94057 |
| &nbsp;&nbsp;&nbsp; 8795981371, 26.533%, 2/03/2026 †x¥# | Stripe | 8/08/2024 | 12747 | 13257 | 510 |
| &nbsp;&nbsp;&nbsp; 8797098, 4.717%, 9/04/2026 †x¶ | Square | 3/06/2025 | 109555 | 102316 | 106657 |
| &nbsp;&nbsp;&nbsp; 8798962, 5.597%, 9/04/2026 †§x¶ | Square | 3/06/2025 | 111116 | 102509 | 106322 |
| &nbsp;&nbsp;&nbsp; 879982757, 17.989%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 5490 | 5709 | 5718 |
| &nbsp;&nbsp;&nbsp; 8800339, 5.031%, 9/05/2026 †x¶ | Square | 3/07/2025 | 99107 | 92152 | 96465 |
| &nbsp;&nbsp;&nbsp; 8802365001, 25.329%, 1/03/2024 †x¥#^ | Stripe | 7/08/2022 | 9107 | 9471 | 364 |
| &nbsp;&nbsp;&nbsp; 8803148, 6.101%, 9/05/2026 †§x¶ | Square | 3/07/2025 | 84899 | 77781 | 73229 |
| &nbsp;&nbsp;&nbsp; 8803213279, 25.600%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 18791 | 19542 | 19707 |
| &nbsp;&nbsp;&nbsp; 8803779493, 26.489%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 484 | 503 | 515 |
| &nbsp;&nbsp;&nbsp; 8806281, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 5038 | 4705 | 4926 |
| &nbsp;&nbsp;&nbsp; 8806436, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 10508 | 9813 | 10152 |
| &nbsp;&nbsp;&nbsp; 8806525, 6.446%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 3454 | 3149 | 3331 |
| &nbsp;&nbsp;&nbsp; 8806543, 5.347%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 17561 | 16257 | 15812 |
| &nbsp;&nbsp;&nbsp; 8806723, 6.448%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 4579 | 4175 | 4259 |
| &nbsp;&nbsp;&nbsp; 8806789, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 5210 | 4866 | 5061 |
| &nbsp;&nbsp;&nbsp; 8806875, 6.452%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 605 | 551 | 580 |
| &nbsp;&nbsp;&nbsp; 8806901, 5.911%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 12643 | 11613 | 11556 |
| &nbsp;&nbsp;&nbsp; 8807125, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 3031 | 2819 | 2922 |
| &nbsp;&nbsp;&nbsp; 8807202, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 6076 | 5674 | 5909 |
| &nbsp;&nbsp;&nbsp; 8807372, 4.725%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 1290 | 1205 | 1178 |
| &nbsp;&nbsp;&nbsp; 8807391, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 1413 | 1314 | 1228 |
| &nbsp;&nbsp;&nbsp; 8807394, 5.610%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 1152 | 1062 | 1087 |
| &nbsp;&nbsp;&nbsp; 8807420, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 22128 | 20667 | 21130 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8771** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8807757, 5.597%, 9/06/2026 †§x¶ | Square | 3/10/2025 | $10535 | $9719 | $9327 |
| &nbsp;&nbsp;&nbsp; 8807911, 6.289%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 6413 | 5860 | 5735 |
| &nbsp;&nbsp;&nbsp; 8807997, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 14524 | 13505 | 13966 |
| &nbsp;&nbsp;&nbsp; 8808128, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 4874 | 4556 | 4684 |
| &nbsp;&nbsp;&nbsp; 8808194, 5.037%, 9/06/2026 †x¶ | Square | 3/10/2025 | 4057 | 3772 | 2769 |
| &nbsp;&nbsp;&nbsp; 8808261, 6.287%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 3631 | 3318 | 2744 |
| &nbsp;&nbsp;&nbsp; 8808334, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 15380 | 14364 | 14817 |
| &nbsp;&nbsp;&nbsp; 8808438, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 55891 | 51969 | 54002 |
| &nbsp;&nbsp;&nbsp; 8808554, 4.720%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 6191 | 5782 | 5943 |
| &nbsp;&nbsp;&nbsp; 8808616, 4.724%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 1361 | 1271 | 1321 |
| &nbsp;&nbsp;&nbsp; 8808886, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 4102 | 3814 | 3957 |
| &nbsp;&nbsp;&nbsp; 8808903, 5.351%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 4458 | 4127 | 4020 |
| &nbsp;&nbsp;&nbsp; 8809044, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 2636 | 2461 | 2508 |
| &nbsp;&nbsp;&nbsp; 8809073, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 4703 | 4393 | 4048 |
| &nbsp;&nbsp;&nbsp; 8809183, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 1397 | 1298 | 1355 |
| &nbsp;&nbsp;&nbsp; 8809202, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 12077 | 11230 | 11413 |
| &nbsp;&nbsp;&nbsp; 8809320, 6.447%, 9/06/2026 †x¶# | Square | 3/10/2025 | 2325 | 2120 | 182 |
| &nbsp;&nbsp;&nbsp; 8809378240, 20.000%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 888 | 924 | 936 |
| &nbsp;&nbsp;&nbsp; 8809438, 6.445%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 2029 | 1850 | 1934 |
| &nbsp;&nbsp;&nbsp; 8809466, 5.346%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 25580 | 23681 | 24746 |
| &nbsp;&nbsp;&nbsp; 8809761, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 77858 | 72394 | 75226 |
| &nbsp;&nbsp;&nbsp; 8809817, 4.716%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 3047 | 2847 | 2873 |
| &nbsp;&nbsp;&nbsp; 8809831, 5.597%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 9028 | 8329 | 8269 |
| &nbsp;&nbsp;&nbsp; 8809903, 5.597%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 30699 | 28321 | 29700 |
| &nbsp;&nbsp;&nbsp; 8810116, 4.719%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 8010 | 7480 | 7761 |
| &nbsp;&nbsp;&nbsp; 8810267, 6.415%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 293 | 268 | 260 |
| &nbsp;&nbsp;&nbsp; 8810284, 5.910%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 1294 | 1189 | 1251 |
| &nbsp;&nbsp;&nbsp; 8810298, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 15128 | 14129 | 14646 |
| &nbsp;&nbsp;&nbsp; 8810362, 4.719%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 12343 | 11527 | 10717 |
| &nbsp;&nbsp;&nbsp; 8810431715, 22.242%, 8/23/2024 †x¥#^ | Stripe | 2/28/2023 | 1422 | 1479 | 57 |
| &nbsp;&nbsp;&nbsp; 8810439, 6.447%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 4029 | 3674 | 3867 |
| &nbsp;&nbsp;&nbsp; 8810563, 5.027%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 2017 | 1875 | 1849 |
| &nbsp;&nbsp;&nbsp; 8810577, 4.708%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 2148 | 2006 | 2024 |
| &nbsp;&nbsp;&nbsp; 8810598, 6.104%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 3867 | 3542 | 3448 |
| &nbsp;&nbsp;&nbsp; 8810638, 4.718%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 15235 | 14228 | 14760 |
| &nbsp;&nbsp;&nbsp; 8810690, 4.719%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1771 | 1654 | 1729 |
| &nbsp;&nbsp;&nbsp; 8810785, 6.103%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 2285 | 2094 | 2153 |
| &nbsp;&nbsp;&nbsp; 8810803, 6.466%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1003 | 914 | 522 |
| &nbsp;&nbsp;&nbsp; 8810806, 5.914%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1716 | 1577 | 1078 |
| &nbsp;&nbsp;&nbsp; 8810839, 5.348%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 8972 | 8305 | 8454 |
| &nbsp;&nbsp;&nbsp; 8810906103, 25.600%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 732 | 761 | 768 |
| &nbsp;&nbsp;&nbsp; 8810935, 5.343%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1867 | 1731 | 1791 |
| &nbsp;&nbsp;&nbsp; 8811009, 4.717%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 22831 | 21332 | 21601 |
| &nbsp;&nbsp;&nbsp; 8811308, 5.626%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1716 | 1582 | 1632 |
| &nbsp;&nbsp;&nbsp; 8811346, 6.101%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 29738 | 27245 | 25940 |
| &nbsp;&nbsp;&nbsp; 8811899, 6.094%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1897 | 1738 | 1837 |
| &nbsp;&nbsp;&nbsp; 8811943, 6.437%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1505 | 1373 | 422 |
| &nbsp;&nbsp;&nbsp; 8811964, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1080 | 1005 | 1027 |
| &nbsp;&nbsp;&nbsp; 8811981, 4.716%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 10408 | 9721 | 8208 |
| &nbsp;&nbsp;&nbsp; 8812084, 5.911%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 12650 | 11620 | 11593 |
| &nbsp;&nbsp;&nbsp; 8812261, 6.447%, 9/07/2026 †x¶# | Square | 3/11/2025 | 27245 | 24965 | 8968 |
| &nbsp;&nbsp;&nbsp; 8812588, 5.346%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 35518 | 32881 | 34617 |
| &nbsp;&nbsp;&nbsp; 8812883597, 19.457%, 3/11/2025 †x¥#^ | Stripe | 12/21/2022 | 3875 | 4030 | 155 |
| &nbsp;&nbsp;&nbsp; 8813090, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 51198 | 47605 | 44630 |
| &nbsp;&nbsp;&nbsp; 8813366, 4.717%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 80800 | 75461 | 78095 |
| &nbsp;&nbsp;&nbsp; 8813406, 5.027%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1231 | 1145 | 1183 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8772** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8813447, 5.346%, 9/07/2026 †§x¶ | Square | 3/11/2025 | $12023 | $11130 | $11564 |
| &nbsp;&nbsp;&nbsp; 8813498, 5.346%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1402 | 1298 | 1332 |
| &nbsp;&nbsp;&nbsp; 8813511, 4.717%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 14646 | 13678 | 12919 |
| &nbsp;&nbsp;&nbsp; 8813562, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 43107 | 40082 | 41740 |
| &nbsp;&nbsp;&nbsp; 8813932, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 12534 | 11654 | 12164 |
| &nbsp;&nbsp;&nbsp; 8814089, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 20136 | 18723 | 19417 |
| &nbsp;&nbsp;&nbsp; 8814259, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 24145 | 22451 | 22992 |
| &nbsp;&nbsp;&nbsp; 8814369, 5.346%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 110858 | 102628 | 102952 |
| &nbsp;&nbsp;&nbsp; 8814411, 4.717%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1458 | 1362 | 1423 |
| &nbsp;&nbsp;&nbsp; 8814461, 5.592%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 2121 | 1957 | 2018 |
| &nbsp;&nbsp;&nbsp; 8814483, 4.717%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 16067 | 15005 | 15524 |
| &nbsp;&nbsp;&nbsp; 8814606, 4.712%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 1667 | 1557 | 1607 |
| &nbsp;&nbsp;&nbsp; 8814635, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 16129 | 14997 | 15206 |
| &nbsp;&nbsp;&nbsp; 8814736, 4.717%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 13991 | 13066 | 13347 |
| &nbsp;&nbsp;&nbsp; 8814790, 5.029%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 4119 | 3830 | 1001 |
| &nbsp;&nbsp;&nbsp; 8814842, 4.715%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 6128 | 5723 | 5805 |
| &nbsp;&nbsp;&nbsp; 8814876, 4.724%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 2259 | 2109 | 2191 |
| &nbsp;&nbsp;&nbsp; 8814889, 5.031%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1179 | 1096 | 1141 |
| &nbsp;&nbsp;&nbsp; 8814896, 5.349%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1266 | 1172 | 1241 |
| &nbsp;&nbsp;&nbsp; 8814917, 6.449%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 2752 | 2509 | 1859 |
| &nbsp;&nbsp;&nbsp; 8814924, 5.350%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 6554 | 6067 | 5855 |
| &nbsp;&nbsp;&nbsp; 8814960, 5.346%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 18241 | 16886 | 17342 |
| &nbsp;&nbsp;&nbsp; 8815057, 4.717%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 5351 | 4998 | 5147 |
| &nbsp;&nbsp;&nbsp; 8815084, 5.586%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1151 | 1062 | 1115 |
| &nbsp;&nbsp;&nbsp; 8815093, 6.450%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1912 | 1754 | 1830 |
| &nbsp;&nbsp;&nbsp; 8815109, 4.717%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 7916 | 7393 | 7671 |
| &nbsp;&nbsp;&nbsp; 8815170, 6.450%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 164 | 149 | 156 |
| &nbsp;&nbsp;&nbsp; 8815176, 6.457%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1495 | 1363 | 1362 |
| &nbsp;&nbsp;&nbsp; 8815183, 5.031%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 4429 | 4118 | 4257 |
| &nbsp;&nbsp;&nbsp; 8815205, 5.597%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 4947 | 4564 | 4709 |
| &nbsp;&nbsp;&nbsp; 8815243, 6.430%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 832 | 759 | 106 |
| &nbsp;&nbsp;&nbsp; 8815247, 4.724%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 2925 | 2731 | 2758 |
| &nbsp;&nbsp;&nbsp; 8815259, 4.712%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 2900 | 2709 | 2761 |
| &nbsp;&nbsp;&nbsp; 8815271, 5.031%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 2079 | 1933 | 2017 |
| &nbsp;&nbsp;&nbsp; 8815282, 4.720%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 5593 | 5223 | 5362 |
| &nbsp;&nbsp;&nbsp; 8815307, 5.598%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 8228 | 7590 | 7866 |
| &nbsp;&nbsp;&nbsp; 8815341, 6.439%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 792 | 723 | 762 |
| &nbsp;&nbsp;&nbsp; 8815350, 5.031%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1409 | 1310 | 1359 |
| &nbsp;&nbsp;&nbsp; 8815369, 4.712%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 2185 | 2040 | 2045 |
| &nbsp;&nbsp;&nbsp; 8815377, 4.717%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1818 | 1698 | 1740 |
| &nbsp;&nbsp;&nbsp; 8815386, 5.349%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 7024 | 6502 | 6272 |
| &nbsp;&nbsp;&nbsp; 8815411, 5.914%, 9/08/2026 †x¶# | Square | 3/12/2025 | 12041 | 11060 | 944 |
| &nbsp;&nbsp;&nbsp; 8815449, 5.360%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1393 | 1289 | 1304 |
| &nbsp;&nbsp;&nbsp; 8815456, 6.447%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1062 | 968 | 1014 |
| &nbsp;&nbsp;&nbsp; 8815466, 6.450%, 9/08/2026 †x¶# | Square | 3/12/2025 | 8146 | 7428 | 1382 |
| &nbsp;&nbsp;&nbsp; 8815490, 4.717%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 1256 | 1173 | 1222 |
| &nbsp;&nbsp;&nbsp; 8815500, 6.447%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 9814 | 8948 | 3302 |
| &nbsp;&nbsp;&nbsp; 8815567, 5.020%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 663 | 617 | 648 |
| &nbsp;&nbsp;&nbsp; 8815577, 4.720%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 2619 | 2446 | 2537 |
| &nbsp;&nbsp;&nbsp; 8815614, 6.448%, 9/08/2026 †§x¶ | Square | 3/12/2025 | 3975 | 3625 | 3852 |
| &nbsp;&nbsp;&nbsp; 8815668, 5.031%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 6733 | 6261 | 6383 |
| &nbsp;&nbsp;&nbsp; 8815703317, 25.067%, 6/14/2024 †x¥#^ | Stripe | 12/20/2022 | 2077 | 2160 | 83 |
| &nbsp;&nbsp;&nbsp; 8815805, 4.719%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 2993 | 2795 | 2883 |
| &nbsp;&nbsp;&nbsp; 8815818, 5.597%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 8481 | 7825 | 8130 |
| &nbsp;&nbsp;&nbsp; 8815868, 6.447%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 736 | 671 | 721 |
| &nbsp;&nbsp;&nbsp; 8815882, 4.721%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 5178 | 4844 | 4950 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8773** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8815905, 6.443%, 9/09/2026 †§x¶ | Square | 3/12/2025 | $1076 | $981 | $989 |
| &nbsp;&nbsp;&nbsp; 8815979, 5.351%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 4172 | 3862 | 2692 |
| &nbsp;&nbsp;&nbsp; 8815993, 4.719%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 10125 | 9456 | 9743 |
| &nbsp;&nbsp;&nbsp; 8816031, 6.106%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 3458 | 3167 | 2927 |
| &nbsp;&nbsp;&nbsp; 8816047, 5.344%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 2445 | 2264 | 1116 |
| &nbsp;&nbsp;&nbsp; 8816054, 5.031%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 16484 | 15327 | 15688 |
| &nbsp;&nbsp;&nbsp; 8816112238, 18.917%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 1310 | 1363 | 1390 |
| &nbsp;&nbsp;&nbsp; 8816126, 6.448%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 10116 | 9239 | 9604 |
| &nbsp;&nbsp;&nbsp; 8816187, 5.031%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 20129 | 18716 | 19265 |
| &nbsp;&nbsp;&nbsp; 8816289, 4.717%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 7571 | 7071 | 7286 |
| &nbsp;&nbsp;&nbsp; 8816330, 6.434%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 1153 | 1051 | 691 |
| &nbsp;&nbsp;&nbsp; 8816348, 5.031%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 1913 | 1778 | 1806 |
| &nbsp;&nbsp;&nbsp; 8816365, 5.031%, 9/09/2026 †§x¶ | Square | 3/12/2025 | 2209 | 2054 | 2123 |
| &nbsp;&nbsp;&nbsp; 8816445493, 21.198%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 3340 | 3474 | 3522 |
| &nbsp;&nbsp;&nbsp; 8816988, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 1452 | 1357 | 1391 |
| &nbsp;&nbsp;&nbsp; 8816996, 6.447%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 23348 | 21289 | 17321 |
| &nbsp;&nbsp;&nbsp; 8817149, 5.600%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 3775 | 3483 | 3659 |
| &nbsp;&nbsp;&nbsp; 8817219, 6.453%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 1107 | 1009 | 1010 |
| &nbsp;&nbsp;&nbsp; 8817252, 4.723%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 1709 | 1596 | 1651 |
| &nbsp;&nbsp;&nbsp; 8817277, 5.346%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 4200 | 3888 | 4121 |
| &nbsp;&nbsp;&nbsp; 8817416, 5.588%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 975 | 899 | 943 |
| &nbsp;&nbsp;&nbsp; 8817459, 5.031%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 4585 | 4263 | 4342 |
| &nbsp;&nbsp;&nbsp; 8817551, 5.913%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 2491 | 2288 | 2303 |
| &nbsp;&nbsp;&nbsp; 8817583, 5.344%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 8670 | 8027 | 6647 |
| &nbsp;&nbsp;&nbsp; 8817716, 5.912%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 13610 | 12501 | 10343 |
| &nbsp;&nbsp;&nbsp; 8817830, 6.447%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 10510 | 9583 | 8979 |
| &nbsp;&nbsp;&nbsp; 8817959, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 872 | 814 | 854 |
| &nbsp;&nbsp;&nbsp; 8817979, 4.715%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 4831 | 4512 | 4685 |
| &nbsp;&nbsp;&nbsp; 8818136, 5.346%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 8691 | 8046 | 8215 |
| &nbsp;&nbsp;&nbsp; 8818207, 4.722%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 3027 | 2827 | 2931 |
| &nbsp;&nbsp;&nbsp; 8818431, 4.722%, 9/10/2026 †x¶ | Square | 3/12/2025 | 4429 | 4136 | 1432 |
| &nbsp;&nbsp;&nbsp; 8818465, 5.347%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 18716 | 17327 | 17985 |
| &nbsp;&nbsp;&nbsp; 8818562413, 26.061%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 320 | 333 | 345 |
| &nbsp;&nbsp;&nbsp; 8818580, 5.603%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 1576 | 1453 | 1519 |
| &nbsp;&nbsp;&nbsp; 8818597, 5.597%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 6281 | 5794 | 5914 |
| &nbsp;&nbsp;&nbsp; 8818665, 5.592%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 2423 | 2236 | 2324 |
| &nbsp;&nbsp;&nbsp; 8818673, 4.719%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 3377 | 3154 | 3270 |
| &nbsp;&nbsp;&nbsp; 8818731, 5.031%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 996 | 927 | 849 |
| &nbsp;&nbsp;&nbsp; 8818738, 6.107%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 946 | 867 | 915 |
| &nbsp;&nbsp;&nbsp; 8818748, 6.105%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 4507 | 4129 | 4017 |
| &nbsp;&nbsp;&nbsp; 8818870, 6.448%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 6342 | 5782 | 6186 |
| &nbsp;&nbsp;&nbsp; 8818966, 6.289%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 5256 | 4803 | 4673 |
| &nbsp;&nbsp;&nbsp; 8819012, 4.718%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 16368 | 15286 | 15381 |
| &nbsp;&nbsp;&nbsp; 8819120, 5.031%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 6990 | 6500 | 6613 |
| &nbsp;&nbsp;&nbsp; 8819190, 6.100%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 10234 | 9377 | 9722 |
| &nbsp;&nbsp;&nbsp; 8819271, 5.039%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 1303 | 1211 | 1273 |
| &nbsp;&nbsp;&nbsp; 8819290, 5.031%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 10902 | 10137 | 10264 |
| &nbsp;&nbsp;&nbsp; 8819348, 4.723%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 2973 | 2777 | 2852 |
| &nbsp;&nbsp;&nbsp; 8819371, 6.289%, 9/10/2026 †x¶ | Square | 3/12/2025 | 16615 | 15200 | 9550 |
| &nbsp;&nbsp;&nbsp; 8819464, 6.436%, 9/10/2026 †x¶ | Square | 3/12/2025 | 1490 | 1359 | 853 |
| &nbsp;&nbsp;&nbsp; 8819515, 6.444%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 2054 | 1873 | 1371 |
| &nbsp;&nbsp;&nbsp; 8819548, 5.350%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 3921 | 3630 | 3804 |
| &nbsp;&nbsp;&nbsp; 8819586, 5.597%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 17479 | 16130 | 16536 |
| &nbsp;&nbsp;&nbsp; 8819691, 4.717%, 9/10/2026 †x¶ | Square | 3/12/2025 | 61196 | 57153 | 29785 |
| &nbsp;&nbsp;&nbsp; 8819791, 6.101%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 95917 | 87876 | 92724 |
| &nbsp;&nbsp;&nbsp; 8819934, 6.448%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 2304 | 2100 | 2238 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8774** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8820002, 6.464%, 9/10/2026 †§x¶ | Square | 3/12/2025 | $1302 | $1187 | $1103 |
| &nbsp;&nbsp;&nbsp; 8820018, 6.289%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 986 | 902 | 910 |
| &nbsp;&nbsp;&nbsp; 8820066, 5.630%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 5107 | 4709 | 4418 |
| &nbsp;&nbsp;&nbsp; 8820099, 5.632%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 768 | 709 | 729 |
| &nbsp;&nbsp;&nbsp; 8820106, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 4671 | 4363 | 4486 |
| &nbsp;&nbsp;&nbsp; 8820123, 4.720%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 6024 | 5626 | 5807 |
| &nbsp;&nbsp;&nbsp; 8820146, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 1219 | 1138 | 1189 |
| &nbsp;&nbsp;&nbsp; 8820158, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 12768 | 11925 | 12040 |
| &nbsp;&nbsp;&nbsp; 882023490, 26.133%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 516 | 537 | 548 |
| &nbsp;&nbsp;&nbsp; 8820238, 6.448%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 12596 | 11486 | 12118 |
| &nbsp;&nbsp;&nbsp; 8820330, 4.718%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 5424 | 5066 | 5273 |
| &nbsp;&nbsp;&nbsp; 8820350, 4.713%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 4835 | 4516 | 4295 |
| &nbsp;&nbsp;&nbsp; 8820373, 6.098%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 1744 | 1598 | 1202 |
| &nbsp;&nbsp;&nbsp; 8820380, 5.346%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 4224 | 3910 | 4050 |
| &nbsp;&nbsp;&nbsp; 8820433, 6.116%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; 8820441, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 34409 | 32137 | 31418 |
| &nbsp;&nbsp;&nbsp; 8820653, 5.597%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 6001 | 5537 | 5794 |
| &nbsp;&nbsp;&nbsp; 8820695, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 19180 | 17912 | 18697 |
| &nbsp;&nbsp;&nbsp; 8820718, 5.031%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 77022 | 71617 | 73310 |
| &nbsp;&nbsp;&nbsp; 8820884, 5.902%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 363 | 333 | 347 |
| &nbsp;&nbsp;&nbsp; 8820902, 4.941%, 9/10/2026 †x¶ | Square | 3/12/2025 | 788 | 734 | 88 |
| &nbsp;&nbsp;&nbsp; 8820904, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 36967 | 34524 | 35726 |
| &nbsp;&nbsp;&nbsp; 8820906952, 19.596%, 12/05/2024 †x¥#^ | Stripe | 9/16/2022 | 1695 | 1763 | 68 |
| &nbsp;&nbsp;&nbsp; 8821386, 4.717%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 19740 | 18435 | 19139 |
| &nbsp;&nbsp;&nbsp; 8821658315, 24.000%, 3/14/2023 †x¥#^ | Stripe | 9/16/2021 | 2510 | 2611 | 100 |
| &nbsp;&nbsp;&nbsp; 8821726, 4.719%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 7894 | 7372 | 7613 |
| &nbsp;&nbsp;&nbsp; 8821758526, 21.993%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 2413 | 2509 | 2587 |
| &nbsp;&nbsp;&nbsp; 8821788027, 17.600%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 9022 | 9383 | 9510 |
| &nbsp;&nbsp;&nbsp; 8821887, 4.904%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 311 | 292 | 276 |
| &nbsp;&nbsp;&nbsp; 8822064, 6.438%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 1720 | 1569 | 838 |
| &nbsp;&nbsp;&nbsp; 8822095, 5.031%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 4250 | 3952 | 4093 |
| &nbsp;&nbsp;&nbsp; 8822193, 5.031%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 4077 | 3791 | 3981 |
| &nbsp;&nbsp;&nbsp; 8822346, 6.098%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 875 | 801 | 848 |
| &nbsp;&nbsp;&nbsp; 8822370, 4.719%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 10281 | 9602 | 9911 |
| &nbsp;&nbsp;&nbsp; 8822500, 4.719%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 8182 | 7642 | 7947 |
| &nbsp;&nbsp;&nbsp; 8822685, 4.717%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 6929 | 6471 | 6683 |
| &nbsp;&nbsp;&nbsp; 8822766, 5.599%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 3494 | 3223 | 3417 |
| &nbsp;&nbsp;&nbsp; 8822775822, 16.127%, 7/04/2026 †x¥ | Stripe | 1/08/2025 | 5290 | 5501 | 5549 |
| &nbsp;&nbsp;&nbsp; 8822980, 4.715%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 4182 | 3905 | 4007 |
| &nbsp;&nbsp;&nbsp; 8823011, 5.914%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 6225 | 5718 | 5957 |
| &nbsp;&nbsp;&nbsp; 8823073, 5.660%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 266 | 245 | 252 |
| &nbsp;&nbsp;&nbsp; 8823076, 4.714%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 2848 | 2660 | 2726 |
| &nbsp;&nbsp;&nbsp; 8823098, 5.596%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 9163 | 8453 | 7377 |
| &nbsp;&nbsp;&nbsp; 8823181, 6.100%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 17673 | 16191 | 17128 |
| &nbsp;&nbsp;&nbsp; 8823496, 6.469%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 603 | 549 | 345 |
| &nbsp;&nbsp;&nbsp; 8823497, 6.427%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 140 | 128 | 135 |
| &nbsp;&nbsp;&nbsp; 8823565, 5.912%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 6652 | 6110 | 4354 |
| &nbsp;&nbsp;&nbsp; 8823621, 6.289%, 9/11/2026 †x¶ | Square | 3/13/2025 | 608 | 556 | 178 |
| &nbsp;&nbsp;&nbsp; 8823624, 6.447%, 9/11/2026 †x¶# | Square | 3/13/2025 | 79392 | 72391 | 6224 |
| &nbsp;&nbsp;&nbsp; 8823689152, 22.095%, 1/22/2025 †x¥#^ | Stripe | 7/28/2023 | 813 | 846 | 33 |
| &nbsp;&nbsp;&nbsp; 8823728, 5.031%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 92792 | 86281 | 88882 |
| &nbsp;&nbsp;&nbsp; 8823831, 6.101%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 16803 | 15394 | 9370 |
| &nbsp;&nbsp;&nbsp; 8823879879, 26.495%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2044 | 2126 | 2152 |
| &nbsp;&nbsp;&nbsp; 8823927, 5.595%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 2989 | 2758 | 2668 |
| &nbsp;&nbsp;&nbsp; 8823952, 5.348%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 10030 | 9285 | 7799 |
| &nbsp;&nbsp;&nbsp; 8823986, 4.717%, 9/11/2026 †x¶ | Square | 3/13/2025 | 114989 | 107390 | 110937 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8775** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8824035, 6.101%, 9/11/2026 †§x¶ | Square | 3/13/2025 | $11483 | $10521 | $11183 |
| &nbsp;&nbsp;&nbsp; 8824202, 6.473%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 816 | 744 | 405 |
| &nbsp;&nbsp;&nbsp; 8824216, 6.295%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 1326 | 1212 | 1271 |
| &nbsp;&nbsp;&nbsp; 8824505, 5.347%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 15692 | 14546 | 14584 |
| &nbsp;&nbsp;&nbsp; 8824659, 4.715%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 7588 | 7086 | 6969 |
| &nbsp;&nbsp;&nbsp; 8824690, 5.598%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 16121 | 14874 | 14104 |
| &nbsp;&nbsp;&nbsp; 8824764, 4.762%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 391 | 365 | 376 |
| &nbsp;&nbsp;&nbsp; 8824769, 6.101%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 9969 | 9133 | 9527 |
| &nbsp;&nbsp;&nbsp; 8824845, 5.031%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 6046 | 5622 | 4588 |
| &nbsp;&nbsp;&nbsp; 8824877, 6.102%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 10321 | 9455 | 9669 |
| &nbsp;&nbsp;&nbsp; 8824904, 5.031%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 28656 | 26645 | 26697 |
| &nbsp;&nbsp;&nbsp; 8825106, 6.449%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 2062 | 1880 | 1995 |
| &nbsp;&nbsp;&nbsp; 8825262, 4.721%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 3735 | 3489 | 3623 |
| &nbsp;&nbsp;&nbsp; 8825279, 4.715%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 4378 | 4089 | 4226 |
| &nbsp;&nbsp;&nbsp; 8825367, 6.447%, 9/11/2026 †x¶# | Square | 3/13/2025 | 23308 | 21252 | 1827 |
| &nbsp;&nbsp;&nbsp; 8825579, 6.098%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 2865 | 2625 | 2788 |
| &nbsp;&nbsp;&nbsp; 8825642, 5.599%, 9/11/2026 †x¶ | Square | 3/13/2025 | 12363 | 11405 | 2890 |
| &nbsp;&nbsp;&nbsp; 8825693, 4.715%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 4438 | 4145 | 4223 |
| &nbsp;&nbsp;&nbsp; 8826453, 6.463%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 841 | 767 | 789 |
| &nbsp;&nbsp;&nbsp; 8826504, 6.447%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2362 | 2154 | 2325 |
| &nbsp;&nbsp;&nbsp; 8826826, 5.912%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 5445 | 5003 | 5157 |
| &nbsp;&nbsp;&nbsp; 8826926, 4.722%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 3416 | 3190 | 3210 |
| &nbsp;&nbsp;&nbsp; 8826969, 6.447%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 4734 | 4317 | 4591 |
| &nbsp;&nbsp;&nbsp; 8827060, 5.916%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2165 | 1988 | 1978 |
| &nbsp;&nbsp;&nbsp; 8827135, 5.031%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 10398 | 9668 | 10098 |
| &nbsp;&nbsp;&nbsp; 8827184, 5.346%, 9/12/2026 †x¶ | Square | 3/14/2025 | 116927 | 108247 | 105844 |
| &nbsp;&nbsp;&nbsp; 8827213, 5.346%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 8671 | 8028 | 8150 |
| &nbsp;&nbsp;&nbsp; 8827411, 4.719%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 9281 | 8668 | 8866 |
| &nbsp;&nbsp;&nbsp; 8827896, 5.603%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2144 | 1978 | 2061 |
| &nbsp;&nbsp;&nbsp; 8827962, 6.453%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 1802 | 1642 | 1527 |
| &nbsp;&nbsp;&nbsp; 8827984, 6.101%, 9/12/2026 †x¶ | Square | 3/14/2025 | 5898 | 5403 | 589 |
| &nbsp;&nbsp;&nbsp; 8828013, 6.455%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 992 | 904 | 954 |
| &nbsp;&nbsp;&nbsp; 8828101, 5.598%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 25561 | 23581 | 24902 |
| &nbsp;&nbsp;&nbsp; 8828318, 4.717%, 9/12/2026 †x¶ | Square | 3/14/2025 | 136066 | 127075 | 131594 |
| &nbsp;&nbsp;&nbsp; 8828379, 4.714%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2913 | 2721 | 2826 |
| &nbsp;&nbsp;&nbsp; 8828402, 5.342%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2428 | 2247 | 2164 |
| &nbsp;&nbsp;&nbsp; 8828429, 6.448%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2056 | 1879 | 1915 |
| &nbsp;&nbsp;&nbsp; 8828457, 5.037%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 1477 | 1373 | 1377 |
| &nbsp;&nbsp;&nbsp; 8828458, 4.717%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 29073 | 27152 | 27734 |
| &nbsp;&nbsp;&nbsp; 8829231, 5.031%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2978 | 2769 | 2899 |
| &nbsp;&nbsp;&nbsp; 8829321, 4.717%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 5712 | 5334 | 5562 |
| &nbsp;&nbsp;&nbsp; 8829367, 4.719%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 14226 | 13286 | 12521 |
| &nbsp;&nbsp;&nbsp; 8829472, 5.031%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 18907 | 17580 | 18268 |
| &nbsp;&nbsp;&nbsp; 8829605, 5.357%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 2296 | 2125 | 1548 |
| &nbsp;&nbsp;&nbsp; 8829618, 4.717%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 5909 | 5519 | 5670 |
| &nbsp;&nbsp;&nbsp; 8829665, 5.031%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 11062 | 10285 | 10624 |
| &nbsp;&nbsp;&nbsp; 8829743, 4.716%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 4121 | 3852 | 3699 |
| &nbsp;&nbsp;&nbsp; 8829747, 6.289%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 485 | 443 | 442 |
| &nbsp;&nbsp;&nbsp; 8829758, 4.718%, 9/12/2026 †x¶ | Square | 3/14/2025 | 2842 | 2654 | 1175 |
| &nbsp;&nbsp;&nbsp; 8829791, 5.347%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 20886 | 19336 | 20044 |
| &nbsp;&nbsp;&nbsp; 8829896, 5.031%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 5698 | 5298 | 5467 |
| &nbsp;&nbsp;&nbsp; 8829907395, 20.256%, 3/21/2025 †x¥#^ | Stripe | 9/26/2023 | 4668 | 4854 | 187 |
| &nbsp;&nbsp;&nbsp; 8829945, 6.457%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 888 | 810 | 794 |
| &nbsp;&nbsp;&nbsp; 8829954, 5.627%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 1108 | 1022 | 1087 |
| &nbsp;&nbsp;&nbsp; 8829990, 4.717%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 14268 | 13325 | 13756 |
| &nbsp;&nbsp;&nbsp; 8830102, 4.717%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 8995 | 8400 | 8677 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8776** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8830148, 4.718%, 9/12/2026 †§x¶ | Square | 3/14/2025 | $24331 | $22723 | $23218 |
| &nbsp;&nbsp;&nbsp; 8830332, 5.346%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 52092 | 48225 | 50053 |
| &nbsp;&nbsp;&nbsp; 8831888071, 25.849%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 2081 | 2164 | 2194 |
| &nbsp;&nbsp;&nbsp; 8832442015, 26.514%, 12/27/2025 †x¥ | Stripe | 7/03/2024 | 1360 | 1414 | 1473 |
| &nbsp;&nbsp;&nbsp; 8834349313, 25.599%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 14731 | 15320 | 15475 |
| &nbsp;&nbsp;&nbsp; 8834507, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 1207 | 1123 | 1142 |
| &nbsp;&nbsp;&nbsp; 8834557, 5.629%, 9/13/2026 †x¶ | Square | 3/17/2025 | 111344 | 102675 | 10196 |
| &nbsp;&nbsp;&nbsp; 8834581, 5.344%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 6097 | 5644 | 4350 |
| &nbsp;&nbsp;&nbsp; 8834621, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 10160 | 9489 | 5064 |
| &nbsp;&nbsp;&nbsp; 8834738, 4.715%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 5891 | 5506 | 5629 |
| &nbsp;&nbsp;&nbsp; 8834823, 5.346%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 25601 | 23700 | 22507 |
| &nbsp;&nbsp;&nbsp; 8835225, 5.597%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 7333 | 6765 | 7195 |
| &nbsp;&nbsp;&nbsp; 8835384, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 13242 | 12367 | 12860 |
| &nbsp;&nbsp;&nbsp; 8835577, 4.958%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 621 | 578 | 266 |
| &nbsp;&nbsp;&nbsp; 8835579, 5.346%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 14514 | 13437 | 13867 |
| &nbsp;&nbsp;&nbsp; 8835735, 4.718%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3624 | 3385 | 3580 |
| &nbsp;&nbsp;&nbsp; 8835965, 5.346%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 8360 | 7740 | 6351 |
| &nbsp;&nbsp;&nbsp; 8836038, 5.342%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2486 | 2301 | 2366 |
| &nbsp;&nbsp;&nbsp; 8836075, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 8805 | 8187 | 8306 |
| &nbsp;&nbsp;&nbsp; 8836199, 5.348%, 9/13/2026 †x¶ | Square | 3/17/2025 | 2436 | 2255 | 629 |
| &nbsp;&nbsp;&nbsp; 8836216, 5.340%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 1589 | 1471 | 1511 |
| &nbsp;&nbsp;&nbsp; 8836234, 4.715%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 5043 | 4710 | 4751 |
| &nbsp;&nbsp;&nbsp; 8836273, 6.101%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 793 | 726 | 770 |
| &nbsp;&nbsp;&nbsp; 8836294, 6.102%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 4439 | 4068 | 4157 |
| &nbsp;&nbsp;&nbsp; 8836391, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 11930 | 11142 | 11253 |
| &nbsp;&nbsp;&nbsp; 8836475, 5.912%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2218 | 2038 | 2139 |
| &nbsp;&nbsp;&nbsp; 8836485, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3260 | 3031 | 3155 |
| &nbsp;&nbsp;&nbsp; 8836530, 4.719%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 4609 | 4304 | 4485 |
| &nbsp;&nbsp;&nbsp; 8836559, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 27588 | 25765 | 26626 |
| &nbsp;&nbsp;&nbsp; 8836872, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 1596 | 1484 | 1555 |
| &nbsp;&nbsp;&nbsp; 8836892, 6.442%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 21 | 19 | 20 |
| &nbsp;&nbsp;&nbsp; 8836900, 6.110%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 650 | 596 | 624 |
| &nbsp;&nbsp;&nbsp; 8836910, 4.719%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 11802 | 11022 | 11322 |
| &nbsp;&nbsp;&nbsp; 8837033, 5.027%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 826 | 768 | 809 |
| &nbsp;&nbsp;&nbsp; 8837040, 5.348%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2786 | 2579 | 2634 |
| &nbsp;&nbsp;&nbsp; 8837059, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 15660 | 14561 | 14065 |
| &nbsp;&nbsp;&nbsp; 8837144, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2403 | 2245 | 2345 |
| &nbsp;&nbsp;&nbsp; 8837198, 5.913%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2917 | 2679 | 2681 |
| &nbsp;&nbsp;&nbsp; 8837211, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 18432 | 17139 | 17508 |
| &nbsp;&nbsp;&nbsp; 8837388, 5.018%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 1314 | 1222 | 1223 |
| &nbsp;&nbsp;&nbsp; 8837390, 6.105%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2409 | 2207 | 2240 |
| &nbsp;&nbsp;&nbsp; 8837393, 6.107%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3903 | 3576 | 872 |
| &nbsp;&nbsp;&nbsp; 8837438, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 19724 | 18420 | 19233 |
| &nbsp;&nbsp;&nbsp; 8837618, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 7712 | 7203 | 7535 |
| &nbsp;&nbsp;&nbsp; 8837670, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 63311 | 59127 | 60646 |
| &nbsp;&nbsp;&nbsp; 8837671644, 19.333%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 37007 | 38487 | 38927 |
| &nbsp;&nbsp;&nbsp; 8837724, 4.931%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2031 | 1891 | 1521 |
| &nbsp;&nbsp;&nbsp; 8837733, 4.715%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3287 | 3070 | 3201 |
| &nbsp;&nbsp;&nbsp; 8837766, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 12719 | 11878 | 12124 |
| &nbsp;&nbsp;&nbsp; 8837916, 5.912%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 67067 | 61604 | 65254 |
| &nbsp;&nbsp;&nbsp; 8837943, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 4862 | 4541 | 4634 |
| &nbsp;&nbsp;&nbsp; 8837968, 4.718%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 20385 | 19038 | 19520 |
| &nbsp;&nbsp;&nbsp; 8838075, 6.101%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3315 | 3041 | 3212 |
| &nbsp;&nbsp;&nbsp; 8838213, 4.722%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3004 | 2805 | 2710 |
| &nbsp;&nbsp;&nbsp; 8838252, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3659 | 3402 | 3526 |
| &nbsp;&nbsp;&nbsp; 8838277, 4.719%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 9276 | 8663 | 9015 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8777** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8838357108, 21.986%, 10/06/2026 †x¥ | Stripe | 4/10/2025 | $1219 | $1268 | $1303 |
| &nbsp;&nbsp;&nbsp; 8838410, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 27086 | 25296 | 26219 |
| &nbsp;&nbsp;&nbsp; 8838687, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 4116 | 3827 | 3977 |
| &nbsp;&nbsp;&nbsp; 8838733, 5.031%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 7416 | 6896 | 7176 |
| &nbsp;&nbsp;&nbsp; 8838806, 5.039%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2396 | 2227 | 2087 |
| &nbsp;&nbsp;&nbsp; 8838821, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 7996 | 7467 | 7731 |
| &nbsp;&nbsp;&nbsp; 8838933, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 6574 | 6139 | 6374 |
| &nbsp;&nbsp;&nbsp; 8838958, 5.346%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 9201 | 8518 | 8912 |
| &nbsp;&nbsp;&nbsp; 8838995, 5.345%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 5604 | 5191 | 5262 |
| &nbsp;&nbsp;&nbsp; 8839052, 4.714%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 2155 | 2013 | 2053 |
| &nbsp;&nbsp;&nbsp; 8839068, 5.598%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 13109 | 12093 | 10944 |
| &nbsp;&nbsp;&nbsp; 8839120, 6.104%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 3034 | 2779 | 2896 |
| &nbsp;&nbsp;&nbsp; 8839163, 4.726%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 1274 | 1190 | 1234 |
| &nbsp;&nbsp;&nbsp; 8839190, 5.598%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 33330 | 30748 | 31489 |
| &nbsp;&nbsp;&nbsp; 8839429, 6.116%, 9/13/2026 †§x¶ | Square | 3/18/2025 | 937 | 858 | 849 |
| &nbsp;&nbsp;&nbsp; 8839491, 5.597%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 9859 | 9096 | 7634 |
| &nbsp;&nbsp;&nbsp; 8839555, 6.447%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 7419 | 6765 | 7157 |
| &nbsp;&nbsp;&nbsp; 8839616, 4.719%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 5835 | 5449 | 5608 |
| &nbsp;&nbsp;&nbsp; 8839648, 5.913%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 7305 | 6710 | 7067 |
| &nbsp;&nbsp;&nbsp; 8839803, 5.349%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 867 | 803 | 846 |
| &nbsp;&nbsp;&nbsp; 8839833, 6.446%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 4453 | 4060 | 4241 |
| &nbsp;&nbsp;&nbsp; 8839892, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 1119 | 1041 | 1101 |
| &nbsp;&nbsp;&nbsp; 8839974, 4.718%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 10932 | 10221 | 10588 |
| &nbsp;&nbsp;&nbsp; 8840081, 4.718%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 17740 | 16568 | 16785 |
| &nbsp;&nbsp;&nbsp; 8840260, 5.593%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 2114 | 1951 | 2031 |
| &nbsp;&nbsp;&nbsp; 8840294, 6.447%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 7470 | 6811 | 6969 |
| &nbsp;&nbsp;&nbsp; 8840363, 4.715%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 5036 | 4703 | 4503 |
| &nbsp;&nbsp;&nbsp; 8840413, 5.042%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 1426 | 1326 | 1358 |
| &nbsp;&nbsp;&nbsp; 8840423, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 8658 | 8050 | 8329 |
| &nbsp;&nbsp;&nbsp; 8840536, 4.718%, 9/14/2026 †x¶# | Square | 3/18/2025 | 23791 | 22218 | 9433 |
| &nbsp;&nbsp;&nbsp; 8840648, 4.719%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 7148 | 6675 | 6945 |
| &nbsp;&nbsp;&nbsp; 8840707, 5.629%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 7025 | 6478 | 6163 |
| &nbsp;&nbsp;&nbsp; 8840785, 4.715%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 3854 | 3599 | 3693 |
| &nbsp;&nbsp;&nbsp; 8840817, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 3484 | 3239 | 3026 |
| &nbsp;&nbsp;&nbsp; 8841167, 5.593%, 9/14/2026 †x¶ | Square | 3/18/2025 | 6769 | 6245 | 1515 |
| &nbsp;&nbsp;&nbsp; 8841247, 6.447%, 9/14/2026 †x¶ | Square | 3/18/2025 | 136258 | 124246 | 125407 |
| &nbsp;&nbsp;&nbsp; 8841268, 6.465%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 49 | 45 | 48 |
| &nbsp;&nbsp;&nbsp; 8841451, 4.720%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 927 | 866 | 915 |
| &nbsp;&nbsp;&nbsp; 8841490, 5.346%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 6741 | 6240 | 6552 |
| &nbsp;&nbsp;&nbsp; 8841604, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 12284 | 11422 | 11812 |
| &nbsp;&nbsp;&nbsp; 8841680, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 10847 | 10130 | 10067 |
| &nbsp;&nbsp;&nbsp; 8841711, 4.719%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 5025 | 4693 | 4775 |
| &nbsp;&nbsp;&nbsp; 8841729, 4.712%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 3536 | 3303 | 3363 |
| &nbsp;&nbsp;&nbsp; 8841740, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 24918 | 23271 | 21780 |
| &nbsp;&nbsp;&nbsp; 8841758418, 26.533%, 11/14/2024 †x¥#^ | Stripe | 5/22/2023 | 13346 | 13880 | 534 |
| &nbsp;&nbsp;&nbsp; 8841806, 4.722%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 3660 | 3418 | 3491 |
| &nbsp;&nbsp;&nbsp; 8841816, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 4378 | 4071 | 4258 |
| &nbsp;&nbsp;&nbsp; 8841851, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 10742 | 9989 | 10127 |
| &nbsp;&nbsp;&nbsp; 8841878, 4.719%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 8401 | 7845 | 8019 |
| &nbsp;&nbsp;&nbsp; 8841940, 5.352%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 3711 | 3435 | 3360 |
| &nbsp;&nbsp;&nbsp; 8841971, 4.719%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 12464 | 11640 | 11952 |
| &nbsp;&nbsp;&nbsp; 8842033, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 5359 | 5005 | 5132 |
| &nbsp;&nbsp;&nbsp; 8842043, 4.714%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 3594 | 3356 | 3404 |
| &nbsp;&nbsp;&nbsp; 8842052, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 9870 | 9177 | 9431 |
| &nbsp;&nbsp;&nbsp; 8842160, 5.019%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 1097 | 1020 | 1062 |
| &nbsp;&nbsp;&nbsp; 8842284, 5.912%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 29577 | 27168 | 27892 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8778** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8842511, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | $8193 | $7652 | $7813 |
| &nbsp;&nbsp;&nbsp; 8842566, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 4245 | 3964 | 4049 |
| &nbsp;&nbsp;&nbsp; 8842706, 5.597%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 12160 | 11218 | 11893 |
| &nbsp;&nbsp;&nbsp; 8842713725, 22.388%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 3442 | 3579 | 3643 |
| &nbsp;&nbsp;&nbsp; 8842815, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 8009 | 7480 | 7690 |
| &nbsp;&nbsp;&nbsp; 8842847, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 4471 | 4176 | 4291 |
| &nbsp;&nbsp;&nbsp; 8842857, 4.719%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 6345 | 5926 | 6180 |
| &nbsp;&nbsp;&nbsp; 8842975, 5.031%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 6625 | 6160 | 6439 |
| &nbsp;&nbsp;&nbsp; 8843121, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 27974 | 26125 | 27017 |
| &nbsp;&nbsp;&nbsp; 8843330, 6.451%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 738 | 673 | 709 |
| &nbsp;&nbsp;&nbsp; 8843361, 4.719%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 5402 | 5045 | 5233 |
| &nbsp;&nbsp;&nbsp; 8843413, 6.447%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 26910 | 24539 | 25935 |
| &nbsp;&nbsp;&nbsp; 8843668, 4.718%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 33102 | 30914 | 31503 |
| &nbsp;&nbsp;&nbsp; 8843678632, 24.000%, 2/10/2023 †x¥#^ | Stripe | 8/17/2021 | 45676 | 47503 | 1827 |
| &nbsp;&nbsp;&nbsp; 8843940, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 19365 | 18085 | 18806 |
| &nbsp;&nbsp;&nbsp; 8843997, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 40025 | 37380 | 38571 |
| &nbsp;&nbsp;&nbsp; 8844156, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 25095 | 23437 | 24351 |
| &nbsp;&nbsp;&nbsp; 8844283, 4.718%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 14435 | 13481 | 13997 |
| &nbsp;&nbsp;&nbsp; 8844342, 4.938%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 303 | 282 | 288 |
| &nbsp;&nbsp;&nbsp; 8844369, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 6494 | 6065 | 6229 |
| &nbsp;&nbsp;&nbsp; 8844395, 4.712%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 3459 | 3230 | 3249 |
| &nbsp;&nbsp;&nbsp; 8844404, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 13872 | 12901 | 13429 |
| &nbsp;&nbsp;&nbsp; 8844491, 6.289%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 12568 | 11487 | 10251 |
| &nbsp;&nbsp;&nbsp; 8844514749, 26.526%, 8/06/2025 †x¥#^ | Stripe | 2/09/2024 | 269 | 280 | 48 |
| &nbsp;&nbsp;&nbsp; 8844531, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2766 | 2584 | 2677 |
| &nbsp;&nbsp;&nbsp; 8844543, 6.443%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1231 | 1123 | 1151 |
| &nbsp;&nbsp;&nbsp; 8844553, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2190 | 2045 | 2109 |
| &nbsp;&nbsp;&nbsp; 8844563, 5.031%, 9/15/2026 †x¶ | Square | 3/19/2025 | 11434 | 10632 | 8487 |
| &nbsp;&nbsp;&nbsp; 8844608, 5.035%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1910 | 1776 | 1851 |
| &nbsp;&nbsp;&nbsp; 8844628, 6.462%, 9/15/2026 †x¶ | Square | 3/19/2025 | 1165 | 1062 | 459 |
| &nbsp;&nbsp;&nbsp; 8844634, 4.719%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 12092 | 11292 | 11528 |
| &nbsp;&nbsp;&nbsp; 8844678, 4.715%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 3827 | 3574 | 3691 |
| &nbsp;&nbsp;&nbsp; 8844694, 6.081%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 762 | 699 | 688 |
| &nbsp;&nbsp;&nbsp; 8844697, 5.346%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 19550 | 18099 | 18896 |
| &nbsp;&nbsp;&nbsp; 8844785, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1610 | 1497 | 1569 |
| &nbsp;&nbsp;&nbsp; 8844804, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 3108 | 2903 | 2962 |
| &nbsp;&nbsp;&nbsp; 8844818, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 7908 | 7353 | 7491 |
| &nbsp;&nbsp;&nbsp; 8844843, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 8682 | 8074 | 8342 |
| &nbsp;&nbsp;&nbsp; 8844873, 5.339%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1304 | 1208 | 1263 |
| &nbsp;&nbsp;&nbsp; 8844901, 4.721%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 4237 | 3957 | 4097 |
| &nbsp;&nbsp;&nbsp; 8844922, 6.447%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 5857 | 5341 | 4997 |
| &nbsp;&nbsp;&nbsp; 8844942, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 10467 | 9732 | 10129 |
| &nbsp;&nbsp;&nbsp; 8845002, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 6266 | 5827 | 5648 |
| &nbsp;&nbsp;&nbsp; 8845017, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2715 | 2525 | 2627 |
| &nbsp;&nbsp;&nbsp; 8845033, 4.720%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 6074 | 5672 | 5853 |
| &nbsp;&nbsp;&nbsp; 8845133, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1684 | 1573 | 1629 |
| &nbsp;&nbsp;&nbsp; 8845144, 5.919%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 3164 | 2906 | 2608 |
| &nbsp;&nbsp;&nbsp; 8845154, 6.440%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1308 | 1193 | 1235 |
| &nbsp;&nbsp;&nbsp; 8845162, 5.634%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 648 | 598 | 610 |
| &nbsp;&nbsp;&nbsp; 8845166, 4.714%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2754 | 2572 | 2660 |
| &nbsp;&nbsp;&nbsp; 8845186, 5.597%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 4479 | 4132 | 4393 |
| &nbsp;&nbsp;&nbsp; 8845216, 4.720%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 4006 | 3741 | 3900 |
| &nbsp;&nbsp;&nbsp; 8845232, 6.476%, 9/15/2026 †x¶ | Square | 3/19/2025 | 795 | 725 | 446 |
| &nbsp;&nbsp;&nbsp; 8845235, 5.361%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1498 | 1387 | 1373 |
| &nbsp;&nbsp;&nbsp; 8845237, 6.101%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2728 | 2500 | 2636 |
| &nbsp;&nbsp;&nbsp; 8845303, 4.715%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 5603 | 5233 | 5335 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8779** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8845316, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | $4572 | $4270 | $4374 |
| &nbsp;&nbsp;&nbsp; 8845338, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 3647 | 3391 | 3578 |
| &nbsp;&nbsp;&nbsp; 8845419, 6.104%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 681 | 624 | 652 |
| &nbsp;&nbsp;&nbsp; 8845424, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 5372 | 4995 | 5082 |
| &nbsp;&nbsp;&nbsp; 8845452, 6.449%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2214 | 2019 | 2122 |
| &nbsp;&nbsp;&nbsp; 8845476, 5.349%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2122 | 1964 | 2035 |
| &nbsp;&nbsp;&nbsp; 8845514, 6.451%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 990 | 903 | 939 |
| &nbsp;&nbsp;&nbsp; 8845524, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 5232 | 4866 | 4960 |
| &nbsp;&nbsp;&nbsp; 8845554, 6.271%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 796 | 728 | 675 |
| &nbsp;&nbsp;&nbsp; 8845560, 4.927%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 427 | 397 | 396 |
| &nbsp;&nbsp;&nbsp; 8845564, 4.906%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 297 | 277 | 241 |
| &nbsp;&nbsp;&nbsp; 8845646, 4.722%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2777 | 2594 | 2706 |
| &nbsp;&nbsp;&nbsp; 8845664, 5.604%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1375 | 1270 | 1344 |
| &nbsp;&nbsp;&nbsp; 8845673, 5.345%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 7266 | 6727 | 6995 |
| &nbsp;&nbsp;&nbsp; 8845699, 4.720%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 6442 | 6016 | 6174 |
| &nbsp;&nbsp;&nbsp; 8845724, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 26852 | 25078 | 23529 |
| &nbsp;&nbsp;&nbsp; 8845810, 4.721%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 4450 | 4156 | 4243 |
| &nbsp;&nbsp;&nbsp; 8845837, 4.730%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1227 | 1145 | 1191 |
| &nbsp;&nbsp;&nbsp; 8845840, 5.027%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1660 | 1544 | 1584 |
| &nbsp;&nbsp;&nbsp; 8845873, 4.724%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1439 | 1344 | 1393 |
| &nbsp;&nbsp;&nbsp; 8845884, 5.031%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1219 | 1134 | 1191 |
| &nbsp;&nbsp;&nbsp; 8845950, 4.719%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 3220 | 3008 | 3122 |
| &nbsp;&nbsp;&nbsp; 8845964, 4.716%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 1349 | 1261 | 1293 |
| &nbsp;&nbsp;&nbsp; 8845969, 5.348%, 9/15/2026 †x¶ | Square | 3/19/2025 | 17006 | 15743 | 3888 |
| &nbsp;&nbsp;&nbsp; 8846026, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 7167 | 6693 | 6894 |
| &nbsp;&nbsp;&nbsp; 8846051, 6.096%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2040 | 1869 | 1982 |
| &nbsp;&nbsp;&nbsp; 8846065, 5.596%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 2244 | 2070 | 2086 |
| &nbsp;&nbsp;&nbsp; 8846073, 6.103%, 9/15/2026 †x¶ | Square | 3/19/2025 | 2281 | 2090 | 1119 |
| &nbsp;&nbsp;&nbsp; 8846085, 4.912%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 363 | 338 | 275 |
| &nbsp;&nbsp;&nbsp; 8846092, 5.349%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 6692 | 6195 | 6460 |
| &nbsp;&nbsp;&nbsp; 8846130, 4.720%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 6676 | 6235 | 6456 |
| &nbsp;&nbsp;&nbsp; 8846210, 4.722%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3293 | 3075 | 3195 |
| &nbsp;&nbsp;&nbsp; 8846230, 5.348%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 7275 | 6735 | 7032 |
| &nbsp;&nbsp;&nbsp; 8846273, 4.717%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 8896 | 8308 | 8517 |
| &nbsp;&nbsp;&nbsp; 8846308, 5.911%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 11157 | 10249 | 10887 |
| &nbsp;&nbsp;&nbsp; 8846396, 5.031%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 2092 | 1945 | 2004 |
| &nbsp;&nbsp;&nbsp; 8846405, 4.730%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 1593 | 1488 | 1493 |
| &nbsp;&nbsp;&nbsp; 8846413, 6.105%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 2986 | 2736 | 2825 |
| &nbsp;&nbsp;&nbsp; 8846425, 4.719%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 9730 | 9087 | 9367 |
| &nbsp;&nbsp;&nbsp; 8846468, 6.102%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3159 | 2894 | 3066 |
| &nbsp;&nbsp;&nbsp; 8846515, 5.346%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 2866 | 2654 | 2794 |
| &nbsp;&nbsp;&nbsp; 8846543, 4.716%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 7380 | 6892 | 6902 |
| &nbsp;&nbsp;&nbsp; 8846581, 4.712%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 1636 | 1528 | 1588 |
| &nbsp;&nbsp;&nbsp; 8846618, 4.717%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 4945 | 4618 | 4740 |
| &nbsp;&nbsp;&nbsp; 8846632, 5.037%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3930 | 3654 | 3404 |
| &nbsp;&nbsp;&nbsp; 8846639, 6.294%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 1272 | 1162 | 1189 |
| &nbsp;&nbsp;&nbsp; 8846642, 4.720%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 7051 | 6587 | 6196 |
| &nbsp;&nbsp;&nbsp; 8846670, 6.447%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3879 | 3537 | 865 |
| &nbsp;&nbsp;&nbsp; 8846686, 5.904%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 1208 | 1110 | 1136 |
| &nbsp;&nbsp;&nbsp; 8846695, 4.898%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 433 | 404 | 354 |
| &nbsp;&nbsp;&nbsp; 8846697, 5.025%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 2912 | 2708 | 2026 |
| &nbsp;&nbsp;&nbsp; 8846705, 4.714%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 2368 | 2211 | 2268 |
| &nbsp;&nbsp;&nbsp; 8846718, 4.717%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 6318 | 5900 | 6087 |
| &nbsp;&nbsp;&nbsp; 8846760, 5.041%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 1528 | 1420 | 1444 |
| &nbsp;&nbsp;&nbsp; 8846767, 4.948%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 241 | 224 | 231 |
| &nbsp;&nbsp;&nbsp; 8846770, 6.448%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 1229 | 1121 | 1171 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8780** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8846825, 6.446%, 9/16/2026 †x¶# | Square | 3/19/2025 | $17448 | $15910 | $1772 |
| &nbsp;&nbsp;&nbsp; 8846852, 4.714%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3340 | 3121 | 3156 |
| &nbsp;&nbsp;&nbsp; 8846871, 5.031%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 14257 | 13256 | 12501 |
| &nbsp;&nbsp;&nbsp; 8846927, 4.716%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3217 | 3005 | 3038 |
| &nbsp;&nbsp;&nbsp; 8846953, 4.719%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 8342 | 7790 | 7986 |
| &nbsp;&nbsp;&nbsp; 8846983, 4.720%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3231 | 3017 | 3164 |
| &nbsp;&nbsp;&nbsp; 8847020, 4.719%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3806 | 3554 | 3686 |
| &nbsp;&nbsp;&nbsp; 8847050, 5.034%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3146 | 2925 | 3008 |
| &nbsp;&nbsp;&nbsp; 8847066, 5.348%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3807 | 3525 | 3686 |
| &nbsp;&nbsp;&nbsp; 8847086, 4.717%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 10455 | 9765 | 10090 |
| &nbsp;&nbsp;&nbsp; 8847136, 5.348%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3720 | 3444 | 3608 |
| &nbsp;&nbsp;&nbsp; 8847173, 5.346%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 3136 | 2903 | 2901 |
| &nbsp;&nbsp;&nbsp; 8847191, 4.716%, 9/16/2026 †§x¶ | Square | 3/19/2025 | 5976 | 5581 | 5797 |
| &nbsp;&nbsp;&nbsp; 8847369743, 14.756%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 157 | 163 | 165 |
| &nbsp;&nbsp;&nbsp; 8848152, 4.717%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 9154 | 8549 | 8724 |
| &nbsp;&nbsp;&nbsp; 8848178, 5.031%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 25972 | 24150 | 18973 |
| &nbsp;&nbsp;&nbsp; 8848379, 6.104%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 1923 | 1762 | 1759 |
| &nbsp;&nbsp;&nbsp; 8848445, 6.441%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 1269 | 1158 | 799 |
| &nbsp;&nbsp;&nbsp; 8848458, 5.590%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 1145 | 1056 | 1083 |
| &nbsp;&nbsp;&nbsp; 8848486, 5.031%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 4872 | 4531 | 4684 |
| &nbsp;&nbsp;&nbsp; 8848547, 4.717%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 10506 | 9812 | 10115 |
| &nbsp;&nbsp;&nbsp; 8848751, 6.451%, 9/17/2026 †x¶# | Square | 3/19/2025 | 7427 | 6772 | 582 |
| &nbsp;&nbsp;&nbsp; 8848970, 4.717%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 22311 | 20837 | 21307 |
| &nbsp;&nbsp;&nbsp; 8849150, 4.717%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 88354 | 82515 | 76693 |
| &nbsp;&nbsp;&nbsp; 8849169, 6.447%, 9/17/2026 †x¶# | Square | 3/19/2025 | 1185 | 1081 | 93 |
| &nbsp;&nbsp;&nbsp; 8849171, 4.717%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 12017 | 11223 | 11527 |
| &nbsp;&nbsp;&nbsp; 8849307, 5.031%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 7671 | 7133 | 7438 |
| &nbsp;&nbsp;&nbsp; 8849359, 5.346%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 13889 | 12858 | 13488 |
| &nbsp;&nbsp;&nbsp; 8849462, 4.715%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 2954 | 2759 | 2673 |
| &nbsp;&nbsp;&nbsp; 8849477, 5.908%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 4986 | 4580 | 3338 |
| &nbsp;&nbsp;&nbsp; 8849755, 5.031%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 93858 | 87271 | 80285 |
| &nbsp;&nbsp;&nbsp; 8849759, 6.276%, 9/17/2026 †x¶# | Square | 3/19/2025 | 906 | 828 | 110 |
| &nbsp;&nbsp;&nbsp; 8850213420, 19.721%, 8/31/2024 †x¥#^ | Stripe | 3/08/2023 | 3896 | 4052 | 156 |
| &nbsp;&nbsp;&nbsp; 8851020847, 22.533%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 444 | 462 | 18 |
| &nbsp;&nbsp;&nbsp; 8852135, 5.031%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 47444 | 44115 | 46139 |
| &nbsp;&nbsp;&nbsp; 8852629, 5.597%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 55477 | 51180 | 53392 |
| &nbsp;&nbsp;&nbsp; 8852891, 5.604%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2616 | 2413 | 2441 |
| &nbsp;&nbsp;&nbsp; 8852906, 6.447%, 9/18/2026 †x¶ | Square | 3/20/2025 | 2030 | 1851 | 221 |
| &nbsp;&nbsp;&nbsp; 8852909, 6.104%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 1965 | 1800 | 1856 |
| &nbsp;&nbsp;&nbsp; 8852914, 6.440%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 273 | 249 | 268 |
| &nbsp;&nbsp;&nbsp; 8852933, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 18336 | 17049 | 17838 |
| &nbsp;&nbsp;&nbsp; 8853176, 5.034%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3755 | 3491 | 3319 |
| &nbsp;&nbsp;&nbsp; 8853187, 4.714%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 1836 | 1715 | 1790 |
| &nbsp;&nbsp;&nbsp; 8853196, 6.101%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 4153 | 3805 | 4027 |
| &nbsp;&nbsp;&nbsp; 8853236, 5.630%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 4950 | 4565 | 4735 |
| &nbsp;&nbsp;&nbsp; 8853379, 6.289%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 951 | 869 | 924 |
| &nbsp;&nbsp;&nbsp; 8853387, 5.644%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 469 | 433 | 443 |
| &nbsp;&nbsp;&nbsp; 8853412, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 14514 | 13495 | 13434 |
| &nbsp;&nbsp;&nbsp; 8853516, 6.105%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3073 | 2815 | 2888 |
| &nbsp;&nbsp;&nbsp; 8853578, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 44291 | 41364 | 42350 |
| &nbsp;&nbsp;&nbsp; 8854074, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3112 | 2906 | 3031 |
| &nbsp;&nbsp;&nbsp; 8854124, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 22133 | 20579 | 21007 |
| &nbsp;&nbsp;&nbsp; 8854257, 6.442%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2148 | 1958 | 1629 |
| &nbsp;&nbsp;&nbsp; 8854268, 5.606%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2581 | 2381 | 2307 |
| &nbsp;&nbsp;&nbsp; 8854284, 4.715%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3517 | 3284 | 3373 |
| &nbsp;&nbsp;&nbsp; 8854337, 6.448%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 171 | 156 | 168 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8781** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8854419, 4.928%, 9/18/2026 †§x¶ | Square | 3/20/2025 | $223 | $207 | $210 |
| &nbsp;&nbsp;&nbsp; 8854427, 4.719%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3690 | 3446 | 3553 |
| &nbsp;&nbsp;&nbsp; 8854445, 5.598%, 9/18/2026 †x¶# | Square | 3/20/2025 | 4935 | 4553 | 511 |
| &nbsp;&nbsp;&nbsp; 8854475, 5.603%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2109 | 1945 | 1951 |
| &nbsp;&nbsp;&nbsp; 8854628, 4.719%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 10072 | 9406 | 9440 |
| &nbsp;&nbsp;&nbsp; 8854689, 5.597%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 10103 | 9321 | 9773 |
| &nbsp;&nbsp;&nbsp; 8854791, 4.715%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 4976 | 4648 | 4673 |
| &nbsp;&nbsp;&nbsp; 8854822, 5.031%, 9/18/2026 †x¶ | Square | 3/20/2025 | 25218 | 23448 | 4004 |
| &nbsp;&nbsp;&nbsp; 8854854802, 18.929%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 13993 | 14552 | 8008 |
| &nbsp;&nbsp;&nbsp; 8855057, 6.440%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 767 | 699 | 646 |
| &nbsp;&nbsp;&nbsp; 8855058, 5.603%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 1545 | 1425 | 1426 |
| &nbsp;&nbsp;&nbsp; 8855071, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3330 | 3111 | 3240 |
| &nbsp;&nbsp;&nbsp; 8855111, 5.025%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2383 | 2216 | 2283 |
| &nbsp;&nbsp;&nbsp; 8855713, 5.039%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2141 | 1990 | 2004 |
| &nbsp;&nbsp;&nbsp; 8855731, 4.714%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 1099 | 1026 | 1081 |
| &nbsp;&nbsp;&nbsp; 8855783, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2414 | 2255 | 2108 |
| &nbsp;&nbsp;&nbsp; 8855802, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 4291 | 3990 | 4083 |
| &nbsp;&nbsp;&nbsp; 8855840, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 17965 | 16704 | 17399 |
| &nbsp;&nbsp;&nbsp; 8856146, 4.741%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 296 | 277 | 289 |
| &nbsp;&nbsp;&nbsp; 8856154, 5.355%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 1026 | 951 | 1005 |
| &nbsp;&nbsp;&nbsp; 8856219, 5.599%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 8429 | 7776 | 8054 |
| &nbsp;&nbsp;&nbsp; 8856243, 6.455%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2493 | 2273 | 2010 |
| &nbsp;&nbsp;&nbsp; 8856269, 4.716%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2792 | 2607 | 2694 |
| &nbsp;&nbsp;&nbsp; 8856280, 6.090%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 1205 | 1104 | 1108 |
| &nbsp;&nbsp;&nbsp; 8856302, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 34103 | 31850 | 29753 |
| &nbsp;&nbsp;&nbsp; 8856375, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 83666 | 78137 | 79538 |
| &nbsp;&nbsp;&nbsp; 8856480, 5.347%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 34275 | 31730 | 32156 |
| &nbsp;&nbsp;&nbsp; 8856613, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3631 | 3377 | 3237 |
| &nbsp;&nbsp;&nbsp; 8856619, 5.601%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 286 | 272 | 241 |
| &nbsp;&nbsp;&nbsp; 8856639, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 4476 | 4180 | 4303 |
| &nbsp;&nbsp;&nbsp; 8856649, 6.452%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2762 | 2518 | 2399 |
| &nbsp;&nbsp;&nbsp; 8856668, 4.721%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3036 | 2835 | 2930 |
| &nbsp;&nbsp;&nbsp; 8856691, 5.344%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 6890 | 6378 | 5529 |
| &nbsp;&nbsp;&nbsp; 8856712, 6.114%, 9/18/2026 †x¶# | Square | 3/20/2025 | 2343 | 2146 | 184 |
| &nbsp;&nbsp;&nbsp; 8856766, 5.034%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3809 | 3542 | 3593 |
| &nbsp;&nbsp;&nbsp; 8856778, 5.346%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 78248 | 72439 | 70687 |
| &nbsp;&nbsp;&nbsp; 8856780, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 4088 | 3801 | 3964 |
| &nbsp;&nbsp;&nbsp; 8856825, 4.718%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 18527 | 17303 | 18090 |
| &nbsp;&nbsp;&nbsp; 8856958787, 22.528%, 8/10/2024 †x¥#^ | Stripe | 2/15/2023 | 4714 | 4902 | 189 |
| &nbsp;&nbsp;&nbsp; 8857080, 4.720%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 7651 | 7145 | 7269 |
| &nbsp;&nbsp;&nbsp; 8857088, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 81145 | 75783 | 79120 |
| &nbsp;&nbsp;&nbsp; 8857159, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 23812 | 22238 | 19295 |
| &nbsp;&nbsp;&nbsp; 8857303, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 744 | 692 | 719 |
| &nbsp;&nbsp;&nbsp; 8857304, 4.715%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3832 | 3579 | 3685 |
| &nbsp;&nbsp;&nbsp; 8857321, 6.289%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 91 | 83 | 89 |
| &nbsp;&nbsp;&nbsp; 8857424, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 9825 | 9176 | 9425 |
| &nbsp;&nbsp;&nbsp; 8857467, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 3559 | 3311 | 3442 |
| &nbsp;&nbsp;&nbsp; 8857484, 5.598%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 2876 | 2653 | 2797 |
| &nbsp;&nbsp;&nbsp; 8857497, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 5191 | 4848 | 4972 |
| &nbsp;&nbsp;&nbsp; 8857526, 4.718%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 26787 | 25016 | 25607 |
| &nbsp;&nbsp;&nbsp; 8857813, 5.660%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 217 | 200 | 203 |
| &nbsp;&nbsp;&nbsp; 8857823, 5.038%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 1484 | 1380 | 1448 |
| &nbsp;&nbsp;&nbsp; 8857862, 4.717%, 9/19/2026 †x¶ | Square | 3/21/2025 | 123785 | 115605 | 115498 |
| &nbsp;&nbsp;&nbsp; 8857865, 6.437%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 1109 | 1011 | 1059 |
| &nbsp;&nbsp;&nbsp; 8857877, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 13188 | 12262 | 11951 |
| &nbsp;&nbsp;&nbsp; 8857999, 5.660%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 531 | 489 | 395 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8782** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8858006578, 18.667%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | $75859 | $78893 | $79917 |
| &nbsp;&nbsp;&nbsp; 8858010, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 992 | 923 | 969 |
| &nbsp;&nbsp;&nbsp; 8858025, 5.597%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 1153 | 1063 | 1083 |
| &nbsp;&nbsp;&nbsp; 8858049, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 13877 | 12903 | 13547 |
| &nbsp;&nbsp;&nbsp; 8858237, 4.715%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 6583 | 6148 | 5629 |
| &nbsp;&nbsp;&nbsp; 8858296, 4.719%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 5041 | 4708 | 4947 |
| &nbsp;&nbsp;&nbsp; 8858413, 6.114%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 1174 | 1075 | 1016 |
| &nbsp;&nbsp;&nbsp; 8858425, 4.719%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 3580 | 3344 | 3449 |
| &nbsp;&nbsp;&nbsp; 8858484, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 8538 | 7973 | 8287 |
| &nbsp;&nbsp;&nbsp; 8858569, 6.447%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 5743 | 5237 | 5262 |
| &nbsp;&nbsp;&nbsp; 8858602, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 8235 | 7691 | 7814 |
| &nbsp;&nbsp;&nbsp; 8858633, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 36309 | 33910 | 35052 |
| &nbsp;&nbsp;&nbsp; 8859067, 5.348%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 3865 | 3578 | 3660 |
| &nbsp;&nbsp;&nbsp; 8859088, 5.036%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2867 | 2666 | 2782 |
| &nbsp;&nbsp;&nbsp; 8859108, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 9503 | 8836 | 9240 |
| &nbsp;&nbsp;&nbsp; 8859204, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 12097 | 11297 | 11756 |
| &nbsp;&nbsp;&nbsp; 8859256, 5.912%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 12110 | 11124 | 11393 |
| &nbsp;&nbsp;&nbsp; 8859371, 4.721%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 3720 | 3474 | 3404 |
| &nbsp;&nbsp;&nbsp; 8859403, 6.449%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 4868 | 4439 | 3056 |
| &nbsp;&nbsp;&nbsp; 8859437, 4.718%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 17749 | 16576 | 16947 |
| &nbsp;&nbsp;&nbsp; 8859569, 6.446%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 6004 | 5474 | 5551 |
| &nbsp;&nbsp;&nbsp; 8859615, 4.719%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 8115 | 7579 | 7685 |
| &nbsp;&nbsp;&nbsp; 8859769, 5.358%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 1001 | 928 | 965 |
| &nbsp;&nbsp;&nbsp; 8860291, 4.720%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2166 | 2023 | 2108 |
| &nbsp;&nbsp;&nbsp; 8860309, 4.738%, 9/19/2026 †x¶ | Square | 3/21/2025 | 1096 | 1023 | 897 |
| &nbsp;&nbsp;&nbsp; 8860503, 6.289%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 147 | 134 | 145 |
| &nbsp;&nbsp;&nbsp; 8860505, 5.911%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 6143 | 5642 | 5871 |
| &nbsp;&nbsp;&nbsp; 8860570, 4.724%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2497 | 2332 | 2408 |
| &nbsp;&nbsp;&nbsp; 8860635, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 4295 | 3994 | 4077 |
| &nbsp;&nbsp;&nbsp; 8860680, 5.026%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2168 | 2016 | 2084 |
| &nbsp;&nbsp;&nbsp; 8860722, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 24195 | 22497 | 22971 |
| &nbsp;&nbsp;&nbsp; 8860741, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 78566 | 73374 | 75797 |
| &nbsp;&nbsp;&nbsp; 8860862, 5.597%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 1859 | 1715 | 1820 |
| &nbsp;&nbsp;&nbsp; 8860886, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 16616 | 15450 | 16167 |
| &nbsp;&nbsp;&nbsp; 8860891568, 18.398%, 8/24/2023 †x¥#^ | Stripe | 2/28/2022 | 8084 | 8408 | 323 |
| &nbsp;&nbsp;&nbsp; 8861022, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 3188 | 2977 | 1631 |
| &nbsp;&nbsp;&nbsp; 8861038, 4.724%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2815 | 2629 | 2691 |
| &nbsp;&nbsp;&nbsp; 8861081, 6.451%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2938 | 2680 | 2720 |
| &nbsp;&nbsp;&nbsp; 8861102, 6.457%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 980 | 893 | 830 |
| &nbsp;&nbsp;&nbsp; 8861140, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 8234 | 7694 | 7992 |
| &nbsp;&nbsp;&nbsp; 8861181, 6.468%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 774 | 705 | 732 |
| &nbsp;&nbsp;&nbsp; 8861199, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 28133 | 26274 | 26470 |
| &nbsp;&nbsp;&nbsp; 8861306, 6.102%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2252 | 2063 | 2176 |
| &nbsp;&nbsp;&nbsp; 8861345, 6.100%, 9/19/2026 †x¶ | Square | 3/21/2025 | 5096 | 4669 | 4945 |
| &nbsp;&nbsp;&nbsp; 8861409, 4.718%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 3167 | 2960 | 3037 |
| &nbsp;&nbsp;&nbsp; 8861428, 6.438%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 691 | 630 | 544 |
| &nbsp;&nbsp;&nbsp; 886143007, 18.933%, 7/06/2026 †x¥# | Stripe | 4/18/2024 | 2585 | 2688 | 103 |
| &nbsp;&nbsp;&nbsp; 8861433, 5.598%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 8053 | 7429 | 7916 |
| &nbsp;&nbsp;&nbsp; 8861595, 4.719%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 2861 | 2672 | 2718 |
| &nbsp;&nbsp;&nbsp; 8861606, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 26767 | 24889 | 26020 |
| &nbsp;&nbsp;&nbsp; 8861673, 5.346%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 76087 | 70438 | 72819 |
| &nbsp;&nbsp;&nbsp; 8861794, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 5444 | 5062 | 4785 |
| &nbsp;&nbsp;&nbsp; 8861815, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 24606 | 22879 | 23867 |
| &nbsp;&nbsp;&nbsp; 8862029, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 7549 | 7019 | 6936 |
| &nbsp;&nbsp;&nbsp; 8862059, 5.031%, 9/19/2026 †x¶# | Square | 3/21/2025 | 36967 | 34373 | 10514 |
| &nbsp;&nbsp;&nbsp; 8862171, 5.346%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 10021 | 9277 | 9692 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8783** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 886217584, 13.859%, 3/04/2026 †x¥ | Stripe | 9/06/2024 | $1046 | $1088 | $1120 |
| &nbsp;&nbsp;&nbsp; 8862239, 4.715%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 4507 | 4210 | 4313 |
| &nbsp;&nbsp;&nbsp; 8862276, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 11063 | 10287 | 10553 |
| &nbsp;&nbsp;&nbsp; 8862463408, 20.530%, 12/16/2024 †x¥#^ | Stripe | 1/12/2023 | 897 | 933 | 36 |
| &nbsp;&nbsp;&nbsp; 8862982641, 22.000%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 491 | 510 | 519 |
| &nbsp;&nbsp;&nbsp; 8863609154, 20.129%, 11/13/2024 †x¥#^ | Stripe | 5/19/2023 | 17296 | 17988 | 692 |
| &nbsp;&nbsp;&nbsp; 8864952, 6.105%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 3979 | 3646 | 3586 |
| &nbsp;&nbsp;&nbsp; 8864982, 5.346%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 67001 | 62027 | 64149 |
| &nbsp;&nbsp;&nbsp; 8865011, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 17763 | 16516 | 17044 |
| &nbsp;&nbsp;&nbsp; 8865126, 4.710%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2212 | 2066 | 2126 |
| &nbsp;&nbsp;&nbsp; 8865139, 6.452%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2208 | 2013 | 1574 |
| &nbsp;&nbsp;&nbsp; 8865148, 4.720%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 5454 | 5093 | 5254 |
| &nbsp;&nbsp;&nbsp; 8865176045, 24.133%, 4/18/2024 †x¥#^ | Stripe | 10/24/2022 | 25429 | 26447 | 1017 |
| &nbsp;&nbsp;&nbsp; 8865247, 5.354%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 1782 | 1650 | 1652 |
| &nbsp;&nbsp;&nbsp; 8865431, 6.442%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 907 | 827 | 880 |
| &nbsp;&nbsp;&nbsp; 8865451, 6.443%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 556 | 507 | 535 |
| &nbsp;&nbsp;&nbsp; 8865463, 4.718%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 7637 | 7132 | 7228 |
| &nbsp;&nbsp;&nbsp; 8865525, 6.105%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2248 | 2059 | 2065 |
| &nbsp;&nbsp;&nbsp; 8865558, 5.346%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 17403 | 16111 | 16441 |
| &nbsp;&nbsp;&nbsp; 8865764, 6.445%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 3704 | 3377 | 369 |
| &nbsp;&nbsp;&nbsp; 8865803, 6.098%, 9/20/2026 †x¶# | Square | 3/24/2025 | 5259 | 4821 | 3256 |
| &nbsp;&nbsp;&nbsp; 8865888, 5.597%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 15216 | 14038 | 14341 |
| &nbsp;&nbsp;&nbsp; 8865985, 5.597%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 15141 | 13969 | 11151 |
| &nbsp;&nbsp;&nbsp; 8866101, 6.449%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 3743 | 3413 | 3009 |
| &nbsp;&nbsp;&nbsp; 8866120, 4.719%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 7967 | 7441 | 7742 |
| &nbsp;&nbsp;&nbsp; 8866192, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 3927 | 3652 | 3755 |
| &nbsp;&nbsp;&nbsp; 8866223, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 5044 | 4690 | 4715 |
| &nbsp;&nbsp;&nbsp; 8866254, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 3110 | 2891 | 3005 |
| &nbsp;&nbsp;&nbsp; 8866258292, 26.533%, 4/15/2026 †x¥ | Stripe | 10/18/2024 | 354 | 368 | 377 |
| &nbsp;&nbsp;&nbsp; 8866294, 5.604%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2156 | 1989 | 1925 |
| &nbsp;&nbsp;&nbsp; 8866295, 5.340%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 4413 | 4086 | 2910 |
| &nbsp;&nbsp;&nbsp; 8866333, 4.715%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 5015 | 4684 | 4812 |
| &nbsp;&nbsp;&nbsp; 8866381, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 7727 | 7185 | 7416 |
| &nbsp;&nbsp;&nbsp; 8866434, 4.716%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 6062 | 5662 | 5864 |
| &nbsp;&nbsp;&nbsp; 8866458, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2626 | 2441 | 2576 |
| &nbsp;&nbsp;&nbsp; 8866512, 4.729%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2214 | 2067 | 1904 |
| &nbsp;&nbsp;&nbsp; 8866520, 4.716%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 5031 | 4699 | 4900 |
| &nbsp;&nbsp;&nbsp; 8866558, 4.719%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 10660 | 9955 | 10208 |
| &nbsp;&nbsp;&nbsp; 8866620, 6.102%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 6020 | 5515 | 5591 |
| &nbsp;&nbsp;&nbsp; 8866649, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 5322 | 4949 | 4799 |
| &nbsp;&nbsp;&nbsp; 8866674, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 1521 | 1414 | 1502 |
| &nbsp;&nbsp;&nbsp; 8866908, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 10029 | 9326 | 9741 |
| &nbsp;&nbsp;&nbsp; 8867014, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 1440 | 1339 | 1383 |
| &nbsp;&nbsp;&nbsp; 8867026, 6.443%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2952 | 2692 | 2484 |
| &nbsp;&nbsp;&nbsp; 8867071, 4.717%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 45479 | 42476 | 43716 |
| &nbsp;&nbsp;&nbsp; 8867072, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 64453 | 59930 | 62731 |
| &nbsp;&nbsp;&nbsp; 8867154484, 18.667%, 5/16/2024 †x¥#^ | Stripe | 11/21/2022 | 1631 | 1696 | 65 |
| &nbsp;&nbsp;&nbsp; 8867479, 6.447%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 4930 | 4498 | 4681 |
| &nbsp;&nbsp;&nbsp; 8867524, 6.447%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 5152 | 4698 | 4836 |
| &nbsp;&nbsp;&nbsp; 8867553, 5.027%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 3414 | 3174 | 3269 |
| &nbsp;&nbsp;&nbsp; 8867566, 6.282%, 9/20/2026 †x¶# | Square | 3/24/2025 | 1324 | 1210 | 289 |
| &nbsp;&nbsp;&nbsp; 8867573, 6.462%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 578 | 527 | 477 |
| &nbsp;&nbsp;&nbsp; 8867580, 4.719%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 4702 | 4391 | 4562 |
| &nbsp;&nbsp;&nbsp; 8867610, 6.098%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 1611 | 1476 | 1527 |
| &nbsp;&nbsp;&nbsp; 8867655, 4.719%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 3652 | 3411 | 3549 |
| &nbsp;&nbsp;&nbsp; 8867669, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 32083 | 29831 | 31170 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8784** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8867851, 4.720%, 9/20/2026 †§x¶ | Square | 3/24/2025 | $6240 | $5828 | $6000 |
| &nbsp;&nbsp;&nbsp; 8867871, 4.706%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 1745 | 1630 | 1642 |
| &nbsp;&nbsp;&nbsp; 8867880, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 4722 | 4390 | 4561 |
| &nbsp;&nbsp;&nbsp; 8867916, 4.710%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 2641 | 2467 | 2070 |
| &nbsp;&nbsp;&nbsp; 8867936, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 45056 | 41894 | 42090 |
| &nbsp;&nbsp;&nbsp; 8868099, 6.447%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 7258 | 6618 | 6988 |
| &nbsp;&nbsp;&nbsp; 8869184, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 19472 | 18185 | 17742 |
| &nbsp;&nbsp;&nbsp; 8869256, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 59899 | 55940 | 56968 |
| &nbsp;&nbsp;&nbsp; 8869300, 5.031%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 96444 | 89676 | 89753 |
| &nbsp;&nbsp;&nbsp; 8869380, 5.914%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 1154 | 1060 | 1111 |
| &nbsp;&nbsp;&nbsp; 8869411, 5.610%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 1078 | 994 | 1044 |
| &nbsp;&nbsp;&nbsp; 8869418, 5.034%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 962 | 894 | 946 |
| &nbsp;&nbsp;&nbsp; 8869429, 6.105%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 1045 | 957 | 963 |
| &nbsp;&nbsp;&nbsp; 8869432, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 12458 | 11635 | 12090 |
| &nbsp;&nbsp;&nbsp; 8869472191, 26.527%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 10800 | 11232 | 11377 |
| &nbsp;&nbsp;&nbsp; 8869493, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 94927 | 88654 | 89200 |
| &nbsp;&nbsp;&nbsp; 8869522, 5.027%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 5010 | 4659 | 3780 |
| &nbsp;&nbsp;&nbsp; 8869525, 5.346%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 6487 | 6005 | 6228 |
| &nbsp;&nbsp;&nbsp; 8869538, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 4489 | 4192 | 4282 |
| &nbsp;&nbsp;&nbsp; 8869541, 4.715%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 3645 | 3404 | 3531 |
| &nbsp;&nbsp;&nbsp; 8869549, 6.100%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 2856 | 2617 | 2081 |
| &nbsp;&nbsp;&nbsp; 8869555, 5.328%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 900 | 833 | 846 |
| &nbsp;&nbsp;&nbsp; 8869559, 6.448%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 9201 | 8389 | 8771 |
| &nbsp;&nbsp;&nbsp; 8869597, 5.346%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 2741 | 2537 | 2665 |
| &nbsp;&nbsp;&nbsp; 8869605, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 6962 | 6502 | 6620 |
| &nbsp;&nbsp;&nbsp; 8869620, 5.031%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 5385 | 5007 | 4988 |
| &nbsp;&nbsp;&nbsp; 8869631, 5.915%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 3074 | 2823 | 2689 |
| &nbsp;&nbsp;&nbsp; 8869640, 4.719%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 10434 | 9745 | 9941 |
| &nbsp;&nbsp;&nbsp; 8869681, 4.937%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 1712 | 1594 | 1682 |
| &nbsp;&nbsp;&nbsp; 8869699, 6.092%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 59 | 54 | 58 |
| &nbsp;&nbsp;&nbsp; 8869726, 4.722%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 3260 | 3044 | 3158 |
| &nbsp;&nbsp;&nbsp; 8869732, 5.912%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 25820 | 23717 | 24192 |
| &nbsp;&nbsp;&nbsp; 8869813, 6.103%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2830 | 2592 | 2734 |
| &nbsp;&nbsp;&nbsp; 8869824, 6.449%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 581 | 530 | 569 |
| &nbsp;&nbsp;&nbsp; 8869847, 5.031%, 9/21/2026 †x¶ | Square | 3/25/2025 | 3240 | 3013 | 1473 |
| &nbsp;&nbsp;&nbsp; 8869853, 4.718%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 19266 | 17992 | 18727 |
| &nbsp;&nbsp;&nbsp; 8870175, 5.594%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2757 | 2543 | 2156 |
| &nbsp;&nbsp;&nbsp; 8870211, 4.718%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 12048 | 11252 | 11767 |
| &nbsp;&nbsp;&nbsp; 8870425, 6.450%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1843 | 1680 | 1732 |
| &nbsp;&nbsp;&nbsp; 8870447, 5.029%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2166 | 2014 | 2115 |
| &nbsp;&nbsp;&nbsp; 8870475, 6.113%, 9/21/2026 †x¶ | Square | 3/25/2025 | 2326 | 2131 | 1391 |
| &nbsp;&nbsp;&nbsp; 8870479, 4.719%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 7618 | 7114 | 7324 |
| &nbsp;&nbsp;&nbsp; 8870591, 5.347%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 16277 | 15068 | 15350 |
| &nbsp;&nbsp;&nbsp; 8870811, 4.720%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 6253 | 5839 | 5998 |
| &nbsp;&nbsp;&nbsp; 8870960, 5.034%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2676 | 2488 | 2591 |
| &nbsp;&nbsp;&nbsp; 8870979, 4.719%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 11595 | 10829 | 10188 |
| &nbsp;&nbsp;&nbsp; 8871130, 4.716%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2705 | 2526 | 2621 |
| &nbsp;&nbsp;&nbsp; 8871331, 5.616%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 626 | 578 | 601 |
| &nbsp;&nbsp;&nbsp; 8871332, 5.602%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 3152 | 2908 | 3058 |
| &nbsp;&nbsp;&nbsp; 8871364, 6.110%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1066 | 976 | 1027 |
| &nbsp;&nbsp;&nbsp; 8871379, 6.447%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 13544 | 12350 | 12958 |
| &nbsp;&nbsp;&nbsp; 8871379957, 14.258%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 2959 | 3078 | 3123 |
| &nbsp;&nbsp;&nbsp; 8871476, 4.917%, 9/21/2026 †x¶# | Square | 3/25/2025 | 1214 | 1131 | 95 |
| &nbsp;&nbsp;&nbsp; 8871537, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 16956 | 15835 | 15586 |
| &nbsp;&nbsp;&nbsp; 8871623, 6.100%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1839 | 1685 | 1562 |
| &nbsp;&nbsp;&nbsp; 8871628, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2129 | 1989 | 2065 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8785** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8871646, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | $11032 | $10303 | $10743 |
| &nbsp;&nbsp;&nbsp; 8871752, 5.031%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 11283 | 10492 | 10902 |
| &nbsp;&nbsp;&nbsp; 8871873, 6.441%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 991 | 904 | 946 |
| &nbsp;&nbsp;&nbsp; 8871881, 4.718%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 11536 | 10773 | 11219 |
| &nbsp;&nbsp;&nbsp; 8871973, 6.289%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4965 | 4537 | 3161 |
| &nbsp;&nbsp;&nbsp; 8872012, 5.348%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4192 | 3880 | 3953 |
| &nbsp;&nbsp;&nbsp; 8872074, 6.101%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4488 | 4112 | 4312 |
| &nbsp;&nbsp;&nbsp; 8872286, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 72534 | 67741 | 70455 |
| &nbsp;&nbsp;&nbsp; 8872293, 4.730%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1919 | 1792 | 1684 |
| &nbsp;&nbsp;&nbsp; 8872311, 4.722%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2036 | 1901 | 1974 |
| &nbsp;&nbsp;&nbsp; 8872328, 5.031%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4501 | 4185 | 4356 |
| &nbsp;&nbsp;&nbsp; 8872367, 4.726%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1508 | 1408 | 1469 |
| &nbsp;&nbsp;&nbsp; 8872378, 5.031%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 31597 | 29380 | 30348 |
| &nbsp;&nbsp;&nbsp; 8872577, 5.346%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4206 | 3894 | 3988 |
| &nbsp;&nbsp;&nbsp; 8872627, 6.447%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 5545 | 5056 | 5431 |
| &nbsp;&nbsp;&nbsp; 8872661, 4.711%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1245 | 1163 | 1199 |
| &nbsp;&nbsp;&nbsp; 8872684, 6.447%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4992 | 4551 | 4764 |
| &nbsp;&nbsp;&nbsp; 8872733, 4.720%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4026 | 3760 | 3843 |
| &nbsp;&nbsp;&nbsp; 8872746, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 20855 | 19477 | 20241 |
| &nbsp;&nbsp;&nbsp; 8872810421, 18.796%, 11/28/2025 †x¥# | Stripe | 9/22/2023 | 7599 | 7903 | 304 |
| &nbsp;&nbsp;&nbsp; 8872903, 5.347%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1895 | 1754 | 1784 |
| &nbsp;&nbsp;&nbsp; 8872920, 5.031%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2989 | 2779 | 2895 |
| &nbsp;&nbsp;&nbsp; 8872943, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1655 | 1545 | 1613 |
| &nbsp;&nbsp;&nbsp; 8872956, 5.912%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 3928 | 3608 | 3604 |
| &nbsp;&nbsp;&nbsp; 8872966, 6.289%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 1042 | 952 | 776 |
| &nbsp;&nbsp;&nbsp; 8872978, 5.355%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2107 | 1950 | 2022 |
| &nbsp;&nbsp;&nbsp; 8872995, 5.346%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2987 | 2767 | 2905 |
| &nbsp;&nbsp;&nbsp; 8873011, 4.718%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 6683 | 6243 | 6462 |
| &nbsp;&nbsp;&nbsp; 8873042, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 60035 | 56068 | 57420 |
| &nbsp;&nbsp;&nbsp; 8873343, 5.601%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 3425 | 3160 | 3281 |
| &nbsp;&nbsp;&nbsp; 8873399, 5.908%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2323 | 2134 | 2200 |
| &nbsp;&nbsp;&nbsp; 8873424, 4.715%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 2695 | 2517 | 2579 |
| &nbsp;&nbsp;&nbsp; 8873451, 6.448%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 8091 | 7378 | 7587 |
| &nbsp;&nbsp;&nbsp; 8873515, 5.593%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 3900 | 3598 | 3497 |
| &nbsp;&nbsp;&nbsp; 8873537, 5.597%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 14731 | 13589 | 12927 |
| &nbsp;&nbsp;&nbsp; 8873653, 6.449%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 8415 | 7673 | 3793 |
| &nbsp;&nbsp;&nbsp; 8873692, 5.596%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 4709 | 4345 | 4431 |
| &nbsp;&nbsp;&nbsp; 8873765, 4.938%, 9/21/2026 †x¶# | Square | 3/25/2025 | 7705 | 7174 | 2726 |
| &nbsp;&nbsp;&nbsp; 8875161, 4.727%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 1742 | 1626 | 1690 |
| &nbsp;&nbsp;&nbsp; 8875182, 5.045%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 971 | 903 | 932 |
| &nbsp;&nbsp;&nbsp; 8875187, 6.104%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 3491 | 3198 | 3348 |
| &nbsp;&nbsp;&nbsp; 8875209, 4.715%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 4253 | 3972 | 4077 |
| &nbsp;&nbsp;&nbsp; 8875332, 4.717%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 6567 | 6139 | 6367 |
| &nbsp;&nbsp;&nbsp; 8875355, 6.102%, 9/22/2026 †x¶# | Square | 3/26/2025 | 18904 | 17319 | 2168 |
| &nbsp;&nbsp;&nbsp; 8875393, 5.031%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 12686 | 11818 | 12072 |
| &nbsp;&nbsp;&nbsp; 8875440, 5.597%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 10654 | 9829 | 10255 |
| &nbsp;&nbsp;&nbsp; 8875492, 6.101%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 3354 | 3073 | 3246 |
| &nbsp;&nbsp;&nbsp; 8875512, 5.899%, 9/22/2026 †x¶ | Square | 3/26/2025 | 1320 | 1213 | 174 |
| &nbsp;&nbsp;&nbsp; 8875521, 5.031%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 8853 | 8232 | 8386 |
| &nbsp;&nbsp;&nbsp; 8875548, 4.716%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 2481 | 2317 | 2323 |
| &nbsp;&nbsp;&nbsp; 8875565, 6.448%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 17346 | 15816 | 2242 |
| &nbsp;&nbsp;&nbsp; 8875622, 6.451%, 9/22/2026 †x¶ | Square | 3/26/2025 | 7234 | 6596 | 751 |
| &nbsp;&nbsp;&nbsp; 8875637, 5.346%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 4343 | 4021 | 4237 |
| &nbsp;&nbsp;&nbsp; 8875687, 5.603%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 4107 | 3788 | 3243 |
| &nbsp;&nbsp;&nbsp; 8875704, 4.718%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 26288 | 24551 | 24975 |
| &nbsp;&nbsp;&nbsp; 8875790, 4.717%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 9643 | 9006 | 9217 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8786** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8875831, 6.097%, 9/22/2026 †§x¶ | Square | 3/26/2025 | $4329 | $3966 | $4010 |
| &nbsp;&nbsp;&nbsp; 8875850, 5.343%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 5767 | 5339 | 3828 |
| &nbsp;&nbsp;&nbsp; 8875882, 5.031%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 4802 | 4465 | 4343 |
| &nbsp;&nbsp;&nbsp; 8875905, 4.717%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 4276 | 3994 | 4134 |
| &nbsp;&nbsp;&nbsp; 8875919, 4.721%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 5541 | 5175 | 5298 |
| &nbsp;&nbsp;&nbsp; 8875935, 4.717%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 3214 | 3001 | 3151 |
| &nbsp;&nbsp;&nbsp; 8876002, 5.912%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 2280 | 2094 | 2171 |
| &nbsp;&nbsp;&nbsp; 8876016, 5.031%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 5257 | 4888 | 5052 |
| &nbsp;&nbsp;&nbsp; 8876041, 4.717%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 6148 | 5742 | 5894 |
| &nbsp;&nbsp;&nbsp; 8876064, 5.031%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 9495 | 8829 | 9248 |
| &nbsp;&nbsp;&nbsp; 8876125, 5.044%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 1238 | 1151 | 1188 |
| &nbsp;&nbsp;&nbsp; 8876133, 5.031%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 26724 | 24852 | 24530 |
| &nbsp;&nbsp;&nbsp; 8876233, 5.660%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 458 | 422 | 390 |
| &nbsp;&nbsp;&nbsp; 8876247, 5.597%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 3139 | 2896 | 3088 |
| &nbsp;&nbsp;&nbsp; 8876288, 4.706%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 1689 | 1577 | 1583 |
| &nbsp;&nbsp;&nbsp; 8876295, 4.715%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 5924 | 5533 | 5232 |
| &nbsp;&nbsp;&nbsp; 8876309, 5.346%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 2873 | 2660 | 2771 |
| &nbsp;&nbsp;&nbsp; 8876330, 4.718%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 3405 | 3180 | 3266 |
| &nbsp;&nbsp;&nbsp; 8876344, 5.031%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 3834 | 3565 | 3717 |
| &nbsp;&nbsp;&nbsp; 8876359, 4.719%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 8381 | 7827 | 8058 |
| &nbsp;&nbsp;&nbsp; 8876382, 5.023%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 2123 | 1974 | 1959 |
| &nbsp;&nbsp;&nbsp; 8876387, 5.020%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 1032 | 960 | 1001 |
| &nbsp;&nbsp;&nbsp; 8876391, 4.721%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 4941 | 4614 | 4711 |
| &nbsp;&nbsp;&nbsp; 8876415, 6.099%, 9/23/2026 †x¶# | Square | 3/26/2025 | 18922 | 17336 | 1970 |
| &nbsp;&nbsp;&nbsp; 8876461, 4.717%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 12591 | 11762 | 12178 |
| &nbsp;&nbsp;&nbsp; 8876514, 4.719%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 10953 | 10229 | 10545 |
| &nbsp;&nbsp;&nbsp; 8876561, 6.106%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 868 | 796 | 842 |
| &nbsp;&nbsp;&nbsp; 8876571, 4.923%, 9/23/2026 †x¶ | Square | 3/26/2025 | 630 | 586 | 508 |
| &nbsp;&nbsp;&nbsp; 8876584, 6.103%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 4483 | 4107 | 4155 |
| &nbsp;&nbsp;&nbsp; 8876610, 4.717%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 11637 | 10868 | 11125 |
| &nbsp;&nbsp;&nbsp; 8876649, 6.447%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 2377 | 2169 | 1906 |
| &nbsp;&nbsp;&nbsp; 8876661, 6.271%, 9/23/2026 †x¶# | Square | 3/26/2025 | 1514 | 1384 | 119 |
| &nbsp;&nbsp;&nbsp; 8876676, 5.627%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 3777 | 3483 | 2379 |
| &nbsp;&nbsp;&nbsp; 8876695, 4.717%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 9561 | 8930 | 9219 |
| &nbsp;&nbsp;&nbsp; 8876725028, 24.000%, 10/04/2023 †x¥#^ | Stripe | 4/08/2022 | 711 | 739 | 28 |
| &nbsp;&nbsp;&nbsp; 8876731, 4.719%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 4026 | 3760 | 3895 |
| &nbsp;&nbsp;&nbsp; 8876759, 5.344%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 2371 | 2195 | 2279 |
| &nbsp;&nbsp;&nbsp; 8876773, 4.717%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 19601 | 18306 | 18958 |
| &nbsp;&nbsp;&nbsp; 8876848, 6.461%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 400 | 365 | 384 |
| &nbsp;&nbsp;&nbsp; 8876861, 5.350%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 3824 | 3540 | 3665 |
| &nbsp;&nbsp;&nbsp; 8876882, 6.444%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 4233 | 3860 | 3931 |
| &nbsp;&nbsp;&nbsp; 8876892, 6.449%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 6366 | 5804 | 2339 |
| &nbsp;&nbsp;&nbsp; 8876916, 5.338%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 2972 | 2752 | 2365 |
| &nbsp;&nbsp;&nbsp; 8876918, 6.061%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 187 | 172 | 181 |
| &nbsp;&nbsp;&nbsp; 8876936, 6.098%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 1384 | 1268 | 1279 |
| &nbsp;&nbsp;&nbsp; 8876976, 5.346%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 15239 | 14108 | 14380 |
| &nbsp;&nbsp;&nbsp; 8877044, 6.451%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 4472 | 4079 | 4123 |
| &nbsp;&nbsp;&nbsp; 8877119828, 26.525%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 2145 | 2230 | 2304 |
| &nbsp;&nbsp;&nbsp; 8877262, 4.720%, 9/24/2026 †x¶ | Square | 3/26/2025 | 5297 | 4947 | 4122 |
| &nbsp;&nbsp;&nbsp; 8877295, 5.348%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 4923 | 4558 | 4593 |
| &nbsp;&nbsp;&nbsp; 8877330, 4.717%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 19462 | 18176 | 18698 |
| &nbsp;&nbsp;&nbsp; 8877906, 4.941%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 1032 | 960 | 630 |
| &nbsp;&nbsp;&nbsp; 8877969, 6.447%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 1762 | 1607 | 1031 |
| &nbsp;&nbsp;&nbsp; 8878207, 4.717%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 5966 | 5572 | 5682 |
| &nbsp;&nbsp;&nbsp; 8878254, 5.347%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 3575 | 3309 | 2504 |
| &nbsp;&nbsp;&nbsp; 8878280, 6.452%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 1786 | 1628 | 1680 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8787** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8878299, 5.346%, 9/24/2026 †§x¶ | Square | 3/26/2025 | $49531 | $45854 | $48041 |
| &nbsp;&nbsp;&nbsp; 8878314, 5.031%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 10932 | 10165 | 10648 |
| &nbsp;&nbsp;&nbsp; 8878460, 5.031%, 9/24/2026 †x¶ | Square | 3/26/2025 | 6451 | 5999 | 4667 |
| &nbsp;&nbsp;&nbsp; 8878473, 6.107%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 1629 | 1493 | 1535 |
| &nbsp;&nbsp;&nbsp; 8878486, 4.728%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 1293 | 1208 | 921 |
| &nbsp;&nbsp;&nbsp; 8878488, 4.717%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 2008 | 1875 | 1950 |
| &nbsp;&nbsp;&nbsp; 8878510, 4.712%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 2641 | 2466 | 2523 |
| &nbsp;&nbsp;&nbsp; 8878530, 5.348%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 6733 | 6233 | 6529 |
| &nbsp;&nbsp;&nbsp; 8878607, 6.101%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 2179 | 1997 | 2087 |
| &nbsp;&nbsp;&nbsp; 8878612, 4.717%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 8927 | 8337 | 8200 |
| &nbsp;&nbsp;&nbsp; 8878682, 5.346%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 12426 | 11503 | 12042 |
| &nbsp;&nbsp;&nbsp; 8878819, 5.031%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 10021 | 9337 | 9657 |
| &nbsp;&nbsp;&nbsp; 8878923, 4.717%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 1310 | 1223 | 1270 |
| &nbsp;&nbsp;&nbsp; 8878936, 5.348%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 3884 | 3595 | 3412 |
| &nbsp;&nbsp;&nbsp; 8879064, 6.283%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 992 | 907 | 852 |
| &nbsp;&nbsp;&nbsp; 8879583, 4.717%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 47023 | 43916 | 45858 |
| &nbsp;&nbsp;&nbsp; 8879883, 5.629%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 100102 | 92308 | 42325 |
| &nbsp;&nbsp;&nbsp; 8880207, 5.346%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 40604 | 37589 | 39516 |
| &nbsp;&nbsp;&nbsp; 8881095, 6.289%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3055 | 2792 | 2919 |
| &nbsp;&nbsp;&nbsp; 8881219, 6.276%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1234 | 1128 | 992 |
| &nbsp;&nbsp;&nbsp; 8881222, 4.720%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 8376 | 7822 | 7811 |
| &nbsp;&nbsp;&nbsp; 8881239, 5.597%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3492 | 3221 | 3164 |
| &nbsp;&nbsp;&nbsp; 8881246, 4.969%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 450 | 419 | 388 |
| &nbsp;&nbsp;&nbsp; 8881247, 6.445%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2645 | 2412 | 2217 |
| &nbsp;&nbsp;&nbsp; 8881256, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 5432 | 5051 | 5228 |
| &nbsp;&nbsp;&nbsp; 8881280, 6.454%, 9/25/2026 †x¶ | Square | 3/27/2025 | 3397 | 3098 | 1835 |
| &nbsp;&nbsp;&nbsp; 8881289, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 4156 | 3882 | 4001 |
| &nbsp;&nbsp;&nbsp; 8881306, 5.031%, 9/25/2026 †x¶# | Square | 3/27/2025 | 10813 | 10054 | 1450 |
| &nbsp;&nbsp;&nbsp; 8881329, 6.289%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 7403 | 6764 | 6462 |
| &nbsp;&nbsp;&nbsp; 8881369, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 6752 | 6278 | 6571 |
| &nbsp;&nbsp;&nbsp; 8881396, 6.449%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 269 | 245 | 263 |
| &nbsp;&nbsp;&nbsp; 8881403, 6.441%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 849 | 774 | 815 |
| &nbsp;&nbsp;&nbsp; 8881412, 4.718%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 13715 | 12808 | 13287 |
| &nbsp;&nbsp;&nbsp; 8881469, 6.446%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 8007 | 7301 | 5093 |
| &nbsp;&nbsp;&nbsp; 8881486, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3266 | 3050 | 3121 |
| &nbsp;&nbsp;&nbsp; 8881496, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 5897 | 5484 | 5639 |
| &nbsp;&nbsp;&nbsp; 8881536, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 6237 | 5799 | 6042 |
| &nbsp;&nbsp;&nbsp; 8881571, 5.597%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 5142 | 4744 | 4911 |
| &nbsp;&nbsp;&nbsp; 8881592, 5.346%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3418 | 3164 | 3226 |
| &nbsp;&nbsp;&nbsp; 8881615, 6.450%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1390 | 1267 | 1221 |
| &nbsp;&nbsp;&nbsp; 8881619, 4.738%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 488 | 456 | 478 |
| &nbsp;&nbsp;&nbsp; 8881621, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3825 | 3572 | 3704 |
| &nbsp;&nbsp;&nbsp; 8881638, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1001 | 931 | 979 |
| &nbsp;&nbsp;&nbsp; 8881652, 5.914%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3899 | 3581 | 3324 |
| &nbsp;&nbsp;&nbsp; 8881663, 5.029%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1943 | 1807 | 1889 |
| &nbsp;&nbsp;&nbsp; 8881688, 4.719%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 11393 | 10640 | 10853 |
| &nbsp;&nbsp;&nbsp; 8881726, 4.719%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 4324 | 4039 | 4181 |
| &nbsp;&nbsp;&nbsp; 8881753, 6.447%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 672 | 613 | 631 |
| &nbsp;&nbsp;&nbsp; 8881757, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2616 | 2445 | 2492 |
| &nbsp;&nbsp;&nbsp; 8881764, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 8741 | 8163 | 8401 |
| &nbsp;&nbsp;&nbsp; 8881809, 4.718%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 11017 | 10289 | 10710 |
| &nbsp;&nbsp;&nbsp; 8881956, 4.716%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 7811 | 7295 | 7400 |
| &nbsp;&nbsp;&nbsp; 8882057, 6.096%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3997 | 3662 | 3750 |
| &nbsp;&nbsp;&nbsp; 8882116, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 239 | 222 | 235 |
| &nbsp;&nbsp;&nbsp; 8882149, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 9687 | 9047 | 9342 |
| &nbsp;&nbsp;&nbsp; 8882251559, 22.399%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 34185 | 35552 | 36264 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8788** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8882285, 5.600%, 9/25/2026 †§x¶ | Square | 3/27/2025 | $4537 | $4185 | $4388 |
| &nbsp;&nbsp;&nbsp; 8882330, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3523 | 3290 | 3301 |
| &nbsp;&nbsp;&nbsp; 8882349, 5.359%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 938 | 868 | 915 |
| &nbsp;&nbsp;&nbsp; 8882365, 5.598%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2164 | 1996 | 2032 |
| &nbsp;&nbsp;&nbsp; 8882471, 5.599%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1617 | 1492 | 1368 |
| &nbsp;&nbsp;&nbsp; 8882484, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3700 | 3440 | 3565 |
| &nbsp;&nbsp;&nbsp; 8882544, 4.931%, 9/25/2026 †x¶# | Square | 3/27/2025 | 4357 | 4057 | 342 |
| &nbsp;&nbsp;&nbsp; 8882569, 6.454%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1109 | 1011 | 978 |
| &nbsp;&nbsp;&nbsp; 8882573, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1511 | 1405 | 1270 |
| &nbsp;&nbsp;&nbsp; 8882595, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 6963 | 6503 | 6295 |
| &nbsp;&nbsp;&nbsp; 8882717, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2872 | 2683 | 2809 |
| &nbsp;&nbsp;&nbsp; 8882761, 6.289%, 9/25/2026 †x¶# | Square | 3/27/2025 | 8807 | 8048 | 691 |
| &nbsp;&nbsp;&nbsp; 8882818, 5.591%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2640 | 2436 | 2439 |
| &nbsp;&nbsp;&nbsp; 8882839, 5.348%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 813 | 753 | 787 |
| &nbsp;&nbsp;&nbsp; 8882913, 4.722%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2986 | 2788 | 2894 |
| &nbsp;&nbsp;&nbsp; 8882934, 5.022%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1447 | 1345 | 1377 |
| &nbsp;&nbsp;&nbsp; 8882964, 6.453%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1691 | 1542 | 1350 |
| &nbsp;&nbsp;&nbsp; 8883015, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1105 | 1032 | 1069 |
| &nbsp;&nbsp;&nbsp; 8883103, 5.599%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2279 | 2102 | 2161 |
| &nbsp;&nbsp;&nbsp; 8883122, 4.713%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1769 | 1653 | 1715 |
| &nbsp;&nbsp;&nbsp; 8883140, 4.718%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 13182 | 12311 | 12704 |
| &nbsp;&nbsp;&nbsp; 8883231, 4.715%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 5674 | 5300 | 4997 |
| &nbsp;&nbsp;&nbsp; 8883285, 5.926%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 959 | 881 | 919 |
| &nbsp;&nbsp;&nbsp; 8883294, 5.913%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2850 | 2618 | 2583 |
| &nbsp;&nbsp;&nbsp; 8883461, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1513 | 1413 | 1459 |
| &nbsp;&nbsp;&nbsp; 8883474, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 12284 | 11473 | 11245 |
| &nbsp;&nbsp;&nbsp; 8883540, 6.439%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 863 | 787 | 816 |
| &nbsp;&nbsp;&nbsp; 8883545, 5.026%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2543 | 2366 | 2438 |
| &nbsp;&nbsp;&nbsp; 8883587, 4.711%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3347 | 3126 | 3157 |
| &nbsp;&nbsp;&nbsp; 8883608, 4.719%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2510 | 2345 | 2399 |
| &nbsp;&nbsp;&nbsp; 8883642, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 5277 | 4907 | 5101 |
| &nbsp;&nbsp;&nbsp; 8883677, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 9811 | 9163 | 8638 |
| &nbsp;&nbsp;&nbsp; 8883740, 6.097%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 674 | 617 | 658 |
| &nbsp;&nbsp;&nbsp; 8883795, 5.035%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 2294 | 2133 | 2185 |
| &nbsp;&nbsp;&nbsp; 8883861, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 15973 | 14852 | 14803 |
| &nbsp;&nbsp;&nbsp; 8883962, 5.600%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1662 | 1533 | 1588 |
| &nbsp;&nbsp;&nbsp; 8884030, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 8992 | 8398 | 8602 |
| &nbsp;&nbsp;&nbsp; 8884080, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3028 | 2815 | 2870 |
| &nbsp;&nbsp;&nbsp; 8884091, 4.948%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1057 | 984 | 904 |
| &nbsp;&nbsp;&nbsp; 8884291, 6.100%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 5097 | 4669 | 5001 |
| &nbsp;&nbsp;&nbsp; 8884301870, 24.768%, 11/06/2024 †x¥#^ | Stripe | 5/12/2023 | 2500 | 2600 | 100 |
| &nbsp;&nbsp;&nbsp; 8884322349, 12.925%, 4/27/2023 †x¥#^ | Stripe | 11/01/2021 | 4299 | 4471 | 172 |
| &nbsp;&nbsp;&nbsp; 8884352, 4.726%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1948 | 1819 | 1880 |
| &nbsp;&nbsp;&nbsp; 8884360, 5.600%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3034 | 2799 | 2948 |
| &nbsp;&nbsp;&nbsp; 8884384, 5.031%, 9/25/2026 †x¶ | Square | 3/27/2025 | 132882 | 123557 | 123855 |
| &nbsp;&nbsp;&nbsp; 8884398, 6.445%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 5674 | 5174 | 5456 |
| &nbsp;&nbsp;&nbsp; 8884424, 5.911%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 26554 | 24392 | 25086 |
| &nbsp;&nbsp;&nbsp; 8884588, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 17655 | 16489 | 16879 |
| &nbsp;&nbsp;&nbsp; 8884709848, 20.133%, 6/07/2024 †x¥#^ | Stripe | 12/13/2022 | 39608 | 41192 | 1584 |
| &nbsp;&nbsp;&nbsp; 8884727, 6.448%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3582 | 3266 | 3470 |
| &nbsp;&nbsp;&nbsp; 8884767, 4.722%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 3923 | 3663 | 3773 |
| &nbsp;&nbsp;&nbsp; 8884797, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 16514 | 15423 | 16031 |
| &nbsp;&nbsp;&nbsp; 8884911, 6.440%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1415 | 1291 | 1368 |
| &nbsp;&nbsp;&nbsp; 8884917, 5.031%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 12795 | 11897 | 12062 |
| &nbsp;&nbsp;&nbsp; 8885005, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 93053 | 86904 | 87774 |
| &nbsp;&nbsp;&nbsp; 8885020, 6.091%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1152 | 1056 | 1098 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8789** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8885039, 6.097%, 9/25/2026 †§x¶ | Square | 3/27/2025 | $1796 | $1646 | $1705 |
| &nbsp;&nbsp;&nbsp; 8885159, 6.447%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 1270 | 1158 | 1197 |
| &nbsp;&nbsp;&nbsp; 8885540, 5.031%, 9/25/2026 †x¶ | Square | 3/27/2025 | 145319 | 135121 | 115115 |
| &nbsp;&nbsp;&nbsp; 8886348, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 22818 | 21332 | 21758 |
| &nbsp;&nbsp;&nbsp; 8886497, 5.643%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 613 | 565 | 596 |
| &nbsp;&nbsp;&nbsp; 8886517, 6.289%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 883 | 807 | 774 |
| &nbsp;&nbsp;&nbsp; 8886547, 6.462%, 9/26/2026 †x¶# | Square | 3/28/2025 | 1347 | 1228 | 135 |
| &nbsp;&nbsp;&nbsp; 8886569, 5.601%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 4748 | 4380 | 4499 |
| &nbsp;&nbsp;&nbsp; 8886636, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 20420 | 19076 | 19699 |
| &nbsp;&nbsp;&nbsp; 8886755, 6.103%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1475 | 1352 | 1436 |
| &nbsp;&nbsp;&nbsp; 8886820, 5.351%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2720 | 2518 | 2553 |
| &nbsp;&nbsp;&nbsp; 8886839, 5.038%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1307 | 1216 | 1216 |
| &nbsp;&nbsp;&nbsp; 8886876, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 17846 | 16594 | 17186 |
| &nbsp;&nbsp;&nbsp; 8887218, 5.349%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1979 | 1832 | 1862 |
| &nbsp;&nbsp;&nbsp; 8887238, 5.346%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1396 | 1292 | 1320 |
| &nbsp;&nbsp;&nbsp; 8887259, 5.346%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2710 | 2509 | 2653 |
| &nbsp;&nbsp;&nbsp; 8887325, 6.289%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 523 | 478 | 492 |
| &nbsp;&nbsp;&nbsp; 8887571, 6.092%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1571 | 1440 | 1514 |
| &nbsp;&nbsp;&nbsp; 8887659, 4.720%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 7519 | 7021 | 7143 |
| &nbsp;&nbsp;&nbsp; 8887710, 5.598%, 9/26/2026 †x¶# | Square | 3/28/2025 | 13664 | 12606 | 2774 |
| &nbsp;&nbsp;&nbsp; 8887785, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 873 | 811 | 703 |
| &nbsp;&nbsp;&nbsp; 8887855, 4.718%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 3613 | 3374 | 3439 |
| &nbsp;&nbsp;&nbsp; 8887881, 5.342%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 3043 | 2817 | 2946 |
| &nbsp;&nbsp;&nbsp; 8887924, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 3540 | 3306 | 3428 |
| &nbsp;&nbsp;&nbsp; 8887983, 6.438%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1675 | 1527 | 1557 |
| &nbsp;&nbsp;&nbsp; 8888025, 6.447%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2076 | 1912 | 2031 |
| &nbsp;&nbsp;&nbsp; 8888067, 4.720%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 6499 | 6069 | 6285 |
| &nbsp;&nbsp;&nbsp; 8888122, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 7259 | 6779 | 6928 |
| &nbsp;&nbsp;&nbsp; 8888158, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 28653 | 26642 | 27734 |
| &nbsp;&nbsp;&nbsp; 8888401, 6.433%, 9/26/2026 †x¶ | Square | 3/28/2025 | 427 | 389 | 408 |
| &nbsp;&nbsp;&nbsp; 8888412, 4.730%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1236 | 1154 | 1199 |
| &nbsp;&nbsp;&nbsp; 8888415, 4.715%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2822 | 2636 | 2043 |
| &nbsp;&nbsp;&nbsp; 8888446, 6.104%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1458 | 1336 | 1435 |
| &nbsp;&nbsp;&nbsp; 8888491, 4.719%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 4199 | 3921 | 4007 |
| &nbsp;&nbsp;&nbsp; 8888503, 6.094%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 891 | 817 | 703 |
| &nbsp;&nbsp;&nbsp; 8888517, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 5172 | 4830 | 4920 |
| &nbsp;&nbsp;&nbsp; 8888541, 6.444%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 1337 | 1219 | 1299 |
| &nbsp;&nbsp;&nbsp; 8888559, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 25338 | 23664 | 24597 |
| &nbsp;&nbsp;&nbsp; 8889050, 6.100%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 157 | 144 | 154 |
| &nbsp;&nbsp;&nbsp; 8889098, 6.447%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 5106 | 4655 | 4713 |
| &nbsp;&nbsp;&nbsp; 8889290, 4.720%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2306 | 2154 | 2235 |
| &nbsp;&nbsp;&nbsp; 8889320, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2674 | 2486 | 2543 |
| &nbsp;&nbsp;&nbsp; 8889337, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 65310 | 60727 | 62565 |
| &nbsp;&nbsp;&nbsp; 8889338, 4.719%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 9461 | 8835 | 9035 |
| &nbsp;&nbsp;&nbsp; 8889384, 6.098%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2050 | 1878 | 1888 |
| &nbsp;&nbsp;&nbsp; 8889402, 4.718%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 6036 | 5637 | 5847 |
| &nbsp;&nbsp;&nbsp; 8889470, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2229 | 2072 | 2184 |
| &nbsp;&nbsp;&nbsp; 8889486, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 3636 | 3396 | 3418 |
| &nbsp;&nbsp;&nbsp; 8889505, 4.717%, 9/26/2026 †x¶ | Square | 3/28/2025 | 141075 | 131753 | 136360 |
| &nbsp;&nbsp;&nbsp; 8889517, 5.338%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 820 | 759 | 789 |
| &nbsp;&nbsp;&nbsp; 8889519, 4.713%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 4308 | 4024 | 3707 |
| &nbsp;&nbsp;&nbsp; 8889595, 5.348%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 12073 | 11176 | 11061 |
| &nbsp;&nbsp;&nbsp; 8889644, 5.031%, 9/26/2026 †x¶ | Square | 3/28/2025 | 3354 | 3119 | 961 |
| &nbsp;&nbsp;&nbsp; 8889649, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 6571 | 6137 | 6184 |
| &nbsp;&nbsp;&nbsp; 8889661, 5.353%, 9/26/2026 †x¶ | Square | 3/28/2025 | 3602 | 3334 | 2656 |
| &nbsp;&nbsp;&nbsp; 8889666, 6.101%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 10356 | 9488 | 9575 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8790** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8889761, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | $4500 | $4204 | $4335 |
| &nbsp;&nbsp;&nbsp; 8889791, 6.453%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 2185 | 1992 | 1733 |
| &nbsp;&nbsp;&nbsp; 8889807, 4.720%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 5888 | 5499 | 5665 |
| &nbsp;&nbsp;&nbsp; 8889840, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 13838 | 12867 | 3496 |
| &nbsp;&nbsp;&nbsp; 8889896, 5.346%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 6447 | 5968 | 6193 |
| &nbsp;&nbsp;&nbsp; 8889923, 6.450%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 945 | 861 | 906 |
| &nbsp;&nbsp;&nbsp; 8889935, 5.034%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 3599 | 3346 | 2909 |
| &nbsp;&nbsp;&nbsp; 8889994, 5.912%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 14240 | 13080 | 13735 |
| &nbsp;&nbsp;&nbsp; 8890114, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 17985 | 16796 | 17178 |
| &nbsp;&nbsp;&nbsp; 8890149013, 19.065%, 8/27/2024 †x¥#^ | Stripe | 3/02/2023 | 20725 | 21554 | 829 |
| &nbsp;&nbsp;&nbsp; 8890215, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 4468 | 4173 | 4276 |
| &nbsp;&nbsp;&nbsp; 8890732, 5.348%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 3339 | 3091 | 3215 |
| &nbsp;&nbsp;&nbsp; 8890746, 5.346%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 13763 | 12741 | 13039 |
| &nbsp;&nbsp;&nbsp; 8890831, 6.101%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 15865 | 14535 | 13294 |
| &nbsp;&nbsp;&nbsp; 8890920, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 4723 | 4391 | 4414 |
| &nbsp;&nbsp;&nbsp; 8890945, 5.597%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 4597 | 4241 | 3859 |
| &nbsp;&nbsp;&nbsp; 8890965887, 18.800%, 2/08/2024 †x¥#^ | Stripe | 8/15/2022 | 4450 | 4628 | 178 |
| &nbsp;&nbsp;&nbsp; 8891974394, 20.381%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 4528 | 4709 | 4718 |
| &nbsp;&nbsp;&nbsp; 8892406063, 22.400%, 8/05/2026 †x¥# | Stripe | 2/07/2025 | 28261 | 29391 | 4770 |
| &nbsp;&nbsp;&nbsp; 8893783, 5.345%, 9/27/2026 †x¶ | Square | 3/31/2025 | 3756 | 3477 | 2152 |
| &nbsp;&nbsp;&nbsp; 8893824, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 14250 | 13309 | 13705 |
| &nbsp;&nbsp;&nbsp; 8893959, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3622 | 3383 | 3415 |
| &nbsp;&nbsp;&nbsp; 8894033, 4.719%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3975 | 3712 | 3804 |
| &nbsp;&nbsp;&nbsp; 8894062, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3723 | 3477 | 3578 |
| &nbsp;&nbsp;&nbsp; 8894108, 4.718%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 16856 | 15742 | 16071 |
| &nbsp;&nbsp;&nbsp; 8894268, 5.031%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 16561 | 15398 | 11390 |
| &nbsp;&nbsp;&nbsp; 8894565, 4.719%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 15302 | 14290 | 13810 |
| &nbsp;&nbsp;&nbsp; 889469916, 21.333%, 11/22/2025 †x¥# | Stripe | 5/30/2024 | 3191 | 3319 | 128 |
| &nbsp;&nbsp;&nbsp; 8894715, 4.718%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 9826 | 9176 | 9617 |
| &nbsp;&nbsp;&nbsp; 8894801, 6.102%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 8786 | 8049 | 7789 |
| &nbsp;&nbsp;&nbsp; 8894883, 4.935%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 4069 | 3789 | 2090 |
| &nbsp;&nbsp;&nbsp; 8894915, 6.447%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 8251 | 7523 | 7884 |
| &nbsp;&nbsp;&nbsp; 8895094, 5.346%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 8265 | 7652 | 7932 |
| &nbsp;&nbsp;&nbsp; 8895096, 5.598%, 9/27/2026 †x¶ | Square | 3/31/2025 | 135393 | 124905 | 97242 |
| &nbsp;&nbsp;&nbsp; 8895172, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 11169 | 10431 | 10888 |
| &nbsp;&nbsp;&nbsp; 8895285, 6.447%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 4969 | 4531 | 4310 |
| &nbsp;&nbsp;&nbsp; 8895406, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 7207 | 6731 | 6949 |
| &nbsp;&nbsp;&nbsp; 8895469, 6.449%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 4899 | 4467 | 4702 |
| &nbsp;&nbsp;&nbsp; 8895515, 6.447%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 5058 | 4612 | 4907 |
| &nbsp;&nbsp;&nbsp; 8895569, 5.594%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 2958 | 2729 | 2849 |
| &nbsp;&nbsp;&nbsp; 8895585, 4.937%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 5052 | 4704 | 4957 |
| &nbsp;&nbsp;&nbsp; 8895665, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 14431 | 13477 | 13791 |
| &nbsp;&nbsp;&nbsp; 8895743, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 18695 | 17460 | 18025 |
| &nbsp;&nbsp;&nbsp; 8895858, 6.276%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 475 | 434 | 463 |
| &nbsp;&nbsp;&nbsp; 8895861, 5.031%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 2913 | 2709 | 2837 |
| &nbsp;&nbsp;&nbsp; 8895883, 6.447%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 23518 | 21444 | 22121 |
| &nbsp;&nbsp;&nbsp; 8896055, 4.721%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 5970 | 5576 | 5664 |
| &nbsp;&nbsp;&nbsp; 8896095, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 2090 | 1952 | 2019 |
| &nbsp;&nbsp;&nbsp; 8896104, 6.122%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 896 | 821 | 779 |
| &nbsp;&nbsp;&nbsp; 8896109, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3167 | 2958 | 2782 |
| &nbsp;&nbsp;&nbsp; 8896134, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3421 | 3195 | 3304 |
| &nbsp;&nbsp;&nbsp; 8896283, 5.348%, 9/27/2026 †x¶ | Square | 3/31/2025 | 2219 | 2055 | 2169 |
| &nbsp;&nbsp;&nbsp; 8896289, 4.718%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 16121 | 15055 | 15499 |
| &nbsp;&nbsp;&nbsp; 8896431, 6.440%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 837 | 764 | 589 |
| &nbsp;&nbsp;&nbsp; 8896448, 6.450%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 884 | 806 | 867 |
| &nbsp;&nbsp;&nbsp; 8896497, 5.346%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 17923 | 16592 | 17222 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8791** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8896617, 5.600%, 9/27/2026 †§x¶ | Square | 3/31/2025 | $2433 | $2244 | $2348 |
| &nbsp;&nbsp;&nbsp; 8896661, 5.026%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 1381 | 1285 | 1333 |
| &nbsp;&nbsp;&nbsp; 8896683, 5.344%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 5988 | 5545 | 4816 |
| &nbsp;&nbsp;&nbsp; 8896744, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3096 | 2892 | 2722 |
| &nbsp;&nbsp;&nbsp; 8896751, 5.346%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 61664 | 57087 | 59411 |
| &nbsp;&nbsp;&nbsp; 8896761, 5.343%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 4460 | 4129 | 3944 |
| &nbsp;&nbsp;&nbsp; 8896776, 4.720%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 6005 | 5608 | 5809 |
| &nbsp;&nbsp;&nbsp; 8896806, 4.715%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3875 | 3619 | 3691 |
| &nbsp;&nbsp;&nbsp; 8896836, 6.452%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 2649 | 2416 | 1524 |
| &nbsp;&nbsp;&nbsp; 8896843, 5.638%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 661 | 610 | 593 |
| &nbsp;&nbsp;&nbsp; 8896858, 5.346%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 605 | 560 | 576 |
| &nbsp;&nbsp;&nbsp; 8896986, 5.917%, 9/27/2026 †x¶ | Square | 3/31/2025 | 5540 | 5088 | 2110 |
| &nbsp;&nbsp;&nbsp; 8897002, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 14008 | 13083 | 13565 |
| &nbsp;&nbsp;&nbsp; 8897068, 4.780%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 419 | 391 | 191 |
| &nbsp;&nbsp;&nbsp; 8897104, 5.031%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 27222 | 25312 | 26290 |
| &nbsp;&nbsp;&nbsp; 8897172, 4.719%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 8586 | 8018 | 8231 |
| &nbsp;&nbsp;&nbsp; 8897331, 5.349%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 6607 | 6116 | 6220 |
| &nbsp;&nbsp;&nbsp; 8897369, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 22641 | 21145 | 21838 |
| &nbsp;&nbsp;&nbsp; 8897574, 4.720%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 5637 | 5264 | 5422 |
| &nbsp;&nbsp;&nbsp; 8897587, 4.895%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 221 | 206 | 174 |
| &nbsp;&nbsp;&nbsp; 8897588, 5.348%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 8806 | 8152 | 8493 |
| &nbsp;&nbsp;&nbsp; 8897632, 4.723%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 3581 | 3344 | 3428 |
| &nbsp;&nbsp;&nbsp; 8897651, 5.346%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 35726 | 33073 | 34341 |
| &nbsp;&nbsp;&nbsp; 8897799, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 13397 | 12512 | 12934 |
| &nbsp;&nbsp;&nbsp; 8897891, 4.713%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 1547 | 1445 | 1500 |
| &nbsp;&nbsp;&nbsp; 8897896, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 13468 | 12578 | 13134 |
| &nbsp;&nbsp;&nbsp; 8897941, 5.597%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 31699 | 29244 | 29475 |
| &nbsp;&nbsp;&nbsp; 8898110, 6.101%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 5117 | 4688 | 4803 |
| &nbsp;&nbsp;&nbsp; 8898223128, 24.000%, 7/15/2023 †x¥#^ | Stripe | 1/20/2022 | 1195 | 1243 | 48 |
| &nbsp;&nbsp;&nbsp; 8898236, 5.335%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 1038 | 962 | 1005 |
| &nbsp;&nbsp;&nbsp; 8898662038, 13.066%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 5831 | 6064 | 6199 |
| &nbsp;&nbsp;&nbsp; 8899201145, 25.846%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 1032 | 1074 | 1106 |
| &nbsp;&nbsp;&nbsp; 8900629364, 22.389%, 4/03/2026 †x¥ | Stripe | 10/08/2024 | 775 | 806 | 826 |
| &nbsp;&nbsp;&nbsp; 8901777252, 16.667%, 1/13/2026 †x¥ | Stripe | 7/18/2024 | 20747 | 21577 | 21906 |
| &nbsp;&nbsp;&nbsp; 8902047797, 19.726%, 1/29/2025 †x¥#^ | Stripe | 1/30/2023 | 1310 | 1363 | 52 |
| &nbsp;&nbsp;&nbsp; 890497939, 26.519%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 997 | 1037 | 1054 |
| &nbsp;&nbsp;&nbsp; 8905504216, 25.598%, 11/02/2024 †x¥#^ | Stripe | 5/10/2023 | 10094 | 10498 | 404 |
| &nbsp;&nbsp;&nbsp; 8905968795, 25.333%, 7/04/2024 †x¥#^ | Stripe | 1/09/2023 | 144 | 150 | 6 |
| &nbsp;&nbsp;&nbsp; 890fc462-80b0-4c34-87ed-791c0981c3eb, 16.090%, 7/05/2022 †x#^ | Funding Circle | 7/07/2017 | 42211 | 42211 | 12663 |
| &nbsp;&nbsp;&nbsp; 8910844660, 14.921%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 6471 | 6730 | 3667 |
| &nbsp;&nbsp;&nbsp; 8912845240, 19.864%, 1/22/2025 †x¥#^ | Stripe | 7/28/2023 | 17600 | 18304 | 704 |
| &nbsp;&nbsp;&nbsp; 8916472559, 25.333%, 7/04/2024 †x¥#^ | Stripe | 1/09/2023 | 1090 | 1134 | 44 |
| &nbsp;&nbsp;&nbsp; 8916618512, 21.059%, 10/24/2024 †x¥#^ | Stripe | 5/01/2023 | 5999 | 6239 | 240 |
| &nbsp;&nbsp;&nbsp; 8917591406, 25.333%, 6/13/2024 †x¥#^ | Stripe | 12/19/2022 | 1778 | 1849 | 71 |
| &nbsp;&nbsp;&nbsp; 8919580777, 20.530%, 10/05/2024 †x¥#^ | Stripe | 4/12/2023 | 6229 | 6478 | 249 |
| &nbsp;&nbsp;&nbsp; 8920226351, 26.061%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 552 | 574 | 586 |
| &nbsp;&nbsp;&nbsp; 8921404216, 26.128%, 6/26/2026 †x¥ | Stripe | 12/31/2024 | 520 | 541 | 564 |
| &nbsp;&nbsp;&nbsp; 8923711955, 26.529%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 16800 | 17472 | 9955 |
| &nbsp;&nbsp;&nbsp; 8924596272, 22.399%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 41844 | 43518 | 43890 |
| &nbsp;&nbsp;&nbsp; 8928163762, 22.377%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 1241 | 1290 | 1312 |
| &nbsp;&nbsp;&nbsp; 8928348508, 20.797%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 4307 | 4479 | 4539 |
| &nbsp;&nbsp;&nbsp; 8928674324, 14.263%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 10674 | 11101 | 11239 |
| &nbsp;&nbsp;&nbsp; 8929388456, 26.532%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 59184 | 61552 | 61839 |
| &nbsp;&nbsp;&nbsp; 893280694, 14.667%, 1/22/2026 †x¥ | Stripe | 7/29/2024 | 878 | 913 | 956 |
| &nbsp;&nbsp;&nbsp; 8936607780, 24.000%, 7/01/2023 †x¥#^ | Stripe | 1/05/2022 | 5093 | 5297 | 204 |
| &nbsp;&nbsp;&nbsp; 8938745453, 14.800%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 6487 | 6746 | 6774 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8792** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8939556006, 21.333%, 5/04/2024 †x¥#^ | Stripe | 11/09/2022 | $22038 | $22919 | $882 |
| &nbsp;&nbsp;&nbsp; 8941539406, 24.532%, 4/11/2025 †x¥#^ | Stripe | 1/20/2023 | 42538 | 44240 | 1702 |
| &nbsp;&nbsp;&nbsp; 8945775636, 20.000%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 2042 | 2124 | 2178 |
| &nbsp;&nbsp;&nbsp; 8945983510, 14.667%, 4/13/2023 †x¥#^ | Stripe | 10/18/2021 | 716 | 745 | 29 |
| &nbsp;&nbsp;&nbsp; 8946725853, 16.132%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 46427 | 48284 | 48661 |
| &nbsp;&nbsp;&nbsp; 894674690, 24.000%, 9/26/2023 †x¥#^ | Stripe | 3/31/2022 | 1081 | 1124 | 43 |
| &nbsp;&nbsp;&nbsp; 8947080207, 26.087%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 672 | 699 | 724 |
| &nbsp;&nbsp;&nbsp; 8948020405, 19.727%, 3/01/2025 †x¥#^ | Stripe | 9/07/2023 | 3521 | 3662 | 141 |
| &nbsp;&nbsp;&nbsp; 8948697015, 24.000%, 7/15/2023 †x¥#^ | Stripe | 1/20/2022 | 153 | 159 | 6 |
| &nbsp;&nbsp;&nbsp; 8950653149, 21.852%, 4/16/2024 †x¥#^ | Stripe | 10/20/2022 | 3227 | 3356 | 129 |
| &nbsp;&nbsp;&nbsp; 8951022240, 22.395%, 9/27/2023 †x¥#^ | Stripe | 4/01/2022 | 8134 | 8459 | 325 |
| &nbsp;&nbsp;&nbsp; 8951199614, 16.121%, 3/20/2026 †x¥ | Stripe | 9/24/2024 | 2019 | 2100 | 2124 |
| &nbsp;&nbsp;&nbsp; 8954176962, 26.533%, 10/28/2026 †x¥# | Stripe | 8/12/2024 | 10047 | 10448 | 2764 |
| &nbsp;&nbsp;&nbsp; 8964298010, 26.521%, 7/08/2025 †x¥#^ | Stripe | 1/11/2024 | 4273 | 4443 | 171 |
| &nbsp;&nbsp;&nbsp; 8965640773, 26.526%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 1363 | 1417 | 1450 |
| &nbsp;&nbsp;&nbsp; 896741538, 18.251%, 12/22/2025 †x¥ | Stripe | 4/29/2024 | 578 | 601 | 617 |
| &nbsp;&nbsp;&nbsp; 8968242028, 22.930%, 11/11/2025 †x¥# | Stripe | 5/16/2024 | 10893 | 11329 | 436 |
| &nbsp;&nbsp;&nbsp; 8968978050, 20.667%, 9/04/2026 †x¥# | Stripe | 3/11/2025 | 5845 | 6079 | 2276 |
| &nbsp;&nbsp;&nbsp; 8969971979, 18.666%, 3/03/2025 †x¥#^ | Stripe | 11/14/2022 | 18841 | 19595 | 754 |
| &nbsp;&nbsp;&nbsp; 8971998390, 24.000%, 9/15/2023 †x¥#^ | Stripe | 3/22/2022 | 768 | 798 | 31 |
| &nbsp;&nbsp;&nbsp; 8972327173, 13.467%, 2/25/2026 †x¥# | Stripe | 8/30/2024 | 104324 | 108497 | 17229 |
| &nbsp;&nbsp;&nbsp; 8972429818, 22.388%, 9/26/2026 †x¥ | Stripe | 4/02/2025 | 3543 | 3684 | 3757 |
| &nbsp;&nbsp;&nbsp; 8973450995, 26.514%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 3394 | 3530 | 3533 |
| &nbsp;&nbsp;&nbsp; 8973881004, 20.267%, 12/15/2024 †x¥#^ | Stripe | 10/04/2022 | 2059 | 2141 | 82 |
| &nbsp;&nbsp;&nbsp; 8974971725, 16.130%, 5/16/2026 †x¥ | Stripe | 11/20/2024 | 392 | 408 | 421 |
| &nbsp;&nbsp;&nbsp; 8976722517, 21.333%, 3/25/2025 †x¥#^ | Stripe | 9/28/2023 | 1076 | 1119 | 43 |
| &nbsp;&nbsp;&nbsp; 8978784658, 19.320%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 3964 | 4123 | 4146 |
| &nbsp;&nbsp;&nbsp; 8979489365, 14.265%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 5532 | 5753 | 5898 |
| &nbsp;&nbsp;&nbsp; 8982450382, 20.933%, 7/22/2023 †x¥#^ | Stripe | 1/26/2022 | 952 | 990 | 38 |
| &nbsp;&nbsp;&nbsp; 8984555701, 25.722%, 7/05/2025 †x¥#^ | Stripe | 1/10/2024 | 1867 | 1941 | 75 |
| &nbsp;&nbsp;&nbsp; 8987121236, 26.530%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 5579 | 5802 | 5862 |
| &nbsp;&nbsp;&nbsp; 8988429560, 16.132%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 19461 | 20240 | 20437 |
| &nbsp;&nbsp;&nbsp; 8989190751, 20.924%, 12/12/2024 †x¥#^ | Stripe | 6/20/2023 | 7550 | 7852 | 302 |
| &nbsp;&nbsp;&nbsp; 8991892099, 22.400%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 1703 | 1771 | 1812 |
| &nbsp;&nbsp;&nbsp; 8992013945, 21.045%, 11/07/2025 †x¥# | Stripe | 5/14/2024 | 2978 | 3098 | 119 |
| &nbsp;&nbsp;&nbsp; 8993549293, 26.526%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 11279 | 11730 | 11750 |
| &nbsp;&nbsp;&nbsp; 8994178689, 20.116%, 8/27/2024 †x¥#^ | Stripe | 3/02/2023 | 284 | 295 | 11 |
| &nbsp;&nbsp;&nbsp; 8995682308, 16.257%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 3913 | 4069 | 4090 |
| &nbsp;&nbsp;&nbsp; 8996564826, 22.533%, 1/22/2026 †x¥ | Stripe | 7/29/2024 | 3667 | 3813 | 3909 |
| &nbsp;&nbsp;&nbsp; 899952132, 22.396%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1796 | 1867 | 1916 |
| &nbsp;&nbsp;&nbsp; 8b6b1c56-6b48-444f-9f52-02e0540fd46c, 10.790%, 8/20/2024 †x#^ | Funding Circle | 2/22/2019 | 145204 | 145204 | 43561 |
| &nbsp;&nbsp;&nbsp; 8b7bcb23-3830-46e2-89d9-063220975426, 13.920%, 4/23/2021 †x#^ | Funding Circle | 4/25/2018 | 16396 | 16396 | 4919 |
| &nbsp;&nbsp;&nbsp; 8d8c1634-c6b8-454a-b0de-b969192a24e3, 12.690%, 3/31/2022 †x#^ | Funding Circle | 4/03/2017 | 57647 | 57647 | 17294 |
| &nbsp;&nbsp;&nbsp; 8e9d1c76-4c05-46a8-9ea6-7364141d4fb3, 15.420%, 8/21/2023 †x#^ | Funding Circle | 2/23/2018 | 8548 | 8548 | 2565 |
| &nbsp;&nbsp;&nbsp; 9000984050, 20.381%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 1510 | 1571 | 60 |
| &nbsp;&nbsp;&nbsp; 9001485025, 24.933%, 12/05/2025 †x¥# | Stripe | 9/14/2023 | 9416 | 9792 | 377 |
| &nbsp;&nbsp;&nbsp; 9002380753, 26.513%, 12/18/2024 †x¥#^ | Stripe | 6/23/2023 | 1535 | 1596 | 61 |
| &nbsp;&nbsp;&nbsp; 9003627262, 22.061%, 10/23/2025 †x¥ | Stripe | 4/29/2024 | 147 | 153 | 158 |
| &nbsp;&nbsp;&nbsp; 9004069075, 26.493%, 9/03/2025 †x¥# | Stripe | 7/11/2023 | 338 | 352 | 14 |
| &nbsp;&nbsp;&nbsp; 9004889592, 26.444%, 3/07/2026 †x¥# | Stripe | 9/11/2024 | 600 | 624 | 239 |
| &nbsp;&nbsp;&nbsp; 9005461200, 19.843%, 8/05/2026 †x¥# | Stripe | 5/20/2024 | 1403 | 1459 | 56 |
| &nbsp;&nbsp;&nbsp; 9006336376, 26.500%, 12/02/2025 †x¥# | Stripe | 6/06/2024 | 2120 | 2205 | 85 |
| &nbsp;&nbsp;&nbsp; 9011666669, 25.867%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 834 | 868 | 874 |
| &nbsp;&nbsp;&nbsp; 9013137778, 14.265%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 5864 | 6099 | 6198 |
| &nbsp;&nbsp;&nbsp; 9013431269, 22.399%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 45824 | 47657 | 48783 |
| &nbsp;&nbsp;&nbsp; 9014019225, 14.800%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 11090 | 11533 | 11642 |

---

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

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8793** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9018214041, 20.263%, 8/01/2024 †x¥#^ | Stripe | 2/06/2023 | $20216 | $21025 | $809 |
| &nbsp;&nbsp;&nbsp; 9018758977, 22.389%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 2280 | 2371 | 2434 |
| &nbsp;&nbsp;&nbsp; 9019867, 5.031%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 7408 | 6888 | 6823 |
| &nbsp;&nbsp;&nbsp; 9019904924, 22.000%, 6/13/2026 †x¥ | Stripe | 12/18/2024 | 115 | 120 | 126 |
| &nbsp;&nbsp;&nbsp; 9019990, 6.298%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 728 | 665 | 687 |
| &nbsp;&nbsp;&nbsp; 9020007, 5.346%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 8645 | 8003 | 8236 |
| &nbsp;&nbsp;&nbsp; 9020268927, 24.000%, 11/03/2022 †x¥#^ | Stripe | 5/10/2021 | 116 | 121 | 5 |
| &nbsp;&nbsp;&nbsp; 9020276, 4.730%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 1962 | 1832 | 1855 |
| &nbsp;&nbsp;&nbsp; 9020350, 6.452%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 1042 | 950 | 892 |
| &nbsp;&nbsp;&nbsp; 9020413, 6.452%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 2336 | 2130 | 2256 |
| &nbsp;&nbsp;&nbsp; 9020545, 5.029%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 4464 | 4151 | 4213 |
| &nbsp;&nbsp;&nbsp; 9020776, 5.600%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 5337 | 4924 | 5178 |
| &nbsp;&nbsp;&nbsp; 9021090, 6.444%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 4091 | 3730 | 3918 |
| &nbsp;&nbsp;&nbsp; 9021328, 4.722%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 2813 | 2627 | 2668 |
| &nbsp;&nbsp;&nbsp; 9021355, 6.447%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 744 | 679 | 711 |
| &nbsp;&nbsp;&nbsp; 9021369, 4.717%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 2069 | 1932 | 1946 |
| &nbsp;&nbsp;&nbsp; 9021402, 5.911%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 6116 | 5618 | 5739 |
| &nbsp;&nbsp;&nbsp; 9021514, 6.447%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 1140 | 1044 | 1106 |
| &nbsp;&nbsp;&nbsp; 9021563, 6.456%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 1661 | 1515 | 1525 |
| &nbsp;&nbsp;&nbsp; 9021595, 4.706%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 1519 | 1419 | 1472 |
| &nbsp;&nbsp;&nbsp; 9021656, 5.660%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 337 | 310 | 314 |
| &nbsp;&nbsp;&nbsp; 9021680, 5.344%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 5807 | 5376 | 5401 |
| &nbsp;&nbsp;&nbsp; 9021717121, 14.267%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 4025 | 4186 | 4257 |
| &nbsp;&nbsp;&nbsp; 9021797, 6.446%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 14339 | 13075 | 12821 |
| &nbsp;&nbsp;&nbsp; 9021861533, 20.000%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 7690 | 7998 | 8181 |
| &nbsp;&nbsp;&nbsp; 9021996, 5.031%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 36940 | 34348 | 35581 |
| &nbsp;&nbsp;&nbsp; 9022197589, 24.000%, 10/12/2023 †x¥#^ | Stripe | 4/18/2022 | 7655 | 7961 | 306 |
| &nbsp;&nbsp;&nbsp; 9022368349, 18.000%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 4516 | 4696 | 4707 |
| &nbsp;&nbsp;&nbsp; 9022746, 5.031%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 17533 | 16302 | 16788 |
| &nbsp;&nbsp;&nbsp; 9023069, 5.351%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 3278 | 3034 | 3179 |
| &nbsp;&nbsp;&nbsp; 9023129, 4.722%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 4849 | 4528 | 4622 |
| &nbsp;&nbsp;&nbsp; 9023220, 4.717%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 3212 | 3000 | 3018 |
| &nbsp;&nbsp;&nbsp; 9023300, 6.447%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 1047 | 955 | 991 |
| &nbsp;&nbsp;&nbsp; 9023359, 6.096%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 2477 | 2269 | 1054 |
| &nbsp;&nbsp;&nbsp; 9023398, 4.715%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 4422 | 4130 | 4191 |
| &nbsp;&nbsp;&nbsp; 9023463, 4.717%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 10747 | 10038 | 10362 |
| &nbsp;&nbsp;&nbsp; 9023650, 6.092%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 2444 | 2240 | 2061 |
| &nbsp;&nbsp;&nbsp; 9023668, 4.717%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 40920 | 38216 | 39686 |
| &nbsp;&nbsp;&nbsp; 9024672, 4.709%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 1565 | 1462 | 1475 |
| &nbsp;&nbsp;&nbsp; 9024901, 6.454%, 10/30/2026 †x¶ | Square | 5/02/2025 | 4193 | 3823 | 1189 |
| &nbsp;&nbsp;&nbsp; 9025003, 5.599%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 1715 | 1582 | 1678 |
| &nbsp;&nbsp;&nbsp; 9025176, 4.717%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 10953 | 10230 | 10473 |
| &nbsp;&nbsp;&nbsp; 9025271848, 19.333%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 518 | 539 | 546 |
| &nbsp;&nbsp;&nbsp; 9025523, 6.092%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 1890 | 1732 | 1782 |
| &nbsp;&nbsp;&nbsp; 9025593, 5.645%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 922 | 865 | 850 |
| &nbsp;&nbsp;&nbsp; 9025638, 6.457%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 1332 | 1215 | 1273 |
| &nbsp;&nbsp;&nbsp; 9025746, 6.085%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 506 | 471 | 490 |
| &nbsp;&nbsp;&nbsp; 9025806, 5.603%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 1043 | 963 | 1016 |
| &nbsp;&nbsp;&nbsp; 9025849, 5.912%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 2575 | 2366 | 2451 |
| &nbsp;&nbsp;&nbsp; 9025932, 5.643%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 856 | 790 | 821 |
| &nbsp;&nbsp;&nbsp; 9026055, 6.448%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 3089 | 2817 | 2975 |
| &nbsp;&nbsp;&nbsp; 9026165, 5.597%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 5882 | 5427 | 5559 |
| &nbsp;&nbsp;&nbsp; 9026306, 5.598%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 11326 | 10449 | 11058 |
| &nbsp;&nbsp;&nbsp; 9026784, 5.031%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 5195 | 4830 | 4937 |
| &nbsp;&nbsp;&nbsp; 9026919, 4.722%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 3076 | 2873 | 2843 |
| &nbsp;&nbsp;&nbsp; 9027090, 6.087%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 313 | 287 | 308 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8794** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9027125, 5.597%, 10/30/2026 †x¶ | Square | 5/02/2025 | $5471 | $5047 | $3820 |
| &nbsp;&nbsp;&nbsp; 9027188, 4.719%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 5183 | 4841 | 4934 |
| &nbsp;&nbsp;&nbsp; 9027237, 5.027%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 5297 | 4926 | 4604 |
| &nbsp;&nbsp;&nbsp; 9027306, 5.034%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 3163 | 2941 | 3021 |
| &nbsp;&nbsp;&nbsp; 9027365, 5.597%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 47568 | 43884 | 45166 |
| &nbsp;&nbsp;&nbsp; 9027531619, 26.510%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 4319 | 4492 | 4518 |
| &nbsp;&nbsp;&nbsp; 9028441, 5.600%, 10/30/2026 †x¶ | Square | 5/02/2025 | 2093 | 1930 | 1344 |
| &nbsp;&nbsp;&nbsp; 9028476, 5.341%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 3828 | 3544 | 3647 |
| &nbsp;&nbsp;&nbsp; 9028542, 4.721%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 3324 | 3104 | 3156 |
| &nbsp;&nbsp;&nbsp; 9028575, 4.717%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 15445 | 14424 | 14753 |
| &nbsp;&nbsp;&nbsp; 9028924, 4.717%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 52062 | 48622 | 49698 |
| &nbsp;&nbsp;&nbsp; 9031927, 6.101%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 22842 | 20927 | 21807 |
| &nbsp;&nbsp;&nbsp; 9032568, 4.717%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 15981 | 14925 | 14580 |
| &nbsp;&nbsp;&nbsp; 9033002, 4.717%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 1631 | 1524 | 1555 |
| &nbsp;&nbsp;&nbsp; 9033060, 4.719%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 6740 | 6294 | 6441 |
| &nbsp;&nbsp;&nbsp; 9033228, 5.031%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 9103 | 8464 | 8585 |
| &nbsp;&nbsp;&nbsp; 9033455, 4.717%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 27820 | 25981 | 26164 |
| &nbsp;&nbsp;&nbsp; 9033987, 4.721%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 6851 | 6398 | 6460 |
| &nbsp;&nbsp;&nbsp; 9034021546, 26.133%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 510 | 530 | 543 |
| &nbsp;&nbsp;&nbsp; 9034070431, 23.465%, 9/22/2023 †x¥#^ | Stripe | 3/29/2022 | 10107 | 10511 | 404 |
| &nbsp;&nbsp;&nbsp; 9034088, 5.031%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 1311 | 1219 | 1283 |
| &nbsp;&nbsp;&nbsp; 9034126, 5.870%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 366 | 337 | 349 |
| &nbsp;&nbsp;&nbsp; 9034132, 4.717%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 5494 | 5131 | 5291 |
| &nbsp;&nbsp;&nbsp; 9034249, 5.914%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 960 | 882 | 868 |
| &nbsp;&nbsp;&nbsp; 9034287, 5.637%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 850 | 784 | 792 |
| &nbsp;&nbsp;&nbsp; 9034319, 5.631%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 924 | 852 | 884 |
| &nbsp;&nbsp;&nbsp; 9034365, 5.031%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 11324 | 10530 | 10923 |
| &nbsp;&nbsp;&nbsp; 9034698, 6.088%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 473 | 434 | 449 |
| &nbsp;&nbsp;&nbsp; 9034760, 5.031%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 5912 | 5497 | 5403 |
| &nbsp;&nbsp;&nbsp; 9034884, 5.912%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 770 | 707 | 708 |
| &nbsp;&nbsp;&nbsp; 9034924, 5.599%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 7453 | 6875 | 4752 |
| &nbsp;&nbsp;&nbsp; 9035075, 6.450%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 4303 | 3923 | 4047 |
| &nbsp;&nbsp;&nbsp; 9035218, 6.101%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 6804 | 6234 | 6470 |
| &nbsp;&nbsp;&nbsp; 9035387, 6.101%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 645 | 591 | 609 |
| &nbsp;&nbsp;&nbsp; 9035394, 5.912%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 3666 | 3367 | 3111 |
| &nbsp;&nbsp;&nbsp; 9035446, 6.100%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 3133 | 2870 | 3018 |
| &nbsp;&nbsp;&nbsp; 9035535, 5.347%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 9766 | 9040 | 8587 |
| &nbsp;&nbsp;&nbsp; 9035879661, 24.000%, 3/14/2023 †x¥#^ | Stripe | 9/16/2021 | 522 | 543 | 21 |
| &nbsp;&nbsp;&nbsp; 9036129, 6.452%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 4777 | 4355 | 3858 |
| &nbsp;&nbsp;&nbsp; 9036246, 6.444%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 389 | 355 | 376 |
| &nbsp;&nbsp;&nbsp; 9036293, 5.593%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 3077 | 2839 | 2840 |
| &nbsp;&nbsp;&nbsp; 9036350, 6.289%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 2937 | 2683 | 2840 |
| &nbsp;&nbsp;&nbsp; 9036546, 4.718%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 49070 | 45827 | 43428 |
| &nbsp;&nbsp;&nbsp; 9036773107, 26.527%, 11/04/2025 †x¥# | Stripe | 5/09/2024 | 5060 | 5262 | 202 |
| &nbsp;&nbsp;&nbsp; 9036957, 5.031%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 6778 | 6302 | 6201 |
| &nbsp;&nbsp;&nbsp; 9037095, 5.358%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 2168 | 2007 | 1998 |
| &nbsp;&nbsp;&nbsp; 9037165, 6.447%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 5180 | 4723 | 4921 |
| &nbsp;&nbsp;&nbsp; 9037387, 4.717%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 12209 | 11402 | 11574 |
| &nbsp;&nbsp;&nbsp; 9037765, 5.350%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 5496 | 5087 | 4975 |
| &nbsp;&nbsp;&nbsp; 9038046, 5.598%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 32803 | 30262 | 29793 |
| &nbsp;&nbsp;&nbsp; 9039104, 6.450%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 5162 | 4706 | 4944 |
| &nbsp;&nbsp;&nbsp; 9039287, 6.104%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 2124 | 1946 | 1982 |
| &nbsp;&nbsp;&nbsp; 9039320, 4.936%, 11/02/2026 †x¶ | Square | 5/06/2025 | 2827 | 2632 | 227 |
| &nbsp;&nbsp;&nbsp; 9039361, 5.597%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 31809 | 29349 | 30261 |
| &nbsp;&nbsp;&nbsp; 9040018584, 21.053%, 11/28/2025 †x¥ | Stripe | 6/04/2024 | 386 | 402 | 413 |
| &nbsp;&nbsp;&nbsp; 9040076, 4.714%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 3746 | 3498 | 3537 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8795** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9040114, 4.717%, 11/02/2026 †§x¶ | Square | 5/06/2025 | $71808 | $67063 | $64649 |
| &nbsp;&nbsp;&nbsp; 9041118, 6.459%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 1471 | 1341 | 1177 |
| &nbsp;&nbsp;&nbsp; 9041156, 6.455%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 860 | 784 | 844 |
| &nbsp;&nbsp;&nbsp; 9041193, 6.447%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 4345 | 3962 | 4214 |
| &nbsp;&nbsp;&nbsp; 9041345, 5.598%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 6073 | 5603 | 5766 |
| &nbsp;&nbsp;&nbsp; 9041373, 6.105%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 2690 | 2465 | 2499 |
| &nbsp;&nbsp;&nbsp; 9041403243, 26.526%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1086 | 1129 | 1170 |
| &nbsp;&nbsp;&nbsp; 9041413, 4.717%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 1324 | 1236 | 1279 |
| &nbsp;&nbsp;&nbsp; 9041434, 4.711%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 2109 | 1970 | 2009 |
| &nbsp;&nbsp;&nbsp; 9041452, 5.031%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 4987 | 4637 | 4810 |
| &nbsp;&nbsp;&nbsp; 9041546, 5.037%, 11/03/2026 †x¶ | Square | 5/07/2025 | 2382 | 2215 | 1718 |
| &nbsp;&nbsp;&nbsp; 9041585, 6.103%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 6408 | 5871 | 6070 |
| &nbsp;&nbsp;&nbsp; 9041735, 4.715%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 4863 | 4542 | 4630 |
| &nbsp;&nbsp;&nbsp; 9041806, 5.347%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 3036 | 2811 | 2880 |
| &nbsp;&nbsp;&nbsp; 9041910, 4.717%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 7147 | 6674 | 6873 |
| &nbsp;&nbsp;&nbsp; 9042040, 5.029%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 3891 | 3618 | 3652 |
| &nbsp;&nbsp;&nbsp; 9042108, 4.708%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 1643 | 1534 | 1257 |
| &nbsp;&nbsp;&nbsp; 9042131, 5.023%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 2377 | 2211 | 2229 |
| &nbsp;&nbsp;&nbsp; 9042166, 4.717%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 3830 | 3577 | 3645 |
| &nbsp;&nbsp;&nbsp; 9042219, 6.277%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 554 | 506 | 524 |
| &nbsp;&nbsp;&nbsp; 9042271, 4.717%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 3564 | 3328 | 3312 |
| &nbsp;&nbsp;&nbsp; 9042335, 6.444%, 11/03/2026 †§x¶ | Square | 5/07/2025 | 3279 | 2991 | 3075 |
| &nbsp;&nbsp;&nbsp; 9042418, 4.715%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 5816 | 5432 | 5492 |
| &nbsp;&nbsp;&nbsp; 9042507, 4.717%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 6654 | 6215 | 6335 |
| &nbsp;&nbsp;&nbsp; 9042620, 6.080%, 11/04/2026 †x¶ | Square | 5/07/2025 | 914 | 837 | 513 |
| &nbsp;&nbsp;&nbsp; 9042628, 5.031%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 8048 | 7484 | 7678 |
| &nbsp;&nbsp;&nbsp; 9042791, 5.031%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 1697 | 1578 | 1650 |
| &nbsp;&nbsp;&nbsp; 9042837, 4.717%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 1426 | 1332 | 1369 |
| &nbsp;&nbsp;&nbsp; 9042865, 4.716%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 8046 | 7515 | 7707 |
| &nbsp;&nbsp;&nbsp; 9043044, 6.467%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 858 | 782 | 821 |
| &nbsp;&nbsp;&nbsp; 9043067, 5.347%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 5985 | 5540 | 5800 |
| &nbsp;&nbsp;&nbsp; 9043207, 6.099%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 12061 | 11050 | 10230 |
| &nbsp;&nbsp;&nbsp; 9043375, 4.717%, 11/04/2026 †§x¶ | Square | 5/07/2025 | 16393 | 15310 | 15758 |
| &nbsp;&nbsp;&nbsp; 9043513363, 21.981%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 1150 | 1196 | 1225 |
| &nbsp;&nbsp;&nbsp; 9043993601, 22.400%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 4119 | 4284 | 4376 |
| &nbsp;&nbsp;&nbsp; 9044441, 5.340%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 3144 | 2911 | 3029 |
| &nbsp;&nbsp;&nbsp; 9044479, 6.285%, 11/05/2026 †x¶ | Square | 5/07/2025 | 5873 | 5367 | 1005 |
| &nbsp;&nbsp;&nbsp; 9044530, 6.102%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 7243 | 6636 | 6841 |
| &nbsp;&nbsp;&nbsp; 9045034, 4.717%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 37323 | 34857 | 35822 |
| &nbsp;&nbsp;&nbsp; 9045994382, 21.333%, 10/23/2024 †x¥#^ | Stripe | 4/28/2023 | 314 | 326 | 13 |
| &nbsp;&nbsp;&nbsp; 9046078, 5.031%, 11/05/2026 †x¶ | Square | 5/07/2025 | 15465 | 14406 | 7002 |
| &nbsp;&nbsp;&nbsp; 9046326, 5.598%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 12262 | 11318 | 8431 |
| &nbsp;&nbsp;&nbsp; 9046524, 6.099%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 4197 | 3845 | 4074 |
| &nbsp;&nbsp;&nbsp; 9046637, 4.717%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 12865 | 12015 | 12345 |
| &nbsp;&nbsp;&nbsp; 9046948, 5.346%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 8240 | 7628 | 7477 |
| &nbsp;&nbsp;&nbsp; 9047093, 6.448%, 11/05/2026 †x¶# | Square | 5/07/2025 | 8207 | 7483 | 1001 |
| &nbsp;&nbsp;&nbsp; 9047226, 6.451%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 2173 | 1981 | 1806 |
| &nbsp;&nbsp;&nbsp; 9047276, 5.346%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 34542 | 31978 | 32835 |
| &nbsp;&nbsp;&nbsp; 9048073, 5.031%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 4721 | 4390 | 4586 |
| &nbsp;&nbsp;&nbsp; 9048232, 4.717%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 16168 | 15100 | 15183 |
| &nbsp;&nbsp;&nbsp; 9048540, 5.344%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 3610 | 3342 | 3288 |
| &nbsp;&nbsp;&nbsp; 9048647480, 16.533%, 8/14/2025 †x¥#^ | Stripe | 2/20/2024 | 32656 | 33962 | 5532 |
| &nbsp;&nbsp;&nbsp; 9048749, 5.915%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 9428 | 8660 | 7512 |
| &nbsp;&nbsp;&nbsp; 9049120, 5.615%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 778 | 717 | 743 |
| &nbsp;&nbsp;&nbsp; 904915146, 20.648%, 9/09/2025 †x¥# | Stripe | 7/11/2023 | 63 | 66 | 3 |
| &nbsp;&nbsp;&nbsp; 9049154, 4.717%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 8548 | 7984 | 8189 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8796** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9049595181, 22.400%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | $2652 | $2758 | $2828 |
| &nbsp;&nbsp;&nbsp; 9049630, 4.719%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 5830 | 5445 | 5509 |
| &nbsp;&nbsp;&nbsp; 9049670101, 22.000%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 389 | 405 | 417 |
| &nbsp;&nbsp;&nbsp; 9049847, 5.031%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 2035 | 1893 | 1905 |
| &nbsp;&nbsp;&nbsp; 9049914, 4.717%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 9843 | 9192 | 7940 |
| &nbsp;&nbsp;&nbsp; 9049934481, 22.353%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1080 | 1123 | 1139 |
| &nbsp;&nbsp;&nbsp; 9050104, 6.438%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 1271 | 1159 | 1172 |
| &nbsp;&nbsp;&nbsp; 9050131, 6.101%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 16804 | 15396 | 7193 |
| &nbsp;&nbsp;&nbsp; 9050475, 6.450%, 11/06/2026 †x¶ | Square | 5/08/2025 | 870 | 793 | 744 |
| &nbsp;&nbsp;&nbsp; 9050526, 4.717%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 1750 | 1634 | 1693 |
| &nbsp;&nbsp;&nbsp; 9050584, 5.031%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 8016 | 7453 | 7627 |
| &nbsp;&nbsp;&nbsp; 9050826, 5.346%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 5304 | 4910 | 4990 |
| &nbsp;&nbsp;&nbsp; 9050901, 4.717%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 25596 | 23905 | 23257 |
| &nbsp;&nbsp;&nbsp; 9051141694, 24.000%, 10/25/2023 †x¥#^ | Stripe | 9/08/2021 | 27585 | 28688 | 1103 |
| &nbsp;&nbsp;&nbsp; 9051304, 5.615%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 840 | 775 | 794 |
| &nbsp;&nbsp;&nbsp; 9051406, 4.719%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 7889 | 7367 | 6746 |
| &nbsp;&nbsp;&nbsp; 9051559, 4.721%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 5955 | 5561 | 5544 |
| &nbsp;&nbsp;&nbsp; 9051656, 6.427%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 508 | 464 | 494 |
| &nbsp;&nbsp;&nbsp; 9051665, 6.451%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 3068 | 2797 | 2287 |
| &nbsp;&nbsp;&nbsp; 9051681653, 22.786%, 4/19/2024 †x¥#^ | Stripe | 10/25/2022 | 2217 | 2306 | 89 |
| &nbsp;&nbsp;&nbsp; 9051791, 5.031%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 13883 | 12909 | 9393 |
| &nbsp;&nbsp;&nbsp; 9051911, 5.921%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 714 | 656 | 695 |
| &nbsp;&nbsp;&nbsp; 9051923, 5.031%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 54759 | 50921 | 51101 |
| &nbsp;&nbsp;&nbsp; 9052060087, 26.424%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 173 | 180 | 7 |
| &nbsp;&nbsp;&nbsp; 9052892, 6.447%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 3870 | 3529 | 3734 |
| &nbsp;&nbsp;&nbsp; 9053019, 5.346%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 15332 | 14194 | 14634 |
| &nbsp;&nbsp;&nbsp; 9053201, 5.597%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 1987 | 1834 | 1832 |
| &nbsp;&nbsp;&nbsp; 9053285, 6.098%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 2685 | 2460 | 2593 |
| &nbsp;&nbsp;&nbsp; 9053727, 5.031%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 20470 | 19033 | 19802 |
| &nbsp;&nbsp;&nbsp; 9054373055, 21.865%, 6/20/2023 †x¥#^ | Stripe | 12/23/2021 | 16308 | 16960 | 652 |
| &nbsp;&nbsp;&nbsp; 9054562, 5.029%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 4625 | 4301 | 4144 |
| &nbsp;&nbsp;&nbsp; 9054683, 6.447%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 1425 | 1300 | 1325 |
| &nbsp;&nbsp;&nbsp; 9054725, 4.717%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 24713 | 23083 | 20858 |
| &nbsp;&nbsp;&nbsp; 9055109608, 18.667%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 19022 | 19783 | 761 |
| &nbsp;&nbsp;&nbsp; 9055266, 5.916%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 4133 | 3796 | 3867 |
| &nbsp;&nbsp;&nbsp; 9055340, 6.272%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 899 | 822 | 828 |
| &nbsp;&nbsp;&nbsp; 9055380, 6.100%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 11884 | 10888 | 11609 |
| &nbsp;&nbsp;&nbsp; 9055542453, 26.485%, 8/05/2025 †x¥#^ | Stripe | 2/08/2024 | 1456 | 1514 | 58 |
| &nbsp;&nbsp;&nbsp; 9055914, 5.346%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 35310 | 32688 | 33945 |
| &nbsp;&nbsp;&nbsp; 9056521425, 22.118%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 2155 | 2241 | 86 |
| &nbsp;&nbsp;&nbsp; 9056566, 6.451%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 1312 | 1197 | 1206 |
| &nbsp;&nbsp;&nbsp; 9056588, 4.717%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 15718 | 14679 | 14288 |
| &nbsp;&nbsp;&nbsp; 9056741, 5.031%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 74184 | 68982 | 70702 |
| &nbsp;&nbsp;&nbsp; 9058256774, 20.788%, 9/24/2025 †x¥# | Stripe | 11/07/2023 | 520 | 540 | 91 |
| &nbsp;&nbsp;&nbsp; 9059781501, 26.462%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 478 | 497 | 508 |
| &nbsp;&nbsp;&nbsp; 9059939466, 15.060%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 1552 | 1614 | 1635 |
| &nbsp;&nbsp;&nbsp; 9059982569, 25.579%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 3727 | 3876 | 3876 |
| &nbsp;&nbsp;&nbsp; 9060143, 6.101%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 4402 | 4033 | 4025 |
| &nbsp;&nbsp;&nbsp; 9060418, 5.912%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 9945 | 9135 | 9151 |
| &nbsp;&nbsp;&nbsp; 9060678, 5.031%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 1202 | 1118 | 1135 |
| &nbsp;&nbsp;&nbsp; 9060729, 6.444%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 2426 | 2212 | 2129 |
| &nbsp;&nbsp;&nbsp; 9060788482, 18.667%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 13968 | 14527 | 14777 |
| &nbsp;&nbsp;&nbsp; 9060895, 4.715%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 6976 | 6515 | 6674 |
| &nbsp;&nbsp;&nbsp; 9061166, 4.719%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 7357 | 6870 | 3849 |
| &nbsp;&nbsp;&nbsp; 9061392, 4.717%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 6667 | 6227 | 6275 |
| &nbsp;&nbsp;&nbsp; 9061575, 5.604%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 3157 | 2912 | 2975 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8797** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9061702, 4.719%, 11/08/2026 †§x¶ | Square | 5/12/2025 | $5379 | $5023 | $5201 |
| &nbsp;&nbsp;&nbsp; 9061860, 5.591%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 3071 | 2833 | 2755 |
| &nbsp;&nbsp;&nbsp; 9061920, 5.912%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 11062 | 10161 | 10219 |
| &nbsp;&nbsp;&nbsp; 9062208, 4.719%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 8710 | 8134 | 8384 |
| &nbsp;&nbsp;&nbsp; 9062616, 6.447%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 10585 | 9651 | 10246 |
| &nbsp;&nbsp;&nbsp; 9063044, 5.031%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 26185 | 24348 | 20227 |
| &nbsp;&nbsp;&nbsp; 9063357864, 24.000%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 8192 | 8519 | 8718 |
| &nbsp;&nbsp;&nbsp; 9063422, 6.313%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 568 | 519 | 546 |
| &nbsp;&nbsp;&nbsp; 9063438, 5.346%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 22012 | 20378 | 21218 |
| &nbsp;&nbsp;&nbsp; 9064271, 6.108%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 4075 | 3733 | 2639 |
| &nbsp;&nbsp;&nbsp; 9064362, 5.597%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 37742 | 34819 | 35202 |
| &nbsp;&nbsp;&nbsp; 9064762325, 20.000%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 2770 | 2881 | 3028 |
| &nbsp;&nbsp;&nbsp; 9065133, 5.031%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 4311 | 4009 | 4157 |
| &nbsp;&nbsp;&nbsp; 9065305, 5.910%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 7516 | 6904 | 7311 |
| &nbsp;&nbsp;&nbsp; 9065658, 4.717%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 12462 | 11638 | 11758 |
| &nbsp;&nbsp;&nbsp; 9066036, 6.289%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 5307 | 4850 | 4393 |
| &nbsp;&nbsp;&nbsp; 9066310, 5.609%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 1159 | 1069 | 1098 |
| &nbsp;&nbsp;&nbsp; 9066357, 6.100%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 4117 | 3772 | 3871 |
| &nbsp;&nbsp;&nbsp; 9066492, 5.031%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 10845 | 10084 | 10037 |
| &nbsp;&nbsp;&nbsp; 9066754, 6.303%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 632 | 578 | 556 |
| &nbsp;&nbsp;&nbsp; 9066772, 5.031%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 6057 | 5632 | 5786 |
| &nbsp;&nbsp;&nbsp; 9066973, 4.717%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 12811 | 11965 | 12158 |
| &nbsp;&nbsp;&nbsp; 9067432, 5.036%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 4566 | 4245 | 4117 |
| &nbsp;&nbsp;&nbsp; 9067546, 4.717%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 2617 | 2444 | 2384 |
| &nbsp;&nbsp;&nbsp; 9067631, 6.449%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 7454 | 6797 | 7176 |
| &nbsp;&nbsp;&nbsp; 9067906, 6.100%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 41382 | 37913 | 37348 |
| &nbsp;&nbsp;&nbsp; 9068892, 4.721%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 7060 | 6593 | 6640 |
| &nbsp;&nbsp;&nbsp; 9068949524, 25.333%, 2/03/2024 †x¥#^ | Stripe | 8/10/2022 | 5003 | 5203 | 200 |
| &nbsp;&nbsp;&nbsp; 9069063, 5.344%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 2817 | 2608 | 2707 |
| &nbsp;&nbsp;&nbsp; 9069140, 6.456%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 1331 | 1213 | 1068 |
| &nbsp;&nbsp;&nbsp; 9069157, 5.031%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 3990 | 3710 | 3518 |
| &nbsp;&nbsp;&nbsp; 9069426, 4.719%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 14543 | 13582 | 13894 |
| &nbsp;&nbsp;&nbsp; 9070566, 5.028%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 2627 | 2443 | 2505 |
| &nbsp;&nbsp;&nbsp; 9070602, 6.099%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 2325 | 2130 | 2105 |
| &nbsp;&nbsp;&nbsp; 9070637, 4.715%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 5703 | 5326 | 5462 |
| &nbsp;&nbsp;&nbsp; 9070702, 4.711%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 3822 | 3570 | 3313 |
| &nbsp;&nbsp;&nbsp; 9070737, 5.344%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 1350 | 1249 | 1262 |
| &nbsp;&nbsp;&nbsp; 9070764, 4.723%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 3805 | 3554 | 3391 |
| &nbsp;&nbsp;&nbsp; 9070809, 6.436%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 1381 | 1259 | 1113 |
| &nbsp;&nbsp;&nbsp; 9070825, 4.946%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 1265 | 1178 | 1165 |
| &nbsp;&nbsp;&nbsp; 9070855, 6.098%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 893 | 818 | 855 |
| &nbsp;&nbsp;&nbsp; 9070873, 4.724%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 2460 | 2316 | 2347 |
| &nbsp;&nbsp;&nbsp; 9070905, 5.039%, 11/10/2026 †x¶ | Square | 5/14/2025 | 1906 | 1772 | 803 |
| &nbsp;&nbsp;&nbsp; 9070992, 5.357%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 1826 | 1690 | 1736 |
| &nbsp;&nbsp;&nbsp; 9071032, 4.717%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 2901 | 2709 | 2709 |
| &nbsp;&nbsp;&nbsp; 9071134, 5.037%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 1737 | 1615 | 1673 |
| &nbsp;&nbsp;&nbsp; 9071170, 4.717%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 2958 | 2762 | 2815 |
| &nbsp;&nbsp;&nbsp; 9071211, 6.105%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 4142 | 3794 | 3814 |
| &nbsp;&nbsp;&nbsp; 9071273, 4.722%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 3332 | 3112 | 2846 |
| &nbsp;&nbsp;&nbsp; 9071313, 4.717%, 11/10/2026 †§x¶ | Square | 5/14/2025 | 2113 | 1974 | 1996 |
| &nbsp;&nbsp;&nbsp; 9071350, 6.452%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 2500 | 2279 | 2373 |
| &nbsp;&nbsp;&nbsp; 9071409, 6.101%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 7193 | 6590 | 6786 |
| &nbsp;&nbsp;&nbsp; 9071540, 5.349%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 7051 | 6527 | 6645 |
| &nbsp;&nbsp;&nbsp; 9071669, 6.257%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 398 | 364 | 377 |
| &nbsp;&nbsp;&nbsp; 9071680, 4.717%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 3305 | 3087 | 3117 |
| &nbsp;&nbsp;&nbsp; 9071920, 5.604%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 3619 | 3339 | 3281 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8798** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9071974, 5.354%, 11/11/2026 †§x¶ | Square | 5/14/2025 | $1990 | $1842 | $1938 |
| &nbsp;&nbsp;&nbsp; 9072017, 6.097%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 1534 | 1405 | 1383 |
| &nbsp;&nbsp;&nbsp; 9072036, 5.038%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 3033 | 2820 | 2818 |
| &nbsp;&nbsp;&nbsp; 9072091, 5.598%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 21713 | 20031 | 20551 |
| &nbsp;&nbsp;&nbsp; 9072456, 6.289%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 5213 | 4765 | 4147 |
| &nbsp;&nbsp;&nbsp; 9072655, 4.717%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 10890 | 10170 | 10451 |
| &nbsp;&nbsp;&nbsp; 9073125, 5.594%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 3668 | 3426 | 3497 |
| &nbsp;&nbsp;&nbsp; 9073230, 5.037%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 1881 | 1749 | 1718 |
| &nbsp;&nbsp;&nbsp; 9073292, 5.912%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 5553 | 5101 | 5374 |
| &nbsp;&nbsp;&nbsp; 9073478, 5.912%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 15460 | 14201 | 14841 |
| &nbsp;&nbsp;&nbsp; 9073842356, 21.200%, 4/28/2023 †x¥#^ | Stripe | 11/02/2021 | 3230 | 3359 | 129 |
| &nbsp;&nbsp;&nbsp; 9073960, 5.031%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 2207 | 2052 | 2109 |
| &nbsp;&nbsp;&nbsp; 9074012, 4.722%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 2260 | 2111 | 2205 |
| &nbsp;&nbsp;&nbsp; 9074140, 5.632%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 4338 | 4000 | 4141 |
| &nbsp;&nbsp;&nbsp; 9074205875, 17.867%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 3562 | 3704 | 3748 |
| &nbsp;&nbsp;&nbsp; 9074325, 6.448%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 2740 | 2499 | 2596 |
| &nbsp;&nbsp;&nbsp; 907434862, 23.848%, 4/11/2024 †x¥#^ | Stripe | 10/17/2022 | 1460 | 1519 | 58 |
| &nbsp;&nbsp;&nbsp; 9074462, 5.031%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 32201 | 29942 | 31105 |
| &nbsp;&nbsp;&nbsp; 9075426, 4.722%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 5847 | 5461 | 5109 |
| &nbsp;&nbsp;&nbsp; 9075500, 6.289%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 3658 | 3343 | 3540 |
| &nbsp;&nbsp;&nbsp; 9075667, 6.447%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 6297 | 5741 | 5915 |
| &nbsp;&nbsp;&nbsp; 9075767, 4.708%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 2466 | 2303 | 2346 |
| &nbsp;&nbsp;&nbsp; 9075827, 6.094%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 1090 | 999 | 1041 |
| &nbsp;&nbsp;&nbsp; 9075932, 4.717%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 10294 | 9614 | 9598 |
| &nbsp;&nbsp;&nbsp; 9076158, 5.598%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 21366 | 19974 | 20825 |
| &nbsp;&nbsp;&nbsp; 9076731, 4.729%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 1940 | 1813 | 1865 |
| &nbsp;&nbsp;&nbsp; 9076855, 5.031%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 7517 | 6990 | 7217 |
| &nbsp;&nbsp;&nbsp; 9076911152, 12.800%, 2/28/2023 †x¥#^ | Stripe | 9/02/2021 | 88 | 92 | 4 |
| &nbsp;&nbsp;&nbsp; 9077121, 5.021%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 2012 | 1871 | 1835 |
| &nbsp;&nbsp;&nbsp; 9077180, 6.289%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 12853 | 11746 | 8899 |
| &nbsp;&nbsp;&nbsp; 9077648189, 14.933%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 5324 | 5537 | 5585 |
| &nbsp;&nbsp;&nbsp; 9077665, 6.307%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 865 | 790 | 787 |
| &nbsp;&nbsp;&nbsp; 9077711, 5.911%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 4505 | 4138 | 4263 |
| &nbsp;&nbsp;&nbsp; 9077880, 5.047%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 1410 | 1311 | 1253 |
| &nbsp;&nbsp;&nbsp; 9077932, 5.597%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 22571 | 20823 | 21737 |
| &nbsp;&nbsp;&nbsp; 9078382142, 19.732%, 9/03/2024 †x¥#^ | Stripe | 3/09/2023 | 41957 | 43636 | 1678 |
| &nbsp;&nbsp;&nbsp; 9079038, 6.102%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 1422 | 1305 | 1391 |
| &nbsp;&nbsp;&nbsp; 9079433, 6.289%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 2725 | 2490 | 2582 |
| &nbsp;&nbsp;&nbsp; 9079532, 4.719%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 7529 | 7031 | 7205 |
| &nbsp;&nbsp;&nbsp; 9079766, 5.600%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 4908 | 4528 | 4359 |
| &nbsp;&nbsp;&nbsp; 9080062, 6.101%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 64533 | 59123 | 56483 |
| &nbsp;&nbsp;&nbsp; 9081229, 4.720%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 10673 | 9967 | 8818 |
| &nbsp;&nbsp;&nbsp; 9081389, 5.031%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 33470 | 31125 | 32171 |
| &nbsp;&nbsp;&nbsp; 9081397928, 25.333%, 12/05/2023 †x¥#^ | Stripe | 6/09/2022 | 1808 | 1880 | 72 |
| &nbsp;&nbsp;&nbsp; 9081675, 4.717%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 63265 | 59084 | 60935 |
| &nbsp;&nbsp;&nbsp; 9083252943, 26.507%, 6/19/2026 †x¥ | Stripe | 12/24/2024 | 575 | 598 | 623 |
| &nbsp;&nbsp;&nbsp; 9083598, 4.715%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 7118 | 6647 | 6758 |
| &nbsp;&nbsp;&nbsp; 9083722, 5.034%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 4378 | 4071 | 4044 |
| &nbsp;&nbsp;&nbsp; 9083794, 5.629%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 1690 | 1559 | 1280 |
| &nbsp;&nbsp;&nbsp; 9083838, 4.719%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 4698 | 4388 | 4458 |
| &nbsp;&nbsp;&nbsp; 9083919, 4.718%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 17710 | 16540 | 16699 |
| &nbsp;&nbsp;&nbsp; 9084166, 5.600%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 6912 | 6376 | 5485 |
| &nbsp;&nbsp;&nbsp; 9084271, 5.024%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 809 | 753 | 784 |
| &nbsp;&nbsp;&nbsp; 9084299, 6.450%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 5714 | 5210 | 5462 |
| &nbsp;&nbsp;&nbsp; 9084427, 4.717%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 7097 | 6628 | 6318 |
| &nbsp;&nbsp;&nbsp; 9084534, 5.346%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 3217 | 2978 | 3129 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8799** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9084635, 6.465%, 11/14/2026 †§x¶ | Square | 5/16/2025 | $913 | $832 | $686 |
| &nbsp;&nbsp;&nbsp; 9084651, 4.717%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 6259 | 5846 | 5962 |
| &nbsp;&nbsp;&nbsp; 9084732, 5.909%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 411 | 392 | 402 |
| &nbsp;&nbsp;&nbsp; 9084755, 6.099%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 3743 | 3430 | 3663 |
| &nbsp;&nbsp;&nbsp; 9084911, 6.447%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 15398 | 14040 | 14592 |
| &nbsp;&nbsp;&nbsp; 9085193, 4.717%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 32214 | 30086 | 30953 |
| &nbsp;&nbsp;&nbsp; 9086615282, 17.997%, 5/22/2024 †x¥#^ | Stripe | 11/28/2022 | 3931 | 4088 | 157 |
| &nbsp;&nbsp;&nbsp; 9088717, 4.711%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 1542 | 1440 | 1498 |
| &nbsp;&nbsp;&nbsp; 9088769220, 26.533%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 5734 | 5964 | 6027 |
| &nbsp;&nbsp;&nbsp; 9088835, 4.728%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 2364 | 2209 | 2208 |
| &nbsp;&nbsp;&nbsp; 9088888, 4.717%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 1209 | 1129 | 1178 |
| &nbsp;&nbsp;&nbsp; 9088936, 4.724%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 3425 | 3198 | 3239 |
| &nbsp;&nbsp;&nbsp; 9089042, 5.660%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 672 | 619 | 614 |
| &nbsp;&nbsp;&nbsp; 9089102, 4.717%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 19568 | 18279 | 18662 |
| &nbsp;&nbsp;&nbsp; 9090160, 5.911%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 4032 | 3704 | 3890 |
| &nbsp;&nbsp;&nbsp; 9090290, 4.925%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 948 | 883 | 852 |
| &nbsp;&nbsp;&nbsp; 9090306, 6.446%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 5591 | 5098 | 5316 |
| &nbsp;&nbsp;&nbsp; 9090535, 4.718%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 4433 | 4140 | 4128 |
| &nbsp;&nbsp;&nbsp; 9090595, 5.031%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 6952 | 6464 | 5370 |
| &nbsp;&nbsp;&nbsp; 9090669, 6.443%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 2434 | 2219 | 378 |
| &nbsp;&nbsp;&nbsp; 9090763, 5.912%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 1569 | 1441 | 1517 |
| &nbsp;&nbsp;&nbsp; 9090826, 5.598%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 5169 | 4768 | 4987 |
| &nbsp;&nbsp;&nbsp; 9090950, 5.031%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 24458 | 22741 | 23821 |
| &nbsp;&nbsp;&nbsp; 9091487, 4.717%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 57636 | 53827 | 54312 |
| &nbsp;&nbsp;&nbsp; 9092600, 4.718%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 9611 | 8976 | 8958 |
| &nbsp;&nbsp;&nbsp; 9092789, 4.720%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 8134 | 7596 | 7642 |
| &nbsp;&nbsp;&nbsp; 9093099, 5.599%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 11639 | 10738 | 11316 |
| &nbsp;&nbsp;&nbsp; 909333591, 19.728%, 3/08/2024 †x¥#^ | Stripe | 9/13/2022 | 6975 | 7254 | 279 |
| &nbsp;&nbsp;&nbsp; 9093749, 4.717%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 16369 | 15287 | 13011 |
| &nbsp;&nbsp;&nbsp; 9094174, 4.717%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 12614 | 11781 | 11162 |
| &nbsp;&nbsp;&nbsp; 9094504, 5.922%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 1574 | 1446 | 1435 |
| &nbsp;&nbsp;&nbsp; 9094607, 5.346%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 18299 | 16941 | 16892 |
| &nbsp;&nbsp;&nbsp; 9095052, 5.916%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 2888 | 2653 | 2690 |
| &nbsp;&nbsp;&nbsp; 9095213, 6.096%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 567 | 520 | 543 |
| &nbsp;&nbsp;&nbsp; 9095275, 4.941%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 4023 | 3745 | 3089 |
| &nbsp;&nbsp;&nbsp; 9095376, 5.599%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 5280 | 4871 | 4987 |
| &nbsp;&nbsp;&nbsp; 9095504, 6.447%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 9544 | 8702 | 8413 |
| &nbsp;&nbsp;&nbsp; 9095633695, 17.067%, 3/08/2025 †x¥#^ | Stripe | 9/13/2023 | 23879 | 24834 | 955 |
| &nbsp;&nbsp;&nbsp; 9095775, 4.717%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 61390 | 57333 | 58506 |
| &nbsp;&nbsp;&nbsp; 9097085, 6.100%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 17300 | 15850 | 16889 |
| &nbsp;&nbsp;&nbsp; 9097488819, 18.933%, 10/21/2026 †x¥ | Stripe | 2/26/2025 | 73765 | 76716 | 77438 |
| &nbsp;&nbsp;&nbsp; 9097765, 4.722%, 11/17/2026 †§x¶ | Square | 5/21/2025 | 4930 | 4605 | 4704 |
| &nbsp;&nbsp;&nbsp; 9097824, 4.734%, 11/17/2026 †§x¶ | Square | 5/21/2025 | 1592 | 1487 | 1497 |
| &nbsp;&nbsp;&nbsp; 9097837, 6.100%, 11/17/2026 †§x¶ | Square | 5/21/2025 | 18464 | 16916 | 17964 |
| &nbsp;&nbsp;&nbsp; 9098290, 4.719%, 11/17/2026 †§x¶ | Square | 5/21/2025 | 5028 | 4695 | 4838 |
| &nbsp;&nbsp;&nbsp; 9098359, 6.108%, 11/17/2026 †§x¶ | Square | 5/21/2025 | 3138 | 2874 | 2858 |
| &nbsp;&nbsp;&nbsp; 9098410, 4.717%, 11/17/2026 †§x¶ | Square | 5/21/2025 | 26566 | 24811 | 25475 |
| &nbsp;&nbsp;&nbsp; 9098756, 4.717%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 11358 | 10607 | 10930 |
| &nbsp;&nbsp;&nbsp; 9098951, 4.732%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 1691 | 1591 | 1597 |
| &nbsp;&nbsp;&nbsp; 9098978, 5.031%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 2701 | 2511 | 2590 |
| &nbsp;&nbsp;&nbsp; 9099053, 5.340%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 3468 | 3211 | 3306 |
| &nbsp;&nbsp;&nbsp; 9099311, 6.285%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 3393 | 3101 | 3151 |
| &nbsp;&nbsp;&nbsp; 9099369, 6.449%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 2164 | 1973 | 1981 |
| &nbsp;&nbsp;&nbsp; 9099401, 6.099%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 591 | 542 | 577 |
| &nbsp;&nbsp;&nbsp; 9099421, 5.917%, 11/18/2026 †§x¶ | Square | 5/21/2025 | 2764 | 2538 | 2365 |
| &nbsp;&nbsp;&nbsp; 9099670, 5.611%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 572 | 528 | 541 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8800** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9099682, 5.597%, 11/19/2026 †§x¶ | Square | 5/21/2025 | $24091 | $22225 | $20678 |
| &nbsp;&nbsp;&nbsp; 9100276732, 14.799%, 10/12/2024 †x¥#^ | Stripe | 2/16/2023 | 5732 | 5962 | 229 |
| &nbsp;&nbsp;&nbsp; 9100702, 4.927%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 595 | 554 | 570 |
| &nbsp;&nbsp;&nbsp; 9100737, 4.717%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 4087 | 3817 | 3846 |
| &nbsp;&nbsp;&nbsp; 9100788021, 26.485%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 238 | 247 | 256 |
| &nbsp;&nbsp;&nbsp; 9100878, 4.720%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 5999 | 5602 | 5729 |
| &nbsp;&nbsp;&nbsp; 9101059, 4.719%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 4716 | 4404 | 4524 |
| &nbsp;&nbsp;&nbsp; 9101217, 6.442%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 4219 | 3848 | 3656 |
| &nbsp;&nbsp;&nbsp; 9101279, 4.717%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 8822 | 8239 | 8061 |
| &nbsp;&nbsp;&nbsp; 9101614, 4.717%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 53980 | 50413 | 52230 |
| &nbsp;&nbsp;&nbsp; 9102501246, 21.977%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 1885 | 1961 | 1985 |
| &nbsp;&nbsp;&nbsp; 9102880, 6.456%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 1246 | 1136 | 1096 |
| &nbsp;&nbsp;&nbsp; 9102893, 6.443%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 1730 | 1577 | 1524 |
| &nbsp;&nbsp;&nbsp; 9102925, 4.711%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 2038 | 1904 | 1938 |
| &nbsp;&nbsp;&nbsp; 9102931536, 20.933%, 10/28/2023 †x¥#^ | Stripe | 5/04/2022 | 35350 | 36764 | 1414 |
| &nbsp;&nbsp;&nbsp; 9102987, 6.447%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 874 | 797 | 846 |
| &nbsp;&nbsp;&nbsp; 9103035, 5.634%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 2700 | 2490 | 2503 |
| &nbsp;&nbsp;&nbsp; 9103102, 4.720%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 7489 | 6995 | 7155 |
| &nbsp;&nbsp;&nbsp; 9103298, 4.715%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 7153 | 6725 | 6668 |
| &nbsp;&nbsp;&nbsp; 9103309250, 25.333%, 12/12/2023 †x¥#^ | Stripe | 6/16/2022 | 506 | 527 | 20 |
| &nbsp;&nbsp;&nbsp; 9103399, 6.448%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 3920 | 3574 | 3454 |
| &nbsp;&nbsp;&nbsp; 9103548, 6.284%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 870 | 795 | 816 |
| &nbsp;&nbsp;&nbsp; 9103603, 4.717%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 20028 | 18705 | 19136 |
| &nbsp;&nbsp;&nbsp; 9104400, 5.346%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 26555 | 24584 | 24522 |
| &nbsp;&nbsp;&nbsp; 9105716, 4.717%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 13925 | 13005 | 13275 |
| &nbsp;&nbsp;&nbsp; 9106071, 5.344%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 3859 | 3573 | 3599 |
| &nbsp;&nbsp;&nbsp; 9106166, 4.935%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 1419 | 1321 | 1349 |
| &nbsp;&nbsp;&nbsp; 9106236, 6.476%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 415 | 378 | 399 |
| &nbsp;&nbsp;&nbsp; 9106246, 5.629%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 5096 | 4700 | 4942 |
| &nbsp;&nbsp;&nbsp; 9106269078, 26.533%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 17593 | 18297 | 704 |
| &nbsp;&nbsp;&nbsp; 9106481, 5.598%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 6881 | 6348 | 6667 |
| &nbsp;&nbsp;&nbsp; 9106672, 5.031%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 67519 | 62781 | 63210 |
| &nbsp;&nbsp;&nbsp; 9107931, 5.031%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 14574 | 13552 | 13667 |
| &nbsp;&nbsp;&nbsp; 9108328, 5.912%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 6493 | 5966 | 5997 |
| &nbsp;&nbsp;&nbsp; 9108399, 6.102%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 10473 | 9595 | 9706 |
| &nbsp;&nbsp;&nbsp; 9108657, 6.103%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 9407 | 8618 | 8682 |
| &nbsp;&nbsp;&nbsp; 9108852, 5.031%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 16700 | 15528 | 15450 |
| &nbsp;&nbsp;&nbsp; 9109448, 6.276%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 1438 | 1314 | 1170 |
| &nbsp;&nbsp;&nbsp; 9110155, 6.440%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 2168 | 1977 | 2036 |
| &nbsp;&nbsp;&nbsp; 9110236, 6.100%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 1989 | 1822 | 1862 |
| &nbsp;&nbsp;&nbsp; 9110288, 6.447%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 1792 | 1634 | 1120 |
| &nbsp;&nbsp;&nbsp; 9110345, 4.717%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 11188 | 10449 | 10685 |
| &nbsp;&nbsp;&nbsp; 9110630, 5.031%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 9843 | 9152 | 8640 |
| &nbsp;&nbsp;&nbsp; 9110770, 6.434%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 1030 | 940 | 885 |
| &nbsp;&nbsp;&nbsp; 9110780, 6.437%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 1754 | 1600 | 1008 |
| &nbsp;&nbsp;&nbsp; 9110901, 6.289%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 2683 | 2451 | 2535 |
| &nbsp;&nbsp;&nbsp; 9111036, 6.445%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 2424 | 2210 | 2367 |
| &nbsp;&nbsp;&nbsp; 9111270, 5.590%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 2666 | 2459 | 2576 |
| &nbsp;&nbsp;&nbsp; 9111412, 5.031%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 3077 | 2861 | 2908 |
| &nbsp;&nbsp;&nbsp; 9111479, 5.597%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 314 | 290 | 308 |
| &nbsp;&nbsp;&nbsp; 9111510, 4.714%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 3506 | 3274 | 3350 |
| &nbsp;&nbsp;&nbsp; 9111606, 4.721%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 2986 | 2788 | 2900 |
| &nbsp;&nbsp;&nbsp; 9111704, 5.031%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 4928 | 4582 | 4704 |
| &nbsp;&nbsp;&nbsp; 9111776, 5.345%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 2843 | 2633 | 2694 |
| &nbsp;&nbsp;&nbsp; 9111841, 6.101%, 11/21/2026 †x¶ | Square | 5/23/2025 | 67710 | 62033 | 42187 |
| &nbsp;&nbsp;&nbsp; 9112739, 5.597%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 42308 | 39031 | 40096 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8801** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9114737353, 14.798%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | $17338 | $18032 | $18352 |
| &nbsp;&nbsp;&nbsp; 9115521743, 26.533%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 3941 | 4099 | 4131 |
| &nbsp;&nbsp;&nbsp; 9115574779, 20.400%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 6564 | 6827 | 6842 |
| &nbsp;&nbsp;&nbsp; 911625727, 16.130%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 4093 | 4257 | 4321 |
| &nbsp;&nbsp;&nbsp; 9117678, 5.026%, 11/21/2026 †§x¶ | Square | 5/27/2025 | 1566 | 1456 | 1513 |
| &nbsp;&nbsp;&nbsp; 9117844, 5.606%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 3415 | 3151 | 2355 |
| &nbsp;&nbsp;&nbsp; 9117911, 5.597%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 18475 | 17045 | 16246 |
| &nbsp;&nbsp;&nbsp; 9118260, 5.035%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 2384 | 2216 | 2288 |
| &nbsp;&nbsp;&nbsp; 9118340, 4.955%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 1003 | 934 | 929 |
| &nbsp;&nbsp;&nbsp; 9118421, 6.099%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 8126 | 7445 | 7657 |
| &nbsp;&nbsp;&nbsp; 9118833, 4.719%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 11286 | 10540 | 10699 |
| &nbsp;&nbsp;&nbsp; 9119087988, 22.395%, 11/14/2026 †x¥ | Stripe | 3/20/2025 | 11346 | 11800 | 11950 |
| &nbsp;&nbsp;&nbsp; 9119162, 5.912%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 14245 | 13084 | 13013 |
| &nbsp;&nbsp;&nbsp; 9119416, 5.912%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 2595 | 2383 | 2443 |
| &nbsp;&nbsp;&nbsp; 9119478, 5.347%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 21024 | 19466 | 19204 |
| &nbsp;&nbsp;&nbsp; 911975224, 22.000%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1008 | 1048 | 1068 |
| &nbsp;&nbsp;&nbsp; 9119967, 4.937%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 1578 | 1469 | 1515 |
| &nbsp;&nbsp;&nbsp; 9120056, 5.031%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 5551 | 5162 | 5164 |
| &nbsp;&nbsp;&nbsp; 9120085182, 26.532%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 39952 | 41550 | 42206 |
| &nbsp;&nbsp;&nbsp; 9120171, 4.717%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 10773 | 10061 | 10213 |
| &nbsp;&nbsp;&nbsp; 9120377, 5.598%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 23435 | 21620 | 20463 |
| &nbsp;&nbsp;&nbsp; 9120745133, 19.733%, 3/06/2024 †x¥#^ | Stripe | 9/09/2022 | 3425 | 3562 | 137 |
| &nbsp;&nbsp;&nbsp; 9121099, 6.437%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 1236 | 1127 | 1141 |
| &nbsp;&nbsp;&nbsp; 9121268, 4.717%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 3002 | 2804 | 2822 |
| &nbsp;&nbsp;&nbsp; 9121337, 6.101%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 54881 | 50280 | 51477 |
| &nbsp;&nbsp;&nbsp; 9122384, 4.717%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 5776 | 5396 | 5504 |
| &nbsp;&nbsp;&nbsp; 9122686, 4.719%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 5546 | 5179 | 5176 |
| &nbsp;&nbsp;&nbsp; 9122894898, 26.126%, 3/05/2026 †x¥# | Stripe | 9/09/2024 | 3330 | 3463 | 133 |
| &nbsp;&nbsp;&nbsp; 9122929, 5.031%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 1878 | 1746 | 1510 |
| &nbsp;&nbsp;&nbsp; 9122970, 5.912%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 51985 | 47751 | 49656 |
| &nbsp;&nbsp;&nbsp; 9124057307, 20.400%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 5035 | 5236 | 5280 |
| &nbsp;&nbsp;&nbsp; 9124735, 5.600%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 5347 | 4933 | 5026 |
| &nbsp;&nbsp;&nbsp; 9124860, 6.274%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 489 | 447 | 452 |
| &nbsp;&nbsp;&nbsp; 9124894, 5.346%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 721 | 668 | 686 |
| &nbsp;&nbsp;&nbsp; 9124984, 6.096%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 7188 | 6585 | 2027 |
| &nbsp;&nbsp;&nbsp; 9125093, 5.604%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 3135 | 2892 | 2435 |
| &nbsp;&nbsp;&nbsp; 9125577, 4.937%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 5955 | 5544 | 5027 |
| &nbsp;&nbsp;&nbsp; 9125713, 5.345%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 2538 | 2349 | 2357 |
| &nbsp;&nbsp;&nbsp; 9125768, 5.598%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 7361 | 6791 | 7166 |
| &nbsp;&nbsp;&nbsp; 9125953, 5.346%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 4261 | 3945 | 3899 |
| &nbsp;&nbsp;&nbsp; 9126042, 4.718%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 46789 | 43697 | 44334 |
| &nbsp;&nbsp;&nbsp; 9126194647, 21.600%, 5/18/2023 †x¥#^ | Stripe | 11/22/2021 | 12740 | 13249 | 510 |
| &nbsp;&nbsp;&nbsp; 9126336000, 23.593%, 4/06/2023 †x¥#^ | Stripe | 10/12/2021 | 2092 | 2176 | 84 |
| &nbsp;&nbsp;&nbsp; 9127223, 5.926%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 1076 | 988 | 1005 |
| &nbsp;&nbsp;&nbsp; 9127279, 6.450%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 3566 | 3251 | 3208 |
| &nbsp;&nbsp;&nbsp; 9127368, 6.101%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 17096 | 15663 | 16417 |
| &nbsp;&nbsp;&nbsp; 9127622, 4.719%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 4034 | 3770 | 3795 |
| &nbsp;&nbsp;&nbsp; 9127682, 5.624%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 1255 | 1157 | 1200 |
| &nbsp;&nbsp;&nbsp; 9127711, 4.713%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 2744 | 2563 | 2620 |
| &nbsp;&nbsp;&nbsp; 9127749, 4.720%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 4708 | 4397 | 4502 |
| &nbsp;&nbsp;&nbsp; 9127817, 4.724%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 3954 | 3692 | 3667 |
| &nbsp;&nbsp;&nbsp; 9127864, 6.454%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 1874 | 1709 | 1799 |
| &nbsp;&nbsp;&nbsp; 9127901, 5.604%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 4702 | 4338 | 3411 |
| &nbsp;&nbsp;&nbsp; 9127955, 5.031%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 2917 | 2712 | 2778 |
| &nbsp;&nbsp;&nbsp; 9128011, 4.719%, 11/24/2026 †§x¶ | Square | 5/29/2025 | 14639 | 13671 | 14085 |
| &nbsp;&nbsp;&nbsp; 9128305, 6.443%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 1631 | 1487 | 1572 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8802** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9128344, 6.448%, 11/25/2026 †§x¶ | Square | 5/29/2025 | $2689 | $2452 | $2611 |
| &nbsp;&nbsp;&nbsp; 9128427, 5.590%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 3094 | 2854 | 2694 |
| &nbsp;&nbsp;&nbsp; 9128471, 5.031%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 5255 | 4886 | 4796 |
| &nbsp;&nbsp;&nbsp; 9128540, 5.351%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 3268 | 3025 | 3106 |
| &nbsp;&nbsp;&nbsp; 9128590, 4.719%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 7143 | 6671 | 6701 |
| &nbsp;&nbsp;&nbsp; 9128660, 5.912%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 1150 | 1057 | 1071 |
| &nbsp;&nbsp;&nbsp; 9128674, 4.720%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 9059 | 8460 | 8528 |
| &nbsp;&nbsp;&nbsp; 9128771, 6.124%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 893 | 818 | 834 |
| &nbsp;&nbsp;&nbsp; 9128786, 5.031%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 5104 | 4746 | 4905 |
| &nbsp;&nbsp;&nbsp; 9128862, 5.031%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 860 | 800 | 830 |
| &nbsp;&nbsp;&nbsp; 9128875, 6.446%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 5003 | 4562 | 4741 |
| &nbsp;&nbsp;&nbsp; 9128963, 4.722%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 4878 | 4555 | 4649 |
| &nbsp;&nbsp;&nbsp; 9129038, 5.912%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 29104 | 26733 | 21893 |
| &nbsp;&nbsp;&nbsp; 9129404, 6.096%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 1624 | 1488 | 1537 |
| &nbsp;&nbsp;&nbsp; 9129444017, 18.378%, 1/01/2024 †x¥#^ | Stripe | 1/06/2022 | 250 | 260 | 10 |
| &nbsp;&nbsp;&nbsp; 9129463, 5.625%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 3085 | 2845 | 2950 |
| &nbsp;&nbsp;&nbsp; 9129501, 4.706%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 2456 | 2294 | 2219 |
| &nbsp;&nbsp;&nbsp; 9129521, 6.266%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 633 | 579 | 599 |
| &nbsp;&nbsp;&nbsp; 9129527, 4.716%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 8540 | 7976 | 8156 |
| &nbsp;&nbsp;&nbsp; 9129591, 4.717%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 4788 | 4474 | 4562 |
| &nbsp;&nbsp;&nbsp; 9129605158, 18.921%, 3/02/2024 †x¥#^ | Stripe | 9/08/2022 | 710 | 738 | 28 |
| &nbsp;&nbsp;&nbsp; 9129642, 6.103%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 887 | 812 | 850 |
| &nbsp;&nbsp;&nbsp; 9129654, 5.031%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 5508 | 5121 | 5130 |
| &nbsp;&nbsp;&nbsp; 9129698, 5.346%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 4984 | 4614 | 3772 |
| &nbsp;&nbsp;&nbsp; 9129747, 6.096%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 1244 | 1140 | 927 |
| &nbsp;&nbsp;&nbsp; 9129764, 4.717%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 14157 | 13221 | 13286 |
| &nbsp;&nbsp;&nbsp; 9129918, 5.031%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 14567 | 13545 | 13773 |
| &nbsp;&nbsp;&nbsp; 9130060, 5.343%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 1545 | 1430 | 1496 |
| &nbsp;&nbsp;&nbsp; 9130087, 5.349%, 11/26/2026 †§x¶ | Square | 5/29/2025 | 8182 | 7574 | 7588 |
| &nbsp;&nbsp;&nbsp; 9131172, 6.106%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 3900 | 3573 | 3547 |
| &nbsp;&nbsp;&nbsp; 9131223, 6.289%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 12264 | 11207 | 11795 |
| &nbsp;&nbsp;&nbsp; 9132071, 5.610%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 1708 | 1575 | 1590 |
| &nbsp;&nbsp;&nbsp; 9132143, 6.445%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 8366 | 7628 | 7828 |
| &nbsp;&nbsp;&nbsp; 9132345, 5.031%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 2956 | 2748 | 2776 |
| &nbsp;&nbsp;&nbsp; 9132424, 5.916%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 1342 | 1232 | 1277 |
| &nbsp;&nbsp;&nbsp; 9132461, 6.449%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 6168 | 5624 | 5803 |
| &nbsp;&nbsp;&nbsp; 9132564, 6.101%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 1912 | 1752 | 1818 |
| &nbsp;&nbsp;&nbsp; 9132627, 5.595%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 4896 | 4517 | 4443 |
| &nbsp;&nbsp;&nbsp; 9132686, 6.289%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 31984 | 29227 | 30723 |
| &nbsp;&nbsp;&nbsp; 9132804351, 26.533%, 1/06/2026 †x¥ | Stripe | 7/11/2024 | 434 | 451 | 477 |
| &nbsp;&nbsp;&nbsp; 9133863, 5.031%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 14700 | 13668 | 14001 |
| &nbsp;&nbsp;&nbsp; 9134185, 6.447%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 3179 | 2898 | 2782 |
| &nbsp;&nbsp;&nbsp; 9134444, 5.344%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 3606 | 3339 | 3444 |
| &nbsp;&nbsp;&nbsp; 9134545, 4.936%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 458 | 427 | 442 |
| &nbsp;&nbsp;&nbsp; 9134708, 4.716%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 5436 | 5077 | 5014 |
| &nbsp;&nbsp;&nbsp; 9134851, 4.717%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 63179 | 59004 | 59930 |
| &nbsp;&nbsp;&nbsp; 9134916907, 18.933%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 281 | 292 | 299 |
| &nbsp;&nbsp;&nbsp; 9135647, 6.101%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 22073 | 20223 | 15386 |
| &nbsp;&nbsp;&nbsp; 9136313, 5.031%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 21304 | 19809 | 20652 |
| &nbsp;&nbsp;&nbsp; 9136571094, 25.850%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 3526 | 3667 | 3720 |
| &nbsp;&nbsp;&nbsp; 9137299, 5.031%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 4654 | 4328 | 4432 |
| &nbsp;&nbsp;&nbsp; 9137483, 6.101%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 49416 | 45273 | 37041 |
| &nbsp;&nbsp;&nbsp; 9138020678, 16.000%, 2/11/2027 †x¥ | Stripe | 8/18/2025 | 144639 | 150425 | 150506 |
| &nbsp;&nbsp;&nbsp; 9138396393, 19.729%, 11/19/2024 †x¥#^ | Stripe | 5/25/2023 | 11286 | 11738 | 451 |
| &nbsp;&nbsp;&nbsp; 9138836, 6.099%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 6693 | 6132 | 6388 |
| &nbsp;&nbsp;&nbsp; 9138937, 4.719%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 13905 | 12986 | 12911 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8803** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9139081, 6.447%, 11/28/2026 †§x¶ | Square | 5/30/2025 | $5738 | $5232 | $5521 |
| &nbsp;&nbsp;&nbsp; 9139144734, 23.197%, 3/11/2025 †x¥#^ | Stripe | 9/14/2023 | 2119 | 2204 | 85 |
| &nbsp;&nbsp;&nbsp; 9139296, 5.587%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 2136 | 1970 | 1962 |
| &nbsp;&nbsp;&nbsp; 9139338, 5.602%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 3844 | 3546 | 3693 |
| &nbsp;&nbsp;&nbsp; 9139418, 6.102%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 6602 | 6048 | 5676 |
| &nbsp;&nbsp;&nbsp; 9139566, 4.723%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 3850 | 3595 | 3689 |
| &nbsp;&nbsp;&nbsp; 9139624, 6.448%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 7922 | 7223 | 7463 |
| &nbsp;&nbsp;&nbsp; 9139793, 6.449%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 11002 | 10032 | 9429 |
| &nbsp;&nbsp;&nbsp; 9139938, 5.346%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 48049 | 44482 | 45910 |
| &nbsp;&nbsp;&nbsp; 9140637, 5.341%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 4706 | 4357 | 4433 |
| &nbsp;&nbsp;&nbsp; 9140737, 4.719%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 6964 | 6504 | 6656 |
| &nbsp;&nbsp;&nbsp; 9144016627, 13.052%, 5/06/2026 †x¥ | Stripe | 11/08/2024 | 1804 | 1877 | 1906 |
| &nbsp;&nbsp;&nbsp; 9144955392, 26.532%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 10777 | 11208 | 11308 |
| &nbsp;&nbsp;&nbsp; 9147044474, 24.788%, 10/18/2025 †x¥ | Stripe | 4/24/2024 | 267 | 278 | 292 |
| &nbsp;&nbsp;&nbsp; 9147064821, 20.400%, 6/15/2024 †x¥#^ | Stripe | 12/21/2022 | 650 | 676 | 26 |
| &nbsp;&nbsp;&nbsp; 9147246, 5.031%, 11/29/2026 †x¶ | Square | 6/02/2025 | 136311 | 126745 | 129255 |
| &nbsp;&nbsp;&nbsp; 9148313389, 26.533%, 1/18/2025 †x¥#^ | Stripe | 7/26/2023 | 5166 | 5372 | 207 |
| &nbsp;&nbsp;&nbsp; 9149638291, 26.424%, 6/27/2026 †x¥# | Stripe | 1/02/2025 | 1100 | 1144 | 191 |
| &nbsp;&nbsp;&nbsp; 9151814, 5.346%, 11/30/2026 †§x¶ | Square | 6/03/2025 | 100285 | 92840 | 94111 |
| &nbsp;&nbsp;&nbsp; 9155360361, 16.000%, 3/21/2026 †x¥ | Stripe | 9/25/2024 | 1695 | 1763 | 1787 |
| &nbsp;&nbsp;&nbsp; 9158290803, 26.531%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 4377 | 4552 | 4688 |
| &nbsp;&nbsp;&nbsp; 9159338, 5.597%, 12/02/2026 †x¶ | Square | 6/04/2025 | 171324 | 158054 | 159655 |
| &nbsp;&nbsp;&nbsp; 9161104892, 24.000%, 6/09/2026 †x¥ | Stripe | 12/12/2024 | 259 | 269 | 282 |
| &nbsp;&nbsp;&nbsp; 9161262963, 22.400%, 10/28/2025 †x¥# | Stripe | 5/02/2024 | 311 | 324 | 122 |
| &nbsp;&nbsp;&nbsp; 9162657630, 23.867%, 5/24/2025 †x¥#^ | Stripe | 11/29/2023 | 11023 | 11463 | 1957 |
| &nbsp;&nbsp;&nbsp; 9164887, 5.629%, 12/03/2026 †§x¶ | Square | 6/05/2025 | 65048 | 59984 | 61985 |
| &nbsp;&nbsp;&nbsp; 9165229, 5.031%, 12/03/2026 †§x¶ | Square | 6/05/2025 | 102718 | 95510 | 97821 |
| &nbsp;&nbsp;&nbsp; 9165766099, 23.063%, 7/01/2023 †x¥#^ | Stripe | 1/05/2022 | 3120 | 3245 | 125 |
| &nbsp;&nbsp;&nbsp; 9166140, 5.346%, 12/03/2026 †§x¶ | Square | 6/05/2025 | 51875 | 48024 | 49459 |
| &nbsp;&nbsp;&nbsp; 9166716853, 18.667%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 6104 | 6348 | 6431 |
| &nbsp;&nbsp;&nbsp; 9167017, 5.912%, 12/04/2026 †§x¶ | Square | 6/06/2025 | 93110 | 85525 | 87822 |
| &nbsp;&nbsp;&nbsp; 9170448, 4.717%, 12/04/2026 †§x¶ | Square | 6/06/2025 | 108363 | 101203 | 103190 |
| &nbsp;&nbsp;&nbsp; 9170980496, 20.529%, 8/16/2024 †x¥#^ | Stripe | 2/22/2023 | 1075 | 1118 | 43 |
| &nbsp;&nbsp;&nbsp; 9172717415, 19.325%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 5965 | 6203 | 6246 |
| &nbsp;&nbsp;&nbsp; 9173262781, 18.133%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 15000 | 15600 | 15601 |
| &nbsp;&nbsp;&nbsp; 917436519, 16.131%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 21515 | 22376 | 22582 |
| &nbsp;&nbsp;&nbsp; 9176490, 6.446%, 12/05/2026 †§x¶ | Square | 6/09/2025 | 97782 | 89160 | 81962 |
| &nbsp;&nbsp;&nbsp; 9178151, 4.717%, 12/05/2026 †x¶ | Square | 6/09/2025 | 164244 | 153391 | 142274 |
| &nbsp;&nbsp;&nbsp; 9178268228, 22.398%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 19211 | 19980 | 20302 |
| &nbsp;&nbsp;&nbsp; 9180436, 5.031%, 12/06/2026 †x¶ | Square | 6/10/2025 | 138797 | 129057 | 131604 |
| &nbsp;&nbsp;&nbsp; 9182829086, 26.531%, 4/11/2026 †x¥ | Stripe | 10/17/2024 | 203 | 212 | 224 |
| &nbsp;&nbsp;&nbsp; 9183411360, 26.118%, 6/19/2026 †x¥ | Stripe | 12/24/2024 | 1829 | 1902 | 1959 |
| &nbsp;&nbsp;&nbsp; 9183704019, 26.528%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 2674 | 2781 | 2824 |
| &nbsp;&nbsp;&nbsp; 9187554, 5.346%, 12/09/2026 †x¶ | Square | 6/11/2025 | 163162 | 151050 | 155201 |
| &nbsp;&nbsp;&nbsp; 9188073504, 14.765%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 1257 | 1307 | 1315 |
| &nbsp;&nbsp;&nbsp; 9193724, 6.100%, 12/10/2026 †x¶ | Square | 6/12/2025 | 116626 | 106849 | 79791 |
| &nbsp;&nbsp;&nbsp; 9194004967, 20.933%, 9/25/2026 †x¥ | Stripe | 4/01/2025 | 1867 | 1942 | 1969 |
| &nbsp;&nbsp;&nbsp; 9194048, 4.717%, 12/10/2026 †x¶ | Square | 6/12/2025 | 178190 | 166415 | 169001 |
| &nbsp;&nbsp;&nbsp; 9197008282, 14.795%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 2759 | 2870 | 2886 |
| &nbsp;&nbsp;&nbsp; 9197455, 5.031%, 12/11/2026 †x¶ | Square | 6/13/2025 | 135139 | 125656 | 128278 |
| &nbsp;&nbsp;&nbsp; 9197717320, 17.859%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 13001 | 13521 | 13581 |
| &nbsp;&nbsp;&nbsp; 9199037018, 21.973%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 521 | 541 | 557 |
| &nbsp;&nbsp;&nbsp; 9199314943, 21.978%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 1917 | 1994 | 2021 |
| &nbsp;&nbsp;&nbsp; 9199318500, 19.333%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 3998 | 4158 | 4214 |
| &nbsp;&nbsp;&nbsp; 9200185448, 26.513%, 10/23/2026 †x¥ | Stripe | 4/29/2025 | 1146 | 1191 | 1216 |
| &nbsp;&nbsp;&nbsp; 920204611, 21.199%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 3577 | 3720 | 3787 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8804** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9203435591, 23.407%, 4/04/2024 †x¥#^ | Stripe | 10/11/2022 | $1500 | $1560 | $60 |
| &nbsp;&nbsp;&nbsp; 9204561, 5.346%, 12/12/2026 †x¶ | Square | 6/16/2025 | 143230 | 132597 | 129988 |
| &nbsp;&nbsp;&nbsp; 9205141852, 16.133%, 8/06/2024 †x¥#^ | Stripe | 2/09/2023 | 44007 | 45767 | 1760 |
| &nbsp;&nbsp;&nbsp; 9205680354, 22.394%, 9/01/2026 †x¥# | Stripe | 3/06/2025 | 2572 | 2675 | 997 |
| &nbsp;&nbsp;&nbsp; 9206639706, 26.529%, 11/16/2024 †x¥#^ | Stripe | 5/24/2023 | 741 | 771 | 30 |
| &nbsp;&nbsp;&nbsp; 9207361, 4.717%, 12/12/2026 †§x¶ | Square | 6/16/2025 | 89300 | 83399 | 84766 |
| &nbsp;&nbsp;&nbsp; 9208515586, 18.918%, 6/11/2026 †x¥ | Stripe | 12/16/2024 | 3537 | 3679 | 3730 |
| &nbsp;&nbsp;&nbsp; 9209492453, 17.733%, 2/06/2023 †x¥#^ | Stripe | 6/14/2021 | 6272 | 6491 | 251 |
| &nbsp;&nbsp;&nbsp; 9209799565, 25.333%, 4/25/2024 †x¥#^ | Stripe | 10/31/2022 | 10422 | 10839 | 417 |
| &nbsp;&nbsp;&nbsp; 9211097279, 15.466%, 9/12/2023 †x¥#^ | Stripe | 3/17/2022 | 97744 | 101654 | 3910 |
| &nbsp;&nbsp;&nbsp; 9211229, 5.598%, 12/13/2026 †§x¶ | Square | 6/17/2025 | 83174 | 76731 | 78615 |
| &nbsp;&nbsp;&nbsp; 9211635707, 20.000%, 4/03/2026 †x¥ | Stripe | 10/08/2024 | 1689 | 1756 | 1788 |
| &nbsp;&nbsp;&nbsp; 9211837, 5.912%, 12/13/2026 †x¶ | Square | 6/17/2025 | 167284 | 153658 | 153918 |
| &nbsp;&nbsp;&nbsp; 9212661, 4.717%, 12/14/2026 †x¶ | Square | 6/18/2025 | 186207 | 173902 | 176695 |
| &nbsp;&nbsp;&nbsp; 921615533, 13.067%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 96814 | 100686 | 101673 |
| &nbsp;&nbsp;&nbsp; 9217074023, 25.333%, 1/04/2024 †x¥#^ | Stripe | 7/11/2022 | 7847 | 8161 | 314 |
| &nbsp;&nbsp;&nbsp; 9219433957, 19.733%, 11/13/2025 †x¥# | Stripe | 9/08/2023 | 208 | 216 | 36 |
| &nbsp;&nbsp;&nbsp; 9219813895, 13.066%, 10/24/2026 †x¥ | Stripe | 4/30/2025 | 74806 | 77798 | 78243 |
| &nbsp;&nbsp;&nbsp; 9221093598, 23.330%, 6/16/2026 †x¥# | Stripe | 4/11/2024 | 2145 | 2231 | 86 |
| &nbsp;&nbsp;&nbsp; 9221529993, 19.600%, 3/21/2024 †x¥#^ | Stripe | 9/26/2022 | 1558 | 1621 | 62 |
| &nbsp;&nbsp;&nbsp; 9223967, 5.031%, 12/17/2026 †§x¶ | Square | 6/20/2025 | 86309 | 80252 | 81508 |
| &nbsp;&nbsp;&nbsp; 9225870657, 16.400%, 9/05/2023 †x¥#^ | Stripe | 3/10/2022 | 21230 | 22080 | 849 |
| &nbsp;&nbsp;&nbsp; 9226430, 4.717%, 12/17/2026 †x¶ | Square | 6/20/2025 | 126607 | 118240 | 119418 |
| &nbsp;&nbsp;&nbsp; 9226579153, 26.513%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 4764 | 4954 | 4963 |
| &nbsp;&nbsp;&nbsp; 9228882073, 21.194%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 1739 | 1808 | 1828 |
| &nbsp;&nbsp;&nbsp; 9229965074, 17.333%, 10/07/2023 †x¥#^ | Stripe | 4/13/2022 | 6841 | 7115 | 274 |
| &nbsp;&nbsp;&nbsp; 9230107500, 14.667%, 2/15/2023 †x¥#^ | Stripe | 8/20/2021 | 3624 | 3769 | 145 |
| &nbsp;&nbsp;&nbsp; 9230921254, 17.200%, 2/17/2024 †x¥#^ | Stripe | 8/24/2022 | 8002 | 8322 | 320 |
| &nbsp;&nbsp;&nbsp; 923272701, 26.510%, 1/23/2026 †x¥# | Stripe | 7/30/2024 | 4533 | 4715 | 181 |
| &nbsp;&nbsp;&nbsp; 9233695, 6.289%, 12/18/2026 †§x¶ | Square | 6/23/2025 | 77446 | 70770 | 72627 |
| &nbsp;&nbsp;&nbsp; 9234209819, 26.105%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 881 | 917 | 941 |
| &nbsp;&nbsp;&nbsp; 9235132, 5.031%, 12/18/2026 †x¶ | Square | 6/23/2025 | 110675 | 102908 | 103275 |
| &nbsp;&nbsp;&nbsp; 9236015, 5.031%, 12/19/2026 †x¶ | Square | 6/24/2025 | 206142 | 191676 | 195062 |
| &nbsp;&nbsp;&nbsp; 9239739642, 18.131%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 9789 | 10180 | 10242 |
| &nbsp;&nbsp;&nbsp; 9241718133, 25.859%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1676 | 1743 | 1787 |
| &nbsp;&nbsp;&nbsp; 9243082348, 13.056%, 6/13/2026 †x¥ | Stripe | 12/18/2024 | 2265 | 2355 | 2380 |
| &nbsp;&nbsp;&nbsp; 9244636486, 15.043%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 1310 | 1362 | 1374 |
| &nbsp;&nbsp;&nbsp; 9245796614, 20.000%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 1600 | 1664 | 1702 |
| &nbsp;&nbsp;&nbsp; 9247930, 6.447%, 12/23/2026 †§x¶ | Square | 6/25/2025 | 83656 | 76279 | 78191 |
| &nbsp;&nbsp;&nbsp; 9248895, 4.717%, 12/23/2026 †x¶ | Square | 6/25/2025 | 115090 | 107485 | 108710 |
| &nbsp;&nbsp;&nbsp; 9251426838, 15.833%, 1/13/2026 †x¥# | Stripe | 7/18/2024 | 1571 | 1633 | 265 |
| &nbsp;&nbsp;&nbsp; 9252436386, 25.867%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 609 | 634 | 644 |
| &nbsp;&nbsp;&nbsp; 9252518, 5.346%, 12/24/2026 †§x¶ | Square | 6/26/2025 | 95709 | 88604 | 90296 |
| &nbsp;&nbsp;&nbsp; 9252869540, 13.600%, 10/23/2024 †x¥#^ | Stripe | 4/28/2023 | 33083 | 34406 | 1323 |
| &nbsp;&nbsp;&nbsp; 9253360, 4.717%, 12/24/2026 †§x¶ | Square | 6/26/2025 | 108854 | 101661 | 102904 |
| &nbsp;&nbsp;&nbsp; 9256029400, 24.000%, 7/19/2023 †x¥#^ | Stripe | 1/21/2022 | 6984 | 7263 | 279 |
| &nbsp;&nbsp;&nbsp; 925704905, 19.461%, 4/09/2025 †x¥#^ | Stripe | 10/13/2023 | 7585 | 7888 | 303 |
| &nbsp;&nbsp;&nbsp; 9257470, 4.717%, 12/25/2026 †§x¶ | Square | 6/27/2025 | 88732 | 82868 | 84177 |
| &nbsp;&nbsp;&nbsp; 9257947, 5.031%, 12/25/2026 †x¶ | Square | 6/27/2025 | 130374 | 121225 | 123255 |
| &nbsp;&nbsp;&nbsp; 9261525982, 24.000%, 8/18/2023 †x¥#^ | Stripe | 2/23/2022 | 6798 | 7070 | 272 |
| &nbsp;&nbsp;&nbsp; 9264225666, 26.476%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 226 | 235 | 246 |
| &nbsp;&nbsp;&nbsp; 9264410, 5.031%, 12/26/2026 †x¶ | Square | 6/30/2025 | 112085 | 104219 | 105820 |
| &nbsp;&nbsp;&nbsp; 9264443239, 25.866%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 18567 | 19310 | 19982 |
| &nbsp;&nbsp;&nbsp; 9264942880, 22.400%, 6/19/2026 †x¥ | Stripe | 12/24/2024 | 415 | 432 | 440 |
| &nbsp;&nbsp;&nbsp; 9265209393, 14.265%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 28577 | 29720 | 30176 |
| &nbsp;&nbsp;&nbsp; 9266086222, 26.129%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 7717 | 8026 | 8257 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8805** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9266464013, 14.400%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | $4601 | $4785 | $4892 |
| &nbsp;&nbsp;&nbsp; 9267793462, 21.989%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2158 | 2244 | 2302 |
| &nbsp;&nbsp;&nbsp; 9268036, 6.289%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 2456 | 2244 | 2286 |
| &nbsp;&nbsp;&nbsp; 9268138, 6.442%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1565 | 1428 | 1453 |
| &nbsp;&nbsp;&nbsp; 9268176, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 16355 | 15207 | 15382 |
| &nbsp;&nbsp;&nbsp; 9268556, 4.711%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 4704 | 4393 | 4444 |
| &nbsp;&nbsp;&nbsp; 9268626, 4.717%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 17031 | 15906 | 16139 |
| &nbsp;&nbsp;&nbsp; 9268909, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 15209 | 14141 | 14439 |
| &nbsp;&nbsp;&nbsp; 9269336, 6.285%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 3144 | 2873 | 3019 |
| &nbsp;&nbsp;&nbsp; 9269432, 6.459%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1069 | 975 | 999 |
| &nbsp;&nbsp;&nbsp; 9269445, 6.103%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1107 | 1014 | 1038 |
| &nbsp;&nbsp;&nbsp; 9269463, 4.719%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 4664 | 4356 | 4399 |
| &nbsp;&nbsp;&nbsp; 9269523, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 18255 | 16974 | 15980 |
| &nbsp;&nbsp;&nbsp; 9269744446, 26.131%, 6/03/2025 †x¥#^ | Stripe | 12/07/2023 | 11894 | 12370 | 476 |
| &nbsp;&nbsp;&nbsp; 9269748, 6.095%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 3650 | 3345 | 3449 |
| &nbsp;&nbsp;&nbsp; 9269845, 4.716%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 5368 | 5014 | 5072 |
| &nbsp;&nbsp;&nbsp; 9269900, 4.715%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 7034 | 6570 | 6653 |
| &nbsp;&nbsp;&nbsp; 9270005, 6.447%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1572 | 1433 | 1442 |
| &nbsp;&nbsp;&nbsp; 9270057, 6.457%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1390 | 1267 | 1275 |
| &nbsp;&nbsp;&nbsp; 9270084, 6.469%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 985 | 898 | 891 |
| &nbsp;&nbsp;&nbsp; 9270094, 6.289%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 20701 | 18917 | 17888 |
| &nbsp;&nbsp;&nbsp; 9270428, 4.719%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 17540 | 16381 | 16596 |
| &nbsp;&nbsp;&nbsp; 9270775, 5.346%, 12/27/2026 †x¶ | Square | 7/01/2025 | 8272 | 7657 | 7070 |
| &nbsp;&nbsp;&nbsp; 9270850, 5.910%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 10388 | 9542 | 9531 |
| &nbsp;&nbsp;&nbsp; 9270974, 4.715%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 6013 | 5616 | 5681 |
| &nbsp;&nbsp;&nbsp; 9271027, 4.717%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 12510 | 11684 | 11833 |
| &nbsp;&nbsp;&nbsp; 9271109, 5.912%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 4591 | 4217 | 4265 |
| &nbsp;&nbsp;&nbsp; 9271128, 5.908%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 3896 | 3579 | 3662 |
| &nbsp;&nbsp;&nbsp; 9271157, 6.451%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1057 | 963 | 1008 |
| &nbsp;&nbsp;&nbsp; 9271178, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 40020 | 37211 | 37295 |
| &nbsp;&nbsp;&nbsp; 9271660, 4.719%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 7220 | 6743 | 6821 |
| &nbsp;&nbsp;&nbsp; 9271753, 5.597%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 11801 | 10887 | 10841 |
| &nbsp;&nbsp;&nbsp; 9271905, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 5422 | 5042 | 4746 |
| &nbsp;&nbsp;&nbsp; 9272029, 6.451%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1951 | 1779 | 1515 |
| &nbsp;&nbsp;&nbsp; 9272071, 4.943%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 3514 | 3271 | 3328 |
| &nbsp;&nbsp;&nbsp; 9272168, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 23420 | 21776 | 21826 |
| &nbsp;&nbsp;&nbsp; 9272491, 6.454%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1378 | 1256 | 1308 |
| &nbsp;&nbsp;&nbsp; 9272504, 5.047%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 1539 | 1431 | 1442 |
| &nbsp;&nbsp;&nbsp; 9272519, 6.446%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 25485 | 23238 | 23387 |
| &nbsp;&nbsp;&nbsp; 9272724, 4.720%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 12417 | 11596 | 11332 |
| &nbsp;&nbsp;&nbsp; 9272828, 4.713%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 5372 | 5017 | 5054 |
| &nbsp;&nbsp;&nbsp; 9272873, 4.935%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 3041 | 2831 | 2881 |
| &nbsp;&nbsp;&nbsp; 9272903, 6.103%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 13099 | 12001 | 12263 |
| &nbsp;&nbsp;&nbsp; 9273081, 5.350%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 5338 | 4942 | 5085 |
| &nbsp;&nbsp;&nbsp; 9273146, 4.720%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 10557 | 9859 | 9983 |
| &nbsp;&nbsp;&nbsp; 9273226, 4.715%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 6100 | 5697 | 5769 |
| &nbsp;&nbsp;&nbsp; 9273279, 5.031%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 5475 | 5091 | 5168 |
| &nbsp;&nbsp;&nbsp; 9273333, 5.031%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 2428 | 2257 | 2309 |
| &nbsp;&nbsp;&nbsp; 9273374, 5.595%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 2644 | 2439 | 2466 |
| &nbsp;&nbsp;&nbsp; 9273405, 6.102%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 19855 | 18190 | 17732 |
| &nbsp;&nbsp;&nbsp; 9273433580, 16.665%, 1/07/2026 †x¥ | Stripe | 7/12/2024 | 1058 | 1100 | 1144 |
| &nbsp;&nbsp;&nbsp; 9273602, 5.595%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 1875 | 1730 | 1776 |
| &nbsp;&nbsp;&nbsp; 9273622, 6.439%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 2554 | 2329 | 2397 |
| &nbsp;&nbsp;&nbsp; 9273644, 4.715%, 12/28/2026 †§x¶ | Square | 7/02/2025 | 6050 | 5650 | 5706 |
| &nbsp;&nbsp;&nbsp; 9273709, 5.346%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 34022 | 31496 | 31627 |
| &nbsp;&nbsp;&nbsp; 9274003, 5.622%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 801 | 739 | 668 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8806** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9274011, 4.945%, 12/29/2026 †§x¶ | Square | 7/02/2025 | $1699 | $1582 | $1511 |
| &nbsp;&nbsp;&nbsp; 9274024, 4.948%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 1656 | 1542 | 1586 |
| &nbsp;&nbsp;&nbsp; 9274039, 5.342%, 12/29/2026 †x¶ | Square | 7/02/2025 | 1158 | 1072 | 1103 |
| &nbsp;&nbsp;&nbsp; 9274082, 5.024%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 2941 | 2735 | 2779 |
| &nbsp;&nbsp;&nbsp; 9274112, 5.597%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 2590 | 2389 | 2441 |
| &nbsp;&nbsp;&nbsp; 9274139, 4.717%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 7224 | 6746 | 6834 |
| &nbsp;&nbsp;&nbsp; 9274161815, 18.925%, 1/04/2027 †x¥# | Stripe | 10/31/2024 | 3570 | 3713 | 1370 |
| &nbsp;&nbsp;&nbsp; 9274215, 4.717%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 11002 | 10275 | 10406 |
| &nbsp;&nbsp;&nbsp; 9274323, 6.447%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 1598 | 1457 | 1500 |
| &nbsp;&nbsp;&nbsp; 9274340, 4.715%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 8599 | 8031 | 8111 |
| &nbsp;&nbsp;&nbsp; 9274414, 5.031%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 26210 | 24371 | 24763 |
| &nbsp;&nbsp;&nbsp; 9274646, 4.721%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 5819 | 5434 | 5516 |
| &nbsp;&nbsp;&nbsp; 9275683, 5.630%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 825 | 760 | 776 |
| &nbsp;&nbsp;&nbsp; 9275690, 4.717%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 8172 | 7632 | 7708 |
| &nbsp;&nbsp;&nbsp; 9275890, 6.102%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 2174 | 1992 | 2059 |
| &nbsp;&nbsp;&nbsp; 9275974, 4.714%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 5000 | 4670 | 4740 |
| &nbsp;&nbsp;&nbsp; 9276135, 6.103%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 5928 | 5431 | 5633 |
| &nbsp;&nbsp;&nbsp; 9276563, 4.717%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 15940 | 14887 | 14963 |
| &nbsp;&nbsp;&nbsp; 9276924, 4.959%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 1026 | 955 | 938 |
| &nbsp;&nbsp;&nbsp; 9276934, 4.717%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 26736 | 24970 | 25218 |
| &nbsp;&nbsp;&nbsp; 9277396, 4.717%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 12453 | 11632 | 11781 |
| &nbsp;&nbsp;&nbsp; 9277623, 4.717%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 3860 | 3605 | 3633 |
| &nbsp;&nbsp;&nbsp; 9277652, 4.717%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 8499 | 7938 | 8029 |
| &nbsp;&nbsp;&nbsp; 9277825, 5.582%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 698 | 644 | 659 |
| &nbsp;&nbsp;&nbsp; 9277835, 5.031%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 38899 | 36169 | 36269 |
| &nbsp;&nbsp;&nbsp; 9278408, 5.031%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 57477 | 53444 | 54250 |
| &nbsp;&nbsp;&nbsp; 9279045, 6.101%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 31591 | 28942 | 29625 |
| &nbsp;&nbsp;&nbsp; 9279539, 5.031%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 15663 | 14563 | 14721 |
| &nbsp;&nbsp;&nbsp; 9279704, 4.738%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 1398 | 1306 | 1321 |
| &nbsp;&nbsp;&nbsp; 9279709, 4.721%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 6080 | 5678 | 5556 |
| &nbsp;&nbsp;&nbsp; 9279736, 5.355%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 2299 | 2128 | 2184 |
| &nbsp;&nbsp;&nbsp; 9279762, 5.346%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 23191 | 21470 | 21750 |
| &nbsp;&nbsp;&nbsp; 9279875451, 20.768%, 7/17/2026 †x¥# | Stripe | 1/22/2025 | 2062 | 2144 | 797 |
| &nbsp;&nbsp;&nbsp; 9279997, 5.912%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 53152 | 48823 | 49867 |
| &nbsp;&nbsp;&nbsp; 9280869, 6.091%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 1976 | 1810 | 1853 |
| &nbsp;&nbsp;&nbsp; 9280891, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 1830 | 1709 | 1731 |
| &nbsp;&nbsp;&nbsp; 9280913, 5.597%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 19824 | 18289 | 18206 |
| &nbsp;&nbsp;&nbsp; 9281218, 5.593%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 2260 | 2086 | 2139 |
| &nbsp;&nbsp;&nbsp; 9281250, 5.038%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3590 | 3337 | 3387 |
| &nbsp;&nbsp;&nbsp; 9281334, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 9463 | 8838 | 8939 |
| &nbsp;&nbsp;&nbsp; 9281587, 4.713%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3102 | 2897 | 2912 |
| &nbsp;&nbsp;&nbsp; 9281730, 6.273%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 790 | 722 | 759 |
| &nbsp;&nbsp;&nbsp; 9282036, 6.459%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 1578 | 1438 | 1480 |
| &nbsp;&nbsp;&nbsp; 9282133, 6.448%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3375 | 3078 | 3230 |
| &nbsp;&nbsp;&nbsp; 9282341, 4.726%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3199 | 2987 | 3026 |
| &nbsp;&nbsp;&nbsp; 9282381, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 1436 | 1341 | 1359 |
| &nbsp;&nbsp;&nbsp; 9282392, 4.715%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 9833 | 9184 | 9274 |
| &nbsp;&nbsp;&nbsp; 9282464, 5.031%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 50636 | 47082 | 47783 |
| &nbsp;&nbsp;&nbsp; 9282660271, 22.267%, 11/09/2022 †x¥#^ | Stripe | 5/14/2021 | 444 | 462 | 18 |
| &nbsp;&nbsp;&nbsp; 9283119, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 4802 | 4484 | 4529 |
| &nbsp;&nbsp;&nbsp; 9283209, 5.344%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 8835 | 8186 | 8392 |
| &nbsp;&nbsp;&nbsp; 9283367, 5.639%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 1955 | 1803 | 1863 |
| &nbsp;&nbsp;&nbsp; 9283408, 4.708%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3056 | 2854 | 2886 |
| &nbsp;&nbsp;&nbsp; 9283472, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 2518 | 2351 | 2385 |
| &nbsp;&nbsp;&nbsp; 9283549, 5.594%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3332 | 3074 | 3060 |
| &nbsp;&nbsp;&nbsp; 9283573, 6.276%, 1/01/2027 †x¶ | Square | 7/03/2025 | 2134 | 1950 | 1286 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8807** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9283617, 5.031%, 1/01/2027 †§x¶ | Square | 7/03/2025 | $30585 | $28439 | $29050 |
| &nbsp;&nbsp;&nbsp; 9284074, 6.447%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3528 | 3217 | 3285 |
| &nbsp;&nbsp;&nbsp; 9284128, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3063 | 2860 | 2881 |
| &nbsp;&nbsp;&nbsp; 9284139, 5.629%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 28710 | 26474 | 27087 |
| &nbsp;&nbsp;&nbsp; 928444937, 25.333%, 5/03/2024 †x¥#^ | Stripe | 11/08/2022 | 8869 | 9224 | 355 |
| &nbsp;&nbsp;&nbsp; 9284481, 6.449%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 4145 | 3780 | 3937 |
| &nbsp;&nbsp;&nbsp; 9284522, 4.934%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 3036 | 2827 | 2941 |
| &nbsp;&nbsp;&nbsp; 9284579, 6.447%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 1738 | 1585 | 1618 |
| &nbsp;&nbsp;&nbsp; 9284591, 5.909%, 1/01/2027 †x¶ | Square | 7/03/2025 | 7857 | 7217 | 5170 |
| &nbsp;&nbsp;&nbsp; 9284633, 5.912%, 1/01/2027 †x¶ | Square | 7/03/2025 | 755 | 695 | 715 |
| &nbsp;&nbsp;&nbsp; 9284803, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 14071 | 13141 | 13304 |
| &nbsp;&nbsp;&nbsp; 9284950, 5.348%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 4851 | 4491 | 4607 |
| &nbsp;&nbsp;&nbsp; 9285008670, 24.000%, 11/02/2023 †x¥#^ | Stripe | 5/09/2022 | 822 | 855 | 33 |
| &nbsp;&nbsp;&nbsp; 9285017, 5.031%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 29105 | 27062 | 27344 |
| &nbsp;&nbsp;&nbsp; 9285345206, 15.194%, 5/29/2024 †x¥#^ | Stripe | 12/02/2022 | 11170 | 11617 | 447 |
| &nbsp;&nbsp;&nbsp; 9285404, 6.448%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 4382 | 3995 | 3852 |
| &nbsp;&nbsp;&nbsp; 9285438, 4.696%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 730 | 682 | 687 |
| &nbsp;&nbsp;&nbsp; 9285440, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 6451 | 6024 | 6114 |
| &nbsp;&nbsp;&nbsp; 9285527, 4.717%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 9151 | 8546 | 8631 |
| &nbsp;&nbsp;&nbsp; 9285661, 4.716%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 10593 | 9893 | 9966 |
| &nbsp;&nbsp;&nbsp; 928682779, 21.054%, 12/02/2025 †x¥# | Stripe | 6/06/2024 | 2127 | 2212 | 364 |
| &nbsp;&nbsp;&nbsp; 9286859396, 24.000%, 5/25/2024 †x¥#^ | Stripe | 3/10/2022 | 876 | 911 | 35 |
| &nbsp;&nbsp;&nbsp; 9290215693, 20.667%, 9/28/2024 †x¥#^ | Stripe | 4/05/2023 | 21445 | 22303 | 858 |
| &nbsp;&nbsp;&nbsp; 9290452593, 18.532%, 3/10/2026 †x¥ | Stripe | 9/12/2024 | 7310 | 7603 | 7764 |
| &nbsp;&nbsp;&nbsp; 9290765, 5.348%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 15495 | 14344 | 14245 |
| &nbsp;&nbsp;&nbsp; 9290913, 6.447%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 1639 | 1495 | 1538 |
| &nbsp;&nbsp;&nbsp; 9290933, 6.469%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 1106 | 1008 | 1038 |
| &nbsp;&nbsp;&nbsp; 9290943, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 12707 | 11867 | 11979 |
| &nbsp;&nbsp;&nbsp; 9291127, 5.027%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 4897 | 4554 | 4599 |
| &nbsp;&nbsp;&nbsp; 9291196, 6.289%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 1135 | 1037 | 987 |
| &nbsp;&nbsp;&nbsp; 9291223, 5.031%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 11737 | 10914 | 10992 |
| &nbsp;&nbsp;&nbsp; 9291358, 4.721%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 7750 | 7237 | 7323 |
| &nbsp;&nbsp;&nbsp; 9291443, 5.031%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 4829 | 4490 | 4501 |
| &nbsp;&nbsp;&nbsp; 9291466, 5.904%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 3297 | 3029 | 3060 |
| &nbsp;&nbsp;&nbsp; 9291529, 6.441%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 1208 | 1102 | 1094 |
| &nbsp;&nbsp;&nbsp; 9291558, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 4479 | 4183 | 4241 |
| &nbsp;&nbsp;&nbsp; 9291669, 5.907%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 3915 | 3596 | 3709 |
| &nbsp;&nbsp;&nbsp; 9291770, 4.727%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 3165 | 2956 | 2892 |
| &nbsp;&nbsp;&nbsp; 9291921, 6.447%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 3154 | 2876 | 3016 |
| &nbsp;&nbsp;&nbsp; 9292325, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 30234 | 28236 | 28637 |
| &nbsp;&nbsp;&nbsp; 9292665, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 7621 | 7117 | 7194 |
| &nbsp;&nbsp;&nbsp; 9292783, 6.098%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 6247 | 5723 | 5588 |
| &nbsp;&nbsp;&nbsp; 9292876, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 1326 | 1238 | 1252 |
| &nbsp;&nbsp;&nbsp; 9292894, 4.719%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 14890 | 13906 | 13607 |
| &nbsp;&nbsp;&nbsp; 929291496, 26.121%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | 984 | 1023 | 1052 |
| &nbsp;&nbsp;&nbsp; 9293096, 5.597%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 1926 | 1777 | 1795 |
| &nbsp;&nbsp;&nbsp; 9293120, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 10952 | 10228 | 10349 |
| &nbsp;&nbsp;&nbsp; 9293354, 4.718%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 11418 | 10663 | 10789 |
| &nbsp;&nbsp;&nbsp; 9293377514, 20.863%, 9/28/2024 †x¥#^ | Stripe | 4/05/2023 | 508 | 528 | 20 |
| &nbsp;&nbsp;&nbsp; 9293480, 4.721%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 6996 | 6533 | 6626 |
| &nbsp;&nbsp;&nbsp; 9293560, 5.604%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 2755 | 2541 | 2552 |
| &nbsp;&nbsp;&nbsp; 9293583, 4.930%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 960 | 894 | 930 |
| &nbsp;&nbsp;&nbsp; 9293598, 5.350%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 6906 | 6393 | 6419 |
| &nbsp;&nbsp;&nbsp; 9293749, 4.721%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 7690 | 7181 | 7028 |
| &nbsp;&nbsp;&nbsp; 9293861, 4.718%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 27314 | 25509 | 25784 |
| &nbsp;&nbsp;&nbsp; 9294178, 4.717%, 1/02/2027 †x¶ | Square | 7/07/2025 | 6623 | 6185 | 6052 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8808** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9294206, 6.100%, 1/02/2027 †§x¶ | Square | 7/07/2025 | $4998 | $4579 | $4717 |
| &nbsp;&nbsp;&nbsp; 9294260, 4.713%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 5473 | 5112 | 5146 |
| &nbsp;&nbsp;&nbsp; 9294309, 4.719%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 11971 | 11179 | 11301 |
| &nbsp;&nbsp;&nbsp; 9294489, 5.611%, 1/02/2027 †x¶ | Square | 7/07/2025 | 1452 | 1340 | 806 |
| &nbsp;&nbsp;&nbsp; 9294534, 4.719%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 19456 | 18170 | 17779 |
| &nbsp;&nbsp;&nbsp; 9294781, 6.286%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 3167 | 2894 | 2970 |
| &nbsp;&nbsp;&nbsp; 9294833, 4.713%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 5119 | 4781 | 4813 |
| &nbsp;&nbsp;&nbsp; 9294857094, 25.833%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 634 | 659 | 680 |
| &nbsp;&nbsp;&nbsp; 9294860, 6.447%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 343 | 313 | 320 |
| &nbsp;&nbsp;&nbsp; 9294876, 6.284%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 5135 | 4693 | 4465 |
| &nbsp;&nbsp;&nbsp; 9294933, 6.282%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 1281 | 1171 | 1208 |
| &nbsp;&nbsp;&nbsp; 9294964, 5.347%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 9730 | 9007 | 9119 |
| &nbsp;&nbsp;&nbsp; 9295150, 5.031%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 25589 | 23793 | 24163 |
| &nbsp;&nbsp;&nbsp; 9295401, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 18582 | 17354 | 17559 |
| &nbsp;&nbsp;&nbsp; 9295612, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 16691 | 15588 | 15734 |
| &nbsp;&nbsp;&nbsp; 9295809, 6.100%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 6372 | 5838 | 5699 |
| &nbsp;&nbsp;&nbsp; 9295901, 5.597%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 518 | 478 | 494 |
| &nbsp;&nbsp;&nbsp; 9295990, 6.447%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 19065 | 17384 | 17898 |
| &nbsp;&nbsp;&nbsp; 9296386, 4.719%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 16511 | 15420 | 15585 |
| &nbsp;&nbsp;&nbsp; 9296716, 6.097%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 5888 | 5395 | 5517 |
| &nbsp;&nbsp;&nbsp; 9296721493, 18.667%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 469 | 488 | 495 |
| &nbsp;&nbsp;&nbsp; 9296888, 4.943%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 3348 | 3117 | 3175 |
| &nbsp;&nbsp;&nbsp; 9296970, 6.453%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 4411 | 4022 | 4107 |
| &nbsp;&nbsp;&nbsp; 9297159, 5.910%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 10817 | 9936 | 10038 |
| &nbsp;&nbsp;&nbsp; 9297474, 6.115%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 1249 | 1144 | 1182 |
| &nbsp;&nbsp;&nbsp; 9297541, 5.346%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 63167 | 58478 | 59593 |
| &nbsp;&nbsp;&nbsp; 9297733183, 13.064%, 6/17/2026 †x¥# | Stripe | 12/20/2024 | 8390 | 8726 | 2213 |
| &nbsp;&nbsp;&nbsp; 9298126117, 25.333%, 1/17/2024 †x¥#^ | Stripe | 7/22/2022 | 1705 | 1773 | 68 |
| &nbsp;&nbsp;&nbsp; 9298145852, 20.391%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 4480 | 4659 | 4692 |
| &nbsp;&nbsp;&nbsp; 9298251, 5.597%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 4825 | 4451 | 4471 |
| &nbsp;&nbsp;&nbsp; 9298359, 5.593%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 2768 | 2554 | 2565 |
| &nbsp;&nbsp;&nbsp; 9298387, 4.720%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 9920 | 9264 | 9362 |
| &nbsp;&nbsp;&nbsp; 9298500, 5.035%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 3363 | 3127 | 2961 |
| &nbsp;&nbsp;&nbsp; 9298527, 4.730%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 2401 | 2242 | 2263 |
| &nbsp;&nbsp;&nbsp; 9298583, 6.478%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 959 | 874 | 866 |
| &nbsp;&nbsp;&nbsp; 9298596, 5.031%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 46280 | 43033 | 43644 |
| &nbsp;&nbsp;&nbsp; 9298896586, 19.456%, 3/29/2024 †x¥#^ | Stripe | 10/04/2022 | 2172 | 2258 | 87 |
| &nbsp;&nbsp;&nbsp; 9299017, 6.445%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 13630 | 12428 | 12479 |
| &nbsp;&nbsp;&nbsp; 9299147, 6.289%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 4641 | 4241 | 4377 |
| &nbsp;&nbsp;&nbsp; 9299249, 5.031%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 54767 | 50924 | 51411 |
| &nbsp;&nbsp;&nbsp; 9299904, 4.937%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 18906 | 17603 | 17928 |
| &nbsp;&nbsp;&nbsp; 92a76540-9c95-4f8a-b720-9c461480f08b, 10.790%, 9/21/2023 †x#^ | Funding Circle | 9/24/2018 | 63366 | 63366 | 19010 |
| &nbsp;&nbsp;&nbsp; 92bf6deb-3202-4dfe-a440-ba347f32ccd4, 10.190%, 11/17/2018 †x#^ | Funding Circle | 12/16/2016 | 84927 | 84927 | 25478 |
| &nbsp;&nbsp;&nbsp; 9300267, 5.597%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 16102 | 14854 | 14775 |
| &nbsp;&nbsp;&nbsp; 9300341, 6.101%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 2559 | 2344 | 2392 |
| &nbsp;&nbsp;&nbsp; 9300363, 4.710%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 4012 | 3747 | 3791 |
| &nbsp;&nbsp;&nbsp; 9300407, 5.598%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 3889 | 3588 | 3625 |
| &nbsp;&nbsp;&nbsp; 9300446, 5.507%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 2414 | 2234 | 2288 |
| &nbsp;&nbsp;&nbsp; 9300486, 5.040%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 3107 | 2888 | 2869 |
| &nbsp;&nbsp;&nbsp; 9300549, 4.718%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 28426 | 26548 | 26794 |
| &nbsp;&nbsp;&nbsp; 9300853, 6.445%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 12593 | 11483 | 11705 |
| &nbsp;&nbsp;&nbsp; 9300952, 5.599%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 25949 | 23938 | 17732 |
| &nbsp;&nbsp;&nbsp; 9301120, 4.717%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 7014 | 6551 | 6638 |
| &nbsp;&nbsp;&nbsp; 9301162, 4.717%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 1923 | 1796 | 1822 |
| &nbsp;&nbsp;&nbsp; 9301178, 4.718%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 20137 | 18806 | 19003 |
| &nbsp;&nbsp;&nbsp; 9301296, 4.717%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 38539 | 35992 | 36427 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8809** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9301442, 4.719%, 1/04/2027 †§x¶ | Square | 7/09/2025 | $18753 | $17513 | $17712 |
| &nbsp;&nbsp;&nbsp; 9301562, 4.715%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 7620 | 7117 | 7192 |
| &nbsp;&nbsp;&nbsp; 9301608, 6.449%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 12215 | 11138 | 11350 |
| &nbsp;&nbsp;&nbsp; 9301652, 6.450%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 8057 | 7346 | 7558 |
| &nbsp;&nbsp;&nbsp; 9301686, 5.346%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 15435 | 14289 | 14342 |
| &nbsp;&nbsp;&nbsp; 9301744, 4.941%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 3466 | 3227 | 3287 |
| &nbsp;&nbsp;&nbsp; 9301771, 5.031%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 7777 | 7231 | 7381 |
| &nbsp;&nbsp;&nbsp; 9301829, 6.449%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 5547 | 5058 | 4908 |
| &nbsp;&nbsp;&nbsp; 9301858, 6.101%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 4062 | 3722 | 3832 |
| &nbsp;&nbsp;&nbsp; 9301878, 6.675%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 2839 | 2580 | 2631 |
| &nbsp;&nbsp;&nbsp; 9301927, 6.447%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 2433 | 2219 | 2200 |
| &nbsp;&nbsp;&nbsp; 9301942, 5.037%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 4157 | 3865 | 3919 |
| &nbsp;&nbsp;&nbsp; 9301966, 6.460%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 1909 | 1740 | 1791 |
| &nbsp;&nbsp;&nbsp; 9301985, 6.445%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 9284 | 8465 | 8564 |
| &nbsp;&nbsp;&nbsp; 9302057, 5.910%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 7556 | 6941 | 6361 |
| &nbsp;&nbsp;&nbsp; 9302105, 6.351%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 23415 | 21379 | 21717 |
| &nbsp;&nbsp;&nbsp; 9302300, 5.031%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 7818 | 7270 | 7324 |
| &nbsp;&nbsp;&nbsp; 9302305429, 20.400%, 11/15/2023 †x¥#^ | Stripe | 5/20/2022 | 2564 | 2667 | 103 |
| &nbsp;&nbsp;&nbsp; 9302352, 5.349%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 8585 | 7948 | 8048 |
| &nbsp;&nbsp;&nbsp; 9302408, 5.349%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 5520 | 5110 | 4763 |
| &nbsp;&nbsp;&nbsp; 9302450, 4.717%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 1489 | 1392 | 1405 |
| &nbsp;&nbsp;&nbsp; 9302466, 4.738%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 1427 | 1332 | 1347 |
| &nbsp;&nbsp;&nbsp; 9302475, 4.715%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 6591 | 6156 | 6183 |
| &nbsp;&nbsp;&nbsp; 9302521856, 20.000%, 3/27/2024 †x¥#^ | Stripe | 9/30/2022 | 6564 | 6826 | 263 |
| &nbsp;&nbsp;&nbsp; 9302522, 4.717%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 1824 | 1704 | 1724 |
| &nbsp;&nbsp;&nbsp; 9302542, 4.720%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 9536 | 8906 | 8965 |
| &nbsp;&nbsp;&nbsp; 9302601, 4.717%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 1992 | 1861 | 1873 |
| &nbsp;&nbsp;&nbsp; 9302616, 5.916%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 3071 | 2821 | 2886 |
| &nbsp;&nbsp;&nbsp; 9302639, 4.715%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 8075 | 7542 | 7391 |
| &nbsp;&nbsp;&nbsp; 9302693, 4.715%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 9994 | 9334 | 9440 |
| &nbsp;&nbsp;&nbsp; 9302770, 6.452%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 3006 | 2740 | 2860 |
| &nbsp;&nbsp;&nbsp; 930279709, 21.195%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 1150 | 1196 | 680 |
| &nbsp;&nbsp;&nbsp; 9302819, 5.157%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 5835 | 5417 | 5467 |
| &nbsp;&nbsp;&nbsp; 9302867, 6.095%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 2746 | 2516 | 2567 |
| &nbsp;&nbsp;&nbsp; 9302889, 5.035%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 3622 | 3368 | 3398 |
| &nbsp;&nbsp;&nbsp; 9302916, 4.916%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 560 | 522 | 528 |
| &nbsp;&nbsp;&nbsp; 9302922, 6.104%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 7104 | 6508 | 6556 |
| &nbsp;&nbsp;&nbsp; 9302981, 6.442%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 1511 | 1378 | 1418 |
| &nbsp;&nbsp;&nbsp; 9302995, 4.730%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 2400 | 2241 | 2264 |
| &nbsp;&nbsp;&nbsp; 9303016, 5.910%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 11143 | 10235 | 10471 |
| &nbsp;&nbsp;&nbsp; 9303082849, 25.848%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 2512 | 2612 | 2670 |
| &nbsp;&nbsp;&nbsp; 9303086, 5.031%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 14534 | 13514 | 13635 |
| &nbsp;&nbsp;&nbsp; 9303187, 4.721%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 6078 | 5676 | 5728 |
| &nbsp;&nbsp;&nbsp; 9303237, 6.469%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 877 | 799 | 823 |
| &nbsp;&nbsp;&nbsp; 9303245, 4.717%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 3881 | 3625 | 3676 |
| &nbsp;&nbsp;&nbsp; 9303279, 6.098%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 5745 | 5263 | 5370 |
| &nbsp;&nbsp;&nbsp; 9303324, 6.447%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 9166 | 8358 | 8518 |
| &nbsp;&nbsp;&nbsp; 9303393, 5.031%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 12000 | 11158 | 11336 |
| &nbsp;&nbsp;&nbsp; 9303485, 5.339%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 3196 | 2959 | 3008 |
| &nbsp;&nbsp;&nbsp; 9303503, 6.438%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 1761 | 1606 | 1598 |
| &nbsp;&nbsp;&nbsp; 9303512, 6.501%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 1491 | 1359 | 1427 |
| &nbsp;&nbsp;&nbsp; 9303532, 6.452%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 1459 | 1330 | 1356 |
| &nbsp;&nbsp;&nbsp; 9303544, 6.097%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 3981 | 3648 | 3674 |
| &nbsp;&nbsp;&nbsp; 9303570, 6.465%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 1619 | 1476 | 1469 |
| &nbsp;&nbsp;&nbsp; 9303581, 5.979%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 7622 | 6995 | 7068 |
| &nbsp;&nbsp;&nbsp; 9303640, 4.972%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 516 | 480 | 487 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8810** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9303648, 5.155%, 1/06/2027 †§x¶ | Square | 7/09/2025 | $11419 | $10600 | $10683 |
| &nbsp;&nbsp;&nbsp; 9303727, 6.301%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 1653 | 1510 | 1573 |
| &nbsp;&nbsp;&nbsp; 9303739, 4.718%, 1/06/2027 †§x¶ | Square | 7/09/2025 | 5406 | 5048 | 5110 |
| &nbsp;&nbsp;&nbsp; 9303834986, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 28947 | 30105 | 30333 |
| &nbsp;&nbsp;&nbsp; 930512404, 26.533%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 6742 | 7011 | 7020 |
| &nbsp;&nbsp;&nbsp; 9305159, 5.346%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 4579 | 4239 | 4309 |
| &nbsp;&nbsp;&nbsp; 9305189, 5.162%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 1730 | 1606 | 1629 |
| &nbsp;&nbsp;&nbsp; 9305207, 5.911%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 2502 | 2298 | 2344 |
| &nbsp;&nbsp;&nbsp; 9305228, 4.717%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 8853 | 8268 | 8384 |
| &nbsp;&nbsp;&nbsp; 930524726, 25.833%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 1418 | 1475 | 1507 |
| &nbsp;&nbsp;&nbsp; 9305313, 4.735%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 1633 | 1525 | 1542 |
| &nbsp;&nbsp;&nbsp; 9305325, 6.287%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 5959 | 5446 | 5216 |
| &nbsp;&nbsp;&nbsp; 9305596, 4.937%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 3392 | 3158 | 3220 |
| &nbsp;&nbsp;&nbsp; 9305748, 5.031%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 6433 | 5982 | 6067 |
| &nbsp;&nbsp;&nbsp; 9305982, 5.348%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 18147 | 16800 | 17073 |
| &nbsp;&nbsp;&nbsp; 9306291, 4.719%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 8152 | 7613 | 7647 |
| &nbsp;&nbsp;&nbsp; 9306376, 6.448%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 6434 | 5866 | 5903 |
| &nbsp;&nbsp;&nbsp; 9306451, 4.922%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 1894 | 1763 | 1600 |
| &nbsp;&nbsp;&nbsp; 9306473, 6.446%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 12491 | 11389 | 11880 |
| &nbsp;&nbsp;&nbsp; 9306811, 4.718%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 30669 | 28642 | 28973 |
| &nbsp;&nbsp;&nbsp; 9306948943, 26.533%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 13056 | 13578 | 7711 |
| &nbsp;&nbsp;&nbsp; 9307173, 6.352%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 13865 | 12659 | 13041 |
| &nbsp;&nbsp;&nbsp; 9307344, 5.031%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 20385 | 18955 | 19258 |
| &nbsp;&nbsp;&nbsp; 9307710, 5.348%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 17974 | 16639 | 16854 |
| &nbsp;&nbsp;&nbsp; 9307887, 5.629%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 1724 | 1590 | 1587 |
| &nbsp;&nbsp;&nbsp; 9307916, 4.717%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 7946 | 7421 | 7499 |
| &nbsp;&nbsp;&nbsp; 9307970, 6.106%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 4565 | 4182 | 4087 |
| &nbsp;&nbsp;&nbsp; 9308045, 6.351%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 1759 | 1606 | 1664 |
| &nbsp;&nbsp;&nbsp; 9308439, 5.660%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 628 | 579 | 592 |
| &nbsp;&nbsp;&nbsp; 9308461489, 18.667%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 6685 | 6953 | 7059 |
| &nbsp;&nbsp;&nbsp; 9309947, 4.924%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1078 | 1004 | 1023 |
| &nbsp;&nbsp;&nbsp; 9309993, 6.478%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 547 | 498 | 520 |
| &nbsp;&nbsp;&nbsp; 9310002312, 20.667%, 1/24/2023 †x¥#^ | Stripe | 7/29/2021 | 19801 | 20593 | 792 |
| &nbsp;&nbsp;&nbsp; 9310018, 6.446%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 30242 | 27576 | 26853 |
| &nbsp;&nbsp;&nbsp; 9310546, 4.715%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 7355 | 6870 | 6942 |
| &nbsp;&nbsp;&nbsp; 9310724, 4.722%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 5535 | 5169 | 5074 |
| &nbsp;&nbsp;&nbsp; 9310857, 4.907%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 277 | 258 | 268 |
| &nbsp;&nbsp;&nbsp; 9310897, 4.935%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1454 | 1354 | 1352 |
| &nbsp;&nbsp;&nbsp; 9310968144, 20.396%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 24266 | 25236 | 25283 |
| &nbsp;&nbsp;&nbsp; 9310990, 6.297%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1560 | 1426 | 1430 |
| &nbsp;&nbsp;&nbsp; 9311036, 5.347%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 2227 | 2061 | 2088 |
| &nbsp;&nbsp;&nbsp; 9311077, 5.343%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 3518 | 3257 | 3309 |
| &nbsp;&nbsp;&nbsp; 9311124, 5.914%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 7235 | 6646 | 6847 |
| &nbsp;&nbsp;&nbsp; 9311267, 4.727%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 3243 | 3028 | 2972 |
| &nbsp;&nbsp;&nbsp; 9311285, 4.942%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1948 | 1814 | 1850 |
| &nbsp;&nbsp;&nbsp; 9311312, 5.597%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 23944 | 22089 | 22331 |
| &nbsp;&nbsp;&nbsp; 9311528, 5.346%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1954 | 1809 | 1799 |
| &nbsp;&nbsp;&nbsp; 9311545, 5.028%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 3727 | 3466 | 3478 |
| &nbsp;&nbsp;&nbsp; 9311582, 4.716%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 11920 | 11133 | 11235 |
| &nbsp;&nbsp;&nbsp; 9311790, 4.717%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 3490 | 3259 | 3296 |
| &nbsp;&nbsp;&nbsp; 9311858, 5.031%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 6910 | 6425 | 6446 |
| &nbsp;&nbsp;&nbsp; 9311962, 6.455%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 914 | 833 | 800 |
| &nbsp;&nbsp;&nbsp; 9311967, 6.441%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1312 | 1196 | 1222 |
| &nbsp;&nbsp;&nbsp; 9311996, 5.031%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 9804 | 9116 | 9197 |
| &nbsp;&nbsp;&nbsp; 9312157, 6.110%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 2252 | 2063 | 2124 |
| &nbsp;&nbsp;&nbsp; 9312202, 6.444%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 3065 | 2795 | 2722 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8811** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9312231, 6.289%, 1/08/2027 †§x¶ | Square | 7/10/2025 | $1372 | $1254 | $1284 |
| &nbsp;&nbsp;&nbsp; 9312250, 4.717%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 53920 | 50357 | 51021 |
| &nbsp;&nbsp;&nbsp; 9312932, 6.091%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1954 | 1790 | 1790 |
| &nbsp;&nbsp;&nbsp; 9312953, 4.943%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 4506 | 4195 | 4146 |
| &nbsp;&nbsp;&nbsp; 9312985, 4.716%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 5803 | 5419 | 5320 |
| &nbsp;&nbsp;&nbsp; 9313051, 6.099%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 12185 | 11164 | 11162 |
| &nbsp;&nbsp;&nbsp; 9313152, 6.273%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1462 | 1336 | 1354 |
| &nbsp;&nbsp;&nbsp; 9313162, 4.719%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 7418 | 6928 | 6974 |
| &nbsp;&nbsp;&nbsp; 9313209, 4.969%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 637 | 593 | 609 |
| &nbsp;&nbsp;&nbsp; 9313213, 4.713%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 5527 | 5162 | 5210 |
| &nbsp;&nbsp;&nbsp; 9313244, 5.911%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 1906 | 1751 | 1802 |
| &nbsp;&nbsp;&nbsp; 9313256, 4.717%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 41914 | 39144 | 39661 |
| &nbsp;&nbsp;&nbsp; 9313707, 5.031%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 7798 | 7251 | 7316 |
| &nbsp;&nbsp;&nbsp; 9313762, 5.031%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 36212 | 33671 | 34210 |
| &nbsp;&nbsp;&nbsp; 9314145, 5.346%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 46896 | 43414 | 44112 |
| &nbsp;&nbsp;&nbsp; 9314500, 5.031%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 2773 | 2578 | 2587 |
| &nbsp;&nbsp;&nbsp; 9314539, 4.719%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 14790 | 13812 | 13566 |
| &nbsp;&nbsp;&nbsp; 9314811, 4.720%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 10043 | 9379 | 9483 |
| &nbsp;&nbsp;&nbsp; 9315088, 5.913%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 3575 | 3284 | 3317 |
| &nbsp;&nbsp;&nbsp; 9315164, 6.448%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 11971 | 10915 | 11252 |
| &nbsp;&nbsp;&nbsp; 9315491, 5.160%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 3328 | 3089 | 3114 |
| &nbsp;&nbsp;&nbsp; 9315606, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 14388 | 13437 | 13588 |
| &nbsp;&nbsp;&nbsp; 9315797, 6.447%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 3132 | 2856 | 2867 |
| &nbsp;&nbsp;&nbsp; 9315836, 6.665%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 9449 | 8591 | 8989 |
| &nbsp;&nbsp;&nbsp; 9315960, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 52493 | 49024 | 49700 |
| &nbsp;&nbsp;&nbsp; 9316497, 6.103%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 9191 | 8420 | 8614 |
| &nbsp;&nbsp;&nbsp; 9316632, 5.357%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 2600 | 2407 | 2452 |
| &nbsp;&nbsp;&nbsp; 9316661, 6.446%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 6080 | 5544 | 5719 |
| &nbsp;&nbsp;&nbsp; 9316727, 6.103%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 4382 | 4015 | 4132 |
| &nbsp;&nbsp;&nbsp; 9316778, 5.597%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 34676 | 31990 | 32648 |
| &nbsp;&nbsp;&nbsp; 9317130, 5.358%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 2550 | 2360 | 2398 |
| &nbsp;&nbsp;&nbsp; 9317167, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 7845 | 7326 | 7403 |
| &nbsp;&nbsp;&nbsp; 9317237, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 13852 | 12937 | 13107 |
| &nbsp;&nbsp;&nbsp; 9317362, 5.598%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 2272 | 2096 | 2139 |
| &nbsp;&nbsp;&nbsp; 9317371, 5.347%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 25275 | 23398 | 23508 |
| &nbsp;&nbsp;&nbsp; 9317601, 6.445%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 4806 | 4383 | 4478 |
| &nbsp;&nbsp;&nbsp; 9317647, 5.597%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 13073 | 12061 | 12235 |
| &nbsp;&nbsp;&nbsp; 9317733, 4.715%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 6460 | 6033 | 6096 |
| &nbsp;&nbsp;&nbsp; 9317781, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 70515 | 65855 | 66758 |
| &nbsp;&nbsp;&nbsp; 9318542, 6.100%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 15455 | 14159 | 14444 |
| &nbsp;&nbsp;&nbsp; 9318665, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 11991 | 11198 | 11345 |
| &nbsp;&nbsp;&nbsp; 9318789, 5.348%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 3325 | 3079 | 3095 |
| &nbsp;&nbsp;&nbsp; 9318808614, 21.167%, 5/15/2026 †x¥ | Stripe | 11/19/2024 | 1111 | 1156 | 1168 |
| &nbsp;&nbsp;&nbsp; 9318826, 5.347%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 9109 | 8433 | 8615 |
| &nbsp;&nbsp;&nbsp; 9318914, 4.719%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 10064 | 9398 | 9461 |
| &nbsp;&nbsp;&nbsp; 9321576, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 2155 | 2003 | 2031 |
| &nbsp;&nbsp;&nbsp; 9321641, 5.346%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 1029 | 953 | 948 |
| &nbsp;&nbsp;&nbsp; 9321677, 4.722%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 6339 | 5919 | 5979 |
| &nbsp;&nbsp;&nbsp; 9321805, 4.717%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 3435 | 3208 | 3228 |
| &nbsp;&nbsp;&nbsp; 9321919, 6.446%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 7288 | 6646 | 6731 |
| &nbsp;&nbsp;&nbsp; 9322077, 6.099%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 12085 | 11072 | 11165 |
| &nbsp;&nbsp;&nbsp; 9322386, 5.345%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 2333 | 2159 | 2147 |
| &nbsp;&nbsp;&nbsp; 9322451, 5.728%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 2979 | 2743 | 2799 |
| &nbsp;&nbsp;&nbsp; 9322555, 5.975%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 6566 | 6026 | 6123 |
| &nbsp;&nbsp;&nbsp; 9322639128, 25.067%, 7/19/2024 †x¥#^ | Stripe | 1/24/2023 | 2592 | 2695 | 104 |
| &nbsp;&nbsp;&nbsp; 9322735, 6.447%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 2225 | 2028 | 2072 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8812** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9322758, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | $21922 | $20384 | $20756 |
| &nbsp;&nbsp;&nbsp; 9323089, 6.279%, 1/10/2027 †x¶ | Square | 7/14/2025 | 1473 | 1346 | 991 |
| &nbsp;&nbsp;&nbsp; 9323100, 4.717%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 25732 | 24031 | 24335 |
| &nbsp;&nbsp;&nbsp; 9323575, 5.473%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 3892 | 3597 | 3614 |
| &nbsp;&nbsp;&nbsp; 9323612, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 5311 | 4939 | 5005 |
| &nbsp;&nbsp;&nbsp; 9323663, 6.289%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 24403 | 22299 | 23258 |
| &nbsp;&nbsp;&nbsp; 9324019, 6.453%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 3799 | 3463 | 3044 |
| &nbsp;&nbsp;&nbsp; 9324082271, 25.860%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 7175 | 7462 | 7581 |
| &nbsp;&nbsp;&nbsp; 9324085, 6.451%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 7109 | 6482 | 5711 |
| &nbsp;&nbsp;&nbsp; 9324146, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 6245 | 5806 | 5897 |
| &nbsp;&nbsp;&nbsp; 9324194, 6.102%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 18669 | 17104 | 17442 |
| &nbsp;&nbsp;&nbsp; 9324385, 4.721%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 7526 | 7028 | 6905 |
| &nbsp;&nbsp;&nbsp; 9324451, 5.917%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 2748 | 2524 | 2334 |
| &nbsp;&nbsp;&nbsp; 9324471, 6.353%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 5289 | 4829 | 4378 |
| &nbsp;&nbsp;&nbsp; 9324518063, 24.000%, 7/21/2023 †x¥#^ | Stripe | 1/25/2022 | 9796 | 10188 | 392 |
| &nbsp;&nbsp;&nbsp; 9324527, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 29320 | 27262 | 27631 |
| &nbsp;&nbsp;&nbsp; 9324870, 6.672%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 5646 | 5133 | 5268 |
| &nbsp;&nbsp;&nbsp; 9324941, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 21180 | 19694 | 19860 |
| &nbsp;&nbsp;&nbsp; 9325216, 4.938%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 1208 | 1125 | 1171 |
| &nbsp;&nbsp;&nbsp; 9325255, 5.367%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 1430 | 1323 | 1341 |
| &nbsp;&nbsp;&nbsp; 9325264, 6.440%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 1253 | 1143 | 1138 |
| &nbsp;&nbsp;&nbsp; 9325287, 6.105%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 2119 | 1941 | 1941 |
| &nbsp;&nbsp;&nbsp; 9325305, 6.447%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 44187 | 40290 | 40572 |
| &nbsp;&nbsp;&nbsp; 9325735, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 1930 | 1795 | 1714 |
| &nbsp;&nbsp;&nbsp; 9325752, 5.470%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 17293 | 15982 | 16057 |
| &nbsp;&nbsp;&nbsp; 9325907, 4.719%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 13020 | 12159 | 12312 |
| &nbsp;&nbsp;&nbsp; 9326056892, 14.799%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 9194 | 9561 | 9740 |
| &nbsp;&nbsp;&nbsp; 9326057, 6.449%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 15437 | 14075 | 13720 |
| &nbsp;&nbsp;&nbsp; 9326262, 6.107%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 3971 | 3638 | 3695 |
| &nbsp;&nbsp;&nbsp; 9326322, 5.597%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 18667 | 17222 | 17323 |
| &nbsp;&nbsp;&nbsp; 9326592496, 17.866%, 8/19/2026 †x¥# | Stripe | 2/21/2025 | 86724 | 90193 | 23237 |
| &nbsp;&nbsp;&nbsp; 9326638, 5.660%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 870 | 802 | 814 |
| &nbsp;&nbsp;&nbsp; 9326646, 5.638%, 1/11/2027 †x¶ | Square | 7/15/2025 | 3219 | 2968 | 2084 |
| &nbsp;&nbsp;&nbsp; 9326684, 5.346%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 6758 | 6257 | 6354 |
| &nbsp;&nbsp;&nbsp; 9326755, 4.717%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 7593 | 7092 | 7174 |
| &nbsp;&nbsp;&nbsp; 9326850, 4.717%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 7950 | 7425 | 7500 |
| &nbsp;&nbsp;&nbsp; 9327012, 6.507%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 3858 | 3515 | 3686 |
| &nbsp;&nbsp;&nbsp; 9327080156, 20.000%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2747 | 2856 | 2907 |
| &nbsp;&nbsp;&nbsp; 9327227, 6.289%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 7089 | 6478 | 6621 |
| &nbsp;&nbsp;&nbsp; 9327414, 5.164%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 1617 | 1500 | 1524 |
| &nbsp;&nbsp;&nbsp; 9327443, 4.726%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 3427 | 3200 | 3232 |
| &nbsp;&nbsp;&nbsp; 9327482, 5.725%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 11748 | 10819 | 11070 |
| &nbsp;&nbsp;&nbsp; 9327624, 4.721%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 7360 | 6873 | 6933 |
| &nbsp;&nbsp;&nbsp; 9327741, 5.157%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 10121 | 9394 | 8979 |
| &nbsp;&nbsp;&nbsp; 9327844, 4.717%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 2934 | 2740 | 2769 |
| &nbsp;&nbsp;&nbsp; 9327858, 6.442%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 3008 | 2743 | 2801 |
| &nbsp;&nbsp;&nbsp; 9327880, 5.344%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 6108 | 5655 | 5623 |
| &nbsp;&nbsp;&nbsp; 9327928, 6.451%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 6394 | 5830 | 5997 |
| &nbsp;&nbsp;&nbsp; 9328056, 5.586%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 997 | 920 | 950 |
| &nbsp;&nbsp;&nbsp; 9328072, 5.499%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 5267 | 4866 | 3824 |
| &nbsp;&nbsp;&nbsp; 9328188, 4.716%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 9659 | 9021 | 9139 |
| &nbsp;&nbsp;&nbsp; 9328302, 5.349%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 10672 | 9880 | 9825 |
| &nbsp;&nbsp;&nbsp; 9328439, 4.720%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 8926 | 8339 | 8446 |
| &nbsp;&nbsp;&nbsp; 9328603, 4.717%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 1963 | 1833 | 1852 |
| &nbsp;&nbsp;&nbsp; 9328614, 4.715%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 5276 | 4928 | 4994 |
| &nbsp;&nbsp;&nbsp; 9328819, 4.719%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 9864 | 9212 | 9308 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8813** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9328908, 5.351%, 1/11/2027 †§x¶ | Square | 7/15/2025 | $6237 | $5773 | $5847 |
| &nbsp;&nbsp;&nbsp; 9328968, 5.347%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 19271 | 17840 | 18068 |
| &nbsp;&nbsp;&nbsp; 9329125, 5.031%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 23978 | 22297 | 22484 |
| &nbsp;&nbsp;&nbsp; 9329334, 5.031%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 2040 | 1897 | 1886 |
| &nbsp;&nbsp;&nbsp; 9329346, 6.440%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 2160 | 1970 | 2061 |
| &nbsp;&nbsp;&nbsp; 9329370, 6.446%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 8498 | 7748 | 7912 |
| &nbsp;&nbsp;&nbsp; 9329430, 5.346%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 63898 | 59154 | 60248 |
| &nbsp;&nbsp;&nbsp; 9329749518, 13.067%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 9061 | 9423 | 9521 |
| &nbsp;&nbsp;&nbsp; 9330009, 5.037%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 4051 | 3766 | 3817 |
| &nbsp;&nbsp;&nbsp; 9330056, 4.714%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 5908 | 5518 | 5573 |
| &nbsp;&nbsp;&nbsp; 9330110, 6.604%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 191 | 174 | 175 |
| &nbsp;&nbsp;&nbsp; 9330112, 6.102%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 4384 | 4017 | 4096 |
| &nbsp;&nbsp;&nbsp; 9330169, 6.448%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 6553 | 5981 | 6101 |
| &nbsp;&nbsp;&nbsp; 9330257, 6.289%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 271 | 248 | 253 |
| &nbsp;&nbsp;&nbsp; 9330260, 6.101%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 11673 | 10696 | 10905 |
| &nbsp;&nbsp;&nbsp; 9330370, 6.110%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 1338 | 1226 | 1266 |
| &nbsp;&nbsp;&nbsp; 9330422, 4.719%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 7554 | 7054 | 7136 |
| &nbsp;&nbsp;&nbsp; 9330533, 4.717%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 57440 | 53645 | 54212 |
| &nbsp;&nbsp;&nbsp; 9330571, 4.713%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 3286 | 3069 | 3099 |
| &nbsp;&nbsp;&nbsp; 9330605, 5.029%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 4977 | 4628 | 4668 |
| &nbsp;&nbsp;&nbsp; 9330647, 6.356%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 5939 | 5422 | 5548 |
| &nbsp;&nbsp;&nbsp; 9330678, 4.721%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 8317 | 7767 | 7835 |
| &nbsp;&nbsp;&nbsp; 9330729, 5.722%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 5143 | 4737 | 4789 |
| &nbsp;&nbsp;&nbsp; 9330759, 4.937%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 6672 | 6212 | 6344 |
| &nbsp;&nbsp;&nbsp; 9330822, 4.717%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 1807 | 1688 | 1709 |
| &nbsp;&nbsp;&nbsp; 9330843, 6.679%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 1874 | 1703 | 1755 |
| &nbsp;&nbsp;&nbsp; 9330858, 5.977%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 5867 | 5384 | 5436 |
| &nbsp;&nbsp;&nbsp; 9330906, 6.511%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 12575 | 11456 | 11738 |
| &nbsp;&nbsp;&nbsp; 9330992, 4.725%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 3718 | 3472 | 3494 |
| &nbsp;&nbsp;&nbsp; 9331014, 4.717%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 14391 | 13440 | 13617 |
| &nbsp;&nbsp;&nbsp; 9331130, 4.732%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 2058 | 1921 | 1940 |
| &nbsp;&nbsp;&nbsp; 9331148, 6.657%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 1521 | 1383 | 1412 |
| &nbsp;&nbsp;&nbsp; 9331158, 5.475%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 4399 | 4068 | 4150 |
| &nbsp;&nbsp;&nbsp; 9331191, 4.715%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 1849 | 1727 | 1737 |
| &nbsp;&nbsp;&nbsp; 9331212, 4.927%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 1277 | 1190 | 742 |
| &nbsp;&nbsp;&nbsp; 9331221, 5.157%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 8614 | 7996 | 8141 |
| &nbsp;&nbsp;&nbsp; 9331288, 4.717%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 9689 | 9049 | 9143 |
| &nbsp;&nbsp;&nbsp; 9331347, 5.157%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 6265 | 5815 | 5934 |
| &nbsp;&nbsp;&nbsp; 9331380, 6.464%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 1732 | 1579 | 1600 |
| &nbsp;&nbsp;&nbsp; 9331395, 4.719%, 1/12/2027 †§x¶ | Square | 7/16/2025 | 16199 | 15131 | 15279 |
| &nbsp;&nbsp;&nbsp; 9331498, 5.600%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 3395 | 3132 | 3194 |
| &nbsp;&nbsp;&nbsp; 9331522, 5.640%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 1255 | 1157 | 1185 |
| &nbsp;&nbsp;&nbsp; 9331531, 5.738%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 1488 | 1370 | 1399 |
| &nbsp;&nbsp;&nbsp; 9331543, 6.339%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 1487 | 1358 | 1397 |
| &nbsp;&nbsp;&nbsp; 9331553, 5.968%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 2163 | 1985 | 1995 |
| &nbsp;&nbsp;&nbsp; 9331570, 5.470%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 5227 | 4831 | 4854 |
| &nbsp;&nbsp;&nbsp; 9331602, 5.733%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 1613 | 1485 | 1534 |
| &nbsp;&nbsp;&nbsp; 9331614, 6.300%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 978 | 894 | 924 |
| &nbsp;&nbsp;&nbsp; 9331626, 6.289%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 7269 | 6643 | 6740 |
| &nbsp;&nbsp;&nbsp; 9331688, 6.495%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 1359 | 1238 | 1293 |
| &nbsp;&nbsp;&nbsp; 9331700, 4.722%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 6556 | 6125 | 6184 |
| &nbsp;&nbsp;&nbsp; 9331758, 4.719%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 15559 | 14531 | 14683 |
| &nbsp;&nbsp;&nbsp; 9331859, 4.717%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 20343 | 18999 | 19120 |
| &nbsp;&nbsp;&nbsp; 9332004, 4.949%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 1262 | 1175 | 1165 |
| &nbsp;&nbsp;&nbsp; 9332010, 5.725%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 10744 | 9894 | 10093 |
| &nbsp;&nbsp;&nbsp; 9332086, 4.716%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 4566 | 4265 | 4196 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8814** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9332118, 6.100%, 1/13/2027 †§x¶ | Square | 7/16/2025 | $5338 | $4890 | $4893 |
| &nbsp;&nbsp;&nbsp; 9332148, 5.723%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 7541 | 6945 | 7090 |
| &nbsp;&nbsp;&nbsp; 9332218, 6.670%, 1/13/2027 †§x¶ | Square | 7/16/2025 | 1906 | 1733 | 1780 |
| &nbsp;&nbsp;&nbsp; 9332236, 4.717%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 2467 | 2304 | 2332 |
| &nbsp;&nbsp;&nbsp; 9333222, 4.717%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 4599 | 4295 | 4338 |
| &nbsp;&nbsp;&nbsp; 933324524, 20.400%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 16734 | 17403 | 17446 |
| &nbsp;&nbsp;&nbsp; 9333259, 5.155%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1388 | 1288 | 1316 |
| &nbsp;&nbsp;&nbsp; 9333290, 6.447%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 15344 | 13991 | 14441 |
| &nbsp;&nbsp;&nbsp; 9333747, 5.505%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 9692 | 8953 | 8347 |
| &nbsp;&nbsp;&nbsp; 9334063, 4.721%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 7389 | 6900 | 6969 |
| &nbsp;&nbsp;&nbsp; 9334199, 4.717%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 38313 | 35781 | 36222 |
| &nbsp;&nbsp;&nbsp; 9334695, 6.365%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1687 | 1540 | 1576 |
| &nbsp;&nbsp;&nbsp; 9334714, 4.717%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 17622 | 16457 | 16631 |
| &nbsp;&nbsp;&nbsp; 9335009, 4.724%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 4443 | 4149 | 4193 |
| &nbsp;&nbsp;&nbsp; 9335071, 6.496%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1709 | 1557 | 1338 |
| &nbsp;&nbsp;&nbsp; 9335082, 4.943%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 535 | 498 | 485 |
| &nbsp;&nbsp;&nbsp; 9335115, 6.096%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3129 | 2867 | 2925 |
| &nbsp;&nbsp;&nbsp; 9335173, 5.724%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 11928 | 10984 | 11108 |
| &nbsp;&nbsp;&nbsp; 9335293563, 19.867%, 3/15/2023 †x¥#^ | Stripe | 9/17/2021 | 444 | 462 | 18 |
| &nbsp;&nbsp;&nbsp; 9335309, 5.919%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1729 | 1588 | 1645 |
| &nbsp;&nbsp;&nbsp; 9335364, 5.473%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 20380 | 18834 | 18954 |
| &nbsp;&nbsp;&nbsp; 9335589, 4.716%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 11185 | 10446 | 10567 |
| &nbsp;&nbsp;&nbsp; 9335854702, 21.732%, 11/01/2025 †x¥# | Stripe | 5/08/2024 | 5827 | 6060 | 233 |
| &nbsp;&nbsp;&nbsp; 9336206, 5.472%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 25945 | 23977 | 24351 |
| &nbsp;&nbsp;&nbsp; 9336513, 6.447%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1712 | 1561 | 1557 |
| &nbsp;&nbsp;&nbsp; 9336532, 5.660%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 731 | 674 | 630 |
| &nbsp;&nbsp;&nbsp; 9336541, 4.717%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3858 | 3603 | 3645 |
| &nbsp;&nbsp;&nbsp; 9336576, 5.509%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1649 | 1523 | 1573 |
| &nbsp;&nbsp;&nbsp; 9336581, 5.347%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3587 | 3320 | 3337 |
| &nbsp;&nbsp;&nbsp; 9336616, 6.447%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 10322 | 9412 | 9695 |
| &nbsp;&nbsp;&nbsp; 9336728, 5.504%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 19390 | 17911 | 18765 |
| &nbsp;&nbsp;&nbsp; 9337109, 6.316%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 748 | 684 | 707 |
| &nbsp;&nbsp;&nbsp; 9337131, 5.471%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 51773 | 47846 | 48484 |
| &nbsp;&nbsp;&nbsp; 9337565, 5.726%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3461 | 3187 | 3254 |
| &nbsp;&nbsp;&nbsp; 9337596, 5.472%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 20406 | 18858 | 18772 |
| &nbsp;&nbsp;&nbsp; 9337772, 6.446%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 14780 | 13477 | 13763 |
| &nbsp;&nbsp;&nbsp; 9337890, 6.667%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3108 | 2825 | 2735 |
| &nbsp;&nbsp;&nbsp; 9337921, 5.031%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 4893 | 4550 | 4592 |
| &nbsp;&nbsp;&nbsp; 9337944, 6.349%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 7857 | 7174 | 7382 |
| &nbsp;&nbsp;&nbsp; 9338031, 5.031%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3805 | 3538 | 3588 |
| &nbsp;&nbsp;&nbsp; 9338084, 6.349%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3475 | 3172 | 3226 |
| &nbsp;&nbsp;&nbsp; 9338159, 5.975%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1092 | 1002 | 1026 |
| &nbsp;&nbsp;&nbsp; 9338181, 4.713%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 3224 | 3011 | 3023 |
| &nbsp;&nbsp;&nbsp; 9338211, 6.662%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 1834 | 1667 | 1614 |
| &nbsp;&nbsp;&nbsp; 9338313, 6.448%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 17757 | 16191 | 16712 |
| &nbsp;&nbsp;&nbsp; 9338684, 6.085%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 935 | 857 | 881 |
| &nbsp;&nbsp;&nbsp; 9338697, 4.718%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 37596 | 35111 | 35476 |
| &nbsp;&nbsp;&nbsp; 9338726885, 19.195%, 10/17/2023 †x¥#^ | Stripe | 4/21/2022 | 5720 | 5948 | 229 |
| &nbsp;&nbsp;&nbsp; 9339058004, 26.476%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 1308 | 1360 | 1364 |
| &nbsp;&nbsp;&nbsp; 9339394818, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 3366 | 3501 | 3532 |
| &nbsp;&nbsp;&nbsp; 9339529, 4.719%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 12448 | 11625 | 11741 |
| &nbsp;&nbsp;&nbsp; 9339672, 5.346%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 7788 | 7210 | 7306 |
| &nbsp;&nbsp;&nbsp; 9339776, 4.725%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 2263 | 2113 | 2131 |
| &nbsp;&nbsp;&nbsp; 9339804, 6.511%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 3056 | 2784 | 2857 |
| &nbsp;&nbsp;&nbsp; 9339901, 5.723%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 33493 | 30845 | 31194 |
| &nbsp;&nbsp;&nbsp; 9340367, 5.473%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 15937 | 14728 | 14924 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8815** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9340552, 5.975%, 1/15/2027 †§x¶ | Square | 7/17/2025 | $23734 | $21782 | $22222 |
| &nbsp;&nbsp;&nbsp; 9340729, 4.717%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 3893 | 3636 | 3677 |
| &nbsp;&nbsp;&nbsp; 9340777, 5.151%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 3497 | 3246 | 3258 |
| &nbsp;&nbsp;&nbsp; 9340800, 6.357%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 5027 | 4591 | 4697 |
| &nbsp;&nbsp;&nbsp; 9340880, 6.666%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 46994 | 42722 | 43651 |
| &nbsp;&nbsp;&nbsp; 9341081250, 20.400%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 67937 | 70654 | 70703 |
| &nbsp;&nbsp;&nbsp; 9341208126, 26.133%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 854 | 888 | 909 |
| &nbsp;&nbsp;&nbsp; 9341356, 5.344%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 4817 | 4459 | 4551 |
| &nbsp;&nbsp;&nbsp; 9341442, 5.157%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 89146 | 82745 | 84047 |
| &nbsp;&nbsp;&nbsp; 9342053574, 26.531%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 21194 | 22042 | 22508 |
| &nbsp;&nbsp;&nbsp; 9342169, 5.896%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 1465 | 1346 | 1378 |
| &nbsp;&nbsp;&nbsp; 9342181, 6.509%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 33546 | 30562 | 32298 |
| &nbsp;&nbsp;&nbsp; 934248777, 18.930%, 11/12/2024 †x¥#^ | Stripe | 5/18/2023 | 9651 | 10037 | 386 |
| &nbsp;&nbsp;&nbsp; 9342582, 4.717%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 4095 | 3826 | 3840 |
| &nbsp;&nbsp;&nbsp; 9342724, 5.044%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2146 | 1995 | 1922 |
| &nbsp;&nbsp;&nbsp; 9342757, 4.717%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 12577 | 11746 | 11579 |
| &nbsp;&nbsp;&nbsp; 9342826069, 23.833%, 11/19/2024 †x¥#^ | Stripe | 5/25/2023 | 691 | 718 | 28 |
| &nbsp;&nbsp;&nbsp; 9343039, 5.508%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 5749 | 5310 | 5394 |
| &nbsp;&nbsp;&nbsp; 9343168, 5.473%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 7625 | 7046 | 7083 |
| &nbsp;&nbsp;&nbsp; 9343290, 6.357%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 4476 | 4086 | 3769 |
| &nbsp;&nbsp;&nbsp; 934342596, 26.533%, 2/24/2027 †x¥ | Stripe | 8/29/2025 | 5000 | 5200 | 5200 |
| &nbsp;&nbsp;&nbsp; 9343428, 5.975%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 35090 | 32204 | 32741 |
| &nbsp;&nbsp;&nbsp; 9343883, 4.730%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2465 | 2302 | 2328 |
| &nbsp;&nbsp;&nbsp; 9343921, 6.668%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 7744 | 7040 | 7271 |
| &nbsp;&nbsp;&nbsp; 9343975, 5.484%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2442 | 2257 | 2287 |
| &nbsp;&nbsp;&nbsp; 9343988, 4.722%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 6121 | 5716 | 5775 |
| &nbsp;&nbsp;&nbsp; 9344046, 6.103%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 8258 | 7566 | 6975 |
| &nbsp;&nbsp;&nbsp; 9344088, 6.356%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 6394 | 5837 | 5940 |
| &nbsp;&nbsp;&nbsp; 9344153, 6.346%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 656 | 599 | 620 |
| &nbsp;&nbsp;&nbsp; 9344161, 4.721%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 7005 | 6542 | 6620 |
| &nbsp;&nbsp;&nbsp; 9344301, 4.738%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 1537 | 1435 | 1444 |
| &nbsp;&nbsp;&nbsp; 9344311, 4.717%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 780 | 729 | 737 |
| &nbsp;&nbsp;&nbsp; 9344327, 4.717%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 11755 | 10979 | 11087 |
| &nbsp;&nbsp;&nbsp; 9344430, 6.271%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 1530 | 1398 | 1052 |
| &nbsp;&nbsp;&nbsp; 9344448, 6.101%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 17263 | 15816 | 16089 |
| &nbsp;&nbsp;&nbsp; 9344757, 5.905%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 1724 | 1584 | 1485 |
| &nbsp;&nbsp;&nbsp; 9344768, 4.947%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2243 | 2088 | 2073 |
| &nbsp;&nbsp;&nbsp; 9344796, 5.157%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 30352 | 28173 | 28405 |
| &nbsp;&nbsp;&nbsp; 9345113, 5.973%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 8853 | 8125 | 8214 |
| &nbsp;&nbsp;&nbsp; 9345199, 6.285%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2315 | 2116 | 2191 |
| &nbsp;&nbsp;&nbsp; 9345227, 4.729%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2591 | 2419 | 2443 |
| &nbsp;&nbsp;&nbsp; 9345277, 5.031%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 9965 | 9265 | 8926 |
| &nbsp;&nbsp;&nbsp; 9345336903, 25.067%, 12/23/2025 †x¥# | Stripe | 6/27/2024 | 1916 | 1993 | 77 |
| &nbsp;&nbsp;&nbsp; 9345346, 4.711%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2201 | 2056 | 2064 |
| &nbsp;&nbsp;&nbsp; 9345358, 4.715%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2750 | 2569 | 2579 |
| &nbsp;&nbsp;&nbsp; 9345366, 6.449%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 10914 | 9952 | 8958 |
| &nbsp;&nbsp;&nbsp; 9345438, 5.031%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 8741 | 8128 | 8268 |
| &nbsp;&nbsp;&nbsp; 9345500, 6.281%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 2568 | 2347 | 2408 |
| &nbsp;&nbsp;&nbsp; 9345515, 4.719%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 12952 | 12095 | 12241 |
| &nbsp;&nbsp;&nbsp; 9345623, 4.717%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 23578 | 22020 | 22302 |
| &nbsp;&nbsp;&nbsp; 9345834, 5.477%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 6481 | 5989 | 6021 |
| &nbsp;&nbsp;&nbsp; 9345893, 5.488%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 980 | 906 | 934 |
| &nbsp;&nbsp;&nbsp; 9345903, 4.719%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 4077 | 3808 | 3845 |
| &nbsp;&nbsp;&nbsp; 9345913, 4.717%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 10115 | 9446 | 9540 |
| &nbsp;&nbsp;&nbsp; 9345991, 6.358%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 5222 | 4767 | 4851 |
| &nbsp;&nbsp;&nbsp; 9346155, 4.722%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 3202 | 2990 | 3021 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8816** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9346170, 5.723%, 1/16/2027 †§x¶ | Square | 7/18/2025 | $28140 | $25915 | $26299 |
| &nbsp;&nbsp;&nbsp; 9346432, 6.099%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 3980 | 3646 | 3708 |
| &nbsp;&nbsp;&nbsp; 9346470, 4.719%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 16598 | 15501 | 15632 |
| &nbsp;&nbsp;&nbsp; 9346534659, 25.867%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 763 | 793 | 803 |
| &nbsp;&nbsp;&nbsp; 9348961, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 13846 | 12931 | 13074 |
| &nbsp;&nbsp;&nbsp; 9349171, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 3873 | 3617 | 3659 |
| &nbsp;&nbsp;&nbsp; 9349245, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 13731 | 12823 | 12950 |
| &nbsp;&nbsp;&nbsp; 9349452, 4.722%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 5303 | 4952 | 4999 |
| &nbsp;&nbsp;&nbsp; 9349569, 5.031%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 1634 | 1520 | 1546 |
| &nbsp;&nbsp;&nbsp; 9349590, 6.669%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 11825 | 10749 | 10985 |
| &nbsp;&nbsp;&nbsp; 9349962920, 22.000%, 3/05/2025 †x¥#^ | Stripe | 9/08/2023 | 1628 | 1693 | 65 |
| &nbsp;&nbsp;&nbsp; 9349977, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 8065 | 7532 | 7604 |
| &nbsp;&nbsp;&nbsp; 9350124, 5.724%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 3212 | 2958 | 3019 |
| &nbsp;&nbsp;&nbsp; 9350157, 5.972%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 6336 | 5815 | 5933 |
| &nbsp;&nbsp;&nbsp; 9350206, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 68576 | 64044 | 64675 |
| &nbsp;&nbsp;&nbsp; 9351020, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 11958 | 11168 | 11274 |
| &nbsp;&nbsp;&nbsp; 9351124, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 2879 | 2689 | 2719 |
| &nbsp;&nbsp;&nbsp; 9351154, 6.665%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 9157 | 8325 | 8633 |
| &nbsp;&nbsp;&nbsp; 9351297, 6.353%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 1084 | 989 | 1010 |
| &nbsp;&nbsp;&nbsp; 9351314, 5.031%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 8919 | 8293 | 8249 |
| &nbsp;&nbsp;&nbsp; 9351392, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 83393 | 77882 | 78784 |
| &nbsp;&nbsp;&nbsp; 9352262, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 25521 | 23835 | 23981 |
| &nbsp;&nbsp;&nbsp; 9352538, 6.662%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 4072 | 3702 | 3816 |
| &nbsp;&nbsp;&nbsp; 9352566, 4.726%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 3428 | 3201 | 3233 |
| &nbsp;&nbsp;&nbsp; 9352634, 5.635%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 2126 | 1960 | 2019 |
| &nbsp;&nbsp;&nbsp; 9352692, 6.447%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 3965 | 3615 | 3654 |
| &nbsp;&nbsp;&nbsp; 9352739, 5.968%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 3267 | 2999 | 3068 |
| &nbsp;&nbsp;&nbsp; 9352786, 5.471%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 29346 | 27120 | 27254 |
| &nbsp;&nbsp;&nbsp; 9352924, 6.668%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 4633 | 4212 | 4291 |
| &nbsp;&nbsp;&nbsp; 9352975, 5.153%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 2607 | 2420 | 2408 |
| &nbsp;&nbsp;&nbsp; 9353027, 5.975%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 11965 | 10981 | 10879 |
| &nbsp;&nbsp;&nbsp; 9353143, 4.718%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 24857 | 23214 | 23482 |
| &nbsp;&nbsp;&nbsp; 9353484, 4.721%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 7420 | 6929 | 7005 |
| &nbsp;&nbsp;&nbsp; 9353641, 4.717%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 12503 | 11677 | 11786 |
| &nbsp;&nbsp;&nbsp; 9353810, 4.719%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 8314 | 7764 | 7837 |
| &nbsp;&nbsp;&nbsp; 9353917, 6.100%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 21350 | 19561 | 20000 |
| &nbsp;&nbsp;&nbsp; 9354554, 4.715%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 5084 | 4748 | 4803 |
| &nbsp;&nbsp;&nbsp; 9354596, 5.031%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 12174 | 11320 | 11359 |
| &nbsp;&nbsp;&nbsp; 9354716493, 21.067%, 11/17/2023 †x¥#^ | Stripe | 5/24/2022 | 18536 | 19278 | 741 |
| &nbsp;&nbsp;&nbsp; 9354757, 6.352%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 58450 | 53365 | 54479 |
| &nbsp;&nbsp;&nbsp; 9355512, 5.720%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 2433 | 2241 | 2293 |
| &nbsp;&nbsp;&nbsp; 9355531, 6.656%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 898 | 816 | 847 |
| &nbsp;&nbsp;&nbsp; 9355559, 6.104%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 3471 | 3179 | 3128 |
| &nbsp;&nbsp;&nbsp; 9355578, 4.721%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 7281 | 6800 | 6874 |
| &nbsp;&nbsp;&nbsp; 9355648, 4.721%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 5194 | 4851 | 4896 |
| &nbsp;&nbsp;&nbsp; 9355722, 6.663%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 2698 | 2453 | 2507 |
| &nbsp;&nbsp;&nbsp; 9355734, 5.724%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 6548 | 6031 | 6221 |
| &nbsp;&nbsp;&nbsp; 9355789, 5.470%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 10619 | 9814 | 9957 |
| &nbsp;&nbsp;&nbsp; 9355876, 5.723%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 4980 | 4587 | 4653 |
| &nbsp;&nbsp;&nbsp; 9355937, 5.470%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 14577 | 13471 | 13668 |
| &nbsp;&nbsp;&nbsp; 9356097, 5.468%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 4293 | 3968 | 4046 |
| &nbsp;&nbsp;&nbsp; 9356149, 6.645%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 1237 | 1125 | 1135 |
| &nbsp;&nbsp;&nbsp; 9356164, 6.511%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 8650 | 7880 | 6916 |
| &nbsp;&nbsp;&nbsp; 9356264, 4.717%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 13972 | 13051 | 13172 |
| &nbsp;&nbsp;&nbsp; 9356435, 4.720%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 2936 | 2742 | 2768 |
| &nbsp;&nbsp;&nbsp; 9356476, 4.717%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 2970 | 2774 | 2801 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8817** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9356515, 6.669%, 1/18/2027 †§x¶ | Square | 7/22/2025 | $5274 | $4794 | $4974 |
| &nbsp;&nbsp;&nbsp; 9356584, 5.466%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 3531 | 3264 | 3342 |
| &nbsp;&nbsp;&nbsp; 9356679394, 24.000%, 11/01/2023 †x¥#^ | Stripe | 5/06/2022 | 3596 | 3739 | 144 |
| &nbsp;&nbsp;&nbsp; 9356701, 4.720%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 4680 | 4371 | 4419 |
| &nbsp;&nbsp;&nbsp; 9356830, 5.149%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 1488 | 1381 | 1405 |
| &nbsp;&nbsp;&nbsp; 9356849, 5.157%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 1693 | 1572 | 1603 |
| &nbsp;&nbsp;&nbsp; 9356880, 5.975%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 14560 | 13362 | 13509 |
| &nbsp;&nbsp;&nbsp; 9357015, 4.717%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 1737 | 1624 | 1640 |
| &nbsp;&nbsp;&nbsp; 9357028, 5.976%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 20792 | 19081 | 19292 |
| &nbsp;&nbsp;&nbsp; 9357407, 4.724%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 5005 | 4674 | 4613 |
| &nbsp;&nbsp;&nbsp; 9357459, 5.716%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 3144 | 2896 | 2964 |
| &nbsp;&nbsp;&nbsp; 9357477, 6.670%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 6207 | 5643 | 5727 |
| &nbsp;&nbsp;&nbsp; 9357514, 4.716%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 11436 | 10681 | 10781 |
| &nbsp;&nbsp;&nbsp; 9357596, 5.451%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 1328 | 1228 | 1244 |
| &nbsp;&nbsp;&nbsp; 9357604, 6.352%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 1347 | 1230 | 1252 |
| &nbsp;&nbsp;&nbsp; 9357621, 6.656%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 1687 | 1533 | 1599 |
| &nbsp;&nbsp;&nbsp; 9357642, 5.975%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 3877 | 3558 | 3598 |
| &nbsp;&nbsp;&nbsp; 9357674, 6.669%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 4013 | 3648 | 3752 |
| &nbsp;&nbsp;&nbsp; 9357693, 5.154%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 3027 | 2810 | 2853 |
| &nbsp;&nbsp;&nbsp; 9357713, 4.715%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 10812 | 10097 | 10159 |
| &nbsp;&nbsp;&nbsp; 9357791, 4.719%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 20732 | 19361 | 19543 |
| &nbsp;&nbsp;&nbsp; 935783547, 14.267%, 4/15/2026 †x¥ | Stripe | 10/18/2024 | 869 | 904 | 939 |
| &nbsp;&nbsp;&nbsp; 9357937, 5.501%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 3339 | 3084 | 3136 |
| &nbsp;&nbsp;&nbsp; 9357977, 4.711%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 4196 | 3919 | 3957 |
| &nbsp;&nbsp;&nbsp; 9358008, 4.725%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 2696 | 2518 | 2527 |
| &nbsp;&nbsp;&nbsp; 9358026, 6.667%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 21883 | 19894 | 20458 |
| &nbsp;&nbsp;&nbsp; 9358203, 6.350%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 6891 | 6292 | 6437 |
| &nbsp;&nbsp;&nbsp; 9358252, 5.492%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 981 | 906 | 937 |
| &nbsp;&nbsp;&nbsp; 9358264, 5.473%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 16020 | 14805 | 14155 |
| &nbsp;&nbsp;&nbsp; 9358378, 5.488%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 1508 | 1394 | 1426 |
| &nbsp;&nbsp;&nbsp; 9358393, 6.665%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 3992 | 3629 | 3765 |
| &nbsp;&nbsp;&nbsp; 9358425, 5.158%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 5934 | 5508 | 5484 |
| &nbsp;&nbsp;&nbsp; 9358459, 4.719%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 6480 | 6051 | 6109 |
| &nbsp;&nbsp;&nbsp; 9358522, 4.720%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 3144 | 2936 | 2964 |
| &nbsp;&nbsp;&nbsp; 9358545, 5.725%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 1459 | 1344 | 1359 |
| &nbsp;&nbsp;&nbsp; 9358554, 4.719%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 16227 | 15156 | 15297 |
| &nbsp;&nbsp;&nbsp; 9358658, 6.657%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 1679 | 1526 | 1494 |
| &nbsp;&nbsp;&nbsp; 9358676, 6.301%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 2086 | 1906 | 1927 |
| &nbsp;&nbsp;&nbsp; 9358690, 5.031%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 7287 | 6775 | 6877 |
| &nbsp;&nbsp;&nbsp; 9358737, 4.718%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 12013 | 11219 | 11340 |
| &nbsp;&nbsp;&nbsp; 9358810, 6.505%, 1/20/2027 †§x¶ | Square | 7/23/2025 | 4830 | 4400 | 4568 |
| &nbsp;&nbsp;&nbsp; 9359735, 4.719%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 13725 | 12818 | 12963 |
| &nbsp;&nbsp;&nbsp; 9359984, 4.717%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 7031 | 6566 | 6631 |
| &nbsp;&nbsp;&nbsp; 9360191, 5.031%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 20763 | 19306 | 19705 |
| &nbsp;&nbsp;&nbsp; 9360762, 5.031%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 99288 | 92320 | 93517 |
| &nbsp;&nbsp;&nbsp; 9362061, 5.157%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 5030 | 4669 | 4730 |
| &nbsp;&nbsp;&nbsp; 9362121, 4.715%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 6909 | 6454 | 6523 |
| &nbsp;&nbsp;&nbsp; 9362165, 5.975%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 3834 | 3518 | 3561 |
| &nbsp;&nbsp;&nbsp; 9362215, 4.722%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 5870 | 5481 | 5551 |
| &nbsp;&nbsp;&nbsp; 9362292, 4.718%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 34390 | 32117 | 32425 |
| &nbsp;&nbsp;&nbsp; 9362573889, 19.330%, 10/01/2026 †x¥ | Stripe | 4/07/2025 | 17751 | 18461 | 18704 |
| &nbsp;&nbsp;&nbsp; 9362707, 5.724%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 19194 | 17677 | 17880 |
| &nbsp;&nbsp;&nbsp; 9362837486, 18.667%, 8/15/2024 †x¥#^ | Stripe | 2/21/2023 | 1439 | 1496 | 58 |
| &nbsp;&nbsp;&nbsp; 9362849, 5.031%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 4144 | 3854 | 3917 |
| &nbsp;&nbsp;&nbsp; 9362867, 4.718%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 34030 | 31781 | 31980 |
| &nbsp;&nbsp;&nbsp; 9363182, 6.297%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 2779 | 2539 | 2602 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8818** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9363215, 4.717%, 1/21/2027 †§x¶ | Square | 7/23/2025 | $72700 | $67896 | $68448 |
| &nbsp;&nbsp;&nbsp; 9363774, 5.970%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 2599 | 2386 | 2262 |
| &nbsp;&nbsp;&nbsp; 9363796, 5.629%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 24235 | 22349 | 22805 |
| &nbsp;&nbsp;&nbsp; 9364080, 4.717%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 55377 | 51718 | 52222 |
| &nbsp;&nbsp;&nbsp; 9364102747, 19.333%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 1258 | 1308 | 1312 |
| &nbsp;&nbsp;&nbsp; 9364546384, 26.504%, 4/18/2025 †x¥#^ | Stripe | 10/24/2023 | 342 | 355 | 14 |
| &nbsp;&nbsp;&nbsp; 9365251, 6.513%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 7258 | 6612 | 6727 |
| &nbsp;&nbsp;&nbsp; 9365342, 5.158%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 46511 | 43171 | 43730 |
| &nbsp;&nbsp;&nbsp; 9365890, 4.718%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 33803 | 31569 | 31912 |
| &nbsp;&nbsp;&nbsp; 9366247, 6.359%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 3578 | 3266 | 3342 |
| &nbsp;&nbsp;&nbsp; 9366277, 4.720%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 9688 | 9047 | 9136 |
| &nbsp;&nbsp;&nbsp; 9366357, 5.471%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 19238 | 17779 | 18116 |
| &nbsp;&nbsp;&nbsp; 9366528, 4.717%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 3979 | 3716 | 3752 |
| &nbsp;&nbsp;&nbsp; 9366548, 6.352%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 36867 | 33660 | 34743 |
| &nbsp;&nbsp;&nbsp; 9366735818, 18.784%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 709 | 737 | 753 |
| &nbsp;&nbsp;&nbsp; 9366869, 4.717%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 87142 | 81384 | 82267 |
| &nbsp;&nbsp;&nbsp; 9367475, 5.514%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 2951 | 2725 | 2690 |
| &nbsp;&nbsp;&nbsp; 9367513, 4.717%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 53482 | 49948 | 50510 |
| &nbsp;&nbsp;&nbsp; 9367762200, 17.595%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 6324 | 6577 | 6645 |
| &nbsp;&nbsp;&nbsp; 9368051, 5.160%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 7340 | 6815 | 6901 |
| &nbsp;&nbsp;&nbsp; 9368306, 4.719%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 8108 | 7572 | 7653 |
| &nbsp;&nbsp;&nbsp; 9368539, 6.667%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 2073 | 1885 | 1970 |
| &nbsp;&nbsp;&nbsp; 9368597, 6.358%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 4542 | 4148 | 4242 |
| &nbsp;&nbsp;&nbsp; 9368683, 6.667%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 10629 | 9663 | 9882 |
| &nbsp;&nbsp;&nbsp; 9368893005, 20.658%, 3/13/2025 †x¥#^ | Stripe | 9/18/2023 | 988 | 1027 | 40 |
| &nbsp;&nbsp;&nbsp; 9368987, 6.352%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 25029 | 22852 | 23586 |
| &nbsp;&nbsp;&nbsp; 9369454, 4.717%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 33195 | 31001 | 31292 |
| &nbsp;&nbsp;&nbsp; 9369816, 4.721%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 4562 | 4260 | 4306 |
| &nbsp;&nbsp;&nbsp; 9369843, 5.160%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 3910 | 3629 | 3530 |
| &nbsp;&nbsp;&nbsp; 9369871, 4.725%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 2541 | 2372 | 2399 |
| &nbsp;&nbsp;&nbsp; 9369896, 4.717%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 11543 | 10781 | 10671 |
| &nbsp;&nbsp;&nbsp; 9369986, 5.157%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 68499 | 63580 | 64404 |
| &nbsp;&nbsp;&nbsp; 9370603, 5.722%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 10663 | 9820 | 10056 |
| &nbsp;&nbsp;&nbsp; 9370719, 4.717%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 14862 | 13880 | 13968 |
| &nbsp;&nbsp;&nbsp; 9370891, 5.966%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 2698 | 2477 | 2463 |
| &nbsp;&nbsp;&nbsp; 9370921, 6.289%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 20529 | 18759 | 19252 |
| &nbsp;&nbsp;&nbsp; 9371117, 5.722%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 14073 | 12961 | 13210 |
| &nbsp;&nbsp;&nbsp; 9371208, 6.353%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 52006 | 47482 | 44604 |
| &nbsp;&nbsp;&nbsp; 9371263772, 25.844%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 1732 | 1801 | 1848 |
| &nbsp;&nbsp;&nbsp; 9371617, 4.719%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 6689 | 6247 | 6313 |
| &nbsp;&nbsp;&nbsp; 9371694, 5.161%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 3391 | 3148 | 3137 |
| &nbsp;&nbsp;&nbsp; 9371737, 5.157%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 18112 | 16812 | 16959 |
| &nbsp;&nbsp;&nbsp; 9371950, 5.165%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 3450 | 3202 | 3251 |
| &nbsp;&nbsp;&nbsp; 9373456203, 15.444%, 6/08/2023 †x¥#^ | Stripe | 12/13/2021 | 2330 | 2423 | 93 |
| &nbsp;&nbsp;&nbsp; 9374605, 6.666%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 4665 | 4241 | 4359 |
| &nbsp;&nbsp;&nbsp; 9374753, 4.741%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 1322 | 1234 | 1246 |
| &nbsp;&nbsp;&nbsp; 9374766, 4.717%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 29794 | 27825 | 28077 |
| &nbsp;&nbsp;&nbsp; 9375491, 6.662%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 5023 | 4567 | 4701 |
| &nbsp;&nbsp;&nbsp; 9375622, 5.472%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 1855 | 1714 | 1754 |
| &nbsp;&nbsp;&nbsp; 9375665, 4.718%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 37440 | 34966 | 35233 |
| &nbsp;&nbsp;&nbsp; 9376217382, 25.333%, 9/13/2024 †x¥#^ | Stripe | 3/21/2023 | 1346 | 1400 | 54 |
| &nbsp;&nbsp;&nbsp; 9376230, 5.472%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 8125 | 7509 | 7705 |
| &nbsp;&nbsp;&nbsp; 9376355453, 26.533%, 10/28/2025 †x¥# | Stripe | 5/02/2024 | 739 | 768 | 131 |
| &nbsp;&nbsp;&nbsp; 9376367, 4.719%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 8068 | 7535 | 7592 |
| &nbsp;&nbsp;&nbsp; 9376467, 6.666%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 1349 | 1226 | 1264 |
| &nbsp;&nbsp;&nbsp; 9376483, 5.477%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 1913 | 1767 | 1793 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8819** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9376497, 5.724%, 1/24/2027 †§x¶ | Square | 7/28/2025 | $32716 | $30129 | $30585 |
| &nbsp;&nbsp;&nbsp; 9377060, 5.484%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 2538 | 2345 | 2377 |
| &nbsp;&nbsp;&nbsp; 9377121, 4.718%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 58520 | 54653 | 55146 |
| &nbsp;&nbsp;&nbsp; 9377745, 6.512%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 15449 | 14075 | 12721 |
| &nbsp;&nbsp;&nbsp; 9377881, 5.737%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 2317 | 2133 | 2054 |
| &nbsp;&nbsp;&nbsp; 9377895, 4.717%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 13523 | 12630 | 12776 |
| &nbsp;&nbsp;&nbsp; 9378123, 4.719%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 9554 | 8923 | 9007 |
| &nbsp;&nbsp;&nbsp; 9378275, 4.724%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 2366 | 2210 | 2219 |
| &nbsp;&nbsp;&nbsp; 9378296, 4.717%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 7157 | 6684 | 6736 |
| &nbsp;&nbsp;&nbsp; 9378362, 5.975%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 10529 | 9663 | 9723 |
| &nbsp;&nbsp;&nbsp; 9378518, 6.349%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 6605 | 6031 | 6054 |
| &nbsp;&nbsp;&nbsp; 9378617, 4.717%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 56311 | 52590 | 53067 |
| &nbsp;&nbsp;&nbsp; 9378876, 4.724%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 4015 | 3749 | 3713 |
| &nbsp;&nbsp;&nbsp; 9379026, 4.718%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 4314 | 4029 | 4067 |
| &nbsp;&nbsp;&nbsp; 9379115, 4.717%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 36356 | 33953 | 34270 |
| &nbsp;&nbsp;&nbsp; 9379850, 4.711%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 2075 | 1938 | 1956 |
| &nbsp;&nbsp;&nbsp; 9379926, 5.156%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 32648 | 30304 | 30441 |
| &nbsp;&nbsp;&nbsp; 9380422, 4.717%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 3403 | 3178 | 3211 |
| &nbsp;&nbsp;&nbsp; 9380471, 4.719%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 13188 | 12316 | 12367 |
| &nbsp;&nbsp;&nbsp; 9380717, 6.667%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 1507 | 1370 | 1401 |
| &nbsp;&nbsp;&nbsp; 9380759, 6.509%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 16030 | 14604 | 14896 |
| &nbsp;&nbsp;&nbsp; 9380963, 4.715%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 9419 | 8797 | 8886 |
| &nbsp;&nbsp;&nbsp; 9381199, 5.156%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 2115 | 1963 | 1988 |
| &nbsp;&nbsp;&nbsp; 9381210, 6.510%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 20102 | 18314 | 18813 |
| &nbsp;&nbsp;&nbsp; 9381535, 6.670%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 1132 | 1029 | 1032 |
| &nbsp;&nbsp;&nbsp; 9381543, 5.157%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 4272 | 3965 | 4024 |
| &nbsp;&nbsp;&nbsp; 9381575, 5.724%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 39048 | 35960 | 36507 |
| &nbsp;&nbsp;&nbsp; 9385027056, 17.600%, 10/20/2026 †x¥ | Stripe | 4/24/2025 | 7159 | 7445 | 7543 |
| &nbsp;&nbsp;&nbsp; 9386265, 5.975%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 46177 | 42379 | 43791 |
| &nbsp;&nbsp;&nbsp; 9393868838, 21.733%, 9/13/2023 †x¥#^ | Stripe | 1/20/2022 | 80003 | 83203 | 3200 |
| &nbsp;&nbsp;&nbsp; 93e0505f-00d1-434e-8ed8-e7d638114f27, 19.700%, 9/21/2023 †x#^ | Funding Circle | 9/24/2018 | 13063 | 13063 | 3919 |
| &nbsp;&nbsp;&nbsp; 9401027509, 24.000%, 5/03/2023 †x¥#^ | Stripe | 11/05/2021 | 1811 | 1884 | 72 |
| &nbsp;&nbsp;&nbsp; 9403318375, 21.333%, 1/14/2023 †x¥#^ | Stripe | 7/21/2021 | 4 | 4 |  |
| &nbsp;&nbsp;&nbsp; 9403855644, 18.121%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 4357 | 4531 | 4533 |
| &nbsp;&nbsp;&nbsp; 9404168441, 23.463%, 6/30/2023 †x¥#^ | Stripe | 1/04/2022 | 5162 | 5369 | 207 |
| &nbsp;&nbsp;&nbsp; 9404285797, 18.051%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 1300 | 1352 | 1352 |
| &nbsp;&nbsp;&nbsp; 9405015159, 26.133%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 14264 | 14835 | 15333 |
| &nbsp;&nbsp;&nbsp; 9408432, 6.667%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 5852 | 5320 | 5467 |
| &nbsp;&nbsp;&nbsp; 9411979, 6.354%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 3200 | 2922 | 2954 |
| &nbsp;&nbsp;&nbsp; 9412089358, 20.260%, 1/17/2025 †x¥#^ | Stripe | 7/25/2023 | 5801 | 6032 | 232 |
| &nbsp;&nbsp;&nbsp; 9413706234, 20.800%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 4743 | 4932 | 5005 |
| &nbsp;&nbsp;&nbsp; 9413996, 5.736%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 2547 | 2345 | 2389 |
| &nbsp;&nbsp;&nbsp; 9415468, 4.708%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 1859 | 1737 | 1720 |
| &nbsp;&nbsp;&nbsp; 9415967728, 21.067%, 10/08/2024 †x¥#^ | Stripe | 4/13/2023 | 1741 | 1810 | 70 |
| &nbsp;&nbsp;&nbsp; 9416190073, 23.463%, 7/11/2024 †x¥#^ | Stripe | 1/17/2023 | 6780 | 7051 | 271 |
| &nbsp;&nbsp;&nbsp; 9416222, 6.668%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 14998 | 13634 | 13914 |
| &nbsp;&nbsp;&nbsp; 9419258540, 15.066%, 10/28/2025 †x¥ | Stripe | 5/02/2024 | 30875 | 32110 | 32594 |
| &nbsp;&nbsp;&nbsp; 9420049035, 16.533%, 1/31/2026 †x¥ | Stripe | 8/07/2024 | 1130 | 1176 | 1216 |
| &nbsp;&nbsp;&nbsp; 9425598, 6.647%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 821 | 747 | 779 |
| &nbsp;&nbsp;&nbsp; 9426130, 4.717%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 9992 | 9331 | 9418 |
| &nbsp;&nbsp;&nbsp; 94266368, 22.120%, 12/13/2024 †x¥#^ | Stripe | 6/21/2023 | 1487 | 1546 | 59 |
| &nbsp;&nbsp;&nbsp; 9429054994, 20.399%, 7/09/2024 †x¥#^ | Stripe | 1/12/2023 | 17761 | 18471 | 710 |
| &nbsp;&nbsp;&nbsp; 9430252012, 18.131%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 46870 | 48745 | 48826 |
| &nbsp;&nbsp;&nbsp; 9431482840, 26.493%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 667 | 694 | 712 |
| &nbsp;&nbsp;&nbsp; 943287457, 21.725%, 10/21/2025 †x¥# | Stripe | 4/25/2024 | 4092 | 4255 | 164 |
| &nbsp;&nbsp;&nbsp; 9433764176, 20.925%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 7606 | 7910 | 7985 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8820** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9435553220, 21.867%, 10/17/2024 †x¥#^ | Stripe | 4/24/2023 | $3049 | $3171 | $122 |
| &nbsp;&nbsp;&nbsp; 9436443617, 22.129%, 1/31/2025 †x¥#^ | Stripe | 8/08/2023 | 782 | 813 | 31 |
| &nbsp;&nbsp;&nbsp; 9436526978, 14.930%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 10478 | 10897 | 10945 |
| &nbsp;&nbsp;&nbsp; 9443867, 4.719%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 15914 | 14862 | 14975 |
| &nbsp;&nbsp;&nbsp; 9444751241, 26.500%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 1429 | 1486 | 1519 |
| &nbsp;&nbsp;&nbsp; 9445209463, 26.505%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 2927 | 3044 | 3057 |
| &nbsp;&nbsp;&nbsp; 9445834424, 21.857%, 2/23/2024 †x¥#^ | Stripe | 8/30/2022 | 7786 | 8097 | 311 |
| &nbsp;&nbsp;&nbsp; 9446911363, 18.667%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 6284 | 6535 | 6647 |
| &nbsp;&nbsp;&nbsp; 9447836957, 20.130%, 7/03/2024 †x¥#^ | Stripe | 1/06/2023 | 18281 | 19012 | 731 |
| &nbsp;&nbsp;&nbsp; 9448352487, 14.800%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 1543 | 1605 | 1626 |
| &nbsp;&nbsp;&nbsp; 9449906126, 18.933%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 139739 | 145329 | 147118 |
| &nbsp;&nbsp;&nbsp; 945150647, 20.395%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 5477 | 5696 | 5748 |
| &nbsp;&nbsp;&nbsp; 9452850758, 20.000%, 1/07/2025 †x¥#^ | Stripe | 7/13/2023 | 29646 | 30831 | 1186 |
| &nbsp;&nbsp;&nbsp; 9453447070, 21.965%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 563 | 585 | 600 |
| &nbsp;&nbsp;&nbsp; 9453644131, 15.864%, 11/01/2024 †x¥#^ | Stripe | 5/09/2023 | 15017 | 15617 | 601 |
| &nbsp;&nbsp;&nbsp; 9453901, 6.350%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 8378 | 7649 | 7819 |
| &nbsp;&nbsp;&nbsp; 9453986857, 25.333%, 1/31/2024 †x¥#^ | Stripe | 8/08/2022 | 2209 | 2297 | 88 |
| &nbsp;&nbsp;&nbsp; 9455119, 5.157%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 31617 | 29347 | 29597 |
| &nbsp;&nbsp;&nbsp; 9457849925, 15.467%, 8/05/2023 †x¥#^ | Stripe | 2/09/2022 | 32555 | 33857 | 1302 |
| &nbsp;&nbsp;&nbsp; 9458152527, 20.267%, 9/17/2024 †x¥#^ | Stripe | 3/23/2023 | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp; 9458371, 6.502%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 3400 | 3098 | 2827 |
| &nbsp;&nbsp;&nbsp; 9459053, 5.162%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 2449 | 2273 | 2301 |
| &nbsp;&nbsp;&nbsp; 9459299, 4.716%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 12478 | 11653 | 11725 |
| &nbsp;&nbsp;&nbsp; 9459536158, 17.331%, 1/17/2026 †x¥# | Stripe | 7/24/2024 | 16859 | 17533 | 674 |
| &nbsp;&nbsp;&nbsp; 9460717, 6.357%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 3459 | 3157 | 2994 |
| &nbsp;&nbsp;&nbsp; 9461139, 5.157%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 31050 | 28820 | 28958 |
| &nbsp;&nbsp;&nbsp; 9462917820, 20.663%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 9377 | 9752 | 9848 |
| &nbsp;&nbsp;&nbsp; 9465461, 6.342%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 2071 | 1891 | 1899 |
| &nbsp;&nbsp;&nbsp; 9465729377, 22.667%, 12/26/2024 †x¥#^ | Stripe | 7/03/2023 | 2072 | 2155 | 83 |
| &nbsp;&nbsp;&nbsp; 9465771, 4.717%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 23258 | 21721 | 21941 |
| &nbsp;&nbsp;&nbsp; 9468345983, 22.386%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 961 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp; 9468477203, 21.996%, 10/01/2026 †x¥ | Stripe | 4/07/2025 | 9299 | 9671 | 9804 |
| &nbsp;&nbsp;&nbsp; 946903856, 17.600%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 105427 | 109644 | 110385 |
| &nbsp;&nbsp;&nbsp; 9470066, 4.717%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 9725 | 9082 | 9162 |
| &nbsp;&nbsp;&nbsp; 9471072137, 23.056%, 5/17/2024 †x¥#^ | Stripe | 3/04/2022 | 575 | 598 | 23 |
| &nbsp;&nbsp;&nbsp; 9471438, 6.516%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 2495 | 2273 | 2399 |
| &nbsp;&nbsp;&nbsp; 9472200, 5.975%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 23482 | 21551 | 20710 |
| &nbsp;&nbsp;&nbsp; 9472964991, 20.798%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 7903 | 8219 | 8331 |
| &nbsp;&nbsp;&nbsp; 9472e397-34b3-40ce-bb6b-3a41823ad040, 12.690%, 3/09/2022 †x#^ | Funding Circle | 3/13/2017 | 188967 | 188967 | 56690 |
| &nbsp;&nbsp;&nbsp; 9474623, 5.162%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 4169 | 3870 | 3947 |
| &nbsp;&nbsp;&nbsp; 9475453, 4.719%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 4973 | 4645 | 4693 |
| &nbsp;&nbsp;&nbsp; 9475861639, 18.667%, 7/04/2026 †x¥ | Stripe | 1/08/2025 | 14550 | 15132 | 15365 |
| &nbsp;&nbsp;&nbsp; 9476370964, 17.593%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 8437 | 8775 | 8838 |
| &nbsp;&nbsp;&nbsp; 9476601, 5.479%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 4583 | 4235 | 4293 |
| &nbsp;&nbsp;&nbsp; 9477064, 6.661%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 3338 | 3035 | 3187 |
| &nbsp;&nbsp;&nbsp; 9477932, 5.469%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 6795 | 6280 | 6400 |
| &nbsp;&nbsp;&nbsp; 947827323, 20.800%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 316 | 329 | 338 |
| &nbsp;&nbsp;&nbsp; 9479287, 4.717%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 8242 | 7697 | 7770 |
| &nbsp;&nbsp;&nbsp; 9479997532, 22.366%, 3/24/2026 †x¥ | Stripe | 9/26/2024 | 1360 | 1414 | 1444 |
| &nbsp;&nbsp;&nbsp; 947d4683-4f1d-4308-b052-67d20dca2755, 7.950%, 4/06/2022 †x#^ | Funding Circle | 4/09/2018 | 129946 | 129946 | 38984 |
| &nbsp;&nbsp;&nbsp; 9481384, 5.510%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 2640 | 2438 | 2530 |
| &nbsp;&nbsp;&nbsp; 9481570698, 16.129%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 12500 | 13000 | 13100 |
| &nbsp;&nbsp;&nbsp; 9481692, 6.361%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 2389 | 2181 | 2168 |
| &nbsp;&nbsp;&nbsp; 9482134, 5.727%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 4070 | 3748 | 3636 |
| &nbsp;&nbsp;&nbsp; 9482781, 6.352%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 4081 | 3726 | 3745 |
| &nbsp;&nbsp;&nbsp; 9482931382, 25.859%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 2550 | 2652 | 2676 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8821** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 948304093, 16.663%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | $8015 | $8336 | $8429 |
| &nbsp;&nbsp;&nbsp; 9483466, 4.714%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 5602 | 5232 | 5287 |
| &nbsp;&nbsp;&nbsp; 9484389, 4.717%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 6375 | 5954 | 6014 |
| &nbsp;&nbsp;&nbsp; 9485063677, 26.500%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 129 | 135 | 140 |
| &nbsp;&nbsp;&nbsp; 9485450, 6.272%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 1394 | 1274 | 1308 |
| &nbsp;&nbsp;&nbsp; 9485638, 5.161%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 7908 | 7339 | 7431 |
| &nbsp;&nbsp;&nbsp; 9487125, 6.504%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 836 | 762 | 765 |
| &nbsp;&nbsp;&nbsp; 9487245, 4.710%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 1952 | 1823 | 1841 |
| &nbsp;&nbsp;&nbsp; 9487511, 4.717%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 18203 | 17000 | 17161 |
| &nbsp;&nbsp;&nbsp; 9487570493, 26.532%, 10/24/2026 †x¥ | Stripe | 4/30/2025 | 35179 | 36586 | 37284 |
| &nbsp;&nbsp;&nbsp; 9488705626, 26.087%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 1029 | 1070 | 1081 |
| &nbsp;&nbsp;&nbsp; 9491521844, 19.865%, 5/23/2024 †x¥#^ | Stripe | 11/29/2022 | 17975 | 18694 | 719 |
| &nbsp;&nbsp;&nbsp; 949275876, 21.994%, 4/24/2025 †x¥#^ | Stripe | 10/30/2023 | 3351 | 3485 | 134 |
| &nbsp;&nbsp;&nbsp; 9493871468, 21.111%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 15 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; 9494666254, 19.853%, 4/23/2024 †x¥#^ | Stripe | 10/27/2022 | 5975 | 6214 | 239 |
| &nbsp;&nbsp;&nbsp; 9494762916, 20.920%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 5193 | 5400 | 5473 |
| &nbsp;&nbsp;&nbsp; 9495795269, 22.124%, 4/19/2025 †x¥#^ | Stripe | 2/01/2023 | 446 | 464 | 18 |
| &nbsp;&nbsp;&nbsp; 9498803858, 24.000%, 2/14/2023 †x¥#^ | Stripe | 8/19/2021 | 659 | 685 | 26 |
| &nbsp;&nbsp;&nbsp; 9499036956, 26.500%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 465 | 483 | 496 |
| &nbsp;&nbsp;&nbsp; 9509137995, 22.265%, 4/27/2023 †x¥#^ | Stripe | 11/01/2021 | 10860 | 11295 | 434 |
| &nbsp;&nbsp;&nbsp; 9511764, 6.509%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 23828 | 21709 | 22334 |
| &nbsp;&nbsp;&nbsp; 9512195523, 26.132%, 7/10/2026 †x¥# | Stripe | 1/14/2025 | 27267 | 28358 | 4714 |
| &nbsp;&nbsp;&nbsp; 95184859, 21.995%, 9/26/2023 †x¥#^ | Stripe | 3/31/2022 | 11040 | 11482 | 442 |
| &nbsp;&nbsp;&nbsp; 9519299400, 18.877%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 638 | 664 | 676 |
| &nbsp;&nbsp;&nbsp; 9519de58-ff87-4e5f-87d3-d7819ca1c41f, 10.490%, 5/16/2023 †x#^ | Funding Circle | 5/18/2018 | 426998 | 426998 | 128099 |
| &nbsp;&nbsp;&nbsp; 9525194824, 22.267%, 2/04/2023 †x¥#^ | Stripe | 8/11/2021 | 1339 | 1392 | 54 |
| &nbsp;&nbsp;&nbsp; 9527748292, 18.778%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 294 | 305 | 312 |
| &nbsp;&nbsp;&nbsp; 9531719638, 26.513%, 1/02/2025 †x¥#^ | Stripe | 7/10/2023 | 537 | 559 | 22 |
| &nbsp;&nbsp;&nbsp; 9537384678, 20.399%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 58018 | 60339 | 61042 |
| &nbsp;&nbsp;&nbsp; 9538642991, 18.925%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 5699 | 5927 | 228 |
| &nbsp;&nbsp;&nbsp; 9540841195, 26.133%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 2835 | 2948 | 3042 |
| &nbsp;&nbsp;&nbsp; 9543696638, 20.800%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 1328 | 1382 | 1405 |
| &nbsp;&nbsp;&nbsp; 9545693525, 19.184%, 4/25/2023 †x¥#^ | Stripe | 10/28/2021 | 4820 | 5012 | 193 |
| &nbsp;&nbsp;&nbsp; 9546946414, 18.931%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 2794 | 2905 | 2970 |
| &nbsp;&nbsp;&nbsp; 9548670910, 20.522%, 4/22/2023 †x¥#^ | Stripe | 10/27/2021 | 2017 | 2097 | 81 |
| &nbsp;&nbsp;&nbsp; 9551292577, 22.000%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 4496 | 4676 | 4776 |
| &nbsp;&nbsp;&nbsp; 9553572110, 26.129%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 10582 | 11005 | 11209 |
| &nbsp;&nbsp;&nbsp; 9553865497, 16.667%, 10/16/2024 †x¥#^ | Stripe | 4/21/2023 | 4050 | 4212 | 162 |
| &nbsp;&nbsp;&nbsp; 9556906481, 14.400%, 7/28/2023 †x¥#^ | Stripe | 2/01/2022 | 5333 | 5547 | 213 |
| &nbsp;&nbsp;&nbsp; 9558287956, 24.000%, 10/07/2023 †x¥#^ | Stripe | 2/10/2022 | 2113 | 2197 | 85 |
| &nbsp;&nbsp;&nbsp; 9561473797, 18.799%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 7679 | 7986 | 8061 |
| &nbsp;&nbsp;&nbsp; 9562462766, 26.524%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 2628 | 2733 | 2796 |
| &nbsp;&nbsp;&nbsp; 9567131628, 13.598%, 8/24/2024 †x¥#^ | Stripe | 3/01/2023 | 8435 | 8773 | 337 |
| &nbsp;&nbsp;&nbsp; 9571881576, 22.396%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 12149 | 12634 | 12860 |
| &nbsp;&nbsp;&nbsp; 9576296525, 20.646%, 7/10/2024 †x¥#^ | Stripe | 1/13/2023 | 2182 | 2269 | 87 |
| &nbsp;&nbsp;&nbsp; 9583482513, 25.333%, 9/14/2024 †x¥#^ | Stripe | 3/22/2023 | 21747 | 22616 | 870 |
| &nbsp;&nbsp;&nbsp; 9583986, 6.344%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 2518 | 2299 | 2192 |
| &nbsp;&nbsp;&nbsp; 9585285011, 14.399%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 36878 | 38353 | 38717 |
| &nbsp;&nbsp;&nbsp; 9585380, 4.723%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 5063 | 4728 | 4774 |
| &nbsp;&nbsp;&nbsp; 9585499, 6.359%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 1388 | 1267 | 1208 |
| &nbsp;&nbsp;&nbsp; 9585559, 6.353%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 12194 | 11134 | 11434 |
| &nbsp;&nbsp;&nbsp; 9585941, 5.473%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 20096 | 18572 | 18743 |
| &nbsp;&nbsp;&nbsp; 9586196, 4.717%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 73379 | 68530 | 69254 |
| &nbsp;&nbsp;&nbsp; 9586442862, 25.578%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 4231 | 4400 | 4425 |
| &nbsp;&nbsp;&nbsp; 9587102, 4.720%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 10313 | 9631 | 9729 |
| &nbsp;&nbsp;&nbsp; 9587229, 4.717%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 7445 | 6953 | 7020 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8822** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9587312, 4.719%, 1/28/2027 †§x¶ | Square | 7/30/2025 | $10059 | $9394 | $9484 |
| &nbsp;&nbsp;&nbsp; 9587427, 6.349%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 3177 | 2901 | 2967 |
| &nbsp;&nbsp;&nbsp; 9587476, 5.978%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 9563 | 8776 | 8985 |
| &nbsp;&nbsp;&nbsp; 9587566, 5.158%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 13598 | 12622 | 12811 |
| &nbsp;&nbsp;&nbsp; 9588333, 4.717%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 12321 | 11507 | 11609 |
| &nbsp;&nbsp;&nbsp; 9589130, 5.145%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 1787 | 1659 | 1689 |
| &nbsp;&nbsp;&nbsp; 9589201, 6.352%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 9737 | 8890 | 9131 |
| &nbsp;&nbsp;&nbsp; 9591222, 4.717%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 5988 | 5593 | 5654 |
| &nbsp;&nbsp;&nbsp; 9593526, 6.665%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 18962 | 17239 | 17684 |
| &nbsp;&nbsp;&nbsp; 9595384, 6.342%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 3553 | 3244 | 3093 |
| &nbsp;&nbsp;&nbsp; 9595463960, 18.000%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 3300 | 3432 | 3456 |
| &nbsp;&nbsp;&nbsp; 9596548, 6.281%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 1678 | 1533 | 1491 |
| &nbsp;&nbsp;&nbsp; 9596674, 4.717%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 17381 | 16232 | 16398 |
| &nbsp;&nbsp;&nbsp; 9597793826, 18.800%, 10/18/2023 †x¥#^ | Stripe | 8/25/2021 | 4259 | 4430 | 170 |
| &nbsp;&nbsp;&nbsp; 9598541188, 26.530%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 5695 | 5923 | 6081 |
| &nbsp;&nbsp;&nbsp; 9599290610, 16.127%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 5643 | 5869 | 5916 |
| &nbsp;&nbsp;&nbsp; 9600170772, 16.000%, 5/07/2025 †x¥#^ | Stripe | 2/24/2023 | 2757 | 2867 | 110 |
| &nbsp;&nbsp;&nbsp; 9601396, 6.343%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 1882 | 1718 | 1754 |
| &nbsp;&nbsp;&nbsp; 9602105498, 22.333%, 5/30/2026 †x¥# | Stripe | 12/04/2024 | 893 | 929 | 242 |
| &nbsp;&nbsp;&nbsp; 9602417, 6.664%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 6881 | 6255 | 6173 |
| &nbsp;&nbsp;&nbsp; 9602466665, 23.037%, 4/04/2023 †x¥#^ | Stripe | 10/07/2021 | 227 | 236 | 9 |
| &nbsp;&nbsp;&nbsp; 9604313630, 20.400%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 41193 | 42840 | 43223 |
| &nbsp;&nbsp;&nbsp; 9604886, 5.472%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 9299 | 8594 | 8711 |
| &nbsp;&nbsp;&nbsp; 9605031962, 20.485%, 3/07/2024 †x¥#^ | Stripe | 9/12/2022 | 1467 | 1526 | 59 |
| &nbsp;&nbsp;&nbsp; 9606107298, 17.598%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 14963 | 15562 | 15706 |
| &nbsp;&nbsp;&nbsp; 9606573982, 22.667%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 380 | 396 | 406 |
| &nbsp;&nbsp;&nbsp; 9608647, 5.472%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 16574 | 15317 | 15620 |
| &nbsp;&nbsp;&nbsp; 9608827, 4.720%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 11412 | 10657 | 10752 |
| &nbsp;&nbsp;&nbsp; 9608916, 4.724%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 4192 | 3914 | 3959 |
| &nbsp;&nbsp;&nbsp; 9608965, 5.723%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 17243 | 15880 | 16183 |
| &nbsp;&nbsp;&nbsp; 9609084, 5.157%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 58629 | 54420 | 55111 |
| &nbsp;&nbsp;&nbsp; 9609324, 4.716%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 13389 | 12504 | 12541 |
| &nbsp;&nbsp;&nbsp; 9609614, 5.722%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 1598 | 1471 | 1474 |
| &nbsp;&nbsp;&nbsp; 9609659, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 15177 | 14174 | 14201 |
| &nbsp;&nbsp;&nbsp; 9609980, 5.162%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 7798 | 7237 | 7259 |
| &nbsp;&nbsp;&nbsp; 9610091, 4.723%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 5868 | 5479 | 5497 |
| &nbsp;&nbsp;&nbsp; 9610250, 6.665%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 6571 | 5974 | 5952 |
| &nbsp;&nbsp;&nbsp; 9610451, 6.667%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 8058 | 7325 | 7326 |
| &nbsp;&nbsp;&nbsp; 9610576, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 5152 | 4811 | 4825 |
| &nbsp;&nbsp;&nbsp; 9610605853, 19.467%, 1/30/2024 †x¥#^ | Stripe | 8/04/2022 | 22498 | 23398 | 900 |
| &nbsp;&nbsp;&nbsp; 9610643, 4.719%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 17700 | 16530 | 16580 |
| &nbsp;&nbsp;&nbsp; 9610778, 5.157%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 1905 | 1768 | 1770 |
| &nbsp;&nbsp;&nbsp; 9610798, 6.653%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 1422 | 1293 | 1267 |
| &nbsp;&nbsp;&nbsp; 9610819, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 4019 | 3753 | 3762 |
| &nbsp;&nbsp;&nbsp; 9610866, 6.340%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 1022 | 933 | 923 |
| &nbsp;&nbsp;&nbsp; 9610886, 5.157%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 4721 | 4382 | 4393 |
| &nbsp;&nbsp;&nbsp; 9610936, 6.536%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 992 | 903 | 901 |
| &nbsp;&nbsp;&nbsp; 9610971, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 42916 | 40080 | 40164 |
| &nbsp;&nbsp;&nbsp; 9611436, 6.661%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 2474 | 2249 | 2256 |
| &nbsp;&nbsp;&nbsp; 9611447, 5.723%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 20795 | 19151 | 19167 |
| &nbsp;&nbsp;&nbsp; 9611711, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 9180 | 8573 | 8596 |
| &nbsp;&nbsp;&nbsp; 9611784, 6.353%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 47225 | 43116 | 43087 |
| &nbsp;&nbsp;&nbsp; 9612158, 6.346%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 2472 | 2257 | 2265 |
| &nbsp;&nbsp;&nbsp; 9612178, 4.719%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 20373 | 19026 | 19082 |
| &nbsp;&nbsp;&nbsp; 9612429, 6.663%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 971 | 883 | 882 |
| &nbsp;&nbsp;&nbsp; 9612437, 5.161%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 3138 | 2912 | 2899 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8823** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9612472, 4.762%, 1/29/2027 †§x¶ | Square | 7/31/2025 | $754 | $704 | $706 |
| &nbsp;&nbsp;&nbsp; 9612477, 5.157%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 22873 | 21231 | 21267 |
| &nbsp;&nbsp;&nbsp; 9612694, 5.157%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 2791 | 2591 | 2600 |
| &nbsp;&nbsp;&nbsp; 9612723, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 32437 | 30294 | 30375 |
| &nbsp;&nbsp;&nbsp; 9612990, 5.156%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 6923 | 6426 | 6443 |
| &nbsp;&nbsp;&nbsp; 9613113, 5.975%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 10372 | 9519 | 9523 |
| &nbsp;&nbsp;&nbsp; 9613177, 6.645%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 1022 | 929 | 929 |
| &nbsp;&nbsp;&nbsp; 9613199, 5.464%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 2393 | 2212 | 2217 |
| &nbsp;&nbsp;&nbsp; 9613236, 6.359%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 2736 | 2498 | 2496 |
| &nbsp;&nbsp;&nbsp; 9613258, 6.651%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 1425 | 1296 | 1289 |
| &nbsp;&nbsp;&nbsp; 9613270, 5.472%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 49756 | 45981 | 46064 |
| &nbsp;&nbsp;&nbsp; 9614949, 4.717%, 1/30/2027 †x¶ | Square | 8/01/2025 | 125144 | 116874 | 117201 |
| &nbsp;&nbsp;&nbsp; 9616497, 5.157%, 1/30/2027 †§x¶ | Square | 8/01/2025 | 103620 | 96179 | 96358 |
| &nbsp;&nbsp;&nbsp; 9616661375, 26.489%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 863 | 897 | 911 |
| &nbsp;&nbsp;&nbsp; 9617449912, 21.463%, 12/02/2023 †x¥#^ | Stripe | 6/08/2022 | 21777 | 22649 | 871 |
| &nbsp;&nbsp;&nbsp; 9617755095, 18.872%, 11/21/2023 †x¥#^ | Stripe | 5/26/2022 | 849 | 883 | 34 |
| &nbsp;&nbsp;&nbsp; 961876658, 19.858%, 11/15/2024 †x¥#^ | Stripe | 5/23/2023 | 2189 | 2277 | 88 |
| &nbsp;&nbsp;&nbsp; 9620071328, 15.064%, 11/07/2023 †x¥#^ | Stripe | 5/12/2022 | 4819 | 5012 | 193 |
| &nbsp;&nbsp;&nbsp; 9622528, 4.717%, 1/31/2027 †§x¶ | Square | 8/04/2025 | 110254 | 102968 | 103237 |
| &nbsp;&nbsp;&nbsp; 96225395-e81c-4c27-a4cb-41f2c2f5621e, 18.950%, 10/25/2022 †x#^ | Funding Circle | 10/29/2018 | 56038 | 56038 | 16811 |
| &nbsp;&nbsp;&nbsp; 9624941, 4.717%, 1/31/2027 †§x¶ | Square | 8/04/2025 | 109418 | 102188 | 102426 |
| &nbsp;&nbsp;&nbsp; 9625346522, 18.667%, 4/11/2026 †x¥# | Stripe | 2/16/2024 | 599 | 623 | 24 |
| &nbsp;&nbsp;&nbsp; 9625525951, 26.519%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 1795 | 1867 | 1867 |
| &nbsp;&nbsp;&nbsp; 9627977117, 20.121%, 5/08/2024 †x¥#^ | Stripe | 11/14/2022 | 2047 | 2129 | 82 |
| &nbsp;&nbsp;&nbsp; 9628850, 5.346%, 2/01/2027 †x¶ | Square | 8/05/2025 | 121631 | 112602 | 112649 |
| &nbsp;&nbsp;&nbsp; 9631075815, 25.590%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 2058 | 2140 | 2159 |
| &nbsp;&nbsp;&nbsp; 9631856215, 22.394%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 7761 | 8072 | 8188 |
| &nbsp;&nbsp;&nbsp; 9632286721, 21.067%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | 1182 | 1230 | 47 |
| &nbsp;&nbsp;&nbsp; 9633646, 4.717%, 2/04/2027 †x¶ | Square | 8/06/2025 | 143976 | 134462 | 134746 |
| &nbsp;&nbsp;&nbsp; 9635083105, 19.858%, 5/16/2024 †x¥#^ | Stripe | 11/21/2022 | 7770 | 8081 | 311 |
| &nbsp;&nbsp;&nbsp; 9635446, 5.157%, 2/04/2027 †x¶ | Square | 8/06/2025 | 122717 | 113905 | 114050 |
| &nbsp;&nbsp;&nbsp; 9639868, 4.717%, 2/05/2027 †x¶ | Square | 8/07/2025 | 144724 | 135160 | 135440 |
| &nbsp;&nbsp;&nbsp; 9641075, 4.717%, 2/05/2027 †x¶ | Square | 8/07/2025 | 148580 | 138762 | 139077 |
| &nbsp;&nbsp;&nbsp; 9641157230, 26.526%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 2598 | 2702 | 2728 |
| &nbsp;&nbsp;&nbsp; 9641289464, 20.394%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 8393 | 8729 | 8789 |
| &nbsp;&nbsp;&nbsp; 9644059, 4.717%, 2/06/2027 †x¶ | Square | 8/08/2025 | 114742 | 107159 | 107387 |
| &nbsp;&nbsp;&nbsp; 964448699, 19.733%, 10/03/2024 †x¥#^ | Stripe | 4/10/2023 | 48471 | 50410 | 1939 |
| &nbsp;&nbsp;&nbsp; 9644929473, 24.400%, 10/02/2024 †x¥#^ | Stripe | 4/07/2023 | 1273 | 1324 | 51 |
| &nbsp;&nbsp;&nbsp; 9645506, 5.157%, 2/06/2027 †x¶ | Square | 8/08/2025 | 128899 | 119644 | 119859 |
| &nbsp;&nbsp;&nbsp; 9648197318, 22.400%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 984 | 1023 | 1043 |
| &nbsp;&nbsp;&nbsp; 9649482945, 16.000%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 1553 | 1615 | 1638 |
| &nbsp;&nbsp;&nbsp; 964984706, 13.067%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 9122 | 9487 | 9596 |
| &nbsp;&nbsp;&nbsp; 9650184, 4.717%, 2/07/2027 †x¶ | Square | 8/11/2025 | 127549 | 119120 | 119307 |
| &nbsp;&nbsp;&nbsp; 9651387656, 26.495%, 8/26/2026 †x¥# | Stripe | 2/28/2025 | 1582 | 1645 | 631 |
| &nbsp;&nbsp;&nbsp; 9651532, 5.157%, 2/07/2027 †x¶ | Square | 8/11/2025 | 124525 | 115584 | 115697 |
| &nbsp;&nbsp;&nbsp; 9651797518, 22.392%, 3/05/2026 †x¥ | Stripe | 9/09/2024 | 638 | 663 | 684 |
| &nbsp;&nbsp;&nbsp; 9652485228, 19.843%, 5/20/2025 †x¥#^ | Stripe | 3/22/2023 | 433 | 450 | 17 |
| &nbsp;&nbsp;&nbsp; 9654185, 5.157%, 2/08/2027 †x¶ | Square | 8/12/2025 | 110454 | 102523 | 102626 |
| &nbsp;&nbsp;&nbsp; 96544354, 25.333%, 6/08/2024 †x¥#^ | Stripe | 12/14/2022 | 16416 | 17073 | 657 |
| &nbsp;&nbsp;&nbsp; 9655309373, 21.997%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 2950 | 3068 | 3171 |
| &nbsp;&nbsp;&nbsp; 9656336676, 25.599%, 11/26/2025 †x¥ | Stripe | 5/31/2024 | 14907 | 15503 | 16156 |
| &nbsp;&nbsp;&nbsp; 9658247907, 26.493%, 1/13/2026 †x¥# | Stripe | 7/18/2024 | 1649 | 1715 | 66 |
| &nbsp;&nbsp;&nbsp; 9660074230, 17.864%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 30352 | 31566 | 31827 |
| &nbsp;&nbsp;&nbsp; 9661958, 4.717%, 2/11/2027 †x¶ | Square | 8/13/2025 | 113794 | 106274 | 106426 |
| &nbsp;&nbsp;&nbsp; 9662881, 6.667%, 2/11/2027 †x¶ | Square | 8/13/2025 | 125285 | 113896 | 114015 |
| &nbsp;&nbsp;&nbsp; 9663732534, 26.521%, 1/14/2027 †x¥ | Stripe | 7/21/2025 | 4624 | 4809 | 4830 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8824** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9665166778, 24.000%, 5/24/2023 †x¥#^ | Stripe | 11/29/2021 | $2775 | $2886 | $111 |
| &nbsp;&nbsp;&nbsp; 9666385, 4.717%, 2/12/2027 †x¶ | Square | 8/14/2025 | 149585 | 139700 | 139905 |
| &nbsp;&nbsp;&nbsp; 9667013860, 22.396%, 3/12/2026 †x¥ | Stripe | 9/16/2024 | 6650 | 6916 | 7087 |
| &nbsp;&nbsp;&nbsp; 96680077, 26.489%, 11/18/2025 †x¥# | Stripe | 5/23/2024 | 168 | 174 | 30 |
| &nbsp;&nbsp;&nbsp; 9668310336, 17.600%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 6963 | 7241 | 7326 |
| &nbsp;&nbsp;&nbsp; 9670137, 6.667%, 2/13/2027 †x¶ | Square | 8/15/2025 | 216109 | 196462 | 196321 |
| &nbsp;&nbsp;&nbsp; 9670736431, 26.462%, 12/30/2026 †x¥ | Stripe | 7/07/2025 | 872 | 906 | 915 |
| &nbsp;&nbsp;&nbsp; 9671826, 4.717%, 2/13/2027 †x¶ | Square | 8/15/2025 | 161787 | 151096 | 151327 |
| &nbsp;&nbsp;&nbsp; 9672053331, 16.132%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 16548 | 17210 | 17380 |
| &nbsp;&nbsp;&nbsp; 9672233948, 22.261%, 3/05/2026 †x¥# | Stripe | 1/05/2024 | 1931 | 2008 | 336 |
| &nbsp;&nbsp;&nbsp; 9672444186, 20.762%, 12/04/2026 †x¥ | Stripe | 6/10/2025 | 1457 | 1516 | 1532 |
| &nbsp;&nbsp;&nbsp; 9672681734, 22.400%, 6/20/2026 †x¥ | Stripe | 12/26/2024 | 490 | 510 | 525 |
| &nbsp;&nbsp;&nbsp; 9674201317, 26.462%, 12/30/2026 †x¥ | Stripe | 7/07/2025 | 1105 | 1149 | 1156 |
| &nbsp;&nbsp;&nbsp; 967436203, 24.000%, 2/14/2023 †x¥#^ | Stripe | 8/19/2021 | 146 | 152 | 6 |
| &nbsp;&nbsp;&nbsp; 9676609, 4.717%, 2/14/2027 †x¶ | Square | 8/18/2025 | 269002 | 251227 | 251418 |
| &nbsp;&nbsp;&nbsp; 9677213420, 14.667%, 8/05/2025 †x¥#^ | Stripe | 2/08/2024 | 8052 | 8374 | 322 |
| &nbsp;&nbsp;&nbsp; 9679847886, 18.800%, 1/17/2024 †x¥#^ | Stripe | 7/22/2022 | 17030 | 17712 | 681 |
| &nbsp;&nbsp;&nbsp; 9680498114, 14.400%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 16353 | 17007 | 17313 |
| &nbsp;&nbsp;&nbsp; 9680560929, 20.000%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 14840 | 15434 | 15774 |
| &nbsp;&nbsp;&nbsp; 9681765, 4.717%, 2/15/2027 †x¶ | Square | 8/19/2025 | 130036 | 121444 | 121535 |
| &nbsp;&nbsp;&nbsp; 9682253214, 20.000%, 5/02/2026 †x¥# | Stripe | 11/06/2024 | 22972 | 23891 | 3864 |
| &nbsp;&nbsp;&nbsp; 9682987, 5.472%, 2/15/2027 †x¶ | Square | 8/19/2025 | 186462 | 172319 | 172394 |
| &nbsp;&nbsp;&nbsp; 9685002233, 20.667%, 12/19/2025 †x¥ | Stripe | 6/25/2024 | 7797 | 8109 | 8357 |
| &nbsp;&nbsp;&nbsp; 9687990, 5.157%, 2/18/2027 †x¶ | Square | 8/20/2025 | 207914 | 192985 | 193089 |
| &nbsp;&nbsp;&nbsp; 9689786832, 20.667%, 12/01/2024 †x¥#^ | Stripe | 4/07/2023 | 1487 | 1546 | 59 |
| &nbsp;&nbsp;&nbsp; 9693613, 4.717%, 2/19/2027 †x¶ | Square | 8/21/2025 | 177811 | 166061 | 166149 |
| &nbsp;&nbsp;&nbsp; 9695083, 4.717%, 2/19/2027 †x¶ | Square | 8/21/2025 | 124671 | 116433 | 116539 |
| &nbsp;&nbsp;&nbsp; 9696400289, 25.858%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 5152 | 5358 | 5468 |
| &nbsp;&nbsp;&nbsp; 9697616346, 25.867%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 1715 | 1784 | 1000 |
| &nbsp;&nbsp;&nbsp; 9697878068, 22.800%, 4/28/2023 †x¥#^ | Stripe | 11/02/2021 | 820 | 852 | 33 |
| &nbsp;&nbsp;&nbsp; 9698047116, 26.521%, 3/12/2026 †x¥# | Stripe | 9/16/2024 | 7557 | 7859 | 302 |
| &nbsp;&nbsp;&nbsp; 9698223, 4.717%, 2/20/2027 †x¶ | Square | 8/22/2025 | 167501 | 156432 | 156498 |
| &nbsp;&nbsp;&nbsp; 96c463f0-1697-43ae-a07f-b2ba483f8579, 15.420%, 1/17/2023 †x#^ | Funding Circle | 1/19/2018 | 13042 | 13042 | 3913 |
| &nbsp;&nbsp;&nbsp; 9701683482, 25.333%, 5/03/2024 †x¥#^ | Stripe | 11/08/2022 | 522 | 542 | 21 |
| &nbsp;&nbsp;&nbsp; 9702207981, 20.000%, 7/25/2026 †x¥ | Stripe | 1/29/2025 | 6861 | 7135 | 7299 |
| &nbsp;&nbsp;&nbsp; 9704594, 4.717%, 2/21/2027 †x¶ | Square | 8/25/2025 | 155608 | 145326 | 145358 |
| &nbsp;&nbsp;&nbsp; 9707867921, 26.533%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 505 | 525 | 534 |
| &nbsp;&nbsp;&nbsp; 9707956197, 14.000%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 17302 | 17994 | 18096 |
| &nbsp;&nbsp;&nbsp; 9709809, 4.717%, 2/22/2027 †x¶ | Square | 8/26/2025 | 159955 | 149385 | 149398 |
| &nbsp;&nbsp;&nbsp; 9711815354, 24.000%, 7/25/2023 †x¥#^ | Stripe | 1/27/2022 | 8288 | 8620 | 332 |
| &nbsp;&nbsp;&nbsp; 9712512445, 13.465%, 12/19/2025 †x¥ | Stripe | 6/25/2024 | 6063 | 6305 | 3410 |
| &nbsp;&nbsp;&nbsp; 9713593423, 26.527%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 3261 | 3391 | 3478 |
| &nbsp;&nbsp;&nbsp; 9715035168, 18.790%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 3973 | 4132 | 4176 |
| &nbsp;&nbsp;&nbsp; 9715842, 4.717%, 2/25/2027 †x¶ | Square | 8/27/2025 | 152773 | 142678 | 142682 |
| &nbsp;&nbsp;&nbsp; 9717272678, 25.589%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 3770 | 3920 | 3950 |
| &nbsp;&nbsp;&nbsp; 9717962, 4.717%, 2/25/2027 †x¶ | Square | 8/27/2025 | 123380 | 115227 | 115230 |
| &nbsp;&nbsp;&nbsp; 9719315574, 19.059%, 7/10/2024 †x¥#^ | Stripe | 1/13/2023 | 2283 | 2374 | 91 |
| &nbsp;&nbsp;&nbsp; 9719545434, 24.000%, 9/28/2023 †x¥#^ | Stripe | 4/04/2022 | 13906 | 14462 | 556 |
| &nbsp;&nbsp;&nbsp; 9721179, 4.717%, 2/26/2027 †x¶ | Square | 8/28/2025 | 263088 | 245703 | 245683 |
| &nbsp;&nbsp;&nbsp; 9722775564, 21.999%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 39242 | 40811 | 41384 |
| &nbsp;&nbsp;&nbsp; 9722941463, 19.333%, 10/17/2026 †x¥ | Stripe | 4/23/2025 | 89254 | 92825 | 93740 |
| &nbsp;&nbsp;&nbsp; 9723958601, 18.929%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 5724 | 5953 | 6089 |
| &nbsp;&nbsp;&nbsp; 9724330043, 17.864%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 5905 | 6141 | 6269 |
| &nbsp;&nbsp;&nbsp; 9724334, 4.717%, 2/27/2027 †x¶ | Square | 8/29/2025 | 180753 | 168808 | 168808 |
| &nbsp;&nbsp;&nbsp; 972622529, 25.600%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 3895 | 4051 | 4086 |
| &nbsp;&nbsp;&nbsp; 9726248620, 19.333%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 4706 | 4894 | 5003 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8825** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9727980971, 17.597%, 7/16/2025 †x¥#^ | Stripe | 1/19/2024 | $3824 | $3977 | $153 |
| &nbsp;&nbsp;&nbsp; 9730638230, 24.000%, 8/11/2023 †x¥#^ | Stripe | 2/15/2022 | 13333 | 13867 | 533 |
| &nbsp;&nbsp;&nbsp; 9730701306, 22.508%, 2/21/2026 †x¥# | Stripe | 8/28/2024 | 2003 | 2083 | 547 |
| &nbsp;&nbsp;&nbsp; 9731034262, 22.797%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 3628 | 3773 | 145 |
| &nbsp;&nbsp;&nbsp; 9735551988, 18.783%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 3745 | 3894 | 3945 |
| &nbsp;&nbsp;&nbsp; 9737135547, 24.000%, 3/21/2023 †x¥#^ | Stripe | 9/23/2021 | 636 | 661 | 25 |
| &nbsp;&nbsp;&nbsp; 9738922789, 19.328%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 10310 | 10723 | 10793 |
| &nbsp;&nbsp;&nbsp; 973922189, 22.400%, 7/25/2025 †x¥#^ | Stripe | 1/30/2024 | 8642 | 8955 | 346 |
| &nbsp;&nbsp;&nbsp; 9740493634, 20.792%, 7/05/2023 †x¥#^ | Stripe | 1/07/2022 | 5703 | 5931 | 228 |
| &nbsp;&nbsp;&nbsp; 9740500153, 19.183%, 3/24/2026 †x¥ | Stripe | 9/26/2024 | 55 | 57 | 60 |
| &nbsp;&nbsp;&nbsp; 9741021389, 24.000%, 5/23/2023 †x¥#^ | Stripe | 11/26/2021 | 3851 | 4004 | 154 |
| &nbsp;&nbsp;&nbsp; 9746454418, 26.519%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 4085 | 4248 | 4263 |
| &nbsp;&nbsp;&nbsp; 9749803214, 19.198%, 3/22/2025 †x¥#^ | Stripe | 7/27/2023 | 6049 | 6291 | 242 |
| &nbsp;&nbsp;&nbsp; 9750549724, 19.333%, 12/16/2025 †x¥# | Stripe | 6/21/2024 | 27021 | 28102 | 1081 |
| &nbsp;&nbsp;&nbsp; 975220206, 19.464%, 5/31/2024 †x¥#^ | Stripe | 12/06/2022 | 5594 | 5818 | 224 |
| &nbsp;&nbsp;&nbsp; 9754147035, 22.393%, 3/24/2026 †x¥# | Stripe | 9/26/2024 | 2247 | 2337 | 385 |
| &nbsp;&nbsp;&nbsp; 9754215564, 25.333%, 7/27/2024 †x¥#^ | Stripe | 2/01/2023 | 3034 | 3155 | 121 |
| &nbsp;&nbsp;&nbsp; 9755515900, 21.200%, 7/26/2026 †x¥# | Stripe | 5/29/2024 | 3077 | 3200 | 123 |
| &nbsp;&nbsp;&nbsp; 9761492313, 14.800%, 12/10/2024 †x¥#^ | Stripe | 6/15/2023 | 188720 | 196269 | 7549 |
| &nbsp;&nbsp;&nbsp; 9762847363, 14.800%, 7/01/2026 †x¥ | Stripe | 1/06/2025 | 6621 | 6886 | 6962 |
| &nbsp;&nbsp;&nbsp; 9764116501, 18.667%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 3033 | 3154 | 3187 |
| &nbsp;&nbsp;&nbsp; 9764345851, 14.928%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 5257 | 5467 | 5521 |
| &nbsp;&nbsp;&nbsp; 9765737266, 19.322%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 5422 | 5639 | 3075 |
| &nbsp;&nbsp;&nbsp; 9766377189, 18.667%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 534 | 556 | 584 |
| &nbsp;&nbsp;&nbsp; 9768211965, 26.444%, 3/04/2026 †x¥# | Stripe | 9/06/2024 | 206 | 214 | 83 |
| &nbsp;&nbsp;&nbsp; 9776488557, 21.985%, 7/30/2026 †x¥ | Stripe | 2/03/2025 | 553 | 575 | 591 |
| &nbsp;&nbsp;&nbsp; 977736795, 19.324%, 4/23/2025 †x¥#^ | Stripe | 2/16/2023 | 169 | 176 | 7 |
| &nbsp;&nbsp;&nbsp; 9777797395, 26.532%, 3/12/2026 †x¥# | Stripe | 9/16/2024 | 22752 | 23662 | 4036 |
| &nbsp;&nbsp;&nbsp; 9779365877, 16.125%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 2388 | 2483 | 2518 |
| &nbsp;&nbsp;&nbsp; 9781586714, 12.000%, 9/27/2023 †x¥#^ | Stripe | 2/02/2022 | 128310 | 133442 | 5132 |
| &nbsp;&nbsp;&nbsp; 9781986641, 20.527%, 4/10/2024 †x¥#^ | Stripe | 10/14/2022 | 2850 | 2964 | 114 |
| &nbsp;&nbsp;&nbsp; 9795337011, 14.926%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 1946 | 2023 | 2050 |
| &nbsp;&nbsp;&nbsp; 9797633978, 18.800%, 8/02/2023 †x¥#^ | Stripe | 2/04/2022 | 13419 | 13956 | 537 |
| &nbsp;&nbsp;&nbsp; 9799066028, 26.510%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 1176 | 1223 | 1237 |
| &nbsp;&nbsp;&nbsp; 97f333a2-fddd-4cf7-bfd4-9eb1af3bf331, 27.790%, 9/13/2020 †x#^ | Funding Circle | 12/16/2016 | 80916 | 80916 | 24275 |
| &nbsp;&nbsp;&nbsp; 9806020205, 20.667%, 5/23/2024 †x¥#^ | Stripe | 11/29/2022 | 944 | 982 | 38 |
| &nbsp;&nbsp;&nbsp; 9806508309, 22.267%, 2/20/2024 †x¥#^ | Stripe | 8/25/2022 | 68930 | 71687 | 2757 |
| &nbsp;&nbsp;&nbsp; 9807758532, 22.667%, 12/13/2022 †x¥#^ | Stripe | 6/17/2021 | 1065 | 1107 | 43 |
| &nbsp;&nbsp;&nbsp; 981111492, 19.333%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 34567 | 35949 | 36301 |
| &nbsp;&nbsp;&nbsp; 9811471481, 17.997%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 25345 | 26359 | 26367 |
| &nbsp;&nbsp;&nbsp; 9812412766, 26.533%, 1/22/2025 †x¥#^ | Stripe | 7/28/2023 | 1929 | 2006 | 77 |
| &nbsp;&nbsp;&nbsp; 9816787927, 26.508%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 2914 | 3031 | 3062 |
| &nbsp;&nbsp;&nbsp; 9821361897, 18.792%, 4/15/2023 †x¥#^ | Stripe | 10/20/2021 | 1349 | 1403 | 54 |
| &nbsp;&nbsp;&nbsp; 9822931337, 26.533%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 1555 | 1618 | 1638 |
| &nbsp;&nbsp;&nbsp; 9824530936, 26.061%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 162 | 169 | 175 |
| &nbsp;&nbsp;&nbsp; 9825565239, 22.400%, 7/09/2025 †x¥#^ | Stripe | 1/12/2024 | 232 | 241 | 9 |
| &nbsp;&nbsp;&nbsp; 9826726221, 26.133%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 47443 | 49341 | 51053 |
| &nbsp;&nbsp;&nbsp; 9827139625, 22.396%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 3956 | 4115 | 4222 |
| &nbsp;&nbsp;&nbsp; 9828537280, 24.769%, 1/15/2026 †x¥ | Stripe | 7/22/2024 | 672 | 699 | 723 |
| &nbsp;&nbsp;&nbsp; 9828909318, 24.667%, 11/21/2025 †x¥# | Stripe | 5/29/2024 | 496 | 516 | 85 |
| &nbsp;&nbsp;&nbsp; 9831052925, 22.000%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 72493 | 75393 | 76739 |
| &nbsp;&nbsp;&nbsp; 9832502315, 20.400%, 1/15/2027 †x¥ | Stripe | 7/22/2025 | 3439 | 3576 | 3589 |
| &nbsp;&nbsp;&nbsp; 9834bf4b-3788-4075-9bce-ee9f639f1246, 11.890%, 11/21/2020 †x#^ | Funding Circle | 12/16/2016 | 66164 | 66164 | 19849 |
| &nbsp;&nbsp;&nbsp; 9835761196, 22.366%, 4/03/2026 †x¥ | Stripe | 10/08/2024 | 1333 | 1387 | 1416 |
| &nbsp;&nbsp;&nbsp; 9836343829, 13.999%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 51207 | 53256 | 53823 |
| &nbsp;&nbsp;&nbsp; 9841172135, 22.400%, 5/13/2026 †x¥ | Stripe | 11/15/2024 | 1903 | 1979 | 2033 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8826** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9841532500, 26.529%, 10/21/2026 †x¥# | Stripe | 8/19/2024 | $8516 | $8856 | $9013 |
| &nbsp;&nbsp;&nbsp; 9843153046, 17.198%, 3/14/2023 †x¥#^ | Stripe | 9/16/2021 | 58 | 60 | 2 |
| &nbsp;&nbsp;&nbsp; 9843698174, 25.733%, 1/28/2025 †x¥#^ | Stripe | 8/03/2023 | 140 | 145 | 6 |
| &nbsp;&nbsp;&nbsp; 9847941727, 26.523%, 4/04/2026 †x¥# | Stripe | 8/08/2024 | 4321 | 4494 | 1217 |
| &nbsp;&nbsp;&nbsp; 9851537290, 26.132%, 4/08/2026 †x¥# | Stripe | 10/11/2024 | 52494 | 54593 | 2100 |
| &nbsp;&nbsp;&nbsp; 9852566242, 26.529%, 7/15/2026 †x¥# | Stripe | 1/17/2025 | 6937 | 7214 | 1231 |
| &nbsp;&nbsp;&nbsp; 985496926, 20.131%, 12/03/2024 †x¥#^ | Stripe | 6/08/2023 | 7109 | 7394 | 284 |
| &nbsp;&nbsp;&nbsp; 9855137772, 24.665%, 12/30/2024 †x¥#^ | Stripe | 5/08/2023 | 27664 | 28771 | 1107 |
| &nbsp;&nbsp;&nbsp; 9855579257, 26.528%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 4264 | 4434 | 4509 |
| &nbsp;&nbsp;&nbsp; 9855608492, 26.524%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 4346 | 4519 | 4559 |
| &nbsp;&nbsp;&nbsp; 985562477, 18.667%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 45454 | 47272 | 47984 |
| &nbsp;&nbsp;&nbsp; 9859659800, 20.267%, 10/24/2025 †x¥# | Stripe | 4/30/2024 | 7153 | 7439 | 286 |
| &nbsp;&nbsp;&nbsp; 9862778212, 14.933%, 10/07/2026 †x¥ | Stripe | 4/11/2025 | 5979 | 6218 | 6264 |
| &nbsp;&nbsp;&nbsp; 986309907, 26.519%, 4/02/2025 †x¥#^ | Stripe | 10/06/2023 | 3216 | 3345 | 129 |
| &nbsp;&nbsp;&nbsp; 9863476369, 26.525%, 7/16/2026 †x¥# | Stripe | 1/21/2025 | 8177 | 8504 | 1418 |
| &nbsp;&nbsp;&nbsp; 9866856455, 25.587%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 1931 | 2009 | 2013 |
| &nbsp;&nbsp;&nbsp; 9867285359, 26.521%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2431 | 2528 | 2580 |
| &nbsp;&nbsp;&nbsp; 9867405815, 22.394%, 3/27/2026 †x¥ | Stripe | 10/01/2024 | 1159 | 1205 | 1238 |
| &nbsp;&nbsp;&nbsp; 9870505841, 18.267%, 10/17/2026 †x¥# | Stripe | 6/11/2024 | 138001 | 143522 | 5520 |
| &nbsp;&nbsp;&nbsp; 9875119255, 25.594%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 4081 | 4244 | 4265 |
| &nbsp;&nbsp;&nbsp; 9875562499, 20.533%, 5/14/2024 †x¥#^ | Stripe | 11/17/2022 | 5894 | 6130 | 236 |
| &nbsp;&nbsp;&nbsp; 9876816792, 17.595%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 105 | 109 | 113 |
| &nbsp;&nbsp;&nbsp; 987692732, 18.264%, 4/04/2023 †x¥#^ | Stripe | 10/07/2021 | 12824 | 13337 | 513 |
| &nbsp;&nbsp;&nbsp; 9877306126, 19.594%, 11/05/2025 †x¥# | Stripe | 5/10/2024 | 6559 | 6822 | 262 |
| &nbsp;&nbsp;&nbsp; 9878352291, 26.476%, 1/30/2026 †x¥ | Stripe | 8/06/2024 | 349 | 363 | 375 |
| &nbsp;&nbsp;&nbsp; 9879353623, 26.533%, 4/16/2026 †x¥ | Stripe | 10/21/2024 | 6635 | 6901 | 7137 |
| &nbsp;&nbsp;&nbsp; 9879891254, 22.387%, 7/03/2026 †x¥# | Stripe | 1/07/2025 | 4114 | 4279 | 1599 |
| &nbsp;&nbsp;&nbsp; 9881770804, 13.067%, 6/27/2026 †x¥ | Stripe | 1/02/2025 | 2781 | 2892 | 2934 |
| &nbsp;&nbsp;&nbsp; 98821722, 12.800%, 2/13/2024 †x¥#^ | Stripe | 8/18/2022 | 501 | 521 | 20 |
| &nbsp;&nbsp;&nbsp; 9886849911, 20.516%, 8/21/2025 †x¥^ | Stripe | 2/26/2024 | 222 | 231 | 131 |
| &nbsp;&nbsp;&nbsp; 9887940005, 21.980%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 1694 | 1762 | 1793 |
| &nbsp;&nbsp;&nbsp; 9889792401, 26.519%, 11/11/2025 †x¥# | Stripe | 5/16/2024 | 369 | 384 | 149 |
| &nbsp;&nbsp;&nbsp; 989315883, 25.333%, 9/04/2025 †x¥# | Stripe | 3/11/2024 | 35050 | 36452 | 1402 |
| &nbsp;&nbsp;&nbsp; 9893459357, 14.928%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 2827 | 2940 | 2954 |
| &nbsp;&nbsp;&nbsp; 9896977898, 14.532%, 12/06/2023 †x¥#^ | Stripe | 10/28/2021 | 29472 | 30650 | 1179 |
| &nbsp;&nbsp;&nbsp; 9898694360, 14.400%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 5908 | 6144 | 6250 |
| &nbsp;&nbsp;&nbsp; 9899543891, 26.531%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 31852 | 33126 | 33165 |
| &nbsp;&nbsp;&nbsp; 9901584077, 26.533%, 8/04/2026 †x¥# | Stripe | 2/06/2025 | 8522 | 8863 | 2375 |
| &nbsp;&nbsp;&nbsp; 9901909838, 26.122%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 4733 | 4923 | 4994 |
| &nbsp;&nbsp;&nbsp; 9904176325, 16.133%, 4/04/2026 †x¥ | Stripe | 10/09/2024 | 89541 | 93123 | 94204 |
| &nbsp;&nbsp;&nbsp; 9911708338, 26.523%, 5/28/2025 †x¥#^ | Stripe | 12/01/2023 | 3253 | 3383 | 130 |
| &nbsp;&nbsp;&nbsp; 9919981890, 20.239%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 506 | 526 | 20 |
| &nbsp;&nbsp;&nbsp; 9921370884, 21.056%, 2/17/2026 †x¥ | Stripe | 8/22/2024 | 2664 | 2771 | 2836 |
| &nbsp;&nbsp;&nbsp; 9921404665, 13.066%, 6/18/2026 †x¥ | Stripe | 12/23/2024 | 24252 | 25222 | 25603 |
| &nbsp;&nbsp;&nbsp; 9925751847, 26.533%, 4/01/2025 †x¥#^ | Stripe | 8/08/2023 | 11914 | 12390 | 477 |
| &nbsp;&nbsp;&nbsp; 9926402961, 13.594%, 9/28/2024 †x¥#^ | Stripe | 4/05/2023 | 10146 | 10552 | 406 |
| &nbsp;&nbsp;&nbsp; 9928270938, 17.596%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 425 | 442 | 454 |
| &nbsp;&nbsp;&nbsp; 9928767974, 13.067%, 5/02/2026 †x¥ | Stripe | 11/06/2024 | 2221 | 2309 | 2349 |
| &nbsp;&nbsp;&nbsp; 9929361366, 20.800%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 2578 | 2681 | 2695 |
| &nbsp;&nbsp;&nbsp; 9929950772, 24.396%, 3/27/2026 †x¥# | Stripe | 1/18/2024 | 6926 | 7203 | 277 |
| &nbsp;&nbsp;&nbsp; 9930224154, 25.569%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 1570 | 1633 | 1636 |
| &nbsp;&nbsp;&nbsp; 9934733283, 15.861%, 5/19/2023 †x¥#^ | Stripe | 11/23/2021 | 2990 | 3110 | 120 |
| &nbsp;&nbsp;&nbsp; 9936879692, 20.000%, 10/08/2026 †x¥ | Stripe | 4/14/2025 | 4186 | 4354 | 4398 |
| &nbsp;&nbsp;&nbsp; 9938615319, 22.111%, 3/16/2023 †x¥#^ | Stripe | 9/20/2021 | 2988 | 3107 | 120 |
| &nbsp;&nbsp;&nbsp; 9939227344, 19.062%, 8/13/2024 †x¥#^ | Stripe | 2/16/2023 | 4624 | 4809 | 185 |
| &nbsp;&nbsp;&nbsp; 9941371740, 26.519%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 1600 | 1664 | 1671 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8827** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 9941479152, 25.333%, 6/12/2024 †x¥#^ | Stripe | 12/16/2022 | $18044 | $18766 | $722 |
| &nbsp;&nbsp;&nbsp; 9943689431, 24.000%, 12/27/2022 †x¥#^ | Stripe | 7/01/2021 | 1214 | 1262 | 49 |
| &nbsp;&nbsp;&nbsp; 994394492, 20.526%, 10/01/2023 †x¥#^ | Stripe | 12/08/2021 | 2137 | 2214 | 85 |
| &nbsp;&nbsp;&nbsp; 9945019151, 18.667%, 10/09/2026 †x¥ | Stripe | 4/15/2025 | 18660 | 19406 | 19665 |
| &nbsp;&nbsp;&nbsp; 9947320474, 16.267%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 82708 | 86016 | 86107 |
| &nbsp;&nbsp;&nbsp; 9947712901, 17.583%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 2823 | 2936 | 2971 |
| &nbsp;&nbsp;&nbsp; 9949912541, 24.000%, 12/21/2022 †x¥#^ | Stripe | 6/25/2021 | 2327 | 2420 | 93 |
| &nbsp;&nbsp;&nbsp; 9951708989, 14.933%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 4924 | 5121 | 5168 |
| &nbsp;&nbsp;&nbsp; 995171232, 23.167%, 11/02/2023 †x¥#^ | Stripe | 5/09/2022 | 1083 | 1126 | 43 |
| &nbsp;&nbsp;&nbsp; 9951842103, 24.000%, 5/06/2023 †x¥#^ | Stripe | 11/10/2021 | 3181 | 3308 | 127 |
| &nbsp;&nbsp;&nbsp; 995809756, 26.521%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 1125 | 1170 | 1195 |
| &nbsp;&nbsp;&nbsp; 9960842962, 20.364%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 892 | 927 | 933 |
| &nbsp;&nbsp;&nbsp; 9960965964, 19.332%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 46304 | 48156 | 26326 |
| &nbsp;&nbsp;&nbsp; 9961918501, 17.600%, 4/28/2026 †x¥ | Stripe | 10/31/2024 | 10054 | 10456 | 10610 |
| &nbsp;&nbsp;&nbsp; 9963422948, 24.000%, 4/04/2024 †x¥#^ | Stripe | 1/26/2022 | 3193 | 3321 | 128 |
| &nbsp;&nbsp;&nbsp; 9963726549, 18.792%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 2129 | 2214 | 2235 |
| &nbsp;&nbsp;&nbsp; 996539677, 21.173%, 6/17/2026 †x¥ | Stripe | 12/20/2024 | 2798 | 2910 | 1648 |
| &nbsp;&nbsp;&nbsp; 9968006688, 19.733%, 5/17/2024 †x¥#^ | Stripe | 11/22/2022 | 2777 | 2888 | 111 |
| &nbsp;&nbsp;&nbsp; 9968954495, 26.522%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 8300 | 8632 | 8632 |
| &nbsp;&nbsp;&nbsp; 9970356310, 19.062%, 2/17/2024 †x¥#^ | Stripe | 8/24/2022 | 4255 | 4425 | 170 |
| &nbsp;&nbsp;&nbsp; 9971754727, 22.385%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 5522 | 5743 | 5792 |
| &nbsp;&nbsp;&nbsp; 9972701327, 24.000%, 10/19/2023 †x¥#^ | Stripe | 4/25/2022 | 6776 | 7047 | 271 |
| &nbsp;&nbsp;&nbsp; 997499232, 18.800%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 22113 | 22997 | 23295 |
| &nbsp;&nbsp;&nbsp; 9975228079, 18.133%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 11806 | 12278 | 12355 |
| &nbsp;&nbsp;&nbsp; 9976202834, 26.533%, 11/26/2025 †x¥# | Stripe | 5/31/2024 | 7581 | 7885 | 303 |
| &nbsp;&nbsp;&nbsp; 9979072047, 14.267%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 30147 | 31353 | 31888 |
| &nbsp;&nbsp;&nbsp; 9980777122, 25.867%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 789 | 821 | 842 |
| &nbsp;&nbsp;&nbsp; 9985583226, 26.444%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 224 | 232 | 240 |
| &nbsp;&nbsp;&nbsp; 9985767692, 14.799%, 8/05/2026 †x¥ | Stripe | 2/07/2025 | 1069 | 1112 | 1141 |
| &nbsp;&nbsp;&nbsp; 9986323245, 17.600%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 3651 | 3797 | 3819 |
| &nbsp;&nbsp;&nbsp; 9988554164, 26.533%, 2/12/2026 †x¥# | Stripe | 8/19/2024 | 849 | 883 | 34 |
| &nbsp;&nbsp;&nbsp; 9989227690, 20.000%, 12/18/2024 †x¥#^ | Stripe | 6/23/2023 | 49332 | 51305 | 1973 |
| &nbsp;&nbsp;&nbsp; 9989290822, 22.261%, 10/23/2025 †x¥# | Stripe | 4/29/2024 | 2646 | 2752 | 106 |
| &nbsp;&nbsp;&nbsp; 9991793800, 19.043%, 11/21/2023 †x¥#^ | Stripe | 5/26/2022 | 3666 | 3812 | 147 |
| &nbsp;&nbsp;&nbsp; 9994561482, 20.370%, 11/27/2026 †x¥ | Stripe | 6/03/2025 | 899 | 935 | 948 |
| &nbsp;&nbsp;&nbsp; 9994707013, 17.600%, 11/12/2024 †x¥#^ | Stripe | 5/18/2023 | 9835 | 10229 | 393 |
| &nbsp;&nbsp;&nbsp; 9996931332, 22.000%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 1581 | 1645 | 1671 |
| &nbsp;&nbsp;&nbsp; 9997112696, 14.130%, 4/04/2023 †x¥#^ | Stripe | 10/07/2021 | 3056 | 3178 | 122 |
| &nbsp;&nbsp;&nbsp; 9997147359, 17.867%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 5559 | 5781 | 5817 |
| &nbsp;&nbsp;&nbsp; 9d206e52-5ba0-44dd-ae6f-2959f62228c7, 19.290%, 8/04/2020 †x#^ | Funding Circle | 8/07/2017 | 14941 | 14941 | 4482 |
| &nbsp;&nbsp;&nbsp; a0988c26-1be0-4728-9be1-3ef637dc2fa0, 10.490%, 4/10/2023 †x#^ | Funding Circle | 10/12/2017 | 1606 | 1606 | 482 |
| &nbsp;&nbsp;&nbsp; a1e9d578-20b4-4eb4-a22b-0dcbb1455a60, 26.990%, 4/20/2023 †x#^ | Funding Circle | 4/23/2018 | 23610 | 23897 | 7083 |
| &nbsp;&nbsp;&nbsp; a4f04254-339e-4fbc-914b-e2d6bf1c099a, 10.490%, 11/27/2022 †x#^ | Funding Circle | 11/29/2017 | 84111 | 84111 | 25233 |
| &nbsp;&nbsp;&nbsp; a74c1a7f-bdb4-4dfd-a8c4-d3414b9a05dd, 14.090%, 11/30/2019 †x#^ | Funding Circle | 12/16/2016 | 7483 | 7483 | 2245 |
| &nbsp;&nbsp;&nbsp; acc44f37-0eb4-46b7-80b3-4636955005ec, 15.420%, 5/21/2023 †x#^ | Funding Circle | 5/23/2018 | 4494 | 4494 | 1348 |
| &nbsp;&nbsp;&nbsp; ae4f9468-b648-4131-a808-a029588bd7df, 14.670%, 12/08/2021 †x#^ | Funding Circle | 12/11/2017 | 96298 | 96298 | 28889 |
| &nbsp;&nbsp;&nbsp; b13b5ba7-715d-4f9e-a2bd-bb2643ff7f7d, 19.700%, 5/30/2024 †x#^ | Funding Circle | 12/03/2018 | 25599 | 25599 | 7680 |
| &nbsp;&nbsp;&nbsp; b143e19a-852e-443c-9693-374a3cbb61d0, 15.090%, 8/08/2020 †x#^ | Funding Circle | 12/16/2016 | 36359 | 36359 | 10908 |
| &nbsp;&nbsp;&nbsp; b213fe33-9fd5-4e2a-9bbc-9dffd1e03759, 26.990%, 2/01/2023 †x#^ | Funding Circle | 2/05/2018 | 65687 | 65687 | 19706 |
| &nbsp;&nbsp;&nbsp; b644e9df-d4b6-4484-8c95-06024af66be0, 18.900%, 1/16/2023 †x#^ | Funding Circle | 1/18/2018 | 34879 | 34879 | 10464 |
| &nbsp;&nbsp;&nbsp; b6c4309e-5567-4d77-a179-56c0604bc285, 10.490%, 5/15/2023 †x#^ | Funding Circle | 5/17/2018 | 53417 | 53417 | 16025 |
| &nbsp;&nbsp;&nbsp; b769b984-4192-4e83-b830-3bee8c6c898d, 15.420%, 2/01/2023 †x#^ | Funding Circle | 2/05/2018 | 91650 | 91650 | 27495 |
| &nbsp;&nbsp;&nbsp; b8efefb2-4095-457e-ac6b-dc1d98f615b1, 18.900%, 12/19/2022 †x#^ | Funding Circle | 12/21/2017 | 181407 | 181407 | 54422 |
| &nbsp;&nbsp;&nbsp; bd3c52e3-b3c2-49d3-bef4-00f4df312e7b, 15.420%, 8/02/2023 †x#^ | Funding Circle | 8/06/2018 | 99236 | 99236 | 29771 |
| &nbsp;&nbsp;&nbsp; be313f56-7c02-475a-b791-0c5bf221b774, 14.090%, 7/07/2019 †x#^ | Funding Circle | 12/16/2016 | 5568 | 5568 | 1670 |
| &nbsp;&nbsp;&nbsp; c26b17e1-1d2f-4dc5-94d9-488ace473d1c, 25.490%, 6/13/2021 †x#^ | Funding Circle | 6/15/2018 | 17935 | 17935 | 5381 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8828** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; c52f6865-9d26-4d56-b9cf-ccdec1cf888b, 10.190%, 1/23/2022 †x#^ | Funding Circle | 1/25/2018 | $34049 | $34049 | $10215 |
| &nbsp;&nbsp;&nbsp; c58e5e05-ba9b-4877-9c37-9fa452226144, 18.900%, 2/02/2023 †x#^ | Funding Circle | 2/05/2018 | 78627 | 78627 | 23588 |
| &nbsp;&nbsp;&nbsp; c9d185eb-0db3-41f8-865d-474cc0830aca, 14.090%, 2/13/2020 †x#^ | Funding Circle | 2/15/2017 | 9078 | 9078 | 2723 |
| &nbsp;&nbsp;&nbsp; cbe5a736-2695-4bd8-87a0-c266ca6be49a, 15.070%, 4/30/2023 †x#^ | Funding Circle | 11/01/2018 | 78066 | 78066 | 23420 |
| &nbsp;&nbsp;&nbsp; ccb344db-d5d2-42c4-aac5-db3475da666c, 18.900%, 1/22/2023 †x#^ | Funding Circle | 1/24/2018 | 23606 | 23606 | 7082 |
| &nbsp;&nbsp;&nbsp; cf6ea7b0-c3fa-418a-b518-8dfa1aa06104, 15.070%, 1/10/2023 †x#^ | Funding Circle | 1/14/2019 | 55316 | 55316 | 16595 |
| &nbsp;&nbsp;&nbsp; d2d31307-5cb5-4b32-ae8b-b361da17a23d, 25.490%, 1/12/2021 †x#^ | Funding Circle | 1/16/2018 | 20058 | 20058 | 6017 |
| &nbsp;&nbsp;&nbsp; d5d3d609-5114-44fd-bd01-a6c6af517214, 8.250%, 6/18/2023 †x#^ | Funding Circle | 6/20/2018 | 8820 | 8820 | 2646 |
| &nbsp;&nbsp;&nbsp; d60c5a33-c008-4c4b-ae82-68b33c2fcb27, 10.490%, 10/26/2023 †x#^ | Funding Circle | 4/30/2018 | 75276 | 75276 | 22583 |
| &nbsp;&nbsp;&nbsp; d6518c73-32f0-4f07-bbac-8d5821926000, 16.090%, 11/23/2021 †x#^ | Funding Circle | 12/16/2016 | 142020 | 142020 | 42606 |
| &nbsp;&nbsp;&nbsp; d754b42e-5da0-461a-bdf5-add05ec921b7, 10.490%, 11/09/2023 †x#^ | Funding Circle | 5/11/2018 | 75651 | 75651 | 22695 |
| &nbsp;&nbsp;&nbsp; d7b00abe-188a-429d-badc-da29c7a7c325, 26.990%, 11/16/2022 †x#^ | Funding Circle | 11/20/2017 | 16566 | 16824 | 4970 |
| &nbsp;&nbsp;&nbsp; d911f957-d239-412e-8ee5-7a1c9c2eaac8, 8.250%, 2/10/2024 †x#^ | Funding Circle | 8/13/2018 | 11481 | 11481 | 3444 |
| &nbsp;&nbsp;&nbsp; dfc11db4-7ed9-43c9-b0c0-c78a2b93aaf7, 10.490%, 5/01/2023 †x#^ | Funding Circle | 5/03/2018 | 75092 | 75092 | 22528 |
| &nbsp;&nbsp;&nbsp; e23ed96d-705c-48f2-87cb-20788d5dca2f, 10.490%, 2/29/2024 †x#^ | Funding Circle | 9/04/2018 | 20696 | 20696 | 6209 |
| &nbsp;&nbsp;&nbsp; e4caca49-39ce-4800-aa59-b316b7dec7c7, 17.400%, 4/30/2021 †x#^ | Funding Circle | 5/02/2018 | 33955 | 33955 | 10187 |
| &nbsp;&nbsp;&nbsp; e81b736c-491e-4d33-ada7-b4bec411411e, 26.990%, 1/25/2023 †x#^ | Funding Circle | 1/29/2018 | 31323 | 31323 | 9397 |
| &nbsp;&nbsp;&nbsp; e8871178-930c-4dd0-8648-4867e6d8954d, 8.250%, 4/17/2023 †x#^ | Funding Circle | 4/19/2018 | 305924 | 305924 | 91777 |
| &nbsp;&nbsp;&nbsp; e9f2254e-add2-42b2-9269-83680212ef40, 10.490%, 11/03/2022 †x#^ | Funding Circle | 11/06/2017 | 19700 | 19700 | 5910 |
| &nbsp;&nbsp;&nbsp; ea4bf6bf-6dd6-40ab-a219-93c66ddec22a, 26.990%, 8/07/2023 †x#^ | Funding Circle | 8/09/2018 | 16430 | 16430 | 4929 |
| &nbsp;&nbsp;&nbsp; eca22e5f-4e89-4bee-bf0c-d7e9b17a8cf7, 20.290%, 2/02/2021 †x#^ | Funding Circle | 2/06/2017 | 19360 | 19360 | 5808 |
| &nbsp;&nbsp;&nbsp; ef4708c7-e4b9-4ec4-ad62-f35c9273af29, 11.890%, 8/15/2021 †x#^ | Funding Circle | 8/17/2017 | 51753 | 51753 | 15526 |
| &nbsp;&nbsp;&nbsp; f11f2a01-47f3-4d78-a6af-27321d4835da, 15.070%, 9/25/2022 †x#^ | Funding Circle | 9/27/2018 | 289662 | 289662 | 86899 |
| &nbsp;&nbsp;&nbsp; f64bc428-5a87-45e7-bbb1-c43fa20e9826, 26.790%, 1/30/2020 †x#^ | Funding Circle | 2/02/2017 | 10954 | 10954 | 3286 |
| &nbsp;&nbsp;&nbsp; fab80007-fbaf-4f74-96de-70f3784a59d7, 18.900%, 11/17/2022 †x#^ | Funding Circle | 11/20/2017 | 99538 | 99538 | 29861 |
| &nbsp;&nbsp;&nbsp; fd03fdee-5ffc-4f52-aed9-083317c635ad, 14.320%, 9/17/2021 †x#^ | Funding Circle | 9/19/2018 | 5208 | 5208 | 1562 |
| &nbsp;&nbsp;&nbsp; fef3f77f-df7c-4d3d-b651-5576b933e493, 9.790%, 7/18/2021 †x#^ | Funding Circle | 7/20/2017 | 174529 | 174529 | 52359 |
| &nbsp;&nbsp;&nbsp; LAI-00000408, 8.380%, 10/15/2025 †x#◊ | ApplePie | 9/27/2018 | 28880 | 28871 | 28858 |
| &nbsp;&nbsp;&nbsp; LAI-00000547, 8.180%, 12/15/2025 †x#◊ | ApplePie | 11/29/2018 | 208563 | 208563 | 208487 |
| &nbsp;&nbsp;&nbsp; LAI-00000594, 8.290%, 9/15/2025 †x#◊ | ApplePie | 9/13/2018 | 102587 | 101305 | 102547 |
| &nbsp;&nbsp;&nbsp; LAI-00000596, 7.130%, 2/15/2026 †x#◊ | ApplePie | 2/08/2019 | 101866 | 101866 | 101802 |
| &nbsp;&nbsp;&nbsp; LAI-00000630, 7.820%, 10/15/2025 †x#◊ | ApplePie | 10/04/2018 | 193127 | 193065 | 193029 |
| &nbsp;&nbsp;&nbsp; LAI-00000636, 8.220%, 12/15/2025 †x#◊ | ApplePie | 12/06/2018 | 256106 | 256106 | 256011 |
| &nbsp;&nbsp;&nbsp; LAI-00000665, 7.360%, 4/15/2026 †x#◊ | ApplePie | 4/04/2019 | 111467 | 111467 | 111391 |
| &nbsp;&nbsp;&nbsp; LAI-00000713, 7.360%, 4/15/2026 †x# | ApplePie | 4/04/2019 | 187229 | 187229 | 49296 |
| &nbsp;&nbsp;&nbsp; LAI-00000862, 7.430%, 1/15/2026 †x#◊ | ApplePie | 1/10/2019 | 41086 | 41086 | 41054 |
| &nbsp;&nbsp;&nbsp; LAI-00000864, 7.950%, 4/15/2026 †x#◊ | ApplePie | 4/04/2019 | 94802 | 94870 | 94962 |
| &nbsp;&nbsp;&nbsp; LAI-00000915, 7.840%, 2/15/2026 †x#◊ | ApplePie | 2/28/2019 | 54314 | 54379 | 54394 |
| &nbsp;&nbsp;&nbsp; LAI-00000931, 10.270%, 3/15/2026 †x#◊ | ApplePie | 3/21/2019 | 213626 | 213626 | 213557 |
| &nbsp;&nbsp;&nbsp; LAI-00001217, 7.800%, 3/15/2026 †x# | ApplePie | 3/07/2019 | 295665 | 295665 | 295517 |
| &nbsp;&nbsp;&nbsp; LAI-00001275, 10.400%, 4/15/2026 †x#◊ | ApplePie | 4/11/2019 | 201955 | 202411 | 202984 |
| &nbsp;&nbsp;&nbsp; LAI-00001507, 8.400%, 4/15/2026 †x#◊ | ApplePie | 4/11/2019 | 169328 | 169727 | 170127 |
| &nbsp;&nbsp;&nbsp; LAI-00001527, 8.210%, 3/15/2026 †x#◊ | ApplePie | 3/14/2019 | 79099 | 79212 | 79259 |
| &nbsp;&nbsp;&nbsp; LAI-00001905, 7.170%, 9/15/2026 †x#◊ | ApplePie | 8/29/2019 | 164294 | 164294 | 164219 |
| &nbsp;&nbsp;&nbsp; LAI-00001961, 8.130%, 7/15/2026 †x# | ApplePie | 7/18/2019 | 153263 | 153263 | 153220 |
| &nbsp;&nbsp;&nbsp; LAI-00001987, 9.780%, 3/15/2030 †x# | ApplePie | 3/12/2020 | 784625 | 784625 | 783999 |
| &nbsp;&nbsp;&nbsp; LAI-00001996, 7.030%, 4/15/2026 †x#◊ | ApplePie | 4/04/2019 | 105920 | 105920 | 105853 |
| &nbsp;&nbsp;&nbsp; LAI-00002034, 7.800%, 5/15/2026 †x#◊ | ApplePie | 5/23/2019 | 304514 | 304514 | 304378 |
| &nbsp;&nbsp;&nbsp; LAI-00002066, 7.360%, 4/15/2026 †x#◊ | ApplePie | 4/04/2019 | 139006 | 139006 | 138924 |
| &nbsp;&nbsp;&nbsp; LAI-00002124, 7.360%, 4/15/2026 †x#◊ | ApplePie | 4/04/2019 | 66135 | 66135 | 66275 |
| &nbsp;&nbsp;&nbsp; LAI-00002131, 8.870%, 6/15/2026 †x#◊ | ApplePie | 5/30/2019 | 204374 | 204374 | 204281 |
| &nbsp;&nbsp;&nbsp; LAI-00002146, 7.420%, 11/15/2026 †x#◊ | ApplePie | 11/14/2019 | 803325 | 803325 | 802903 |
| &nbsp;&nbsp;&nbsp; LAI-00002202, 6.840%, 9/15/2026 †x#◊ | ApplePie | 9/19/2019 | 190223 | 190223 | 190141 |
| &nbsp;&nbsp;&nbsp; LAI-00002308, 7.950%, 8/15/2029 †x#◊ | ApplePie | 8/22/2019 | 148654 | 148654 | 148567 |
| &nbsp;&nbsp;&nbsp; LAI-00002318, 7.500%, 9/15/2026 †x◊ | ApplePie | 9/05/2019 | 391233 | 391233 | 391086 |
| &nbsp;&nbsp;&nbsp; LAI-00002330, 9.630%, 3/15/2027 †x#◊ | ApplePie | 3/12/2020 | 306082 | 306082 | 305920 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8829** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 5.53% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00002362, 7.870%, 7/15/2026 †x#◊ | ApplePie | 6/27/2019 | $300028 | $300028 | $299873 |
| &nbsp;&nbsp;&nbsp; LAI-00002386, 9.050%, 4/15/2027 †x◊ | ApplePie | 4/02/2020 | 188029 | 188029 | 187959 |
| &nbsp;&nbsp;&nbsp; LAI-00002504, 8.600%, 5/15/2028 †x | ApplePie | 5/18/2021 | 558820 | 558820 | 558545 |
| &nbsp;&nbsp;&nbsp; LAI-00002522, 6.830%, 5/15/2026 †x#◊ | ApplePie | 5/23/2019 | 16695 | 16695 | 16686 |
| &nbsp;&nbsp;&nbsp; LAI-00002579, 7.780%, 5/15/2030 †x◊ | ApplePie | 5/07/2020 | 478760 | 480894 | 482280 |
| &nbsp;&nbsp;&nbsp; LAI-00002662, 6.950%, 9/15/2026 †x#◊ | ApplePie | 9/19/2019 | 147143 | 147143 | 147065 |
| &nbsp;&nbsp;&nbsp; LAI-00002883, 7.540%, 1/15/2027 †x# | ApplePie | 1/09/2020 | 876230 | 876230 | 875794 |
| &nbsp;&nbsp;&nbsp; LAI-00002924, 7.040%, 9/15/2026 †x#◊ | ApplePie | 9/12/2019 | 197594 | 197594 | 197505 |
| &nbsp;&nbsp;&nbsp; LAI-00002995, 7.950%, 4/15/2027 †x# | ApplePie | 4/02/2020 | 283668 | 283668 | 28367 |
| &nbsp;&nbsp;&nbsp; LAI-00003077, 8.600%, 10/15/2030 †x◊ | ApplePie | 10/08/2020 | 313441 | 313441 | 313257 |
| &nbsp;&nbsp;&nbsp; LAI-00003170, 6.000%, 11/15/2026 †x# | ApplePie | 11/21/2019 | 191125 | 191125 | 191052 |
| &nbsp;&nbsp;&nbsp; LAI-00003467, 7.360%, 3/15/2030 †x#◊ | ApplePie | 3/12/2020 | 117013 | 117013 | 116926 |
| &nbsp;&nbsp;&nbsp; LAI-00003575, 8.100%, 3/15/2027 †x#◊ | ApplePie | 3/05/2020 | 366472 | 366472 | 366291 |
| &nbsp;&nbsp;&nbsp; LAI-00003590, 8.600%, 1/15/2028 †x | ApplePie | 12/23/2020 | 427380 | 427380 | 427184 |
| &nbsp;&nbsp;&nbsp; LAI-00003747, 9.050%, 6/15/2027 †x# | ApplePie | 6/04/2020 | 277932 | 277932 | 27793 |
| &nbsp;&nbsp;&nbsp; LAI-00003926, 7.150%, 4/15/2027 †x◊ | ApplePie | 4/09/2020 | 191676 | 191676 | 191605 |
| &nbsp;&nbsp;&nbsp; LAI-00003936, 7.780%, 3/15/2030 †x◊ | ApplePie | 3/26/2020 | 189523 | 189523 | 189436 |
| &nbsp;&nbsp;&nbsp; LAI-00004106, 8.600%, 7/15/2028 †x | ApplePie | 6/23/2021 | 642672 | 642672 | 642352 |
| &nbsp;&nbsp;&nbsp; LAI-00004274, 8.960%, 3/15/2027 †x | ApplePie | 3/19/2020 | 131037 | 131037 | 130983 |
| &nbsp;&nbsp;&nbsp; LAI-00004397, 8.600%, 8/15/2028 †x | ApplePie | 8/03/2021 | 666920 | 666920 | 666579 |
| &nbsp;&nbsp;&nbsp; LAI-00011886, 7.600%, 5/15/2028 †x | ApplePie | 4/20/2021 | 271849 | 271849 | 271733 |
| &nbsp;&nbsp;&nbsp; LAI-00011898, 7.600%, 7/15/2028 †x◊ | ApplePie | 7/15/2021 | 238671 | 238671 | 238568 |
| &nbsp;&nbsp;&nbsp; LAI-00012274, 7.900%, 6/15/2028 †x | ApplePie | 6/03/2021 | 699229 | 699229 | 698916 |
| &nbsp;&nbsp;&nbsp; LAI-00012345, 12.600%, 5/15/2028 †x# | ApplePie | 4/27/2021 | 713769 | 713769 | 71377 |
| &nbsp;&nbsp;&nbsp; LAI-00012384, 7.600%, 5/15/2028 †x | ApplePie | 4/27/2021 | 310390 | 310390 | 310258 |
| &nbsp;&nbsp;&nbsp; LAI-00012454, 8.600%, 4/15/2028 †x◊ | ApplePie | 4/14/2021 | 533883 | 533883 | 533624 |
| &nbsp;&nbsp;&nbsp; LAI-00012578, 8.600%, 6/15/2028 †x | ApplePie | 6/02/2021 | 812280 | 812280 | 811880 |
| &nbsp;&nbsp;&nbsp; LAI-00012717, 8.600%, 6/15/2028 †x◊ | ApplePie | 6/07/2021 | 615214 | 615214 | 614907 |
| &nbsp;&nbsp;&nbsp; LAI-00013152, 6.900%, 3/15/2028 †x#◊ | ApplePie | 3/12/2021 | 529838 | 529838 | 529637 |
| &nbsp;&nbsp;&nbsp; LAI-00013232, 7.600%, 5/15/2028 †x◊ | ApplePie | 5/03/2021 | 415486 | 415486 | 415309 |
| &nbsp;&nbsp;&nbsp; LAI-00013300, 7.900%, 6/15/2028 †x◊ | ApplePie | 6/15/2021 | 202585 | 202585 | 202494 |
| &nbsp;&nbsp;&nbsp; LAI-00013469, 6.900%, 7/15/2028 †x◊ | ApplePie | 6/29/2021 | 336136 | 336136 | 336005 |
| &nbsp;&nbsp;&nbsp; LAI-00013704, 16.600%, 6/15/2028 †x# | ApplePie | 6/15/2021 | 1055255 | 1055255 | 105525 |
| &nbsp;&nbsp;&nbsp; LAI-00013909, 6.900%, 7/15/2028 †x◊ | ApplePie | 6/29/2021 | 315968 | 315968 | 315844 |
| **Total Small Business Loans** |  |  |  | **143205315** | **90891862** |
|  |  |  |  | **156030845** | **94786844** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8830** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **Student Loans - 0.07%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 0.07%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; L1027854, 24.540%, 3/26/2026 †x◊ | Upstart | 3/31/2021 | $1898 | $1898 | $1898 |
| &nbsp;&nbsp;&nbsp; L1094774, 25.000%, 4/27/2026 †x◊ | Upstart | 4/30/2021 | 652 | 652 | 652 |
| &nbsp;&nbsp;&nbsp; L1120246, 15.750%, 10/01/2026 †x#◊ | Upstart | 5/04/2021 | 4381 | 4381 | 4348 |
| &nbsp;&nbsp;&nbsp; L1139494, 16.460%, 5/06/2026 †§x | Upstart | 5/11/2021 | 541 | 541 | 538 |
| &nbsp;&nbsp;&nbsp; L1347506, 10.020%, 7/01/2026 †x◊ | Upstart | 7/02/2021 | 1314 | 1314 | 1300 |
| &nbsp;&nbsp;&nbsp; L1349949, 19.610%, 7/01/2026 †x◊ | Upstart | 7/06/2021 | 999 | 999 | 987 |
| &nbsp;&nbsp;&nbsp; L1351300, 16.460%, 7/01/2026 †x◊ | Upstart | 7/06/2021 | 4330 | 4330 | 4300 |
| &nbsp;&nbsp;&nbsp; L1353225, 15.360%, 7/01/2026 †x◊ | Upstart | 7/06/2021 | 2460 | 2460 | 2443 |
| &nbsp;&nbsp;&nbsp; L1361200, 22.640%, 7/02/2026 †§x | Upstart | 7/08/2021 | 328 | 328 | 324 |
| &nbsp;&nbsp;&nbsp; L1363662, 14.720%, 5/07/2027 †x# | Upstart | 7/12/2021 | 5258 | 5258 | 5230 |
| &nbsp;&nbsp;&nbsp; L1366409, 25.110%, 7/13/2026 †§x | Upstart | 7/09/2021 | 2612 | 2612 | 2588 |
| &nbsp;&nbsp;&nbsp; L1366567, 25.780%, 12/06/2026 †x# | Upstart | 7/09/2021 | 3309 | 3309 | 3277 |
| &nbsp;&nbsp;&nbsp; L1369037, 21.820%, 12/06/2026 †x | Upstart | 7/09/2021 | 2789 | 2789 | 2760 |
| &nbsp;&nbsp;&nbsp; L1370965, 14.430%, 7/06/2026 †§x | Upstart | 7/09/2021 | 1099 | 1099 | 1089 |
| &nbsp;&nbsp;&nbsp; L1371819, 25.360%, 7/06/2026 †§x# | Upstart | 7/09/2021 | 460 | 460 | 456 |
| &nbsp;&nbsp;&nbsp; L1372246, 10.190%, 7/06/2026 †§x | Upstart | 7/09/2021 | 1976 | 1976 | 1954 |
| &nbsp;&nbsp;&nbsp; L1377359, 25.110%, 12/07/2026 †x | Upstart | 7/12/2021 | 2406 | 2406 | 2383 |
| &nbsp;&nbsp;&nbsp; L1378989, 23.560%, 7/08/2026 †x | Upstart | 7/13/2021 | 834 | 834 | 827 |
| &nbsp;&nbsp;&nbsp; L1388979, 19.000%, 7/09/2026 †x◊ | Upstart | 7/14/2021 | 759 | 759 | 755 |
| &nbsp;&nbsp;&nbsp; L1395009, 15.650%, 7/12/2026 †x◊ | Upstart | 7/15/2021 | 2938 | 2938 | 2928 |
| &nbsp;&nbsp;&nbsp; L1401867, 9.900%, 7/12/2026 †x◊ | Upstart | 7/15/2021 | 3113 | 3113 | 3085 |
| &nbsp;&nbsp;&nbsp; L1410096, 25.640%, 7/14/2026 †x# | Upstart | 7/19/2021 | 2050 | 2050 | 296 |
| &nbsp;&nbsp;&nbsp; L1415332, 26.090%, 7/15/2026 †x◊ | Upstart | 7/20/2021 | 2427 | 2427 | 2415 |
| &nbsp;&nbsp;&nbsp; L1425613, 16.060%, 7/19/2026 †x◊ | Upstart | 7/22/2021 | 869 | 869 | 867 |
| &nbsp;&nbsp;&nbsp; L1426300, 19.260%, 7/19/2026 †x#◊ | Upstart | 7/22/2021 | 1523 | 1523 | 565 |
| &nbsp;&nbsp;&nbsp; L1426337, 14.160%, 7/19/2026 †x◊ | Upstart | 7/22/2021 | 1441 | 1441 | 1430 |
| &nbsp;&nbsp;&nbsp; L1450413, 25.850%, 12/22/2026 †x#◊ | Upstart | 7/27/2021 | 1570 | 1570 | 1567 |
| &nbsp;&nbsp;&nbsp; L1451672, 25.450%, 12/22/2026 †x◊ | Upstart | 7/27/2021 | 1812 | 1812 | 1809 |
| &nbsp;&nbsp;&nbsp; L1511097, 15.420%, 1/05/2027 †x# | Upstart | 8/10/2021 | 2953 | 2953 | 966 |
| &nbsp;&nbsp;&nbsp; L1518680, 25.220%, 1/06/2027 †x | Upstart | 8/11/2021 | 693 | 693 | 687 |
| &nbsp;&nbsp;&nbsp; L1529931, 26.150%, 1/10/2027 †x# | Upstart | 8/13/2021 | 1231 | 1231 | 433 |
| &nbsp;&nbsp;&nbsp; L1532796, 24.590%, 8/10/2026 †x# | Upstart | 8/17/2021 | 919 | 919 | 133 |
| &nbsp;&nbsp;&nbsp; L1544822, 20.390%, 1/13/2027 †x# | Upstart | 8/18/2021 | 3366 | 3366 | 3342 |
| &nbsp;&nbsp;&nbsp; L1544863, 17.400%, 8/13/2026 †§x | Upstart | 8/18/2021 | 1373 | 1373 | 1362 |
| &nbsp;&nbsp;&nbsp; L1622997, 16.470%, 2/01/2027 †x | Upstart | 9/02/2021 | 3816 | 3816 | 3816 |
| &nbsp;&nbsp;&nbsp; L1653086, 26.850%, 9/08/2026 †x | Upstart | 9/13/2021 | 1147 | 1147 | 1138 |
| &nbsp;&nbsp;&nbsp; L1656057, 24.200%, 7/08/2027 †x◊ | Upstart | 9/13/2021 | 906 | 906 | 897 |
| &nbsp;&nbsp;&nbsp; L1657066, 23.760%, 9/08/2026 †x◊ | Upstart | 9/13/2021 | 4868 | 4868 | 4827 |
| &nbsp;&nbsp;&nbsp; L1659458, 17.980%, 2/12/2027 †x◊ | Upstart | 9/13/2021 | 4832 | 4832 | 4573 |
| &nbsp;&nbsp;&nbsp; L1660836, 11.830%, 9/09/2026 †x◊ | Upstart | 9/14/2021 | 2151 | 2151 | 2130 |
| &nbsp;&nbsp;&nbsp; L166236, 19.690%, 5/09/2023 †x#^ | Upstart | 5/14/2018 | 109 | 109 | 16 |
| &nbsp;&nbsp;&nbsp; L1692309, 21.240%, 2/14/2027 †x◊ | Upstart | 9/17/2021 | 1256 | 1256 | 1247 |
| &nbsp;&nbsp;&nbsp; L1692967, 22.940%, 2/14/2027 †x | Upstart | 9/17/2021 | 1627 | 1627 | 1615 |
| &nbsp;&nbsp;&nbsp; L177325, 15.580%, 11/18/2025 †x | Upstart | 6/21/2018 | 597 | 597 | 595 |
| &nbsp;&nbsp;&nbsp; L1777070, 15.820%, 3/05/2027 †x | Upstart | 10/08/2021 | 2730 | 2730 | 2712 |
| &nbsp;&nbsp;&nbsp; L1813465, 25.430%, 10/12/2026 †§x | Upstart | 10/15/2021 | 391 | 391 | 388 |
| &nbsp;&nbsp;&nbsp; L1828533, 22.620%, 3/15/2027 †x | Upstart | 10/20/2021 | 2502 | 2502 | 2486 |
| &nbsp;&nbsp;&nbsp; L1856766, 25.400%, 3/19/2027 †x# | Upstart | 10/22/2021 | 1827 | 1827 | 264 |
| &nbsp;&nbsp;&nbsp; L1861750, 24.070%, 10/20/2026 †x#◊ | Upstart | 10/25/2021 | 876 | 876 | 869 |
| &nbsp;&nbsp;&nbsp; L1868170, 17.020%, 3/21/2027 †x◊ | Upstart | 10/26/2021 | 2001 | 2001 | 1984 |
| &nbsp;&nbsp;&nbsp; L1912230, 6.280%, 10/28/2026 †x◊ | Upstart | 6/29/2022 | 3931 | 3878 | 3855 |
| &nbsp;&nbsp;&nbsp; L1941296, 14.850%, 11/02/2026 †x◊ | Upstart | 11/05/2021 | 806 | 806 | 797 |
| &nbsp;&nbsp;&nbsp; L1941832, 24.530%, 11/03/2026 †x◊ | Upstart | 11/08/2021 | 3166 | 3166 | 3128 |
| &nbsp;&nbsp;&nbsp; L1944904, 8.140%, 11/03/2026 †x◊ | Upstart | 11/08/2021 | 2891 | 2891 | 2846 |
| &nbsp;&nbsp;&nbsp; L1989371, 13.380%, 11/10/2026 †x◊ | Upstart | 11/16/2021 | 315 | 315 | 312 |
| &nbsp;&nbsp;&nbsp; L200822, 15.540%, 1/14/2024 †x#^ | Upstart | 8/17/2018 | 106 | 106 | 15 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8831** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 0.07% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; L2041156, 13.310%, 12/01/2026 †x◊ | Upstart | 12/06/2021 | $1382 | $1382 | $1365 |
| &nbsp;&nbsp;&nbsp; L2119551, 24.130%, 12/01/2026 †x◊ | Upstart | 12/06/2021 | 3105 | 3105 | 3067 |
| &nbsp;&nbsp;&nbsp; L2123502, 13.050%, 12/02/2026 †x◊ | Upstart | 12/07/2021 | 345 | 345 | 342 |
| &nbsp;&nbsp;&nbsp; L2128285, 21.680%, 5/02/2027 †x◊ | Upstart | 12/07/2021 | 3773 | 3773 | 3725 |
| &nbsp;&nbsp;&nbsp; L2128495, 25.500%, 5/02/2027 †x◊ | Upstart | 12/07/2021 | 1248 | 1248 | 1240 |
| &nbsp;&nbsp;&nbsp; L2134487, 22.820%, 12/03/2026 †x◊ | Upstart | 12/08/2021 | 748 | 748 | 535 |
| &nbsp;&nbsp;&nbsp; L2135027, 18.840%, 12/03/2026 †x◊ | Upstart | 12/08/2021 | 2543 | 2543 | 2510 |
| &nbsp;&nbsp;&nbsp; L2139154, 25.510%, 12/03/2026 †x◊ | Upstart | 12/08/2021 | 797 | 797 | 788 |
| &nbsp;&nbsp;&nbsp; L2159006, 21.280%, 12/07/2026 †x◊ | Upstart | 12/10/2021 | 6509 | 6509 | 4424 |
| &nbsp;&nbsp;&nbsp; L217586, 21.680%, 9/21/2025 †x◊ | Upstart | 9/26/2018 | 657 | 657 | 655 |
| &nbsp;&nbsp;&nbsp; L2195176, 21.060%, 12/14/2026 †x◊ | Upstart | 12/17/2021 | 1611 | 1611 | 1600 |
| &nbsp;&nbsp;&nbsp; L2218708, 12.040%, 12/14/2026 †x◊ | Upstart | 12/17/2021 | 747 | 747 | 740 |
| &nbsp;&nbsp;&nbsp; L2218853, 12.000%, 12/28/2026 †x◊ | Upstart | 12/17/2021 | 2960 | 2960 | 2925 |
| &nbsp;&nbsp;&nbsp; L2290062, 15.290%, 6/14/2027 †x | Upstart | 1/20/2022 | 6431 | 6431 | 6340 |
| &nbsp;&nbsp;&nbsp; L2303884, 8.470%, 6/07/2027 †x#◊ | Upstart | 1/12/2022 | 4018 | 4018 | 3937 |
| &nbsp;&nbsp;&nbsp; L230840, 19.600%, 10/16/2025 †x◊ | Upstart | 10/19/2018 | 185 | 185 | 184 |
| &nbsp;&nbsp;&nbsp; L2341886, 15.230%, 1/05/2027 †x◊ | Upstart | 1/10/2022 | 1162 | 1162 | 1147 |
| &nbsp;&nbsp;&nbsp; L2345118, 17.730%, 1/06/2027 †x◊ | Upstart | 1/11/2022 | 1503 | 1503 | 1484 |
| &nbsp;&nbsp;&nbsp; L2347343, 5.540%, 1/07/2027 †x◊ | Upstart | 1/12/2022 | 1686 | 1686 | 1648 |
| &nbsp;&nbsp;&nbsp; L2351285, 5.990%, 1/06/2027 †x◊ | Upstart | 1/11/2022 | 3391 | 3391 | 3316 |
| &nbsp;&nbsp;&nbsp; L2359110, 5.830%, 1/07/2027 †x◊ | Upstart | 1/12/2022 | 1170 | 1170 | 1146 |
| &nbsp;&nbsp;&nbsp; L237619, 16.870%, 11/01/2025 †x | Upstart | 11/02/2018 | 614 | 614 | 610 |
| &nbsp;&nbsp;&nbsp; L2391612, 16.870%, 6/13/2027 †x# | Upstart | 1/19/2022 | 15887 | 15887 | 15748 |
| &nbsp;&nbsp;&nbsp; L2391930, 18.270%, 1/13/2027 †x# | Upstart | 1/19/2022 | 2201 | 2201 | 318 |
| &nbsp;&nbsp;&nbsp; L2403575, 13.360%, 6/14/2027 †x | Upstart | 1/20/2022 | 3852 | 3852 | 3603 |
| &nbsp;&nbsp;&nbsp; L2404800, 18.320%, 1/14/2027 †x | Upstart | 1/20/2022 | 949 | 949 | 940 |
| &nbsp;&nbsp;&nbsp; L2441172, 5.520%, 2/03/2027 †x◊ | Upstart | 6/29/2022 | 2633 | 2593 | 2572 |
| &nbsp;&nbsp;&nbsp; L2449085, 5.830%, 1/21/2027 †x◊ | Upstart | 6/29/2022 | 1253 | 1234 | 1225 |
| &nbsp;&nbsp;&nbsp; L2502740, 6.480%, 1/28/2027 †x◊ | Upstart | 6/29/2022 | 3167 | 3118 | 3095 |
| &nbsp;&nbsp;&nbsp; L2524634, 5.750%, 2/01/2027 †x◊ | Upstart | 6/29/2022 | 6609 | 6507 | 6457 |
| &nbsp;&nbsp;&nbsp; L2569884, 24.840%, 7/09/2027 †x | Upstart | 2/14/2022 | 4802 | 4802 | 4762 |
| &nbsp;&nbsp;&nbsp; L2615325, 17.860%, 2/16/2027 †§x | Upstart | 2/22/2022 | 1187 | 1187 | 1183 |
| &nbsp;&nbsp;&nbsp; L2616106, 19.410%, 2/16/2027 †x | Upstart | 2/22/2022 | 1453 | 1453 | 1388 |
| &nbsp;&nbsp;&nbsp; L2731710, 24.990%, 3/08/2027 †§x | Upstart | 3/11/2022 | 631 | 631 | 623 |
| &nbsp;&nbsp;&nbsp; L2773718, 10.520%, 3/15/2027 †§x | Upstart | 3/18/2022 | 1088 | 1088 | 1077 |
| &nbsp;&nbsp;&nbsp; L2775641, 12.610%, 8/16/2027 †x# | Upstart | 3/21/2022 | 5560 | 5560 | 5484 |
| &nbsp;&nbsp;&nbsp; L2776140, 14.330%, 3/16/2027 †§x | Upstart | 3/21/2022 | 1311 | 1311 | 1298 |
| &nbsp;&nbsp;&nbsp; L2809448, 16.350%, 3/22/2027 †§x | Upstart | 3/25/2022 | 2700 | 2700 | 2679 |
| &nbsp;&nbsp;&nbsp; L2859952, 22.310%, 4/01/2027 †x | Upstart | 4/06/2022 | 785 | 785 | 777 |
| &nbsp;&nbsp;&nbsp; L2861859, 22.620%, 4/01/2027 †§x | Upstart | 4/06/2022 | 6450 | 6450 | 6378 |
| &nbsp;&nbsp;&nbsp; L2864924, 23.410%, 4/01/2027 †§x | Upstart | 4/06/2022 | 521 | 521 | 516 |
| &nbsp;&nbsp;&nbsp; L2875217, 9.850%, 9/05/2027 †x | Upstart | 4/08/2022 | 3190 | 3190 | 3141 |
| &nbsp;&nbsp;&nbsp; L2876450, 25.450%, 4/05/2027 †§x | Upstart | 4/08/2022 | 669 | 669 | 664 |
| &nbsp;&nbsp;&nbsp; L2879840, 8.670%, 4/06/2027 †§x# | Upstart | 4/11/2022 | 5715 | 5715 | 5626 |
| &nbsp;&nbsp;&nbsp; L2917661, 17.700%, 9/13/2027 †x# | Upstart | 4/18/2022 | 13848 | 13848 | 2000 |
| &nbsp;&nbsp;&nbsp; L2986638, 10.280%, 5/02/2027 †x◊ | Upstart | 5/05/2022 | 1464 | 1464 | 881 |
| &nbsp;&nbsp;&nbsp; L3009335, 15.270%, 10/02/2027 †x◊ | Upstart | 5/05/2022 | 3167 | 3167 | 3114 |
| &nbsp;&nbsp;&nbsp; L3010255, 17.420%, 5/02/2027 †x◊ | Upstart | 5/05/2022 | 3073 | 3073 | 3061 |
| &nbsp;&nbsp;&nbsp; L3012709, 11.840%, 5/02/2027 †x◊ | Upstart | 5/05/2022 | 933 | 933 | 920 |
| &nbsp;&nbsp;&nbsp; L3013768, 14.900%, 5/02/2027 †x#◊ | Upstart | 5/05/2022 | 966 | 966 | 952 |
| &nbsp;&nbsp;&nbsp; L3015808, 25.510%, 5/17/2027 †x◊ | Upstart | 5/05/2022 | 7614 | 7614 | 7338 |
| &nbsp;&nbsp;&nbsp; L3016042, 23.060%, 5/02/2027 †x◊ | Upstart | 5/05/2022 | 5241 | 5241 | 5192 |
| &nbsp;&nbsp;&nbsp; L3016429, 12.750%, 10/02/2027 †x◊ | Upstart | 5/05/2022 | 7924 | 7924 | 7791 |
| &nbsp;&nbsp;&nbsp; L3020680, 7.590%, 5/15/2027 †x#◊ | Upstart | 5/06/2022 | 1170 | 1170 | 1158 |
| &nbsp;&nbsp;&nbsp; L3091421, 19.750%, 5/23/2027 †x◊ | Upstart | 5/26/2022 | 761 | 761 | 759 |
| &nbsp;&nbsp;&nbsp; L3095770, 12.970%, 5/19/2027 †x◊ | Upstart | 5/24/2022 | 3191 | 3191 | 3179 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8832** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 0.07% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; L3101452, 10.710%, 5/25/2027 †x#◊ | Upstart | 5/31/2022 | $1641 | $1641 | $1636 |
| &nbsp;&nbsp;&nbsp; L3108530, 25.450%, 10/25/2027 †x#◊ | Upstart | 5/31/2022 | 13020 | 13020 | 13502 |
| &nbsp;&nbsp;&nbsp; L3109652, 25.140%, 5/25/2027 †x◊ | Upstart | 5/31/2022 | 962 | 962 | 983 |
| &nbsp;&nbsp;&nbsp; L3110176, 13.740%, 5/25/2027 †x◊ | Upstart | 5/31/2022 | 1892 | 1892 | 1887 |
| &nbsp;&nbsp;&nbsp; L3111585, 25.080%, 5/28/2027 †x#◊ | Upstart | 5/31/2022 | 1746 | 1746 | 1792 |
| &nbsp;&nbsp;&nbsp; L3111860, 13.050%, 5/24/2027 †x◊ | Upstart | 5/27/2022 | 1066 | 1066 | 1062 |
| &nbsp;&nbsp;&nbsp; L3112264, 20.020%, 5/24/2027 †x#◊ | Upstart | 5/27/2022 | 414 | 414 | 417 |
| &nbsp;&nbsp;&nbsp; L3116407, 25.010%, 5/25/2027 †x◊ | Upstart | 5/31/2022 | 2424 | 2424 | 2441 |
| &nbsp;&nbsp;&nbsp; L3118639, 21.190%, 5/25/2027 †x◊ | Upstart | 5/31/2022 | 9512 | 9512 | 9758 |
| &nbsp;&nbsp;&nbsp; L3119832, 24.980%, 5/26/2027 †x◊ | Upstart | 6/01/2022 | 1988 | 1988 | 2041 |
| &nbsp;&nbsp;&nbsp; L3125178, 23.030%, 5/26/2027 †x◊ | Upstart | 6/01/2022 | 151 | 151 | 151 |
| &nbsp;&nbsp;&nbsp; L3133445, 18.500%, 6/13/2027 †x◊ | Upstart | 6/16/2022 | 2618 | 2618 | 2639 |
| &nbsp;&nbsp;&nbsp; L3141518, 25.410%, 6/06/2027 †x#◊ | Upstart | 6/09/2022 | 167 | 167 | 166 |
| &nbsp;&nbsp;&nbsp; L3147029, 25.240%, 6/02/2027 †x◊ | Upstart | 6/07/2022 | 2906 | 2906 | 2900 |
| &nbsp;&nbsp;&nbsp; L3150364, 25.500%, 6/03/2027 †x◊ | Upstart | 6/08/2022 | 15840 | 15840 | 16076 |
| &nbsp;&nbsp;&nbsp; L3152368, 18.330%, 6/03/2027 †x◊ | Upstart | 6/08/2022 | 2375 | 2375 | 2386 |
| &nbsp;&nbsp;&nbsp; L3155496, 12.770%, 6/03/2027 †x◊ | Upstart | 6/08/2022 | 4409 | 4409 | 4379 |
| &nbsp;&nbsp;&nbsp; L3170864, 9.480%, 6/07/2027 †x◊ | Upstart | 6/10/2022 | 1478 | 1478 | 1467 |
| &nbsp;&nbsp;&nbsp; L3171520, 11.350%, 6/08/2027 †x◊ | Upstart | 6/13/2022 | 2168 | 2168 | 2151 |
| &nbsp;&nbsp;&nbsp; L3172033, 11.250%, 6/08/2027 †x#◊ | Upstart | 6/13/2022 | 712 | 712 | 550 |
| &nbsp;&nbsp;&nbsp; L3174236, 12.020%, 6/08/2027 †x◊ | Upstart | 6/13/2022 | 4377 | 4377 | 4350 |
| &nbsp;&nbsp;&nbsp; L3174321, 16.110%, 6/09/2027 †x◊ | Upstart | 6/14/2022 | 4981 | 4981 | 4953 |
| &nbsp;&nbsp;&nbsp; L3175269, 17.030%, 6/15/2027 †x◊ | Upstart | 6/21/2022 | 11691 | 11691 | 11791 |
| &nbsp;&nbsp;&nbsp; L3178033, 9.260%, 6/09/2027 †x◊ | Upstart | 6/14/2022 | 643 | 643 | 640 |
| &nbsp;&nbsp;&nbsp; L3178485, 14.910%, 4/10/2028 †x◊ | Upstart | 6/15/2022 | 4944 | 4944 | 4911 |
| &nbsp;&nbsp;&nbsp; L3183740, 23.360%, 6/10/2027 †x◊ | Upstart | 6/15/2022 | 1389 | 1389 | 1382 |
| &nbsp;&nbsp;&nbsp; L3184330, 11.730%, 6/10/2027 †x◊ | Upstart | 6/15/2022 | 1090 | 1090 | 1083 |
| &nbsp;&nbsp;&nbsp; L3189422, 22.480%, 4/13/2028 †x# | Upstart | 6/16/2022 | 3095 | 3095 | 669 |
| &nbsp;&nbsp;&nbsp; L3194672, 18.460%, 6/20/2027 †x | Upstart | 6/16/2022 | 2176 | 2176 | 2070 |
| &nbsp;&nbsp;&nbsp; L3197432, 24.140%, 6/13/2027 †x◊ | Upstart | 6/16/2022 | 8239 | 8239 | 8410 |
| &nbsp;&nbsp;&nbsp; L3198092, 9.840%, 6/13/2027 †x◊ | Upstart | 6/16/2022 | 3192 | 3192 | 3168 |
| &nbsp;&nbsp;&nbsp; L3201998, 15.000%, 6/15/2027 †x◊ | Upstart | 6/21/2022 | 2656 | 2656 | 2644 |
| &nbsp;&nbsp;&nbsp; L3204442, 24.370%, 6/15/2027 †x◊ | Upstart | 6/21/2022 | 920 | 920 | 940 |
| &nbsp;&nbsp;&nbsp; L3220296, 22.950%, 6/27/2027 †x◊ | Upstart | 7/01/2022 | 2008 | 2008 | 2065 |
| &nbsp;&nbsp;&nbsp; L3221390, 15.740%, 7/05/2027 †x◊ | Upstart | 7/08/2022 | 990 | 977 | 984 |
| &nbsp;&nbsp;&nbsp; L3233594, 12.250%, 6/27/2027 †x◊ | Upstart | 7/01/2022 | 1864 | 1864 | 1860 |
| &nbsp;&nbsp;&nbsp; L3240050, 15.860%, 6/27/2027 †x# | Upstart | 7/01/2022 | 2536 | 2536 | 533 |
| &nbsp;&nbsp;&nbsp; L3241410, 10.640%, 6/27/2027 †x◊ | Upstart | 7/01/2022 | 4777 | 4777 | 4745 |
| &nbsp;&nbsp;&nbsp; L3241476, 9.320%, 6/27/2027 †x#◊ | Upstart | 7/01/2022 | 1317 | 1317 | 1305 |
| &nbsp;&nbsp;&nbsp; L3241855, 12.870%, 6/27/2027 †x◊ | Upstart | 7/01/2022 | 2933 | 2933 | 2926 |
| &nbsp;&nbsp;&nbsp; L3241981, 13.560%, 6/27/2027 †x◊ | Upstart | 7/01/2022 | 2880 | 2880 | 2873 |
| &nbsp;&nbsp;&nbsp; L3248200, 16.600%, 7/05/2027 †x◊ | Upstart | 7/08/2022 | 2174 | 2146 | 2159 |
| &nbsp;&nbsp;&nbsp; L3249854, 24.220%, 7/07/2027 †x | Upstart | 7/12/2022 | 2379 | 2379 | 2381 |
| &nbsp;&nbsp;&nbsp; L3251059, 13.570%, 7/12/2027 †x◊ | Upstart | 7/15/2022 | 1395 | 1395 | 1413 |
| &nbsp;&nbsp;&nbsp; L3251069, 12.280%, 7/07/2027 †x# | Upstart | 7/12/2022 | 12500 | 12500 | 1805 |
| &nbsp;&nbsp;&nbsp; L3251965, 16.800%, 7/08/2027 †x◊ | Upstart | 7/13/2022 | 3774 | 3780 | 3871 |
| &nbsp;&nbsp;&nbsp; L3252083, 8.050%, 7/11/2027 †x◊ | Upstart | 7/12/2022 | 8636 | 8636 | 8548 |
| &nbsp;&nbsp;&nbsp; L3252521, 9.340%, 7/07/2027 †x◊ | Upstart | 7/12/2022 | 5291 | 5291 | 5238 |
| &nbsp;&nbsp;&nbsp; L3253223, 8.340%, 7/12/2027 †x◊ | Upstart | 7/15/2022 | 4332 | 4332 | 4372 |
| &nbsp;&nbsp;&nbsp; L3254716, 22.780%, 7/08/2027 †x◊ | Upstart | 7/13/2022 | 3279 | 3279 | 3334 |
| &nbsp;&nbsp;&nbsp; L3254959, 22.730%, 7/11/2027 †x◊ | Upstart | 7/14/2022 | 1292 | 1292 | 1333 |
| &nbsp;&nbsp;&nbsp; L3255566, 13.310%, 7/08/2027 †x# | Upstart | 7/13/2022 | 11350 | 11350 | 1816 |
| &nbsp;&nbsp;&nbsp; L3258595, 23.080%, 12/12/2027 †x◊ | Upstart | 7/15/2022 | 16755 | 16787 | 16481 |
| &nbsp;&nbsp;&nbsp; L3259081, 18.010%, 7/11/2027 †x◊ | Upstart | 7/14/2022 | 2718 | 2718 | 2750 |
| &nbsp;&nbsp;&nbsp; L3262374, 16.190%, 12/12/2027 †x◊ | Upstart | 7/15/2022 | 5025 | 5025 | 5091 |
| &nbsp;&nbsp;&nbsp; L3263173, 12.440%, 7/12/2027 †x◊ | Upstart | 7/15/2022 | 1373 | 1373 | 1387 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8833** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 0.07% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; L3263444, 24.240%, 7/12/2027 †x◊ | Upstart | 7/15/2022 | $5995 | $5995 | $6105 |
| &nbsp;&nbsp;&nbsp; L3263834, 24.110%, 12/13/2027 †x◊ | Upstart | 7/18/2022 | 5357 | 5357 | 5526 |
| &nbsp;&nbsp;&nbsp; L3264313, 18.900%, 12/15/2027 †x◊ | Upstart | 7/18/2022 | 21391 | 21391 | 21697 |
| &nbsp;&nbsp;&nbsp; L3264680, 14.070%, 7/13/2027 †x◊ | Upstart | 7/18/2022 | 3149 | 3149 | 3190 |
| &nbsp;&nbsp;&nbsp; L3265895, 21.740%, 7/14/2027 †x | Upstart | 7/19/2022 | 1531 | 1531 | 1564 |
| &nbsp;&nbsp;&nbsp; L3268693, 14.960%, 7/14/2027 †x◊ | Upstart | 7/19/2022 | 946 | 946 | 959 |
| &nbsp;&nbsp;&nbsp; L3268703, 11.710%, 7/14/2027 †x◊ | Upstart | 7/19/2022 | 2720 | 2720 | 2751 |
| &nbsp;&nbsp;&nbsp; L3270910, 15.970%, 7/15/2027 †x◊ | Upstart | 7/20/2022 | 1902 | 1902 | 1921 |
| &nbsp;&nbsp;&nbsp; L3271710, 22.560%, 7/18/2027 †x◊ | Upstart | 7/21/2022 | 1971 | 1971 | 2019 |
| &nbsp;&nbsp;&nbsp; L3274673, 21.650%, 7/18/2027 †x◊ | Upstart | 7/21/2022 | 617 | 617 | 634 |
| &nbsp;&nbsp;&nbsp; L3275746, 21.940%, 7/18/2027 †x◊ | Upstart | 7/21/2022 | 3347 | 3347 | 3442 |
| &nbsp;&nbsp;&nbsp; L3283041, 11.160%, 7/21/2027 †x◊ | Upstart | 7/26/2022 | 4505 | 4505 | 4562 |
| &nbsp;&nbsp;&nbsp; L3290023, 10.160%, 7/22/2027 †x◊ | Upstart | 7/27/2022 | 3243 | 3243 | 3275 |
| &nbsp;&nbsp;&nbsp; L3348044, 17.960%, 8/16/2027 †§x# | Upstart | 8/19/2022 | 1316 | 1282 | 1331 |
| &nbsp;&nbsp;&nbsp; L3348699, 18.670%, 8/16/2027 †§x | Upstart | 8/19/2022 | 1690 | 1664 | 1708 |
| &nbsp;&nbsp;&nbsp; L3348977, 19.250%, 8/16/2027 †§x | Upstart | 8/19/2022 | 2324 | 2288 | 2354 |
| &nbsp;&nbsp;&nbsp; L3349395, 24.340%, 8/16/2027 †§x | Upstart | 8/19/2022 | 7097 | 6982 | 7269 |
| &nbsp;&nbsp;&nbsp; L3418488, 13.890%, 9/16/2027 †§x | Upstart | 9/21/2022 | 1754 | 1727 | 1779 |
| &nbsp;&nbsp;&nbsp; L3421879, 17.290%, 9/19/2025 †§x | Upstart | 9/22/2022 | 144 | 139 | 143 |
| &nbsp;&nbsp;&nbsp; L3424221, 27.350%, 9/20/2025 †§x | Upstart | 9/23/2022 | 180 | 175 | 180 |
| &nbsp;&nbsp;&nbsp; L3462651, 16.110%, 10/03/2027 †§x# | Upstart | 10/06/2022 | 3193 | 3134 | 3230 |
| &nbsp;&nbsp;&nbsp; L3464460, 21.120%, 10/03/2027 †x | Upstart | 10/06/2022 | 1966 | 1934 | 2016 |
| &nbsp;&nbsp;&nbsp; L3466637, 20.360%, 10/04/2027 †§x | Upstart | 10/07/2022 | 1588 | 1567 | 1626 |
| &nbsp;&nbsp;&nbsp; L3467464, 18.110%, 10/04/2027 †§x | Upstart | 10/07/2022 | 3520 | 3463 | 3560 |
| &nbsp;&nbsp;&nbsp; L3470659, 21.080%, 10/05/2027 †§x | Upstart | 10/11/2022 | 6768 | 6572 | 6942 |
| &nbsp;&nbsp;&nbsp; L3471104, 22.570%, 10/06/2027 †§x | Upstart | 10/12/2022 | 479 | 473 | 487 |
| &nbsp;&nbsp;&nbsp; L3472249, 24.010%, 10/06/2027 †§x | Upstart | 10/12/2022 | 7062 | 6941 | 7214 |
| &nbsp;&nbsp;&nbsp; L3472334, 19.420%, 10/06/2027 †§x | Upstart | 10/12/2022 | 1498 | 1456 | 1537 |
| &nbsp;&nbsp;&nbsp; L3474983, 24.130%, 10/07/2027 †§x | Upstart | 10/13/2022 | 869 | 854 | 888 |
| &nbsp;&nbsp;&nbsp; L3581828, 14.190%, 11/27/2025 †§x | Upstart | 11/30/2022 | 151 | 150 | 151 |
| &nbsp;&nbsp;&nbsp; L3582962, 22.890%, 4/25/2028 †x# | Upstart | 11/30/2022 | 7226 | 7104 | 7522 |
| &nbsp;&nbsp;&nbsp; L3583017, 24.330%, 11/25/2027 †§x# | Upstart | 11/30/2022 | 1647 | 1611 | 1701 |
| &nbsp;&nbsp;&nbsp; L3583820, 21.530%, 12/09/2027 †§x | Upstart | 11/30/2022 | 4013 | 3942 | 2477 |
| &nbsp;&nbsp;&nbsp; L3584158, 18.150%, 11/25/2027 †§x | Upstart | 11/30/2022 | 561 | 551 | 570 |
| &nbsp;&nbsp;&nbsp; L3585015, 13.740%, 12/04/2027 †§x | Upstart | 12/01/2022 | 12695 | 12490 | 12904 |
| &nbsp;&nbsp;&nbsp; L3586723, 10.260%, 11/28/2025 †§x | Upstart | 12/01/2022 | 533 | 532 | 535 |
| &nbsp;&nbsp;&nbsp; L3587628, 9.250%, 11/28/2025 †§x | Upstart | 12/01/2022 | 751 | 749 | 754 |
| &nbsp;&nbsp;&nbsp; L3590278, 18.960%, 12/01/2027 †§x | Upstart | 12/02/2022 | 2953 | 2874 | 3021 |
| &nbsp;&nbsp;&nbsp; L3590920, 20.530%, 12/01/2027 †§x | Upstart | 12/02/2022 | 2366 | 2326 | 2421 |
| &nbsp;&nbsp;&nbsp; L3591262, 16.230%, 12/01/2025 †§x | Upstart | 12/02/2022 | 1398 | 1393 | 1389 |
| &nbsp;&nbsp;&nbsp; L3591876, 19.100%, 5/01/2028 †x | Upstart | 12/02/2022 | 1976 | 1937 | 2023 |
| &nbsp;&nbsp;&nbsp; L3591899, 17.980%, 12/01/2027 †§x | Upstart | 12/02/2022 | 5530 | 5423 | 5619 |
| &nbsp;&nbsp;&nbsp; L3592870, 24.200%, 12/01/2027 †§x | Upstart | 12/05/2022 | 1580 | 1549 | 1613 |
| &nbsp;&nbsp;&nbsp; L3642207, 20.520%, 1/01/2028 †§x | Upstart | 1/04/2023 | 4599 | 4517 | 4735 |
| &nbsp;&nbsp;&nbsp; L3642482, 16.640%, 1/01/2028 †§x | Upstart | 1/05/2023 | 4983 | 4898 | 5068 |
| &nbsp;&nbsp;&nbsp; L3644897, 24.110%, 1/20/2028 †x◊ | Upstart | 1/25/2023 | 1353 | 1328 | 1383 |
| &nbsp;&nbsp;&nbsp; L3645361, 15.780%, 1/03/2028 †§x | Upstart | 1/06/2023 | 11597 | 11398 | 11729 |
| &nbsp;&nbsp;&nbsp; L3645610, 15.590%, 1/03/2028 †§x | Upstart | 1/06/2023 | 1734 | 1705 | 1754 |
| &nbsp;&nbsp;&nbsp; L3645676, 12.860%, 1/03/2028 †§x | Upstart | 1/06/2023 | 4725 | 4646 | 4800 |
| &nbsp;&nbsp;&nbsp; L3649070, 22.350%, 1/13/2028 †x◊ | Upstart | 1/19/2023 | 3474 | 3421 | 3583 |
| &nbsp;&nbsp;&nbsp; L3656096, 21.050%, 1/13/2028 †x◊ | Upstart | 1/19/2023 | 8096 | 7990 | 8174 |
| &nbsp;&nbsp;&nbsp; L3656383, 9.670%, 1/13/2026 †x◊ | Upstart | 1/19/2023 | 1033 | 1030 | 1035 |
| &nbsp;&nbsp;&nbsp; L3656559, 14.200%, 1/13/2026 †x◊ | Upstart | 1/19/2023 | 200 | 199 | 200 |
| &nbsp;&nbsp;&nbsp; L3657329, 17.790%, 1/17/2028 †x◊ | Upstart | 1/20/2023 | 2775 | 2735 | 2815 |
| &nbsp;&nbsp;&nbsp; L3657995, 17.420%, 1/17/2028 †x#◊ | Upstart | 1/20/2023 | 6800 | 6630 | 2032 |
| &nbsp;&nbsp;&nbsp; L3658072, 21.630%, 1/17/2028 †x◊ | Upstart | 1/20/2023 | 3767 | 3709 | 3873 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8834** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 0.07% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; L3658289, 22.840%, 1/17/2028 †x◊ | Upstart | 1/20/2023 | $2353 | $2316 | $2427 |
| &nbsp;&nbsp;&nbsp; L3660446, 24.130%, 1/19/2028 †x◊ | Upstart | 1/25/2023 | 1508 | 1484 | 1598 |
| &nbsp;&nbsp;&nbsp; L3660780, 15.200%, 1/20/2028 †x◊ | Upstart | 1/25/2023 | 3459 | 3409 | 3512 |
| &nbsp;&nbsp;&nbsp; L3661056, 22.770%, 1/19/2028 †x# | Upstart | 1/25/2023 | 2791 | 2721 | 601 |
| &nbsp;&nbsp;&nbsp; L3661231, 23.560%, 1/19/2028 †x◊ | Upstart | 1/25/2023 | 5232 | 5160 | 5401 |
| &nbsp;&nbsp;&nbsp; L3661429, 14.080%, 1/19/2028 †x◊ | Upstart | 1/25/2023 | 2843 | 2808 | 2887 |
| &nbsp;&nbsp;&nbsp; L3663703, 18.340%, 1/23/2028 †x◊ | Upstart | 1/26/2023 | 2380 | 2344 | 2417 |
| &nbsp;&nbsp;&nbsp; L3663924, 14.870%, 1/23/2028 †x◊ | Upstart | 1/26/2023 | 434 | 428 | 435 |
| &nbsp;&nbsp;&nbsp; L3664886, 23.230%, 1/23/2028 †x◊ | Upstart | 1/26/2023 | 6040 | 5946 | 6369 |
| &nbsp;&nbsp;&nbsp; L3665845, 24.320%, 6/24/2028 †x#◊ | Upstart | 1/27/2023 | 6457 | 6296 | 2023 |
| &nbsp;&nbsp;&nbsp; L3665874, 23.190%, 1/24/2028 †x#◊ | Upstart | 1/27/2023 | 4282 | 4208 | 4416 |
| &nbsp;&nbsp;&nbsp; L3666757, 18.850%, 1/25/2028 †x◊ | Upstart | 1/30/2023 | 3306 | 3256 | 3412 |
| &nbsp;&nbsp;&nbsp; L3668951, 18.560%, 2/01/2026 †x# | Upstart | 2/01/2023 | 409 | 399 | 44 |
| &nbsp;&nbsp;&nbsp; L3694545, 15.250%, 2/24/2028 †x◊ | Upstart | 3/01/2023 | 29635 | 29194 | 30170 |
| &nbsp;&nbsp;&nbsp; L3699197, 14.950%, 2/27/2028 †x◊ | Upstart | 3/02/2023 | 2950 | 2905 | 3004 |
| &nbsp;&nbsp;&nbsp; L3699394, 23.840%, 2/27/2028 †x#◊ | Upstart | 3/02/2023 | 1194 | 1174 | 1255 |
| &nbsp;&nbsp;&nbsp; L3699803, 24.100%, 2/27/2028 †x◊ | Upstart | 3/02/2023 | 1314 | 1292 | 1379 |
| &nbsp;&nbsp;&nbsp; L3700828, 11.440%, 2/27/2028 †x◊ | Upstart | 3/02/2023 | 7696 | 7585 | 7847 |
| &nbsp;&nbsp;&nbsp; L3700916, 21.930%, 2/27/2028 †x# | Upstart | 3/02/2023 | 62 | 62 | 63 |
| &nbsp;&nbsp;&nbsp; L3704363, 17.760%, 8/02/2028 †x◊ | Upstart | 3/07/2023 | 30189 | 29688 | 30572 |
| &nbsp;&nbsp;&nbsp; L3705517, 16.100%, 1/02/2029 †x◊ | Upstart | 3/07/2023 | 4043 | 3962 | 4113 |
| &nbsp;&nbsp;&nbsp; L3710154, 11.670%, 3/06/2028 †x◊ | Upstart | 3/09/2023 | 5888 | 5803 | 5993 |
| &nbsp;&nbsp;&nbsp; L3711849, 20.500%, 3/08/2028 †x◊ | Upstart | 3/13/2023 | 4071 | 4016 | 4173 |
| &nbsp;&nbsp;&nbsp; L3713144, 21.060%, 1/08/2027 †x◊ | Upstart | 3/13/2023 | 11424 | 11189 | 11480 |
| &nbsp;&nbsp;&nbsp; L3714756, 20.010%, 3/09/2028 †x◊ | Upstart | 3/14/2023 | 2872 | 2828 | 2947 |
| &nbsp;&nbsp;&nbsp; L3716646, 19.740%, 3/09/2028 †x◊ | Upstart | 3/14/2023 | 6368 | 6269 | 6535 |
| &nbsp;&nbsp;&nbsp; L3716832, 22.800%, 3/10/2028 †x# | Upstart | 3/15/2023 | 2366 | 2306 | 511 |
| &nbsp;&nbsp;&nbsp; L3716842, 24.060%, 3/12/2028 †x◊ | Upstart | 3/15/2023 | 1058 | 1041 | 1088 |
| &nbsp;&nbsp;&nbsp; L3717255, 22.740%, 3/10/2028 †x◊ | Upstart | 3/15/2023 | 487 | 480 | 495 |
| &nbsp;&nbsp;&nbsp; L3717969, 23.340%, 8/10/2028 †x#◊ | Upstart | 3/15/2023 | 2472 | 2429 | 2572 |
| &nbsp;&nbsp;&nbsp; L3718018, 17.500%, 3/10/2028 †x◊ | Upstart | 3/15/2023 | 4221 | 4157 | 4300 |
| &nbsp;&nbsp;&nbsp; L3718114, 15.890%, 3/10/2028 †x◊ | Upstart | 3/15/2023 | 2636 | 2595 | 2683 |
| &nbsp;&nbsp;&nbsp; L3735443, 15.600%, 3/24/2028 †x◊ | Upstart | 3/29/2023 | 3999 | 3937 | 4073 |
| &nbsp;&nbsp;&nbsp; L3751746, 13.820%, 4/13/2028 †§x | Upstart | 4/18/2023 | 2530 | 2530 | 2583 |
| &nbsp;&nbsp;&nbsp; L3752574, 18.030%, 4/15/2028 †§x | Upstart | 4/18/2023 | 5591 | 5591 | 5747 |
| &nbsp;&nbsp;&nbsp; L3754863, 14.350%, 4/17/2026 †§x | Upstart | 4/20/2023 | 3392 | 3392 | 3394 |
| &nbsp;&nbsp;&nbsp; L3755424, 10.980%, 2/17/2029 †x | Upstart | 4/20/2023 | 2931 | 2931 | 2981 |
| &nbsp;&nbsp;&nbsp; L3755846, 12.760%, 4/17/2028 †§x# | Upstart | 4/20/2023 | 3074 | 3074 | 3135 |
| &nbsp;&nbsp;&nbsp; L3755948, 20.110%, 4/17/2028 †§x# | Upstart | 4/20/2023 | 5020 | 5020 | 5161 |
| &nbsp;&nbsp;&nbsp; L3756521, 23.620%, 4/19/2028 †§x | Upstart | 4/24/2023 | 1205 | 1205 | 1245 |
| &nbsp;&nbsp;&nbsp; L3757584, 11.990%, 4/18/2028 †§x | Upstart | 4/21/2023 | 4749 | 4749 | 4589 |
| &nbsp;&nbsp;&nbsp; L3758346, 17.640%, 4/18/2028 †§x | Upstart | 4/21/2023 | 5290 | 5290 | 5123 |
| &nbsp;&nbsp;&nbsp; L3760015, 23.280%, 4/20/2028 †§x | Upstart | 4/25/2023 | 1948 | 1953 | 2014 |
| &nbsp;&nbsp;&nbsp; L3760113, 19.900%, 4/20/2026 †§x | Upstart | 4/25/2023 | 382 | 382 | 384 |
| &nbsp;&nbsp;&nbsp; L3778614, 21.370%, 5/10/2028 †§x | Upstart | 5/15/2023 | 845 | 839 | 861 |
| &nbsp;&nbsp;&nbsp; L3780056, 10.190%, 5/08/2026 †§x | Upstart | 5/11/2023 | 1592 | 1588 | 1596 |
| &nbsp;&nbsp;&nbsp; L3780162, 18.010%, 5/22/2028 †§x | Upstart | 5/11/2023 | 3894 | 3869 | 3984 |
| &nbsp;&nbsp;&nbsp; L3780224, 23.040%, 5/08/2028 †§x | Upstart | 5/11/2023 | 976 | 966 | 993 |
| &nbsp;&nbsp;&nbsp; L3780529, 23.270%, 5/08/2028 †§x | Upstart | 5/11/2023 | 4224 | 4196 | 4317 |
| &nbsp;&nbsp;&nbsp; L3781162, 15.940%, 5/08/2028 †§x | Upstart | 5/11/2023 | 1357 | 1348 | 1374 |
| &nbsp;&nbsp;&nbsp; L3781786, 13.630%, 5/15/2028 †§x | Upstart | 5/11/2023 | 5054 | 5023 | 5143 |
| &nbsp;&nbsp;&nbsp; L3782020, 23.190%, 5/08/2028 †§x | Upstart | 5/11/2023 | 3441 | 3421 | 3506 |
| &nbsp;&nbsp;&nbsp; L3782178, 20.030%, 5/15/2028 †§x# | Upstart | 5/12/2023 | 4342 | 4314 | 4396 |
| &nbsp;&nbsp;&nbsp; L3782407, 22.050%, 5/08/2028 †§x | Upstart | 5/11/2023 | 3130 | 3110 | 3190 |
| &nbsp;&nbsp;&nbsp; L3782532, 18.690%, 5/08/2028 †§x | Upstart | 5/11/2023 | 1654 | 1644 | 1691 |
| &nbsp;&nbsp;&nbsp; L3783222, 23.210%, 5/09/2028 †§x# | Upstart | 5/12/2023 | 2010 | 1999 | 2045 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8835** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 0.07% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; L3784751, 20.860%, 5/10/2028 †x# | Upstart | 5/15/2023 | $10209 | $10107 | $9932 |
| &nbsp;&nbsp;&nbsp; L3785505, 11.290%, 5/10/2028 †§x | Upstart | 5/15/2023 | 4293 | 4268 | 4365 |
| &nbsp;&nbsp;&nbsp; L3785556, 23.280%, 5/10/2028 †§x | Upstart | 5/15/2023 | 9788 | 9723 | 10005 |
| &nbsp;&nbsp;&nbsp; L3785575, 23.210%, 5/10/2028 †§x | Upstart | 5/15/2023 | 1923 | 1910 | 1946 |
| &nbsp;&nbsp;&nbsp; L3786700, 19.440%, 5/11/2028 †§x | Upstart | 5/16/2023 | 1943 | 1924 | 1888 |
| &nbsp;&nbsp;&nbsp; L3786788, 22.820%, 5/11/2028 †§x# | Upstart | 5/16/2023 | 792 | 787 | 769 |
| &nbsp;&nbsp;&nbsp; L3786846, 18.900%, 5/11/2026 †§x | Upstart | 5/16/2023 | 357 | 354 | 358 |
| &nbsp;&nbsp;&nbsp; L3786907, 14.600%, 5/11/2026 †§x | Upstart | 5/16/2023 | 293 | 292 | 293 |
| &nbsp;&nbsp;&nbsp; L3787220, 20.650%, 5/11/2028 †§x | Upstart | 5/16/2023 | 1586 | 1576 | 1610 |
| &nbsp;&nbsp;&nbsp; L3787230, 15.510%, 5/11/2028 †x# | Upstart | 5/16/2023 | 1268 | 1255 | 143 |
| &nbsp;&nbsp;&nbsp; L3787456, 15.130%, 5/12/2026 †§x | Upstart | 5/17/2023 | 3069 | 3061 | 3059 |
| &nbsp;&nbsp;&nbsp; L3787500, 21.390%, 5/11/2028 †§x | Upstart | 5/16/2023 | 3455 | 3432 | 3517 |
| &nbsp;&nbsp;&nbsp; L3788493, 24.260%, 10/15/2028 †x# | Upstart | 5/18/2023 | 7950 | 7870 | 1707 |
| &nbsp;&nbsp;&nbsp; L3788573, 20.410%, 5/12/2028 †§x | Upstart | 5/17/2023 | 6715 | 6671 | 6871 |
| &nbsp;&nbsp;&nbsp; L3788887, 15.840%, 5/12/2028 †§x | Upstart | 5/17/2023 | 5109 | 5077 | 5179 |
| &nbsp;&nbsp;&nbsp; L3789272, 23.180%, 5/25/2028 †x# | Upstart | 5/19/2023 | 14580 | 14435 | 14901 |
| &nbsp;&nbsp;&nbsp; L3790631, 19.940%, 5/15/2028 †§x | Upstart | 5/18/2023 | 3357 | 3335 | 3440 |
| &nbsp;&nbsp;&nbsp; L3791656, 15.090%, 5/15/2026 †§x | Upstart | 5/18/2023 | 353 | 352 | 352 |
| &nbsp;&nbsp;&nbsp; L3791871, 20.440%, 5/15/2028 †§x | Upstart | 5/18/2023 | 4499 | 4470 | 4609 |
| &nbsp;&nbsp;&nbsp; L3792251, 17.860%, 5/15/2028 †§x | Upstart | 5/18/2023 | 1511 | 1501 | 1549 |
| &nbsp;&nbsp;&nbsp; L3792348, 17.510%, 5/15/2028 †§x | Upstart | 5/18/2023 | 4747 | 4716 | 4814 |
| &nbsp;&nbsp;&nbsp; L3792396, 11.850%, 5/15/2028 †§x | Upstart | 5/18/2023 | 3513 | 3491 | 3579 |
| &nbsp;&nbsp;&nbsp; L3794202, 16.250%, 10/17/2028 †x | Upstart | 5/22/2023 | 8464 | 8409 | 8556 |
| &nbsp;&nbsp;&nbsp; L3794942, 15.980%, 5/17/2028 †§x | Upstart | 5/22/2023 | 2755 | 2738 | 2796 |
| &nbsp;&nbsp;&nbsp; L3795842, 23.190%, 5/18/2028 †§x | Upstart | 5/23/2023 | 10163 | 10095 | 10397 |
| &nbsp;&nbsp;&nbsp; L3795875, 16.400%, 5/18/2028 †§x | Upstart | 5/23/2023 | 5902 | 5865 | 5988 |
| &nbsp;&nbsp;&nbsp; L3805342, 21.720%, 3/24/2029 †x# | Upstart | 5/30/2023 | 16575 | 16409 | 16988 |
| &nbsp;&nbsp;&nbsp; L3855407, 19.700%, 6/26/2028 †x◊ | Upstart | 6/29/2023 | 2046 | 2032 | 2103 |
| &nbsp;&nbsp;&nbsp; L3855792, 23.060%, 6/26/2028 †x◊ | Upstart | 6/29/2023 | 982 | 972 | 1008 |
| &nbsp;&nbsp;&nbsp; L3857694, 23.280%, 6/27/2028 †x◊ | Upstart | 6/30/2023 | 1813 | 1800 | 1857 |
| &nbsp;&nbsp;&nbsp; L3858497, 12.910%, 6/27/2028 †x◊ | Upstart | 6/30/2023 | 13845 | 13751 | 14137 |
| &nbsp;&nbsp;&nbsp; L3859015, 18.970%, 11/27/2028 †x◊ | Upstart | 6/30/2023 | 1834 | 1820 | 1881 |
| &nbsp;&nbsp;&nbsp; L3868121, 22.860%, 7/06/2028 †§x | Upstart | 7/11/2023 | 7001 | 6957 | 7128 |
| &nbsp;&nbsp;&nbsp; L3869314, 17.470%, 7/05/2028 †§x | Upstart | 7/10/2023 | 2049 | 2036 | 2073 |
| &nbsp;&nbsp;&nbsp; L3911625, 23.270%, 8/22/2028 †§x | Upstart | 8/25/2023 | 1377 | 1372 | 1406 |
| &nbsp;&nbsp;&nbsp; L3929825, 22.760%, 8/21/2028 †§x | Upstart | 8/24/2023 | 5091 | 5073 | 5210 |
| &nbsp;&nbsp;&nbsp; L3930660, 18.910%, 8/21/2026 †§x# | Upstart | 8/24/2023 | 657 | 656 | 642 |
| &nbsp;&nbsp;&nbsp; L3930665, 16.820%, 8/21/2028 †§x | Upstart | 8/24/2023 | 13671 | 13624 | 13864 |
| &nbsp;&nbsp;&nbsp; L3931231, 22.780%, 8/21/2028 †§x | Upstart | 8/24/2023 | 7275 | 7242 | 7441 |
| &nbsp;&nbsp;&nbsp; L3932607, 23.180%, 8/21/2028 †§x | Upstart | 8/24/2023 | 1021 | 1018 | 1045 |
| &nbsp;&nbsp;&nbsp; L3932743, 22.870%, 8/22/2028 †§x | Upstart | 8/25/2023 | 873 | 870 | 894 |
| &nbsp;&nbsp;&nbsp; L3934881, 24.120%, 8/23/2028 †§x# | Upstart | 8/28/2023 | 2298 | 2290 | 2378 |
| &nbsp;&nbsp;&nbsp; L3935461, 20.070%, 8/23/2026 †§x | Upstart | 8/28/2023 | 5103 | 5092 | 5148 |
| &nbsp;&nbsp;&nbsp; L3939062, 24.380%, 9/01/2028 †§x | Upstart | 9/01/2023 | 4272 | 4254 | 4444 |
| &nbsp;&nbsp;&nbsp; L3939394, 17.040%, 9/01/2026 †§x | Upstart | 9/01/2023 | 1056 | 1054 | 1048 |
| &nbsp;&nbsp;&nbsp; L3939408, 15.730%, 8/28/2028 †§x | Upstart | 8/31/2023 | 1708 | 1703 | 1736 |
| &nbsp;&nbsp;&nbsp; L3939421, 15.340%, 9/01/2028 †x◊ | Upstart | 9/01/2023 | 819 | 815 | 832 |
| &nbsp;&nbsp;&nbsp; L3940586, 13.200%, 9/01/2028 †§x | Upstart | 9/01/2023 | 2442 | 2434 | 2478 |
| &nbsp;&nbsp;&nbsp; L3942419, 21.390%, 9/01/2028 †§x | Upstart | 9/01/2023 | 1105 | 1101 | 1120 |
| &nbsp;&nbsp;&nbsp; L3944288, 23.280%, 9/01/2028 †§x# | Upstart | 9/01/2023 | 1201 | 1197 | 1216 |
| &nbsp;&nbsp;&nbsp; L3979754, 22.340%, 9/26/2028 †§x | Upstart | 9/29/2023 | 11078 | 11038 | 11366 |
| &nbsp;&nbsp;&nbsp; L534712, 22.450%, 2/01/2025 †x#^ | Upstart | 2/05/2020 | 189 | 189 | 27 |
| &nbsp;&nbsp;&nbsp; L667342, 15.810%, 9/01/2025 †x◊ | Upstart | 9/04/2020 | 164 | 164 | 163 |
| &nbsp;&nbsp;&nbsp; L670865, 18.340%, 9/03/2025 †x◊ | Upstart | 9/09/2020 | 113 | 113 | 113 |
| &nbsp;&nbsp;&nbsp; L682080, 15.060%, 9/14/2025 †x◊ | Upstart | 9/17/2020 | 231 | 231 | 230 |
| &nbsp;&nbsp;&nbsp; L687240, 24.020%, 9/23/2025 †x◊ | Upstart | 9/28/2020 | 116 | 116 | 115 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8836** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 0.07% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; L698231, 18.710%, 9/25/2025 †x◊ | Upstart | 9/30/2020 | $22 | $22 | $22 |
| &nbsp;&nbsp;&nbsp; L705507, 22.140%, 10/02/2025 †§x | Upstart | 10/07/2020 | 214 | 214 | 211 |
| &nbsp;&nbsp;&nbsp; L710208, 11.730%, 10/05/2025 †§x | Upstart | 10/08/2020 | 304 | 304 | 303 |
| &nbsp;&nbsp;&nbsp; L713208, 19.890%, 8/18/2026 †x# | Upstart | 10/13/2020 | 1006 | 1006 | 395 |
| &nbsp;&nbsp;&nbsp; L761051, 23.830%, 11/10/2025 †x# | Upstart | 11/16/2020 | 5950 | 5950 | 859 |
| &nbsp;&nbsp;&nbsp; L773796, 14.190%, 12/18/2025 †§x | Upstart | 12/23/2020 | 453 | 453 | 452 |
| **Total Student Loans** |  |  |  | **1155647** | **1093789** |
| **Total Whole Loans** |  |  |  | **1851742330** | **1599792052** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8837** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **Other Loan Investments - 33.89%** |  |  |  |  |  |
| **Loan Participations - 24.22%** |  |  |  |  |  |
| **Consumer Loans - 7.05%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 7.05%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00102121, 13.140%, 9/18/2025 †x# | LendingPoint | 4/10/2019 | $842 | $842 | $847 |
| &nbsp;&nbsp;&nbsp; LAI-00102164, 18.000%, 9/18/2023 †x#^ | LendingPoint | 4/10/2019 | 823 | 85 | 86 |
| &nbsp;&nbsp;&nbsp; LAI-00103484, 13.140%, 7/10/2026 †x | LendingPoint | 4/16/2019 | 2509 | 2505 | 2514 |
| &nbsp;&nbsp;&nbsp; LAI-00104219, 23.990%, 12/28/2028 †x# | LendingPoint | 4/18/2019 | 5067 | 5204 | 1517 |
| &nbsp;&nbsp;&nbsp; LAI-00105107, 14.140%, 8/31/2026 †x | LendingPoint | 4/23/2019 | 2542 | 2542 | 2544 |
| &nbsp;&nbsp;&nbsp; LAI-00107783, 23.090%, 4/25/2024 †x#^ | LendingPoint | 5/06/2019 | 885 | 907 | 92 |
| &nbsp;&nbsp;&nbsp; LAI-00108407, 27.130%, 4/17/2029 †x | LendingPoint | 5/08/2019 | 15813 | 15532 | 15362 |
| &nbsp;&nbsp;&nbsp; LAI-00108764, 10.990%, 9/16/2029 †x# | LendingPoint | 5/09/2019 | 19809 | 20351 | 2070 |
| &nbsp;&nbsp;&nbsp; LAI-00116127, 14.990%, 12/31/2025 †x# | LendingPoint | 6/12/2019 | 4598 | 4598 | 4032 |
| &nbsp;&nbsp;&nbsp; LAI-00117439, 13.140%, 1/28/2026 †x# | LendingPoint | 6/18/2019 | 1493 | 1483 | 1493 |
| &nbsp;&nbsp;&nbsp; LAI-00117965, 12.140%, 9/01/2030 †x | LendingPoint | 6/19/2019 | 3190 | 3190 | 3189 |
| &nbsp;&nbsp;&nbsp; LAI-00120824, 16.990%, 7/15/2026 †x | LendingPoint | 7/02/2019 | 3687 | 3684 | 3765 |
| &nbsp;&nbsp;&nbsp; LAI-00121659, 13.140%, 11/14/2025 †x | LendingPoint | 7/03/2019 | 741 | 741 | 741 |
| &nbsp;&nbsp;&nbsp; LAI-00121820, 21.130%, 1/18/2027 †x# | LendingPoint | 7/03/2019 | 5475 | 5459 | 5441 |
| &nbsp;&nbsp;&nbsp; LAI-00123057, 14.990%, 3/17/2026 †x | LendingPoint | 7/12/2019 | 852 | 852 | 850 |
| &nbsp;&nbsp;&nbsp; LAI-00123232, 14.140%, 11/21/2025 †x# | LendingPoint | 7/11/2019 | 1547 | 1549 | 1535 |
| &nbsp;&nbsp;&nbsp; LAI-00123537, 14.990%, 8/30/2030 †x# | LendingPoint | 7/12/2019 | 6985 | 7183 | 2114 |
| &nbsp;&nbsp;&nbsp; LAI-00123974, 14.990%, 3/24/2026 †x# | LendingPoint | 7/16/2019 | 2508 | 2576 | 262 |
| &nbsp;&nbsp;&nbsp; LAI-00124099, 14.990%, 12/25/2026 †x# | LendingPoint | 7/15/2019 | 498 | 498 |  |
| &nbsp;&nbsp;&nbsp; LAI-00124467, 12.140%, 12/28/2026 †x | LendingPoint | 7/17/2019 | 6411 | 6411 | 6474 |
| &nbsp;&nbsp;&nbsp; LAI-00124499, 0.000%, 9/26/2023 †x^ | LendingPoint | 7/17/2019 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00124634, 0.000%, 9/25/2023 †x^ | LendingPoint | 7/17/2019 | 230 | 230 | 230 |
| &nbsp;&nbsp;&nbsp; LAI-00124955, 13.140%, 4/10/2026 †x# | LendingPoint | 7/18/2019 | 1482 | 1483 | 1478 |
| &nbsp;&nbsp;&nbsp; LAI-00127410, 14.140%, 3/20/2027 †x# | LendingPoint | 7/30/2019 | 11836 | 12178 | 1237 |
| &nbsp;&nbsp;&nbsp; LAI-00127535, 10.990%, 11/20/2026 †x | LendingPoint | 7/30/2019 | 6045 | 6056 | 6013 |
| &nbsp;&nbsp;&nbsp; LAI-00128027, 12.140%, 12/25/2025 †x | LendingPoint | 7/31/2019 | 1680 | 1682 | 1709 |
| &nbsp;&nbsp;&nbsp; LAI-00128135, 13.170%, 11/09/2026 †x | LendingPoint | 8/01/2019 | 5497 | 5497 | 5527 |
| &nbsp;&nbsp;&nbsp; LAI-00128210, 19.000%, 4/25/2026 †x# | LendingPoint | 7/31/2019 | 3297 | 3393 | 1556 |
| &nbsp;&nbsp;&nbsp; LAI-00128269, 14.990%, 6/21/2027 †x# | LendingPoint | 8/01/2019 | 328 | 328 | 328 |
| &nbsp;&nbsp;&nbsp; LAI-00128555, 14.990%, 1/18/2027 †x# | LendingPoint | 8/01/2019 | 3825 | 3825 | 3838 |
| &nbsp;&nbsp;&nbsp; LAI-00128608, 0.000%, 10/12/2023 †x^ | LendingPoint | 8/01/2019 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00135461, 14.990%, 11/12/2026 †x | LendingPoint | 8/26/2019 | 719 | 719 | 602 |
| &nbsp;&nbsp;&nbsp; LAI-00140240, 22.130%, 1/11/2026 †x# | LendingPoint | 9/16/2019 | 2624 | 2698 | 1494 |
| &nbsp;&nbsp;&nbsp; LAI-00140270, 0.000%, 1/01/2024 †x^ | LendingPoint | 9/16/2019 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00140692, 12.640%, 6/01/2025 †x^ | LendingPoint | 9/17/2019 | 402 | 402 |  |
| &nbsp;&nbsp;&nbsp; LAI-00141110, 14.990%, 9/26/2027 †x | LendingPoint | 9/18/2019 | 3411 | 3411 | 3355 |
| &nbsp;&nbsp;&nbsp; LAI-00141282, 12.140%, 9/20/2025 †x# | LendingPoint | 9/19/2019 | 689 | 682 |  |
| &nbsp;&nbsp;&nbsp; LAI-00141693, 14.990%, 7/29/2029 †x# | LendingPoint | 9/19/2019 | 7692 | 7923 | 804 |
| &nbsp;&nbsp;&nbsp; LAI-00141872, 26.130%, 4/20/2027 †x | LendingPoint | 9/20/2019 | 10790 | 10785 | 10835 |
| &nbsp;&nbsp;&nbsp; LAI-00142203, 19.000%, 1/25/2030 †x | LendingPoint | 9/23/2019 | 16128 | 16128 | 15712 |
| &nbsp;&nbsp;&nbsp; LAI-00144114, 14.990%, 5/27/2026 †x | LendingPoint | 9/30/2019 | 963 | 963 | 949 |
| &nbsp;&nbsp;&nbsp; LAI-00149126, 26.130%, 10/20/2023 †x#^ | LendingPoint | 10/21/2019 | 3419 | 3521 | 357 |
| &nbsp;&nbsp;&nbsp; LAI-00150611, 0.000%, 10/25/2023 †x^ | LendingPoint | 10/24/2019 | 52 | 52 | 52 |
| &nbsp;&nbsp;&nbsp; LAI-00151580, 21.130%, 3/04/2028 †x# | LendingPoint | 10/25/2019 | 688 | 687 | 689 |
| &nbsp;&nbsp;&nbsp; LAI-00153466, 14.990%, 11/30/2028 †x# | LendingPoint | 11/01/2019 | 15606 | 15602 | 15091 |
| &nbsp;&nbsp;&nbsp; LAI-00153604, 21.990%, 3/20/2025 †x#^ | LendingPoint | 11/05/2019 | 2164 | 2229 | 226 |
| &nbsp;&nbsp;&nbsp; LAI-00153895, 12.890%, 11/28/2025 †x# | LendingPoint | 11/04/2019 | 2943 | 2859 | 2452 |
| &nbsp;&nbsp;&nbsp; LAI-00154163, 12.140%, 8/25/2024 †x#^ | LendingPoint | 11/04/2019 | 14 | 14 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00154491, 0.000%, 11/01/2023 †x^ | LendingPoint | 11/06/2019 | 163 | 163 | 163 |
| &nbsp;&nbsp;&nbsp; LAI-00155497, 20.000%, 11/19/2025 †x | LendingPoint | 11/08/2019 | 5387 | 5394 | 5343 |
| &nbsp;&nbsp;&nbsp; LAI-00155853, 0.000%, 12/16/2023 †x^ | LendingPoint | 11/12/2019 | 634 | 634 | 634 |
| &nbsp;&nbsp;&nbsp; LAI-00156621, 27.130%, 6/16/2024 †x#^ | LendingPoint | 11/14/2019 | 437 | 450 | 46 |
| &nbsp;&nbsp;&nbsp; LAI-00156629, 14.990%, 12/21/2027 †x# | LendingPoint | 11/14/2019 | 7591 | 7810 | 1491 |
| &nbsp;&nbsp;&nbsp; LAI-00166378, 14.990%, 9/25/2030 †x | LendingPoint | 1/02/2020 | 20852 | 20852 | 20349 |
| &nbsp;&nbsp;&nbsp; LAI-00168887, 22.880%, 4/13/2024 †x#^ | LendingPoint | 1/08/2020 | 181 | 184 | 19 |
| &nbsp;&nbsp;&nbsp; LAI-00169945, 22.000%, 1/14/2027 †x | LendingPoint | 1/15/2020 | 1430 | 1424 | 1409 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8838** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00173577, 10.990%, 7/28/2030 †x# | LendingPoint | 1/24/2020 | $10076 | $10370 | $1053 |
| &nbsp;&nbsp;&nbsp; LAI-00696398, 28.400%, 10/06/2026 †x# | LendingPoint | 10/13/2022 | 2549 | 2549 | 657 |
| &nbsp;&nbsp;&nbsp; LAI-00696455, 25.730%, 10/06/2027 †x | LendingPoint | 10/13/2022 | 7495 | 7495 | 7274 |
| &nbsp;&nbsp;&nbsp; LAI-00697483, 24.520%, 10/09/2026 †§x | LendingPoint | 10/14/2022 | 2568 | 2568 | 2584 |
| &nbsp;&nbsp;&nbsp; LAI-00697916, 0.000%, 10/10/2027 †x | LendingPoint | 10/14/2022 | 208 | 208 | 208 |
| &nbsp;&nbsp;&nbsp; LAI-00698861, 19.190%, 10/11/2025 †§x | LendingPoint | 10/17/2022 | 33 | 33 | 33 |
| &nbsp;&nbsp;&nbsp; LAI-00699034, 16.060%, 10/11/2027 †x | LendingPoint | 10/17/2022 | 5314 | 5314 | 5256 |
| &nbsp;&nbsp;&nbsp; LAI-00699035, 29.440%, 12/11/2027 †x | LendingPoint | 10/17/2022 | 10948 | 10948 | 10868 |
| &nbsp;&nbsp;&nbsp; LAI-00700868, 12.160%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 7948 | 7948 | 7873 |
| &nbsp;&nbsp;&nbsp; LAI-00700869, 28.940%, 10/14/2027 †x# | LendingPoint | 10/20/2022 | 9583 | 9583 | 9492 |
| &nbsp;&nbsp;&nbsp; LAI-00700871, 15.990%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 24469 | 24469 | 24231 |
| &nbsp;&nbsp;&nbsp; LAI-00700895, 22.870%, 10/14/2027 †§x | LendingPoint | 10/20/2022 | 1710 | 1710 | 1686 |
| &nbsp;&nbsp;&nbsp; LAI-00700904, 10.930%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 3707 | 3707 | 3673 |
| &nbsp;&nbsp;&nbsp; LAI-00700940, 21.160%, 11/26/2027 †x# | LendingPoint | 10/20/2022 | 12113 | 12113 | 1266 |
| &nbsp;&nbsp;&nbsp; LAI-00700967, 28.920%, 10/14/2026 †§x | LendingPoint | 10/20/2022 | 1943 | 1943 | 1958 |
| &nbsp;&nbsp;&nbsp; LAI-00700976, 25.910%, 1/01/2028 †x# | LendingPoint | 10/20/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00700981, 27.020%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 10780 | 10780 | 10746 |
| &nbsp;&nbsp;&nbsp; LAI-00700991, 22.770%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 10750 | 10750 | 10751 |
| &nbsp;&nbsp;&nbsp; LAI-00700996, 21.640%, 10/14/2027 †x# | LendingPoint | 10/20/2022 | 5434 | 5434 | 1288 |
| &nbsp;&nbsp;&nbsp; LAI-00701027, 27.490%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 3860 | 3860 | 3852 |
| &nbsp;&nbsp;&nbsp; LAI-00701040, 31.380%, 10/14/2027 †x# | LendingPoint | 10/20/2022 | 6368 | 6368 | 6335 |
| &nbsp;&nbsp;&nbsp; LAI-00701086, 21.370%, 10/25/2027 †x | LendingPoint | 10/20/2022 | 13168 | 13168 | 12991 |
| &nbsp;&nbsp;&nbsp; LAI-00701126, 22.490%, 10/14/2026 †§x | LendingPoint | 10/20/2022 | 816 | 816 | 824 |
| &nbsp;&nbsp;&nbsp; LAI-00701131, 25.310%, 4/14/2026 †x# | LendingPoint | 10/20/2022 | 970 | 970 | 423 |
| &nbsp;&nbsp;&nbsp; LAI-00701142, 10.510%, 10/14/2025 †§x | LendingPoint | 10/20/2022 | 301 | 301 | 302 |
| &nbsp;&nbsp;&nbsp; LAI-00701149, 14.790%, 1/14/2027 †x | LendingPoint | 10/20/2022 | 26 | 26 |  |
| &nbsp;&nbsp;&nbsp; LAI-00701187, 28.420%, 10/14/2026 †§x | LendingPoint | 10/20/2022 | 2092 | 2092 | 2104 |
| &nbsp;&nbsp;&nbsp; LAI-00701215, 14.560%, 7/14/2029 †x# | LendingPoint | 10/20/2022 | 8298 | 8298 | 2547 |
| &nbsp;&nbsp;&nbsp; LAI-00701233, 18.790%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 2921 | 2921 | 2890 |
| &nbsp;&nbsp;&nbsp; LAI-00701259, 20.450%, 10/07/2027 †x | LendingPoint | 10/20/2022 | 4390 | 4390 | 4321 |
| &nbsp;&nbsp;&nbsp; LAI-00701263, 26.480%, 10/14/2027 †x# | LendingPoint | 10/20/2022 | 6483 | 6483 | 677 |
| &nbsp;&nbsp;&nbsp; LAI-00701265, 22.340%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 7024 | 7024 | 7025 |
| &nbsp;&nbsp;&nbsp; LAI-00701286, 25.490%, 10/14/2026 †§x | LendingPoint | 10/20/2022 | 5107 | 5107 | 5151 |
| &nbsp;&nbsp;&nbsp; LAI-00701288, 23.590%, 10/14/2026 †§x | LendingPoint | 10/20/2022 | 530 | 530 | 527 |
| &nbsp;&nbsp;&nbsp; LAI-00701290, 17.740%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 8222 | 8222 | 8239 |
| &nbsp;&nbsp;&nbsp; LAI-00701292, 26.480%, 9/25/2027 †x | LendingPoint | 10/20/2022 | 7780 | 7780 | 7626 |
| &nbsp;&nbsp;&nbsp; LAI-00701310, 24.050%, 10/15/2027 †x | LendingPoint | 10/20/2022 | 4854 | 4854 | 4725 |
| &nbsp;&nbsp;&nbsp; LAI-00701311, 28.420%, 10/15/2026 †§x | LendingPoint | 10/20/2022 | 2208 | 2208 | 2212 |
| &nbsp;&nbsp;&nbsp; LAI-00701314, 27.020%, 10/15/2027 †x | LendingPoint | 10/20/2022 | 2969 | 2969 | 2962 |
| &nbsp;&nbsp;&nbsp; LAI-00701322, 16.410%, 10/15/2027 †x | LendingPoint | 10/20/2022 | 5193 | 5193 | 5127 |
| &nbsp;&nbsp;&nbsp; LAI-00701345, 21.650%, 10/15/2027 †x | LendingPoint | 10/20/2022 | 5917 | 5917 | 5839 |
| &nbsp;&nbsp;&nbsp; LAI-00701362, 26.950%, 10/15/2026 †§x | LendingPoint | 10/20/2022 | 2169 | 2169 | 2188 |
| &nbsp;&nbsp;&nbsp; LAI-00701393, 28.460%, 4/28/2030 †x# | LendingPoint | 10/20/2022 | 11016 | 11016 | 1966 |
| &nbsp;&nbsp;&nbsp; LAI-00701430, 25.990%, 10/15/2026 †§x | LendingPoint | 10/20/2022 | 4817 | 4817 | 4862 |
| &nbsp;&nbsp;&nbsp; LAI-00701431, 13.820%, 10/15/2027 †x# | LendingPoint | 10/20/2022 | 12836 | 12836 | 12696 |
| &nbsp;&nbsp;&nbsp; LAI-00701435, 22.550%, 10/15/2026 †§x | LendingPoint | 10/20/2022 | 6534 | 6534 | 6539 |
| &nbsp;&nbsp;&nbsp; LAI-00701437, 20.170%, 10/28/2027 †x# | LendingPoint | 10/20/2022 | 16085 | 16085 | 15609 |
| &nbsp;&nbsp;&nbsp; LAI-00701444, 23.320%, 7/20/2025 †x#^ | LendingPoint | 10/20/2022 | 3285 | 3285 | 343 |
| &nbsp;&nbsp;&nbsp; LAI-00701462, 19.220%, 11/30/2025 †x# | LendingPoint | 10/20/2022 | 1514 | 1514 | 1297 |
| &nbsp;&nbsp;&nbsp; LAI-00701495, 15.780%, 10/18/2027 †x# | LendingPoint | 10/20/2022 | 7967 | 7967 | 7860 |
| &nbsp;&nbsp;&nbsp; LAI-00701502, 25.510%, 10/16/2027 †x | LendingPoint | 10/20/2022 | 4235 | 4235 | 4221 |
| &nbsp;&nbsp;&nbsp; LAI-00701504, 26.570%, 10/16/2025 †§x | LendingPoint | 10/20/2022 | 349 | 349 | 353 |
| &nbsp;&nbsp;&nbsp; LAI-00701567, 25.490%, 10/16/2026 †§x | LendingPoint | 10/20/2022 | 439 | 439 | 436 |
| &nbsp;&nbsp;&nbsp; LAI-00701583, 16.980%, 10/16/2027 †x | LendingPoint | 10/20/2022 | 11888 | 11888 | 11740 |
| &nbsp;&nbsp;&nbsp; LAI-00701584, 24.490%, 2/18/2028 †x | LendingPoint | 10/20/2022 | 16549 | 16549 | 16068 |
| &nbsp;&nbsp;&nbsp; LAI-00701589, 27.430%, 11/25/2026 †x | LendingPoint | 10/20/2022 | 1684 | 1684 | 1698 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8839** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00701637, 28.920%, 10/17/2026 †§x | LendingPoint | 10/20/2022 | $2210 | $2210 | $2231 |
| &nbsp;&nbsp;&nbsp; LAI-00701672, 0.000%, 10/17/2027 †x# | LendingPoint | 10/20/2022 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00701687, 16.980%, 10/10/2027 †x# | LendingPoint | 10/20/2022 | 1153 | 1153 | 1134 |
| &nbsp;&nbsp;&nbsp; LAI-00701704, 30.150%, 10/17/2027 †x | LendingPoint | 10/20/2022 | 2425 | 2425 | 2367 |
| &nbsp;&nbsp;&nbsp; LAI-00701706, 14.820%, 10/17/2025 †§x | LendingPoint | 10/20/2022 | 506 | 506 | 509 |
| &nbsp;&nbsp;&nbsp; LAI-00701736, 21.890%, 10/17/2027 †x | LendingPoint | 10/20/2022 | 3119 | 3119 | 3041 |
| &nbsp;&nbsp;&nbsp; LAI-00701757, 12.880%, 10/17/2027 †x | LendingPoint | 10/20/2022 | 5435 | 5435 | 5360 |
| &nbsp;&nbsp;&nbsp; LAI-00701780, 27.230%, 10/17/2026 †§x | LendingPoint | 10/20/2022 | 2192 | 2192 | 2196 |
| &nbsp;&nbsp;&nbsp; LAI-00701827, 15.620%, 10/17/2027 †x | LendingPoint | 10/20/2022 | 4532 | 4532 | 4480 |
| &nbsp;&nbsp;&nbsp; LAI-00701855, 17.580%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 8021 | 8021 | 7853 |
| &nbsp;&nbsp;&nbsp; LAI-00701894, 15.140%, 12/05/2027 †x | LendingPoint | 10/21/2022 | 10226 | 10226 | 9985 |
| &nbsp;&nbsp;&nbsp; LAI-00701937, 16.380%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 3409 | 3409 | 3328 |
| &nbsp;&nbsp;&nbsp; LAI-00701979, 14.620%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 6912 | 6912 | 6846 |
| &nbsp;&nbsp;&nbsp; LAI-00702003, 16.040%, 10/17/2026 †§x# | LendingPoint | 10/21/2022 | 1077 | 1077 | 1079 |
| &nbsp;&nbsp;&nbsp; LAI-00702022, 14.140%, 6/17/2028 †x# | LendingPoint | 10/21/2022 | 19026 | 19026 | 18217 |
| &nbsp;&nbsp;&nbsp; LAI-00702032, 14.400%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 5214 | 5214 | 5167 |
| &nbsp;&nbsp;&nbsp; LAI-00702045, 12.990%, 10/17/2027 †x# | LendingPoint | 10/21/2022 | 7862 | 7862 | 7907 |
| &nbsp;&nbsp;&nbsp; LAI-00702070, 17.090%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 15240 | 15240 | 15101 |
| &nbsp;&nbsp;&nbsp; LAI-00702074, 14.510%, 10/17/2025 †§x | LendingPoint | 10/21/2022 | 1205 | 1205 | 1216 |
| &nbsp;&nbsp;&nbsp; LAI-00702087, 17.080%, 1/17/2029 †x# | LendingPoint | 10/21/2022 | 8396 | 8396 | 7986 |
| &nbsp;&nbsp;&nbsp; LAI-00702090, 14.650%, 5/25/2026 †x | LendingPoint | 10/21/2022 | 5240 | 5240 | 5259 |
| &nbsp;&nbsp;&nbsp; LAI-00702103, 15.380%, 6/17/2029 †x | LendingPoint | 10/21/2022 | 15406 | 15406 | 14816 |
| &nbsp;&nbsp;&nbsp; LAI-00702105, 16.000%, 11/25/2027 †x | LendingPoint | 10/21/2022 | 15120 | 15120 | 14936 |
| &nbsp;&nbsp;&nbsp; LAI-00702161, 17.520%, 10/17/2025 †§x | LendingPoint | 10/21/2022 | 209 | 209 | 210 |
| &nbsp;&nbsp;&nbsp; LAI-00702206, 16.880%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 3754 | 3754 | 3676 |
| &nbsp;&nbsp;&nbsp; LAI-00702234, 14.120%, 10/17/2027 †§x | LendingPoint | 10/21/2022 | 1426 | 1426 | 1408 |
| &nbsp;&nbsp;&nbsp; LAI-00702235, 13.400%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 5847 | 5847 | 5788 |
| &nbsp;&nbsp;&nbsp; LAI-00702253, 17.690%, 10/17/2026 †x | LendingPoint | 10/21/2022 | 1570 | 1570 | 1573 |
| &nbsp;&nbsp;&nbsp; LAI-00702257, 15.380%, 10/17/2027 †x | LendingPoint | 10/21/2022 | 2109 | 2109 | 2066 |
| &nbsp;&nbsp;&nbsp; LAI-00702262, 15.900%, 10/17/2027 †x# | LendingPoint | 10/21/2022 | 1963 | 1963 | 1938 |
| &nbsp;&nbsp;&nbsp; LAI-00702276, 14.560%, 3/17/2028 †x | LendingPoint | 10/21/2022 | 10385 | 10385 | 10059 |
| &nbsp;&nbsp;&nbsp; LAI-00702303, 15.080%, 8/26/2025 †x#^ | LendingPoint | 10/21/2022 | 2904 | 2904 | 2405 |
| &nbsp;&nbsp;&nbsp; LAI-00702353, 17.680%, 12/29/2028 †x# | LendingPoint | 10/21/2022 | 18145 | 18145 | 7884 |
| &nbsp;&nbsp;&nbsp; LAI-00702384, 15.770%, 10/17/2026 †§x | LendingPoint | 10/21/2022 | 1882 | 1882 | 1886 |
| &nbsp;&nbsp;&nbsp; LAI-00702391, 15.620%, 1/17/2026 †x# | LendingPoint | 10/21/2022 | 2770 | 2770 | 290 |
| &nbsp;&nbsp;&nbsp; LAI-00702392, 16.560%, 2/05/2026 †x# | LendingPoint | 10/21/2022 | 5044 | 5044 | 4147 |
| &nbsp;&nbsp;&nbsp; LAI-00702465, 13.810%, 4/30/2026 †x# | LendingPoint | 10/21/2022 | 6782 | 6782 | 6034 |
| &nbsp;&nbsp;&nbsp; LAI-00702481, 14.800%, 10/18/2027 †x# | LendingPoint | 10/21/2022 | 14868 | 14868 | 14643 |
| &nbsp;&nbsp;&nbsp; LAI-00702510, 12.460%, 10/18/2027 †x# | LendingPoint | 10/21/2022 | 5407 | 5407 | 5336 |
| &nbsp;&nbsp;&nbsp; LAI-00702514, 14.990%, 12/31/2025 †x# | LendingPoint | 10/21/2022 | 5068 | 5068 | 4259 |
| &nbsp;&nbsp;&nbsp; LAI-00702558, 17.560%, 10/18/2027 †x# | LendingPoint | 10/21/2022 | 3185 | 3185 | 3109 |
| &nbsp;&nbsp;&nbsp; LAI-00702560, 15.790%, 10/18/2027 †x# | LendingPoint | 10/21/2022 | 4520 | 4520 | 4541 |
| &nbsp;&nbsp;&nbsp; LAI-00702583, 15.330%, 10/18/2027 †x# | LendingPoint | 10/21/2022 | 8431 | 8431 | 8433 |
| &nbsp;&nbsp;&nbsp; LAI-00702596, 15.770%, 10/20/2026 †x# | LendingPoint | 10/21/2022 | 4884 | 4884 | 4895 |
| &nbsp;&nbsp;&nbsp; LAI-00702648, 14.900%, 2/21/2029 †x# | LendingPoint | 10/24/2022 | 17638 | 17638 | 3673 |
| &nbsp;&nbsp;&nbsp; LAI-00702662, 15.780%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 8336 | 8336 | 8168 |
| &nbsp;&nbsp;&nbsp; LAI-00702676, 0.000%, 10/18/2024 †x^ | LendingPoint | 10/24/2022 | 121 | 121 |  |
| &nbsp;&nbsp;&nbsp; LAI-00702687, 31.380%, 10/18/2027 †x | LendingPoint | 10/24/2022 | 4331 | 4331 | 4309 |
| &nbsp;&nbsp;&nbsp; LAI-00702702, 30.350%, 10/18/2026 †§x# | LendingPoint | 10/24/2022 | 1353 | 1353 | 1366 |
| &nbsp;&nbsp;&nbsp; LAI-00702748, 28.400%, 10/18/2026 †x# | LendingPoint | 10/24/2022 | 2209 | 2209 | 2264 |
| &nbsp;&nbsp;&nbsp; LAI-00702751, 28.990%, 10/18/2026 †§x# | LendingPoint | 10/24/2022 | 2078 | 2078 | 2101 |
| &nbsp;&nbsp;&nbsp; LAI-00702815, 20.090%, 11/23/2027 †x# | LendingPoint | 10/24/2022 | 12042 | 12042 | 11922 |
| &nbsp;&nbsp;&nbsp; LAI-00702834, 28.950%, 1/29/2026 †x | LendingPoint | 10/24/2022 | 3305 | 3305 | 3111 |
| &nbsp;&nbsp;&nbsp; LAI-00702841, 15.470%, 3/25/2027 †x# | LendingPoint | 10/24/2022 | 2234 | 2234 | 234 |
| &nbsp;&nbsp;&nbsp; LAI-00702852, 24.080%, 3/05/2026 †x | LendingPoint | 10/24/2022 | 6255 | 6255 | 6170 |
| &nbsp;&nbsp;&nbsp; LAI-00702859, 18.360%, 3/30/2026 †x# | LendingPoint | 10/24/2022 | 6444 | 6444 | 673 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8840** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00702881, 15.650%, 10/18/2025 †§x# | LendingPoint | 10/24/2022 | $464 | $464 | $465 |
| &nbsp;&nbsp;&nbsp; LAI-00702889, 29.440%, 10/18/2026 †§x# | LendingPoint | 10/24/2022 | 5431 | 5431 | 5455 |
| &nbsp;&nbsp;&nbsp; LAI-00702924, 29.950%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 2619 | 2619 | 2556 |
| &nbsp;&nbsp;&nbsp; LAI-00702953, 24.590%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 4799 | 4799 | 4691 |
| &nbsp;&nbsp;&nbsp; LAI-00702962, 14.330%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 7992 | 7992 | 7895 |
| &nbsp;&nbsp;&nbsp; LAI-00702967, 29.450%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 3419 | 3419 | 3370 |
| &nbsp;&nbsp;&nbsp; LAI-00702987, 13.990%, 10/18/2027 †x | LendingPoint | 10/24/2022 | 2732 | 2732 | 2744 |
| &nbsp;&nbsp;&nbsp; LAI-00702989, 27.460%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 9420 | 9420 | 1681 |
| &nbsp;&nbsp;&nbsp; LAI-00702996, 18.730%, 10/18/2025 †§x# | LendingPoint | 10/24/2022 | 226 | 226 | 227 |
| &nbsp;&nbsp;&nbsp; LAI-00703005, 22.130%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 15845 | 15845 | 15690 |
| &nbsp;&nbsp;&nbsp; LAI-00703017, 17.460%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 3696 | 3696 | 3603 |
| &nbsp;&nbsp;&nbsp; LAI-00703033, 21.650%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 17713 | 17713 | 5534 |
| &nbsp;&nbsp;&nbsp; LAI-00703035, 20.850%, 10/18/2026 †§x | LendingPoint | 10/24/2022 | 2421 | 2421 | 2434 |
| &nbsp;&nbsp;&nbsp; LAI-00703047, 25.460%, 10/18/2025 †§x# | LendingPoint | 10/24/2022 | 355 | 355 | 360 |
| &nbsp;&nbsp;&nbsp; LAI-00703049, 18.240%, 10/18/2025 †§x | LendingPoint | 10/24/2022 | 302 | 302 | 304 |
| &nbsp;&nbsp;&nbsp; LAI-00703067, 22.340%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 6133 | 6133 | 6166 |
| &nbsp;&nbsp;&nbsp; LAI-00703077, 9.990%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 2764 | 2764 | 2705 |
| &nbsp;&nbsp;&nbsp; LAI-00703078, 29.450%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 3910 | 3910 | 3905 |
| &nbsp;&nbsp;&nbsp; LAI-00703087, 9.950%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 7910 | 7910 | 7847 |
| &nbsp;&nbsp;&nbsp; LAI-00703112, 21.120%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 2083 | 2083 | 2058 |
| &nbsp;&nbsp;&nbsp; LAI-00703120, 12.160%, 10/18/2027 †x | LendingPoint | 10/24/2022 | 3310 | 3310 | 3278 |
| &nbsp;&nbsp;&nbsp; LAI-00703139, 29.460%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 5673 | 5673 | 5660 |
| &nbsp;&nbsp;&nbsp; LAI-00703145, 23.990%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 13857 | 13857 | 1448 |
| &nbsp;&nbsp;&nbsp; LAI-00703148, 25.590%, 10/18/2027 †x# | LendingPoint | 10/24/2022 | 5690 | 5690 | 5554 |
| &nbsp;&nbsp;&nbsp; LAI-00703173, 27.430%, 10/18/2026 †§x# | LendingPoint | 10/24/2022 | 138 | 138 |  |
| &nbsp;&nbsp;&nbsp; LAI-00703176, 24.630%, 10/18/2025 †§x# | LendingPoint | 10/24/2022 | 152 | 152 | 154 |
| &nbsp;&nbsp;&nbsp; LAI-00703227, 29.450%, 10/19/2027 †x | LendingPoint | 10/24/2022 | 3269 | 3269 | 3251 |
| &nbsp;&nbsp;&nbsp; LAI-00703281, 22.550%, 11/30/2026 †x# | LendingPoint | 10/24/2022 | 10130 | 10130 | 10058 |
| &nbsp;&nbsp;&nbsp; LAI-00703284, 24.560%, 10/19/2027 †x | LendingPoint | 10/24/2022 | 2958 | 2958 | 2958 |
| &nbsp;&nbsp;&nbsp; LAI-00703301, 25.590%, 10/19/2027 †x | LendingPoint | 10/24/2022 | 5388 | 5388 | 5251 |
| &nbsp;&nbsp;&nbsp; LAI-00703323, 29.950%, 8/30/2029 †x | LendingPoint | 10/24/2022 | 7790 | 7790 | 7784 |
| &nbsp;&nbsp;&nbsp; LAI-00703332, 17.250%, 2/19/2028 †x# | LendingPoint | 10/24/2022 | 7588 | 7588 | 7470 |
| &nbsp;&nbsp;&nbsp; LAI-00703345, 28.480%, 10/19/2025 †§x | LendingPoint | 10/24/2022 | 162 | 162 | 164 |
| &nbsp;&nbsp;&nbsp; LAI-00703376, 28.410%, 10/19/2027 †x | LendingPoint | 10/24/2022 | 9875 | 9875 | 9781 |
| &nbsp;&nbsp;&nbsp; LAI-00703406, 21.790%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 6168 | 6168 | 6190 |
| &nbsp;&nbsp;&nbsp; LAI-00703407, 28.430%, 4/28/2028 †x# | LendingPoint | 10/25/2022 | 3509 | 3509 | 3490 |
| &nbsp;&nbsp;&nbsp; LAI-00703422, 25.490%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 1071 | 1071 | 1084 |
| &nbsp;&nbsp;&nbsp; LAI-00703425, 29.460%, 1/19/2029 †x# | LendingPoint | 10/25/2022 | 12592 | 12592 | 11790 |
| &nbsp;&nbsp;&nbsp; LAI-00703429, 21.940%, 1/19/2028 †x | LendingPoint | 10/25/2022 | 19222 | 19222 | 18955 |
| &nbsp;&nbsp;&nbsp; LAI-00703438, 25.990%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 894 | 894 | 904 |
| &nbsp;&nbsp;&nbsp; LAI-00703444, 20.680%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 2233 | 2233 | 2169 |
| &nbsp;&nbsp;&nbsp; LAI-00703450, 16.260%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 14708 | 14708 | 14319 |
| &nbsp;&nbsp;&nbsp; LAI-00703452, 30.410%, 10/19/2027 †x# | LendingPoint | 10/25/2022 | 5148 | 5148 | 1741 |
| &nbsp;&nbsp;&nbsp; LAI-00703461, 28.460%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 11243 | 11243 | 11256 |
| &nbsp;&nbsp;&nbsp; LAI-00703465, 23.590%, 1/19/2027 †x# | LendingPoint | 10/25/2022 | 2623 | 2623 | 2541 |
| &nbsp;&nbsp;&nbsp; LAI-00703467, 17.330%, 10/19/2025 †§x | LendingPoint | 10/25/2022 | 348 | 348 | 350 |
| &nbsp;&nbsp;&nbsp; LAI-00703479, 30.380%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 1632 | 1632 | 1628 |
| &nbsp;&nbsp;&nbsp; LAI-00703483, 19.770%, 11/30/2027 †x# | LendingPoint | 10/25/2022 | 10546 | 10546 | 10360 |
| &nbsp;&nbsp;&nbsp; LAI-00703485, 27.460%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 9872 | 9872 | 9888 |
| &nbsp;&nbsp;&nbsp; LAI-00703512, 19.890%, 9/26/2025 †x# | LendingPoint | 10/25/2022 | 10250 | 10250 | 1071 |
| &nbsp;&nbsp;&nbsp; LAI-00703516, 25.590%, 4/19/2028 †x | LendingPoint | 10/25/2022 | 9415 | 9415 | 9322 |
| &nbsp;&nbsp;&nbsp; LAI-00703527, 31.880%, 10/19/2027 †x# | LendingPoint | 10/25/2022 | 7139 | 7139 | 746 |
| &nbsp;&nbsp;&nbsp; LAI-00703530, 21.310%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 765 | 765 | 766 |
| &nbsp;&nbsp;&nbsp; LAI-00703546, 25.490%, 10/19/2026 †x# | LendingPoint | 10/25/2022 | 2468 | 2468 | 258 |
| &nbsp;&nbsp;&nbsp; LAI-00703554, 19.120%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 4588 | 4588 | 4637 |
| &nbsp;&nbsp;&nbsp; LAI-00703571, 26.010%, 2/22/2028 †x | LendingPoint | 10/25/2022 | 1111 | 1111 | 1096 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8841** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00703592, 6.000%, 8/13/2026 †x# | LendingPoint | 10/25/2022 | $162 | $162 | $- |
| &nbsp;&nbsp;&nbsp; LAI-00703595, 19.680%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 8265 | 8265 | 8093 |
| &nbsp;&nbsp;&nbsp; LAI-00703621, 25.020%, 10/29/2025 †x | LendingPoint | 10/25/2022 | 2843 | 2843 | 2668 |
| &nbsp;&nbsp;&nbsp; LAI-00703622, 24.580%, 12/19/2026 †x | LendingPoint | 10/25/2022 | 1825 | 1825 | 1843 |
| &nbsp;&nbsp;&nbsp; LAI-00703623, 0.000%, 1/08/2028 †x | LendingPoint | 10/25/2022 | 51 | 51 | 51 |
| &nbsp;&nbsp;&nbsp; LAI-00703644, 29.450%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 3229 | 3229 | 3227 |
| &nbsp;&nbsp;&nbsp; LAI-00703655, 27.450%, 2/19/2028 †x# | LendingPoint | 10/25/2022 | 17419 | 17419 | 17113 |
| &nbsp;&nbsp;&nbsp; LAI-00703656, 20.400%, 10/19/2025 †§x | LendingPoint | 10/25/2022 | 401 | 401 | 407 |
| &nbsp;&nbsp;&nbsp; LAI-00703681, 21.650%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 7340 | 7340 | 7184 |
| &nbsp;&nbsp;&nbsp; LAI-00703687, 0.000%, 10/19/2024 †x#^ | LendingPoint | 10/25/2022 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00703694, 16.270%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 6714 | 6714 | 6581 |
| &nbsp;&nbsp;&nbsp; LAI-00703698, 28.540%, 10/19/2025 †x# | LendingPoint | 10/25/2022 | 1964 | 1964 | 351 |
| &nbsp;&nbsp;&nbsp; LAI-00703708, 20.680%, 10/19/2027 †§x | LendingPoint | 10/25/2022 | 1196 | 1196 | 1171 |
| &nbsp;&nbsp;&nbsp; LAI-00703709, 29.860%, 10/19/2026 †§x# | LendingPoint | 10/25/2022 | 2494 | 2494 | 2540 |
| &nbsp;&nbsp;&nbsp; LAI-00703717, 30.150%, 10/19/2027 †§x | LendingPoint | 10/25/2022 | 139 | 139 |  |
| &nbsp;&nbsp;&nbsp; LAI-00703718, 28.940%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 1946 | 1946 | 1900 |
| &nbsp;&nbsp;&nbsp; LAI-00703721, 16.960%, 5/25/2028 †x | LendingPoint | 10/25/2022 | 14334 | 14334 | 13704 |
| &nbsp;&nbsp;&nbsp; LAI-00703723, 28.400%, 10/19/2026 †x# | LendingPoint | 10/25/2022 | 978 | 978 | 377 |
| &nbsp;&nbsp;&nbsp; LAI-00703728, 25.490%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 5540 | 5540 | 5307 |
| &nbsp;&nbsp;&nbsp; LAI-00703739, 21.710%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 4814 | 4814 | 4756 |
| &nbsp;&nbsp;&nbsp; LAI-00703750, 27.050%, 6/30/2047 †x# | LendingPoint | 10/25/2022 | 4504 | 4504 | 471 |
| &nbsp;&nbsp;&nbsp; LAI-00703756, 23.550%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 2541 | 2541 | 2508 |
| &nbsp;&nbsp;&nbsp; LAI-00703762, 28.920%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 3086 | 3086 | 3121 |
| &nbsp;&nbsp;&nbsp; LAI-00703767, 31.410%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 4651 | 4651 | 4659 |
| &nbsp;&nbsp;&nbsp; LAI-00703770, 24.630%, 9/30/2025 †x | LendingPoint | 10/25/2022 | 4231 | 4231 | 3399 |
| &nbsp;&nbsp;&nbsp; LAI-00703774, 29.450%, 2/28/2027 †x# | LendingPoint | 10/25/2022 | 11780 | 11780 | 11156 |
| &nbsp;&nbsp;&nbsp; LAI-00703798, 28.400%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 3098 | 3098 | 3177 |
| &nbsp;&nbsp;&nbsp; LAI-00703814, 31.910%, 10/19/2027 †x# | LendingPoint | 10/25/2022 | 4888 | 560 | 511 |
| &nbsp;&nbsp;&nbsp; LAI-00703824, 23.600%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 9262 | 9262 | 9030 |
| &nbsp;&nbsp;&nbsp; LAI-00703826, 16.410%, 4/27/2029 †x# | LendingPoint | 10/25/2022 | 7088 | 7088 | 741 |
| &nbsp;&nbsp;&nbsp; LAI-00703836, 25.590%, 10/19/2027 †x# | LendingPoint | 10/25/2022 | 6287 | 6287 | 6145 |
| &nbsp;&nbsp;&nbsp; LAI-00703837, 22.340%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 10747 | 10747 | 10784 |
| &nbsp;&nbsp;&nbsp; LAI-00703842, 23.420%, 10/03/2027 †x | LendingPoint | 10/25/2022 | 7756 | 7756 | 7720 |
| &nbsp;&nbsp;&nbsp; LAI-00703849, 28.400%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 888 | 888 | 911 |
| &nbsp;&nbsp;&nbsp; LAI-00703862, 22.130%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 2478 | 2478 | 2482 |
| &nbsp;&nbsp;&nbsp; LAI-00703863, 21.200%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 7216 | 7216 | 7132 |
| &nbsp;&nbsp;&nbsp; LAI-00703867, 20.120%, 2/19/2029 †x# | LendingPoint | 10/25/2022 | 9148 | 9148 | 8938 |
| &nbsp;&nbsp;&nbsp; LAI-00703880, 29.510%, 10/19/2025 †§x# | LendingPoint | 10/25/2022 | 227 | 227 | 231 |
| &nbsp;&nbsp;&nbsp; LAI-00703883, 28.890%, 10/19/2026 †§x# | LendingPoint | 10/25/2022 | 1454 | 1454 | 1479 |
| &nbsp;&nbsp;&nbsp; LAI-00703885, 26.010%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 2525 | 2525 | 2526 |
| &nbsp;&nbsp;&nbsp; LAI-00703890, 29.370%, 10/19/2026 †§x | LendingPoint | 10/25/2022 | 3763 | 3763 | 3812 |
| &nbsp;&nbsp;&nbsp; LAI-00703904, 0.000%, 10/19/2027 †x# | LendingPoint | 10/25/2022 | 1858 | 1858 |  |
| &nbsp;&nbsp;&nbsp; LAI-00703910, 16.770%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 3937 | 3937 | 3894 |
| &nbsp;&nbsp;&nbsp; LAI-00703935, 28.940%, 2/20/2028 †x | LendingPoint | 10/25/2022 | 3742 | 3742 | 3609 |
| &nbsp;&nbsp;&nbsp; LAI-00703938, 21.380%, 10/20/2026 †§x | LendingPoint | 10/25/2022 | 3109 | 3109 | 3099 |
| &nbsp;&nbsp;&nbsp; LAI-00703946, 20.600%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 15859 | 15859 | 15606 |
| &nbsp;&nbsp;&nbsp; LAI-00703952, 22.770%, 10/13/2027 †x# | LendingPoint | 10/25/2022 | 2074 | 2074 | 2076 |
| &nbsp;&nbsp;&nbsp; LAI-00703969, 24.590%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 4819 | 4819 | 4701 |
| &nbsp;&nbsp;&nbsp; LAI-00703971, 19.700%, 12/01/2027 †x | LendingPoint | 10/25/2022 | 9812 | 9812 | 9574 |
| &nbsp;&nbsp;&nbsp; LAI-00703985, 21.380%, 10/20/2024 †§x#^ | LendingPoint | 10/25/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00703999, 22.990%, 10/20/2025 †§x# | LendingPoint | 10/25/2022 | 265 | 265 | 267 |
| &nbsp;&nbsp;&nbsp; LAI-00704002, 21.650%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 14561 | 14561 | 14187 |
| &nbsp;&nbsp;&nbsp; LAI-00704014, 18.230%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 11965 | 11965 | 11646 |
| &nbsp;&nbsp;&nbsp; LAI-00704026, 31.380%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 3327 | 3327 | 3318 |
| &nbsp;&nbsp;&nbsp; LAI-00704030, 28.490%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 3533 | 3533 | 3531 |
| &nbsp;&nbsp;&nbsp; LAI-00704036, 23.090%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 3687 | 3687 | 3630 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8842** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00704047, 24.520%, 9/30/2026 †x# | LendingPoint | 10/25/2022 | $10293 | $10293 | $9660 |
| &nbsp;&nbsp;&nbsp; LAI-00704054, 24.510%, 9/12/2026 †x# | LendingPoint | 10/25/2022 | 494 | 494 | 88 |
| &nbsp;&nbsp;&nbsp; LAI-00704064, 30.880%, 11/14/2033 †x# | LendingPoint | 10/25/2022 | 20208 | 20208 | 5678 |
| &nbsp;&nbsp;&nbsp; LAI-00704067, 20.370%, 10/20/2026 †x# | LendingPoint | 10/25/2022 | 6192 | 6192 | 1532 |
| &nbsp;&nbsp;&nbsp; LAI-00704068, 23.590%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 16361 | 16361 | 16084 |
| &nbsp;&nbsp;&nbsp; LAI-00704069, 23.340%, 10/20/2027 †x# | LendingPoint | 10/25/2022 | 12021 | 12021 | 12063 |
| &nbsp;&nbsp;&nbsp; LAI-00704070, 0.000%, 10/20/2027 †x# | LendingPoint | 10/25/2022 | 11614 | 11614 |  |
| &nbsp;&nbsp;&nbsp; LAI-00704072, 20.180%, 10/20/2027 †x | LendingPoint | 10/25/2022 | 3434 | 3434 | 3352 |
| &nbsp;&nbsp;&nbsp; LAI-00704078, 25.590%, 11/30/2027 †x# | LendingPoint | 10/25/2022 | 5584 | 5584 | 5375 |
| &nbsp;&nbsp;&nbsp; LAI-00704081, 16.970%, 2/20/2027 †x# | LendingPoint | 10/25/2022 | 2915 | 2915 | 2901 |
| &nbsp;&nbsp;&nbsp; LAI-00704086, 24.630%, 11/25/2025 †x | LendingPoint | 10/25/2022 | 72 | 72 |  |
| &nbsp;&nbsp;&nbsp; LAI-00704105, 29.450%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 2132 | 2132 | 2132 |
| &nbsp;&nbsp;&nbsp; LAI-00704108, 20.680%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 8971 | 8971 | 8782 |
| &nbsp;&nbsp;&nbsp; LAI-00704111, 18.970%, 2/29/2028 †x# | LendingPoint | 10/26/2022 | 3267 | 3267 | 3138 |
| &nbsp;&nbsp;&nbsp; LAI-00704114, 16.120%, 10/20/2027 †x# | LendingPoint | 10/26/2022 | 7323 | 7323 | 7259 |
| &nbsp;&nbsp;&nbsp; LAI-00704125, 16.290%, 10/20/2026 †§x# | LendingPoint | 10/26/2022 | 1722 | 1722 | 1719 |
| &nbsp;&nbsp;&nbsp; LAI-00704143, 26.010%, 9/25/2027 †x | LendingPoint | 10/26/2022 | 2388 | 2388 | 2373 |
| &nbsp;&nbsp;&nbsp; LAI-00704144, 28.730%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 3561 | 3561 | 3513 |
| &nbsp;&nbsp;&nbsp; LAI-00704148, 19.690%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 5238 | 5238 | 5278 |
| &nbsp;&nbsp;&nbsp; LAI-00704152, 19.970%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 26795 | 26795 | 26504 |
| &nbsp;&nbsp;&nbsp; LAI-00704155, 28.940%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 6542 | 6542 | 6514 |
| &nbsp;&nbsp;&nbsp; LAI-00704162, 16.620%, 10/20/2027 †x# | LendingPoint | 10/26/2022 | 20926 | 20926 | 2187 |
| &nbsp;&nbsp;&nbsp; LAI-00704168, 20.700%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 5984 | 5984 | 5859 |
| &nbsp;&nbsp;&nbsp; LAI-00704170, 24.460%, 8/25/2029 †x# | LendingPoint | 10/26/2022 | 8723 | 8723 | 8472 |
| &nbsp;&nbsp;&nbsp; LAI-00704186, 14.320%, 10/20/2026 †§x# | LendingPoint | 10/26/2022 | 5283 | 5283 | 5300 |
| &nbsp;&nbsp;&nbsp; LAI-00704206, 12.160%, 10/20/2027 †x# | LendingPoint | 10/26/2022 | 8075 | 8075 | 8011 |
| &nbsp;&nbsp;&nbsp; LAI-00704222, 25.490%, 3/05/2028 †x# | LendingPoint | 10/26/2022 | 7123 | 7123 | 1290 |
| &nbsp;&nbsp;&nbsp; LAI-00704248, 24.500%, 10/20/2024 †x#^ | LendingPoint | 10/26/2022 | 64 | 64 | 7 |
| &nbsp;&nbsp;&nbsp; LAI-00704253, 19.500%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 2048 | 2048 | 2029 |
| &nbsp;&nbsp;&nbsp; LAI-00704275, 27.430%, 10/20/2026 †§x | LendingPoint | 10/26/2022 | 1850 | 1850 | 1858 |
| &nbsp;&nbsp;&nbsp; LAI-00704285, 11.910%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 10734 | 10734 | 10650 |
| &nbsp;&nbsp;&nbsp; LAI-00704293, 26.950%, 10/20/2026 †§x | LendingPoint | 10/26/2022 | 2156 | 2156 | 2181 |
| &nbsp;&nbsp;&nbsp; LAI-00704305, 15.780%, 10/20/2027 †x# | LendingPoint | 10/26/2022 | 9457 | 9457 | 9273 |
| &nbsp;&nbsp;&nbsp; LAI-00704309, 30.920%, 7/01/2027 †x | LendingPoint | 10/26/2022 | 4569 | 4569 | 4373 |
| &nbsp;&nbsp;&nbsp; LAI-00704310, 16.120%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 11764 | 11764 | 11637 |
| &nbsp;&nbsp;&nbsp; LAI-00704314, 16.120%, 10/20/2027 †x# | LendingPoint | 10/26/2022 | 9104 | 9104 | 9025 |
| &nbsp;&nbsp;&nbsp; LAI-00704320, 27.430%, 10/20/2026 †§x# | LendingPoint | 10/26/2022 | 3833 | 3833 | 3857 |
| &nbsp;&nbsp;&nbsp; LAI-00704331, 23.340%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 3381 | 3381 | 3341 |
| &nbsp;&nbsp;&nbsp; LAI-00704338, 28.640%, 10/20/2026 †§x | LendingPoint | 10/26/2022 | 2215 | 2215 | 2235 |
| &nbsp;&nbsp;&nbsp; LAI-00704359, 26.450%, 12/29/2027 †x# | LendingPoint | 10/26/2022 | 1793 | 1793 | 1688 |
| &nbsp;&nbsp;&nbsp; LAI-00704369, 19.770%, 1/28/2026 †x | LendingPoint | 10/26/2022 | 6977 | 6977 | 5864 |
| &nbsp;&nbsp;&nbsp; LAI-00704371, 28.420%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 11404 | 11404 | 11425 |
| &nbsp;&nbsp;&nbsp; LAI-00704424, 0.000%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 28 | 28 | 28 |
| &nbsp;&nbsp;&nbsp; LAI-00704425, 25.980%, 7/28/2027 †x# | LendingPoint | 10/26/2022 | 2508 | 2508 | 2379 |
| &nbsp;&nbsp;&nbsp; LAI-00704439, 27.450%, 5/20/2027 †x# | LendingPoint | 10/26/2022 | 4068 | 4068 | 425 |
| &nbsp;&nbsp;&nbsp; LAI-00704455, 24.310%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 3724 | 3724 | 3679 |
| &nbsp;&nbsp;&nbsp; LAI-00704460, 19.850%, 12/20/2027 †x | LendingPoint | 10/26/2022 | 27 | 27 |  |
| &nbsp;&nbsp;&nbsp; LAI-00704472, 27.920%, 1/20/2027 †x# | LendingPoint | 10/26/2022 | 2768 | 2768 | 2736 |
| &nbsp;&nbsp;&nbsp; LAI-00704481, 0.000%, 10/20/2025 †x# | LendingPoint | 10/26/2022 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00704496, 21.710%, 11/30/2027 †x# | LendingPoint | 10/26/2022 | 9237 | 9237 | 9042 |
| &nbsp;&nbsp;&nbsp; LAI-00704502, 23.650%, 10/20/2025 †§x# | LendingPoint | 10/26/2022 | 764 | 764 | 774 |
| &nbsp;&nbsp;&nbsp; LAI-00704515, 21.890%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 3397 | 3397 | 3325 |
| &nbsp;&nbsp;&nbsp; LAI-00704522, 27.020%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 9151 | 9151 | 9115 |
| &nbsp;&nbsp;&nbsp; LAI-00704528, 29.450%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 6247 | 6247 | 6271 |
| &nbsp;&nbsp;&nbsp; LAI-00704541, 33.990%, 10/29/2027 †x# | LendingPoint | 10/26/2022 | 4669 | 4669 | 488 |
| &nbsp;&nbsp;&nbsp; LAI-00704547, 20.390%, 11/19/2027 †x# | LendingPoint | 10/26/2022 | 7700 | 7700 | 7411 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8843** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00704548, 30.410%, 10/20/2027 †x# | LendingPoint | 10/26/2022 | $6997 | $6997 | $731 |
| &nbsp;&nbsp;&nbsp; LAI-00704554, 21.640%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 16009 | 16009 | 15861 |
| &nbsp;&nbsp;&nbsp; LAI-00704555, 13.130%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 5077 | 5077 | 5020 |
| &nbsp;&nbsp;&nbsp; LAI-00704560, 16.880%, 1/20/2028 †x | LendingPoint | 10/26/2022 | 10521 | 10521 | 10202 |
| &nbsp;&nbsp;&nbsp; LAI-00704584, 25.020%, 10/20/2026 †§x | LendingPoint | 10/26/2022 | 1594 | 1594 | 1614 |
| &nbsp;&nbsp;&nbsp; LAI-00704593, 28.900%, 10/20/2026 †§x | LendingPoint | 10/26/2022 | 2075 | 2075 | 2129 |
| &nbsp;&nbsp;&nbsp; LAI-00704597, 25.000%, 10/20/2026 †x# | LendingPoint | 10/26/2022 | 3091 | 3091 | 579 |
| &nbsp;&nbsp;&nbsp; LAI-00704603, 21.660%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 7250 | 7250 | 7096 |
| &nbsp;&nbsp;&nbsp; LAI-00704613, 25.050%, 10/20/2026 †§x# | LendingPoint | 10/26/2022 | 4265 | 4265 | 4272 |
| &nbsp;&nbsp;&nbsp; LAI-00704626, 0.000%, 10/21/2024 †x^ | LendingPoint | 10/26/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00704628, 28.400%, 10/21/2026 †§x | LendingPoint | 10/26/2022 | 813 | 813 | 833 |
| &nbsp;&nbsp;&nbsp; LAI-00704629, 31.910%, 1/27/2027 †x | LendingPoint | 10/26/2022 | 2354 | 2354 | 2248 |
| &nbsp;&nbsp;&nbsp; LAI-00704639, 14.650%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 2094 | 2094 | 2072 |
| &nbsp;&nbsp;&nbsp; LAI-00704649, 28.730%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 5519 | 5519 | 5426 |
| &nbsp;&nbsp;&nbsp; LAI-00704654, 20.210%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 4590 | 4590 | 4472 |
| &nbsp;&nbsp;&nbsp; LAI-00704655, 26.000%, 1/26/2026 †x | LendingPoint | 10/26/2022 | 11937 | 11937 | 10165 |
| &nbsp;&nbsp;&nbsp; LAI-00704674, 16.120%, 10/21/2027 †§x | LendingPoint | 10/26/2022 | 1708 | 1708 | 1690 |
| &nbsp;&nbsp;&nbsp; LAI-00704678, 18.790%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 8762 | 8762 | 8665 |
| &nbsp;&nbsp;&nbsp; LAI-00704698, 21.330%, 10/21/2024 †x#^ | LendingPoint | 10/26/2022 | 882 | 882 | 92 |
| &nbsp;&nbsp;&nbsp; LAI-00704712, 18.180%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 3503 | 3503 | 3422 |
| &nbsp;&nbsp;&nbsp; LAI-00704714, 30.410%, 10/21/2027 †x# | LendingPoint | 10/26/2022 | 3644 | 3644 | 664 |
| &nbsp;&nbsp;&nbsp; LAI-00704726, 22.550%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 11999 | 11999 | 11995 |
| &nbsp;&nbsp;&nbsp; LAI-00704746, 14.900%, 10/28/2027 †x# | LendingPoint | 10/26/2022 | 9544 | 9544 | 9435 |
| &nbsp;&nbsp;&nbsp; LAI-00704761, 23.990%, 1/21/2028 †x# | LendingPoint | 10/26/2022 | 6741 | 6741 | 1492 |
| &nbsp;&nbsp;&nbsp; LAI-00704780, 25.460%, 12/21/2027 †x | LendingPoint | 10/26/2022 | 11492 | 11492 | 11085 |
| &nbsp;&nbsp;&nbsp; LAI-00704793, 22.380%, 2/21/2030 †x | LendingPoint | 10/26/2022 | 8035 | 8035 | 7955 |
| &nbsp;&nbsp;&nbsp; LAI-00704796, 25.250%, 10/10/2024 †x#^ | LendingPoint | 10/26/2022 | 391 | 391 | 391 |
| &nbsp;&nbsp;&nbsp; LAI-00704803, 22.870%, 10/21/2027 †x# | LendingPoint | 10/26/2022 | 3397 | 3397 | 3346 |
| &nbsp;&nbsp;&nbsp; LAI-00704807, 30.410%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 5277 | 5277 | 5268 |
| &nbsp;&nbsp;&nbsp; LAI-00704809, 29.450%, 8/30/2028 †x# | LendingPoint | 10/26/2022 | 9830 | 9830 | 1027 |
| &nbsp;&nbsp;&nbsp; LAI-00704810, 17.080%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 5759 | 5759 | 5628 |
| &nbsp;&nbsp;&nbsp; LAI-00704814, 24.850%, 10/21/2027 †x | LendingPoint | 10/26/2022 | 3097 | 3097 | 3049 |
| &nbsp;&nbsp;&nbsp; LAI-00706826, 24.550%, 9/25/2029 †x# | LendingPoint | 10/31/2022 | 28621 | 28621 | 28315 |
| &nbsp;&nbsp;&nbsp; LAI-00706836, 29.460%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 5444 | 5444 | 5483 |
| &nbsp;&nbsp;&nbsp; LAI-00706871, 23.380%, 8/03/2027 †x# | LendingPoint | 10/31/2022 | 4750 | 4750 | 4726 |
| &nbsp;&nbsp;&nbsp; LAI-00706877, 19.140%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 30690 | 30690 | 30519 |
| &nbsp;&nbsp;&nbsp; LAI-00706889, 26.060%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 4426 | 4426 | 4444 |
| &nbsp;&nbsp;&nbsp; LAI-00706909, 9.000%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 27441 | 27441 | 27416 |
| &nbsp;&nbsp;&nbsp; LAI-00706911, 30.390%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 1960 | 1960 | 1962 |
| &nbsp;&nbsp;&nbsp; LAI-00706926, 14.090%, 3/01/2029 †x# | LendingPoint | 10/31/2022 | 6242 | 6242 | 6092 |
| &nbsp;&nbsp;&nbsp; LAI-00706956, 27.460%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 2135 | 2135 | 2152 |
| &nbsp;&nbsp;&nbsp; LAI-00706970, 16.960%, 2/25/2028 †x | LendingPoint | 10/31/2022 | 8134 | 8134 | 7879 |
| &nbsp;&nbsp;&nbsp; LAI-00706974, 16.110%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 20200 | 20200 | 20106 |
| &nbsp;&nbsp;&nbsp; LAI-00706985, 31.880%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 5387 | 5387 | 5398 |
| &nbsp;&nbsp;&nbsp; LAI-00706994, 25.080%, 3/27/2028 †x# | LendingPoint | 10/31/2022 | 1873 | 1873 | 196 |
| &nbsp;&nbsp;&nbsp; LAI-00707019, 28.400%, 9/25/2027 †x | LendingPoint | 10/31/2022 | 1856 | 1856 | 1887 |
| &nbsp;&nbsp;&nbsp; LAI-00707023, 20.180%, 10/25/2027 †§x | LendingPoint | 10/31/2022 | 1768 | 1768 | 1734 |
| &nbsp;&nbsp;&nbsp; LAI-00707032, 22.130%, 10/25/2025 †§x | LendingPoint | 10/31/2022 | 670 | 670 | 682 |
| &nbsp;&nbsp;&nbsp; LAI-00707049, 24.500%, 10/25/2024 †§x^ | LendingPoint | 10/31/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00707059, 12.380%, 1/30/2029 †x# | LendingPoint | 10/31/2022 | 18321 | 18321 | 18232 |
| &nbsp;&nbsp;&nbsp; LAI-00707073, 29.460%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 9596 | 9596 | 9663 |
| &nbsp;&nbsp;&nbsp; LAI-00707074, 20.670%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 8350 | 8350 | 8205 |
| &nbsp;&nbsp;&nbsp; LAI-00707079, 29.450%, 10/24/2027 †x | LendingPoint | 10/31/2022 | 3329 | 3329 | 3337 |
| &nbsp;&nbsp;&nbsp; LAI-00707093, 23.130%, 10/25/2027 †x# | LendingPoint | 10/31/2022 | 46013 | 5546 | 4808 |
| &nbsp;&nbsp;&nbsp; LAI-00707146, 27.430%, 10/25/2026 †§x | LendingPoint | 10/31/2022 | 2194 | 2194 | 2175 |
| &nbsp;&nbsp;&nbsp; LAI-00707174, 24.520%, 10/25/2026 †x | LendingPoint | 10/31/2022 | 3181 | 3181 | 3230 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8844** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00707198, 23.090%, 10/25/2028 †x# | LendingPoint | 10/31/2022 | $34672 | $34672 | $3623 |
| &nbsp;&nbsp;&nbsp; LAI-00707204, 12.380%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 21907 | 21907 | 21830 |
| &nbsp;&nbsp;&nbsp; LAI-00707230, 17.080%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 8628 | 8628 | 8469 |
| &nbsp;&nbsp;&nbsp; LAI-00707232, 25.990%, 2/09/2029 †x# | LendingPoint | 10/31/2022 | 12950 | 12950 | 1353 |
| &nbsp;&nbsp;&nbsp; LAI-00707248, 14.320%, 10/25/2026 †§x | LendingPoint | 10/31/2022 | 705 | 705 | 708 |
| &nbsp;&nbsp;&nbsp; LAI-00707273, 23.590%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 2836 | 2836 | 2862 |
| &nbsp;&nbsp;&nbsp; LAI-00707278, 13.140%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 14643 | 14643 | 14589 |
| &nbsp;&nbsp;&nbsp; LAI-00707285, 0.000%, 10/25/2027 †x# | LendingPoint | 10/31/2022 | 5858 | 5858 |  |
| &nbsp;&nbsp;&nbsp; LAI-00707291, 15.990%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 3627 | 3627 | 3540 |
| &nbsp;&nbsp;&nbsp; LAI-00707295, 14.330%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 1923 | 1923 | 1919 |
| &nbsp;&nbsp;&nbsp; LAI-00707298, 17.340%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 24906 | 24906 | 24725 |
| &nbsp;&nbsp;&nbsp; LAI-00707302, 29.460%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 5926 | 5926 | 5966 |
| &nbsp;&nbsp;&nbsp; LAI-00707319, 23.840%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 7413 | 7413 | 7341 |
| &nbsp;&nbsp;&nbsp; LAI-00707339, 11.830%, 1/15/2030 †x# | LendingPoint | 10/31/2022 | 13492 | 13492 | 12998 |
| &nbsp;&nbsp;&nbsp; LAI-00707341, 11.640%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 12019 | 12019 | 11980 |
| &nbsp;&nbsp;&nbsp; LAI-00707343, 11.910%, 11/01/2028 †x | LendingPoint | 10/31/2022 | 20535 | 20535 | 20336 |
| &nbsp;&nbsp;&nbsp; LAI-00707360, 24.990%, 10/14/2028 †x# | LendingPoint | 10/31/2022 | 6976 | 6976 | 6555 |
| &nbsp;&nbsp;&nbsp; LAI-00707370, 25.490%, 10/25/2026 †§x | LendingPoint | 10/31/2022 | 3006 | 3006 | 3051 |
| &nbsp;&nbsp;&nbsp; LAI-00707384, 29.460%, 10/25/2026 †§x | LendingPoint | 10/31/2022 | 3717 | 3717 | 3817 |
| &nbsp;&nbsp;&nbsp; LAI-00707405, 25.590%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 10692 | 10692 | 10471 |
| &nbsp;&nbsp;&nbsp; LAI-00707407, 28.400%, 10/25/2026 †§x | LendingPoint | 10/31/2022 | 828 | 828 | 852 |
| &nbsp;&nbsp;&nbsp; LAI-00707409, 24.020%, 9/05/2029 †x# | LendingPoint | 10/31/2022 | 34542 | 34542 | 3610 |
| &nbsp;&nbsp;&nbsp; LAI-00707435, 20.600%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 1932 | 1932 | 1947 |
| &nbsp;&nbsp;&nbsp; LAI-00707455, 11.440%, 2/25/2029 †x | LendingPoint | 10/31/2022 | 19644 | 19644 | 19498 |
| &nbsp;&nbsp;&nbsp; LAI-00707461, 14.820%, 10/25/2025 †x | LendingPoint | 10/31/2022 | 573 | 573 | 583 |
| &nbsp;&nbsp;&nbsp; LAI-00707542, 14.270%, 10/26/2027 †x | LendingPoint | 10/31/2022 | 16419 | 16419 | 16277 |
| &nbsp;&nbsp;&nbsp; LAI-00707549, 13.530%, 10/26/2026 †§x | LendingPoint | 10/31/2022 | 5022 | 5022 | 5028 |
| &nbsp;&nbsp;&nbsp; LAI-00707556, 12.380%, 10/26/2028 †x | LendingPoint | 10/31/2022 | 10994 | 10994 | 10927 |
| &nbsp;&nbsp;&nbsp; LAI-00707566, 20.680%, 10/26/2027 †x | LendingPoint | 10/31/2022 | 8986 | 8986 | 8788 |
| &nbsp;&nbsp;&nbsp; LAI-00707576, 11.830%, 10/26/2028 †x | LendingPoint | 10/31/2022 | 9163 | 9163 | 9134 |
| &nbsp;&nbsp;&nbsp; LAI-00707583, 16.590%, 10/26/2027 †x | LendingPoint | 10/31/2022 | 3437 | 3437 | 3405 |
| &nbsp;&nbsp;&nbsp; LAI-00707606, 23.770%, 10/26/2027 †x# | LendingPoint | 10/31/2022 | 20831 | 2285 | 2177 |
| &nbsp;&nbsp;&nbsp; LAI-00707607, 20.470%, 10/26/2027 †x | LendingPoint | 10/31/2022 | 8379 | 8379 | 8196 |
| &nbsp;&nbsp;&nbsp; LAI-00707608, 30.430%, 10/26/2027 †x | LendingPoint | 10/31/2022 | 8052 | 8052 | 8047 |
| &nbsp;&nbsp;&nbsp; LAI-00707628, 12.410%, 10/26/2028 †x | LendingPoint | 10/31/2022 | 4063 | 4063 | 4049 |
| &nbsp;&nbsp;&nbsp; LAI-00707632, 10.640%, 10/26/2028 †x | LendingPoint | 10/31/2022 | 12563 | 12563 | 12527 |
| &nbsp;&nbsp;&nbsp; LAI-00707645, 26.460%, 10/26/2026 †x# | LendingPoint | 10/31/2022 | 9391 | 9391 | 981 |
| &nbsp;&nbsp;&nbsp; LAI-00707660, 26.560%, 10/26/2027 †x | LendingPoint | 10/31/2022 | 7372 | 7372 | 7400 |
| &nbsp;&nbsp;&nbsp; LAI-00707694, 9.000%, 10/26/2028 †x | LendingPoint | 10/31/2022 | 17284 | 17284 | 17227 |
| &nbsp;&nbsp;&nbsp; LAI-00708589, 21.200%, 11/26/2027 †x | LendingPoint | 11/02/2022 | 7495 | 7495 | 7231 |
| &nbsp;&nbsp;&nbsp; LAI-00708627, 12.380%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 20613 | 20613 | 20589 |
| &nbsp;&nbsp;&nbsp; LAI-00708670, 12.610%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 24791 | 24791 | 24720 |
| &nbsp;&nbsp;&nbsp; LAI-00708697, 20.680%, 10/27/2027 †x | LendingPoint | 11/02/2022 | 8974 | 8974 | 8806 |
| &nbsp;&nbsp;&nbsp; LAI-00708703, 25.480%, 3/27/2028 †x# | LendingPoint | 11/02/2022 | 8700 | 8700 | 909 |
| &nbsp;&nbsp;&nbsp; LAI-00708710, 19.430%, 10/11/2028 †x# | LendingPoint | 11/02/2022 | 13805 | 13805 | 13605 |
| &nbsp;&nbsp;&nbsp; LAI-00708723, 25.740%, 10/27/2024 †x#^ | LendingPoint | 11/02/2022 | 1380 | 1380 | 246 |
| &nbsp;&nbsp;&nbsp; LAI-00708735, 24.630%, 10/27/2027 †x | LendingPoint | 11/02/2022 | 3736 | 3736 | 3704 |
| &nbsp;&nbsp;&nbsp; LAI-00708790, 15.280%, 11/30/2026 †x | LendingPoint | 11/02/2022 | 125 | 125 |  |
| &nbsp;&nbsp;&nbsp; LAI-00708811, 13.070%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 24781 | 24781 | 24749 |
| &nbsp;&nbsp;&nbsp; LAI-00708828, 23.090%, 10/27/2027 †x | LendingPoint | 11/02/2022 | 12033 | 12033 | 12129 |
| &nbsp;&nbsp;&nbsp; LAI-00708833, 28.400%, 10/27/2026 †§x | LendingPoint | 11/02/2022 | 1332 | 1332 | 1364 |
| &nbsp;&nbsp;&nbsp; LAI-00708892, 11.910%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 16696 | 16696 | 16678 |
| &nbsp;&nbsp;&nbsp; LAI-00708894, 16.760%, 2/29/2028 †x# | LendingPoint | 11/02/2022 | 18596 | 18596 | 17958 |
| &nbsp;&nbsp;&nbsp; LAI-00708934, 12.640%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 28638 | 28638 | 28603 |
| &nbsp;&nbsp;&nbsp; LAI-00708952, 29.420%, 1/17/2028 †x# | LendingPoint | 11/02/2022 | 3153 | 3153 | 3119 |
| &nbsp;&nbsp;&nbsp; LAI-00709014, 29.380%, 10/27/2026 †§x | LendingPoint | 11/02/2022 | 2009 | 2009 | 2070 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8845** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00709041, 26.510%, 10/27/2025 †§x | LendingPoint | 11/02/2022 | $605 | $605 | $615 |
| &nbsp;&nbsp;&nbsp; LAI-00709074, 13.700%, 10/27/2027 †x | LendingPoint | 11/02/2022 | 20430 | 20430 | 20304 |
| &nbsp;&nbsp;&nbsp; LAI-00709081, 20.590%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 8963 | 8963 | 8915 |
| &nbsp;&nbsp;&nbsp; LAI-00709087, 23.370%, 10/27/2027 †x | LendingPoint | 11/02/2022 | 3006 | 3006 | 2977 |
| &nbsp;&nbsp;&nbsp; LAI-00709096, 14.300%, 10/27/2026 †§x | LendingPoint | 11/02/2022 | 4437 | 4437 | 4504 |
| &nbsp;&nbsp;&nbsp; LAI-00709124, 28.400%, 10/27/2026 †x# | LendingPoint | 11/02/2022 | 2963 | 2963 | 310 |
| &nbsp;&nbsp;&nbsp; LAI-00709125, 10.940%, 10/27/2027 †x | LendingPoint | 11/02/2022 | 3753 | 3753 | 3732 |
| &nbsp;&nbsp;&nbsp; LAI-00709149, 27.540%, 10/27/2025 †x# | LendingPoint | 11/02/2022 | 1000 | 1000 | 104 |
| &nbsp;&nbsp;&nbsp; LAI-00709161, 30.390%, 1/15/2028 †x | LendingPoint | 11/02/2022 | 5565 | 5565 | 5502 |
| &nbsp;&nbsp;&nbsp; LAI-00709185, 14.570%, 10/28/2028 †x# | LendingPoint | 11/02/2022 | 29286 | 29286 | 29191 |
| &nbsp;&nbsp;&nbsp; LAI-00709196, 13.920%, 10/28/2025 †x# | LendingPoint | 11/02/2022 | 3620 | 3620 | 378 |
| &nbsp;&nbsp;&nbsp; LAI-00709202, 29.440%, 10/28/2027 †x# | LendingPoint | 11/02/2022 | 14000 | 14000 | 13851 |
| &nbsp;&nbsp;&nbsp; LAI-00709234, 12.390%, 10/28/2027 †x# | LendingPoint | 11/02/2022 | 7348 | 7348 | 7400 |
| &nbsp;&nbsp;&nbsp; LAI-00709240, 26.010%, 10/28/2027 †x# | LendingPoint | 11/02/2022 | 3795 | 3795 | 3800 |
| &nbsp;&nbsp;&nbsp; LAI-00709242, 9.010%, 10/28/2028 †x# | LendingPoint | 11/02/2022 | 12813 | 12813 | 1339 |
| &nbsp;&nbsp;&nbsp; LAI-00709248, 23.740%, 10/26/2026 †x# | LendingPoint | 11/02/2022 | 12703 | 12703 | 12173 |
| &nbsp;&nbsp;&nbsp; LAI-00709252, 10.940%, 10/28/2028 †x# | LendingPoint | 11/02/2022 | 9715 | 9715 | 9667 |
| &nbsp;&nbsp;&nbsp; LAI-00709261, 9.320%, 10/28/2027 †x# | LendingPoint | 11/02/2022 | 5080 | 5080 | 5120 |
| &nbsp;&nbsp;&nbsp; LAI-00709264, 10.940%, 10/28/2028 †x# | LendingPoint | 11/02/2022 | 13641 | 13641 | 13573 |
| &nbsp;&nbsp;&nbsp; LAI-00709278, 12.140%, 1/29/2026 †x# | LendingPoint | 11/02/2022 | 10600 | 10600 | 8093 |
| &nbsp;&nbsp;&nbsp; LAI-00709299, 11.150%, 7/15/2029 †x# | LendingPoint | 11/02/2022 | 23636 | 23636 | 23277 |
| &nbsp;&nbsp;&nbsp; LAI-00709314, 29.430%, 10/28/2026 †§x# | LendingPoint | 11/02/2022 | 1802 | 1802 | 1796 |
| &nbsp;&nbsp;&nbsp; LAI-00709342, 19.770%, 4/07/2029 †x# | LendingPoint | 11/02/2022 | 3713 | 3713 | 388 |
| &nbsp;&nbsp;&nbsp; LAI-00709357, 14.650%, 10/28/2027 †x# | LendingPoint | 11/02/2022 | 4484 | 4484 | 4445 |
| &nbsp;&nbsp;&nbsp; LAI-00709360, 21.380%, 10/28/2027 †x# | LendingPoint | 11/02/2022 | 5141 | 5141 | 5162 |
| &nbsp;&nbsp;&nbsp; LAI-00709442, 9.520%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 6942 | 6942 | 6911 |
| &nbsp;&nbsp;&nbsp; LAI-00709465, 29.890%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 1288 | 1288 | 1298 |
| &nbsp;&nbsp;&nbsp; LAI-00709473, 8.000%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 4497 | 4497 | 4479 |
| &nbsp;&nbsp;&nbsp; LAI-00709524, 12.140%, 1/28/2028 †x# | LendingPoint | 11/03/2022 | 15726 | 15726 | 15568 |
| &nbsp;&nbsp;&nbsp; LAI-00709569, 30.410%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 5644 | 5644 | 1372 |
| &nbsp;&nbsp;&nbsp; LAI-00709572, 12.140%, 10/28/2028 †x# | LendingPoint | 11/03/2022 | 19863 | 19863 | 19845 |
| &nbsp;&nbsp;&nbsp; LAI-00709581, 22.390%, 2/13/2028 †x# | LendingPoint | 11/03/2022 | 9025 | 9025 | 8466 |
| &nbsp;&nbsp;&nbsp; LAI-00709605, 31.350%, 10/28/2026 †§x# | LendingPoint | 11/03/2022 | 1908 | 1908 | 1937 |
| &nbsp;&nbsp;&nbsp; LAI-00709620, 22.870%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 7677 | 7677 | 1396 |
| &nbsp;&nbsp;&nbsp; LAI-00709633, 9.940%, 10/28/2028 †x# | LendingPoint | 11/03/2022 | 10382 | 10382 | 10377 |
| &nbsp;&nbsp;&nbsp; LAI-00709704, 25.040%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 5601 | 5601 | 5636 |
| &nbsp;&nbsp;&nbsp; LAI-00709705, 11.530%, 10/28/2026 †§x# | LendingPoint | 11/03/2022 | 2067 | 2067 | 2076 |
| &nbsp;&nbsp;&nbsp; LAI-00709706, 29.450%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 4213 | 4213 | 4232 |
| &nbsp;&nbsp;&nbsp; LAI-00709708, 16.610%, 10/28/2028 †x# | LendingPoint | 11/03/2022 | 9016 | 9016 | 942 |
| &nbsp;&nbsp;&nbsp; LAI-00709710, 17.250%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 23319 | 23319 | 2437 |
| &nbsp;&nbsp;&nbsp; LAI-00709718, 12.060%, 8/30/2026 †x | LendingPoint | 11/03/2022 | 25952 | 25952 | 25274 |
| &nbsp;&nbsp;&nbsp; LAI-00709766, 0.000%, 10/28/2026 †x# | LendingPoint | 11/03/2022 | 122 | 122 | 122 |
| &nbsp;&nbsp;&nbsp; LAI-00709773, 11.410%, 10/12/2028 †x# | LendingPoint | 11/03/2022 | 30879 | 30879 | 9004 |
| &nbsp;&nbsp;&nbsp; LAI-00709777, 27.460%, 10/28/2027 †x# | LendingPoint | 11/03/2022 | 6312 | 6312 | 6370 |
| &nbsp;&nbsp;&nbsp; LAI-00709822, 27.450%, 4/28/2030 †x# | LendingPoint | 11/03/2022 | 8406 | 8406 | 8566 |
| &nbsp;&nbsp;&nbsp; LAI-00709827, 13.200%, 11/28/2027 †x# | LendingPoint | 11/03/2022 | 20622 | 20622 | 20176 |
| &nbsp;&nbsp;&nbsp; LAI-00709905, 0.000%, 10/29/2027 †x | LendingPoint | 11/03/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00709935, 23.380%, 3/01/2027 †x# | LendingPoint | 11/03/2022 | 6499 | 6499 | 6512 |
| &nbsp;&nbsp;&nbsp; LAI-00709936, 16.110%, 1/29/2028 †x# | LendingPoint | 11/03/2022 | 10237 | 10237 | 9958 |
| &nbsp;&nbsp;&nbsp; LAI-00709947, 21.380%, 10/29/2027 †§x# | LendingPoint | 11/03/2022 | 1792 | 1792 | 1763 |
| &nbsp;&nbsp;&nbsp; LAI-00709960, 22.770%, 10/29/2027 †x# | LendingPoint | 11/03/2022 | 5079 | 5079 | 5151 |
| &nbsp;&nbsp;&nbsp; LAI-00709973, 20.660%, 10/29/2027 †x# | LendingPoint | 11/03/2022 | 8869 | 8869 | 8718 |
| &nbsp;&nbsp;&nbsp; LAI-00709979, 27.130%, 10/29/2027 †x# | LendingPoint | 11/03/2022 | 13612 | 13612 | 1423 |
| &nbsp;&nbsp;&nbsp; LAI-00709993, 27.460%, 10/30/2027 †x# | LendingPoint | 11/03/2022 | 2645 | 2645 | 2604 |
| &nbsp;&nbsp;&nbsp; LAI-00709997, 23.380%, 1/17/2028 †x# | LendingPoint | 11/03/2022 | 9576 | 9576 | 2259 |
| &nbsp;&nbsp;&nbsp; LAI-00710020, 28.730%, 10/29/2027 †x# | LendingPoint | 11/03/2022 | 6210 | 6210 | 6157 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8846** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00710035, 9.000%, 10/29/2028 †x# | LendingPoint | 11/03/2022 | $7589 | $7589 | $7593 |
| &nbsp;&nbsp;&nbsp; LAI-00710048, 29.940%, 2/13/2029 †x | LendingPoint | 11/03/2022 | 10156 | 10156 | 9661 |
| &nbsp;&nbsp;&nbsp; LAI-00710066, 13.820%, 10/29/2027 †x# | LendingPoint | 11/03/2022 | 7373 | 7373 | 7336 |
| &nbsp;&nbsp;&nbsp; LAI-00710193, 29.510%, 10/30/2025 †x# | LendingPoint | 11/03/2022 | 758 | 758 | 79 |
| &nbsp;&nbsp;&nbsp; LAI-00710214, 25.020%, 10/30/2026 †§x# | LendingPoint | 11/03/2022 | 1065 | 1065 | 1062 |
| &nbsp;&nbsp;&nbsp; LAI-00710236, 25.590%, 10/30/2027 †x | LendingPoint | 11/03/2022 | 5328 | 5328 | 5151 |
| &nbsp;&nbsp;&nbsp; LAI-00710331, 22.630%, 11/01/2027 †x# | LendingPoint | 11/03/2022 | 5659 | 5659 | 5466 |
| &nbsp;&nbsp;&nbsp; LAI-00710344, 12.130%, 11/01/2028 †x# | LendingPoint | 11/03/2022 | 31099 | 31099 | 30791 |
| &nbsp;&nbsp;&nbsp; LAI-00710369, 21.650%, 3/15/2029 †x# | LendingPoint | 11/03/2022 | 7344 | 7344 | 767 |
| &nbsp;&nbsp;&nbsp; LAI-00710372, 18.870%, 12/28/2029 †x# | LendingPoint | 11/03/2022 | 15479 | 15479 | 1618 |
| &nbsp;&nbsp;&nbsp; LAI-00710385, 30.390%, 11/15/2027 †x | LendingPoint | 11/03/2022 | 5566 | 5566 | 5459 |
| &nbsp;&nbsp;&nbsp; LAI-00710401, 14.650%, 11/01/2027 †x | LendingPoint | 11/03/2022 | 10282 | 10282 | 10113 |
| &nbsp;&nbsp;&nbsp; LAI-00710425, 0.000%, 11/01/2025 †x# | LendingPoint | 11/03/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00710427, 14.900%, 11/01/2027 †x | LendingPoint | 11/03/2022 | 4354 | 4354 | 4283 |
| &nbsp;&nbsp;&nbsp; LAI-00710529, 19.770%, 11/01/2027 †x# | LendingPoint | 11/04/2022 | 3054 | 3054 | 3007 |
| &nbsp;&nbsp;&nbsp; LAI-00710581, 29.880%, 11/01/2027 †x | LendingPoint | 11/04/2022 | 9729 | 9729 | 9614 |
| &nbsp;&nbsp;&nbsp; LAI-00710590, 14.900%, 11/01/2027 †x# | LendingPoint | 11/04/2022 | 11694 | 11694 | 11524 |
| &nbsp;&nbsp;&nbsp; LAI-00710668, 14.330%, 11/01/2028 †x# | LendingPoint | 11/04/2022 | 20181 | 20181 | 19973 |
| &nbsp;&nbsp;&nbsp; LAI-00710682, 24.560%, 11/01/2027 †x# | LendingPoint | 11/04/2022 | 3069 | 3069 | 2963 |
| &nbsp;&nbsp;&nbsp; LAI-00710688, 19.020%, 11/01/2025 †§x# | LendingPoint | 11/04/2022 | 533 | 533 | 534 |
| &nbsp;&nbsp;&nbsp; LAI-00710735, 17.490%, 11/01/2027 †x# | LendingPoint | 11/04/2022 | 7511 | 7511 | 2371 |
| &nbsp;&nbsp;&nbsp; LAI-00710738, 26.570%, 11/01/2025 †§x# | LendingPoint | 11/04/2022 | 349 | 349 | 352 |
| &nbsp;&nbsp;&nbsp; LAI-00710747, 29.440%, 11/01/2028 †x# | LendingPoint | 11/04/2022 | 22677 | 22677 | 22416 |
| &nbsp;&nbsp;&nbsp; LAI-00710783, 20.380%, 11/01/2025 †§x | LendingPoint | 11/04/2022 | 611 | 611 | 612 |
| &nbsp;&nbsp;&nbsp; LAI-00710792, 28.090%, 11/01/2028 †x# | LendingPoint | 11/04/2022 | 16935 | 16935 | 16745 |
| &nbsp;&nbsp;&nbsp; LAI-00710822, 16.290%, 11/01/2026 †§x | LendingPoint | 11/04/2022 | 1922 | 1922 | 1901 |
| &nbsp;&nbsp;&nbsp; LAI-00710830, 21.650%, 11/01/2027 †x# | LendingPoint | 11/04/2022 | 3055 | 3055 | 2990 |
| &nbsp;&nbsp;&nbsp; LAI-00710835, 27.940%, 4/21/2026 †x# | LendingPoint | 11/04/2022 | 5253 | 5253 | 5294 |
| &nbsp;&nbsp;&nbsp; LAI-00710876, 28.920%, 11/01/2026 †§x# | LendingPoint | 11/04/2022 | 1622 | 1622 | 923 |
| &nbsp;&nbsp;&nbsp; LAI-00710883, 30.220%, 11/01/2024 †§x^ | LendingPoint | 11/04/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00710887, 28.590%, 11/01/2027 †x | LendingPoint | 11/04/2022 | 7136 | 7136 | 7016 |
| &nbsp;&nbsp;&nbsp; LAI-00710922, 15.060%, 1/29/2026 †x# | LendingPoint | 11/04/2022 | 3581 | 3581 | 3033 |
| &nbsp;&nbsp;&nbsp; LAI-00710923, 28.040%, 11/01/2025 †§x# | LendingPoint | 11/04/2022 | 462 | 462 | 466 |
| &nbsp;&nbsp;&nbsp; LAI-00711019, 26.560%, 11/01/2027 †x | LendingPoint | 11/04/2022 | 5097 | 5097 | 5027 |
| &nbsp;&nbsp;&nbsp; LAI-00711021, 25.490%, 6/01/2028 †x# | LendingPoint | 11/04/2022 | 5209 | 5209 | 959 |
| &nbsp;&nbsp;&nbsp; LAI-00711034, 29.860%, 6/09/2028 †x | LendingPoint | 11/04/2022 | 4729 | 4729 | 4566 |
| &nbsp;&nbsp;&nbsp; LAI-00711057, 24.850%, 2/01/2028 †x# | LendingPoint | 11/04/2022 | 7125 | 7125 | 1992 |
| &nbsp;&nbsp;&nbsp; LAI-00711076, 25.460%, 8/01/2030 †x# | LendingPoint | 11/04/2022 | 16683 | 16683 | 3742 |
| &nbsp;&nbsp;&nbsp; LAI-00711132, 24.100%, 1/15/2029 †x# | LendingPoint | 11/04/2022 | 11330 | 11330 | 10930 |
| &nbsp;&nbsp;&nbsp; LAI-00711141, 17.080%, 11/01/2027 †x# | LendingPoint | 11/04/2022 | 4294 | 4294 | 1940 |
| &nbsp;&nbsp;&nbsp; LAI-00711172, 21.160%, 11/01/2027 †x | LendingPoint | 11/04/2022 | 22232 | 22232 | 21862 |
| &nbsp;&nbsp;&nbsp; LAI-00711228, 28.420%, 11/17/2027 †x | LendingPoint | 11/04/2022 | 7024 | 7024 | 7008 |
| &nbsp;&nbsp;&nbsp; LAI-00711254, 27.540%, 7/30/2026 †x# | LendingPoint | 11/04/2022 | 2821 | 2821 | 295 |
| &nbsp;&nbsp;&nbsp; LAI-00711256, 27.460%, 11/15/2027 †x | LendingPoint | 11/04/2022 | 6312 | 6312 | 6204 |
| &nbsp;&nbsp;&nbsp; LAI-00711268, 25.460%, 2/02/2027 †x# | LendingPoint | 11/04/2022 | 9176 | 9176 | 959 |
| &nbsp;&nbsp;&nbsp; LAI-00711334, 13.990%, 11/02/2027 †x | LendingPoint | 11/04/2022 | 4860 | 4860 | 4783 |
| &nbsp;&nbsp;&nbsp; LAI-00711350, 25.050%, 11/02/2026 †x# | LendingPoint | 11/04/2022 | 1767 | 1767 | 647 |
| &nbsp;&nbsp;&nbsp; LAI-00711370, 21.310%, 11/02/2026 †§x | LendingPoint | 11/04/2022 | 2161 | 2161 | 2135 |
| &nbsp;&nbsp;&nbsp; LAI-00711373, 20.090%, 11/02/2027 †x | LendingPoint | 11/04/2022 | 14325 | 14325 | 14087 |
| &nbsp;&nbsp;&nbsp; LAI-00711379, 24.570%, 11/02/2027 †x | LendingPoint | 11/04/2022 | 3211 | 3211 | 3105 |
| &nbsp;&nbsp;&nbsp; LAI-00711416, 12.380%, 11/02/2027 †x | LendingPoint | 11/04/2022 | 24341 | 24341 | 23963 |
| &nbsp;&nbsp;&nbsp; LAI-00711495, 24.560%, 12/05/2027 †x | LendingPoint | 11/07/2022 | 9470 | 9470 | 9362 |
| &nbsp;&nbsp;&nbsp; LAI-00711498, 28.980%, 11/02/2027 †x | LendingPoint | 11/07/2022 | 4208 | 4208 | 4073 |
| &nbsp;&nbsp;&nbsp; LAI-00711501, 21.380%, 5/15/2028 †x | LendingPoint | 11/07/2022 | 7272 | 7272 | 6803 |
| &nbsp;&nbsp;&nbsp; LAI-00711527, 9.290%, 11/02/2028 †x | LendingPoint | 11/07/2022 | 28166 | 28166 | 27708 |
| &nbsp;&nbsp;&nbsp; LAI-00711542, 19.770%, 7/11/2027 †x# | LendingPoint | 11/07/2022 | 13809 | 13809 | 13505 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8847** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00711586, 14.790%, 11/02/2026 †§x | LendingPoint | 11/07/2022 | $4538 | $4538 | $4489 |
| &nbsp;&nbsp;&nbsp; LAI-00711619, 21.370%, 11/02/2027 †x | LendingPoint | 11/07/2022 | 5578 | 5578 | 5497 |
| &nbsp;&nbsp;&nbsp; LAI-00711629, 13.700%, 11/02/2028 †x | LendingPoint | 11/07/2022 | 15783 | 15783 | 15614 |
| &nbsp;&nbsp;&nbsp; LAI-00711666, 14.760%, 11/02/2028 †x | LendingPoint | 11/07/2022 | 20187 | 20187 | 19826 |
| &nbsp;&nbsp;&nbsp; LAI-00711679, 29.440%, 3/30/2026 †x | LendingPoint | 11/07/2022 | 8668 | 8668 | 7244 |
| &nbsp;&nbsp;&nbsp; LAI-00711686, 26.560%, 7/17/2027 †x# | LendingPoint | 11/07/2022 | 9276 | 9276 | 969 |
| &nbsp;&nbsp;&nbsp; LAI-00711696, 21.570%, 3/20/2028 †x | LendingPoint | 11/07/2022 | 9718 | 9718 | 9340 |
| &nbsp;&nbsp;&nbsp; LAI-00711716, 27.760%, 11/02/2027 †x# | LendingPoint | 11/07/2022 | 4602 | 4602 | 4454 |
| &nbsp;&nbsp;&nbsp; LAI-00711724, 8.510%, 3/30/2029 †x# | LendingPoint | 11/07/2022 | 21049 | 21049 | 2200 |
| &nbsp;&nbsp;&nbsp; LAI-00711788, 28.950%, 11/02/2025 †§x | LendingPoint | 11/07/2022 | 257 | 257 | 258 |
| &nbsp;&nbsp;&nbsp; LAI-00711805, 24.420%, 11/02/2028 †x# | LendingPoint | 11/07/2022 | 9522 | 9522 | 3693 |
| &nbsp;&nbsp;&nbsp; LAI-00711844, 20.670%, 11/02/2027 †x | LendingPoint | 11/07/2022 | 4953 | 4953 | 4829 |
| &nbsp;&nbsp;&nbsp; LAI-00711867, 11.910%, 11/02/2028 †x | LendingPoint | 11/07/2022 | 8933 | 8933 | 8855 |
| &nbsp;&nbsp;&nbsp; LAI-00711883, 31.460%, 11/02/2027 †x# | LendingPoint | 11/07/2022 | 2220 | 2220 | 2193 |
| &nbsp;&nbsp;&nbsp; LAI-00711889, 28.430%, 11/02/2027 †x | LendingPoint | 11/07/2022 | 5606 | 5606 | 2707 |
| &nbsp;&nbsp;&nbsp; LAI-00711909, 26.200%, 11/02/2024 †§x^ | LendingPoint | 11/07/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00711922, 24.520%, 10/30/2025 †x | LendingPoint | 11/07/2022 | 6800 | 6800 | 6387 |
| &nbsp;&nbsp;&nbsp; LAI-00711923, 23.100%, 10/28/2025 †x | LendingPoint | 11/07/2022 | 3417 | 3417 | 3018 |
| &nbsp;&nbsp;&nbsp; LAI-00711929, 20.390%, 11/29/2025 †x# | LendingPoint | 11/07/2022 | 5762 | 5762 | 5401 |
| &nbsp;&nbsp;&nbsp; LAI-00711947, 14.510%, 11/02/2025 †§x | LendingPoint | 11/07/2022 | 202 | 202 | 202 |
| &nbsp;&nbsp;&nbsp; LAI-00711950, 14.330%, 11/02/2028 †x | LendingPoint | 11/07/2022 | 9560 | 9560 | 9460 |
| &nbsp;&nbsp;&nbsp; LAI-00711988, 20.190%, 5/03/2029 †x# | LendingPoint | 11/07/2022 | 14779 | 14779 | 2561 |
| &nbsp;&nbsp;&nbsp; LAI-00711992, 19.200%, 1/30/2028 †x# | LendingPoint | 11/07/2022 | 13547 | 13547 | 13163 |
| &nbsp;&nbsp;&nbsp; LAI-00712021, 28.540%, 11/02/2025 †x# | LendingPoint | 11/07/2022 | 1090 | 1090 | 195 |
| &nbsp;&nbsp;&nbsp; LAI-00712023, 23.090%, 11/02/2028 †x | LendingPoint | 11/07/2022 | 10904 | 10904 | 10769 |
| &nbsp;&nbsp;&nbsp; LAI-00712031, 18.060%, 11/02/2027 †x | LendingPoint | 11/07/2022 | 5918 | 5918 | 5747 |
| &nbsp;&nbsp;&nbsp; LAI-00712061, 30.380%, 11/03/2027 †x | LendingPoint | 11/07/2022 | 3362 | 3362 | 3308 |
| &nbsp;&nbsp;&nbsp; LAI-00712072, 0.000%, 11/03/2027 †x | LendingPoint | 11/07/2022 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00712109, 28.990%, 11/03/2026 †§x | LendingPoint | 11/07/2022 | 2218 | 2218 | 2198 |
| &nbsp;&nbsp;&nbsp; LAI-00712115, 27.430%, 11/03/2026 †§x | LendingPoint | 11/07/2022 | 3729 | 3729 | 3695 |
| &nbsp;&nbsp;&nbsp; LAI-00712144, 22.490%, 11/03/2026 †x# | LendingPoint | 11/07/2022 | 4387 | 4387 | 458 |
| &nbsp;&nbsp;&nbsp; LAI-00712170, 25.020%, 11/03/2026 †§x | LendingPoint | 11/07/2022 | 1418 | 1418 | 1412 |
| &nbsp;&nbsp;&nbsp; LAI-00712186, 0.000%, 11/03/2025 †x | LendingPoint | 11/07/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00712220, 23.990%, 11/17/2027 †x | LendingPoint | 11/07/2022 | 5209 | 5209 | 5129 |
| &nbsp;&nbsp;&nbsp; LAI-00712273, 10.940%, 11/03/2028 †x | LendingPoint | 11/07/2022 | 18478 | 18478 | 18175 |
| &nbsp;&nbsp;&nbsp; LAI-00712281, 31.880%, 1/23/2030 †x# | LendingPoint | 11/07/2022 | 2811 | 2811 | 498 |
| &nbsp;&nbsp;&nbsp; LAI-00712285, 13.000%, 11/03/2024 †§x^ | LendingPoint | 11/07/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00712288, 23.490%, 6/03/2027 †x | LendingPoint | 11/07/2022 | 7371 | 7371 | 7094 |
| &nbsp;&nbsp;&nbsp; LAI-00712310, 16.410%, 11/03/2028 †x | LendingPoint | 11/07/2022 | 11597 | 11597 | 11473 |
| &nbsp;&nbsp;&nbsp; LAI-00713959, 16.780%, 11/05/2028 †x# | LendingPoint | 11/09/2022 | 16306 | 16306 | 1704 |
| &nbsp;&nbsp;&nbsp; LAI-00713971, 11.810%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 30903 | 30903 | 30671 |
| &nbsp;&nbsp;&nbsp; LAI-00714052, 9.530%, 11/05/2027 †§x | LendingPoint | 11/09/2022 | 1272 | 1272 | 1255 |
| &nbsp;&nbsp;&nbsp; LAI-00714057, 17.930%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 17598 | 17598 | 17442 |
| &nbsp;&nbsp;&nbsp; LAI-00714101, 23.040%, 8/19/2028 †x# | LendingPoint | 11/10/2022 | 4769 | 4769 | 4586 |
| &nbsp;&nbsp;&nbsp; LAI-00714167, 26.510%, 5/16/2031 †x# | LendingPoint | 11/09/2022 | 21409 | 21409 | 20729 |
| &nbsp;&nbsp;&nbsp; LAI-00714176, 12.880%, 1/05/2028 †x | LendingPoint | 11/10/2022 | 14287 | 14287 | 13770 |
| &nbsp;&nbsp;&nbsp; LAI-00714183, 23.320%, 11/05/2024 †§x^ | LendingPoint | 11/10/2022 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp; LAI-00714193, 12.170%, 11/05/2027 †x | LendingPoint | 11/09/2022 | 3146 | 3146 | 3064 |
| &nbsp;&nbsp;&nbsp; LAI-00714203, 17.630%, 4/10/2025 †x#^ | LendingPoint | 11/10/2022 | 3505 | 3505 | 366 |
| &nbsp;&nbsp;&nbsp; LAI-00714212, 26.630%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 8082 | 8082 | 7994 |
| &nbsp;&nbsp;&nbsp; LAI-00714224, 9.040%, 11/05/2027 †x# | LendingPoint | 11/09/2022 | 9850 | 9850 | 1029 |
| &nbsp;&nbsp;&nbsp; LAI-00714276, 24.490%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 30228 | 30228 | 29915 |
| &nbsp;&nbsp;&nbsp; LAI-00714294, 9.960%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 17565 | 17565 | 17440 |
| &nbsp;&nbsp;&nbsp; LAI-00714298, 8.850%, 11/05/2027 †x# | LendingPoint | 11/09/2022 | 17946 | 17946 | 3203 |
| &nbsp;&nbsp;&nbsp; LAI-00714343, 24.580%, 11/07/2025 †x | LendingPoint | 11/10/2022 | 1217 | 1217 | 1224 |
| &nbsp;&nbsp;&nbsp; LAI-00714346, 16.230%, 5/05/2029 †x# | LendingPoint | 11/09/2022 | 10514 | 10514 | 9843 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8848** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00714361, 31.320%, 11/16/2026 †x | LendingPoint | 11/10/2022 | $2983 | $2983 | $3002 |
| &nbsp;&nbsp;&nbsp; LAI-00714368, 15.620%, 11/05/2027 †x | LendingPoint | 11/10/2022 | 4018 | 4018 | 3948 |
| &nbsp;&nbsp;&nbsp; LAI-00714373, 23.320%, 11/05/2024 †§x^ | LendingPoint | 11/10/2022 | 13 | 13 |  |
| &nbsp;&nbsp;&nbsp; LAI-00714405, 14.640%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 22928 | 22928 | 22742 |
| &nbsp;&nbsp;&nbsp; LAI-00714421, 25.030%, 11/05/2028 †x# | LendingPoint | 11/09/2022 | 19144 | 19144 | 5485 |
| &nbsp;&nbsp;&nbsp; LAI-00714422, 21.220%, 11/05/2025 †§x | LendingPoint | 11/09/2022 | 569 | 569 | 571 |
| &nbsp;&nbsp;&nbsp; LAI-00714429, 13.360%, 10/31/2025 †x# | LendingPoint | 11/09/2022 | 1953 | 1953 | 1708 |
| &nbsp;&nbsp;&nbsp; LAI-00714440, 14.330%, 7/19/2029 †x | LendingPoint | 11/09/2022 | 36521 | 36521 | 35668 |
| &nbsp;&nbsp;&nbsp; LAI-00714528, 25.740%, 11/06/2024 †§x^ | LendingPoint | 11/10/2022 | 8 | 8 |  |
| &nbsp;&nbsp;&nbsp; LAI-00714541, 16.100%, 11/06/2025 †§x | LendingPoint | 11/10/2022 | 509 | 509 | 511 |
| &nbsp;&nbsp;&nbsp; LAI-00714549, 29.440%, 11/06/2027 †x | LendingPoint | 11/09/2022 | 3579 | 3579 | 3470 |
| &nbsp;&nbsp;&nbsp; LAI-00714559, 10.850%, 2/25/2029 †x | LendingPoint | 11/09/2022 | 10988 | 10988 | 10874 |
| &nbsp;&nbsp;&nbsp; LAI-00714602, 19.470%, 11/06/2028 †x | LendingPoint | 11/09/2022 | 8940 | 8940 | 8805 |
| &nbsp;&nbsp;&nbsp; LAI-00714612, 13.820%, 11/06/2027 †x | LendingPoint | 11/10/2022 | 2408 | 2408 | 2376 |
| &nbsp;&nbsp;&nbsp; LAI-00714644, 9.530%, 11/12/2027 †x | LendingPoint | 11/09/2022 | 7660 | 7660 | 7432 |
| &nbsp;&nbsp;&nbsp; LAI-00714664, 24.310%, 4/05/2026 †x | LendingPoint | 11/09/2022 | 10324 | 10324 | 9241 |
| &nbsp;&nbsp;&nbsp; LAI-00714677, 12.380%, 12/06/2028 †x | LendingPoint | 11/09/2022 | 16136 | 16136 | 15967 |
| &nbsp;&nbsp;&nbsp; LAI-00714682, 23.090%, 11/06/2027 †x | LendingPoint | 11/10/2022 | 9194 | 9194 | 8892 |
| &nbsp;&nbsp;&nbsp; LAI-00714694, 13.610%, 11/06/2024 †§x#^ | LendingPoint | 11/10/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00714743, 10.250%, 2/28/2026 †x | LendingPoint | 11/09/2022 | 5055 | 5055 | 4394 |
| &nbsp;&nbsp;&nbsp; LAI-00714781, 14.990%, 5/23/2030 †x# | LendingPoint | 11/09/2022 | 47703 | 47703 | 11999 |
| &nbsp;&nbsp;&nbsp; LAI-00714782, 24.490%, 10/09/2027 †x | LendingPoint | 11/09/2022 | 9459 | 9459 | 9328 |
| &nbsp;&nbsp;&nbsp; LAI-00714799, 9.530%, 2/07/2028 †x | LendingPoint | 11/09/2022 | 12142 | 12142 | 11786 |
| &nbsp;&nbsp;&nbsp; LAI-00714837, 12.170%, 11/07/2027 †x | LendingPoint | 11/09/2022 | 7882 | 7882 | 7658 |
| &nbsp;&nbsp;&nbsp; LAI-00714948, 21.640%, 12/25/2026 †x | LendingPoint | 11/10/2022 | 13534 | 13534 | 13437 |
| &nbsp;&nbsp;&nbsp; LAI-00714958, 23.400%, 10/28/2028 †x# | LendingPoint | 11/10/2022 | 5549 | 5549 | 580 |
| &nbsp;&nbsp;&nbsp; LAI-00714960, 9.820%, 11/08/2027 †x | LendingPoint | 11/10/2022 | 10834 | 10834 | 10537 |
| &nbsp;&nbsp;&nbsp; LAI-00714971, 30.410%, 11/08/2027 †x | LendingPoint | 11/10/2022 | 4837 | 4837 | 2401 |
| &nbsp;&nbsp;&nbsp; LAI-00714993, 10.550%, 11/08/2027 †x | LendingPoint | 11/10/2022 | 11574 | 11574 | 11348 |
| &nbsp;&nbsp;&nbsp; LAI-00715009, 23.060%, 11/08/2026 †§x | LendingPoint | 11/10/2022 | 3052 | 3052 | 3034 |
| &nbsp;&nbsp;&nbsp; LAI-00715027, 19.770%, 11/08/2027 †x | LendingPoint | 11/10/2022 | 9177 | 9177 | 9030 |
| &nbsp;&nbsp;&nbsp; LAI-00715055, 24.630%, 11/08/2025 †x# | LendingPoint | 11/10/2022 | 2745 | 2745 | 545 |
| &nbsp;&nbsp;&nbsp; LAI-00715060, 16.120%, 11/08/2027 †x | LendingPoint | 11/10/2022 | 9707 | 9707 | 9558 |
| &nbsp;&nbsp;&nbsp; LAI-00715063, 10.540%, 11/08/2025 †§x | LendingPoint | 11/10/2022 | 1333 | 1333 | 1336 |
| &nbsp;&nbsp;&nbsp; LAI-00715123, 26.660%, 11/08/2027 †x | LendingPoint | 11/10/2022 | 4409 | 4409 | 4291 |
| &nbsp;&nbsp;&nbsp; LAI-00715124, 9.040%, 11/08/2027 †x | LendingPoint | 11/10/2022 | 16199 | 16199 | 15970 |
| &nbsp;&nbsp;&nbsp; LAI-00715189, 16.960%, 7/30/2030 †x# | LendingPoint | 11/10/2022 | 26667 | 26667 | 25234 |
| &nbsp;&nbsp;&nbsp; LAI-00715216, 9.040%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 11130 | 11130 | 10996 |
| &nbsp;&nbsp;&nbsp; LAI-00715232, 24.310%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 6402 | 6402 | 6249 |
| &nbsp;&nbsp;&nbsp; LAI-00715238, 0.000%, 11/08/2024 †x^ | LendingPoint | 11/14/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00715287, 21.650%, 5/16/2029 †x | LendingPoint | 11/14/2022 | 17661 | 17661 | 16956 |
| &nbsp;&nbsp;&nbsp; LAI-00715304, 10.220%, 11/08/2025 †§x | LendingPoint | 11/14/2022 | 538 | 538 | 423 |
| &nbsp;&nbsp;&nbsp; LAI-00715313, 10.460%, 11/08/2028 †x | LendingPoint | 11/14/2022 | 30787 | 30787 | 30528 |
| &nbsp;&nbsp;&nbsp; LAI-00715325, 23.600%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 2539 | 2539 | 2468 |
| &nbsp;&nbsp;&nbsp; LAI-00715382, 14.750%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 15144 | 15144 | 14924 |
| &nbsp;&nbsp;&nbsp; LAI-00715438, 19.220%, 11/08/2026 †§x | LendingPoint | 11/14/2022 | 4255 | 4255 | 4240 |
| &nbsp;&nbsp;&nbsp; LAI-00715461, 20.390%, 11/08/2027 †x# | LendingPoint | 11/14/2022 | 7934 | 7934 | 2617 |
| &nbsp;&nbsp;&nbsp; LAI-00715469, 23.040%, 3/31/2026 †x | LendingPoint | 11/14/2022 | 8287 | 8287 | 7724 |
| &nbsp;&nbsp;&nbsp; LAI-00715473, 12.460%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 2005 | 2005 | 1968 |
| &nbsp;&nbsp;&nbsp; LAI-00715484, 11.910%, 11/27/2027 †x | LendingPoint | 11/14/2022 | 16802 | 16802 | 16545 |
| &nbsp;&nbsp;&nbsp; LAI-00715530, 30.350%, 11/08/2026 †§x | LendingPoint | 11/14/2022 | 1675 | 1675 | 1699 |
| &nbsp;&nbsp;&nbsp; LAI-00715547, 14.010%, 11/08/2028 †x | LendingPoint | 11/14/2022 | 5632 | 5632 | 5580 |
| &nbsp;&nbsp;&nbsp; LAI-00715555, 10.220%, 11/08/2025 †§x | LendingPoint | 11/14/2022 | 50 | 50 | 50 |
| &nbsp;&nbsp;&nbsp; LAI-00715556, 18.390%, 11/08/2026 †§x | LendingPoint | 11/14/2022 | 2756 | 2756 | 2743 |
| &nbsp;&nbsp;&nbsp; LAI-00715559, 25.740%, 12/18/2025 †x | LendingPoint | 11/14/2022 | 10123 | 10123 | 9284 |
| &nbsp;&nbsp;&nbsp; LAI-00715561, 14.530%, 3/23/2029 †x | LendingPoint | 11/14/2022 | 14821 | 14821 | 14535 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8849** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00715582, 29.890%, 11/08/2026 †§x | LendingPoint | 11/14/2022 | $1667 | $1667 | $1667 |
| &nbsp;&nbsp;&nbsp; LAI-00715624, 12.160%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 5566 | 5566 | 5484 |
| &nbsp;&nbsp;&nbsp; LAI-00715633, 17.080%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 6089 | 6089 | 5916 |
| &nbsp;&nbsp;&nbsp; LAI-00715674, 21.790%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 3638 | 3638 | 3551 |
| &nbsp;&nbsp;&nbsp; LAI-00715691, 15.380%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 2736 | 2736 | 2662 |
| &nbsp;&nbsp;&nbsp; LAI-00715742, 22.370%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 6255 | 6255 | 6133 |
| &nbsp;&nbsp;&nbsp; LAI-00715768, 16.960%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 3276 | 3276 | 3177 |
| &nbsp;&nbsp;&nbsp; LAI-00715772, 28.730%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 2332 | 2332 | 2281 |
| &nbsp;&nbsp;&nbsp; LAI-00715778, 15.380%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 8906 | 8906 | 8674 |
| &nbsp;&nbsp;&nbsp; LAI-00715783, 29.420%, 11/08/2026 †§x | LendingPoint | 11/14/2022 | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp; LAI-00715805, 16.240%, 12/29/2028 †x# | LendingPoint | 11/14/2022 | 13910 | 13910 | 1454 |
| &nbsp;&nbsp;&nbsp; LAI-00715819, 12.160%, 11/08/2027 †x | LendingPoint | 11/14/2022 | 16697 | 16697 | 16451 |
| &nbsp;&nbsp;&nbsp; LAI-00715822, 23.880%, 11/08/2027 †§x | LendingPoint | 11/14/2022 | 12 | 12 | 12 |
| &nbsp;&nbsp;&nbsp; LAI-00715837, 14.650%, 12/15/2027 †x | LendingPoint | 11/14/2022 | 2906 | 2906 | 2868 |
| &nbsp;&nbsp;&nbsp; LAI-00715860, 9.530%, 11/08/2028 †x | LendingPoint | 11/14/2022 | 9360 | 9360 | 9241 |
| &nbsp;&nbsp;&nbsp; LAI-00715883, 14.900%, 11/09/2027 †x | LendingPoint | 11/14/2022 | 2711 | 2711 | 2671 |
| &nbsp;&nbsp;&nbsp; LAI-00715920, 11.910%, 2/27/2026 †x# | LendingPoint | 11/14/2022 | 4068 | 4068 | 3547 |
| &nbsp;&nbsp;&nbsp; LAI-00716017, 9.530%, 11/09/2027 †x | LendingPoint | 11/14/2022 | 3276 | 3276 | 3230 |
| &nbsp;&nbsp;&nbsp; LAI-00716094, 15.730%, 3/09/2028 †x | LendingPoint | 11/14/2022 | 21317 | 21317 | 9286 |
| &nbsp;&nbsp;&nbsp; LAI-00717763, 22.130%, 11/11/2027 †x | LendingPoint | 11/17/2022 | 10076 | 10076 | 9943 |
| &nbsp;&nbsp;&nbsp; LAI-00717796, 16.240%, 3/11/2028 †x | LendingPoint | 11/17/2022 | 19991 | 19991 | 19287 |
| &nbsp;&nbsp;&nbsp; LAI-00717802, 19.240%, 11/11/2025 †§x | LendingPoint | 11/17/2022 | 223 | 223 | 225 |
| &nbsp;&nbsp;&nbsp; LAI-00717855, 12.160%, 11/11/2027 †x | LendingPoint | 11/17/2022 | 11657 | 11657 | 11519 |
| &nbsp;&nbsp;&nbsp; LAI-00717878, 31.820%, 11/11/2026 †§x | LendingPoint | 11/17/2022 | 950 | 950 | 964 |
| &nbsp;&nbsp;&nbsp; LAI-00718072, 29.380%, 11/11/2026 †§x | LendingPoint | 11/17/2022 | 3045 | 3045 | 3049 |
| &nbsp;&nbsp;&nbsp; LAI-00718111, 9.520%, 11/11/2027 †x | LendingPoint | 11/17/2022 | 13458 | 13458 | 13142 |
| &nbsp;&nbsp;&nbsp; LAI-00718218, 12.160%, 11/11/2027 †x# | LendingPoint | 11/17/2022 | 9637 | 9637 | 1007 |
| &nbsp;&nbsp;&nbsp; LAI-00718233, 10.500%, 11/16/2027 †x | LendingPoint | 11/17/2022 | 3827 | 3827 | 3717 |
| &nbsp;&nbsp;&nbsp; LAI-00718250, 19.700%, 11/11/2027 †x | LendingPoint | 11/17/2022 | 2839 | 2839 | 2789 |
| &nbsp;&nbsp;&nbsp; LAI-00718268, 12.840%, 11/27/2025 †x# | LendingPoint | 11/17/2022 | 4854 | 4854 | 4165 |
| &nbsp;&nbsp;&nbsp; LAI-00718272, 13.490%, 11/11/2028 †x# | LendingPoint | 11/17/2022 | 18808 | 18808 | 18680 |
| &nbsp;&nbsp;&nbsp; LAI-00718282, 16.270%, 11/11/2027 †x | LendingPoint | 11/17/2022 | 2302 | 2302 | 2244 |
| &nbsp;&nbsp;&nbsp; LAI-00718300, 22.390%, 11/11/2027 †x | LendingPoint | 11/17/2022 | 3708 | 3708 | 3608 |
| &nbsp;&nbsp;&nbsp; LAI-00718318, 14.830%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 6011 | 6011 | 5939 |
| &nbsp;&nbsp;&nbsp; LAI-00718328, 16.240%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 5484 | 5484 | 5348 |
| &nbsp;&nbsp;&nbsp; LAI-00718349, 8.200%, 11/12/2025 †§x | LendingPoint | 11/17/2022 | 277 | 277 | 279 |
| &nbsp;&nbsp;&nbsp; LAI-00718355, 9.710%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 16198 | 16198 | 16017 |
| &nbsp;&nbsp;&nbsp; LAI-00718356, 12.170%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 5766 | 5766 | 5629 |
| &nbsp;&nbsp;&nbsp; LAI-00718435, 15.780%, 7/14/2030 †x# | LendingPoint | 11/17/2022 | 32653 | 32653 | 32837 |
| &nbsp;&nbsp;&nbsp; LAI-00718527, 12.590%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 3070 | 3070 | 2997 |
| &nbsp;&nbsp;&nbsp; LAI-00718538, 18.390%, 11/12/2026 †§x | LendingPoint | 11/17/2022 | 1568 | 1568 | 1563 |
| &nbsp;&nbsp;&nbsp; LAI-00718539, 29.440%, 12/23/2027 †x# | LendingPoint | 11/17/2022 | 6866 | 6866 | 6679 |
| &nbsp;&nbsp;&nbsp; LAI-00718606, 15.280%, 11/12/2026 †§x | LendingPoint | 11/17/2022 | 5971 | 5971 | 5955 |
| &nbsp;&nbsp;&nbsp; LAI-00718619, 28.430%, 11/12/2026 †§x | LendingPoint | 11/17/2022 | 3462 | 3462 | 3523 |
| &nbsp;&nbsp;&nbsp; LAI-00718631, 21.380%, 11/12/2028 †x# | LendingPoint | 11/17/2022 | 14337 | 14337 | 4267 |
| &nbsp;&nbsp;&nbsp; LAI-00718649, 11.210%, 11/12/2028 †x | LendingPoint | 11/17/2022 | 30718 | 30718 | 30539 |
| &nbsp;&nbsp;&nbsp; LAI-00718686, 14.800%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 14741 | 14741 | 14382 |
| &nbsp;&nbsp;&nbsp; LAI-00718714, 12.590%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 16750 | 16750 | 16349 |
| &nbsp;&nbsp;&nbsp; LAI-00718762, 0.000%, 11/12/2025 †x | LendingPoint | 11/17/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00718769, 9.530%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 7624 | 7624 | 7448 |
| &nbsp;&nbsp;&nbsp; LAI-00718855, 18.500%, 11/12/2027 †x | LendingPoint | 11/17/2022 | 8071 | 8071 | 7958 |
| &nbsp;&nbsp;&nbsp; LAI-00718857, 12.160%, 12/30/2027 †x# | LendingPoint | 11/17/2022 | 15463 | 15463 | 4594 |
| &nbsp;&nbsp;&nbsp; LAI-00718910, 9.820%, 2/12/2029 †x# | LendingPoint | 11/17/2022 | 14828 | 14828 | 14520 |
| &nbsp;&nbsp;&nbsp; LAI-00718959, 11.910%, 11/17/2027 †x | LendingPoint | 11/17/2022 | 8902 | 8902 | 8769 |
| &nbsp;&nbsp;&nbsp; LAI-00718961, 14.820%, 11/12/2025 †x | LendingPoint | 11/17/2022 | 1085 | 1085 | 1101 |
| &nbsp;&nbsp;&nbsp; LAI-00719040, 11.910%, 11/13/2027 †x# | LendingPoint | 11/17/2022 | 11142 | 11142 | 10993 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8850** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00719147, 28.380%, 11/13/2027 †x | LendingPoint | 11/17/2022 | $2926 | $2926 | $2902 |
| &nbsp;&nbsp;&nbsp; LAI-00719163, 26.560%, 11/13/2027 †x# | LendingPoint | 11/17/2022 | 9814 | 9814 | 9703 |
| &nbsp;&nbsp;&nbsp; LAI-00719164, 29.950%, 11/13/2027 †x# | LendingPoint | 11/17/2022 | 7050 | 7050 | 6851 |
| &nbsp;&nbsp;&nbsp; LAI-00719212, 30.910%, 1/28/2028 †x# | LendingPoint | 11/17/2022 | 2938 | 2938 | 2927 |
| &nbsp;&nbsp;&nbsp; LAI-00719266, 11.180%, 11/13/2027 †x# | LendingPoint | 11/17/2022 | 11007 | 11007 | 10861 |
| &nbsp;&nbsp;&nbsp; LAI-00719272, 14.800%, 11/13/2027 †x# | LendingPoint | 11/17/2022 | 7567 | 7567 | 7385 |
| &nbsp;&nbsp;&nbsp; LAI-00719291, 27.930%, 11/14/2026 †§x | LendingPoint | 11/17/2022 | 3491 | 3491 | 3558 |
| &nbsp;&nbsp;&nbsp; LAI-00719335, 22.130%, 3/30/2027 †x | LendingPoint | 11/17/2022 | 3040 | 3040 | 2942 |
| &nbsp;&nbsp;&nbsp; LAI-00719346, 11.910%, 11/14/2027 †x | LendingPoint | 11/17/2022 | 5272 | 5272 | 5203 |
| &nbsp;&nbsp;&nbsp; LAI-00719348, 10.950%, 11/14/2025 †§x | LendingPoint | 11/17/2022 | 1277 | 1277 | 1285 |
| &nbsp;&nbsp;&nbsp; LAI-00719354, 10.930%, 12/20/2027 †x | LendingPoint | 11/17/2022 | 8245 | 8245 | 8150 |
| &nbsp;&nbsp;&nbsp; LAI-00719401, 16.760%, 11/14/2027 †x | LendingPoint | 11/17/2022 | 13481 | 13481 | 13114 |
| &nbsp;&nbsp;&nbsp; LAI-00719415, 16.270%, 11/14/2027 †x | LendingPoint | 11/17/2022 | 11000 | 11000 | 10735 |
| &nbsp;&nbsp;&nbsp; LAI-00719421, 12.170%, 11/14/2027 †x | LendingPoint | 11/17/2022 | 3676 | 3676 | 3580 |
| &nbsp;&nbsp;&nbsp; LAI-00719439, 9.820%, 11/14/2027 †x | LendingPoint | 11/17/2022 | 6639 | 6639 | 6469 |
| &nbsp;&nbsp;&nbsp; LAI-00719442, 29.400%, 11/14/2026 †§x | LendingPoint | 11/17/2022 | 3318 | 3318 | 3380 |
| &nbsp;&nbsp;&nbsp; LAI-00719460, 12.160%, 11/14/2027 †x | LendingPoint | 11/17/2022 | 11131 | 11131 | 11008 |
| &nbsp;&nbsp;&nbsp; LAI-00719495, 14.900%, 11/14/2027 †x | LendingPoint | 11/17/2022 | 10836 | 10836 | 10688 |
| &nbsp;&nbsp;&nbsp; LAI-00719527, 10.800%, 11/15/2027 †x | LendingPoint | 11/17/2022 | 13650 | 13650 | 13422 |
| &nbsp;&nbsp;&nbsp; LAI-00719533, 9.530%, 11/15/2027 †x | LendingPoint | 11/17/2022 | 9421 | 9421 | 9303 |
| &nbsp;&nbsp;&nbsp; LAI-00719534, 10.510%, 11/15/2025 †§x | LendingPoint | 11/17/2022 | 253 | 253 | 253 |
| &nbsp;&nbsp;&nbsp; LAI-00719542, 11.180%, 11/15/2027 †x | LendingPoint | 11/17/2022 | 16519 | 16519 | 16308 |
| &nbsp;&nbsp;&nbsp; LAI-00719547, 16.120%, 11/15/2027 †x | LendingPoint | 11/17/2022 | 11177 | 11177 | 11024 |
| &nbsp;&nbsp;&nbsp; LAI-00719561, 9.240%, 11/15/2025 †§x | LendingPoint | 11/17/2022 | 1133 | 1133 | 1136 |
| &nbsp;&nbsp;&nbsp; LAI-00719585, 16.120%, 11/15/2027 †x | LendingPoint | 11/17/2022 | 6410 | 6410 | 6323 |
| &nbsp;&nbsp;&nbsp; LAI-00719591, 9.040%, 11/15/2027 †x | LendingPoint | 11/17/2022 | 8354 | 8354 | 8250 |
| &nbsp;&nbsp;&nbsp; LAI-00719610, 9.530%, 11/15/2028 †x | LendingPoint | 11/17/2022 | 18351 | 18351 | 18155 |
| &nbsp;&nbsp;&nbsp; LAI-00719627, 11.480%, 11/15/2027 †x | LendingPoint | 11/17/2022 | 2354 | 2354 | 2323 |
| &nbsp;&nbsp;&nbsp; LAI-00719727, 10.930%, 3/19/2028 †x# | LendingPoint | 11/17/2022 | 19595 | 19595 | 4277 |
| &nbsp;&nbsp;&nbsp; LAI-00719794, 30.910%, 10/23/2027 †x | LendingPoint | 11/18/2022 | 3899 | 3899 | 3862 |
| &nbsp;&nbsp;&nbsp; LAI-00719795, 11.630%, 11/15/2028 †x | LendingPoint | 11/18/2022 | 20217 | 20217 | 20074 |
| &nbsp;&nbsp;&nbsp; LAI-00719803, 29.390%, 11/15/2026 †§x | LendingPoint | 11/18/2022 | 2347 | 2347 | 2393 |
| &nbsp;&nbsp;&nbsp; LAI-00719843, 17.090%, 8/15/2028 †x | LendingPoint | 11/18/2022 | 13432 | 13432 | 13075 |
| &nbsp;&nbsp;&nbsp; LAI-00719844, 25.590%, 10/29/2027 †x | LendingPoint | 11/18/2022 | 15589 | 15589 | 15126 |
| &nbsp;&nbsp;&nbsp; LAI-00719846, 22.370%, 11/15/2027 †x# | LendingPoint | 11/18/2022 | 6792 | 6792 | 1552 |
| &nbsp;&nbsp;&nbsp; LAI-00719857, 19.640%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 6381 | 6381 | 6199 |
| &nbsp;&nbsp;&nbsp; LAI-00719860, 16.500%, 12/27/2028 †x | LendingPoint | 11/18/2022 | 20938 | 20938 | 20829 |
| &nbsp;&nbsp;&nbsp; LAI-00719895, 21.130%, 5/29/2029 †x# | LendingPoint | 11/18/2022 | 9122 | 9122 | 8916 |
| &nbsp;&nbsp;&nbsp; LAI-00719941, 30.880%, 1/15/2029 †x# | LendingPoint | 11/18/2022 | 8049 | 8049 | 1822 |
| &nbsp;&nbsp;&nbsp; LAI-00720042, 10.960%, 11/15/2027 †x# | LendingPoint | 11/18/2022 | 4473 | 4473 | 4470 |
| &nbsp;&nbsp;&nbsp; LAI-00720046, 13.290%, 11/15/2028 †x | LendingPoint | 11/18/2022 | 5631 | 5631 | 5590 |
| &nbsp;&nbsp;&nbsp; LAI-00720048, 25.440%, 11/15/2028 †x | LendingPoint | 11/18/2022 | 25174 | 25174 | 24828 |
| &nbsp;&nbsp;&nbsp; LAI-00720062, 11.220%, 7/29/2026 †x# | LendingPoint | 11/18/2022 | 16937 | 16937 | 16376 |
| &nbsp;&nbsp;&nbsp; LAI-00720068, 21.410%, 11/15/2025 †§x | LendingPoint | 11/18/2022 | 528 | 528 | 533 |
| &nbsp;&nbsp;&nbsp; LAI-00720114, 13.980%, 11/15/2024 †§x^ | LendingPoint | 11/18/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00720120, 30.360%, 11/15/2026 †§x | LendingPoint | 11/18/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00720124, 10.200%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 5439 | 5439 | 5370 |
| &nbsp;&nbsp;&nbsp; LAI-00720168, 28.590%, 9/29/2025 †x | LendingPoint | 11/18/2022 | 2703 | 2703 | 2534 |
| &nbsp;&nbsp;&nbsp; LAI-00720176, 28.820%, 11/15/2026 †§x | LendingPoint | 11/18/2022 | 6473 | 6473 | 6604 |
| &nbsp;&nbsp;&nbsp; LAI-00720192, 22.730%, 11/15/2024 †§x^ | LendingPoint | 11/18/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00720220, 11.020%, 1/25/2028 †x | LendingPoint | 11/18/2022 | 2805 | 2805 | 2821 |
| &nbsp;&nbsp;&nbsp; LAI-00720228, 21.890%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 3084 | 3084 | 3033 |
| &nbsp;&nbsp;&nbsp; LAI-00720238, 16.210%, 10/01/2030 †x# | LendingPoint | 11/18/2022 | 46438 | 46438 | 46406 |
| &nbsp;&nbsp;&nbsp; LAI-00720263, 12.160%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 7235 | 7235 | 7142 |
| &nbsp;&nbsp;&nbsp; LAI-00720289, 20.850%, 11/15/2026 †§x | LendingPoint | 11/18/2022 | 6142 | 6142 | 6156 |
| &nbsp;&nbsp;&nbsp; LAI-00720343, 29.450%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 6191 | 6191 | 6134 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8851** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00720354, 14.800%, 11/15/2027 †x | LendingPoint | 11/18/2022 | $3409 | $3409 | $3361 |
| &nbsp;&nbsp;&nbsp; LAI-00720355, 15.320%, 3/15/2027 †x# | LendingPoint | 11/18/2022 | 4922 | 4922 | 4907 |
| &nbsp;&nbsp;&nbsp; LAI-00720374, 12.160%, 10/27/2027 †x# | LendingPoint | 11/18/2022 | 15364 | 15364 | 15062 |
| &nbsp;&nbsp;&nbsp; LAI-00720406, 9.820%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 7660 | 7660 | 7490 |
| &nbsp;&nbsp;&nbsp; LAI-00720417, 21.630%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 7146 | 7146 | 7047 |
| &nbsp;&nbsp;&nbsp; LAI-00720450, 21.650%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 17110 | 17110 | 16681 |
| &nbsp;&nbsp;&nbsp; LAI-00720451, 10.510%, 11/15/2025 †§x | LendingPoint | 11/18/2022 | 1930 | 1930 | 1936 |
| &nbsp;&nbsp;&nbsp; LAI-00720455, 14.900%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 10834 | 10834 | 10711 |
| &nbsp;&nbsp;&nbsp; LAI-00720475, 9.530%, 11/15/2027 †x | LendingPoint | 11/18/2022 | 6108 | 6108 | 6031 |
| &nbsp;&nbsp;&nbsp; LAI-00720483, 21.150%, 11/15/2026 †§x | LendingPoint | 11/18/2022 | 1279 | 1279 | 1275 |
| &nbsp;&nbsp;&nbsp; LAI-00720516, 27.590%, 3/16/2030 †x# | LendingPoint | 11/18/2022 | 22148 | 22148 | 22110 |
| &nbsp;&nbsp;&nbsp; LAI-00720520, 11.630%, 11/16/2028 †x | LendingPoint | 11/18/2022 | 31220 | 31220 | 30846 |
| &nbsp;&nbsp;&nbsp; LAI-00720536, 28.380%, 11/16/2027 †x# | LendingPoint | 11/18/2022 | 9491 | 9491 | 3149 |
| &nbsp;&nbsp;&nbsp; LAI-00720540, 29.880%, 11/16/2026 †x# | LendingPoint | 11/18/2022 | 3799 | 3799 | 689 |
| &nbsp;&nbsp;&nbsp; LAI-00720542, 29.540%, 11/16/2025 †§x | LendingPoint | 11/18/2022 | 129 | 129 | 130 |
| &nbsp;&nbsp;&nbsp; LAI-00720586, 29.440%, 11/16/2026 †§x | LendingPoint | 11/18/2022 | 3310 | 3310 | 3305 |
| &nbsp;&nbsp;&nbsp; LAI-00720608, 23.370%, 11/16/2027 †x | LendingPoint | 11/18/2022 | 7146 | 7146 | 7023 |
| &nbsp;&nbsp;&nbsp; LAI-00720649, 15.280%, 11/16/2026 †§x | LendingPoint | 11/18/2022 | 1902 | 1902 | 1890 |
| &nbsp;&nbsp;&nbsp; LAI-00720655, 29.400%, 11/16/2026 †x# | LendingPoint | 11/18/2022 | 4814 | 4814 | 503 |
| &nbsp;&nbsp;&nbsp; LAI-00720685, 10.940%, 11/16/2028 †x | LendingPoint | 11/18/2022 | 26538 | 26538 | 26360 |
| &nbsp;&nbsp;&nbsp; LAI-00720692, 15.990%, 1/01/2029 †x | LendingPoint | 11/18/2022 | 33520 | 33520 | 33012 |
| &nbsp;&nbsp;&nbsp; LAI-00720758, 29.950%, 11/16/2027 †x | LendingPoint | 11/21/2022 | 5724 | 5724 | 5688 |
| &nbsp;&nbsp;&nbsp; LAI-00720767, 26.430%, 9/05/2029 †x | LendingPoint | 11/21/2022 | 9307 | 9307 | 8721 |
| &nbsp;&nbsp;&nbsp; LAI-00720773, 15.740%, 11/16/2026 †§x | LendingPoint | 11/21/2022 | 2681 | 2681 | 2681 |
| &nbsp;&nbsp;&nbsp; LAI-00720783, 27.850%, 5/16/2027 †x | LendingPoint | 11/21/2022 | 8467 | 8467 | 8471 |
| &nbsp;&nbsp;&nbsp; LAI-00720806, 17.560%, 11/16/2027 †x | LendingPoint | 11/21/2022 | 3585 | 3585 | 3489 |
| &nbsp;&nbsp;&nbsp; LAI-00720811, 22.490%, 12/25/2028 †x | LendingPoint | 11/21/2022 | 1439 | 1439 | 1437 |
| &nbsp;&nbsp;&nbsp; LAI-00720821, 23.800%, 11/16/2026 †§x | LendingPoint | 11/21/2022 | 4471 | 4471 | 4492 |
| &nbsp;&nbsp;&nbsp; LAI-00720840, 25.260%, 11/16/2024 †§x^ | LendingPoint | 11/21/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00720842, 29.830%, 3/16/2028 †x# | LendingPoint | 11/21/2022 | 11573 | 11573 | 1209 |
| &nbsp;&nbsp;&nbsp; LAI-00720861, 28.380%, 3/31/2030 †x# | LendingPoint | 11/21/2022 | 3838 | 3838 | 401 |
| &nbsp;&nbsp;&nbsp; LAI-00720907, 27.190%, 11/16/2027 †x | LendingPoint | 11/21/2022 | 13665 | 13665 | 13614 |
| &nbsp;&nbsp;&nbsp; LAI-00720935, 27.930%, 11/16/2026 †§x | LendingPoint | 11/21/2022 | 829 | 829 | 824 |
| &nbsp;&nbsp;&nbsp; LAI-00720962, 24.640%, 5/30/2026 †x# | LendingPoint | 11/21/2022 | 9403 | 9403 | 983 |
| &nbsp;&nbsp;&nbsp; LAI-00720963, 30.360%, 11/16/2026 †x# | LendingPoint | 11/21/2022 | 4448 | 4448 | 834 |
| &nbsp;&nbsp;&nbsp; LAI-00720982, 16.580%, 11/16/2027 †§x | LendingPoint | 11/21/2022 | 1772 | 1772 | 1725 |
| &nbsp;&nbsp;&nbsp; LAI-00721001, 28.380%, 10/31/2029 †x | LendingPoint | 11/21/2022 | 10634 | 10634 | 10912 |
| &nbsp;&nbsp;&nbsp; LAI-00721004, 29.950%, 2/16/2028 †x# | LendingPoint | 11/21/2022 | 2259 | 2259 | 2249 |
| &nbsp;&nbsp;&nbsp; LAI-00721019, 30.890%, 11/16/2027 †x# | LendingPoint | 11/21/2022 | 5845 | 5845 | 5754 |
| &nbsp;&nbsp;&nbsp; LAI-00721023, 27.920%, 9/29/2025 †x | LendingPoint | 11/21/2022 | 3992 | 3992 | 3834 |
| &nbsp;&nbsp;&nbsp; LAI-00721028, 19.450%, 11/16/2027 †x | LendingPoint | 11/21/2022 | 3466 | 3466 | 3402 |
| &nbsp;&nbsp;&nbsp; LAI-00721045, 28.380%, 11/29/2027 †x# | LendingPoint | 11/21/2022 | 6644 | 6644 | 694 |
| &nbsp;&nbsp;&nbsp; LAI-00721050, 16.960%, 11/16/2027 †x | LendingPoint | 11/21/2022 | 9356 | 9356 | 9208 |
| &nbsp;&nbsp;&nbsp; LAI-00721151, 18.970%, 11/16/2027 †§x# | LendingPoint | 11/21/2022 | 236 | 236 |  |
| &nbsp;&nbsp;&nbsp; LAI-00721175, 0.000%, 11/14/2026 †x# | LendingPoint | 11/21/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00721217, 28.900%, 11/16/2026 †§x | LendingPoint | 11/21/2022 | 1322 | 1322 | 1349 |
| &nbsp;&nbsp;&nbsp; LAI-00721222, 29.400%, 11/16/2026 †x# | LendingPoint | 11/21/2022 | 1116 | 1116 | 117 |
| &nbsp;&nbsp;&nbsp; LAI-00721227, 16.290%, 1/16/2028 †x# | LendingPoint | 11/21/2022 | 4648 | 4648 | 4561 |
| &nbsp;&nbsp;&nbsp; LAI-00721238, 9.240%, 11/16/2025 †§x | LendingPoint | 11/21/2022 | 1998 | 1998 | 2008 |
| &nbsp;&nbsp;&nbsp; LAI-00721270, 16.880%, 3/16/2028 †x | LendingPoint | 11/21/2022 | 9762 | 9762 | 9448 |
| &nbsp;&nbsp;&nbsp; LAI-00721281, 23.840%, 9/16/2028 †x | LendingPoint | 11/21/2022 | 13957 | 13957 | 13302 |
| &nbsp;&nbsp;&nbsp; LAI-00721297, 20.090%, 11/16/2027 †x | LendingPoint | 11/21/2022 | 8592 | 8592 | 8491 |
| &nbsp;&nbsp;&nbsp; LAI-00721307, 26.700%, 11/16/2024 †§x^ | LendingPoint | 11/21/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00721314, 29.460%, 9/16/2029 †x | LendingPoint | 11/21/2022 | 3083 | 3083 | 3034 |
| &nbsp;&nbsp;&nbsp; LAI-00721327, 23.040%, 12/16/2027 †x | LendingPoint | 11/21/2022 | 13688 | 13688 | 13566 |
| &nbsp;&nbsp;&nbsp; LAI-00721328, 24.150%, 11/16/2025 †x# | LendingPoint | 11/21/2022 | 927 | 927 | 480 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8852** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00721330, 26.700%, 11/16/2027 †x# | LendingPoint | 11/21/2022 | $16414 | $16414 | $1715 |
| &nbsp;&nbsp;&nbsp; LAI-00721338, 10.210%, 9/30/2028 †x# | LendingPoint | 11/21/2022 | 17554 | 17554 | 1834 |
| &nbsp;&nbsp;&nbsp; LAI-00721371, 8.490%, 11/17/2025 †§x# | LendingPoint | 11/21/2022 | 653 | 653 | 655 |
| &nbsp;&nbsp;&nbsp; LAI-00721453, 10.510%, 11/15/2025 †§x | LendingPoint | 11/21/2022 | 1312 | 1312 | 1318 |
| &nbsp;&nbsp;&nbsp; LAI-00721585, 10.210%, 11/17/2027 †x | LendingPoint | 11/21/2022 | 7538 | 7538 | 7420 |
| &nbsp;&nbsp;&nbsp; LAI-00722354, 15.320%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 2938 | 2938 | 2950 |
| &nbsp;&nbsp;&nbsp; LAI-00722374, 18.390%, 11/18/2026 †x# | LendingPoint | 11/23/2022 | 9205 | 9205 | 3411 |
| &nbsp;&nbsp;&nbsp; LAI-00722387, 16.880%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 6644 | 6644 | 6471 |
| &nbsp;&nbsp;&nbsp; LAI-00722393, 27.410%, 11/29/2027 †x# | LendingPoint | 11/23/2022 | 9831 | 9831 | 9752 |
| &nbsp;&nbsp;&nbsp; LAI-00722399, 29.950%, 11/18/2027 †x | LendingPoint | 11/23/2022 | 187 | 187 |  |
| &nbsp;&nbsp;&nbsp; LAI-00722415, 25.990%, 11/18/2026 †x# | LendingPoint | 11/23/2022 | 1240 | 1240 | 318 |
| &nbsp;&nbsp;&nbsp; LAI-00722416, 24.340%, 8/18/2029 †x# | LendingPoint | 11/23/2022 | 14959 | 14959 | 1563 |
| &nbsp;&nbsp;&nbsp; LAI-00722417, 24.340%, 1/30/2026 †x# | LendingPoint | 11/23/2022 | 7343 | 7343 | 6581 |
| &nbsp;&nbsp;&nbsp; LAI-00722426, 19.640%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 24684 | 24684 | 2579 |
| &nbsp;&nbsp;&nbsp; LAI-00722431, 20.180%, 2/18/2028 †x# | LendingPoint | 11/23/2022 | 12596 | 12596 | 12199 |
| &nbsp;&nbsp;&nbsp; LAI-00722437, 29.950%, 5/18/2024 †x#^ | LendingPoint | 11/23/2022 | 3388 | 3388 | 354 |
| &nbsp;&nbsp;&nbsp; LAI-00722439, 16.070%, 5/30/2026 †x | LendingPoint | 11/23/2022 | 9067 | 9067 | 8036 |
| &nbsp;&nbsp;&nbsp; LAI-00722456, 15.320%, 11/18/2026 †x# | LendingPoint | 11/23/2022 | 3223 | 3223 | 3280 |
| &nbsp;&nbsp;&nbsp; LAI-00722469, 22.990%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 1243 | 1243 | 1250 |
| &nbsp;&nbsp;&nbsp; LAI-00722473, 10.500%, 1/07/2028 †x# | LendingPoint | 11/23/2022 | 9373 | 9373 | 9093 |
| &nbsp;&nbsp;&nbsp; LAI-00722523, 30.850%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 3073 | 3073 | 3047 |
| &nbsp;&nbsp;&nbsp; LAI-00722532, 30.890%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 6385 | 6385 | 667 |
| &nbsp;&nbsp;&nbsp; LAI-00722546, 16.780%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 11736 | 11736 | 11564 |
| &nbsp;&nbsp;&nbsp; LAI-00722556, 14.900%, 3/18/2028 †x# | LendingPoint | 11/23/2022 | 14633 | 14633 | 14395 |
| &nbsp;&nbsp;&nbsp; LAI-00722559, 23.740%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 2977 | 2977 | 2936 |
| &nbsp;&nbsp;&nbsp; LAI-00722586, 16.240%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 7001 | 7001 | 6882 |
| &nbsp;&nbsp;&nbsp; LAI-00722610, 27.480%, 2/18/2028 †x# | LendingPoint | 11/23/2022 | 5431 | 5431 | 5276 |
| &nbsp;&nbsp;&nbsp; LAI-00722616, 25.090%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 3090 | 3090 | 3092 |
| &nbsp;&nbsp;&nbsp; LAI-00722625, 25.010%, 11/18/2025 †§x# | LendingPoint | 11/23/2022 | 426 | 426 | 431 |
| &nbsp;&nbsp;&nbsp; LAI-00722646, 29.950%, 3/18/2028 †x# | LendingPoint | 11/23/2022 | 4004 | 4004 | 3889 |
| &nbsp;&nbsp;&nbsp; LAI-00722650, 29.340%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 9814 | 9814 | 3261 |
| &nbsp;&nbsp;&nbsp; LAI-00722657, 11.650%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 17708 | 17708 | 17202 |
| &nbsp;&nbsp;&nbsp; LAI-00722665, 26.240%, 11/18/2024 †§x#^ | LendingPoint | 11/23/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00722675, 26.090%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 2613 | 2613 | 2539 |
| &nbsp;&nbsp;&nbsp; LAI-00722677, 16.120%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 11654 | 11654 | 11504 |
| &nbsp;&nbsp;&nbsp; LAI-00722696, 25.460%, 4/18/2028 †x | LendingPoint | 11/23/2022 | 11203 | 11203 | 10828 |
| &nbsp;&nbsp;&nbsp; LAI-00722704, 29.940%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 1258 | 1258 | 1256 |
| &nbsp;&nbsp;&nbsp; LAI-00722709, 28.900%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 1179 | 1179 | 1204 |
| &nbsp;&nbsp;&nbsp; LAI-00722725, 22.370%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 8537 | 8537 | 1534 |
| &nbsp;&nbsp;&nbsp; LAI-00722734, 16.380%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 13133 | 13133 | 12832 |
| &nbsp;&nbsp;&nbsp; LAI-00722735, 30.910%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 2538 | 2538 | 2532 |
| &nbsp;&nbsp;&nbsp; LAI-00722740, 27.070%, 10/29/2025 †x | LendingPoint | 11/23/2022 | 2325 | 2325 | 2099 |
| &nbsp;&nbsp;&nbsp; LAI-00722749, 24.560%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 4866 | 4866 | 4979 |
| &nbsp;&nbsp;&nbsp; LAI-00722761, 30.880%, 10/18/2028 †x | LendingPoint | 11/23/2022 | 7265 | 7265 | 6862 |
| &nbsp;&nbsp;&nbsp; LAI-00722762, 27.520%, 11/18/2025 †§x# | LendingPoint | 11/23/2022 | 504 | 504 | 512 |
| &nbsp;&nbsp;&nbsp; LAI-00722790, 26.440%, 9/18/2029 †x# | LendingPoint | 11/23/2022 | 2377 | 2377 | 2239 |
| &nbsp;&nbsp;&nbsp; LAI-00722792, 26.520%, 11/18/2025 †§x | LendingPoint | 11/23/2022 | 340 | 340 | 346 |
| &nbsp;&nbsp;&nbsp; LAI-00722831, 28.430%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 5310 | 5310 | 5282 |
| &nbsp;&nbsp;&nbsp; LAI-00722840, 26.740%, 11/18/2024 †§x^ | LendingPoint | 11/23/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00722841, 19.850%, 9/18/2028 †x# | LendingPoint | 11/23/2022 | 8013 | 8013 | 7663 |
| &nbsp;&nbsp;&nbsp; LAI-00722855, 18.960%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 11413 | 11413 | 11354 |
| &nbsp;&nbsp;&nbsp; LAI-00722856, 29.900%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 3561 | 3561 | 3636 |
| &nbsp;&nbsp;&nbsp; LAI-00722857, 18.910%, 1/28/2027 †x | LendingPoint | 11/23/2022 | 24184 | 24184 | 22742 |
| &nbsp;&nbsp;&nbsp; LAI-00722865, 22.490%, 6/18/2027 †x# | LendingPoint | 11/23/2022 | 2692 | 2692 | 2705 |
| &nbsp;&nbsp;&nbsp; LAI-00722871, 9.710%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | 11904 | 11904 | 11763 |
| &nbsp;&nbsp;&nbsp; LAI-00722872, 27.230%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 7881 | 7881 | 7918 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8853** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00722873, 16.120%, 11/18/2027 †x# | LendingPoint | 11/23/2022 | $11222 | $11222 | $11100 |
| &nbsp;&nbsp;&nbsp; LAI-00722886, 21.680%, 11/16/2027 †x | LendingPoint | 11/23/2022 | 9255 | 9255 | 9010 |
| &nbsp;&nbsp;&nbsp; LAI-00722894, 28.930%, 11/18/2026 †§x# | LendingPoint | 11/23/2022 | 1768 | 1768 | 1794 |
| &nbsp;&nbsp;&nbsp; LAI-00722941, 29.540%, 11/30/2025 †x# | LendingPoint | 11/23/2022 | 1023 | 1023 | 1032 |
| &nbsp;&nbsp;&nbsp; LAI-00722944, 28.430%, 11/19/2026 †§x | LendingPoint | 11/23/2022 | 3143 | 3143 | 3192 |
| &nbsp;&nbsp;&nbsp; LAI-00722964, 23.870%, 11/19/2027 †x | LendingPoint | 11/23/2022 | 4484 | 4484 | 4400 |
| &nbsp;&nbsp;&nbsp; LAI-00722992, 29.540%, 12/28/2025 †x# | LendingPoint | 11/23/2022 | 367 | 367 | 375 |
| &nbsp;&nbsp;&nbsp; LAI-00722994, 30.860%, 10/23/2026 †x | LendingPoint | 11/23/2022 | 3327 | 3327 | 3378 |
| &nbsp;&nbsp;&nbsp; LAI-00723005, 26.990%, 11/19/2026 †§x | LendingPoint | 11/23/2022 | 4640 | 4640 | 4639 |
| &nbsp;&nbsp;&nbsp; LAI-00723044, 29.610%, 11/19/2027 †x | LendingPoint | 11/23/2022 | 14006 | 14006 | 13902 |
| &nbsp;&nbsp;&nbsp; LAI-00723052, 24.450%, 11/19/2026 †§x | LendingPoint | 11/23/2022 | 1695 | 1695 | 1701 |
| &nbsp;&nbsp;&nbsp; LAI-00723056, 29.900%, 11/19/2026 †§x | LendingPoint | 11/23/2022 | 2235 | 2235 | 2269 |
| &nbsp;&nbsp;&nbsp; LAI-00723068, 29.390%, 11/19/2026 †x# | LendingPoint | 11/23/2022 | 7205 | 7205 | 1286 |
| &nbsp;&nbsp;&nbsp; LAI-00723082, 31.860%, 11/19/2027 †x | LendingPoint | 11/23/2022 | 5497 | 5497 | 5460 |
| &nbsp;&nbsp;&nbsp; LAI-00723091, 28.020%, 11/19/2027 †x | LendingPoint | 11/23/2022 | 5322 | 5322 | 5279 |
| &nbsp;&nbsp;&nbsp; LAI-00724382, 16.240%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 5828 | 5828 | 5761 |
| &nbsp;&nbsp;&nbsp; LAI-00724384, 29.540%, 11/22/2025 †§x | LendingPoint | 11/25/2022 | 580 | 580 | 591 |
| &nbsp;&nbsp;&nbsp; LAI-00724421, 16.970%, 11/22/2026 †x | LendingPoint | 11/25/2022 | 1434 | 1434 | 1474 |
| &nbsp;&nbsp;&nbsp; LAI-00724426, 15.320%, 11/22/2026 †§x | LendingPoint | 11/25/2022 | 3221 | 3221 | 3309 |
| &nbsp;&nbsp;&nbsp; LAI-00724429, 14.820%, 11/22/2025 †§x | LendingPoint | 11/25/2022 | 965 | 965 | 982 |
| &nbsp;&nbsp;&nbsp; LAI-00724430, 21.680%, 3/26/2026 †x | LendingPoint | 11/25/2022 | 6418 | 6418 | 5438 |
| &nbsp;&nbsp;&nbsp; LAI-00724432, 13.140%, 12/30/2027 †x# | LendingPoint | 11/25/2022 | 4494 | 4494 | 4364 |
| &nbsp;&nbsp;&nbsp; LAI-00724529, 29.340%, 5/05/2028 †x# | LendingPoint | 11/25/2022 | 12473 | 12473 | 11714 |
| &nbsp;&nbsp;&nbsp; LAI-00724545, 24.780%, 5/20/2028 †x | LendingPoint | 11/25/2022 | 5376 | 5376 | 5167 |
| &nbsp;&nbsp;&nbsp; LAI-00724560, 21.650%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 10608 | 10608 | 10336 |
| &nbsp;&nbsp;&nbsp; LAI-00724595, 30.440%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 4597 | 4597 | 4568 |
| &nbsp;&nbsp;&nbsp; LAI-00724607, 0.000%, 11/22/2027 †x# | LendingPoint | 11/25/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00724615, 21.990%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 15847 | 15847 | 15682 |
| &nbsp;&nbsp;&nbsp; LAI-00724621, 26.020%, 11/22/2026 †§x# | LendingPoint | 11/25/2022 | 2491 | 2491 | 947 |
| &nbsp;&nbsp;&nbsp; LAI-00724646, 29.920%, 5/27/2027 †x# | LendingPoint | 11/25/2022 | 4765 | 4765 | 498 |
| &nbsp;&nbsp;&nbsp; LAI-00724674, 15.380%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 8659 | 8659 | 8474 |
| &nbsp;&nbsp;&nbsp; LAI-00724679, 22.820%, 3/22/2028 †x | LendingPoint | 11/25/2022 | 19045 | 19045 | 18598 |
| &nbsp;&nbsp;&nbsp; LAI-00724689, 30.360%, 11/22/2026 †§x | LendingPoint | 11/25/2022 | 3139 | 3139 | 3213 |
| &nbsp;&nbsp;&nbsp; LAI-00724694, 29.400%, 2/22/2027 †x# | LendingPoint | 11/25/2022 | 3929 | 3929 | 411 |
| &nbsp;&nbsp;&nbsp; LAI-00724700, 31.380%, 11/22/2027 †x# | LendingPoint | 11/25/2022 | 2276 | 2276 | 238 |
| &nbsp;&nbsp;&nbsp; LAI-00724708, 22.660%, 9/29/2025 †x | LendingPoint | 11/25/2022 | 1600 | 1600 | 1512 |
| &nbsp;&nbsp;&nbsp; LAI-00724710, 23.340%, 3/10/2029 †x# | LendingPoint | 11/25/2022 | 13468 | 13468 | 1407 |
| &nbsp;&nbsp;&nbsp; LAI-00724721, 32.200%, 11/03/2027 †x | LendingPoint | 11/25/2022 | 5326 | 5326 | 5213 |
| &nbsp;&nbsp;&nbsp; LAI-00724746, 29.890%, 11/22/2026 †§x# | LendingPoint | 11/25/2022 | 122 | 122 |  |
| &nbsp;&nbsp;&nbsp; LAI-00724792, 22.770%, 3/22/2026 †x | LendingPoint | 11/25/2022 | 1029 | 1029 | 1037 |
| &nbsp;&nbsp;&nbsp; LAI-00724794, 29.400%, 11/22/2026 †§x | LendingPoint | 11/25/2022 | 124 | 124 |  |
| &nbsp;&nbsp;&nbsp; LAI-00724799, 29.400%, 11/22/2026 †§x | LendingPoint | 11/25/2022 | 1635 | 1635 | 1669 |
| &nbsp;&nbsp;&nbsp; LAI-00724802, 17.120%, 12/31/2027 †x | LendingPoint | 11/25/2022 | 6168 | 6168 | 6054 |
| &nbsp;&nbsp;&nbsp; LAI-00724804, 14.680%, 10/31/2025 †x | LendingPoint | 11/25/2022 | 7722 | 7722 | 7376 |
| &nbsp;&nbsp;&nbsp; LAI-00724807, 31.450%, 11/22/2027 †§x | LendingPoint | 11/25/2022 | 1365 | 1365 | 1326 |
| &nbsp;&nbsp;&nbsp; LAI-00724849, 26.490%, 8/30/2027 †x | LendingPoint | 11/25/2022 | 1297 | 1297 | 1228 |
| &nbsp;&nbsp;&nbsp; LAI-00724872, 12.990%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 7496 | 7496 | 7414 |
| &nbsp;&nbsp;&nbsp; LAI-00724890, 20.770%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 3395 | 3395 | 3352 |
| &nbsp;&nbsp;&nbsp; LAI-00724915, 16.240%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 5831 | 5831 | 5741 |
| &nbsp;&nbsp;&nbsp; LAI-00724932, 14.970%, 9/20/2026 †x# | LendingPoint | 11/25/2022 | 3361 | 3361 | 3241 |
| &nbsp;&nbsp;&nbsp; LAI-00724936, 16.620%, 11/22/2025 †x# | LendingPoint | 11/25/2022 | 3570 | 3570 | 1079 |
| &nbsp;&nbsp;&nbsp; LAI-00724945, 26.990%, 11/22/2026 †x | LendingPoint | 11/25/2022 | 1512 | 1512 | 1525 |
| &nbsp;&nbsp;&nbsp; LAI-00724958, 28.760%, 1/25/2028 †x# | LendingPoint | 11/25/2022 | 6053 | 6053 | 1364 |
| &nbsp;&nbsp;&nbsp; LAI-00724961, 15.740%, 5/17/2026 †x# | LendingPoint | 11/25/2022 | 7357 | 7357 | 769 |
| &nbsp;&nbsp;&nbsp; LAI-00724968, 28.420%, 11/22/2026 †x# | LendingPoint | 11/25/2022 | 3323 | 3323 | 604 |
| &nbsp;&nbsp;&nbsp; LAI-00724986, 21.690%, 11/22/2027 †x | LendingPoint | 11/25/2022 | 1629 | 1629 | 1637 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8854** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00725042, 22.990%, 11/22/2025 †x# | LendingPoint | 11/25/2022 | $1529 | $1529 | $453 |
| &nbsp;&nbsp;&nbsp; LAI-00725078, 21.640%, 11/23/2027 †x | LendingPoint | 11/25/2022 | 8019 | 8019 | 8038 |
| &nbsp;&nbsp;&nbsp; LAI-00725150, 13.820%, 11/23/2027 †x | LendingPoint | 11/25/2022 | 7876 | 7876 | 7787 |
| &nbsp;&nbsp;&nbsp; LAI-00725164, 0.000%, 11/23/2026 †x# | LendingPoint | 11/25/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00725169, 24.490%, 11/23/2026 †§x | LendingPoint | 11/25/2022 | 4281 | 4281 | 4364 |
| &nbsp;&nbsp;&nbsp; LAI-00725191, 28.950%, 3/02/2027 †x# | LendingPoint | 11/25/2022 | 4461 | 4461 | 4378 |
| &nbsp;&nbsp;&nbsp; LAI-00725197, 31.410%, 11/23/2027 †x | LendingPoint | 11/25/2022 | 1279 | 1279 | 1274 |
| &nbsp;&nbsp;&nbsp; LAI-00725204, 30.360%, 12/31/2027 †x | LendingPoint | 11/25/2022 | 8472 | 8472 | 4000 |
| &nbsp;&nbsp;&nbsp; LAI-00725205, 28.090%, 11/23/2027 †§x | LendingPoint | 11/25/2022 | 1373 | 1373 | 1355 |
| &nbsp;&nbsp;&nbsp; LAI-00725209, 28.540%, 11/23/2025 †§x | LendingPoint | 11/25/2022 | 452 | 452 | 459 |
| &nbsp;&nbsp;&nbsp; LAI-00725215, 19.470%, 11/23/2026 †§x | LendingPoint | 11/25/2022 | 5752 | 5752 | 5876 |
| &nbsp;&nbsp;&nbsp; LAI-00725219, 19.640%, 11/23/2024 †§x^ | LendingPoint | 11/25/2022 | 264 | 264 |  |
| &nbsp;&nbsp;&nbsp; LAI-00725248, 29.980%, 11/23/2025 †x# | LendingPoint | 11/25/2022 | 1087 | 1087 | 335 |
| &nbsp;&nbsp;&nbsp; LAI-00725265, 31.450%, 11/23/2027 †x | LendingPoint | 11/25/2022 | 2049 | 2049 | 2032 |
| &nbsp;&nbsp;&nbsp; LAI-00726099, 31.500%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 2110 | 2110 | 2144 |
| &nbsp;&nbsp;&nbsp; LAI-00726101, 28.020%, 4/30/2028 †x# | LendingPoint | 11/30/2022 | 8156 | 8156 | 1456 |
| &nbsp;&nbsp;&nbsp; LAI-00726117, 15.900%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 8119 | 8119 | 8044 |
| &nbsp;&nbsp;&nbsp; LAI-00726133, 31.410%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 5443 | 5443 | 5449 |
| &nbsp;&nbsp;&nbsp; LAI-00726140, 21.440%, 11/22/2025 †§x# | LendingPoint | 11/30/2022 | 1172 | 1172 | 1186 |
| &nbsp;&nbsp;&nbsp; LAI-00726152, 28.950%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 2350 | 2350 | 2371 |
| &nbsp;&nbsp;&nbsp; LAI-00726226, 15.570%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 7170 | 7170 | 7211 |
| &nbsp;&nbsp;&nbsp; LAI-00726227, 17.380%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 8973 | 8973 | 8760 |
| &nbsp;&nbsp;&nbsp; LAI-00726231, 29.900%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 1108 | 1108 | 1136 |
| &nbsp;&nbsp;&nbsp; LAI-00726248, 25.380%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 8941 | 8941 | 8980 |
| &nbsp;&nbsp;&nbsp; LAI-00726277, 28.020%, 11/24/2025 †§x | LendingPoint | 11/30/2022 | 751 | 751 | 767 |
| &nbsp;&nbsp;&nbsp; LAI-00726287, 20.770%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 2464 | 2464 | 2439 |
| &nbsp;&nbsp;&nbsp; LAI-00726294, 23.600%, 3/24/2028 †x | LendingPoint | 11/30/2022 | 14851 | 14851 | 14307 |
| &nbsp;&nbsp;&nbsp; LAI-00726295, 29.400%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 2995 | 2995 | 3060 |
| &nbsp;&nbsp;&nbsp; LAI-00726304, 28.430%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 3057 | 3057 | 3114 |
| &nbsp;&nbsp;&nbsp; LAI-00726312, 29.460%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 9431 | 9431 | 9429 |
| &nbsp;&nbsp;&nbsp; LAI-00726319, 15.380%, 7/08/2029 †x | LendingPoint | 11/30/2022 | 23907 | 23907 | 8462 |
| &nbsp;&nbsp;&nbsp; LAI-00726351, 0.000%, 11/24/2027 †x# | LendingPoint | 11/30/2022 | 5460 | 5460 |  |
| &nbsp;&nbsp;&nbsp; LAI-00726354, 26.280%, 11/24/2027 †x# | LendingPoint | 11/30/2022 | 4661 | 4661 | 487 |
| &nbsp;&nbsp;&nbsp; LAI-00726377, 23.040%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 11612 | 11612 | 11642 |
| &nbsp;&nbsp;&nbsp; LAI-00726382, 26.490%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 917 | 917 | 926 |
| &nbsp;&nbsp;&nbsp; LAI-00726390, 31.390%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 5447 | 5447 | 5453 |
| &nbsp;&nbsp;&nbsp; LAI-00726396, 18.080%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 5573 | 5573 | 5453 |
| &nbsp;&nbsp;&nbsp; LAI-00726403, 22.490%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 2057 | 2057 | 2112 |
| &nbsp;&nbsp;&nbsp; LAI-00726404, 28.930%, 11/24/2026 †§x | LendingPoint | 11/30/2022 | 3525 | 3525 | 3613 |
| &nbsp;&nbsp;&nbsp; LAI-00726418, 26.560%, 12/27/2027 †x | LendingPoint | 11/30/2022 | 2754 | 2754 | 2705 |
| &nbsp;&nbsp;&nbsp; LAI-00726440, 29.900%, 11/24/2026 †§x# | LendingPoint | 11/30/2022 | 3551 | 3551 | 3623 |
| &nbsp;&nbsp;&nbsp; LAI-00726457, 18.410%, 12/24/2027 †x | LendingPoint | 11/30/2022 | 9539 | 9539 | 9531 |
| &nbsp;&nbsp;&nbsp; LAI-00726461, 23.380%, 8/31/2025 †x#^ | LendingPoint | 11/30/2022 | 5290 | 5290 | 4922 |
| &nbsp;&nbsp;&nbsp; LAI-00726474, 18.590%, 11/24/2027 †x | LendingPoint | 11/30/2022 | 15062 | 15062 | 14914 |
| &nbsp;&nbsp;&nbsp; LAI-00726491, 26.130%, 11/24/2025 †§x | LendingPoint | 11/30/2022 | 1029 | 1029 | 1047 |
| &nbsp;&nbsp;&nbsp; LAI-00726516, 16.240%, 11/25/2027 †x | LendingPoint | 11/30/2022 | 9073 | 9073 | 8858 |
| &nbsp;&nbsp;&nbsp; LAI-00726525, 29.470%, 11/23/2025 †§x# | LendingPoint | 11/30/2022 | 945 | 945 | 970 |
| &nbsp;&nbsp;&nbsp; LAI-00726543, 30.040%, 11/25/2025 †§x | LendingPoint | 11/30/2022 | 605 | 605 | 618 |
| &nbsp;&nbsp;&nbsp; LAI-00726548, 24.730%, 11/25/2024 †§x^ | LendingPoint | 11/30/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00726579, 6.000%, 2/26/2028 †x | LendingPoint | 11/30/2022 | 6365 | 6365 | 6276 |
| &nbsp;&nbsp;&nbsp; LAI-00726584, 18.960%, 11/26/2027 †x | LendingPoint | 11/30/2022 | 11638 | 11638 | 11454 |
| &nbsp;&nbsp;&nbsp; LAI-00726596, 25.500%, 8/26/2027 †x | LendingPoint | 11/30/2022 | 11227 | 11227 | 11053 |
| &nbsp;&nbsp;&nbsp; LAI-00726609, 31.390%, 11/26/2027 †x | LendingPoint | 11/30/2022 | 5471 | 5471 | 5460 |
| &nbsp;&nbsp;&nbsp; LAI-00726611, 24.320%, 11/26/2024 †§x^ | LendingPoint | 11/30/2022 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00726612, 27.980%, 1/29/2026 †x | LendingPoint | 11/30/2022 | 8980 | 8980 | 8359 |
| &nbsp;&nbsp;&nbsp; LAI-00726616, 30.460%, 11/26/2027 †x | LendingPoint | 11/30/2022 | 6909 | 6909 | 6884 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8855** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00726660, 23.340%, 11/26/2024 †§x^ | LendingPoint | 11/30/2022 | $45 | $45 | $- |
| &nbsp;&nbsp;&nbsp; LAI-00727855, 9.240%, 12/27/2025 †x# | LendingPoint | 12/02/2022 | 4835 | 4835 | 505 |
| &nbsp;&nbsp;&nbsp; LAI-00727865, 30.040%, 11/29/2025 †§x | LendingPoint | 12/02/2022 | 621 | 621 | 628 |
| &nbsp;&nbsp;&nbsp; LAI-00727866, 27.030%, 9/29/2028 †x# | LendingPoint | 12/02/2022 | 13209 | 13209 | 1380 |
| &nbsp;&nbsp;&nbsp; LAI-00727871, 26.230%, 11/27/2024 †§x^ | LendingPoint | 12/02/2022 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; LAI-00727875, 16.270%, 8/19/2028 †x# | LendingPoint | 12/02/2022 | 5351 | 5351 | 5139 |
| &nbsp;&nbsp;&nbsp; LAI-00727883, 29.400%, 11/29/2026 †§x# | LendingPoint | 12/02/2022 | 280 | 280 | 280 |
| &nbsp;&nbsp;&nbsp; LAI-00727920, 24.130%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 9609 | 9609 | 9679 |
| &nbsp;&nbsp;&nbsp; LAI-00727929, 28.930%, 11/29/2026 †x# | LendingPoint | 12/02/2022 | 5949 | 5949 | 622 |
| &nbsp;&nbsp;&nbsp; LAI-00727941, 23.570%, 12/29/2027 †x# | LendingPoint | 12/02/2022 | 5209 | 5209 | 5223 |
| &nbsp;&nbsp;&nbsp; LAI-00727963, 29.990%, 1/29/2028 †x# | LendingPoint | 12/02/2022 | 14534 | 14534 | 14481 |
| &nbsp;&nbsp;&nbsp; LAI-00727970, 29.610%, 11/29/2026 †§x# | LendingPoint | 12/02/2022 | 2137 | 2137 | 2163 |
| &nbsp;&nbsp;&nbsp; LAI-00728014, 16.240%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 5828 | 5828 | 5720 |
| &nbsp;&nbsp;&nbsp; LAI-00728095, 32.250%, 11/29/2027 †x | LendingPoint | 12/02/2022 | 5048 | 5048 | 5061 |
| &nbsp;&nbsp;&nbsp; LAI-00728097, 31.420%, 12/30/2028 †x# | LendingPoint | 12/02/2022 | 8420 | 8420 | 880 |
| &nbsp;&nbsp;&nbsp; LAI-00728112, 16.620%, 9/20/2029 †x# | LendingPoint | 12/02/2022 | 5245 | 5245 | 894 |
| &nbsp;&nbsp;&nbsp; LAI-00728128, 12.880%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 11812 | 11812 | 11721 |
| &nbsp;&nbsp;&nbsp; LAI-00728136, 6.000%, 2/29/2028 †x# | LendingPoint | 12/02/2022 | 3192 | 3192 | 3154 |
| &nbsp;&nbsp;&nbsp; LAI-00728153, 16.960%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 18937 | 18937 | 6027 |
| &nbsp;&nbsp;&nbsp; LAI-00728171, 29.890%, 11/29/2026 †§x# | LendingPoint | 12/02/2022 | 1335 | 1335 | 1379 |
| &nbsp;&nbsp;&nbsp; LAI-00728241, 30.940%, 12/15/2029 †x | LendingPoint | 12/02/2022 | 20763 | 20763 | 19356 |
| &nbsp;&nbsp;&nbsp; LAI-00728282, 12.170%, 12/31/2026 †x# | LendingPoint | 12/02/2022 | 16044 | 16044 | 15474 |
| &nbsp;&nbsp;&nbsp; LAI-00728301, 20.180%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 8913 | 8913 | 4005 |
| &nbsp;&nbsp;&nbsp; LAI-00728331, 26.710%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 13604 | 13604 | 13689 |
| &nbsp;&nbsp;&nbsp; LAI-00728349, 16.270%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 14448 | 14448 | 1510 |
| &nbsp;&nbsp;&nbsp; LAI-00728376, 0.000%, 11/29/2024 †x#^ | LendingPoint | 12/02/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00728398, 32.780%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 792 | 792 | 789 |
| &nbsp;&nbsp;&nbsp; LAI-00728457, 31.840%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 2374 | 2374 | 2387 |
| &nbsp;&nbsp;&nbsp; LAI-00728468, 31.420%, 2/15/2028 †x | LendingPoint | 12/02/2022 | 4321 | 4321 | 4172 |
| &nbsp;&nbsp;&nbsp; LAI-00728472, 22.180%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 9550 | 9550 | 9358 |
| &nbsp;&nbsp;&nbsp; LAI-00728533, 20.450%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 9773 | 9773 | 9688 |
| &nbsp;&nbsp;&nbsp; LAI-00728549, 16.270%, 11/29/2027 †x# | LendingPoint | 12/02/2022 | 15933 | 15933 | 1665 |
| &nbsp;&nbsp;&nbsp; LAI-00728560, 25.760%, 12/06/2024 †x^ | LendingPoint | 12/02/2022 | 152 | 152 |  |
| &nbsp;&nbsp;&nbsp; LAI-00728561, 31.410%, 1/29/2028 †x# | LendingPoint | 12/02/2022 | 4430 | 4430 | 2076 |
| &nbsp;&nbsp;&nbsp; LAI-00728615, 29.540%, 11/30/2025 †x# | LendingPoint | 12/02/2022 | 1024 | 1024 | 502 |
| &nbsp;&nbsp;&nbsp; LAI-00728631, 10.540%, 11/30/2025 †§x# | LendingPoint | 12/02/2022 | 473 | 473 | 474 |
| &nbsp;&nbsp;&nbsp; LAI-00728658, 17.120%, 11/30/2027 †x# | LendingPoint | 12/02/2022 | 8922 | 8922 | 8754 |
| &nbsp;&nbsp;&nbsp; LAI-00728672, 20.700%, 11/30/2027 †x# | LendingPoint | 12/02/2022 | 6795 | 6795 | 6601 |
| &nbsp;&nbsp;&nbsp; LAI-00728678, 27.570%, 11/30/2025 †§x# | LendingPoint | 12/02/2022 | 509 | 509 | 511 |
| &nbsp;&nbsp;&nbsp; LAI-00728688, 31.450%, 12/31/2027 †x# | LendingPoint | 12/02/2022 | 2883 | 2883 | 2825 |
| &nbsp;&nbsp;&nbsp; LAI-00728689, 27.570%, 11/30/2025 †§x | LendingPoint | 12/02/2022 | 323 | 323 | 325 |
| &nbsp;&nbsp;&nbsp; LAI-00728692, 10.210%, 11/30/2027 †x# | LendingPoint | 12/02/2022 | 4108 | 4108 | 4004 |
| &nbsp;&nbsp;&nbsp; LAI-00728693, 28.060%, 11/30/2024 †§x^ | LendingPoint | 12/02/2022 | 464 | 464 |  |
| &nbsp;&nbsp;&nbsp; LAI-00728718, 29.170%, 11/30/2026 †§x# | LendingPoint | 12/02/2022 | 948 | 948 | 936 |
| &nbsp;&nbsp;&nbsp; LAI-00728754, 12.880%, 12/13/2027 †x# | LendingPoint | 12/02/2022 | 19356 | 19356 | 19004 |
| &nbsp;&nbsp;&nbsp; LAI-00728798, 27.710%, 11/30/2024 †§x^ | LendingPoint | 12/02/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00728809, 0.000%, 11/30/2026 †x# | LendingPoint | 12/02/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00728832, 28.420%, 11/30/2026 †§x# | LendingPoint | 12/05/2022 | 4691 | 4691 | 4651 |
| &nbsp;&nbsp;&nbsp; LAI-00728860, 26.990%, 11/30/2026 †§x# | LendingPoint | 12/05/2022 | 1849 | 1849 | 1834 |
| &nbsp;&nbsp;&nbsp; LAI-00728870, 31.380%, 11/30/2028 †x# | LendingPoint | 12/05/2022 | 2850 | 2850 | 2755 |
| &nbsp;&nbsp;&nbsp; LAI-00728872, 29.890%, 1/15/2027 †x | LendingPoint | 12/05/2022 | 3337 | 3337 | 3373 |
| &nbsp;&nbsp;&nbsp; LAI-00728933, 22.770%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 18712 | 18712 | 18185 |
| &nbsp;&nbsp;&nbsp; LAI-00728962, 26.990%, 11/30/2026 †x# | LendingPoint | 12/05/2022 | 1137 | 1137 | 119 |
| &nbsp;&nbsp;&nbsp; LAI-00728983, 23.990%, 3/30/2027 †x# | LendingPoint | 12/05/2022 | 4538 | 4538 | 4340 |
| &nbsp;&nbsp;&nbsp; LAI-00729002, 29.730%, 8/26/2026 †x# | LendingPoint | 12/05/2022 | 10177 | 10177 | 10167 |
| &nbsp;&nbsp;&nbsp; LAI-00729043, 29.510%, 11/30/2025 †x# | LendingPoint | 12/05/2022 | 2088 | 2088 | 1003 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8856** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00729051, 16.380%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | $8180 | $8180 | $7917 |
| &nbsp;&nbsp;&nbsp; LAI-00729056, 12.160%, 11/30/2027 †§x# | LendingPoint | 12/05/2022 | 33 | 33 |  |
| &nbsp;&nbsp;&nbsp; LAI-00729078, 15.320%, 1/29/2026 †x# | LendingPoint | 12/05/2022 | 4723 | 4723 | 3879 |
| &nbsp;&nbsp;&nbsp; LAI-00729116, 19.470%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 9109 | 9109 | 8852 |
| &nbsp;&nbsp;&nbsp; LAI-00729136, 30.440%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 3042 | 3042 | 2936 |
| &nbsp;&nbsp;&nbsp; LAI-00729143, 21.630%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 11520 | 11520 | 11297 |
| &nbsp;&nbsp;&nbsp; LAI-00729146, 12.640%, 11/30/2028 †x# | LendingPoint | 12/05/2022 | 17452 | 17452 | 17274 |
| &nbsp;&nbsp;&nbsp; LAI-00729160, 14.800%, 9/28/2026 †x | LendingPoint | 12/05/2022 | 9977 | 9977 | 9406 |
| &nbsp;&nbsp;&nbsp; LAI-00729165, 29.400%, 11/15/2026 †§x# | LendingPoint | 12/05/2022 | 1187 | 1187 | 1207 |
| &nbsp;&nbsp;&nbsp; LAI-00729215, 9.040%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 7304 | 7304 | 7189 |
| &nbsp;&nbsp;&nbsp; LAI-00729226, 9.040%, 11/30/2026 †§x# | LendingPoint | 12/05/2022 | 2464 | 2464 | 2457 |
| &nbsp;&nbsp;&nbsp; LAI-00729247, 15.640%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 9053 | 9053 | 8908 |
| &nbsp;&nbsp;&nbsp; LAI-00729259, 16.240%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 4662 | 4662 | 4518 |
| &nbsp;&nbsp;&nbsp; LAI-00729270, 12.170%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 20244 | 20244 | 2116 |
| &nbsp;&nbsp;&nbsp; LAI-00729276, 24.380%, 11/30/2025 †§x# | LendingPoint | 12/05/2022 | 785 | 785 | 791 |
| &nbsp;&nbsp;&nbsp; LAI-00729296, 29.940%, 2/29/2028 †x# | LendingPoint | 12/05/2022 | 10294 | 10294 | 9863 |
| &nbsp;&nbsp;&nbsp; LAI-00729308, 14.880%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 15442 | 15442 | 15050 |
| &nbsp;&nbsp;&nbsp; LAI-00729310, 29.920%, 12/30/2026 †x# | LendingPoint | 12/05/2022 | 2556 | 2556 | 2430 |
| &nbsp;&nbsp;&nbsp; LAI-00729329, 8.490%, 11/30/2025 †§x# | LendingPoint | 12/05/2022 | 559 | 559 | 561 |
| &nbsp;&nbsp;&nbsp; LAI-00729347, 27.980%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 5240 | 5240 | 5090 |
| &nbsp;&nbsp;&nbsp; LAI-00729351, 10.200%, 11/30/2027 †§x# | LendingPoint | 12/05/2022 | 1088 | 1088 | 1071 |
| &nbsp;&nbsp;&nbsp; LAI-00729400, 27.560%, 11/30/2026 †x# | LendingPoint | 12/05/2022 | 10522 | 10522 | 1100 |
| &nbsp;&nbsp;&nbsp; LAI-00729418, 9.530%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 2545 | 2545 | 2501 |
| &nbsp;&nbsp;&nbsp; LAI-00729423, 31.450%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 2797 | 2797 | 653 |
| &nbsp;&nbsp;&nbsp; LAI-00729427, 10.210%, 3/30/2028 †x# | LendingPoint | 12/05/2022 | 8330 | 8330 | 8087 |
| &nbsp;&nbsp;&nbsp; LAI-00729432, 23.320%, 11/30/2026 †§x# | LendingPoint | 12/05/2022 | 1780 | 1780 | 1768 |
| &nbsp;&nbsp;&nbsp; LAI-00729442, 27.980%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 1858 | 1858 | 1802 |
| &nbsp;&nbsp;&nbsp; LAI-00729443, 9.040%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 2683 | 2683 | 2637 |
| &nbsp;&nbsp;&nbsp; LAI-00729458, 12.160%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 10081 | 10081 | 9900 |
| &nbsp;&nbsp;&nbsp; LAI-00729464, 29.900%, 11/30/2026 †§x# | LendingPoint | 12/05/2022 | 1196 | 1196 | 1197 |
| &nbsp;&nbsp;&nbsp; LAI-00729492, 9.820%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 11534 | 11534 | 1205 |
| &nbsp;&nbsp;&nbsp; LAI-00729517, 11.480%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 2606 | 2606 | 2560 |
| &nbsp;&nbsp;&nbsp; LAI-00729529, 20.220%, 11/30/2026 †§x# | LendingPoint | 12/05/2022 | 1861 | 1861 | 1849 |
| &nbsp;&nbsp;&nbsp; LAI-00729538, 10.540%, 11/30/2025 †§x# | LendingPoint | 12/05/2022 | 1152 | 1152 | 1154 |
| &nbsp;&nbsp;&nbsp; LAI-00729540, 23.040%, 1/15/2029 †x# | LendingPoint | 12/05/2022 | 16290 | 16290 | 5035 |
| &nbsp;&nbsp;&nbsp; LAI-00729545, 24.340%, 11/30/2026 †x# | LendingPoint | 12/05/2022 | 5074 | 5074 | 933 |
| &nbsp;&nbsp;&nbsp; LAI-00729611, 13.130%, 11/30/2027 †x# | LendingPoint | 12/05/2022 | 14080 | 14080 | 13830 |
| &nbsp;&nbsp;&nbsp; LAI-00729646, 12.160%, 11/30/2027 †x | LendingPoint | 12/05/2022 | 4177 | 4177 | 4104 |
| &nbsp;&nbsp;&nbsp; LAI-00729675, 13.820%, 4/15/2028 †x# | LendingPoint | 12/05/2022 | 11116 | 11116 | 1162 |
| &nbsp;&nbsp;&nbsp; LAI-00729678, 31.160%, 3/30/2027 †x# | LendingPoint | 12/05/2022 | 5888 | 5888 | 615 |
| &nbsp;&nbsp;&nbsp; LAI-00729682, 16.240%, 11/30/2028 †x# | LendingPoint | 12/05/2022 | 9948 | 9948 | 2146 |
| &nbsp;&nbsp;&nbsp; LAI-00729683, 30.450%, 11/30/2027 †x | LendingPoint | 12/05/2022 | 5153 | 5153 | 5037 |
| &nbsp;&nbsp;&nbsp; LAI-00729906, 12.460%, 11/30/2027 †x# | LendingPoint | 12/06/2022 | 15766 | 15766 | 15422 |
| &nbsp;&nbsp;&nbsp; LAI-00730219, 10.510%, 11/15/2025 †x | LendingPoint | 12/06/2022 | 1000 | 1000 |  |
| &nbsp;&nbsp;&nbsp; LAI-00730264, 12.840%, 2/26/2027 †x | LendingPoint | 12/06/2022 | 14623 | 14623 | 13973 |
| &nbsp;&nbsp;&nbsp; LAI-00730270, 9.530%, 12/12/2027 †x | LendingPoint | 12/06/2022 | 16849 | 16849 | 16305 |
| &nbsp;&nbsp;&nbsp; LAI-00730296, 9.820%, 11/30/2026 †§x# | LendingPoint | 12/06/2022 | 9315 | 9315 | 9234 |
| &nbsp;&nbsp;&nbsp; LAI-00730356, 8.790%, 12/01/2025 †§x# | LendingPoint | 12/06/2022 | 1869 | 1869 | 1872 |
| &nbsp;&nbsp;&nbsp; LAI-00730422, 11.910%, 12/01/2027 †x# | LendingPoint | 12/06/2022 | 19481 | 19481 | 19145 |
| &nbsp;&nbsp;&nbsp; LAI-00730431, 10.220%, 12/01/2025 †§x# | LendingPoint | 12/06/2022 | 673 | 673 | 674 |
| &nbsp;&nbsp;&nbsp; LAI-00730456, 12.160%, 11/30/2027 †x | LendingPoint | 12/06/2022 | 2843 | 2843 | 2807 |
| &nbsp;&nbsp;&nbsp; LAI-00730594, 9.040%, 10/26/2026 †x# | LendingPoint | 12/07/2022 | 7365 | 7365 | 770 |
| &nbsp;&nbsp;&nbsp; LAI-00730718, 11.480%, 12/06/2027 †x# | LendingPoint | 12/07/2022 | 14909 | 14909 | 1558 |
| &nbsp;&nbsp;&nbsp; LAI-00730719, 9.040%, 12/01/2027 †x# | LendingPoint | 12/07/2022 | 4703 | 4703 | 4634 |
| &nbsp;&nbsp;&nbsp; LAI-00730787, 9.040%, 1/15/2028 †x | LendingPoint | 12/07/2022 | 9208 | 9208 | 9083 |
| &nbsp;&nbsp;&nbsp; LAI-00730821, 9.820%, 12/04/2027 †x# | LendingPoint | 12/07/2022 | 9136 | 9136 | 955 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8857** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00730945, 9.530%, 12/01/2026 †§x# | LendingPoint | 12/07/2022 | $9402 | $9402 | $9326 |
| &nbsp;&nbsp;&nbsp; LAI-00730989, 11.910%, 12/01/2027 †§x# | LendingPoint | 12/07/2022 | 5 | 5 |  |
| &nbsp;&nbsp;&nbsp; LAI-00731055, 10.040%, 11/11/2027 †x# | LendingPoint | 12/07/2022 | 10603 | 10603 | 10413 |
| &nbsp;&nbsp;&nbsp; LAI-00731144, 13.170%, 4/01/2028 †x# | LendingPoint | 12/07/2022 | 10165 | 10165 | 9784 |
| &nbsp;&nbsp;&nbsp; LAI-00731158, 10.530%, 12/01/2027 †x# | LendingPoint | 12/07/2022 | 13292 | 13292 | 12910 |
| &nbsp;&nbsp;&nbsp; LAI-00731191, 10.530%, 10/26/2026 †x | LendingPoint | 12/07/2022 | 13922 | 13922 | 13267 |
| &nbsp;&nbsp;&nbsp; LAI-00731288, 9.530%, 12/02/2027 †x | LendingPoint | 12/07/2022 | 4207 | 4207 | 4076 |
| &nbsp;&nbsp;&nbsp; LAI-00731340, 13.880%, 12/12/2025 †x# | LendingPoint | 12/07/2022 | 2716 | 2716 | 2246 |
| &nbsp;&nbsp;&nbsp; LAI-00731492, 9.710%, 12/02/2027 †§x | LendingPoint | 12/08/2022 | 1673 | 1673 | 1648 |
| &nbsp;&nbsp;&nbsp; LAI-00731506, 11.540%, 12/02/2025 †§x | LendingPoint | 12/08/2022 | 677 | 677 | 680 |
| &nbsp;&nbsp;&nbsp; LAI-00731546, 12.910%, 9/02/2028 †x | LendingPoint | 12/08/2022 | 9144 | 9144 | 8894 |
| &nbsp;&nbsp;&nbsp; LAI-00731648, 10.250%, 5/13/2028 †x | LendingPoint | 12/08/2022 | 19743 | 19743 | 19052 |
| &nbsp;&nbsp;&nbsp; LAI-00731823, 13.170%, 12/02/2027 †x | LendingPoint | 12/08/2022 | 6955 | 6955 | 6750 |
| &nbsp;&nbsp;&nbsp; LAI-00732077, 12.160%, 12/03/2027 †x | LendingPoint | 12/08/2022 | 13768 | 13768 | 13559 |
| &nbsp;&nbsp;&nbsp; LAI-00732144, 10.530%, 12/03/2027 †x | LendingPoint | 12/08/2022 | 7585 | 7585 |  |
| &nbsp;&nbsp;&nbsp; LAI-00732244, 10.270%, 12/04/2027 †x | LendingPoint | 12/08/2022 | 5619 | 5619 | 5462 |
| &nbsp;&nbsp;&nbsp; LAI-00733034, 12.880%, 12/05/2027 †x | LendingPoint | 12/09/2022 | 10403 | 10403 | 10128 |
| &nbsp;&nbsp;&nbsp; LAI-00733255, 10.530%, 4/06/2029 †x# | LendingPoint | 12/09/2022 | 13447 | 13447 | 2423 |
| &nbsp;&nbsp;&nbsp; LAI-00733275, 11.290%, 12/05/2027 †x | LendingPoint | 12/09/2022 | 26468 | 26468 | 26099 |
| &nbsp;&nbsp;&nbsp; LAI-00733396, 11.910%, 12/06/2027 †x | LendingPoint | 12/09/2022 | 5730 | 5730 | 5598 |
| &nbsp;&nbsp;&nbsp; LAI-00733444, 11.800%, 12/06/2027 †x | LendingPoint | 12/09/2022 | 5899 | 5899 | 2682 |
| &nbsp;&nbsp;&nbsp; LAI-00733669, 12.160%, 12/06/2027 †x | LendingPoint | 12/12/2022 | 16022 | 16022 | 15790 |
| &nbsp;&nbsp;&nbsp; LAI-00733735, 15.280%, 9/26/2026 †x# | LendingPoint | 12/12/2022 | 5886 | 5886 | 615 |
| &nbsp;&nbsp;&nbsp; LAI-00733771, 14.800%, 12/06/2027 †x | LendingPoint | 12/12/2022 | 4974 | 4974 | 4833 |
| &nbsp;&nbsp;&nbsp; LAI-00733938, 13.410%, 1/15/2028 †x | LendingPoint | 12/12/2022 | 10125 | 10125 | 9986 |
| &nbsp;&nbsp;&nbsp; LAI-00734065, 15.140%, 12/06/2027 †x | LendingPoint | 12/12/2022 | 20169 | 20169 | 19878 |
| &nbsp;&nbsp;&nbsp; LAI-00734125, 14.800%, 12/07/2027 †x | LendingPoint | 12/12/2022 | 4186 | 4186 | 4057 |
| &nbsp;&nbsp;&nbsp; LAI-00734192, 10.820%, 12/07/2027 †x | LendingPoint | 12/12/2022 | 8775 | 8775 | 8513 |
| &nbsp;&nbsp;&nbsp; LAI-00734206, 10.970%, 12/07/2025 †x | LendingPoint | 12/12/2022 | 2037 | 2037 | 2043 |
| &nbsp;&nbsp;&nbsp; LAI-00734276, 11.930%, 1/26/2026 †x | LendingPoint | 12/12/2022 | 2754 | 2754 | 2238 |
| &nbsp;&nbsp;&nbsp; LAI-00735052, 9.240%, 12/08/2025 †§x | LendingPoint | 12/14/2022 | 1750 | 1750 | 1757 |
| &nbsp;&nbsp;&nbsp; LAI-00735078, 12.140%, 12/08/2027 †x | LendingPoint | 12/14/2022 | 8723 | 8723 | 8606 |
| &nbsp;&nbsp;&nbsp; LAI-00735156, 12.610%, 12/08/2027 †x# | LendingPoint | 12/14/2022 | 6971 | 6971 | 728 |
| &nbsp;&nbsp;&nbsp; LAI-00735266, 0.000%, 12/08/2026 †x# | LendingPoint | 12/14/2022 | 6793 | 6793 |  |
| &nbsp;&nbsp;&nbsp; LAI-00735629, 11.930%, 12/09/2027 †x | LendingPoint | 12/15/2022 | 8576 | 8576 | 8459 |
| &nbsp;&nbsp;&nbsp; LAI-00735709, 12.140%, 12/09/2027 †x | LendingPoint | 12/15/2022 | 15764 | 15764 | 15555 |
| &nbsp;&nbsp;&nbsp; LAI-00735998, 11.040%, 12/10/2024 †§x#^ | LendingPoint | 12/15/2022 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00736147, 12.160%, 12/10/2027 †x# | LendingPoint | 12/15/2022 | 6597 | 6597 | 6509 |
| &nbsp;&nbsp;&nbsp; LAI-00736315, 12.130%, 12/11/2025 †x# | LendingPoint | 12/15/2022 | 1016 | 1016 | 205 |
| &nbsp;&nbsp;&nbsp; LAI-00736435, 11.460%, 12/23/2027 †x | LendingPoint | 12/15/2022 | 7384 | 7384 | 7299 |
| &nbsp;&nbsp;&nbsp; LAI-00736524, 31.390%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 3055 | 3055 | 3098 |
| &nbsp;&nbsp;&nbsp; LAI-00736527, 14.180%, 4/12/2026 †x | LendingPoint | 12/16/2022 | 1732 | 1732 | 1738 |
| &nbsp;&nbsp;&nbsp; LAI-00736539, 30.420%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 1531 | 1531 | 1517 |
| &nbsp;&nbsp;&nbsp; LAI-00736551, 29.460%, 12/05/2027 †x | LendingPoint | 12/16/2022 | 9347 | 9347 | 9247 |
| &nbsp;&nbsp;&nbsp; LAI-00736571, 29.460%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; LAI-00736583, 31.390%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 5584 | 5584 | 5533 |
| &nbsp;&nbsp;&nbsp; LAI-00736587, 31.770%, 8/12/2029 †x# | LendingPoint | 12/16/2022 | 6983 | 6983 | 730 |
| &nbsp;&nbsp;&nbsp; LAI-00736589, 23.740%, 5/25/2042 †x# | LendingPoint | 12/16/2022 | 4875 | 4875 | 509 |
| &nbsp;&nbsp;&nbsp; LAI-00736592, 32.270%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 3515 | 3515 | 3456 |
| &nbsp;&nbsp;&nbsp; LAI-00736595, 31.090%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 2963 | 2963 | 2997 |
| &nbsp;&nbsp;&nbsp; LAI-00736596, 10.530%, 12/12/2027 †x# | LendingPoint | 12/16/2022 | 6297 | 6297 | 1878 |
| &nbsp;&nbsp;&nbsp; LAI-00736599, 31.360%, 4/12/2027 †x | LendingPoint | 12/16/2022 | 1643 | 1643 | 1607 |
| &nbsp;&nbsp;&nbsp; LAI-00736602, 25.220%, 6/20/2028 †x# | LendingPoint | 12/16/2022 | 2092 | 2092 | 219 |
| &nbsp;&nbsp;&nbsp; LAI-00736608, 28.060%, 12/10/2024 †§x^ | LendingPoint | 12/16/2022 | 223 | 223 |  |
| &nbsp;&nbsp;&nbsp; LAI-00736613, 0.000%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00736616, 0.000%, 12/12/2026 †x# | LendingPoint | 12/16/2022 | 3 | 3 | 3 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8858** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00736617, 30.940%, 12/12/2027 †x | LendingPoint | 12/16/2022 | $2599 | $2599 | $2576 |
| &nbsp;&nbsp;&nbsp; LAI-00736658, 29.930%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 4025 | 4025 | 4058 |
| &nbsp;&nbsp;&nbsp; LAI-00736663, 15.320%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 3617 | 3617 | 3624 |
| &nbsp;&nbsp;&nbsp; LAI-00736676, 24.380%, 12/20/2026 †x# | LendingPoint | 12/16/2022 | 5463 | 5463 | 5404 |
| &nbsp;&nbsp;&nbsp; LAI-00736696, 31.360%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 3325 | 3325 | 3371 |
| &nbsp;&nbsp;&nbsp; LAI-00736708, 32.270%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 5069 | 5069 | 5010 |
| &nbsp;&nbsp;&nbsp; LAI-00736710, 30.900%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 2808 | 2808 | 2847 |
| &nbsp;&nbsp;&nbsp; LAI-00736711, 29.890%, 1/31/2028 †x# | LendingPoint | 12/16/2022 | 4758 | 4758 | 497 |
| &nbsp;&nbsp;&nbsp; LAI-00736713, 27.820%, 12/12/2024 †§x^ | LendingPoint | 12/16/2022 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; LAI-00736717, 30.390%, 12/12/2026 †§x# | LendingPoint | 12/16/2022 | 20 | 20 |  |
| &nbsp;&nbsp;&nbsp; LAI-00736734, 27.050%, 2/28/2030 †x# | LendingPoint | 12/16/2022 | 4790 | 4790 | 501 |
| &nbsp;&nbsp;&nbsp; LAI-00736740, 27.070%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 6665 | 6665 | 6467 |
| &nbsp;&nbsp;&nbsp; LAI-00736743, 27.980%, 3/12/2029 †x# | LendingPoint | 12/16/2022 | 17875 | 17875 | 16958 |
| &nbsp;&nbsp;&nbsp; LAI-00736755, 30.940%, 12/12/2027 †x# | LendingPoint | 12/16/2022 | 5322 | 5322 | 2621 |
| &nbsp;&nbsp;&nbsp; LAI-00736767, 29.940%, 7/27/2029 †x# | LendingPoint | 12/16/2022 | 19021 | 19021 | 1988 |
| &nbsp;&nbsp;&nbsp; LAI-00736778, 28.540%, 12/12/2027 †x# | LendingPoint | 12/16/2022 | 5946 | 5946 | 1067 |
| &nbsp;&nbsp;&nbsp; LAI-00736781, 23.490%, 5/12/2027 †x | LendingPoint | 12/16/2022 | 10360 | 10360 | 10069 |
| &nbsp;&nbsp;&nbsp; LAI-00736784, 14.800%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 14051 | 14051 | 13680 |
| &nbsp;&nbsp;&nbsp; LAI-00736786, 17.620%, 12/12/2025 †§x | LendingPoint | 12/16/2022 | 1331 | 1331 | 1340 |
| &nbsp;&nbsp;&nbsp; LAI-00736791, 15.780%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 10340 | 10340 | 10064 |
| &nbsp;&nbsp;&nbsp; LAI-00736799, 30.640%, 8/20/2026 †x# | LendingPoint | 12/16/2022 | 2984 | 2984 | 2979 |
| &nbsp;&nbsp;&nbsp; LAI-00736807, 16.760%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 5986 | 5986 | 5855 |
| &nbsp;&nbsp;&nbsp; LAI-00736822, 27.630%, 1/15/2028 †x# | LendingPoint | 12/16/2022 | 14614 | 14614 | 3185 |
| &nbsp;&nbsp;&nbsp; LAI-00736834, 17.880%, 10/20/2028 †x | LendingPoint | 12/16/2022 | 14287 | 14287 | 13702 |
| &nbsp;&nbsp;&nbsp; LAI-00736837, 23.990%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 12464 | 12464 | 12260 |
| &nbsp;&nbsp;&nbsp; LAI-00736841, 15.320%, 3/30/2026 †x# | LendingPoint | 12/16/2022 | 2044 | 2044 | 1937 |
| &nbsp;&nbsp;&nbsp; LAI-00736843, 20.170%, 1/12/2028 †x | LendingPoint | 12/16/2022 | 19438 | 19438 | 18760 |
| &nbsp;&nbsp;&nbsp; LAI-00736857, 30.010%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 11843 | 11843 | 11703 |
| &nbsp;&nbsp;&nbsp; LAI-00736875, 29.580%, 4/12/2026 †x# | LendingPoint | 12/16/2022 | 2459 | 2459 | 468 |
| &nbsp;&nbsp;&nbsp; LAI-00736878, 30.900%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 1773 | 1773 | 1769 |
| &nbsp;&nbsp;&nbsp; LAI-00736883, 27.230%, 12/12/2024 †x#^ | LendingPoint | 12/16/2022 | 10356 | 10356 | 1082 |
| &nbsp;&nbsp;&nbsp; LAI-00736887, 26.260%, 12/12/2024 †§x^ | LendingPoint | 12/16/2022 | 204 | 204 |  |
| &nbsp;&nbsp;&nbsp; LAI-00736905, 29.520%, 1/15/2026 †x# | LendingPoint | 12/16/2022 | 1769 | 1769 | 185 |
| &nbsp;&nbsp;&nbsp; LAI-00736907, 16.400%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 8717 | 8717 | 8598 |
| &nbsp;&nbsp;&nbsp; LAI-00736913, 18.920%, 12/12/2025 †§x | LendingPoint | 12/16/2022 | 350 | 350 | 267 |
| &nbsp;&nbsp;&nbsp; LAI-00736931, 0.000%, 12/12/2027 †x# | LendingPoint | 12/16/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00736939, 14.140%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 14695 | 14695 | 14247 |
| &nbsp;&nbsp;&nbsp; LAI-00736942, 29.900%, 12/12/2026 †§x# | LendingPoint | 12/16/2022 | 1002 | 1002 | 588 |
| &nbsp;&nbsp;&nbsp; LAI-00736943, 27.720%, 4/21/2025 †x#^ | LendingPoint | 12/16/2022 | 1395 | 1395 | 146 |
| &nbsp;&nbsp;&nbsp; LAI-00736945, 22.490%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 2503 | 2503 | 1434 |
| &nbsp;&nbsp;&nbsp; LAI-00736975, 28.900%, 12/12/2026 †x# | LendingPoint | 12/16/2022 | 3174 | 3174 | 594 |
| &nbsp;&nbsp;&nbsp; LAI-00736983, 16.150%, 12/12/2027 †§x | LendingPoint | 12/16/2022 | 1416 | 1416 | 1393 |
| &nbsp;&nbsp;&nbsp; LAI-00736988, 29.400%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 1707 | 1707 | 1729 |
| &nbsp;&nbsp;&nbsp; LAI-00736989, 15.740%, 6/12/2027 †x | LendingPoint | 12/16/2022 | 5204 | 5204 | 5130 |
| &nbsp;&nbsp;&nbsp; LAI-00736999, 30.490%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 3028 | 3028 | 3021 |
| &nbsp;&nbsp;&nbsp; LAI-00737007, 32.270%, 12/06/2027 †x | LendingPoint | 12/16/2022 | 4911 | 4911 | 4827 |
| &nbsp;&nbsp;&nbsp; LAI-00737022, 17.090%, 5/12/2028 †x | LendingPoint | 12/16/2022 | 12871 | 12871 | 12596 |
| &nbsp;&nbsp;&nbsp; LAI-00737027, 30.370%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 3765 | 3765 | 3818 |
| &nbsp;&nbsp;&nbsp; LAI-00737033, 30.490%, 12/12/2026 †§x | LendingPoint | 12/16/2022 | 942 | 942 | 940 |
| &nbsp;&nbsp;&nbsp; LAI-00737047, 0.000%, 12/12/2024 †x#^ | LendingPoint | 12/16/2022 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00737052, 32.270%, 10/16/2027 †x | LendingPoint | 12/16/2022 | 3913 | 3913 | 3800 |
| &nbsp;&nbsp;&nbsp; LAI-00737055, 30.940%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 3477 | 3477 | 3446 |
| &nbsp;&nbsp;&nbsp; LAI-00737059, 13.410%, 12/12/2027 †x | LendingPoint | 12/16/2022 | 17461 | 17461 | 17240 |
| &nbsp;&nbsp;&nbsp; LAI-00737064, 29.560%, 1/12/2029 †x# | LendingPoint | 12/16/2022 | 10021 | 10021 | 9348 |
| &nbsp;&nbsp;&nbsp; LAI-00737113, 25.560%, 12/11/2026 †§x | LendingPoint | 12/16/2022 | 1891 | 1891 | 1885 |
| &nbsp;&nbsp;&nbsp; LAI-00737131, 22.490%, 12/13/2026 †x# | LendingPoint | 12/16/2022 | 1213 | 1213 | 460 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8859** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00737137, 31.910%, 9/13/2029 †x | LendingPoint | 12/16/2022 | $7310 | $7310 | $6858 |
| &nbsp;&nbsp;&nbsp; LAI-00737149, 29.570%, 12/13/2025 †§x# | LendingPoint | 12/16/2022 | 797 | 797 | 808 |
| &nbsp;&nbsp;&nbsp; LAI-00737152, 28.730%, 12/11/2027 †x | LendingPoint | 12/16/2022 | 6039 | 6039 | 5939 |
| &nbsp;&nbsp;&nbsp; LAI-00737159, 16.400%, 12/13/2027 †x# | LendingPoint | 12/16/2022 | 12134 | 12134 | 11948 |
| &nbsp;&nbsp;&nbsp; LAI-00737165, 27.050%, 12/13/2027 †x# | LendingPoint | 12/16/2022 | 3151 | 3151 | 3112 |
| &nbsp;&nbsp;&nbsp; LAI-00737187, 31.400%, 12/13/2026 †§x# | LendingPoint | 12/16/2022 | 4083 | 4083 | 4117 |
| &nbsp;&nbsp;&nbsp; LAI-00737191, 31.910%, 12/13/2027 †x# | LendingPoint | 12/16/2022 | 4600 | 4600 | 4540 |
| &nbsp;&nbsp;&nbsp; LAI-00737193, 0.000%, 12/13/2025 †x# | LendingPoint | 12/16/2022 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00737209, 14.310%, 10/30/2027 †x# | LendingPoint | 12/16/2022 | 11403 | 11403 | 1192 |
| &nbsp;&nbsp;&nbsp; LAI-00737230, 0.000%, 12/13/2025 †x# | LendingPoint | 12/16/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00737237, 31.770%, 11/16/2027 †x | LendingPoint | 12/16/2022 | 2490 | 2490 | 2463 |
| &nbsp;&nbsp;&nbsp; LAI-00737243, 30.900%, 12/13/2026 †x# | LendingPoint | 12/16/2022 | 3782 | 3782 | 951 |
| &nbsp;&nbsp;&nbsp; LAI-00737244, 21.470%, 12/13/2027 †x# | LendingPoint | 12/16/2022 | 8239 | 8239 | 7988 |
| &nbsp;&nbsp;&nbsp; LAI-00737279, 18.920%, 12/13/2025 †x# | LendingPoint | 12/19/2022 | 1662 | 1662 | 479 |
| &nbsp;&nbsp;&nbsp; LAI-00737282, 24.990%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 9779 | 9779 | 9706 |
| &nbsp;&nbsp;&nbsp; LAI-00737283, 31.360%, 2/13/2027 †x# | LendingPoint | 12/19/2022 | 1514 | 1514 | 1524 |
| &nbsp;&nbsp;&nbsp; LAI-00737285, 29.420%, 12/13/2025 †§x# | LendingPoint | 12/19/2022 | 713 | 713 | 723 |
| &nbsp;&nbsp;&nbsp; LAI-00737286, 21.150%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 4590 | 4590 | 4560 |
| &nbsp;&nbsp;&nbsp; LAI-00737297, 20.390%, 12/13/2027 †x | LendingPoint | 12/19/2022 | 11991 | 11991 | 11870 |
| &nbsp;&nbsp;&nbsp; LAI-00737320, 20.890%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 4153 | 4153 | 4159 |
| &nbsp;&nbsp;&nbsp; LAI-00737322, 27.320%, 12/13/2024 †§x#^ | LendingPoint | 12/19/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00737331, 29.020%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 2323 | 2323 | 2320 |
| &nbsp;&nbsp;&nbsp; LAI-00737343, 32.270%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 5976 | 5976 | 5904 |
| &nbsp;&nbsp;&nbsp; LAI-00737353, 20.560%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 9116 | 9116 | 8842 |
| &nbsp;&nbsp;&nbsp; LAI-00737362, 28.090%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 10183 | 10183 | 9879 |
| &nbsp;&nbsp;&nbsp; LAI-00737368, 31.400%, 12/13/2026 †x# | LendingPoint | 12/19/2022 | 5577 | 5577 | 1029 |
| &nbsp;&nbsp;&nbsp; LAI-00737369, 14.800%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 14152 | 14152 | 13883 |
| &nbsp;&nbsp;&nbsp; LAI-00737370, 16.270%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 4757 | 4757 | 4631 |
| &nbsp;&nbsp;&nbsp; LAI-00737371, 32.270%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 7032 | 7032 | 6948 |
| &nbsp;&nbsp;&nbsp; LAI-00737374, 28.080%, 1/27/2030 †x# | LendingPoint | 12/19/2022 | 5489 | 5489 | 990 |
| &nbsp;&nbsp;&nbsp; LAI-00737384, 28.430%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 3216 | 3216 | 3266 |
| &nbsp;&nbsp;&nbsp; LAI-00737406, 32.010%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 1631 | 1631 | 170 |
| &nbsp;&nbsp;&nbsp; LAI-00737411, 31.770%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 5669 | 5669 | 5595 |
| &nbsp;&nbsp;&nbsp; LAI-00737416, 32.260%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 3300 | 3300 | 3293 |
| &nbsp;&nbsp;&nbsp; LAI-00737419, 0.000%, 12/13/2026 †x# | LendingPoint | 12/19/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00737445, 32.010%, 1/28/2026 †x# | LendingPoint | 12/19/2022 | 839 | 839 | 785 |
| &nbsp;&nbsp;&nbsp; LAI-00737454, 29.540%, 1/30/2026 †x | LendingPoint | 12/19/2022 | 5421 | 5421 | 5086 |
| &nbsp;&nbsp;&nbsp; LAI-00737464, 30.460%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 3332 | 3332 | 3300 |
| &nbsp;&nbsp;&nbsp; LAI-00737465, 29.920%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 4234 | 4234 | 4198 |
| &nbsp;&nbsp;&nbsp; LAI-00737484, 15.990%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 5487 | 5487 | 5320 |
| &nbsp;&nbsp;&nbsp; LAI-00737512, 25.770%, 12/13/2025 †§x# | LendingPoint | 12/19/2022 | 630 | 630 | 639 |
| &nbsp;&nbsp;&nbsp; LAI-00737519, 26.130%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 13880 | 13880 | 13769 |
| &nbsp;&nbsp;&nbsp; LAI-00737520, 24.550%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 7622 | 7622 | 7451 |
| &nbsp;&nbsp;&nbsp; LAI-00737521, 29.920%, 12/20/2026 †x | LendingPoint | 12/19/2022 | 5155 | 5155 | 5095 |
| &nbsp;&nbsp;&nbsp; LAI-00737536, 27.240%, 12/13/2024 †§x^ | LendingPoint | 12/19/2022 | 169 | 169 |  |
| &nbsp;&nbsp;&nbsp; LAI-00737544, 15.820%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 2633 | 2633 | 2627 |
| &nbsp;&nbsp;&nbsp; LAI-00737545, 32.780%, 1/30/2028 †x# | LendingPoint | 12/19/2022 | 8595 | 8595 | 898 |
| &nbsp;&nbsp;&nbsp; LAI-00737581, 11.180%, 12/20/2027 †x | LendingPoint | 12/19/2022 | 16326 | 16326 | 16075 |
| &nbsp;&nbsp;&nbsp; LAI-00737587, 31.770%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 2410 | 2410 | 252 |
| &nbsp;&nbsp;&nbsp; LAI-00737613, 16.400%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 9642 | 9642 | 9494 |
| &nbsp;&nbsp;&nbsp; LAI-00737630, 31.890%, 10/15/2027 †x | LendingPoint | 12/19/2022 | 4931 | 4931 | 4874 |
| &nbsp;&nbsp;&nbsp; LAI-00737650, 32.270%, 11/20/2027 †x | LendingPoint | 12/19/2022 | 976 | 976 | 959 |
| &nbsp;&nbsp;&nbsp; LAI-00737652, 28.040%, 12/13/2024 †§x#^ | LendingPoint | 12/19/2022 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00737664, 31.460%, 1/23/2029 †x# | LendingPoint | 12/19/2022 | 4092 | 4092 | 3863 |
| &nbsp;&nbsp;&nbsp; LAI-00737669, 32.270%, 12/13/2027 †x# | LendingPoint | 12/19/2022 | 3520 | 3520 | 3478 |
| &nbsp;&nbsp;&nbsp; LAI-00737676, 15.280%, 12/13/2026 †§x# | LendingPoint | 12/19/2022 | 4674 | 4674 | 4628 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8860** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00737697, 17.880%, 11/14/2027 †x | LendingPoint | 12/19/2022 | $16148 | $16148 | $15671 |
| &nbsp;&nbsp;&nbsp; LAI-00737702, 21.650%, 12/14/2027 †x | LendingPoint | 12/19/2022 | 10183 | 10183 | 9877 |
| &nbsp;&nbsp;&nbsp; LAI-00737706, 29.560%, 12/14/2027 †x | LendingPoint | 12/19/2022 | 4403 | 4403 | 4352 |
| &nbsp;&nbsp;&nbsp; LAI-00737713, 30.480%, 12/20/2027 †x# | LendingPoint | 12/19/2022 | 44 | 44 |  |
| &nbsp;&nbsp;&nbsp; LAI-00737730, 29.570%, 4/15/2026 †x# | LendingPoint | 12/19/2022 | 2100 | 2100 | 2134 |
| &nbsp;&nbsp;&nbsp; LAI-00737755, 27.630%, 5/14/2026 †x | LendingPoint | 12/19/2022 | 1464 | 1464 | 1417 |
| &nbsp;&nbsp;&nbsp; LAI-00737770, 29.510%, 12/14/2027 †x | LendingPoint | 12/19/2022 | 4458 | 4458 | 4393 |
| &nbsp;&nbsp;&nbsp; LAI-00737777, 21.650%, 12/14/2027 †x# | LendingPoint | 12/19/2022 | 2529 | 2529 | 264 |
| &nbsp;&nbsp;&nbsp; LAI-00737784, 28.070%, 1/16/2026 †x | LendingPoint | 12/19/2022 | 1033 | 1033 | 1049 |
| &nbsp;&nbsp;&nbsp; LAI-00737786, 27.100%, 7/28/2029 †x | LendingPoint | 12/19/2022 | 20811 | 20811 | 20740 |
| &nbsp;&nbsp;&nbsp; LAI-00737797, 31.910%, 10/15/2027 †x | LendingPoint | 12/19/2022 | 2116 | 2116 | 2082 |
| &nbsp;&nbsp;&nbsp; LAI-00737798, 20.530%, 12/14/2025 †§x | LendingPoint | 12/19/2022 | 632 | 632 | 634 |
| &nbsp;&nbsp;&nbsp; LAI-00737849, 31.890%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 2103 | 2103 | 2086 |
| &nbsp;&nbsp;&nbsp; LAI-00737850, 31.890%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 5607 | 5607 | 5561 |
| &nbsp;&nbsp;&nbsp; LAI-00737862, 10.530%, 1/31/2028 †x# | LendingPoint | 12/20/2022 | 5766 | 5766 | 5636 |
| &nbsp;&nbsp;&nbsp; LAI-00737893, 31.090%, 11/30/2026 †x# | LendingPoint | 12/20/2022 | 4346 | 4346 | 4105 |
| &nbsp;&nbsp;&nbsp; LAI-00737899, 32.780%, 4/14/2029 †x# | LendingPoint | 12/20/2022 | 16295 | 16295 | 4625 |
| &nbsp;&nbsp;&nbsp; LAI-00737901, 32.780%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 7380 | 7380 | 7324 |
| &nbsp;&nbsp;&nbsp; LAI-00737902, 28.090%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 8824 | 8824 | 8564 |
| &nbsp;&nbsp;&nbsp; LAI-00737921, 32.270%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 3334 | 3334 | 3296 |
| &nbsp;&nbsp;&nbsp; LAI-00737926, 23.000%, 11/14/2025 †x# | LendingPoint | 12/20/2022 | 700 | 700 | 681 |
| &nbsp;&nbsp;&nbsp; LAI-00737938, 24.890%, 4/12/2028 †x | LendingPoint | 12/20/2022 | 3210 | 3210 | 3102 |
| &nbsp;&nbsp;&nbsp; LAI-00737945, 21.650%, 12/14/2027 †x# | LendingPoint | 12/20/2022 | 10990 | 10990 | 2499 |
| &nbsp;&nbsp;&nbsp; LAI-00737946, 17.880%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 9222 | 9222 | 8975 |
| &nbsp;&nbsp;&nbsp; LAI-00737948, 31.460%, 12/14/2027 †x# | LendingPoint | 12/20/2022 | 10366 | 10366 | 3415 |
| &nbsp;&nbsp;&nbsp; LAI-00737996, 12.480%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 2792 | 2792 | 2756 |
| &nbsp;&nbsp;&nbsp; LAI-00737997, 16.400%, 3/29/2026 †x | LendingPoint | 12/20/2022 | 5937 | 5937 | 4825 |
| &nbsp;&nbsp;&nbsp; LAI-00738014, 26.670%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 5995 | 5995 | 5841 |
| &nbsp;&nbsp;&nbsp; LAI-00738021, 29.060%, 1/14/2026 †x# | LendingPoint | 12/20/2022 | 1455 | 1455 | 1412 |
| &nbsp;&nbsp;&nbsp; LAI-00738031, 16.260%, 4/16/2028 †x | LendingPoint | 12/20/2022 | 22302 | 22302 | 21900 |
| &nbsp;&nbsp;&nbsp; LAI-00738032, 29.070%, 12/14/2025 †§x | LendingPoint | 12/20/2022 | 314 | 314 | 319 |
| &nbsp;&nbsp;&nbsp; LAI-00738046, 29.900%, 12/14/2026 †§x | LendingPoint | 12/20/2022 | 1016 | 1016 | 1026 |
| &nbsp;&nbsp;&nbsp; LAI-00738050, 13.130%, 12/14/2024 †x^ | LendingPoint | 12/20/2022 | 6 | 6 |  |
| &nbsp;&nbsp;&nbsp; LAI-00738064, 31.890%, 8/14/2029 †x | LendingPoint | 12/20/2022 | 8300 | 8300 | 8312 |
| &nbsp;&nbsp;&nbsp; LAI-00738066, 31.670%, 12/14/2026 †§x | LendingPoint | 12/20/2022 | 3814 | 3814 | 3789 |
| &nbsp;&nbsp;&nbsp; LAI-00738068, 16.270%, 12/27/2027 †x | LendingPoint | 12/20/2022 | 14999 | 14999 | 14491 |
| &nbsp;&nbsp;&nbsp; LAI-00738081, 23.000%, 7/14/2028 †x | LendingPoint | 12/20/2022 | 9551 | 9551 | 9135 |
| &nbsp;&nbsp;&nbsp; LAI-00738091, 31.090%, 12/14/2026 †§x | LendingPoint | 12/20/2022 | 6139 | 6139 | 6130 |
| &nbsp;&nbsp;&nbsp; LAI-00738104, 24.990%, 10/14/2028 †x# | LendingPoint | 12/20/2022 | 4752 | 4752 | 497 |
| &nbsp;&nbsp;&nbsp; LAI-00738109, 32.270%, 11/28/2028 †x# | LendingPoint | 12/20/2022 | 6544 | 6544 | 684 |
| &nbsp;&nbsp;&nbsp; LAI-00738110, 30.940%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 5563 | 5563 | 5520 |
| &nbsp;&nbsp;&nbsp; LAI-00738118, 30.940%, 3/18/2029 †x# | LendingPoint | 12/20/2022 | 7306 | 7306 | 1654 |
| &nbsp;&nbsp;&nbsp; LAI-00738123, 30.550%, 12/14/2025 †§x | LendingPoint | 12/20/2022 | 1710 | 1710 | 1734 |
| &nbsp;&nbsp;&nbsp; LAI-00738130, 31.630%, 12/14/2026 †§x | LendingPoint | 12/20/2022 | 2062 | 2062 | 2062 |
| &nbsp;&nbsp;&nbsp; LAI-00738135, 31.390%, 1/20/2028 †x# | LendingPoint | 12/20/2022 | 5651 | 5651 | 5607 |
| &nbsp;&nbsp;&nbsp; LAI-00738152, 12.480%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 9241 | 9241 | 9126 |
| &nbsp;&nbsp;&nbsp; LAI-00738157, 31.770%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 5653 | 5653 | 5606 |
| &nbsp;&nbsp;&nbsp; LAI-00738171, 27.010%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 6791 | 6791 | 6727 |
| &nbsp;&nbsp;&nbsp; LAI-00738174, 31.770%, 11/07/2029 †x# | LendingPoint | 12/20/2022 | 1481 | 1481 | 155 |
| &nbsp;&nbsp;&nbsp; LAI-00738180, 17.500%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 3427 | 3427 | 3360 |
| &nbsp;&nbsp;&nbsp; LAI-00738187, 31.090%, 12/14/2026 †§x | LendingPoint | 12/20/2022 | 1592 | 1592 | 1590 |
| &nbsp;&nbsp;&nbsp; LAI-00738191, 16.400%, 1/17/2028 †x | LendingPoint | 12/20/2022 | 5405 | 5405 | 5328 |
| &nbsp;&nbsp;&nbsp; LAI-00738201, 15.000%, 12/14/2025 †§x | LendingPoint | 12/20/2022 | 939 | 939 | 946 |
| &nbsp;&nbsp;&nbsp; LAI-00738216, 16.400%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 2835 | 2835 | 2798 |
| &nbsp;&nbsp;&nbsp; LAI-00738218, 24.890%, 12/14/2027 †x | LendingPoint | 12/20/2022 | 7713 | 7713 | 7493 |
| &nbsp;&nbsp;&nbsp; LAI-00738221, 29.900%, 12/14/2026 †§x | LendingPoint | 12/20/2022 | 2108 | 2108 | 2141 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8861** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00738226, 11.260%, 1/24/2026 †x | LendingPoint | 12/20/2022 | $3307 | $3307 | $3321 |
| &nbsp;&nbsp;&nbsp; LAI-00738241, 19.940%, 12/14/2025 †§x | LendingPoint | 12/20/2022 | 608 | 608 | 615 |
| &nbsp;&nbsp;&nbsp; LAI-00738244, 28.550%, 12/14/2026 †§x | LendingPoint | 12/20/2022 | 1732 | 1732 | 1719 |
| &nbsp;&nbsp;&nbsp; LAI-00738256, 30.040%, 12/15/2025 †§x | LendingPoint | 12/20/2022 | 320 | 320 | 325 |
| &nbsp;&nbsp;&nbsp; LAI-00738262, 31.090%, 12/15/2026 †§x | LendingPoint | 12/20/2022 | 1541 | 1541 | 1556 |
| &nbsp;&nbsp;&nbsp; LAI-00738277, 15.320%, 12/15/2026 †§x | LendingPoint | 12/20/2022 | 6276 | 6276 | 6255 |
| &nbsp;&nbsp;&nbsp; LAI-00738281, 16.240%, 12/15/2027 †x | LendingPoint | 12/20/2022 | 12618 | 12618 | 12431 |
| &nbsp;&nbsp;&nbsp; LAI-00738285, 31.890%, 12/15/2027 †x | LendingPoint | 12/20/2022 | 5623 | 5623 | 5558 |
| &nbsp;&nbsp;&nbsp; LAI-00738286, 30.260%, 12/15/2025 †§x# | LendingPoint | 12/20/2022 | 398 | 398 | 405 |
| &nbsp;&nbsp;&nbsp; LAI-00738293, 23.670%, 12/15/2026 †§x | LendingPoint | 12/20/2022 | 3543 | 3543 | 3528 |
| &nbsp;&nbsp;&nbsp; LAI-00738301, 23.100%, 12/15/2027 †x | LendingPoint | 12/20/2022 | 1981 | 1981 | 1921 |
| &nbsp;&nbsp;&nbsp; LAI-00738325, 11.930%, 12/15/2027 †§x | LendingPoint | 12/20/2022 | 1719 | 1719 | 1695 |
| &nbsp;&nbsp;&nbsp; LAI-00738328, 31.360%, 12/15/2026 †§x | LendingPoint | 12/20/2022 | 2862 | 2862 | 2840 |
| &nbsp;&nbsp;&nbsp; LAI-00738337, 32.270%, 12/15/2027 †x | LendingPoint | 12/20/2022 | 4231 | 4231 | 4180 |
| &nbsp;&nbsp;&nbsp; LAI-00738338, 26.600%, 12/15/2027 †x | LendingPoint | 12/20/2022 | 8061 | 8061 | 7809 |
| &nbsp;&nbsp;&nbsp; LAI-00738350, 28.090%, 1/25/2028 †x | LendingPoint | 12/20/2022 | 10447 | 10447 | 10153 |
| &nbsp;&nbsp;&nbsp; LAI-00738371, 19.970%, 1/18/2028 †x# | LendingPoint | 12/20/2022 | 4077 | 4077 | 3960 |
| &nbsp;&nbsp;&nbsp; LAI-00738379, 31.360%, 12/15/2026 †§x | LendingPoint | 12/20/2022 | 2255 | 2255 | 2271 |
| &nbsp;&nbsp;&nbsp; LAI-00738400, 32.010%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 2622 | 2622 | 2602 |
| &nbsp;&nbsp;&nbsp; LAI-00738431, 18.830%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 6123 | 6123 | 5982 |
| &nbsp;&nbsp;&nbsp; LAI-00738438, 25.740%, 12/15/2024 †§x^ | LendingPoint | 12/21/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00738456, 31.370%, 12/15/2025 †§x | LendingPoint | 12/21/2022 | 4050 | 4050 | 4109 |
| &nbsp;&nbsp;&nbsp; LAI-00738464, 32.270%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 5298 | 5298 | 5194 |
| &nbsp;&nbsp;&nbsp; LAI-00738470, 32.270%, 4/15/2028 †x# | LendingPoint | 12/21/2022 | 4656 | 4656 | 4553 |
| &nbsp;&nbsp;&nbsp; LAI-00738475, 32.010%, 10/18/2027 †x# | LendingPoint | 12/21/2022 | 3302 | 3302 | 3270 |
| &nbsp;&nbsp;&nbsp; LAI-00738495, 29.930%, 12/15/2026 †§x | LendingPoint | 12/21/2022 | 972 | 972 | 988 |
| &nbsp;&nbsp;&nbsp; LAI-00738497, 16.240%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 6002 | 6002 | 5846 |
| &nbsp;&nbsp;&nbsp; LAI-00738515, 17.070%, 2/28/2026 †x# | LendingPoint | 12/21/2022 | 3775 | 3775 | 3929 |
| &nbsp;&nbsp;&nbsp; LAI-00738518, 20.290%, 1/26/2026 †x | LendingPoint | 12/21/2022 | 8150 | 8150 | 6754 |
| &nbsp;&nbsp;&nbsp; LAI-00738547, 30.520%, 9/15/2028 †x | LendingPoint | 12/21/2022 | 5618 | 5618 | 5425 |
| &nbsp;&nbsp;&nbsp; LAI-00738572, 31.910%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 2293 | 2293 | 2275 |
| &nbsp;&nbsp;&nbsp; LAI-00738581, 17.560%, 12/15/2027 †x# | LendingPoint | 12/21/2022 | 4415 | 4415 | 461 |
| &nbsp;&nbsp;&nbsp; LAI-00738586, 29.920%, 1/29/2026 †x# | LendingPoint | 12/21/2022 | 987 | 987 | 991 |
| &nbsp;&nbsp;&nbsp; LAI-00738593, 31.770%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 3354 | 3354 | 3318 |
| &nbsp;&nbsp;&nbsp; LAI-00738600, 31.360%, 12/15/2026 †§x | LendingPoint | 12/21/2022 | 950 | 950 | 965 |
| &nbsp;&nbsp;&nbsp; LAI-00738614, 32.390%, 12/15/2027 †x# | LendingPoint | 12/21/2022 | 15259 | 15259 | 15027 |
| &nbsp;&nbsp;&nbsp; LAI-00738624, 17.120%, 12/05/2027 †x | LendingPoint | 12/21/2022 | 6039 | 6039 | 5943 |
| &nbsp;&nbsp;&nbsp; LAI-00738636, 30.880%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 4451 | 4451 | 4395 |
| &nbsp;&nbsp;&nbsp; LAI-00738645, 29.930%, 12/15/2026 †§x | LendingPoint | 12/21/2022 | 1175 | 1175 | 1186 |
| &nbsp;&nbsp;&nbsp; LAI-00738656, 17.110%, 1/22/2027 †x# | LendingPoint | 12/21/2022 | 5050 | 5050 | 1272 |
| &nbsp;&nbsp;&nbsp; LAI-00738676, 15.280%, 12/15/2026 †§x | LendingPoint | 12/21/2022 | 2011 | 2011 | 2016 |
| &nbsp;&nbsp;&nbsp; LAI-00738687, 28.270%, 5/30/2027 †x# | LendingPoint | 12/21/2022 | 9128 | 9128 | 8459 |
| &nbsp;&nbsp;&nbsp; LAI-00738706, 31.400%, 12/15/2026 †§x | LendingPoint | 12/21/2022 | 4067 | 4067 | 4131 |
| &nbsp;&nbsp;&nbsp; LAI-00738708, 32.270%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 3163 | 3163 | 3113 |
| &nbsp;&nbsp;&nbsp; LAI-00738709, 17.880%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 3456 | 3456 | 3364 |
| &nbsp;&nbsp;&nbsp; LAI-00738721, 20.020%, 12/15/2025 †§x | LendingPoint | 12/21/2022 | 284 | 284 | 286 |
| &nbsp;&nbsp;&nbsp; LAI-00738730, 32.250%, 12/15/2027 †x# | LendingPoint | 12/21/2022 | 7839 | 7839 | 819 |
| &nbsp;&nbsp;&nbsp; LAI-00738733, 29.580%, 12/15/2025 †§x | LendingPoint | 12/21/2022 | 513 | 513 | 521 |
| &nbsp;&nbsp;&nbsp; LAI-00738749, 26.640%, 12/15/2025 †§x | LendingPoint | 12/21/2022 | 368 | 368 | 370 |
| &nbsp;&nbsp;&nbsp; LAI-00738750, 17.880%, 12/26/2025 †x# | LendingPoint | 12/21/2022 | 3497 | 3497 | 2966 |
| &nbsp;&nbsp;&nbsp; LAI-00738758, 27.450%, 12/15/2026 †x# | LendingPoint | 12/21/2022 | 5441 | 5441 | 971 |
| &nbsp;&nbsp;&nbsp; LAI-00738769, 30.420%, 12/15/2026 †x | LendingPoint | 12/21/2022 | 2585 | 2585 | 2615 |
| &nbsp;&nbsp;&nbsp; LAI-00738775, 22.680%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 3231 | 3231 | 3141 |
| &nbsp;&nbsp;&nbsp; LAI-00738776, 31.670%, 10/30/2028 †x# | LendingPoint | 12/21/2022 | 803 | 803 | 143 |
| &nbsp;&nbsp;&nbsp; LAI-00738781, 23.340%, 12/15/2027 †x | LendingPoint | 12/21/2022 | 6442 | 6442 | 6318 |
| &nbsp;&nbsp;&nbsp; LAI-00738787, 16.240%, 12/16/2027 †x | LendingPoint | 12/21/2022 | 13221 | 13221 | 12844 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8862** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00738788, 15.490%, 12/16/2025 †§x# | LendingPoint | 12/21/2022 | $545 | $545 | $550 |
| &nbsp;&nbsp;&nbsp; LAI-00738797, 30.070%, 12/16/2025 †§x | LendingPoint | 12/21/2022 | 561 | 561 | 570 |
| &nbsp;&nbsp;&nbsp; LAI-00738799, 0.000%, 12/16/2024 †x#^ | LendingPoint | 12/21/2022 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00738801, 30.260%, 12/22/2025 †x | LendingPoint | 12/21/2022 | 514 | 514 | 522 |
| &nbsp;&nbsp;&nbsp; LAI-00738808, 28.590%, 4/15/2029 †x# | LendingPoint | 12/21/2022 | 9606 | 9606 | 9122 |
| &nbsp;&nbsp;&nbsp; LAI-00738813, 27.240%, 12/16/2024 †x#^ | LendingPoint | 12/21/2022 | 938 | 938 | 98 |
| &nbsp;&nbsp;&nbsp; LAI-00738825, 13.170%, 12/16/2027 †x | LendingPoint | 12/21/2022 | 6700 | 6700 | 6487 |
| &nbsp;&nbsp;&nbsp; LAI-00738834, 28.930%, 12/16/2026 †§x | LendingPoint | 12/21/2022 | 1557 | 1557 | 1567 |
| &nbsp;&nbsp;&nbsp; LAI-00738844, 30.260%, 12/16/2025 †§x | LendingPoint | 12/21/2022 | 884 | 884 | 897 |
| &nbsp;&nbsp;&nbsp; LAI-00738855, 19.080%, 12/16/2027 †x | LendingPoint | 12/21/2022 | 12000 | 12000 | 11678 |
| &nbsp;&nbsp;&nbsp; LAI-00738873, 22.990%, 12/16/2024 †§x^ | LendingPoint | 12/21/2022 | 188 | 188 |  |
| &nbsp;&nbsp;&nbsp; LAI-00738889, 17.290%, 12/16/2026 †§x | LendingPoint | 12/21/2022 | 2184 | 2184 | 2164 |
| &nbsp;&nbsp;&nbsp; LAI-00738892, 28.090%, 12/16/2027 †x | LendingPoint | 12/21/2022 | 10206 | 10206 | 9886 |
| &nbsp;&nbsp;&nbsp; LAI-00738900, 20.090%, 1/28/2028 †x | LendingPoint | 12/21/2022 | 14170 | 14170 | 13975 |
| &nbsp;&nbsp;&nbsp; LAI-00738905, 17.330%, 9/16/2028 †x# | LendingPoint | 12/21/2022 | 21079 | 21079 | 20333 |
| &nbsp;&nbsp;&nbsp; LAI-00738907, 18.360%, 12/26/2025 †x# | LendingPoint | 12/21/2022 | 8300 | 8300 | 7391 |
| &nbsp;&nbsp;&nbsp; LAI-00738914, 32.270%, 12/16/2027 †x | LendingPoint | 12/21/2022 | 6469 | 6469 | 6376 |
| &nbsp;&nbsp;&nbsp; LAI-00738918, 31.890%, 10/16/2030 †x# | LendingPoint | 12/21/2022 | 4760 | 4760 |  |
| &nbsp;&nbsp;&nbsp; LAI-00738920, 31.670%, 12/16/2026 †x# | LendingPoint | 12/21/2022 | 1816 | 1816 | 663 |
| &nbsp;&nbsp;&nbsp; LAI-00738932, 31.910%, 12/16/2027 †x | LendingPoint | 12/21/2022 | 4600 | 4600 | 4548 |
| &nbsp;&nbsp;&nbsp; LAI-00738937, 30.940%, 12/16/2027 †x | LendingPoint | 12/22/2022 | 2584 | 2584 | 2566 |
| &nbsp;&nbsp;&nbsp; LAI-00738984, 32.010%, 10/21/2027 †x | LendingPoint | 12/22/2022 | 2977 | 2977 | 2937 |
| &nbsp;&nbsp;&nbsp; LAI-00739031, 15.770%, 3/26/2026 †x | LendingPoint | 12/22/2022 | 7861 | 7861 | 6745 |
| &nbsp;&nbsp;&nbsp; LAI-00739032, 18.280%, 12/16/2027 †x | LendingPoint | 12/22/2022 | 9354 | 9354 | 9169 |
| &nbsp;&nbsp;&nbsp; LAI-00739038, 26.290%, 12/16/2026 †§x | LendingPoint | 12/22/2022 | 7679 | 7679 | 7689 |
| &nbsp;&nbsp;&nbsp; LAI-00739092, 29.090%, 12/16/2027 †x | LendingPoint | 12/22/2022 | 6130 | 6130 | 5950 |
| &nbsp;&nbsp;&nbsp; LAI-00739113, 30.490%, 12/16/2026 †§x | LendingPoint | 12/22/2022 | 936 | 936 | 935 |
| &nbsp;&nbsp;&nbsp; LAI-00739135, 20.080%, 12/16/2027 †§x | LendingPoint | 12/22/2022 | 1760 | 1760 | 1710 |
| &nbsp;&nbsp;&nbsp; LAI-00739159, 29.570%, 12/16/2025 †§x | LendingPoint | 12/22/2022 | 617 | 617 | 628 |
| &nbsp;&nbsp;&nbsp; LAI-00739169, 29.090%, 12/16/2029 †x# | LendingPoint | 12/22/2022 | 10415 | 10415 | 10382 |
| &nbsp;&nbsp;&nbsp; LAI-00739176, 16.140%, 3/31/2026 †x# | LendingPoint | 12/22/2022 | 12726 | 12726 | 10940 |
| &nbsp;&nbsp;&nbsp; LAI-00739196, 32.780%, 12/16/2027 †x# | LendingPoint | 12/22/2022 | 8764 | 8764 | 8609 |
| &nbsp;&nbsp;&nbsp; LAI-00739198, 19.790%, 12/16/2026 †§x | LendingPoint | 12/22/2022 | 1052 | 1052 | 1047 |
| &nbsp;&nbsp;&nbsp; LAI-00739208, 31.890%, 6/30/2028 †x# | LendingPoint | 12/22/2022 | 5676 | 5676 | 5448 |
| &nbsp;&nbsp;&nbsp; LAI-00739253, 22.730%, 11/01/2028 †x# | LendingPoint | 12/22/2022 | 31111 | 31111 | 30294 |
| &nbsp;&nbsp;&nbsp; LAI-00739266, 30.440%, 12/16/2027 †x | LendingPoint | 12/22/2022 | 5509 | 5509 | 5473 |
| &nbsp;&nbsp;&nbsp; LAI-00739281, 17.880%, 12/16/2027 †x | LendingPoint | 12/22/2022 | 7287 | 7287 | 7093 |
| &nbsp;&nbsp;&nbsp; LAI-00739285, 30.520%, 11/24/2027 †x | LendingPoint | 12/22/2022 | 4873 | 4873 | 4801 |
| &nbsp;&nbsp;&nbsp; LAI-00739291, 20.290%, 12/27/2027 †x# | LendingPoint | 12/22/2022 | 5518 | 5518 | 577 |
| &nbsp;&nbsp;&nbsp; LAI-00739294, 30.390%, 12/16/2026 †§x | LendingPoint | 12/22/2022 | 933 | 933 | 948 |
| &nbsp;&nbsp;&nbsp; LAI-00739320, 32.780%, 12/17/2027 †x | LendingPoint | 12/22/2022 | 20977 | 20977 | 20485 |
| &nbsp;&nbsp;&nbsp; LAI-00739323, 31.910%, 12/17/2027 †x | LendingPoint | 12/22/2022 | 1308 | 1308 | 1300 |
| &nbsp;&nbsp;&nbsp; LAI-00739328, 19.880%, 12/17/2027 †§x# | LendingPoint | 12/22/2022 | 955 | 955 | 929 |
| &nbsp;&nbsp;&nbsp; LAI-00739329, 29.930%, 12/17/2026 †§x | LendingPoint | 12/22/2022 | 2135 | 2135 | 2159 |
| &nbsp;&nbsp;&nbsp; LAI-00739331, 32.780%, 9/29/2026 †x# | LendingPoint | 12/22/2022 | 18998 | 18998 | 17780 |
| &nbsp;&nbsp;&nbsp; LAI-00739333, 32.390%, 2/05/2028 †x# | LendingPoint | 12/22/2022 | 15218 | 15218 | 14892 |
| &nbsp;&nbsp;&nbsp; LAI-00739358, 29.560%, 12/17/2027 †x# | LendingPoint | 12/22/2022 | 758 | 758 | 748 |
| &nbsp;&nbsp;&nbsp; LAI-00739377, 25.200%, 12/17/2027 †x | LendingPoint | 12/22/2022 | 6787 | 6787 | 6656 |
| &nbsp;&nbsp;&nbsp; LAI-00739380, 27.700%, 3/17/2028 †x# | LendingPoint | 12/22/2022 | 4893 | 4893 | 4732 |
| &nbsp;&nbsp;&nbsp; LAI-00739387, 29.950%, 11/27/2025 †x | LendingPoint | 12/22/2022 | 1930 | 1930 | 1833 |
| &nbsp;&nbsp;&nbsp; LAI-00739410, 30.490%, 12/17/2026 †§x | LendingPoint | 12/22/2022 | 2347 | 2347 | 2348 |
| &nbsp;&nbsp;&nbsp; LAI-00739411, 25.440%, 11/21/2026 †x | LendingPoint | 12/22/2022 | 5692 | 5692 | 5623 |
| &nbsp;&nbsp;&nbsp; LAI-00739415, 20.460%, 12/17/2028 †x | LendingPoint | 12/22/2022 | 11856 | 11856 | 11761 |
| &nbsp;&nbsp;&nbsp; LAI-00739424, 28.240%, 12/17/2027 †x | LendingPoint | 12/22/2022 | 2713 | 2713 | 2624 |
| &nbsp;&nbsp;&nbsp; LAI-00739452, 17.620%, 12/17/2027 †x | LendingPoint | 12/22/2022 | 2974 | 2974 |  |
| &nbsp;&nbsp;&nbsp; LAI-00739458, 30.410%, 12/17/2027 †x | LendingPoint | 12/22/2022 | 12812 | 12812 | 12713 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8863** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00739474, 29.930%, 11/20/2026 †x | LendingPoint | 12/22/2022 | $2550 | $2550 | $2567 |
| &nbsp;&nbsp;&nbsp; LAI-00739475, 27.240%, 12/17/2024 †§x^ | LendingPoint | 12/22/2022 | 95 | 95 |  |
| &nbsp;&nbsp;&nbsp; LAI-00739506, 22.490%, 12/18/2026 †§x# | LendingPoint | 12/22/2022 | 2610 | 2610 | 2662 |
| &nbsp;&nbsp;&nbsp; LAI-00739529, 31.910%, 12/18/2027 †x# | LendingPoint | 12/22/2022 | 2620 | 2620 | 2605 |
| &nbsp;&nbsp;&nbsp; LAI-00739555, 17.880%, 12/18/2027 †x# | LendingPoint | 12/22/2022 | 13879 | 13879 | 13525 |
| &nbsp;&nbsp;&nbsp; LAI-00739573, 15.320%, 12/18/2026 †§x | LendingPoint | 12/22/2022 | 3098 | 3098 | 3135 |
| &nbsp;&nbsp;&nbsp; LAI-00739630, 29.560%, 11/27/2027 †x | LendingPoint | 12/22/2022 | 1316 | 1316 | 1299 |
| &nbsp;&nbsp;&nbsp; LAI-00739671, 16.270%, 12/19/2027 †x | LendingPoint | 12/22/2022 | 8935 | 8935 | 8692 |
| &nbsp;&nbsp;&nbsp; LAI-00739710, 0.000%, 12/19/2024 †x^ | LendingPoint | 12/22/2022 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00739761, 31.460%, 12/19/2026 †§x# | LendingPoint | 12/22/2022 | 1328 | 1328 | 1323 |
| &nbsp;&nbsp;&nbsp; LAI-00739793, 31.940%, 5/14/2032 †x# | LendingPoint | 12/22/2022 | 11921 | 11921 | 1246 |
| &nbsp;&nbsp;&nbsp; LAI-00739794, 32.440%, 5/19/2030 †x# | LendingPoint | 12/22/2022 | 21683 | 21683 | 21717 |
| &nbsp;&nbsp;&nbsp; LAI-00739801, 22.690%, 12/19/2026 †§x | LendingPoint | 12/22/2022 | 5612 | 5612 | 5594 |
| &nbsp;&nbsp;&nbsp; LAI-00739810, 21.900%, 1/02/2025 †x^ | LendingPoint | 12/22/2022 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00739823, 16.400%, 12/19/2027 †x | LendingPoint | 12/22/2022 | 11246 | 11246 | 11110 |
| &nbsp;&nbsp;&nbsp; LAI-00739827, 22.750%, 11/27/2027 †x | LendingPoint | 12/22/2022 | 6901 | 6901 | 6855 |
| &nbsp;&nbsp;&nbsp; LAI-00743287, 29.020%, 12/31/2025 †x# | LendingPoint | 1/05/2023 | 1900 | 1900 | 1765 |
| &nbsp;&nbsp;&nbsp; LAI-00743359, 16.880%, 12/30/2027 †x# | LendingPoint | 1/05/2023 | 4603 | 4603 | 1394 |
| &nbsp;&nbsp;&nbsp; LAI-00743375, 18.490%, 11/11/2027 †x | LendingPoint | 1/05/2023 | 9000 | 9000 | 8826 |
| &nbsp;&nbsp;&nbsp; LAI-00743377, 0.000%, 12/29/2027 †x | LendingPoint | 1/05/2023 | 179 | 179 | 179 |
| &nbsp;&nbsp;&nbsp; LAI-00743384, 30.260%, 9/12/2027 †x# | LendingPoint | 1/05/2023 | 2769 | 2769 | 2777 |
| &nbsp;&nbsp;&nbsp; LAI-00743419, 16.760%, 12/31/2027 †x# | LendingPoint | 1/05/2023 | 6569 | 6569 | 6401 |
| &nbsp;&nbsp;&nbsp; LAI-00743429, 16.400%, 1/09/2028 †x | LendingPoint | 1/05/2023 | 5593 | 5593 | 5479 |
| &nbsp;&nbsp;&nbsp; LAI-00743441, 14.100%, 12/31/2027 †x# | LendingPoint | 1/05/2023 | 27533 | 27533 | 27073 |
| &nbsp;&nbsp;&nbsp; LAI-00743442, 20.380%, 12/31/2027 †x# | LendingPoint | 1/05/2023 | 2358 | 2358 | 2279 |
| &nbsp;&nbsp;&nbsp; LAI-00743465, 31.890%, 12/24/2027 †x | LendingPoint | 1/05/2023 | 1842 | 1842 |  |
| &nbsp;&nbsp;&nbsp; LAI-00743470, 15.280%, 12/31/2026 †§x# | LendingPoint | 1/05/2023 | 4015 | 4015 | 3986 |
| &nbsp;&nbsp;&nbsp; LAI-00743556, 16.260%, 1/10/2027 †x# | LendingPoint | 1/05/2023 | 4567 | 4567 | 4497 |
| &nbsp;&nbsp;&nbsp; LAI-00743558, 16.240%, 1/16/2028 †x | LendingPoint | 1/05/2023 | 6962 | 6962 | 6709 |
| &nbsp;&nbsp;&nbsp; LAI-00743565, 15.770%, 12/16/2026 †x | LendingPoint | 1/05/2023 | 5798 | 5798 | 5697 |
| &nbsp;&nbsp;&nbsp; LAI-00743567, 15.280%, 10/16/2026 †x# | LendingPoint | 1/05/2023 | 10388 | 10388 | 1086 |
| &nbsp;&nbsp;&nbsp; LAI-00743608, 23.660%, 1/16/2028 †x | LendingPoint | 1/06/2023 | 11557 | 11557 | 11140 |
| &nbsp;&nbsp;&nbsp; LAI-00743610, 16.760%, 1/16/2028 †x | LendingPoint | 1/05/2023 | 2381 | 2381 | 2312 |
| &nbsp;&nbsp;&nbsp; LAI-00743612, 16.270%, 6/02/2028 †x# | LendingPoint | 1/05/2023 | 10855 | 10855 | 3111 |
| &nbsp;&nbsp;&nbsp; LAI-00743638, 31.360%, 12/15/2026 †x | LendingPoint | 1/06/2023 | 1263 | 1263 | 1261 |
| &nbsp;&nbsp;&nbsp; LAI-00743639, 15.780%, 10/16/2027 †x# | LendingPoint | 1/05/2023 | 7888 | 7888 | 824 |
| &nbsp;&nbsp;&nbsp; LAI-00743689, 0.000%, 1/02/2028 †x# | LendingPoint | 1/05/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00743693, 31.910%, 11/06/2027 †x | LendingPoint | 1/05/2023 | 5418 | 5418 | 5285 |
| &nbsp;&nbsp;&nbsp; LAI-00743707, 31.770%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 2021 | 2021 | 1968 |
| &nbsp;&nbsp;&nbsp; LAI-00743724, 29.590%, 2/16/2028 †x | LendingPoint | 1/05/2023 | 6529 | 6529 | 6298 |
| &nbsp;&nbsp;&nbsp; LAI-00743727, 31.360%, 12/10/2026 †x# | LendingPoint | 1/06/2023 | 2050 | 2050 | 2045 |
| &nbsp;&nbsp;&nbsp; LAI-00743770, 21.080%, 1/14/2028 †x | LendingPoint | 1/06/2023 | 10318 | 10318 | 9946 |
| &nbsp;&nbsp;&nbsp; LAI-00743795, 30.640%, 1/02/2026 †§x# | LendingPoint | 1/05/2023 | 1134 | 1134 | 1145 |
| &nbsp;&nbsp;&nbsp; LAI-00743806, 20.560%, 1/15/2029 †x# | LendingPoint | 1/05/2023 | 16591 | 16591 | 15869 |
| &nbsp;&nbsp;&nbsp; LAI-00743817, 23.390%, 1/10/2027 †x | LendingPoint | 1/06/2023 | 2428 | 2428 | 1315 |
| &nbsp;&nbsp;&nbsp; LAI-00743828, 29.990%, 1/08/2027 †x | LendingPoint | 1/05/2023 | 2962 | 2962 | 2895 |
| &nbsp;&nbsp;&nbsp; LAI-00743845, 28.200%, 1/08/2025 †x^ | LendingPoint | 1/06/2023 | 77 | 77 |  |
| &nbsp;&nbsp;&nbsp; LAI-00743849, 28.870%, 1/16/2028 †x | LendingPoint | 1/05/2023 | 2532 | 2532 | 2443 |
| &nbsp;&nbsp;&nbsp; LAI-00743872, 15.780%, 1/15/2028 †x | LendingPoint | 1/05/2023 | 7056 | 7056 | 6853 |
| &nbsp;&nbsp;&nbsp; LAI-00743883, 30.260%, 11/14/2025 †x | LendingPoint | 1/05/2023 | 952 | 952 | 964 |
| &nbsp;&nbsp;&nbsp; LAI-00743908, 28.590%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 10467 | 10467 | 10094 |
| &nbsp;&nbsp;&nbsp; LAI-00743909, 30.940%, 9/10/2027 †x | LendingPoint | 1/05/2023 | 5324 | 5324 | 5218 |
| &nbsp;&nbsp;&nbsp; LAI-00743910, 16.240%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 9260 | 9260 | 8961 |
| &nbsp;&nbsp;&nbsp; LAI-00743935, 26.730%, 1/07/2025 †x^ | LendingPoint | 1/05/2023 | 75 | 75 |  |
| &nbsp;&nbsp;&nbsp; LAI-00743942, 20.770%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 13027 | 13027 | 12786 |
| &nbsp;&nbsp;&nbsp; LAI-00743958, 30.730%, 2/23/2027 †x# | LendingPoint | 1/05/2023 | 8986 | 8986 | 8564 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8864** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00743979, 17.620%, 3/26/2026 †x | LendingPoint | 1/05/2023 | $7330 | $7330 | $5984 |
| &nbsp;&nbsp;&nbsp; LAI-00743997, 31.090%, 1/16/2027 †x | LendingPoint | 1/05/2023 | 2268 | 2268 | 2260 |
| &nbsp;&nbsp;&nbsp; LAI-00744012, 31.090%, 10/02/2027 †x | LendingPoint | 1/05/2023 | 5017 | 5017 | 4933 |
| &nbsp;&nbsp;&nbsp; LAI-00744023, 23.180%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 18648 | 18648 | 18010 |
| &nbsp;&nbsp;&nbsp; LAI-00744024, 32.270%, 6/02/2028 †x# | LendingPoint | 1/05/2023 | 7329 | 7329 | 2141 |
| &nbsp;&nbsp;&nbsp; LAI-00744041, 32.010%, 8/15/2028 †x# | LendingPoint | 1/05/2023 | 6302 | 6302 | 5963 |
| &nbsp;&nbsp;&nbsp; LAI-00744044, 29.560%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 7888 | 7888 | 7725 |
| &nbsp;&nbsp;&nbsp; LAI-00744055, 26.090%, 3/26/2028 †x# | LendingPoint | 1/05/2023 | 9604 | 9604 | 2959 |
| &nbsp;&nbsp;&nbsp; LAI-00744069, 25.160%, 6/02/2028 †x# | LendingPoint | 1/05/2023 | 3835 | 3835 | 1627 |
| &nbsp;&nbsp;&nbsp; LAI-00744123, 21.650%, 3/22/2028 †x | LendingPoint | 1/05/2023 | 3795 | 3795 | 3704 |
| &nbsp;&nbsp;&nbsp; LAI-00744129, 16.760%, 1/08/2028 †x | LendingPoint | 1/05/2023 | 10525 | 10525 | 10205 |
| &nbsp;&nbsp;&nbsp; LAI-00744135, 16.760%, 1/16/2028 †x | LendingPoint | 1/05/2023 | 7224 | 7224 | 7017 |
| &nbsp;&nbsp;&nbsp; LAI-00744156, 0.000%, 1/02/2026 †x | LendingPoint | 1/05/2023 | 32 | 32 | 32 |
| &nbsp;&nbsp;&nbsp; LAI-00744166, 16.240%, 1/08/2028 †x | LendingPoint | 1/05/2023 | 9944 | 9944 | 9588 |
| &nbsp;&nbsp;&nbsp; LAI-00744171, 31.090%, 1/16/2027 †x | LendingPoint | 1/05/2023 | 1844 | 1844 | 1828 |
| &nbsp;&nbsp;&nbsp; LAI-00744175, 32.010%, 1/29/2026 †x | LendingPoint | 1/05/2023 | 2162 | 2162 | 2038 |
| &nbsp;&nbsp;&nbsp; LAI-00744177, 32.270%, 1/02/2028 †x# | LendingPoint | 1/05/2023 | 6559 | 6559 | 1103 |
| &nbsp;&nbsp;&nbsp; LAI-00744178, 15.770%, 1/10/2027 †x# | LendingPoint | 1/05/2023 | 1360 | 1360 | 1335 |
| &nbsp;&nbsp;&nbsp; LAI-00744185, 32.270%, 1/02/2028 †x# | LendingPoint | 1/06/2023 | 6250 | 6250 | 1119 |
| &nbsp;&nbsp;&nbsp; LAI-00744188, 26.100%, 1/02/2028 †§x | LendingPoint | 1/06/2023 | 1367 | 1367 | 1319 |
| &nbsp;&nbsp;&nbsp; LAI-00744197, 32.010%, 8/02/2028 †x | LendingPoint | 1/05/2023 | 9173 | 9173 | 8687 |
| &nbsp;&nbsp;&nbsp; LAI-00744217, 21.650%, 1/13/2028 †x# | LendingPoint | 1/05/2023 | 3280 | 3280 | 3180 |
| &nbsp;&nbsp;&nbsp; LAI-00744244, 31.890%, 12/16/2027 †x | LendingPoint | 1/05/2023 | 2236 | 2236 | 2181 |
| &nbsp;&nbsp;&nbsp; LAI-00744255, 30.940%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 1994 | 1994 | 1957 |
| &nbsp;&nbsp;&nbsp; LAI-00744301, 15.780%, 1/02/2028 †x | LendingPoint | 1/05/2023 | 11321 | 11321 | 10959 |
| &nbsp;&nbsp;&nbsp; LAI-00744305, 32.270%, 1/25/2027 †x# | LendingPoint | 1/05/2023 | 6929 | 6929 | 6420 |
| &nbsp;&nbsp;&nbsp; LAI-00744306, 20.380%, 1/03/2028 †x | LendingPoint | 1/05/2023 | 5920 | 5920 | 5717 |
| &nbsp;&nbsp;&nbsp; LAI-00744308, 22.240%, 1/02/2028 †x# | LendingPoint | 1/05/2023 | 13856 | 13856 | 4112 |
| &nbsp;&nbsp;&nbsp; LAI-00744340, 16.270%, 2/11/2028 †x | LendingPoint | 1/05/2023 | 4405 | 4405 | 4266 |
| &nbsp;&nbsp;&nbsp; LAI-00744368, 31.670%, 1/15/2027 †x | LendingPoint | 1/06/2023 | 2802 | 2802 | 2803 |
| &nbsp;&nbsp;&nbsp; LAI-00744382, 22.990%, 1/17/2028 †x | LendingPoint | 1/06/2023 | 2873 | 2873 | 2773 |
| &nbsp;&nbsp;&nbsp; LAI-00744392, 15.320%, 1/15/2027 †x | LendingPoint | 1/05/2023 | 3668 | 3668 | 3680 |
| &nbsp;&nbsp;&nbsp; LAI-00744411, 17.880%, 12/17/2027 †x# | LendingPoint | 1/06/2023 | 16092 | 16092 | 15506 |
| &nbsp;&nbsp;&nbsp; LAI-00744413, 16.760%, 1/03/2028 †x | LendingPoint | 1/05/2023 | 9429 | 9429 | 9174 |
| &nbsp;&nbsp;&nbsp; LAI-00744439, 32.270%, 1/17/2028 †x | LendingPoint | 1/05/2023 | 7495 | 7495 | 7230 |
| &nbsp;&nbsp;&nbsp; LAI-00744440, 15.770%, 1/15/2027 †x | LendingPoint | 1/05/2023 | 11316 | 11316 | 11121 |
| &nbsp;&nbsp;&nbsp; LAI-00744504, 30.010%, 2/28/2026 †x | LendingPoint | 1/05/2023 | 7875 | 7875 | 7338 |
| &nbsp;&nbsp;&nbsp; LAI-00744537, 32.270%, 2/28/2026 †x | LendingPoint | 1/05/2023 | 4409 | 4409 | 4150 |
| &nbsp;&nbsp;&nbsp; LAI-00744547, 15.780%, 1/03/2028 †x | LendingPoint | 1/05/2023 | 14992 | 14992 | 14724 |
| &nbsp;&nbsp;&nbsp; LAI-00744563, 31.360%, 1/17/2027 †x | LendingPoint | 1/06/2023 | 1052 | 1052 | 1048 |
| &nbsp;&nbsp;&nbsp; LAI-00744577, 30.940%, 5/23/2028 †x | LendingPoint | 1/05/2023 | 4304 | 4304 | 4126 |
| &nbsp;&nbsp;&nbsp; LAI-00744579, 32.780%, 12/08/2029 †x# | LendingPoint | 1/05/2023 | 8850 | 8850 | 925 |
| &nbsp;&nbsp;&nbsp; LAI-00744597, 31.670%, 1/03/2027 †§x | LendingPoint | 1/05/2023 | 2718 | 2718 | 2718 |
| &nbsp;&nbsp;&nbsp; LAI-00745399, 30.480%, 1/05/2028 †x | LendingPoint | 1/10/2023 | 4262 | 4262 | 4126 |
| &nbsp;&nbsp;&nbsp; LAI-00745402, 30.420%, 1/04/2027 †§x | LendingPoint | 1/10/2023 | 1320 | 1320 | 1327 |
| &nbsp;&nbsp;&nbsp; LAI-00745408, 30.040%, 1/04/2026 †x# | LendingPoint | 1/10/2023 | 1070 | 1070 | 520 |
| &nbsp;&nbsp;&nbsp; LAI-00745414, 31.890%, 10/24/2025 †x | LendingPoint | 1/10/2023 | 3493 | 3493 | 3309 |
| &nbsp;&nbsp;&nbsp; LAI-00745475, 0.000%, 1/04/2028 †x# | LendingPoint | 1/10/2023 | 13 | 13 |  |
| &nbsp;&nbsp;&nbsp; LAI-00745483, 31.910%, 1/04/2028 †x | LendingPoint | 1/10/2023 | 3583 | 3583 | 3520 |
| &nbsp;&nbsp;&nbsp; LAI-00745490, 27.880%, 1/04/2028 †x | LendingPoint | 1/10/2023 | 4911 | 4911 | 4840 |
| &nbsp;&nbsp;&nbsp; LAI-00745493, 31.670%, 12/10/2026 †x# | LendingPoint | 1/10/2023 | 2732 | 2732 | 2673 |
| &nbsp;&nbsp;&nbsp; LAI-00745528, 26.230%, 1/17/2025 †x#^ | LendingPoint | 1/10/2023 | 101 | 101 |  |
| &nbsp;&nbsp;&nbsp; LAI-00745539, 31.390%, 1/18/2027 †x | LendingPoint | 1/10/2023 | 1945 | 1945 | 1954 |
| &nbsp;&nbsp;&nbsp; LAI-00745570, 0.000%, 1/04/2027 †x | LendingPoint | 1/10/2023 | 10 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; LAI-00745577, 27.870%, 1/04/2028 †x | LendingPoint | 1/10/2023 | 4162 | 4162 | 4045 |
| &nbsp;&nbsp;&nbsp; LAI-00745585, 29.540%, 1/18/2026 †x# | LendingPoint | 1/10/2023 | 230 | 230 | 231 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8865** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00745624, 31.770%, 1/04/2028 †x# | LendingPoint | 1/10/2023 | $6644 | $6644 | $694 |
| &nbsp;&nbsp;&nbsp; LAI-00745672, 29.560%, 1/04/2028 †x | LendingPoint | 1/10/2023 | 4575 | 4575 | 4486 |
| &nbsp;&nbsp;&nbsp; LAI-00745685, 31.670%, 7/02/2026 †x | LendingPoint | 1/10/2023 | 1304 | 1304 | 1272 |
| &nbsp;&nbsp;&nbsp; LAI-00745689, 21.910%, 10/10/2026 †x# | LendingPoint | 1/10/2023 | 3704 | 3704 | 3652 |
| &nbsp;&nbsp;&nbsp; LAI-00745735, 30.940%, 1/18/2028 †x# | LendingPoint | 1/10/2023 | 3573 | 3573 | 3492 |
| &nbsp;&nbsp;&nbsp; LAI-00745767, 30.390%, 1/18/2027 †x# | LendingPoint | 1/10/2023 | 4433 | 4433 | 4443 |
| &nbsp;&nbsp;&nbsp; LAI-00745787, 31.670%, 1/18/2027 †x# | LendingPoint | 1/10/2023 | 2850 | 2850 | 2843 |
| &nbsp;&nbsp;&nbsp; LAI-00745806, 32.270%, 6/04/2028 †x# | LendingPoint | 1/10/2023 | 6171 | 6171 | 645 |
| &nbsp;&nbsp;&nbsp; LAI-00745832, 30.900%, 1/05/2027 †§x | LendingPoint | 1/10/2023 | 1989 | 1989 | 2001 |
| &nbsp;&nbsp;&nbsp; LAI-00745833, 27.700%, 12/17/2026 †x | LendingPoint | 1/10/2023 | 2121 | 2121 | 2062 |
| &nbsp;&nbsp;&nbsp; LAI-00745865, 31.890%, 11/27/2025 †x | LendingPoint | 1/10/2023 | 2250 | 2250 | 2131 |
| &nbsp;&nbsp;&nbsp; LAI-00745875, 28.900%, 1/05/2026 †§x | LendingPoint | 1/10/2023 | 625 | 625 | 630 |
| &nbsp;&nbsp;&nbsp; LAI-00745999, 28.520%, 1/05/2026 †§x | LendingPoint | 1/11/2023 | 1630 | 1630 | 1653 |
| &nbsp;&nbsp;&nbsp; LAI-00746045, 28.520%, 1/05/2027 †§x# | LendingPoint | 1/11/2023 | 4089 | 4089 | 2228 |
| &nbsp;&nbsp;&nbsp; LAI-00746053, 16.400%, 5/05/2029 †x | LendingPoint | 1/11/2023 | 15921 | 15921 | 15542 |
| &nbsp;&nbsp;&nbsp; LAI-00746060, 32.270%, 1/05/2028 †x | LendingPoint | 1/11/2023 | 10779 | 10779 | 10564 |
| &nbsp;&nbsp;&nbsp; LAI-00746087, 30.040%, 1/19/2026 †x | LendingPoint | 1/11/2023 | 439 | 439 | 446 |
| &nbsp;&nbsp;&nbsp; LAI-00746127, 19.590%, 1/05/2027 †§x | LendingPoint | 1/11/2023 | 2860 | 2860 | 2848 |
| &nbsp;&nbsp;&nbsp; LAI-00746140, 30.960%, 12/17/2027 †x | LendingPoint | 1/11/2023 | 6316 | 6316 | 6161 |
| &nbsp;&nbsp;&nbsp; LAI-00746156, 20.490%, 6/25/2028 †x# | LendingPoint | 1/11/2023 | 22168 | 22168 | 6448 |
| &nbsp;&nbsp;&nbsp; LAI-00746160, 24.900%, 9/05/2027 †x | LendingPoint | 1/11/2023 | 2827 | 2827 | 2758 |
| &nbsp;&nbsp;&nbsp; LAI-00746206, 32.270%, 1/05/2028 †x | LendingPoint | 1/11/2023 | 3593 | 3593 | 3532 |
| &nbsp;&nbsp;&nbsp; LAI-00746231, 30.900%, 12/09/2026 †x | LendingPoint | 1/11/2023 | 4023 | 4023 | 4012 |
| &nbsp;&nbsp;&nbsp; LAI-00746256, 30.690%, 1/05/2027 †§x | LendingPoint | 1/11/2023 | 2474 | 2474 | 2446 |
| &nbsp;&nbsp;&nbsp; LAI-00746282, 30.990%, 1/05/2028 †x | LendingPoint | 1/11/2023 | 23963 | 23963 | 23512 |
| &nbsp;&nbsp;&nbsp; LAI-00746284, 23.310%, 1/05/2027 †§x | LendingPoint | 1/11/2023 | 1197 | 1197 | 1201 |
| &nbsp;&nbsp;&nbsp; LAI-00746288, 19.060%, 1/05/2028 †x | LendingPoint | 1/11/2023 | 3174 | 3174 | 3119 |
| &nbsp;&nbsp;&nbsp; LAI-00746289, 0.000%, 1/10/2028 †x# | LendingPoint | 1/11/2023 | 8075 | 8075 |  |
| &nbsp;&nbsp;&nbsp; LAI-00746368, 17.120%, 1/05/2028 †§x | LendingPoint | 1/11/2023 | 1695 | 1695 |  |
| &nbsp;&nbsp;&nbsp; LAI-00746428, 30.520%, 1/05/2028 †x# | LendingPoint | 1/11/2023 | 2570 | 2570 | 808 |
| &nbsp;&nbsp;&nbsp; LAI-00746438, 31.090%, 1/04/2027 †§x | LendingPoint | 1/11/2023 | 2112 | 2112 | 2103 |
| &nbsp;&nbsp;&nbsp; LAI-00746443, 31.910%, 1/06/2028 †x# | LendingPoint | 1/11/2023 | 8101 | 8101 | 847 |
| &nbsp;&nbsp;&nbsp; LAI-00746462, 31.390%, 12/10/2026 †x# | LendingPoint | 1/11/2023 | 1659 | 1659 | 1658 |
| &nbsp;&nbsp;&nbsp; LAI-00746475, 26.260%, 1/20/2025 †x#^ | LendingPoint | 1/11/2023 | 142 | 142 |  |
| &nbsp;&nbsp;&nbsp; LAI-00746484, 32.270%, 12/19/2027 †x | LendingPoint | 1/11/2023 | 2990 | 2990 | 2924 |
| &nbsp;&nbsp;&nbsp; LAI-00746514, 32.270%, 1/06/2028 †x | LendingPoint | 1/11/2023 | 2992 | 2992 | 2898 |
| &nbsp;&nbsp;&nbsp; LAI-00746522, 28.520%, 2/28/2026 †x | LendingPoint | 1/11/2023 | 2604 | 2604 | 2858 |
| &nbsp;&nbsp;&nbsp; LAI-00746576, 16.240%, 1/06/2028 †x | LendingPoint | 1/11/2023 | 8173 | 8173 | 7967 |
| &nbsp;&nbsp;&nbsp; LAI-00746592, 12.800%, 1/20/2028 †x# | LendingPoint | 1/11/2023 | 14945 | 14945 | 14558 |
| &nbsp;&nbsp;&nbsp; LAI-00746639, 26.840%, 5/13/2028 †x# | LendingPoint | 1/12/2023 | 19242 | 19242 | 18476 |
| &nbsp;&nbsp;&nbsp; LAI-00746673, 25.900%, 1/06/2027 †§x | LendingPoint | 1/12/2023 | 4997 | 4997 | 4952 |
| &nbsp;&nbsp;&nbsp; LAI-00746739, 32.270%, 12/20/2027 †x | LendingPoint | 1/12/2023 | 3241 | 3241 | 3153 |
| &nbsp;&nbsp;&nbsp; LAI-00746744, 30.460%, 2/28/2027 †x# | LendingPoint | 1/12/2023 | 8608 | 8608 | 8123 |
| &nbsp;&nbsp;&nbsp; LAI-00746757, 18.500%, 1/15/2028 †x | LendingPoint | 1/12/2023 | 6395 | 6395 | 6283 |
| &nbsp;&nbsp;&nbsp; LAI-00746778, 0.000%, 1/06/2025 †x^ | LendingPoint | 1/12/2023 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00746782, 31.890%, 1/06/2028 †x | LendingPoint | 1/12/2023 | 5796 | 5796 | 5683 |
| &nbsp;&nbsp;&nbsp; LAI-00746783, 32.270%, 4/30/2030 †x# | LendingPoint | 1/12/2023 | 6426 | 6426 | 6128 |
| &nbsp;&nbsp;&nbsp; LAI-00746789, 29.920%, 2/28/2026 †x# | LendingPoint | 1/12/2023 | 839 | 839 | 861 |
| &nbsp;&nbsp;&nbsp; LAI-00746807, 32.270%, 1/04/2028 †x | LendingPoint | 1/12/2023 | 5690 | 5690 | 5639 |
| &nbsp;&nbsp;&nbsp; LAI-00746810, 31.360%, 1/06/2027 †§x | LendingPoint | 1/12/2023 | 2472 | 2472 | 2487 |
| &nbsp;&nbsp;&nbsp; LAI-00746881, 31.090%, 1/17/2027 †x | LendingPoint | 1/12/2023 | 2762 | 2762 | 2765 |
| &nbsp;&nbsp;&nbsp; LAI-00746892, 29.920%, 1/04/2026 †§x# | LendingPoint | 1/12/2023 | 478 | 478 | 487 |
| &nbsp;&nbsp;&nbsp; LAI-00746908, 25.880%, 1/06/2028 †x | LendingPoint | 1/12/2023 | 3930 | 3930 | 3777 |
| &nbsp;&nbsp;&nbsp; LAI-00746918, 32.270%, 5/06/2028 †x | LendingPoint | 1/12/2023 | 9771 | 9771 | 9394 |
| &nbsp;&nbsp;&nbsp; LAI-00746932, 31.670%, 1/06/2027 †§x | LendingPoint | 1/12/2023 | 2263 | 2263 | 2238 |
| &nbsp;&nbsp;&nbsp; LAI-00746962, 31.930%, 12/20/2027 †x | LendingPoint | 1/12/2023 | 2201 | 2201 | 2149 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8866** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00746990, 31.360%, 1/07/2027 †§x | LendingPoint | 1/12/2023 | $2974 | $2974 | $2995 |
| &nbsp;&nbsp;&nbsp; LAI-00746992, 31.360%, 2/07/2027 †x# | LendingPoint | 1/12/2023 | 4542 | 4542 | 475 |
| &nbsp;&nbsp;&nbsp; LAI-00747067, 32.270%, 5/15/2028 †x# | LendingPoint | 1/12/2023 | 13928 | 13928 | 13344 |
| &nbsp;&nbsp;&nbsp; LAI-00747090, 20.200%, 12/22/2027 †x | LendingPoint | 1/12/2023 | 15609 | 15609 | 15332 |
| &nbsp;&nbsp;&nbsp; LAI-00747108, 32.270%, 1/07/2028 †x | LendingPoint | 1/12/2023 | 4299 | 4299 | 4231 |
| &nbsp;&nbsp;&nbsp; LAI-00747136, 32.780%, 1/01/2028 †x# | LendingPoint | 1/12/2023 | 6455 | 6455 | 6345 |
| &nbsp;&nbsp;&nbsp; LAI-00747240, 32.270%, 1/08/2028 †x | LendingPoint | 1/12/2023 | 2874 | 2874 | 2831 |
| &nbsp;&nbsp;&nbsp; LAI-00747272, 32.270%, 12/15/2027 †x | LendingPoint | 1/12/2023 | 1833 | 1833 | 1796 |
| &nbsp;&nbsp;&nbsp; LAI-00747278, 32.260%, 7/08/2027 †x# | LendingPoint | 1/12/2023 | 3115 | 3115 | 1475 |
| &nbsp;&nbsp;&nbsp; LAI-00747316, 32.010%, 1/09/2028 †x# | LendingPoint | 1/12/2023 | 5480 | 5480 | 984 |
| &nbsp;&nbsp;&nbsp; LAI-00747337, 24.350%, 1/09/2028 †x | LendingPoint | 1/12/2023 | 14696 | 14696 | 14463 |
| &nbsp;&nbsp;&nbsp; LAI-00747338, 15.440%, 11/16/2028 †x# | LendingPoint | 1/12/2023 | 27860 | 27860 | 2911 |
| &nbsp;&nbsp;&nbsp; LAI-00747340, 27.270%, 2/15/2028 †x | LendingPoint | 1/12/2023 | 20575 | 20575 | 19981 |
| &nbsp;&nbsp;&nbsp; LAI-00747361, 31.770%, 1/23/2028 †x | LendingPoint | 1/12/2023 | 6024 | 6024 | 5902 |
| &nbsp;&nbsp;&nbsp; LAI-00747403, 31.090%, 12/10/2026 †x# | LendingPoint | 1/12/2023 | 1359 | 1359 | 1331 |
| &nbsp;&nbsp;&nbsp; LAI-00748206, 31.920%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 4158 | 4158 | 4085 |
| &nbsp;&nbsp;&nbsp; LAI-00748210, 31.890%, 3/26/2028 †x# | LendingPoint | 1/17/2023 | 4470 | 4470 | 798 |
| &nbsp;&nbsp;&nbsp; LAI-00748214, 32.780%, 1/10/2030 †x# | LendingPoint | 1/17/2023 | 3937 | 3937 | 3857 |
| &nbsp;&nbsp;&nbsp; LAI-00748222, 31.910%, 12/20/2027 †x | LendingPoint | 1/17/2023 | 3684 | 3684 | 3606 |
| &nbsp;&nbsp;&nbsp; LAI-00748236, 31.400%, 1/10/2027 †§x# | LendingPoint | 1/17/2023 | 4259 | 4259 | 4299 |
| &nbsp;&nbsp;&nbsp; LAI-00748254, 32.780%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 3163 | 3163 | 3121 |
| &nbsp;&nbsp;&nbsp; LAI-00748265, 29.520%, 1/10/2027 †§x# | LendingPoint | 1/17/2023 | 963 | 963 | 954 |
| &nbsp;&nbsp;&nbsp; LAI-00748271, 32.780%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 17874 | 17874 | 17554 |
| &nbsp;&nbsp;&nbsp; LAI-00748275, 27.100%, 5/10/2028 †x# | LendingPoint | 1/17/2023 | 18368 | 18368 | 5311 |
| &nbsp;&nbsp;&nbsp; LAI-00748287, 32.270%, 6/10/2028 †x# | LendingPoint | 1/17/2023 | 16559 | 16559 | 7756 |
| &nbsp;&nbsp;&nbsp; LAI-00748288, 17.120%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 4401 | 4401 | 4331 |
| &nbsp;&nbsp;&nbsp; LAI-00748332, 16.420%, 1/10/2026 †§x# | LendingPoint | 1/17/2023 | 358 | 358 | 360 |
| &nbsp;&nbsp;&nbsp; LAI-00748337, 32.780%, 5/17/2028 †x# | LendingPoint | 1/17/2023 | 11758 | 11758 | 2684 |
| &nbsp;&nbsp;&nbsp; LAI-00748358, 29.990%, 10/15/2028 †x# | LendingPoint | 1/17/2023 | 16955 | 16955 | 1772 |
| &nbsp;&nbsp;&nbsp; LAI-00748360, 20.580%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 2577 | 2577 | 2497 |
| &nbsp;&nbsp;&nbsp; LAI-00748381, 31.910%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 2866 | 2866 | 2827 |
| &nbsp;&nbsp;&nbsp; LAI-00748398, 27.070%, 11/10/2028 †x# | LendingPoint | 1/17/2023 | 5038 | 5038 | 4828 |
| &nbsp;&nbsp;&nbsp; LAI-00748402, 17.880%, 11/10/2028 †x | LendingPoint | 1/17/2023 | 18779 | 18779 | 17898 |
| &nbsp;&nbsp;&nbsp; LAI-00748434, 16.240%, 12/26/2025 †x | LendingPoint | 1/17/2023 | 5409 | 5409 | 4706 |
| &nbsp;&nbsp;&nbsp; LAI-00748441, 15.780%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 6087 | 6087 | 5957 |
| &nbsp;&nbsp;&nbsp; LAI-00748446, 32.270%, 12/24/2027 †x | LendingPoint | 1/17/2023 | 1939 | 1939 | 1902 |
| &nbsp;&nbsp;&nbsp; LAI-00748451, 15.780%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 6103 | 6103 | 5952 |
| &nbsp;&nbsp;&nbsp; LAI-00748456, 17.880%, 10/02/2030 †x | LendingPoint | 1/17/2023 | 14299 | 14299 | 13633 |
| &nbsp;&nbsp;&nbsp; LAI-00748459, 16.270%, 1/30/2028 †x# | LendingPoint | 1/17/2023 | 5430 | 5430 | 5229 |
| &nbsp;&nbsp;&nbsp; LAI-00748497, 28.090%, 3/06/2028 †x | LendingPoint | 1/17/2023 | 11237 | 11237 | 10771 |
| &nbsp;&nbsp;&nbsp; LAI-00748500, 15.280%, 1/10/2027 †§x# | LendingPoint | 1/17/2023 | 5354 | 5354 | 5304 |
| &nbsp;&nbsp;&nbsp; LAI-00748519, 21.650%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 3223 | 3223 | 3123 |
| &nbsp;&nbsp;&nbsp; LAI-00748521, 22.490%, 1/10/2027 †§x# | LendingPoint | 1/17/2023 | 961 | 961 | 956 |
| &nbsp;&nbsp;&nbsp; LAI-00748538, 30.940%, 1/10/2027 †§x# | LendingPoint | 1/17/2023 | 2561 | 2561 | 2575 |
| &nbsp;&nbsp;&nbsp; LAI-00748541, 29.510%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 3548 | 3548 | 3492 |
| &nbsp;&nbsp;&nbsp; LAI-00748559, 16.400%, 1/10/2028 †§x | LendingPoint | 1/17/2023 | 181 | 181 | 180 |
| &nbsp;&nbsp;&nbsp; LAI-00748568, 18.120%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 10731 | 10731 | 10559 |
| &nbsp;&nbsp;&nbsp; LAI-00748574, 32.780%, 12/20/2027 †x | LendingPoint | 1/17/2023 | 10337 | 10337 | 10129 |
| &nbsp;&nbsp;&nbsp; LAI-00748576, 17.880%, 1/03/2028 †x | LendingPoint | 1/17/2023 | 7040 | 7040 | 6819 |
| &nbsp;&nbsp;&nbsp; LAI-00748585, 28.090%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 9742 | 9742 | 9420 |
| &nbsp;&nbsp;&nbsp; LAI-00748588, 18.590%, 1/10/2028 †x# | LendingPoint | 1/17/2023 | 8293 | 8293 | 8159 |
| &nbsp;&nbsp;&nbsp; LAI-00748591, 15.280%, 1/10/2027 †§x# | LendingPoint | 1/17/2023 | 8489 | 8489 | 8409 |
| &nbsp;&nbsp;&nbsp; LAI-00748602, 21.560%, 1/11/2028 †x# | LendingPoint | 1/17/2023 | 6329 | 6329 | 6129 |
| &nbsp;&nbsp;&nbsp; LAI-00748622, 30.480%, 1/11/2027 †x# | LendingPoint | 1/17/2023 | 3837 | 3837 | 401 |
| &nbsp;&nbsp;&nbsp; LAI-00748636, 29.630%, 1/11/2026 †§x | LendingPoint | 1/17/2023 | 1153 | 1153 | 1169 |
| &nbsp;&nbsp;&nbsp; LAI-00748652, 17.620%, 6/11/2028 †x# | LendingPoint | 1/17/2023 | 14632 | 14632 | 3077 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8867** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00748670, 15.780%, 1/11/2028 †x | LendingPoint | 1/17/2023 | $14390 | $14390 | $14003 |
| &nbsp;&nbsp;&nbsp; LAI-00748712, 16.760%, 1/11/2028 †x | LendingPoint | 1/17/2023 | 3140 | 3140 | 3066 |
| &nbsp;&nbsp;&nbsp; LAI-00748718, 30.840%, 2/14/2029 †x# | LendingPoint | 1/17/2023 | 7235 | 7235 | 6952 |
| &nbsp;&nbsp;&nbsp; LAI-00748738, 20.380%, 1/11/2026 †§x | LendingPoint | 1/17/2023 | 839 | 839 | 848 |
| &nbsp;&nbsp;&nbsp; LAI-00748761, 17.880%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 7168 | 7168 | 6942 |
| &nbsp;&nbsp;&nbsp; LAI-00748765, 15.320%, 1/11/2027 †§x | LendingPoint | 1/18/2023 | 3601 | 3601 | 3654 |
| &nbsp;&nbsp;&nbsp; LAI-00748768, 20.080%, 10/04/2026 †x | LendingPoint | 1/18/2023 | 13096 | 13096 | 12374 |
| &nbsp;&nbsp;&nbsp; LAI-00748785, 32.260%, 3/27/2027 †x | LendingPoint | 1/18/2023 | 6948 | 6948 | 7037 |
| &nbsp;&nbsp;&nbsp; LAI-00748811, 32.780%, 8/20/2029 †x# | LendingPoint | 1/18/2023 | 3853 | 3853 | 3600 |
| &nbsp;&nbsp;&nbsp; LAI-00748813, 30.420%, 1/11/2027 †§x | LendingPoint | 1/18/2023 | 2814 | 2814 | 2829 |
| &nbsp;&nbsp;&nbsp; LAI-00748814, 30.550%, 1/11/2026 †§x | LendingPoint | 1/18/2023 | 2099 | 2099 | 2128 |
| &nbsp;&nbsp;&nbsp; LAI-00748819, 32.780%, 11/30/2025 †x | LendingPoint | 1/18/2023 | 3943 | 3943 | 3719 |
| &nbsp;&nbsp;&nbsp; LAI-00748824, 15.320%, 1/11/2027 †§x | LendingPoint | 1/18/2023 | 3397 | 3397 | 3446 |
| &nbsp;&nbsp;&nbsp; LAI-00748832, 31.770%, 1/09/2028 †x | LendingPoint | 1/18/2023 | 5723 | 5723 | 5688 |
| &nbsp;&nbsp;&nbsp; LAI-00748839, 17.490%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 8872 | 8872 | 8548 |
| &nbsp;&nbsp;&nbsp; LAI-00748841, 31.890%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 5292 | 5292 | 5224 |
| &nbsp;&nbsp;&nbsp; LAI-00748842, 28.240%, 1/11/2025 †§x^ | LendingPoint | 1/18/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00748857, 31.090%, 6/16/2027 †x# | LendingPoint | 1/18/2023 | 4190 | 4190 | 4162 |
| &nbsp;&nbsp;&nbsp; LAI-00748868, 32.270%, 3/28/2028 †x | LendingPoint | 1/18/2023 | 1571 | 1571 |  |
| &nbsp;&nbsp;&nbsp; LAI-00748869, 29.570%, 1/11/2026 †§x | LendingPoint | 1/18/2023 | 389 | 389 | 396 |
| &nbsp;&nbsp;&nbsp; LAI-00748870, 21.890%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 11831 | 11831 | 11529 |
| &nbsp;&nbsp;&nbsp; LAI-00748871, 32.010%, 1/11/2028 †x# | LendingPoint | 1/18/2023 | 1289 | 1289 | 1269 |
| &nbsp;&nbsp;&nbsp; LAI-00748881, 15.740%, 10/17/2026 †x | LendingPoint | 1/18/2023 | 6260 | 6260 | 6187 |
| &nbsp;&nbsp;&nbsp; LAI-00748883, 30.900%, 12/15/2026 †x | LendingPoint | 1/18/2023 | 1258 | 1258 | 1260 |
| &nbsp;&nbsp;&nbsp; LAI-00748894, 31.980%, 1/25/2028 †x | LendingPoint | 1/18/2023 | 7371 | 7371 | 7205 |
| &nbsp;&nbsp;&nbsp; LAI-00748923, 16.240%, 12/29/2025 †x# | LendingPoint | 1/18/2023 | 11711 | 11711 | 9753 |
| &nbsp;&nbsp;&nbsp; LAI-00748927, 15.540%, 1/18/2025 †x^ | LendingPoint | 1/18/2023 | 80 | 80 |  |
| &nbsp;&nbsp;&nbsp; LAI-00748933, 30.640%, 4/01/2026 †x# | LendingPoint | 1/18/2023 | 3002 | 3002 | 3036 |
| &nbsp;&nbsp;&nbsp; LAI-00748935, 31.770%, 4/15/2030 †x# | LendingPoint | 1/18/2023 | 3039 | 3039 | 318 |
| &nbsp;&nbsp;&nbsp; LAI-00748944, 20.080%, 1/15/2028 †x# | LendingPoint | 1/18/2023 | 13477 | 13477 | 12991 |
| &nbsp;&nbsp;&nbsp; LAI-00748949, 16.400%, 1/11/2028 †x# | LendingPoint | 1/18/2023 | 8657 | 8657 | 8514 |
| &nbsp;&nbsp;&nbsp; LAI-00748969, 31.670%, 9/14/2028 †x | LendingPoint | 1/18/2023 | 7099 | 7099 | 6685 |
| &nbsp;&nbsp;&nbsp; LAI-00748970, 31.670%, 1/11/2027 †§x | LendingPoint | 1/18/2023 | 2403 | 2403 | 2385 |
| &nbsp;&nbsp;&nbsp; LAI-00748972, 15.820%, 1/11/2027 †x# | LendingPoint | 1/18/2023 | 9106 | 9106 | 952 |
| &nbsp;&nbsp;&nbsp; LAI-00748976, 22.990%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 1864 | 1864 | 1822 |
| &nbsp;&nbsp;&nbsp; LAI-00748990, 32.270%, 2/15/2028 †x | LendingPoint | 1/18/2023 | 8656 | 8656 | 8388 |
| &nbsp;&nbsp;&nbsp; LAI-00749002, 32.270%, 12/02/2029 †x# | LendingPoint | 1/18/2023 | 14514 | 14514 | 14326 |
| &nbsp;&nbsp;&nbsp; LAI-00749013, 31.890%, 1/11/2028 †x# | LendingPoint | 1/18/2023 | 6350 | 6350 | 664 |
| &nbsp;&nbsp;&nbsp; LAI-00749031, 29.920%, 1/11/2026 †§x | LendingPoint | 1/18/2023 | 374 | 374 | 379 |
| &nbsp;&nbsp;&nbsp; LAI-00749061, 27.630%, 1/11/2029 †x# | LendingPoint | 1/18/2023 | 19725 | 19725 | 19154 |
| &nbsp;&nbsp;&nbsp; LAI-00749073, 27.880%, 2/28/2026 †x | LendingPoint | 1/18/2023 | 7162 | 7162 | 6748 |
| &nbsp;&nbsp;&nbsp; LAI-00749083, 16.900%, 1/22/2028 †x | LendingPoint | 1/18/2023 | 15582 | 15582 | 14996 |
| &nbsp;&nbsp;&nbsp; LAI-00749086, 31.770%, 12/15/2027 †x# | LendingPoint | 1/18/2023 | 5243 | 5243 | 548 |
| &nbsp;&nbsp;&nbsp; LAI-00749088, 26.670%, 4/18/2028 †x# | LendingPoint | 1/18/2023 | 13866 | 13866 | 2419 |
| &nbsp;&nbsp;&nbsp; LAI-00749110, 31.910%, 7/29/2028 †x# | LendingPoint | 1/18/2023 | 7718 | 7718 | 7167 |
| &nbsp;&nbsp;&nbsp; LAI-00749115, 15.820%, 7/24/2029 †x# | LendingPoint | 1/18/2023 | 19074 | 19074 | 4985 |
| &nbsp;&nbsp;&nbsp; LAI-00749119, 22.750%, 1/11/2026 †§x | LendingPoint | 1/18/2023 | 387 | 387 | 389 |
| &nbsp;&nbsp;&nbsp; LAI-00749133, 28.230%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 14600 | 14600 | 14358 |
| &nbsp;&nbsp;&nbsp; LAI-00749137, 20.490%, 1/11/2028 †x# | LendingPoint | 1/18/2023 | 10008 | 10008 | 3095 |
| &nbsp;&nbsp;&nbsp; LAI-00749149, 30.260%, 1/11/2026 †§x | LendingPoint | 1/18/2023 | 587 | 587 | 597 |
| &nbsp;&nbsp;&nbsp; LAI-00749152, 32.270%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 10060 | 10060 | 9936 |
| &nbsp;&nbsp;&nbsp; LAI-00749154, 21.470%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 5198 | 5198 | 5038 |
| &nbsp;&nbsp;&nbsp; LAI-00749158, 29.990%, 1/11/2027 †x# | LendingPoint | 1/18/2023 | 4761 | 4761 | 497 |
| &nbsp;&nbsp;&nbsp; LAI-00749174, 31.360%, 1/11/2027 †§x# | LendingPoint | 1/18/2023 | 4165 | 4165 | 2411 |
| &nbsp;&nbsp;&nbsp; LAI-00749177, 0.000%, 12/26/2027 †x# | LendingPoint | 1/18/2023 | 103 | 103 |  |
| &nbsp;&nbsp;&nbsp; LAI-00749181, 32.780%, 1/09/2028 †x# | LendingPoint | 1/18/2023 | 14525 | 14525 | 1518 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8868** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00749182, 17.880%, 1/25/2028 †x | LendingPoint | 1/18/2023 | $12776 | $12776 | $12365 |
| &nbsp;&nbsp;&nbsp; LAI-00749194, 31.890%, 1/11/2028 †x# | LendingPoint | 1/18/2023 | 5828 | 5828 | 5753 |
| &nbsp;&nbsp;&nbsp; LAI-00749199, 29.930%, 9/22/2028 †x# | LendingPoint | 1/18/2023 | 7773 | 7773 | 812 |
| &nbsp;&nbsp;&nbsp; LAI-00749203, 32.270%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 5149 | 5149 | 5053 |
| &nbsp;&nbsp;&nbsp; LAI-00749215, 23.180%, 12/15/2027 †x | LendingPoint | 1/18/2023 | 1386 | 1386 | 1342 |
| &nbsp;&nbsp;&nbsp; LAI-00749216, 31.400%, 12/31/2027 †x# | LendingPoint | 1/18/2023 | 1938 | 1938 | 203 |
| &nbsp;&nbsp;&nbsp; LAI-00749220, 32.270%, 1/26/2026 †x | LendingPoint | 1/18/2023 | 5645 | 5645 | 5294 |
| &nbsp;&nbsp;&nbsp; LAI-00749227, 31.890%, 1/11/2028 †x | LendingPoint | 1/18/2023 | 3994 | 3994 | 3942 |
| &nbsp;&nbsp;&nbsp; LAI-00749234, 20.060%, 1/12/2028 †x | LendingPoint | 1/18/2023 | 6479 | 6479 | 6283 |
| &nbsp;&nbsp;&nbsp; LAI-00749242, 24.890%, 1/24/2028 †x | LendingPoint | 1/18/2023 | 10309 | 10309 | 9962 |
| &nbsp;&nbsp;&nbsp; LAI-00749264, 27.630%, 12/20/2027 †x | LendingPoint | 1/18/2023 | 9665 | 9665 | 9458 |
| &nbsp;&nbsp;&nbsp; LAI-00749277, 32.010%, 12/18/2027 †x# | LendingPoint | 1/18/2023 | 1709 | 1709 | 1679 |
| &nbsp;&nbsp;&nbsp; LAI-00749280, 23.440%, 1/12/2026 †§x | LendingPoint | 1/18/2023 | 339 | 339 | 341 |
| &nbsp;&nbsp;&nbsp; LAI-00749282, 31.890%, 4/08/2029 †x# | LendingPoint | 1/18/2023 | 8384 | 8384 | 876 |
| &nbsp;&nbsp;&nbsp; LAI-00749284, 32.270%, 1/12/2028 †x# | LendingPoint | 1/18/2023 | 17897 | 17897 | 17208 |
| &nbsp;&nbsp;&nbsp; LAI-00749285, 16.400%, 1/24/2028 †x# | LendingPoint | 1/18/2023 | 10182 | 10182 | 2204 |
| &nbsp;&nbsp;&nbsp; LAI-00749286, 31.670%, 1/12/2027 †§x | LendingPoint | 1/18/2023 | 6501 | 6501 | 6575 |
| &nbsp;&nbsp;&nbsp; LAI-00749300, 15.650%, 1/12/2028 †x | LendingPoint | 1/18/2023 | 11333 | 11333 | 11200 |
| &nbsp;&nbsp;&nbsp; LAI-00749313, 31.090%, 1/12/2027 †§x | LendingPoint | 1/18/2023 | 4305 | 4305 | 4352 |
| &nbsp;&nbsp;&nbsp; LAI-00749320, 0.000%, 1/12/2027 †x | LendingPoint | 1/18/2023 | 6 | 6 | 6 |
| &nbsp;&nbsp;&nbsp; LAI-00749330, 30.040%, 1/17/2026 †x | LendingPoint | 1/18/2023 | 411 | 411 | 416 |
| &nbsp;&nbsp;&nbsp; LAI-00749347, 19.990%, 1/12/2027 †§x | LendingPoint | 1/18/2023 | 6259 | 6259 | 6239 |
| &nbsp;&nbsp;&nbsp; LAI-00749348, 29.900%, 11/12/2028 †x# | LendingPoint | 1/18/2023 | 4419 | 4419 | 462 |
| &nbsp;&nbsp;&nbsp; LAI-00749358, 30.480%, 1/09/2027 †x | LendingPoint | 1/18/2023 | 2622 | 2622 | 2600 |
| &nbsp;&nbsp;&nbsp; LAI-00749386, 32.270%, 1/12/2028 †x# | LendingPoint | 1/18/2023 | 14000 | 14000 | 1463 |
| &nbsp;&nbsp;&nbsp; LAI-00749396, 29.900%, 1/12/2027 †§x | LendingPoint | 1/18/2023 | 2637 | 2637 | 2667 |
| &nbsp;&nbsp;&nbsp; LAI-00749416, 28.590%, 7/12/2030 †x# | LendingPoint | 1/19/2023 | 6782 | 6782 | 6380 |
| &nbsp;&nbsp;&nbsp; LAI-00749423, 30.240%, 1/12/2028 †x# | LendingPoint | 1/19/2023 | 8064 | 8064 | 7977 |
| &nbsp;&nbsp;&nbsp; LAI-00749432, 15.740%, 1/12/2027 †§x | LendingPoint | 1/19/2023 | 3867 | 3867 | 3833 |
| &nbsp;&nbsp;&nbsp; LAI-00749442, 31.360%, 12/20/2026 †x | LendingPoint | 1/19/2023 | 2818 | 2818 | 2829 |
| &nbsp;&nbsp;&nbsp; LAI-00749443, 27.290%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 14511 | 14511 | 14335 |
| &nbsp;&nbsp;&nbsp; LAI-00749454, 32.270%, 1/05/2028 †x | LendingPoint | 1/19/2023 | 5570 | 5570 | 5486 |
| &nbsp;&nbsp;&nbsp; LAI-00749464, 32.780%, 11/17/2027 †x# | LendingPoint | 1/19/2023 | 9818 | 9818 | 9649 |
| &nbsp;&nbsp;&nbsp; LAI-00749470, 32.260%, 5/31/2026 †x | LendingPoint | 1/19/2023 | 9844 | 9844 | 9500 |
| &nbsp;&nbsp;&nbsp; LAI-00749472, 32.270%, 2/17/2028 †x | LendingPoint | 1/19/2023 | 10159 | 10159 | 10039 |
| &nbsp;&nbsp;&nbsp; LAI-00749514, 32.270%, 5/26/2030 †x# | LendingPoint | 1/19/2023 | 6340 | 6340 | 1132 |
| &nbsp;&nbsp;&nbsp; LAI-00749515, 32.270%, 12/23/2027 †x# | LendingPoint | 1/19/2023 | 8457 | 8457 | 1510 |
| &nbsp;&nbsp;&nbsp; LAI-00749524, 21.650%, 11/24/2027 †x | LendingPoint | 1/19/2023 | 4311 | 4311 | 4168 |
| &nbsp;&nbsp;&nbsp; LAI-00749546, 16.240%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 3527 | 3527 | 3418 |
| &nbsp;&nbsp;&nbsp; LAI-00749558, 13.820%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 20278 | 20278 | 19994 |
| &nbsp;&nbsp;&nbsp; LAI-00749562, 32.780%, 8/01/2029 †x# | LendingPoint | 1/19/2023 | 8366 | 8366 | 8266 |
| &nbsp;&nbsp;&nbsp; LAI-00749564, 20.150%, 2/22/2027 †x | LendingPoint | 1/19/2023 | 3184 | 3184 | 3155 |
| &nbsp;&nbsp;&nbsp; LAI-00749571, 30.550%, 1/07/2026 †x | LendingPoint | 1/19/2023 | 2006 | 2006 | 2028 |
| &nbsp;&nbsp;&nbsp; LAI-00749584, 31.670%, 1/12/2027 †§x | LendingPoint | 1/19/2023 | 2136 | 2136 | 2126 |
| &nbsp;&nbsp;&nbsp; LAI-00749586, 32.270%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 12929 | 12929 | 12744 |
| &nbsp;&nbsp;&nbsp; LAI-00749602, 31.390%, 10/30/2025 †x | LendingPoint | 1/19/2023 | 1821 | 1821 | 1730 |
| &nbsp;&nbsp;&nbsp; LAI-00749608, 26.870%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 14481 | 14481 | 14310 |
| &nbsp;&nbsp;&nbsp; LAI-00749617, 32.270%, 1/12/2028 †x# | LendingPoint | 1/19/2023 | 7296 | 7296 | 7212 |
| &nbsp;&nbsp;&nbsp; LAI-00749622, 22.180%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 17657 | 17657 | 17067 |
| &nbsp;&nbsp;&nbsp; LAI-00749638, 26.160%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 9210 | 9210 | 9103 |
| &nbsp;&nbsp;&nbsp; LAI-00749650, 32.010%, 10/12/2029 †x | LendingPoint | 1/19/2023 | 1391 | 1391 | 1366 |
| &nbsp;&nbsp;&nbsp; LAI-00749663, 15.990%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 8714 | 8714 | 8590 |
| &nbsp;&nbsp;&nbsp; LAI-00749672, 27.200%, 12/17/2027 †x | LendingPoint | 1/19/2023 | 4882 | 4882 | 4738 |
| &nbsp;&nbsp;&nbsp; LAI-00749674, 30.520%, 12/22/2027 †x | LendingPoint | 1/19/2023 | 5435 | 5435 | 5313 |
| &nbsp;&nbsp;&nbsp; LAI-00749675, 32.780%, 4/24/2028 †x# | LendingPoint | 1/19/2023 | 13900 | 13900 | 1453 |
| &nbsp;&nbsp;&nbsp; LAI-00749680, 26.880%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 3785 | 3785 | 1793 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8869** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00749686, 29.920%, 1/12/2026 †§x | LendingPoint | 1/19/2023 | $591 | $591 | $602 |
| &nbsp;&nbsp;&nbsp; LAI-00749694, 28.090%, 9/17/2027 †x | LendingPoint | 1/19/2023 | 5018 | 5018 | 4856 |
| &nbsp;&nbsp;&nbsp; LAI-00749698, 14.800%, 1/24/2028 †x# | LendingPoint | 1/19/2023 | 18359 | 18359 | 17688 |
| &nbsp;&nbsp;&nbsp; LAI-00749705, 15.140%, 4/16/2027 †x | LendingPoint | 1/19/2023 | 8717 | 8717 | 8658 |
| &nbsp;&nbsp;&nbsp; LAI-00749714, 21.650%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 3084 | 3084 | 2984 |
| &nbsp;&nbsp;&nbsp; LAI-00749733, 25.200%, 9/28/2030 †x | LendingPoint | 1/19/2023 | 3846 | 3846 | 3476 |
| &nbsp;&nbsp;&nbsp; LAI-00749735, 15.780%, 3/11/2028 †x# | LendingPoint | 1/19/2023 | 2554 | 2554 | 267 |
| &nbsp;&nbsp;&nbsp; LAI-00749755, 31.670%, 4/05/2027 †x# | LendingPoint | 1/19/2023 | 10749 | 10749 |  |
| &nbsp;&nbsp;&nbsp; LAI-00749767, 32.270%, 2/15/2028 †x | LendingPoint | 1/19/2023 | 15187 | 15187 | 14943 |
| &nbsp;&nbsp;&nbsp; LAI-00749773, 0.000%, 4/12/2028 †x | LendingPoint | 1/19/2023 | 189 | 189 | 189 |
| &nbsp;&nbsp;&nbsp; LAI-00749776, 28.070%, 1/12/2026 †§x | LendingPoint | 1/19/2023 | 575 | 575 | 586 |
| &nbsp;&nbsp;&nbsp; LAI-00749780, 23.180%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 7326 | 7326 | 7099 |
| &nbsp;&nbsp;&nbsp; LAI-00749781, 14.440%, 12/27/2027 †x | LendingPoint | 1/19/2023 | 13770 | 13770 | 13554 |
| &nbsp;&nbsp;&nbsp; LAI-00749783, 30.390%, 1/12/2027 †§x | LendingPoint | 1/19/2023 | 987 | 987 | 980 |
| &nbsp;&nbsp;&nbsp; LAI-00749785, 0.000%, 1/12/2026 †x | LendingPoint | 1/19/2023 | 44 | 44 | 44 |
| &nbsp;&nbsp;&nbsp; LAI-00749787, 20.040%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 23421 | 23421 | 22610 |
| &nbsp;&nbsp;&nbsp; LAI-00749793, 31.400%, 1/12/2027 †§x | LendingPoint | 1/19/2023 | 1001 | 1001 | 1007 |
| &nbsp;&nbsp;&nbsp; LAI-00749794, 29.270%, 1/12/2026 †§x | LendingPoint | 1/19/2023 | 373 | 373 | 373 |
| &nbsp;&nbsp;&nbsp; LAI-00749812, 24.890%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 14072 | 14072 | 13633 |
| &nbsp;&nbsp;&nbsp; LAI-00749813, 17.540%, 3/26/2027 †x | LendingPoint | 1/19/2023 | 1038 | 1038 | 1030 |
| &nbsp;&nbsp;&nbsp; LAI-00749824, 31.300%, 1/05/2028 †x | LendingPoint | 1/19/2023 | 5483 | 5483 | 5392 |
| &nbsp;&nbsp;&nbsp; LAI-00749831, 27.050%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 14708 | 14708 | 14313 |
| &nbsp;&nbsp;&nbsp; LAI-00749865, 21.080%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 9799 | 9799 | 9501 |
| &nbsp;&nbsp;&nbsp; LAI-00749872, 16.400%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 3504 | 3504 | 3451 |
| &nbsp;&nbsp;&nbsp; LAI-00749878, 15.490%, 1/22/2026 †x | LendingPoint | 1/19/2023 | 764 | 764 | 770 |
| &nbsp;&nbsp;&nbsp; LAI-00749882, 24.990%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 9488 | 9488 | 9339 |
| &nbsp;&nbsp;&nbsp; LAI-00749901, 22.490%, 1/18/2027 †x# | LendingPoint | 1/19/2023 | 2321 | 2321 | 2332 |
| &nbsp;&nbsp;&nbsp; LAI-00749908, 17.620%, 11/17/2027 †x | LendingPoint | 1/19/2023 | 7237 | 7237 | 7124 |
| &nbsp;&nbsp;&nbsp; LAI-00749910, 0.000%, 8/13/2025 †x^ | LendingPoint | 1/19/2023 | 104 | 104 | 104 |
| &nbsp;&nbsp;&nbsp; LAI-00749912, 29.060%, 12/23/2027 †x | LendingPoint | 1/19/2023 | 3139 | 3139 | 3051 |
| &nbsp;&nbsp;&nbsp; LAI-00749922, 19.740%, 11/30/2027 †x# | LendingPoint | 1/19/2023 | 14214 | 14214 | 13944 |
| &nbsp;&nbsp;&nbsp; LAI-00749929, 31.300%, 1/06/2028 †x | LendingPoint | 1/19/2023 | 63 | 63 |  |
| &nbsp;&nbsp;&nbsp; LAI-00749940, 27.700%, 9/24/2028 †x | LendingPoint | 1/19/2023 | 4880 | 4880 | 4678 |
| &nbsp;&nbsp;&nbsp; LAI-00749944, 31.390%, 1/13/2027 †§x# | LendingPoint | 1/19/2023 | 4277 | 4277 | 4326 |
| &nbsp;&nbsp;&nbsp; LAI-00749954, 15.780%, 1/29/2026 †x# | LendingPoint | 1/19/2023 | 3381 | 3381 | 2879 |
| &nbsp;&nbsp;&nbsp; LAI-00749959, 32.010%, 12/22/2025 †x | LendingPoint | 1/19/2023 | 4871 | 4871 | 4473 |
| &nbsp;&nbsp;&nbsp; LAI-00749960, 22.990%, 2/28/2026 †x# | LendingPoint | 1/19/2023 | 800 | 800 | 801 |
| &nbsp;&nbsp;&nbsp; LAI-00749993, 18.890%, 1/13/2028 †x# | LendingPoint | 1/19/2023 | 15553 | 15553 | 15299 |
| &nbsp;&nbsp;&nbsp; LAI-00750011, 30.390%, 12/20/2026 †x# | LendingPoint | 1/19/2023 | 4228 | 4228 | 4235 |
| &nbsp;&nbsp;&nbsp; LAI-00750034, 30.910%, 1/13/2028 †x# | LendingPoint | 1/19/2023 | 2881 | 2881 | 2836 |
| &nbsp;&nbsp;&nbsp; LAI-00750046, 30.120%, 1/13/2027 †§x# | LendingPoint | 1/19/2023 | 2667 | 2667 | 2698 |
| &nbsp;&nbsp;&nbsp; LAI-00750047, 27.390%, 2/25/2029 †x# | LendingPoint | 1/19/2023 | 13032 | 13032 | 3743 |
| &nbsp;&nbsp;&nbsp; LAI-00750052, 30.690%, 1/13/2027 †§x# | LendingPoint | 1/19/2023 | 1755 | 1755 | 1729 |
| &nbsp;&nbsp;&nbsp; LAI-00750059, 32.780%, 1/13/2028 †x# | LendingPoint | 1/19/2023 | 2190 | 2190 | 2160 |
| &nbsp;&nbsp;&nbsp; LAI-00750068, 17.870%, 1/15/2028 †x# | LendingPoint | 1/19/2023 | 4557 | 4557 | 4410 |
| &nbsp;&nbsp;&nbsp; LAI-00750296, 25.200%, 1/13/2028 †x# | LendingPoint | 1/20/2023 | 7414 | 7414 | 7239 |
| &nbsp;&nbsp;&nbsp; LAI-00750301, 31.300%, 1/13/2028 †x# | LendingPoint | 1/20/2023 | 5659 | 5659 | 5591 |
| &nbsp;&nbsp;&nbsp; LAI-00750489, 21.650%, 1/16/2028 †x | LendingPoint | 1/20/2023 | 6330 | 6330 | 6154 |
| &nbsp;&nbsp;&nbsp; LAI-00750708, 26.730%, 1/14/2025 †§x^ | LendingPoint | 1/20/2023 | 35 | 35 |  |
| &nbsp;&nbsp;&nbsp; LAI-00750725, 31.280%, 1/14/2027 †§x | LendingPoint | 1/20/2023 | 1831 | 1831 | 1852 |
| &nbsp;&nbsp;&nbsp; LAI-00750727, 15.320%, 1/14/2027 †§x | LendingPoint | 1/20/2023 | 3594 | 3594 | 3653 |
| &nbsp;&nbsp;&nbsp; LAI-00750769, 31.300%, 1/17/2028 †x | LendingPoint | 1/20/2023 | 4290 | 4290 | 4173 |
| &nbsp;&nbsp;&nbsp; LAI-00750777, 17.630%, 1/20/2028 †x | LendingPoint | 1/20/2023 | 7419 | 7419 | 7179 |
| &nbsp;&nbsp;&nbsp; LAI-00750800, 30.520%, 2/24/2028 †x | LendingPoint | 1/20/2023 | 2908 | 2908 | 2858 |
| &nbsp;&nbsp;&nbsp; LAI-00750866, 21.470%, 1/15/2028 †x | LendingPoint | 1/20/2023 | 9788 | 9788 | 9499 |
| &nbsp;&nbsp;&nbsp; LAI-00750875, 16.400%, 1/15/2028 †x | LendingPoint | 1/20/2023 | 4661 | 4661 | 4594 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8870** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00750908, 28.590%, 1/16/2028 †x# | LendingPoint | 1/20/2023 | $5254 | $5254 | $5027 |
| &nbsp;&nbsp;&nbsp; LAI-00751116, 30.520%, 4/01/2028 †x# | LendingPoint | 1/20/2023 | 1405 | 1405 | 1364 |
| &nbsp;&nbsp;&nbsp; LAI-00751157, 31.300%, 1/16/2028 †x# | LendingPoint | 1/20/2023 | 1427 | 1427 | 1413 |
| &nbsp;&nbsp;&nbsp; LAI-00751211, 16.270%, 1/16/2028 †x# | LendingPoint | 1/20/2023 | 9016 | 9016 | 1607 |
| &nbsp;&nbsp;&nbsp; LAI-00751230, 16.270%, 4/24/2028 †x | LendingPoint | 1/20/2023 | 11783 | 11783 | 11417 |
| &nbsp;&nbsp;&nbsp; LAI-00751236, 20.380%, 11/28/2025 †x# | LendingPoint | 1/20/2023 | 622 | 622 | 625 |
| &nbsp;&nbsp;&nbsp; LAI-00751265, 31.300%, 6/16/2028 †x | LendingPoint | 1/20/2023 | 4251 | 4251 | 4043 |
| &nbsp;&nbsp;&nbsp; LAI-00751318, 22.490%, 1/16/2027 †§x | LendingPoint | 1/20/2023 | 2288 | 2288 | 2284 |
| &nbsp;&nbsp;&nbsp; LAI-00751350, 28.130%, 1/16/2026 †§x | LendingPoint | 1/20/2023 | 1348 | 1348 | 1370 |
| &nbsp;&nbsp;&nbsp; LAI-00751381, 21.650%, 3/18/2028 †x | LendingPoint | 1/20/2023 | 8634 | 8634 | 8353 |
| &nbsp;&nbsp;&nbsp; LAI-00751502, 31.040%, 1/17/2028 †x | LendingPoint | 1/20/2023 | 3334 | 3334 | 3305 |
| &nbsp;&nbsp;&nbsp; LAI-00751548, 30.390%, 1/17/2027 †x# | LendingPoint | 1/20/2023 | 4837 | 4837 | 902 |
| &nbsp;&nbsp;&nbsp; LAI-00751603, 32.270%, 1/17/2028 †x | LendingPoint | 1/23/2023 | 4498 | 4498 | 4439 |
| &nbsp;&nbsp;&nbsp; LAI-00751699, 32.270%, 1/17/2028 †x | LendingPoint | 1/23/2023 | 7622 | 7622 | 7536 |
| &nbsp;&nbsp;&nbsp; LAI-00751707, 14.480%, 2/03/2028 †x | LendingPoint | 1/23/2023 | 15985 | 15985 | 15346 |
| &nbsp;&nbsp;&nbsp; LAI-00751815, 11.510%, 1/17/2026 †§x | LendingPoint | 1/23/2023 | 677 | 677 | 681 |
| &nbsp;&nbsp;&nbsp; LAI-00751868, 30.640%, 1/17/2026 †x | LendingPoint | 1/23/2023 | 3569 | 3569 | 3642 |
| &nbsp;&nbsp;&nbsp; LAI-00751874, 11.200%, 1/10/2028 †x# | LendingPoint | 1/23/2023 | 2314 | 2314 | 2280 |
| &nbsp;&nbsp;&nbsp; LAI-00751934, 32.270%, 1/17/2028 †x | LendingPoint | 1/23/2023 | 5795 | 5795 | 5730 |
| &nbsp;&nbsp;&nbsp; LAI-00751966, 32.780%, 4/18/2029 †x# | LendingPoint | 1/23/2023 | 14599 | 14599 | 1526 |
| &nbsp;&nbsp;&nbsp; LAI-00752034, 13.820%, 1/17/2028 †x | LendingPoint | 1/23/2023 | 4433 | 4433 | 4363 |
| &nbsp;&nbsp;&nbsp; LAI-00752066, 9.490%, 1/17/2026 †§x | LendingPoint | 1/23/2023 | 2184 | 2184 | 2196 |
| &nbsp;&nbsp;&nbsp; LAI-00752097, 10.530%, 1/18/2028 †x# | LendingPoint | 1/23/2023 | 1602 | 1602 | 1561 |
| &nbsp;&nbsp;&nbsp; LAI-00752170, 10.530%, 2/01/2028 †x# | LendingPoint | 1/23/2023 | 7126 | 7126 | 6845 |
| &nbsp;&nbsp;&nbsp; LAI-00752258, 16.700%, 7/03/2028 †x# | LendingPoint | 1/24/2023 | 8095 | 8095 | 7915 |
| &nbsp;&nbsp;&nbsp; LAI-00752261, 32.270%, 3/28/2028 †x# | LendingPoint | 1/24/2023 | 7376 | 7376 | 771 |
| &nbsp;&nbsp;&nbsp; LAI-00752323, 10.530%, 1/18/2028 †x# | LendingPoint | 1/24/2023 | 8223 | 8223 | 8119 |
| &nbsp;&nbsp;&nbsp; LAI-00752338, 21.650%, 7/28/2029 †x# | LendingPoint | 1/24/2023 | 27204 | 27204 | 26693 |
| &nbsp;&nbsp;&nbsp; LAI-00752374, 30.640%, 3/24/2026 †x# | LendingPoint | 1/24/2023 | 1430 | 1430 | 396 |
| &nbsp;&nbsp;&nbsp; LAI-00752380, 31.770%, 12/28/2027 †x# | LendingPoint | 1/24/2023 | 2229 | 2229 | 2190 |
| &nbsp;&nbsp;&nbsp; LAI-00752451, 32.270%, 1/06/2033 †x# | LendingPoint | 1/24/2023 | 20400 | 20400 | 18854 |
| &nbsp;&nbsp;&nbsp; LAI-00752454, 22.680%, 11/25/2027 †x | LendingPoint | 1/24/2023 | 3943 | 3943 | 3823 |
| &nbsp;&nbsp;&nbsp; LAI-00752477, 13.160%, 1/18/2028 †x# | LendingPoint | 1/24/2023 | 5979 | 5979 | 5901 |
| &nbsp;&nbsp;&nbsp; LAI-00752485, 28.630%, 2/28/2026 †x | LendingPoint | 1/24/2023 | 5588 | 5588 | 5234 |
| &nbsp;&nbsp;&nbsp; LAI-00752493, 32.270%, 1/18/2028 †x# | LendingPoint | 1/24/2023 | 7184 | 7184 | 7098 |
| &nbsp;&nbsp;&nbsp; LAI-00752579, 12.180%, 1/18/2028 †x# | LendingPoint | 1/24/2023 | 14554 | 14554 | 14367 |
| &nbsp;&nbsp;&nbsp; LAI-00752583, 14.800%, 2/27/2028 †x# | LendingPoint | 1/24/2023 | 12996 | 12996 | 12602 |
| &nbsp;&nbsp;&nbsp; LAI-00752642, 13.160%, 9/21/2027 †x | LendingPoint | 1/24/2023 | 5436 | 5436 | 5354 |
| &nbsp;&nbsp;&nbsp; LAI-00752695, 28.270%, 2/18/2032 †x | LendingPoint | 1/24/2023 | 6222 | 6222 | 6062 |
| &nbsp;&nbsp;&nbsp; LAI-00752715, 9.790%, 1/18/2026 †§x# | LendingPoint | 1/24/2023 | 304 | 304 | 305 |
| &nbsp;&nbsp;&nbsp; LAI-00752745, 10.530%, 1/19/2028 †x | LendingPoint | 1/24/2023 | 5486 | 5486 | 5418 |
| &nbsp;&nbsp;&nbsp; LAI-00752762, 10.040%, 1/19/2028 †x | LendingPoint | 1/24/2023 | 12722 | 12722 | 12567 |
| &nbsp;&nbsp;&nbsp; LAI-00752766, 10.530%, 1/19/2028 †x | LendingPoint | 1/24/2023 | 5486 | 5486 | 5347 |
| &nbsp;&nbsp;&nbsp; LAI-00752789, 10.530%, 1/19/2028 †x | LendingPoint | 1/24/2023 | 7680 | 7680 | 7485 |
| &nbsp;&nbsp;&nbsp; LAI-00752822, 30.800%, 1/19/2028 †x | LendingPoint | 1/24/2023 | 4329 | 4329 | 4279 |
| &nbsp;&nbsp;&nbsp; LAI-00752823, 11.800%, 4/22/2027 †x | LendingPoint | 1/24/2023 | 5801 | 5801 | 5674 |
| &nbsp;&nbsp;&nbsp; LAI-00752875, 21.650%, 1/19/2028 †x | LendingPoint | 1/24/2023 | 4519 | 4519 | 4431 |
| &nbsp;&nbsp;&nbsp; LAI-00753117, 12.480%, 1/19/2028 †x# | LendingPoint | 1/25/2023 | 18805 | 18805 |  |
| &nbsp;&nbsp;&nbsp; LAI-00753126, 11.540%, 1/22/2026 †x | LendingPoint | 1/25/2023 | 644 | 644 | 647 |
| &nbsp;&nbsp;&nbsp; LAI-00753164, 12.200%, 1/13/2026 †x | LendingPoint | 1/25/2023 | 194 | 194 |  |
| &nbsp;&nbsp;&nbsp; LAI-00753267, 11.800%, 1/19/2028 †§x | LendingPoint | 1/25/2023 | 1668 | 1668 | 1640 |
| &nbsp;&nbsp;&nbsp; LAI-00753362, 13.170%, 9/28/2030 †x# | LendingPoint | 1/25/2023 | 15927 | 15927 | 15987 |
| &nbsp;&nbsp;&nbsp; LAI-00753394, 13.460%, 9/28/2026 †x# | LendingPoint | 1/25/2023 | 11989 | 11989 | 1253 |
| &nbsp;&nbsp;&nbsp; LAI-00753608, 11.800%, 1/20/2028 †x | LendingPoint | 1/26/2023 | 2775 | 2775 | 2730 |
| &nbsp;&nbsp;&nbsp; LAI-00753612, 10.820%, 1/20/2028 †x# | LendingPoint | 1/26/2023 | 6865 | 6865 | 6692 |
| &nbsp;&nbsp;&nbsp; LAI-00753732, 11.510%, 1/20/2026 †§x# | LendingPoint | 1/26/2023 | 1213 | 1213 | 1220 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8871** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00753733, 13.160%, 1/20/2028 †x# | LendingPoint | 1/26/2023 | $3581 | $3581 | $3536 |
| &nbsp;&nbsp;&nbsp; LAI-00753824, 13.160%, 1/20/2028 †x# | LendingPoint | 1/26/2023 | 8706 | 8706 | 910 |
| &nbsp;&nbsp;&nbsp; LAI-00753846, 12.480%, 1/02/2026 †x# | LendingPoint | 1/26/2023 | 3695 | 3695 | 2952 |
| &nbsp;&nbsp;&nbsp; LAI-00753883, 10.820%, 1/21/2028 †§x | LendingPoint | 1/26/2023 | 1747 | 1747 | 1704 |
| &nbsp;&nbsp;&nbsp; LAI-00753960, 13.170%, 2/01/2028 †x# | LendingPoint | 1/26/2023 | 6438 | 6438 | 6184 |
| &nbsp;&nbsp;&nbsp; LAI-00753985, 10.040%, 1/21/2028 †x | LendingPoint | 1/26/2023 | 6641 | 6641 | 6563 |
| &nbsp;&nbsp;&nbsp; LAI-00754006, 10.230%, 1/22/2028 †x | LendingPoint | 1/26/2023 | 4343 | 4343 | 4285 |
| &nbsp;&nbsp;&nbsp; LAI-00754015, 10.820%, 1/14/2028 †x | LendingPoint | 1/26/2023 | 3188 | 3188 | 3105 |
| &nbsp;&nbsp;&nbsp; LAI-00754053, 10.530%, 1/21/2028 †§x | LendingPoint | 1/26/2023 | 1096 | 1096 | 1068 |
| &nbsp;&nbsp;&nbsp; LAI-00754079, 12.130%, 1/22/2026 †§x# | LendingPoint | 1/26/2023 | 646 | 646 | 656 |
| &nbsp;&nbsp;&nbsp; LAI-00754087, 13.170%, 5/22/2028 †x | LendingPoint | 1/26/2023 | 6622 | 6622 | 6404 |
| &nbsp;&nbsp;&nbsp; LAI-00754090, 10.040%, 1/24/2028 †x | LendingPoint | 1/26/2023 | 9826 | 9826 | 9682 |
| &nbsp;&nbsp;&nbsp; LAI-00754091, 0.000%, 1/24/2028 †x | LendingPoint | 1/26/2023 | 31 | 31 |  |
| &nbsp;&nbsp;&nbsp; LAI-00754099, 11.540%, 2/25/2026 †x | LendingPoint | 1/26/2023 | 2713 | 2713 | 2389 |
| &nbsp;&nbsp;&nbsp; LAI-00754112, 11.200%, 1/22/2028 †x | LendingPoint | 1/26/2023 | 12580 | 12580 | 12433 |
| &nbsp;&nbsp;&nbsp; LAI-00754134, 10.530%, 1/22/2028 †x | LendingPoint | 1/26/2023 | 5482 | 5482 | 5347 |
| &nbsp;&nbsp;&nbsp; LAI-00754149, 10.530%, 1/24/2028 †x# | LendingPoint | 1/26/2023 | 7169 | 7169 | 7049 |
| &nbsp;&nbsp;&nbsp; LAI-00754227, 10.820%, 1/23/2028 †x | LendingPoint | 1/26/2023 | 7705 | 7705 | 7519 |
| &nbsp;&nbsp;&nbsp; LAI-00754228, 12.480%, 1/16/2028 †x | LendingPoint | 1/26/2023 | 13372 | 13372 | 13205 |
| &nbsp;&nbsp;&nbsp; LAI-00754284, 12.480%, 2/20/2028 †x# | LendingPoint | 1/26/2023 | 10625 | 10625 | 2332 |
| &nbsp;&nbsp;&nbsp; LAI-00754287, 11.290%, 1/23/2026 †§x | LendingPoint | 1/26/2023 | 800 | 800 | 805 |
| &nbsp;&nbsp;&nbsp; LAI-00754362, 13.460%, 1/23/2028 †x | LendingPoint | 1/26/2023 | 11327 | 11327 | 11154 |
| &nbsp;&nbsp;&nbsp; LAI-00754390, 11.550%, 12/01/2026 †x# | LendingPoint | 1/26/2023 | 13087 | 13087 | 12413 |
| &nbsp;&nbsp;&nbsp; LAI-00754404, 12.130%, 1/27/2026 †x | LendingPoint | 1/26/2023 | 544 | 544 | 551 |
| &nbsp;&nbsp;&nbsp; LAI-00755137, 10.530%, 1/24/2028 †x | LendingPoint | 1/30/2023 | 7675 | 7675 | 7590 |
| &nbsp;&nbsp;&nbsp; LAI-00755165, 8.810%, 1/24/2026 †§x | LendingPoint | 1/30/2023 | 1548 | 1548 | 1558 |
| &nbsp;&nbsp;&nbsp; LAI-00755290, 12.180%, 2/01/2028 †x# | LendingPoint | 1/30/2023 | 9190 | 9190 | 8987 |
| &nbsp;&nbsp;&nbsp; LAI-00755327, 12.130%, 1/24/2026 †§x | LendingPoint | 1/30/2023 | 1609 | 1609 | 1635 |
| &nbsp;&nbsp;&nbsp; LAI-00755337, 13.170%, 1/24/2028 †x | LendingPoint | 1/30/2023 | 1794 | 1794 | 1750 |
| &nbsp;&nbsp;&nbsp; LAI-00755413, 12.910%, 2/03/2028 †x# | LendingPoint | 1/30/2023 | 8487 | 8487 | 2471 |
| &nbsp;&nbsp;&nbsp; LAI-00755550, 10.530%, 1/28/2028 †x# | LendingPoint | 1/30/2023 | 18689 | 18689 | 18421 |
| &nbsp;&nbsp;&nbsp; LAI-00755627, 10.530%, 1/25/2028 †x | LendingPoint | 1/30/2023 | 7845 | 7845 | 7661 |
| &nbsp;&nbsp;&nbsp; LAI-00755652, 12.230%, 1/28/2028 †x# | LendingPoint | 1/30/2023 | 2968 | 2968 | 2924 |
| &nbsp;&nbsp;&nbsp; LAI-00755671, 0.000%, 1/20/2026 †x | LendingPoint | 1/30/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00755752, 13.160%, 1/25/2028 †x# | LendingPoint | 1/30/2023 | 22477 | 22477 | 4012 |
| &nbsp;&nbsp;&nbsp; LAI-00755756, 9.790%, 3/30/2027 †x | LendingPoint | 1/30/2023 | 8900 | 8900 | 8843 |
| &nbsp;&nbsp;&nbsp; LAI-00755786, 10.040%, 1/25/2028 †x | LendingPoint | 1/30/2023 | 3332 | 3332 | 3297 |
| &nbsp;&nbsp;&nbsp; LAI-00755792, 13.170%, 1/25/2028 †x | LendingPoint | 1/30/2023 | 7175 | 7175 | 7002 |
| &nbsp;&nbsp;&nbsp; LAI-00755882, 8.810%, 2/03/2026 †x | LendingPoint | 1/30/2023 | 1314 | 1314 | 1312 |
| &nbsp;&nbsp;&nbsp; LAI-00755948, 13.460%, 1/25/2028 †x | LendingPoint | 1/30/2023 | 2399 | 2399 | 2365 |
| &nbsp;&nbsp;&nbsp; LAI-00755965, 10.040%, 1/26/2027 †§x | LendingPoint | 1/30/2023 | 2123 | 2123 | 2124 |
| &nbsp;&nbsp;&nbsp; LAI-00755979, 13.160%, 1/26/2028 †x | LendingPoint | 1/30/2023 | 10472 | 10472 | 10357 |
| &nbsp;&nbsp;&nbsp; LAI-00756247, 13.880%, 1/20/2028 †x# | LendingPoint | 1/31/2023 | 5012 | 5012 | 1110 |
| &nbsp;&nbsp;&nbsp; LAI-00756263, 13.160%, 1/26/2028 †x# | LendingPoint | 1/31/2023 | 13250 | 1378 | 1385 |
| &nbsp;&nbsp;&nbsp; LAI-00756427, 13.460%, 1/26/2028 †x | LendingPoint | 1/31/2023 | 6897 | 6897 | 6801 |
| &nbsp;&nbsp;&nbsp; LAI-00756454, 10.820%, 2/03/2028 †x | LendingPoint | 1/31/2023 | 13880 | 13880 | 13351 |
| &nbsp;&nbsp;&nbsp; LAI-00756467, 13.820%, 1/26/2028 †x | LendingPoint | 1/31/2023 | 14310 | 14310 | 14130 |
| &nbsp;&nbsp;&nbsp; LAI-00756479, 10.520%, 1/26/2028 †x | LendingPoint | 1/31/2023 | 3486 | 3486 | 3405 |
| &nbsp;&nbsp;&nbsp; LAI-00756487, 13.460%, 1/26/2028 †x | LendingPoint | 1/31/2023 | 3395 | 3395 | 3347 |
| &nbsp;&nbsp;&nbsp; LAI-00756548, 13.590%, 4/30/2026 †x# | LendingPoint | 1/31/2023 | 6940 | 6940 | 7338 |
| &nbsp;&nbsp;&nbsp; LAI-00756577, 10.230%, 1/27/2028 †§x | LendingPoint | 1/31/2023 | 528 | 528 | 522 |
| &nbsp;&nbsp;&nbsp; LAI-00756610, 13.160%, 1/27/2028 †x | LendingPoint | 1/31/2023 | 8976 | 8976 | 8880 |
| &nbsp;&nbsp;&nbsp; LAI-00756625, 12.480%, 1/27/2028 †x | LendingPoint | 1/31/2023 | 17228 | 17228 | 17045 |
| &nbsp;&nbsp;&nbsp; LAI-00756707, 8.810%, 1/27/2026 †§x | LendingPoint | 2/02/2023 | 1961 | 1961 | 1976 |
| &nbsp;&nbsp;&nbsp; LAI-00756715, 13.460%, 1/27/2028 †x | LendingPoint | 2/02/2023 | 2542 | 2542 | 2507 |
| &nbsp;&nbsp;&nbsp; LAI-00756749, 29.990%, 6/30/2026 †x# | LendingPoint | 2/02/2023 | 19578 | 19578 | 18094 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8872** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00756950, 11.210%, 1/27/2028 †x | LendingPoint | 2/02/2023 | $9265 | $9265 | $9146 |
| &nbsp;&nbsp;&nbsp; LAI-00756952, 10.530%, 1/27/2028 †x | LendingPoint | 2/02/2023 | 5146 | 5146 | 5028 |
| &nbsp;&nbsp;&nbsp; LAI-00756969, 12.480%, 12/30/2028 †x# | LendingPoint | 2/02/2023 | 5319 | 5319 | 5249 |
| &nbsp;&nbsp;&nbsp; LAI-00756975, 10.530%, 1/20/2027 †x# | LendingPoint | 2/02/2023 | 4231 | 4231 | 4213 |
| &nbsp;&nbsp;&nbsp; LAI-00756983, 10.040%, 2/06/2028 †x | LendingPoint | 2/02/2023 | 4515 | 4515 | 4419 |
| &nbsp;&nbsp;&nbsp; LAI-00756995, 11.540%, 1/27/2026 †§x | LendingPoint | 2/02/2023 | 439 | 439 | 441 |
| &nbsp;&nbsp;&nbsp; LAI-00757047, 10.530%, 1/27/2028 †x | LendingPoint | 2/02/2023 | 16539 | 16539 | 16367 |
| &nbsp;&nbsp;&nbsp; LAI-00757072, 10.540%, 1/27/2026 †§x | LendingPoint | 2/02/2023 | 667 | 667 | 671 |
| &nbsp;&nbsp;&nbsp; LAI-00757272, 13.840%, 2/14/2028 †x | LendingPoint | 2/02/2023 | 2513 | 2513 | 2421 |
| &nbsp;&nbsp;&nbsp; LAI-00757280, 10.820%, 2/01/2028 †x# | LendingPoint | 2/02/2023 | 10886 | 10886 | 10499 |
| &nbsp;&nbsp;&nbsp; LAI-00757282, 13.170%, 2/15/2028 †x | LendingPoint | 2/02/2023 | 8242 | 8242 | 7941 |
| &nbsp;&nbsp;&nbsp; LAI-00757295, 10.530%, 2/01/2028 †x# | LendingPoint | 2/02/2023 | 7636 | 7636 | 7485 |
| &nbsp;&nbsp;&nbsp; LAI-00757302, 10.530%, 2/15/2028 †x | LendingPoint | 2/02/2023 | 11702 | 11702 | 11468 |
| &nbsp;&nbsp;&nbsp; LAI-00757310, 10.230%, 2/01/2028 †x# | LendingPoint | 2/02/2023 | 4183 | 4183 | 4100 |
| &nbsp;&nbsp;&nbsp; LAI-00757327, 10.950%, 2/01/2028 †x# | LendingPoint | 2/02/2023 | 7227 | 7227 | 7085 |
| &nbsp;&nbsp;&nbsp; LAI-00757331, 13.820%, 3/10/2030 †x | LendingPoint | 2/02/2023 | 13080 | 13080 | 12703 |
| &nbsp;&nbsp;&nbsp; LAI-00757362, 10.530%, 2/01/2028 †x# | LendingPoint | 2/02/2023 | 14140 | 14140 | 13861 |
| &nbsp;&nbsp;&nbsp; LAI-00757395, 30.640%, 2/16/2026 †x# | LendingPoint | 2/02/2023 | 9 | 9 |  |
| &nbsp;&nbsp;&nbsp; LAI-00757445, 12.230%, 2/02/2028 †x | LendingPoint | 2/02/2023 | 9224 | 9224 | 9039 |
| &nbsp;&nbsp;&nbsp; LAI-00757454, 10.820%, 4/02/2028 †x | LendingPoint | 2/02/2023 | 13720 | 13720 | 13208 |
| &nbsp;&nbsp;&nbsp; LAI-00757502, 10.280%, 2/02/2028 †x | LendingPoint | 2/02/2023 | 20342 | 20342 | 19942 |
| &nbsp;&nbsp;&nbsp; LAI-00757640, 30.800%, 2/02/2028 †x | LendingPoint | 2/03/2023 | 5905 | 5905 | 5756 |
| &nbsp;&nbsp;&nbsp; LAI-00757641, 31.800%, 2/02/2028 †x | LendingPoint | 2/03/2023 | 16937 | 16937 | 7655 |
| &nbsp;&nbsp;&nbsp; LAI-00757662, 29.510%, 6/02/2029 †x | LendingPoint | 2/03/2023 | 8544 | 8544 | 8034 |
| &nbsp;&nbsp;&nbsp; LAI-00757711, 25.120%, 2/03/2026 †x | LendingPoint | 2/03/2023 | 843 | 843 | 842 |
| &nbsp;&nbsp;&nbsp; LAI-00757770, 12.480%, 3/14/2028 †x | LendingPoint | 2/03/2023 | 7414 | 7414 | 7288 |
| &nbsp;&nbsp;&nbsp; LAI-00757771, 25.800%, 9/29/2028 †x# | LendingPoint | 2/03/2023 | 8333 | 8333 | 7949 |
| &nbsp;&nbsp;&nbsp; LAI-00757773, 24.890%, 2/13/2028 †x# | LendingPoint | 2/03/2023 | 3561 | 3561 | 3415 |
| &nbsp;&nbsp;&nbsp; LAI-00757818, 19.080%, 2/16/2028 †x | LendingPoint | 2/03/2023 | 4709 | 4709 | 4533 |
| &nbsp;&nbsp;&nbsp; LAI-00757836, 17.090%, 2/02/2028 †x | LendingPoint | 2/03/2023 | 4446 | 4446 | 4292 |
| &nbsp;&nbsp;&nbsp; LAI-00757840, 31.300%, 5/28/2028 †x# | LendingPoint | 2/03/2023 | 12014 | 12014 | 1255 |
| &nbsp;&nbsp;&nbsp; LAI-00757843, 16.400%, 3/08/2028 †x | LendingPoint | 2/03/2023 | 6036 | 6036 | 5919 |
| &nbsp;&nbsp;&nbsp; LAI-00757854, 11.250%, 2/02/2028 †x | LendingPoint | 2/03/2023 | 7842 | 7842 | 7573 |
| &nbsp;&nbsp;&nbsp; LAI-00757880, 11.540%, 2/02/2026 †§x | LendingPoint | 2/03/2023 | 1493 | 1493 | 1495 |
| &nbsp;&nbsp;&nbsp; LAI-00757940, 22.140%, 2/02/2027 †§x | LendingPoint | 2/03/2023 | 2575 | 2575 | 2522 |
| &nbsp;&nbsp;&nbsp; LAI-00757946, 12.480%, 2/06/2028 †x | LendingPoint | 2/03/2023 | 3187 | 3187 | 3119 |
| &nbsp;&nbsp;&nbsp; LAI-00757971, 24.180%, 3/31/2026 †x | LendingPoint | 2/03/2023 | 4458 | 4458 | 3775 |
| &nbsp;&nbsp;&nbsp; LAI-00757974, 11.210%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 3956 | 3956 | 3826 |
| &nbsp;&nbsp;&nbsp; LAI-00757981, 29.370%, 2/15/2028 †x | LendingPoint | 2/03/2023 | 1881 | 1881 | 1809 |
| &nbsp;&nbsp;&nbsp; LAI-00758005, 31.300%, 5/05/2029 †x# | LendingPoint | 2/03/2023 | 6294 | 6294 | 6009 |
| &nbsp;&nbsp;&nbsp; LAI-00758009, 10.950%, 3/31/2026 †x# | LendingPoint | 2/03/2023 | 5653 | 5653 | 5501 |
| &nbsp;&nbsp;&nbsp; LAI-00758022, 29.520%, 2/08/2027 †x | LendingPoint | 2/03/2023 | 4404 | 4404 | 2433 |
| &nbsp;&nbsp;&nbsp; LAI-00758029, 12.910%, 2/02/2028 †x | LendingPoint | 2/03/2023 | 3075 | 3075 | 3013 |
| &nbsp;&nbsp;&nbsp; LAI-00758073, 10.820%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 5962 | 5962 | 5752 |
| &nbsp;&nbsp;&nbsp; LAI-00758075, 9.790%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 3211 | 3211 | 3152 |
| &nbsp;&nbsp;&nbsp; LAI-00758077, 21.270%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 6751 | 6751 | 6606 |
| &nbsp;&nbsp;&nbsp; LAI-00758079, 13.160%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 11046 | 11046 | 10824 |
| &nbsp;&nbsp;&nbsp; LAI-00758083, 15.320%, 2/03/2027 †§x# | LendingPoint | 2/03/2023 | 4209 | 4209 | 2339 |
| &nbsp;&nbsp;&nbsp; LAI-00758085, 10.820%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 2457 | 2457 | 2387 |
| &nbsp;&nbsp;&nbsp; LAI-00758090, 10.820%, 2/17/2028 †x | LendingPoint | 2/03/2023 | 2751 | 2751 | 2664 |
| &nbsp;&nbsp;&nbsp; LAI-00758091, 31.220%, 2/15/2028 †x | LendingPoint | 2/03/2023 | 7686 | 7686 | 7480 |
| &nbsp;&nbsp;&nbsp; LAI-00758173, 10.520%, 1/15/2028 †x# | LendingPoint | 2/03/2023 | 9168 | 9168 | 8867 |
| &nbsp;&nbsp;&nbsp; LAI-00758189, 26.070%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 22343 | 22343 | 21511 |
| &nbsp;&nbsp;&nbsp; LAI-00758217, 30.120%, 4/03/2027 †x | LendingPoint | 2/03/2023 | 3476 | 3476 | 3423 |
| &nbsp;&nbsp;&nbsp; LAI-00758931, 15.140%, 2/16/2028 †x# | LendingPoint | 2/07/2023 | 1454 | 1454 | 1437 |
| &nbsp;&nbsp;&nbsp; LAI-00758932, 11.210%, 2/04/2028 †x | LendingPoint | 2/07/2023 | 8547 | 8547 | 8297 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8873** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00758956, 30.800%, 7/10/2028 †x# | LendingPoint | 2/07/2023 | $5419 | $5419 | $5208 |
| &nbsp;&nbsp;&nbsp; LAI-00759056, 30.120%, 4/04/2027 †x# | LendingPoint | 2/07/2023 | 8080 | 8080 | 7650 |
| &nbsp;&nbsp;&nbsp; LAI-00759066, 6.000%, 5/16/2028 †x | LendingPoint | 2/07/2023 | 7960 | 7960 | 7784 |
| &nbsp;&nbsp;&nbsp; LAI-00759099, 23.940%, 2/04/2025 †§x^ | LendingPoint | 2/07/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00759102, 11.800%, 2/04/2028 †x | LendingPoint | 2/07/2023 | 5734 | 5734 | 5565 |
| &nbsp;&nbsp;&nbsp; LAI-00759103, 30.460%, 1/10/2028 †x# | LendingPoint | 2/07/2023 | 2768 | 2768 | 2689 |
| &nbsp;&nbsp;&nbsp; LAI-00759165, 30.120%, 2/04/2027 †§x | LendingPoint | 2/07/2023 | 1122 | 1122 | 1101 |
| &nbsp;&nbsp;&nbsp; LAI-00759183, 10.470%, 2/16/2026 †x | LendingPoint | 2/07/2023 | 916 | 916 | 920 |
| &nbsp;&nbsp;&nbsp; LAI-00759210, 22.770%, 2/18/2028 †x# | LendingPoint | 2/07/2023 | 6299 | 6299 | 6052 |
| &nbsp;&nbsp;&nbsp; LAI-00759401, 13.170%, 2/16/2028 †x | LendingPoint | 2/08/2023 | 2657 | 2657 | 2570 |
| &nbsp;&nbsp;&nbsp; LAI-00759447, 11.210%, 2/05/2028 †x | LendingPoint | 2/08/2023 | 9227 | 9227 | 8961 |
| &nbsp;&nbsp;&nbsp; LAI-00759543, 13.810%, 2/05/2027 †§x | LendingPoint | 2/08/2023 | 4631 | 4631 | 4547 |
| &nbsp;&nbsp;&nbsp; LAI-00759625, 10.520%, 2/17/2028 †x | LendingPoint | 2/08/2023 | 8459 | 8459 | 8295 |
| &nbsp;&nbsp;&nbsp; LAI-00759643, 13.170%, 2/07/2028 †x | LendingPoint | 2/08/2023 | 9965 | 9965 | 9595 |
| &nbsp;&nbsp;&nbsp; LAI-00759647, 11.200%, 2/05/2028 †x | LendingPoint | 2/08/2023 | 11293 | 11293 | 11075 |
| &nbsp;&nbsp;&nbsp; LAI-00759658, 16.240%, 2/05/2028 †x# | LendingPoint | 2/08/2023 | 23838 | 23838 | 2491 |
| &nbsp;&nbsp;&nbsp; LAI-00759667, 0.000%, 2/05/2028 †x | LendingPoint | 2/08/2023 | 215 | 215 | 215 |
| &nbsp;&nbsp;&nbsp; LAI-00759734, 16.330%, 2/05/2028 †x | LendingPoint | 2/08/2023 | 7009 | 7009 | 6868 |
| &nbsp;&nbsp;&nbsp; LAI-00759760, 13.590%, 1/26/2026 †x# | LendingPoint | 2/08/2023 | 4884 | 4884 | 4082 |
| &nbsp;&nbsp;&nbsp; LAI-00759790, 12.910%, 2/06/2028 †x | LendingPoint | 2/08/2023 | 6936 | 6936 | 6802 |
| &nbsp;&nbsp;&nbsp; LAI-00759830, 10.530%, 2/06/2028 †x | LendingPoint | 2/08/2023 | 8506 | 8506 | 8224 |
| &nbsp;&nbsp;&nbsp; LAI-00759844, 12.200%, 2/06/2026 †§x | LendingPoint | 2/08/2023 | 1644 | 1644 | 1647 |
| &nbsp;&nbsp;&nbsp; LAI-00763432, 24.670%, 1/15/2028 †x | LendingPoint | 2/16/2023 | 22248 | 22248 | 21462 |
| &nbsp;&nbsp;&nbsp; LAI-00763463, 28.060%, 2/13/2028 †x# | LendingPoint | 2/16/2023 | 11176 | 11176 | 10662 |
| &nbsp;&nbsp;&nbsp; LAI-00763473, 20.650%, 1/16/2028 †x | LendingPoint | 2/16/2023 | 4612 | 4612 | 4446 |
| &nbsp;&nbsp;&nbsp; LAI-00763540, 17.620%, 2/13/2028 †x# | LendingPoint | 2/16/2023 | 10394 | 10394 | 10220 |
| &nbsp;&nbsp;&nbsp; LAI-00763590, 17.380%, 4/02/2028 †x# | LendingPoint | 2/16/2023 | 15094 | 15094 | 14530 |
| &nbsp;&nbsp;&nbsp; LAI-00763613, 31.300%, 1/20/2028 †x | LendingPoint | 2/16/2023 | 7468 | 7468 | 7302 |
| &nbsp;&nbsp;&nbsp; LAI-00763620, 24.210%, 2/13/2028 †x# | LendingPoint | 2/16/2023 | 6219 | 6219 | 6097 |
| &nbsp;&nbsp;&nbsp; LAI-00763659, 20.970%, 3/15/2028 †x# | LendingPoint | 2/16/2023 | 22632 | 22632 | 22232 |
| &nbsp;&nbsp;&nbsp; LAI-00763660, 20.470%, 2/26/2026 †x | LendingPoint | 2/16/2023 | 7493 | 7493 | 6233 |
| &nbsp;&nbsp;&nbsp; LAI-00763666, 0.000%, 1/16/2028 †x | LendingPoint | 2/16/2023 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00763672, 22.680%, 12/23/2027 †x | LendingPoint | 2/16/2023 | 9029 | 9029 | 8735 |
| &nbsp;&nbsp;&nbsp; LAI-00763787, 30.800%, 3/16/2028 †x | LendingPoint | 2/16/2023 | 2941 | 2941 | 2837 |
| &nbsp;&nbsp;&nbsp; LAI-00763793, 16.630%, 2/13/2028 †x# | LendingPoint | 2/16/2023 | 6013 | 6013 | 5823 |
| &nbsp;&nbsp;&nbsp; LAI-00763861, 24.670%, 2/14/2028 †x | LendingPoint | 2/16/2023 | 17179 | 17179 | 16861 |
| &nbsp;&nbsp;&nbsp; LAI-00763891, 16.880%, 2/14/2028 †x | LendingPoint | 2/16/2023 | 12069 | 12069 | 11664 |
| &nbsp;&nbsp;&nbsp; LAI-00763926, 21.370%, 2/14/2028 †x | LendingPoint | 2/16/2023 | 1828 | 1828 | 1781 |
| &nbsp;&nbsp;&nbsp; LAI-00763948, 27.550%, 2/14/2028 †§x | LendingPoint | 2/16/2023 | 1562 | 1562 | 1539 |
| &nbsp;&nbsp;&nbsp; LAI-00764052, 19.380%, 2/23/2026 †x# | LendingPoint | 2/16/2023 | 879 | 879 | 882 |
| &nbsp;&nbsp;&nbsp; LAI-00764079, 15.990%, 2/29/2028 †x# | LendingPoint | 2/16/2023 | 9117 | 9117 | 8662 |
| &nbsp;&nbsp;&nbsp; LAI-00764149, 11.510%, 2/16/2026 †§x | LendingPoint | 2/16/2023 | 2915 | 2915 | 2924 |
| &nbsp;&nbsp;&nbsp; LAI-00764219, 19.020%, 2/16/2026 †§x | LendingPoint | 2/16/2023 | 77 | 77 |  |
| &nbsp;&nbsp;&nbsp; LAI-00764225, 16.240%, 5/21/2028 †x | LendingPoint | 2/16/2023 | 11440 | 11440 | 11046 |
| &nbsp;&nbsp;&nbsp; LAI-00764235, 0.000%, 2/16/2028 †x# | LendingPoint | 2/16/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00764246, 16.270%, 2/16/2028 †x | LendingPoint | 2/16/2023 | 6311 | 6311 | 6107 |
| &nbsp;&nbsp;&nbsp; LAI-00764266, 20.150%, 2/16/2027 †§x | LendingPoint | 2/16/2023 | 4306 | 4306 | 4274 |
| &nbsp;&nbsp;&nbsp; LAI-00764277, 15.780%, 2/16/2028 †x | LendingPoint | 2/16/2023 | 12562 | 12562 | 12156 |
| &nbsp;&nbsp;&nbsp; LAI-00764316, 29.050%, 4/16/2027 †x# | LendingPoint | 2/17/2023 | 22447 | 22447 | 2346 |
| &nbsp;&nbsp;&nbsp; LAI-00764369, 26.100%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 2747 | 2747 | 2656 |
| &nbsp;&nbsp;&nbsp; LAI-00764370, 15.000%, 8/31/2026 †x# | LendingPoint | 2/17/2023 | 3731 | 3731 | 3707 |
| &nbsp;&nbsp;&nbsp; LAI-00764371, 28.520%, 2/24/2026 †x | LendingPoint | 2/17/2023 | 1319 | 1319 | 1340 |
| &nbsp;&nbsp;&nbsp; LAI-00764381, 31.300%, 9/27/2028 †x# | LendingPoint | 2/17/2023 | 10965 | 10965 | 10416 |
| &nbsp;&nbsp;&nbsp; LAI-00764405, 15.420%, 2/27/2026 †x | LendingPoint | 2/17/2023 | 1764 | 1764 | 1770 |
| &nbsp;&nbsp;&nbsp; LAI-00764436, 29.090%, 2/16/2026 †x | LendingPoint | 2/17/2023 | 1853 | 1853 | 1863 |
| &nbsp;&nbsp;&nbsp; LAI-00764475, 31.300%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 4595 | 4595 | 4509 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8874** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00764478, 15.400%, 2/16/2028 †x | LendingPoint | 2/17/2023 | $4762 | $4762 | $4679 |
| &nbsp;&nbsp;&nbsp; LAI-00764504, 22.970%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 6398 | 6398 | 6178 |
| &nbsp;&nbsp;&nbsp; LAI-00764512, 28.590%, 4/28/2054 †x# | LendingPoint | 2/17/2023 | 9100 | 9100 | 951 |
| &nbsp;&nbsp;&nbsp; LAI-00764531, 15.400%, 8/26/2029 †x# | LendingPoint | 2/17/2023 | 6829 | 6829 | 1866 |
| &nbsp;&nbsp;&nbsp; LAI-00764541, 19.380%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 13246 | 13246 | 12803 |
| &nbsp;&nbsp;&nbsp; LAI-00764547, 30.460%, 5/05/2028 †x# | LendingPoint | 2/17/2023 | 5116 | 5116 | 4901 |
| &nbsp;&nbsp;&nbsp; LAI-00764549, 29.720%, 2/16/2027 †§x | LendingPoint | 2/17/2023 | 2587 | 2587 | 2545 |
| &nbsp;&nbsp;&nbsp; LAI-00764552, 15.320%, 12/30/2026 †x# | LendingPoint | 2/17/2023 | 2797 | 2797 | 2721 |
| &nbsp;&nbsp;&nbsp; LAI-00764612, 15.490%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 14777 | 14777 | 14532 |
| &nbsp;&nbsp;&nbsp; LAI-00764625, 24.180%, 2/16/2028 †x# | LendingPoint | 2/17/2023 | 9798 | 9798 | 1024 |
| &nbsp;&nbsp;&nbsp; LAI-00764633, 28.440%, 2/16/2026 †§x | LendingPoint | 2/17/2023 | 1182 | 1182 | 1186 |
| &nbsp;&nbsp;&nbsp; LAI-00764671, 29.430%, 2/16/2027 †§x | LendingPoint | 2/17/2023 | 1393 | 1393 | 1399 |
| &nbsp;&nbsp;&nbsp; LAI-00764682, 31.300%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 1836 | 1836 | 1804 |
| &nbsp;&nbsp;&nbsp; LAI-00764688, 21.650%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 13942 | 13942 | 13473 |
| &nbsp;&nbsp;&nbsp; LAI-00764699, 30.120%, 2/16/2027 †§x | LendingPoint | 2/17/2023 | 3624 | 3624 | 3641 |
| &nbsp;&nbsp;&nbsp; LAI-00764725, 25.620%, 2/16/2027 †§x | LendingPoint | 2/17/2023 | 2689 | 2689 | 2655 |
| &nbsp;&nbsp;&nbsp; LAI-00764732, 19.490%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 3104 | 3104 | 3004 |
| &nbsp;&nbsp;&nbsp; LAI-00764740, 24.180%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 2768 | 2768 | 2672 |
| &nbsp;&nbsp;&nbsp; LAI-00764745, 25.190%, 2/16/2028 †x | LendingPoint | 2/17/2023 | 14024 | 14024 | 13759 |
| &nbsp;&nbsp;&nbsp; LAI-00764750, 15.280%, 2/24/2027 †x# | LendingPoint | 2/17/2023 | 1254 | 1254 | 1245 |
| &nbsp;&nbsp;&nbsp; LAI-00764757, 30.120%, 2/16/2027 †§x | LendingPoint | 2/17/2023 | 1403 | 1403 | 1409 |
| &nbsp;&nbsp;&nbsp; LAI-00764802, 15.280%, 6/08/2028 †x# | LendingPoint | 2/17/2023 | 11007 | 11007 | 2394 |
| &nbsp;&nbsp;&nbsp; LAI-00764862, 30.690%, 2/17/2027 †§x# | LendingPoint | 2/17/2023 | 3505 | 3505 | 3435 |
| &nbsp;&nbsp;&nbsp; LAI-00764868, 20.220%, 2/17/2028 †x | LendingPoint | 2/17/2023 | 6247 | 6247 | 6039 |
| &nbsp;&nbsp;&nbsp; LAI-00764885, 22.990%, 2/17/2028 †x# | LendingPoint | 2/17/2023 | 11461 | 11461 | 11025 |
| &nbsp;&nbsp;&nbsp; LAI-00764895, 20.580%, 11/28/2026 †x | LendingPoint | 2/17/2023 | 8558 | 8558 | 8089 |
| &nbsp;&nbsp;&nbsp; LAI-00764990, 26.440%, 1/28/2030 †x# | LendingPoint | 2/17/2023 | 23710 | 23710 | 4086 |
| &nbsp;&nbsp;&nbsp; LAI-00765038, 28.900%, 2/17/2027 †§x | LendingPoint | 2/21/2023 | 1798 | 1798 | 1807 |
| &nbsp;&nbsp;&nbsp; LAI-00765042, 15.990%, 10/31/2027 †x# | LendingPoint | 2/21/2023 | 5436 | 5436 | 5187 |
| &nbsp;&nbsp;&nbsp; LAI-00765046, 30.690%, 2/17/2027 †x# | LendingPoint | 2/21/2023 | 4549 | 4549 | 475 |
| &nbsp;&nbsp;&nbsp; LAI-00765048, 30.120%, 2/17/2027 †§x | LendingPoint | 2/21/2023 | 1122 | 1122 | 1128 |
| &nbsp;&nbsp;&nbsp; LAI-00765050, 28.840%, 2/17/2028 †x | LendingPoint | 2/21/2023 | 6200 | 6200 | 6110 |
| &nbsp;&nbsp;&nbsp; LAI-00765061, 15.240%, 2/17/2028 †x | LendingPoint | 2/21/2023 | 5354 | 5354 | 5221 |
| &nbsp;&nbsp;&nbsp; LAI-00765086, 14.990%, 3/14/2030 †x | LendingPoint | 2/21/2023 | 21445 | 21445 | 20263 |
| &nbsp;&nbsp;&nbsp; LAI-00765140, 30.800%, 1/28/2028 †x# | LendingPoint | 2/21/2023 | 2494 | 2494 | 445 |
| &nbsp;&nbsp;&nbsp; LAI-00765182, 20.660%, 2/17/2028 †x | LendingPoint | 2/21/2023 | 11395 | 11395 | 11061 |
| &nbsp;&nbsp;&nbsp; LAI-00765203, 16.880%, 2/17/2028 †x | LendingPoint | 2/21/2023 | 5958 | 5958 | 5755 |
| &nbsp;&nbsp;&nbsp; LAI-00765209, 30.460%, 2/29/2028 †x# | LendingPoint | 2/21/2023 | 5640 | 5640 | 5416 |
| &nbsp;&nbsp;&nbsp; LAI-00765220, 21.210%, 1/22/2028 †x | LendingPoint | 2/21/2023 | 16959 | 16959 | 16421 |
| &nbsp;&nbsp;&nbsp; LAI-00765221, 21.270%, 2/28/2028 †x# | LendingPoint | 2/21/2023 | 8700 | 8700 | 8570 |
| &nbsp;&nbsp;&nbsp; LAI-00765222, 16.880%, 12/24/2027 †x | LendingPoint | 2/21/2023 | 9719 | 9719 | 9426 |
| &nbsp;&nbsp;&nbsp; LAI-00765277, 31.300%, 1/21/2028 †x | LendingPoint | 2/21/2023 | 2970 | 2970 | 2915 |
| &nbsp;&nbsp;&nbsp; LAI-00765280, 20.060%, 7/17/2028 †x# | LendingPoint | 2/21/2023 | 8349 | 8349 | 7976 |
| &nbsp;&nbsp;&nbsp; LAI-00765297, 15.270%, 4/17/2028 †x | LendingPoint | 2/21/2023 | 13729 | 13729 | 13223 |
| &nbsp;&nbsp;&nbsp; LAI-00765316, 25.310%, 2/17/2027 †§x# | LendingPoint | 2/21/2023 | 3693 | 3693 | 3624 |
| &nbsp;&nbsp;&nbsp; LAI-00765325, 30.690%, 2/17/2027 †§x | LendingPoint | 2/21/2023 | 2485 | 2485 | 2455 |
| &nbsp;&nbsp;&nbsp; LAI-00765337, 28.630%, 4/24/2026 †x | LendingPoint | 2/21/2023 | 5317 | 5317 | 4745 |
| &nbsp;&nbsp;&nbsp; LAI-00765346, 17.920%, 2/17/2026 †§x | LendingPoint | 2/21/2023 | 1327 | 1327 | 1332 |
| &nbsp;&nbsp;&nbsp; LAI-00765351, 19.580%, 2/20/2028 †x | LendingPoint | 2/21/2023 | 12422 | 12422 | 11988 |
| &nbsp;&nbsp;&nbsp; LAI-00765371, 31.300%, 2/17/2028 †x# | LendingPoint | 2/21/2023 | 3616 | 3616 | 3550 |
| &nbsp;&nbsp;&nbsp; LAI-00765389, 30.800%, 7/25/2029 †x# | LendingPoint | 2/21/2023 | 8451 | 8451 | 8136 |
| &nbsp;&nbsp;&nbsp; LAI-00765406, 31.300%, 5/17/2029 †x | LendingPoint | 2/21/2023 | 18060 | 18060 | 18239 |
| &nbsp;&nbsp;&nbsp; LAI-00765417, 15.280%, 2/28/2028 †x# | LendingPoint | 2/21/2023 | 18937 | 18937 | 18222 |
| &nbsp;&nbsp;&nbsp; LAI-00765423, 29.090%, 2/17/2028 †x | LendingPoint | 2/21/2023 | 7214 | 7214 | 6958 |
| &nbsp;&nbsp;&nbsp; LAI-00765455, 15.770%, 2/18/2027 †§x# | LendingPoint | 2/21/2023 | 7816 | 7816 | 7706 |
| &nbsp;&nbsp;&nbsp; LAI-00765484, 24.890%, 3/18/2029 †x# | LendingPoint | 2/21/2023 | 28475 | 28475 | 27678 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8875** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00765485, 31.170%, 2/18/2027 †§x# | LendingPoint | 2/21/2023 | $1636 | $1636 | $1613 |
| &nbsp;&nbsp;&nbsp; LAI-00765549, 16.760%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 6999 | 6999 | 6808 |
| &nbsp;&nbsp;&nbsp; LAI-00765550, 28.940%, 2/28/2026 †x# | LendingPoint | 2/21/2023 | 1589 | 1589 | 1585 |
| &nbsp;&nbsp;&nbsp; LAI-00765553, 19.490%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 10688 | 10688 | 1117 |
| &nbsp;&nbsp;&nbsp; LAI-00765629, 31.300%, 10/30/2025 †x | LendingPoint | 2/21/2023 | 3934 | 3934 | 3697 |
| &nbsp;&nbsp;&nbsp; LAI-00765646, 31.300%, 1/29/2028 †x# | LendingPoint | 2/21/2023 | 4031 | 4031 | 421 |
| &nbsp;&nbsp;&nbsp; LAI-00765653, 28.520%, 2/28/2027 †x# | LendingPoint | 2/21/2023 | 5314 | 5314 | 5129 |
| &nbsp;&nbsp;&nbsp; LAI-00765660, 22.680%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 7326 | 7326 | 7042 |
| &nbsp;&nbsp;&nbsp; LAI-00765670, 30.120%, 2/18/2027 †§x# | LendingPoint | 2/21/2023 | 2805 | 2805 | 2821 |
| &nbsp;&nbsp;&nbsp; LAI-00765688, 18.370%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 17812 | 17812 | 17505 |
| &nbsp;&nbsp;&nbsp; LAI-00765689, 16.290%, 2/28/2027 †x# | LendingPoint | 2/21/2023 | 918 | 918 | 898 |
| &nbsp;&nbsp;&nbsp; LAI-00765738, 23.910%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 3521 | 3521 | 3416 |
| &nbsp;&nbsp;&nbsp; LAI-00765744, 15.760%, 2/29/2028 †x# | LendingPoint | 2/21/2023 | 4237 | 4237 | 4070 |
| &nbsp;&nbsp;&nbsp; LAI-00765748, 15.950%, 2/18/2026 †§x# | LendingPoint | 2/21/2023 | 2594 | 2594 | 2602 |
| &nbsp;&nbsp;&nbsp; LAI-00765756, 20.470%, 1/20/2028 †x | LendingPoint | 2/21/2023 | 17560 | 17560 | 16947 |
| &nbsp;&nbsp;&nbsp; LAI-00765792, 16.240%, 2/29/2028 †x# | LendingPoint | 2/21/2023 | 5152 | 5152 | 4931 |
| &nbsp;&nbsp;&nbsp; LAI-00765806, 15.280%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 18728 | 18728 | 18040 |
| &nbsp;&nbsp;&nbsp; LAI-00765831, 15.650%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 14544 | 14544 | 14007 |
| &nbsp;&nbsp;&nbsp; LAI-00765854, 15.270%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 6883 | 6883 | 1226 |
| &nbsp;&nbsp;&nbsp; LAI-00765890, 30.120%, 3/26/2026 †x | LendingPoint | 2/21/2023 | 4610 | 4610 | 4248 |
| &nbsp;&nbsp;&nbsp; LAI-00765894, 19.080%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 6605 | 6605 | 6389 |
| &nbsp;&nbsp;&nbsp; LAI-00765902, 30.470%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 9323 | 9323 | 8941 |
| &nbsp;&nbsp;&nbsp; LAI-00765924, 20.530%, 2/11/2027 †x# | LendingPoint | 2/21/2023 | 10260 | 10260 | 2474 |
| &nbsp;&nbsp;&nbsp; LAI-00765947, 30.690%, 2/28/2027 †x# | LendingPoint | 2/21/2023 | 7579 | 7579 | 7443 |
| &nbsp;&nbsp;&nbsp; LAI-00766009, 16.880%, 2/20/2028 †x | LendingPoint | 2/21/2023 | 9747 | 9747 | 9416 |
| &nbsp;&nbsp;&nbsp; LAI-00766028, 25.440%, 6/18/2026 †x# | LendingPoint | 2/21/2023 | 4558 | 4558 | 1221 |
| &nbsp;&nbsp;&nbsp; LAI-00766039, 30.120%, 2/18/2027 †x# | LendingPoint | 2/21/2023 | 2804 | 2804 | 2820 |
| &nbsp;&nbsp;&nbsp; LAI-00766040, 19.120%, 2/18/2027 †§x | LendingPoint | 2/21/2023 | 2393 | 2393 | 2415 |
| &nbsp;&nbsp;&nbsp; LAI-00766049, 15.400%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 171 | 171 |  |
| &nbsp;&nbsp;&nbsp; LAI-00766054, 30.800%, 8/26/2030 †x# | LendingPoint | 2/21/2023 | 4018 | 4018 | 3779 |
| &nbsp;&nbsp;&nbsp; LAI-00766102, 15.400%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 16968 | 16968 | 4927 |
| &nbsp;&nbsp;&nbsp; LAI-00766103, 31.060%, 1/24/2028 †x | LendingPoint | 2/21/2023 | 9749 | 9749 | 9589 |
| &nbsp;&nbsp;&nbsp; LAI-00766132, 28.450%, 2/18/2026 †§x# | LendingPoint | 2/21/2023 | 927 | 927 | 943 |
| &nbsp;&nbsp;&nbsp; LAI-00766135, 30.960%, 10/01/2026 †x | LendingPoint | 2/21/2023 | 23409 | 23409 | 22649 |
| &nbsp;&nbsp;&nbsp; LAI-00766137, 19.640%, 12/26/2025 †x# | LendingPoint | 2/21/2023 | 7807 | 7807 | 7243 |
| &nbsp;&nbsp;&nbsp; LAI-00766153, 15.780%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 10666 | 10666 | 10404 |
| &nbsp;&nbsp;&nbsp; LAI-00766158, 19.380%, 2/27/2028 †x | LendingPoint | 2/21/2023 | 5012 | 5012 | 4843 |
| &nbsp;&nbsp;&nbsp; LAI-00766173, 16.880%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 6540 | 6540 | 6318 |
| &nbsp;&nbsp;&nbsp; LAI-00766182, 24.280%, 3/19/2029 †x# | LendingPoint | 2/21/2023 | 7214 | 7214 | 6860 |
| &nbsp;&nbsp;&nbsp; LAI-00766183, 28.070%, 2/19/2026 †§x | LendingPoint | 2/21/2023 | 535 | 535 | 544 |
| &nbsp;&nbsp;&nbsp; LAI-00766184, 16.880%, 2/19/2028 †x | LendingPoint | 2/21/2023 | 13911 | 13911 | 13466 |
| &nbsp;&nbsp;&nbsp; LAI-00766189, 30.120%, 2/19/2027 †§x# | LendingPoint | 2/21/2023 | 4205 | 4205 | 4133 |
| &nbsp;&nbsp;&nbsp; LAI-00766209, 29.480%, 2/19/2028 †x | LendingPoint | 2/21/2023 | 13897 | 13897 | 13411 |
| &nbsp;&nbsp;&nbsp; LAI-00766215, 15.400%, 2/19/2028 †x# | LendingPoint | 2/21/2023 | 12138 | 12138 | 1268 |
| &nbsp;&nbsp;&nbsp; LAI-00766233, 17.490%, 3/31/2026 †x | LendingPoint | 2/21/2023 | 7963 | 7963 | 7459 |
| &nbsp;&nbsp;&nbsp; LAI-00766256, 16.270%, 2/19/2028 †x | LendingPoint | 2/21/2023 | 9783 | 9783 | 9475 |
| &nbsp;&nbsp;&nbsp; LAI-00766292, 15.410%, 2/29/2028 †x# | LendingPoint | 2/21/2023 | 10257 | 10257 | 9744 |
| &nbsp;&nbsp;&nbsp; LAI-00766299, 23.950%, 2/19/2028 †§x | LendingPoint | 2/21/2023 | 1729 | 1729 | 1683 |
| &nbsp;&nbsp;&nbsp; LAI-00766319, 23.430%, 3/21/2028 †x | LendingPoint | 2/21/2023 | 15197 | 15197 | 14699 |
| &nbsp;&nbsp;&nbsp; LAI-00766336, 28.310%, 2/19/2028 †x | LendingPoint | 2/21/2023 | 3909 | 3909 | 3760 |
| &nbsp;&nbsp;&nbsp; LAI-00766346, 31.300%, 2/19/2028 †x# | LendingPoint | 2/21/2023 | 6116 | 6116 | 5994 |
| &nbsp;&nbsp;&nbsp; LAI-00766367, 20.490%, 2/19/2028 †x | LendingPoint | 2/21/2023 | 22574 | 22574 | 22197 |
| &nbsp;&nbsp;&nbsp; LAI-00766377, 18.790%, 6/19/2027 †x | LendingPoint | 2/23/2023 | 14243 | 14243 | 13947 |
| &nbsp;&nbsp;&nbsp; LAI-00766407, 26.200%, 1/22/2028 †x# | LendingPoint | 2/23/2023 | 16766 | 16766 | 1752 |
| &nbsp;&nbsp;&nbsp; LAI-00766409, 24.490%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 9727 | 9727 | 9358 |
| &nbsp;&nbsp;&nbsp; LAI-00766428, 25.970%, 2/19/2027 †§x | LendingPoint | 2/23/2023 | 2284 | 2284 | 2303 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8876** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00766473, 19.640%, 2/19/2028 †x | LendingPoint | 2/23/2023 | $21249 | $21249 | $20652 |
| &nbsp;&nbsp;&nbsp; LAI-00766474, 19.830%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 14033 | 14033 | 13575 |
| &nbsp;&nbsp;&nbsp; LAI-00766516, 19.230%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 10605 | 10605 | 10430 |
| &nbsp;&nbsp;&nbsp; LAI-00766524, 15.400%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 9486 | 9486 | 9344 |
| &nbsp;&nbsp;&nbsp; LAI-00766529, 20.470%, 2/15/2028 †x | LendingPoint | 2/23/2023 | 11235 | 11235 | 10884 |
| &nbsp;&nbsp;&nbsp; LAI-00766540, 26.460%, 2/29/2028 †x# | LendingPoint | 2/23/2023 | 12223 | 12223 | 11556 |
| &nbsp;&nbsp;&nbsp; LAI-00766549, 16.880%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 21566 | 21566 | 20774 |
| &nbsp;&nbsp;&nbsp; LAI-00766561, 18.790%, 2/19/2027 †x | LendingPoint | 2/23/2023 | 7208 | 7208 | 7103 |
| &nbsp;&nbsp;&nbsp; LAI-00766564, 31.300%, 2/19/2028 †x# | LendingPoint | 2/23/2023 | 20796 | 20796 | 2173 |
| &nbsp;&nbsp;&nbsp; LAI-00766609, 24.850%, 2/19/2026 †§x | LendingPoint | 2/23/2023 | 1194 | 1194 | 1199 |
| &nbsp;&nbsp;&nbsp; LAI-00766623, 18.490%, 7/19/2029 †x# | LendingPoint | 2/23/2023 | 11424 | 11424 | 11149 |
| &nbsp;&nbsp;&nbsp; LAI-00766643, 23.680%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 13118 | 13118 | 12732 |
| &nbsp;&nbsp;&nbsp; LAI-00766677, 15.400%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 14648 | 14648 | 14405 |
| &nbsp;&nbsp;&nbsp; LAI-00766683, 22.970%, 1/24/2028 †x | LendingPoint | 2/23/2023 | 2052 | 2052 | 1970 |
| &nbsp;&nbsp;&nbsp; LAI-00766708, 15.400%, 2/19/2028 †§x | LendingPoint | 2/23/2023 | 1786 | 1786 | 1756 |
| &nbsp;&nbsp;&nbsp; LAI-00766718, 29.370%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 2155 | 2155 | 2099 |
| &nbsp;&nbsp;&nbsp; LAI-00766763, 26.200%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 3662 | 3662 | 3537 |
| &nbsp;&nbsp;&nbsp; LAI-00766774, 23.990%, 1/27/2028 †x | LendingPoint | 2/23/2023 | 7008 | 7008 | 6728 |
| &nbsp;&nbsp;&nbsp; LAI-00766788, 15.630%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 9551 | 9551 | 9249 |
| &nbsp;&nbsp;&nbsp; LAI-00766800, 15.270%, 6/19/2028 †x | LendingPoint | 2/23/2023 | 16482 | 16482 | 15971 |
| &nbsp;&nbsp;&nbsp; LAI-00766802, 29.340%, 5/10/2028 †x | LendingPoint | 2/23/2023 | 6303 | 6303 | 6070 |
| &nbsp;&nbsp;&nbsp; LAI-00766816, 22.780%, 2/29/2028 †x# | LendingPoint | 2/23/2023 | 13807 | 13807 | 13203 |
| &nbsp;&nbsp;&nbsp; LAI-00766835, 29.020%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 15148 | 15148 | 14905 |
| &nbsp;&nbsp;&nbsp; LAI-00766839, 23.530%, 2/15/2028 †x# | LendingPoint | 2/23/2023 | 15057 | 15057 | 14576 |
| &nbsp;&nbsp;&nbsp; LAI-00766846, 15.400%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 9772 | 9772 | 9619 |
| &nbsp;&nbsp;&nbsp; LAI-00766863, 15.240%, 2/20/2028 †x# | LendingPoint | 2/23/2023 | 12771 | 12771 | 1335 |
| &nbsp;&nbsp;&nbsp; LAI-00766893, 15.900%, 2/20/2026 †§x# | LendingPoint | 2/23/2023 | 2664 | 2664 | 2674 |
| &nbsp;&nbsp;&nbsp; LAI-00766900, 23.220%, 2/20/2027 †§x# | LendingPoint | 2/23/2023 | 12235 | 12235 | 12070 |
| &nbsp;&nbsp;&nbsp; LAI-00766908, 17.370%, 2/20/2028 †x# | LendingPoint | 2/23/2023 | 21903 | 21903 | 21100 |
| &nbsp;&nbsp;&nbsp; LAI-00766927, 24.720%, 2/20/2026 †§x# | LendingPoint | 2/23/2023 | 719 | 719 | 722 |
| &nbsp;&nbsp;&nbsp; LAI-00766934, 20.650%, 2/20/2028 †x | LendingPoint | 2/23/2023 | 11348 | 11348 | 10946 |
| &nbsp;&nbsp;&nbsp; LAI-00766945, 19.470%, 2/20/2028 †x | LendingPoint | 2/23/2023 | 11121 | 11121 | 10761 |
| &nbsp;&nbsp;&nbsp; LAI-00766947, 16.270%, 2/20/2028 †x | LendingPoint | 2/23/2023 | 3787 | 3787 | 3669 |
| &nbsp;&nbsp;&nbsp; LAI-00766953, 15.320%, 2/20/2027 †§x# | LendingPoint | 2/23/2023 | 5713 | 5713 | 5658 |
| &nbsp;&nbsp;&nbsp; LAI-00766956, 16.240%, 2/21/2028 †x | LendingPoint | 2/23/2023 | 12754 | 12754 | 12331 |
| &nbsp;&nbsp;&nbsp; LAI-00766967, 30.800%, 1/30/2028 †x# | LendingPoint | 2/23/2023 | 5312 | 5312 | 5064 |
| &nbsp;&nbsp;&nbsp; LAI-00766971, 15.630%, 2/20/2028 †x | LendingPoint | 2/23/2023 | 4851 | 4851 |  |
| &nbsp;&nbsp;&nbsp; LAI-00766992, 27.440%, 2/20/2028 †x# | LendingPoint | 2/23/2023 | 17835 | 17835 | 1864 |
| &nbsp;&nbsp;&nbsp; LAI-00767024, 24.630%, 2/28/2027 †x# | LendingPoint | 2/24/2023 | 9546 | 9546 | 9278 |
| &nbsp;&nbsp;&nbsp; LAI-00767059, 26.870%, 2/26/2028 †x | LendingPoint | 2/24/2023 | 4318 | 4318 | 4243 |
| &nbsp;&nbsp;&nbsp; LAI-00767080, 31.300%, 11/29/2025 †x# | LendingPoint | 2/24/2023 | 5490 | 5490 | 5125 |
| &nbsp;&nbsp;&nbsp; LAI-00767143, 19.320%, 2/20/2028 †§x | LendingPoint | 2/24/2023 | 371 | 371 |  |
| &nbsp;&nbsp;&nbsp; LAI-00767153, 28.990%, 2/20/2027 †§x | LendingPoint | 2/24/2023 | 2546 | 2546 | 2530 |
| &nbsp;&nbsp;&nbsp; LAI-00767170, 15.240%, 2/20/2028 †x | LendingPoint | 2/24/2023 | 6282 | 6282 | 6154 |
| &nbsp;&nbsp;&nbsp; LAI-00767171, 15.400%, 1/31/2028 †x# | LendingPoint | 2/24/2023 | 6580 | 6580 | 6418 |
| &nbsp;&nbsp;&nbsp; LAI-00767212, 25.170%, 1/24/2030 †x# | LendingPoint | 2/24/2023 | 19785 | 19785 | 3423 |
| &nbsp;&nbsp;&nbsp; LAI-00767310, 17.120%, 2/20/2028 †x | LendingPoint | 2/24/2023 | 8071 | 8071 | 7950 |
| &nbsp;&nbsp;&nbsp; LAI-00767326, 15.630%, 2/13/2028 †x# | LendingPoint | 2/24/2023 | 14760 | 14760 | 14314 |
| &nbsp;&nbsp;&nbsp; LAI-00767337, 30.120%, 2/28/2027 †x# | LendingPoint | 2/24/2023 | 3441 | 3441 | 628 |
| &nbsp;&nbsp;&nbsp; LAI-00767344, 21.750%, 2/20/2028 †x | LendingPoint | 2/24/2023 | 8194 | 8194 | 7905 |
| &nbsp;&nbsp;&nbsp; LAI-00767349, 25.170%, 2/20/2028 †x | LendingPoint | 2/24/2023 | 8338 | 8338 | 8076 |
| &nbsp;&nbsp;&nbsp; LAI-00767360, 15.240%, 2/21/2028 †x# | LendingPoint | 2/24/2023 | 7410 | 7410 | 7303 |
| &nbsp;&nbsp;&nbsp; LAI-00767361, 24.000%, 2/17/2027 †x | LendingPoint | 2/24/2023 | 1744 | 1744 | 1732 |
| &nbsp;&nbsp;&nbsp; LAI-00767363, 22.990%, 9/28/2027 †x# | LendingPoint | 2/24/2023 | 2852 | 2852 | 298 |
| &nbsp;&nbsp;&nbsp; LAI-00767380, 15.240%, 4/26/2027 †x# | LendingPoint | 2/24/2023 | 21806 | 21806 | 21205 |
| &nbsp;&nbsp;&nbsp; LAI-00767400, 28.760%, 7/23/2026 †x | LendingPoint | 2/24/2023 | 5793 | 5793 | 5649 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8877** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00767409, 28.370%, 4/01/2026 †x# | LendingPoint | 2/24/2023 | $3732 | $3732 | $3625 |
| &nbsp;&nbsp;&nbsp; LAI-00767424, 15.880%, 3/31/2028 †x# | LendingPoint | 2/24/2023 | 2814 | 2814 | 294 |
| &nbsp;&nbsp;&nbsp; LAI-00767447, 0.000%, 2/20/2027 †x# | LendingPoint | 2/24/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00767460, 18.620%, 2/21/2028 †x | LendingPoint | 2/24/2023 | 2448 | 2448 | 2409 |
| &nbsp;&nbsp;&nbsp; LAI-00767473, 29.420%, 2/21/2027 †§x | LendingPoint | 2/24/2023 | 2215 | 2215 | 2244 |
| &nbsp;&nbsp;&nbsp; LAI-00767528, 15.880%, 6/21/2028 †x | LendingPoint | 2/24/2023 | 15856 | 15856 | 15282 |
| &nbsp;&nbsp;&nbsp; LAI-00767552, 27.130%, 2/21/2028 †x | LendingPoint | 2/24/2023 | 2808 | 2808 | 2719 |
| &nbsp;&nbsp;&nbsp; LAI-00767568, 16.400%, 2/21/2028 †x | LendingPoint | 2/24/2023 | 3599 | 3599 | 3546 |
| &nbsp;&nbsp;&nbsp; LAI-00767626, 28.760%, 1/24/2027 †x | LendingPoint | 2/24/2023 | 4116 | 4116 | 4132 |
| &nbsp;&nbsp;&nbsp; LAI-00767648, 21.650%, 11/24/2027 †x# | LendingPoint | 2/24/2023 | 5944 | 5944 | 1333 |
| &nbsp;&nbsp;&nbsp; LAI-00767655, 31.300%, 7/21/2028 †x | LendingPoint | 2/24/2023 | 9280 | 9280 | 8725 |
| &nbsp;&nbsp;&nbsp; LAI-00767657, 30.800%, 10/29/2027 †x# | LendingPoint | 2/24/2023 | 7138 | 7138 | 746 |
| &nbsp;&nbsp;&nbsp; LAI-00767658, 16.240%, 8/26/2030 †x# | LendingPoint | 2/24/2023 | 7076 | 7076 | 5987 |
| &nbsp;&nbsp;&nbsp; LAI-00767665, 20.290%, 4/30/2027 †x | LendingPoint | 2/24/2023 | 5250 | 5250 | 5201 |
| &nbsp;&nbsp;&nbsp; LAI-00767715, 22.770%, 2/22/2027 †§x | LendingPoint | 2/24/2023 | 5630 | 5630 | 5601 |
| &nbsp;&nbsp;&nbsp; LAI-00767721, 19.470%, 2/22/2028 †x | LendingPoint | 2/24/2023 | 5802 | 5802 | 5603 |
| &nbsp;&nbsp;&nbsp; LAI-00767722, 29.590%, 2/17/2028 †x | LendingPoint | 2/24/2023 | 8564 | 8564 | 8283 |
| &nbsp;&nbsp;&nbsp; LAI-00767779, 15.780%, 2/22/2028 †x | LendingPoint | 2/24/2023 | 4391 | 4391 | 4290 |
| &nbsp;&nbsp;&nbsp; LAI-00767788, 29.510%, 5/28/2030 †x# | LendingPoint | 2/24/2023 | 1621 | 1621 | 169 |
| &nbsp;&nbsp;&nbsp; LAI-00767847, 28.370%, 2/23/2028 †x | LendingPoint | 2/24/2023 | 10133 | 10133 | 9862 |
| &nbsp;&nbsp;&nbsp; LAI-00767858, 21.780%, 2/23/2028 †x | LendingPoint | 2/24/2023 | 8325 | 8325 | 8251 |
| &nbsp;&nbsp;&nbsp; LAI-00767859, 16.400%, 2/23/2028 †x | LendingPoint | 2/24/2023 | 3005 | 3005 | 2958 |
| &nbsp;&nbsp;&nbsp; LAI-00767907, 16.880%, 2/29/2028 †x# | LendingPoint | 2/24/2023 | 17065 | 17065 | 16343 |
| &nbsp;&nbsp;&nbsp; LAI-00767909, 15.780%, 2/23/2028 †x | LendingPoint | 2/24/2023 | 13781 | 13781 | 13398 |
| &nbsp;&nbsp;&nbsp; LAI-00768018, 21.270%, 10/07/2031 †x# | LendingPoint | 2/24/2023 | 19331 | 19331 | 2020 |
| &nbsp;&nbsp;&nbsp; LAI-00768039, 29.090%, 1/28/2028 †x# | LendingPoint | 2/24/2023 | 4015 | 4015 | 3875 |
| &nbsp;&nbsp;&nbsp; LAI-00768077, 0.000%, 2/24/2028 †x# | LendingPoint | 2/24/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00768099, 22.890%, 2/23/2028 †x# | LendingPoint | 2/24/2023 | 10338 | 10338 | 1080 |
| &nbsp;&nbsp;&nbsp; LAI-00768125, 16.990%, 2/23/2026 †§x | LendingPoint | 2/24/2023 | 408 | 408 | 410 |
| &nbsp;&nbsp;&nbsp; LAI-00768144, 15.280%, 2/23/2027 †x | LendingPoint | 2/24/2023 | 3529 | 3529 | 3513 |
| &nbsp;&nbsp;&nbsp; LAI-00768161, 15.270%, 2/28/2026 †x# | LendingPoint | 2/24/2023 | 8046 | 8046 | 6766 |
| &nbsp;&nbsp;&nbsp; LAI-00768166, 17.380%, 2/23/2028 †x | LendingPoint | 2/24/2023 | 6301 | 6301 | 6140 |
| &nbsp;&nbsp;&nbsp; LAI-00768203, 18.570%, 2/17/2028 †x | LendingPoint | 2/24/2023 | 20865 | 20865 | 20372 |
| &nbsp;&nbsp;&nbsp; LAI-00768267, 30.440%, 2/23/2028 †x# | LendingPoint | 2/24/2023 | 2716 | 2716 | 284 |
| &nbsp;&nbsp;&nbsp; LAI-00768322, 27.070%, 2/23/2026 †§x | LendingPoint | 2/24/2023 | 1982 | 1982 | 2022 |
| &nbsp;&nbsp;&nbsp; LAI-00768367, 22.770%, 2/23/2026 †§x | LendingPoint | 2/24/2023 | 874 | 874 | 879 |
| &nbsp;&nbsp;&nbsp; LAI-00768414, 16.240%, 2/23/2028 †x# | LendingPoint | 2/24/2023 | 15267 | 15267 | 3355 |
| &nbsp;&nbsp;&nbsp; LAI-00768456, 13.800%, 2/16/2028 †x | LendingPoint | 2/24/2023 | 6415 | 6415 | 6287 |
| &nbsp;&nbsp;&nbsp; LAI-00768460, 17.380%, 2/23/2028 †x | LendingPoint | 2/24/2023 | 20803 | 20803 | 20271 |
| &nbsp;&nbsp;&nbsp; LAI-00768487, 15.320%, 2/23/2027 †§x | LendingPoint | 2/24/2023 | 6654 | 6654 | 6600 |
| &nbsp;&nbsp;&nbsp; LAI-00768496, 30.120%, 6/05/2027 †x | LendingPoint | 2/24/2023 | 5098 | 5098 | 5030 |
| &nbsp;&nbsp;&nbsp; LAI-00768511, 29.510%, 1/31/2028 †x# | LendingPoint | 2/24/2023 | 1378 | 1378 | 1332 |
| &nbsp;&nbsp;&nbsp; LAI-00768519, 21.560%, 1/24/2028 †x | LendingPoint | 2/24/2023 | 3385 | 3385 | 3271 |
| &nbsp;&nbsp;&nbsp; LAI-00768539, 14.780%, 2/24/2028 †x | LendingPoint | 2/24/2023 | 11841 | 11841 | 11491 |
| &nbsp;&nbsp;&nbsp; LAI-00768542, 30.690%, 2/24/2027 †x# | LendingPoint | 2/24/2023 | 4407 | 4407 | 1083 |
| &nbsp;&nbsp;&nbsp; LAI-00768552, 15.880%, 3/25/2028 †x | LendingPoint | 2/24/2023 | 7190 | 7190 | 6976 |
| &nbsp;&nbsp;&nbsp; LAI-00768555, 31.300%, 2/24/2028 †x | LendingPoint | 2/24/2023 | 4070 | 4070 | 4025 |
| &nbsp;&nbsp;&nbsp; LAI-00768569, 13.820%, 2/24/2028 †x | LendingPoint | 2/24/2023 | 7386 | 7386 | 7275 |
| &nbsp;&nbsp;&nbsp; LAI-00768601, 15.350%, 2/24/2028 †x | LendingPoint | 2/24/2023 | 6006 | 6006 | 5798 |
| &nbsp;&nbsp;&nbsp; LAI-00768610, 23.200%, 4/30/2027 †x# | LendingPoint | 2/24/2023 | 7195 | 7195 | 6925 |
| &nbsp;&nbsp;&nbsp; LAI-00768627, 31.300%, 2/24/2028 †x | LendingPoint | 2/24/2023 | 15456 | 15456 | 15241 |
| &nbsp;&nbsp;&nbsp; LAI-00768628, 19.080%, 3/01/2028 †x | LendingPoint | 2/24/2023 | 8559 | 8559 | 8197 |
| &nbsp;&nbsp;&nbsp; LAI-00768650, 19.470%, 2/24/2028 †x | LendingPoint | 2/24/2023 | 5893 | 5893 | 5710 |
| &nbsp;&nbsp;&nbsp; LAI-00768738, 14.710%, 2/24/2028 †x | LendingPoint | 2/27/2023 | 15811 | 15811 | 15427 |
| &nbsp;&nbsp;&nbsp; LAI-00768918, 17.860%, 2/24/2028 †x | LendingPoint | 2/27/2023 | 6161 | 6161 | 6009 |
| &nbsp;&nbsp;&nbsp; LAI-00769098, 17.090%, 2/24/2028 †x | LendingPoint | 2/27/2023 | 4363 | 4363 | 4245 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8878** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00769101, 16.640%, 2/24/2027 †§x | LendingPoint | 2/27/2023 | $429 | $429 | $427 |
| &nbsp;&nbsp;&nbsp; LAI-00769391, 14.310%, 2/25/2028 †x | LendingPoint | 2/27/2023 | 16089 | 16089 | 15620 |
| &nbsp;&nbsp;&nbsp; LAI-00769477, 17.990%, 2/25/2028 †x | LendingPoint | 2/27/2023 | 4845 | 4845 | 4675 |
| &nbsp;&nbsp;&nbsp; LAI-00772208, 30.800%, 2/29/2028 †x# | LendingPoint | 3/03/2023 | 4770 | 4770 | 4631 |
| &nbsp;&nbsp;&nbsp; LAI-00772422, 13.160%, 3/13/2028 †x# | LendingPoint | 3/03/2023 | 19225 | 19225 | 18804 |
| &nbsp;&nbsp;&nbsp; LAI-00772440, 13.820%, 2/29/2028 †x# | LendingPoint | 3/03/2023 | 9224 | 9224 | 9008 |
| &nbsp;&nbsp;&nbsp; LAI-00772482, 14.780%, 2/29/2028 †x# | LendingPoint | 3/03/2023 | 4692 | 4692 | 4531 |
| &nbsp;&nbsp;&nbsp; LAI-00772639, 14.310%, 2/29/2028 †x# | LendingPoint | 3/03/2023 | 18967 | 18967 | 1982 |
| &nbsp;&nbsp;&nbsp; LAI-00772647, 13.160%, 3/14/2028 †x | LendingPoint | 3/03/2023 | 11297 | 11297 | 11069 |
| &nbsp;&nbsp;&nbsp; LAI-00772714, 17.300%, 2/29/2028 †x# | LendingPoint | 3/03/2023 | 4969 | 4969 | 4782 |
| &nbsp;&nbsp;&nbsp; LAI-00772857, 14.990%, 3/14/2028 †x | LendingPoint | 3/06/2023 | 11768 | 11768 | 11239 |
| &nbsp;&nbsp;&nbsp; LAI-00773087, 11.230%, 2/29/2028 †x# | LendingPoint | 3/06/2023 | 4573 | 4573 | 4476 |
| &nbsp;&nbsp;&nbsp; LAI-00773364, 24.840%, 2/29/2028 †x# | LendingPoint | 3/06/2023 | 16693 | 16693 | 16302 |
| &nbsp;&nbsp;&nbsp; LAI-00773522, 15.760%, 3/01/2028 †x | LendingPoint | 3/06/2023 | 10435 | 10435 | 10092 |
| &nbsp;&nbsp;&nbsp; LAI-00773578, 22.550%, 3/01/2028 †§x# | LendingPoint | 3/06/2023 | 201 | 201 | 197 |
| &nbsp;&nbsp;&nbsp; LAI-00774606, 19.470%, 7/02/2028 †x | LendingPoint | 3/08/2023 | 17475 | 17475 | 16677 |
| &nbsp;&nbsp;&nbsp; LAI-00774740, 24.770%, 3/02/2027 †§x | LendingPoint | 3/08/2023 | 1831 | 1831 | 1792 |
| &nbsp;&nbsp;&nbsp; LAI-00774772, 21.430%, 3/02/2028 †x# | LendingPoint | 3/08/2023 | 9201 | 9201 | 2122 |
| &nbsp;&nbsp;&nbsp; LAI-00774898, 17.090%, 3/02/2027 †§x | LendingPoint | 3/08/2023 | 8706 | 8706 | 8621 |
| &nbsp;&nbsp;&nbsp; LAI-00774914, 14.130%, 3/02/2028 †x | LendingPoint | 3/08/2023 | 17803 | 17803 | 17442 |
| &nbsp;&nbsp;&nbsp; LAI-00774922, 30.120%, 3/02/2027 †x | LendingPoint | 3/08/2023 | 4674 | 4674 | 4646 |
| &nbsp;&nbsp;&nbsp; LAI-00774951, 25.320%, 4/22/2028 †x# | LendingPoint | 3/08/2023 | 14515 | 14515 | 1517 |
| &nbsp;&nbsp;&nbsp; LAI-00774963, 17.620%, 3/02/2028 †x | LendingPoint | 3/08/2023 | 3339 | 3339 | 3266 |
| &nbsp;&nbsp;&nbsp; LAI-00774969, 26.550%, 11/02/2028 †x | LendingPoint | 3/08/2023 | 10984 | 10984 | 10175 |
| &nbsp;&nbsp;&nbsp; LAI-00775027, 15.670%, 3/02/2027 †x | LendingPoint | 3/08/2023 | 11137 | 11137 | 11042 |
| &nbsp;&nbsp;&nbsp; LAI-00775034, 24.840%, 2/05/2028 †x | LendingPoint | 3/08/2023 | 8588 | 8588 | 8359 |
| &nbsp;&nbsp;&nbsp; LAI-00775038, 16.400%, 3/14/2028 †x | LendingPoint | 3/08/2023 | 17496 | 17496 | 17116 |
| &nbsp;&nbsp;&nbsp; LAI-00775060, 22.390%, 2/07/2028 †x | LendingPoint | 3/08/2023 | 7689 | 7689 | 7495 |
| &nbsp;&nbsp;&nbsp; LAI-00775138, 19.990%, 1/29/2026 †x# | LendingPoint | 3/08/2023 | 1937 | 1937 | 1599 |
| &nbsp;&nbsp;&nbsp; LAI-00775298, 20.650%, 3/03/2028 †x | LendingPoint | 3/08/2023 | 6426 | 6426 | 6208 |
| &nbsp;&nbsp;&nbsp; LAI-00775312, 19.470%, 3/17/2028 †x | LendingPoint | 3/08/2023 | 16187 | 16187 | 15560 |
| &nbsp;&nbsp;&nbsp; LAI-00775333, 23.880%, 3/03/2028 †x | LendingPoint | 3/08/2023 | 6782 | 6782 | 6627 |
| &nbsp;&nbsp;&nbsp; LAI-00775396, 29.420%, 3/14/2027 †x | LendingPoint | 3/09/2023 | 3311 | 3311 | 3220 |
| &nbsp;&nbsp;&nbsp; LAI-00775397, 27.500%, 1/29/2026 †x | LendingPoint | 3/09/2023 | 4008 | 4008 | 3725 |
| &nbsp;&nbsp;&nbsp; LAI-00775412, 26.090%, 2/07/2028 †x | LendingPoint | 3/09/2023 | 8381 | 8381 | 8160 |
| &nbsp;&nbsp;&nbsp; LAI-00775524, 22.410%, 3/15/2028 †x | LendingPoint | 3/09/2023 | 5720 | 5720 | 5591 |
| &nbsp;&nbsp;&nbsp; LAI-00775546, 17.480%, 3/07/2028 †x | LendingPoint | 3/09/2023 | 9959 | 9959 | 9702 |
| &nbsp;&nbsp;&nbsp; LAI-00775589, 17.310%, 7/15/2028 †x# | LendingPoint | 3/09/2023 | 21668 | 21668 | 2264 |
| &nbsp;&nbsp;&nbsp; LAI-00775767, 15.880%, 4/08/2028 †x | LendingPoint | 3/09/2023 | 14749 | 14749 | 14212 |
| &nbsp;&nbsp;&nbsp; LAI-00775794, 30.800%, 1/07/2028 †x | LendingPoint | 3/09/2023 | 5299 | 5299 | 5089 |
| &nbsp;&nbsp;&nbsp; LAI-00775795, 21.270%, 3/03/2028 †x# | LendingPoint | 3/09/2023 | 14792 | 14792 | 1546 |
| &nbsp;&nbsp;&nbsp; LAI-00775843, 16.260%, 3/03/2027 †§x | LendingPoint | 3/09/2023 | 1992 | 1992 | 1955 |
| &nbsp;&nbsp;&nbsp; LAI-00775849, 30.800%, 8/03/2029 †x# | LendingPoint | 3/09/2023 | 7961 | 7961 | 3321 |
| &nbsp;&nbsp;&nbsp; LAI-00775908, 30.120%, 3/04/2027 †x | LendingPoint | 3/09/2023 | 2038 | 2038 | 2038 |
| &nbsp;&nbsp;&nbsp; LAI-00775935, 30.800%, 3/04/2028 †x | LendingPoint | 3/09/2023 | 3758 | 3758 | 3629 |
| &nbsp;&nbsp;&nbsp; LAI-00775957, 17.280%, 3/04/2028 †x | LendingPoint | 3/09/2023 | 12558 | 12558 | 12312 |
| &nbsp;&nbsp;&nbsp; LAI-00775994, 29.900%, 3/04/2027 †§x | LendingPoint | 3/09/2023 | 4608 | 4608 | 4611 |
| &nbsp;&nbsp;&nbsp; LAI-00776143, 24.510%, 5/04/2029 †x# | LendingPoint | 3/09/2023 | 6767 | 6767 | 6436 |
| &nbsp;&nbsp;&nbsp; LAI-00776277, 21.970%, 1/17/2028 †x# | LendingPoint | 3/09/2023 | 5758 | 5758 | 5552 |
| &nbsp;&nbsp;&nbsp; LAI-00776319, 14.100%, 9/30/2025 †x | LendingPoint | 3/09/2023 | 310 | 310 | 292 |
| &nbsp;&nbsp;&nbsp; LAI-00776374, 28.760%, 3/05/2027 †§x# | LendingPoint | 3/09/2023 | 2109 | 2109 | 1143 |
| &nbsp;&nbsp;&nbsp; LAI-00776614, 27.460%, 3/15/2027 †x | LendingPoint | 3/09/2023 | 3895 | 3895 | 3885 |
| &nbsp;&nbsp;&nbsp; LAI-00776646, 30.800%, 3/20/2028 †x | LendingPoint | 3/09/2023 | 4402 | 4402 | 4281 |
| &nbsp;&nbsp;&nbsp; LAI-00776647, 13.820%, 3/14/2027 †x | LendingPoint | 3/09/2023 | 11686 | 11686 | 11576 |
| &nbsp;&nbsp;&nbsp; LAI-00776665, 17.690%, 3/15/2026 †x | LendingPoint | 3/09/2023 | 3415 | 3415 | 3431 |
| &nbsp;&nbsp;&nbsp; LAI-00776714, 30.120%, 3/06/2027 †§x | LendingPoint | 3/09/2023 | 3838 | 3838 | 3755 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8879** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00776769, 13.560%, 3/06/2028 †x | LendingPoint | 3/09/2023 | $6084 | $6084 | $6004 |
| &nbsp;&nbsp;&nbsp; LAI-00776784, 31.260%, 3/06/2028 †x | LendingPoint | 3/09/2023 | 7508 | 7508 | 7300 |
| &nbsp;&nbsp;&nbsp; LAI-00776788, 15.310%, 4/06/2029 †x# | LendingPoint | 3/09/2023 | 19664 | 19664 | 2055 |
| &nbsp;&nbsp;&nbsp; LAI-00776870, 30.800%, 3/31/2026 †x | LendingPoint | 3/10/2023 | 3705 | 3705 | 3462 |
| &nbsp;&nbsp;&nbsp; LAI-00776877, 19.740%, 3/15/2027 †x | LendingPoint | 3/10/2023 | 2754 | 2754 | 2697 |
| &nbsp;&nbsp;&nbsp; LAI-00776894, 18.370%, 3/06/2028 †x | LendingPoint | 3/10/2023 | 20179 | 20179 | 19756 |
| &nbsp;&nbsp;&nbsp; LAI-00776918, 0.000%, 2/17/2028 †x | LendingPoint | 3/10/2023 | 100 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; LAI-00776949, 0.000%, 7/14/2027 †x | LendingPoint | 3/10/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00777153, 14.400%, 6/17/2028 †x | LendingPoint | 3/10/2023 | 8477 | 8477 | 8304 |
| &nbsp;&nbsp;&nbsp; LAI-00777188, 13.530%, 3/06/2026 †§x | LendingPoint | 3/10/2023 | 478 | 478 | 480 |
| &nbsp;&nbsp;&nbsp; LAI-00777197, 24.470%, 3/20/2028 †x | LendingPoint | 3/10/2023 | 5150 | 5150 | 5009 |
| &nbsp;&nbsp;&nbsp; LAI-00777253, 13.840%, 3/15/2028 †x | LendingPoint | 3/10/2023 | 3415 | 3415 | 3351 |
| &nbsp;&nbsp;&nbsp; LAI-00777276, 30.390%, 2/10/2027 †x | LendingPoint | 3/10/2023 | 4565 | 4565 | 4551 |
| &nbsp;&nbsp;&nbsp; LAI-00777311, 30.990%, 3/06/2027 †§x | LendingPoint | 3/10/2023 | 757 | 757 | 755 |
| &nbsp;&nbsp;&nbsp; LAI-00777341, 17.290%, 3/06/2027 †§x | LendingPoint | 3/10/2023 | 2823 | 2823 | 2765 |
| &nbsp;&nbsp;&nbsp; LAI-00777358, 20.740%, 3/06/2028 †x | LendingPoint | 3/10/2023 | 14303 | 14303 | 13670 |
| &nbsp;&nbsp;&nbsp; LAI-00777384, 24.890%, 3/06/2027 †§x | LendingPoint | 3/10/2023 | 1641 | 1641 | 1627 |
| &nbsp;&nbsp;&nbsp; LAI-00777408, 14.400%, 3/20/2028 †x | LendingPoint | 3/10/2023 | 6742 | 6742 | 6605 |
| &nbsp;&nbsp;&nbsp; LAI-00777485, 24.890%, 2/15/2028 †x# | LendingPoint | 3/10/2023 | 12407 | 12407 | 1297 |
| &nbsp;&nbsp;&nbsp; LAI-00777730, 9.040%, 3/07/2028 †x | LendingPoint | 3/10/2023 | 6302 | 6302 | 6182 |
| &nbsp;&nbsp;&nbsp; LAI-00777827, 29.520%, 3/21/2028 †x | LendingPoint | 3/13/2023 | 5390 | 5390 | 5251 |
| &nbsp;&nbsp;&nbsp; LAI-00777860, 29.040%, 3/05/2027 †x | LendingPoint | 3/13/2023 | 7299 | 7299 | 7249 |
| &nbsp;&nbsp;&nbsp; LAI-00777862, 23.030%, 7/22/2028 †x | LendingPoint | 3/13/2023 | 8991 | 8991 | 8714 |
| &nbsp;&nbsp;&nbsp; LAI-00777872, 22.900%, 2/15/2028 †x | LendingPoint | 3/13/2023 | 10025 | 10025 | 9809 |
| &nbsp;&nbsp;&nbsp; LAI-00777874, 13.370%, 3/21/2028 †x | LendingPoint | 3/13/2023 | 2190 | 2190 | 2153 |
| &nbsp;&nbsp;&nbsp; LAI-00777887, 26.960%, 3/07/2028 †x# | LendingPoint | 3/13/2023 | 12852 | 12852 | 4130 |
| &nbsp;&nbsp;&nbsp; LAI-00777939, 14.320%, 4/27/2026 †x# | LendingPoint | 3/13/2023 | 2557 | 2557 | 2409 |
| &nbsp;&nbsp;&nbsp; LAI-00777996, 23.870%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 7841 | 7841 | 7681 |
| &nbsp;&nbsp;&nbsp; LAI-00778042, 18.940%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 4997 | 4997 | 4904 |
| &nbsp;&nbsp;&nbsp; LAI-00778063, 23.600%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 3411 | 3411 | 3342 |
| &nbsp;&nbsp;&nbsp; LAI-00778149, 21.490%, 3/07/2027 †§x | LendingPoint | 3/13/2023 | 3004 | 3004 | 3003 |
| &nbsp;&nbsp;&nbsp; LAI-00778156, 29.440%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 1851 | 1851 | 1804 |
| &nbsp;&nbsp;&nbsp; LAI-00778169, 28.560%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 3637 | 3637 | 3543 |
| &nbsp;&nbsp;&nbsp; LAI-00778190, 31.280%, 3/07/2027 †x | LendingPoint | 3/13/2023 | 2895 | 2895 | 2888 |
| &nbsp;&nbsp;&nbsp; LAI-00778279, 14.570%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 6380 | 6380 | 6164 |
| &nbsp;&nbsp;&nbsp; LAI-00778282, 24.490%, 2/16/2028 †x | LendingPoint | 3/13/2023 | 9610 | 9610 | 9401 |
| &nbsp;&nbsp;&nbsp; LAI-00778285, 28.590%, 11/16/2027 †x | LendingPoint | 3/13/2023 | 3562 | 3562 | 3494 |
| &nbsp;&nbsp;&nbsp; LAI-00778302, 26.990%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 11337 | 11337 | 11091 |
| &nbsp;&nbsp;&nbsp; LAI-00778433, 25.590%, 3/07/2028 †x | LendingPoint | 3/13/2023 | 11622 | 11622 | 5442 |
| &nbsp;&nbsp;&nbsp; LAI-00778440, 30.800%, 3/07/2028 †x# | LendingPoint | 3/13/2023 | 5728 | 5728 | 599 |
| &nbsp;&nbsp;&nbsp; LAI-00778479, 30.120%, 3/15/2027 †x | LendingPoint | 3/13/2023 | 2694 | 2694 | 2623 |
| &nbsp;&nbsp;&nbsp; LAI-00778549, 24.490%, 3/08/2027 †§x | LendingPoint | 3/13/2023 | 1477 | 1477 | 1443 |
| &nbsp;&nbsp;&nbsp; LAI-00779454, 25.500%, 11/09/2025 †x | LendingPoint | 3/14/2023 | 909 | 909 | 902 |
| &nbsp;&nbsp;&nbsp; LAI-00779475, 0.000%, 3/02/2028 †x | LendingPoint | 3/14/2023 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00779479, 25.840%, 3/09/2025 †x#^ | LendingPoint | 3/14/2023 | 5717 | 5717 | 1021 |
| &nbsp;&nbsp;&nbsp; LAI-00779490, 28.040%, 2/23/2028 †x | LendingPoint | 3/14/2023 | 7032 | 7032 | 6823 |
| &nbsp;&nbsp;&nbsp; LAI-00779526, 30.800%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 10443 | 10443 | 10214 |
| &nbsp;&nbsp;&nbsp; LAI-00779535, 30.800%, 8/06/2030 †x# | LendingPoint | 3/14/2023 | 14532 | 14532 | 1519 |
| &nbsp;&nbsp;&nbsp; LAI-00779559, 15.630%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 15325 | 15325 | 14773 |
| &nbsp;&nbsp;&nbsp; LAI-00779634, 15.880%, 3/09/2028 †x# | LendingPoint | 3/14/2023 | 11406 | 11406 | 2647 |
| &nbsp;&nbsp;&nbsp; LAI-00779663, 28.760%, 3/09/2027 †§x | LendingPoint | 3/14/2023 | 4289 | 4289 | 4285 |
| &nbsp;&nbsp;&nbsp; LAI-00779686, 18.640%, 3/09/2027 †x | LendingPoint | 3/14/2023 | 3164 | 3164 | 3101 |
| &nbsp;&nbsp;&nbsp; LAI-00779692, 15.890%, 3/07/2028 †x# | LendingPoint | 3/14/2023 | 18571 | 18571 | 18108 |
| &nbsp;&nbsp;&nbsp; LAI-00779734, 19.490%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 9525 | 9525 | 9204 |
| &nbsp;&nbsp;&nbsp; LAI-00779736, 15.110%, 3/11/2028 †x | LendingPoint | 3/14/2023 | 16543 | 16543 | 15947 |
| &nbsp;&nbsp;&nbsp; LAI-00779743, 18.060%, 3/23/2028 †x | LendingPoint | 3/14/2023 | 6473 | 6473 | 6363 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8880** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00779744, 21.270%, 11/08/2028 †x | LendingPoint | 3/14/2023 | $12229 | $12229 | $11860 |
| &nbsp;&nbsp;&nbsp; LAI-00779812, 30.800%, 8/17/2028 †x | LendingPoint | 3/14/2023 | 10679 | 10679 | 10371 |
| &nbsp;&nbsp;&nbsp; LAI-00779825, 30.800%, 5/20/2028 †x | LendingPoint | 3/14/2023 | 9284 | 9284 | 9121 |
| &nbsp;&nbsp;&nbsp; LAI-00779828, 22.770%, 3/09/2028 †x# | LendingPoint | 3/14/2023 | 2427 | 2427 | 1116 |
| &nbsp;&nbsp;&nbsp; LAI-00779836, 27.480%, 2/14/2028 †x | LendingPoint | 3/14/2023 | 4285 | 4285 | 4187 |
| &nbsp;&nbsp;&nbsp; LAI-00779837, 22.310%, 3/09/2027 †§x | LendingPoint | 3/14/2023 | 4282 | 4282 | 4194 |
| &nbsp;&nbsp;&nbsp; LAI-00779865, 30.800%, 3/09/2028 †x# | LendingPoint | 3/14/2023 | 6682 | 6682 | 2979 |
| &nbsp;&nbsp;&nbsp; LAI-00779867, 29.090%, 1/30/2026 †x | LendingPoint | 3/14/2023 | 3924 | 3924 | 3411 |
| &nbsp;&nbsp;&nbsp; LAI-00779870, 26.090%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 9437 | 9437 | 9247 |
| &nbsp;&nbsp;&nbsp; LAI-00779878, 30.120%, 3/09/2027 †x# | LendingPoint | 3/14/2023 | 6066 | 6066 | 1456 |
| &nbsp;&nbsp;&nbsp; LAI-00779907, 20.740%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 8246 | 8246 | 7940 |
| &nbsp;&nbsp;&nbsp; LAI-00779918, 30.800%, 7/08/2037 †x# | LendingPoint | 3/14/2023 | 13907 | 13907 | 1453 |
| &nbsp;&nbsp;&nbsp; LAI-00779920, 27.960%, 5/24/2028 †x | LendingPoint | 3/14/2023 | 12716 | 12716 | 12576 |
| &nbsp;&nbsp;&nbsp; LAI-00779923, 15.320%, 3/09/2027 †§x | LendingPoint | 3/14/2023 | 4982 | 4982 | 4889 |
| &nbsp;&nbsp;&nbsp; LAI-00779932, 24.290%, 2/15/2028 †x | LendingPoint | 3/14/2023 | 12287 | 12287 | 12023 |
| &nbsp;&nbsp;&nbsp; LAI-00779933, 17.590%, 3/23/2028 †x# | LendingPoint | 3/14/2023 | 9848 | 9848 | 9511 |
| &nbsp;&nbsp;&nbsp; LAI-00779961, 16.110%, 3/22/2028 †x# | LendingPoint | 3/14/2023 | 11587 | 11587 | 3342 |
| &nbsp;&nbsp;&nbsp; LAI-00779964, 15.240%, 12/30/2029 †x# | LendingPoint | 3/14/2023 | 2955 | 2955 | 2511 |
| &nbsp;&nbsp;&nbsp; LAI-00780003, 30.460%, 2/18/2028 †x# | LendingPoint | 3/14/2023 | 3704 | 3704 | 3568 |
| &nbsp;&nbsp;&nbsp; LAI-00780006, 16.620%, 2/26/2030 †x# | LendingPoint | 3/14/2023 | 17754 | 17754 | 3823 |
| &nbsp;&nbsp;&nbsp; LAI-00780022, 0.000%, 3/09/2028 †x# | LendingPoint | 3/14/2023 | 8246 | 8246 |  |
| &nbsp;&nbsp;&nbsp; LAI-00780047, 25.070%, 5/22/2029 †x | LendingPoint | 3/14/2023 | 22728 | 22728 | 22089 |
| &nbsp;&nbsp;&nbsp; LAI-00780053, 19.720%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 21359 | 21359 | 20622 |
| &nbsp;&nbsp;&nbsp; LAI-00780058, 30.800%, 3/09/2028 †x# | LendingPoint | 3/14/2023 | 7948 | 7948 | 1419 |
| &nbsp;&nbsp;&nbsp; LAI-00780059, 14.910%, 6/17/2028 †x | LendingPoint | 3/14/2023 | 10649 | 10649 | 10504 |
| &nbsp;&nbsp;&nbsp; LAI-00780064, 17.930%, 3/14/2028 †x# | LendingPoint | 3/14/2023 | 4632 | 4632 | 827 |
| &nbsp;&nbsp;&nbsp; LAI-00780116, 16.140%, 7/15/2028 †x | LendingPoint | 3/14/2023 | 17944 | 17944 | 17581 |
| &nbsp;&nbsp;&nbsp; LAI-00780142, 14.320%, 3/09/2027 †§x | LendingPoint | 3/14/2023 | 3489 | 3489 | 3424 |
| &nbsp;&nbsp;&nbsp; LAI-00780153, 14.110%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 9394 | 9394 | 9087 |
| &nbsp;&nbsp;&nbsp; LAI-00780173, 22.240%, 3/03/2027 †x# | LendingPoint | 3/14/2023 | 11577 | 11577 | 3989 |
| &nbsp;&nbsp;&nbsp; LAI-00780182, 18.650%, 2/12/2028 †x | LendingPoint | 3/14/2023 | 2573 | 2573 | 2515 |
| &nbsp;&nbsp;&nbsp; LAI-00780187, 16.400%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 6333 | 6333 | 6229 |
| &nbsp;&nbsp;&nbsp; LAI-00780197, 25.170%, 8/09/2028 †x# | LendingPoint | 3/14/2023 | 10896 | 10896 | 1139 |
| &nbsp;&nbsp;&nbsp; LAI-00780259, 15.500%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 2167 | 2167 | 2081 |
| &nbsp;&nbsp;&nbsp; LAI-00780262, 26.020%, 4/18/2028 †x | LendingPoint | 3/14/2023 | 5602 | 5602 | 5337 |
| &nbsp;&nbsp;&nbsp; LAI-00780265, 31.300%, 6/09/2030 †x# | LendingPoint | 3/14/2023 | 12329 | 12329 | 1288 |
| &nbsp;&nbsp;&nbsp; LAI-00780267, 26.120%, 3/16/2027 †x | LendingPoint | 3/14/2023 | 4780 | 4780 | 4679 |
| &nbsp;&nbsp;&nbsp; LAI-00780269, 27.390%, 4/15/2028 †x | LendingPoint | 3/14/2023 | 4259 | 4259 | 4126 |
| &nbsp;&nbsp;&nbsp; LAI-00780283, 0.000%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 21 | 21 | 21 |
| &nbsp;&nbsp;&nbsp; LAI-00780293, 29.430%, 3/23/2028 †x | LendingPoint | 3/14/2023 | 12565 | 12565 | 12259 |
| &nbsp;&nbsp;&nbsp; LAI-00780299, 16.880%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 17355 | 17355 | 16724 |
| &nbsp;&nbsp;&nbsp; LAI-00780310, 30.120%, 3/09/2027 †§x | LendingPoint | 3/14/2023 | 4092 | 4092 | 4085 |
| &nbsp;&nbsp;&nbsp; LAI-00780320, 30.690%, 3/09/2027 †§x | LendingPoint | 3/14/2023 | 3491 | 3491 | 3410 |
| &nbsp;&nbsp;&nbsp; LAI-00780339, 30.350%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 9019 | 9019 | 8704 |
| &nbsp;&nbsp;&nbsp; LAI-00780745, 16.800%, 3/14/2027 †x | LendingPoint | 3/16/2023 | 7102 | 7102 | 7035 |
| &nbsp;&nbsp;&nbsp; LAI-00780795, 15.130%, 3/10/2028 †x# | LendingPoint | 3/16/2023 | 8430 | 8430 | 3491 |
| &nbsp;&nbsp;&nbsp; LAI-00781001, 13.160%, 3/10/2028 †x# | LendingPoint | 3/16/2023 | 3999 | 3999 | 1159 |
| &nbsp;&nbsp;&nbsp; LAI-00796084, 20.140%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 5924 | 5924 | 5795 |
| &nbsp;&nbsp;&nbsp; LAI-00796085, 30.690%, 3/15/2027 †x | LendingPoint | 4/18/2023 | 2445 | 2445 | 2372 |
| &nbsp;&nbsp;&nbsp; LAI-00796088, 20.250%, 4/12/2026 †x | LendingPoint | 4/18/2023 | 892 | 892 | 892 |
| &nbsp;&nbsp;&nbsp; LAI-00796096, 18.230%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 9398 | 9398 | 8987 |
| &nbsp;&nbsp;&nbsp; LAI-00796101, 20.710%, 4/19/2028 †x | LendingPoint | 4/18/2023 | 9615 | 9615 | 9410 |
| &nbsp;&nbsp;&nbsp; LAI-00796102, 30.120%, 4/12/2027 †§x | LendingPoint | 4/18/2023 | 2130 | 2130 | 2076 |
| &nbsp;&nbsp;&nbsp; LAI-00796105, 27.560%, 1/27/2029 †x | LendingPoint | 4/18/2023 | 6478 | 6478 | 6214 |
| &nbsp;&nbsp;&nbsp; LAI-00796110, 19.750%, 4/30/2026 †x | LendingPoint | 4/18/2023 | 11453 | 11453 | 10136 |
| &nbsp;&nbsp;&nbsp; LAI-00796126, 20.250%, 7/25/2030 †x# | LendingPoint | 4/18/2023 | 12332 | 12332 | 11824 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8881** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00796168, 21.320%, 4/19/2026 †x | LendingPoint | 4/18/2023 | $1845 | $1845 | $1845 |
| &nbsp;&nbsp;&nbsp; LAI-00796227, 24.640%, 3/16/2028 †x | LendingPoint | 4/18/2023 | 3663 | 3663 | 3567 |
| &nbsp;&nbsp;&nbsp; LAI-00796255, 28.500%, 1/15/2029 †x | LendingPoint | 4/18/2023 | 39396 | 39396 | 38682 |
| &nbsp;&nbsp;&nbsp; LAI-00796339, 22.390%, 4/12/2029 †x | LendingPoint | 4/18/2023 | 5922 | 5922 | 5757 |
| &nbsp;&nbsp;&nbsp; LAI-00796353, 30.800%, 4/05/2028 †x | LendingPoint | 4/18/2023 | 6057 | 6057 | 5918 |
| &nbsp;&nbsp;&nbsp; LAI-00796356, 27.640%, 4/12/2028 †§x | LendingPoint | 4/18/2023 | 1392 | 1392 | 1342 |
| &nbsp;&nbsp;&nbsp; LAI-00796357, 22.530%, 6/30/2028 †x# | LendingPoint | 4/18/2023 | 7320 | 7320 | 6987 |
| &nbsp;&nbsp;&nbsp; LAI-00796367, 0.000%, 4/15/2028 †x | LendingPoint | 4/18/2023 | 172 | 172 | 172 |
| &nbsp;&nbsp;&nbsp; LAI-00796386, 28.760%, 3/15/2027 †x | LendingPoint | 4/18/2023 | 4472 | 4472 | 4448 |
| &nbsp;&nbsp;&nbsp; LAI-00796403, 0.000%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 22 | 22 |  |
| &nbsp;&nbsp;&nbsp; LAI-00796418, 18.000%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 11522 | 11522 | 11281 |
| &nbsp;&nbsp;&nbsp; LAI-00796436, 18.830%, 5/31/2028 †x# | LendingPoint | 4/18/2023 | 13229 | 13229 | 12661 |
| &nbsp;&nbsp;&nbsp; LAI-00796451, 30.800%, 4/26/2028 †x | LendingPoint | 4/18/2023 | 3974 | 3974 | 3864 |
| &nbsp;&nbsp;&nbsp; LAI-00796489, 25.840%, 6/28/2028 †x# | LendingPoint | 4/18/2023 | 5061 | 5061 | 4940 |
| &nbsp;&nbsp;&nbsp; LAI-00796502, 14.800%, 9/26/2028 †x | LendingPoint | 4/18/2023 | 7459 | 7459 | 7178 |
| &nbsp;&nbsp;&nbsp; LAI-00796507, 30.800%, 4/12/2028 †x# | LendingPoint | 4/18/2023 | 2470 | 2470 | 1132 |
| &nbsp;&nbsp;&nbsp; LAI-00796508, 28.760%, 4/15/2027 †x | LendingPoint | 4/18/2023 | 3517 | 3517 | 3499 |
| &nbsp;&nbsp;&nbsp; LAI-00796514, 18.000%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 6118 | 6118 | 5998 |
| &nbsp;&nbsp;&nbsp; LAI-00796519, 18.000%, 4/26/2028 †x | LendingPoint | 4/18/2023 | 14668 | 14668 | 14355 |
| &nbsp;&nbsp;&nbsp; LAI-00796525, 25.030%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 13574 | 13574 | 13043 |
| &nbsp;&nbsp;&nbsp; LAI-00796527, 19.910%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 14339 | 14339 | 14055 |
| &nbsp;&nbsp;&nbsp; LAI-00796540, 24.380%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 5290 | 5290 | 5166 |
| &nbsp;&nbsp;&nbsp; LAI-00796561, 24.820%, 2/19/2029 †x | LendingPoint | 4/18/2023 | 8097 | 8097 | 7570 |
| &nbsp;&nbsp;&nbsp; LAI-00796600, 17.370%, 4/12/2028 †x | LendingPoint | 4/18/2023 | 12782 | 12782 | 12520 |
| &nbsp;&nbsp;&nbsp; LAI-00796610, 21.330%, 4/12/2028 †x# | LendingPoint | 4/18/2023 | 20055 | 20055 | 2096 |
| &nbsp;&nbsp;&nbsp; LAI-00796615, 19.370%, 1/15/2029 †x# | LendingPoint | 4/18/2023 | 20059 | 20059 | 19489 |
| &nbsp;&nbsp;&nbsp; LAI-00796635, 16.000%, 4/08/2027 †x | LendingPoint | 4/18/2023 | 4000 | 4000 | 3960 |
| &nbsp;&nbsp;&nbsp; LAI-00796642, 28.760%, 4/13/2027 †§x# | LendingPoint | 4/18/2023 | 4468 | 4468 | 4463 |
| &nbsp;&nbsp;&nbsp; LAI-00796656, 18.000%, 4/13/2028 †x | LendingPoint | 4/18/2023 | 8933 | 8933 | 8546 |
| &nbsp;&nbsp;&nbsp; LAI-00796660, 29.420%, 4/26/2027 †x | LendingPoint | 4/18/2023 | 4655 | 4655 | 4631 |
| &nbsp;&nbsp;&nbsp; LAI-00796666, 29.510%, 4/13/2028 †x | LendingPoint | 4/18/2023 | 3643 | 3643 | 3551 |
| &nbsp;&nbsp;&nbsp; LAI-00796679, 18.000%, 9/15/2028 †x | LendingPoint | 4/18/2023 | 11636 | 11636 | 11134 |
| &nbsp;&nbsp;&nbsp; LAI-00796686, 26.990%, 3/15/2028 †x | LendingPoint | 4/18/2023 | 2632 | 2632 | 2568 |
| &nbsp;&nbsp;&nbsp; LAI-00796703, 17.370%, 5/13/2028 †x | LendingPoint | 4/18/2023 | 8760 | 8760 | 8581 |
| &nbsp;&nbsp;&nbsp; LAI-00796713, 0.000%, 4/13/2025 †x^ | LendingPoint | 4/18/2023 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00796715, 17.370%, 4/25/2028 †x | LendingPoint | 4/18/2023 | 7626 | 7626 | 7470 |
| &nbsp;&nbsp;&nbsp; LAI-00796783, 27.640%, 6/01/2028 †x# | LendingPoint | 4/18/2023 | 6967 | 6967 | 6644 |
| &nbsp;&nbsp;&nbsp; LAI-00796800, 23.380%, 4/25/2028 †x# | LendingPoint | 4/18/2023 | 4777 | 4777 | 871 |
| &nbsp;&nbsp;&nbsp; LAI-00796829, 24.480%, 5/01/2028 †x | LendingPoint | 4/18/2023 | 11066 | 11066 | 10680 |
| &nbsp;&nbsp;&nbsp; LAI-00796836, 18.000%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 4296 | 4296 | 4208 |
| &nbsp;&nbsp;&nbsp; LAI-00796845, 18.000%, 4/13/2029 †x# | LendingPoint | 4/18/2023 | 7791 | 7791 | 7604 |
| &nbsp;&nbsp;&nbsp; LAI-00796850, 30.800%, 3/25/2028 †x# | LendingPoint | 4/18/2023 | 6739 | 6739 | 704 |
| &nbsp;&nbsp;&nbsp; LAI-00796859, 10.040%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 19108 | 19108 | 18743 |
| &nbsp;&nbsp;&nbsp; LAI-00796861, 21.640%, 3/16/2028 †x# | LendingPoint | 4/18/2023 | 8381 | 8381 | 8146 |
| &nbsp;&nbsp;&nbsp; LAI-00796862, 21.250%, 4/27/2028 †x | LendingPoint | 4/18/2023 | 22217 | 22217 | 21404 |
| &nbsp;&nbsp;&nbsp; LAI-00796878, 22.390%, 3/15/2029 †x | LendingPoint | 4/18/2023 | 8697 | 8697 | 8539 |
| &nbsp;&nbsp;&nbsp; LAI-00796880, 25.550%, 4/27/2028 †x | LendingPoint | 4/18/2023 | 6819 | 6819 | 6651 |
| &nbsp;&nbsp;&nbsp; LAI-00796896, 18.000%, 3/20/2029 †x | LendingPoint | 4/18/2023 | 19709 | 19709 | 19377 |
| &nbsp;&nbsp;&nbsp; LAI-00796901, 20.330%, 3/16/2028 †x | LendingPoint | 4/18/2023 | 6340 | 6340 | 6202 |
| &nbsp;&nbsp;&nbsp; LAI-00796916, 18.410%, 4/13/2029 †x# | LendingPoint | 4/18/2023 | 1891 | 1891 | 1845 |
| &nbsp;&nbsp;&nbsp; LAI-00796923, 30.480%, 4/13/2027 †§x# | LendingPoint | 4/18/2023 | 1198 | 1198 | 1169 |
| &nbsp;&nbsp;&nbsp; LAI-00796931, 20.450%, 3/18/2028 †x# | LendingPoint | 4/18/2023 | 14851 | 14851 | 14495 |
| &nbsp;&nbsp;&nbsp; LAI-00796932, 20.870%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 14236 | 14236 | 13939 |
| &nbsp;&nbsp;&nbsp; LAI-00796933, 30.800%, 3/27/2028 †x | LendingPoint | 4/18/2023 | 3179 | 3179 | 3055 |
| &nbsp;&nbsp;&nbsp; LAI-00796939, 19.190%, 4/13/2028 †x | LendingPoint | 4/18/2023 | 9376 | 9376 | 9206 |
| &nbsp;&nbsp;&nbsp; LAI-00796946, 24.090%, 9/26/2026 †x | LendingPoint | 4/18/2023 | 23767 | 23767 | 23021 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8882** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00796960, 22.570%, 4/13/2029 †x# | LendingPoint | 4/18/2023 | $19484 | $19484 | $19155 |
| &nbsp;&nbsp;&nbsp; LAI-00796975, 25.030%, 3/18/2028 †x# | LendingPoint | 4/18/2023 | 11781 | 11781 | 11311 |
| &nbsp;&nbsp;&nbsp; LAI-00797008, 26.260%, 4/07/2028 †x# | LendingPoint | 4/18/2023 | 6609 | 6609 | 6344 |
| &nbsp;&nbsp;&nbsp; LAI-00797030, 24.380%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 11075 | 11075 | 10852 |
| &nbsp;&nbsp;&nbsp; LAI-00797052, 20.990%, 3/23/2029 †x | LendingPoint | 4/18/2023 | 36127 | 36127 | 35508 |
| &nbsp;&nbsp;&nbsp; LAI-00797099, 30.120%, 4/13/2027 †§x# | LendingPoint | 4/18/2023 | 2434 | 2434 | 2373 |
| &nbsp;&nbsp;&nbsp; LAI-00797104, 18.000%, 8/15/2028 †x# | LendingPoint | 4/18/2023 | 6232 | 6232 | 651 |
| &nbsp;&nbsp;&nbsp; LAI-00797155, 19.990%, 4/06/2028 †x | LendingPoint | 4/18/2023 | 4420 | 4420 | 4335 |
| &nbsp;&nbsp;&nbsp; LAI-00797184, 31.300%, 9/29/2028 †x# | LendingPoint | 4/18/2023 | 7319 | 7319 | 7063 |
| &nbsp;&nbsp;&nbsp; LAI-00797192, 25.460%, 9/26/2026 †x# | LendingPoint | 4/18/2023 | 8442 | 8442 | 8234 |
| &nbsp;&nbsp;&nbsp; LAI-00797194, 24.570%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 5091 | 5091 | 4975 |
| &nbsp;&nbsp;&nbsp; LAI-00797196, 30.800%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 3255 | 3255 | 3178 |
| &nbsp;&nbsp;&nbsp; LAI-00797198, 28.430%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 7869 | 7869 | 7679 |
| &nbsp;&nbsp;&nbsp; LAI-00797212, 24.380%, 4/13/2028 †x# | LendingPoint | 4/18/2023 | 12896 | 12896 | 1348 |
| &nbsp;&nbsp;&nbsp; LAI-00797222, 18.000%, 3/15/2028 †x | LendingPoint | 4/18/2023 | 4779 | 4779 | 4665 |
| &nbsp;&nbsp;&nbsp; LAI-00797277, 18.000%, 4/14/2028 †x | LendingPoint | 4/18/2023 | 22473 | 22473 | 21508 |
| &nbsp;&nbsp;&nbsp; LAI-00797282, 26.740%, 4/14/2028 †x | LendingPoint | 4/18/2023 | 11118 | 11118 | 10892 |
| &nbsp;&nbsp;&nbsp; LAI-00797290, 28.760%, 7/29/2028 †x# | LendingPoint | 4/18/2023 | 1173 | 1173 | 209 |
| &nbsp;&nbsp;&nbsp; LAI-00797293, 23.680%, 4/18/2026 †x# | LendingPoint | 4/18/2023 | 1173 | 1173 | 1172 |
| &nbsp;&nbsp;&nbsp; LAI-00797306, 18.000%, 4/14/2029 †x# | LendingPoint | 4/18/2023 | 1852 | 1852 | 1796 |
| &nbsp;&nbsp;&nbsp; LAI-00797315, 18.830%, 11/29/2030 †x# | LendingPoint | 4/18/2023 | 11092 | 11092 | 1980 |
| &nbsp;&nbsp;&nbsp; LAI-00797348, 30.690%, 4/14/2027 †§x | LendingPoint | 4/18/2023 | 2431 | 2431 | 2429 |
| &nbsp;&nbsp;&nbsp; LAI-00797358, 31.300%, 4/14/2028 †x | LendingPoint | 4/18/2023 | 3355 | 3355 | 3282 |
| &nbsp;&nbsp;&nbsp; LAI-00797368, 30.800%, 8/07/2028 †x | LendingPoint | 4/18/2023 | 5923 | 5923 | 5745 |
| &nbsp;&nbsp;&nbsp; LAI-00797378, 22.530%, 4/14/2030 †x | LendingPoint | 4/18/2023 | 9288 | 9288 | 8863 |
| &nbsp;&nbsp;&nbsp; LAI-00797412, 27.070%, 4/14/2028 †x | LendingPoint | 4/18/2023 | 7430 | 7430 | 7093 |
| &nbsp;&nbsp;&nbsp; LAI-00797424, 21.920%, 4/26/2028 †x | LendingPoint | 4/18/2023 | 2393 | 2393 | 2306 |
| &nbsp;&nbsp;&nbsp; LAI-00797425, 30.800%, 4/14/2028 †x | LendingPoint | 4/18/2023 | 1891 | 1891 | 1832 |
| &nbsp;&nbsp;&nbsp; LAI-00797428, 22.530%, 4/26/2028 †x | LendingPoint | 4/18/2023 | 11308 | 11308 | 10875 |
| &nbsp;&nbsp;&nbsp; LAI-00797446, 28.760%, 3/18/2027 †x# | LendingPoint | 4/19/2023 | 2816 | 2816 | 2805 |
| &nbsp;&nbsp;&nbsp; LAI-00797448, 18.830%, 4/23/2028 †x | LendingPoint | 4/19/2023 | 8619 | 8619 | 8323 |
| &nbsp;&nbsp;&nbsp; LAI-00797450, 31.300%, 4/07/2028 †x | LendingPoint | 4/19/2023 | 3903 | 3903 | 3822 |
| &nbsp;&nbsp;&nbsp; LAI-00797451, 30.120%, 4/14/2027 †x# | LendingPoint | 4/19/2023 | 2831 | 2831 | 518 |
| &nbsp;&nbsp;&nbsp; LAI-00797460, 24.770%, 4/14/2026 †§x | LendingPoint | 4/19/2023 | 1507 | 1507 | 1515 |
| &nbsp;&nbsp;&nbsp; LAI-00797469, 18.000%, 9/24/2030 †x# | LendingPoint | 4/19/2023 | 4593 | 4593 | 480 |
| &nbsp;&nbsp;&nbsp; LAI-00797478, 25.540%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 4635 | 4635 | 4530 |
| &nbsp;&nbsp;&nbsp; LAI-00797484, 18.000%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 23378 | 23378 | 22926 |
| &nbsp;&nbsp;&nbsp; LAI-00797499, 29.510%, 4/14/2028 †x# | LendingPoint | 4/19/2023 | 7100 | 7100 | 742 |
| &nbsp;&nbsp;&nbsp; LAI-00797509, 28.940%, 4/14/2026 †§x | LendingPoint | 4/19/2023 | 1308 | 1308 | 1325 |
| &nbsp;&nbsp;&nbsp; LAI-00797526, 24.640%, 3/16/2028 †x | LendingPoint | 4/19/2023 | 7430 | 7430 | 7258 |
| &nbsp;&nbsp;&nbsp; LAI-00797527, 26.790%, 4/07/2027 †x | LendingPoint | 4/19/2023 | 1571 | 1571 | 1574 |
| &nbsp;&nbsp;&nbsp; LAI-00797528, 18.000%, 4/17/2028 †x | LendingPoint | 4/19/2023 | 3287 | 3287 | 3166 |
| &nbsp;&nbsp;&nbsp; LAI-00797533, 19.210%, 4/26/2028 †x | LendingPoint | 4/19/2023 | 4682 | 4682 | 4513 |
| &nbsp;&nbsp;&nbsp; LAI-00797537, 18.000%, 4/14/2027 †x | LendingPoint | 4/19/2023 | 2693 | 2693 | 2632 |
| &nbsp;&nbsp;&nbsp; LAI-00797564, 19.270%, 4/21/2028 †x | LendingPoint | 4/19/2023 | 5162 | 5162 | 4973 |
| &nbsp;&nbsp;&nbsp; LAI-00797570, 18.000%, 4/20/2028 †x | LendingPoint | 4/19/2023 | 11871 | 11871 | 11434 |
| &nbsp;&nbsp;&nbsp; LAI-00797575, 21.280%, 4/14/2028 †x# | LendingPoint | 4/19/2023 | 8138 | 8138 | 1715 |
| &nbsp;&nbsp;&nbsp; LAI-00797579, 18.000%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 14779 | 14779 | 14145 |
| &nbsp;&nbsp;&nbsp; LAI-00797603, 31.300%, 2/19/2028 †x# | LendingPoint | 4/19/2023 | 4653 | 4653 | 486 |
| &nbsp;&nbsp;&nbsp; LAI-00797607, 26.120%, 8/14/2028 †x | LendingPoint | 4/19/2023 | 14007 | 14007 | 13357 |
| &nbsp;&nbsp;&nbsp; LAI-00797609, 21.990%, 4/16/2027 †x | LendingPoint | 4/19/2023 | 15789 | 15789 | 15473 |
| &nbsp;&nbsp;&nbsp; LAI-00797610, 30.800%, 4/10/2028 †x# | LendingPoint | 4/19/2023 | 6770 | 6770 | 1211 |
| &nbsp;&nbsp;&nbsp; LAI-00797612, 30.120%, 7/14/2027 †x | LendingPoint | 4/19/2023 | 3309 | 3309 | 3290 |
| &nbsp;&nbsp;&nbsp; LAI-00797613, 30.120%, 4/14/2027 †§x | LendingPoint | 4/19/2023 | 2436 | 2436 | 2433 |
| &nbsp;&nbsp;&nbsp; LAI-00797615, 18.000%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 12176 | 12176 | 11654 |
| &nbsp;&nbsp;&nbsp; LAI-00797623, 24.170%, 11/28/2028 †x# | LendingPoint | 4/19/2023 | 5501 | 5501 | 969 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8883** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00797628, 18.000%, 5/21/2030 †x | LendingPoint | 4/19/2023 | $13882 | $13882 | $13561 |
| &nbsp;&nbsp;&nbsp; LAI-00797629, 18.720%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 17298 | 17298 | 16961 |
| &nbsp;&nbsp;&nbsp; LAI-00797636, 20.690%, 5/13/2031 †x# | LendingPoint | 4/19/2023 | 4730 | 4730 | 494 |
| &nbsp;&nbsp;&nbsp; LAI-00797644, 23.090%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 1895 | 1895 | 1856 |
| &nbsp;&nbsp;&nbsp; LAI-00797648, 30.800%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 4622 | 4622 | 4516 |
| &nbsp;&nbsp;&nbsp; LAI-00797658, 18.000%, 4/10/2028 †x# | LendingPoint | 4/19/2023 | 17458 | 17458 | 16905 |
| &nbsp;&nbsp;&nbsp; LAI-00797667, 25.390%, 9/14/2028 †x# | LendingPoint | 4/19/2023 | 8198 | 8198 | 7928 |
| &nbsp;&nbsp;&nbsp; LAI-00797677, 18.000%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 1744 | 1744 | 1714 |
| &nbsp;&nbsp;&nbsp; LAI-00797699, 18.000%, 8/28/2029 †x# | LendingPoint | 4/19/2023 | 8453 | 8453 | 8274 |
| &nbsp;&nbsp;&nbsp; LAI-00797704, 30.450%, 9/15/2028 †x | LendingPoint | 4/19/2023 | 9494 | 9494 | 9171 |
| &nbsp;&nbsp;&nbsp; LAI-00797709, 27.490%, 4/26/2026 †x | LendingPoint | 4/19/2023 | 2208 | 2208 | 2239 |
| &nbsp;&nbsp;&nbsp; LAI-00797730, 18.090%, 8/01/2027 †x# | LendingPoint | 4/19/2023 | 23536 | 23536 | 22216 |
| &nbsp;&nbsp;&nbsp; LAI-00797732, 20.530%, 2/22/2026 †x | LendingPoint | 4/19/2023 | 4164 | 4164 | 3625 |
| &nbsp;&nbsp;&nbsp; LAI-00797745, 18.000%, 3/29/2026 †x | LendingPoint | 4/19/2023 | 5345 | 5345 | 4933 |
| &nbsp;&nbsp;&nbsp; LAI-00797746, 25.340%, 5/28/2029 †x# | LendingPoint | 4/19/2023 | 5514 | 5514 | 5205 |
| &nbsp;&nbsp;&nbsp; LAI-00797747, 24.640%, 3/20/2028 †x | LendingPoint | 4/19/2023 | 6983 | 6983 | 6812 |
| &nbsp;&nbsp;&nbsp; LAI-00797761, 19.250%, 9/21/2027 †x | LendingPoint | 4/19/2023 | 7285 | 7285 | 7150 |
| &nbsp;&nbsp;&nbsp; LAI-00797764, 31.300%, 3/21/2028 †x | LendingPoint | 4/19/2023 | 7393 | 7393 | 7042 |
| &nbsp;&nbsp;&nbsp; LAI-00797765, 0.000%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 22 | 22 |  |
| &nbsp;&nbsp;&nbsp; LAI-00797770, 25.990%, 4/14/2026 †§x | LendingPoint | 4/19/2023 | 589 | 589 | 592 |
| &nbsp;&nbsp;&nbsp; LAI-00797787, 24.240%, 4/28/2028 †x# | LendingPoint | 4/19/2023 | 13360 | 13360 | 13064 |
| &nbsp;&nbsp;&nbsp; LAI-00797827, 29.420%, 4/28/2027 †x# | LendingPoint | 4/19/2023 | 4656 | 4656 | 4636 |
| &nbsp;&nbsp;&nbsp; LAI-00797837, 20.830%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 2305 | 2305 | 2218 |
| &nbsp;&nbsp;&nbsp; LAI-00797839, 30.910%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 6050 | 6050 | 5816 |
| &nbsp;&nbsp;&nbsp; LAI-00797844, 26.090%, 3/15/2028 †x | LendingPoint | 4/19/2023 | 7067 | 7067 | 6899 |
| &nbsp;&nbsp;&nbsp; LAI-00797848, 31.300%, 6/14/2028 †x | LendingPoint | 4/19/2023 | 16734 | 16734 | 16218 |
| &nbsp;&nbsp;&nbsp; LAI-00797863, 30.800%, 4/14/2028 †x# | LendingPoint | 4/19/2023 | 6021 | 6021 | 5899 |
| &nbsp;&nbsp;&nbsp; LAI-00797878, 18.000%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 2337 | 2337 | 2297 |
| &nbsp;&nbsp;&nbsp; LAI-00797880, 19.720%, 4/27/2028 †x | LendingPoint | 4/19/2023 | 14193 | 14193 | 13684 |
| &nbsp;&nbsp;&nbsp; LAI-00797885, 18.830%, 4/15/2028 †x | LendingPoint | 4/19/2023 | 7128 | 7128 | 6865 |
| &nbsp;&nbsp;&nbsp; LAI-00797899, 28.760%, 4/15/2027 †§x | LendingPoint | 4/19/2023 | 1678 | 1678 | 1638 |
| &nbsp;&nbsp;&nbsp; LAI-00797915, 18.000%, 4/15/2028 †x | LendingPoint | 4/19/2023 | 3748 | 3748 | 3678 |
| &nbsp;&nbsp;&nbsp; LAI-00797918, 19.970%, 4/15/2028 †x | LendingPoint | 4/19/2023 | 13459 | 13459 | 12991 |
| &nbsp;&nbsp;&nbsp; LAI-00797926, 25.510%, 8/08/2028 †x# | LendingPoint | 4/19/2023 | 9690 | 9690 | 1013 |
| &nbsp;&nbsp;&nbsp; LAI-00797942, 30.390%, 8/18/2027 †x# | LendingPoint | 4/19/2023 | 3950 | 3950 | 3834 |
| &nbsp;&nbsp;&nbsp; LAI-00797970, 29.510%, 6/01/2031 †x# | LendingPoint | 4/19/2023 | 6122 | 6122 | 1376 |
| &nbsp;&nbsp;&nbsp; LAI-00797972, 18.000%, 4/26/2028 †x | LendingPoint | 4/19/2023 | 8978 | 8978 | 8661 |
| &nbsp;&nbsp;&nbsp; LAI-00797978, 21.180%, 4/15/2026 †§x | LendingPoint | 4/19/2023 | 562 | 562 | 563 |
| &nbsp;&nbsp;&nbsp; LAI-00797984, 28.960%, 12/29/2025 †x | LendingPoint | 4/19/2023 | 7684 | 7684 | 7153 |
| &nbsp;&nbsp;&nbsp; LAI-00797991, 21.970%, 5/25/2028 †x | LendingPoint | 4/19/2023 | 8952 | 8952 | 8824 |
| &nbsp;&nbsp;&nbsp; LAI-00798006, 29.510%, 11/15/2028 †x | LendingPoint | 4/19/2023 | 5113 | 5113 | 4797 |
| &nbsp;&nbsp;&nbsp; LAI-00798013, 27.490%, 4/08/2026 †x | LendingPoint | 4/19/2023 | 641 | 641 | 648 |
| &nbsp;&nbsp;&nbsp; LAI-00798037, 23.570%, 4/15/2029 †x | LendingPoint | 4/19/2023 | 7709 | 7709 | 7500 |
| &nbsp;&nbsp;&nbsp; LAI-00798054, 26.550%, 4/12/2028 †x | LendingPoint | 4/19/2023 | 14758 | 14758 | 14439 |
| &nbsp;&nbsp;&nbsp; LAI-00799834, 20.950%, 9/30/2028 †x | LendingPoint | 4/24/2023 | 10614 | 10614 | 10035 |
| &nbsp;&nbsp;&nbsp; LAI-00799835, 21.740%, 4/19/2027 †§x# | LendingPoint | 4/24/2023 | 10137 | 10137 | 9940 |
| &nbsp;&nbsp;&nbsp; LAI-00799837, 28.590%, 3/22/2028 †x | LendingPoint | 4/24/2023 | 2785 | 2785 | 2726 |
| &nbsp;&nbsp;&nbsp; LAI-00799838, 26.030%, 6/30/2028 †x# | LendingPoint | 4/24/2023 | 25989 | 25989 | 7597 |
| &nbsp;&nbsp;&nbsp; LAI-00799846, 27.460%, 4/12/2028 †x | LendingPoint | 4/24/2023 | 5689 | 5689 | 5446 |
| &nbsp;&nbsp;&nbsp; LAI-00799852, 28.760%, 5/25/2027 †x | LendingPoint | 4/24/2023 | 4502 | 4502 | 4533 |
| &nbsp;&nbsp;&nbsp; LAI-00799862, 29.450%, 10/25/2026 †x# | LendingPoint | 4/24/2023 | 10880 | 10880 | 10112 |
| &nbsp;&nbsp;&nbsp; LAI-00799868, 0.000%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 20 | 20 |  |
| &nbsp;&nbsp;&nbsp; LAI-00799871, 30.090%, 3/01/2029 †x# | LendingPoint | 4/24/2023 | 2170 | 2170 | 691 |
| &nbsp;&nbsp;&nbsp; LAI-00799873, 20.690%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 9213 | 9213 | 8885 |
| &nbsp;&nbsp;&nbsp; LAI-00799879, 25.460%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 3915 | 3915 | 3779 |
| &nbsp;&nbsp;&nbsp; LAI-00799882, 18.000%, 4/19/2029 †x | LendingPoint | 4/24/2023 | 6655 | 6655 | 6558 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8884** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00799884, 23.340%, 2/25/2029 †x | LendingPoint | 4/24/2023 | $3987 | $3987 | $3877 |
| &nbsp;&nbsp;&nbsp; LAI-00799890, 20.060%, 4/03/2028 †x | LendingPoint | 4/24/2023 | 4079 | 4079 | 3994 |
| &nbsp;&nbsp;&nbsp; LAI-00799901, 21.090%, 4/19/2028 †§x | LendingPoint | 4/24/2023 | 1661 | 1661 | 1629 |
| &nbsp;&nbsp;&nbsp; LAI-00799904, 18.000%, 4/19/2029 †x | LendingPoint | 4/24/2023 | 16895 | 16895 | 16648 |
| &nbsp;&nbsp;&nbsp; LAI-00799906, 23.990%, 5/19/2026 †x | LendingPoint | 4/24/2023 | 2260 | 2260 | 2273 |
| &nbsp;&nbsp;&nbsp; LAI-00799918, 26.730%, 4/19/2029 †x | LendingPoint | 4/24/2023 | 18410 | 18410 | 17917 |
| &nbsp;&nbsp;&nbsp; LAI-00799927, 26.560%, 2/28/2026 †x | LendingPoint | 4/24/2023 | 7729 | 7729 | 6245 |
| &nbsp;&nbsp;&nbsp; LAI-00799942, 30.120%, 2/19/2028 †x | LendingPoint | 4/24/2023 | 4081 | 4081 | 3842 |
| &nbsp;&nbsp;&nbsp; LAI-00799946, 20.250%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 21307 | 21307 | 20602 |
| &nbsp;&nbsp;&nbsp; LAI-00799976, 27.590%, 3/30/2029 †x# | LendingPoint | 4/24/2023 | 4831 | 4831 | 4545 |
| &nbsp;&nbsp;&nbsp; LAI-00799983, 28.760%, 4/19/2027 †§x | LendingPoint | 4/24/2023 | 3343 | 3343 | 3351 |
| &nbsp;&nbsp;&nbsp; LAI-00799991, 28.480%, 4/19/2029 †x# | LendingPoint | 4/24/2023 | 40908 | 40908 | 6984 |
| &nbsp;&nbsp;&nbsp; LAI-00800000, 29.510%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 1413 | 1413 | 1385 |
| &nbsp;&nbsp;&nbsp; LAI-00800010, 21.180%, 4/19/2026 †§x | LendingPoint | 4/24/2023 | 1809 | 1809 | 1813 |
| &nbsp;&nbsp;&nbsp; LAI-00800014, 29.280%, 8/21/2026 †x# | LendingPoint | 4/24/2023 | 1023 | 1023 | 257 |
| &nbsp;&nbsp;&nbsp; LAI-00800030, 20.470%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 3410 | 3410 | 3350 |
| &nbsp;&nbsp;&nbsp; LAI-00800038, 22.260%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 4269 | 4269 | 4123 |
| &nbsp;&nbsp;&nbsp; LAI-00800039, 26.590%, 1/01/2028 †x | LendingPoint | 4/24/2023 | 4280 | 4280 | 4131 |
| &nbsp;&nbsp;&nbsp; LAI-00800042, 21.970%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 6582 | 6582 | 1175 |
| &nbsp;&nbsp;&nbsp; LAI-00800055, 22.390%, 4/19/2029 †x | LendingPoint | 4/24/2023 | 4306 | 4306 | 4246 |
| &nbsp;&nbsp;&nbsp; LAI-00800059, 25.390%, 4/19/2027 †x# | LendingPoint | 4/24/2023 | 1784 | 1784 | 650 |
| &nbsp;&nbsp;&nbsp; LAI-00800062, 17.370%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 17634 | 17634 | 17307 |
| &nbsp;&nbsp;&nbsp; LAI-00800064, 21.640%, 4/15/2029 †x | LendingPoint | 4/24/2023 | 8822 | 8822 | 8616 |
| &nbsp;&nbsp;&nbsp; LAI-00800072, 17.120%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 13384 | 13384 | 13133 |
| &nbsp;&nbsp;&nbsp; LAI-00800073, 20.300%, 3/29/2029 †x# | LendingPoint | 4/24/2023 | 23966 | 23966 | 23054 |
| &nbsp;&nbsp;&nbsp; LAI-00800075, 18.000%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 11269 | 11269 | 10805 |
| &nbsp;&nbsp;&nbsp; LAI-00800089, 20.050%, 9/25/2026 †x | LendingPoint | 4/24/2023 | 22954 | 22954 | 22225 |
| &nbsp;&nbsp;&nbsp; LAI-00800091, 30.590%, 10/19/2028 †x# | LendingPoint | 4/24/2023 | 10384 | 10384 | 1854 |
| &nbsp;&nbsp;&nbsp; LAI-00800093, 29.510%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 4487 | 4487 | 1036 |
| &nbsp;&nbsp;&nbsp; LAI-00800096, 29.490%, 5/19/2031 †x# | LendingPoint | 4/24/2023 | 11217 | 11217 | 1172 |
| &nbsp;&nbsp;&nbsp; LAI-00800099, 30.590%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 18519 | 18519 | 17695 |
| &nbsp;&nbsp;&nbsp; LAI-00800102, 18.000%, 4/12/2028 †x | LendingPoint | 4/24/2023 | 2812 | 2812 | 2778 |
| &nbsp;&nbsp;&nbsp; LAI-00800126, 0.000%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 2092 | 2092 |  |
| &nbsp;&nbsp;&nbsp; LAI-00800130, 20.330%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 7018 | 7018 | 6882 |
| &nbsp;&nbsp;&nbsp; LAI-00800134, 17.370%, 4/30/2028 †x# | LendingPoint | 4/24/2023 | 7758 | 7758 | 7546 |
| &nbsp;&nbsp;&nbsp; LAI-00800152, 18.230%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 2952 | 2952 | 2831 |
| &nbsp;&nbsp;&nbsp; LAI-00800153, 29.510%, 3/26/2028 †x | LendingPoint | 4/24/2023 | 3946 | 3946 | 3862 |
| &nbsp;&nbsp;&nbsp; LAI-00800167, 20.690%, 11/02/2027 †x | LendingPoint | 4/24/2023 | 9503 | 9503 | 9092 |
| &nbsp;&nbsp;&nbsp; LAI-00800168, 27.950%, 4/13/2028 †x# | LendingPoint | 4/24/2023 | 3138 | 3138 | 3004 |
| &nbsp;&nbsp;&nbsp; LAI-00800176, 30.290%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 3764 | 3764 | 3679 |
| &nbsp;&nbsp;&nbsp; LAI-00800179, 18.810%, 4/17/2029 †x | LendingPoint | 4/24/2023 | 25363 | 25363 | 24803 |
| &nbsp;&nbsp;&nbsp; LAI-00800196, 28.170%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 2725 | 2725 | 814 |
| &nbsp;&nbsp;&nbsp; LAI-00800197, 19.250%, 4/19/2029 †x | LendingPoint | 4/24/2023 | 10303 | 10303 | 10069 |
| &nbsp;&nbsp;&nbsp; LAI-00800216, 18.000%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 9997 | 9997 | 9674 |
| &nbsp;&nbsp;&nbsp; LAI-00800218, 18.000%, 4/19/2029 †x | LendingPoint | 4/24/2023 | 37334 | 37334 | 36272 |
| &nbsp;&nbsp;&nbsp; LAI-00800222, 21.800%, 10/25/2025 †x | LendingPoint | 4/24/2023 | 14185 | 14185 | 13878 |
| &nbsp;&nbsp;&nbsp; LAI-00800226, 18.000%, 4/19/2027 †x# | LendingPoint | 4/24/2023 | 2843 | 2843 | 652 |
| &nbsp;&nbsp;&nbsp; LAI-00800229, 30.290%, 2/21/2028 †x | LendingPoint | 4/24/2023 | 8167 | 8167 | 7953 |
| &nbsp;&nbsp;&nbsp; LAI-00800239, 27.060%, 9/30/2028 †x# | LendingPoint | 4/24/2023 | 11753 | 11753 | 10930 |
| &nbsp;&nbsp;&nbsp; LAI-00800244, 18.000%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 13830 | 13830 | 13264 |
| &nbsp;&nbsp;&nbsp; LAI-00800269, 23.370%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 13680 | 13680 | 13419 |
| &nbsp;&nbsp;&nbsp; LAI-00800274, 21.860%, 3/19/2029 †x# | LendingPoint | 4/24/2023 | 7555 | 7555 | 2214 |
| &nbsp;&nbsp;&nbsp; LAI-00800275, 18.000%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 2448 | 2448 | 2403 |
| &nbsp;&nbsp;&nbsp; LAI-00800280, 21.330%, 3/23/2028 †x | LendingPoint | 4/24/2023 | 2994 | 2994 | 2881 |
| &nbsp;&nbsp;&nbsp; LAI-00800290, 31.300%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 26029 | 26029 | 25501 |
| &nbsp;&nbsp;&nbsp; LAI-00800292, 19.010%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 6851 | 6851 | 6740 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8885** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00800293, 30.950%, 5/31/2031 †x# | LendingPoint | 4/24/2023 | $6715 | $6715 | $702 |
| &nbsp;&nbsp;&nbsp; LAI-00800297, 18.830%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 4816 | 4816 | 4654 |
| &nbsp;&nbsp;&nbsp; LAI-00800301, 17.370%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 7025 | 7025 | 6892 |
| &nbsp;&nbsp;&nbsp; LAI-00800302, 18.000%, 4/17/2029 †x | LendingPoint | 4/24/2023 | 23770 | 23770 | 23316 |
| &nbsp;&nbsp;&nbsp; LAI-00800310, 31.050%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 7759 | 7759 | 7461 |
| &nbsp;&nbsp;&nbsp; LAI-00800312, 18.000%, 12/28/2028 †x# | LendingPoint | 4/24/2023 | 15639 | 15639 | 14821 |
| &nbsp;&nbsp;&nbsp; LAI-00800325, 30.120%, 4/19/2027 †§x | LendingPoint | 4/24/2023 | 4869 | 4869 | 4879 |
| &nbsp;&nbsp;&nbsp; LAI-00800327, 27.460%, 4/19/2028 †x# | LendingPoint | 4/24/2023 | 1857 | 1857 | 323 |
| &nbsp;&nbsp;&nbsp; LAI-00800332, 17.370%, 8/19/2028 †x | LendingPoint | 4/24/2023 | 7236 | 7236 | 7066 |
| &nbsp;&nbsp;&nbsp; LAI-00800333, 18.830%, 7/30/2030 †x | LendingPoint | 4/24/2023 | 24113 | 24113 | 23348 |
| &nbsp;&nbsp;&nbsp; LAI-00800345, 16.000%, 4/14/2028 †x# | LendingPoint | 4/24/2023 | 13504 | 13504 | 13240 |
| &nbsp;&nbsp;&nbsp; LAI-00800351, 18.960%, 4/13/2029 †x# | LendingPoint | 4/24/2023 | 11353 | 11353 | 11095 |
| &nbsp;&nbsp;&nbsp; LAI-00800352, 20.420%, 4/20/2029 †x | LendingPoint | 4/24/2023 | 11605 | 11605 | 11432 |
| &nbsp;&nbsp;&nbsp; LAI-00800354, 30.800%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 3858 | 3858 | 3782 |
| &nbsp;&nbsp;&nbsp; LAI-00800357, 18.000%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 14466 | 14466 | 14232 |
| &nbsp;&nbsp;&nbsp; LAI-00800367, 22.530%, 6/15/2029 †x | LendingPoint | 4/24/2023 | 7501 | 7501 | 7102 |
| &nbsp;&nbsp;&nbsp; LAI-00800368, 28.760%, 4/20/2027 †§x | LendingPoint | 4/24/2023 | 3631 | 3631 | 3643 |
| &nbsp;&nbsp;&nbsp; LAI-00800369, 22.530%, 5/20/2030 †x# | LendingPoint | 4/24/2023 | 20387 | 20387 | 5397 |
| &nbsp;&nbsp;&nbsp; LAI-00800385, 29.420%, 9/26/2026 †x# | LendingPoint | 4/24/2023 | 3274 | 3274 | 3066 |
| &nbsp;&nbsp;&nbsp; LAI-00800391, 18.000%, 1/20/2030 †x | LendingPoint | 4/24/2023 | 23306 | 23306 | 22625 |
| &nbsp;&nbsp;&nbsp; LAI-00800393, 30.090%, 4/15/2028 †x | LendingPoint | 4/24/2023 | 6324 | 6324 | 6090 |
| &nbsp;&nbsp;&nbsp; LAI-00800394, 29.460%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 10589 | 10589 | 10144 |
| &nbsp;&nbsp;&nbsp; LAI-00800405, 29.510%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 5661 | 5661 | 5554 |
| &nbsp;&nbsp;&nbsp; LAI-00800417, 30.090%, 3/26/2028 †x | LendingPoint | 4/24/2023 | 18618 | 18618 | 17894 |
| &nbsp;&nbsp;&nbsp; LAI-00800419, 20.930%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 24031 | 24031 | 23033 |
| &nbsp;&nbsp;&nbsp; LAI-00800427, 30.800%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 6483 | 6483 | 6321 |
| &nbsp;&nbsp;&nbsp; LAI-00800433, 18.000%, 4/20/2029 †x | LendingPoint | 4/24/2023 | 17395 | 17395 | 17145 |
| &nbsp;&nbsp;&nbsp; LAI-00800438, 18.140%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 14832 | 14832 | 14566 |
| &nbsp;&nbsp;&nbsp; LAI-00800440, 17.370%, 10/20/2030 †x# | LendingPoint | 4/24/2023 | 25857 | 25857 | 25118 |
| &nbsp;&nbsp;&nbsp; LAI-00800446, 20.070%, 4/20/2026 †x# | LendingPoint | 4/24/2023 | 1390 | 1390 | 1394 |
| &nbsp;&nbsp;&nbsp; LAI-00800451, 21.000%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 2168 | 2168 | 2097 |
| &nbsp;&nbsp;&nbsp; LAI-00800475, 23.880%, 4/20/2029 †x# | LendingPoint | 4/24/2023 | 31100 | 31100 | 3250 |
| &nbsp;&nbsp;&nbsp; LAI-00800483, 30.120%, 4/20/2027 †x | LendingPoint | 4/24/2023 | 5222 | 5222 | 5111 |
| &nbsp;&nbsp;&nbsp; LAI-00800484, 21.290%, 1/28/2027 †x# | LendingPoint | 4/24/2023 | 1020 | 1020 | 927 |
| &nbsp;&nbsp;&nbsp; LAI-00800485, 25.310%, 7/26/2030 †x# | LendingPoint | 4/24/2023 | 4204 | 4204 | 751 |
| &nbsp;&nbsp;&nbsp; LAI-00800489, 21.330%, 4/15/2028 †x | LendingPoint | 4/24/2023 | 13155 | 13155 | 12700 |
| &nbsp;&nbsp;&nbsp; LAI-00800498, 18.000%, 10/10/2030 †x# | LendingPoint | 4/24/2023 | 23256 | 23256 | 6333 |
| &nbsp;&nbsp;&nbsp; LAI-00800503, 30.280%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 4114 | 4114 | 4040 |
| &nbsp;&nbsp;&nbsp; LAI-00800508, 23.590%, 4/20/2027 †§x | LendingPoint | 4/24/2023 | 1771 | 1771 | 1739 |
| &nbsp;&nbsp;&nbsp; LAI-00800511, 28.950%, 4/20/2029 †x | LendingPoint | 4/24/2023 | 7557 | 7557 | 7369 |
| &nbsp;&nbsp;&nbsp; LAI-00800518, 20.620%, 4/20/2028 †x# | LendingPoint | 4/24/2023 | 6721 | 6721 | 702 |
| &nbsp;&nbsp;&nbsp; LAI-00800525, 28.420%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 3270 | 3270 | 3206 |
| &nbsp;&nbsp;&nbsp; LAI-00800528, 18.000%, 4/20/2029 †x | LendingPoint | 4/24/2023 | 4702 | 4702 | 4590 |
| &nbsp;&nbsp;&nbsp; LAI-00804894, 0.000%, 3/31/2027 †x | LendingPoint | 5/05/2023 | 129 | 129 |  |
| &nbsp;&nbsp;&nbsp; LAI-00805503, 30.800%, 10/15/2028 †x | LendingPoint | 5/05/2023 | 17620 | 17620 | 16722 |
| &nbsp;&nbsp;&nbsp; LAI-00805598, 21.580%, 3/01/2029 †x | LendingPoint | 5/05/2023 | 24252 | 24252 | 22641 |
| &nbsp;&nbsp;&nbsp; LAI-00805811, 30.800%, 5/01/2028 †x# | LendingPoint | 5/05/2023 | 2815 | 2815 | 294 |
| &nbsp;&nbsp;&nbsp; LAI-00805835, 0.000%, 5/15/2028 †x | LendingPoint | 5/05/2023 | 794 | 794 | 794 |
| &nbsp;&nbsp;&nbsp; LAI-00806049, 23.000%, 1/09/2030 †x | LendingPoint | 5/05/2023 | 21366 | 21366 | 19870 |
| &nbsp;&nbsp;&nbsp; LAI-00806203, 20.270%, 9/02/2029 †x | LendingPoint | 5/09/2023 | 22050 | 22050 | 21183 |
| &nbsp;&nbsp;&nbsp; LAI-00806268, 18.000%, 4/04/2028 †x | LendingPoint | 5/09/2023 | 4231 | 4231 | 4129 |
| &nbsp;&nbsp;&nbsp; LAI-00806451, 23.700%, 5/02/2028 †x | LendingPoint | 5/09/2023 | 4444 | 4444 | 4247 |
| &nbsp;&nbsp;&nbsp; LAI-00806469, 30.800%, 4/16/2028 †x | LendingPoint | 5/09/2023 | 6576 | 6576 | 6342 |
| &nbsp;&nbsp;&nbsp; LAI-00806477, 30.540%, 3/10/2030 †x# | LendingPoint | 5/09/2023 | 8245 | 8245 | 7777 |
| &nbsp;&nbsp;&nbsp; LAI-00806648, 23.130%, 5/02/2028 †§x | LendingPoint | 5/09/2023 | 113 | 113 |  |
| &nbsp;&nbsp;&nbsp; LAI-00806793, 29.090%, 3/13/2028 †x | LendingPoint | 5/09/2023 | 2 | 2 | 2 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8886** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00806972, 29.480%, 5/03/2028 †x# | LendingPoint | 5/09/2023 | $14615 | $14615 | $2618 |
| &nbsp;&nbsp;&nbsp; LAI-00807001, 26.180%, 5/03/2028 †x# | LendingPoint | 5/09/2023 | 5925 | 5925 | 2692 |
| &nbsp;&nbsp;&nbsp; LAI-00807479, 29.640%, 6/30/2029 †x# | LendingPoint | 5/10/2023 | 14951 | 14951 | 1562 |
| &nbsp;&nbsp;&nbsp; LAI-00808133, 18.000%, 6/15/2029 †x# | LendingPoint | 5/12/2023 | 263 | 263 | 260 |
| &nbsp;&nbsp;&nbsp; LAI-00808671, 25.490%, 5/08/2028 †x | LendingPoint | 5/12/2023 | 8532 | 8532 | 8174 |
| &nbsp;&nbsp;&nbsp; LAI-00808694, 18.000%, 12/28/2029 †x | LendingPoint | 5/12/2023 | 15596 | 15596 | 15009 |
| &nbsp;&nbsp;&nbsp; LAI-00808733, 22.340%, 12/20/2029 †x | LendingPoint | 5/12/2023 | 29008 | 29008 | 27803 |
| &nbsp;&nbsp;&nbsp; LAI-00809435, 30.800%, 4/23/2028 †x | LendingPoint | 5/16/2023 | 7682 | 7682 | 7439 |
| &nbsp;&nbsp;&nbsp; LAI-00809436, 27.030%, 12/23/2028 †x# | LendingPoint | 5/16/2023 | 28659 | 28659 | 2995 |
| &nbsp;&nbsp;&nbsp; LAI-00809770, 18.000%, 5/09/2029 †x | LendingPoint | 5/16/2023 | 16877 | 16877 | 16573 |
| &nbsp;&nbsp;&nbsp; LAI-00810027, 18.000%, 5/10/2029 †x# | LendingPoint | 5/16/2023 | 31961 | 31961 | 31397 |
| &nbsp;&nbsp;&nbsp; LAI-00810325, 18.000%, 2/10/2030 †x# | LendingPoint | 5/16/2023 | 13952 | 13952 | 13558 |
| &nbsp;&nbsp;&nbsp; LAI-00810684, 20.430%, 7/30/2028 †x# | LendingPoint | 5/16/2023 | 25272 | 25272 | 23739 |
| &nbsp;&nbsp;&nbsp; LAI-00810690, 30.800%, 9/25/2028 †x# | LendingPoint | 5/16/2023 | 22925 | 22925 | 2396 |
| &nbsp;&nbsp;&nbsp; LAI-00811027, 18.000%, 9/30/2028 †x | LendingPoint | 5/17/2023 | 27116 | 27116 | 26355 |
| &nbsp;&nbsp;&nbsp; LAI-00811067, 21.000%, 12/31/2025 †x | LendingPoint | 5/17/2023 | 11267 | 11267 | 9978 |
| &nbsp;&nbsp;&nbsp; LAI-00811234, 18.780%, 7/12/2028 †x# | LendingPoint | 5/17/2023 | 23478 | 23478 | 4162 |
| &nbsp;&nbsp;&nbsp; LAI-00811905, 18.000%, 5/15/2029 †x | LendingPoint | 6/01/2023 | 15244 | 15244 | 14988 |
| &nbsp;&nbsp;&nbsp; LAI-00812146, 30.800%, 5/15/2028 †x# | LendingPoint | 6/01/2023 | 4673 | 4673 | 1461 |
| &nbsp;&nbsp;&nbsp; LAI-00812414, 18.000%, 10/16/2029 †x | LendingPoint | 6/01/2023 | 22180 | 22180 | 21249 |
| &nbsp;&nbsp;&nbsp; LAI-00812540, 19.140%, 5/16/2029 †x | LendingPoint | 6/01/2023 | 20771 | 20771 | 20197 |
| &nbsp;&nbsp;&nbsp; LAI-00813014, 29.510%, 5/17/2028 †x# | LendingPoint | 5/23/2023 | 3604 | 3604 | 3519 |
| &nbsp;&nbsp;&nbsp; LAI-00813024, 31.260%, 5/17/2028 †x | LendingPoint | 5/23/2023 | 3088 | 3088 | 3005 |
| &nbsp;&nbsp;&nbsp; LAI-00813043, 29.350%, 5/28/2027 †x | LendingPoint | 5/23/2023 | 2618 | 2618 | 2526 |
| &nbsp;&nbsp;&nbsp; LAI-00813049, 30.000%, 7/17/2029 †x# | LendingPoint | 5/23/2023 | 16044 | 16044 | 15081 |
| &nbsp;&nbsp;&nbsp; LAI-00813063, 27.490%, 5/25/2026 †x | LendingPoint | 5/23/2023 | 2567 | 2567 | 2615 |
| &nbsp;&nbsp;&nbsp; LAI-00813083, 30.800%, 2/27/2026 †x | LendingPoint | 5/23/2023 | 3612 | 3612 | 3379 |
| &nbsp;&nbsp;&nbsp; LAI-00813101, 22.140%, 5/30/2028 †x# | LendingPoint | 5/23/2023 | 2605 | 2605 | 2482 |
| &nbsp;&nbsp;&nbsp; LAI-00813125, 21.000%, 8/26/2026 †x# | LendingPoint | 5/23/2023 | 15674 | 15674 | 1638 |
| &nbsp;&nbsp;&nbsp; LAI-00813126, 28.620%, 5/17/2028 †x | LendingPoint | 5/23/2023 | 9267 | 9267 | 8935 |
| &nbsp;&nbsp;&nbsp; LAI-00813147, 28.940%, 5/17/2026 †§x | LendingPoint | 5/23/2023 | 1632 | 1632 | 1653 |
| &nbsp;&nbsp;&nbsp; LAI-00813151, 0.000%, 5/17/2028 †x# | LendingPoint | 5/23/2023 | 192 | 192 |  |
| &nbsp;&nbsp;&nbsp; LAI-00813161, 29.510%, 5/17/2028 †x# | LendingPoint | 5/23/2023 | 6765 | 6765 | 707 |
| &nbsp;&nbsp;&nbsp; LAI-00813163, 26.570%, 2/28/2027 †x# | LendingPoint | 5/23/2023 | 9468 | 9468 | 8868 |
| &nbsp;&nbsp;&nbsp; LAI-00813188, 28.760%, 5/17/2027 †x# | LendingPoint | 5/23/2023 | 2315 | 2315 | 2254 |
| &nbsp;&nbsp;&nbsp; LAI-00813217, 30.120%, 5/17/2027 †§x | LendingPoint | 5/23/2023 | 5062 | 5062 | 5056 |
| &nbsp;&nbsp;&nbsp; LAI-00813219, 26.120%, 5/17/2028 †§x | LendingPoint | 5/23/2023 | 1404 | 1404 | 1355 |
| &nbsp;&nbsp;&nbsp; LAI-00813221, 29.510%, 5/17/2028 †x | LendingPoint | 5/23/2023 | 7734 | 7734 | 7527 |
| &nbsp;&nbsp;&nbsp; LAI-00813238, 29.720%, 5/30/2027 †x | LendingPoint | 5/23/2023 | 3011 | 3011 | 2973 |
| &nbsp;&nbsp;&nbsp; LAI-00813260, 29.930%, 5/30/2029 †x# | LendingPoint | 5/23/2023 | 24349 | 24349 | 23091 |
| &nbsp;&nbsp;&nbsp; LAI-00813261, 26.380%, 5/10/2028 †x# | LendingPoint | 5/23/2023 | 4286 | 4286 | 4192 |
| &nbsp;&nbsp;&nbsp; LAI-00813278, 29.510%, 3/30/2026 †x | LendingPoint | 5/23/2023 | 7390 | 7390 | 6879 |
| &nbsp;&nbsp;&nbsp; LAI-00813285, 29.420%, 5/10/2027 †x# | LendingPoint | 5/23/2023 | 1105 | 1105 | 1103 |
| &nbsp;&nbsp;&nbsp; LAI-00813288, 29.840%, 5/17/2028 †x | LendingPoint | 5/23/2023 | 6808 | 6808 | 6569 |
| &nbsp;&nbsp;&nbsp; LAI-00813295, 30.000%, 5/17/2028 †x | LendingPoint | 5/23/2023 | 3541 | 3541 | 3412 |
| &nbsp;&nbsp;&nbsp; LAI-00813297, 0.000%, 5/17/2028 †x# | LendingPoint | 5/23/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00813337, 29.890%, 5/17/2027 †§x | LendingPoint | 5/23/2023 | 20 | 20 |  |
| &nbsp;&nbsp;&nbsp; LAI-00813338, 25.140%, 5/17/2028 †x | LendingPoint | 5/23/2023 | 7902 | 7902 | 7600 |
| &nbsp;&nbsp;&nbsp; LAI-00813356, 27.490%, 5/17/2026 †x | LendingPoint | 5/23/2023 | 1332 | 1332 | 1350 |
| &nbsp;&nbsp;&nbsp; LAI-00813369, 30.800%, 5/17/2028 †x | LendingPoint | 5/23/2023 | 6274 | 6274 | 6123 |
| &nbsp;&nbsp;&nbsp; LAI-00813382, 18.000%, 5/17/2028 †x# | LendingPoint | 5/23/2023 | 5639 | 5639 | 1201 |
| &nbsp;&nbsp;&nbsp; LAI-00813411, 30.120%, 5/18/2027 †§x# | LendingPoint | 5/23/2023 | 2530 | 2530 | 2528 |
| &nbsp;&nbsp;&nbsp; LAI-00813414, 24.940%, 5/18/2025 †x#^ | LendingPoint | 5/23/2023 | 167 | 167 | 32 |
| &nbsp;&nbsp;&nbsp; LAI-00813423, 26.810%, 5/18/2028 †x# | LendingPoint | 5/23/2023 | 4435 | 4435 | 463 |
| &nbsp;&nbsp;&nbsp; LAI-00813445, 30.640%, 5/18/2028 †x# | LendingPoint | 5/23/2023 | 1190 | 1190 | 377 |
| &nbsp;&nbsp;&nbsp; LAI-00813452, 28.250%, 9/18/2027 †x# | LendingPoint | 5/23/2023 | 4340 | 4340 | 4292 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8887** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00813473, 16.240%, 5/18/2028 †x | LendingPoint | 5/23/2023 | $4266 | $4266 | $4134 |
| &nbsp;&nbsp;&nbsp; LAI-00813484, 28.770%, 12/31/2025 †x# | LendingPoint | 5/23/2023 | 4688 | 4688 | 5354 |
| &nbsp;&nbsp;&nbsp; LAI-00813497, 29.510%, 5/18/2028 †x# | LendingPoint | 5/23/2023 | 5769 | 5769 | 5637 |
| &nbsp;&nbsp;&nbsp; LAI-00813506, 26.340%, 5/18/2028 †x# | LendingPoint | 5/23/2023 | 18090 | 18090 | 17672 |
| &nbsp;&nbsp;&nbsp; LAI-00813514, 29.510%, 4/30/2028 †x# | LendingPoint | 5/23/2023 | 7022 | 7022 | 6721 |
| &nbsp;&nbsp;&nbsp; LAI-00813543, 27.050%, 5/05/2028 †x# | LendingPoint | 5/23/2023 | 6737 | 6737 | 3069 |
| &nbsp;&nbsp;&nbsp; LAI-00813544, 29.510%, 10/21/2028 †x | LendingPoint | 5/23/2023 | 3106 | 3106 | 2998 |
| &nbsp;&nbsp;&nbsp; LAI-00813560, 18.000%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 16590 | 16590 | 15869 |
| &nbsp;&nbsp;&nbsp; LAI-00813569, 30.460%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 12962 | 12962 | 12675 |
| &nbsp;&nbsp;&nbsp; LAI-00813573, 29.510%, 3/30/2026 †x | LendingPoint | 5/24/2023 | 3152 | 3152 | 2955 |
| &nbsp;&nbsp;&nbsp; LAI-00813574, 19.430%, 5/29/2028 †x# | LendingPoint | 5/24/2023 | 2384 | 2384 | 2276 |
| &nbsp;&nbsp;&nbsp; LAI-00813575, 21.600%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 10141 | 10141 | 9697 |
| &nbsp;&nbsp;&nbsp; LAI-00813581, 23.760%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 4468 | 4468 | 4295 |
| &nbsp;&nbsp;&nbsp; LAI-00813585, 18.000%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 32895 | 32895 | 32365 |
| &nbsp;&nbsp;&nbsp; LAI-00813587, 25.140%, 3/30/2026 †x | LendingPoint | 5/24/2023 | 7715 | 7715 | 6672 |
| &nbsp;&nbsp;&nbsp; LAI-00813606, 25.000%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 7973 | 7973 | 7813 |
| &nbsp;&nbsp;&nbsp; LAI-00813611, 25.100%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 7534 | 7534 | 7402 |
| &nbsp;&nbsp;&nbsp; LAI-00813614, 21.000%, 5/30/2028 †x# | LendingPoint | 5/24/2023 | 15128 | 15128 | 14422 |
| &nbsp;&nbsp;&nbsp; LAI-00813617, 30.010%, 7/14/2029 †x# | LendingPoint | 5/24/2023 | 3258 | 3258 | 2938 |
| &nbsp;&nbsp;&nbsp; LAI-00813626, 19.990%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 7950 | 7950 | 7600 |
| &nbsp;&nbsp;&nbsp; LAI-00813627, 23.080%, 5/12/2028 †x | LendingPoint | 5/24/2023 | 7751 | 7751 | 7450 |
| &nbsp;&nbsp;&nbsp; LAI-00813629, 25.630%, 1/28/2032 †x# | LendingPoint | 5/24/2023 | 46062 | 46062 | 4814 |
| &nbsp;&nbsp;&nbsp; LAI-00813637, 30.000%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 13258 | 13258 | 12782 |
| &nbsp;&nbsp;&nbsp; LAI-00813638, 18.000%, 6/23/2028 †x | LendingPoint | 5/24/2023 | 11567 | 11567 | 11274 |
| &nbsp;&nbsp;&nbsp; LAI-00813641, 22.530%, 9/18/2028 †x# | LendingPoint | 5/24/2023 | 10925 | 10925 | 10438 |
| &nbsp;&nbsp;&nbsp; LAI-00813648, 27.340%, 8/01/2028 †x# | LendingPoint | 5/24/2023 | 7905 | 7905 | 7616 |
| &nbsp;&nbsp;&nbsp; LAI-00813653, 0.000%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 394 | 394 |  |
| &nbsp;&nbsp;&nbsp; LAI-00813667, 20.080%, 4/30/2029 †x# | LendingPoint | 5/24/2023 | 16218 | 16218 | 15644 |
| &nbsp;&nbsp;&nbsp; LAI-00813701, 18.230%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 10208 | 10208 | 10043 |
| &nbsp;&nbsp;&nbsp; LAI-00813702, 14.330%, 5/20/2028 †x | LendingPoint | 5/24/2023 | 22035 | 22035 | 21300 |
| &nbsp;&nbsp;&nbsp; LAI-00813714, 27.000%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 4579 | 4579 | 4399 |
| &nbsp;&nbsp;&nbsp; LAI-00813717, 25.030%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 20201 | 20201 | 2111 |
| &nbsp;&nbsp;&nbsp; LAI-00813723, 30.800%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 4705 | 4705 | 4580 |
| &nbsp;&nbsp;&nbsp; LAI-00813724, 29.510%, 5/18/2028 †x | LendingPoint | 5/24/2023 | 2232 | 2232 | 2175 |
| &nbsp;&nbsp;&nbsp; LAI-00813732, 22.530%, 5/30/2028 †x# | LendingPoint | 5/24/2023 | 9004 | 9004 | 8595 |
| &nbsp;&nbsp;&nbsp; LAI-00813745, 21.000%, 4/18/2029 †x# | LendingPoint | 5/24/2023 | 4300 | 4300 | 4180 |
| &nbsp;&nbsp;&nbsp; LAI-00813748, 19.620%, 12/31/2026 †x# | LendingPoint | 5/24/2023 | 14090 | 14090 | 1472 |
| &nbsp;&nbsp;&nbsp; LAI-00813752, 24.780%, 4/18/2028 †x# | LendingPoint | 5/24/2023 | 9757 | 9757 | 9377 |
| &nbsp;&nbsp;&nbsp; LAI-00813754, 18.000%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 15633 | 15633 | 15382 |
| &nbsp;&nbsp;&nbsp; LAI-00813759, 26.120%, 8/18/2028 †x# | LendingPoint | 5/24/2023 | 13736 | 13736 | 13157 |
| &nbsp;&nbsp;&nbsp; LAI-00813760, 19.410%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 1106 | 1106 | 201 |
| &nbsp;&nbsp;&nbsp; LAI-00813774, 20.690%, 5/30/2028 †x# | LendingPoint | 5/24/2023 | 17080 | 17080 | 16320 |
| &nbsp;&nbsp;&nbsp; LAI-00813778, 28.990%, 3/15/2031 †x# | LendingPoint | 5/24/2023 | 6517 | 6517 | 6248 |
| &nbsp;&nbsp;&nbsp; LAI-00813779, 25.870%, 4/22/2028 †x | LendingPoint | 5/24/2023 | 5645 | 5645 | 5459 |
| &nbsp;&nbsp;&nbsp; LAI-00813785, 18.000%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 34445 | 34445 | 9381 |
| &nbsp;&nbsp;&nbsp; LAI-00813795, 19.750%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 37416 | 37416 | 36402 |
| &nbsp;&nbsp;&nbsp; LAI-00813799, 30.800%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 1655 | 1655 | 381 |
| &nbsp;&nbsp;&nbsp; LAI-00813806, 18.000%, 9/18/2029 †x# | LendingPoint | 5/24/2023 | 14661 | 14661 | 14239 |
| &nbsp;&nbsp;&nbsp; LAI-00813832, 19.520%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 10768 | 10768 | 10481 |
| &nbsp;&nbsp;&nbsp; LAI-00813835, 30.800%, 4/25/2028 †x# | LendingPoint | 5/24/2023 | 3196 | 3196 | 3126 |
| &nbsp;&nbsp;&nbsp; LAI-00813836, 30.800%, 9/25/2034 †x# | LendingPoint | 5/24/2023 | 25164 | 25164 | 2630 |
| &nbsp;&nbsp;&nbsp; LAI-00813837, 30.000%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 15426 | 15426 | 2667 |
| &nbsp;&nbsp;&nbsp; LAI-00813839, 20.690%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 18866 | 18866 | 18160 |
| &nbsp;&nbsp;&nbsp; LAI-00813844, 18.830%, 2/18/2029 †x# | LendingPoint | 5/24/2023 | 17653 | 17653 | 1845 |
| &nbsp;&nbsp;&nbsp; LAI-00813846, 22.580%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 2995 | 2995 | 2895 |
| &nbsp;&nbsp;&nbsp; LAI-00813849, 20.690%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 12910 | 12910 | 12428 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8888** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00813850, 30.290%, 5/26/2028 †x# | LendingPoint | 5/24/2023 | $9149 | $9149 | $2334 |
| &nbsp;&nbsp;&nbsp; LAI-00813852, 21.000%, 6/18/2029 †x# | LendingPoint | 5/24/2023 | 4795 | 4795 | 4512 |
| &nbsp;&nbsp;&nbsp; LAI-00813855, 26.050%, 10/18/2028 †x | LendingPoint | 5/24/2023 | 4273 | 4273 | 4094 |
| &nbsp;&nbsp;&nbsp; LAI-00813859, 28.590%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 8219 | 8219 | 7974 |
| &nbsp;&nbsp;&nbsp; LAI-00813877, 20.390%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 2986 | 2986 | 820 |
| &nbsp;&nbsp;&nbsp; LAI-00813881, 26.120%, 4/23/2028 †x# | LendingPoint | 5/24/2023 | 8783 | 8783 | 8451 |
| &nbsp;&nbsp;&nbsp; LAI-00813883, 18.830%, 5/18/2028 †§x# | LendingPoint | 5/24/2023 | 1325 | 1325 | 1275 |
| &nbsp;&nbsp;&nbsp; LAI-00813891, 20.690%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 31354 | 31354 | 30847 |
| &nbsp;&nbsp;&nbsp; LAI-00813892, 29.510%, 5/18/2028 †x# | LendingPoint | 5/24/2023 | 3598 | 3598 | 3515 |
| &nbsp;&nbsp;&nbsp; LAI-00813893, 18.310%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 16489 | 16489 | 16049 |
| &nbsp;&nbsp;&nbsp; LAI-00813901, 18.000%, 12/18/2029 †x# | LendingPoint | 5/24/2023 | 16134 | 16134 | 15072 |
| &nbsp;&nbsp;&nbsp; LAI-00813909, 28.120%, 5/18/2028 †x | LendingPoint | 5/24/2023 | 8568 | 8568 | 8264 |
| &nbsp;&nbsp;&nbsp; LAI-00813915, 22.030%, 5/19/2027 †§x | LendingPoint | 5/24/2023 | 2067 | 2067 | 2021 |
| &nbsp;&nbsp;&nbsp; LAI-00813918, 18.000%, 5/30/2028 †x | LendingPoint | 5/24/2023 | 5457 | 5457 | 5318 |
| &nbsp;&nbsp;&nbsp; LAI-00813920, 19.990%, 6/22/2029 †x | LendingPoint | 5/24/2023 | 4433 | 4433 | 4319 |
| &nbsp;&nbsp;&nbsp; LAI-00813930, 30.800%, 4/28/2028 †x# | LendingPoint | 5/24/2023 | 4811 | 4811 | 4697 |
| &nbsp;&nbsp;&nbsp; LAI-00813935, 23.000%, 6/25/2028 †x | LendingPoint | 5/24/2023 | 6649 | 6649 | 6532 |
| &nbsp;&nbsp;&nbsp; LAI-00813937, 29.510%, 5/19/2028 †x | LendingPoint | 5/24/2023 | 328 | 328 | 323 |
| &nbsp;&nbsp;&nbsp; LAI-00813949, 20.690%, 1/26/2026 †x | LendingPoint | 5/24/2023 | 4862 | 4862 | 4212 |
| &nbsp;&nbsp;&nbsp; LAI-00813955, 30.800%, 5/19/2028 †x | LendingPoint | 5/24/2023 | 4716 | 4716 | 4594 |
| &nbsp;&nbsp;&nbsp; LAI-00813969, 27.000%, 8/19/2031 †x# | LendingPoint | 5/24/2023 | 12178 | 12178 | 1273 |
| &nbsp;&nbsp;&nbsp; LAI-00813981, 26.100%, 9/19/2029 †x# | LendingPoint | 5/24/2023 | 12621 | 12621 | 12235 |
| &nbsp;&nbsp;&nbsp; LAI-00813985, 30.800%, 4/30/2026 †x# | LendingPoint | 5/24/2023 | 8039 | 8039 | 7459 |
| &nbsp;&nbsp;&nbsp; LAI-00813989, 21.080%, 5/19/2028 †x# | LendingPoint | 5/24/2023 | 5516 | 5516 | 5300 |
| &nbsp;&nbsp;&nbsp; LAI-00813990, 18.000%, 5/19/2029 †x# | LendingPoint | 5/24/2023 | 10547 | 10547 | 10380 |
| &nbsp;&nbsp;&nbsp; LAI-00813998, 30.800%, 5/19/2028 †x | LendingPoint | 5/24/2023 | 3930 | 3930 | 3841 |
| &nbsp;&nbsp;&nbsp; LAI-00813999, 18.000%, 5/04/2029 †x# | LendingPoint | 5/24/2023 | 23160 | 23160 | 22356 |
| &nbsp;&nbsp;&nbsp; LAI-00814005, 23.080%, 5/29/2028 †x# | LendingPoint | 5/24/2023 | 12723 | 12723 | 12221 |
| &nbsp;&nbsp;&nbsp; LAI-00814014, 19.620%, 5/19/2028 †x | LendingPoint | 5/24/2023 | 12976 | 12976 | 12715 |
| &nbsp;&nbsp;&nbsp; LAI-00814022, 22.290%, 2/28/2029 †x# | LendingPoint | 5/24/2023 | 16888 | 16888 | 1765 |
| &nbsp;&nbsp;&nbsp; LAI-00814025, 18.000%, 5/19/2028 †x# | LendingPoint | 5/24/2023 | 13356 | 13356 | 13107 |
| &nbsp;&nbsp;&nbsp; LAI-00814031, 29.510%, 7/19/2031 †x# | LendingPoint | 5/24/2023 | 7678 | 7678 | 2269 |
| &nbsp;&nbsp;&nbsp; LAI-00814035, 25.180%, 5/19/2028 †x | LendingPoint | 5/24/2023 | 9803 | 9803 | 9424 |
| &nbsp;&nbsp;&nbsp; LAI-00814052, 22.900%, 5/19/2029 †x | LendingPoint | 5/24/2023 | 13005 | 13005 | 12785 |
| &nbsp;&nbsp;&nbsp; LAI-00814062, 18.000%, 5/19/2029 †x | LendingPoint | 5/24/2023 | 3597 | 3597 | 3512 |
| &nbsp;&nbsp;&nbsp; LAI-00814063, 29.270%, 5/19/2028 †x | LendingPoint | 5/24/2023 | 3888 | 3888 | 3806 |
| &nbsp;&nbsp;&nbsp; LAI-00814074, 18.000%, 4/22/2029 †x | LendingPoint | 5/25/2023 | 3212 | 3212 | 3131 |
| &nbsp;&nbsp;&nbsp; LAI-00814091, 21.000%, 5/15/2029 †x | LendingPoint | 5/25/2023 | 29650 | 29650 | 27899 |
| &nbsp;&nbsp;&nbsp; LAI-00814101, 30.460%, 4/19/2030 †x | LendingPoint | 5/25/2023 | 15404 | 15404 | 14414 |
| &nbsp;&nbsp;&nbsp; LAI-00814103, 18.310%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 14229 | 14229 | 13975 |
| &nbsp;&nbsp;&nbsp; LAI-00814104, 19.370%, 5/26/2028 †x | LendingPoint | 5/25/2023 | 8794 | 8794 | 8569 |
| &nbsp;&nbsp;&nbsp; LAI-00814110, 27.490%, 6/02/2026 †x | LendingPoint | 5/25/2023 | 1596 | 1596 | 1610 |
| &nbsp;&nbsp;&nbsp; LAI-00814112, 31.280%, 5/19/2027 †§x | LendingPoint | 5/25/2023 | 1436 | 1436 | 1407 |
| &nbsp;&nbsp;&nbsp; LAI-00814113, 18.000%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 19696 | 19696 | 19347 |
| &nbsp;&nbsp;&nbsp; LAI-00814114, 22.890%, 3/26/2026 †x | LendingPoint | 5/25/2023 | 8195 | 8195 | 6871 |
| &nbsp;&nbsp;&nbsp; LAI-00814124, 27.490%, 5/19/2026 †§x | LendingPoint | 5/25/2023 | 1151 | 1151 | 1174 |
| &nbsp;&nbsp;&nbsp; LAI-00814132, 23.000%, 5/05/2028 †x# | LendingPoint | 5/25/2023 | 3590 | 3590 | 3474 |
| &nbsp;&nbsp;&nbsp; LAI-00814136, 27.990%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 3446 | 3446 | 3325 |
| &nbsp;&nbsp;&nbsp; LAI-00814138, 19.370%, 10/29/2028 †x# | LendingPoint | 5/25/2023 | 24168 | 24168 | 2526 |
| &nbsp;&nbsp;&nbsp; LAI-00814139, 30.770%, 5/19/2027 †x# | LendingPoint | 5/25/2023 | 703 | 703 | 73 |
| &nbsp;&nbsp;&nbsp; LAI-00814140, 19.820%, 9/19/2026 †x | LendingPoint | 5/25/2023 | 604 | 604 | 603 |
| &nbsp;&nbsp;&nbsp; LAI-00814154, 30.800%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 6547 | 6547 | 6411 |
| &nbsp;&nbsp;&nbsp; LAI-00814164, 27.490%, 3/30/2026 †x# | LendingPoint | 5/25/2023 | 538 | 538 | 538 |
| &nbsp;&nbsp;&nbsp; LAI-00814166, 18.000%, 5/26/2028 †x | LendingPoint | 5/25/2023 | 16699 | 16699 | 16292 |
| &nbsp;&nbsp;&nbsp; LAI-00814171, 18.000%, 5/01/2029 †x# | LendingPoint | 5/25/2023 | 10541 | 10541 | 10324 |
| &nbsp;&nbsp;&nbsp; LAI-00814175, 30.120%, 5/19/2027 †x# | LendingPoint | 5/25/2023 | 5672 | 5672 | 593 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8889** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00814178, 27.000%, 1/10/2030 †x# | LendingPoint | 5/25/2023 | $4202 | $4202 | $4081 |
| &nbsp;&nbsp;&nbsp; LAI-00814185, 22.530%, 4/30/2028 †x# | LendingPoint | 5/25/2023 | 17066 | 17066 | 1783 |
| &nbsp;&nbsp;&nbsp; LAI-00814189, 0.000%, 5/19/2027 †x# | LendingPoint | 5/25/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00814192, 18.000%, 5/19/2029 †x | LendingPoint | 5/25/2023 | 36493 | 36493 | 35631 |
| &nbsp;&nbsp;&nbsp; LAI-00814195, 25.950%, 5/19/2028 †§x | LendingPoint | 5/25/2023 | 1677 | 1677 | 1614 |
| &nbsp;&nbsp;&nbsp; LAI-00814196, 30.800%, 5/19/2028 †x# | LendingPoint | 5/25/2023 | 3987 | 3987 | 3897 |
| &nbsp;&nbsp;&nbsp; LAI-00814198, 18.790%, 5/19/2028 †x# | LendingPoint | 5/25/2023 | 5294 | 5294 | 553 |
| &nbsp;&nbsp;&nbsp; LAI-00814199, 25.720%, 5/19/2026 †§x | LendingPoint | 5/25/2023 | 2425 | 2425 | 2425 |
| &nbsp;&nbsp;&nbsp; LAI-00814203, 23.130%, 4/19/2029 †x | LendingPoint | 5/25/2023 | 14116 | 14116 | 13725 |
| &nbsp;&nbsp;&nbsp; LAI-00814206, 18.000%, 5/19/2029 †x | LendingPoint | 5/25/2023 | 1980 | 1980 | 1933 |
| &nbsp;&nbsp;&nbsp; LAI-00814211, 30.800%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 13274 | 13274 | 12981 |
| &nbsp;&nbsp;&nbsp; LAI-00814214, 21.000%, 4/26/2028 †x | LendingPoint | 5/25/2023 | 23463 | 23463 | 22698 |
| &nbsp;&nbsp;&nbsp; LAI-00814215, 19.280%, 5/19/2029 †x | LendingPoint | 5/25/2023 | 9111 | 9111 | 8892 |
| &nbsp;&nbsp;&nbsp; LAI-00814218, 29.510%, 4/28/2028 †x# | LendingPoint | 5/25/2023 | 5426 | 5426 | 5335 |
| &nbsp;&nbsp;&nbsp; LAI-00814227, 30.800%, 4/29/2026 †x | LendingPoint | 5/25/2023 | 5822 | 5822 | 5372 |
| &nbsp;&nbsp;&nbsp; LAI-00814236, 18.720%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 24239 | 24239 | 23247 |
| &nbsp;&nbsp;&nbsp; LAI-00814238, 18.000%, 9/23/2029 †x# | LendingPoint | 5/25/2023 | 18845 | 18845 | 1969 |
| &nbsp;&nbsp;&nbsp; LAI-00814240, 29.510%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 5733 | 5733 | 5627 |
| &nbsp;&nbsp;&nbsp; LAI-00814245, 26.090%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 9449 | 9449 | 9042 |
| &nbsp;&nbsp;&nbsp; LAI-00814246, 30.120%, 9/10/2027 †x# | LendingPoint | 5/25/2023 | 7865 | 7865 | 4113 |
| &nbsp;&nbsp;&nbsp; LAI-00814248, 27.170%, 8/28/2029 †x# | LendingPoint | 5/25/2023 | 9234 | 9234 | 1577 |
| &nbsp;&nbsp;&nbsp; LAI-00814254, 28.940%, 6/30/2026 †x# | LendingPoint | 5/25/2023 | 1848 | 1848 | 1852 |
| &nbsp;&nbsp;&nbsp; LAI-00814256, 18.000%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 9921 | 9921 | 9517 |
| &nbsp;&nbsp;&nbsp; LAI-00814265, 25.050%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 13782 | 13782 | 13184 |
| &nbsp;&nbsp;&nbsp; LAI-00814267, 18.000%, 12/25/2025 †x | LendingPoint | 5/25/2023 | 8908 | 8908 | 7531 |
| &nbsp;&nbsp;&nbsp; LAI-00814268, 20.690%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 8101 | 8101 | 7817 |
| &nbsp;&nbsp;&nbsp; LAI-00814273, 27.000%, 8/01/2028 †x | LendingPoint | 5/25/2023 | 13155 | 13155 | 12555 |
| &nbsp;&nbsp;&nbsp; LAI-00814274, 18.000%, 4/26/2026 †x | LendingPoint | 5/25/2023 | 2564 | 2564 | 2575 |
| &nbsp;&nbsp;&nbsp; LAI-00814277, 14.990%, 5/26/2028 †x | LendingPoint | 5/25/2023 | 16829 | 16829 | 16330 |
| &nbsp;&nbsp;&nbsp; LAI-00814282, 18.000%, 4/20/2029 †x# | LendingPoint | 5/25/2023 | 11959 | 11959 | 11579 |
| &nbsp;&nbsp;&nbsp; LAI-00814289, 19.370%, 5/24/2027 †x | LendingPoint | 5/25/2023 | 10407 | 10407 | 10323 |
| &nbsp;&nbsp;&nbsp; LAI-00814290, 25.950%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 16478 | 16478 | 15835 |
| &nbsp;&nbsp;&nbsp; LAI-00814293, 30.800%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 7031 | 7031 | 6890 |
| &nbsp;&nbsp;&nbsp; LAI-00814305, 30.800%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 2344 | 2344 | 2300 |
| &nbsp;&nbsp;&nbsp; LAI-00814310, 28.760%, 9/27/2027 †x | LendingPoint | 5/25/2023 | 5181 | 5181 | 5165 |
| &nbsp;&nbsp;&nbsp; LAI-00814325, 20.120%, 5/19/2028 †§x | LendingPoint | 5/25/2023 | 1443 | 1443 | 1415 |
| &nbsp;&nbsp;&nbsp; LAI-00814330, 28.760%, 5/19/2027 †§x# | LendingPoint | 5/25/2023 | 1162 | 1162 | 1159 |
| &nbsp;&nbsp;&nbsp; LAI-00814332, 30.120%, 5/19/2027 †§x# | LendingPoint | 5/25/2023 | 1590 | 1590 | 1586 |
| &nbsp;&nbsp;&nbsp; LAI-00814341, 19.250%, 6/29/2027 †x# | LendingPoint | 5/25/2023 | 8622 | 8622 | 8539 |
| &nbsp;&nbsp;&nbsp; LAI-00814342, 28.760%, 5/28/2027 †x# | LendingPoint | 5/25/2023 | 2233 | 2233 | 1154 |
| &nbsp;&nbsp;&nbsp; LAI-00814348, 26.280%, 5/19/2028 †§x | LendingPoint | 5/25/2023 | 1341 | 1341 | 1316 |
| &nbsp;&nbsp;&nbsp; LAI-00814356, 29.510%, 5/19/2028 †x# | LendingPoint | 5/25/2023 | 2118 | 2118 | 2071 |
| &nbsp;&nbsp;&nbsp; LAI-00814357, 27.590%, 5/19/2028 †x# | LendingPoint | 5/25/2023 | 8784 | 8784 | 8504 |
| &nbsp;&nbsp;&nbsp; LAI-00814358, 28.770%, 5/19/2027 †§x | LendingPoint | 5/25/2023 | 2294 | 2294 | 2255 |
| &nbsp;&nbsp;&nbsp; LAI-00814362, 27.530%, 9/19/2028 †x# | LendingPoint | 5/25/2023 | 11509 | 11509 | 10962 |
| &nbsp;&nbsp;&nbsp; LAI-00814366, 28.760%, 4/23/2027 †x | LendingPoint | 5/25/2023 | 2323 | 2323 | 2330 |
| &nbsp;&nbsp;&nbsp; LAI-00814369, 28.760%, 5/19/2027 †§x | LendingPoint | 5/25/2023 | 3430 | 3430 | 3445 |
| &nbsp;&nbsp;&nbsp; LAI-00814371, 26.800%, 5/19/2027 †§x | LendingPoint | 5/25/2023 | 4526 | 4526 | 4451 |
| &nbsp;&nbsp;&nbsp; LAI-00814372, 19.250%, 5/19/2027 †§x# | LendingPoint | 5/25/2023 | 9931 | 9931 | 9857 |
| &nbsp;&nbsp;&nbsp; LAI-00814373, 31.290%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 2182 | 2182 | 2134 |
| &nbsp;&nbsp;&nbsp; LAI-00814378, 16.240%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 6166 | 6166 | 6054 |
| &nbsp;&nbsp;&nbsp; LAI-00814380, 30.120%, 5/20/2027 †x# | LendingPoint | 5/25/2023 | 2149 | 2149 | 397 |
| &nbsp;&nbsp;&nbsp; LAI-00814381, 18.830%, 5/20/2028 †x# | LendingPoint | 5/25/2023 | 21685 | 21685 | 2266 |
| &nbsp;&nbsp;&nbsp; LAI-00814383, 27.490%, 5/30/2026 †x# | LendingPoint | 5/25/2023 | 688 | 688 | 689 |
| &nbsp;&nbsp;&nbsp; LAI-00814384, 27.530%, 5/20/2029 †x | LendingPoint | 5/25/2023 | 36377 | 36377 | 35758 |
| &nbsp;&nbsp;&nbsp; LAI-00814388, 20.690%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 4924 | 4924 | 4742 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8890** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00814392, 28.760%, 7/28/2028 †x# | LendingPoint | 5/25/2023 | $8000 | $8000 | $836 |
| &nbsp;&nbsp;&nbsp; LAI-00814395, 18.000%, 5/20/2026 †§x | LendingPoint | 5/25/2023 | 3019 | 3019 | 3033 |
| &nbsp;&nbsp;&nbsp; LAI-00814397, 21.580%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 9412 | 9412 | 9079 |
| &nbsp;&nbsp;&nbsp; LAI-00814399, 29.510%, 5/01/2028 †x | LendingPoint | 5/25/2023 | 1874 | 1874 | 1801 |
| &nbsp;&nbsp;&nbsp; LAI-00814403, 28.760%, 4/30/2027 †x | LendingPoint | 5/25/2023 | 3688 | 3688 | 3503 |
| &nbsp;&nbsp;&nbsp; LAI-00814405, 29.100%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 2628 | 2628 | 2584 |
| &nbsp;&nbsp;&nbsp; LAI-00814424, 18.000%, 5/20/2029 †x | LendingPoint | 5/25/2023 | 18940 | 18940 | 18662 |
| &nbsp;&nbsp;&nbsp; LAI-00814428, 26.590%, 5/20/2025 †x#^ | LendingPoint | 5/25/2023 | 2535 | 2535 | 452 |
| &nbsp;&nbsp;&nbsp; LAI-00814429, 27.000%, 10/21/2028 †x | LendingPoint | 5/25/2023 | 15451 | 15451 | 14678 |
| &nbsp;&nbsp;&nbsp; LAI-00814432, 16.420%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 16801 | 16801 | 16488 |
| &nbsp;&nbsp;&nbsp; LAI-00814434, 25.090%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 15997 | 15997 | 15699 |
| &nbsp;&nbsp;&nbsp; LAI-00814441, 24.800%, 5/07/2027 †x# | LendingPoint | 5/25/2023 | 2407 | 2407 | 2339 |
| &nbsp;&nbsp;&nbsp; LAI-00814442, 30.800%, 6/04/2028 †x# | LendingPoint | 5/25/2023 | 7600 | 7600 | 7384 |
| &nbsp;&nbsp;&nbsp; LAI-00814448, 20.590%, 2/28/2026 †x | LendingPoint | 5/25/2023 | 4613 | 4613 | 3845 |
| &nbsp;&nbsp;&nbsp; LAI-00814457, 24.800%, 5/07/2027 †x# | LendingPoint | 5/25/2023 | 5615 | 5615 | 5457 |
| &nbsp;&nbsp;&nbsp; LAI-00814458, 25.000%, 5/20/2027 †§x# | LendingPoint | 5/25/2023 | 3875 | 3875 | 3889 |
| &nbsp;&nbsp;&nbsp; LAI-00814463, 18.000%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 10191 | 10191 | 9782 |
| &nbsp;&nbsp;&nbsp; LAI-00814466, 30.120%, 5/20/2027 †§x | LendingPoint | 5/25/2023 | 4095 | 4095 | 4096 |
| &nbsp;&nbsp;&nbsp; LAI-00814467, 27.000%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 7617 | 7617 | 7336 |
| &nbsp;&nbsp;&nbsp; LAI-00814468, 28.760%, 4/30/2027 †x# | LendingPoint | 5/25/2023 | 2448 | 2448 | 2416 |
| &nbsp;&nbsp;&nbsp; LAI-00814474, 18.000%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 10641 | 10641 | 10446 |
| &nbsp;&nbsp;&nbsp; LAI-00814475, 20.690%, 6/26/2028 †x | LendingPoint | 5/25/2023 | 3293 | 3293 | 3183 |
| &nbsp;&nbsp;&nbsp; LAI-00814476, 0.000%, 4/30/2027 †x# | LendingPoint | 5/25/2023 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00814482, 29.510%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 2154 | 2154 | 2116 |
| &nbsp;&nbsp;&nbsp; LAI-00814483, 23.000%, 10/24/2026 †x# | LendingPoint | 5/25/2023 | 13520 | 13520 | 12711 |
| &nbsp;&nbsp;&nbsp; LAI-00814484, 27.490%, 5/20/2026 †§x# | LendingPoint | 5/25/2023 | 1651 | 1651 | 1685 |
| &nbsp;&nbsp;&nbsp; LAI-00814486, 29.950%, 5/01/2028 †x | LendingPoint | 5/25/2023 | 10147 | 10147 | 9581 |
| &nbsp;&nbsp;&nbsp; LAI-00814487, 30.000%, 5/20/2028 †§x# | LendingPoint | 5/25/2023 | 1370 | 1370 | 1338 |
| &nbsp;&nbsp;&nbsp; LAI-00814489, 19.250%, 5/20/2026 †§x# | LendingPoint | 5/25/2023 | 660 | 660 | 662 |
| &nbsp;&nbsp;&nbsp; LAI-00814502, 25.180%, 6/30/2028 †x# | LendingPoint | 5/25/2023 | 6973 | 6973 | 6652 |
| &nbsp;&nbsp;&nbsp; LAI-00814503, 27.000%, 5/20/2028 †x# | LendingPoint | 5/25/2023 | 11501 | 11501 | 11039 |
| &nbsp;&nbsp;&nbsp; LAI-00814504, 28.760%, 5/20/2027 †§x | LendingPoint | 5/25/2023 | 3458 | 3458 | 3392 |
| &nbsp;&nbsp;&nbsp; LAI-00814506, 31.280%, 5/20/2027 †§x | LendingPoint | 5/25/2023 | 763 | 763 | 748 |
| &nbsp;&nbsp;&nbsp; LAI-00814507, 20.210%, 5/20/2027 †§x# | LendingPoint | 5/25/2023 | 1073 | 1073 | 1054 |
| &nbsp;&nbsp;&nbsp; LAI-00814509, 19.370%, 5/26/2028 †x | LendingPoint | 5/25/2023 | 12976 | 12976 | 12648 |
| &nbsp;&nbsp;&nbsp; LAI-00814510, 29.510%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 5385 | 5385 | 5290 |
| &nbsp;&nbsp;&nbsp; LAI-00814514, 19.370%, 10/20/2028 †x# | LendingPoint | 5/25/2023 | 11850 | 11850 | 2484 |
| &nbsp;&nbsp;&nbsp; LAI-00814516, 31.040%, 3/25/2028 †x | LendingPoint | 5/25/2023 | 3670 | 3670 | 3589 |
| &nbsp;&nbsp;&nbsp; LAI-00814518, 24.750%, 5/20/2026 †§x# | LendingPoint | 5/25/2023 | 2039 | 2039 | 2045 |
| &nbsp;&nbsp;&nbsp; LAI-00814519, 29.510%, 5/20/2028 †x# | LendingPoint | 5/25/2023 | 3874 | 3874 | 691 |
| &nbsp;&nbsp;&nbsp; LAI-00814520, 30.800%, 5/20/2028 †x# | LendingPoint | 5/25/2023 | 5368 | 5368 | 1243 |
| &nbsp;&nbsp;&nbsp; LAI-00814522, 18.000%, 5/20/2029 †x | LendingPoint | 5/25/2023 | 27252 | 27252 | 26869 |
| &nbsp;&nbsp;&nbsp; LAI-00814525, 27.000%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 3809 | 3809 | 3668 |
| &nbsp;&nbsp;&nbsp; LAI-00814531, 29.510%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 7314 | 7314 | 7160 |
| &nbsp;&nbsp;&nbsp; LAI-00814532, 18.000%, 5/20/2028 †x# | LendingPoint | 5/25/2023 | 25640 | 25640 | 2679 |
| &nbsp;&nbsp;&nbsp; LAI-00814533, 27.300%, 4/16/2027 †x | LendingPoint | 5/25/2023 | 38 | 38 |  |
| &nbsp;&nbsp;&nbsp; LAI-00814534, 18.000%, 5/20/2029 †x | LendingPoint | 5/25/2023 | 3347 | 3347 | 3294 |
| &nbsp;&nbsp;&nbsp; LAI-00814537, 28.760%, 5/20/2027 †§x# | LendingPoint | 5/25/2023 | 4460 | 4460 | 4476 |
| &nbsp;&nbsp;&nbsp; LAI-00814541, 30.120%, 4/26/2027 †x | LendingPoint | 5/25/2023 | 3197 | 3197 | 3214 |
| &nbsp;&nbsp;&nbsp; LAI-00814542, 27.490%, 10/20/2026 †x# | LendingPoint | 5/25/2023 | 4083 | 4083 | 4083 |
| &nbsp;&nbsp;&nbsp; LAI-00814547, 22.530%, 5/20/2028 †x | LendingPoint | 5/25/2023 | 13998 | 13998 | 13487 |
| &nbsp;&nbsp;&nbsp; LAI-00814553, 29.510%, 10/31/2025 †x | LendingPoint | 5/25/2023 | 1811 | 1811 | 1686 |
| &nbsp;&nbsp;&nbsp; LAI-00814559, 22.530%, 5/05/2028 †x# | LendingPoint | 5/25/2023 | 13637 | 13637 | 13045 |
| &nbsp;&nbsp;&nbsp; LAI-00814561, 28.760%, 5/20/2027 †x# | LendingPoint | 5/25/2023 | 1347 | 1347 | 141 |
| &nbsp;&nbsp;&nbsp; LAI-00814564, 29.510%, 4/30/2028 †x# | LendingPoint | 5/25/2023 | 6599 | 6599 | 6314 |
| &nbsp;&nbsp;&nbsp; LAI-00814567, 27.000%, 5/21/2028 †x# | LendingPoint | 5/25/2023 | 3809 | 3809 | 658 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8891** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00814568, 0.000%, 5/05/2028 †x | LendingPoint | 5/25/2023 | $36 | $36 | $36 |
| &nbsp;&nbsp;&nbsp; LAI-00814569, 29.510%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 4246 | 4246 | 4155 |
| &nbsp;&nbsp;&nbsp; LAI-00814570, 25.000%, 5/21/2026 †§x | LendingPoint | 5/25/2023 | 2267 | 2267 | 2269 |
| &nbsp;&nbsp;&nbsp; LAI-00814576, 25.720%, 5/21/2026 †§x | LendingPoint | 5/25/2023 | 1057 | 1057 | 1059 |
| &nbsp;&nbsp;&nbsp; LAI-00814580, 23.270%, 4/26/2028 †x | LendingPoint | 5/25/2023 | 7474 | 7474 | 7333 |
| &nbsp;&nbsp;&nbsp; LAI-00814582, 29.420%, 4/26/2027 †x | LendingPoint | 5/25/2023 | 4466 | 4466 | 4363 |
| &nbsp;&nbsp;&nbsp; LAI-00814583, 30.120%, 5/21/2027 †§x | LendingPoint | 5/25/2023 | 4643 | 4643 | 4529 |
| &nbsp;&nbsp;&nbsp; LAI-00814585, 18.000%, 6/01/2028 †x | LendingPoint | 5/25/2023 | 8505 | 8505 | 8294 |
| &nbsp;&nbsp;&nbsp; LAI-00814586, 18.000%, 6/01/2028 †x# | LendingPoint | 5/25/2023 | 9036 | 9036 | 3643 |
| &nbsp;&nbsp;&nbsp; LAI-00814588, 30.000%, 4/21/2028 †x# | LendingPoint | 5/25/2023 | 3124 | 3124 | 2989 |
| &nbsp;&nbsp;&nbsp; LAI-00814591, 19.620%, 11/21/2029 †x# | LendingPoint | 5/25/2023 | 9314 | 9314 | 2632 |
| &nbsp;&nbsp;&nbsp; LAI-00814595, 30.800%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 5956 | 5956 | 5738 |
| &nbsp;&nbsp;&nbsp; LAI-00814610, 30.800%, 5/21/2028 †x# | LendingPoint | 5/25/2023 | 11412 | 11412 | 1940 |
| &nbsp;&nbsp;&nbsp; LAI-00814612, 25.000%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 11428 | 11428 | 11192 |
| &nbsp;&nbsp;&nbsp; LAI-00814613, 26.120%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 5265 | 5265 | 5088 |
| &nbsp;&nbsp;&nbsp; LAI-00814614, 28.760%, 5/21/2027 †x# | LendingPoint | 5/25/2023 | 5580 | 5580 | 1345 |
| &nbsp;&nbsp;&nbsp; LAI-00814618, 27.490%, 5/21/2026 †§x | LendingPoint | 5/25/2023 | 1263 | 1263 | 1282 |
| &nbsp;&nbsp;&nbsp; LAI-00814622, 21.990%, 5/21/2027 †§x | LendingPoint | 5/25/2023 | 6274 | 6274 | 6141 |
| &nbsp;&nbsp;&nbsp; LAI-00814623, 20.210%, 5/15/2028 †x | LendingPoint | 5/25/2023 | 7319 | 7319 | 7006 |
| &nbsp;&nbsp;&nbsp; LAI-00814624, 18.000%, 5/25/2029 †x | LendingPoint | 5/25/2023 | 3711 | 3711 | 3583 |
| &nbsp;&nbsp;&nbsp; LAI-00814625, 28.760%, 6/29/2027 †x# | LendingPoint | 5/25/2023 | 4697 | 4697 | 4571 |
| &nbsp;&nbsp;&nbsp; LAI-00814626, 27.950%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 2979 | 2979 | 2919 |
| &nbsp;&nbsp;&nbsp; LAI-00814628, 23.270%, 5/21/2028 †x# | LendingPoint | 5/25/2023 | 7656 | 7656 | 2243 |
| &nbsp;&nbsp;&nbsp; LAI-00814630, 18.000%, 5/22/2027 †x | LendingPoint | 5/25/2023 | 2371 | 2371 | 2352 |
| &nbsp;&nbsp;&nbsp; LAI-00814633, 26.120%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 8424 | 8424 | 8141 |
| &nbsp;&nbsp;&nbsp; LAI-00814635, 18.830%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 13907 | 13907 | 13397 |
| &nbsp;&nbsp;&nbsp; LAI-00814636, 30.080%, 3/23/2028 †x | LendingPoint | 5/25/2023 | 6531 | 6531 | 6381 |
| &nbsp;&nbsp;&nbsp; LAI-00814637, 25.140%, 5/21/2028 †x | LendingPoint | 5/25/2023 | 5575 | 5575 | 5389 |
| &nbsp;&nbsp;&nbsp; LAI-00814645, 21.000%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 16310 | 16310 | 15744 |
| &nbsp;&nbsp;&nbsp; LAI-00814649, 26.120%, 4/30/2028 †x# | LendingPoint | 5/25/2023 | 7938 | 7938 | 1374 |
| &nbsp;&nbsp;&nbsp; LAI-00814651, 30.000%, 4/30/2028 †x# | LendingPoint | 5/25/2023 | 4770 | 4770 | 4540 |
| &nbsp;&nbsp;&nbsp; LAI-00814652, 18.000%, 1/22/2029 †x | LendingPoint | 5/25/2023 | 18719 | 18719 | 18455 |
| &nbsp;&nbsp;&nbsp; LAI-00814655, 28.760%, 1/28/2027 †x | LendingPoint | 5/25/2023 | 6453 | 6453 | 6039 |
| &nbsp;&nbsp;&nbsp; LAI-00814656, 26.560%, 5/22/2029 †x | LendingPoint | 5/25/2023 | 17096 | 17096 | 16805 |
| &nbsp;&nbsp;&nbsp; LAI-00814662, 18.000%, 5/22/2029 †x | LendingPoint | 5/25/2023 | 17107 | 17107 | 16678 |
| &nbsp;&nbsp;&nbsp; LAI-00814664, 26.990%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 19860 | 19860 | 19466 |
| &nbsp;&nbsp;&nbsp; LAI-00814665, 26.120%, 5/22/2028 †x# | LendingPoint | 5/25/2023 | 6284 | 6284 | 657 |
| &nbsp;&nbsp;&nbsp; LAI-00814667, 18.710%, 5/22/2028 †§x# | LendingPoint | 5/25/2023 | 575 | 575 | 570 |
| &nbsp;&nbsp;&nbsp; LAI-00814670, 18.000%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 9887 | 9887 | 9489 |
| &nbsp;&nbsp;&nbsp; LAI-00814671, 27.490%, 5/15/2026 †x | LendingPoint | 5/25/2023 | 2441 | 2441 | 2461 |
| &nbsp;&nbsp;&nbsp; LAI-00814672, 18.000%, 5/05/2028 †x# | LendingPoint | 5/25/2023 | 11686 | 11686 | 11120 |
| &nbsp;&nbsp;&nbsp; LAI-00814674, 18.000%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 24157 | 24157 | 23143 |
| &nbsp;&nbsp;&nbsp; LAI-00814679, 25.000%, 6/11/2029 †x# | LendingPoint | 5/25/2023 | 16167 | 16167 | 1689 |
| &nbsp;&nbsp;&nbsp; LAI-00814680, 28.760%, 5/22/2027 †§x# | LendingPoint | 5/25/2023 | 4681 | 4681 | 4695 |
| &nbsp;&nbsp;&nbsp; LAI-00814681, 24.490%, 5/22/2027 †§x | LendingPoint | 5/25/2023 | 8874 | 8874 | 8685 |
| &nbsp;&nbsp;&nbsp; LAI-00814682, 18.830%, 9/22/2028 †x# | LendingPoint | 5/25/2023 | 4767 | 4767 | 4558 |
| &nbsp;&nbsp;&nbsp; LAI-00814684, 30.120%, 5/22/2027 †§x | LendingPoint | 5/25/2023 | 976 | 976 | 968 |
| &nbsp;&nbsp;&nbsp; LAI-00814688, 0.000%, 5/16/2028 †x# | LendingPoint | 5/25/2023 | 3831 | 3831 |  |
| &nbsp;&nbsp;&nbsp; LAI-00814689, 28.760%, 9/22/2027 †x# | LendingPoint | 5/25/2023 | 2953 | 2953 | 2938 |
| &nbsp;&nbsp;&nbsp; LAI-00814692, 30.000%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 7590 | 7590 | 7329 |
| &nbsp;&nbsp;&nbsp; LAI-00814697, 18.830%, 5/26/2028 †x | LendingPoint | 5/25/2023 | 18847 | 18847 | 18052 |
| &nbsp;&nbsp;&nbsp; LAI-00814699, 26.540%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 1796 | 1796 | 1731 |
| &nbsp;&nbsp;&nbsp; LAI-00814707, 21.080%, 5/22/2028 †§x | LendingPoint | 5/25/2023 | 1444 | 1444 | 1393 |
| &nbsp;&nbsp;&nbsp; LAI-00814716, 0.000%, 5/07/2029 †x | LendingPoint | 5/25/2023 | 39 | 39 | 39 |
| &nbsp;&nbsp;&nbsp; LAI-00814719, 29.950%, 11/01/2027 †x# | LendingPoint | 5/25/2023 | 7326 | 7326 | 6972 |
| &nbsp;&nbsp;&nbsp; LAI-00814724, 19.410%, 5/22/2026 †§x | LendingPoint | 5/25/2023 | 1679 | 1679 | 1698 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8892** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00814725, 21.140%, 7/22/2030 †x | LendingPoint | 5/25/2023 | $21176 | $21176 | $20645 |
| &nbsp;&nbsp;&nbsp; LAI-00814728, 18.000%, 4/23/2028 †x | LendingPoint | 5/25/2023 | 3625 | 3625 | 3556 |
| &nbsp;&nbsp;&nbsp; LAI-00814730, 27.590%, 3/23/2028 †x | LendingPoint | 5/25/2023 | 10309 | 10309 | 9856 |
| &nbsp;&nbsp;&nbsp; LAI-00814734, 18.000%, 10/22/2029 †x | LendingPoint | 5/25/2023 | 6940 | 6940 | 6664 |
| &nbsp;&nbsp;&nbsp; LAI-00814738, 21.000%, 5/16/2028 †x | LendingPoint | 5/25/2023 | 9815 | 9815 | 9481 |
| &nbsp;&nbsp;&nbsp; LAI-00814742, 28.940%, 5/02/2028 †x | LendingPoint | 5/25/2023 | 3866 | 3866 | 3667 |
| &nbsp;&nbsp;&nbsp; LAI-00814743, 22.530%, 7/01/2028 †x | LendingPoint | 5/25/2023 | 7070 | 7070 | 6754 |
| &nbsp;&nbsp;&nbsp; LAI-00814744, 30.000%, 5/22/2028 †x# | LendingPoint | 5/25/2023 | 5632 | 5632 | 589 |
| &nbsp;&nbsp;&nbsp; LAI-00814745, 28.310%, 5/22/2028 †x# | LendingPoint | 5/25/2023 | 8483 | 8483 | 8105 |
| &nbsp;&nbsp;&nbsp; LAI-00814748, 30.800%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 2380 | 2380 | 2323 |
| &nbsp;&nbsp;&nbsp; LAI-00814751, 20.620%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 6059 | 6059 | 5939 |
| &nbsp;&nbsp;&nbsp; LAI-00814752, 22.280%, 4/30/2028 †x# | LendingPoint | 5/25/2023 | 11735 | 11735 | 11201 |
| &nbsp;&nbsp;&nbsp; LAI-00814754, 26.120%, 8/06/2028 †x | LendingPoint | 5/25/2023 | 6641 | 6641 | 6328 |
| &nbsp;&nbsp;&nbsp; LAI-00814756, 30.800%, 5/12/2028 †x | LendingPoint | 5/25/2023 | 17587 | 17587 | 17090 |
| &nbsp;&nbsp;&nbsp; LAI-00814757, 30.120%, 1/05/2026 †x | LendingPoint | 5/25/2023 | 1738 | 1738 | 1634 |
| &nbsp;&nbsp;&nbsp; LAI-00814761, 23.340%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 6475 | 6475 | 6193 |
| &nbsp;&nbsp;&nbsp; LAI-00814764, 0.000%, 5/22/2026 †x# | LendingPoint | 5/25/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00814765, 26.490%, 5/22/2026 †§x | LendingPoint | 5/25/2023 | 2782 | 2782 | 2797 |
| &nbsp;&nbsp;&nbsp; LAI-00814776, 30.800%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 3930 | 3930 | 3848 |
| &nbsp;&nbsp;&nbsp; LAI-00814785, 30.800%, 4/15/2030 †x | LendingPoint | 5/25/2023 | 13405 | 13405 | 13093 |
| &nbsp;&nbsp;&nbsp; LAI-00814786, 27.000%, 9/22/2028 †x# | LendingPoint | 5/25/2023 | 22223 | 22223 | 6753 |
| &nbsp;&nbsp;&nbsp; LAI-00814792, 29.510%, 4/30/2028 †x# | LendingPoint | 5/25/2023 | 5866 | 5866 | 5630 |
| &nbsp;&nbsp;&nbsp; LAI-00814799, 26.080%, 5/22/2029 †x | LendingPoint | 5/25/2023 | 9215 | 9215 | 8975 |
| &nbsp;&nbsp;&nbsp; LAI-00814804, 23.240%, 5/06/2027 †§x | LendingPoint | 5/25/2023 | 2257 | 2257 | 2211 |
| &nbsp;&nbsp;&nbsp; LAI-00814809, 28.520%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 5135 | 5135 | 5056 |
| &nbsp;&nbsp;&nbsp; LAI-00815464, 0.000%, 5/30/2029 †x# | LendingPoint | 6/01/2023 | 26565 | 26565 |  |
| &nbsp;&nbsp;&nbsp; LAI-00815589, 18.000%, 3/30/2032 †x# | LendingPoint | 6/01/2023 | 4367 | 4367 | 456 |
| &nbsp;&nbsp;&nbsp; LAI-00816025, 18.000%, 4/28/2029 †x# | LendingPoint | 6/01/2023 | 33088 | 33088 | 32630 |
| &nbsp;&nbsp;&nbsp; LAI-00816102, 19.160%, 5/24/2029 †x | LendingPoint | 6/01/2023 | 13340 | 13340 | 13009 |
| &nbsp;&nbsp;&nbsp; LAI-00817039, 27.490%, 6/19/2026 †x# | LendingPoint | 6/02/2023 | 1910 | 1910 | 1914 |
| &nbsp;&nbsp;&nbsp; LAI-00817040, 22.530%, 2/15/2026 †x | LendingPoint | 6/02/2023 | 2602 | 2602 | 2237 |
| &nbsp;&nbsp;&nbsp; LAI-00817061, 18.000%, 6/28/2029 †x# | LendingPoint | 6/02/2023 | 4407 | 4407 | 4352 |
| &nbsp;&nbsp;&nbsp; LAI-00817062, 18.260%, 5/26/2029 †x | LendingPoint | 6/02/2023 | 17626 | 17626 | 17249 |
| &nbsp;&nbsp;&nbsp; LAI-00817107, 29.510%, 5/26/2028 †x | LendingPoint | 6/02/2023 | 5721 | 5721 | 5639 |
| &nbsp;&nbsp;&nbsp; LAI-00817120, 20.300%, 5/26/2028 †x | LendingPoint | 6/02/2023 | 3508 | 3508 | 3447 |
| &nbsp;&nbsp;&nbsp; LAI-00817153, 28.760%, 5/26/2027 †§x | LendingPoint | 6/02/2023 | 3154 | 3154 | 3103 |
| &nbsp;&nbsp;&nbsp; LAI-00817187, 22.260%, 5/26/2028 †x | LendingPoint | 6/02/2023 | 5861 | 5861 | 5663 |
| &nbsp;&nbsp;&nbsp; LAI-00817189, 18.250%, 5/26/2027 †§x | LendingPoint | 6/02/2023 | 1247 | 1247 | 1240 |
| &nbsp;&nbsp;&nbsp; LAI-00817210, 30.800%, 5/19/2028 †x# | LendingPoint | 6/02/2023 | 5627 | 5627 | 588 |
| &nbsp;&nbsp;&nbsp; LAI-00817229, 19.410%, 5/30/2026 †x# | LendingPoint | 6/02/2023 | 2024 | 2024 | 2018 |
| &nbsp;&nbsp;&nbsp; LAI-00817234, 21.330%, 5/26/2028 †x | LendingPoint | 6/02/2023 | 7050 | 7050 | 6811 |
| &nbsp;&nbsp;&nbsp; LAI-00817263, 14.400%, 5/26/2028 †x | LendingPoint | 6/02/2023 | 20484 | 20484 | 20154 |
| &nbsp;&nbsp;&nbsp; LAI-00817268, 21.790%, 1/28/2026 †x | LendingPoint | 6/02/2023 | 7537 | 7537 | 6575 |
| &nbsp;&nbsp;&nbsp; LAI-00817279, 24.560%, 5/26/2028 †x | LendingPoint | 6/02/2023 | 2976 | 2976 | 2844 |
| &nbsp;&nbsp;&nbsp; LAI-00817319, 28.760%, 5/14/2027 †x | LendingPoint | 6/02/2023 | 4681 | 4681 | 4610 |
| &nbsp;&nbsp;&nbsp; LAI-00817353, 18.000%, 6/02/2028 †x# | LendingPoint | 6/02/2023 | 17655 | 17655 | 17210 |
| &nbsp;&nbsp;&nbsp; LAI-00817355, 27.490%, 10/30/2026 †x# | LendingPoint | 6/02/2023 | 3039 | 3039 | 3023 |
| &nbsp;&nbsp;&nbsp; LAI-00817363, 14.170%, 5/21/2028 †x | LendingPoint | 6/02/2023 | 3157 | 3157 | 3102 |
| &nbsp;&nbsp;&nbsp; LAI-00817370, 18.000%, 6/11/2029 †x | LendingPoint | 6/02/2023 | 29080 | 29080 | 28532 |
| &nbsp;&nbsp;&nbsp; LAI-00817383, 30.080%, 5/27/2028 †x# | LendingPoint | 6/02/2023 | 7493 | 7493 | 783 |
| &nbsp;&nbsp;&nbsp; LAI-00817419, 30.120%, 12/30/2025 †x# | LendingPoint | 6/02/2023 | 2872 | 2872 | 2711 |
| &nbsp;&nbsp;&nbsp; LAI-00817464, 27.000%, 3/30/2028 †x# | LendingPoint | 6/02/2023 | 14157 | 14157 | 13497 |
| &nbsp;&nbsp;&nbsp; LAI-00817469, 18.830%, 4/24/2026 †x | LendingPoint | 6/02/2023 | 9963 | 9963 | 8279 |
| &nbsp;&nbsp;&nbsp; LAI-00817473, 18.830%, 5/28/2028 †x# | LendingPoint | 6/02/2023 | 9261 | 9261 | 8960 |
| &nbsp;&nbsp;&nbsp; LAI-00817480, 19.080%, 5/28/2028 †x# | LendingPoint | 6/02/2023 | 9947 | 9947 | 9783 |
| &nbsp;&nbsp;&nbsp; LAI-00817512, 30.120%, 5/28/2027 †§x# | LendingPoint | 6/02/2023 | 2517 | 2517 | 2543 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8893** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00817528, 25.410%, 9/28/2027 †x# | LendingPoint | 6/02/2023 | $15836 | $15836 | $15437 |
| &nbsp;&nbsp;&nbsp; LAI-00817539, 21.000%, 5/28/2028 †x# | LendingPoint | 6/02/2023 | 23060 | 23060 | 22409 |
| &nbsp;&nbsp;&nbsp; LAI-00817545, 18.000%, 6/01/2029 †x# | LendingPoint | 6/02/2023 | 21106 | 21106 | 20610 |
| &nbsp;&nbsp;&nbsp; LAI-00817553, 19.410%, 5/28/2026 †§x# | LendingPoint | 6/02/2023 | 4132 | 4132 | 4159 |
| &nbsp;&nbsp;&nbsp; LAI-00817560, 21.860%, 5/12/2028 †x | LendingPoint | 6/02/2023 | 9603 | 9603 | 9171 |
| &nbsp;&nbsp;&nbsp; LAI-00817578, 18.830%, 5/29/2028 †§x# | LendingPoint | 6/02/2023 | 1325 | 1325 | 1265 |
| &nbsp;&nbsp;&nbsp; LAI-00817707, 22.530%, 5/30/2028 †x# | LendingPoint | 6/02/2023 | 18652 | 18652 | 1949 |
| &nbsp;&nbsp;&nbsp; LAI-00817737, 28.760%, 5/30/2027 †§x | LendingPoint | 6/02/2023 | 4632 | 4632 | 4566 |
| &nbsp;&nbsp;&nbsp; LAI-00817767, 18.280%, 5/30/2027 †x# | LendingPoint | 6/02/2023 | 15808 | 15808 | 14862 |
| &nbsp;&nbsp;&nbsp; LAI-00817768, 28.940%, 5/30/2026 †§x# | LendingPoint | 6/02/2023 | 1822 | 1822 | 1825 |
| &nbsp;&nbsp;&nbsp; LAI-00817776, 18.830%, 6/14/2028 †x | LendingPoint | 6/02/2023 | 12438 | 12438 | 11918 |
| &nbsp;&nbsp;&nbsp; LAI-00817777, 25.000%, 2/28/2030 †x# | LendingPoint | 6/02/2023 | 10349 | 10349 | 10223 |
| &nbsp;&nbsp;&nbsp; LAI-00817811, 29.510%, 5/30/2028 †x# | LendingPoint | 6/02/2023 | 6387 | 6387 | 1441 |
| &nbsp;&nbsp;&nbsp; LAI-00817819, 20.690%, 5/30/2028 †x# | LendingPoint | 6/02/2023 | 12728 | 12728 | 12161 |
| &nbsp;&nbsp;&nbsp; LAI-00817831, 27.490%, 9/30/2026 †x# | LendingPoint | 6/02/2023 | 2115 | 2115 | 221 |
| &nbsp;&nbsp;&nbsp; LAI-00817842, 30.800%, 5/30/2028 †x# | LendingPoint | 6/02/2023 | 3929 | 3929 | 3783 |
| &nbsp;&nbsp;&nbsp; LAI-00817874, 18.000%, 5/30/2029 †x# | LendingPoint | 6/05/2023 | 13472 | 13472 | 13027 |
| &nbsp;&nbsp;&nbsp; LAI-00817875, 21.020%, 6/14/2029 †x | LendingPoint | 6/05/2023 | 39091 | 39091 | 38359 |
| &nbsp;&nbsp;&nbsp; LAI-00817876, 18.000%, 5/30/2029 †x# | LendingPoint | 6/05/2023 | 8299 | 8299 | 8121 |
| &nbsp;&nbsp;&nbsp; LAI-00817933, 18.000%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 17022 | 17022 | 16618 |
| &nbsp;&nbsp;&nbsp; LAI-00817949, 29.420%, 5/30/2027 †§x | LendingPoint | 6/05/2023 | 4647 | 4647 | 4465 |
| &nbsp;&nbsp;&nbsp; LAI-00817987, 0.000%, 5/30/2028 †x | LendingPoint | 6/05/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00818004, 18.120%, 5/30/2029 †x# | LendingPoint | 6/05/2023 | 4513 | 4513 | 4416 |
| &nbsp;&nbsp;&nbsp; LAI-00818009, 30.000%, 5/26/2028 †x | LendingPoint | 6/05/2023 | 3093 | 3093 | 3001 |
| &nbsp;&nbsp;&nbsp; LAI-00818024, 18.000%, 5/28/2029 †x# | LendingPoint | 6/05/2023 | 29259 | 29259 | 28658 |
| &nbsp;&nbsp;&nbsp; LAI-00818031, 21.000%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 18986 | 18986 | 1984 |
| &nbsp;&nbsp;&nbsp; LAI-00818037, 24.870%, 5/30/2029 †x# | LendingPoint | 6/05/2023 | 6138 | 6138 | 1703 |
| &nbsp;&nbsp;&nbsp; LAI-00818046, 27.770%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 6401 | 6401 | 6177 |
| &nbsp;&nbsp;&nbsp; LAI-00818054, 30.640%, 5/30/2028 †x | LendingPoint | 6/05/2023 | 1958 | 1958 | 1880 |
| &nbsp;&nbsp;&nbsp; LAI-00818066, 18.000%, 10/29/2026 †x | LendingPoint | 6/05/2023 | 23344 | 23344 | 22595 |
| &nbsp;&nbsp;&nbsp; LAI-00818079, 26.430%, 4/01/2028 †x | LendingPoint | 6/05/2023 | 19812 | 19812 | 18321 |
| &nbsp;&nbsp;&nbsp; LAI-00818086, 18.000%, 5/23/2029 †x | LendingPoint | 6/05/2023 | 19948 | 19948 | 19500 |
| &nbsp;&nbsp;&nbsp; LAI-00818092, 18.000%, 5/30/2026 †x# | LendingPoint | 6/05/2023 | 1390 | 1390 | 1386 |
| &nbsp;&nbsp;&nbsp; LAI-00818107, 24.800%, 5/01/2027 †x | LendingPoint | 6/05/2023 | 5817 | 5817 | 5664 |
| &nbsp;&nbsp;&nbsp; LAI-00818114, 19.250%, 5/30/2026 †§x# | LendingPoint | 6/05/2023 | 1819 | 1819 | 1813 |
| &nbsp;&nbsp;&nbsp; LAI-00818122, 18.000%, 6/02/2028 †x# | LendingPoint | 6/05/2023 | 13331 | 13331 | 12989 |
| &nbsp;&nbsp;&nbsp; LAI-00818129, 0.000%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00818152, 28.760%, 7/30/2027 †x# | LendingPoint | 6/05/2023 | 6989 | 6989 | 1248 |
| &nbsp;&nbsp;&nbsp; LAI-00818165, 22.990%, 5/30/2026 †§x# | LendingPoint | 6/05/2023 | 1270 | 1270 | 1273 |
| &nbsp;&nbsp;&nbsp; LAI-00818168, 25.000%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 2511 | 2511 | 2426 |
| &nbsp;&nbsp;&nbsp; LAI-00818174, 30.120%, 5/30/2027 †§x | LendingPoint | 6/05/2023 | 4767 | 4767 | 4710 |
| &nbsp;&nbsp;&nbsp; LAI-00818180, 21.860%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 8433 | 8433 | 8051 |
| &nbsp;&nbsp;&nbsp; LAI-00818206, 18.000%, 5/25/2029 †x | LendingPoint | 6/05/2023 | 17966 | 17966 | 17576 |
| &nbsp;&nbsp;&nbsp; LAI-00818208, 30.800%, 8/11/2028 †x | LendingPoint | 6/05/2023 | 24453 | 24453 | 23350 |
| &nbsp;&nbsp;&nbsp; LAI-00818240, 28.760%, 12/30/2029 †x# | LendingPoint | 6/05/2023 | 5675 | 5675 | 5492 |
| &nbsp;&nbsp;&nbsp; LAI-00818244, 0.000%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 5803 | 5803 |  |
| &nbsp;&nbsp;&nbsp; LAI-00818280, 12.700%, 6/01/2026 †§x | LendingPoint | 6/05/2023 | 3398 | 3398 | 3390 |
| &nbsp;&nbsp;&nbsp; LAI-00818306, 18.310%, 6/01/2029 †x | LendingPoint | 6/05/2023 | 25352 | 25352 | 24822 |
| &nbsp;&nbsp;&nbsp; LAI-00818312, 18.000%, 6/01/2029 †x | LendingPoint | 6/05/2023 | 24840 | 24840 | 24323 |
| &nbsp;&nbsp;&nbsp; LAI-00818324, 18.000%, 3/30/2027 †x# | LendingPoint | 6/05/2023 | 18388 | 18388 | 17814 |
| &nbsp;&nbsp;&nbsp; LAI-00818331, 22.530%, 6/01/2028 †x# | LendingPoint | 6/05/2023 | 10497 | 10497 | 10025 |
| &nbsp;&nbsp;&nbsp; LAI-00818337, 28.760%, 6/01/2027 †§x | LendingPoint | 6/05/2023 | 3604 | 3604 | 3557 |
| &nbsp;&nbsp;&nbsp; LAI-00818366, 30.120%, 6/01/2027 †§x | LendingPoint | 6/05/2023 | 2413 | 2413 | 2381 |
| &nbsp;&nbsp;&nbsp; LAI-00818394, 21.000%, 5/06/2028 †x | LendingPoint | 6/05/2023 | 5407 | 5407 | 5166 |
| &nbsp;&nbsp;&nbsp; LAI-00818396, 18.000%, 6/01/2028 †x# | LendingPoint | 6/05/2023 | 10226 | 10226 | 2233 |
| &nbsp;&nbsp;&nbsp; LAI-00818397, 28.760%, 1/31/2026 †x | LendingPoint | 6/05/2023 | 2579 | 2579 | 2426 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8894** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00818405, 23.270%, 8/17/2028 †x | LendingPoint | 6/05/2023 | $23350 | $23350 | $22807 |
| &nbsp;&nbsp;&nbsp; LAI-00818823, 18.000%, 1/15/2030 †x | LendingPoint | 6/09/2023 | 10687 | 10687 | 10170 |
| &nbsp;&nbsp;&nbsp; LAI-00818943, 18.000%, 6/08/2029 †x | LendingPoint | 6/09/2023 | 24282 | 24282 | 8998 |
| &nbsp;&nbsp;&nbsp; LAI-00819317, 24.740%, 6/02/2029 †x | LendingPoint | 6/09/2023 | 11016 | 11016 | 10769 |
| &nbsp;&nbsp;&nbsp; LAI-00819425, 18.000%, 6/03/2029 †x# | LendingPoint | 6/09/2023 | 9794 | 9794 | 1977 |
| &nbsp;&nbsp;&nbsp; LAI-00819541, 18.000%, 6/03/2029 †x | LendingPoint | 6/09/2023 | 37424 | 37424 | 36700 |
| &nbsp;&nbsp;&nbsp; LAI-00820139, 28.320%, 7/10/2027 †x# | LendingPoint | 6/09/2023 | 8909 | 8909 | 8607 |
| &nbsp;&nbsp;&nbsp; LAI-00820359, 18.000%, 6/06/2029 †x | LendingPoint | 6/09/2023 | 24127 | 24127 | 23639 |
| &nbsp;&nbsp;&nbsp; LAI-00820482, 22.350%, 6/06/2026 †§x | LendingPoint | 6/09/2023 | 5862 | 5862 | 5845 |
| &nbsp;&nbsp;&nbsp; LAI-00820504, 19.260%, 6/06/2029 †x# | LendingPoint | 6/09/2023 | 30573 | 30573 | 3195 |
| &nbsp;&nbsp;&nbsp; LAI-00820586, 20.240%, 6/06/2029 †x | LendingPoint | 6/09/2023 | 13659 | 13659 | 13222 |
| &nbsp;&nbsp;&nbsp; LAI-00820692, 18.780%, 12/07/2028 †x | LendingPoint | 6/09/2023 | 24285 | 24285 | 22840 |
| &nbsp;&nbsp;&nbsp; LAI-00820699, 20.690%, 6/07/2028 †x | LendingPoint | 6/09/2023 | 8694 | 8694 | 8347 |
| &nbsp;&nbsp;&nbsp; LAI-00822260, 30.000%, 4/14/2028 †x | LendingPoint | 6/15/2023 | 1480 | 1480 | 1420 |
| &nbsp;&nbsp;&nbsp; LAI-00822265, 18.830%, 10/10/2028 †x# | LendingPoint | 6/15/2023 | 4341 | 4341 | 454 |
| &nbsp;&nbsp;&nbsp; LAI-00822278, 18.000%, 6/10/2029 †x# | LendingPoint | 6/15/2023 | 37483 | 37483 | 36291 |
| &nbsp;&nbsp;&nbsp; LAI-00822295, 30.000%, 5/24/2028 †x | LendingPoint | 6/15/2023 | 12230 | 12230 | 11758 |
| &nbsp;&nbsp;&nbsp; LAI-00822369, 30.120%, 6/10/2027 †§x# | LendingPoint | 6/15/2023 | 3057 | 3057 | 3033 |
| &nbsp;&nbsp;&nbsp; LAI-00822373, 27.000%, 6/26/2028 †x | LendingPoint | 6/15/2023 | 8777 | 8777 | 8423 |
| &nbsp;&nbsp;&nbsp; LAI-00822389, 22.720%, 5/14/2027 †x | LendingPoint | 6/15/2023 | 5566 | 5566 | 5502 |
| &nbsp;&nbsp;&nbsp; LAI-00822406, 24.270%, 4/21/2028 †x | LendingPoint | 6/15/2023 | 5244 | 5244 | 5142 |
| &nbsp;&nbsp;&nbsp; LAI-00822448, 18.000%, 6/10/2028 †x | LendingPoint | 6/15/2023 | 8208 | 8208 | 8024 |
| &nbsp;&nbsp;&nbsp; LAI-00822465, 21.080%, 5/26/2028 †x | LendingPoint | 6/15/2023 | 1856 | 1856 | 1770 |
| &nbsp;&nbsp;&nbsp; LAI-00822471, 19.410%, 6/10/2026 †§x | LendingPoint | 6/15/2023 | 3573 | 3573 | 3566 |
| &nbsp;&nbsp;&nbsp; LAI-00822487, 22.060%, 6/02/2028 †x# | LendingPoint | 6/15/2023 | 7179 | 7179 | 6823 |
| &nbsp;&nbsp;&nbsp; LAI-00822503, 22.320%, 6/02/2028 †x# | LendingPoint | 6/15/2023 | 14951 | 14951 | 14538 |
| &nbsp;&nbsp;&nbsp; LAI-00822509, 28.760%, 6/10/2027 †§x# | LendingPoint | 6/15/2023 | 4773 | 4773 | 4755 |
| &nbsp;&nbsp;&nbsp; LAI-00822516, 28.770%, 1/29/2026 †x | LendingPoint | 6/15/2023 | 4615 | 4615 | 4060 |
| &nbsp;&nbsp;&nbsp; LAI-00822526, 20.330%, 6/10/2028 †x# | LendingPoint | 6/15/2023 | 8412 | 8412 | 879 |
| &nbsp;&nbsp;&nbsp; LAI-00822528, 18.000%, 6/10/2028 †x# | LendingPoint | 6/15/2023 | 7620 | 7620 | 7453 |
| &nbsp;&nbsp;&nbsp; LAI-00822531, 20.690%, 6/24/2028 †x | LendingPoint | 6/15/2023 | 6985 | 6985 | 6725 |
| &nbsp;&nbsp;&nbsp; LAI-00822549, 0.000%, 6/11/2026 †x# | LendingPoint | 6/15/2023 | 12 | 12 |  |
| &nbsp;&nbsp;&nbsp; LAI-00822559, 28.760%, 5/15/2027 †x | LendingPoint | 6/15/2023 | 3622 | 3622 | 3509 |
| &nbsp;&nbsp;&nbsp; LAI-00822627, 30.000%, 5/19/2028 †x# | LendingPoint | 6/15/2023 | 2233 | 2233 | 2128 |
| &nbsp;&nbsp;&nbsp; LAI-00822631, 27.000%, 6/30/2031 †x# | LendingPoint | 6/15/2023 | 25749 | 25749 | 24700 |
| &nbsp;&nbsp;&nbsp; LAI-00822635, 18.000%, 6/11/2028 †x | LendingPoint | 6/15/2023 | 11191 | 11191 | 10658 |
| &nbsp;&nbsp;&nbsp; LAI-00822637, 27.000%, 5/21/2028 †x | LendingPoint | 6/15/2023 | 10293 | 10293 | 9880 |
| &nbsp;&nbsp;&nbsp; LAI-00822672, 28.760%, 6/11/2027 †x# | LendingPoint | 6/15/2023 | 5123 | 5123 | 535 |
| &nbsp;&nbsp;&nbsp; LAI-00822685, 21.330%, 6/04/2028 †x | LendingPoint | 6/15/2023 | 6843 | 6843 | 6551 |
| &nbsp;&nbsp;&nbsp; LAI-00822706, 22.530%, 6/02/2028 †x# | LendingPoint | 6/15/2023 | 16509 | 16509 | 15701 |
| &nbsp;&nbsp;&nbsp; LAI-00822707, 28.760%, 4/30/2026 †x | LendingPoint | 6/15/2023 | 3761 | 3761 | 3457 |
| &nbsp;&nbsp;&nbsp; LAI-00822729, 18.370%, 10/12/2025 †x | LendingPoint | 6/15/2023 | 181 | 181 | 179 |
| &nbsp;&nbsp;&nbsp; LAI-00822732, 26.050%, 8/28/2028 †x# | LendingPoint | 6/15/2023 | 10480 | 10480 | 1781 |
| &nbsp;&nbsp;&nbsp; LAI-00822733, 28.760%, 6/12/2027 †§x# | LendingPoint | 6/15/2023 | 5604 | 5604 | 2836 |
| &nbsp;&nbsp;&nbsp; LAI-00822742, 28.760%, 6/12/2027 †§x | LendingPoint | 6/15/2023 | 4497 | 4497 | 4464 |
| &nbsp;&nbsp;&nbsp; LAI-00822745, 18.000%, 12/21/2029 †x# | LendingPoint | 6/15/2023 | 17874 | 17874 | 17430 |
| &nbsp;&nbsp;&nbsp; LAI-00822746, 18.410%, 2/23/2029 †x | LendingPoint | 6/15/2023 | 14061 | 14061 | 13320 |
| &nbsp;&nbsp;&nbsp; LAI-00822759, 27.000%, 5/12/2028 †x | LendingPoint | 6/15/2023 | 8019 | 8019 | 7643 |
| &nbsp;&nbsp;&nbsp; LAI-00822768, 20.830%, 6/12/2028 †x | LendingPoint | 6/15/2023 | 6889 | 6889 | 6601 |
| &nbsp;&nbsp;&nbsp; LAI-00822769, 28.620%, 5/17/2028 †x | LendingPoint | 6/15/2023 | 7885 | 7885 | 7580 |
| &nbsp;&nbsp;&nbsp; LAI-00822773, 18.830%, 6/12/2028 †§x | LendingPoint | 6/15/2023 | 1695 | 1695 | 1625 |
| &nbsp;&nbsp;&nbsp; LAI-00822775, 27.260%, 6/12/2028 †x | LendingPoint | 6/15/2023 | 5985 | 5985 | 5846 |
| &nbsp;&nbsp;&nbsp; LAI-00822779, 20.690%, 6/12/2028 †x# | LendingPoint | 6/15/2023 | 15218 | 15218 | 2716 |
| &nbsp;&nbsp;&nbsp; LAI-00822794, 23.270%, 1/26/2026 †x | LendingPoint | 6/15/2023 | 12299 | 12299 | 10111 |
| &nbsp;&nbsp;&nbsp; LAI-00822818, 22.530%, 12/13/2028 †x# | LendingPoint | 6/15/2023 | 16865 | 16865 | 15995 |
| &nbsp;&nbsp;&nbsp; LAI-00822825, 25.000%, 2/15/2028 †x | LendingPoint | 6/15/2023 | 12875 | 12875 | 12584 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8895** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00822840, 20.830%, 6/13/2028 †x# | LendingPoint | 6/15/2023 | $14222 | $14222 | $13882 |
| &nbsp;&nbsp;&nbsp; LAI-00822841, 22.580%, 6/13/2028 †§x# | LendingPoint | 6/15/2023 | 1609 | 1609 | 1537 |
| &nbsp;&nbsp;&nbsp; LAI-00822850, 20.210%, 7/29/2027 †x# | LendingPoint | 6/15/2023 | 5398 | 5398 | 5334 |
| &nbsp;&nbsp;&nbsp; LAI-00822877, 28.320%, 6/13/2026 †§x | LendingPoint | 6/15/2023 | 551 | 551 | 553 |
| &nbsp;&nbsp;&nbsp; LAI-00822881, 0.000%, 6/13/2028 †x# | LendingPoint | 6/15/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00822883, 18.830%, 6/20/2028 †x | LendingPoint | 6/15/2023 | 4445 | 4445 | 4273 |
| &nbsp;&nbsp;&nbsp; LAI-00822887, 30.800%, 10/22/2030 †x# | LendingPoint | 6/15/2023 | 10887 | 10887 | 1138 |
| &nbsp;&nbsp;&nbsp; LAI-00822901, 18.000%, 6/13/2028 †x# | LendingPoint | 6/15/2023 | 5486 | 5486 | 5369 |
| &nbsp;&nbsp;&nbsp; LAI-00822906, 28.760%, 8/25/2027 †x | LendingPoint | 6/15/2023 | 5104 | 5104 | 5103 |
| &nbsp;&nbsp;&nbsp; LAI-00822909, 18.000%, 6/13/2028 †x# | LendingPoint | 6/15/2023 | 2696 | 2696 | 2635 |
| &nbsp;&nbsp;&nbsp; LAI-00822917, 30.800%, 9/28/2026 †x# | LendingPoint | 6/15/2023 | 9752 | 9752 | 9091 |
| &nbsp;&nbsp;&nbsp; LAI-00822918, 23.590%, 1/24/2030 †x | LendingPoint | 6/15/2023 | 19552 | 19552 | 19036 |
| &nbsp;&nbsp;&nbsp; LAI-00822931, 30.120%, 6/13/2027 †§x# | LendingPoint | 6/15/2023 | 2325 | 2325 | 2305 |
| &nbsp;&nbsp;&nbsp; LAI-00822940, 26.120%, 5/06/2029 †x# | LendingPoint | 6/15/2023 | 15574 | 15574 | 1627 |
| &nbsp;&nbsp;&nbsp; LAI-00822941, 21.860%, 6/13/2028 †x# | LendingPoint | 6/15/2023 | 3195 | 3195 | 3067 |
| &nbsp;&nbsp;&nbsp; LAI-00822953, 28.760%, 6/13/2027 †§x# | LendingPoint | 6/15/2023 | 3304 | 3304 | 3282 |
| &nbsp;&nbsp;&nbsp; LAI-00822966, 23.810%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 7613 | 7613 | 7293 |
| &nbsp;&nbsp;&nbsp; LAI-00822987, 18.000%, 11/30/2026 †x | LendingPoint | 6/16/2023 | 18369 | 18369 | 17308 |
| &nbsp;&nbsp;&nbsp; LAI-00822993, 21.150%, 6/13/2027 †§x# | LendingPoint | 6/16/2023 | 10641 | 10641 | 10521 |
| &nbsp;&nbsp;&nbsp; LAI-00823021, 23.770%, 5/21/2029 †x# | LendingPoint | 6/16/2023 | 15384 | 15384 | 2646 |
| &nbsp;&nbsp;&nbsp; LAI-00823040, 26.120%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 8607 | 8607 | 8268 |
| &nbsp;&nbsp;&nbsp; LAI-00823070, 18.000%, 5/21/2029 †x | LendingPoint | 6/16/2023 | 16979 | 16979 | 16507 |
| &nbsp;&nbsp;&nbsp; LAI-00823077, 25.950%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 22013 | 22013 | 20949 |
| &nbsp;&nbsp;&nbsp; LAI-00823079, 31.300%, 2/13/2029 †x | LendingPoint | 6/16/2023 | 31261 | 31261 | 29265 |
| &nbsp;&nbsp;&nbsp; LAI-00823174, 30.120%, 6/12/2027 †x | LendingPoint | 6/16/2023 | 5220 | 5220 | 5207 |
| &nbsp;&nbsp;&nbsp; LAI-00823175, 21.080%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 3658 | 3658 | 3508 |
| &nbsp;&nbsp;&nbsp; LAI-00823197, 18.270%, 11/13/2029 †x# | LendingPoint | 6/16/2023 | 28531 | 28531 | 26992 |
| &nbsp;&nbsp;&nbsp; LAI-00823199, 20.690%, 7/02/2029 †x | LendingPoint | 6/16/2023 | 10344 | 10344 | 9790 |
| &nbsp;&nbsp;&nbsp; LAI-00823210, 19.400%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 22063 | 22063 | 21562 |
| &nbsp;&nbsp;&nbsp; LAI-00823254, 27.000%, 3/25/2027 †x# | LendingPoint | 6/16/2023 | 7730 | 7730 | 7298 |
| &nbsp;&nbsp;&nbsp; LAI-00823272, 21.150%, 6/13/2027 †§x | LendingPoint | 6/16/2023 | 924 | 924 |  |
| &nbsp;&nbsp;&nbsp; LAI-00823292, 18.000%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 16892 | 16892 | 16090 |
| &nbsp;&nbsp;&nbsp; LAI-00823332, 22.490%, 6/13/2027 †§x# | LendingPoint | 6/16/2023 | 3417 | 3417 | 3316 |
| &nbsp;&nbsp;&nbsp; LAI-00823337, 22.580%, 6/16/2028 †x# | LendingPoint | 6/16/2023 | 5962 | 5962 | 1064 |
| &nbsp;&nbsp;&nbsp; LAI-00823350, 20.050%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 7395 | 7395 | 7226 |
| &nbsp;&nbsp;&nbsp; LAI-00823355, 28.320%, 11/13/2026 †x# | LendingPoint | 6/16/2023 | 4462 | 4462 | 4388 |
| &nbsp;&nbsp;&nbsp; LAI-00823365, 21.000%, 3/14/2029 †x# | LendingPoint | 6/16/2023 | 33923 | 33923 | 6055 |
| &nbsp;&nbsp;&nbsp; LAI-00823370, 18.000%, 6/02/2028 †x | LendingPoint | 6/16/2023 | 11352 | 11352 | 11079 |
| &nbsp;&nbsp;&nbsp; LAI-00823375, 0.000%, 6/14/2025 †x#^ | LendingPoint | 6/16/2023 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; LAI-00823376, 29.490%, 12/28/2028 †x# | LendingPoint | 6/16/2023 | 38687 | 38687 | 4043 |
| &nbsp;&nbsp;&nbsp; LAI-00823453, 28.760%, 6/11/2027 †x | LendingPoint | 6/16/2023 | 5353 | 5353 | 2847 |
| &nbsp;&nbsp;&nbsp; LAI-00823454, 26.590%, 6/14/2028 †x | LendingPoint | 6/16/2023 | 1866 | 1866 | 1774 |
| &nbsp;&nbsp;&nbsp; LAI-00823477, 0.000%, 2/26/2027 †x | LendingPoint | 6/16/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00823489, 25.700%, 1/17/2029 †x# | LendingPoint | 6/16/2023 | 23775 | 23775 | 2485 |
| &nbsp;&nbsp;&nbsp; LAI-00823609, 19.580%, 6/28/2029 †x# | LendingPoint | 6/21/2023 | 30555 | 30555 | 30030 |
| &nbsp;&nbsp;&nbsp; LAI-00824119, 20.090%, 6/23/2028 †x | LendingPoint | 6/21/2023 | 19700 | 19700 | 18597 |
| &nbsp;&nbsp;&nbsp; LAI-00824278, 18.000%, 12/01/2028 †x# | LendingPoint | 6/21/2023 | 37629 | 37629 | 35371 |
| &nbsp;&nbsp;&nbsp; LAI-00824529, 30.800%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 562 | 562 | 553 |
| &nbsp;&nbsp;&nbsp; LAI-00824541, 18.000%, 12/21/2028 †x | LendingPoint | 6/21/2023 | 37650 | 37650 | 35523 |
| &nbsp;&nbsp;&nbsp; LAI-00824548, 30.000%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 6367 | 6367 | 6116 |
| &nbsp;&nbsp;&nbsp; LAI-00824555, 18.000%, 3/01/2030 †x# | LendingPoint | 6/21/2023 | 24555 | 24555 | 23762 |
| &nbsp;&nbsp;&nbsp; LAI-00824571, 18.000%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 19045 | 19045 | 18630 |
| &nbsp;&nbsp;&nbsp; LAI-00824573, 26.680%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 3887 | 3887 | 3725 |
| &nbsp;&nbsp;&nbsp; LAI-00824575, 18.000%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 28317 | 28317 | 27725 |
| &nbsp;&nbsp;&nbsp; LAI-00824589, 30.120%, 6/16/2027 †§x | LendingPoint | 6/21/2023 | 5060 | 5060 | 5049 |
| &nbsp;&nbsp;&nbsp; LAI-00824604, 18.000%, 2/16/2029 †x | LendingPoint | 6/21/2023 | 33177 | 33177 | 32234 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8896** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00824619, 27.890%, 5/22/2028 †x | LendingPoint | 6/21/2023 | $3172 | $3172 | $3057 |
| &nbsp;&nbsp;&nbsp; LAI-00824621, 28.000%, 3/17/2028 †x# | LendingPoint | 6/21/2023 | 7444 | 7444 | 778 |
| &nbsp;&nbsp;&nbsp; LAI-00824639, 30.000%, 6/16/2027 †§x | LendingPoint | 6/21/2023 | 11110 | 11110 | 10818 |
| &nbsp;&nbsp;&nbsp; LAI-00824648, 28.760%, 6/16/2027 †§x | LendingPoint | 6/21/2023 | 3742 | 3742 | 3724 |
| &nbsp;&nbsp;&nbsp; LAI-00824653, 0.000%, 6/16/2025 †x^ | LendingPoint | 6/21/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00824660, 18.000%, 6/16/2028 †x# | LendingPoint | 6/21/2023 | 21742 | 21742 | 3875 |
| &nbsp;&nbsp;&nbsp; LAI-00824689, 29.500%, 3/26/2033 †x# | LendingPoint | 6/21/2023 | 32061 | 32061 | 30370 |
| &nbsp;&nbsp;&nbsp; LAI-00824693, 30.120%, 11/16/2027 †x# | LendingPoint | 6/21/2023 | 6000 | 6000 | 5888 |
| &nbsp;&nbsp;&nbsp; LAI-00824696, 25.090%, 5/30/2029 †x# | LendingPoint | 6/21/2023 | 15790 | 15790 | 15133 |
| &nbsp;&nbsp;&nbsp; LAI-00824714, 22.900%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 17482 | 17482 | 16767 |
| &nbsp;&nbsp;&nbsp; LAI-00824719, 14.990%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 2717 | 2717 | 2644 |
| &nbsp;&nbsp;&nbsp; LAI-00824737, 26.630%, 7/15/2027 †x | LendingPoint | 6/21/2023 | 9573 | 9573 | 9428 |
| &nbsp;&nbsp;&nbsp; LAI-00824743, 18.000%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 19633 | 19633 | 19223 |
| &nbsp;&nbsp;&nbsp; LAI-00824775, 20.560%, 6/30/2028 †x# | LendingPoint | 6/21/2023 | 20016 | 20016 | 19501 |
| &nbsp;&nbsp;&nbsp; LAI-00824798, 29.950%, 6/16/2027 †x# | LendingPoint | 6/21/2023 | 15039 | 15039 | 1572 |
| &nbsp;&nbsp;&nbsp; LAI-00824812, 30.000%, 11/15/2025 †x | LendingPoint | 6/21/2023 | 6605 | 6605 | 5902 |
| &nbsp;&nbsp;&nbsp; LAI-00824815, 19.730%, 7/29/2028 †x# | LendingPoint | 6/21/2023 | 25307 | 25307 | 24086 |
| &nbsp;&nbsp;&nbsp; LAI-00824828, 0.000%, 6/16/2027 †x# | LendingPoint | 6/21/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00824872, 20.450%, 10/17/2028 †x | LendingPoint | 6/21/2023 | 16315 | 16315 | 15466 |
| &nbsp;&nbsp;&nbsp; LAI-00824883, 27.000%, 6/17/2028 †x | LendingPoint | 6/21/2023 | 21858 | 21858 | 20951 |
| &nbsp;&nbsp;&nbsp; LAI-00824933, 30.800%, 6/17/2028 †x | LendingPoint | 6/21/2023 | 24471 | 24471 | 23917 |
| &nbsp;&nbsp;&nbsp; LAI-00824944, 27.590%, 8/31/2028 †x# | LendingPoint | 6/21/2023 | 6313 | 6313 | 5996 |
| &nbsp;&nbsp;&nbsp; LAI-00824952, 0.000%, 6/17/2028 †x | LendingPoint | 6/21/2023 | 45 | 45 |  |
| &nbsp;&nbsp;&nbsp; LAI-00824968, 19.400%, 8/30/2026 †x | LendingPoint | 6/21/2023 | 17601 | 17601 | 17095 |
| &nbsp;&nbsp;&nbsp; LAI-00824972, 30.800%, 7/04/2027 †x | LendingPoint | 6/21/2023 | 43392 | 43392 | 41983 |
| &nbsp;&nbsp;&nbsp; LAI-00824978, 28.760%, 6/17/2027 †§x | LendingPoint | 6/21/2023 | 4808 | 4808 | 4789 |
| &nbsp;&nbsp;&nbsp; LAI-00824998, 28.800%, 4/30/2029 †x# | LendingPoint | 6/22/2023 | 9940 | 9940 | 3774 |
| &nbsp;&nbsp;&nbsp; LAI-00825010, 18.000%, 6/17/2028 †x | LendingPoint | 6/22/2023 | 19952 | 19952 | 19564 |
| &nbsp;&nbsp;&nbsp; LAI-00825065, 18.650%, 6/17/2029 †x | LendingPoint | 6/22/2023 | 12644 | 12644 | 12437 |
| &nbsp;&nbsp;&nbsp; LAI-00825081, 28.870%, 11/17/2028 †x | LendingPoint | 6/22/2023 | 6348 | 6348 | 5989 |
| &nbsp;&nbsp;&nbsp; LAI-00825104, 30.120%, 8/24/2029 †x# | LendingPoint | 6/22/2023 | 4796 | 4796 | 4460 |
| &nbsp;&nbsp;&nbsp; LAI-00825107, 28.760%, 6/17/2027 †§x | LendingPoint | 6/22/2023 | 4772 | 4772 | 4776 |
| &nbsp;&nbsp;&nbsp; LAI-00825279, 18.000%, 6/18/2028 †x# | LendingPoint | 6/22/2023 | 22514 | 22514 | 21481 |
| &nbsp;&nbsp;&nbsp; LAI-00825330, 28.760%, 11/18/2028 †x# | LendingPoint | 6/22/2023 | 7068 | 7068 | 1272 |
| &nbsp;&nbsp;&nbsp; LAI-00825355, 30.090%, 10/18/2028 †x# | LendingPoint | 6/22/2023 | 29645 | 29645 | 28960 |
| &nbsp;&nbsp;&nbsp; LAI-00825363, 20.080%, 6/18/2028 †x# | LendingPoint | 6/22/2023 | 22084 | 22084 | 21606 |
| &nbsp;&nbsp;&nbsp; LAI-00825382, 26.240%, 9/18/2028 †x# | LendingPoint | 6/22/2023 | 29038 | 29038 | 27399 |
| &nbsp;&nbsp;&nbsp; LAI-00825427, 30.000%, 7/04/2027 †x# | LendingPoint | 6/22/2023 | 7360 | 7360 | 769 |
| &nbsp;&nbsp;&nbsp; LAI-00825471, 18.310%, 6/30/2026 †x# | LendingPoint | 6/22/2023 | 15502 | 15502 | 15067 |
| &nbsp;&nbsp;&nbsp; LAI-00825495, 28.760%, 6/19/2027 †§x | LendingPoint | 6/22/2023 | 2339 | 2339 | 2312 |
| &nbsp;&nbsp;&nbsp; LAI-00825496, 26.120%, 6/09/2028 †x | LendingPoint | 6/22/2023 | 9496 | 9496 | 9037 |
| &nbsp;&nbsp;&nbsp; LAI-00825500, 0.000%, 6/19/2027 †x# | LendingPoint | 6/22/2023 | 78 | 78 |  |
| &nbsp;&nbsp;&nbsp; LAI-00825501, 28.760%, 6/12/2027 †x | LendingPoint | 6/22/2023 | 3831 | 3831 | 3818 |
| &nbsp;&nbsp;&nbsp; LAI-00825514, 27.490%, 6/21/2026 †x | LendingPoint | 6/22/2023 | 82 | 82 |  |
| &nbsp;&nbsp;&nbsp; LAI-00825525, 18.000%, 6/20/2028 †x | LendingPoint | 6/22/2023 | 29964 | 29964 | 29402 |
| &nbsp;&nbsp;&nbsp; LAI-00825573, 28.760%, 6/20/2027 †§x# | LendingPoint | 6/22/2023 | 4809 | 4809 | 4799 |
| &nbsp;&nbsp;&nbsp; LAI-00825617, 18.000%, 1/20/2029 †x# | LendingPoint | 6/22/2023 | 41339 | 41339 | 7097 |
| &nbsp;&nbsp;&nbsp; LAI-00825621, 28.760%, 6/20/2027 †x | LendingPoint | 6/22/2023 | 2704 | 2704 | 2698 |
| &nbsp;&nbsp;&nbsp; LAI-00825637, 30.120%, 8/01/2027 †x | LendingPoint | 6/22/2023 | 11747 | 11747 | 11190 |
| &nbsp;&nbsp;&nbsp; LAI-00825654, 18.580%, 6/20/2028 †x# | LendingPoint | 6/22/2023 | 34540 | 34540 | 3609 |
| &nbsp;&nbsp;&nbsp; LAI-00829386, 20.460%, 6/29/2028 †x# | LendingPoint | 7/06/2023 | 23735 | 23735 | 22437 |
| &nbsp;&nbsp;&nbsp; LAI-00829397, 18.270%, 8/12/2028 †x# | LendingPoint | 7/06/2023 | 23164 | 23164 | 22642 |
| &nbsp;&nbsp;&nbsp; LAI-00829501, 19.370%, 11/30/2028 †x# | LendingPoint | 7/06/2023 | 21801 | 21801 | 21102 |
| &nbsp;&nbsp;&nbsp; LAI-00829538, 30.800%, 6/29/2028 †x# | LendingPoint | 7/06/2023 | 11384 | 11384 | 10777 |
| &nbsp;&nbsp;&nbsp; LAI-00829654, 18.000%, 6/29/2028 †x# | LendingPoint | 7/06/2023 | 21862 | 21862 | 21480 |
| &nbsp;&nbsp;&nbsp; LAI-00829656, 18.000%, 7/25/2027 †x | LendingPoint | 7/06/2023 | 22966 | 22966 | 22311 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8897** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00829659, 19.040%, 6/29/2028 †x# | LendingPoint | 7/06/2023 | $31385 | $31385 | $29680 |
| &nbsp;&nbsp;&nbsp; LAI-00829693, 28.760%, 6/29/2027 †§x# | LendingPoint | 7/06/2023 | 4842 | 4842 | 4759 |
| &nbsp;&nbsp;&nbsp; LAI-00829782, 0.000%, 6/11/2027 †x# | LendingPoint | 7/06/2023 | 27 | 27 |  |
| &nbsp;&nbsp;&nbsp; LAI-00829872, 29.980%, 6/30/2028 †x# | LendingPoint | 7/06/2023 | 29935 | 29935 | 5343 |
| &nbsp;&nbsp;&nbsp; LAI-00829964, 28.760%, 6/30/2027 †§x# | LendingPoint | 7/06/2023 | 4794 | 4794 | 4709 |
| &nbsp;&nbsp;&nbsp; LAI-00829999, 20.810%, 6/30/2028 †x | LendingPoint | 7/06/2023 | 19114 | 19114 | 18619 |
| &nbsp;&nbsp;&nbsp; LAI-00830000, 30.800%, 6/30/2028 †x# | LendingPoint | 7/06/2023 | 34177 | 34177 | 32218 |
| &nbsp;&nbsp;&nbsp; LAI-00830021, 30.000%, 10/27/2025 †x | LendingPoint | 7/06/2023 | 4477 | 4477 | 4028 |
| &nbsp;&nbsp;&nbsp; LAI-00830072, 18.280%, 9/01/2029 †x | LendingPoint | 7/06/2023 | 26547 | 26547 | 10133 |
| &nbsp;&nbsp;&nbsp; LAI-00830091, 27.030%, 6/30/2028 †x# | LendingPoint | 7/06/2023 | 27508 | 27508 | 2875 |
| &nbsp;&nbsp;&nbsp; LAI-00830157, 30.120%, 4/30/2026 †x# | LendingPoint | 7/06/2023 | 4393 | 4393 | 5239 |
| &nbsp;&nbsp;&nbsp; LAI-00830219, 29.510%, 6/30/2028 †x# | LendingPoint | 7/06/2023 | 5506 | 5506 | 5282 |
| &nbsp;&nbsp;&nbsp; LAI-00830281, 28.760%, 6/30/2027 †§x# | LendingPoint | 7/06/2023 | 4201 | 4201 | 4132 |
| &nbsp;&nbsp;&nbsp; LAI-00830302, 20.690%, 6/01/2028 †x | LendingPoint | 7/06/2023 | 17959 | 17959 | 17516 |
| &nbsp;&nbsp;&nbsp; LAI-00830306, 30.090%, 6/30/2027 †x# | LendingPoint | 7/06/2023 | 3782 | 3782 | 395 |
| &nbsp;&nbsp;&nbsp; LAI-00830334, 18.000%, 6/30/2028 †x# | LendingPoint | 7/06/2023 | 16007 | 16007 | 15152 |
| &nbsp;&nbsp;&nbsp; LAI-00831112, 30.120%, 7/03/2027 †§x | LendingPoint | 7/10/2023 | 1348 | 1348 | 1298 |
| &nbsp;&nbsp;&nbsp; LAI-00831122, 30.120%, 7/03/2027 †§x | LendingPoint | 7/10/2023 | 4042 | 4042 | 3894 |
| &nbsp;&nbsp;&nbsp; LAI-00831125, 30.120%, 7/03/2027 †§x | LendingPoint | 7/10/2023 | 4042 | 4042 | 3998 |
| &nbsp;&nbsp;&nbsp; LAI-00831126, 26.680%, 6/11/2028 †x | LendingPoint | 7/10/2023 | 4267 | 4267 | 4045 |
| &nbsp;&nbsp;&nbsp; LAI-00831135, 28.760%, 6/17/2027 †x | LendingPoint | 7/10/2023 | 4758 | 4758 | 4738 |
| &nbsp;&nbsp;&nbsp; LAI-00831166, 23.270%, 6/09/2028 †x# | LendingPoint | 7/10/2023 | 29274 | 29274 | 5225 |
| &nbsp;&nbsp;&nbsp; LAI-00831231, 20.110%, 11/03/2028 †x# | LendingPoint | 7/10/2023 | 13428 | 13428 | 12685 |
| &nbsp;&nbsp;&nbsp; LAI-00831232, 18.000%, 7/17/2027 †x | LendingPoint | 7/10/2023 | 18533 | 18533 | 18330 |
| &nbsp;&nbsp;&nbsp; LAI-00831258, 18.000%, 3/30/2027 †x | LendingPoint | 7/10/2023 | 20420 | 20420 | 19777 |
| &nbsp;&nbsp;&nbsp; LAI-00831262, 18.780%, 7/03/2027 †§x | LendingPoint | 7/10/2023 | 1851 | 1851 | 1800 |
| &nbsp;&nbsp;&nbsp; LAI-00831266, 30.800%, 11/23/2028 †x | LendingPoint | 7/10/2023 | 15445 | 15445 | 14611 |
| &nbsp;&nbsp;&nbsp; LAI-00831289, 18.000%, 11/03/2028 †x | LendingPoint | 7/10/2023 | 14794 | 14794 | 14355 |
| &nbsp;&nbsp;&nbsp; LAI-00831309, 28.760%, 6/11/2027 †x | LendingPoint | 7/10/2023 | 1245 | 1245 | 1221 |
| &nbsp;&nbsp;&nbsp; LAI-00831322, 21.000%, 7/03/2028 †x | LendingPoint | 7/10/2023 | 8773 | 8773 | 8375 |
| &nbsp;&nbsp;&nbsp; LAI-00831323, 30.120%, 4/17/2027 †x | LendingPoint | 7/10/2023 | 3493 | 3493 | 3377 |
| &nbsp;&nbsp;&nbsp; LAI-00831325, 29.510%, 5/26/2028 †x | LendingPoint | 7/10/2023 | 1507 | 1507 | 1442 |
| &nbsp;&nbsp;&nbsp; LAI-00831332, 28.000%, 2/17/2028 †x# | LendingPoint | 7/10/2023 | 6680 | 6680 | 1199 |
| &nbsp;&nbsp;&nbsp; LAI-00831338, 25.000%, 7/17/2027 †x | LendingPoint | 7/10/2023 | 4222 | 4222 | 4208 |
| &nbsp;&nbsp;&nbsp; LAI-00831345, 22.530%, 7/03/2028 †x | LendingPoint | 7/10/2023 | 10666 | 10666 | 10191 |
| &nbsp;&nbsp;&nbsp; LAI-00831349, 28.760%, 9/03/2028 †x# | LendingPoint | 7/10/2023 | 14939 | 14939 | 1561 |
| &nbsp;&nbsp;&nbsp; LAI-00831355, 25.760%, 7/03/2028 †x | LendingPoint | 7/10/2023 | 11785 | 11785 | 11252 |
| &nbsp;&nbsp;&nbsp; LAI-00831377, 0.000%, 7/12/2027 †x# | LendingPoint | 7/10/2023 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; LAI-00831395, 24.060%, 6/09/2028 †x | LendingPoint | 7/10/2023 | 10147 | 10147 | 9656 |
| &nbsp;&nbsp;&nbsp; LAI-00831397, 19.990%, 6/25/2027 †x | LendingPoint | 7/10/2023 | 3111 | 3111 | 3015 |
| &nbsp;&nbsp;&nbsp; LAI-00831415, 30.120%, 7/03/2027 †x# | LendingPoint | 7/10/2023 | 3878 | 3878 | 405 |
| &nbsp;&nbsp;&nbsp; LAI-00831420, 28.050%, 7/03/2027 †§x | LendingPoint | 7/10/2023 | 11282 | 11282 | 10940 |
| &nbsp;&nbsp;&nbsp; LAI-00831422, 18.000%, 7/15/2028 †x | LendingPoint | 7/10/2023 | 9397 | 9397 | 8943 |
| &nbsp;&nbsp;&nbsp; LAI-00831423, 24.620%, 7/03/2028 †x | LendingPoint | 7/10/2023 | 3618 | 3618 | 3428 |
| &nbsp;&nbsp;&nbsp; LAI-00831425, 19.990%, 12/31/2026 †x | LendingPoint | 7/10/2023 | 16033 | 16033 | 15292 |
| &nbsp;&nbsp;&nbsp; LAI-00831436, 28.760%, 6/10/2027 †x# | LendingPoint | 7/10/2023 | 3127 | 3127 | 3103 |
| &nbsp;&nbsp;&nbsp; LAI-00831437, 20.210%, 6/25/2027 †x | LendingPoint | 7/10/2023 | 7274 | 7274 | 7053 |
| &nbsp;&nbsp;&nbsp; LAI-00831451, 30.580%, 7/03/2028 †x | LendingPoint | 7/10/2023 | 12854 | 12854 | 12162 |
| &nbsp;&nbsp;&nbsp; LAI-00831455, 24.560%, 8/04/2028 †x | LendingPoint | 7/10/2023 | 5383 | 5383 | 2259 |
| &nbsp;&nbsp;&nbsp; LAI-00831478, 22.810%, 6/30/2028 †x# | LendingPoint | 7/10/2023 | 21459 | 21459 | 20321 |
| &nbsp;&nbsp;&nbsp; LAI-00831479, 28.930%, 7/04/2028 †x | LendingPoint | 7/10/2023 | 13666 | 13666 | 12911 |
| &nbsp;&nbsp;&nbsp; LAI-00831488, 28.760%, 6/11/2027 †x | LendingPoint | 7/10/2023 | 3144 | 3144 | 3114 |
| &nbsp;&nbsp;&nbsp; LAI-00831491, 18.000%, 7/04/2028 †x | LendingPoint | 7/10/2023 | 16122 | 16122 | 15728 |
| &nbsp;&nbsp;&nbsp; LAI-00831513, 19.930%, 7/14/2028 †x# | LendingPoint | 7/10/2023 | 10654 | 10654 | 10013 |
| &nbsp;&nbsp;&nbsp; LAI-00831518, 19.990%, 7/04/2027 †§x | LendingPoint | 7/10/2023 | 4884 | 4884 | 4743 |
| &nbsp;&nbsp;&nbsp; LAI-00831532, 21.700%, 7/04/2028 †x | LendingPoint | 7/10/2023 | 6114 | 6114 | 5961 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8898** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00831544, 28.760%, 6/13/2027 †x# | LendingPoint | 7/10/2023 | $4740 | $4740 | $4573 |
| &nbsp;&nbsp;&nbsp; LAI-00831549, 27.490%, 7/04/2026 †§x | LendingPoint | 7/10/2023 | 3169 | 3169 | 3154 |
| &nbsp;&nbsp;&nbsp; LAI-00831550, 26.560%, 6/18/2029 †x# | LendingPoint | 7/10/2023 | 11276 | 11276 | 10961 |
| &nbsp;&nbsp;&nbsp; LAI-00831554, 30.000%, 7/04/2028 †x | LendingPoint | 7/10/2023 | 3643 | 3643 | 3473 |
| &nbsp;&nbsp;&nbsp; LAI-00831555, 21.330%, 7/04/2028 †x | LendingPoint | 7/10/2023 | 14823 | 14823 | 14145 |
| &nbsp;&nbsp;&nbsp; LAI-00831560, 30.120%, 7/05/2027 †x# | LendingPoint | 7/10/2023 | 3127 | 3127 | 754 |
| &nbsp;&nbsp;&nbsp; LAI-00831561, 27.490%, 7/18/2026 †x# | LendingPoint | 7/10/2023 | 2900 | 2900 | 2931 |
| &nbsp;&nbsp;&nbsp; LAI-00831564, 28.760%, 7/05/2027 †§x | LendingPoint | 7/10/2023 | 4342 | 4342 | 4281 |
| &nbsp;&nbsp;&nbsp; LAI-00831573, 18.000%, 7/05/2028 †x# | LendingPoint | 7/10/2023 | 27225 | 27225 | 7506 |
| &nbsp;&nbsp;&nbsp; LAI-00831600, 22.530%, 7/17/2028 †x | LendingPoint | 7/10/2023 | 16666 | 16666 | 15967 |
| &nbsp;&nbsp;&nbsp; LAI-00831610, 0.000%, 7/05/2025 †x#^ | LendingPoint | 7/10/2023 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; LAI-00831611, 23.160%, 7/16/2027 †x# | LendingPoint | 7/10/2023 | 14410 | 14410 | 3776 |
| &nbsp;&nbsp;&nbsp; LAI-00831612, 30.000%, 11/29/2025 †x | LendingPoint | 7/10/2023 | 3135 | 3135 | 2809 |
| &nbsp;&nbsp;&nbsp; LAI-00831616, 28.620%, 7/05/2028 †x# | LendingPoint | 7/10/2023 | 9248 | 9248 | 2782 |
| &nbsp;&nbsp;&nbsp; LAI-00831623, 18.000%, 7/19/2028 †x | LendingPoint | 7/10/2023 | 15639 | 15639 | 15315 |
| &nbsp;&nbsp;&nbsp; LAI-00831628, 24.340%, 3/05/2030 †x# | LendingPoint | 7/10/2023 | 13199 | 13199 | 12332 |
| &nbsp;&nbsp;&nbsp; LAI-00831630, 29.130%, 7/05/2028 †x | LendingPoint | 7/10/2023 | 9709 | 9709 | 9176 |
| &nbsp;&nbsp;&nbsp; LAI-00831632, 20.000%, 5/22/2027 †x | LendingPoint | 7/10/2023 | 4491 | 4491 | 4498 |
| &nbsp;&nbsp;&nbsp; LAI-00831633, 0.000%, 7/05/2028 †x | LendingPoint | 7/10/2023 | 139 | 139 | 139 |
| &nbsp;&nbsp;&nbsp; LAI-00831636, 28.130%, 7/02/2027 †x# | LendingPoint | 7/10/2023 | 4676 | 4676 | 4598 |
| &nbsp;&nbsp;&nbsp; LAI-00831642, 18.990%, 8/23/2028 †x | LendingPoint | 7/10/2023 | 19676 | 19676 | 18784 |
| &nbsp;&nbsp;&nbsp; LAI-00831673, 20.930%, 5/12/2030 †x# | LendingPoint | 7/10/2023 | 48636 | 48636 | 17453 |
| &nbsp;&nbsp;&nbsp; LAI-00831686, 18.000%, 11/05/2028 †x# | LendingPoint | 7/10/2023 | 8301 | 8301 | 8065 |
| &nbsp;&nbsp;&nbsp; LAI-00831691, 18.610%, 1/10/2029 †x | LendingPoint | 7/10/2023 | 33403 | 33403 | 32529 |
| &nbsp;&nbsp;&nbsp; LAI-00831692, 21.860%, 7/18/2028 †x# | LendingPoint | 7/10/2023 | 15139 | 15139 | 14538 |
| &nbsp;&nbsp;&nbsp; LAI-00831696, 20.370%, 7/19/2028 †x | LendingPoint | 7/10/2023 | 17100 | 17100 | 16724 |
| &nbsp;&nbsp;&nbsp; LAI-00831707, 30.120%, 6/16/2027 †x# | LendingPoint | 7/10/2023 | 4217 | 4217 | 4138 |
| &nbsp;&nbsp;&nbsp; LAI-00831710, 29.510%, 1/19/2029 †x | LendingPoint | 7/10/2023 | 5139 | 5139 | 4918 |
| &nbsp;&nbsp;&nbsp; LAI-00831715, 30.000%, 7/05/2028 †x | LendingPoint | 7/10/2023 | 3755 | 3755 | 3581 |
| &nbsp;&nbsp;&nbsp; LAI-00831722, 28.760%, 6/11/2027 †x | LendingPoint | 7/11/2023 | 3725 | 3725 | 3642 |
| &nbsp;&nbsp;&nbsp; LAI-00831726, 26.070%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 15643 | 15643 | 14796 |
| &nbsp;&nbsp;&nbsp; LAI-00831727, 21.330%, 7/19/2028 †x | LendingPoint | 7/11/2023 | 8345 | 8345 | 8014 |
| &nbsp;&nbsp;&nbsp; LAI-00831738, 24.490%, 1/05/2031 †x | LendingPoint | 7/11/2023 | 18759 | 18759 | 17521 |
| &nbsp;&nbsp;&nbsp; LAI-00831740, 18.000%, 7/05/2028 †x# | LendingPoint | 7/11/2023 | 3725 | 3725 | 3531 |
| &nbsp;&nbsp;&nbsp; LAI-00831774, 0.000%, 7/05/2025 †x#^ | LendingPoint | 7/11/2023 | 97 | 97 |  |
| &nbsp;&nbsp;&nbsp; LAI-00831780, 30.120%, 7/05/2027 †§x | LendingPoint | 7/11/2023 | 1549 | 1549 | 1527 |
| &nbsp;&nbsp;&nbsp; LAI-00831785, 16.770%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 8664 | 8664 | 8300 |
| &nbsp;&nbsp;&nbsp; LAI-00831788, 28.760%, 7/05/2027 †§x | LendingPoint | 7/11/2023 | 4336 | 4336 | 4161 |
| &nbsp;&nbsp;&nbsp; LAI-00831790, 23.010%, 7/05/2026 †§x | LendingPoint | 7/11/2023 | 1646 | 1646 | 1642 |
| &nbsp;&nbsp;&nbsp; LAI-00831792, 28.760%, 7/05/2027 †§x | LendingPoint | 7/11/2023 | 8672 | 8672 | 8323 |
| &nbsp;&nbsp;&nbsp; LAI-00831798, 18.000%, 6/23/2028 †x | LendingPoint | 7/11/2023 | 11126 | 11126 | 10810 |
| &nbsp;&nbsp;&nbsp; LAI-00831804, 18.990%, 11/18/2028 †x# | LendingPoint | 7/11/2023 | 18878 | 18878 | 17820 |
| &nbsp;&nbsp;&nbsp; LAI-00831826, 28.940%, 11/30/2026 †x | LendingPoint | 7/11/2023 | 3404 | 3404 | 3348 |
| &nbsp;&nbsp;&nbsp; LAI-00831850, 29.510%, 6/16/2028 †x# | LendingPoint | 7/11/2023 | 4599 | 4599 | 4346 |
| &nbsp;&nbsp;&nbsp; LAI-00831854, 27.490%, 7/05/2026 †§x | LendingPoint | 7/11/2023 | 793 | 793 | 789 |
| &nbsp;&nbsp;&nbsp; LAI-00831862, 20.690%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 7405 | 7405 | 7075 |
| &nbsp;&nbsp;&nbsp; LAI-00831866, 30.120%, 9/18/2027 †x# | LendingPoint | 7/11/2023 | 5908 | 5908 | 1998 |
| &nbsp;&nbsp;&nbsp; LAI-00831880, 27.000%, 7/02/2028 †x | LendingPoint | 7/11/2023 | 8135 | 8135 | 7762 |
| &nbsp;&nbsp;&nbsp; LAI-00831890, 18.000%, 8/08/2028 †x | LendingPoint | 7/11/2023 | 17222 | 17222 | 16346 |
| &nbsp;&nbsp;&nbsp; LAI-00831906, 23.470%, 6/30/2028 †x# | LendingPoint | 7/11/2023 | 33695 | 33695 | 32687 |
| &nbsp;&nbsp;&nbsp; LAI-00831912, 26.590%, 7/19/2025 †x#^ | LendingPoint | 7/11/2023 | 788 | 788 | 156 |
| &nbsp;&nbsp;&nbsp; LAI-00831923, 26.120%, 2/28/2026 †x | LendingPoint | 7/11/2023 | 10026 | 10026 | 9440 |
| &nbsp;&nbsp;&nbsp; LAI-00831927, 18.000%, 7/05/2027 †§x | LendingPoint | 7/11/2023 | 1705 | 1705 | 1682 |
| &nbsp;&nbsp;&nbsp; LAI-00831956, 22.490%, 7/05/2027 †§x | LendingPoint | 7/11/2023 | 1180 | 1180 | 1144 |
| &nbsp;&nbsp;&nbsp; LAI-00831975, 24.780%, 4/30/2027 †x# | LendingPoint | 7/11/2023 | 11519 | 11519 | 10880 |
| &nbsp;&nbsp;&nbsp; LAI-00832001, 24.270%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 20060 | 20060 | 19535 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8899** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00832015, 18.000%, 5/19/2029 †x# | LendingPoint | 7/11/2023 | $18998 | $18998 | $1985 |
| &nbsp;&nbsp;&nbsp; LAI-00832021, 24.780%, 6/15/2028 †x | LendingPoint | 7/11/2023 | 7935 | 7935 | 7595 |
| &nbsp;&nbsp;&nbsp; LAI-00832024, 28.760%, 6/15/2027 †x | LendingPoint | 7/11/2023 | 5067 | 5067 | 4895 |
| &nbsp;&nbsp;&nbsp; LAI-00832025, 30.000%, 6/18/2028 †x | LendingPoint | 7/11/2023 | 12985 | 12985 | 12424 |
| &nbsp;&nbsp;&nbsp; LAI-00832032, 29.580%, 9/20/2027 †x | LendingPoint | 7/11/2023 | 7314 | 7314 | 7290 |
| &nbsp;&nbsp;&nbsp; LAI-00832041, 30.800%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 365 | 365 |  |
| &nbsp;&nbsp;&nbsp; LAI-00832044, 19.350%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 6811 | 6811 | 6639 |
| &nbsp;&nbsp;&nbsp; LAI-00832057, 18.000%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 3714 | 3714 | 3521 |
| &nbsp;&nbsp;&nbsp; LAI-00832062, 26.230%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 3692 | 3692 | 3600 |
| &nbsp;&nbsp;&nbsp; LAI-00832071, 18.000%, 11/17/2028 †x# | LendingPoint | 7/11/2023 | 21822 | 21822 | 21281 |
| &nbsp;&nbsp;&nbsp; LAI-00832083, 21.830%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 19509 | 19509 | 18624 |
| &nbsp;&nbsp;&nbsp; LAI-00832095, 28.760%, 7/05/2027 †§x | LendingPoint | 7/11/2023 | 6823 | 6823 | 6549 |
| &nbsp;&nbsp;&nbsp; LAI-00832101, 30.080%, 12/05/2028 †x | LendingPoint | 7/11/2023 | 3957 | 3957 | 3668 |
| &nbsp;&nbsp;&nbsp; LAI-00832107, 18.000%, 7/05/2028 †x | LendingPoint | 7/11/2023 | 8599 | 8599 | 8381 |
| &nbsp;&nbsp;&nbsp; LAI-00832120, 18.780%, 9/06/2027 †x | LendingPoint | 7/11/2023 | 12615 | 12615 | 5684 |
| &nbsp;&nbsp;&nbsp; LAI-00832134, 0.000%, 7/06/2028 †x | LendingPoint | 7/11/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00832153, 20.480%, 6/30/2028 †x# | LendingPoint | 7/11/2023 | 15846 | 15846 | 6528 |
| &nbsp;&nbsp;&nbsp; LAI-00832167, 18.000%, 7/06/2028 †x | LendingPoint | 7/11/2023 | 21702 | 21702 | 20594 |
| &nbsp;&nbsp;&nbsp; LAI-00832174, 24.600%, 7/06/2026 †§x | LendingPoint | 7/11/2023 | 5813 | 5813 | 5786 |
| &nbsp;&nbsp;&nbsp; LAI-00832178, 29.980%, 9/15/2027 †x# | LendingPoint | 7/11/2023 | 6153 | 6153 | 1116 |
| &nbsp;&nbsp;&nbsp; LAI-00832190, 28.760%, 8/16/2027 †x | LendingPoint | 7/11/2023 | 4783 | 4783 | 4754 |
| &nbsp;&nbsp;&nbsp; LAI-00832192, 29.510%, 7/06/2028 †x | LendingPoint | 7/11/2023 | 2246 | 2246 | 2164 |
| &nbsp;&nbsp;&nbsp; LAI-00832197, 27.490%, 3/12/2027 †x# | LendingPoint | 7/11/2023 | 3822 | 3822 | 1346 |
| &nbsp;&nbsp;&nbsp; LAI-00832199, 18.280%, 12/20/2029 †x | LendingPoint | 7/11/2023 | 20852 | 20852 | 20393 |
| &nbsp;&nbsp;&nbsp; LAI-00832202, 27.000%, 7/06/2028 †§x | LendingPoint | 7/11/2023 | 944 | 944 | 904 |
| &nbsp;&nbsp;&nbsp; LAI-00832216, 18.310%, 9/01/2028 †x# | LendingPoint | 7/11/2023 | 25771 | 25771 | 24223 |
| &nbsp;&nbsp;&nbsp; LAI-00832226, 19.950%, 7/18/2028 †x# | LendingPoint | 7/11/2023 | 28516 | 28516 | 5090 |
| &nbsp;&nbsp;&nbsp; LAI-00832232, 27.940%, 7/06/2028 †x | LendingPoint | 7/11/2023 | 4161 | 4161 | 3935 |
| &nbsp;&nbsp;&nbsp; LAI-00832235, 27.490%, 7/06/2026 †§x | LendingPoint | 7/11/2023 | 2782 | 2782 | 2771 |
| &nbsp;&nbsp;&nbsp; LAI-00832236, 18.000%, 11/06/2028 †x | LendingPoint | 7/11/2023 | 23073 | 23073 | 21739 |
| &nbsp;&nbsp;&nbsp; LAI-00832238, 18.590%, 7/15/2028 †x | LendingPoint | 7/11/2023 | 34699 | 34699 | 33941 |
| &nbsp;&nbsp;&nbsp; LAI-00832243, 18.000%, 7/06/2027 †§x | LendingPoint | 7/11/2023 | 4915 | 4915 | 4850 |
| &nbsp;&nbsp;&nbsp; LAI-00832246, 28.760%, 7/15/2027 †x | LendingPoint | 7/12/2023 | 5143 | 5143 | 5086 |
| &nbsp;&nbsp;&nbsp; LAI-00832249, 30.220%, 5/11/2028 †x | LendingPoint | 7/12/2023 | 15147 | 15147 | 14774 |
| &nbsp;&nbsp;&nbsp; LAI-00832251, 18.000%, 7/14/2028 †x# | LendingPoint | 7/12/2023 | 25659 | 25659 | 24935 |
| &nbsp;&nbsp;&nbsp; LAI-00832257, 24.470%, 7/12/2027 †x | LendingPoint | 7/12/2023 | 4603 | 4603 | 4430 |
| &nbsp;&nbsp;&nbsp; LAI-00832266, 27.000%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 7937 | 7937 | 7570 |
| &nbsp;&nbsp;&nbsp; LAI-00832267, 0.000%, 7/06/2027 †x | LendingPoint | 7/12/2023 | 201 | 201 | 201 |
| &nbsp;&nbsp;&nbsp; LAI-00832275, 27.540%, 4/20/2029 †x# | LendingPoint | 7/12/2023 | 44022 | 44022 | 4600 |
| &nbsp;&nbsp;&nbsp; LAI-00832279, 24.340%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 7854 | 7854 | 7435 |
| &nbsp;&nbsp;&nbsp; LAI-00832288, 28.760%, 7/02/2027 †x# | LendingPoint | 7/12/2023 | 5012 | 5012 | 4756 |
| &nbsp;&nbsp;&nbsp; LAI-00832293, 26.490%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 11050 | 11050 | 10454 |
| &nbsp;&nbsp;&nbsp; LAI-00832310, 30.080%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 1874 | 1874 | 1805 |
| &nbsp;&nbsp;&nbsp; LAI-00832313, 29.420%, 7/06/2027 †x# | LendingPoint | 7/12/2023 | 5591 | 5591 | 1026 |
| &nbsp;&nbsp;&nbsp; LAI-00832330, 18.000%, 7/20/2028 †x | LendingPoint | 7/12/2023 | 21760 | 21760 | 21318 |
| &nbsp;&nbsp;&nbsp; LAI-00832335, 30.800%, 9/15/2028 †x | LendingPoint | 7/12/2023 | 13098 | 13098 | 12674 |
| &nbsp;&nbsp;&nbsp; LAI-00832339, 28.760%, 7/06/2027 †§x | LendingPoint | 7/12/2023 | 4927 | 4927 | 4860 |
| &nbsp;&nbsp;&nbsp; LAI-00832350, 28.760%, 7/06/2027 †§x | LendingPoint | 7/12/2023 | 7430 | 7430 | 7136 |
| &nbsp;&nbsp;&nbsp; LAI-00832389, 19.620%, 2/18/2029 †x# | LendingPoint | 7/12/2023 | 15946 | 15946 | 15493 |
| &nbsp;&nbsp;&nbsp; LAI-00832405, 25.870%, 7/20/2028 †x | LendingPoint | 7/12/2023 | 12696 | 12696 | 12170 |
| &nbsp;&nbsp;&nbsp; LAI-00832406, 18.000%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 7360 | 7360 | 7185 |
| &nbsp;&nbsp;&nbsp; LAI-00832413, 30.120%, 3/15/2028 †x# | LendingPoint | 7/12/2023 | 24427 | 24427 | 7535 |
| &nbsp;&nbsp;&nbsp; LAI-00832417, 18.000%, 7/06/2028 †x# | LendingPoint | 7/12/2023 | 42346 | 42346 | 4425 |
| &nbsp;&nbsp;&nbsp; LAI-00832450, 21.410%, 6/09/2028 †x | LendingPoint | 7/12/2023 | 15901 | 15901 | 15463 |
| &nbsp;&nbsp;&nbsp; LAI-00832456, 18.000%, 11/06/2028 †x | LendingPoint | 7/12/2023 | 5399 | 5399 | 5249 |
| &nbsp;&nbsp;&nbsp; LAI-00832475, 24.380%, 8/25/2028 †x | LendingPoint | 7/12/2023 | 17026 | 17026 | 16679 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8900** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00832508, 30.120%, 7/06/2027 †§x | LendingPoint | 7/12/2023 | $3442 | $3442 | $3313 |
| &nbsp;&nbsp;&nbsp; LAI-00832510, 18.000%, 7/06/2028 †§x# | LendingPoint | 7/12/2023 | 246 | 246 |  |
| &nbsp;&nbsp;&nbsp; LAI-00832512, 28.760%, 7/06/2027 †§x | LendingPoint | 7/12/2023 | 4953 | 4953 | 4885 |
| &nbsp;&nbsp;&nbsp; LAI-00832516, 30.120%, 7/06/2027 †x | LendingPoint | 7/12/2023 | 11481 | 11481 | 11327 |
| &nbsp;&nbsp;&nbsp; LAI-00832519, 18.000%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 21669 | 21669 | 20562 |
| &nbsp;&nbsp;&nbsp; LAI-00832526, 28.760%, 7/06/2027 †§x | LendingPoint | 7/12/2023 | 3095 | 3095 | 3053 |
| &nbsp;&nbsp;&nbsp; LAI-00832535, 18.000%, 7/14/2028 †x# | LendingPoint | 7/12/2023 | 16927 | 16927 | 16427 |
| &nbsp;&nbsp;&nbsp; LAI-00832545, 24.340%, 7/06/2028 †§x | LendingPoint | 7/12/2023 | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp; LAI-00832551, 18.000%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 11144 | 11144 | 10866 |
| &nbsp;&nbsp;&nbsp; LAI-00832556, 23.410%, 10/28/2028 †x# | LendingPoint | 7/12/2023 | 5291 | 5291 | 553 |
| &nbsp;&nbsp;&nbsp; LAI-00832575, 29.420%, 6/11/2027 †x | LendingPoint | 7/12/2023 | 5129 | 5129 | 4989 |
| &nbsp;&nbsp;&nbsp; LAI-00832581, 20.370%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 15286 | 15286 | 14898 |
| &nbsp;&nbsp;&nbsp; LAI-00832587, 16.020%, 7/01/2027 †x | LendingPoint | 7/12/2023 | 6666 | 6666 | 6483 |
| &nbsp;&nbsp;&nbsp; LAI-00832588, 25.950%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 17043 | 17043 | 16264 |
| &nbsp;&nbsp;&nbsp; LAI-00832589, 20.690%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 7375 | 7375 | 7049 |
| &nbsp;&nbsp;&nbsp; LAI-00832591, 30.120%, 12/31/2025 †x | LendingPoint | 7/12/2023 | 2071 | 2071 | 2373 |
| &nbsp;&nbsp;&nbsp; LAI-00832598, 19.590%, 8/31/2032 †x# | LendingPoint | 7/12/2023 | 26059 | 26059 | 6814 |
| &nbsp;&nbsp;&nbsp; LAI-00832600, 30.080%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 171 | 171 |  |
| &nbsp;&nbsp;&nbsp; LAI-00832615, 30.120%, 7/07/2027 †§x | LendingPoint | 7/12/2023 | 4061 | 4061 | 3900 |
| &nbsp;&nbsp;&nbsp; LAI-00832620, 26.390%, 6/16/2028 †x# | LendingPoint | 7/12/2023 | 8415 | 8415 | 7887 |
| &nbsp;&nbsp;&nbsp; LAI-00832624, 20.690%, 11/07/2028 †x | LendingPoint | 7/12/2023 | 10449 | 10449 | 10180 |
| &nbsp;&nbsp;&nbsp; LAI-00832625, 22.530%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 11023 | 11023 | 10543 |
| &nbsp;&nbsp;&nbsp; LAI-00832636, 30.800%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 34648 | 34648 | 33756 |
| &nbsp;&nbsp;&nbsp; LAI-00832645, 18.830%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 16905 | 16905 | 16160 |
| &nbsp;&nbsp;&nbsp; LAI-00832647, 30.000%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 7299 | 7299 | 6968 |
| &nbsp;&nbsp;&nbsp; LAI-00832660, 27.490%, 7/07/2026 †x | LendingPoint | 7/12/2023 | 1192 | 1192 | 1196 |
| &nbsp;&nbsp;&nbsp; LAI-00832669, 18.000%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 12086 | 12086 | 11800 |
| &nbsp;&nbsp;&nbsp; LAI-00832670, 22.530%, 11/07/2028 †x | LendingPoint | 7/12/2023 | 14027 | 14027 | 13315 |
| &nbsp;&nbsp;&nbsp; LAI-00832690, 27.490%, 7/07/2026 †§x | LendingPoint | 7/12/2023 | 3179 | 3179 | 3169 |
| &nbsp;&nbsp;&nbsp; LAI-00832698, 27.490%, 7/07/2026 †x# | LendingPoint | 7/12/2023 | 2733 | 2733 | 286 |
| &nbsp;&nbsp;&nbsp; LAI-00832703, 18.000%, 7/15/2028 †x | LendingPoint | 7/12/2023 | 1500 | 1500 | 1467 |
| &nbsp;&nbsp;&nbsp; LAI-00832731, 28.620%, 8/15/2028 †x | LendingPoint | 7/12/2023 | 4465 | 4465 | 4280 |
| &nbsp;&nbsp;&nbsp; LAI-00832738, 30.120%, 7/18/2027 †x# | LendingPoint | 7/12/2023 | 4863 | 4863 | 4705 |
| &nbsp;&nbsp;&nbsp; LAI-00832751, 22.580%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 4622 | 4622 | 4415 |
| &nbsp;&nbsp;&nbsp; LAI-00832759, 20.690%, 7/07/2028 †x# | LendingPoint | 7/12/2023 | 7645 | 7645 | 7325 |
| &nbsp;&nbsp;&nbsp; LAI-00832764, 16.240%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 17117 | 17117 | 16376 |
| &nbsp;&nbsp;&nbsp; LAI-00832766, 21.730%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 20467 | 20467 | 19396 |
| &nbsp;&nbsp;&nbsp; LAI-00832770, 29.510%, 6/21/2028 †x# | LendingPoint | 7/12/2023 | 168 | 168 |  |
| &nbsp;&nbsp;&nbsp; LAI-00832772, 27.490%, 7/07/2026 †§x | LendingPoint | 7/12/2023 | 2791 | 2791 | 2800 |
| &nbsp;&nbsp;&nbsp; LAI-00832776, 28.760%, 7/07/2027 †§x | LendingPoint | 7/12/2023 | 2796 | 2796 | 2760 |
| &nbsp;&nbsp;&nbsp; LAI-00832798, 20.620%, 7/07/2028 †x | LendingPoint | 7/13/2023 | 3404 | 3404 | 3322 |
| &nbsp;&nbsp;&nbsp; LAI-00832816, 30.120%, 7/07/2027 †x# | LendingPoint | 7/13/2023 | 5456 | 5456 | 1295 |
| &nbsp;&nbsp;&nbsp; LAI-00832840, 21.600%, 2/28/2026 †x | LendingPoint | 7/13/2023 | 2039 | 2039 | 1709 |
| &nbsp;&nbsp;&nbsp; LAI-00832849, 30.120%, 7/30/2029 †x# | LendingPoint | 7/13/2023 | 2391 | 2391 | 250 |
| &nbsp;&nbsp;&nbsp; LAI-00832850, 20.330%, 7/07/2028 †x | LendingPoint | 7/13/2023 | 6793 | 6793 | 6630 |
| &nbsp;&nbsp;&nbsp; LAI-00832860, 26.270%, 7/07/2027 †§x | LendingPoint | 7/13/2023 | 3013 | 3013 | 2888 |
| &nbsp;&nbsp;&nbsp; LAI-00832868, 19.620%, 11/07/2028 †x# | LendingPoint | 7/13/2023 | 15132 | 15132 | 2598 |
| &nbsp;&nbsp;&nbsp; LAI-00832926, 28.940%, 7/07/2026 †§x | LendingPoint | 7/13/2023 | 1720 | 1720 | 1735 |
| &nbsp;&nbsp;&nbsp; LAI-00832933, 28.990%, 7/07/2028 †x | LendingPoint | 7/13/2023 | 14082 | 14082 | 13355 |
| &nbsp;&nbsp;&nbsp; LAI-00832950, 21.490%, 7/04/2028 †x | LendingPoint | 7/13/2023 | 19511 | 19511 | 19045 |
| &nbsp;&nbsp;&nbsp; LAI-00832971, 30.120%, 6/15/2027 †x | LendingPoint | 7/13/2023 | 2740 | 2740 | 2720 |
| &nbsp;&nbsp;&nbsp; LAI-00833013, 28.760%, 7/07/2027 †§x | LendingPoint | 7/13/2023 | 4932 | 4932 | 4892 |
| &nbsp;&nbsp;&nbsp; LAI-00833018, 27.490%, 7/07/2026 †§x | LendingPoint | 7/13/2023 | 2917 | 2917 | 2931 |
| &nbsp;&nbsp;&nbsp; LAI-00833023, 27.000%, 6/17/2028 †x | LendingPoint | 7/13/2023 | 14900 | 14900 | 14260 |
| &nbsp;&nbsp;&nbsp; LAI-00833032, 21.000%, 7/07/2028 †x | LendingPoint | 7/13/2023 | 6651 | 6651 | 6361 |
| &nbsp;&nbsp;&nbsp; LAI-00833047, 28.760%, 7/07/2027 †§x | LendingPoint | 7/13/2023 | 4315 | 4315 | 4167 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8901** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00833111, 18.000%, 7/18/2028 †x# | LendingPoint | 7/13/2023 | $28373 | $28373 | $27797 |
| &nbsp;&nbsp;&nbsp; LAI-00833115, 28.760%, 7/07/2027 †§x | LendingPoint | 7/13/2023 | 4931 | 4931 | 4891 |
| &nbsp;&nbsp;&nbsp; LAI-00833120, 30.690%, 7/07/2027 †§x | LendingPoint | 7/13/2023 | 1338 | 1338 | 1326 |
| &nbsp;&nbsp;&nbsp; LAI-00833128, 29.950%, 12/20/2028 †x# | LendingPoint | 7/13/2023 | 17014 | 17014 | 3822 |
| &nbsp;&nbsp;&nbsp; LAI-00833132, 19.410%, 7/07/2026 †§x | LendingPoint | 7/13/2023 | 1838 | 1838 | 1842 |
| &nbsp;&nbsp;&nbsp; LAI-00833148, 30.800%, 7/08/2028 †x# | LendingPoint | 7/13/2023 | 20643 | 20643 | 2157 |
| &nbsp;&nbsp;&nbsp; LAI-00833159, 30.000%, 6/21/2028 †x | LendingPoint | 7/13/2023 | 8286 | 8286 | 7938 |
| &nbsp;&nbsp;&nbsp; LAI-00833161, 18.000%, 7/15/2028 †x | LendingPoint | 7/13/2023 | 25261 | 25261 | 24710 |
| &nbsp;&nbsp;&nbsp; LAI-00833200, 18.000%, 7/08/2028 †x | LendingPoint | 7/13/2023 | 3320 | 3320 | 3239 |
| &nbsp;&nbsp;&nbsp; LAI-00833267, 28.760%, 7/08/2028 †x# | LendingPoint | 7/13/2023 | 4171 | 4171 | 736 |
| &nbsp;&nbsp;&nbsp; LAI-00833274, 28.770%, 7/15/2027 †x | LendingPoint | 7/13/2023 | 8977 | 8977 | 8553 |
| &nbsp;&nbsp;&nbsp; LAI-00833396, 26.120%, 6/30/2028 †x# | LendingPoint | 7/13/2023 | 4423 | 4423 | 4186 |
| &nbsp;&nbsp;&nbsp; LAI-00833409, 29.720%, 7/18/2027 †x# | LendingPoint | 7/13/2023 | 3193 | 3193 | 3177 |
| &nbsp;&nbsp;&nbsp; LAI-00833427, 18.000%, 7/09/2028 †x | LendingPoint | 7/13/2023 | 7429 | 7429 | 7053 |
| &nbsp;&nbsp;&nbsp; LAI-00833436, 30.000%, 7/09/2028 †x | LendingPoint | 7/13/2023 | 2024 | 2024 | 1934 |
| &nbsp;&nbsp;&nbsp; LAI-00833457, 21.120%, 7/20/2028 †x | LendingPoint | 7/13/2023 | 6943 | 6943 | 6791 |
| &nbsp;&nbsp;&nbsp; LAI-00833468, 21.860%, 7/10/2028 †x# | LendingPoint | 7/13/2023 | 7662 | 7662 | 7326 |
| &nbsp;&nbsp;&nbsp; LAI-00833507, 31.280%, 7/10/2027 †§x# | LendingPoint | 7/13/2023 | 1290 | 1290 | 1275 |
| &nbsp;&nbsp;&nbsp; LAI-00833511, 21.000%, 6/16/2028 †x | LendingPoint | 7/13/2023 | 11499 | 11499 | 11015 |
| &nbsp;&nbsp;&nbsp; LAI-00833513, 30.120%, 7/18/2027 †x | LendingPoint | 7/13/2023 | 2080 | 2080 | 2055 |
| &nbsp;&nbsp;&nbsp; LAI-00833585, 27.000%, 7/05/2028 †x | LendingPoint | 7/13/2023 | 8668 | 8668 | 8278 |
| &nbsp;&nbsp;&nbsp; LAI-00834207, 18.000%, 8/15/2028 †x# | LendingPoint | 7/17/2023 | 20181 | 20181 | 19722 |
| &nbsp;&nbsp;&nbsp; LAI-00834213, 18.000%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 2392 | 2392 | 2272 |
| &nbsp;&nbsp;&nbsp; LAI-00834229, 18.000%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 9636 | 9636 | 9407 |
| &nbsp;&nbsp;&nbsp; LAI-00834236, 18.000%, 9/28/2027 †x# | LendingPoint | 7/17/2023 | 2777 | 2777 | 2721 |
| &nbsp;&nbsp;&nbsp; LAI-00834238, 27.930%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 5479 | 5479 | 5192 |
| &nbsp;&nbsp;&nbsp; LAI-00834241, 28.760%, 7/11/2027 †§x# | LendingPoint | 7/17/2023 | 4954 | 4954 | 4902 |
| &nbsp;&nbsp;&nbsp; LAI-00834255, 18.000%, 3/31/2026 †x | LendingPoint | 7/17/2023 | 19311 | 19311 | 15442 |
| &nbsp;&nbsp;&nbsp; LAI-00834260, 21.150%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 9871 | 9871 | 9371 |
| &nbsp;&nbsp;&nbsp; LAI-00834267, 30.800%, 6/25/2028 †x# | LendingPoint | 7/17/2023 | 26299 | 26299 | 24815 |
| &nbsp;&nbsp;&nbsp; LAI-00834273, 30.120%, 7/25/2027 †x | LendingPoint | 7/17/2023 | 6311 | 6311 | 6281 |
| &nbsp;&nbsp;&nbsp; LAI-00834298, 25.950%, 9/30/2026 †x# | LendingPoint | 7/17/2023 | 8631 | 8631 | 8166 |
| &nbsp;&nbsp;&nbsp; LAI-00834299, 18.000%, 7/11/2028 †x# | LendingPoint | 7/17/2023 | 5281 | 5281 | 552 |
| &nbsp;&nbsp;&nbsp; LAI-00834309, 30.120%, 7/11/2027 †§x | LendingPoint | 7/17/2023 | 7385 | 7385 | 7086 |
| &nbsp;&nbsp;&nbsp; LAI-00834310, 23.880%, 6/26/2028 †x | LendingPoint | 7/17/2023 | 32957 | 32957 | 32260 |
| &nbsp;&nbsp;&nbsp; LAI-00834312, 18.000%, 7/11/2028 †x# | LendingPoint | 7/17/2023 | 27227 | 27227 | 4839 |
| &nbsp;&nbsp;&nbsp; LAI-00834323, 30.000%, 6/23/2028 †x | LendingPoint | 7/17/2023 | 10814 | 10814 | 10188 |
| &nbsp;&nbsp;&nbsp; LAI-00834345, 29.220%, 5/30/2027 †x# | LendingPoint | 7/17/2023 | 9432 | 9432 | 9138 |
| &nbsp;&nbsp;&nbsp; LAI-00834347, 22.680%, 7/25/2028 †x | LendingPoint | 7/17/2023 | 36886 | 36886 | 36082 |
| &nbsp;&nbsp;&nbsp; LAI-00834370, 24.380%, 7/25/2028 †x | LendingPoint | 7/17/2023 | 8129 | 8129 | 7782 |
| &nbsp;&nbsp;&nbsp; LAI-00834389, 27.000%, 6/15/2028 †x | LendingPoint | 7/17/2023 | 2397 | 2397 | 2293 |
| &nbsp;&nbsp;&nbsp; LAI-00834395, 28.760%, 12/31/2025 †x# | LendingPoint | 7/17/2023 | 5678 | 5678 | 5304 |
| &nbsp;&nbsp;&nbsp; LAI-00834417, 24.620%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 20298 | 20298 | 19814 |
| &nbsp;&nbsp;&nbsp; LAI-00834434, 27.490%, 7/25/2026 †x | LendingPoint | 7/17/2023 | 1658 | 1658 | 1682 |
| &nbsp;&nbsp;&nbsp; LAI-00834437, 21.080%, 6/30/2028 †x# | LendingPoint | 7/17/2023 | 7319 | 7319 | 6976 |
| &nbsp;&nbsp;&nbsp; LAI-00834446, 18.000%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 3673 | 3673 | 3490 |
| &nbsp;&nbsp;&nbsp; LAI-00834450, 24.680%, 12/18/2027 †x# | LendingPoint | 7/17/2023 | 17246 | 17246 | 16241 |
| &nbsp;&nbsp;&nbsp; LAI-00834459, 25.990%, 9/20/2029 †x | LendingPoint | 7/17/2023 | 8807 | 8807 | 8283 |
| &nbsp;&nbsp;&nbsp; LAI-00834460, 23.560%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 3874 | 3874 | 3703 |
| &nbsp;&nbsp;&nbsp; LAI-00834469, 29.950%, 7/11/2027 †x# | LendingPoint | 7/17/2023 | 6992 | 6992 | 2306 |
| &nbsp;&nbsp;&nbsp; LAI-00834474, 18.000%, 8/02/2028 †x | LendingPoint | 7/17/2023 | 8951 | 8951 | 8512 |
| &nbsp;&nbsp;&nbsp; LAI-00834481, 18.000%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 14338 | 14338 | 13623 |
| &nbsp;&nbsp;&nbsp; LAI-00834488, 20.690%, 7/11/2028 †x# | LendingPoint | 7/17/2023 | 9289 | 9289 | 3785 |
| &nbsp;&nbsp;&nbsp; LAI-00834500, 30.120%, 7/09/2027 †x | LendingPoint | 7/17/2023 | 4206 | 4206 | 4089 |
| &nbsp;&nbsp;&nbsp; LAI-00834505, 28.760%, 12/10/2027 †x# | LendingPoint | 7/17/2023 | 7825 | 7825 | 818 |
| &nbsp;&nbsp;&nbsp; LAI-00834506, 20.690%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 7375 | 7375 | 7060 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8902** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00834507, 20.690%, 6/15/2028 †x# | LendingPoint | 7/17/2023 | $14962 | $14962 | $3214 |
| &nbsp;&nbsp;&nbsp; LAI-00834514, 20.490%, 8/15/2028 †x | LendingPoint | 7/17/2023 | 25479 | 25479 | 24916 |
| &nbsp;&nbsp;&nbsp; LAI-00834527, 30.120%, 7/17/2029 †x | LendingPoint | 7/17/2023 | 10926 | 10926 | 10188 |
| &nbsp;&nbsp;&nbsp; LAI-00834530, 25.840%, 6/21/2028 †x | LendingPoint | 7/17/2023 | 36464 | 36464 | 34717 |
| &nbsp;&nbsp;&nbsp; LAI-00834545, 22.240%, 7/11/2027 †x | LendingPoint | 7/17/2023 | 3179 | 3179 | 3088 |
| &nbsp;&nbsp;&nbsp; LAI-00834549, 29.510%, 7/11/2028 †x# | LendingPoint | 7/17/2023 | 3481 | 3481 | 1100 |
| &nbsp;&nbsp;&nbsp; LAI-00834551, 30.800%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 13832 | 13832 | 13096 |
| &nbsp;&nbsp;&nbsp; LAI-00834554, 27.030%, 7/11/2028 †x | LendingPoint | 7/17/2023 | 9530 | 9530 | 9299 |
| &nbsp;&nbsp;&nbsp; LAI-00834564, 19.610%, 7/11/2028 †x# | LendingPoint | 7/17/2023 | 10978 | 10978 | 4480 |
| &nbsp;&nbsp;&nbsp; LAI-00834582, 28.760%, 7/12/2027 †§x | LendingPoint | 7/17/2023 | 4963 | 4963 | 4912 |
| &nbsp;&nbsp;&nbsp; LAI-00834583, 27.490%, 7/12/2026 †§x | LendingPoint | 7/17/2023 | 1192 | 1192 | 1199 |
| &nbsp;&nbsp;&nbsp; LAI-00834586, 18.750%, 7/12/2027 †§x | LendingPoint | 7/17/2023 | 10185 | 10185 | 10060 |
| &nbsp;&nbsp;&nbsp; LAI-00834597, 23.160%, 6/19/2027 †x | LendingPoint | 7/17/2023 | 2927 | 2927 | 2858 |
| &nbsp;&nbsp;&nbsp; LAI-00834616, 22.530%, 6/16/2028 †x | LendingPoint | 7/17/2023 | 11195 | 11195 | 10724 |
| &nbsp;&nbsp;&nbsp; LAI-00834618, 30.120%, 7/12/2027 †§x | LendingPoint | 7/17/2023 | 4000 | 4000 | 3960 |
| &nbsp;&nbsp;&nbsp; LAI-00834642, 21.000%, 7/08/2028 †x | LendingPoint | 7/17/2023 | 11748 | 11748 | 11211 |
| &nbsp;&nbsp;&nbsp; LAI-00834645, 18.000%, 7/12/2028 †x | LendingPoint | 7/17/2023 | 18964 | 18964 | 18025 |
| &nbsp;&nbsp;&nbsp; LAI-00834666, 18.000%, 7/12/2027 †x | LendingPoint | 7/17/2023 | 17753 | 17753 | 8139 |
| &nbsp;&nbsp;&nbsp; LAI-00834691, 30.690%, 11/18/2027 †x | LendingPoint | 7/17/2023 | 3789 | 3789 | 3671 |
| &nbsp;&nbsp;&nbsp; LAI-00835523, 30.000%, 7/14/2028 †x | LendingPoint | 7/20/2023 | 4031 | 4031 | 3871 |
| &nbsp;&nbsp;&nbsp; LAI-00835553, 18.830%, 6/21/2028 †x | LendingPoint | 7/20/2023 | 14696 | 14696 | 14112 |
| &nbsp;&nbsp;&nbsp; LAI-00835556, 18.000%, 7/21/2028 †x | LendingPoint | 7/20/2023 | 3006 | 3006 | 2926 |
| &nbsp;&nbsp;&nbsp; LAI-00835557, 20.370%, 7/14/2028 †x | LendingPoint | 7/20/2023 | 21968 | 21968 | 21479 |
| &nbsp;&nbsp;&nbsp; LAI-00835561, 18.000%, 7/14/2028 †x | LendingPoint | 7/20/2023 | 14416 | 14416 | 14100 |
| &nbsp;&nbsp;&nbsp; LAI-00835575, 18.000%, 7/14/2028 †x# | LendingPoint | 7/20/2023 | 32714 | 32714 | 3419 |
| &nbsp;&nbsp;&nbsp; LAI-00835587, 18.000%, 7/25/2028 †x | LendingPoint | 7/20/2023 | 6758 | 6758 | 6627 |
| &nbsp;&nbsp;&nbsp; LAI-00835594, 18.580%, 7/14/2028 †x# | LendingPoint | 7/20/2023 | 3260 | 3260 |  |
| &nbsp;&nbsp;&nbsp; LAI-00835625, 18.000%, 7/21/2028 †x | LendingPoint | 7/20/2023 | 19234 | 19234 | 18345 |
| &nbsp;&nbsp;&nbsp; LAI-00835655, 0.000%, 7/16/2027 †x | LendingPoint | 7/20/2023 | 27 | 27 | 27 |
| &nbsp;&nbsp;&nbsp; LAI-00835702, 16.240%, 7/14/2028 †x | LendingPoint | 7/20/2023 | 7176 | 7176 | 6895 |
| &nbsp;&nbsp;&nbsp; LAI-00835707, 20.690%, 7/14/2028 †x | LendingPoint | 7/20/2023 | 11771 | 11771 | 11300 |
| &nbsp;&nbsp;&nbsp; LAI-00835734, 0.000%, 7/28/2026 †x | LendingPoint | 7/20/2023 | 340 | 340 |  |
| &nbsp;&nbsp;&nbsp; LAI-00835739, 18.740%, 3/25/2026 †x | LendingPoint | 7/20/2023 | 15690 | 15690 | 12894 |
| &nbsp;&nbsp;&nbsp; LAI-00835743, 28.760%, 2/20/2027 †x# | LendingPoint | 7/20/2023 | 6151 | 6151 | 5982 |
| &nbsp;&nbsp;&nbsp; LAI-00835755, 29.050%, 6/25/2027 †x# | LendingPoint | 7/20/2023 | 3177 | 3177 | 332 |
| &nbsp;&nbsp;&nbsp; LAI-00835758, 22.490%, 8/21/2027 †x | LendingPoint | 7/20/2023 | 11825 | 11825 | 11527 |
| &nbsp;&nbsp;&nbsp; LAI-00835761, 31.280%, 7/15/2027 †§x | LendingPoint | 7/20/2023 | 1606 | 1606 | 1558 |
| &nbsp;&nbsp;&nbsp; LAI-00835763, 28.760%, 7/15/2027 †§x | LendingPoint | 7/20/2023 | 4941 | 4941 | 4793 |
| &nbsp;&nbsp;&nbsp; LAI-00835767, 18.400%, 7/15/2028 †x | LendingPoint | 7/20/2023 | 34246 | 34246 | 33535 |
| &nbsp;&nbsp;&nbsp; LAI-00835768, 18.000%, 10/18/2028 †x# | LendingPoint | 7/20/2023 | 25402 | 25402 | 24852 |
| &nbsp;&nbsp;&nbsp; LAI-00835775, 23.820%, 11/15/2028 †x | LendingPoint | 7/20/2023 | 10551 | 10551 | 10001 |
| &nbsp;&nbsp;&nbsp; LAI-00835784, 20.080%, 12/18/2028 †x# | LendingPoint | 7/20/2023 | 13653 | 13653 | 12865 |
| &nbsp;&nbsp;&nbsp; LAI-00835788, 24.780%, 7/15/2028 †x | LendingPoint | 7/20/2023 | 10925 | 10925 | 10474 |
| &nbsp;&nbsp;&nbsp; LAI-00835793, 19.620%, 7/15/2028 †x | LendingPoint | 7/20/2023 | 6764 | 6764 | 6616 |
| &nbsp;&nbsp;&nbsp; LAI-00835794, 22.240%, 7/15/2027 †§x | LendingPoint | 7/20/2023 | 8266 | 8266 | 8042 |
| &nbsp;&nbsp;&nbsp; LAI-00835800, 30.120%, 7/15/2027 †§x | LendingPoint | 7/20/2023 | 3605 | 3605 | 3550 |
| &nbsp;&nbsp;&nbsp; LAI-00835806, 22.610%, 7/15/2028 †x | LendingPoint | 7/20/2023 | 17673 | 17673 | 16953 |
| &nbsp;&nbsp;&nbsp; LAI-00835807, 29.490%, 6/16/2027 †x | LendingPoint | 7/20/2023 | 1869 | 1869 | 1855 |
| &nbsp;&nbsp;&nbsp; LAI-00835824, 28.760%, 7/15/2027 †§x | LendingPoint | 7/20/2023 | 3398 | 3398 | 3388 |
| &nbsp;&nbsp;&nbsp; LAI-00835833, 0.000%, 7/16/2028 †x | LendingPoint | 7/20/2023 | 24 | 24 | 24 |
| &nbsp;&nbsp;&nbsp; LAI-00835845, 22.240%, 8/20/2027 †x | LendingPoint | 7/20/2023 | 3827 | 3827 | 3730 |
| &nbsp;&nbsp;&nbsp; LAI-00835850, 30.120%, 7/15/2027 †x# | LendingPoint | 7/20/2023 | 6331 | 6331 | 662 |
| &nbsp;&nbsp;&nbsp; LAI-00835883, 30.800%, 7/16/2028 †x | LendingPoint | 7/20/2023 | 6221 | 6221 | 5912 |
| &nbsp;&nbsp;&nbsp; LAI-00835890, 0.000%, 7/16/2026 †x# | LendingPoint | 7/20/2023 | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; LAI-00835892, 20.150%, 7/16/2028 †x | LendingPoint | 7/20/2023 | 13601 | 13601 | 13289 |
| &nbsp;&nbsp;&nbsp; LAI-00835898, 27.000%, 7/16/2027 †x | LendingPoint | 7/20/2023 | 6109 | 6109 | 5939 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8903** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00835899, 29.370%, 2/24/2028 †x | LendingPoint | 7/20/2023 | $12866 | $12866 | $12396 |
| &nbsp;&nbsp;&nbsp; LAI-00835905, 30.120%, 7/16/2027 †§x | LendingPoint | 7/20/2023 | 2702 | 2702 | 2681 |
| &nbsp;&nbsp;&nbsp; LAI-00835907, 30.120%, 3/18/2027 †x | LendingPoint | 7/20/2023 | 4268 | 4268 | 4236 |
| &nbsp;&nbsp;&nbsp; LAI-00835919, 18.000%, 5/21/2028 †x | LendingPoint | 7/20/2023 | 6882 | 6882 | 6735 |
| &nbsp;&nbsp;&nbsp; LAI-00835942, 30.000%, 7/17/2028 †x# | LendingPoint | 7/20/2023 | 12328 | 12328 | 11838 |
| &nbsp;&nbsp;&nbsp; LAI-00835954, 18.000%, 7/17/2028 †x | LendingPoint | 7/20/2023 | 7919 | 7919 | 7742 |
| &nbsp;&nbsp;&nbsp; LAI-00835957, 18.000%, 7/17/2028 †x | LendingPoint | 7/20/2023 | 5897 | 5897 | 5777 |
| &nbsp;&nbsp;&nbsp; LAI-00835981, 18.000%, 11/05/2027 †x# | LendingPoint | 7/20/2023 | 6811 | 6811 | 6699 |
| &nbsp;&nbsp;&nbsp; LAI-00835990, 21.120%, 7/17/2028 †x | LendingPoint | 7/20/2023 | 4572 | 4572 | 4468 |
| &nbsp;&nbsp;&nbsp; LAI-00836000, 25.340%, 9/15/2028 †x | LendingPoint | 7/20/2023 | 10428 | 10428 | 9866 |
| &nbsp;&nbsp;&nbsp; LAI-00836015, 21.590%, 8/30/2029 †x# | LendingPoint | 7/20/2023 | 29195 | 29195 | 27260 |
| &nbsp;&nbsp;&nbsp; LAI-00836032, 23.570%, 7/17/2028 †x | LendingPoint | 7/20/2023 | 3662 | 3662 | 3495 |
| &nbsp;&nbsp;&nbsp; LAI-00836042, 25.030%, 7/17/2028 †x | LendingPoint | 7/20/2023 | 13326 | 13326 | 12760 |
| &nbsp;&nbsp;&nbsp; LAI-00836071, 20.690%, 6/30/2026 †x# | LendingPoint | 7/20/2023 | 18606 | 18606 | 18109 |
| &nbsp;&nbsp;&nbsp; LAI-00836974, 21.180%, 8/30/2028 †x# | LendingPoint | 7/25/2023 | 14206 | 14206 | 13405 |
| &nbsp;&nbsp;&nbsp; LAI-00836985, 30.120%, 7/19/2027 †§x | LendingPoint | 7/25/2023 | 2856 | 2856 | 2841 |
| &nbsp;&nbsp;&nbsp; LAI-00837005, 18.000%, 7/19/2026 †§x | LendingPoint | 7/25/2023 | 729 | 729 | 728 |
| &nbsp;&nbsp;&nbsp; LAI-00837028, 18.000%, 3/01/2030 †x# | LendingPoint | 7/25/2023 | 28183 | 28183 | 7321 |
| &nbsp;&nbsp;&nbsp; LAI-00837035, 30.000%, 7/19/2028 †x# | LendingPoint | 7/25/2023 | 8085 | 8085 | 1783 |
| &nbsp;&nbsp;&nbsp; LAI-00837037, 28.940%, 7/19/2026 †x# | LendingPoint | 7/25/2023 | 5978 | 5978 | 625 |
| &nbsp;&nbsp;&nbsp; LAI-00837039, 25.590%, 6/20/2028 †x | LendingPoint | 7/25/2023 | 36213 | 36213 | 35421 |
| &nbsp;&nbsp;&nbsp; LAI-00837043, 18.580%, 7/19/2028 †x | LendingPoint | 7/25/2023 | 4322 | 4322 | 4154 |
| &nbsp;&nbsp;&nbsp; LAI-00837051, 21.330%, 6/22/2028 †x# | LendingPoint | 7/25/2023 | 13696 | 13696 | 2913 |
| &nbsp;&nbsp;&nbsp; LAI-00837055, 20.690%, 11/19/2028 †x | LendingPoint | 7/25/2023 | 9219 | 9219 | 8831 |
| &nbsp;&nbsp;&nbsp; LAI-00837066, 23.210%, 6/23/2028 †x | LendingPoint | 7/25/2023 | 11270 | 11270 | 11035 |
| &nbsp;&nbsp;&nbsp; LAI-00837069, 30.120%, 7/19/2027 †§x# | LendingPoint | 7/25/2023 | 3455 | 3455 | 3435 |
| &nbsp;&nbsp;&nbsp; LAI-00837080, 21.150%, 7/23/2027 †x | LendingPoint | 7/25/2023 | 4032 | 4032 | 3966 |
| &nbsp;&nbsp;&nbsp; LAI-00837081, 20.690%, 7/19/2028 †x | LendingPoint | 7/25/2023 | 3528 | 3528 | 3450 |
| &nbsp;&nbsp;&nbsp; LAI-00837089, 18.000%, 3/28/2027 †x | LendingPoint | 7/25/2023 | 16648 | 16648 | 16062 |
| &nbsp;&nbsp;&nbsp; LAI-00837093, 20.430%, 2/28/2026 †x | LendingPoint | 7/25/2023 | 16760 | 16760 | 18492 |
| &nbsp;&nbsp;&nbsp; LAI-00837106, 18.000%, 4/15/2026 †x | LendingPoint | 7/25/2023 | 16302 | 16302 | 14111 |
| &nbsp;&nbsp;&nbsp; LAI-00837111, 30.800%, 8/27/2028 †x | LendingPoint | 7/25/2023 | 12176 | 12176 | 11597 |
| &nbsp;&nbsp;&nbsp; LAI-00837112, 25.400%, 7/19/2028 †x | LendingPoint | 7/25/2023 | 19110 | 19110 | 18688 |
| &nbsp;&nbsp;&nbsp; LAI-00837124, 30.120%, 1/29/2026 †x# | LendingPoint | 7/25/2023 | 1788 | 1788 | 1652 |
| &nbsp;&nbsp;&nbsp; LAI-00837137, 18.000%, 7/19/2028 †x | LendingPoint | 7/25/2023 | 11887 | 11887 | 11328 |
| &nbsp;&nbsp;&nbsp; LAI-00837140, 30.000%, 7/19/2027 †§x | LendingPoint | 7/25/2023 | 2064 | 2064 | 2008 |
| &nbsp;&nbsp;&nbsp; LAI-00837141, 30.120%, 7/02/2027 †x# | LendingPoint | 7/25/2023 | 5612 | 5612 | 5428 |
| &nbsp;&nbsp;&nbsp; LAI-00837181, 18.780%, 7/19/2027 †§x | LendingPoint | 7/25/2023 | 1716 | 1716 | 1673 |
| &nbsp;&nbsp;&nbsp; LAI-00837189, 22.200%, 6/21/2028 †x | LendingPoint | 7/25/2023 | 35372 | 35372 | 33697 |
| &nbsp;&nbsp;&nbsp; LAI-00837198, 23.410%, 7/19/2027 †§x# | LendingPoint | 7/25/2023 | 11103 | 11103 | 10793 |
| &nbsp;&nbsp;&nbsp; LAI-00837200, 28.760%, 7/19/2027 †§x# | LendingPoint | 7/25/2023 | 3096 | 3096 | 3079 |
| &nbsp;&nbsp;&nbsp; LAI-00837210, 20.690%, 7/19/2028 †x | LendingPoint | 7/25/2023 | 8429 | 8429 | 8244 |
| &nbsp;&nbsp;&nbsp; LAI-00837219, 28.760%, 7/19/2027 †§x | LendingPoint | 7/25/2023 | 2891 | 2891 | 2803 |
| &nbsp;&nbsp;&nbsp; LAI-00837221, 28.760%, 7/20/2027 †§x | LendingPoint | 7/25/2023 | 4342 | 4342 | 4202 |
| &nbsp;&nbsp;&nbsp; LAI-00837224, 18.000%, 7/20/2028 †x# | LendingPoint | 7/25/2023 | 9726 | 9726 | 9517 |
| &nbsp;&nbsp;&nbsp; LAI-00837229, 0.000%, 7/20/2028 †x# | LendingPoint | 7/25/2023 | 45369 | 45369 | 45369 |
| &nbsp;&nbsp;&nbsp; LAI-00837232, 30.590%, 6/28/2028 †x# | LendingPoint | 7/25/2023 | 22754 | 22754 | 22260 |
| &nbsp;&nbsp;&nbsp; LAI-00837256, 18.000%, 7/16/2028 †x | LendingPoint | 7/25/2023 | 16318 | 16318 | 15976 |
| &nbsp;&nbsp;&nbsp; LAI-00837280, 19.740%, 7/27/2027 †x | LendingPoint | 7/25/2023 | 3148 | 3148 | 3118 |
| &nbsp;&nbsp;&nbsp; LAI-00837289, 23.210%, 7/20/2027 †§x | LendingPoint | 7/25/2023 | 8343 | 8343 | 8129 |
| &nbsp;&nbsp;&nbsp; LAI-00837300, 22.490%, 7/20/2027 †§x | LendingPoint | 7/25/2023 | 1772 | 1772 | 1720 |
| &nbsp;&nbsp;&nbsp; LAI-00837311, 18.000%, 3/03/2029 †x# | LendingPoint | 7/25/2023 | 29711 | 29711 | 8223 |
| &nbsp;&nbsp;&nbsp; LAI-00837403, 22.230%, 7/20/2028 †x | LendingPoint | 7/26/2023 | 13270 | 13270 | 12987 |
| &nbsp;&nbsp;&nbsp; LAI-00837410, 19.530%, 7/20/2028 †x# | LendingPoint | 7/26/2023 | 5796 | 5796 | 1665 |
| &nbsp;&nbsp;&nbsp; LAI-00837570, 18.000%, 8/30/2028 †x# | LendingPoint | 7/26/2023 | 14800 | 14800 | 14414 |
| &nbsp;&nbsp;&nbsp; LAI-00837608, 20.120%, 7/21/2028 †x | LendingPoint | 7/26/2023 | 14377 | 14377 | 14078 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8904** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00837663, 18.570%, 7/18/2028 †x# | LendingPoint | 7/26/2023 | $15200 | $15200 | $1588 |
| &nbsp;&nbsp;&nbsp; LAI-00838117, 28.960%, 11/24/2028 †x | LendingPoint | 7/27/2023 | 29908 | 29908 | 29175 |
| &nbsp;&nbsp;&nbsp; LAI-00838130, 24.650%, 7/24/2028 †x | LendingPoint | 7/27/2023 | 19550 | 19550 | 18632 |
| &nbsp;&nbsp;&nbsp; LAI-00839618, 25.030%, 7/31/2028 †x# | LendingPoint | 8/07/2023 | 7826 | 7826 | 7456 |
| &nbsp;&nbsp;&nbsp; LAI-00839767, 28.760%, 8/01/2027 †§x | LendingPoint | 8/07/2023 | 3198 | 3198 | 3137 |
| &nbsp;&nbsp;&nbsp; LAI-00839787, 18.000%, 8/25/2028 †x# | LendingPoint | 8/07/2023 | 16485 | 16485 | 16040 |
| &nbsp;&nbsp;&nbsp; LAI-00839789, 18.390%, 7/16/2028 †x | LendingPoint | 8/07/2023 | 11475 | 11475 | 10897 |
| &nbsp;&nbsp;&nbsp; LAI-00839824, 18.000%, 9/19/2027 †x | LendingPoint | 8/07/2023 | 8621 | 8621 | 8532 |
| &nbsp;&nbsp;&nbsp; LAI-00839828, 18.000%, 7/05/2028 †x | LendingPoint | 8/07/2023 | 9824 | 9824 | 9578 |
| &nbsp;&nbsp;&nbsp; LAI-00839844, 18.000%, 8/01/2028 †x | LendingPoint | 8/07/2023 | 22473 | 22473 | 21901 |
| &nbsp;&nbsp;&nbsp; LAI-00839863, 18.000%, 8/01/2026 †§x | LendingPoint | 8/07/2023 | 2268 | 2268 | 2253 |
| &nbsp;&nbsp;&nbsp; LAI-00839870, 18.000%, 8/01/2027 †§x | LendingPoint | 8/07/2023 | 2545 | 2545 | 2508 |
| &nbsp;&nbsp;&nbsp; LAI-00839892, 30.120%, 8/01/2027 †§x | LendingPoint | 8/07/2023 | 2387 | 2387 | 2279 |
| &nbsp;&nbsp;&nbsp; LAI-00839927, 20.380%, 8/08/2026 †x | LendingPoint | 8/07/2023 | 2147 | 2147 | 2137 |
| &nbsp;&nbsp;&nbsp; LAI-00839952, 27.530%, 7/15/2028 †x | LendingPoint | 8/07/2023 | 5052 | 5052 | 4777 |
| &nbsp;&nbsp;&nbsp; LAI-00839962, 24.290%, 8/15/2028 †x | LendingPoint | 8/07/2023 | 12158 | 12158 | 11860 |
| &nbsp;&nbsp;&nbsp; LAI-00839965, 26.440%, 8/01/2026 †§x | LendingPoint | 8/07/2023 | 971 | 971 | 963 |
| &nbsp;&nbsp;&nbsp; LAI-00839985, 21.600%, 5/01/2029 †x# | LendingPoint | 8/07/2023 | 19546 | 19546 | 7164 |
| &nbsp;&nbsp;&nbsp; LAI-00839988, 19.110%, 8/01/2028 †x | LendingPoint | 8/07/2023 | 10719 | 10719 | 10128 |
| &nbsp;&nbsp;&nbsp; LAI-00840013, 27.490%, 8/01/2028 †x | LendingPoint | 8/07/2023 | 10145 | 10145 | 9567 |
| &nbsp;&nbsp;&nbsp; LAI-00840039, 18.000%, 8/01/2028 †x# | LendingPoint | 8/07/2023 | 15031 | 15031 | 5862 |
| &nbsp;&nbsp;&nbsp; LAI-00840053, 30.150%, 8/01/2028 †x | LendingPoint | 8/07/2023 | 8253 | 8253 | 7778 |
| &nbsp;&nbsp;&nbsp; LAI-00840079, 18.000%, 1/01/2029 †x# | LendingPoint | 8/07/2023 | 38739 | 38739 | 37592 |
| &nbsp;&nbsp;&nbsp; LAI-00840090, 18.000%, 10/20/2028 †x# | LendingPoint | 8/07/2023 | 14335 | 14335 | 14014 |
| &nbsp;&nbsp;&nbsp; LAI-00840106, 30.000%, 7/15/2028 †x | LendingPoint | 8/07/2023 | 4231 | 4231 | 4034 |
| &nbsp;&nbsp;&nbsp; LAI-00840107, 18.000%, 8/01/2027 †§x | LendingPoint | 8/07/2023 | 8835 | 8835 | 8707 |
| &nbsp;&nbsp;&nbsp; LAI-00840139, 0.000%, 1/15/2029 †x | LendingPoint | 8/07/2023 | 235 | 235 | 235 |
| &nbsp;&nbsp;&nbsp; LAI-00840149, 21.600%, 8/01/2028 †x# | LendingPoint | 8/07/2023 | 3798 | 3798 | 3620 |
| &nbsp;&nbsp;&nbsp; LAI-00840180, 20.380%, 8/07/2026 †x# | LendingPoint | 8/07/2023 | 2720 | 2720 | 843 |
| &nbsp;&nbsp;&nbsp; LAI-00840193, 21.150%, 11/01/2027 †x | LendingPoint | 8/07/2023 | 2138 | 2138 | 2058 |
| &nbsp;&nbsp;&nbsp; LAI-00840210, 21.010%, 8/01/2027 †§x | LendingPoint | 8/07/2023 | 2281 | 2281 | 2206 |
| &nbsp;&nbsp;&nbsp; LAI-00840223, 26.490%, 8/15/2028 †x | LendingPoint | 8/07/2023 | 5115 | 5115 | 4989 |
| &nbsp;&nbsp;&nbsp; LAI-00840230, 30.000%, 8/01/2027 †§x | LendingPoint | 8/07/2023 | 2699 | 2699 | 2600 |
| &nbsp;&nbsp;&nbsp; LAI-00840263, 24.550%, 9/01/2028 †x# | LendingPoint | 8/07/2023 | 6491 | 6491 | 1369 |
| &nbsp;&nbsp;&nbsp; LAI-00840304, 26.050%, 8/01/2028 †x# | LendingPoint | 8/07/2023 | 16810 | 16810 | 1757 |
| &nbsp;&nbsp;&nbsp; LAI-00840319, 19.620%, 8/01/2028 †x# | LendingPoint | 8/07/2023 | 13533 | 13533 | 13170 |
| &nbsp;&nbsp;&nbsp; LAI-00840435, 22.900%, 8/15/2028 †x | LendingPoint | 8/07/2023 | 11429 | 11429 | 10842 |
| &nbsp;&nbsp;&nbsp; LAI-00840458, 26.050%, 1/23/2029 †x# | LendingPoint | 8/07/2023 | 7745 | 7745 | 7552 |
| &nbsp;&nbsp;&nbsp; LAI-00840460, 18.000%, 8/25/2028 †x# | LendingPoint | 8/07/2023 | 13064 | 13064 | 12690 |
| &nbsp;&nbsp;&nbsp; LAI-00840473, 29.150%, 8/01/2027 †§x | LendingPoint | 8/07/2023 | 5843 | 5843 | 5586 |
| &nbsp;&nbsp;&nbsp; LAI-00840531, 30.120%, 5/15/2029 †x | LendingPoint | 8/07/2023 | 14723 | 14723 | 14008 |
| &nbsp;&nbsp;&nbsp; LAI-00840568, 18.000%, 8/01/2028 †x | LendingPoint | 8/07/2023 | 7206 | 7206 | 7030 |
| &nbsp;&nbsp;&nbsp; LAI-00840644, 20.380%, 8/07/2026 †x | LendingPoint | 8/07/2023 | 2134 | 2134 | 2127 |
| &nbsp;&nbsp;&nbsp; LAI-00840681, 19.620%, 9/10/2028 †x# | LendingPoint | 8/07/2023 | 13932 | 13932 | 13583 |
| &nbsp;&nbsp;&nbsp; LAI-00840746, 31.300%, 6/16/2028 †x# | LendingPoint | 8/07/2023 | 4572 | 4572 | 4435 |
| &nbsp;&nbsp;&nbsp; LAI-00842241, 30.460%, 8/08/2028 †x# | LendingPoint | 8/16/2023 | 28748 | 28748 | 5131 |
| &nbsp;&nbsp;&nbsp; LAI-00842242, 25.900%, 8/08/2027 †x | LendingPoint | 8/16/2023 | 13099 | 13099 | 12706 |
| &nbsp;&nbsp;&nbsp; LAI-00842259, 30.460%, 8/08/2028 †x | LendingPoint | 8/16/2023 | 3738 | 3738 | 3643 |
| &nbsp;&nbsp;&nbsp; LAI-00842452, 19.400%, 5/30/2027 †x | LendingPoint | 8/16/2023 | 32926 | 32926 | 32205 |
| &nbsp;&nbsp;&nbsp; LAI-00842498, 20.970%, 9/15/2028 †x | LendingPoint | 8/16/2023 | 10704 | 10704 | 10157 |
| &nbsp;&nbsp;&nbsp; LAI-00842528, 25.090%, 8/09/2028 †§x | LendingPoint | 8/16/2023 | 1790 | 1790 | 1740 |
| &nbsp;&nbsp;&nbsp; LAI-00842586, 18.000%, 8/18/2028 †x | LendingPoint | 8/16/2023 | 18193 | 18193 | 17092 |
| &nbsp;&nbsp;&nbsp; LAI-00842647, 23.370%, 8/10/2028 †x# | LendingPoint | 8/16/2023 | 2828 | 2828 | 2758 |
| &nbsp;&nbsp;&nbsp; LAI-00842669, 18.000%, 6/24/2028 †x# | LendingPoint | 8/16/2023 | 10315 | 10315 | 10111 |
| &nbsp;&nbsp;&nbsp; LAI-00842732, 18.000%, 8/10/2028 †x# | LendingPoint | 8/16/2023 | 18322 | 18322 | 17903 |
| &nbsp;&nbsp;&nbsp; LAI-00842760, 30.460%, 8/10/2028 †x# | LendingPoint | 8/16/2023 | 3990 | 3990 | 3785 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8905** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00842796, 18.000%, 6/24/2028 †x | LendingPoint | 8/16/2023 | $4231 | $4231 | $4146 |
| &nbsp;&nbsp;&nbsp; LAI-00842838, 30.460%, 2/26/2026 †x | LendingPoint | 8/16/2023 | 5395 | 5395 | 4820 |
| &nbsp;&nbsp;&nbsp; LAI-00842849, 30.460%, 8/11/2028 †x | LendingPoint | 8/16/2023 | 8324 | 8324 | 8111 |
| &nbsp;&nbsp;&nbsp; LAI-00842981, 28.760%, 8/11/2027 †§x | LendingPoint | 8/17/2023 | 2272 | 2272 | 2183 |
| &nbsp;&nbsp;&nbsp; LAI-00843016, 22.890%, 8/11/2028 †x | LendingPoint | 8/17/2023 | 8678 | 8678 | 8233 |
| &nbsp;&nbsp;&nbsp; LAI-00843019, 19.950%, 7/26/2028 †x | LendingPoint | 8/17/2023 | 17208 | 17208 | 16776 |
| &nbsp;&nbsp;&nbsp; LAI-00843114, 29.940%, 10/01/2028 †x# | LendingPoint | 8/17/2023 | 2999 | 2999 | 2618 |
| &nbsp;&nbsp;&nbsp; LAI-00843165, 18.000%, 8/13/2028 †x# | LendingPoint | 8/17/2023 | 7023 | 7023 | 6861 |
| &nbsp;&nbsp;&nbsp; LAI-00843224, 18.000%, 8/14/2028 †x | LendingPoint | 8/17/2023 | 8186 | 8186 | 7771 |
| &nbsp;&nbsp;&nbsp; LAI-00843227, 30.460%, 8/14/2028 †x# | LendingPoint | 8/17/2023 | 6024 | 6024 | 1833 |
| &nbsp;&nbsp;&nbsp; LAI-00843305, 28.010%, 8/14/2028 †x# | LendingPoint | 8/17/2023 | 10264 | 10264 | 9716 |
| &nbsp;&nbsp;&nbsp; LAI-00843317, 26.660%, 2/28/2026 †x | LendingPoint | 8/17/2023 | 2033 | 2033 | 1896 |
| &nbsp;&nbsp;&nbsp; LAI-00843359, 18.000%, 8/14/2028 †x# | LendingPoint | 8/17/2023 | 23339 | 23339 | 2439 |
| &nbsp;&nbsp;&nbsp; LAI-00843383, 26.120%, 8/14/2028 †x# | LendingPoint | 8/17/2023 | 9593 | 9593 | 1002 |
| &nbsp;&nbsp;&nbsp; LAI-00843443, 18.000%, 8/14/2028 †x | LendingPoint | 8/17/2023 | 10745 | 10745 | 10297 |
| &nbsp;&nbsp;&nbsp; LAI-00843450, 27.450%, 8/14/2028 †x | LendingPoint | 8/17/2023 | 19519 | 19519 | 18630 |
| &nbsp;&nbsp;&nbsp; LAI-00843477, 29.720%, 8/15/2027 †§x | LendingPoint | 8/17/2023 | 3221 | 3221 | 3096 |
| &nbsp;&nbsp;&nbsp; LAI-00843544, 30.460%, 5/15/2030 †x | LendingPoint | 8/21/2023 | 6037 | 6037 | 5857 |
| &nbsp;&nbsp;&nbsp; LAI-00843553, 29.950%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 6455 | 6455 | 6121 |
| &nbsp;&nbsp;&nbsp; LAI-00843555, 28.760%, 6/26/2027 †x# | LendingPoint | 8/21/2023 | 5100 | 5100 | 4805 |
| &nbsp;&nbsp;&nbsp; LAI-00843559, 27.300%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 6317 | 6317 | 6140 |
| &nbsp;&nbsp;&nbsp; LAI-00843561, 18.000%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 7179 | 7179 | 7076 |
| &nbsp;&nbsp;&nbsp; LAI-00843566, 20.620%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 5007 | 5007 | 4886 |
| &nbsp;&nbsp;&nbsp; LAI-00843568, 29.720%, 12/20/2028 †x# | LendingPoint | 8/21/2023 | 20130 | 20130 | 2104 |
| &nbsp;&nbsp;&nbsp; LAI-00843576, 29.630%, 12/15/2030 †x# | LendingPoint | 8/21/2023 | 27398 | 27398 | 2863 |
| &nbsp;&nbsp;&nbsp; LAI-00843578, 28.760%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 3192 | 3192 | 3172 |
| &nbsp;&nbsp;&nbsp; LAI-00843579, 23.470%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 3004 | 3004 | 2900 |
| &nbsp;&nbsp;&nbsp; LAI-00843586, 26.560%, 11/16/2028 †x | LendingPoint | 8/21/2023 | 7437 | 7437 | 7000 |
| &nbsp;&nbsp;&nbsp; LAI-00843588, 20.330%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 3859 | 3859 | 3770 |
| &nbsp;&nbsp;&nbsp; LAI-00843603, 29.720%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 4938 | 4938 | 4729 |
| &nbsp;&nbsp;&nbsp; LAI-00843605, 18.000%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 8126 | 8126 | 7941 |
| &nbsp;&nbsp;&nbsp; LAI-00843606, 23.900%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 19113 | 19113 | 18274 |
| &nbsp;&nbsp;&nbsp; LAI-00843610, 29.720%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 13969 | 13969 | 13455 |
| &nbsp;&nbsp;&nbsp; LAI-00843612, 26.780%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 8786 | 8786 | 8405 |
| &nbsp;&nbsp;&nbsp; LAI-00843617, 23.360%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 4452 | 4452 | 4262 |
| &nbsp;&nbsp;&nbsp; LAI-00843621, 30.460%, 12/15/2028 †x | LendingPoint | 8/21/2023 | 11658 | 11658 | 10971 |
| &nbsp;&nbsp;&nbsp; LAI-00843628, 29.460%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 2789 | 2789 | 2686 |
| &nbsp;&nbsp;&nbsp; LAI-00843636, 23.060%, 9/22/2028 †x | LendingPoint | 8/21/2023 | 10750 | 10750 | 10515 |
| &nbsp;&nbsp;&nbsp; LAI-00843639, 29.720%, 8/15/2027 †§x# | LendingPoint | 8/21/2023 | 10750 | 10750 | 10302 |
| &nbsp;&nbsp;&nbsp; LAI-00843640, 20.250%, 8/15/2026 †§x | LendingPoint | 8/21/2023 | 1737 | 1737 | 1732 |
| &nbsp;&nbsp;&nbsp; LAI-00843641, 18.000%, 9/10/2028 †x# | LendingPoint | 8/21/2023 | 17486 | 17486 | 16608 |
| &nbsp;&nbsp;&nbsp; LAI-00843642, 18.000%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 18490 | 18490 | 17591 |
| &nbsp;&nbsp;&nbsp; LAI-00843643, 26.120%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 4819 | 4819 | 4623 |
| &nbsp;&nbsp;&nbsp; LAI-00843644, 0.000%, 8/15/2028 †x# | LendingPoint | 8/21/2023 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp; LAI-00843652, 28.500%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 33145 | 33145 | 32366 |
| &nbsp;&nbsp;&nbsp; LAI-00843656, 29.140%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 3133 | 3133 | 3059 |
| &nbsp;&nbsp;&nbsp; LAI-00843661, 18.000%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 10535 | 10535 | 10099 |
| &nbsp;&nbsp;&nbsp; LAI-00843663, 18.000%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 3529 | 3529 | 3490 |
| &nbsp;&nbsp;&nbsp; LAI-00843664, 18.990%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 4835 | 4835 | 4697 |
| &nbsp;&nbsp;&nbsp; LAI-00843666, 20.330%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 7146 | 7146 | 6846 |
| &nbsp;&nbsp;&nbsp; LAI-00843672, 28.760%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 3510 | 3510 | 3392 |
| &nbsp;&nbsp;&nbsp; LAI-00843675, 22.470%, 12/31/2026 †x# | LendingPoint | 8/21/2023 | 13984 | 13984 | 13543 |
| &nbsp;&nbsp;&nbsp; LAI-00843678, 21.000%, 5/24/2030 †x# | LendingPoint | 8/21/2023 | 12257 | 12257 | 11793 |
| &nbsp;&nbsp;&nbsp; LAI-00843679, 24.940%, 8/31/2025 †x#^ | LendingPoint | 8/21/2023 | 1497 | 1497 | 1437 |
| &nbsp;&nbsp;&nbsp; LAI-00843680, 21.080%, 8/15/2028 †§x# | LendingPoint | 8/21/2023 | 234 | 234 | 231 |
| &nbsp;&nbsp;&nbsp; LAI-00843684, 30.460%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 4100 | 4100 | 3911 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8906** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00843686, 31.040%, 10/30/2028 †x# | LendingPoint | 8/21/2023 | $6276 | $6276 | $5896 |
| &nbsp;&nbsp;&nbsp; LAI-00843689, 26.370%, 8/15/2027 †x# | LendingPoint | 8/21/2023 | 6733 | 6733 | 1246 |
| &nbsp;&nbsp;&nbsp; LAI-00843690, 18.000%, 1/25/2029 †x | LendingPoint | 8/21/2023 | 14369 | 14369 | 13579 |
| &nbsp;&nbsp;&nbsp; LAI-00843692, 29.720%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 2712 | 2712 | 2596 |
| &nbsp;&nbsp;&nbsp; LAI-00843693, 28.370%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 5280 | 5280 | 5062 |
| &nbsp;&nbsp;&nbsp; LAI-00843697, 29.720%, 8/15/2027 †x# | LendingPoint | 8/21/2023 | 5342 | 5342 | 980 |
| &nbsp;&nbsp;&nbsp; LAI-00843700, 28.050%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 6929 | 6929 | 6574 |
| &nbsp;&nbsp;&nbsp; LAI-00843708, 28.720%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 6163 | 6163 | 5846 |
| &nbsp;&nbsp;&nbsp; LAI-00843709, 26.490%, 3/30/2027 †x# | LendingPoint | 8/21/2023 | 17552 | 17552 | 17008 |
| &nbsp;&nbsp;&nbsp; LAI-00843715, 27.300%, 8/15/2027 †§x | LendingPoint | 8/21/2023 | 5054 | 5054 | 4912 |
| &nbsp;&nbsp;&nbsp; LAI-00843717, 19.620%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 5374 | 5374 | 5251 |
| &nbsp;&nbsp;&nbsp; LAI-00843726, 24.030%, 10/15/2028 †x# | LendingPoint | 8/21/2023 | 9980 | 9980 | 9508 |
| &nbsp;&nbsp;&nbsp; LAI-00843727, 22.830%, 8/15/2026 †§x | LendingPoint | 8/21/2023 | 1557 | 1557 | 1554 |
| &nbsp;&nbsp;&nbsp; LAI-00843728, 29.510%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 10636 | 10636 | 10191 |
| &nbsp;&nbsp;&nbsp; LAI-00843730, 30.460%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 13703 | 13703 | 13071 |
| &nbsp;&nbsp;&nbsp; LAI-00843734, 20.980%, 12/16/2025 †x# | LendingPoint | 8/21/2023 | 429 | 429 | 425 |
| &nbsp;&nbsp;&nbsp; LAI-00843736, 19.970%, 8/16/2028 †x# | LendingPoint | 8/21/2023 | 23435 | 23435 | 2449 |
| &nbsp;&nbsp;&nbsp; LAI-00843738, 23.590%, 8/16/2028 †x | LendingPoint | 8/21/2023 | 13929 | 13929 | 13603 |
| &nbsp;&nbsp;&nbsp; LAI-00843739, 29.720%, 8/16/2027 †x# | LendingPoint | 8/21/2023 | 8682 | 8682 | 907 |
| &nbsp;&nbsp;&nbsp; LAI-00843742, 21.530%, 8/16/2028 †x | LendingPoint | 8/21/2023 | 13668 | 13668 | 13034 |
| &nbsp;&nbsp;&nbsp; LAI-00843748, 18.000%, 7/30/2026 †x | LendingPoint | 8/21/2023 | 21225 | 21225 | 20647 |
| &nbsp;&nbsp;&nbsp; LAI-00843752, 30.120%, 8/16/2027 †§x | LendingPoint | 8/21/2023 | 1607 | 1607 | 1540 |
| &nbsp;&nbsp;&nbsp; LAI-00843754, 18.000%, 10/04/2028 †x | LendingPoint | 8/21/2023 | 10940 | 10940 | 10644 |
| &nbsp;&nbsp;&nbsp; LAI-00843755, 30.460%, 8/16/2028 †x | LendingPoint | 8/21/2023 | 3747 | 3747 | 3547 |
| &nbsp;&nbsp;&nbsp; LAI-00843756, 28.620%, 8/16/2028 †x | LendingPoint | 8/21/2023 | 5487 | 5487 | 5246 |
| &nbsp;&nbsp;&nbsp; LAI-00843757, 18.000%, 10/26/2026 †x | LendingPoint | 8/21/2023 | 19732 | 19732 | 19111 |
| &nbsp;&nbsp;&nbsp; LAI-00843758, 21.860%, 8/16/2028 †x# | LendingPoint | 8/21/2023 | 3648 | 3648 | 3484 |
| &nbsp;&nbsp;&nbsp; LAI-00843761, 28.190%, 8/16/2028 †x# | LendingPoint | 8/21/2023 | 8020 | 8020 | 838 |
| &nbsp;&nbsp;&nbsp; LAI-00843763, 26.270%, 11/16/2028 †x | LendingPoint | 8/21/2023 | 27072 | 27072 | 26533 |
| &nbsp;&nbsp;&nbsp; LAI-00843771, 19.620%, 8/16/2028 †x | LendingPoint | 8/21/2023 | 6286 | 6286 | 6137 |
| &nbsp;&nbsp;&nbsp; LAI-00843774, 30.430%, 8/16/2028 †x# | LendingPoint | 8/21/2023 | 10216 | 10216 | 9719 |
| &nbsp;&nbsp;&nbsp; LAI-00843777, 28.760%, 8/16/2027 †§x# | LendingPoint | 8/21/2023 | 3236 | 3236 | 3101 |
| &nbsp;&nbsp;&nbsp; LAI-00843779, 18.000%, 8/16/2028 †x# | LendingPoint | 8/21/2023 | 3333 | 3333 | 3255 |
| &nbsp;&nbsp;&nbsp; LAI-00843783, 18.000%, 8/16/2028 †x | LendingPoint | 8/21/2023 | 12173 | 12173 | 11564 |
| &nbsp;&nbsp;&nbsp; LAI-00843786, 30.460%, 8/16/2028 †x# | LendingPoint | 8/21/2023 | 9244 | 9244 | 8795 |
| &nbsp;&nbsp;&nbsp; LAI-00843788, 18.530%, 8/16/2027 †x# | LendingPoint | 8/21/2023 | 4777 | 4777 | 1529 |
| &nbsp;&nbsp;&nbsp; LAI-00843790, 28.760%, 8/16/2027 †x | LendingPoint | 8/21/2023 | 5034 | 5034 | 4842 |
| &nbsp;&nbsp;&nbsp; LAI-00843798, 24.340%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 6984 | 6984 | 6827 |
| &nbsp;&nbsp;&nbsp; LAI-00843810, 29.720%, 8/16/2027 †x# | LendingPoint | 8/22/2023 | 10043 | 10043 | 3448 |
| &nbsp;&nbsp;&nbsp; LAI-00843812, 18.000%, 10/30/2028 †x | LendingPoint | 8/22/2023 | 12540 | 12540 | 11813 |
| &nbsp;&nbsp;&nbsp; LAI-00843815, 18.000%, 8/16/2028 †x# | LendingPoint | 8/22/2023 | 21796 | 21796 | 20671 |
| &nbsp;&nbsp;&nbsp; LAI-00843827, 29.460%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 9287 | 9287 | 8811 |
| &nbsp;&nbsp;&nbsp; LAI-00843830, 27.490%, 8/16/2026 †§x | LendingPoint | 8/22/2023 | 2092 | 2092 | 2103 |
| &nbsp;&nbsp;&nbsp; LAI-00843834, 27.490%, 8/16/2026 †§x | LendingPoint | 8/22/2023 | 1280 | 1280 | 1294 |
| &nbsp;&nbsp;&nbsp; LAI-00843837, 30.000%, 7/01/2029 †x# | LendingPoint | 8/22/2023 | 4047 | 4047 | 688 |
| &nbsp;&nbsp;&nbsp; LAI-00843839, 29.050%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 11745 | 11745 | 11214 |
| &nbsp;&nbsp;&nbsp; LAI-00843847, 18.000%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 13207 | 13207 | 12574 |
| &nbsp;&nbsp;&nbsp; LAI-00843849, 25.640%, 12/16/2028 †x | LendingPoint | 8/22/2023 | 8247 | 8247 | 7753 |
| &nbsp;&nbsp;&nbsp; LAI-00843850, 28.760%, 8/16/2027 †§x | LendingPoint | 8/22/2023 | 3192 | 3192 | 3174 |
| &nbsp;&nbsp;&nbsp; LAI-00843851, 21.940%, 8/16/2028 †x# | LendingPoint | 8/22/2023 | 9385 | 9385 | 2794 |
| &nbsp;&nbsp;&nbsp; LAI-00843872, 28.590%, 1/16/2028 †x | LendingPoint | 8/22/2023 | 7528 | 7528 | 7017 |
| &nbsp;&nbsp;&nbsp; LAI-00843873, 20.530%, 8/16/2027 †§x | LendingPoint | 8/22/2023 | 1004 | 1004 | 977 |
| &nbsp;&nbsp;&nbsp; LAI-00843877, 28.760%, 8/16/2027 †§x | LendingPoint | 8/22/2023 | 1349 | 1349 | 1335 |
| &nbsp;&nbsp;&nbsp; LAI-00843891, 24.800%, 1/23/2028 †x | LendingPoint | 8/22/2023 | 6368 | 6368 | 6076 |
| &nbsp;&nbsp;&nbsp; LAI-00843893, 30.800%, 10/29/2029 †x# | LendingPoint | 8/22/2023 | 33557 | 33557 | 9826 |
| &nbsp;&nbsp;&nbsp; LAI-00843894, 23.220%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 9718 | 9718 | 9237 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8907** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LAI-00843904, 18.000%, 12/31/2026 †x# | LendingPoint | 8/22/2023 | $19994 | $19994 | $18724 |
| &nbsp;&nbsp;&nbsp; LAI-00843912, 18.370%, 8/16/2028 †x# | LendingPoint | 8/22/2023 | 2965 | 2965 | 824 |
| &nbsp;&nbsp;&nbsp; LAI-00843916, 21.640%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 2560 | 2560 | 2430 |
| &nbsp;&nbsp;&nbsp; LAI-00843931, 18.000%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 20994 | 20994 | 20544 |
| &nbsp;&nbsp;&nbsp; LAI-00843932, 28.540%, 3/30/2026 †x | LendingPoint | 8/22/2023 | 5110 | 5110 | 4478 |
| &nbsp;&nbsp;&nbsp; LAI-00843941, 18.000%, 10/29/2026 †x# | LendingPoint | 8/22/2023 | 19788 | 19788 | 18651 |
| &nbsp;&nbsp;&nbsp; LAI-00843944, 26.490%, 8/16/2026 †x | LendingPoint | 8/22/2023 | 2751 | 2751 | 2759 |
| &nbsp;&nbsp;&nbsp; LAI-00843945, 29.040%, 7/31/2028 †x | LendingPoint | 8/22/2023 | 16872 | 16872 | 15956 |
| &nbsp;&nbsp;&nbsp; LAI-00843946, 30.120%, 8/16/2027 †§x | LendingPoint | 8/22/2023 | 3480 | 3480 | 3460 |
| &nbsp;&nbsp;&nbsp; LAI-00843955, 29.950%, 8/16/2028 †x# | LendingPoint | 8/22/2023 | 14128 | 14128 | 13370 |
| &nbsp;&nbsp;&nbsp; LAI-00843964, 22.280%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 20292 | 20292 | 19403 |
| &nbsp;&nbsp;&nbsp; LAI-00843967, 27.560%, 8/16/2028 †§x | LendingPoint | 8/22/2023 | 270 | 270 | 267 |
| &nbsp;&nbsp;&nbsp; LAI-00843969, 30.000%, 8/16/2028 †§x | LendingPoint | 8/22/2023 | 32 | 32 |  |
| &nbsp;&nbsp;&nbsp; LAI-00843972, 23.290%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 19827 | 19827 | 18846 |
| &nbsp;&nbsp;&nbsp; LAI-00843986, 28.560%, 8/17/2027 †§x# | LendingPoint | 8/22/2023 | 3634 | 3634 | 3486 |
| &nbsp;&nbsp;&nbsp; LAI-00843998, 28.760%, 2/28/2026 †x | LendingPoint | 8/22/2023 | 6214 | 6214 | 5789 |
| &nbsp;&nbsp;&nbsp; LAI-00844000, 30.460%, 12/26/2031 †x# | LendingPoint | 8/22/2023 | 8344 | 8344 | 7532 |
| &nbsp;&nbsp;&nbsp; LAI-00844001, 28.760%, 8/17/2027 †x | LendingPoint | 8/22/2023 | 2814 | 2814 | 2785 |
| &nbsp;&nbsp;&nbsp; LAI-00844004, 18.250%, 8/17/2027 †§x | LendingPoint | 8/22/2023 | 2231 | 2231 | 2204 |
| &nbsp;&nbsp;&nbsp; LAI-00844008, 29.030%, 11/17/2028 †x | LendingPoint | 8/22/2023 | 9901 | 9901 | 9307 |
| &nbsp;&nbsp;&nbsp; LAI-00844027, 26.890%, 8/17/2027 †§x# | LendingPoint | 8/22/2023 | 5698 | 5698 | 5627 |
| &nbsp;&nbsp;&nbsp; LAI-00844031, 28.760%, 12/17/2027 †x | LendingPoint | 8/22/2023 | 5443 | 5443 | 5109 |
| &nbsp;&nbsp;&nbsp; LAI-00844038, 29.510%, 8/17/2028 †x | LendingPoint | 8/22/2023 | 12826 | 12826 | 12211 |
| &nbsp;&nbsp;&nbsp; LAI-00844041, 18.000%, 8/17/2028 †x | LendingPoint | 8/22/2023 | 3035 | 3035 | 2968 |
| &nbsp;&nbsp;&nbsp; LAI-00844054, 26.130%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 5465 | 5465 | 5194 |
| &nbsp;&nbsp;&nbsp; LAI-00844059, 31.040%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 14057 | 14057 | 13408 |
| &nbsp;&nbsp;&nbsp; LAI-00844060, 18.000%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 9720 | 9720 | 9257 |
| &nbsp;&nbsp;&nbsp; LAI-00844063, 30.460%, 1/29/2026 †x | LendingPoint | 8/23/2023 | 4620 | 4620 | 4047 |
| &nbsp;&nbsp;&nbsp; LAI-00844068, 0.000%, 8/17/2027 †x | LendingPoint | 8/22/2023 | 101 | 101 | 101 |
| &nbsp;&nbsp;&nbsp; LAI-00844097, 21.000%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 16319 | 16319 | 15583 |
| &nbsp;&nbsp;&nbsp; LAI-00844100, 19.680%, 11/17/2028 †x# | LendingPoint | 8/23/2023 | 10729 | 10729 | 10116 |
| &nbsp;&nbsp;&nbsp; LAI-00844118, 18.420%, 1/30/2026 †x | LendingPoint | 8/23/2023 | 13320 | 13320 | 11293 |
| &nbsp;&nbsp;&nbsp; LAI-00844123, 30.460%, 8/17/2028 †x# | LendingPoint | 8/23/2023 | 25140 | 25140 | 2627 |
| &nbsp;&nbsp;&nbsp; LAI-00844132, 18.000%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 12033 | 12033 | 11778 |
| &nbsp;&nbsp;&nbsp; LAI-00844145, 29.720%, 11/17/2027 †x# | LendingPoint | 8/23/2023 | 5226 | 5226 | 4947 |
| &nbsp;&nbsp;&nbsp; LAI-00844146, 19.590%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 9552 | 9552 | 9348 |
| &nbsp;&nbsp;&nbsp; LAI-00844150, 24.370%, 8/17/2026 †x | LendingPoint | 8/23/2023 | 3051 | 3051 | 3050 |
| &nbsp;&nbsp;&nbsp; LAI-00844158, 30.390%, 8/17/2027 †x | LendingPoint | 8/23/2023 | 13883 | 13883 | 13390 |
| &nbsp;&nbsp;&nbsp; LAI-00844174, 18.000%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 20994 | 20994 | 20548 |
| &nbsp;&nbsp;&nbsp; LAI-00844194, 30.220%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 8294 | 8294 | 8101 |
| &nbsp;&nbsp;&nbsp; LAI-00844198, 25.090%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 15657 | 15657 | 14850 |
| &nbsp;&nbsp;&nbsp; LAI-00844215, 21.000%, 8/18/2028 †x | LendingPoint | 8/23/2023 | 24614 | 24614 | 23520 |
| &nbsp;&nbsp;&nbsp; LAI-00844225, 28.590%, 8/18/2028 †x | LendingPoint | 8/23/2023 | 1828 | 1828 | 1784 |
| &nbsp;&nbsp;&nbsp; LAI-00844226, 20.060%, 8/18/2028 †x | LendingPoint | 8/23/2023 | 10869 | 10869 | 10327 |
| &nbsp;&nbsp;&nbsp; LAI-00844240, 19.250%, 8/18/2028 †x | LendingPoint | 8/23/2023 | 13348 | 13348 | 13060 |
| &nbsp;&nbsp;&nbsp; LAI-00844241, 21.250%, 8/18/2028 †x | LendingPoint | 8/23/2023 | 3846 | 3846 | 3675 |
| &nbsp;&nbsp;&nbsp; RFBB001, 14.250%, (PIK: 7.53%) 11/01/2031 †x#¡ | RockFence | 10/17/2016 | 1857716 | 1888802 |  |
| &nbsp;&nbsp;&nbsp; RFBB006, 12.950%, (PIK: 9.22%) 5/12/2047 †x¡ | RockFence | 5/12/2017 | 6217719 | 6195351 | 5517604 |
| &nbsp;&nbsp;&nbsp; RFBB011, 13.500%, (PIK: 9.36%) 7/20/2047 †x¡ | RockFence | 7/20/2017 | 10382644 | 10358681 | 2010080 |
| &nbsp;&nbsp;&nbsp; RFBB012, 3.000%, (PIK: 2.23%) 8/11/2047 †x#¡ | RockFence | 8/11/2017 | 6841127 | 6935616 |  |
| &nbsp;&nbsp;&nbsp; RFBB017, 13.500%, (PIK: 8.32%) 12/22/2047 †x#¡ | RockFence | 12/22/2017 | 822249 | 820346 |  |
| &nbsp;&nbsp;&nbsp; RFBB022, 3.430%, (PIK: 2.43%) 12/31/2031 †x#¡ | RockFence | 1/19/2018 | 2433933 | 2474433 |  |
| &nbsp;&nbsp;&nbsp; RFBB026, 3.000%, (PIK: 2.31%) 12/31/2025 †x#¡ | RockFence | 3/09/2018 | 3392902 | 3462990 |  |
| &nbsp;&nbsp;&nbsp; RFBB029, 12.500%, (PIK: 12.20%) 7/31/2026 †x#¡ | RockFence | 5/15/2018 | 4825784 | 4854127 | 32333 |
| &nbsp;&nbsp;&nbsp; RFBB031, 10.500%, (PIK: 5.70%) 1/15/2026 †x¡ | RockFence | 6/29/2018 | 2396242 | 2394057 | 2443928 |
| &nbsp;&nbsp;&nbsp; RFBB033, 3.250%, (PIK: 2.69%) 7/13/2048 †x¡ | RockFence | 7/13/2018 | 9778698 | 9768915 | 655173 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8908** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; RFBB034, 16.000%, (PIK: 13.94%) 8/14/2026 †x¡ | RockFence | 7/13/2018 | $6949555 | $6918110 | $480214 |
| &nbsp;&nbsp;&nbsp; RFBB035, 14.880%, (PIK: 10.78%) 4/30/2027 †x¡ | RockFence | 7/20/2018 | 2443537 | 2435459 | 2289594 |
| &nbsp;&nbsp;&nbsp; RFBB039, 12.500%, (PIK: 8.92%) 7/15/2028 †x¡ | RockFence | 9/19/2018 | 4602574 | 4590640 | 989553 |
| &nbsp;&nbsp;&nbsp; RFBB040, 11.250%, (PIK: 5.40%) 6/15/2026 †x¡ | RockFence | 10/05/2018 | 1477106 | 1476999 | 1476073 |
| &nbsp;&nbsp;&nbsp; RFBB041, 11.750%, (PIK: 6.76%) 9/30/2025 †x¡ | RockFence | 10/26/2018 | 2440181 | 2434577 | 2445793 |
| &nbsp;&nbsp;&nbsp; RFBB043, 13.000%, (PIK: 8.09%) 11/09/2048 †x¡ | RockFence | 11/09/2018 | 1906352 | 1897920 | 1224259 |
| &nbsp;&nbsp;&nbsp; RFBB044, 14.000%, (PIK: 8.02%) 1/25/2049 †x¡ | RockFence | 1/25/2019 | 2970532 | 2961665 | 2912012 |
| &nbsp;&nbsp;&nbsp; RFBB047, 13.000%, (PIK: 11.29%) 9/30/2029 †x¡ | RockFence | 3/29/2019 | 9368720 | 9335765 | 3149764 |
| &nbsp;&nbsp;&nbsp; RFBB048, 0.000%, (PIK: 0.00%) 3/22/2049 †x#¡ | RockFence | 3/22/2019 | 728269 | 743018 |  |
| &nbsp;&nbsp;&nbsp; RFBB050, 12.980%, (PIK: 10.19%) 5/30/2028 †x¡ | RockFence | 5/10/2019 | 3775926 | 3771507 | 2049573 |
| &nbsp;&nbsp;&nbsp; RFBB052, 11.800%, (PIK: 7.19%) 9/15/2027 †x¡ | RockFence | 8/02/2019 | 1880011 | 1876610 | 1896367 |
| &nbsp;&nbsp;&nbsp; RFBB052-2, 12.500%, (PIK: 12.50%) 9/24/2027 †x¡ | RockFence | 3/21/2025 | 281374 | 268972 | 288071 |
| &nbsp;&nbsp;&nbsp; RFBB055-2, 12.500%, (PIK: 6.42%) 9/15/2025 †x¡ | RockFence | 4/14/2023 | 628014 | 626020 | 628391 |
| &nbsp;&nbsp;&nbsp; RFBB056, 12.750%, (PIK: 10.57%) 8/15/2029 †x¡ | RockFence | 8/30/2019 | 5064938 | 5051675 | 1909988 |
| &nbsp;&nbsp;&nbsp; RFBB058, 12.000%, (PIK: 7.65%) 9/30/2027 †x¡ | RockFence | 9/06/2019 | 2080808 | 2064815 | 2093501 |
| &nbsp;&nbsp;&nbsp; RFBB060, 13.500%, (PIK: 11.22%) 9/30/2026 †x#¡ | RockFence | 9/27/2019 | 1321632 | 1332797 |  |
| &nbsp;&nbsp;&nbsp; RFBB062, 0.000%, (PIK: 0.00%) 9/30/2025 †x#¡ | RockFence | 10/11/2019 | 2165388 | 2209578 |  |
| &nbsp;&nbsp;&nbsp; RFBB063, 12.500%, (PIK: 6.00%) 9/30/2025 †x¡ | RockFence | 10/04/2019 | 351870 | 351369 | 352292 |
| &nbsp;&nbsp;&nbsp; RFBB063-2, 12.250%, (PIK: 6.61%) 8/31/2026 †x¡ | RockFence | 7/24/2020 | 2607795 | 2602622 | 2620313 |
| &nbsp;&nbsp;&nbsp; RFBB064, 12.910%, (PIK: 10.23%) 9/30/2029 †x¡ | RockFence | 10/18/2019 | 3238237 | 3161947 | 3270295 |
| &nbsp;&nbsp;&nbsp; RFBB065, 16.000%, (PIK: 10.57%) 9/15/2026 †x¡ | RockFence | 10/18/2019 | 1105264 | 1098763 | 989543 |
| &nbsp;&nbsp;&nbsp; RFBB067, 12.750%, (PIK: 6.82%) 6/15/2028 †x¡ | RockFence | 11/22/2019 | 1488048 | 1484204 | 760244 |
| &nbsp;&nbsp;&nbsp; RFBB067-2, 12.750%, (PIK: 6.45%) 8/14/2026 †x¡ | RockFence | 7/31/2020 | 1003590 | 1001046 | 827059 |
| &nbsp;&nbsp;&nbsp; RFBB068, 13.000%, (PIK: 7.32%) 6/15/2027 †x¡ | RockFence | 11/22/2019 | 2311121 | 2316700 | 2306036 |
| &nbsp;&nbsp;&nbsp; RFBB069, 14.000%, (PIK: 10.83%) 9/30/2033 †x¡ | RockFence | 11/29/2019 | 1633789 | 1628755 | 424295 |
| &nbsp;&nbsp;&nbsp; RFBB070, 14.000%, (PIK: 9.69%) 9/30/2027 †x¡ | RockFence | 12/13/2019 | 1451410 | 1442149 | 1466215 |
| &nbsp;&nbsp;&nbsp; RFBB071, 12.570%, (PIK: 8.92%) 9/30/2028 †x¡ | RockFence | 2/14/2020 | 2377139 | 2343548 | 2409468 |
| &nbsp;&nbsp;&nbsp; RFBB074, 11.600%, (PIK: 6.43%) 9/15/2025 †x¡ | RockFence | 3/20/2020 | 1220259 | 1213071 | 1221113 |
| &nbsp;&nbsp;&nbsp; RFBB078, 13.720%, (PIK: 8.31%) 8/15/2029 †x¡ | RockFence | 7/31/2020 | 1900390 | 1825615 | 1931747 |
| &nbsp;&nbsp;&nbsp; RFBB080, 13.500%, (PIK: 7.82%) 9/15/2025 †x¡ | RockFence | 9/04/2020 | 294360 | 286570 | 294979 |
| &nbsp;&nbsp;&nbsp; RFBB083, 13.750%, (PIK: 6.81%) 9/30/2026 †x¡ | RockFence | 9/18/2020 | 259948 | 255594 | 261508 |
| &nbsp;&nbsp;&nbsp; RFBB085, 14.000%, (PIK: 7.36%) 8/31/2026 †x¡ | RockFence | 9/30/2020 | 580321 | 578461 | 281456 |
| &nbsp;&nbsp;&nbsp; RFBB086, 12.000%, (PIK: 7.62%) 8/15/2027 †x¡ | RockFence | 12/18/2020 | 278850 | 278726 | 280412 |
| &nbsp;&nbsp;&nbsp; RFBB087, 12.250%, (PIK: 11.53%) 1/08/2051 †x¡ | RockFence | 1/08/2021 | 3831032 | 3818282 | 1030931 |
| &nbsp;&nbsp;&nbsp; RFBB089, 11.840%, (PIK: 9.91%) 1/29/2051 †x¡ | RockFence | 1/29/2021 | 2923771 | 2916489 | 522478 |
| &nbsp;&nbsp;&nbsp; RFBB090, 12.080%, (PIK: 11.69%) 1/29/2051 †x¡ | RockFence | 1/29/2021 | 1926163 | 1919086 | 317432 |
| &nbsp;&nbsp;&nbsp; RFBB091, 12.000%, (PIK: 9.49%) 9/30/2027 †x¡ | RockFence | 3/31/2021 | 592783 | 591998 | 597110 |
| &nbsp;&nbsp;&nbsp; RFBB092, 11.890%, (PIK: 9.48%) 4/15/2029 †x¡ | RockFence | 6/30/2021 | 369437 | 361232 | 373759 |
| &nbsp;&nbsp;&nbsp; RFBB093, 11.890%, (PIK: 11.20%) 7/30/2030 †x¡ | RockFence | 6/30/2021 | 874278 | 854328 | 408113 |
| &nbsp;&nbsp;&nbsp; RFBB095, 13.000%, (PIK: 12.79%) 4/30/2029 †x¡ | RockFence | 8/13/2021 | 1268532 | 1247995 | 999730 |
| &nbsp;&nbsp;&nbsp; RFBB096, 12.080%, (PIK: 9.83%) 7/30/2028 †x¡ | RockFence | 8/13/2021 | 2458149 | 2456002 | 2481501 |
| &nbsp;&nbsp;&nbsp; RFBB097, 13.200%, (PIK: 11.36%) 7/15/2029 †x¡ | RockFence | 9/03/2021 | 899886 | 894233 | 913025 |
| &nbsp;&nbsp;&nbsp; RFBB098, 13.750%, (PIK: 8.54%) 9/30/2025 †x¡ | RockFence | 9/10/2021 | 2533962 | 2511499 | 378320 |
| &nbsp;&nbsp;&nbsp; RFBB101, 12.330%, (PIK: 10.44%) 7/15/2029 †x¡ | RockFence | 11/12/2021 | 1144758 | 1144606 | 716160 |
| &nbsp;&nbsp;&nbsp; RFBB102, 12.000%, (PIK: 10.00%) 12/10/2051 †x¡ | RockFence | 12/10/2021 | 668395 | 667915 | 155937 |
| &nbsp;&nbsp;&nbsp; RFBB103, 11.730%, (PIK: 5.77%) 5/15/2026 †x¡ | RockFence | 12/23/2021 | 333055 | 332786 | 334254 |
| &nbsp;&nbsp;&nbsp; RFBB104, 13.000%, (PIK: 10.07%) 9/30/2026 †x¡ | RockFence | 2/11/2022 | 322327 | 322120 | 325905 |
| &nbsp;&nbsp;&nbsp; RFBB106, 11.800%, (PIK: 5.72%) 9/15/2027 †x¡ | RockFence | 3/15/2022 | 1795364 | 1807708 | 1814754 |
| &nbsp;&nbsp;&nbsp; RFBB107, 13.410%, (PIK: 8.52%) 9/30/2028 †x¡ | RockFence | 7/01/2022 | 975410 | 972300 | 988870 |
| &nbsp;&nbsp;&nbsp; RFBB108, 12.000%, (PIK: 5.66%) 6/30/2027 †x¡ | RockFence | 6/03/2022 | 487836 | 485217 | 490714 |
| &nbsp;&nbsp;&nbsp; RFBB109, 12.350%, (PIK: 8.52%) 9/29/2028 †x¡ | RockFence | 7/01/2022 | 1361765 | 1356662 | 910748 |
| &nbsp;&nbsp;&nbsp; RFBB110, 12.500%, (PIK: 11.04%) 8/30/2028 †x¡ | RockFence | 7/15/2022 | 889438 | 873875 | 900289 |
| &nbsp;&nbsp;&nbsp; RFBB111, 14.000%, (PIK: 11.36%) 9/29/2028 †x¡ | RockFence | 8/12/2022 | 212128 | 211538 | 214822 |
| &nbsp;&nbsp;&nbsp; RFBB112, 13.500%, (PIK: 8.73%) 8/18/2028 †x¡ | RockFence | 9/02/2022 | 919799 | 920058 | 932401 |
| &nbsp;&nbsp;&nbsp; RFBB113, 13.500%, (PIK: 10.95%) 9/24/2027 †x#¡ | RockFence | 9/02/2022 | 582456 | 578465 |  |
| &nbsp;&nbsp;&nbsp; RFBB114, 12.890%, (PIK: 7.59%) 9/10/2027 †x¡ | RockFence | 9/16/2022 | 198041 | 197219 | 200259 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8909** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 7.05% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; RFBB116, 13.500%, (PIK: 10.16%) 9/15/2028 †x¡ | RockFence | 9/23/2022 | $507102 | $506229 | $87171 |
| &nbsp;&nbsp;&nbsp; RFBB117, 13.500%, (PIK: 10.38%) 9/01/2028 †x¡ | RockFence | 9/23/2022 | 507392 | 505291 | 433820 |
| &nbsp;&nbsp;&nbsp; RFBB118, 13.180%, (PIK: 8.71%) 8/03/2029 †x¡ | RockFence | 9/30/2022 | 1053201 | 1048626 | 1069841 |
| &nbsp;&nbsp;&nbsp; RFBB123, 13.000%, (PIK: 6.03%) 9/01/2028 †x¡ | RockFence | 1/20/2023 | 868039 | 864521 | 880626 |
| &nbsp;&nbsp;&nbsp; RFBB124, 12.960%, (PIK: 10.63%) 8/15/2029 †x¡ | RockFence | 1/20/2023 | 2349144 | 2348609 | 2382502 |
| &nbsp;&nbsp;&nbsp; RFBB125, 11.920%, (PIK: 7.84%) 7/15/2029 †x¡ | RockFence | 3/31/2023 | 148488 | 147557 | 151190 |
| &nbsp;&nbsp;&nbsp; RFBB126, 12.880%, (PIK: 8.49%) 8/04/2028 †x¡ | RockFence | 5/31/2023 | 533900 | 527371 | 541588 |
| &nbsp;&nbsp;&nbsp; RFBB127, 13.210%, (PIK: 7.44%) 9/30/2028 †x¡ | RockFence | 6/09/2023 | 176768 | 172695 | 179755 |
| &nbsp;&nbsp;&nbsp; RFBB128, 13.380%, (PIK: 8.16%) 9/29/2028 †x¡ | RockFence | 6/16/2023 | 221364 | 217853 | 224928 |
| &nbsp;&nbsp;&nbsp; RFBB129, 13.280%, (PIK: 10.28%) 5/24/2030 †x¡ | RockFence | 8/04/2023 | 1058584 | 1053288 | 1078485 |
| &nbsp;&nbsp;&nbsp; RFBB130, 13.750%, (PIK: 9.36%) 8/02/2030 †x¡ | RockFence | 9/01/2023 | 510572 | 503219 | 521549 |
| &nbsp;&nbsp;&nbsp; RFBB131-2, 9.150%, (PIK: 0.00%) 3/31/2032 †x¡ | RockFence | 3/14/2025 | 5721404 | 5755995 | 5755160 |
| &nbsp;&nbsp;&nbsp; RFBB132, 14.500%, (PIK: 13.33%) 7/19/2030 †x¡ | RockFence | 10/06/2023 | 564477 | 551205 | 575597 |
| &nbsp;&nbsp;&nbsp; RFBB133, 14.250%, (PIK: 8.94%) 9/24/2027 †x¡ | RockFence | 12/15/2023 | 217925 | 220577 | 221085 |
| &nbsp;&nbsp;&nbsp; RFBB134, 13.550%, (PIK: 10.40%) 9/30/2029 †x¡ | RockFence | 5/17/2024 | 540338 | 551964 | 551577 |
| &nbsp;&nbsp;&nbsp; RFBB135, 14.500%, (PIK: 9.65%) 9/14/2029 †x¡ | RockFence | 6/14/2024 | 192591 | 197033 | 196809 |
| &nbsp;&nbsp;&nbsp; RFBB137, 14.500%, (PIK: 8.65%) 9/30/2029 †x¡ | RockFence | 9/13/2024 | 151135 | 154954 | 154732 |
| &nbsp;&nbsp;&nbsp; RFBB138, 13.000%, (PIK: 7.15%) 6/08/2029 †x¡ | RockFence | 9/13/2024 | 555097 | 568664 | 567587 |
| &nbsp;&nbsp;&nbsp; RFBB139, 13.000%, (PIK: 7.18%) 8/02/2030 †x¡ | RockFence | 9/20/2024 | 301435 | 309258 | 308910 |
| &nbsp;&nbsp;&nbsp; RFBB140, 12.690%, (PIK: 7.26%) 8/31/2029 †x¡ | RockFence | 10/31/2024 | 648186 | 663908 | 663743 |
| &nbsp;&nbsp;&nbsp; RFBB141, 11.500%, (PIK: 6.70%) 9/30/2025 †x¡ | RockFence | 11/21/2024 | 250761 | 247729 | 250585 |
| &nbsp;&nbsp;&nbsp; RFBB142, 13.000%, (PIK: 11.84%) 4/30/2027 †x¡ | RockFence | 4/25/2025 | 1515981 | 1528798 | 1561006 |
| &nbsp;&nbsp;&nbsp; RFBB143, 13.890%, (PIK: 13.54%) 9/30/2031 †x¡ | RockFence | 7/11/2025 | 620702 | 561201 | 560494 |
| &nbsp;&nbsp;&nbsp; RFBSKT001, 11.090%, (PIK: 2.39%) 3/01/2026 †x¡ | RockFence | 7/12/2019 | 683095 | 684357 | 700992 |
| **Total Consumer Loans** |  |  |  | **199710579** | **115723873** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8910** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **Small Business Loans - 17.17%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 17.17%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1459H2UX, 14.000%, 1/01/2026 †§#‡∑ | Unchained | 1/24/2025 | $258247 | $258247 | $259114 |
| &nbsp;&nbsp;&nbsp; 1N77HYMA, 13.000%, 7/17/2026 †§#‡∑ | Unchained | 7/24/2025 | 196000 | 196000 | 196000 |
| &nbsp;&nbsp;&nbsp; 1PMX5XW7, 14.000%, 11/20/2025 †§#‡∑ | Unchained | 3/07/2025 | 650000 | 650000 | 651499 |
| &nbsp;&nbsp;&nbsp; 1PTFYCD5, 14.000%, 10/30/2025 †§#‡∑ | Unchained | 1/03/2025 | 280000 | 280000 | 280486 |
| &nbsp;&nbsp;&nbsp; 1X7N65AQ, 14.000%, 12/18/2025 †§#‡∑ | Unchained | 1/03/2025 | 390972 | 390972 | 392160 |
| &nbsp;&nbsp;&nbsp; 21CKXPH4, 14.000%, 9/07/2025 †§#‡∑ | Unchained | 9/20/2024 | 3949276 | 3949276 | 3950672 |
| &nbsp;&nbsp;&nbsp; 29D615BE, 13.000%, 5/07/2026 †§#‡∑ | Unchained | 5/14/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; 2ABH9A61, 14.000%, 3/05/2026 †‡∑ | Unchained | 3/11/2025 | 6775870 | 6775870 | 6809742 |
| &nbsp;&nbsp;&nbsp; 2RUMTKEP, 13.000%, 6/18/2026 †§#‡∑ | Unchained | 6/24/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; 2UAWQBHT, 13.000%, 8/02/2026 †§‡∑ | Unchained | 8/08/2025 | 170123 | 170123 | 170123 |
| &nbsp;&nbsp;&nbsp; 2WC11NWA, 13.000%, 7/11/2026 †§#‡∑ | Unchained | 7/18/2025 | 239844 | 239844 | 239844 |
| &nbsp;&nbsp;&nbsp; 2YXL2CFQ, 14.000%, 12/06/2025 †§#‡∑ | Unchained | 12/13/2024 | 3912094 | 3912094 | 3922710 |
| &nbsp;&nbsp;&nbsp; 3C2P9XQT, 14.000%, 9/05/2025 †§#‡∑ | Unchained | 9/13/2024 | 250000 | 250000 | 250075 |
| &nbsp;&nbsp;&nbsp; 3D2YTPKW, 14.000%, 2/19/2026 †§#‡∑ | Unchained | 3/07/2025 | 1469448 | 1469448 | 1476232 |
| &nbsp;&nbsp;&nbsp; 3HDQB4BM, 14.000%, 12/21/2025 †§#‡∑ | Unchained | 1/03/2025 | 337615 | 337615 | 338669 |
| &nbsp;&nbsp;&nbsp; 3NAWFKRA, 13.000%, 6/04/2026 †§#‡∑ | Unchained | 6/11/2025 | 500000 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp; 3NP1BBWN, 14.000%, 11/09/2025 †§#‡∑ | Unchained | 12/31/2024 | 727000 | 727000 | 728460 |
| &nbsp;&nbsp;&nbsp; 3RNJBX1Q, 13.000%, 5/03/2026 †§#‡∑ | Unchained | 5/09/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; 41DLRYH8, 13.000%, 6/06/2026 †§#‡∑ | Unchained | 6/13/2025 | 217418 | 217418 | 217418 |
| &nbsp;&nbsp;&nbsp; 471453, 44.400%, 10/18/2027 †x# | BlueVine | 12/26/2019 | 538 | 539 | 522 |
| &nbsp;&nbsp;&nbsp; 478299, 36.000%, 7/25/2023 †x#^ | BlueVine | 1/14/2020 | 14741 | 15331 | 2211 |
| &nbsp;&nbsp;&nbsp; 49WKEME2, 14.000%, 1/18/2026 †§‡∑ | Unchained | 1/31/2025 | 1045270 | 1045270 | 1049261 |
| &nbsp;&nbsp;&nbsp; 4EU531H6, 14.000%, 11/20/2025 †§#‡∑ | Unchained | 12/31/2024 | 1334242 | 1334242 | 1337318 |
| &nbsp;&nbsp;&nbsp; 4JPJ9M9M, 13.000%, 5/24/2026 †§#‡∑ | Unchained | 6/02/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; 4KWH4JA9, 14.000%, 2/07/2026 †§#‡∑ | Unchained | 2/14/2025 | 150000 | 150000 | 150644 |
| &nbsp;&nbsp;&nbsp; 4R9553NY, 14.000%, 3/29/2026 †§#‡∑ | Unchained | 4/07/2025 | 350000 | 350000 | 351947 |
| &nbsp;&nbsp;&nbsp; 4XQYR8FF, 14.000%, 3/05/2026 †§‡∑ | Unchained | 3/11/2025 | 431674 | 431674 | 433832 |
| &nbsp;&nbsp;&nbsp; 56YY6X62, 14.000%, 12/05/2025 †§#‡∑ | Unchained | 3/14/2025 | 402938 | 402938 | 404020 |
| &nbsp;&nbsp;&nbsp; 5FNLTNTB, 13.000%, 6/27/2026 †§#‡∑ | Unchained | 7/03/2025 | 4500000 | 4500000 | 4500000 |
| &nbsp;&nbsp;&nbsp; 5M55C8QR, 14.000%, 10/11/2025 †§#‡∑ | Unchained | 1/03/2025 | 150000 | 150000 | 150190 |
| &nbsp;&nbsp;&nbsp; 5QXBBT79, 13.000%, 5/10/2026 †§#‡∑ | Unchained | 5/20/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; 5UMJW3T5, 14.000%, 2/07/2026 †§#‡∑ | Unchained | 2/14/2025 | 250000 | 250000 | 251073 |
| &nbsp;&nbsp;&nbsp; 5UW76DN7, 14.000%, 4/23/2026 †§#‡∑ | Unchained | 4/29/2025 | 1500000 | 1500000 | 1509364 |
| &nbsp;&nbsp;&nbsp; 5WPFJA31, 14.000%, 1/22/2026 †§#‡∑ | Unchained | 1/31/2025 | 300000 | 300000 | 301178 |
| &nbsp;&nbsp;&nbsp; 62X86AUR, 14.000%, 3/28/2026 †§#‡∑ | Unchained | 4/04/2025 | 150000 | 150000 | 150830 |
| &nbsp;&nbsp;&nbsp; 647453, 22.200%, 3/18/2025 †x#^ | BlueVine | 11/23/2021 | 309 | 321 | 46 |
| &nbsp;&nbsp;&nbsp; 651252, 45.760%, 4/27/2023 †x#^ | BlueVine | 12/06/2021 | 5914 | 6045 | 887 |
| &nbsp;&nbsp;&nbsp; 652398, 40.800%, 1/23/2024 †x#^ | BlueVine | 12/13/2021 | 9512 | 9892 | 1427 |
| &nbsp;&nbsp;&nbsp; 652767, 85.800%, 6/29/2022 †x#^ | BlueVine | 12/17/2021 | 184 | 191 | 28 |
| &nbsp;&nbsp;&nbsp; 653407, 33.600%, 4/19/2023 †x#^ | BlueVine | 12/27/2021 | 41939 | 43616 | 6291 |
| &nbsp;&nbsp;&nbsp; 654727, 62.400%, 11/28/2023 †x#^ | BlueVine | 1/13/2022 | 32281 | 33572 | 4842 |
| &nbsp;&nbsp;&nbsp; 655126, 27.000%, 4/03/2023 †x#^ | BlueVine | 1/20/2022 | 2323 | 2408 | 348 |
| &nbsp;&nbsp;&nbsp; 655472, 36.000%, 8/16/2047 †x# | BlueVine | 1/24/2022 | 17546 | 18248 | 2632 |
| &nbsp;&nbsp;&nbsp; 655791, 27.000%, 4/13/2023 †x#^ | BlueVine | 1/26/2022 | 10013 | 10414 | 1502 |
| &nbsp;&nbsp;&nbsp; 656088, 27.040%, 12/16/2022 †x#^ | BlueVine | 1/28/2022 | 315 | 328 | 47 |
| &nbsp;&nbsp;&nbsp; 656775, 40.800%, 1/20/2023 †x#^ | BlueVine | 2/04/2022 | 23588 | 24532 | 3538 |
| &nbsp;&nbsp;&nbsp; 657023, 78.000%, 9/07/2022 †x#^ | BlueVine | 2/08/2022 | 11080 | 11524 | 1662 |
| &nbsp;&nbsp;&nbsp; 657115, 32.500%, 8/08/2022 †x#^ | BlueVine | 2/09/2022 | 2415 | 2512 | 362 |
| &nbsp;&nbsp;&nbsp; 657291, 34.680%, 7/13/2023 †x#^ | BlueVine | 7/19/2022 | 1940 | 2018 | 291 |
| &nbsp;&nbsp;&nbsp; 657512, 54.600%, 8/11/2022 †x#^ | BlueVine | 2/14/2022 | 279 | 291 | 42 |
| &nbsp;&nbsp;&nbsp; 657670, 57.240%, 3/21/2024 †x#^ | BlueVine | 2/18/2022 | 4773 | 4964 | 716 |
| &nbsp;&nbsp;&nbsp; 657895, 45.480%, 2/02/2023 †x#^ | BlueVine | 2/17/2022 | 1414 | 1471 | 212 |
| &nbsp;&nbsp;&nbsp; 658054, 67.600%, 8/17/2022 †x#^ | BlueVine | 2/18/2022 | 10591 | 11015 | 1589 |
| &nbsp;&nbsp;&nbsp; 658117, 88.400%, 8/25/2022 †x#^ | BlueVine | 2/22/2022 | 7154 | 7440 | 1073 |
| &nbsp;&nbsp;&nbsp; 658806, 42.960%, 2/27/2023 †x#^ | BlueVine | 3/01/2022 | 10180 | 10587 | 1527 |
| &nbsp;&nbsp;&nbsp; 659161, 78.000%, 10/24/2022 †x#^ | BlueVine | 3/03/2022 | 2276 | 2367 | 341 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8911** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 659518, 27.000%, 2/16/2023 †x#^ | BlueVine | 3/08/2022 | $5236 | $5445 | $785 |
| &nbsp;&nbsp;&nbsp; 659525, 45.500%, 4/04/2024 †x#^ | BlueVine | 3/09/2022 | 1330 | 1383 | 199 |
| &nbsp;&nbsp;&nbsp; 659660, 27.000%, 3/03/2023 †x#^ | BlueVine | 3/09/2022 | 12310 | 12802 | 1846 |
| &nbsp;&nbsp;&nbsp; 659795, 88.400%, 9/01/2022 †x#^ | BlueVine | 3/10/2022 | 2385 | 2480 | 358 |
| &nbsp;&nbsp;&nbsp; 660168, 27.000%, 3/20/2023 †x#^ | BlueVine | 3/15/2022 | 470 | 488 | 70 |
| &nbsp;&nbsp;&nbsp; 660240, 67.600%, 9/20/2022 †x#^ | BlueVine | 3/16/2022 | 2709 | 2818 | 406 |
| &nbsp;&nbsp;&nbsp; 660487, 32.520%, 3/15/2023 †x#^ | BlueVine | 3/18/2022 | 1404 | 1460 | 211 |
| &nbsp;&nbsp;&nbsp; 660847, 67.600%, 10/03/2022 †x#^ | BlueVine | 3/23/2022 | 8004 | 8324 | 1201 |
| &nbsp;&nbsp;&nbsp; 660950, 62.400%, 11/03/2022 †x#^ | BlueVine | 3/24/2022 | 436 | 453 | 65 |
| &nbsp;&nbsp;&nbsp; 661096, 57.200%, 11/30/2022 †x#^ | BlueVine | 3/25/2022 | 3202 | 3330 | 480 |
| &nbsp;&nbsp;&nbsp; 661121, 78.000%, 9/28/2022 †x#^ | BlueVine | 3/25/2022 | 3402 | 3538 | 510 |
| &nbsp;&nbsp;&nbsp; 661257, 45.500%, 4/04/2024 †x#^ | BlueVine | 3/29/2022 | 1013 | 1054 | 152 |
| &nbsp;&nbsp;&nbsp; 661310, 88.400%, 1/03/2023 †x#^ | BlueVine | 3/29/2022 | 12636 | 13070 | 1895 |
| &nbsp;&nbsp;&nbsp; 661358, 35.880%, 10/11/2022 †x#^ | BlueVine | 3/30/2022 | 1146 | 1192 | 172 |
| &nbsp;&nbsp;&nbsp; 661513, 30.000%, 9/28/2023 †x#^ | BlueVine | 3/30/2022 | 2265 | 2355 | 340 |
| &nbsp;&nbsp;&nbsp; 661593, 45.500%, 3/21/2024 †x#^ | BlueVine | 4/01/2022 | 696 | 723 | 104 |
| &nbsp;&nbsp;&nbsp; 661647, 22.200%, 1/08/2024 †x#^ | BlueVine | 4/01/2022 | 5849 | 6083 | 877 |
| &nbsp;&nbsp;&nbsp; 661840, 42.960%, 3/25/2024 †x#^ | BlueVine | 4/04/2022 | 3420 | 3556 | 513 |
| &nbsp;&nbsp;&nbsp; 661936, 42.900%, 6/04/2027 †x# | BlueVine | 4/05/2022 | 7018 | 7299 | 1053 |
| &nbsp;&nbsp;&nbsp; 662158, 78.000%, 10/04/2022 †x#^ | BlueVine | 4/07/2022 | 1260 | 1311 | 189 |
| &nbsp;&nbsp;&nbsp; 662308, 42.960%, 2/05/2024 †x#^ | BlueVine | 4/08/2022 | 13542 | 14084 | 2031 |
| &nbsp;&nbsp;&nbsp; 662344, 78.000%, 10/04/2022 †x#^ | BlueVine | 4/11/2022 | 2530 | 2632 | 380 |
| &nbsp;&nbsp;&nbsp; 662357, 67.600%, 11/18/2022 †x#^ | BlueVine | 4/11/2022 | 3087 | 3211 | 463 |
| &nbsp;&nbsp;&nbsp; 662371, 78.000%, 10/28/2022 †x#^ | BlueVine | 4/11/2022 | 1374 | 1429 | 206 |
| &nbsp;&nbsp;&nbsp; 662550, 62.400%, 2/07/2024 †x#^ | BlueVine | 4/12/2022 | 22296 | 23188 | 3344 |
| &nbsp;&nbsp;&nbsp; 662781, 27.000%, 4/06/2023 †x#^ | BlueVine | 4/14/2022 | 42595 | 44298 | 6389 |
| &nbsp;&nbsp;&nbsp; 662826, 30.000%, 10/16/2023 †x#^ | BlueVine | 4/14/2022 | 20034 | 20836 | 3005 |
| &nbsp;&nbsp;&nbsp; 662881, 33.000%, 9/19/2024 †x#^ | BlueVine | 4/15/2022 | 3884 | 4040 | 583 |
| &nbsp;&nbsp;&nbsp; 663414, 57.240%, 4/14/2023 †x#^ | BlueVine | 4/21/2022 | 12616 | 13121 | 1892 |
| &nbsp;&nbsp;&nbsp; 663423, 33.600%, 7/19/2023 †x#^ | BlueVine | 4/21/2022 | 13925 | 14482 | 2089 |
| &nbsp;&nbsp;&nbsp; 663464, 88.400%, 10/24/2022 †x#^ | BlueVine | 4/22/2022 | 23745 | 24695 | 3562 |
| &nbsp;&nbsp;&nbsp; 663617, 42.960%, 4/10/2023 †x#^ | BlueVine | 4/25/2022 | 9263 | 9633 | 1389 |
| &nbsp;&nbsp;&nbsp; 663621, 45.500%, 3/20/2024 †x#^ | BlueVine | 4/26/2022 | 1541 | 1603 | 231 |
| &nbsp;&nbsp;&nbsp; 663656, 67.600%, 10/21/2022 †x#^ | BlueVine | 4/26/2022 | 2709 | 2818 | 406 |
| &nbsp;&nbsp;&nbsp; 663663, 54.600%, 10/21/2022 †x#^ | BlueVine | 4/26/2022 | 634 | 660 | 95 |
| &nbsp;&nbsp;&nbsp; 663720, 57.200%, 10/21/2022 †x#^ | BlueVine | 4/26/2022 | 6616 | 6881 | 992 |
| &nbsp;&nbsp;&nbsp; 663723, 78.000%, 10/28/2022 †x#^ | BlueVine | 4/26/2022 | 3151 | 3277 | 473 |
| &nbsp;&nbsp;&nbsp; 663758, 57.240%, 6/01/2023 †x#^ | BlueVine | 4/27/2022 | 840 | 873 | 126 |
| &nbsp;&nbsp;&nbsp; 664188, 78.000%, 4/14/2023 †x#^ | BlueVine | 4/29/2022 | 6218 | 6466 | 933 |
| &nbsp;&nbsp;&nbsp; 664233, 40.800%, 4/17/2023 †x#^ | BlueVine | 4/29/2022 | 23278 | 24209 | 3492 |
| &nbsp;&nbsp;&nbsp; 664253, 57.200%, 3/24/2023 †x#^ | BlueVine | 5/02/2022 | 3259 | 3389 | 489 |
| &nbsp;&nbsp;&nbsp; 664344, 42.960%, 4/28/2023 †x#^ | BlueVine | 5/02/2022 | 35128 | 36533 | 5269 |
| &nbsp;&nbsp;&nbsp; 664885, 30.000%, 11/27/2023 †x#^ | BlueVine | 5/06/2022 | 13093 | 13617 | 1964 |
| &nbsp;&nbsp;&nbsp; 664997, 40.800%, 5/01/2023 †x#^ | BlueVine | 5/09/2022 | 9942 | 10339 | 1491 |
| &nbsp;&nbsp;&nbsp; 665039, 54.600%, 11/03/2022 †x#^ | BlueVine | 5/09/2022 | 4805 | 4997 | 721 |
| &nbsp;&nbsp;&nbsp; 665108, 85.800%, 11/14/2022 †x#^ | BlueVine | 5/10/2022 | 3116 | 3241 | 467 |
| &nbsp;&nbsp;&nbsp; 665405, 78.000%, 11/15/2022 †x#^ | BlueVine | 5/12/2022 | 8188 | 8516 | 1228 |
| &nbsp;&nbsp;&nbsp; 665430, 37.500%, 5/08/2023 †x#^ | BlueVine | 5/12/2022 | 2856 | 2970 | 428 |
| &nbsp;&nbsp;&nbsp; 665584, 37.500%, 5/15/2023 †x#^ | BlueVine | 5/13/2022 | 21627 | 22492 | 3244 |
| &nbsp;&nbsp;&nbsp; 665950, 67.600%, 11/14/2022 †x#^ | BlueVine | 5/18/2022 | 2099 | 2183 | 315 |
| &nbsp;&nbsp;&nbsp; 666164, 57.200%, 12/13/2022 †x#^ | BlueVine | 5/19/2022 | 2099 | 2183 | 315 |
| &nbsp;&nbsp;&nbsp; 666236, 62.400%, 11/22/2022 †x#^ | BlueVine | 5/19/2022 | 58487 | 60827 | 8773 |
| &nbsp;&nbsp;&nbsp; 666337, 33.000%, 5/16/2023 †x#^ | BlueVine | 5/20/2022 | 5706 | 5935 | 856 |
| &nbsp;&nbsp;&nbsp; 666508, 32.500%, 11/18/2022 †x#^ | BlueVine | 5/24/2022 | 15668 | 16295 | 2350 |
| &nbsp;&nbsp;&nbsp; 666944, 88.400%, 1/18/2023 †x#^ | BlueVine | 5/27/2022 | 4950 | 5148 | 742 |
| &nbsp;&nbsp;&nbsp; 666994, 22.200%, 1/21/2025 †x#^ | BlueVine | 5/31/2022 | 8196 | 8524 | 1229 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8912** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 666995, 67.600%, 12/02/2022 †x#^ | BlueVine | 5/31/2022 | $225 | $234 | $34 |
| &nbsp;&nbsp;&nbsp; 667044, 41.600%, 8/01/2023 †x#^ | BlueVine | 5/31/2022 | 9561 | 9944 | 1434 |
| &nbsp;&nbsp;&nbsp; 667072, 67.600%, 6/16/2023 †x#^ | BlueVine | 5/31/2022 | 2900 | 3016 | 435 |
| &nbsp;&nbsp;&nbsp; 667303, 30.960%, 5/30/2023 †x#^ | BlueVine | 6/03/2022 | 38422 | 39959 | 5763 |
| &nbsp;&nbsp;&nbsp; 667500, 69.680%, 12/21/2022 †x#^ | BlueVine | 6/03/2022 | 9908 | 10304 | 1486 |
| &nbsp;&nbsp;&nbsp; 667515, 54.600%, 11/30/2022 †x#^ | BlueVine | 6/03/2022 | 6340 | 6594 | 951 |
| &nbsp;&nbsp;&nbsp; 667532, 78.000%, 12/21/2022 †x#^ | BlueVine | 6/03/2022 | 1122 | 1167 | 168 |
| &nbsp;&nbsp;&nbsp; 667777, 88.400%, 1/20/2023 †x#^ | BlueVine | 6/06/2022 | 1665 | 1731 | 250 |
| &nbsp;&nbsp;&nbsp; 667826, 88.400%, 12/30/2022 †x#^ | BlueVine | 6/07/2022 | 9539 | 9921 | 1431 |
| &nbsp;&nbsp;&nbsp; 667998, 45.000%, 6/05/2023 †x#^ | BlueVine | 6/08/2022 | 49302 | 51274 | 7395 |
| &nbsp;&nbsp;&nbsp; 668139, 54.600%, 12/30/2022 †x#^ | BlueVine | 6/09/2022 | 1768 | 1838 | 265 |
| &nbsp;&nbsp;&nbsp; 668175, 31.200%, 12/14/2022 †x#^ | BlueVine | 6/10/2022 | 12094 | 12577 | 1814 |
| &nbsp;&nbsp;&nbsp; 668178, 45.000%, 7/07/2023 †x#^ | BlueVine | 6/09/2022 | 11924 | 12401 | 1789 |
| &nbsp;&nbsp;&nbsp; 668207, 27.960%, 8/07/2023 †x#^ | BlueVine | 6/10/2022 | 26725 | 27794 | 4009 |
| &nbsp;&nbsp;&nbsp; 668253, 38.480%, 12/07/2022 †x#^ | BlueVine | 6/10/2022 | 17664 | 18371 | 2650 |
| &nbsp;&nbsp;&nbsp; 668324, 54.600%, 12/08/2022 †x#^ | BlueVine | 6/13/2022 | 18200 | 18928 | 2730 |
| &nbsp;&nbsp;&nbsp; 668542, 56.640%, 2/12/2024 †x#^ | BlueVine | 6/14/2022 | 20986 | 21825 | 3148 |
| &nbsp;&nbsp;&nbsp; 668681, 27.960%, 6/07/2023 †x#^ | BlueVine | 6/15/2022 | 8849 | 9203 | 1327 |
| &nbsp;&nbsp;&nbsp; 668768, 56.680%, 12/19/2022 †x#^ | BlueVine | 6/15/2022 | 2007 | 2087 | 301 |
| &nbsp;&nbsp;&nbsp; 668955, 78.000%, 2/02/2024 †x#^ | BlueVine | 6/17/2022 | 438 | 449 | 66 |
| &nbsp;&nbsp;&nbsp; 669036, 35.880%, 12/21/2022 †x#^ | BlueVine | 6/17/2022 | 3462 | 3601 | 519 |
| &nbsp;&nbsp;&nbsp; 669169, 45.480%, 6/12/2023 †x#^ | BlueVine | 6/22/2022 | 7463 | 7762 | 1119 |
| &nbsp;&nbsp;&nbsp; 669309, 34.560%, 6/12/2023 †x#^ | BlueVine | 6/22/2022 | 46453 | 48311 | 6968 |
| &nbsp;&nbsp;&nbsp; 669406, 78.000%, 12/27/2022 †x#^ | BlueVine | 6/23/2022 | 15272 | 15883 | 2291 |
| &nbsp;&nbsp;&nbsp; 669417, 56.640%, 6/20/2023 †x#^ | BlueVine | 6/23/2022 | 3570 | 3713 | 536 |
| &nbsp;&nbsp;&nbsp; 669428, 35.880%, 6/20/2023 †x#^ | BlueVine | 6/23/2022 | 2437 | 2535 | 366 |
| &nbsp;&nbsp;&nbsp; 669451, 40.800%, 6/01/2023 †x#^ | BlueVine | 6/23/2022 | 5504 | 5724 | 826 |
| &nbsp;&nbsp;&nbsp; 669649, 38.520%, 6/21/2023 †x#^ | BlueVine | 6/24/2022 | 58826 | 61179 | 8824 |
| &nbsp;&nbsp;&nbsp; 669693, 41.600%, 12/12/2023 †x#^ | BlueVine | 6/24/2022 | 214 | 220 | 32 |
| &nbsp;&nbsp;&nbsp; 669967, 45.500%, 12/30/2022 †x#^ | BlueVine | 6/28/2022 | 383 | 398 | 57 |
| &nbsp;&nbsp;&nbsp; 670017, 88.400%, 1/19/2023 †x#^ | BlueVine | 6/28/2022 | 12658 | 13164 | 1899 |
| &nbsp;&nbsp;&nbsp; 670021, 88.400%, 12/30/2022 †x#^ | BlueVine | 6/28/2022 | 12602 | 13106 | 1890 |
| &nbsp;&nbsp;&nbsp; 670310, 33.960%, 6/20/2023 †x#^ | BlueVine | 6/30/2022 | 4639 | 4825 | 696 |
| &nbsp;&nbsp;&nbsp; 670348, 88.400%, 3/17/2023 †x#^ | BlueVine | 6/30/2022 | 2518 | 2618 | 378 |
| &nbsp;&nbsp;&nbsp; 670506, 62.400%, 1/04/2023 †x#^ | BlueVine | 7/01/2022 | 42993 | 44713 | 6449 |
| &nbsp;&nbsp;&nbsp; 670792, 69.680%, 2/03/2023 †x#^ | BlueVine | 7/06/2022 | 549 | 571 | 82 |
| &nbsp;&nbsp;&nbsp; 670812, 30.160%, 1/06/2023 †x#^ | BlueVine | 7/06/2022 | 678 | 705 | 102 |
| &nbsp;&nbsp;&nbsp; 670957, 57.240%, 11/17/2025 †x# | BlueVine | 7/07/2022 | 14245 | 14815 | 2137 |
| &nbsp;&nbsp;&nbsp; 670975, 80.080%, 1/03/2023 †x#^ | BlueVine | 7/07/2022 | 7000 | 7280 | 1050 |
| &nbsp;&nbsp;&nbsp; 670982, 67.560%, 6/26/2023 †x#^ | BlueVine | 7/07/2022 | 9008 | 9369 | 1351 |
| &nbsp;&nbsp;&nbsp; 671238, 44.720%, 1/12/2023 †x#^ | BlueVine | 7/11/2022 | 14388 | 14963 | 2158 |
| &nbsp;&nbsp;&nbsp; 671337, 28.056%, 11/10/2023 †x#^ | BlueVine | 7/11/2022 | 1578 | 1641 | 237 |
| &nbsp;&nbsp;&nbsp; 671470, 30.160%, 1/06/2023 †x#^ | BlueVine | 7/12/2022 | 616 | 641 | 92 |
| &nbsp;&nbsp;&nbsp; 671931, 22.200%, 7/11/2023 †x#^ | BlueVine | 7/15/2022 | 8249 | 8579 | 1237 |
| &nbsp;&nbsp;&nbsp; 672115, 34.560%, 7/10/2023 †x#^ | BlueVine | 7/18/2022 | 3959 | 4117 | 594 |
| &nbsp;&nbsp;&nbsp; 672233, 35.880%, 6/14/2024 †x#^ | BlueVine | 7/19/2022 | 54345 | 56518 | 8152 |
| &nbsp;&nbsp;&nbsp; 672266, 33.960%, 9/11/2023 †x#^ | BlueVine | 7/19/2022 | 3308 | 3440 | 496 |
| &nbsp;&nbsp;&nbsp; 672385, 33.960%, 7/17/2023 †x#^ | BlueVine | 7/20/2022 | 2709 | 2817 | 406 |
| &nbsp;&nbsp;&nbsp; 672398, 64.480%, 1/17/2023 †x#^ | BlueVine | 7/20/2022 | 12829 | 13342 | 1924 |
| &nbsp;&nbsp;&nbsp; 672735, 27.000%, 7/17/2023 †x#^ | BlueVine | 7/22/2022 | 20876 | 21711 | 3131 |
| &nbsp;&nbsp;&nbsp; 672950, 62.400%, 1/19/2023 †x#^ | BlueVine | 7/25/2022 | 6516 | 6776 | 977 |
| &nbsp;&nbsp;&nbsp; 672963, 23.400%, 1/26/2023 †x#^ | BlueVine | 7/25/2022 | 14093 | 14657 | 2114 |
| &nbsp;&nbsp;&nbsp; 672972, 33.960%, 7/20/2023 †x#^ | BlueVine | 7/25/2022 | 6236 | 6485 | 935 |
| &nbsp;&nbsp;&nbsp; 673080, 35.880%, 2/03/2023 †x#^ | BlueVine | 7/26/2022 | 4589 | 4772 | 688 |
| &nbsp;&nbsp;&nbsp; 673108, 33.960%, 7/20/2023 †x#^ | BlueVine | 7/26/2022 | 12471 | 12970 | 1871 |
| &nbsp;&nbsp;&nbsp; 673180, 47.520%, 7/18/2023 †x#^ | BlueVine | 7/27/2022 | 2678 | 2785 | 402 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8913** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 673258, 41.600%, 3/28/2024 †x#^ | BlueVine | 7/27/2022 | $1503 | $1563 | $225 |
| &nbsp;&nbsp;&nbsp; 673261, 67.600%, 1/23/2023 †x#^ | BlueVine | 7/27/2022 | 232 | 241 | 35 |
| &nbsp;&nbsp;&nbsp; 673350, 27.040%, 2/03/2023 †x#^ | BlueVine | 7/28/2022 | 31769 | 33040 | 4765 |
| &nbsp;&nbsp;&nbsp; 673546, 23.400%, 3/09/2023 †x#^ | BlueVine | 7/29/2022 | 300 | 312 | 45 |
| &nbsp;&nbsp;&nbsp; 673624, 34.560%, 7/27/2023 †x#^ | BlueVine | 7/29/2022 | 62425 | 64922 | 9364 |
| &nbsp;&nbsp;&nbsp; 673810, 30.160%, 1/27/2023 †x#^ | BlueVine | 8/02/2022 | 3535 | 3676 | 530 |
| &nbsp;&nbsp;&nbsp; 673909, 69.680%, 1/27/2023 †x#^ | BlueVine | 8/02/2022 | 38073 | 39596 | 5711 |
| &nbsp;&nbsp;&nbsp; 674135, 69.680%, 2/13/2023 †x#^ | BlueVine | 8/03/2022 | 16670 | 17337 | 2501 |
| &nbsp;&nbsp;&nbsp; 674222, 80.080%, 2/07/2023 †x#^ | BlueVine | 8/04/2022 | 546 | 568 | 82 |
| &nbsp;&nbsp;&nbsp; 674225, 27.960%, 7/03/2023 †x#^ | BlueVine | 8/04/2022 | 1578 | 1641 | 237 |
| &nbsp;&nbsp;&nbsp; 674226, 69.680%, 2/07/2023 †x#^ | BlueVine | 8/04/2022 | 863 | 898 | 129 |
| &nbsp;&nbsp;&nbsp; 674390, 69.680%, 2/08/2023 †x#^ | BlueVine | 8/05/2022 | 2050 | 2132 | 308 |
| &nbsp;&nbsp;&nbsp; 674504, 56.680%, 2/02/2023 †x#^ | BlueVine | 8/08/2022 | 3301 | 3433 | 495 |
| &nbsp;&nbsp;&nbsp; 674656, 56.640%, 8/04/2023 †x#^ | BlueVine | 8/09/2022 | 73760 | 76710 | 11064 |
| &nbsp;&nbsp;&nbsp; 675623, 48.100%, 2/17/2023 †x#^ | BlueVine | 8/16/2022 | 429 | 446 | 64 |
| &nbsp;&nbsp;&nbsp; 675730, 69.680%, 8/28/2023 †x#^ | BlueVine | 8/17/2022 | 43388 | 45123 | 6508 |
| &nbsp;&nbsp;&nbsp; 675732, 69.680%, 3/14/2023 †x#^ | BlueVine | 8/17/2022 | 1770 | 1841 | 266 |
| &nbsp;&nbsp;&nbsp; 675781, 27.000%, 9/11/2030 †x# | BlueVine | 8/17/2022 | 8337 | 8671 | 1251 |
| &nbsp;&nbsp;&nbsp; 675849, 45.480%, 2/14/2028 †x# | BlueVine | 8/17/2022 | 2798 | 2910 | 420 |
| &nbsp;&nbsp;&nbsp; 675992, 34.560%, 10/23/2023 †x#^ | BlueVine | 8/18/2022 | 9552 | 9934 | 1433 |
| &nbsp;&nbsp;&nbsp; 676112, 23.400%, 6/21/2023 †x#^ | BlueVine | 8/19/2022 | 21205 | 22054 | 3181 |
| &nbsp;&nbsp;&nbsp; 676231, 57.200%, 3/23/2023 †x#^ | BlueVine | 8/22/2022 | 10155 | 10561 | 1523 |
| &nbsp;&nbsp;&nbsp; 676312, 44.760%, 8/18/2023 †x#^ | BlueVine | 8/22/2022 | 64672 | 67259 | 9701 |
| &nbsp;&nbsp;&nbsp; 676454, 67.600%, 7/07/2023 †x#^ | BlueVine | 8/23/2022 | 2322 | 2414 | 348 |
| &nbsp;&nbsp;&nbsp; 676542, 88.400%, 3/03/2023 †x#^ | BlueVine | 8/23/2022 | 707 | 735 | 106 |
| &nbsp;&nbsp;&nbsp; 676589, 37.500%, 8/11/2023 †x#^ | BlueVine | 8/24/2022 | 5460 | 5679 | 819 |
| &nbsp;&nbsp;&nbsp; 676674, 67.600%, 2/27/2023 †x#^ | BlueVine | 8/24/2022 | 3934 | 4091 | 590 |
| &nbsp;&nbsp;&nbsp; 676789, 32.240%, 2/28/2023 †x#^ | BlueVine | 8/25/2022 | 47031 | 48912 | 7055 |
| &nbsp;&nbsp;&nbsp; 676863, 30.960%, 8/22/2023 †x#^ | BlueVine | 8/25/2022 | 4639 | 4825 | 696 |
| &nbsp;&nbsp;&nbsp; 676987, 22.200%, 8/01/2023 †x#^ | BlueVine | 8/26/2022 | 1219 | 1268 | 183 |
| &nbsp;&nbsp;&nbsp; 676996, 80.080%, 3/10/2023 †x#^ | BlueVine | 8/26/2022 | 852 | 886 | 128 |
| &nbsp;&nbsp;&nbsp; 677011, 27.960%, 7/28/2023 †x#^ | BlueVine | 8/26/2022 | 10408 | 10825 | 1561 |
| &nbsp;&nbsp;&nbsp; 677170, 28.920%, 6/26/2023 †x#^ | BlueVine | 8/29/2022 | 49567 | 51550 | 7435 |
| &nbsp;&nbsp;&nbsp; 677208, 85.800%, 3/03/2023 †x#^ | BlueVine | 8/30/2022 | 11567 | 12030 | 1735 |
| &nbsp;&nbsp;&nbsp; 677248, 32.760%, 3/03/2023 †x#^ | BlueVine | 8/30/2022 | 13010 | 13530 | 1952 |
| &nbsp;&nbsp;&nbsp; 677291, 65.520%, 2/24/2023 †x#^ | BlueVine | 8/30/2022 | 9673 | 10059 | 1451 |
| &nbsp;&nbsp;&nbsp; 677398, 27.960%, 8/28/2023 †x#^ | BlueVine | 8/31/2022 | 15415 | 16032 | 2312 |
| &nbsp;&nbsp;&nbsp; 677422, 41.600%, 4/22/2024 †x#^ | BlueVine | 8/31/2022 | 1634 | 1700 | 245 |
| &nbsp;&nbsp;&nbsp; 677556, 85.800%, 3/14/2023 †x#^ | BlueVine | 9/01/2022 | 4116 | 4281 | 617 |
| &nbsp;&nbsp;&nbsp; 677686, 80.080%, 8/18/2023 †x#^ | BlueVine | 9/02/2022 | 246 | 256 | 37 |
| &nbsp;&nbsp;&nbsp; 677846, 32.240%, 3/08/2023 †x#^ | BlueVine | 9/02/2022 | 17731 | 18440 | 2660 |
| &nbsp;&nbsp;&nbsp; 677866, 48.880%, 3/01/2023 †x#^ | BlueVine | 9/02/2022 | 13620 | 14165 | 2043 |
| &nbsp;&nbsp;&nbsp; 678028, 61.880%, 3/09/2023 †x#^ | BlueVine | 9/06/2022 | 2478 | 2577 | 372 |
| &nbsp;&nbsp;&nbsp; 678132, 88.400%, 3/14/2023 †x#^ | BlueVine | 9/07/2022 | 502 | 522 | 75 |
| &nbsp;&nbsp;&nbsp; 678215, 85.800%, 3/10/2023 †x#^ | BlueVine | 9/07/2022 | 4027 | 4188 | 604 |
| &nbsp;&nbsp;&nbsp; 678236, 57.200%, 3/06/2024 †x#^ | BlueVine | 9/07/2022 | 1433 | 1490 | 215 |
| &nbsp;&nbsp;&nbsp; 678277, 34.560%, 9/12/2023 †x#^ | BlueVine | 9/08/2022 | 10000 | 10400 | 1500 |
| &nbsp;&nbsp;&nbsp; 678524, 36.600%, 12/20/2023 †x#^ | BlueVine | 9/08/2022 | 3469 | 3608 | 520 |
| &nbsp;&nbsp;&nbsp; 678703, 51.480%, 9/07/2023 †x#^ | BlueVine | 9/09/2022 | 15902 | 16538 | 2385 |
| &nbsp;&nbsp;&nbsp; 678733, 35.880%, 12/29/2023 †x#^ | BlueVine | 9/09/2022 | 1348 | 1402 | 202 |
| &nbsp;&nbsp;&nbsp; 678870, 80.080%, 3/09/2023 †x#^ | BlueVine | 9/12/2022 | 625 | 650 | 94 |
| &nbsp;&nbsp;&nbsp; 679038, 28.920%, 11/21/2023 †x#^ | BlueVine | 9/13/2022 | 19745 | 20534 | 2962 |
| &nbsp;&nbsp;&nbsp; 679098, 47.520%, 9/11/2023 †x#^ | BlueVine | 9/13/2022 | 60476 | 62895 | 9071 |
| &nbsp;&nbsp;&nbsp; 679103, 32.520%, 9/01/2023 †x#^ | BlueVine | 9/14/2022 | 3907 | 4063 | 586 |
| &nbsp;&nbsp;&nbsp; 679113, 27.960%, 9/11/2023 †x#^ | BlueVine | 9/14/2022 | 3083 | 3206 | 462 |
| &nbsp;&nbsp;&nbsp; 679125, 28.920%, 4/03/2023 †x#^ | BlueVine | 9/14/2022 | 939 | 977 | 141 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8914** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 679362, 35.880%, 3/28/2023 †x#^ | BlueVine | 9/15/2022 | $5123 | $5328 | $769 |
| &nbsp;&nbsp;&nbsp; 679399, 64.480%, 3/14/2023 †x#^ | BlueVine | 9/15/2022 | 1567 | 1629 | 235 |
| &nbsp;&nbsp;&nbsp; 679570, 57.200%, 3/15/2023 †x#^ | BlueVine | 9/16/2022 | 30242 | 31451 | 4536 |
| &nbsp;&nbsp;&nbsp; 679778, 29.120%, 7/17/2023 †x#^ | BlueVine | 9/19/2022 | 17951 | 18669 | 2693 |
| &nbsp;&nbsp;&nbsp; 679898, 45.500%, 4/07/2023 †x#^ | BlueVine | 9/20/2022 | 22093 | 22977 | 3314 |
| &nbsp;&nbsp;&nbsp; 679961, 31.920%, 11/20/2023 †x#^ | BlueVine | 9/20/2022 | 98522 | 102463 | 14778 |
| &nbsp;&nbsp;&nbsp; 680329, 57.200%, 7/07/2023 †x#^ | BlueVine | 9/22/2022 | 3078 | 3201 | 462 |
| &nbsp;&nbsp;&nbsp; 680505, 85.800%, 4/19/2023 †x#^ | BlueVine | 9/23/2022 | 9373 | 9748 | 1406 |
| &nbsp;&nbsp;&nbsp; 680523, 85.800%, 3/22/2023 †x#^ | BlueVine | 9/23/2022 | 2560 | 2662 | 384 |
| &nbsp;&nbsp;&nbsp; 680558, 63.600%, 9/11/2023 †x#^ | BlueVine | 9/23/2022 | 5311 | 5524 | 797 |
| &nbsp;&nbsp;&nbsp; 680571, 75.920%, 4/12/2023 †x#^ | BlueVine | 9/23/2022 | 53362 | 55496 | 8004 |
| &nbsp;&nbsp;&nbsp; 680834, 26.520%, 4/06/2023 †x#^ | BlueVine | 9/26/2022 | 8047 | 8369 | 1207 |
| &nbsp;&nbsp;&nbsp; 680918, 23.160%, 10/02/2023 †x#^ | BlueVine | 9/27/2022 | 2771 | 2882 | 416 |
| &nbsp;&nbsp;&nbsp; 681111, 88.400%, 4/03/2023 †x#^ | BlueVine | 9/28/2022 | 3339 | 3472 | 501 |
| &nbsp;&nbsp;&nbsp; 681260, 45.500%, 4/25/2023 †x#^ | BlueVine | 9/29/2022 | 1262 | 1313 | 189 |
| &nbsp;&nbsp;&nbsp; 681332, 80.080%, 4/04/2023 †x#^ | BlueVine | 9/29/2022 | 4088 | 4252 | 613 |
| &nbsp;&nbsp;&nbsp; 681398, 59.280%, 4/19/2023 †x#^ | BlueVine | 9/30/2022 | 64850 | 67444 | 9728 |
| &nbsp;&nbsp;&nbsp; 681421, 62.400%, 6/14/2023 †x#^ | BlueVine | 9/30/2022 | 122 | 127 | 18 |
| &nbsp;&nbsp;&nbsp; 681490, 23.160%, 10/03/2023 †x#^ | BlueVine | 9/30/2022 | 4364 | 4539 | 655 |
| &nbsp;&nbsp;&nbsp; 681507, 35.880%, 4/19/2023 †x#^ | BlueVine | 9/30/2022 | 12006 | 12486 | 1801 |
| &nbsp;&nbsp;&nbsp; 681741, 35.880%, 4/06/2023 †x#^ | BlueVine | 10/03/2022 | 4107 | 4271 | 616 |
| &nbsp;&nbsp;&nbsp; 681864, 27.000%, 12/24/2024 †x#^ | BlueVine | 10/04/2022 | 1993 | 2066 | 299 |
| &nbsp;&nbsp;&nbsp; 681910, 60.600%, 10/02/2023 †x#^ | BlueVine | 10/04/2022 | 14026 | 14587 | 2104 |
| &nbsp;&nbsp;&nbsp; 682032, 36.000%, 1/22/2024 †x#^ | BlueVine | 10/05/2022 | 28377 | 29512 | 4257 |
| &nbsp;&nbsp;&nbsp; 682040, 42.900%, 4/21/2023 †x#^ | BlueVine | 10/05/2022 | 3638 | 3783 | 546 |
| &nbsp;&nbsp;&nbsp; 682400, 33.000%, 10/04/2023 †x#^ | BlueVine | 10/06/2022 | 29383 | 30558 | 4407 |
| &nbsp;&nbsp;&nbsp; 682404, 48.000%, 9/28/2023 †x#^ | BlueVine | 10/06/2022 | 1005 | 1045 | 151 |
| &nbsp;&nbsp;&nbsp; 682501, 31.920%, 9/28/2023 †x#^ | BlueVine | 10/07/2022 | 35050 | 36452 | 5257 |
| &nbsp;&nbsp;&nbsp; 682515, 48.880%, 4/05/2023 †x#^ | BlueVine | 10/07/2022 | 8533 | 8874 | 1280 |
| &nbsp;&nbsp;&nbsp; 682530, 23.160%, 9/27/2023 †x#^ | BlueVine | 10/07/2022 | 12002 | 12482 | 1800 |
| &nbsp;&nbsp;&nbsp; 682792, 45.000%, 10/23/2023 †x#^ | BlueVine | 10/12/2022 | 55949 | 58187 | 8392 |
| &nbsp;&nbsp;&nbsp; 682817, 52.000%, 11/17/2023 †x#^ | BlueVine | 10/12/2022 | 2670 | 2776 | 400 |
| &nbsp;&nbsp;&nbsp; 682842, 48.000%, 3/24/2025 †x#^ | BlueVine | 10/13/2022 | 2454 | 2552 | 368 |
| &nbsp;&nbsp;&nbsp; 683333, 85.800%, 4/05/2023 †x#^ | BlueVine | 10/14/2022 | 7566 | 7869 | 1135 |
| &nbsp;&nbsp;&nbsp; 683379, 80.080%, 5/02/2023 †x#^ | BlueVine | 10/14/2022 | 4511 | 4691 | 677 |
| &nbsp;&nbsp;&nbsp; 683386, 85.800%, 6/17/2025 †x#^ | BlueVine | 10/14/2022 | 4027 | 4188 | 604 |
| &nbsp;&nbsp;&nbsp; 683399, 36.000%, 5/15/2024 †x#^ | BlueVine | 10/14/2022 | 20300 | 21111 | 3045 |
| &nbsp;&nbsp;&nbsp; 683410, 27.960%, 1/03/2024 †x#^ | BlueVine | 10/14/2022 | 11236 | 11685 | 1685 |
| &nbsp;&nbsp;&nbsp; 683572, 28.056%, 3/11/2024 †x#^ | BlueVine | 10/17/2022 | 3254 | 3384 | 488 |
| &nbsp;&nbsp;&nbsp; 683573, 27.000%, 9/25/2023 †x#^ | BlueVine | 10/17/2022 | 6634 | 6899 | 995 |
| &nbsp;&nbsp;&nbsp; 683580, 48.880%, 4/06/2023 †x#^ | BlueVine | 10/17/2022 | 4902 | 5098 | 735 |
| &nbsp;&nbsp;&nbsp; 683616, 69.680%, 4/20/2023 †x#^ | BlueVine | 10/17/2022 | 79 | 83 | 12 |
| &nbsp;&nbsp;&nbsp; 683776, 52.520%, 4/21/2023 †x#^ | BlueVine | 10/18/2022 | 1292 | 1343 | 194 |
| &nbsp;&nbsp;&nbsp; 683896, 80.080%, 5/08/2023 †x#^ | BlueVine | 10/19/2022 | 2790 | 2901 | 418 |
| &nbsp;&nbsp;&nbsp; 683981, 35.880%, 4/24/2023 †x#^ | BlueVine | 10/19/2022 | 3313 | 3446 | 497 |
| &nbsp;&nbsp;&nbsp; 683YA51T, 14.000%, 3/20/2026 †§‡∑ | Unchained | 3/26/2025 | 370000 | 370000 | 372000 |
| &nbsp;&nbsp;&nbsp; 684044, 59.280%, 4/17/2023 †x#^ | BlueVine | 10/19/2022 | 2874 | 2989 | 431 |
| &nbsp;&nbsp;&nbsp; 684113, 23.160%, 10/17/2023 †x#^ | BlueVine | 10/20/2022 | 169770 | 176560 | 25465 |
| &nbsp;&nbsp;&nbsp; 684115, 44.760%, 10/13/2023 †x#^ | BlueVine | 10/20/2022 | 9538 | 9920 | 1431 |
| &nbsp;&nbsp;&nbsp; 684323, 52.520%, 5/10/2023 †x#^ | BlueVine | 10/21/2022 | 1795 | 1867 | 269 |
| &nbsp;&nbsp;&nbsp; 684352, 48.000%, 1/05/2029 †x# | BlueVine | 10/21/2022 | 53804 | 55956 | 8071 |
| &nbsp;&nbsp;&nbsp; 684361, 47.520%, 11/15/2023 †x#^ | BlueVine | 10/21/2022 | 6892 | 7167 | 1034 |
| &nbsp;&nbsp;&nbsp; 684377, 33.960%, 10/19/2023 †x#^ | BlueVine | 10/21/2022 | 13933 | 14490 | 2090 |
| &nbsp;&nbsp;&nbsp; 684412, 75.920%, 4/26/2023 †x#^ | BlueVine | 10/21/2022 | 52167 | 54254 | 7825 |
| &nbsp;&nbsp;&nbsp; 684433, 63.440%, 5/04/2023 †x#^ | BlueVine | 10/24/2022 | 669 | 695 | 100 |
| &nbsp;&nbsp;&nbsp; 684511, 57.200%, 5/11/2023 †x#^ | BlueVine | 10/24/2022 | 1137 | 1182 | 171 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8915** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 684519, 23.160%, 10/20/2023 †x#^ | BlueVine | 10/24/2022 | $46257 | $48108 | $6939 |
| &nbsp;&nbsp;&nbsp; 684677, 60.600%, 10/17/2023 †x#^ | BlueVine | 10/25/2022 | 17431 | 18128 | 2615 |
| &nbsp;&nbsp;&nbsp; 684815, 52.000%, 11/17/2023 †x#^ | BlueVine | 10/26/2022 | 5073 | 5276 | 761 |
| &nbsp;&nbsp;&nbsp; 684900, 30.000%, 4/26/2024 †x#^ | BlueVine | 10/26/2022 | 8741 | 9091 | 1311 |
| &nbsp;&nbsp;&nbsp; 684901, 35.880%, 12/29/2023 †x#^ | BlueVine | 10/26/2022 | 447 | 465 | 67 |
| &nbsp;&nbsp;&nbsp; 685047, 88.400%, 5/16/2023 †x#^ | BlueVine | 10/27/2022 | 2418 | 2515 | 363 |
| &nbsp;&nbsp;&nbsp; 685372, 40.200%, 10/26/2023 †x#^ | BlueVine | 10/31/2022 | 64881 | 67477 | 9732 |
| &nbsp;&nbsp;&nbsp; 685392, 35.880%, 5/14/2024 †x#^ | BlueVine | 10/31/2022 | 4934 | 5131 | 740 |
| &nbsp;&nbsp;&nbsp; 685397, 47.520%, 10/20/2023 †x#^ | BlueVine | 10/31/2022 | 24212 | 25180 | 3632 |
| &nbsp;&nbsp;&nbsp; 685512, 45.760%, 5/04/2023 †x#^ | BlueVine | 10/31/2022 | 842 | 876 | 126 |
| &nbsp;&nbsp;&nbsp; 685513, 40.800%, 10/30/2023 †x#^ | BlueVine | 10/31/2022 | 11000 | 11440 | 1650 |
| &nbsp;&nbsp;&nbsp; 685671, 88.400%, 5/05/2023 †x#^ | BlueVine | 11/01/2022 | 1296 | 1348 | 194 |
| &nbsp;&nbsp;&nbsp; 685909, 36.000%, 11/01/2023 †x#^ | BlueVine | 11/03/2022 | 11367 | 11821 | 1705 |
| &nbsp;&nbsp;&nbsp; 686018, 63.440%, 9/11/2023 †x#^ | BlueVine | 11/03/2022 | 14358 | 14932 | 2154 |
| &nbsp;&nbsp;&nbsp; 686192, 31.920%, 10/17/2023 †x#^ | BlueVine | 11/04/2022 | 8408 | 8744 | 1261 |
| &nbsp;&nbsp;&nbsp; 687092, 63.440%, 5/16/2023 †x#^ | BlueVine | 11/10/2022 | 5973 | 6212 | 896 |
| &nbsp;&nbsp;&nbsp; 687409, 23.160%, 4/02/2027 †x# | BlueVine | 11/15/2022 | 15609 | 16233 | 2341 |
| &nbsp;&nbsp;&nbsp; 687629, 33.960%, 1/10/2024 †x#^ | BlueVine | 11/16/2022 | 6502 | 6762 | 975 |
| &nbsp;&nbsp;&nbsp; 687685, 60.600%, 11/10/2023 †x#^ | BlueVine | 11/16/2022 | 29817 | 31010 | 4473 |
| &nbsp;&nbsp;&nbsp; 687778, 50.440%, 5/23/2023 †x#^ | BlueVine | 11/17/2022 | 32608 | 33913 | 4891 |
| &nbsp;&nbsp;&nbsp; 687914, 43.680%, 11/14/2023 †x#^ | BlueVine | 11/17/2022 | 16603 | 17267 | 2490 |
| &nbsp;&nbsp;&nbsp; 688010, 65.520%, 5/23/2023 †x#^ | BlueVine | 11/17/2022 | 1389 | 1445 | 208 |
| &nbsp;&nbsp;&nbsp; 688158, 35.880%, 6/18/2024 †x#^ | BlueVine | 11/18/2022 | 5161 | 5367 | 774 |
| &nbsp;&nbsp;&nbsp; 688239, 49.560%, 8/06/2029 †x# | BlueVine | 11/21/2022 | 128524 | 133665 | 19279 |
| &nbsp;&nbsp;&nbsp; 688325, 33.800%, 5/25/2023 †x#^ | BlueVine | 11/21/2022 | 4513 | 4694 | 677 |
| &nbsp;&nbsp;&nbsp; 688334, 23.160%, 11/16/2023 †x#^ | BlueVine | 11/21/2022 | 12220 | 12709 | 1833 |
| &nbsp;&nbsp;&nbsp; 688340, 59.280%, 5/18/2023 †x#^ | BlueVine | 11/21/2022 | 4338 | 4512 | 651 |
| &nbsp;&nbsp;&nbsp; 688596, 23.160%, 12/20/2023 †x#^ | BlueVine | 11/23/2022 | 6657 | 6923 | 999 |
| &nbsp;&nbsp;&nbsp; 688649, 47.320%, 5/22/2023 †x#^ | BlueVine | 11/23/2022 | 3201 | 3329 | 480 |
| &nbsp;&nbsp;&nbsp; 688764, 35.880%, 6/11/2024 †x#^ | BlueVine | 11/23/2022 | 2469 | 2568 | 370 |
| &nbsp;&nbsp;&nbsp; 689094, 62.400%, 6/07/2023 †x#^ | BlueVine | 11/28/2022 | 5072 | 5275 | 761 |
| &nbsp;&nbsp;&nbsp; 689113, 59.280%, 12/22/2023 †x#^ | BlueVine | 11/28/2022 | 4287 | 4459 | 643 |
| &nbsp;&nbsp;&nbsp; 689120, 36.000%, 12/28/2023 †x#^ | BlueVine | 11/28/2022 | 9568 | 9951 | 1435 |
| &nbsp;&nbsp;&nbsp; 689131, 85.280%, 5/31/2023 †x#^ | BlueVine | 11/28/2022 | 1170 | 1216 | 175 |
| &nbsp;&nbsp;&nbsp; 689182, 54.600%, 11/16/2023 †x#^ | BlueVine | 11/28/2022 | 37421 | 38918 | 5613 |
| &nbsp;&nbsp;&nbsp; 689303, 36.000%, 2/05/2024 †x#^ | BlueVine | 11/29/2022 | 56014 | 58255 | 8402 |
| &nbsp;&nbsp;&nbsp; 689305, 22.200%, 2/14/2025 †x#^ | BlueVine | 11/29/2022 | 2612 | 2717 | 392 |
| &nbsp;&nbsp;&nbsp; 689318, 78.000%, 6/02/2023 †x#^ | BlueVine | 11/29/2022 | 10495 | 10915 | 1574 |
| &nbsp;&nbsp;&nbsp; 689364, 32.240%, 5/26/2023 †x#^ | BlueVine | 11/29/2022 | 1370 | 1425 | 206 |
| &nbsp;&nbsp;&nbsp; 689379, 45.500%, 7/14/2023 †x#^ | BlueVine | 11/29/2022 | 635 | 660 | 95 |
| &nbsp;&nbsp;&nbsp; 689424, 49.560%, 11/22/2023 †x#^ | BlueVine | 11/30/2022 | 44890 | 46685 | 6733 |
| &nbsp;&nbsp;&nbsp; 689480, 32.520%, 11/06/2023 †x#^ | BlueVine | 11/30/2022 | 17540 | 18242 | 2631 |
| &nbsp;&nbsp;&nbsp; 689675, 85.800%, 5/30/2023 †x#^ | BlueVine | 12/01/2022 | 11044 | 11486 | 1657 |
| &nbsp;&nbsp;&nbsp; 689871, 29.400%, 11/24/2023 †x#^ | BlueVine | 12/02/2022 | 5624 | 5849 | 844 |
| &nbsp;&nbsp;&nbsp; 689933, 31.920%, 10/26/2023 †x#^ | BlueVine | 12/02/2022 | 37057 | 38540 | 5559 |
| &nbsp;&nbsp;&nbsp; 689993, 34.560%, 5/28/2024 †x#^ | BlueVine | 12/02/2022 | 16972 | 17651 | 2546 |
| &nbsp;&nbsp;&nbsp; 690216, 39.960%, 9/16/2024 †x#^ | BlueVine | 12/05/2022 | 19418 | 20195 | 2913 |
| &nbsp;&nbsp;&nbsp; 690383, 67.600%, 6/02/2023 †x#^ | BlueVine | 12/06/2022 | 6792 | 7064 | 1019 |
| &nbsp;&nbsp;&nbsp; 690432, 22.200%, 12/04/2023 †x#^ | BlueVine | 12/07/2022 | 82386 | 85681 | 12358 |
| &nbsp;&nbsp;&nbsp; 690586, 75.920%, 10/20/2023 †x#^ | BlueVine | 12/07/2022 | 1310 | 1363 | 197 |
| &nbsp;&nbsp;&nbsp; 690852, 27.960%, 11/28/2023 †x#^ | BlueVine | 12/08/2022 | 12440 | 12938 | 1866 |
| &nbsp;&nbsp;&nbsp; 690977, 50.960%, 6/14/2023 †x#^ | BlueVine | 12/09/2022 | 3776 | 3927 | 566 |
| &nbsp;&nbsp;&nbsp; 690996, 80.080%, 6/07/2023 †x#^ | BlueVine | 12/09/2022 | 642 | 667 | 96 |
| &nbsp;&nbsp;&nbsp; 691011, 35.880%, 12/26/2023 †x#^ | BlueVine | 12/09/2022 | 2328 | 2421 | 349 |
| &nbsp;&nbsp;&nbsp; 691191, 39.960%, 12/01/2023 †x#^ | BlueVine | 12/12/2022 | 3778 | 3929 | 567 |
| &nbsp;&nbsp;&nbsp; 691196, 48.100%, 6/15/2023 †x#^ | BlueVine | 12/12/2022 | 6785 | 7056 | 1018 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8916** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 691443, 75.920%, 3/13/2024 †x#^ | BlueVine | 12/13/2022 | $8713 | $9061 | $1307 |
| &nbsp;&nbsp;&nbsp; 691598, 75.920%, 3/13/2024 †x#^ | BlueVine | 12/14/2022 | 4679 | 4866 | 702 |
| &nbsp;&nbsp;&nbsp; 691760, 38.160%, 12/12/2023 †x#^ | BlueVine | 12/15/2022 | 69769 | 72560 | 10465 |
| &nbsp;&nbsp;&nbsp; 691766, 49.560%, 12/01/2023 †x#^ | BlueVine | 12/15/2022 | 9339 | 9713 | 1401 |
| &nbsp;&nbsp;&nbsp; 691807, 23.160%, 2/15/2024 †x#^ | BlueVine | 12/15/2022 | 6797 | 7069 | 1020 |
| &nbsp;&nbsp;&nbsp; 692175, 70.200%, 7/13/2023 †x#^ | BlueVine | 12/19/2022 | 942 | 980 | 141 |
| &nbsp;&nbsp;&nbsp; 692192, 39.960%, 1/16/2024 †x#^ | BlueVine | 12/19/2022 | 1559 | 1593 | 234 |
| &nbsp;&nbsp;&nbsp; 692204, 65.520%, 6/22/2023 †x#^ | BlueVine | 12/19/2022 | 435 | 453 | 65 |
| &nbsp;&nbsp;&nbsp; 692215, 27.960%, 4/16/2024 †x#^ | BlueVine | 12/19/2022 | 5938 | 6175 | 891 |
| &nbsp;&nbsp;&nbsp; 692237, 57.240%, 4/14/2042 †x# | BlueVine | 12/19/2022 | 4682 | 4869 | 702 |
| &nbsp;&nbsp;&nbsp; 692240, 67.600%, 6/28/2024 †x#^ | BlueVine | 12/19/2022 | 1069 | 1112 | 160 |
| &nbsp;&nbsp;&nbsp; 692431, 41.600%, 9/30/2033 †x# | BlueVine | 12/20/2022 | 4739 | 4929 | 711 |
| &nbsp;&nbsp;&nbsp; 692438, 85.800%, 7/07/2023 †x#^ | BlueVine | 12/20/2022 | 10512 | 10932 | 1577 |
| &nbsp;&nbsp;&nbsp; 692882, 41.760%, 11/28/2023 †x#^ | BlueVine | 12/22/2022 | 10667 | 11093 | 1600 |
| &nbsp;&nbsp;&nbsp; 692892, 29.400%, 1/16/2024 †x#^ | BlueVine | 12/22/2022 | 125626 | 130651 | 18844 |
| &nbsp;&nbsp;&nbsp; 693287, 27.960%, 12/28/2023 †x#^ | BlueVine | 12/27/2022 | 13902 | 14458 | 2085 |
| &nbsp;&nbsp;&nbsp; 693457, 49.560%, 2/28/2025 †x#^ | BlueVine | 12/28/2022 | 39854 | 41448 | 5978 |
| &nbsp;&nbsp;&nbsp; 693611, 78.000%, 6/27/2023 †x#^ | BlueVine | 12/29/2022 | 265 | 276 | 40 |
| &nbsp;&nbsp;&nbsp; 693622, 56.520%, 12/20/2023 †x#^ | BlueVine | 12/29/2022 | 4346 | 4520 | 652 |
| &nbsp;&nbsp;&nbsp; 693667, 57.200%, 7/05/2023 †x#^ | BlueVine | 12/29/2022 | 3156 | 3282 | 473 |
| &nbsp;&nbsp;&nbsp; 693686, 35.880%, 6/18/2024 †x#^ | BlueVine | 12/29/2022 | 8900 | 9256 | 1335 |
| &nbsp;&nbsp;&nbsp; 693702, 35.880%, 1/26/2024 †x#^ | BlueVine | 12/29/2022 | 1979 | 2058 | 297 |
| &nbsp;&nbsp;&nbsp; 693703, 35.880%, 1/26/2024 †x#^ | BlueVine | 12/29/2022 | 1983 | 2063 | 297 |
| &nbsp;&nbsp;&nbsp; 694088, 23.160%, 12/28/2023 †x#^ | BlueVine | 1/03/2023 | 169770 | 176560 | 25465 |
| &nbsp;&nbsp;&nbsp; 694309, 49.560%, 3/01/2024 †x#^ | BlueVine | 1/04/2023 | 70046 | 72848 | 10507 |
| &nbsp;&nbsp;&nbsp; 694340, 88.400%, 6/30/2023 †x#^ | BlueVine | 1/04/2023 | 21003 | 21843 | 3150 |
| &nbsp;&nbsp;&nbsp; 694649, 34.560%, 2/05/2024 †x#^ | BlueVine | 1/05/2023 | 14347 | 14921 | 2152 |
| &nbsp;&nbsp;&nbsp; 694650, 69.360%, 2/20/2024 †x#^ | BlueVine | 1/05/2023 | 2399 | 2495 | 360 |
| &nbsp;&nbsp;&nbsp; 694657, 80.080%, 7/18/2023 †x#^ | BlueVine | 1/05/2023 | 7305 | 7597 | 1096 |
| &nbsp;&nbsp;&nbsp; 694784, 32.240%, 7/05/2023 †x#^ | BlueVine | 1/06/2023 | 8619 | 8964 | 1293 |
| &nbsp;&nbsp;&nbsp; 694835, 45.240%, 7/12/2023 †x#^ | BlueVine | 1/06/2023 | 27893 | 29009 | 4184 |
| &nbsp;&nbsp;&nbsp; 694854, 27.960%, 12/28/2023 †x#^ | BlueVine | 1/06/2023 | 18536 | 19278 | 2780 |
| &nbsp;&nbsp;&nbsp; 694876, 32.500%, 9/01/2023 †x#^ | BlueVine | 1/06/2023 | 4717 | 4906 | 708 |
| &nbsp;&nbsp;&nbsp; 695062, 69.360%, 3/27/2024 †x#^ | BlueVine | 1/09/2023 | 18799 | 19551 | 2820 |
| &nbsp;&nbsp;&nbsp; 695086, 78.000%, 7/06/2023 †x#^ | BlueVine | 1/09/2023 | 7889 | 8205 | 1183 |
| &nbsp;&nbsp;&nbsp; 695305, 57.720%, 7/07/2023 †x#^ | BlueVine | 1/10/2023 | 939 | 977 | 141 |
| &nbsp;&nbsp;&nbsp; 695321, 50.440%, 7/07/2023 †x#^ | BlueVine | 1/10/2023 | 6577 | 6840 | 986 |
| &nbsp;&nbsp;&nbsp; 695485, 40.040%, 12/18/2023 †x#^ | BlueVine | 1/11/2023 | 846 | 880 | 127 |
| &nbsp;&nbsp;&nbsp; 695559, 34.560%, 3/05/2025 †x#^ | BlueVine | 1/11/2023 | 15200 | 15807 | 2280 |
| &nbsp;&nbsp;&nbsp; 695703, 75.920%, 7/11/2023 †x#^ | BlueVine | 1/12/2023 | 8810 | 9163 | 1322 |
| &nbsp;&nbsp;&nbsp; 695756, 32.520%, 1/05/2024 †x#^ | BlueVine | 1/12/2023 | 21370 | 22225 | 3205 |
| &nbsp;&nbsp;&nbsp; 695984, 85.800%, 7/12/2023 †x#^ | BlueVine | 1/13/2023 | 2061 | 2143 | 309 |
| &nbsp;&nbsp;&nbsp; 696341, 49.560%, 1/02/2024 †x#^ | BlueVine | 1/18/2023 | 4627 | 4812 | 694 |
| &nbsp;&nbsp;&nbsp; 696369, 42.120%, 2/01/2024 †x#^ | BlueVine | 1/18/2023 | 4775 | 4967 | 716 |
| &nbsp;&nbsp;&nbsp; 696370, 42.120%, 2/01/2024 †x#^ | BlueVine | 1/18/2023 | 6072 | 6315 | 911 |
| &nbsp;&nbsp;&nbsp; 696373, 59.280%, 7/14/2023 †x#^ | BlueVine | 1/18/2023 | 1700 | 1768 | 255 |
| &nbsp;&nbsp;&nbsp; 696380, 32.240%, 7/28/2023 †x#^ | BlueVine | 1/18/2023 | 1364 | 1419 | 205 |
| &nbsp;&nbsp;&nbsp; 696715, 40.200%, 1/08/2024 †x#^ | BlueVine | 1/19/2023 | 322 | 335 | 48 |
| &nbsp;&nbsp;&nbsp; 696737, 85.800%, 7/18/2023 †x#^ | BlueVine | 1/19/2023 | 704 | 732 | 106 |
| &nbsp;&nbsp;&nbsp; 696878, 75.920%, 6/07/2024 †x#^ | BlueVine | 1/20/2023 | 2637 | 2743 | 396 |
| &nbsp;&nbsp;&nbsp; 696935, 78.000%, 7/19/2023 †x#^ | BlueVine | 1/20/2023 | 12471 | 12970 | 1871 |
| &nbsp;&nbsp;&nbsp; 696950, 50.440%, 7/19/2023 †x#^ | BlueVine | 1/20/2023 | 336 | 350 | 50 |
| &nbsp;&nbsp;&nbsp; 697106, 35.880%, 12/01/2023 †x#^ | BlueVine | 1/23/2023 | 6524 | 6785 | 979 |
| &nbsp;&nbsp;&nbsp; 697120, 28.056%, 6/10/2024 †x#^ | BlueVine | 1/23/2023 | 13626 | 14171 | 2044 |
| &nbsp;&nbsp;&nbsp; 697160, 32.240%, 8/04/2023 †x#^ | BlueVine | 1/23/2023 | 1107 | 1151 | 166 |
| &nbsp;&nbsp;&nbsp; 697278, 27.000%, 1/16/2024 †x#^ | BlueVine | 1/24/2023 | 5469 | 5688 | 820 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8917** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 697293, 69.360%, 2/20/2024 †x#^ | BlueVine | 1/24/2023 | $3505 | $3645 | $526 |
| &nbsp;&nbsp;&nbsp; 697317, 22.200%, 1/02/2024 †x#^ | BlueVine | 1/24/2023 | 7912 | 8229 | 1187 |
| &nbsp;&nbsp;&nbsp; 697320, 70.720%, 9/16/2024 †x#^ | BlueVine | 1/24/2023 | 2473 | 2572 | 371 |
| &nbsp;&nbsp;&nbsp; 697334, 85.800%, 10/27/2023 †x#^ | BlueVine | 1/24/2023 | 3806 | 3959 | 571 |
| &nbsp;&nbsp;&nbsp; 697362, 62.400%, 8/04/2023 †x#^ | BlueVine | 1/24/2023 | 32285 | 33577 | 4843 |
| &nbsp;&nbsp;&nbsp; 697457, 34.476%, 8/01/2023 †x#^ | BlueVine | 1/25/2023 | 10973 | 11412 | 1646 |
| &nbsp;&nbsp;&nbsp; 697474, 36.000%, 7/28/2025 †x#^ | BlueVine | 1/25/2023 | 1798 | 1870 | 270 |
| &nbsp;&nbsp;&nbsp; 697495, 33.000%, 3/14/2025 †x#^ | BlueVine | 1/25/2023 | 1949 | 2027 | 292 |
| &nbsp;&nbsp;&nbsp; 697517, 49.560%, 1/22/2024 †x#^ | BlueVine | 1/25/2023 | 6063 | 6306 | 910 |
| &nbsp;&nbsp;&nbsp; 697530, 70.720%, 9/11/2023 †x#^ | BlueVine | 1/25/2023 | 1003 | 1043 | 150 |
| &nbsp;&nbsp;&nbsp; 697682, 56.520%, 1/22/2024 †x#^ | BlueVine | 1/26/2023 | 558 | 580 | 84 |
| &nbsp;&nbsp;&nbsp; 697694, 27.960%, 1/29/2024 †x#^ | BlueVine | 1/26/2023 | 44300 | 46072 | 6645 |
| &nbsp;&nbsp;&nbsp; 697826, 39.960%, 7/28/2039 †x# | BlueVine | 1/27/2023 | 157112 | 163397 | 23567 |
| &nbsp;&nbsp;&nbsp; 697840, 88.400%, 7/26/2023 †x#^ | BlueVine | 1/27/2023 | 5157 | 5363 | 774 |
| &nbsp;&nbsp;&nbsp; 698033, 32.520%, 1/05/2024 †x#^ | BlueVine | 1/30/2023 | 10685 | 11112 | 1603 |
| &nbsp;&nbsp;&nbsp; 698216, 23.160%, 1/23/2024 †x#^ | BlueVine | 1/31/2023 | 2771 | 2882 | 416 |
| &nbsp;&nbsp;&nbsp; 698368, 40.200%, 2/28/2024 †x#^ | BlueVine | 2/01/2023 | 22075 | 22958 | 3311 |
| &nbsp;&nbsp;&nbsp; 698395, 78.000%, 7/31/2023 †x#^ | BlueVine | 2/01/2023 | 7408 | 7705 | 1111 |
| &nbsp;&nbsp;&nbsp; 698399, 48.000%, 1/29/2024 †x#^ | BlueVine | 2/01/2023 | 5586 | 5809 | 838 |
| &nbsp;&nbsp;&nbsp; 698618, 44.760%, 1/02/2024 †x#^ | BlueVine | 2/02/2023 | 1477 | 1537 |  |
| &nbsp;&nbsp;&nbsp; 698797, 23.400%, 9/15/2023 †x#^ | BlueVine | 2/03/2023 | 10563 | 10986 | 1585 |
| &nbsp;&nbsp;&nbsp; 698813, 23.160%, 1/29/2024 †x#^ | BlueVine | 2/03/2023 | 12452 | 12951 | 1868 |
| &nbsp;&nbsp;&nbsp; 698832, 49.560%, 1/29/2024 †x#^ | BlueVine | 2/03/2023 | 11208 | 11656 | 1681 |
| &nbsp;&nbsp;&nbsp; 699020, 32.520%, 1/12/2024 †x#^ | BlueVine | 2/06/2023 | 4966 | 5165 | 745 |
| &nbsp;&nbsp;&nbsp; 699167, 70.720%, 12/29/2023 †x#^ | BlueVine | 2/07/2023 | 2303 | 2396 | 346 |
| &nbsp;&nbsp;&nbsp; 699170, 23.160%, 1/23/2024 †x#^ | BlueVine | 2/07/2023 | 6670 | 6937 | 1001 |
| &nbsp;&nbsp;&nbsp; 699342, 50.440%, 8/21/2023 †x#^ | BlueVine | 2/08/2023 | 3502 | 3642 | 525 |
| &nbsp;&nbsp;&nbsp; 699357, 23.160%, 9/10/2024 †x#^ | BlueVine | 2/08/2023 | 11364 | 11819 | 1705 |
| &nbsp;&nbsp;&nbsp; 699358, 23.160%, 2/15/2024 †x#^ | BlueVine | 2/08/2023 | 4575 | 4758 | 686 |
| &nbsp;&nbsp;&nbsp; 699392, 35.880%, 8/07/2023 †x#^ | BlueVine | 2/08/2023 | 3269 | 3400 | 490 |
| &nbsp;&nbsp;&nbsp; 699401, 49.560%, 2/08/2024 †x#^ | BlueVine | 2/08/2023 | 20091 | 20895 | 3014 |
| &nbsp;&nbsp;&nbsp; 699562, 28.920%, 1/08/2024 †x#^ | BlueVine | 2/09/2023 | 2275 | 2366 | 341 |
| &nbsp;&nbsp;&nbsp; 699574, 36.000%, 12/20/2024 †x#^ | BlueVine | 2/09/2023 | 3570 | 3713 | 536 |
| &nbsp;&nbsp;&nbsp; 699868, 45.000%, 1/25/2024 †x#^ | BlueVine | 2/13/2023 | 15904 | 16540 | 2386 |
| &nbsp;&nbsp;&nbsp; 699891, 80.080%, 8/10/2023 †x#^ | BlueVine | 2/13/2023 | 1663 | 1730 | 250 |
| &nbsp;&nbsp;&nbsp; 699925, 52.000%, 8/10/2023 †x#^ | BlueVine | 2/13/2023 | 376 | 391 | 56 |
| &nbsp;&nbsp;&nbsp; 699935, 24.752%, 8/10/2023 †x#^ | BlueVine | 2/13/2023 | 399 | 415 | 60 |
| &nbsp;&nbsp;&nbsp; 6C9B8K2H, 14.000%, 10/30/2025 †§#‡∑ | Unchained | 1/03/2025 | 300000 | 300000 | 300521 |
| &nbsp;&nbsp;&nbsp; 6DK8M4T5, 14.000%, 12/14/2025 †§#‡∑ | Unchained | 1/03/2025 | 340000 | 340000 | 340996 |
| &nbsp;&nbsp;&nbsp; 6F4N6RML, 13.000%, 7/11/2026 †§#‡∑ | Unchained | 7/17/2025 | 400000 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp; 6HHLXPW8, 13.000%, 5/24/2026 †§#‡∑ | Unchained | 5/30/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; 6TQHCD4T, 13.000%, 7/09/2026 †§#‡∑ | Unchained | 7/15/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; 6WLC4NH8, 13.000%, 5/17/2026 †§#‡∑ | Unchained | 5/23/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; 6XKYYNN4, 13.000%, 5/28/2026 †§#‡∑ | Unchained | 6/03/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; 700049, 22.920%, 2/09/2024 †x#^ | BlueVine | 2/14/2023 | 1794 | 1866 | 269 |
| &nbsp;&nbsp;&nbsp; 700201, 29.640%, 8/21/2023 †x#^ | BlueVine | 2/15/2023 | 24268 | 25239 | 3640 |
| &nbsp;&nbsp;&nbsp; 700538, 32.500%, 10/13/2023 †x#^ | BlueVine | 2/17/2023 | 3227 | 3356 | 484 |
| &nbsp;&nbsp;&nbsp; 700565, 27.960%, 1/29/2024 †x#^ | BlueVine | 2/17/2023 | 24706 | 25694 | 3706 |
| &nbsp;&nbsp;&nbsp; 700576, 28.056%, 7/10/2024 †x#^ | BlueVine | 2/22/2023 | 5609 | 5833 | 841 |
| &nbsp;&nbsp;&nbsp; 700739, 42.120%, 1/24/2024 †x#^ | BlueVine | 2/21/2023 | 2239 | 2329 | 336 |
| &nbsp;&nbsp;&nbsp; 701149, 22.200%, 2/23/2024 †x#^ | BlueVine | 2/23/2023 | 39642 | 41228 | 5946 |
| &nbsp;&nbsp;&nbsp; 701156, 85.280%, 8/29/2023 †x#^ | BlueVine | 2/23/2023 | 1033 | 1075 | 155 |
| &nbsp;&nbsp;&nbsp; 701207, 27.960%, 2/26/2024 †x#^ | BlueVine | 2/23/2023 | 45000 | 46800 | 6750 |
| &nbsp;&nbsp;&nbsp; 701208, 80.080%, 8/29/2023 †x#^ | BlueVine | 2/23/2023 | 12712 | 13220 | 1907 |
| &nbsp;&nbsp;&nbsp; 701503, 74.880%, 8/24/2023 †x#^ | BlueVine | 2/27/2023 | 598 | 622 | 90 |
| &nbsp;&nbsp;&nbsp; 701684, 67.600%, 6/28/2024 †x#^ | BlueVine | 2/28/2023 | 4649 | 4835 | 697 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8918** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 701686, 70.720%, 9/01/2023 †x#^ | BlueVine | 2/28/2023 | $1681 | $1748 | $252 |
| &nbsp;&nbsp;&nbsp; 701860, 42.960%, 11/27/2024 †x#^ | BlueVine | 3/13/2023 | 21760 | 22631 | 3264 |
| &nbsp;&nbsp;&nbsp; 701889, 80.080%, 8/28/2023 †x#^ | BlueVine | 3/01/2023 | 1813 | 1886 | 272 |
| &nbsp;&nbsp;&nbsp; 701899, 50.440%, 8/28/2023 †x#^ | BlueVine | 3/01/2023 | 80595 | 83819 | 12089 |
| &nbsp;&nbsp;&nbsp; 702265, 30.000%, 2/12/2024 †x#^ | BlueVine | 3/03/2023 | 4529 | 4710 | 679 |
| &nbsp;&nbsp;&nbsp; 702271, 64.480%, 8/30/2023 †x#^ | BlueVine | 3/03/2023 | 3465 | 3603 | 520 |
| &nbsp;&nbsp;&nbsp; 702425, 85.800%, 9/14/2023 †x#^ | BlueVine | 3/06/2023 | 5487 | 5707 | 823 |
| &nbsp;&nbsp;&nbsp; 702446, 32.760%, 2/26/2024 †x#^ | BlueVine | 3/06/2023 | 2702 | 2810 | 405 |
| &nbsp;&nbsp;&nbsp; 702472, 42.120%, 2/26/2024 †x#^ | BlueVine | 3/06/2023 | 3988 | 4148 | 598 |
| &nbsp;&nbsp;&nbsp; 702608, 50.440%, 3/15/2024 †x#^ | BlueVine | 3/07/2023 | 37059 | 38541 | 5559 |
| &nbsp;&nbsp;&nbsp; 702834, 70.720%, 9/11/2023 †x#^ | BlueVine | 3/08/2023 | 3938 | 4095 | 591 |
| &nbsp;&nbsp;&nbsp; 702866, 34.560%, 4/07/2025 †x#^ | BlueVine | 3/08/2023 | 11319 | 11772 | 1698 |
| &nbsp;&nbsp;&nbsp; 702874, 38.160%, 2/23/2024 †x#^ | BlueVine | 3/08/2023 | 17166 | 17852 | 2575 |
| &nbsp;&nbsp;&nbsp; 703015, 35.880%, 9/20/2023 †x#^ | BlueVine | 3/09/2023 | 750 | 780 | 113 |
| &nbsp;&nbsp;&nbsp; 703027, 56.640%, 11/02/2023 †x#^ | BlueVine | 3/09/2023 | 2196 | 2284 | 329 |
| &nbsp;&nbsp;&nbsp; 703289, 22.200%, 2/14/2025 †x#^ | BlueVine | 3/13/2023 | 4587 | 4770 | 688 |
| &nbsp;&nbsp;&nbsp; 703319, 88.400%, 9/14/2023 †x#^ | BlueVine | 3/13/2023 | 4016 | 4177 | 602 |
| &nbsp;&nbsp;&nbsp; 703322, 80.080%, 9/28/2023 †x#^ | BlueVine | 3/13/2023 | 1729 | 1798 | 259 |
| &nbsp;&nbsp;&nbsp; 703464, 67.600%, 9/08/2023 †x#^ | BlueVine | 3/14/2023 | 784 | 816 | 118 |
| &nbsp;&nbsp;&nbsp; 703474, 65.520%, 9/15/2023 †x#^ | BlueVine | 3/14/2023 | 5150 | 5356 | 773 |
| &nbsp;&nbsp;&nbsp; 703681, 23.160%, 2/27/2024 †x#^ | BlueVine | 3/15/2023 | 24283 | 25255 | 3643 |
| &nbsp;&nbsp;&nbsp; 703689, 74.880%, 9/18/2023 †x#^ | BlueVine | 3/15/2023 | 6319 | 6571 | 948 |
| &nbsp;&nbsp;&nbsp; 703814, 85.800%, 9/12/2023 †x#^ | BlueVine | 3/16/2023 | 6077 | 6320 | 911 |
| &nbsp;&nbsp;&nbsp; 703982, 59.280%, 4/12/2024 †x#^ | BlueVine | 3/17/2023 | 4495 | 4675 | 674 |
| &nbsp;&nbsp;&nbsp; 703984, 88.400%, 9/20/2023 †x#^ | BlueVine | 3/17/2023 | 8401 | 8737 | 1260 |
| &nbsp;&nbsp;&nbsp; 703992, 39.960%, 3/01/2024 †x#^ | BlueVine | 3/17/2023 | 1702 | 1770 | 255 |
| &nbsp;&nbsp;&nbsp; 704137, 33.960%, 4/09/2024 †x#^ | BlueVine | 3/20/2023 | 6899 | 7175 | 1035 |
| &nbsp;&nbsp;&nbsp; 704338, 33.800%, 9/15/2023 †x#^ | BlueVine | 3/21/2023 | 16170 | 16816 | 2425 |
| &nbsp;&nbsp;&nbsp; 704355, 85.800%, 9/15/2023 †x#^ | BlueVine | 3/21/2023 | 512 | 532 | 77 |
| &nbsp;&nbsp;&nbsp; 704448, 23.160%, 4/22/2024 †x#^ | BlueVine | 3/23/2023 | 13401 | 13937 | 2010 |
| &nbsp;&nbsp;&nbsp; 704515, 35.880%, 9/18/2023 †x#^ | BlueVine | 3/22/2023 | 598 | 622 | 90 |
| &nbsp;&nbsp;&nbsp; 704629, 85.800%, 3/28/2025 †x#^ | BlueVine | 3/28/2023 | 15100 | 15704 | 2265 |
| &nbsp;&nbsp;&nbsp; 704644, 32.760%, 3/21/2024 †x#^ | BlueVine | 3/23/2023 | 14039 | 14601 | 2106 |
| &nbsp;&nbsp;&nbsp; 704668, 33.000%, 3/18/2024 †x#^ | BlueVine | 3/23/2023 | 2106 | 2191 | 316 |
| &nbsp;&nbsp;&nbsp; 704767, 50.440%, 9/20/2023 †x#^ | BlueVine | 3/24/2023 | 4907 | 5104 | 736 |
| &nbsp;&nbsp;&nbsp; 704922, 32.500%, 11/24/2023 †x#^ | BlueVine | 3/27/2023 | 7271 | 7562 | 1091 |
| &nbsp;&nbsp;&nbsp; 704927, 74.880%, 3/29/2024 †x#^ | BlueVine | 3/27/2023 | 10728 | 11157 | 1609 |
| &nbsp;&nbsp;&nbsp; 705071, 35.880%, 7/23/2024 †x#^ | BlueVine | 3/28/2023 | 3446 | 3584 | 517 |
| &nbsp;&nbsp;&nbsp; 705203, 69.680%, 10/10/2023 †x#^ | BlueVine | 3/29/2023 | 12105 | 12589 | 1816 |
| &nbsp;&nbsp;&nbsp; 705211, 80.080%, 9/25/2023 †x#^ | BlueVine | 3/29/2023 | 17778 | 18489 | 2667 |
| &nbsp;&nbsp;&nbsp; 705335, 74.880%, 9/26/2023 †x#^ | BlueVine | 3/30/2023 | 5299 | 5511 | 795 |
| &nbsp;&nbsp;&nbsp; 705342, 62.160%, 3/21/2024 †x#^ | BlueVine | 3/30/2023 | 2876 | 2991 | 431 |
| &nbsp;&nbsp;&nbsp; 705344, 45.760%, 12/07/2023 †x#^ | BlueVine | 3/30/2023 | 631 | 656 | 95 |
| &nbsp;&nbsp;&nbsp; 705481, 22.200%, 3/22/2024 †x#^ | BlueVine | 3/31/2023 | 5420 | 5636 | 813 |
| &nbsp;&nbsp;&nbsp; 705499, 39.960%, 10/01/2025 †x# | BlueVine | 3/31/2023 | 11405 | 11861 | 1711 |
| &nbsp;&nbsp;&nbsp; 705507, 30.960%, 3/27/2024 †x#^ | BlueVine | 3/31/2023 | 17333 | 18026 | 2600 |
| &nbsp;&nbsp;&nbsp; 705657, 70.720%, 1/24/2025 †x#^ | BlueVine | 4/03/2023 | 414 | 427 | 62 |
| &nbsp;&nbsp;&nbsp; 705670, 78.000%, 9/28/2023 †x#^ | BlueVine | 4/03/2023 | 9748 | 10137 | 1462 |
| &nbsp;&nbsp;&nbsp; 705672, 58.240%, 10/05/2023 †x#^ | BlueVine | 4/03/2023 | 51625 | 53690 | 7744 |
| &nbsp;&nbsp;&nbsp; 706014, 33.800%, 10/02/2023 †x#^ | BlueVine | 4/05/2023 | 12187 | 12675 | 1828 |
| &nbsp;&nbsp;&nbsp; 706034, 82.160%, 10/10/2023 †x#^ | BlueVine | 4/05/2023 | 1072 | 1115 | 161 |
| &nbsp;&nbsp;&nbsp; 706170, 36.000%, 3/27/2024 †x#^ | BlueVine | 4/06/2023 | 12898 | 13414 | 1935 |
| &nbsp;&nbsp;&nbsp; 706350, 35.880%, 10/11/2023 †x#^ | BlueVine | 4/07/2023 | 455 | 473 | 68 |
| &nbsp;&nbsp;&nbsp; 706554, 75.920%, 12/22/2023 †x#^ | BlueVine | 4/10/2023 | 1144 | 1190 | 172 |
| &nbsp;&nbsp;&nbsp; 706714, 29.640%, 5/10/2024 †x#^ | BlueVine | 4/11/2023 | 5766 | 5997 | 865 |
| &nbsp;&nbsp;&nbsp; 706783, 57.200%, 10/10/2023 †x#^ | BlueVine | 4/12/2023 | 4410 | 4587 | 662 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8919** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 706789, 50.760%, 4/15/2024 †x#^ | BlueVine | 4/12/2023 | $14403 | $14979 | $2160 |
| &nbsp;&nbsp;&nbsp; 706805, 40.040%, 12/18/2023 †x#^ | BlueVine | 4/12/2023 | 8289 | 8621 | 1243 |
| &nbsp;&nbsp;&nbsp; 706839, 40.560%, 1/16/2024 †x#^ | BlueVine | 4/12/2023 | 23605 | 24549 | 3541 |
| &nbsp;&nbsp;&nbsp; 706962, 36.000%, 3/26/2024 †x#^ | BlueVine | 4/13/2023 | 3845 | 3998 | 577 |
| &nbsp;&nbsp;&nbsp; 706978, 35.880%, 10/18/2023 †x#^ | BlueVine | 4/13/2023 | 409 | 426 | 61 |
| &nbsp;&nbsp;&nbsp; 707102, 62.920%, 10/11/2023 †x#^ | BlueVine | 4/14/2023 | 1800 | 1872 | 270 |
| &nbsp;&nbsp;&nbsp; 707103, 36.000%, 4/04/2024 †x#^ | BlueVine | 4/14/2023 | 24622 | 25607 | 3693 |
| &nbsp;&nbsp;&nbsp; 707246, 30.360%, 4/12/2024 †x#^ | BlueVine | 4/17/2023 | 34001 | 35361 | 5100 |
| &nbsp;&nbsp;&nbsp; 707271, 82.160%, 2/02/2024 †x#^ | BlueVine | 4/17/2023 | 6704 | 6972 | 1006 |
| &nbsp;&nbsp;&nbsp; 707285, 36.400%, 10/26/2023 †x#^ | BlueVine | 4/17/2023 | 17106 | 17790 | 2566 |
| &nbsp;&nbsp;&nbsp; 707431, 27.000%, 4/15/2024 †x#^ | BlueVine | 4/18/2023 | 29333 | 30506 | 4400 |
| &nbsp;&nbsp;&nbsp; 707625, 60.600%, 4/11/2024 †x#^ | BlueVine | 4/19/2023 | 21789 | 22551 | 3268 |
| &nbsp;&nbsp;&nbsp; 707764, 23.160%, 3/28/2024 †x#^ | BlueVine | 4/20/2023 | 53363 | 55231 | 8004 |
| &nbsp;&nbsp;&nbsp; 707783, 27.000%, 10/28/2024 †x#^ | BlueVine | 4/20/2023 | 16261 | 16830 | 2439 |
| &nbsp;&nbsp;&nbsp; 707951, 50.440%, 10/25/2023 †x#^ | BlueVine | 4/21/2023 | 862 | 892 | 129 |
| &nbsp;&nbsp;&nbsp; 707975, 39.000%, 10/25/2023 †x#^ | BlueVine | 4/21/2023 | 26235 | 27154 | 3935 |
| &nbsp;&nbsp;&nbsp; 707978, 47.520%, 4/15/2024 †x#^ | BlueVine | 4/21/2023 | 9456 | 9787 | 1418 |
| &nbsp;&nbsp;&nbsp; 708130, 50.440%, 2/20/2024 †x#^ | BlueVine | 4/24/2023 | 4485 | 4642 | 673 |
| &nbsp;&nbsp;&nbsp; 708280, 88.400%, 10/27/2023 †x#^ | BlueVine | 4/25/2023 | 2506 | 2593 | 376 |
| &nbsp;&nbsp;&nbsp; 708328, 27.000%, 10/28/2024 †x#^ | BlueVine | 4/25/2023 | 6920 | 7162 | 1038 |
| &nbsp;&nbsp;&nbsp; 708403, 44.760%, 4/19/2024 †x#^ | BlueVine | 4/26/2023 | 14751 | 15267 | 2213 |
| &nbsp;&nbsp;&nbsp; 708600, 23.160%, 4/23/2024 †x#^ | BlueVine | 4/27/2023 | 10377 | 10740 | 1557 |
| &nbsp;&nbsp;&nbsp; 708608, 34.476%, 10/31/2023 †x#^ | BlueVine | 4/27/2023 | 4118 | 4262 | 618 |
| &nbsp;&nbsp;&nbsp; 708737, 58.240%, 10/25/2023 †x#^ | BlueVine | 4/28/2023 | 10354 | 10717 | 1553 |
| &nbsp;&nbsp;&nbsp; 708768, 39.960%, 4/15/2024 †x#^ | BlueVine | 4/28/2023 | 2154 | 2230 | 323 |
| &nbsp;&nbsp;&nbsp; 708920, 29.640%, 10/26/2023 †x#^ | BlueVine | 5/01/2023 | 21237 | 21980 | 3186 |
| &nbsp;&nbsp;&nbsp; 708921, 57.200%, 12/28/2023 †x#^ | BlueVine | 5/01/2023 | 3448 | 3569 | 517 |
| &nbsp;&nbsp;&nbsp; 709239, 23.160%, 4/12/2024 †x#^ | BlueVine | 5/03/2023 | 6509 | 6737 | 976 |
| &nbsp;&nbsp;&nbsp; 709400, 23.160%, 10/28/2024 †x#^ | BlueVine | 5/04/2023 | 1166 | 1207 | 175 |
| &nbsp;&nbsp;&nbsp; 709451, 71.760%, 10/31/2023 †x#^ | BlueVine | 5/04/2023 | 14590 | 15101 | 2189 |
| &nbsp;&nbsp;&nbsp; 709693, 24.120%, 6/10/2024 †x#^ | BlueVine | 5/08/2023 | 14321 | 14822 | 2148 |
| &nbsp;&nbsp;&nbsp; 709864, 85.800%, 11/03/2023 †x#^ | BlueVine | 5/09/2023 | 30576 | 31646 | 4586 |
| &nbsp;&nbsp;&nbsp; 710042, 45.500%, 11/20/2023 †x#^ | BlueVine | 5/10/2023 | 41725 | 43186 | 6259 |
| &nbsp;&nbsp;&nbsp; 710047, 80.080%, 11/13/2023 †x#^ | BlueVine | 5/10/2023 | 3556 | 3680 | 533 |
| &nbsp;&nbsp;&nbsp; 710200, 74.880%, 11/14/2023 †x#^ | BlueVine | 5/11/2023 | 2732 | 2827 | 410 |
| &nbsp;&nbsp;&nbsp; 710300, 30.360%, 11/12/2024 †x#^ | BlueVine | 5/12/2023 | 16020 | 16574 | 2403 |
| &nbsp;&nbsp;&nbsp; 710314, 63.120%, 5/09/2024 †x#^ | BlueVine | 5/12/2023 | 29289 | 30314 | 4393 |
| &nbsp;&nbsp;&nbsp; 710494, 23.160%, 6/03/2024 †x#^ | BlueVine | 5/15/2023 | 3666 | 3794 | 550 |
| &nbsp;&nbsp;&nbsp; 710506, 33.000%, 5/01/2024 †x#^ | BlueVine | 5/15/2023 | 25214 | 26097 | 3782 |
| &nbsp;&nbsp;&nbsp; 710659, 42.900%, 11/17/2023 †x#^ | BlueVine | 5/16/2023 | 7955 | 8234 | 1193 |
| &nbsp;&nbsp;&nbsp; 710930, 34.560%, 4/07/2025 †x#^ | BlueVine | 5/18/2023 | 24210 | 25058 | 3632 |
| &nbsp;&nbsp;&nbsp; 711222, 70.720%, 12/15/2023 †x#^ | BlueVine | 5/22/2023 | 2810 | 2908 | 421 |
| &nbsp;&nbsp;&nbsp; 711323, 23.160%, 2/27/2025 †x#^ | BlueVine | 5/23/2023 | 32802 | 33950 | 4920 |
| &nbsp;&nbsp;&nbsp; 711476, 34.476%, 11/27/2023 †x#^ | BlueVine | 5/24/2023 | 2046 | 2118 | 307 |
| &nbsp;&nbsp;&nbsp; 711562, 24.120%, 5/09/2024 †x#^ | BlueVine | 5/25/2023 | 3464 | 3585 | 520 |
| &nbsp;&nbsp;&nbsp; 711578, 50.520%, 8/18/2025 †x#^ | BlueVine | 5/25/2023 | 7943 | 8221 | 1191 |
| &nbsp;&nbsp;&nbsp; 711703, 23.160%, 5/02/2024 †x#^ | BlueVine | 5/26/2023 | 20147 | 20852 |  |
| &nbsp;&nbsp;&nbsp; 711823, 36.000%, 5/28/2024 †x#^ | BlueVine | 5/30/2023 | 4601 | 4762 | 690 |
| &nbsp;&nbsp;&nbsp; 711842, 52.520%, 4/18/2025 †x#^ | BlueVine | 5/30/2023 | 1324 | 1371 | 199 |
| &nbsp;&nbsp;&nbsp; 711974, 70.720%, 1/10/2025 †x#^ | BlueVine | 5/31/2023 | 4961 | 5103 | 744 |
| &nbsp;&nbsp;&nbsp; 712142, 22.200%, 5/28/2024 †x#^ | BlueVine | 6/01/2023 | 23120 | 23929 | 3468 |
| &nbsp;&nbsp;&nbsp; 712319, 30.360%, 6/17/2024 †x#^ | BlueVine | 6/02/2023 | 18582 | 19232 | 2787 |
| &nbsp;&nbsp;&nbsp; 712456, 58.760%, 12/07/2023 †x#^ | BlueVine | 6/05/2023 | 34147 | 35342 | 5122 |
| &nbsp;&nbsp;&nbsp; 712611, 80.080%, 12/01/2023 †x#^ | BlueVine | 6/06/2023 | 6538 | 6767 | 981 |
| &nbsp;&nbsp;&nbsp; 712791, 50.440%, 12/04/2023 †x#^ | BlueVine | 6/07/2023 | 44124 | 45669 | 6619 |
| &nbsp;&nbsp;&nbsp; 712819, 30.000%, 5/28/2024 †x#^ | BlueVine | 6/07/2023 | 2682 | 2776 | 402 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8920** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 712831, 30.680%, 12/04/2023 †x#^ | BlueVine | 6/07/2023 | $22 | $23 | $3 |
| &nbsp;&nbsp;&nbsp; 712949, 23.400%, 12/27/2023 †x#^ | BlueVine | 6/08/2023 | 22029 | 22418 | 3304 |
| &nbsp;&nbsp;&nbsp; 712983, 32.520%, 8/08/2024 †x#^ | BlueVine | 6/08/2023 | 3713 | 3843 | 557 |
| &nbsp;&nbsp;&nbsp; 713061, 70.720%, 1/05/2024 †x#^ | BlueVine | 6/09/2023 | 5798 | 6001 | 870 |
| &nbsp;&nbsp;&nbsp; 713196, 39.960%, 12/16/2024 †x#^ | BlueVine | 6/12/2023 | 29432 | 30462 | 4415 |
| &nbsp;&nbsp;&nbsp; 713463, 62.400%, 5/15/2024 †x#^ | BlueVine | 6/14/2023 | 3524 | 3647 | 529 |
| &nbsp;&nbsp;&nbsp; 713482, 61.880%, 5/21/2024 †x#^ | BlueVine | 6/14/2023 | 8889 | 9200 | 1333 |
| &nbsp;&nbsp;&nbsp; 713495, 50.440%, 12/22/2023 †x#^ | BlueVine | 6/14/2023 | 986 | 1020 | 148 |
| &nbsp;&nbsp;&nbsp; 713610, 58.240%, 12/12/2023 †x#^ | BlueVine | 6/15/2023 | 10278 | 10638 | 1542 |
| &nbsp;&nbsp;&nbsp; 713618, 85.800%, 12/19/2023 †x#^ | BlueVine | 6/15/2023 | 3161 | 3272 | 474 |
| &nbsp;&nbsp;&nbsp; 713734, 28.920%, 6/04/2024 †x#^ | BlueVine | 6/16/2023 | 8450 | 8746 | 1268 |
| &nbsp;&nbsp;&nbsp; 713740, 32.520%, 8/08/2024 †x#^ | BlueVine | 6/16/2023 | 1857 | 1922 | 279 |
| &nbsp;&nbsp;&nbsp; 713754, 49.560%, 6/06/2024 †x#^ | BlueVine | 6/16/2023 | 25126 | 26005 | 3769 |
| &nbsp;&nbsp;&nbsp; 713776, 52.000%, 1/04/2024 †x#^ | BlueVine | 6/20/2023 | 7420 | 7680 | 1113 |
| &nbsp;&nbsp;&nbsp; 713864, 58.760%, 12/21/2023 †x#^ | BlueVine | 6/20/2023 | 18665 | 19319 | 2800 |
| &nbsp;&nbsp;&nbsp; 713891, 50.440%, 12/28/2023 †x#^ | BlueVine | 6/20/2023 | 1441 | 1491 | 216 |
| &nbsp;&nbsp;&nbsp; 713918, 88.400%, 12/14/2023 †x#^ | BlueVine | 6/20/2023 | 17464 | 18075 | 2620 |
| &nbsp;&nbsp;&nbsp; 714272, 74.880%, 1/02/2024 †x#^ | BlueVine | 6/22/2023 | 700 | 725 | 105 |
| &nbsp;&nbsp;&nbsp; 714361, 57.200%, 3/07/2025 †x#^ | BlueVine | 6/22/2023 | 4609 | 4771 | 691 |
| &nbsp;&nbsp;&nbsp; 714820, 40.560%, 1/02/2024 †x#^ | BlueVine | 6/28/2023 | 1574 | 1629 | 236 |
| &nbsp;&nbsp;&nbsp; 714823, 57.200%, 2/16/2024 †x#^ | BlueVine | 6/28/2023 | 5021 | 5197 | 753 |
| &nbsp;&nbsp;&nbsp; 714937, 71.760%, 12/26/2023 †x#^ | BlueVine | 6/29/2023 | 11648 | 12056 | 1747 |
| &nbsp;&nbsp;&nbsp; 714938, 40.800%, 3/27/2025 †x#^ | BlueVine | 6/29/2023 | 62940 | 65143 | 9441 |
| &nbsp;&nbsp;&nbsp; 715241, 32.520%, 7/08/2024 †x#^ | BlueVine | 7/03/2023 | 6499 | 6726 | 975 |
| &nbsp;&nbsp;&nbsp; 715334, 58.760%, 1/04/2024 †x#^ | BlueVine | 7/03/2023 | 9754 | 10095 | 1463 |
| &nbsp;&nbsp;&nbsp; 715351, 58.760%, 8/02/2024 †x#^ | BlueVine | 7/05/2023 | 26559 | 27488 | 3984 |
| &nbsp;&nbsp;&nbsp; 715352, 22.200%, 7/02/2024 †x#^ | BlueVine | 7/05/2023 | 2364 | 2447 | 355 |
| &nbsp;&nbsp;&nbsp; 715503, 41.600%, 1/02/2024 †x#^ | BlueVine | 7/06/2023 | 4762 | 4928 | 714 |
| &nbsp;&nbsp;&nbsp; 715518, 33.960%, 7/09/2024 †x#^ | BlueVine | 7/06/2023 | 1411 | 1460 |  |
| &nbsp;&nbsp;&nbsp; 715660, 30.680%, 1/31/2024 †x#^ | BlueVine | 7/07/2023 | 1273 | 1317 | 191 |
| &nbsp;&nbsp;&nbsp; 715672, 42.900%, 1/03/2024 †x#^ | BlueVine | 7/07/2023 | 24113 | 24957 | 3617 |
| &nbsp;&nbsp;&nbsp; 715879, 67.600%, 1/04/2024 †x#^ | BlueVine | 7/10/2023 | 8662 | 8965 | 1299 |
| &nbsp;&nbsp;&nbsp; 716000, 34.268%, 8/22/2025 †x#^ | BlueVine | 7/11/2023 | 1285 | 1330 | 193 |
| &nbsp;&nbsp;&nbsp; 716162, 71.760%, 1/22/2024 †x#^ | BlueVine | 7/12/2023 | 1457 | 1508 | 218 |
| &nbsp;&nbsp;&nbsp; 716285, 63.960%, 1/09/2024 †x#^ | BlueVine | 7/13/2023 | 46149 | 47764 | 6922 |
| &nbsp;&nbsp;&nbsp; 716303, 30.680%, 1/31/2024 †x#^ | BlueVine | 7/13/2023 | 1273 | 1317 | 191 |
| &nbsp;&nbsp;&nbsp; 716306, 85.800%, 1/16/2024 †x#^ | BlueVine | 7/13/2023 | 4373 | 4526 | 656 |
| &nbsp;&nbsp;&nbsp; 716323, 70.720%, 3/12/2025 †x#^ | BlueVine | 7/13/2023 | 764 | 790 | 115 |
| &nbsp;&nbsp;&nbsp; 716434, 41.600%, 5/09/2025 †x#^ | BlueVine | 7/14/2023 | 123693 | 128022 | 18554 |
| &nbsp;&nbsp;&nbsp; 716444, 75.920%, 10/15/2024 †x#^ | BlueVine | 7/14/2023 | 3177 | 3288 | 477 |
| &nbsp;&nbsp;&nbsp; 716602, 29.760%, 6/26/2024 †x#^ | BlueVine | 7/17/2023 | 9052 | 9369 | 1358 |
| &nbsp;&nbsp;&nbsp; 716632, 45.240%, 1/11/2024 †x#^ | BlueVine | 7/17/2023 | 4302 | 4453 | 645 |
| &nbsp;&nbsp;&nbsp; 716746, 75.920%, 1/02/2025 †x#^ | BlueVine | 7/18/2023 | 2518 | 2607 | 378 |
| &nbsp;&nbsp;&nbsp; 716752, 39.960%, 8/28/2025 †x#^ | BlueVine | 7/18/2023 | 40816 | 42244 | 6122 |
| &nbsp;&nbsp;&nbsp; 716897, 30.680%, 5/10/2024 †x#^ | BlueVine | 7/19/2023 | 3636 | 3763 | 545 |
| &nbsp;&nbsp;&nbsp; 717047, 85.800%, 1/23/2024 †x#^ | BlueVine | 7/20/2023 | 3456 | 3569 | 518 |
| &nbsp;&nbsp;&nbsp; 717048, 67.600%, 2/03/2025 †x^ | BlueVine | 7/20/2023 | 8004 | 8004 |  |
| &nbsp;&nbsp;&nbsp; 717147, 40.920%, 7/18/2024 †x#^ | BlueVine | 7/21/2023 | 2871 | 2964 | 431 |
| &nbsp;&nbsp;&nbsp; 717294, 62.160%, 7/28/2025 †x#^ | BlueVine | 7/24/2023 | 4490 | 4636 | 673 |
| &nbsp;&nbsp;&nbsp; 717397, 62.160%, 7/17/2024 †x#^ | BlueVine | 7/25/2023 | 9820 | 10139 | 1473 |
| &nbsp;&nbsp;&nbsp; 717420, 33.000%, 7/08/2024 †x#^ | BlueVine | 7/25/2023 | 12826 | 13243 | 1924 |
| &nbsp;&nbsp;&nbsp; 717662, 75.920%, 6/14/2024 †x#^ | BlueVine | 7/27/2023 | 67717 | 69918 | 10158 |
| &nbsp;&nbsp;&nbsp; 717677, 58.760%, 2/06/2024 †x#^ | BlueVine | 7/27/2023 | 68420 | 70643 | 10263 |
| &nbsp;&nbsp;&nbsp; 717802, 62.160%, 7/22/2024 †x#^ | BlueVine | 7/28/2023 | 4362 | 4504 | 654 |
| &nbsp;&nbsp;&nbsp; 717818, 36.000%, 7/22/2024 †x#^ | BlueVine | 7/28/2023 | 12854 | 13272 | 1928 |
| &nbsp;&nbsp;&nbsp; 717826, 75.920%, 1/31/2024 †x#^ | BlueVine | 7/28/2023 | 1558 | 1609 | 234 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8921** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 718067, 33.000%, 9/11/2024 †x#^ | BlueVine | 8/01/2023 | $15561 | $16067 | $2334 |
| &nbsp;&nbsp;&nbsp; 718076, 39.000%, 2/02/2024 †x#^ | BlueVine | 8/01/2023 | 2394 | 2472 | 359 |
| &nbsp;&nbsp;&nbsp; 718103, 75.920%, 2/07/2024 †x#^ | BlueVine | 8/01/2023 | 11500 | 11874 | 1725 |
| &nbsp;&nbsp;&nbsp; 718225, 49.560%, 7/15/2024 †x#^ | BlueVine | 8/02/2023 | 10127 | 10456 | 1519 |
| &nbsp;&nbsp;&nbsp; 718367, 36.000%, 7/22/2024 †x#^ | BlueVine | 8/03/2023 | 5177 | 5345 | 777 |
| &nbsp;&nbsp;&nbsp; 718375, 88.400%, 2/06/2024 †x#^ | BlueVine | 8/03/2023 | 6549 | 6762 | 982 |
| &nbsp;&nbsp;&nbsp; 718393, 30.360%, 7/15/2024 †x#^ | BlueVine | 8/03/2023 | 1951 | 2015 | 293 |
| &nbsp;&nbsp;&nbsp; 718423, 85.800%, 5/03/2024 †x#^ | BlueVine | 8/03/2023 | 871 | 900 | 131 |
| &nbsp;&nbsp;&nbsp; 718512, 88.400%, 1/31/2024 †x#^ | BlueVine | 8/04/2023 | 1332 | 1375 | 200 |
| &nbsp;&nbsp;&nbsp; 718534, 43.160%, 3/04/2026 †x# | BlueVine | 8/04/2023 | 15450 | 15953 | 2318 |
| &nbsp;&nbsp;&nbsp; 718538, 51.480%, 2/15/2024 †x#^ | BlueVine | 8/04/2023 | 28021 | 28932 | 4203 |
| &nbsp;&nbsp;&nbsp; 718796, 41.600%, 2/02/2024 †x#^ | BlueVine | 8/08/2023 | 20993 | 21675 | 3149 |
| &nbsp;&nbsp;&nbsp; 719179, 30.360%, 8/05/2024 †x#^ | BlueVine | 8/11/2023 | 20981 | 21663 | 3147 |
| &nbsp;&nbsp;&nbsp; 719324, 27.000%, 4/24/2025 †x#^ | BlueVine | 8/14/2023 | 7198 | 7432 | 1080 |
| &nbsp;&nbsp;&nbsp; 719332, 88.400%, 1/08/2026 †x# | BlueVine | 8/14/2023 | 8951 | 9242 | 1343 |
| &nbsp;&nbsp;&nbsp; 719444, 63.120%, 8/12/2024 †x#^ | BlueVine | 8/15/2023 | 14407 | 14876 | 2161 |
| &nbsp;&nbsp;&nbsp; 719732, 42.960%, 8/16/2024 †x#^ | BlueVine | 8/17/2023 | 4986 | 5148 | 748 |
| &nbsp;&nbsp;&nbsp; 719788, 35.880%, 8/05/2024 †x#^ | BlueVine | 8/17/2023 | 12890 | 13309 | 1933 |
| &nbsp;&nbsp;&nbsp; 719904, 73.840%, 3/26/2024 †x#^ | BlueVine | 8/18/2023 | 27418 | 28309 | 4113 |
| &nbsp;&nbsp;&nbsp; 720272, 85.800%, 3/04/2024 †x#^ | BlueVine | 8/23/2023 | 5986 | 6181 | 898 |
| &nbsp;&nbsp;&nbsp; 720649, 74.880%, 11/08/2024 †x#^ | BlueVine | 8/28/2023 | 21853 | 22564 | 3278 |
| &nbsp;&nbsp;&nbsp; 720768, 37.440%, 2/23/2024 †x#^ | BlueVine | 8/29/2023 | 1662 | 1716 | 249 |
| &nbsp;&nbsp;&nbsp; 720875, 30.680%, 2/26/2024 †x#^ | BlueVine | 8/30/2023 | 22 | 23 | 3 |
| &nbsp;&nbsp;&nbsp; 721151, 43.920%, 9/03/2024 †x#^ | BlueVine | 9/01/2023 | 110742 | 114341 | 16611 |
| &nbsp;&nbsp;&nbsp; 721169, 45.000%, 8/13/2024 †x#^ | BlueVine | 9/01/2023 | 31849 | 32884 | 4777 |
| &nbsp;&nbsp;&nbsp; 721273, 48.880%, 9/27/2024 †x#^ | BlueVine | 9/05/2023 | 19336 | 19964 | 2900 |
| &nbsp;&nbsp;&nbsp; 721442, 45.480%, 10/21/2024 †x#^ | BlueVine | 9/06/2023 | 2037 | 2103 | 306 |
| &nbsp;&nbsp;&nbsp; 721472, 50.520%, 8/26/2024 †x#^ | BlueVine | 9/06/2023 | 2344 | 2421 | 352 |
| &nbsp;&nbsp;&nbsp; 721556, 88.400%, 3/21/2024 †x#^ | BlueVine | 9/07/2023 | 3238 | 3344 | 486 |
| &nbsp;&nbsp;&nbsp; 721557, 35.880%, 7/01/2024 †x#^ | BlueVine | 9/07/2023 | 822 | 849 | 123 |
| &nbsp;&nbsp;&nbsp; 721607, 75.920%, 6/14/2024 †x#^ | BlueVine | 9/07/2023 | 7931 | 8189 | 1190 |
| &nbsp;&nbsp;&nbsp; 721609, 50.440%, 3/05/2024 †x#^ | BlueVine | 9/07/2023 | 1874 | 1935 | 281 |
| &nbsp;&nbsp;&nbsp; 721945, 80.080%, 3/14/2024 †x#^ | BlueVine | 9/11/2023 | 5339 | 5513 | 801 |
| &nbsp;&nbsp;&nbsp; 721959, 45.480%, 7/13/2026 †x# | BlueVine | 9/11/2023 | 18174 | 18765 | 2726 |
| &nbsp;&nbsp;&nbsp; 722118, 56.680%, 3/08/2024 †x#^ | BlueVine | 9/12/2023 | 1254 | 1295 | 188 |
| &nbsp;&nbsp;&nbsp; 722266, 32.760%, 9/09/2024 †x#^ | BlueVine | 9/13/2023 | 3430 | 3542 | 515 |
| &nbsp;&nbsp;&nbsp; 722293, 42.120%, 9/16/2024 †x#^ | BlueVine | 9/13/2023 | 14229 | 14692 | 2134 |
| &nbsp;&nbsp;&nbsp; 722389, 30.680%, 6/25/2024 †x#^ | BlueVine | 9/14/2023 | 4941 | 5102 | 741 |
| &nbsp;&nbsp;&nbsp; 722566, 42.900%, 3/13/2024 †x#^ | BlueVine | 9/15/2023 | 7968 | 8227 | 1195 |
| &nbsp;&nbsp;&nbsp; 722861, 67.600%, 6/28/2024 †x#^ | BlueVine | 9/19/2023 | 4880 | 5038 | 732 |
| &nbsp;&nbsp;&nbsp; 722970, 57.200%, 5/14/2024 †x#^ | BlueVine | 9/20/2023 | 20930 | 21610 | 3139 |
| &nbsp;&nbsp;&nbsp; 722979, 31.200%, 12/30/2024 †x#^ | BlueVine | 9/20/2023 | 2050 | 2116 | 307 |
| &nbsp;&nbsp;&nbsp; 723102, 56.680%, 9/17/2024 †x#^ | BlueVine | 9/21/2023 | 29363 | 30317 | 4404 |
| &nbsp;&nbsp;&nbsp; 723254, 42.120%, 4/02/2025 †x#^ | BlueVine | 9/22/2023 | 43961 | 45390 | 6594 |
| &nbsp;&nbsp;&nbsp; 723258, 40.800%, 7/16/2027 †x# | BlueVine | 9/22/2023 | 36216 | 37393 | 5432 |
| &nbsp;&nbsp;&nbsp; 723262, 67.600%, 3/27/2024 †x#^ | BlueVine | 9/22/2023 | 2295 | 2369 | 344 |
| &nbsp;&nbsp;&nbsp; 723325, 22.800%, 9/16/2024 †x#^ | BlueVine | 9/25/2023 | 7563 | 7808 | 1134 |
| &nbsp;&nbsp;&nbsp; 723361, 30.360%, 9/13/2024 †x#^ | BlueVine | 9/25/2023 | 24391 | 25184 | 3659 |
| &nbsp;&nbsp;&nbsp; 723495, 66.560%, 3/29/2024 †x#^ | BlueVine | 9/26/2023 | 8174 | 8440 | 1226 |
| &nbsp;&nbsp;&nbsp; 723985, 29.760%, 9/11/2024 †x#^ | BlueVine | 10/02/2023 | 12374 | 12776 | 1856 |
| &nbsp;&nbsp;&nbsp; 724032, 42.960%, 10/15/2024 †x#^ | BlueVine | 10/02/2023 | 23163 | 23915 | 3474 |
| &nbsp;&nbsp;&nbsp; 724149, 48.960%, 10/02/2024 †x#^ | BlueVine | 10/03/2023 | 3878 | 4004 | 582 |
| &nbsp;&nbsp;&nbsp; 724342, 31.200%, 4/29/2024 †x#^ | BlueVine | 10/04/2023 | 14235 | 14698 | 2135 |
| &nbsp;&nbsp;&nbsp; 724347, 36.000%, 3/19/2025 †x#^ | BlueVine | 10/04/2023 | 5825 | 6015 | 874 |
| &nbsp;&nbsp;&nbsp; 724367, 75.920%, 4/08/2024 †x#^ | BlueVine | 10/04/2023 | 20037 | 20688 | 3006 |
| &nbsp;&nbsp;&nbsp; 724377, 42.960%, 10/21/2024 †x#^ | BlueVine | 10/04/2023 | 1578 | 1630 | 237 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8922** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 724610, 75.920%, 5/31/2024 †x#^ | BlueVine | 10/06/2023 | $4621 | $4771 | $693 |
| &nbsp;&nbsp;&nbsp; 724755, 75.920%, 4/11/2024 †x#^ | BlueVine | 10/10/2023 | 8864 | 9152 | 1330 |
| &nbsp;&nbsp;&nbsp; 724771, 35.640%, 10/07/2024 †x#^ | BlueVine | 10/10/2023 | 14398 | 14866 | 2160 |
| &nbsp;&nbsp;&nbsp; 724775, 23.160%, 5/12/2025 †x#^ | BlueVine | 10/10/2023 | 17249 | 17810 | 2587 |
| &nbsp;&nbsp;&nbsp; 724777, 58.760%, 4/04/2024 †x#^ | BlueVine | 10/10/2023 | 3695 | 3815 | 554 |
| &nbsp;&nbsp;&nbsp; 724881, 30.680%, 4/05/2024 †x#^ | BlueVine | 10/11/2023 | 1100 | 1136 | 165 |
| &nbsp;&nbsp;&nbsp; 724892, 41.080%, 8/16/2024 †x#^ | BlueVine | 10/11/2023 | 25094 | 25910 | 3764 |
| &nbsp;&nbsp;&nbsp; 724931, 80.080%, 8/02/2024 †x#^ | BlueVine | 10/11/2023 | 13748 | 14195 | 2062 |
| &nbsp;&nbsp;&nbsp; 725237, 85.800%, 4/10/2024 †x#^ | BlueVine | 10/13/2023 | 8941 | 9231 | 1341 |
| &nbsp;&nbsp;&nbsp; 725337, 52.000%, 4/11/2024 †x#^ | BlueVine | 10/16/2023 | 4769 | 4924 | 715 |
| &nbsp;&nbsp;&nbsp; 725362, 41.080%, 10/25/2024 †x#^ | BlueVine | 10/16/2023 | 3472 | 3584 | 521 |
| &nbsp;&nbsp;&nbsp; 725376, 75.920%, 4/19/2024 †x#^ | BlueVine | 10/16/2023 | 16076 | 16599 | 2411 |
| &nbsp;&nbsp;&nbsp; 725486, 62.160%, 9/23/2024 †x#^ | BlueVine | 10/17/2023 | 7975 | 8234 | 1196 |
| &nbsp;&nbsp;&nbsp; 725744, 78.000%, 4/23/2024 †x#^ | BlueVine | 10/19/2023 | 12666 | 13077 | 1900 |
| &nbsp;&nbsp;&nbsp; 725890, 83.200%, 5/13/2024 †x#^ | BlueVine | 10/20/2023 | 16088 | 16611 | 2413 |
| &nbsp;&nbsp;&nbsp; 725995, 49.560%, 10/15/2024 †x#^ | BlueVine | 10/23/2023 | 15540 | 16045 | 2331 |
| &nbsp;&nbsp;&nbsp; 726013, 42.960%, 10/16/2024 †x#^ | BlueVine | 10/23/2023 | 9161 | 9458 | 1374 |
| &nbsp;&nbsp;&nbsp; 726109, 44.760%, 10/21/2024 †x#^ | BlueVine | 10/24/2023 | 47876 | 49432 | 7181 |
| &nbsp;&nbsp;&nbsp; 726350, 36.960%, 10/25/2024 †x#^ | BlueVine | 10/26/2023 | 8152 | 8417 | 1223 |
| &nbsp;&nbsp;&nbsp; 726460, 36.920%, 2/14/2025 †x#^ | BlueVine | 10/27/2023 | 18231 | 18824 | 2735 |
| &nbsp;&nbsp;&nbsp; 726561, 32.760%, 5/02/2024 †x#^ | BlueVine | 10/30/2023 | 10755 | 11104 | 1613 |
| &nbsp;&nbsp;&nbsp; 726579, 30.000%, 11/20/2025 †x# | BlueVine | 10/30/2023 | 4053 | 4184 | 608 |
| &nbsp;&nbsp;&nbsp; 726827, 39.960%, 12/01/2025 †x# | BlueVine | 11/01/2023 | 6563 | 6777 | 985 |
| &nbsp;&nbsp;&nbsp; 727305, 31.680%, 11/04/2024 †x#^ | BlueVine | 11/07/2023 | 69606 | 71869 | 10441 |
| &nbsp;&nbsp;&nbsp; 727567, 33.000%, 7/14/2025 †x#^ | BlueVine | 11/09/2023 | 3323 | 3431 | 499 |
| &nbsp;&nbsp;&nbsp; 727663, 45.480%, 9/11/2026 †x# | BlueVine | 11/10/2023 | 7927 | 8185 | 1189 |
| &nbsp;&nbsp;&nbsp; 727668, 33.800%, 9/09/2024 †x#^ | BlueVine | 11/10/2023 | 4356 | 4497 | 653 |
| &nbsp;&nbsp;&nbsp; 727706, 81.120%, 8/23/2024 †x#^ | BlueVine | 11/10/2023 | 2565 | 2649 | 385 |
| &nbsp;&nbsp;&nbsp; 727919, 36.920%, 3/07/2025 †x#^ | BlueVine | 11/14/2023 | 11000 | 11358 | 1650 |
| &nbsp;&nbsp;&nbsp; 728004, 41.600%, 5/20/2024 †x#^ | BlueVine | 11/15/2023 | 39069 | 40339 | 5860 |
| &nbsp;&nbsp;&nbsp; 728007, 85.800%, 5/13/2024 †x#^ | BlueVine | 11/15/2023 | 14164 | 14624 | 2125 |
| &nbsp;&nbsp;&nbsp; 728010, 39.520%, 6/04/2024 †x#^ | BlueVine | 11/15/2023 | 5826 | 6015 | 874 |
| &nbsp;&nbsp;&nbsp; 728025, 32.760%, 7/02/2024 †x#^ | BlueVine | 11/15/2023 | 5226 | 5396 | 784 |
| &nbsp;&nbsp;&nbsp; 728151, 62.400%, 8/11/2025 †x#^ | BlueVine | 11/16/2023 | 3301 | 3408 | 495 |
| &nbsp;&nbsp;&nbsp; 728235, 42.960%, 11/20/2024 †x#^ | BlueVine | 11/17/2023 | 5817 | 6006 | 873 |
| &nbsp;&nbsp;&nbsp; 728287, 59.280%, 12/20/2027 †x# | BlueVine | 11/17/2023 | 88205 | 91072 | 13231 |
| &nbsp;&nbsp;&nbsp; 728392, 35.880%, 5/31/2024 †x#^ | BlueVine | 11/20/2023 | 11161 | 11523 | 1674 |
| &nbsp;&nbsp;&nbsp; 728499, 27.960%, 11/17/2025 †x# | BlueVine | 11/21/2023 | 23232 | 23987 | 3485 |
| &nbsp;&nbsp;&nbsp; 728637, 54.600%, 5/20/2024 †x#^ | BlueVine | 11/22/2023 | 1627 | 1680 | 244 |
| &nbsp;&nbsp;&nbsp; 728720, 22.920%, 4/25/2025 †x#^ | BlueVine | 11/24/2023 | 1047 | 1081 | 157 |
| &nbsp;&nbsp;&nbsp; 728757, 57.720%, 5/28/2024 †x#^ | BlueVine | 11/24/2023 | 12 | 12 | 2 |
| &nbsp;&nbsp;&nbsp; 728871, 23.400%, 8/30/2024 †x#^ | BlueVine | 11/27/2023 | 8263 | 8531 | 1239 |
| &nbsp;&nbsp;&nbsp; 728876, 39.600%, 7/14/2025 †x#^ | BlueVine | 11/27/2023 | 1522 | 1572 | 228 |
| &nbsp;&nbsp;&nbsp; 728880, 51.480%, 5/22/2024 †x#^ | BlueVine | 11/27/2023 | 9661 | 9975 | 1449 |
| &nbsp;&nbsp;&nbsp; 728893, 33.000%, 11/29/2024 †x#^ | BlueVine | 11/27/2023 | 40935 | 42266 | 6140 |
| &nbsp;&nbsp;&nbsp; 728915, 23.400%, 9/06/2024 †x#^ | BlueVine | 11/27/2023 | 13305 | 13737 | 1996 |
| &nbsp;&nbsp;&nbsp; 729076, 56.680%, 5/28/2024 †x#^ | BlueVine | 11/29/2023 | 21641 | 22344 | 3246 |
| &nbsp;&nbsp;&nbsp; 729221, 83.200%, 6/17/2024 †x#^ | BlueVine | 11/30/2023 | 10000 | 10325 | 1500 |
| &nbsp;&nbsp;&nbsp; 729325, 24.480%, 3/17/2025 †x#^ | BlueVine | 12/01/2023 | 13714 | 14159 | 2057 |
| &nbsp;&nbsp;&nbsp; 729341, 80.080%, 5/29/2024 †x#^ | BlueVine | 12/01/2023 | 7782 | 8035 | 1167 |
| &nbsp;&nbsp;&nbsp; 729356, 22.920%, 4/25/2025 †x#^ | BlueVine | 12/01/2023 | 629 | 649 | 94 |
| &nbsp;&nbsp;&nbsp; 729366, 45.000%, 12/05/2024 †x#^ | BlueVine | 12/01/2023 | 25124 | 25940 | 3769 |
| &nbsp;&nbsp;&nbsp; 729372, 62.400%, 8/11/2025 †x#^ | BlueVine | 12/01/2023 | 3179 | 3282 | 477 |
| &nbsp;&nbsp;&nbsp; 729465, 24.480%, 3/17/2025 †x#^ | BlueVine | 12/04/2023 | 10798 | 11149 | 1620 |
| &nbsp;&nbsp;&nbsp; 729501, 30.680%, 5/30/2024 †x#^ | BlueVine | 12/04/2023 | 289 | 299 | 43 |
| &nbsp;&nbsp;&nbsp; 729507, 22.200%, 11/25/2024 †x#^ | BlueVine | 12/04/2023 | 3580 | 3697 | 537 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8923** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 729646, 62.280%, 4/14/2025 †x#^ | BlueVine | 12/05/2023 | $4499 | $4645 | $675 |
| &nbsp;&nbsp;&nbsp; 729801, 25.500%, 12/09/2024 †x#^ | BlueVine | 12/06/2023 | 32409 | 33462 | 4861 |
| &nbsp;&nbsp;&nbsp; 730154, 33.000%, 12/13/2024 †x#^ | BlueVine | 12/11/2023 | 15064 | 15554 | 2260 |
| &nbsp;&nbsp;&nbsp; 730155, 59.644%, 3/10/2025 †x#^ | BlueVine | 12/11/2023 | 7818 | 8072 | 1173 |
| &nbsp;&nbsp;&nbsp; 730350, 62.280%, 11/20/2024 †x#^ | BlueVine | 12/13/2023 | 8037 | 8299 | 1206 |
| &nbsp;&nbsp;&nbsp; 730539, 33.000%, 8/12/2025 †x#^ | BlueVine | 12/14/2023 | 4048 | 4179 | 607 |
| &nbsp;&nbsp;&nbsp; 730638, 23.400%, 6/12/2024 †x#^ | BlueVine | 12/15/2023 | 4580 | 4729 | 687 |
| &nbsp;&nbsp;&nbsp; 730721, 30.360%, 11/25/2024 †x#^ | BlueVine | 12/18/2023 | 17069 | 17624 | 2560 |
| &nbsp;&nbsp;&nbsp; 730744, 31.200%, 12/30/2024 †x#^ | BlueVine | 12/18/2023 | 3917 | 4044 | 588 |
| &nbsp;&nbsp;&nbsp; 730764, 22.200%, 12/11/2024 †x#^ | BlueVine | 12/18/2023 | 14281 | 14745 | 2142 |
| &nbsp;&nbsp;&nbsp; 731054, 66.560%, 3/24/2025 †x#^ | BlueVine | 12/21/2023 | 18567 | 19170 | 2785 |
| &nbsp;&nbsp;&nbsp; 731537, 31.200%, 12/30/2024 †x#^ | BlueVine | 12/28/2023 | 2680 | 2768 | 402 |
| &nbsp;&nbsp;&nbsp; 731667, 56.680%, 7/10/2024 †x#^ | BlueVine | 12/29/2023 | 857 | 885 | 129 |
| &nbsp;&nbsp;&nbsp; 731675, 37.440%, 10/29/2024 †x#^ | BlueVine | 12/29/2023 | 6747 | 6967 | 1012 |
| &nbsp;&nbsp;&nbsp; 731796, 44.720%, 8/15/2025 †x#^ | BlueVine | 1/02/2024 | 9695 | 10010 | 1454 |
| &nbsp;&nbsp;&nbsp; 731DF9AA, 13.000%, 7/19/2026 †§#‡∑ | Unchained | 7/30/2025 | 3500000 | 3500000 | 3500000 |
| &nbsp;&nbsp;&nbsp; 732098, 42.120%, 7/09/2024 †x#^ | BlueVine | 1/04/2024 | 5792 | 5980 | 869 |
| &nbsp;&nbsp;&nbsp; 732126, 47.160%, 12/16/2025 †x# | BlueVine | 1/04/2024 | 681 | 703 |  |
| &nbsp;&nbsp;&nbsp; 732134, 75.920%, 8/21/2024 †x#^ | BlueVine | 1/04/2024 | 4746 | 4900 | 712 |
| &nbsp;&nbsp;&nbsp; 732412, 38.760%, 12/26/2024 †x#^ | BlueVine | 1/08/2024 | 35402 | 36553 | 5310 |
| &nbsp;&nbsp;&nbsp; 732559, 23.160%, 12/26/2024 †x#^ | BlueVine | 1/09/2024 | 34569 | 35692 | 5185 |
| &nbsp;&nbsp;&nbsp; 732679, 72.800%, 7/08/2024 †x#^ | BlueVine | 1/10/2024 | 27860 | 28765 | 4179 |
| &nbsp;&nbsp;&nbsp; 732718, 32.760%, 7/30/2024 †x#^ | BlueVine | 1/10/2024 | 981 | 1013 | 147 |
| &nbsp;&nbsp;&nbsp; 732944, 50.760%, 5/27/2026 †x# | BlueVine | 1/12/2024 | 11934 | 12322 | 1790 |
| &nbsp;&nbsp;&nbsp; 733076, 33.800%, 7/11/2024 †x#^ | BlueVine | 1/16/2024 | 61922 | 63934 | 9288 |
| &nbsp;&nbsp;&nbsp; 733105, 88.400%, 7/18/2024 †x#^ | BlueVine | 1/16/2024 | 30000 | 30975 | 4500 |
| &nbsp;&nbsp;&nbsp; 733230, 51.480%, 1/24/2025 †x#^ | BlueVine | 1/17/2024 | 4606 | 4756 | 691 |
| &nbsp;&nbsp;&nbsp; 733360, 32.760%, 1/02/2025 †x#^ | BlueVine | 1/18/2024 | 73917 | 76319 | 11088 |
| &nbsp;&nbsp;&nbsp; 733691, 69.360%, 1/10/2025 †x#^ | BlueVine | 1/22/2024 | 50609 | 52253 | 7591 |
| &nbsp;&nbsp;&nbsp; 733923, 31.200%, 8/22/2025 †x#^ | BlueVine | 1/24/2024 | 739 | 763 | 111 |
| &nbsp;&nbsp;&nbsp; 734236, 51.480%, 8/01/2024 †x#^ | BlueVine | 1/29/2024 | 44384 | 45827 | 6658 |
| &nbsp;&nbsp;&nbsp; 734264, 44.760%, 1/21/2025 †x#^ | BlueVine | 1/29/2024 | 2926 | 3021 | 439 |
| &nbsp;&nbsp;&nbsp; 734358, 28.800%, 1/06/2025 †x#^ | BlueVine | 1/30/2024 | 62087 | 64105 | 9313 |
| &nbsp;&nbsp;&nbsp; 734428, 59.280%, 7/29/2024 †x#^ | BlueVine | 1/31/2024 | 25940 | 26783 | 3891 |
| &nbsp;&nbsp;&nbsp; 734436, 43.920%, 1/22/2025 †x#^ | BlueVine | 1/31/2024 | 69910 | 72183 | 10487 |
| &nbsp;&nbsp;&nbsp; 734608, 51.480%, 8/06/2024 †x#^ | BlueVine | 2/01/2024 | 4385 | 4527 | 658 |
| &nbsp;&nbsp;&nbsp; 734620, 51.480%, 7/30/2024 †x#^ | BlueVine | 2/01/2024 | 776 | 801 | 116 |
| &nbsp;&nbsp;&nbsp; 734635, 42.120%, 8/06/2024 †x#^ | BlueVine | 2/01/2024 | 2168 | 2239 | 325 |
| &nbsp;&nbsp;&nbsp; 734718, 39.960%, 2/03/2025 †x#^ | BlueVine | 2/05/2024 | 17188 | 17747 | 2578 |
| &nbsp;&nbsp;&nbsp; 734755, 33.280%, 1/10/2025 †x#^ | BlueVine | 2/02/2024 | 2604 | 2689 | 391 |
| &nbsp;&nbsp;&nbsp; 735264, 51.480%, 8/13/2024 †x#^ | BlueVine | 2/08/2024 | 2939 | 3035 | 441 |
| &nbsp;&nbsp;&nbsp; 735457, 51.480%, 8/08/2024 †x#^ | BlueVine | 2/12/2024 | 449 | 463 | 67 |
| &nbsp;&nbsp;&nbsp; 735477, 35.640%, 7/07/2025 †x#^ | BlueVine | 2/12/2024 | 8642 | 8923 | 1296 |
| &nbsp;&nbsp;&nbsp; 735485, 33.720%, 2/03/2025 †x#^ | BlueVine | 2/12/2024 | 19032 | 19650 | 6035 |
| &nbsp;&nbsp;&nbsp; 735799, 46.280%, 8/13/2024 †x#^ | BlueVine | 2/15/2024 | 3774 | 3897 | 566 |
| &nbsp;&nbsp;&nbsp; 735892, 27.040%, 8/14/2024 †x#^ | BlueVine | 2/16/2024 | 4659 | 4810 | 699 |
| &nbsp;&nbsp;&nbsp; 735901, 51.480%, 8/14/2024 †x#^ | BlueVine | 2/16/2024 | 1639 | 1692 | 246 |
| &nbsp;&nbsp;&nbsp; 735992, 47.160%, 2/03/2025 †x#^ | BlueVine | 2/20/2024 | 1933 | 1996 | 290 |
| &nbsp;&nbsp;&nbsp; 736112, 24.960%, 2/14/2025 †x#^ | BlueVine | 2/21/2024 | 67062 | 69241 | 10059 |
| &nbsp;&nbsp;&nbsp; 736119, 24.440%, 8/16/2024 †x#^ | BlueVine | 2/21/2024 | 10687 | 11034 | 1603 |
| &nbsp;&nbsp;&nbsp; 736368, 81.640%, 8/21/2024 †x#^ | BlueVine | 2/23/2024 | 1500 | 1549 | 225 |
| &nbsp;&nbsp;&nbsp; 736577, 24.960%, 2/14/2025 †x#^ | BlueVine | 2/27/2024 | 22714 | 23452 | 3407 |
| &nbsp;&nbsp;&nbsp; 736648, 22.200%, 2/25/2025 †x#^ | BlueVine | 2/28/2024 | 13816 | 14265 | 2072 |
| &nbsp;&nbsp;&nbsp; 736773, 28.080%, 8/27/2024 †x#^ | BlueVine | 2/29/2024 | 24840 | 25647 | 3726 |
| &nbsp;&nbsp;&nbsp; 736774, 27.000%, 2/26/2025 †x#^ | BlueVine | 2/29/2024 | 2348 | 2424 | 352 |
| &nbsp;&nbsp;&nbsp; 736790, 42.120%, 8/27/2024 †x#^ | BlueVine | 2/29/2024 | 7582 | 7829 | 1137 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8924** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 736951, 59.280%, 8/29/2024 †x#^ | BlueVine | 3/04/2024 | $22477 | $23207 | $3372 |
| &nbsp;&nbsp;&nbsp; 737056, 28.800%, 2/26/2025 †x#^ | BlueVine | 3/05/2024 | 15798 | 16311 | 2370 |
| &nbsp;&nbsp;&nbsp; 737058, 29.760%, 3/03/2025 †x#^ | BlueVine | 3/05/2024 | 52206 | 53903 | 7831 |
| &nbsp;&nbsp;&nbsp; 737390, 79.040%, 9/04/2024 †x#^ | BlueVine | 3/08/2024 | 4694 | 4847 | 704 |
| &nbsp;&nbsp;&nbsp; 737841, 25.480%, 9/11/2024 †x#^ | BlueVine | 3/15/2024 | 16454 | 16988 | 2468 |
| &nbsp;&nbsp;&nbsp; 737864, 26.400%, 9/22/2025 †x# | BlueVine | 3/15/2024 | 23877 | 24637 | 974 |
| &nbsp;&nbsp;&nbsp; 738051, 47.840%, 9/20/2024 †x#^ | BlueVine | 3/19/2024 | 10759 | 11108 | 1614 |
| &nbsp;&nbsp;&nbsp; 738071, 24.440%, 9/13/2024 †x#^ | BlueVine | 3/19/2024 | 2793 | 2884 | 419 |
| &nbsp;&nbsp;&nbsp; 738090, 37.440%, 9/20/2024 †x#^ | BlueVine | 3/19/2024 | 4633 | 4784 | 695 |
| &nbsp;&nbsp;&nbsp; 738213, 47.840%, 9/24/2024 †x#^ | BlueVine | 3/21/2024 | 12060 | 12452 | 1809 |
| &nbsp;&nbsp;&nbsp; 738309, 36.920%, 9/18/2024 †x#^ | BlueVine | 3/22/2024 | 2453 | 2533 | 368 |
| &nbsp;&nbsp;&nbsp; 738332, 31.440%, 7/17/2025 †x#^ | BlueVine | 3/25/2024 | 28756 | 29691 | 4313 |
| &nbsp;&nbsp;&nbsp; 738423, 27.960%, 3/10/2025 †x#^ | BlueVine | 3/26/2024 | 16028 | 16549 | 2404 |
| &nbsp;&nbsp;&nbsp; 738439, 37.960%, 9/27/2024 †x#^ | BlueVine | 3/26/2024 | 21875 | 22586 | 3281 |
| &nbsp;&nbsp;&nbsp; 738510, 79.040%, 9/23/2024 †x#^ | BlueVine | 3/27/2024 | 10458 | 10798 | 1569 |
| &nbsp;&nbsp;&nbsp; 738560, 33.000%, 3/10/2025 †x#^ | BlueVine | 3/28/2024 | 11436 | 11807 | 1715 |
| &nbsp;&nbsp;&nbsp; 738572, 27.000%, 2/09/2026 †x# | BlueVine | 3/28/2024 | 30344 | 31330 | 4552 |
| &nbsp;&nbsp;&nbsp; 738614, 72.280%, 10/01/2024 †x#^ | BlueVine | 3/28/2024 | 4371 | 4513 | 656 |
| &nbsp;&nbsp;&nbsp; 738758, 26.640%, 3/16/2026 †x# | BlueVine | 4/01/2024 | 56895 | 58744 | 8534 |
| &nbsp;&nbsp;&nbsp; 738774, 72.280%, 9/26/2024 †x#^ | BlueVine | 4/01/2024 | 32483 | 33538 | 4872 |
| &nbsp;&nbsp;&nbsp; 738910, 52.520%, 9/30/2024 †x#^ | BlueVine | 4/03/2024 | 12993 | 13415 | 1949 |
| &nbsp;&nbsp;&nbsp; 739013, 42.960%, 4/21/2025 †x#^ | BlueVine | 4/04/2024 | 21423 | 22120 | 3214 |
| &nbsp;&nbsp;&nbsp; 739116, 39.960%, 4/01/2025 †x#^ | BlueVine | 4/05/2024 | 12000 | 12390 | 1800 |
| &nbsp;&nbsp;&nbsp; 739131, 80.080%, 1/08/2025 †x#^ | BlueVine | 4/05/2024 | 623 | 643 |  |
| &nbsp;&nbsp;&nbsp; 739184, 30.680%, 10/03/2024 †x#^ | BlueVine | 4/08/2024 | 13391 | 13826 | 2009 |
| &nbsp;&nbsp;&nbsp; 739300, 30.680%, 10/04/2024 †x#^ | BlueVine | 4/09/2024 | 56397 | 58230 | 8460 |
| &nbsp;&nbsp;&nbsp; 739352, 23.400%, 10/07/2024 †x#^ | BlueVine | 4/10/2024 | 8267 | 8536 | 1240 |
| &nbsp;&nbsp;&nbsp; 739371, 67.080%, 10/07/2024 †x#^ | BlueVine | 4/10/2024 | 8682 | 8964 | 1302 |
| &nbsp;&nbsp;&nbsp; 739453, 62.280%, 7/14/2025 †x#^ | BlueVine | 4/11/2024 | 7760 | 8013 | 1164 |
| &nbsp;&nbsp;&nbsp; 739467, 42.120%, 3/25/2025 †x#^ | BlueVine | 4/11/2024 | 14066 | 14523 | 2110 |
| &nbsp;&nbsp;&nbsp; 740045, 44.720%, 10/24/2024 †x#^ | BlueVine | 4/18/2024 | 82424 | 85103 | 12364 |
| &nbsp;&nbsp;&nbsp; 740305, 31.440%, 4/01/2025 †x#^ | BlueVine | 4/24/2024 | 3498 | 3611 | 525 |
| &nbsp;&nbsp;&nbsp; 740370, 31.200%, 8/22/2025 †x#^ | BlueVine | 4/25/2024 | 3029 | 3128 | 420 |
| &nbsp;&nbsp;&nbsp; 740415, 46.280%, 3/13/2025 †x#^ | BlueVine | 4/26/2024 | 5288 | 5460 | 793 |
| &nbsp;&nbsp;&nbsp; 740767, 29.760%, 4/25/2025 †x#^ | BlueVine | 5/17/2024 | 5027 | 5190 | 754 |
| &nbsp;&nbsp;&nbsp; 740960, 31.440%, 5/12/2025 †x#^ | BlueVine | 5/07/2024 | 4784 | 4940 | 244 |
| &nbsp;&nbsp;&nbsp; 741362, 50.760%, 4/28/2025 †x#^ | BlueVine | 5/15/2024 | 25462 | 26289 | 3819 |
| &nbsp;&nbsp;&nbsp; 741470, 51.480%, 1/26/2026 †x# | BlueVine | 5/16/2024 | 44055 | 45487 | 6608 |
| &nbsp;&nbsp;&nbsp; 741615, 31.920%, 5/12/2025 †x#^ | BlueVine | 5/20/2024 | 3356 | 3465 | 163 |
| &nbsp;&nbsp;&nbsp; 741762, 40.920%, 1/27/2034 †x# | BlueVine | 5/23/2024 | 14444 | 14914 | 636 |
| &nbsp;&nbsp;&nbsp; 741970, 30.396%, 11/10/2025 †x# | BlueVine | 5/28/2024 | 9311 | 9614 | 1397 |
| &nbsp;&nbsp;&nbsp; 742105, 31.200%, 8/22/2025 †x#^ | BlueVine | 5/30/2024 | 4503 | 4649 | 1320 |
| &nbsp;&nbsp;&nbsp; 742249, 48.960%, 6/04/2025 †x#^ | BlueVine | 6/03/2024 | 2900 | 2995 | 54 |
| &nbsp;&nbsp;&nbsp; 742291, 42.120%, 11/29/2024 †x#^ | BlueVine | 6/03/2024 | 28799 | 29735 | 4320 |
| &nbsp;&nbsp;&nbsp; 742302, 42.120%, 6/09/2025 †x#^ | BlueVine | 6/03/2024 | 7588 | 7835 | 1457 |
| &nbsp;&nbsp;&nbsp; 742605, 24.440%, 12/04/2024 †x#^ | BlueVine | 6/07/2024 | 14301 | 14766 | 2145 |
| &nbsp;&nbsp;&nbsp; 742615, 42.120%, 5/27/2025 †x#^ | BlueVine | 6/07/2024 | 9437 | 9744 | 1416 |
| &nbsp;&nbsp;&nbsp; 742959, 30.396%, 10/08/2025 †x# | BlueVine | 6/14/2024 | 11135 | 11497 | 1670 |
| &nbsp;&nbsp;&nbsp; 743044, 33.000%, 6/03/2025 †x#^ | BlueVine | 6/17/2024 | 36262 | 37440 | 5439 |
| &nbsp;&nbsp;&nbsp; 743080, 64.480%, 2/04/2026 †x# | BlueVine | 6/17/2024 | 11982 | 12371 | 1797 |
| &nbsp;&nbsp;&nbsp; 743131, 59.280%, 12/20/2024 †x#^ | BlueVine | 6/18/2024 | 17246 | 17807 | 2587 |
| &nbsp;&nbsp;&nbsp; 743237, 23.400%, 12/16/2024 †x#^ | BlueVine | 6/20/2024 | 18554 | 19157 | 2783 |
| &nbsp;&nbsp;&nbsp; 743537, 27.000%, 6/27/2025 †x#^ | BlueVine | 6/25/2024 | 1143 | 1180 | 267 |
| &nbsp;&nbsp;&nbsp; 743584, 67.600%, 12/30/2024 †x#^ | BlueVine | 6/26/2024 | 50459 | 52099 | 7569 |
| &nbsp;&nbsp;&nbsp; 743626, 33.720%, 6/02/2025 †x#^ | BlueVine | 6/26/2024 | 25129 | 25946 | 3769 |
| &nbsp;&nbsp;&nbsp; 743649, 24.120%, 6/23/2025 †x#^ | BlueVine | 6/27/2024 | 2783 | 2873 | 1456 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8925** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 743739, 23.160%, 6/25/2025 †x#^ | BlueVine | 6/28/2024 | $24181 | $24967 | $3627 |
| &nbsp;&nbsp;&nbsp; 743755, 19.692%, 6/18/2025 †x#^ | BlueVine | 6/28/2024 | 40290 | 41599 | 6043 |
| &nbsp;&nbsp;&nbsp; 743864, 34.788%, 10/28/2025 †x | BlueVine | 7/02/2024 | 18960 | 18978 | 19170 |
| &nbsp;&nbsp;&nbsp; 743N6WXT, 14.000%, 10/11/2025 †§#‡∑ | Unchained | 1/03/2025 | 170000 | 170000 | 170215 |
| &nbsp;&nbsp;&nbsp; 744096, 42.120%, 4/22/2025 †x#^ | BlueVine | 7/05/2024 | 1953 | 2017 | 293 |
| &nbsp;&nbsp;&nbsp; 744169, 22.200%, 10/21/2025 †x | BlueVine | 7/08/2024 | 7063 | 7121 | 7096 |
| &nbsp;&nbsp;&nbsp; 744333, 51.480%, 1/06/2025 †x#^ | BlueVine | 7/10/2024 | 2949 | 3045 | 442 |
| &nbsp;&nbsp;&nbsp; 744346, 59.280%, 5/13/2025 †x#^ | BlueVine | 7/10/2024 | 17157 | 17714 | 2574 |
| &nbsp;&nbsp;&nbsp; 744402, 66.560%, 1/07/2025 †x#^ | BlueVine | 7/11/2024 | 37703 | 38929 | 5656 |
| &nbsp;&nbsp;&nbsp; 744403, 63.960%, 1/14/2025 †x#^ | BlueVine | 7/11/2024 | 23898 | 24675 | 3585 |
| &nbsp;&nbsp;&nbsp; 744436, 15.600%, 3/19/2025 †x#^ | BlueVine | 7/12/2024 | 28018 | 28928 | 4203 |
| &nbsp;&nbsp;&nbsp; 744468, 29.400%, 11/19/2025 †x | BlueVine | 7/12/2024 | 4023 | 4043 | 4048 |
| &nbsp;&nbsp;&nbsp; 744762, 75.920%, 8/14/2025 †x#^ | BlueVine | 7/17/2024 | 47607 | 49154 | 7141 |
| &nbsp;&nbsp;&nbsp; 744924, 30.000%, 6/30/2025 †x#^ | BlueVine | 7/19/2024 | 25596 | 26428 | 3839 |
| &nbsp;&nbsp;&nbsp; 744930, 52.520%, 1/15/2025 †x#^ | BlueVine | 7/19/2024 | 1008 | 1041 | 151 |
| &nbsp;&nbsp;&nbsp; 745097, 78.000%, 1/24/2025 †x#^ | BlueVine | 7/23/2024 | 39623 | 40911 | 5943 |
| &nbsp;&nbsp;&nbsp; 745100, 32.240%, 1/24/2025 †x#^ | BlueVine | 7/23/2024 | 118722 | 122580 | 17808 |
| &nbsp;&nbsp;&nbsp; 745160, 78.520%, 1/30/2026 †x# | BlueVine | 7/24/2024 | 3873 | 3999 |  |
| &nbsp;&nbsp;&nbsp; 745165, 67.600%, 1/21/2025 †x#^ | BlueVine | 7/24/2024 | 9155 | 9452 | 1373 |
| &nbsp;&nbsp;&nbsp; 745166, 67.600%, 1/21/2025 †x#^ | BlueVine | 7/24/2024 | 23999 | 24779 | 3600 |
| &nbsp;&nbsp;&nbsp; 745201, 24.440%, 1/21/2025 †x#^ | BlueVine | 7/24/2024 | 37132 | 38339 | 5570 |
| &nbsp;&nbsp;&nbsp; 745250, 26.640%, 9/22/2025 †x | BlueVine | 7/25/2024 | 330 | 330 | 330 |
| &nbsp;&nbsp;&nbsp; 745340, 41.080%, 1/22/2025 †x#^ | BlueVine | 7/26/2024 | 1447 | 1494 | 217 |
| &nbsp;&nbsp;&nbsp; 745534, 49.920%, 2/20/2026 †x# | BlueVine | 7/31/2024 | 64639 | 66739 | 9696 |
| &nbsp;&nbsp;&nbsp; 745710, 36.360%, 8/05/2025 †x#^ | BlueVine | 8/02/2024 | 9210 | 9510 | 1382 |
| &nbsp;&nbsp;&nbsp; 745801, 33.800%, 1/30/2025 †x#^ | BlueVine | 8/05/2024 | 25218 | 26038 | 1230 |
| &nbsp;&nbsp;&nbsp; 746165, 83.200%, 2/21/2025 †x#^ | BlueVine | 8/12/2024 | 3188 | 3292 | 478 |
| &nbsp;&nbsp;&nbsp; 746236, 80.080%, 3/19/2025 †x#^ | BlueVine | 8/13/2024 | 9262 | 9563 | 1389 |
| &nbsp;&nbsp;&nbsp; 746309, 11.960%, 2/10/2025 †x#^ | BlueVine | 8/14/2024 | 11255 | 11621 | 1688 |
| &nbsp;&nbsp;&nbsp; 746316, 64.480%, 1/28/2026 †x# | BlueVine | 8/14/2024 | 7786 | 8039 |  |
| &nbsp;&nbsp;&nbsp; 746407, 57.200%, 2/18/2025 †x#^ | BlueVine | 8/15/2024 | 28794 | 29730 | 4319 |
| &nbsp;&nbsp;&nbsp; 746524, 24.000%, 8/12/2025 †x#^ | BlueVine | 8/19/2024 | 13906 | 13906 | 13811 |
| &nbsp;&nbsp;&nbsp; 746759, 45.760%, 3/04/2025 †x#^ | BlueVine | 8/21/2024 | 11835 | 12220 | 1775 |
| &nbsp;&nbsp;&nbsp; 746779, 25.480%, 7/18/2025 †x#^ | BlueVine | 8/21/2024 | 41195 | 42534 | 5938 |
| &nbsp;&nbsp;&nbsp; 746786, 22.920%, 12/26/2025 †x | BlueVine | 8/21/2024 | 7591 | 7648 | 4613 |
| &nbsp;&nbsp;&nbsp; 746829, 67.600%, 2/25/2025 †x#^ | BlueVine | 8/22/2024 | 4162 | 4297 | 624 |
| &nbsp;&nbsp;&nbsp; 746863, 32.076%, 11/13/2025 †x# | BlueVine | 8/22/2024 | 47079 | 48609 | 7062 |
| &nbsp;&nbsp;&nbsp; 746992, 26.520%, 8/27/2025 †x#^ | BlueVine | 8/26/2024 | 469 | 469 | 472 |
| &nbsp;&nbsp;&nbsp; 747032, 37.440%, 7/07/2025 †x#^ | BlueVine | 8/27/2024 | 11709 | 12090 | 1756 |
| &nbsp;&nbsp;&nbsp; 747033, 45.760%, 3/07/2025 †x#^ | BlueVine | 8/27/2024 | 11639 | 12017 | 1746 |
| &nbsp;&nbsp;&nbsp; 747068, 30.680%, 6/03/2025 †x#^ | BlueVine | 8/27/2024 | 9634 | 9947 | 1445 |
| &nbsp;&nbsp;&nbsp; 747121, 54.600%, 8/01/2025 †x#^ | BlueVine | 8/28/2024 | 24413 | 25206 | 8732 |
| &nbsp;&nbsp;&nbsp; 747143, 29.760%, 8/28/2025 †x#^ | BlueVine | 8/28/2024 | 4656 | 4656 | 4756 |
| &nbsp;&nbsp;&nbsp; 747203, 83.200%, 3/04/2025 †x#^ | BlueVine | 8/29/2024 | 3101 | 3202 | 465 |
| &nbsp;&nbsp;&nbsp; 747346, 34.320%, 8/27/2025 †x#^ | BlueVine | 9/03/2024 | 1937 | 1937 | 1949 |
| &nbsp;&nbsp;&nbsp; 747352, 39.000%, 3/13/2025 †x#^ | BlueVine | 9/03/2024 | 6004 | 6199 | 901 |
| &nbsp;&nbsp;&nbsp; 747409, 28.512%, 9/11/2025 †x# | BlueVine | 9/13/2024 | 9934 | 10257 | 1490 |
| &nbsp;&nbsp;&nbsp; 747554, 29.400%, 9/05/2025 †x | BlueVine | 9/05/2024 | 5692 | 5692 | 5624 |
| &nbsp;&nbsp;&nbsp; 747668, 58.240%, 3/05/2025 †x#^ | BlueVine | 9/06/2024 | 4730 | 4883 | 709 |
| &nbsp;&nbsp;&nbsp; 747686, 41.080%, 3/05/2025 †x#^ | BlueVine | 9/06/2024 | 6000 | 6195 | 900 |
| &nbsp;&nbsp;&nbsp; 747775, 29.400%, 12/19/2025 †x | BlueVine | 9/09/2024 | 5530 | 5573 | 3048 |
| &nbsp;&nbsp;&nbsp; 747787, 33.000%, 8/28/2025 †x#^ | BlueVine | 9/09/2024 | 5695 | 5880 | 2173 |
| &nbsp;&nbsp;&nbsp; 747789, 22.200%, 9/02/2025 †x | BlueVine | 9/09/2024 | 1288 | 1288 | 1279 |
| &nbsp;&nbsp;&nbsp; 747846, 33.960%, 8/27/2025 †x#^ | BlueVine | 9/10/2024 | 1934 | 1934 | 1945 |
| &nbsp;&nbsp;&nbsp; 747867, 33.000%, 9/02/2025 †x | BlueVine | 9/12/2024 | 1156 | 1156 | 1141 |
| &nbsp;&nbsp;&nbsp; 747925, 24.960%, 8/28/2025 †x#^ | BlueVine | 9/11/2024 | 465 | 465 | 471 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8926** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 747928, 32.240%, 3/24/2025 †x#^ | BlueVine | 9/11/2024 | $3713 | $3833 | $557 |
| &nbsp;&nbsp;&nbsp; 747933, 83.200%, 3/25/2025 †x#^ | BlueVine | 9/11/2024 | 3301 | 3409 | 495 |
| &nbsp;&nbsp;&nbsp; 747941, 52.320%, 12/29/2025 †x# | BlueVine | 9/11/2024 | 15663 | 16172 | 5839 |
| &nbsp;&nbsp;&nbsp; 747954, 35.160%, 9/12/2025 †x | BlueVine | 9/11/2024 | 5832 | 5832 | 5820 |
| &nbsp;&nbsp;&nbsp; 747961, 33.800%, 3/10/2025 †x#^ | BlueVine | 9/11/2024 | 7564 | 7809 | 923 |
| &nbsp;&nbsp;&nbsp; 748005, 23.160%, 9/02/2025 †x | BlueVine | 9/12/2024 | 12049 | 12049 | 11964 |
| &nbsp;&nbsp;&nbsp; 748080, 20.760%, 9/05/2025 †x | BlueVine | 9/13/2024 | 1901 | 1901 | 1879 |
| &nbsp;&nbsp;&nbsp; 748104, 47.280%, 9/02/2025 †x | BlueVine | 9/13/2024 | 2430 | 2430 | 2412 |
| &nbsp;&nbsp;&nbsp; 748114, 35.640%, 9/11/2025 †x | BlueVine | 9/13/2024 | 4869 | 4869 | 4838 |
| &nbsp;&nbsp;&nbsp; 748150, 38.160%, 9/05/2025 †x | BlueVine | 9/16/2024 | 4921 | 4921 | 4892 |
| &nbsp;&nbsp;&nbsp; 748234, 25.560%, 9/15/2025 †x | BlueVine | 9/17/2024 | 3873 | 3873 | 3857 |
| &nbsp;&nbsp;&nbsp; 748237, 36.360%, 9/05/2025 †x | BlueVine | 9/19/2024 | 6349 | 6349 | 6311 |
| &nbsp;&nbsp;&nbsp; 748248, 51.720%, 9/04/2025 †x | BlueVine | 9/17/2024 | 3224 | 3224 | 3202 |
| &nbsp;&nbsp;&nbsp; 748269, 27.040%, 7/25/2025 †x#^ | BlueVine | 9/17/2024 | 15897 | 16414 | 3912 |
| &nbsp;&nbsp;&nbsp; 748288, 61.880%, 3/25/2025 †x#^ | BlueVine | 9/18/2024 | 6611 | 6826 | 992 |
| &nbsp;&nbsp;&nbsp; 748293, 35.640%, 9/08/2025 †x | BlueVine | 9/18/2024 | 4869 | 4869 | 4848 |
| &nbsp;&nbsp;&nbsp; 748296, 22.200%, 9/12/2025 †x | BlueVine | 9/18/2024 | 920 | 920 | 918 |
| &nbsp;&nbsp;&nbsp; 748322, 37.320%, 9/12/2025 †x | BlueVine | 9/18/2024 | 1471 | 1471 | 1468 |
| &nbsp;&nbsp;&nbsp; 748324, 46.800%, 3/17/2025 †x#^ | BlueVine | 9/18/2024 | 15317 | 15815 | 2298 |
| &nbsp;&nbsp;&nbsp; 748347, 26.640%, 9/08/2025 †x | BlueVine | 9/19/2024 | 1650 | 1650 | 1636 |
| &nbsp;&nbsp;&nbsp; 748354, 26.640%, 2/26/2029 †x# | BlueVine | 9/18/2024 | 41101 | 42437 | 6165 |
| &nbsp;&nbsp;&nbsp; 748357, 28.512%, 9/11/2025 †x# | BlueVine | 9/18/2024 | 5350 | 5524 | 802 |
| &nbsp;&nbsp;&nbsp; 748388, 29.400%, 9/08/2025 †x | BlueVine | 9/19/2024 | 617 | 617 | 611 |
| &nbsp;&nbsp;&nbsp; 748410, 29.400%, 9/17/2025 †x | BlueVine | 9/19/2024 | 474 | 474 | 473 |
| &nbsp;&nbsp;&nbsp; 748420, 39.000%, 3/31/2025 †x#^ | BlueVine | 9/25/2024 | 9138 | 9435 | 1371 |
| &nbsp;&nbsp;&nbsp; 748427, 22.200%, 9/02/2025 †x | BlueVine | 9/19/2024 | 4599 | 4599 | 4567 |
| &nbsp;&nbsp;&nbsp; 748432, 24.480%, 9/15/2025 †x | BlueVine | 9/19/2024 | 8078 | 8078 | 8043 |
| &nbsp;&nbsp;&nbsp; 748471, 24.120%, 9/11/2025 †x | BlueVine | 9/20/2024 | 6778 | 6778 | 6736 |
| &nbsp;&nbsp;&nbsp; 748544, 35.760%, 9/11/2025 †x | BlueVine | 9/23/2024 | 974 | 974 | 968 |
| &nbsp;&nbsp;&nbsp; 748554, 56.640%, 8/27/2025 †x#^ | BlueVine | 9/23/2024 | 3181 | 3181 | 3190 |
| &nbsp;&nbsp;&nbsp; 748563, 29.760%, 9/04/2025 †x | BlueVine | 9/23/2024 | 1900 | 1900 | 1888 |
| &nbsp;&nbsp;&nbsp; 748567, 40.920%, 9/02/2025 †x | BlueVine | 9/23/2024 | 3982 | 3982 | 3923 |
| &nbsp;&nbsp;&nbsp; 748608, 22.200%, 9/12/2025 †x | BlueVine | 9/24/2024 | 736 | 736 | 734 |
| &nbsp;&nbsp;&nbsp; 748622, 42.120%, 3/21/2025 †x#^ | BlueVine | 9/24/2024 | 10160 | 10490 | 1524 |
| &nbsp;&nbsp;&nbsp; 748634, 40.920%, 9/11/2025 †x | BlueVine | 9/24/2024 | 5276 | 5276 | 5235 |
| &nbsp;&nbsp;&nbsp; 748690, 40.800%, 9/02/2025 †x | BlueVine | 9/25/2024 | 1194 | 1194 | 1176 |
| &nbsp;&nbsp;&nbsp; 748707, 24.960%, 9/29/2025 †x# | BlueVine | 9/25/2024 | 13821 | 13821 | 13961 |
| &nbsp;&nbsp;&nbsp; 748709, 29.120%, 4/01/2025 †x#^ | BlueVine | 9/25/2024 | 7819 | 8074 | 1173 |
| &nbsp;&nbsp;&nbsp; 748712, 27.040%, 8/01/2025 †x#^ | BlueVine | 9/25/2024 | 11279 | 11646 | 1692 |
| &nbsp;&nbsp;&nbsp; 748724, 40.800%, 9/02/2025 †x | BlueVine | 9/25/2024 | 3980 | 3980 | 3921 |
| &nbsp;&nbsp;&nbsp; 748750, 35.160%, 11/28/2025 †x | BlueVine | 9/26/2024 | 9097 | 9155 | 9238 |
| &nbsp;&nbsp;&nbsp; 748765, 26.640%, 9/02/2025 †x# | BlueVine | 9/26/2024 | 5098 | 5098 | 5060 |
| &nbsp;&nbsp;&nbsp; 748766, 24.480%, 9/15/2025 †x | BlueVine | 9/26/2024 | 6967 | 6967 | 6961 |
| &nbsp;&nbsp;&nbsp; 748851, 49.800%, 9/15/2025 †x | BlueVine | 9/27/2024 | 1754 | 1754 | 1751 |
| &nbsp;&nbsp;&nbsp; 748858, 23.160%, 9/22/2025 †x | BlueVine | 9/27/2024 | 4619 | 4619 | 4631 |
| &nbsp;&nbsp;&nbsp; 748879, 36.960%, 9/29/2025 †x# | BlueVine | 9/27/2024 | 16206 | 16206 | 16366 |
| &nbsp;&nbsp;&nbsp; 748903, 40.920%, 9/22/2025 †x | BlueVine | 9/30/2024 | 1493 | 1493 | 1495 |
| &nbsp;&nbsp;&nbsp; 748936, 52.000%, 4/10/2025 †x#^ | BlueVine | 9/30/2024 | 12344 | 12745 | 1852 |
| &nbsp;&nbsp;&nbsp; 749004, 40.920%, 9/26/2025 †x | BlueVine | 10/01/2024 | 5674 | 5674 | 5719 |
| &nbsp;&nbsp;&nbsp; 749088, 29.760%, 9/29/2025 †x# | BlueVine | 10/02/2024 | 3942 | 3942 | 3981 |
| &nbsp;&nbsp;&nbsp; 749104, 30.680%, 8/29/2025 †x^ | BlueVine | 10/02/2024 | 1863 | 1863 | 1858 |
| &nbsp;&nbsp;&nbsp; 749108, 28.320%, 10/06/2025 †x | BlueVine | 10/02/2024 | 37338 | 37467 | 37335 |
| &nbsp;&nbsp;&nbsp; 749113, 39.120%, 9/25/2025 †x | BlueVine | 10/18/2024 | 5947 | 5947 | 5958 |
| &nbsp;&nbsp;&nbsp; 749169, 31.800%, 1/23/2026 †x# | BlueVine | 10/03/2024 | 5137 | 5137 | 2779 |
| &nbsp;&nbsp;&nbsp; 749196, 20.040%, 9/10/2025 †x | BlueVine | 10/03/2024 | 2838 | 2838 | 2828 |
| &nbsp;&nbsp;&nbsp; 749202, 73.320%, 5/28/2025 †x#^ | BlueVine | 10/07/2024 | 638 | 658 | 96 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8927** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 749206, 36.000%, 9/26/2025 †x | BlueVine | 10/03/2024 | $1951 | $1951 | $1966 |
| &nbsp;&nbsp;&nbsp; 749209, 47.840%, 4/01/2025 †x#^ | BlueVine | 10/03/2024 | 2559 | 2642 | 384 |
| &nbsp;&nbsp;&nbsp; 749217, 19.320%, 9/18/2025 †x | BlueVine | 10/03/2024 | 4542 | 4542 | 4549 |
| &nbsp;&nbsp;&nbsp; 749258, 31.920%, 9/24/2025 †x | BlueVine | 10/04/2024 | 3266 | 3266 | 3274 |
| &nbsp;&nbsp;&nbsp; 749275, 31.080%, 10/06/2025 †x# | BlueVine | 10/07/2024 | 9199 | 9498 | 3125 |
| &nbsp;&nbsp;&nbsp; 749355, 43.680%, 2/11/2026 †x# | BlueVine | 10/07/2024 | 170 | 176 | 26 |
| &nbsp;&nbsp;&nbsp; 749365, 20.508%, 10/01/2025 †x | BlueVine | 10/07/2024 | 2717 | 2717 | 2708 |
| &nbsp;&nbsp;&nbsp; 749366, 66.040%, 3/18/2026 †x# | BlueVine | 10/07/2024 | 2097 | 2165 | 315 |
| &nbsp;&nbsp;&nbsp; 749421, 36.920%, 8/15/2025 †x#^ | BlueVine | 10/08/2024 | 816 | 843 | 122 |
| &nbsp;&nbsp;&nbsp; 749451, 20.040%, 9/29/2025 †x# | BlueVine | 10/08/2024 | 8135 | 8135 | 8216 |
| &nbsp;&nbsp;&nbsp; 749452, 66.456%, 5/05/2025 †x#^ | BlueVine | 10/08/2024 | 10369 | 10706 | 1555 |
| &nbsp;&nbsp;&nbsp; 749459, 36.000%, 6/11/2026 †x# | BlueVine | 10/09/2024 | 71315 | 71803 | 72083 |
| &nbsp;&nbsp;&nbsp; 749483, 23.160%, 9/22/2025 †x | BlueVine | 10/09/2024 | 1503 | 1503 | 1505 |
| &nbsp;&nbsp;&nbsp; 749484, 24.960%, 10/01/2025 †x | BlueVine | 10/09/2024 | 13821 | 13821 | 13678 |
| &nbsp;&nbsp;&nbsp; 749542, 35.160%, 10/03/2025 †x | BlueVine | 10/10/2024 | 3460 | 3472 | 3426 |
| &nbsp;&nbsp;&nbsp; 749544, 80.080%, 4/08/2025 †x#^ | BlueVine | 10/10/2024 | 747 | 771 | 112 |
| &nbsp;&nbsp;&nbsp; 749554, 19.320%, 10/02/2025 †x | BlueVine | 10/10/2024 | 7210 | 7232 | 7193 |
| &nbsp;&nbsp;&nbsp; 749567, 18.720%, 9/29/2025 †x# | BlueVine | 10/10/2024 | 7677 | 7677 | 7757 |
| &nbsp;&nbsp;&nbsp; 749607, 24.120%, 10/06/2025 †x | BlueVine | 10/18/2024 | 5143 | 5161 | 5120 |
| &nbsp;&nbsp;&nbsp; 749641, 25.440%, 10/07/2025 †x | BlueVine | 10/11/2024 | 8308 | 8338 | 8305 |
| &nbsp;&nbsp;&nbsp; 749649, 30.720%, 9/26/2025 †x | BlueVine | 10/11/2024 | 6557 | 6557 | 6606 |
| &nbsp;&nbsp;&nbsp; 749705, 31.440%, 10/06/2025 †x | BlueVine | 10/15/2024 | 13226 | 13273 | 13221 |
| &nbsp;&nbsp;&nbsp; 749718, 84.760%, 4/17/2025 †x#^ | BlueVine | 10/15/2024 | 815 | 842 | 122 |
| &nbsp;&nbsp;&nbsp; 749723, 41.080%, 4/10/2025 †x#^ | BlueVine | 10/15/2024 | 1157 | 1194 | 173 |
| &nbsp;&nbsp;&nbsp; 749726, 27.040%, 8/08/2025 †x#^ | BlueVine | 10/15/2024 | 20764 | 21439 | 3522 |
| &nbsp;&nbsp;&nbsp; 749762, 24.120%, 10/14/2025 †x | BlueVine | 10/16/2024 | 3674 | 3689 | 3664 |
| &nbsp;&nbsp;&nbsp; 749837, 41.760%, 10/08/2025 †x | BlueVine | 10/24/2024 | 27498 | 27608 | 27448 |
| &nbsp;&nbsp;&nbsp; 749852, 27.000%, 9/26/2025 †x | BlueVine | 10/17/2024 | 5634 | 5634 | 5675 |
| &nbsp;&nbsp;&nbsp; 749873, 24.120%, 10/01/2025 †x | BlueVine | 10/17/2024 | 9551 | 9551 | 9517 |
| &nbsp;&nbsp;&nbsp; 749882, 27.000%, 9/29/2025 †x# | BlueVine | 10/17/2024 | 6501 | 6501 | 6566 |
| &nbsp;&nbsp;&nbsp; 750083, 31.800%, 2/23/2026 †x# | BlueVine | 10/21/2024 | 5827 | 5838 | 3066 |
| &nbsp;&nbsp;&nbsp; 750088, 35.640%, 10/21/2025 †x | BlueVine | 10/21/2024 | 2112 | 2122 | 2123 |
| &nbsp;&nbsp;&nbsp; 750090, 36.960%, 10/16/2025 †x | BlueVine | 10/21/2024 | 3859 | 3877 | 3874 |
| &nbsp;&nbsp;&nbsp; 750115, 24.960%, 10/17/2025 †x | BlueVine | 10/22/2024 | 8249 | 8287 | 8284 |
| &nbsp;&nbsp;&nbsp; 750162, 25.480%, 9/12/2025 †x# | BlueVine | 10/22/2024 | 60297 | 62257 | 16067 |
| &nbsp;&nbsp;&nbsp; 750182, 36.000%, 10/02/2025 †x | BlueVine | 10/22/2024 | 14417 | 14466 | 14285 |
| &nbsp;&nbsp;&nbsp; 750248, 24.120%, 10/20/2025 †x | BlueVine | 10/23/2024 | 1745 | 1753 | 1756 |
| &nbsp;&nbsp;&nbsp; 750254, 47.840%, 4/21/2025 †x#^ | BlueVine | 10/23/2024 | 505 | 521 | 76 |
| &nbsp;&nbsp;&nbsp; 750270, 20.628%, 10/20/2025 †x | BlueVine | 10/23/2024 | 9059 | 9102 | 9099 |
| &nbsp;&nbsp;&nbsp; 750279, 41.400%, 10/20/2025 †x | BlueVine | 10/24/2024 | 2158 | 2169 | 2164 |
| &nbsp;&nbsp;&nbsp; 750305, 59.800%, 11/12/2025 †x# | BlueVine | 10/24/2024 | 7301 | 7539 |  |
| &nbsp;&nbsp;&nbsp; 750321, 24.960%, 10/17/2025 †x | BlueVine | 10/24/2024 | 1843 | 1851 | 1850 |
| &nbsp;&nbsp;&nbsp; 750352, 28.800%, 10/22/2025 †x | BlueVine | 10/25/2024 | 7481 | 7520 | 7530 |
| &nbsp;&nbsp;&nbsp; 750360, 35.160%, 10/24/2025 †x# | BlueVine | 10/25/2024 | 23189 | 23943 | 5284 |
| &nbsp;&nbsp;&nbsp; 750377, 25.440%, 10/15/2025 †x# | BlueVine | 10/25/2024 | 49883 | 51504 | 10675 |
| &nbsp;&nbsp;&nbsp; 750394, 32.760%, 10/02/2025 †x | BlueVine | 10/28/2024 | 7596 | 7621 | 7563 |
| &nbsp;&nbsp;&nbsp; 750395, 27.960%, 10/21/2025 †x | BlueVine | 10/28/2024 | 18643 | 18737 | 18766 |
| &nbsp;&nbsp;&nbsp; 750475, 31.440%, 10/14/2025 †x | BlueVine | 10/29/2024 | 37787 | 37956 | 37881 |
| &nbsp;&nbsp;&nbsp; 750527, 23.160%, 10/06/2025 †x | BlueVine | 10/30/2024 | 9516 | 9550 | 9475 |
| &nbsp;&nbsp;&nbsp; 750542, 49.800%, 10/14/2025 †x | BlueVine | 10/30/2024 | 5258 | 5283 | 5245 |
| &nbsp;&nbsp;&nbsp; 750549, 17.280%, 10/28/2025 †x# | BlueVine | 10/30/2024 | 15978 | 16065 | 16204 |
| &nbsp;&nbsp;&nbsp; 750578, 45.000%, 10/10/2025 †x | BlueVine | 10/31/2024 | 7951 | 7986 | 7938 |
| &nbsp;&nbsp;&nbsp; 750579, 22.920%, 10/09/2025 †x | BlueVine | 10/31/2024 | 7510 | 7540 | 7493 |
| &nbsp;&nbsp;&nbsp; 750582, 31.080%, 10/20/2025 †x | BlueVine | 11/06/2024 | 1787 | 1796 | 1792 |
| &nbsp;&nbsp;&nbsp; 750619, 37.680%, 10/06/2025 †x# | BlueVine | 11/01/2024 | 23105 | 23855 | 4677 |
| &nbsp;&nbsp;&nbsp; 750621, 71.760%, 4/29/2025 †x#^ | BlueVine | 10/31/2024 | 70853 | 73156 | 10628 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8928** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 750674, 80.080%, 4/30/2025 †x#^ | BlueVine | 11/01/2024 | $111 | $115 | $- |
| &nbsp;&nbsp;&nbsp; 750686, 40.320%, 11/03/2025 †x# | BlueVine | 11/01/2024 | 82412 | 85090 | 15514 |
| &nbsp;&nbsp;&nbsp; 750735, 51.480%, 5/08/2025 †x#^ | BlueVine | 11/04/2024 | 15790 | 16303 | 2368 |
| &nbsp;&nbsp;&nbsp; 750805, 79.040%, 5/02/2025 †x#^ | BlueVine | 11/05/2024 | 2935 | 3030 | 440 |
| &nbsp;&nbsp;&nbsp; 750818, 22.956%, 10/22/2025 †x | BlueVine | 11/05/2024 | 13714 | 13784 | 13800 |
| &nbsp;&nbsp;&nbsp; 750836, 42.960%, 10/24/2025 †x# | BlueVine | 11/05/2024 | 21813 | 21938 | 22030 |
| &nbsp;&nbsp;&nbsp; 750884, 30.888%, 11/12/2025 †x | BlueVine | 11/06/2024 | 2709 | 2727 | 2708 |
| &nbsp;&nbsp;&nbsp; 750886, 41.080%, 6/21/2027 †x# | BlueVine | 11/06/2024 | 16104 | 16627 | 3852 |
| &nbsp;&nbsp;&nbsp; 750974, 37.920%, 11/03/2025 †x | BlueVine | 11/07/2024 | 7150 | 7197 | 7150 |
| &nbsp;&nbsp;&nbsp; 750979, 19.440%, 10/14/2025 †x | BlueVine | 11/08/2024 | 28120 | 28243 | 28220 |
| &nbsp;&nbsp;&nbsp; 750986, 33.960%, 11/04/2025 †x | BlueVine | 11/07/2024 | 12700 | 12782 | 12715 |
| &nbsp;&nbsp;&nbsp; 750990, 20.628%, 10/20/2025 †x | BlueVine | 11/07/2024 | 5436 | 5462 | 5458 |
| &nbsp;&nbsp;&nbsp; 750995, 32.280%, 11/06/2025 †x | BlueVine | 11/07/2024 | 28061 | 28246 | 28154 |
| &nbsp;&nbsp;&nbsp; 751010, 25.560%, 10/24/2025 †x | BlueVine | 11/08/2024 | 2771 | 2786 | 2788 |
| &nbsp;&nbsp;&nbsp; 751081, 37.960%, 8/01/2025 †x#^ | BlueVine | 11/12/2024 | 14748 | 15227 | 3343 |
| &nbsp;&nbsp;&nbsp; 751089, 52.520%, 5/08/2025 †x#^ | BlueVine | 11/12/2024 | 15378 | 15878 | 2307 |
| &nbsp;&nbsp;&nbsp; 751095, 23.160%, 11/03/2025 †x | BlueVine | 11/12/2024 | 3263 | 3283 | 3266 |
| &nbsp;&nbsp;&nbsp; 751105, 24.480%, 10/17/2025 †x | BlueVine | 11/12/2024 | 3219 | 3234 | 3230 |
| &nbsp;&nbsp;&nbsp; 751131, 19.440%, 10/27/2025 †x | BlueVine | 11/12/2024 | 1958 | 1969 | 1985 |
| &nbsp;&nbsp;&nbsp; 751167, 31.200%, 10/20/2025 †x | BlueVine | 11/13/2024 | 10948 | 11005 | 11004 |
| &nbsp;&nbsp;&nbsp; 751168, 29.760%, 10/20/2025 †x | BlueVine | 11/13/2024 | 3097 | 3114 | 3108 |
| &nbsp;&nbsp;&nbsp; 751175, 35.160%, 11/12/2025 †x | BlueVine | 11/13/2024 | 7084 | 7136 | 7103 |
| &nbsp;&nbsp;&nbsp; 751199, 22.200%, 10/28/2025 †x# | BlueVine | 11/13/2024 | 8130 | 8176 | 8250 |
| &nbsp;&nbsp;&nbsp; 751205, 43.200%, 11/10/2025 †x | BlueVine | 11/13/2024 | 2911 | 2932 | 2922 |
| &nbsp;&nbsp;&nbsp; 751220, 45.480%, 11/18/2025 †x | BlueVine | 11/14/2024 | 21995 | 22173 | 22130 |
| &nbsp;&nbsp;&nbsp; 751235, 37.800%, 11/10/2025 †x | BlueVine | 11/14/2024 | 12865 | 12958 | 12840 |
| &nbsp;&nbsp;&nbsp; 751289, 30.960%, 10/24/2025 †x | BlueVine | 11/14/2024 | 9430 | 9482 | 9486 |
| &nbsp;&nbsp;&nbsp; 751290, 23.160%, 11/03/2025 †x | BlueVine | 11/14/2024 | 33053 | 33260 | 33053 |
| &nbsp;&nbsp;&nbsp; 751291, 80.080%, 5/13/2025 †x#^ | BlueVine | 11/14/2024 | 7686 | 7935 | 1153 |
| &nbsp;&nbsp;&nbsp; 751349, 50.040%, 11/10/2025 †x# | BlueVine | 11/15/2024 | 7194 | 7428 | 1079 |
| &nbsp;&nbsp;&nbsp; 751359, 18.840%, 11/12/2025 †x | BlueVine | 11/15/2024 | 4764 | 4797 | 4772 |
| &nbsp;&nbsp;&nbsp; 751362, 32.760%, 11/03/2025 †x | BlueVine | 11/15/2024 | 8432 | 8487 | 8426 |
| &nbsp;&nbsp;&nbsp; 751364, 20.520%, 10/24/2025 †x | BlueVine | 11/15/2024 | 10456 | 10512 | 10529 |
| &nbsp;&nbsp;&nbsp; 751403, 50.520%, 11/12/2025 †x | BlueVine | 11/15/2024 | 11925 | 12017 | 11984 |
| &nbsp;&nbsp;&nbsp; 751432, 38.160%, 11/24/2025 †x | BlueVine | 11/18/2024 | 32760 | 33040 | 33111 |
| &nbsp;&nbsp;&nbsp; 751495, 35.640%, 3/13/2026 †x# | BlueVine | 11/19/2024 | 41473 | 41784 | 42119 |
| &nbsp;&nbsp;&nbsp; 751498, 24.480%, 11/14/2025 †x | BlueVine | 11/19/2024 | 11960 | 12046 | 12001 |
| &nbsp;&nbsp;&nbsp; 751511, 50.040%, 11/12/2025 †x | BlueVine | 11/19/2024 | 2977 | 3000 | 2991 |
| &nbsp;&nbsp;&nbsp; 751520, 35.160%, 11/17/2025 †x | BlueVine | 11/19/2024 | 15585 | 15707 | 15666 |
| &nbsp;&nbsp;&nbsp; 751531, 50.544%, 10/29/2025 †x# | BlueVine | 11/19/2024 | 2446 | 2526 | 1019 |
| &nbsp;&nbsp;&nbsp; 751578, 41.760%, 11/10/2025 †x | BlueVine | 11/20/2024 | 5794 | 5837 | 5807 |
| &nbsp;&nbsp;&nbsp; 751585, 33.720%, 11/03/2025 †x | BlueVine | 11/20/2024 | 5640 | 5677 | 5633 |
| &nbsp;&nbsp;&nbsp; 751591, 32.520%, 11/24/2025 †x | BlueVine | 11/20/2024 | 5617 | 5663 | 5673 |
| &nbsp;&nbsp;&nbsp; 751598, 58.968%, 5/19/2025 †x#^ | BlueVine | 11/20/2024 | 54218 | 55980 | 8133 |
| &nbsp;&nbsp;&nbsp; 751608, 30.888%, 11/12/2025 †x | BlueVine | 11/20/2024 | 3047 | 3068 | 3048 |
| &nbsp;&nbsp;&nbsp; 751631, 28.800%, 11/12/2025 †x | BlueVine | 11/20/2024 | 8318 | 8378 | 8320 |
| &nbsp;&nbsp;&nbsp; 751636, 36.960%, 11/20/2025 †x | BlueVine | 11/21/2024 | 8553 | 8622 | 8630 |
| &nbsp;&nbsp;&nbsp; 751639, 33.720%, 11/20/2025 †x | BlueVine | 11/21/2024 | 4230 | 4264 | 4268 |
| &nbsp;&nbsp;&nbsp; 751640, 37.680%, 11/06/2025 †x# | BlueVine | 11/21/2024 | 24581 | 25380 | 4890 |
| &nbsp;&nbsp;&nbsp; 751719, 23.160%, 11/06/2025 †x | BlueVine | 11/22/2024 | 5438 | 5474 | 5428 |
| &nbsp;&nbsp;&nbsp; 751744, 24.960%, 2/17/2026 †x | BlueVine | 11/22/2024 | 96798 | 98133 | 98221 |
| &nbsp;&nbsp;&nbsp; 751764, 32.184%, 11/03/2025 †x | BlueVine | 11/25/2024 | 5610 | 5648 | 5579 |
| &nbsp;&nbsp;&nbsp; 751778, 47.280%, 11/03/2025 †x# | BlueVine | 11/25/2024 | 2950 | 2973 | 2941 |
| &nbsp;&nbsp;&nbsp; 751799, 29.280%, 11/03/2025 †x# | BlueVine | 11/25/2024 | 5058 | 5223 | 759 |
| &nbsp;&nbsp;&nbsp; 751895, 41.080%, 5/23/2025 †x#^ | BlueVine | 11/26/2024 | 13190 | 13619 | 1979 |
| &nbsp;&nbsp;&nbsp; 751899, 47.840%, 5/23/2025 †x#^ | BlueVine | 11/26/2024 | 391 | 404 | 59 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8929** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 751923, 25.440%, 11/24/2025 †x | BlueVine | 11/27/2024 | $29825 | $30070 | $30111 |
| &nbsp;&nbsp;&nbsp; 751946, 34.320%, 11/28/2025 †x# | BlueVine | 11/27/2024 | 3716 | 3748 | 3782 |
| &nbsp;&nbsp;&nbsp; 751986, 35.640%, 11/21/2025 †x | BlueVine | 11/29/2024 | 3055 | 3081 | 3083 |
| &nbsp;&nbsp;&nbsp; 752020, 21.480%, 11/21/2025 †x | BlueVine | 11/29/2024 | 21624 | 21794 | 21842 |
| &nbsp;&nbsp;&nbsp; 752037, 24.120%, 11/21/2025 †x | BlueVine | 11/29/2024 | 10094 | 10174 | 10181 |
| &nbsp;&nbsp;&nbsp; 752053, 29.040%, 11/28/2025 †x# | BlueVine | 11/29/2024 | 27426 | 27663 | 27958 |
| &nbsp;&nbsp;&nbsp; 752090, 36.000%, 11/19/2025 †x | BlueVine | 12/02/2024 | 5683 | 5730 | 5719 |
| &nbsp;&nbsp;&nbsp; 752091, 43.680%, 10/14/2025 †x | BlueVine | 12/02/2024 | 817 | 823 | 816 |
| &nbsp;&nbsp;&nbsp; 752096, 20.508%, 12/01/2025 †x | BlueVine | 12/02/2024 | 10685 | 10778 | 10655 |
| &nbsp;&nbsp;&nbsp; 752102, 88.400%, 5/28/2025 †x#^ | BlueVine | 12/02/2024 | 31480 | 32503 | 4722 |
| &nbsp;&nbsp;&nbsp; 752117, 24.120%, 11/24/2025 †x# | BlueVine | 12/02/2024 | 26491 | 27352 | 5985 |
| &nbsp;&nbsp;&nbsp; 752128, 50.040%, 11/12/2025 †x | BlueVine | 12/02/2024 | 8930 | 9001 | 8945 |
| &nbsp;&nbsp;&nbsp; 752199, 24.588%, 12/02/2025 †x | BlueVine | 12/04/2024 | 20561 | 20744 | 20639 |
| &nbsp;&nbsp;&nbsp; 752213, 65.988%, 6/02/2025 †x#^ | BlueVine | 12/04/2024 | 5132 | 5298 | 770 |
| &nbsp;&nbsp;&nbsp; 752296, 31.680%, 10/28/2025 †x | BlueVine | 12/05/2024 | 2060 | 2077 | 2082 |
| &nbsp;&nbsp;&nbsp; 752302, 54.600%, 11/24/2025 †x# | BlueVine | 12/05/2024 | 9024 | 9106 | 8987 |
| &nbsp;&nbsp;&nbsp; 752328, 72.800%, 4/27/2026 †x# | BlueVine | 12/05/2024 | 7482 | 7725 | 1122 |
| &nbsp;&nbsp;&nbsp; 752433, 30.000%, 11/28/2025 †x# | BlueVine | 12/09/2024 | 6411 | 6468 | 6525 |
| &nbsp;&nbsp;&nbsp; 752454, 31.080%, 11/26/2025 †x | BlueVine | 12/09/2024 | 4332 | 4369 | 4398 |
| &nbsp;&nbsp;&nbsp; 752490, 22.200%, 12/08/2025 †x | BlueVine | 12/09/2024 | 7161 | 7228 | 7182 |
| &nbsp;&nbsp;&nbsp; 752504, 36.972%, 6/12/2025 †x#^ | BlueVine | 12/09/2024 | 7478 | 7721 | 1122 |
| &nbsp;&nbsp;&nbsp; 752580, 26.400%, 11/25/2025 †x | BlueVine | 12/10/2024 | 17451 | 17600 | 17643 |
| &nbsp;&nbsp;&nbsp; 752646, 41.880%, 11/24/2025 †x | BlueVine | 12/11/2024 | 5796 | 5848 | 5833 |
| &nbsp;&nbsp;&nbsp; 752734, 32.520%, 11/25/2025 †x | BlueVine | 12/12/2024 | 11233 | 11332 | 11347 |
| &nbsp;&nbsp;&nbsp; 752735, 26.880%, 11/28/2025 †x# | BlueVine | 12/12/2024 | 16347 | 16491 | 16627 |
| &nbsp;&nbsp;&nbsp; 752744, 24.600%, 12/01/2025 †x | BlueVine | 12/12/2024 | 9018 | 9099 | 9049 |
| &nbsp;&nbsp;&nbsp; 752772, 57.720%, 6/11/2025 †x#^ | BlueVine | 12/13/2024 | 6435 | 6644 | 965 |
| &nbsp;&nbsp;&nbsp; 752800, 36.960%, 11/20/2025 †x | BlueVine | 12/13/2024 | 9978 | 10063 | 10044 |
| &nbsp;&nbsp;&nbsp; 752862, 32.184%, 12/08/2025 †x# | BlueVine | 12/13/2024 | 27712 | 28613 | 4001 |
| &nbsp;&nbsp;&nbsp; 752909, 46.280%, 6/20/2025 †x#^ | BlueVine | 12/16/2024 | 55453 | 57255 | 8318 |
| &nbsp;&nbsp;&nbsp; 752936, 20.520%, 12/15/2025 †x | BlueVine | 12/16/2024 | 17809 | 17986 | 17950 |
| &nbsp;&nbsp;&nbsp; 752939, 63.440%, 6/20/2025 †x#^ | BlueVine | 12/17/2024 | 3059 | 3159 | 459 |
| &nbsp;&nbsp;&nbsp; 752970, 27.600%, 12/02/2025 †x | BlueVine | 12/18/2024 | 17111 | 17270 | 17080 |
| &nbsp;&nbsp;&nbsp; 752979, 35.160%, 12/02/2025 †x | BlueVine | 12/17/2024 | 36917 | 37267 | 36840 |
| &nbsp;&nbsp;&nbsp; 752984, 29.760%, 12/01/2025 †x | BlueVine | 12/17/2024 | 7330 | 7397 | 7318 |
| &nbsp;&nbsp;&nbsp; 753047, 42.120%, 12/08/2025 †x | BlueVine | 12/18/2024 | 19012 | 19205 | 19039 |
| &nbsp;&nbsp;&nbsp; 753061, 22.560%, 11/28/2025 †x# | BlueVine | 12/18/2024 | 7169 | 7232 | 7281 |
| &nbsp;&nbsp;&nbsp; 753088, 25.440%, 12/01/2025 †x | BlueVine | 12/18/2024 | 10850 | 10949 | 10882 |
| &nbsp;&nbsp;&nbsp; 753122, 39.120%, 12/12/2025 †x | BlueVine | 12/19/2024 | 3769 | 3808 | 3788 |
| &nbsp;&nbsp;&nbsp; 753126, 42.120%, 1/12/2026 †x# | BlueVine | 12/20/2024 | 23698 | 24468 | 3555 |
| &nbsp;&nbsp;&nbsp; 753133, 41.760%, 12/08/2025 †x | BlueVine | 12/19/2024 | 11015 | 11127 | 11069 |
| &nbsp;&nbsp;&nbsp; 753148, 29.760%, 12/15/2025 †x | BlueVine | 12/19/2024 | 9162 | 9257 | 9251 |
| &nbsp;&nbsp;&nbsp; 753170, 30.720%, 12/08/2025 †x | BlueVine | 12/19/2024 | 16540 | 16702 | 16632 |
| &nbsp;&nbsp;&nbsp; 753171, 36.960%, 11/28/2025 †x# | BlueVine | 12/19/2024 | 17411 | 17572 | 17737 |
| &nbsp;&nbsp;&nbsp; 753190, 23.040%, 12/01/2025 †x | BlueVine | 12/19/2024 | 718 | 725 | 720 |
| &nbsp;&nbsp;&nbsp; 753225, 70.720%, 6/18/2025 †x#^ | BlueVine | 12/20/2024 | 50319 | 51955 | 7548 |
| &nbsp;&nbsp;&nbsp; 753233, 33.000%, 12/04/2025 †x | BlueVine | 12/20/2024 | 8183 | 8262 | 8164 |
| &nbsp;&nbsp;&nbsp; 753239, 57.240%, 11/25/2025 †x | BlueVine | 12/20/2024 | 7615 | 7688 | 7633 |
| &nbsp;&nbsp;&nbsp; 753318, 62.400%, 6/20/2025 †x#^ | BlueVine | 12/23/2024 | 12015 | 12406 | 1731 |
| &nbsp;&nbsp;&nbsp; 753320, 27.600%, 12/01/2025 †x | BlueVine | 12/26/2024 | 30946 | 31237 | 31014 |
| &nbsp;&nbsp;&nbsp; 753322, 24.480%, 12/09/2025 †x# | BlueVine | 12/23/2024 | 12551 | 12959 | 1883 |
| &nbsp;&nbsp;&nbsp; 753342, 40.440%, 11/28/2025 †x# | BlueVine | 12/23/2024 | 46538 | 47098 | 26032 |
| &nbsp;&nbsp;&nbsp; 753359, 22.200%, 12/08/2025 †x | BlueVine | 12/23/2024 | 7161 | 7230 | 7178 |
| &nbsp;&nbsp;&nbsp; 753435, 18.480%, 12/04/2025 †x | BlueVine | 12/24/2024 | 53086 | 53580 | 53387 |
| &nbsp;&nbsp;&nbsp; 753447, 17.880%, 12/15/2025 †x | BlueVine | 12/24/2024 | 10597 | 10704 | 10714 |
| &nbsp;&nbsp;&nbsp; 753459, 57.240%, 12/19/2025 †x | BlueVine | 12/24/2024 | 17866 | 18075 | 18041 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8930** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 753460, 22.920%, 12/09/2025 †x | BlueVine | 12/24/2024 | $17943 | $18118 | $18068 |
| &nbsp;&nbsp;&nbsp; 753514, 24.120%, 12/15/2025 †x | BlueVine | 12/26/2024 | 18010 | 18196 | 18172 |
| &nbsp;&nbsp;&nbsp; 753515, 41.400%, 12/19/2025 †x | BlueVine | 12/26/2024 | 4553 | 4604 | 4601 |
| &nbsp;&nbsp;&nbsp; 753516, 50.520%, 12/29/2025 †x# | BlueVine | 12/26/2024 | 16707 | 16912 | 17105 |
| &nbsp;&nbsp;&nbsp; 753521, 25.800%, 12/22/2025 †x# | BlueVine | 12/26/2024 | 51033 | 52691 | 7655 |
| &nbsp;&nbsp;&nbsp; 753652, 28.800%, 4/21/2026 †x | BlueVine | 12/27/2024 | 80853 | 82791 | 82832 |
| &nbsp;&nbsp;&nbsp; 753716, 24.888%, 12/08/2025 †x | BlueVine | 12/30/2024 | 4333 | 4376 | 4358 |
| &nbsp;&nbsp;&nbsp; 753723, 84.760%, 7/03/2025 †x#^ | BlueVine | 12/30/2024 | 2103 | 2171 | 632 |
| &nbsp;&nbsp;&nbsp; 753730, 51.480%, 7/03/2025 †x#^ | BlueVine | 12/30/2024 | 34208 | 35320 | 5131 |
| &nbsp;&nbsp;&nbsp; 753754, 24.480%, 12/24/2025 †x | BlueVine | 12/31/2024 | 9015 | 9115 | 9147 |
| &nbsp;&nbsp;&nbsp; 753777, 41.080%, 7/07/2025 †x#^ | BlueVine | 12/31/2024 | 429 | 443 | 64 |
| &nbsp;&nbsp;&nbsp; 753810, 29.760%, 12/29/2025 †x# | BlueVine | 12/31/2024 | 45262 | 45787 | 46234 |
| &nbsp;&nbsp;&nbsp; 753828, 43.200%, 12/08/2025 †x | BlueVine | 1/02/2025 | 4577 | 4626 | 4573 |
| &nbsp;&nbsp;&nbsp; 753832, 50.520%, 12/12/2025 †x | BlueVine | 1/02/2025 | 19479 | 19694 | 19540 |
| &nbsp;&nbsp;&nbsp; 753837, 23.160%, 12/15/2025 †x | BlueVine | 1/02/2025 | 22266 | 22498 | 22436 |
| &nbsp;&nbsp;&nbsp; 753860, 32.160%, 12/08/2025 †x | BlueVine | 1/02/2025 | 27686 | 27970 | 27786 |
| &nbsp;&nbsp;&nbsp; 753979, 32.520%, 12/23/2025 †x | BlueVine | 1/03/2025 | 7391 | 7475 | 7484 |
| &nbsp;&nbsp;&nbsp; 753992, 23.160%, 12/29/2025 †x# | BlueVine | 1/03/2025 | 22235 | 22489 | 22704 |
| &nbsp;&nbsp;&nbsp; 753995, 22.680%, 1/06/2026 †x | BlueVine | 1/03/2025 | 1332 | 1348 | 1341 |
| &nbsp;&nbsp;&nbsp; 754006, 32.400%, 12/16/2025 †x | BlueVine | 1/03/2025 | 38789 | 39210 | 39077 |
| &nbsp;&nbsp;&nbsp; 754046, 24.960%, 12/22/2025 †x | BlueVine | 1/06/2025 | 6500 | 6573 | 6586 |
| &nbsp;&nbsp;&nbsp; 754073, 22.200%, 12/22/2025 †x | BlueVine | 1/06/2025 | 7519 | 7602 | 7619 |
| &nbsp;&nbsp;&nbsp; 754158, 34.680%, 12/15/2025 †x | BlueVine | 1/07/2025 | 1860 | 1880 | 1873 |
| &nbsp;&nbsp;&nbsp; 754159, 35.880%, 2/13/2026 †x | BlueVine | 1/07/2025 | 34261 | 34551 | 34643 |
| &nbsp;&nbsp;&nbsp; 754172, 36.000%, 3/30/2026 †x# | BlueVine | 1/07/2025 | 63941 | 65020 | 65615 |
| &nbsp;&nbsp;&nbsp; 754200, 56.640%, 1/06/2026 †x | BlueVine | 1/08/2025 | 29072 | 29459 | 29367 |
| &nbsp;&nbsp;&nbsp; 754205, 57.720%, 7/07/2025 †x#^ | BlueVine | 1/08/2025 | 3697 | 3817 | 555 |
| &nbsp;&nbsp;&nbsp; 754231, 29.760%, 1/06/2026 †x | BlueVine | 1/08/2025 | 9052 | 9164 | 9095 |
| &nbsp;&nbsp;&nbsp; 754236, 42.120%, 1/02/2026 †x# | BlueVine | 1/08/2025 | 64723 | 66826 | 21115 |
| &nbsp;&nbsp;&nbsp; 754351, 24.480%, 12/29/2025 †x# | BlueVine | 1/09/2025 | 11157 | 11287 | 11390 |
| &nbsp;&nbsp;&nbsp; 754363, 25.752%, 12/15/2025 †x | BlueVine | 1/09/2025 | 60051 | 60696 | 60536 |
| &nbsp;&nbsp;&nbsp; 754429, 29.280%, 1/02/2026 †x | BlueVine | 1/10/2025 | 51985 | 52614 | 52329 |
| &nbsp;&nbsp;&nbsp; 754441, 28.920%, 12/16/2025 †x | BlueVine | 1/10/2025 | 18277 | 18477 | 18418 |
| &nbsp;&nbsp;&nbsp; 754458, 43.056%, 7/16/2025 †x#^ | BlueVine | 1/10/2025 | 1004 | 1037 | 356 |
| &nbsp;&nbsp;&nbsp; 754480, 28.800%, 12/17/2025 †x | BlueVine | 1/10/2025 | 27406 | 27707 | 27634 |
| &nbsp;&nbsp;&nbsp; 754528, 57.240%, 12/19/2025 †x | BlueVine | 1/13/2025 | 11911 | 12054 | 11944 |
| &nbsp;&nbsp;&nbsp; 754531, 28.800%, 1/08/2026 †x# | BlueVine | 1/13/2025 | 52331 | 54031 | 10152 |
| &nbsp;&nbsp;&nbsp; 754555, 47.840%, 7/11/2025 †x#^ | BlueVine | 1/13/2025 | 48345 | 49916 | 9800 |
| &nbsp;&nbsp;&nbsp; 754593, 28.800%, 1/05/2026 †x | BlueVine | 1/14/2025 | 8074 | 8174 | 8103 |
| &nbsp;&nbsp;&nbsp; 754600, 25.440%, 12/29/2025 †x# | BlueVine | 1/14/2025 | 13423 | 13582 | 13686 |
| &nbsp;&nbsp;&nbsp; 754609, 28.800%, 8/17/2026 †x | BlueVine | 1/14/2025 | 4385 | 4455 | 4423 |
| &nbsp;&nbsp;&nbsp; 754613, 39.960%, 1/02/2026 †x# | BlueVine | 1/14/2025 | 30188 | 30569 | 15189 |
| &nbsp;&nbsp;&nbsp; 754625, 22.360%, 9/26/2025 †x# | BlueVine | 1/14/2025 | 28333 | 29254 | 8949 |
| &nbsp;&nbsp;&nbsp; 754658, 30.720%, 1/26/2026 †x | BlueVine | 1/24/2025 | 32030 | 32481 | 32744 |
| &nbsp;&nbsp;&nbsp; 754677, 37.440%, 12/23/2025 †x | BlueVine | 1/15/2025 | 9376 | 9487 | 9460 |
| &nbsp;&nbsp;&nbsp; 754710, 24.960%, 1/02/2026 †x | BlueVine | 1/15/2025 | 22343 | 22613 | 22486 |
| &nbsp;&nbsp;&nbsp; 754727, 56.640%, 12/29/2025 †x# | BlueVine | 1/17/2025 | 11144 | 11288 | 11255 |
| &nbsp;&nbsp;&nbsp; 754735, 36.000%, 3/30/2026 †x# | BlueVine | 1/15/2025 | 25576 | 26013 | 26221 |
| &nbsp;&nbsp;&nbsp; 754797, 23.160%, 1/15/2026 †x | BlueVine | 1/16/2025 | 88938 | 90085 | 90161 |
| &nbsp;&nbsp;&nbsp; 754814, 31.440%, 1/13/2026 †x | BlueVine | 1/16/2025 | 8638 | 8751 | 8724 |
| &nbsp;&nbsp;&nbsp; 754881, 38.040%, 1/13/2026 †x | BlueVine | 1/17/2025 | 2313 | 2343 | 2343 |
| &nbsp;&nbsp;&nbsp; 754888, 40.800%, 1/14/2026 †x | BlueVine | 1/17/2025 | 9316 | 9442 | 9440 |
| &nbsp;&nbsp;&nbsp; 754896, 27.000%, 1/02/2026 †x | BlueVine | 1/17/2025 | 8986 | 9096 | 9040 |
| &nbsp;&nbsp;&nbsp; 754904, 80.080%, 9/10/2025 †x# | BlueVine | 1/17/2025 | 2000 | 2065 | 1175 |
| &nbsp;&nbsp;&nbsp; 754906, 84.760%, 11/28/2025 †x# | BlueVine | 1/17/2025 | 3922 | 4049 | 620 |
| &nbsp;&nbsp;&nbsp; 754948, 25.440%, 1/07/2026 †x | BlueVine | 1/21/2025 | 33985 | 34414 | 34321 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8931** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 754962, 37.920%, 1/02/2026 †x | BlueVine | 1/21/2025 | $4855 | $4917 | $4859 |
| &nbsp;&nbsp;&nbsp; 754969, 39.960%, 1/12/2026 †x | BlueVine | 1/21/2025 | 11252 | 11404 | 11374 |
| &nbsp;&nbsp;&nbsp; 754973, 74.880%, 2/20/2026 †x | BlueVine | 1/21/2025 | 8068 | 8068 | 8111 |
| &nbsp;&nbsp;&nbsp; 754981, 23.160%, 1/05/2026 †x | BlueVine | 1/21/2025 | 26682 | 27013 | 26910 |
| &nbsp;&nbsp;&nbsp; 754996, 42.960%, 1/20/2026 †x | BlueVine | 1/22/2025 | 7962 | 8075 | 8090 |
| &nbsp;&nbsp;&nbsp; 755003, 24.960%, 1/23/2026 †x | BlueVine | 1/22/2025 | 41553 | 42120 | 42330 |
| &nbsp;&nbsp;&nbsp; 755027, 43.920%, 12/29/2025 †x# | BlueVine | 1/22/2025 | 46952 | 47547 | 47772 |
| &nbsp;&nbsp;&nbsp; 755030, 24.000%, 12/29/2025 †x# | BlueVine | 1/22/2025 | 34676 | 35093 | 35343 |
| &nbsp;&nbsp;&nbsp; 755034, 22.200%, 1/20/2026 †x | BlueVine | 1/31/2025 | 8871 | 8992 | 9002 |
| &nbsp;&nbsp;&nbsp; 755121, 37.960%, 10/10/2025 †x# | BlueVine | 1/23/2025 | 54143 | 55902 | 16149 |
| &nbsp;&nbsp;&nbsp; 755190, 36.972%, 7/29/2025 †x#^ | BlueVine | 1/23/2025 | 5230 | 5400 | 785 |
| &nbsp;&nbsp;&nbsp; 755249, 24.960%, 1/20/2026 †x | BlueVine | 1/24/2025 | 44686 | 45289 | 45238 |
| &nbsp;&nbsp;&nbsp; 755259, 33.720%, 1/06/2026 †x | BlueVine | 1/24/2025 | 11434 | 11582 | 11514 |
| &nbsp;&nbsp;&nbsp; 755316, 48.960%, 1/12/2026 †x | BlueVine | 1/27/2025 | 11887 | 12053 | 11960 |
| &nbsp;&nbsp;&nbsp; 755345, 18.576%, 12/15/2025 †x | BlueVine | 1/27/2025 | 8031 | 8136 | 8136 |
| &nbsp;&nbsp;&nbsp; 755376, 24.000%, 1/20/2026 †x | BlueVine | 1/27/2025 | 15600 | 15811 | 15826 |
| &nbsp;&nbsp;&nbsp; 755448, 30.420%, 7/25/2025 †x#^ | BlueVine | 1/28/2025 | 6539 | 6751 | 981 |
| &nbsp;&nbsp;&nbsp; 755496, 28.800%, 1/20/2026 †x | BlueVine | 1/29/2025 | 36118 | 36616 | 36667 |
| &nbsp;&nbsp;&nbsp; 755512, 24.120%, 1/05/2026 †x | BlueVine | 1/29/2025 | 9747 | 9871 | 9765 |
| &nbsp;&nbsp;&nbsp; 755521, 35.640%, 1/16/2026 †x | BlueVine | 1/29/2025 | 22983 | 23300 | 23223 |
| &nbsp;&nbsp;&nbsp; 755601, 31.080%, 1/22/2026 †x# | BlueVine | 2/03/2025 | 10901 | 11061 | 11078 |
| &nbsp;&nbsp;&nbsp; 755612, 58.320%, 2/02/2026 †x | BlueVine | 1/30/2025 | 26823 | 27248 | 27006 |
| &nbsp;&nbsp;&nbsp; 755624, 40.920%, 1/21/2026 †x | BlueVine | 1/30/2025 | 4660 | 4726 | 4728 |
| &nbsp;&nbsp;&nbsp; 755631, 35.640%, 2/09/2026 †x | BlueVine | 2/11/2025 | 20256 | 20574 | 20546 |
| &nbsp;&nbsp;&nbsp; 755641, 42.120%, 1/16/2026 †x | BlueVine | 1/31/2025 | 29280 | 29692 | 29586 |
| &nbsp;&nbsp;&nbsp; 755663, 50.040%, 1/09/2026 †x# | BlueVine | 1/31/2025 | 4684 | 4836 | 635 |
| &nbsp;&nbsp;&nbsp; 755686, 28.080%, 7/30/2025 †x#^ | BlueVine | 1/31/2025 | 23435 | 24197 | 3515 |
| &nbsp;&nbsp;&nbsp; 755691, 30.000%, 1/20/2026 †x | BlueVine | 1/31/2025 | 2564 | 2599 | 2581 |
| &nbsp;&nbsp;&nbsp; 755692, 36.972%, 8/06/2025 †x#^ | BlueVine | 1/31/2025 | 6174 | 6375 | 1655 |
| &nbsp;&nbsp;&nbsp; 755704, 26.520%, 1/27/2026 †x# | BlueVine | 1/31/2025 | 5327 | 5403 | 5455 |
| &nbsp;&nbsp;&nbsp; 755721, 41.080%, 7/30/2025 †x#^ | BlueVine | 1/31/2025 | 773 | 798 | 116 |
| &nbsp;&nbsp;&nbsp; 755777, 42.120%, 1/16/2026 †x | BlueVine | 2/03/2025 | 46738 | 47401 | 47229 |
| &nbsp;&nbsp;&nbsp; 755785, 29.280%, 1/14/2026 †x | BlueVine | 2/03/2025 | 13561 | 13746 | 13717 |
| &nbsp;&nbsp;&nbsp; 755796, 67.600%, 10/29/2025 †x# | BlueVine | 5/02/2025 | 1274 | 1289 | 1294 |
| &nbsp;&nbsp;&nbsp; 755849, 69.600%, 1/12/2026 †x | BlueVine | 2/04/2025 | 20986 | 21298 | 20890 |
| &nbsp;&nbsp;&nbsp; 755851, 22.200%, 2/02/2026 †x | BlueVine | 2/04/2025 | 39275 | 39846 | 39706 |
| &nbsp;&nbsp;&nbsp; 755952, 24.480%, 2/06/2026 †x | BlueVine | 2/05/2025 | 13957 | 14164 | 14147 |
| &nbsp;&nbsp;&nbsp; 755977, 35.880%, 8/19/2025 †x#^ | BlueVine | 2/05/2025 | 5322 | 5495 | 1388 |
| &nbsp;&nbsp;&nbsp; 756022, 45.760%, 8/11/2025 †x#^ | BlueVine | 2/05/2025 | 7542 | 7787 | 2342 |
| &nbsp;&nbsp;&nbsp; 756056, 57.720%, 8/05/2025 †x#^ | BlueVine | 2/06/2025 | 6348 | 6554 | 952 |
| &nbsp;&nbsp;&nbsp; 756058, 37.960%, 10/24/2025 †x# | BlueVine | 2/06/2025 | 10759 | 11108 | 3240 |
| &nbsp;&nbsp;&nbsp; 756073, 33.000%, 1/13/2026 †x | BlueVine | 2/06/2025 | 28303 | 28693 | 28552 |
| &nbsp;&nbsp;&nbsp; 756078, 48.960%, 1/28/2026 †x# | BlueVine | 2/06/2025 | 19826 | 20470 | 5718 |
| &nbsp;&nbsp;&nbsp; 756094, 22.680%, 2/06/2026 †x | BlueVine | 2/06/2025 | 1056 | 1072 | 1070 |
| &nbsp;&nbsp;&nbsp; 756105, 24.000%, 1/20/2026 †x | BlueVine | 2/06/2025 | 11255 | 11412 | 11401 |
| &nbsp;&nbsp;&nbsp; 756127, 22.200%, 1/28/2026 †x# | BlueVine | 2/06/2025 | 8440 | 8560 | 8646 |
| &nbsp;&nbsp;&nbsp; 756135, 23.160%, 1/20/2026 †x | BlueVine | 2/06/2025 | 88938 | 90172 | 90208 |
| &nbsp;&nbsp;&nbsp; 756173, 23.160%, 2/04/2026 †x | BlueVine | 2/07/2025 | 10573 | 10729 | 10643 |
| &nbsp;&nbsp;&nbsp; 756187, 49.680%, 1/26/2026 †x | BlueVine | 2/07/2025 | 95268 | 96713 | 96531 |
| &nbsp;&nbsp;&nbsp; 756238, 22.956%, 1/22/2026 †x | BlueVine | 2/10/2025 | 20000 | 20283 | 20328 |
| &nbsp;&nbsp;&nbsp; 756253, 45.480%, 2/05/2026 †x | BlueVine | 2/10/2025 | 11111 | 11287 | 11241 |
| &nbsp;&nbsp;&nbsp; 756258, 34.680%, 1/15/2026 †x | BlueVine | 2/10/2025 | 22925 | 23249 | 23143 |
| &nbsp;&nbsp;&nbsp; 756290, 19.800%, 2/02/2026 †x | BlueVine | 2/10/2025 | 39340 | 39916 | 39785 |
| &nbsp;&nbsp;&nbsp; 756364, 45.000%, 1/12/2026 †x | BlueVine | 2/11/2025 | 65013 | 66032 | 65181 |
| &nbsp;&nbsp;&nbsp; 756399, 22.200%, 1/20/2026 †x | BlueVine | 2/12/2025 | 3327 | 3373 | 3374 |
| &nbsp;&nbsp;&nbsp; 756416, 24.960%, 1/28/2026 †x# | BlueVine | 2/12/2025 | 796 | 808 | 816 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8932** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 756426, 25.440%, 2/09/2026 †x | BlueVine | 2/12/2025 | $17537 | $17806 | $17702 |
| &nbsp;&nbsp;&nbsp; 756497, 27.960%, 2/12/2026 †x | BlueVine | 2/13/2025 | 13630 | 13842 | 13839 |
| &nbsp;&nbsp;&nbsp; 756522, 22.200%, 2/17/2026 †x | BlueVine | 2/13/2025 | 26373 | 26786 | 26827 |
| &nbsp;&nbsp;&nbsp; 756534, 40.320%, 2/03/2026 †x | BlueVine | 2/13/2025 | 68676 | 69744 | 68855 |
| &nbsp;&nbsp;&nbsp; 756537, 27.000%, 2/02/2026 †x | BlueVine | 2/13/2025 | 34666 | 35187 | 34840 |
| &nbsp;&nbsp;&nbsp; 756586, 41.080%, 8/13/2025 †x#^ | BlueVine | 2/14/2025 | 567 | 586 | 85 |
| &nbsp;&nbsp;&nbsp; 756591, 24.960%, 1/22/2026 †x | BlueVine | 2/14/2025 | 31280 | 31729 | 31744 |
| &nbsp;&nbsp;&nbsp; 756599, 22.200%, 2/09/2026 †x# | BlueVine | 2/14/2025 | 11875 | 12261 | 1909 |
| &nbsp;&nbsp;&nbsp; 756632, 33.720%, 2/17/2026 †x | BlueVine | 2/14/2025 | 10829 | 11004 | 11014 |
| &nbsp;&nbsp;&nbsp; 756668, 48.960%, 2/09/2026 †x | BlueVine | 2/18/2025 | 22388 | 22756 | 22635 |
| &nbsp;&nbsp;&nbsp; 756693, 27.648%, 2/06/2026 †x | BlueVine | 2/18/2025 | 16023 | 16271 | 16233 |
| &nbsp;&nbsp;&nbsp; 756696, 43.680%, 2/25/2026 †x# | BlueVine | 2/18/2025 | 882 | 910 | 132 |
| &nbsp;&nbsp;&nbsp; 756707, 63.120%, 2/17/2026 †x | BlueVine | 2/18/2025 | 23052 | 23454 | 23441 |
| &nbsp;&nbsp;&nbsp; 756715, 24.960%, 2/17/2026 †x | BlueVine | 2/18/2025 | 6370 | 6472 | 6487 |
| &nbsp;&nbsp;&nbsp; 756749, 30.000%, 2/11/2026 †x | BlueVine | 2/19/2025 | 13961 | 14183 | 14169 |
| &nbsp;&nbsp;&nbsp; 756763, 31.800%, 6/23/2026 †x# | BlueVine | 2/19/2025 | 17810 | 18273 | 8038 |
| &nbsp;&nbsp;&nbsp; 756779, 38.040%, 2/02/2026 †x | BlueVine | 2/19/2025 | 12027 | 12215 | 12121 |
| &nbsp;&nbsp;&nbsp; 756816, 47.280%, 2/09/2026 †x | BlueVine | 2/19/2025 | 16731 | 17005 | 16933 |
| &nbsp;&nbsp;&nbsp; 756848, 29.280%, 2/17/2026 †x | BlueVine | 2/20/2025 | 107220 | 108953 | 108738 |
| &nbsp;&nbsp;&nbsp; 756868, 30.000%, 2/17/2026 †x | BlueVine | 2/20/2025 | 24164 | 24555 | 24584 |
| &nbsp;&nbsp;&nbsp; 756869, 26.640%, 2/09/2026 †x | BlueVine | 2/20/2025 | 8326 | 8457 | 8394 |
| &nbsp;&nbsp;&nbsp; 756871, 38.160%, 2/20/2026 †x | BlueVine | 2/20/2025 | 43946 | 44681 | 44856 |
| &nbsp;&nbsp;&nbsp; 756898, 41.400%, 2/11/2026 †x | BlueVine | 2/20/2025 | 6608 | 6716 | 6689 |
| &nbsp;&nbsp;&nbsp; 756906, 26.104%, 8/19/2025 †x#^ | BlueVine | 2/20/2025 | 12614 | 13024 | 3433 |
| &nbsp;&nbsp;&nbsp; 756925, 30.160%, 8/26/2025 †x#^ | BlueVine | 2/20/2025 | 4431 | 4575 | 1197 |
| &nbsp;&nbsp;&nbsp; 756929, 31.440%, 2/13/2026 †x | BlueVine | 2/20/2025 | 9374 | 9524 | 9520 |
| &nbsp;&nbsp;&nbsp; 756941, 66.120%, 2/12/2026 †x | BlueVine | 2/20/2025 | 1739 | 1769 | 1757 |
| &nbsp;&nbsp;&nbsp; 756954, 23.160%, 2/17/2026 †x | BlueVine | 2/21/2025 | 14538 | 14770 | 14737 |
| &nbsp;&nbsp;&nbsp; 757002, 29.760%, 2/02/2026 †x | BlueVine | 2/21/2025 | 10734 | 10899 | 10766 |
| &nbsp;&nbsp;&nbsp; 757004, 19.864%, 8/20/2025 †x#^ | BlueVine | 2/21/2025 | 1609 | 1662 | 1065 |
| &nbsp;&nbsp;&nbsp; 757066, 21.720%, 2/12/2026 †x | BlueVine | 2/24/2025 | 7903 | 8028 | 8024 |
| &nbsp;&nbsp;&nbsp; 757083, 22.200%, 2/09/2026 †x | BlueVine | 2/24/2025 | 5275 | 5357 | 5325 |
| &nbsp;&nbsp;&nbsp; 757090, 28.600%, 2/13/2026 †x | BlueVine | 2/24/2025 | 11462 | 11607 | 11692 |
| &nbsp;&nbsp;&nbsp; 757094, 43.680%, 2/11/2026 †x# | BlueVine | 2/24/2025 | 1558 | 1608 | 234 |
| &nbsp;&nbsp;&nbsp; 757095, 25.440%, 2/17/2026 †x | BlueVine | 2/24/2025 | 39857 | 40502 | 40482 |
| &nbsp;&nbsp;&nbsp; 757107, 24.000%, 2/17/2026 †x | BlueVine | 2/24/2025 | 5697 | 5789 | 5784 |
| &nbsp;&nbsp;&nbsp; 757112, 29.280%, 2/20/2026 †x | BlueVine | 2/24/2025 | 40207 | 40871 | 41010 |
| &nbsp;&nbsp;&nbsp; 757176, 41.760%, 2/13/2026 †x | BlueVine | 2/25/2025 | 11023 | 11206 | 11178 |
| &nbsp;&nbsp;&nbsp; 757218, 72.800%, 9/02/2025 †x | BlueVine | 2/25/2025 | 219 | 219 | 219 |
| &nbsp;&nbsp;&nbsp; 757220, 78.000%, 9/02/2025 †x | BlueVine | 2/26/2025 | 230 | 230 | 230 |
| &nbsp;&nbsp;&nbsp; 757221, 24.120%, 2/24/2026 †x | BlueVine | 2/26/2025 | 18544 | 18851 | 18933 |
| &nbsp;&nbsp;&nbsp; 757268, 30.720%, 2/26/2026 †x | BlueVine | 2/26/2025 | 11355 | 11547 | 11638 |
| &nbsp;&nbsp;&nbsp; 757281, 30.680%, 10/28/2025 †x | BlueVine | 5/01/2025 | 18180 | 18374 | 18549 |
| &nbsp;&nbsp;&nbsp; 757306, 19.188%, 8/26/2025 †x#^ | BlueVine | 2/27/2025 | 121 | 121 | 121 |
| &nbsp;&nbsp;&nbsp; 757340, 41.080%, 8/26/2025 †x#^ | BlueVine | 2/27/2025 | 16465 | 17000 | 2470 |
| &nbsp;&nbsp;&nbsp; 757367, 35.640%, 2/23/2026 †x | BlueVine | 2/27/2025 | 32100 | 32647 | 32746 |
| &nbsp;&nbsp;&nbsp; 757369, 19.188%, 8/26/2025 †x#^ | BlueVine | 2/27/2025 | 402 | 402 | 403 |
| &nbsp;&nbsp;&nbsp; 757381, 23.160%, 2/04/2026 †x | BlueVine | 2/27/2025 | 7930 | 8053 | 7988 |
| &nbsp;&nbsp;&nbsp; 757389, 39.360%, 2/20/2026 †x | BlueVine | 2/27/2025 | 28243 | 28722 | 28756 |
| &nbsp;&nbsp;&nbsp; 757393, 22.920%, 2/25/2026 †x | BlueVine | 2/27/2025 | 39626 | 40285 | 40480 |
| &nbsp;&nbsp;&nbsp; 757422, 24.120%, 3/03/2026 †x | BlueVine | 2/28/2025 | 55193 | 56132 | 56006 |
| &nbsp;&nbsp;&nbsp; 757430, 20.280%, 8/28/2025 †x#^ | BlueVine | 3/03/2025 | 1009 | 1009 | 1012 |
| &nbsp;&nbsp;&nbsp; 757433, 27.040%, 8/27/2025 †x#^ | BlueVine | 2/28/2025 | 369 | 369 | 369 |
| &nbsp;&nbsp;&nbsp; 757450, 26.000%, 8/27/2025 †x#^ | BlueVine | 2/28/2025 | 1841 | 1841 | 1843 |
| &nbsp;&nbsp;&nbsp; 757452, 22.920%, 2/09/2026 †x | BlueVine | 2/28/2025 | 6776 | 6883 | 6843 |
| &nbsp;&nbsp;&nbsp; 757489, 27.000%, 2/26/2026 †x | BlueVine | 2/28/2025 | 33328 | 33890 | 34167 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8933** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 757512, 55.640%, 8/28/2025 †x#^ | BlueVine | 3/03/2025 | $1314 | $1314 | $1317 |
| &nbsp;&nbsp;&nbsp; 757530, 58.240%, 8/28/2025 †x#^ | BlueVine | 3/03/2025 | 969 | 969 | 972 |
| &nbsp;&nbsp;&nbsp; 757534, 37.440%, 8/28/2025 †x#^ | BlueVine | 3/03/2025 | 1148 | 1148 | 1150 |
| &nbsp;&nbsp;&nbsp; 757548, 24.440%, 8/28/2025 †x#^ | BlueVine | 3/03/2025 | 7744 | 7744 | 7765 |
| &nbsp;&nbsp;&nbsp; 757560, 63.440%, 8/28/2025 †x#^ | BlueVine | 3/03/2025 | 357 | 357 | 358 |
| &nbsp;&nbsp;&nbsp; 757583, 32.760%, 2/20/2026 †x | BlueVine | 3/04/2025 | 4863 | 4945 | 4955 |
| &nbsp;&nbsp;&nbsp; 757584, 41.080%, 8/29/2025 †x#^ | BlueVine | 3/04/2025 | 1695 | 1695 | 1691 |
| &nbsp;&nbsp;&nbsp; 757624, 41.080%, 8/29/2025 †x#^ | BlueVine | 3/04/2025 | 868 | 868 | 864 |
| &nbsp;&nbsp;&nbsp; 757634, 23.160%, 3/03/2026 †x | BlueVine | 3/04/2025 | 16497 | 16780 | 16744 |
| &nbsp;&nbsp;&nbsp; 757645, 35.880%, 8/29/2025 †x#^ | BlueVine | 3/04/2025 | 293 | 293 | 292 |
| &nbsp;&nbsp;&nbsp; 757646, 48.000%, 2/24/2026 †x | BlueVine | 3/04/2025 | 25135 | 25581 | 25625 |
| &nbsp;&nbsp;&nbsp; 757700, 35.880%, 9/02/2025 †x | BlueVine | 3/05/2025 | 1884 | 1884 | 1880 |
| &nbsp;&nbsp;&nbsp; 757712, 29.640%, 9/02/2025 †x | BlueVine | 3/05/2025 | 413 | 413 | 413 |
| &nbsp;&nbsp;&nbsp; 757715, 54.600%, 9/02/2025 †x | BlueVine | 3/05/2025 | 612 | 612 | 612 |
| &nbsp;&nbsp;&nbsp; 757735, 36.920%, 9/02/2025 †x | BlueVine | 3/05/2025 | 3400 | 3400 | 3401 |
| &nbsp;&nbsp;&nbsp; 757740, 35.880%, 9/02/2025 †x | BlueVine | 3/05/2025 | 100 | 100 | 99 |
| &nbsp;&nbsp;&nbsp; 757741, 17.160%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 4433 | 4435 | 4435 |
| &nbsp;&nbsp;&nbsp; 757743, 24.440%, 9/02/2025 †x | BlueVine | 3/05/2025 | 265 | 265 | 265 |
| &nbsp;&nbsp;&nbsp; 757745, 38.040%, 2/13/2026 †x | BlueVine | 3/05/2025 | 19134 | 19455 | 19336 |
| &nbsp;&nbsp;&nbsp; 757751, 58.240%, 9/02/2025 †x | BlueVine | 3/05/2025 | 88 | 88 | 88 |
| &nbsp;&nbsp;&nbsp; 757754, 63.440%, 9/02/2025 †x | BlueVine | 3/05/2025 | 535 | 535 | 535 |
| &nbsp;&nbsp;&nbsp; 757757, 23.400%, 9/02/2025 †x | BlueVine | 3/05/2025 | 1220 | 1220 | 1221 |
| &nbsp;&nbsp;&nbsp; 757819, 22.200%, 3/05/2026 †x | BlueVine | 3/06/2025 | 6099 | 6204 | 6162 |
| &nbsp;&nbsp;&nbsp; 757822, 66.560%, 9/02/2025 †x | BlueVine | 3/06/2025 | 1347 | 1347 | 1347 |
| &nbsp;&nbsp;&nbsp; 757824, 29.760%, 3/10/2026 †x | BlueVine | 3/06/2025 | 15468 | 15744 | 15668 |
| &nbsp;&nbsp;&nbsp; 757828, 31.200%, 9/02/2025 †x | BlueVine | 3/06/2025 | 1117 | 1117 | 1120 |
| &nbsp;&nbsp;&nbsp; 757854, 37.440%, 9/02/2025 †x | BlueVine | 3/06/2025 | 420 | 420 | 421 |
| &nbsp;&nbsp;&nbsp; 757858, 66.560%, 9/02/2025 †x | BlueVine | 3/06/2025 | 180 | 180 | 180 |
| &nbsp;&nbsp;&nbsp; 757861, 35.880%, 9/08/2025 †x# | BlueVine | 3/06/2025 | 6132 | 6132 | 6173 |
| &nbsp;&nbsp;&nbsp; 757865, 37.440%, 9/02/2025 †x | BlueVine | 3/06/2025 | 336 | 336 | 337 |
| &nbsp;&nbsp;&nbsp; 757871, 47.320%, 9/02/2025 †x | BlueVine | 3/06/2025 | 1074 | 1074 | 1076 |
| &nbsp;&nbsp;&nbsp; 757877, 12.792%, 9/02/2025 †x | BlueVine | 3/06/2025 | 198 | 200 | 199 |
| &nbsp;&nbsp;&nbsp; 757904, 29.120%, 9/03/2025 †x# | BlueVine | 3/07/2025 | 8218 | 8218 | 8245 |
| &nbsp;&nbsp;&nbsp; 757916, 25.480%, 1/28/2026 †x# | BlueVine | 3/07/2025 | 3954 | 4006 | 3966 |
| &nbsp;&nbsp;&nbsp; 757917, 29.120%, 9/10/2025 †x# | BlueVine | 3/07/2025 | 46917 | 48442 | 7038 |
| &nbsp;&nbsp;&nbsp; 757918, 45.500%, 9/03/2025 †x | BlueVine | 3/07/2025 | 305 | 305 | 306 |
| &nbsp;&nbsp;&nbsp; 757920, 47.840%, 9/03/2025 †x# | BlueVine | 3/07/2025 | 973 | 973 | 974 |
| &nbsp;&nbsp;&nbsp; 757923, 18.840%, 3/03/2026 †x | BlueVine | 3/07/2025 | 41929 | 42645 | 42268 |
| &nbsp;&nbsp;&nbsp; 757931, 18.840%, 3/11/2026 †x | BlueVine | 3/07/2025 | 4847 | 4932 | 4911 |
| &nbsp;&nbsp;&nbsp; 757941, 62.400%, 9/03/2025 †x# | BlueVine | 3/07/2025 | 442 | 442 | 443 |
| &nbsp;&nbsp;&nbsp; 757943, 68.120%, 11/26/2025 †x# | BlueVine | 3/07/2025 | 4887 | 5046 | 2197 |
| &nbsp;&nbsp;&nbsp; 757944, 40.920%, 2/26/2026 †x | BlueVine | 3/07/2025 | 14217 | 14468 | 14544 |
| &nbsp;&nbsp;&nbsp; 757951, 27.000%, 2/17/2026 †x# | BlueVine | 3/07/2025 | 18465 | 18773 | 18798 |
| &nbsp;&nbsp;&nbsp; 757994, 35.640%, 3/02/2026 †x# | BlueVine | 3/10/2025 | 20419 | 20783 | 20976 |
| &nbsp;&nbsp;&nbsp; 758009, 40.800%, 2/23/2026 †x | BlueVine | 3/10/2025 | 41249 | 41976 | 41990 |
| &nbsp;&nbsp;&nbsp; 758010, 23.400%, 9/04/2025 †x# | BlueVine | 3/10/2025 | 811 | 811 | 815 |
| &nbsp;&nbsp;&nbsp; 758012, 57.720%, 9/04/2025 †x# | BlueVine | 3/10/2025 | 260 | 260 | 260 |
| &nbsp;&nbsp;&nbsp; 758013, 35.880%, 9/04/2025 †x# | BlueVine | 3/10/2025 | 334 | 334 | 335 |
| &nbsp;&nbsp;&nbsp; 758015, 31.200%, 9/04/2025 †x# | BlueVine | 3/10/2025 | 1651 | 1651 | 1658 |
| &nbsp;&nbsp;&nbsp; 758016, 29.120%, 9/04/2025 †x# | BlueVine | 3/10/2025 | 411 | 411 | 412 |
| &nbsp;&nbsp;&nbsp; 758019, 35.880%, 9/04/2025 †x# | BlueVine | 3/10/2025 | 1669 | 1669 | 1673 |
| &nbsp;&nbsp;&nbsp; 758031, 23.400%, 9/04/2025 †x# | BlueVine | 3/10/2025 | 4057 | 4057 | 4074 |
| &nbsp;&nbsp;&nbsp; 758032, 40.800%, 3/02/2026 †x | BlueVine | 3/10/2025 | 12628 | 12855 | 12793 |
| &nbsp;&nbsp;&nbsp; 758039, 23.160%, 4/20/2026 †x# | BlueVine | 3/10/2025 | 75498 | 77084 | 77458 |
| &nbsp;&nbsp;&nbsp; 758070, 70.200%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 193 | 193 | 191 |
| &nbsp;&nbsp;&nbsp; 758084, 55.640%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 4009 | 4139 | 1303 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8934** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 758085, 36.000%, 2/23/2026 †x | BlueVine | 3/11/2025 | $23946 | $24365 | $24364 |
| &nbsp;&nbsp;&nbsp; 758101, 25.480%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 897 | 897 | 893 |
| &nbsp;&nbsp;&nbsp; 758111, 30.720%, 2/26/2026 †x | BlueVine | 3/11/2025 | 14388 | 14639 | 14753 |
| &nbsp;&nbsp;&nbsp; 758112, 49.920%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 681 | 681 | 678 |
| &nbsp;&nbsp;&nbsp; 758115, 22.200%, 3/10/2026 †x | BlueVine | 3/11/2025 | 8538 | 8690 | 8651 |
| &nbsp;&nbsp;&nbsp; 758121, 31.440%, 3/05/2026 †x# | BlueVine | 3/11/2025 | 92800 | 95816 | 13266 |
| &nbsp;&nbsp;&nbsp; 758123, 57.720%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 438 | 438 | 435 |
| &nbsp;&nbsp;&nbsp; 758124, 41.080%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 1688 | 1688 | 1684 |
| &nbsp;&nbsp;&nbsp; 758126, 28.800%, 1/05/2026 †x | BlueVine | 3/11/2025 | 608 | 618 | 600 |
| &nbsp;&nbsp;&nbsp; 758137, 19.240%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 1608 | 1608 | 1607 |
| &nbsp;&nbsp;&nbsp; 758138, 65.520%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 445 | 445 | 443 |
| &nbsp;&nbsp;&nbsp; 758149, 29.120%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 2137 | 2137 | 2128 |
| &nbsp;&nbsp;&nbsp; 758151, 31.440%, 3/13/2026 †x | BlueVine | 3/11/2025 | 1365 | 1390 | 1396 |
| &nbsp;&nbsp;&nbsp; 758153, 57.720%, 9/05/2025 †x# | BlueVine | 3/11/2025 | 11906 | 12293 | 1786 |
| &nbsp;&nbsp;&nbsp; 758174, 36.920%, 9/08/2025 †x | BlueVine | 3/12/2025 | 1672 | 1672 | 1674 |
| &nbsp;&nbsp;&nbsp; 758187, 18.200%, 9/29/2025 †x# | BlueVine | 3/12/2025 | 804 | 830 | 418 |
| &nbsp;&nbsp;&nbsp; 758192, 31.200%, 3/11/2026 †x | BlueVine | 3/12/2025 | 14269 | 14528 | 14534 |
| &nbsp;&nbsp;&nbsp; 758199, 23.400%, 9/08/2025 †x | BlueVine | 3/12/2025 | 811 | 811 | 812 |
| &nbsp;&nbsp;&nbsp; 758200, 25.440%, 3/09/2026 †x | BlueVine | 3/12/2025 | 18410 | 18739 | 18642 |
| &nbsp;&nbsp;&nbsp; 758204, 30.680%, 9/08/2025 †x | BlueVine | 3/12/2025 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; 758213, 45.760%, 9/15/2025 †x# | BlueVine | 3/12/2025 | 6765 | 6985 | 2304 |
| &nbsp;&nbsp;&nbsp; 758216, 27.000%, 3/17/2026 †x | BlueVine | 4/04/2025 | 9232 | 9411 | 9403 |
| &nbsp;&nbsp;&nbsp; 758218, 36.920%, 9/08/2025 †x | BlueVine | 3/12/2025 | 2927 | 2927 | 2930 |
| &nbsp;&nbsp;&nbsp; 758232, 27.040%, 9/08/2025 †x | BlueVine | 3/12/2025 | 4671 | 4671 | 4675 |
| &nbsp;&nbsp;&nbsp; 758241, 23.400%, 9/08/2025 †x | BlueVine | 3/12/2025 | 1623 | 1623 | 1624 |
| &nbsp;&nbsp;&nbsp; 758258, 24.960%, 9/09/2025 †x | BlueVine | 3/13/2025 | 4071 | 4071 | 4089 |
| &nbsp;&nbsp;&nbsp; 758274, 30.396%, 3/06/2026 †x | BlueVine | 3/13/2025 | 18583 | 18916 | 18815 |
| &nbsp;&nbsp;&nbsp; 758277, 66.560%, 9/09/2025 †x | BlueVine | 3/13/2025 | 714 | 714 | 716 |
| &nbsp;&nbsp;&nbsp; 758287, 30.160%, 9/16/2025 †x# | BlueVine | 3/13/2025 | 11181 | 11544 | 3194 |
| &nbsp;&nbsp;&nbsp; 758299, 22.200%, 3/02/2026 †x# | BlueVine | 3/13/2025 | 18296 | 18615 | 18766 |
| &nbsp;&nbsp;&nbsp; 758302, 26.400%, 2/25/2026 †x | BlueVine | 3/13/2025 | 30326 | 30851 | 30913 |
| &nbsp;&nbsp;&nbsp; 758304, 26.640%, 3/02/2026 †x# | BlueVine | 3/13/2025 | 44356 | 45136 | 45556 |
| &nbsp;&nbsp;&nbsp; 758305, 26.208%, 9/09/2025 †x | BlueVine | 3/13/2025 | 1633 | 1633 | 1640 |
| &nbsp;&nbsp;&nbsp; 758328, 32.500%, 9/16/2025 †x# | BlueVine | 3/13/2025 | 715 | 738 | 506 |
| &nbsp;&nbsp;&nbsp; 758330, 66.560%, 9/16/2025 †x | BlueVine | 3/13/2025 | 1197 | 1197 | 1204 |
| &nbsp;&nbsp;&nbsp; 758341, 52.520%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 2583 | 2583 | 2582 |
| &nbsp;&nbsp;&nbsp; 758351, 22.920%, 3/11/2026 †x | BlueVine | 3/14/2025 | 11909 | 12122 | 12124 |
| &nbsp;&nbsp;&nbsp; 758354, 50.960%, 9/10/2025 †x# | BlueVine | 3/14/2025 | 1287 | 1287 | 1293 |
| &nbsp;&nbsp;&nbsp; 758356, 73.320%, 9/10/2025 †x# | BlueVine | 3/14/2025 | 5392 | 5392 | 5415 |
| &nbsp;&nbsp;&nbsp; 758359, 66.560%, 9/10/2025 †x# | BlueVine | 3/14/2025 | 133 | 133 | 134 |
| &nbsp;&nbsp;&nbsp; 758362, 24.480%, 2/27/2026 †x# | BlueVine | 3/14/2025 | 6126 | 6232 | 6278 |
| &nbsp;&nbsp;&nbsp; 758376, 18.200%, 9/17/2025 †x# | BlueVine | 3/14/2025 | 9391 | 9697 | 2718 |
| &nbsp;&nbsp;&nbsp; 758378, 22.360%, 9/10/2025 †x# | BlueVine | 3/14/2025 | 6361 | 6361 | 6390 |
| &nbsp;&nbsp;&nbsp; 758389, 65.520%, 9/10/2025 †x# | BlueVine | 3/14/2025 | 2654 | 2654 | 2665 |
| &nbsp;&nbsp;&nbsp; 758404, 67.600%, 9/10/2025 †x# | BlueVine | 3/14/2025 | 400 | 400 | 402 |
| &nbsp;&nbsp;&nbsp; 758407, 39.520%, 9/10/2025 †x# | BlueVine | 3/14/2025 | 5027 | 5027 | 5048 |
| &nbsp;&nbsp;&nbsp; 758439, 22.200%, 2/23/2026 †x | BlueVine | 3/17/2025 | 2637 | 2683 | 2695 |
| &nbsp;&nbsp;&nbsp; 758440, 36.000%, 2/20/2026 †x# | BlueVine | 3/17/2025 | 27211 | 27700 | 27581 |
| &nbsp;&nbsp;&nbsp; 758441, 36.000%, 3/06/2026 †x | BlueVine | 3/17/2025 | 12518 | 12747 | 12663 |
| &nbsp;&nbsp;&nbsp; 758446, 41.600%, 9/11/2025 †x# | BlueVine | 3/17/2025 | 2525 | 2525 | 2540 |
| &nbsp;&nbsp;&nbsp; 758457, 37.200%, 2/23/2026 †x | BlueVine | 3/17/2025 | 16370 | 16662 | 16591 |
| &nbsp;&nbsp;&nbsp; 758464, 24.960%, 2/20/2026 †x | BlueVine | 3/17/2025 | 26542 | 26999 | 27018 |
| &nbsp;&nbsp;&nbsp; 758470, 47.840%, 9/11/2025 †x# | BlueVine | 3/17/2025 | 9593 | 9593 | 9650 |
| &nbsp;&nbsp;&nbsp; 758477, 30.680%, 9/11/2025 †x# | BlueVine | 3/17/2025 | 1048 | 1048 | 1055 |
| &nbsp;&nbsp;&nbsp; 758486, 24.960%, 3/02/2026 †x# | BlueVine | 3/17/2025 | 5825 | 5928 | 5973 |
| &nbsp;&nbsp;&nbsp; 758492, 24.440%, 9/11/2025 †x# | BlueVine | 3/17/2025 | 2434 | 2434 | 2449 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8935** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 758494, 46.800%, 9/05/2025 †x# | BlueVine | 3/18/2025 | $7115 | $7115 | $7125 |
| &nbsp;&nbsp;&nbsp; 758524, 38.040%, 3/02/2026 †x | BlueVine | 3/18/2025 | 8167 | 8316 | 8256 |
| &nbsp;&nbsp;&nbsp; 758549, 78.000%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 1361 | 1361 | 1359 |
| &nbsp;&nbsp;&nbsp; 758553, 37.800%, 3/02/2026 †x | BlueVine | 3/18/2025 | 4396 | 4476 | 4443 |
| &nbsp;&nbsp;&nbsp; 758556, 25.480%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 427 | 427 | 428 |
| &nbsp;&nbsp;&nbsp; 758564, 80.080%, 4/10/2026 †x# | BlueVine | 3/18/2025 | 5582 | 5582 | 5716 |
| &nbsp;&nbsp;&nbsp; 758566, 42.360%, 3/05/2026 †x | BlueVine | 3/19/2025 | 47487 | 48369 | 48054 |
| &nbsp;&nbsp;&nbsp; 758569, 30.000%, 3/19/2026 †x | BlueVine | 3/18/2025 | 14172 | 14438 | 14502 |
| &nbsp;&nbsp;&nbsp; 758575, 41.600%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 2485 | 2485 | 2481 |
| &nbsp;&nbsp;&nbsp; 758587, 18.408%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 1802 | 1802 | 1805 |
| &nbsp;&nbsp;&nbsp; 758592, 28.600%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 579 | 579 | 578 |
| &nbsp;&nbsp;&nbsp; 758593, 23.400%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 2186 | 2186 | 2190 |
| &nbsp;&nbsp;&nbsp; 758595, 24.120%, 3/03/2026 †x | BlueVine | 3/18/2025 | 29591 | 30117 | 29998 |
| &nbsp;&nbsp;&nbsp; 758599, 17.680%, 9/12/2025 †x# | BlueVine | 3/18/2025 | 1280 | 1280 | 1282 |
| &nbsp;&nbsp;&nbsp; 758603, 85.800%, 9/15/2025 †x | BlueVine | 3/19/2025 | 760 | 760 | 764 |
| &nbsp;&nbsp;&nbsp; 758622, 30.680%, 9/15/2025 †x | BlueVine | 3/19/2025 | 3700 | 3700 | 3717 |
| &nbsp;&nbsp;&nbsp; 758623, 30.396%, 3/06/2026 †x | BlueVine | 3/19/2025 | 15486 | 15768 | 15671 |
| &nbsp;&nbsp;&nbsp; 758626, 22.200%, 3/02/2026 †x | BlueVine | 3/19/2025 | 8538 | 8689 | 8616 |
| &nbsp;&nbsp;&nbsp; 758628, 23.160%, 2/24/2026 †x | BlueVine | 3/19/2025 | 52864 | 53786 | 53865 |
| &nbsp;&nbsp;&nbsp; 758631, 24.960%, 3/09/2026 †x | BlueVine | 3/19/2025 | 24525 | 24969 | 24810 |
| &nbsp;&nbsp;&nbsp; 758639, 24.648%, 9/15/2025 †x | BlueVine | 3/19/2025 | 487 | 487 | 489 |
| &nbsp;&nbsp;&nbsp; 758641, 33.960%, 3/02/2026 †x# | BlueVine | 3/19/2025 | 2806 | 2857 | 2864 |
| &nbsp;&nbsp;&nbsp; 758646, 67.080%, 9/15/2025 †x | BlueVine | 3/19/2025 | 666 | 666 | 669 |
| &nbsp;&nbsp;&nbsp; 758657, 65.520%, 9/15/2025 †x# | BlueVine | 3/19/2025 | 16642 | 17183 | 2496 |
| &nbsp;&nbsp;&nbsp; 758660, 37.440%, 9/15/2025 †x | BlueVine | 3/19/2025 | 626 | 626 | 628 |
| &nbsp;&nbsp;&nbsp; 758662, 24.440%, 9/15/2025 †x | BlueVine | 3/19/2025 | 3651 | 3651 | 3663 |
| &nbsp;&nbsp;&nbsp; 758664, 22.680%, 2/09/2026 †x | BlueVine | 3/19/2025 | 14017 | 14268 | 14173 |
| &nbsp;&nbsp;&nbsp; 758674, 51.480%, 9/15/2025 †x | BlueVine | 3/19/2025 | 1289 | 1289 | 1294 |
| &nbsp;&nbsp;&nbsp; 758695, 37.440%, 9/16/2025 †x | BlueVine | 3/20/2025 | 876 | 876 | 882 |
| &nbsp;&nbsp;&nbsp; 758696, 22.920%, 3/11/2026 †x | BlueVine | 3/20/2025 | 15268 | 15546 | 15536 |
| &nbsp;&nbsp;&nbsp; 758701, 32.500%, 9/23/2025 †x# | BlueVine | 3/20/2025 | 1562 | 1613 | 796 |
| &nbsp;&nbsp;&nbsp; 758707, 21.840%, 9/16/2025 †x | BlueVine | 3/20/2025 | 1210 | 1210 | 1218 |
| &nbsp;&nbsp;&nbsp; 758737, 56.160%, 9/16/2025 †x | BlueVine | 3/20/2025 | 2082 | 2082 | 2096 |
| &nbsp;&nbsp;&nbsp; 758740, 22.200%, 3/06/2026 †x | BlueVine | 3/20/2025 | 36593 | 37249 | 37176 |
| &nbsp;&nbsp;&nbsp; 758747, 29.280%, 3/05/2026 †x | BlueVine | 3/20/2025 | 83450 | 84964 | 84278 |
| &nbsp;&nbsp;&nbsp; 758752, 52.884%, 9/17/2025 †x# | BlueVine | 3/21/2025 | 12861 | 12861 | 12957 |
| &nbsp;&nbsp;&nbsp; 758758, 56.160%, 9/17/2025 †x# | BlueVine | 3/21/2025 | 4315 | 4315 | 4347 |
| &nbsp;&nbsp;&nbsp; 758781, 56.160%, 9/17/2025 †x# | BlueVine | 3/21/2025 | 2071 | 2071 | 2087 |
| &nbsp;&nbsp;&nbsp; 758793, 72.800%, 9/17/2025 †x# | BlueVine | 3/21/2025 | 2942 | 2942 | 2964 |
| &nbsp;&nbsp;&nbsp; 758794, 44.400%, 2/26/2026 †x | BlueVine | 3/21/2025 | 554 | 564 | 562 |
| &nbsp;&nbsp;&nbsp; 758804, 41.080%, 9/17/2025 †x# | BlueVine | 3/21/2025 | 2378 | 2378 | 2396 |
| &nbsp;&nbsp;&nbsp; 758805, 25.752%, 3/16/2026 †x | BlueVine | 3/21/2025 | 28531 | 29061 | 29092 |
| &nbsp;&nbsp;&nbsp; 758808, 24.960%, 3/02/2026 †x | BlueVine | 3/21/2025 | 18393 | 18722 | 18612 |
| &nbsp;&nbsp;&nbsp; 758814, 78.000%, 10/01/2025 †x# | BlueVine | 3/21/2025 | 2204 | 2204 | 1582 |
| &nbsp;&nbsp;&nbsp; 758822, 46.800%, 9/17/2025 †x# | BlueVine | 3/21/2025 | 8470 | 8470 | 8534 |
| &nbsp;&nbsp;&nbsp; 758825, 39.960%, 3/16/2026 †x | BlueVine | 3/21/2025 | 18913 | 19274 | 19275 |
| &nbsp;&nbsp;&nbsp; 758839, 22.200%, 3/23/2026 †x | BlueVine | 3/27/2025 | 30494 | 31073 | 31166 |
| &nbsp;&nbsp;&nbsp; 758854, 37.440%, 9/18/2025 †x# | BlueVine | 3/24/2025 | 16624 | 16624 | 16771 |
| &nbsp;&nbsp;&nbsp; 758864, 35.640%, 3/05/2026 †x | BlueVine | 3/24/2025 | 12510 | 12742 | 12628 |
| &nbsp;&nbsp;&nbsp; 758866, 23.400%, 9/18/2025 †x# | BlueVine | 3/24/2025 | 7270 | 7270 | 7333 |
| &nbsp;&nbsp;&nbsp; 758867, 30.000%, 3/17/2026 †x# | BlueVine | 3/24/2025 | 45000 | 46463 | 6750 |
| &nbsp;&nbsp;&nbsp; 758868, 35.640%, 2/24/2026 †x | BlueVine | 3/24/2025 | 14838 | 15122 | 15205 |
| &nbsp;&nbsp;&nbsp; 758893, 35.880%, 9/18/2025 †x | BlueVine | 3/24/2025 | 6015 | 6015 | 6052 |
| &nbsp;&nbsp;&nbsp; 758903, 52.000%, 9/18/2025 †x# | BlueVine | 3/24/2025 | 3423 | 3423 | 3455 |
| &nbsp;&nbsp;&nbsp; 758904, 49.920%, 9/18/2025 †x# | BlueVine | 3/24/2025 | 3480 | 3480 | 3511 |
| &nbsp;&nbsp;&nbsp; 758906, 18.200%, 9/18/2025 †x# | BlueVine | 3/24/2025 | 2397 | 2397 | 2418 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8936** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 758915, 35.880%, 9/19/2025 †x# | BlueVine | 3/25/2025 | $878 | $878 | $882 |
| &nbsp;&nbsp;&nbsp; 758927, 17.880%, 3/02/2026 †x | BlueVine | 3/25/2025 | 9072 | 9233 | 9180 |
| &nbsp;&nbsp;&nbsp; 758947, 36.400%, 9/19/2025 †x# | BlueVine | 3/25/2025 | 8295 | 8295 | 8315 |
| &nbsp;&nbsp;&nbsp; 758949, 71.760%, 9/19/2025 †x# | BlueVine | 3/25/2025 | 890 | 890 | 891 |
| &nbsp;&nbsp;&nbsp; 758960, 54.080%, 9/19/2025 †x# | BlueVine | 3/25/2025 | 344 | 344 | 345 |
| &nbsp;&nbsp;&nbsp; 758961, 32.760%, 9/19/2025 †x# | BlueVine | 3/25/2025 | 16467 | 16467 | 16514 |
| &nbsp;&nbsp;&nbsp; 758964, 25.560%, 3/16/2026 †x | BlueVine | 3/25/2025 | 9207 | 9380 | 9370 |
| &nbsp;&nbsp;&nbsp; 758972, 37.440%, 9/19/2025 †x# | BlueVine | 3/25/2025 | 1164 | 1164 | 1167 |
| &nbsp;&nbsp;&nbsp; 758984, 14.040%, 9/19/2025 †x# | BlueVine | 3/25/2025 | 7922 | 8001 | 7948 |
| &nbsp;&nbsp;&nbsp; 758986, 15.600%, 1/22/2026 †x | BlueVine | 3/25/2025 | 3627 | 3695 | 3681 |
| &nbsp;&nbsp;&nbsp; 758997, 22.200%, 3/16/2026 †x | BlueVine | 3/25/2025 | 18296 | 18637 | 18670 |
| &nbsp;&nbsp;&nbsp; 759007, 33.800%, 9/19/2025 †x# | BlueVine | 3/25/2025 | 8251 | 8251 | 8272 |
| &nbsp;&nbsp;&nbsp; 759022, 30.680%, 9/22/2025 †x# | BlueVine | 3/26/2025 | 4919 | 4919 | 4950 |
| &nbsp;&nbsp;&nbsp; 759037, 39.624%, 9/22/2025 †x | BlueVine | 3/26/2025 | 835 | 835 | 840 |
| &nbsp;&nbsp;&nbsp; 759046, 86.320%, 9/22/2025 †x | BlueVine | 3/26/2025 | 101 | 101 | 102 |
| &nbsp;&nbsp;&nbsp; 759047, 36.400%, 9/22/2025 †x | BlueVine | 3/26/2025 | 829 | 829 | 835 |
| &nbsp;&nbsp;&nbsp; 759050, 23.400%, 9/22/2025 †x | BlueVine | 3/26/2025 | 3231 | 3231 | 3248 |
| &nbsp;&nbsp;&nbsp; 759051, 87.880%, 9/22/2025 †x | BlueVine | 3/26/2025 | 1652 | 1652 | 1689 |
| &nbsp;&nbsp;&nbsp; 759058, 46.800%, 9/22/2025 †x | BlueVine | 3/26/2025 | 1694 | 1694 | 1704 |
| &nbsp;&nbsp;&nbsp; 759073, 32.240%, 9/22/2025 †x | BlueVine | 3/26/2025 | 8225 | 8225 | 8277 |
| &nbsp;&nbsp;&nbsp; 759090, 18.240%, 3/16/2026 †x | BlueVine | 3/28/2025 | 12104 | 12329 | 12329 |
| &nbsp;&nbsp;&nbsp; 759097, 51.480%, 9/23/2025 †x | BlueVine | 3/27/2025 | 2852 | 2852 | 2876 |
| &nbsp;&nbsp;&nbsp; 759106, 42.120%, 3/05/2026 †x | BlueVine | 3/27/2025 | 12658 | 12897 | 12722 |
| &nbsp;&nbsp;&nbsp; 759107, 20.628%, 3/30/2026 †x# | BlueVine | 3/27/2025 | 8269 | 8428 | 8514 |
| &nbsp;&nbsp;&nbsp; 759134, 44.720%, 3/31/2026 †x | BlueVine | 3/27/2025 | 1442 | 1458 | 1468 |
| &nbsp;&nbsp;&nbsp; 759143, 23.400%, 9/23/2025 †x | BlueVine | 3/27/2025 | 20320 | 20320 | 20493 |
| &nbsp;&nbsp;&nbsp; 759147, 29.280%, 3/20/2026 †x | BlueVine | 3/27/2025 | 12363 | 12599 | 12639 |
| &nbsp;&nbsp;&nbsp; 759148, 30.600%, 4/06/2026 †x | BlueVine | 4/07/2025 | 10494 | 10709 | 10648 |
| &nbsp;&nbsp;&nbsp; 759153, 32.160%, 3/09/2026 †x | BlueVine | 3/27/2025 | 27967 | 28491 | 28320 |
| &nbsp;&nbsp;&nbsp; 759161, 15.600%, 9/24/2025 †x# | BlueVine | 3/28/2025 | 14880 | 14978 | 15018 |
| &nbsp;&nbsp;&nbsp; 759168, 14.560%, 9/24/2025 †x# | BlueVine | 3/28/2025 | 1485 | 1498 | 1499 |
| &nbsp;&nbsp;&nbsp; 759172, 19.188%, 9/24/2025 †x# | BlueVine | 3/28/2025 | 957 | 957 | 964 |
| &nbsp;&nbsp;&nbsp; 759175, 24.960%, 3/16/2026 †x | BlueVine | 3/28/2025 | 91967 | 93700 | 93748 |
| &nbsp;&nbsp;&nbsp; 759182, 63.440%, 2/03/2026 †x# | BlueVine | 3/28/2025 | 12245 | 12345 | 12460 |
| &nbsp;&nbsp;&nbsp; 759192, 52.884%, 10/01/2025 †x# | BlueVine | 3/28/2025 | 10248 | 10581 | 3548 |
| &nbsp;&nbsp;&nbsp; 759205, 49.560%, 3/23/2026 †x | BlueVine | 3/28/2025 | 22445 | 22896 | 22941 |
| &nbsp;&nbsp;&nbsp; 759207, 41.080%, 9/24/2025 †x# | BlueVine | 3/28/2025 | 6464 | 6464 | 6525 |
| &nbsp;&nbsp;&nbsp; 759249, 38.040%, 3/18/2026 †x | BlueVine | 3/31/2025 | 15706 | 16013 | 16011 |
| &nbsp;&nbsp;&nbsp; 759266, 36.920%, 9/25/2025 †x# | BlueVine | 3/31/2025 | 559 | 559 | 564 |
| &nbsp;&nbsp;&nbsp; 759267, 29.120%, 9/25/2025 †x# | BlueVine | 3/31/2025 | 5094 | 5094 | 5147 |
| &nbsp;&nbsp;&nbsp; 759270, 87.880%, 9/25/2025 †x# | BlueVine | 3/31/2025 | 4551 | 4551 | 4602 |
| &nbsp;&nbsp;&nbsp; 759284, 66.560%, 9/18/2025 †x# | BlueVine | 3/31/2025 | 1910 | 1910 | 1924 |
| &nbsp;&nbsp;&nbsp; 759286, 21.320%, 9/25/2025 †x# | BlueVine | 3/31/2025 | 6622 | 6622 | 6690 |
| &nbsp;&nbsp;&nbsp; 759291, 35.880%, 10/09/2025 †x# | BlueVine | 3/31/2025 | 10203 | 10534 | 2819 |
| &nbsp;&nbsp;&nbsp; 759315, 39.960%, 8/13/2026 †x# | BlueVine | 4/01/2025 | 30262 | 30898 | 31066 |
| &nbsp;&nbsp;&nbsp; 759317, 18.200%, 9/26/2025 †x# | BlueVine | 4/01/2025 | 11264 | 11271 | 11312 |
| &nbsp;&nbsp;&nbsp; 759318, 72.800%, 9/26/2025 †x# | BlueVine | 4/01/2025 | 13401 | 13401 | 13441 |
| &nbsp;&nbsp;&nbsp; 759324, 24.120%, 4/01/2026 †x | BlueVine | 4/01/2025 | 8314 | 8478 | 8463 |
| &nbsp;&nbsp;&nbsp; 759332, 30.000%, 3/11/2026 †x | BlueVine | 4/01/2025 | 4023 | 4100 | 4085 |
| &nbsp;&nbsp;&nbsp; 759339, 28.080%, 9/26/2025 †x# | BlueVine | 4/01/2025 | 1017 | 1050 | 1022 |
| &nbsp;&nbsp;&nbsp; 759341, 24.480%, 3/06/2026 †x | BlueVine | 4/01/2025 | 21439 | 21838 | 21759 |
| &nbsp;&nbsp;&nbsp; 759347, 56.160%, 9/29/2025 †x# | BlueVine | 4/01/2025 | 1251 | 1251 | 1263 |
| &nbsp;&nbsp;&nbsp; 759364, 36.920%, 9/26/2025 †x# | BlueVine | 4/01/2025 | 4297 | 4297 | 4313 |
| &nbsp;&nbsp;&nbsp; 759366, 72.280%, 9/26/2025 †x# | BlueVine | 4/01/2025 | 14724 | 14724 | 14767 |
| &nbsp;&nbsp;&nbsp; 759399, 65.520%, 9/22/2025 †x# | BlueVine | 4/02/2025 | 760 | 760 | 764 |
| &nbsp;&nbsp;&nbsp; 759402, 86.320%, 9/29/2025 †x | BlueVine | 4/02/2025 | 128 | 128 | 129 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8937** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 759417, 30.680%, 9/30/2025 †x | BlueVine | 4/03/2025 | $8175 | $8175 | $8244 |
| &nbsp;&nbsp;&nbsp; 759427, 82.160%, 9/29/2025 †x | BlueVine | 4/02/2025 | 563 | 563 | 569 |
| &nbsp;&nbsp;&nbsp; 759430, 51.480%, 9/22/2025 †x | BlueVine | 4/02/2025 | 3261 | 3261 | 3277 |
| &nbsp;&nbsp;&nbsp; 759435, 36.000%, 3/26/2026 †x | BlueVine | 4/02/2025 | 7511 | 7660 | 7721 |
| &nbsp;&nbsp;&nbsp; 759448, 66.040%, 9/29/2025 †x | BlueVine | 4/02/2025 | 5465 | 5465 | 5516 |
| &nbsp;&nbsp;&nbsp; 759449, 28.756%, 9/29/2025 †x | BlueVine | 4/02/2025 | 5090 | 5090 | 5132 |
| &nbsp;&nbsp;&nbsp; 759480, 24.120%, 4/13/2026 †x | BlueVine | 4/11/2025 | 34641 | 35356 | 35462 |
| &nbsp;&nbsp;&nbsp; 759484, 52.000%, 9/30/2025 †x | BlueVine | 4/03/2025 | 2129 | 2129 | 2139 |
| &nbsp;&nbsp;&nbsp; 759509, 39.520%, 9/30/2025 †x | BlueVine | 4/03/2025 | 416 | 416 | 418 |
| &nbsp;&nbsp;&nbsp; 759513, 72.072%, 9/30/2025 †x | BlueVine | 4/03/2025 | 3316 | 3316 | 3337 |
| &nbsp;&nbsp;&nbsp; 759515, 33.280%, 9/30/2025 †x# | BlueVine | 4/03/2025 | 11572 | 11948 | 6434 |
| &nbsp;&nbsp;&nbsp; 759517, 46.800%, 9/30/2025 †x | BlueVine | 4/03/2025 | 5270 | 5270 | 5304 |
| &nbsp;&nbsp;&nbsp; 759518, 27.000%, 3/17/2026 †x | BlueVine | 4/03/2025 | 12310 | 12547 | 12540 |
| &nbsp;&nbsp;&nbsp; 759519, 40.300%, 9/30/2025 †x | BlueVine | 4/03/2025 | 5205 | 5205 | 5230 |
| &nbsp;&nbsp;&nbsp; 759522, 57.720%, 9/30/2025 †x | BlueVine | 4/03/2025 | 1291 | 1291 | 1297 |
| &nbsp;&nbsp;&nbsp; 759533, 22.360%, 9/30/2025 †x | BlueVine | 4/03/2025 | 351 | 351 | 351 |
| &nbsp;&nbsp;&nbsp; 759534, 30.680%, 9/30/2025 †x | BlueVine | 4/03/2025 | 6131 | 6131 | 6172 |
| &nbsp;&nbsp;&nbsp; 759540, 24.440%, 9/30/2025 †x | BlueVine | 4/03/2025 | 4038 | 4038 | 4063 |
| &nbsp;&nbsp;&nbsp; 759544, 73.320%, 9/30/2025 †x | BlueVine | 4/03/2025 | 1205 | 1205 | 1211 |
| &nbsp;&nbsp;&nbsp; 759572, 20.520%, 3/30/2026 †x# | BlueVine | 4/04/2025 | 86125 | 87813 | 88678 |
| &nbsp;&nbsp;&nbsp; 759573, 85.800%, 10/01/2025 †x# | BlueVine | 4/04/2025 | 6747 | 6747 | 6800 |
| &nbsp;&nbsp;&nbsp; 759578, 23.400%, 10/01/2025 †x# | BlueVine | 4/04/2025 | 3619 | 3619 | 3652 |
| &nbsp;&nbsp;&nbsp; 759582, 80.080%, 10/01/2025 †x# | BlueVine | 4/04/2025 | 534 | 534 | 539 |
| &nbsp;&nbsp;&nbsp; 759585, 51.480%, 10/01/2025 †x# | BlueVine | 4/04/2025 | 2540 | 2540 | 2559 |
| &nbsp;&nbsp;&nbsp; 759591, 66.040%, 10/01/2025 †x# | BlueVine | 4/04/2025 | 3498 | 3498 | 3519 |
| &nbsp;&nbsp;&nbsp; 759592, 24.648%, 10/01/2025 †x# | BlueVine | 4/04/2025 | 725 | 725 | 731 |
| &nbsp;&nbsp;&nbsp; 759606, 57.720%, 9/29/2025 †x# | BlueVine | 4/04/2025 | 43217 | 43217 | 44002 |
| &nbsp;&nbsp;&nbsp; 759641, 22.920%, 3/23/2026 †x | BlueVine | 4/07/2025 | 21603 | 22026 | 22129 |
| &nbsp;&nbsp;&nbsp; 759643, 51.480%, 10/02/2025 †x# | BlueVine | 4/07/2025 | 3810 | 3834 | 3846 |
| &nbsp;&nbsp;&nbsp; 759650, 71.760%, 10/02/2025 †x# | BlueVine | 4/07/2025 | 1317 | 1325 | 1331 |
| &nbsp;&nbsp;&nbsp; 759652, 27.960%, 3/16/2026 †x | BlueVine | 4/07/2025 | 49329 | 50288 | 50215 |
| &nbsp;&nbsp;&nbsp; 759661, 14.976%, 3/12/2026 †x | BlueVine | 4/07/2025 | 72120 | 73477 | 73586 |
| &nbsp;&nbsp;&nbsp; 759664, 33.960%, 3/30/2026 †x# | BlueVine | 4/07/2025 | 4219 | 4304 | 4349 |
| &nbsp;&nbsp;&nbsp; 759665, 58.240%, 10/02/2025 †x# | BlueVine | 4/07/2025 | 2571 | 2587 | 2592 |
| &nbsp;&nbsp;&nbsp; 759677, 24.440%, 10/02/2025 †x# | BlueVine | 4/07/2025 | 7904 | 7950 | 7977 |
| &nbsp;&nbsp;&nbsp; 759724, 18.408%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 1997 | 2013 | 2024 |
| &nbsp;&nbsp;&nbsp; 759736, 88.400%, 10/10/2025 †x# | BlueVine | 4/08/2025 | 4721 | 4759 | 4739 |
| &nbsp;&nbsp;&nbsp; 759737, 35.640%, 4/06/2026 †x | BlueVine | 4/08/2025 | 84581 | 86330 | 85825 |
| &nbsp;&nbsp;&nbsp; 759738, 23.400%, 10/03/2025 †x# | BlueVine | 4/08/2025 | 7237 | 7281 | 7259 |
| &nbsp;&nbsp;&nbsp; 759750, 31.824%, 10/03/2025 †x# | BlueVine | 4/08/2025 | 3850 | 3874 | 3863 |
| &nbsp;&nbsp;&nbsp; 759754, 23.400%, 10/03/2025 †x# | BlueVine | 4/08/2025 | 1447 | 1456 | 1456 |
| &nbsp;&nbsp;&nbsp; 759756, 29.120%, 10/03/2025 †x# | BlueVine | 4/08/2025 | 4876 | 4906 | 4904 |
| &nbsp;&nbsp;&nbsp; 759761, 21.360%, 4/06/2026 †x | BlueVine | 4/08/2025 | 3449 | 3519 | 3499 |
| &nbsp;&nbsp;&nbsp; 759762, 46.800%, 10/03/2025 †x# | BlueVine | 4/08/2025 | 1637 | 1647 | 1641 |
| &nbsp;&nbsp;&nbsp; 759768, 22.200%, 3/16/2026 †x | BlueVine | 4/08/2025 | 8962 | 9135 | 9153 |
| &nbsp;&nbsp;&nbsp; 759772, 21.840%, 10/03/2025 †x# | BlueVine | 4/08/2025 | 14432 | 14519 | 14484 |
| &nbsp;&nbsp;&nbsp; 759776, 31.200%, 3/25/2026 †x | BlueVine | 4/08/2025 | 3164 | 3227 | 3242 |
| &nbsp;&nbsp;&nbsp; 759785, 66.040%, 10/06/2025 †x | BlueVine | 4/09/2025 | 1320 | 1329 | 1329 |
| &nbsp;&nbsp;&nbsp; 759801, 25.560%, 3/23/2026 †x | BlueVine | 4/09/2025 | 92072 | 93891 | 94079 |
| &nbsp;&nbsp;&nbsp; 759806, 36.400%, 10/06/2025 †x | BlueVine | 4/09/2025 | 8649 | 8707 | 8725 |
| &nbsp;&nbsp;&nbsp; 759820, 36.920%, 10/06/2025 †x | BlueVine | 4/09/2025 | 2176 | 2191 | 2190 |
| &nbsp;&nbsp;&nbsp; 759823, 41.080%, 10/06/2025 †x | BlueVine | 4/09/2025 | 1246 | 1255 | 1255 |
| &nbsp;&nbsp;&nbsp; 759840, 58.240%, 10/06/2025 †x | BlueVine | 4/09/2025 | 269 | 271 | 270 |
| &nbsp;&nbsp;&nbsp; 759859, 33.800%, 10/06/2025 †x | BlueVine | 4/09/2025 | 738 | 743 | 742 |
| &nbsp;&nbsp;&nbsp; 759912, 75.920%, 10/07/2025 †x | BlueVine | 4/10/2025 | 2255 | 2272 | 2273 |
| &nbsp;&nbsp;&nbsp; 759919, 27.560%, 10/07/2025 †x | BlueVine | 4/10/2025 | 2431 | 2448 | 2454 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8938** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 759935, 48.360%, 10/07/2025 †x | BlueVine | 4/10/2025 | $1010 | $1017 | $1021 |
| &nbsp;&nbsp;&nbsp; 759940, 80.080%, 10/14/2025 †x | BlueVine | 4/10/2025 | 3713 | 3745 | 3761 |
| &nbsp;&nbsp;&nbsp; 759941, 25.480%, 10/07/2025 †x | BlueVine | 4/10/2025 | 3148 | 3169 | 3182 |
| &nbsp;&nbsp;&nbsp; 759942, 40.664%, 10/07/2025 †x | BlueVine | 4/10/2025 | 374 | 377 | 378 |
| &nbsp;&nbsp;&nbsp; 759943, 45.760%, 11/04/2025 †x# | BlueVine | 4/10/2025 | 10189 | 10521 | 3542 |
| &nbsp;&nbsp;&nbsp; 759945, 29.120%, 10/07/2025 †x | BlueVine | 4/10/2025 | 1526 | 1537 | 1542 |
| &nbsp;&nbsp;&nbsp; 759963, 35.880%, 10/07/2025 †x | BlueVine | 4/10/2025 | 2469 | 2486 | 2495 |
| &nbsp;&nbsp;&nbsp; 759969, 58.760%, 10/14/2025 †x# | BlueVine | 4/10/2025 | 45632 | 47115 | 12600 |
| &nbsp;&nbsp;&nbsp; 759973, 80.080%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 2515 | 2534 | 2538 |
| &nbsp;&nbsp;&nbsp; 759983, 85.800%, 10/07/2025 †x | BlueVine | 4/10/2025 | 2699 | 2719 | 2724 |
| &nbsp;&nbsp;&nbsp; 759984, 24.588%, 4/02/2026 †x | BlueVine | 4/10/2025 | 28634 | 29212 | 29097 |
| &nbsp;&nbsp;&nbsp; 759990, 33.800%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 16296 | 16410 | 16464 |
| &nbsp;&nbsp;&nbsp; 759997, 72.072%, 10/21/2025 †x# | BlueVine | 4/10/2025 | 3220 | 3324 | 1039 |
| &nbsp;&nbsp;&nbsp; 759998, 24.804%, 10/01/2025 †x | BlueVine | 4/10/2025 | 1209 | 1209 | 1221 |
| &nbsp;&nbsp;&nbsp; 759999, 23.400%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 1404 | 1414 | 1420 |
| &nbsp;&nbsp;&nbsp; 760009, 46.800%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 293 | 295 | 296 |
| &nbsp;&nbsp;&nbsp; 760011, 33.228%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 1406 | 1417 | 1421 |
| &nbsp;&nbsp;&nbsp; 760017, 37.440%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 1007 | 1015 | 1018 |
| &nbsp;&nbsp;&nbsp; 760019, 22.360%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 1366 | 1377 | 1381 |
| &nbsp;&nbsp;&nbsp; 760020, 39.000%, 4/15/2026 †x | BlueVine | 4/11/2025 | 17707 | 18085 | 18163 |
| &nbsp;&nbsp;&nbsp; 760032, 24.440%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 10337 | 10408 | 10440 |
| &nbsp;&nbsp;&nbsp; 760035, 28.800%, 4/06/2026 †x | BlueVine | 4/14/2025 | 17444 | 17804 | 17759 |
| &nbsp;&nbsp;&nbsp; 760042, 17.680%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 35327 | 35568 | 35688 |
| &nbsp;&nbsp;&nbsp; 760052, 65.000%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 6035 | 6081 | 6108 |
| &nbsp;&nbsp;&nbsp; 760058, 23.400%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 5616 | 5656 | 5679 |
| &nbsp;&nbsp;&nbsp; 760078, 57.720%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 5961 | 6006 | 6032 |
| &nbsp;&nbsp;&nbsp; 760083, 66.040%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 2232 | 2249 | 2258 |
| &nbsp;&nbsp;&nbsp; 760088, 25.560%, 4/15/2026 †x | BlueVine | 4/14/2025 | 62491 | 63799 | 64024 |
| &nbsp;&nbsp;&nbsp; 760107, 30.680%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 1991 | 2006 | 2015 |
| &nbsp;&nbsp;&nbsp; 760108, 24.440%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 36573 | 36836 | 37033 |
| &nbsp;&nbsp;&nbsp; 760109, 72.800%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 3057 | 3081 | 3094 |
| &nbsp;&nbsp;&nbsp; 760113, 35.880%, 10/14/2025 †x | BlueVine | 4/17/2025 | 18658 | 18811 | 18895 |
| &nbsp;&nbsp;&nbsp; 760131, 37.440%, 10/10/2025 †x# | BlueVine | 4/15/2025 | 1727 | 1740 | 1737 |
| &nbsp;&nbsp;&nbsp; 760134, 69.600%, 3/16/2026 †x | BlueVine | 4/15/2025 | 16187 | 16558 | 16489 |
| &nbsp;&nbsp;&nbsp; 760143, 26.000%, 10/10/2025 †x# | BlueVine | 4/15/2025 | 36309 | 36577 | 36599 |
| &nbsp;&nbsp;&nbsp; 760156, 86.320%, 10/10/2025 †x# | BlueVine | 4/15/2025 | 193 | 195 | 193 |
| &nbsp;&nbsp;&nbsp; 760166, 35.880%, 10/10/2025 †x# | BlueVine | 4/15/2025 | 1435 | 1446 | 1441 |
| &nbsp;&nbsp;&nbsp; 760173, 19.440%, 4/10/2026 †x | BlueVine | 4/15/2025 | 30953 | 31589 | 31623 |
| &nbsp;&nbsp;&nbsp; 760179, 27.720%, 4/13/2026 †x | BlueVine | 4/15/2025 | 139322 | 142245 | 142713 |
| &nbsp;&nbsp;&nbsp; 760206, 74.880%, 10/14/2025 †x | BlueVine | 4/16/2025 | 1534 | 1547 | 1544 |
| &nbsp;&nbsp;&nbsp; 760217, 37.440%, 10/06/2025 †x# | BlueVine | 4/16/2025 | 2573 | 2594 | 2574 |
| &nbsp;&nbsp;&nbsp; 760222, 65.520%, 10/14/2025 †x | BlueVine | 4/16/2025 | 24643 | 24855 | 24896 |
| &nbsp;&nbsp;&nbsp; 760290, 37.440%, 10/14/2025 †x | BlueVine | 4/17/2025 | 2878 | 2902 | 2915 |
| &nbsp;&nbsp;&nbsp; 760295, 18.408%, 10/14/2025 †x | BlueVine | 4/17/2025 | 557 | 561 | 563 |
| &nbsp;&nbsp;&nbsp; 760297, 28.800%, 4/01/2026 †x | BlueVine | 4/17/2025 | 28704 | 29297 | 29115 |
| &nbsp;&nbsp;&nbsp; 760307, 37.960%, 10/14/2025 †x | BlueVine | 4/17/2025 | 5762 | 5809 | 5838 |
| &nbsp;&nbsp;&nbsp; 760308, 61.880%, 10/14/2025 †x | BlueVine | 4/17/2025 | 3002 | 3027 | 3040 |
| &nbsp;&nbsp;&nbsp; 760323, 56.160%, 10/14/2025 †x | BlueVine | 4/17/2025 | 354 | 357 | 359 |
| &nbsp;&nbsp;&nbsp; 760330, 40.664%, 10/14/2025 †x | BlueVine | 4/17/2025 | 617 | 622 | 625 |
| &nbsp;&nbsp;&nbsp; 760335, 27.560%, 10/21/2025 †x# | BlueVine | 4/17/2025 | 42194 | 43565 | 9057 |
| &nbsp;&nbsp;&nbsp; 760340, 58.760%, 10/14/2025 †x | BlueVine | 4/17/2025 | 7464 | 7528 | 7553 |
| &nbsp;&nbsp;&nbsp; 760348, 22.920%, 4/06/2026 †x | BlueVine | 4/17/2025 | 17289 | 17645 | 17581 |
| &nbsp;&nbsp;&nbsp; 760349, 51.480%, 10/14/2025 †x | BlueVine | 4/17/2025 | 6469 | 6523 | 6551 |
| &nbsp;&nbsp;&nbsp; 760402, 41.080%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 4327 | 4363 | 4386 |
| &nbsp;&nbsp;&nbsp; 760410, 29.640%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 1941 | 1958 | 1968 |
| &nbsp;&nbsp;&nbsp; 760412, 27.560%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 1838 | 1853 | 1864 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8939** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 760413, 22.200%, 4/16/2026 †x | BlueVine | 4/18/2025 | $10362 | $10580 | $10604 |
| &nbsp;&nbsp;&nbsp; 760421, 29.120%, 3/12/2026 †x# | BlueVine | 4/18/2025 | 3787 | 3854 | 3870 |
| &nbsp;&nbsp;&nbsp; 760422, 30.680%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 8103 | 8171 | 8216 |
| &nbsp;&nbsp;&nbsp; 760428, 29.120%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 970 | 978 | 983 |
| &nbsp;&nbsp;&nbsp; 760442, 33.228%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 977 | 986 | 990 |
| &nbsp;&nbsp;&nbsp; 760443, 51.480%, 10/15/2025 †x# | BlueVine | 4/18/2025 | 2348 | 2368 | 2380 |
| &nbsp;&nbsp;&nbsp; 760446, 30.000%, 3/27/2026 †x# | BlueVine | 4/18/2025 | 43862 | 44762 | 44960 |
| &nbsp;&nbsp;&nbsp; 760451, 27.000%, 4/16/2026 †x# | BlueVine | 4/18/2025 | 23233 | 23726 | 23867 |
| &nbsp;&nbsp;&nbsp; 760454, 26.640%, 4/20/2026 †x | BlueVine | 4/18/2025 | 113850 | 116279 | 116967 |
| &nbsp;&nbsp;&nbsp; 760463, 18.840%, 4/13/2026 †x | BlueVine | 4/21/2025 | 12370 | 12629 | 12648 |
| &nbsp;&nbsp;&nbsp; 760470, 56.680%, 10/16/2025 †x# | BlueVine | 4/21/2025 | 2672 | 2696 | 2714 |
| &nbsp;&nbsp;&nbsp; 760480, 24.120%, 4/15/2026 †x | BlueVine | 4/21/2025 | 10392 | 10613 | 10638 |
| &nbsp;&nbsp;&nbsp; 760489, 86.320%, 10/16/2025 †x# | BlueVine | 4/21/2025 | 184 | 185 | 187 |
| &nbsp;&nbsp;&nbsp; 760495, 51.480%, 10/16/2025 †x# | BlueVine | 4/21/2025 | 13416 | 13535 | 13624 |
| &nbsp;&nbsp;&nbsp; 760496, 33.280%, 10/16/2025 †x# | BlueVine | 4/21/2025 | 5826 | 6015 | 1482 |
| &nbsp;&nbsp;&nbsp; 760500, 33.696%, 10/16/2025 †x# | BlueVine | 4/21/2025 | 1755 | 1770 | 1782 |
| &nbsp;&nbsp;&nbsp; 760501, 22.200%, 4/23/2026 †x | BlueVine | 4/21/2025 | 6908 | 7056 | 7102 |
| &nbsp;&nbsp;&nbsp; 760513, 21.216%, 10/09/2025 †x# | BlueVine | 4/21/2025 | 10801 | 10893 | 10869 |
| &nbsp;&nbsp;&nbsp; 760514, 52.000%, 10/16/2025 †x# | BlueVine | 4/21/2025 | 8392 | 8466 | 8522 |
| &nbsp;&nbsp;&nbsp; 760520, 72.072%, 10/16/2025 †x# | BlueVine | 4/21/2025 | 6891 | 6954 | 7001 |
| &nbsp;&nbsp;&nbsp; 760524, 51.480%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 8552 | 8692 | 8658 |
| &nbsp;&nbsp;&nbsp; 760568, 22.200%, 4/13/2026 †x | BlueVine | 4/22/2025 | 103618 | 105807 | 106046 |
| &nbsp;&nbsp;&nbsp; 760571, 30.000%, 4/06/2026 †x | BlueVine | 4/22/2025 | 104849 | 107064 | 106726 |
| &nbsp;&nbsp;&nbsp; 760618, 24.960%, 4/16/2026 †x | BlueVine | 4/23/2025 | 13874 | 14171 | 14193 |
| &nbsp;&nbsp;&nbsp; 760631, 24.480%, 3/30/2026 †x# | BlueVine | 4/23/2025 | 29114 | 29718 | 29879 |
| &nbsp;&nbsp;&nbsp; 760648, 37.440%, 10/20/2025 †x | BlueVine | 4/23/2025 | 1967 | 1985 | 1993 |
| &nbsp;&nbsp;&nbsp; 760649, 29.120%, 3/26/2026 †x# | BlueVine | 4/23/2025 | 5595 | 5699 | 5753 |
| &nbsp;&nbsp;&nbsp; 760656, 35.880%, 10/20/2025 †x | BlueVine | 4/23/2025 | 4904 | 4950 | 4970 |
| &nbsp;&nbsp;&nbsp; 760659, 50.440%, 10/20/2025 †x | BlueVine | 4/23/2025 | 8371 | 8450 | 8479 |
| &nbsp;&nbsp;&nbsp; 760660, 39.960%, 4/21/2026 †x | BlueVine | 4/23/2025 | 7093 | 7249 | 7284 |
| &nbsp;&nbsp;&nbsp; 760662, 52.000%, 10/20/2025 †x | BlueVine | 4/23/2025 | 5304 | 5354 | 5373 |
| &nbsp;&nbsp;&nbsp; 760670, 57.720%, 10/20/2025 †x | BlueVine | 4/23/2025 | 8469 | 8551 | 8581 |
| &nbsp;&nbsp;&nbsp; 760676, 18.840%, 4/23/2026 †x | BlueVine | 4/23/2025 | 128823 | 131581 | 131984 |
| &nbsp;&nbsp;&nbsp; 760679, 22.920%, 4/09/2026 †x | BlueVine | 4/23/2025 | 6916 | 7061 | 7027 |
| &nbsp;&nbsp;&nbsp; 760680, 25.440%, 4/01/2026 †x | BlueVine | 4/23/2025 | 3471 | 3543 | 3520 |
| &nbsp;&nbsp;&nbsp; 760685, 23.160%, 4/15/2026 †x | BlueVine | 4/23/2025 | 66694 | 68112 | 68197 |
| &nbsp;&nbsp;&nbsp; 760701, 41.080%, 10/21/2025 †x | BlueVine | 4/24/2025 | 32975 | 33291 | 33442 |
| &nbsp;&nbsp;&nbsp; 760715, 72.800%, 10/21/2025 †x | BlueVine | 4/24/2025 | 2082 | 2103 | 2109 |
| &nbsp;&nbsp;&nbsp; 760719, 59.280%, 10/21/2025 †x | BlueVine | 4/24/2025 | 2547 | 2572 | 2583 |
| &nbsp;&nbsp;&nbsp; 760721, 26.000%, 10/21/2025 †x | BlueVine | 4/24/2025 | 19297 | 19477 | 19580 |
| &nbsp;&nbsp;&nbsp; 760722, 31.200%, 10/21/2025 †x | BlueVine | 4/24/2025 | 29197 | 29472 | 29626 |
| &nbsp;&nbsp;&nbsp; 760767, 80.080%, 10/22/2025 †x# | BlueVine | 4/25/2025 | 4311 | 4356 | 4376 |
| &nbsp;&nbsp;&nbsp; 760774, 26.520%, 4/06/2026 †x | BlueVine | 4/25/2025 | 4520 | 4615 | 4597 |
| &nbsp;&nbsp;&nbsp; 760776, 20.800%, 10/22/2025 †x# | BlueVine | 4/25/2025 | 6754 | 6818 | 6858 |
| &nbsp;&nbsp;&nbsp; 760787, 37.800%, 4/08/2026 †x | BlueVine | 4/25/2025 | 28282 | 28893 | 28635 |
| &nbsp;&nbsp;&nbsp; 760788, 80.080%, 10/22/2025 †x# | BlueVine | 4/25/2025 | 1568 | 1584 | 1591 |
| &nbsp;&nbsp;&nbsp; 760791, 30.680%, 10/22/2025 †x# | BlueVine | 4/25/2025 | 5454 | 5506 | 5538 |
| &nbsp;&nbsp;&nbsp; 760793, 24.752%, 10/22/2025 †x# | BlueVine | 4/25/2025 | 2161 | 2182 | 2195 |
| &nbsp;&nbsp;&nbsp; 760794, 80.080%, 10/29/2025 †x# | BlueVine | 4/25/2025 | 5186 | 5246 | 5253 |
| &nbsp;&nbsp;&nbsp; 760797, 30.888%, 10/22/2025 †x# | BlueVine | 4/25/2025 | 647 | 653 | 657 |
| &nbsp;&nbsp;&nbsp; 760805, 58.760%, 2/13/2026 †x# | BlueVine | 4/25/2025 | 4849 | 4917 | 4930 |
| &nbsp;&nbsp;&nbsp; 760807, 29.120%, 10/22/2025 †x# | BlueVine | 4/25/2025 | 14508 | 14647 | 14732 |
| &nbsp;&nbsp;&nbsp; 760810, 44.400%, 4/20/2026 †x | BlueVine | 4/25/2025 | 4283 | 4378 | 4392 |
| &nbsp;&nbsp;&nbsp; 760824, 78.000%, 10/23/2025 †x# | BlueVine | 4/25/2025 | 4298 | 4337 | 4378 |
| &nbsp;&nbsp;&nbsp; 760825, 65.520%, 10/29/2025 †x# | BlueVine | 4/25/2025 | 6353 | 6424 | 6437 |
| &nbsp;&nbsp;&nbsp; 760831, 29.700%, 4/23/2026 †x | BlueVine | 4/25/2025 | 42857 | 43796 | 44021 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8940** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 760837, 20.628%, 4/28/2026 †x# | BlueVine | 4/28/2025 | $38841 | $39692 | $40151 |
| &nbsp;&nbsp;&nbsp; 760838, 24.960%, 4/22/2026 †x | BlueVine | 4/28/2025 | 3469 | 3544 | 3562 |
| &nbsp;&nbsp;&nbsp; 760841, 24.440%, 10/23/2025 †x# | BlueVine | 4/28/2025 | 9001 | 9089 | 9152 |
| &nbsp;&nbsp;&nbsp; 760852, 21.216%, 10/23/2025 †x# | BlueVine | 4/28/2025 | 35820 | 36168 | 36419 |
| &nbsp;&nbsp;&nbsp; 760857, 27.960%, 4/21/2026 †x | BlueVine | 4/28/2025 | 26009 | 26579 | 26706 |
| &nbsp;&nbsp;&nbsp; 760921, 30.680%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 184 | 186 | 186 |
| &nbsp;&nbsp;&nbsp; 760934, 51.480%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 1126 | 1138 | 1135 |
| &nbsp;&nbsp;&nbsp; 760935, 26.000%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 30678 | 30985 | 31018 |
| &nbsp;&nbsp;&nbsp; 760937, 29.280%, 4/06/2026 †x | BlueVine | 4/29/2025 | 34912 | 35662 | 35373 |
| &nbsp;&nbsp;&nbsp; 760943, 65.520%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 7671 | 7752 | 7746 |
| &nbsp;&nbsp;&nbsp; 760945, 26.640%, 4/28/2026 †x# | BlueVine | 4/29/2025 | 29601 | 30257 | 30621 |
| &nbsp;&nbsp;&nbsp; 760953, 47.840%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 36 | 37 | 15 |
| &nbsp;&nbsp;&nbsp; 760957, 51.480%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 22529 | 22764 | 22765 |
| &nbsp;&nbsp;&nbsp; 760975, 33.228%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 9126 | 9218 | 9224 |
| &nbsp;&nbsp;&nbsp; 760987, 40.560%, 11/03/2025 †x# | BlueVine | 4/30/2025 | 18043 | 18629 | 8906 |
| &nbsp;&nbsp;&nbsp; 760990, 23.160%, 4/20/2026 †x | BlueVine | 4/30/2025 | 10816 | 11052 | 11102 |
| &nbsp;&nbsp;&nbsp; 760991, 41.080%, 10/27/2025 †x | BlueVine | 4/30/2025 | 7021 | 7096 | 7115 |
| &nbsp;&nbsp;&nbsp; 760995, 27.960%, 4/13/2026 †x | BlueVine | 4/30/2025 | 20906 | 21360 | 21295 |
| &nbsp;&nbsp;&nbsp; 760999, 52.000%, 10/27/2025 †x | BlueVine | 4/30/2025 | 188 | 190 | 191 |
| &nbsp;&nbsp;&nbsp; 761004, 29.120%, 10/27/2025 †x | BlueVine | 4/30/2025 | 9068 | 9163 | 9201 |
| &nbsp;&nbsp;&nbsp; 761010, 23.160%, 5/01/2026 †x | BlueVine | 4/30/2025 | 7711 | 7882 | 7868 |
| &nbsp;&nbsp;&nbsp; 761021, 63.440%, 10/27/2025 †x | BlueVine | 4/30/2025 | 4206 | 4252 | 4268 |
| &nbsp;&nbsp;&nbsp; 761025, 20.800%, 10/27/2025 †x | BlueVine | 4/30/2025 | 15034 | 15190 | 15239 |
| &nbsp;&nbsp;&nbsp; 761027, 78.000%, 11/03/2025 †x | BlueVine | 4/30/2025 | 2595 | 2627 | 2630 |
| &nbsp;&nbsp;&nbsp; 761033, 28.080%, 11/03/2025 †x | BlueVine | 4/30/2025 | 9630 | 9740 | 9745 |
| &nbsp;&nbsp;&nbsp; 761034, 33.280%, 10/27/2025 †x | BlueVine | 4/30/2025 | 913 | 922 | 925 |
| &nbsp;&nbsp;&nbsp; 761038, 80.080%, 10/27/2025 †x | BlueVine | 4/30/2025 | 3135 | 3171 | 3181 |
| &nbsp;&nbsp;&nbsp; 761053, 21.060%, 10/27/2025 †x | BlueVine | 4/30/2025 | 1791 | 1809 | 1816 |
| &nbsp;&nbsp;&nbsp; 761060, 37.440%, 10/27/2025 †x | BlueVine | 4/30/2025 | 3307 | 3342 | 3354 |
| &nbsp;&nbsp;&nbsp; 761064, 28.800%, 4/16/2026 †x | BlueVine | 4/30/2025 | 6977 | 7130 | 7118 |
| &nbsp;&nbsp;&nbsp; 761069, 35.880%, 10/27/2025 †x# | BlueVine | 4/30/2025 | 14550 | 14718 | 14770 |
| &nbsp;&nbsp;&nbsp; 761074, 88.400%, 10/28/2025 †x | BlueVine | 5/01/2025 | 3173 | 3211 | 3204 |
| &nbsp;&nbsp;&nbsp; 761087, 28.440%, 4/20/2026 †x | BlueVine | 4/30/2025 | 38017 | 38855 | 38847 |
| &nbsp;&nbsp;&nbsp; 761121, 80.080%, 10/28/2025 †x | BlueVine | 5/01/2025 | 1568 | 1586 | 1578 |
| &nbsp;&nbsp;&nbsp; 761126, 66.040%, 10/28/2025 †x | BlueVine | 5/01/2025 | 4606 | 4658 | 4660 |
| &nbsp;&nbsp;&nbsp; 761135, 86.320%, 10/28/2025 †x | BlueVine | 5/01/2025 | 277 | 280 | 279 |
| &nbsp;&nbsp;&nbsp; 761136, 30.680%, 10/28/2025 †x | BlueVine | 5/01/2025 | 909 | 919 | 918 |
| &nbsp;&nbsp;&nbsp; 761141, 23.400%, 10/28/2025 †x | BlueVine | 5/01/2025 | 719 | 726 | 729 |
| &nbsp;&nbsp;&nbsp; 761143, 29.120%, 10/28/2025 †x# | BlueVine | 5/01/2025 | 17388 | 17588 | 17632 |
| &nbsp;&nbsp;&nbsp; 761150, 28.600%, 10/28/2025 †x# | BlueVine | 5/01/2025 | 2203 | 2226 | 2233 |
| &nbsp;&nbsp;&nbsp; 761159, 52.000%, 10/28/2025 †x | BlueVine | 5/01/2025 | 4883 | 4937 | 4940 |
| &nbsp;&nbsp;&nbsp; 761165, 72.800%, 10/28/2025 †x | BlueVine | 5/01/2025 | 19386 | 19607 | 19572 |
| &nbsp;&nbsp;&nbsp; 761172, 18.408%, 10/28/2025 †x | BlueVine | 5/01/2025 | 3566 | 3603 | 3609 |
| &nbsp;&nbsp;&nbsp; 761186, 23.400%, 10/28/2025 †x | BlueVine | 5/01/2025 | 7189 | 7265 | 7291 |
| &nbsp;&nbsp;&nbsp; 761189, 22.360%, 10/28/2025 †x | BlueVine | 5/01/2025 | 10765 | 10879 | 10919 |
| &nbsp;&nbsp;&nbsp; 761190, 14.040%, 10/28/2025 †x | BlueVine | 5/01/2025 | 3541 | 3578 | 3591 |
| &nbsp;&nbsp;&nbsp; 761195, 26.104%, 5/01/2026 †x | BlueVine | 5/01/2025 | 13203 | 13469 | 13501 |
| &nbsp;&nbsp;&nbsp; 761203, 35.880%, 4/07/2026 †x | BlueVine | 5/01/2025 | 56407 | 57639 | 57055 |
| &nbsp;&nbsp;&nbsp; 761226, 26.000%, 10/29/2025 †x# | BlueVine | 5/02/2025 | 2000 | 2022 | 2025 |
| &nbsp;&nbsp;&nbsp; 761231, 23.400%, 10/29/2025 †x# | BlueVine | 5/02/2025 | 8767 | 8861 | 8898 |
| &nbsp;&nbsp;&nbsp; 761237, 44.200%, 10/29/2025 †x# | BlueVine | 5/02/2025 | 2876 | 2908 | 2912 |
| &nbsp;&nbsp;&nbsp; 761240, 24.440%, 10/29/2025 †x# | BlueVine | 5/02/2025 | 59866 | 60511 | 60765 |
| &nbsp;&nbsp;&nbsp; 761250, 59.280%, 4/27/2026 †x | BlueVine | 5/02/2025 | 50996 | 52185 | 52509 |
| &nbsp;&nbsp;&nbsp; 761251, 67.392%, 10/27/2025 †x# | BlueVine | 5/02/2025 | 12719 | 12863 | 12857 |
| &nbsp;&nbsp;&nbsp; 761327, 46.800%, 10/30/2025 †x# | BlueVine | 5/05/2025 | 2887 | 2920 | 2924 |
| &nbsp;&nbsp;&nbsp; 761330, 63.440%, 10/30/2025 †x# | BlueVine | 5/05/2025 | 7179 | 7264 | 7283 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8941** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 761334, 24.440%, 10/30/2025 †x# | BlueVine | 5/05/2025 | $15964 | $16141 | $16191 |
| &nbsp;&nbsp;&nbsp; 761346, 29.280%, 5/05/2026 †x | BlueVine | 5/05/2025 | 46586 | 47650 | 47418 |
| &nbsp;&nbsp;&nbsp; 761356, 30.680%, 10/30/2025 †x# | BlueVine | 5/05/2025 | 34239 | 34652 | 34797 |
| &nbsp;&nbsp;&nbsp; 761358, 29.280%, 5/05/2026 †x | BlueVine | 5/05/2025 | 116465 | 119126 | 118546 |
| &nbsp;&nbsp;&nbsp; 761362, 39.520%, 10/30/2025 †x# | BlueVine | 5/05/2025 | 4081 | 4127 | 4139 |
| &nbsp;&nbsp;&nbsp; 761398, 24.120%, 5/01/2026 †x | BlueVine | 5/06/2025 | 9263 | 9472 | 9454 |
| &nbsp;&nbsp;&nbsp; 761400, 63.440%, 10/31/2025 †x# | BlueVine | 5/06/2025 | 1393 | 1409 | 1393 |
| &nbsp;&nbsp;&nbsp; 761402, 36.000%, 4/23/2026 †x | BlueVine | 5/06/2025 | 91678 | 93758 | 94016 |
| &nbsp;&nbsp;&nbsp; 761410, 30.680%, 10/31/2025 †x# | BlueVine | 5/06/2025 | 4028 | 4074 | 4075 |
| &nbsp;&nbsp;&nbsp; 761428, 80.080%, 10/31/2025 †x# | BlueVine | 5/06/2025 | 6483 | 6563 | 6509 |
| &nbsp;&nbsp;&nbsp; 761429, 27.000%, 4/16/2026 †x# | BlueVine | 5/06/2025 | 11617 | 11874 | 11903 |
| &nbsp;&nbsp;&nbsp; 761430, 63.440%, 11/07/2025 †x# | BlueVine | 5/06/2025 | 18881 | 19124 | 13557 |
| &nbsp;&nbsp;&nbsp; 761490, 28.600%, 11/03/2025 †x | BlueVine | 5/07/2025 | 28110 | 28441 | 28438 |
| &nbsp;&nbsp;&nbsp; 761492, 22.920%, 5/05/2026 †x | BlueVine | 5/07/2025 | 23126 | 23651 | 23508 |
| &nbsp;&nbsp;&nbsp; 761494, 30.680%, 11/03/2025 †x | BlueVine | 5/07/2025 | 12084 | 12227 | 12257 |
| &nbsp;&nbsp;&nbsp; 761496, 39.960%, 4/16/2026 †x | BlueVine | 5/07/2025 | 35463 | 36265 | 36004 |
| &nbsp;&nbsp;&nbsp; 761497, 35.760%, 5/05/2026 †x | BlueVine | 5/07/2025 | 3910 | 4001 | 3995 |
| &nbsp;&nbsp;&nbsp; 761500, 67.600%, 11/03/2025 †x | BlueVine | 5/07/2025 | 25487 | 25805 | 25798 |
| &nbsp;&nbsp;&nbsp; 761503, 27.612%, 9/29/2025 †x | BlueVine | 5/07/2025 | 16261 | 16254 | 16495 |
| &nbsp;&nbsp;&nbsp; 761511, 78.000%, 11/03/2025 †x | BlueVine | 5/07/2025 | 1724 | 1747 | 1747 |
| &nbsp;&nbsp;&nbsp; 761512, 45.000%, 5/11/2026 †x | BlueVine | 5/07/2025 | 9872 | 10106 | 10081 |
| &nbsp;&nbsp;&nbsp; 761513, 41.080%, 11/03/2025 †x | BlueVine | 5/07/2025 | 6135 | 6209 | 6205 |
| &nbsp;&nbsp;&nbsp; 761527, 41.080%, 11/03/2025 †x | BlueVine | 5/07/2025 | 6135 | 6209 | 6209 |
| &nbsp;&nbsp;&nbsp; 761528, 57.720%, 11/03/2025 †x | BlueVine | 5/07/2025 | 3351 | 3392 | 3391 |
| &nbsp;&nbsp;&nbsp; 761534, 23.160%, 5/08/2026 †x | BlueVine | 5/07/2025 | 11566 | 11830 | 11835 |
| &nbsp;&nbsp;&nbsp; 761549, 33.280%, 11/03/2025 †x# | BlueVine | 5/07/2025 | 3858 | 3984 | 819 |
| &nbsp;&nbsp;&nbsp; 761609, 18.720%, 4/28/2026 †x# | BlueVine | 5/08/2025 | 40367 | 41271 | 41691 |
| &nbsp;&nbsp;&nbsp; 761613, 24.440%, 11/04/2025 †x | BlueVine | 5/08/2025 | 4094 | 4142 | 4160 |
| &nbsp;&nbsp;&nbsp; 761616, 29.120%, 11/04/2025 †x | BlueVine | 5/08/2025 | 7234 | 7321 | 7339 |
| &nbsp;&nbsp;&nbsp; 761621, 26.280%, 4/27/2026 †x# | BlueVine | 5/08/2025 | 21271 | 21963 | 6171 |
| &nbsp;&nbsp;&nbsp; 761629, 33.280%, 11/04/2025 †x | BlueVine | 5/08/2025 | 34371 | 34784 | 34854 |
| &nbsp;&nbsp;&nbsp; 761633, 66.040%, 11/04/2025 †x | BlueVine | 5/08/2025 | 8438 | 8546 | 8545 |
| &nbsp;&nbsp;&nbsp; 761688, 73.320%, 11/05/2025 †x# | BlueVine | 5/09/2025 | 47996 | 48618 | 48563 |
| &nbsp;&nbsp;&nbsp; 761689, 66.040%, 11/05/2025 †x# | BlueVine | 5/09/2025 | 4267 | 4321 | 4326 |
| &nbsp;&nbsp;&nbsp; 761693, 72.800%, 11/05/2025 †x# | BlueVine | 5/09/2025 | 2653 | 2688 | 2685 |
| &nbsp;&nbsp;&nbsp; 761699, 27.040%, 11/05/2025 †x# | BlueVine | 5/09/2025 | 9671 | 9788 | 9836 |
| &nbsp;&nbsp;&nbsp; 761700, 66.040%, 11/05/2025 †x# | BlueVine | 5/09/2025 | 11584 | 11733 | 11745 |
| &nbsp;&nbsp;&nbsp; 761701, 25.440%, 5/13/2026 †x | BlueVine | 5/09/2025 | 13916 | 14238 | 14244 |
| &nbsp;&nbsp;&nbsp; 761707, 66.040%, 11/12/2025 †x# | BlueVine | 5/09/2025 | 18391 | 18643 | 18759 |
| &nbsp;&nbsp;&nbsp; 761709, 72.800%, 11/05/2025 †x# | BlueVine | 5/09/2025 | 7012 | 7103 | 7120 |
| &nbsp;&nbsp;&nbsp; 761713, 30.000%, 5/08/2026 †x | BlueVine | 5/09/2025 | 38853 | 39753 | 39766 |
| &nbsp;&nbsp;&nbsp; 761768, 51.480%, 11/06/2025 †x# | BlueVine | 5/12/2025 | 13635 | 13810 | 13858 |
| &nbsp;&nbsp;&nbsp; 761769, 19.188%, 11/07/2025 †x# | BlueVine | 5/12/2025 | 1420 | 1439 | 1450 |
| &nbsp;&nbsp;&nbsp; 761775, 30.680%, 11/06/2025 †x# | BlueVine | 5/12/2025 | 1364 | 1381 | 1373 |
| &nbsp;&nbsp;&nbsp; 761788, 84.760%, 11/06/2025 †x# | BlueVine | 5/12/2025 | 1685 | 1708 | 1711 |
| &nbsp;&nbsp;&nbsp; 761789, 27.560%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 1760 | 1782 | 1775 |
| &nbsp;&nbsp;&nbsp; 761790, 29.280%, 5/05/2026 †x | BlueVine | 5/12/2025 | 43222 | 44225 | 43921 |
| &nbsp;&nbsp;&nbsp; 761792, 17.880%, 4/24/2026 †x | BlueVine | 5/12/2025 | 37740 | 38588 | 38807 |
| &nbsp;&nbsp;&nbsp; 761795, 58.320%, 5/04/2026 †x | BlueVine | 5/12/2025 | 16012 | 16398 | 16233 |
| &nbsp;&nbsp;&nbsp; 761799, 50.960%, 11/06/2025 †x# | BlueVine | 5/12/2025 | 4931 | 4994 | 5036 |
| &nbsp;&nbsp;&nbsp; 761817, 31.080%, 5/05/2026 †x | BlueVine | 5/12/2025 | 19450 | 19902 | 19869 |
| &nbsp;&nbsp;&nbsp; 761822, 29.640%, 11/06/2025 †x# | BlueVine | 5/12/2025 | 8823 | 8933 | 8967 |
| &nbsp;&nbsp;&nbsp; 761832, 39.000%, 11/06/2025 †x# | BlueVine | 5/12/2025 | 16768 | 16980 | 16946 |
| &nbsp;&nbsp;&nbsp; 761840, 21.320%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 4361 | 4415 | 4412 |
| &nbsp;&nbsp;&nbsp; 761846, 80.080%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 1168 | 1184 | 1173 |
| &nbsp;&nbsp;&nbsp; 761848, 44.200%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 9001 | 9125 | 9102 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8942** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 761849, 31.200%, 11/07/2025 †x# | BlueVine | 5/13/2025 | $796 | $806 | $807 |
| &nbsp;&nbsp;&nbsp; 761850, 21.216%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 13081 | 13244 | 13235 |
| &nbsp;&nbsp;&nbsp; 761867, 30.000%, 5/06/2026 †x | BlueVine | 5/13/2025 | 8449 | 8646 | 8644 |
| &nbsp;&nbsp;&nbsp; 761872, 25.560%, 5/11/2026 †x | BlueVine | 5/13/2025 | 11598 | 11868 | 11892 |
| &nbsp;&nbsp;&nbsp; 761878, 88.400%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 2728 | 2766 | 2756 |
| &nbsp;&nbsp;&nbsp; 761879, 63.440%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 9010 | 9130 | 9107 |
| &nbsp;&nbsp;&nbsp; 761880, 41.080%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 21972 | 22274 | 22252 |
| &nbsp;&nbsp;&nbsp; 761895, 48.000%, 5/12/2026 †x | BlueVine | 5/13/2025 | 31690 | 32456 | 32578 |
| &nbsp;&nbsp;&nbsp; 761897, 52.000%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 7277 | 7372 | 7337 |
| &nbsp;&nbsp;&nbsp; 761899, 22.920%, 5/07/2026 †x | BlueVine | 5/13/2025 | 15417 | 15774 | 15720 |
| &nbsp;&nbsp;&nbsp; 761903, 30.680%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 4639 | 4698 | 4690 |
| &nbsp;&nbsp;&nbsp; 761907, 37.440%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 4459 | 4516 | 4510 |
| &nbsp;&nbsp;&nbsp; 761915, 80.080%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 4719 | 4783 | 4765 |
| &nbsp;&nbsp;&nbsp; 761921, 22.920%, 4/20/2026 †x | BlueVine | 5/14/2025 | 55324 | 56576 | 56567 |
| &nbsp;&nbsp;&nbsp; 761922, 80.080%, 11/10/2025 †x | BlueVine | 5/14/2025 | 2477 | 2512 | 2511 |
| &nbsp;&nbsp;&nbsp; 761924, 60.600%, 5/15/2026 †x | BlueVine | 5/14/2025 | 16048 | 16445 | 16468 |
| &nbsp;&nbsp;&nbsp; 761933, 80.080%, 11/10/2025 †x | BlueVine | 5/14/2025 | 944 | 957 | 954 |
| &nbsp;&nbsp;&nbsp; 761940, 66.040%, 11/10/2025 †x | BlueVine | 5/14/2025 | 463 | 470 | 470 |
| &nbsp;&nbsp;&nbsp; 761971, 20.628%, 2/18/2026 †x# | BlueVine | 5/14/2025 | 6867 | 7025 | 6974 |
| &nbsp;&nbsp;&nbsp; 761974, 23.160%, 5/01/2026 †x | BlueVine | 5/14/2025 | 39325 | 40228 | 40069 |
| &nbsp;&nbsp;&nbsp; 761979, 26.280%, 4/27/2026 †x# | BlueVine | 5/14/2025 | 50943 | 52598 | 10116 |
| &nbsp;&nbsp;&nbsp; 761987, 56.160%, 11/10/2025 †x | BlueVine | 5/14/2025 | 3590 | 3639 | 3640 |
| &nbsp;&nbsp;&nbsp; 761991, 51.480%, 11/10/2025 †x | BlueVine | 5/14/2025 | 27270 | 27638 | 27680 |
| &nbsp;&nbsp;&nbsp; 761992, 41.600%, 11/10/2025 †x | BlueVine | 5/14/2025 | 2242 | 2272 | 2275 |
| &nbsp;&nbsp;&nbsp; 761997, 24.960%, 5/18/2026 †x | BlueVine | 5/14/2025 | 15453 | 15817 | 15875 |
| &nbsp;&nbsp;&nbsp; 761998, 22.920%, 5/05/2026 †x | BlueVine | 5/14/2025 | 23327 | 23866 | 23693 |
| &nbsp;&nbsp;&nbsp; 762032, 22.920%, 5/05/2026 †x | BlueVine | 5/15/2025 | 80941 | 82814 | 82311 |
| &nbsp;&nbsp;&nbsp; 762041, 29.120%, 11/12/2025 †x | BlueVine | 5/15/2025 | 44085 | 44674 | 44921 |
| &nbsp;&nbsp;&nbsp; 762053, 34.840%, 11/12/2025 †x | BlueVine | 5/15/2025 | 2222 | 2252 | 2261 |
| &nbsp;&nbsp;&nbsp; 762062, 46.800%, 11/12/2025 †x | BlueVine | 5/15/2025 | 3162 | 3205 | 3219 |
| &nbsp;&nbsp;&nbsp; 762063, 35.760%, 5/11/2026 †x | BlueVine | 5/15/2025 | 15640 | 16011 | 15963 |
| &nbsp;&nbsp;&nbsp; 762066, 41.080%, 11/12/2025 †x | BlueVine | 5/15/2025 | 7616 | 7720 | 7644 |
| &nbsp;&nbsp;&nbsp; 762071, 24.960%, 4/24/2026 †x | BlueVine | 5/15/2025 | 9712 | 9934 | 9955 |
| &nbsp;&nbsp;&nbsp; 762073, 41.080%, 11/12/2025 †x | BlueVine | 5/15/2025 | 34670 | 35141 | 35291 |
| &nbsp;&nbsp;&nbsp; 762079, 59.904%, 11/12/2025 †x | BlueVine | 5/15/2025 | 6759 | 6853 | 6881 |
| &nbsp;&nbsp;&nbsp; 762110, 17.880%, 5/05/2026 †x | BlueVine | 5/16/2025 | 29751 | 30437 | 30254 |
| &nbsp;&nbsp;&nbsp; 762129, 36.920%, 11/12/2025 †x# | BlueVine | 5/16/2025 | 16955 | 17185 | 17268 |
| &nbsp;&nbsp;&nbsp; 762130, 52.000%, 11/12/2025 †x# | BlueVine | 5/16/2025 | 877 | 889 | 878 |
| &nbsp;&nbsp;&nbsp; 762131, 58.760%, 11/12/2025 †x# | BlueVine | 5/16/2025 | 14439 | 14642 | 14699 |
| &nbsp;&nbsp;&nbsp; 762149, 70.720%, 11/12/2025 †x# | BlueVine | 5/16/2025 | 5053 | 5124 | 5150 |
| &nbsp;&nbsp;&nbsp; 762153, 65.000%, 11/12/2025 †x# | BlueVine | 5/16/2025 | 3598 | 3648 | 3665 |
| &nbsp;&nbsp;&nbsp; 762155, 18.720%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 11829 | 11989 | 12078 |
| &nbsp;&nbsp;&nbsp; 762156, 36.920%, 11/12/2025 †x# | BlueVine | 5/16/2025 | 50937 | 51628 | 51902 |
| &nbsp;&nbsp;&nbsp; 762228, 24.480%, 5/21/2026 †x | BlueVine | 5/19/2025 | 29139 | 29836 | 29972 |
| &nbsp;&nbsp;&nbsp; 762234, 63.440%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 13021 | 13208 | 13298 |
| &nbsp;&nbsp;&nbsp; 762236, 67.600%, 11/20/2025 †x# | BlueVine | 5/19/2025 | 2720 | 2762 | 2783 |
| &nbsp;&nbsp;&nbsp; 762239, 11.960%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 9379 | 9505 | 9576 |
| &nbsp;&nbsp;&nbsp; 762251, 23.400%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 9521 | 9651 | 9723 |
| &nbsp;&nbsp;&nbsp; 762253, 25.560%, 5/11/2026 †x | BlueVine | 5/19/2025 | 3866 | 3957 | 3960 |
| &nbsp;&nbsp;&nbsp; 762256, 46.800%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 36790 | 37309 | 37572 |
| &nbsp;&nbsp;&nbsp; 762257, 30.680%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 14417 | 14616 | 14724 |
| &nbsp;&nbsp;&nbsp; 762261, 31.920%, 5/11/2026 †x | BlueVine | 5/19/2025 | 15574 | 15946 | 15889 |
| &nbsp;&nbsp;&nbsp; 762270, 25.752%, 5/15/2026 †x | BlueVine | 5/19/2025 | 15005 | 15362 | 15413 |
| &nbsp;&nbsp;&nbsp; 762277, 88.400%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 5161 | 5238 | 5273 |
| &nbsp;&nbsp;&nbsp; 762278, 34.944%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 2595 | 2631 | 2649 |
| &nbsp;&nbsp;&nbsp; 762293, 24.120%, 5/14/2026 †x | BlueVine | 5/20/2025 | 15438 | 15805 | 15855 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8943** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 762311, 22.200%, 5/12/2026 †x | BlueVine | 5/20/2025 | $6547 | $6702 | $6711 |
| &nbsp;&nbsp;&nbsp; 762319, 72.800%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 760 | 771 | 771 |
| &nbsp;&nbsp;&nbsp; 762325, 46.800%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 36790 | 37316 | 37279 |
| &nbsp;&nbsp;&nbsp; 762331, 29.120%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 11990 | 12157 | 12189 |
| &nbsp;&nbsp;&nbsp; 762334, 23.400%, 11/07/2025 †x# | BlueVine | 5/20/2025 | 10796 | 10953 | 10947 |
| &nbsp;&nbsp;&nbsp; 762345, 35.880%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 6289 | 6378 | 6393 |
| &nbsp;&nbsp;&nbsp; 762352, 22.920%, 4/06/2026 †x | BlueVine | 5/20/2025 | 19272 | 19723 | 19675 |
| &nbsp;&nbsp;&nbsp; 762354, 27.612%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 7659 | 7765 | 7773 |
| &nbsp;&nbsp;&nbsp; 762364, 32.240%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 36115 | 36621 | 36663 |
| &nbsp;&nbsp;&nbsp; 762365, 30.680%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 782 | 793 | 793 |
| &nbsp;&nbsp;&nbsp; 762370, 29.120%, 11/17/2025 †x | BlueVine | 5/21/2025 | 480 | 486 | 489 |
| &nbsp;&nbsp;&nbsp; 762372, 44.064%, 5/18/2026 †x | BlueVine | 5/20/2025 | 27615 | 28292 | 28449 |
| &nbsp;&nbsp;&nbsp; 762376, 43.680%, 11/17/2025 †x | BlueVine | 5/21/2025 | 11727 | 11898 | 11942 |
| &nbsp;&nbsp;&nbsp; 762379, 59.280%, 11/17/2025 †x | BlueVine | 5/21/2025 | 9965 | 10113 | 10148 |
| &nbsp;&nbsp;&nbsp; 762383, 41.080%, 11/24/2025 †x# | BlueVine | 5/21/2025 | 2632 | 2672 | 2684 |
| &nbsp;&nbsp;&nbsp; 762386, 74.880%, 11/17/2025 †x | BlueVine | 5/21/2025 | 6094 | 6187 | 6210 |
| &nbsp;&nbsp;&nbsp; 762389, 27.000%, 5/04/2026 †x | BlueVine | 5/21/2025 | 3494 | 3576 | 3539 |
| &nbsp;&nbsp;&nbsp; 762403, 49.920%, 11/17/2025 †x | BlueVine | 5/21/2025 | 4925 | 4997 | 5010 |
| &nbsp;&nbsp;&nbsp; 762404, 36.920%, 11/17/2025 †x | BlueVine | 5/21/2025 | 2422 | 2457 | 2469 |
| &nbsp;&nbsp;&nbsp; 762406, 37.920%, 5/01/2026 †x | BlueVine | 5/21/2025 | 9406 | 9630 | 9507 |
| &nbsp;&nbsp;&nbsp; 762408, 30.680%, 11/17/2025 †x# | BlueVine | 5/21/2025 | 24029 | 24374 | 24486 |
| &nbsp;&nbsp;&nbsp; 762412, 47.840%, 11/17/2025 †x | BlueVine | 5/21/2025 | 2701 | 2741 | 2750 |
| &nbsp;&nbsp;&nbsp; 762421, 33.176%, 11/17/2025 †x | BlueVine | 5/21/2025 | 9642 | 9781 | 9806 |
| &nbsp;&nbsp;&nbsp; 762425, 26.000%, 11/17/2025 †x | BlueVine | 5/21/2025 | 4777 | 4845 | 4862 |
| &nbsp;&nbsp;&nbsp; 762426, 47.320%, 11/17/2025 †x | BlueVine | 5/21/2025 | 44 | 45 | 44 |
| &nbsp;&nbsp;&nbsp; 762441, 41.080%, 11/17/2025 †x | BlueVine | 5/21/2025 | 3494 | 3545 | 3557 |
| &nbsp;&nbsp;&nbsp; 762448, 66.040%, 11/24/2025 †x# | BlueVine | 5/21/2025 | 27744 | 28183 | 19921 |
| &nbsp;&nbsp;&nbsp; 762452, 23.400%, 11/17/2025 †x | BlueVine | 5/21/2025 | 2380 | 2414 | 2425 |
| &nbsp;&nbsp;&nbsp; 762483, 52.000%, 11/18/2025 †x | BlueVine | 5/22/2025 | 5053 | 5128 | 5147 |
| &nbsp;&nbsp;&nbsp; 762485, 42.120%, 5/01/2026 †x | BlueVine | 5/22/2025 | 86611 | 88687 | 87628 |
| &nbsp;&nbsp;&nbsp; 762499, 53.880%, 5/05/2026 †x | BlueVine | 5/22/2025 | 31882 | 32659 | 32243 |
| &nbsp;&nbsp;&nbsp; 762505, 28.080%, 11/18/2025 †x | BlueVine | 5/22/2025 | 38317 | 38873 | 39099 |
| &nbsp;&nbsp;&nbsp; 762509, 22.360%, 11/18/2025 †x | BlueVine | 5/22/2025 | 820 | 832 | 836 |
| &nbsp;&nbsp;&nbsp; 762516, 65.520%, 11/18/2025 †x | BlueVine | 5/22/2025 | 1506 | 1529 | 1537 |
| &nbsp;&nbsp;&nbsp; 762523, 41.080%, 11/18/2025 †x | BlueVine | 5/22/2025 | 19480 | 19777 | 19861 |
| &nbsp;&nbsp;&nbsp; 762541, 37.440%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 14072 | 14281 | 14358 |
| &nbsp;&nbsp;&nbsp; 762542, 34.840%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 30651 | 31105 | 31274 |
| &nbsp;&nbsp;&nbsp; 762549, 35.880%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 1567 | 1590 | 1600 |
| &nbsp;&nbsp;&nbsp; 762558, 35.880%, 5/12/2026 †x | BlueVine | 5/23/2025 | 13296 | 13617 | 13586 |
| &nbsp;&nbsp;&nbsp; 762562, 29.640%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 22578 | 22910 | 23041 |
| &nbsp;&nbsp;&nbsp; 762565, 34.320%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 12785 | 12975 | 13030 |
| &nbsp;&nbsp;&nbsp; 762574, 18.200%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 10120 | 10267 | 10327 |
| &nbsp;&nbsp;&nbsp; 762579, 35.880%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 9458 | 9599 | 9651 |
| &nbsp;&nbsp;&nbsp; 762580, 54.600%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 2109 | 2141 | 2151 |
| &nbsp;&nbsp;&nbsp; 762582, 52.000%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 31938 | 32421 | 32620 |
| &nbsp;&nbsp;&nbsp; 762593, 23.400%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 12865 | 13052 | 13137 |
| &nbsp;&nbsp;&nbsp; 762595, 23.160%, 5/01/2026 †x | BlueVine | 5/23/2025 | 3855 | 3946 | 3915 |
| &nbsp;&nbsp;&nbsp; 762597, 29.172%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 5182 | 5258 | 5291 |
| &nbsp;&nbsp;&nbsp; 762598, 52.000%, 3/10/2026 †x# | BlueVine | 5/23/2025 | 16322 | 16636 | 16587 |
| &nbsp;&nbsp;&nbsp; 762601, 73.320%, 11/13/2025 †x | BlueVine | 5/27/2025 | 9427 | 9579 | 9597 |
| &nbsp;&nbsp;&nbsp; 762602, 86.320%, 11/20/2025 †x# | BlueVine | 5/27/2025 | 465 | 472 | 476 |
| &nbsp;&nbsp;&nbsp; 762611, 35.880%, 11/20/2025 †x# | BlueVine | 5/27/2025 | 5223 | 5303 | 5345 |
| &nbsp;&nbsp;&nbsp; 762613, 31.200%, 5/11/2026 †x | BlueVine | 5/27/2025 | 19945 | 20429 | 20394 |
| &nbsp;&nbsp;&nbsp; 762617, 36.000%, 5/19/2026 †x | BlueVine | 5/27/2025 | 31288 | 32060 | 32162 |
| &nbsp;&nbsp;&nbsp; 762619, 29.280%, 4/06/2026 †x | BlueVine | 5/27/2025 | 51246 | 52477 | 51932 |
| &nbsp;&nbsp;&nbsp; 762627, 66.560%, 11/20/2025 †x# | BlueVine | 5/27/2025 | 8119 | 8247 | 8310 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8944** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 762631, 66.040%, 11/20/2025 †x# | BlueVine | 5/27/2025 | $4868 | $4945 | $4984 |
| &nbsp;&nbsp;&nbsp; 762635, 33.696%, 11/20/2025 †x# | BlueVine | 5/27/2025 | 3907 | 3967 | 3999 |
| &nbsp;&nbsp;&nbsp; 762653, 30.680%, 11/20/2025 †x# | BlueVine | 5/27/2025 | 3893 | 3952 | 3984 |
| &nbsp;&nbsp;&nbsp; 762667, 24.120%, 5/01/2026 †x | BlueVine | 5/27/2025 | 38596 | 39515 | 39307 |
| &nbsp;&nbsp;&nbsp; 762668, 52.000%, 11/20/2025 †x# | BlueVine | 5/27/2025 | 2661 | 2703 | 2724 |
| &nbsp;&nbsp;&nbsp; 762675, 35.880%, 5/12/2026 †x | BlueVine | 5/27/2025 | 23463 | 24036 | 23991 |
| &nbsp;&nbsp;&nbsp; 762688, 41.600%, 11/20/2025 †x# | BlueVine | 5/27/2025 | 13147 | 13349 | 13453 |
| &nbsp;&nbsp;&nbsp; 762698, 22.920%, 5/26/2026 †x | BlueVine | 5/28/2025 | 77087 | 78977 | 79364 |
| &nbsp;&nbsp;&nbsp; 762703, 40.040%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 17450 | 17734 | 17696 |
| &nbsp;&nbsp;&nbsp; 762708, 85.800%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 11060 | 11250 | 11233 |
| &nbsp;&nbsp;&nbsp; 762712, 35.880%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 7906 | 8028 | 8041 |
| &nbsp;&nbsp;&nbsp; 762714, 35.880%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 1567 | 1591 | 1594 |
| &nbsp;&nbsp;&nbsp; 762733, 43.920%, 5/15/2026 †x | BlueVine | 5/28/2025 | 35844 | 36733 | 36710 |
| &nbsp;&nbsp;&nbsp; 762734, 54.080%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 2668 | 2710 | 2716 |
| &nbsp;&nbsp;&nbsp; 762736, 30.680%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 5191 | 5271 | 5280 |
| &nbsp;&nbsp;&nbsp; 762741, 32.760%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 9458 | 9604 | 9607 |
| &nbsp;&nbsp;&nbsp; 762746, 41.080%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 13139 | 13343 | 13357 |
| &nbsp;&nbsp;&nbsp; 762748, 50.440%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 26359 | 26774 | 26492 |
| &nbsp;&nbsp;&nbsp; 762762, 63.960%, 11/25/2025 †x | BlueVine | 5/29/2025 | 16189 | 16456 | 16420 |
| &nbsp;&nbsp;&nbsp; 762768, 41.080%, 11/25/2025 †x | BlueVine | 5/29/2025 | 2628 | 2670 | 2673 |
| &nbsp;&nbsp;&nbsp; 762769, 23.400%, 11/25/2025 †x# | BlueVine | 5/29/2025 | 22913 | 23272 | 23330 |
| &nbsp;&nbsp;&nbsp; 762771, 36.920%, 11/25/2025 †x | BlueVine | 5/29/2025 | 10460 | 10626 | 10667 |
| &nbsp;&nbsp;&nbsp; 762775, 41.080%, 11/24/2025 †x | BlueVine | 5/29/2025 | 7499 | 7619 | 7668 |
| &nbsp;&nbsp;&nbsp; 762793, 46.800%, 11/25/2025 †x | BlueVine | 5/29/2025 | 2645 | 2688 | 2691 |
| &nbsp;&nbsp;&nbsp; 762809, 22.920%, 6/01/2026 †x | BlueVine | 5/29/2025 | 13587 | 13923 | 13904 |
| &nbsp;&nbsp;&nbsp; 762811, 49.560%, 5/18/2026 †x | BlueVine | 5/29/2025 | 33209 | 34040 | 33952 |
| &nbsp;&nbsp;&nbsp; 762812, 26.640%, 5/08/2026 †x | BlueVine | 5/29/2025 | 7741 | 7928 | 7883 |
| &nbsp;&nbsp;&nbsp; 762827, 24.960%, 5/28/2026 †x# | BlueVine | 5/29/2025 | 2550 | 2613 | 2643 |
| &nbsp;&nbsp;&nbsp; 762830, 22.360%, 11/25/2025 †x | BlueVine | 5/29/2025 | 1542 | 1567 | 1569 |
| &nbsp;&nbsp;&nbsp; 762846, 35.880%, 11/25/2025 †x | BlueVine | 5/29/2025 | 4179 | 4245 | 4262 |
| &nbsp;&nbsp;&nbsp; 762849, 37.800%, 5/08/2026 †x | BlueVine | 5/29/2025 | 11756 | 12044 | 11920 |
| &nbsp;&nbsp;&nbsp; 762861, 26.000%, 11/25/2025 †x | BlueVine | 5/29/2025 | 2581 | 2622 | 2626 |
| &nbsp;&nbsp;&nbsp; 762863, 35.640%, 5/05/2026 †x | BlueVine | 5/29/2025 | 54733 | 56065 | 55468 |
| &nbsp;&nbsp;&nbsp; 762865, 52.000%, 11/18/2025 †x | BlueVine | 5/29/2025 | 1315 | 1336 | 1319 |
| &nbsp;&nbsp;&nbsp; 762900, 27.000%, 5/11/2026 †x | BlueVine | 5/30/2025 | 42595 | 43631 | 43430 |
| &nbsp;&nbsp;&nbsp; 762908, 23.400%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 52153 | 52980 | 53224 |
| &nbsp;&nbsp;&nbsp; 762915, 41.080%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 9585 | 9740 | 9754 |
| &nbsp;&nbsp;&nbsp; 762919, 41.080%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 11276 | 11459 | 11475 |
| &nbsp;&nbsp;&nbsp; 762924, 50.520%, 5/26/2026 †x | BlueVine | 5/30/2025 | 26212 | 26879 | 26932 |
| &nbsp;&nbsp;&nbsp; 762942, 34.944%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 1011 | 1027 | 1017 |
| &nbsp;&nbsp;&nbsp; 762953, 45.240%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 56634 | 57556 | 57803 |
| &nbsp;&nbsp;&nbsp; 762977, 24.960%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 5904 | 6000 | 6024 |
| &nbsp;&nbsp;&nbsp; 763018, 17.160%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 27455 | 27899 | 28013 |
| &nbsp;&nbsp;&nbsp; 763019, 65.000%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 20242 | 20589 | 20566 |
| &nbsp;&nbsp;&nbsp; 763029, 45.760%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 4533 | 4609 | 4616 |
| &nbsp;&nbsp;&nbsp; 763030, 23.400%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 16588 | 16859 | 16956 |
| &nbsp;&nbsp;&nbsp; 763034, 39.000%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 5625 | 5719 | 5740 |
| &nbsp;&nbsp;&nbsp; 763044, 35.160%, 6/01/2026 †x | BlueVine | 6/02/2025 | 8564 | 8782 | 8714 |
| &nbsp;&nbsp;&nbsp; 763046, 32.292%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 3911 | 3975 | 3982 |
| &nbsp;&nbsp;&nbsp; 763077, 22.920%, 5/06/2026 †x | BlueVine | 6/02/2025 | 15417 | 15792 | 15741 |
| &nbsp;&nbsp;&nbsp; 763079, 24.960%, 5/18/2026 †x | BlueVine | 6/02/2025 | 9272 | 9501 | 9507 |
| &nbsp;&nbsp;&nbsp; 763089, 41.600%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 16923 | 17205 | 17270 |
| &nbsp;&nbsp;&nbsp; 763103, 51.480%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 8552 | 8696 | 8727 |
| &nbsp;&nbsp;&nbsp; 763105, 66.040%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 2895 | 2945 | 2953 |
| &nbsp;&nbsp;&nbsp; 763106, 31.200%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 11155 | 11339 | 11277 |
| &nbsp;&nbsp;&nbsp; 763108, 37.440%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 3369 | 3426 | 3428 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8945** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 763112, 88.400%, 11/28/2025 †x# | BlueVine | 6/03/2025 | $14751 | $15011 | $10046 |
| &nbsp;&nbsp;&nbsp; 763116, 71.760%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 7746 | 7998 | 2402 |
| &nbsp;&nbsp;&nbsp; 763117, 26.640%, 5/12/2026 †x | BlueVine | 6/03/2025 | 98745 | 101175 | 100939 |
| &nbsp;&nbsp;&nbsp; 763123, 29.640%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 48997 | 49806 | 49709 |
| &nbsp;&nbsp;&nbsp; 763124, 66.560%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 1837 | 1869 | 1847 |
| &nbsp;&nbsp;&nbsp; 763128, 40.920%, 5/26/2026 †x | BlueVine | 6/04/2025 | 7864 | 8063 | 8070 |
| &nbsp;&nbsp;&nbsp; 763129, 66.040%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 5755 | 5854 | 5832 |
| &nbsp;&nbsp;&nbsp; 763131, 58.760%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 9710 | 9876 | 9767 |
| &nbsp;&nbsp;&nbsp; 763142, 22.920%, 6/05/2026 †x | BlueVine | 6/03/2025 | 93356 | 95704 | 95759 |
| &nbsp;&nbsp;&nbsp; 763149, 65.520%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 3183 | 3237 | 3226 |
| &nbsp;&nbsp;&nbsp; 763236, 65.520%, 12/01/2025 †x | BlueVine | 6/04/2025 | 3761 | 3827 | 3817 |
| &nbsp;&nbsp;&nbsp; 763237, 72.800%, 12/01/2025 †x | BlueVine | 6/04/2025 | 34983 | 35603 | 35508 |
| &nbsp;&nbsp;&nbsp; 763238, 36.000%, 5/14/2026 †x | BlueVine | 6/04/2025 | 3911 | 4009 | 3989 |
| &nbsp;&nbsp;&nbsp; 763242, 33.696%, 12/01/2025 †x | BlueVine | 6/04/2025 | 6711 | 6829 | 6822 |
| &nbsp;&nbsp;&nbsp; 763264, 57.720%, 12/01/2025 †x# | BlueVine | 6/04/2025 | 28697 | 29198 | 29495 |
| &nbsp;&nbsp;&nbsp; 763268, 29.640%, 12/08/2025 †x# | BlueVine | 6/04/2025 | 11898 | 12106 | 12102 |
| &nbsp;&nbsp;&nbsp; 763275, 35.880%, 12/01/2025 †x | BlueVine | 6/04/2025 | 25228 | 25657 | 25664 |
| &nbsp;&nbsp;&nbsp; 763276, 51.480%, 12/01/2025 †x | BlueVine | 6/04/2025 | 8552 | 8700 | 8704 |
| &nbsp;&nbsp;&nbsp; 763290, 24.648%, 12/01/2025 †x | BlueVine | 6/04/2025 | 2215 | 2252 | 2251 |
| &nbsp;&nbsp;&nbsp; 763296, 30.680%, 12/02/2025 †x | BlueVine | 6/05/2025 | 30658 | 31182 | 31270 |
| &nbsp;&nbsp;&nbsp; 763299, 72.072%, 12/01/2025 †x | BlueVine | 6/04/2025 | 6991 | 7115 | 7096 |
| &nbsp;&nbsp;&nbsp; 763310, 22.360%, 12/01/2025 †x | BlueVine | 6/04/2025 | 9389 | 9546 | 9547 |
| &nbsp;&nbsp;&nbsp; 763314, 28.600%, 12/05/2025 †x# | BlueVine | 6/10/2025 | 2971 | 3024 | 3021 |
| &nbsp;&nbsp;&nbsp; 763334, 30.680%, 12/02/2025 †x | BlueVine | 6/05/2025 | 1394 | 1417 | 1421 |
| &nbsp;&nbsp;&nbsp; 763338, 72.072%, 12/01/2025 †x# | BlueVine | 6/05/2025 | 11652 | 11869 | 11819 |
| &nbsp;&nbsp;&nbsp; 763340, 27.560%, 12/02/2025 †x | BlueVine | 6/05/2025 | 111101 | 112992 | 113316 |
| &nbsp;&nbsp;&nbsp; 763341, 26.000%, 12/02/2025 †x | BlueVine | 6/05/2025 | 3327 | 3384 | 3394 |
| &nbsp;&nbsp;&nbsp; 763374, 24.960%, 5/27/2026 †x# | BlueVine | 6/05/2025 | 78906 | 80884 | 81650 |
| &nbsp;&nbsp;&nbsp; 763403, 32.520%, 6/04/2026 †x | BlueVine | 6/06/2025 | 12246 | 12559 | 12550 |
| &nbsp;&nbsp;&nbsp; 763408, 51.480%, 5/26/2026 †x | BlueVine | 6/06/2025 | 11926 | 12233 | 12260 |
| &nbsp;&nbsp;&nbsp; 763414, 24.960%, 6/01/2026 †x | BlueVine | 6/06/2025 | 42500 | 43574 | 43453 |
| &nbsp;&nbsp;&nbsp; 763421, 30.000%, 5/26/2026 †x# | BlueVine | 6/06/2025 | 28558 | 29486 | 5589 |
| &nbsp;&nbsp;&nbsp; 763424, 40.920%, 5/13/2026 †x | BlueVine | 6/06/2025 | 4325 | 4434 | 4396 |
| &nbsp;&nbsp;&nbsp; 763428, 37.440%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 4796 | 4880 | 4897 |
| &nbsp;&nbsp;&nbsp; 763443, 66.040%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 6165 | 6276 | 6293 |
| &nbsp;&nbsp;&nbsp; 763459, 36.000%, 5/26/2026 †x | BlueVine | 6/06/2025 | 15644 | 16041 | 16127 |
| &nbsp;&nbsp;&nbsp; 763466, 31.200%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 5958 | 6061 | 6094 |
| &nbsp;&nbsp;&nbsp; 763469, 37.440%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 3406 | 3465 | 3470 |
| &nbsp;&nbsp;&nbsp; 763473, 56.160%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 30536 | 31078 | 31179 |
| &nbsp;&nbsp;&nbsp; 763476, 43.056%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 8318 | 8464 | 8476 |
| &nbsp;&nbsp;&nbsp; 763477, 41.080%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 12940 | 13166 | 13212 |
| &nbsp;&nbsp;&nbsp; 763479, 33.280%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 1792 | 1823 | 1829 |
| &nbsp;&nbsp;&nbsp; 763481, 46.800%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 605 | 616 | 618 |
| &nbsp;&nbsp;&nbsp; 763494, 64.320%, 5/27/2026 †x# | BlueVine | 6/06/2025 | 8736 | 8964 | 8984 |
| &nbsp;&nbsp;&nbsp; 763496, 56.680%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 305 | 311 | 312 |
| &nbsp;&nbsp;&nbsp; 763497, 62.920%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 15368 | 15643 | 15623 |
| &nbsp;&nbsp;&nbsp; 763499, 18.840%, 5/12/2026 †x | BlueVine | 6/09/2025 | 5678 | 5818 | 5827 |
| &nbsp;&nbsp;&nbsp; 763504, 65.520%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 6050 | 6161 | 6183 |
| &nbsp;&nbsp;&nbsp; 763505, 47.840%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 24231 | 24666 | 24795 |
| &nbsp;&nbsp;&nbsp; 763519, 18.200%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 588 | 598 | 602 |
| &nbsp;&nbsp;&nbsp; 763527, 39.960%, 6/01/2026 †x | BlueVine | 6/09/2025 | 4556 | 4674 | 4784 |
| &nbsp;&nbsp;&nbsp; 763537, 47.840%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 1439 | 1465 | 1471 |
| &nbsp;&nbsp;&nbsp; 763539, 29.760%, 6/08/2026 †x | BlueVine | 6/09/2025 | 11943 | 12251 | 12267 |
| &nbsp;&nbsp;&nbsp; 763543, 57.720%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 21407 | 21796 | 21900 |
| &nbsp;&nbsp;&nbsp; 763544, 16.120%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 88008 | 89535 | 90014 |
| &nbsp;&nbsp;&nbsp; 763546, 30.680%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 5955 | 6060 | 6085 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8946** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 763550, 50.960%, 12/04/2025 †x# | BlueVine | 6/09/2025 | $6451 | $6567 | $6626 |
| &nbsp;&nbsp;&nbsp; 763557, 18.200%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 63777 | 64885 | 65251 |
| &nbsp;&nbsp;&nbsp; 763565, 48.360%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 3030 | 3085 | 3101 |
| &nbsp;&nbsp;&nbsp; 763566, 19.488%, 6/05/2026 †x | BlueVine | 6/09/2025 | 76182 | 78117 | 78102 |
| &nbsp;&nbsp;&nbsp; 763594, 29.120%, 12/05/2025 †x# | BlueVine | 6/10/2025 | 1308 | 1331 | 1334 |
| &nbsp;&nbsp;&nbsp; 763596, 46.800%, 12/05/2025 †x# | BlueVine | 6/10/2025 | 6052 | 6161 | 6150 |
| &nbsp;&nbsp;&nbsp; 763614, 31.080%, 5/19/2026 †x | BlueVine | 6/10/2025 | 17091 | 17524 | 17501 |
| &nbsp;&nbsp;&nbsp; 763617, 41.080%, 11/21/2025 †x# | BlueVine | 6/10/2025 | 2064 | 2101 | 2057 |
| &nbsp;&nbsp;&nbsp; 763619, 35.160%, 5/15/2026 †x | BlueVine | 6/10/2025 | 50797 | 52084 | 51761 |
| &nbsp;&nbsp;&nbsp; 763638, 42.960%, 5/26/2026 †x | BlueVine | 6/10/2025 | 9457 | 9701 | 9698 |
| &nbsp;&nbsp;&nbsp; 763643, 21.320%, 12/05/2025 †x# | BlueVine | 6/10/2025 | 11797 | 12005 | 12004 |
| &nbsp;&nbsp;&nbsp; 763647, 27.960%, 6/08/2026 †x | BlueVine | 6/10/2025 | 8519 | 8739 | 8747 |
| &nbsp;&nbsp;&nbsp; 763648, 46.800%, 12/05/2025 †x# | BlueVine | 6/10/2025 | 45386 | 46209 | 46020 |
| &nbsp;&nbsp;&nbsp; 763651, 46.800%, 12/05/2025 †x# | BlueVine | 6/10/2025 | 1484 | 1511 | 1503 |
| &nbsp;&nbsp;&nbsp; 763677, 20.640%, 6/05/2026 †x | BlueVine | 6/11/2025 | 25888 | 26549 | 26396 |
| &nbsp;&nbsp;&nbsp; 763693, 38.040%, 5/18/2026 †x | BlueVine | 6/11/2025 | 9407 | 9647 | 9574 |
| &nbsp;&nbsp;&nbsp; 763697, 41.080%, 12/08/2025 †x | BlueVine | 6/11/2025 | 4212 | 4290 | 4295 |
| &nbsp;&nbsp;&nbsp; 763705, 58.760%, 12/08/2025 †x | BlueVine | 6/11/2025 | 6123 | 6237 | 6233 |
| &nbsp;&nbsp;&nbsp; 763707, 12.480%, 12/01/2025 †x | BlueVine | 6/11/2025 | 539 | 548 | 548 |
| &nbsp;&nbsp;&nbsp; 763713, 36.920%, 12/08/2025 †x | BlueVine | 6/11/2025 | 2996 | 3051 | 3063 |
| &nbsp;&nbsp;&nbsp; 763731, 20.628%, 6/10/2026 †x | BlueVine | 6/11/2025 | 84721 | 86895 | 86652 |
| &nbsp;&nbsp;&nbsp; 763740, 58.760%, 12/08/2025 †x | BlueVine | 6/11/2025 | 1224 | 1247 | 1247 |
| &nbsp;&nbsp;&nbsp; 763741, 23.400%, 12/08/2025 †x | BlueVine | 6/11/2025 | 19507 | 19859 | 19879 |
| &nbsp;&nbsp;&nbsp; 763742, 41.080%, 12/08/2025 †x | BlueVine | 6/11/2025 | 4212 | 4290 | 4295 |
| &nbsp;&nbsp;&nbsp; 763744, 59.280%, 12/08/2025 †x | BlueVine | 6/11/2025 | 6126 | 6240 | 6249 |
| &nbsp;&nbsp;&nbsp; 763753, 32.760%, 6/02/2026 †x | BlueVine | 6/11/2025 | 53007 | 54373 | 53808 |
| &nbsp;&nbsp;&nbsp; 763766, 65.520%, 12/08/2025 †x | BlueVine | 6/11/2025 | 2700 | 2751 | 2757 |
| &nbsp;&nbsp;&nbsp; 763770, 37.440%, 12/08/2025 †x | BlueVine | 6/11/2025 | 5996 | 6105 | 6116 |
| &nbsp;&nbsp;&nbsp; 763777, 23.400%, 12/09/2025 †x | BlueVine | 6/12/2025 | 17734 | 18057 | 18171 |
| &nbsp;&nbsp;&nbsp; 763778, 51.480%, 12/08/2025 †x | BlueVine | 6/11/2025 | 36476 | 37153 | 37224 |
| &nbsp;&nbsp;&nbsp; 763788, 85.800%, 12/08/2025 †x | BlueVine | 6/11/2025 | 6281 | 6402 | 6399 |
| &nbsp;&nbsp;&nbsp; 763805, 42.960%, 6/04/2026 †x | BlueVine | 6/12/2025 | 11570 | 11872 | 11777 |
| &nbsp;&nbsp;&nbsp; 763813, 12.480%, 12/09/2025 †x | BlueVine | 6/12/2025 | 29226 | 29752 | 29915 |
| &nbsp;&nbsp;&nbsp; 763817, 57.720%, 12/09/2025 †x | BlueVine | 6/12/2025 | 19913 | 20289 | 20382 |
| &nbsp;&nbsp;&nbsp; 763822, 51.480%, 12/09/2025 †x | BlueVine | 6/12/2025 | 21582 | 21986 | 22070 |
| &nbsp;&nbsp;&nbsp; 763825, 43.056%, 12/10/2025 †x# | BlueVine | 6/13/2025 | 46272 | 47140 | 47455 |
| &nbsp;&nbsp;&nbsp; 763835, 33.000%, 6/04/2026 †x | BlueVine | 6/12/2025 | 26080 | 26756 | 26527 |
| &nbsp;&nbsp;&nbsp; 763836, 37.440%, 12/09/2025 †x | BlueVine | 6/12/2025 | 2998 | 3053 | 3069 |
| &nbsp;&nbsp;&nbsp; 763842, 51.480%, 12/09/2025 †x | BlueVine | 6/12/2025 | 2553 | 2601 | 2608 |
| &nbsp;&nbsp;&nbsp; 763846, 33.280%, 12/09/2025 †x# | BlueVine | 6/12/2025 | 9256 | 9557 | 4744 |
| &nbsp;&nbsp;&nbsp; 763848, 26.208%, 12/09/2025 †x | BlueVine | 6/12/2025 | 17784 | 18109 | 18317 |
| &nbsp;&nbsp;&nbsp; 763850, 27.000%, 5/21/2026 †x | BlueVine | 6/12/2025 | 15686 | 16085 | 16125 |
| &nbsp;&nbsp;&nbsp; 763860, 29.120%, 12/09/2025 †x | BlueVine | 6/12/2025 | 29728 | 30273 | 30463 |
| &nbsp;&nbsp;&nbsp; 763884, 35.640%, 5/05/2026 †x | BlueVine | 6/12/2025 | 113469 | 116418 | 115198 |
| &nbsp;&nbsp;&nbsp; 763887, 47.840%, 12/09/2025 †x | BlueVine | 6/12/2025 | 6058 | 6171 | 6200 |
| &nbsp;&nbsp;&nbsp; 763903, 24.960%, 6/15/2026 †x | BlueVine | 6/13/2025 | 3400 | 3488 | 3501 |
| &nbsp;&nbsp;&nbsp; 763909, 66.040%, 12/10/2025 †x# | BlueVine | 6/13/2025 | 52292 | 53296 | 53581 |
| &nbsp;&nbsp;&nbsp; 763930, 36.920%, 12/10/2025 †x# | BlueVine | 6/13/2025 | 25479 | 25954 | 26129 |
| &nbsp;&nbsp;&nbsp; 763935, 24.480%, 6/08/2026 †x | BlueVine | 6/13/2025 | 29739 | 30508 | 30489 |
| &nbsp;&nbsp;&nbsp; 763939, 56.160%, 12/10/2025 †x# | BlueVine | 6/13/2025 | 1296 | 1321 | 1328 |
| &nbsp;&nbsp;&nbsp; 763974, 29.120%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 31623 | 32220 | 32478 |
| &nbsp;&nbsp;&nbsp; 763991, 63.440%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 2681 | 2733 | 2753 |
| &nbsp;&nbsp;&nbsp; 763996, 47.840%, 12/12/2025 †x# | BlueVine | 6/16/2025 | 625 | 637 | 634 |
| &nbsp;&nbsp;&nbsp; 763998, 46.800%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 9407 | 9588 | 9634 |
| &nbsp;&nbsp;&nbsp; 764019, 46.800%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 3213 | 3275 | 3300 |
| &nbsp;&nbsp;&nbsp; 764021, 24.960%, 5/26/2026 †x | BlueVine | 6/16/2025 | 35906 | 36832 | 36891 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8947** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 764030, 42.900%, 12/11/2025 †x# | BlueVine | 6/16/2025 | $29856 | $30427 | $30660 |
| &nbsp;&nbsp;&nbsp; 764040, 51.480%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 5002 | 5098 | 5136 |
| &nbsp;&nbsp;&nbsp; 764043, 30.680%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 1267 | 1291 | 1301 |
| &nbsp;&nbsp;&nbsp; 764046, 31.200%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 19010 | 19370 | 19524 |
| &nbsp;&nbsp;&nbsp; 764072, 35.880%, 6/12/2026 †x | BlueVine | 6/16/2025 | 10283 | 10555 | 10585 |
| &nbsp;&nbsp;&nbsp; 764079, 56.160%, 12/12/2025 †x# | BlueVine | 6/17/2025 | 12961 | 13214 | 13227 |
| &nbsp;&nbsp;&nbsp; 764080, 49.400%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 2144 | 2186 | 2194 |
| &nbsp;&nbsp;&nbsp; 764087, 36.920%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 47774 | 48683 | 49061 |
| &nbsp;&nbsp;&nbsp; 764089, 41.080%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 6394 | 6516 | 6567 |
| &nbsp;&nbsp;&nbsp; 764104, 27.560%, 12/12/2025 †x# | BlueVine | 6/17/2025 | 2465 | 2512 | 2517 |
| &nbsp;&nbsp;&nbsp; 764109, 22.920%, 5/26/2026 †x | BlueVine | 6/17/2025 | 154173 | 158147 | 158716 |
| &nbsp;&nbsp;&nbsp; 764117, 80.080%, 12/22/2025 †x# | BlueVine | 6/17/2025 | 21329 | 21776 | 21941 |
| &nbsp;&nbsp;&nbsp; 764128, 24.440%, 12/12/2025 †x# | BlueVine | 6/17/2025 | 40933 | 41709 | 41801 |
| &nbsp;&nbsp;&nbsp; 764160, 62.160%, 6/17/2026 †x | BlueVine | 6/26/2025 | 43622 | 44825 | 44592 |
| &nbsp;&nbsp;&nbsp; 764206, 80.080%, 12/15/2025 †x | BlueVine | 6/18/2025 | 13231 | 13500 | 13545 |
| &nbsp;&nbsp;&nbsp; 764207, 11.440%, 12/15/2025 †x | BlueVine | 6/18/2025 | 6221 | 6340 | 6362 |
| &nbsp;&nbsp;&nbsp; 764210, 33.800%, 12/15/2025 †x | BlueVine | 6/18/2025 | 19055 | 19427 | 19500 |
| &nbsp;&nbsp;&nbsp; 764223, 39.520%, 12/15/2025 †x | BlueVine | 6/18/2025 | 319 | 325 | 327 |
| &nbsp;&nbsp;&nbsp; 764244, 24.120%, 6/16/2026 †x | BlueVine | 6/18/2025 | 21237 | 21796 | 21863 |
| &nbsp;&nbsp;&nbsp; 764250, 27.960%, 6/10/2026 †x | BlueVine | 6/18/2025 | 42596 | 43715 | 43677 |
| &nbsp;&nbsp;&nbsp; 764251, 41.080%, 12/15/2025 †x | BlueVine | 6/18/2025 | 1918 | 1956 | 1963 |
| &nbsp;&nbsp;&nbsp; 764254, 20.640%, 6/05/2026 †x | BlueVine | 6/18/2025 | 12856 | 13190 | 13117 |
| &nbsp;&nbsp;&nbsp; 764256, 39.960%, 6/11/2026 †x | BlueVine | 6/18/2025 | 24471 | 25121 | 25018 |
| &nbsp;&nbsp;&nbsp; 764257, 56.160%, 12/15/2025 †x | BlueVine | 6/18/2025 | 1796 | 1831 | 1840 |
| &nbsp;&nbsp;&nbsp; 764278, 57.148%, 12/15/2025 †x | BlueVine | 6/18/2025 | 20755 | 21168 | 21232 |
| &nbsp;&nbsp;&nbsp; 764282, 44.400%, 6/11/2026 †x | BlueVine | 6/18/2025 | 17069 | 17524 | 17490 |
| &nbsp;&nbsp;&nbsp; 764285, 46.800%, 12/15/2025 †x | BlueVine | 6/18/2025 | 1928 | 1966 | 1972 |
| &nbsp;&nbsp;&nbsp; 764286, 41.080%, 12/15/2025 †x | BlueVine | 6/18/2025 | 8632 | 8801 | 8826 |
| &nbsp;&nbsp;&nbsp; 764289, 35.880%, 12/15/2025 †x | BlueVine | 6/18/2025 | 1273 | 1298 | 1303 |
| &nbsp;&nbsp;&nbsp; 764317, 26.400%, 6/16/2026 †x | BlueVine | 6/18/2025 | 12764 | 13101 | 13110 |
| &nbsp;&nbsp;&nbsp; 764326, 35.880%, 12/15/2025 †x | BlueVine | 6/18/2025 | 47729 | 48660 | 48862 |
| &nbsp;&nbsp;&nbsp; 764339, 40.664%, 12/16/2025 †x | BlueVine | 6/20/2025 | 2449 | 2497 | 2521 |
| &nbsp;&nbsp;&nbsp; 764350, 63.440%, 12/16/2025 †x | BlueVine | 6/20/2025 | 3913 | 3993 | 4025 |
| &nbsp;&nbsp;&nbsp; 764354, 37.920%, 6/01/2026 †x | BlueVine | 6/20/2025 | 5578 | 5725 | 5655 |
| &nbsp;&nbsp;&nbsp; 764362, 29.400%, 6/15/2026 †x | BlueVine | 6/20/2025 | 15991 | 16415 | 16411 |
| &nbsp;&nbsp;&nbsp; 764364, 18.200%, 12/23/2025 †x# | BlueVine | 6/20/2025 | 22189 | 22632 | 15664 |
| &nbsp;&nbsp;&nbsp; 764367, 35.360%, 12/16/2025 †x | BlueVine | 6/20/2025 | 25443 | 25947 | 26176 |
| &nbsp;&nbsp;&nbsp; 764372, 29.120%, 12/16/2025 †x | BlueVine | 6/20/2025 | 632 | 645 | 650 |
| &nbsp;&nbsp;&nbsp; 764380, 52.884%, 12/16/2025 †x | BlueVine | 6/20/2025 | 6462 | 6592 | 6649 |
| &nbsp;&nbsp;&nbsp; 764385, 37.440%, 12/16/2025 †x | BlueVine | 6/20/2025 | 12746 | 12998 | 13108 |
| &nbsp;&nbsp;&nbsp; 764392, 65.520%, 12/16/2025 †x | BlueVine | 6/20/2025 | 19600 | 19999 | 20162 |
| &nbsp;&nbsp;&nbsp; 764394, 74.880%, 12/09/2025 †x | BlueVine | 6/20/2025 | 3840 | 3919 | 3919 |
| &nbsp;&nbsp;&nbsp; 764401, 80.080%, 12/16/2025 †x | BlueVine | 6/20/2025 | 1985 | 2026 | 2041 |
| &nbsp;&nbsp;&nbsp; 764406, 22.920%, 5/05/2026 †x | BlueVine | 6/20/2025 | 21217 | 21773 | 21715 |
| &nbsp;&nbsp;&nbsp; 764407, 66.040%, 12/16/2025 †x | BlueVine | 6/20/2025 | 869 | 886 | 894 |
| &nbsp;&nbsp;&nbsp; 764409, 22.200%, 6/12/2026 †x | BlueVine | 6/23/2025 | 7634 | 7837 | 7851 |
| &nbsp;&nbsp;&nbsp; 764421, 47.840%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 10207 | 10415 | 10524 |
| &nbsp;&nbsp;&nbsp; 764433, 21.720%, 6/08/2026 †x | BlueVine | 6/23/2025 | 25438 | 26110 | 26034 |
| &nbsp;&nbsp;&nbsp; 764434, 50.544%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 12273 | 12524 | 12678 |
| &nbsp;&nbsp;&nbsp; 764439, 65.520%, 12/24/2025 †x# | BlueVine | 6/23/2025 | 4357 | 4450 | 4502 |
| &nbsp;&nbsp;&nbsp; 764441, 32.760%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 10418 | 10628 | 10767 |
| &nbsp;&nbsp;&nbsp; 764442, 29.280%, 6/15/2026 †x | BlueVine | 6/23/2025 | 29847 | 30645 | 30683 |
| &nbsp;&nbsp;&nbsp; 764445, 28.800%, 6/22/2026 †x | BlueVine | 6/23/2025 | 25574 | 26262 | 26419 |
| &nbsp;&nbsp;&nbsp; 764449, 58.760%, 2/20/2026 †x# | BlueVine | 6/23/2025 | 3098 | 3170 | 3192 |
| &nbsp;&nbsp;&nbsp; 764451, 74.880%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 13900 | 14191 | 14336 |
| &nbsp;&nbsp;&nbsp; 764453, 80.080%, 12/24/2025 †x# | BlueVine | 6/23/2025 | 19214 | 19630 | 19783 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8948** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 764458, 27.000%, 5/20/2026 †x | BlueVine | 6/23/2025 | $1849 | $1898 | $1893 |
| &nbsp;&nbsp;&nbsp; 764463, 58.760%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 17159 | 17513 | 17712 |
| &nbsp;&nbsp;&nbsp; 764468, 24.960%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 13357 | 13624 | 13768 |
| &nbsp;&nbsp;&nbsp; 764471, 34.560%, 6/05/2026 †x | BlueVine | 6/23/2025 | 34243 | 35155 | 34898 |
| &nbsp;&nbsp;&nbsp; 764472, 56.160%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 75345 | 76894 | 77684 |
| &nbsp;&nbsp;&nbsp; 764482, 51.948%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 2731 | 2787 | 2818 |
| &nbsp;&nbsp;&nbsp; 764484, 31.080%, 6/22/2026 †x | BlueVine | 6/23/2025 | 8539 | 8769 | 8823 |
| &nbsp;&nbsp;&nbsp; 764492, 30.396%, 6/08/2026 †x | BlueVine | 6/23/2025 | 8535 | 8762 | 8720 |
| &nbsp;&nbsp;&nbsp; 764505, 35.880%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 5728 | 5844 | 5905 |
| &nbsp;&nbsp;&nbsp; 764512, 24.480%, 6/15/2026 †x | BlueVine | 6/23/2025 | 101964 | 104680 | 105005 |
| &nbsp;&nbsp;&nbsp; 764521, 26.640%, 6/01/2026 †x | BlueVine | 6/24/2025 | 66795 | 68564 | 68119 |
| &nbsp;&nbsp;&nbsp; 764526, 56.160%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 3425 | 3496 | 3509 |
| &nbsp;&nbsp;&nbsp; 764539, 30.680%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 2349 | 2396 | 2408 |
| &nbsp;&nbsp;&nbsp; 764541, 52.000%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 9100 | 9288 | 9322 |
| &nbsp;&nbsp;&nbsp; 764542, 66.040%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 13806 | 14096 | 14144 |
| &nbsp;&nbsp;&nbsp; 764552, 52.000%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 6315 | 6446 | 6471 |
| &nbsp;&nbsp;&nbsp; 764571, 26.000%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 6684 | 6820 | 6855 |
| &nbsp;&nbsp;&nbsp; 764572, 35.760%, 6/05/2026 †x | BlueVine | 6/24/2025 | 85681 | 87972 | 87151 |
| &nbsp;&nbsp;&nbsp; 764575, 47.840%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 6804 | 6945 | 6973 |
| &nbsp;&nbsp;&nbsp; 764607, 47.840%, 12/19/2025 †x# | BlueVine | 6/24/2025 | 7173 | 7321 | 7424 |
| &nbsp;&nbsp;&nbsp; 764689, 58.240%, 12/22/2025 †x | BlueVine | 6/25/2025 | 412 | 420 | 423 |
| &nbsp;&nbsp;&nbsp; 764691, 51.480%, 12/22/2025 †x | BlueVine | 6/25/2025 | 2382 | 2432 | 2450 |
| &nbsp;&nbsp;&nbsp; 764695, 33.800%, 6/26/2026 †x# | BlueVine | 6/25/2025 | 8661 | 8879 | 6219 |
| &nbsp;&nbsp;&nbsp; 764698, 51.480%, 12/22/2025 †x | BlueVine | 6/25/2025 | 6824 | 6968 | 7018 |
| &nbsp;&nbsp;&nbsp; 764700, 48.000%, 6/15/2026 †x | BlueVine | 6/25/2025 | 8642 | 8877 | 8850 |
| &nbsp;&nbsp;&nbsp; 764713, 24.960%, 6/15/2026 †x | BlueVine | 6/26/2025 | 4250 | 4364 | 4363 |
| &nbsp;&nbsp;&nbsp; 764725, 60.372%, 12/22/2025 †x | BlueVine | 6/25/2025 | 2916 | 2978 | 2999 |
| &nbsp;&nbsp;&nbsp; 764731, 23.400%, 12/22/2025 †x | BlueVine | 6/25/2025 | 40018 | 40840 | 41118 |
| &nbsp;&nbsp;&nbsp; 764734, 80.080%, 12/22/2025 †x | BlueVine | 6/25/2025 | 3489 | 3564 | 3591 |
| &nbsp;&nbsp;&nbsp; 764746, 20.628%, 6/22/2026 †x | BlueVine | 6/25/2025 | 27958 | 28707 | 28836 |
| &nbsp;&nbsp;&nbsp; 764753, 50.960%, 12/22/2025 †x | BlueVine | 6/25/2025 | 6821 | 6965 | 7005 |
| &nbsp;&nbsp;&nbsp; 764759, 23.160%, 6/15/2026 †x | BlueVine | 6/25/2025 | 9337 | 9587 | 9598 |
| &nbsp;&nbsp;&nbsp; 764800, 72.072%, 11/25/2025 †x | BlueVine | 6/27/2025 | 8172 | 8356 | 8381 |
| &nbsp;&nbsp;&nbsp; 764803, 35.880%, 12/23/2025 †x | BlueVine | 6/26/2025 | 26955 | 27520 | 27755 |
| &nbsp;&nbsp;&nbsp; 764813, 52.000%, 12/23/2025 †x | BlueVine | 6/26/2025 | 5803 | 5926 | 5976 |
| &nbsp;&nbsp;&nbsp; 764826, 23.400%, 12/23/2025 †x | BlueVine | 6/26/2025 | 9338 | 9531 | 9611 |
| &nbsp;&nbsp;&nbsp; 764838, 57.720%, 1/06/2026 †x | BlueVine | 7/10/2025 | 11375 | 11645 | 11707 |
| &nbsp;&nbsp;&nbsp; 764846, 66.456%, 12/23/2025 †x | BlueVine | 6/26/2025 | 13251 | 13536 | 13653 |
| &nbsp;&nbsp;&nbsp; 764847, 44.200%, 12/23/2025 †x | BlueVine | 6/26/2025 | 10855 | 11084 | 11175 |
| &nbsp;&nbsp;&nbsp; 764854, 22.200%, 6/04/2026 †x | BlueVine | 6/26/2025 | 96230 | 98786 | 98346 |
| &nbsp;&nbsp;&nbsp; 764857, 37.920%, 6/22/2026 †x | BlueVine | 6/26/2025 | 45911 | 47162 | 47373 |
| &nbsp;&nbsp;&nbsp; 764858, 36.920%, 12/23/2025 †x | BlueVine | 6/26/2025 | 6745 | 6886 | 6943 |
| &nbsp;&nbsp;&nbsp; 764862, 65.520%, 12/23/2025 †x | BlueVine | 6/26/2025 | 28803 | 29422 | 29666 |
| &nbsp;&nbsp;&nbsp; 764882, 35.760%, 6/05/2026 †x | BlueVine | 6/27/2025 | 42841 | 43994 | 43482 |
| &nbsp;&nbsp;&nbsp; 764891, 23.400%, 12/31/2025 †x# | BlueVine | 6/27/2025 | 26528 | 27094 | 27298 |
| &nbsp;&nbsp;&nbsp; 764892, 51.480%, 12/24/2025 †x# | BlueVine | 6/27/2025 | 14382 | 14690 | 14817 |
| &nbsp;&nbsp;&nbsp; 764893, 58.760%, 12/24/2025 †x# | BlueVine | 6/27/2025 | 2530 | 2586 | 2610 |
| &nbsp;&nbsp;&nbsp; 764894, 65.520%, 12/24/2025 †x# | BlueVine | 6/27/2025 | 12713 | 12988 | 13027 |
| &nbsp;&nbsp;&nbsp; 764900, 50.040%, 6/05/2026 †x | BlueVine | 6/30/2025 | 9520 | 9781 | 9618 |
| &nbsp;&nbsp;&nbsp; 764904, 25.440%, 6/15/2026 †x | BlueVine | 6/27/2025 | 34013 | 34927 | 34915 |
| &nbsp;&nbsp;&nbsp; 764906, 26.208%, 12/24/2025 †x# | BlueVine | 6/27/2025 | 220 | 224 | 222 |
| &nbsp;&nbsp;&nbsp; 764916, 72.072%, 12/24/2025 †x# | BlueVine | 6/27/2025 | 5106 | 5217 | 5265 |
| &nbsp;&nbsp;&nbsp; 764930, 18.408%, 12/24/2025 †x# | BlueVine | 6/27/2025 | 101795 | 103912 | 104901 |
| &nbsp;&nbsp;&nbsp; 764932, 32.520%, 6/08/2026 †x | BlueVine | 6/27/2025 | 34192 | 35112 | 34877 |
| &nbsp;&nbsp;&nbsp; 764945, 23.160%, 6/08/2026 †x | BlueVine | 6/30/2025 | 18539 | 19038 | 18977 |
| &nbsp;&nbsp;&nbsp; 764969, 28.800%, 6/24/2026 †x | BlueVine | 6/30/2025 | 24600 | 25273 | 25434 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8949** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 764972, 73.320%, 12/26/2025 †x# | BlueVine | 6/30/2025 | $1542 | $1576 | $1599 |
| &nbsp;&nbsp;&nbsp; 764976, 29.120%, 12/26/2025 †x# | BlueVine | 6/30/2025 | 31843 | 32526 | 32861 |
| &nbsp;&nbsp;&nbsp; 764999, 28.800%, 6/16/2026 †x | BlueVine | 6/30/2025 | 51147 | 52539 | 52561 |
| &nbsp;&nbsp;&nbsp; 765004, 30.680%, 12/26/2025 †x# | BlueVine | 6/30/2025 | 1771 | 1809 | 1830 |
| &nbsp;&nbsp;&nbsp; 765008, 58.760%, 12/26/2025 †x# | BlueVine | 6/30/2025 | 26382 | 26962 | 27356 |
| &nbsp;&nbsp;&nbsp; 765015, 19.188%, 12/26/2025 †x# | BlueVine | 6/30/2025 | 1335 | 1363 | 1381 |
| &nbsp;&nbsp;&nbsp; 765020, 24.960%, 6/15/2026 †x | BlueVine | 7/01/2025 | 4335 | 4453 | 4456 |
| &nbsp;&nbsp;&nbsp; 765029, 25.560%, 6/23/2026 †x | BlueVine | 6/30/2025 | 21260 | 21840 | 21966 |
| &nbsp;&nbsp;&nbsp; 765033, 41.080%, 12/26/2025 †x# | BlueVine | 6/30/2025 | 9279 | 9480 | 9577 |
| &nbsp;&nbsp;&nbsp; 765051, 24.120%, 6/22/2026 †x | BlueVine | 6/30/2025 | 67566 | 69405 | 69775 |
| &nbsp;&nbsp;&nbsp; 765078, 56.640%, 6/04/2026 †x | BlueVine | 7/01/2025 | 73714 | 75747 | 74138 |
| &nbsp;&nbsp;&nbsp; 765081, 35.424%, 6/15/2026 †x | BlueVine | 7/01/2025 | 1918 | 1970 | 1966 |
| &nbsp;&nbsp;&nbsp; 765090, 41.080%, 1/02/2026 †x | BlueVine | 7/01/2025 | 10801 | 11046 | 11186 |
| &nbsp;&nbsp;&nbsp; 765095, 37.440%, 7/01/2026 †x | BlueVine | 7/01/2025 | 11160 | 11458 | 11480 |
| &nbsp;&nbsp;&nbsp; 765097, 46.800%, 12/26/2025 †x | BlueVine | 7/01/2025 | 14334 | 14649 | 14717 |
| &nbsp;&nbsp;&nbsp; 765114, 66.040%, 12/26/2025 †x | BlueVine | 7/01/2025 | 5085 | 5198 | 5217 |
| &nbsp;&nbsp;&nbsp; 765117, 35.880%, 12/26/2025 †x | BlueVine | 7/01/2025 | 21334 | 21797 | 21912 |
| &nbsp;&nbsp;&nbsp; 765131, 21.320%, 12/26/2025 †x | BlueVine | 7/01/2025 | 10553 | 10780 | 10845 |
| &nbsp;&nbsp;&nbsp; 765135, 18.200%, 12/26/2025 †x | BlueVine | 7/01/2025 | 45625 | 46601 | 46892 |
| &nbsp;&nbsp;&nbsp; 765151, 66.040%, 12/26/2025 †x | BlueVine | 7/01/2025 | 10897 | 11139 | 11178 |
| &nbsp;&nbsp;&nbsp; 765168, 36.920%, 12/26/2025 †x | BlueVine | 7/01/2025 | 35583 | 36356 | 36546 |
| &nbsp;&nbsp;&nbsp; 765170, 41.080%, 12/26/2025 †x | BlueVine | 7/01/2025 | 714 | 729 | 733 |
| &nbsp;&nbsp;&nbsp; 765173, 52.000%, 12/26/2025 †x | BlueVine | 7/01/2025 | 3878 | 3965 | 3986 |
| &nbsp;&nbsp;&nbsp; 765194, 65.520%, 12/29/2025 †x | BlueVine | 7/02/2025 | 2033 | 2079 | 2096 |
| &nbsp;&nbsp;&nbsp; 765196, 27.000%, 6/17/2026 †x | BlueVine | 7/02/2025 | 106414 | 109320 | 109334 |
| &nbsp;&nbsp;&nbsp; 765217, 57.720%, 12/29/2025 †x | BlueVine | 7/02/2025 | 7223 | 7384 | 7443 |
| &nbsp;&nbsp;&nbsp; 765222, 35.880%, 12/29/2025 †x | BlueVine | 7/02/2025 | 14222 | 14535 | 14647 |
| &nbsp;&nbsp;&nbsp; 765225, 27.560%, 12/29/2025 †x | BlueVine | 7/02/2025 | 5301 | 5417 | 5457 |
| &nbsp;&nbsp;&nbsp; 765229, 28.800%, 6/25/2026 †x | BlueVine | 7/02/2025 | 51147 | 52553 | 52843 |
| &nbsp;&nbsp;&nbsp; 765245, 47.840%, 12/29/2025 †x | BlueVine | 7/02/2025 | 7173 | 7332 | 7389 |
| &nbsp;&nbsp;&nbsp; 765249, 22.200%, 6/23/2026 †x | BlueVine | 7/02/2025 | 5938 | 6100 | 6130 |
| &nbsp;&nbsp;&nbsp; 765250, 37.440%, 12/29/2025 †x | BlueVine | 7/02/2025 | 1383 | 1414 | 1425 |
| &nbsp;&nbsp;&nbsp; 765267, 82.160%, 12/29/2025 †x | BlueVine | 7/02/2025 | 11751 | 12019 | 12120 |
| &nbsp;&nbsp;&nbsp; 765272, 55.640%, 12/29/2025 †x | BlueVine | 7/02/2025 | 5409 | 5530 | 5574 |
| &nbsp;&nbsp;&nbsp; 765340, 65.520%, 12/30/2025 †x | BlueVine | 7/03/2025 | 2614 | 2675 | 2719 |
| &nbsp;&nbsp;&nbsp; 765344, 29.280%, 7/06/2026 †x | BlueVine | 7/03/2025 | 7418 | 7619 | 7587 |
| &nbsp;&nbsp;&nbsp; 765359, 24.960%, 7/07/2026 †x | BlueVine | 7/03/2025 | 11109 | 11411 | 11364 |
| &nbsp;&nbsp;&nbsp; 765366, 37.440%, 12/30/2025 †x | BlueVine | 7/03/2025 | 32037 | 32748 | 32781 |
| &nbsp;&nbsp;&nbsp; 765384, 37.440%, 12/30/2025 †x | BlueVine | 7/03/2025 | 28477 | 29109 | 29232 |
| &nbsp;&nbsp;&nbsp; 765389, 36.000%, 6/26/2026 †x | BlueVine | 7/03/2025 | 12854 | 13211 | 13323 |
| &nbsp;&nbsp;&nbsp; 765391, 70.200%, 12/30/2025 †x | BlueVine | 7/03/2025 | 4939 | 5051 | 5053 |
| &nbsp;&nbsp;&nbsp; 765407, 48.960%, 6/29/2026 †x# | BlueVine | 7/03/2025 | 106339 | 109281 | 109629 |
| &nbsp;&nbsp;&nbsp; 765416, 35.640%, 6/23/2026 †x | BlueVine | 7/03/2025 | 42837 | 44022 | 44135 |
| &nbsp;&nbsp;&nbsp; 765419, 56.160%, 12/30/2025 †x | BlueVine | 7/03/2025 | 1723 | 1762 | 1766 |
| &nbsp;&nbsp;&nbsp; 765427, 52.000%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 41563 | 42517 | 42812 |
| &nbsp;&nbsp;&nbsp; 765433, 56.160%, 12/30/2025 †x | BlueVine | 7/03/2025 | 7215 | 7377 | 7396 |
| &nbsp;&nbsp;&nbsp; 765446, 24.960%, 7/06/2026 †x | BlueVine | 7/07/2025 | 29625 | 30435 | 30479 |
| &nbsp;&nbsp;&nbsp; 765449, 56.160%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 186 | 190 | 186 |
| &nbsp;&nbsp;&nbsp; 765451, 34.320%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 1868 | 1911 | 1925 |
| &nbsp;&nbsp;&nbsp; 765468, 29.640%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 6706 | 6858 | 6907 |
| &nbsp;&nbsp;&nbsp; 765473, 33.280%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 37344 | 38190 | 38470 |
| &nbsp;&nbsp;&nbsp; 765474, 26.000%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 4089 | 4181 | 4212 |
| &nbsp;&nbsp;&nbsp; 765485, 22.200%, 6/11/2026 †x | BlueVine | 7/07/2025 | 42411 | 43577 | 43516 |
| &nbsp;&nbsp;&nbsp; 765486, 29.120%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 2235 | 2285 | 2300 |
| &nbsp;&nbsp;&nbsp; 765487, 38.160%, 7/13/2026 †x | BlueVine | 7/14/2025 | 47443 | 48768 | 48996 |
| &nbsp;&nbsp;&nbsp; 765488, 18.200%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 740 | 756 | 762 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8950** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 765489, 24.960%, 6/29/2026 †x# | BlueVine | 7/07/2025 | $2777 | $2854 | $2892 |
| &nbsp;&nbsp;&nbsp; 765496, 52.884%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 30244 | 30939 | 31153 |
| &nbsp;&nbsp;&nbsp; 765505, 80.080%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 3074 | 3146 | 3165 |
| &nbsp;&nbsp;&nbsp; 765507, 19.188%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 44407 | 45403 | 45773 |
| &nbsp;&nbsp;&nbsp; 765554, 78.000%, 1/02/2026 †x# | BlueVine | 7/08/2025 | 8060 | 8250 | 8306 |
| &nbsp;&nbsp;&nbsp; 765585, 55.640%, 1/02/2026 †x# | BlueVine | 7/08/2025 | 12875 | 13175 | 13284 |
| &nbsp;&nbsp;&nbsp; 765589, 39.520%, 1/08/2026 †x# | BlueVine | 7/08/2025 | 823 | 842 | 855 |
| &nbsp;&nbsp;&nbsp; 765603, 29.760%, 6/25/2026 †x | BlueVine | 7/08/2025 | 8531 | 8769 | 8826 |
| &nbsp;&nbsp;&nbsp; 765604, 23.160%, 7/01/2026 †x | BlueVine | 7/09/2025 | 74937 | 76990 | 76808 |
| &nbsp;&nbsp;&nbsp; 765609, 66.040%, 1/02/2026 †x# | BlueVine | 7/08/2025 | 22865 | 23402 | 23572 |
| &nbsp;&nbsp;&nbsp; 765611, 26.640%, 6/29/2026 †x# | BlueVine | 7/08/2025 | 57913 | 59518 | 60321 |
| &nbsp;&nbsp;&nbsp; 765620, 51.480%, 1/02/2026 †x# | BlueVine | 7/08/2025 | 41549 | 42513 | 42843 |
| &nbsp;&nbsp;&nbsp; 765623, 88.400%, 1/02/2026 †x# | BlueVine | 7/08/2025 | 3862 | 3953 | 3984 |
| &nbsp;&nbsp;&nbsp; 765668, 27.456%, 1/09/2026 †x# | BlueVine | 7/10/2025 | 58849 | 60229 | 60455 |
| &nbsp;&nbsp;&nbsp; 765670, 27.560%, 1/05/2026 †x | BlueVine | 7/09/2025 | 1860 | 1903 | 1910 |
| &nbsp;&nbsp;&nbsp; 765680, 19.188%, 1/05/2026 †x# | BlueVine | 7/09/2025 | 1011 | 1034 | 1038 |
| &nbsp;&nbsp;&nbsp; 765703, 80.080%, 1/05/2026 †x | BlueVine | 7/09/2025 | 15371 | 15740 | 15739 |
| &nbsp;&nbsp;&nbsp; 765707, 31.408%, 1/05/2026 †x | BlueVine | 7/09/2025 | 19604 | 20058 | 20090 |
| &nbsp;&nbsp;&nbsp; 765709, 80.080%, 1/05/2026 †x | BlueVine | 7/09/2025 | 4633 | 4744 | 4754 |
| &nbsp;&nbsp;&nbsp; 765710, 57.720%, 1/05/2026 †x | BlueVine | 7/09/2025 | 2275 | 2329 | 2333 |
| &nbsp;&nbsp;&nbsp; 765711, 41.080%, 1/05/2026 †x# | BlueVine | 7/09/2025 | 2941 | 3009 | 3031 |
| &nbsp;&nbsp;&nbsp; 765733, 23.400%, 1/05/2026 †x | BlueVine | 7/09/2025 | 3711 | 3796 | 3815 |
| &nbsp;&nbsp;&nbsp; 765740, 47.840%, 1/05/2026 †x | BlueVine | 7/09/2025 | 20351 | 20828 | 20898 |
| &nbsp;&nbsp;&nbsp; 765741, 17.880%, 6/15/2026 †x | BlueVine | 7/09/2025 | 16908 | 17375 | 17430 |
| &nbsp;&nbsp;&nbsp; 765760, 20.280%, 1/05/2026 †x | BlueVine | 7/09/2025 | 37032 | 37883 | 38072 |
| &nbsp;&nbsp;&nbsp; 765767, 72.072%, 1/05/2026 †x | BlueVine | 7/09/2025 | 18818 | 19266 | 19338 |
| &nbsp;&nbsp;&nbsp; 765797, 32.520%, 7/01/2026 †x | BlueVine | 7/10/2025 | 13926 | 14307 | 14178 |
| &nbsp;&nbsp;&nbsp; 765812, 72.800%, 1/06/2026 †x | BlueVine | 7/10/2025 | 5663 | 5799 | 5830 |
| &nbsp;&nbsp;&nbsp; 765822, 73.840%, 1/06/2026 †x | BlueVine | 7/10/2025 | 3063 | 3136 | 3153 |
| &nbsp;&nbsp;&nbsp; 765826, 22.360%, 1/06/2026 †x | BlueVine | 7/10/2025 | 860 | 880 | 886 |
| &nbsp;&nbsp;&nbsp; 765829, 40.300%, 1/06/2026 †x | BlueVine | 7/10/2025 | 22506 | 23034 | 23190 |
| &nbsp;&nbsp;&nbsp; 765833, 39.520%, 1/06/2026 †x | BlueVine | 7/10/2025 | 3749 | 3837 | 3850 |
| &nbsp;&nbsp;&nbsp; 765846, 58.760%, 1/06/2026 †x | BlueVine | 7/10/2025 | 6071 | 6215 | 6242 |
| &nbsp;&nbsp;&nbsp; 765850, 65.000%, 1/06/2026 †x | BlueVine | 7/10/2025 | 8379 | 8579 | 8616 |
| &nbsp;&nbsp;&nbsp; 765853, 24.960%, 6/24/2026 †x | BlueVine | 7/10/2025 | 14450 | 14854 | 14926 |
| &nbsp;&nbsp;&nbsp; 765854, 30.680%, 1/06/2026 †x | BlueVine | 7/10/2025 | 44738 | 45781 | 46002 |
| &nbsp;&nbsp;&nbsp; 765858, 46.800%, 1/06/2026 †x | BlueVine | 7/10/2025 | 6026 | 6168 | 6196 |
| &nbsp;&nbsp;&nbsp; 765861, 47.840%, 1/06/2026 †x | BlueVine | 7/10/2025 | 7537 | 7715 | 7757 |
| &nbsp;&nbsp;&nbsp; 765868, 27.560%, 1/06/2026 †x# | BlueVine | 7/10/2025 | 42748 | 43743 | 30693 |
| &nbsp;&nbsp;&nbsp; 765872, 41.080%, 1/06/2026 †x | BlueVine | 7/10/2025 | 18764 | 19205 | 19334 |
| &nbsp;&nbsp;&nbsp; 765874, 27.612%, 1/06/2026 †x | BlueVine | 7/10/2025 | 4465 | 4569 | 4600 |
| &nbsp;&nbsp;&nbsp; 765912, 80.080%, 1/07/2026 †x# | BlueVine | 7/11/2025 | 16063 | 16453 | 16540 |
| &nbsp;&nbsp;&nbsp; 765921, 29.280%, 7/06/2026 †x | BlueVine | 7/11/2025 | 10240 | 10522 | 10466 |
| &nbsp;&nbsp;&nbsp; 765922, 35.880%, 1/07/2026 †x# | BlueVine | 7/11/2025 | 10642 | 10893 | 10947 |
| &nbsp;&nbsp;&nbsp; 765924, 39.960%, 7/06/2026 †x | BlueVine | 7/11/2025 | 74468 | 76513 | 76303 |
| &nbsp;&nbsp;&nbsp; 765926, 18.720%, 6/29/2026 †x# | BlueVine | 7/11/2025 | 50010 | 51402 | 51922 |
| &nbsp;&nbsp;&nbsp; 765927, 47.840%, 1/07/2026 †x# | BlueVine | 7/11/2025 | 9084 | 9300 | 9367 |
| &nbsp;&nbsp;&nbsp; 765931, 40.664%, 1/07/2026 †x# | BlueVine | 7/11/2025 | 3274 | 3352 | 3368 |
| &nbsp;&nbsp;&nbsp; 765947, 32.760%, 1/07/2026 †x# | BlueVine | 7/11/2025 | 102805 | 105224 | 105841 |
| &nbsp;&nbsp;&nbsp; 766029, 37.440%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 39275 | 40219 | 40569 |
| &nbsp;&nbsp;&nbsp; 766036, 29.120%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 8601 | 8807 | 8886 |
| &nbsp;&nbsp;&nbsp; 766042, 62.920%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 5573 | 5709 | 5757 |
| &nbsp;&nbsp;&nbsp; 766051, 72.800%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 3130 | 3207 | 3234 |
| &nbsp;&nbsp;&nbsp; 766052, 18.200%, 1/02/2026 †x# | BlueVine | 7/14/2025 | 728 | 746 | 753 |
| &nbsp;&nbsp;&nbsp; 766053, 35.760%, 7/10/2026 †x | BlueVine | 7/14/2025 | 74357 | 76431 | 76396 |
| &nbsp;&nbsp;&nbsp; 766061, 14.040%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 7754 | 7938 | 8010 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8951** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 766062, 41.080%, 1/08/2026 †x# | BlueVine | 7/14/2025 | $28956 | $29897 | $15466 |
| &nbsp;&nbsp;&nbsp; 766072, 26.000%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 39030 | 39961 | 40321 |
| &nbsp;&nbsp;&nbsp; 766082, 56.640%, 6/22/2026 †x | BlueVine | 7/14/2025 | 46941 | 48287 | 47684 |
| &nbsp;&nbsp;&nbsp; 766135, 39.960%, 7/15/2026 †x | BlueVine | 7/15/2025 | 27925 | 28709 | 28826 |
| &nbsp;&nbsp;&nbsp; 766138, 24.960%, 7/16/2026 †x | BlueVine | 7/15/2025 | 11109 | 11422 | 11454 |
| &nbsp;&nbsp;&nbsp; 766141, 18.408%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 1555 | 1592 | 1597 |
| &nbsp;&nbsp;&nbsp; 766143, 46.800%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 11052 | 11321 | 11347 |
| &nbsp;&nbsp;&nbsp; 766151, 39.000%, 7/01/2026 †x | BlueVine | 7/15/2025 | 16750 | 17214 | 17120 |
| &nbsp;&nbsp;&nbsp; 766165, 29.640%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 27376 | 28035 | 28117 |
| &nbsp;&nbsp;&nbsp; 766175, 29.120%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 7038 | 7207 | 7238 |
| &nbsp;&nbsp;&nbsp; 766181, 28.800%, 7/06/2026 †x | BlueVine | 7/15/2025 | 69533 | 71473 | 71380 |
| &nbsp;&nbsp;&nbsp; 766182, 37.440%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 2435 | 2494 | 2501 |
| &nbsp;&nbsp;&nbsp; 766183, 37.440%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 11783 | 12068 | 12115 |
| &nbsp;&nbsp;&nbsp; 766194, 43.680%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 5517 | 5651 | 5656 |
| &nbsp;&nbsp;&nbsp; 766199, 29.120%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 4692 | 4805 | 4825 |
| &nbsp;&nbsp;&nbsp; 766203, 23.400%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 19487 | 19955 | 20043 |
| &nbsp;&nbsp;&nbsp; 766230, 63.120%, 7/08/2026 †x | BlueVine | 7/16/2025 | 70359 | 72303 | 71706 |
| &nbsp;&nbsp;&nbsp; 766238, 27.560%, 1/12/2026 †x | BlueVine | 7/16/2025 | 7685 | 7872 | 7909 |
| &nbsp;&nbsp;&nbsp; 766277, 25.560%, 7/14/2026 †x | BlueVine | 7/16/2025 | 55559 | 57123 | 57190 |
| &nbsp;&nbsp;&nbsp; 766278, 33.800%, 1/12/2026 †x | BlueVine | 7/16/2025 | 12506 | 12812 | 12874 |
| &nbsp;&nbsp;&nbsp; 766283, 54.600%, 7/01/2026 †x | BlueVine | 7/16/2025 | 37421 | 38452 | 38000 |
| &nbsp;&nbsp;&nbsp; 766296, 65.520%, 1/12/2026 †x | BlueVine | 7/16/2025 | 19931 | 20427 | 20537 |
| &nbsp;&nbsp;&nbsp; 766300, 30.680%, 1/12/2026 †x | BlueVine | 7/16/2025 | 15652 | 16034 | 16110 |
| &nbsp;&nbsp;&nbsp; 766312, 22.920%, 7/14/2026 †x | BlueVine | 7/16/2025 | 69380 | 71333 | 71598 |
| &nbsp;&nbsp;&nbsp; 766314, 57.720%, 1/12/2026 †x | BlueVine | 7/16/2025 | 7966 | 8164 | 8068 |
| &nbsp;&nbsp;&nbsp; 766336, 58.760%, 1/13/2026 †x | BlueVine | 7/17/2025 | 57200 | 58628 | 59100 |
| &nbsp;&nbsp;&nbsp; 766346, 23.400%, 1/13/2026 †x | BlueVine | 7/17/2025 | 15590 | 15971 | 16103 |
| &nbsp;&nbsp;&nbsp; 766347, 30.680%, 1/13/2026 †x | BlueVine | 7/17/2025 | 31305 | 32073 | 32338 |
| &nbsp;&nbsp;&nbsp; 766352, 33.280%, 1/13/2026 †x# | BlueVine | 7/17/2025 | 6954 | 7180 | 3622 |
| &nbsp;&nbsp;&nbsp; 766354, 74.880%, 1/13/2026 †x | BlueVine | 7/17/2025 | 160212 | 164249 | 165543 |
| &nbsp;&nbsp;&nbsp; 766360, 40.664%, 1/13/2026 †x | BlueVine | 7/17/2025 | 15737 | 16126 | 16259 |
| &nbsp;&nbsp;&nbsp; 766369, 52.000%, 1/13/2026 †x | BlueVine | 7/17/2025 | 19791 | 20283 | 20447 |
| &nbsp;&nbsp;&nbsp; 766378, 46.280%, 1/13/2026 †x | BlueVine | 7/17/2025 | 7892 | 8088 | 8154 |
| &nbsp;&nbsp;&nbsp; 766387, 66.040%, 1/13/2026 †x | BlueVine | 7/17/2025 | 8772 | 8992 | 9064 |
| &nbsp;&nbsp;&nbsp; 766411, 57.720%, 1/14/2026 †x# | BlueVine | 7/18/2025 | 29026 | 29755 | 30018 |
| &nbsp;&nbsp;&nbsp; 766428, 56.640%, 6/29/2026 †x# | BlueVine | 7/18/2025 | 14042 | 14439 | 14396 |
| &nbsp;&nbsp;&nbsp; 766445, 47.840%, 1/14/2026 †x# | BlueVine | 7/18/2025 | 8257 | 8463 | 8539 |
| &nbsp;&nbsp;&nbsp; 766447, 51.480%, 1/14/2026 †x# | BlueVine | 7/18/2025 | 2068 | 2119 | 2138 |
| &nbsp;&nbsp;&nbsp; 766466, 47.280%, 7/14/2026 †x | BlueVine | 7/18/2025 | 93322 | 95948 | 96022 |
| &nbsp;&nbsp;&nbsp; 766475, 58.760%, 1/14/2026 †x# | BlueVine | 7/18/2025 | 1659 | 1701 | 1716 |
| &nbsp;&nbsp;&nbsp; 766486, 43.920%, 7/06/2026 †x | BlueVine | 7/18/2025 | 9321 | 9582 | 9502 |
| &nbsp;&nbsp;&nbsp; 766490, 39.960%, 7/13/2026 †x | BlueVine | 7/18/2025 | 27095 | 27858 | 27778 |
| &nbsp;&nbsp;&nbsp; 766504, 80.080%, 1/14/2026 †x# | BlueVine | 7/18/2025 | 17944 | 18401 | 18575 |
| &nbsp;&nbsp;&nbsp; 766511, 75.920%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 47323 | 48543 | 49072 |
| &nbsp;&nbsp;&nbsp; 766517, 31.200%, 7/06/2026 †x | BlueVine | 7/18/2025 | 103087 | 105985 | 105547 |
| &nbsp;&nbsp;&nbsp; 766525, 80.080%, 1/14/2026 †x# | BlueVine | 7/18/2025 | 2093 | 2146 | 2166 |
| &nbsp;&nbsp;&nbsp; 766528, 48.720%, 6/23/2026 †x | BlueVine | 7/18/2025 | 12105 | 12455 | 12279 |
| &nbsp;&nbsp;&nbsp; 766544, 16.120%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 37012 | 37936 | 38374 |
| &nbsp;&nbsp;&nbsp; 766556, 36.920%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 1643 | 1685 | 1702 |
| &nbsp;&nbsp;&nbsp; 766561, 30.680%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 6965 | 7140 | 7214 |
| &nbsp;&nbsp;&nbsp; 766562, 29.120%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 20470 | 20985 | 21204 |
| &nbsp;&nbsp;&nbsp; 766570, 27.560%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 54995 | 56376 | 57013 |
| &nbsp;&nbsp;&nbsp; 766573, 41.080%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 20581 | 21102 | 21341 |
| &nbsp;&nbsp;&nbsp; 766574, 23.400%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 4875 | 4999 | 5056 |
| &nbsp;&nbsp;&nbsp; 766575, 41.080%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 4116 | 4220 | 4268 |
| &nbsp;&nbsp;&nbsp; 766586, 29.760%, 7/01/2026 †x | BlueVine | 7/21/2025 | 27823 | 28611 | 28379 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8952** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 766591, 66.040%, 1/15/2026 †x# | BlueVine | 7/21/2025 | $9987 | $10244 | $10358 |
| &nbsp;&nbsp;&nbsp; 766622, 36.920%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 24651 | 25278 | 25416 |
| &nbsp;&nbsp;&nbsp; 766659, 66.560%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 5827 | 5978 | 6000 |
| &nbsp;&nbsp;&nbsp; 766674, 72.800%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 4173 | 4282 | 4296 |
| &nbsp;&nbsp;&nbsp; 766675, 50.440%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 99200 | 101741 | 102141 |
| &nbsp;&nbsp;&nbsp; 766686, 59.800%, 1/30/2026 †x# | BlueVine | 7/22/2025 | 23259 | 23871 | 23889 |
| &nbsp;&nbsp;&nbsp; 766690, 40.664%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 11210 | 11495 | 11548 |
| &nbsp;&nbsp;&nbsp; 766696, 57.720%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 58051 | 59544 | 59798 |
| &nbsp;&nbsp;&nbsp; 766705, 25.752%, 7/15/2026 †x | BlueVine | 7/22/2025 | 18857 | 19397 | 19466 |
| &nbsp;&nbsp;&nbsp; 766759, 23.400%, 1/20/2026 †x | BlueVine | 7/23/2025 | 61249 | 62813 | 63266 |
| &nbsp;&nbsp;&nbsp; 766760, 16.120%, 1/20/2026 †x | BlueVine | 7/23/2025 | 37439 | 38392 | 38650 |
| &nbsp;&nbsp;&nbsp; 766761, 72.800%, 1/20/2026 †x | BlueVine | 7/23/2025 | 8347 | 8566 | 8631 |
| &nbsp;&nbsp;&nbsp; 766774, 26.520%, 7/13/2026 †x | BlueVine | 7/23/2025 | 5558 | 5717 | 5727 |
| &nbsp;&nbsp;&nbsp; 766783, 21.216%, 1/20/2026 †x | BlueVine | 7/23/2025 | 40791 | 41832 | 42121 |
| &nbsp;&nbsp;&nbsp; 766795, 35.880%, 7/13/2026 †x | BlueVine | 7/23/2025 | 9295 | 9561 | 9530 |
| &nbsp;&nbsp;&nbsp; 766797, 17.680%, 1/20/2026 †x | BlueVine | 7/23/2025 | 1629 | 1670 | 1682 |
| &nbsp;&nbsp;&nbsp; 766804, 60.320%, 1/20/2026 †x | BlueVine | 7/23/2025 | 2076 | 2130 | 2146 |
| &nbsp;&nbsp;&nbsp; 766805, 43.056%, 1/20/2026 †x | BlueVine | 7/23/2025 | 3296 | 3381 | 3405 |
| &nbsp;&nbsp;&nbsp; 766812, 39.520%, 1/26/2026 †x# | BlueVine | 7/23/2025 | 429 | 440 | 444 |
| &nbsp;&nbsp;&nbsp; 766813, 57.720%, 1/20/2026 †x | BlueVine | 7/23/2025 | 4976 | 5105 | 5144 |
| &nbsp;&nbsp;&nbsp; 766815, 26.000%, 1/20/2026 †x | BlueVine | 7/23/2025 | 40881 | 41927 | 42231 |
| &nbsp;&nbsp;&nbsp; 766816, 32.240%, 1/20/2026 †x | BlueVine | 7/23/2025 | 8200 | 8410 | 8470 |
| &nbsp;&nbsp;&nbsp; 766823, 72.800%, 1/20/2026 †x | BlueVine | 7/23/2025 | 6260 | 6424 | 6474 |
| &nbsp;&nbsp;&nbsp; 766827, 72.800%, 1/20/2026 †x | BlueVine | 7/23/2025 | 5843 | 5996 | 6042 |
| &nbsp;&nbsp;&nbsp; 766834, 35.640%, 6/05/2026 †x | BlueVine | 7/23/2025 | 19485 | 20040 | 19782 |
| &nbsp;&nbsp;&nbsp; 766839, 20.760%, 7/06/2026 †x | BlueVine | 7/24/2025 | 78566 | 80822 | 80463 |
| &nbsp;&nbsp;&nbsp; 766845, 29.120%, 1/20/2026 †x | BlueVine | 7/23/2025 | 45034 | 46188 | 46526 |
| &nbsp;&nbsp;&nbsp; 766846, 56.160%, 1/20/2026 †x | BlueVine | 7/23/2025 | 1657 | 1701 | 1713 |
| &nbsp;&nbsp;&nbsp; 766848, 36.920%, 1/20/2026 †x | BlueVine | 7/24/2025 | 6574 | 6744 | 6799 |
| &nbsp;&nbsp;&nbsp; 766849, 39.960%, 7/06/2026 †x | BlueVine | 7/24/2025 | 104572 | 107555 | 106386 |
| &nbsp;&nbsp;&nbsp; 766851, 56.160%, 1/13/2026 †x | BlueVine | 7/24/2025 | 1469 | 1507 | 1469 |
| &nbsp;&nbsp;&nbsp; 766854, 47.840%, 1/20/2026 †x | BlueVine | 7/24/2025 | 826 | 847 | 854 |
| &nbsp;&nbsp;&nbsp; 766860, 50.440%, 1/20/2026 †x | BlueVine | 7/24/2025 | 4133 | 4241 | 4275 |
| &nbsp;&nbsp;&nbsp; 766866, 66.560%, 1/20/2026 †x | BlueVine | 7/24/2025 | 12487 | 12815 | 12915 |
| &nbsp;&nbsp;&nbsp; 766880, 20.040%, 7/01/2026 †x | BlueVine | 7/24/2025 | 27721 | 28516 | 28357 |
| &nbsp;&nbsp;&nbsp; 766889, 49.920%, 1/20/2026 †x | BlueVine | 7/24/2025 | 8265 | 8480 | 8547 |
| &nbsp;&nbsp;&nbsp; 766890, 31.408%, 1/20/2026 †x | BlueVine | 7/24/2025 | 16393 | 16816 | 16955 |
| &nbsp;&nbsp;&nbsp; 766949, 52.000%, 1/21/2026 †x# | BlueVine | 7/25/2025 | 2889 | 2965 | 2991 |
| &nbsp;&nbsp;&nbsp; 766969, 11.440%, 1/21/2026 †x# | BlueVine | 7/25/2025 | 84107 | 86268 | 86478 |
| &nbsp;&nbsp;&nbsp; 766970, 30.680%, 1/21/2026 †x# | BlueVine | 7/25/2025 | 1070 | 1098 | 1108 |
| &nbsp;&nbsp;&nbsp; 766979, 21.320%, 1/21/2026 †x# | BlueVine | 7/25/2025 | 25590 | 26251 | 26485 |
| &nbsp;&nbsp;&nbsp; 766984, 35.640%, 7/06/2026 †x# | BlueVine | 7/25/2025 | 8997 | 9255 | 9165 |
| &nbsp;&nbsp;&nbsp; 766987, 66.040%, 1/21/2026 †x# | BlueVine | 7/25/2025 | 13292 | 13643 | 13762 |
| &nbsp;&nbsp;&nbsp; 766988, 25.440%, 7/01/2026 †x | BlueVine | 7/25/2025 | 9259 | 9525 | 9459 |
| &nbsp;&nbsp;&nbsp; 766991, 78.000%, 2/02/2026 †x# | BlueVine | 7/30/2025 | 22584 | 23207 | 23189 |
| &nbsp;&nbsp;&nbsp; 767037, 30.680%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 4280 | 4393 | 4442 |
| &nbsp;&nbsp;&nbsp; 767047, 46.800%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 12914 | 13257 | 13404 |
| &nbsp;&nbsp;&nbsp; 767059, 47.840%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 12057 | 12378 | 12517 |
| &nbsp;&nbsp;&nbsp; 767060, 32.760%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 16275 | 16705 | 16892 |
| &nbsp;&nbsp;&nbsp; 767071, 37.440%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 56300 | 57791 | 58496 |
| &nbsp;&nbsp;&nbsp; 767074, 33.228%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 8567 | 8794 | 8892 |
| &nbsp;&nbsp;&nbsp; 767078, 51.948%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 11212 | 11511 | 11647 |
| &nbsp;&nbsp;&nbsp; 767086, 23.400%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 2660 | 2731 | 2754 |
| &nbsp;&nbsp;&nbsp; 767087, 52.000%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 46990 | 48242 | 48784 |
| &nbsp;&nbsp;&nbsp; 767089, 42.120%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 3438 | 3529 | 3568 |
| &nbsp;&nbsp;&nbsp; 767095, 22.200%, 7/27/2026 †x | BlueVine | 7/28/2025 | 39304 | 40456 | 40774 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8953** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 767107, 80.080%, 1/22/2026 †x# | BlueVine | 7/28/2025 | $1088 | $1118 | $1131 |
| &nbsp;&nbsp;&nbsp; 767151, 30.680%, 1/23/2026 †x# | BlueVine | 7/29/2025 | 8559 | 8787 | 8833 |
| &nbsp;&nbsp;&nbsp; 767155, 65.520%, 1/23/2026 †x# | BlueVine | 7/29/2025 | 4333 | 4450 | 4468 |
| &nbsp;&nbsp;&nbsp; 767164, 63.440%, 1/23/2026 †x# | BlueVine | 7/29/2025 | 4025 | 4133 | 4149 |
| &nbsp;&nbsp;&nbsp; 767165, 57.720%, 1/23/2026 †x# | BlueVine | 7/29/2025 | 3457 | 3550 | 3565 |
| &nbsp;&nbsp;&nbsp; 767166, 41.280%, 7/06/2026 †x | BlueVine | 7/29/2025 | 76440 | 78658 | 77366 |
| &nbsp;&nbsp;&nbsp; 767177, 29.760%, 7/06/2026 †x | BlueVine | 7/29/2025 | 60283 | 62036 | 61615 |
| &nbsp;&nbsp;&nbsp; 767179, 24.480%, 7/06/2026 †x | BlueVine | 7/29/2025 | 27768 | 28577 | 28497 |
| &nbsp;&nbsp;&nbsp; 767186, 71.760%, 1/23/2026 †x# | BlueVine | 7/29/2025 | 17367 | 17837 | 17890 |
| &nbsp;&nbsp;&nbsp; 767189, 25.440%, 7/01/2026 †x | BlueVine | 7/29/2025 | 11111 | 11434 | 11355 |
| &nbsp;&nbsp;&nbsp; 767191, 24.120%, 7/01/2026 †x | BlueVine | 7/29/2025 | 92548 | 95240 | 94619 |
| &nbsp;&nbsp;&nbsp; 767234, 21.320%, 1/26/2026 †x | BlueVine | 7/30/2025 | 55444 | 56926 | 57335 |
| &nbsp;&nbsp;&nbsp; 767235, 27.960%, 7/21/2026 †x | BlueVine | 7/30/2025 | 29057 | 29910 | 30042 |
| &nbsp;&nbsp;&nbsp; 767248, 48.000%, 7/13/2026 †x | BlueVine | 7/30/2025 | 23738 | 24427 | 24186 |
| &nbsp;&nbsp;&nbsp; 767249, 33.720%, 7/06/2026 †x | BlueVine | 7/30/2025 | 18575 | 19117 | 18949 |
| &nbsp;&nbsp;&nbsp; 767256, 32.240%, 1/26/2026 †x | BlueVine | 7/30/2025 | 1713 | 1759 | 1772 |
| &nbsp;&nbsp;&nbsp; 767265, 66.040%, 1/26/2026 †x | BlueVine | 7/30/2025 | 2413 | 2479 | 2498 |
| &nbsp;&nbsp;&nbsp; 767266, 29.120%, 1/26/2026 †x | BlueVine | 7/30/2025 | 13687 | 14054 | 14153 |
| &nbsp;&nbsp;&nbsp; 767267, 26.000%, 1/26/2026 †x | BlueVine | 7/30/2025 | 46996 | 48254 | 48589 |
| &nbsp;&nbsp;&nbsp; 767283, 57.720%, 1/26/2026 †x# | BlueVine | 7/30/2025 | 8128 | 8349 | 8397 |
| &nbsp;&nbsp;&nbsp; 767288, 73.320%, 1/26/2026 †x | BlueVine | 7/30/2025 | 8688 | 8926 | 8990 |
| &nbsp;&nbsp;&nbsp; 767300, 14.560%, 1/26/2026 †x | BlueVine | 7/30/2025 | 6247 | 6413 | 6456 |
| &nbsp;&nbsp;&nbsp; 767302, 40.664%, 1/26/2026 †x | BlueVine | 7/30/2025 | 4604 | 4728 | 4761 |
| &nbsp;&nbsp;&nbsp; 767313, 19.188%, 2/02/2026 †x# | BlueVine | 7/30/2025 | 2779 | 2854 | 2866 |
| &nbsp;&nbsp;&nbsp; 767318, 30.680%, 1/26/2026 †x | BlueVine | 7/30/2025 | 4280 | 4394 | 4425 |
| &nbsp;&nbsp;&nbsp; 767329, 23.400%, 1/26/2026 †x | BlueVine | 7/30/2025 | 2561 | 2629 | 2648 |
| &nbsp;&nbsp;&nbsp; 767334, 31.200%, 1/26/2026 †x | BlueVine | 7/30/2025 | 12841 | 13186 | 13279 |
| &nbsp;&nbsp;&nbsp; 767335, 22.920%, 7/08/2026 †x | BlueVine | 7/30/2025 | 5643 | 5808 | 5789 |
| &nbsp;&nbsp;&nbsp; 767348, 27.560%, 1/26/2026 †x | BlueVine | 7/30/2025 | 36356 | 37330 | 37591 |
| &nbsp;&nbsp;&nbsp; 767354, 29.120%, 1/26/2026 †x | BlueVine | 7/30/2025 | 3422 | 3514 | 3539 |
| &nbsp;&nbsp;&nbsp; 767360, 33.800%, 1/27/2026 †x | BlueVine | 7/31/2025 | 29992 | 30802 | 30864 |
| &nbsp;&nbsp;&nbsp; 767366, 59.436%, 1/27/2026 †x | BlueVine | 7/31/2025 | 432 | 444 | 446 |
| &nbsp;&nbsp;&nbsp; 767367, 57.720%, 1/27/2026 †x | BlueVine | 7/31/2025 | 38889 | 39951 | 40087 |
| &nbsp;&nbsp;&nbsp; 767370, 63.440%, 1/27/2026 †x | BlueVine | 7/31/2025 | 17318 | 17792 | 17859 |
| &nbsp;&nbsp;&nbsp; 767380, 47.840%, 1/27/2026 †x | BlueVine | 7/31/2025 | 7062 | 7254 | 7280 |
| &nbsp;&nbsp;&nbsp; 767383, 35.424%, 7/14/2026 †x | BlueVine | 7/31/2025 | 32527 | 33479 | 33368 |
| &nbsp;&nbsp;&nbsp; 767386, 67.600%, 1/27/2026 †x | BlueVine | 7/31/2025 | 2601 | 2673 | 2688 |
| &nbsp;&nbsp;&nbsp; 767388, 37.440%, 1/27/2026 †x | BlueVine | 7/31/2025 | 2145 | 2203 | 2216 |
| &nbsp;&nbsp;&nbsp; 767392, 28.668%, 7/24/2026 †x | BlueVine | 7/31/2025 | 37082 | 38175 | 38392 |
| &nbsp;&nbsp;&nbsp; 767398, 30.600%, 7/28/2026 †x# | BlueVine | 7/31/2025 | 75000 | 77214 | 78144 |
| &nbsp;&nbsp;&nbsp; 767411, 27.560%, 1/27/2026 †x | BlueVine | 7/31/2025 | 5176 | 5315 | 5338 |
| &nbsp;&nbsp;&nbsp; 767425, 18.200%, 1/27/2026 †x | BlueVine | 7/31/2025 | 29820 | 30621 | 30753 |
| &nbsp;&nbsp;&nbsp; 767426, 35.880%, 1/27/2026 †x | BlueVine | 7/31/2025 | 25780 | 26477 | 26529 |
| &nbsp;&nbsp;&nbsp; 767442, 28.056%, 7/27/2026 †x | BlueVine | 8/01/2025 | 185369 | 190852 | 191969 |
| &nbsp;&nbsp;&nbsp; 767450, 23.400%, 1/28/2026 †x | BlueVine | 8/01/2025 | 11097 | 11398 | 11486 |
| &nbsp;&nbsp;&nbsp; 767451, 23.160%, 7/15/2026 †x | BlueVine | 8/01/2025 | 32994 | 33967 | 33978 |
| &nbsp;&nbsp;&nbsp; 767472, 47.840%, 1/28/2026 †x# | BlueVine | 8/01/2025 | 179278 | 184183 | 185060 |
| &nbsp;&nbsp;&nbsp; 767473, 23.400%, 1/28/2026 †x# | BlueVine | 8/01/2025 | 4452 | 4573 | 4603 |
| &nbsp;&nbsp;&nbsp; 767551, 66.040%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 2097 | 2155 | 2170 |
| &nbsp;&nbsp;&nbsp; 767552, 33.280%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 13393 | 13764 | 13875 |
| &nbsp;&nbsp;&nbsp; 767557, 66.560%, 2/10/2026 †x# | BlueVine | 8/04/2025 | 9343 | 9608 | 9618 |
| &nbsp;&nbsp;&nbsp; 767568, 42.120%, 8/05/2026 †x | BlueVine | 8/04/2025 | 100000 | 102999 | 102698 |
| &nbsp;&nbsp;&nbsp; 767569, 14.040%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 8882 | 9126 | 9201 |
| &nbsp;&nbsp;&nbsp; 767573, 36.920%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 894 | 919 | 925 |
| &nbsp;&nbsp;&nbsp; 767575, 23.400%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 13357 | 13725 | 13838 |
| &nbsp;&nbsp;&nbsp; 767578, 14.040%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 35526 | 36502 | 36773 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8954** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 767580, 47.840%, 1/29/2026 †x# | BlueVine | 8/04/2025 | $4482 | $4607 | $4634 |
| &nbsp;&nbsp;&nbsp; 767592, 23.400%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 2972 | 3054 | 3084 |
| &nbsp;&nbsp;&nbsp; 767597, 63.440%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 900 | 925 | 932 |
| &nbsp;&nbsp;&nbsp; 767599, 37.440%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 31287 | 32153 | 32384 |
| &nbsp;&nbsp;&nbsp; 767613, 18.408%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 19073 | 19598 | 19743 |
| &nbsp;&nbsp;&nbsp; 767615, 24.888%, 8/05/2026 †x | BlueVine | 8/04/2025 | 55000 | 56649 | 56441 |
| &nbsp;&nbsp;&nbsp; 767668, 38.760%, 8/03/2026 †x | BlueVine | 8/05/2025 | 80540 | 82957 | 82935 |
| &nbsp;&nbsp;&nbsp; 767670, 69.160%, 2/04/2026 †x# | BlueVine | 8/08/2025 | 5608 | 5769 | 5802 |
| &nbsp;&nbsp;&nbsp; 767674, 30.680%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 13384 | 13756 | 13803 |
| &nbsp;&nbsp;&nbsp; 767689, 28.080%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 26749 | 27492 | 27588 |
| &nbsp;&nbsp;&nbsp; 767694, 32.760%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 12499 | 12847 | 12863 |
| &nbsp;&nbsp;&nbsp; 767695, 47.840%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 896 | 921 | 922 |
| &nbsp;&nbsp;&nbsp; 767697, 24.804%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 468 | 481 | 482 |
| &nbsp;&nbsp;&nbsp; 767701, 29.120%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 669 | 688 | 688 |
| &nbsp;&nbsp;&nbsp; 767726, 31.200%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 8924 | 9172 | 9161 |
| &nbsp;&nbsp;&nbsp; 767727, 31.200%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 8924 | 9172 | 9161 |
| &nbsp;&nbsp;&nbsp; 767730, 30.680%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 8923 | 9171 | 9183 |
| &nbsp;&nbsp;&nbsp; 767731, 57.720%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 1533 | 1576 | 1573 |
| &nbsp;&nbsp;&nbsp; 767737, 43.680%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 5641 | 5799 | 5771 |
| &nbsp;&nbsp;&nbsp; 767752, 23.400%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 18700 | 19219 | 19289 |
| &nbsp;&nbsp;&nbsp; 767760, 14.040%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 963 | 992 | 1002 |
| &nbsp;&nbsp;&nbsp; 767761, 18.840%, 7/13/2026 †x | BlueVine | 8/05/2025 | 27709 | 28536 | 28578 |
| &nbsp;&nbsp;&nbsp; 767763, 25.440%, 7/21/2026 †x | BlueVine | 8/05/2025 | 27778 | 28608 | 28726 |
| &nbsp;&nbsp;&nbsp; 767765, 41.080%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 31317 | 32191 | 32205 |
| &nbsp;&nbsp;&nbsp; 767776, 21.600%, 7/24/2026 †x | BlueVine | 8/06/2025 | 27738 | 28570 | 28750 |
| &nbsp;&nbsp;&nbsp; 767780, 20.640%, 8/05/2026 †x | BlueVine | 8/06/2025 | 17336 | 17858 | 17852 |
| &nbsp;&nbsp;&nbsp; 767789, 26.640%, 6/08/2026 †x | BlueVine | 8/06/2025 | 1390 | 1431 | 1430 |
| &nbsp;&nbsp;&nbsp; 767792, 29.760%, 7/23/2026 †x | BlueVine | 8/06/2025 | 185486 | 191043 | 191566 |
| &nbsp;&nbsp;&nbsp; 767824, 24.440%, 2/02/2026 †x | BlueVine | 8/06/2025 | 8907 | 9157 | 9184 |
| &nbsp;&nbsp;&nbsp; 767825, 35.760%, 8/10/2026 †x | BlueVine | 8/06/2025 | 95000 | 97866 | 98348 |
| &nbsp;&nbsp;&nbsp; 767830, 28.704%, 2/02/2026 †x | BlueVine | 8/06/2025 | 7134 | 7334 | 7353 |
| &nbsp;&nbsp;&nbsp; 767838, 58.240%, 2/02/2026 †x | BlueVine | 8/06/2025 | 17977 | 18485 | 18551 |
| &nbsp;&nbsp;&nbsp; 767909, 80.080%, 2/03/2026 †x | BlueVine | 8/07/2025 | 23500 | 24173 | 24287 |
| &nbsp;&nbsp;&nbsp; 767910, 23.400%, 2/03/2026 †x | BlueVine | 8/07/2025 | 3562 | 3662 | 3682 |
| &nbsp;&nbsp;&nbsp; 767915, 74.880%, 2/03/2026 †x | BlueVine | 8/07/2025 | 4361 | 4486 | 4501 |
| &nbsp;&nbsp;&nbsp; 767931, 32.240%, 2/03/2026 †x | BlueVine | 8/07/2025 | 8926 | 9178 | 9215 |
| &nbsp;&nbsp;&nbsp; 767949, 39.960%, 8/03/2026 †x | BlueVine | 8/07/2025 | 20000 | 20602 | 20534 |
| &nbsp;&nbsp;&nbsp; 767960, 70.200%, 2/03/2026 †x | BlueVine | 8/07/2025 | 7213 | 7419 | 7431 |
| &nbsp;&nbsp;&nbsp; 767963, 33.960%, 7/28/2026 †x# | BlueVine | 8/07/2025 | 5000 | 5150 | 5204 |
| &nbsp;&nbsp;&nbsp; 767969, 18.200%, 2/03/2026 †x | BlueVine | 8/07/2025 | 17784 | 18284 | 18409 |
| &nbsp;&nbsp;&nbsp; 767970, 30.680%, 2/03/2026 †x | BlueVine | 8/07/2025 | 22307 | 22936 | 23062 |
| &nbsp;&nbsp;&nbsp; 767978, 46.800%, 2/03/2026 †x | BlueVine | 8/07/2025 | 5377 | 5529 | 5559 |
| &nbsp;&nbsp;&nbsp; 767982, 20.628%, 8/03/2026 †x | BlueVine | 8/07/2025 | 25000 | 25755 | 25712 |
| &nbsp;&nbsp;&nbsp; 767984, 45.760%, 2/03/2026 †x | BlueVine | 8/07/2025 | 896 | 921 | 927 |
| &nbsp;&nbsp;&nbsp; 767991, 29.280%, 8/05/2026 †x | BlueVine | 8/07/2025 | 100000 | 103018 | 102499 |
| &nbsp;&nbsp;&nbsp; 768006, 35.760%, 8/05/2026 †x | BlueVine | 8/07/2025 | 80000 | 82413 | 81902 |
| &nbsp;&nbsp;&nbsp; 768008, 23.160%, 7/17/2026 †x | BlueVine | 8/08/2025 | 92515 | 95302 | 95295 |
| &nbsp;&nbsp;&nbsp; 768009, 29.280%, 8/05/2026 †x | BlueVine | 8/08/2025 | 25000 | 25757 | 25622 |
| &nbsp;&nbsp;&nbsp; 768010, 32.760%, 7/23/2026 †x | BlueVine | 8/08/2025 | 23005 | 23698 | 23724 |
| &nbsp;&nbsp;&nbsp; 768011, 51.480%, 2/04/2026 †x# | BlueVine | 8/08/2025 | 18637 | 19169 | 19281 |
| &nbsp;&nbsp;&nbsp; 768012, 30.680%, 2/04/2026 †x# | BlueVine | 8/08/2025 | 9284 | 9547 | 9607 |
| &nbsp;&nbsp;&nbsp; 768032, 80.080%, 2/04/2026 †x# | BlueVine | 8/08/2025 | 7491 | 7707 | 7742 |
| &nbsp;&nbsp;&nbsp; 768038, 24.120%, 7/16/2026 †x | BlueVine | 8/08/2025 | 55529 | 57202 | 57145 |
| &nbsp;&nbsp;&nbsp; 768064, 69.160%, 2/04/2026 †x# | BlueVine | 8/08/2025 | 96755 | 99535 | 100489 |
| &nbsp;&nbsp;&nbsp; 768067, 58.320%, 8/05/2026 †x | BlueVine | 8/08/2025 | 50000 | 51508 | 51213 |
| &nbsp;&nbsp;&nbsp; 768069, 69.600%, 8/10/2026 †x | BlueVine | 8/08/2025 | 20146 | 20757 | 20817 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8955** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 768094, 35.880%, 1/29/2026 †x# | BlueVine | 8/11/2025 | $13307 | $13692 | $13831 |
| &nbsp;&nbsp;&nbsp; 768100, 18.840%, 8/12/2026 †x | BlueVine | 8/11/2025 | 23000 | 23704 | 23700 |
| &nbsp;&nbsp;&nbsp; 768109, 21.320%, 2/05/2026 †x# | BlueVine | 8/11/2025 | 17412 | 17913 | 18054 |
| &nbsp;&nbsp;&nbsp; 768114, 32.520%, 8/03/2026 †x | BlueVine | 8/11/2025 | 50000 | 51525 | 51399 |
| &nbsp;&nbsp;&nbsp; 768115, 52.000%, 2/05/2026 †x# | BlueVine | 8/11/2025 | 2796 | 2877 | 2901 |
| &nbsp;&nbsp;&nbsp; 768132, 45.760%, 2/05/2026 †x# | BlueVine | 8/11/2025 | 5585 | 5747 | 5796 |
| &nbsp;&nbsp;&nbsp; 768142, 27.960%, 8/07/2026 †x | BlueVine | 8/11/2025 | 8000 | 8245 | 8258 |
| &nbsp;&nbsp;&nbsp; 768145, 22.920%, 8/03/2026 †x | BlueVine | 8/11/2025 | 20525 | 21152 | 21021 |
| &nbsp;&nbsp;&nbsp; 768154, 32.760%, 2/13/2026 †x# | BlueVine | 8/11/2025 | 22000 | 22639 | 22931 |
| &nbsp;&nbsp;&nbsp; 768160, 70.720%, 2/05/2026 †x# | BlueVine | 8/11/2025 | 5160 | 5310 | 5350 |
| &nbsp;&nbsp;&nbsp; 768161, 27.000%, 8/10/2026 †x | BlueVine | 8/11/2025 | 12553 | 12937 | 12918 |
| &nbsp;&nbsp;&nbsp; 768164, 24.120%, 8/06/2026 †x | BlueVine | 8/11/2025 | 30000 | 30918 | 30964 |
| &nbsp;&nbsp;&nbsp; 768166, 35.880%, 1/29/2026 †x# | BlueVine | 8/11/2025 | 13307 | 13691 | 13831 |
| &nbsp;&nbsp;&nbsp; 768168, 35.360%, 2/05/2026 †x# | BlueVine | 8/11/2025 | 929 | 956 | 964 |
| &nbsp;&nbsp;&nbsp; 768169, 35.760%, 8/05/2026 †x | BlueVine | 8/11/2025 | 25000 | 25763 | 25640 |
| &nbsp;&nbsp;&nbsp; 768177, 39.960%, 7/15/2026 †x | BlueVine | 8/11/2025 | 27925 | 28772 | 28543 |
| &nbsp;&nbsp;&nbsp; 768180, 72.800%, 2/05/2026 †x# | BlueVine | 8/11/2025 | 6547 | 6738 | 6791 |
| &nbsp;&nbsp;&nbsp; 768222, 66.040%, 2/06/2026 †x | BlueVine | 8/12/2025 | 18013 | 18544 | 18825 |
| &nbsp;&nbsp;&nbsp; 768224, 35.640%, 7/28/2026 †x# | BlueVine | 8/12/2025 | 46882 | 48312 | 48823 |
| &nbsp;&nbsp;&nbsp; 768236, 41.080%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 11942 | 12290 | 12318 |
| &nbsp;&nbsp;&nbsp; 768237, 41.080%, 2/06/2026 †x | BlueVine | 8/12/2025 | 43 | 44 | 43 |
| &nbsp;&nbsp;&nbsp; 768245, 46.800%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 931 | 958 | 960 |
| &nbsp;&nbsp;&nbsp; 768246, 24.120%, 8/03/2026 †x | BlueVine | 8/12/2025 | 40000 | 41224 | 41115 |
| &nbsp;&nbsp;&nbsp; 768252, 69.160%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 48378 | 49796 | 49859 |
| &nbsp;&nbsp;&nbsp; 768255, 24.648%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 16134 | 16602 | 16620 |
| &nbsp;&nbsp;&nbsp; 768258, 52.000%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 11183 | 11510 | 11510 |
| &nbsp;&nbsp;&nbsp; 768261, 28.800%, 7/27/2026 †x | BlueVine | 8/12/2025 | 23178 | 23885 | 24026 |
| &nbsp;&nbsp;&nbsp; 768269, 25.560%, 8/11/2026 †x | BlueVine | 8/12/2025 | 23000 | 23706 | 23701 |
| &nbsp;&nbsp;&nbsp; 768278, 84.760%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 14525 | 14953 | 14900 |
| &nbsp;&nbsp;&nbsp; 768280, 33.720%, 8/13/2026 †x | BlueVine | 8/12/2025 | 50000 | 51537 | 51931 |
| &nbsp;&nbsp;&nbsp; 768281, 44.720%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 4654 | 4789 | 4800 |
| &nbsp;&nbsp;&nbsp; 768285, 36.920%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 9294 | 9565 | 9603 |
| &nbsp;&nbsp;&nbsp; 768287, 27.560%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 18557 | 19096 | 19149 |
| &nbsp;&nbsp;&nbsp; 768288, 26.352%, 8/03/2026 †x | BlueVine | 8/12/2025 | 20000 | 20612 | 20551 |
| &nbsp;&nbsp;&nbsp; 768296, 35.880%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 6883 | 7083 | 7088 |
| &nbsp;&nbsp;&nbsp; 768317, 23.400%, 2/09/2026 †x | BlueVine | 8/13/2025 | 4636 | 4771 | 4798 |
| &nbsp;&nbsp;&nbsp; 768319, 35.880%, 2/09/2026 †x | BlueVine | 8/13/2025 | 13939 | 14347 | 14411 |
| &nbsp;&nbsp;&nbsp; 768320, 44.720%, 2/09/2026 †x | BlueVine | 8/13/2025 | 3723 | 3832 | 3850 |
| &nbsp;&nbsp;&nbsp; 768344, 70.200%, 2/09/2026 †x | BlueVine | 8/13/2025 | 5714 | 5882 | 5889 |
| &nbsp;&nbsp;&nbsp; 768349, 61.880%, 2/09/2026 †x | BlueVine | 8/13/2025 | 14003 | 14415 | 14483 |
| &nbsp;&nbsp;&nbsp; 768353, 47.840%, 2/09/2026 †x | BlueVine | 8/13/2025 | 4586 | 4721 | 4742 |
| &nbsp;&nbsp;&nbsp; 768354, 17.472%, 2/09/2026 †x | BlueVine | 8/13/2025 | 11114 | 11438 | 11464 |
| &nbsp;&nbsp;&nbsp; 768368, 59.160%, 8/14/2026 †x | BlueVine | 8/13/2025 | 12000 | 12369 | 12419 |
| &nbsp;&nbsp;&nbsp; 768373, 23.400%, 2/09/2026 †x | BlueVine | 8/13/2025 | 1854 | 1908 | 1919 |
| &nbsp;&nbsp;&nbsp; 768374, 47.840%, 2/09/2026 †x | BlueVine | 8/13/2025 | 18625 | 19172 | 19256 |
| &nbsp;&nbsp;&nbsp; 768375, 19.188%, 2/17/2026 †x# | BlueVine | 8/13/2025 | 2000 | 2059 | 2076 |
| &nbsp;&nbsp;&nbsp; 768383, 30.360%, 7/27/2026 †x | BlueVine | 8/13/2025 | 115954 | 119503 | 119914 |
| &nbsp;&nbsp;&nbsp; 768384, 80.080%, 2/09/2026 †x | BlueVine | 8/13/2025 | 4489 | 4622 | 4638 |
| &nbsp;&nbsp;&nbsp; 768389, 26.000%, 2/09/2026 †x | BlueVine | 8/13/2025 | 27828 | 28641 | 28806 |
| &nbsp;&nbsp;&nbsp; 768395, 42.120%, 2/09/2026 †x | BlueVine | 8/13/2025 | 3163 | 3256 | 3270 |
| &nbsp;&nbsp;&nbsp; 768401, 65.520%, 2/17/2026 †x# | BlueVine | 8/13/2025 | 3676 | 3785 | 3820 |
| &nbsp;&nbsp;&nbsp; 768409, 47.840%, 2/09/2026 †x | BlueVine | 8/13/2025 | 5587 | 5752 | 5779 |
| &nbsp;&nbsp;&nbsp; 768414, 51.480%, 8/03/2026 †x | BlueVine | 8/14/2025 | 73505 | 75754 | 74689 |
| &nbsp;&nbsp;&nbsp; 768419, 35.880%, 2/09/2026 †x | BlueVine | 8/13/2025 | 7997 | 8231 | 8265 |
| &nbsp;&nbsp;&nbsp; 768424, 66.560%, 2/10/2026 †x | BlueVine | 8/14/2025 | 11024 | 11351 | 11435 |
| &nbsp;&nbsp;&nbsp; 768425, 35.360%, 2/09/2026 †x | BlueVine | 8/14/2025 | 27875 | 28696 | 28820 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8956** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 768428, 84.760%, 2/10/2026 †x | BlueVine | 8/14/2025 | $2505 | $2580 | $2598 |
| &nbsp;&nbsp;&nbsp; 768431, 15.600%, 2/10/2026 †x | BlueVine | 8/14/2025 | 1389 | 1429 | 1441 |
| &nbsp;&nbsp;&nbsp; 768437, 41.080%, 2/10/2026 †x | BlueVine | 8/14/2025 | 1123 | 1156 | 1165 |
| &nbsp;&nbsp;&nbsp; 768441, 35.640%, 8/05/2026 †x | BlueVine | 8/15/2025 | 172117 | 177423 | 176573 |
| &nbsp;&nbsp;&nbsp; 768448, 25.440%, 8/07/2026 †x | BlueVine | 8/14/2025 | 21534 | 22198 | 22114 |
| &nbsp;&nbsp;&nbsp; 768450, 22.200%, 7/20/2026 †x | BlueVine | 8/14/2025 | 4624 | 4766 | 4774 |
| &nbsp;&nbsp;&nbsp; 768454, 41.080%, 2/10/2026 †x | BlueVine | 8/14/2025 | 3927 | 4043 | 4075 |
| &nbsp;&nbsp;&nbsp; 768455, 21.060%, 2/10/2026 †x | BlueVine | 8/14/2025 | 4634 | 4770 | 4809 |
| &nbsp;&nbsp;&nbsp; 768457, 44.200%, 2/10/2026 †x | BlueVine | 8/14/2025 | 18613 | 19162 | 19319 |
| &nbsp;&nbsp;&nbsp; 768479, 33.800%, 2/10/2026 †x | BlueVine | 8/14/2025 | 1858 | 1913 | 1930 |
| &nbsp;&nbsp;&nbsp; 768482, 33.280%, 2/10/2026 †x | BlueVine | 8/14/2025 | 4644 | 4781 | 4818 |
| &nbsp;&nbsp;&nbsp; 768483, 20.640%, 8/12/2026 †x | BlueVine | 8/14/2025 | 10000 | 10309 | 10330 |
| &nbsp;&nbsp;&nbsp; 768484, 35.880%, 2/10/2026 †x | BlueVine | 8/14/2025 | 32524 | 33482 | 33747 |
| &nbsp;&nbsp;&nbsp; 768489, 22.920%, 8/04/2026 †x | BlueVine | 8/14/2025 | 50000 | 51539 | 51394 |
| &nbsp;&nbsp;&nbsp; 768490, 22.920%, 8/05/2026 †x | BlueVine | 8/14/2025 | 18000 | 18554 | 18514 |
| &nbsp;&nbsp;&nbsp; 768491, 39.520%, 2/10/2026 †x | BlueVine | 8/14/2025 | 7904 | 8137 | 8200 |
| &nbsp;&nbsp;&nbsp; 768496, 32.520%, 8/05/2026 †x | BlueVine | 8/14/2025 | 200000 | 206151 | 205385 |
| &nbsp;&nbsp;&nbsp; 768498, 51.000%, 7/10/2026 †x | BlueVine | 8/14/2025 | 1213 | 1250 | 1215 |
| &nbsp;&nbsp;&nbsp; 768517, 36.972%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 12518 | 12889 | 13001 |
| &nbsp;&nbsp;&nbsp; 768518, 62.280%, 7/22/2026 †x | BlueVine | 8/15/2025 | 28136 | 28995 | 28525 |
| &nbsp;&nbsp;&nbsp; 768523, 57.720%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 24165 | 24885 | 25098 |
| &nbsp;&nbsp;&nbsp; 768538, 27.040%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 2892 | 2977 | 3004 |
| &nbsp;&nbsp;&nbsp; 768542, 66.040%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 1935 | 1992 | 2009 |
| &nbsp;&nbsp;&nbsp; 768544, 23.400%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 7709 | 7937 | 8007 |
| &nbsp;&nbsp;&nbsp; 768548, 56.160%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 28994 | 29857 | 30114 |
| &nbsp;&nbsp;&nbsp; 768550, 22.360%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 3372 | 3472 | 3503 |
| &nbsp;&nbsp;&nbsp; 768616, 23.400%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 19273 | 19852 | 20062 |
| &nbsp;&nbsp;&nbsp; 768617, 31.440%, 7/24/2026 †x | BlueVine | 8/18/2025 | 10208 | 10525 | 10511 |
| &nbsp;&nbsp;&nbsp; 768620, 35.640%, 7/23/2026 †x | BlueVine | 8/18/2025 | 55765 | 57497 | 57491 |
| &nbsp;&nbsp;&nbsp; 768634, 37.440%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 9649 | 9939 | 10044 |
| &nbsp;&nbsp;&nbsp; 768638, 57.720%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 2900 | 2987 | 3021 |
| &nbsp;&nbsp;&nbsp; 768643, 37.440%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 28947 | 29818 | 30154 |
| &nbsp;&nbsp;&nbsp; 768659, 67.392%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 13544 | 13954 | 14109 |
| &nbsp;&nbsp;&nbsp; 768660, 30.360%, 8/10/2026 †x | BlueVine | 8/18/2025 | 30000 | 30935 | 30800 |
| &nbsp;&nbsp;&nbsp; 768669, 84.760%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 19376 | 19965 | 20220 |
| &nbsp;&nbsp;&nbsp; 768671, 29.280%, 8/14/2026 †x | BlueVine | 8/18/2025 | 5000 | 5156 | 5167 |
| &nbsp;&nbsp;&nbsp; 768679, 62.400%, 2/19/2026 †x# | BlueVine | 8/18/2025 | 25000 | 25759 | 26100 |
| &nbsp;&nbsp;&nbsp; 768682, 28.080%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 4820 | 4965 | 5018 |
| &nbsp;&nbsp;&nbsp; 768686, 46.800%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 2426 | 2499 | 2505 |
| &nbsp;&nbsp;&nbsp; 768688, 17.520%, 8/17/2026 †x | BlueVine | 8/18/2025 | 38000 | 39187 | 39364 |
| &nbsp;&nbsp;&nbsp; 768689, 36.920%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 9648 | 9939 | 10043 |
| &nbsp;&nbsp;&nbsp; 768693, 18.408%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 11201 | 11537 | 11668 |
| &nbsp;&nbsp;&nbsp; 768699, 31.920%, 7/23/2026 †x | BlueVine | 8/18/2025 | 62184 | 64116 | 63983 |
| &nbsp;&nbsp;&nbsp; 768714, 22.200%, 8/12/2026 †x | BlueVine | 8/19/2025 | 12000 | 12375 | 12401 |
| &nbsp;&nbsp;&nbsp; 768719, 22.360%, 2/13/2026 †x# | BlueVine | 8/19/2025 | 144535 | 148901 | 149801 |
| &nbsp;&nbsp;&nbsp; 768737, 42.120%, 8/14/2026 †x | BlueVine | 8/19/2025 | 150000 | 154694 | 154912 |
| &nbsp;&nbsp;&nbsp; 768738, 44.200%, 2/13/2026 †x# | BlueVine | 8/19/2025 | 4827 | 4974 | 5001 |
| &nbsp;&nbsp;&nbsp; 768739, 47.840%, 2/13/2026 †x# | BlueVine | 8/19/2025 | 9658 | 9951 | 9996 |
| &nbsp;&nbsp;&nbsp; 768740, 27.560%, 2/13/2026 †x# | BlueVine | 8/19/2025 | 3856 | 3973 | 3994 |
| &nbsp;&nbsp;&nbsp; 768742, 35.640%, 8/14/2026 †x | BlueVine | 8/19/2025 | 75000 | 77347 | 77496 |
| &nbsp;&nbsp;&nbsp; 768744, 23.400%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 25000 | 25769 | 25965 |
| &nbsp;&nbsp;&nbsp; 768759, 71.760%, 2/13/2026 †x# | BlueVine | 8/19/2025 | 4839 | 4986 | 5006 |
| &nbsp;&nbsp;&nbsp; 768762, 23.400%, 2/13/2026 †x# | BlueVine | 8/19/2025 | 9637 | 9928 | 9982 |
| &nbsp;&nbsp;&nbsp; 768764, 20.400%, 8/10/2026 †x | BlueVine | 8/19/2025 | 50000 | 51564 | 51561 |
| &nbsp;&nbsp;&nbsp; 768824, 47.840%, 2/17/2026 †x | BlueVine | 8/20/2025 | 4829 | 4976 | 5012 |
| &nbsp;&nbsp;&nbsp; 768826, 31.440%, 8/24/2026 †x | BlueVine | 8/20/2025 | 74120 | 76449 | 77059 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8957** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 768832, 35.640%, 8/05/2026 †x | BlueVine | 8/20/2025 | $20000 | $20626 | $20466 |
| &nbsp;&nbsp;&nbsp; 768843, 47.840%, 2/23/2026 †x | BlueVine | 8/27/2025 | 1000 | 1032 | 1039 |
| &nbsp;&nbsp;&nbsp; 768848, 27.560%, 2/17/2026 †x | BlueVine | 8/20/2025 | 33741 | 34768 | 34999 |
| &nbsp;&nbsp;&nbsp; 768865, 72.360%, 8/12/2026 †x | BlueVine | 8/20/2025 | 5000 | 5156 | 5125 |
| &nbsp;&nbsp;&nbsp; 768867, 72.360%, 8/12/2026 †x | BlueVine | 8/20/2025 | 10000 | 10312 | 10249 |
| &nbsp;&nbsp;&nbsp; 768868, 24.480%, 8/06/2026 †x | BlueVine | 8/20/2025 | 24000 | 24753 | 24635 |
| &nbsp;&nbsp;&nbsp; 768881, 47.840%, 2/17/2026 †x | BlueVine | 8/20/2025 | 95645 | 98567 | 99269 |
| &nbsp;&nbsp;&nbsp; 768920, 24.588%, 8/03/2026 †x | BlueVine | 8/21/2025 | 15000 | 15471 | 15340 |
| &nbsp;&nbsp;&nbsp; 768923, 57.240%, 8/19/2026 †x | BlueVine | 8/21/2025 | 30000 | 30943 | 31053 |
| &nbsp;&nbsp;&nbsp; 768928, 51.480%, 2/17/2026 †x | BlueVine | 8/21/2025 | 16423 | 16928 | 17063 |
| &nbsp;&nbsp;&nbsp; 768929, 27.560%, 2/17/2026 †x | BlueVine | 8/21/2025 | 62662 | 64580 | 65107 |
| &nbsp;&nbsp;&nbsp; 768931, 34.560%, 8/05/2026 †x | BlueVine | 8/25/2025 | 50000 | 51589 | 51091 |
| &nbsp;&nbsp;&nbsp; 768932, 57.720%, 2/17/2026 †x | BlueVine | 8/21/2025 | 9666 | 9963 | 10017 |
| &nbsp;&nbsp;&nbsp; 768950, 58.760%, 2/17/2026 †x | BlueVine | 8/21/2025 | 9326 | 9612 | 9664 |
| &nbsp;&nbsp;&nbsp; 768954, 22.920%, 8/10/2026 †x | BlueVine | 8/21/2025 | 10000 | 10314 | 10299 |
| &nbsp;&nbsp;&nbsp; 768957, 47.840%, 2/17/2026 †x | BlueVine | 8/21/2025 | 10624 | 10950 | 11012 |
| &nbsp;&nbsp;&nbsp; 768969, 72.800%, 2/17/2026 †x | BlueVine | 8/21/2025 | 2904 | 2993 | 3005 |
| &nbsp;&nbsp;&nbsp; 768971, 33.800%, 2/17/2026 †x | BlueVine | 8/21/2025 | 2894 | 2982 | 3006 |
| &nbsp;&nbsp;&nbsp; 768974, 22.200%, 8/20/2026 †x | BlueVine | 8/21/2025 | 2500 | 2579 | 2596 |
| &nbsp;&nbsp;&nbsp; 768975, 65.520%, 2/17/2026 †x | BlueVine | 8/21/2025 | 8739 | 9008 | 9046 |
| &nbsp;&nbsp;&nbsp; 768981, 48.960%, 8/11/2026 †x | BlueVine | 8/21/2025 | 150000 | 154705 | 153904 |
| &nbsp;&nbsp;&nbsp; 768982, 31.408%, 2/17/2026 †x | BlueVine | 8/21/2025 | 9644 | 9939 | 10022 |
| &nbsp;&nbsp;&nbsp; 769028, 63.440%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 1700 | 1753 | 1763 |
| &nbsp;&nbsp;&nbsp; 769040, 52.000%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 40000 | 41235 | 41600 |
| &nbsp;&nbsp;&nbsp; 769041, 85.800%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 25000 | 25776 | 25938 |
| &nbsp;&nbsp;&nbsp; 769044, 27.560%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 15000 | 15462 | 15600 |
| &nbsp;&nbsp;&nbsp; 769048, 75.920%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 16241 | 16744 | 16891 |
| &nbsp;&nbsp;&nbsp; 769052, 28.600%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 32000 | 32985 | 33280 |
| &nbsp;&nbsp;&nbsp; 769055, 51.480%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 3500 | 3608 | 3640 |
| &nbsp;&nbsp;&nbsp; 769057, 24.240%, 8/14/2026 †x | BlueVine | 8/22/2025 | 20000 | 20631 | 20670 |
| &nbsp;&nbsp;&nbsp; 769058, 36.972%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 13000 | 13401 | 13520 |
| &nbsp;&nbsp;&nbsp; 769061, 24.120%, 8/04/2026 †x | BlueVine | 8/22/2025 | 25188 | 25982 | 25800 |
| &nbsp;&nbsp;&nbsp; 769067, 23.400%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 4000 | 4123 | 4154 |
| &nbsp;&nbsp;&nbsp; 769075, 29.120%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 10000 | 10308 | 10400 |
| &nbsp;&nbsp;&nbsp; 769077, 46.800%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 22640 | 23339 | 23546 |
| &nbsp;&nbsp;&nbsp; 769078, 22.200%, 7/28/2026 †x# | BlueVine | 8/22/2025 | 15000 | 15472 | 15699 |
| &nbsp;&nbsp;&nbsp; 769083, 36.972%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 4248 | 4379 | 4418 |
| &nbsp;&nbsp;&nbsp; 769085, 22.200%, 8/17/2026 †x | BlueVine | 8/22/2025 | 20000 | 20631 | 20675 |
| &nbsp;&nbsp;&nbsp; 769086, 66.040%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 75000 | 77355 | 78229 |
| &nbsp;&nbsp;&nbsp; 769090, 24.000%, 7/27/2026 †x# | BlueVine | 8/22/2025 | 37000 | 38165 | 38356 |
| &nbsp;&nbsp;&nbsp; 769096, 30.680%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 5000 | 5154 | 5188 |
| &nbsp;&nbsp;&nbsp; 769098, 56.160%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 36000 | 37112 | 37388 |
| &nbsp;&nbsp;&nbsp; 769110, 41.080%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 10000 | 10313 | 10423 |
| &nbsp;&nbsp;&nbsp; 769114, 85.800%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 7116 | 7340 | 7437 |
| &nbsp;&nbsp;&nbsp; 769118, 25.920%, 8/11/2026 †x | BlueVine | 8/25/2025 | 5000 | 5159 | 5155 |
| &nbsp;&nbsp;&nbsp; 769133, 40.040%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 500 | 516 | 522 |
| &nbsp;&nbsp;&nbsp; 769136, 23.400%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 25000 | 25782 | 26017 |
| &nbsp;&nbsp;&nbsp; 769137, 51.948%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 1000 | 1031 | 1043 |
| &nbsp;&nbsp;&nbsp; 769145, 43.056%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 6000 | 6188 | 6242 |
| &nbsp;&nbsp;&nbsp; 769153, 22.200%, 8/27/2026 †x | BlueVine | 8/25/2025 | 200000 | 206376 | 208478 |
| &nbsp;&nbsp;&nbsp; 769159, 57.720%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 8000 | 8251 | 8325 |
| &nbsp;&nbsp;&nbsp; 769196, 47.840%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 10000 | 10315 | 10356 |
| &nbsp;&nbsp;&nbsp; 769198, 35.640%, 8/21/2026 †x | BlueVine | 8/26/2025 | 100000 | 103194 | 103827 |
| &nbsp;&nbsp;&nbsp; 769200, 27.000%, 8/10/2026 †x | BlueVine | 8/26/2025 | 15149 | 15632 | 15574 |
| &nbsp;&nbsp;&nbsp; 769202, 44.200%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 5000 | 5158 | 5164 |
| &nbsp;&nbsp;&nbsp; 769203, 44.200%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 5000 | 5158 | 5164 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8958** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 769211, 58.760%, 2/20/2026 †x# | BlueVine | 8/26/2025 | $20000 | $20631 | $20705 |
| &nbsp;&nbsp;&nbsp; 769212, 24.960%, 8/28/2026 †x | BlueVine | 8/26/2025 | 2500 | 2580 | 2610 |
| &nbsp;&nbsp;&nbsp; 769213, 31.200%, 8/25/2026 †x | BlueVine | 8/26/2025 | 11500 | 11867 | 11970 |
| &nbsp;&nbsp;&nbsp; 769215, 66.560%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 7000 | 7221 | 7245 |
| &nbsp;&nbsp;&nbsp; 769216, 35.760%, 8/03/2026 †x | BlueVine | 8/26/2025 | 60000 | 61912 | 61127 |
| &nbsp;&nbsp;&nbsp; 769232, 22.680%, 8/10/2026 †x | BlueVine | 8/26/2025 | 10000 | 10319 | 10303 |
| &nbsp;&nbsp;&nbsp; 769236, 22.360%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 25000 | 25786 | 25931 |
| &nbsp;&nbsp;&nbsp; 769238, 23.400%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 1000 | 1031 | 1038 |
| &nbsp;&nbsp;&nbsp; 769244, 31.440%, 8/03/2026 †x | BlueVine | 8/26/2025 | 16000 | 16510 | 16337 |
| &nbsp;&nbsp;&nbsp; 769251, 80.080%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 2500 | 2579 | 2564 |
| &nbsp;&nbsp;&nbsp; 769253, 14.040%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 1000 | 1031 | 1038 |
| &nbsp;&nbsp;&nbsp; 769262, 29.640%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 35000 | 36101 | 36288 |
| &nbsp;&nbsp;&nbsp; 769267, 46.800%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 827 | 853 | 854 |
| &nbsp;&nbsp;&nbsp; 769272, 23.400%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 1000 | 1031 | 1038 |
| &nbsp;&nbsp;&nbsp; 769274, 30.680%, 2/23/2026 †x | BlueVine | 8/27/2025 | 10000 | 10317 | 10388 |
| &nbsp;&nbsp;&nbsp; 769276, 21.320%, 2/23/2026 †x | BlueVine | 8/27/2025 | 200000 | 206326 | 207717 |
| &nbsp;&nbsp;&nbsp; 769280, 55.640%, 2/23/2026 †x | BlueVine | 8/27/2025 | 10329 | 10657 | 10766 |
| &nbsp;&nbsp;&nbsp; 769283, 31.200%, 2/23/2026 †x | BlueVine | 8/27/2025 | 40000 | 41266 | 41549 |
| &nbsp;&nbsp;&nbsp; 769286, 41.080%, 2/23/2026 †x | BlueVine | 8/27/2025 | 40000 | 41267 | 41650 |
| &nbsp;&nbsp;&nbsp; 769311, 35.640%, 8/17/2026 †x | BlueVine | 8/27/2025 | 10000 | 10320 | 10304 |
| &nbsp;&nbsp;&nbsp; 769312, 23.400%, 2/23/2026 †x | BlueVine | 8/27/2025 | 6000 | 6190 | 6235 |
| &nbsp;&nbsp;&nbsp; 769313, 29.120%, 2/23/2026 †x | BlueVine | 8/27/2025 | 23000 | 23728 | 23903 |
| &nbsp;&nbsp;&nbsp; 769318, 33.280%, 2/23/2026 †x | BlueVine | 8/27/2025 | 15000 | 15475 | 15581 |
| &nbsp;&nbsp;&nbsp; 769319, 80.080%, 2/23/2026 †x | BlueVine | 8/27/2025 | 8000 | 8254 | 8320 |
| &nbsp;&nbsp;&nbsp; 769334, 48.880%, 2/23/2026 †x | BlueVine | 8/27/2025 | 7500 | 7738 | 7790 |
| &nbsp;&nbsp;&nbsp; 769335, 42.120%, 8/26/2026 †x | BlueVine | 8/27/2025 | 25000 | 25801 | 26021 |
| &nbsp;&nbsp;&nbsp; 769379, 27.960%, 8/10/2026 †x | BlueVine | 8/28/2025 | 30000 | 30963 | 30813 |
| &nbsp;&nbsp;&nbsp; 769383, 33.000%, 8/10/2026 †x | BlueVine | 8/29/2025 | 65000 | 67092 | 67113 |
| &nbsp;&nbsp;&nbsp; 769387, 83.200%, 2/24/2026 †x | BlueVine | 8/28/2025 | 22000 | 22702 | 22844 |
| &nbsp;&nbsp;&nbsp; 769389, 24.120%, 8/11/2026 †x | BlueVine | 8/28/2025 | 62000 | 63991 | 63826 |
| &nbsp;&nbsp;&nbsp; 769398, 21.320%, 2/24/2026 †x | BlueVine | 8/28/2025 | 33418 | 34481 | 34719 |
| &nbsp;&nbsp;&nbsp; 769402, 32.520%, 8/13/2026 †x | BlueVine | 8/28/2025 | 25000 | 25803 | 25738 |
| &nbsp;&nbsp;&nbsp; 769404, 31.200%, 8/25/2026 †x | BlueVine | 8/28/2025 | 18000 | 18578 | 18699 |
| &nbsp;&nbsp;&nbsp; 769412, 30.000%, 8/24/2026 †x | BlueVine | 8/28/2025 | 135000 | 139337 | 139928 |
| &nbsp;&nbsp;&nbsp; 769427, 46.800%, 2/24/2026 †x | BlueVine | 8/28/2025 | 30400 | 31368 | 31580 |
| &nbsp;&nbsp;&nbsp; 769433, 23.400%, 2/24/2026 †x | BlueVine | 8/28/2025 | 500 | 516 | 520 |
| &nbsp;&nbsp;&nbsp; 769440, 29.120%, 2/24/2026 †x | BlueVine | 8/28/2025 | 5000 | 5159 | 5195 |
| &nbsp;&nbsp;&nbsp; 769479, 34.840%, 2/25/2026 †x | BlueVine | 8/29/2025 | 40000 | 41280 | 41300 |
| &nbsp;&nbsp;&nbsp; 769482, 29.280%, 8/05/2026 †x | BlueVine | 8/29/2025 | 75000 | 77414 | 77438 |
| &nbsp;&nbsp;&nbsp; 769484, 24.440%, 2/25/2026 †x | BlueVine | 8/29/2025 | 40000 | 41279 | 41300 |
| &nbsp;&nbsp;&nbsp; 769489, 84.760%, 2/25/2026 †x | BlueVine | 8/29/2025 | 10000 | 10321 | 10325 |
| &nbsp;&nbsp;&nbsp; 769494, 30.000%, 8/10/2026 †x | BlueVine | 8/29/2025 | 50000 | 51610 | 51625 |
| &nbsp;&nbsp;&nbsp; 769500, 58.760%, 2/25/2026 †x | BlueVine | 8/29/2025 | 1000 | 1032 | 1033 |
| &nbsp;&nbsp;&nbsp; 769505, 22.920%, 8/28/2026 †x | BlueVine | 8/29/2025 | 15000 | 15483 | 15488 |
| &nbsp;&nbsp;&nbsp; 769507, 34.840%, 2/25/2026 †x | BlueVine | 8/29/2025 | 3500 | 3612 | 3614 |
| &nbsp;&nbsp;&nbsp; 769512, 27.612%, 2/25/2026 †x | BlueVine | 8/29/2025 | 23155 | 23896 | 23908 |
| &nbsp;&nbsp;&nbsp; 769523, 67.600%, 2/25/2026 †x | BlueVine | 8/29/2025 | 30000 | 30961 | 30975 |
| &nbsp;&nbsp;&nbsp; 769525, 23.400%, 2/25/2026 †x | BlueVine | 8/29/2025 | 20000 | 20640 | 20650 |
| &nbsp;&nbsp;&nbsp; 769527, 62.400%, 2/25/2026 †x | BlueVine | 8/29/2025 | 15000 | 15481 | 15488 |
| &nbsp;&nbsp;&nbsp; 769539, 28.600%, 2/25/2026 †x | BlueVine | 8/29/2025 | 20000 | 20640 | 20650 |
| &nbsp;&nbsp;&nbsp; 7EHWLTXM, 14.000%, 4/02/2026 †§#‡∑ | Unchained | 4/08/2025 | 390000 | 390000 | 392212 |
| &nbsp;&nbsp;&nbsp; 7H8NCXY9, 14.000%, 11/21/2025 †§#‡∑ | Unchained | 3/07/2025 | 381076 | 381076 | 381965 |
| &nbsp;&nbsp;&nbsp; 7NM2QH1H, 14.000%, 3/08/2026 †‡∑ | Unchained | 3/14/2025 | 6300000 | 6300000 | 6332007 |
| &nbsp;&nbsp;&nbsp; 7X5FNE6N, 14.000%, 1/01/2026 †§#‡∑ | Unchained | 1/17/2025 | 1477667 | 1477667 | 1482627 |
| &nbsp;&nbsp;&nbsp; 811U389N, 13.000%, 7/09/2026 †§#‡∑ | Unchained | 7/16/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; 82TTWXLW, 14.000%, 3/05/2026 †§‡∑ | Unchained | 3/11/2025 | 5100000 | 5100000 | 5125495 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8959** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 8BXDTDKF, 14.000%, 12/14/2025 †§#‡∑ | Unchained | 12/31/2024 | $897000 | $897000 | $899629 |
| &nbsp;&nbsp;&nbsp; 8C5NM6Y9, 14.000%, 11/17/2025 †§#‡∑ | Unchained | 3/07/2025 | 434484 | 434484 | 435450 |
| &nbsp;&nbsp;&nbsp; 8DFXX1DF, 14.000%, 1/24/2026 †§#‡∑ | Unchained | 2/07/2025 | 2000000 | 2000000 | 2007821 |
| &nbsp;&nbsp;&nbsp; 8K4EH3L2, 14.000%, 4/11/2026 †§#‡∑ | Unchained | 4/21/2025 | 265000 | 265000 | 266568 |
| &nbsp;&nbsp;&nbsp; 8LJT8J1T, 13.000%, 7/12/2026 †§#‡∑ | Unchained | 7/21/2025 | 239566 | 239566 | 239566 |
| &nbsp;&nbsp;&nbsp; 8N4R4TNX, 14.000%, 1/10/2026 †§#‡∑ | Unchained | 1/15/2025 | 4000000 | 4000000 | 4014405 |
| &nbsp;&nbsp;&nbsp; 8PQC531C, 13.000%, 5/31/2026 †§#‡∑ | Unchained | 6/06/2025 | 1300000 | 1300000 | 1300000 |
| &nbsp;&nbsp;&nbsp; 8TFMQRC7, 14.000%, 3/15/2026 †§‡∑ | Unchained | 3/25/2025 | 250000 | 250000 | 251318 |
| &nbsp;&nbsp;&nbsp; 8TR912DK, 13.000%, 6/18/2026 †§#‡∑ | Unchained | 6/24/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; 92K7KFJ5, 14.000%, 2/20/2026 †§#‡∑ | Unchained | 3/14/2025 | 158559 | 158559 | 159295 |
| &nbsp;&nbsp;&nbsp; 969BLXX5, 14.000%, 12/18/2025 †§#‡∑ | Unchained | 12/31/2024 | 400000 | 400000 | 401216 |
| &nbsp;&nbsp;&nbsp; 96BA4CC9, 13.000%, 6/18/2026 †§#‡∑ | Unchained | 6/24/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; 96BHL9NT, 14.000%, 1/16/2026 †#‡∑ | Unchained | 1/31/2025 | 5168061 | 5168061 | 5187514 |
| &nbsp;&nbsp;&nbsp; 971RP2DB, 14.000%, 3/29/2026 †§#‡∑ | Unchained | 4/07/2025 | 150000 | 150000 | 150834 |
| &nbsp;&nbsp;&nbsp; 991LLWRW, 13.000%, 7/16/2026 †§#‡∑ | Unchained | 7/23/2025 | 179787 | 179787 | 179787 |
| &nbsp;&nbsp;&nbsp; 9AL7RACJ, 13.000%, 6/27/2026 †§#‡∑ | Unchained | 7/03/2025 | 350000 | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp; 9HDPCCHY, 13.000%, 7/09/2026 †§#‡∑ | Unchained | 7/16/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; 9L41WB48, 13.000%, 6/04/2026 †§#‡∑ | Unchained | 6/11/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; 9TUD7A5X, 14.000%, 3/28/2026 †§#‡∑ | Unchained | 4/03/2025 | 245999 | 245999 | 247361 |
| &nbsp;&nbsp;&nbsp; 9W5PEWYD, 13.000%, 5/14/2026 †§#‡∑ | Unchained | 5/20/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; 9X8RRWQ5, 13.000%, 8/09/2026 †§‡∑ | Unchained | 8/18/2025 | 154646 | 154646 | 154646 |
| &nbsp;&nbsp;&nbsp; 9Y7BJRQR, 13.000%, 5/09/2026 †§#‡∑ | Unchained | 5/15/2025 | 850000 | 850000 | 850000 |
| &nbsp;&nbsp;&nbsp; A3N3LQHA, 14.000%, 4/09/2026 †#‡∑ | Unchained | 4/14/2025 | 40000000 | 40000000 | 40234490 |
| &nbsp;&nbsp;&nbsp; A3XYA8AM, 13.000%, 5/24/2026 †§#‡∑ | Unchained | 5/30/2025 | 464000 | 464000 | 464000 |
| &nbsp;&nbsp;&nbsp; AUP88ECL, 14.000%, 10/19/2025 †§#‡∑ | Unchained | 12/31/2024 | 717000 | 717000 | 718063 |
| &nbsp;&nbsp;&nbsp; BD24CNH8, 14.000%, 10/26/2025 †§#‡∑ | Unchained | 12/31/2024 | 177936 | 177936 | 178226 |
| &nbsp;&nbsp;&nbsp; BDWJ2MW3, 14.000%, 3/05/2026 †§‡∑ | Unchained | 3/11/2025 | 3000000 | 3000000 | 3014997 |
| &nbsp;&nbsp;&nbsp; BENMWR96, 13.000%, 6/22/2026 †§#‡∑ | Unchained | 6/30/2025 | 1500000 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp; BLR5RXY8, 13.000%, 5/16/2026 †§#‡∑ | Unchained | 5/23/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; BR1WQ9WC, 14.000%, 2/26/2026 †§#‡∑ | Unchained | 3/07/2025 | 258247 | 258247 | 259489 |
| &nbsp;&nbsp;&nbsp; BW3EL28E, 13.000%, 5/24/2026 †§#‡∑ | Unchained | 5/30/2025 | 400000 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp; CBXP114C, 13.000%, 7/10/2026 †#‡∑ | Unchained | 7/15/2025 | 30000000 | 30000000 | 30000000 |
| &nbsp;&nbsp;&nbsp; CH23R21Y, 13.000%, 8/16/2026 †§‡∑ | Unchained | 8/22/2025 | 4250000 | 4250000 | 4250000 |
| &nbsp;&nbsp;&nbsp; CKLHNEY6, 14.000%, 12/21/2025 †§#‡∑ | Unchained | 1/03/2025 | 250000 | 250000 | 250780 |
| &nbsp;&nbsp;&nbsp; CQNBFU6X, 13.000%, 8/13/2026 †§‡∑ | Unchained | 8/20/2025 | 650000 | 650000 | 650000 |
| &nbsp;&nbsp;&nbsp; D3FW7NH9, 14.000%, 4/12/2026 †§#‡∑ | Unchained | 4/21/2025 | 300000 | 300000 | 301783 |
| &nbsp;&nbsp;&nbsp; DF179YBF, 13.000%, 6/07/2026 †§#‡∑ | Unchained | 6/13/2025 | 360717 | 360717 | 360717 |
| &nbsp;&nbsp;&nbsp; DL3YD6PH, 13.000%, 7/10/2026 †§#‡∑ | Unchained | 7/17/2025 | 999999 | 999999 | 999999 |
| &nbsp;&nbsp;&nbsp; DLPLMY1U, 13.000%, 5/24/2026 †§#‡∑ | Unchained | 5/30/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; DX32AN2T, 13.000%, 7/25/2026 †§#‡∑ | Unchained | 7/31/2025 | 1100000 | 1100000 | 1100000 |
| &nbsp;&nbsp;&nbsp; DXWF6C1N, 13.000%, 5/28/2026 †§#‡∑ | Unchained | 6/03/2025 | 240000 | 240000 | 240000 |
| &nbsp;&nbsp;&nbsp; DY6FM1LX, 13.000%, 7/11/2026 †§#‡∑ | Unchained | 7/17/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; E2Y27F7K, 14.000%, 1/25/2026 †§#‡∑ | Unchained | 2/07/2025 | 150000 | 150000 | 150591 |
| &nbsp;&nbsp;&nbsp; E7D15972, 14.000%, 12/21/2025 †§#‡∑ | Unchained | 1/03/2025 | 717831 | 717831 | 720071 |
| &nbsp;&nbsp;&nbsp; EBQFLEQB, 13.000%, 8/08/2026 †§‡∑ | Unchained | 8/18/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; ED9D2KYQ, 13.000%, 5/14/2026 †§#‡∑ | Unchained | 5/20/2025 | 340000 | 340000 | 340000 |
| &nbsp;&nbsp;&nbsp; EQCYA87Y, 13.000%, 5/16/2026 †§#‡∑ | Unchained | 5/22/2025 | 3743040 | 3743040 | 3743040 |
| &nbsp;&nbsp;&nbsp; F16MXB6U, 13.000%, 8/01/2026 †§‡∑ | Unchained | 8/07/2025 | 400000 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp; F5XBEYCB, 13.000%, 5/07/2026 †§#‡∑ | Unchained | 5/14/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp; FE7NP7HE, 13.000%, 5/08/2026 †§#‡∑ | Unchained | 5/16/2025 | 517123 | 517123 | 517123 |
| &nbsp;&nbsp;&nbsp; FH2LJ923, 14.000%, 1/02/2026 †§#‡∑ | Unchained | 3/14/2025 | 150000 | 150000 | 150508 |
| &nbsp;&nbsp;&nbsp; FH8LDR48, 13.000%, 6/26/2026 †§#‡∑ | Unchained | 7/02/2025 | 450000 | 450000 | 450000 |
| &nbsp;&nbsp;&nbsp; FQL3T8D5, 13.000%, 5/17/2026 †§#‡∑ | Unchained | 5/23/2025 | 700000 | 700000 | 700000 |
| &nbsp;&nbsp;&nbsp; H6XM3JFP, 13.000%, 7/25/2026 †§#‡∑ | Unchained | 8/04/2025 | 176577 | 176577 | 176577 |
| &nbsp;&nbsp;&nbsp; H9XBW3H2, 14.000%, 11/30/2025 †§#‡∑ | Unchained | 12/31/2024 | 1344176 | 1344176 | 1347605 |
| &nbsp;&nbsp;&nbsp; HA5713B5, 14.000%, 4/03/2026 †§#‡∑ | Unchained | 4/10/2025 | 450000 | 450000 | 452565 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8960** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; HAEFJTTH, 13.000%, 6/27/2026 †§#‡∑ | Unchained | 7/07/2025 | $150000 | $150000 | $150000 |
| &nbsp;&nbsp;&nbsp; HRETWFQ4, 14.000%, 2/07/2026 †§#‡∑ | Unchained | 2/14/2025 | 155621 | 155621 | 156289 |
| &nbsp;&nbsp;&nbsp; HRF23XNP, 14.000%, 12/14/2025 †§#‡∑ | Unchained | 1/03/2025 | 400000 | 400000 | 401172 |
| &nbsp;&nbsp;&nbsp; HW8PX4N4, 14.000%, 2/06/2026 †§#‡∑ | Unchained | 2/14/2025 | 191486 | 191486 | 192302 |
| &nbsp;&nbsp;&nbsp; J1UD41CP, 14.000%, 2/22/2026 †§#‡∑ | Unchained | 3/07/2025 | 150000 | 150000 | 150705 |
| &nbsp;&nbsp;&nbsp; J67YNXQR, 13.000%, 6/07/2026 †§#‡∑ | Unchained | 6/13/2025 | 179917 | 179917 | 179917 |
| &nbsp;&nbsp;&nbsp; J6PW33AL, 14.000%, 3/08/2026 †§‡∑ | Unchained | 3/14/2025 | 150000 | 150000 | 150762 |
| &nbsp;&nbsp;&nbsp; J7D489FH, 14.000%, 2/06/2026 †§#‡∑ | Unchained | 2/14/2025 | 350000 | 350000 | 351492 |
| &nbsp;&nbsp;&nbsp; J87E7781, 14.000%, 3/20/2026 †§‡∑ | Unchained | 3/26/2025 | 2000000 | 2000000 | 2010813 |
| &nbsp;&nbsp;&nbsp; J8YW5H8D, 14.000%, 12/14/2025 †§#‡∑ | Unchained | 1/03/2025 | 340000 | 340000 | 340996 |
| &nbsp;&nbsp;&nbsp; JLXPN5W5, 13.000%, 6/13/2026 †§#‡∑ | Unchained | 6/20/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; JX67PPER, 13.000%, 6/15/2026 †§#‡∑ | Unchained | 6/23/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; KC78FEFC, 14.000%, 2/26/2026 †§#‡∑ | Unchained | 3/07/2025 | 150000 | 150000 | 150721 |
| &nbsp;&nbsp;&nbsp; KCYEPTCF, 14.000%, 2/22/2026 †§‡∑ | Unchained | 3/07/2025 | 125000 | 125000 | 125587 |
| &nbsp;&nbsp;&nbsp; KDHJB3BJ, 13.000%, 7/11/2026 †§#‡∑ | Unchained | 7/17/2025 | 1564492 | 1564492 | 1564492 |
| &nbsp;&nbsp;&nbsp; KF3T3YQ7, 13.000%, 6/05/2026 †§#‡∑ | Unchained | 6/12/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; L4JDXN1P, 14.000%, 4/12/2026 †§#‡∑ | Unchained | 4/21/2025 | 155000 | 155000 | 155921 |
| &nbsp;&nbsp;&nbsp; L832K231, 14.000%, 2/22/2026 †§#‡∑ | Unchained | 3/07/2025 | 1350000 | 1350000 | 1356342 |
| &nbsp;&nbsp;&nbsp; LH68X8KY, 13.000%, 6/12/2026 †§#‡∑ | Unchained | 6/18/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; LHBY8KY5, 13.000%, 5/08/2026 †§#‡∑ | Unchained | 5/15/2025 | 154001 | 154001 | 154001 |
| &nbsp;&nbsp;&nbsp; LJ7N1TF6, 14.000%, 4/19/2026 †§#‡∑ | Unchained | 4/28/2025 | 400000 | 400000 | 402454 |
| &nbsp;&nbsp;&nbsp; LPUU6EX5, 14.000%, 3/28/2026 †§#‡∑ | Unchained | 4/04/2025 | 150000 | 150000 | 150830 |
| &nbsp;&nbsp;&nbsp; M4ARC18Q, 14.000%, 12/14/2025 †§#‡∑ | Unchained | 12/31/2024 | 645356 | 645356 | 647247 |
| &nbsp;&nbsp;&nbsp; MDAU3XHQ, 13.000%, 7/26/2026 †§#‡∑ | Unchained | 8/01/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp; MJKALRQY, 14.000%, 1/02/2026 †§#‡∑ | Unchained | 1/31/2025 | 350000 | 350000 | 351184 |
| &nbsp;&nbsp;&nbsp; MNHFPUJJ, 14.000%, 12/18/2025 †§#‡∑ | Unchained | 1/03/2025 | 391304 | 391304 | 392493 |
| &nbsp;&nbsp;&nbsp; MNTE2HMJ, 13.000%, 6/26/2026 †§#‡∑ | Unchained | 7/03/2025 | 175000 | 175000 | 175000 |
| &nbsp;&nbsp;&nbsp; N5L594RC, 14.000%, 12/18/2025 †§#‡∑ | Unchained | 12/31/2024 | 592922 | 592922 | 594724 |
| &nbsp;&nbsp;&nbsp; N5UXBHN6, 13.000%, 6/21/2026 †§#‡∑ | Unchained | 6/27/2025 | 225000 | 225000 | 225000 |
| &nbsp;&nbsp;&nbsp; NA2NFQN1, 13.000%, 5/15/2026 †§#‡∑ | Unchained | 5/21/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; NHH5W5RR, 13.000%, 7/02/2026 †§#‡∑ | Unchained | 7/08/2025 | 355000 | 355000 | 355000 |
| &nbsp;&nbsp;&nbsp; NHYUW2WY, 14.000%, 3/07/2026 †§‡∑ | Unchained | 3/13/2025 | 4000000 | 4000000 | 4020213 |
| &nbsp;&nbsp;&nbsp; NK2DTJ9Y, 14.000%, 1/04/2026 †§#‡∑ | Unchained | 1/31/2025 | 400000 | 400000 | 401375 |
| &nbsp;&nbsp;&nbsp; NMCWCFLT, 13.000%, 7/24/2026 †§#‡∑ | Unchained | 7/31/2025 | 260116 | 260116 | 260116 |
| &nbsp;&nbsp;&nbsp; P49CR5FB, 13.000%, 5/03/2026 †§#‡∑ | Unchained | 5/12/2025 | 1000000 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp; P4U8TU3R, 14.000%, 3/22/2026 †§‡∑ | Unchained | 4/01/2025 | 180000 | 180000 | 180983 |
| &nbsp;&nbsp;&nbsp; P7X5TTC9, 14.000%, 1/09/2026 †#‡∑ | Unchained | 1/15/2025 | 7000000 | 7000000 | 7025019 |
| &nbsp;&nbsp;&nbsp; PK8L44D3, 13.000%, 6/18/2026 †§#‡∑ | Unchained | 6/24/2025 | 385000 | 385000 | 385000 |
| &nbsp;&nbsp;&nbsp; PKEMQ23N, 13.000%, 5/08/2026 †§#‡∑ | Unchained | 5/14/2025 | 185554 | 185554 | 185554 |
| &nbsp;&nbsp;&nbsp; PLC8TQL2, 14.000%, 3/19/2026 †§‡∑ | Unchained | 3/25/2025 | 150000 | 150000 | 150807 |
| &nbsp;&nbsp;&nbsp; PMM62YCT, 13.000%, 5/04/2026 †§#‡∑ | Unchained | 5/13/2025 | 377766 | 377766 | 377766 |
| &nbsp;&nbsp;&nbsp; PQA85XXQ, 13.000%, 7/11/2026 †§#‡∑ | Unchained | 7/17/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; PQP147CT, 14.000%, 1/11/2026 †§#‡∑ | Unchained | 1/31/2025 | 150000 | 150000 | 150544 |
| &nbsp;&nbsp;&nbsp; PXUBQTX5, 14.000%, 1/10/2026 †§#‡∑ | Unchained | 1/31/2025 | 187700 | 187700 | 188376 |
| &nbsp;&nbsp;&nbsp; Q221DYB5, 13.000%, 6/05/2026 †§#‡∑ | Unchained | 6/12/2025 | 177938 | 177938 | 177938 |
| &nbsp;&nbsp;&nbsp; QCX3DYFY, 13.000%, 7/10/2026 †§#‡∑ | Unchained | 7/17/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; QD5M2XUT, 14.000%, 1/08/2026 †§#‡∑ | Unchained | 1/17/2025 | 550000 | 550000 | 551951 |
| &nbsp;&nbsp;&nbsp; QE95TJTD, 14.000%, 1/30/2026 †§#‡∑ | Unchained | 2/07/2025 | 500000 | 500000 | 502037 |
| &nbsp;&nbsp;&nbsp; QHEHHJJQ, 14.000%, 3/28/2026 †§#‡∑ | Unchained | 4/04/2025 | 150000 | 150000 | 150830 |
| &nbsp;&nbsp;&nbsp; QJ5R2H3P, 14.000%, 9/26/2025 †§‡∑ | Unchained | 10/04/2024 | 1315975 | 1315975 | 1317107 |
| &nbsp;&nbsp;&nbsp; QMH22C56, 14.000%, 1/09/2026 †§#‡∑ | Unchained | 1/24/2025 | 1000000 | 1000000 | 1003574 |
| &nbsp;&nbsp;&nbsp; QU6D85TP, 14.000%, 4/02/2026 †§#‡∑ | Unchained | 4/08/2025 | 1562995 | 1562995 | 1571861 |
| &nbsp;&nbsp;&nbsp; QY7WPTY5, 14.000%, 4/02/2026 †§#‡∑ | Unchained | 4/09/2025 | 200000 | 200000 | 201134 |
| &nbsp;&nbsp;&nbsp; R5RX7EN6, 13.000%, 6/05/2026 †§#‡∑ | Unchained | 6/11/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; R67PB6FM, 13.000%, 8/06/2026 †§‡∑ | Unchained | 8/12/2025 | 234790 | 234790 | 234790 |
| &nbsp;&nbsp;&nbsp; R7PUU6WJ, 14.000%, 10/10/2025 †§#‡∑ | Unchained | 1/03/2025 | 150000 | 150000 | 150186 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8961** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| &nbsp;&nbsp;&nbsp; **United States - 17.17% (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; RCHRKBBL, 13.000%, 5/16/2026 †§#‡∑ | Unchained | 5/23/2025 | $1500000 | $1500000 | $1500000 |
| &nbsp;&nbsp;&nbsp; RHYQMR8F, 14.000%, 1/02/2026 †§#‡∑ | Unchained | 1/17/2025 | 983470 | 983470 | 986798 |
| &nbsp;&nbsp;&nbsp; RL7MUMNM, 14.000%, 11/21/2025 †§#‡∑ | Unchained | 3/07/2025 | 380592 | 380592 | 381480 |
| &nbsp;&nbsp;&nbsp; RNM72Q11, 14.000%, 4/11/2026 †§#‡∑ | Unchained | 4/21/2025 | 190000 | 190000 | 191124 |
| &nbsp;&nbsp;&nbsp; RQWDD89T, 13.000%, 5/08/2026 †§#‡∑ | Unchained | 5/15/2025 | 154059 | 154059 | 154059 |
| &nbsp;&nbsp;&nbsp; RX1ENUFQ, 14.000%, 3/26/2026 †§‡∑ | Unchained | 4/01/2025 | 75000 | 75000 | 75411 |
| &nbsp;&nbsp;&nbsp; RX6H1LYT, 14.000%, 2/01/2026 †§#‡∑ | Unchained | 2/14/2025 | 245000 | 245000 | 246011 |
| &nbsp;&nbsp;&nbsp; T2CKUY9K, 13.000%, 5/14/2026 †§#‡∑ | Unchained | 5/20/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; T9EE7852, 13.000%, 5/02/2026 †§#‡∑ | Unchained | 5/08/2025 | 1611396 | 1611396 | 1611396 |
| &nbsp;&nbsp;&nbsp; TJP7E9LD, 14.000%, 10/30/2025 †§#‡∑ | Unchained | 11/08/2024 | 2000000 | 2000000 | 2003474 |
| &nbsp;&nbsp;&nbsp; TKEU5PPC, 13.000%, 6/07/2026 †§#‡∑ | Unchained | 6/13/2025 | 450000 | 450000 | 450000 |
| &nbsp;&nbsp;&nbsp; TUH7YLKP, 14.000%, 2/26/2026 †§#‡∑ | Unchained | 3/07/2025 | 476000 | 476000 | 478289 |
| &nbsp;&nbsp;&nbsp; TXW71AJF, 14.000%, 4/18/2026 †§#‡∑ | Unchained | 4/24/2025 | 150000 | 150000 | 150916 |
| &nbsp;&nbsp;&nbsp; U2PL5QWF, 14.000%, 12/04/2025 †#‡∑ | Unchained | 12/10/2024 | 10000000 | 10000000 | 10026595 |
| &nbsp;&nbsp;&nbsp; U3Q7L2EH, 14.000%, 12/07/2025 †§#‡∑ | Unchained | 12/31/2024 | 1100000 | 1100000 | 1103015 |
| &nbsp;&nbsp;&nbsp; U4AMTR91, 14.000%, 10/26/2025 †§#‡∑ | Unchained | 12/31/2024 | 258142 | 258142 | 258563 |
| &nbsp;&nbsp;&nbsp; U4H33TD4, 14.000%, 1/08/2026 †§#‡∑ | Unchained | 1/31/2025 | 650000 | 650000 | 652306 |
| &nbsp;&nbsp;&nbsp; UAWMMXU8, 14.000%, 11/20/2025 †§#‡∑ | Unchained | 11/29/2024 | 1278197 | 1278197 | 1281144 |
| &nbsp;&nbsp;&nbsp; UDBU9HNB, 13.000%, 5/24/2026 †§#‡∑ | Unchained | 5/30/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; UDJJ1YBA, 13.000%, 7/16/2026 †§#‡∑ | Unchained | 7/22/2025 | 175000 | 175000 | 175000 |
| &nbsp;&nbsp;&nbsp; ULFF35TC, 14.000%, 3/21/2026 †§‡∑ | Unchained | 3/28/2025 | 2300000 | 2300000 | 2312497 |
| &nbsp;&nbsp;&nbsp; UQJ94ANE, 14.000%, 11/27/2025 †§‡∑ | Unchained | 3/14/2025 | 200000 | 200000 | 200494 |
| &nbsp;&nbsp;&nbsp; URPXC11Y, 14.000%, 4/19/2026 †§#‡∑ | Unchained | 4/28/2025 | 175000 | 175000 | 176073 |
| &nbsp;&nbsp;&nbsp; UUY8QDWW, 13.000%, 5/28/2026 †§#‡∑ | Unchained | 6/03/2025 | 522346 | 522346 | 522346 |
| &nbsp;&nbsp;&nbsp; W33KJC5F, 14.000%, 4/09/2026 †§#‡∑ | Unchained | 4/15/2025 | 850000 | 850000 | 854983 |
| &nbsp;&nbsp;&nbsp; W37AB26H, 13.000%, 7/18/2026 †§#‡∑ | Unchained | 7/25/2025 | 423500 | 423500 | 423500 |
| &nbsp;&nbsp;&nbsp; W87F9F73, 14.000%, 1/18/2026 †§#‡∑ | Unchained | 1/31/2025 | 217886 | 217886 | 218718 |
| &nbsp;&nbsp;&nbsp; W8LNU23U, 14.000%, 1/22/2026 †§#‡∑ | Unchained | 1/31/2025 | 150000 | 150000 | 150589 |
| &nbsp;&nbsp;&nbsp; WA3MC23D, 14.000%, 3/19/2026 †§‡∑ | Unchained | 3/25/2025 | 600000 | 600000 | 603228 |
| &nbsp;&nbsp;&nbsp; WB1NCP3J, 13.000%, 5/14/2026 †§#‡∑ | Unchained | 5/20/2025 | 193098 | 193098 | 193098 |
| &nbsp;&nbsp;&nbsp; WUMQRQ22, 14.000%, 3/05/2026 †§‡∑ | Unchained | 3/11/2025 | 325000 | 325000 | 326625 |
| &nbsp;&nbsp;&nbsp; WYEF1MTT, 13.000%, 7/05/2026 †§#‡∑ | Unchained | 7/14/2025 | 722231 | 722231 | 722231 |
| &nbsp;&nbsp;&nbsp; WYQACY5Q, 13.000%, 6/01/2026 †§#‡∑ | Unchained | 6/09/2025 | 500000 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp; X1QK5D6R, 13.000%, 7/05/2026 †§#‡∑ | Unchained | 7/14/2025 | 738269 | 738269 | 738269 |
| &nbsp;&nbsp;&nbsp; X623HWL8, 14.000%, 12/08/2025 †#‡∑ | Unchained | 12/13/2024 | 10329885 | 10329885 | 10358478 |
| &nbsp;&nbsp;&nbsp; XCEFMK7A, 13.000%, 6/18/2026 †§#‡∑ | Unchained | 6/25/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; XCY52B68, 13.000%, 8/09/2026 †§‡∑ | Unchained | 8/15/2025 | 1262678 | 1262678 | 1262678 |
| &nbsp;&nbsp;&nbsp; XHN1DMR6, 14.000%, 2/28/2026 †§‡∑ | Unchained | 3/07/2025 | 235500 | 235500 | 236645 |
| &nbsp;&nbsp;&nbsp; XPPPR99U, 13.000%, 7/26/2026 †§#‡∑ | Unchained | 8/01/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp; XWR4YEDH, 14.000%, 10/16/2025 †§#‡∑ | Unchained | 12/31/2024 | 814263 | 814263 | 815404 |
| &nbsp;&nbsp;&nbsp; Y6XJFK8Y, 14.000%, 2/22/2026 †#‡∑ | Unchained | 3/07/2025 | 5160749 | 5160749 | 5184994 |
| &nbsp;&nbsp;&nbsp; YDBTMC94, 14.000%, 2/28/2026 †§#‡∑ | Unchained | 3/07/2025 | 150000 | 150000 | 150729 |
| &nbsp;&nbsp;&nbsp; YFTKKYFN, 13.000%, 7/23/2026 †§#‡∑ | Unchained | 7/29/2025 | 1257946 | 1257946 | 1257946 |
| &nbsp;&nbsp;&nbsp; YU53JRYC, 13.000%, 6/25/2026 †§#‡∑ | Unchained | 7/01/2025 | 500000 | 500000 | 500000 |
| **Total Small Business Loans** |  |  |  | **293437186** | **282016944** |
| **Total Loan Participations** |  |  |  | **493147765** | **397740817** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8962** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ORIGINAL<br>ACQUISITION DATE** | **SHARES** | **COST** | **FAIR<br>VALUE** |
| **Other - 9.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 9.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MDOF Investments II, LLC ‡//• | 1/18/2018 | 36561515 | $16027809 | $21187983 |
| &nbsp;&nbsp;&nbsp; PFMP K1508, LLC ‡//•# | 11/16/2018 | 10059203 | 12459203 | 18337444 |
| &nbsp;&nbsp;&nbsp; PFMP K1512, LLC ‡//•# | 7/25/2019 | 9406640 | 11806640 | 18266114 |
| &nbsp;&nbsp;&nbsp; PFMP KF61, LLC ‡//• | 5/16/2019 | 10000000 | 4408268 | 4712860 |
| &nbsp;&nbsp;&nbsp; Unison Midgard Fund LP ‡//ƒ# | 4/11/2019 | 382219 | 40595066 | 96290630 |
| **Total Other** |  |  | **85296986** | **158795031** |
| **Total Other Loan Investments** |  |  | **578444751** | **556535848** |
| **Asset-Backed Securities - 10.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 10.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ACHV ABS TRUST 2024-2PL CERT 10/27/2031 x//÷ | 8/28/2024 | 5083 | $476 | $1365426 |
| &nbsp;&nbsp;&nbsp; ACHV ABS TRUST 2025-1PL CERT 4/26/2032 x//÷ | 3/12/2025 | 19350 | 2466953 | 4451883 |
| &nbsp;&nbsp;&nbsp; AFFIRM ASSET SEC TR 2024-X1 CERT 5/15/2029 x//÷ | 5/02/2024 | 9072 |  | 105694 |
| &nbsp;&nbsp;&nbsp; AFFIRM ASSET SEC TR 2025-X1 CERT 4/15/2030 x//÷ | 5/02/2025 | 60000 | 1933597 | 3908926 |
| &nbsp;&nbsp;&nbsp; BEAST 2024-B CERT 12/15/2034 x//÷ | 12/06/2024 | 11935 | 1084885 | 3248860 |
| &nbsp;&nbsp;&nbsp; BEAST 2025-A CERT 1/15/2035 x//÷ | 1/16/2025 | 1830 | 226506 | 262423 |
| &nbsp;&nbsp;&nbsp; BEAST 2025-B CERT 2/15/2025 x//÷ | 2/18/2025 | 1766 | 221685 | 354154 |
| &nbsp;&nbsp;&nbsp; BEAST 2025-C CERT 3/15/2035 x//÷ | 3/14/2025 | 2002 | 150278 | 242393 |
| &nbsp;&nbsp;&nbsp; BEAST 2025-D CERT 4/15/2035 x//÷ | 4/16/2025 | 33106 | 4860577 | 7136363 |
| &nbsp;&nbsp;&nbsp; BEAST 2025-E CERT 6/15/2035 x//÷ | 6/12/2025 | 36046 | 8456171 | 10478295 |
| &nbsp;&nbsp;&nbsp; BEAST 2025-F CERT 8/15/2035 x//÷ | 8/14/2025 | 40475 | 9198709 | 9488827 |
| &nbsp;&nbsp;&nbsp; CBSLT 2016-B CERT 10/25/2040 x//&# | 10/20/2016 | 100000 | 3119815 | 2422129 |
| &nbsp;&nbsp;&nbsp; CBSLT 2017-AGS R CERT 5/25/2041 x//&# | 6/07/2017 | 100000 | 3619396 | 2150430 |
| &nbsp;&nbsp;&nbsp; CBSLT 2017-BGS R CERT 9/25/2042 x//&# | 10/25/2017 | 100000 | 4673529 | 2214505 |
| &nbsp;&nbsp;&nbsp; CBSLT 2018-AGS R CERT 2/25/2044 x//&# | 3/14/2018 | 100000 | 5050701 | 2330742 |
| &nbsp;&nbsp;&nbsp; CBSLT 2018-BGS R CERT 9/25/2045 x//&# | 8/01/2018 | 100000 | 5146977 | 2314747 |
| &nbsp;&nbsp;&nbsp; CBSLT 2018-CGS R CERT 2/25/2046 x//&# | 12/12/2018 | 100000 | 7496508 | 3753573 |
| &nbsp;&nbsp;&nbsp; CBSLT 2019-AGS R CERT 1/25/2047 x//& | 10/29/2019 | 100000 | 4843379 | 2626975 |
| &nbsp;&nbsp;&nbsp; CBSLT 2020-AGS R CERT 08/25/2050 x//& | 6/08/2020 | 100000 | 4517868 | 3849125 |
| &nbsp;&nbsp;&nbsp; FREED 2020-FP 1 CERT Mtge 03/18/2027 x//÷# | 1/30/2020 | 30301 | 14445 | 6711 |
| &nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust 2025-P9 8/15/2040 x//÷ | 6/23/2025 | 547500 | 14507896 | 14872489 |
| &nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust Series 2025-P10 9/17/2040 x//÷ | 7/21/2025 | 697200 | 15042755 | 15246250 |
| &nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust Series 2025-P12 10/15/2040 x//÷ | 8/22/2025 | 687300 | 12569473 | 12585552 |
| &nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust Series 2025-P8 7/16/2040 x//÷ | 5/27/2025 | 323400 | 10065337 | 11176948 |
| &nbsp;&nbsp;&nbsp; PROSPER MARKETPLACE ISS 2023-1 D 7/16/2029 x//÷ | 9/22/2023 | 700000 | 699896 | 713536 |
| &nbsp;&nbsp;&nbsp; UPGRADE 2025-2 Mtge 2025-ST2 6/15/2032 x//÷ | 4/24/2025 | 9807000 | 7463625 | 8217013 |
| &nbsp;&nbsp;&nbsp; UPGRADE 2025-4 Mtge 2025-ST4 8/16/2032 x//÷ | 6/27/2025 | 5461000 | 4814927 | 4964155 |
| &nbsp;&nbsp;&nbsp; UPST 2022-1 C 3/20/2032, 8.430% x//÷ | 4/01/2022 | 10800000 | 10686216 | 6219969 |
| &nbsp;&nbsp;&nbsp; UPST 2022-2 C 5/20/2032, 5.710% x//÷ | 5/26/2022 | 18602295 | 18504929 | 15847671 |
| &nbsp;&nbsp;&nbsp; UPST 2022-3 B 6/20/2032, 8.500% x//÷ | 6/29/2022 | 10200000 | 10001282 | 9849028 |
| &nbsp;&nbsp;&nbsp; UPST 2022-4 B 8/20/2032, 8.680% x//÷ | 8/16/2022 | 5434428 | 5433071 | 5345850 |
| &nbsp;&nbsp;&nbsp; UPST 2023-2 C 6/20/2033, 11.870% x//÷ | 6/29/2023 | 500000 | 499960 | 532270 |
| &nbsp;&nbsp;&nbsp; UPST STR PSTHRU 2022-4A C 11/15/2030, 10.900% x//÷ | 10/17/2022 | 1507000 | 1485868 | 1485532 |
| **Total Asset-Backed Securities** |  |  | **178857690** | **169768444** |
| **Equity Securities - 1.06%** |  |  |  |  |
| **Financial Services - 1.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 1.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Common Stock ‡//# | 3/28/2025 | 2044454 | $1717722 | $1653411 |
| &nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series A Preferred ‡//# | 12/14/2016 | 3129118 | 2389663 | 2530612 |
| &nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series B Preferred ‡//# | 12/07/2016 | 4979900 | 4371356 | 4027395 |
| &nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series B-2 Preferred ‡//# | 10/16/2020 | 1111976 | 1000000 | 899288 |
| &nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series Seed Preferred ‡//# | 12/14/2016 | 555556 | 424270 | 449295 |
| &nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Warrant, Expiration 10/16/2025, Exercise Price: $0.0100 ‡//# | 10/16/2020 | 476592 | 477 | 380668 |
| &nbsp;&nbsp;&nbsp; Upgrade, Inc. Series C ‡//# | 8/25/2021 | 1111112 | 3500003 | 5000004 |
| &nbsp;&nbsp;&nbsp; Upgrade, Inc. Series E ‡//# | 7/29/2021 | 512088 | 1649999 | 2304396 |
| &nbsp;&nbsp;&nbsp; Upgrade, Inc. Series F ‡//# | 11/22/2021 | 53226 | 299995 | 239517 |
| **Total Equity Securities** |  |  | **15353485** | **17484586** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8963** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ORIGINAL<br>ACQUISITION DATE** | **SHARES** | **COST** | **FAIR<br>VALUE** |
| **Short-Term Investments - 5.55%** |  |  |  |  |
| **Cash and Cash Equivalents - 5.55%** |  |  |  |  |
| **Money Market Funds - 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments Trust - Treasury Portfolio - Institutional Class - 4.16% ~= | &nbsp;&nbsp;&nbsp; Short-Term Investments Trust - Treasury Portfolio - Institutional Class - 4.16% ~= | 14773524 | $14773524 | $14773524 |
| **Total Money Market Funds** |  |  | **14773524** | **14773524** |
|  |  | **PRINCIPAL<br>AMOUNT** |  |  |
| **U.S. Treasury Bill - 4.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **United States - 4.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States Treasury Bill - 3.96%, 11/13/2025 ₽ |  | $77000000 | $76358171 | $76372866 |
|  |  |  | **76358171** | **76372866** |
| **Total Short-Term Investments** |  |  | **91131695** | **91146390** |
| **Total Investments - 148.26%** |  |  | **2715529951** | **2434727320** |
| **Liabilities in Excess of Other Assets - (48.26)%** |  |  |  | **(792520125)** |
| **Total Net Assets - 100.00%** |  |  |  | $**1642207195** |

---

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| Principal amounts are stated in U.S. Dollars unless otherwise stated. |
| SOFR - Secured Overnight Financing Rate. |

---

---

| |
|:---|
| Security may be deemed restricted to resale to institutional investors. The aggregate value of these securities is $1,997,532,869 which represents 121.64% of net assets. |
| Security is pledged as collateral for the Fund's financing facilities (See Note 9). |
| Security is fair valued by the Adviser pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities is $424,874,261 which represents 25.87% of net assets. Value is determined using significant unobservable inputs. |
| Security is fair valued by a third-party valuation specialist pursuant to procedures approved by the Board of Trustees. Value is determined using significant unobservable inputs. |
| Rate of return to the Fund is implied based on an 18-month final maturity. |
| ¥Rate of return to the Fund is implied based on an 9-month final maturity. |
| Security is restricted to resale to institutional investors. The aggregate value of these securities is $346,048,061 which represents 21.07% of net assets. |
| Underlying holdings are student loans. |
| Underlying holdings are consumer loans. |
| Underlying holdings are multi-family residential property loans. |
| Underlying holdings are appreciation interests in single family homes. |
| Non-income producing security. |
| Delinquent or defaulted loans that have matured but are still in repayment process. The aggregate value of these securities is $15,319,947 which represents 0.93% of net assets. |
| Loan made to professional athlete and references expected maturity date. |
| Loan collateralized by Bitcoin. |
| Rate shown is 7-day effective yield. |
| All or a portion of this security is pledged as collateral for forward currency contracts (See Note 2). |
| Rate shown is the yield to maturity. The calculation assumes the security is held to maturity. |
| Rate shown is the effective yield as of August 31, 2025. The calculation assumes the security is held to maturity. |
| Security has a partially funded commitment. Draw period is 5 years from acquisition date. |
| Security is a home equity line of credit (HELOC) collateralized by a lien on a home. |
| Security is pledged as collateral for the Fund's reverse repurchase agreements. |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8964** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

**Open Forward Currency Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **FORWARD<br> SETTLEMENT<br> DATE** | **CURRENCY TO<br> BE RECEIVED** | **AMOUNT OF<br> CURRENCY TO BE<br> RECEIVED IN<br> LOCAL<br> CURRENCY** | **CURRENCY TO<br> BE DELIVERED**  | **AMOUNT OF<br>CURRENCY TO BE<br> DELIVERED IN<br> LOCAL<br> CURRENCY**  | **UNREALIZED<br>APPRECIATION /<br> (DEPRECIATION)** |
| MORGAN STANLEY & CO. INCORPORATED | 12/19/2025 | British Pound | 1000000 | U.S. Dollar | 1337125 | $15125 |
| MORGAN STANLEY & CO. INCORPORATED | 12/19/2025 | U.S. Dollar | 4877496 | British Pound | 3600000 | 9395 |
| **Total Open Forward Currency Contracts** | **Total Open Forward Currency Contracts** | **Total Open Forward Currency Contracts** | **Total Open Forward Currency Contracts** | **Total Open Forward Currency Contracts** |  | $**24520** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8965** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| |
|:---|
| **Open Risk Share Contracts** |
| **Description: Consumer Loans - United States** |
| **Type: Receive** |
| **Strike: Actual losses greater than expected losses** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY<br> INVESTMENT**  | **REFERENCE ENTITY<br> VINTAGE** | **REFERENCE ENTITY<br> INTEREST RATE<br> RANGE** | **REFERENCE ENTITY<br> MATURITY DATE<br> RANGE** | **TERMINATION DATE** | **NOTIONAL<br> VALUE** | **UNREALIZED<br> APPRECIATION** |
| Contract 025<sup>(1)(2)(3)(4)</sup> D | March 1, 2024 - <br>March 31, 2024 | 6.000% - 31.080% | March 8, 2027 -<br>September 11, 2029 | 9/30/2025 | 4292281 | $93951 |
| Contract 026<sup>(1)(2)(3)</sup> F | January 1, 2024 - <br>March 31, 2024 | 11.920% - 31.400% | February 16, 2026 -<br>January 20, 2030 | 9/30/2025 | 7765361 |  |
| Contract 027<sup>(1)(2)(3)(4)</sup> E | January 1, 2024 - <br>March 31, 2024 | 6.000% - 17.470% | January 2, 2027 -<br>March 19, 2029 | 9/30/2025 | 10224214 | 755777 |
| Contract 028<sup>(1)(2)(3)(4)</sup> E | January 1, 2024 - <br>March 31, 2024 | 16.620% - 28.520% | January 2, 2027 -<br>March 1, 2029 | 9/30/2025 | 751366 | 48698 |
| Contract 029<sup>(1)(2)(3)</sup> B | February 1, 2024 - <br>March 31, 2024 | 6.051% - 29.490% | February 15, 2026 -<br>March 18, 2030 | 9/30/2025 | 3345686 |  |
| Contract 030<sup>(1)(2)(3)(4)</sup> D | April 1, 2024 - <br>April 30, 2024 | 6.000% - 32.300% | April 1, 2027 -<br>March 6, 2030 | 10/31/2025 | 27149579 | 21063 |
| Contract 031<sup>(1)(2)(3)(4)</sup> D | May 1, 2024 - <br>May 31, 2024 | 6.000% - 32.390% | May 1, 2027 -<br>March 20, 2030 | 11/30/2025 | 26594769 | (229711) |
| Contract 032<sup>(1)(2)(3)(4)</sup> D | June 1, 2024 - <br>June 30, 2024 | 6.000% - 32.370% | June 3, 2027 -<br>April 17, 2030 | 12/31/2025 | 19803659 | (53043) |
| Contract 033<sup>(1)(2)(3)</sup> B | April 1, 2024 - <br>June 30, 2024 | 5.000% - 25.740% | April 15, 2026 -<br>May 30, 2030 | 12/31/2025 | 6754022 |  |
| Contract 034<sup>(1)(2)(3)</sup> F | April 1, 2024 - <br>June 30, 2024 | 11.920% - 31.400% | April 9, 2027 -<br>May 18, 2030 | 12/31/2025 | 8583417 |  |
| Contract 035<sup>(1)(2)(3)(4)</sup> D | July 1, 2024 - <br>July 31, 2024 | 6.000% - 32.350% | July 1, 2027 -<br>May 5, 2030 | 1/31/2026 | 7465406 | (79770) |
| Contract 036<sup>(1)(2)(3)(4)</sup> D | August 1, 2024 - <br>August 31, 2024 | 6.000% - 32.390% | August 1, 2027 -<br>June 27, 2030 | 2/28/2026 | 39367517 | (207082) |
| Contract 037<sup>(1)(2)(3)(4)</sup> D | September 1, 2024 - <br>September 30, 2024 | 10.400% - 32.390% | September 3, 2027 -<br>July 12, 2030 | 3/31/2026 | 14928659 | 65503 |
| Contract 038<sup>(1)(2)(3)(4)</sup> E | July 1, 2024 - <br>September 30, 2024 | 7.220% - 17.580% | July 2, 2027 -<br>October 24, 2029 | 9/30/2027 | 23183833 | 408940 |
| Contract 039<sup>(1)(2)(3)</sup> F | July 1, 2024 - <br>September 30, 2024 | 7.990% - 26.400% | August 6, 2026 -<br>August 17, 2030 | 9/30/2027 | 11264289 | 311391 |
| Contract 040<sup>(1)(2)(3)</sup> B | July 1, 2024 - <br>August 31, 2024 | 5.000% - 27.240% | July 17, 2026 -<br>August 30, 2030 | 2/28/2026 | 4876253 |  |
| Contract 041<sup>(1)(2)(3)(4)</sup> D | October 1, 2024 - <br>October 31, 2024 | 6.000% - 32.390% | October 1, 2027 -<br>August 28, 2030 | 4/30/2026 | 16550433 | 644523 |
| Contract 042<sup>(1)(2)(3)(4)</sup> D | November 1, 2024 - <br>November 30, 2024 | 6.000% - 32.390% | November 20, 2027 -<br>October 1, 2030 | 5/30/2026 | 20111074 | 126272 |
| Contract 043<sup>(1)(2)(3)(4)</sup> D | December 1, 2024 - <br>December 31, 2024 | 6.000% - 32.390% | December 16, 2027 -<br>October 23, 2030 | 6/30/2026 | 15805109 | 93832 |
| Contract 044<sup>(1)(2)(3)(4)</sup> E | October 1, 2024 - <br>December 31, 2024 | 6.650% - 18.070% | September 27, 2027 -<br>December 25, 2029 | 12/31/2027 | 37142245 | 440830 |
| Contract 045<sup>(1)(2)(3)</sup> F | October 1, 2024 - <br>December 31, 2024 | 7.990% - 25.480% | October 23, 2026 -<br>November 26, 2030 | 12/31/2027 | 11793354 | 157085 |
| Contract 046<sup>(1)(2)(3)(4)</sup> D | January 1, 2025 - <br>January 31, 2025 | 6.000% - 32.390% | January 27, 2028 -<br>November 28, 2030 | 7/31/2026 | 18041404 | 299711 |
| Contract 047<sup>(1)(2)(3)(4)</sup> D | February 1, 2025 - <br>February 28, 2025 | 6.000% - 32.390% | February 3, 2028 -<br>December 3, 2030 | 8/30/2026 | 15114477 | 262771 |
| Contract 048<sup>(1)(2)(3)</sup> F | January 1, 2025 - <br>March 31, 2025 | 8.000% - 23.700% | January 22, 2027 -<br>February 26, 2031 | 3/31/2028 | 18182554 | 289828 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8966** 

<u>Consolidated Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| |
|:---|
| **Open Risk Share Contracts** |
| **Description: Consumer Loans - United States** |
| **Type: Receive** |
| **Strike: Actual losses greater than expected losses** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY<br> INVESTMENT**  | **REFERENCE ENTITY<br> VINTAGE** | **REFERENCE ENTITY<br> INTEREST RATE<br> RANGE** | **REFERENCE ENTITY<br> MATURITY DATE<br> RANGE** | **TERMINATION DATE** | **NOTIONAL<br> VALUE** | **UNREALIZED<br> APPRECIATION** |
| Contract 049<sup>(1)(2)(3)(4)</sup> E | January 1, 2025 - <br>March 31, 2025 | 6.730% - 17.580% | January 6, 2028 -<br>March 31, 2030 | 3/31/2028 | 18442354 | $128548 |
| Contract 051<sup>(1)(2)(3)(4)</sup> D | April 1, 2025 - <br>April 30, 2025 | 9.740% - 32.390% | April 1, 2028 -<br>September 2, 2030 | 10/31/2026 | 4384396 | 52842 |
| Contract 052<sup>(1)(2)(3)(4)</sup> D | May 1, 2025 - <br>May 31, 2025 | 9.150% - 32.600% | May 1, 2028 -<br>October 27, 2030 | 11/30/2026 | 28717645 | 93003 |
| Contract 053<sup>(1)(2)(3)(4)</sup> D | June 1, 2025 - <br>June 30, 2025 | 6.000% - 32.390% | June 2, 2028 -<br>November 24, 2030 | 6/30/2027 | 59288206 | (211084) |
| Contract 054<sup>(1)(2)(3)</sup> F | April 1, 2025 - <br>June 30, 2025 | 7.990% - 25.180% | April 4, 2027 -<br>July 10, 2030 | 6/30/2028 | 10165207 | 57340 |
| Contract 055<sup>(1)(2)(3)</sup> F | July 1, 2025 - <br>July 31, 2025 | 8.000% - 23.740% | July 23, 2027 -<br>July 23, 2030 | 7/31/2028 | 1417265 | 6675 |
| Contract 056<sup>(1)(2)(3)(4)</sup> D | July 1, 2025 - <br>July 31, 2025 | 6.000% - 32.390% | July 22, 2028 -<br>August 1, 2030 | 7/31/2027 | 32407951 | (85149) |
| **Total Open Risk Share Contracts** | **Total Open Risk Share Contracts** | **Total Open Risk Share Contracts** |  |  |  | $**3492744** |

---

(1) Contract is non-income producing and is fair valued by a third-party valuation specialist pursuant to procedures approved by the Board of Trustees.
Value is determined using significant unobservable inputs.

(2) Contract is restricted to resale to institutional investors. The aggregate value of these contracts is $3,492,744 which represents 0.21% of net
assets.

(3) If the current expected losses of whole loan vintages are more than initial expected losses, the Fund will receive from the alternative lending
planform an amount equal to such deficit (subject to a Cap.)

(4) If the current expected losses of select whole loan vintages are less than initial expected losses, the Fund must pay the alternative lending
platform an amount equal to such deficit (subject to a Cap.)

**Unfunded Commitments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LOAN ID** | **PLATFORM** | **Total<br> Commitments** | **Less: Funded<br> Commitments** | **Total Unfunded<br> Commitments** |
| 5000051630 | Achieve | 150000 | 149207 | 793 |
| 5000052512 | Achieve | 56700 | 56000 | 700 |
| 5000052624 | Achieve | 53200 | 5200 | 48000 |
| 5000052878 | Achieve | 48100 | 48000 | 100 |
| **Total** |  | 308000 | 258407 | 49593 |

---

**Reverse Repurchase Agreements**

---

| | | |
|:---|:---|:---|
| **DESCRIPTION** | **PRINCIPAL<br>VALUE** | **AMORTIZED COST** |
| **REVERSE REPURCHASE AGREEMENTS SOLD** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreement with Goldman Sachs, dated 07/10/2025, 6.24%, collateralized by $266,859,096 of Whole Loans, due 01/12/2026 | $170000000 | $170000000 |
| **TOTAL REVERSE REPURCHASE AGREEMENTS SOLD** | $170000000 | $170000000 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

Stone Ridge Funds \| Semi-Annual Report \| August 31, 2025

 **8967** 

------

<u>Consolidated Statement of Assets and Liabilities</u>   <u>As of August 31, 2025 (Unaudited)</u>

---

| | |
|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
| **ASSETS:** |  |
|  Investments, at fair value<sup>(1)</sup> | $2434727320 |
|  Cash | 5294317 |
|  Foreign currencies, at fair value<sup>(2)</sup> | 43583 |
|  Interest receivable | 19958700 |
|  Principal paydowns receivable | 7657357 |
|  Unrealized appreciation on risk share contracts | 4358583 |
|  Prepaid commitment fees | 231783 |
|  Risk share contracts receivable | 151776 |
|  Receivable for fund shares sold | 69530 |
|  Unrealized appreciation on forward currency contracts | 24520 |
|  Other assets | 265409 |
| **Total assets** | **2472782878** |
| **LIABILITIES:** |  |
|  Loans payable | 649000000 |
|  Reverse repurchase agreements | 170000000 |
|  Interest payable | 2262137 |
|  Payable to Adviser for advisory fees | 2082658 |
|  Payable for investment securities purchased | 1591180 |
|  Interest payable on reverse repurchase agreement | 914506 |
|  Unrealized depreciation on risk share contracts | 865839 |
|  Accrued service fees | 150163 |
|  Collateral at broker for forward currency contracts | 100000 |
|  Accrued distribution and service fees | 69422 |
|  Payable to Trustees | 17015 |
|  Payable for Chief Compliance Officer compensation | 4066 |
|  Other accrued expenses and liabilities | 3518697 |
| **Total liabilities** | **830575683** |
| **Total net assets** | $**1642207195** |
| **NET ASSETS CONSIST OF:** |  |
|  Capital stock | $1665764822 |
|  Accumulated loss | (23557627) |
| **Total net assets** | $**1642207195** |
|  Net assets | $1642207195 |
|  Shares outstanding | 35481813 |
|  Net asset value, offering and redemption price per share | $46.28 |
| (1) Cost of investments | $2715529951 |
| (2) Cost of foreign currencies | 60917 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8968** 

------

<u>Consolidated Statement of Operations</u>   <u>For the Period Ended August 31, 2025 (Unaudited)</u>

---

| | |
|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
| **INVESTMENT INCOME:** |  |
|  Interest income | $165114626 |
|  PIK interest income | 11446643 |
|  Dividend income | 1161428 |
|  Other income | 71027 |
| **Total investment income** | **177793724** |
| **EXPENSES** |  |
|  Interest expense | 24404165 |
|  Loan servicing fees | 14104044 |
|  Advisory fees (See Note 4) | 12538348 |
|  Fund accounting and administration fees | 2023633 |
|  Interest expense on reverse repurchase agreement | 1561140 |
|  Distribution and service fees (See Note 5) | 528686 |
|  Service fees (See Note 5) | 528686 |
|  Audit and tax related fees | 447082 |
|  Custody fees | 443533 |
|  Legal fees | 330781 |
|  Commitment fees (See Note 2) | 256396 |
|  Trustees fees and expenses | 99283 |
|  Transfer agency fees and expenses | 84491 |
|  Chief Compliance Officer compensation | 31443 |
|  Other expenses | 2973190 |
| **Total expenses** | **60354901** |
| **Net investment income** | **117438823** |
| **NET REALIZED AND UNREALIZED LOSS:** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (107050885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (116223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (288985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | 3538027 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 32126035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (1733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (109071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | (5398924) |
| **Net realized and unrealized loss** | **(77301759)** |
| **Net increase in net assets resulting from operations** | $**40137064** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8969** 

------

<u>Consolidated Statements of Changes in Net Assets</u>    

---

| | | |
|:---|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
|  | **PERIOD ENDED<br>AUGUST 31, 2025<br>(UNAUDITED)** | **YEAR ENDED<br>FEBRUARY 28, 2025** |
| **OPERATIONS:** |  |  |
|  Net investment income | $117438823 | $263955475 |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (107050885) | (292322626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (116223) | 499903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (288985) | (931708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in payments from affiliates |  | 50058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | 3538027 | 4722512 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 32126035 | 82763922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (1733) | (236106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (109071) | 905669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | (5398924) | 267935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **40137064** | **59675034** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions | (32900000) |  |
|  Return of capital distributions |  | (70599986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(32900000)** | **(70599986)** |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
|  Proceeds from shares sold | 52389533 | 219562483 |
|  Proceeds from shares issued to holders in reinvestment of distributions | 7633931 | 18066125 |
|  Cost of shares redeemed | (173859434) | (372429272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital share transactions** | **(113835970)** | **(134800664)** |
| **Total decrease in net assets** | **(106598906)** | **(145725616)** |
| **NET ASSETS:** |  |  |
|  Beginning of period | 1748806101 | 1894531717 |
| **End of period** | $**1642207195** | $**1748806101** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8970** 

------

<u>Consolidated Statement of Cash Flows</u>   <u>For the Period Ended August 31, 2025 (Unaudited)</u>

---

| | |
|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |
|  Net increase in net assets resulting from operations | $40137064 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | (32126035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | 107050885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on foreign currencies | 117956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on forward currency contracts | 109071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on risk share contracts | 5398924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and accretion of premium and discount | 16458924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK interest income | (11446643) |
| Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 6514217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 6423979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns receivable | 3762441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 1591180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable on reverse repurchase agreement | 914506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts receivable | 671198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser for advisory fees | 79685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 33593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued service fees | 18926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution and service fees | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Chief Compliance Officer compensation | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid commitment fees | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Trustees | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral at broker for forward currency contracts | (30000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (155212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | (336257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities | (1440455) |
|  Proceeds from principal paydowns and sale of investments | 828872317 |
|  Purchases of investments | (911347296) |
|  Net purchases and sales of short-term investments | 18005842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | **79284149** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 52927744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loans payable | 278700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paydowns on loans payable | (379700000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reverse repurchase agreements | 170000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distributions to shareholders | (25266069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment on shares redeemed | (173859434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in financing activities** | **(77197759)** |
|  Effect of exchange rate changes on cash | (117956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in cash and restricted cash | 1968434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and restricted cash, beginning of year | 3325883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash and restricted cash, end of year** | $**5294317** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | $7633931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest on loans outstanding and reverse repurchase agreements | $25387056 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8971** 

------

<u>Consolidated Financial Highlights</u>    

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** |
|  | **PERIOD<br>ENDED<br>AUGUST 31,<br>2025<br>(UNAUDITED)** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2025** | **YEAR<br>ENDED<br>FEBRUARY 29,<br>2024** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2023** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2022** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2021** |
| **Per Share Data\*:** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $46.09 | $46.40 | $48.79 | $51.23 | $57.09 | $51.10 |
| Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 3.26 | 6.81 | 7.13 | 7.41 | 6.45 | 5.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (2.14) | (5.27) | (7.60) | (7.31) | 5.97 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.12 | 1.54<sup>(8)</sup> | (0.47) | 0.10<sup>(8)</sup> | 12.42<sup>(8)</sup> | 8.09 |
| Less distributions to shareholders |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.93) |  |  | (2.54) | (7.52) | (2.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (10.76) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital distributions |  | (1.85) | (1.92) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.93) | (1.85) | (1.92) | (2.54) | (18.28) | (2.10) |
|  Net asset value, end of period | $46.28 | $46.09 | $46.40 | $48.79 | $51.23 | $57.09 |
|  Total return<sup>(2)</sup> | 2.45%<sup>(9)</sup> | 3.40% | (0.99)% | 0.16% | 24.15%<sup>(3)</sup> | 16.43%<sup>(3)</sup> |
| **Supplemental Data and Ratios:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1642207 | $1748806 | $1894532 | $2177455 | $2309392 | $2291683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before expense reimbursement/recoupment)<sup>(4)(5)</sup> | 7.22%<sup>(10)</sup> | 6.63% | 6.83% | 5.05% | 4.00% | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (after expense reimbursement/recoupment)<sup>(4)(5)</sup> | 7.22%<sup>(10)</sup> | 6.63% | 6.83% | 5.06% | 4.02% | 4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets (before expense reimbursement/recoupment)<sup>(4)(6)</sup> | 14.05%<sup>(10)</sup> | 14.79% | 14.99% | 14.79% | 11.91% | 10.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets (after expense reimbursement/recoupment)<sup>(4)(6)</sup> | 14.05%<sup>(10)</sup> | 14.79% | 14.99% | 14.78% | 11.89% | 10.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 27.46%<sup>(9)</sup> | 59.36% | 53.07% | 58.21% | 77.89% | 23.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior security, end of period (000's) | $625000 | $750000 | $675000 | $880000 | $645000 | $650047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset coverage, per $1,000 of senior security principal amount<sup>(7)</sup> | $3628 | $3332 | $3807 | $3474 | $4580 | $4525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset coverage ratio of senior security<sup>(7)</sup> | 363% | 333% | 381% | 347% | 458% | 453% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net investment income per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total return represents the rate that an investor would have earned (or lost) on an investment in the Fund during the year (assuming the reinvestment of all distributions).

&nbsp;&nbsp;&nbsp;&nbsp;(3) As a result of equity returns relating to initial public offerings by platforms, the Fund's performance was unusually strong for the period shown and should not be extrapolated for future periods.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes borrowing and investment-related expenses not covered by the Fund's expense limitation agreement. (See Note 4).

&nbsp;&nbsp;&nbsp;&nbsp;(5) Does not include underlying funds' expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Does not include underlying funds' net investment income.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Represents value of total assets less all liabilities not represented by senior securities at the end of the period divided by senior security principal outstanding at the end of the period.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Includes increase in payments by affiliates of less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Annualized.

\* Effective August 28, 2020, the Fund completed a 1:5 reverse stock split. Share amounts for all periods through February 28, 2021 have been adjusted to give effect to the 1:5 reverse stock split.

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8972** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

**1. Organization** 

Stone Ridge Trust V (the "Trust") was organized as a Delaware statutory trust on November 4, 2015, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a continuously-offered closed-end management investment company issuing shares.

As of August 31, 2025, the Trust consisted of one series: the Stone Ridge Alternative Lending Risk Premium Fund (the "Fund"). The Fund commenced investment operations on May 23, 2016, and commenced offering its shares publicly on June 1, 2016, following the effectiveness of its registration statement for such shares under the Securities Act of 1933, as amended (the "1933 Act"). The Fund offers one class of shares to investors with no front-end or back-end sales charges, a 0.05% fee paid pursuant to the Distribution and Servicing Plan, a 0.05% fee paid pursuant to the Services Agreement and no repurchase fee. The Trust's Agreement and Declaration of Trust authorizes the issuance of an unlimited number of shares.

The Fund has an interval fund structure pursuant to which the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund's outstanding shares at net asset value ("NAV") subject to approval of the Board of Trustees (the "Board"). In all cases, such repurchase offers will be for at least 5% and not more than 25% of the Fund's outstanding shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased. If the repurchase offer is oversubscribed, the Fund may, in its sole discretion, repurchase an additional number of shares not to exceed 2% of the shares outstanding on the repurchase request deadline. Notwithstanding the foregoing, under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares and tender all of their shares for repurchase in a repurchase offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. In addition, if a repurchase offer is oversubscribed, the Fund may offer to repurchase additional shares in an amount determined by the Board that are tendered by an estate (an "Estate Offer"). If an Estate Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. In addition, if a repurchase offer is oversubscribed as described above, the Fund may also offer to repurchase additional shares in an amount determined by the Board that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "Defined Benefit Plan Offer"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). If the Defined Benefit Plan Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. As a result, there can be no assurance that the Fund will be able to repurchase all of the shares tendered in an Estate Offer or a Defined Benefit Plan Offer. If the Fund repurchases any shares pursuant to an Estate Offer or a Defined Benefit Plan Offer, this will not affect the number of shares that it repurchases from other shareholders in the quarterly repurchase offers. The Fund's shares are not listed, and the Fund does not currently intend to list its shares for trading, on any national securities exchange. The shares are, therefore, illiquid. Even though the Fund makes quarterly repurchase offers to repurchase a portion of the shares to try to provide liquidity to shareholders, shareholders should consider the shares to be illiquid. There is not expected to be any secondary trading market in the shares.

The Fund's investment objective is to achieve total return and current income. The Fund pursues its investment objective primarily by buying and selling alternative lending-related securities that generate interest or other streams of payments and that Stone Ridge Asset Management LLC (the "Adviser") believes offer access to the credit risk premium. The "credit risk premium" is positive if interest and other payments paid in connection with a pool of such investments, minus the principal losses actually experienced across that pool, exceed the "risk free" rate (the rate of return that can be earned on high-quality, short-term government debt securities), on average and over time.

The consolidated financial statements include the accounts of Stone Ridge Alternative Lending Risk Premium Fund AU NZ Holdings LLC, Alternative Lending Holdings Trust, Stone Ridge Alternative Lending Risk Premium Fund US Holdings I LLC (and its subsidiaries, Alternative Lending Holdings Trust II and Stone Ridge Alternative Lending Risk Premium Fund US Holdings IV LLC (and its subsidiary, Alternative Lending Holdings Trust VI)), Stone Ridge Alternative Lending Risk Premium Fund US Holdings II LLC (and its subsidiaries, Alternative Lending Holdings Trust III, Stone Ridge Alternative Lending Risk Premium Fund UK Holdings I LLC and Stone Ridge Alternative Lending Risk Premium Fund UK Holdings II

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8973** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

LLC), Stone Ridge Alternative Lending Risk Premium Fund US Holdings III LLC (and its subsidiary, Alternative Lending Holdings Trust IV), Stone Ridge Alternative Lending Risk Premium Fund UK Holdings III LLC, Stone Ridge Alternative Lending Risk Premium Fund UK Holdings IV LLC, PRCP-MDOF (SR), LLC and PFMP-SR II, LLC (each a "Subsidiary", and together the "Subsidiaries"), each a wholly-owned subsidiary of the Fund. All intercompany accounts and transactions have been eliminated in consolidation. Each Subsidiary acts as an investment vehicle in order to invest in alternative lending instruments consistent with the Fund's investment objectives and policies.

**2. Summary of Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board Accounting Standards Topic 946, *Financial Services — Investment Companies.*

**(a) Investment Valuation and Fair Value Measurement.**

The Board has approved procedures pursuant to which the Fund values its investments (the "Valuation Procedures"). The Board has established a Valuation Committee (the "Board Valuation Committee"), which has designated the Adviser to serve as valuation designee in accordance with Rule 2a-5 of the 1940 Act and, in that capacity, to bear responsibility for implementing the Valuation Procedures, including performing fair valuation determinations relating to all investments held by the Fund (as needed), periodically assessing and managing any valuation risks and establishing and applying fair value methodologies, subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the "Adviser Valuation Committee") performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair valuation determinations.

Listed below is a summary of certain of the methods generally used currently to value investments of the Fund under the Valuation Procedures:

The Fund's holdings in whole loans, securitizations and certain other types of alternative lending-related securities are typically fair valued based on prices provided by a third-party pricing service. Each loan and fractional loan is fair valued using inputs that take into account individual borrower-level data (e.g., payment history) that is updated periodically as often as the NAV is calculated to reflect new information regarding the borrower or loan.

Reverse repurchase agreements are accounted for at amortized cost, which approximates fair value. Reverse repurchase agreements are categorized as Level 2 within the fair value hierarchy. Other debt securities, including corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, loans, mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued by a third-party pricing service, at an evaluated (or estimated) mean between the closing bid and asked prices.

For investments in investment companies that are registered under the 1940 Act, the value of the shares of such funds is calculated based upon the NAV per share of such funds. The prospectuses for such funds explain the circumstances under which they will use fair value pricing and its effects.

Publicly-traded equity securities are valued at the last sale, official close or if there are no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded. The values of the Fund's investments in publicly-traded foreign equity securities generally will be the closing or final trading prices in the local trading markets but may be adjusted based on values determined by a pricing service using pricing models designed to estimate changes in the values of those securities between the times in which the trading in those securities is substantially completed and the close of the New York Stock Exchange ("NYSE").

Exchange-traded derivatives, such as options and futures contracts, are valued at the settlement price on the exchange or mean of the bid and asked prices.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8974** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

Non-exchange traded derivatives, including swaps, forwards and over-the-counter ("OTC") options, are generally valued on the basis of valuations provided by a third-party pricing service or using quotes provided by a broker/dealer (typically the counterparty).

Generally, the Fund must value its assets using market quotations when they are readily available. If, with respect to any portfolio instrument, market quotations are not readily available or available market quotations are deemed to be unreliable by the Adviser Valuation Committee, then such instruments will be valued as determined in good faith by the Adviser Valuation Committee. In these circumstances, the Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Adviser Valuation Committee of any information or factors it deems appropriate.

Fair value pricing may require subjective determinations about the value of a portfolio instrument. Fair values may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Fund. It is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of such security. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

A substantial portion of the Fund's investments are U.S. dollar denominated investments. Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from third-party pricing services. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. International markets are sometimes open on days when U.S. markets are closed, which means that the value of investments owned by the Fund that are traded in markets outside the U.S. or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed, and the NAV of the Fund's shares may change on days when an investor is not able to purchase or sell shares in connection with a periodic repurchase offer. The calculation of the Fund's NAV may not take place contemporaneously with the determination of the prices of foreign securities used in NAV calculations.

The Fund adheres to authoritative fair valuation accounting standards that set out a hierarchy for measuring fair valuation inputs. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to significant unobservable inputs (Level 3 measurements). Certain measurements of fair value may, in accordance with authoritative accounting standards, be excluded from the fair value hierarchy. The three levels of the fair value hierarchy are as follows:

Level 1 Inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date;

Level 2 Inputs: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data;

Level 3 Inputs: significant unobservable inputs for the asset or liability.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable,

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8975** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser's perceived risk of that instrument.

Transfers between levels are recognized at the end of the reporting period. There were no transfers between levels during the reporting period. The following table summarizes the inputs used to value the Fund's investments as of August 31, 2025. Certain investments in the amount of $158,795,031 are valued using the NAV practical expedient and have been excluded from the below tables.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets** |  |  |  |  |
| Whole Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans<sup>(1)</sup> | $— | $— | $1475586854 | $1475586854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans<sup>(1)</sup> |  |  | 28324565 | 28324565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Business Loans<sup>(1)</sup> |  |  | 94786844 | 94786844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans<sup>(1)</sup> |  |  | 1093789 | 1093789 |
|  Total Whole Loans |  |  | 1599792052 | 1599792052 |
| Loan Participations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans<sup>(1)</sup> |  |  | 115723873 | 115723873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Business Loans<sup>(1)</sup> |  |  | 282016944 | 282016944 |
|  Total Loan Participations |  |  | 397740817 | 397740817 |
|  Asset-Backed Securities<sup>(1)</sup> |  |  | 169768444 | 169768444 |
|  Equity Securities<sup>(1)</sup> |  |  | 17484586 | 17484586 |
|  Money Market Funds | 14773524 |  |  | 14773524 |
|  U.S. Treasury Bill |  | 76372866 |  | 76372866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $**14773524** | $**76372866** | $**2184785899** | $**2275932289** |
|  **Other Financial Instruments<sup>(2)</sup>** |  |  |  |  |
|  Unrealized appreciation on forward currency contracts | $— | $24520 | $— | $24520 |
|  Unrealized appreciation on risk share contracts |  |  | 4358583 | 4358583 |
|  Unrealized depreciation on risk share contracts |  |  | (865839) | (865839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Other Financial Instruments** | $**—** | $**24520** | $**3492744** | $**3517264** |

---

(1) For further security characteristics, see the Fund's Consolidated Schedule of Investments.

(2) These instruments are reflected as unrealized appreciation (depreciation) on the instrument on the Fund's
Consolidated Statement of Assets and Liabilities.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, the carrying amount of loans payable in the amount of $649,000,000 approximates fair value and are categorized as Level 2 within the fair value hierarchy.

Below is a reconciliation that details the activity of securities in Level 3 during the current period ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **OTHER LOAN INVESTMENTS** | **OTHER LOAN INVESTMENTS** | | | |
|  | | | | | **LOAN PARTICIPATIONS** | **LOAN PARTICIPATIONS** | | | |
|  | **CONSUMER<br>LOANS** | **HOME<br>EQUITY<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **STUDENT<br>LOANS** | **CONSUMER<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **ASSET-<br>BACKED<br>SECURITIES** | **EQUITY<br>SECURITIES** | **RISK SHARE<br>CONTRACTS** |
|  **Beginning Balance—<br>February 29, 2025** | $1611040020 | $— | $141954085 | $1490163 | $141860044 | $195023690 | $78229960 | $18837082 | $8891668 |
|  Acquisitions | 443129391 | 28349564 | 86789898 |  | 10010665 | 236242525 | 105583860 | 1241393 |  |
|  Dispositions/Paydowns | (495856627) |  | (125186998) | (341720) | (27136230) | (146803997) | (21228492) |  | (3538027) |
|  PIK interest |  |  |  |  | 11446643 |  |  |  |  |

---

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8976** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **OTHER LOAN INVESTMENTS** | **OTHER LOAN INVESTMENTS** | | | |
|  | | | | | **LOAN PARTICIPATIONS** | **LOAN PARTICIPATIONS** | | | |
|  | **CONSUMER<br>LOANS** | **HOME<br>EQUITY<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **STUDENT<br>LOANS** | **CONSUMER<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **ASSET-<br>BACKED<br>SECURITIES** | **EQUITY<br>SECURITIES** | **RISK SHARE<br>CONTRACTS** |
|  Realized gains/(losses), net | $(97129206) | $— | $(14006128) | $(71004) | $(5932844) | $(737118) | $(969480) | $— | $3538027 |
|  Change in unrealized appreciation/(depreciation) | 23316987 | (24961) | 5363302 | 14236 | (14813785) | (346437) | 16327609 | (2593889) | (5398924) |
|  Amortization of premium/discount | (8913711) | (38) | (127315) | 2114 | 289380 | (1361719) | (8175013) |  |  |
|  Transfers in/(out) of Level 3 |  |  |  |  |  |  |  |  |  |
|  **Ending Balance—<br>August 31, 2025** | $1475586854 | $28324565 | $94786844 | $1093789 | $115723873 | $282016944 | $169768444 | $17484586 | $3492744 |
|  Change in unrealized appreciation/(depreciation) still held as of August 31, 2025 | $(53342783) | $(24961) | $(3967407) | $(25784) | $(20006960) | $(942614) | $15504068 | $(2593889) | $(521729) |

---

Whole loans and other loan investments in the Fund are generally valued using a discounted cash flow framework that takes into account the original purchase price, the scheduled loan payments, and forecast losses. The loss forecasts are generally based on industry and platform historical loan performance, as well as evaluation of the current underwriting environment. Higher expectations of losses, due to factors such as rising delinquencies on a platform's loans or a deteriorating macroeconomic environment, would result in a markdown of fair values. Loss forecasts on select other loan investments in the Fund are based on projected future earnings of professional athletes. Higher expectations of losses based on an athlete's diminished status within the professional sports league would result in a markdown of the fair value.

The value of asset-backed securities are determined by the forecast performance of loans in the underlying pool and the priority the securitization tranche has to the cash flows of the loan pool. The asset-backed tranches that the Fund holds are residual tranches so any deterioration of the loan pool will result in a markdown of fair values.

The values of equity securities are determined by the Adviser Valuation Committee using a factor change calibration approach based generally on three factors, as applicable or appropriate: (1) private market transactions; (2) company performance; and (3) public market comparables, with such factors reviewed on an ongoing basis as needed by the Adviser Valuation Committee. The value of warrants is determined by a standard option pricing model with volatility estimated from public comparables. The Fund's equity securities (including warrants) will be marked down upon negative developments, financial or managerial, at the company, or negative trends affecting the company's industry.

The value of risk share contracts held by the Fund are determined using a discounted cash flow framework that takes into account the underlying loans pertaining to each contract's actual losses as of August 31, 2025 and estimated loss forecasts through each contract's maturity date. The loss forecasts are based on industry and platform historical loan performance. Higher expectations of losses relative to initial expected losses (subject to a cap), due to factors such as rising delinquencies within each contract vintage or a deteriorating macroeconomic environment, would result in an increase in a contract's unrealized gain. For a subset of risk share contracts, lower expectations of losses relative to initial expected losses (subject to a cap), due to factors such as lower delinquencies within each contract vintage would result in an increase in a contract's unrealized depreciation.

Significant changes in discount rates, projected loss rates, default rates, prepayment rates, severity or volatility would generally result in significant changes in the fair value of the security.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8977** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The following table summarizes the quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of August 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **INDUSTRY** | **FAIR VALUE AT<br>8/31/2025** | **VALUATION<br>TECHNIQUES** | **UNOBSERVABLE<br>INPUTS** | **RANGE** | **WEIGHTED<br>AVERAGE** |
|  Whole Loans—<br>Consumer Loans | Financial Services | $1475586854 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 6.85%-12.28%<br>7.31%-21.02% | 9.41%<br>16.68% |
|  Home Equity—<br>Consumer Loans | Financial Services | 28324565 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 4.94%-10.98%<br>0.98%-28.54% | 8.44%<br>9.84% |
|  Whole Loans—<br>Small Business Loans | Financial Services | 94786844 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 7.61%-12.05%<br>1.50%-58.29% | 10.42%<br>42.73% |
|  Whole Loans—<br>Student Loans | Financial Services | 1093789 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 5.03%-11.25%<br>0.51%-19.78% | 7.37%<br>12.46% |
|  Loan Participations—<br>Consumer Loans | Financial Services | 25907383 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 1.15%-14.82%<br>2.16%-49.10% | 8.40%<br>19.62% |
|  Loan Participations—<br>Consumer Loans | Financial Services | 89816490 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 0.00%-25.98%<br>0.00%-100.00% | 13.43%<br>62.26% |
|  Loan Participations—<br>Small Business Loans | Financial Services | 33422300 | Discounted Cash Flow | Loss-Adjusted Discount Rate Projected Loss Rate | 1.86%-14.15%<br>4.68%-10.44% | 8.70%<br>7.26% |
|  Loan Participations—<br>Small Business Loans | Financial Services | 248594644 | Discounted Cash Flow | Loss-Adjusted Discount Rate Projected Loss Rate | 13.00%-13.00%<br>0.00%-0.00% | 13.00%<br>0.00% |
|  Asset-Backed Securities | Financial Services | 169768444 | Discounted Cash Flow | Constant Prepayment Rate<br> Constant Default Rate<br> Severity<br> Discount Rate | 8.70%-33.74%<br>0.51%-29.35%<br>80.00%-92.13%<br>7.50%-53.74% | 14.95%<br>10.47%<br>85.46%<br>17.02% |
|  Equity Securities | Financial Services | 17484586 | Factor Change Calibration Approach | Revenue<br> Retained Earnings<br> Comparables' Stock Return | 2.93%-5.63%<br>(9.14)%-0.15%<br>51.68%-53.11% | 4.46%<br>(3.86)%<br>52.29% |
|  Risk share contracts | Financial Services | 3492744 | Discounted Cash Flow | Loss-Adjusted Discounted Rate<br> Projected Loss Rate | 14.50%-14.50%<br>1.85%-13.32% | 14.50%<br>10.36% |

---

Certain investments are valued using the NAV practical expedient in the amount of $158,795,031 and have been excluded from the above quantitative inputs table. The following table presents additional information for investments measured using the NAV practical expedient:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FAIR VALUE** | **UNFUNDED<br>COMMITMENTS** | **REMAINING<br>LIFE** | **REDEMPTION<br>FREQUENCY** | **NOTICE<br>PERIOD** | **REDEMPTION<br>TERMS** |
|  MDOF Investments II, LLC | $21187983 | $— | 12/2032 |  | N/A | N/A |
|  PFMP K1508, LLC | 18337444 |  | 11/2033 |  | N/A | N/A |
|  PFMP K1512, LLC | 18266114 |  | 10/2034 |  | N/A | N/A |
|  PFMP KF61, LLC | 4712860 |  | 4/2029 |  | N/A | N/A |
|  Unison Midgard Fund LP | 96290630 |  | Indefinite | Quarterly | 90 days | (1) 25% investor-<br>level gate per cycle<br>(2) Lock-up period<br>expires 12/2026 |
|  | $**158795031** | $**—** |  |  |  |  |

---

**Derivative Transactions —** The Fund engaged in derivatives and hedging activities during the period ended August 31, 2025. Further information regarding derivative activity for the Fund can be found in the Consolidated Schedule of Investments.

**Futures Contracts —** The Fund may purchase and sell a variety of futures contracts that relate to, among other things, debt securities (these are referred to as "interest rate futures"), broadly-based securities indices ("stock index futures" and "bond index futures"), foreign currencies, commodities and individual equity securities ("single stock futures"). Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8978** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

delivery, of a specific amount of an asset at a specified future date at a specified price. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract originally was written. The primary risks associated with the use of futures contracts are imperfect correlation, liquidity and unanticipated market movement. No money is paid or received by the Fund on the purchase or sale of a future. Upon entering into a futures transaction, the Fund will be required to deposit an initial margin payment with the futures commission merchant ("FCM"). As the future is marked to market (that is, its value on the Fund's books is changed to reflect changes in its market value), subsequent margin payments, called variation margin, will be paid to or by the FCM daily. The Fund did not hold futures contracts during the period ended August 31, 2025.

**Forward Currency Contracts —** The Fund enters into forward currency contracts to manage Fund exposure to foreign currencies. When entering into a forward currency contract, in the case of a deliverable contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date or, in the case of a non-deliverable contract, to settle the equivalent in U.S. dollars. The Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk from movements in currencies or credit risk from the possible inability of counterparties to meet the terms of their contracts. The average notional amount of forward currency contracts during the period ended August 31, 2025 was $1,965,621 for long contracts and $6,828,930 for short contracts.

**Risk Share Contracts —** The Fund enters into risk share contracts with several alternative lending platforms. These contracts track performance of select whole loan vintages. At the end of the contract, if the current expected losses of the select whole loan vintage are greater than initial expected losses, the alternative lending platform must pay the Fund an amount equal to such excess (subject to a cap between 1% and 4% of purchased notional per vintage and with a weighted average of 2% ("Cap")). Accordingly, the Fund recognizes an unrealized gain throughout the life of the contract (subject to a Cap) if the vintage's current expected losses are greater than initial expected losses and recognizes a realized gain when at the contract's maturity, the vintage's actual losses are greater than initial expected losses. At the end of a subset of risk share contracts, if the current expected losses of select whole loan vintages are less than initial expected losses, the Fund must pay the alternative lending platform an amount equal to such deficit (subject to a Cap between 1% and 10% of purchased notional per vintage and with a weighted average of 9%). Accordingly, the Fund recognizes an unrealized depreciation throughout the life of the contract (subject to a Cap) if the vintage's current expected losses are less than initial expected losses and recognizes a realized loss when at the contract's maturity, the vintage's actual losses are less than the initial expected losses. The average notional amount of risk share contracts during the period ended August 31, 2025 was $541,616,317 for long contracts.

**Interest Rate Swaps —** The Fund may enter into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. The Fund did not hold interest rate swap contracts during the period ended August 31, 2025.

The table below reflects the values of the derivative assets and liabilities as reflected in the Consolidated Statement of Assets and Liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **RISK EXPOSURE** | **CONSOLIDATED<br>STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** | **CONSOLIDATED<br>STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  **Forward currency contracts** |  |  |  |  |
|  Foreign exchange contracts | Unrealized appreciation on forward currency contracts | 24520 | Unrealized depreciation on forward currency contracts |  |
|  **Risk share contracts** |  |  |  |  |
|  Risk share contract | Unrealized appreciation on risk share contracts | 4358583 | Unrealized depreciation on risk share contracts | (865839) |
|  **Total** |  | $4383103 |  | $(865839) |

---

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8979** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The table below reflects the effect of derivative instruments on the Consolidated Statement of Operations for the period ended August 31, 2025.

---

| | | |
|:---|:---|:---|
| **RISK EXPOSURE** | **AMOUNT OF REALIZED<br>GAIN (LOSS) ON DERIVATIVES<br>TRANSACTIONS** | **NET CHANGE IN UNREALIZED<br>DEPRECIATION ON DERIVATIVES<br>TRANSACTIONS** |
|  **Forward currency contracts** |  |  |
|  Foreign exchange contracts | (288985) | (109071) |
|  **Risk share contracts** |  |  |
|  Risk share contracts | 3538027 | (5398924) |
|  Total | $3249042 | $(5507995) |

---

**(b) Use of Estimates.** The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**(c) Offsetting on the Consolidated Statement of Assets and Liabilities.** The Fund is subject to netting arrangements, which govern the terms of certain transactions with select counterparties. The netting arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The netting arrangements also specify collateral posting arrangements at prearranged exposure levels. Under the netting arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant netting arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of netting arrangement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ASSETS:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>ASSETS** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** |
| **ASSETS:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>ASSETS** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **FINANCIAL<br>INSTRUMENTS** | **COLLATERAL<br>RECEIVED** | **NET<br>AMOUNT** |
|  Forward currency contracts | $24520 | $— | $24520 | $— | $(12520) | $— |
|  Risk share contracts | 4358583 |  | 4358583 |  |  | 4358583 |
|  | $4383103 | $— | $4383103 | $— | $(100000) | $4283103 |
| **LIABILITIES:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>LIABILITIES** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** |
| **LIABILITIES:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>LIABILITIES** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **FINANCIAL<br>INSTRUMENTS** | **COLLATERAL<br>PLEDGED** | **NET<br>AMOUNT** |
|  Reverse Repurchase Agreements | $170000000 | $— | $170000000 | $— | $(170000000) | $— |
|  Risk share contracts | 865839 |  | 865839 |  |  | 865839 |
|  | $865839 | $— | $865839 | $— | $— | $865839 |

---

Actual collateral received or pledged may be more than reported in order to satisfy broker requirements.

**(d) Indemnifications.** In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8980** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

**(e) Federal Income Taxes.** The Fund qualifies and intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

**(f) Reverse Repurchase Agreements.** The Fund enters into reverse repurchase agreements with banks and brokers, with the Fund as the initial seller of securities to the banks or brokers. In this case, a reverse repurchase agreement involves a sale by a fund of portfolio securities concurrently with an agreement by a fund to repurchase the same securities at a later date at a fixed price. During the reverse repurchase agreement period, an individual fund continues to receive principal and interest payments on the securities. If the buyer in a reverse repurchase agreement files for bankruptcy or becomes insolvent, a fund's use of proceeds from the sale of its securities may be restricted while the other party or its trustee or receiver determines whether to honor the fund's right to repurchase the securities. Furthermore, in that situation a fund may be unable to recover the securities it sold in connection with a reverse repurchase agreement and as a result would realize a loss equal to the difference between the value of the securities and the payment it received for them. This loss would be greater to the extent the buyer paid less than the value of the securities the fund sold to it (e.g., a buyer may only be willing to pay $95 for a security with a market value of $100). A fund's use of reverse repurchase agreements also subjects the fund to interest costs based on the difference between the sale and repurchase price of a security involved in such a transaction. Additionally, reverse repurchase agreements entail the same risks as OTC derivatives. These include the risk that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the parties may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. For the period July 10, 2025 to August 31, 2025, the average reverse repurchase agreement balance was $168,431,373 and weighted average interest rate was 6.42%.

The Fund has elected to treat reverse repurchase agreements as derivatives pursuant to Rule 18f-4 under the 1940 Act ("Rule 18f-4"). As required by Rule 18f-4, the Fund's derivatives exposure (including its use of reverse repurchase agreements) will be limited through a value-at-risk ("VaR") test. Very generally, VaR is an estimate of an instrument's or portfolio's losses over a given time horizon at a specified confidence level. Under Rule 18f-4, the Fund will be required to limit the VaR of the Fund's portfolio to less than 200% of the VaR of a "designated reference portfolio," which is, in general, either an unleveraged index approved by the Fund's derivatives risk manager or the Fund's own portfolio of securities or other investments, excluding any derivatives transaction. The Fund expects that its use of reverse repurchase agreements and other similar derivatives transactions to obtain leverage will enable the Fund to obtain substantially more leverage than would be possible if the Fund obtained leverage only through senior securities subject to the 300% asset coverage requirement contained in Section 18 of the 1940 Act.

The gross obligations for secured borrowing by the type of collateral pledged and remaining time to maturity is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **REVERSE REPURCHASE AGREEMENTS** | **OVERNIGHT<br>AND<br>CONTINUOUS** | **UP TO 30<br>DAYS** | **30-90<br>DAYS** | **GREATER THAN<br>90 DAYS** | **TOTAL** |
|  Whole Loans | $— | $— | $— | $170000000 | $170000000 |
|  **Total** | $— | $— | $— | $170000000 | $170000000 |

---

**(g) Alternative Lending.** Alternative lending, which is sometimes referred to as fintech lending, online lending or marketplace lending, is a method of financing in which an alternative lending platform facilitates the borrowing and lending of money while generally not relying on deposits for capital to fund loans. It is considered an alternative to more traditional debt financing done through a bank. There are several different models of alternative lending but, very generally, a platform typically matches consumers, small or medium-sized businesses or other types of borrowers with investors that are interested in gaining investment exposure to the loans made to such borrowers. Prospective borrowers are usually required to provide or give access to certain financial information to the platform, such as the intended purpose of the loan, income, employment information, credit score, debt-to-income ratio, credit history (including defaults and delinquencies) and home ownership status, and, in the case of small business loans, business financial statements and personal credit information regarding any guarantor, some of which information is made available to prospective lenders. Often, platforms charge fees to borrowers to cover these screening and administrative

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8981** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

costs. Based on this and other relevant supplemental information, the platform usually assigns its own credit rating to the borrower and sets the interest rate for the requested borrowing. Platforms then post the borrowing requests online and investors may choose among the loans, based on the interest rates the loans are expected to yield less any servicing or origination fees charged by the platform or others involved in the lending arrangement, the background data provided on the borrowers, and the credit rating assigned by the platform. In some cases, a platform partners with a bank to originate a loan to a borrower, after which the bank sells the loan to the platform or directly to the investor; alternatively, some platforms may originate loans themselves. Some investors, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments.

Other alternative lending platforms are non-traditional intermediaries. Unlike marketplace lenders, non-traditional intermediaries do not themselves (either alone or working with a bank) originate loans. Instead, they intermediate sales of loans originated by more traditional lenders to buyers that utilize alternative sources of capital (i.e., capital other than bank deposits).

Platforms may set minimum eligibility standards for borrowers to participate in alternative lending arrangements and may limit the maximum permitted borrowings. Depending on the purpose and nature of the loan, its term may, for example, be as short as six months or shorter, or as long as thirty years or longer. Set forth below is additional information about some of the Fund's alternative lending-related investments.

**(h) Whole Loans.** When the Fund invests directly or indirectly in whole loans, it typically purchases all rights, title and interest in the loans pursuant to a loan purchase agreement directly from the platform or its affiliate. The platform or a third-party servicer typically continues to service the loans, collecting payments and distributing them to investors, less any servicing fees assessed against the Fund, and the servicing entity typically will make all decisions regarding any modification, forbearance or other form of relief that may be provided to a borrower experiencing financial hardship and acceleration or enforcement of the loans following any default by a borrower. Where a platform or its affiliate acts as the loan servicer, there is typically a backup servicer in place in case that platform or affiliate ceases or fails to perform these servicing functions. The Fund, as an investor in a whole loan, would be entitled to receive payment only from the borrower and/or any guarantor, and would not be able to recover any deficiency from the platform, except under very narrow circumstances, which may include fraud by the borrower in some cases. The whole loans in which the Fund may invest may be secured or unsecured. The Fund invests in whole loans collateralized by Bitcoin and related collateral requirements set by the platform. In the event of borrower default, the Fund would have access to the proceeds from the sale of liquidated Bitcoin. Cash segregated for the purchase of whole loans, if any, is located in Deposits for Issuing Loans on the Consolidated Statement of Assets and Liabilities. As of August 31, 2025, the Fund segregated $0 for the purchase of whole loans.

**(i) Loan Participations.** The Fund invests in participation interests in whole loans, which are typically originated by an alternative lending platform, sometimes in partnership with a bank or other financial institutions. When the Fund invests in participation interests, the Fund typically purchases a fractional or full economic interest in the underlying whole loans and the originator retains the legal title to such loans. As with the Fund's investments in whole loans, the alternative lending platform or a third-party servicer typically continues to service the loans, collecting payments and distributing them to investors in the loan participations, less any servicing fees assessed against the Fund, and the servicing entity typically will make all decisions regarding any modification, forbearance or other form of relief that may be provided to a borrower experiencing financial hardship and acceleration or enforcement of the loans following any default by a borrower. Where a platform or its affiliate acts as the loan servicer, there is typically a backup servicer in place in case that platform or affiliate ceases or fails to perform these servicing functions. The servicing entity may distribute payments of principal and interest from the borrower directly to the Fund as a holder of participation interests. Alternatively, the Fund may receive payments of principal and interest as passed through by the bank or other financial institution originating the whole loans and issuing the participation interests. The participation interests in which the Fund invests may be in whole loans that are secured or unsecured.

**(j) Pass-Through Certificates.** The Fund invests in pass-through certificates, which are a form of asset-backed security that is backed by a pool of whole loans originated or sourced by one or more alternative lending platforms and that represents the right of the holder to receive specified distributions in respect of such whole loans; specifically, holders

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8982** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

are entitled to receive payments on account of principal and interest payments made by borrowers on the underlying loans, as well as proceeds from the sale or liquidation of any loan underlying the pass-through certificate, net of fees, expenses and other amounts payable to the issuer, trustee, originating platform(s) or other third parties as required. Unlike many other asset-backed securities, pass-through certificates are generally not issued with multiple tranches; instead, all holders of a particular certificate share a pro rata interest in the underlying pool of whole loans and distributions with respect thereto.

**(k) Asset-Backed Securities.** The Fund invests in, and may sell certain of its alternative lending-related investments to, securitization vehicles, formed by alternative lending platforms or third parties for the purpose of acquiring alternative lending-related investments and issuing securities, the payments on which are funded by payments received on such entities' underlying investments. Such asset-backed securities, including mortgage-backed securities, may be issued in different tranches of debt and residual equity interests with different rights and preferences. The Fund may hold any tranche of such asset-backed securities. The volume and frequency of the Fund's sales of pools of loans to securitization vehicles may increase as a more active and reliable secondary market develops over time.

**(l) Shares, Certificates, Notes or Other Securities.** The Fund also invests in shares, certificates, notes or other securities representing the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans. The platform or a separate special purpose entity organized by or on behalf of the platform may hold the whole loans underlying such investments on its books and issue to the Fund, as an investor, a share, certificate, note or other security, the payments on which track and depend upon the borrower payments on the underlying loans. As with whole loans, the platforms or third-party servicers typically continue to service the underlying loans on which the performance of such securities is based. Such securities may be linked to any of the types of whole loans in which the Fund may invest directly. Such securities may also track fractions of a whole loan. These securities may be sold through publicly registered offerings or through unregistered private offerings.

**(m) Equity Securities.** The Fund invests in public or private equity securities issued by alternative lending platforms or companies that own or operate alternative lending platforms, including common stock, preferred stock, convertible stock and/or warrants. For example, the Fund invests in securities issued by a platform, which may provide the platform with the capital it requires to support its business. Equity investments may afford the Fund voting rights as well as the opportunity to receive dividends and/or capital appreciation, although warrants, which are options to purchase equity securities at specific prices valid for a specific period of time, typically have no voting rights, receive no dividends and have no rights with respect to the securities of the issuer unless and until they are exercised for the underlying securities. The Fund may also invest directly or indirectly in equity securities of both non-U.S. and U.S. small and mid-cap companies.

**(n) Debt Securities.** The Fund may invest in debt securities issued by alternative lending platforms or companies that own or operate alternative lending platforms. The Fund may have exposure to the debt securities of U.S. or non-U.S. issuers. These debt securities may have fixed or floating interest rates; may or may not be collateralized; and may be below investment grade or unrated but judged by the Adviser to be of comparable quality (debt securities that are below investment grade are commonly called "junk bonds"). The Fund has no limits as to the maturity of debt securities in which it invests directly or indirectly. Such investments may be within any maturity range (short, medium or long) depending on the Adviser's evaluation of investment opportunities available within the debt securities market. Similarly, the Fund has no limits as to the market capitalization range of the issuers.

**(o) Real Estate Investment Trusts.** The Fund may also pursue its investment objective by investing in equity or debt securities issued by real estate investment trusts ("REITs") or pooled investment vehicles that invest in REITs. REITs are pooled real estate investment vehicles that own, and typically operate, certain qualified real estate and real estate-related assets. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to shareholders. REITs and pooled investment vehicles that invest in REITs may be subject to management fees and other expenses, and so the Fund will bear its proportionate share of the costs of the REITs' and/or vehicles' operations if it invests in REITs or vehicles subject to such fees and expenses. REITs can be listed and traded on national securities exchanges or can be traded privately between individual owners. An exchange-traded REIT is generally more liquid than a REIT that is not traded on a securities exchange. The Fund may invest in both exchange-traded and privately-traded REITs.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8983** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The Fund generally invests in equity REITs, which invest in and own real estate directly, and generally invest a majority of their assets in income-producing properties to generate cash flow from rental income and gradual asset appreciation. The income-producing properties in which equity REITs may invest include land, office, retail, industrial, hotel and apartment buildings, single or multifamily homes, self-storage, specialty and diversified and healthcare facilities. Equity REITs can realize capital gains (or losses) by selling properties that have appreciated (or depreciated) in value. Equity REITs may also invest in non-income-producing properties or real estate-related assets.

An equity investment in a REIT may afford the Fund voting rights as well as the opportunity to receive dividends and/or capital appreciation. The Fund may invest in warrants issued by REITs, which are options to purchase equity securities at specific prices valid for a specific period of time; such investments typically have no voting rights, receive no dividends and have no rights with respect to the securities of the issuer unless and until they are exercised for the underlying equity securities.

Debt securities of REITs may have fixed or floating interest rates; may or may not be collateralized; and may be below investment grade or unrated but judged by the Adviser to be of comparable quality. The Fund has no limits as to the maturity of debt securities in which it invests directly or indirectly. Such investments may be within any maturity range (short, medium or long) depending on the Adviser's evaluation of investment opportunities available within the debt securities market. Similarly, the Fund has no limits as to the market capitalization range of the issuers.

**(p) Distributions to Shareholders.** The Fund intends to distribute to its shareholders substantially all investment company taxable income and net realized capital gains, if any, at least annually. The Fund may not declare or pay distributions to its shareholders if it does not meet asset coverage ratios under the 1940 Act. Distributions are recorded on ex-dividend date. The Fund may periodically make reclassifications among certain of its capital accounts as a result of the characterization of certain income and realized gains determined annually in accordance with federal tax regulations that may differ from GAAP.

**(q) Foreign Securities and Currency Transactions.** The Fund's books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Fund does not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

**(r) Investment Income.** Dividend income, less any foreign tax withheld, is recognized on the ex-dividend date. PIK interest income represents payments-in-kind on certain loan participations. PIK interest income is computed based on terms specified in the Fund's investment agreements, is added to the principal balance of the investment and is expected to be collected upon repayment of the outstanding principal. Rebate income, if any, represents incentive payments received by the Fund with respect to the purchase of loans. Aggregate incentive payments are calculated based on volume of loans purchased over a fixed period of time and are not anticipated to be recurring. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected and include amortization/accretion of premiums or discounts. Interest income will stop being accrued as of the last coupon receivable date once a loan is more than 30 days past due. Unpaid accrued interest will be written off once the loan is deemed to be charged-off by the third-party pricing service.

**(s) Realized Gain or Loss and Unrealized Appreciation or Depreciation.** Realized gain or loss from an investment is recorded at the time of disposition and calculated using the specific identification method. Unrealized appreciation or depreciation reflects the changes in fair value of investments as pursuant to the Fund's policies and procedures. The Fund will typically write off a loan if (i) the platform indicates that the borrower is deceased or has declared a specific type of bankruptcy or (ii) as determined unrecoverable by the Adviser Valuation Committee. During the period ended August 31, 2025, the Fund wrote off $106,103,891 of outstanding principal, which also includes bad debt expense that is based on estimated recovery rates. This amount is included in net realized loss on investments on the Fund's Consolidated Statement of Operations.

**(t) Restricted Securities.** The Fund may invest a substantial portion of its assets in securities that are restricted, but eligible for purchase and sale by certain qualified institutional buyers, as defined in Rule 144A under the 1933 Act, as

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8984** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

amended, as well as other restricted securities. Restricted securities may be resold in transactions that are exempt from registration under Federal securities laws or if the securities are publicly registered. Restricted securities may be deemed illiquid.

**(u) Prepaid Commitment Fees.** These fees are amortized on a straight-line basis over the term of the respective lending facility and are reflected on the Fund's Consolidated Statement of Operations as Commitment Fees.

**(v) Restricted Cash.** Restricted cash includes cash connected with the pending purchase of whole loans that is restricted as to withdrawal or use under the terms of a contractual agreement. As of August 31, 2025, the Fund did not hold restricted cash.

**(w) Investment Transactions.** Investment transactions are recorded on the trade date.

**(x) Market Volatility.** The value of the securities in the Fund may go up or down in response to the prospects of overall economic trends, particular sectors and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as military conflicts, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Adviser to invest the Fund's assets as intended.

**(y) Segments.** In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chief Executive Officer of the Adviser is the CODM of the Fund. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocations are pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's Consolidated Schedule of Investments, total returns, and changes in net assets from operations, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's consolidated financial statements. Segment assets of the Fund are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets".

**3. Federal Tax Matters** 

Provisions for federal income taxes or excise taxes have not been made since the Fund intends to be taxed as a Regulated Investment Company and intends to distribute substantially all taxable income and capital gains to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to Regulated Investment Companies. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income to shareholders for tax purposes. Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. The reclassifications have no effect on net assets or NAV per share.

For the year ended February 28, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Fund's net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **UNDISTRIBUTED<br>NET INVESTMENT<br>LOSS** | **ACCUMULATED<br>NET REALIZED<br>GAIN** | **PAID IN<br>CAPITAL** |
|  Alternative Lending Risk Premium Fund | $(290149272) | $289412367 | $736906 |

---

These differences primarily relate to recharacterization of realized capital gains (losses) as ordinary income (loss) under Internal Revenue Code Section 475, disallowed net operating losses and permanent differences on disposition of partnership investments.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8985** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

As of February 28, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  Tax cost of Investments | $2459204972 |
|  Unrealized appreciation |  |
|  Unrealized depreciation |  |
|  Net unrealized appreciation |  |
|  Undistributed ordinary income |  |
|  Undistributed long-term gain (capital loss carryover) | (1258758) |
|  Total distributable earning (loss) | (1258758) |
|  Other temporary differences | (29535933) |
|  Total accumulated loss | $(30794691) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to mark-to-market ordinary gains (losses) under Internal Revenue Code Section 475 and investments in partnerships.

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **ORDINARY<br>INCOME** | **RETURN OF<br>CAPITAL** | **TOTAL** |
|  Alternative Lending Risk Premium Fund | $– $– $| 70599986 | $70599986 |

---

The tax character of distributions paid during the year ended February 29, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **ORDINARY<br>INCOME** | **RETURN OF<br>CAPITAL** | **TOTAL** |
|  Alternative Lending Risk Premium Fund | $– $– $| 78800001 | $78800001 |

---

As of February 28, 2025 the Fund utilized prior year capital losses of $2,167,411, and has remaining tax basis capital losses that may be carried forward indefinitely to offset future capital gains as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **SHORT-TERM** | **LONG-TERM** | **TOTAL** |
|  Alternative Lending Risk Premium Fund | $(1258758) | $– $| (1258758) |

---

As of February 28, 2025, the Fund deferred, on a tax basis, late year ordinary losses of $29,535,933. These losses are deemed to arise on March 1, 2025.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended February 28, 2025 or for any other tax years which are open for exam. As of February 28, 2025, open tax years include the periods ended February 28, 2022, 2023, and February 29, 2024. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year, the Fund did not incur any interest or penalties.

**4. Agreements** 

**(a) Investment Management Agreement.** The Adviser is the investment adviser of the Fund and was organized as a Delaware limited liability company in 2012. The Adviser's primary business is to provide a variety of investment management services, including an investment program for the Fund.

As compensation for its services, the Fund pays the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.50% of the Fund's average daily net assets.

From July 1, 2019 through June 30, 2020, the Adviser waived its management fee and/or paid or otherwise borne operating and other expenses of the Fund (including offering expenses, but excluding brokerage and transactional expenses; borrowing and other investment-related costs and fees including interest payments on borrowed funds, loan

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8986** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

servicing fees, loan collection and administration fees and expenses, interest and commitment fees; short dividend expense; acquired fund fees and expenses; taxes; litigation and indemnification expenses; judgments; and extraordinary expenses not incurred in the ordinary course of the Fund's business (collectively, the "Excluded Expenses")) solely to the extent necessary to limit the total annualized operating expenses of the Fund, other than Excluded Expenses, to 2.00% of the average daily net assets of the Fund. From July 1, 2020 through June 30, 2026, the Adviser contractually agreed to waive its advisory fee and/or pay or otherwise bear operating and other expenses of the Fund solely to the extent necessary to limit the total annualized operating expenses of the Fund, other than Excluded Expenses, to 2.30% of the average daily net assets of the Fund. The Adviser shall be permitted to recoup in later periods Fund expenses that the Adviser has paid or otherwise borne (whether through reduction of its advisory fee or otherwise) to the extent that the expenses for the Fund fall below the annual limitation rate in effect at the time of the actual waiver/reimbursement and to the extent that they do not cause the Fund to exceed the annual limitation rate in effect at the time of the recoupment. However, the Adviser shall not be, and under the expense limitation agreements that were in place during the period covered by this report the Adviser was not, permitted to recoup such expenses beyond three years from the end of the month in which the Adviser waived a fee or reimbursed an expense. As of August 31, 2025, there were no remaining previously waived expenses eligible for recoupment.

**(b) Custodian, Administrator, and Transfer Agent.** The custodians to the Trust are U.S. Bank, N.A. and Inspira Financial Trust Company, LLC. The administrator and transfer agent to the Trust is U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, an affiliate of U.S. Bank, N.A.

**(c) Distributor.** Foreside Financial Services, LLC (the "Distributor") serves as the Fund's distributor.

**5. Services Agreement** 

Distribution and servicing fees may be paid pursuant to a Distribution and Servicing Plan dated as of July 1, 2018 at the maximum annual rate of 0.05% and servicing fees may be paid pursuant to an amended and restated Services Agreement between the Fund and the Adviser dated as of July 1, 2018, under which the Fund has appointed the Adviser as "servicing agent" to compensate financial intermediaries, at an annual rate of 0.05%, in each case, calculated as a percentage of the Fund's average daily net assets. These fees are paid out of the Fund's assets on an ongoing basis and may be administered or facilitated by the Distributor. Some intermediaries may receive payments pursuant to both the Distribution and Servicing Plan and the Services Agreement. The Distributor does not retain any portion of any servicing fees or distribution fees. To the extent that there are expenses associated with shareholder services that exceed the amounts payable pursuant to the Services Agreement or the Distribution and Servicing Plan, the Fund will bear such expenses.

**6. Related Parties** 

Certain officers of the Trust are also employees of the Adviser. The officers, with the exception of a portion of the Chief Compliance Officer's salary, are not compensated by the Trust.

**7. Investment Transactions** 

For the period ended August 31, 2025, aggregate purchases and sales of securities (excluding U.S. government obligations and short-term securities) by the Fund were $631,275,343 and $549,847,824, respectively. The Fund did not have any purchases or sales of long-term U.S. government securities during the period ended August 31, 2025.

**8. Capital Share Transactions** 

---

| | | |
|:---|:---|:---|
|  | **PERIOD ENDED<br>AUGUST 31, 2025** | **YEAR ENDED<br>FEBRUARY 28, 2025** |
|  Shares sold | 1136261 | 4769698 |
|  Shares issued to holders in reinvestment of distributions | 166551 | 394280 |
|  Shares redeemed | (3761206) | (8057155) |
|  Net decrease in shares | (2458394) | (2893177) |
| Shares outstanding: |  |  |
|  Beginning of period | 37940207 | 40833384 |
|  End of period | 35481813 | 37940207 |

---

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8987** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The shares repurchased were done so in accordance with Section 23(c) of the 1940 Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REPURCHASE REQUEST DEADLINE** | **REPURCHASE OFFER<br>AMOUNT (SHARES)** | **REPURCHASE OFFER<br>AMOUNT (SHARES)** | **SHARES<br>TENDERED** | **SHARES<br>TENDERED** |
|  March 8, 2024 |  | 2047901 |  | 2064747 |
|  June 7, 2024 |  | 2020340 |  | 2027853 |
|  September 6, 2024 |  | 1978962 |  | 2000107 |
|  December 6, 2024 |  | 1944749 |  | 1961966 |
|  March 7, 2025 |  | 1899065 |  | 1906293 |
|  June 6, 2025 |  | 1837588 |  | 1854913 |

---

**9. Line of Credit and Financing Facility** 

The Fund obtains leverage through borrowings in seeking to achieve its investment objectives or for temporary or extraordinary purposes. As of August 31, 2025, the Fund had a $125,000,000 uncommitted line of credit (the "Line") with U.S. Bank N.A. The Line is unsecured. The Line has a one-year term which runs through October 16, 2026 and is reviewed annually by the Board. As of August 31, 2025, the Line had an outstanding balance of $24,000,000.

As of August 31, 2025, the Fund also established financing facilities for $625,000,000 (collectively, the "Facilities"). $250,000,000 of the borrowings under the Facilities is due February 2, 2026, $175,000,000 of the borrowings under the Facilities is due October 1, 2025 and was subsequently extended to November 3, 2025 and $200,000,000 of the borrowings under the Facilities is due November 28, 2025, and the maturity of each borrowing may be extended by mutual consent of the applicable borrower and the lender with respect to such borrowing. The Facilities, when drawn, are secured by alternative lending-related securities held by Subsidiaries of the Fund and are guaranteed by the Fund. Each Subsidiary is a separate bankruptcy-remote entity formed for the purpose of holding specific securities and pledging them to specific lenders under the Facilities. The assets of any such Subsidiary are not available to other lenders or creditors, or to any other Subsidiary or the Fund, except to the extent of permitted distributions made to the Fund.

During the period ended as of August 31, 2025, the average aggregate borrowing was $733,397,838 which resulted in interest expense of $24,404,165 at a weighted average interest rate of 6.51% and is included in Interest Expense on the Fund's Consolidated Statement of Operations.

As of as of August 31, 2025, the outstanding aggregate drawn amount attributable to the Fund under the Credit Agreements (the Facilities together with the Line, the "Credit Agreements") was $649,000,000. Under the terms of the Credit Agreements, the Fund must maintain asset coverage of 300% when considering the amount borrowed from the Facilities. If the Fund fails to maintain the required coverage, it may be required to repay a portion of an outstanding balance until the coverage requirement has been met.

**10. Payment by Affiliates** 

During the year ended February 28, 2025, the Adviser reimbursed the Fund in the amount of $50,058 for losses related to incorrect investment prices. The reimbursement amount is reflected in the Fund's Statements of Changes in Net Assets as "Increase in payments from affiliates."

**11. Subsequent Events Evaluation** 

In preparing these consolidated financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through the date the consolidated financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8988** 

------

<u>Expense Example (Unaudited)</u>    

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, shareholder servicing fees and other Fund expenses, which are indirectly paid by shareholders. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2025 through August 31, 2025.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. However, the table does not include shareholder specific fees, such as the $15.00 fee charged for wire redemptions by the Fund's transfer agent. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

**Hypothetical Example For Comparison Purposes** 

The second line on the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios of the Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relevant total cost of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **BEGINNING<br>ACCOUNT<br>VALUE<br>MARCH 1, 2025** | **ENDING<br>ACCOUNT<br>VALUE<br>AUGUST 31, 2025** | **EXPENSES<br>PAID DURING<br>PERIOD\*<br>MARCH 1, 2025 –<br>AUGUST 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1024.50 | $36.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% annual return before expenses) | $1000.00 | $988.81 | $36.20 |

---

\* Expenses are equal to the Fund's annualized six-month expense ratio of 7.22%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the partial year. 

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8989** 

------

<u>Additional Information (Unaudited)</u>    

**1. Shareholder Notification of Federal Tax Status** 

For the fiscal year ended February 28, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended February 28, 2025 was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

The average percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Code Section 871(k)(1)(C) was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

Shareholders should not use the above information to prepare their tax returns. Since the Fund's fiscal year is not the calendar year, another notification will be made available with respect to calendar year 2025. Such notification, which reflects the amount to be used by calendar year taxpayers on their Federal income tax returns, will be made in conjunction with shareholder year-end tax reporting in February 2026. Shareholders are advised to consult their own tax advisors with respect to the tax consequences of their investment in the Fund.

**2. Availability of Quarterly Portfolio Holdings Schedules** 

The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's filings on Part F of Form N-PORT are available without charge on the SEC's website, <u>www.sec.gov</u>, or upon request by calling 1.855.609.3680.

**3. Proxy Voting Policies and Procedures and Proxy Voting Record** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.855.609.3680 and on the SEC's website <u>www.sec.gov</u>. The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request, by calling 1.855.609.3680 and on the SEC's website <u>www.sec.gov</u>.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8990** 

------

<u>Investment Adviser</u> 

Stone Ridge Asset Management LLC

One Vanderbilt Avenue, 65<sup>th</sup> Floor

New York, NY 10017

<u>Independent Registered Public Accounting Firm</u> 

Ernst & Young LLP

700 Nicollet Mall, Suite 500

Minneapolis, MN 55402

<u>Legal Counsel</u> 

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

<u>Custodians</u> 

Inspira Financial Trust, LLC

2001 Spring Road #700

Oak Brook, IL 60523

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

<u>Distributor</u> 

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

<u>Administrator, Transfer Agent and Dividend Disbursing Agent</u> 

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street,

Milwaukee, WI 53202

This report has been prepared for shareholders and must be preceded or accompanied by an effective prospectus, which includes information regarding the Fund's investment objectives, risks, experience of its management and other information.

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g41563g12m27.jpg) | Stone Ridge Funds<br> P.O. Box 701<br> Milwaukee, WI 53201-0701<br>855-609-3680<br> www.stoneridgefunds.com<br>| QVSEMI |

---

------

## Semi-Annual Report
August 31, 2025

Unaudited<br>

![LOGO](g85451g12m26.jpg)

Stone Ridge Alternative Lending Risk Premium Fund

------

## **Table of Contents**

---

| | |
|:---|:---|
|  [Portfolio Holdings Presentation (Unaudited)](#toc85451_1) | ii |
| [Consolidated Summary Schedule of Investments (Unaudited)](#toc85451_2) | 1 |
| [Consolidated Financial Statements and Notes (Unaudited)](#toc85451_3) | 368 |
| [Expense Example (Unaudited)](#toc85451_4) | 389 |
| [Additional Information (Unaudited)](#toc85451_5) | 390 |

---

------

**ALLOCATION OF PORTFOLIO HOLDINGS AT AUGUST 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **STONE RIDGE ALTERNATIVE LENDING RISK<br>PREMIUM FUND PORTFOLIO ALLOCATION BY<br>YEAR OF SCHEDULED MATURITY** | **STONE RIDGE ALTERNATIVE LENDING RISK<br>PREMIUM FUND PORTFOLIO ALLOCATION BY<br>YEAR OF SCHEDULED MATURITY** | **STONE RIDGE ALTERNATIVE LENDING RISK<br>PREMIUM FUND PORTFOLIO ALLOCATION BY<br>YEAR OF SCHEDULED MATURITY** |
| 2018 | $25571 | 0.00%<sup>(1)(2)</sup> |
| 2019 | 46428 | 0.00%<sup>(1)(2)</sup> |
| 2020 | 195747 | 0.01%<sup>(1)</sup> |
| 2021 | 663138 | 0.04%<sup>(1)</sup> |
| 2022 | 1594279 | 0.10%<sup>(1)</sup> |
| 2023 | 4584331 | 0.28%<sup>(1)</sup> |
| 2024 | 4708449 | 0.29%<sup>(1)</sup> |
| 2025 | 83534535 | 5.09%<sup>(1)</sup> |
| 2026 | 401338166 | 24.44% |
| 2027 | 313139968 | 19.07% |
| 2028 | 352981493 | 21.50% |
| 2029 | 435540466 | 26.52% |
| 2030 | 350367002 | 21.34% |
| 2031 | 7349247 | 0.45% |
| 2032 | 60743313 | 3.70% |
| 2033 | 1029986 | 0.06% |
| 2034 | 3252126 | 0.20% |
| 2035 | 35690576 | 2.17% |
| 2037 | 1845 | 0.00%<sup>(2)</sup> |
| 2039 | 23567 | 0.00%<sup>(2)</sup> |
| 2040 | 66892775 | 4.07% |
| 2041 | 2150430 | 0.13% |
| 2042 | 2215716 | 0.14% |
| 2044 | 2330742 | 0.14% |
| 2045 | 3758646 | 0.23% |
| 2046 | 3753573 | 0.23% |
| 2047 | 10157762 | 0.62% |
| 2048 | 1879432 | 0.11% |
| 2049 | 2912012 | 0.18% |
| 2050 | 3849125 | 0.23% |
| 2051 | 2026778 | 0.12% |
| 2054 | 951 | 0.00%<sup>(2)</sup> |
| 2055 | 8563138 | 0.52% |
| Other | (525094118) | (31.98%)<sup>(3)</sup> |
|  Total Net Assets | $1642207195 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The underlying loans in the amount of $15,319,947 have matured but are still in repayment process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Value calculated is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Select other loan investments, equity investments, cash, cash equivalents and other assets less liabilities.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**ii** 

------

<u>Consolidated Summary Schedule of Investments</u>    

---

| | |
|:---|:---|
|  [Whole Loans](#soi85451_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consumer Loans](#soi85451_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_6) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Home Equity Loans](#soi85451_6a) | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_6b) | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Business Loans](#soi85451_7) | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United Kingdom](#soi85451_8) | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_9) | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Student Loans](#soi85451_10) | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_11) | 344 |
| [Other Loan Investments](#soi85451_12) | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Loan Participations](#soi85451_13) | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consumer Loans](#soi85451_14) | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_15) | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Business Loans](#soi85451_16) | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_17) | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other](#soi85451_18) | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_19) | 363 |
| [Asset-Backed Securities](#soi85451_20) | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_21) | 363 |
| [Equity Securities](#soi85451_22) | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Services](#soi85451_23) | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United States](#soi85451_24) | 364 |
| [Short-Term Investments](#soi85451_25) | 364 |
| [Open Forward Currency Contracts](#soi85451_26) | 365 |
| [Open Risk Share Contracts](#soi85451_100) | 366 |
| [Unfunded Commitments](#soi85451_101) | 367 |
| [Reverse Repurchase Agreements](#soi85451_102) | 367 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**1** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
|  **WHOLE LOANS - 97.42%** |  |  |  |  |  |
|  **Consumer Loans - 89.85%** |  |  |  |  |  |
| **United States - 89.85%** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1088000, 7.800%, 8/05/2027 †x | Best Egg | 12/08/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1187897, 15.150%, 6/06/2027 †x | Best Egg | 2/09/2022 | 21923 | 21923 | 21519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1202182, 14.650%, 5/13/2027 †x | Best Egg | 2/16/2022 | 21579 | 21579 | 21285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1231743, 18.560%, 7/03/2027 †x# | Best Egg | 3/07/2022 | 28483 | 28483 | 28003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1239598, 10.880%, 8/06/2027 †§x | SoFi | 12/15/2021 | 22413 | 22733 | 22530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1252885, 13.990%, 8/23/2028 †§x | SoFi | 12/15/2021 | 21509 | 21929 | 21998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1254751, 12.230%, 7/20/2027 †x# | Best Egg | 3/23/2022 | 24770 | 24770 | 24070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1260184, 8.930%, 9/05/2026 †§x | SoFi | 12/15/2021 | 25623 | 25844 | 25596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1266259, 10.840%, 9/08/2028 †§x | SoFi | 12/15/2021 | 24560 | 25019 | 24600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1266577, 15.630%, 3/01/2028 †x# | Best Egg | 3/31/2022 | 23605 | 23605 | 23016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126803522, 18.990%, 9/16/2026 †x# | Upgrade | 9/20/2021 | 23010 | 23010 | 21619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1268415, 11.340%, 9/09/2028 †§x | SoFi | 12/15/2021 | 21070 | 21467 | 21105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1269994, 5.900%, 12/02/2027 †x | Best Egg | 4/04/2022 | 23884 | 23884 | 22351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1279428, 14.090%, 9/22/2028 †x | SoFi | 1/19/2022 | 37432 | 38197 | 37838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1281581, 10.910%, 9/21/2027 †x# | SoFi | 12/15/2021 | 26083 | 26393 | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1284071, 14.170%, 5/10/2027 †§x | Best Egg | 4/13/2022 | 20694 | 20694 | 20319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1292935, 9.940%, 10/07/2026 †x◇ | SoFi | 3/17/2022 | 20949 | 21183 | 21067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300249, 12.190%, 10/12/2026 †x◇ | SoFi | 3/17/2022 | 24162 | 24439 | 24302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1300386, 12.340%, 10/15/2028 †x◇ | SoFi | 3/17/2022 | 27396 | 28018 | 27569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1306240, 8.780%, 10/22/2026 †§x | SoFi | 1/19/2022 | 24643 | 24913 | 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1307350, 12.990%, 10/25/2028 †§x | SoFi | 1/19/2022 | 24818 | 25381 | 25242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1310382, 14.170%, 6/01/2027 †§x | Best Egg | 5/02/2022 | 20637 | 20637 | 20117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1310716, 12.285%, 11/05/2026 †x◇ | SoFi | 3/17/2022 | 27957 | 28298 | 28121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1310818, 14.140%, 6/01/2027 †§x | Best Egg | 5/02/2022 | 21732 | 21732 | 21155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1315518, 14.090%, 11/05/2028 †x | SoFi | 3/17/2022 | 35142 | 35967 | 35835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1316559, 11.940%, 11/05/2026 †x◇ | SoFi | 3/17/2022 | 27744 | 28076 | 27914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1320269, 11.160%, 11/10/2026 †x◇ | SoFi | 3/17/2022 | 22821 | 23097 | 22960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1320999, 16.610%, 6/03/2027 †§x# | Best Egg | 5/06/2022 | 22336 | 22336 | 21956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1323397, 13.140%, 11/14/2028 †x◇ | SoFi | 3/17/2022 | 25989 | 26594 | 26633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1325092, 11.790%, 11/17/2028 †x◇ | SoFi | 3/17/2022 | 30007 | 30694 | 30594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1329226, 7.780%, 11/20/2026 †x◇ | SoFi | 3/17/2022 | 28748 | 29083 | 28912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1331662, 12.160%, 12/24/2026 †x◇ | SoFi | 3/17/2022 | 29852 | 30245 | 30207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1336373, 12.840%, 12/05/2028 †x | SoFi | 3/17/2022 | 47022 | 48121 | 47560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1337634, 0.000%, 2/15/2028 †x | Best Egg | 5/18/2022 | 27445 | 27445 | 22654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1341268, 11.430%, 12/05/2026 †x◇ | SoFi | 3/17/2022 | 29205 | 29574 | 29341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1341337, 10.160%, 12/05/2026 †x◇ | SoFi | 3/17/2022 | 23860 | 24156 | 24017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1343472, 17.580%, 9/18/2027 †x | Best Egg | 5/23/2022 | 29478 | 29478 | 29250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1344423, 10.160%, 12/07/2026 †x◇ | SoFi | 3/17/2022 | 20343 | 20596 | 20470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1345454, 11.410%, 12/15/2026 †x◇ | SoFi | 3/17/2022 | 22756 | 23048 | 22904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1346262, 5.900%, 3/27/2029 †x | Best Egg | 5/25/2022 | 22811 | 22811 | 20264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1347225, 10.190%, 12/10/2026 †x◇ | SoFi | 3/17/2022 | 23630 | 23916 | 23641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1348418, 9.630%, 12/09/2027 †§x | SoFi | 4/19/2022 | 25200 | 25666 | 25552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1348679, 11.090%, 3/10/2029 †x◇ | SoFi | 3/17/2022 | 27422 | 28070 | 27740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1349519, 10.180%, 12/14/2026 †§x | SoFi | 4/19/2022 | 27028 | 27373 | 27168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1349610, 9.430%, 12/14/2026 †§x | SoFi | 3/17/2022 | 31411 | 31802 | 31568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1353588, 9.180%, 3/18/2027 †x | SoFi | 4/19/2022 | 25234 | 25594 | 25387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1354702, 15.240%, 12/21/2028 †x◇ | SoFi | 3/17/2022 | 27305 | 27968 | 28119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1355011, 11.910%, 12/21/2026 †x◇ | SoFi | 3/17/2022 | 29170 | 29549 | 29433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1355153, 7.800%, 7/01/2027 †§x | Best Egg | 5/31/2022 | 20702 | 20702 | 20099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1356247, 13.520%, 12/25/2026 †x◇ | SoFi | 3/17/2022 | 23417 | 23667 | 23696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1356306, 12.340%, 12/20/2028 †x◇ | SoFi | 3/17/2022 | 23294 | 23838 | 23763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1359608, 10.250%, 12/05/2026 †x# | Best Egg | 6/08/2022 | 22215 | 22215 | 21664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1359661, 13.090%, 1/05/2029 †x◇ | SoFi | 3/17/2022 | 27099 | 27743 | 27791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1359752, 12.010%, 1/05/2027 †x◇ | SoFi | 3/17/2022 | 31105 | 31522 | 31373 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**2** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1361565, 9.730%, 1/19/2028 †x◇ | SoFi | 3/17/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1361719, 13.090%, 1/05/2029 †x#◇ | SoFi | 3/17/2022 | 27234 | 27881 | 27802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1361973, 11.940%, 1/16/2027 †x◇ | SoFi | 3/17/2022 | 31312 | 31737 | 31569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1362027, 11.940%, 1/05/2027 †x◇ | SoFi | 3/17/2022 | 26376 | 26728 | 26559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1363919, 9.430%, 1/05/2027 †x◇ | SoFi | 3/17/2022 | 23304 | 23603 | 23417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1364603, 7.800%, 7/11/2027 †§x | Best Egg | 6/06/2022 | 20740 | 20740 | 20158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1368306, 10.910%, 1/05/2027 †x◇ | SoFi | 3/17/2022 | 27092 | 27447 | 27269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1368512, 10.660%, 4/18/2027 †x | SoFi | 4/19/2022 | 37840 | 38412 | 23128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1368534, 8.380%, 1/05/2027 †x◇ | SoFi | 3/17/2022 | 24521 | 24831 | 24632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1369550, 22.280%, 8/06/2027 †x | Best Egg | 6/09/2022 | 28321 | 28321 | 27953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1371012, 10.410%, 1/05/2027 †§x | SoFi | 4/19/2022 | 20257 | 20525 | 20389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1371079, 13.640%, 1/05/2029 †§x | SoFi | 4/19/2022 | 33265 | 34068 | 33968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1371344, 12.950%, 1/07/2028 †x◇ | SoFi | 3/17/2022 | 19880 | 20268 | 20186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1371723, 11.940%, 7/07/2027 †x◇ | SoFi | 3/17/2022 | 41408 | 42080 | 41887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1372418, 11.380%, 1/08/2028 †x◇ | SoFi | 3/17/2022 | 24278 | 24731 | 24635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1372502, 11.380%, 1/08/2028 †x◇ | SoFi | 3/17/2022 | 24272 | 24725 | 24628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1372679, 17.580%, 9/07/2027 †x# | Best Egg | 6/10/2022 | 21057 | 21057 | 20670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1372985, 10.430%, 1/08/2027 †§x | SoFi | 4/19/2022 | 32819 | 33253 | 32934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1373081, 9.180%, 1/08/2027 †§x | SoFi | 3/17/2022 | 33115 | 33542 | 33280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1374073, 14.390%, 1/23/2029 †x◇ | SoFi | 3/17/2022 | 19650 | 20128 | 20163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1374195, 9.430%, 1/11/2027 †§x | SoFi | 4/19/2022 | 33258 | 33696 | 33429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1374373, 13.040%, 1/25/2029 †x◇ | SoFi | 3/17/2022 | 23874 | 24446 | 24297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1374410, 12.440%, 1/11/2029 †§x | SoFi | 3/17/2022 | 29755 | 30457 | 30102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1374768, 13.840%, 1/11/2029 †§x | SoFi | 4/19/2022 | 26453 | 27096 | 26991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375686, 8.130%, 1/12/2027 †x◇ | SoFi | 5/17/2022 | 32583 | 33008 | 32736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1375866, 24.850%, 2/09/2028 †x# | Best Egg | 6/13/2022 | 26985 | 26985 | 26332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1376193, 10.180%, 1/12/2027 †x◇ | SoFi | 3/17/2022 | 25299 | 25628 | 25398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1378306, 11.440%, 1/20/2027 †x◇ | SoFi | 3/17/2022 | 25788 | 26137 | 25982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1378407, 12.340%, 1/14/2029 †x◇ | SoFi | 3/17/2022 | 23836 | 24398 | 24112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1378532, 14.170%, 6/12/2027 †§x | Best Egg | 6/15/2022 | 22505 | 22505 | 21985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1378616, 10.180%, 1/16/2027 †x◇ | SoFi | 3/17/2022 | 33667 | 34112 | 33847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1378684, 14.390%, 1/14/2029 †x◇ | SoFi | 3/17/2022 | 23270 | 23833 | 23446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1379963, 14.090%, 1/20/2029 †x | SoFi | 3/17/2022 | 39150 | 40098 | 39967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380154, 12.340%, 1/14/2029 †x◇ | SoFi | 3/17/2022 | 29703 | 30404 | 30229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1380931, 7.260%, 2/13/2028 †x | Best Egg | 6/16/2022 | 24480 | 24480 | 23842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1383320, 11.680%, 1/19/2027 †x◇ | SoFi | 5/17/2022 | 20325 | 20609 | 20465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1386003, 11.660%, 1/20/2027 †§x | SoFi | 4/19/2022 | 20663 | 20948 | 20862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1388906, 14.200%, 1/25/2028 †x◇ | SoFi | 5/17/2022 | 25296 | 25815 | 25551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1398264, 13.240%, 2/17/2029 †x◇ | SoFi | 5/17/2022 | 26055 | 26697 | 25913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1402379, 13.390%, 2/08/2029 †x◇ | SoFi | 5/17/2022 | 30142 | 30884 | 30875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1405701, 12.880%, 4/11/2028 †x◇ | SoFi | 5/17/2022 | 27565 | 28159 | 28088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1406944, 13.940%, 2/11/2029 †x◇ | SoFi | 5/17/2022 | 24816 | 25407 | 25348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1407768, 15.130%, 11/01/2027 †x | Best Egg | 7/05/2022 | 30691 | 30691 | 29739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1409250, 13.060%, 5/25/2027 †x◇ | SoFi | 5/17/2022 | 38694 | 39265 | 39136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1411935, 9.180%, 2/18/2027 †x◇ | SoFi | 5/17/2022 | 34949 | 35439 | 35189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1412071, 6.710%, 8/26/2027 †§x | Best Egg | 7/08/2022 | 21316 | 21316 | 21041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1412767, 12.680%, 2/19/2028 †x◇ | SoFi | 6/22/2022 | 22946 | 23420 | 23364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1413583, 12.410%, 3/01/2027 †x#◇ | SoFi | 6/22/2022 | 21305 | 21627 | 21503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1413688, 10.660%, 2/19/2027 †x◇ | SoFi | 5/17/2022 | 25035 | 25393 | 25275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1414431, 14.890%, 2/20/2029 †x◇ | SoFi | 6/22/2022 | 24359 | 24982 | 24501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1414687, 13.440%, 2/20/2027 †x◇ | SoFi | 6/22/2022 | 28016 | 28287 | 28266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1414758, 8.470%, 9/06/2027 †x | Best Egg | 7/11/2022 | 23029 | 23029 | 22576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415509, 7.260%, 8/06/2027 †§x | Best Egg | 7/11/2022 | 21378 | 21378 | 20956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415536, 12.160%, 6/21/2027 †x#◇ | SoFi | 5/17/2022 | 25725 | 26150 | 25842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415667, 16.610%, 7/06/2027 †§x | Best Egg | 7/11/2022 | 23953 | 23953 | 23711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1415931, 14.690%, 2/19/2029 †x◇ | SoFi | 6/22/2022 | 31269 | 32059 | 31920 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**3** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1417163, 10.660%, 2/22/2027 †x◇ | SoFi | 5/17/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1418093, 15.150%, 8/10/2027 †§x | Best Egg | 7/13/2022 | 23703 | 23703 | 23110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1419705, 14.090%, 3/05/2029 †x | SoFi | 5/17/2022 | 42096 | 43148 | 42913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1420552, 13.090%, 3/10/2028 †x | Best Egg | 7/13/2022 | 21278 | 21278 | 20950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1421416, 11.640%, 4/11/2027 †x | Best Egg | 7/14/2022 | 27845 | 27845 | 27220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1422490, 7.260%, 8/11/2027 †§x | Best Egg | 7/14/2022 | 21334 | 21334 | 20931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1423369, 12.410%, 3/05/2027 †x◇ | SoFi | 6/22/2022 | 34798 | 35326 | 35062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1424681, 21.950%, 1/12/2028 †x | Best Egg | 7/15/2022 | 23440 | 23440 | 23280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1426332, 13.160%, 8/17/2027 †§x | Best Egg | 7/18/2022 | 23211 | 23211 | 22826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1427183, 8.470%, 7/14/2027 †§x | Best Egg | 7/18/2022 | 20571 | 20571 | 20207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1427275, 8.470%, 7/14/2027 †§x | Best Egg | 7/18/2022 | 21620 | 21620 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1427772, 10.915%, 3/05/2027 †x◇ | SoFi | 7/22/2022 | 28312 | 28739 | 28540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1428202, 25.380%, 3/14/2028 †x# | Best Egg | 7/18/2022 | 23265 | 23265 | 23159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1428288, 8.930%, 3/16/2027 †x◇ | SoFi | 7/22/2022 | 31216 | 31680 | 31397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1428615, 12.535%, 3/05/2027 †x◇ | SoFi | 6/22/2022 | 33758 | 34270 | 33928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1429014, 14.940%, 3/05/2029 †x | SoFi | 6/22/2022 | 38347 | 39324 | 39146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1429786, 9.680%, 3/11/2027 †x◇ | SoFi | 7/22/2022 | 27722 | 28136 | 27884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1429819, 15.640%, 3/05/2029 †x | SoFi | 7/22/2022 | 32251 | 33072 | 33017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1431757, 12.340%, 3/15/2029 †x◇ | SoFi | 7/22/2022 | 30956 | 31729 | 31334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1431810, 8.780%, 8/18/2027 †§x | Best Egg | 7/21/2022 | 21790 | 21790 | 21209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1431989, 14.470%, 3/25/2027 †x◇ | SoFi | 6/22/2022 | 24133 | 24517 | 24442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1432076, 21.480%, 3/18/2028 †x# | Best Egg | 7/21/2022 | 25781 | 25781 | 25161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1432576, 10.180%, 3/15/2027 †x◇ | SoFi | 7/22/2022 | 37384 | 37903 | 37611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1433207, 12.290%, 3/08/2027 †x◇ | SoFi | 6/22/2022 | 21172 | 21493 | 21350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1433509, 9.760%, 8/19/2027 †§x | Best Egg | 7/22/2022 | 22088 | 22088 | 21505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1433643, 14.890%, 3/09/2029 †x | SoFi | 7/22/2022 | 38316 | 39287 | 39361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1433660, 11.440%, 3/07/2027 †x◇ | SoFi | 6/22/2022 | 30410 | 30866 | 30661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1434155, 11.040%, 3/07/2027 †§x | SoFi | 9/15/2022 | 22674 | 22939 | 22768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1435180, 13.290%, 3/10/2027 †x◇ | SoFi | 6/22/2022 | 29304 | 29757 | 29558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1435422, 12.410%, 3/10/2027 †x◇ | SoFi | 6/22/2022 | 23144 | 23497 | 23326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1436622, 10.930%, 3/11/2028 †§x | SoFi | 9/15/2022 | 23012 | 23379 | 23295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1437692, 15.630%, 9/06/2027 †§x | Best Egg | 7/27/2022 | 25000 | 25000 | 24802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1442643, 9.760%, 9/01/2027 †§x | Best Egg | 7/29/2022 | 23051 | 23051 | 22412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1442927, 13.690%, 3/15/2029 †x◇ | SoFi | 7/29/2022 | 26908 | 27591 | 27426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1443131, 17.090%, 6/01/2028 †x# | Best Egg | 7/29/2022 | 30476 | 30476 | 28945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1443876, 10.740%, 9/14/2027 †§x | Best Egg | 8/01/2022 | 23534 | 23534 | 22889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1444346, 8.470%, 9/01/2027 †§x | Best Egg | 8/01/2022 | 22629 | 22629 | 22183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1444693, 21.490%, 10/24/2027 †§x | Best Egg | 8/01/2022 | 21990 | 21990 | 21703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1444711, 15.130%, 2/01/2028 †x | Best Egg | 8/01/2022 | 30251 | 30251 | 29487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1445020, 7.980%, 9/01/2027 †§x | Best Egg | 8/01/2022 | 22475 | 22475 | 22183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1445641, 21.950%, 2/01/2028 †x | Best Egg | 8/01/2022 | 23808 | 23808 | 23438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1446383, 12.590%, 3/15/2029 †x◇ | SoFi | 7/22/2022 | 21683 | 22226 | 21951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1455761, 14.290%, 3/24/2029 †x | SoFi | 6/22/2022 | 38002 | 38969 | 38950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1465432, 12.340%, 4/05/2029 †x◇ | SoFi | 6/22/2022 | 31446 | 32231 | 31836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1487892, 11.780%, 5/05/2028 †§x | SoFi | 9/15/2022 | 32836 | 33382 | 33261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1493171, 22.460%, 7/05/2028 †x | Best Egg | 9/08/2022 | 25917 | 25917 | 25255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1495909, 8.470%, 9/06/2027 †§x | Best Egg | 9/09/2022 | 23406 | 23406 | 23132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1496591, 9.450%, 9/06/2027 †§x | Best Egg | 9/09/2022 | 22714 | 22714 | 22451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1501859, 27.250%, 5/11/2028 †x# | Best Egg | 9/14/2022 | 26708 | 26708 | 26202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1502408, 11.820%, 5/10/2027 †§x | SoFi | 9/15/2022 | 37666 | 38143 | 37995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1503147, 8.930%, 5/10/2027 †§x | SoFi | 9/15/2022 | 40160 | 40651 | 40409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1504871, 8.930%, 5/12/2027 †x◇ | SoFi | 7/22/2022 | 38281 | 38864 | 38543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1508157, 16.610%, 9/13/2027 †§x | Best Egg | 9/16/2022 | 25858 | 25858 | 25734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1508252, 13.315%, 5/15/2029 †§x | SoFi | 9/15/2022 | 22693 | 23139 | 23200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1509479, 15.390%, 5/16/2029 †§x | SoFi | 9/15/2022 | 33216 | 33885 | 34092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1511875, 13.340%, 5/17/2029 †§x | SoFi | 9/15/2022 | 27220 | 27756 | 27620 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**4** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1512111, 21.490%, 2/15/2028 †x | Best Egg | 9/19/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1515480, 11.810%, 5/15/2027 †§x | SoFi | 9/15/2022 | 25047 | 25367 | 25334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1515864, 8.130%, 9/18/2027 †§x | Best Egg | 9/21/2022 | 23283 | 23283 | 23161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1527129, 15.390%, 6/05/2029 †§x | SoFi | 9/15/2022 | 33807 | 34493 | 34699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1528954, 10.180%, 6/05/2027 †§x | SoFi | 9/15/2022 | 31997 | 32405 | 32200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1529150, 14.790%, 6/05/2029 †§x | SoFi | 9/15/2022 | 22638 | 23094 | 23293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1534376, 11.590%, 6/07/2029 †§x | SoFi | 9/15/2022 | 32264 | 32891 | 33199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1538657, 10.130%, 6/10/2028 †§x | SoFi | 9/15/2022 | 21906 | 22270 | 22222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1540448, 23.880%, 6/06/2028 †x# | Best Egg | 10/11/2022 | 43732 | 43732 | 43274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1541161, 10.730%, 6/14/2026 †§x | SoFi | 9/15/2022 | 21972 | 22130 | 22098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1541955, 13.670%, 10/10/2027 †§x | Best Egg | 10/13/2022 | 20637 | 20637 | 20530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1542628, 13.190%, 6/15/2029 †§x | SoFi | 9/15/2022 | 26322 | 26845 | 26923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1543046, 13.940%, 6/16/2029 †§x# | SoFi | 9/15/2022 | 41742 | 42584 | 42918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1544256, 12.940%, 6/15/2029 †§x | SoFi | 9/15/2022 | 33068 | 33716 | 33889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1545891, 0.000%, 3/10/2028 †x | Best Egg | 10/13/2022 | 28683 | 28683 | 22661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1547043, 12.890%, 6/21/2028 †§x | SoFi | 9/15/2022 | 28421 | 28897 | 29107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1547968, 11.840%, 6/21/2029 †§x | SoFi | 9/15/2022 | 38825 | 39585 | 39834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1548008, 14.350%, 6/21/2028 †§x | SoFi | 9/15/2022 | 20229 | 20584 | 20792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1550055, 16.120%, 11/15/2027 †§x | Best Egg | 10/17/2022 | 26658 | 26658 | 26537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1551491, 12.940%, 6/22/2029 †§x | SoFi | 9/15/2022 | 30926 | 31539 | 31688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1552214, 8.470%, 10/16/2027 †§x | Best Egg | 10/19/2022 | 24266 | 24266 | 24060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1553033, 10.130%, 6/25/2028 †§x | SoFi | 9/15/2022 | 33660 | 34222 | 34098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1554745, 9.840%, 6/24/2026 †§x | SoFi | 9/15/2022 | 24189 | 24366 | 24267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1555817, 11.290%, 6/24/2027 †§x | SoFi | 9/15/2022 | 28171 | 28533 | 28511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1557889, 20.000%, 10/19/2027 †§x | Best Egg | 10/24/2022 | 22195 | 22195 | 22285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1558195, 16.120%, 11/19/2027 †x# | Best Egg | 10/24/2022 | 27593 | 27593 | 27242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1559172, 23.880%, 10/20/2027 †§x | Best Egg | 10/24/2022 | 20215 | 20215 | 20330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1563373, 15.060%, 7/05/2027 †§x | SoFi | 9/15/2022 | 21350 | 21647 | 21555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1572223, 11.630%, 7/08/2028 †§x | SoFi | 10/21/2022 | 22894 | 23291 | 23235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1573185, 16.170%, 7/01/2027 †x | SoFi | 10/21/2022 | 22100 | 22416 | 22285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1573397, 13.310%, 7/08/2027 †§x | SoFi | 10/21/2022 | 23321 | 23626 | 23572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1573726, 8.470%, 11/01/2027 †§x | Best Egg | 11/04/2022 | 24604 | 24604 | 24355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1574214, 17.190%, 7/25/2029 †x | SoFi | 10/21/2022 | 29888 | 30529 | 30660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575045, 11.780%, 7/11/2028 †§x | SoFi | 10/21/2022 | 25806 | 26254 | 26383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575654, 13.060%, 7/11/2027 †§x | SoFi | 10/21/2022 | 23074 | 23394 | 23305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1576084, 11.290%, 7/15/2029 †§x | SoFi | 10/21/2022 | 28369 | 28930 | 28733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1576405, 5.750%, 7/11/2027 †x | SoFi | 10/21/2022 | 20703 | 20965 | 20891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1577950, 11.180%, 7/12/2027 †§x | SoFi | 10/21/2022 | 27012 | 27378 | 27208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1578216, 11.040%, 7/12/2027 †§x | SoFi | 10/21/2022 | 26690 | 27052 | 26969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1578260, 12.060%, 7/12/2027 †§x | SoFi | 10/21/2022 | 41038 | 41602 | 41557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1578595, 11.590%, 7/13/2029 †§x | SoFi | 10/21/2022 | 36094 | 36811 | 36573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1579136, 12.980%, 8/13/2026 †§x | SoFi | 10/21/2022 | 30050 | 30317 | 30327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1579290, 11.730%, 7/13/2026 †§x | SoFi | 10/21/2022 | 26315 | 26457 | 26479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1579705, 10.180%, 7/18/2027 †§x | SoFi | 10/21/2022 | 44585 | 45188 | 44910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1579763, 14.940%, 7/13/2029 †x | SoFi | 10/21/2022 | 27297 | 27859 | 27847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580010, 8.250%, 11/06/2027 †§x | Best Egg | 11/09/2022 | 25038 | 25038 | 24794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580161, 14.310%, 7/14/2027 †x | SoFi | 10/21/2022 | 24387 | 24732 | 24639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580267, 12.900%, 7/14/2029 †§x | SoFi | 10/21/2022 | 33333 | 34005 | 34102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580450, 19.030%, 2/24/2028 †§x# | Best Egg | 11/10/2022 | 29518 | 29518 | 29415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1581366, 9.760%, 11/07/2027 †§x | Best Egg | 11/10/2022 | 25500 | 25500 | 25247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1581758, 10.010%, 7/15/2027 †§x | SoFi | 10/21/2022 | 32043 | 32472 | 32385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1582571, 16.940%, 7/15/2029 †x | SoFi | 10/21/2022 | 37668 | 38460 | 38436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1583104, 15.390%, 7/18/2029 †x | SoFi | 10/21/2022 | 32236 | 32903 | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1583545, 20.000%, 11/09/2027 †§x | Best Egg | 11/14/2022 | 19996 | 19996 | 20033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1584262, 15.790%, 7/18/2029 †x | SoFi | 10/21/2022 | 33999 | 34707 | 35141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1586297, 13.160%, 7/19/2029 †§x | SoFi | 10/21/2022 | 20059 | 20465 | 20652 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**5** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1589292, 13.440%, 7/21/2029 †§x | SoFi | 10/21/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 159786793, 22.540%, 5/01/2027 †x# | Upgrade | 5/02/2022 | 24630 | 24630 | 21380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 162981378, 16.260%, 5/16/2027 †x# | Upgrade | 5/19/2022 | 32462 | 32462 | 29962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1646720, 9.760%, 1/05/2028 †§x | Best Egg | 1/09/2023 | 20381 | 20381 | 20167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1650228, 16.120%, 1/09/2027 †§x | Best Egg | 1/12/2023 | 21415 | 21415 | 21874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1662055, 8.470%, 1/18/2028 †§x | Best Egg | 1/23/2023 | 26782 | 26782 | 26630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1668555, 9.010%, 1/24/2028 †§x | Best Egg | 1/27/2023 | 23135 | 23135 | 23017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1672460, 20.980%, 2/07/2028 †§x | Best Egg | 1/30/2023 | 28306 | 28306 | 28464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1675978, 22.910%, 10/01/2028 †x# | Best Egg | 2/02/2023 | 20040 | 20040 | 20225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1676779, 20.970%, 6/01/2028 †x# | Best Egg | 2/02/2023 | 23357 | 23357 | 23681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1780930, 16.120%, 6/20/2028 †§x | Best Egg | 5/03/2023 | 20036 | 20036 | 20483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1784404, 10.280%, 6/15/2028 †§x | Best Egg | 5/04/2023 | 21598 | 21598 | 22127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1784472, 19.830%, 6/15/2028 †§x | Best Egg | 5/04/2023 | 23093 | 23093 | 23337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1785743, 10.740%, 8/01/2028 †x | Best Egg | 5/04/2023 | 21774 | 21774 | 22510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1788022, 5.900%, 11/21/2029 †x | Best Egg | 5/08/2023 | 20665 | 20665 | 20514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1792164, 18.080%, 6/16/2027 †§x | Best Egg | 5/10/2023 | 19699 | 19699 | 20209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 179367175, 16.840%, 8/25/2027 †§x | Upgrade | 8/15/2022 | 20354 | 20354 | 20676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1795014, 12.730%, 9/08/2028 †x# | Best Egg | 5/11/2023 | 21840 | 21840 | 22255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1799392, 12.700%, 6/11/2028 †§x | Best Egg | 5/15/2023 | 22258 | 22258 | 22821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1801076, 16.610%, 6/14/2028 †§x | Best Egg | 5/17/2023 | 25337 | 25337 | 25952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180542943, 19.740%, 8/26/2027 †§x | Upgrade | 8/15/2022 | 20331 | 20331 | 20679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1814112, 8.130%, 6/22/2028 †§x | Best Egg | 5/25/2023 | 21419 | 21419 | 21724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1814160, 14.710%, 6/22/2028 †§x | Best Egg | 5/25/2023 | 31936 | 31936 | 32775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1817488, 17.090%, 7/23/2028 †x | Best Egg | 5/26/2023 | 35471 | 35471 | 36304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1821595, 21.000%, 6/25/2028 †§x | Best Egg | 5/30/2023 | 19956 | 19956 | 20415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1823103, 20.980%, 7/01/2028 †§x | Best Egg | 6/01/2023 | 24200 | 24200 | 24542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 182381840, 15.000%, 1/13/2028 †x# | Lending Club | 11/02/2021 | 21859 | 21859 | 20364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1824791, 15.630%, 8/01/2028 †x | Best Egg | 6/01/2023 | 21990 | 21990 | 22193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1826559, 17.560%, 8/01/2028 †x | Best Egg | 6/02/2023 | 38134 | 38134 | 38417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1826960, 16.610%, 7/16/2028 †§x | Best Egg | 6/02/2023 | 25337 | 25337 | 25738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1827960, 9.670%, 7/01/2028 †§x | Best Egg | 6/05/2023 | 31261 | 31261 | 31815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 182838607, 23.570%, 8/23/2027 †x | Upgrade | 8/26/2022 | 21182 | 21182 | 20131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1829518, 22.430%, 10/01/2028 †x# | Best Egg | 6/05/2023 | 29543 | 29543 | 29833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1830490, 11.200%, 7/01/2028 †§x | Best Egg | 6/05/2023 | 31693 | 31693 | 32242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1830546, 11.200%, 7/01/2028 †§x | Best Egg | 6/05/2023 | 31693 | 31693 | 32242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1830973, 19.530%, 7/01/2028 †§x | Best Egg | 6/05/2023 | 20433 | 20433 | 20680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1831425, 19.030%, 7/04/2028 †§x | Best Egg | 6/07/2023 | 33908 | 33908 | 34390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1831593, 10.590%, 8/04/2027 †x# | Best Egg | 6/07/2023 | 27627 | 27627 | 27913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1833221, 15.460%, 7/04/2028 †§x | Best Egg | 6/07/2023 | 32914 | 32914 | 33402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1834666, 21.390%, 7/05/2028 †§x | Best Egg | 6/08/2023 | 22529 | 22529 | 22812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1835301, 24.370%, 8/25/2028 †§x | Best Egg | 6/08/2023 | 21864 | 21864 | 22177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1837147, 11.200%, 7/06/2028 †§x | Best Egg | 6/09/2023 | 25354 | 25354 | 25651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1837260, 8.130%, 7/26/2028 †§x | Best Egg | 6/09/2023 | 24837 | 24837 | 25185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1840497, 9.130%, 6/15/2028 †§x | Best Egg | 6/12/2023 | 30511 | 30511 | 30925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1843025, 11.650%, 7/11/2028 †§x | Best Egg | 6/14/2023 | 26243 | 26243 | 26733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1846267, 17.090%, 7/12/2028 †x | Best Egg | 6/15/2023 | 22047 | 22047 | 22288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1846469, 20.980%, 7/15/2028 †§x | Best Egg | 6/16/2023 | 24165 | 24165 | 24427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1849340, 8.440%, 7/14/2027 †§x | Best Egg | 6/20/2023 | 20414 | 20414 | 20691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1850338, 16.920%, 12/14/2028 †x | Best Egg | 6/20/2023 | 22132 | 22132 | 22406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1851065, 11.420%, 7/15/2028 †§x | Best Egg | 6/20/2023 | 26324 | 26324 | 26833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1852973, 20.800%, 7/19/2028 †§x | Best Egg | 6/22/2023 | 26824 | 26824 | 27361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1853896, 16.120%, 7/19/2028 †§x | Best Egg | 6/22/2023 | 23170 | 23170 | 23482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1857638, 11.200%, 6/20/2028 †§x | Best Egg | 6/23/2023 | 28069 | 28069 | 28418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1859505, 0.000%, 12/21/2028 †x | Best Egg | 6/26/2023 | 42402 | 42402 | 36600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1859516, 16.920%, 7/21/2028 †§x | Best Egg | 6/26/2023 | 19994 | 19994 | 20298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1861714, 23.400%, 11/22/2028 †x | Best Egg | 6/26/2023 | 21312 | 21312 | 21483 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**6** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1862762, 11.420%, 7/25/2028 †§x | Best Egg | 6/28/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 186671198, 13.490%, 12/31/2027 †x | Lending Club | 3/02/2022 | 20534 | 20534 | 20158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1866892, 11.420%, 8/19/2028 †§x | Best Egg | 6/30/2023 | 32985 | 32985 | 33558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1866898, 14.170%, 12/01/2028 †x | Best Egg | 6/30/2023 | 40127 | 40127 | 40527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1867940, 9.130%, 9/15/2028 †§x# | Best Egg | 6/30/2023 | 26477 | 26477 | 26861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1868312, 12.700%, 8/15/2028 †§x | Best Egg | 7/03/2023 | 27338 | 27338 | 27752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187009719, 24.240%, 9/23/2027 †x# | Upgrade | 9/26/2022 | 30656 | 30359 | 23939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1871434, 5.840%, 8/01/2027 †§x | Best Egg | 7/03/2023 | 25435 | 25435 | 25737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1872453, 10.280%, 8/02/2028 †§x | Best Egg | 7/05/2023 | 29004 | 29004 | 29327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1873128, 18.990%, 8/02/2028 †§x | Best Egg | 7/05/2023 | 32942 | 32942 | 33430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1874568, 20.940%, 8/04/2028 †§x | Best Egg | 7/07/2023 | 35184 | 35184 | 35720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1874759, 13.210%, 8/04/2028 †§x | Best Egg | 7/07/2023 | 28748 | 28748 | 29226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187625948, 19.900%, 9/29/2027 †x# | Upgrade | 9/29/2022 | 32769 | 32589 | 24394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1876329, 10.580%, 11/04/2028 †x | Best Egg | 7/07/2023 | 19748 | 19748 | 20010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187663936, 20.490%, 11/30/2027 †x#◇ | Lending Club | 3/29/2022 | 22545 | 22545 | 22311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1881502, 16.860%, 4/05/2027 †§x | SoFi | 6/29/2023 | 29961 | 30303 | 30474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1882525, 13.950%, 4/05/2030 †§x | SoFi | 6/29/2023 | 22902 | 23308 | 23250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1883783, 12.700%, 8/22/2028 †§x | Best Egg | 7/13/2023 | 26550 | 26550 | 26995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1885364, 11.820%, 4/05/2027 †§x | SoFi | 6/29/2023 | 21355 | 21587 | 21503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1886392, 13.390%, 9/11/2028 †x | Best Egg | 7/14/2023 | 22005 | 22005 | 22299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1887264, 7.800%, 8/12/2028 †§x | Best Egg | 7/17/2023 | 31503 | 31503 | 32128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1887276, 12.070%, 4/06/2027 †§x | SoFi | 6/29/2023 | 21413 | 21645 | 21585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1888212, 11.650%, 7/12/2028 †§x | Best Egg | 7/17/2023 | 31320 | 31320 | 31826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1889340, 15.970%, 4/15/2027 †§x | SoFi | 6/29/2023 | 29657 | 29998 | 30136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1890054, 18.060%, 8/13/2028 †§x | Best Egg | 7/17/2023 | 22367 | 22367 | 22623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1891319, 15.410%, 4/11/2029 †§x | SoFi | 6/29/2023 | 46512 | 47283 | 47489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1891566, 14.140%, 4/25/2028 †§x | SoFi | 6/29/2023 | 20377 | 20674 | 20531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1893643, 17.580%, 8/17/2028 †§x | Best Egg | 7/20/2023 | 34280 | 34280 | 34948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1893699, 19.230%, 9/17/2026 †x# | Best Egg | 7/20/2023 | 20307 | 20307 | 20502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 189425018, 23.260%, 10/21/2027 †x | Upgrade | 10/11/2022 | 28227 | 28145 | 28807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1894619, 11.650%, 8/22/2028 †§x | Best Egg | 7/20/2023 | 20910 | 20910 | 21273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1894966, 14.210%, 4/12/2028 †§x | SoFi | 6/29/2023 | 25258 | 25624 | 25356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1895631, 17.280%, 7/18/2027 †§x | Best Egg | 7/21/2023 | 25291 | 25291 | 25617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 189584183, 15.190%, 1/17/2028 †x | Lending Club | 5/19/2022 | 22413 | 22413 | 22349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 189595350, 15.190%, 12/20/2027 †x#◇ | Lending Club | 5/24/2022 | 23100 | 23100 | 22666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 189614103, 23.540%, 10/06/2027 †x# | Upgrade | 10/11/2022 | 32672 | 32483 | 30750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1898447, 17.210%, 4/14/2028 †§x# | SoFi | 6/29/2023 | 49472 | 50211 | 29402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1898901, 11.250%, 9/01/2028 †§x | Best Egg | 7/24/2023 | 25901 | 25901 | 26286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1899026, 16.750%, 4/15/2030 †§x | SoFi | 6/29/2023 | 21179 | 21556 | 21336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190000212, 22.490%, 6/16/2027 †x◇ | Lending Club | 6/21/2022 | 19968 | 19968 | 20105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1901076, 12.990%, 4/18/2030 †§x | SoFi | 6/29/2023 | 26638 | 27108 | 27051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1902557, 25.150%, 7/23/2028 †§x | Best Egg | 7/26/2023 | 28617 | 28617 | 29186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1902707, 5.900%, 3/27/2029 †x# | Best Egg | 7/26/2023 | 33117 | 33117 | 30302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1903702, 17.970%, 4/19/2028 †§x | SoFi | 6/29/2023 | 28800 | 29235 | 29466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1904305, 14.210%, 4/19/2028 †§x | SoFi | 6/29/2023 | 37198 | 37738 | 37683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1904497, 12.450%, 4/19/2028 †§x | SoFi | 6/29/2023 | 24361 | 24709 | 24642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1906397, 10.440%, 8/25/2028 †§x | Best Egg | 7/28/2023 | 32271 | 32271 | 32878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190654059, 10.690%, 10/18/2027 †§x | Upgrade | 10/14/2022 | 25073 | 24947 | 25153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190685808, 21.490%, 3/25/2028 †x◇ | Lending Club | 7/20/2022 | 22284 | 22284 | 22105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1907435, 13.560%, 4/21/2028 †§x | SoFi | 6/29/2023 | 36981 | 37494 | 37576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1907919, 13.135%, 4/21/2028 †§x | SoFi | 6/29/2023 | 42963 | 43567 | 43644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1908255, 5.900%, 7/17/2029 †x | Best Egg | 7/31/2023 | 32973 | 32973 | 29302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1908892, 17.810%, 4/01/2029 †x# | Best Egg | 7/31/2023 | 24819 | 24819 | 25139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1908993, 18.060%, 8/01/2028 †§x | Best Egg | 7/31/2023 | 20132 | 20132 | 20394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1909597, 10.210%, 9/01/2028 †§x | Best Egg | 7/31/2023 | 33067 | 33067 | 33426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1909727, 14.750%, 4/23/2030 †§x | SoFi | 6/29/2023 | 38643 | 39322 | 39256 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**7** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 191010191, 10.690%, 10/12/2027 †§x | Upgrade | 10/17/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1910154, 23.300%, 11/01/2028 †x# | Best Egg | 7/31/2023 | 23216 | 23216 | 23413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1910785, 13.870%, 4/25/2029 †§x | SoFi | 6/29/2023 | 21163 | 21510 | 21658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1910968, 11.110%, 9/01/2028 †§x | Best Egg | 8/02/2023 | 19964 | 19964 | 20175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1911148, 11.040%, 9/01/2028 †§x | Best Egg | 8/02/2023 | 26603 | 26603 | 26812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1911601, 10.510%, 10/01/2028 †x | Best Egg | 8/02/2023 | 35636 | 35636 | 35968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191165370, 13.690%, 12/17/2027 †x◇ | Lending Club | 7/08/2022 | 21550 | 21550 | 21467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1911866, 14.720%, 4/25/2027 †§x | SoFi | 6/29/2023 | 36651 | 37070 | 36954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1912410, 12.200%, 4/25/2028 †§x | SoFi | 6/29/2023 | 36483 | 37004 | 36911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1913231, 12.700%, 9/01/2028 †§x | Best Egg | 8/02/2023 | 24847 | 24847 | 25098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191337969, 15.740%, 4/12/2028 †x | Lending Club | 7/14/2022 | 21818 | 21818 | 21491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191389185, 18.240%, 7/25/2027 †x | Lending Club | 7/14/2022 | 19939 | 19939 | 20089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191413668, 15.600%, 10/15/2027 †§x | Upgrade | 10/14/2022 | 26542 | 26397 | 26642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191521611, 24.990%, 2/19/2028 †x | Lending Club | 7/21/2022 | 20212 | 20036 | 20656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191554268, 22.240%, 10/26/2027 †§x | Upgrade | 10/14/2022 | 21989 | 21862 | 22596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191664104, 13.640%, 10/11/2027 †§x | Upgrade | 10/14/2022 | 25869 | 25733 | 26004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191753527, 15.600%, 10/26/2027 †§x | Upgrade | 10/14/2022 | 22835 | 22707 | 22926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191879984, 19.190%, 7/26/2027 †x | Lending Club | 7/28/2022 | 19917 | 19917 | 20113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191898021, 13.650%, 10/01/2027 †§x | Upgrade | 10/14/2022 | 20480 | 20373 | 20492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 192113332, 9.600%, 10/12/2027 †§x | Upgrade | 10/17/2022 | 21466 | 21358 | 21532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1921881, 16.960%, 5/16/2028 †§x | SoFi | 6/29/2023 | 26554 | 26948 | 27050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1922579, 13.750%, 10/16/2027 †x | Prosper | 9/22/2022 | 27713 | 27664 | 21160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1924030, 13.810%, 5/05/2028 †§x | SoFi | 6/29/2023 | 30626 | 31072 | 31079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1926266, 15.470%, 5/05/2027 †§x | SoFi | 6/29/2023 | 51063 | 51657 | 51561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1927583, 15.850%, 5/05/2030 †§x | SoFi | 6/29/2023 | 37091 | 37762 | 37664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1929567, 13.410%, 5/05/2028 †§x | SoFi | 6/29/2023 | 25241 | 25608 | 25624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193054671, 17.690%, 10/11/2027 †x | Lending Club | 10/13/2022 | 21661 | 21545 | 21725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193143398, 13.190%, 9/14/2027 †x | Lending Club | 9/06/2022 | 20169 | 20169 | 20328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1932844, 15.560%, 6/07/2028 †§x# | SoFi | 6/29/2023 | 23197 | 23547 | 23637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1933022, 11.640%, 5/08/2027 †§x | SoFi | 6/29/2023 | 24747 | 25024 | 24919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1934891, 11.680%, 5/10/2027 †§x | SoFi | 6/29/2023 | 27242 | 27546 | 27438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1936062, 15.170%, 5/10/2029 †§x | SoFi | 6/29/2023 | 41128 | 41804 | 42059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193638270, 14.690%, 10/03/2027 †x | Lending Club | 9/21/2022 | 20215 | 20112 | 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193642178, 15.440%, 9/19/2027 †x | Lending Club | 9/21/2022 | 20429 | 20325 | 20642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1937007, 14.410%, 5/11/2028 †§x | SoFi | 6/29/2023 | 25474 | 25848 | 25868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193921342, 15.190%, 10/05/2027 †x | Lending Club | 10/03/2022 | 20681 | 20574 | 20692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 193970181, 24.490%, 3/28/2028 †x# | Lending Club | 9/30/2022 | 20738 | 20531 | 20956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1940449, 14.060%, 5/15/2028 †§x | SoFi | 6/29/2023 | 29836 | 30274 | 30305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194062233, 20.490%, 9/23/2027 †x | Lending Club | 9/30/2022 | 20254 | 20104 | 20439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194080164, 12.940%, 9/29/2027 †x | Lending Club | 10/03/2022 | 19823 | 19724 | 20192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194085204, 25.990%, 9/29/2027 †x | Lending Club | 10/03/2022 | 23145 | 23037 | 23364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1941775, 18.220%, 5/15/2028 †§x | SoFi | 6/29/2023 | 19759 | 20059 | 20132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194234589, 5.000%, 10/17/2028 †x | Lending Club | 10/06/2022 | 26894 | 26625 | 26567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194359872, 12.840%, 10/11/2027 †x | Lending Club | 10/13/2022 | 20487 | 20384 | 20214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194384072, 19.940%, 10/12/2027 †x | Lending Club | 10/13/2022 | 22219 | 22098 | 22296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194505392, 9.594%, 11/07/2027 †x | Lending Club | 11/09/2022 | 20372 | 20269 | 20097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194584205, 24.990%, 10/17/2027 †x | Lending Club | 10/19/2022 | 20460 | 20342 | 20800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194740833, 16.687%, 10/24/2027 †x | Lending Club | 10/26/2022 | 20951 | 20833 | 21051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194807841, 15.940%, 11/21/2027 †x | Lending Club | 11/23/2022 | 21920 | 21800 | 22066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1948262, 23.630%, 7/31/2028 †x# | Prosper | 10/20/2022 | 20941 | 20836 | 21908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194858149, 5.000%, 10/31/2028 †x# | Lending Club | 10/25/2022 | 23744 | 23517 | 23274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194872126, 18.940%, 10/30/2027 †x | Lending Club | 10/26/2022 | 22971 | 22747 | 22833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194970141, 15.240%, 10/25/2027 †x | Lending Club | 10/27/2022 | 21070 | 20958 | 21009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 195250187, 15.440%, 11/07/2027 †x | Lending Club | 11/09/2022 | 21799 | 21681 | 21886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 195500881, 25.690%, 11/14/2027 †x | Lending Club | 11/16/2022 | 24217 | 24071 | 24619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1955291, 23.480%, 11/01/2027 †§x# | Prosper | 10/27/2022 | 19153 | 19093 | 20093 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**8** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 195761005, 18.690%, 11/21/2027 †x | Lending Club | 11/23/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1958448, 6.820%, 10/06/2027 †§x | Best Egg | 9/05/2023 | 27475 | 27475 | 27844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1958716, 20.980%, 10/01/2028 †§x | Best Egg | 9/05/2023 | 21975 | 21975 | 22370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 195876495, 24.990%, 6/29/2028 †x | Lending Club | 12/01/2022 | 24465 | 24224 | 24021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1958796, 10.440%, 10/01/2028 †§x | Best Egg | 9/05/2023 | 33833 | 33833 | 34060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1958940, 17.060%, 10/17/2028 †§x | Best Egg | 9/07/2023 | 35962 | 35962 | 36803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1959231, 10.440%, 10/16/2028 †§x | Best Egg | 9/07/2023 | 28199 | 28199 | 28643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1959952, 22.870%, 11/04/2028 †x# | Best Egg | 9/07/2023 | 37788 | 37788 | 38682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1960743, 19.520%, 9/04/2028 †§x | Best Egg | 9/07/2023 | 21730 | 21730 | 22129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1961001, 9.230%, 9/04/2028 †§x | Best Egg | 9/07/2023 | 23437 | 23437 | 23612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196134389, 21.440%, 12/20/2027 †x#◇ | Lending Club | 12/22/2022 | 20683 | 20420 | 20387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1961446, 12.180%, 11/04/2028 †x# | Best Egg | 9/07/2023 | 24347 | 24347 | 24586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1962658, 11.950%, 9/05/2028 †§x | Best Egg | 9/08/2023 | 31463 | 31463 | 31789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196283402, 16.490%, 12/19/2027 †x◇ | Lending Club | 12/21/2022 | 22730 | 22562 | 22453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1963218, 16.670%, 10/05/2026 †x | Best Egg | 9/08/2023 | 20951 | 20951 | 21196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1963329, 17.100%, 9/05/2027 †§x | Best Egg | 9/08/2023 | 20264 | 20264 | 20651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196470436, 14.990%, 12/21/2027 †x | Lending Club | 12/21/2022 | 21269 | 21114 | 21020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1964851, 12.640%, 9/06/2028 †§x | Best Egg | 9/11/2023 | 32639 | 32639 | 32939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196544797, 22.490%, 12/30/2027 †x◇ | Lending Club | 12/22/2022 | 22626 | 22397 | 22402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196590744, 13.490%, 12/05/2027 †x#◇ | Lending Club | 12/23/2022 | 22951 | 22787 | 22491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196651144, 11.740%, 12/22/2027 †x◇ | Lending Club | 12/27/2022 | 21572 | 21420 | 21268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196709729, 25.990%, 12/28/2027 †x◇ | Lending Club | 12/30/2022 | 24942 | 24739 | 25427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1967184, 17.560%, 10/25/2028 †§x | Best Egg | 9/13/2023 | 20175 | 20175 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1967447, 24.260%, 9/10/2028 †§x | Best Egg | 9/13/2023 | 37383 | 37383 | 38109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196748825, 17.190%, 12/28/2027 †x◇ | Lending Club | 12/30/2022 | 22891 | 22719 | 23011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196764961, 24.740%, 1/15/2028 †x | Lending Club | 1/06/2023 | 22413 | 22169 | 22775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196770196, 10.090%, 12/29/2027 †x◇ | Lending Club | 1/03/2023 | 20638 | 20495 | 20356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196772360, 25.490%, 1/17/2028 †x◇ | Lending Club | 1/19/2023 | 22283 | 22034 | 22914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196807288, 22.740%, 4/11/2029 †x◇ | Lending Club | 1/06/2023 | 21898 | 21515 | 21725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1968236, 7.360%, 10/15/2028 †§x | Best Egg | 9/13/2023 | 26412 | 26412 | 26676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196849897, 21.940%, 1/04/2028 †x◇ | Lending Club | 1/06/2023 | 22506 | 22268 | 22226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1968554, 5.900%, 3/11/2030 †x# | Best Egg | 9/13/2023 | 25170 | 25170 | 20951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196890231, 16.690%, 1/05/2028 †x◇ | Lending Club | 1/09/2023 | 23443 | 23160 | 23543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196922476, 16.740%, 1/20/2028 †x◇ | Lending Club | 1/11/2023 | 20701 | 20488 | 21022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196936263, 17.689%, 1/12/2028 †x◇ | Lending Club | 1/10/2023 | 23812 | 23563 | 23937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196961128, 20.740%, 11/25/2028 †x# | Lending Club | 1/12/2023 | 21698 | 21354 | 21836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196972662, 12.490%, 1/15/2028 †x◇ | Lending Club | 1/11/2023 | 22536 | 22314 | 22266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1970086, 15.150%, 10/22/2028 †§x | Best Egg | 9/14/2023 | 22555 | 22555 | 23084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197087547, 25.990%, 1/10/2028 †x | Lending Club | 1/12/2023 | 19829 | 19608 | 20311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1971091, 18.330%, 11/07/2027 †§x | Prosper | 11/09/2022 | 20825 | 20762 | 20662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1971492, 15.780%, 11/07/2027 †§x | Prosper | 11/09/2022 | 21352 | 21290 | 20747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1971565, 18.330%, 11/08/2027 †§x | Prosper | 11/10/2022 | 20806 | 20744 | 20656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1971886, 19.230%, 12/01/2027 †§x# | Prosper | 11/10/2022 | 22314 | 22253 | 22111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1971894, 18.180%, 11/08/2027 †§x | Prosper | 11/10/2022 | 20530 | 20470 | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1972641, 20.900%, 1/13/2027 †x | Best Egg | 9/18/2023 | 23045 | 23045 | 23260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1972805, 13.200%, 9/13/2028 †§x | Best Egg | 9/18/2023 | 34567 | 34567 | 34928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197300538, 18.690%, 1/17/2028 †x | Lending Club | 1/19/2023 | 24046 | 23798 | 24438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1973090, 19.090%, 9/13/2028 †§x | Best Egg | 9/18/2023 | 28887 | 28887 | 29597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1973207, 8.330%, 9/13/2028 †§x | Best Egg | 9/18/2023 | 23261 | 23261 | 23491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1973457, 19.910%, 1/13/2028 †x | Best Egg | 9/18/2023 | 38531 | 38531 | 39566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197376232, 16.490%, 1/25/2028 †x◇ | Lending Club | 1/27/2023 | 23385 | 23145 | 23319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197412111, 24.990%, 1/19/2028 †x | Lending Club | 1/23/2023 | 22205 | 21817 | 22747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1974259, 10.440%, 9/14/2028 †§x | Best Egg | 9/18/2023 | 28031 | 28031 | 28364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1974703, 10.460%, 10/26/2027 †§x | Best Egg | 9/18/2023 | 28742 | 28742 | 29297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1975103, 11.020%, 9/14/2028 †§x | Best Egg | 9/18/2023 | 33979 | 33979 | 34352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1975451, 16.510%, 9/17/2027 †x | Best Egg | 9/20/2023 | 22544 | 22544 | 22955 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**9** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 197606485, 15.190%, 1/25/2028 †x | Lending Club | 1/27/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1976173, 10.740%, 3/17/2029 †x# | Best Egg | 9/20/2023 | 43880 | 43880 | 44364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1976307, 11.950%, 9/17/2028 †§x | Best Egg | 9/20/2023 | 22937 | 22937 | 23211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197704496, 11.490%, 2/21/2028 †x◇ | Lending Club | 2/23/2023 | 22839 | 22609 | 22764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1977180, 15.150%, 9/17/2028 †§x | Best Egg | 9/20/2023 | 35032 | 35032 | 35402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197719197, 16.740%, 2/21/2028 †x◇ | Lending Club | 2/23/2023 | 20242 | 20027 | 20147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1977577, 7.360%, 9/17/2028 †§x | Best Egg | 9/20/2023 | 21011 | 21011 | 21227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1978622, 13.200%, 9/18/2028 †§x | Best Egg | 9/21/2023 | 34550 | 34550 | 34933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197868060, 10.590%, 2/27/2028 †x◇ | Lending Club | 3/22/2023 | 22620 | 22394 | 22453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1978758, 20.720%, 10/21/2028 †§x | Best Egg | 9/21/2023 | 25623 | 25623 | 26200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1979342, 17.060%, 9/19/2028 †§x | Best Egg | 9/22/2023 | 21352 | 21352 | 21636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1979502, 17.650%, 9/19/2028 †§x | Best Egg | 9/22/2023 | 35742 | 35742 | 36573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1980143, 10.660%, 10/19/2028 †§x | Best Egg | 9/22/2023 | 20974 | 20974 | 21160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198021003, 12.660%, 11/21/2027 †x# | Upgrade | 11/25/2022 | 29137 | 28980 | 29250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1980695, 9.880%, 9/20/2027 †§x | Best Egg | 9/25/2023 | 27981 | 27981 | 28510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1982153, 20.200%, 9/21/2028 †§x | Best Egg | 9/25/2023 | 24380 | 24380 | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1982272, 11.990%, 9/21/2028 †§x | Best Egg | 9/25/2023 | 22749 | 22749 | 23138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198262683, 14.990%, 3/06/2028 †x | Lending Club | 3/22/2023 | 22504 | 22268 | 22256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1982823, 11.490%, 9/21/2028 †§x | Best Egg | 9/25/2023 | 20462 | 20462 | 20830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1983276, 18.530%, 9/21/2028 †§x | Best Egg | 9/25/2023 | 34802 | 34802 | 35679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1983797, 14.900%, 9/24/2028 †§x | Best Egg | 9/27/2023 | 19612 | 19612 | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198399710, 16.740%, 2/17/2028 †x◇ | Lending Club | 2/21/2023 | 20646 | 20428 | 20559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1984028, 21.690%, 9/24/2028 †§x | Best Egg | 9/27/2023 | 27517 | 27517 | 28368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1984113, 22.860%, 9/24/2027 †§x | Best Egg | 9/27/2023 | 22073 | 22073 | 22824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1986844, 7.370%, 11/01/2027 †§x | Best Egg | 9/29/2023 | 23161 | 23161 | 23502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1986944, 7.360%, 11/01/2028 †§x | Best Egg | 9/29/2023 | 33812 | 33812 | 34135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1987218, 7.360%, 11/01/2028 †§x | Best Egg | 9/29/2023 | 30430 | 30430 | 30721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1987240, 9.620%, 11/01/2027 †§x | Best Egg | 9/29/2023 | 25388 | 25388 | 25835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1987884, 5.900%, 11/02/2029 †x | Best Egg | 10/02/2023 | 38762 | 38762 | 34853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1988430, 6.380%, 11/01/2028 †§x | Best Egg | 10/02/2023 | 24960 | 24960 | 25203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1988679, 28.390%, 12/14/2026 †§x | Best Egg | 10/02/2023 | 25168 | 25168 | 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198913186, 14.630%, 11/28/2027 †x# | Upgrade | 11/28/2022 | 32694 | 32512 | 25425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198914890, 16.490%, 2/21/2028 †x◇ | Lending Club | 2/23/2023 | 22160 | 21926 | 22204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198937070, 12.660%, 11/21/2027 †§x | Upgrade | 11/25/2022 | 26405 | 26262 | 26608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1989564, 17.310%, 11/01/2028 †§x | Best Egg | 10/02/2023 | 20904 | 20904 | 21339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199007561, 8.990%, 2/21/2028 †x◇ | Lending Club | 2/23/2023 | 22229 | 22012 | 22165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199022201, 11.490%, 2/21/2028 †x | Lending Club | 2/23/2023 | 22839 | 22609 | 22764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1991067, 22.870%, 11/17/2028 †§x | Best Egg | 10/04/2023 | 32295 | 31932 | 33035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199172829, 13.490%, 2/21/2028 †x◇ | Lending Club | 2/23/2023 | 20407 | 20197 | 20459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1991897, 9.820%, 10/01/2028 †§x | Best Egg | 10/04/2023 | 25821 | 25560 | 25982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1992800, 15.460%, 10/01/2028 †§x | Best Egg | 10/04/2023 | 35598 | 35222 | 36339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199306254, 12.670%, 11/22/2027 †§x | Upgrade | 11/25/2022 | 20084 | 19975 | 20185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199336418, 11.990%, 2/27/2028 †x◇ | Lending Club | 3/22/2023 | 20665 | 20455 | 20608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199359143, 8.990%, 2/27/2028 †x | Lending Club | 3/22/2023 | 22232 | 22004 | 22159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199381272, 13.990%, 3/28/2028 †x◇ | Lending Club | 3/22/2023 | 24471 | 24214 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199385443, 12.770%, 11/23/2027 †§x | Upgrade | 11/28/2022 | 26444 | 26293 | 26547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1994100, 22.950%, 12/02/2028 †x | Best Egg | 10/05/2023 | 32139 | 31762 | 32302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199420945, 19.690%, 2/18/2028 †x◇ | Lending Club | 3/22/2023 | 21566 | 21321 | 21437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1994356, 12.930%, 12/02/2028 †x | Best Egg | 10/05/2023 | 37757 | 37374 | 37952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199464834, 12.660%, 11/23/2027 †§x | Upgrade | 11/28/2022 | 22363 | 22242 | 22545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1994794, 13.690%, 10/02/2028 †§x | Best Egg | 10/05/2023 | 31393 | 31066 | 31573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1995160, 10.620%, 11/15/2028 †§x | Best Egg | 10/06/2023 | 34771 | 34407 | 34983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199529714, 11.340%, 3/06/2028 †x◇ | Lending Club | 3/22/2023 | 23458 | 23220 | 23303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1995680, 18.560%, 10/03/2028 †§x# | Best Egg | 10/06/2023 | 23865 | 23631 | 24007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199571154, 9.590%, 3/16/2028 †§x | Lending Club | 4/26/2023 | 21324 | 21000 | 21226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1996270, 22.390%, 11/16/2028 †§x | Best Egg | 10/10/2023 | 21400 | 21161 | 21495 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**10** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 199649986, 11.690%, 11/23/2027 †§x | Upgrade | 11/28/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199650715, 15.590%, 11/25/2027 †§x | Upgrade | 11/28/2022 | 21904 | 21782 | 21912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1996742, 17.300%, 11/15/2028 †x | Prosper | 12/19/2022 | 28995 | 28850 | 27821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1997021, 21.640%, 12/24/2027 †§x | Prosper | 12/20/2022 | 21132 | 21064 | 21285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1997790, 11.760%, 10/05/2028 †§x | Best Egg | 10/10/2023 | 24465 | 24213 | 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199832802, 11.990%, 5/16/2028 †§x | Lending Club | 4/26/2023 | 20280 | 20054 | 20091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1998593, 14.400%, 12/20/2027 †§x | Prosper | 12/22/2022 | 21673 | 21609 | 20762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1998889, 8.850%, 11/05/2028 †§x | Best Egg | 10/10/2023 | 32114 | 31787 | 32336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1999972, 25.080%, 9/30/2028 †x# | Prosper | 12/19/2022 | 20642 | 20538 | 20628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000211, 12.300%, 12/15/2027 †§x | Prosper | 12/19/2022 | 21174 | 21115 | 20214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200023887, 11.490%, 3/20/2028 †§x | Lending Club | 4/26/2023 | 23494 | 23250 | 23409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000437, 21.200%, 12/15/2027 †x# | Prosper | 12/19/2022 | 21285 | 21217 | 22448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2000922, 14.250%, 12/16/2027 †§x | Prosper | 12/20/2022 | 21624 | 21562 | 20609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2001175, 11.760%, 10/09/2028 †§x | Best Egg | 10/12/2023 | 26303 | 26032 | 26484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2001304, 17.400%, 12/19/2027 †§x | Prosper | 12/21/2022 | 21211 | 21147 | 20809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2001307, 16.700%, 12/19/2027 †§x | Prosper | 12/21/2022 | 21076 | 21013 | 20673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2001494, 9.530%, 10/15/2028 †§x | Best Egg | 10/12/2023 | 23635 | 23397 | 23744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2001762, 20.460%, 1/09/2029 †x# | Best Egg | 10/12/2023 | 31227 | 30870 | 31745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2002387, 7.840%, 11/26/2026 †§x | Best Egg | 10/12/2023 | 21035 | 20900 | 21087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2002828, 10.510%, 10/09/2028 †§x | Best Egg | 10/12/2023 | 34615 | 34261 | 34782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2002937, 27.130%, 11/21/2028 †§x | Best Egg | 10/16/2023 | 23418 | 23147 | 23675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200328441, 10.840%, 3/28/2028 †§x | Lending Club | 4/26/2023 | 23338 | 23093 | 23102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2003520, 17.560%, 11/10/2028 †§x | Best Egg | 10/13/2023 | 27043 | 26748 | 27812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2003878, 6.380%, 11/10/2028 †§x | Best Egg | 10/13/2023 | 21369 | 21156 | 21537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2003938, 18.840%, 9/10/2028 †§x | Best Egg | 10/13/2023 | 30685 | 30225 | 31449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2004484, 7.570%, 10/11/2026 †§x | Best Egg | 10/16/2023 | 20797 | 20672 | 20851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2004486, 25.120%, 11/15/2028 †§x | Best Egg | 10/16/2023 | 20365 | 20133 | 20611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200709414, 11.340%, 4/18/2028 †§x | Lending Club | 4/26/2023 | 22901 | 22661 | 22725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2007764, 11.990%, 10/15/2028 †§x | Best Egg | 10/18/2023 | 26195 | 25923 | 26479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200841152, 8.840%, 4/13/2028 †§x | Lending Club | 4/26/2023 | 23506 | 23266 | 23351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2009444, 19.980%, 10/16/2028 †§x | Best Egg | 10/19/2023 | 22975 | 22723 | 23652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2011517, 17.050%, 10/17/2026 †§x | Best Egg | 10/20/2023 | 22496 | 22348 | 22554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201187183, 10.740%, 4/21/2028 †§x | Lending Club | 5/10/2023 | 22166 | 21932 | 22043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201196430, 12.490%, 5/19/2028 †x◇ | Lending Club | 6/27/2023 | 23299 | 22931 | 23289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2012717, 11.200%, 10/18/2028 †§x | Best Egg | 10/23/2023 | 32569 | 32232 | 32832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201400435, 11.990%, 5/10/2028 †§x | Lending Club | 5/10/2023 | 21925 | 21691 | 21702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2014094, 23.880%, 11/26/2028 †§x | Best Egg | 10/23/2023 | 20353 | 20121 | 20913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2014692, 23.360%, 12/22/2028 †x# | Best Egg | 10/25/2023 | 27821 | 27498 | 28624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2014885, 22.390%, 1/22/2029 †x# | Best Egg | 10/25/2023 | 30947 | 30582 | 31660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2014958, 9.760%, 10/22/2027 †§x | Best Egg | 10/25/2023 | 29473 | 29214 | 29877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2015041, 11.760%, 11/26/2028 †§x | Best Egg | 10/25/2023 | 20324 | 20110 | 20559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2015291, 19.300%, 2/29/2028 †§x# | Prosper | 1/30/2023 | 25412 | 25332 | 24830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2015492, 12.930%, 2/22/2029 †x | Best Egg | 10/25/2023 | 29212 | 28887 | 29393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201637726, 13.990%, 5/20/2028 †x◇ | Lending Club | 6/27/2023 | 23734 | 23354 | 23707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201679476, 8.590%, 6/13/2028 †x◇ | Lending Club | 6/27/2023 | 22400 | 22057 | 22198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201747226, 13.740%, 6/01/2028 †x◇ | Lending Club | 6/27/2023 | 26081 | 25664 | 25536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201752426, 17.440%, 5/23/2028 †x◇ | Lending Club | 6/27/2023 | 23544 | 23154 | 23673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017767, 11.200%, 10/23/2028 †§x | Best Egg | 10/26/2023 | 34800 | 34439 | 35102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201778702, 12.740%, 5/01/2028 †x#◇ | Lending Club | 6/27/2023 | 25897 | 25488 | 25720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201790569, 15.740%, 5/11/2028 †x | Lending Club | 6/27/2023 | 25650 | 25232 | 25760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201797467, 8.490%, 5/31/2028 †x#◇ | Lending Club | 6/27/2023 | 24705 | 24335 | 24490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201801881, 16.190%, 5/17/2028 †x◇ | Lending Club | 6/27/2023 | 25760 | 25339 | 25889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201815696, 11.740%, 5/26/2028 †x◇ | Lending Club | 6/27/2023 | 24843 | 24452 | 24715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201820709, 13.740%, 5/17/2028 †x◇ | Lending Club | 6/27/2023 | 22792 | 22429 | 22449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201825217, 14.240%, 5/22/2028 †x | Lending Club | 6/27/2023 | 21613 | 21266 | 21422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201843012, 20.490%, 5/25/2028 †x◇ | Lending Club | 6/27/2023 | 20184 | 19842 | 20317 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**11** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018494, 23.500%, 1/26/2028 †§x | Prosper | 1/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018563, 14.500%, 8/15/2028 †x# | Prosper | 1/30/2023 | 22767 | 22707 | 21520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201870425, 25.740%, 5/19/2028 †x◇ | Lending Club | 6/27/2023 | 24485 | 24020 | 24714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018838, 19.170%, 1/26/2028 †§x | Prosper | 1/30/2023 | 23413 | 23337 | 23387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018881, 11.520%, 10/24/2028 †§x | Best Egg | 10/27/2023 | 20931 | 20713 | 21184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201891357, 12.990%, 5/22/2028 †x | Lending Club | 6/27/2023 | 24786 | 24391 | 24467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201919047, 17.240%, 5/23/2028 †x#◇ | Lending Club | 6/27/2023 | 26732 | 26115 | 26745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019221, 25.280%, 10/24/2028 †§x | Best Egg | 10/27/2023 | 23757 | 23486 | 24099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019223, 21.500%, 2/29/2028 †§x# | Prosper | 1/31/2023 | 21009 | 20947 | 21552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201923493, 9.840%, 6/10/2028 †x◇ | Lending Club | 6/27/2023 | 21451 | 21119 | 21247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201939392, 15.740%, 6/02/2028 †x◇ | Lending Club | 6/27/2023 | 24084 | 23690 | 23981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019528, 22.390%, 12/01/2028 †§x | Best Egg | 10/27/2023 | 29086 | 28758 | 29850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201959351, 19.490%, 6/02/2028 †x#◇ | Lending Club | 6/27/2023 | 20930 | 20576 | 20858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201985556, 11.338%, 5/25/2028 †x◇ | Lending Club | 6/27/2023 | 20727 | 20402 | 20432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202018482, 15.240%, 6/12/2028 †x◇ | Lending Club | 6/27/2023 | 21024 | 20681 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202028843, 24.740%, 6/02/2028 †x◇ | Lending Club | 6/27/2023 | 24802 | 24366 | 24784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202049007, 13.940%, 6/01/2028 †x◇ | Lending Club | 6/27/2023 | 20138 | 19814 | 20013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020510, 17.580%, 12/16/2028 †§x | Best Egg | 10/30/2023 | 26583 | 26282 | 27283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020769, 22.200%, 11/16/2027 †§x | Best Egg | 10/30/2023 | 19736 | 19538 | 20022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202082516, 30.990%, 6/21/2028 †x | Lending Club | 7/17/2023 | 19012 | 18605 | 20157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202096209, 14.240%, 5/31/2028 †x#◇ | Lending Club | 6/27/2023 | 22777 | 22421 | 22401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021398, 11.490%, 11/01/2028 †§x | Best Egg | 10/30/2023 | 31021 | 30693 | 31121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021573, 20.030%, 12/01/2028 †§x | Best Egg | 10/30/2023 | 37972 | 37548 | 38128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021750, 12.930%, 12/01/2028 †§x | Best Egg | 10/30/2023 | 35240 | 34866 | 35424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202203070, 11.240%, 6/05/2028 †x◇ | Lending Club | 6/27/2023 | 24729 | 24339 | 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202263037, 11.740%, 6/28/2028 †x | Lending Club | 7/17/2023 | 25478 | 25069 | 25102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022766, 17.080%, 11/01/2028 †§x | Best Egg | 11/01/2023 | 21441 | 21206 | 21967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022944, 17.560%, 1/23/2029 †§x | Best Egg | 11/01/2023 | 25300 | 25027 | 25930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202304122, 10.740%, 7/10/2028 †x◇ | Lending Club | 7/12/2023 | 23938 | 23545 | 23711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202310834, 15.240%, 6/18/2028 †x | Lending Club | 6/27/2023 | 26143 | 25715 | 26028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202311703, 9.740%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 21160 | 20816 | 20958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202377668, 20.490%, 6/15/2028 †x◇ | Lending Club | 6/27/2023 | 21955 | 21579 | 21919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202378935, 11.490%, 6/15/2028 †x◇ | Lending Club | 6/27/2023 | 25421 | 25018 | 25207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202386860, 16.740%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 20420 | 20069 | 20274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023875, 7.320%, 12/01/2026 †§x | Best Egg | 11/02/2023 | 22184 | 22039 | 22276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202388499, 12.740%, 6/15/2028 †x◇ | Lending Club | 6/27/2023 | 21211 | 20871 | 21104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202389191, 16.740%, 9/15/2028 †x | Lending Club | 6/27/2023 | 27653 | 26963 | 27437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202389239, 9.740%, 6/19/2028 †x | Lending Club | 6/27/2023 | 21305 | 20973 | 21114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202401310, 10.240%, 6/15/2028 †x◇ | Lending Club | 6/27/2023 | 20731 | 20407 | 20561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202414267, 11.240%, 6/30/2028 †x#◇ | Lending Club | 6/27/2023 | 25800 | 25394 | 25468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024385, 18.050%, 8/04/2028 †§x | Best Egg | 11/02/2023 | 23630 | 23370 | 24058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202451821, 5.000%, 6/27/2029 †x# | Lending Club | 7/17/2023 | 24346 | 23823 | 23847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024751, 12.930%, 12/01/2028 †§x | Best Egg | 11/02/2023 | 22640 | 22398 | 22910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202478564, 15.490%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 26244 | 25797 | 26046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202501492, 22.990%, 1/26/2030 †x | Lending Club | 7/17/2023 | 22927 | 22354 | 22335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202515463, 16.990%, 6/26/2028 †x | Lending Club | 7/17/2023 | 26674 | 26225 | 26741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202573142, 20.990%, 6/26/2028 †x# | Lending Club | 7/17/2023 | 24359 | 23750 | 24008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025782, 23.650%, 12/01/2028 †x# | Best Egg | 11/03/2023 | 25636 | 25345 | 26176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202588532, 15.240%, 6/29/2027 †x | Lending Club | 7/17/2023 | 21403 | 21112 | 21499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202588556, 16.740%, 6/26/2028 †x | Lending Club | 7/17/2023 | 26624 | 26150 | 26254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202596396, 8.990%, 7/11/2028 †x#◇ | Lending Club | 7/10/2023 | 20346 | 20018 | 20128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025991, 16.360%, 11/01/2028 †§x | Best Egg | 11/03/2023 | 32675 | 32318 | 33492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202608605, 10.990%, 6/27/2028 †x | Lending Club | 7/17/2023 | 24048 | 23664 | 23872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202609509, 11.240%, 6/29/2028 †x | Lending Club | 7/17/2023 | 25392 | 24986 | 25181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202615916, 12.740%, 1/05/2029 †x | Lending Club | 7/17/2023 | 29435 | 28902 | 28820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2026440, 9.890%, 11/01/2026 †§x | Best Egg | 11/06/2023 | 22628 | 22482 | 22720 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**12** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 202663202, 11.490%, 7/27/2028 †x | Lending Club | 7/17/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202678096, 12.740%, 2/05/2029 †x# | Lending Club | 7/17/2023 | 29024 | 28517 | 28324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202716160, 11.240%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 25993 | 25565 | 25741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202737455, 15.740%, 7/25/2028 †x | Lending Club | 7/17/2024 | 27013 | 26016 | 27471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202740510, 10.240%, 7/05/2028 †x | Lending Club | 7/17/2023 | 25764 | 25353 | 25421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202741091, 14.740%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 20758 | 20406 | 20618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202742635, 18.990%, 7/16/2028 †x | Lending Club | 9/14/2023 | 24520 | 24091 | 24159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202749009, 15.740%, 7/06/2028 †x | Lending Club | 7/10/2023 | 20255 | 19909 | 20114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202750266, 20.740%, 7/25/2028 †x | Lending Club | 7/17/2024 | 26333 | 25343 | 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202751366, 15.740%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 24492 | 24073 | 24273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202757818, 20.740%, 7/06/2028 †x | Lending Club | 7/10/2023 | 22471 | 22072 | 22519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202761172, 15.000%, 12/21/2028 †x#◇ | Lending Club | 7/10/2023 | 29586 | 29039 | 23953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202763260, 11.490%, 7/17/2028 †x | Lending Club | 7/17/2023 | 25587 | 25176 | 25231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202772232, 15.240%, 7/06/2028 †x | Lending Club | 7/10/2023 | 24475 | 24059 | 24307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202773276, 22.490%, 7/28/2028 †x | Lending Club | 7/27/2023 | 25688 | 25157 | 25808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202773400, 16.990%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 27282 | 26811 | 27280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202777648, 10.987%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 25935 | 25509 | 25657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202777807, 10.240%, 7/06/2028 †x◇ | Lending Club | 7/10/2023 | 22543 | 22175 | 22327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2027939, 19.800%, 2/29/2028 †x# | Prosper | 2/23/2023 | 25210 | 25210 | 26238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202797870, 15.240%, 7/24/2028 †x◇ | Lending Club | 7/26/2023 | 20290 | 19942 | 20208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202808138, 12.740%, 7/07/2028 †x | Lending Club | 7/11/2023 | 23702 | 23306 | 23465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2028116, 11.700%, 2/21/2028 †§x | Prosper | 2/23/2023 | 22306 | 22239 | 21233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2028119, 19.300%, 2/29/2028 †§x# | Prosper | 2/23/2023 | 23560 | 23486 | 23328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2028146, 10.210%, 11/02/2028 †§x | Best Egg | 11/06/2023 | 35291 | 34925 | 35754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202819305, 11.240%, 7/26/2028 †x | Lending Club | 7/17/2024 | 21680 | 20892 | 21742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202854495, 10.240%, 7/21/2027 †x◇ | Lending Club | 7/25/2023 | 21201 | 20914 | 21263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202857117, 29.990%, 4/21/2029 †x◇ | Lending Club | 8/09/2023 | 20365 | 19990 | 20960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2028656, 25.060%, 2/22/2028 †§x | Prosper | 2/24/2023 | 20775 | 20700 | 22123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202900831, 11.240%, 7/16/2028 †x◇ | Lending Club | 9/14/2023 | 20845 | 20501 | 20595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202930682, 10.740%, 7/12/2028 †x◇ | Lending Club | 7/14/2023 | 24682 | 24276 | 24450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202970748, 11.240%, 7/26/2028 †x | Lending Club | 7/17/2024 | 23394 | 22544 | 23522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2030083, 11.760%, 11/05/2028 †§x | Best Egg | 11/08/2023 | 28399 | 28100 | 28754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2030091, 21.200%, 11/05/2028 †§x | Best Egg | 11/08/2023 | 20241 | 20015 | 20428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203016471, 10.740%, 7/17/2028 †x | Lending Club | 7/17/2024 | 22644 | 21824 | 22763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203046655, 12.490%, 7/19/2028 †x◇ | Lending Club | 9/14/2023 | 24307 | 23901 | 24103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203049974, 14.240%, 7/15/2027 †x | Lending Club | 7/17/2024 | 21943 | 21224 | 22142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203054359, 18.990%, 7/18/2028 †x◇ | Lending Club | 9/14/2023 | 27715 | 27228 | 27559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203059169, 15.240%, 7/31/2028 †x#◇ | Lending Club | 7/24/2023 | 27642 | 27166 | 27266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203060110, 15.240%, 7/26/2028 †x | Lending Club | 7/17/2024 | 20172 | 19428 | 20562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203067589, 10.740%, 7/27/2028 †x | Lending Club | 7/17/2024 | 25879 | 24940 | 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203068906, 11.490%, 7/17/2027 †x◇ | Lending Club | 9/14/2023 | 21447 | 21154 | 21505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203076430, 12.740%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 20889 | 20534 | 20718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203083754, 11.240%, 7/26/2028 †x | Lending Club | 7/17/2024 | 25648 | 24716 | 25786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203083862, 12.990%, 7/18/2028 †x# | Lending Club | 7/17/2024 | 20388 | 19644 | 20630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203136095, 20.740%, 7/20/2028 †x◇ | Lending Club | 7/24/2023 | 26614 | 26140 | 26790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203140978, 10.490%, 7/25/2028 †x | Lending Club | 7/17/2024 | 25821 | 24886 | 25963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203152472, 12.243%, 7/24/2028 †x◇ | Lending Club | 7/26/2023 | 24911 | 24495 | 24712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2031624, 11.700%, 2/21/2028 †§x | Prosper | 2/23/2023 | 22306 | 22239 | 21233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2031640, 26.410%, 2/21/2028 †§x | Prosper | 2/23/2023 | 20846 | 20770 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203169472, 18.990%, 7/31/2028 †x#◇ | Lending Club | 7/27/2023 | 28431 | 27917 | 27890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2031844, 18.400%, 2/21/2028 †§x | Prosper | 2/23/2023 | 21405 | 21335 | 20943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203185396, 11.490%, 8/06/2028 †x# | Lending Club | 7/17/2024 | 26767 | 25792 | 26793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203197207, 16.740%, 9/26/2028 †x# | Lending Club | 7/17/2024 | 27286 | 26260 | 27723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2032030, 18.060%, 11/06/2028 †§x | Best Egg | 11/09/2023 | 23108 | 22854 | 23341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203207285, 19.040%, 7/25/2028 †x◇ | Lending Club | 7/27/2023 | 20827 | 20458 | 20942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203217876, 11.740%, 7/26/2028 †x | Lending Club | 7/17/2024 | 25130 | 24213 | 25440 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**13** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 203241219, 16.990%, 7/25/2028 †x◇ | Lending Club | 7/27/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203252223, 12.740%, 8/02/2028 †x | Lending Club | 7/17/2024 | 26954 | 25967 | 27107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203254495, 10.740%, 8/02/2028 †x | Lending Club | 7/17/2024 | 23257 | 22412 | 23243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203259021, 9.990%, 7/27/2028 †x | Lending Club | 7/17/2024 | 25706 | 24776 | 25850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203263008, 18.790%, 7/27/2028 †x | Lending Club | 7/31/2023 | 22156 | 21650 | 22267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203264927, 10.740%, 7/27/2028 †x | Lending Club | 7/17/2024 | 25883 | 24943 | 26000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203265877, 10.990%, 7/27/2028 †x | Lending Club | 7/17/2024 | 25936 | 24994 | 26080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2032779, 9.270%, 11/07/2027 †§x | Best Egg | 11/10/2023 | 30362 | 30092 | 30850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2032855, 19.030%, 11/07/2028 †§x | Best Egg | 11/10/2023 | 21903 | 21660 | 22156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203288257, 11.240%, 7/28/2028 †x | Lending Club | 7/17/2024 | 22761 | 21933 | 22887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203297206, 14.490%, 7/28/2028 †x | Lending Club | 7/17/2024 | 24798 | 23879 | 25056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203303721, 15.240%, 7/31/2028 †x# | Lending Club | 7/17/2024 | 27497 | 26480 | 27750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203311618, 20.490%, 7/31/2028 †x | Lending Club | 7/17/2024 | 27974 | 26933 | 28292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2033132, 11.760%, 12/19/2028 †§x | Best Egg | 11/10/2023 | 28740 | 28433 | 29100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203326418, 14.740%, 7/31/2028 †x | Lending Club | 7/17/2024 | 26558 | 25553 | 26813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203329541, 8.320%, 7/31/2028 †x# | Lending Club | 7/17/2024 | 21411 | 20640 | 21431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203345700, 15.240%, 8/16/2028 †x | Lending Club | 7/17/2024 | 25053 | 24121 | 25341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203367034, 24.240%, 8/03/2028 †x | Lending Club | 7/17/2024 | 21358 | 20545 | 21885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2033972, 14.170%, 12/12/2028 †§x | Best Egg | 11/13/2023 | 29115 | 28799 | 29466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203420951, 22.990%, 8/18/2028 †x | Lending Club | 7/17/2024 | 29681 | 28555 | 31108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2034518, 14.680%, 2/08/2027 †x | Best Egg | 11/13/2023 | 27989 | 27768 | 28297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2034540, 18.280%, 11/08/2028 †§x | Best Egg | 11/13/2023 | 24037 | 23772 | 24560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2034665, 22.800%, 2/02/2029 †x# | Prosper | 3/06/2023 | 22864 | 22750 | 21921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2034674, 21.500%, 3/02/2028 †§x | Prosper | 3/06/2023 | 20720 | 20653 | 21052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203478520, 31.990%, 9/05/2028 †x◇ | Lending Club | 9/07/2023 | 19598 | 19140 | 20266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203500209, 25.990%, 8/12/2028 †x | Lending Club | 7/17/2024 | 22255 | 21401 | 22955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203590080, 21.242%, 8/14/2028 †x | Lending Club | 7/17/2024 | 22604 | 21749 | 23158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2036195, 13.190%, 3/06/2028 †§x | Prosper | 3/08/2023 | 20943 | 20881 | 20124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203643304, 13.640%, 12/19/2027 †§x | Upgrade | 12/22/2022 | 22045 | 21921 | 22163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203677735, 15.590%, 12/19/2027 †§x | Upgrade | 12/22/2022 | 22518 | 22388 | 22637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203681610, 11.490%, 9/20/2028 †x | Lending Club | 9/11/2023 | 20557 | 20204 | 20288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203683553, 15.990%, 8/31/2028 †x#◇ | Lending Club | 8/30/2023 | 28326 | 27840 | 27728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203693452, 10.490%, 8/25/2028 †x#◇ | Lending Club | 8/29/2023 | 26362 | 25923 | 26039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203719189, 29.490%, 8/29/2028 †x | Lending Club | 8/29/2023 | 30597 | 30014 | 30371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203730311, 17.240%, 9/02/2028 †x◇ | Lending Club | 8/30/2023 | 28632 | 28128 | 28015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203733068, 22.990%, 8/28/2028 †x◇ | Lending Club | 9/14/2023 | 29026 | 28498 | 29119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203758718, 8.570%, 8/25/2028 †x◇ | Lending Club | 8/29/2023 | 26013 | 25586 | 25725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203760661, 12.740%, 8/25/2028 †x◇ | Lending Club | 8/29/2023 | 20215 | 19872 | 20046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203761918, 10.990%, 8/29/2028 †x◇ | Lending Club | 8/31/2023 | 21250 | 20894 | 21011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203765593, 11.090%, 8/10/2028 †x◇ | Lending Club | 8/29/2023 | 21083 | 20730 | 20826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203765970, 11.490%, 8/30/2028 †x#◇ | Lending Club | 9/01/2023 | 27292 | 26843 | 26868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203771825, 12.740%, 8/31/2028 †x#◇ | Lending Club | 9/05/2023 | 22038 | 21672 | 21711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203773152, 25.740%, 9/15/2028 †x | Lending Club | 9/19/2023 | 22663 | 22233 | 22557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203789069, 15.740%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 27612 | 27131 | 27337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203804109, 14.240%, 8/30/2027 †x#◇ | Lending Club | 9/01/2023 | 23628 | 23296 | 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203804646, 15.740%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 27586 | 27106 | 27309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203805828, 18.990%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 21028 | 20654 | 20996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203820556, 16.240%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 26957 | 26486 | 26857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203820704, 14.490%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 20846 | 20487 | 20645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203821771, 7.038%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 25660 | 25245 | 25137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203823550, 11.490%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 21340 | 20981 | 21099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203843417, 14.740%, 8/28/2027 †x◇ | Lending Club | 8/30/2023 | 22931 | 22600 | 22978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203849488, 15.600%, 12/19/2027 †x# | Upgrade | 12/22/2022 | 21760 | 21542 | 22090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203857061, 15.240%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | 27503 | 27026 | 27267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203858198, 15.998%, 8/04/2028 †x◇ | Lending Club | 8/31/2023 | 21494 | 21120 | 21276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203862202, 8.740%, 8/31/2027 †x#◇ | Lending Club | 9/05/2023 | 22551 | 22246 | 22545 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**14** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 203863207, 15.240%, 8/28/2028 †x◇ | Lending Club | 8/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203864877, 16.990%, 8/15/2028 †x | Lending Club | 8/31/2023 | 27439 | 26959 | 27059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203866961, 11.490%, 9/25/2028 †x | Lending Club | 9/27/2023 | 27293 | 26824 | 26952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203867306, 10.740%, 9/13/2028 †x◇ | Lending Club | 8/31/2023 | 24370 | 23963 | 24008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203870481, 12.240%, 8/29/2028 †x | Lending Club | 8/31/2023 | 26842 | 26388 | 26508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203870534, 15.490%, 8/29/2028 †x◇ | Lending Club | 8/31/2023 | 20495 | 20139 | 20301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203870587, 22.740%, 8/30/2028 †x#◇ | Lending Club | 9/01/2023 | 29635 | 29114 | 29122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203874011, 16.990%, 6/27/2029 †x | Lending Club | 9/14/2023 | 24916 | 24444 | 24302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203903271, 13.640%, 1/01/2028 †§x | Upgrade | 12/22/2022 | 20673 | 20556 | 20675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203929880, 22.990%, 9/06/2028 †x◇ | Lending Club | 9/08/2023 | 25976 | 25498 | 25552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203940549, 12.243%, 8/31/2028 †x#◇ | Lending Club | 9/05/2023 | 21266 | 20914 | 20845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203942543, 11.490%, 8/31/2028 †x#◇ | Lending Club | 9/05/2023 | 20462 | 20105 | 20144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203944023, 10.240%, 8/31/2028 †x# | Lending Club | 9/05/2023 | 27003 | 26562 | 26587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203946312, 14.491%, 9/01/2028 †x# | Lending Club | 9/05/2023 | 27633 | 27171 | 27179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203972020, 12.240%, 9/05/2028 †x◇ | Lending Club | 9/07/2023 | 27457 | 26991 | 26925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203988918, 13.990%, 9/14/2027 †x | Lending Club | 9/18/2023 | 23582 | 23234 | 23708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204003157, 13.650%, 12/19/2027 †§x | Upgrade | 12/22/2022 | 23442 | 23275 | 23794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204030260, 16.240%, 9/20/2028 †x | Lending Club | 9/13/2023 | 28532 | 28027 | 28237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204038911, 10.000%, 2/18/2029 †x | Lending Club | 9/15/2023 | 28494 | 27948 | 23384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204041727, 8.320%, 9/20/2028 †x | Lending Club | 9/11/2023 | 22719 | 22341 | 22417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204042104, 11.205%, 9/20/2027 †x | Lending Club | 9/14/2023 | 23188 | 22854 | 23296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204046820, 19.740%, 9/15/2027 †x | Lending Club | 9/19/2023 | 24677 | 24294 | 25179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204058519, 10.490%, 9/20/2028 †x | Lending Club | 9/13/2023 | 26281 | 25834 | 25934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204062410, 14.490%, 10/05/2028 †x | Lending Club | 10/10/2023 | 24972 | 24527 | 24512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204101730, 13.650%, 12/19/2027 †§x | Upgrade | 12/22/2022 | 20118 | 20005 | 20459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204132907, 17.240%, 9/19/2028 †x | Lending Club | 9/21/2023 | 21396 | 21013 | 21062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204139942, 11.990%, 9/19/2028 †x | Lending Club | 9/21/2023 | 24662 | 24235 | 24291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204154715, 14.630%, 1/03/2028 †§x | Upgrade | 12/22/2022 | 21997 | 21873 | 22216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204169409, 5.000%, 9/30/2029 †x# | Lending Club | 9/27/2023 | 31358 | 30650 | 30461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2041706, 21.990%, 12/15/2028 †x# | Best Egg | 11/20/2023 | 26043 | 25755 | 26301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204250033, 15.497%, 9/28/2028 †x | Lending Club | 10/02/2023 | 21150 | 20775 | 20844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204271793, 11.490%, 9/25/2028 †x | Lending Club | 9/27/2023 | 27294 | 26825 | 26927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204335038, 11.490%, 10/05/2027 †x | Lending Club | 10/10/2023 | 23914 | 23558 | 23983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204350637, 11.240%, 10/05/2028 †x | Lending Club | 7/17/2024 | 27852 | 26824 | 27800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204395233, 10.758%, 10/04/2028 †x | Lending Club | 10/06/2023 | 27748 | 27272 | 27247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204400270, 11.240%, 10/05/2028 †x | Lending Club | 7/17/2024 | 27852 | 26824 | 27800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204402667, 11.490%, 10/17/2028 †x | Lending Club | 7/17/2024 | 28092 | 27055 | 28102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204411050, 10.490%, 10/10/2027 †x | Lending Club | 10/12/2023 | 23128 | 22787 | 23125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204453440, 10.490%, 10/18/2028 †x | Lending Club | 10/20/2023 | 27690 | 27210 | 27287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204462940, 15.490%, 10/10/2028 †x | Lending Club | 10/12/2023 | 28747 | 28230 | 28239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204470263, 17.240%, 10/10/2028 †x | Lending Club | 10/12/2023 | 20955 | 20574 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204475796, 15.990%, 10/10/2028 †x | Lending Club | 10/12/2023 | 23080 | 22663 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204498660, 32.390%, 10/05/2028 †x | Lending Club | 10/10/2023 | 19965 | 19408 | 20427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204584965, 31.490%, 6/09/2029 †x | Lending Club | 10/11/2023 | 21124 | 20473 | 21274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204593839, 11.490%, 10/13/2028 †x | Lending Club | 10/17/2023 | 27905 | 27418 | 27490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204617567, 12.990%, 10/13/2028 †x | Lending Club | 10/17/2023 | 28225 | 27726 | 27687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2046772, 16.850%, 11/20/2028 †§x | Best Egg | 11/24/2023 | 20337 | 20104 | 20870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204698929, 10.740%, 10/19/2027 †x | Lending Club | 10/23/2023 | 23770 | 23416 | 23863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204704255, 12.702%, 2/25/2028 †x | Lending Club | 10/18/2023 | 20353 | 20017 | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204750502, 29.990%, 9/25/2029 †x | Lending Club | 10/27/2023 | 21538 | 20784 | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204767825, 10.259%, 10/19/2028 †x | Lending Club | 10/23/2023 | 27640 | 27161 | 27215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204780685, 22.490%, 10/19/2028 †x | Lending Club | 10/23/2023 | 22605 | 22178 | 22296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2047845, 18.020%, 1/21/2029 †x | Best Egg | 11/24/2023 | 23009 | 22751 | 23394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2047858, 22.130%, 11/21/2028 †§x | Best Egg | 11/24/2023 | 20664 | 20418 | 21271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204818586, 31.990%, 10/31/2028 †x# | Lending Club | 10/27/2023 | 20394 | 19845 | 20792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204828886, 12.243%, 10/23/2028 †x | Lending Club | 10/25/2023 | 21052 | 20672 | 20634 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**15** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 204850992, 10.490%, 10/25/2027 †x | Lending Club | 10/27/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204856935, 28.490%, 10/27/2028 †x | Lending Club | 10/31/2023 | 19528 | 18991 | 20540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204857417, 10.240%, 10/24/2028 †x | Lending Club | 10/26/2023 | 22109 | 21725 | 21793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204869472, 17.240%, 10/25/2028 †x | Lending Club | 10/27/2023 | 23284 | 22858 | 22972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204878676, 10.990%, 10/27/2028 †x | Lending Club | 10/31/2023 | 22933 | 22533 | 22606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204893956, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 20069 | 19951 | 20356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2049659, 18.400%, 4/03/2028 †§x | Prosper | 4/05/2023 | 22567 | 22494 | 22142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2050691, 19.200%, 4/15/2028 †§x | Prosper | 4/06/2023 | 24347 | 24268 | 23802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205133554, 26.490%, 12/01/2028 †§x | Lending Club | 11/28/2023 | 20078 | 19423 | 20014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2052018, 21.870%, 1/01/2029 †§x | Best Egg | 11/30/2023 | 38772 | 38327 | 39608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2052152, 20.690%, 1/01/2029 †§x | Best Egg | 11/30/2023 | 31001 | 30647 | 31719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205230015, 28.990%, 11/22/2028 †§x | Lending Club | 11/27/2023 | 19896 | 19335 | 20355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205261475, 10.259%, 12/18/2028 †§x | Lending Club | 12/20/2023 | 28862 | 28339 | 28382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205264697, 27.990%, 11/25/2028 †§x | Lending Club | 11/22/2023 | 19859 | 19303 | 20293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205298507, 32.390%, 11/30/2028 †§x | Lending Club | 12/04/2023 | 20674 | 20070 | 20497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2053495, 13.750%, 4/03/2028 †§x | Prosper | 4/05/2023 | 24084 | 24010 | 23280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2053617, 17.330%, 4/03/2028 †§x | Prosper | 4/05/2023 | 24916 | 24837 | 24626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2053623, 14.830%, 4/17/2028 †§x | Prosper | 4/05/2023 | 21028 | 20963 | 20570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205369869, 30.990%, 11/24/2028 †§x | Lending Club | 11/28/2023 | 20105 | 19526 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205377075, 11.007%, 11/28/2028 †§x | Lending Club | 11/30/2023 | 28411 | 27896 | 28030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205379001, 30.490%, 11/24/2028 †§x | Lending Club | 11/28/2023 | 20054 | 19457 | 20501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205395299, 12.504%, 11/28/2028 †§x | Lending Club | 11/30/2023 | 25852 | 25378 | 25416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205406797, 17.240%, 12/30/2028 †§x# | Lending Club | 12/27/2023 | 23247 | 22806 | 22740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205411482, 30.990%, 11/27/2028 †§x | Lending Club | 11/29/2023 | 20047 | 19502 | 20494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205430486, 20.740%, 11/28/2028 †§x | Lending Club | 11/30/2023 | 22765 | 22326 | 22635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205483761, 9.990%, 12/04/2028 †§x | Lending Club | 12/06/2023 | 24486 | 24044 | 24077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205488331, 28.990%, 11/30/2028 †§x# | Lending Club | 12/04/2023 | 20199 | 19628 | 20190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205503128, 11.490%, 12/28/2028 †§x | Lending Club | 1/02/2024 | 29116 | 28581 | 28639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205504654, 16.990%, 12/15/2028 †§x | Lending Club | 12/06/2023 | 21317 | 20914 | 20914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205505218, 8.570%, 12/10/2028 †§x | Lending Club | 12/06/2023 | 21434 | 21052 | 21023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205512577, 11.990%, 7/04/2029 †x | Lending Club | 12/06/2023 | 32915 | 32267 | 24914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205522879, 10.457%, 12/04/2027 †§x | Lending Club | 12/06/2023 | 22161 | 21811 | 22144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205522888, 11.490%, 12/04/2027 †§x | Lending Club | 12/06/2023 | 24961 | 24564 | 24982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205529108, 12.240%, 6/04/2029 †x | Lending Club | 12/06/2023 | 22545 | 22109 | 21923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205530588, 15.490%, 12/29/2028 †§x | Lending Club | 1/03/2024 | 29906 | 29343 | 29430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205532812, 10.457%, 1/20/2028 †§x | Lending Club | 12/06/2023 | 22090 | 21742 | 22183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205538456, 19.490%, 12/04/2028 †§x# | Lending Club | 12/06/2023 | 21491 | 21073 | 20857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205542332, 15.740%, 1/28/2029 †§x | Lending Club | 12/06/2023 | 29178 | 28632 | 28799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2055576, 11.760%, 1/01/2029 †x | Best Egg | 12/04/2023 | 29315 | 28998 | 29838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2055663, 10.280%, 1/01/2029 †§x | Best Egg | 12/04/2023 | 23047 | 22800 | 23513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2055709, 11.760%, 1/01/2029 †§x | Best Egg | 12/04/2023 | 36491 | 36096 | 37133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2056194, 13.480%, 1/01/2027 †§x | Best Egg | 12/04/2023 | 24752 | 24572 | 24967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2056288, 21.910%, 1/01/2029 †§x | Best Egg | 12/04/2023 | 25320 | 25029 | 25894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205633953, 15.740%, 12/19/2028 †§x | Lending Club | 12/21/2023 | 20968 | 20574 | 20548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2056544, 19.950%, 1/01/2029 †§x | Best Egg | 12/04/2023 | 20020 | 19792 | 20246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2056895, 13.200%, 1/20/2029 †§x | Best Egg | 12/04/2023 | 24615 | 24344 | 24951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205738705, 11.257%, 12/20/2028 †§x | Lending Club | 12/22/2023 | 25432 | 24968 | 25009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205741552, 11.490%, 12/26/2028 †§x | Lending Club | 12/28/2023 | 21580 | 21184 | 21241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205741743, 13.990%, 12/18/2029 †x | Lending Club | 12/20/2023 | 31996 | 31353 | 31307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2058449, 9.310%, 1/01/2029 †§x | Best Egg | 12/04/2023 | 32259 | 31916 | 32926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205856789, 14.248%, 12/26/2028 †§x | Lending Club | 12/28/2023 | 29663 | 29110 | 29034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205870624, 29.490%, 12/28/2028 †§x | Lending Club | 1/02/2024 | 20252 | 19591 | 20493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205874224, 16.493%, 12/31/2028 †§x# | Lending Club | 12/28/2023 | 22673 | 22233 | 22281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205876524, 11.490%, 12/28/2028 †§x | Lending Club | 1/02/2024 | 29116 | 28579 | 28639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205897177, 10.990%, 12/28/2028 †§x | Lending Club | 1/02/2024 | 29013 | 28484 | 28539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205897730, 11.205%, 12/28/2027 †§x | Lending Club | 1/02/2024 | 22160 | 21805 | 22213 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**16** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2059028, 18.530%, 12/03/2028 †§x | Best Egg | 12/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205916201, 22.990%, 1/08/2029 †§x | Lending Club | 1/10/2024 | 23864 | 23387 | 23339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205964096, 9.820%, 1/08/2030 †x | Lending Club | 1/10/2024 | 31607 | 30978 | 31181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205979127, 15.240%, 1/09/2029 †§x | Lending Club | 1/11/2024 | 30428 | 29845 | 29762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205988883, 20.490%, 1/08/2029 †§x | Lending Club | 1/10/2024 | 23542 | 23075 | 22821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205997234, 11.490%, 1/17/2029 †§x | Lending Club | 1/09/2024 | 25372 | 24890 | 24869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206006288, 11.240%, 1/05/2028 †§x | Lending Club | 1/09/2024 | 22810 | 22432 | 22805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206010234, 9.709%, 1/08/2028 †§x | Lending Club | 1/10/2024 | 25986 | 25561 | 25942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206013935, 16.240%, 1/08/2029 †§x | Lending Club | 1/10/2024 | 29849 | 29274 | 29200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206021192, 13.240%, 1/09/2027 †§x | Lending Club | 1/11/2024 | 20862 | 20587 | 20384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206023277, 5.000%, 1/23/2029 †x | Lending Club | 1/10/2024 | 23688 | 23147 | 23564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206032848, 15.740%, 1/09/2029 †§x | Lending Club | 1/11/2024 | 20602 | 20204 | 20159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206061122, 8.990%, 1/11/2028 †§x | Lending Club | 1/16/2024 | 25854 | 25432 | 25802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206063393, 11.740%, 1/16/2029 †§x | Lending Club | 1/18/2024 | 22317 | 21898 | 21822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206083509, 10.990%, 1/23/2029 †§x | Lending Club | 1/25/2024 | 29609 | 29055 | 29116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206089841, 16.740%, 1/11/2029 †§x | Lending Club | 1/16/2024 | 30707 | 30114 | 30034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206102475, 30.490%, 1/01/2029 †§x | Lending Club | 1/18/2024 | 20146 | 19475 | 20020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206106745, 28.490%, 1/25/2029 †§x | Lending Club | 1/18/2024 | 20619 | 19939 | 20468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2061195, 16.600%, 4/04/2029 †x | Best Egg | 12/07/2023 | 23267 | 23002 | 23779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206129214, 25.490%, 10/26/2029 †x# | Lending Club | 1/16/2024 | 22206 | 21413 | 21175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206145979, 27.490%, 1/16/2029 †§x | Lending Club | 1/18/2024 | 20351 | 19683 | 20340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206146229, 25.990%, 1/17/2029 †§x | Lending Club | 1/19/2024 | 20155 | 19505 | 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206173199, 28.490%, 1/28/2029 †§x | Lending Club | 1/18/2024 | 20790 | 20117 | 20724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206177443, 11.090%, 1/16/2029 †§x | Lending Club | 1/18/2024 | 21333 | 20934 | 20973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206202044, 14.490%, 1/17/2028 †§x | Lending Club | 1/19/2024 | 23424 | 23026 | 23114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206204003, 11.490%, 1/19/2029 †§x | Lending Club | 1/23/2024 | 29708 | 29150 | 29208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206219971, 15.000%, 9/30/2029 †x# | Lending Club | 1/29/2024 | 34482 | 33736 | 26279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206226737, 25.990%, 1/18/2029 †§x# | Lending Club | 1/22/2024 | 20965 | 20295 | 20587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206233906, 25.490%, 1/31/2029 †§x# | Lending Club | 1/24/2024 | 20658 | 19967 | 20068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206251625, 14.240%, 2/08/2028 †§x | Lending Club | 1/25/2024 | 20879 | 20519 | 20810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206293031, 7.554%, 1/23/2028 †§x | Lending Club | 1/25/2024 | 25321 | 24909 | 25275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206293078, 19.740%, 2/02/2028 †§x | Lending Club | 1/24/2024 | 20519 | 20158 | 20481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206293468, 26.490%, 1/22/2029 †§x | Lending Club | 1/24/2024 | 20250 | 19587 | 20173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206293976, 11.869%, 1/30/2027 †§x | Lending Club | 2/01/2024 | 20639 | 20370 | 20308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206312527, 15.740%, 2/21/2029 †x◇ | Lending Club | 2/23/2024 | 24865 | 24376 | 24324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206317135, 5.000%, 1/22/2030 †x | Lending Club | 1/24/2024 | 20782 | 19967 | 20589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206320312, 9.210%, 1/23/2028 †§x | Lending Club | 1/25/2024 | 25895 | 25469 | 25824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206343660, 11.490%, 1/31/2029 †§x | Lending Club | 2/02/2024 | 28885 | 28271 | 28405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206355985, 11.740%, 1/25/2028 †§x# | Lending Club | 1/29/2024 | 26356 | 25915 | 26308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206369850, 9.740%, 1/26/2027 †§x# | Lending Club | 1/30/2024 | 20341 | 20077 | 20081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206370924, 13.490%, 1/29/2029 †§x | Lending Club | 1/31/2024 | 22571 | 22149 | 22198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206380383, 22.740%, 1/29/2029 †§x | Lending Club | 1/31/2024 | 23831 | 23366 | 23483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206386716, 17.240%, 1/26/2029 †§x# | Lending Club | 1/30/2024 | 23099 | 22650 | 22615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206404325, 10.758%, 1/21/2029 †§x | Lending Club | 1/31/2024 | 27245 | 26743 | 26771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206457480, 17.240%, 1/31/2029 †§x | Lending Club | 2/02/2024 | 30749 | 30163 | 30147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206467066, 10.740%, 1/31/2029 †§x | Lending Club | 2/02/2024 | 22023 | 21616 | 21657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2064757, 23.360%, 12/06/2028 †§x | Best Egg | 12/11/2023 | 28653 | 28322 | 29365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206479645, 26.490%, 2/13/2029 †x | Lending Club | 2/15/2024 | 20553 | 19876 | 20225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206567002, 17.490%, 2/22/2028 †x◇ | Lending Club | 2/26/2024 | 21098 | 20714 | 21123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206588146, 21.740%, 2/26/2029 †x◇ | Lending Club | 2/28/2024 | 32120 | 31469 | 31468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206634102, 16.990%, 2/22/2029 †x◇ | Lending Club | 2/26/2024 | 23479 | 23014 | 22926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206651960, 25.990%, 2/21/2029 †x◇ | Lending Club | 2/23/2024 | 20479 | 19800 | 20349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206659723, 11.490%, 2/20/2029 †x◇ | Lending Club | 2/22/2024 | 26510 | 26001 | 26058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206661444, 17.240%, 2/16/2029 †x◇ | Lending Club | 2/22/2024 | 31253 | 30634 | 30535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206662647, 29.490%, 3/08/2029 †x◇ | Lending Club | 3/12/2024 | 21119 | 20405 | 20782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2066677, 18.270%, 1/07/2027 †x | Best Egg | 12/11/2023 | 21176 | 21015 | 21235 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**17** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 206676999, 12.490%, 2/28/2029 †x◇ | Lending Club | 3/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206678901, 15.740%, 2/29/2028 †x#◇ | Lending Club | 2/22/2024 | 28820 | 28320 | 28561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206723277, 25.990%, 2/28/2029 †§x | Lending Club | 2/16/2024 | 20866 | 20193 | 20375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206735790, 16.990%, 3/20/2029 †x | Lending Club | 3/13/2024 | 31591 | 30850 | 31364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206744874, 13.990%, 2/20/2027 †x◇ | Lending Club | 2/22/2024 | 22079 | 21768 | 21688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206752433, 12.490%, 8/10/2029 †x#◇ | Lending Club | 2/22/2024 | 33706 | 33010 | 25489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206759680, 19.140%, 2/20/2029 †x◇ | Lending Club | 2/22/2024 | 31680 | 31046 | 30809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206759706, 11.490%, 2/20/2029 †x◇ | Lending Club | 2/22/2024 | 30297 | 29715 | 29780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206765874, 15.740%, 2/20/2029 †x◇ | Lending Club | 2/22/2024 | 27973 | 27423 | 27363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206768727, 12.740%, 2/20/2029 †x◇ | Lending Club | 2/22/2024 | 30537 | 29922 | 29814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206769648, 14.240%, 2/20/2028 †x◇ | Lending Club | 2/22/2024 | 27576 | 27090 | 27561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206772073, 11.490%, 2/20/2029 †x◇ | Lending Club | 2/22/2024 | 22723 | 22286 | 22335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206776358, 9.820%, 2/26/2030 †x◇ | Lending Club | 2/28/2024 | 32082 | 31430 | 31663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206776820, 12.753%, 2/22/2029 †x◇ | Lending Club | 2/26/2024 | 30534 | 29943 | 29849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206777154, 9.963%, 2/20/2028 †x◇ | Lending Club | 2/22/2024 | 26153 | 25707 | 26088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206786143, 13.740%, 2/20/2027 †x◇ | Lending Club | 2/22/2024 | 22042 | 21733 | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206792276, 8.570%, 2/20/2029 †x◇ | Lending Club | 2/22/2024 | 26020 | 25529 | 25582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206810594, 10.490%, 2/23/2029 †x◇ | Lending Club | 2/27/2024 | 26344 | 25840 | 25899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206822195, 11.242%, 2/20/2028 †x◇ | Lending Club | 2/22/2024 | 27051 | 26586 | 27038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206836633, 11.990%, 2/21/2027 †x◇ | Lending Club | 2/23/2024 | 21785 | 21482 | 21404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206846242, 15.590%, 1/10/2028 †§x | Upgrade | 1/13/2023 | 20893 | 20770 | 20920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206846311, 12.460%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 22120 | 21993 | 22289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206854054, 12.990%, 2/26/2029 †x◇ | Lending Club | 2/28/2024 | 26756 | 26237 | 26160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206856894, 12.990%, 2/22/2029 †x◇ | Lending Club | 2/26/2024 | 27520 | 26987 | 26902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206865919, 20.490%, 2/26/2029 †x◇ | Lending Club | 2/28/2024 | 23933 | 23450 | 23457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206869294, 12.240%, 2/23/2029 †x◇ | Lending Club | 2/27/2024 | 22829 | 22388 | 22319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206876962, 19.960%, 2/26/2029 †x◇ | Lending Club | 2/28/2024 | 27843 | 27282 | 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2068919, 15.880%, 5/08/2028 †§x | Prosper | 5/10/2023 | 25198 | 25116 | 24914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2068934, 23.450%, 3/07/2029 †x# | Prosper | 5/10/2023 | 29381 | 29234 | 29967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206893933, 12.490%, 2/28/2027 †x#◇ | Lending Club | 3/04/2024 | 22837 | 22520 | 22430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206910160, 20.215%, 2/26/2030 †x◇ | Lending Club | 2/28/2024 | 22935 | 22443 | 22054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206912225, 14.250%, 3/06/2029 †x◇ | Lending Club | 2/28/2024 | 29197 | 28627 | 28314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206931504, 11.755%, 2/26/2029 †x◇ | Lending Club | 2/28/2024 | 22001 | 21578 | 21406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2069431, 19.980%, 12/10/2028 †§x | Best Egg | 12/13/2023 | 38014 | 37583 | 39196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2069438, 13.250%, 5/08/2028 †§x | Prosper | 5/10/2023 | 24618 | 24540 | 23661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2069453, 19.400%, 5/08/2028 †§x | Prosper | 5/10/2023 | 24652 | 24569 | 24106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206950983, 12.243%, 2/28/2029 †x◇ | Lending Club | 3/01/2024 | 30433 | 29845 | 29762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206968154, 28.490%, 3/15/2029 †x◇ | Lending Club | 3/06/2024 | 21264 | 20548 | 20985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 206972850, 12.240%, 5/29/2027 †x◇ | Lending Club | 3/04/2024 | 24300 | 23929 | 20133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207028084, 23.490%, 3/06/2029 †x◇ | Lending Club | 3/08/2024 | 20564 | 19886 | 20204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207047860, 29.490%, 4/16/2029 †§x | Lending Club | 4/08/2024 | 20800 | 20071 | 20656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207060054, 32.390%, 3/08/2029 †x◇ | Lending Club | 3/12/2024 | 21369 | 20638 | 20990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207060435, 27.490%, 3/06/2029 †x◇ | Lending Club | 3/08/2024 | 20940 | 20237 | 20626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2070879, 25.760%, 12/11/2028 †§x | Best Egg | 12/14/2023 | 27797 | 27471 | 28156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207111422, 14.630%, 1/10/2028 †§x | Upgrade | 1/13/2023 | 22936 | 22802 | 23291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2071655, 20.230%, 1/20/2029 †§x | Best Egg | 12/14/2023 | 23258 | 22991 | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207184310, 13.740%, 3/12/2030 †x# | Lending Club | 3/14/2024 | 32442 | 31709 | 32079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072170, 12.700%, 5/08/2028 †§x | Prosper | 5/10/2023 | 24157 | 24081 | 23110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072179, 16.590%, 6/02/2028 †§x# | Prosper | 5/10/2023 | 25657 | 25574 | 24850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072188, 12.700%, 5/08/2028 †§x | Prosper | 5/10/2023 | 24471 | 24394 | 23410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072203, 18.500%, 5/08/2028 †§x | Prosper | 5/10/2023 | 24463 | 24381 | 23958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072640, 17.850%, 2/12/2028 †x | Best Egg | 12/15/2023 | 36982 | 36604 | 38442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072793, 18.900%, 1/26/2027 †§x | Best Egg | 12/15/2023 | 22189 | 22015 | 22338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072907, 26.060%, 2/17/2029 †x# | Prosper | 5/10/2023 | 23807 | 23688 | 24361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072925, 17.330%, 5/08/2028 †§x | Prosper | 5/10/2023 | 21270 | 21200 | 21030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2072926, 22.500%, 5/09/2028 †§x# | Prosper | 5/11/2023 | 22070 | 21960 | 22821 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**18** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 207301486, 18.240%, 3/19/2029 †x | Lending Club | 3/21/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2073498, 26.060%, 5/08/2028 †§x | Prosper | 5/10/2023 | 23201 | 23117 | 24715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207355935, 16.240%, 3/26/2028 †x | Lending Club | 3/28/2024 | 20069 | 19655 | 20298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2073675, 21.310%, 5/09/2028 †x | Prosper | 5/11/2023 | 25049 | 24963 | 25218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2073738, 16.610%, 2/13/2029 †x | Best Egg | 12/18/2023 | 24945 | 24661 | 25593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2073917, 20.430%, 2/13/2029 †x | Best Egg | 12/18/2023 | 22905 | 22628 | 23591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207437655, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 22936 | 22802 | 23264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207459155, 15.740%, 4/23/2029 †x | Lending Club | 4/25/2024 | 31374 | 30684 | 31312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207464915, 18.240%, 4/16/2029 †x | Lending Club | 4/30/2024 | 32329 | 31614 | 32497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207476827, 17.991%, 3/18/2029 †x | Lending Club | 4/02/2024 | 21581 | 21105 | 21585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207496043, 26.490%, 4/07/2029 †§x | Lending Club | 4/03/2024 | 20865 | 20125 | 20642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207512808, 32.390%, 4/03/2029 †x | Lending Club | 4/05/2024 | 21631 | 20853 | 21470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207529731, 26.490%, 4/08/2029 †§x | Lending Club | 4/10/2024 | 20715 | 19979 | 20606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207540177, 11.704%, 4/02/2028 †x | Lending Club | 4/04/2024 | 21140 | 20709 | 21171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207556403, 10.990%, 4/03/2029 †x | Lending Club | 4/05/2024 | 25098 | 24554 | 24928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207560799, 16.740%, 4/07/2028 †x | Lending Club | 4/09/2024 | 23629 | 23139 | 23656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207564441, 12.490%, 4/16/2029 †x | Lending Club | 4/05/2024 | 31842 | 31150 | 31724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207581559, 11.990%, 4/01/2030 †x | Lending Club | 4/09/2024 | 30850 | 30156 | 30672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207610829, 17.990%, 4/05/2029 †x | Lending Club | 4/09/2024 | 32543 | 31825 | 32324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207634613, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 19782 | 19666 | 20103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207639063, 25.490%, 4/15/2029 †x | Lending Club | 4/17/2024 | 21049 | 20575 | 21244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207653861, 8.240%, 4/09/2027 †x | Lending Club | 4/11/2024 | 23432 | 23014 | 23249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207662398, 13.990%, 4/16/2029 †x | Lending Club | 4/10/2024 | 32027 | 31326 | 31774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207717029, 15.240%, 4/12/2028 †x# | Lending Club | 4/16/2024 | 22670 | 22201 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207720162, 18.240%, 4/16/2029 †x# | Lending Club | 4/18/2024 | 24826 | 24276 | 24756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207729287, 26.490%, 4/16/2029 †§x | Lending Club | 4/18/2024 | 20217 | 19502 | 20418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207729430, 12.490%, 4/16/2029 †x | Lending Club | 4/26/2024 | 31502 | 30816 | 31461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207730022, 11.490%, 4/15/2029 †x | Lending Club | 4/17/2024 | 23594 | 23082 | 23500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207768557, 17.240%, 4/29/2029 †x | Lending Club | 5/01/2024 | 20264 | 19815 | 20339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2077697, 12.700%, 6/15/2028 †§x | Prosper | 6/05/2023 | 25285 | 25188 | 24143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207777603, 17.990%, 4/19/2029 †x | Lending Club | 4/23/2024 | 20374 | 19924 | 20374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207787450, 20.990%, 4/16/2029 †§x | Lending Club | 4/18/2024 | 20633 | 19911 | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207792958, 14.630%, 2/01/2028 †x | Upgrade | 1/20/2023 | 27848 | 27688 | 27910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207802441, 12.740%, 4/30/2029 †x# | Lending Club | 5/02/2024 | 22566 | 22073 | 22303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207817928, 26.490%, 11/28/2029 †x# | Lending Club | 4/19/2024 | 22279 | 21451 | 21933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207827965, 14.630%, 1/16/2028 †x# | Upgrade | 1/17/2023 | 31493 | 31309 | 31279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207831796, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 19868 | 19752 | 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2078429, 15.890%, 6/15/2028 †§x | Prosper | 6/06/2023 | 23364 | 23271 | 22467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207842928, 15.600%, 1/28/2028 †x | Upgrade | 1/17/2023 | 20020 | 19937 | 20156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2078435, 26.060%, 6/02/2028 †§x | Prosper | 6/06/2023 | 21500 | 21406 | 22875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2078441, 19.780%, 6/02/2028 †§x | Prosper | 6/06/2023 | 20492 | 20407 | 20069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207847217, 15.600%, 3/11/2028 †x | Upgrade | 1/17/2023 | 29809 | 29631 | 29828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207863689, 13.740%, 4/19/2027 †x | Lending Club | 4/23/2024 | 21801 | 21404 | 21671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207870955, 13.890%, 1/10/2028 †§x | Upgrade | 1/13/2023 | 22831 | 22706 | 22954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207888540, 18.740%, 4/23/2027 †x | Lending Club | 4/24/2024 | 22454 | 22035 | 22446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207892768, 20.490%, 4/22/2029 †x | Lending Club | 4/24/2024 | 26348 | 25762 | 26489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207918764, 15.590%, 1/17/2028 †§x | Upgrade | 1/20/2023 | 23065 | 22928 | 23180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207932903, 25.486%, 5/01/2029 †§x | Lending Club | 4/29/2024 | 20620 | 19889 | 20285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207938910, 17.990%, 5/06/2029 †x | Lending Club | 5/08/2024 | 33063 | 32330 | 32732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207957619, 14.620%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 20067 | 19950 | 20157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207957714, 12.430%, 1/22/2028 †§x | Upgrade | 1/23/2023 | 27444 | 27278 | 27654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207965283, 25.740%, 5/18/2029 †x | Lending Club | 5/13/2024 | 20712 | 20243 | 20663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207969030, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 22936 | 22802 | 23308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207971878, 15.600%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 19743 | 19600 | 20010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 207973637, 19.990%, 4/29/2029 †§x | Lending Club | 5/01/2024 | 20536 | 19820 | 20125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208005668, 17.240%, 4/30/2029 †x | Lending Club | 4/30/2024 | 21814 | 21324 | 21575 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**19** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 208040339, 15.600%, 1/13/2028 †§x | Upgrade | 1/17/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208040848, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 22936 | 22802 | 23264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208049028, 14.630%, 1/17/2028 †§x | Upgrade | 1/20/2023 | 22919 | 22785 | 23308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208060582, 18.240%, 5/11/2029 †x | Lending Club | 5/08/2024 | 23402 | 22883 | 23146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2080984, 26.060%, 6/01/2028 †x | Prosper | 6/05/2023 | 25447 | 25447 | 27040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208101259, 15.600%, 12/31/2027 †§x | Upgrade | 1/17/2023 | 22160 | 22030 | 22458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208110187, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 22936 | 22802 | 23264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208112455, 21.990%, 5/06/2028 †x | Lending Club | 5/08/2024 | 27896 | 27305 | 28119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208149835, 16.740%, 5/13/2028 †x | Lending Club | 5/15/2024 | 21190 | 20747 | 21321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208164367, 15.600%, 1/28/2028 †§x | Upgrade | 1/17/2023 | 24405 | 24262 | 24871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208170688, 15.600%, 1/17/2028 †§x | Upgrade | 1/20/2023 | 28960 | 28788 | 29452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2081743, 27.710%, 4/01/2029 †x# | Prosper | 6/06/2023 | 18836 | 18723 | 20333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208180324, 23.990%, 5/09/2029 †§x | Lending Club | 5/13/2024 | 21208 | 20646 | 21011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208190775, 14.630%, 1/25/2028 †§x | Upgrade | 1/20/2023 | 23065 | 22930 | 23460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208191453, 15.740%, 5/17/2029 †§x | Lending Club | 5/21/2024 | 23147 | 22648 | 22906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208200489, 15.497%, 5/17/2029 †§x | Lending Club | 5/21/2024 | 32678 | 31974 | 32190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208203518, 17.990%, 5/24/2029 †x | Lending Club | 5/29/2024 | 20664 | 20206 | 20622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208207663, 16.490%, 5/16/2029 †§x | Lending Club | 5/20/2024 | 32012 | 31321 | 31675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208230469, 12.990%, 5/20/2029 †§x | Lending Club | 5/22/2024 | 20981 | 20533 | 20721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2082321, 15.050%, 6/15/2028 †§x | Prosper | 6/06/2023 | 25870 | 25769 | 25215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208232832, 32.390%, 5/12/2029 †§x# | Lending Club | 5/13/2024 | 20678 | 20126 | 20327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2082336, 14.380%, 3/16/2029 †x | Prosper | 6/06/2023 | 30083 | 29911 | 28904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208240109, 14.620%, 1/17/2028 †§x | Upgrade | 1/17/2023 | 21672 | 21545 | 21773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208241810, 16.490%, 6/15/2029 †x | Lending Club | 6/07/2024 | 27977 | 27358 | 27567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208243248, 26.490%, 5/09/2029 †x | Lending Club | 5/13/2024 | 21420 | 20849 | 21200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208243817, 14.630%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 22936 | 22802 | 23264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208255300, 11.970%, 1/15/2028 †§x | Upgrade | 1/17/2023 | 21774 | 21644 | 21937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208262852, 13.490%, 5/10/2028 †x | Lending Club | 5/14/2024 | 22288 | 21827 | 22298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208266172, 16.740%, 5/16/2029 †x# | Lending Club | 5/24/2024 | 27023 | 26425 | 26835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208267181, 15.600%, 1/22/2028 †§x | Upgrade | 1/17/2023 | 23333 | 23193 | 23701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208271280, 23.490%, 5/01/2029 †x | Lending Club | 5/14/2024 | 30200 | 29522 | 29843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208292954, 14.630%, 1/13/2028 †x# | Upgrade | 1/17/2023 | 26081 | 25930 | 26157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208295279, 10.490%, 5/29/2027 †§x | Lending Club | 5/31/2024 | 20681 | 20321 | 20458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208299844, 14.240%, 5/20/2027 †§x | Lending Club | 5/22/2024 | 22166 | 21775 | 21941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208303414, 10.259%, 5/15/2029 †§x | Lending Club | 5/17/2024 | 27848 | 27260 | 27563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208306155, 31.990%, 5/22/2029 †§x | Lending Club | 5/24/2024 | 20986 | 20414 | 21044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208311576, 15.590%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 26062 | 25908 | 26130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208311736, 12.240%, 5/13/2028 †x | Lending Club | 5/15/2024 | 29521 | 28912 | 29634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208317755, 15.600%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 24616 | 24470 | 24970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208319678, 14.620%, 1/11/2028 †§x | Upgrade | 1/17/2023 | 24203 | 24062 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208323870, 32.390%, 5/16/2029 †x | Lending Club | 5/20/2024 | 21886 | 21281 | 22042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208330893, 16.993%, 5/23/2029 †§x | Lending Club | 5/28/2024 | 32911 | 32199 | 32572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208331875, 14.620%, 1/31/2028 †x# | Upgrade | 1/23/2023 | 35403 | 35205 | 27856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208342897, 21.740%, 5/15/2029 †x# | Lending Club | 5/17/2024 | 28703 | 28021 | 28501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208342972, 8.570%, 5/15/2029 †§x | Lending Club | 5/17/2024 | 22078 | 21615 | 21859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208352934, 24.490%, 5/22/2029 †§x | Lending Club | 5/24/2024 | 21251 | 20781 | 21177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208384568, 14.620%, 1/17/2028 †§x# | Upgrade | 1/20/2023 | 19995 | 19795 | 20098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208385820, 15.600%, 1/13/2028 †§x | Upgrade | 1/17/2023 | 24636 | 24491 | 24976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208394035, 12.990%, 6/15/2029 †§x | Lending Club | 6/20/2024 | 26240 | 25678 | 25813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208395092, 19.497%, 5/21/2029 †§x | Lending Club | 5/23/2024 | 33289 | 32563 | 32842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208398718, 11.506%, 5/20/2029 †§x | Lending Club | 5/22/2024 | 28031 | 27436 | 27587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208399022, 9.760%, 5/20/2029 †§x | Lending Club | 5/22/2024 | 30949 | 30296 | 30693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208406778, 7.570%, 6/01/2028 †§x | Lending Club | 5/24/2024 | 27412 | 26874 | 27319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208407721, 26.490%, 5/20/2029 †§x | Lending Club | 5/22/2024 | 21163 | 20589 | 21223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208410285, 14.743%, 5/28/2027 †§x | Lending Club | 5/29/2024 | 21623 | 21240 | 21355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208412835, 10.758%, 5/20/2029 †§x | Lending Club | 5/22/2024 | 20704 | 20266 | 20531 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**20** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 208418896, 10.740%, 5/20/2029 †§x | Lending Club | 5/22/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208419640, 14.740%, 5/26/2029 †§x | Lending Club | 5/28/2024 | 29121 | 28498 | 28852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208428695, 13.240%, 5/24/2030 †x | Lending Club | 5/29/2024 | 30648 | 29967 | 30308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2084303, 8.530%, 12/17/2028 †§x | Best Egg | 12/20/2023 | 34261 | 33897 | 34727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2084348, 17.000%, 12/17/2027 †§x | Best Egg | 12/20/2023 | 22207 | 21989 | 23163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208437916, 8.343%, 5/31/2029 †§x# | Lending Club | 5/22/2024 | 20531 | 20104 | 20254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208440854, 10.990%, 5/15/2028 †§x | Lending Club | 5/28/2024 | 24100 | 23621 | 24080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208446357, 13.949%, 5/21/2028 †§x | Lending Club | 5/23/2024 | 23831 | 23353 | 23883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208446866, 11.240%, 5/22/2028 †§x# | Lending Club | 5/24/2024 | 27863 | 27310 | 27861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208451781, 11.240%, 5/28/2030 †x | Lending Club | 5/30/2024 | 33724 | 32980 | 33514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208457783, 10.740%, 5/22/2029 †§x | Lending Club | 5/24/2024 | 23133 | 22643 | 22941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208462117, 14.240%, 5/22/2027 †§x | Lending Club | 5/24/2024 | 25366 | 24919 | 25143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208462600, 15.240%, 5/21/2027 †x | Lending Club | 5/23/2024 | 25514 | 25036 | 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208473887, 7.240%, 6/02/2027 †§x# | Lending Club | 5/30/2024 | 22305 | 21920 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208476211, 14.990%, 5/15/2027 †x | Lending Club | 5/30/2024 | 24594 | 24137 | 24434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208481503, 13.240%, 6/06/2027 †§x | Lending Club | 6/10/2024 | 26289 | 25824 | 25732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208497833, 18.990%, 5/28/2029 †§x | Lending Club | 5/30/2024 | 20762 | 20215 | 20472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208502886, 16.240%, 5/28/2029 †§x | Lending Club | 5/30/2024 | 32522 | 31775 | 32250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208507241, 12.490%, 5/28/2028 †x | Lending Club | 5/30/2024 | 29565 | 28953 | 29644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208513768, 10.240%, 5/29/2029 †§x | Lending Club | 5/31/2024 | 31823 | 31150 | 31568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208525743, 9.990%, 5/28/2028 †§x | Lending Club | 5/30/2024 | 20414 | 20010 | 20432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208531025, 17.240%, 5/28/2029 †x | Lending Club | 5/30/2024 | 32854 | 32128 | 32797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208532316, 17.990%, 5/28/2029 †x | Lending Club | 5/30/2024 | 25624 | 25055 | 25576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208558582, 12.702%, 6/10/2028 †§x | Lending Club | 6/10/2024 | 26606 | 26073 | 26462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2085588, 19.650%, 1/22/2028 †§x | Best Egg | 12/20/2023 | 27133 | 26857 | 27709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208580938, 11.263%, 5/29/2029 †§x | Lending Club | 5/31/2024 | 29594 | 28966 | 29354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208582308, 15.240%, 5/29/2029 †§x | Lending Club | 5/31/2024 | 22030 | 21556 | 21823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208584017, 8.240%, 5/29/2027 †§x | Lending Club | 5/31/2024 | 21688 | 21314 | 21501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208586032, 10.490%, 5/15/2027 †§x | Lending Club | 5/31/2024 | 24662 | 24235 | 24411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208599614, 14.199%, 5/16/2028 †§x | Lending Club | 6/03/2024 | 29621 | 29027 | 29680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208607298, 12.741%, 5/30/2030 †x# | Lending Club | 6/03/2024 | 24083 | 23555 | 23752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208609483, 19.990%, 6/20/2029 †§x | Lending Club | 6/24/2024 | 21161 | 20604 | 20794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208614300, 15.600%, 1/17/2028 †§x | Upgrade | 1/20/2023 | 24269 | 24125 | 24635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208623644, 26.490%, 6/30/2029 †x# | Lending Club | 6/05/2024 | 22603 | 21969 | 21679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208642361, 12.740%, 6/17/2029 †§x | Lending Club | 6/10/2024 | 32831 | 32130 | 32305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208647191, 13.740%, 6/27/2029 †x | Lending Club | 6/17/2024 | 21562 | 21087 | 21340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208678716, 16.494%, 6/16/2029 †x | Lending Club | 6/07/2024 | 33599 | 32855 | 33192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208695870, 12.490%, 6/06/2029 †§x | Lending Club | 6/10/2024 | 32755 | 32057 | 32315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208706947, 18.240%, 6/16/2029 †x | Lending Club | 6/07/2024 | 33611 | 32862 | 33343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208708264, 15.740%, 6/07/2027 †§x | Lending Club | 6/11/2024 | 26633 | 26157 | 26156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208725424, 15.600%, 1/17/2028 †§x | Upgrade | 1/20/2023 | 20272 | 20152 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2087271, 7.360%, 12/19/2028 †§x | Best Egg | 12/22/2023 | 22543 | 22306 | 22867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208728310, 11.257%, 6/06/2029 †§x | Lending Club | 6/10/2024 | 32563 | 31870 | 32169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208733222, 9.740%, 6/15/2028 †§x | Lending Club | 6/11/2024 | 29986 | 29390 | 29889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208734837, 20.990%, 6/20/2029 †x | Lending Club | 6/20/2024 | 21302 | 20740 | 20790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208744598, 19.990%, 6/16/2029 †x | Lending Club | 6/10/2024 | 21333 | 20771 | 20825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208749326, 13.990%, 6/06/2029 †x | Lending Club | 6/10/2024 | 23914 | 23388 | 23578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208756031, 9.490%, 6/30/2028 †§x# | Lending Club | 6/21/2024 | 30762 | 30150 | 30617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208765308, 19.990%, 6/07/2029 †§x | Lending Club | 6/11/2024 | 21161 | 20605 | 20636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208765502, 5.000%, 6/15/2030 †x# | Lending Club | 6/11/2024 | 21433 | 20790 | 21158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208766660, 11.490%, 6/10/2028 †§x | Lending Club | 6/12/2024 | 21864 | 21427 | 21820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208775666, 14.630%, 1/17/2028 †x | Upgrade | 1/20/2023 | 20322 | 20216 | 20506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208792151, 26.990%, 6/28/2029 †§x | Lending Club | 6/12/2024 | 20847 | 20288 | 20606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208800587, 11.490%, 6/22/2029 †§x | Lending Club | 6/12/2024 | 20481 | 20044 | 20183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208807099, 28.990%, 6/16/2029 †§x | Lending Club | 6/12/2024 | 20289 | 19741 | 20169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208817601, 8.490%, 6/13/2027 †§x | Lending Club | 6/17/2024 | 23170 | 22766 | 22906 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**21** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 208834207, 29.490%, 6/30/2029 †x# | Lending Club | 6/24/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208836291, 14.248%, 6/11/2029 †§x | Lending Club | 6/13/2024 | 23860 | 23347 | 23409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208841586, 15.240%, 6/17/2027 †x | Lending Club | 6/20/2024 | 21911 | 21498 | 21782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208847132, 10.740%, 7/05/2027 †§x | Lending Club | 7/09/2024 | 21609 | 21224 | 21181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208853667, 20.990%, 6/20/2029 †§x | Lending Club | 6/24/2024 | 21250 | 20689 | 20824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208856544, 16.241%, 6/13/2029 †§x | Lending Club | 6/17/2024 | 20409 | 19967 | 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208864537, 13.990%, 6/13/2027 †§x | Lending Club | 6/17/2024 | 26390 | 25920 | 25949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208871830, 20.990%, 6/20/2029 †§x | Lending Club | 6/24/2024 | 21247 | 20686 | 20872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208886799, 12.240%, 6/25/2029 †§x | Lending Club | 6/20/2024 | 21291 | 20837 | 20879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208908223, 27.490%, 6/20/2029 †x | Lending Club | 6/20/2024 | 21846 | 21257 | 21859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208916934, 13.741%, 6/17/2028 †§x | Lending Club | 6/20/2024 | 22871 | 22410 | 22858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208921580, 13.740%, 6/23/2029 †x | Lending Club | 6/20/2024 | 24788 | 24242 | 24492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208929038, 15.990%, 6/30/2029 †§x | Lending Club | 6/20/2024 | 34027 | 33295 | 33309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208930607, 15.000%, 11/17/2028 †x | Lending Club | 6/20/2024 | 21794 | 21188 | 20883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208946086, 29.990%, 6/25/2029 †x | Lending Club | 6/27/2024 | 21962 | 21368 | 22016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208949657, 16.744%, 6/18/2029 †§x | Lending Club | 6/21/2024 | 25046 | 24503 | 24674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208955970, 13.490%, 7/01/2027 †§x | Lending Club | 7/09/2024 | 27304 | 26813 | 26624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208965044, 15.740%, 6/30/2027 †§x# | Lending Club | 6/26/2024 | 22242 | 21848 | 21662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208966922, 12.990%, 7/18/2029 †§x | Lending Club | 7/19/2024 | 33387 | 32672 | 32712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208967945, 14.620%, 1/18/2028 †§x | Upgrade | 1/23/2023 | 25800 | 25649 | 25940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208989844, 15.740%, 6/20/2029 †§x | Lending Club | 6/24/2024 | 26598 | 26023 | 26208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208993727, 12.951%, 6/20/2028 †§x | Lending Club | 6/24/2024 | 29618 | 29022 | 29605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208996433, 20.990%, 6/27/2029 †x | Lending Club | 7/01/2024 | 21253 | 20657 | 20750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208999322, 19.740%, 6/20/2027 †x | Lending Club | 6/24/2024 | 27157 | 26635 | 26957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209002521, 12.990%, 6/21/2029 †§x | Lending Club | 6/25/2024 | 25365 | 24819 | 24960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209017901, 12.740%, 6/28/2029 †§x | Lending Club | 7/02/2024 | 32794 | 32091 | 32285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209019123, 13.990%, 11/24/2029 †x | Lending Club | 6/26/2024 | 30721 | 30054 | 23310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209025278, 12.240%, 6/28/2029 †§x | Lending Club | 7/02/2024 | 26991 | 26414 | 26573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209053657, 13.201%, 6/24/2028 †§x | Lending Club | 6/26/2024 | 26613 | 26075 | 26604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209059147, 12.240%, 6/24/2029 †§x | Lending Club | 6/26/2024 | 24128 | 23613 | 23751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209061913, 29.990%, 7/01/2029 †x# | Lending Club | 6/27/2024 | 22341 | 21736 | 21863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2090729, 11.760%, 12/21/2028 †§x | Best Egg | 12/26/2023 | 29162 | 28839 | 29769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209079693, 11.490%, 6/12/2029 †§x | Lending Club | 6/27/2024 | 20256 | 19825 | 20014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209106613, 20.990%, 6/26/2029 †§x | Lending Club | 6/28/2024 | 21247 | 20688 | 20880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209118275, 15.490%, 7/03/2029 †§x | Lending Club | 7/08/2024 | 22772 | 22279 | 22232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209121647, 14.248%, 6/28/2029 †§x | Lending Club | 7/02/2024 | 20640 | 20196 | 20335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209139165, 15.740%, 7/22/2028 †§x | Lending Club | 7/24/2024 | 31504 | 30860 | 31163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209179447, 8.570%, 7/09/2029 †§x# | Lending Club | 7/08/2024 | 23276 | 22709 | 22894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209186932, 27.490%, 7/05/2029 †x | Lending Club | 7/09/2024 | 22043 | 21449 | 21446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209201445, 12.240%, 7/03/2029 †§x | Lending Club | 7/08/2024 | 33272 | 32559 | 32518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209215896, 9.740%, 7/05/2027 †§x | Lending Club | 7/09/2024 | 26209 | 25745 | 25869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209219697, 15.990%, 7/08/2029 †§x | Lending Club | 7/10/2024 | 33806 | 33073 | 32956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2092208, 17.330%, 7/05/2028 †§x | Prosper | 7/07/2023 | 26711 | 26589 | 26357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2092211, 17.700%, 7/05/2028 †§x | Prosper | 7/07/2023 | 25417 | 25300 | 24751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209267528, 9.990%, 7/08/2028 †§x | Lending Club | 7/10/2024 | 30687 | 30074 | 30548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209278064, 15.490%, 7/30/2029 †§x# | Lending Club | 7/10/2024 | 22550 | 22060 | 21820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209294132, 31.490%, 7/15/2029 †x | Lending Club | 7/10/2024 | 21791 | 21196 | 21250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209327358, 8.570%, 7/09/2029 †§x | Lending Club | 7/11/2024 | 28632 | 28026 | 28222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209352252, 15.240%, 7/10/2029 †§x | Lending Club | 7/12/2024 | 33702 | 32972 | 32914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209367118, 12.740%, 7/10/2029 †§x | Lending Club | 7/12/2024 | 25010 | 24472 | 24452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209379268, 12.740%, 7/23/2029 †§x | Lending Club | 7/15/2024 | 33489 | 32769 | 32824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209413267, 27.240%, 7/12/2029 †§x# | Lending Club | 7/16/2024 | 22022 | 21527 | 21329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209429798, 11.240%, 7/22/2028 †§x | Lending Club | 7/24/2024 | 25910 | 25388 | 25807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209443150, 13.990%, 8/05/2028 †§x | Lending Club | 8/07/2024 | 31061 | 30427 | 30783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209466722, 15.740%, 7/18/2029 †§x | Lending Club | 7/18/2024 | 33813 | 33079 | 32853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209472163, 11.490%, 7/23/2028 †§x# | Lending Club | 7/25/2024 | 20667 | 20223 | 20558 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**22** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 209474635, 12.490%, 7/17/2029 †§x | Lending Club | 7/19/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209494341, 16.240%, 7/26/2029 †§x | Lending Club | 7/30/2024 | 32927 | 32213 | 32232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209528313, 10.490%, 7/15/2029 †§x | Lending Club | 7/31/2024 | 30251 | 29605 | 29811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209550570, 9.320%, 7/22/2030 †x | Lending Club | 7/24/2024 | 23082 | 22573 | 22881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209552482, 31.990%, 8/07/2029 †x | Lending Club | 8/09/2024 | 22588 | 21971 | 21874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209557711, 13.240%, 7/22/2028 †§x | Lending Club | 7/24/2024 | 21029 | 20603 | 20942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209566245, 13.240%, 7/22/2028 †§x | Lending Club | 7/24/2024 | 25702 | 25181 | 25596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2095815, 17.330%, 7/05/2028 †§x | Prosper | 7/07/2023 | 26733 | 26605 | 26378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2095824, 16.780%, 7/05/2028 †§x | Prosper | 7/07/2023 | 21137 | 21041 | 20493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2095857, 13.750%, 7/05/2028 †§x | Prosper | 7/07/2023 | 24930 | 24820 | 24017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209599277, 7.990%, 7/25/2027 †§x | Lending Club | 7/29/2024 | 26644 | 26172 | 26330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209611397, 13.990%, 7/26/2028 †§x | Lending Club | 7/30/2024 | 27353 | 26796 | 27241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2096163, 16.750%, 7/06/2028 †§x | Prosper | 7/10/2023 | 26447 | 26325 | 25658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209633144, 28.990%, 7/24/2029 †§x | Lending Club | 7/26/2024 | 20378 | 19826 | 20148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209671592, 13.990%, 7/25/2030 †x | Lending Club | 8/06/2024 | 34813 | 34034 | 34299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209678663, 10.990%, 7/30/2028 †§x# | Lending Club | 8/01/2024 | 30786 | 30167 | 30523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209723698, 19.740%, 8/15/2029 †§x | Lending Club | 8/07/2024 | 21127 | 20662 | 20441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209756919, 15.740%, 8/08/2029 †§x | Lending Club | 8/12/2024 | 33592 | 32838 | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209769566, 12.740%, 8/05/2027 †§x | Lending Club | 8/07/2024 | 23361 | 22936 | 22838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209770604, 21.240%, 8/15/2029 †x | Lending Club | 8/07/2024 | 22650 | 22138 | 21947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209777076, 10.490%, 8/02/2029 †§x | Lending Club | 8/06/2024 | 33578 | 32861 | 33016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209793615, 12.990%, 8/05/2028 †§x | Lending Club | 8/07/2024 | 31841 | 31194 | 31559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209831241, 12.740%, 8/06/2029 †§x | Lending Club | 8/08/2024 | 21181 | 20725 | 20633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209859237, 13.490%, 8/05/2027 †§x | Lending Club | 8/07/2024 | 24859 | 24406 | 24169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209877362, 12.740%, 8/20/2029 †§x | Lending Club | 8/09/2024 | 29834 | 29191 | 28991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209893810, 10.740%, 8/07/2027 †§x | Lending Club | 8/09/2024 | 23818 | 23388 | 23296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209899285, 9.570%, 8/06/2030 †x | Lending Club | 8/08/2024 | 20352 | 19903 | 20146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209913053, 14.740%, 8/08/2029 †§x | Lending Club | 8/12/2024 | 21775 | 21302 | 21173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209914747, 9.990%, 8/14/2029 †§x | Lending Club | 8/16/2024 | 22618 | 22135 | 22246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209920858, 15.490%, 8/07/2027 †§x | Lending Club | 8/09/2024 | 28658 | 28132 | 27925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209929411, 10.240%, 8/07/2028 †§x | Lending Club | 8/09/2024 | 31388 | 30757 | 31220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209945702, 10.490%, 8/16/2028 †§x | Lending Club | 8/09/2024 | 31623 | 30985 | 31416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209946187, 10.490%, 8/22/2028 †§x | Lending Club | 8/26/2024 | 21268 | 20838 | 21172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209956841, 14.240%, 8/19/2027 †§x | Lending Club | 8/12/2024 | 20809 | 20428 | 20269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209962785, 11.240%, 8/09/2030 †x | Lending Club | 8/13/2024 | 27164 | 26559 | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209967537, 22.990%, 8/08/2028 †§x | Lending Club | 8/12/2024 | 20699 | 20176 | 20083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209979837, 26.240%, 8/15/2029 †§x | Lending Club | 8/19/2024 | 24895 | 24334 | 23903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209998449, 32.390%, 8/29/2029 †x | Lending Club | 9/03/2024 | 22612 | 21992 | 21715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210012424, 17.240%, 8/12/2029 †§x | Lending Club | 8/14/2024 | 20689 | 20236 | 20114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210020583, 7.240%, 8/26/2027 †§x | Lending Club | 8/28/2024 | 25200 | 24748 | 24941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210040171, 16.990%, 8/25/2026 †§x | Lending Club | 8/22/2024 | 21310 | 21007 | 21261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210044507, 11.490%, 8/12/2029 †§x | Lending Club | 8/14/2024 | 30262 | 29612 | 29759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210066051, 10.990%, 8/28/2028 †§x | Lending Club | 8/15/2024 | 21600 | 21164 | 21443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210080103, 7.990%, 8/13/2027 †§x# | Lending Club | 8/15/2024 | 21405 | 21019 | 21104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210087818, 12.739%, 8/28/2029 †§x# | Lending Club | 8/15/2024 | 29058 | 28433 | 28232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210098447, 13.240%, 8/19/2030 †x | Lending Club | 8/21/2024 | 34439 | 33668 | 33877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210103315, 15.240%, 8/14/2028 †§x | Lending Club | 8/16/2024 | 28930 | 28336 | 28405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210106982, 12.740%, 8/14/2029 †§x | Lending Club | 8/16/2024 | 27959 | 27356 | 27244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210110261, 26.490%, 8/26/2029 †x | Lending Club | 8/28/2024 | 22233 | 21632 | 21738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210112224, 21.490%, 8/16/2028 †§x | Lending Club | 8/20/2024 | 31674 | 30974 | 31408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2101229, 20.940%, 12/25/2028 †§x | Best Egg | 12/28/2023 | 38651 | 38206 | 39928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210134389, 11.490%, 8/15/2029 †§x | Lending Club | 8/19/2024 | 21074 | 20621 | 20725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210142880, 12.990%, 8/22/2029 †§x | Lending Club | 8/26/2024 | 32227 | 31531 | 31446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210144853, 7.406%, 8/26/2027 †§x | Lending Club | 8/19/2024 | 21495 | 21109 | 21260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2101472, 20.910%, 12/25/2028 †x | Best Egg | 12/28/2023 | 23352 | 23083 | 23963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2101651, 12.000%, 3/25/2028 †x | Best Egg | 12/28/2023 | 29062 | 28766 | 29696 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**23** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 210175595, 15.998%, 8/31/2029 †§x# | Lending Club | 8/21/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2101879, 16.110%, 1/25/2029 †x | Best Egg | 12/28/2023 | 21323 | 21079 | 21923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210191575, 9.740%, 8/21/2027 †§x | Lending Club | 8/23/2024 | 24445 | 24003 | 24120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210200889, 10.740%, 8/19/2027 †§x | Lending Club | 8/21/2024 | 28064 | 27555 | 27497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210207327, 15.240%, 8/19/2027 †§x | Lending Club | 8/21/2024 | 28628 | 28099 | 27999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210211211, 12.739%, 8/23/2029 †§x | Lending Club | 8/21/2024 | 33838 | 33107 | 32885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210215263, 14.744%, 8/19/2028 †§x | Lending Club | 8/21/2024 | 20852 | 20424 | 20723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210229489, 10.990%, 8/19/2028 †§x | Lending Club | 8/21/2024 | 27629 | 27071 | 27428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2102393, 10.590%, 12/25/2027 †§x | Best Egg | 12/28/2023 | 29478 | 29198 | 30481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210252646, 9.240%, 8/20/2028 †§x | Lending Club | 8/22/2024 | 25687 | 25149 | 25511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210262818, 9.990%, 8/20/2029 †§x | Lending Club | 8/22/2024 | 22618 | 22135 | 22266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210275723, 13.240%, 8/22/2028 †§x | Lending Club | 8/26/2024 | 23910 | 23420 | 23734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210293215, 14.744%, 8/22/2028 †§x | Lending Club | 8/26/2024 | 25664 | 25137 | 25249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210296452, 16.490%, 8/31/2029 †§x# | Lending Club | 8/27/2024 | 24538 | 24007 | 23632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210307706, 7.990%, 8/22/2027 †§x | Lending Club | 8/26/2024 | 27713 | 27216 | 27348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210313568, 11.003%, 8/26/2029 †§x | Lending Club | 8/28/2024 | 33647 | 32925 | 33125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210320276, 21.240%, 9/13/2029 †§x# | Lending Club | 9/17/2024 | 35435 | 34650 | 33949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210328452, 16.240%, 8/23/2029 †§x | Lending Club | 8/27/2024 | 22330 | 21842 | 21706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210333646, 10.490%, 8/26/2028 †§x | Lending Club | 8/28/2024 | 31508 | 30871 | 31367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210391848, 17.240%, 8/26/2029 †§x | Lending Club | 8/28/2024 | 25862 | 25295 | 25138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210392681, 16.740%, 8/26/2029 †§x | Lending Club | 8/28/2024 | 27535 | 26932 | 26839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210405012, 9.740%, 8/27/2027 †§x | Lending Club | 8/29/2024 | 24445 | 24002 | 24124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2104127, 22.870%, 2/01/2029 †x | Best Egg | 12/29/2023 | 21115 | 20863 | 21540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210413373, 12.490%, 9/05/2027 †§x | Lending Club | 8/28/2024 | 22092 | 21687 | 21487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210414161, 7.990%, 9/20/2027 †§x# | Lending Club | 9/10/2024 | 25283 | 24825 | 24955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210416572, 20.990%, 9/09/2029 †x | Lending Club | 9/11/2024 | 22130 | 21640 | 20973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210418495, 10.740%, 8/27/2027 †§x | Lending Club | 8/29/2024 | 24556 | 24107 | 24232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210430084, 10.490%, 8/28/2029 †§x# | Lending Club | 8/30/2024 | 34139 | 33408 | 33618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210433772, 15.990%, 8/28/2029 †§x | Lending Club | 8/30/2024 | 29195 | 28558 | 28463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210437755, 11.240%, 9/01/2029 †§x# | Lending Club | 9/13/2024 | 20786 | 20340 | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210477886, 11.240%, 8/29/2029 †§x | Lending Club | 9/03/2024 | 26477 | 25866 | 25738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210482437, 12.990%, 8/29/2030 †x | Lending Club | 9/03/2024 | 35289 | 34499 | 34704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210488051, 21.490%, 9/03/2028 †§x | Lending Club | 9/05/2024 | 33584 | 32878 | 32898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210496957, 13.740%, 9/24/2027 †§x | Lending Club | 9/26/2024 | 25783 | 25303 | 25178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210504837, 12.490%, 8/30/2030 †x# | Lending Club | 9/04/2024 | 23168 | 22656 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210515226, 17.240%, 9/03/2029 †§x | Lending Club | 9/05/2024 | 27983 | 27369 | 27049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210532773, 12.240%, 9/24/2029 †§x | Lending Club | 9/26/2024 | 21478 | 21014 | 20862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210563188, 9.990%, 9/26/2028 †§x | Lending Club | 9/18/2024 | 25724 | 25204 | 25417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2105742, 9.210%, 2/24/2028 †§x | Best Egg | 1/02/2024 | 32428 | 32114 | 32952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210581639, 11.490%, 9/30/2028 †§x# | Lending Club | 10/02/2024 | 20690 | 20268 | 20525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210589654, 14.990%, 9/09/2029 †§x# | Lending Club | 9/11/2024 | 34709 | 33955 | 33571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210608580, 14.743%, 9/05/2029 †§x | Lending Club | 9/09/2024 | 34676 | 33921 | 33534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210610258, 29.990%, 9/04/2028 †x | Lending Club | 9/06/2024 | 21564 | 21099 | 20617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210631988, 12.990%, 9/21/2029 †§x# | Lending Club | 9/13/2024 | 24235 | 23711 | 23552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210669123, 14.740%, 10/04/2030 †x | Lending Club | 10/08/2024 | 36312 | 35492 | 35610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210687085, 25.990%, 9/14/2029 †x# | Lending Club | 9/12/2024 | 21648 | 21151 | 20425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210704257, 17.474%, 9/08/2027 †§x# | Lending Club | 9/11/2024 | 22410 | 21991 | 21768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210736508, 14.740%, 9/25/2028 †§x | Lending Club | 9/27/2024 | 29096 | 28495 | 28416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2107508, 11.770%, 2/01/2027 †§x | Best Egg | 1/02/2024 | 25344 | 25151 | 25515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210761523, 7.240%, 9/10/2027 †§x | Lending Club | 9/12/2024 | 25098 | 24646 | 24822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210764378, 10.742%, 9/11/2027 †§x | Lending Club | 9/13/2024 | 22661 | 22247 | 22119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210765297, 28.990%, 9/11/2029 †x | Lending Club | 9/13/2024 | 22651 | 22149 | 21346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210766155, 9.490%, 9/25/2028 †§x | Lending Club | 9/12/2024 | 30738 | 30119 | 30553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210768541, 15.740%, 10/08/2029 †§x | Lending Club | 10/10/2024 | 21182 | 20708 | 20491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210772207, 15.000%, 4/25/2030 †x# | Lending Club | 9/12/2024 | 23475 | 22914 | 20020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210780648, 10.240%, 9/11/2027 †§x# | Lending Club | 9/13/2024 | 29048 | 28519 | 28331 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**24** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 210799414, 10.990%, 9/12/2028 †§x# | Lending Club | 9/16/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210802426, 12.498%, 9/18/2030 †x | Lending Club | 9/20/2024 | 22277 | 21780 | 21922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210806197, 11.740%, 9/11/2029 †§x# | Lending Club | 9/13/2024 | 26777 | 26201 | 26300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210820349, 7.826%, 9/17/2028 †§x | Lending Club | 9/19/2024 | 23927 | 23447 | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210832486, 13.740%, 9/16/2027 †§x | Lending Club | 9/18/2024 | 29472 | 28923 | 28628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2108339, 14.180%, 1/01/2029 †§x | Best Egg | 1/04/2024 | 22657 | 22405 | 23076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210879582, 7.240%, 9/28/2027 †§x | Lending Club | 9/20/2024 | 28745 | 28224 | 28477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210906143, 11.004%, 9/18/2028 †§x | Lending Club | 9/18/2024 | 29109 | 28518 | 28753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210907865, 7.240%, 9/17/2027 †§x | Lending Club | 9/19/2024 | 21512 | 21124 | 21285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2109160, 11.990%, 1/01/2029 †§x | Best Egg | 1/04/2024 | 20109 | 19888 | 20691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210918773, 15.990%, 9/17/2029 †§x | Lending Club | 9/19/2024 | 25317 | 24765 | 24520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210922387, 15.240%, 9/25/2028 †§x | Lending Club | 9/27/2024 | 20529 | 20104 | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210931634, 7.740%, 9/18/2027 †§x | Lending Club | 9/20/2024 | 21910 | 21513 | 21601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210934405, 9.490%, 9/30/2028 †§x# | Lending Club | 9/23/2024 | 28872 | 28288 | 28654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210952384, 25.990%, 9/24/2029 †x# | Lending Club | 9/26/2024 | 21817 | 21274 | 20825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2109646, 17.580%, 1/01/2029 †§x | Best Egg | 1/04/2024 | 19819 | 19595 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2109753, 8.270%, 1/01/2027 †§x | Best Egg | 1/04/2024 | 22947 | 22782 | 23130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2109896, 24.880%, 8/15/2028 †§x | Prosper | 8/17/2023 | 21860 | 21776 | 23279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2109905, 18.080%, 8/15/2028 †§x | Prosper | 8/17/2023 | 21104 | 21028 | 20843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210993527, 11.740%, 10/21/2027 †§x | Lending Club | 10/23/2024 | 23486 | 23028 | 23199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210994801, 9.578%, 9/20/2030 †x# | Lending Club | 9/24/2024 | 29978 | 29315 | 29713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211007803, 12.990%, 9/23/2029 †§x# | Lending Club | 9/25/2024 | 22399 | 21915 | 21754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211023263, 14.990%, 9/24/2029 †§x | Lending Club | 9/26/2024 | 34730 | 33973 | 33662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211026216, 11.240%, 9/23/2030 †x# | Lending Club | 9/25/2024 | 31936 | 31225 | 31631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211026633, 10.240%, 9/30/2029 †§x# | Lending Club | 9/25/2024 | 21726 | 21261 | 21312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211041148, 10.240%, 9/23/2029 †§x# | Lending Club | 9/25/2024 | 23875 | 23363 | 23471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211073118, 9.820%, 9/23/2030 †x# | Lending Club | 9/25/2024 | 23298 | 22782 | 23078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211084136, 17.240%, 10/02/2029 †§x | Lending Club | 10/04/2024 | 28375 | 27751 | 27072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2110925, 12.930%, 3/02/2029 †x# | Best Egg | 1/05/2024 | 28513 | 28196 | 28978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211095725, 7.240%, 9/30/2027 †§x | Lending Club | 10/02/2024 | 23154 | 22727 | 22894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211096610, 13.253%, 9/25/2027 †§x | Lending Club | 9/27/2024 | 21321 | 20925 | 20822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211110241, 11.240%, 9/30/2028 †§x# | Lending Club | 10/01/2024 | 21523 | 21078 | 21186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211116754, 11.737%, 10/02/2029 †§x | Lending Club | 10/04/2024 | 23520 | 23012 | 22757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2111542, 20.990%, 3/02/2027 †x# | Best Egg | 1/05/2024 | 32185 | 31881 | 32426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211159151, 31.490%, 9/26/2029 †x# | Lending Club | 9/30/2024 | 23019 | 22443 | 22170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211166161, 7.990%, 10/07/2027 †§x | Lending Club | 10/09/2024 | 28702 | 28146 | 28337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211169659, 11.240%, 9/25/2030 †x | Lending Club | 10/11/2024 | 28238 | 27596 | 28030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211178957, 24.490%, 10/15/2029 †x | Lending Club | 10/17/2024 | 22634 | 22100 | 21736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2111897, 14.170%, 1/02/2029 †§x | Best Egg | 1/05/2024 | 37759 | 37339 | 38464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2111996, 11.770%, 1/02/2027 †§x | Best Egg | 1/05/2024 | 25268 | 25082 | 25434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2112075, 9.760%, 2/14/2029 †§x | Best Egg | 1/05/2024 | 31012 | 30673 | 31526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211216518, 22.490%, 10/10/2028 †x | Lending Club | 10/04/2024 | 21601 | 21144 | 20671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2112266, 21.400%, 8/22/2028 †§x# | Prosper | 8/24/2023 | 26726 | 26612 | 26560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2112269, 20.330%, 8/22/2028 †§x | Prosper | 8/24/2023 | 26049 | 25949 | 26187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211236491, 13.240%, 10/02/2028 †§x | Lending Club | 10/04/2024 | 33309 | 32623 | 32787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2112999, 9.820%, 1/03/2029 †§x | Best Egg | 1/08/2024 | 23680 | 23423 | 24082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211313666, 17.494%, 10/03/2027 †x | Lending Club | 10/07/2024 | 23554 | 23107 | 22684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211316076, 25.990%, 10/09/2028 †x | Lending Club | 10/09/2024 | 21309 | 20840 | 20404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211317798, 11.490%, 10/11/2028 †§x | Lending Club | 10/16/2024 | 22345 | 21873 | 22104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211327447, 27.490%, 10/28/2029 †x | Lending Club | 10/17/2024 | 23106 | 22583 | 22092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2113342, 17.090%, 1/03/2029 †§x | Best Egg | 1/08/2024 | 23062 | 22801 | 23458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211347172, 19.990%, 10/04/2029 †§x | Lending Club | 10/08/2024 | 24806 | 24255 | 23573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211373183, 19.490%, 10/07/2029 †§x | Lending Club | 10/09/2024 | 29437 | 28771 | 28356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211379309, 11.490%, 10/12/2029 †x | Lending Club | 10/09/2024 | 41862 | 40935 | 41159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211388163, 7.740%, 10/07/2027 †§x | Lending Club | 10/09/2024 | 24586 | 24114 | 24265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211390806, 19.740%, 10/11/2029 †§x | Lending Club | 10/16/2024 | 28547 | 27879 | 27487 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**25** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 211400431, 12.240%, 10/10/2027 †§x | Lending Club | 10/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211410820, 11.490%, 10/18/2028 †§x | Lending Club | 10/22/2024 | 20856 | 20414 | 20748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211429637, 27.490%, 10/15/2029 †x | Lending Club | 10/17/2024 | 22803 | 22277 | 22046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211434779, 27.490%, 10/09/2029 †x | Lending Club | 10/11/2024 | 22803 | 22277 | 21756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211441120, 12.740%, 10/01/2030 †x# | Lending Club | 10/10/2024 | 27887 | 27250 | 27455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211444905, 8.570%, 10/08/2029 †§x | Lending Club | 10/10/2024 | 23423 | 22909 | 23075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211446185, 11.740%, 10/08/2029 †§x | Lending Club | 10/10/2024 | 30834 | 30152 | 30045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211447320, 15.240%, 10/23/2029 †§x | Lending Club | 10/25/2024 | 30828 | 30138 | 30030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211472420, 10.000%, 5/11/2030 †x# | Lending Club | 10/16/2024 | 22170 | 21629 | 21200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211473543, 7.570%, 10/15/2028 †§x | Lending Club | 10/17/2024 | 22026 | 21566 | 21924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211474140, 13.240%, 10/09/2027 †§x | Lending Club | 10/11/2024 | 29069 | 28501 | 28269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211479282, 29.990%, 10/11/2029 †§x | Lending Club | 10/16/2024 | 22940 | 22408 | 21937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211479547, 16.490%, 10/09/2029 †§x | Lending Club | 10/11/2024 | 26485 | 25891 | 25952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211513337, 15.990%, 10/25/2029 †§x | Lending Club | 10/16/2024 | 24007 | 23470 | 23365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211514463, 10.490%, 10/11/2027 †§x | Lending Club | 10/16/2024 | 26349 | 25838 | 25772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211532400, 11.990%, 10/16/2030 †x | Lending Club | 10/18/2024 | 31502 | 30783 | 31252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211550877, 10.490%, 10/15/2029 †§x | Lending Club | 10/17/2024 | 20817 | 20358 | 20522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211553713, 7.000%, 10/16/2027 †§x | Lending Club | 10/18/2024 | 29197 | 28636 | 28934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211575944, 21.990%, 10/16/2028 †x | Lending Club | 10/18/2024 | 21335 | 20870 | 20690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211576442, 15.740%, 10/22/2029 †§x | Lending Club | 10/17/2024 | 28353 | 27718 | 27484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211591634, 16.490%, 10/31/2029 †§x | Lending Club | 10/17/2024 | 23546 | 23018 | 22921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211607359, 11.990%, 11/03/2029 †§x | Lending Club | 10/24/2024 | 35569 | 34780 | 34443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2116104, 17.480%, 8/22/2028 †§x | Prosper | 8/24/2023 | 24509 | 24420 | 24239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2116110, 20.330%, 8/22/2028 †§x | Prosper | 8/24/2023 | 26469 | 26370 | 26526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2116116, 24.500%, 3/01/2029 †x# | Prosper | 8/24/2023 | 27598 | 27460 | 27494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2116122, 24.280%, 8/22/2028 †§x | Prosper | 8/24/2023 | 23540 | 23449 | 25064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211628162, 7.740%, 10/18/2028 †§x | Lending Club | 10/22/2024 | 32653 | 31970 | 32502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211628266, 20.740%, 10/20/2029 †§x | Lending Club | 10/18/2024 | 30541 | 29848 | 29654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211656612, 13.240%, 10/28/2030 †x | Lending Club | 10/21/2024 | 45406 | 44353 | 44718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211661244, 10.740%, 10/17/2027 †§x | Lending Club | 10/21/2024 | 22607 | 22168 | 22147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2116768, 13.700%, 8/15/2028 †§x# | Prosper | 8/17/2023 | 25611 | 25483 | 24684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211696358, 15.740%, 10/21/2027 †§x# | Lending Club | 10/23/2024 | 22597 | 22151 | 22075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211698464, 20.740%, 11/01/2029 †§x | Lending Club | 10/23/2024 | 26819 | 26210 | 25512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211721799, 13.240%, 10/31/2028 †§x# | Lending Club | 10/23/2024 | 20492 | 20054 | 20157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211725559, 8.740%, 10/19/2028 †§x | Lending Club | 10/30/2024 | 22879 | 22399 | 22761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211749787, 12.740%, 10/31/2030 †x# | Lending Club | 10/25/2024 | 34777 | 33972 | 34304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211770095, 7.742%, 10/22/2027 †§x | Lending Club | 10/24/2024 | 28311 | 27765 | 27971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211770950, 9.490%, 10/22/2027 †§x | Lending Club | 10/24/2024 | 21001 | 20594 | 20747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211779939, 14.240%, 10/11/2027 †§x | Lending Club | 10/25/2024 | 30323 | 29726 | 29505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211790010, 11.240%, 10/25/2028 †x# | Lending Club | 10/29/2024 | 40536 | 39670 | 40147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2117908, 18.070%, 8/17/2028 †§x | Prosper | 8/21/2023 | 27452 | 27350 | 27628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211791661, 15.240%, 10/23/2029 †§x | Lending Club | 10/25/2024 | 28199 | 27568 | 27470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211806592, 7.320%, 10/24/2028 †§x | Lending Club | 10/28/2024 | 20376 | 19950 | 20311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211851667, 12.490%, 10/28/2030 †x | Lending Club | 10/30/2024 | 25242 | 24665 | 24896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211860152, 14.248%, 10/28/2029 †§x | Lending Club | 10/30/2024 | 35136 | 34352 | 34265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211877131, 10.740%, 11/01/2027 †§x | Lending Club | 10/30/2024 | 31207 | 30599 | 30735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211878918, 5.790%, 10/28/2026 †§x | Lending Club | 10/30/2024 | 21504 | 21164 | 21423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2119051, 16.650%, 8/22/2028 †§x# | Prosper | 8/24/2023 | 26368 | 26259 | 25865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2119064, 22.500%, 9/15/2028 †§x | Prosper | 9/14/2023 | 23727 | 23608 | 24319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2119069, 16.430%, 9/05/2028 †x# | Prosper | 8/24/2023 | 22239 | 22160 | 21964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2119163, 20.330%, 9/12/2028 †§x | Prosper | 9/14/2023 | 27034 | 26913 | 26934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211918963, 10.996%, 10/29/2028 †§x | Lending Club | 10/31/2024 | 31972 | 31295 | 31533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211936796, 9.990%, 10/30/2028 †§x# | Lending Club | 11/01/2024 | 22720 | 22244 | 22565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211949340, 14.490%, 11/01/2028 †§x# | Lending Club | 11/04/2024 | 34143 | 33419 | 33804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211953201, 12.990%, 10/30/2029 †§x# | Lending Club | 11/01/2024 | 26637 | 26050 | 25875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211962226, 14.248%, 11/01/2029 †§x | Lending Club | 11/05/2024 | 29410 | 28753 | 28494 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**26** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 211975811, 13.490%, 10/31/2029 †§x# | Lending Club | 11/04/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212000483, 15.240%, 10/31/2028 †§x# | Lending Club | 11/04/2024 | 20521 | 20086 | 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212024279, 11.490%, 12/06/2029 †§x | Lending Club | 12/10/2024 | 34995 | 34203 | 34384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212185239, 12.490%, 12/02/2029 †§x | Lending Club | 12/04/2024 | 26078 | 25487 | 25417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212232037, 19.990%, 12/09/2029 †§x | Lending Club | 12/11/2024 | 36665 | 35820 | 35178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212273949, 9.490%, 11/26/2028 †§x | Lending Club | 11/29/2024 | 20163 | 19736 | 20036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2122830, 15.730%, 9/11/2028 †§x | Prosper | 9/13/2023 | 23277 | 23193 | 22811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2122930, 10.970%, 2/10/2029 †§x | Best Egg | 1/08/2024 | 37097 | 36688 | 37707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212311927, 15.490%, 12/15/2028 †§x | Lending Club | 12/04/2024 | 35165 | 34391 | 34083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2123139, 25.930%, 9/12/2028 †§x | Prosper | 9/14/2023 | 21313 | 21206 | 22537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2123160, 18.060%, 1/04/2029 †§x | Best Egg | 1/08/2024 | 38451 | 38012 | 39057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212354052, 12.990%, 12/04/2030 †x | Lending Club | 12/04/2024 | 31415 | 30685 | 30861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212364126, 13.740%, 12/06/2027 †§x | Lending Club | 12/10/2024 | 25977 | 25443 | 25370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2123985, 18.070%, 1/04/2029 †§x | Best Egg | 1/08/2024 | 38658 | 38218 | 39559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2124018, 23.840%, 1/04/2029 †§x | Best Egg | 1/08/2024 | 19955 | 19720 | 20219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212414126, 9.490%, 11/25/2028 †§x | Lending Club | 11/27/2024 | 30244 | 29605 | 30054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2124222, 19.600%, 9/13/2028 †§x | Prosper | 9/15/2023 | 21814 | 21732 | 21597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212444810, 12.740%, 12/02/2029 †§x | Lending Club | 12/11/2024 | 24442 | 23888 | 23724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2124575, 7.570%, 1/07/2027 †§x | Best Egg | 1/10/2024 | 20260 | 20114 | 20406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2124627, 7.570%, 1/07/2027 †§x | Best Egg | 1/10/2024 | 21566 | 21408 | 21699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2124683, 17.290%, 1/07/2028 †§x | Best Egg | 1/10/2024 | 21165 | 20953 | 22021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212558383, 10.490%, 11/26/2028 †x | Lending Club | 11/29/2024 | 35401 | 34650 | 35176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212571890, 17.240%, 12/09/2029 †§x | Lending Club | 12/11/2024 | 30963 | 30254 | 29793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2125780, 16.430%, 6/20/2029 †x | Prosper | 9/13/2023 | 25993 | 25863 | 21667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2125792, 17.250%, 6/18/2027 †x# | Prosper | 9/13/2023 | 26462 | 26329 | 23083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2125825, 13.100%, 9/11/2028 †§x | Prosper | 9/13/2023 | 24194 | 24109 | 23112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212582514, 9.740%, 12/05/2028 †§x | Lending Club | 12/09/2024 | 21477 | 21011 | 21297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2126068, 24.500%, 9/18/2028 †§x | Prosper | 9/14/2023 | 21877 | 21789 | 22728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212607628, 20.990%, 11/22/2028 †§x | Lending Club | 11/26/2024 | 21749 | 21273 | 21294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212607990, 8.240%, 11/22/2027 †§x | Lending Club | 11/26/2024 | 24723 | 24241 | 24399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212625432, 8.240%, 12/02/2027 †§x | Lending Club | 12/04/2024 | 31943 | 31296 | 31498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212631645, 9.240%, 11/25/2027 †§x | Lending Club | 11/27/2024 | 20467 | 20067 | 20199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2126390, 23.180%, 7/07/2029 †x# | Best Egg | 1/10/2024 | 23691 | 23379 | 24180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212648343, 12.990%, 12/02/2028 †§x | Lending Club | 12/04/2024 | 31214 | 30531 | 30750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212652209, 11.490%, 12/02/2028 †§x# | Lending Club | 12/04/2024 | 34459 | 33708 | 33954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212658289, 18.490%, 12/02/2030 †x | Lending Club | 12/04/2024 | 32731 | 31962 | 32174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212659197, 12.498%, 11/25/2030 †x | Lending Club | 11/27/2024 | 20972 | 20492 | 20679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212662953, 8.240%, 12/02/2027 †§x | Lending Club | 12/04/2024 | 23950 | 23466 | 23617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212665731, 12.991%, 11/26/2028 †§x | Lending Club | 11/29/2024 | 33985 | 33259 | 33552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212669446, 12.490%, 11/26/2029 †x | Lending Club | 11/29/2024 | 37237 | 36408 | 36444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212671229, 12.240%, 11/25/2028 †§x | Lending Club | 11/27/2024 | 21191 | 20739 | 20921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212684444, 13.240%, 11/25/2030 †x | Lending Club | 11/27/2024 | 25585 | 24998 | 25194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212691845, 10.254%, 11/26/2028 †§x | Lending Club | 11/29/2024 | 24424 | 23907 | 24118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212692442, 12.990%, 11/26/2029 †§x | Lending Club | 11/29/2024 | 26492 | 25901 | 25752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2126939, 12.240%, 1/07/2029 †§x | Best Egg | 1/10/2024 | 20051 | 19830 | 20386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212695539, 12.240%, 11/26/2029 †§x | Lending Club | 11/29/2024 | 25249 | 24687 | 24553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2127022, 15.150%, 2/07/2029 †x | Best Egg | 1/10/2024 | 32511 | 32140 | 33082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2127263, 19.520%, 1/08/2029 †§x | Best Egg | 1/11/2024 | 24800 | 24514 | 25420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212731270, 10.490%, 12/15/2028 †§x | Lending Club | 12/04/2024 | 24211 | 23684 | 24027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2127336, 11.770%, 1/08/2027 †§x | Best Egg | 1/11/2024 | 20627 | 20473 | 20781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212741780, 11.490%, 12/02/2029 †§x | Lending Club | 12/04/2024 | 28624 | 27977 | 28123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212742706, 7.332%, 12/02/2029 †§x | Lending Club | 12/04/2024 | 35473 | 34679 | 34847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212743507, 10.740%, 12/09/2029 †§x | Lending Club | 12/11/2024 | 34024 | 33256 | 33434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212746390, 14.990%, 12/17/2030 †x | Lending Club | 12/04/2024 | 27658 | 27013 | 27277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212747934, 7.990%, 12/02/2027 †§x | Lending Club | 12/04/2024 | 27928 | 27364 | 27540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212747942, 12.740%, 12/21/2027 †§x | Lending Club | 12/12/2024 | 30917 | 30281 | 30152 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**27** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 212748133, 12.490%, 12/02/2029 †§x | Lending Club | 12/04/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212748654, 12.740%, 12/02/2030 †x | Lending Club | 12/04/2024 | 21220 | 20727 | 20870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212749224, 10.740%, 12/02/2027 †§x | Lending Club | 12/04/2024 | 22530 | 22071 | 22213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212760274, 11.740%, 12/15/2030 †x | Lending Club | 12/04/2024 | 25894 | 25295 | 25604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212776606, 14.740%, 11/21/2029 †§x | Lending Club | 12/04/2024 | 31065 | 30358 | 30237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212805302, 14.740%, 12/11/2028 †§x | Lending Club | 12/13/2024 | 32236 | 31527 | 31743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2128155, 5.590%, 5/08/2027 †x | Best Egg | 1/11/2024 | 35753 | 35457 | 36032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212827005, 9.240%, 12/16/2027 †§x | Lending Club | 12/12/2024 | 32107 | 31455 | 31643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212846680, 13.490%, 12/04/2030 †x | Lending Club | 12/06/2024 | 27730 | 27085 | 27272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212848772, 12.990%, 12/15/2029 †§x | Lending Club | 12/06/2024 | 35303 | 34502 | 34219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212850561, 17.240%, 12/06/2030 †x | Lending Club | 12/10/2024 | 24177 | 23610 | 23769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212854598, 10.490%, 12/09/2029 †x | Lending Club | 12/11/2024 | 42953 | 41983 | 42208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212855745, 14.990%, 12/04/2029 †§x | Lending Club | 12/06/2024 | 31696 | 30973 | 30705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212859382, 11.240%, 12/13/2028 †§x | Lending Club | 12/17/2024 | 23296 | 22787 | 22956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212864885, 7.240%, 12/05/2027 †§x | Lending Club | 12/09/2024 | 21495 | 21061 | 21271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212867360, 16.990%, 12/10/2029 †§x | Lending Club | 12/12/2024 | 36405 | 35571 | 35269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212868897, 8.240%, 12/05/2027 †§x | Lending Club | 12/09/2024 | 25084 | 24576 | 24798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212880293, 11.990%, 12/05/2029 †§x | Lending Club | 12/09/2024 | 35042 | 34249 | 34056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212902290, 12.740%, 12/20/2029 †§x | Lending Club | 12/11/2024 | 25315 | 24740 | 24541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212908894, 17.490%, 12/09/2030 †x | Lending Club | 12/11/2024 | 23327 | 22781 | 22935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212909718, 10.490%, 12/15/2027 †§x | Lending Club | 12/11/2024 | 25789 | 25262 | 25149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212919312, 12.490%, 12/09/2029 †§x | Lending Club | 12/11/2024 | 35989 | 35173 | 35184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212919484, 13.240%, 12/17/2027 †§x | Lending Club | 12/19/2024 | 32424 | 31757 | 31679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212923331, 9.240%, 12/09/2027 †§x | Lending Club | 12/11/2024 | 23921 | 23435 | 23454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212926040, 10.490%, 12/10/2029 †§x | Lending Club | 12/12/2024 | 23266 | 22741 | 22863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212928254, 7.324%, 12/09/2028 †§x | Lending Club | 12/11/2024 | 33265 | 32547 | 33056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212932593, 11.490%, 12/09/2029 †§x | Lending Club | 12/11/2024 | 22433 | 21925 | 21804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212938270, 7.570%, 12/13/2028 †§x | Lending Club | 12/11/2024 | 22337 | 21855 | 22159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212946562, 21.990%, 12/17/2028 †x | Lending Club | 12/11/2024 | 21939 | 21437 | 21235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212947704, 11.240%, 12/09/2028 †§x | Lending Club | 12/11/2024 | 34094 | 33351 | 33592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212958930, 10.740%, 12/10/2027 †§x | Lending Club | 12/12/2024 | 21886 | 21440 | 21582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212961359, 13.740%, 12/10/2027 †§x | Lending Club | 12/12/2024 | 32471 | 31803 | 31487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212965136, 9.697%, 12/09/2027 †§x | Lending Club | 12/11/2024 | 20492 | 20078 | 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212969666, 12.990%, 12/11/2029 †§x | Lending Club | 12/13/2024 | 31532 | 30816 | 30648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212969698, 7.168%, 12/15/2027 †§x | Lending Club | 12/12/2024 | 22711 | 22252 | 22470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212992463, 11.990%, 12/11/2029 †§x | Lending Club | 12/13/2024 | 32950 | 32204 | 32387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2129966, 16.380%, 10/10/2028 †§x | Prosper | 10/12/2023 | 28225 | 28120 | 27952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2129981, 14.850%, 4/10/2029 †x | Prosper | 10/12/2023 | 24271 | 24171 | 22683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213018975, 17.740%, 12/04/2028 †§x | Lending Club | 12/16/2024 | 31598 | 30898 | 31101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2130237, 16.360%, 3/01/2029 †§x# | Best Egg | 1/12/2024 | 23617 | 23351 | 24484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2130416, 14.250%, 11/04/2028 †§x# | Prosper | 10/13/2023 | 27860 | 27764 | 26882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2130422, 16.250%, 10/11/2028 †§x | Prosper | 10/13/2023 | 21691 | 21611 | 20829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2130425, 14.950%, 10/11/2028 †§x | Prosper | 10/13/2023 | 27936 | 27833 | 26577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2130431, 28.360%, 10/11/2028 †§x | Prosper | 10/13/2023 | 19539 | 19457 | 21167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213051399, 8.320%, 12/27/2029 †§x | Lending Club | 12/16/2024 | 31255 | 30554 | 30774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213063384, 13.240%, 12/19/2030 †x | Lending Club | 12/23/2024 | 27713 | 27068 | 27261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213064694, 7.000%, 12/12/2027 †§x | Lending Club | 12/16/2024 | 24661 | 24163 | 24406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213066582, 17.740%, 12/13/2028 †x | Lending Club | 12/17/2024 | 24326 | 23787 | 23950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213077412, 7.990%, 12/13/2027 †§x | Lending Club | 12/17/2024 | 23141 | 22672 | 22823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213086493, 16.740%, 12/16/2029 †§x | Lending Club | 12/18/2024 | 22676 | 22157 | 21971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213089797, 13.245%, 12/16/2029 †§x | Lending Club | 12/18/2024 | 25694 | 25110 | 24906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213103558, 24.490%, 12/16/2029 †x | Lending Club | 12/18/2024 | 23145 | 22602 | 22258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213108149, 28.490%, 12/28/2029 †x | Lending Club | 12/18/2024 | 23606 | 23080 | 22974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213109244, 15.240%, 12/16/2028 †§x | Lending Club | 12/18/2024 | 26172 | 25596 | 25775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213115914, 9.740%, 12/16/2027 †x | Lending Club | 12/18/2024 | 38266 | 37486 | 37740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213116681, 8.740%, 12/16/2028 †§x | Lending Club | 12/18/2024 | 34263 | 33520 | 33885 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**28** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 213137024, 30.492%, 12/17/2029 †x# | Lending Club | 12/19/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213144796, 15.490%, 12/18/2029 †§x | Lending Club | 12/20/2024 | 27203 | 26581 | 26363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213147310, 12.240%, 12/17/2029 †§x | Lending Club | 12/19/2024 | 26075 | 25483 | 25497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213155344, 6.490%, 12/17/2027 †§x | Lending Club | 12/19/2024 | 20650 | 20233 | 20439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2132102, 10.300%, 1/11/2029 †§x | Best Egg | 1/16/2024 | 36826 | 36423 | 37487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213214903, 11.240%, 12/20/2030 †x | Lending Club | 12/24/2024 | 27572 | 26933 | 27282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2132158, 18.280%, 2/15/2029 †§x | Best Egg | 1/16/2024 | 32916 | 32535 | 33760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213223118, 9.990%, 12/25/2028 †§x | Lending Club | 12/23/2024 | 25844 | 25281 | 25642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213240086, 11.440%, 12/20/2029 †§x | Lending Club | 12/24/2024 | 35887 | 35075 | 35269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2132774, 19.980%, 2/11/2029 †x | Best Egg | 1/16/2024 | 20236 | 20008 | 20704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213291765, 11.240%, 1/17/2029 †x◇ | Lending Club | 1/22/2025 | 26415 | 26066 | 26002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213317251, 15.000%, 6/24/2030 †x# | Lending Club | 12/27/2024 | 23707 | 23136 | 20397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2133283, 10.060%, 1/11/2027 †§x | Best Egg | 1/16/2024 | 20376 | 20225 | 20530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213347830, 13.488%, 12/27/2028 †§x | Lending Club | 12/31/2024 | 25180 | 24626 | 25104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2133621, 13.210%, 1/15/2029 †§x | Best Egg | 1/18/2024 | 19377 | 19161 | 20165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2133729, 17.090%, 1/15/2029 †§x | Best Egg | 1/18/2024 | 22216 | 21963 | 22817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213382451, 17.990%, 1/27/2030 †x◇ | Lending Club | 1/29/2025 | 24021 | 23687 | 23263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2133906, 13.930%, 10/10/2028 †§x | Prosper | 10/12/2023 | 24529 | 24439 | 23610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2133909, 17.480%, 10/10/2028 †§x | Prosper | 10/12/2023 | 28485 | 28372 | 28043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2133918, 14.250%, 10/21/2027 †x | Prosper | 10/12/2023 | 22070 | 22000 | 21461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2133927, 14.850%, 10/16/2028 †§x | Prosper | 10/12/2023 | 28009 | 27906 | 27125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213423915, 16.490%, 1/21/2029 †x◇ | Lending Club | 1/23/2025 | 32100 | 31670 | 31572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213434252, 13.740%, 12/31/2029 †§x# | Lending Club | 1/03/2025 | 36612 | 35760 | 35691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2134419, 14.830%, 10/11/2028 †§x | Prosper | 10/13/2023 | 27911 | 27809 | 27153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2134422, 25.030%, 10/11/2028 †§x | Prosper | 10/13/2023 | 22988 | 22895 | 24214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2134428, 14.360%, 10/11/2028 †§x | Prosper | 10/13/2023 | 27815 | 27714 | 26281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2134474, 12.930%, 1/15/2029 †§x | Best Egg | 1/18/2024 | 22479 | 22228 | 22873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2134522, 17.480%, 1/15/2028 †§x | Best Egg | 1/18/2024 | 34191 | 33845 | 35570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213484226, 13.740%, 2/07/2030 †x◇ | Lending Club | 2/11/2025 | 35676 | 35170 | 34836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213497617, 12.740%, 1/28/2030 †x◇ | Lending Club | 1/30/2025 | 30018 | 29611 | 29168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2135278, 19.980%, 1/15/2029 †§x | Best Egg | 1/18/2024 | 39083 | 38630 | 40072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213537155, 24.490%, 1/25/2030 †x◇ | Lending Club | 1/17/2025 | 22640 | 22324 | 21767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2135394, 11.150%, 1/15/2027 †§x | Best Egg | 1/18/2024 | 25670 | 25477 | 25870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213566896, 7.990%, 1/23/2028 †x | Lending Club | 1/23/2025 | 24726 | 24420 | 24434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213592572, 9.990%, 2/15/2029 †x◇ | Lending Club | 2/06/2025 | 28313 | 27936 | 28068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213624369, 9.070%, 2/01/2031 †x◇ | Lending Club | 1/22/2025 | 36638 | 36130 | 36286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213631410, 25.990%, 1/23/2030 †x◇ | Lending Club | 1/27/2025 | 22516 | 22199 | 21429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213643175, 14.490%, 1/22/2030 †x◇ | Lending Club | 1/24/2025 | 22349 | 22042 | 21839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213647872, 14.740%, 2/06/2029 †x◇ | Lending Club | 2/10/2025 | 28043 | 27666 | 27221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213648658, 14.490%, 1/21/2031 †x◇ | Lending Club | 1/23/2025 | 25276 | 24921 | 24864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213659931, 25.990%, 1/15/2028 †x◇ | Lending Club | 1/17/2025 | 21521 | 21243 | 20388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213664702, 20.990%, 1/15/2030 †x◇ | Lending Club | 1/17/2025 | 23237 | 22913 | 22286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213670254, 16.240%, 1/17/2030 †x◇ | Lending Club | 1/22/2025 | 23011 | 22693 | 22120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213672761, 14.740%, 1/21/2031 †x◇ | Lending Club | 1/23/2025 | 20700 | 20409 | 20384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2136925, 14.980%, 10/10/2028 †§x | Prosper | 10/12/2023 | 28020 | 27880 | 27297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2136937, 18.800%, 11/17/2028 †§x# | Prosper | 10/12/2023 | 28076 | 27967 | 21442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2136943, 24.820%, 10/10/2028 †§x | Prosper | 10/12/2023 | 22959 | 22866 | 23683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2136946, 14.250%, 10/10/2028 †§x | Prosper | 10/12/2023 | 22092 | 22011 | 21319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213699441, 14.240%, 1/29/2028 †x◇ | Lending Club | 1/31/2025 | 27617 | 27270 | 26953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213703063, 15.490%, 2/10/2028 †x◇ | Lending Club | 2/12/2025 | 30229 | 29842 | 29248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213705778, 10.490%, 1/21/2029 †x◇ | Lending Club | 1/23/2025 | 22850 | 22549 | 22650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213710571, 27.490%, 1/15/2030 †x◇ | Lending Club | 1/17/2025 | 23515 | 23184 | 22643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213718286, 20.240%, 1/24/2031 †x◇ | Lending Club | 1/22/2025 | 26045 | 25676 | 25119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213722870, 9.740%, 1/24/2028 †x◇ | Lending Club | 1/28/2025 | 22760 | 22477 | 22457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213726495, 9.490%, 1/21/2028 †x◇ | Lending Club | 1/23/2025 | 26467 | 26138 | 26113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213727945, 7.990%, 1/17/2028 †x◇ | Lending Club | 1/22/2025 | 30482 | 30104 | 30115 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**29** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 213729562, 11.188%, 1/17/2030 †x◇ | Lending Club | 1/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26924 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213734621, 11.240%, 1/17/2029 †x◇ | Lending Club | 1/22/2025 | 21132 | 20853 | 20946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2137375, 14.980%, 10/11/2028 †§x | Prosper | 10/13/2023 | 27942 | 27839 | 27230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2137378, 14.850%, 10/11/2028 †§x | Prosper | 10/13/2023 | 27915 | 27813 | 26990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213739889, 12.740%, 1/21/2028 †x◇ | Lending Club | 1/23/2025 | 25024 | 24710 | 24452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213744259, 10.740%, 1/23/2030 †x◇ | Lending Club | 1/27/2025 | 45305 | 44686 | 44021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213747036, 6.990%, 1/17/2028 †x◇ | Lending Club | 1/22/2025 | 20539 | 20286 | 20335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213747751, 15.000%, 8/31/2030 †x#◇ | Lending Club | 1/23/2025 | 38798 | 38255 | 33718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213753813, 11.490%, 1/21/2030 †x◇ | Lending Club | 1/23/2025 | 45191 | 44573 | 44402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213754501, 12.990%, 1/31/2030 †x | Lending Club | 1/24/2025 | 39277 | 38738 | 38167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213761904, 12.246%, 5/28/2028 †x#◇ | Lending Club | 1/23/2025 | 32211 | 31787 | 25984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213763647, 9.240%, 1/17/2028 †x◇ | Lending Club | 1/22/2025 | 22042 | 21768 | 21611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213763777, 13.490%, 1/17/2030 †x◇ | Lending Club | 1/22/2025 | 24700 | 24361 | 23998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2137689, 10.280%, 5/16/2029 †x | Best Egg | 1/19/2024 | 39307 | 38863 | 40050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213781512, 5.960%, 1/21/2027 †x◇ | Lending Club | 1/23/2025 | 24497 | 24232 | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213784434, 8.490%, 1/21/2028 †x◇ | Lending Club | 1/23/2025 | 28872 | 28513 | 28486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213787758, 16.990%, 1/21/2030 †x◇ | Lending Club | 1/23/2025 | 27658 | 27275 | 26781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213793227, 13.990%, 1/21/2028 †x#◇ | Lending Club | 1/23/2025 | 33576 | 33154 | 32841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2137954, 18.530%, 1/16/2029 †§x | Best Egg | 1/19/2024 | 33863 | 33473 | 34397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213803777, 10.490%, 1/27/2029 †x◇ | Lending Club | 1/29/2025 | 22850 | 22548 | 22652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213811220, 15.240%, 1/21/2030 †x◇ | Lending Club | 1/23/2025 | 36737 | 36231 | 35575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213813443, 12.240%, 1/21/2029 †x◇ | Lending Club | 1/23/2025 | 29570 | 29178 | 29109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213827772, 9.740%, 1/21/2030 †x◇ | Lending Club | 1/23/2025 | 29018 | 28621 | 28557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213833487, 27.490%, 1/24/2030 †x◇ | Lending Club | 1/28/2025 | 23515 | 23183 | 22658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213835723, 6.990%, 1/21/2028 †x◇ | Lending Club | 1/23/2025 | 20539 | 20286 | 20336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213838416, 13.740%, 1/22/2030 †x◇ | Lending Club | 1/24/2025 | 32953 | 32500 | 32020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213839609, 9.988%, 1/21/2028 †x◇ | Lending Club | 1/23/2025 | 22361 | 22083 | 21896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213853462, 13.490%, 1/23/2028 †x◇ | Lending Club | 1/27/2025 | 26743 | 26407 | 25966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213854957, 24.990%, 2/10/2029 †x◇ | Lending Club | 2/12/2025 | 22188 | 21884 | 21234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213859546, 11.240%, 1/21/2030 †x◇ | Lending Club | 1/23/2025 | 36401 | 35904 | 35770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2138611, 11.390%, 1/16/2027 †§x | Best Egg | 1/19/2024 | 24560 | 24374 | 24782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2138615, 13.100%, 1/16/2028 †§x | Best Egg | 1/19/2024 | 26772 | 26508 | 27358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213869395, 10.490%, 1/22/2029 †x◇ | Lending Club | 1/24/2025 | 40428 | 39894 | 40074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213870448, 12.490%, 2/20/2031 †x◇ | Lending Club | 2/24/2025 | 35801 | 35291 | 35317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213870959, 17.240%, 1/28/2028 †x◇ | Lending Club | 1/30/2025 | 29524 | 29155 | 28630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2138756, 9.820%, 1/16/2029 †§x | Best Egg | 1/19/2024 | 33037 | 32676 | 33659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213892980, 11.990%, 1/22/2031 †x◇ | Lending Club | 1/24/2025 | 29783 | 29366 | 29482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213894768, 6.490%, 1/16/2027 †x◇ | Lending Club | 1/24/2025 | 31707 | 31364 | 31527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213896518, 9.240%, 1/27/2027 †x◇ | Lending Club | 1/29/2025 | 21813 | 21574 | 21655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213902424, 12.740%, 1/27/2031 †x◇ | Lending Club | 1/29/2025 | 22383 | 22070 | 22024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213906937, 9.491%, 1/23/2028 †x◇ | Lending Club | 1/27/2025 | 37964 | 37492 | 37219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213914819, 13.240%, 1/23/2031 †x◇ | Lending Club | 1/27/2025 | 28010 | 27617 | 27559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213919076, 7.000%, 1/24/2028 †x◇ | Lending Club | 1/28/2025 | 22183 | 21909 | 21964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213919516, 16.990%, 1/27/2031 †x◇ | Lending Club | 1/29/2025 | 30111 | 29685 | 29622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213921108, 15.740%, 1/24/2030 †x | Lending Club | 1/28/2025 | 28503 | 28109 | 27408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213928641, 10.490%, 1/24/2030 †x◇ | Lending Club | 1/28/2025 | 27252 | 26880 | 26781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213929381, 11.490%, 1/24/2029 †x◇ | Lending Club | 1/28/2025 | 35248 | 34781 | 34709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213932730, 11.740%, 1/27/2028 †x◇ | Lending Club | 1/29/2025 | 31615 | 31219 | 30899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213932835, 10.490%, 1/24/2030 †x◇ | Lending Club | 1/28/2025 | 45420 | 44800 | 44635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213933404, 10.254%, 1/24/2029 †x◇ | Lending Club | 1/28/2025 | 20202 | 19935 | 20026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213940196, 15.990%, 1/27/2030 †x◇ | Lending Club | 1/29/2025 | 21619 | 21320 | 20791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213943828, 10.240%, 1/27/2029 †x◇ | Lending Club | 1/29/2025 | 43915 | 43335 | 43534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213944079, 12.240%, 1/27/2030 †x◇ | Lending Club | 1/29/2025 | 28187 | 27800 | 27549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213950525, 13.240%, 1/27/2029 †x | Lending Club | 1/29/2025 | 35394 | 34923 | 34844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213953017, 11.240%, 1/27/2029 †x◇ | Lending Club | 1/29/2025 | 35221 | 34754 | 34675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213954339, 9.240%, 1/27/2028 †x◇ | Lending Club | 1/29/2025 | 33062 | 32651 | 32623 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**30** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2139572, 20.910%, 2/26/2029 †§x | Best Egg | 1/22/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213957993, 7.000%, 1/27/2028 †x◇ | Lending Club | 1/29/2025 | 28756 | 28400 | 28472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213959973, 11.740%, 1/27/2029 †x◇ | Lending Club | 1/29/2025 | 23803 | 23487 | 23434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213963822, 12.004%, 1/27/2030 †x | Lending Club | 1/29/2025 | 29174 | 28774 | 28514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213963934, 19.990%, 1/28/2030 †x | Lending Club | 1/30/2025 | 32166 | 31727 | 31029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213964294, 13.740%, 1/27/2028 †x◇ | Lending Club | 1/29/2025 | 25927 | 25603 | 25256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213968261, 9.990%, 1/29/2029 †x | Lending Club | 1/31/2025 | 25446 | 25111 | 25087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213972005, 13.740%, 1/19/2028 †x◇ | Lending Club | 1/29/2025 | 33319 | 32900 | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213973143, 9.240%, 1/27/2028 †x◇ | Lending Club | 1/29/2025 | 24797 | 24488 | 24467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2139758, 10.810%, 1/17/2029 †§x | Best Egg | 1/22/2024 | 26605 | 26312 | 27100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213977920, 9.490%, 1/27/2029 †x◇ | Lending Club | 1/29/2025 | 35065 | 34603 | 34762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213985973, 9.066%, 1/27/2031 †x◇ | Lending Club | 1/29/2025 | 22102 | 21795 | 21895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213988078, 11.240%, 1/28/2029 †x | Lending Club | 1/30/2025 | 23774 | 23462 | 23406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213993391, 10.440%, 1/28/2029 †x◇ | Lending Club | 1/30/2025 | 31987 | 31568 | 31709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214002976, 11.490%, 1/28/2031 †x◇ | Lending Club | 1/30/2025 | 33440 | 32978 | 33096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214003287, 12.490%, 2/26/2030 †x | Lending Club | 2/28/2025 | 22723 | 22404 | 22197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214004951, 14.420%, 2/29/2028 †§x | Upgrade | 2/27/2023 | 22791 | 22658 | 22984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214015755, 13.741%, 1/29/2029 †x◇ | Lending Club | 1/31/2025 | 35408 | 34935 | 34909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214026842, 8.740%, 1/29/2028 †x◇ | Lending Club | 1/31/2025 | 29707 | 29337 | 29344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214027511, 6.570%, 1/29/2029 †x◇ | Lending Club | 1/31/2025 | 25404 | 25069 | 25255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214031068, 15.740%, 2/07/2030 †x◇ | Lending Club | 2/11/2025 | 23285 | 22962 | 22522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214059623, 24.990%, 2/24/2029 †x◇ | Lending Club | 2/26/2025 | 23052 | 22730 | 22271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214062211, 16.490%, 2/03/2029 †x◇ | Lending Club | 2/05/2025 | 39942 | 39403 | 38765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2140703, 14.420%, 1/18/2029 †§x | Best Egg | 1/22/2024 | 22691 | 22435 | 23381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214070992, 17.490%, 2/14/2028 †x◇ | Lending Club | 2/19/2025 | 43366 | 42794 | 42225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214088082, 15.590%, 2/21/2028 †§x | Upgrade | 2/27/2023 | 20650 | 20523 | 20793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214093014, 14.130%, 2/21/2028 †§x | Upgrade | 2/24/2023 | 26392 | 26233 | 26598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214121017, 9.740%, 2/04/2030 †x◇ | Lending Club | 2/06/2025 | 36815 | 36310 | 36175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214130455, 6.990%, 2/06/2028 †x◇ | Lending Club | 2/10/2025 | 33900 | 33475 | 33575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214132411, 14.990%, 2/04/2029 †x◇ | Lending Club | 2/06/2025 | 22627 | 22322 | 22217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2141352, 10.800%, 1/18/2029 †§x | Best Egg | 1/22/2024 | 22169 | 21925 | 22665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214136071, 16.240%, 2/04/2031 †x◇ | Lending Club | 2/06/2025 | 24662 | 24313 | 24275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214137645, 8.240%, 2/04/2028 †x◇ | Lending Club | 2/06/2025 | 21249 | 20982 | 20966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214139318, 8.240%, 2/04/2028 †x◇ | Lending Club | 2/06/2025 | 23799 | 23500 | 23482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214140209, 11.490%, 2/04/2030 †x◇ | Lending Club | 2/06/2025 | 25864 | 25508 | 25415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214140857, 5.990%, 2/14/2029 †x◇ | Lending Club | 2/19/2025 | 24855 | 24519 | 24709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214140917, 14.740%, 2/15/2030 †x | Lending Club | 2/07/2025 | 28846 | 28447 | 27798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214143258, 8.240%, 2/05/2028 †x◇ | Lending Club | 2/07/2025 | 26349 | 26018 | 25999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214146812, 10.488%, 2/17/2029 †x◇ | Lending Club | 2/07/2025 | 22057 | 21763 | 21707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214151124, 11.240%, 2/04/2029 †x◇ | Lending Club | 2/06/2025 | 21554 | 21266 | 21195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214151246, 12.241%, 2/04/2031 †x◇ | Lending Club | 2/06/2025 | 22203 | 21881 | 21565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214152923, 16.740%, 2/26/2030 †x◇ | Lending Club | 2/13/2025 | 47914 | 47250 | 46827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214155170, 14.240%, 2/10/2029 †x◇ | Lending Club | 2/12/2025 | 29822 | 29421 | 29285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214155714, 12.495%, 2/05/2031 †x◇ | Lending Club | 2/07/2025 | 34859 | 34369 | 34309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214158978, 13.240%, 2/15/2031 †x◇ | Lending Club | 2/10/2025 | 37878 | 37345 | 37348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214162970, 27.490%, 2/18/2030 †x◇ | Lending Club | 2/20/2025 | 23742 | 23402 | 22884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214166858, 14.740%, 2/06/2031 †x | Lending Club | 2/10/2025 | 27435 | 27048 | 26959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214168583, 11.490%, 2/05/2031 †x◇ | Lending Club | 2/07/2025 | 31031 | 30595 | 30722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214172036, 14.240%, 2/11/2031 †x◇ | Lending Club | 2/13/2025 | 47259 | 46592 | 46519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214173331, 8.740%, 2/10/2030 †x | Lending Club | 2/12/2025 | 32145 | 31705 | 31588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214175516, 16.490%, 2/05/2029 †x | Lending Club | 2/07/2025 | 23602 | 23284 | 22909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214179156, 14.740%, 2/27/2029 †x | Lending Club | 2/20/2025 | 45406 | 44782 | 44545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214183655, 10.740%, 2/06/2029 †x#◇ | Lending Club | 2/10/2025 | 28689 | 28306 | 28428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214193475, 13.740%, 2/13/2031 †x◇ | Lending Club | 2/18/2025 | 22662 | 22339 | 22354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214203633, 15.590%, 3/01/2028 †§x# | Upgrade | 2/24/2023 | 23701 | 23566 | 23795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214208790, 16.740%, 2/28/2030 †x | Lending Club | 2/21/2025 | 34220 | 33734 | 33121 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**31** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 214213502, 21.240%, 2/13/2030 †x◇ | Lending Club | 2/18/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2142214, 10.740%, 3/03/2029 †§x# | Best Egg | 1/24/2024 | 30309 | 29975 | 30891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2142291, 20.460%, 3/21/2029 †x | Best Egg | 1/24/2024 | 38222 | 37729 | 39591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2142306, 24.740%, 1/21/2029 †x | Best Egg | 1/24/2024 | 30759 | 30372 | 31815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214230963, 11.240%, 2/10/2029 †x◇ | Lending Club | 2/12/2025 | 34126 | 33671 | 33561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214239518, 14.990%, 2/18/2031 †x◇ | Lending Club | 2/20/2025 | 29340 | 28921 | 28940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214251629, 10.254%, 2/10/2029 †x | Lending Club | 2/12/2025 | 23300 | 22990 | 22914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214255137, 7.820%, 2/18/2030 †x◇ | Lending Club | 2/20/2025 | 38498 | 37963 | 37941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214255861, 10.090%, 2/10/2030 †x◇ | Lending Club | 2/12/2025 | 23026 | 22710 | 22628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214259647, 17.490%, 2/29/2028 †x#◇ | Lending Club | 2/26/2025 | 35752 | 35281 | 34809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214260282, 10.237%, 2/15/2030 †x◇ | Lending Club | 2/12/2025 | 29069 | 28670 | 28616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214275389, 8.990%, 2/10/2028 †x◇ | Lending Club | 2/12/2025 | 42145 | 41614 | 41589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214278640, 12.990%, 2/10/2030 †x◇ | Lending Club | 2/12/2025 | 27283 | 26907 | 26497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214282502, 6.487%, 2/12/2028 †x◇ | Lending Club | 2/14/2025 | 31321 | 30916 | 31090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214285445, 9.240%, 2/11/2028 †x◇ | Lending Club | 2/13/2025 | 30945 | 30555 | 30537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214295353, 21.490%, 2/18/2028 †x◇ | Lending Club | 2/20/2025 | 21859 | 21569 | 20928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214304229, 21.490%, 2/19/2028 †x◇ | Lending Club | 2/21/2025 | 21859 | 21569 | 20929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214305833, 17.740%, 2/25/2028 †x#◇ | Lending Club | 2/18/2025 | 37456 | 36961 | 36504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214318393, 10.490%, 2/13/2030 †x◇ | Lending Club | 2/18/2025 | 27655 | 27269 | 27250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214319657, 9.743%, 2/23/2028 †x◇ | Lending Club | 2/14/2025 | 22245 | 21956 | 21903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214320876, 7.240%, 2/12/2028 †x◇ | Lending Club | 2/14/2025 | 33920 | 33481 | 33629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214323186, 13.245%, 2/16/2030 †x◇ | Lending Club | 2/13/2025 | 25080 | 24734 | 24432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214323206, 21.240%, 2/18/2030 †x◇ | Lending Club | 2/20/2025 | 23516 | 23181 | 22789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214325625, 9.990%, 2/12/2027 †x#◇ | Lending Club | 2/14/2025 | 21476 | 21223 | 21221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214327611, 15.600%, 2/21/2028 †§x | Upgrade | 2/24/2023 | 20603 | 20476 | 20975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214329327, 13.420%, 2/21/2028 †x | Upgrade | 2/24/2023 | 24455 | 24309 | 24846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214336745, 11.490%, 2/21/2031 †x◇ | Lending Club | 2/25/2025 | 36676 | 36153 | 36381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2143380, 11.990%, 2/21/2029 †x | Best Egg | 1/24/2024 | 23174 | 22916 | 23695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214341079, 15.000%, 9/27/2030 †x# | Lending Club | 2/20/2025 | 24334 | 23975 | 20889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214344263, 15.740%, 2/13/2029 †x | Lending Club | 2/18/2025 | 33538 | 33078 | 33040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214348943, 15.990%, 2/20/2030 †x | Lending Club | 2/24/2025 | 37274 | 36748 | 36096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214350550, 20.240%, 2/24/2030 †x◇ | Lending Club | 2/20/2025 | 26387 | 26014 | 25636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214353972, 10.490%, 2/21/2030 †x◇ | Lending Club | 2/25/2025 | 31342 | 30904 | 30885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214354993, 10.240%, 2/18/2027 †x◇ | Lending Club | 2/20/2025 | 20757 | 20512 | 20513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214359713, 11.490%, 2/18/2029 †x◇ | Lending Club | 2/20/2025 | 35943 | 35453 | 35469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214361244, 21.490%, 2/18/2031 †x | Lending Club | 2/20/2025 | 25254 | 24891 | 24383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214363400, 9.490%, 2/18/2029 †x◇ | Lending Club | 2/20/2025 | 31604 | 31175 | 31357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214364750, 6.240%, 2/13/2028 †x◇ | Lending Club | 2/18/2025 | 35935 | 35470 | 35628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214367781, 13.990%, 2/18/2030 †x | Lending Club | 2/20/2025 | 37132 | 36611 | 36247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214392679, 17.490%, 2/19/2031 †x◇ | Lending Club | 2/21/2025 | 29467 | 29045 | 29036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214392826, 15.990%, 2/18/2028 †x◇ | Lending Club | 2/20/2025 | 21552 | 21270 | 20748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214406375, 29.490%, 2/18/2030 †x◇ | Lending Club | 2/20/2025 | 22857 | 22529 | 22023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214409861, 12.740%, 2/18/2030 †x◇ | Lending Club | 2/20/2025 | 36455 | 35944 | 35759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214410511, 19.240%, 2/18/2030 †x◇ | Lending Club | 2/20/2025 | 29009 | 28599 | 28025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214411057, 10.990%, 2/18/2029 †x◇ | Lending Club | 2/20/2025 | 32083 | 31646 | 31627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214412667, 11.240%, 2/18/2029 †x◇ | Lending Club | 2/20/2025 | 28830 | 28437 | 28613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214420702, 18.244%, 2/18/2030 †x | Lending Club | 2/20/2025 | 28070 | 27673 | 27246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214426057, 12.490%, 2/19/2030 †x◇ | Lending Club | 2/21/2025 | 25879 | 25517 | 25263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214429713, 26.490%, 2/18/2028 †x◇ | Lending Club | 2/20/2025 | 22071 | 21775 | 21024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214435438, 16.740%, 2/24/2030 †x | Lending Club | 2/26/2025 | 25194 | 24837 | 24399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214442868, 10.490%, 2/18/2029 †x◇ | Lending Club | 2/20/2025 | 22416 | 22110 | 22239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214446624, 14.240%, 2/20/2029 †x◇ | Lending Club | 2/24/2025 | 27111 | 26739 | 26714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2144522, 21.010%, 11/22/2028 †§x | Best Egg | 1/25/2024 | 28049 | 27740 | 28468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214460644, 9.250%, 2/18/2029 †x◇ | Lending Club | 2/20/2025 | 44831 | 44223 | 44499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214463651, 19.990%, 2/20/2030 †x◇ | Lending Club | 2/24/2025 | 23463 | 23130 | 22596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214465082, 14.490%, 2/21/2029 †x | Lending Club | 2/25/2025 | 22212 | 21909 | 21700 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**32** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 214467310, 20.990%, 2/20/2028 †x◇ | Lending Club | 2/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214474605, 11.490%, 2/21/2030 †x◇ | Lending Club | 2/25/2025 | 25916 | 25554 | 25582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214480212, 9.237%, 2/19/2029 †x◇ | Lending Club | 2/21/2025 | 25035 | 24695 | 24840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214487217, 23.990%, 2/24/2030 †x◇ | Lending Club | 2/26/2025 | 33441 | 32964 | 32306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214488078, 14.247%, 2/20/2029 †x◇ | Lending Club | 2/24/2025 | 36149 | 35653 | 35638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214490370, 17.747%, 2/20/2030 †x◇ | Lending Club | 2/24/2025 | 20566 | 20276 | 20033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214493391, 10.490%, 2/24/2030 †x◇ | Lending Club | 2/26/2025 | 23046 | 22724 | 22711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214507383, 15.740%, 2/24/2030 †x◇ | Lending Club | 2/26/2025 | 46570 | 45914 | 45334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214512937, 9.333%, 2/24/2031 †x◇ | Lending Club | 2/26/2025 | 29025 | 28614 | 28766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214522839, 12.990%, 2/24/2030 †x◇ | Lending Club | 2/26/2025 | 37060 | 36540 | 36181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214531697, 11.740%, 2/24/2031 †x◇ | Lending Club | 2/26/2025 | 21638 | 21330 | 21443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214542095, 14.485%, 2/24/2029 †x◇ | Lending Club | 2/26/2025 | 36225 | 35728 | 35717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2145423, 20.940%, 1/22/2029 †§x | Best Egg | 1/25/2024 | 19646 | 19416 | 20212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214545294, 7.240%, 2/24/2028 †x◇ | Lending Club | 2/26/2025 | 33496 | 33062 | 33210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214551452, 14.990%, 2/24/2028 †x◇ | Lending Club | 2/26/2025 | 21569 | 21285 | 21074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214551949, 15.240%, 2/24/2031 †x◇ | Lending Club | 2/26/2025 | 44504 | 43867 | 43898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214552705, 15.993%, 2/24/2031 †x◇ | Lending Club | 2/26/2025 | 24557 | 24205 | 24222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214553887, 13.985%, 2/25/2031 †x#◇ | Lending Club | 2/27/2025 | 37790 | 37251 | 37409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214566831, 12.490%, 2/28/2030 †x#◇ | Lending Club | 2/28/2025 | 30083 | 29662 | 29510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214570747, 9.990%, 2/25/2028 †x#◇ | Lending Club | 2/27/2025 | 21334 | 21056 | 21090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214574162, 15.590%, 2/21/2028 †§x | Upgrade | 2/27/2023 | 29706 | 29507 | 29942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214575655, 19.742%, 2/20/2031 †x◇ | Lending Club | 2/27/2025 | 21795 | 21482 | 21276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2146063, 9.820%, 1/23/2029 †§x | Best Egg | 1/26/2024 | 33037 | 32674 | 33796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214610942, 10.490%, 2/25/2029 †x#◇ | Lending Club | 2/27/2025 | 34968 | 34492 | 34694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214614348, 7.070%, 2/25/2029 †x#◇ | Lending Club | 2/27/2025 | 39065 | 38536 | 38835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214627279, 15.990%, 2/26/2028 †x◇ | Lending Club | 2/28/2025 | 21615 | 21330 | 20852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214644118, 31.990%, 2/27/2030 †x◇ | Lending Club | 3/03/2025 | 22923 | 22595 | 22411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2146460, 7.570%, 1/23/2027 †§x | Best Egg | 1/26/2024 | 23011 | 22840 | 23210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214655499, 24.490%, 2/27/2028 †x◇ | Lending Club | 3/03/2025 | 21988 | 21693 | 21031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2146628, 14.680%, 1/23/2027 †§x | Best Egg | 1/26/2024 | 21052 | 20880 | 21261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2146673, 19.420%, 11/27/2028 †§x | Prosper | 11/29/2023 | 22581 | 22491 | 22002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214676749, 7.990%, 3/28/2028 †x◇ | Lending Club | 4/01/2025 | 22749 | 22440 | 22543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2146823, 16.370%, 11/27/2028 †§x | Prosper | 11/29/2023 | 25822 | 25722 | 25637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214696746, 19.990%, 2/28/2030 †x◇ | Lending Club | 3/04/2025 | 23463 | 23130 | 22648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2147656, 15.320%, 2/23/2027 †§x | Best Egg | 1/26/2024 | 26415 | 26174 | 26615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214768902, 7.990%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 34999 | 34523 | 34681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2147796, 15.630%, 1/24/2029 †§x | Best Egg | 1/29/2024 | 20292 | 20061 | 20915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2147885, 23.600%, 12/03/2028 †§x | Prosper | 12/01/2023 | 25363 | 25236 | 26017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2147914, 18.860%, 1/24/2029 †§x | Best Egg | 1/29/2024 | 24049 | 23770 | 25002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2148155, 14.620%, 11/30/2028 †§x | Prosper | 12/01/2023 | 27923 | 27784 | 26332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2148203, 13.930%, 11/29/2028 †§x# | Prosper | 12/01/2023 | 22198 | 22114 | 21287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214865123, 8.240%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 32390 | 31949 | 32095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214879204, 14.740%, 3/26/2029 †x | Lending Club | 3/28/2025 | 28551 | 28148 | 28088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214915309, 19.990%, 4/01/2027 †x#◇ | Lending Club | 3/21/2025 | 21490 | 21211 | 20892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214953797, 14.620%, 2/24/2028 †§x | Upgrade | 2/27/2023 | 20235 | 20086 | 20360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214959097, 16.990%, 3/26/2029 †x◇ | Lending Club | 3/28/2025 | 36977 | 36454 | 36550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214998015, 20.740%, 3/27/2030 †x◇ | Lending Club | 3/31/2025 | 47509 | 46824 | 46434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215007831, 15.590%, 2/24/2028 †§x | Upgrade | 2/27/2023 | 21163 | 21033 | 21299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215021164, 9.740%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 21069 | 20782 | 20877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215021496, 13.420%, 2/23/2028 †§x | Upgrade | 2/27/2023 | 20381 | 20257 | 20580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215034722, 10.490%, 3/26/2030 †x◇ | Lending Club | 3/28/2025 | 32730 | 32262 | 32336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2150355, 21.240%, 11/28/2028 †§x# | Prosper | 11/30/2023 | 24786 | 24662 | 24930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215036432, 28.990%, 3/24/2030 †x#◇ | Lending Club | 3/21/2025 | 23346 | 22996 | 22903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215040218, 23.990%, 3/19/2029 †x◇ | Lending Club | 3/21/2025 | 23360 | 23027 | 22785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215045923, 15.600%, 2/24/2028 †§x | Upgrade | 2/27/2023 | 23808 | 23661 | 24258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2150554, 18.050%, 3/01/2029 †§x | Best Egg | 1/31/2024 | 26032 | 25732 | 26616 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**33** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 215055702, 11.240%, 3/31/2029 †x#◇ | Lending Club | 4/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215056181, 8.990%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 24546 | 24212 | 24223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2150572, 11.200%, 3/16/2029 †§x | Best Egg | 1/31/2024 | 29305 | 28970 | 29765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2150577, 20.830%, 6/10/2029 †x# | Prosper | 11/30/2023 | 29901 | 29901 | 29450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215062541, 10.990%, 3/28/2030 †x◇ | Lending Club | 4/01/2025 | 37422 | 36887 | 36972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215068335, 14.630%, 2/24/2028 †§x | Upgrade | 2/27/2023 | 19880 | 19681 | 20256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2150691, 23.840%, 3/01/2029 †§x | Best Egg | 1/31/2024 | 20347 | 20106 | 20882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215097858, 20.990%, 4/09/2030 †x◇ | Lending Club | 4/11/2025 | 23064 | 22737 | 22131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215098184, 8.990%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 29806 | 29400 | 29535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2151124, 18.020%, 3/01/2029 †§x | Best Egg | 1/31/2024 | 25716 | 25420 | 26293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215122707, 24.740%, 3/26/2030 †x◇ | Lending Club | 3/28/2025 | 38211 | 37659 | 37269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215132699, 6.487%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 37079 | 36575 | 36856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2151335, 23.300%, 4/01/2029 †x | Best Egg | 1/31/2024 | 23105 | 22759 | 23341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215133905, 9.240%, 3/27/2028 †x◇ | Lending Club | 3/31/2025 | 28503 | 28115 | 28244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215140996, 11.240%, 3/18/2030 †x◇ | Lending Club | 3/28/2025 | 22227 | 21909 | 21940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215150280, 23.990%, 3/25/2029 †x◇ | Lending Club | 3/27/2025 | 23360 | 23028 | 22789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215151249, 11.990%, 3/26/2029 †x◇ | Lending Club | 3/28/2025 | 22000 | 21690 | 21749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215157618, 15.990%, 3/24/2028 †x◇ | Lending Club | 3/26/2025 | 22198 | 21893 | 21512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215162211, 10.490%, 3/28/2028 †x◇ | Lending Club | 4/01/2025 | 43956 | 43356 | 43556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215165193, 16.754%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 26673 | 26306 | 26212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215167110, 10.490%, 3/27/2028 †x◇ | Lending Club | 3/31/2025 | 35165 | 34685 | 34844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215174669, 9.240%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 21927 | 21628 | 21727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215177512, 24.990%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 22533 | 22221 | 21704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2151804, 13.720%, 11/29/2028 †§x# | Prosper | 12/01/2023 | 27340 | 27237 | 25755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2151810, 22.000%, 11/29/2028 †§x | Prosper | 12/01/2023 | 24901 | 24799 | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215188333, 17.740%, 3/31/2030 †x# | Lending Club | 4/02/2025 | 29657 | 29235 | 28945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215191259, 17.740%, 3/26/2030 †x◇ | Lending Club | 3/28/2025 | 37843 | 37299 | 37018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215192630, 8.740%, 3/31/2030 †x◇ | Lending Club | 4/02/2025 | 37548 | 37014 | 37044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215194241, 24.990%, 3/24/2028 †x◇ | Lending Club | 3/26/2025 | 22533 | 22221 | 21702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215199781, 9.240%, 4/01/2027 †x◇ | Lending Club | 3/31/2025 | 29642 | 29262 | 29423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2152098, 18.990%, 2/01/2029 †§x | Best Egg | 1/31/2024 | 38386 | 37942 | 38929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215212592, 8.490%, 3/26/2029 †x◇ | Lending Club | 3/28/2025 | 36436 | 35925 | 36179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215213805, 8.820%, 3/27/2031 †x◇ | Lending Club | 3/31/2025 | 37851 | 37305 | 37533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215221185, 28.490%, 3/24/2029 †x#◇ | Lending Club | 3/26/2025 | 23365 | 23038 | 22875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2152265, 19.030%, 2/01/2029 †§x | Best Egg | 1/31/2024 | 31110 | 30750 | 31765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215234361, 9.240%, 3/26/2030 †x◇ | Lending Club | 3/28/2025 | 25194 | 24834 | 24890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2152383, 23.600%, 11/30/2028 †§x# | Prosper | 12/04/2023 | 21981 | 21890 | 22347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2152471, 17.850%, 3/01/2029 †§x | Best Egg | 1/31/2024 | 33487 | 33103 | 33994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215254241, 19.990%, 3/25/2030 †x◇ | Lending Club | 3/27/2025 | 23730 | 23388 | 23030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215259488, 9.740%, 3/27/2028 †x◇ | Lending Club | 3/31/2025 | 35105 | 34627 | 34786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215261090, 9.490%, 3/26/2029 †x◇ | Lending Club | 3/28/2025 | 29202 | 28793 | 28996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215262536, 9.490%, 3/26/2029 †x◇ | Lending Club | 3/28/2025 | 23727 | 23394 | 23559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215263461, 8.988%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 29763 | 29358 | 29484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215263776, 7.316%, 3/16/2029 †x◇ | Lending Club | 3/28/2025 | 28060 | 27667 | 27897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215264550, 7.000%, 3/16/2028 †x◇ | Lending Club | 3/28/2025 | 35724 | 35238 | 35464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215266300, 5.990%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 22574 | 22268 | 22410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215269507, 7.000%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 28831 | 28439 | 28658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215269934, 7.740%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 34982 | 34507 | 34665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215271113, 11.490%, 3/28/2030 †x◇ | Lending Club | 4/01/2025 | 35596 | 35087 | 35168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215272452, 8.818%, 3/31/2031 †x#◇ | Lending Club | 3/28/2025 | 47921 | 47241 | 47482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2152729, 24.260%, 3/01/2029 †§x | Best Egg | 1/31/2024 | 22161 | 21898 | 22398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215276409, 7.490%, 3/26/2028 †x | Lending Club | 3/28/2025 | 32345 | 31905 | 32150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215277327, 16.490%, 3/26/2031 †x◇ | Lending Club | 3/28/2025 | 21070 | 20765 | 20842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215278962, 10.240%, 3/15/2027 †x◇ | Lending Club | 3/28/2025 | 20927 | 20659 | 20710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215280315, 9.990%, 4/01/2030 †x◇ | Lending Club | 3/28/2025 | 22778 | 22453 | 22450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215281094, 6.820%, 3/26/2029 †x◇ | Lending Club | 3/28/2025 | 36323 | 35814 | 36110 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**34** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 215285917, 14.740%, 3/31/2029 †x# | Lending Club | 4/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215286913, 9.990%, 3/26/2028 †x◇ | Lending Club | 3/28/2025 | 35132 | 34653 | 34812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215288510, 7.740%, 3/26/2028 †x#◇ | Lending Club | 3/28/2025 | 21301 | 21011 | 21118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215288548, 12.990%, 3/26/2027 †x◇ | Lending Club | 3/28/2025 | 32497 | 32079 | 32216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215289273, 10.490%, 3/27/2029 †x◇ | Lending Club | 3/31/2025 | 45711 | 45069 | 45388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215293590, 19.237%, 3/31/2029 †x | Lending Club | 3/31/2025 | 27631 | 27239 | 26988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215293780, 11.990%, 3/27/2031 †x◇ | Lending Club | 3/31/2025 | 23782 | 23438 | 23583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215296278, 16.240%, 3/27/2031 †x◇ | Lending Club | 3/31/2025 | 38296 | 37740 | 37867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215298098, 9.340%, 3/27/2029 †x◇ | Lending Club | 3/31/2025 | 27598 | 27211 | 27403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215302961, 7.000%, 3/31/2028 †x#◇ | Lending Club | 3/31/2025 | 26992 | 26630 | 26782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215308512, 8.740%, 3/17/2028 †x◇ | Lending Club | 3/31/2025 | 34105 | 33659 | 33766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215311654, 10.990%, 4/05/2031 †x◇ | Lending Club | 4/01/2025 | 26171 | 25793 | 25921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2153161, 23.620%, 2/01/2029 †§x | Best Egg | 2/01/2024 | 23727 | 23447 | 24381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215326286, 6.740%, 3/27/2028 †x◇ | Lending Club | 3/31/2025 | 34042 | 33580 | 33794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2153283, 7.570%, 3/15/2027 †§x | Best Egg | 2/01/2024 | 26544 | 26338 | 26728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2153377, 14.850%, 12/20/2028 †§x# | Prosper | 11/29/2023 | 21844 | 21762 | 21144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215348111, 18.742%, 3/28/2029 †x◇ | Lending Club | 3/31/2025 | 29572 | 29153 | 29132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215351608, 9.990%, 3/31/2028 †x#◇ | Lending Club | 4/02/2025 | 22569 | 22263 | 22339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2153530, 15.070%, 11/27/2028 †§x | Prosper | 11/29/2023 | 26691 | 26589 | 26083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215356759, 17.740%, 3/31/2030 †x◇ | Lending Club | 4/02/2025 | 23626 | 23289 | 22988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215358030, 13.740%, 3/31/2028 †x#◇ | Lending Club | 4/02/2025 | 34490 | 34021 | 33714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215360091, 14.740%, 3/31/2029 †x#◇ | Lending Club | 4/02/2025 | 29977 | 29557 | 29525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215364047, 20.737%, 3/31/2030 †x#◇ | Lending Club | 4/02/2025 | 21117 | 20817 | 20483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2153681, 22.350%, 4/01/2029 †x | Best Egg | 2/01/2024 | 21924 | 21642 | 22186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215370125, 10.485%, 3/31/2030 †x#◇ | Lending Club | 4/02/2025 | 31854 | 31402 | 31423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215370491, 19.990%, 3/31/2029 †x#◇ | Lending Club | 4/02/2025 | 21688 | 21384 | 21194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215371857, 16.490%, 3/31/2029 †x# | Lending Club | 4/02/2025 | 20655 | 20366 | 20235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215375158, 9.988%, 3/16/2028 †x◇ | Lending Club | 4/02/2025 | 30590 | 30173 | 30143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215375753, 7.570%, 3/16/2030 †x◇ | Lending Club | 4/02/2025 | 44503 | 43872 | 43897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215376350, 13.490%, 3/31/2027 †x#◇ | Lending Club | 4/02/2025 | 34040 | 33606 | 33651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215379274, 11.240%, 3/31/2028 †x#◇ | Lending Club | 4/02/2025 | 27132 | 26764 | 26667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215380641, 14.240%, 3/31/2030 †x#◇ | Lending Club | 4/02/2025 | 23816 | 23478 | 23244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215381268, 15.239%, 3/31/2030 †x#◇ | Lending Club | 4/02/2025 | 38170 | 37627 | 37148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215381419, 14.247%, 3/31/2029 †x# | Lending Club | 4/02/2025 | 29957 | 29538 | 29351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215391267, 12.990%, 3/31/2029 †x#◇ | Lending Club | 4/02/2025 | 46730 | 46076 | 46087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215404720, 14.740%, 3/18/2029 †x◇ | Lending Club | 4/02/2025 | 25632 | 25270 | 25338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2154094, 25.980%, 3/01/2029 †§x | Best Egg | 2/01/2024 | 19748 | 19512 | 20373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215412626, 11.990%, 3/31/2030 †x◇ | Lending Club | 4/02/2025 | 27816 | 27408 | 27241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2154150, 14.170%, 3/16/2029 †§x | Best Egg | 2/01/2024 | 32664 | 32295 | 33581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215415116, 11.737%, 3/31/2030 †x#◇ | Lending Club | 4/02/2025 | 47481 | 46806 | 46838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215415593, 15.240%, 4/15/2030 †x | Lending Club | 4/03/2025 | 25932 | 25558 | 25259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215427164, 12.990%, 4/15/2027 †x#◇ | Lending Club | 4/08/2025 | 20728 | 20461 | 20235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2154324, 8.780%, 2/01/2028 †§x | Best Egg | 2/01/2024 | 20196 | 19902 | 20708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215485008, 15.000%, 7/31/2028 †x◇ | Lending Club | 4/09/2025 | 23569 | 23228 | 20158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215501470, 19.490%, 4/30/2027 †x#◇ | Lending Club | 5/02/2025 | 22377 | 22085 | 21640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155239, 17.560%, 3/01/2029 †§x | Best Egg | 2/02/2024 | 39270 | 38819 | 40158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155507, 19.130%, 3/01/2028 †x | Best Egg | 2/02/2024 | 21458 | 21239 | 22069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155549, 22.250%, 3/01/2029 †§x | Best Egg | 2/02/2024 | 37697 | 37254 | 38242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155588, 17.540%, 3/18/2029 †§x | Best Egg | 2/02/2024 | 27754 | 27435 | 28434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155633, 24.740%, 3/06/2029 †§x | Best Egg | 2/02/2024 | 20512 | 20268 | 20823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155719, 17.000%, 6/01/2028 †x | Best Egg | 2/02/2024 | 27181 | 26854 | 28034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155854, 16.400%, 3/01/2028 †§x | Best Egg | 2/02/2024 | 34947 | 34595 | 36275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215594295, 26.990%, 4/10/2030 †x◇ | Lending Club | 4/14/2025 | 24169 | 23818 | 23149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2155952, 20.460%, 3/01/2029 †§x | Best Egg | 2/02/2024 | 23141 | 22872 | 23669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215665030, 25.990%, 4/11/2029 †x◇ | Lending Club | 4/15/2025 | 21332 | 21027 | 20513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2157446, 15.390%, 2/01/2027 †§x | Best Egg | 2/05/2024 | 27841 | 27618 | 28146 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**35** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2157847, 18.050%, 2/01/2029 †§x | Best Egg | 2/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215809960, 22.990%, 4/16/2029 †x◇ | Lending Club | 4/18/2025 | 23674 | 23336 | 22947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215820036, 19.990%, 4/17/2030 †x | Lending Club | 4/21/2025 | 23992 | 23645 | 23181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2158348, 15.630%, 2/01/2029 †§x | Best Egg | 2/05/2024 | 33166 | 32786 | 33722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2158366, 19.980%, 2/01/2029 †§x | Best Egg | 2/05/2024 | 35907 | 35485 | 36652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2158459, 17.090%, 3/25/2029 †§x | Best Egg | 2/05/2024 | 28671 | 28343 | 29137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2158563, 18.020%, 3/01/2029 †x | Best Egg | 2/05/2024 | 32615 | 32228 | 33496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215908226, 24.990%, 4/21/2029 †x◇ | Lending Club | 4/23/2025 | 22779 | 22454 | 22081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2159087, 21.240%, 1/23/2029 †§x | Prosper | 12/29/2023 | 23531 | 23432 | 23493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2159093, 19.170%, 12/27/2028 †§x | Prosper | 12/29/2023 | 23132 | 23022 | 22087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215991116, 29.990%, 4/23/2030 †x◇ | Lending Club | 4/25/2025 | 24236 | 23884 | 23488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2160467, 8.780%, 2/04/2029 †§x | Best Egg | 2/07/2024 | 24652 | 24380 | 25091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2160516, 10.800%, 12/20/2028 †§x | Prosper | 12/22/2023 | 21012 | 20630 | 20551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2160732, 19.500%, 1/04/2029 †§x | Best Egg | 2/07/2024 | 24642 | 24312 | 25225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2160780, 6.000%, 1/14/2029 †§x | Prosper | 12/22/2023 | 23747 | 23648 | 20566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216093653, 28.490%, 5/25/2030 †x◇ | Lending Club | 5/20/2025 | 22628 | 22300 | 21926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2160972, 17.560%, 2/04/2029 †§x | Best Egg | 2/07/2024 | 21090 | 20846 | 21423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216184438, 14.990%, 4/30/2028 †x#◇ | Lending Club | 5/02/2025 | 23316 | 22995 | 22453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216189192, 23.990%, 5/20/2028 †x◇ | Lending Club | 5/22/2025 | 23528 | 23196 | 22530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216209534, 32.390%, 5/05/2030 †x◇ | Lending Club | 5/07/2025 | 22515 | 22187 | 21408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2162321, 9.700%, 3/05/2027 †x | Best Egg | 2/08/2024 | 30836 | 30575 | 31071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216275814, 21.490%, 5/19/2028 †x#◇ | Lending Club | 5/21/2025 | 24443 | 24076 | 23849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2162774, 10.590%, 3/26/2028 †§x | Best Egg | 2/08/2024 | 21723 | 21508 | 22073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216280598, 29.490%, 5/14/2031 †x# | Lending Club | 5/16/2025 | 24622 | 24253 | 23141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216291874, 19.990%, 5/05/2028 †x◇ | Lending Club | 5/07/2025 | 23437 | 23112 | 22387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2163379, 12.350%, 12/23/2028 †§x | Prosper | 12/22/2023 | 22009 | 21604 | 21950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216358697, 19.490%, 5/19/2028 †x◇ | Lending Club | 5/21/2025 | 22488 | 22171 | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2163709, 14.880%, 12/20/2028 †§x | Prosper | 12/22/2023 | 29056 | 28943 | 28247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216376104, 15.990%, 5/07/2028 †x◇ | Lending Club | 5/09/2025 | 22407 | 22094 | 21678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2163792, 16.120%, 2/06/2029 †§x# | Best Egg | 2/09/2024 | 30260 | 29914 | 31048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216383384, 22.990%, 5/15/2028 †x#◇ | Lending Club | 5/09/2025 | 23604 | 23271 | 22778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216405656, 28.990%, 5/12/2030 †x◇ | Lending Club | 5/14/2025 | 24465 | 24123 | 23691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2164371, 13.100%, 2/06/2028 †§x | Best Egg | 2/09/2024 | 30551 | 30093 | 31014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216456633, 28.490%, 5/31/2030 †x#◇ | Lending Club | 5/22/2025 | 23626 | 23282 | 22583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2164667, 16.880%, 1/28/2029 †§x# | Prosper | 1/12/2024 | 24054 | 23934 | 24069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216472232, 25.490%, 5/12/2028 †x#◇ | Lending Club | 5/14/2025 | 22817 | 22499 | 21837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165046, 22.870%, 2/08/2029 †§x | Best Egg | 2/12/2024 | 26875 | 26554 | 27407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216511163, 29.490%, 5/21/2029 †x◇ | Lending Club | 5/23/2025 | 24144 | 23795 | 23358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216522163, 16.490%, 5/24/2029 †x◇ | Lending Club | 5/22/2025 | 23918 | 23576 | 23279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165271, 12.460%, 2/08/2029 †§x | Best Egg | 2/12/2024 | 26648 | 26347 | 27272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165306, 12.420%, 1/11/2029 †§x | Prosper | 1/16/2024 | 22417 | 22331 | 20971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216531904, 23.490%, 5/26/2028 †x◇ | Lending Club | 5/16/2025 | 23721 | 23389 | 22901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165342, 20.700%, 1/11/2029 †§x | Prosper | 1/16/2024 | 25139 | 25034 | 24303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165348, 13.280%, 1/25/2029 †§x# | Prosper | 1/16/2024 | 29670 | 29522 | 28158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216539707, 22.990%, 5/16/2029 †x◇ | Lending Club | 5/20/2025 | 24015 | 23669 | 23206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216552151, 24.990%, 5/20/2029 †x◇ | Lending Club | 5/22/2025 | 20886 | 20586 | 20170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216556489, 18.490%, 5/19/2029 †x◇ | Lending Club | 5/21/2025 | 23917 | 23574 | 23164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216560864, 14.990%, 5/16/2028 †x◇ | Lending Club | 5/20/2025 | 23316 | 22990 | 22562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165708, 20.490%, 2/07/2029 †§x | Best Egg | 2/12/2024 | 33895 | 33495 | 34862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216572513, 25.990%, 5/16/2030 †x | Lending Club | 5/20/2025 | 24366 | 24010 | 23496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216581776, 25.990%, 5/23/2030 †x◇ | Lending Club | 5/28/2025 | 24366 | 24010 | 23500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2165851, 16.880%, 12/27/2028 †§x# | Prosper | 12/29/2023 | 29816 | 29698 | 23094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216589935, 23.490%, 5/20/2029 †x◇ | Lending Club | 5/22/2025 | 23043 | 22715 | 22274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216591597, 27.490%, 5/19/2030 †x◇ | Lending Club | 5/21/2025 | 23417 | 23075 | 22584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216598959, 31.990%, 5/20/2030 †x◇ | Lending Club | 5/22/2025 | 23486 | 23143 | 22645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216604123, 15.990%, 5/20/2028 †x◇ | Lending Club | 5/22/2025 | 23341 | 23014 | 22588 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**36** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 216607677, 28.490%, 5/21/2029 †x◇ | Lending Club | 5/23/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216614661, 18.490%, 6/01/2029 †x◇ | Lending Club | 6/12/2025 | 22233 | 21908 | 21651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216644729, 22.490%, 5/21/2028 †x◇ | Lending Club | 5/23/2025 | 23494 | 23163 | 22611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216645723, 14.990%, 5/21/2028 †x◇ | Lending Club | 5/23/2025 | 21716 | 21411 | 21026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216656792, 23.490%, 5/21/2028 †x◇ | Lending Club | 5/23/2025 | 21165 | 20867 | 20269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216668153, 20.990%, 5/21/2028 †x◇ | Lending Club | 5/23/2025 | 23460 | 23130 | 22579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216679101, 23.990%, 5/21/2029 †x◇ | Lending Club | 5/23/2025 | 24036 | 23689 | 23229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216700538, 27.490%, 5/21/2029 †x◇ | Lending Club | 5/23/2025 | 24106 | 23758 | 23324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216701598, 13.420%, 3/08/2028 †§x | Upgrade | 3/15/2023 | 23391 | 23253 | 23693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216780985, 15.380%, 3/08/2028 †§x | Upgrade | 3/15/2023 | 23052 | 22913 | 23341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2167940, 17.820%, 1/28/2029 †§x# | Prosper | 1/22/2024 | 29270 | 29124 | 28116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2167955, 22.230%, 1/31/2029 †§x# | Prosper | 1/22/2024 | 30161 | 30034 | 29968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2168024, 6.930%, 2/23/2027 †§x | Best Egg | 2/14/2024 | 21354 | 21185 | 21468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2168166, 9.180%, 3/15/2027 †§x | Best Egg | 2/14/2024 | 20056 | 19896 | 20244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2168343, 13.140%, 1/10/2029 †§x | Prosper | 1/12/2024 | 25485 | 25386 | 24124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2168349, 13.280%, 1/10/2029 †§x | Prosper | 1/12/2024 | 21791 | 21706 | 20677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216840458, 15.600%, 3/08/2028 †§x | Upgrade | 3/15/2023 | 24515 | 24366 | 24866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2168577, 7.030%, 2/11/2027 †§x | Best Egg | 2/14/2024 | 26297 | 26095 | 26503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2168765, 15.080%, 2/15/2029 †§x# | Prosper | 1/24/2024 | 29453 | 29338 | 27794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216907401, 24.990%, 6/15/2029 †x◇ | Lending Club | 6/11/2025 | 21567 | 21251 | 21206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2169242, 15.080%, 1/26/2029 †§x# | Prosper | 1/25/2024 | 26724 | 26601 | 25202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2169302, 21.870%, 2/11/2029 †§x | Best Egg | 2/14/2024 | 36622 | 36187 | 37605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2169762, 17.870%, 2/11/2029 †§x | Best Egg | 2/14/2024 | 39275 | 38817 | 40381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217005240, 15.590%, 3/09/2028 †§x | Upgrade | 3/15/2023 | 26044 | 25887 | 26097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217008495, 14.390%, 3/09/2028 †§x | Upgrade | 3/15/2023 | 30292 | 30100 | 30551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217020840, 25.990%, 6/03/2030 †x | Lending Club | 6/05/2025 | 24582 | 24219 | 23818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217022298, 14.630%, 3/15/2028 †§x | Upgrade | 3/15/2023 | 25204 | 25053 | 25629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170251, 23.300%, 2/12/2029 †§x | Best Egg | 2/15/2024 | 34343 | 33931 | 35453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217045224, 15.600%, 3/10/2028 †x# | Upgrade | 3/15/2023 | 27966 | 27797 | 20776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217050232, 14.630%, 3/14/2028 †§x | Upgrade | 3/15/2023 | 20624 | 20500 | 20978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217054133, 28.490%, 6/18/2030 †x◇ | Lending Club | 6/23/2025 | 24020 | 23665 | 23484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170638, 19.470%, 2/12/2029 †§x# | Best Egg | 2/15/2024 | 31151 | 30786 | 31861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170730, 15.380%, 1/25/2029 †§x | Prosper | 1/29/2024 | 29694 | 29575 | 29032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170802, 19.810%, 11/24/2029 †x# | Prosper | 1/29/2024 | 22914 | 22799 | 20282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170808, 22.350%, 2/12/2029 †x | Best Egg | 2/15/2024 | 23976 | 23690 | 24619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2170973, 20.020%, 2/12/2029 †§x | Best Egg | 2/15/2024 | 25826 | 25521 | 26485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171039, 18.550%, 2/12/2029 †§x | Best Egg | 2/15/2024 | 29108 | 28767 | 30193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217107086, 26.490%, 6/10/2030 †x◇ | Lending Club | 6/12/2025 | 21637 | 21317 | 20968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217107943, 22.490%, 6/04/2027 †x◇ | Lending Club | 6/06/2025 | 23315 | 22986 | 22727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171213, 20.940%, 5/13/2029 †x | Best Egg | 2/16/2024 | 24493 | 24196 | 25072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171356, 18.280%, 1/10/2029 †§x | Prosper | 1/12/2024 | 30216 | 30093 | 29818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217141968, 21.490%, 6/05/2028 †x◇ | Lending Club | 6/09/2025 | 23990 | 23643 | 23269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171502, 15.750%, 1/18/2029 †§x | Prosper | 1/22/2024 | 29762 | 29643 | 28726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171526, 13.140%, 1/18/2029 †§x | Prosper | 1/22/2024 | 23273 | 23182 | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217161359, 25.990%, 6/20/2029 †x◇ | Lending Club | 6/24/2025 | 24391 | 24033 | 23832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171653, 21.240%, 1/10/2029 †§x | Prosper | 1/12/2024 | 25215 | 25109 | 24806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171656, 19.440%, 1/10/2029 †x | Prosper | 1/12/2024 | 24960 | 24857 | 24918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217167673, 29.490%, 6/16/2030 †x#◇ | Lending Club | 6/18/2025 | 23552 | 23204 | 23056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217168385, 25.490%, 6/06/2030 †x◇ | Lending Club | 6/10/2025 | 23003 | 22663 | 22292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171790, 13.280%, 1/18/2029 †§x# | Prosper | 1/22/2024 | 29861 | 29744 | 22015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217205301, 21.490%, 6/09/2028 †x◇ | Lending Club | 6/11/2025 | 23990 | 23643 | 23271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2172324, 20.000%, 2/16/2029 †§x | Best Egg | 2/16/2024 | 27479 | 27157 | 28130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2172438, 27.970%, 4/01/2029 †§x | Best Egg | 2/16/2024 | 36666 | 36208 | 37357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217245795, 23.490%, 6/09/2028 †x◇ | Lending Club | 6/11/2025 | 24309 | 23955 | 23740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2172521, 9.160%, 2/13/2028 †§x | Best Egg | 2/16/2024 | 32172 | 31854 | 32989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217253977, 13.990%, 6/11/2028 †x◇ | Lending Club | 6/11/2025 | 22932 | 22601 | 22339 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**37** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 217253982, 20.490%, 6/20/2028 †x◇ | Lending Club | 6/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217263896, 29.490%, 6/10/2030 †x◇ | Lending Club | 6/12/2025 | 24418 | 24057 | 23582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217277056, 23.990%, 6/15/2029 †x◇ | Lending Club | 6/12/2025 | 24448 | 24089 | 24034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2172792, 17.100%, 2/14/2028 †§x | Best Egg | 2/20/2024 | 21022 | 20803 | 21704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217284709, 21.494%, 6/26/2027 †x◇ | Lending Club | 6/13/2025 | 20495 | 20203 | 20034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2172912, 14.540%, 1/23/2029 †§x | Prosper | 1/25/2024 | 29539 | 29422 | 27946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217310970, 25.990%, 6/12/2029 †x◇ | Lending Club | 6/16/2025 | 21167 | 20857 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217313755, 20.990%, 6/15/2030 †x | Lending Club | 6/13/2025 | 24576 | 24213 | 24070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217343520, 24.990%, 6/18/2028 †x | Lending Club | 6/23/2025 | 24013 | 23672 | 23296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217356694, 15.990%, 6/18/2028 †x◇ | Lending Club | 6/23/2025 | 23901 | 23556 | 23334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217367392, 25.490%, 6/20/2030 †x | Lending Club | 6/24/2025 | 24576 | 24210 | 23982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217371842, 25.990%, 6/17/2030 †x | Lending Club | 6/20/2025 | 24528 | 24165 | 23932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217373131, 19.990%, 6/13/2028 †x#◇ | Lending Club | 6/17/2025 | 22049 | 21730 | 21394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2173755, 9.210%, 3/16/2028 †§x | Best Egg | 2/20/2024 | 33369 | 33040 | 33823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217376484, 21.490%, 6/16/2027 †x◇ | Lending Club | 6/18/2025 | 23299 | 22969 | 22785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217382970, 20.990%, 6/16/2028 †x◇ | Lending Club | 6/18/2025 | 23023 | 22689 | 22409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217398566, 29.490%, 6/30/2030 †x#◇ | Lending Club | 6/18/2025 | 21527 | 21210 | 20955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217406179, 27.490%, 6/20/2030 †x | Lending Club | 6/24/2025 | 24599 | 24236 | 24052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217406660, 22.490%, 6/17/2028 †x◇ | Lending Club | 6/20/2025 | 24006 | 23657 | 23363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217416089, 21.990%, 6/25/2029 †x◇ | Lending Club | 6/20/2025 | 21524 | 21210 | 21174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217427367, 18.490%, 6/18/2029 †x◇ | Lending Club | 6/23/2025 | 21369 | 21056 | 20884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217430726, 23.990%, 6/18/2028 †x◇ | Lending Club | 6/23/2025 | 23644 | 23301 | 22945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217436089, 31.490%, 6/20/2030 †x | Lending Club | 6/24/2025 | 24535 | 24172 | 23976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217442904, 24.490%, 6/18/2028 †x◇ | Lending Club | 6/23/2025 | 24036 | 23687 | 23325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2174452, 15.080%, 1/18/2029 †§x | Prosper | 1/22/2024 | 29639 | 29521 | 27936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2174470, 16.530%, 2/01/2029 †§x | Prosper | 1/22/2024 | 23882 | 23786 | 23676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2174485, 21.480%, 1/20/2029 †§x | Prosper | 1/22/2024 | 23707 | 23607 | 23714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2174491, 14.980%, 1/18/2029 †§x | Prosper | 1/22/2024 | 21646 | 21560 | 20427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217454948, 22.490%, 6/18/2029 †x◇ | Lending Club | 6/23/2025 | 24342 | 23985 | 23853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217455259, 26.490%, 6/18/2029 †x◇ | Lending Club | 6/23/2025 | 24397 | 24039 | 23837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217455383, 26.490%, 6/18/2030 †x# | Lending Club | 6/23/2025 | 24796 | 24430 | 24359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217455842, 20.490%, 6/28/2028 †x◇ | Lending Club | 6/24/2025 | 24090 | 23742 | 23638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217460466, 18.490%, 7/01/2029 †x◇ | Lending Club | 6/26/2025 | 24009 | 23659 | 23295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217480926, 23.490%, 6/18/2028 †x◇ | Lending Club | 6/24/2025 | 23988 | 23640 | 23279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217487671, 13.990%, 6/20/2027 †x◇ | Lending Club | 6/24/2025 | 23069 | 22744 | 22632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217495693, 19.990%, 6/20/2028 †x◇ | Lending Club | 6/24/2025 | 23966 | 23619 | 23329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217498882, 27.990%, 6/23/2029 †x | Lending Club | 6/25/2025 | 24417 | 24059 | 23910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217501902, 21.490%, 7/07/2028 †x◇ | Lending Club | 6/25/2025 | 22231 | 21911 | 21749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217504927, 20.490%, 6/23/2027 †x#◇ | Lending Club | 6/25/2025 | 24248 | 23905 | 23949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217534378, 24.990%, 6/24/2030 †x | Lending Club | 6/26/2025 | 24570 | 24207 | 23979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2175529, 22.350%, 1/22/2029 †§x | Prosper | 1/24/2024 | 19819 | 19735 | 20822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2175599, 24.800%, 2/20/2029 †§x | Best Egg | 2/22/2024 | 20300 | 20053 | 20700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217576984, 27.490%, 6/23/2030 †x#◇ | Lending Club | 6/25/2025 | 21826 | 21498 | 21488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217609011, 23.990%, 7/07/2029 †x | Lending Club | 6/25/2025 | 24918 | 24556 | 24315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217639339, 23.490%, 6/24/2028 †x◇ | Lending Club | 6/26/2025 | 24021 | 23673 | 23316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217650059, 14.990%, 6/24/2028 †x◇ | Lending Club | 6/26/2025 | 23884 | 23539 | 23321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2176595, 18.060%, 2/19/2029 †§x | Best Egg | 2/22/2024 | 27702 | 27375 | 28082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2177110, 9.820%, 2/19/2029 †§x | Best Egg | 2/22/2024 | 20132 | 19907 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2177272, 22.350%, 2/01/2029 †§x# | Prosper | 1/26/2024 | 20266 | 20194 | 20424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2177332, 19.800%, 1/24/2029 †§x | Prosper | 1/26/2024 | 25011 | 24907 | 25031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217838089, 23.490%, 7/24/2030 †x | Lending Club | 7/28/2025 | 24778 | 24468 | 24339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217844849, 25.990%, 7/15/2030 †x | Lending Club | 7/03/2025 | 25000 | 24631 | 24401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2178846, 16.580%, 4/19/2029 †x# | Best Egg | 2/22/2024 | 36703 | 36277 | 37974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2179711, 17.560%, 2/20/2029 †§x | Best Egg | 2/23/2024 | 25445 | 25147 | 25903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2179859, 7.200%, 2/20/2029 †§x | Best Egg | 2/23/2024 | 24417 | 24148 | 24829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2180000, 12.780%, 2/16/2029 †§x | Prosper | 2/21/2024 | 24042 | 23947 | 23679 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**38** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2180406, 11.770%, 2/20/2027 †§x | Best Egg | 2/23/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2180681, 20.500%, 1/20/2030 †x# | Prosper | 2/22/2024 | 31796 | 31637 | 28689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2180936, 24.070%, 3/21/2029 †x | Best Egg | 2/26/2024 | 21092 | 20839 | 21518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218134877, 15.990%, 7/23/2028 †x◇ | Lending Club | 7/25/2025 | 24454 | 24150 | 24045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2181393, 14.010%, 2/21/2029 †§x | Best Egg | 2/26/2024 | 27318 | 27002 | 27847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2181683, 5.940%, 2/21/2027 †§x | Best Egg | 2/26/2024 | 21504 | 21337 | 21740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2181811, 18.050%, 2/21/2029 †§x | Best Egg | 2/26/2024 | 27913 | 27579 | 28777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2181899, 20.430%, 2/21/2029 †§x | Best Egg | 2/26/2024 | 19909 | 19667 | 20424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2182040, 18.330%, 2/21/2029 †§x | Prosper | 2/23/2024 | 30737 | 30609 | 30610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2182043, 18.810%, 2/28/2029 †§x# | Prosper | 2/23/2024 | 24097 | 23995 | 23020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2182228, 11.420%, 2/21/2029 †§x | Best Egg | 2/26/2024 | 37827 | 37396 | 38571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2182302, 5.900%, 4/22/2029 †x# | Best Egg | 2/26/2024 | 23098 | 22928 | 20264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2183010, 12.780%, 2/16/2029 †§x | Prosper | 2/21/2024 | 29767 | 29649 | 29317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2183016, 17.820%, 2/16/2029 †§x | Prosper | 2/21/2024 | 29079 | 28958 | 28746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218316650, 23.490%, 7/18/2030 †x◇ | Lending Club | 7/22/2025 | 20615 | 20358 | 20249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218359884, 22.490%, 7/31/2027 †x#◇ | Lending Club | 7/30/2025 | 24000 | 23702 | 23588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2183635, 19.030%, 11/25/2028 †§x | Best Egg | 2/28/2024 | 21350 | 21099 | 21713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2183688, 21.240%, 2/20/2029 †§x | Prosper | 2/22/2024 | 25616 | 25506 | 25328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218457025, 31.490%, 7/24/2030 †x◇ | Lending Club | 7/28/2025 | 21697 | 21426 | 21290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2184608, 11.770%, 2/25/2027 †§x | Best Egg | 2/28/2024 | 20295 | 20119 | 20489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2184701, 14.170%, 2/25/2029 †§x | Best Egg | 2/28/2024 | 23075 | 22809 | 23661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2184894, 13.280%, 2/21/2029 †§x | Prosper | 2/23/2024 | 26029 | 25925 | 24731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2184900, 13.140%, 2/21/2029 †§x | Prosper | 2/23/2024 | 29832 | 29713 | 28240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2185099, 19.010%, 2/25/2029 †§x | Best Egg | 2/28/2024 | 26875 | 26556 | 27721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2185327, 18.050%, 2/25/2029 †§x | Best Egg | 2/28/2024 | 23982 | 23699 | 24794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218568573, 26.490%, 7/28/2030 †x◇ | Lending Club | 7/30/2025 | 21821 | 21548 | 21563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2185912, 18.050%, 2/25/2029 †§x | Best Egg | 2/28/2024 | 27520 | 27196 | 28404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2186106, 13.300%, 4/01/2028 †§x | Best Egg | 2/29/2024 | 30012 | 29707 | 30468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2186224, 17.690%, 4/16/2027 †§x | Best Egg | 2/29/2024 | 23489 | 23286 | 23709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2186353, 12.780%, 2/28/2029 †§x# | Prosper | 2/21/2024 | 25335 | 25218 | 24892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2186841, 18.020%, 4/01/2029 †§x | Best Egg | 2/29/2024 | 26819 | 26505 | 27335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2187121, 16.880%, 2/20/2029 †§x | Prosper | 2/22/2024 | 24627 | 24525 | 24523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2187133, 15.080%, 2/23/2029 †§x# | Prosper | 2/22/2024 | 22505 | 22411 | 21190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188025, 17.580%, 4/01/2029 †§x | Best Egg | 3/01/2024 | 20011 | 19777 | 20324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188296, 17.390%, 4/01/2029 †§x | Best Egg | 3/01/2024 | 30203 | 29851 | 30913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218832598, 27.490%, 8/15/2030 †x | Lending Club | 8/19/2025 | 25000 | 24688 | 24539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188369, 13.280%, 2/21/2029 †§x | Prosper | 2/23/2024 | 29857 | 29738 | 28368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188378, 13.140%, 2/21/2029 †§x | Prosper | 2/23/2024 | 23712 | 23618 | 22447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188501, 17.330%, 4/13/2029 †§x | Best Egg | 3/01/2024 | 31454 | 31088 | 32299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188538, 15.980%, 3/10/2029 †§x | Prosper | 3/11/2024 | 24613 | 24511 | 23627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188556, 13.280%, 3/07/2029 †§x | Prosper | 3/11/2024 | 28877 | 28765 | 27296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2188739, 9.310%, 4/01/2029 †§x | Best Egg | 3/01/2024 | 22351 | 22101 | 22875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218882525, 27.490%, 8/07/2030 †x | Lending Club | 8/11/2025 | 25000 | 24688 | 24539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2189361, 16.610%, 4/01/2029 †§x | Best Egg | 3/01/2024 | 19909 | 19674 | 20352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2189379, 20.430%, 4/09/2029 †x | Best Egg | 3/01/2024 | 20049 | 19811 | 20482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2190072, 11.990%, 3/01/2029 †§x | Best Egg | 3/04/2024 | 37951 | 37520 | 38623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2190426, 14.170%, 4/01/2029 †§x | Best Egg | 3/04/2024 | 25882 | 25584 | 26311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219049336, 23.490%, 8/15/2030 †x | Lending Club | 8/19/2025 | 25000 | 24688 | 24558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219057093, 28.490%, 8/18/2030 †x◇ | Lending Club | 8/20/2025 | 22000 | 21726 | 21592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219061624, 24.990%, 8/15/2030 †x◇ | Lending Club | 8/19/2025 | 24000 | 23701 | 23573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219094688, 24.240%, 8/15/2031 †x◇ | Lending Club | 8/19/2025 | 22000 | 21725 | 21614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219095322, 20.990%, 8/14/2028 †x◇ | Lending Club | 8/18/2025 | 25000 | 24689 | 24566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219098495, 27.490%, 8/14/2030 †x◇ | Lending Club | 8/18/2025 | 24000 | 23701 | 23557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2190993, 16.280%, 3/07/2029 †§x | Prosper | 3/11/2024 | 20565 | 20483 | 20238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2190999, 13.900%, 3/07/2029 †§x | Prosper | 3/11/2024 | 27413 | 27306 | 25970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219102311, 21.490%, 8/18/2028 †x◇ | Lending Club | 8/20/2025 | 25000 | 24689 | 24567 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**39** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 219143938, 16.990%, 8/28/2030 †x◇ | Lending Club | 8/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219145842, 22.490%, 8/18/2027 †x◇ | Lending Club | 8/20/2025 | 22000 | 21727 | 21626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219149684, 14.990%, 8/18/2028 †x◇ | Lending Club | 8/20/2025 | 25000 | 24689 | 24585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219155635, 23.490%, 8/18/2028 †x◇ | Lending Club | 8/20/2025 | 22900 | 22615 | 22496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219156595, 24.491%, 8/18/2028 †x◇ | Lending Club | 8/20/2025 | 20800 | 20541 | 20432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219173134, 14.490%, 8/18/2029 †x | Lending Club | 8/20/2025 | 21500 | 21232 | 21141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2193053, 14.170%, 4/03/2029 †§x | Best Egg | 3/06/2024 | 31358 | 30997 | 31900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2194402, 8.470%, 4/18/2027 †§x | Best Egg | 3/06/2024 | 27768 | 27538 | 27931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2194753, 18.720%, 3/07/2028 †x | Prosper | 3/11/2024 | 21825 | 21747 | 21136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2194774, 13.140%, 3/07/2029 †§x | Prosper | 3/11/2024 | 30413 | 30296 | 28643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2194783, 15.080%, 3/07/2029 †§x | Prosper | 3/11/2024 | 30749 | 30628 | 28838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2195074, 21.240%, 3/07/2029 †§x | Prosper | 3/11/2024 | 21174 | 21087 | 20608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2198105, 21.910%, 6/06/2029 †x | Best Egg | 3/11/2024 | 23229 | 22901 | 23631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2199870, 18.800%, 3/07/2029 †§x | Best Egg | 3/11/2024 | 36022 | 35596 | 36551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2199893, 18.060%, 8/07/2029 †x | Best Egg | 3/11/2024 | 45848 | 45286 | 46599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200254, 12.250%, 4/07/2029 †§x | Best Egg | 3/11/2024 | 29078 | 28746 | 29619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2200327, 14.790%, 8/14/2027 †x | Best Egg | 3/11/2024 | 24818 | 24579 | 25015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2201316, 12.700%, 4/10/2029 †§x | Best Egg | 3/13/2024 | 34985 | 34583 | 35644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2202037, 21.430%, 4/10/2029 †§x | Best Egg | 3/13/2024 | 32576 | 32185 | 33321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2202638, 15.300%, 4/09/2029 †§x | Prosper | 4/11/2024 | 31310 | 31184 | 29411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2202641, 13.320%, 4/15/2029 †x | Prosper | 4/11/2024 | 31028 | 30901 | 29205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2202644, 19.260%, 4/09/2029 †§x | Prosper | 4/11/2024 | 24565 | 24463 | 24224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2202653, 13.280%, 4/09/2029 †§x | Prosper | 4/11/2024 | 25815 | 25713 | 24375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2202659, 31.210%, 3/09/2030 †x# | Prosper | 4/11/2024 | 19559 | 19461 | 20508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2203253, 15.380%, 4/10/2029 †§x | Prosper | 4/12/2024 | 31323 | 31197 | 30436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2203262, 15.830%, 2/09/2030 †x# | Prosper | 4/12/2024 | 32736 | 32572 | 26902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2203265, 19.440%, 4/10/2029 †§x | Prosper | 4/12/2024 | 26225 | 26116 | 25831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2203277, 16.880%, 4/10/2029 †§x | Prosper | 4/12/2024 | 31563 | 31435 | 31269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2203289, 18.330%, 4/10/2029 †§x | Prosper | 4/12/2024 | 20379 | 20295 | 20185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2203295, 20.020%, 4/10/2029 †§x | Prosper | 4/12/2024 | 25619 | 25511 | 25803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2203556, 19.440%, 4/15/2029 †§x | Prosper | 4/12/2024 | 24648 | 24541 | 23164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2205549, 20.430%, 4/10/2029 †§x | Prosper | 4/12/2024 | 24753 | 24631 | 24132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2205561, 21.670%, 4/10/2029 †§x | Prosper | 4/12/2024 | 20704 | 20616 | 21208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2205912, 21.240%, 4/11/2029 †§x | Prosper | 4/15/2024 | 26449 | 26337 | 25666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2205958, 10.050%, 4/17/2029 †§x | Best Egg | 3/15/2024 | 30679 | 30331 | 31184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2206887, 25.220%, 4/13/2029 †§x | Best Egg | 3/18/2024 | 21962 | 21694 | 22119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2207426, 19.500%, 4/14/2029 †§x | Best Egg | 3/18/2024 | 33070 | 32676 | 33745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2208841, 21.240%, 4/09/2029 †§x | Prosper | 4/11/2024 | 24795 | 24691 | 24044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2208844, 17.730%, 4/23/2029 †§x# | Prosper | 4/11/2024 | 30803 | 30673 | 22594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2209459, 21.240%, 4/10/2029 †§x | Prosper | 4/12/2024 | 26272 | 26162 | 25615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2209471, 12.780%, 4/10/2029 †§x | Prosper | 4/12/2024 | 22973 | 22883 | 21580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2209477, 21.930%, 4/10/2029 †§x# | Prosper | 4/12/2024 | 20530 | 20442 | 20290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2209486, 21.180%, 4/10/2029 †§x | Prosper | 4/12/2024 | 20657 | 20570 | 20356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2209501, 16.630%, 4/10/2028 †x | Prosper | 4/12/2024 | 23216 | 23131 | 22499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2209877, 18.060%, 4/17/2029 †§x | Best Egg | 3/20/2024 | 20006 | 19766 | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2210061, 14.410%, 4/17/2029 †§x | Best Egg | 3/20/2024 | 19625 | 19397 | 20057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2211484, 19.530%, 4/18/2029 †§x | Best Egg | 3/21/2024 | 25472 | 25168 | 25978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2211724, 14.170%, 4/18/2029 †§x | Best Egg | 3/21/2024 | 20865 | 20615 | 21265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2212977, 17.330%, 4/19/2029 †§x | Best Egg | 3/22/2024 | 23136 | 22862 | 23627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2213413, 19.240%, 3/19/2029 †§x | Best Egg | 3/22/2024 | 20880 | 20631 | 21151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2213813, 16.420%, 4/19/2029 †§x | Best Egg | 3/22/2024 | 19842 | 19609 | 20416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2214128, 13.010%, 4/19/2028 †§x | Best Egg | 3/22/2024 | 26462 | 26187 | 27649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215218, 23.880%, 3/20/2029 †x | Best Egg | 3/25/2024 | 21905 | 21576 | 22324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215370, 24.830%, 5/15/2029 †§x | Prosper | 5/13/2024 | 27406 | 27269 | 27922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215373, 22.610%, 5/09/2027 †§x | Prosper | 5/13/2024 | 20897 | 20826 | 20927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215379, 23.600%, 5/09/2029 †§x | Prosper | 5/13/2024 | 27124 | 27007 | 26956 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**40** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215382, 13.980%, 6/05/2029 †§x# | Prosper | 5/13/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215385, 25.560%, 5/09/2029 †§x | Prosper | 5/13/2024 | 25633 | 25520 | 26252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215691, 16.300%, 5/10/2029 †§x | Prosper | 5/14/2024 | 32000 | 31868 | 31332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215694, 21.330%, 5/10/2029 †§x | Prosper | 5/14/2024 | 26886 | 26770 | 26163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215697, 20.500%, 12/09/2029 †x# | Prosper | 5/14/2024 | 35436 | 35259 | 34237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2215706, 21.900%, 5/10/2029 †§x | Prosper | 5/14/2024 | 25247 | 25139 | 24566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2216963, 12.230%, 4/21/2029 †§x | Best Egg | 3/25/2024 | 24742 | 24454 | 25210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2217819, 12.780%, 5/23/2029 †§x | Prosper | 5/13/2024 | 31637 | 31506 | 29670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2217831, 13.750%, 5/11/2029 †§x | Prosper | 5/13/2024 | 25994 | 25885 | 24655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2217834, 21.330%, 5/23/2029 †§x | Prosper | 5/13/2024 | 31328 | 31211 | 30776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2217837, 14.200%, 5/09/2029 †§x | Prosper | 5/13/2024 | 24771 | 24671 | 23665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2217846, 19.600%, 5/23/2029 †§x | Prosper | 5/13/2024 | 21040 | 20949 | 20251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218095, 17.430%, 5/10/2029 †§x | Prosper | 5/14/2024 | 28871 | 28752 | 28267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218101, 15.900%, 5/10/2027 †§x | Prosper | 5/14/2024 | 20509 | 20443 | 20117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218104, 23.430%, 5/10/2029 †§x | Prosper | 5/14/2024 | 31340 | 31205 | 30486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218107, 19.800%, 5/12/2029 †§x | Prosper | 5/14/2024 | 20927 | 20828 | 20371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218110, 19.670%, 5/10/2029 †§x | Prosper | 5/14/2024 | 30835 | 30706 | 30014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218116, 23.600%, 5/10/2029 †§x | Prosper | 5/14/2024 | 21191 | 21099 | 20978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218119, 15.480%, 5/10/2029 †§x | Prosper | 5/14/2024 | 24518 | 24418 | 24008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218125, 23.600%, 5/15/2029 †§x | Prosper | 5/14/2024 | 21288 | 21187 | 21076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218128, 21.150%, 5/20/2029 †§x | Prosper | 5/14/2024 | 25382 | 25271 | 25145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218131, 23.100%, 5/10/2029 †§x | Prosper | 5/14/2024 | 21147 | 21055 | 20936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2218143, 20.000%, 5/10/2029 †§x | Prosper | 5/14/2024 | 26708 | 26595 | 26458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 221992690, 12.970%, 5/02/2028 †x# | Upgrade | 4/24/2023 | 27705 | 27543 | 20666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2220164, 17.400%, 5/01/2029 †§x | Best Egg | 3/28/2024 | 26079 | 25770 | 26650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2220570, 11.730%, 3/25/2027 †§x | Best Egg | 3/28/2024 | 23481 | 23278 | 23680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221222, 14.500%, 5/09/2027 †§x | Prosper | 5/13/2024 | 21604 | 21537 | 20764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221225, 23.100%, 5/09/2029 †§x | Prosper | 5/13/2024 | 25376 | 25266 | 25302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221228, 22.230%, 5/16/2029 †§x | Prosper | 5/13/2024 | 31340 | 31201 | 30780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221231, 16.650%, 5/20/2029 †§x | Prosper | 5/13/2024 | 25624 | 25515 | 24521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221267, 24.830%, 5/09/2029 †§x | Prosper | 5/13/2024 | 20894 | 20801 | 21288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221464, 20.910%, 5/01/2029 †x | Best Egg | 3/29/2024 | 23991 | 23702 | 24047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221582, 16.750%, 5/10/2029 †§x | Prosper | 5/14/2024 | 27957 | 27842 | 27373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221585, 14.950%, 5/17/2028 †x | Prosper | 5/14/2024 | 26357 | 26252 | 25543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221588, 26.910%, 5/10/2029 †§x | Prosper | 5/14/2024 | 21493 | 21396 | 21264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221943, 13.940%, 5/20/2029 †x | Best Egg | 3/29/2024 | 23283 | 23013 | 23801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2222153, 23.600%, 6/25/2029 †§x# | Prosper | 6/03/2024 | 28444 | 28320 | 21836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2223459, 5.900%, 7/02/2029 †x | Best Egg | 4/01/2024 | 23931 | 23645 | 21790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2224053, 19.950%, 8/01/2029 †x# | Best Egg | 4/01/2024 | 25370 | 25098 | 25721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2224261, 14.420%, 5/01/2029 †§x | Best Egg | 4/01/2024 | 28036 | 27708 | 28656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2224281, 15.630%, 5/01/2029 †§x | Best Egg | 4/01/2024 | 32492 | 32110 | 32964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225153, 19.790%, 6/01/2028 †x# | Best Egg | 4/01/2024 | 33468 | 33108 | 34626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225165, 15.830%, 6/07/2029 †§x | Prosper | 6/11/2024 | 32433 | 32299 | 31724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225208, 19.500%, 5/01/2029 †§x | Best Egg | 4/01/2024 | 20545 | 20299 | 20940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225294, 21.900%, 6/07/2029 †§x | Prosper | 6/11/2024 | 21328 | 21236 | 20691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225297, 25.810%, 6/07/2029 †§x | Prosper | 6/11/2024 | 21668 | 21570 | 21340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225300, 22.980%, 6/07/2029 †§x | Prosper | 6/11/2024 | 23560 | 23458 | 22853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225303, 15.530%, 6/07/2029 †§x | Prosper | 6/11/2024 | 29068 | 28947 | 28433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225306, 13.490%, 6/07/2029 †§x | Prosper | 6/11/2024 | 28798 | 28681 | 28173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225312, 15.190%, 6/07/2029 †§x | Prosper | 6/11/2024 | 24877 | 24775 | 24334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225317, 17.870%, 5/12/2027 †§x | Best Egg | 4/01/2024 | 26415 | 26172 | 26568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225318, 23.010%, 7/25/2029 †§x | Prosper | 6/11/2024 | 24888 | 24764 | 24066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225324, 17.170%, 6/07/2029 †§x | Prosper | 6/11/2024 | 32625 | 32488 | 31909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225330, 24.080%, 6/20/2029 †§x | Prosper | 6/11/2024 | 26108 | 25990 | 25728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225423, 21.100%, 6/07/2027 †§x | Prosper | 6/11/2024 | 21873 | 21798 | 21551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2225429, 22.900%, 6/21/2029 †§x | Prosper | 6/11/2024 | 22250 | 22166 | 21789 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**41** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 222644702, 15.600%, 4/19/2028 †§x | Upgrade | 4/24/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227893, 21.480%, 6/07/2029 †§x | Prosper | 6/11/2024 | 27745 | 27625 | 26918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227896, 22.180%, 6/20/2029 †§x | Prosper | 6/11/2024 | 21595 | 21500 | 20957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227935, 28.390%, 6/07/2029 †§x | Prosper | 6/11/2024 | 28355 | 28213 | 27813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227944, 24.560%, 6/07/2028 †x# | Prosper | 6/11/2024 | 22040 | 21962 | 21402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227947, 14.200%, 6/07/2029 †§x | Prosper | 6/11/2024 | 21463 | 21375 | 20996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227950, 19.900%, 12/21/2029 †x# | Prosper | 6/11/2024 | 25638 | 25510 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227953, 20.700%, 6/07/2029 †§x | Prosper | 6/11/2024 | 31414 | 31279 | 30481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227956, 22.100%, 6/17/2029 †§x | Prosper | 6/11/2024 | 27539 | 27418 | 27146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2227962, 19.430%, 6/07/2029 †§x | Prosper | 6/11/2024 | 23227 | 23128 | 22714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2228649, 9.760%, 4/01/2029 †§x | Best Egg | 4/04/2024 | 35037 | 34639 | 35294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 222879628, 14.920%, 4/19/2028 †§x | Upgrade | 4/24/2023 | 22481 | 22340 | 22841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231146, 21.780%, 6/07/2029 †§x | Prosper | 6/11/2024 | 28566 | 28443 | 27713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231149, 25.930%, 6/07/2029 †§x | Prosper | 6/11/2024 | 20791 | 20699 | 20475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231191, 15.830%, 6/07/2029 †§x | Prosper | 6/11/2024 | 23288 | 23191 | 22778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231197, 22.010%, 6/20/2029 †§x | Prosper | 6/11/2024 | 27312 | 27189 | 26495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231200, 26.580%, 6/07/2029 †§x | Prosper | 6/11/2024 | 27788 | 27663 | 27362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231212, 20.160%, 6/07/2029 †§x | Prosper | 6/11/2024 | 21179 | 21089 | 20711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231218, 15.900%, 6/07/2029 †§x | Prosper | 6/11/2024 | 24956 | 24853 | 24410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231227, 17.430%, 6/07/2029 †§x | Prosper | 6/11/2024 | 25140 | 25035 | 24588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231335, 25.850%, 6/12/2029 †§x | Prosper | 6/11/2024 | 20882 | 20786 | 20568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2231355, 6.580%, 4/02/2027 †§x | Best Egg | 4/05/2024 | 28983 | 28743 | 29125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223222391, 14.630%, 4/19/2028 †§x | Upgrade | 4/24/2023 | 24910 | 24755 | 25355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223369258, 15.590%, 4/19/2028 †x | Upgrade | 4/24/2023 | 25997 | 25831 | 26099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223433243, 15.030%, 4/20/2027 †§x | Upgrade | 4/24/2023 | 20082 | 19970 | 20438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223446362, 15.590%, 4/30/2028 †§x | Upgrade | 4/24/2023 | 29616 | 29385 | 29553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223472175, 15.590%, 4/19/2028 †§x | Upgrade | 4/24/2023 | 26707 | 26539 | 26842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223488585, 12.970%, 5/02/2028 †§x | Upgrade | 4/24/2023 | 28561 | 28385 | 28904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223488615, 15.600%, 4/19/2028 †§x | Upgrade | 4/24/2023 | 25139 | 24980 | 25589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223491345, 14.630%, 4/19/2028 †§x | Upgrade | 4/24/2023 | 24178 | 24028 | 24611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235566, 10.880%, 7/02/2028 †x | Prosper | 7/05/2024 | 35833 | 35565 | 35740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235575, 12.200%, 7/07/2028 †x | Prosper | 7/05/2024 | 22170 | 21999 | 21962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235584, 13.750%, 7/02/2029 †§x | Prosper | 7/05/2024 | 25126 | 24918 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235593, 11.380%, 7/02/2029 †x | Prosper | 7/05/2024 | 33154 | 32883 | 32933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235599, 14.750%, 7/25/2029 †§x | Prosper | 7/05/2024 | 33225 | 32946 | 31848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235608, 20.700%, 7/02/2029 †§x | Prosper | 7/05/2024 | 31891 | 31616 | 30188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235614, 21.500%, 7/02/2029 †§x | Prosper | 7/05/2024 | 23816 | 23605 | 22739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2235623, 21.000%, 7/15/2029 †§x | Prosper | 7/05/2024 | 21722 | 21532 | 21154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223598105, 14.630%, 4/20/2028 †§x | Upgrade | 4/24/2023 | 23353 | 23207 | 23772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223644755, 15.590%, 4/20/2028 †§x | Upgrade | 4/24/2023 | 28278 | 28100 | 28360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223651959, 15.600%, 4/20/2028 †§x | Upgrade | 4/24/2023 | 25139 | 24980 | 25591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223656445, 15.590%, 4/20/2028 †§x | Upgrade | 4/24/2023 | 24508 | 24353 | 24633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2236919, 13.440%, 4/07/2029 †§x | Best Egg | 4/10/2024 | 25049 | 24758 | 25015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237675, 13.590%, 4/08/2028 †§x | Best Egg | 4/11/2024 | 25351 | 25086 | 25159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237955, 13.450%, 7/02/2029 †x# | Prosper | 7/05/2024 | 40178 | 39842 | 39126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237958, 9.500%, 7/15/2029 †x | Prosper | 7/05/2024 | 33329 | 33055 | 32522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237961, 11.030%, 7/02/2029 †x | Prosper | 7/05/2024 | 26481 | 26266 | 26123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237964, 15.120%, 7/02/2027 †§x | Prosper | 7/05/2024 | 24147 | 23985 | 24425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237967, 13.450%, 7/26/2029 †§x | Prosper | 7/05/2024 | 32037 | 31767 | 31200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237970, 18.330%, 7/02/2029 †§x | Prosper | 7/05/2024 | 26032 | 25812 | 25694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237982, 11.530%, 7/02/2029 †x | Prosper | 7/05/2024 | 20735 | 20566 | 20597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2237991, 15.380%, 7/02/2029 †§x | Prosper | 7/05/2024 | 21083 | 20908 | 20401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2238012, 11.380%, 7/02/2029 †x | Prosper | 7/05/2024 | 22520 | 22337 | 22371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2238366, 12.460%, 5/15/2029 †§x | Best Egg | 4/11/2024 | 38695 | 38243 | 38964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2238594, 13.200%, 6/08/2029 †x# | Best Egg | 4/11/2024 | 41336 | 40849 | 41314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2238942, 10.740%, 6/08/2029 †x | Best Egg | 4/11/2024 | 42007 | 41507 | 42423 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**42** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2239378, 17.490%, 4/09/2027 †§x | Best Egg | 4/12/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2240467, 15.150%, 5/25/2029 †§x | Best Egg | 4/12/2024 | 29599 | 29249 | 29558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2240823, 12.040%, 4/09/2028 †§x | Best Egg | 4/12/2024 | 21541 | 21317 | 21379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2240826, 12.230%, 4/09/2029 †§x | Best Egg | 4/12/2024 | 19927 | 19696 | 20075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241172, 11.300%, 7/02/2029 †x | Prosper | 7/05/2024 | 41427 | 41089 | 40443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241178, 13.190%, 7/02/2027 †§x | Prosper | 7/05/2024 | 27344 | 27162 | 25900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241181, 20.700%, 7/02/2029 †§x | Prosper | 7/05/2024 | 29479 | 29229 | 27959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241184, 9.000%, 7/02/2027 †x | Prosper | 7/05/2024 | 30470 | 30273 | 30247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241190, 10.290%, 7/02/2029 †§x | Prosper | 7/05/2024 | 28866 | 28632 | 27790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241196, 17.500%, 7/02/2028 †x | Prosper | 7/05/2024 | 24217 | 24029 | 23452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241202, 14.750%, 7/10/2029 †§x | Prosper | 7/05/2024 | 25340 | 25126 | 24284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241205, 13.280%, 7/02/2029 †§x | Prosper | 7/05/2024 | 21732 | 21553 | 20442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241208, 16.900%, 7/02/2029 †§x# | Prosper | 7/05/2024 | 27645 | 27413 | 26624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241217, 12.520%, 7/02/2029 †x | Prosper | 7/05/2024 | 20826 | 20656 | 21018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241220, 10.580%, 7/02/2029 †x | Prosper | 7/05/2024 | 25008 | 24804 | 24720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241223, 14.600%, 7/02/2029 †§x | Prosper | 7/05/2024 | 21855 | 21674 | 20857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241229, 12.150%, 7/02/2027 †§x | Prosper | 7/05/2024 | 26545 | 26370 | 26455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241235, 23.060%, 7/27/2029 †§x | Prosper | 7/05/2024 | 32149 | 31863 | 31650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241377, 12.230%, 4/10/2029 †§x | Best Egg | 4/15/2024 | 38213 | 37770 | 38056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241545, 10.740%, 4/10/2029 †§x | Best Egg | 4/15/2024 | 39149 | 38698 | 39539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241708, 21.870%, 4/10/2029 †§x | Best Egg | 4/15/2024 | 26914 | 26588 | 25775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241777, 17.060%, 4/10/2029 †§x | Best Egg | 4/15/2024 | 29104 | 28760 | 26679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2241917, 10.060%, 4/10/2027 †§x | Best Egg | 4/15/2024 | 23280 | 23081 | 23639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2242011, 13.690%, 4/10/2029 †§x | Best Egg | 4/15/2024 | 39780 | 39316 | 40062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2242288, 12.560%, 4/10/2028 †§x | Best Egg | 4/15/2024 | 36007 | 35631 | 36585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2243359, 17.390%, 4/11/2027 †§x | Best Egg | 4/15/2024 | 20213 | 20033 | 20048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2243825, 20.910%, 4/11/2029 †§x | Best Egg | 4/15/2024 | 35117 | 34693 | 31812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2243947, 13.690%, 4/14/2029 †§x | Best Egg | 4/17/2024 | 22257 | 21996 | 21857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2244737, 13.940%, 4/14/2029 †§x | Best Egg | 4/17/2024 | 35412 | 34997 | 34796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2245089, 7.800%, 4/14/2029 †§x | Best Egg | 4/17/2024 | 38497 | 38060 | 38943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2245738, 15.150%, 4/14/2029 †x | Best Egg | 4/17/2024 | 31105 | 30739 | 29991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2246801, 12.240%, 4/14/2029 †§x | Best Egg | 4/17/2024 | 39473 | 39014 | 39789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2247515, 14.970%, 5/26/2029 †§x | Best Egg | 4/18/2024 | 29020 | 28675 | 28314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249241, 11.770%, 5/26/2027 †§x | Best Egg | 4/19/2024 | 29415 | 29151 | 29912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249585, 17.040%, 8/05/2029 †§x | Prosper | 8/07/2024 | 21536 | 21168 | 20590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249591, 18.880%, 8/05/2029 †§x | Prosper | 8/07/2024 | 30353 | 29830 | 30380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249600, 16.180%, 8/05/2029 †§x | Prosper | 8/07/2024 | 28305 | 27823 | 27094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249606, 19.430%, 8/15/2029 †x | Prosper | 8/07/2024 | 33603 | 33018 | 33403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249621, 14.250%, 8/05/2029 †§x | Prosper | 8/07/2024 | 33241 | 32681 | 31629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249630, 15.750%, 8/05/2029 †x | Prosper | 8/07/2024 | 33434 | 32866 | 31946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249735, 12.490%, 8/06/2029 †x | Prosper | 8/08/2024 | 33856 | 33290 | 33620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249747, 12.250%, 8/06/2029 †x | Prosper | 8/08/2024 | 42279 | 41572 | 41842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249750, 13.230%, 8/06/2029 †x | Prosper | 8/08/2024 | 36114 | 35503 | 36110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249834, 14.150%, 9/05/2029 †x | Prosper | 8/08/2024 | 44094 | 43348 | 43538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249840, 17.800%, 8/06/2029 †x | Prosper | 8/08/2024 | 33690 | 33113 | 33654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249843, 15.520%, 9/01/2029 †§x# | Prosper | 8/08/2024 | 30342 | 29823 | 28379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249960, 17.830%, 8/06/2029 †x | Prosper | 8/08/2024 | 22463 | 22077 | 22036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249990, 21.080%, 8/06/2029 †§x | Prosper | 8/08/2024 | 21848 | 21468 | 21247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249993, 22.350%, 8/06/2029 †§x | Prosper | 8/08/2024 | 21064 | 20696 | 20332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2249999, 13.580%, 8/06/2029 †x | Prosper | 8/08/2024 | 42505 | 41790 | 42857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250002, 18.150%, 8/06/2029 †x | Prosper | 8/08/2024 | 35463 | 34854 | 37442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250305, 14.620%, 8/10/2029 †§x | Prosper | 8/08/2024 | 32822 | 32254 | 30420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250311, 18.480%, 8/06/2029 †x | Prosper | 8/08/2024 | 33776 | 33195 | 33359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250477, 12.930%, 4/17/2029 †§x | Best Egg | 4/22/2024 | 34390 | 33988 | 34670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250648, 13.690%, 4/17/2029 †§x | Best Egg | 4/22/2024 | 25207 | 24911 | 24767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250836, 23.010%, 8/07/2029 †§x | Prosper | 8/09/2024 | 28587 | 28086 | 28487 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**43** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250854, 19.000%, 8/07/2029 †§x | Prosper | 8/09/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250857, 26.400%, 9/02/2029 †§x# | Prosper | 8/09/2024 | 22954 | 22558 | 24086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2250869, 21.810%, 8/07/2027 †§x | Prosper | 8/09/2024 | 19862 | 19575 | 20003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2251603, 19.500%, 4/17/2029 †§x | Best Egg | 4/22/2024 | 27792 | 27459 | 27296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252130, 14.110%, 8/06/2029 †x | Prosper | 8/08/2024 | 42594 | 41875 | 43265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252136, 12.850%, 8/06/2029 †§x | Prosper | 8/08/2024 | 28819 | 28336 | 28279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252139, 13.380%, 8/06/2029 †x | Prosper | 8/08/2024 | 33977 | 33406 | 34018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252142, 16.250%, 8/06/2029 †x | Prosper | 8/08/2024 | 33448 | 32878 | 31651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252145, 14.850%, 8/15/2029 †§x | Prosper | 8/08/2024 | 28757 | 28266 | 27485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252148, 13.730%, 8/06/2029 †§x | Prosper | 8/08/2024 | 27734 | 27267 | 28022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252235, 14.130%, 8/06/2029 †§x | Prosper | 8/08/2024 | 25984 | 25546 | 23882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252253, 18.200%, 8/16/2029 †§x | Prosper | 8/08/2024 | 23070 | 22670 | 23123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252286, 22.380%, 8/06/2029 †x | Prosper | 8/08/2024 | 21066 | 20698 | 20552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252295, 14.440%, 8/06/2029 †x | Prosper | 8/08/2024 | 26121 | 25674 | 24227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252354, 19.250%, 8/20/2029 †§x | Prosper | 8/15/2024 | 21803 | 21422 | 20772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252477, 20.000%, 4/18/2029 †§x | Best Egg | 4/22/2024 | 41051 | 40556 | 37204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252580, 12.700%, 8/10/2029 †§x | Prosper | 8/08/2024 | 30976 | 30452 | 30850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252583, 14.950%, 8/06/2028 †x | Prosper | 8/08/2024 | 35720 | 35156 | 35390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252607, 10.690%, 8/15/2027 †§x | Prosper | 8/08/2024 | 26763 | 26391 | 26701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252613, 10.400%, 8/06/2029 †x | Prosper | 8/08/2024 | 41958 | 41262 | 40455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2252628, 16.250%, 8/06/2029 †x | Prosper | 8/08/2024 | 33496 | 32926 | 32632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253015, 11.930%, 8/07/2027 †§x | Prosper | 8/09/2024 | 26228 | 25867 | 26080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253204, 22.180%, 8/15/2029 †§x | Prosper | 8/09/2024 | 24487 | 24055 | 24233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253210, 18.550%, 8/07/2029 †§x | Prosper | 8/09/2024 | 21655 | 21282 | 20392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253231, 20.550%, 8/07/2029 †§x | Prosper | 8/09/2024 | 21808 | 21430 | 21107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253234, 24.520%, 8/07/2029 †§x | Prosper | 8/09/2024 | 21214 | 20840 | 21662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253513, 16.250%, 8/08/2029 †§x | Prosper | 8/12/2024 | 29203 | 28705 | 27636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253550, 12.950%, 6/21/2029 †x | Best Egg | 4/24/2024 | 42016 | 41516 | 42093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253725, 13.900%, 8/15/2029 †x# | Prosper | 8/19/2024 | 43207 | 42476 | 33590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253734, 14.250%, 8/15/2029 †§x | Prosper | 8/19/2024 | 33241 | 32678 | 31680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253740, 12.350%, 9/14/2029 †x | Prosper | 8/19/2024 | 42296 | 41576 | 41977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253746, 10.500%, 8/15/2028 †x | Prosper | 8/19/2024 | 23633 | 23265 | 23434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253749, 12.650%, 8/15/2029 †x | Prosper | 8/19/2024 | 33878 | 33308 | 33766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253755, 15.050%, 8/15/2029 †§x | Prosper | 8/19/2024 | 22230 | 21852 | 21453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253758, 15.000%, 8/15/2029 †x | Prosper | 8/19/2024 | 42741 | 42014 | 44725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253761, 18.330%, 8/15/2029 †§x | Prosper | 8/19/2024 | 21638 | 21264 | 21413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253764, 13.410%, 8/15/2027 †§x | Prosper | 8/19/2024 | 27691 | 27303 | 27869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253791, 15.520%, 8/15/2029 †§x | Prosper | 8/19/2024 | 20480 | 20131 | 21257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253885, 12.230%, 4/21/2029 †§x | Best Egg | 4/24/2024 | 23500 | 23222 | 23707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2253894, 22.760%, 8/09/2029 †§x | Prosper | 8/13/2024 | 21972 | 21587 | 21243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254073, 13.580%, 8/15/2029 †§x | Prosper | 8/19/2024 | 21252 | 20893 | 21464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254076, 10.500%, 8/15/2028 †x | Prosper | 8/19/2024 | 23633 | 23265 | 23434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254079, 11.610%, 8/15/2027 †§x | Prosper | 8/19/2024 | 21483 | 21185 | 21625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254430, 11.910%, 8/16/2027 †x | Prosper | 8/20/2024 | 27125 | 26747 | 26838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254445, 21.330%, 8/16/2029 †§x | Prosper | 8/20/2024 | 24053 | 23633 | 23314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254448, 14.200%, 8/16/2029 †§x | Prosper | 8/20/2024 | 23154 | 22762 | 22735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254457, 19.930%, 8/16/2029 †§x | Prosper | 8/20/2024 | 22486 | 22095 | 22008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254472, 11.300%, 8/30/2029 †§x# | Prosper | 8/20/2024 | 25819 | 25382 | 25354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 225448486, 16.560%, 5/01/2028 †§x | Upgrade | 5/12/2023 | 21576 | 21412 | 22163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254653, 22.160%, 8/13/2029 †§x | Prosper | 8/15/2024 | 31576 | 31023 | 31304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254665, 21.350%, 8/13/2029 †§x | Prosper | 8/15/2024 | 32365 | 31800 | 30888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2254715, 10.790%, 4/21/2029 †§x | Best Egg | 4/24/2024 | 35060 | 34534 | 35344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255359, 16.380%, 8/05/2029 †§x | Prosper | 8/07/2024 | 33513 | 32943 | 32876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255368, 16.650%, 8/05/2029 †x | Prosper | 8/07/2024 | 33547 | 32975 | 32252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255371, 16.400%, 8/01/2029 †§x | Prosper | 8/07/2024 | 26236 | 25790 | 24882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255524, 13.230%, 8/06/2029 †x | Prosper | 8/08/2024 | 33957 | 33386 | 33998 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**44** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255527, 13.230%, 8/06/2029 †x | Prosper | 8/08/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255569, 10.280%, 4/21/2029 †§x | Best Egg | 4/24/2024 | 39049 | 38597 | 39780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255614, 21.200%, 8/06/2029 †§x | Prosper | 8/08/2024 | 27416 | 26936 | 26254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255620, 13.150%, 8/06/2028 †x | Prosper | 8/08/2024 | 27886 | 27449 | 27630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255623, 17.350%, 8/06/2029 †x | Prosper | 8/08/2024 | 33635 | 33059 | 32298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255626, 12.580%, 8/06/2029 †§x | Prosper | 8/08/2024 | 28365 | 27890 | 27846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255734, 16.280%, 8/06/2029 †§x | Prosper | 8/08/2024 | 25770 | 25331 | 25251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255749, 17.250%, 8/20/2029 †x | Prosper | 8/08/2024 | 33861 | 33276 | 32481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255897, 16.150%, 8/21/2029 †x | Prosper | 8/23/2024 | 33503 | 32927 | 31812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255921, 16.250%, 8/21/2029 †x# | Prosper | 8/23/2024 | 33982 | 33399 | 24815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2255954, 13.700%, 8/21/2029 †§x | Prosper | 8/23/2024 | 33159 | 32598 | 31437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256013, 14.430%, 8/06/2029 †x | Prosper | 8/08/2024 | 34118 | 33541 | 34151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256022, 17.660%, 5/31/2030 †x# | Prosper | 8/08/2024 | 35570 | 34913 | 29721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256034, 14.300%, 8/06/2029 †x | Prosper | 8/08/2024 | 42625 | 41906 | 43412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256078, 15.070%, 8/15/2029 †§x | Prosper | 8/19/2024 | 29499 | 28997 | 28476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256299, 22.350%, 4/22/2029 †§x | Best Egg | 4/25/2024 | 24898 | 24593 | 23407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256414, 13.000%, 8/15/2029 †§x | Prosper | 8/19/2024 | 25572 | 25144 | 25606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256726, 13.980%, 8/20/2029 †x | Prosper | 8/20/2024 | 39860 | 39178 | 39140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256729, 14.280%, 8/24/2029 †x# | Prosper | 8/20/2024 | 40061 | 39358 | 30177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256741, 15.250%, 8/16/2029 †§x | Prosper | 8/20/2024 | 33370 | 32802 | 32666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2256747, 10.400%, 8/30/2028 †x | Prosper | 8/20/2024 | 23995 | 23616 | 23794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2257003, 15.960%, 8/08/2027 †§x | Prosper | 8/12/2024 | 24410 | 24066 | 23356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2257036, 8.900%, 4/22/2027 †§x | Best Egg | 4/25/2024 | 24300 | 24089 | 24605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2257378, 11.550%, 8/09/2028 †x | Prosper | 8/13/2024 | 31653 | 31161 | 31372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2257452, 21.760%, 8/20/2029 †§x | Prosper | 8/22/2024 | 31537 | 30981 | 31040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2257799, 23.380%, 8/27/2029 †§x | Prosper | 8/29/2024 | 21136 | 20762 | 21058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2258089, 19.600%, 8/13/2029 †§x | Prosper | 8/15/2024 | 32169 | 31612 | 30790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2258121, 14.180%, 4/23/2029 †§x | Best Egg | 4/26/2024 | 22431 | 22166 | 22052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2258435, 9.790%, 4/23/2029 †§x | Best Egg | 4/26/2024 | 21287 | 21041 | 21342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 225847501, 14.150%, 5/10/2028 †§x | Upgrade | 5/15/2023 | 31800 | 31599 | 31789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2258805, 17.090%, 7/23/2029 †x# | Best Egg | 4/26/2024 | 26623 | 26299 | 25315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259574, 15.500%, 8/15/2027 †§x | Prosper | 8/19/2024 | 24381 | 24035 | 23121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259577, 15.250%, 8/15/2029 †§x | Prosper | 8/19/2024 | 29092 | 28597 | 28114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259583, 19.650%, 8/15/2027 †§x | Prosper | 8/19/2024 | 23334 | 22996 | 22869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259589, 16.930%, 8/15/2029 †x | Prosper | 8/19/2024 | 33582 | 33006 | 33011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259595, 15.000%, 8/15/2029 †x | Prosper | 8/19/2024 | 42741 | 42014 | 44725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259598, 16.880%, 8/15/2029 †§x | Prosper | 8/19/2024 | 26689 | 26231 | 26418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259601, 13.880%, 8/15/2029 †§x | Prosper | 8/19/2024 | 25959 | 25519 | 26328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259622, 16.060%, 8/15/2029 †§x | Prosper | 8/19/2024 | 30040 | 29527 | 29237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259634, 16.000%, 8/15/2027 †§x | Prosper | 8/19/2024 | 24414 | 24068 | 23080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259640, 17.930%, 8/15/2029 †§x | Prosper | 8/19/2024 | 21607 | 21234 | 21533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259735, 14.660%, 7/24/2029 †x# | Best Egg | 4/29/2024 | 27522 | 27187 | 26489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259856, 13.200%, 4/24/2029 †§x | Best Egg | 4/29/2024 | 20522 | 20281 | 20181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259873, 20.050%, 8/26/2028 †x | Prosper | 8/28/2024 | 28797 | 28325 | 27900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259909, 21.080%, 8/27/2029 †x | Prosper | 8/29/2024 | 34490 | 33898 | 33822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2259915, 21.080%, 8/27/2029 †x | Prosper | 8/29/2024 | 26655 | 26187 | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260015, 13.650%, 8/15/2029 †x | Prosper | 8/19/2024 | 42517 | 41798 | 41535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260018, 14.110%, 8/15/2029 †x | Prosper | 8/19/2024 | 35101 | 34506 | 35717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260372, 13.950%, 8/22/2029 †§x | Prosper | 8/20/2024 | 31585 | 31045 | 30924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260378, 16.920%, 8/16/2029 †x | Prosper | 8/20/2024 | 33581 | 33005 | 32869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260381, 10.500%, 8/18/2027 †§x | Prosper | 8/20/2024 | 20911 | 20619 | 20688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260384, 19.550%, 8/20/2029 †§x | Prosper | 8/20/2024 | 21790 | 21408 | 21128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260393, 13.580%, 8/16/2029 †§x | Prosper | 8/20/2024 | 22174 | 21799 | 21773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260402, 13.800%, 8/18/2029 †§x | Prosper | 8/20/2024 | 22144 | 21765 | 21679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260408, 15.690%, 8/16/2029 †§x | Prosper | 8/20/2024 | 21427 | 21061 | 20974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2260901, 12.600%, 9/04/2029 †x | Prosper | 9/06/2024 | 34874 | 34281 | 32432 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**45** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261119, 12.500%, 4/24/2027 †§x | Best Egg | 4/29/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261131, 19.120%, 8/31/2029 †§x# | Prosper | 8/22/2024 | 32789 | 32214 | 30307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261651, 7.800%, 4/25/2028 †§x | Best Egg | 4/29/2024 | 27922 | 27633 | 28027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261695, 15.950%, 8/21/2029 †x | Prosper | 8/23/2024 | 33459 | 32886 | 32484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261704, 12.000%, 8/21/2029 †x | Prosper | 8/23/2024 | 37590 | 36957 | 37154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261716, 13.880%, 8/21/2029 †x | Prosper | 8/23/2024 | 34044 | 33466 | 34569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261749, 13.580%, 8/21/2029 †x | Prosper | 8/23/2024 | 41158 | 40459 | 41587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2261752, 16.250%, 8/21/2029 †x# | Prosper | 8/23/2024 | 33982 | 33399 | 24815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226222812, 21.830%, 5/09/2028 †§x | Upgrade | 5/12/2023 | 21077 | 20933 | 21784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2262315, 16.360%, 4/25/2029 †§x | Best Egg | 4/29/2024 | 28232 | 27895 | 28256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2262358, 13.920%, 5/25/2027 †x# | Best Egg | 4/29/2024 | 20837 | 20645 | 20005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2262689, 14.900%, 9/06/2029 †x | Prosper | 9/10/2024 | 38156 | 37501 | 40558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2262849, 14.700%, 9/04/2029 †§x | Prosper | 9/06/2024 | 26431 | 25977 | 24628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263285, 20.600%, 8/26/2029 †§x | Prosper | 8/28/2024 | 32282 | 31716 | 31462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263312, 19.980%, 6/18/2029 †§x | Best Egg | 5/01/2024 | 29560 | 29200 | 28954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263414, 19.550%, 8/26/2029 †§x | Prosper | 8/28/2024 | 21732 | 21353 | 20870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263507, 22.350%, 8/26/2029 †§x | Prosper | 8/28/2024 | 26330 | 25866 | 25583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263738, 21.230%, 8/27/2028 †x | Prosper | 8/29/2024 | 28473 | 28004 | 27592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263747, 21.760%, 8/27/2029 †§x | Prosper | 8/29/2024 | 32410 | 31839 | 31977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263982, 11.740%, 6/01/2029 †§x | Best Egg | 5/01/2024 | 40143 | 39670 | 40679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2263983, 18.020%, 6/01/2029 †§x | Best Egg | 5/01/2024 | 28993 | 28642 | 26388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2264390, 13.970%, 5/01/2027 †§x | Best Egg | 5/01/2024 | 24959 | 24730 | 25129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226458699, 15.600%, 5/23/2028 †x# | Upgrade | 5/11/2023 | 27651 | 27473 | 27726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2264897, 13.100%, 5/01/2028 †x | Best Egg | 5/01/2024 | 35181 | 34800 | 35374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226618117, 15.060%, 5/08/2027 †§x | Upgrade | 5/11/2023 | 20497 | 20392 | 21026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266226, 19.680%, 9/16/2029 †x | Prosper | 9/18/2024 | 22029 | 21645 | 21560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266451, 12.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 42908 | 42179 | 42391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266475, 14.300%, 10/01/2029 †x | Prosper | 9/19/2024 | 27781 | 27304 | 28333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266478, 16.530%, 9/17/2029 †x | Prosper | 9/19/2024 | 33988 | 33400 | 33500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266481, 20.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 27785 | 27300 | 27922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266517, 14.000%, 9/30/2029 †x# | Prosper | 9/19/2024 | 24721 | 24298 | 23454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266523, 19.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 25921 | 25458 | 24643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266532, 13.450%, 9/17/2028 †x | Prosper | 9/19/2024 | 24462 | 24068 | 23765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266547, 13.450%, 9/17/2029 †x | Prosper | 9/19/2024 | 34810 | 34214 | 32868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266648, 14.500%, 9/03/2029 †§x | Prosper | 9/05/2024 | 29443 | 28939 | 28134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266652, 14.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 21611 | 21241 | 20523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266658, 12.680%, 9/17/2029 †x | Prosper | 9/19/2024 | 28051 | 27573 | 27987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266667, 12.350%, 9/17/2029 †x | Prosper | 9/19/2024 | 26904 | 26446 | 26715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266670, 17.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 24457 | 24034 | 23414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226671415, 15.600%, 5/08/2028 †§x | Upgrade | 5/11/2023 | 22556 | 22412 | 22873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266805, 16.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 26115 | 25665 | 24654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266813, 12.600%, 9/04/2028 †x | Prosper | 9/06/2024 | 22427 | 22069 | 21738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266817, 15.820%, 9/17/2029 †x | Prosper | 9/19/2024 | 21030 | 20667 | 20108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266826, 11.700%, 9/17/2029 †x | Prosper | 9/19/2024 | 38574 | 37919 | 37944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266833, 10.830%, 10/05/2029 †x | Prosper | 9/16/2024 | 39951 | 39275 | 39548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266842, 18.750%, 9/12/2029 †§x | Prosper | 9/16/2024 | 32506 | 31942 | 30680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2266854, 19.200%, 9/12/2029 †§x | Prosper | 9/16/2024 | 26416 | 25954 | 25113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2267096, 19.980%, 9/17/2028 †x | Prosper | 9/19/2024 | 29222 | 28741 | 28240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2267100, 21.400%, 9/12/2029 †§x | Prosper | 9/16/2024 | 21262 | 20890 | 20307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2267114, 12.250%, 9/17/2029 †x | Prosper | 9/19/2024 | 33499 | 32929 | 33216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2267117, 16.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 20892 | 20532 | 21861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2267121, 21.450%, 9/12/2029 †§x | Prosper | 9/16/2024 | 28354 | 27858 | 27847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2267394, 16.100%, 6/01/2029 †§x | Best Egg | 5/03/2024 | 36891 | 36441 | 34986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226743875, 15.590%, 5/09/2028 †§x | Upgrade | 5/12/2023 | 25776 | 25611 | 25760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226775390, 21.830%, 5/24/2028 †§x# | Upgrade | 5/12/2023 | 19590 | 19466 | 20252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2267958, 13.850%, 9/16/2029 †x | Prosper | 9/18/2024 | 35423 | 34817 | 34680 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**46** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 226797501, 15.600%, 5/15/2028 †§x | Upgrade | 5/11/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226805304, 15.600%, 5/09/2028 †§x | Upgrade | 5/12/2023 | 25779 | 25614 | 26092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268072, 17.100%, 9/17/2029 †x | Prosper | 9/19/2024 | 20970 | 20607 | 20355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226821919, 15.600%, 5/18/2028 †§x | Upgrade | 5/12/2023 | 25114 | 24955 | 25468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268255, 14.280%, 9/17/2029 †x | Prosper | 9/19/2024 | 29420 | 28916 | 29516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268282, 18.680%, 9/22/2029 †x | Prosper | 9/19/2024 | 24100 | 23681 | 23620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268350, 12.090%, 6/21/2027 †§x | Best Egg | 5/03/2024 | 25277 | 25044 | 24386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268399, 13.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 42635 | 41908 | 42735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268408, 20.830%, 9/17/2029 †x | Prosper | 9/19/2024 | 21225 | 20853 | 20658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268432, 18.110%, 9/17/2027 †x | Prosper | 9/19/2024 | 20651 | 20346 | 20403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268540, 11.200%, 6/01/2029 †§x | Best Egg | 5/03/2024 | 33324 | 32932 | 33198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226857804, 15.580%, 5/15/2028 †x# | Upgrade | 5/12/2023 | 40056 | 39813 | 39861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268609, 20.680%, 9/17/2029 †x | Prosper | 9/19/2024 | 32706 | 32134 | 31833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268612, 19.200%, 9/17/2029 †x | Prosper | 9/19/2024 | 32553 | 31986 | 31032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268618, 20.980%, 9/17/2029 †x | Prosper | 9/19/2024 | 21388 | 21013 | 20905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268624, 16.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 33950 | 33364 | 32050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268879, 10.800%, 9/30/2029 †x# | Prosper | 9/19/2024 | 42987 | 42258 | 42221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268888, 18.990%, 9/18/2029 †x | Prosper | 9/19/2024 | 30918 | 30378 | 29972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268891, 18.450%, 9/17/2029 †x# | Prosper | 9/19/2024 | 23716 | 23303 | 23291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268897, 13.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 35314 | 34711 | 34685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268900, 13.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 22394 | 22012 | 21995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268903, 20.070%, 9/17/2029 †x | Prosper | 9/19/2024 | 32473 | 31907 | 30488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2268906, 14.280%, 9/17/2029 †x | Prosper | 9/19/2024 | 29420 | 28916 | 29516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2269240, 18.030%, 4/01/2028 †§x | Best Egg | 5/06/2024 | 23512 | 23252 | 22600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 226984947, 15.580%, 5/09/2028 †§x | Upgrade | 5/12/2023 | 25079 | 24828 | 25257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2269853, 19.170%, 5/01/2028 †§x | Best Egg | 5/06/2024 | 26754 | 26461 | 25679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227000008, 21.830%, 5/24/2028 †x# | Upgrade | 5/12/2023 | 32797 | 32573 | 26865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2270292, 20.000%, 6/01/2029 †§x | Best Egg | 5/06/2024 | 41696 | 41186 | 37759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227035973, 15.590%, 5/10/2028 †x# | Upgrade | 5/15/2023 | 29930 | 29630 | 23372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2270404, 16.100%, 6/01/2029 †§x | Best Egg | 5/06/2024 | 32768 | 32373 | 31383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2270416, 14.170%, 6/01/2029 †§x | Best Egg | 5/06/2024 | 40580 | 40095 | 40342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2270611, 21.160%, 9/12/2027 †§x | Prosper | 9/16/2024 | 22730 | 22394 | 22859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2270629, 9.430%, 9/12/2029 †x | Prosper | 9/16/2024 | 23091 | 22703 | 22691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227076410, 15.600%, 5/24/2028 †x# | Upgrade | 5/12/2023 | 31922 | 31718 | 24406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227077491, 24.220%, 5/09/2028 †§x | Upgrade | 5/12/2023 | 20444 | 20302 | 21130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227080563, 15.590%, 5/03/2028 †§x | Upgrade | 5/15/2023 | 25609 | 25445 | 25679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2271463, 15.140%, 6/05/2029 †§x | Best Egg | 5/06/2024 | 28709 | 28365 | 27772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227151291, 14.630%, 5/25/2028 †§x | Upgrade | 5/15/2023 | 25804 | 25646 | 26276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2271572, 9.760%, 6/02/2029 †§x | Best Egg | 5/06/2024 | 37606 | 37166 | 37323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2271781, 13.980%, 9/30/2028 †x | Prosper | 9/18/2024 | 26932 | 26497 | 26159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227178140, 15.600%, 5/10/2028 †§x | Upgrade | 5/15/2023 | 25801 | 25636 | 26182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2271898, 13.650%, 9/17/2029 †x | Prosper | 9/19/2024 | 33671 | 33095 | 32972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2271913, 12.960%, 9/17/2029 †x | Prosper | 9/19/2024 | 35309 | 34706 | 34578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272030, 13.730%, 9/28/2029 †x# | Prosper | 9/19/2024 | 40169 | 39365 | 40837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272045, 19.310%, 9/17/2029 †x | Prosper | 9/19/2024 | 22883 | 22484 | 22922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272048, 15.530%, 9/17/2029 †x | Prosper | 9/19/2024 | 21727 | 21353 | 21116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272057, 20.600%, 9/17/2027 †x | Prosper | 9/19/2024 | 22683 | 22346 | 22539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272069, 12.080%, 9/17/2028 †x | Prosper | 9/19/2024 | 27578 | 27136 | 27350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272093, 22.100%, 9/17/2029 †x | Prosper | 9/19/2024 | 32850 | 32272 | 31729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227212379, 14.130%, 5/15/2028 †§x# | Upgrade | 5/15/2023 | 22878 | 22733 | 22911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272204, 13.730%, 9/17/2029 †x | Prosper | 9/19/2024 | 43180 | 42441 | 43738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272210, 13.580%, 9/17/2029 †x | Prosper | 9/19/2024 | 43157 | 42418 | 43621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272222, 16.000%, 9/17/2029 †x | Prosper | 9/19/2024 | 26986 | 26520 | 25476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272228, 15.820%, 9/17/2029 †x | Prosper | 9/19/2024 | 21749 | 21374 | 20796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272345, 13.980%, 9/17/2029 †x | Prosper | 9/19/2024 | 28653 | 28162 | 28748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272357, 15.700%, 9/17/2029 †x | Prosper | 9/19/2024 | 21740 | 21366 | 20580 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**47** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272360, 17.000%, 9/17/2029 †x# | Prosper | 9/19/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227244785, 14.630%, 5/18/2028 †x# | Upgrade | 5/15/2023 | 27880 | 27602 | 21772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227246972, 15.580%, 5/21/2028 †§x | Upgrade | 5/15/2023 | 26006 | 25835 | 26443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227250952, 15.590%, 5/10/2028 †§x | Upgrade | 5/15/2023 | 26099 | 25931 | 26148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227251737, 14.060%, 5/25/2027 †x# | Upgrade | 5/15/2023 | 27731 | 27594 | 28089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227256283, 12.940%, 5/10/2028 †§x | Upgrade | 5/15/2023 | 31444 | 31247 | 31844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227257490, 14.640%, 5/10/2028 †§x | Upgrade | 5/15/2023 | 25555 | 25392 | 25877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272645, 13.260%, 9/17/2029 †x | Prosper | 9/19/2024 | 27157 | 26693 | 26673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227279280, 14.620%, 5/10/2028 †x | Upgrade | 5/15/2023 | 22803 | 22663 | 22346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2272993, 18.310%, 9/18/2029 †x | Prosper | 9/20/2024 | 22809 | 22413 | 22334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2273206, 11.770%, 5/05/2027 †§x | Best Egg | 5/08/2024 | 29374 | 29111 | 29734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2274798, 9.530%, 6/06/2029 †§x | Best Egg | 5/09/2024 | 33542 | 33150 | 33684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227534505, 15.580%, 5/15/2028 †§x | Upgrade | 5/15/2023 | 22636 | 22491 | 22969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2275836, 14.170%, 6/26/2029 †§x | Best Egg | 5/09/2024 | 33286 | 32786 | 31915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2276136, 21.940%, 5/07/2027 †§x | Best Egg | 5/10/2024 | 33017 | 32705 | 31053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2276777, 9.060%, 5/07/2028 †§x | Best Egg | 5/10/2024 | 25384 | 25117 | 25667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 227783010, 15.600%, 5/17/2028 †§x | Upgrade | 5/22/2023 | 22556 | 22411 | 22876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2278515, 17.060%, 9/08/2029 †x# | Best Egg | 5/13/2024 | 36618 | 36162 | 34552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2278521, 20.240%, 5/08/2028 †§x | Best Egg | 5/13/2024 | 23761 | 23497 | 23727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2279448, 12.210%, 6/09/2029 †§x | Best Egg | 5/13/2024 | 26521 | 26206 | 26449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2280458, 14.170%, 5/12/2029 †§x | Best Egg | 5/15/2024 | 23970 | 23682 | 23854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2280782, 21.430%, 7/12/2029 †x | Best Egg | 5/15/2024 | 25614 | 25295 | 24577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2281226, 15.140%, 6/12/2029 †§x | Best Egg | 5/15/2024 | 40772 | 40280 | 39951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282090, 13.400%, 10/23/2029 †x | Prosper | 10/25/2024 | 41168 | 40449 | 40103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282093, 20.580%, 10/23/2029 †§x | Prosper | 10/25/2024 | 21490 | 21105 | 20853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282202, 21.650%, 6/12/2029 †§x | Best Egg | 5/15/2024 | 27297 | 26959 | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282261, 11.210%, 11/05/2027 †§x# | Prosper | 10/25/2024 | 20000 | 19695 | 20108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282264, 14.170%, 10/23/2029 †§x | Prosper | 10/25/2024 | 30734 | 30196 | 31380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282267, 8.670%, 10/23/2029 †x | Prosper | 10/25/2024 | 34472 | 33880 | 33250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282276, 11.750%, 10/23/2029 †§x | Prosper | 10/25/2024 | 28403 | 27909 | 27980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282285, 18.500%, 10/23/2029 †§x# | Prosper | 10/25/2024 | 26720 | 26240 | 24505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282294, 10.230%, 10/31/2029 †x# | Prosper | 10/25/2024 | 39717 | 39024 | 38836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282297, 17.800%, 10/23/2029 †§x | Prosper | 10/25/2024 | 24132 | 23704 | 25627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282300, 10.800%, 10/23/2029 †x | Prosper | 10/25/2024 | 37747 | 37094 | 36661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282351, 25.480%, 10/23/2029 †§x | Prosper | 10/25/2024 | 20870 | 20490 | 21283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282556, 22.870%, 6/13/2029 †§x | Best Egg | 5/16/2024 | 28592 | 28236 | 27308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282663, 10.800%, 10/31/2029 †x# | Prosper | 10/28/2024 | 44196 | 43424 | 42947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282678, 13.930%, 10/24/2029 †§x | Prosper | 10/28/2024 | 25748 | 25297 | 26202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282705, 13.500%, 10/24/2029 †x | Prosper | 10/28/2024 | 43810 | 43044 | 42651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282711, 11.480%, 10/24/2029 †§x | Prosper | 10/28/2024 | 32160 | 31602 | 31558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282729, 16.430%, 10/24/2029 †§x | Prosper | 10/28/2024 | 22995 | 22589 | 22481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2282903, 17.680%, 10/24/2029 †§x# | Prosper | 10/28/2024 | 26563 | 26088 | 24781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 228332141, 15.590%, 5/17/2028 †§x | Upgrade | 5/22/2023 | 23199 | 23049 | 23225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283421, 10.540%, 5/13/2029 †§x | Best Egg | 5/16/2024 | 39822 | 39349 | 39028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283731, 21.550%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 21860 | 21423 | 21163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283782, 21.260%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 20883 | 20465 | 20587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283788, 13.750%, 10/28/2029 †§x | Prosper | 10/30/2024 | 21985 | 21599 | 20755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283791, 19.450%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 22594 | 22142 | 21796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283914, 13.600%, 5/13/2027 †§x | Best Egg | 5/16/2024 | 27016 | 26769 | 26753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283983, 18.850%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 31727 | 31093 | 30344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2283995, 21.180%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 27233 | 26688 | 26927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284004, 15.380%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 26815 | 26279 | 26242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284113, 14.710%, 10/23/2029 †x | Prosper | 10/25/2024 | 43982 | 43210 | 45265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284119, 11.480%, 11/01/2029 †x# | Prosper | 10/25/2024 | 44205 | 43431 | 43404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284277, 18.330%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 22527 | 22126 | 22222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284305, 13.700%, 10/23/2029 †x | Prosper | 10/25/2024 | 38117 | 37450 | 37627 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**48** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284311, 10.870%, 10/23/2028 †x | Prosper | 10/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284317, 20.850%, 10/23/2029 †§x | Prosper | 10/25/2024 | 29571 | 29041 | 28071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284320, 12.750%, 10/23/2029 †§x | Prosper | 10/25/2024 | 22798 | 22401 | 22795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284332, 21.430%, 10/23/2029 †§x | Prosper | 10/25/2024 | 22439 | 22036 | 22088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284335, 10.890%, 10/23/2029 †x | Prosper | 10/25/2024 | 42559 | 41822 | 41390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284338, 19.450%, 10/23/2029 †§x# | Prosper | 10/25/2024 | 27113 | 26629 | 20052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284359, 13.550%, 10/23/2029 †x | Prosper | 10/25/2024 | 21909 | 21526 | 22166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284487, 17.330%, 11/02/2029 †§x | Prosper | 10/31/2024 | 28802 | 28301 | 28190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284490, 15.280%, 10/29/2029 †x | Prosper | 10/31/2024 | 36656 | 36010 | 35383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284511, 21.180%, 10/29/2029 †x# | Prosper | 10/31/2024 | 21786 | 21394 | 20959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284591, 13.190%, 6/14/2029 †§x | Best Egg | 5/17/2024 | 32306 | 31920 | 32233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284659, 12.430%, 10/24/2029 †x | Prosper | 10/28/2024 | 43655 | 42895 | 43449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284662, 11.050%, 10/24/2029 †x | Prosper | 10/28/2024 | 42582 | 41844 | 41518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284668, 12.750%, 10/24/2029 †x# | Prosper | 10/28/2024 | 36153 | 35523 | 27589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284680, 12.750%, 10/24/2029 †§x | Prosper | 10/28/2024 | 23599 | 23187 | 23599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284701, 14.190%, 10/24/2028 †x | Prosper | 10/28/2024 | 27238 | 26785 | 27023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284710, 15.570%, 10/24/2029 †§x | Prosper | 10/28/2024 | 22051 | 21663 | 20884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284872, 20.580%, 11/06/2029 †§x# | Prosper | 10/28/2024 | 32000 | 31441 | 31037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2284899, 19.950%, 10/24/2029 †§x | Prosper | 10/28/2024 | 33071 | 32479 | 31066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2285745, 10.890%, 10/28/2029 †x# | Prosper | 10/30/2024 | 44107 | 43225 | 43173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2285787, 22.600%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 33705 | 33031 | 33115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2285790, 15.750%, 10/28/2029 †x# | Prosper | 10/30/2024 | 29495 | 28905 | 28038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2285793, 11.580%, 10/28/2029 †x# | Prosper | 10/30/2024 | 24018 | 23537 | 24056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286003, 15.350%, 10/28/2029 †x# | Prosper | 10/30/2024 | 21910 | 21472 | 20908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286045, 15.350%, 11/07/2029 †§x# | Prosper | 10/30/2024 | 27834 | 27338 | 26865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286046, 25.580%, 7/01/2028 †§x | Best Egg | 5/20/2024 | 32637 | 32259 | 32051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286051, 12.790%, 11/11/2029 †§x | Prosper | 10/30/2024 | 25003 | 24562 | 23359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286159, 20.250%, 10/28/2027 †§x# | Prosper | 10/30/2024 | 25696 | 25182 | 25421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286165, 16.430%, 10/28/2029 †x# | Prosper | 10/30/2024 | 36755 | 36020 | 36243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286354, 13.350%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 27547 | 27065 | 25709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286474, 18.760%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 21651 | 21264 | 20303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286477, 19.750%, 10/29/2029 †x# | Prosper | 10/31/2024 | 33436 | 32838 | 31864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286483, 17.200%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 26525 | 26056 | 25399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286486, 18.840%, 10/29/2028 †x# | Prosper | 10/31/2024 | 25930 | 25490 | 25219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286489, 15.750%, 10/29/2029 †x | Prosper | 10/31/2024 | 34188 | 33586 | 32101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286718, 18.990%, 7/15/2029 †x | Best Egg | 5/20/2024 | 32049 | 31568 | 29117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2286846, 16.420%, 5/15/2029 †§x | Best Egg | 5/20/2024 | 28031 | 27691 | 26554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2287595, 14.180%, 6/16/2029 †§x | Best Egg | 5/20/2024 | 40582 | 40093 | 38955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2287997, 13.390%, 5/16/2028 †§x | Best Egg | 5/20/2024 | 37122 | 36719 | 36881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288029, 10.630%, 10/23/2027 †§x | Prosper | 10/25/2024 | 28627 | 28197 | 28505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288032, 8.860%, 10/23/2028 †x | Prosper | 10/25/2024 | 30739 | 30238 | 30499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288182, 18.760%, 10/23/2029 †§x | Prosper | 10/25/2024 | 32956 | 32369 | 30359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288185, 14.010%, 10/23/2029 †§x | Prosper | 10/25/2024 | 28616 | 28115 | 29149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288188, 20.550%, 10/23/2029 †§x# | Prosper | 10/25/2024 | 29002 | 28483 | 21316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288221, 12.000%, 11/16/2029 †§x# | Prosper | 10/25/2024 | 21432 | 21056 | 21215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288407, 10.890%, 10/23/2029 †x | Prosper | 10/25/2024 | 42628 | 41888 | 41469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288419, 8.000%, 10/23/2027 †x | Prosper | 10/25/2024 | 22745 | 22408 | 22546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288536, 11.550%, 10/24/2029 †x | Prosper | 10/28/2024 | 43048 | 42300 | 42286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288551, 12.750%, 10/24/2029 †x | Prosper | 10/28/2024 | 35148 | 34535 | 35148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288554, 16.000%, 10/24/2029 †§x | Prosper | 10/28/2024 | 32680 | 32104 | 30856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288578, 15.750%, 10/24/2029 †§x# | Prosper | 10/28/2024 | 32662 | 32085 | 23653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288593, 14.180%, 10/24/2029 †§x | Prosper | 10/28/2024 | 29857 | 29334 | 27459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288596, 15.280%, 10/24/2029 †§x | Prosper | 10/28/2024 | 29049 | 28538 | 28155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2288776, 20.850%, 10/24/2029 †§x | Prosper | 10/28/2024 | 26883 | 26401 | 26196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2289625, 13.200%, 10/28/2029 †x# | Prosper | 10/30/2024 | 34641 | 33948 | 32850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2289631, 13.280%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 23100 | 22638 | 21901 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**49** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2289652, 9.880%, 10/28/2028 †x# | Prosper | 10/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2289817, 15.300%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 23075 | 22614 | 21795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2289877, 20.750%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 29028 | 28447 | 27785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2289883, 19.050%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 27536 | 26985 | 26411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2289895, 23.390%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 27381 | 26833 | 27817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290030, 16.880%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 26944 | 26405 | 25046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290039, 19.250%, 10/28/2029 †§x# | Prosper | 10/30/2024 | 28894 | 28317 | 27794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290189, 15.350%, 10/29/2029 †x# | Prosper | 10/31/2024 | 23238 | 22828 | 21847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290207, 21.480%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 27253 | 26762 | 26611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290213, 16.750%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 22675 | 22273 | 21545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290225, 13.300%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 23101 | 22696 | 21635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2290354, 16.270%, 10/29/2029 †§x# | Prosper | 10/31/2024 | 22402 | 22005 | 21246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2294525, 10.680%, 11/20/2029 †x | Prosper | 11/22/2024 | 23950 | 23530 | 23432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2294534, 10.380%, 11/20/2029 †x | Prosper | 11/22/2024 | 28181 | 27687 | 27570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2295233, 19.600%, 12/15/2029 †§x# | Prosper | 11/25/2024 | 22301 | 21898 | 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2295926, 15.000%, 11/25/2029 †x | Prosper | 11/27/2024 | 40755 | 40028 | 42779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2295967, 15.620%, 6/23/2029 †§x | Best Egg | 5/28/2024 | 22207 | 21937 | 21205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296105, 15.150%, 6/23/2029 †§x | Best Egg | 5/28/2024 | 40774 | 40279 | 40518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296127, 12.760%, 11/30/2029 †§x# | Prosper | 11/27/2024 | 24500 | 24062 | 24057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296136, 18.430%, 11/25/2029 †§x | Prosper | 11/27/2024 | 27939 | 27435 | 27330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296151, 21.080%, 11/25/2028 †x | Prosper | 11/27/2024 | 21978 | 21596 | 21297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296601, 10.080%, 11/26/2027 †§x | Prosper | 11/29/2024 | 21763 | 21426 | 21756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296607, 15.820%, 11/26/2029 †§x | Prosper | 11/29/2024 | 22124 | 21728 | 21629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296610, 14.650%, 11/26/2027 †§x | Prosper | 11/29/2024 | 26009 | 25598 | 24438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296616, 14.470%, 11/26/2029 †§x | Prosper | 11/29/2024 | 26744 | 26268 | 25630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296830, 14.950%, 6/23/2028 †x | Best Egg | 5/28/2024 | 27266 | 26958 | 26796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2296902, 12.710%, 11/20/2027 †§x | Prosper | 11/22/2024 | 20386 | 20069 | 20522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297109, 13.460%, 7/01/2027 †§x | Best Egg | 5/30/2024 | 20246 | 20053 | 20518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297161, 16.020%, 7/01/2028 †§x | Best Egg | 5/30/2024 | 21101 | 20865 | 21225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297168, 12.250%, 11/27/2029 †§x | Prosper | 12/02/2024 | 26571 | 26100 | 26403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297195, 11.770%, 7/01/2027 †§x | Best Egg | 5/30/2024 | 32688 | 32378 | 33139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297397, 13.750%, 11/21/2029 †x | Prosper | 11/25/2024 | 36030 | 35391 | 34086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297472, 16.120%, 8/01/2029 †x | Best Egg | 5/30/2024 | 35751 | 35335 | 33678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297483, 26.180%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 28380 | 28021 | 26351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297493, 20.550%, 11/21/2029 †§x | Prosper | 11/25/2024 | 22659 | 22247 | 21395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297502, 17.200%, 11/21/2029 †§x | Prosper | 11/25/2024 | 23356 | 22937 | 23187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297600, 13.670%, 7/15/2029 †§x | Best Egg | 5/30/2024 | 20696 | 20446 | 20604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297648, 19.720%, 11/29/2029 †§x | Prosper | 12/03/2024 | 32039 | 31460 | 31418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297651, 17.280%, 11/29/2028 †x# | Prosper | 12/03/2024 | 35936 | 35318 | 35008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297753, 15.630%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 24354 | 24058 | 23090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2297896, 16.580%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 40728 | 40230 | 39939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298038, 18.020%, 6/01/2029 †§x | Best Egg | 5/30/2024 | 36221 | 35773 | 34239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298129, 5.880%, 7/11/2027 †§x | Best Egg | 5/30/2024 | 31688 | 31394 | 31972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298185, 13.910%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 28916 | 28566 | 28356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298279, 13.100%, 6/01/2028 †§x | Best Egg | 5/30/2024 | 35180 | 34791 | 35467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298324, 11.700%, 12/01/2028 †x# | Prosper | 11/27/2024 | 21638 | 21269 | 21488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298514, 23.660%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 28188 | 27834 | 25579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298522, 13.310%, 11/25/2027 †§x | Prosper | 11/27/2024 | 20426 | 20106 | 20576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298567, 12.000%, 11/25/2029 †x | Prosper | 11/27/2024 | 44251 | 43469 | 43793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298569, 15.140%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 33022 | 32620 | 31566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298606, 18.430%, 11/25/2029 †§x | Prosper | 11/27/2024 | 29798 | 29245 | 29167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298834, 14.170%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 36397 | 35956 | 36198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298870, 14.630%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 37305 | 36853 | 37650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298909, 20.000%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 21233 | 20970 | 21100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2298922, 21.720%, 7/01/2028 †§x | Best Egg | 5/30/2024 | 21344 | 21100 | 20426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299017, 11.020%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 24437 | 24145 | 23901 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**50** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299024, 10.210%, 7/01/2029 †§x | Best Egg | 5/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299080, 11.950%, 11/26/2028 †x | Prosper | 11/29/2024 | 25397 | 24968 | 25210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299086, 13.030%, 11/26/2029 †§x | Prosper | 11/29/2024 | 30183 | 29648 | 29594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299092, 12.100%, 11/26/2029 †§x | Prosper | 11/29/2024 | 28329 | 27828 | 28082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299101, 13.330%, 11/26/2029 †§x | Prosper | 11/29/2024 | 27100 | 26619 | 27368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299297, 18.050%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 24421 | 24121 | 23943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2299368, 26.660%, 7/01/2029 †§x | Best Egg | 5/30/2024 | 26175 | 25843 | 24273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300034, 19.050%, 11/29/2029 †§x# | Prosper | 12/03/2024 | 25104 | 24650 | 24407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300037, 21.110%, 11/29/2029 †§x# | Prosper | 12/03/2024 | 22954 | 22536 | 22309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300058, 12.460%, 7/16/2029 †§x | Best Egg | 5/31/2024 | 34954 | 34533 | 34194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300529, 20.000%, 7/07/2029 †§x | Best Egg | 5/31/2024 | 36282 | 35833 | 32963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300728, 8.000%, 11/20/2027 †x | Prosper | 11/22/2024 | 25164 | 24779 | 24750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300731, 11.200%, 11/20/2029 †x | Prosper | 11/22/2024 | 32666 | 32092 | 32360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2301020, 12.230%, 7/01/2029 †§x | Best Egg | 5/31/2024 | 24440 | 24146 | 24315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2301157, 13.100%, 6/01/2028 †§x | Best Egg | 5/31/2024 | 37037 | 36628 | 37373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2301283, 13.750%, 12/01/2029 †§x# | Prosper | 11/25/2024 | 23458 | 23037 | 22165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2301295, 13.900%, 11/21/2029 †§x | Prosper | 11/25/2024 | 22250 | 21855 | 20511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302345, 13.930%, 11/25/2029 †§x | Prosper | 11/27/2024 | 24184 | 23754 | 24640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302359, 16.120%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 37518 | 37060 | 37307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302399, 16.120%, 9/01/2029 †x | Best Egg | 6/03/2024 | 45666 | 45069 | 45642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302405, 15.430%, 11/25/2029 †x | Prosper | 11/27/2024 | 24288 | 23854 | 24847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302542, 20.460%, 8/01/2029 †x | Best Egg | 6/03/2024 | 32181 | 31799 | 29034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302639, 12.950%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 34916 | 34494 | 33745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302713, 9.310%, 7/15/2029 †§x | Best Egg | 6/03/2024 | 40544 | 40062 | 41005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302749, 11.460%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 40782 | 40293 | 39895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302821, 18.760%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 25305 | 24993 | 22886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302927, 11.480%, 11/26/2029 †§x | Prosper | 11/29/2024 | 32652 | 32076 | 32065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302933, 10.890%, 11/26/2029 †§x | Prosper | 11/29/2024 | 22528 | 22131 | 21924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2302936, 12.750%, 11/26/2029 †x# | Prosper | 11/29/2024 | 33253 | 32664 | 25380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2303107, 15.650%, 11/26/2027 †§x | Prosper | 11/29/2024 | 26912 | 26486 | 25521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304671, 11.450%, 12/16/2027 †§x | Prosper | 12/18/2024 | 24187 | 23802 | 24482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304680, 10.760%, 12/16/2028 †x | Prosper | 12/18/2024 | 28312 | 27830 | 28090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304683, 14.900%, 12/31/2027 †x# | Prosper | 12/18/2024 | 34621 | 34056 | 32483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304701, 13.330%, 12/16/2029 †§x | Prosper | 12/18/2024 | 29397 | 28870 | 29657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304713, 13.850%, 12/22/2027 †§x | Prosper | 12/18/2024 | 21362 | 21015 | 20270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304980, 10.250%, 12/17/2027 †§x | Prosper | 12/19/2024 | 28519 | 28066 | 28537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304983, 13.900%, 12/17/2029 †x | Prosper | 12/19/2024 | 45136 | 44329 | 44492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2304986, 11.660%, 12/17/2027 †x | Prosper | 12/19/2024 | 34286 | 33739 | 34526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305004, 14.710%, 12/17/2029 †§x | Prosper | 12/19/2024 | 19668 | 19314 | 20261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305177, 7.840%, 7/01/2027 †§x | Best Egg | 6/03/2024 | 30351 | 30068 | 30701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305208, 13.600%, 12/17/2029 †§x | Prosper | 12/19/2024 | 24305 | 23869 | 22892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305226, 11.480%, 12/17/2029 †§x | Prosper | 12/19/2024 | 23291 | 22876 | 22850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305262, 14.450%, 12/17/2027 †§x | Prosper | 12/19/2024 | 26809 | 26377 | 25577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305383, 16.100%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 41622 | 41111 | 40754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305541, 13.600%, 12/17/2029 †§x | Prosper | 12/19/2024 | 30732 | 30181 | 28920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305547, 13.200%, 12/17/2029 †x | Prosper | 12/19/2024 | 35150 | 34521 | 33002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305550, 13.680%, 12/17/2029 †§x | Prosper | 12/19/2024 | 30682 | 30132 | 28907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305556, 27.690%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 39011 | 38500 | 35384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305697, 11.090%, 12/17/2029 †x | Prosper | 12/19/2024 | 40330 | 39612 | 40045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305745, 12.130%, 12/17/2029 †§x | Prosper | 12/19/2024 | 26962 | 26481 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305750, 19.030%, 7/01/2029 †§x# | Best Egg | 6/03/2024 | 41341 | 40821 | 41214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305787, 19.450%, 12/17/2029 †§x | Prosper | 12/19/2024 | 27458 | 26958 | 26201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305850, 14.280%, 12/17/2029 †§x | Prosper | 12/19/2024 | 29826 | 29290 | 30458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2305862, 17.350%, 12/17/2029 †x | Prosper | 12/19/2024 | 36430 | 35770 | 36149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306047, 14.660%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 30910 | 30534 | 29758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306317, 16.840%, 7/01/2029 †§x | Best Egg | 6/03/2024 | 25495 | 25182 | 24963 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**51** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306462, 20.940%, 6/05/2029 †§x | Best Egg | 6/03/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306560, 6.510%, 7/01/2027 †§x | Best Egg | 6/03/2024 | 20029 | 19840 | 20194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306862, 11.160%, 12/16/2029 †x | Prosper | 12/18/2024 | 43027 | 42261 | 42004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306871, 12.110%, 12/16/2027 †§x | Prosper | 12/18/2024 | 23022 | 22655 | 22877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306874, 20.060%, 12/16/2027 †§x | Prosper | 12/18/2024 | 22304 | 21939 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306880, 14.830%, 12/16/2029 †x | Prosper | 12/18/2024 | 25795 | 25331 | 26616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2306898, 16.400%, 12/16/2029 †x | Prosper | 12/18/2024 | 37527 | 36849 | 38213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307108, 13.130%, 12/17/2028 †x | Prosper | 12/19/2024 | 43363 | 42618 | 43015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307114, 10.380%, 12/17/2029 †x | Prosper | 12/19/2024 | 41741 | 41000 | 40843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307117, 10.680%, 12/17/2029 †x | Prosper | 12/19/2024 | 44761 | 43965 | 43760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307120, 7.990%, 12/17/2026 †x | Prosper | 12/19/2024 | 20524 | 20250 | 20458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307123, 11.480%, 12/17/2029 †§x | Prosper | 12/19/2024 | 25853 | 25364 | 25399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307126, 11.480%, 12/17/2029 †§x | Prosper | 12/19/2024 | 24224 | 23792 | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307564, 12.000%, 12/17/2029 †§x | Prosper | 12/19/2024 | 30270 | 29729 | 29934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307567, 11.450%, 12/17/2027 †x# | Prosper | 12/19/2024 | 41188 | 40530 | 33147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307570, 14.200%, 12/17/2029 †x# | Prosper | 12/19/2024 | 36942 | 36279 | 35204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307576, 19.000%, 12/17/2029 †§x | Prosper | 12/19/2024 | 24229 | 23789 | 22766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307579, 19.050%, 12/31/2029 †§x# | Prosper | 12/19/2024 | 27995 | 27481 | 26583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307582, 18.400%, 12/31/2027 †x# | Prosper | 12/19/2024 | 23175 | 22794 | 21046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307714, 11.180%, 12/17/2029 †x | Prosper | 12/19/2024 | 35409 | 34779 | 34885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2307747, 12.100%, 12/17/2029 †§x | Prosper | 12/19/2024 | 28757 | 28244 | 28482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2308529, 13.730%, 11/26/2030 †x# | Prosper | 12/30/2024 | 31262 | 30667 | 25244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2308841, 13.860%, 12/26/2027 †§x | Prosper | 12/30/2024 | 27656 | 27207 | 25569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2308940, 14.530%, 12/26/2029 †§x | Prosper | 12/30/2024 | 21879 | 21483 | 21003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309141, 21.260%, 12/27/2029 †§x | Prosper | 12/31/2024 | 22976 | 22554 | 22318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309162, 18.750%, 12/27/2029 †§x | Prosper | 12/31/2024 | 22845 | 22427 | 22197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309171, 20.230%, 12/27/2029 †§x | Prosper | 12/31/2024 | 27382 | 26879 | 26595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309330, 11.480%, 12/27/2029 †x | Prosper | 12/31/2024 | 32298 | 31719 | 31707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309384, 12.240%, 12/27/2029 †§x | Prosper | 12/31/2024 | 22475 | 22072 | 22063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309582, 13.750%, 12/30/2029 †x# | Prosper | 1/02/2025 | 36601 | 35940 | 34560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309618, 13.950%, 12/30/2027 †§x# | Prosper | 1/02/2025 | 25508 | 25093 | 24157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2309798, 13.900%, 12/30/2028 †x# | Prosper | 1/02/2025 | 32778 | 32209 | 31903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310474, 11.500%, 12/26/2029 †§x | Prosper | 12/30/2024 | 28279 | 27772 | 27787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310480, 14.210%, 12/26/2028 †x# | Prosper | 12/30/2024 | 26597 | 26136 | 20444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310545, 13.750%, 12/31/2029 †x# | Prosper | 1/03/2025 | 37515 | 36837 | 35377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310572, 19.750%, 12/31/2029 †§x# | Prosper | 1/03/2025 | 24436 | 23988 | 23053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310615, 13.750%, 12/26/2029 †§x | Prosper | 12/30/2024 | 27077 | 26590 | 25628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310681, 12.380%, 12/26/2029 †§x | Prosper | 12/30/2024 | 26980 | 26496 | 25012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310840, 14.750%, 12/26/2029 †§x | Prosper | 12/30/2024 | 29829 | 29290 | 28155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310914, 13.750%, 12/31/2029 †§x# | Prosper | 1/03/2025 | 22875 | 22462 | 21603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2310951, 12.790%, 12/26/2029 †§x | Prosper | 12/30/2024 | 31511 | 30945 | 29439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311051, 14.400%, 12/22/2029 †x | Prosper | 12/18/2024 | 37171 | 36497 | 34265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311054, 18.050%, 12/16/2029 †§x | Prosper | 12/18/2024 | 27368 | 26872 | 25574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311063, 12.130%, 12/16/2028 †x | Prosper | 12/18/2024 | 25946 | 25502 | 25736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311066, 14.480%, 12/31/2029 †x | Prosper | 12/18/2024 | 35519 | 34878 | 35705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311075, 11.050%, 12/16/2029 †x | Prosper | 12/18/2024 | 39310 | 38598 | 38375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311084, 13.350%, 12/31/2028 †x# | Prosper | 12/18/2024 | 36507 | 35873 | 35717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311297, 11.420%, 12/17/2029 †x | Prosper | 12/19/2024 | 29602 | 29074 | 29406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311303, 13.330%, 12/20/2029 †§x | Prosper | 12/19/2024 | 22569 | 22161 | 22796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311318, 12.130%, 12/17/2029 †§x | Prosper | 12/19/2024 | 22466 | 22065 | 22261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311380, 19.000%, 12/27/2029 †§x | Prosper | 12/31/2024 | 25481 | 25017 | 24757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311552, 11.250%, 12/17/2029 †x | Prosper | 12/19/2024 | 38554 | 37867 | 37694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311555, 19.250%, 12/17/2029 †x | Prosper | 12/19/2024 | 33849 | 33233 | 32204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311599, 14.460%, 12/30/2029 †§x# | Prosper | 1/02/2025 | 21995 | 21597 | 20986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311786, 17.140%, 12/17/2029 †§x | Prosper | 12/19/2024 | 25488 | 25026 | 23504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311789, 18.680%, 12/17/2029 †§x | Prosper | 12/19/2024 | 21927 | 21529 | 20107 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**52** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311792, 11.450%, 12/17/2027 †§x | Prosper | 12/19/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311939, 10.350%, 12/17/2029 †§x | Prosper | 12/19/2024 | 24149 | 23720 | 23287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311975, 11.480%, 12/17/2029 †§x | Prosper | 12/19/2024 | 23889 | 23464 | 23438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2311987, 19.110%, 9/30/2028 †x# | Prosper | 12/19/2024 | 33150 | 32525 | 29889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2312014, 19.750%, 12/17/2029 †§x | Prosper | 12/19/2024 | 30225 | 29674 | 28968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2312029, 11.550%, 12/17/2029 †x | Prosper | 12/19/2024 | 44862 | 44062 | 44062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2312119, 17.330%, 12/17/2029 †§x | Prosper | 12/19/2024 | 23678 | 23249 | 23130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2312122, 13.900%, 12/17/2029 †x | Prosper | 12/19/2024 | 33732 | 33127 | 31745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2312868, 11.650%, 12/31/2029 †x# | Prosper | 1/03/2025 | 45530 | 44713 | 44714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2312871, 11.450%, 12/31/2027 †§x | Prosper | 1/03/2025 | 24810 | 24409 | 25070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2312874, 18.680%, 12/31/2029 †§x# | Prosper | 1/03/2025 | 27940 | 27429 | 25507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2314921, 13.770%, 12/26/2029 †§x | Prosper | 12/30/2024 | 27982 | 27477 | 26531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315146, 14.530%, 12/26/2029 †§x | Prosper | 12/30/2024 | 26680 | 26198 | 25588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315320, 20.550%, 12/27/2029 †§x | Prosper | 12/31/2024 | 22022 | 21618 | 21393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315596, 13.950%, 12/27/2029 †§x | Prosper | 12/31/2024 | 32510 | 31923 | 31910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315815, 17.140%, 12/30/2029 †x# | Prosper | 1/02/2025 | 34106 | 33485 | 31302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315875, 18.520%, 12/30/2029 †x# | Prosper | 1/02/2025 | 34665 | 34032 | 32394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2315887, 18.760%, 12/30/2029 †x# | Prosper | 1/02/2025 | 33295 | 32686 | 30885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2316091, 17.500%, 12/30/2027 †§x# | Prosper | 1/02/2025 | 26996 | 26552 | 25813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2316103, 14.180%, 1/13/2030 †§x# | Prosper | 1/02/2025 | 22897 | 22479 | 20974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319056, 14.110%, 1/22/2029 †x | Prosper | 1/24/2025 | 38531 | 37852 | 38243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319059, 11.360%, 1/22/2028 †§x | Prosper | 1/24/2025 | 32403 | 31868 | 32682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319062, 13.460%, 1/22/2028 †§x | Prosper | 1/24/2025 | 30506 | 29999 | 30783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319263, 14.180%, 1/22/2030 †x | Prosper | 1/24/2025 | 45793 | 44958 | 46909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319266, 9.880%, 1/22/2029 †x | Prosper | 1/24/2025 | 43862 | 43097 | 43757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319272, 10.490%, 1/22/2028 †§x | Prosper | 1/24/2025 | 32331 | 31798 | 32222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319281, 12.000%, 1/22/2030 †x | Prosper | 1/24/2025 | 34172 | 33551 | 33846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319284, 11.730%, 1/22/2029 †x | Prosper | 1/24/2025 | 26438 | 25975 | 26243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319290, 15.750%, 1/22/2030 †§x | Prosper | 1/24/2025 | 24354 | 23908 | 22897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319293, 15.430%, 1/22/2030 †§x | Prosper | 1/24/2025 | 22500 | 22089 | 23056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319647, 11.950%, 1/22/2029 †x | Prosper | 1/24/2025 | 30666 | 30128 | 30440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2319659, 11.480%, 1/22/2030 †x | Prosper | 1/24/2025 | 43692 | 42899 | 42926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320256, 12.100%, 1/25/2030 †x | Prosper | 1/27/2025 | 45083 | 44257 | 44730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320790, 11.500%, 1/24/2030 †x | Prosper | 1/28/2025 | 45514 | 44688 | 44815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320793, 11.050%, 1/24/2030 †x | Prosper | 1/28/2025 | 45470 | 44643 | 44773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320796, 13.330%, 1/24/2030 †§x | Prosper | 1/28/2025 | 29805 | 29262 | 29344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320799, 19.050%, 1/24/2030 †§x | Prosper | 1/28/2025 | 23134 | 22707 | 22468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320802, 22.480%, 1/24/2030 †§x | Prosper | 1/28/2025 | 23288 | 22855 | 22608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320803, 12.750%, 1/22/2030 †x | Prosper | 1/24/2025 | 44649 | 43837 | 44740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320809, 13.650%, 2/05/2030 †§x# | Prosper | 1/24/2025 | 27976 | 27461 | 28528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320812, 13.930%, 1/22/2030 †x | Prosper | 1/24/2025 | 20138 | 19771 | 20550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320950, 11.160%, 1/22/2030 †x | Prosper | 1/24/2025 | 36382 | 35723 | 35567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320953, 8.100%, 1/22/2030 †x | Prosper | 1/24/2025 | 35210 | 34577 | 33503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2320956, 12.250%, 1/22/2030 †§x | Prosper | 1/24/2025 | 26695 | 26209 | 26543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321033, 14.080%, 1/27/2030 †x | Prosper | 1/29/2025 | 37542 | 36856 | 34541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321036, 15.880%, 1/27/2030 †x | Prosper | 1/29/2025 | 35852 | 35193 | 35116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321039, 14.530%, 1/27/2030 †x | Prosper | 1/29/2025 | 35249 | 34604 | 33825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321042, 12.250%, 2/10/2028 †§x | Prosper | 1/29/2025 | 27311 | 26851 | 25615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321258, 19.080%, 1/27/2030 †§x | Prosper | 1/29/2025 | 32389 | 31790 | 32195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321264, 18.260%, 1/27/2029 †x | Prosper | 1/29/2025 | 20579 | 20211 | 20125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321292, 10.080%, 1/22/2030 †x | Prosper | 1/24/2025 | 26763 | 26279 | 26156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321313, 10.080%, 1/22/2030 †x | Prosper | 1/24/2025 | 29580 | 29045 | 28909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321316, 10.680%, 1/22/2030 †x | Prosper | 1/24/2025 | 36341 | 35683 | 35518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321319, 13.050%, 1/22/2028 †§x | Prosper | 1/24/2025 | 32542 | 32002 | 33542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321334, 11.450%, 1/22/2028 †§x | Prosper | 1/24/2025 | 32411 | 31875 | 32870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321952, 13.330%, 1/24/2030 †§x | Prosper | 1/28/2025 | 29805 | 29262 | 29344 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**53** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321964, 11.820%, 1/24/2030 †§x | Prosper | 1/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2321967, 13.160%, 1/24/2028 †§x | Prosper | 1/28/2025 | 29231 | 28744 | 28972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322003, 13.730%, 1/24/2030 †x | Prosper | 1/28/2025 | 34804 | 34169 | 34264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322006, 12.100%, 1/24/2030 †x | Prosper | 1/28/2025 | 45578 | 44749 | 44876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322393, 11.450%, 1/24/2028 †§x | Prosper | 1/28/2025 | 32411 | 31874 | 32105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322396, 13.160%, 1/24/2028 †§x | Prosper | 1/28/2025 | 25349 | 24926 | 25111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322399, 21.550%, 1/24/2030 †§x | Prosper | 1/28/2025 | 27897 | 27379 | 27085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322402, 14.030%, 1/24/2030 †§x | Prosper | 1/28/2025 | 23347 | 22921 | 22984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322405, 22.110%, 1/24/2030 †§x | Prosper | 1/28/2025 | 22341 | 21926 | 21690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322621, 16.200%, 1/27/2030 †§x | Prosper | 1/29/2025 | 32197 | 31605 | 31641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322624, 13.410%, 1/27/2028 †§x | Prosper | 1/29/2025 | 25055 | 24637 | 23194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322737, 15.450%, 1/29/2030 †x | Prosper | 1/31/2025 | 37009 | 36329 | 35645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322740, 21.200%, 1/29/2030 †x# | Prosper | 1/31/2025 | 36640 | 35959 | 38641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322752, 15.300%, 1/29/2030 †§x# | Prosper | 1/31/2025 | 27590 | 27083 | 25707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322755, 14.920%, 1/29/2030 †§x# | Prosper | 1/31/2025 | 23233 | 22807 | 22347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322852, 12.560%, 1/27/2028 †x | Prosper | 1/29/2025 | 33893 | 33330 | 31737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2322855, 15.750%, 11/26/2030 †x# | Prosper | 1/29/2025 | 29696 | 29125 | 22577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323232, 15.080%, 1/30/2029 †x# | Prosper | 2/03/2025 | 37088 | 36429 | 36341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323235, 14.800%, 1/30/2028 †x# | Prosper | 2/03/2025 | 35349 | 34755 | 33170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323238, 14.530%, 1/30/2030 †x# | Prosper | 2/03/2025 | 37146 | 36465 | 35659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323241, 16.050%, 1/30/2028 †§x# | Prosper | 2/03/2025 | 32749 | 32200 | 31771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323244, 16.050%, 1/30/2030 †§x# | Prosper | 2/03/2025 | 31773 | 31190 | 30873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323250, 19.660%, 1/30/2030 †§x# | Prosper | 2/03/2025 | 28113 | 27592 | 26235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323253, 21.060%, 1/30/2028 †§x# | Prosper | 2/03/2025 | 21817 | 21445 | 21992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323259, 21.550%, 1/30/2030 †§x# | Prosper | 2/03/2025 | 22560 | 22140 | 21880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323487, 12.380%, 1/31/2030 †x# | Prosper | 2/04/2025 | 37918 | 37226 | 35138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2323490, 19.000%, 1/31/2030 †x# | Prosper | 2/04/2025 | 34633 | 33992 | 32979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324292, 15.880%, 1/29/2030 †x# | Prosper | 1/31/2025 | 38170 | 37468 | 37241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324295, 13.750%, 1/29/2030 †x | Prosper | 1/31/2025 | 38339 | 37637 | 36260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324298, 14.900%, 1/29/2028 †x# | Prosper | 1/31/2025 | 35341 | 34747 | 33109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324301, 15.750%, 4/29/2028 †x | Prosper | 1/31/2025 | 31221 | 30665 | 26933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324310, 11.880%, 1/29/2030 †§x# | Prosper | 1/31/2025 | 26396 | 25915 | 24259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324454, 20.850%, 1/29/2030 †x# | Prosper | 1/31/2025 | 38497 | 37782 | 36324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324460, 21.850%, 1/29/2030 †§x | Prosper | 1/31/2025 | 30831 | 30217 | 29532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2324844, 18.140%, 1/30/2030 †x# | Prosper | 2/03/2025 | 34583 | 33944 | 32103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325069, 20.730%, 1/31/2030 †§x# | Prosper | 2/04/2025 | 25345 | 24875 | 24794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325349, 13.310%, 1/22/2028 †§x | Prosper | 1/24/2025 | 32564 | 32023 | 32836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325352, 13.160%, 1/22/2028 †§x | Prosper | 1/24/2025 | 32551 | 32011 | 32824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325490, 15.000%, 1/22/2030 †x | Prosper | 1/24/2025 | 45876 | 45037 | 48182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325517, 13.130%, 1/22/2030 †x | Prosper | 1/24/2025 | 45686 | 44854 | 45833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325520, 16.750%, 1/22/2030 †§x | Prosper | 1/24/2025 | 30853 | 30286 | 29444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325523, 12.750%, 1/22/2030 †§x | Prosper | 1/24/2025 | 26789 | 26302 | 26844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325526, 21.410%, 1/22/2030 †§x | Prosper | 1/24/2025 | 26558 | 26066 | 25908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325529, 10.080%, 1/22/2030 †x | Prosper | 1/24/2025 | 25856 | 25388 | 25269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325532, 11.250%, 1/22/2028 †§x | Prosper | 1/24/2025 | 22569 | 22196 | 22842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325535, 11.210%, 1/22/2028 †§x | Prosper | 1/24/2025 | 19858 | 19530 | 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325895, 16.400%, 1/22/2030 †§x | Prosper | 1/24/2025 | 21005 | 20619 | 21440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325898, 10.680%, 1/25/2030 †x | Prosper | 1/24/2025 | 22734 | 22319 | 22220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325919, 11.090%, 1/22/2030 †x | Prosper | 1/24/2025 | 27282 | 26788 | 27091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2325925, 11.480%, 1/22/2030 †§x | Prosper | 1/24/2025 | 24732 | 24284 | 24299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2326582, 12.250%, 1/24/2030 †§x | Prosper | 1/28/2025 | 25124 | 24674 | 24741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2326588, 12.100%, 1/24/2030 †§x | Prosper | 1/28/2025 | 29721 | 29181 | 29264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2326591, 11.480%, 1/24/2030 †§x | Prosper | 1/28/2025 | 26852 | 26365 | 26440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2326594, 12.980%, 1/31/2030 †§x# | Prosper | 1/28/2025 | 23208 | 22781 | 22906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2326707, 13.100%, 6/13/2028 †§x | Best Egg | 6/17/2024 | 21657 | 21416 | 21874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327119, 19.950%, 1/24/2030 †§x | Prosper | 1/28/2025 | 31055 | 30480 | 30158 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**54** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327122, 19.850%, 1/24/2030 †x | Prosper | 1/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327125, 17.950%, 1/24/2030 †x | Prosper | 1/28/2025 | 34162 | 33532 | 33183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327128, 18.520%, 1/24/2030 †§x | Prosper | 1/28/2025 | 29570 | 29023 | 28721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327131, 16.880%, 1/24/2030 †§x# | Prosper | 1/28/2025 | 23047 | 22623 | 22418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327134, 14.050%, 1/24/2030 †§x | Prosper | 1/28/2025 | 21395 | 21004 | 21063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327371, 18.330%, 1/27/2030 †§x | Prosper | 1/29/2025 | 31453 | 30864 | 31312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 232755210, 15.600%, 6/12/2028 †§x | Upgrade | 6/15/2023 | 28794 | 28604 | 29133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327592, 16.110%, 8/01/2029 †§x | Best Egg | 6/17/2024 | 31158 | 30778 | 31032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327620, 18.900%, 1/27/2030 †x | Prosper | 1/29/2025 | 36099 | 35426 | 36996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327623, 16.650%, 1/27/2030 †x | Prosper | 1/29/2025 | 35888 | 35226 | 34636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327629, 15.450%, 1/27/2030 †§x | Prosper | 1/29/2025 | 26634 | 26146 | 25132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327632, 16.200%, 1/27/2030 †§x | Prosper | 1/29/2025 | 22849 | 22409 | 22354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2327638, 19.560%, 1/27/2030 †§x | Prosper | 1/29/2025 | 20356 | 19979 | 20470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2328101, 17.080%, 6/16/2029 †§x | Best Egg | 6/20/2024 | 21113 | 20853 | 20703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2328279, 10.480%, 7/25/2029 †§x | Best Egg | 6/20/2024 | 25426 | 25119 | 24950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329049, 7.570%, 6/16/2027 †§x | Best Egg | 6/20/2024 | 31879 | 31581 | 32168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329102, 15.880%, 1/29/2030 †x# | Prosper | 1/31/2025 | 38170 | 37468 | 37241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329105, 14.530%, 1/29/2030 †x# | Prosper | 1/31/2025 | 35289 | 34642 | 33747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329108, 14.750%, 1/29/2030 †x# | Prosper | 1/31/2025 | 35303 | 34656 | 33228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329111, 18.430%, 1/29/2030 †§x# | Prosper | 1/31/2025 | 32419 | 31820 | 31625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329114, 16.650%, 1/29/2030 †§x# | Prosper | 1/31/2025 | 31697 | 31113 | 30683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329117, 16.880%, 1/29/2030 †§x# | Prosper | 1/31/2025 | 23316 | 22886 | 23087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329120, 14.200%, 1/29/2030 †§x# | Prosper | 1/31/2025 | 22274 | 21866 | 21196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329588, 16.280%, 1/30/2030 †x# | Prosper | 2/03/2025 | 38197 | 37493 | 37688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329591, 13.750%, 1/30/2030 †x# | Prosper | 2/03/2025 | 38019 | 37323 | 35995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329594, 14.310%, 1/30/2028 †x# | Prosper | 2/03/2025 | 35296 | 34704 | 32903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329600, 16.400%, 1/30/2028 †§x# | Prosper | 2/03/2025 | 22132 | 21759 | 20933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329603, 19.050%, 1/30/2030 †§x# | Prosper | 2/03/2025 | 23404 | 22970 | 22297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329606, 21.110%, 1/30/2030 †§x# | Prosper | 2/03/2025 | 23484 | 23047 | 22886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329751, 15.980%, 2/18/2030 †§x | Prosper | 2/20/2025 | 32588 | 31985 | 31980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329754, 15.000%, 2/18/2030 †§x | Prosper | 2/20/2025 | 26552 | 26061 | 25672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 232981936, 14.100%, 6/19/2027 †§x | Upgrade | 6/20/2023 | 21504 | 21373 | 22160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329855, 15.750%, 1/31/2030 †x# | Prosper | 2/04/2025 | 36297 | 35630 | 34809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329858, 13.950%, 1/31/2029 †x# | Prosper | 2/04/2025 | 27076 | 26596 | 26538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329861, 15.600%, 1/31/2028 †§x# | Prosper | 2/04/2025 | 31074 | 30550 | 29496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2329864, 18.960%, 1/31/2030 †§x# | Prosper | 2/04/2025 | 25271 | 24803 | 24982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330024, 15.140%, 2/19/2028 †§x | Prosper | 2/21/2025 | 26732 | 26275 | 25695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330180, 15.200%, 2/21/2028 †§x | Prosper | 2/21/2025 | 26760 | 26296 | 25130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330183, 15.750%, 2/19/2030 †§x | Prosper | 2/21/2025 | 28852 | 28317 | 27162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330186, 16.430%, 2/19/2030 †§x | Prosper | 2/21/2025 | 26929 | 26430 | 26393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330189, 15.550%, 2/19/2030 †§x | Prosper | 2/21/2025 | 24534 | 24080 | 23148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330239, 18.050%, 1/31/2030 †§x# | Prosper | 2/04/2025 | 23363 | 22931 | 21917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330531, 16.590%, 2/19/2030 †x | Prosper | 2/21/2025 | 38216 | 37508 | 36437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330534, 12.100%, 2/19/2030 †x | Prosper | 2/21/2025 | 37435 | 36746 | 37193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330540, 14.980%, 2/19/2030 †§x | Prosper | 2/21/2025 | 31135 | 30559 | 29058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330546, 14.180%, 2/19/2030 †§x | Prosper | 2/21/2025 | 27840 | 27326 | 27973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330549, 12.250%, 2/19/2030 †§x | Prosper | 2/21/2025 | 27738 | 27227 | 27623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330552, 16.200%, 2/19/2030 †§x | Prosper | 2/21/2025 | 25587 | 25112 | 25198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330555, 14.750%, 2/19/2030 †§x | Prosper | 2/21/2025 | 22586 | 22169 | 20979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330747, 10.650%, 2/19/2030 †x | Prosper | 2/21/2025 | 46083 | 45238 | 44752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330750, 12.100%, 2/19/2030 †x | Prosper | 2/21/2025 | 37897 | 37200 | 37652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330753, 14.180%, 2/19/2030 †x | Prosper | 2/21/2025 | 38048 | 37346 | 34977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2330756, 16.590%, 2/19/2030 †x | Prosper | 2/21/2025 | 31692 | 31104 | 30216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331205, 19.770%, 6/16/2029 †§x | Best Egg | 6/20/2024 | 25354 | 25038 | 23073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233161897, 18.660%, 6/15/2028 †§x | Upgrade | 6/20/2023 | 27648 | 27456 | 28572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331648, 14.490%, 2/19/2028 †§x | Prosper | 2/21/2025 | 26696 | 26240 | 24901 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**55** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331651, 16.750%, 2/19/2029 †x | Prosper | 2/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25842 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331654, 15.550%, 2/19/2030 †§x | Prosper | 2/21/2025 | 27911 | 27394 | 26511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331657, 14.750%, 2/19/2030 †§x | Prosper | 2/21/2025 | 21417 | 21021 | 20636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233176421, 24.200%, 6/16/2028 †x | Upgrade | 6/20/2023 | 24455 | 24280 | 24764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331966, 17.330%, 2/19/2030 †x | Prosper | 2/21/2025 | 38267 | 37556 | 37503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331969, 16.750%, 2/19/2030 †x | Prosper | 2/21/2025 | 37295 | 36603 | 35645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331975, 8.380%, 2/19/2028 †x | Prosper | 2/21/2025 | 30481 | 29967 | 30087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331978, 13.480%, 2/19/2030 †§x | Prosper | 2/21/2025 | 31974 | 31384 | 32460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331981, 14.530%, 2/28/2030 †§x# | Prosper | 2/21/2025 | 30726 | 30153 | 29577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331984, 16.000%, 2/19/2030 †§x | Prosper | 2/21/2025 | 29670 | 29120 | 28038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331987, 15.000%, 2/19/2030 †§x | Prosper | 2/21/2025 | 26552 | 26061 | 25676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331990, 11.950%, 2/23/2029 †x | Prosper | 2/21/2025 | 23856 | 23426 | 23720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2331993, 10.350%, 2/19/2030 †x | Prosper | 2/21/2025 | 23027 | 22605 | 22503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332031, 20.450%, 2/21/2030 †§x | Prosper | 2/25/2025 | 20619 | 20234 | 20059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332080, 15.000%, 2/19/2029 †x | Prosper | 2/21/2025 | 24423 | 23985 | 23926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332112, 19.450%, 2/24/2028 †§x | Prosper | 2/26/2025 | 23487 | 23079 | 23494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332185, 11.360%, 2/19/2028 †x | Prosper | 2/21/2025 | 42773 | 42047 | 43193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332188, 12.750%, 2/19/2030 †x | Prosper | 2/21/2025 | 45910 | 45064 | 46077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332191, 11.660%, 2/19/2028 †§x | Prosper | 2/21/2025 | 31244 | 30714 | 31551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332194, 15.830%, 2/19/2030 †§x | Prosper | 2/21/2025 | 32579 | 31976 | 31905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332197, 13.300%, 2/19/2030 †§x | Prosper | 2/21/2025 | 30539 | 29976 | 28774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332200, 10.090%, 2/19/2030 †§x | Prosper | 2/21/2025 | 30017 | 29467 | 28892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332203, 15.610%, 2/19/2028 †§x# | Prosper | 2/21/2025 | 26592 | 26136 | 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332206, 13.480%, 2/19/2030 †§x | Prosper | 2/21/2025 | 29657 | 29110 | 30108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332209, 15.550%, 2/19/2030 †§x | Prosper | 2/21/2025 | 25120 | 24655 | 23700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332334, 14.750%, 2/24/2030 †x# | Prosper | 2/26/2025 | 38576 | 37861 | 28520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233240098, 19.460%, 6/15/2028 †§x | Upgrade | 6/20/2023 | 28956 | 28757 | 29787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332494, 11.660%, 2/20/2028 †x | Prosper | 2/24/2025 | 42800 | 42073 | 43226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332503, 12.750%, 2/20/2030 †§x | Prosper | 2/24/2025 | 24643 | 24189 | 24739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332506, 11.750%, 2/20/2030 †§x | Prosper | 2/24/2025 | 23092 | 22667 | 22820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332580, 12.430%, 2/24/2030 †x | Prosper | 2/26/2025 | 46245 | 45392 | 46222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332583, 11.850%, 2/24/2030 †x | Prosper | 2/26/2025 | 46193 | 45342 | 45748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332586, 20.550%, 2/24/2030 †x | Prosper | 2/26/2025 | 34722 | 34072 | 32884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332589, 12.500%, 2/24/2030 †x | Prosper | 2/26/2025 | 34182 | 33552 | 34202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332592, 20.330%, 2/24/2030 †x# | Prosper | 2/26/2025 | 31493 | 30903 | 28515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332595, 15.360%, 2/24/2028 †§x | Prosper | 2/26/2025 | 27176 | 26708 | 25771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332598, 16.300%, 2/24/2030 †§x | Prosper | 2/26/2025 | 27017 | 26515 | 25918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332601, 11.480%, 2/24/2030 †§x | Prosper | 2/26/2025 | 23080 | 22655 | 22724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332604, 20.500%, 2/28/2030 †§x# | Prosper | 2/26/2025 | 23715 | 23267 | 22460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332655, 15.250%, 2/24/2028 †§x | Prosper | 2/26/2025 | 34070 | 33484 | 31799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332658, 13.500%, 2/24/2030 †§x | Prosper | 2/26/2025 | 24441 | 23989 | 23080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332661, 13.490%, 2/24/2028 †§x | Prosper | 2/26/2025 | 20195 | 19849 | 20966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332802, 13.680%, 2/25/2030 †x | Prosper | 2/27/2025 | 46357 | 45499 | 47260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332808, 17.230%, 2/25/2030 †x | Prosper | 2/27/2025 | 36393 | 35716 | 35576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332814, 14.130%, 2/25/2030 †§x | Prosper | 2/27/2025 | 32477 | 31876 | 31021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2332820, 9.900%, 2/25/2030 †§x | Prosper | 2/27/2025 | 22086 | 21681 | 21207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333141, 21.600%, 2/25/2030 †§x | Prosper | 2/27/2025 | 22976 | 22544 | 22113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333246, 22.110%, 2/25/2030 †§x | Prosper | 2/27/2025 | 22579 | 22155 | 22499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333369, 15.400%, 2/25/2030 †x | Prosper | 2/27/2025 | 38134 | 37427 | 35848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333372, 16.500%, 2/25/2030 †§x | Prosper | 2/27/2025 | 28486 | 27956 | 27147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333375, 16.030%, 2/25/2030 †§x | Prosper | 2/27/2025 | 23279 | 22847 | 22894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233338836, 15.600%, 6/13/2028 †x# | Upgrade | 6/16/2023 | 29365 | 29171 | 23439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233354498, 15.600%, 6/13/2028 †§x | Upgrade | 6/16/2023 | 19790 | 19659 | 20027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333589, 21.330%, 2/21/2030 †x | Prosper | 2/25/2025 | 34766 | 34115 | 33819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333592, 18.500%, 2/21/2030 †§x | Prosper | 2/25/2025 | 32625 | 32017 | 31740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333595, 21.430%, 2/21/2030 †§x | Prosper | 2/25/2025 | 32892 | 32276 | 31996 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**56** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333598, 18.250%, 2/21/2030 †§x | Prosper | 2/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2333601, 22.480%, 3/16/2030 †§x# | Prosper | 2/25/2025 | 21265 | 20882 | 20881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334012, 15.400%, 2/24/2028 †§x | Prosper | 2/26/2025 | 34512 | 33918 | 32356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334015, 16.650%, 2/24/2030 †x | Prosper | 2/26/2025 | 36356 | 35680 | 35142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334021, 21.860%, 2/24/2028 †§x | Prosper | 2/26/2025 | 30152 | 29626 | 30068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334024, 11.700%, 2/24/2029 †x | Prosper | 2/26/2025 | 25875 | 25412 | 25719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334027, 15.750%, 2/24/2030 †§x | Prosper | 2/26/2025 | 28852 | 28316 | 28248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334030, 15.500%, 2/24/2030 †§x | Prosper | 2/26/2025 | 24187 | 23738 | 22701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334033, 12.250%, 2/24/2030 †§x | Prosper | 2/26/2025 | 24039 | 23596 | 23959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334036, 18.180%, 2/24/2030 †§x | Prosper | 2/26/2025 | 23385 | 22948 | 21998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334039, 15.630%, 2/24/2030 †§x | Prosper | 2/26/2025 | 23272 | 22840 | 22744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334085, 16.120%, 6/19/2029 †§x | Best Egg | 6/24/2024 | 35407 | 34972 | 35202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334093, 13.480%, 2/24/2029 †x | Prosper | 2/26/2025 | 29722 | 29189 | 29142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334213, 12.730%, 2/25/2030 †§x | Prosper | 2/27/2025 | 31928 | 31338 | 31992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334219, 20.180%, 2/25/2030 †§x | Prosper | 2/27/2025 | 28136 | 27610 | 27295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334222, 17.080%, 2/25/2030 †§x# | Prosper | 2/27/2025 | 27379 | 26870 | 20498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334225, 19.880%, 2/25/2030 †§x | Prosper | 2/27/2025 | 26247 | 25756 | 25347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334228, 11.140%, 2/25/2030 †x | Prosper | 2/27/2025 | 23064 | 22640 | 22832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334240, 21.860%, 2/25/2030 †§x | Prosper | 2/27/2025 | 22570 | 22147 | 22406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334242, 18.860%, 2/27/2028 †§x | Prosper | 3/03/2025 | 27804 | 27321 | 27673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233432147, 14.640%, 6/22/2028 †§x | Upgrade | 6/16/2023 | 20647 | 20512 | 20935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334416, 17.560%, 8/19/2029 †x | Best Egg | 6/24/2024 | 24880 | 24569 | 24014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334500, 20.860%, 2/27/2028 †§x | Prosper | 3/03/2025 | 23552 | 23141 | 23450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334509, 17.640%, 2/27/2030 †§x | Prosper | 3/03/2025 | 23346 | 22911 | 21503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334591, 21.230%, 2/25/2030 †§x | Prosper | 2/27/2025 | 22547 | 22125 | 21873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334707, 14.170%, 6/19/2029 †§x | Best Egg | 6/24/2024 | 27361 | 27027 | 27396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2334898, 15.540%, 6/19/2027 †§x | Best Egg | 6/24/2024 | 26397 | 26130 | 26523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233513757, 15.600%, 6/14/2028 †§x | Upgrade | 6/20/2023 | 29685 | 29489 | 30060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2335440, 13.250%, 3/02/2028 †§x | Prosper | 2/28/2025 | 28005 | 27526 | 28109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2335689, 15.850%, 2/27/2028 †§x | Prosper | 3/03/2025 | 30226 | 29704 | 29179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2335824, 17.810%, 7/26/2029 †§x | Best Egg | 6/24/2024 | 42120 | 41595 | 40010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2335832, 31.330%, 6/19/2029 †§x | Best Egg | 6/24/2024 | 35257 | 34800 | 33360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2335911, 13.690%, 6/19/2029 †§x | Best Egg | 6/24/2024 | 28810 | 28459 | 27617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233601722, 15.600%, 6/29/2028 †x | Upgrade | 6/20/2023 | 26170 | 25996 | 26158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233631303, 15.600%, 6/14/2028 †§x | Upgrade | 6/20/2023 | 23154 | 23001 | 23447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336557, 13.770%, 2/19/2030 †x | Prosper | 2/21/2025 | 36192 | 35524 | 34404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336560, 14.380%, 2/19/2030 †x | Prosper | 2/21/2025 | 36206 | 35537 | 34682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336563, 16.750%, 2/19/2030 †§x | Prosper | 2/21/2025 | 31651 | 31064 | 30254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336566, 18.780%, 2/19/2030 †§x | Prosper | 2/21/2025 | 20562 | 20179 | 20455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336833, 11.450%, 2/19/2028 †x | Prosper | 2/21/2025 | 41070 | 40373 | 41708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336836, 13.750%, 2/19/2030 †x | Prosper | 2/21/2025 | 38127 | 37419 | 36177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336839, 16.750%, 2/19/2030 †x | Prosper | 2/21/2025 | 38227 | 37518 | 36536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336842, 13.200%, 2/19/2030 †x# | Prosper | 2/21/2025 | 38119 | 37407 | 37176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336845, 12.860%, 2/19/2028 †§x | Prosper | 2/21/2025 | 33470 | 32900 | 33795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336848, 17.470%, 2/19/2030 †x | Prosper | 2/21/2025 | 36409 | 35732 | 36549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336851, 12.600%, 2/28/2030 †x | Prosper | 2/21/2025 | 35218 | 34564 | 35330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336854, 14.850%, 2/19/2028 †§x | Prosper | 2/21/2025 | 32670 | 32111 | 30360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336857, 10.350%, 2/19/2030 †§x | Prosper | 2/21/2025 | 32238 | 31648 | 31159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336860, 10.380%, 2/19/2030 †x | Prosper | 2/21/2025 | 28095 | 27580 | 27469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336869, 10.530%, 2/19/2030 †x | Prosper | 2/21/2025 | 23957 | 23518 | 23423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336872, 9.580%, 2/19/2029 †x | Prosper | 2/21/2025 | 20572 | 20207 | 20534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233688368, 14.640%, 6/16/2028 †§x | Upgrade | 6/20/2023 | 22914 | 22764 | 23209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336956, 18.780%, 2/19/2030 †x | Prosper | 2/21/2025 | 38363 | 37648 | 38162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2336959, 11.500%, 2/19/2030 †§x | Prosper | 2/21/2025 | 27698 | 27189 | 27261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337085, 14.180%, 2/19/2030 †x | Prosper | 2/21/2025 | 34669 | 34029 | 31871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337088, 12.430%, 2/19/2029 †x | Prosper | 2/21/2025 | 36027 | 35381 | 35821 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**57** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337094, 11.950%, 3/03/2029 †x# | Prosper | 2/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27625 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337097, 20.160%, 2/19/2030 †§x | Prosper | 2/21/2025 | 19695 | 19327 | 20132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233729122, 21.810%, 6/15/2028 †§x | Upgrade | 6/20/2023 | 24768 | 24521 | 25570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337373, 12.750%, 2/20/2030 †x | Prosper | 2/24/2025 | 45263 | 44429 | 45439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337376, 10.800%, 2/20/2030 †x | Prosper | 2/24/2025 | 34925 | 34284 | 33996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337379, 12.750%, 2/20/2030 †§x | Prosper | 2/24/2025 | 25649 | 25177 | 25749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337382, 12.750%, 2/20/2030 †§x | Prosper | 2/24/2025 | 21123 | 20734 | 21205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2337439, 14.450%, 2/20/2028 †§x | Prosper | 2/24/2025 | 26263 | 25814 | 27515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233774819, 15.600%, 6/14/2028 †§x | Upgrade | 6/20/2023 | 23418 | 23263 | 23714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338009, 14.940%, 2/20/2028 †§x# | Prosper | 2/24/2025 | 26297 | 25771 | 25263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338489, 19.550%, 8/24/2028 †x# | Prosper | 2/26/2025 | 29946 | 29400 | 27512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338647, 14.840%, 6/20/2028 †§x | Best Egg | 6/24/2024 | 26812 | 26510 | 26640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338663, 20.550%, 2/24/2030 †x | Prosper | 2/26/2025 | 36599 | 35914 | 37336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233886691, 15.600%, 6/15/2028 †x# | Upgrade | 6/20/2023 | 22447 | 22301 | 22310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338882, 12.000%, 2/24/2030 †x# | Prosper | 2/26/2025 | 46224 | 45372 | 45888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338885, 15.450%, 2/24/2028 †x | Prosper | 2/26/2025 | 35378 | 34770 | 33531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338888, 20.180%, 2/24/2030 †x | Prosper | 2/26/2025 | 36068 | 35393 | 34978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338891, 9.180%, 2/24/2029 †x | Prosper | 2/26/2025 | 30109 | 29573 | 29927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338894, 11.320%, 2/24/2030 †§x | Prosper | 2/26/2025 | 27687 | 27177 | 27191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338897, 17.950%, 2/24/2030 †§x | Prosper | 2/26/2025 | 25666 | 25188 | 24058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338903, 12.750%, 2/24/2030 †§x | Prosper | 2/26/2025 | 24643 | 24189 | 24755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338909, 10.300%, 2/24/2029 †x | Prosper | 2/26/2025 | 20155 | 19796 | 20033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338912, 18.430%, 2/28/2030 †§x# | Prosper | 2/26/2025 | 20862 | 20469 | 20530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338922, 5.880%, 6/20/2027 †§x | Best Egg | 6/24/2024 | 31587 | 31292 | 31890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2338984, 11.480%, 2/24/2028 †§x | Prosper | 2/26/2025 | 26526 | 26074 | 26378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233899308, 15.600%, 6/15/2028 †§x | Upgrade | 6/20/2023 | 23583 | 23427 | 23882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339119, 11.360%, 2/25/2030 †x | Prosper | 2/27/2025 | 46148 | 45299 | 46065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339122, 12.880%, 2/25/2030 †x# | Prosper | 2/27/2025 | 36958 | 36277 | 37031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339125, 10.430%, 2/25/2030 †x | Prosper | 2/27/2025 | 27637 | 27129 | 26920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233921229, 14.290%, 12/15/2027 †§x | Upgrade | 6/20/2023 | 20980 | 20770 | 20455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233943404, 15.600%, 6/15/2028 †§x | Upgrade | 6/20/2023 | 29685 | 29489 | 30062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339443, 21.200%, 2/25/2030 †x | Prosper | 2/27/2025 | 34375 | 33732 | 33240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339446, 17.640%, 2/25/2030 †x | Prosper | 2/27/2025 | 34589 | 33940 | 31905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339632, 14.900%, 2/25/2028 †§x | Prosper | 2/27/2025 | 30846 | 30316 | 29594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339635, 16.180%, 2/25/2030 †§x | Prosper | 2/27/2025 | 31726 | 31137 | 31012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2339638, 15.630%, 2/25/2030 †§x | Prosper | 2/27/2025 | 25123 | 24657 | 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234044300, 19.460%, 6/30/2028 †§x | Upgrade | 6/20/2023 | 24515 | 24347 | 25120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2340517, 18.430%, 2/27/2030 †§x | Prosper | 3/03/2025 | 30859 | 30282 | 29032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341003, 12.490%, 6/23/2029 †§x | Best Egg | 6/26/2024 | 35869 | 35434 | 35226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341029, 12.700%, 6/23/2029 †§x | Best Egg | 6/26/2024 | 40968 | 40470 | 41081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341272, 14.420%, 6/23/2029 †§x | Best Egg | 6/26/2024 | 26126 | 25806 | 25074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341318, 18.760%, 8/05/2029 †§x | Best Egg | 6/26/2024 | 22844 | 22560 | 20706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341522, 7.800%, 6/23/2029 †§x | Best Egg | 6/26/2024 | 39999 | 39523 | 40546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341632, 16.440%, 6/23/2027 †§x | Best Egg | 6/26/2024 | 33378 | 33050 | 33074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341791, 8.250%, 6/23/2029 †§x | Best Egg | 6/26/2024 | 20045 | 19806 | 20316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2341851, 14.570%, 6/23/2027 †§x | Best Egg | 6/26/2024 | 33067 | 32745 | 33305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2342503, 14.790%, 6/24/2027 †§x | Best Egg | 6/27/2024 | 23058 | 22832 | 23118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234254802, 15.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 27010 | 26829 | 27232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2343029, 5.250%, 6/24/2027 †§x | Best Egg | 6/27/2024 | 28329 | 28065 | 28613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2343121, 13.600%, 6/24/2027 †§x | Best Egg | 6/27/2024 | 23033 | 22809 | 22234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234364244, 12.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 31604 | 31379 | 31742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2344040, 15.920%, 7/26/2028 †§x | Best Egg | 6/27/2024 | 28599 | 28271 | 28578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2344174, 9.310%, 6/24/2029 †§x | Best Egg | 6/27/2024 | 20579 | 20332 | 20786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2344229, 17.690%, 6/24/2028 †§x# | Best Egg | 6/27/2024 | 21447 | 21199 | 21676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2344383, 9.310%, 6/24/2029 †§x | Best Egg | 6/27/2024 | 40304 | 39821 | 40711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2344744, 8.910%, 6/25/2029 †§x | Best Egg | 6/28/2024 | 40224 | 39742 | 40895 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**58** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345369, 9.000%, 3/26/2030 †x | Prosper | 3/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345372, 8.180%, 3/26/2029 †x | Prosper | 3/28/2025 | 40066 | 39340 | 40006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345375, 10.560%, 3/26/2028 †§x | Prosper | 3/28/2025 | 28676 | 28175 | 28889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345381, 8.680%, 3/26/2030 †x | Prosper | 3/28/2025 | 29837 | 29282 | 28930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345384, 12.250%, 3/26/2030 †§x | Prosper | 3/28/2025 | 26513 | 26017 | 26515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345387, 14.110%, 3/26/2030 †§x | Prosper | 3/28/2025 | 28234 | 27705 | 29092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345390, 8.000%, 3/26/2028 †x | Prosper | 3/28/2025 | 23780 | 23366 | 23906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345393, 10.440%, 3/26/2030 †§x | Prosper | 3/28/2025 | 25414 | 24940 | 24681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345396, 8.000%, 3/26/2028 †x | Prosper | 3/28/2025 | 23637 | 23225 | 23750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345402, 12.500%, 6/25/2028 †§x | Best Egg | 6/28/2024 | 22821 | 22565 | 22823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345756, 11.930%, 3/26/2030 †x | Prosper | 3/28/2025 | 42198 | 41410 | 41984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345759, 11.930%, 3/26/2030 †x | Prosper | 3/28/2025 | 40766 | 40005 | 40560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345762, 11.020%, 3/26/2030 †§x | Prosper | 3/28/2025 | 29024 | 28483 | 28455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345765, 13.000%, 4/07/2028 †§x# | Prosper | 3/28/2025 | 22786 | 22386 | 22883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345981, 12.630%, 3/27/2029 †x | Prosper | 3/31/2025 | 44897 | 44077 | 44688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345984, 11.020%, 3/27/2030 †x | Prosper | 3/31/2025 | 37650 | 36947 | 36916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345987, 12.250%, 3/27/2030 †x | Prosper | 3/31/2025 | 35690 | 35023 | 35699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2345990, 13.530%, 3/27/2030 †x | Prosper | 3/31/2025 | 33723 | 33091 | 33770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346001, 15.150%, 6/25/2029 †§x | Best Egg | 6/28/2024 | 22001 | 21731 | 22054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346022, 17.090%, 6/25/2029 †§x | Best Egg | 6/28/2024 | 39255 | 38769 | 39305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346207, 19.500%, 6/25/2029 †§x | Best Egg | 6/28/2024 | 25414 | 25096 | 23161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346230, 14.110%, 3/27/2030 †x | Prosper | 3/31/2025 | 46116 | 45251 | 47526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346236, 16.480%, 3/27/2030 †x | Prosper | 3/31/2025 | 37550 | 36835 | 37233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346239, 16.140%, 3/27/2030 †x | Prosper | 3/31/2025 | 36824 | 36131 | 34997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346242, 11.160%, 4/04/2028 †§x# | Prosper | 3/31/2025 | 33628 | 33041 | 33882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346245, 10.050%, 3/27/2030 †§x | Prosper | 3/31/2025 | 32714 | 32104 | 31572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346248, 11.600%, 3/27/2030 †§x | Prosper | 3/31/2025 | 26483 | 25989 | 26212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346251, 15.500%, 4/04/2030 †§x | Prosper | 3/31/2025 | 25570 | 25089 | 24018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346254, 15.410%, 3/27/2028 †§x | Prosper | 3/31/2025 | 23072 | 22666 | 21851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346257, 14.850%, 3/30/2030 †§x# | Prosper | 3/31/2025 | 23060 | 22627 | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346266, 12.250%, 3/27/2030 †§x | Prosper | 3/31/2025 | 21414 | 21014 | 21419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346351, 19.980%, 6/25/2029 †§x | Best Egg | 6/28/2024 | 24554 | 24247 | 23331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346655, 19.470%, 8/25/2029 †x# | Best Egg | 6/28/2024 | 42555 | 42012 | 38661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346677, 11.900%, 3/28/2030 †x# | Prosper | 4/01/2025 | 42762 | 41907 | 42250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346740, 11.600%, 3/28/2030 †x# | Prosper | 4/01/2025 | 47019 | 46079 | 46456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346743, 13.250%, 3/28/2029 †x# | Prosper | 4/01/2025 | 38353 | 37586 | 37704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346746, 14.110%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 32404 | 31756 | 32013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346752, 15.580%, 3/28/2029 †x# | Prosper | 4/01/2025 | 25806 | 25290 | 25368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346755, 15.800%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 26265 | 25740 | 25879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346758, 13.880%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 23819 | 23343 | 23471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346764, 16.700%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 22948 | 22489 | 22610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346921, 13.980%, 3/26/2030 †x | Prosper | 3/28/2025 | 47047 | 46166 | 47104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346924, 13.700%, 3/26/2030 †x | Prosper | 3/28/2025 | 47026 | 46145 | 48530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346927, 10.300%, 3/26/2028 †§x | Prosper | 3/28/2025 | 28662 | 28162 | 28840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346930, 12.250%, 3/26/2030 †§x | Prosper | 3/28/2025 | 25493 | 25016 | 25495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2346933, 14.850%, 3/26/2030 †§x | Prosper | 3/28/2025 | 21672 | 21266 | 20814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 234709860, 15.600%, 7/03/2028 †x# | Upgrade | 7/06/2023 | 27088 | 26914 | 21147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347269, 13.530%, 3/26/2030 †§x | Prosper | 3/28/2025 | 28207 | 27679 | 28243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347332, 10.380%, 3/27/2030 †x | Prosper | 3/31/2025 | 46761 | 45889 | 45726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347335, 13.530%, 3/27/2030 †x | Prosper | 3/31/2025 | 42311 | 41518 | 42371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347343, 13.720%, 4/08/2030 †§x# | Prosper | 4/02/2025 | 32545 | 31934 | 29759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347346, 20.610%, 3/31/2030 †§x# | Prosper | 4/02/2025 | 31697 | 31097 | 30885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347349, 15.520%, 3/31/2030 †§x# | Prosper | 4/02/2025 | 24823 | 24356 | 23323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347353, 10.040%, 3/27/2028 †§x | Prosper | 3/31/2025 | 20208 | 19856 | 20112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347441, 22.610%, 8/01/2029 †§x | Best Egg | 7/01/2024 | 21764 | 21488 | 20181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347479, 11.550%, 3/27/2030 †x | Prosper | 3/31/2025 | 42170 | 41383 | 41705 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**59** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347662, 10.300%, 3/27/2029 †x | Prosper | 3/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347665, 16.920%, 3/27/2030 †x | Prosper | 3/31/2025 | 38759 | 38029 | 38782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347668, 13.720%, 3/27/2030 †x | Prosper | 3/31/2025 | 38562 | 37840 | 35289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347671, 13.530%, 3/27/2030 †x | Prosper | 3/31/2025 | 37610 | 36905 | 35686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347674, 15.330%, 3/27/2030 †x | Prosper | 3/31/2025 | 36777 | 36086 | 35898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347677, 16.080%, 3/27/2030 †§x | Prosper | 3/31/2025 | 31121 | 30536 | 30403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347680, 11.050%, 3/27/2030 †§x | Prosper | 3/31/2025 | 29962 | 29403 | 29392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347686, 15.150%, 3/27/2030 †§x | Prosper | 3/31/2025 | 28282 | 27751 | 26793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347692, 16.700%, 3/27/2030 †§x | Prosper | 3/31/2025 | 23626 | 23181 | 23467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347695, 12.700%, 3/27/2030 †§x | Prosper | 3/31/2025 | 24245 | 23791 | 22704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347698, 15.930%, 3/27/2030 †§x | Prosper | 3/31/2025 | 23597 | 23154 | 23052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2347701, 14.950%, 3/27/2030 †§x | Prosper | 3/31/2025 | 23561 | 23118 | 22149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348133, 12.280%, 3/28/2028 †x# | Prosper | 4/01/2025 | 45327 | 44421 | 44989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348136, 13.100%, 4/11/2030 †x | Prosper | 4/01/2025 | 39336 | 38600 | 38936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348139, 13.540%, 3/28/2028 †§x# | Prosper | 4/01/2025 | 34916 | 34217 | 34395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348142, 16.830%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 28689 | 28115 | 28266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348145, 11.750%, 3/28/2029 †x# | Prosper | 4/01/2025 | 28004 | 27444 | 27850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348148, 15.480%, 3/28/2030 †x# | Prosper | 4/01/2025 | 27687 | 27133 | 27280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348151, 14.340%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 27647 | 27094 | 27242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348154, 16.830%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 27733 | 27178 | 27324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348157, 14.250%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 26184 | 25661 | 25801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348160, 14.620%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 25673 | 25160 | 25297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348163, 13.750%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 22862 | 22405 | 22528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348166, 11.450%, 3/28/2029 †x# | Prosper | 4/01/2025 | 20528 | 20117 | 20415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348667, 11.910%, 3/31/2028 †x | Prosper | 4/02/2025 | 42865 | 42112 | 43668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348670, 12.500%, 4/30/2028 †§x# | Prosper | 4/02/2025 | 36682 | 36020 | 36948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348676, 17.320%, 3/31/2030 †x# | Prosper | 4/02/2025 | 33968 | 33327 | 31560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348679, 13.130%, 3/31/2030 †§x# | Prosper | 4/02/2025 | 23795 | 23349 | 24088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2348682, 10.700%, 3/31/2028 †§x# | Prosper | 4/02/2025 | 20342 | 19985 | 20520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349574, 19.500%, 11/16/2029 †§x | Best Egg | 7/01/2024 | 22487 | 22201 | 21497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349731, 13.720%, 4/04/2030 †x | Prosper | 4/08/2025 | 39054 | 38320 | 38490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349734, 11.920%, 4/04/2030 †x | Prosper | 4/08/2025 | 38962 | 38231 | 38400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349737, 14.100%, 4/04/2030 †§x | Prosper | 4/08/2025 | 31415 | 30824 | 30961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349743, 14.000%, 4/30/2030 †§x# | Prosper | 4/08/2025 | 28927 | 28385 | 28588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349746, 14.880%, 4/04/2030 †§x | Prosper | 4/08/2025 | 25920 | 25432 | 25636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349749, 12.450%, 4/04/2028 †§x | Prosper | 4/08/2025 | 24899 | 24460 | 24523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349752, 16.440%, 4/04/2030 †§x | Prosper | 4/08/2025 | 23862 | 23412 | 23451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349755, 19.550%, 4/04/2030 †§x | Prosper | 4/08/2025 | 23984 | 23530 | 23410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2349758, 9.080%, 4/04/2029 †x | Prosper | 4/08/2025 | 20212 | 19843 | 20177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235016592, 19.460%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 29604 | 29398 | 30269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351127, 11.770%, 4/04/2030 †x | Prosper | 4/08/2025 | 47504 | 46614 | 48409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351130, 13.430%, 4/04/2030 †x | Prosper | 4/08/2025 | 47609 | 46714 | 47088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351133, 9.180%, 4/04/2030 †x | Prosper | 4/08/2025 | 47334 | 46450 | 46259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351136, 14.550%, 4/04/2030 †x | Prosper | 4/08/2025 | 47202 | 46313 | 46685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351139, 13.770%, 4/04/2028 †x | Prosper | 4/08/2025 | 37235 | 36576 | 36672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351142, 11.160%, 4/04/2028 †§x | Prosper | 4/08/2025 | 35284 | 34662 | 35026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351145, 8.630%, 4/04/2029 †x | Prosper | 4/08/2025 | 35348 | 34703 | 35286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351148, 15.250%, 4/04/2030 †§x | Prosper | 4/08/2025 | 32450 | 31838 | 31981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351151, 8.000%, 4/04/2030 †x | Prosper | 4/08/2025 | 30243 | 29679 | 28992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351157, 16.500%, 4/04/2030 †§x | Prosper | 4/08/2025 | 23420 | 22977 | 23080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351160, 8.000%, 4/04/2028 †x | Prosper | 4/08/2025 | 22060 | 21673 | 22170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351163, 8.000%, 4/04/2030 †x | Prosper | 4/08/2025 | 22597 | 22176 | 21663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351169, 15.110%, 5/03/2028 †§x# | Prosper | 4/08/2025 | 20519 | 20153 | 20194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351172, 10.350%, 4/04/2030 †x | Prosper | 4/08/2025 | 20387 | 20006 | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351385, 11.790%, 4/07/2028 †x | Prosper | 4/09/2025 | 37128 | 36471 | 34472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351797, 8.000%, 2/26/2031 †x# | Prosper | 3/28/2025 | 47953 | 47043 | 32566 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**60** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351800, 9.080%, 3/26/2029 †x | Prosper | 3/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351803, 13.250%, 3/26/2030 †x | Prosper | 3/28/2025 | 37593 | 36889 | 35451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351806, 13.650%, 3/26/2030 †x | Prosper | 3/28/2025 | 36677 | 35990 | 34807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351809, 9.580%, 3/26/2030 †x | Prosper | 3/28/2025 | 36422 | 35744 | 35321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351812, 10.180%, 3/26/2030 †x | Prosper | 3/28/2025 | 30482 | 29915 | 29564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2351815, 11.020%, 3/26/2030 †§x | Prosper | 3/28/2025 | 20860 | 20471 | 20451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352012, 17.060%, 8/05/2029 †§x | Best Egg | 7/03/2024 | 32387 | 31983 | 30814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352208, 11.370%, 3/26/2029 †x | Prosper | 3/28/2025 | 45797 | 44963 | 45580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352214, 11.600%, 3/26/2030 †§x | Prosper | 3/28/2025 | 27179 | 26671 | 26897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352217, 9.900%, 3/26/2030 †§x | Prosper | 3/28/2025 | 21492 | 21092 | 20689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352277, 8.680%, 3/27/2029 †x | Prosper | 3/31/2025 | 32537 | 31947 | 32484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352377, 15.630%, 8/01/2029 †§x | Best Egg | 7/03/2024 | 24904 | 24595 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235262341, 14.640%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 23447 | 23288 | 23638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352652, 16.750%, 3/27/2030 †x | Prosper | 3/31/2025 | 36861 | 36166 | 35801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352655, 15.380%, 3/27/2030 †x | Prosper | 3/31/2025 | 37362 | 36662 | 27913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352658, 14.850%, 3/27/2030 †§x | Prosper | 3/31/2025 | 32508 | 31898 | 30281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352661, 13.720%, 3/27/2030 †§x | Prosper | 3/31/2025 | 31021 | 30438 | 28387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352664, 16.500%, 3/27/2030 †§x | Prosper | 3/31/2025 | 30232 | 29663 | 28893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352667, 9.110%, 3/27/2028 †x | Prosper | 3/31/2025 | 28066 | 27577 | 27849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352670, 13.700%, 3/27/2030 †§x | Prosper | 3/31/2025 | 26869 | 26365 | 25563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352673, 16.830%, 3/27/2030 †§x | Prosper | 3/31/2025 | 26307 | 25809 | 25642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352676, 13.450%, 4/20/2028 †§x | Prosper | 3/31/2025 | 24639 | 24207 | 23342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352679, 10.250%, 3/27/2030 †§x | Prosper | 3/31/2025 | 25405 | 24932 | 24599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2352781, 11.120%, 3/27/2028 †x | Prosper | 3/31/2025 | 36097 | 35466 | 33332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353108, 10.710%, 3/28/2028 †§x# | Prosper | 4/01/2025 | 26672 | 26138 | 26473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353111, 11.790%, 3/28/2030 †x# | Prosper | 4/01/2025 | 27079 | 26537 | 26685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353114, 14.500%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 26193 | 25669 | 25809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353117, 16.380%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 24680 | 24186 | 24316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353123, 16.400%, 3/28/2029 †x# | Prosper | 4/01/2025 | 22162 | 21719 | 21566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353126, 14.950%, 3/28/2030 †§x# | Prosper | 4/01/2025 | 21041 | 20621 | 20539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235335142, 15.060%, 7/18/2027 †x | Upgrade | 7/06/2023 | 27382 | 27245 | 27913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235349356, 14.920%, 7/03/2028 †x | Upgrade | 7/06/2023 | 36672 | 36423 | 29084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353657, 14.950%, 3/31/2030 †x# | Prosper | 4/02/2025 | 39116 | 38380 | 37544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353660, 12.250%, 3/31/2030 †x# | Prosper | 4/02/2025 | 36602 | 35916 | 36543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353663, 15.380%, 3/31/2030 †x# | Prosper | 4/02/2025 | 36710 | 36019 | 35764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353666, 19.450%, 3/31/2030 †§x# | Prosper | 4/02/2025 | 29513 | 28954 | 27571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353669, 13.850%, 3/31/2030 †§x# | Prosper | 4/02/2025 | 27217 | 26706 | 25745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353672, 12.700%, 3/31/2030 †§x# | Prosper | 4/02/2025 | 26131 | 25641 | 24431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353675, 17.140%, 4/24/2028 †§x# | Prosper | 4/02/2025 | 24021 | 23595 | 23285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2353753, 14.050%, 3/31/2030 †§x# | Prosper | 4/02/2025 | 23824 | 23376 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235379418, 20.770%, 7/03/2027 †§x# | Upgrade | 7/06/2023 | 23368 | 23213 | 24382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2354356, 13.690%, 7/01/2029 †x | Best Egg | 7/05/2024 | 22494 | 22200 | 21389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2354698, 19.980%, 7/01/2029 †§x | Best Egg | 7/05/2024 | 25750 | 25405 | 24523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235478097, 12.600%, 7/08/2028 †§x | Upgrade | 7/06/2023 | 22126 | 21981 | 22228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235491240, 14.640%, 7/18/2028 †§x | Upgrade | 7/06/2023 | 20255 | 20120 | 20488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235524446, 15.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 20258 | 20122 | 20424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2355504, 16.350%, 7/01/2029 †§x | Best Egg | 7/05/2024 | 21920 | 21630 | 21071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2355964, 14.410%, 4/04/2030 †x | Prosper | 4/08/2025 | 47670 | 46772 | 47148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2355970, 19.550%, 4/04/2029 †x | Prosper | 4/08/2025 | 31597 | 31011 | 30903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2355973, 9.700%, 4/04/2028 †x | Prosper | 4/08/2025 | 27082 | 26606 | 27716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2355976, 21.520%, 4/04/2028 †§x | Prosper | 4/08/2025 | 24785 | 24341 | 24330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2355979, 19.110%, 4/04/2028 †§x | Prosper | 4/08/2025 | 22505 | 22103 | 22094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2356243, 16.120%, 7/02/2029 †§x | Best Egg | 7/05/2024 | 27476 | 27113 | 25979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2357115, 9.210%, 7/02/2027 †§x | Best Egg | 7/05/2024 | 29732 | 29426 | 29806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235758788, 24.200%, 7/11/2028 †§x | Upgrade | 7/06/2023 | 21722 | 21564 | 22388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358134, 11.600%, 4/22/2030 †x | Prosper | 4/24/2025 | 47494 | 46596 | 47088 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**61** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358137, 12.830%, 4/22/2030 †x | Prosper | 4/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358140, 12.180%, 4/22/2030 †§x | Prosper | 4/24/2025 | 28994 | 28445 | 28458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358143, 12.830%, 4/22/2030 †§x# | Prosper | 4/24/2025 | 28544 | 28002 | 28873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358146, 9.720%, 4/22/2029 †x | Prosper | 4/24/2025 | 26300 | 25814 | 26195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235838171, 12.990%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 20178 | 20046 | 20282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358533, 10.110%, 4/22/2029 †x | Prosper | 4/24/2025 | 45981 | 45131 | 45912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358536, 9.580%, 4/22/2030 †x | Prosper | 4/24/2025 | 44519 | 43680 | 43183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358540, 10.790%, 7/04/2027 †§x | Best Egg | 7/08/2024 | 21565 | 21341 | 21738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358542, 13.850%, 4/22/2030 †x | Prosper | 4/24/2025 | 39061 | 38321 | 37077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358545, 11.910%, 5/15/2030 †x# | Prosper | 4/24/2025 | 38336 | 37613 | 37723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358548, 10.580%, 4/22/2028 †§x | Prosper | 4/24/2025 | 27118 | 26632 | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358551, 8.620%, 4/22/2030 †x | Prosper | 4/24/2025 | 29324 | 28772 | 27992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358554, 15.980%, 4/22/2028 †§x# | Prosper | 4/24/2025 | 27068 | 26576 | 26185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358557, 12.360%, 4/22/2028 †§x | Prosper | 4/24/2025 | 25830 | 25366 | 26054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358560, 18.070%, 4/22/2030 †§x | Prosper | 4/24/2025 | 26816 | 26305 | 25307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358563, 16.960%, 5/06/2028 †§x | Prosper | 4/24/2025 | 22884 | 22469 | 22280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358566, 14.500%, 4/22/2030 †§x | Prosper | 4/24/2025 | 23838 | 23385 | 22862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358569, 10.710%, 4/22/2028 †§x | Prosper | 4/24/2025 | 22603 | 22198 | 22801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358572, 16.750%, 4/22/2030 †§x | Prosper | 4/24/2025 | 22949 | 22512 | 20636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358575, 13.700%, 4/22/2030 †§x | Prosper | 4/24/2025 | 22791 | 22359 | 21657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358578, 17.060%, 4/22/2028 †§x | Prosper | 4/24/2025 | 21352 | 20966 | 20778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2358581, 14.850%, 4/22/2030 †§x | Prosper | 4/24/2025 | 21940 | 21524 | 21292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359040, 10.380%, 4/23/2030 †x | Prosper | 4/25/2025 | 37931 | 37215 | 37102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359043, 9.110%, 4/23/2028 †x | Prosper | 4/25/2025 | 24506 | 24068 | 24330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359046, 16.830%, 4/23/2030 †§x | Prosper | 4/25/2025 | 25114 | 24636 | 24519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359049, 9.730%, 4/23/2029 †x | Prosper | 4/25/2025 | 23269 | 22838 | 23240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359052, 14.950%, 4/23/2030 †§x | Prosper | 4/25/2025 | 22939 | 22503 | 22045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359055, 14.250%, 4/23/2030 †§x | Prosper | 4/25/2025 | 20947 | 20550 | 20107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359085, 11.260%, 4/23/2028 †§x | Prosper | 4/25/2025 | 35289 | 34656 | 35109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359230, 16.120%, 7/04/2029 †§x | Best Egg | 7/08/2024 | 42271 | 41711 | 41746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359407, 12.660%, 4/22/2028 †§x | Prosper | 4/24/2025 | 35362 | 34727 | 35668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359410, 13.720%, 4/22/2030 †x | Prosper | 4/24/2025 | 36234 | 35548 | 37183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359413, 9.630%, 4/22/2029 †x | Prosper | 4/24/2025 | 26988 | 26489 | 26879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359419, 11.150%, 4/22/2030 †§x | Prosper | 4/24/2025 | 20884 | 20490 | 20554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359422, 11.500%, 4/22/2030 †§x | Prosper | 4/24/2025 | 20644 | 20254 | 20434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235943265, 13.000%, 7/03/2027 †§x | Upgrade | 7/06/2023 | 24492 | 24359 | 25008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359803, 9.130%, 4/22/2030 †x | Prosper | 4/24/2025 | 47331 | 46439 | 45906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359806, 12.250%, 4/22/2030 †x | Prosper | 4/24/2025 | 41330 | 40549 | 41414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359809, 10.690%, 4/22/2028 †§x | Prosper | 4/24/2025 | 31643 | 31076 | 31859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359812, 19.550%, 4/22/2030 †§x | Prosper | 4/24/2025 | 23998 | 23540 | 23232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2359815, 13.880%, 4/22/2030 †§x | Prosper | 4/24/2025 | 23819 | 23367 | 22762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235996591, 13.860%, 7/03/2027 †§x | Upgrade | 7/06/2023 | 27426 | 27276 | 27612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2360331, 15.000%, 4/23/2030 †x | Prosper | 4/25/2025 | 47706 | 46800 | 50322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2360334, 13.720%, 5/01/2030 †x | Prosper | 4/25/2025 | 39665 | 38915 | 27870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2360337, 16.550%, 4/23/2030 †§x | Prosper | 4/25/2025 | 32503 | 31884 | 31143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2360340, 13.350%, 4/23/2028 †§x | Prosper | 4/25/2025 | 32675 | 32087 | 30933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2360343, 14.360%, 4/23/2030 †§x | Prosper | 4/25/2025 | 31425 | 30829 | 29317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2360346, 9.580%, 4/23/2030 †x | Prosper | 4/25/2025 | 23681 | 23234 | 22970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2360349, 8.000%, 4/23/2030 †x | Prosper | 4/25/2025 | 22682 | 22255 | 21534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2361274, 12.550%, 7/07/2029 †§x | Best Egg | 7/10/2024 | 29147 | 28766 | 28975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2361340, 13.590%, 8/07/2028 †x | Best Egg | 7/10/2024 | 40544 | 40046 | 40721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2361844, 19.520%, 8/07/2029 †§x | Best Egg | 7/10/2024 | 22794 | 22477 | 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236185455, 15.590%, 7/03/2028 †x# | Upgrade | 7/06/2023 | 31819 | 31605 | 24863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2362283, 10.250%, 7/07/2027 †§x | Best Egg | 7/10/2024 | 31774 | 31443 | 31918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2362755, 18.550%, 9/07/2029 †x# | Best Egg | 7/10/2024 | 32750 | 32305 | 32522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236291593, 12.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 23039 | 22889 | 23139 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**62** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 236336665, 10.660%, 7/03/2028 †§x | Upgrade | 7/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236358666, 24.200%, 7/18/2028 †§x | Upgrade | 7/06/2023 | 33097 | 32866 | 34167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2363612, 14.560%, 7/08/2028 †§x | Best Egg | 7/11/2024 | 39167 | 38689 | 39339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364049, 11.020%, 4/22/2030 †x | Prosper | 4/24/2025 | 46981 | 46094 | 46140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364367, 11.750%, 4/22/2028 †x | Prosper | 4/24/2025 | 37126 | 36460 | 34538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364370, 8.800%, 4/22/2028 †x | Prosper | 4/24/2025 | 31552 | 30989 | 32030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364373, 12.250%, 4/22/2030 †x | Prosper | 4/24/2025 | 35790 | 35113 | 35777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236437356, 10.660%, 7/16/2028 †§x | Upgrade | 7/06/2023 | 26259 | 26091 | 26399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364376, 8.000%, 4/22/2030 †x | Prosper | 4/24/2025 | 35437 | 34770 | 33643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364379, 9.040%, 4/22/2030 †§x | Prosper | 4/24/2025 | 32181 | 31575 | 30589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364382, 11.150%, 4/22/2030 †§x | Prosper | 4/24/2025 | 30952 | 30367 | 30462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364385, 11.020%, 4/22/2030 †§x | Prosper | 4/24/2025 | 29423 | 28867 | 28896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364388, 10.300%, 4/22/2029 †x | Prosper | 4/24/2025 | 25794 | 25317 | 25666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364391, 11.600%, 4/22/2030 †§x | Prosper | 4/24/2025 | 25647 | 25162 | 25427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364394, 19.500%, 4/22/2030 †§x | Prosper | 4/24/2025 | 25422 | 24937 | 24591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364397, 15.380%, 4/22/2030 †§x | Prosper | 4/24/2025 | 21478 | 21070 | 21018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236456555, 15.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 27348 | 27165 | 27572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364913, 8.000%, 4/23/2030 †x | Prosper | 4/25/2025 | 34968 | 34310 | 33198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364916, 9.560%, 4/23/2028 †x | Prosper | 4/25/2025 | 32943 | 32353 | 32707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364919, 8.250%, 4/23/2028 †x | Prosper | 4/25/2025 | 27022 | 26540 | 27266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364922, 13.250%, 4/23/2030 †§x | Prosper | 4/25/2025 | 26150 | 25654 | 24705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364925, 15.250%, 4/23/2030 †§x | Prosper | 4/25/2025 | 23860 | 23407 | 22402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2364931, 16.830%, 4/23/2030 †§x | Prosper | 4/25/2025 | 21038 | 20638 | 20594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365202, 19.340%, 5/06/2028 †§x | Prosper | 5/08/2025 | 26243 | 25762 | 25934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365208, 19.950%, 5/06/2030 †§x | Prosper | 5/08/2025 | 24260 | 23794 | 23189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365292, 11.500%, 5/06/2030 †x | Prosper | 5/08/2025 | 47268 | 46369 | 46684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365298, 12.980%, 5/06/2030 †x | Prosper | 5/08/2025 | 48205 | 47287 | 48872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365301, 12.830%, 5/06/2030 †x | Prosper | 5/08/2025 | 47234 | 46334 | 47772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365304, 10.950%, 5/06/2028 †x | Prosper | 5/08/2025 | 45976 | 45142 | 46643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365307, 9.650%, 5/06/2030 †x | Prosper | 5/08/2025 | 47078 | 46185 | 45215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365310, 10.250%, 5/06/2029 †x | Prosper | 5/08/2025 | 36083 | 35410 | 35886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365313, 13.130%, 5/06/2030 †x | Prosper | 5/08/2025 | 34713 | 34051 | 35279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365316, 13.650%, 5/06/2030 †§x | Prosper | 5/08/2025 | 31801 | 31195 | 30224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365319, 14.580%, 5/06/2029 †x | Prosper | 5/08/2025 | 26187 | 25696 | 25893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365322, 13.880%, 5/06/2030 †§x | Prosper | 5/08/2025 | 26507 | 26002 | 25323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365325, 13.700%, 5/06/2030 †§x | Prosper | 5/08/2025 | 26502 | 25997 | 25247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365328, 12.750%, 5/06/2028 †§x | Prosper | 5/08/2025 | 24196 | 23756 | 22755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365331, 14.880%, 5/06/2030 †§x | Prosper | 5/08/2025 | 24147 | 23686 | 23434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365334, 15.050%, 5/06/2030 †§x | Prosper | 5/08/2025 | 24152 | 23690 | 22874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365337, 10.350%, 5/06/2030 †§x | Prosper | 5/08/2025 | 21422 | 21016 | 20811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365340, 13.710%, 5/06/2030 †§x | Prosper | 5/08/2025 | 21202 | 20798 | 20201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365487, 8.830%, 5/06/2030 †x | Prosper | 5/08/2025 | 47997 | 47087 | 46534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365490, 15.000%, 5/06/2030 †x | Prosper | 5/08/2025 | 28347 | 27806 | 29872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236558747, 15.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 23654 | 23494 | 23848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2365629, 12.790%, 5/06/2028 †§x | Prosper | 5/08/2025 | 30168 | 29620 | 28384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236595660, 15.590%, 7/05/2028 †x# | Upgrade | 7/10/2023 | 29620 | 29421 | 29394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236631731, 15.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 27017 | 26810 | 27238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366325, 20.230%, 5/06/2030 †x | Prosper | 5/08/2025 | 38825 | 38080 | 37962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236640633, 14.640%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 25120 | 24953 | 25325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366421, 10.450%, 5/20/2028 †x# | Prosper | 5/08/2025 | 47811 | 46944 | 37856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366427, 10.440%, 5/06/2030 †x | Prosper | 5/08/2025 | 34617 | 33960 | 33679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366430, 15.500%, 5/06/2030 †x | Prosper | 5/08/2025 | 38659 | 37921 | 36425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366433, 15.150%, 5/06/2030 †x | Prosper | 5/08/2025 | 33815 | 33170 | 32225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366436, 13.250%, 5/06/2030 †§x | Prosper | 5/08/2025 | 31824 | 31217 | 30055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366439, 14.000%, 5/06/2028 †§x | Prosper | 5/08/2025 | 32257 | 31669 | 30746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366442, 11.750%, 5/06/2030 †§x | Prosper | 5/08/2025 | 25998 | 25504 | 25839 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**63** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366445, 16.250%, 5/06/2030 †§x | Prosper | 5/08/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236653321, 15.590%, 7/18/2028 †§x | Upgrade | 7/06/2023 | 23902 | 23742 | 23859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366589, 9.630%, 5/06/2030 †x | Prosper | 5/08/2025 | 48038 | 47127 | 46963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366592, 8.680%, 5/06/2030 †x | Prosper | 5/08/2025 | 23995 | 23540 | 23263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236668110, 15.590%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 20256 | 20120 | 20159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2366921, 7.570%, 7/09/2027 †§x | Best Egg | 7/12/2024 | 20660 | 20447 | 20762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236721658, 15.600%, 7/10/2028 †x# | Upgrade | 7/06/2023 | 25960 | 25795 | 20851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236741503, 15.600%, 7/11/2028 †§x# | Upgrade | 7/06/2023 | 27191 | 27008 | 27430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236754791, 15.600%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 30387 | 30183 | 30636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236763303, 14.640%, 7/03/2028 †§x | Upgrade | 7/06/2023 | 20766 | 20628 | 20935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236814398, 15.600%, 7/21/2028 †x# | Upgrade | 8/07/2023 | 25478 | 25313 | 20132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2368150, 16.850%, 8/20/2029 †§x | Best Egg | 7/15/2024 | 33908 | 33454 | 33186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 236927936, 15.590%, 7/05/2028 †§x | Upgrade | 7/10/2023 | 27008 | 26827 | 26897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2369612, 5.000%, 8/11/2029 †§x | Best Egg | 7/15/2024 | 37378 | 36880 | 31464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2369643, 20.490%, 9/11/2029 †x# | Best Egg | 7/15/2024 | 22955 | 22646 | 20952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2370313, 17.330%, 7/11/2029 †§x | Best Egg | 7/15/2024 | 41603 | 41048 | 41240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2370478, 17.580%, 7/11/2029 †§x | Best Egg | 7/15/2024 | 22767 | 22463 | 22617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371045, 18.970%, 5/06/2030 †x | Prosper | 5/08/2025 | 33935 | 33284 | 32466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371048, 18.360%, 5/06/2028 †§x | Prosper | 5/08/2025 | 28089 | 27575 | 27824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371051, 17.950%, 5/06/2030 †§x | Prosper | 5/08/2025 | 23248 | 22803 | 21943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371141, 13.250%, 5/06/2030 †x | Prosper | 5/08/2025 | 48218 | 47299 | 49099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371144, 9.940%, 5/06/2030 †x | Prosper | 5/08/2025 | 48054 | 47142 | 46372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371145, 15.950%, 7/14/2029 †§x | Best Egg | 7/17/2024 | 42241 | 41680 | 41752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371147, 14.880%, 5/10/2030 †x | Prosper | 5/08/2025 | 47409 | 46504 | 48593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371153, 9.500%, 5/06/2030 †x | Prosper | 5/08/2025 | 40346 | 39581 | 38654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371156, 14.810%, 5/06/2028 †x | Prosper | 5/08/2025 | 38244 | 37547 | 36251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371159, 11.680%, 5/06/2030 †x | Prosper | 5/08/2025 | 36625 | 35929 | 36360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371162, 14.400%, 5/06/2028 †§x | Prosper | 5/08/2025 | 33565 | 32954 | 31428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371165, 13.850%, 5/06/2030 †§x | Prosper | 5/08/2025 | 31843 | 31236 | 30406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371168, 14.850%, 5/06/2030 †§x | Prosper | 5/08/2025 | 22287 | 21861 | 21435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2371171, 13.130%, 5/06/2030 †§x | Prosper | 5/08/2025 | 22178 | 21755 | 22539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2372638, 23.360%, 11/14/2029 †x# | Best Egg | 7/17/2024 | 30677 | 30241 | 27996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2373030, 17.250%, 7/14/2028 †§x | Best Egg | 7/17/2024 | 24120 | 23821 | 23022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2373761, 11.950%, 7/15/2029 †§x | Best Egg | 7/18/2024 | 21180 | 20902 | 21028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2374467, 14.140%, 7/15/2029 †§x | Best Egg | 7/18/2024 | 21234 | 20938 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2375550, 16.580%, 7/15/2029 †§x | Best Egg | 7/18/2024 | 24821 | 24489 | 23673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2375789, 15.630%, 7/16/2029 †§x | Best Egg | 7/19/2024 | 38434 | 37922 | 37995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2376315, 7.580%, 7/16/2029 †§x | Best Egg | 7/19/2024 | 26865 | 26520 | 26776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2376983, 13.690%, 5/30/2028 †§x# | Prosper | 6/03/2025 | 22562 | 22143 | 22343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2377437, 6.930%, 7/16/2027 †§x | Best Egg | 7/19/2024 | 22516 | 22283 | 22631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2378634, 17.540%, 7/17/2029 †§x | Best Egg | 7/22/2024 | 33668 | 33216 | 31702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2378703, 15.630%, 7/17/2029 †§x | Best Egg | 7/22/2024 | 25312 | 24974 | 24143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2378741, 17.070%, 7/17/2028 †§x | Best Egg | 7/22/2024 | 38006 | 37535 | 37701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2379143, 15.430%, 7/17/2027 †§x | Best Egg | 7/22/2024 | 32874 | 32519 | 32689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2380515, 13.450%, 7/18/2029 †§x | Best Egg | 7/22/2024 | 20901 | 20625 | 20439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2380862, 10.030%, 7/18/2027 †§x | Best Egg | 7/22/2024 | 28434 | 28134 | 28452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2381311, 10.210%, 7/21/2029 †x | Best Egg | 7/30/2024 | 29257 | 29500 | 29462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2381321, 12.230%, 7/21/2029 †x | Best Egg | 7/30/2024 | 27517 | 27665 | 27488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2381555, 6.230%, 7/21/2027 †x | Best Egg | 7/30/2024 | 33006 | 33224 | 33119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2381855, 14.200%, 7/21/2027 †§x | Best Egg | 7/24/2024 | 33636 | 33273 | 33756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382306, 10.210%, 7/21/2029 †x | Best Egg | 7/30/2024 | 24724 | 24929 | 24898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382310, 8.560%, 7/21/2029 †x | Best Egg | 7/30/2024 | 40894 | 41230 | 41050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382417, 16.020%, 7/21/2028 †§x | Best Egg | 7/24/2024 | 25130 | 24819 | 24007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382490, 8.560%, 7/21/2029 †x | Best Egg | 7/30/2024 | 24537 | 24738 | 24630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382635, 14.080%, 9/20/2029 †x | Best Egg | 7/30/2024 | 25908 | 26131 | 26097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382715, 17.550%, 7/21/2028 †§x | Best Egg | 7/24/2024 | 31744 | 31348 | 30338 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**64** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382755, 12.380%, 7/21/2027 †x | Best Egg | 7/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382866, 0.000%, 9/21/2027 †x | Best Egg | 7/30/2024 | 28276 | 28475 | 22655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2382961, 12.210%, 7/21/2029 †x | Best Egg | 7/30/2024 | 24916 | 25125 | 25090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383086, 11.510%, 7/21/2029 †x | Best Egg | 7/30/2024 | 41449 | 41795 | 41406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383392, 8.690%, 7/21/2029 †x | Best Egg | 7/30/2024 | 20459 | 20628 | 20603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383676, 13.840%, 7/21/2027 †x | Best Egg | 7/30/2024 | 27412 | 27600 | 27509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383698, 13.870%, 8/21/2031 †x | Best Egg | 7/30/2024 | 31527 | 31815 | 31548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383716, 15.630%, 9/21/2029 †x | Best Egg | 7/24/2024 | 24218 | 23890 | 22812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383807, 18.300%, 7/21/2029 †x | Best Egg | 7/30/2024 | 20870 | 21050 | 20834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383812, 8.290%, 7/21/2029 †§x | Best Egg | 7/24/2024 | 22353 | 22064 | 22440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2383952, 18.530%, 7/21/2029 †§x | Best Egg | 7/24/2024 | 22943 | 22634 | 22107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384023, 13.770%, 7/21/2029 †§x | Best Egg | 7/24/2024 | 40913 | 40371 | 39391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384069, 9.560%, 8/21/2029 †x | Best Egg | 7/30/2024 | 20544 | 20714 | 20524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384154, 14.840%, 9/22/2031 †x# | Best Egg | 7/30/2024 | 22810 | 23019 | 22924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384382, 9.760%, 7/22/2029 †x | Best Egg | 7/30/2024 | 32898 | 33170 | 33129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384492, 15.600%, 7/22/2029 †§x | Best Egg | 7/25/2024 | 24465 | 24138 | 23936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384683, 16.780%, 8/22/2031 †x | Best Egg | 7/30/2024 | 22757 | 22967 | 22771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384750, 9.320%, 7/22/2027 †x | Best Egg | 7/30/2024 | 20449 | 20586 | 20520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2384764, 19.200%, 8/22/2031 †x | Best Egg | 7/30/2024 | 36711 | 37052 | 36344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2385071, 8.850%, 8/22/2031 †x | Best Egg | 7/30/2024 | 30887 | 31162 | 31028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2385228, 9.760%, 7/22/2029 †x | Best Egg | 7/30/2024 | 32898 | 33170 | 33129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2385703, 22.930%, 8/22/2031 †x | Best Egg | 7/30/2024 | 37129 | 37480 | 36748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2385744, 12.460%, 7/22/2029 †x | Best Egg | 7/30/2024 | 20811 | 20986 | 20890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386006, 10.300%, 7/23/2027 †x | Best Egg | 7/30/2024 | 20211 | 20347 | 20141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386416, 15.390%, 9/23/2029 †x# | Best Egg | 7/30/2024 | 43435 | 43806 | 43328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386425, 7.840%, 11/23/2027 †x | Best Egg | 7/30/2024 | 23142 | 23302 | 23141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386455, 7.920%, 8/23/2031 †x | Best Egg | 7/30/2024 | 21972 | 22167 | 22073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386595, 23.920%, 9/23/2029 †x# | Best Egg | 7/30/2024 | 27269 | 27541 | 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386733, 7.260%, 7/23/2029 †x | Best Egg | 7/30/2024 | 25605 | 25814 | 25785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386763, 6.820%, 7/23/2029 †§x | Best Egg | 7/26/2024 | 24708 | 24389 | 24608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386930, 8.470%, 7/23/2027 †x | Best Egg | 7/30/2024 | 33381 | 33604 | 33267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387105, 8.330%, 7/23/2029 †x | Best Egg | 7/30/2024 | 28595 | 28830 | 28570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387300, 11.500%, 6/23/2030 †x | Prosper | 6/25/2025 | 47780 | 46853 | 47534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387303, 13.640%, 6/23/2029 †x | Prosper | 6/25/2025 | 38733 | 37987 | 38666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387306, 9.680%, 6/23/2028 †§x | Prosper | 6/25/2025 | 29028 | 28480 | 29151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387309, 10.550%, 6/23/2030 †§x | Prosper | 6/25/2025 | 25542 | 25046 | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387312, 10.750%, 6/23/2028 †§x | Prosper | 6/25/2025 | 25881 | 25391 | 26320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387585, 15.030%, 6/24/2030 †x | Prosper | 6/26/2025 | 36162 | 35458 | 35407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387588, 9.580%, 6/24/2030 †x | Prosper | 6/26/2025 | 26460 | 25946 | 25684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387594, 15.390%, 7/23/2029 †x | Best Egg | 7/30/2024 | 21915 | 22102 | 21892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387768, 8.000%, 6/24/2030 †x | Prosper | 6/26/2025 | 43773 | 42924 | 41557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387990, 16.030%, 6/24/2029 †x | Prosper | 6/26/2025 | 35885 | 35193 | 35729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387993, 15.550%, 6/24/2030 †§x | Prosper | 6/26/2025 | 32228 | 31600 | 31389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387996, 11.910%, 6/24/2029 †x | Prosper | 6/26/2025 | 27630 | 27098 | 27510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2387999, 17.750%, 6/24/2030 †§x | Prosper | 6/26/2025 | 24475 | 23997 | 22562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388002, 16.830%, 6/24/2030 †§x | Prosper | 6/26/2025 | 24461 | 23984 | 24090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388005, 12.820%, 6/24/2030 †§x | Prosper | 6/26/2025 | 21448 | 21030 | 20252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388039, 13.000%, 6/23/2030 †x | Prosper | 6/25/2025 | 48804 | 47856 | 47716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388042, 10.550%, 6/23/2030 †x | Prosper | 6/25/2025 | 48719 | 47773 | 47695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388045, 9.680%, 6/23/2030 †x | Prosper | 6/25/2025 | 41707 | 40898 | 40230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388048, 10.350%, 6/23/2030 †§x | Prosper | 6/25/2025 | 32543 | 31911 | 31671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388048, 13.930%, 7/24/2029 †§x | Best Egg | 7/29/2024 | 26137 | 25790 | 25965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388051, 13.130%, 6/23/2030 †§x | Prosper | 6/25/2025 | 21219 | 20806 | 21695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388233, 18.820%, 6/24/2030 †x | Prosper | 6/26/2025 | 36245 | 35538 | 34717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388236, 19.220%, 6/28/2030 †x# | Prosper | 6/26/2025 | 35569 | 34857 | 33631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388239, 12.660%, 6/24/2028 †§x | Prosper | 6/26/2025 | 24800 | 24330 | 25119 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**65** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388306, 13.360%, 6/24/2030 †x | Prosper | 6/26/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388309, 12.380%, 6/24/2030 †x | Prosper | 6/26/2025 | 40003 | 39225 | 37499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388312, 11.500%, 6/24/2030 †x | Prosper | 6/26/2025 | 36033 | 35333 | 36326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388315, 10.750%, 6/24/2030 †§x | Prosper | 6/26/2025 | 27540 | 27006 | 27056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388318, 10.700%, 6/24/2028 †§x | Prosper | 6/26/2025 | 24844 | 24374 | 25255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388321, 11.930%, 6/24/2030 †§x | Prosper | 6/26/2025 | 23852 | 23389 | 23905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388324, 12.250%, 6/24/2030 †§x | Prosper | 6/26/2025 | 21737 | 21314 | 21903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388558, 19.920%, 7/24/2027 †§x | Best Egg | 7/29/2024 | 28188 | 27875 | 26737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388731, 20.750%, 6/25/2030 †x | Prosper | 6/27/2025 | 36285 | 35576 | 36195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388734, 15.250%, 6/25/2030 †§x | Prosper | 6/27/2025 | 27925 | 27381 | 26348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388737, 13.840%, 6/25/2030 †§x | Prosper | 6/27/2025 | 24904 | 24419 | 23917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388740, 18.580%, 6/25/2030 †§x | Prosper | 6/27/2025 | 24487 | 24009 | 24508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388743, 16.560%, 6/25/2028 †§x | Prosper | 6/27/2025 | 21545 | 21136 | 20754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388771, 6.380%, 7/24/2029 †§x | Best Egg | 7/29/2024 | 20235 | 19975 | 20119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388773, 14.910%, 7/24/2029 †x | Best Egg | 7/30/2024 | 41885 | 42241 | 41820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388801, 13.100%, 6/24/2028 †§x | Prosper | 6/26/2025 | 38166 | 37443 | 36115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388804, 15.500%, 6/24/2030 †x | Prosper | 6/26/2025 | 34375 | 33705 | 32561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388807, 18.680%, 6/24/2030 †§x | Prosper | 6/26/2025 | 29386 | 28812 | 28217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2388810, 15.550%, 6/24/2030 †§x | Prosper | 6/26/2025 | 22559 | 22120 | 22276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389050, 18.040%, 6/24/2030 †x | Prosper | 6/26/2025 | 36229 | 35522 | 33554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389053, 18.600%, 6/24/2030 †x | Prosper | 6/26/2025 | 36241 | 35533 | 34920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389056, 18.550%, 6/24/2030 †x | Prosper | 6/26/2025 | 36240 | 35532 | 34891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389059, 17.750%, 6/24/2030 †§x | Prosper | 6/26/2025 | 29370 | 28797 | 27914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389062, 23.080%, 6/24/2030 †§x | Prosper | 6/26/2025 | 29458 | 28881 | 29547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389065, 19.350%, 6/24/2028 †§x | Prosper | 6/26/2025 | 28750 | 28203 | 29019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389068, 25.180%, 6/24/2030 †§x | Prosper | 6/26/2025 | 19441 | 19061 | 20774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389151, 13.740%, 8/24/2031 †x | Best Egg | 7/30/2024 | 27008 | 27254 | 27027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389166, 15.540%, 8/24/2031 †x | Best Egg | 7/30/2024 | 43529 | 43928 | 43557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389665, 13.460%, 6/25/2030 †x | Prosper | 6/27/2025 | 36476 | 35766 | 34506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389668, 13.790%, 6/25/2030 †x | Prosper | 6/27/2025 | 34181 | 33515 | 32277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389671, 13.010%, 6/25/2028 †§x | Prosper | 6/27/2025 | 29353 | 28797 | 27796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389674, 13.650%, 6/25/2030 †§x | Prosper | 6/27/2025 | 28970 | 28406 | 27735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389677, 23.190%, 6/25/2030 †§x | Prosper | 6/27/2025 | 26974 | 26446 | 27893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389680, 17.750%, 6/25/2030 †§x | Prosper | 6/27/2025 | 25817 | 25313 | 24544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389683, 16.500%, 6/25/2030 †§x | Prosper | 6/27/2025 | 24722 | 24240 | 23802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389686, 15.630%, 6/25/2030 †§x | Prosper | 6/27/2025 | 24443 | 23967 | 24074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389692, 13.200%, 6/25/2028 †§x | Prosper | 6/27/2025 | 23378 | 22935 | 22187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389695, 14.200%, 6/25/2030 †§x | Prosper | 6/27/2025 | 22487 | 22049 | 21649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389701, 14.880%, 6/25/2030 †§x | Prosper | 6/27/2025 | 20523 | 20123 | 20048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389784, 16.260%, 6/27/2028 †§x | Prosper | 7/01/2025 | 23908 | 23452 | 23805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2389848, 11.250%, 9/25/2029 †x | Best Egg | 7/30/2024 | 32292 | 32563 | 32264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390119, 8.360%, 8/25/2031 †x | Best Egg | 7/30/2024 | 44030 | 44421 | 44231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390161, 15.150%, 7/25/2029 †§x | Best Egg | 7/29/2024 | 25969 | 25622 | 25410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390195, 13.990%, 9/12/2031 †x | Best Egg | 7/30/2024 | 23838 | 24056 | 23875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390206, 7.800%, 7/25/2029 †§x | Best Egg | 7/29/2024 | 21443 | 21163 | 21537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390361, 5.900%, 1/26/2030 †x | Best Egg | 7/29/2024 | 25788 | 25376 | 23133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390370, 15.570%, 7/25/2029 †x | Best Egg | 7/30/2024 | 25305 | 25521 | 25484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390499, 9.810%, 10/25/2027 †x | Best Egg | 7/30/2024 | 26987 | 27175 | 26895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390504, 9.530%, 9/25/2029 †x# | Best Egg | 7/30/2024 | 22882 | 23072 | 22979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390548, 20.540%, 7/25/2029 †x | Best Egg | 7/30/2024 | 42948 | 43330 | 42878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390598, 13.720%, 6/26/2030 †§x | Prosper | 6/30/2025 | 23437 | 22981 | 21571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390598, 20.230%, 7/25/2029 †x | Best Egg | 7/30/2024 | 25775 | 25999 | 25732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390617, 16.110%, 9/09/2031 †x | Best Egg | 7/30/2024 | 46157 | 46585 | 46010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390624, 10.020%, 7/25/2029 †x | Best Egg | 7/30/2024 | 41171 | 41513 | 41330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390630, 22.910%, 6/30/2030 †x# | Prosper | 7/02/2025 | 21771 | 21338 | 22057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390632, 9.310%, 7/25/2029 †§x | Best Egg | 7/29/2024 | 26191 | 25849 | 25919 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**66** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390636, 10.690%, 7/10/2030 †x# | Prosper | 7/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390773, 8.360%, 7/25/2031 †x | Best Egg | 7/30/2024 | 26052 | 26283 | 26170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390805, 23.190%, 6/27/2030 †x | Prosper | 7/01/2025 | 36333 | 35621 | 36093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390820, 9.560%, 7/25/2029 †x | Best Egg | 7/30/2024 | 41085 | 41424 | 41049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390868, 8.560%, 7/25/2029 †x | Best Egg | 7/30/2024 | 40894 | 41230 | 41053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390870, 26.900%, 7/25/2031 †x | Best Egg | 7/30/2024 | 46911 | 47359 | 46421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390874, 16.780%, 7/25/2031 †x | Best Egg | 7/30/2024 | 30920 | 31206 | 30793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390898, 14.420%, 7/25/2029 †x | Best Egg | 7/30/2024 | 24249 | 24455 | 24226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2390989, 20.260%, 8/25/2031 †x | Best Egg | 7/30/2024 | 32229 | 32530 | 31906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2391245, 11.000%, 9/01/2029 †x | Best Egg | 7/31/2024 | 41099 | 41443 | 41162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2391248, 6.370%, 9/01/2027 †x | Best Egg | 7/31/2024 | 34408 | 34640 | 34492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2391890, 6.600%, 8/01/2029 †x | Best Egg | 7/31/2024 | 20110 | 20274 | 20143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392073, 9.810%, 8/01/2027 †x | Best Egg | 7/31/2024 | 29660 | 29863 | 29430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392303, 7.980%, 9/01/2027 †x | Best Egg | 7/31/2024 | 34676 | 34911 | 34556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392329, 11.410%, 9/15/2027 †x | Best Egg | 7/31/2024 | 21285 | 21433 | 21117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392363, 11.020%, 9/01/2029 †x | Best Egg | 7/31/2024 | 42116 | 42469 | 41882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392486, 26.900%, 9/01/2031 †x | Best Egg | 7/31/2024 | 30367 | 30657 | 29933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392579, 12.210%, 9/01/2029 †x | Best Egg | 7/31/2024 | 29133 | 29379 | 29308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392764, 8.820%, 9/01/2029 †x | Best Egg | 7/31/2024 | 20858 | 21031 | 20744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392815, 8.560%, 9/01/2029 †x | Best Egg | 7/31/2024 | 20834 | 21006 | 20870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2392976, 15.880%, 9/01/2029 †x | Best Egg | 7/31/2024 | 24058 | 24265 | 24095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393162, 7.700%, 9/01/2029 †x | Best Egg | 7/31/2024 | 26980 | 27202 | 27146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393176, 12.580%, 6/23/2030 †x | Prosper | 6/25/2025 | 41960 | 41145 | 41350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393179, 17.550%, 6/23/2030 †§x | Prosper | 6/25/2025 | 29366 | 28793 | 26978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393398, 13.250%, 6/24/2030 †x | Prosper | 6/26/2025 | 40026 | 39247 | 38002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393401, 19.250%, 6/24/2030 †x | Prosper | 6/26/2025 | 38214 | 37468 | 40041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393404, 9.680%, 6/24/2030 †§x | Prosper | 6/26/2025 | 26295 | 25785 | 25366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393407, 14.780%, 6/30/2030 †§x# | Prosper | 6/26/2025 | 24580 | 24095 | 23945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393410, 14.250%, 6/24/2030 †§x | Prosper | 6/26/2025 | 23614 | 23155 | 22828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393540, 12.960%, 9/01/2029 †x | Best Egg | 7/31/2024 | 24627 | 24835 | 24445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2393838, 10.770%, 9/01/2029 †§x | Best Egg | 7/31/2024 | 21036 | 20758 | 20871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394082, 15.250%, 6/24/2030 †§x | Prosper | 6/26/2025 | 31888 | 31267 | 33780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394085, 18.750%, 6/24/2028 †§x | Prosper | 6/26/2025 | 26314 | 25813 | 25692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394461, 13.690%, 9/01/2029 †§x | Best Egg | 8/01/2024 | 22639 | 22336 | 22454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394640, 15.750%, 6/25/2030 †x | Prosper | 6/27/2025 | 39831 | 39054 | 39324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394643, 20.350%, 6/25/2030 †x | Prosper | 6/27/2025 | 36277 | 35568 | 34870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394646, 19.350%, 6/25/2028 †§x | Prosper | 6/27/2025 | 30667 | 30082 | 30963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394649, 18.450%, 6/25/2030 †x | Prosper | 6/27/2025 | 34279 | 33609 | 32959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394652, 13.190%, 6/25/2028 †§x | Prosper | 6/27/2025 | 33398 | 32764 | 31638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394655, 16.500%, 6/25/2030 †§x | Prosper | 6/27/2025 | 29837 | 29255 | 28726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394658, 13.000%, 6/25/2030 †§x | Prosper | 6/27/2025 | 28307 | 27756 | 26768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394661, 13.450%, 6/25/2028 †§x | Prosper | 6/27/2025 | 26217 | 25719 | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394664, 18.280%, 6/25/2030 †§x | Prosper | 6/27/2025 | 25462 | 24963 | 25485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394667, 20.630%, 6/25/2029 †x | Prosper | 6/27/2025 | 23503 | 23050 | 23218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2394670, 15.500%, 6/25/2030 †§x | Prosper | 6/27/2025 | 21484 | 21066 | 21201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2396071, 13.690%, 8/01/2029 †§x | Best Egg | 8/02/2024 | 37907 | 37400 | 36231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2396093, 15.140%, 9/01/2029 †§x | Best Egg | 8/02/2024 | 40970 | 40419 | 41075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2396163, 23.840%, 10/01/2029 †x# | Best Egg | 8/02/2024 | 23183 | 22872 | 21232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 239637070, 15.600%, 8/07/2028 †§x | Upgrade | 8/10/2023 | 20278 | 20138 | 20461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2396590, 8.100%, 6/30/2030 †x# | Prosper | 7/02/2025 | 38591 | 37837 | 36680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 239662220, 24.200%, 8/09/2028 †§x | Upgrade | 8/14/2023 | 20524 | 20371 | 21086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2398313, 17.000%, 9/01/2027 †§x | Best Egg | 8/05/2024 | 36056 | 35615 | 34466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2398439, 13.510%, 9/01/2031 †x | Best Egg | 8/05/2024 | 22698 | 22904 | 22690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2398476, 4.310%, 9/15/2027 †x | Best Egg | 8/05/2024 | 23892 | 24052 | 23954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2398558, 12.950%, 9/01/2029 †x | Best Egg | 8/05/2024 | 21199 | 21379 | 21238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2398720, 13.480%, 9/01/2031 †x | Best Egg | 8/05/2024 | 33286 | 33590 | 33276 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**67** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2398887, 15.320%, 9/01/2027 †x | Best Egg | 8/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2398976, 11.150%, 9/01/2031 †x | Best Egg | 8/05/2024 | 45004 | 45410 | 45175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399043, 13.940%, 9/16/2029 †x | Best Egg | 8/05/2024 | 42935 | 43306 | 42650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399141, 25.110%, 11/18/2031 †x | Best Egg | 8/05/2024 | 25904 | 26164 | 25607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399303, 13.970%, 9/01/2027 †§x | Best Egg | 8/05/2024 | 35589 | 35159 | 35691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399408, 11.590%, 9/21/2027 †§x | Best Egg | 8/05/2024 | 28429 | 28017 | 28543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399549, 5.940%, 8/01/2027 †§x | Best Egg | 8/05/2024 | 27692 | 27369 | 27800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399746, 11.950%, 8/01/2029 †§x | Best Egg | 8/05/2024 | 31404 | 30952 | 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2399948, 13.200%, 8/01/2029 †§x | Best Egg | 8/05/2024 | 26301 | 25921 | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400138, 15.430%, 8/01/2028 †§x | Best Egg | 8/05/2024 | 40189 | 39644 | 40060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400187, 11.840%, 8/01/2028 †§x | Best Egg | 8/05/2024 | 29857 | 29457 | 30098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400194, 15.200%, 7/21/2030 †§x | Prosper | 7/23/2025 | 28681 | 28108 | 28634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400391, 15.060%, 8/01/2031 †x | Best Egg | 8/05/2024 | 45616 | 46034 | 45598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400418, 8.820%, 8/01/2029 †x | Best Egg | 8/05/2024 | 28080 | 28312 | 27944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400458, 11.250%, 7/22/2028 †x | Prosper | 7/24/2025 | 40045 | 39259 | 39990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400461, 14.750%, 7/22/2030 †§x# | Prosper | 7/24/2025 | 30000 | 29400 | 22801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400464, 10.210%, 7/22/2028 †§x | Prosper | 7/24/2025 | 24896 | 24408 | 24876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400467, 18.680%, 7/22/2030 †§x | Prosper | 7/24/2025 | 23762 | 23287 | 23701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400470, 10.640%, 7/22/2028 †§x | Prosper | 7/24/2025 | 21187 | 20774 | 21130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400494, 22.130%, 6/01/2029 †§x# | Best Egg | 8/05/2024 | 39802 | 39218 | 36514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400495, 10.740%, 8/01/2029 †x | Best Egg | 8/05/2024 | 29401 | 29646 | 29582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400517, 8.530%, 8/01/2031 †x | Best Egg | 8/05/2024 | 44532 | 44927 | 44704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400752, 10.060%, 7/22/2028 †x | Prosper | 7/24/2025 | 47746 | 46811 | 47709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400755, 10.420%, 7/22/2030 †§x | Prosper | 7/24/2025 | 30048 | 29451 | 30018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400758, 10.450%, 7/22/2028 †§x | Prosper | 7/24/2025 | 21224 | 20808 | 21207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400761, 11.000%, 7/22/2030 †§x | Prosper | 7/24/2025 | 20740 | 20327 | 20719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400873, 14.750%, 7/21/2030 †§x | Prosper | 7/23/2025 | 29666 | 29073 | 29617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400876, 17.030%, 7/21/2030 †§x | Prosper | 7/23/2025 | 24740 | 24245 | 24698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400879, 14.280%, 7/21/2030 †§x | Prosper | 7/23/2025 | 23729 | 23255 | 23690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400882, 13.660%, 7/21/2028 †§x | Prosper | 7/23/2025 | 21507 | 21084 | 21473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2400885, 16.060%, 7/21/2028 †§x | Prosper | 7/23/2025 | 20548 | 20142 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401143, 19.580%, 7/22/2030 †§x | Prosper | 7/24/2025 | 32646 | 31993 | 32561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401146, 12.750%, 7/22/2028 †§x | Prosper | 7/24/2025 | 30066 | 29475 | 30025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401149, 13.280%, 7/22/2030 †§x | Prosper | 7/24/2025 | 26686 | 26154 | 26648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401152, 18.960%, 7/22/2030 †§x | Prosper | 7/24/2025 | 25745 | 25230 | 25705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401155, 19.450%, 7/22/2030 †x | Prosper | 7/24/2025 | 23768 | 23293 | 23706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401158, 14.440%, 7/22/2030 †§x | Prosper | 7/24/2025 | 22272 | 21827 | 22239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401161, 10.290%, 7/22/2030 †§x | Prosper | 7/24/2025 | 21462 | 21035 | 21440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401410, 9.460%, 7/22/2028 †§x | Prosper | 7/24/2025 | 27426 | 26890 | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401742, 16.160%, 8/04/2031 †x | Best Egg | 8/07/2024 | 31131 | 31418 | 30950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401887, 14.100%, 9/15/2031 †x | Best Egg | 8/07/2024 | 22854 | 23064 | 22735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401913, 13.200%, 8/04/2029 †§x# | Best Egg | 8/07/2024 | 26254 | 25870 | 26078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2401935, 10.540%, 8/04/2029 †x | Best Egg | 8/07/2024 | 20985 | 21161 | 20889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2402064, 13.870%, 8/04/2031 †x | Best Egg | 8/07/2024 | 27259 | 27507 | 27103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2402137, 13.210%, 8/04/2029 †§x | Best Egg | 8/07/2024 | 23332 | 22994 | 22296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2402727, 21.690%, 8/04/2029 †§x | Best Egg | 8/07/2024 | 35001 | 34479 | 32307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2402783, 26.460%, 11/04/2031 †x# | Best Egg | 8/07/2024 | 33969 | 34309 | 33706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2402937, 18.850%, 8/04/2027 †§x | Best Egg | 8/07/2024 | 32678 | 32267 | 31278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2403143, 11.880%, 8/04/2029 †§x | Best Egg | 8/07/2024 | 42152 | 41538 | 41684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2403276, 13.600%, 8/04/2027 †x | Best Egg | 8/07/2024 | 26277 | 25964 | 25846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2403323, 14.450%, 9/04/2031 †x# | Best Egg | 8/07/2024 | 23091 | 23322 | 23109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2403505, 8.330%, 9/18/2027 †x | Best Egg | 8/07/2024 | 25928 | 26070 | 25991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2403821, 18.050%, 9/26/2029 †§x | Best Egg | 8/07/2024 | 26145 | 25757 | 25023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2404111, 14.570%, 8/05/2027 †§x | Best Egg | 8/08/2024 | 28527 | 28186 | 27545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2404244, 13.200%, 8/05/2029 †§x | Best Egg | 8/08/2024 | 42420 | 41806 | 41884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2404343, 10.600%, 8/05/2027 †x | Best Egg | 8/08/2024 | 23619 | 23781 | 23682 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**68** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2404688, 17.060%, 9/15/2029 †§x# | Best Egg | 8/08/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2404916, 14.830%, 8/05/2027 †x | Best Egg | 8/08/2024 | 28693 | 28894 | 28493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405019, 18.300%, 8/05/2029 †§x | Best Egg | 8/08/2024 | 43155 | 42518 | 40836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405117, 16.610%, 8/05/2029 †§x | Best Egg | 8/08/2024 | 25786 | 25408 | 25603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405211, 24.050%, 8/05/2029 †§x# | Best Egg | 8/08/2024 | 26244 | 25849 | 24257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405267, 9.560%, 8/05/2029 †x | Best Egg | 8/08/2024 | 41795 | 42142 | 41612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405309, 15.920%, 8/05/2028 †§x | Best Egg | 8/08/2024 | 28141 | 27758 | 28062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405362, 13.690%, 8/05/2029 †§x | Best Egg | 8/08/2024 | 21251 | 20943 | 20312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405595, 15.470%, 9/05/2027 †x | Best Egg | 8/08/2024 | 22657 | 22381 | 21849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405637, 22.200%, 8/05/2028 †§x | Best Egg | 8/08/2024 | 27493 | 27109 | 26600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2405685, 15.150%, 8/05/2029 †§x | Best Egg | 8/08/2024 | 23187 | 22849 | 23025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406178, 18.050%, 7/21/2030 †x | Prosper | 7/23/2025 | 36627 | 35894 | 36564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406181, 13.890%, 7/21/2030 †§x | Prosper | 7/23/2025 | 29658 | 29065 | 29609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406184, 14.830%, 7/21/2030 †x | Prosper | 7/23/2025 | 28678 | 28104 | 28630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406187, 11.880%, 7/21/2030 †§x | Prosper | 7/23/2025 | 21710 | 21277 | 21675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406190, 12.200%, 7/21/2030 †§x | Prosper | 7/23/2025 | 20748 | 20335 | 20715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406208, 10.510%, 8/06/2029 †x | Best Egg | 8/09/2024 | 20981 | 21156 | 21027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406249, 14.420%, 8/06/2029 †x | Best Egg | 8/09/2024 | 33246 | 33529 | 33099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406472, 9.180%, 7/22/2029 †x | Prosper | 7/24/2025 | 43326 | 42479 | 43240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406475, 10.500%, 7/22/2030 †§x | Prosper | 7/24/2025 | 27902 | 27348 | 27874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406478, 22.780%, 7/22/2030 †§x | Prosper | 7/24/2025 | 24782 | 24286 | 24717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406613, 17.340%, 12/06/2029 †x# | Best Egg | 8/09/2024 | 47042 | 46340 | 45165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406656, 19.500%, 8/06/2029 †x | Best Egg | 8/09/2024 | 26055 | 26282 | 25900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406715, 21.000%, 7/22/2030 †x | Prosper | 7/24/2025 | 35668 | 34955 | 35575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406718, 16.700%, 7/22/2030 †x | Prosper | 7/24/2025 | 36611 | 35879 | 36518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406888, 13.450%, 9/15/2029 †x | Best Egg | 8/09/2024 | 25590 | 25808 | 25440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2406919, 12.130%, 8/06/2028 †§x | Best Egg | 8/09/2024 | 27753 | 27379 | 27880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2407180, 9.050%, 8/06/2029 †x | Best Egg | 8/09/2024 | 24920 | 25128 | 24976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2407240, 15.880%, 8/06/2029 †§x | Best Egg | 8/09/2024 | 42860 | 42233 | 42558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2407418, 14.420%, 8/06/2029 †x | Best Egg | 8/09/2024 | 34098 | 34389 | 34171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2407447, 8.630%, 7/23/2030 †x | Prosper | 7/25/2025 | 32173 | 31535 | 32157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2407517, 10.210%, 8/06/2029 †x | Best Egg | 8/09/2024 | 27856 | 28088 | 28029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2407629, 7.800%, 8/06/2029 †x | Best Egg | 8/09/2024 | 20740 | 20911 | 20872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2407900, 10.300%, 8/07/2028 †§x | Best Egg | 8/12/2024 | 25853 | 25498 | 25688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 240805185, 14.920%, 8/03/2028 †§x | Upgrade | 8/07/2023 | 30887 | 30676 | 31022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 240814940, 15.600%, 8/07/2028 †§x | Upgrade | 8/10/2023 | 33123 | 32895 | 33368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2408312, 26.460%, 8/07/2031 †x | Best Egg | 8/12/2024 | 32973 | 33289 | 32548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2408533, 10.790%, 8/07/2027 †§x | Best Egg | 8/12/2024 | 20945 | 20697 | 21095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2408601, 9.790%, 8/07/2029 †x | Best Egg | 8/12/2024 | 41816 | 42164 | 41656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2408664, 7.490%, 8/07/2027 †§x | Best Egg | 8/12/2024 | 27470 | 27150 | 27680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2408763, 11.880%, 8/07/2027 †§x | Best Egg | 8/12/2024 | 23120 | 22845 | 23216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409010, 15.150%, 8/07/2029 †§x | Best Egg | 8/12/2024 | 42742 | 42117 | 42205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409050, 5.940%, 8/07/2027 †x | Best Egg | 8/12/2024 | 31558 | 31769 | 31647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409060, 21.570%, 8/19/2027 †§x | Best Egg | 8/22/2024 | 36545 | 36088 | 34630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409064, 8.780%, 8/07/2028 †§x | Best Egg | 8/12/2024 | 39077 | 38557 | 39460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409092, 12.140%, 8/07/2027 †§x | Best Egg | 8/12/2024 | 29178 | 28830 | 29279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409138, 19.950%, 10/07/2029 †x# | Best Egg | 8/12/2024 | 39315 | 38724 | 35884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409175, 15.540%, 8/07/2028 †§x | Best Egg | 8/12/2024 | 24526 | 24192 | 24648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409310, 7.650%, 9/23/2029 †x | Best Egg | 8/12/2024 | 41626 | 41971 | 41899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409451, 9.010%, 8/07/2029 †§x | Best Egg | 8/12/2024 | 41697 | 41102 | 41254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409488, 13.210%, 8/14/2029 †§x | Best Egg | 8/12/2024 | 41304 | 40701 | 40468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409625, 7.280%, 8/08/2027 †§x | Best Egg | 8/12/2024 | 27614 | 27292 | 27707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409686, 11.280%, 8/08/2027 †x | Best Egg | 8/12/2024 | 35149 | 35392 | 35066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409901, 18.840%, 8/08/2029 †§x | Best Egg | 8/12/2024 | 21662 | 21341 | 21117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409902, 10.020%, 8/08/2029 †x | Best Egg | 8/12/2024 | 20466 | 20636 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409959, 16.110%, 8/08/2029 †§x | Best Egg | 8/12/2024 | 31244 | 30786 | 30461 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**69** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2409973, 14.180%, 8/08/2029 †§x | Best Egg | 8/12/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410349, 17.330%, 8/08/2029 †§x | Best Egg | 8/12/2024 | 21431 | 21116 | 20283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410401, 20.910%, 9/13/2029 †§x | Best Egg | 8/12/2024 | 26286 | 25892 | 24925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410415, 20.940%, 10/08/2029 †x# | Best Egg | 8/12/2024 | 34037 | 33517 | 32246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410575, 17.370%, 10/08/2028 †x | Best Egg | 8/12/2024 | 21820 | 21516 | 21733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410662, 12.100%, 8/08/2031 †x | Best Egg | 8/12/2024 | 25282 | 25511 | 25382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410818, 21.390%, 8/08/2029 †§x | Best Egg | 8/12/2024 | 21856 | 21530 | 20713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410922, 10.030%, 8/08/2027 †x | Best Egg | 8/12/2024 | 21391 | 21538 | 21452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2410942, 17.580%, 8/08/2029 †§x | Best Egg | 8/12/2024 | 36702 | 36161 | 36447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411013, 19.010%, 8/08/2029 †§x | Best Egg | 8/12/2024 | 31523 | 31056 | 30186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411170, 9.530%, 8/08/2029 †x | Best Egg | 8/12/2024 | 20895 | 21069 | 20946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411314, 12.230%, 8/11/2029 †x | Best Egg | 8/14/2024 | 20283 | 20455 | 20212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411447, 10.770%, 8/11/2029 †x | Best Egg | 8/14/2024 | 20964 | 21139 | 20892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411543, 18.050%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 34562 | 34051 | 31618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411604, 20.460%, 7/11/2029 †§x | Best Egg | 8/14/2024 | 23077 | 22732 | 21493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411605, 3.420%, 8/11/2027 †x | Best Egg | 8/14/2024 | 33895 | 34119 | 33995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411669, 7.800%, 8/11/2029 †x# | Best Egg | 8/14/2024 | 40143 | 40475 | 40404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411736, 13.480%, 9/15/2027 †§x | Best Egg | 8/14/2024 | 26349 | 26027 | 26475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411765, 15.920%, 9/23/2027 †§x | Best Egg | 8/14/2024 | 20965 | 20706 | 21022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2411919, 12.210%, 12/11/2029 †x# | Best Egg | 8/14/2024 | 45237 | 44566 | 45163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412056, 5.590%, 8/11/2027 †§x | Best Egg | 8/14/2024 | 34246 | 33848 | 34374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412223, 14.200%, 8/11/2027 †§x | Best Egg | 8/14/2024 | 33408 | 33005 | 32893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412324, 10.280%, 9/20/2029 †§x | Best Egg | 8/14/2024 | 34285 | 33790 | 33984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412403, 7.490%, 8/11/2027 †§x | Best Egg | 8/14/2024 | 27640 | 27317 | 27872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412434, 11.970%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 25328 | 24961 | 25193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412452, 20.940%, 12/11/2029 †x# | Best Egg | 8/14/2024 | 26695 | 26288 | 25256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412470, 15.630%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 42820 | 42192 | 40539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412492, 8.820%, 8/11/2029 †x | Best Egg | 8/14/2024 | 24998 | 25206 | 24913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412534, 13.690%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 42502 | 41883 | 41701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412585, 12.210%, 8/11/2029 †x | Best Egg | 8/14/2024 | 37137 | 37451 | 37374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412640, 19.440%, 8/11/2027 †§x | Best Egg | 8/14/2024 | 34212 | 33791 | 32600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412704, 8.070%, 8/11/2029 †x | Best Egg | 8/14/2024 | 37376 | 37685 | 37476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412760, 13.970%, 8/11/2027 †§x | Best Egg | 8/14/2024 | 22443 | 22173 | 22514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412845, 19.980%, 9/17/2029 †§x | Best Egg | 8/14/2024 | 38078 | 37504 | 36100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2412847, 14.010%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 24682 | 24322 | 24537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413162, 7.360%, 9/17/2029 †§x | Best Egg | 8/14/2024 | 33172 | 32701 | 32849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413232, 9.340%, 9/25/2031 †x | Best Egg | 8/14/2024 | 21992 | 22189 | 22082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413468, 9.010%, 9/17/2029 †§x | Best Egg | 8/14/2024 | 20889 | 20588 | 20683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413554, 11.950%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 41220 | 40623 | 40836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413708, 6.720%, 12/11/2027 †x# | Best Egg | 8/14/2024 | 33367 | 33603 | 33353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413748, 14.420%, 8/11/2029 †x | Best Egg | 8/14/2024 | 41716 | 42073 | 41566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 241383058, 16.080%, 8/08/2028 †§x | Upgrade | 8/11/2023 | 24652 | 24462 | 24861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413895, 15.150%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 41828 | 41216 | 41571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413986, 9.790%, 8/11/2029 †x | Best Egg | 8/14/2024 | 41446 | 41740 | 41306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413991, 26.460%, 8/11/2031 †x | Best Egg | 8/14/2024 | 28263 | 28533 | 27907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2413995, 9.150%, 8/11/2031 †x | Best Egg | 8/14/2024 | 25971 | 26203 | 26077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414012, 18.020%, 8/11/2029 †§x | Best Egg | 8/14/2024 | 21599 | 21280 | 21187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414253, 12.480%, 8/12/2029 †x | Best Egg | 8/15/2024 | 21150 | 21329 | 21078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414473, 10.770%, 8/12/2029 †x | Best Egg | 8/15/2024 | 32432 | 32704 | 32325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414699, 19.030%, 9/12/2029 †x | Best Egg | 8/15/2024 | 26032 | 25637 | 23834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 241473658, 15.600%, 8/03/2028 †x# | Upgrade | 8/07/2023 | 26511 | 26328 | 20114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414805, 9.760%, 8/12/2029 †x | Best Egg | 8/15/2024 | 24261 | 24464 | 24420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 241486521, 24.200%, 8/09/2028 †§x | Upgrade | 8/14/2023 | 25736 | 25534 | 26576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414902, 16.120%, 9/17/2029 †§x | Best Egg | 8/15/2024 | 42995 | 42359 | 40706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414920, 6.820%, 8/12/2029 †§x | Best Egg | 8/15/2024 | 24781 | 24430 | 24920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414939, 12.240%, 8/20/2030 †x | Prosper | 8/22/2025 | 29000 | 28421 | 28940 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**70** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414942, 18.250%, 8/20/2028 †§x | Prosper | 8/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2414949, 12.130%, 8/12/2027 †x | Best Egg | 8/15/2024 | 24871 | 24574 | 24608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415131, 13.500%, 8/20/2030 †x | Prosper | 8/22/2025 | 38000 | 37240 | 37920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415134, 9.650%, 8/20/2030 †§x | Prosper | 8/22/2025 | 24997 | 24498 | 24961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415191, 20.940%, 8/12/2029 †§x | Best Egg | 8/15/2024 | 22663 | 22325 | 21713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415251, 6.290%, 8/12/2027 †§x | Best Egg | 8/15/2024 | 26779 | 26467 | 26917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415321, 12.600%, 8/20/2028 †x | Prosper | 8/22/2025 | 41000 | 40184 | 40918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415322, 14.410%, 8/12/2029 †x | Best Egg | 8/15/2024 | 42611 | 42977 | 42722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415324, 17.400%, 8/20/2030 †§x | Prosper | 8/22/2025 | 30000 | 29400 | 29902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415375, 8.250%, 8/12/2029 †x | Best Egg | 8/15/2024 | 20331 | 20499 | 20463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415412, 14.660%, 7/12/2029 †§x | Best Egg | 8/15/2024 | 27230 | 26831 | 26963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415435, 9.080%, 8/12/2029 †x | Best Egg | 8/15/2024 | 25026 | 25234 | 24945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415510, 9.900%, 8/20/2030 †x | Prosper | 8/22/2025 | 50000 | 49002 | 49927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415513, 18.050%, 8/20/2030 †§x | Prosper | 8/22/2025 | 32963 | 32304 | 32856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415516, 17.140%, 8/20/2030 †§x | Prosper | 8/22/2025 | 30182 | 29579 | 30085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415633, 14.990%, 8/12/2027 †§x | Best Egg | 8/15/2024 | 24921 | 24620 | 23954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415641, 14.450%, 8/21/2030 †x | Prosper | 8/25/2025 | 41000 | 40180 | 40921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415644, 14.150%, 8/21/2030 †x | Prosper | 8/25/2025 | 39000 | 38220 | 38925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415647, 12.200%, 8/21/2030 †§x | Prosper | 8/25/2025 | 25000 | 24500 | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415650, 13.200%, 8/21/2030 †§x | Prosper | 8/25/2025 | 21976 | 21536 | 21934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415656, 12.950%, 8/21/2029 †x | Prosper | 8/25/2025 | 20877 | 20460 | 20842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415746, 15.470%, 9/15/2027 †§x | Best Egg | 8/15/2024 | 32278 | 31880 | 31772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415768, 7.800%, 8/12/2029 †x | Best Egg | 8/15/2024 | 37332 | 37641 | 37436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415825, 15.810%, 8/12/2027 †x | Best Egg | 8/15/2024 | 23674 | 23842 | 23467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415906, 12.600%, 8/21/2030 †x | Prosper | 8/25/2025 | 36000 | 35281 | 35932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415909, 10.640%, 8/21/2028 †§x | Prosper | 8/25/2025 | 35000 | 34304 | 34963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415912, 13.410%, 8/21/2029 †x | Prosper | 8/25/2025 | 32963 | 32305 | 32908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415915, 10.250%, 8/21/2028 †x | Prosper | 8/25/2025 | 30500 | 29893 | 30468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2415918, 12.200%, 8/21/2030 †§x | Prosper | 8/25/2025 | 21976 | 21537 | 21935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416053, 10.650%, 8/21/2029 †x | Prosper | 8/25/2025 | 44560 | 43672 | 44521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416056, 12.700%, 8/21/2028 †x | Prosper | 8/25/2025 | 40500 | 39694 | 40426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416065, 17.250%, 8/22/2028 †§x | Prosper | 8/26/2025 | 26000 | 25481 | 25939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416071, 18.750%, 8/22/2030 †§x | Prosper | 8/26/2025 | 25000 | 24500 | 24933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416088, 14.280%, 8/22/2030 †§x | Prosper | 8/26/2025 | 27000 | 26460 | 26953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416094, 14.610%, 8/22/2028 †§x | Prosper | 8/26/2025 | 26000 | 25482 | 25956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416199, 13.770%, 8/22/2028 †x | Prosper | 8/26/2025 | 41000 | 40183 | 40932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416202, 19.550%, 8/22/2030 †§x | Prosper | 8/26/2025 | 32000 | 31360 | 31914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416250, 12.400%, 8/22/2030 †§x | Prosper | 8/26/2025 | 30000 | 29400 | 29962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416256, 13.410%, 8/22/2030 †§x | Prosper | 8/26/2025 | 26084 | 25563 | 26050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416356, 13.500%, 8/22/2030 †§x | Prosper | 8/26/2025 | 24500 | 24010 | 24458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416527, 13.200%, 8/22/2030 †x | Prosper | 8/26/2025 | 41000 | 40180 | 40930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416530, 21.680%, 8/22/2030 †x | Prosper | 8/26/2025 | 41000 | 40180 | 40887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416533, 20.980%, 8/22/2029 †x | Prosper | 8/26/2025 | 30000 | 29400 | 29927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416617, 9.080%, 8/22/2030 †x | Prosper | 8/26/2025 | 21737 | 21303 | 21722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416644, 20.460%, 9/16/2029 †§x | Best Egg | 8/16/2024 | 34934 | 34410 | 33487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416692, 10.210%, 8/13/2029 †x | Best Egg | 8/16/2024 | 41820 | 42173 | 42095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416734, 15.540%, 8/13/2028 †§x | Best Egg | 8/16/2024 | 40207 | 39656 | 40433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2416739, 10.520%, 8/13/2027 †§x | Best Egg | 8/16/2024 | 24521 | 24230 | 24635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 241675359, 14.640%, 10/07/2028 †x | Upgrade | 8/10/2023 | 29622 | 29432 | 29669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417059, 12.700%, 8/13/2029 †x | Best Egg | 8/16/2024 | 21168 | 21348 | 21307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417075, 12.440%, 8/13/2029 †§x | Best Egg | 8/16/2024 | 29605 | 29175 | 29055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417142, 8.690%, 8/13/2029 †x | Best Egg | 8/16/2024 | 20820 | 20993 | 20958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417173, 11.510%, 8/13/2027 †§x | Best Egg | 8/16/2024 | 31713 | 31334 | 31806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417248, 31.940%, 5/13/2029 †§x | Best Egg | 8/16/2024 | 32110 | 31610 | 30270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417352, 17.580%, 9/13/2029 †x | Best Egg | 8/16/2024 | 30340 | 29892 | 30013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417363, 8.270%, 8/13/2027 †x | Best Egg | 8/16/2024 | 27793 | 27982 | 27878 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**71** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417512, 14.590%, 8/13/2027 †x | Best Egg | 8/16/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417514, 21.080%, 8/13/2027 †§x | Best Egg | 8/16/2024 | 27520 | 27178 | 26098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417625, 7.710%, 8/13/2031 †x | Best Egg | 8/16/2024 | 22192 | 22389 | 22286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417629, 13.690%, 8/13/2029 †§x | Best Egg | 8/16/2024 | 34002 | 33506 | 32544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417630, 14.800%, 8/26/2030 †x | Prosper | 8/28/2025 | 50000 | 49000 | 49960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417633, 14.750%, 8/26/2030 †§x | Prosper | 8/28/2025 | 27470 | 26920 | 27443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417737, 17.940%, 8/13/2031 †x# | Best Egg | 8/16/2024 | 23107 | 23333 | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417758, 9.760%, 10/13/2029 †x | Best Egg | 8/16/2024 | 33810 | 34093 | 34048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 241778246, 15.600%, 8/03/2028 †§x | Upgrade | 8/07/2023 | 21047 | 20902 | 21188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417822, 9.050%, 8/13/2029 †x | Best Egg | 8/16/2024 | 28910 | 29151 | 28991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2417910, 15.880%, 8/13/2029 †x | Best Egg | 8/16/2024 | 20957 | 21137 | 20887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2418495, 15.630%, 8/14/2029 †§x | Best Egg | 8/19/2024 | 31526 | 31063 | 30194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2418559, 8.820%, 8/14/2029 †x | Best Egg | 8/19/2024 | 20832 | 21005 | 20895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2418808, 9.760%, 8/14/2029 †x | Best Egg | 8/19/2024 | 20915 | 21090 | 21055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2418926, 19.390%, 8/14/2031 †x | Best Egg | 8/19/2024 | 25432 | 25670 | 25304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419148, 13.690%, 8/14/2029 †§x | Best Egg | 8/19/2024 | 25501 | 25129 | 24412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419221, 6.230%, 8/14/2027 †x | Best Egg | 8/19/2024 | 34056 | 34287 | 34165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419259, 16.100%, 8/14/2029 †§x | Best Egg | 8/19/2024 | 42895 | 42264 | 40616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419267, 8.470%, 9/24/2027 †x | Best Egg | 8/19/2024 | 27848 | 28043 | 27706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419322, 8.360%, 8/14/2031 †x | Best Egg | 8/19/2024 | 44288 | 44683 | 44479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419345, 5.250%, 8/14/2027 †x | Best Egg | 8/19/2024 | 25870 | 26044 | 25949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419413, 16.600%, 8/14/2029 †§x | Best Egg | 8/19/2024 | 25785 | 25405 | 25539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419479, 19.720%, 8/14/2027 †§x | Best Egg | 8/19/2024 | 23632 | 23340 | 22368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419704, 25.220%, 8/14/2029 †x | Best Egg | 8/19/2024 | 26550 | 26148 | 25281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419758, 11.790%, 8/14/2029 †§x | Best Egg | 8/19/2024 | 21091 | 20785 | 20875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419863, 14.420%, 8/14/2029 †x | Best Egg | 8/19/2024 | 27705 | 27942 | 27625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419871, 16.580%, 9/17/2029 †§x | Best Egg | 8/19/2024 | 32117 | 31641 | 31933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419874, 10.280%, 8/14/2029 †x | Best Egg | 8/19/2024 | 25991 | 26209 | 25920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419875, 5.320%, 8/14/2027 †x | Best Egg | 8/19/2024 | 20523 | 20665 | 20588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2419900, 18.050%, 9/20/2029 †x | Best Egg | 8/19/2024 | 21453 | 21134 | 20560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 241999451, 14.640%, 8/03/2028 †§x | Upgrade | 8/07/2023 | 26023 | 25845 | 26196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420075, 15.630%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 21614 | 21296 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242007879, 14.640%, 8/03/2028 †§x | Upgrade | 8/07/2023 | 26023 | 25845 | 26196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242014982, 14.890%, 8/03/2028 †§x | Upgrade | 8/07/2023 | 30878 | 30667 | 30946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420187, 9.720%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 20884 | 20580 | 20797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420193, 13.200%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 25308 | 24938 | 25007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242023146, 24.200%, 8/03/2028 †x | Upgrade | 8/07/2023 | 34795 | 34537 | 30592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420232, 11.000%, 8/15/2029 †x | Best Egg | 8/19/2024 | 42046 | 42400 | 42172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420257, 9.530%, 7/15/2029 †x | Best Egg | 8/19/2024 | 23037 | 23229 | 23096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420327, 10.790%, 8/15/2027 †§x | Best Egg | 8/19/2024 | 23118 | 22842 | 23078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420331, 10.790%, 8/15/2027 †§x | Best Egg | 8/19/2024 | 35073 | 34654 | 35012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420364, 16.110%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 24880 | 24514 | 24420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420432, 6.370%, 9/26/2027 †x | Best Egg | 8/19/2024 | 34473 | 34711 | 34589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420502, 7.360%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 20697 | 20400 | 20519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420638, 18.450%, 8/20/2030 †x | Prosper | 8/22/2025 | 24000 | 23520 | 23921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420641, 11.500%, 8/20/2028 †§x | Prosper | 8/22/2025 | 21314 | 20890 | 21272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420788, 14.170%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 40565 | 39860 | 40700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420839, 10.560%, 8/20/2029 †x | Prosper | 8/22/2025 | 48908 | 47933 | 48861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420842, 14.430%, 8/20/2030 †§x | Prosper | 8/22/2025 | 32963 | 32304 | 32893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420845, 14.080%, 8/20/2029 †x | Prosper | 8/22/2025 | 31000 | 30381 | 30942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420882, 5.940%, 8/15/2027 †x | Best Egg | 8/19/2024 | 34302 | 34534 | 34412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420948, 16.680%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 21092 | 20781 | 20213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420965, 8.560%, 8/15/2029 †§x | Best Egg | 8/19/2024 | 40722 | 40139 | 40321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2420982, 8.690%, 8/15/2027 †§x | Best Egg | 8/19/2024 | 27725 | 27397 | 27901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421046, 10.450%, 8/21/2028 †x | Prosper | 8/25/2025 | 49000 | 48025 | 48948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421310, 20.050%, 8/21/2030 †x | Prosper | 8/25/2025 | 37000 | 36260 | 36888 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**72** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421313, 20.110%, 8/21/2030 †x | Prosper | 8/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421316, 14.580%, 8/21/2030 †x | Prosper | 8/25/2025 | 36000 | 35280 | 35930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421319, 13.280%, 8/21/2030 †x | Prosper | 8/25/2025 | 35000 | 34300 | 34934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421322, 11.750%, 8/21/2030 †§x | Prosper | 8/25/2025 | 31000 | 30381 | 30957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421325, 12.200%, 8/21/2030 †§x | Prosper | 8/25/2025 | 25272 | 24767 | 25225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421328, 13.300%, 8/21/2030 †§x | Prosper | 8/25/2025 | 25000 | 24500 | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242137321, 12.600%, 8/03/2028 †§x | Upgrade | 8/07/2023 | 23572 | 23414 | 23664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421391, 15.810%, 8/15/2027 †§x | Best Egg | 8/19/2024 | 22639 | 22363 | 22732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421547, 7.920%, 8/15/2027 †§x | Best Egg | 8/19/2024 | 31157 | 30790 | 31316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421553, 14.900%, 8/21/2030 †x | Prosper | 8/25/2025 | 38457 | 37688 | 38383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421559, 14.750%, 8/22/2030 †§x | Prosper | 8/26/2025 | 25000 | 24500 | 24956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421562, 11.900%, 8/22/2028 †§x | Prosper | 8/26/2025 | 25000 | 24502 | 24975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421568, 18.950%, 8/22/2028 †x | Prosper | 8/26/2025 | 21976 | 21537 | 21923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242163561, 14.640%, 8/07/2028 †§x | Upgrade | 8/10/2023 | 21914 | 21764 | 22075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421709, 20.110%, 8/15/2027 †x | Best Egg | 8/19/2024 | 21897 | 21625 | 20730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421769, 8.890%, 10/15/2029 †x | Best Egg | 8/19/2024 | 34783 | 35080 | 34907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421847, 7.380%, 8/15/2031 †x | Best Egg | 8/19/2024 | 31026 | 31301 | 31162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421850, 13.500%, 8/22/2030 †x | Prosper | 8/26/2025 | 41000 | 40180 | 40930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421856, 20.080%, 8/22/2029 †x | Prosper | 8/26/2025 | 22000 | 21560 | 21947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242189887, 14.890%, 8/07/2028 †§x | Upgrade | 8/10/2023 | 30785 | 30574 | 30869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421915, 13.480%, 10/18/2027 †x | Best Egg | 8/21/2024 | 34697 | 34264 | 34889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2421932, 3.960%, 8/18/2027 †x | Best Egg | 8/21/2024 | 20389 | 20526 | 20457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422027, 12.000%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 20952 | 20648 | 20061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422082, 9.760%, 8/18/2029 †x | Best Egg | 8/21/2024 | 25098 | 25308 | 25268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422164, 11.490%, 8/18/2029 †x | Best Egg | 8/21/2024 | 34126 | 34414 | 34234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422208, 16.120%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 27455 | 27050 | 26306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242236643, 15.600%, 8/11/2028 †§x | Upgrade | 8/14/2023 | 21655 | 21504 | 21863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422406, 19.240%, 8/18/2027 †§x | Best Egg | 8/21/2024 | 21819 | 21549 | 20912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422554, 23.840%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 26527 | 26126 | 25074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422587, 15.620%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 23268 | 22926 | 22706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242277896, 15.600%, 8/18/2028 †§x | Upgrade | 8/07/2023 | 21588 | 21440 | 21806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2422836, 14.900%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 30815 | 30364 | 30652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423070, 12.480%, 8/18/2029 †x | Best Egg | 8/21/2024 | 21573 | 21756 | 21500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423093, 10.020%, 8/18/2029 †x | Best Egg | 8/21/2024 | 32461 | 32461 | 32563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423097, 14.890%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 35056 | 34541 | 34382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423109, 18.610%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 43289 | 42645 | 41499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423119, 4.900%, 8/18/2027 †§x | Best Egg | 8/21/2024 | 25018 | 24725 | 25159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423241, 8.230%, 8/18/2028 †§x | Best Egg | 8/21/2024 | 24879 | 24547 | 25161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423246, 19.000%, 9/20/2028 †§x | Best Egg | 8/21/2024 | 20409 | 20122 | 20282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423330, 6.370%, 8/18/2027 †x | Best Egg | 8/21/2024 | 28536 | 28706 | 28626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423389, 16.610%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 26215 | 25828 | 26060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423401, 14.590%, 8/18/2027 †x | Best Egg | 8/21/2024 | 35662 | 35916 | 35616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423492, 9.320%, 8/18/2027 †x | Best Egg | 8/21/2024 | 34841 | 35082 | 34958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423715, 12.140%, 8/18/2027 †§x# | Best Egg | 8/21/2024 | 26298 | 25981 | 26035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423837, 14.910%, 8/18/2029 †x | Best Egg | 8/21/2024 | 41826 | 42185 | 41680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423872, 6.230%, 8/18/2027 †x | Best Egg | 8/21/2024 | 30914 | 31124 | 31017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2423927, 16.120%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 25267 | 24894 | 23951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2424137, 13.450%, 8/18/2029 †x | Best Egg | 8/21/2024 | 27600 | 27836 | 27506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2424156, 11.280%, 8/20/2027 †x | Best Egg | 8/21/2024 | 23327 | 23492 | 23298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2424441, 14.570%, 8/18/2027 †§x | Best Egg | 8/21/2024 | 21396 | 21135 | 21513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2424557, 10.540%, 8/18/2029 †x | Best Egg | 8/21/2024 | 27246 | 27476 | 27182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2424589, 16.120%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 42111 | 41490 | 39918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2424630, 18.050%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 43203 | 42561 | 42163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242466272, 15.600%, 8/25/2028 †§x | Upgrade | 8/14/2023 | 29245 | 29043 | 29579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2424818, 19.010%, 8/18/2029 †§x | Best Egg | 8/21/2024 | 29478 | 29039 | 28770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425185, 6.340%, 8/19/2027 †§x | Best Egg | 8/22/2024 | 34367 | 33962 | 34556 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**73** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425311, 16.120%, 8/19/2029 †§x | Best Egg | 8/22/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425376, 5.900%, 11/27/2029 †x | Best Egg | 8/22/2024 | 34812 | 34260 | 26152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425404, 25.440%, 8/19/2027 †§x | Best Egg | 8/22/2024 | 23834 | 23531 | 22770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425432, 13.520%, 8/19/2029 †§x | Best Egg | 8/22/2024 | 42474 | 41853 | 41448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425632, 11.810%, 8/19/2031 †x | Best Egg | 8/22/2024 | 45098 | 45507 | 45293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425876, 14.950%, 8/19/2027 †§x | Best Egg | 8/22/2024 | 23573 | 23286 | 23338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2425884, 9.290%, 8/19/2028 †§x | Best Egg | 8/22/2024 | 23499 | 23183 | 23690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426001, 15.620%, 8/19/2029 †§x | Best Egg | 8/22/2024 | 22660 | 22326 | 22120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426041, 12.960%, 8/19/2029 †§x | Best Egg | 8/22/2024 | 42380 | 41762 | 41623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426067, 24.140%, 10/19/2028 †x# | Best Egg | 8/22/2024 | 35650 | 35124 | 36004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426084, 10.210%, 8/19/2029 †§x | Best Egg | 8/22/2024 | 28673 | 28259 | 28533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426376, 22.390%, 9/19/2029 †x | Best Egg | 8/22/2024 | 45437 | 44737 | 42965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426418, 12.850%, 8/19/2027 †§x | Best Egg | 8/22/2024 | 20432 | 20184 | 20286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426516, 15.390%, 9/23/2029 †x | Best Egg | 8/22/2024 | 26153 | 26379 | 26060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426572, 26.460%, 8/19/2031 †x | Best Egg | 8/22/2024 | 23555 | 23772 | 23285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426604, 4.900%, 8/19/2027 †x | Best Egg | 8/22/2024 | 20477 | 20615 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426709, 12.870%, 8/19/2027 †§x | Best Egg | 8/22/2024 | 35397 | 34969 | 35679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426798, 17.560%, 8/19/2029 †§x | Best Egg | 8/22/2024 | 33639 | 33140 | 33030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426829, 15.590%, 8/19/2028 †§x | Best Egg | 8/22/2024 | 36194 | 35695 | 36421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426880, 7.490%, 8/19/2027 †§x | Best Egg | 8/22/2024 | 34551 | 34142 | 34859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2426996, 10.790%, 8/20/2027 †§x | Best Egg | 8/23/2024 | 35073 | 34651 | 35026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427026, 16.600%, 8/20/2029 †§x | Best Egg | 8/23/2024 | 24066 | 23710 | 23635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427068, 10.250%, 8/20/2029 †x | Best Egg | 8/23/2024 | 38563 | 38887 | 38692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427273, 13.760%, 8/20/2029 †§x | Best Egg | 8/23/2024 | 21257 | 20946 | 20370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427375, 13.450%, 8/20/2029 †x | Best Egg | 8/23/2024 | 27397 | 27634 | 27486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427396, 14.660%, 8/20/2029 †§x | Best Egg | 8/23/2024 | 27980 | 27569 | 27836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427551, 25.580%, 8/20/2027 †x | Best Egg | 8/23/2024 | 29833 | 30057 | 29612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427607, 9.530%, 8/20/2029 †x | Best Egg | 8/23/2024 | 41789 | 42139 | 41930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427695, 18.060%, 8/20/2029 †x | Best Egg | 8/23/2024 | 43204 | 43581 | 43495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427773, 13.850%, 8/20/2029 †§x | Best Egg | 8/23/2024 | 42529 | 41906 | 41772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427861, 7.360%, 8/20/2029 †§x | Best Egg | 8/23/2024 | 41401 | 40810 | 41654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427911, 11.160%, 8/20/2029 †x | Best Egg | 8/23/2024 | 25244 | 24878 | 25119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2427916, 19.100%, 10/20/2031 †x | Best Egg | 8/23/2024 | 44612 | 45058 | 44872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428082, 15.630%, 8/20/2029 †§x | Best Egg | 8/23/2024 | 21410 | 21094 | 21218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428141, 20.760%, 8/20/2028 †§x | Best Egg | 8/23/2024 | 20513 | 20225 | 20706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428268, 26.460%, 8/20/2031 †x | Best Egg | 8/23/2024 | 44309 | 44733 | 43806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428395, 26.440%, 8/20/2029 †x | Best Egg | 8/23/2024 | 21693 | 21888 | 21614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428485, 25.980%, 8/20/2029 †§x | Best Egg | 8/23/2024 | 24689 | 24313 | 22753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428616, 20.690%, 8/20/2027 †§x | Best Egg | 8/23/2024 | 25134 | 24817 | 23851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428638, 4.900%, 8/20/2027 †x | Best Egg | 8/23/2024 | 34135 | 34365 | 34252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428759, 16.160%, 8/20/2031 †x | Best Egg | 8/23/2024 | 27469 | 27723 | 27346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428769, 18.030%, 8/20/2028 †§x | Best Egg | 8/23/2024 | 28423 | 28027 | 28585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428846, 19.330%, 8/20/2027 †§x | Best Egg | 8/23/2024 | 36379 | 35926 | 35032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2428945, 12.620%, 11/21/2028 †x | Best Egg | 8/26/2024 | 40230 | 39678 | 40602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2429154, 6.230%, 8/21/2027 †x | Best Egg | 8/26/2024 | 33662 | 33892 | 33782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2429413, 10.280%, 8/21/2029 †x | Best Egg | 8/26/2024 | 27048 | 27275 | 27143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2429602, 14.570%, 8/21/2027 †§x | Best Egg | 8/26/2024 | 32101 | 31708 | 30952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2429715, 8.250%, 8/21/2029 †x | Best Egg | 8/26/2024 | 41562 | 41908 | 41852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2429762, 16.120%, 8/21/2029 †§x | Best Egg | 8/26/2024 | 25666 | 25287 | 24610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2429835, 14.460%, 8/21/2027 †§x | Best Egg | 8/26/2024 | 22628 | 22351 | 22741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2430042, 16.440%, 8/21/2027 †§x | Best Egg | 8/26/2024 | 27965 | 27620 | 26915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2430181, 6.630%, 8/21/2027 †x | Best Egg | 8/26/2024 | 30972 | 31184 | 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2430218, 15.430%, 8/21/2027 †§x | Best Egg | 8/26/2024 | 35612 | 35175 | 35411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2430361, 7.040%, 8/21/2029 †§x | Best Egg | 8/26/2024 | 28170 | 27767 | 27943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2430555, 8.830%, 8/21/2027 †x | Best Egg | 8/26/2024 | 25725 | 25903 | 25817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2430741, 15.920%, 11/21/2031 †x | Best Egg | 8/26/2024 | 24523 | 24769 | 24682 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**74** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 243100788, 24.200%, 10/25/2028 †x | Upgrade | 8/14/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431055, 15.950%, 8/22/2027 †§x | Best Egg | 8/26/2024 | 26879 | 26548 | 26404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431097, 9.530%, 8/22/2029 †x | Best Egg | 8/26/2024 | 27163 | 27391 | 27352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431142, 6.230%, 8/22/2027 †x | Best Egg | 8/26/2024 | 32464 | 32685 | 32576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431176, 8.070%, 8/22/2029 †x | Best Egg | 8/26/2024 | 41529 | 41875 | 41680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431268, 6.910%, 10/01/2029 †§x | Best Egg | 8/26/2024 | 21079 | 20777 | 20928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431340, 14.660%, 8/22/2028 †§x | Best Egg | 8/26/2024 | 28686 | 28291 | 28938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431489, 20.720%, 8/22/2029 †x | Best Egg | 8/26/2024 | 34886 | 35194 | 34787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431566, 10.540%, 8/22/2029 †x | Best Egg | 8/26/2024 | 24481 | 24650 | 24568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431814, 10.210%, 8/22/2029 †x | Best Egg | 8/26/2024 | 20486 | 20658 | 20627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2431816, 14.910%, 8/22/2029 †x | Best Egg | 8/26/2024 | 27170 | 27296 | 27123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243186174, 15.600%, 8/21/2028 †§x | Upgrade | 8/14/2023 | 20040 | 19901 | 20219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243195291, 15.590%, 8/10/2028 †§x | Upgrade | 8/14/2023 | 22214 | 22060 | 22142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2432077, 10.790%, 9/22/2027 †x | Best Egg | 8/26/2024 | 25783 | 25967 | 25770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2432121, 18.780%, 8/22/2029 †x | Best Egg | 8/26/2024 | 43315 | 43694 | 43234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243223761, 15.600%, 8/10/2028 †§x | Upgrade | 8/14/2023 | 27608 | 27415 | 27834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2432383, 11.950%, 10/01/2029 †§x | Best Egg | 8/28/2024 | 23016 | 22677 | 22833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2432558, 12.960%, 8/25/2029 †§x | Best Egg | 8/28/2024 | 33745 | 33249 | 33372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243264166, 14.890%, 8/11/2028 †§x | Upgrade | 8/14/2023 | 20585 | 20444 | 20654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2433033, 8.030%, 8/25/2031 †x | Best Egg | 8/28/2024 | 44442 | 44838 | 44649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2433114, 20.940%, 8/25/2029 †§x | Best Egg | 8/28/2024 | 25442 | 25000 | 23587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2433247, 11.000%, 8/25/2029 †§x | Best Egg | 8/28/2024 | 35560 | 35038 | 34909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2433440, 14.230%, 8/25/2031 †x | Best Egg | 8/28/2024 | 40033 | 40404 | 40207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243362303, 12.600%, 8/11/2028 †§x | Upgrade | 8/14/2023 | 22898 | 22744 | 23007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2433776, 13.670%, 8/25/2029 †x | Best Egg | 8/28/2024 | 39342 | 39679 | 39614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2433783, 10.650%, 8/25/2027 †§x | Best Egg | 8/28/2024 | 22857 | 22581 | 22650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243398987, 15.600%, 8/11/2028 †§x | Upgrade | 8/14/2023 | 20080 | 19941 | 20285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2434023, 14.420%, 4/25/2030 †x# | Best Egg | 8/28/2024 | 36038 | 36341 | 36039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2434104, 18.050%, 8/25/2029 †§x | Best Egg | 8/28/2024 | 26012 | 25624 | 25531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2434105, 15.600%, 8/25/2029 †§x | Best Egg | 8/28/2024 | 28249 | 27831 | 28104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2434381, 17.310%, 10/25/2029 †x | Best Egg | 8/28/2024 | 33874 | 33371 | 32519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2434492, 11.750%, 8/25/2031 †x | Best Egg | 8/28/2024 | 36070 | 36398 | 36103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2434884, 12.490%, 8/25/2027 †§x | Best Egg | 8/28/2024 | 21203 | 20945 | 21326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2435162, 14.560%, 10/01/2028 †§x | Best Egg | 8/29/2024 | 36948 | 36434 | 37067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2435200, 11.950%, 10/01/2029 †§x | Best Egg | 8/29/2024 | 34393 | 33888 | 34062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2435395, 6.910%, 10/01/2029 †§x | Best Egg | 8/29/2024 | 33695 | 33210 | 33386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2435914, 17.540%, 10/01/2029 †§x | Best Egg | 8/29/2024 | 43891 | 43235 | 41931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2436047, 20.910%, 10/01/2029 †§x | Best Egg | 8/29/2024 | 30111 | 29657 | 28486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2437677, 6.820%, 10/01/2029 †§x | Best Egg | 8/30/2024 | 25256 | 24892 | 25393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2437833, 0.000%, 1/01/2030 †x# | Best Egg | 8/30/2024 | 26701 | 26304 | 22557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2438457, 17.540%, 10/01/2029 †§x | Best Egg | 8/30/2024 | 34426 | 33906 | 33547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2438630, 16.120%, 10/01/2029 †§x | Best Egg | 8/30/2024 | 21822 | 21497 | 21679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2438864, 11.790%, 10/01/2029 †§x | Best Egg | 8/30/2024 | 34357 | 33853 | 34030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243942540, 15.600%, 9/14/2028 †§x | Upgrade | 9/18/2023 | 28187 | 27987 | 28397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443076, 10.790%, 10/02/2027 †x | Best Egg | 9/05/2024 | 25736 | 25923 | 25555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443104, 13.600%, 9/02/2027 †§x | Best Egg | 9/05/2024 | 31298 | 30912 | 30864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443179, 20.940%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 32314 | 31827 | 31497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443236, 7.580%, 9/02/2029 †x | Best Egg | 9/05/2024 | 27833 | 28066 | 27894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443337, 15.630%, 11/02/2029 †x | Best Egg | 9/05/2024 | 34182 | 33669 | 34307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443374, 9.760%, 9/02/2029 †x | Best Egg | 9/05/2024 | 34025 | 34313 | 34243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443446, 8.690%, 10/15/2027 †x | Best Egg | 9/05/2024 | 28611 | 28815 | 28698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443512, 16.600%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 30512 | 30057 | 29235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443568, 11.740%, 9/02/2029 †x | Best Egg | 9/05/2024 | 24852 | 25064 | 24905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443745, 12.480%, 1/02/2030 †x | Best Egg | 9/05/2024 | 32905 | 32410 | 32949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443779, 15.150%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 34699 | 34185 | 34719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443868, 13.280%, 9/02/2029 †x | Best Egg | 9/05/2024 | 38064 | 38390 | 37879 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**75** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2443906, 8.690%, 9/02/2029 †§x# | Best Egg | 9/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444090, 15.150%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 23422 | 23075 | 23240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444164, 8.560%, 9/02/2029 †x | Best Egg | 9/05/2024 | 25401 | 25614 | 25456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444335, 15.620%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 29813 | 29370 | 29311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444375, 15.920%, 12/02/2028 †x# | Best Egg | 9/05/2024 | 29739 | 29316 | 29647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444437, 19.950%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 26879 | 26474 | 26205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444651, 14.900%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 20612 | 20307 | 20451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444653, 17.060%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 31364 | 30896 | 31031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444662, 6.820%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 25226 | 24864 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444702, 6.290%, 9/02/2027 †§x | Best Egg | 9/05/2024 | 24986 | 24686 | 25057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2444713, 15.690%, 10/26/2027 †x | Best Egg | 9/05/2024 | 26368 | 26565 | 26181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445107, 7.800%, 9/02/2029 †x | Best Egg | 9/05/2024 | 33767 | 34049 | 33984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445146, 8.290%, 9/02/2029 †x | Best Egg | 9/05/2024 | 38061 | 38380 | 38305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445222, 19.520%, 10/15/2029 †§x | Best Egg | 9/05/2024 | 43268 | 42613 | 43248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445257, 9.310%, 10/14/2029 †§x | Best Egg | 9/05/2024 | 31732 | 31269 | 31483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445284, 8.740%, 9/02/2029 †x | Best Egg | 9/05/2024 | 20867 | 21022 | 20997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445289, 15.880%, 10/21/2029 †x | Best Egg | 9/05/2024 | 21963 | 22154 | 21857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445390, 31.940%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 24484 | 24103 | 23300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445400, 18.990%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 43931 | 43271 | 42828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445449, 31.940%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 21679 | 21342 | 20563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445765, 13.650%, 9/02/2029 †§x | Best Egg | 9/05/2024 | 30203 | 29757 | 30232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445791, 4.650%, 9/02/2027 †x | Best Egg | 9/05/2024 | 34735 | 34973 | 34833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445797, 15.460%, 10/15/2029 †§x | Best Egg | 9/05/2024 | 20767 | 20457 | 20564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2445896, 6.230%, 9/02/2027 †§x | Best Egg | 9/05/2024 | 35685 | 35257 | 35770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446069, 16.900%, 9/02/2027 †§x | Best Egg | 9/05/2024 | 23078 | 22790 | 23140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446167, 23.620%, 9/02/2029 †x | Best Egg | 9/05/2024 | 31188 | 31467 | 31026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446399, 16.110%, 9/03/2029 †§x | Best Egg | 9/06/2024 | 21323 | 21006 | 20964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446430, 15.630%, 9/03/2029 †§x | Best Egg | 9/06/2024 | 30846 | 30388 | 30864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446594, 13.970%, 9/03/2027 †§x | Best Egg | 9/06/2024 | 20656 | 20400 | 20785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446617, 9.760%, 9/03/2029 †x | Best Egg | 9/06/2024 | 21249 | 21429 | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446803, 12.960%, 10/15/2029 †x | Best Egg | 9/06/2024 | 33868 | 34160 | 33711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446905, 12.460%, 9/03/2029 †§x | Best Egg | 9/06/2024 | 42045 | 41428 | 41742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446908, 9.490%, 9/03/2031 †x | Best Egg | 9/06/2024 | 36123 | 36448 | 36275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2446930, 14.660%, 10/12/2029 †§x | Best Egg | 9/06/2024 | 28228 | 27809 | 28268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447093, 7.700%, 9/03/2029 †§x | Best Egg | 9/06/2024 | 29755 | 29324 | 29426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447503, 6.860%, 9/04/2027 †x | Best Egg | 9/06/2024 | 26485 | 26669 | 26412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447548, 7.710%, 9/03/2031 †x | Best Egg | 9/06/2024 | 26910 | 27150 | 27024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447558, 16.120%, 9/03/2029 †§x | Best Egg | 9/06/2024 | 37032 | 36482 | 36651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447569, 17.280%, 10/15/2027 †x | Best Egg | 9/06/2024 | 22581 | 22750 | 22328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447584, 6.230%, 9/03/2027 †x | Best Egg | 9/06/2024 | 35685 | 35932 | 35789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447625, 12.590%, 9/03/2031 †x | Best Egg | 9/06/2024 | 32857 | 33157 | 32867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447679, 9.940%, 9/03/2027 †x | Best Egg | 9/06/2024 | 36242 | 36498 | 36142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447812, 8.330%, 9/03/2029 †x | Best Egg | 9/06/2024 | 33997 | 34282 | 34073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447829, 7.140%, 9/03/2028 †§x | Best Egg | 9/06/2024 | 19933 | 19664 | 20110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447899, 4.310%, 9/03/2027 †x | Best Egg | 9/06/2024 | 35392 | 35634 | 35494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447925, 9.530%, 10/21/2029 †x# | Best Egg | 9/06/2024 | 21947 | 22133 | 21995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2447983, 5.790%, 9/03/2027 †x | Best Egg | 9/06/2024 | 21476 | 21628 | 21536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448162, 16.120%, 10/15/2029 †§x | Best Egg | 9/06/2024 | 30674 | 30216 | 29937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448210, 19.030%, 10/17/2029 †§x | Best Egg | 9/06/2024 | 39927 | 39326 | 39089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448212, 14.270%, 9/03/2028 †§x | Best Egg | 9/06/2024 | 25129 | 24781 | 25249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448226, 9.370%, 9/03/2031 †x | Best Egg | 9/06/2024 | 45134 | 45541 | 45325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448511, 7.710%, 9/04/2027 †x | Best Egg | 9/09/2024 | 21545 | 21696 | 21611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448627, 10.510%, 9/04/2029 †x | Best Egg | 9/09/2024 | 42653 | 43015 | 42757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448908, 5.940%, 9/04/2027 †x | Best Egg | 9/09/2024 | 35284 | 35529 | 35391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448934, 21.080%, 9/04/2027 †§x | Best Egg | 9/09/2024 | 22703 | 22413 | 22558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2448954, 13.200%, 9/04/2029 †§x | Best Egg | 9/09/2024 | 20165 | 19862 | 20017 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**76** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2449314, 17.090%, 9/04/2029 †§x | Best Egg | 9/09/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2449442, 11.920%, 9/04/2031 †x | Best Egg | 9/09/2024 | 31873 | 32164 | 32010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2449556, 13.790%, 9/04/2028 †§x | Best Egg | 9/09/2024 | 24481 | 24141 | 24619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2449565, 12.220%, 9/04/2027 †§x | Best Egg | 9/09/2024 | 32920 | 32514 | 32824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2449621, 13.690%, 9/04/2029 †§x | Best Egg | 9/09/2024 | 21576 | 21258 | 21393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450048, 20.940%, 10/04/2029 †x | Best Egg | 9/09/2024 | 21096 | 20778 | 20908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450079, 7.980%, 9/04/2027 †x | Best Egg | 9/09/2024 | 33666 | 33860 | 33584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450186, 11.200%, 9/04/2029 †x | Best Egg | 9/09/2024 | 21382 | 21564 | 21522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450406, 13.160%, 9/04/2029 †x | Best Egg | 9/09/2024 | 21535 | 21721 | 21676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450864, 21.080%, 9/05/2027 †x | Best Egg | 9/09/2024 | 24973 | 24655 | 24469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2450947, 9.310%, 9/05/2029 †x | Best Egg | 9/09/2024 | 42458 | 42817 | 42284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451076, 11.250%, 9/05/2029 †x | Best Egg | 9/09/2024 | 24114 | 24308 | 24171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451327, 19.010%, 9/05/2029 †§x | Best Egg | 9/09/2024 | 23618 | 23262 | 23117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451360, 10.510%, 11/05/2029 †x | Best Egg | 9/09/2024 | 39613 | 39017 | 39383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451480, 9.790%, 9/05/2029 †x | Best Egg | 9/09/2024 | 21259 | 21439 | 21311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451675, 20.940%, 10/18/2029 †§x | Best Egg | 9/09/2024 | 21416 | 21091 | 21218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451685, 31.940%, 9/05/2029 †§x | Best Egg | 9/09/2024 | 36436 | 35869 | 35489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451714, 15.140%, 9/05/2029 †§x | Best Egg | 9/09/2024 | 32095 | 31619 | 32265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451742, 16.120%, 10/19/2029 †§x | Best Egg | 9/09/2024 | 41684 | 41054 | 40699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2451780, 15.760%, 10/05/2027 †x | Best Egg | 9/09/2024 | 31163 | 30768 | 30790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2452054, 17.090%, 9/05/2029 †§x | Best Egg | 9/09/2024 | 20957 | 20644 | 20448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2452072, 31.740%, 9/05/2029 †§x | Best Egg | 9/09/2024 | 22762 | 22407 | 21617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2452089, 16.110%, 9/05/2029 †§x | Best Egg | 9/09/2024 | 23934 | 23578 | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2452108, 16.400%, 9/05/2028 †§x | Best Egg | 9/09/2024 | 31773 | 31221 | 31725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2452289, 13.480%, 9/05/2027 †§x | Best Egg | 9/09/2024 | 22057 | 21784 | 22180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2452933, 10.210%, 9/08/2029 †x | Best Egg | 9/11/2024 | 20450 | 20624 | 20586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453081, 16.120%, 10/22/2029 †§x | Best Egg | 9/18/2024 | 40001 | 39397 | 40092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453090, 14.650%, 10/24/2028 †§x | Best Egg | 9/11/2024 | 28887 | 28480 | 28575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453101, 11.720%, 9/08/2029 †§x | Best Egg | 9/11/2024 | 27058 | 26660 | 26889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453149, 9.760%, 9/08/2029 †x | Best Egg | 9/11/2024 | 42532 | 42892 | 42814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453562, 13.950%, 9/08/2031 †x | Best Egg | 9/11/2024 | 27138 | 27388 | 27255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453660, 7.800%, 9/08/2029 †x# | Best Egg | 9/11/2024 | 25198 | 25409 | 25365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453779, 9.670%, 10/15/2029 †§x | Best Egg | 9/11/2024 | 28980 | 28555 | 28766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453803, 11.280%, 10/16/2027 †x | Best Egg | 9/11/2024 | 26822 | 27017 | 26768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453865, 16.120%, 10/16/2029 †§x | Best Egg | 9/11/2024 | 21860 | 21532 | 21687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2453888, 19.750%, 9/08/2029 †x | Best Egg | 9/11/2024 | 35229 | 35541 | 35084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454050, 9.530%, 9/08/2029 †x | Best Egg | 9/11/2024 | 23844 | 24046 | 23999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454132, 13.210%, 10/19/2029 †§x | Best Egg | 9/11/2024 | 28237 | 27818 | 27801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454209, 10.060%, 9/08/2027 †§x | Best Egg | 9/11/2024 | 21756 | 21489 | 21899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454301, 8.330%, 9/08/2027 †x | Best Egg | 9/11/2024 | 25201 | 25379 | 25147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454327, 7.800%, 9/08/2029 †x | Best Egg | 9/11/2024 | 29546 | 29794 | 29742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454407, 13.430%, 9/08/2031 †x | Best Egg | 9/11/2024 | 36607 | 36943 | 36626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454429, 13.380%, 9/08/2031 †x | Best Egg | 9/11/2024 | 45751 | 46145 | 45948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454720, 9.310%, 9/08/2029 †§x | Best Egg | 9/11/2024 | 25475 | 25104 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454913, 7.210%, 9/08/2027 †x | Best Egg | 9/11/2024 | 32250 | 32476 | 32352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454978, 12.620%, 9/08/2028 †§x | Best Egg | 9/11/2024 | 29486 | 29078 | 29630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2454990, 7.700%, 9/08/2029 †x | Best Egg | 9/11/2024 | 42192 | 42545 | 42472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455020, 18.530%, 9/08/2029 †§x | Best Egg | 9/11/2024 | 38201 | 37627 | 37291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455107, 9.760%, 9/08/2029 †x | Best Egg | 9/11/2024 | 26199 | 26406 | 26355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455154, 21.740%, 9/08/2027 †§x | Best Egg | 9/11/2024 | 22757 | 22465 | 22546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455268, 24.720%, 10/08/2029 †x# | Best Egg | 9/11/2024 | 36380 | 35820 | 35235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455600, 13.040%, 10/09/2029 †x# | Best Egg | 9/12/2024 | 30567 | 30114 | 30367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455687, 13.360%, 10/18/2027 †x | Best Egg | 9/12/2024 | 36872 | 37143 | 36652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455868, 11.770%, 9/09/2027 †§x | Best Egg | 9/12/2024 | 26760 | 26429 | 26606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455940, 9.760%, 9/09/2029 †x | Best Egg | 9/12/2024 | 25519 | 25735 | 25689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455960, 12.130%, 9/09/2028 †§x | Best Egg | 9/12/2024 | 32842 | 32388 | 33123 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**77** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456013, 11.870%, 9/09/2027 †§x | Best Egg | 9/12/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456095, 16.110%, 10/26/2029 †§x | Best Egg | 9/12/2024 | 28342 | 27918 | 27696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456139, 10.210%, 9/09/2029 †x | Best Egg | 9/12/2024 | 42605 | 42966 | 42889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456222, 11.760%, 9/09/2027 †§x | Best Egg | 9/12/2024 | 24908 | 24600 | 25075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456368, 9.830%, 9/09/2031 †x | Best Egg | 9/12/2024 | 45104 | 45513 | 45304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456375, 15.880%, 9/09/2029 †§x | Best Egg | 9/12/2024 | 22493 | 22157 | 21971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456455, 15.680%, 9/09/2031 †x | Best Egg | 9/12/2024 | 23038 | 23252 | 23138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456577, 7.710%, 9/09/2027 †x | Best Egg | 9/12/2024 | 20478 | 20622 | 20542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456734, 14.950%, 9/09/2027 †§x | Best Egg | 9/12/2024 | 27361 | 27019 | 27545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456761, 28.090%, 9/09/2029 †§x | Best Egg | 9/12/2024 | 21632 | 21297 | 21223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456799, 7.210%, 10/15/2027 †x | Best Egg | 9/12/2024 | 21538 | 21691 | 21611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456928, 12.500%, 9/09/2027 †§x | Best Egg | 9/12/2024 | 23248 | 22959 | 23392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456956, 13.200%, 9/09/2029 †§x | Best Egg | 9/12/2024 | 23387 | 23041 | 23226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2456983, 14.650%, 9/09/2029 †x | Best Egg | 9/12/2024 | 20033 | 20206 | 20166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2457125, 14.170%, 9/09/2029 †§x | Best Egg | 9/12/2024 | 22471 | 22134 | 22506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2457376, 11.740%, 9/10/2029 †x | Best Egg | 9/13/2024 | 34708 | 35005 | 34804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2457422, 10.790%, 9/10/2027 †§x | Best Egg | 9/13/2024 | 36368 | 35919 | 36283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2457535, 10.050%, 9/10/2029 †x | Best Egg | 9/13/2024 | 20012 | 20182 | 20068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2457825, 17.330%, 9/10/2029 †x | Best Egg | 9/13/2024 | 26217 | 26446 | 26082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2457862, 13.940%, 9/10/2029 †x | Best Egg | 9/13/2024 | 25872 | 26097 | 25778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458216, 17.340%, 9/10/2029 †§x | Best Egg | 9/13/2024 | 27450 | 27038 | 27251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458285, 16.980%, 10/21/2031 †x | Best Egg | 9/13/2024 | 27901 | 28162 | 27931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458354, 17.540%, 9/10/2029 †§x | Best Egg | 9/13/2024 | 21862 | 21534 | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458368, 15.140%, 9/10/2029 †§x | Best Egg | 9/13/2024 | 24288 | 23927 | 24004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458374, 18.610%, 9/10/2029 †x | Best Egg | 9/13/2024 | 34484 | 34788 | 34305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458375, 13.200%, 9/10/2029 †§x | Best Egg | 9/13/2024 | 20157 | 19856 | 20022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458442, 21.720%, 9/10/2028 †§x | Best Egg | 9/13/2024 | 20979 | 20679 | 20942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458487, 13.450%, 9/10/2029 †x | Best Egg | 9/13/2024 | 30181 | 30441 | 30073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458534, 11.990%, 9/10/2029 †x | Best Egg | 9/13/2024 | 27771 | 28009 | 27848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458732, 8.820%, 9/10/2029 †§x | Best Egg | 9/13/2024 | 27034 | 26641 | 26724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458769, 15.460%, 9/10/2029 †x | Best Egg | 9/13/2024 | 26052 | 26278 | 26226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458816, 12.100%, 9/10/2031 †x | Best Egg | 9/13/2024 | 45561 | 45977 | 45591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458895, 15.150%, 11/10/2029 †x | Best Egg | 9/13/2024 | 23708 | 23351 | 23567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2458951, 6.580%, 9/10/2027 †§x | Best Egg | 9/13/2024 | 26837 | 26512 | 26913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2459190, 20.940%, 8/11/2029 †§x | Best Egg | 9/16/2024 | 26300 | 25904 | 25673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2459473, 17.570%, 9/11/2029 †§x | Best Egg | 9/16/2024 | 21864 | 21536 | 21359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2459583, 16.600%, 9/11/2029 †§x | Best Egg | 9/16/2024 | 28332 | 27908 | 28101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2459606, 17.560%, 9/11/2029 †§x | Best Egg | 9/16/2024 | 34982 | 34457 | 34690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2459719, 9.050%, 9/11/2029 †x | Best Egg | 9/16/2024 | 29124 | 29366 | 29202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2459813, 14.660%, 9/11/2029 †§x | Best Egg | 9/16/2024 | 40702 | 40097 | 40063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2460289, 11.960%, 9/11/2031 †x | Best Egg | 9/16/2024 | 43718 | 44117 | 43915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2460548, 22.870%, 9/11/2029 †§x | Best Egg | 9/16/2024 | 28679 | 28241 | 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2460809, 13.210%, 9/12/2029 †§x | Best Egg | 9/16/2024 | 40925 | 40319 | 40576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2460920, 12.230%, 9/12/2029 †x | Best Egg | 9/16/2024 | 34178 | 34471 | 34279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461191, 9.760%, 9/12/2029 †x | Best Egg | 9/16/2024 | 21266 | 21446 | 21411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461310, 8.820%, 9/12/2029 †x | Best Egg | 9/16/2024 | 32547 | 32818 | 32643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461440, 6.820%, 10/16/2029 †§x | Best Egg | 9/16/2024 | 25250 | 24883 | 25494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461456, 15.630%, 9/12/2029 †§x | Best Egg | 9/16/2024 | 20738 | 20405 | 20551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461463, 14.080%, 9/12/2027 †x | Best Egg | 9/16/2024 | 24615 | 24307 | 24793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461505, 6.820%, 10/16/2029 †§x | Best Egg | 9/16/2024 | 42083 | 41471 | 42012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461739, 14.900%, 9/12/2029 †x | Best Egg | 9/16/2024 | 42503 | 42872 | 42627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461864, 18.530%, 10/16/2029 †x | Best Egg | 9/16/2024 | 21992 | 22187 | 21887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2461895, 13.690%, 9/12/2029 †§x | Best Egg | 9/16/2024 | 25891 | 25508 | 25490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462301, 7.260%, 10/26/2029 †x | Best Egg | 9/18/2024 | 22804 | 22997 | 22964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462537, 6.730%, 9/15/2031 †x | Best Egg | 9/18/2024 | 32169 | 32457 | 32320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462699, 19.980%, 10/26/2029 †§x# | Best Egg | 9/18/2024 | 24637 | 24275 | 24406 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**78** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462714, 4.310%, 9/15/2027 †x | Best Egg | 9/18/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462759, 18.050%, 11/15/2029 †x# | Best Egg | 9/18/2024 | 33867 | 33352 | 33247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462780, 8.290%, 9/15/2029 †x | Best Egg | 9/18/2024 | 25374 | 25588 | 25550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2462993, 9.760%, 9/15/2029 †x | Best Egg | 9/18/2024 | 42532 | 42893 | 42825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463017, 18.870%, 9/15/2027 †§x | Best Egg | 9/18/2024 | 26733 | 26390 | 26608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463222, 18.530%, 10/26/2029 †§x | Best Egg | 9/18/2024 | 44141 | 43472 | 43814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463285, 13.450%, 11/15/2029 †x# | Best Egg | 9/18/2024 | 27111 | 27347 | 27222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463295, 8.290%, 9/15/2029 †§x | Best Egg | 9/18/2024 | 30000 | 29581 | 29932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463297, 13.730%, 9/15/2027 †x | Best Egg | 9/18/2024 | 25320 | 25505 | 25191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463322, 10.540%, 9/15/2029 †x | Best Egg | 9/18/2024 | 42486 | 42849 | 42372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463375, 15.630%, 8/15/2029 †§x | Best Egg | 9/18/2024 | 24507 | 24134 | 23968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463383, 15.390%, 9/15/2029 †x | Best Egg | 9/18/2024 | 26046 | 26273 | 26127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463386, 8.590%, 9/15/2029 †§x | Best Egg | 9/18/2024 | 21170 | 20861 | 20859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463408, 8.820%, 9/15/2029 †x | Best Egg | 9/18/2024 | 42378 | 42736 | 42514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463460, 14.960%, 9/15/2031 †x | Best Egg | 9/18/2024 | 22989 | 23201 | 23092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463526, 6.230%, 9/15/2027 †x | Best Egg | 9/18/2024 | 35685 | 35936 | 35811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463566, 8.360%, 9/15/2031 †x | Best Egg | 9/18/2024 | 40472 | 40836 | 40660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463720, 11.770%, 9/18/2027 †x | Best Egg | 9/18/2024 | 27883 | 28085 | 27744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463795, 17.730%, 10/18/2028 †§x | Best Egg | 9/18/2024 | 29858 | 29431 | 29776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2463809, 14.910%, 9/15/2029 †x | Best Egg | 9/18/2024 | 21669 | 21857 | 21608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464051, 14.180%, 9/15/2029 †§x | Best Egg | 9/18/2024 | 43227 | 42584 | 42921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464119, 8.620%, 9/15/2029 †x | Best Egg | 9/18/2024 | 32182 | 32454 | 32405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464174, 13.730%, 9/15/2027 †x | Best Egg | 9/18/2024 | 34810 | 35064 | 34636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464386, 13.690%, 10/26/2029 †§x | Best Egg | 9/18/2024 | 36586 | 36041 | 36053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464702, 4.310%, 9/15/2027 †x | Best Egg | 9/18/2024 | 30083 | 30292 | 30189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464911, 16.360%, 9/15/2029 †x | Best Egg | 9/18/2024 | 24390 | 24603 | 24320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2464956, 11.300%, 10/26/2028 †§x | Best Egg | 9/18/2024 | 36504 | 35993 | 36847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465129, 11.000%, 9/16/2029 †x | Best Egg | 9/19/2024 | 21793 | 21979 | 21864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465159, 6.820%, 11/16/2029 †x | Best Egg | 9/19/2024 | 30844 | 30394 | 31225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465272, 5.100%, 10/26/2027 †x | Best Egg | 9/19/2024 | 33898 | 34139 | 34016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465340, 10.790%, 10/26/2027 †§x | Best Egg | 9/19/2024 | 36494 | 36033 | 36422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465425, 14.050%, 10/16/2031 †x# | Best Egg | 9/19/2024 | 37064 | 37414 | 37260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465702, 10.020%, 9/16/2029 †x | Best Egg | 9/19/2024 | 23416 | 23615 | 23492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465734, 11.790%, 9/16/2028 †§x | Best Egg | 9/19/2024 | 24295 | 23958 | 24479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465764, 10.280%, 9/16/2029 †§x | Best Egg | 9/19/2024 | 38237 | 37672 | 38012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2465861, 11.740%, 9/16/2029 †§x | Best Egg | 9/19/2024 | 29994 | 29552 | 29772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466121, 11.490%, 9/16/2029 †x | Best Egg | 9/19/2024 | 42810 | 43176 | 42949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466158, 11.970%, 9/16/2029 †§x | Best Egg | 9/19/2024 | 25666 | 25287 | 25533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466177, 14.700%, 9/16/2027 †§x | Best Egg | 9/19/2024 | 25650 | 25326 | 25761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466189, 11.650%, 9/16/2027 †§x | Best Egg | 9/19/2024 | 29196 | 28832 | 29403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466287, 13.340%, 9/16/2027 †§x | Best Egg | 9/19/2024 | 31295 | 30902 | 31169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466334, 10.280%, 9/16/2029 †x | Best Egg | 9/19/2024 | 23439 | 23638 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466389, 10.020%, 12/16/2029 †x | Best Egg | 9/19/2024 | 33934 | 34224 | 34092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466550, 8.330%, 9/16/2029 †x | Best Egg | 9/19/2024 | 33837 | 34123 | 33949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466602, 13.690%, 9/16/2029 †§x | Best Egg | 9/19/2024 | 22526 | 22191 | 22578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466677, 7.800%, 9/16/2029 †§x | Best Egg | 9/19/2024 | 42208 | 41594 | 41747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466801, 15.870%, 9/16/2029 †§x | Best Egg | 9/19/2024 | 23501 | 23149 | 23358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466850, 18.060%, 9/16/2029 †§x | Best Egg | 9/19/2024 | 43799 | 43139 | 43241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2466987, 13.670%, 9/17/2029 †§x | Best Egg | 9/20/2024 | 31931 | 31456 | 32150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467072, 14.080%, 9/17/2028 †§x | Best Egg | 9/20/2024 | 40845 | 40273 | 41207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467103, 13.690%, 10/21/2029 †§x | Best Egg | 9/20/2024 | 43233 | 42587 | 42965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467366, 8.030%, 9/17/2031 †x | Best Egg | 9/20/2024 | 26619 | 26858 | 26744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467385, 20.940%, 9/17/2029 †§x | Best Egg | 9/20/2024 | 44199 | 43527 | 43789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467522, 7.360%, 9/17/2029 †x | Best Egg | 9/20/2024 | 24017 | 24219 | 24098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467834, 9.760%, 9/17/2029 †x | Best Egg | 9/20/2024 | 42535 | 42898 | 42832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467851, 14.660%, 10/17/2029 †x | Best Egg | 9/20/2024 | 43095 | 42453 | 43288 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**79** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467943, 14.660%, 9/17/2029 †§x | Best Egg | 9/20/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2467986, 20.430%, 10/21/2029 †§x | Best Egg | 9/20/2024 | 26549 | 26144 | 26215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2468242, 13.200%, 9/17/2029 †§x | Best Egg | 9/20/2024 | 21539 | 21219 | 21595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2468452, 17.330%, 9/17/2029 †x | Best Egg | 9/20/2024 | 21478 | 21666 | 21396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2468611, 15.630%, 9/17/2029 †§x | Best Egg | 9/20/2024 | 34756 | 34236 | 34826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2468982, 31.940%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 27327 | 26899 | 26181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469035, 4.310%, 9/18/2027 †x | Best Egg | 9/23/2024 | 35392 | 35639 | 35525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469123, 3.620%, 9/18/2027 †x | Best Egg | 9/23/2024 | 33641 | 33876 | 33764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469204, 18.050%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 24015 | 23653 | 23836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469295, 23.240%, 9/18/2029 †x | Best Egg | 9/23/2024 | 43649 | 42980 | 42950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469445, 14.470%, 9/18/2031 †x | Best Egg | 9/23/2024 | 45908 | 46332 | 45958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469453, 12.600%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 20221 | 19922 | 20370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469470, 12.480%, 9/18/2029 †x | Best Egg | 9/23/2024 | 21912 | 22101 | 21990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469523, 17.330%, 9/18/2029 †x | Best Egg | 9/23/2024 | 22983 | 23185 | 22934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469595, 11.340%, 9/18/2029 †x | Best Egg | 9/23/2024 | 25145 | 25361 | 25096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2469842, 12.370%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 42040 | 41417 | 41826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470101, 22.430%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 44399 | 43720 | 43699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470233, 14.270%, 9/18/2028 †§x | Best Egg | 9/23/2024 | 20994 | 20699 | 20956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470258, 16.120%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 43518 | 42865 | 43604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470279, 23.880%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 44587 | 43903 | 43873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470373, 11.690%, 9/18/2029 †§x | Best Egg | 9/23/2024 | 20972 | 20662 | 21035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470420, 9.530%, 9/18/2029 †x | Best Egg | 9/23/2024 | 29157 | 29405 | 29362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470875, 17.080%, 9/19/2029 †§x | Best Egg | 9/23/2024 | 37109 | 36551 | 36889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2470937, 20.760%, 9/19/2028 †§x | Best Egg | 9/23/2024 | 23268 | 22933 | 23328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471054, 14.910%, 11/01/2029 †x# | Best Egg | 9/23/2024 | 22554 | 22751 | 22510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471083, 11.280%, 9/19/2027 †§x | Best Egg | 9/23/2024 | 30904 | 30518 | 30853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471111, 19.880%, 9/19/2028 †§x | Best Egg | 9/23/2024 | 25066 | 24707 | 25068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471194, 12.230%, 9/19/2029 †§x | Best Egg | 9/23/2024 | 27397 | 26991 | 27481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471212, 12.990%, 9/19/2027 †§x | Best Egg | 9/23/2024 | 21740 | 21467 | 21919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471406, 16.430%, 9/19/2029 †x | Best Egg | 9/23/2024 | 27635 | 27877 | 27731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471428, 17.490%, 9/19/2027 †§x | Best Egg | 9/23/2024 | 31998 | 31589 | 32151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471451, 11.200%, 9/19/2029 †x | Best Egg | 9/23/2024 | 25658 | 25878 | 25840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471530, 10.540%, 9/19/2029 †x | Best Egg | 9/23/2024 | 22182 | 22372 | 22139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471585, 15.140%, 9/19/2029 †§x | Best Egg | 9/23/2024 | 30361 | 29906 | 30120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471760, 14.200%, 9/19/2027 †§x | Best Egg | 9/23/2024 | 33179 | 32759 | 33020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471796, 8.400%, 9/19/2029 †x | Best Egg | 9/23/2024 | 29616 | 29866 | 29723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471837, 7.710%, 9/19/2027 †x | Best Egg | 9/23/2024 | 28727 | 28931 | 28836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471915, 8.070%, 9/19/2029 †x | Best Egg | 9/23/2024 | 20726 | 20901 | 20800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2471933, 21.730%, 9/19/2029 †§x | Best Egg | 9/23/2024 | 27027 | 26614 | 26435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472098, 13.130%, 9/19/2029 †x | Best Egg | 9/23/2024 | 19982 | 20155 | 20123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472261, 15.150%, 9/19/2029 †§x | Best Egg | 9/23/2024 | 41510 | 40789 | 41598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472396, 12.960%, 9/19/2029 †x | Best Egg | 9/23/2024 | 40711 | 41065 | 40851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472514, 20.740%, 10/26/2031 †x | Best Egg | 9/25/2024 | 23417 | 23638 | 23342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472515, 13.200%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 21539 | 21218 | 21415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472537, 18.300%, 10/25/2029 †x | Best Egg | 9/25/2024 | 35136 | 35448 | 35030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472545, 20.460%, 9/26/2029 †§x | Best Egg | 9/25/2024 | 34295 | 33699 | 33790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472794, 15.630%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 21723 | 21397 | 21583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472822, 8.560%, 9/22/2029 †x | Best Egg | 9/25/2024 | 22522 | 22713 | 22607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472826, 15.150%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 22146 | 21814 | 22204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472930, 14.910%, 9/22/2029 †x | Best Egg | 9/25/2024 | 39004 | 39344 | 38937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472932, 15.880%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 43482 | 42829 | 43201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2472946, 11.000%, 9/22/2029 †x | Best Egg | 9/25/2024 | 26494 | 26721 | 26593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473067, 13.200%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 25104 | 24730 | 24928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473142, 19.380%, 9/22/2031 †x | Best Egg | 9/25/2024 | 27936 | 28198 | 27966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473153, 10.540%, 9/22/2029 †x | Best Egg | 9/25/2024 | 42658 | 43023 | 42590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473422, 4.650%, 9/22/2027 †x | Best Egg | 9/25/2024 | 33253 | 33487 | 33381 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**80** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473456, 14.840%, 9/22/2031 †x | Best Egg | 9/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473462, 8.740%, 9/22/2029 †x | Best Egg | 9/25/2024 | 22030 | 22216 | 22188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473649, 13.670%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 43149 | 42506 | 42689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473659, 21.910%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 23830 | 23465 | 23400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473780, 7.350%, 9/22/2027 †x | Best Egg | 9/25/2024 | 28683 | 28888 | 28669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473944, 28.090%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 21571 | 21235 | 20784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473974, 15.630%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 43445 | 42793 | 43183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2473995, 5.590%, 9/22/2027 †x | Best Egg | 9/25/2024 | 35587 | 35839 | 35726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2474041, 13.110%, 9/22/2031 †x | Best Egg | 9/25/2024 | 30485 | 30765 | 30631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2474555, 7.390%, 9/22/2031 †x | Best Egg | 9/25/2024 | 22363 | 22564 | 22473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2474636, 23.620%, 9/22/2029 †x | Best Egg | 9/25/2024 | 26732 | 26973 | 26681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2474695, 13.450%, 9/22/2029 †x | Best Egg | 9/25/2024 | 25537 | 25758 | 25495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2474855, 17.560%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 25235 | 24847 | 24719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2474900, 13.930%, 9/22/2029 †x | Best Egg | 9/25/2024 | 30232 | 30495 | 30449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2475215, 13.450%, 9/22/2029 †x | Best Egg | 9/25/2024 | 30109 | 30370 | 30026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2475266, 17.650%, 9/22/2027 †x | Best Egg | 9/25/2024 | 28430 | 28646 | 28241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2475272, 10.540%, 9/22/2029 †x | Best Egg | 9/25/2024 | 21320 | 21502 | 21286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2475334, 20.460%, 9/22/2029 †§x | Best Egg | 9/25/2024 | 21184 | 20862 | 21004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 247539747, 15.600%, 9/30/2028 †§x | Upgrade | 9/25/2023 | 21799 | 21644 | 21848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 247546229, 15.600%, 9/12/2028 †§x | Upgrade | 9/15/2023 | 28187 | 27987 | 28381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2475843, 14.570%, 9/23/2027 †§x | Best Egg | 9/26/2024 | 22152 | 21870 | 21926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2476140, 21.910%, 10/23/2029 †x# | Best Egg | 9/26/2024 | 29138 | 28684 | 28542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2476860, 19.500%, 9/23/2029 †§x | Best Egg | 9/26/2024 | 26401 | 26000 | 26096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2476954, 13.450%, 9/23/2029 †§x | Best Egg | 9/26/2024 | 36887 | 36337 | 37004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2477556, 21.430%, 9/24/2029 †§x | Best Egg | 9/27/2024 | 22133 | 21794 | 21971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2477662, 9.990%, 9/24/2029 †§x | Best Egg | 9/27/2024 | 21285 | 20971 | 21174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 247769259, 15.600%, 9/12/2028 †§x | Upgrade | 9/15/2023 | 26426 | 26238 | 26607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2477747, 16.520%, 10/24/2027 †x | Best Egg | 9/27/2024 | 23671 | 23363 | 23260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 247800646, 14.640%, 9/16/2028 †§x | Upgrade | 9/18/2023 | 28024 | 27827 | 28236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2478669, 19.150%, 9/24/2027 †§x | Best Egg | 9/27/2024 | 22637 | 22244 | 22550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2479511, 31.360%, 9/25/2029 †§x | Best Egg | 9/30/2024 | 22741 | 22384 | 22087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480043, 21.250%, 9/26/2027 †§x | Best Egg | 9/30/2024 | 26524 | 26177 | 26283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480060, 9.670%, 9/25/2029 †§x | Best Egg | 9/30/2024 | 41354 | 40739 | 40933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480106, 13.010%, 9/25/2028 †§x | Best Egg | 9/30/2024 | 30617 | 30187 | 30606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480117, 21.910%, 9/25/2029 †§x | Best Egg | 9/30/2024 | 32410 | 31913 | 31740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480278, 8.410%, 9/25/2029 †§x | Best Egg | 9/30/2024 | 33848 | 33351 | 33788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480506, 22.870%, 9/25/2029 †§x | Best Egg | 9/30/2024 | 22228 | 21887 | 21964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480921, 15.760%, 9/25/2027 †§x | Best Egg | 9/30/2024 | 21465 | 21189 | 21248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480927, 20.940%, 9/25/2029 †§x | Best Egg | 9/30/2024 | 21926 | 21591 | 21767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2480949, 15.630%, 9/25/2029 †§x | Best Egg | 9/30/2024 | 35500 | 34966 | 35244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2481016, 13.100%, 9/25/2028 †§x | Best Egg | 9/30/2024 | 23603 | 23271 | 23842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2481443, 13.970%, 11/01/2027 †§x | Best Egg | 9/30/2024 | 25220 | 24894 | 25377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248146889, 14.890%, 9/12/2028 †§x | Upgrade | 9/15/2023 | 24534 | 24364 | 24605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2481649, 13.970%, 11/01/2027 †§x | Best Egg | 9/30/2024 | 34774 | 34324 | 34990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248209105, 15.600%, 9/27/2028 †§x | Upgrade | 10/06/2023 | 29167 | 28716 | 29451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248228109, 12.600%, 9/14/2028 †§x | Upgrade | 9/18/2023 | 24788 | 24616 | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2482299, 13.690%, 11/01/2029 †§x | Best Egg | 9/30/2024 | 20556 | 20248 | 20384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2483420, 18.810%, 12/01/2029 †x# | Best Egg | 10/02/2024 | 25617 | 25172 | 25171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248387749, 22.040%, 9/15/2028 †§x | Upgrade | 9/18/2023 | 22134 | 21967 | 23019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2484053, 6.930%, 11/01/2027 †§x | Best Egg | 10/02/2024 | 26000 | 25620 | 26070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248407225, 15.600%, 9/27/2028 †§x | Upgrade | 9/25/2023 | 22818 | 22655 | 23032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248411205, 14.640%, 9/18/2028 †§x | Upgrade | 9/18/2023 | 31337 | 31116 | 31672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248428909, 15.600%, 9/13/2028 †§x | Upgrade | 9/18/2023 | 24856 | 24682 | 25094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248478151, 12.050%, 9/18/2027 †§x | Upgrade | 9/21/2023 | 20892 | 20769 | 21050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248521016, 24.200%, 9/21/2028 †§x | Upgrade | 9/25/2023 | 28782 | 28560 | 29676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248527760, 15.600%, 9/30/2028 †§x | Upgrade | 9/18/2023 | 21304 | 21158 | 21350 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**81** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2485346, 12.380%, 11/01/2027 †§x | Best Egg | 10/02/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2485554, 16.190%, 11/01/2029 †§x | Best Egg | 10/02/2024 | 35366 | 34833 | 35023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248578007, 15.580%, 9/19/2028 †§x | Upgrade | 9/18/2023 | 25438 | 25257 | 25606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2485854, 22.000%, 11/01/2029 †§x | Best Egg | 10/03/2024 | 31465 | 30980 | 31000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2485865, 18.160%, 10/01/2027 †§x | Best Egg | 10/03/2024 | 30959 | 30556 | 30344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2485953, 6.230%, 10/01/2027 †x | Best Egg | 10/03/2024 | 31106 | 31329 | 31200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2485962, 14.980%, 1/01/2030 †x | Best Egg | 10/03/2024 | 27132 | 26719 | 26561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248608949, 21.810%, 9/14/2028 †§x | Upgrade | 9/18/2023 | 29330 | 29110 | 30209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248611470, 15.600%, 9/18/2028 †§x | Upgrade | 9/21/2023 | 23044 | 22879 | 23240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486269, 13.690%, 12/01/2029 †x | Best Egg | 10/03/2024 | 29134 | 28694 | 28963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486316, 13.190%, 11/01/2028 †§x | Best Egg | 10/03/2024 | 20813 | 20517 | 20464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486396, 7.260%, 11/01/2029 †§x | Best Egg | 10/03/2024 | 38583 | 38015 | 38622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486618, 5.740%, 10/01/2027 †x | Best Egg | 10/03/2024 | 36960 | 37224 | 37071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486690, 14.840%, 12/21/2031 †x | Best Egg | 10/03/2024 | 37770 | 38132 | 37954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486750, 8.030%, 11/01/2029 †§x | Best Egg | 10/03/2024 | 38691 | 38121 | 38361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486759, 15.630%, 10/01/2029 †§x | Best Egg | 10/03/2024 | 26865 | 26458 | 26590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486818, 15.320%, 11/01/2031 †x | Best Egg | 10/03/2024 | 26408 | 26653 | 26516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486900, 9.050%, 11/01/2029 †x | Best Egg | 10/03/2024 | 43147 | 43516 | 43234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248696683, 14.640%, 9/14/2028 †§x | Upgrade | 9/18/2023 | 31481 | 31258 | 31714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2486998, 14.420%, 11/01/2029 †§x | Best Egg | 10/03/2024 | 41097 | 40478 | 40825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487014, 13.010%, 10/01/2028 †§x | Best Egg | 10/03/2024 | 24319 | 23974 | 23915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487015, 9.790%, 11/01/2029 †x | Best Egg | 10/03/2024 | 22063 | 22253 | 22107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248715962, 15.600%, 9/15/2028 †§x | Upgrade | 9/18/2023 | 26417 | 26227 | 26673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487240, 13.440%, 11/16/2029 †§x | Best Egg | 10/03/2024 | 24268 | 23903 | 24269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487290, 13.200%, 11/01/2029 †§x | Best Egg | 10/03/2024 | 34138 | 33626 | 33862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487415, 12.440%, 10/01/2027 †§x | Best Egg | 10/03/2024 | 33593 | 33166 | 33691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487561, 15.540%, 10/01/2028 †§x | Best Egg | 10/04/2024 | 34796 | 34301 | 34853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487714, 14.180%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 39497 | 38905 | 39111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487904, 16.580%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 26530 | 26129 | 26161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2487910, 14.170%, 10/01/2029 †§x# | Best Egg | 10/04/2024 | 29872 | 29424 | 29851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248809011, 24.200%, 9/30/2028 †§x | Upgrade | 9/21/2023 | 27426 | 27211 | 27873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488259, 8.690%, 10/01/2027 †x | Best Egg | 10/04/2024 | 21676 | 21614 | 21742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488305, 18.990%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 27471 | 27053 | 26843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488362, 12.940%, 11/05/2031 †x | Best Egg | 10/04/2024 | 27706 | 27606 | 27832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488364, 19.520%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 40143 | 39531 | 39400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488398, 8.690%, 10/01/2031 †x | Best Egg | 10/04/2024 | 34330 | 34208 | 34474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488416, 31.360%, 12/15/2029 †§x | Best Egg | 10/04/2024 | 25461 | 25059 | 24041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488529, 9.810%, 10/01/2027 †x | Best Egg | 10/04/2024 | 37524 | 37416 | 37415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488607, 8.690%, 10/01/2027 †x | Best Egg | 10/04/2024 | 21676 | 21614 | 21742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2488897, 14.910%, 10/01/2029 †x | Best Egg | 10/04/2024 | 21470 | 21396 | 21358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248901968, 15.600%, 9/18/2028 †§x | Upgrade | 9/21/2023 | 22550 | 22389 | 22734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489023, 9.760%, 11/01/2029 †x | Best Egg | 10/04/2024 | 30294 | 30191 | 30496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489190, 12.440%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 43640 | 42990 | 43378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489274, 15.150%, 10/01/2029 †x | Best Egg | 10/04/2024 | 21626 | 21553 | 21667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489370, 12.730%, 11/15/2029 †§x | Best Egg | 10/04/2024 | 32961 | 32467 | 32784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489417, 7.360%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 42135 | 41516 | 41709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489424, 18.050%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 32792 | 32283 | 32329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489486, 16.120%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 30908 | 30441 | 30871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489494, 10.280%, 11/24/2029 †x | Best Egg | 10/04/2024 | 20521 | 20451 | 20566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489585, 14.910%, 11/04/2029 †x | Best Egg | 10/04/2024 | 24230 | 24147 | 24106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489609, 8.740%, 10/01/2029 †x | Best Egg | 10/04/2024 | 38112 | 37984 | 38353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489676, 13.690%, 10/01/2029 †§x | Best Egg | 10/04/2024 | 25216 | 24839 | 24948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489811, 8.330%, 10/02/2029 †§x | Best Egg | 10/07/2024 | 43025 | 42391 | 42585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489875, 7.710%, 10/02/2031 †x | Best Egg | 10/07/2024 | 45340 | 45179 | 45542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489887, 18.180%, 10/02/2027 †§x | Best Egg | 10/07/2024 | 27071 | 26718 | 26540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489909, 19.520%, 10/02/2029 †§x | Best Egg | 10/07/2024 | 26762 | 26354 | 26712 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**82** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2489912, 10.210%, 10/02/2029 †x | Best Egg | 10/07/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490053, 24.630%, 10/02/2031 †x | Best Egg | 10/07/2024 | 36858 | 36726 | 36655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490122, 6.510%, 11/16/2027 †x | Best Egg | 10/07/2024 | 22316 | 22251 | 22264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490173, 17.370%, 10/02/2031 †x | Best Egg | 10/07/2024 | 26136 | 26042 | 26147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490191, 16.120%, 10/02/2029 †§x | Best Egg | 10/07/2024 | 28700 | 28267 | 28350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490230, 23.500%, 10/02/2027 †§x | Best Egg | 10/07/2024 | 22471 | 22173 | 22191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490265, 13.450%, 10/02/2029 †x | Best Egg | 10/07/2024 | 23249 | 23170 | 23137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490375, 13.600%, 10/02/2027 †§x | Best Egg | 10/07/2024 | 24288 | 23977 | 24447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490474, 9.560%, 11/16/2029 †x | Best Egg | 10/07/2024 | 26043 | 25955 | 26107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2490595, 9.310%, 10/02/2029 †§x | Best Egg | 10/07/2024 | 42196 | 41572 | 41713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491000, 11.040%, 10/02/2027 †§x | Best Egg | 10/07/2024 | 29413 | 29039 | 29622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491039, 14.420%, 10/02/2029 †x | Best Egg | 10/07/2024 | 39528 | 39393 | 39336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491086, 20.000%, 2/02/2030 †x | Best Egg | 10/07/2024 | 50000 | 49223 | 49083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491094, 11.510%, 10/02/2029 †x# | Best Egg | 10/07/2024 | 24048 | 23967 | 23934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491154, 27.700%, 11/02/2027 †§x | Best Egg | 10/07/2024 | 23993 | 23638 | 23528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491615, 15.200%, 10/02/2027 †x | Best Egg | 10/07/2024 | 30619 | 30530 | 30399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491798, 5.590%, 10/03/2027 †x | Best Egg | 10/07/2024 | 36930 | 36825 | 37048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491828, 13.940%, 10/03/2029 †§x | Best Egg | 10/07/2024 | 43852 | 43194 | 43334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491879, 10.790%, 10/03/2027 †§x# | Best Egg | 10/07/2024 | 20199 | 19942 | 20129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2491944, 19.480%, 10/03/2028 †§x | Best Egg | 10/07/2024 | 22496 | 22171 | 22546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492095, 15.630%, 10/03/2029 †§x | Best Egg | 10/07/2024 | 41015 | 40396 | 40976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492299, 8.560%, 10/03/2029 †x | Best Egg | 10/07/2024 | 34448 | 34333 | 34528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492439, 9.760%, 10/03/2029 †x | Best Egg | 10/07/2024 | 25081 | 24996 | 25243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249248503, 15.600%, 9/15/2028 †§x | Upgrade | 9/28/2023 | 20471 | 20324 | 20690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492537, 10.250%, 10/03/2027 †§x | Best Egg | 10/07/2024 | 35186 | 34741 | 35332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492567, 14.580%, 2/03/2030 †x# | Best Egg | 10/07/2024 | 45914 | 45213 | 46070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492606, 9.530%, 11/22/2029 †x | Best Egg | 10/07/2024 | 23467 | 23388 | 23525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492661, 20.600%, 10/03/2027 †§x | Best Egg | 10/07/2024 | 27315 | 26948 | 26951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249269329, 21.810%, 9/19/2028 †§x | Upgrade | 9/22/2023 | 31546 | 31331 | 32341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492746, 5.940%, 10/03/2027 †§x | Best Egg | 10/07/2024 | 36981 | 36520 | 37081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2492773, 6.370%, 10/03/2027 †x | Best Egg | 10/07/2024 | 20003 | 19946 | 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249286861, 15.600%, 9/21/2028 †§x | Upgrade | 9/25/2023 | 20425 | 20250 | 20573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493145, 14.660%, 10/03/2029 †§x | Best Egg | 10/07/2024 | 43953 | 43292 | 43676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493365, 17.790%, 10/03/2027 †§x | Best Egg | 10/07/2024 | 26301 | 25958 | 26174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493486, 8.690%, 10/06/2027 †x | Best Egg | 10/09/2024 | 33636 | 33539 | 33747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493638, 13.100%, 10/06/2028 †§x | Best Egg | 10/09/2024 | 32238 | 31775 | 32370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493668, 17.690%, 2/06/2028 †x# | Best Egg | 10/09/2024 | 25721 | 25371 | 25838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493675, 7.840%, 10/06/2027 †x | Best Egg | 10/09/2024 | 28527 | 28446 | 28463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493682, 16.910%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 27705 | 27285 | 27336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493712, 12.020%, 11/06/2027 †x | Best Egg | 10/09/2024 | 39513 | 39001 | 39834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493782, 20.690%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 22376 | 22033 | 22098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493867, 17.280%, 10/06/2027 †x# | Best Egg | 10/09/2024 | 22657 | 22591 | 22411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493899, 17.390%, 11/21/2029 †§x | Best Egg | 10/09/2024 | 44722 | 44040 | 43783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493915, 15.800%, 10/06/2028 †§x | Best Egg | 10/09/2024 | 36495 | 35973 | 36399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2493945, 11.280%, 10/06/2027 †§x | Best Egg | 10/09/2024 | 22642 | 22353 | 22569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494073, 13.690%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 41947 | 41317 | 41409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494106, 23.660%, 12/06/2027 †x | Best Egg | 10/09/2024 | 34864 | 34385 | 34509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494126, 15.710%, 10/06/2029 †x | Best Egg | 10/09/2024 | 43326 | 43178 | 43423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249422937, 24.200%, 9/30/2028 †§x# | Upgrade | 9/25/2023 | 30926 | 30689 | 31495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494258, 15.920%, 10/06/2031 †x | Best Egg | 10/09/2024 | 23247 | 23163 | 23261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494311, 20.460%, 6/06/2029 †§x | Best Egg | 10/09/2024 | 28280 | 27842 | 27929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494534, 10.770%, 11/10/2029 †x | Best Egg | 10/09/2024 | 21729 | 21655 | 21785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494603, 16.120%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 44154 | 43486 | 43639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249472933, 15.600%, 9/20/2028 †§x | Upgrade | 9/25/2023 | 23959 | 23788 | 24173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494770, 16.670%, 11/16/2027 †x | Best Egg | 10/09/2024 | 23238 | 23169 | 23086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494773, 10.510%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 29741 | 29300 | 29525 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**83** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2494993, 16.120%, 10/06/2029 †§x | Best Egg | 10/09/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495073, 11.000%, 11/16/2029 †x | Best Egg | 10/09/2024 | 43594 | 43446 | 43708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495123, 19.010%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 20591 | 20276 | 20446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495215, 15.880%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 33532 | 33025 | 33511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495336, 13.970%, 10/06/2027 †§x# | Best Egg | 10/09/2024 | 37186 | 36709 | 37390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495580, 15.880%, 10/06/2029 †x | Best Egg | 10/09/2024 | 23117 | 23035 | 23012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495709, 9.180%, 10/06/2027 †x | Best Egg | 10/09/2024 | 33801 | 33704 | 33909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495787, 9.310%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 34307 | 33800 | 33916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495946, 15.880%, 10/06/2029 †x | Best Egg | 10/09/2024 | 35310 | 35188 | 35150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495952, 11.880%, 11/10/2029 †§x | Best Egg | 10/09/2024 | 35589 | 35056 | 35307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496070, 8.140%, 10/06/2029 †x | Best Egg | 10/09/2024 | 34375 | 34259 | 34601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496144, 9.530%, 10/06/2029 †x | Best Egg | 10/09/2024 | 20740 | 20670 | 20791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496177, 15.880%, 10/06/2029 †x | Best Egg | 10/09/2024 | 43354 | 43206 | 43158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496203, 11.950%, 10/06/2029 †§x | Best Egg | 10/09/2024 | 25544 | 25163 | 25252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496231, 13.930%, 11/26/2029 †x | Best Egg | 10/09/2024 | 24303 | 24220 | 24364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496299, 11.020%, 10/06/2029 †x | Best Egg | 10/09/2024 | 21317 | 21245 | 21226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496311, 8.690%, 11/14/2027 †x | Best Egg | 10/09/2024 | 28103 | 28021 | 28201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496531, 11.000%, 10/07/2029 †x | Best Egg | 10/10/2024 | 35611 | 35490 | 35700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496579, 9.330%, 10/07/2029 †§x# | Best Egg | 10/10/2024 | 25863 | 25480 | 25658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496643, 16.120%, 11/18/2029 †§x | Best Egg | 10/10/2024 | 43275 | 42617 | 43250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496711, 15.880%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 21672 | 21344 | 21503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496777, 9.760%, 10/07/2029 †x | Best Egg | 10/10/2024 | 22054 | 21979 | 22199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496782, 18.050%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 20987 | 20668 | 20847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2496804, 14.910%, 10/07/2029 †x | Best Egg | 10/10/2024 | 26393 | 26303 | 26278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497019, 16.110%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 35322 | 34787 | 34564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497035, 11.110%, 10/07/2029 †x | Best Egg | 10/10/2024 | 35306 | 35186 | 35538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497082, 10.020%, 11/20/2029 †x | Best Egg | 10/10/2024 | 42699 | 42555 | 42806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497102, 20.940%, 12/07/2029 †x | Best Egg | 10/10/2024 | 25652 | 25254 | 25512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497205, 6.860%, 2/18/2028 †x# | Best Egg | 10/10/2024 | 28954 | 28866 | 29086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497232, 23.090%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 34235 | 33707 | 33769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249726460, 15.060%, 9/25/2027 †§x | Upgrade | 9/28/2023 | 23497 | 23352 | 24175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249726658, 24.200%, 9/30/2028 †§x | Upgrade | 9/25/2023 | 24929 | 24739 | 25435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497293, 13.440%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 23162 | 22815 | 22869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497398, 8.250%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 21068 | 20760 | 20833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497419, 15.150%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 44021 | 43357 | 43083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249742291, 15.600%, 9/22/2028 †§x | Upgrade | 9/25/2023 | 20126 | 19982 | 20307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249742497, 19.460%, 9/25/2028 †x# | Upgrade | 9/28/2023 | 34153 | 33902 | 28038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497563, 8.030%, 11/23/2029 †§x | Best Egg | 10/10/2024 | 37037 | 36487 | 36648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497576, 22.500%, 11/07/2029 †x# | Best Egg | 10/10/2024 | 33223 | 32717 | 32617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497660, 13.200%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 37693 | 37128 | 37410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497704, 4.990%, 10/07/2027 †x | Best Egg | 10/10/2024 | 36844 | 36739 | 36968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249776117, 14.640%, 10/15/2028 †§x | Upgrade | 10/20/2023 | 21052 | 20750 | 21220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497770, 23.660%, 11/18/2027 †x | Best Egg | 10/10/2024 | 30639 | 30206 | 30289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497835, 21.910%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 36217 | 35588 | 35322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249794330, 12.960%, 10/03/2028 †§x | Upgrade | 10/06/2023 | 31761 | 31316 | 31789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2497969, 8.250%, 10/07/2031 †x | Best Egg | 10/10/2024 | 45429 | 45267 | 45635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498046, 19.480%, 11/21/2028 †§x | Best Egg | 10/10/2024 | 36355 | 35799 | 36070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498099, 14.660%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 22670 | 22281 | 22663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498135, 16.360%, 10/07/2029 †x | Best Egg | 10/10/2024 | 25893 | 25805 | 25779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498155, 4.900%, 10/07/2027 †x | Best Egg | 10/10/2024 | 29465 | 29381 | 29564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498266, 17.560%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 37191 | 36625 | 36949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498278, 19.500%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 43454 | 42789 | 43149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498309, 15.150%, 10/07/2029 †§x | Best Egg | 10/10/2024 | 22718 | 22375 | 22425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498463, 13.200%, 10/07/2029 †§x# | Best Egg | 10/10/2024 | 29456 | 29010 | 29235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498466, 20.460%, 10/07/2029 †x | Best Egg | 10/10/2024 | 22361 | 22019 | 21972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498556, 27.820%, 10/08/2028 †§x | Best Egg | 10/11/2024 | 43522 | 42876 | 43357 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**84** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498591, 6.860%, 10/08/2027 †x | Best Egg | 10/11/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498729, 5.250%, 11/08/2027 †§x# | Best Egg | 10/11/2024 | 31385 | 30985 | 31487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498736, 16.590%, 10/08/2031 †x | Best Egg | 10/11/2024 | 23289 | 23204 | 23389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498809, 8.820%, 10/08/2027 †x | Best Egg | 10/11/2024 | 21687 | 21624 | 21761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249883805, 20.480%, 10/03/2026 †x# | Upgrade | 10/06/2023 | 21323 | 20915 | 20851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2498976, 16.290%, 10/08/2028 †§x | Best Egg | 10/11/2024 | 25225 | 24863 | 24822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499010, 11.510%, 12/08/2029 †x | Best Egg | 10/11/2024 | 26987 | 26894 | 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499046, 15.100%, 10/08/2029 †§x | Best Egg | 10/11/2024 | 30275 | 29818 | 30099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499266, 18.420%, 12/22/2031 †x | Best Egg | 10/11/2024 | 37761 | 37635 | 37830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499329, 12.500%, 10/08/2027 †§x | Best Egg | 10/11/2024 | 34114 | 33676 | 34006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249938659, 24.200%, 10/04/2028 †§x | Upgrade | 10/10/2023 | 21560 | 21230 | 21986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499546, 12.180%, 10/08/2029 †§x | Best Egg | 10/11/2024 | 19945 | 19647 | 20122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499550, 10.540%, 10/08/2029 †§x | Best Egg | 10/11/2024 | 32458 | 31975 | 32094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499572, 8.560%, 10/08/2029 †x | Best Egg | 10/11/2024 | 26697 | 26607 | 26768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499599, 19.370%, 10/08/2031 †x | Best Egg | 10/11/2024 | 46906 | 46735 | 47103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249972376, 15.600%, 9/25/2028 †§x | Upgrade | 9/28/2023 | 22554 | 22387 | 22772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499731, 9.660%, 10/08/2031 †x | Best Egg | 10/11/2024 | 27384 | 27286 | 27508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249984938, 14.640%, 9/25/2028 †§x | Upgrade | 9/28/2023 | 27388 | 27193 | 27651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499871, 11.600%, 10/08/2029 †x | Best Egg | 10/11/2024 | 37424 | 37297 | 37670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499924, 8.780%, 10/08/2029 †x | Best Egg | 10/11/2024 | 25856 | 25769 | 26028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2499971, 21.250%, 11/18/2027 †§x | Best Egg | 10/11/2024 | 27524 | 27153 | 27232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500052, 10.250%, 10/08/2027 †§x | Best Egg | 10/11/2024 | 21804 | 21526 | 21905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500063, 10.250%, 11/11/2027 †§x | Best Egg | 10/11/2024 | 36874 | 36398 | 36973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500082, 24.320%, 10/08/2029 †§x | Best Egg | 10/11/2024 | 45192 | 44492 | 44616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500089, 9.530%, 12/01/2029 †x | Best Egg | 10/11/2024 | 25656 | 25570 | 25736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500271, 11.990%, 10/08/2029 †x | Best Egg | 10/11/2024 | 40958 | 40819 | 41063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500337, 5.880%, 12/08/2027 †x# | Best Egg | 10/11/2024 | 38834 | 38719 | 38990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500596, 9.760%, 10/09/2029 †x | Best Egg | 10/15/2024 | 29405 | 29305 | 29604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500624, 11.770%, 10/09/2027 †x | Best Egg | 10/15/2024 | 37804 | 37694 | 37584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500698, 10.740%, 10/09/2029 †x | Best Egg | 10/15/2024 | 30372 | 30269 | 30577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500741, 12.620%, 10/09/2028 †§x | Best Egg | 10/15/2024 | 21611 | 21303 | 21674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2500952, 7.710%, 10/09/2027 †x | Best Egg | 10/15/2024 | 20563 | 20503 | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501076, 8.470%, 10/09/2027 †x | Best Egg | 10/15/2024 | 23899 | 23830 | 23858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501176, 7.260%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 29144 | 28715 | 28825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501237, 21.230%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 26892 | 26478 | 26306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501250, 15.630%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 23397 | 23042 | 23389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501337, 20.720%, 11/26/2029 †x | Best Egg | 10/15/2024 | 31253 | 31128 | 31081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501341, 6.230%, 10/09/2027 †x | Best Egg | 10/15/2024 | 25175 | 25103 | 25266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501353, 16.110%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 21635 | 21307 | 21508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501427, 9.320%, 10/09/2027 †x | Best Egg | 10/15/2024 | 37432 | 37325 | 37565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501558, 15.390%, 10/09/2029 †x# | Best Egg | 10/15/2024 | 21892 | 21819 | 21812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501584, 11.740%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 27271 | 26862 | 26968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501592, 10.050%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 22559 | 22224 | 22583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501621, 8.960%, 10/09/2027 †x | Best Egg | 10/15/2024 | 22447 | 22382 | 22409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250166245, 15.600%, 9/22/2028 †§x | Upgrade | 10/05/2023 | 20233 | 19926 | 20394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501782, 16.720%, 10/09/2027 †§x | Best Egg | 10/15/2024 | 26894 | 26542 | 26400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501825, 18.280%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 22221 | 21882 | 21747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2501867, 6.580%, 10/09/2027 †§x | Best Egg | 10/15/2024 | 37073 | 36605 | 37181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502018, 24.530%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 45217 | 44515 | 44112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502081, 16.110%, 10/09/2029 †§x | Best Egg | 10/15/2024 | 33115 | 32612 | 32691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502160, 12.710%, 12/09/2029 †x# | Best Egg | 10/15/2024 | 33802 | 33295 | 33556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502235, 6.230%, 10/10/2027 †x | Best Egg | 10/15/2024 | 24435 | 24365 | 24523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250228216, 15.600%, 9/30/2028 †§x | Upgrade | 9/29/2023 | 27034 | 26840 | 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502419, 17.060%, 10/10/2029 †§x | Best Egg | 10/15/2024 | 35425 | 34886 | 34971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250243600, 15.600%, 9/26/2028 †§x | Upgrade | 9/29/2023 | 31711 | 31483 | 32024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502512, 17.560%, 10/10/2029 †§x | Best Egg | 10/15/2024 | 22887 | 22538 | 22748 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**85** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502541, 11.020%, 10/10/2029 †x | Best Egg | 10/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502566, 8.330%, 10/10/2027 †x | Best Egg | 10/15/2024 | 37322 | 37214 | 37456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502584, 12.720%, 10/10/2029 †x | Best Egg | 10/15/2024 | 20966 | 20894 | 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502773, 15.050%, 10/10/2028 †§x | Best Egg | 10/15/2024 | 23130 | 22799 | 23192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2502831, 10.250%, 10/10/2027 †§x | Best Egg | 10/15/2024 | 23131 | 22836 | 23241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250295124, 15.600%, 10/05/2028 †§x | Upgrade | 10/10/2023 | 25908 | 25537 | 25998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503060, 9.320%, 11/26/2031 †x | Best Egg | 10/15/2024 | 22880 | 22798 | 22995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503287, 16.120%, 11/15/2029 †x | Best Egg | 10/15/2024 | 44273 | 44120 | 44572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503343, 16.590%, 10/10/2031 †x | Best Egg | 10/15/2024 | 23289 | 23204 | 23391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503385, 11.020%, 11/17/2029 †x | Best Egg | 10/15/2024 | 21773 | 21698 | 21702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503400, 22.870%, 12/10/2029 †x# | Best Egg | 10/15/2024 | 26414 | 26001 | 25845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503509, 20.430%, 10/10/2029 †§x | Best Egg | 10/15/2024 | 44719 | 44032 | 43654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503555, 10.950%, 10/10/2028 †§x | Best Egg | 10/15/2024 | 21840 | 21531 | 21922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503567, 13.690%, 10/10/2029 †§x | Best Egg | 10/15/2024 | 37287 | 36725 | 37098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250358739, 24.200%, 10/06/2028 †§x | Upgrade | 10/10/2023 | 22871 | 22520 | 23326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503663, 10.510%, 10/10/2029 †x | Best Egg | 10/15/2024 | 26335 | 26246 | 26412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503762, 9.760%, 10/10/2029 †x | Best Egg | 10/15/2024 | 22078 | 22002 | 22230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503771, 12.670%, 10/10/2029 †§x | Best Egg | 10/15/2024 | 42304 | 41669 | 42323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503854, 13.330%, 10/10/2027 †§x | Best Egg | 10/15/2024 | 26613 | 26269 | 26525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503956, 14.410%, 10/10/2029 †x | Best Egg | 10/15/2024 | 41831 | 41686 | 41947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2503970, 12.960%, 10/10/2029 †§x | Best Egg | 10/15/2024 | 40346 | 39740 | 40057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504153, 15.870%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 20985 | 20666 | 20763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504238, 7.210%, 10/14/2027 †x | Best Egg | 10/17/2024 | 37163 | 37055 | 37301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504445, 7.350%, 10/14/2027 †x | Best Egg | 10/17/2024 | 37183 | 37075 | 37133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504473, 12.960%, 10/14/2029 †x | Best Egg | 10/17/2024 | 26228 | 26138 | 26146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504495, 11.250%, 11/23/2029 †x | Best Egg | 10/17/2024 | 38708 | 38554 | 38826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504648, 18.060%, 10/14/2029 †x | Best Egg | 10/17/2024 | 24646 | 24547 | 24714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504653, 5.790%, 10/14/2027 †x | Best Egg | 10/17/2024 | 20268 | 20210 | 20341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504746, 5.790%, 10/14/2027 †x | Best Egg | 10/17/2024 | 25871 | 25797 | 25968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2504974, 13.600%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 37242 | 36759 | 37483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505004, 13.600%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 21036 | 20763 | 21160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505033, 14.490%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 43181 | 42528 | 42974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250504601, 15.600%, 10/15/2028 †x# | Upgrade | 10/05/2023 | 32479 | 32020 | 25348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505159, 14.420%, 10/14/2029 †x | Best Egg | 10/17/2024 | 43923 | 43772 | 43782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505165, 7.840%, 10/14/2027 †x | Best Egg | 10/17/2024 | 36507 | 36402 | 36643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505255, 9.530%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 41146 | 40534 | 40880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505316, 7.800%, 10/14/2029 †x | Best Egg | 10/17/2024 | 34354 | 34238 | 34592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505334, 13.120%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 37990 | 37498 | 38283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505412, 13.690%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 43817 | 43156 | 43619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505550, 14.660%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 43953 | 43288 | 43428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505844, 5.390%, 10/14/2027 †x | Best Egg | 10/17/2024 | 25831 | 25757 | 25928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505874, 15.060%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 29839 | 29449 | 30055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505960, 13.970%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 29723 | 29337 | 29912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505978, 18.020%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 22153 | 21811 | 21893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2505999, 10.790%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 29381 | 29003 | 29306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506158, 15.440%, 10/14/2031 †x | Best Egg | 10/17/2024 | 32504 | 32383 | 32536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506281, 7.210%, 10/14/2027 †x | Best Egg | 10/17/2024 | 20365 | 20306 | 20436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506426, 8.070%, 10/14/2029 †x | Best Egg | 10/17/2024 | 20409 | 20337 | 20472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506567, 13.760%, 10/14/2029 †x | Best Egg | 10/17/2024 | 21729 | 21654 | 21793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506569, 11.970%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 35037 | 34511 | 34800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506591, 8.960%, 10/14/2027 †x | Best Egg | 10/17/2024 | 37411 | 37302 | 37360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506670, 7.210%, 10/14/2027 †x | Best Egg | 10/17/2024 | 37163 | 37055 | 37301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506674, 11.950%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 21381 | 21060 | 21152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506698, 16.360%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 27396 | 26979 | 27062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506803, 20.940%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 44783 | 44093 | 44498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506835, 11.250%, 10/14/2029 †x | Best Egg | 10/17/2024 | 27817 | 27723 | 27902 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**86** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506854, 8.330%, 10/14/2027 †x | Best Egg | 10/17/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506924, 17.080%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 23785 | 23414 | 23529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250694021, 15.600%, 10/05/2028 †§x# | Upgrade | 10/10/2023 | 25907 | 25535 | 25997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2506983, 4.650%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 19995 | 19743 | 20075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507256, 5.000%, 11/14/2029 †§x | Best Egg | 10/17/2024 | 42448 | 41806 | 37821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507258, 13.940%, 10/14/2029 †x | Best Egg | 10/17/2024 | 21049 | 20977 | 20982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507265, 20.940%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 23106 | 22750 | 22838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507519, 18.280%, 11/24/2029 †§x | Best Egg | 10/17/2024 | 29683 | 29226 | 29082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507525, 11.020%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 26058 | 25669 | 25778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507553, 13.980%, 10/14/2028 †§x | Best Egg | 10/17/2024 | 33641 | 33159 | 33755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507640, 9.310%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 32352 | 31871 | 32007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507826, 13.690%, 1/14/2030 †x | Best Egg | 10/17/2024 | 24374 | 24002 | 24206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2507883, 10.790%, 10/14/2027 †§x | Best Egg | 10/17/2024 | 36914 | 36440 | 36821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508069, 13.440%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 27783 | 27360 | 27565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508213, 16.360%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 27136 | 26724 | 27136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508280, 9.760%, 10/14/2029 †x | Best Egg | 10/17/2024 | 32864 | 32753 | 33090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508402, 9.810%, 10/14/2027 †x | Best Egg | 10/17/2024 | 22921 | 22854 | 23006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508466, 17.560%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 23061 | 22709 | 22860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508475, 9.370%, 10/14/2029 †x | Best Egg | 10/17/2024 | 34547 | 34430 | 34654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508560, 15.150%, 10/14/2029 †x | Best Egg | 10/17/2024 | 22011 | 21935 | 22075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250856991, 14.640%, 10/06/2028 †§x | Upgrade | 10/10/2023 | 23589 | 23243 | 23671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250857260, 24.200%, 10/02/2028 †§x | Upgrade | 10/05/2023 | 27285 | 26876 | 27753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250874844, 24.200%, 10/05/2028 †§x | Upgrade | 10/10/2023 | 25879 | 25482 | 26450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2508762, 18.530%, 10/14/2029 †§x | Best Egg | 10/17/2024 | 22238 | 21897 | 21730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509097, 19.950%, 10/15/2029 †§x | Best Egg | 10/18/2024 | 26363 | 25958 | 25847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509130, 24.140%, 10/15/2028 †§x | Best Egg | 10/18/2024 | 29524 | 29089 | 29319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509135, 31.360%, 10/15/2029 †§x | Best Egg | 10/18/2024 | 23367 | 22997 | 22100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509176, 8.200%, 11/15/2027 †§x# | Best Egg | 10/18/2024 | 24145 | 23834 | 24371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509261, 8.330%, 10/15/2029 †x | Best Egg | 10/18/2024 | 25815 | 25728 | 25898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509338, 18.300%, 10/15/2029 †x | Best Egg | 10/18/2024 | 35540 | 35418 | 35373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509340, 16.290%, 10/15/2031 †x | Best Egg | 10/18/2024 | 46540 | 46371 | 46588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509396, 14.170%, 10/15/2029 †§x | Best Egg | 10/18/2024 | 23259 | 22907 | 23274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509431, 13.140%, 10/15/2031 †x | Best Egg | 10/18/2024 | 27679 | 27579 | 27711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250961288, 10.640%, 10/17/2028 †§x# | Upgrade | 10/20/2023 | 28562 | 28157 | 28684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509644, 13.200%, 10/15/2029 †§x | Best Egg | 10/18/2024 | 28854 | 28415 | 28657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250964934, 15.600%, 10/02/2028 †§x | Upgrade | 10/05/2023 | 21590 | 21282 | 21644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509712, 11.740%, 10/15/2029 †x | Best Egg | 10/18/2024 | 21333 | 21260 | 21399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509881, 13.510%, 10/15/2029 †x | Best Egg | 10/18/2024 | 32406 | 32295 | 32627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509920, 9.760%, 10/15/2029 †x | Best Egg | 10/18/2024 | 26810 | 26719 | 26995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509959, 14.890%, 10/15/2029 †x | Best Egg | 10/18/2024 | 40378 | 39767 | 39900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2509987, 17.330%, 10/15/2029 †x | Best Egg | 10/18/2024 | 22159 | 22082 | 22055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510153, 9.050%, 10/15/2029 †x | Best Egg | 10/18/2024 | 21232 | 21159 | 21299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510224, 17.810%, 11/15/2029 †x | Best Egg | 10/18/2024 | 41350 | 41225 | 41177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510316, 13.970%, 10/15/2027 †§x | Best Egg | 10/18/2024 | 22864 | 22566 | 23038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510396, 13.200%, 10/15/2031 †x | Best Egg | 10/18/2024 | 41801 | 41649 | 41994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510506, 9.810%, 10/15/2027 †x | Best Egg | 10/18/2024 | 36780 | 36673 | 36919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510530, 14.050%, 10/15/2031 †x | Best Egg | 10/18/2024 | 46093 | 45926 | 46305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510750, 21.430%, 10/15/2029 †§x | Best Egg | 10/18/2024 | 26036 | 25634 | 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510860, 15.630%, 10/15/2029 †§x | Best Egg | 10/18/2024 | 21205 | 20836 | 20954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510901, 26.440%, 11/18/2029 †x | Best Egg | 10/18/2024 | 27341 | 27245 | 27201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2510907, 13.200%, 10/15/2029 †§x | Best Egg | 10/18/2024 | 43747 | 43088 | 43449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511088, 16.920%, 11/15/2029 †x | Best Egg | 10/18/2024 | 44420 | 43651 | 43569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511142, 15.320%, 10/15/2027 †x | Best Egg | 10/18/2024 | 22974 | 22906 | 22852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511230, 7.130%, 10/16/2027 †§x | Best Egg | 10/21/2024 | 27741 | 27387 | 27680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511233, 19.980%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 43784 | 43095 | 43528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511252, 17.810%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 42162 | 41517 | 41650 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**87** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511294, 12.790%, 10/16/2029 †§x | Best Egg | 10/21/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511592, 15.630%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 39678 | 39075 | 39359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511629, 20.940%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 26482 | 26073 | 25945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2511817, 12.480%, 10/16/2029 †x | Best Egg | 10/21/2024 | 43644 | 43494 | 43534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251181862, 14.640%, 10/03/2028 †§x | Upgrade | 10/06/2023 | 20440 | 20149 | 20495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512059, 20.720%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 42518 | 41862 | 41556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512347, 5.350%, 10/16/2027 †x | Best Egg | 10/21/2024 | 36896 | 36789 | 37041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512382, 10.010%, 11/22/2031 †x | Best Egg | 10/21/2024 | 22733 | 22649 | 22843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512428, 7.800%, 12/16/2029 †x# | Best Egg | 10/21/2024 | 44471 | 44319 | 44810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512435, 14.660%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 41143 | 40520 | 41169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251248143, 12.600%, 10/03/2028 †§x | Upgrade | 10/06/2023 | 26255 | 25889 | 26331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512499, 14.340%, 10/16/2027 †§x | Best Egg | 10/21/2024 | 38157 | 37658 | 38448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512521, 18.610%, 12/01/2029 †x# | Best Egg | 10/21/2024 | 24573 | 24489 | 24469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512525, 12.250%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 33180 | 32681 | 32935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512598, 19.500%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 38362 | 37772 | 37499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512627, 14.420%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 21104 | 20785 | 20959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512647, 13.450%, 10/16/2029 †§x | Best Egg | 10/21/2024 | 29473 | 29028 | 29500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512649, 11.950%, 9/16/2029 †§x# | Best Egg | 10/21/2024 | 39248 | 38672 | 38828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512809, 10.210%, 10/16/2029 †x | Best Egg | 10/21/2024 | 31616 | 31509 | 31838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512855, 18.030%, 10/16/2028 †§x | Best Egg | 10/21/2024 | 25368 | 24999 | 25483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2512939, 18.500%, 10/16/2031 †x | Best Egg | 10/21/2024 | 46048 | 45883 | 46251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251303510, 9.210%, 10/04/2026 †§x | Upgrade | 10/10/2023 | 20683 | 20516 | 20633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251308616, 14.640%, 10/05/2028 †§x | Upgrade | 10/10/2023 | 23584 | 23248 | 23666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513130, 14.910%, 11/16/2029 †x# | Best Egg | 10/21/2024 | 35688 | 35564 | 35594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251323034, 21.810%, 9/22/2028 †§x | Upgrade | 10/06/2023 | 23312 | 22846 | 24024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513281, 13.450%, 11/26/2029 †x | Best Egg | 10/21/2024 | 21993 | 21918 | 21941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513287, 13.160%, 10/16/2029 †x | Best Egg | 10/21/2024 | 26245 | 26155 | 26427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513458, 22.170%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 26961 | 26544 | 26661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513513, 20.200%, 11/17/2029 †§x | Best Egg | 10/21/2024 | 22634 | 22286 | 22415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513539, 6.380%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 21360 | 21045 | 20976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513566, 9.050%, 10/17/2029 †x | Best Egg | 10/21/2024 | 25830 | 25743 | 26012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513639, 11.890%, 10/17/2027 †x | Best Egg | 10/21/2024 | 21656 | 21592 | 21555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513648, 9.560%, 10/17/2029 †x | Best Egg | 10/21/2024 | 21606 | 21533 | 21680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513723, 13.480%, 10/17/2027 †§x | Best Egg | 10/21/2024 | 30432 | 30035 | 30638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251394018, 18.690%, 10/09/2027 †§x | Upgrade | 10/10/2023 | 25381 | 25058 | 26304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2513989, 10.280%, 10/17/2029 †x | Best Egg | 10/21/2024 | 33793 | 33675 | 33907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514000, 11.740%, 10/17/2029 †x | Best Egg | 10/21/2024 | 35052 | 34932 | 35169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514023, 8.330%, 10/17/2027 †x | Best Egg | 10/21/2024 | 37322 | 37213 | 37288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514024, 7.420%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 40843 | 40238 | 40488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251413504, 14.640%, 10/15/2028 †x# | Upgrade | 10/10/2023 | 41277 | 40688 | 31407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514161, 11.720%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 31603 | 31128 | 31399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514234, 4.110%, 10/17/2027 †x | Best Egg | 10/21/2024 | 23498 | 23431 | 23591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251429618, 15.600%, 10/04/2028 †§x# | Upgrade | 10/10/2023 | 28379 | 27956 | 28471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514379, 19.500%, 11/26/2029 †§x | Best Egg | 10/21/2024 | 22415 | 22070 | 21934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514419, 13.940%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 30951 | 30483 | 30979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514438, 9.670%, 10/17/2027 †x | Best Egg | 10/21/2024 | 26258 | 26181 | 26361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514453, 13.140%, 10/17/2031 †x | Best Egg | 10/21/2024 | 26779 | 26681 | 26521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514465, 8.580%, 10/17/2031 †x | Best Egg | 10/21/2024 | 45479 | 45316 | 45701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514593, 17.570%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 32001 | 31512 | 31373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514645, 9.760%, 10/17/2029 †x | Best Egg | 10/21/2024 | 20756 | 20686 | 20902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514796, 17.330%, 10/17/2029 †x | Best Egg | 10/21/2024 | 26590 | 26498 | 26480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514853, 13.730%, 10/17/2027 †x | Best Egg | 10/21/2024 | 22083 | 22017 | 22169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251491163, 15.580%, 10/06/2028 †§x | Upgrade | 10/10/2023 | 32381 | 31916 | 32475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251491351, 13.660%, 10/05/2028 †§x | Upgrade | 10/10/2023 | 21286 | 20985 | 21353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514972, 9.760%, 11/17/2029 †x# | Best Egg | 10/21/2024 | 41210 | 41068 | 41508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2514980, 18.550%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 44478 | 43796 | 43490 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**88** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515015, 10.020%, 10/17/2029 †x | Best Egg | 10/21/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515021, 12.180%, 10/17/2029 †x | Best Egg | 10/21/2024 | 34880 | 34761 | 35123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515030, 23.620%, 10/17/2029 †x | Best Egg | 10/21/2024 | 20390 | 20318 | 20329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251523295, 15.600%, 10/05/2028 †§x# | Upgrade | 10/10/2023 | 35605 | 35063 | 35814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515259, 15.150%, 10/17/2029 †§x | Best Egg | 10/21/2024 | 44021 | 43353 | 43173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515279, 6.230%, 10/17/2027 †x | Best Egg | 10/21/2024 | 37022 | 36915 | 37168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251529491, 14.640%, 10/20/2028 †§x | Upgrade | 10/10/2023 | 25228 | 24868 | 25401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251531110, 15.600%, 10/15/2028 †§x | Upgrade | 10/10/2023 | 29709 | 29282 | 29875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251550503, 24.200%, 10/06/2028 †§x | Upgrade | 10/10/2023 | 32401 | 31904 | 33045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251559381, 12.650%, 10/10/2027 †§x | Upgrade | 10/10/2023 | 21206 | 20951 | 21597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515636, 9.760%, 10/20/2029 †x | Best Egg | 10/23/2024 | 30270 | 30167 | 30484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515658, 14.120%, 10/20/2029 †x | Best Egg | 10/23/2024 | 27994 | 27897 | 28189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515767, 11.000%, 10/20/2029 †x | Best Egg | 10/23/2024 | 34742 | 34623 | 34865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515815, 15.880%, 10/20/2029 †x | Best Egg | 10/23/2024 | 26473 | 26381 | 26412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251583116, 15.600%, 10/20/2028 †§x | Upgrade | 10/10/2023 | 24502 | 24127 | 24618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2515857, 19.980%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 39375 | 38768 | 39168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251600085, 14.100%, 10/05/2027 †§x | Upgrade | 10/10/2023 | 24427 | 24130 | 24967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251602874, 16.080%, 10/23/2028 †§x | Upgrade | 10/13/2023 | 26490 | 26106 | 26624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516054, 18.530%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 21518 | 21188 | 21266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251612241, 15.600%, 10/11/2028 †§x | Upgrade | 10/16/2023 | 23764 | 23422 | 23877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516135, 17.280%, 10/20/2027 †x | Best Egg | 10/23/2024 | 24654 | 24581 | 24633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251628284, 10.640%, 10/05/2028 †§x | Upgrade | 10/10/2023 | 20800 | 20514 | 20874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516377, 18.530%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 30243 | 29779 | 30095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516404, 9.990%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 34639 | 34117 | 34306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516672, 19.500%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 44601 | 43914 | 44072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516687, 10.660%, 10/20/2031 †x | Best Egg | 10/23/2024 | 45786 | 45621 | 46010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516706, 10.540%, 10/20/2029 †x | Best Egg | 10/23/2024 | 36855 | 36730 | 36779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516726, 14.410%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 39430 | 38831 | 39172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516780, 6.230%, 10/20/2027 †§x | Best Egg | 10/23/2024 | 30849 | 30456 | 31168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516886, 21.250%, 10/20/2027 †§x | Best Egg | 10/23/2024 | 30868 | 30454 | 30602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516887, 13.450%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 20140 | 19836 | 20068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2516906, 20.710%, 10/20/2028 †§x | Best Egg | 10/23/2024 | 39327 | 38643 | 39106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517047, 15.630%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 23366 | 23010 | 23102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517085, 8.270%, 10/20/2027 †x | Best Egg | 10/23/2024 | 20790 | 20729 | 20873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251725297, 15.600%, 10/06/2028 †§x | Upgrade | 10/10/2023 | 21806 | 21493 | 21883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517263, 18.330%, 10/20/2031 †x | Best Egg | 10/23/2024 | 24329 | 24240 | 24358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517327, 13.440%, 10/20/2031 †x | Best Egg | 10/23/2024 | 32321 | 32203 | 32476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251743274, 15.600%, 10/20/2028 †§x | Upgrade | 10/10/2023 | 30904 | 30460 | 31112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251745320, 14.640%, 10/10/2028 †§x | Upgrade | 10/13/2023 | 21198 | 20895 | 21333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517521, 17.210%, 10/20/2027 †§x | Best Egg | 10/23/2024 | 32323 | 31895 | 32243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517533, 16.110%, 11/26/2029 †§x | Best Egg | 10/23/2024 | 25634 | 25241 | 25440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517542, 8.360%, 10/20/2031 †x | Best Egg | 10/23/2024 | 45335 | 45172 | 45560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517646, 10.790%, 10/20/2027 †§x | Best Egg | 10/23/2024 | 30511 | 30116 | 30448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251776356, 15.600%, 10/06/2028 †§x | Upgrade | 10/10/2023 | 28787 | 28374 | 28889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517798, 9.080%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 23067 | 22723 | 22931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517806, 11.500%, 10/20/2027 †§x | Best Egg | 10/23/2024 | 28957 | 28581 | 28912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517820, 21.910%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 28967 | 28518 | 28655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2517877, 25.220%, 12/20/2029 †x | Best Egg | 10/23/2024 | 41484 | 40827 | 40438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2518010, 8.170%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 25800 | 25417 | 25575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251802390, 15.600%, 10/18/2028 †§x | Upgrade | 10/23/2023 | 28787 | 28370 | 28968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251826333, 24.200%, 10/15/2028 †x# | Upgrade | 10/16/2023 | 23341 | 22982 | 20339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251833633, 15.600%, 10/17/2028 †§x | Upgrade | 10/20/2023 | 20511 | 20214 | 20628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2518359, 14.910%, 10/20/2029 †x | Best Egg | 10/23/2024 | 25513 | 25425 | 25455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251847341, 10.640%, 10/13/2028 †§x | Upgrade | 10/16/2023 | 20800 | 20513 | 20890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2518540, 26.660%, 10/20/2029 †§x | Best Egg | 10/23/2024 | 41011 | 40299 | 39602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2518633, 7.130%, 10/20/2027 †§x | Best Egg | 10/23/2024 | 37151 | 36677 | 37089 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**89** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2518648, 12.230%, 10/20/2029 †§x | Best Egg | 10/23/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2518779, 14.290%, 10/20/2031 †x | Best Egg | 10/23/2024 | 46285 | 46117 | 46347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2518867, 19.520%, 10/21/2029 †§x | Best Egg | 10/24/2024 | 26762 | 26350 | 26187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519017, 17.810%, 10/21/2029 †x | Best Egg | 10/24/2024 | 38836 | 38681 | 38699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251906575, 24.200%, 10/10/2028 †§x | Upgrade | 10/13/2023 | 29733 | 29276 | 30357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519100, 9.050%, 10/21/2029 †x | Best Egg | 10/24/2024 | 25881 | 25793 | 25976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519105, 10.020%, 12/21/2029 †x | Best Egg | 10/24/2024 | 27287 | 27194 | 27501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519129, 10.300%, 10/21/2027 †x | Best Egg | 10/24/2024 | 37599 | 37489 | 37578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519318, 18.780%, 12/21/2029 †x | Best Egg | 10/24/2024 | 28356 | 28255 | 28303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519392, 26.460%, 10/21/2031 †x | Best Egg | 10/24/2024 | 38115 | 37962 | 37727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251943446, 24.200%, 10/17/2028 †§x | Upgrade | 10/13/2023 | 20005 | 19698 | 20444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519446, 11.530%, 10/21/2027 †§x | Best Egg | 10/24/2024 | 23979 | 23667 | 24191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519517, 8.070%, 12/21/2029 †x | Best Egg | 10/24/2024 | 44546 | 44393 | 44748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519550, 8.250%, 10/21/2029 †x | Best Egg | 10/24/2024 | 25363 | 25277 | 25543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2519774, 13.690%, 10/21/2029 †§x | Best Egg | 10/24/2024 | 29500 | 29053 | 29180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251991080, 25.780%, 10/17/2028 †§x | Upgrade | 10/20/2023 | 38489 | 37888 | 39183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520112, 13.690%, 10/26/2029 †§x | Best Egg | 10/24/2024 | 32328 | 31838 | 32210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520391, 9.530%, 10/21/2029 †x | Best Egg | 10/24/2024 | 38023 | 37893 | 38162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520429, 7.130%, 10/21/2029 †§x | Best Egg | 10/24/2024 | 27160 | 26757 | 27010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520437, 8.560%, 10/21/2029 †x | Best Egg | 10/24/2024 | 29985 | 29883 | 30096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520496, 20.760%, 10/21/2028 †§x | Best Egg | 10/24/2024 | 34113 | 33612 | 34267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520547, 10.020%, 10/21/2029 †x | Best Egg | 10/24/2024 | 33760 | 33645 | 33883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520563, 11.960%, 10/21/2031 †x | Best Egg | 10/24/2024 | 22985 | 22902 | 23097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520608, 9.760%, 10/21/2029 †x | Best Egg | 10/24/2024 | 30068 | 29966 | 30283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2520611, 15.430%, 10/21/2027 †§x | Best Egg | 10/24/2024 | 22341 | 22048 | 22512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252067219, 24.200%, 10/16/2028 †§x | Upgrade | 10/19/2023 | 29558 | 29089 | 30240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521036, 13.200%, 10/22/2031 †x | Best Egg | 10/25/2024 | 32298 | 32181 | 32456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521053, 8.070%, 12/22/2029 †x | Best Egg | 10/25/2024 | 45044 | 44889 | 45252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521068, 7.530%, 10/22/2028 †§x | Best Egg | 10/25/2024 | 34512 | 34026 | 34357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521216, 9.330%, 10/22/2029 †§x | Best Egg | 10/25/2024 | 21535 | 21214 | 21408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521281, 16.120%, 10/11/2029 †§x | Best Egg | 10/25/2024 | 20824 | 20504 | 20841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521309, 26.440%, 10/22/2029 †x | Best Egg | 10/25/2024 | 22536 | 22457 | 22451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521379, 10.540%, 10/22/2029 †x | Best Egg | 10/25/2024 | 26016 | 25927 | 25970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521498, 13.200%, 10/22/2029 †§x | Best Egg | 10/25/2024 | 34111 | 33591 | 33900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521556, 9.790%, 10/22/2029 †x | Best Egg | 10/25/2024 | 37192 | 37066 | 37332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521650, 9.460%, 10/22/2027 †x | Best Egg | 10/25/2024 | 37482 | 37371 | 37637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521727, 6.230%, 10/22/2027 †x | Best Egg | 10/25/2024 | 28878 | 28793 | 28998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2521729, 12.450%, 11/26/2031 †x | Best Egg | 10/25/2024 | 23052 | 22968 | 23100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2522094, 10.020%, 10/22/2029 †x | Best Egg | 10/25/2024 | 21641 | 21567 | 21722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2522791, 11.760%, 10/22/2029 †§x | Best Egg | 10/25/2024 | 43539 | 42884 | 43083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2522897, 16.840%, 10/22/2029 †x | Best Egg | 10/25/2024 | 35401 | 35278 | 35283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523034, 7.950%, 10/22/2028 †§x | Best Egg | 10/25/2024 | 28585 | 28181 | 28584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523057, 14.950%, 10/22/2028 †§x | Best Egg | 10/25/2024 | 21363 | 21054 | 21267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523198, 18.530%, 10/23/2029 †§x | Best Egg | 10/28/2024 | 42996 | 42327 | 42199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523274, 17.770%, 10/23/2028 †§x | Best Egg | 10/28/2024 | 23234 | 22895 | 23155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523466, 6.090%, 10/23/2027 †x | Best Egg | 10/28/2024 | 37002 | 36894 | 37161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523503, 16.140%, 10/23/2031 †x | Best Egg | 10/28/2024 | 27913 | 27811 | 27955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523527, 14.900%, 2/23/2030 †x# | Best Egg | 10/28/2024 | 33559 | 33464 | 33780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523618, 11.510%, 10/23/2029 †x | Best Egg | 10/28/2024 | 20011 | 19943 | 20089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523651, 17.370%, 10/23/2031 †x | Best Egg | 10/28/2024 | 46672 | 46501 | 46740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2523770, 14.080%, 10/23/2029 †x | Best Egg | 10/28/2024 | 30767 | 30660 | 30727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524026, 8.250%, 10/23/2029 †x | Best Egg | 10/28/2024 | 20130 | 20061 | 20277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524137, 15.920%, 2/23/2028 †x# | Best Egg | 10/28/2024 | 34559 | 34076 | 34916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524199, 13.670%, 10/23/2029 †x | Best Egg | 10/28/2024 | 21907 | 21831 | 22064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524256, 9.760%, 10/23/2029 †x | Best Egg | 10/28/2024 | 20256 | 20187 | 20403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524265, 14.790%, 10/23/2027 †§x | Best Egg | 10/28/2024 | 29810 | 29417 | 29761 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**90** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524296, 13.450%, 10/23/2029 †x | Best Egg | 10/28/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524367, 9.760%, 10/23/2029 †x | Best Egg | 10/28/2024 | 25946 | 25857 | 26134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524434, 11.490%, 10/23/2029 †x | Best Egg | 10/28/2024 | 21750 | 21675 | 21835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524445, 13.690%, 10/23/2031 †x | Best Egg | 10/28/2024 | 37431 | 37294 | 37490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524533, 14.560%, 10/23/2028 †§x | Best Egg | 10/28/2024 | 20900 | 20598 | 21016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252462520, 18.660%, 10/16/2028 †§x | Upgrade | 10/19/2023 | 26905 | 26495 | 27625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524674, 4.750%, 10/23/2027 †x | Best Egg | 10/28/2024 | 27820 | 27739 | 27935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524687, 25.010%, 10/23/2029 †§x | Best Egg | 10/28/2024 | 22636 | 22282 | 21880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524714, 5.400%, 10/23/2029 †§x | Best Egg | 10/28/2024 | 21282 | 20968 | 21083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252473640, 15.600%, 10/16/2028 †§x | Upgrade | 10/19/2023 | 21590 | 21278 | 21709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252473941, 14.290%, 10/13/2026 †§x | Upgrade | 10/16/2023 | 22027 | 21836 | 21547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524749, 7.860%, 10/23/2031 †x | Best Egg | 10/28/2024 | 34979 | 34853 | 35156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524764, 11.250%, 12/23/2029 †x | Best Egg | 10/28/2024 | 21950 | 21882 | 22062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524823, 6.870%, 10/23/2028 †§x | Best Egg | 10/28/2024 | 29603 | 29186 | 29472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525044, 7.280%, 10/23/2027 †§x | Best Egg | 10/28/2024 | 31197 | 30796 | 31340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525309, 10.210%, 10/24/2029 †x | Best Egg | 10/28/2024 | 26852 | 26760 | 27047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525324, 8.200%, 10/24/2027 †x | Best Egg | 10/28/2024 | 37305 | 37192 | 37465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525403, 7.800%, 10/24/2029 †x | Best Egg | 10/28/2024 | 21471 | 21399 | 21629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525423, 7.170%, 10/24/2029 †§x | Best Egg | 10/28/2024 | 39656 | 39067 | 39278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525472, 16.560%, 10/24/2029 †x | Best Egg | 10/28/2024 | 35371 | 35248 | 35505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525494, 9.670%, 10/24/2027 †x | Best Egg | 10/28/2024 | 31439 | 31313 | 31570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525620, 9.530%, 10/24/2029 †x | Best Egg | 10/28/2024 | 43208 | 43060 | 43380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525688, 18.530%, 10/24/2029 †§x | Best Egg | 10/28/2024 | 39211 | 38607 | 38831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2525839, 16.360%, 10/24/2029 †§x | Best Egg | 10/28/2024 | 22535 | 22191 | 22375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252628219, 15.600%, 10/16/2028 †§x | Upgrade | 10/19/2023 | 21590 | 21278 | 21709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2526469, 20.920%, 10/24/2028 †§x | Best Egg | 10/28/2024 | 21545 | 21227 | 21448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2526473, 9.620%, 10/24/2029 †x | Best Egg | 10/28/2024 | 32416 | 32305 | 32545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2526888, 8.100%, 10/24/2029 †x | Best Egg | 10/28/2024 | 32242 | 32132 | 32372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252695091, 10.640%, 10/29/2028 †§x | Upgrade | 10/19/2023 | 25121 | 24770 | 25229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2526954, 11.740%, 12/24/2029 †x# | Best Egg | 10/28/2024 | 21852 | 21776 | 21955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2527747, 16.600%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 22471 | 22126 | 22473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2527812, 12.230%, 12/01/2029 †x | Best Egg | 10/30/2024 | 35483 | 35361 | 35563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2527845, 9.530%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 39574 | 38978 | 39318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2527856, 8.560%, 12/01/2029 †x | Best Egg | 10/30/2024 | 21915 | 21840 | 21965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2527987, 11.990%, 12/01/2029 †x | Best Egg | 10/30/2024 | 26593 | 26501 | 26652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528064, 10.020%, 12/01/2029 †x | Best Egg | 10/30/2024 | 40518 | 40379 | 40611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528216, 11.990%, 12/22/2029 †x | Best Egg | 10/30/2024 | 40225 | 40087 | 40017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528300, 7.350%, 12/01/2027 †x | Best Egg | 10/30/2024 | 33149 | 33050 | 33064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528307, 8.560%, 12/01/2029 †x | Best Egg | 10/30/2024 | 29804 | 29702 | 29873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528410, 18.990%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 29506 | 29049 | 28786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528433, 12.960%, 12/01/2027 †§x | Best Egg | 10/30/2024 | 39313 | 38790 | 39169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528467, 12.930%, 12/07/2029 †§x | Best Egg | 10/30/2024 | 44567 | 43889 | 44084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528499, 12.940%, 12/01/2031 †x | Best Egg | 10/30/2024 | 27958 | 27856 | 28095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528641, 20.920%, 12/01/2028 †§x | Best Egg | 10/30/2024 | 21135 | 20822 | 20657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528818, 16.840%, 12/01/2029 †x | Best Egg | 10/30/2024 | 20688 | 20616 | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528833, 13.690%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 44555 | 43876 | 44006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528875, 11.990%, 12/01/2029 †x | Best Egg | 10/30/2024 | 30138 | 30034 | 30206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528911, 17.080%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 24194 | 23821 | 24051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2528913, 14.420%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 21981 | 21643 | 21708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2529039, 8.250%, 12/01/2029 †x | Best Egg | 10/30/2024 | 43023 | 42876 | 43308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2529042, 19.010%, 1/15/2032 †x | Best Egg | 10/30/2024 | 28631 | 28526 | 28780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2529159, 23.000%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 27432 | 27003 | 27061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2529555, 21.390%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 21678 | 21341 | 21296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2529747, 22.160%, 12/13/2027 †x | Best Egg | 10/30/2024 | 35017 | 34911 | 34746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2529816, 17.870%, 12/01/2029 †§x | Best Egg | 10/30/2024 | 26613 | 26202 | 26451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2529951, 11.770%, 12/01/2027 †x | Best Egg | 10/30/2024 | 27407 | 27324 | 27502 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**91** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530255, 16.600%, 12/01/2029 †§x | Best Egg | 10/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530271, 8.780%, 12/01/2029 †x | Best Egg | 10/30/2024 | 21931 | 21856 | 22076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530357, 13.940%, 12/01/2029 †x | Best Egg | 10/31/2024 | 34139 | 34021 | 33963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530385, 26.440%, 11/01/2029 †x | Best Egg | 10/31/2024 | 33047 | 32915 | 32787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530507, 6.230%, 12/01/2027 †x | Best Egg | 10/31/2024 | 37612 | 37500 | 37744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530635, 7.260%, 11/01/2029 †x | Best Egg | 10/31/2024 | 38954 | 38804 | 39195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2530712, 15.320%, 1/21/2032 †x | Best Egg | 10/31/2024 | 37856 | 37726 | 38056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253087693, 14.640%, 10/17/2028 †§x | Upgrade | 10/20/2023 | 27170 | 26689 | 27362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2531481, 14.470%, 8/01/2028 †§x | Best Egg | 10/31/2024 | 21446 | 21134 | 21381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2531681, 15.880%, 12/01/2029 †§x | Best Egg | 10/31/2024 | 35859 | 35309 | 35869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2531719, 8.100%, 12/01/2029 †x | Best Egg | 10/31/2024 | 32813 | 32700 | 32891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2531776, 13.020%, 12/01/2029 †x | Best Egg | 10/31/2024 | 40000 | 39861 | 40263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2531831, 14.360%, 1/01/2029 †x# | Best Egg | 10/31/2024 | 44407 | 43755 | 44100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2531923, 13.200%, 12/01/2029 †§x | Best Egg | 10/31/2024 | 33111 | 32607 | 32885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2532115, 7.260%, 12/22/2029 †x | Best Egg | 10/31/2024 | 34193 | 34076 | 34420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2532235, 7.710%, 12/01/2031 †x | Best Egg | 10/31/2024 | 41275 | 41126 | 41484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2532363, 10.540%, 12/01/2029 †§x | Best Egg | 11/01/2024 | 32952 | 32454 | 32701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2532517, 6.860%, 11/01/2027 †x | Best Egg | 11/01/2024 | 20719 | 20656 | 20785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2532998, 6.930%, 12/01/2027 †§x | Best Egg | 11/01/2024 | 31793 | 31373 | 31967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533076, 14.910%, 12/01/2029 †§x | Best Egg | 11/01/2024 | 23888 | 23522 | 23901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533287, 15.390%, 12/01/2029 †§x | Best Egg | 11/01/2024 | 33851 | 33332 | 33133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533360, 12.210%, 12/01/2028 †§x | Best Egg | 11/01/2024 | 22328 | 22002 | 22395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533417, 9.450%, 12/01/2027 †§x | Best Egg | 11/01/2024 | 25225 | 24893 | 25395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533507, 6.090%, 12/01/2027 †x | Best Egg | 11/01/2024 | 26846 | 26766 | 26942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533538, 15.630%, 11/01/2029 †§x | Best Egg | 11/01/2024 | 44086 | 43409 | 43570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533572, 9.760%, 12/15/2029 †x | Best Egg | 11/01/2024 | 44143 | 43991 | 44436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533631, 7.130%, 11/01/2029 †§x | Best Egg | 11/01/2024 | 25635 | 25252 | 25388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533766, 18.690%, 12/01/2028 †§x | Best Egg | 11/01/2024 | 21626 | 21306 | 20834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533808, 11.740%, 12/01/2029 †x | Best Egg | 11/01/2024 | 43366 | 43216 | 43469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533815, 18.530%, 12/01/2029 †§x | Best Egg | 11/01/2024 | 31593 | 31104 | 30833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2533867, 7.700%, 12/01/2029 †x | Best Egg | 11/01/2024 | 41788 | 41645 | 42058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534012, 14.740%, 12/01/2029 †x | Best Egg | 11/01/2024 | 37955 | 37822 | 37763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534039, 22.130%, 12/01/2029 †§x | Best Egg | 11/01/2024 | 37211 | 36630 | 36560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534062, 30.400%, 12/01/2029 †§x# | Best Egg | 11/01/2024 | 24683 | 24280 | 24002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534076, 11.020%, 11/01/2029 †x | Best Egg | 11/01/2024 | 29982 | 29862 | 29829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253409941, 15.600%, 10/19/2028 †§x | Upgrade | 10/23/2023 | 28067 | 27661 | 28245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253415662, 19.460%, 10/19/2028 †§x | Upgrade | 10/23/2023 | 22180 | 21849 | 22621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534242, 10.770%, 12/01/2029 †x | Best Egg | 11/01/2024 | 34411 | 34293 | 34494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534297, 16.110%, 12/20/2029 †§x | Best Egg | 11/01/2024 | 43036 | 42373 | 42500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534321, 7.320%, 12/01/2027 †x | Best Egg | 11/01/2024 | 38520 | 38405 | 38657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534566, 9.760%, 12/01/2029 †x | Best Egg | 11/04/2024 | 21102 | 21029 | 21244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534662, 10.510%, 11/01/2029 †x | Best Egg | 11/04/2024 | 35102 | 34980 | 35185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534683, 12.100%, 12/01/2029 †x | Best Egg | 11/04/2024 | 24355 | 24271 | 24418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534787, 8.560%, 1/01/2030 †x# | Best Egg | 11/04/2024 | 27977 | 27881 | 28100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534915, 14.420%, 12/01/2029 †x | Best Egg | 11/04/2024 | 24970 | 24883 | 24854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534926, 9.760%, 12/01/2029 †x | Best Egg | 11/04/2024 | 43082 | 42934 | 43368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534981, 8.400%, 3/01/2030 †x# | Best Egg | 11/04/2024 | 41295 | 41151 | 41438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2534988, 13.510%, 12/09/2031 †x | Best Egg | 11/04/2024 | 39603 | 39458 | 39647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253504609, 15.590%, 10/19/2028 †§x | Upgrade | 10/23/2023 | 32383 | 31914 | 32158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2535057, 9.760%, 12/01/2029 †x | Best Egg | 11/04/2024 | 21102 | 21029 | 21244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2535183, 10.000%, 12/15/2031 †x | Best Egg | 11/04/2024 | 27808 | 27712 | 27949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2535459, 8.250%, 12/01/2029 †x | Best Egg | 11/04/2024 | 21874 | 21799 | 22020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253554524, 15.060%, 10/19/2027 †§x | Upgrade | 10/23/2023 | 27686 | 27342 | 28392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2535553, 18.300%, 12/01/2029 †x | Best Egg | 11/04/2024 | 45076 | 44918 | 44760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253572576, 15.600%, 10/19/2028 †§x | Upgrade | 10/23/2023 | 22564 | 22236 | 22662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2535956, 10.540%, 11/01/2029 †x | Best Egg | 11/04/2024 | 32459 | 32347 | 32306 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**92** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 253597616, 24.200%, 10/19/2028 †§x | Upgrade | 10/23/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536018, 20.800%, 12/01/2031 †x | Best Egg | 11/04/2024 | 37939 | 37799 | 37802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536463, 13.870%, 12/01/2031 †x | Best Egg | 11/04/2024 | 37323 | 37186 | 37388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536511, 5.250%, 12/01/2027 †x | Best Egg | 11/04/2024 | 30583 | 30492 | 30689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536515, 8.520%, 12/01/2031 †x | Best Egg | 11/04/2024 | 22977 | 22894 | 23095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536624, 13.940%, 12/01/2029 †x | Best Egg | 11/04/2024 | 22263 | 22186 | 22319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536737, 12.970%, 11/01/2029 †§x | Best Egg | 11/04/2024 | 43651 | 42959 | 43218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536761, 12.020%, 11/01/2027 †§x | Best Egg | 11/04/2024 | 30510 | 30090 | 30530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2536994, 11.510%, 11/01/2029 †§x | Best Egg | 11/04/2024 | 26461 | 26044 | 26079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2537019, 17.330%, 12/07/2029 †§x | Best Egg | 11/04/2024 | 28913 | 28447 | 28524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2537729, 22.910%, 11/01/2029 †§x | Best Egg | 11/04/2024 | 33936 | 33383 | 33090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2538423, 19.950%, 11/03/2029 †§x | Best Egg | 11/06/2024 | 45211 | 44479 | 44122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2538521, 8.100%, 11/03/2029 †§x | Best Egg | 11/06/2024 | 30592 | 30114 | 30103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2539049, 27.610%, 3/03/2030 †x# | Best Egg | 11/06/2024 | 24388 | 23976 | 23908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2539282, 5.590%, 11/03/2027 †§x | Best Egg | 11/06/2024 | 22200 | 21901 | 21882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2539520, 8.910%, 11/03/2029 †§x | Best Egg | 11/06/2024 | 36818 | 36241 | 36249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2539619, 12.730%, 11/03/2029 †§x | Best Egg | 11/06/2024 | 26597 | 26175 | 26313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2540473, 11.950%, 12/15/2029 †§x | Best Egg | 11/06/2024 | 43551 | 42859 | 42964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2540571, 22.430%, 11/03/2029 †§x | Best Egg | 11/06/2024 | 36390 | 35797 | 35589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2540631, 17.370%, 11/03/2028 †§x | Best Egg | 11/06/2024 | 21502 | 21172 | 21060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2540928, 20.090%, 11/03/2028 †§x | Best Egg | 11/06/2024 | 32500 | 31998 | 32436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2541325, 15.150%, 11/03/2029 †§x | Best Egg | 11/06/2024 | 40173 | 39532 | 39611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2541756, 15.630%, 12/15/2029 †§x | Best Egg | 11/07/2024 | 26075 | 25657 | 25812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2541915, 26.060%, 11/04/2027 †§x | Best Egg | 11/07/2024 | 24473 | 24119 | 23868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2541942, 13.970%, 11/04/2027 †§x | Best Egg | 11/07/2024 | 24977 | 24630 | 24892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2542137, 14.660%, 11/04/2029 †§x | Best Egg | 11/07/2024 | 33432 | 32898 | 32724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2542200, 14.170%, 11/04/2029 †§x | Best Egg | 11/07/2024 | 32940 | 32415 | 32482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2542205, 11.930%, 11/04/2028 †§x | Best Egg | 11/07/2024 | 36150 | 35603 | 35965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2542603, 7.130%, 12/17/2029 †§x | Best Egg | 11/07/2024 | 34960 | 34413 | 34427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2542991, 16.110%, 1/04/2030 †x | Best Egg | 11/07/2024 | 28537 | 28079 | 28320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2543044, 17.790%, 11/04/2027 †§x# | Best Egg | 11/07/2024 | 21978 | 21662 | 21954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2543561, 9.400%, 11/04/2027 †§x | Best Egg | 11/07/2024 | 29926 | 29517 | 29759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2543645, 12.990%, 1/05/2028 †x | Best Egg | 11/08/2024 | 38440 | 37894 | 38314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2543704, 8.460%, 11/05/2029 †§x | Best Egg | 11/08/2024 | 23308 | 22943 | 22980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2544105, 12.800%, 1/05/2030 †x# | Best Egg | 11/08/2024 | 34225 | 33677 | 33698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2544120, 9.080%, 11/05/2029 †§x | Best Egg | 11/08/2024 | 35072 | 34521 | 34578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2544207, 18.310%, 11/05/2029 †§x | Best Egg | 11/08/2024 | 21610 | 21261 | 21365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2544589, 14.490%, 12/15/2029 †§x | Best Egg | 11/08/2024 | 39500 | 38867 | 38713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2544627, 13.440%, 11/05/2027 †x | Best Egg | 11/08/2024 | 34071 | 33598 | 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545006, 17.880%, 11/05/2027 †§x | Best Egg | 11/08/2024 | 26126 | 25758 | 25777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545083, 13.100%, 11/05/2028 †§x | Best Egg | 11/08/2024 | 25477 | 25092 | 25556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545195, 22.220%, 1/05/2028 †x | Best Egg | 11/08/2024 | 24244 | 23895 | 24061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545259, 17.080%, 12/26/2029 †§x | Best Egg | 11/08/2024 | 31797 | 31285 | 31157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545260, 14.660%, 11/05/2029 †§x | Best Egg | 11/08/2024 | 22288 | 21932 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545337, 13.690%, 11/05/2029 †§x | Best Egg | 11/08/2024 | 26671 | 26247 | 26317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545645, 19.950%, 11/05/2029 †§x | Best Egg | 11/08/2024 | 29482 | 29004 | 28784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545810, 11.950%, 11/05/2029 †§x | Best Egg | 11/08/2024 | 25651 | 25245 | 25291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545880, 25.760%, 11/06/2029 †§x | Best Egg | 11/12/2024 | 29570 | 29084 | 28732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545960, 27.610%, 12/20/2029 †§x | Best Egg | 11/12/2024 | 24530 | 24125 | 23092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2545984, 25.010%, 12/13/2029 †§x | Best Egg | 11/12/2024 | 24886 | 24477 | 23511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2546019, 14.180%, 11/06/2029 †§x | Best Egg | 11/12/2024 | 22258 | 21902 | 22054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2546030, 7.390%, 11/06/2029 †§x | Best Egg | 11/12/2024 | 37504 | 36918 | 36893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2546190, 17.060%, 11/06/2029 †§x | Best Egg | 11/12/2024 | 44144 | 43433 | 43212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2546618, 15.630%, 11/06/2029 †§x | Best Egg | 11/12/2024 | 33969 | 33425 | 33515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2546942, 15.150%, 11/06/2029 †§x | Best Egg | 11/12/2024 | 25889 | 25475 | 25533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2547390, 13.200%, 11/06/2029 †§x | Best Egg | 11/12/2024 | 25253 | 24848 | 24846 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**93** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2547407, 18.990%, 11/06/2029 †§x | Best Egg | 11/12/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2547589, 16.280%, 11/06/2027 †§x | Best Egg | 11/12/2024 | 31397 | 30875 | 31057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2547801, 6.870%, 11/06/2028 †§x | Best Egg | 11/12/2024 | 27744 | 27332 | 27358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2547869, 13.650%, 12/23/2029 †§x | Best Egg | 11/12/2024 | 25523 | 25114 | 25175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548058, 16.110%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 22830 | 22463 | 22350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548173, 21.910%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 28167 | 27708 | 27562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548295, 20.460%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 23365 | 22985 | 22876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548477, 16.190%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 24823 | 24424 | 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548528, 13.200%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 43502 | 42809 | 42806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548684, 31.360%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 23404 | 23005 | 21716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548741, 6.380%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 34768 | 34226 | 34283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2548966, 19.980%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 31650 | 31136 | 30977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2549193, 13.930%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 26627 | 26202 | 26201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2549912, 20.490%, 11/07/2029 †§x | Best Egg | 11/12/2024 | 27065 | 26625 | 26497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2550671, 6.820%, 11/11/2029 †§x | Best Egg | 11/14/2024 | 43523 | 42842 | 43478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2551569, 8.560%, 1/11/2030 †x | Best Egg | 11/14/2024 | 32086 | 31578 | 31653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2551614, 17.280%, 11/11/2028 †§x | Best Egg | 11/14/2024 | 21496 | 21165 | 21361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2551684, 5.880%, 11/11/2027 †§x | Best Egg | 11/14/2024 | 22717 | 22408 | 22664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2551942, 28.530%, 12/19/2027 †§x | Best Egg | 11/14/2024 | 33139 | 32650 | 32575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2552027, 18.050%, 11/11/2029 †§x | Best Egg | 11/14/2024 | 28055 | 27601 | 27791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2552360, 10.370%, 12/15/2028 †§x | Best Egg | 11/14/2024 | 21081 | 20761 | 21178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2552563, 19.950%, 11/11/2029 †x | Best Egg | 11/14/2024 | 22404 | 22040 | 20673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2552809, 13.600%, 11/11/2027 †§x | Best Egg | 11/14/2024 | 23188 | 22860 | 23145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2553447, 11.490%, 11/11/2029 †§x | Best Egg | 11/14/2024 | 23366 | 22995 | 23146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2553692, 13.970%, 11/15/2027 †§x | Best Egg | 11/14/2024 | 35565 | 35061 | 35452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2553957, 18.760%, 11/11/2029 †§x | Best Egg | 11/14/2024 | 27044 | 26606 | 26439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2554057, 10.540%, 11/11/2029 †§x | Best Egg | 11/14/2024 | 44039 | 43342 | 43342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2554301, 11.510%, 11/11/2029 †§x | Best Egg | 11/14/2024 | 26531 | 26107 | 26195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2554422, 7.040%, 11/11/2028 †§x | Best Egg | 11/14/2024 | 24987 | 24614 | 24891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2554738, 9.500%, 11/11/2029 †§x | Best Egg | 11/14/2024 | 21950 | 21601 | 21656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2555364, 17.250%, 11/11/2028 †§x | Best Egg | 11/14/2024 | 27600 | 27177 | 27302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2557501, 15.390%, 11/12/2029 †§x | Best Egg | 11/15/2024 | 22225 | 21868 | 22034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2557525, 9.310%, 12/17/2029 †§x | Best Egg | 11/15/2024 | 23370 | 23001 | 23216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2557699, 12.960%, 12/26/2029 †§x | Best Egg | 11/15/2024 | 28998 | 28534 | 28567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2557808, 8.270%, 11/12/2027 †§x | Best Egg | 11/15/2024 | 36682 | 36178 | 36633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2558060, 11.270%, 11/12/2027 †§x | Best Egg | 11/15/2024 | 31792 | 31335 | 31629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2558075, 7.700%, 11/12/2029 †§x | Best Egg | 11/15/2024 | 34426 | 33886 | 33911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2558536, 14.910%, 11/13/2029 †§x | Best Egg | 11/18/2024 | 32438 | 31917 | 32009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2558698, 7.130%, 11/13/2029 †§x | Best Egg | 11/18/2024 | 43567 | 42884 | 42899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2558802, 6.680%, 11/13/2029 †§x | Best Egg | 11/18/2024 | 22342 | 21992 | 20836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2558977, 10.890%, 11/13/2029 †§x | Best Egg | 11/18/2024 | 44086 | 43386 | 43396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2559148, 21.910%, 11/13/2029 †§x | Best Egg | 11/18/2024 | 22152 | 21790 | 21814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2559393, 5.940%, 11/13/2027 †§x | Best Egg | 11/18/2024 | 30701 | 30281 | 30663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2559753, 13.690%, 12/16/2029 †§x | Best Egg | 11/18/2024 | 40202 | 39556 | 39606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2560084, 8.690%, 11/13/2029 †§x | Best Egg | 11/18/2024 | 24520 | 24134 | 24146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2560155, 13.480%, 11/13/2027 †§x | Best Egg | 11/18/2024 | 38496 | 37956 | 38556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2560347, 13.200%, 11/13/2029 †§x | Best Egg | 11/18/2024 | 20416 | 20090 | 20098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2560654, 22.710%, 12/21/2028 †x | Best Egg | 11/18/2024 | 31639 | 31140 | 31717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2560659, 19.470%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 23481 | 23099 | 23269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2560868, 14.120%, 11/20/2027 †§x | Best Egg | 11/18/2024 | 35396 | 34886 | 35352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2560870, 17.310%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 44901 | 44175 | 44337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561147, 12.240%, 11/15/2029 †x | Best Egg | 11/18/2024 | 37928 | 37324 | 37613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561150, 8.870%, 12/16/2029 †§x | Best Egg | 11/18/2024 | 33812 | 33276 | 33550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561294, 7.130%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 42521 | 41854 | 41851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561412, 12.960%, 11/14/2027 †§x | Best Egg | 11/18/2024 | 29412 | 29000 | 29454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561454, 10.390%, 12/18/2027 †§x | Best Egg | 11/18/2024 | 38144 | 37610 | 38099 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**94** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561705, 14.660%, 11/14/2029 †§x | Best Egg | 11/18/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561819, 17.560%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 44931 | 44204 | 44073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561884, 9.380%, 11/14/2028 †§x | Best Egg | 11/18/2024 | 20983 | 20667 | 21088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2561988, 14.900%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 28318 | 27863 | 28047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2562101, 11.950%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 37045 | 36455 | 36549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2562117, 18.050%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 23273 | 22851 | 23039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2562306, 12.250%, 11/14/2029 †§x | Best Egg | 11/18/2024 | 22637 | 22276 | 21138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2562914, 13.450%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 26653 | 26226 | 26246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2563303, 6.710%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 42637 | 41968 | 41995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2564386, 8.920%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 37567 | 36973 | 37071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2564633, 13.690%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 28371 | 27916 | 28037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2564685, 14.890%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 29246 | 28775 | 29010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2564731, 17.540%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 22640 | 22273 | 22422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2564738, 20.450%, 11/17/2028 †§x | Best Egg | 11/20/2024 | 34701 | 34159 | 34754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2564929, 15.700%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 22353 | 21992 | 22014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2564974, 24.740%, 12/17/2029 †x | Best Egg | 11/20/2024 | 29038 | 28566 | 28381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2565026, 14.160%, 12/21/2029 †§x | Best Egg | 11/20/2024 | 23468 | 23090 | 23211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2565762, 15.540%, 11/17/2027 †§x | Best Egg | 11/20/2024 | 29352 | 28937 | 29412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2566042, 23.570%, 11/17/2029 †§x | Best Egg | 11/20/2024 | 34019 | 33460 | 33702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2566619, 11.000%, 11/18/2029 †§x | Best Egg | 11/21/2024 | 35351 | 34761 | 34970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2566750, 8.360%, 11/18/2029 †§x | Best Egg | 11/21/2024 | 35867 | 35301 | 35332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2566837, 15.870%, 11/18/2029 †§x | Best Egg | 11/21/2024 | 29072 | 28603 | 28837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2567189, 13.160%, 11/18/2029 †§x | Best Egg | 11/21/2024 | 40135 | 39407 | 39632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2567713, 11.490%, 11/18/2029 †§x | Best Egg | 11/21/2024 | 32800 | 32233 | 32401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2568920, 19.210%, 11/19/2029 †§x | Best Egg | 11/22/2024 | 25270 | 24859 | 24620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2569276, 23.120%, 11/19/2029 †§x | Best Egg | 11/22/2024 | 22651 | 22278 | 22173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2569283, 20.760%, 11/19/2029 †§x | Best Egg | 11/22/2024 | 45303 | 44562 | 44137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2569477, 15.920%, 11/19/2028 †§x | Best Egg | 11/22/2024 | 25694 | 25297 | 25444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2570921, 19.690%, 11/19/2029 †x | Best Egg | 11/22/2024 | 28468 | 28004 | 28223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2571200, 13.500%, 11/20/2028 †§x | Best Egg | 11/25/2024 | 27634 | 27210 | 27661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2571383, 13.940%, 11/20/2029 †§x | Best Egg | 11/25/2024 | 28371 | 27915 | 28047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2571482, 20.980%, 11/20/2029 †§x | Best Egg | 11/25/2024 | 31729 | 31210 | 31136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2571965, 18.270%, 11/20/2027 †§x | Best Egg | 11/25/2024 | 25519 | 25153 | 25549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2572797, 9.990%, 11/20/2029 †§x | Best Egg | 11/25/2024 | 28563 | 28109 | 28200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2573287, 18.030%, 11/21/2027 †§x | Best Egg | 11/25/2024 | 27891 | 27491 | 27756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2573527, 7.140%, 11/21/2029 †§x | Best Egg | 11/25/2024 | 35562 | 35002 | 35551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2574137, 8.960%, 11/21/2027 †§x | Best Egg | 11/25/2024 | 23222 | 22898 | 23123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2574679, 25.420%, 11/21/2029 †§x | Best Egg | 11/25/2024 | 45804 | 45046 | 43159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2574889, 28.930%, 11/21/2027 †§x | Best Egg | 11/25/2024 | 20555 | 20250 | 20256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2575733, 11.280%, 11/24/2027 †§x | Best Egg | 11/27/2024 | 37053 | 36531 | 37171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 257620478, 16.990%, 11/29/2028 †§x | Upgrade | 12/04/2023 | 29633 | 29187 | 30081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2576656, 18.050%, 11/24/2029 †§x | Best Egg | 11/27/2024 | 35992 | 35406 | 35548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2576927, 12.080%, 11/24/2029 †§x | Best Egg | 11/27/2024 | 28758 | 28298 | 28333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2576992, 25.220%, 1/24/2030 †x# | Best Egg | 11/27/2024 | 30500 | 29990 | 29991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2577025, 14.420%, 11/24/2029 †§x | Best Egg | 11/27/2024 | 44545 | 43827 | 44244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2578448, 4.610%, 11/24/2027 †§x | Best Egg | 11/27/2024 | 38128 | 37603 | 38104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2578573, 14.680%, 11/24/2027 †§x | Best Egg | 11/27/2024 | 22793 | 22414 | 22841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2578944, 12.470%, 11/24/2027 †§x | Best Egg | 11/27/2024 | 23493 | 23160 | 23556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2579006, 13.210%, 11/24/2029 †§x | Best Egg | 11/27/2024 | 24123 | 23735 | 23930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2579079, 15.630%, 11/25/2029 †§x | Best Egg | 11/29/2024 | 23067 | 22693 | 22731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2581200, 5.840%, 11/25/2029 †§x | Best Egg | 11/29/2024 | 43382 | 42700 | 42752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2581547, 5.310%, 1/01/2028 †§x | Best Egg | 11/29/2024 | 33692 | 33221 | 33657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2581589, 13.450%, 1/01/2030 †§x | Best Egg | 11/29/2024 | 31622 | 31111 | 31345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2582864, 24.260%, 1/01/2030 †§x | Best Egg | 11/29/2024 | 22630 | 22220 | 22115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2583874, 21.510%, 1/01/2030 †§x | Best Egg | 12/02/2024 | 36835 | 36228 | 35804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258511249, 16.020%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 33120 | 32624 | 33292 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**95** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2585765, 16.830%, 1/01/2030 †§x | Best Egg | 12/02/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2586047, 23.360%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 46125 | 45283 | 44227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2586095, 18.060%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 30088 | 29545 | 29687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2586194, 17.850%, 1/03/2030 †§x | Best Egg | 12/04/2024 | 31933 | 31358 | 31457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2586476, 14.180%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 22579 | 22176 | 22522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2586531, 16.830%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 23093 | 22678 | 22789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2586713, 12.460%, 1/15/2030 †§x | Best Egg | 12/04/2024 | 45215 | 44410 | 45155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2586807, 16.360%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 42613 | 41850 | 42487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587037, 12.330%, 12/01/2028 †§x | Best Egg | 12/04/2024 | 41087 | 40389 | 40931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587148, 17.850%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 24855 | 24408 | 24681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587221, 6.900%, 12/01/2027 †§x# | Best Egg | 12/04/2024 | 39747 | 39133 | 39631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587315, 17.880%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 22567 | 22206 | 22031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587324, 14.660%, 1/22/2030 †§x | Best Egg | 12/04/2024 | 43388 | 42612 | 43027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587431, 13.840%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 20286 | 19966 | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587439, 4.370%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 32811 | 32309 | 32334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587497, 18.270%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 32866 | 32328 | 32673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587521, 15.390%, 1/15/2030 †§x | Best Egg | 12/04/2024 | 27177 | 26688 | 26917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587742, 12.850%, 1/26/2028 †§x | Best Egg | 12/04/2024 | 21851 | 21503 | 21780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587754, 12.430%, 1/20/2029 †§x | Best Egg | 12/04/2024 | 28426 | 27939 | 28316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587873, 22.770%, 1/01/2028 †x | Best Egg | 12/04/2024 | 23485 | 23101 | 23100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587933, 8.850%, 1/04/2030 †§x | Best Egg | 12/04/2024 | 21071 | 20700 | 21058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2587981, 13.450%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 43277 | 42506 | 42874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588015, 13.360%, 1/07/2030 †§x | Best Egg | 12/04/2024 | 34338 | 33725 | 34066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588018, 24.950%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 34707 | 34071 | 33279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588091, 10.700%, 3/16/2030 †x | Best Egg | 12/04/2024 | 42574 | 41816 | 42213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588094, 6.020%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 39643 | 39032 | 39734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588215, 12.140%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 21897 | 21489 | 21850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588241, 11.510%, 12/01/2028 †§x | Best Egg | 12/04/2024 | 25062 | 24637 | 24969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588297, 12.930%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 42421 | 41663 | 42323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588342, 15.630%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 20159 | 19795 | 20103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588355, 11.970%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 44900 | 44104 | 44509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588460, 13.600%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 39734 | 39107 | 39924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588665, 16.810%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 20586 | 20216 | 20387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588703, 6.280%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 26514 | 26052 | 26187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258871240, 24.200%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 30999 | 30507 | 31676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258875085, 16.990%, 11/29/2028 †§x | Upgrade | 12/04/2023 | 22225 | 21890 | 22561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588779, 9.170%, 1/10/2030 †§x | Best Egg | 12/04/2024 | 44678 | 43890 | 44159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588847, 6.340%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 33426 | 32910 | 33332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258888682, 16.990%, 11/28/2028 †§x | Upgrade | 12/01/2023 | 26670 | 26269 | 26969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2588901, 28.570%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 39350 | 38611 | 37458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258891789, 16.990%, 11/29/2028 †§x | Upgrade | 12/04/2023 | 33232 | 32728 | 33732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589098, 4.260%, 12/01/2027 †§x | Best Egg | 12/04/2024 | 32851 | 32348 | 32933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258911251, 16.990%, 11/29/2028 †§x# | Upgrade | 12/04/2023 | 27000 | 26600 | 27273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258922104, 16.020%, 11/13/2028 †§x | Upgrade | 12/01/2023 | 22429 | 22095 | 22715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258924579, 16.020%, 12/16/2028 †§x | Upgrade | 12/04/2023 | 25808 | 25421 | 25905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258924771, 16.990%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 25178 | 24813 | 25268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589248, 10.040%, 12/01/2028 †§x | Best Egg | 12/04/2024 | 22496 | 22116 | 22554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258932329, 12.960%, 11/28/2028 †§x | Upgrade | 12/01/2023 | 21143 | 20835 | 21383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589426, 8.070%, 12/01/2029 †§x | Best Egg | 12/04/2024 | 31095 | 30550 | 30709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589516, 18.250%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 36051 | 35401 | 35690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589549, 6.280%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 23934 | 23517 | 23984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589561, 17.790%, 12/04/2027 †§x | Best Egg | 12/09/2024 | 41030 | 40356 | 40808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589657, 0.000%, 2/02/2029 †x# | Best Egg | 12/05/2024 | 35123 | 34493 | 29529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589756, 14.570%, 12/02/2027 †§x | Best Egg | 12/05/2024 | 40606 | 39949 | 40724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589758, 15.390%, 1/11/2030 †§x | Best Egg | 12/05/2024 | 25473 | 25015 | 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258981088, 16.020%, 12/14/2028 †§x# | Upgrade | 12/04/2023 | 34114 | 33603 | 34419 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**96** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589816, 12.210%, 2/02/2030 †x# | Best Egg | 12/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589869, 9.330%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 33434 | 32846 | 32876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2589938, 14.660%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 24415 | 23979 | 24182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259001007, 16.020%, 12/01/2028 †§x | Upgrade | 12/04/2023 | 32575 | 32088 | 32662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590031, 16.230%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 23166 | 22750 | 23014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590069, 16.050%, 12/02/2027 †§x | Best Egg | 12/05/2024 | 23745 | 23367 | 23675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590115, 10.700%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 44747 | 43957 | 44192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590140, 14.360%, 12/02/2028 †§x | Best Egg | 12/05/2024 | 21744 | 21372 | 21419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259034079, 16.020%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 27599 | 27187 | 27743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259046638, 16.990%, 11/24/2028 †§x# | Upgrade | 12/04/2023 | 22950 | 22614 | 23265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259059944, 16.990%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 26674 | 26264 | 26739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259065324, 16.990%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 24302 | 23935 | 24427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259074360, 16.020%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 26496 | 26099 | 26634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590799, 13.970%, 12/02/2027 †§x | Best Egg | 12/05/2024 | 25570 | 25166 | 25638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590803, 13.450%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 33469 | 32853 | 33172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590813, 17.770%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 27334 | 26841 | 27063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259081865, 16.020%, 11/30/2028 †x# | Upgrade | 12/04/2023 | 27412 | 27044 | 26952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590881, 6.280%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 27616 | 27135 | 27152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590945, 6.930%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 36324 | 35690 | 36585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2590961, 9.990%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 26796 | 26324 | 26350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259097376, 16.990%, 12/01/2028 †§x | Upgrade | 12/04/2023 | 27194 | 26778 | 27265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591022, 12.240%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 44932 | 44135 | 44372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259111092, 16.990%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 29625 | 29177 | 29778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591152, 14.180%, 1/18/2030 †§x | Best Egg | 12/05/2024 | 32594 | 32008 | 32216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591176, 13.690%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 22551 | 22149 | 22338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591218, 14.420%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 45186 | 44379 | 44912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259128526, 16.990%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 22224 | 21889 | 22338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591304, 30.400%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 46756 | 45889 | 44544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591354, 9.820%, 12/02/2028 †§x | Best Egg | 12/05/2024 | 23620 | 23221 | 23685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259136225, 16.020%, 11/30/2028 †x | Upgrade | 12/04/2023 | 28899 | 28479 | 28701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591445, 14.570%, 2/02/2028 †x# | Best Egg | 12/05/2024 | 43285 | 42595 | 43486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259149174, 16.020%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 29440 | 28999 | 29593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591598, 15.850%, 1/10/2030 †§x | Best Egg | 12/05/2024 | 43241 | 42460 | 42729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259163442, 16.020%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 23554 | 23199 | 23613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591705, 12.000%, 1/07/2029 †§x | Best Egg | 12/05/2024 | 25979 | 25535 | 25898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591714, 18.160%, 12/02/2027 †§x | Best Egg | 12/05/2024 | 33671 | 33132 | 33479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591736, 16.890%, 12/02/2028 †§x | Best Egg | 12/05/2024 | 21889 | 21512 | 21795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591751, 6.710%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 22123 | 21737 | 21752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591762, 12.320%, 12/02/2028 †§x | Best Egg | 12/05/2024 | 38923 | 38261 | 38641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591785, 15.700%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 28467 | 27953 | 28390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259187666, 13.600%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 20266 | 19968 | 20349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591882, 11.380%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 44830 | 44036 | 44280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2591974, 7.700%, 12/02/2029 †§x | Best Egg | 12/05/2024 | 22187 | 21798 | 22224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259206169, 22.820%, 11/30/2028 †§x | Upgrade | 12/04/2023 | 30746 | 30263 | 31352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592196, 26.860%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 25548 | 25077 | 24336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592237, 18.280%, 12/03/2027 †§x | Best Egg | 12/06/2024 | 28855 | 28392 | 28693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592315, 10.930%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 44775 | 43983 | 44034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592318, 5.450%, 1/15/2028 †§x | Best Egg | 12/06/2024 | 27765 | 27332 | 27841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592339, 6.090%, 1/26/2028 †§x | Best Egg | 12/06/2024 | 28112 | 27671 | 28036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592590, 5.400%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 22038 | 21654 | 21668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592608, 6.280%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 35353 | 34737 | 34761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592711, 6.450%, 12/03/2029 †§x# | Best Egg | 12/06/2024 | 32822 | 32249 | 32271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592804, 17.800%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 24602 | 24159 | 24281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592869, 10.660%, 12/03/2027 †§x | Best Egg | 12/06/2024 | 28141 | 27700 | 28195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592921, 10.390%, 12/03/2027 †§x | Best Egg | 12/06/2024 | 20726 | 20402 | 20766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2592945, 15.050%, 12/03/2028 †§x | Best Egg | 12/06/2024 | 39212 | 38539 | 39059 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**97** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 259302723, 16.990%, 12/04/2028 †§x | Upgrade | 12/07/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593032, 14.730%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 25946 | 25436 | 25552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593033, 18.050%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 44675 | 43869 | 44243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593272, 13.580%, 12/03/2028 †§x | Best Egg | 12/06/2024 | 21699 | 21328 | 21619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593330, 12.730%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 26543 | 26067 | 26296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259354176, 15.390%, 12/19/2026 †§x | Upgrade | 12/22/2023 | 25083 | 24831 | 24462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593558, 10.670%, 12/03/2027 †§x | Best Egg | 12/06/2024 | 40206 | 39563 | 40077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593589, 10.790%, 12/06/2027 †§x | Best Egg | 12/06/2024 | 24720 | 24334 | 24637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593720, 13.210%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 25331 | 24881 | 25276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259381670, 16.020%, 12/18/2028 †§x | Upgrade | 12/21/2023 | 22755 | 22406 | 22952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2593972, 10.590%, 12/03/2028 †§x | Best Egg | 12/06/2024 | 23137 | 22745 | 22591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594021, 4.960%, 11/03/2029 †§x# | Best Egg | 12/06/2024 | 21665 | 21290 | 21397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594043, 8.470%, 12/03/2027 †§x | Best Egg | 12/06/2024 | 19970 | 19659 | 20013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594119, 8.520%, 12/03/2029 †§x | Best Egg | 12/06/2024 | 42272 | 41523 | 41588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259422330, 15.390%, 12/04/2026 †x | Upgrade | 12/07/2023 | 25071 | 24816 | 21740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259439915, 16.020%, 12/04/2028 †§x | Upgrade | 12/07/2023 | 27405 | 26857 | 27666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259448939, 16.020%, 12/04/2028 †§x | Upgrade | 12/07/2023 | 25595 | 25211 | 25680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594575, 11.490%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 37668 | 37000 | 37215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594603, 19.010%, 4/04/2030 †x# | Best Egg | 12/09/2024 | 37870 | 37173 | 37747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594675, 10.250%, 12/04/2027 †§x | Best Egg | 12/09/2024 | 20879 | 20552 | 20819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594773, 11.740%, 2/04/2030 †x# | Best Egg | 12/09/2024 | 23064 | 22652 | 23065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594804, 17.810%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 45410 | 44591 | 44972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594832, 31.070%, 4/04/2030 †x# | Best Egg | 12/09/2024 | 35584 | 34908 | 34518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2594899, 18.050%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 45586 | 44763 | 45449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595180, 17.060%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 24289 | 23847 | 24004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259535467, 16.990%, 12/04/2028 †§x | Upgrade | 12/07/2023 | 21222 | 20896 | 21292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595421, 17.690%, 12/04/2027 †§x | Best Egg | 12/09/2024 | 21886 | 21472 | 21766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595665, 16.110%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 28296 | 27787 | 27937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595819, 9.820%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 44640 | 43851 | 44289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595922, 27.330%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 27076 | 26609 | 26252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595931, 13.200%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 22999 | 22589 | 22786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595933, 17.080%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 39120 | 38415 | 39010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2595939, 14.760%, 12/04/2028 †§x | Best Egg | 12/09/2024 | 23278 | 22879 | 23218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596057, 21.080%, 12/04/2027 †§x | Best Egg | 12/09/2024 | 24830 | 24427 | 24740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596147, 28.290%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 40718 | 39966 | 39477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596369, 17.190%, 12/04/2029 †§x | Best Egg | 12/09/2024 | 24655 | 24211 | 24420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596569, 16.820%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 44544 | 43742 | 44425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596710, 9.180%, 12/05/2027 †§x | Best Egg | 12/09/2024 | 32020 | 31519 | 32089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596736, 14.650%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 28914 | 28397 | 28920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596746, 12.000%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 28499 | 27993 | 28449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259685484, 16.990%, 12/15/2028 †§x | Upgrade | 12/07/2023 | 22769 | 22425 | 22904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596898, 14.330%, 12/05/2027 †§x | Best Egg | 12/09/2024 | 40669 | 40008 | 40603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2596900, 10.790%, 12/05/2028 †§x | Best Egg | 12/09/2024 | 37244 | 36605 | 37348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597021, 20.460%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 25211 | 24753 | 25032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259716991, 11.640%, 12/04/2028 †§x | Upgrade | 12/07/2023 | 28861 | 28443 | 29006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597276, 14.890%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 24718 | 24275 | 24501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597286, 16.110%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 45375 | 44560 | 44949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259730310, 16.990%, 12/04/2028 †§x | Upgrade | 12/07/2023 | 30211 | 29754 | 30310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597328, 11.020%, 12/05/2028 †§x | Best Egg | 12/09/2024 | 27070 | 26611 | 26988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597395, 16.600%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 20443 | 20075 | 20185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597490, 18.450%, 3/05/2028 †x | Best Egg | 12/09/2024 | 41188 | 40507 | 40676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597782, 19.300%, 1/05/2029 †x | Best Egg | 12/09/2024 | 20116 | 19764 | 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597856, 12.360%, 12/05/2027 †§x | Best Egg | 12/09/2024 | 21990 | 21632 | 22073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2597972, 14.420%, 1/21/2030 †§x | Best Egg | 12/09/2024 | 20938 | 20561 | 20910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2598057, 6.280%, 12/05/2029 †§x | Best Egg | 12/09/2024 | 44191 | 43419 | 43457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2598335, 4.610%, 12/05/2027 †§x | Best Egg | 12/09/2024 | 32717 | 32213 | 32803 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**98** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2598608, 18.760%, 12/08/2029 †§x | Best Egg | 12/11/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22831 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2598640, 13.690%, 1/18/2030 †§x | Best Egg | 12/11/2024 | 28252 | 27745 | 28023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2598921, 17.210%, 12/08/2027 †§x | Best Egg | 12/11/2024 | 33584 | 33044 | 33423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2598981, 6.780%, 12/08/2027 †§x | Best Egg | 12/11/2024 | 38294 | 37698 | 38267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2598988, 18.050%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 35557 | 34914 | 35115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599144, 13.500%, 12/08/2028 †§x | Best Egg | 12/11/2024 | 25165 | 24734 | 24590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599260, 24.260%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 39280 | 38559 | 38504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599478, 17.400%, 2/08/2028 †x# | Best Egg | 12/11/2024 | 25288 | 24873 | 24971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599524, 31.070%, 2/25/2030 †§x | Best Egg | 12/11/2024 | 25999 | 25535 | 24736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259957483, 23.630%, 12/15/2027 †§x | Upgrade | 12/18/2023 | 21584 | 21280 | 21926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599613, 16.330%, 1/20/2030 †§x | Best Egg | 12/11/2024 | 23324 | 22902 | 23065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599652, 11.460%, 10/08/2029 †§x | Best Egg | 12/11/2024 | 24590 | 24153 | 24456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599797, 20.580%, 12/12/2028 †§x | Best Egg | 12/16/2024 | 28350 | 27853 | 28338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599837, 21.810%, 12/08/2027 †§x | Best Egg | 12/11/2024 | 41462 | 40787 | 40935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259993278, 23.390%, 12/18/2026 †§x | Upgrade | 12/21/2023 | 23898 | 23641 | 23390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2599985, 15.370%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 30507 | 29959 | 30139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600080, 17.080%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 32292 | 31710 | 31895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600089, 9.790%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 40172 | 39462 | 39825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600404, 19.150%, 12/08/2027 †§x | Best Egg | 12/11/2024 | 26762 | 26329 | 26269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600487, 13.200%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 23808 | 23383 | 23768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600550, 10.790%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 44758 | 43965 | 44704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600606, 12.930%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 23565 | 23144 | 23526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600620, 15.020%, 1/22/2029 †§x | Best Egg | 12/11/2024 | 43821 | 43062 | 43669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600641, 6.090%, 12/08/2027 †§x | Best Egg | 12/11/2024 | 22997 | 22640 | 22938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600669, 12.970%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 39356 | 38654 | 39041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600687, 9.700%, 12/08/2027 †§x | Best Egg | 12/11/2024 | 29849 | 29380 | 30039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600849, 5.840%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 36907 | 36262 | 36372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2600857, 15.450%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 33977 | 33366 | 33790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601006, 8.520%, 12/08/2028 †§x | Best Egg | 12/11/2024 | 20921 | 20568 | 20789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601192, 27.330%, 12/08/2029 †§x | Best Egg | 12/11/2024 | 46493 | 45634 | 44350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601199, 8.390%, 12/08/2029 †§x# | Best Egg | 12/11/2024 | 30448 | 29912 | 30090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601419, 11.040%, 3/22/2028 †x | Best Egg | 12/12/2024 | 42057 | 41375 | 42320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601485, 11.950%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 31026 | 30473 | 30656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601740, 13.690%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 27061 | 26577 | 27015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601817, 8.080%, 12/09/2028 †§x | Best Egg | 12/12/2024 | 38455 | 37807 | 38196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601840, 7.390%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 35467 | 34844 | 35050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601896, 12.460%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 27874 | 27377 | 27833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2601986, 13.200%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 39635 | 38923 | 39285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2602100, 19.410%, 12/09/2027 †§x | Best Egg | 12/12/2024 | 31516 | 31006 | 31103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2602192, 20.940%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 43908 | 43108 | 43241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2602405, 13.200%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 32103 | 31530 | 31819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2602413, 18.990%, 1/09/2030 †x | Best Egg | 12/12/2024 | 45104 | 44288 | 44822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2602441, 15.850%, 1/26/2030 †§x | Best Egg | 12/12/2024 | 32019 | 31409 | 31785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2602465, 15.140%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 36214 | 35563 | 35711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2602562, 6.930%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 44275 | 43499 | 44619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603009, 7.390%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 35467 | 34844 | 35050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603061, 30.120%, 12/09/2029 †x | Best Egg | 12/12/2024 | 28040 | 27519 | 27737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260309362, 23.910%, 12/19/2026 †§x | Upgrade | 12/22/2023 | 21326 | 21091 | 20926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260310536, 16.990%, 12/27/2028 †§x | Upgrade | 12/21/2023 | 27425 | 27006 | 27619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603210, 19.240%, 1/25/2030 †§x | Best Egg | 12/12/2024 | 23963 | 23528 | 23841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603231, 19.750%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 20555 | 20182 | 20143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603232, 16.110%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 44050 | 43251 | 43518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603469, 6.280%, 12/09/2029 †§x | Best Egg | 12/12/2024 | 22093 | 21706 | 21834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603631, 14.450%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 31632 | 31065 | 31128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603724, 16.420%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 31787 | 31214 | 31407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603756, 17.060%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 45480 | 44658 | 44838 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**99** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2603850, 16.890%, 12/10/2028 †§x | Best Egg | 12/13/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604102, 12.950%, 1/18/2030 †§x# | Best Egg | 12/13/2024 | 31073 | 30515 | 30833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604140, 3.920%, 12/10/2027 †§x | Best Egg | 12/13/2024 | 23630 | 23265 | 23572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604149, 16.330%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 24492 | 24050 | 24358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604267, 4.370%, 12/10/2027 †§x | Best Egg | 12/13/2024 | 39439 | 38829 | 39552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604376, 31.070%, 1/14/2030 †§x | Best Egg | 12/13/2024 | 24053 | 23604 | 23846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604709, 20.370%, 1/15/2028 †§x | Best Egg | 12/13/2024 | 41463 | 40782 | 40991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604815, 26.380%, 12/10/2029 †§x# | Best Egg | 12/13/2024 | 24117 | 23689 | 23615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604855, 15.150%, 2/01/2030 †§x# | Best Egg | 12/13/2024 | 33372 | 32771 | 33175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604884, 19.720%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 29680 | 29141 | 29124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2604954, 9.330%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 26317 | 25848 | 26007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605012, 15.870%, 12/10/2029 †§x# | Best Egg | 12/13/2024 | 45276 | 44461 | 44892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605175, 11.000%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 35800 | 35164 | 35494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605187, 15.880%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 22675 | 22267 | 22404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605313, 15.760%, 12/10/2027 †§x | Best Egg | 12/13/2024 | 39193 | 38565 | 39313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605336, 19.750%, 1/21/2030 †§x | Best Egg | 12/13/2024 | 26995 | 26503 | 25785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605474, 12.620%, 12/10/2028 †§x | Best Egg | 12/13/2024 | 21642 | 21271 | 21581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605583, 13.690%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 23276 | 22859 | 22999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605638, 13.940%, 12/10/2029 †§x | Best Egg | 12/13/2024 | 45131 | 44322 | 44913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605758, 10.790%, 12/11/2027 †§x | Best Egg | 12/16/2024 | 39412 | 38788 | 39310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2605933, 16.360%, 1/11/2030 †x# | Best Egg | 12/16/2024 | 24911 | 24460 | 24670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606053, 13.940%, 1/17/2030 †§x | Best Egg | 12/16/2024 | 45255 | 44441 | 44783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606065, 18.050%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 38230 | 37537 | 37769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606073, 16.020%, 12/11/2028 †§x | Best Egg | 12/16/2024 | 34944 | 34339 | 35017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606085, 17.870%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 45567 | 44742 | 45309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606140, 21.890%, 12/11/2028 †§x | Best Egg | 12/16/2024 | 22161 | 21772 | 21849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606148, 13.330%, 12/11/2027 †§x | Best Egg | 12/16/2024 | 32840 | 32316 | 32958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606186, 13.040%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 30618 | 30070 | 30353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606380, 12.970%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 31513 | 30949 | 31155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606599, 14.660%, 1/22/2030 †§x | Best Egg | 12/16/2024 | 38626 | 37930 | 38480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606663, 15.870%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 38547 | 37852 | 38093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606709, 6.380%, 1/24/2030 †§x | Best Egg | 12/16/2024 | 23573 | 23158 | 23210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606728, 8.070%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 34648 | 34037 | 34245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606769, 9.100%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 22275 | 21881 | 22015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606787, 9.050%, 12/11/2029 †§x# | Best Egg | 12/16/2024 | 28902 | 28391 | 28661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2606847, 12.730%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 24473 | 24036 | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607005, 12.930%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 42417 | 41658 | 42050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607031, 5.900%, 2/12/2030 †x | Best Egg | 12/16/2024 | 36269 | 35616 | 32425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260704534, 16.990%, 12/19/2028 †§x | Upgrade | 12/22/2023 | 29532 | 29088 | 29802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607092, 19.750%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 44047 | 43246 | 43230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607168, 4.610%, 12/11/2027 †§x | Best Egg | 12/16/2024 | 39469 | 38856 | 39451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607216, 20.650%, 2/11/2030 †x# | Best Egg | 12/16/2024 | 44067 | 43257 | 43694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607261, 14.110%, 12/11/2027 †§x | Best Egg | 12/16/2024 | 24362 | 23973 | 24447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607475, 19.500%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 23113 | 22693 | 22973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607520, 24.800%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 37010 | 36329 | 36433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607524, 29.020%, 12/11/2028 †§x | Best Egg | 12/16/2024 | 27021 | 26538 | 25755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607567, 13.630%, 12/11/2027 †§x | Best Egg | 12/16/2024 | 28378 | 27916 | 28269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607650, 16.110%, 12/11/2029 †§x | Best Egg | 12/16/2024 | 38545 | 37843 | 38091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607695, 13.880%, 12/11/2028 †§x | Best Egg | 12/16/2024 | 30871 | 30340 | 30768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607789, 20.460%, 4/12/2030 †x# | Best Egg | 12/16/2024 | 23966 | 23521 | 23992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260792797, 14.860%, 12/20/2027 †§x | Upgrade | 12/26/2023 | 32689 | 32256 | 32911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2607950, 19.890%, 12/12/2027 †§x | Best Egg | 12/16/2024 | 41253 | 40582 | 40339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608035, 19.240%, 4/12/2028 †x | Best Egg | 12/16/2024 | 26807 | 26353 | 26506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608078, 10.950%, 12/12/2028 †§x | Best Egg | 12/16/2024 | 21541 | 21174 | 21048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608127, 16.110%, 12/12/2029 †§x | Best Egg | 12/16/2024 | 29494 | 28962 | 29150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608155, 10.100%, 12/12/2028 †§x | Best Egg | 12/16/2024 | 42979 | 42248 | 42715 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**100** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608255, 12.960%, 12/12/2029 †§x | Best Egg | 12/16/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608262, 21.730%, 12/12/2029 †§x | Best Egg | 12/16/2024 | 45966 | 45125 | 45060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608356, 13.970%, 12/12/2027 †§x | Best Egg | 12/16/2024 | 30062 | 29581 | 30182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608571, 12.960%, 12/12/2029 †§x | Best Egg | 12/16/2024 | 42364 | 41606 | 42001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608664, 13.690%, 12/12/2029 †§x# | Best Egg | 12/16/2024 | 26970 | 26487 | 26932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608715, 15.370%, 1/15/2030 †§x | Best Egg | 12/16/2024 | 45362 | 44543 | 45050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608896, 10.790%, 12/12/2027 †§x | Best Egg | 12/16/2024 | 33782 | 33247 | 33697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2608970, 12.560%, 12/12/2029 †§x | Best Egg | 12/16/2024 | 34343 | 33730 | 33960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609188, 9.790%, 12/12/2029 †§x | Best Egg | 12/16/2024 | 28488 | 27983 | 28157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260920191, 16.020%, 12/20/2028 †§x | Upgrade | 12/26/2023 | 30023 | 29568 | 30248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609246, 9.810%, 12/12/2027 †§x | Best Egg | 12/16/2024 | 25063 | 24667 | 25122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609294, 3.920%, 12/12/2027 †§x | Best Egg | 12/16/2024 | 22267 | 21922 | 22213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260938190, 16.990%, 12/18/2028 †§x | Upgrade | 12/21/2023 | 20528 | 20215 | 20713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609414, 11.950%, 12/12/2029 †§x | Best Egg | 12/16/2024 | 22564 | 22162 | 22301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609453, 15.870%, 12/12/2029 †§x | Best Egg | 12/16/2024 | 43081 | 42305 | 42503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260952201, 25.200%, 12/18/2028 †§x | Upgrade | 12/21/2023 | 22992 | 22621 | 23475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260958544, 16.570%, 12/30/2027 †x# | Upgrade | 12/26/2023 | 34420 | 33962 | 27664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609742, 10.250%, 12/15/2027 †§x | Best Egg | 12/18/2024 | 39531 | 38904 | 39628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609801, 10.790%, 12/15/2027 †§x | Best Egg | 12/18/2024 | 26107 | 25692 | 26047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609832, 26.380%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 27844 | 27329 | 27327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609942, 13.200%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 24775 | 24331 | 24568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2609977, 11.580%, 12/15/2028 †§x | Best Egg | 12/18/2024 | 20479 | 20129 | 20183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610097, 18.050%, 1/21/2030 †§x | Best Egg | 12/18/2024 | 38427 | 37728 | 38026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610230, 8.240%, 1/25/2028 †§x | Best Egg | 12/18/2024 | 21291 | 20955 | 21414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610306, 15.880%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 36280 | 35625 | 35996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610392, 5.300%, 12/15/2027 †§x# | Best Egg | 12/18/2024 | 39194 | 38582 | 39101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610598, 18.630%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 21990 | 21586 | 21725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610639, 18.660%, 12/15/2027 †§x | Best Egg | 12/18/2024 | 24671 | 24269 | 24364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610739, 14.890%, 4/15/2030 †x# | Best Egg | 12/18/2024 | 24161 | 23722 | 24211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610801, 31.070%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 30427 | 29859 | 28996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610849, 12.930%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 23565 | 23143 | 23369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610887, 10.040%, 12/15/2028 †§x | Best Egg | 12/18/2024 | 42972 | 42239 | 42888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610906, 10.740%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 41134 | 40402 | 40863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610923, 16.810%, 1/26/2030 †§x | Best Egg | 12/18/2024 | 21426 | 21038 | 21177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2610995, 6.280%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 36822 | 36175 | 36406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611075, 8.850%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 23932 | 23509 | 23661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611099, 22.350%, 2/15/2030 †x | Best Egg | 12/18/2024 | 46007 | 45155 | 45723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261121260, 16.020%, 12/15/2028 †§x | Upgrade | 12/18/2023 | 21767 | 21438 | 21894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611227, 12.720%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 38284 | 37599 | 38016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611323, 11.760%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 40388 | 39667 | 40357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611377, 11.530%, 1/26/2030 †§x | Best Egg | 12/18/2024 | 28540 | 28029 | 28378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611383, 14.180%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 39264 | 38558 | 39099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261149290, 16.990%, 12/15/2028 †§x | Upgrade | 12/18/2023 | 22658 | 22313 | 22789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611557, 18.050%, 2/15/2030 †x# | Best Egg | 12/18/2024 | 30221 | 29668 | 30175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261171625, 16.990%, 12/19/2028 †§x | Upgrade | 12/22/2023 | 22574 | 22229 | 22724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611729, 12.240%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 26959 | 26477 | 26736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611768, 8.160%, 11/15/2028 †§x | Best Egg | 12/18/2024 | 23778 | 23376 | 23628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261185099, 16.990%, 1/02/2029 †§x# | Upgrade | 12/21/2023 | 21077 | 20756 | 21095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611897, 17.560%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 25044 | 24590 | 24844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611933, 10.040%, 12/15/2028 †§x | Best Egg | 12/18/2024 | 26734 | 26278 | 26839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261193749, 8.230%, 1/23/2027 †§x | Upgrade | 1/26/2024 | 22431 | 22204 | 22434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2611972, 17.770%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 45556 | 44730 | 44711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2612157, 14.660%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 44453 | 43653 | 43941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2612392, 31.150%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 27389 | 26878 | 27148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2612393, 19.690%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 25167 | 24709 | 23987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2612429, 12.010%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 22064 | 21670 | 21912 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**101** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2612528, 19.950%, 12/15/2029 †§x | Best Egg | 12/18/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2612596, 15.150%, 12/15/2029 †§x | Best Egg | 12/18/2024 | 31235 | 30672 | 31001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261261893, 25.200%, 12/24/2028 †§x | Upgrade | 12/21/2023 | 22313 | 21953 | 22837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2612769, 4.610%, 12/15/2027 †§x | Best Egg | 12/18/2024 | 39469 | 38854 | 38893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261289950, 16.990%, 12/18/2028 †§x | Upgrade | 12/21/2023 | 23489 | 23131 | 23640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613062, 11.790%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 30518 | 29969 | 30171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613104, 15.630%, 1/16/2030 †x# | Best Egg | 12/19/2024 | 34781 | 34152 | 34599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261311598, 15.890%, 12/20/2028 †§x | Upgrade | 12/26/2023 | 37539 | 36964 | 37702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261322950, 16.990%, 12/18/2028 †§x | Upgrade | 12/21/2023 | 30007 | 29549 | 30200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613268, 13.390%, 12/16/2028 †§x | Best Egg | 12/19/2024 | 43375 | 42628 | 43269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613300, 12.850%, 12/16/2027 †§x | Best Egg | 12/19/2024 | 36412 | 35830 | 36580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613416, 9.700%, 12/16/2027 †§x | Best Egg | 12/19/2024 | 40087 | 39452 | 40375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613442, 20.980%, 2/16/2030 †x# | Best Egg | 12/19/2024 | 22739 | 22320 | 22296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613561, 14.890%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 28953 | 28431 | 28830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261359791, 16.990%, 12/18/2028 †§x | Upgrade | 12/21/2023 | 23413 | 23056 | 23564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613741, 8.480%, 12/16/2027 †x | Best Egg | 12/19/2024 | 34354 | 33812 | 34528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2613833, 7.390%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 24384 | 23954 | 24110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261391414, 16.020%, 12/19/2028 †§x | Upgrade | 12/22/2023 | 37529 | 36961 | 37782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614042, 5.980%, 12/16/2027 †§x | Best Egg | 12/19/2024 | 27746 | 27312 | 27681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614107, 11.740%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 27172 | 26687 | 27154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614128, 16.110%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 45375 | 44556 | 44870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614204, 6.280%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 20571 | 20207 | 20260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614208, 12.960%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 21608 | 21221 | 21430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614333, 15.150%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 27161 | 26671 | 26862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614349, 7.840%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 23610 | 23193 | 23344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614350, 26.380%, 2/16/2030 †x# | Best Egg | 12/19/2024 | 23892 | 23442 | 23549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614378, 27.330%, 1/22/2030 †§x | Best Egg | 12/19/2024 | 21463 | 21065 | 20926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614444, 23.510%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 23531 | 23099 | 23082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614567, 15.140%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 27160 | 26671 | 27044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614590, 24.470%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 25547 | 25036 | 25090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614614, 17.560%, 1/16/2030 †§x | Best Egg | 12/19/2024 | 27406 | 26906 | 27124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614637, 17.080%, 12/16/2029 †§x | Best Egg | 12/19/2024 | 23472 | 23047 | 23207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614766, 17.810%, 6/16/2030 †x# | Best Egg | 12/19/2024 | 24074 | 23625 | 23881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614801, 14.180%, 1/26/2030 †§x | Best Egg | 12/19/2024 | 22685 | 22275 | 22462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614873, 10.210%, 12/16/2028 †§x | Best Egg | 12/19/2024 | 21496 | 21129 | 21008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2614899, 13.100%, 1/23/2029 †§x | Best Egg | 12/19/2024 | 26902 | 26437 | 27003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615146, 15.430%, 12/17/2027 †§x | Best Egg | 12/20/2024 | 25268 | 24860 | 25373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615432, 15.430%, 12/17/2027 †§x | Best Egg | 12/20/2024 | 25011 | 24607 | 25105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615438, 17.310%, 12/17/2029 †§x | Best Egg | 12/20/2024 | 27304 | 26809 | 26958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615604, 14.470%, 12/17/2028 †§x | Best Egg | 12/20/2024 | 43397 | 42647 | 43352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615608, 11.070%, 12/17/2028 †§x | Best Egg | 12/20/2024 | 41703 | 40989 | 41622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615610, 14.080%, 12/17/2028 †§x | Best Egg | 12/20/2024 | 36055 | 35432 | 36170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615636, 8.290%, 12/17/2029 †§x | Best Egg | 12/20/2024 | 40004 | 39296 | 39607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615749, 16.810%, 1/17/2030 †x | Best Egg | 12/20/2024 | 44379 | 43572 | 44347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615831, 24.470%, 12/17/2029 †x | Best Egg | 12/20/2024 | 30312 | 29753 | 29767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2615892, 15.620%, 12/17/2028 †§x | Best Egg | 12/20/2024 | 25988 | 25534 | 25636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616066, 10.420%, 12/17/2027 †§x | Best Egg | 12/20/2024 | 21596 | 21253 | 21749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616115, 7.070%, 1/19/2028 †§x | Best Egg | 12/20/2024 | 21884 | 21536 | 21837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616153, 6.900%, 12/17/2027 †§x | Best Egg | 12/20/2024 | 29756 | 29288 | 29706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261623132, 16.990%, 12/22/2028 †§x | Upgrade | 12/26/2023 | 24645 | 24269 | 24832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616280, 5.410%, 12/17/2029 †§x | Best Egg | 12/20/2024 | 33082 | 32502 | 32557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616286, 10.790%, 1/26/2030 †§x | Best Egg | 12/20/2024 | 40186 | 39468 | 40172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616353, 12.970%, 12/17/2029 †§x | Best Egg | 12/20/2024 | 25660 | 25200 | 25389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261643208, 16.990%, 12/19/2028 †x# | Upgrade | 12/22/2023 | 27247 | 26833 | 22219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616637, 11.760%, 12/17/2029 †§x | Best Egg | 12/20/2024 | 30347 | 29810 | 30014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616812, 14.660%, 12/17/2029 †§x | Best Egg | 12/20/2024 | 45213 | 44399 | 44724 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**102** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616847, 15.380%, 12/17/2029 †§x | Best Egg | 12/20/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2616919, 12.470%, 12/17/2027 †x | Best Egg | 12/20/2024 | 28290 | 27837 | 28282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617343, 15.370%, 12/18/2027 †§x | Best Egg | 12/23/2024 | 24296 | 23903 | 24016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617399, 16.330%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 29853 | 29313 | 29722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617495, 21.810%, 1/26/2028 †§x | Best Egg | 12/23/2024 | 24474 | 23985 | 24209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617553, 21.430%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 45936 | 45094 | 45548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617585, 14.410%, 1/26/2030 †§x | Best Egg | 12/23/2024 | 21342 | 20956 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261760948, 15.390%, 12/20/2026 †§x | Upgrade | 12/26/2023 | 22575 | 22347 | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261762322, 25.200%, 12/20/2028 †§x | Upgrade | 12/26/2023 | 23785 | 23401 | 24324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261766121, 16.990%, 12/20/2028 †§x | Upgrade | 12/26/2023 | 26434 | 26031 | 26631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617721, 11.760%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 22032 | 21636 | 21802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617809, 14.410%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 34021 | 33403 | 33660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617843, 4.610%, 12/18/2027 †§x | Best Egg | 12/23/2024 | 20524 | 20203 | 20589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2617860, 11.250%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 44814 | 44013 | 44458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618012, 18.050%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 45586 | 44757 | 45078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618027, 8.640%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 29172 | 28655 | 29005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618099, 11.250%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 26888 | 26408 | 26675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618138, 16.810%, 2/18/2030 †x# | Best Egg | 12/23/2024 | 22343 | 21935 | 22253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618238, 26.660%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 27860 | 27343 | 27328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618252, 13.220%, 12/18/2027 †§x | Best Egg | 12/23/2024 | 22276 | 21918 | 22269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618307, 7.880%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 35517 | 34889 | 34962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261830799, 16.020%, 12/20/2028 †§x | Upgrade | 12/26/2023 | 28372 | 27942 | 28585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261835306, 16.990%, 1/17/2029 †§x | Upgrade | 1/05/2024 | 22753 | 22402 | 22970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618354, 30.480%, 1/26/2030 †§x | Best Egg | 12/23/2024 | 37674 | 36965 | 36464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618397, 16.840%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 41805 | 41047 | 41744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618483, 15.850%, 12/18/2029 †§x | Best Egg | 12/23/2024 | 22673 | 22263 | 22398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261860923, 25.200%, 12/20/2028 †§x | Upgrade | 12/26/2023 | 24419 | 24025 | 24973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618648, 16.830%, 12/18/2029 †x | Best Egg | 12/23/2024 | 26364 | 25886 | 26074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618867, 17.560%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 21856 | 21459 | 21759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618888, 9.890%, 12/19/2027 †§x | Best Egg | 12/23/2024 | 26313 | 25894 | 26383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2618925, 26.380%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 37126 | 36438 | 36467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619307, 28.290%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 27838 | 27313 | 27109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619410, 12.620%, 12/19/2028 †§x | Best Egg | 12/23/2024 | 43284 | 42538 | 43447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619476, 9.820%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 40515 | 39794 | 40066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619491, 13.930%, 1/26/2030 †§x | Best Egg | 12/23/2024 | 43007 | 42231 | 42765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619716, 31.070%, 3/01/2030 †§x# | Best Egg | 12/23/2024 | 38170 | 37464 | 36403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619722, 17.290%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 42139 | 41374 | 41821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619723, 17.310%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 31855 | 31276 | 31464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261984796, 16.990%, 12/21/2028 †§x | Upgrade | 12/26/2023 | 22658 | 22312 | 22828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2619866, 4.610%, 12/19/2027 †§x | Best Egg | 12/23/2024 | 32717 | 32205 | 32712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2620140, 25.510%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 45489 | 44648 | 43512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2620153, 18.840%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 23658 | 23227 | 23395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2620225, 15.150%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 45263 | 44446 | 45216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2620382, 31.070%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 23406 | 22968 | 22341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2620448, 28.290%, 12/19/2029 †§x | Best Egg | 12/23/2024 | 27953 | 27423 | 26941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621121, 8.160%, 12/22/2028 †§x | Best Egg | 12/26/2024 | 26498 | 26046 | 25899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621221, 9.180%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 44560 | 43767 | 43879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621323, 18.050%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 34646 | 34015 | 34277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621419, 9.500%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 28990 | 28474 | 29001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621547, 8.330%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 24450 | 24016 | 24465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621589, 13.200%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 41686 | 40936 | 41363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621716, 8.720%, 12/22/2027 †§x | Best Egg | 12/26/2024 | 34013 | 33472 | 34286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621932, 14.180%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 21676 | 21285 | 21606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2621975, 17.290%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 44326 | 43440 | 43858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622274, 13.760%, 12/22/2027 †x | Best Egg | 12/26/2024 | 32451 | 31926 | 32371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622334, 15.930%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 36284 | 35627 | 35874 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**103** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622338, 15.870%, 12/22/2027 †§x | Best Egg | 12/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622373, 11.530%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 35878 | 35235 | 35669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622476, 8.560%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 42360 | 41608 | 41902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622540, 10.440%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 26818 | 26336 | 26616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622817, 8.830%, 12/22/2027 †§x | Best Egg | 12/26/2024 | 27757 | 27315 | 27715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622842, 20.640%, 1/26/2030 †§x | Best Egg | 12/26/2024 | 36782 | 36106 | 35632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622856, 10.300%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 44699 | 43901 | 44017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622879, 10.880%, 12/22/2027 †§x | Best Egg | 12/26/2024 | 29580 | 29106 | 29566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622905, 28.290%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 25449 | 24975 | 24373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2622953, 11.420%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 33626 | 33024 | 33260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623070, 8.970%, 12/22/2027 †§x | Best Egg | 12/26/2024 | 29918 | 29442 | 29872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623179, 17.080%, 12/22/2029 †§x | Best Egg | 12/26/2024 | 27744 | 27240 | 27453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623289, 15.370%, 12/23/2029 †x | Best Egg | 12/26/2024 | 31705 | 31131 | 31494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623342, 15.150%, 2/23/2030 †x# | Best Egg | 12/26/2024 | 24478 | 24032 | 24409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623351, 20.980%, 12/23/2029 †x | Best Egg | 12/26/2024 | 45891 | 45049 | 45146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623715, 14.180%, 2/01/2030 †§x | Best Egg | 12/26/2024 | 33383 | 32779 | 33356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623765, 16.890%, 12/23/2028 †§x | Best Egg | 12/26/2024 | 30645 | 30109 | 30583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623833, 9.330%, 12/23/2029 †§x | Best Egg | 12/26/2024 | 33550 | 32953 | 33190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623866, 8.290%, 12/23/2029 †§x | Best Egg | 12/26/2024 | 27730 | 27231 | 27310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2623875, 18.340%, 12/23/2028 †§x | Best Egg | 12/26/2024 | 22676 | 22278 | 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624027, 12.130%, 12/23/2028 †§x | Best Egg | 12/26/2024 | 27570 | 27095 | 27415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624105, 15.150%, 12/23/2029 †§x | Best Egg | 12/26/2024 | 45263 | 44445 | 45233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624127, 22.870%, 12/23/2029 †§x | Best Egg | 12/26/2024 | 28315 | 27798 | 27810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624199, 17.070%, 12/23/2028 †§x | Best Egg | 12/26/2024 | 25403 | 24959 | 25351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624299, 12.990%, 12/23/2027 †§x# | Best Egg | 12/26/2024 | 23907 | 23524 | 24070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624495, 16.140%, 12/23/2027 †§x | Best Egg | 12/26/2024 | 21235 | 20889 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624548, 12.710%, 12/23/2029 †§x | Best Egg | 12/26/2024 | 26993 | 26507 | 26786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624634, 10.790%, 12/23/2027 †§x | Best Egg | 12/26/2024 | 28633 | 28174 | 28585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2624855, 7.040%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 22145 | 21752 | 21808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625099, 15.150%, 1/26/2030 †§x | Best Egg | 12/30/2024 | 21197 | 20812 | 21187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625105, 12.500%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 35567 | 34992 | 35831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625262, 11.360%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 22414 | 22011 | 22204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625272, 12.020%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 34150 | 33599 | 34407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625292, 4.950%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 24437 | 24051 | 24438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625321, 13.880%, 12/25/2028 †§x | Best Egg | 12/30/2024 | 21716 | 21339 | 21438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625391, 9.040%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 39800 | 39163 | 39746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625434, 20.460%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 45838 | 44997 | 45117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625443, 6.280%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 24628 | 24193 | 24849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625465, 14.180%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 45158 | 44342 | 45032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625522, 16.110%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 25486 | 25026 | 25234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625683, 7.530%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 25724 | 25268 | 25334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625744, 25.170%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 28197 | 27724 | 27905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625825, 20.760%, 12/25/2028 †§x | Best Egg | 12/30/2024 | 33963 | 33360 | 33529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625889, 17.880%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 28247 | 27784 | 27809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625923, 11.990%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 28811 | 28294 | 28381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625926, 21.940%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 33181 | 32630 | 32859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2625937, 13.450%, 12/25/2029 †§x | Best Egg | 12/30/2024 | 24101 | 23666 | 24098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626018, 4.950%, 12/25/2027 †§x | Best Egg | 12/30/2024 | 21961 | 21611 | 21961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626105, 19.500%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 46456 | 45604 | 46185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626288, 14.180%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 35979 | 35326 | 35657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626355, 11.790%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 44718 | 43912 | 44206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626462, 16.810%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 25232 | 24772 | 25101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626486, 14.660%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 23762 | 23300 | 23707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626515, 13.200%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 30221 | 29674 | 29968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626572, 21.600%, 3/01/2030 †x | Best Egg | 12/30/2024 | 38009 | 37354 | 37335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626589, 8.030%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 24855 | 24411 | 24856 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**104** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626708, 11.440%, 2/01/2029 †§x | Best Egg | 12/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626764, 18.860%, 2/01/2029 †§x | Best Egg | 12/30/2024 | 33230 | 32643 | 33133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626770, 17.400%, 2/01/2028 †§x | Best Egg | 12/30/2024 | 42299 | 41598 | 41761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626812, 23.990%, 3/01/2030 †x# | Best Egg | 12/30/2024 | 27348 | 26842 | 27173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626844, 28.760%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 28388 | 27858 | 27086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626850, 5.900%, 4/02/2030 †x# | Best Egg | 12/30/2024 | 38187 | 37468 | 28632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626902, 7.580%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 40622 | 39899 | 39980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2626916, 18.050%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 23899 | 23462 | 23698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2627028, 31.070%, 1/01/2030 †§x | Best Egg | 12/30/2024 | 22705 | 22277 | 21998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2627038, 10.790%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 29362 | 28834 | 28901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2627082, 6.090%, 2/01/2028 †§x | Best Egg | 12/30/2024 | 40192 | 39549 | 40094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2627137, 15.390%, 2/01/2030 †§x# | Best Egg | 12/30/2024 | 46023 | 45185 | 45384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2627221, 6.280%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 44977 | 44179 | 44472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2627288, 13.200%, 2/01/2030 †§x | Best Egg | 12/30/2024 | 23148 | 22730 | 22786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2627381, 17.690%, 2/01/2028 †§x# | Best Egg | 12/30/2024 | 22777 | 22399 | 22649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2630477, 11.040%, 2/01/2028 †§x | Best Egg | 1/02/2025 | 23254 | 22875 | 23417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2630641, 15.920%, 2/01/2028 †§x | Best Egg | 1/02/2025 | 41201 | 40520 | 41444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631041, 15.150%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 43955 | 43155 | 43931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631149, 8.360%, 1/01/2030 †§x | Best Egg | 1/02/2025 | 28499 | 27987 | 28199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631159, 9.940%, 2/01/2028 †§x | Best Egg | 1/02/2025 | 22258 | 21897 | 22421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631191, 16.610%, 2/06/2030 †§x | Best Egg | 1/02/2025 | 46184 | 45340 | 46144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631230, 13.940%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 45789 | 44958 | 45301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631421, 24.470%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 28070 | 27548 | 27557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631449, 13.450%, 12/01/2029 †§x | Best Egg | 1/02/2025 | 21312 | 20926 | 21198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631573, 12.100%, 2/01/2028 †§x | Best Egg | 1/02/2025 | 35950 | 35362 | 36193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631581, 9.610%, 2/01/2029 †§x | Best Egg | 1/02/2025 | 25442 | 25001 | 25440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631644, 14.170%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 31153 | 30587 | 31143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631843, 12.440%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 43806 | 43014 | 43809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2631873, 7.840%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 29781 | 29249 | 29454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632081, 12.710%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 45660 | 44834 | 45209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632145, 13.200%, 2/01/2030 †§x | Best Egg | 1/02/2025 | 24349 | 23907 | 24108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632298, 14.790%, 1/01/2028 †§x | Best Egg | 1/03/2025 | 41902 | 41217 | 42130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632357, 17.080%, 1/01/2030 †§x | Best Egg | 1/03/2025 | 32257 | 31668 | 31860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632393, 21.120%, 1/01/2030 †§x# | Best Egg | 1/03/2025 | 44733 | 43901 | 44117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632444, 15.150%, 1/01/2030 †§x | Best Egg | 1/06/2025 | 32124 | 31613 | 31918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632477, 10.250%, 1/01/2028 †§x | Best Egg | 1/06/2025 | 22369 | 22052 | 22402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632668, 24.260%, 1/01/2030 †§x | Best Egg | 1/03/2025 | 46727 | 45862 | 44725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632761, 8.620%, 1/01/2030 †§x | Best Egg | 1/06/2025 | 23875 | 23501 | 23591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632770, 17.060%, 1/01/2030 †§x | Best Egg | 1/03/2025 | 25040 | 24583 | 24635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2632868, 22.560%, 1/01/2030 †§x | Best Egg | 1/03/2025 | 36452 | 35779 | 35661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2633183, 25.420%, 1/01/2030 †§x | Best Egg | 1/06/2025 | 20450 | 20117 | 20047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2633355, 9.080%, 1/01/2030 †§x | Best Egg | 1/06/2025 | 45238 | 44530 | 44703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2633684, 17.290%, 1/01/2030 †§x | Best Egg | 1/06/2025 | 21992 | 21640 | 21841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2633738, 20.170%, 5/01/2030 †x# | Best Egg | 1/06/2025 | 45021 | 44285 | 44779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2633853, 18.250%, 2/15/2030 †§x | Best Egg | 1/06/2025 | 27929 | 27481 | 27620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2633863, 5.840%, 1/01/2030 †§x | Best Egg | 1/06/2025 | 32550 | 32052 | 32018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2633884, 22.560%, 2/14/2030 †§x | Best Egg | 1/06/2025 | 35450 | 34877 | 34902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2634092, 18.730%, 1/01/2030 †§x | Best Egg | 1/06/2025 | 25333 | 24924 | 25183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2634199, 17.370%, 1/02/2029 †x | Best Egg | 1/06/2025 | 22311 | 21967 | 21896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2634342, 17.560%, 1/02/2030 †§x | Best Egg | 1/06/2025 | 22304 | 21948 | 22034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2634442, 19.010%, 2/16/2030 †§x | Best Egg | 1/06/2025 | 27957 | 27508 | 27821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2634701, 15.150%, 1/02/2030 †§x | Best Egg | 1/06/2025 | 35503 | 34938 | 35120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2634958, 16.360%, 1/02/2030 †§x | Best Egg | 1/06/2025 | 36789 | 36203 | 36213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263499680, 16.990%, 1/01/2029 †§x | Upgrade | 1/16/2024 | 25577 | 25181 | 25901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635041, 15.620%, 1/02/2030 †§x | Best Egg | 1/06/2025 | 33288 | 32754 | 32978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635048, 25.010%, 3/21/2030 †§x | Best Egg | 1/06/2025 | 45108 | 44407 | 43248 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**105** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635063, 5.300%, 1/02/2028 †§x | Best Egg | 1/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635280, 19.630%, 1/02/2028 †§x | Best Egg | 1/06/2025 | 27959 | 27553 | 27572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635290, 31.070%, 5/02/2030 †x# | Best Egg | 1/06/2025 | 38138 | 37552 | 37251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635297, 10.790%, 1/02/2028 †§x | Best Egg | 1/06/2025 | 24804 | 24453 | 24784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635394, 15.930%, 1/02/2030 †§x | Best Egg | 1/06/2025 | 24804 | 24409 | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635643, 21.580%, 1/02/2029 †§x | Best Egg | 1/06/2025 | 26456 | 26044 | 26337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635869, 14.660%, 2/05/2030 †§x | Best Egg | 1/06/2025 | 20186 | 19865 | 20182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635965, 26.260%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 25225 | 24840 | 24620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2635994, 13.200%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 24945 | 24552 | 24691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263624072, 16.990%, 1/05/2029 †§x | Upgrade | 1/08/2024 | 23066 | 22710 | 23272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636320, 21.690%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 45434 | 44672 | 44933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636325, 17.870%, 2/18/2028 †§x | Best Egg | 1/08/2025 | 21268 | 20957 | 21394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636364, 15.630%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 43654 | 42959 | 43394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636373, 13.970%, 1/05/2028 †§x# | Best Egg | 1/08/2025 | 36045 | 35528 | 36274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636651, 19.790%, 2/17/2029 †§x | Best Egg | 1/08/2025 | 21390 | 21057 | 21522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636654, 13.200%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 26398 | 25978 | 26124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263672997, 16.020%, 1/22/2029 †§x | Upgrade | 1/25/2024 | 30575 | 30102 | 30980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636845, 8.200%, 1/05/2028 †§x | Best Egg | 1/08/2025 | 24714 | 24366 | 24631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2636925, 16.770%, 1/05/2029 †§x | Best Egg | 1/08/2025 | 24216 | 23843 | 23777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2637039, 12.200%, 1/05/2028 †§x | Best Egg | 1/08/2025 | 39574 | 38992 | 39173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2637134, 12.230%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 45597 | 44882 | 45126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2637167, 6.280%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 44140 | 43453 | 43637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2637377, 17.900%, 1/05/2029 †§x | Best Egg | 1/08/2025 | 25835 | 25435 | 25692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2637585, 14.420%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 24730 | 24337 | 24617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2637616, 14.890%, 2/09/2030 †§x | Best Egg | 1/08/2025 | 22960 | 22593 | 22728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263764982, 16.990%, 1/08/2029 †§x | Upgrade | 1/11/2024 | 22320 | 21976 | 22536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263788640, 16.020%, 1/11/2029 †§x | Upgrade | 1/16/2024 | 26753 | 26342 | 27046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2637978, 12.130%, 1/05/2029 †§x | Best Egg | 1/08/2025 | 35413 | 34874 | 35612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2638046, 11.230%, 1/05/2029 †§x | Best Egg | 1/08/2025 | 43993 | 43325 | 43208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2638053, 17.080%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 36844 | 36255 | 36791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2638223, 6.090%, 1/05/2028 †§x | Best Egg | 1/08/2025 | 30713 | 30283 | 30702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2638259, 18.510%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 34642 | 34086 | 34270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2638529, 12.990%, 1/05/2028 †§x | Best Egg | 1/08/2025 | 26602 | 26222 | 26770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2638556, 15.220%, 1/05/2030 †§x | Best Egg | 1/08/2025 | 25232 | 24830 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263863426, 16.990%, 1/24/2029 †§x# | Upgrade | 1/12/2024 | 28871 | 28415 | 29304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2638825, 24.940%, 5/05/2029 †x# | Best Egg | 1/08/2025 | 31824 | 31318 | 31994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2639043, 13.970%, 2/26/2028 †§x | Best Egg | 1/09/2025 | 41283 | 40684 | 41557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263914984, 16.990%, 1/28/2029 †§x | Upgrade | 1/22/2024 | 38677 | 38076 | 39260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2639154, 16.900%, 1/06/2028 †§x | Best Egg | 1/09/2025 | 41251 | 40654 | 41488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2639217, 17.080%, 1/06/2030 †§x | Best Egg | 1/09/2025 | 34473 | 33922 | 34083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2639395, 15.630%, 1/06/2030 †§x | Best Egg | 1/09/2025 | 39493 | 38864 | 39266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2639534, 11.840%, 2/25/2029 †§x | Best Egg | 1/09/2025 | 25785 | 25388 | 25683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2639781, 7.310%, 2/14/2029 †§x | Best Egg | 1/09/2025 | 21824 | 21494 | 21460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2639925, 21.450%, 2/22/2028 †§x | Best Egg | 1/09/2025 | 37484 | 36925 | 36734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640014, 18.530%, 1/06/2030 †§x | Best Egg | 1/09/2025 | 23096 | 22725 | 22849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640038, 19.330%, 1/06/2028 †§x | Best Egg | 1/09/2025 | 38100 | 37545 | 37292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640303, 15.880%, 1/06/2030 †§x | Best Egg | 1/09/2025 | 45022 | 44303 | 44760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640365, 16.520%, 1/06/2028 †§x | Best Egg | 1/09/2025 | 21027 | 20724 | 20596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264046605, 16.990%, 1/15/2029 †§x# | Upgrade | 1/16/2024 | 30856 | 30373 | 31213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640469, 11.230%, 2/16/2030 †§x | Best Egg | 1/09/2025 | 41282 | 40629 | 40895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640520, 7.800%, 1/06/2030 †§x | Best Egg | 1/09/2025 | 33304 | 32784 | 33467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640524, 24.260%, 1/06/2030 †§x# | Best Egg | 1/09/2025 | 46956 | 46187 | 46170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2640581, 16.110%, 1/06/2030 †§x | Best Egg | 1/09/2025 | 34932 | 34374 | 34760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264099683, 16.020%, 1/18/2029 †§x | Upgrade | 1/22/2024 | 37837 | 37252 | 38308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2641061, 6.090%, 1/07/2028 †§x | Best Egg | 1/10/2025 | 20481 | 20193 | 20475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2641949, 12.500%, 11/07/2027 †§x# | Best Egg | 1/10/2025 | 21207 | 20907 | 21270 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**106** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 264224024, 16.990%, 1/16/2029 †§x | Upgrade | 1/19/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2642307, 14.660%, 1/07/2030 †§x | Best Egg | 1/10/2025 | 34071 | 33526 | 34046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2642467, 12.710%, 1/07/2029 †§x | Best Egg | 1/10/2025 | 24607 | 24231 | 24488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2642577, 19.810%, 1/08/2028 †§x | Best Egg | 1/13/2025 | 38142 | 37584 | 37344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2642653, 10.000%, 1/08/2028 †§x | Best Egg | 1/13/2025 | 32557 | 32093 | 32609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264272862, 16.990%, 1/10/2029 †§x | Upgrade | 1/16/2024 | 26911 | 26494 | 27198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2642887, 17.080%, 1/08/2030 †§x | Best Egg | 1/13/2025 | 27173 | 26737 | 26866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2642989, 6.420%, 1/08/2029 †§x | Best Egg | 1/13/2025 | 40324 | 39714 | 39635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2643208, 12.990%, 1/08/2028 †§x | Best Egg | 1/13/2025 | 41696 | 41097 | 41982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2643538, 10.280%, 1/08/2030 †§x | Best Egg | 1/13/2025 | 36676 | 36099 | 36302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2643620, 22.080%, 1/08/2030 †§x | Best Egg | 1/13/2025 | 23254 | 22877 | 22843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2643670, 10.790%, 1/08/2028 †§x | Best Egg | 1/13/2025 | 39074 | 38516 | 38940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264415752, 16.990%, 1/12/2029 †§x | Upgrade | 1/16/2024 | 30768 | 30261 | 31102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264417923, 16.990%, 1/16/2029 †§x | Upgrade | 1/19/2024 | 34625 | 34090 | 35028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2644312, 16.360%, 2/09/2030 †x | Best Egg | 1/13/2025 | 23631 | 23253 | 23606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2644336, 19.500%, 1/09/2030 †§x | Best Egg | 1/13/2025 | 37950 | 37335 | 37556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264434218, 16.020%, 1/18/2029 †§x | Upgrade | 1/22/2024 | 22931 | 22577 | 23217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2644366, 10.250%, 1/09/2028 †§x | Best Egg | 1/13/2025 | 32299 | 31839 | 32358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2644422, 15.630%, 1/09/2030 †§x | Best Egg | 1/13/2025 | 32488 | 31969 | 32463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2644883, 20.460%, 1/09/2030 †§x | Best Egg | 1/13/2025 | 37527 | 36915 | 36961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2644887, 19.790%, 1/09/2029 †§x | Best Egg | 1/13/2025 | 31399 | 30910 | 31338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264489298, 16.020%, 12/31/2028 †§x | Upgrade | 1/16/2024 | 21160 | 20821 | 21543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2644925, 11.160%, 1/09/2028 †§x | Best Egg | 1/13/2025 | 26490 | 26111 | 26400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264505119, 15.390%, 1/24/2027 †§x | Upgrade | 1/29/2024 | 21304 | 20952 | 20855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2645125, 10.300%, 1/09/2028 †§x | Best Egg | 1/13/2025 | 39025 | 38469 | 39325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2645554, 28.760%, 3/09/2030 †x# | Best Egg | 1/13/2025 | 29805 | 29307 | 29739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2645583, 15.260%, 1/09/2030 †§x | Best Egg | 1/13/2025 | 20680 | 20349 | 20506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2645680, 15.630%, 1/09/2030 †§x | Best Egg | 1/13/2025 | 23932 | 23550 | 23914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264578560, 16.990%, 1/12/2029 †§x | Upgrade | 1/16/2024 | 26911 | 26494 | 27202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2645863, 10.250%, 1/12/2028 †§x | Best Egg | 1/15/2025 | 22932 | 22604 | 22976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264595185, 15.600%, 1/03/2028 †§x | Upgrade | 1/19/2024 | 26232 | 25875 | 26341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646014, 16.600%, 2/15/2030 †§x | Best Egg | 1/15/2025 | 29491 | 29017 | 29212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646034, 15.470%, 1/12/2028 †§x | Best Egg | 1/15/2025 | 31043 | 30593 | 30435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264614281, 16.990%, 1/20/2029 †§x# | Upgrade | 1/19/2024 | 23523 | 23158 | 23777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646243, 18.180%, 2/26/2028 †§x | Best Egg | 1/15/2025 | 21251 | 20942 | 21132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646330, 11.460%, 1/12/2029 †§x | Best Egg | 1/15/2025 | 44018 | 43345 | 43868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646556, 15.920%, 1/12/2028 †§x | Best Egg | 1/15/2025 | 25617 | 25245 | 25785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646578, 17.390%, 2/12/2028 †x# | Best Egg | 1/15/2025 | 30445 | 29997 | 30673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646658, 15.630%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 26374 | 25953 | 26362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646693, 13.190%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 22394 | 22038 | 22296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646847, 30.000%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 25923 | 25496 | 24982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646924, 16.120%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 31255 | 30755 | 31237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646951, 17.560%, 1/15/2030 †§x# | Best Egg | 1/15/2025 | 41280 | 40622 | 41055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2646955, 15.630%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 45916 | 45182 | 45894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647097, 20.620%, 2/25/2029 †§x | Best Egg | 1/15/2025 | 34006 | 33473 | 33307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647174, 10.430%, 1/12/2028 †§x | Best Egg | 1/15/2025 | 40600 | 40019 | 40474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647215, 20.640%, 1/12/2030 †x | Best Egg | 1/15/2025 | 30411 | 29919 | 29971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647265, 7.360%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 27028 | 26605 | 26733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647385, 16.110%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 24708 | 24313 | 24694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647508, 14.180%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 39050 | 38428 | 38647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647519, 17.770%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 23060 | 22690 | 22956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647571, 20.940%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 39920 | 39275 | 39340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647623, 20.280%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 27810 | 27361 | 27528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264787582, 16.990%, 1/23/2029 †x# | Upgrade | 1/26/2024 | 32019 | 31521 | 25700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264795850, 16.020%, 1/16/2029 †§x | Upgrade | 1/19/2024 | 26753 | 26341 | 27069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2647982, 4.650%, 1/12/2028 †§x | Best Egg | 1/15/2025 | 32642 | 32183 | 32643 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**107** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2648020, 27.570%, 1/12/2028 †§x | Best Egg | 1/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264830530, 16.020%, 1/17/2029 †§x | Upgrade | 1/22/2024 | 28328 | 27891 | 28679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2648345, 12.720%, 1/12/2030 †§x | Best Egg | 1/15/2025 | 36499 | 35920 | 36506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2648521, 16.020%, 1/12/2029 †§x | Best Egg | 1/15/2025 | 26573 | 26162 | 26631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264898283, 16.510%, 1/16/2029 †§x | Upgrade | 1/19/2024 | 25117 | 24730 | 25412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264913944, 16.990%, 1/17/2029 †§x | Upgrade | 1/22/2024 | 25603 | 25206 | 25916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2649536, 17.770%, 1/13/2030 †§x | Best Egg | 1/16/2025 | 25822 | 25407 | 25709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2649647, 19.950%, 1/13/2030 †§x | Best Egg | 1/16/2025 | 36247 | 35661 | 35735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2649942, 4.260%, 1/13/2028 †§x | Best Egg | 1/16/2025 | 21226 | 20928 | 21229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650014, 14.420%, 1/13/2030 †§x | Best Egg | 1/16/2025 | 45797 | 45066 | 45637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650059, 10.300%, 1/13/2028 †§x | Best Egg | 1/16/2025 | 22058 | 21743 | 22049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650137, 14.180%, 1/13/2030 †§x | Best Egg | 1/16/2025 | 31530 | 31025 | 31226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650164, 11.740%, 1/13/2030 †§x | Best Egg | 1/16/2025 | 26113 | 25699 | 25857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650363, 8.330%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 28258 | 27814 | 27952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265038757, 16.990%, 2/07/2029 †§x# | Upgrade | 1/26/2024 | 25692 | 25291 | 25882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265064498, 16.990%, 1/17/2029 †§x | Upgrade | 1/22/2024 | 30755 | 30277 | 31130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650806, 5.900%, 12/20/2029 †x | Best Egg | 1/17/2025 | 43893 | 43171 | 35458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2650886, 9.080%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 34381 | 33839 | 34009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265093424, 15.390%, 1/24/2027 †§x | Upgrade | 1/29/2024 | 22768 | 22523 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265110391, 16.990%, 1/23/2029 †§x | Upgrade | 1/26/2024 | 23355 | 22990 | 23665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651220, 13.160%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 45670 | 44944 | 45682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651291, 20.940%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 33929 | 33380 | 33450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651339, 6.090%, 1/14/2028 †§x | Best Egg | 1/17/2025 | 24131 | 23790 | 24131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651342, 5.840%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 28294 | 27852 | 27820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651465, 18.840%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 30967 | 30468 | 30633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651470, 11.950%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 44634 | 43926 | 44146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265157580, 16.990%, 1/23/2029 †§x | Upgrade | 1/26/2024 | 23066 | 22706 | 23373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651789, 16.110%, 1/14/2030 †§x | Best Egg | 1/17/2025 | 24708 | 24313 | 24590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651863, 6.710%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 27352 | 26923 | 26897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651878, 18.250%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 22852 | 22484 | 22637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651917, 17.970%, 1/15/2029 †§x | Best Egg | 1/21/2025 | 31277 | 30790 | 31446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651929, 20.760%, 2/25/2029 †§x | Best Egg | 1/21/2025 | 43081 | 42404 | 42789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2651952, 13.100%, 2/20/2029 †§x | Best Egg | 1/21/2025 | 41317 | 40678 | 41600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652067, 16.350%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 33110 | 32578 | 32769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652102, 11.410%, 1/15/2028 †§x | Best Egg | 1/21/2025 | 37378 | 36840 | 37677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652161, 15.430%, 1/15/2028 †§x | Best Egg | 1/21/2025 | 20134 | 19841 | 20275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652186, 13.690%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 33073 | 32545 | 33081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652330, 15.940%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 37676 | 37072 | 37502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652428, 12.730%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 27375 | 26940 | 26929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652479, 18.200%, 2/15/2028 †x | Best Egg | 1/21/2025 | 33081 | 32592 | 32512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652506, 7.320%, 1/15/2028 †§x | Best Egg | 1/21/2025 | 20548 | 20255 | 20654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652764, 14.660%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 24843 | 24446 | 24594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652768, 13.010%, 1/15/2029 †§x | Best Egg | 1/21/2025 | 26509 | 26101 | 26694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652804, 10.250%, 2/20/2028 †§x | Best Egg | 1/21/2025 | 38288 | 37733 | 38378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265281926, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 20760 | 20435 | 21050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652929, 16.110%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 23901 | 23517 | 23655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652931, 21.600%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 20445 | 20113 | 20066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2652956, 11.950%, 1/15/2030 †§x | Best Egg | 1/21/2025 | 27782 | 27341 | 27481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2653006, 14.470%, 1/15/2029 †§x | Best Egg | 1/21/2025 | 33249 | 32735 | 33465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2653424, 12.990%, 1/16/2028 †§x | Best Egg | 1/21/2025 | 30855 | 30408 | 31092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2653500, 14.180%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 22886 | 22521 | 22794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2653604, 14.080%, 2/16/2029 †x | Best Egg | 1/21/2025 | 43874 | 43194 | 44089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2653741, 13.690%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 45723 | 44994 | 45169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2653849, 13.940%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 25619 | 25210 | 25401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2653939, 17.080%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 43622 | 42921 | 43173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654035, 19.980%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 20382 | 20052 | 20187 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**108** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 265403816, 16.990%, 1/22/2029 †§x | Upgrade | 1/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654097, 25.030%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 45616 | 44871 | 43854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654176, 15.390%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 34878 | 34320 | 34572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654271, 14.910%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 41261 | 40601 | 40902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265431110, 15.600%, 1/23/2028 †§x | Upgrade | 1/26/2024 | 27166 | 26646 | 27356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654375, 26.660%, 2/16/2030 †x | Best Egg | 1/21/2025 | 26757 | 26338 | 26494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265440395, 16.020%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 34397 | 33864 | 34882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654417, 12.900%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 32971 | 32425 | 32449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654486, 6.500%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 39663 | 39039 | 39002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654488, 10.300%, 1/16/2028 †§x | Best Egg | 1/21/2025 | 23855 | 23512 | 23848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654577, 25.900%, 1/16/2030 †§x | Best Egg | 1/21/2025 | 37458 | 36845 | 36670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654674, 5.170%, 1/16/2028 †§x | Best Egg | 1/21/2025 | 26150 | 25780 | 26221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654739, 19.360%, 1/16/2028 †§x | Best Egg | 1/21/2025 | 25401 | 25028 | 25244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265475440, 16.020%, 1/22/2029 †§x | Upgrade | 1/25/2024 | 21414 | 21083 | 21698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2654965, 11.950%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 23843 | 23464 | 23593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265500253, 8.230%, 1/28/2027 †§x | Upgrade | 1/26/2024 | 22488 | 22259 | 22498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265514374, 12.960%, 1/22/2029 †§x | Upgrade | 1/25/2024 | 31494 | 31018 | 31929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2655187, 13.690%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 31242 | 30743 | 31166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2655191, 13.200%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 43725 | 43028 | 43323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265521959, 16.990%, 1/22/2029 †§x | Upgrade | 1/25/2024 | 34609 | 34054 | 35061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2655460, 10.000%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 24704 | 24348 | 24760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2655481, 14.660%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 22910 | 22543 | 22828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265557412, 16.990%, 2/01/2029 †§x# | Upgrade | 1/26/2024 | 23597 | 23229 | 23735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265566123, 15.390%, 1/22/2027 †§x | Upgrade | 1/25/2024 | 23824 | 23568 | 23339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2655840, 19.500%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 36098 | 35514 | 35775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2655889, 11.950%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 25505 | 25099 | 25238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656000, 19.790%, 1/20/2029 †§x | Best Egg | 1/23/2025 | 21531 | 21194 | 21701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656117, 13.930%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 27995 | 27548 | 27900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656144, 16.120%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 35852 | 35276 | 35858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656198, 15.170%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 33270 | 32784 | 33520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265637248, 16.020%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 30560 | 30085 | 31076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656384, 6.780%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 36184 | 35658 | 36362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265642192, 16.020%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 34397 | 33864 | 34884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656578, 15.150%, 2/26/2030 †§x | Best Egg | 1/23/2025 | 40467 | 39816 | 40522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656619, 12.210%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 23983 | 23601 | 24008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656622, 15.060%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 29755 | 29320 | 29209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656631, 28.530%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 21595 | 21270 | 21040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656646, 7.980%, 1/20/2028 †x | Best Egg | 1/23/2025 | 41167 | 40577 | 41075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656685, 4.260%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 36683 | 36164 | 36696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656772, 19.720%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 41670 | 40995 | 40950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656899, 13.190%, 3/02/2030 †§x | Best Egg | 1/23/2025 | 23271 | 22901 | 23338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656937, 19.240%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 46256 | 45508 | 45460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2656980, 17.400%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 25286 | 24915 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657115, 10.170%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 41401 | 40804 | 41767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657177, 18.150%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 22964 | 22593 | 22734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657235, 13.820%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 41335 | 40734 | 41663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657282, 15.630%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 29505 | 29031 | 29390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265737211, 8.230%, 1/29/2027 †§x | Upgrade | 1/29/2024 | 25208 | 24951 | 25208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657430, 19.240%, 3/20/2030 †x# | Best Egg | 1/23/2025 | 40947 | 40279 | 40356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657594, 18.360%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 21119 | 20808 | 20717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265759457, 16.020%, 1/23/2029 †§x | Upgrade | 1/26/2024 | 30957 | 30478 | 31375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657607, 17.810%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 23676 | 23295 | 23443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657648, 10.790%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 24005 | 23659 | 23944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265769163, 16.990%, 1/23/2029 †x | Upgrade | 1/26/2024 | 21797 | 21457 | 21997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657951, 14.910%, 3/01/2030 †§x | Best Egg | 1/23/2025 | 33486 | 32949 | 33453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2657964, 14.410%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 45796 | 45063 | 45634 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**109** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 265807477, 15.390%, 1/24/2027 †§x | Upgrade | 1/29/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658238, 13.630%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 24913 | 24551 | 24790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658303, 24.800%, 1/20/2030 †§x | Best Egg | 1/23/2025 | 28040 | 27582 | 27537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265844084, 16.020%, 2/07/2029 †§x | Upgrade | 1/29/2024 | 25103 | 24713 | 25255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658482, 13.970%, 1/20/2028 †§x | Best Egg | 1/23/2025 | 41811 | 41201 | 42129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265863542, 16.990%, 1/23/2029 †§x | Upgrade | 1/26/2024 | 20204 | 19890 | 20435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265864137, 16.570%, 1/23/2028 †§x | Upgrade | 1/26/2024 | 30621 | 30196 | 30728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658652, 13.690%, 1/21/2030 †§x | Best Egg | 1/24/2025 | 41151 | 40493 | 41061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265865822, 16.020%, 1/08/2029 †§x | Upgrade | 1/26/2024 | 20791 | 20468 | 21103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658685, 16.110%, 1/21/2030 †§x | Best Egg | 1/24/2025 | 43506 | 42797 | 43147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265890356, 16.990%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 30755 | 30275 | 31183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658940, 12.720%, 1/21/2030 †§x | Best Egg | 1/24/2025 | 20383 | 20058 | 20201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658950, 19.750%, 1/21/2030 †§x | Best Egg | 1/24/2025 | 22225 | 21865 | 22141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2658985, 21.810%, 1/21/2028 †§x | Best Egg | 1/24/2025 | 25274 | 24899 | 25078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2659007, 13.940%, 1/21/2030 †§x | Best Egg | 1/24/2025 | 44507 | 43796 | 44157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265916883, 16.990%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 26142 | 25734 | 26506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265917865, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 31417 | 30924 | 31940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2659266, 8.720%, 1/21/2029 †§x | Best Egg | 1/24/2025 | 23254 | 22897 | 23291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265926715, 16.990%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 27679 | 27247 | 28065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265927477, 15.390%, 1/24/2027 †§x | Upgrade | 1/29/2024 | 23824 | 23567 | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265965397, 16.020%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 25989 | 25586 | 26357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265966082, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 24196 | 23819 | 24535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2659704, 17.080%, 2/21/2030 †x# | Best Egg | 1/24/2025 | 23393 | 23016 | 23426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265976186, 17.470%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 30843 | 30360 | 31270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265978755, 16.020%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 28366 | 27906 | 28714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2659792, 22.130%, 1/21/2030 †§x | Best Egg | 1/24/2025 | 37184 | 36579 | 36768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265983154, 16.020%, 1/15/2029 †§x | Upgrade | 1/29/2024 | 37659 | 37072 | 38194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2659857, 12.730%, 1/21/2030 †§x | Best Egg | 1/24/2025 | 31938 | 31429 | 31605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265988940, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 30784 | 30303 | 31214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265989485, 16.990%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 34599 | 34059 | 35081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265991346, 16.020%, 1/24/2029 †§x | Upgrade | 1/29/2024 | 30575 | 30101 | 31006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660160, 16.230%, 1/22/2030 †§x | Best Egg | 1/27/2025 | 28902 | 28437 | 28667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660213, 14.080%, 1/22/2029 †§x | Best Egg | 1/27/2025 | 23689 | 23323 | 23776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660435, 21.910%, 1/22/2030 †§x | Best Egg | 1/27/2025 | 24993 | 24587 | 24678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266051484, 16.020%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 20640 | 20315 | 20932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266057682, 13.600%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 21534 | 21206 | 21665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266059969, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 34632 | 34089 | 35116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660618, 15.150%, 1/22/2030 †§x | Best Egg | 1/27/2025 | 22674 | 22310 | 22596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660622, 14.170%, 1/22/2030 †§x | Best Egg | 1/27/2025 | 45772 | 45039 | 45808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266062796, 16.990%, 1/26/2029 †§x | Upgrade | 1/29/2024 | 19929 | 19617 | 20212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660769, 16.770%, 1/22/2029 †§x | Best Egg | 1/27/2025 | 29750 | 29285 | 29653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266084930, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 26095 | 25685 | 26459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266096261, 8.330%, 1/31/2027 †§x | Upgrade | 1/29/2024 | 22446 | 22215 | 22396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2660990, 12.130%, 1/22/2028 †§x | Best Egg | 1/27/2025 | 21219 | 20911 | 21264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2661007, 25.650%, 2/22/2028 †x | Best Egg | 1/27/2025 | 29506 | 29059 | 29285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266104221, 14.420%, 1/25/2027 †§x | Upgrade | 1/29/2024 | 21034 | 20809 | 20624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266120001, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 24329 | 23950 | 24720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266120435, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 31908 | 31410 | 32354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2661260, 19.500%, 1/22/2030 †§x | Best Egg | 1/27/2025 | 45354 | 44620 | 45192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2661396, 16.900%, 1/22/2028 †§x | Best Egg | 1/27/2025 | 29465 | 29032 | 29673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266172550, 16.020%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 29222 | 28769 | 29636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266174391, 16.990%, 1/25/2029 †§x | Upgrade | 1/29/2024 | 30101 | 29631 | 30522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663007, 14.270%, 1/23/2029 †§x | Best Egg | 1/27/2025 | 23693 | 23326 | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663106, 16.110%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 34592 | 34035 | 34469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663172, 18.730%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 46210 | 45462 | 45667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663403, 20.910%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 37124 | 36521 | 35884 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**110** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663406, 21.730%, 1/23/2030 †§x | Best Egg | 1/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663422, 20.280%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 36467 | 35874 | 36326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663438, 14.180%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 30167 | 29684 | 29898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663448, 16.420%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 26770 | 26339 | 26781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663460, 10.790%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 30128 | 29649 | 29821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663609, 11.720%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 22760 | 22398 | 22558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663610, 18.530%, 1/15/2030 †§x | Best Egg | 1/27/2025 | 25712 | 25297 | 25628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663715, 8.160%, 1/23/2029 †§x | Best Egg | 1/27/2025 | 21829 | 21496 | 21872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663928, 11.790%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 22764 | 22401 | 22531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2663982, 26.380%, 1/23/2030 †§x | Best Egg | 1/27/2025 | 25773 | 25350 | 25281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2664315, 13.920%, 3/01/2028 †§x | Best Egg | 1/29/2025 | 43108 | 42476 | 42891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2664336, 14.660%, 3/18/2030 †§x | Best Egg | 1/29/2025 | 45973 | 45236 | 46032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2664576, 13.100%, 3/01/2029 †§x | Best Egg | 1/29/2025 | 21669 | 21333 | 21834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2664691, 5.410%, 3/01/2030 †§x | Best Egg | 1/29/2025 | 31016 | 30528 | 30520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2664831, 12.960%, 2/01/2028 †§x# | Best Egg | 1/29/2025 | 38986 | 38415 | 39283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2664913, 18.730%, 3/01/2030 †x | Best Egg | 1/29/2025 | 32744 | 32213 | 32256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665034, 4.950%, 3/01/2028 †§x | Best Egg | 1/29/2025 | 23208 | 22875 | 22937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665116, 30.480%, 3/01/2030 †§x | Best Egg | 1/29/2025 | 38275 | 37643 | 36959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665272, 25.170%, 3/12/2028 †x | Best Egg | 1/29/2025 | 35330 | 34798 | 34964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665310, 24.470%, 3/01/2030 †§x | Best Egg | 1/29/2025 | 47396 | 46620 | 46550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665441, 12.970%, 3/01/2030 †§x | Best Egg | 1/29/2025 | 37110 | 36516 | 37168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665489, 13.450%, 3/01/2030 †§x | Best Egg | 1/29/2025 | 46433 | 45689 | 46346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665828, 13.200%, 3/03/2030 †§x | Best Egg | 1/29/2025 | 24704 | 24308 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665904, 14.080%, 3/01/2029 †§x | Best Egg | 1/29/2025 | 44336 | 43646 | 44662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2665918, 14.180%, 3/01/2030 †§x | Best Egg | 1/29/2025 | 45517 | 44786 | 45578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2666285, 14.660%, 3/01/2030 †§x | Best Egg | 1/30/2025 | 35736 | 35136 | 35743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2666331, 9.990%, 3/01/2030 †§x | Best Egg | 1/30/2025 | 32255 | 31741 | 31940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2666356, 10.800%, 3/01/2030 †§x | Best Egg | 1/30/2025 | 29097 | 28633 | 28813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2666455, 18.250%, 3/01/2030 †§x | Best Egg | 1/30/2025 | 20614 | 20280 | 20450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2666687, 17.800%, 3/01/2030 †§x | Best Egg | 1/30/2025 | 35575 | 35000 | 34963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2666823, 15.430%, 3/01/2028 †§x | Best Egg | 1/30/2025 | 19887 | 19594 | 20042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667041, 13.280%, 3/01/2030 †§x | Best Egg | 1/30/2025 | 36191 | 35610 | 36127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667101, 9.330%, 3/05/2030 †§x | Best Egg | 1/30/2025 | 24875 | 24480 | 24632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667137, 14.000%, 2/01/2030 †§x | Best Egg | 1/30/2025 | 26391 | 25968 | 26126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667179, 5.900%, 1/02/2030 †x | Best Egg | 1/30/2025 | 47997 | 47199 | 37617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667384, 12.230%, 2/01/2030 †§x | Best Egg | 1/30/2025 | 36363 | 35780 | 36384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667409, 21.910%, 3/01/2030 †§x | Best Egg | 1/30/2025 | 45742 | 44996 | 45360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667623, 26.380%, 3/01/2030 †x | Best Egg | 1/30/2025 | 47504 | 46723 | 45525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667823, 6.780%, 2/01/2028 †§x | Best Egg | 1/31/2025 | 25338 | 24972 | 25472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667880, 18.050%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 37742 | 37130 | 37607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667886, 20.460%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 24443 | 24046 | 24134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667941, 10.530%, 3/01/2028 †§x | Best Egg | 1/31/2025 | 41886 | 41275 | 41786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2667949, 20.690%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 23513 | 23130 | 23254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668009, 17.080%, 3/20/2030 †§x | Best Egg | 1/31/2025 | 42007 | 41331 | 41907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668072, 19.750%, 3/18/2030 †§x | Best Egg | 1/31/2025 | 46948 | 46184 | 46140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668096, 19.500%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 21191 | 20846 | 21129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668278, 18.280%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 46825 | 46066 | 46024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668308, 20.720%, 3/01/2030 †x | Best Egg | 1/31/2025 | 28232 | 27772 | 27922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668399, 14.450%, 3/15/2029 †§x | Best Egg | 1/31/2025 | 45521 | 44811 | 45920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668431, 17.490%, 3/01/2028 †§x | Best Egg | 1/31/2025 | 33166 | 32675 | 32874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668455, 14.660%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 23253 | 22879 | 23285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668553, 19.690%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 25628 | 25211 | 25306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668554, 10.250%, 3/01/2028 †§x | Best Egg | 1/31/2025 | 41859 | 41249 | 41973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668584, 10.000%, 3/01/2028 †§x | Best Egg | 1/31/2025 | 20064 | 19771 | 20119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2668956, 25.280%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 28434 | 27965 | 27999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669004, 13.200%, 3/01/2030 †§x | Best Egg | 1/31/2025 | 24663 | 24268 | 24457 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**111** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669026, 19.520%, 3/01/2030 †§x | Best Egg | 1/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669195, 20.460%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 46976 | 46211 | 46601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669198, 7.530%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 21987 | 21639 | 21645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669533, 9.170%, 3/01/2030 †x | Best Egg | 2/03/2025 | 27582 | 27143 | 27158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669592, 10.300%, 2/01/2028 †§x | Best Egg | 2/03/2025 | 37260 | 36715 | 37566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669603, 14.910%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 29841 | 29360 | 29784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669638, 15.380%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 30190 | 29703 | 29966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669710, 15.270%, 3/01/2028 †§x | Best Egg | 2/03/2025 | 21587 | 21268 | 21750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669792, 25.700%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 28425 | 27958 | 27928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669861, 12.910%, 2/01/2029 †§x | Best Egg | 2/03/2025 | 33171 | 32653 | 33020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669865, 14.250%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 37158 | 36560 | 37093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669911, 19.310%, 3/01/2029 †§x | Best Egg | 2/03/2025 | 24650 | 24261 | 24495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669917, 13.970%, 3/01/2028 †§x | Best Egg | 2/03/2025 | 30065 | 29622 | 30301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669969, 18.530%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 24162 | 23770 | 23945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2669990, 5.840%, 3/01/2030 †§x | Best Egg | 2/03/2025 | 28818 | 28363 | 29026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670049, 18.250%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 25115 | 24692 | 24990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670144, 11.270%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 26080 | 25663 | 25983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670151, 19.890%, 3/01/2028 †§x | Best Egg | 2/03/2025 | 38473 | 37899 | 37762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670200, 5.400%, 3/15/2030 †§x | Best Egg | 2/03/2025 | 22794 | 22434 | 22434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670250, 10.790%, 3/01/2028 †§x | Best Egg | 2/03/2025 | 30437 | 29992 | 30365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670407, 13.690%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 29599 | 29124 | 29510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670505, 17.560%, 2/01/2030 †x | Best Egg | 2/03/2025 | 33886 | 33334 | 33756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670527, 19.950%, 2/01/2030 †x | Best Egg | 2/03/2025 | 25798 | 25379 | 25313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670710, 11.950%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 28656 | 28198 | 28353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670743, 13.970%, 2/01/2028 †§x | Best Egg | 2/03/2025 | 41311 | 40703 | 41610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670753, 15.890%, 2/01/2029 †§x | Best Egg | 2/03/2025 | 44415 | 43722 | 44230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670771, 14.950%, 2/01/2028 †§x | Best Egg | 2/03/2025 | 20988 | 20679 | 21136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670821, 8.960%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 22968 | 22604 | 22724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670954, 16.920%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 46658 | 45904 | 46239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670976, 15.370%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 46525 | 45776 | 46059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670991, 15.140%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 25113 | 24709 | 24893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2670992, 27.130%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 23717 | 23327 | 23393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671105, 16.110%, 3/15/2030 †§x | Best Egg | 2/03/2025 | 24214 | 23824 | 24006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671186, 18.730%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 20460 | 20128 | 20272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671251, 9.330%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 45972 | 45242 | 45484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671328, 30.190%, 4/18/2030 †x | Best Egg | 2/03/2025 | 38740 | 38141 | 37575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671348, 16.360%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 34958 | 34394 | 34483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671393, 6.090%, 2/01/2028 †§x | Best Egg | 2/03/2025 | 21141 | 20836 | 21145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671415, 18.510%, 3/01/2030 †x# | Best Egg | 2/03/2025 | 26021 | 25604 | 25767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671436, 18.940%, 2/01/2029 †§x | Best Egg | 2/03/2025 | 33945 | 33411 | 33859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671568, 21.170%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 20680 | 20344 | 20341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671590, 7.620%, 2/01/2030 †§x | Best Egg | 2/03/2025 | 39187 | 38567 | 38770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671733, 7.590%, 2/02/2029 †§x | Best Egg | 2/05/2025 | 22259 | 21910 | 21890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671762, 14.660%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 33389 | 32816 | 33409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2671856, 10.790%, 2/02/2028 †§x | Best Egg | 2/05/2025 | 31601 | 31129 | 31515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672136, 13.200%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 26851 | 26410 | 26608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672205, 14.660%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 45494 | 44742 | 45056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672280, 14.180%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 22868 | 22490 | 22649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672551, 8.020%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 29248 | 28773 | 28943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672649, 15.630%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 46502 | 45735 | 46312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672673, 16.820%, 2/02/2028 †§x | Best Egg | 2/05/2025 | 42068 | 41429 | 41254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672709, 19.240%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 46791 | 46014 | 46612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672727, 9.230%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 45155 | 44420 | 44444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672734, 9.940%, 3/21/2028 †§x | Best Egg | 2/05/2025 | 40917 | 40303 | 40832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672780, 17.000%, 2/02/2029 †§x | Best Egg | 2/05/2025 | 31761 | 31249 | 31959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672804, 23.780%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 37700 | 37068 | 37226 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**112** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672886, 5.300%, 2/02/2028 †§x | Best Egg | 2/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672892, 22.640%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 36933 | 36302 | 36501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672894, 10.300%, 3/16/2030 †§x | Best Egg | 2/05/2025 | 28690 | 28222 | 28262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672919, 3.570%, 2/02/2028 †§x | Best Egg | 2/05/2025 | 20330 | 20032 | 20337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672920, 13.450%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 27966 | 27492 | 27859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672976, 13.420%, 12/02/2029 †§x# | Best Egg | 2/05/2025 | 26013 | 25595 | 26029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672998, 15.850%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 41868 | 41177 | 41695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2672999, 13.930%, 3/18/2030 †§x | Best Egg | 2/05/2025 | 39907 | 39251 | 39586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673045, 6.710%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 22847 | 22478 | 22983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673048, 16.810%, 3/15/2030 †§x | Best Egg | 2/05/2025 | 35862 | 35268 | 35607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673213, 10.790%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 27648 | 27197 | 27684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673291, 21.330%, 2/02/2028 †§x | Best Egg | 2/05/2025 | 21473 | 21144 | 21219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673474, 19.690%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 37461 | 36838 | 36115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673495, 17.880%, 2/02/2028 †§x | Best Egg | 2/05/2025 | 30085 | 29627 | 29504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673664, 29.050%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 20698 | 20348 | 20351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673666, 17.080%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 37297 | 36679 | 37134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673709, 13.200%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 39351 | 38705 | 38995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673725, 17.290%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 46638 | 45866 | 46022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673727, 5.840%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 22082 | 21726 | 22232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673770, 18.250%, 2/02/2030 †x | Best Egg | 2/05/2025 | 32004 | 31474 | 31888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2673861, 21.910%, 2/02/2030 †§x | Best Egg | 2/05/2025 | 22230 | 21859 | 21921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674077, 6.090%, 2/02/2028 †§x | Best Egg | 2/05/2025 | 42264 | 41640 | 42277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674419, 20.460%, 2/03/2030 †§x | Best Egg | 2/06/2025 | 36101 | 35499 | 35738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674468, 18.990%, 2/03/2030 †§x | Best Egg | 2/06/2025 | 34709 | 34102 | 34410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674682, 8.570%, 2/03/2029 †§x | Best Egg | 2/06/2025 | 28026 | 27585 | 27565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674779, 12.730%, 2/03/2030 †§x | Best Egg | 2/06/2025 | 45244 | 44501 | 44823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674804, 16.100%, 3/03/2030 †x | Best Egg | 2/06/2025 | 23908 | 23518 | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674810, 6.560%, 4/20/2030 †x | Best Egg | 2/06/2025 | 34077 | 33524 | 33585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674818, 26.460%, 4/18/2030 †§x | Best Egg | 2/06/2025 | 20906 | 20555 | 20584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674906, 16.120%, 2/03/2030 †§x | Best Egg | 2/06/2025 | 41888 | 41196 | 41536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674949, 19.920%, 2/03/2028 †§x | Best Egg | 2/06/2025 | 30236 | 29774 | 29642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2674992, 12.970%, 2/03/2030 †§x | Best Egg | 2/06/2025 | 46275 | 45516 | 46116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675007, 16.530%, 2/03/2028 †§x | Best Egg | 2/06/2025 | 43216 | 42560 | 42975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675028, 8.160%, 2/03/2029 †§x | Best Egg | 2/06/2025 | 43305 | 42625 | 43349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675067, 12.230%, 2/03/2030 †x | Best Egg | 2/06/2025 | 46210 | 45453 | 46263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675176, 13.100%, 2/03/2029 †§x | Best Egg | 2/06/2025 | 33530 | 32996 | 33412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675215, 10.590%, 2/03/2029 †§x | Best Egg | 2/06/2025 | 20609 | 20283 | 20274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675225, 19.010%, 4/03/2030 †x | Best Egg | 2/06/2025 | 22316 | 21941 | 22317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675582, 14.170%, 2/03/2030 †§x | Best Egg | 2/06/2025 | 46379 | 45616 | 46417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675621, 16.360%, 2/03/2030 †§x | Best Egg | 2/06/2025 | 27937 | 27475 | 27579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675727, 13.970%, 2/03/2028 †§x | Best Egg | 2/06/2025 | 27514 | 27099 | 27722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675954, 15.150%, 2/04/2030 †§x | Best Egg | 2/07/2025 | 25554 | 25132 | 25573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2675966, 4.610%, 2/04/2028 †§x | Best Egg | 2/07/2025 | 42122 | 41501 | 42248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676281, 6.280%, 3/26/2028 †§x | Best Egg | 2/07/2025 | 31389 | 30918 | 31708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676288, 10.790%, 2/04/2028 †§x | Best Egg | 2/07/2025 | 30404 | 29949 | 30326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676408, 20.170%, 2/04/2030 †§x | Best Egg | 2/07/2025 | 28118 | 27649 | 27745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676418, 6.090%, 2/04/2028 †§x | Best Egg | 2/07/2025 | 21132 | 20819 | 21140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676421, 14.060%, 2/04/2029 †§x | Best Egg | 2/07/2025 | 23665 | 23287 | 23264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676615, 15.150%, 2/04/2030 †§x# | Best Egg | 2/07/2025 | 46354 | 45589 | 45940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676660, 13.690%, 2/04/2030 †x | Best Egg | 2/07/2025 | 67790 | 66675 | 66738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2676970, 19.240%, 2/04/2028 †§x | Best Egg | 2/07/2025 | 41099 | 40470 | 40295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677029, 15.370%, 3/15/2030 †§x | Best Egg | 2/07/2025 | 23364 | 22978 | 23334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677078, 19.030%, 2/04/2030 †§x | Best Egg | 2/07/2025 | 39804 | 39143 | 39097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677098, 12.130%, 3/10/2029 †§x | Best Egg | 2/07/2025 | 44142 | 43438 | 44208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677122, 12.210%, 3/13/2030 †§x | Best Egg | 2/07/2025 | 45477 | 44731 | 45402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677150, 19.690%, 2/04/2030 †§x | Best Egg | 2/07/2025 | 24715 | 24304 | 24233 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**113** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677271, 14.970%, 2/04/2030 †§x | Best Egg | 2/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677310, 28.290%, 2/04/2030 †§x | Best Egg | 2/07/2025 | 47426 | 46624 | 46419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677429, 12.700%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 46251 | 45492 | 45833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677560, 14.950%, 2/05/2028 †§x | Best Egg | 2/10/2025 | 27348 | 26933 | 27563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677634, 27.490%, 2/05/2029 †§x | Best Egg | 2/10/2025 | 27713 | 27258 | 28833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677862, 19.500%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 37449 | 36825 | 37129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677908, 12.240%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 21771 | 21414 | 21579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2677914, 11.770%, 2/05/2028 †§x | Best Egg | 2/10/2025 | 22403 | 22066 | 22407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2678225, 6.090%, 2/05/2028 †§x | Best Egg | 2/10/2025 | 21132 | 20819 | 21141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2678256, 16.110%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 38164 | 37533 | 37806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2678413, 13.930%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 41722 | 41035 | 41626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2678468, 5.410%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 45566 | 44830 | 44821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2678487, 18.810%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 21668 | 21308 | 21391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2678619, 11.760%, 2/05/2030 †§x | Best Egg | 2/10/2025 | 30671 | 30168 | 30401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2678998, 7.310%, 2/06/2030 †§x | Best Egg | 2/10/2025 | 25622 | 25206 | 25210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679040, 17.080%, 2/06/2030 †§x | Best Egg | 2/10/2025 | 29048 | 28566 | 28776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679247, 12.440%, 3/20/2030 †§x | Best Egg | 2/10/2025 | 25306 | 24890 | 25369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679315, 27.330%, 4/06/2030 †x# | Best Egg | 2/10/2025 | 24587 | 24187 | 23954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679430, 19.520%, 2/06/2030 †§x | Best Egg | 2/10/2025 | 22470 | 22096 | 22136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679591, 13.690%, 4/06/2030 †x# | Best Egg | 2/10/2025 | 46528 | 45759 | 46243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679718, 19.720%, 2/06/2030 †§x | Best Egg | 2/10/2025 | 28097 | 27629 | 27608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679742, 12.700%, 2/06/2030 †x | Best Egg | 2/10/2025 | 48681 | 47881 | 48914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679854, 24.590%, 5/06/2030 †x# | Best Egg | 2/10/2025 | 28363 | 27882 | 28211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679915, 12.140%, 2/06/2028 †§x | Best Egg | 2/10/2025 | 25696 | 25309 | 25908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679922, 22.290%, 3/15/2028 †§x | Best Egg | 2/10/2025 | 44002 | 43324 | 43576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679960, 9.310%, 2/06/2030 †§x | Best Egg | 2/10/2025 | 25269 | 24857 | 25318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2679985, 12.460%, 2/06/2030 †§x | Best Egg | 2/10/2025 | 46230 | 45471 | 46295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680205, 7.630%, 2/09/2029 †§x | Best Egg | 2/12/2025 | 26713 | 26292 | 26438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680298, 11.950%, 3/26/2030 †§x | Best Egg | 2/12/2025 | 45548 | 44799 | 45151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680328, 10.250%, 2/09/2028 †§x | Best Egg | 2/12/2025 | 34120 | 33607 | 34217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680340, 20.460%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 29237 | 28748 | 29146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680441, 10.790%, 2/09/2028 †§x | Best Egg | 2/12/2025 | 30404 | 29946 | 30338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680525, 25.280%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 34529 | 33947 | 34083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680826, 16.110%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 28523 | 28050 | 28431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2680873, 16.110%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 45611 | 44855 | 45509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2681231, 13.930%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 34053 | 33492 | 33758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2681279, 14.900%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 46441 | 45673 | 46302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2681281, 12.700%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 46251 | 45491 | 46133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2681747, 13.450%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 46317 | 45554 | 46240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2681758, 10.210%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 41424 | 40747 | 41073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2681778, 15.150%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 25089 | 24675 | 24876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2681867, 6.090%, 2/09/2028 †§x | Best Egg | 2/12/2025 | 41419 | 40803 | 41441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2682018, 19.950%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 20612 | 20268 | 20318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2682130, 16.600%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 40992 | 40312 | 40643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2682148, 14.650%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 44980 | 44197 | 44591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2682308, 18.300%, 2/09/2030 †§x | Best Egg | 2/12/2025 | 45340 | 44588 | 45173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 268934205, 15.390%, 2/28/2027 †§x | Upgrade | 3/04/2024 | 29311 | 28935 | 28588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269010848, 16.020%, 2/05/2029 †§x | Upgrade | 2/23/2024 | 24889 | 24497 | 25216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269259308, 16.990%, 3/04/2029 †§x | Upgrade | 3/07/2024 | 27885 | 27444 | 28017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269360960, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 25506 | 25099 | 25955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269414703, 16.990%, 2/22/2029 †§x | Upgrade | 2/26/2024 | 25710 | 25301 | 26091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269425717, 16.020%, 2/22/2029 †§x | Upgrade | 2/26/2024 | 20787 | 20454 | 21092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269442608, 16.020%, 2/22/2029 †x | Upgrade | 2/26/2024 | 34406 | 33863 | 28628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269521383, 16.990%, 2/23/2029 †§x | Upgrade | 2/26/2024 | 28162 | 27715 | 28582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269522303, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 28903 | 28402 | 29214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269547815, 15.390%, 2/26/2027 †§x | Upgrade | 2/29/2024 | 23052 | 22790 | 22640 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**114** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 269556297, 16.020%, 2/08/2029 †§x | Upgrade | 2/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269557728, 17.580%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 23546 | 23169 | 24274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269590758, 16.980%, 2/27/2029 †§x | Upgrade | 3/01/2024 | 31290 | 30791 | 31373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269608712, 16.020%, 2/26/2029 †§x | Upgrade | 2/29/2024 | 31119 | 30627 | 31611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269648343, 16.570%, 2/26/2028 †§x | Upgrade | 2/29/2024 | 26919 | 26533 | 27091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696559, 5.840%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 22804 | 22432 | 22984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696619, 13.850%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 24929 | 24546 | 25176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696663, 17.850%, 2/23/2029 †§x | Best Egg | 2/26/2025 | 27265 | 26821 | 27218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696715, 10.250%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 39370 | 38770 | 39504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696724, 14.180%, 2/23/2030 †§x# | Best Egg | 2/26/2025 | 22982 | 22600 | 22983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696731, 13.200%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 45369 | 44617 | 45035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696736, 11.150%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 27352 | 26934 | 27321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696794, 17.970%, 2/23/2029 †§x | Best Egg | 2/26/2025 | 24174 | 23781 | 23829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696902, 20.460%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 22973 | 22588 | 22947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269691405, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 31310 | 30811 | 31779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696924, 11.000%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 23050 | 22669 | 23125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696950, 15.630%, 4/23/2030 †x | Best Egg | 2/26/2025 | 33413 | 32857 | 33218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2696952, 19.010%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 23857 | 23453 | 23814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697042, 17.290%, 4/01/2030 †§x | Best Egg | 2/26/2025 | 20657 | 20312 | 20534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697114, 19.440%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 30425 | 29952 | 29937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697134, 27.130%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 40597 | 39909 | 39238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697152, 14.900%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 22658 | 22265 | 22716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697157, 18.760%, 4/02/2030 †§x# | Best Egg | 2/26/2025 | 38040 | 37402 | 37657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697184, 12.750%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 40382 | 39763 | 40415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269720501, 16.990%, 2/26/2029 †x# | Upgrade | 2/29/2024 | 39961 | 39329 | 39770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269720779, 16.990%, 2/28/2029 †x# | Upgrade | 3/04/2024 | 26807 | 26380 | 21728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697212, 18.530%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 20564 | 20220 | 20548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697266, 6.280%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 45653 | 44907 | 44967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269729630, 11.020%, 2/26/2027 †§x | Upgrade | 2/29/2024 | 27043 | 26746 | 26953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697321, 15.150%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 23231 | 22845 | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269734533, 16.990%, 3/01/2029 †§x | Upgrade | 3/04/2024 | 23901 | 23524 | 23997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697366, 26.180%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 20807 | 20454 | 20490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697400, 21.650%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 25388 | 24961 | 25031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697414, 4.950%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 22214 | 21877 | 22295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697415, 22.830%, 10/23/2030 †x# | Best Egg | 2/26/2025 | 36552 | 35910 | 36409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269742423, 15.390%, 2/28/2027 †§x | Upgrade | 2/29/2024 | 22209 | 21957 | 21700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697432, 10.650%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 36859 | 36296 | 37251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697448, 26.450%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 28384 | 27903 | 27950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697460, 14.420%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 27731 | 27270 | 27499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697472, 12.580%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 29149 | 28703 | 29447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697487, 12.140%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 25696 | 25303 | 25961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697489, 4.610%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 30453 | 29996 | 30094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697493, 16.120%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 26707 | 26262 | 26769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697679, 23.090%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 37662 | 37026 | 36235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697703, 11.950%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 22244 | 21876 | 22050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697724, 6.220%, 2/23/2029 †§x | Best Egg | 2/26/2025 | 21700 | 21356 | 21366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697726, 12.970%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 35015 | 34435 | 34992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697789, 18.730%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 37682 | 37051 | 37652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269782943, 16.990%, 2/27/2029 †§x | Upgrade | 3/01/2024 | 21515 | 21170 | 21856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697837, 14.170%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 22200 | 21832 | 22261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697856, 16.580%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 27948 | 27482 | 27707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697857, 6.930%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 41144 | 40472 | 41457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697894, 16.830%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 37253 | 36631 | 37237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697901, 11.760%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 29820 | 29327 | 29914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697941, 9.050%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 41327 | 40648 | 40720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269795696, 15.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 38893 | 38277 | 38980 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**115** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697957, 10.020%, 2/23/2030 †§x | Best Egg | 2/26/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697965, 5.000%, 3/23/2029 †§x | Best Egg | 2/26/2025 | 44068 | 43356 | 39910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697976, 4.060%, 4/01/2028 †§x# | Best Egg | 2/26/2025 | 21721 | 21393 | 21822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2697989, 31.070%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 38076 | 37426 | 36495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698009, 20.650%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 25649 | 25212 | 24776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698037, 4.610%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 42122 | 41489 | 42409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698040, 7.390%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 34242 | 33682 | 33731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698047, 18.450%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 20853 | 20530 | 20484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698054, 15.140%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 35415 | 34826 | 35108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698060, 31.070%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 25701 | 25263 | 25302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698072, 26.860%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 26282 | 25835 | 25871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698082, 12.930%, 3/26/2030 †§x | Best Egg | 2/26/2025 | 31044 | 30529 | 31169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698104, 7.010%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 37221 | 36658 | 37189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698106, 7.620%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 45783 | 45033 | 45379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698124, 12.240%, 2/23/2030 †x | Best Egg | 2/26/2025 | 54723 | 53818 | 54246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698180, 12.730%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 27752 | 27293 | 27548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698185, 11.950%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 27249 | 26799 | 27011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698193, 15.390%, 4/23/2030 †x# | Best Egg | 2/26/2025 | 47682 | 46890 | 47824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269820411, 16.020%, 2/27/2029 †§x | Upgrade | 3/01/2024 | 21784 | 21439 | 22133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698276, 13.220%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 36723 | 36159 | 36819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698292, 21.910%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 31325 | 30797 | 31029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698296, 18.640%, 2/23/2029 †§x | Best Egg | 2/26/2025 | 26279 | 25851 | 26232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269829831, 25.200%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 22862 | 22478 | 23619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698303, 25.760%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 41667 | 40961 | 41578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269834717, 16.020%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 31119 | 30626 | 31671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698356, 18.050%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 46698 | 45917 | 46360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698361, 22.560%, 3/23/2030 †x# | Best Egg | 2/26/2025 | 28515 | 28034 | 28288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698364, 18.660%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 22397 | 22049 | 22323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698374, 21.080%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 21801 | 21460 | 21625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698410, 19.440%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 41291 | 40649 | 40606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698417, 6.580%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 27181 | 26771 | 27210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698491, 15.630%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 32390 | 31849 | 32470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698515, 15.880%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 37411 | 36788 | 37148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698536, 12.210%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 46208 | 45444 | 45899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698569, 13.200%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 31355 | 30834 | 31444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698589, 11.250%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 27424 | 26971 | 27037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698591, 13.220%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 25706 | 25312 | 25774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698632, 11.950%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 25145 | 24730 | 24926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698643, 15.150%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 30573 | 30064 | 30145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698657, 14.890%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 46440 | 45668 | 46439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698659, 13.190%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 38981 | 38335 | 38716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698706, 13.970%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 35481 | 34936 | 35821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698722, 16.120%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 44215 | 43479 | 43959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698734, 20.940%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 46926 | 46134 | 46629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698758, 18.730%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 28051 | 27581 | 28029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269878261, 13.250%, 2/29/2028 †§x | Upgrade | 3/04/2024 | 29695 | 29287 | 29852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698800, 16.120%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 27869 | 27404 | 27629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698811, 10.250%, 2/23/2028 †§x | Best Egg | 2/26/2025 | 41784 | 41145 | 41927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698854, 20.940%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 24762 | 24345 | 24577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698856, 15.980%, 2/23/2029 †§x | Best Egg | 2/26/2025 | 27170 | 26730 | 26761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269889653, 16.020%, 2/27/2029 †§x | Upgrade | 3/01/2024 | 28786 | 28330 | 29247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698899, 13.450%, 4/23/2030 †x# | Best Egg | 2/26/2025 | 40584 | 39908 | 40611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698911, 16.600%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 28046 | 27578 | 27847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698946, 18.990%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 20784 | 20437 | 20594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698955, 15.630%, 2/23/2030 †§x | Best Egg | 2/26/2025 | 46502 | 45728 | 46617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2698981, 12.250%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 29924 | 29466 | 29845 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**116** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 269900972, 14.420%, 2/28/2027 †§x | Upgrade | 3/04/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699033, 5.840%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 26877 | 26439 | 26641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699045, 15.630%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 33011 | 32461 | 33095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269908913, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 38332 | 37721 | 38965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699091, 10.530%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 34984 | 34450 | 34948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269910338, 16.020%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 31119 | 30626 | 31671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699147, 16.520%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 43215 | 42547 | 43007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699255, 11.950%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 21534 | 21177 | 21352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699258, 13.190%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 23888 | 23492 | 23727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699259, 17.560%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 34113 | 33543 | 33872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699346, 10.520%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 29814 | 29358 | 29916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699360, 20.810%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 24404 | 24023 | 24017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699367, 9.790%, 4/24/2030 †x# | Best Egg | 2/27/2025 | 28400 | 27931 | 28570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699385, 21.690%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 46976 | 46185 | 45397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699391, 12.730%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 27752 | 27293 | 27569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699425, 10.170%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 19990 | 19685 | 20059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699474, 8.070%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 44910 | 44173 | 44518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699548, 13.580%, 4/24/2029 †x# | Best Egg | 2/27/2025 | 28479 | 28017 | 28921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699570, 16.610%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 26508 | 26065 | 26278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699572, 16.050%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 28495 | 28055 | 28411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699586, 20.650%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 30484 | 29972 | 30208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699610, 28.050%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 20506 | 20139 | 20359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269962443, 16.990%, 3/04/2029 †§x | Upgrade | 3/07/2024 | 21272 | 20936 | 21373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699638, 12.490%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 20209 | 19874 | 20200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269968588, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 20405 | 20080 | 20742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699687, 11.530%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 32303 | 31769 | 32295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699698, 9.330%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 29639 | 29152 | 29381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699736, 21.650%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 34919 | 34373 | 34690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699737, 15.170%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 34478 | 33946 | 33927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699742, 11.610%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 21390 | 21062 | 21454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699754, 24.260%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 41003 | 40310 | 39472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699799, 8.900%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 42530 | 41883 | 42491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269984950, 16.990%, 2/28/2029 †§x# | Upgrade | 3/04/2024 | 25270 | 24867 | 25687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699884, 27.810%, 6/24/2030 †x# | Best Egg | 2/27/2025 | 39582 | 38900 | 39028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699900, 15.140%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 46457 | 45683 | 46199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269992187, 16.020%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 23106 | 22740 | 23491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2699935, 31.070%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 23798 | 23391 | 23438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269993758, 22.820%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 22192 | 21825 | 22944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269994081, 16.020%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 21784 | 21439 | 22147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 269998913, 25.200%, 2/28/2029 †x# | Upgrade | 3/04/2024 | 23710 | 23313 | 23443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270002083, 16.570%, 2/28/2028 †§x | Upgrade | 3/04/2024 | 34955 | 34453 | 35206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700041, 11.020%, 2/24/2028 †§x | Best Egg | 2/27/2025 | 23092 | 22739 | 23339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700052, 31.070%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 25582 | 25144 | 24842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700053, 16.100%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 46541 | 45765 | 46277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700063, 13.280%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 46302 | 45534 | 45994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700168, 13.930%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 26352 | 25914 | 26333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700191, 6.500%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 44760 | 44029 | 44092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270021097, 16.020%, 2/22/2029 †x# | Upgrade | 3/04/2024 | 33575 | 33043 | 33784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700218, 23.090%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 35308 | 34710 | 34129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700224, 18.250%, 4/24/2030 †x# | Best Egg | 2/27/2025 | 44824 | 44071 | 44775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270026360, 15.390%, 2/28/2027 †§x | Upgrade | 3/04/2024 | 25056 | 24770 | 24627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700272, 13.690%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 29496 | 29007 | 29082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270030078, 25.200%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 32669 | 32101 | 33017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700316, 5.400%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 38777 | 38152 | 38193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700318, 21.200%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 23470 | 23075 | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270033905, 25.200%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 22860 | 22476 | 23616 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**117** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700353, 22.610%, 5/24/2029 †§x | Best Egg | 2/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270037561, 25.200%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 28581 | 28096 | 29604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700397, 26.260%, 4/24/2030 †x# | Best Egg | 2/27/2025 | 36244 | 35627 | 35105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270040402, 28.520%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 33169 | 32602 | 34033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700414, 31.070%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 28557 | 28069 | 27382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700441, 13.200%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 26851 | 26406 | 26656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700476, 14.180%, 2/24/2030 †§x | Best Egg | 2/27/2025 | 31538 | 31014 | 31367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270050396, 16.990%, 3/05/2029 †§x | Upgrade | 3/08/2024 | 26526 | 25995 | 26684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700530, 15.150%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 34235 | 33667 | 34326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270058454, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 24251 | 23864 | 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700655, 20.200%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 23432 | 23039 | 22646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700669, 11.150%, 2/25/2028 †§x | Best Egg | 2/28/2025 | 34720 | 34189 | 34686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700785, 24.530%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 40798 | 40108 | 39455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700944, 8.160%, 2/25/2029 †§x | Best Egg | 2/28/2025 | 32984 | 32458 | 33097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700959, 20.940%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 28152 | 27679 | 28125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700964, 20.200%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 46865 | 46078 | 46827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700976, 13.930%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 44040 | 43309 | 44015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2700996, 16.100%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 24280 | 23875 | 24145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701002, 13.100%, 2/25/2029 †§x | Best Egg | 2/28/2025 | 45030 | 44304 | 45470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701009, 8.970%, 2/25/2028 †x | Best Egg | 2/28/2025 | 24458 | 24086 | 24732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270101114, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 31289 | 30788 | 31839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701024, 14.730%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 42316 | 41612 | 42284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701036, 12.230%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 37884 | 37257 | 38007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701058, 21.170%, 2/25/2028 †§x | Best Egg | 2/28/2025 | 30673 | 30188 | 30445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701061, 19.500%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 28897 | 28412 | 28956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701107, 16.900%, 2/25/2028 †§x | Best Egg | 2/28/2025 | 34598 | 34062 | 34926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701121, 7.390%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 22880 | 22506 | 22682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701160, 14.900%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 46441 | 45668 | 46107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270116214, 14.420%, 3/15/2027 †§x | Upgrade | 3/14/2024 | 26248 | 25945 | 25680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701185, 14.180%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 34906 | 34326 | 34609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701186, 16.810%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 25540 | 25113 | 25365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701192, 21.650%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 21343 | 20983 | 21150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270134948, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 21121 | 20785 | 21493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701402, 12.000%, 2/25/2030 †x | Best Egg | 2/28/2025 | 22910 | 22531 | 22745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701417, 16.330%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 44232 | 43494 | 44185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701434, 16.110%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 32579 | 32036 | 32664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701464, 14.890%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 35524 | 34933 | 35533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701532, 21.600%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 20531 | 20185 | 20509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701551, 31.070%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 38076 | 37426 | 36248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701557, 13.690%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 46338 | 45568 | 46362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701604, 12.490%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 25428 | 25007 | 25264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701666, 20.460%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 23443 | 23047 | 23247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701694, 11.950%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 27711 | 27252 | 27802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701730, 11.530%, 4/13/2030 †x# | Best Egg | 2/28/2025 | 42673 | 41967 | 42806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701740, 5.840%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 34563 | 33999 | 34046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701774, 17.290%, 2/25/2030 †x | Best Egg | 2/28/2025 | 55391 | 54466 | 55323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701775, 25.300%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 40998 | 40304 | 39487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701786, 16.110%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 37233 | 36612 | 37234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270181151, 16.990%, 2/28/2029 †§x | Upgrade | 3/04/2024 | 34695 | 34143 | 34835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701825, 11.580%, 2/25/2029 †§x | Best Egg | 2/28/2025 | 34848 | 34272 | 34341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2701871, 21.170%, 2/25/2030 †§x | Best Egg | 2/28/2025 | 28163 | 27689 | 27221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702078, 6.130%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 38818 | 38182 | 38234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702081, 16.520%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 41054 | 40416 | 40770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702202, 11.950%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 46468 | 45697 | 46005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702229, 19.500%, 4/16/2030 †§x | Best Egg | 3/03/2025 | 47935 | 47134 | 47321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702237, 13.690%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 47064 | 46281 | 47049 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**118** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702318, 17.540%, 4/01/2030 †§x | Best Egg | 3/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702324, 13.040%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 27431 | 26974 | 27197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702374, 8.070%, 4/01/2030 †§x# | Best Egg | 3/03/2025 | 40063 | 39404 | 39706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702389, 10.250%, 3/01/2028 †§x | Best Egg | 3/03/2025 | 29784 | 29261 | 29847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702393, 20.690%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 40454 | 39773 | 39924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702399, 18.660%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 26807 | 26389 | 26342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702414, 11.160%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 26434 | 26027 | 26341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702419, 17.490%, 3/01/2028 †§x | Best Egg | 3/03/2025 | 21786 | 21445 | 21388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270248383, 16.990%, 3/04/2029 †§x | Upgrade | 3/07/2024 | 27885 | 27444 | 28017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702490, 6.500%, 4/10/2030 †§x | Best Egg | 3/03/2025 | 41879 | 41192 | 41252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702497, 18.390%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 43425 | 42743 | 43191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702536, 10.810%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 29525 | 29037 | 29263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702603, 13.670%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 37650 | 37024 | 37375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702622, 11.280%, 4/21/2028 †§x | Best Egg | 3/03/2025 | 42304 | 41653 | 42714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702787, 12.130%, 4/03/2029 †§x | Best Egg | 3/03/2025 | 45929 | 45187 | 46172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702795, 12.310%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 34263 | 33735 | 34097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702827, 11.050%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 25766 | 25339 | 25745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702829, 20.170%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 20787 | 20438 | 20516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702842, 10.590%, 4/01/2029 †§x | Best Egg | 3/03/2025 | 39362 | 38727 | 39737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702855, 7.230%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 25100 | 24688 | 24726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270289569, 16.990%, 3/04/2029 †§x | Upgrade | 3/07/2024 | 26530 | 26111 | 26656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702932, 13.450%, 4/01/2030 †§x# | Best Egg | 3/03/2025 | 28211 | 27742 | 28174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2702989, 8.160%, 4/15/2029 †§x | Best Egg | 3/03/2025 | 45704 | 44970 | 45824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703022, 27.010%, 5/23/2029 †§x | Best Egg | 3/03/2025 | 23936 | 23543 | 23493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703028, 24.470%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 23926 | 23521 | 23072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703049, 13.200%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 46084 | 45318 | 45736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270306432, 14.420%, 3/04/2027 †§x | Upgrade | 3/07/2024 | 23255 | 22994 | 22703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703153, 18.460%, 4/01/2029 †§x | Best Egg | 3/03/2025 | 46408 | 45649 | 46343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703207, 10.020%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 29686 | 29195 | 29251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703238, 11.270%, 4/01/2029 †§x | Best Egg | 3/03/2025 | 36657 | 36065 | 37000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703281, 21.770%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 35940 | 35376 | 35643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703344, 14.660%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 36770 | 36157 | 36856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703368, 12.910%, 4/01/2029 †§x | Best Egg | 3/03/2025 | 24818 | 24417 | 24741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703467, 7.390%, 4/08/2030 †§x | Best Egg | 3/03/2025 | 32564 | 32028 | 32080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703524, 6.090%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 33139 | 32635 | 33168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703558, 11.840%, 4/01/2029 †§x | Best Egg | 3/03/2025 | 33014 | 32481 | 33319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703566, 19.010%, 5/20/2030 †§x | Best Egg | 3/03/2025 | 37417 | 36812 | 37443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703568, 14.080%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 33212 | 32699 | 32958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703623, 13.480%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 25656 | 25259 | 25885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703671, 14.180%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 30373 | 29867 | 30331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703697, 6.710%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 33524 | 32974 | 33802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703786, 16.030%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 28887 | 28439 | 28389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703794, 5.940%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 39902 | 39248 | 39549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703802, 19.210%, 4/17/2030 †§x | Best Egg | 3/03/2025 | 31008 | 30491 | 30684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703827, 8.830%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 39458 | 38854 | 39487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703834, 11.770%, 4/01/2028 †§x | Best Egg | 3/03/2025 | 21236 | 20909 | 21248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703850, 14.660%, 3/01/2030 †§x | Best Egg | 3/03/2025 | 27343 | 26876 | 27281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703862, 18.810%, 5/01/2030 †x# | Best Egg | 3/03/2025 | 32165 | 31625 | 32128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703883, 26.450%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 33558 | 32989 | 32377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703906, 13.690%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 42370 | 41664 | 41767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703920, 16.830%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 47285 | 46494 | 46804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2703934, 12.730%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 25044 | 24629 | 25082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704037, 7.390%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 22815 | 22440 | 22458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704095, 25.300%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 34465 | 33881 | 34001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704101, 12.700%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 28179 | 27711 | 28149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704132, 18.990%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 44538 | 43789 | 43770 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**119** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704135, 22.830%, 3/01/2030 †§x | Best Egg | 3/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704171, 13.200%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 22500 | 22126 | 22332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704176, 9.990%, 3/01/2030 †§x | Best Egg | 3/03/2025 | 38456 | 37821 | 38181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270426131, 16.570%, 3/07/2028 †§x | Upgrade | 3/11/2024 | 31620 | 31173 | 31471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704279, 18.990%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 23722 | 23323 | 23358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704286, 22.390%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 25435 | 24989 | 25102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704372, 13.160%, 4/05/2030 †§x | Best Egg | 3/03/2025 | 36113 | 35513 | 36352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704442, 21.430%, 4/05/2030 †§x | Best Egg | 3/03/2025 | 23108 | 22699 | 22917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704467, 15.150%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 44325 | 43585 | 43992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704584, 21.200%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 23799 | 23398 | 23636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704585, 13.210%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 30323 | 29819 | 30404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704604, 20.760%, 4/01/2029 †§x | Best Egg | 3/03/2025 | 27932 | 27473 | 28151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704656, 13.600%, 3/01/2028 †§x | Best Egg | 3/03/2025 | 30599 | 30125 | 30599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704689, 13.190%, 4/15/2030 †§x | Best Egg | 3/03/2025 | 47269 | 46485 | 47215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2704696, 18.990%, 4/01/2030 †§x | Best Egg | 3/03/2025 | 46407 | 45627 | 46001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2705050, 20.910%, 4/02/2030 †§x | Best Egg | 5/13/2025 | 38013 | 36540 | 37317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270513651, 15.390%, 3/06/2027 †§x | Upgrade | 3/11/2024 | 21762 | 21512 | 21276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2705377, 10.790%, 4/19/2028 †§x | Best Egg | 5/13/2025 | 40761 | 39264 | 40703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270590391, 16.020%, 3/07/2029 †§x | Upgrade | 3/11/2024 | 28531 | 28082 | 28697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2706625, 12.130%, 4/02/2029 †§x | Best Egg | 5/13/2025 | 22921 | 22055 | 22949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2707361, 28.090%, 4/03/2030 †§x | Best Egg | 5/13/2025 | 26376 | 25382 | 25854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2709024, 12.950%, 4/04/2030 †§x | Best Egg | 5/13/2025 | 24838 | 23883 | 24886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2709479, 28.370%, 4/04/2030 †§x | Best Egg | 5/13/2025 | 20934 | 20146 | 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2709751, 14.170%, 4/04/2030 †§x | Best Egg | 5/13/2025 | 36692 | 35280 | 36754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2710228, 17.080%, 4/04/2030 †§x | Best Egg | 5/13/2025 | 21338 | 20514 | 21154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2710426, 11.150%, 3/04/2028 †§x# | Best Egg | 5/13/2025 | 20979 | 20212 | 20935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2710806, 7.750%, 4/05/2028 †§x | Best Egg | 5/13/2025 | 43727 | 42133 | 44177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2711394, 12.490%, 4/05/2030 †x | Best Egg | 5/13/2025 | 53795 | 51728 | 53690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2711600, 25.900%, 4/05/2029 †§x | Best Egg | 5/13/2025 | 32789 | 31582 | 32329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2711709, 22.130%, 5/25/2030 †§x | Best Egg | 5/13/2025 | 48246 | 46372 | 47910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2712659, 20.910%, 4/06/2030 †§x# | Best Egg | 5/13/2025 | 24709 | 23768 | 24464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2712833, 19.470%, 4/06/2030 †§x# | Best Egg | 5/13/2025 | 25769 | 24788 | 25475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2713067, 15.980%, 4/06/2029 †§x# | Best Egg | 5/13/2025 | 22794 | 21940 | 22720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2713348, 24.470%, 5/06/2030 †x# | Best Egg | 5/13/2025 | 48666 | 46809 | 46938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2713711, 12.960%, 4/09/2030 †§x | Best Egg | 3/12/2025 | 37560 | 36982 | 37263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2713756, 20.940%, 4/09/2030 †§x | Best Egg | 3/12/2025 | 28511 | 28067 | 28304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2713896, 14.660%, 4/09/2030 †§x | Best Egg | 3/12/2025 | 31048 | 30569 | 31112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714158, 22.870%, 5/25/2030 †§x | Best Egg | 5/13/2025 | 24092 | 23155 | 23941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714164, 16.110%, 4/09/2030 †§x | Best Egg | 5/13/2025 | 37748 | 36293 | 37449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714217, 12.240%, 3/09/2029 †§x | Best Egg | 3/12/2025 | 22922 | 22578 | 22864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714570, 18.790%, 4/16/2029 †§x | Best Egg | 3/12/2025 | 23271 | 22919 | 22911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714686, 4.370%, 3/09/2028 †§x | Best Egg | 3/12/2025 | 23983 | 23632 | 24053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714839, 18.250%, 4/09/2030 †§x | Best Egg | 3/12/2025 | 35502 | 34951 | 35410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714961, 7.260%, 4/09/2028 †§x | Best Egg | 3/12/2025 | 27882 | 27486 | 27843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2714986, 26.380%, 4/15/2030 †x | Best Egg | 3/12/2025 | 28856 | 28404 | 27919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715062, 10.770%, 3/09/2030 †§x# | Best Egg | 3/12/2025 | 46668 | 45955 | 46301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715088, 11.610%, 4/09/2028 †§x | Best Egg | 5/13/2025 | 33509 | 32280 | 33390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715181, 12.730%, 4/20/2030 †§x | Best Egg | 5/13/2025 | 25612 | 24626 | 25463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715256, 16.350%, 4/09/2030 †§x | Best Egg | 5/13/2025 | 23601 | 22691 | 23359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715544, 14.180%, 4/09/2030 †§x | Best Egg | 3/12/2025 | 20451 | 20136 | 20436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715778, 24.320%, 4/09/2030 †§x | Best Egg | 3/12/2025 | 23867 | 23493 | 23590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715926, 8.560%, 4/09/2030 †§x | Best Egg | 3/12/2025 | 33527 | 33015 | 33217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715981, 6.280%, 3/09/2030 †§x | Best Egg | 3/12/2025 | 23864 | 23501 | 23500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2715986, 19.720%, 4/21/2030 †§x | Best Egg | 3/12/2025 | 46469 | 45749 | 45852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716131, 6.820%, 4/09/2029 †§x | Best Egg | 5/13/2025 | 22701 | 21850 | 22341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716252, 5.410%, 4/10/2030 †§x | Best Egg | 3/13/2025 | 32430 | 31938 | 31929 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**120** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716275, 10.660%, 4/10/2028 †§x | Best Egg | 3/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716393, 13.200%, 4/10/2030 †§x | Best Egg | 3/13/2025 | 28181 | 27747 | 28249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716533, 20.940%, 4/10/2030 †§x | Best Egg | 3/13/2025 | 23759 | 23389 | 23391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716657, 14.450%, 4/10/2029 †§x | Best Egg | 3/13/2025 | 23012 | 22666 | 23124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716827, 18.270%, 4/10/2028 †§x | Best Egg | 3/13/2025 | 33723 | 33234 | 33119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716840, 7.390%, 4/10/2030 †§x | Best Egg | 5/13/2025 | 32549 | 31308 | 32298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2716871, 13.450%, 4/10/2030 †§x | Best Egg | 3/13/2025 | 28443 | 28005 | 28510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717085, 11.740%, 3/10/2030 †§x | Best Egg | 3/13/2025 | 23409 | 23049 | 23226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717298, 5.980%, 4/10/2028 †x | Best Egg | 3/13/2025 | 87156 | 85921 | 86137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717452, 14.910%, 4/10/2030 †§x | Best Egg | 3/13/2025 | 27316 | 26894 | 27373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717545, 14.660%, 3/10/2030 †§x | Best Egg | 5/13/2025 | 20967 | 20158 | 21012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717609, 10.790%, 4/10/2029 †§x | Best Egg | 3/13/2025 | 45734 | 45050 | 46173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717654, 17.810%, 4/10/2030 †§x | Best Egg | 3/13/2025 | 31871 | 31377 | 31617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717664, 11.720%, 4/10/2030 †§x | Best Egg | 3/13/2025 | 22711 | 22362 | 22869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717853, 7.210%, 4/10/2030 †§x | Best Egg | 5/13/2025 | 46484 | 44712 | 45775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2717950, 5.300%, 4/10/2028 †§x | Best Egg | 3/13/2025 | 26112 | 25742 | 26136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2718146, 7.840%, 4/11/2030 †§x | Best Egg | 3/14/2025 | 27922 | 27497 | 28130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2718267, 15.940%, 4/11/2030 †§x | Best Egg | 5/13/2025 | 30662 | 29481 | 30362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2718646, 5.840%, 4/15/2030 †§x | Best Egg | 3/14/2025 | 25394 | 25008 | 25650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2718933, 5.060%, 4/11/2028 †§x | Best Egg | 3/14/2025 | 23925 | 23586 | 23899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719073, 11.950%, 3/11/2030 †§x | Best Egg | 3/14/2025 | 30375 | 29908 | 30097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719157, 13.160%, 4/11/2028 †§x | Best Egg | 5/13/2025 | 24134 | 23247 | 24050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719254, 9.560%, 4/20/2030 †§x | Best Egg | 3/14/2025 | 34416 | 33890 | 34144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719268, 21.810%, 4/11/2028 †§x | Best Egg | 3/14/2025 | 33175 | 32691 | 32865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719374, 4.610%, 4/11/2028 †§x | Best Egg | 3/14/2025 | 27019 | 26637 | 26699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719576, 4.260%, 4/11/2028 †§x | Best Egg | 3/14/2025 | 34744 | 34253 | 34779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719684, 15.870%, 4/11/2030 †§x | Best Egg | 5/13/2025 | 47167 | 45351 | 46707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719878, 9.540%, 4/12/2028 †§x | Best Egg | 3/17/2025 | 42497 | 41888 | 42758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2719989, 21.910%, 4/12/2030 †§x | Best Egg | 3/17/2025 | 23791 | 23419 | 23580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720019, 16.240%, 4/12/2028 †§x | Best Egg | 3/17/2025 | 33309 | 32826 | 32741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720159, 14.660%, 4/12/2030 †§x | Best Egg | 3/17/2025 | 40958 | 40325 | 40655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720574, 13.580%, 4/12/2029 †§x | Best Egg | 3/17/2025 | 41361 | 40738 | 41264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720605, 6.060%, 3/12/2030 †§x | Best Egg | 3/17/2025 | 30823 | 30354 | 30546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720798, 16.610%, 3/12/2030 †§x | Best Egg | 3/17/2025 | 37016 | 36441 | 37088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2720823, 13.540%, 4/12/2028 †x | Best Egg | 3/17/2025 | 20917 | 20616 | 20761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2721008, 10.350%, 3/12/2030 †§x | Best Egg | 3/17/2025 | 34914 | 34379 | 34606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2721049, 13.210%, 4/12/2030 †§x | Best Egg | 3/17/2025 | 37775 | 37193 | 37502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2721146, 6.910%, 4/12/2030 †§x | Best Egg | 3/17/2025 | 27875 | 27450 | 27453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2721205, 7.260%, 4/12/2028 †§x | Best Egg | 3/17/2025 | 27882 | 27484 | 27849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2721410, 19.690%, 4/13/2030 †§x | Best Egg | 3/17/2025 | 20734 | 20411 | 20573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2721492, 15.430%, 4/20/2028 †§x | Best Egg | 5/13/2025 | 20249 | 19499 | 20448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2721750, 14.660%, 4/13/2030 †§x | Best Egg | 3/17/2025 | 20246 | 19933 | 20219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722002, 15.880%, 4/13/2030 †§x# | Best Egg | 5/13/2025 | 45397 | 43663 | 44973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722072, 16.600%, 4/13/2030 †§x | Best Egg | 3/17/2025 | 47188 | 46456 | 47286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722146, 21.600%, 4/13/2030 †x | Best Egg | 3/17/2025 | 23781 | 23409 | 22946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722246, 15.620%, 4/15/2030 †§x | Best Egg | 3/17/2025 | 25646 | 25249 | 25533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722321, 23.990%, 4/13/2030 †§x | Best Egg | 3/17/2025 | 26242 | 25831 | 25908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722330, 19.010%, 4/13/2030 †§x | Best Egg | 3/17/2025 | 47389 | 46651 | 46968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722434, 31.070%, 4/13/2030 †§x | Best Egg | 3/17/2025 | 36362 | 35787 | 35989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722636, 13.450%, 3/13/2030 †§x | Best Egg | 3/17/2025 | 34351 | 33821 | 34109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722827, 15.150%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 22604 | 22254 | 22604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722985, 8.070%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 26072 | 25673 | 25844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2722993, 17.390%, 3/16/2030 †§x | Best Egg | 3/19/2025 | 25654 | 25254 | 25471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723089, 13.690%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 20000 | 19691 | 20007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723128, 21.460%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 28621 | 28172 | 28460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723174, 8.520%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 27025 | 26611 | 26627 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**121** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723468, 13.200%, 4/16/2030 †§x | Best Egg | 3/19/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723510, 13.210%, 4/16/2030 †§x# | Best Egg | 5/13/2025 | 28181 | 27104 | 28195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723538, 20.770%, 4/26/2028 †§x | Best Egg | 3/19/2025 | 22099 | 21776 | 21915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723792, 18.050%, 4/16/2030 †§x# | Best Egg | 5/13/2025 | 37858 | 36403 | 37835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723819, 11.650%, 4/16/2028 †§x | Best Egg | 3/19/2025 | 20438 | 20144 | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723827, 24.470%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 47743 | 46993 | 46123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723904, 16.110%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 24351 | 23973 | 24346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2723927, 13.330%, 4/16/2028 †§x | Best Egg | 3/19/2025 | 23752 | 23409 | 23984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724048, 20.940%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 20436 | 20117 | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724053, 14.360%, 4/16/2029 †§x | Best Egg | 3/19/2025 | 46018 | 45323 | 46269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724170, 13.200%, 4/16/2030 †§x# | Best Egg | 5/13/2025 | 33817 | 32524 | 33569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724226, 15.460%, 3/16/2030 †§x# | Best Egg | 5/13/2025 | 36792 | 35373 | 36887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724235, 17.770%, 3/16/2030 †§x | Best Egg | 3/19/2025 | 37439 | 36852 | 37172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724243, 13.940%, 4/25/2030 †§x | Best Egg | 3/19/2025 | 25227 | 24831 | 25234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724287, 17.770%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 21563 | 21227 | 21409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724336, 16.140%, 4/16/2028 †§x | Best Egg | 3/19/2025 | 44404 | 43759 | 44179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724479, 4.610%, 4/16/2028 †x | Best Egg | 3/19/2025 | 67548 | 66588 | 68019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724634, 6.020%, 4/16/2028 †§x | Best Egg | 3/19/2025 | 23970 | 23628 | 23952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724721, 19.920%, 4/16/2028 †§x | Best Egg | 3/19/2025 | 40223 | 39635 | 39539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724806, 16.120%, 4/16/2030 †§x# | Best Egg | 5/13/2025 | 47185 | 45375 | 46772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724894, 16.120%, 4/16/2030 †§x | Best Egg | 3/19/2025 | 30666 | 30191 | 30397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2724989, 18.850%, 3/16/2028 †x | Best Egg | 3/19/2025 | 43580 | 42945 | 42840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725144, 10.790%, 4/16/2028 †§x | Best Egg | 3/19/2025 | 43099 | 42479 | 43049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725173, 16.720%, 4/16/2028 †§x | Best Egg | 3/19/2025 | 26669 | 26282 | 26918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725292, 18.210%, 4/16/2029 †§x | Best Egg | 3/19/2025 | 21139 | 20817 | 20815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725521, 10.770%, 4/17/2030 †§x# | Best Egg | 5/13/2025 | 29938 | 28796 | 30044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725816, 21.430%, 4/17/2030 †§x | Best Egg | 3/20/2025 | 30908 | 30425 | 30549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725942, 8.070%, 4/17/2030 †§x | Best Egg | 3/20/2025 | 45625 | 44927 | 45231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725946, 14.660%, 4/17/2030 †§x | Best Egg | 3/20/2025 | 28247 | 27810 | 28224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2725977, 24.320%, 4/17/2030 †§x | Best Egg | 3/20/2025 | 47733 | 46984 | 47341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726132, 12.130%, 4/17/2029 †§x | Best Egg | 3/20/2025 | 22921 | 22576 | 22981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726162, 14.490%, 5/17/2030 †x# | Best Egg | 5/13/2025 | 22433 | 21573 | 22555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726381, 10.300%, 4/17/2030 †§x | Best Egg | 3/20/2025 | 33865 | 33345 | 33870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726534, 6.280%, 4/26/2030 †§x | Best Egg | 3/20/2025 | 21382 | 21056 | 21088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726602, 20.650%, 4/17/2030 †§x# | Best Egg | 5/13/2025 | 37377 | 35917 | 37180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726633, 16.340%, 4/17/2028 †§x# | Best Egg | 5/13/2025 | 39978 | 38511 | 39781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726876, 14.660%, 4/17/2030 †§x | Best Egg | 3/20/2025 | 22598 | 22248 | 22580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2726953, 12.750%, 3/17/2028 †§x | Best Egg | 3/20/2025 | 43769 | 43137 | 44218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727002, 14.160%, 4/17/2030 †§x | Best Egg | 3/20/2025 | 35883 | 35328 | 35378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727322, 18.050%, 4/18/2030 †§x | Best Egg | 3/21/2025 | 47323 | 46586 | 47431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727429, 22.080%, 4/18/2030 †§x | Best Egg | 3/21/2025 | 35695 | 35136 | 34490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727573, 13.770%, 4/18/2030 †§x | Best Egg | 3/21/2025 | 35707 | 35155 | 35728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727724, 20.940%, 4/18/2030 †§x | Best Egg | 3/21/2025 | 23732 | 23361 | 23556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727836, 12.990%, 3/18/2028 †§x | Best Egg | 3/21/2025 | 30241 | 29788 | 30525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727837, 15.630%, 4/18/2030 †§x | Best Egg | 3/21/2025 | 40123 | 39501 | 40232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727886, 25.760%, 4/18/2030 †§x# | Best Egg | 5/13/2025 | 24679 | 23725 | 24436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727946, 12.130%, 4/18/2029 †§x | Best Egg | 3/21/2025 | 27047 | 26640 | 27121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2727996, 6.710%, 4/18/2030 †§x | Best Egg | 3/21/2025 | 28723 | 28285 | 28299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728186, 9.690%, 3/18/2029 †§x | Best Egg | 3/21/2025 | 40942 | 40328 | 41385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728234, 13.590%, 4/18/2029 †§x | Best Egg | 3/21/2025 | 27575 | 27158 | 27169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728319, 5.980%, 4/18/2028 †§x | Best Egg | 3/21/2025 | 43578 | 42956 | 43747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728376, 4.610%, 3/18/2028 †§x | Best Egg | 3/21/2025 | 25605 | 25240 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728556, 10.790%, 4/18/2028 †§x | Best Egg | 3/21/2025 | 43914 | 43281 | 43955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728574, 13.940%, 4/18/2030 †§x | Best Egg | 3/21/2025 | 40230 | 39608 | 40252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728865, 13.970%, 4/19/2028 †§x | Best Egg | 3/24/2025 | 36507 | 35975 | 36879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728898, 13.220%, 4/19/2028 †§x | Best Egg | 3/24/2025 | 44175 | 43534 | 44308 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**122** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2728912, 17.640%, 4/19/2030 †§x | Best Egg | 3/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729102, 13.200%, 4/19/2030 †§x | Best Egg | 3/24/2025 | 46033 | 45319 | 45760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729139, 12.670%, 4/19/2030 †§x | Best Egg | 3/24/2025 | 46927 | 46202 | 47085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729306, 26.130%, 4/19/2028 †§x | Best Egg | 3/24/2025 | 21668 | 21347 | 21288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729329, 17.580%, 3/19/2030 †§x | Best Egg | 3/24/2025 | 24467 | 24086 | 24527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729376, 15.880%, 4/26/2030 †§x | Best Egg | 5/13/2025 | 46382 | 44593 | 46569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729402, 14.180%, 4/19/2030 †§x | Best Egg | 3/24/2025 | 23521 | 23157 | 23354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729436, 3.920%, 3/19/2028 †§x | Best Egg | 3/24/2025 | 22315 | 21997 | 22344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729511, 15.390%, 4/19/2030 †§x | Best Egg | 3/24/2025 | 29222 | 28768 | 29202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729653, 16.330%, 4/19/2030 †§x | Best Egg | 3/24/2025 | 26539 | 26126 | 26516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729771, 6.280%, 4/19/2030 †§x | Best Egg | 3/24/2025 | 41764 | 41126 | 41148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2729859, 10.020%, 4/19/2030 †x | Best Egg | 3/24/2025 | 49431 | 48671 | 49083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730009, 16.020%, 4/19/2029 †x | Best Egg | 5/13/2025 | 26257 | 25264 | 26510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730040, 18.870%, 4/19/2029 †§x | Best Egg | 3/24/2025 | 37086 | 36520 | 36723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730129, 6.090%, 4/19/2028 †§x | Best Egg | 3/24/2025 | 30511 | 30074 | 30548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730190, 19.630%, 3/19/2028 †§x | Best Egg | 3/24/2025 | 25636 | 25260 | 25554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730247, 14.170%, 4/19/2030 †§x | Best Egg | 3/24/2025 | 39985 | 39366 | 40108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730268, 12.210%, 3/19/2030 †§x | Best Egg | 3/24/2025 | 26595 | 26185 | 26594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730449, 15.150%, 4/26/2030 †§x | Best Egg | 3/24/2025 | 25128 | 24738 | 24812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730774, 10.250%, 4/20/2028 †§x# | Best Egg | 5/13/2025 | 21967 | 21167 | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730866, 13.690%, 4/20/2030 †x | Best Egg | 3/24/2025 | 49550 | 48783 | 49202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730879, 22.620%, 5/20/2028 †x# | Best Egg | 3/24/2025 | 37589 | 37032 | 37480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730904, 17.560%, 4/20/2030 †§x | Best Egg | 3/24/2025 | 29319 | 28862 | 29123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2730946, 10.250%, 4/20/2028 †§x | Best Egg | 3/24/2025 | 43935 | 43301 | 44093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731045, 25.170%, 5/20/2028 †x# | Best Egg | 3/24/2025 | 31037 | 30580 | 30977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731090, 19.890%, 4/20/2028 †§x | Best Egg | 3/24/2025 | 31255 | 30796 | 31018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731105, 16.810%, 4/20/2030 †§x | Best Egg | 3/24/2025 | 37788 | 37200 | 37795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731194, 28.290%, 4/20/2030 †§x | Best Egg | 3/24/2025 | 20967 | 20636 | 20207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731295, 21.600%, 4/20/2030 †§x | Best Egg | 3/24/2025 | 20790 | 20464 | 20667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731296, 13.690%, 4/20/2030 †x | Best Egg | 3/24/2025 | 88647 | 87275 | 88937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731317, 15.850%, 4/20/2030 †§x | Best Egg | 3/24/2025 | 21566 | 21231 | 21552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731362, 15.390%, 4/20/2030 †§x | Best Egg | 3/24/2025 | 27512 | 27085 | 27370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731384, 14.660%, 4/20/2030 †x | Best Egg | 3/24/2025 | 50616 | 49831 | 50193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731479, 16.110%, 4/20/2030 †x | Best Egg | 3/24/2025 | 35577 | 35024 | 35373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731560, 17.080%, 4/20/2030 †§x# | Best Egg | 5/13/2025 | 24194 | 23266 | 24198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731694, 15.920%, 4/20/2028 †x | Best Egg | 3/24/2025 | 35510 | 34992 | 35862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731742, 26.660%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 21067 | 20733 | 20960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731831, 12.330%, 4/23/2029 †§x | Best Egg | 3/26/2025 | 29258 | 28815 | 29452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2731960, 9.330%, 4/23/2030 †x | Best Egg | 3/26/2025 | 50168 | 49396 | 49831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732023, 18.930%, 4/23/2028 †§x | Best Egg | 3/26/2025 | 26770 | 26378 | 26597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732080, 13.700%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 32661 | 32155 | 32469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732220, 9.820%, 4/23/2030 †x# | Best Egg | 5/13/2025 | 70295 | 67618 | 69721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732345, 15.630%, 4/23/2030 †§x# | Best Egg | 5/13/2025 | 24351 | 23418 | 24154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732405, 18.250%, 4/23/2030 †x | Best Egg | 3/26/2025 | 47343 | 46604 | 47310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732510, 17.560%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 45113 | 44410 | 45242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732588, 11.760%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 23428 | 23066 | 23237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732592, 18.510%, 4/26/2030 †§x | Best Egg | 3/26/2025 | 23411 | 23045 | 23229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732599, 15.090%, 4/23/2028 †§x | Best Egg | 3/26/2025 | 21547 | 21233 | 21458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732603, 13.260%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 46972 | 46245 | 47143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732622, 25.420%, 4/23/2030 †x# | Best Egg | 5/13/2025 | 29848 | 28719 | 28894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732629, 14.600%, 4/23/2028 †§x# | Best Egg | 5/13/2025 | 30999 | 29864 | 31103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732649, 8.070%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 31575 | 31090 | 31318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732654, 15.150%, 3/23/2030 †§x | Best Egg | 3/26/2025 | 20659 | 20338 | 20377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732804, 14.660%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 22034 | 21692 | 22109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732884, 20.000%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 20192 | 19876 | 20068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732903, 25.100%, 3/23/2028 †§x | Best Egg | 3/26/2025 | 23294 | 22948 | 23120 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**123** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732906, 12.990%, 4/23/2028 †§x | Best Egg | 3/26/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23403 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2732939, 19.500%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 42680 | 42013 | 42681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733109, 10.790%, 4/23/2028 †§x | Best Egg | 3/26/2025 | 24865 | 24505 | 24849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733283, 13.690%, 4/23/2030 †§x# | Best Egg | 5/13/2025 | 47005 | 45208 | 47068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733300, 19.630%, 4/23/2028 †x# | Best Egg | 5/13/2025 | 25329 | 24385 | 25513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733324, 18.080%, 4/23/2028 †§x | Best Egg | 3/26/2025 | 44553 | 43900 | 43869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733391, 13.220%, 4/23/2028 †§x | Best Egg | 3/26/2025 | 29155 | 28731 | 29469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733421, 14.660%, 4/23/2030 †§x# | Best Egg | 5/13/2025 | 28247 | 27166 | 28079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733581, 12.550%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 25047 | 24660 | 24903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733582, 18.460%, 4/23/2029 †§x | Best Egg | 3/26/2025 | 23164 | 22810 | 23073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733774, 16.110%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 34497 | 33960 | 34488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733810, 20.760%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 31354 | 30863 | 31347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733829, 18.280%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 47339 | 46600 | 46740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2733991, 5.840%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 34161 | 33639 | 34470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734148, 10.970%, 3/24/2030 †§x# | Best Egg | 5/13/2025 | 40858 | 39299 | 40529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734248, 11.880%, 4/24/2028 †§x | Best Egg | 3/27/2025 | 44067 | 43428 | 44241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734253, 10.790%, 3/24/2028 †§x | Best Egg | 3/27/2025 | 25838 | 25464 | 25824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734266, 8.820%, 4/24/2028 †§x | Best Egg | 3/27/2025 | 26290 | 25910 | 26280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734410, 21.570%, 4/24/2028 †§x | Best Egg | 3/27/2025 | 24573 | 24210 | 24435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734591, 10.790%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 28068 | 27635 | 27881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734689, 13.450%, 3/24/2030 †§x | Best Egg | 3/27/2025 | 25386 | 24993 | 25241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734728, 9.450%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 46671 | 45953 | 46014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734859, 16.940%, 4/24/2029 †§x | Best Egg | 3/27/2025 | 23109 | 22756 | 22782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2734861, 5.300%, 4/24/2028 †§x | Best Egg | 3/27/2025 | 22316 | 21996 | 22478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735032, 8.390%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 30377 | 29910 | 30131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735103, 28.370%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 21120 | 20786 | 20459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735144, 12.000%, 3/24/2028 †§x | Best Egg | 3/27/2025 | 21970 | 21651 | 22111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735204, 10.280%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 26631 | 26221 | 26746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735283, 11.950%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 45934 | 45224 | 45563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735368, 10.790%, 4/24/2028 †§x | Best Egg | 3/27/2025 | 31311 | 30858 | 31294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735445, 14.180%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 40669 | 40039 | 40342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735478, 11.150%, 3/24/2028 †§x | Best Egg | 3/27/2025 | 39530 | 38956 | 39499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735524, 4.610%, 4/24/2028 †§x | Best Egg | 3/27/2025 | 22516 | 22194 | 22250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735595, 6.710%, 3/24/2030 †§x | Best Egg | 5/13/2025 | 41644 | 40060 | 41044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735614, 14.180%, 4/24/2030 †§x | Best Egg | 3/27/2025 | 47042 | 46312 | 47105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735726, 12.130%, 4/23/2028 †§x | Best Egg | 3/26/2025 | 44087 | 43448 | 44563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735799, 13.580%, 4/23/2029 †§x | Best Egg | 3/26/2025 | 26655 | 26251 | 26245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735852, 26.860%, 4/23/2030 †§x | Best Egg | 3/26/2025 | 47885 | 47129 | 46365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735886, 15.940%, 3/23/2030 †§x | Best Egg | 3/26/2025 | 39416 | 38801 | 39169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2735993, 12.990%, 3/23/2028 †§x | Best Egg | 3/26/2025 | 43178 | 42551 | 43646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736146, 21.870%, 3/23/2030 †§x | Best Egg | 3/26/2025 | 23411 | 23040 | 23257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736184, 22.530%, 4/25/2028 †§x | Best Egg | 3/28/2025 | 26930 | 26532 | 26782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736300, 13.690%, 4/25/2030 †§x | Best Egg | 3/28/2025 | 37674 | 37090 | 37374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736407, 13.200%, 4/25/2030 †§x | Best Egg | 3/28/2025 | 31938 | 31443 | 31727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736426, 3.920%, 3/25/2028 †§x | Best Egg | 3/28/2025 | 24506 | 24155 | 24215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736484, 6.430%, 4/25/2028 †§x | Best Egg | 3/28/2025 | 37074 | 36540 | 37126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736722, 16.830%, 4/25/2030 †§x | Best Egg | 3/28/2025 | 29105 | 28651 | 29101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736732, 16.110%, 4/25/2030 †§x | Best Egg | 3/28/2025 | 34497 | 33960 | 34497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736956, 12.230%, 3/25/2030 †§x | Best Egg | 3/28/2025 | 26784 | 26369 | 26606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2736971, 6.280%, 4/25/2030 †§x | Best Egg | 3/28/2025 | 24151 | 23781 | 23804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737117, 13.690%, 3/25/2030 †§x | Best Egg | 3/28/2025 | 29996 | 29531 | 29800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737159, 14.730%, 4/25/2030 †§x | Best Egg | 3/28/2025 | 32958 | 32446 | 32739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737212, 9.230%, 3/25/2030 †§x | Best Egg | 3/28/2025 | 22753 | 22403 | 22955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737229, 16.610%, 4/25/2030 †§x# | Best Egg | 5/13/2025 | 40138 | 38599 | 39859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737247, 14.660%, 4/25/2030 †§x | Best Egg | 3/28/2025 | 30547 | 30073 | 30656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737289, 7.070%, 4/25/2028 †§x | Best Egg | 3/28/2025 | 43670 | 43041 | 43849 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**124** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737494, 13.690%, 4/25/2030 †§x | Best Egg | 3/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2737882, 11.560%, 3/25/2029 †§x | Best Egg | 3/28/2025 | 36099 | 35544 | 36488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738114, 14.170%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 47232 | 45406 | 46632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738121, 19.750%, 7/15/2030 †x | Best Egg | 3/31/2025 | 24447 | 24068 | 24267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738122, 18.390%, 8/01/2028 †x# | Best Egg | 5/13/2025 | 39251 | 37795 | 39485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738219, 20.110%, 5/24/2028 †§x# | Best Egg | 3/31/2025 | 46623 | 45942 | 46292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738414, 14.980%, 7/01/2030 †x# | Best Egg | 3/31/2025 | 48384 | 47630 | 49984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738490, 16.600%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 40186 | 39560 | 39955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738610, 22.610%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 41765 | 41110 | 41472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738683, 21.740%, 5/01/2028 †§x# | Best Egg | 3/31/2025 | 22895 | 22557 | 22705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738757, 9.330%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 37928 | 37343 | 37631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738816, 7.390%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 35571 | 35025 | 35344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738840, 13.930%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 36518 | 35951 | 36537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738890, 17.290%, 5/16/2030 †§x# | Best Egg | 3/31/2025 | 31316 | 30829 | 31344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2738965, 13.450%, 6/01/2030 †x | Best Egg | 3/31/2025 | 23853 | 23483 | 23946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739020, 11.090%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 42785 | 42124 | 42511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739117, 28.290%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 38841 | 38229 | 37443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739237, 14.950%, 5/23/2028 †§x# | Best Egg | 3/31/2025 | 29939 | 29502 | 30239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739372, 14.560%, 5/01/2029 †§x | Best Egg | 3/31/2025 | 45824 | 45126 | 46036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739421, 22.050%, 5/01/2028 †§x | Best Egg | 5/13/2025 | 27654 | 26618 | 27543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739485, 20.720%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 41195 | 39589 | 41167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739516, 19.470%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 30306 | 29832 | 29913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739639, 8.360%, 5/05/2030 †§x | Best Egg | 3/31/2025 | 23685 | 23321 | 23359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739849, 20.000%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 25587 | 25187 | 25321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2739973, 13.970%, 5/01/2028 †§x | Best Egg | 3/31/2025 | 41886 | 41274 | 42318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740108, 15.150%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 47801 | 47058 | 47444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740114, 10.250%, 5/01/2028 †§x | Best Egg | 3/31/2025 | 41308 | 40708 | 41463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740246, 15.620%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 37773 | 36313 | 37711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740356, 19.950%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 38057 | 37461 | 37661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740505, 16.350%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 25878 | 24875 | 25832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740511, 17.770%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 21107 | 20778 | 21105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740513, 14.420%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 36133 | 35572 | 36190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740532, 7.800%, 5/16/2030 †§x | Best Egg | 3/31/2025 | 27947 | 27518 | 28214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740660, 19.980%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 28422 | 27977 | 28235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740868, 13.120%, 5/01/2028 †§x | Best Egg | 3/31/2025 | 45440 | 44777 | 45933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740931, 15.460%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 24670 | 24286 | 24628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740948, 15.150%, 5/01/2030 †§x | Best Egg | 3/31/2025 | 37070 | 36494 | 36587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740953, 4.710%, 5/01/2028 †§x | Best Egg | 3/31/2025 | 22407 | 22085 | 22569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2740987, 13.010%, 5/01/2029 †§x | Best Egg | 3/31/2025 | 36250 | 35701 | 36633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741007, 12.230%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 32335 | 31834 | 32473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741018, 13.200%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 26337 | 25928 | 26378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741019, 13.200%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 22285 | 21939 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741136, 19.690%, 5/09/2030 †§x# | Best Egg | 4/02/2025 | 24116 | 23738 | 23564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741153, 13.970%, 5/25/2028 †§x | Best Egg | 4/02/2025 | 33096 | 32610 | 33408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741248, 16.830%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 47838 | 47092 | 47703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741329, 11.830%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 39535 | 38958 | 39027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741333, 6.090%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 33222 | 32742 | 33140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741371, 6.620%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 47167 | 46443 | 47442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741459, 13.200%, 5/15/2030 †§x# | Best Egg | 4/02/2025 | 28725 | 28280 | 28770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741494, 20.910%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 26124 | 25105 | 25169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741525, 14.990%, 5/24/2028 †§x | Best Egg | 4/02/2025 | 24577 | 24211 | 24319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2741571, 10.590%, 5/10/2029 †§x | Best Egg | 5/13/2025 | 46741 | 44973 | 45951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742022, 10.600%, 5/07/2028 †§x | Best Egg | 4/02/2025 | 26809 | 26418 | 26928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742097, 11.840%, 5/01/2029 †§x | Best Egg | 4/02/2025 | 24469 | 24098 | 24426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742101, 12.210%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 25024 | 24059 | 25126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742121, 10.790%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 24149 | 23798 | 24221 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**125** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742326, 6.090%, 4/01/2028 †§x | Best Egg | 4/02/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742370, 13.200%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 32853 | 32343 | 32905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742396, 24.690%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 27010 | 26609 | 26669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742428, 19.820%, 6/01/2029 †x | Best Egg | 5/13/2025 | 28322 | 27234 | 27836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742438, 8.900%, 4/01/2028 †§x | Best Egg | 4/02/2025 | 35467 | 34951 | 35396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742497, 8.720%, 4/01/2029 †§x | Best Egg | 4/02/2025 | 24509 | 24140 | 24213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742553, 11.690%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 47516 | 46780 | 47723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742582, 24.950%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 38630 | 38020 | 37308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742599, 27.330%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 38732 | 38118 | 37843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742627, 14.660%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 32440 | 31935 | 32565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742645, 3.920%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 44737 | 44093 | 44626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742686, 15.390%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 33011 | 32494 | 32741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742692, 22.870%, 5/07/2030 †§x | Best Egg | 4/02/2025 | 26121 | 25711 | 26028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742726, 15.540%, 5/01/2029 †§x | Best Egg | 4/02/2025 | 43937 | 43267 | 44576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742738, 24.940%, 5/01/2029 †§x | Best Egg | 4/02/2025 | 23750 | 23383 | 23693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742754, 17.560%, 5/01/2030 †x | Best Egg | 4/02/2025 | 62246 | 61274 | 62309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742858, 23.990%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 43414 | 42730 | 42045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742893, 10.250%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 36147 | 35621 | 36309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742911, 28.290%, 6/16/2030 †§x | Best Egg | 4/02/2025 | 33409 | 32885 | 32434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742956, 11.640%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 32393 | 31919 | 32316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2742980, 10.300%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 30290 | 29126 | 30176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743030, 11.050%, 5/01/2030 †x | Best Egg | 4/02/2025 | 47098 | 46369 | 46931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743176, 13.200%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 23331 | 22969 | 23367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743232, 28.290%, 5/01/2030 †x | Best Egg | 4/02/2025 | 36619 | 36040 | 35927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743259, 21.430%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 33671 | 33142 | 33442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743389, 12.730%, 5/01/2030 †§x# | Best Egg | 5/13/2025 | 45204 | 43461 | 44834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743429, 21.250%, 5/01/2030 †§x | Best Egg | 4/02/2025 | 30103 | 29630 | 29835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743431, 12.700%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 28549 | 27448 | 28498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743669, 23.980%, 5/01/2028 †§x | Best Egg | 4/02/2025 | 32256 | 31777 | 31921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743833, 10.440%, 4/01/2030 †§x | Best Egg | 5/13/2025 | 46599 | 44822 | 46104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2743884, 16.120%, 5/01/2030 †§x | Best Egg | 4/03/2025 | 28664 | 28200 | 28113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2744158, 10.790%, 5/01/2028 †§x | Best Egg | 5/13/2025 | 35918 | 34608 | 36026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2744267, 15.450%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 33499 | 32217 | 33414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2744334, 7.880%, 5/01/2029 †§x | Best Egg | 5/13/2025 | 21720 | 20908 | 21691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2744639, 10.500%, 5/01/2029 †§x | Best Egg | 5/13/2025 | 44260 | 42601 | 44606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2744743, 11.560%, 4/01/2029 †§x | Best Egg | 5/13/2025 | 22824 | 21966 | 22425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2744893, 15.870%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 47758 | 45931 | 47634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2744928, 11.610%, 5/01/2028 †§x | Best Egg | 5/13/2025 | 24444 | 23552 | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745068, 16.120%, 5/01/2030 †§x | Best Egg | 5/13/2025 | 47773 | 45944 | 46855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745081, 14.990%, 5/22/2028 †§x | Best Egg | 4/03/2025 | 34913 | 34383 | 34478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745293, 16.110%, 4/01/2030 †§x | Best Egg | 4/04/2025 | 31037 | 30535 | 30727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745525, 15.390%, 4/01/2030 †§x# | Best Egg | 5/13/2025 | 28624 | 27530 | 28340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745647, 23.620%, 4/01/2030 †§x | Best Egg | 4/04/2025 | 26001 | 25577 | 25028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745721, 15.150%, 4/01/2030 †§x | Best Egg | 4/04/2025 | 22419 | 22059 | 22331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745804, 11.950%, 4/01/2030 †§x# | Best Egg | 5/13/2025 | 28974 | 27870 | 28663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2745897, 13.690%, 5/10/2030 †§x | Best Egg | 4/04/2025 | 29476 | 29001 | 29598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746165, 10.790%, 4/01/2028 †§x# | Best Egg | 5/13/2025 | 31892 | 30733 | 31952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746374, 14.180%, 4/01/2030 †§x | Best Egg | 4/04/2025 | 20486 | 20156 | 20268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746470, 13.940%, 4/01/2030 †§x# | Best Egg | 5/13/2025 | 47621 | 45803 | 47420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746584, 5.410%, 4/01/2030 †§x | Best Egg | 4/04/2025 | 32945 | 32422 | 32247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746661, 25.430%, 8/01/2030 †§x | Best Egg | 4/04/2025 | 47441 | 46661 | 45681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746814, 14.630%, 4/01/2029 †§x | Best Egg | 5/13/2025 | 22893 | 22032 | 23196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746846, 20.460%, 4/01/2030 †§x | Best Egg | 4/04/2025 | 27834 | 27381 | 27691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746855, 17.770%, 6/01/2030 †x# | Best Egg | 5/13/2025 | 43900 | 42209 | 43637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746880, 15.880%, 4/01/2030 †§x | Best Egg | 5/13/2025 | 25807 | 24814 | 25556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2746894, 7.880%, 4/01/2030 †§x | Best Egg | 4/04/2025 | 24562 | 24171 | 24054 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**126** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2747183, 6.280%, 4/02/2030 †§x# | Best Egg | 5/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2747437, 17.540%, 6/02/2030 †x# | Best Egg | 4/07/2025 | 46962 | 46197 | 46965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2747569, 10.790%, 4/02/2028 †§x# | Best Egg | 5/13/2025 | 35017 | 33744 | 35094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2747606, 10.020%, 5/16/2030 †§x | Best Egg | 5/13/2025 | 47565 | 45753 | 47672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2747822, 24.470%, 6/20/2030 †§x | Best Egg | 4/07/2025 | 48830 | 48043 | 47406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2747909, 28.090%, 4/02/2030 †§x# | Best Egg | 5/13/2025 | 20858 | 20042 | 20399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2748076, 15.870%, 5/22/2030 †§x | Best Egg | 5/13/2025 | 31783 | 30564 | 31661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2748185, 16.920%, 4/02/2028 †§x | Best Egg | 4/07/2025 | 28470 | 28036 | 27897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2748476, 11.160%, 4/02/2028 †§x# | Best Egg | 5/13/2025 | 29393 | 28324 | 29635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2748625, 25.220%, 4/02/2030 †§x | Best Egg | 4/07/2025 | 26732 | 26295 | 26424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2748808, 16.110%, 4/03/2030 †§x# | Best Egg | 5/13/2025 | 23875 | 22962 | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2748936, 10.020%, 4/03/2030 †§x# | Best Egg | 5/13/2025 | 47376 | 45574 | 46869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2749109, 14.490%, 4/03/2030 †x | Best Egg | 4/07/2025 | 95308 | 93771 | 95578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2749164, 13.200%, 4/03/2030 †§x# | Best Egg | 5/13/2025 | 24292 | 23365 | 24305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2749555, 5.840%, 4/03/2030 †§x | Best Egg | 4/07/2025 | 28257 | 27807 | 27664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2749700, 23.510%, 6/26/2030 †§x | Best Egg | 4/07/2025 | 24257 | 23858 | 24075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2749860, 7.880%, 4/03/2030 †x | Best Egg | 4/07/2025 | 51546 | 50723 | 51003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750152, 15.630%, 4/03/2030 †§x# | Best Egg | 5/13/2025 | 40610 | 39058 | 40718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750240, 17.790%, 4/06/2028 †§x# | Best Egg | 5/13/2025 | 27385 | 26384 | 26831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750463, 15.760%, 4/06/2028 †§x | Best Egg | 4/09/2025 | 20578 | 20264 | 20159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750487, 7.310%, 4/06/2030 †§x | Best Egg | 4/09/2025 | 41819 | 41148 | 41208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2750615, 23.170%, 4/06/2029 †§x# | Best Egg | 5/13/2025 | 24613 | 23684 | 24555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751068, 26.860%, 4/06/2030 †§x# | Best Egg | 5/13/2025 | 21774 | 20943 | 21659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751146, 18.730%, 4/06/2030 †§x | Best Egg | 4/09/2025 | 37359 | 36752 | 36090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751183, 20.940%, 4/06/2030 †§x | Best Egg | 4/09/2025 | 22714 | 22344 | 22496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751217, 5.840%, 4/06/2030 †x# | Best Egg | 5/13/2025 | 94190 | 90624 | 92227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751231, 7.390%, 4/06/2030 †§x | Best Egg | 4/09/2025 | 35524 | 34957 | 34797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751324, 13.590%, 4/06/2029 †§x# | Best Egg | 5/13/2025 | 29935 | 28811 | 29600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751450, 19.820%, 4/06/2029 †§x | Best Egg | 4/09/2025 | 31943 | 31434 | 32336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751583, 13.110%, 4/06/2028 †§x | Best Egg | 4/09/2025 | 24118 | 23752 | 24275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751586, 13.450%, 4/06/2030 †§x | Best Egg | 4/09/2025 | 47592 | 46824 | 47083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751610, 15.920%, 4/06/2029 †§x | Best Egg | 4/09/2025 | 46917 | 46173 | 46396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2751896, 5.840%, 5/16/2030 †§x | Best Egg | 4/09/2025 | 26317 | 25897 | 25959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752000, 18.450%, 4/06/2028 †§x# | Best Egg | 5/13/2025 | 29952 | 28857 | 29580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752094, 15.390%, 4/06/2030 †§x# | Best Egg | 5/13/2025 | 35780 | 34414 | 35646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752164, 11.950%, 4/06/2030 †§x | Best Egg | 4/09/2025 | 47499 | 46735 | 47006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752248, 13.940%, 4/06/2030 †§x | Best Egg | 5/13/2025 | 46830 | 45042 | 46666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752250, 19.410%, 4/06/2028 †§x# | Best Egg | 5/13/2025 | 29991 | 28893 | 29593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752391, 12.730%, 4/06/2030 †x# | Best Egg | 5/13/2025 | 51084 | 49136 | 50555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752478, 9.330%, 4/06/2030 †§x | Best Egg | 4/09/2025 | 30533 | 30044 | 30574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752483, 16.460%, 4/06/2029 †§x# | Best Egg | 5/13/2025 | 30517 | 29369 | 30179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752831, 11.770%, 4/06/2030 †§x | Best Egg | 5/13/2025 | 27160 | 26126 | 26935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2752967, 13.480%, 4/06/2028 †§x | Best Egg | 4/09/2025 | 22685 | 22341 | 22869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2753097, 10.250%, 4/07/2028 †§x# | Best Egg | 5/13/2025 | 44256 | 42648 | 44451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2753718, 11.580%, 4/07/2030 †§x | Best Egg | 4/10/2025 | 28486 | 28027 | 28191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754042, 19.470%, 4/07/2030 †§x | Best Egg | 4/10/2025 | 24927 | 24521 | 24739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754072, 15.140%, 4/07/2030 †§x# | Best Egg | 5/13/2025 | 42923 | 41284 | 42769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754116, 16.890%, 5/22/2029 †§x | Best Egg | 5/13/2025 | 30769 | 29605 | 30463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754155, 14.660%, 3/07/2030 †x# | Best Egg | 5/13/2025 | 43423 | 41765 | 42721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754188, 21.250%, 5/15/2030 †§x | Best Egg | 4/10/2025 | 48276 | 47490 | 47917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754205, 16.100%, 4/07/2030 †§x# | Best Egg | 5/13/2025 | 35727 | 34360 | 35396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754324, 11.640%, 4/07/2029 †§x# | Best Egg | 5/13/2025 | 34735 | 33433 | 34977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2754678, 6.500%, 4/07/2030 †§x | Best Egg | 4/10/2025 | 24423 | 24033 | 23919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2755301, 8.030%, 4/08/2030 †§x | Best Egg | 4/11/2025 | 26712 | 26284 | 26171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2755542, 9.820%, 4/08/2030 †x | Best Egg | 4/11/2025 | 51341 | 50512 | 50817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2755789, 14.660%, 4/08/2030 †§x | Best Egg | 4/11/2025 | 40515 | 39860 | 40376 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**127** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2755862, 13.450%, 6/08/2030 †x# | Best Egg | 5/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2755883, 7.840%, 4/08/2028 †§x# | Best Egg | 5/13/2025 | 44998 | 43367 | 45553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2755989, 12.360%, 5/15/2028 †§x | Best Egg | 5/13/2025 | 20437 | 19683 | 20325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2756086, 27.330%, 4/08/2030 †§x | Best Egg | 4/11/2025 | 36200 | 35607 | 35327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2756181, 12.130%, 4/08/2029 †§x# | Best Egg | 5/13/2025 | 27541 | 26509 | 27479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2756532, 19.890%, 5/18/2028 †§x | Best Egg | 4/11/2025 | 20876 | 20544 | 20636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2756601, 17.770%, 4/08/2030 †§x# | Best Egg | 5/13/2025 | 47843 | 46013 | 47660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2756835, 21.120%, 4/09/2030 †§x# | Best Egg | 5/13/2025 | 28814 | 27710 | 28241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2756857, 17.080%, 4/09/2030 †§x# | Best Egg | 5/13/2025 | 46848 | 45057 | 46679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2757038, 17.560%, 4/09/2030 †§x | Best Egg | 4/14/2025 | 20570 | 20236 | 20581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2757115, 17.560%, 4/09/2030 †§x | Best Egg | 4/14/2025 | 33482 | 32938 | 33133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2757366, 8.740%, 4/09/2030 †§x# | Best Egg | 5/13/2025 | 28375 | 27298 | 27807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2758037, 14.410%, 4/09/2030 †§x# | Best Egg | 5/13/2025 | 28670 | 27576 | 28373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2758101, 23.990%, 4/09/2030 †§x# | Best Egg | 5/13/2025 | 26318 | 25310 | 25389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2758469, 21.450%, 4/10/2028 †§x | Best Egg | 4/14/2025 | 27518 | 27093 | 27353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2759365, 31.070%, 4/10/2030 †§x# | Best Egg | 5/13/2025 | 23370 | 22482 | 22521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2760020, 14.170%, 5/17/2030 †§x | Best Egg | 5/13/2025 | 22903 | 22025 | 23023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2760100, 30.670%, 4/13/2030 †§x | Best Egg | 4/16/2025 | 22781 | 22405 | 21929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2760508, 8.070%, 4/13/2030 †§x | Best Egg | 5/13/2025 | 31498 | 30300 | 31179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2760586, 17.560%, 4/13/2030 †§x | Best Egg | 5/13/2025 | 30856 | 29670 | 30549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2761078, 13.210%, 5/24/2030 †§x | Best Egg | 5/13/2025 | 26754 | 25729 | 26752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2761116, 16.810%, 4/13/2030 †§x | Best Egg | 5/13/2025 | 47789 | 45954 | 47315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2761606, 4.610%, 4/13/2028 †§x | Best Egg | 4/16/2025 | 26865 | 26460 | 27003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2761834, 8.130%, 4/13/2029 †§x | Best Egg | 4/16/2025 | 36966 | 36385 | 36316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2762236, 12.730%, 4/13/2030 †§x | Best Egg | 5/13/2025 | 33283 | 32011 | 32956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2762361, 13.690%, 4/13/2030 †§x | Best Egg | 4/16/2025 | 23803 | 23418 | 23740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2762392, 24.550%, 4/13/2030 †§x | Best Egg | 4/16/2025 | 24098 | 23702 | 23343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2762547, 21.330%, 4/13/2028 †§x | Best Egg | 4/16/2025 | 21073 | 20748 | 20959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2762704, 9.540%, 4/13/2028 †§x | Best Egg | 4/16/2025 | 36298 | 35747 | 36047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2763250, 9.060%, 4/14/2029 †§x | Best Egg | 4/17/2025 | 40437 | 39800 | 40376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2763311, 19.980%, 5/15/2030 †§x | Best Egg | 5/13/2025 | 43193 | 41527 | 43044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2763588, 13.480%, 4/14/2028 †§x | Best Egg | 5/13/2025 | 39926 | 38466 | 40283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2763642, 27.990%, 4/14/2028 †§x | Best Egg | 5/13/2025 | 36988 | 35633 | 34777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2764050, 13.200%, 4/14/2030 †§x# | Best Egg | 5/13/2025 | 25290 | 24325 | 25329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2764205, 21.080%, 4/14/2028 †§x | Best Egg | 4/17/2025 | 21274 | 20944 | 21013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2765433, 16.360%, 6/01/2030 †§x | Best Egg | 5/13/2025 | 44360 | 42657 | 44001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2766814, 7.070%, 4/15/2028 †§x | Best Egg | 5/13/2025 | 31462 | 30320 | 31410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2766965, 31.070%, 4/15/2030 †§x | Best Egg | 5/13/2025 | 26333 | 25314 | 26093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2767247, 11.580%, 4/16/2029 †§x | Best Egg | 4/21/2025 | 39129 | 38509 | 38468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2767264, 11.950%, 4/16/2030 †§x | Best Egg | 4/21/2025 | 27549 | 27104 | 27284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2767740, 25.100%, 4/16/2028 †§x | Best Egg | 4/21/2025 | 25038 | 24648 | 24738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2768045, 26.380%, 4/16/2030 †§x | Best Egg | 5/13/2025 | 28003 | 26924 | 27760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2768476, 15.150%, 4/16/2030 †§x | Best Egg | 5/13/2025 | 31302 | 30102 | 31059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2768707, 21.430%, 4/16/2030 †§x | Best Egg | 5/13/2025 | 23809 | 22890 | 23731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2769340, 12.500%, 4/17/2028 †§x | Best Egg | 5/13/2025 | 44401 | 42779 | 44940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2769933, 12.250%, 4/17/2028 †§x# | Best Egg | 5/13/2025 | 24216 | 23332 | 24070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2769934, 16.600%, 4/17/2030 †§x | Best Egg | 5/13/2025 | 30100 | 28944 | 29816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2770204, 20.910%, 4/17/2030 †§x | Best Egg | 5/13/2025 | 25447 | 24465 | 24504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2770242, 9.690%, 4/17/2029 †§x | Best Egg | 5/13/2025 | 46521 | 44778 | 46914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2770443, 23.120%, 4/17/2030 †§x | Best Egg | 4/21/2025 | 40091 | 39434 | 39798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2771209, 7.420%, 4/20/2030 †x | Best Egg | 4/23/2025 | 33043 | 32511 | 32725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2771232, 8.100%, 4/20/2030 †§x | Best Egg | 5/13/2025 | 41434 | 39859 | 40625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2771244, 13.690%, 4/20/2030 †§x | Best Egg | 5/13/2025 | 47606 | 45784 | 47526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2771567, 17.080%, 7/20/2030 †§x# | Best Egg | 5/13/2025 | 48348 | 46484 | 47909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2771984, 14.180%, 4/20/2030 †§x | Best Egg | 5/13/2025 | 23818 | 22906 | 23776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2772400, 22.390%, 4/20/2030 †§x | Best Egg | 4/23/2025 | 28853 | 28380 | 28343 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**128** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2773340, 11.160%, 4/21/2029 †§x | Best Egg | 5/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2773467, 10.790%, 4/21/2028 †§x | Best Egg | 5/13/2025 | 44220 | 42607 | 44387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2773752, 30.210%, 4/21/2029 †§x | Best Egg | 5/13/2025 | 35770 | 34407 | 35225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2774012, 16.120%, 4/21/2030 †§x | Best Egg | 4/24/2025 | 47750 | 46972 | 46899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2774121, 13.200%, 4/21/2030 †§x | Best Egg | 5/13/2025 | 24264 | 23336 | 24380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2774307, 13.690%, 4/21/2030 †§x | Best Egg | 5/13/2025 | 44933 | 43214 | 44529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2774781, 10.790%, 4/21/2028 †§x | Best Egg | 5/13/2025 | 44292 | 42676 | 44459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775091, 7.170%, 4/22/2030 †§x | Best Egg | 5/13/2025 | 28897 | 27800 | 28628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775184, 15.150%, 4/22/2030 †§x | Best Egg | 5/13/2025 | 45999 | 44235 | 46094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775215, 20.910%, 4/22/2030 †§x | Best Egg | 5/13/2025 | 30152 | 28989 | 29166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775329, 11.110%, 4/22/2030 †§x | Best Egg | 4/25/2025 | 23554 | 23173 | 23113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775541, 11.460%, 4/22/2030 †§x | Best Egg | 5/13/2025 | 47468 | 45656 | 47715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775719, 15.210%, 4/22/2030 †§x | Best Egg | 5/13/2025 | 38157 | 36695 | 37877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775897, 16.420%, 4/22/2030 †§x | Best Egg | 4/25/2025 | 30930 | 30426 | 30657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2775976, 21.170%, 4/22/2028 †§x | Best Egg | 4/25/2025 | 24779 | 24393 | 24685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2776111, 13.210%, 4/22/2030 †§x | Best Egg | 5/13/2025 | 45674 | 43927 | 45778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2776538, 8.830%, 4/22/2028 †§x | Best Egg | 5/13/2025 | 37291 | 35934 | 37209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2776921, 5.890%, 4/23/2029 †§x | Best Egg | 4/28/2025 | 45336 | 44621 | 45153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2776997, 13.200%, 4/23/2030 †§x | Best Egg | 5/13/2025 | 23788 | 22878 | 23770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2777060, 17.060%, 4/23/2030 †§x | Best Egg | 5/13/2025 | 28682 | 27580 | 28184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2777179, 6.090%, 4/23/2028 †§x | Best Egg | 4/28/2025 | 35902 | 35354 | 35823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2777584, 19.060%, 4/23/2030 †§x | Best Egg | 5/13/2025 | 21082 | 20271 | 20968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2778140, 19.240%, 4/23/2030 †§x | Best Egg | 5/13/2025 | 38339 | 36863 | 38130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2778257, 16.340%, 5/26/2028 †§x | Best Egg | 5/13/2025 | 45622 | 43941 | 44906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2778336, 25.510%, 4/23/2030 †§x | Best Egg | 4/28/2025 | 31578 | 31058 | 31086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2778439, 15.140%, 4/24/2030 †§x | Best Egg | 4/28/2025 | 35769 | 35187 | 35515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2778849, 20.270%, 4/24/2029 †§x | Best Egg | 4/28/2025 | 22643 | 22278 | 22988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2779013, 13.820%, 5/26/2028 †§x | Best Egg | 5/13/2025 | 23625 | 22757 | 23380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2779295, 15.540%, 4/24/2029 †§x | Best Egg | 4/28/2025 | 28511 | 28055 | 28733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2779912, 5.300%, 4/24/2028 †§x | Best Egg | 5/13/2025 | 31376 | 30240 | 31332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780042, 12.230%, 4/24/2030 †§x | Best Egg | 5/13/2025 | 47517 | 45701 | 47113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780195, 23.040%, 6/01/2030 †§x# | Best Egg | 4/30/2025 | 47605 | 46822 | 47325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780257, 12.130%, 6/01/2029 †§x# | Best Egg | 4/30/2025 | 35763 | 35191 | 36079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780468, 8.000%, 6/01/2028 †§x# | Best Egg | 4/30/2025 | 32421 | 31921 | 32720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780590, 10.790%, 6/01/2030 †§x# | Best Egg | 4/30/2025 | 41408 | 40736 | 41045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2780835, 6.420%, 6/01/2029 †§x# | Best Egg | 4/30/2025 | 23635 | 23260 | 23244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2781309, 15.950%, 6/01/2028 †§x# | Best Egg | 4/30/2025 | 25720 | 25319 | 25480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2781350, 6.420%, 6/01/2029 †§x# | Best Egg | 4/30/2025 | 28362 | 27912 | 28787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2781603, 6.090%, 6/01/2028 †§x# | Best Egg | 4/30/2025 | 25874 | 25476 | 25818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2781662, 10.300%, 6/01/2030 †§x# | Best Egg | 4/30/2025 | 38492 | 37868 | 38715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2782152, 22.820%, 6/01/2030 †§x# | Best Egg | 4/30/2025 | 22418 | 22049 | 22268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2782774, 15.630%, 6/12/2030 †§x# | Best Egg | 4/30/2025 | 41626 | 40946 | 41609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2782783, 6.600%, 6/01/2030 †§x# | Best Egg | 4/30/2025 | 35450 | 34878 | 35133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2782795, 19.720%, 6/01/2030 †§x# | Best Egg | 4/30/2025 | 29156 | 28678 | 29038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2783639, 6.930%, 6/01/2028 †§x# | Best Egg | 5/01/2025 | 39307 | 38702 | 39039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2784080, 11.740%, 6/01/2030 †§x | Best Egg | 5/01/2025 | 26716 | 26282 | 26457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2784258, 12.130%, 6/01/2029 †§x# | Best Egg | 5/01/2025 | 47578 | 46817 | 47557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2784559, 15.920%, 6/01/2028 †§x# | Best Egg | 5/01/2025 | 28044 | 27606 | 28379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2785196, 10.250%, 6/01/2030 †§x | Best Egg | 5/02/2025 | 29479 | 29001 | 29430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2785790, 6.710%, 5/01/2030 †§x | Best Egg | 5/02/2025 | 28028 | 27575 | 28187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2786535, 21.910%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 28188 | 27510 | 28005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2786567, 22.910%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 41392 | 40394 | 41222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2786614, 17.330%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 24203 | 23623 | 23803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2786645, 10.530%, 5/01/2028 †§x | Best Egg | 5/05/2025 | 44562 | 43545 | 44689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2787213, 31.070%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 29362 | 28649 | 28407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2787427, 20.650%, 6/01/2030 †x | Best Egg | 5/05/2025 | 22103 | 21571 | 21409 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**129** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2787563, 4.950%, 5/01/2028 †§x | Best Egg | 5/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2787839, 18.050%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 46016 | 44913 | 45637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2787864, 17.080%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 24800 | 24206 | 24724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2787871, 22.080%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 27220 | 26565 | 27043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2788563, 6.280%, 6/15/2030 †§x | Best Egg | 5/05/2025 | 27980 | 27319 | 27629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2788673, 10.460%, 6/01/2029 †§x | Best Egg | 5/05/2025 | 21350 | 20850 | 21594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2788777, 10.250%, 5/01/2028 †§x | Best Egg | 5/05/2025 | 27590 | 26966 | 27716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2788975, 20.300%, 5/01/2030 †§x | Best Egg | 5/05/2025 | 21565 | 21047 | 21423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2788994, 16.600%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 20795 | 20298 | 20391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2789168, 12.930%, 6/01/2030 †§x | Best Egg | 5/05/2025 | 33729 | 32925 | 33399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2789532, 14.570%, 5/01/2028 †§x | Best Egg | 5/05/2025 | 46607 | 45545 | 47008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2789570, 29.240%, 5/01/2030 †§x | Best Egg | 5/05/2025 | 24019 | 23423 | 23574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2789708, 20.240%, 5/01/2030 †§x | Best Egg | 5/05/2025 | 34349 | 33520 | 34123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2790651, 18.450%, 5/04/2028 †§x | Best Egg | 5/07/2025 | 30660 | 29952 | 30513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2790722, 10.250%, 5/04/2028 †§x | Best Egg | 5/07/2025 | 22267 | 21762 | 22372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2790732, 17.400%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 29031 | 28334 | 29133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2790868, 13.220%, 5/04/2028 †§x | Best Egg | 5/07/2025 | 46540 | 45480 | 46251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2790945, 17.370%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 36288 | 35417 | 36208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2790966, 20.640%, 5/06/2030 †§x | Best Egg | 5/09/2025 | 45189 | 44095 | 44841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791024, 18.530%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 30513 | 29780 | 30224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791358, 5.840%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 47829 | 46697 | 46867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791414, 14.890%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 36372 | 35501 | 36570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791566, 31.070%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 24347 | 23756 | 23305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791609, 9.820%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 36149 | 35289 | 35452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791656, 10.770%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 48081 | 46936 | 48027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791668, 11.460%, 6/13/2030 †§x | Best Egg | 5/07/2025 | 47840 | 46696 | 47935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791869, 10.250%, 5/04/2028 †§x | Best Egg | 5/07/2025 | 36647 | 35816 | 36820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2791882, 18.780%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 24222 | 23640 | 24153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2792214, 24.260%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 21154 | 20643 | 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2792222, 18.730%, 6/20/2030 †§x | Best Egg | 5/07/2025 | 20383 | 19895 | 20304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2792397, 14.410%, 5/04/2030 †§x | Best Egg | 5/07/2025 | 22935 | 22388 | 22759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2792425, 13.200%, 6/04/2030 †§x | Best Egg | 5/07/2025 | 48197 | 47046 | 48280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2792541, 6.090%, 5/04/2028 †§x | Best Egg | 5/07/2025 | 45247 | 44226 | 45139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2792663, 19.570%, 5/04/2029 †§x | Best Egg | 5/07/2025 | 32027 | 31271 | 32237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2792926, 20.370%, 6/08/2028 †§x | Best Egg | 5/08/2025 | 38849 | 37962 | 38668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2793310, 16.610%, 6/05/2030 †§x | Best Egg | 5/08/2025 | 26110 | 25483 | 26207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2793717, 10.790%, 5/05/2028 †§x | Best Egg | 5/08/2025 | 24137 | 23588 | 24221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2794327, 29.450%, 6/05/2030 †§x | Best Egg | 5/08/2025 | 30764 | 30018 | 29644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2794519, 11.160%, 5/05/2028 †§x | Best Egg | 5/08/2025 | 42256 | 41296 | 42668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2794620, 19.720%, 6/15/2030 †§x | Best Egg | 5/08/2025 | 22040 | 21508 | 21956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795155, 25.220%, 6/06/2030 †§x | Best Egg | 5/09/2025 | 47476 | 46328 | 46045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795251, 23.510%, 5/06/2030 †§x | Best Egg | 5/09/2025 | 26002 | 25372 | 25814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795408, 11.950%, 6/06/2030 †§x | Best Egg | 5/09/2025 | 47175 | 46050 | 46729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 279559865, 14.630%, 7/24/2029 †§x | Upgrade | 7/15/2024 | 34265 | 33902 | 33716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795630, 10.790%, 5/06/2028 †§x | Best Egg | 5/09/2025 | 20897 | 20422 | 20972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2795748, 18.530%, 5/06/2030 †§x | Best Egg | 5/09/2025 | 23851 | 23277 | 23630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2796401, 4.900%, 6/12/2028 †x | Best Egg | 5/09/2025 | 50761 | 49612 | 51547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2796885, 26.860%, 7/23/2030 †§x | Best Egg | 5/12/2025 | 29141 | 28032 | 28457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2796895, 10.250%, 5/07/2028 †§x | Best Egg | 5/12/2025 | 36183 | 34863 | 36360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2797033, 19.210%, 6/07/2030 †§x | Best Egg | 5/12/2025 | 30542 | 29364 | 30263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2797129, 13.200%, 6/07/2030 †§x | Best Egg | 5/12/2025 | 48192 | 46346 | 48289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2797143, 16.900%, 5/07/2028 †§x | Best Egg | 5/12/2025 | 21842 | 21039 | 22023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2797555, 15.430%, 5/07/2028 †§x | Best Egg | 5/12/2025 | 36386 | 35050 | 36715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2797591, 10.250%, 5/07/2028 †§x | Best Egg | 5/12/2025 | 46389 | 44696 | 46615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2797733, 13.200%, 5/07/2030 †§x | Best Egg | 5/12/2025 | 25044 | 24085 | 25095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2797863, 14.950%, 6/07/2029 †§x | Best Egg | 5/12/2025 | 23832 | 22931 | 24213 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**130** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2798249, 11.130%, 6/07/2029 †§x | Best Egg | 5/12/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2798572, 15.140%, 6/08/2030 †x | Best Egg | 5/12/2025 | 26240 | 25232 | 26044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2798636, 19.010%, 6/08/2030 †§x | Best Egg | 5/12/2025 | 23257 | 22361 | 23213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2798671, 12.670%, 6/08/2030 †§x | Best Egg | 5/12/2025 | 35122 | 33777 | 35199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2798753, 16.610%, 6/08/2030 †§x | Best Egg | 5/12/2025 | 32879 | 31614 | 33012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2798955, 16.730%, 5/08/2028 †§x | Best Egg | 5/12/2025 | 37369 | 35994 | 37701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799226, 6.280%, 6/08/2030 †§x | Best Egg | 5/12/2025 | 24920 | 23974 | 24427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799334, 19.270%, 6/08/2030 †§x | Best Egg | 5/12/2025 | 43617 | 41936 | 43403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799395, 17.090%, 5/08/2030 †§x | Best Egg | 5/12/2025 | 23161 | 22270 | 23252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799441, 24.470%, 6/08/2030 †§x | Best Egg | 5/12/2025 | 24333 | 23390 | 23610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799681, 27.890%, 5/08/2030 †§x | Best Egg | 5/12/2025 | 28959 | 27835 | 28466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799776, 14.180%, 6/16/2030 †§x | Best Egg | 5/12/2025 | 28720 | 27619 | 28497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799889, 9.210%, 5/08/2028 †§x | Best Egg | 5/12/2025 | 25098 | 24183 | 25224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2799996, 4.610%, 5/08/2028 †§x | Best Egg | 5/12/2025 | 23045 | 22211 | 22880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800109, 15.390%, 6/08/2030 †§x | Best Egg | 5/12/2025 | 28978 | 27866 | 28721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800366, 21.430%, 6/11/2030 †§x | Best Egg | 5/14/2025 | 33986 | 32671 | 33396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800418, 11.950%, 6/11/2030 †§x | Best Egg | 5/14/2025 | 47175 | 45369 | 46747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800915, 13.930%, 6/11/2030 †§x | Best Egg | 5/14/2025 | 21082 | 20273 | 20903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2800994, 19.980%, 6/11/2030 †§x | Best Egg | 5/14/2025 | 33945 | 32634 | 33650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2801028, 12.950%, 5/11/2030 †§x | Best Egg | 5/14/2025 | 35093 | 33748 | 35268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2801360, 13.700%, 6/11/2030 †§x | Best Egg | 5/14/2025 | 32129 | 30896 | 31547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2801378, 23.660%, 6/16/2028 †§x | Best Egg | 5/14/2025 | 25960 | 24993 | 25773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2801896, 10.770%, 6/11/2030 †§x | Best Egg | 5/14/2025 | 38465 | 36994 | 38569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2801909, 24.540%, 5/11/2028 †§x | Best Egg | 5/14/2025 | 47071 | 45321 | 46600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 280408795, 14.290%, 7/11/2027 †§x | Upgrade | 7/15/2024 | 27488 | 27256 | 27601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 280802745, 14.890%, 7/11/2029 †§x | Upgrade | 7/15/2024 | 34506 | 34146 | 33917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 281180735, 15.060%, 7/11/2028 †§x | Upgrade | 7/15/2024 | 31422 | 31118 | 30584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 281304182, 15.600%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 21103 | 20881 | 20721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 281572757, 14.630%, 7/11/2029 †§x | Upgrade | 7/15/2024 | 25221 | 24957 | 24728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 281784780, 14.290%, 7/03/2027 †§x | Upgrade | 7/15/2024 | 20863 | 20688 | 20952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 281793766, 14.630%, 7/17/2029 †§x | Upgrade | 7/22/2024 | 21858 | 21629 | 21468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 281995044, 15.600%, 7/10/2029 †§x | Upgrade | 7/19/2024 | 24973 | 24710 | 24495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282040550, 14.630%, 7/21/2029 †§x | Upgrade | 7/15/2024 | 27902 | 27606 | 27438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282060844, 15.600%, 7/15/2029 †§x | Upgrade | 7/15/2024 | 23705 | 23452 | 23242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282088788, 15.600%, 7/17/2029 †x# | Upgrade | 7/15/2024 | 27731 | 27384 | 21655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282117560, 15.600%, 7/10/2029 †§x | Upgrade | 7/15/2024 | 31232 | 30905 | 30608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282135688, 14.890%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 32564 | 32222 | 32024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282228740, 14.630%, 7/11/2029 †§x | Upgrade | 7/15/2024 | 33645 | 33295 | 32995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282228794, 14.630%, 7/11/2029 †§x | Upgrade | 7/15/2024 | 21437 | 21214 | 21019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282230850, 15.600%, 7/15/2029 †§x | Upgrade | 7/18/2024 | 25323 | 25057 | 24840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282233328, 15.600%, 7/11/2029 †§x | Upgrade | 7/15/2024 | 25323 | 25058 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282268792, 15.600%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 21103 | 20881 | 20721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282276344, 15.600%, 7/16/2029 †§x | Upgrade | 7/19/2024 | 30388 | 30069 | 29816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282277119, 15.600%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 37985 | 37585 | 37296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282278124, 15.600%, 7/12/2029 †§x | Upgrade | 7/15/2024 | 26656 | 26377 | 26127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282281354, 15.600%, 7/10/2029 †§x | Upgrade | 7/15/2024 | 30067 | 29752 | 29466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282414862, 15.600%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 27012 | 26727 | 26523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282423381, 15.600%, 7/24/2029 †§x | Upgrade | 7/18/2024 | 27495 | 27201 | 26993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282474791, 14.630%, 7/19/2029 †§x | Upgrade | 7/25/2024 | 24340 | 24085 | 23915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282482714, 15.600%, 7/20/2029 †§x | Upgrade | 7/18/2024 | 33829 | 33470 | 33228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282495823, 13.320%, 7/19/2027 †§x | Upgrade | 7/22/2024 | 22573 | 22381 | 22708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282519617, 14.080%, 7/15/2028 †§x | Upgrade | 7/18/2024 | 32848 | 32531 | 32005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282524622, 14.630%, 7/25/2029 †§x | Upgrade | 7/15/2024 | 25152 | 24886 | 24756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282537753, 15.600%, 7/12/2029 †§x | Upgrade | 7/15/2024 | 24041 | 23791 | 23565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282558816, 15.060%, 7/11/2028 †§x | Upgrade | 7/15/2024 | 22090 | 21814 | 21509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282569764, 15.600%, 7/27/2029 †§x | Upgrade | 7/15/2024 | 33997 | 33635 | 33458 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**131** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 282584053, 14.630%, 7/12/2029 †§x | Upgrade | 7/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2826024, 19.610%, 7/01/2029 †§x | Best Egg | 6/02/2025 | 47418 | 45570 | 46486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2826074, 9.820%, 7/01/2030 †§x | Best Egg | 6/02/2025 | 48740 | 46837 | 48383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282608184, 15.600%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 33765 | 33409 | 33154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282643463, 15.060%, 7/12/2028 †§x | Upgrade | 7/15/2024 | 32208 | 31896 | 31352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282665981, 14.630%, 7/16/2029 †§x | Upgrade | 7/15/2024 | 31174 | 30843 | 30580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282675198, 15.600%, 7/17/2029 †§x | Upgrade | 7/18/2024 | 33800 | 33445 | 33173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2826780, 20.720%, 7/01/2030 †§x | Best Egg | 6/02/2025 | 49120 | 47191 | 48468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282684132, 14.630%, 7/15/2029 †§x | Upgrade | 7/18/2024 | 29424 | 29116 | 28874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282702762, 14.630%, 7/15/2029 †§x | Upgrade | 7/18/2024 | 21017 | 20797 | 20624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282718485, 14.630%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 22698 | 22461 | 22297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282726328, 15.600%, 7/17/2029 †§x | Upgrade | 7/22/2024 | 30388 | 30068 | 29834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282740479, 15.600%, 7/15/2029 †§x | Upgrade | 7/18/2024 | 28020 | 27726 | 27486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282786556, 14.630%, 7/15/2029 †§x | Upgrade | 7/18/2024 | 31946 | 31612 | 31349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282794957, 13.320%, 7/17/2027 †§x | Upgrade | 7/22/2024 | 29735 | 29482 | 29922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282796308, 14.630%, 7/15/2029 †§x | Upgrade | 7/18/2024 | 21017 | 20797 | 20624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2828063, 10.970%, 7/01/2030 †§x | Best Egg | 6/02/2025 | 35357 | 33975 | 35622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282813012, 14.630%, 7/15/2029 †§x | Upgrade | 7/18/2024 | 24380 | 24125 | 23924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282875432, 9.210%, 7/18/2027 †§x | Upgrade | 7/22/2024 | 20781 | 20609 | 20663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282883473, 15.600%, 7/17/2029 †§x | Upgrade | 7/22/2024 | 24479 | 24222 | 24033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282904987, 14.630%, 7/16/2029 †§x | Upgrade | 7/19/2024 | 21017 | 20797 | 20630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282942125, 14.630%, 7/16/2029 †§x | Upgrade | 7/19/2024 | 34131 | 33773 | 33504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282962452, 15.600%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 32076 | 31739 | 31494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282967359, 13.320%, 7/22/2027 †§x | Upgrade | 7/25/2024 | 27361 | 27128 | 27543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2829769, 9.790%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 26777 | 26133 | 26583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2829830, 16.330%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 29331 | 28621 | 29334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2829942, 10.250%, 6/01/2028 †§x | Best Egg | 6/04/2025 | 23797 | 23244 | 23751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830060, 13.200%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 38546 | 37616 | 38665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830169, 8.240%, 6/01/2028 †§x | Best Egg | 6/04/2025 | 45497 | 44441 | 45727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830233, 23.570%, 6/01/2030 †x | Best Egg | 6/04/2025 | 24685 | 24084 | 23935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830248, 13.670%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 44902 | 43818 | 45038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830257, 13.040%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 41151 | 40158 | 41279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283028402, 15.060%, 7/23/2028 †§x | Upgrade | 7/22/2024 | 30254 | 29876 | 29529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830381, 13.940%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 48815 | 47636 | 48838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830413, 22.690%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 22408 | 21863 | 22382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830421, 18.550%, 7/15/2030 †§x | Best Egg | 6/04/2025 | 21202 | 20689 | 21101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830506, 7.040%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 48592 | 47427 | 48954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830521, 17.770%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 48059 | 46895 | 47704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830525, 17.290%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 48912 | 47727 | 48551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283053589, 15.600%, 8/01/2029 †§x# | Upgrade | 7/22/2024 | 21580 | 21350 | 21118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283062678, 15.600%, 7/22/2029 †§x | Upgrade | 7/25/2024 | 24901 | 24639 | 24470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830651, 17.290%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 28930 | 28230 | 28717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830660, 12.960%, 7/25/2030 †§x | Best Egg | 6/04/2025 | 46279 | 45163 | 46496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283069015, 14.630%, 7/17/2029 †§x | Upgrade | 7/22/2024 | 37831 | 37435 | 37156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283071101, 14.630%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 28323 | 28027 | 27822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830731, 11.440%, 6/01/2029 †§x | Best Egg | 6/04/2025 | 47043 | 45923 | 47662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283092033, 14.630%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 32786 | 32421 | 32186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830969, 13.670%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 47831 | 46676 | 47975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2830983, 12.230%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 20391 | 19900 | 20511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831076, 11.650%, 7/15/2030 †§x | Best Egg | 6/04/2025 | 34246 | 33421 | 34085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831084, 10.300%, 6/01/2028 †§x | Best Egg | 6/04/2025 | 47595 | 46489 | 47504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831243, 15.460%, 6/01/2030 †x | Best Egg | 6/04/2025 | 86981 | 84878 | 87223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831270, 11.230%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 21638 | 21117 | 21711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831300, 7.510%, 6/01/2028 †§x | Best Egg | 6/04/2025 | 46606 | 45526 | 47150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831354, 13.580%, 6/01/2029 †§x | Best Egg | 6/04/2025 | 20326 | 19841 | 20133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283140575, 14.630%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 21017 | 20797 | 20644 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**132** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831450, 10.440%, 6/01/2030 †§x | Best Egg | 6/04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283150801, 15.600%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 24482 | 24223 | 24038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283150852, 14.630%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 28583 | 28284 | 28076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283152313, 15.600%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 27133 | 26849 | 26644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283159508, 15.060%, 7/18/2028 †§x | Upgrade | 7/22/2024 | 31459 | 31151 | 30672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283159554, 15.600%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 22791 | 22551 | 22377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831607, 9.950%, 7/09/2030 †§x | Best Egg | 6/04/2025 | 28304 | 27623 | 28105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831625, 16.600%, 7/15/2030 †§x | Best Egg | 6/04/2025 | 21951 | 21420 | 22097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283177126, 14.630%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 23482 | 23237 | 23070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283178096, 13.320%, 7/23/2027 †§x | Upgrade | 7/22/2024 | 27283 | 27047 | 27474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283192614, 14.290%, 7/18/2027 †§x | Upgrade | 7/22/2024 | 30924 | 30661 | 31097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2831975, 21.870%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 20790 | 20285 | 20458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832044, 19.980%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 24492 | 23898 | 24603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832091, 6.090%, 6/01/2028 †§x | Best Egg | 6/04/2025 | 23724 | 23175 | 23678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832339, 19.950%, 6/01/2030 †§x | Best Egg | 6/04/2025 | 48984 | 47795 | 48724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283239708, 15.600%, 7/18/2029 †§x | Upgrade | 7/22/2024 | 26168 | 25892 | 25692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283241020, 14.630%, 7/17/2029 †§x | Upgrade | 7/22/2024 | 33618 | 33260 | 33012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283249516, 13.320%, 7/10/2027 †§x | Upgrade | 7/22/2024 | 27908 | 27672 | 28077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832516, 10.790%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 22931 | 22397 | 23041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832607, 22.870%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 49058 | 47865 | 48830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283264559, 15.600%, 7/19/2029 †§x | Upgrade | 7/22/2024 | 23635 | 23386 | 23208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832756, 15.880%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 31278 | 30521 | 30775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283276211, 14.630%, 7/15/2029 †§x | Upgrade | 7/22/2024 | 31037 | 30711 | 30485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832795, 12.480%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 39016 | 38075 | 38737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832816, 11.510%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 41916 | 40906 | 42171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2832857, 14.720%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 46549 | 45461 | 46141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833011, 15.370%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 29314 | 28605 | 29103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833089, 12.730%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 20978 | 20471 | 21045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833200, 13.690%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 24404 | 23814 | 24419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833229, 5.980%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 45546 | 44491 | 45494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833263, 23.780%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 37340 | 36431 | 37161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833348, 14.180%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 27096 | 26441 | 26901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833426, 12.210%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 26324 | 25689 | 26347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833485, 16.520%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 22456 | 21930 | 22421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833545, 13.650%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 25417 | 24803 | 25496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833584, 16.840%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 48899 | 47715 | 48115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833694, 8.480%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 38026 | 37143 | 38585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2833744, 6.220%, 6/02/2029 †§x | Best Egg | 6/05/2025 | 38518 | 37606 | 37892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834011, 12.620%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 23315 | 22771 | 23422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834025, 15.020%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 24423 | 23833 | 24423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834028, 16.940%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 26647 | 26001 | 26491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834235, 20.270%, 6/02/2029 †§x | Best Egg | 6/05/2025 | 45978 | 44875 | 46375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834280, 15.630%, 7/10/2030 †§x | Best Egg | 6/05/2025 | 25307 | 24695 | 25382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834314, 12.990%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 25750 | 25150 | 26028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834328, 13.200%, 6/02/2030 †§x | Best Egg | 6/05/2025 | 21870 | 21341 | 21940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834372, 15.280%, 6/02/2028 †§x | Best Egg | 6/05/2025 | 22902 | 22366 | 22701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834493, 6.020%, 6/03/2028 †§x | Best Egg | 6/06/2025 | 20876 | 20392 | 20998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834720, 15.020%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 48847 | 47665 | 48852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2834968, 12.230%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 46128 | 45015 | 46285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835022, 15.370%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 29314 | 28605 | 29329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835297, 12.230%, 7/15/2030 †§x | Best Egg | 6/06/2025 | 36371 | 35492 | 36484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835421, 12.210%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 48762 | 47585 | 48419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835438, 18.730%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 48952 | 47764 | 48831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835450, 12.260%, 6/03/2028 †§x | Best Egg | 6/06/2025 | 33363 | 32585 | 33673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835621, 15.630%, 7/22/2030 †§x | Best Egg | 6/06/2025 | 26610 | 25967 | 26729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835681, 15.130%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 20682 | 20181 | 20343 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**133** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835719, 12.750%, 6/03/2028 †§x | Best Egg | 6/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835757, 23.650%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 27487 | 26818 | 27397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2835973, 13.190%, 7/05/2030 †§x | Best Egg | 6/06/2025 | 33341 | 32535 | 32808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836038, 13.690%, 6/03/2030 †§x# | Best Egg | 6/06/2025 | 48529 | 47356 | 48185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836225, 17.560%, 7/16/2030 †§x | Best Egg | 6/06/2025 | 25603 | 24983 | 25664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836267, 15.150%, 6/03/2030 †§x | Best Egg | 6/06/2025 | 22844 | 22291 | 22970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836579, 6.710%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 38865 | 37931 | 38135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836581, 23.990%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 39273 | 38319 | 38230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836582, 9.760%, 7/15/2029 †§x | Best Egg | 6/09/2025 | 20385 | 19899 | 20428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836622, 10.800%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 21746 | 21221 | 21566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2836979, 23.440%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 27048 | 26388 | 26912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2837001, 16.330%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 34219 | 33390 | 34236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2837057, 19.690%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 48977 | 47787 | 48792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2837226, 5.840%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 48551 | 47385 | 47935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2837227, 17.810%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 24463 | 23870 | 24291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2837378, 10.320%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 21916 | 21387 | 21947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2837465, 19.500%, 6/04/2030 †§x | Best Egg | 6/09/2025 | 29383 | 28669 | 29526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2837913, 7.260%, 6/04/2028 †§x | Best Egg | 6/09/2025 | 42740 | 41746 | 43392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838023, 3.920%, 6/04/2028 †§x | Best Egg | 6/09/2025 | 37895 | 37016 | 38127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838377, 8.070%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 23341 | 22779 | 23146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838418, 21.040%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 49012 | 47820 | 48785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838568, 18.340%, 6/05/2029 †§x | Best Egg | 6/09/2025 | 20387 | 19898 | 20095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838574, 14.280%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 47849 | 46690 | 48006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838575, 19.270%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 48966 | 47776 | 48215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838814, 12.130%, 6/05/2029 †§x | Best Egg | 6/09/2025 | 30858 | 30121 | 30868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838864, 14.450%, 6/05/2029 †§x | Best Egg | 6/09/2025 | 33896 | 33085 | 33588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2838935, 6.280%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 25292 | 24685 | 24816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839058, 10.050%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 48693 | 47519 | 48292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839088, 8.290%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 30714 | 29974 | 30150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839089, 15.390%, 6/05/2030 †§x | Best Egg | 6/09/2025 | 24429 | 23837 | 24448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839413, 16.140%, 6/05/2028 †§x | Best Egg | 6/09/2025 | 47789 | 46667 | 47385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839419, 17.970%, 6/05/2029 †§x | Best Egg | 6/09/2025 | 29118 | 28419 | 29382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839421, 16.510%, 6/05/2029 †§x | Best Egg | 6/09/2025 | 46062 | 44958 | 46001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839470, 14.470%, 6/05/2029 †§x | Best Egg | 6/09/2025 | 31215 | 30468 | 30932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2839916, 15.430%, 6/05/2028 †§x | Best Egg | 6/09/2025 | 24259 | 23690 | 24233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840008, 13.570%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 31234 | 30478 | 31264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840038, 15.150%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 38972 | 38028 | 39205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840113, 9.790%, 6/08/2030 †§x# | Best Egg | 6/11/2025 | 21137 | 20627 | 20971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840125, 13.530%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 23620 | 23049 | 23768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840208, 12.990%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 24219 | 23651 | 24562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840217, 12.240%, 7/12/2030 †x | Best Egg | 6/11/2025 | 57750 | 56353 | 58064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840255, 5.400%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 28598 | 27911 | 28069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840280, 10.190%, 7/15/2028 †§x | Best Egg | 6/11/2025 | 46872 | 45773 | 47424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840284, 18.180%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 28712 | 28036 | 28480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840321, 20.650%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 21419 | 20898 | 21335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840334, 18.530%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 47967 | 46801 | 48001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840406, 11.860%, 7/10/2029 †§x | Best Egg | 6/11/2025 | 20317 | 19830 | 20363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840434, 15.850%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 34210 | 33380 | 33987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840436, 11.760%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 37926 | 37009 | 37265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840547, 10.080%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 32869 | 32075 | 32934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840592, 11.340%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 29241 | 28534 | 29009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840605, 21.260%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 32052 | 31271 | 31993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840624, 24.050%, 6/08/2030 †x | Best Egg | 6/11/2025 | 29452 | 28734 | 28613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840652, 12.240%, 6/08/2029 †§x | Best Egg | 6/11/2025 | 38682 | 37757 | 39076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840751, 18.810%, 7/26/2030 †§x | Best Egg | 6/11/2025 | 44482 | 43405 | 43984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840778, 12.810%, 6/08/2029 †§x | Best Egg | 6/11/2025 | 29233 | 28534 | 29249 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**134** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840874, 16.600%, 6/08/2030 †§x | Best Egg | 6/11/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840881, 11.510%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 48740 | 47562 | 48427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840893, 14.410%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 24414 | 23823 | 24435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840896, 14.010%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 48817 | 47635 | 48861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840901, 13.200%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 41521 | 40516 | 41675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2840959, 10.790%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 19940 | 19473 | 20140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841004, 10.310%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 26610 | 25988 | 27005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841184, 6.330%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 25559 | 24945 | 25766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841233, 13.120%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 39738 | 38806 | 40118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841250, 9.000%, 6/08/2029 †§x | Best Egg | 6/11/2025 | 33771 | 32966 | 34266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841396, 8.780%, 7/26/2030 †x | Best Egg | 6/11/2025 | 49924 | 48720 | 50220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841439, 17.560%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 38157 | 37230 | 37907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841491, 12.480%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 48770 | 47591 | 49085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841532, 28.290%, 8/22/2030 †§x | Best Egg | 6/11/2025 | 21499 | 20971 | 20964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841539, 10.050%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 23956 | 23377 | 23764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841542, 15.430%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 25268 | 24674 | 25480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841548, 15.430%, 7/20/2028 †§x | Best Egg | 6/11/2025 | 20842 | 20351 | 20968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841551, 11.950%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 21939 | 21409 | 21766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841579, 5.400%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 38828 | 37895 | 38096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841741, 8.970%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 45950 | 44877 | 46625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841757, 12.510%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 36289 | 35436 | 36797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841910, 16.850%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 39120 | 38170 | 39157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2841945, 12.360%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 38132 | 37238 | 37987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842094, 14.410%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 32015 | 31240 | 32057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842338, 21.530%, 6/08/2028 †x | Best Egg | 6/11/2025 | 26303 | 25682 | 26076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842409, 11.950%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 20418 | 19925 | 20257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842450, 14.560%, 6/08/2029 †§x | Best Egg | 6/11/2025 | 28571 | 27887 | 28847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842525, 11.740%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 30998 | 30249 | 31119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842641, 17.290%, 6/08/2030 †§x | Best Egg | 6/11/2025 | 39130 | 38179 | 39146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842648, 14.460%, 6/08/2028 †§x | Best Egg | 6/11/2025 | 30304 | 29593 | 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842861, 11.990%, 7/25/2030 †§x | Best Egg | 6/11/2025 | 26970 | 26319 | 27118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2842999, 31.070%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 21524 | 20996 | 21259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843045, 8.760%, 6/09/2028 †§x | Best Egg | 6/12/2025 | 23403 | 22856 | 23363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843105, 10.770%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 36274 | 35398 | 36046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843224, 11.460%, 6/09/2029 †§x | Best Egg | 6/12/2025 | 22185 | 21655 | 22426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843249, 20.200%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 37617 | 36702 | 37625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843310, 5.840%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 38840 | 37906 | 38357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843467, 6.180%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 29137 | 28437 | 28595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843603, 16.940%, 10/09/2030 †x# | Best Egg | 6/12/2025 | 40000 | 39015 | 39792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843678, 9.790%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 29211 | 28506 | 28978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843694, 13.200%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 37082 | 36184 | 37223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843859, 15.320%, 6/09/2028 †§x | Best Egg | 6/12/2025 | 24130 | 23563 | 24353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843863, 14.050%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 26601 | 25956 | 26432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843947, 12.970%, 6/09/2030 †x | Best Egg | 6/12/2025 | 23824 | 23248 | 23863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2843978, 15.260%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 48854 | 47669 | 48895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844308, 15.170%, 7/23/2028 †§x | Best Egg | 6/12/2025 | 23232 | 22685 | 23449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844323, 11.950%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 38030 | 37110 | 37732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844390, 7.570%, 6/09/2028 †§x | Best Egg | 6/12/2025 | 27075 | 26443 | 27237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844398, 12.960%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 40903 | 39914 | 41060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844526, 9.180%, 6/09/2028 †§x | Best Egg | 6/12/2025 | 35192 | 34369 | 35389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844590, 24.950%, 6/09/2030 †§x | Best Egg | 6/12/2025 | 23326 | 22757 | 22672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844708, 21.390%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 25981 | 25348 | 25611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844739, 9.000%, 6/10/2029 †§x | Best Egg | 6/13/2025 | 23563 | 23000 | 23587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844778, 12.730%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 31560 | 30795 | 31618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2844952, 3.670%, 6/10/2028 †§x | Best Egg | 6/13/2025 | 29861 | 29166 | 29810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845028, 18.530%, 10/26/2030 †§x# | Best Egg | 6/13/2025 | 49858 | 48645 | 49674 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**135** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845092, 20.650%, 7/15/2030 †§x | Best Egg | 6/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845099, 11.990%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 25321 | 24709 | 25125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845145, 11.250%, 6/10/2030 †x | Best Egg | 6/13/2025 | 77971 | 76085 | 77363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845183, 14.660%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 48348 | 47175 | 48650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845210, 15.150%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 39081 | 38132 | 38836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845229, 17.080%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 35212 | 34357 | 34991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845271, 11.420%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 32320 | 31538 | 31758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845505, 10.790%, 6/10/2028 †§x | Best Egg | 6/13/2025 | 38883 | 37972 | 39096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2845811, 23.650%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 35581 | 34713 | 35471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 284589765, 15.600%, 8/13/2029 †x | Upgrade | 8/16/2024 | 38262 | 37855 | 37761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846026, 13.210%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 30567 | 29827 | 30332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846030, 15.850%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 27450 | 26784 | 27050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846074, 13.190%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 29275 | 28566 | 29389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846102, 25.090%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 32861 | 32058 | 32794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846413, 19.690%, 6/10/2030 †§x | Best Egg | 6/13/2025 | 21408 | 20887 | 21101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846738, 7.480%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 43261 | 42217 | 43610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846864, 13.320%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 24398 | 23806 | 24559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846877, 12.530%, 6/11/2029 †§x | Best Egg | 6/16/2025 | 31198 | 30450 | 31224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2846912, 17.090%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 48906 | 47717 | 48604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847036, 14.890%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 33430 | 32618 | 33273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847074, 5.450%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 20874 | 20371 | 20705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847137, 15.630%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 48865 | 47678 | 49166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847203, 13.930%, 7/17/2030 †§x | Best Egg | 6/16/2025 | 37882 | 36962 | 38188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847337, 11.300%, 6/11/2029 †§x | Best Egg | 6/16/2025 | 48321 | 47164 | 49011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847462, 5.400%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 20651 | 20154 | 20265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847478, 4.950%, 6/11/2028 †x | Best Egg | 6/16/2025 | 51202 | 50006 | 51161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847496, 21.870%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 24517 | 23919 | 24452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847616, 10.820%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 40489 | 39509 | 39782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847647, 13.820%, 6/11/2028 †§x | Best Egg | 6/16/2025 | 30779 | 30055 | 31218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847664, 8.850%, 7/22/2030 †§x | Best Egg | 6/16/2025 | 24150 | 23567 | 24300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847723, 12.950%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 31581 | 30816 | 31792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 284779688, 14.630%, 8/13/2029 †§x | Upgrade | 8/16/2024 | 27742 | 27448 | 27223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2847856, 13.710%, 6/11/2028 †§x | Best Egg | 6/16/2025 | 26527 | 25902 | 26832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848031, 11.950%, 6/11/2030 †§x | Best Egg | 6/16/2025 | 24889 | 24285 | 24735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 284821048, 13.840%, 9/03/2027 †§x | Upgrade | 9/06/2024 | 36836 | 36505 | 36929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848516, 14.660%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 24418 | 23825 | 24575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848562, 14.270%, 6/12/2029 †§x | Best Egg | 6/16/2025 | 29050 | 28353 | 29381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848603, 19.950%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 24492 | 23895 | 24439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848620, 11.600%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 30464 | 29726 | 30283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848628, 8.470%, 7/18/2030 †§x | Best Egg | 6/16/2025 | 34098 | 33274 | 34432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848755, 21.430%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 21083 | 20568 | 20981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848835, 7.280%, 6/12/2028 †§x | Best Egg | 6/16/2025 | 23745 | 23189 | 23725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848908, 5.840%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 24275 | 23690 | 24482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848966, 28.290%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 49183 | 47979 | 49080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2848982, 9.040%, 7/26/2028 †§x | Best Egg | 6/16/2025 | 25772 | 25166 | 25938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849048, 15.430%, 6/12/2028 †§x | Best Egg | 6/16/2025 | 26749 | 26118 | 27049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849097, 15.630%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 48865 | 47678 | 49171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849128, 27.330%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 29498 | 28776 | 28707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849199, 13.600%, 6/12/2028 †§x | Best Egg | 6/16/2025 | 30447 | 29730 | 30140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849209, 23.840%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 23747 | 23167 | 23630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849340, 10.120%, 6/12/2028 †§x | Best Egg | 6/16/2025 | 32361 | 31601 | 32856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849533, 19.820%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 26939 | 26283 | 26882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849544, 21.390%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 23040 | 22478 | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849592, 23.440%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 33124 | 32315 | 33008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849784, 18.020%, 7/26/2030 †§x# | Best Egg | 6/16/2025 | 33308 | 32489 | 33351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2849811, 16.330%, 6/12/2030 †§x | Best Egg | 6/16/2025 | 31286 | 30526 | 31142 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**136** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 284998477, 15.140%, 8/12/2029 †§x | Upgrade | 8/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850122, 21.910%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 49035 | 47837 | 48815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850130, 11.830%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 30225 | 29492 | 30002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850167, 12.610%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 48774 | 47591 | 48872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850275, 14.290%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 47849 | 46686 | 48173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285031121, 13.670%, 8/20/2029 †§x | Upgrade | 8/12/2024 | 20522 | 20302 | 20016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850334, 15.850%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 32043 | 31264 | 31861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850416, 17.290%, 6/15/2029 †§x | Best Egg | 6/18/2025 | 45114 | 44027 | 45609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850425, 8.470%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 24192 | 23607 | 23906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850498, 19.210%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 48964 | 47771 | 48894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850508, 11.310%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 31389 | 30628 | 30852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850533, 12.500%, 6/15/2028 †§x | Best Egg | 6/18/2025 | 28602 | 27928 | 29031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850548, 16.600%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 23129 | 22567 | 23173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850561, 22.650%, 7/26/2030 †§x | Best Egg | 6/18/2025 | 29641 | 28918 | 29690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850624, 11.720%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 22261 | 21722 | 22098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850798, 18.630%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 26484 | 25839 | 26448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850837, 18.050%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 22623 | 22071 | 22493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850858, 9.830%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 24277 | 23690 | 23854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2850968, 13.210%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 29276 | 28565 | 29346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851013, 14.170%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 48822 | 47636 | 48017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851040, 16.850%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 20696 | 20192 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851118, 10.030%, 6/15/2028 †x | Best Egg | 6/18/2025 | 32358 | 31597 | 32552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851126, 7.210%, 5/15/2028 †§x | Best Egg | 6/18/2025 | 25001 | 24415 | 25225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851253, 6.970%, 6/15/2028 †§x | Best Egg | 6/18/2025 | 24689 | 24110 | 24528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851328, 13.930%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 29289 | 28577 | 29124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851369, 16.110%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 48879 | 47690 | 48975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851402, 13.300%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 35133 | 34280 | 35285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851415, 10.350%, 6/15/2028 †x | Best Egg | 6/18/2025 | 35698 | 34858 | 35714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851421, 13.320%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 47679 | 46521 | 48010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851487, 4.060%, 6/15/2028 †§x | Best Egg | 6/18/2025 | 37899 | 37013 | 38149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851859, 13.200%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 25951 | 25321 | 26013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851907, 20.600%, 6/15/2028 †§x | Best Egg | 6/18/2025 | 47928 | 46791 | 47912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2851928, 21.430%, 7/26/2030 †§x | Best Egg | 6/18/2025 | 40591 | 39602 | 40517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852093, 18.570%, 6/15/2028 †§x | Best Egg | 6/18/2025 | 34463 | 33647 | 34251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852122, 24.800%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 34373 | 33533 | 34297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285215619, 15.600%, 8/09/2029 †§x | Upgrade | 8/12/2024 | 22619 | 22379 | 22164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852259, 12.700%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 26958 | 26304 | 26654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852313, 7.480%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 29212 | 28506 | 29457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852324, 13.790%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 41977 | 40958 | 42155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852361, 26.130%, 6/15/2028 †§x | Best Egg | 6/18/2025 | 38472 | 37555 | 38314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852457, 7.480%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 26248 | 25614 | 26468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852623, 19.950%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 48004 | 46834 | 47361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852681, 12.180%, 6/15/2030 †§x | Best Egg | 6/18/2025 | 34942 | 34094 | 35192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852702, 15.630%, 8/01/2030 †§x | Best Egg | 6/18/2025 | 42805 | 41762 | 42978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852711, 14.950%, 6/15/2029 †§x | Best Egg | 6/18/2025 | 35360 | 34509 | 36034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852786, 7.480%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 48607 | 47432 | 48800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852898, 12.960%, 7/18/2029 †§x | Best Egg | 6/20/2025 | 29047 | 28348 | 29514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2852922, 16.730%, 6/16/2028 †x | Best Egg | 6/20/2025 | 40045 | 39096 | 40431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285306459, 10.520%, 8/09/2027 †§x | Upgrade | 8/12/2024 | 21028 | 20847 | 20798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853106, 15.880%, 7/26/2030 †§x | Best Egg | 6/20/2025 | 38292 | 37362 | 38474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285351782, 14.160%, 8/12/2029 †§x | Upgrade | 8/15/2024 | 25689 | 25417 | 25156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853618, 14.660%, 7/26/2030 †§x | Best Egg | 6/20/2025 | 20369 | 19871 | 20508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853638, 8.440%, 6/16/2029 †§x | Best Egg | 6/20/2025 | 41258 | 40270 | 41326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853663, 10.520%, 6/16/2028 †§x | Best Egg | 6/20/2025 | 23156 | 22611 | 23140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853676, 17.770%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 48925 | 47733 | 48994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853710, 11.590%, 6/16/2028 †§x | Best Egg | 6/20/2025 | 37158 | 36282 | 37622 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**137** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853862, 16.600%, 7/21/2030 †§x | Best Egg | 6/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2853897, 21.240%, 7/26/2029 †§x | Best Egg | 6/20/2025 | 34220 | 33387 | 34696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854055, 20.910%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 26465 | 25819 | 26426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854071, 15.500%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 31523 | 30759 | 31090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854110, 17.590%, 6/16/2028 †§x | Best Egg | 6/20/2025 | 48094 | 46948 | 47840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854219, 15.630%, 7/18/2030 †§x | Best Egg | 6/20/2025 | 35167 | 34311 | 35227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854258, 6.290%, 6/16/2028 †§x | Best Egg | 6/20/2025 | 28473 | 27804 | 28452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285430256, 15.600%, 8/12/2029 †§x | Upgrade | 8/15/2024 | 34272 | 33907 | 33608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854304, 7.310%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 30693 | 29951 | 30953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854468, 14.170%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 44099 | 43027 | 43375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854491, 19.770%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 30367 | 29626 | 30328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854534, 19.690%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 39182 | 38226 | 38664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285459504, 14.920%, 8/12/2029 †x | Upgrade | 8/15/2024 | 42728 | 42275 | 41563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854599, 13.930%, 6/16/2030 †§x | Best Egg | 6/20/2025 | 45495 | 44390 | 45811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854620, 17.010%, 6/16/2028 †§x | Best Egg | 6/20/2025 | 47907 | 46769 | 47856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854643, 4.610%, 6/17/2028 †§x | Best Egg | 6/20/2025 | 21801 | 21290 | 21946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285464316, 14.080%, 8/12/2028 †§x | Upgrade | 8/15/2024 | 31993 | 31678 | 31134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854663, 16.360%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 47512 | 46355 | 47825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285479860, 14.630%, 8/12/2029 †§x | Upgrade | 8/15/2024 | 34144 | 33782 | 33497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854872, 18.280%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 38050 | 37123 | 37842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854930, 15.880%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 23459 | 22888 | 23512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2854962, 19.690%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 29386 | 28669 | 29004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285503638, 13.840%, 8/19/2027 †§x | Upgrade | 8/22/2024 | 27743 | 27498 | 27878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855184, 16.360%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 31840 | 31065 | 31970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855204, 14.600%, 6/17/2028 †§x | Best Egg | 6/20/2025 | 25509 | 24906 | 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855349, 21.200%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 39213 | 38255 | 39215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855368, 4.160%, 6/17/2028 †§x | Best Egg | 6/20/2025 | 39830 | 38896 | 39769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855405, 6.970%, 6/17/2028 †§x | Best Egg | 6/20/2025 | 25505 | 24906 | 25340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855419, 8.350%, 6/17/2029 †§x | Best Egg | 6/20/2025 | 20090 | 19609 | 20032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855534, 10.790%, 8/01/2028 †§x | Best Egg | 6/20/2025 | 33333 | 32535 | 33638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855543, 13.710%, 6/17/2028 †§x | Best Egg | 6/20/2025 | 37404 | 36520 | 37961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285572883, 15.600%, 8/13/2029 †§x | Upgrade | 8/16/2024 | 30938 | 30608 | 30348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855794, 7.480%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 48607 | 47432 | 49022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285589127, 14.630%, 8/12/2029 †§x | Upgrade | 8/15/2024 | 34571 | 34205 | 33916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855892, 14.190%, 6/17/2028 †§x | Best Egg | 6/20/2025 | 31976 | 31220 | 32302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855902, 14.890%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 25086 | 24476 | 25135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285590259, 14.290%, 9/04/2027 †§x | Upgrade | 9/09/2024 | 30997 | 30718 | 31094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2855957, 16.100%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 39312 | 38355 | 39399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285597884, 14.290%, 8/27/2027 †§x | Upgrade | 8/30/2024 | 23471 | 23262 | 23635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856074, 18.630%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 26188 | 25549 | 26200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856101, 8.360%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 32552 | 31765 | 31995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856142, 12.010%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 29042 | 28338 | 29125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856163, 15.220%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 24426 | 23832 | 24484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285624894, 15.140%, 8/12/2029 †x# | Upgrade | 8/15/2024 | 45684 | 45113 | 34105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856333, 4.370%, 6/17/2028 †§x | Best Egg | 6/20/2025 | 37908 | 37020 | 38161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856371, 29.720%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 24607 | 24003 | 24361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856380, 21.390%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 36276 | 35390 | 36228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856389, 14.910%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 47922 | 46757 | 48038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856396, 8.590%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 20808 | 20305 | 20916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856448, 5.890%, 6/17/2029 †§x | Best Egg | 6/20/2025 | 48136 | 46986 | 47391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856475, 18.250%, 7/22/2030 †§x | Best Egg | 6/20/2025 | 39252 | 38296 | 39193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856563, 16.600%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 30489 | 29746 | 30555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856588, 15.880%, 6/17/2030 †§x | Best Egg | 6/20/2025 | 39098 | 38146 | 39186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856743, 21.910%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 49032 | 47833 | 48837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285678153, 12.870%, 8/12/2027 †§x | Upgrade | 8/15/2024 | 31875 | 31597 | 31999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285685637, 15.600%, 8/12/2029 †§x | Upgrade | 8/15/2024 | 24419 | 24159 | 23946 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**138** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856861, 5.310%, 6/19/2028 †§x | Best Egg | 6/23/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856868, 18.840%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 24831 | 24225 | 24883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2856982, 6.090%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 24198 | 23629 | 24163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857182, 4.610%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 26541 | 25917 | 26365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857269, 25.220%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 46659 | 45516 | 45611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857281, 10.750%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 22282 | 21755 | 22302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857347, 10.340%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 46645 | 45543 | 46938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857359, 15.370%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 25894 | 25264 | 25962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857405, 14.490%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 29299 | 28586 | 29379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857439, 16.360%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 33152 | 32343 | 32978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857557, 17.310%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 30262 | 29524 | 30318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857616, 5.840%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 30660 | 29919 | 30937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857629, 15.950%, 7/22/2030 †§x | Best Egg | 6/23/2025 | 46186 | 45060 | 45595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857727, 18.730%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 48144 | 46969 | 48224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857825, 13.060%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 31038 | 30303 | 31367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857875, 15.630%, 7/25/2030 †§x | Best Egg | 6/23/2025 | 37971 | 37046 | 38150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2857985, 7.260%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 29664 | 28945 | 29977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858193, 8.780%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 26758 | 26110 | 26448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858199, 15.020%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 41033 | 40034 | 40881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858262, 22.390%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 28476 | 27779 | 28362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858406, 16.610%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 48893 | 47701 | 49222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858439, 12.380%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 40034 | 39087 | 40538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858561, 11.650%, 6/19/2029 †§x | Best Egg | 6/23/2025 | 20177 | 19690 | 20439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858632, 15.630%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 24445 | 23850 | 24056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858633, 24.950%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 37633 | 36711 | 37628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858641, 19.750%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 39183 | 38226 | 39030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858727, 14.910%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 41517 | 40506 | 41809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858864, 11.590%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 36682 | 35815 | 37256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858925, 8.840%, 6/19/2029 †§x | Best Egg | 6/23/2025 | 25122 | 24519 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285895373, 15.600%, 8/19/2029 †§x | Upgrade | 8/22/2024 | 25275 | 25005 | 24830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2858984, 13.940%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 42152 | 41126 | 42345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859032, 14.210%, 6/19/2029 †§x | Best Egg | 6/23/2025 | 36045 | 35176 | 36765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859055, 17.340%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 46556 | 45421 | 45961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859356, 13.710%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 47710 | 46580 | 48430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859386, 8.310%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 30347 | 29611 | 29993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859395, 13.700%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 20182 | 19691 | 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859400, 6.820%, 6/19/2029 †§x | Best Egg | 6/23/2025 | 24084 | 23507 | 23281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859509, 13.580%, 6/19/2029 †§x | Best Egg | 6/23/2025 | 31731 | 30967 | 32127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859545, 8.400%, 6/19/2029 †§x | Best Egg | 6/23/2025 | 26523 | 25887 | 26127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859563, 12.900%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 30328 | 29591 | 30472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859578, 8.470%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 25200 | 24589 | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859593, 18.450%, 6/19/2028 †§x | Best Egg | 6/23/2025 | 20921 | 20423 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859760, 10.440%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 38965 | 38019 | 39163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859767, 19.750%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 21170 | 20653 | 21301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859793, 12.960%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 29271 | 28559 | 29065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859994, 9.950%, 6/19/2030 †x | Best Egg | 6/23/2025 | 77904 | 76014 | 78306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860034, 21.430%, 6/19/2030 †§x | Best Egg | 6/23/2025 | 20835 | 20325 | 20862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860057, 11.090%, 6/19/2029 †§x | Best Egg | 6/23/2025 | 29472 | 28763 | 29814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860426, 16.850%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 26122 | 25484 | 25991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860481, 26.660%, 7/26/2030 †§x | Best Egg | 6/25/2025 | 21431 | 20906 | 21072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860501, 24.280%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 49093 | 47889 | 47872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860610, 14.200%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 29113 | 28422 | 29423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860618, 11.990%, 6/22/2030 †x | Best Egg | 6/25/2025 | 58438 | 57017 | 58644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286061976, 15.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 24802 | 24536 | 24409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860643, 14.160%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 20554 | 20054 | 20225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860692, 11.830%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 38894 | 37948 | 38626 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**139** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860707, 14.800%, 6/22/2028 †x | Best Egg | 6/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860748, 7.330%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 38882 | 37940 | 39052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286084250, 15.140%, 8/26/2029 †§x# | Upgrade | 8/29/2024 | 28577 | 28220 | 28112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2860973, 15.150%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 41523 | 40511 | 41718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861030, 8.470%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 27216 | 26556 | 26903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861059, 13.480%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 25237 | 24638 | 25391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861063, 9.930%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 44479 | 43426 | 44760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861144, 14.420%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 25047 | 24437 | 24879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861225, 17.810%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 43651 | 42612 | 43360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286127757, 15.600%, 8/16/2029 †§x | Upgrade | 8/19/2024 | 25820 | 25543 | 25333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286130536, 14.630%, 8/16/2029 †§x | Upgrade | 8/19/2024 | 25608 | 25336 | 25149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861359, 19.280%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 48774 | 47582 | 48775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286141823, 15.140%, 8/16/2029 †§x | Upgrade | 8/19/2024 | 20644 | 20418 | 20206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861429, 18.080%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 38280 | 37369 | 38025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861559, 21.200%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 39213 | 38254 | 39169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861592, 13.090%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 48590 | 47407 | 48355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861677, 14.290%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 25381 | 24763 | 25570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861718, 10.330%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 44523 | 43442 | 43771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861741, 19.130%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 42092 | 41089 | 41527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861788, 15.030%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 38101 | 37172 | 38379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2861997, 15.260%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 31267 | 30504 | 31162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862073, 9.820%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 24343 | 23752 | 24172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862286, 17.590%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 35417 | 34571 | 35249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286230448, 15.600%, 8/19/2029 †§x | Upgrade | 8/22/2024 | 34272 | 33906 | 33668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862383, 9.950%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 24550 | 23955 | 24270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862430, 11.740%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 43925 | 42857 | 44196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862453, 10.330%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 47559 | 46404 | 46756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286246341, 15.140%, 8/20/2029 †§x | Upgrade | 8/23/2024 | 21382 | 21154 | 20972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862464, 10.300%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 36653 | 35763 | 36850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862492, 16.360%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 21207 | 20690 | 21268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286250369, 15.140%, 8/21/2029 †§x | Upgrade | 8/26/2024 | 25659 | 25385 | 25181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286252620, 8.710%, 8/19/2027 †§x | Upgrade | 8/22/2024 | 20855 | 20675 | 20733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862537, 14.780%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 48840 | 47650 | 49199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862573, 7.490%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 34887 | 34064 | 35116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862643, 12.720%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 24887 | 24281 | 25080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862877, 24.130%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 21399 | 20874 | 21367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862882, 14.110%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 40966 | 39994 | 40591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862897, 6.620%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 40625 | 39642 | 40148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862898, 12.620%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 33765 | 32965 | 34136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862924, 8.780%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 36489 | 35603 | 36804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862960, 19.500%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 48974 | 47775 | 49042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2862994, 6.290%, 6/22/2028 †§x | Best Egg | 6/25/2025 | 22778 | 22241 | 22765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286300440, 14.080%, 8/19/2028 †§x | Upgrade | 8/22/2024 | 31993 | 31676 | 31186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863075, 17.770%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 29355 | 28638 | 29212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286309696, 14.630%, 8/31/2029 †§x | Upgrade | 8/22/2024 | 32214 | 31866 | 31479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863219, 12.210%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 42331 | 41301 | 42478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286322742, 12.480%, 8/22/2027 †§x | Upgrade | 8/26/2024 | 24749 | 24531 | 24502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863343, 9.530%, 7/26/2030 †§x | Best Egg | 6/25/2025 | 22219 | 21680 | 22377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863404, 30.120%, 6/22/2030 †§x | Best Egg | 6/25/2025 | 39378 | 38410 | 38430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286351884, 15.600%, 8/21/2029 †§x | Upgrade | 8/26/2024 | 24847 | 24581 | 24431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863519, 12.530%, 6/23/2029 †§x | Best Egg | 6/26/2025 | 20797 | 20296 | 21113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863634, 9.840%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 44791 | 43703 | 44970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286371228, 14.160%, 8/16/2029 †§x | Upgrade | 8/22/2024 | 36583 | 36194 | 35861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863792, 28.290%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 33887 | 33055 | 33610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863809, 25.700%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 26696 | 26041 | 26126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2863905, 14.700%, 6/23/2028 †§x | Best Egg | 6/26/2025 | 47742 | 46608 | 47424 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**140** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864005, 13.050%, 6/23/2030 †§x | Best Egg | 6/26/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864008, 16.140%, 6/23/2028 †§x | Best Egg | 6/26/2025 | 43010 | 41987 | 42627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864140, 11.760%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 36561 | 35672 | 36753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286416994, 15.140%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 21382 | 21153 | 21003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864180, 6.710%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 40058 | 39088 | 39350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864202, 11.970%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 48754 | 47568 | 48933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864289, 5.300%, 6/23/2028 †§x | Best Egg | 6/26/2025 | 24315 | 23741 | 24157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286445928, 13.670%, 8/28/2028 †§x | Upgrade | 9/03/2024 | 31142 | 30830 | 30462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864479, 15.390%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 37738 | 36818 | 37856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864564, 12.770%, 6/23/2029 †§x | Best Egg | 6/26/2025 | 24182 | 23599 | 24548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864711, 18.300%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 36705 | 35808 | 36469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2864780, 9.830%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 25796 | 25169 | 25359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286488080, 12.970%, 8/20/2029 †x | Upgrade | 8/23/2024 | 41554 | 41115 | 40499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2865034, 12.700%, 7/26/2030 †§x | Best Egg | 6/26/2025 | 45227 | 44126 | 45531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2865236, 16.580%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 39028 | 38076 | 39143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2865285, 12.490%, 6/23/2030 †§x | Best Egg | 6/26/2025 | 33164 | 32357 | 33282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286545196, 13.180%, 8/20/2029 †§x | Upgrade | 8/23/2024 | 33101 | 32751 | 32323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286545545, 14.890%, 8/20/2029 †§x | Upgrade | 8/23/2024 | 21361 | 21134 | 21040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2865537, 10.090%, 6/23/2028 †§x | Best Egg | 6/26/2025 | 28778 | 28097 | 28970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2865613, 29.240%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 27062 | 26397 | 26847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286580666, 14.080%, 8/31/2028 †§x | Upgrade | 8/26/2024 | 20756 | 20544 | 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286583791, 15.600%, 8/20/2029 †§x | Upgrade | 8/23/2024 | 27057 | 26767 | 26587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2865839, 9.270%, 6/24/2029 †§x | Best Egg | 6/27/2025 | 38603 | 37674 | 38043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286588957, 14.290%, 8/26/2027 †§x | Upgrade | 8/26/2024 | 28600 | 28340 | 28785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866061, 15.880%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 24436 | 23840 | 24502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866063, 5.880%, 6/24/2028 †§x | Best Egg | 6/27/2025 | 33208 | 32424 | 33164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866175, 14.050%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 39055 | 38103 | 38935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286617757, 14.160%, 8/21/2029 †§x | Upgrade | 8/26/2024 | 23857 | 23603 | 23423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866428, 19.210%, 7/26/2030 †§x | Best Egg | 6/27/2025 | 20097 | 19606 | 20204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286652335, 14.630%, 8/23/2029 †§x | Upgrade | 8/26/2024 | 21169 | 20944 | 20827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286654683, 13.670%, 8/21/2029 †§x | Upgrade | 8/26/2024 | 25512 | 25241 | 24947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866585, 6.290%, 6/24/2028 †§x | Best Egg | 6/27/2025 | 38933 | 38013 | 38913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286661990, 12.600%, 9/01/2029 †§x# | Upgrade | 8/26/2024 | 22649 | 22411 | 22302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866673, 18.020%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 48932 | 47736 | 48963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866680, 5.840%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 20440 | 19945 | 20076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286673978, 14.630%, 8/21/2029 †§x | Upgrade | 8/26/2024 | 26462 | 26180 | 26030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2866784, 16.140%, 6/24/2028 †§x | Best Egg | 6/27/2025 | 47789 | 46651 | 47477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286701671, 15.600%, 8/22/2029 †§x | Upgrade | 8/26/2024 | 21124 | 20900 | 20800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867042, 13.450%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 32208 | 31423 | 32061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867127, 18.760%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 37041 | 36135 | 36921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867181, 20.080%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 24494 | 23895 | 24480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867195, 18.270%, 6/24/2029 †§x | Best Egg | 6/27/2025 | 48538 | 47363 | 49115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867220, 15.020%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 39078 | 38124 | 38609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867286, 13.210%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 20974 | 20464 | 21082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867311, 17.330%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 28337 | 27645 | 28538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286736599, 10.700%, 8/28/2027 †§x | Upgrade | 9/03/2024 | 21045 | 20860 | 20928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867425, 13.440%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 48781 | 47593 | 48559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286743676, 14.630%, 8/22/2029 †§x | Upgrade | 8/26/2024 | 22194 | 21957 | 21833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867502, 20.080%, 6/24/2030 †§x | Best Egg | 6/27/2025 | 48988 | 47789 | 49072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286750831, 15.600%, 8/22/2029 †§x | Upgrade | 8/26/2024 | 33415 | 33057 | 32858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286755794, 14.080%, 8/22/2028 †§x | Upgrade | 8/26/2024 | 23195 | 22964 | 22630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286772470, 15.600%, 10/24/2029 †x | Upgrade | 8/26/2024 | 22694 | 22453 | 22461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286776454, 14.630%, 8/23/2029 †§x | Upgrade | 8/26/2024 | 26035 | 25757 | 25613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867850, 8.250%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 27964 | 27285 | 27483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867878, 19.690%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 37223 | 36312 | 37245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867911, 9.530%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 43007 | 41960 | 43255 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**141** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867930, 9.470%, 6/25/2029 †§x | Best Egg | 6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2867933, 9.380%, 6/25/2029 †§x | Best Egg | 6/30/2025 | 48257 | 47094 | 48370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286793822, 14.160%, 8/23/2029 †§x | Upgrade | 8/26/2024 | 32378 | 32033 | 31793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2868035, 11.020%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 26055 | 25421 | 26200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2868182, 18.730%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 36714 | 35815 | 36290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286834088, 14.630%, 8/23/2029 †§x | Upgrade | 8/26/2024 | 25608 | 25335 | 25194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2868375, 20.650%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 26951 | 26291 | 26757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286838326, 14.630%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 27407 | 27086 | 26984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2868445, 12.310%, 6/25/2028 †§x | Best Egg | 6/30/2025 | 27645 | 26987 | 27958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2868461, 14.600%, 6/25/2028 †x | Best Egg | 6/30/2025 | 28643 | 27961 | 28458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286860987, 15.600%, 8/23/2029 †§x | Upgrade | 8/26/2024 | 20463 | 20245 | 20119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2868663, 20.640%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 35899 | 35020 | 35965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2868708, 13.940%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 41762 | 40743 | 42087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286873102, 15.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 34272 | 33904 | 33729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286886189, 14.630%, 8/29/2029 †§x | Upgrade | 8/29/2024 | 26504 | 26216 | 25925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286887934, 14.290%, 8/26/2027 †§x | Upgrade | 8/29/2024 | 32089 | 31770 | 32306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286911813, 14.630%, 8/23/2029 †§x | Upgrade | 8/26/2024 | 33290 | 32936 | 32752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869177, 16.940%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 24451 | 23853 | 24166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869279, 13.450%, 6/25/2030 †§x | Best Egg | 6/30/2025 | 29300 | 28586 | 29170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286938939, 12.940%, 8/20/2029 †x | Upgrade | 8/26/2024 | 42337 | 41889 | 41682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286943863, 15.600%, 8/31/2029 †§x | Upgrade | 9/03/2024 | 33450 | 33091 | 32738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869519, 10.950%, 6/25/2029 †§x | Best Egg | 6/30/2025 | 40549 | 39570 | 39975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869532, 10.090%, 6/25/2028 †§x | Best Egg | 6/30/2025 | 28778 | 28094 | 28975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869535, 5.640%, 6/25/2028 †§x | Best Egg | 6/30/2025 | 30973 | 30239 | 30958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286955794, 15.600%, 8/23/2029 †§x | Upgrade | 8/26/2024 | 28860 | 28551 | 28381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869604, 10.030%, 6/25/2028 †§x | Best Egg | 6/30/2025 | 22841 | 22299 | 22988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286971828, 12.600%, 8/15/2029 †§x | Upgrade | 8/29/2024 | 31796 | 31459 | 31303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869759, 28.930%, 8/01/2028 †§x | Best Egg | 6/30/2025 | 23452 | 22867 | 22321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286976948, 15.600%, 8/31/2029 †§x | Upgrade | 8/29/2024 | 28980 | 28665 | 28316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869772, 13.320%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 38855 | 37891 | 39183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286978290, 14.630%, 9/01/2029 †§x# | Upgrade | 8/29/2024 | 21720 | 21484 | 21270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286978988, 14.160%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 32804 | 32454 | 32235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286988638, 15.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 34272 | 33904 | 33729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286989157, 15.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 34272 | 33904 | 33729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869899, 22.960%, 8/01/2029 †§x | Best Egg | 6/30/2025 | 24750 | 24131 | 25035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286992527, 14.630%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 25608 | 25335 | 25213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2869941, 14.680%, 8/07/2028 †§x | Best Egg | 6/30/2025 | 35597 | 34734 | 36067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287000828, 14.630%, 8/18/2029 †§x | Upgrade | 9/03/2024 | 22272 | 22026 | 21870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287003300, 12.600%, 8/31/2029 †§x | Upgrade | 9/03/2024 | 33884 | 33524 | 33379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870045, 8.160%, 8/01/2029 †§x | Best Egg | 6/30/2025 | 44250 | 43171 | 44407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870062, 13.690%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 47899 | 46709 | 48173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287018465, 14.630%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 38412 | 38002 | 37819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870211, 6.450%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 30833 | 30077 | 30639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870244, 22.830%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 23762 | 23168 | 23827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287025872, 14.630%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 30730 | 30401 | 30288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287029721, 15.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 25704 | 25428 | 25297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870304, 13.690%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 29487 | 28755 | 29627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287052888, 15.600%, 8/29/2029 †§x | Upgrade | 9/09/2024 | 32352 | 31987 | 31694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2870580, 11.420%, 8/15/2030 †§x | Best Egg | 6/30/2025 | 35762 | 34884 | 35430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287069213, 15.060%, 8/26/2028 †§x | Upgrade | 8/29/2024 | 22486 | 22261 | 21951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287072866, 15.140%, 9/06/2029 †x | Upgrade | 9/09/2024 | 34717 | 34343 | 33952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287073787, 15.140%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 32501 | 32153 | 31925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287074153, 15.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 27844 | 27546 | 27401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287092324, 14.890%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 28620 | 28314 | 28214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287098804, 14.920%, 8/15/2029 †§x | Upgrade | 8/29/2024 | 26332 | 26050 | 25617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287100042, 15.600%, 8/30/2029 †§x | Upgrade | 9/03/2024 | 34271 | 33903 | 33514 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**142** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 287104851, 14.630%, 8/27/2029 †§x# | Upgrade | 8/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871075, 21.390%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 22348 | 21789 | 22384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871146, 20.650%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 27127 | 26449 | 26521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871162, 17.310%, 8/01/2030 †x | Best Egg | 6/30/2025 | 25186 | 24557 | 25292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287117158, 11.900%, 8/26/2028 †§x | Upgrade | 8/29/2024 | 20209 | 20010 | 20232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287120673, 12.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 25403 | 25135 | 25072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287120680, 15.600%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 27503 | 27208 | 27074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871240, 19.950%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 29669 | 28927 | 29368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871344, 20.910%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 25819 | 25174 | 25863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871364, 13.820%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 29702 | 28965 | 29619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871393, 20.970%, 8/01/2028 †§x | Best Egg | 6/30/2025 | 49122 | 47913 | 48583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287139572, 14.290%, 8/20/2027 †§x | Upgrade | 8/29/2024 | 31954 | 31669 | 32178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287140928, 15.600%, 8/28/2029 †§x | Upgrade | 8/29/2024 | 37673 | 37270 | 37083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871462, 21.390%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 26987 | 26313 | 27031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871496, 18.760%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 35719 | 34826 | 35663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871499, 12.810%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 26859 | 26203 | 26971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871519, 7.620%, 8/01/2030 †§x | Best Egg | 6/30/2025 | 24680 | 24074 | 24526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871599, 13.300%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 26848 | 26192 | 26788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871632, 6.290%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 21449 | 20935 | 21429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287168436, 14.630%, 8/15/2029 †§x# | Upgrade | 9/03/2024 | 21503 | 21273 | 21185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287169326, 15.140%, 9/06/2029 †§x | Upgrade | 9/09/2024 | 34717 | 34343 | 33952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287173066, 15.600%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 21420 | 21190 | 21080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287176248, 15.140%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 27369 | 27076 | 26884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287183431, 10.650%, 8/26/2029 †§x | Upgrade | 8/29/2024 | 26879 | 26597 | 26507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871843, 14.630%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 24731 | 24115 | 24691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2871871, 7.480%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 20444 | 19942 | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287197895, 14.330%, 8/31/2027 †§x | Upgrade | 8/29/2024 | 22143 | 21941 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287198599, 15.060%, 8/27/2028 †§x | Upgrade | 8/30/2024 | 36138 | 35776 | 35287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287203258, 15.600%, 8/30/2029 †§x | Upgrade | 9/03/2024 | 34271 | 33903 | 33514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872110, 7.280%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 32675 | 31890 | 32645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872228, 19.350%, 8/01/2029 †§x | Best Egg | 7/02/2025 | 21569 | 21031 | 21467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287227487, 14.630%, 8/30/2029 †§x | Upgrade | 8/29/2024 | 21375 | 21143 | 20910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287228127, 13.320%, 8/26/2027 †§x | Upgrade | 8/29/2024 | 31939 | 31655 | 32165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287229695, 12.970%, 8/26/2029 †x | Upgrade | 8/29/2024 | 42402 | 41952 | 41373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872323, 15.390%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 24737 | 24121 | 24654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872324, 11.760%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 22234 | 21683 | 22185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872377, 13.450%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 45383 | 44255 | 45230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287242453, 13.320%, 9/05/2027 †§x | Upgrade | 9/09/2024 | 22055 | 21857 | 22135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287242918, 14.630%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 21340 | 21112 | 21016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872492, 13.300%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 49438 | 48210 | 49326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287252910, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 34272 | 33904 | 33765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287253019, 12.870%, 9/02/2027 †§x# | Upgrade | 8/30/2024 | 22005 | 21807 | 22091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287255984, 15.600%, 8/30/2029 †§x | Upgrade | 9/03/2024 | 25707 | 25426 | 25152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872591, 14.040%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 40592 | 39603 | 40511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287260368, 14.630%, 8/23/2029 †§x | Upgrade | 8/30/2024 | 34071 | 33707 | 33539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872607, 5.640%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 22418 | 21881 | 22397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872612, 14.660%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 25020 | 24397 | 24963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287261376, 14.160%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 29821 | 29504 | 29312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287261492, 13.840%, 8/27/2027 †§x | Upgrade | 8/30/2024 | 28462 | 28203 | 28643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872684, 12.830%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 25703 | 25065 | 25645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287273459, 14.890%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 33177 | 32762 | 32676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287275097, 14.160%, 8/31/2029 †§x | Upgrade | 8/30/2024 | 25612 | 25335 | 25023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287276546, 14.630%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 29876 | 29557 | 29422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872790, 13.040%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 28806 | 28090 | 28709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872823, 16.620%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 20561 | 20058 | 20497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872874, 12.460%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 48412 | 47230 | 48233 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**143** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 287292209, 14.630%, 8/28/2029 †§x | Upgrade | 9/03/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2872996, 12.730%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 49427 | 48201 | 49316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287303018, 8.710%, 8/27/2027 †§x | Upgrade | 8/30/2024 | 20855 | 20673 | 20739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287315853, 15.140%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 27009 | 26720 | 26537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873178, 17.290%, 8/16/2029 †§x | Best Egg | 7/02/2025 | 25223 | 24604 | 25145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873180, 11.840%, 8/01/2029 †§x | Best Egg | 7/02/2025 | 39365 | 38397 | 39274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287318652, 13.670%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 21260 | 21034 | 20832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287324508, 10.520%, 8/27/2027 †§x# | Upgrade | 9/03/2024 | 21777 | 21587 | 21568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873252, 11.110%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 45733 | 44617 | 45565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287329129, 10.650%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 35434 | 35063 | 34947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873354, 16.900%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 31083 | 30322 | 30986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873389, 11.860%, 8/01/2029 †§x | Best Egg | 7/02/2025 | 43390 | 42324 | 43290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873437, 7.690%, 7/01/2030 †§x | Best Egg | 7/02/2025 | 22441 | 21895 | 22362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873457, 11.800%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 24638 | 24028 | 24583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287352037, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 33415 | 33056 | 32921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873564, 6.290%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 29249 | 28547 | 29222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287356701, 13.670%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 25512 | 25241 | 24977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287361784, 13.320%, 8/28/2027 †§x | Upgrade | 9/03/2024 | 21931 | 21735 | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287362643, 14.630%, 8/27/2029 †§x | Upgrade | 8/30/2024 | 21340 | 21112 | 21016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287373998, 14.290%, 8/28/2027 †§x | Upgrade | 9/03/2024 | 26260 | 26024 | 26456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873750, 10.510%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 21459 | 20928 | 21425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287387182, 15.140%, 8/28/2029 †x# | Upgrade | 9/03/2024 | 41009 | 40565 | 40253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287392845, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 38556 | 38141 | 37986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2873941, 6.280%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 41081 | 40074 | 40992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287406259, 14.630%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 28169 | 27867 | 27783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287406350, 14.160%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 25135 | 24867 | 24725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287408912, 14.630%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 21340 | 21112 | 21033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287412987, 15.600%, 9/08/2029 †§x# | Upgrade | 9/12/2024 | 21752 | 21521 | 21300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874147, 20.690%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 33324 | 32506 | 33208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874157, 21.390%, 8/15/2030 †§x | Best Egg | 7/02/2025 | 47032 | 45884 | 46592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287416104, 14.290%, 8/29/2027 †§x | Upgrade | 9/03/2024 | 28510 | 28254 | 28781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874179, 13.820%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 26907 | 26238 | 26816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874201, 8.560%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 37990 | 37064 | 37856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287424413, 13.320%, 8/28/2027 †§x | Upgrade | 9/03/2024 | 28390 | 28137 | 28612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287426911, 15.140%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 21382 | 21153 | 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874282, 20.430%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 24779 | 24160 | 24639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287430077, 14.290%, 8/28/2027 †§x | Upgrade | 9/03/2024 | 32075 | 31787 | 32314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874309, 3.920%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 29764 | 29058 | 29724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287433678, 15.060%, 8/30/2028 †§x | Upgrade | 9/03/2024 | 26500 | 26234 | 25709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874349, 15.430%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 47456 | 46297 | 47309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287437251, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 21848 | 21614 | 21525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287440413, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 20518 | 20294 | 20205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287440550, 12.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 25403 | 25134 | 25084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287441041, 14.630%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 22998 | 22752 | 22638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287445080, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 30844 | 30513 | 30388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874464, 14.170%, 7/01/2029 †§x | Best Egg | 7/02/2025 | 31368 | 30607 | 31240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287450467, 14.630%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 24326 | 24065 | 23974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874566, 15.630%, 8/10/2030 †§x | Best Egg | 7/02/2025 | 33349 | 32519 | 33273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287456684, 15.600%, 9/04/2029 †§x | Upgrade | 9/09/2024 | 32164 | 31818 | 31511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287457673, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29988 | 29666 | 29544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874583, 16.520%, 8/01/2028 †§x | Best Egg | 7/02/2025 | 48953 | 47756 | 48801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287458955, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 31386 | 31049 | 30922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287461167, 15.600%, 8/30/2029 †§x | Upgrade | 9/03/2024 | 25703 | 25427 | 25136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874615, 11.830%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 48757 | 47549 | 48648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874637, 6.940%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 49316 | 48105 | 49209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2874645, 11.000%, 8/01/2030 †§x | Best Egg | 7/02/2025 | 24945 | 24327 | 24889 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**144** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 287465382, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287468329, 15.140%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 32077 | 31728 | 31344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287469007, 14.630%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 28809 | 28501 | 28415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287471834, 15.060%, 8/28/2028 †§x | Upgrade | 9/03/2024 | 26501 | 26235 | 25896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287477025, 15.140%, 8/30/2029 †§x | Upgrade | 9/03/2024 | 23949 | 23689 | 23397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287488124, 15.600%, 8/31/2029 †§x | Upgrade | 9/03/2024 | 26696 | 26411 | 26129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287488986, 14.630%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 21767 | 21534 | 21454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287492501, 14.630%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 34144 | 33778 | 33677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287492529, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 21420 | 21190 | 21103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287494218, 15.600%, 8/28/2029 †§x | Upgrade | 9/03/2024 | 21420 | 21190 | 21103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875004, 20.460%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 49531 | 48293 | 49259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287512562, 15.600%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 34271 | 33903 | 33787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287513655, 15.140%, 9/05/2029 †§x | Upgrade | 9/09/2024 | 29943 | 29621 | 29151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875147, 8.480%, 8/01/2028 †§x | Best Egg | 7/03/2025 | 20979 | 20474 | 20940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287519405, 14.630%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 30729 | 30401 | 30309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287524047, 15.600%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 23500 | 23246 | 23009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287525971, 14.160%, 8/31/2029 †§x | Upgrade | 9/03/2024 | 29838 | 29521 | 29141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875262, 17.800%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 26749 | 26081 | 26661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287529527, 11.890%, 8/29/2027 †§x | Upgrade | 9/03/2024 | 34204 | 33901 | 33770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875328, 17.060%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 22761 | 22192 | 22686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875337, 14.040%, 7/01/2028 †§x | Best Egg | 7/03/2025 | 26899 | 26255 | 26811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287535269, 15.060%, 8/29/2028 †§x | Upgrade | 9/03/2024 | 26501 | 26235 | 25912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287536818, 14.630%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 30729 | 30401 | 30309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287538258, 14.630%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 34144 | 33778 | 33677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875389, 13.940%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 35590 | 34704 | 35474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875412, 11.740%, 8/01/2030 †x | Best Egg | 7/03/2025 | 49393 | 48169 | 49286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287546984, 13.670%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 21260 | 21033 | 20832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287550811, 15.140%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 24439 | 24178 | 24032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875561, 9.990%, 8/08/2030 †§x | Best Egg | 7/03/2025 | 30664 | 29908 | 30599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875569, 17.540%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 21262 | 20730 | 21191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287559646, 12.870%, 9/03/2027 †§x | Upgrade | 9/06/2024 | 22016 | 21819 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875603, 10.850%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 49377 | 48156 | 49271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875688, 21.390%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 44155 | 43051 | 43911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287569778, 12.970%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 29681 | 29366 | 28899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875713, 18.280%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 33164 | 32335 | 33054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875715, 20.080%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 49526 | 48288 | 49254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875777, 18.990%, 8/16/2030 †§x | Best Egg | 7/03/2025 | 39920 | 38931 | 39621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875798, 10.820%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 37959 | 37020 | 37877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2875912, 16.110%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 49465 | 48230 | 49355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287601924, 15.140%, 8/30/2029 †§x | Upgrade | 9/03/2024 | 26934 | 26630 | 26290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876051, 22.490%, 8/01/2028 †§x | Best Egg | 7/03/2025 | 33097 | 32278 | 32949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876076, 16.600%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 26596 | 25931 | 26508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287611157, 15.600%, 8/29/2029 †§x | Upgrade | 9/03/2024 | 21420 | 21189 | 21117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876274, 21.200%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 21992 | 21442 | 21942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876288, 21.770%, 8/01/2028 †§x | Best Egg | 7/03/2025 | 25394 | 24766 | 25281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876403, 13.700%, 8/16/2030 †§x | Best Egg | 7/03/2025 | 21043 | 20524 | 20997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876416, 12.080%, 8/01/2028 †§x | Best Egg | 7/03/2025 | 38103 | 37178 | 38031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876654, 15.870%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 48472 | 47262 | 48365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876731, 17.420%, 8/01/2029 †§x | Best Egg | 7/03/2025 | 30459 | 29702 | 30366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876750, 19.470%, 8/01/2030 †§x | Best Egg | 7/03/2025 | 49517 | 48279 | 49245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287679620, 15.140%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 34717 | 34344 | 33927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876823, 11.830%, 7/01/2030 †§x | Best Egg | 7/07/2025 | 37749 | 36826 | 37617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876834, 12.620%, 7/01/2028 †§x | Best Egg | 7/07/2025 | 31173 | 30415 | 31071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876936, 19.540%, 7/01/2028 †x | Best Egg | 7/07/2025 | 25078 | 24461 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287694527, 12.630%, 8/30/2028 †§x | Upgrade | 9/03/2024 | 27824 | 27547 | 27400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2876947, 13.320%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 20964 | 20443 | 20885 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**145** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877011, 11.590%, 7/01/2028 †§x | Best Egg | 7/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877105, 23.000%, 7/01/2029 †§x | Best Egg | 7/07/2025 | 24671 | 24055 | 24493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877119, 7.480%, 8/08/2030 †§x | Best Egg | 7/07/2025 | 34279 | 33436 | 34231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877133, 12.500%, 7/01/2028 †§x | Best Egg | 7/07/2025 | 31007 | 30253 | 30850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877194, 12.840%, 8/01/2029 †§x | Best Egg | 7/07/2025 | 20660 | 20151 | 20577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287733783, 15.600%, 9/04/2029 †§x | Upgrade | 9/09/2024 | 24340 | 24079 | 23846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287739514, 15.600%, 8/20/2029 †§x | Upgrade | 9/06/2024 | 20398 | 20178 | 20089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877427, 12.320%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 38521 | 37565 | 38377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877434, 11.020%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 35444 | 34567 | 35312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877457, 9.100%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 21331 | 20805 | 21252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877458, 15.150%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 47321 | 46141 | 47037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287748815, 15.140%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 39059 | 38640 | 38171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877493, 17.190%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 47369 | 46185 | 47084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877536, 22.830%, 7/01/2030 †§x | Best Egg | 7/07/2025 | 22222 | 21667 | 22017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877595, 12.140%, 7/01/2028 †§x | Best Egg | 7/07/2025 | 34775 | 33930 | 34661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2877656, 20.850%, 8/16/2028 †§x | Best Egg | 7/07/2025 | 43191 | 42137 | 43007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287786814, 15.600%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 34772 | 34398 | 34045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878056, 12.240%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 35099 | 34228 | 34968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878189, 14.660%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 33733 | 32893 | 33606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878369, 7.870%, 7/01/2028 †§x | Best Egg | 7/07/2025 | 47678 | 46529 | 47524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287837061, 15.600%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 28687 | 28379 | 28087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878399, 15.150%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 38866 | 37897 | 38719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878411, 23.990%, 7/01/2030 †§x | Best Egg | 7/07/2025 | 42617 | 41567 | 42093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287853834, 15.600%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 24340 | 24079 | 23832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878576, 6.290%, 7/01/2028 †§x | Best Egg | 7/07/2025 | 34599 | 33767 | 34553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878666, 25.280%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 22203 | 21648 | 22116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878732, 11.520%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 26685 | 26024 | 26586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287875148, 15.060%, 9/03/2028 †§x | Upgrade | 9/06/2024 | 26251 | 25987 | 25496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878776, 18.280%, 8/01/2030 †§x | Best Egg | 7/07/2025 | 40110 | 39107 | 39867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2878968, 8.310%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 23593 | 23012 | 23517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879014, 14.510%, 8/02/2029 †§x | Best Egg | 7/07/2025 | 35067 | 34200 | 34907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879063, 9.450%, 8/12/2030 †§x | Best Egg | 7/07/2025 | 38586 | 37635 | 38533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287912771, 14.290%, 9/03/2027 †§x | Upgrade | 9/06/2024 | 23248 | 23039 | 23311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879197, 16.230%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 22300 | 21744 | 22188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879415, 12.810%, 7/02/2030 †§x# | Best Egg | 7/07/2025 | 38333 | 37385 | 38191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879534, 6.970%, 7/02/2028 †§x | Best Egg | 7/07/2025 | 35307 | 34465 | 35263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879612, 6.630%, 7/02/2028 †§x | Best Egg | 7/07/2025 | 29242 | 28539 | 29204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287976054, 13.320%, 9/03/2027 †§x | Upgrade | 9/06/2024 | 22423 | 22222 | 22492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879763, 13.690%, 7/02/2029 †§x | Best Egg | 7/07/2025 | 28903 | 28200 | 28769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879765, 15.620%, 10/01/2030 †§x# | Best Egg | 7/07/2025 | 50000 | 48752 | 49694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879790, 14.080%, 8/21/2029 †§x | Best Egg | 7/07/2025 | 21094 | 20578 | 21050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879917, 10.850%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 49348 | 48126 | 49168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2879954, 17.800%, 8/16/2030 †§x | Best Egg | 7/07/2025 | 49534 | 48304 | 49382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880050, 14.890%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 46954 | 45784 | 46678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880054, 6.710%, 7/02/2030 †§x | Best Egg | 7/07/2025 | 27991 | 27309 | 27895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880158, 13.090%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 24699 | 24085 | 24555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880361, 18.550%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 39418 | 38432 | 39064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288042123, 14.630%, 9/12/2029 †§x | Upgrade | 9/16/2024 | 27724 | 27428 | 27223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288042495, 15.140%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 26473 | 26189 | 25871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288043980, 15.600%, 9/03/2029 †§x | Upgrade | 9/06/2024 | 23471 | 23219 | 22980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880454, 10.530%, 8/02/2029 †§x | Best Egg | 7/07/2025 | 41170 | 40159 | 41010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880480, 9.450%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 29604 | 28873 | 29508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288057486, 15.600%, 9/18/2029 †§x | Upgrade | 9/06/2024 | 21026 | 20797 | 20680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880607, 12.350%, 7/02/2029 †§x | Best Egg | 7/07/2025 | 20657 | 20148 | 20576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288068248, 15.140%, 9/04/2029 †§x | Upgrade | 9/09/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21698 | 21465 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880712, 7.140%, 8/02/2030 †§x | Best Egg | 7/07/2025 | 39427 | 38457 | 39286 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**146** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 288074932, 15.600%, 9/03/2029 †§x | Upgrade | 9/06/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2880972, 8.290%, 8/04/2030 †§x | Best Egg | 7/08/2025 | 32107 | 31316 | 31997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881246, 15.370%, 8/04/2030 †§x | Best Egg | 7/08/2025 | 21781 | 21238 | 21658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288127448, 15.600%, 9/04/2029 †§x | Upgrade | 9/09/2024 | 32027 | 31682 | 31377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881306, 11.760%, 8/04/2030 †§x | Best Egg | 7/08/2025 | 26423 | 25768 | 26331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881360, 8.780%, 8/04/2030 †§x | Best Egg | 7/08/2025 | 25947 | 25306 | 25857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881405, 8.360%, 7/04/2030 †§x | Best Egg | 7/08/2025 | 30281 | 29541 | 30176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881422, 10.790%, 7/04/2028 †§x | Best Egg | 7/08/2025 | 23575 | 23003 | 23503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881504, 17.620%, 8/15/2030 †§x | Best Egg | 7/08/2025 | 48736 | 47523 | 48598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881511, 17.800%, 8/04/2030 †x | Best Egg | 7/08/2025 | 49467 | 48231 | 49186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881667, 12.620%, 8/18/2028 †§x | Best Egg | 7/08/2025 | 37992 | 37072 | 37960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288167709, 14.160%, 9/05/2029 †§x | Upgrade | 9/09/2024 | 26700 | 26417 | 26099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881713, 11.020%, 8/17/2030 †§x | Best Egg | 7/08/2025 | 20701 | 20195 | 20633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288172652, 15.140%, 9/04/2029 †§x | Upgrade | 9/09/2024 | 33849 | 33485 | 33098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288172924, 14.630%, 9/04/2029 †§x | Upgrade | 9/09/2024 | 21669 | 21437 | 21248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2881768, 12.830%, 8/15/2030 †§x | Best Egg | 7/08/2025 | 31564 | 30783 | 31506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288187364, 15.600%, 9/09/2029 †§x | Upgrade | 9/09/2024 | 28205 | 27852 | 27661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288188366, 15.600%, 8/25/2029 †§x | Upgrade | 9/09/2024 | 23852 | 23595 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288200286, 13.840%, 9/04/2027 †§x | Upgrade | 9/09/2024 | 20628 | 20442 | 20731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2882025, 16.850%, 8/04/2030 †§x | Best Egg | 7/08/2025 | 21977 | 21428 | 21853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288203826, 14.630%, 9/04/2029 †§x | Upgrade | 9/09/2024 | 35088 | 34712 | 34390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288213642, 15.140%, 9/09/2029 †§x | Upgrade | 9/12/2024 | 26471 | 26189 | 25908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288219621, 15.140%, 9/04/2029 †§x | Upgrade | 9/09/2024 | 29943 | 29621 | 29279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288220539, 14.630%, 9/05/2029 †§x | Upgrade | 9/09/2024 | 34654 | 34283 | 33968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2882484, 13.810%, 8/04/2030 †§x | Best Egg | 7/08/2025 | 49409 | 48179 | 49235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2882552, 9.470%, 8/06/2029 †§x | Best Egg | 7/09/2025 | 38324 | 37384 | 38187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288269969, 15.600%, 9/05/2029 †§x | Upgrade | 9/09/2024 | 24775 | 24508 | 24274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288272781, 15.600%, 9/05/2029 †§x | Upgrade | 9/09/2024 | 26079 | 25798 | 25552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288288769, 15.060%, 9/10/2028 †§x | Upgrade | 9/13/2024 | 28712 | 28424 | 27933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883035, 7.920%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 49314 | 48098 | 49166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288341511, 15.600%, 9/05/2029 †§x | Upgrade | 9/09/2024 | 21684 | 21453 | 21244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883461, 7.260%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 49302 | 48089 | 49155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883489, 16.770%, 7/06/2029 †§x | Best Egg | 7/09/2025 | 23641 | 23054 | 23492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883516, 13.690%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 42496 | 41439 | 42268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883535, 7.490%, 7/06/2028 †§x | Best Egg | 7/09/2025 | 34127 | 33303 | 34028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883573, 10.390%, 7/06/2029 †§x | Best Egg | 7/09/2025 | 20643 | 20136 | 20569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883625, 7.480%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 33719 | 32889 | 33618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2883860, 16.810%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 29672 | 28930 | 29511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288404760, 14.650%, 9/05/2028 †§x | Upgrade | 9/09/2024 | 36859 | 36488 | 36001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884216, 16.850%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 30873 | 30101 | 30705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288435551, 15.600%, 9/09/2029 †§x | Upgrade | 9/12/2024 | 24254 | 23995 | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288437452, 15.600%, 9/16/2029 †§x | Upgrade | 9/09/2024 | 21353 | 21121 | 20981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884387, 6.380%, 8/06/2029 †§x | Best Egg | 7/09/2025 | 24540 | 23941 | 24505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884389, 7.140%, 8/06/2029 †§x | Best Egg | 7/09/2025 | 20128 | 19636 | 20100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884520, 14.890%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 21825 | 21281 | 21707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884537, 15.620%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 26865 | 26194 | 26719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884622, 15.730%, 8/06/2029 †§x | Best Egg | 7/09/2025 | 44313 | 43214 | 44150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288466573, 14.160%, 8/22/2029 †§x | Upgrade | 9/09/2024 | 37198 | 36800 | 36592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884706, 25.430%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 38165 | 37211 | 37733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884737, 21.870%, 8/06/2030 †§x | Best Egg | 7/09/2025 | 25393 | 24769 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288493864, 14.160%, 9/06/2029 †§x | Upgrade | 9/09/2024 | 21623 | 21392 | 21156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2884990, 17.000%, 8/26/2028 †§x | Best Egg | 7/10/2025 | 24703 | 24109 | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288500342, 11.980%, 9/06/2027 †§x | Upgrade | 9/09/2024 | 24745 | 24524 | 24502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885398, 9.850%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 27813 | 27139 | 27733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885409, 21.040%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 39609 | 38618 | 39289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288546438, 12.600%, 9/17/2029 †§x | Upgrade | 9/12/2024 | 37253 | 36858 | 36753 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**147** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 288561436, 14.630%, 9/20/2029 †§x | Upgrade | 9/12/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39193 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885741, 14.900%, 8/13/2030 †§x | Best Egg | 7/10/2025 | 24774 | 24158 | 24713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885754, 12.990%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 48849 | 47659 | 48706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885764, 13.670%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 49407 | 48178 | 49147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885803, 16.720%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 48911 | 47712 | 48577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885824, 17.800%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 48478 | 47266 | 48219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885848, 20.770%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 48976 | 47767 | 48637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2885921, 10.610%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 26356 | 25717 | 26280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886097, 17.080%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 20708 | 20190 | 20597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886174, 11.760%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 24414 | 23820 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886252, 14.910%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 27608 | 26919 | 27516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288631559, 15.140%, 9/16/2029 †x | Upgrade | 9/12/2024 | 27773 | 27477 | 22228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886331, 22.000%, 8/20/2030 †§x | Best Egg | 7/10/2025 | 21393 | 20858 | 21219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886442, 10.330%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 20729 | 20216 | 20661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886486, 11.990%, 8/16/2030 †x | Best Egg | 7/10/2025 | 58189 | 56750 | 58049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886505, 9.320%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 24393 | 23802 | 24323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886519, 9.050%, 7/07/2028 †§x | Best Egg | 7/10/2025 | 28293 | 27608 | 28259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886522, 13.940%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 29647 | 28909 | 29490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886559, 18.100%, 8/07/2030 †§x | Best Egg | 7/10/2025 | 49471 | 48235 | 49207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886687, 16.100%, 8/15/2030 †§x | Best Egg | 7/11/2025 | 24198 | 23595 | 24141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886712, 13.300%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 38533 | 37575 | 38409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886732, 19.950%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 49497 | 48259 | 49108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886836, 13.450%, 7/08/2030 †§x# | Best Egg | 7/11/2025 | 27091 | 26417 | 26951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886858, 15.390%, 8/19/2030 †§x | Best Egg | 7/11/2025 | 48671 | 47464 | 48558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2886946, 20.370%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 27325 | 26651 | 27141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887050, 21.200%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 24756 | 24138 | 24562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887064, 16.580%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 39560 | 38571 | 39354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887074, 16.100%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 39554 | 38567 | 39349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288710003, 15.600%, 9/09/2029 †§x | Upgrade | 9/12/2024 | 21733 | 21501 | 21311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887104, 14.180%, 7/08/2030 †§x | Best Egg | 7/11/2025 | 24209 | 23616 | 24084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288718694, 13.320%, 9/09/2027 †§x | Upgrade | 9/12/2024 | 22055 | 21859 | 22151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887544, 17.290%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 29676 | 28934 | 29522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887580, 9.890%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 44177 | 43085 | 44038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887583, 16.240%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 28523 | 27836 | 28338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887637, 13.970%, 7/08/2028 †§x# | Best Egg | 7/11/2025 | 34032 | 33204 | 33882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887662, 13.060%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 23448 | 22876 | 23381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887691, 14.950%, 9/03/2028 †§x | Best Egg | 7/11/2025 | 26258 | 25614 | 26143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887694, 9.360%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 20490 | 19994 | 20433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887832, 8.870%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 47802 | 46644 | 47668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2887900, 16.120%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 31556 | 30768 | 31393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888051, 21.740%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 31256 | 30483 | 31044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888250, 10.250%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 48068 | 46901 | 48011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888366, 17.600%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 22506 | 21953 | 22406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888404, 9.790%, 7/08/2030 †§x | Best Egg | 7/11/2025 | 23929 | 23343 | 23870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888448, 8.740%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 23677 | 23093 | 23603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888519, 16.030%, 8/15/2028 †§x | Best Egg | 7/11/2025 | 20112 | 19620 | 20068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888541, 15.140%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 33365 | 32532 | 33192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888595, 13.690%, 8/08/2030 †§x | Best Egg | 7/11/2025 | 24704 | 24089 | 24576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2888770, 12.080%, 7/08/2028 †§x | Best Egg | 7/11/2025 | 23440 | 22869 | 23373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288897220, 15.600%, 9/10/2029 †§x | Upgrade | 9/13/2024 | 39119 | 38701 | 38370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288933913, 10.650%, 9/11/2029 †§x | Upgrade | 9/16/2024 | 29884 | 29570 | 29456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288940924, 11.980%, 9/18/2027 †§x | Upgrade | 9/23/2024 | 36561 | 36233 | 36232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288961673, 14.160%, 9/25/2029 †§x | Upgrade | 9/13/2024 | 23965 | 23711 | 23520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288982527, 15.140%, 9/11/2029 †x | Upgrade | 9/16/2024 | 43396 | 42932 | 42508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288984517, 15.600%, 9/12/2029 †§x | Upgrade | 9/16/2024 | 34772 | 34400 | 34137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288996565, 12.090%, 9/12/2029 †§x | Upgrade | 9/16/2024 | 33052 | 32702 | 32492 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**148** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 289013043, 11.980%, 9/11/2027 †§x | Upgrade | 9/16/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289047501, 14.630%, 9/11/2029 †x | Upgrade | 9/16/2024 | 43318 | 42856 | 42534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289059151, 15.140%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 24822 | 24556 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289069325, 10.650%, 9/11/2029 †§x | Upgrade | 9/16/2024 | 20514 | 20298 | 20249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289079542, 14.160%, 9/11/2029 †§x | Upgrade | 9/16/2024 | 38921 | 38507 | 38142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289096288, 14.290%, 9/11/2027 †§x | Upgrade | 9/16/2024 | 27967 | 27716 | 28096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289120356, 15.600%, 9/13/2029 †§x | Upgrade | 9/16/2024 | 21733 | 21500 | 21333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289155369, 12.480%, 9/18/2027 †§x | Upgrade | 9/23/2024 | 29308 | 29044 | 29009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289174416, 14.630%, 9/12/2029 †§x | Upgrade | 9/16/2024 | 21659 | 21428 | 21268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289176152, 15.140%, 9/12/2029 †§x | Upgrade | 9/16/2024 | 21698 | 21466 | 21256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289261957, 12.600%, 9/13/2029 †§x | Upgrade | 9/16/2024 | 26297 | 26018 | 25913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289262190, 15.140%, 9/20/2029 †§x | Upgrade | 9/16/2024 | 26132 | 25852 | 25669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289267522, 9.330%, 9/13/2028 †§x | Upgrade | 9/16/2024 | 20059 | 19861 | 20150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289319179, 14.160%, 9/15/2029 †§x# | Upgrade | 9/16/2024 | 30258 | 29936 | 29744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289325064, 15.060%, 9/13/2028 †§x | Upgrade | 9/16/2024 | 36505 | 36139 | 35540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289338145, 15.600%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 26537 | 26252 | 26075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289356251, 11.980%, 9/18/2027 †§x | Upgrade | 9/23/2024 | 36561 | 36233 | 36232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289361032, 15.600%, 9/16/2029 †§x | Upgrade | 9/19/2024 | 38249 | 37839 | 37575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289380722, 15.600%, 9/02/2029 †§x | Upgrade | 9/19/2024 | 35024 | 34649 | 34274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289447257, 15.140%, 9/16/2029 †§x | Upgrade | 9/19/2024 | 28381 | 28077 | 27825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289466581, 15.140%, 9/16/2029 †§x | Upgrade | 9/19/2024 | 37320 | 36921 | 36590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289473844, 15.600%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 31295 | 30959 | 30751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289496659, 14.920%, 9/22/2029 †x | Upgrade | 9/19/2024 | 41177 | 40736 | 40177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289496887, 13.180%, 9/16/2028 †§x | Upgrade | 9/19/2024 | 21178 | 20967 | 20729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289558576, 15.140%, 9/16/2029 †§x | Upgrade | 9/19/2024 | 25603 | 25329 | 25102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289571452, 14.890%, 9/16/2029 †§x | Upgrade | 9/19/2024 | 21679 | 21447 | 21340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289582515, 10.010%, 9/25/2027 †§x | Upgrade | 9/30/2024 | 23936 | 23719 | 23734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289590713, 14.890%, 9/17/2029 †x | Upgrade | 9/20/2024 | 43358 | 42894 | 42687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289619651, 15.140%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 34717 | 34345 | 34046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289623454, 14.160%, 10/02/2029 †§x# | Upgrade | 9/23/2024 | 39766 | 39341 | 38980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289627676, 15.600%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 26079 | 25799 | 25626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289628973, 15.600%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 39119 | 38699 | 38439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289675026, 14.890%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 37951 | 37538 | 37427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289678998, 11.980%, 9/17/2027 †§x | Upgrade | 9/20/2024 | 29359 | 29096 | 29090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289722801, 15.600%, 9/17/2029 †§x | Upgrade | 9/20/2024 | 26079 | 25799 | 25626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289723617, 15.600%, 9/18/2029 †§x | Upgrade | 9/23/2024 | 26514 | 26229 | 26069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289730620, 14.630%, 9/05/2029 †x | Upgrade | 9/23/2024 | 42938 | 42479 | 42187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289738151, 15.140%, 9/19/2029 †§x | Upgrade | 9/23/2024 | 21698 | 21465 | 21203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289760786, 14.160%, 9/30/2029 †§x | Upgrade | 10/03/2024 | 22055 | 21816 | 21487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289782708, 14.290%, 9/19/2027 †§x | Upgrade | 9/23/2024 | 33211 | 32910 | 33416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289812263, 10.010%, 10/01/2027 †§x | Upgrade | 9/30/2024 | 22580 | 22371 | 22348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289820982, 11.980%, 9/18/2027 †§x | Upgrade | 9/23/2024 | 29615 | 29348 | 29348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289894407, 14.290%, 9/19/2027 †§x | Upgrade | 9/23/2024 | 33211 | 32910 | 33416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289909074, 15.600%, 9/30/2029 †§x | Upgrade | 9/23/2024 | 32815 | 32463 | 32088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289917069, 14.630%, 9/19/2029 †§x | Upgrade | 9/23/2024 | 34654 | 34283 | 34090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289918121, 14.630%, 9/19/2029 †§x | Upgrade | 9/23/2024 | 25125 | 24855 | 24715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289922172, 13.180%, 9/28/2029 †x | Upgrade | 9/23/2024 | 40660 | 40227 | 39788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289926835, 15.140%, 9/25/2029 †§x | Upgrade | 9/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21465 | 21234 | 21068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289956378, 13.320%, 9/19/2027 †§x | Upgrade | 9/23/2024 | 22055 | 21856 | 22200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 289972562, 14.650%, 9/20/2028 †§x | Upgrade | 9/23/2024 | 24573 | 24325 | 24062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290026401, 15.600%, 9/20/2029 †§x | Upgrade | 9/23/2024 | 39119 | 38698 | 38468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290029279, 15.600%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 36511 | 36114 | 35931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290167538, 12.600%, 9/27/2029 †x | Upgrade | 9/30/2024 | 40740 | 40302 | 40213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290182761, 12.870%, 9/23/2027 †§x | Upgrade | 9/26/2024 | 31556 | 31267 | 31765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290207937, 14.630%, 9/26/2029 †§x | Upgrade | 9/30/2024 | 38901 | 38479 | 38334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290225629, 15.600%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 21733 | 21497 | 21388 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**149** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 290226688, 14.160%, 9/27/2029 †§x | Upgrade | 9/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290233790, 15.600%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 21733 | 21497 | 21388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290241291, 13.320%, 9/23/2027 †§x | Upgrade | 9/26/2024 | 33083 | 32780 | 33324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290256194, 15.140%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 34717 | 34340 | 34097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290266240, 14.080%, 9/09/2028 †§x | Upgrade | 9/26/2024 | 32451 | 32122 | 31642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290268345, 15.600%, 9/24/2029 †§x | Upgrade | 9/27/2024 | 29583 | 29253 | 29110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290270255, 15.600%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 30426 | 30095 | 29943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290271329, 15.140%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 33675 | 33310 | 33074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290273943, 15.600%, 9/23/2029 †x# | Upgrade | 9/26/2024 | 37033 | 36630 | 28895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290275269, 12.230%, 9/23/2028 †§x | Upgrade | 9/26/2024 | 24348 | 24102 | 24230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290305263, 15.600%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 29817 | 29493 | 29344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290314465, 15.600%, 9/23/2029 †§x | Upgrade | 9/26/2024 | 39119 | 38694 | 38498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290459310, 12.970%, 9/27/2029 †§x | Upgrade | 9/30/2024 | 25427 | 25153 | 24869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290489614, 15.600%, 9/25/2029 †§x | Upgrade | 9/30/2024 | 23906 | 23646 | 23547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290548466, 15.060%, 9/25/2028 †§x | Upgrade | 9/30/2024 | 32813 | 32478 | 32049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290574613, 10.010%, 9/27/2027 †§x | Upgrade | 9/30/2024 | 29014 | 28750 | 28769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290620407, 15.600%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 22406 | 22162 | 21896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290645067, 15.600%, 9/27/2029 †§x | Upgrade | 9/30/2024 | 28628 | 28270 | 28174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290659606, 15.600%, 9/27/2029 †§x | Upgrade | 9/30/2024 | 39119 | 38693 | 38537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290683846, 13.670%, 9/26/2029 †§x | Upgrade | 9/30/2024 | 34538 | 34164 | 33974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290715280, 12.830%, 9/30/2027 †§x | Upgrade | 10/03/2024 | 31550 | 31259 | 31346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290757778, 12.380%, 9/30/2027 †§x | Upgrade | 10/03/2024 | 32957 | 32654 | 32758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290760622, 15.140%, 9/30/2029 †§x | Upgrade | 9/30/2024 | 22569 | 22320 | 22055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290772469, 13.670%, 10/01/2029 †§x | Upgrade | 10/03/2024 | 39470 | 39044 | 38511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290777842, 15.140%, 9/27/2029 †§x | Upgrade | 9/30/2024 | 34717 | 34339 | 34131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290887622, 12.380%, 9/30/2027 †§x | Upgrade | 10/03/2024 | 36619 | 36282 | 36486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290992711, 16.110%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 24646 | 24377 | 24080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291008529, 16.110%, 9/30/2029 †§x | Upgrade | 10/03/2024 | 22736 | 22452 | 22193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291012203, 15.140%, 10/10/2029 †§x | Upgrade | 10/07/2024 | 22114 | 21870 | 21595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291018121, 16.290%, 10/07/2027 †§x | Upgrade | 10/10/2024 | 25893 | 25649 | 25738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291021551, 17.580%, 9/30/2029 †§x | Upgrade | 10/03/2024 | 31129 | 30787 | 30339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291068652, 15.140%, 9/30/2029 †§x | Upgrade | 10/03/2024 | 31505 | 31162 | 30681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291114308, 13.670%, 10/17/2029 †§x | Upgrade | 10/07/2024 | 26023 | 25737 | 25339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291156191, 13.670%, 10/04/2029 †§x | Upgrade | 10/07/2024 | 39451 | 39024 | 38483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291192563, 15.140%, 9/24/2029 †§x | Upgrade | 10/03/2024 | 26904 | 26612 | 26362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291199019, 15.140%, 10/24/2029 †§x | Upgrade | 10/28/2024 | 30830 | 30491 | 30209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291328995, 14.140%, 9/30/2029 †§x | Upgrade | 10/07/2024 | 34484 | 34111 | 33679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291330558, 14.140%, 10/02/2029 †§x | Upgrade | 10/07/2024 | 35121 | 34741 | 34310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291366610, 13.840%, 10/02/2027 †§x | Upgrade | 10/07/2024 | 34299 | 33980 | 34091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291377310, 16.110%, 9/27/2029 †§x | Upgrade | 10/10/2024 | 30050 | 29721 | 29442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291381694, 15.600%, 10/02/2029 †§x | Upgrade | 10/07/2024 | 34756 | 34378 | 33874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291415041, 15.140%, 10/02/2029 †§x | Upgrade | 10/07/2024 | 30830 | 30495 | 29925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291422753, 15.600%, 10/17/2029 †§x | Upgrade | 10/07/2024 | 27592 | 27287 | 27021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291428153, 13.840%, 10/02/2027 †§x | Upgrade | 10/07/2024 | 23630 | 23411 | 23476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291433758, 15.060%, 10/02/2028 †§x | Upgrade | 10/07/2024 | 33515 | 33171 | 32470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291450781, 14.140%, 10/03/2029 †§x | Upgrade | 10/07/2024 | 27395 | 27098 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291460617, 15.600%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 21409 | 21177 | 20896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291486868, 16.110%, 10/03/2029 †§x | Upgrade | 10/07/2024 | 22089 | 21848 | 21563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291498922, 17.580%, 10/22/2029 †§x | Upgrade | 10/21/2024 | 22743 | 22488 | 22296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291499064, 15.600%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 26929 | 26634 | 26274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291505604, 13.840%, 10/03/2027 †§x | Upgrade | 10/07/2024 | 22866 | 22653 | 22729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291532541, 15.600%, 10/07/2029 †§x | Upgrade | 10/07/2024 | 22102 | 21857 | 21574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291544175, 16.110%, 10/18/2029 †§x | Upgrade | 10/07/2024 | 27601 | 27295 | 27069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291570780, 15.310%, 10/04/2027 †§x | Upgrade | 10/07/2024 | 33001 | 32691 | 32781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291580825, 15.600%, 10/06/2029 †§x | Upgrade | 10/07/2024 | 22074 | 21833 | 21553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291590245, 14.920%, 10/16/2029 †§x | Upgrade | 10/18/2024 | 29578 | 29255 | 29158 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**150** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 291594340, 17.580%, 10/07/2029 †§x | Upgrade | 10/10/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291620212, 13.670%, 10/04/2029 †§x | Upgrade | 10/07/2024 | 27178 | 26883 | 26399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291639342, 12.830%, 10/15/2027 †§x | Upgrade | 10/10/2024 | 23637 | 23413 | 23536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291692214, 16.110%, 10/04/2029 †§x | Upgrade | 10/07/2024 | 35342 | 34956 | 34504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291693481, 15.600%, 10/04/2029 †§x | Upgrade | 10/07/2024 | 34403 | 34028 | 33534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291790005, 15.060%, 10/07/2028 †§x | Upgrade | 10/10/2024 | 33515 | 33170 | 32494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291810634, 14.140%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 21951 | 21712 | 21466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291813234, 15.600%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 30179 | 29849 | 29438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291838320, 14.140%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 20831 | 20603 | 20406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291845403, 15.600%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 23151 | 22898 | 22570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291849918, 10.520%, 10/07/2027 †§x | Upgrade | 10/10/2024 | 37646 | 37299 | 37833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291853464, 9.530%, 10/07/2027 †§x | Upgrade | 10/10/2024 | 21152 | 20959 | 21271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291867863, 14.140%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 28975 | 28661 | 28280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291870944, 14.140%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 26341 | 26055 | 25709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291877049, 17.580%, 9/23/2029 †§x | Upgrade | 10/10/2024 | 25154 | 24876 | 24707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291882410, 15.600%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 26817 | 26524 | 26159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291886530, 12.230%, 10/07/2028 †x | Upgrade | 10/10/2024 | 41487 | 41064 | 41475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291917278, 17.580%, 10/14/2029 †§x | Upgrade | 10/10/2024 | 24058 | 23789 | 23555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291936744, 14.140%, 10/07/2029 †§x | Upgrade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/10/2024 | 29411 | 29092 | 28705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291940791, 16.110%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 35342 | 34956 | 34530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291954602, 16.090%, 10/09/2029 †§x | Upgrade | 10/15/2024 | 30922 | 30584 | 30189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291971017, 14.140%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 23568 | 23312 | 23044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292004745, 14.140%, 10/07/2029 †§x | Upgrade | 10/10/2024 | 29853 | 29529 | 29137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292006472, 14.920%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 39611 | 39179 | 38896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292018951, 14.140%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 21951 | 21712 | 21429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292039942, 13.590%, 10/08/2028 †§x | Upgrade | 10/11/2024 | 25010 | 24754 | 24260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292057066, 15.600%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 39696 | 39263 | 38731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292067911, 15.140%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 35234 | 34850 | 34241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292072917, 12.830%, 10/09/2027 †§x | Upgrade | 10/15/2024 | 26579 | 26331 | 26463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292073070, 13.590%, 10/08/2028 †§x | Upgrade | 10/11/2024 | 25340 | 25080 | 24579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292074612, 15.600%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 23214 | 22961 | 22650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292087847, 16.110%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 25829 | 25546 | 25215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292090430, 12.600%, 10/10/2029 †x | Upgrade | 10/15/2024 | 43680 | 43207 | 43472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292090617, 17.060%, 10/11/2028 †§x | Upgrade | 10/15/2024 | 33739 | 33388 | 32687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292094251, 14.290%, 10/11/2027 †§x | Upgrade | 10/15/2024 | 32834 | 32491 | 32676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292094365, 17.580%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 31298 | 30954 | 30569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292118441, 15.600%, 10/08/2029 †§x | Upgrade | 10/11/2024 | 25582 | 25303 | 25005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292135530, 11.520%, 10/09/2027 †§x | Upgrade | 10/15/2024 | 22672 | 22462 | 22707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292150165, 14.920%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 35210 | 34825 | 34599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292249572, 16.110%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 35342 | 34954 | 34599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292259364, 17.580%, 10/10/2029 †§x | Upgrade | 10/15/2024 | 22422 | 22175 | 21919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292264684, 15.600%, 10/18/2029 †§x | Upgrade | 10/21/2024 | 37782 | 37367 | 36954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292276969, 16.110%, 10/18/2029 †§x | Upgrade | 10/15/2024 | 26870 | 26571 | 26360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292306866, 14.650%, 10/22/2029 †§x | Upgrade | 10/18/2024 | 31764 | 31412 | 31658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292338255, 16.110%, 10/10/2029 †§x | Upgrade | 10/15/2024 | 23251 | 22997 | 22743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292357343, 12.090%, 10/10/2029 †§x | Upgrade | 10/15/2024 | 39245 | 38821 | 38375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292362414, 12.600%, 10/10/2029 †§x | Upgrade | 10/15/2024 | 26208 | 25924 | 26083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292405053, 15.600%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 20893 | 20664 | 20420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292421528, 13.180%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 38284 | 37868 | 37725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292425301, 17.580%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 22184 | 21940 | 21687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292430810, 14.290%, 10/11/2027 †§x | Upgrade | 10/15/2024 | 34355 | 34032 | 34198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292439733, 9.530%, 10/11/2027 †§x | Upgrade | 10/15/2024 | 37505 | 37160 | 37774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292440177, 17.580%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 21955 | 21713 | 21464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292446747, 14.140%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 21951 | 21712 | 21449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292477332, 8.710%, 10/11/2027 †§x | Upgrade | 10/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26172 | 25932 | 26452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292489919, 17.580%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 22189 | 21944 | 21710 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**151** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292493375, 17.580%, 10/11/2029 †§x | Upgrade | 10/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292494645, 16.110%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 26507 | 26216 | 25928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292494969, 14.140%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 21951 | 21712 | 21449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292495628, 8.710%, 10/24/2027 †§x | Upgrade | 10/28/2024 | 37388 | 37040 | 37826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292497710, 14.650%, 10/11/2029 †§x | Upgrade | 10/15/2024 | 39760 | 39327 | 39564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292500041, 15.310%, 10/17/2027 †x# | Upgrade | 10/21/2024 | 33664 | 33345 | 33578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925074, 10.020%, 9/01/2030 †§x | Best Egg | 8/04/2025 | 31743 | 30903 | 31668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925192, 16.140%, 9/01/2028 †§x | Best Egg | 8/04/2025 | 25000 | 24342 | 24919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292529058, 17.580%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 23427 | 23168 | 22922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292530087, 12.970%, 10/16/2029 †x | Upgrade | 10/21/2024 | 40502 | 40060 | 39874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2925485, 13.930%, 9/01/2030 †§x | Best Egg | 8/04/2025 | 27000 | 26284 | 26933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2926003, 14.460%, 9/01/2028 †§x | Best Egg | 8/04/2025 | 38091 | 37090 | 37970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2926055, 20.080%, 9/01/2030 †§x | Best Egg | 8/04/2025 | 21678 | 21101 | 21553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2926116, 13.450%, 9/26/2030 †§x | Best Egg | 8/04/2025 | 28874 | 28108 | 28803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292614304, 13.180%, 10/17/2029 †§x | Upgrade | 10/21/2024 | 28562 | 28251 | 28171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292647193, 16.110%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 26510 | 26218 | 25974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292653772, 17.580%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 26715 | 26420 | 26139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292665485, 14.140%, 10/18/2029 †§x | Upgrade | 10/21/2024 | 23710 | 23451 | 23190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2926986, 14.680%, 8/03/2028 †§x | Best Egg | 8/06/2025 | 30000 | 29211 | 29943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2927109, 14.020%, 8/03/2028 †§x | Best Egg | 8/06/2025 | 27171 | 26457 | 27093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2927153, 14.410%, 8/03/2030 †§x | Best Egg | 8/06/2025 | 41265 | 40171 | 41134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292719152, 17.060%, 10/15/2028 †§x | Upgrade | 10/18/2024 | 21930 | 21702 | 21263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292723474, 11.500%, 10/23/2027 †§x | Upgrade | 10/24/2024 | 28740 | 28470 | 28971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292742528, 15.600%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 35286 | 34899 | 34487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292758822, 17.580%, 10/18/2029 †§x | Upgrade | 10/21/2024 | 34273 | 33894 | 33559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292763223, 15.140%, 10/20/2029 †§x | Upgrade | 10/24/2024 | 36980 | 36574 | 36467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2927791, 20.240%, 8/03/2030 †§x | Best Egg | 8/06/2025 | 50000 | 48670 | 49740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292779935, 16.110%, 10/21/2029 †§x | Upgrade | 10/24/2024 | 24289 | 24021 | 23814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292787269, 16.110%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 28892 | 28575 | 28285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2927935, 18.760%, 8/03/2030 †§x | Best Egg | 8/06/2025 | 21500 | 20928 | 21429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292806185, 16.110%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 23856 | 23593 | 23395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2928193, 19.960%, 9/14/2029 †§x | Best Egg | 8/06/2025 | 20158 | 19623 | 20074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2928208, 15.260%, 8/03/2030 †§x | Best Egg | 8/06/2025 | 27097 | 26378 | 27010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292828007, 17.580%, 10/15/2029 †§x# | Upgrade | 10/18/2024 | 26979 | 26680 | 26428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292828792, 14.650%, 10/15/2029 †§x | Upgrade | 10/18/2024 | 21987 | 21747 | 21857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2928559, 10.850%, 8/03/2030 †§x | Best Egg | 8/06/2025 | 20500 | 19958 | 20456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292869090, 12.230%, 11/01/2028 †§x# | Upgrade | 10/28/2024 | 26761 | 26427 | 26718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292872628, 15.060%, 10/15/2028 †§x | Upgrade | 10/18/2024 | 34353 | 33997 | 33362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292879483, 14.140%, 10/03/2029 †§x | Upgrade | 10/21/2024 | 34898 | 34517 | 34114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292920394, 16.110%, 10/16/2029 †§x# | Upgrade | 10/21/2024 | 21955 | 21714 | 21504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292933796, 15.600%, 10/16/2029 †§x | Upgrade | 10/21/2024 | 22495 | 22248 | 21999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2929370, 7.920%, 8/03/2030 †§x | Best Egg | 8/06/2025 | 29464 | 28687 | 29425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2929476, 14.310%, 8/03/2030 †§x | Best Egg | 8/06/2025 | 31250 | 30421 | 31196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2929641, 11.880%, 8/03/2028 †§x | Best Egg | 8/06/2025 | 30000 | 29213 | 29916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2929906, 16.360%, 8/04/2030 †§x | Best Egg | 8/07/2025 | 50000 | 48671 | 49888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292994398, 17.580%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 35502 | 35109 | 34798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2930019, 30.860%, 8/04/2030 †§x | Best Egg | 8/07/2025 | 40000 | 38936 | 39617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2930115, 12.240%, 8/04/2030 †§x | Best Egg | 8/07/2025 | 50000 | 48675 | 49850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293011723, 16.110%, 10/16/2029 †§x | Upgrade | 10/21/2024 | 35342 | 34954 | 34621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293017175, 12.830%, 10/24/2027 †§x | Upgrade | 10/28/2024 | 33656 | 33336 | 33582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2930172, 14.950%, 8/04/2028 †§x | Best Egg | 8/07/2025 | 25160 | 24499 | 25096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2930316, 19.820%, 9/16/2030 †§x | Best Egg | 8/07/2025 | 32147 | 31292 | 31992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2930377, 13.880%, 9/20/2029 †§x | Best Egg | 8/07/2025 | 25000 | 24339 | 24947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293051994, 13.840%, 11/08/2027 †§x# | Upgrade | 10/28/2024 | 28524 | 28246 | 28359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293059865, 14.290%, 10/24/2027 †§x | Upgrade | 10/28/2024 | 38172 | 37808 | 38078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293062413, 17.580%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 37724 | 37304 | 36975 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**152** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930860, 10.610%, 8/04/2028 †§x | Best Egg | 8/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2930958, 8.960%, 8/04/2030 †§x | Best Egg | 8/07/2025 | 41000 | 39916 | 40937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2930961, 14.460%, 9/19/2028 †§x | Best Egg | 8/07/2025 | 47500 | 46250 | 47368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293096421, 17.580%, 10/17/2029 †§x | Upgrade | 10/21/2024 | 31189 | 30844 | 30537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931033, 22.650%, 8/04/2030 †§x | Best Egg | 8/07/2025 | 21388 | 20819 | 21279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931056, 13.880%, 8/04/2029 †§x | Best Egg | 8/07/2025 | 26000 | 25313 | 25945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931065, 7.140%, 9/16/2029 †§x | Best Egg | 8/07/2025 | 20723 | 20178 | 20706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293117441, 15.310%, 10/23/2027 †§x | Upgrade | 10/24/2024 | 20254 | 20060 | 20184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293131607, 16.110%, 10/17/2029 †§x | Upgrade | 10/21/2024 | 22089 | 21846 | 21639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293152260, 15.600%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 27346 | 27045 | 26789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931560, 16.140%, 8/04/2028 †§x | Best Egg | 8/07/2025 | 37429 | 36444 | 37359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293161732, 16.110%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 26042 | 25755 | 25539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293170684, 11.500%, 10/17/2027 †§x | Upgrade | 10/21/2024 | 37784 | 37430 | 38057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931756, 13.940%, 8/04/2030 †§x | Best Egg | 8/07/2025 | 45000 | 43806 | 44903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931784, 13.060%, 8/04/2028 †§x | Best Egg | 8/07/2025 | 49000 | 47713 | 48913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293181664, 14.920%, 10/17/2029 †§x | Upgrade | 10/21/2024 | 21122 | 20891 | 20782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931865, 22.000%, 8/04/2030 †§x | Best Egg | 8/07/2025 | 27153 | 26430 | 27015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2931892, 9.850%, 8/04/2028 †§x | Best Egg | 8/07/2025 | 49000 | 47716 | 48917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293217862, 17.580%, 10/18/2029 †§x | Upgrade | 10/21/2024 | 23428 | 23169 | 22940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293241472, 16.110%, 10/18/2029 †§x | Upgrade | 10/21/2024 | 35342 | 34953 | 34625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293277448, 15.600%, 10/26/2029 †x | Upgrade | 10/21/2024 | 44299 | 43805 | 43405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2932775, 11.830%, 8/05/2030 †§x | Best Egg | 8/08/2025 | 40941 | 39856 | 40858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293292098, 17.580%, 10/18/2029 †§x | Upgrade | 10/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22189 | 21944 | 21727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293313991, 17.580%, 10/18/2029 †§x | Upgrade | 10/21/2024 | 22422 | 22175 | 21955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2933174, 14.780%, 9/16/2030 †§x | Best Egg | 8/08/2025 | 30000 | 29203 | 29911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293343203, 16.110%, 10/21/2029 †§x | Upgrade | 10/24/2024 | 22089 | 21846 | 21657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2933442, 17.310%, 8/05/2030 †§x | Best Egg | 8/08/2025 | 49000 | 47697 | 48851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2933571, 16.140%, 8/05/2028 †§x | Best Egg | 8/08/2025 | 49000 | 47709 | 48867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293376428, 10.700%, 10/21/2027 †§x | Upgrade | 10/24/2024 | 22603 | 22391 | 22849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2933852, 21.570%, 8/05/2028 †§x | Best Egg | 8/08/2025 | 37630 | 36635 | 37480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293388099, 15.600%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 39696 | 39260 | 38864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293395914, 17.580%, 10/24/2029 †§x | Upgrade | 10/28/2024 | 23431 | 23172 | 22982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293399849, 15.600%, 10/27/2029 †§x | Upgrade | 10/24/2024 | 31858 | 31503 | 31267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2934040, 7.860%, 8/05/2029 †§x | Best Egg | 8/08/2025 | 25000 | 24342 | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293418638, 17.580%, 10/21/2029 †§x | Upgrade | 10/24/2024 | 22189 | 21943 | 21743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293476031, 17.580%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 21834 | 21592 | 21414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2934985, 16.320%, 8/06/2029 †§x | Best Egg | 8/11/2025 | 21691 | 21116 | 21636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293502727, 15.310%, 10/21/2027 †§x | Upgrade | 10/24/2024 | 22455 | 22241 | 22384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293516299, 13.360%, 10/23/2027 †§x | Upgrade | 10/28/2024 | 21304 | 21102 | 21292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293532981, 17.580%, 10/21/2029 †§x | Upgrade | 10/24/2024 | 26627 | 26332 | 26092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2935356, 21.520%, 8/06/2030 †§x | Best Egg | 8/11/2025 | 21162 | 20599 | 21068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293539170, 15.600%, 10/21/2029 †§x | Upgrade | 10/24/2024 | 39696 | 39260 | 38855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293544032, 13.670%, 10/22/2029 †x | Upgrade | 10/25/2024 | 42571 | 42103 | 41518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293558282, 17.580%, 10/31/2029 †§x | Upgrade | 10/24/2024 | 23210 | 22950 | 22684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2935747, 10.460%, 8/06/2029 †§x | Best Egg | 8/11/2025 | 25000 | 24340 | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293581515, 17.580%, 10/21/2029 †§x | Upgrade | 10/24/2024 | 22189 | 21943 | 21743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2935856, 13.930%, 8/06/2030 †§x | Best Egg | 8/11/2025 | 30000 | 29204 | 29915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293592321, 15.140%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 30830 | 30491 | 30090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293594496, 14.140%, 10/24/2029 †§x | Upgrade | 10/28/2024 | 27089 | 26786 | 26550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2936187, 14.180%, 8/06/2030 †§x | Best Egg | 8/11/2025 | 50000 | 48673 | 49858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2936203, 19.410%, 8/06/2030 †x | Best Egg | 8/11/2025 | 25000 | 24335 | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2936519, 16.810%, 8/07/2030 †§x | Best Egg | 8/11/2025 | 23336 | 22716 | 23271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293659407, 16.110%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 29599 | 29273 | 29028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2936870, 18.990%, 8/07/2030 †§x | Best Egg | 8/11/2025 | 30000 | 29202 | 29868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2936994, 16.580%, 8/07/2030 †§x | Best Egg | 8/11/2025 | 20500 | 19955 | 20443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293707000, 17.580%, 10/22/2029 †§x | Upgrade | 10/25/2024 | 34615 | 34231 | 33928 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**153** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293712316, 12.970%, 10/22/2029 †§x | Upgrade | 10/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2937502, 8.900%, 8/07/2028 †§x | Best Egg | 8/11/2025 | 40625 | 39558 | 40593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2937639, 8.470%, 8/07/2030 †§x | Best Egg | 8/11/2025 | 34000 | 33101 | 33954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2937649, 10.330%, 8/07/2030 †§x | Best Egg | 8/11/2025 | 39000 | 37967 | 38929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2937739, 11.020%, 8/07/2030 †x | Best Egg | 8/11/2025 | 59000 | 57437 | 58891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2937888, 9.040%, 8/07/2028 †§x | Best Egg | 8/11/2025 | 50000 | 48687 | 49926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2937919, 8.470%, 8/07/2030 †§x | Best Egg | 8/11/2025 | 40000 | 38942 | 39946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293819586, 17.580%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 28727 | 28409 | 28154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2938281, 16.960%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 50000 | 48671 | 49813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293834350, 17.580%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 25865 | 25575 | 25349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2938373, 20.370%, 8/10/2028 †§x | Best Egg | 8/13/2025 | 32101 | 31252 | 31999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2938393, 17.310%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 47000 | 45750 | 46884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293849693, 12.480%, 10/23/2027 †§x | Upgrade | 10/28/2024 | 29199 | 28923 | 29389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293854770, 13.590%, 10/23/2028 †§x | Upgrade | 10/28/2024 | 25010 | 24751 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2938569, 5.840%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 21050 | 20494 | 21019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293870871, 17.580%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 30297 | 29961 | 29714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293876395, 7.510%, 10/23/2027 †§x | Upgrade | 10/28/2024 | 20097 | 19911 | 20338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293884454, 9.530%, 10/23/2027 †§x | Upgrade | 10/28/2024 | 22503 | 22293 | 22694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2938880, 13.940%, 9/14/2030 †§x | Best Egg | 8/13/2025 | 30000 | 29203 | 29949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293892187, 14.290%, 10/23/2027 †§x | Upgrade | 10/28/2024 | 21376 | 21173 | 21322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2938955, 15.880%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 45000 | 43804 | 44891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293896587, 16.110%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 27834 | 27526 | 27314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293922420, 17.580%, 10/24/2029 †§x | Upgrade | 10/28/2024 | 35523 | 35129 | 34879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2939274, 11.590%, 8/10/2028 †§x | Best Egg | 8/13/2025 | 27294 | 26575 | 27256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293933177, 17.580%, 10/23/2029 †§x | Upgrade | 10/28/2024 | 23964 | 23698 | 23503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2939359, 11.490%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 28401 | 27648 | 28355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2939412, 18.250%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 23145 | 22529 | 23057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293962392, 16.600%, 10/24/2029 †§x | Upgrade | 10/28/2024 | 22663 | 22412 | 22192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2939654, 21.870%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 25000 | 24335 | 24902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293968291, 14.140%, 10/24/2029 †§x | Upgrade | 10/28/2024 | 30731 | 30395 | 30124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2939718, 10.790%, 8/10/2028 †§x | Best Egg | 8/13/2025 | 22800 | 22200 | 22769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293983558, 15.600%, 10/24/2029 †§x | Upgrade | 10/28/2024 | 21171 | 20938 | 20781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294016065, 17.580%, 10/24/2029 †§x# | Upgrade | 10/28/2024 | 24838 | 24573 | 24362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940209, 12.020%, 8/10/2028 †§x | Best Egg | 8/13/2025 | 25000 | 24342 | 24965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940250, 9.680%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 41233 | 40141 | 41168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940305, 8.250%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 40000 | 38942 | 39953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294031763, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 32242 | 31882 | 31663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294033107, 15.140%, 10/31/2029 †§x | Upgrade | 10/28/2024 | 31319 | 30966 | 30527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294042435, 15.600%, 10/25/2029 †§x | Upgrade | 10/28/2024 | 24700 | 24428 | 24200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940507, 9.870%, 8/10/2028 †§x | Best Egg | 8/13/2025 | 21678 | 21108 | 21634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940515, 12.570%, 8/10/2028 †§x | Best Egg | 8/13/2025 | 40941 | 39862 | 40883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940553, 9.380%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 28000 | 27259 | 27956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294072555, 12.830%, 10/24/2027 †§x | Upgrade | 10/28/2024 | 25060 | 24822 | 25008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294072805, 13.360%, 10/24/2027 †§x | Upgrade | 10/28/2024 | 27696 | 27426 | 27672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940764, 10.250%, 9/17/2028 †§x | Best Egg | 8/13/2025 | 33943 | 33050 | 33918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940773, 19.890%, 8/10/2028 †§x | Best Egg | 8/13/2025 | 37632 | 36637 | 37512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294085086, 13.840%, 10/10/2027 †§x | Upgrade | 10/28/2024 | 21782 | 21575 | 21712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2940854, 11.020%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 33527 | 32638 | 33473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294099753, 9.600%, 10/25/2027 †§x | Upgrade | 10/28/2024 | 21609 | 21407 | 21857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2941045, 15.370%, 8/10/2030 †§x | Best Egg | 8/13/2025 | 38247 | 37231 | 38106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2941091, 8.470%, 8/11/2030 †§x | Best Egg | 8/14/2025 | 24000 | 23365 | 23973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294126181, 15.140%, 10/25/2029 †§x | Upgrade | 10/28/2024 | 36115 | 35718 | 35390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294156399, 12.690%, 10/25/2029 †x | Upgrade | 10/28/2024 | 43693 | 43217 | 43535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294157741, 7.510%, 10/15/2027 †§x | Upgrade | 10/28/2024 | 21522 | 21323 | 21770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294161427, 11.300%, 10/25/2028 †§x | Upgrade | 10/28/2024 | 25750 | 25485 | 26075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2941650, 5.300%, 8/11/2028 †§x | Best Egg | 8/14/2025 | 28750 | 27995 | 28733 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**154** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294171585, 15.600%, 10/15/2029 †§x | Upgrade | 10/28/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294187781, 9.530%, 10/25/2027 †§x | Upgrade | 10/28/2024 | 22503 | 22293 | 22697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294201487, 15.600%, 10/29/2029 †§x | Upgrade | 10/28/2024 | 33138 | 32767 | 32518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942280, 11.340%, 8/11/2030 †§x | Best Egg | 8/14/2025 | 32018 | 31169 | 31968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942318, 7.140%, 9/26/2030 †§x | Best Egg | 8/14/2025 | 30000 | 29206 | 29967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942477, 11.230%, 8/11/2030 †§x | Best Egg | 8/14/2025 | 29471 | 28689 | 29425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942769, 11.000%, 9/20/2030 †§x | Best Egg | 8/14/2025 | 29624 | 28839 | 29579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942786, 6.750%, 8/11/2028 †§x | Best Egg | 8/14/2025 | 33327 | 32451 | 33306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942808, 12.320%, 8/11/2030 †§x | Best Egg | 8/14/2025 | 35000 | 34072 | 34945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2942854, 8.780%, 8/11/2029 †x | Best Egg | 8/14/2025 | 73676 | 71731 | 73570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2943232, 31.070%, 8/12/2030 †§x | Best Egg | 8/15/2025 | 30000 | 29202 | 29803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2943597, 18.470%, 9/20/2028 †§x | Best Egg | 8/15/2025 | 50000 | 48677 | 49859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2944184, 12.790%, 8/12/2030 †§x | Best Egg | 8/15/2025 | 31166 | 30339 | 31118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2944234, 12.570%, 8/12/2028 †§x | Best Egg | 8/15/2025 | 36217 | 35262 | 36171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2944333, 8.740%, 9/16/2030 †§x | Best Egg | 8/15/2025 | 36250 | 35290 | 36199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2944536, 6.710%, 8/12/2030 †§x | Best Egg | 8/15/2025 | 30000 | 29206 | 29960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2944672, 14.560%, 8/12/2029 †§x | Best Egg | 8/15/2025 | 35000 | 34073 | 34934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2945044, 17.800%, 8/13/2030 †§x | Best Egg | 8/18/2025 | 50000 | 48670 | 49894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2945510, 16.850%, 8/13/2030 †§x | Best Egg | 8/18/2025 | 30000 | 29202 | 29937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2945911, 12.130%, 8/13/2028 †§x | Best Egg | 8/18/2025 | 28500 | 27747 | 28466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2946034, 13.450%, 8/13/2030 †§x | Best Egg | 8/18/2025 | 23400 | 22779 | 23366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2946055, 4.610%, 8/13/2028 †x | Best Egg | 8/18/2025 | 77712 | 75667 | 77672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2946291, 19.210%, 8/13/2030 †§x | Best Egg | 8/18/2025 | 50000 | 48670 | 49892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2946702, 13.930%, 8/13/2030 †§x | Best Egg | 8/18/2025 | 22000 | 21416 | 21968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2947117, 15.880%, 8/14/2030 †§x | Best Egg | 8/18/2025 | 50000 | 48671 | 49902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2947137, 12.380%, 8/14/2029 †§x | Best Egg | 8/18/2025 | 23717 | 23089 | 23678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2947547, 11.520%, 8/14/2030 †§x | Best Egg | 8/18/2025 | 21619 | 21046 | 21580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2947635, 7.480%, 8/14/2030 †§x | Best Egg | 8/18/2025 | 47000 | 45755 | 46956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2947892, 17.550%, 9/22/2029 †§x | Best Egg | 8/18/2025 | 28646 | 27885 | 28594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2948017, 18.470%, 8/14/2028 †§x | Best Egg | 8/18/2025 | 42000 | 40888 | 41922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2948590, 11.530%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 47500 | 46239 | 47430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2948648, 14.890%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 25912 | 25223 | 25871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2948700, 15.880%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 33000 | 32123 | 32947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2948804, 12.130%, 8/17/2028 †§x | Best Egg | 8/20/2025 | 50000 | 48678 | 49952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294961580, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 35824 | 35425 | 35158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2949685, 9.530%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 35110 | 34178 | 35073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2949726, 25.650%, 8/17/2028 †§x | Best Egg | 8/20/2025 | 32200 | 31345 | 32127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2949844, 17.820%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 50000 | 48670 | 49936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2949972, 7.970%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 41446 | 40348 | 41414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950139, 10.740%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 27681 | 26947 | 27651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950166, 8.760%, 8/17/2028 †§x | Best Egg | 8/20/2025 | 29250 | 28478 | 29235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950407, 7.500%, 8/17/2029 †§x | Best Egg | 8/20/2025 | 32500 | 31640 | 32469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950462, 13.570%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 30000 | 29203 | 29954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950698, 12.960%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 50000 | 48672 | 49943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950841, 14.410%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 29500 | 28716 | 29454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2950900, 10.120%, 8/17/2028 †§x | Best Egg | 8/20/2025 | 36742 | 35771 | 36709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2951102, 19.690%, 10/01/2030 †§x | Best Egg | 8/20/2025 | 36562 | 35590 | 36471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2951114, 6.710%, 8/17/2030 †§x | Best Egg | 8/20/2025 | 37110 | 36126 | 37074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2951717, 12.460%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 32000 | 31150 | 31967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2951953, 9.340%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 39000 | 37965 | 38963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2952337, 6.280%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 20831 | 20279 | 20817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2952394, 7.480%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 25000 | 24337 | 24982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2952398, 16.810%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 30000 | 29202 | 29955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2952469, 17.770%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 22500 | 21902 | 22465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2952600, 12.650%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 21073 | 20513 | 21051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2953054, 12.960%, 8/18/2030 †§x | Best Egg | 8/21/2025 | 31146 | 30319 | 31114 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**155** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953252, 16.620%, 8/18/2028 †§x | Best Egg | 8/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2953596, 10.820%, 8/19/2030 †§x | Best Egg | 8/22/2025 | 40515 | 39440 | 40478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2953695, 15.650%, 8/19/2028 †§x | Best Egg | 8/22/2025 | 30000 | 29205 | 29972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2953862, 12.090%, 8/19/2028 †§x | Best Egg | 8/22/2025 | 28000 | 27259 | 27968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2953921, 28.290%, 8/19/2030 †§x | Best Egg | 8/22/2025 | 32702 | 31833 | 32606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2954608, 19.470%, 8/19/2030 †§x | Best Egg | 8/22/2025 | 32605 | 31738 | 32537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 295476532, 15.140%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 25723 | 25437 | 25120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2954805, 8.820%, 8/19/2030 †§x | Best Egg | 8/22/2025 | 47867 | 46597 | 47826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2954874, 6.370%, 10/02/2028 †§x | Best Egg | 8/22/2025 | 36250 | 35293 | 36226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955036, 14.900%, 8/19/2030 †§x | Best Egg | 8/22/2025 | 24500 | 23849 | 24467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955227, 19.470%, 8/19/2030 †§x | Best Egg | 8/22/2025 | 35000 | 34069 | 34927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955271, 12.820%, 8/19/2029 †§x | Best Egg | 8/22/2025 | 37429 | 36436 | 37393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955405, 8.290%, 8/20/2030 †§x | Best Egg | 8/25/2025 | 45803 | 44587 | 45767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955649, 5.840%, 8/20/2030 †§x | Best Egg | 8/25/2025 | 40000 | 38939 | 39972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955787, 18.020%, 8/20/2030 †§x | Best Egg | 8/25/2025 | 25000 | 24335 | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955953, 15.370%, 8/20/2030 †§x | Best Egg | 8/25/2025 | 40000 | 38937 | 39951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2955985, 8.920%, 8/20/2029 †§x | Best Egg | 8/25/2025 | 35692 | 34745 | 35664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956111, 11.150%, 8/20/2028 †§x | Best Egg | 8/25/2025 | 50000 | 48675 | 49963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956197, 11.990%, 8/20/2030 †x | Best Egg | 8/25/2025 | 77500 | 75441 | 77412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956314, 12.080%, 8/20/2028 †§x | Best Egg | 8/25/2025 | 41990 | 40878 | 41958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956519, 7.140%, 8/20/2029 †§x | Best Egg | 8/25/2025 | 28000 | 27258 | 27989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 295666454, 14.140%, 11/21/2029 †x | Upgrade | 11/25/2024 | 44523 | 44026 | 43754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956688, 15.150%, 8/20/2030 †§x | Best Egg | 8/25/2025 | 50000 | 48671 | 49952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956754, 13.940%, 8/20/2030 †§x | Best Egg | 8/25/2025 | 31348 | 30515 | 31319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956840, 10.610%, 8/20/2028 †§x | Best Egg | 8/25/2025 | 30443 | 29636 | 30421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2956975, 16.580%, 8/20/2030 †§x | Best Egg | 8/25/2025 | 30000 | 29202 | 29962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2957645, 10.790%, 8/21/2028 †§x | Best Egg | 8/25/2025 | 35000 | 34073 | 34977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2958006, 5.640%, 8/21/2028 †§x | Best Egg | 8/25/2025 | 50000 | 48677 | 49984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2958252, 11.830%, 8/21/2030 †§x | Best Egg | 8/25/2025 | 21000 | 20442 | 20983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2958651, 17.060%, 8/21/2030 †§x | Best Egg | 8/25/2025 | 50000 | 48670 | 49942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2958727, 11.990%, 8/21/2030 †x | Best Egg | 8/25/2025 | 62500 | 60839 | 62450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2958737, 13.610%, 8/21/2028 †§x | Best Egg | 8/25/2025 | 22500 | 21904 | 22483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2958811, 17.620%, 8/21/2030 †§x | Best Egg | 8/25/2025 | 50000 | 48670 | 49941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959070, 16.410%, 8/24/2028 †§x | Best Egg | 8/27/2025 | 50000 | 48673 | 49962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959086, 18.510%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 50000 | 48670 | 49946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959321, 8.670%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 22500 | 21902 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959421, 8.290%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 22500 | 21902 | 22490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959792, 19.470%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 30500 | 29689 | 30466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959797, 10.870%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 32552 | 31687 | 32531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959856, 13.190%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 23466 | 22842 | 23452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2959953, 6.280%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 50000 | 48672 | 49980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2960051, 11.600%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 50000 | 48671 | 49973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296010324, 12.830%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 26477 | 26219 | 26408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2960218, 15.150%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 40000 | 38936 | 39970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296055244, 14.140%, 11/21/2029 †x | Upgrade | 11/25/2024 | 40078 | 39633 | 39324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2960574, 12.950%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 50000 | 48671 | 49971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2960659, 19.950%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 24000 | 23362 | 23973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2960695, 9.350%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 45306 | 44102 | 45279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2960841, 8.870%, 8/24/2028 †§x | Best Egg | 8/27/2025 | 34282 | 33373 | 34268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296089160, 16.110%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 22392 | 22141 | 21991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2961011, 13.450%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 30000 | 29203 | 29979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2961017, 8.550%, 8/24/2028 †§x | Best Egg | 8/27/2025 | 50000 | 48674 | 49984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2961020, 15.850%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 46913 | 45665 | 46876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2961366, 16.350%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 33510 | 32619 | 33483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2961528, 12.320%, 8/24/2030 †§x | Best Egg | 8/27/2025 | 33676 | 32781 | 33657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2961773, 12.740%, 8/24/2028 †§x | Best Egg | 8/27/2025 | 30000 | 29204 | 29984 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**156** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962038, 15.740%, 8/25/2030 †§x | Best Egg | 8/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296216234, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 26830 | 26531 | 26293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962207, 16.120%, 9/26/2030 †§x | Best Egg | 8/28/2025 | 47500 | 46237 | 46237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962310, 12.000%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 23000 | 22389 | 22388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962382, 6.970%, 8/25/2028 †§x | Best Egg | 8/28/2025 | 50000 | 48674 | 48670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962475, 12.080%, 8/25/2028 †§x | Best Egg | 8/28/2025 | 24500 | 23850 | 23848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962483, 16.610%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 28000 | 27255 | 27255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962520, 16.360%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 40000 | 38936 | 38936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962564, 17.110%, 8/25/2028 †§x | Best Egg | 8/28/2025 | 22000 | 21416 | 21415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962702, 19.950%, 8/25/2030 †x | Best Egg | 8/28/2025 | 47500 | 46237 | 46237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962790, 10.060%, 8/25/2028 †§x | Best Egg | 8/28/2025 | 47500 | 46239 | 46237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2962969, 8.250%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 43750 | 42588 | 42586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296298272, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 20570 | 20340 | 20172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2963274, 15.390%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 28000 | 27255 | 27255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2963332, 17.580%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 23000 | 22388 | 22388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2963385, 31.070%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 21856 | 21274 | 21274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296338538, 14.140%, 11/21/2029 †x | Upgrade | 11/25/2024 | 45329 | 44775 | 44653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296347618, 17.580%, 12/10/2029 †x | Upgrade | 12/13/2024 | 45563 | 45048 | 44647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2963676, 15.150%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 48153 | 46872 | 46872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2963685, 16.190%, 8/25/2030 †§x | Best Egg | 8/28/2025 | 30000 | 29202 | 29202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296399378, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 22390 | 22141 | 21974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2964101, 12.320%, 10/01/2030 †§x | Best Egg | 8/29/2025 | 31493 | 31493 | 30655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2964237, 7.030%, 10/01/2028 †§x | Best Egg | 8/29/2025 | 22000 | 22000 | 21415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2964359, 6.420%, 10/01/2029 †§x | Best Egg | 8/29/2025 | 36079 | 36079 | 35119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2964704, 12.320%, 10/01/2030 †§x | Best Egg | 8/29/2025 | 31493 | 31493 | 30655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296471050, 14.290%, 11/21/2027 †§x | Upgrade | 11/25/2024 | 21133 | 20926 | 21079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296480284, 14.650%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 35249 | 34857 | 35135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2964850, 11.590%, 10/01/2028 †§x | Best Egg | 8/29/2025 | 41990 | 41990 | 40873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965001, 14.010%, 10/01/2030 †x | Best Egg | 8/29/2025 | 99389 | 99389 | 96745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965012, 16.850%, 10/01/2030 †§x | Best Egg | 8/29/2025 | 43750 | 43750 | 42586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296515028, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 33090 | 32722 | 32428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965158, 16.830%, 10/01/2030 †§x | Best Egg | 8/29/2025 | 24500 | 24500 | 23848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965254, 15.830%, 10/01/2029 †§x | Best Egg | 8/29/2025 | 32483 | 32483 | 31619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965255, 8.120%, 10/01/2028 †§x | Best Egg | 8/29/2025 | 26500 | 26500 | 25795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965423, 6.290%, 10/01/2028 †§x | Best Egg | 8/29/2025 | 25000 | 25000 | 24335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2965443, 11.860%, 10/01/2029 †§x | Best Egg | 8/29/2025 | 37000 | 37000 | 36016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296564120, 10.700%, 11/21/2027 †§x | Upgrade | 11/25/2024 | 23366 | 23140 | 23638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296611990, 16.110%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 21495 | 21255 | 21110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296643368, 10.520%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 20100 | 19903 | 20217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296648872, 8.530%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 38659 | 38289 | 39006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296649218, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 35817 | 35418 | 35151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296649430, 14.140%, 12/17/2029 †§x | Upgrade | 12/06/2024 | 22704 | 22448 | 22274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296662460, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 31507 | 31155 | 31047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296671635, 17.580%, 11/24/2029 †§x# | Upgrade | 11/25/2024 | 20538 | 20308 | 20245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296676271, 15.140%, 11/20/2029 †x | Upgrade | 11/25/2024 | 40193 | 39746 | 39419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296724889, 11.500%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 23429 | 23202 | 23619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296730281, 14.140%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 33844 | 33469 | 33184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296731460, 17.580%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 32644 | 32277 | 32040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296744917, 10.650%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 21153 | 20921 | 21125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296761508, 11.520%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 37324 | 36958 | 37434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296782687, 16.600%, 11/19/2029 †x | Upgrade | 11/22/2024 | 40357 | 39906 | 39535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296787852, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 30537 | 30197 | 29914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296796406, 17.580%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 21042 | 20806 | 20653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296802117, 13.590%, 11/19/2028 †§x | Upgrade | 11/22/2024 | 34019 | 33660 | 33094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296820818, 9.510%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 20558 | 20360 | 20709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296824198, 7.510%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 30274 | 29979 | 30643 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**157** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296839889, 16.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296896207, 17.580%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 21581 | 21339 | 21182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296942820, 15.310%, 12/02/2027 †§x# | Upgrade | 11/22/2024 | 25427 | 25172 | 25270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296976958, 15.600%, 11/19/2029 †§x# | Upgrade | 11/22/2024 | 34889 | 34490 | 34176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296978573, 16.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 31389 | 31038 | 30769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296988815, 17.580%, 11/20/2029 †§x# | Upgrade | 11/22/2024 | 27301 | 26996 | 26821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296988840, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 35824 | 35425 | 35158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296989137, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 21865 | 21621 | 21419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296995665, 13.590%, 11/19/2028 †§x | Upgrade | 11/22/2024 | 21273 | 21049 | 20695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297009417, 10.700%, 11/30/2027 †§x | Upgrade | 11/22/2024 | 25731 | 25477 | 26005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297010066, 15.140%, 11/21/2029 †x | Upgrade | 11/25/2024 | 44659 | 44162 | 43802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297013883, 13.670%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 23125 | 22869 | 22594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297019679, 16.110%, 11/06/2029 †§x | Upgrade | 11/22/2024 | 32018 | 31661 | 31314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297025316, 7.510%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 23115 | 22894 | 23400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297045605, 17.580%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 21581 | 21339 | 21169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297049876, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 20570 | 20340 | 20172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297050659, 13.670%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 31129 | 30785 | 30416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297064358, 12.830%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 20394 | 20195 | 20348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297072559, 15.060%, 11/19/2028 †§x | Upgrade | 11/22/2024 | 21368 | 21142 | 20783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297075437, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 26830 | 26531 | 26293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297081007, 8.710%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 20115 | 19922 | 20357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297086217, 14.140%, 11/30/2029 †§x | Upgrade | 11/25/2024 | 25951 | 25659 | 25381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297086346, 15.140%, 11/19/2029 †x | Upgrade | 11/22/2024 | 44659 | 44162 | 43932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297088471, 14.140%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 20484 | 20257 | 20085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297089965, 16.110%, 11/19/2029 †x | Upgrade | 11/22/2024 | 44780 | 44281 | 43948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297091994, 16.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 23186 | 22928 | 22710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297092687, 16.110%, 11/27/2029 †§x | Upgrade | 11/22/2024 | 26986 | 26680 | 26532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297093951, 17.580%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 22480 | 22229 | 22050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297094477, 14.140%, 11/14/2029 †§x | Upgrade | 11/22/2024 | 22212 | 21966 | 21772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297096328, 17.580%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 26976 | 26674 | 26461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297101083, 14.140%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 24937 | 24661 | 24468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297101160, 16.110%, 11/20/2029 †x | Upgrade | 11/22/2024 | 42447 | 41991 | 31909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297101619, 17.580%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 23483 | 23220 | 23034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297102007, 14.290%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 22461 | 22241 | 22394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297108376, 13.590%, 11/19/2028 †§x | Upgrade | 11/22/2024 | 21165 | 20942 | 20590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297109452, 14.290%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 35465 | 35118 | 35360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297109667, 17.580%, 11/24/2029 †§x | Upgrade | 11/22/2024 | 22215 | 21962 | 21811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297113076, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 25925 | 25636 | 25443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297115970, 16.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 31389 | 31038 | 30769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297119415, 14.330%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 39410 | 39025 | 39283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297119676, 14.140%, 11/18/2029 †§x | Upgrade | 11/22/2024 | 32448 | 32088 | 31813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297121218, 14.650%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 32109 | 31753 | 31992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297121682, 14.140%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 29836 | 29505 | 29255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297122019, 17.580%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 23380 | 23118 | 22933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297122581, 12.830%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 23532 | 23302 | 23470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297125027, 17.580%, 11/28/2029 †§x | Upgrade | 11/25/2024 | 27100 | 26792 | 26689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297128746, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 35376 | 34982 | 34719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297129999, 14.140%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 35625 | 35230 | 34931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297133843, 17.580%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 35069 | 34677 | 34399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297134478, 16.110%, 11/23/2029 †§x | Upgrade | 11/22/2024 | 20734 | 20499 | 20379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297135918, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 22211 | 21963 | 21798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297137945, 13.840%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 31479 | 31171 | 31381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297139158, 14.140%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 23156 | 22900 | 22705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297141027, 13.670%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 23580 | 23319 | 23098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297146518, 11.500%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 39048 | 38670 | 39365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297148011, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 22358 | 22109 | 21911 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**158** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297148487, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297150867, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 21495 | 21255 | 21095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297151890, 12.830%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 25885 | 25633 | 25817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297155188, 9.530%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 20947 | 20746 | 21129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297155420, 15.310%, 11/28/2027 †§x | Upgrade | 11/22/2024 | 23837 | 23598 | 23792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297157578, 17.580%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 28853 | 28527 | 28301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297159031, 7.510%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 26967 | 26710 | 27300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297159388, 6.650%, 11/15/2027 †§x | Upgrade | 11/22/2024 | 23115 | 22895 | 23401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297160476, 17.580%, 12/01/2029 †§x | Upgrade | 11/25/2024 | 27071 | 26773 | 26504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297163107, 13.180%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 37302 | 36890 | 36879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297170358, 14.290%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 35465 | 35118 | 35360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297175144, 14.140%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 34734 | 34349 | 34058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297180811, 16.110%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 35025 | 34630 | 34442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297181677, 12.690%, 11/30/2029 †§x | Upgrade | 11/25/2024 | 26711 | 26412 | 26650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297188076, 15.140%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 25071 | 24792 | 24499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297190443, 12.830%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 21308 | 21100 | 21253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297192107, 15.140%, 11/25/2029 †§x | Upgrade | 11/25/2024 | 24178 | 23904 | 23758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297192978, 16.110%, 11/28/2029 †§x | Upgrade | 11/25/2024 | 33374 | 32997 | 32954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297194414, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 35824 | 35424 | 35181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297199114, 12.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 34538 | 34157 | 34477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297199348, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 32242 | 31882 | 31642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297199819, 9.500%, 11/19/2027 †§x | Upgrade | 11/22/2024 | 23272 | 23049 | 23546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297204389, 14.140%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 22587 | 22336 | 22091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297205038, 13.670%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 22235 | 21989 | 21842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297208883, 16.110%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 21977 | 21733 | 21558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297209460, 17.580%, 11/30/2029 †§x | Upgrade | 11/25/2024 | 26530 | 26228 | 25929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297212542, 15.600%, 11/19/2029 †§x | Upgrade | 11/22/2024 | 29066 | 28742 | 28484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297212616, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 24149 | 23879 | 23681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297214745, 17.580%, 11/20/2029 †§x# | Upgrade | 11/25/2024 | 21486 | 21244 | 21088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297215672, 16.110%, 11/30/2029 †§x | Upgrade | 11/25/2024 | 24305 | 24030 | 23829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297221137, 16.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 24214 | 23943 | 23736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297222219, 16.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 20627 | 20396 | 20219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297224970, 17.580%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 28020 | 27705 | 27501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297225680, 17.580%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 31462 | 31111 | 30880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297231227, 8.530%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 25129 | 24888 | 25360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297231636, 14.290%, 11/21/2027 †§x# | Upgrade | 11/25/2024 | 25512 | 25201 | 25478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297232594, 15.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 25395 | 25111 | 24901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297236112, 16.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 22468 | 22216 | 22061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297239213, 16.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 21075 | 20840 | 20659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297242521, 14.140%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 24937 | 24661 | 24467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297243502, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 35824 | 35424 | 35181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297243663, 16.600%, 11/26/2029 †§x | Upgrade | 11/25/2024 | 22497 | 22241 | 22096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297244223, 7.510%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 32060 | 31753 | 32460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297249252, 14.290%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 23643 | 23411 | 23581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297249408, 17.580%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 35969 | 35565 | 35303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297254865, 11.520%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 32802 | 32484 | 32925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297255435, 15.060%, 11/20/2028 †x | Upgrade | 11/25/2024 | 42737 | 42283 | 41588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297260433, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 22390 | 22140 | 21988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297260784, 14.140%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 28500 | 28184 | 27962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297264713, 14.650%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 22298 | 22050 | 22226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297264992, 14.920%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 23490 | 23229 | 23185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297274967, 14.330%, 11/30/2027 †§x | Upgrade | 11/25/2024 | 31675 | 31357 | 31481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297275501, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 27585 | 27277 | 27089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297275579, 14.190%, 12/15/2028 †x | Upgrade | 12/06/2024 | 42868 | 42403 | 43019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297282327, 12.830%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 23583 | 23352 | 23538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297283994, 15.600%, 11/20/2029 †§x# | Upgrade | 11/25/2024 | 20825 | 20593 | 20416 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**159** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297285046, 16.600%, 11/20/2029 †§x | Upgrade | 11/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297285671, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 22390 | 22140 | 21988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297294218, 11.500%, 11/21/2027 †§x | Upgrade | 11/25/2024 | 31238 | 30935 | 31500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297297125, 17.580%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 28325 | 28008 | 27801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297304498, 14.140%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 22267 | 22020 | 21847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297309364, 10.500%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 23351 | 23125 | 23552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297309744, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 24635 | 24356 | 24193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297312425, 15.310%, 11/20/2027 †x# | Upgrade | 11/25/2024 | 33575 | 33156 | 33490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297318422, 7.510%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 23115 | 22893 | 23403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297340952, 15.140%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 35727 | 35329 | 35040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297353562, 15.140%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 26795 | 26497 | 26184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297353755, 15.600%, 11/30/2029 †§x | Upgrade | 11/25/2024 | 22466 | 22212 | 22001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297356331, 16.110%, 11/20/2029 †§x | Upgrade | 11/25/2024 | 27316 | 27011 | 26825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297356847, 15.600%, 12/01/2028 †§x# | Upgrade | 11/25/2024 | 23082 | 22832 | 22368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297358287, 12.480%, 11/20/2027 †§x | Upgrade | 11/25/2024 | 31339 | 31034 | 31550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297366993, 15.600%, 11/30/2029 †§x | Upgrade | 11/25/2024 | 37853 | 37425 | 37005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297367955, 13.590%, 11/21/2028 †x | Upgrade | 11/25/2024 | 42627 | 42175 | 41529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297369686, 13.180%, 11/21/2029 †x | Upgrade | 11/25/2024 | 44407 | 43916 | 43929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297373531, 17.580%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 32389 | 32026 | 31832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297374039, 17.580%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 21581 | 21339 | 21183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297377596, 10.780%, 11/21/2027 †§x | Upgrade | 11/25/2024 | 27268 | 27004 | 27223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297381525, 17.580%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 24665 | 24389 | 24211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297386593, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 34901 | 34508 | 34140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297388603, 15.140%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 26790 | 26492 | 26180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297388683, 16.110%, 11/25/2029 †§x | Upgrade | 11/25/2024 | 26925 | 26620 | 26504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297395597, 14.140%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 22266 | 22019 | 21847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297398579, 16.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 22421 | 22170 | 21979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297402510, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 23510 | 23242 | 23044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297404363, 17.580%, 11/21/2029 †x | Upgrade | 11/25/2024 | 40465 | 40011 | 39719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297408345, 14.290%, 11/21/2027 †§x | Upgrade | 11/25/2024 | 21673 | 21460 | 21618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297412214, 12.480%, 11/18/2027 †§x | Upgrade | 11/25/2024 | 23334 | 23106 | 23486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297416420, 13.360%, 11/21/2027 †§x | Upgrade | 11/25/2024 | 39287 | 38903 | 39382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297426802, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 27728 | 27414 | 27192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297430520, 13.670%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 35576 | 35182 | 34785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297432362, 17.060%, 11/30/2028 †§x | Upgrade | 11/25/2024 | 23595 | 23339 | 22854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297438045, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 32008 | 31651 | 31388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297438808, 14.140%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 21375 | 21138 | 20973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297445069, 14.920%, 11/21/2029 †x | Upgrade | 11/25/2024 | 40793 | 40339 | 40263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297447916, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 35416 | 35021 | 34730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297448663, 15.600%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 26830 | 26531 | 26311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297476675, 14.650%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 22298 | 22050 | 22226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297486006, 14.140%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 26719 | 26422 | 26216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297486504, 16.110%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 25077 | 24797 | 24628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297491419, 16.600%, 11/30/2029 †§x | Upgrade | 11/25/2024 | 22534 | 22278 | 22020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297498237, 15.140%, 11/21/2029 †§x | Upgrade | 11/25/2024 | 26491 | 26196 | 26192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297520582, 15.600%, 11/22/2029 †x# | Upgrade | 11/25/2024 | 23828 | 23562 | 23591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297521512, 15.600%, 11/22/2029 †§x | Upgrade | 11/25/2024 | 34208 | 33827 | 33548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297545796, 14.290%, 11/22/2027 †§x | Upgrade | 11/25/2024 | 23249 | 23021 | 23192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297545861, 9.530%, 12/16/2027 †§x | Upgrade | 12/13/2024 | 40164 | 39762 | 40533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297547996, 15.140%, 11/22/2029 †§x | Upgrade | 11/25/2024 | 35727 | 35329 | 35044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297555688, 15.140%, 11/22/2029 †§x | Upgrade | 11/25/2024 | 29703 | 29372 | 29131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297559964, 12.480%, 11/22/2027 †§x | Upgrade | 11/25/2024 | 27301 | 27034 | 27487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297590158, 14.920%, 11/22/2029 †x | Upgrade | 11/25/2024 | 44631 | 44134 | 44054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297590777, 13.360%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 28376 | 28095 | 28300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297592349, 14.290%, 11/26/2027 †§x | Upgrade | 11/25/2024 | 39096 | 38704 | 39023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297618597, 12.830%, 11/22/2027 †§x | Upgrade | 11/25/2024 | 23532 | 23302 | 23482 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**160** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297619758, 16.600%, 12/01/2029 †§x | Upgrade | 11/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297620371, 12.600%, 11/15/2029 †§x | Upgrade | 11/25/2024 | 22101 | 21857 | 22044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297627951, 17.580%, 11/22/2029 †§x | Upgrade | 11/25/2024 | 23448 | 23184 | 23053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297628968, 13.590%, 11/22/2028 †§x | Upgrade | 11/25/2024 | 25102 | 24837 | 24435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297630609, 17.580%, 11/22/2029 †§x | Upgrade | 11/25/2024 | 26077 | 25785 | 25598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297632407, 16.600%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 26794 | 26494 | 26187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297633161, 15.600%, 11/22/2029 †§x | Upgrade | 11/25/2024 | 34307 | 33924 | 33645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297636370, 9.500%, 11/22/2027 †§x | Upgrade | 11/25/2024 | 19781 | 19591 | 20019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297695785, 15.140%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 29891 | 29557 | 29230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297820568, 17.580%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 22143 | 21894 | 21677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297824322, 14.650%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 20807 | 20575 | 20717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297925954, 17.580%, 12/04/2029 †x | Upgrade | 12/09/2024 | 45573 | 45058 | 44682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297966624, 17.580%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 27793 | 27480 | 27208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297975236, 11.650%, 12/02/2028 †§x | Upgrade | 12/05/2024 | 25911 | 25637 | 26111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297982940, 14.140%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 35598 | 35201 | 34823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298001747, 15.140%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 20833 | 20600 | 20313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298010931, 16.110%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 31780 | 31424 | 31104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298052340, 11.890%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 28255 | 27977 | 28186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298052408, 14.140%, 12/09/2029 †§x | Upgrade | 12/09/2024 | 30645 | 30298 | 30081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298076587, 14.330%, 12/18/2027 †§x | Upgrade | 12/06/2024 | 20475 | 20267 | 20409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298080898, 15.600%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 30347 | 30008 | 29663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298082382, 16.110%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 27240 | 26935 | 26661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298119756, 13.670%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 36096 | 35694 | 35179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298148279, 9.530%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 24449 | 24210 | 24641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298177519, 11.500%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 33657 | 33326 | 33893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298191829, 13.670%, 11/22/2029 †§x | Upgrade | 12/06/2024 | 35396 | 35002 | 34684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298224966, 17.580%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 28704 | 28381 | 28096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298225514, 14.650%, 12/17/2029 †§x | Upgrade | 12/05/2024 | 29510 | 29176 | 29486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298228220, 10.700%, 12/06/2027 †§x# | Upgrade | 12/09/2024 | 36194 | 35838 | 36592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298229797, 15.140%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 31703 | 31349 | 30994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298261979, 14.290%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 36581 | 36218 | 36401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298335066, 16.600%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 27273 | 26966 | 26672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298377779, 16.110%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 20884 | 20650 | 20435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298392180, 13.590%, 12/06/2028 †§x | Upgrade | 12/09/2024 | 23880 | 23626 | 23183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298399519, 13.360%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 40537 | 40137 | 40424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298406891, 11.520%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 35884 | 35532 | 35936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298422421, 16.110%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 27698 | 27389 | 27103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298426298, 17.580%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 23982 | 23713 | 23453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298432901, 15.060%, 12/02/2028 †§x | Upgrade | 12/05/2024 | 34874 | 34501 | 33819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298433631, 14.140%, 12/17/2029 †§x | Upgrade | 12/05/2024 | 29211 | 28880 | 28586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298441845, 16.110%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 22246 | 21997 | 21768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298444764, 15.600%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 25392 | 25108 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298453551, 16.110%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 23044 | 22787 | 22546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298474485, 17.580%, 12/17/2029 †§x | Upgrade | 12/05/2024 | 32167 | 31800 | 31635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298483181, 14.140%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 34784 | 34397 | 34019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298497718, 16.110%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 36320 | 35913 | 35539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298498228, 13.590%, 12/05/2028 †§x | Upgrade | 12/09/2024 | 21710 | 21478 | 21075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298502971, 16.110%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 22881 | 22625 | 22390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298502991, 17.580%, 11/18/2029 †§x | Upgrade | 12/05/2024 | 27771 | 27457 | 27303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298509680, 14.290%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 36581 | 36219 | 36383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298510202, 16.110%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 21792 | 21548 | 21329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298520605, 11.650%, 12/02/2028 †x | Upgrade | 12/05/2024 | 42321 | 41874 | 42648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298535175, 11.520%, 12/17/2027 †§x | Upgrade | 12/05/2024 | 32458 | 32133 | 32561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298543449, 16.110%, 12/13/2029 †§x | Upgrade | 12/06/2024 | 33754 | 33370 | 33178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298546540, 11.500%, 12/02/2027 †§x | Upgrade | 12/05/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37602 | 37233 | 37861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298548967, 16.600%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 21364 | 21124 | 20874 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**161** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298549837, 13.590%, 12/02/2028 †x | Upgrade | 12/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298553987, 8.530%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 35964 | 35614 | 36244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298555258, 13.590%, 12/03/2028 †§x | Upgrade | 12/06/2024 | 30812 | 30484 | 29894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298564081, 14.330%, 12/20/2027 †§x | Upgrade | 12/09/2024 | 32718 | 32385 | 32628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298565521, 15.140%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 32609 | 32245 | 31879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298578523, 15.310%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 22828 | 22600 | 22691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298595684, 7.510%, 12/03/2027 †§x | Upgrade | 12/05/2024 | 27892 | 27622 | 28228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298596710, 16.600%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 32414 | 32050 | 31679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298611503, 9.510%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 40078 | 39688 | 40307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298612059, 16.110%, 12/16/2029 †§x | Upgrade | 12/05/2024 | 28358 | 28036 | 27822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298615445, 14.330%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 26016 | 25759 | 25849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298615577, 14.330%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 26829 | 26563 | 26672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298622311, 15.140%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 33967 | 33588 | 33085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298624346, 13.590%, 12/02/2028 †x | Upgrade | 12/05/2024 | 43418 | 42957 | 42116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298631763, 14.290%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 32595 | 32272 | 32444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298635122, 15.140%, 12/15/2029 †§x | Upgrade | 12/05/2024 | 21333 | 21092 | 20916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298637107, 13.590%, 12/02/2028 †§x | Upgrade | 12/05/2024 | 34735 | 34366 | 33693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298639193, 13.360%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 30723 | 30419 | 30637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298640264, 13.590%, 12/06/2028 †§x | Upgrade | 12/09/2024 | 30393 | 30069 | 29505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298642557, 13.590%, 12/02/2028 †§x | Upgrade | 12/05/2024 | 24314 | 24056 | 23585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298654540, 15.600%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 27205 | 26901 | 26598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298655969, 16.110%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 28966 | 28642 | 28368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298661990, 9.530%, 12/10/2027 †§x | Upgrade | 12/05/2024 | 35368 | 35017 | 35668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298670265, 15.140%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 30012 | 29678 | 29309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298676642, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 24148 | 23877 | 23622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298679100, 14.140%, 12/19/2029 †§x | Upgrade | 12/09/2024 | 37477 | 37051 | 36726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298680955, 13.840%, 12/02/2027 †§x | Upgrade | 12/05/2024 | 24356 | 24115 | 24202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298715370, 16.110%, 12/02/2029 †§x | Upgrade | 12/05/2024 | 25860 | 25570 | 25304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298725015, 16.600%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 27273 | 26967 | 26671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298732497, 15.140%, 12/10/2029 †x | Upgrade | 12/13/2024 | 44837 | 44334 | 43919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298737263, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 21870 | 21624 | 21393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298739135, 15.310%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 38726 | 38341 | 38473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298740649, 14.650%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 31664 | 31310 | 31522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298742346, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 25410 | 25124 | 24856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298743951, 14.330%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 21951 | 21734 | 21814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298745133, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 36450 | 36040 | 35655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298749982, 12.690%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 32556 | 32195 | 32423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298753256, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 36634 | 36223 | 35899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298754511, 16.110%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 29842 | 29513 | 29263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298758131, 12.830%, 12/17/2027 †§x | Upgrade | 12/06/2024 | 32592 | 32263 | 32485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298764129, 10.500%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 32158 | 31842 | 32401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298775219, 15.140%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 36232 | 35827 | 35300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298777937, 13.840%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 32475 | 32153 | 32276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298780334, 14.290%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 36473 | 36113 | 36298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298782624, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 23251 | 22989 | 22744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298794088, 16.110%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 32688 | 32322 | 31993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298795386, 15.310%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 25274 | 25022 | 25109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298795830, 14.290%, 11/27/2027 †§x | Upgrade | 12/06/2024 | 21304 | 21094 | 21279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298796358, 12.830%, 12/05/2027 †§x | Upgrade | 12/06/2024 | 28335 | 28054 | 28206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298802151, 13.670%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 27072 | 26770 | 26410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298808786, 16.110%, 11/30/2029 †§x | Upgrade | 12/06/2024 | 33529 | 33153 | 32807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298813405, 15.600%, 12/01/2029 †§x | Upgrade | 12/06/2024 | 39864 | 39418 | 38955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298833220, 12.600%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 22497 | 22247 | 22436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298835726, 9.500%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 20416 | 20216 | 20653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298841863, 9.500%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 25649 | 25399 | 25938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298854164, 13.590%, 12/04/2028 †§x | Upgrade | 12/09/2024 | 31261 | 30928 | 30345 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**162** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298858947, 17.580%, 12/03/2029 †§x | Upgrade | 12/06/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298899161, 16.110%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 36320 | 35913 | 35548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298901941, 16.600%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 27882 | 27569 | 27266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298909536, 15.600%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 26536 | 26240 | 25931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298910190, 8.530%, 12/03/2027 †§x | Upgrade | 12/06/2024 | 28431 | 28155 | 28656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298911632, 13.670%, 12/03/2029 †§x | Upgrade | 12/06/2024 | 28877 | 28555 | 28150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298917789, 12.830%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 32383 | 32062 | 32236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298929171, 13.360%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 24942 | 24694 | 24897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298934013, 14.290%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 36581 | 36216 | 36424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298938419, 14.140%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 24846 | 24569 | 24320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298941536, 14.140%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 22587 | 22335 | 22109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298946992, 16.110%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 36320 | 35913 | 35570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298952433, 13.590%, 12/04/2028 †§x | Upgrade | 12/09/2024 | 22578 | 22337 | 21916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298953616, 10.500%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 20099 | 19902 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298954607, 17.580%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 35539 | 35139 | 34786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298956936, 16.600%, 11/20/2029 †§x | Upgrade | 12/09/2024 | 23133 | 22872 | 22732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298957625, 16.110%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 27240 | 26934 | 26679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298972421, 14.140%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 36140 | 35737 | 35375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298972874, 15.600%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 31921 | 31564 | 31269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298974290, 12.970%, 12/10/2029 †x | Upgrade | 12/13/2024 | 43236 | 42754 | 42695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298975309, 10.500%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 39394 | 39007 | 39689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298976754, 14.920%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 38022 | 37597 | 37487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298985422, 16.600%, 12/01/2029 †§x | Upgrade | 12/13/2024 | 28042 | 27726 | 27436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298989342, 15.600%, 12/19/2029 †§x | Upgrade | 12/09/2024 | 36557 | 36141 | 35871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298996614, 14.330%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 32520 | 32197 | 32335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299001329, 15.140%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 35326 | 34931 | 34565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299004569, 11.890%, 12/10/2027 †§x | Upgrade | 12/09/2024 | 29542 | 29245 | 29509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299008715, 16.110%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 22690 | 22435 | 22221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299010470, 15.600%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 21002 | 20767 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299015326, 17.580%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 36450 | 36040 | 35678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299026493, 15.600%, 12/03/2028 †§x | Upgrade | 12/09/2024 | 37959 | 37553 | 36763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299038145, 15.140%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 34366 | 33982 | 33918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299039735, 9.510%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 24047 | 23812 | 24193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299046359, 14.140%, 12/05/2029 †x | Upgrade | 12/09/2024 | 40657 | 40204 | 39799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299071607, 15.310%, 12/04/2027 †§x | Upgrade | 12/09/2024 | 20382 | 20179 | 20257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299073272, 14.140%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 32526 | 32163 | 31841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299076914, 16.110%, 12/14/2029 †§x | Upgrade | 12/09/2024 | 35601 | 35195 | 34948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299088488, 15.140%, 12/04/2029 †§x | Upgrade | 12/09/2024 | 24457 | 24183 | 23843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299091666, 15.310%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 20382 | 20179 | 20259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299092863, 13.590%, 12/06/2028 †§x | Upgrade | 12/09/2024 | 35169 | 34794 | 34142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299093663, 14.290%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 20323 | 20121 | 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299096850, 15.140%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 27174 | 26870 | 26590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299110074, 13.590%, 11/21/2028 †§x | Upgrade | 12/09/2024 | 23245 | 22997 | 22677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299115605, 15.140%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 24293 | 24022 | 23686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299120716, 15.600%, 12/05/2028 †§x | Upgrade | 12/09/2024 | 39289 | 38868 | 38055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299121897, 15.600%, 12/05/2029 †x | Upgrade | 12/09/2024 | 40595 | 40141 | 39712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299122273, 7.510%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 21258 | 21052 | 21480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299126227, 10.700%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 20675 | 20471 | 20867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299139787, 13.840%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 30461 | 30159 | 30289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299143899, 15.600%, 12/15/2029 †§x | Upgrade | 12/09/2024 | 35914 | 35506 | 35230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299148557, 12.600%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 31495 | 31146 | 31420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299154938, 14.140%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 27105 | 26802 | 26533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299155075, 14.290%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 26076 | 25817 | 25966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299163387, 14.650%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 26236 | 25942 | 26120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299164557, 15.140%, 11/26/2029 †§x | Upgrade | 12/09/2024 | 26666 | 26367 | 26243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299167044, 16.600%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 20454 | 20225 | 20004 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**163** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299167598, 12.830%, 12/15/2027 †§x | Upgrade | 12/09/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299181678, 16.600%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 28636 | 28315 | 28006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299196292, 16.110%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 24516 | 24241 | 24013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299199464, 15.140%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 28533 | 28213 | 27921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299199867, 16.600%, 12/14/2029 †§x | Upgrade | 12/09/2024 | 27407 | 27095 | 26918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299200663, 9.510%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 24047 | 23812 | 24195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299201455, 14.290%, 11/28/2027 †§x | Upgrade | 12/09/2024 | 20565 | 20360 | 20549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299201962, 16.110%, 12/17/2029 †§x | Upgrade | 12/09/2024 | 22833 | 22573 | 22419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299207061, 16.110%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 29964 | 29628 | 29349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299214388, 15.140%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 27360 | 27053 | 26773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299225740, 16.600%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 39454 | 39011 | 38586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299229162, 13.670%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 22560 | 22309 | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299232308, 16.110%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 27240 | 26934 | 26681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299237576, 15.310%, 12/05/2027 †§x | Upgrade | 12/09/2024 | 40764 | 40357 | 40517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299249015, 9.530%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 32866 | 32545 | 33126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299249320, 15.600%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 36274 | 35868 | 35488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299260267, 17.580%, 12/15/2029 †x | Upgrade | 12/09/2024 | 45829 | 45305 | 44969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299264438, 17.580%, 12/05/2029 †§x | Upgrade | 12/09/2024 | 23980 | 23710 | 23474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299271115, 15.800%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 23513 | 23278 | 23369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299273235, 16.600%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 27495 | 27187 | 26892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299285698, 7.510%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 32665 | 32347 | 33055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299291646, 14.330%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 31271 | 30959 | 31091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299294941, 15.600%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 27205 | 26901 | 26618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299303212, 15.600%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 29744 | 29411 | 29102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299303279, 10.500%, 12/20/2027 †§x | Upgrade | 12/09/2024 | 27471 | 27196 | 27735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299303382, 16.600%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 28708 | 28386 | 28078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299307057, 15.060%, 12/09/2028 †§x | Upgrade | 12/12/2024 | 32691 | 32340 | 31748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299308155, 17.580%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 31894 | 31535 | 31222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299309654, 14.330%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 32520 | 32197 | 32335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299320384, 10.500%, 12/04/2027 †§x | Upgrade | 12/13/2024 | 28876 | 28591 | 29097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299320487, 10.650%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 26873 | 26576 | 26881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299332609, 16.110%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 28150 | 27835 | 27573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299334388, 14.140%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 36140 | 35736 | 35379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299343723, 15.600%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 36052 | 35647 | 35345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299345889, 9.530%, 12/06/2027 †§x | Upgrade | 12/09/2024 | 32381 | 32064 | 32638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299347748, 12.690%, 12/15/2029 †§x | Upgrade | 12/09/2024 | 25748 | 25458 | 25715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299355520, 14.140%, 12/06/2029 †§x | Upgrade | 12/09/2024 | 36140 | 35736 | 35379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299400884, 17.060%, 12/06/2028 †§x | Upgrade | 12/09/2024 | 29887 | 29564 | 28978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299411938, 15.140%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 36232 | 35826 | 35482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299433994, 15.600%, 12/09/2029 †x | Upgrade | 12/12/2024 | 45342 | 44834 | 44396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299450818, 9.500%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 28054 | 27779 | 28379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299455682, 10.650%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 26854 | 26557 | 26822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299457897, 16.600%, 11/27/2029 †§x | Upgrade | 12/12/2024 | 22295 | 22041 | 21910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299462216, 16.110%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 27240 | 26934 | 26708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299463846, 14.140%, 12/09/2029 †x | Upgrade | 12/12/2024 | 40657 | 40203 | 39830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299468074, 15.310%, 12/24/2027 †§x | Upgrade | 12/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20599 | 20389 | 20517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299472154, 15.600%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 31024 | 30676 | 30376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299485051, 15.140%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 28137 | 27822 | 27610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299489899, 17.580%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 22781 | 22524 | 22318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299492774, 15.600%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 36274 | 35867 | 35516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299513958, 16.110%, 12/09/2029 †x | Upgrade | 12/12/2024 | 40856 | 40397 | 40047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299536745, 17.580%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 27338 | 27029 | 26782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299537065, 16.110%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 25401 | 25116 | 24899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299537347, 17.580%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 20503 | 20272 | 20086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299537467, 15.600%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 31740 | 31383 | 31118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299545509, 14.140%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 23039 | 22782 | 22571 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**164** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299548364, 13.180%, 12/10/2029 †§x | Upgrade | 12/12/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299557486, 17.580%, 12/09/2029 †x | Upgrade | 12/12/2024 | 41006 | 40544 | 40172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299580377, 17.580%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 20959 | 20722 | 20533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299584262, 15.600%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 24006 | 23738 | 23538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299585966, 10.500%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 24119 | 23881 | 24310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299591037, 9.510%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 36071 | 35716 | 36308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299592474, 15.600%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 27836 | 27523 | 27310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299592488, 17.580%, 12/22/2029 †§x | Upgrade | 12/12/2024 | 32136 | 31769 | 31565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299606901, 15.600%, 12/09/2029 †x | Upgrade | 12/12/2024 | 44045 | 43551 | 43104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299612584, 8.530%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 27972 | 27698 | 28210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299626269, 16.600%, 12/24/2029 †§x | Upgrade | 12/12/2024 | 25177 | 24890 | 24784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299636437, 10.700%, 12/25/2027 †§x | Upgrade | 12/13/2024 | 32288 | 31963 | 32703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299639495, 16.600%, 12/08/2029 †x | Upgrade | 12/12/2024 | 40887 | 40426 | 40015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299650866, 17.580%, 12/09/2029 †§x | Upgrade | 12/12/2024 | 36450 | 36039 | 35709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299651215, 10.500%, 12/24/2027 †§x | Upgrade | 12/12/2024 | 40143 | 39743 | 40501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299666238, 7.510%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 32027 | 31715 | 32417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299679751, 15.060%, 12/09/2028 †x | Upgrade | 12/12/2024 | 43592 | 43124 | 42335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299687422, 15.140%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 31703 | 31348 | 31054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299696557, 15.060%, 12/09/2028 †§x | Upgrade | 12/12/2024 | 38797 | 38381 | 37678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299701832, 8.530%, 12/09/2027 †§x | Upgrade | 12/12/2024 | 25354 | 25106 | 25571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299702722, 15.600%, 12/25/2029 †§x# | Upgrade | 12/13/2024 | 33302 | 32923 | 32885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299723322, 16.600%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 25456 | 25170 | 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299745969, 15.310%, 12/10/2027 †§x | Upgrade | 12/13/2024 | 29350 | 29056 | 29196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299753758, 9.500%, 12/10/2027 †§x | Upgrade | 12/13/2024 | 24046 | 23810 | 24327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299765030, 15.060%, 12/10/2028 †§x | Upgrade | 12/13/2024 | 28771 | 28462 | 27947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299785298, 14.650%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 22617 | 22364 | 22533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299787090, 17.060%, 12/10/2028 †§x | Upgrade | 12/13/2024 | 28047 | 27744 | 27186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299788331, 16.110%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 24516 | 24240 | 24037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299820916, 16.110%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 36113 | 35708 | 35402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299823905, 12.600%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 21597 | 21356 | 21558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299825235, 8.530%, 12/10/2027 †§x | Upgrade | 12/13/2024 | 19980 | 19784 | 20152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299829831, 15.600%, 12/10/2029 †§x | Upgrade | 12/13/2024 | 23578 | 23313 | 23091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299833021, 14.290%, 12/10/2027 †§x | Upgrade | 12/13/2024 | 20323 | 20120 | 20239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299931345, 15.060%, 12/11/2028 †§x | Upgrade | 12/16/2024 | 27899 | 27599 | 27114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299948822, 12.970%, 12/11/2029 †x | Upgrade | 12/16/2024 | 45037 | 44535 | 44495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299952493, 12.830%, 12/24/2027 †§x | Upgrade | 12/16/2024 | 20360 | 20153 | 20322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299960241, 10.500%, 12/11/2027 †§x | Upgrade | 12/16/2024 | 40198 | 39800 | 40529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299978738, 12.690%, 12/11/2029 †x | Upgrade | 12/16/2024 | 45004 | 44503 | 44886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300015223, 15.600%, 12/11/2029 †§x | Upgrade | 12/16/2024 | 21764 | 21520 | 21328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300019490, 15.140%, 12/11/2029 †x | Upgrade | 12/16/2024 | 40761 | 40303 | 39951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300021009, 8.530%, 12/11/2027 †§x | Upgrade | 12/16/2024 | 21978 | 21762 | 22172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300060157, 15.600%, 12/11/2029 †§x | Upgrade | 12/16/2024 | 28637 | 28315 | 28063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304501897, 9.530%, 1/21/2028 †§x | Upgrade | 1/24/2025 | 24808 | 24553 | 24958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304503801, 12.690%, 1/21/2030 †§x | Upgrade | 1/24/2025 | 20082 | 19854 | 20049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304505174, 9.500%, 1/21/2028 †§x | Upgrade | 1/24/2025 | 30594 | 30280 | 30867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304508137, 14.140%, 1/21/2030 †x | Upgrade | 1/24/2025 | 45332 | 44815 | 44582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304509574, 13.840%, 1/29/2028 †§x | Upgrade | 1/24/2025 | 29354 | 29043 | 29203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304510228, 13.670%, 1/21/2030 †§x | Upgrade | 1/24/2025 | 22871 | 22610 | 22428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304516556, 11.850%, 1/21/2028 †§x | Upgrade | 1/24/2025 | 20797 | 20582 | 20702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304517915, 12.480%, 1/21/2028 †§x | Upgrade | 1/24/2025 | 41245 | 40818 | 41397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304526843, 7.510%, 1/21/2028 †§x | Upgrade | 1/24/2025 | 23707 | 23465 | 23931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304527545, 15.600%, 1/21/2030 †x | Upgrade | 1/24/2025 | 45936 | 45411 | 45152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304527884, 13.160%, 1/21/2030 †§x | Upgrade | 1/24/2025 | 27413 | 27102 | 26970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304531283, 9.530%, 1/28/2028 †§x | Upgrade | 1/24/2025 | 36470 | 36086 | 36738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304533273, 15.140%, 1/21/2030 †x | Upgrade | 1/24/2025 | 41301 | 40830 | 40650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304545615, 15.140%, 1/06/2030 †§x | Upgrade | 1/24/2025 | 21854 | 21605 | 21467 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**165** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304545886, 15.140%, 1/21/2030 †§x | Upgrade | 1/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304549153, 11.500%, 1/21/2028 †§x | Upgrade | 1/24/2025 | 24519 | 24266 | 24654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304559575, 14.140%, 1/21/2030 †§x | Upgrade | 1/24/2025 | 36631 | 36214 | 36025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304562894, 15.600%, 1/21/2030 †§x# | Upgrade | 1/24/2025 | 32152 | 31756 | 31885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304572571, 14.650%, 1/21/2030 †§x | Upgrade | 1/24/2025 | 34381 | 33989 | 34300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304575825, 7.510%, 1/21/2028 †§x | Upgrade | 1/24/2025 | 24676 | 24424 | 24910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304582018, 15.140%, 1/21/2030 †§x | Upgrade | 1/24/2025 | 36712 | 36293 | 35982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304591124, 15.600%, 1/21/2030 †§x | Upgrade | 1/24/2025 | 39275 | 38827 | 38605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304598831, 12.620%, 1/23/2029 †§x | Upgrade | 1/27/2025 | 21120 | 20888 | 20597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304601175, 15.060%, 1/22/2029 †§x | Upgrade | 1/27/2025 | 20946 | 20714 | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304615553, 14.650%, 1/10/2030 †§x | Upgrade | 1/27/2025 | 22791 | 22531 | 22733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304616963, 11.300%, 1/23/2029 †§x | Upgrade | 1/27/2025 | 21142 | 20911 | 21379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304618796, 15.600%, 1/22/2030 †§x | Upgrade | 1/27/2025 | 24177 | 23900 | 23779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304626802, 15.140%, 1/26/2030 †§x | Upgrade | 1/27/2025 | 35859 | 35450 | 35426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304632221, 9.500%, 1/22/2028 †§x | Upgrade | 1/27/2025 | 20672 | 20459 | 20859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304633898, 15.600%, 1/22/2030 †§x | Upgrade | 1/27/2025 | 22968 | 22705 | 22590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304651861, 7.510%, 1/22/2028 †§x | Upgrade | 1/27/2025 | 23373 | 23133 | 23585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304651910, 14.290%, 1/07/2028 †§x | Upgrade | 1/27/2025 | 24921 | 24661 | 24780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304656460, 15.060%, 1/22/2029 †§x | Upgrade | 1/27/2025 | 34643 | 34261 | 33775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304667943, 12.830%, 1/22/2028 †§x | Upgrade | 1/27/2025 | 23589 | 23343 | 23481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304675864, 14.650%, 1/22/2030 †§x | Upgrade | 1/27/2025 | 36673 | 36254 | 36600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304696198, 15.600%, 1/28/2030 †§x | Upgrade | 1/27/2025 | 23265 | 22995 | 22966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304696208, 14.140%, 1/10/2030 †§x | Upgrade | 1/27/2025 | 21859 | 21610 | 21496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304697790, 12.090%, 1/22/2030 †§x | Upgrade | 1/27/2025 | 22756 | 22498 | 22407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304708457, 13.160%, 1/22/2030 †§x | Upgrade | 1/27/2025 | 31982 | 31618 | 31484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304709683, 13.160%, 1/31/2030 †§x | Upgrade | 1/27/2025 | 27515 | 27197 | 27141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304709709, 11.850%, 1/22/2028 †§x | Upgrade | 1/27/2025 | 24957 | 24698 | 24851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304712060, 13.160%, 1/22/2030 †§x | Upgrade | 1/27/2025 | 26932 | 26626 | 26513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304717860, 14.190%, 1/23/2029 †§x | Upgrade | 1/27/2025 | 21273 | 21039 | 21316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304727703, 13.840%, 1/23/2028 †§x | Upgrade | 1/27/2025 | 27172 | 26889 | 27022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304729552, 12.690%, 1/24/2030 †§x | Upgrade | 1/27/2025 | 26943 | 26632 | 26954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304730601, 15.310%, 1/29/2028 †§x | Upgrade | 2/03/2025 | 33414 | 33063 | 33253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304733519, 14.650%, 1/23/2030 †§x | Upgrade | 1/27/2025 | 33006 | 32629 | 32942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304740735, 10.520%, 1/23/2028 †§x | Upgrade | 1/27/2025 | 41453 | 41025 | 41641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304754647, 13.160%, 1/23/2030 †x | Upgrade | 1/27/2025 | 45689 | 45169 | 44979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304765483, 15.600%, 1/08/2030 †§x | Upgrade | 1/27/2025 | 24000 | 23725 | 23518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304769101, 15.600%, 1/23/2030 †§x | Upgrade | 1/27/2025 | 22968 | 22705 | 22591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304773958, 12.830%, 1/23/2028 †§x | Upgrade | 1/27/2025 | 30714 | 30396 | 30576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304798753, 12.830%, 1/23/2028 †§x | Upgrade | 1/27/2025 | 32057 | 31724 | 31915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304809833, 14.140%, 1/23/2030 †§x | Upgrade | 1/27/2025 | 22895 | 22634 | 22531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304826007, 11.710%, 1/23/2030 †§x | Upgrade | 1/27/2025 | 22768 | 22510 | 22749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304826509, 15.600%, 1/23/2030 †§x | Upgrade | 1/27/2025 | 22968 | 22705 | 22591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304829285, 15.060%, 1/24/2029 †§x | Upgrade | 1/27/2025 | 20750 | 20521 | 20232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304845455, 15.600%, 1/24/2030 †x | Upgrade | 1/27/2025 | 41343 | 40870 | 40666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304847515, 13.160%, 2/08/2030 †§x | Upgrade | 1/27/2025 | 37277 | 36847 | 36690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304855408, 13.160%, 1/24/2030 †§x | Upgrade | 1/27/2025 | 27413 | 27101 | 26989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304856068, 15.140%, 1/24/2030 †§x | Upgrade | 1/27/2025 | 36712 | 36293 | 36160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304884734, 15.600%, 1/24/2030 †§x | Upgrade | 1/27/2025 | 37044 | 36619 | 36437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304892315, 8.540%, 1/24/2028 †§x | Upgrade | 1/27/2025 | 41239 | 40815 | 41512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304901072, 9.500%, 1/24/2028 †§x | Upgrade | 1/27/2025 | 21912 | 21686 | 22112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304919700, 17.060%, 1/24/2029 †§x | Upgrade | 1/27/2025 | 22309 | 22061 | 21711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304932679, 13.160%, 1/24/2030 †§x | Upgrade | 1/27/2025 | 34723 | 34328 | 34186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304937264, 14.920%, 1/24/2030 †§x | Upgrade | 1/27/2025 | 25228 | 24939 | 24977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304941857, 15.060%, 1/17/2029 †§x | Upgrade | 2/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21544 | 21305 | 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304972169, 11.300%, 1/29/2029 †§x | Upgrade | 2/03/2025 | 27410 | 27109 | 27762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305051759, 13.590%, 1/28/2029 †§x | Upgrade | 1/31/2025 | 25317 | 25038 | 24711 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**166** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305103549, 12.620%, 1/27/2029 †§x | Upgrade | 1/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305107021, 17.580%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 24446 | 24164 | 24074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305137740, 17.580%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 22009 | 21755 | 21655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305138108, 16.110%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 32036 | 31668 | 31563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305145696, 15.140%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 28268 | 27945 | 27864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305150314, 8.540%, 1/27/2028 †§x | Upgrade | 1/30/2025 | 28410 | 28117 | 28606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305151614, 15.060%, 1/27/2029 †§x | Upgrade | 1/30/2025 | 24872 | 24597 | 24266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305152680, 11.500%, 1/27/2028 †§x | Upgrade | 1/30/2025 | 23272 | 23030 | 23414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305160678, 10.520%, 1/27/2028 †§x | Upgrade | 1/30/2025 | 33465 | 33118 | 33630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305160745, 15.600%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 33993 | 33603 | 33460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305167941, 12.870%, 1/27/2028 †§x | Upgrade | 1/30/2025 | 25021 | 24760 | 24904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305168013, 15.600%, 2/10/2030 †§x | Upgrade | 1/30/2025 | 23214 | 22945 | 22780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305171079, 13.670%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 22871 | 22610 | 22462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305174312, 14.290%, 1/27/2028 †§x | Upgrade | 1/30/2025 | 41850 | 41413 | 41671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305183314, 9.500%, 1/27/2028 †§x | Upgrade | 1/30/2025 | 22325 | 22095 | 22533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305195921, 15.600%, 1/27/2030 †§x# | Upgrade | 1/30/2025 | 26124 | 25805 | 25715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305196352, 15.600%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 27562 | 27246 | 27130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305198435, 15.140%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 27534 | 27219 | 27140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305219332, 11.550%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 22760 | 22501 | 22574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305219763, 15.600%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 24806 | 24521 | 24417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305233298, 15.140%, 1/27/2030 †§x | Upgrade | 1/30/2025 | 21922 | 21671 | 21608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305275522, 14.140%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 32025 | 31659 | 31548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305279523, 9.530%, 1/28/2028 †§x | Upgrade | 1/31/2025 | 33077 | 32735 | 33300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305281546, 14.140%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 31201 | 30843 | 30726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305282781, 12.830%, 1/21/2028 †§x | Upgrade | 1/31/2025 | 29529 | 29221 | 29407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305283561, 13.160%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 29241 | 28907 | 28816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305284201, 9.530%, 1/28/2028 †§x | Upgrade | 1/31/2025 | 23154 | 22914 | 23310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305284504, 13.160%, 1/31/2030 †§x | Upgrade | 1/31/2025 | 39336 | 38881 | 38830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305289565, 11.710%, 1/28/2030 †x | Upgrade | 1/31/2025 | 45536 | 45019 | 45528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305294089, 13.590%, 1/28/2029 †§x | Upgrade | 1/31/2025 | 21245 | 21011 | 20737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305297293, 15.140%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 21568 | 21321 | 21265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305311262, 14.140%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 36631 | 36213 | 36086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305322808, 9.530%, 1/28/2028 †§x | Upgrade | 1/31/2025 | 29356 | 29052 | 29554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305323204, 14.290%, 1/28/2028 †§x | Upgrade | 1/31/2025 | 33552 | 33200 | 33413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305326225, 14.140%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 22772 | 22512 | 22430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305337956, 7.510%, 1/28/2028 †§x | Upgrade | 1/31/2025 | 24676 | 24422 | 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305338863, 13.160%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 30155 | 29810 | 29716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305343493, 8.540%, 1/28/2028 †§x | Upgrade | 1/31/2025 | 20620 | 20407 | 20764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305343626, 17.580%, 1/28/2030 †§x | Upgrade | 1/31/2025 | 34135 | 33742 | 33625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305359313, 13.180%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 32897 | 32522 | 32654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305367030, 15.060%, 1/29/2029 †§x | Upgrade | 2/03/2025 | 22207 | 21961 | 21673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305370685, 15.600%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 36748 | 36327 | 36210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305374550, 14.140%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 38829 | 38385 | 38283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305379904, 17.580%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 20296 | 20063 | 20011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305385271, 17.580%, 1/15/2030 †§x | Upgrade | 2/03/2025 | 21965 | 21712 | 21633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305385912, 15.310%, 1/29/2028 †§x | Upgrade | 2/03/2025 | 21084 | 20861 | 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305388736, 14.650%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 32487 | 32115 | 32448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305389607, 7.510%, 1/15/2028 †§x | Upgrade | 2/03/2025 | 20488 | 20277 | 20682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305395939, 11.500%, 1/29/2028 †§x | Upgrade | 2/03/2025 | 20777 | 20561 | 20917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305408287, 11.500%, 1/29/2028 †§x | Upgrade | 2/03/2025 | 31941 | 31608 | 32155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305409437, 8.540%, 1/29/2028 †§x | Upgrade | 2/03/2025 | 25568 | 25304 | 25762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305412431, 12.200%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 35559 | 35154 | 35172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305412522, 15.140%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 32490 | 32118 | 32067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305413919, 17.580%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 20758 | 20519 | 20466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305419170, 14.140%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 28847 | 28517 | 28441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305429492, 12.690%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 35658 | 35252 | 35077 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**167** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305436954, 12.970%, 1/30/2030 †x | Upgrade | 2/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305439295, 12.870%, 1/29/2028 †§x | Upgrade | 2/03/2025 | 20581 | 20366 | 20488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305464135, 15.600%, 1/29/2030 †§x | Upgrade | 2/03/2025 | 22049 | 21796 | 21726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305465436, 14.290%, 1/29/2028 †§x | Upgrade | 2/03/2025 | 37677 | 37282 | 37535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305485018, 12.620%, 1/30/2029 †§x | Upgrade | 2/03/2025 | 39742 | 39304 | 38730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305518770, 17.580%, 1/30/2030 †§x | Upgrade | 2/03/2025 | 36902 | 36477 | 36286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305554115, 13.160%, 1/30/2030 †§x | Upgrade | 2/03/2025 | 33352 | 32972 | 32833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 306858008, 13.160%, 2/28/2030 †§x | Upgrade | 3/03/2025 | 37049 | 36620 | 36638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 307734723, 15.600%, 3/18/2030 †§x | Upgrade | 3/06/2025 | 36960 | 36533 | 36509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 307849704, 13.160%, 2/14/2030 †§x | Upgrade | 3/03/2025 | 30389 | 30038 | 30031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 307999436, 13.160%, 3/02/2030 †x | Upgrade | 3/06/2025 | 46218 | 45684 | 45531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308141500, 12.620%, 3/03/2029 †§x | Upgrade | 3/06/2025 | 21114 | 20876 | 20643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308452444, 13.160%, 3/05/2030 †x | Upgrade | 3/10/2025 | 46984 | 46439 | 46486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308499066, 13.160%, 2/28/2030 †§x | Upgrade | 3/03/2025 | 20272 | 20038 | 20045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308521661, 15.140%, 2/28/2030 †§x | Upgrade | 3/03/2025 | 31376 | 31012 | 31041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308525144, 11.850%, 3/11/2028 †§x | Upgrade | 3/13/2025 | 31676 | 31335 | 31610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308566136, 15.140%, 2/28/2030 †§x | Upgrade | 3/03/2025 | 23242 | 22972 | 22993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308674164, 15.140%, 2/28/2030 †§x | Upgrade | 3/03/2025 | 32538 | 32161 | 32190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308681105, 15.060%, 3/06/2029 †§x | Upgrade | 3/10/2025 | 39825 | 39375 | 38958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308725293, 13.160%, 3/03/2030 †§x | Upgrade | 3/06/2025 | 36177 | 35759 | 35763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308870984, 11.700%, 3/04/2030 †§x | Upgrade | 3/07/2025 | 37494 | 37062 | 37390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308881822, 13.160%, 3/03/2030 †§x | Upgrade | 3/06/2025 | 35238 | 34830 | 34834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308908435, 12.480%, 3/03/2028 †§x | Upgrade | 3/06/2025 | 30893 | 30562 | 31045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308989208, 15.600%, 3/05/2030 †x# | Upgrade | 3/10/2025 | 41103 | 40628 | 40484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309010450, 15.140%, 3/04/2030 †§x | Upgrade | 3/07/2025 | 37708 | 37271 | 37275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309013229, 15.600%, 3/04/2030 †§x | Upgrade | 3/07/2025 | 37736 | 37298 | 37284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309067340, 15.600%, 3/18/2030 †x | Upgrade | 3/10/2025 | 46513 | 45974 | 46017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309070082, 15.140%, 2/20/2030 †§x | Upgrade | 3/07/2025 | 22749 | 22484 | 22492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309100973, 12.620%, 2/21/2029 †§x | Upgrade | 3/07/2025 | 26883 | 26581 | 26321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309159227, 15.140%, 3/15/2030 †§x | Upgrade | 3/10/2025 | 21195 | 20943 | 20904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309170552, 11.850%, 3/15/2028 †§x | Upgrade | 3/10/2025 | 21233 | 21005 | 21186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309182261, 11.850%, 3/05/2028 †§x | Upgrade | 3/10/2025 | 23804 | 23549 | 23740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309188169, 17.580%, 3/15/2030 †§x | Upgrade | 3/13/2025 | 31059 | 30699 | 30875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309194309, 17.580%, 3/06/2030 †§x | Upgrade | 3/10/2025 | 24604 | 24317 | 24319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309258497, 17.580%, 3/06/2030 †§x# | Upgrade | 3/10/2025 | 28290 | 27960 | 27962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309290639, 15.310%, 3/06/2028 †§x | Upgrade | 3/10/2025 | 39925 | 39494 | 39719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309345011, 17.580%, 3/06/2030 †§x | Upgrade | 3/10/2025 | 27443 | 27123 | 27125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309364496, 11.710%, 3/02/2030 †x | Upgrade | 3/10/2025 | 46804 | 46263 | 46820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309371825, 10.410%, 3/07/2028 †§x | Upgrade | 3/10/2025 | 26377 | 26095 | 26365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309374819, 11.990%, 3/07/2030 †x | Upgrade | 3/10/2025 | 46663 | 46123 | 46378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309390232, 15.060%, 3/07/2029 †§x | Upgrade | 3/10/2025 | 21203 | 20963 | 20742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309401005, 15.140%, 3/07/2030 †x | Upgrade | 3/10/2025 | 42612 | 42110 | 42156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309456213, 13.160%, 3/07/2030 †x | Upgrade | 3/10/2025 | 42285 | 41795 | 41841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309475786, 15.600%, 3/16/2030 †x | Upgrade | 3/10/2025 | 47373 | 46823 | 46861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309486756, 15.600%, 3/07/2030 †§x | Upgrade | 3/10/2025 | 26415 | 26108 | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309504143, 14.640%, 3/07/2030 †x | Upgrade | 3/10/2025 | 47098 | 46551 | 46949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309507653, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 34067 | 33669 | 33699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309510341, 17.060%, 3/10/2029 †§x | Upgrade | 3/13/2025 | 23124 | 22861 | 22586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309512563, 9.670%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 20549 | 20312 | 20665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309538169, 15.600%, 3/10/2030 †x | Upgrade | 3/13/2025 | 42453 | 41959 | 42021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309547367, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 29335 | 28993 | 29019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309601115, 15.310%, 3/09/2028 †§x | Upgrade | 3/13/2025 | 28821 | 28509 | 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309611290, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 28389 | 28058 | 28083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309626833, 15.310%, 3/10/2028 †§x | Upgrade | 3/13/2025 | 32384 | 32033 | 32235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309628799, 15.310%, 3/10/2028 †§x | Upgrade | 3/13/2025 | 24315 | 24051 | 24203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309688556, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 23647 | 23370 | 23391 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**168** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309693790, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309757427, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 21765 | 21511 | 21530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309763470, 17.580%, 3/11/2030 †x | Upgrade | 3/13/2025 | 42605 | 42107 | 42156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309796356, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 28389 | 28058 | 28083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309811218, 15.310%, 3/10/2028 †§x | Upgrade | 3/13/2025 | 35489 | 35105 | 35327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309812507, 17.580%, 3/10/2030 †§x | Upgrade | 3/13/2025 | 28389 | 28058 | 28083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309848396, 15.310%, 3/10/2028 †§x | Upgrade | 3/13/2025 | 22181 | 21941 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309872009, 10.410%, 3/24/2028 †§x | Upgrade | 3/14/2025 | 35323 | 34944 | 35346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309885524, 10.410%, 3/11/2028 †§x | Upgrade | 3/14/2025 | 30774 | 30443 | 30775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309886011, 15.600%, 3/11/2030 †§x | Upgrade | 3/14/2025 | 23585 | 23310 | 23341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309888878, 11.850%, 3/11/2028 †§x | Upgrade | 3/14/2025 | 22041 | 21803 | 21997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309901190, 12.190%, 3/11/2030 †§x | Upgrade | 3/14/2025 | 20639 | 20400 | 20404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309903392, 8.540%, 3/11/2028 †§x | Upgrade | 3/14/2025 | 40301 | 39869 | 40642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309910542, 14.640%, 3/11/2030 †§x | Upgrade | 3/14/2025 | 23549 | 23275 | 23263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309915623, 15.600%, 3/11/2030 †§x | Upgrade | 3/14/2025 | 36590 | 36163 | 36212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309930699, 15.600%, 3/16/2030 †x | Upgrade | 3/14/2025 | 47272 | 46722 | 46841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309944970, 15.140%, 2/28/2030 †§x | Upgrade | 3/14/2025 | 22195 | 21937 | 22006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309956635, 15.600%, 3/11/2030 †§x | Upgrade | 3/14/2025 | 39623 | 39161 | 39213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309957605, 14.620%, 3/11/2029 †§x | Upgrade | 3/14/2025 | 21187 | 20947 | 20704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309994896, 11.850%, 2/28/2028 †§x | Upgrade | 3/14/2025 | 21315 | 21085 | 21302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310007139, 15.600%, 2/28/2030 †§x | Upgrade | 3/17/2025 | 20349 | 20112 | 20163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310009116, 12.870%, 3/15/2028 †§x | Upgrade | 3/17/2025 | 22110 | 21871 | 22037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310012484, 13.160%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 28190 | 27863 | 27938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310016292, 11.850%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 28212 | 27907 | 28166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310020544, 13.160%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 37587 | 37150 | 37250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310021582, 8.040%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 30634 | 30305 | 30903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310026922, 9.700%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 30732 | 30401 | 31065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310027630, 7.210%, 3/15/2028 †§x | Upgrade | 3/17/2025 | 43722 | 43254 | 44228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310027937, 13.160%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 20673 | 20433 | 20488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310032537, 15.060%, 3/12/2029 †§x | Upgrade | 3/17/2025 | 36875 | 36456 | 36122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310035204, 6.730%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 26889 | 26601 | 27200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310045490, 15.140%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 37708 | 37269 | 37363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310049133, 12.620%, 3/12/2029 †§x | Upgrade | 3/17/2025 | 35801 | 35396 | 35013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310050997, 13.160%, 3/18/2030 †§x | Upgrade | 3/17/2025 | 26180 | 25876 | 25984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310052649, 15.600%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 23585 | 23310 | 23356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310053602, 15.600%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 29005 | 28667 | 28723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310061030, 8.040%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 21866 | 21632 | 22039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310062025, 14.150%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 23530 | 23256 | 23615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310064373, 15.600%, 3/16/2030 †§x | Upgrade | 3/17/2025 | 22211 | 21952 | 22017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310064622, 14.620%, 3/12/2029 †§x | Upgrade | 3/17/2025 | 22318 | 22065 | 21764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310064886, 15.140%, 3/12/2030 †x | Upgrade | 3/17/2025 | 47136 | 46586 | 46704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310070087, 13.160%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 23492 | 23219 | 23281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310071628, 15.140%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 35917 | 35499 | 35589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310074436, 13.160%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 20203 | 19968 | 20022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310087465, 15.600%, 3/12/2030 †x | Upgrade | 3/17/2025 | 47170 | 46620 | 46712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310087976, 14.620%, 3/27/2029 †§x | Upgrade | 3/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28752 | 28426 | 28130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310089007, 9.530%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 26333 | 26050 | 26512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310089270, 15.600%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 31887 | 31515 | 31577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310092757, 11.850%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 35265 | 34884 | 35208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310097050, 7.210%, 3/12/2028 †§x | Upgrade | 3/17/2025 | 21846 | 21612 | 22096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310116359, 15.600%, 3/25/2030 †§x | Upgrade | 3/17/2025 | 37021 | 36591 | 36686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310119318, 15.600%, 3/12/2030 †§x | Upgrade | 3/17/2025 | 30401 | 30047 | 30106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310128459, 15.140%, 3/01/2030 †§x | Upgrade | 3/17/2025 | 28888 | 28551 | 28522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310142525, 12.190%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 23454 | 23181 | 23203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310142667, 12.870%, 3/28/2028 †§x | Upgrade | 3/17/2025 | 30303 | 29975 | 30280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310143709, 15.140%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 34880 | 34474 | 34562 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**169** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310143928, 14.620%, 3/13/2029 †§x | Upgrade | 3/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310143930, 6.730%, 3/13/2028 †§x | Upgrade | 3/17/2025 | 26191 | 25910 | 26494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310146975, 13.160%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 23492 | 23219 | 23282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310149684, 13.160%, 3/15/2030 †§x | Upgrade | 3/17/2025 | 23511 | 23237 | 23303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310158553, 13.160%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 22552 | 22290 | 22351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310161408, 13.160%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 37587 | 37150 | 37252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310162133, 11.360%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 23420 | 23149 | 23528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310166058, 15.140%, 3/16/2030 †§x | Upgrade | 3/17/2025 | 20740 | 20498 | 20566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310170590, 15.140%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 24982 | 24691 | 24754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310172100, 13.160%, 3/28/2030 †§x | Upgrade | 3/17/2025 | 32235 | 31862 | 31972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310173034, 7.210%, 3/13/2028 †§x | Upgrade | 3/17/2025 | 26215 | 25934 | 26516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310173681, 7.210%, 3/13/2028 †§x | Upgrade | 3/17/2025 | 27963 | 27663 | 28284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310176151, 11.850%, 3/13/2028 †§x | Upgrade | 3/17/2025 | 23804 | 23547 | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310179973, 15.140%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 23568 | 23293 | 23430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310181124, 13.160%, 3/13/2030 †x | Upgrade | 3/17/2025 | 42285 | 41794 | 41908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310182736, 12.870%, 3/13/2028 †§x | Upgrade | 3/17/2025 | 22966 | 22717 | 22887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310185339, 11.850%, 3/01/2028 †§x | Upgrade | 3/17/2025 | 22817 | 22571 | 22732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310191425, 9.200%, 3/13/2028 †§x | Upgrade | 3/17/2025 | 25439 | 25166 | 25719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310191469, 15.600%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 37736 | 37296 | 37371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310206535, 13.160%, 3/16/2030 †§x | Upgrade | 3/17/2025 | 38658 | 38209 | 38319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310208767, 14.640%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 21665 | 21413 | 21417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310211465, 15.140%, 3/06/2030 †§x | Upgrade | 3/17/2025 | 34770 | 34365 | 34290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310220604, 13.160%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 33828 | 33435 | 33527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310227705, 11.850%, 3/21/2028 †§x | Upgrade | 3/17/2025 | 27414 | 27118 | 27382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310237576, 15.140%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 29380 | 29037 | 29112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310242217, 15.600%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 27359 | 27040 | 27094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310243070, 8.150%, 3/13/2028 †§x | Upgrade | 3/17/2025 | 21886 | 21651 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310243826, 9.670%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 33626 | 33237 | 33831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310249675, 13.160%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 37587 | 37150 | 37252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310273682, 15.140%, 3/13/2030 †x | Upgrade | 3/17/2025 | 47136 | 46586 | 46706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310284185, 15.600%, 3/13/2030 †§x | Upgrade | 3/17/2025 | 21226 | 20979 | 21021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310286355, 15.600%, 3/13/2030 †x | Upgrade | 3/17/2025 | 45917 | 45382 | 45307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310292252, 11.490%, 3/13/2030 †x | Upgrade | 3/17/2025 | 46851 | 46308 | 46805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310362751, 13.160%, 3/14/2030 †x | Upgrade | 3/17/2025 | 41346 | 40865 | 40979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310364772, 15.600%, 3/14/2030 †x | Upgrade | 3/17/2025 | 47303 | 46735 | 46850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310368232, 15.140%, 3/16/2030 †§x | Upgrade | 3/17/2025 | 37742 | 37303 | 37419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310370214, 15.140%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 37708 | 37269 | 37366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310388191, 15.600%, 3/15/2030 †§x | Upgrade | 3/17/2025 | 24068 | 23787 | 23842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310390363, 15.600%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 33962 | 33566 | 33635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310392952, 11.850%, 3/14/2028 †§x | Upgrade | 3/17/2025 | 20366 | 20146 | 20334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310393143, 13.160%, 3/25/2030 †§x | Upgrade | 3/17/2025 | 27371 | 27053 | 27143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310401174, 15.600%, 3/07/2030 †§x | Upgrade | 3/17/2025 | 23506 | 23232 | 23196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310401370, 13.160%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 37587 | 37150 | 37253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310405343, 11.850%, 3/06/2028 †§x | Upgrade | 3/17/2025 | 42039 | 41585 | 41892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310407161, 13.160%, 3/16/2030 †§x | Upgrade | 3/17/2025 | 28212 | 27884 | 27976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310407579, 14.290%, 3/20/2028 †§x | Upgrade | 3/17/2025 | 35522 | 35137 | 35461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310407631, 11.710%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 22383 | 22123 | 22430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310413009, 9.200%, 3/14/2028 †§x | Upgrade | 3/17/2025 | 25088 | 24819 | 25365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310415032, 13.160%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 29924 | 29576 | 29658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310421609, 11.850%, 3/18/2028 †§x | Upgrade | 3/17/2025 | 35319 | 34938 | 35272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310425021, 15.600%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 20241 | 20004 | 20046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310426439, 13.160%, 3/18/2030 †§x | Upgrade | 3/17/2025 | 24000 | 23721 | 23792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310431134, 15.060%, 3/15/2029 †§x | Upgrade | 3/17/2025 | 21213 | 20972 | 20782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310436082, 10.150%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 35524 | 35113 | 35736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310437745, 15.140%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 25241 | 24947 | 25012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310443485, 9.530%, 3/01/2028 †§x | Upgrade | 3/17/2025 | 20545 | 20325 | 20653 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**170** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310443589, 15.060%, 3/14/2029 †§x | Upgrade | 3/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310445407, 14.620%, 3/14/2029 †§x | Upgrade | 3/17/2025 | 32241 | 31875 | 31528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310459192, 12.190%, 3/03/2030 †§x | Upgrade | 3/17/2025 | 20977 | 20734 | 20664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310464263, 15.600%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 23585 | 23310 | 23358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310467691, 11.850%, 3/14/2028 †§x# | Upgrade | 3/17/2025 | 25968 | 25688 | 25886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310469425, 14.290%, 3/14/2028 †§x | Upgrade | 3/17/2025 | 22140 | 21900 | 22095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310469634, 13.160%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 37587 | 37150 | 37253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310469845, 15.140%, 3/18/2030 †§x | Upgrade | 3/17/2025 | 20778 | 20536 | 20594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310474189, 13.160%, 3/14/2030 †§x | Upgrade | 3/17/2025 | 33828 | 33435 | 33528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310476826, 12.870%, 3/14/2028 †§x | Upgrade | 3/17/2025 | 23849 | 23591 | 23769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310479597, 15.600%, 3/20/2030 †§x | Upgrade | 3/17/2025 | 34060 | 33663 | 33742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310488704, 13.160%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 25408 | 25112 | 25201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310490023, 13.160%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 23492 | 23218 | 23300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310492554, 13.160%, 3/03/2030 †§x | Upgrade | 3/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22879 | 22612 | 22604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310493131, 15.600%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 28304 | 27973 | 28052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310495918, 13.160%, 3/17/2030 †§x# | Upgrade | 3/20/2025 | 23797 | 23520 | 23715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310496938, 12.870%, 3/17/2028 †§x | Upgrade | 3/20/2025 | 35332 | 34948 | 35232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310497815, 15.140%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 32052 | 31678 | 31785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310510440, 14.640%, 3/31/2030 †§x | Upgrade | 3/20/2025 | 28427 | 28096 | 28154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310511238, 15.600%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 23588 | 23312 | 23378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310513852, 9.200%, 3/17/2028 †§x | Upgrade | 3/20/2025 | 36106 | 35717 | 36512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310515264, 15.600%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 37736 | 37295 | 37399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310526917, 15.600%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 26415 | 26107 | 26179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310563645, 9.500%, 3/17/2028 †§x | Upgrade | 3/20/2025 | 29843 | 29521 | 30176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310563813, 11.850%, 3/17/2028 †§x | Upgrade | 3/20/2025 | 26449 | 26162 | 26420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310565598, 13.160%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 24431 | 24147 | 24232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310568286, 15.140%, 3/31/2030 †§x | Upgrade | 3/20/2025 | 27990 | 27664 | 27695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310631904, 13.160%, 3/17/2030 †§x | Upgrade | 3/20/2025 | 22974 | 22707 | 22705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310635606, 10.410%, 3/17/2028 †§x | Upgrade | 3/20/2025 | 26377 | 26092 | 26398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310638964, 14.650%, 3/17/2030 †x | Upgrade | 3/20/2025 | 42389 | 41894 | 42557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 319383971, 15.310%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 35837 | 35155 | 35794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 321011017, 19.710%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 38342 | 37610 | 38225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 322570859, 13.670%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 25878 | 25373 | 25922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 325825667, 15.140%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39097 | 38335 | 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 326066353, 20.420%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 36769 | 36050 | 36525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 326194210, 15.610%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 29331 | 28759 | 29152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 326332386, 19.710%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 28757 | 28208 | 28668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327030867, 17.580%, 6/30/2030 †§x | Upgrade | 6/30/2025 | 35346 | 34656 | 35242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327033570, 16.090%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 29340 | 28768 | 29281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327482200, 15.140%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39097 | 38335 | 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327718957, 15.600%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 21583 | 21162 | 21540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327739506, 15.310%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 26411 | 25892 | 26310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327893531, 15.600%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24443 | 23966 | 24394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327904736, 15.600%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 31971 | 31347 | 31908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 327991766, 20.420%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 29415 | 28840 | 29199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328002364, 20.420%, 6/30/2030 †x# | Upgrade | 6/30/2025 | 49503 | 48527 | 48670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328031850, 22.820%, 6/20/2030 †§x | Upgrade | 6/30/2025 | 21515 | 21093 | 21129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328135806, 12.940%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 38944 | 38186 | 39014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328149952, 29.750%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24145 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328240992, 14.620%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 38759 | 38009 | 38342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328254722, 15.620%, 6/11/2030 †§x | Upgrade | 6/30/2025 | 32050 | 31424 | 31544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328262970, 15.600%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 34620 | 33928 | 34433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328273561, 14.620%, 6/26/2029 †x | Upgrade | 6/30/2025 | 48448 | 47512 | 47928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328276792, 13.160%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34167 | 33501 | 34108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328278343, 20.770%, 6/25/2029 †§x | Upgrade | 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29184 | 28618 | 28749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328287022, 14.620%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 24224 | 23756 | 23964 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**171** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328331056, 15.620%, 6/17/2030 †§x | Upgrade | 6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328431540, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 39220 | 38453 | 38962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328459763, 19.710%, 6/27/2028 †§x | Upgrade | 6/30/2025 | 47928 | 47012 | 47783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328472093, 13.160%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 40028 | 39229 | 39816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328711345, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 47699 | 46792 | 47576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328808810, 15.620%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 39109 | 38346 | 38870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328952229, 10.740%, 6/26/2030 †x | Upgrade | 6/30/2025 | 45027 | 44151 | 45120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328969132, 11.720%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 29258 | 28688 | 29330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329119255, 15.620%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 33243 | 32594 | 33039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329120828, 15.060%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 28108 | 27565 | 27819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329121247, 14.290%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 26739 | 26230 | 26724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329123486, 25.970%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 21206 | 20790 | 20954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329327928, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 22658 | 22213 | 22384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329364406, 17.060%, 6/25/2029 †x | Upgrade | 6/30/2025 | 46967 | 46050 | 46197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329373119, 19.710%, 6/27/2028 †§x | Upgrade | 6/30/2025 | 47928 | 47012 | 47733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329380031, 12.600%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 29275 | 28705 | 29344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329390919, 10.520%, 7/09/2028 †§x# | Upgrade | 6/30/2025 | 34064 | 33411 | 34058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329396797, 28.520%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 34460 | 33783 | 34170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329402105, 13.160%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24405 | 23929 | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329418841, 11.850%, 6/29/2028 †§x | Upgrade | 6/30/2025 | 20214 | 19829 | 20213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329424860, 14.650%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39085 | 38323 | 38997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329425583, 15.600%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34220 | 33552 | 34153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329430502, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 32690 | 32036 | 32379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329439480, 14.540%, 6/11/2030 †x | Upgrade | 6/30/2025 | 46608 | 45699 | 46399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329460356, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 26272 | 25759 | 26099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329460525, 15.600%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39108 | 38345 | 39031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329469715, 29.750%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24145 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329475623, 28.280%, 6/16/2028 †§x | Upgrade | 6/30/2025 | 23896 | 23437 | 23564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329495892, 15.610%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 31287 | 30676 | 31095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329500703, 9.760%, 6/26/2029 †x | Upgrade | 6/30/2025 | 48284 | 47353 | 48677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329538642, 17.580%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 21536 | 21115 | 21487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329667853, 19.460%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 39689 | 38913 | 39402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329668757, 15.610%, 6/25/2030 †x | Upgrade | 6/30/2025 | 43997 | 43139 | 43728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329672985, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 39220 | 38453 | 38933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329684640, 14.640%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 39537 | 38766 | 39451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329695883, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 35775 | 35094 | 35682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329710695, 29.750%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 23643 | 23179 | 23358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329713306, 19.990%, 6/25/2029 †§x | Upgrade | 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29170 | 28604 | 28787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329716372, 12.200%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 39023 | 38263 | 38945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329738623, 17.580%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 26215 | 25703 | 26155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329739419, 14.620%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 23255 | 22806 | 23005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329746802, 15.380%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 38336 | 37588 | 38261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329833334, 11.720%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 29513 | 28930 | 29373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329845388, 20.420%, 6/25/2030 †x | Upgrade | 6/30/2025 | 44122 | 43259 | 43830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329847449, 25.050%, 7/06/2029 †§x | Upgrade | 7/07/2025 | 24788 | 24292 | 24490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329854639, 12.610%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 33867 | 33213 | 33515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329856316, 28.280%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23791 | 23335 | 23457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329867296, 15.600%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24443 | 23966 | 24395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329875563, 28.280%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 24095 | 23633 | 23922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329882769, 13.850%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 38187 | 37460 | 38165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329883178, 24.440%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23076 | 22635 | 22914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329891804, 15.720%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39111 | 38348 | 38843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329906760, 12.450%, 6/25/2030 †x | Upgrade | 6/30/2025 | 43908 | 43053 | 43835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329966596, 15.600%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 31298 | 30687 | 31056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329967593, 11.720%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 29011 | 28451 | 28708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329968340, 20.420%, 6/15/2030 †x | Upgrade | 6/30/2025 | 45305 | 44417 | 44568 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**172** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329969488, 17.580%, 6/25/2030 †§x | Upgrade | 6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329974164, 15.380%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39103 | 38340 | 39027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329984434, 15.600%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 34220 | 33552 | 34152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329993333, 14.660%, 6/30/2029 †§x | Upgrade | 6/30/2025 | 24567 | 24092 | 24312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329994786, 13.430%, 6/20/2029 †§x | Upgrade | 6/30/2025 | 21734 | 21314 | 21374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329997634, 28.280%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 22717 | 22281 | 22554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329998159, 15.600%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39108 | 38345 | 39031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330001962, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 20988 | 20589 | 20966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330006778, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 31866 | 31243 | 31633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330015109, 11.550%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 33842 | 33189 | 33488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330021454, 15.600%, 6/26/2030 †x | Upgrade | 6/30/2025 | 43726 | 42872 | 43391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330025149, 15.140%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 29323 | 28751 | 29264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330030207, 15.140%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 34210 | 33543 | 34141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330042492, 12.870%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 38160 | 37434 | 38121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330054053, 20.420%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 20885 | 20476 | 20746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330060352, 12.610%, 6/25/2029 †x | Upgrade | 6/30/2025 | 48382 | 47448 | 47878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330066143, 15.600%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 31287 | 30676 | 31225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330067031, 20.420%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 22551 | 22110 | 22402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330070795, 24.440%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 24041 | 23580 | 23873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330071153, 15.620%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39109 | 38346 | 38869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330073313, 12.200%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 23565 | 23106 | 23517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330075160, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 32356 | 31723 | 32144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330077780, 19.710%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23964 | 23506 | 23865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330091962, 25.970%, 6/18/2030 †§x | Upgrade | 6/30/2025 | 22011 | 21579 | 21572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330097004, 15.380%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24439 | 23963 | 24392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330097425, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 31866 | 31243 | 31656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330121167, 7.070%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 26596 | 26092 | 26628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330132161, 15.600%, 6/25/2030 †§x# | Upgrade | 6/30/2025 | 34911 | 34229 | 34842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330138452, 17.340%, 7/02/2030 †§x | Upgrade | 6/30/2025 | 24814 | 24321 | 24742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330138860, 12.030%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 28602 | 28059 | 28615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330139852, 9.450%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 33305 | 32673 | 33292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330143108, 15.600%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24443 | 23966 | 24394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330152299, 19.990%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 28917 | 28356 | 28538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330160214, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 24608 | 24140 | 24544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330166699, 19.460%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 25479 | 24981 | 25294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330173411, 9.670%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 33676 | 33027 | 33901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330173529, 7.570%, 6/26/2028 †§x# | Upgrade | 6/30/2025 | 26549 | 26046 | 26541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330173801, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 22804 | 22370 | 22640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330174042, 29.750%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 24806 | 24319 | 24507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330174828, 15.140%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 32255 | 31626 | 32190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330176665, 16.610%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 29107 | 28544 | 28797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330180066, 11.850%, 6/15/2028 †§x | Upgrade | 6/30/2025 | 28490 | 27949 | 28384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330182879, 15.600%, 6/25/2030 †x | Upgrade | 6/30/2025 | 46308 | 45404 | 46216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330183288, 28.280%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 24095 | 23633 | 23922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330183664, 10.670%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 21430 | 21023 | 21422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330185384, 13.430%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 23430 | 22977 | 23177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330188587, 25.970%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 22617 | 22174 | 22349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330190056, 14.410%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 30775 | 30175 | 30715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330190093, 11.720%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 29258 | 28688 | 29200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330190875, 14.660%, 6/25/2029 †§x | Upgrade | 6/30/2025 | 29070 | 28508 | 28770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330192083, 14.410%, 6/18/2030 †§x | Upgrade | 6/30/2025 | 23380 | 22924 | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330192431, 15.610%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24443 | 23966 | 24294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330194225, 20.420%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 31670 | 31051 | 31460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330194877, 6.730%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 29437 | 28880 | 29486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330194904, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 28620 | 28075 | 28545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330195236, 15.610%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 21212 | 20798 | 21082 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**173** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330195237, 15.380%, 6/25/2030 †§x | Upgrade | 6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330197851, 12.630%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 26707 | 26199 | 26704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330198837, 21.470%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23992 | 23533 | 23842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330201691, 7.560%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 45135 | 44280 | 45188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330203169, 9.520%, 6/25/2030 †x | Upgrade | 6/30/2025 | 40899 | 40104 | 40989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330205686, 12.860%, 7/09/2028 †§x | Upgrade | 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36728 | 36025 | 36607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330208695, 13.850%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 23718 | 23266 | 23631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330209644, 24.440%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23076 | 22635 | 22914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330210483, 9.690%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 28553 | 28011 | 28555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330213250, 10.520%, 6/11/2028 †§x | Upgrade | 6/30/2025 | 33179 | 32549 | 33158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330213581, 12.450%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 27321 | 26788 | 27275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330213970, 15.610%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 34997 | 34314 | 34461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330214923, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 28909 | 28357 | 28687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330215137, 7.070%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23746 | 23296 | 23775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330216461, 13.160%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24891 | 24406 | 24710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330216760, 10.670%, 6/29/2028 †§x | Upgrade | 6/30/2025 | 28574 | 28031 | 28563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330217684, 14.160%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 30281 | 29691 | 30305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330217780, 15.610%, 6/15/2030 †§x | Upgrade | 6/30/2025 | 38935 | 38176 | 38324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330218001, 19.710%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23643 | 23191 | 23445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330218568, 12.940%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 29303 | 28732 | 29356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330219719, 12.450%, 6/25/2030 †x | Upgrade | 6/30/2025 | 48787 | 47836 | 48706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330220013, 25.980%, 6/16/2030 †§x | Upgrade | 6/30/2025 | 23426 | 22966 | 22943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330220407, 6.730%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 20891 | 20496 | 20925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330220581, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 22802 | 22368 | 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330221870, 10.740%, 6/26/2030 †x | Upgrade | 6/30/2025 | 48730 | 47782 | 48831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330222030, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 21942 | 21525 | 21885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330222714, 19.710%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 20609 | 20215 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330225306, 13.160%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24405 | 23929 | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330227489, 25.970%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 22617 | 22174 | 22349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330227735, 25.970%, 6/25/2030 †§x# | Upgrade | 6/30/2025 | 24786 | 24295 | 24510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330228322, 12.450%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 33838 | 33179 | 33782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330229870, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 20988 | 20589 | 20933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330230346, 10.740%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 25462 | 24966 | 25514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330230615, 15.570%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 24922 | 24447 | 24799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330233564, 6.730%, 7/01/2028 †§x# | Upgrade | 6/30/2025 | 27286 | 26769 | 27305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330235757, 15.610%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24443 | 23966 | 24294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330236078, 10.420%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23807 | 23355 | 23808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330236265, 25.200%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 36862 | 36140 | 36546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330236820, 6.730%, 7/07/2028 †§x | Upgrade | 6/30/2025 | 26379 | 25876 | 26418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330237684, 9.660%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24347 | 23874 | 24413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330237996, 25.310%, 6/26/2028 †§x# | Upgrade | 6/30/2025 | 24522 | 24052 | 24366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330238897, 11.850%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 29552 | 28990 | 29539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330240853, 15.610%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 23465 | 23007 | 23321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330242558, 20.420%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 27062 | 26532 | 26882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330243052, 15.610%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 27560 | 27021 | 27134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330244470, 10.420%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 23408 | 22963 | 23347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330247713, 19.710%, 6/27/2028 †§x# | Upgrade | 6/30/2025 | 24480 | 24012 | 24380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330247882, 15.610%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 22976 | 22528 | 22836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330250111, 6.730%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 21366 | 20961 | 21401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330250521, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 32356 | 31723 | 32143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330250602, 6.730%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 30387 | 29812 | 30437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330251187, 12.940%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 23425 | 22969 | 23467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330253273, 17.340%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 39150 | 38385 | 39063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330254192, 14.410%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 36148 | 35443 | 36078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330256283, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 30395 | 29801 | 30195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330256404, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 38159 | 37434 | 38121 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**174** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330257983, 13.160%, 6/26/2030 †§x | Upgrade | 6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330258461, 14.410%, 6/25/2030 †x | Upgrade | 6/30/2025 | 48849 | 47896 | 48754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330260331, 20.420%, 6/27/2030 †x | Upgrade | 6/30/2025 | 49025 | 48066 | 48667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330260875, 12.450%, 6/16/2030 †x | Upgrade | 6/30/2025 | 47642 | 46714 | 47292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330262280, 12.150%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 38140 | 37415 | 38102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330263807, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 33390 | 32755 | 33303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330264573, 15.380%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 20040 | 19649 | 20001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330267122, 12.450%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 39029 | 38269 | 38965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330270856, 8.290%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34052 | 33391 | 34151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330276294, 15.610%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 22429 | 21991 | 22081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330276540, 15.620%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 29149 | 28580 | 28695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330278302, 17.580%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 21046 | 20635 | 20998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330279276, 29.750%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24145 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330279314, 25.970%, 6/20/2030 †§x | Upgrade | 6/30/2025 | 22875 | 22426 | 22415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330279845, 19.710%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 24923 | 24447 | 24846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330281011, 12.450%, 6/25/2030 †x | Upgrade | 6/30/2025 | 48787 | 47836 | 48706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330282063, 20.420%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 20590 | 20188 | 20454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330282081, 20.420%, 6/26/2030 †x | Upgrade | 6/30/2025 | 41671 | 40856 | 41396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330283795, 12.150%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 29082 | 28529 | 29053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330284426, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 28238 | 27686 | 28053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330286374, 15.310%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 23892 | 23437 | 23863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330286670, 17.580%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 35240 | 34552 | 35160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330287506, 29.750%, 6/10/2030 †§x | Upgrade | 6/30/2025 | 24315 | 23836 | 23814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330291453, 13.160%, 6/25/2030 †§x | Upgrade | 6/30/2025 | 39048 | 38287 | 38980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330295013, 10.740%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24365 | 23891 | 24395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330295534, 15.310%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 28608 | 28063 | 28472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330295822, 17.580%, 6/26/2030 †x# | Upgrade | 6/30/2025 | 48965 | 48008 | 48858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330297713, 10.520%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 26189 | 25692 | 26215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330301053, 22.820%, 6/13/2030 †§x# | Upgrade | 6/30/2025 | 21597 | 21172 | 21204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330303451, 15.140%, 6/30/2030 †§x | Upgrade | 6/30/2025 | 34284 | 33615 | 34192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330303458, 15.620%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 28354 | 27801 | 28181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330306176, 11.850%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 20972 | 20574 | 20963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330307119, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 21081 | 20668 | 20942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330309868, 19.710%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 21088 | 20686 | 21001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330310371, 12.860%, 6/25/2028 †§x | Upgrade | 6/30/2025 | 24918 | 24444 | 24853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330312691, 13.430%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 31731 | 31117 | 31208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330314310, 11.720%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 38035 | 37295 | 38129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330319209, 12.150%, 6/18/2028 †§x | Upgrade | 6/30/2025 | 21279 | 20875 | 21180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330319665, 14.620%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 25193 | 24706 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330320540, 13.160%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 32312 | 31682 | 32257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330321320, 24.440%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 22932 | 22493 | 22772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330322229, 19.710%, 6/27/2028 †§x | Upgrade | 6/30/2025 | 24846 | 24371 | 24745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330323643, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 22419 | 21992 | 22396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330324254, 12.150%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 23837 | 23384 | 23814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330324895, 19.990%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 31600 | 30988 | 31140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330325320, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 20590 | 20188 | 20455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330325865, 10.670%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 21906 | 21490 | 21899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330327015, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 21929 | 21498 | 21664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330327504, 20.420%, 7/01/2030 †x | Upgrade | 7/07/2025 | 42101 | 41259 | 41719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330328133, 9.700%, 6/21/2028 †§x | Upgrade | 6/30/2025 | 23763 | 23312 | 23770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330328433, 11.850%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 20019 | 19639 | 20010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330329750, 12.450%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 29272 | 28702 | 29224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330330072, 25.970%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24584 | 24102 | 24292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330330414, 15.610%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34220 | 33552 | 34011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330331002, 12.450%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 29633 | 29056 | 29586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330331229, 29.750%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 25000 | 24504 | 24531 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**175** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330333719, 17.340%, 6/26/2030 †§x | Upgrade | 6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330333936, 15.610%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 35198 | 34511 | 34983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330342038, 12.450%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 21466 | 21048 | 21431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330343224, 11.850%, 6/18/2028 †§x | Upgrade | 6/30/2025 | 38026 | 37303 | 37886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330343659, 9.270%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 28543 | 28002 | 28536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330343858, 15.060%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 34893 | 34218 | 34534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330344801, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24144 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330345924, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24144 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330345937, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24709 | 24223 | 24423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330347131, 14.560%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 30094 | 29507 | 30116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330347852, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 22061 | 21630 | 21916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330351912, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 30528 | 29947 | 30449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330352937, 29.750%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 24806 | 24314 | 24519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330358733, 12.030%, 6/26/2028 †§x | Upgrade | 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47670 | 46764 | 47691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330359127, 25.970%, 6/16/2030 †§x | Upgrade | 6/30/2025 | 24402 | 23923 | 23913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330360068, 13.160%, 6/26/2030 †x | Upgrade | 6/30/2025 | 48809 | 47858 | 48726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330361468, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 27737 | 27182 | 27473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330363005, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34319 | 33647 | 34068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330364512, 15.600%, 6/26/2030 †x | Upgrade | 6/30/2025 | 48885 | 47932 | 48790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330365002, 6.730%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 24215 | 23756 | 24254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330365230, 20.420%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 25942 | 25429 | 25530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330366397, 12.610%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 28808 | 28252 | 28350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330367069, 15.380%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34215 | 33548 | 34149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330367177, 17.580%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 21536 | 21115 | 21487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330368004, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 24932 | 24458 | 24868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330368658, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24144 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330368752, 13.850%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 32145 | 31536 | 32022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330369319, 10.740%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 27289 | 26758 | 27345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330369974, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24264 | 23789 | 23754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330370321, 18.730%, 6/30/2028 †§x | Upgrade | 6/30/2025 | 24974 | 24498 | 24844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330370962, 6.730%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 21841 | 21427 | 21877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330372213, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 37259 | 36530 | 36986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330372437, 12.450%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 30736 | 30137 | 30685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330373210, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 34290 | 33610 | 34114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330373603, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 39710 | 38933 | 39448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330375617, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 22896 | 22460 | 22837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330376437, 15.620%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 29332 | 28759 | 29153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330378119, 6.730%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 36098 | 35415 | 36158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330380442, 14.410%, 6/18/2030 †§x | Upgrade | 6/30/2025 | 37977 | 37236 | 37692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330381887, 10.670%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 28574 | 28031 | 28564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330384481, 10.670%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 22859 | 22425 | 22851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330384817, 13.850%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 36516 | 35821 | 36496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330385297, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24144 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330386421, 17.580%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24472 | 23994 | 24417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330391668, 15.610%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 25421 | 24925 | 25265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330392293, 20.420%, 7/11/2030 †§x | Upgrade | 6/30/2025 | 26958 | 26425 | 26766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330392854, 20.770%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 38911 | 38157 | 38334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330393441, 15.380%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24439 | 23963 | 24392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330393772, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 34672 | 33978 | 34357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330396953, 6.730%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 21841 | 21427 | 21877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330398932, 9.690%, 7/02/2028 †§x | Upgrade | 6/30/2025 | 27376 | 26850 | 27367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330399037, 12.450%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 32199 | 31572 | 32146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330399159, 12.860%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 23850 | 23396 | 23825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330399719, 15.610%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34220 | 33552 | 34011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330401705, 29.750%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24628 | 24144 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330402671, 17.580%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 31618 | 31000 | 31547 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**176** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330403742, 6.730%, 6/26/2028 †§x | Upgrade | 6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330404127, 25.970%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 24584 | 24102 | 24292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330408177, 14.540%, 7/01/2030 †x | Upgrade | 7/07/2025 | 48410 | 47463 | 47989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330418849, 14.290%, 6/26/2028 †§x | Upgrade | 6/30/2025 | 26042 | 25546 | 26027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330420096, 28.840%, 6/26/2029 †§x | Upgrade | 6/30/2025 | 20522 | 20123 | 20228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330421014, 19.460%, 6/11/2030 †x | Upgrade | 6/30/2025 | 41789 | 40971 | 41077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330423154, 20.420%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 21781 | 21355 | 21622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330423361, 20.420%, 6/26/2030 †§x# | Upgrade | 6/30/2025 | 29265 | 28680 | 28794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330429689, 20.420%, 6/26/2030 †§x | Upgrade | 6/30/2025 | 34572 | 33896 | 34344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330451088, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 20590 | 20188 | 20440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330478359, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24729 | 24234 | 24510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330478903, 17.340%, 7/01/2030 †x | Upgrade | 7/07/2025 | 49485 | 48495 | 49203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330481578, 8.480%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 29269 | 28703 | 29211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330488063, 15.060%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 35172 | 34472 | 35001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330497647, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 22551 | 22110 | 22387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330500750, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 24506 | 24027 | 24116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330503288, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24765 | 24270 | 24541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330506403, 22.820%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 25709 | 25195 | 25448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330510414, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 25493 | 24994 | 25326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330512735, 13.670%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 21619 | 21197 | 21477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330513340, 18.730%, 6/27/2028 †§x | Upgrade | 6/30/2025 | 23948 | 23491 | 23852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330539761, 24.440%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 24532 | 24042 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330549719, 20.420%, 6/27/2030 †§x# | Upgrade | 6/30/2025 | 25246 | 24752 | 25071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330551079, 23.390%, 6/27/2028 †§x | Upgrade | 6/30/2025 | 38435 | 37699 | 38279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330553861, 11.720%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 30228 | 29627 | 30059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330560087, 29.760%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24827 | 24330 | 24513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330562166, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 24512 | 24033 | 24351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330565093, 20.420%, 6/27/2030 †x | Upgrade | 6/30/2025 | 43945 | 43085 | 43205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330575429, 20.420%, 6/24/2030 †§x | Upgrade | 6/30/2025 | 24470 | 23991 | 24058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330581445, 19.710%, 6/27/2028 †§x | Upgrade | 6/30/2025 | 43135 | 42311 | 42960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330582611, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 36278 | 35569 | 36040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330584390, 20.420%, 7/01/2030 †x | Upgrade | 7/07/2025 | 41606 | 40774 | 41210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330586106, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 21571 | 21149 | 21429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330596451, 20.420%, 6/27/2030 †§x | Upgrade | 6/30/2025 | 37259 | 36530 | 37014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330633310, 12.860%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 35183 | 34495 | 35052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330647478, 25.200%, 7/11/2030 †§x# | Upgrade | 6/30/2025 | 27500 | 26956 | 27257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330651310, 29.750%, 6/27/2030 †§x | Upgrade | 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24628 | 24144 | 24330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330652598, 15.150%, 6/27/2029 †§x | Upgrade | 6/30/2025 | 29079 | 28517 | 28693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330653062, 13.160%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 28390 | 27823 | 28240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330671935, 15.610%, 7/15/2030 †§x | Upgrade | 7/07/2025 | 22888 | 22437 | 22692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330676256, 15.140%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 20274 | 19869 | 20161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330683836, 11.250%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 37115 | 36392 | 36939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330695282, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 26875 | 26338 | 26637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330711635, 11.720%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24696 | 24205 | 24558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330712702, 19.710%, 7/16/2028 †§x | Upgrade | 7/07/2025 | 31610 | 30998 | 31456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330725444, 25.050%, 6/17/2029 †§x | Upgrade | 7/07/2025 | 21722 | 21298 | 21260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330750094, 12.450%, 7/01/2030 †x | Upgrade | 7/07/2025 | 41500 | 40673 | 41281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330750626, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 33681 | 33007 | 33376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330752412, 20.770%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 35436 | 34727 | 35088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330778317, 17.340%, 7/01/2030 †x | Upgrade | 7/07/2025 | 49485 | 48495 | 49203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330805117, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 29392 | 28809 | 29215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330809601, 20.420%, 7/01/2030 †x | Upgrade | 7/07/2025 | 44578 | 43686 | 44154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330809821, 12.150%, 7/01/2028 †§x# | Upgrade | 7/07/2025 | 38815 | 38062 | 38521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330816708, 25.970%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 21827 | 21390 | 21563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330819827, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 26215 | 25697 | 25944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330819889, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39088 | 38321 | 38340 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**177** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330821271, 20.420%, 6/17/2030 †x | Upgrade | 7/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330821398, 29.750%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 20611 | 20199 | 20359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330826462, 24.440%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 22079 | 21638 | 21877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330828731, 28.280%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 21065 | 20644 | 20868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330829271, 25.050%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 24702 | 24208 | 24401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330830271, 29.750%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24827 | 24330 | 24523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330839641, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 27242 | 26697 | 26995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330843845, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 24689 | 24200 | 24562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330849674, 29.750%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24827 | 24330 | 24523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330852929, 24.440%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 24532 | 24042 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330853686, 20.420%, 7/15/2030 †§x | Upgrade | 7/07/2025 | 21966 | 21531 | 21764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330854062, 25.970%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 23811 | 23335 | 23524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330862133, 25.970%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 22819 | 22363 | 22544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330862398, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 28589 | 28017 | 28317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330865335, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 29718 | 29124 | 29449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330866534, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 29674 | 29081 | 29412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330871795, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 33681 | 33007 | 33376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330874705, 20.420%, 7/01/2030 †x | Upgrade | 7/07/2025 | 40615 | 39803 | 40229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330895709, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 20773 | 20358 | 20576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330903712, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 43108 | 42253 | 42887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330910060, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 48986 | 48015 | 48691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330912019, 24.440%, 7/16/2028 †§x | Upgrade | 7/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24155 | 23697 | 23879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330913170, 24.440%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 24532 | 24042 | 24308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330915051, 20.420%, 7/01/2030 †x | Upgrade | 7/07/2025 | 44578 | 43686 | 44154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330917558, 28.280%, 6/25/2028 †§x | Upgrade | 7/07/2025 | 23535 | 23081 | 23261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330918555, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 22286 | 21841 | 22084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330922838, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 20574 | 20166 | 20469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330923077, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 40219 | 39415 | 39836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330923858, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 22534 | 22087 | 22398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330924417, 19.460%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39613 | 38821 | 39238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330928169, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 30371 | 29769 | 30188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330930803, 14.540%, 7/01/2030 †x | Upgrade | 7/07/2025 | 49440 | 48451 | 49224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330931220, 25.200%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 29014 | 28434 | 28716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330931785, 17.580%, 6/17/2030 †x | Upgrade | 7/07/2025 | 47325 | 46398 | 46816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330933992, 29.760%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24827 | 24330 | 24513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330937095, 28.280%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 23836 | 23359 | 23612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330938376, 25.970%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24803 | 24307 | 24504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330939273, 29.750%, 7/16/2030 †§x# | Upgrade | 7/07/2025 | 25000 | 24505 | 24401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330940418, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 32410 | 31762 | 32124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330943078, 15.150%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 20684 | 20273 | 20537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330947543, 20.420%, 7/01/2030 †x | Upgrade | 7/07/2025 | 49531 | 48540 | 49060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330951384, 19.990%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 23184 | 22720 | 23014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330958419, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 23817 | 23359 | 23573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330958740, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39625 | 38832 | 39265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330968446, 23.630%, 6/17/2029 †x | Upgrade | 7/07/2025 | 26277 | 25765 | 25780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330978582, 17.060%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 39424 | 38637 | 39206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330979922, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 32331 | 31690 | 32165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330986970, 25.200%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 29758 | 29163 | 29453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330989615, 15.140%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 38769 | 37993 | 38551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330998190, 16.090%, 6/30/2030 †x | Upgrade | 7/07/2025 | 43985 | 43125 | 43462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331005627, 13.160%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39534 | 38744 | 39324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331009739, 12.860%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 22966 | 22518 | 22881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331011784, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 24765 | 24270 | 24530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331018696, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 23636 | 23167 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331022172, 14.410%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 35101 | 34399 | 34905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331023797, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 44088 | 43213 | 43822 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**178** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331025756, 10.670%, 7/01/2028 †§x | Upgrade | 7/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331025864, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 27242 | 26697 | 26995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331028365, 17.340%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39588 | 38796 | 39362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331029846, 19.710%, 7/02/2028 †§x | Upgrade | 7/07/2025 | 24983 | 24492 | 24860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331030155, 15.600%, 7/01/2030 †x | Upgrade | 7/07/2025 | 49457 | 48468 | 49190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331032694, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39625 | 38832 | 39248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331033062, 13.160%, 7/15/2030 †§x | Upgrade | 7/07/2025 | 25431 | 24930 | 25300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331033523, 12.450%, 6/18/2030 †§x | Upgrade | 7/07/2025 | 38850 | 38091 | 38446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331035750, 15.610%, 7/15/2030 †§x | Upgrade | 7/07/2025 | 24878 | 24388 | 24665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331035768, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 22305 | 21859 | 22108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331035899, 14.410%, 7/01/2030 †§x# | Upgrade | 7/07/2025 | 31465 | 30848 | 31095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331037196, 12.450%, 6/23/2030 †§x | Upgrade | 7/07/2025 | 22865 | 22418 | 22628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331037468, 15.610%, 7/08/2030 †§x | Upgrade | 7/07/2025 | 37205 | 36468 | 36881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331041675, 13.160%, 7/01/2030 †x | Upgrade | 7/07/2025 | 42005 | 41166 | 41782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331041786, 9.030%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 35131 | 34450 | 35060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331041854, 13.430%, 6/25/2029 †§x | Upgrade | 7/07/2025 | 24149 | 23680 | 23892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331042127, 15.380%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 20771 | 20355 | 20659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331042215, 12.860%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 28558 | 28012 | 28272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331043463, 9.520%, 7/15/2030 †§x | Upgrade | 7/07/2025 | 31703 | 31081 | 31611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331043919, 20.420%, 7/16/2030 †x | Upgrade | 7/07/2025 | 23976 | 23502 | 23767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331049544, 15.150%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 22654 | 22203 | 22493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331051072, 15.380%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 34618 | 33925 | 34431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331051346, 15.140%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39560 | 38769 | 39338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331052599, 10.520%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 39057 | 38297 | 38990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331053326, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 27553 | 27002 | 27309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331054127, 14.410%, 6/30/2030 †x | Upgrade | 7/07/2025 | 48841 | 47887 | 48418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331055858, 16.610%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 21680 | 21247 | 21561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331057652, 14.620%, 7/01/2029 †§x | Upgrade | 7/07/2025 | 34467 | 33782 | 34280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331058141, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 20278 | 19872 | 20098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331061801, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39625 | 38832 | 39248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331061945, 15.610%, 6/17/2030 †§x | Upgrade | 7/07/2025 | 39838 | 39058 | 39142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331062232, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39625 | 38832 | 39265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331071175, 15.600%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 30255 | 29663 | 29911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331072512, 15.600%, 7/14/2030 †x | Upgrade | 7/07/2025 | 49735 | 48754 | 49474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331072595, 15.380%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39563 | 38772 | 39350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331073014, 12.450%, 6/17/2030 †§x | Upgrade | 7/07/2025 | 21360 | 20943 | 21138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331073841, 11.850%, 6/17/2028 †§x | Upgrade | 7/07/2025 | 28461 | 27917 | 28305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331075997, 13.160%, 7/01/2030 †x | Upgrade | 7/07/2025 | 42346 | 41500 | 42121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331077041, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39566 | 38775 | 39216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331103882, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 39566 | 38775 | 39216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331104147, 20.420%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 37891 | 37133 | 37548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331106513, 12.620%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 24602 | 24113 | 24589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331112966, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 26212 | 25688 | 25980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331113627, 15.610%, 7/01/2030 †§x | Upgrade | 7/07/2025 | 29674 | 29081 | 29412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331118038, 20.420%, 7/01/2030 †x | Upgrade | 7/07/2025 | 49531 | 48540 | 49082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331126894, 17.580%, 6/18/2030 †§x | Upgrade | 7/07/2025 | 21104 | 20690 | 20881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331140030, 15.150%, 7/01/2029 †x | Upgrade | 7/07/2025 | 41368 | 40545 | 41075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331153641, 19.710%, 7/01/2028 †§x | Upgrade | 7/07/2025 | 44088 | 43213 | 43861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 332456720, 17.580%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 23960 | 23481 | 23806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333528906, 15.600%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 29674 | 29081 | 29584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333532433, 29.750%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 24827 | 24330 | 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333538550, 15.600%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 24729 | 24234 | 24653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333542691, 20.420%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 34672 | 33978 | 34491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333545802, 13.160%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 37557 | 36807 | 37446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333546082, 15.140%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 36098 | 35376 | 35983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333550813, 15.600%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 27696 | 27142 | 27611 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**179** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333551106, 12.610%, 7/15/2029 †x | Upgrade | 7/18/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333557739, 14.410%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 31640 | 31007 | 31540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333560722, 20.420%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 30214 | 29609 | 30064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333561245, 20.420%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 30709 | 30095 | 30557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333562354, 15.610%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 34620 | 33928 | 34455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333567483, 15.150%, 7/15/2029 †§x | Upgrade | 7/18/2025 | 20714 | 20301 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333570390, 14.420%, 7/15/2030 †x | Upgrade | 7/18/2025 | 49438 | 48449 | 49333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333576925, 15.610%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 27696 | 27142 | 27564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333583847, 15.610%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 39566 | 38775 | 39378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333588737, 15.060%, 7/15/2029 †§x | Upgrade | 7/18/2025 | 30533 | 29925 | 30450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333604581, 15.600%, 7/15/2030 †§x | Upgrade | 7/18/2025 | 39566 | 38774 | 39445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333635445, 19.990%, 7/16/2029 †§x# | Upgrade | 7/21/2025 | 35000 | 34315 | 34890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333645197, 20.420%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 24963 | 24464 | 24866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333668593, 19.990%, 7/16/2029 †§x | Upgrade | 7/21/2025 | 24368 | 23880 | 24290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333712768, 25.990%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 20339 | 19932 | 20222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333715717, 25.970%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24803 | 24307 | 24667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333721292, 20.420%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 29223 | 28639 | 29104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333742115, 10.740%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 22706 | 22256 | 22594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333744365, 10.990%, 7/29/2029 †§x | Upgrade | 7/21/2025 | 25668 | 25167 | 25496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333748197, 15.140%, 7/02/2030 †§x | Upgrade | 7/21/2025 | 23597 | 23125 | 23389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333748437, 15.140%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 37087 | 36346 | 36993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333748501, 15.600%, 7/16/2030 †x | Upgrade | 7/21/2025 | 44511 | 43621 | 44403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333749684, 15.150%, 7/16/2029 †§x | Upgrade | 7/21/2025 | 30534 | 29925 | 30443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333749792, 15.610%, 7/27/2030 †§x | Upgrade | 7/21/2025 | 29816 | 29227 | 29709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333750092, 29.750%, 7/21/2030 †§x | Upgrade | 7/21/2025 | 21937 | 21499 | 21818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333750202, 17.060%, 7/16/2029 †§x | Upgrade | 7/21/2025 | 33313 | 32648 | 33230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333750861, 20.420%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 24181 | 23706 | 23817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333752377, 15.600%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 28392 | 27833 | 28150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333752825, 14.640%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 30654 | 30041 | 30589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333758489, 15.610%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 29674 | 29081 | 29565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333759780, 12.090%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 22570 | 22120 | 22518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333761955, 29.750%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 24827 | 24330 | 24688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333763751, 17.340%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 29691 | 29097 | 29613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333764393, 15.600%, 7/16/2030 †§x | Upgrade | 7/21/2025 | 22750 | 22295 | 22695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333779075, 25.970%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24803 | 24307 | 24667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333816186, 29.750%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 21351 | 20924 | 21231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333839471, 25.970%, 7/31/2030 †§x | Upgrade | 7/21/2025 | 25000 | 24500 | 24515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333839626, 29.750%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 21505 | 21075 | 21384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333847020, 25.970%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 20835 | 20418 | 20720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333852928, 29.760%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24827 | 24330 | 24685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333857577, 29.750%, 7/29/2030 †§x | Upgrade | 7/21/2025 | 24888 | 24390 | 24448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333861958, 20.420%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24765 | 24270 | 24669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333867228, 13.430%, 7/17/2029 †§x | Upgrade | 7/21/2025 | 23625 | 23155 | 23570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333871063, 15.140%, 7/17/2030 †x | Upgrade | 7/21/2025 | 44505 | 43615 | 44391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333877168, 12.610%, 7/17/2029 †§x | Upgrade | 7/21/2025 | 24602 | 24114 | 24551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333899913, 12.450%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 39524 | 38736 | 39433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333902961, 19.460%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24758 | 24263 | 24659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333905893, 20.420%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24765 | 24270 | 24665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333908338, 25.970%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24162 | 23686 | 23692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333911301, 13.430%, 7/17/2029 †§x | Upgrade | 7/21/2025 | 24609 | 24120 | 24552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333914475, 14.410%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 20764 | 20349 | 20712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333915484, 15.610%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 35115 | 34412 | 34986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333920116, 15.380%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 31650 | 31017 | 31574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333925083, 20.420%, 7/02/2030 †§x | Upgrade | 7/21/2025 | 34378 | 33690 | 33869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333926645, 12.450%, 7/17/2030 †x | Upgrade | 7/21/2025 | 49405 | 48420 | 49291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333929110, 15.600%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 29674 | 29081 | 29602 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**180** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333929216, 17.580%, 7/17/2030 †§x | Upgrade | 7/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333929754, 15.150%, 7/17/2029 †§x | Upgrade | 7/21/2025 | 29549 | 28960 | 29461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333934938, 13.160%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24709 | 24215 | 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333935063, 20.420%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 24765 | 24270 | 24669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 333941177, 14.650%, 7/17/2030 †§x | Upgrade | 7/21/2025 | 39553 | 38762 | 39453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334042622, 12.610%, 7/18/2029 †§x | Upgrade | 7/21/2025 | 27554 | 27008 | 27498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334048305, 12.200%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 34719 | 34027 | 34634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334050429, 25.970%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 22819 | 22363 | 22693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334053373, 12.610%, 7/18/2029 †x | Upgrade | 7/21/2025 | 40244 | 39446 | 40161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334053612, 15.600%, 7/18/2030 †x | Upgrade | 7/21/2025 | 49457 | 48468 | 49337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334055860, 12.450%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 30631 | 30020 | 30560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334064318, 13.190%, 7/18/2029 †x | Upgrade | 7/21/2025 | 45769 | 44860 | 45704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334065969, 15.600%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 37093 | 36351 | 37003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334095788, 10.990%, 7/18/2029 †§x | Upgrade | 7/21/2025 | 36881 | 36151 | 36854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334096997, 13.160%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 23340 | 22874 | 23285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334099000, 15.600%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 24729 | 24234 | 24669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334101067, 17.580%, 8/02/2030 †§x | Upgrade | 7/21/2025 | 29127 | 28545 | 28800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334102715, 15.380%, 7/18/2030 †x | Upgrade | 7/21/2025 | 49454 | 48465 | 49334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334102778, 15.140%, 7/04/2030 †§x | Upgrade | 7/21/2025 | 37656 | 36903 | 37325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334108083, 15.380%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 33628 | 32956 | 33547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334108087, 25.970%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 22035 | 21595 | 21914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334120260, 13.810%, 7/18/2030 †§x | Upgrade | 7/21/2025 | 32622 | 31971 | 32576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334236069, 8.030%, 7/23/2029 †§x | Upgrade | 7/28/2025 | 24549 | 24064 | 24497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334307052, 15.140%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 20274 | 19869 | 20147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334359917, 13.160%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 32121 | 31480 | 31929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334362773, 29.750%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 24827 | 24330 | 24722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334402654, 29.750%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 24827 | 24330 | 24722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334419548, 25.970%, 7/31/2030 †§x# | Upgrade | 7/24/2025 | 25000 | 24500 | 24549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334421527, 15.610%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 39566 | 38775 | 39464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334427137, 15.610%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 30664 | 30050 | 30585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334429902, 14.410%, 7/25/2030 †§x | Upgrade | 7/24/2025 | 29663 | 29075 | 29633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334430271, 29.750%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 24827 | 24330 | 24722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334430306, 15.610%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 39566 | 38775 | 39464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334444324, 11.610%, 7/21/2030 †x | Upgrade | 7/24/2025 | 49391 | 48407 | 49335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334445055, 15.380%, 7/21/2030 †x | Upgrade | 7/24/2025 | 44508 | 43618 | 44429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334445768, 14.410%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 39550 | 38759 | 39477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334448465, 13.160%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 24564 | 24073 | 24371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334450481, 15.380%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 31650 | 31017 | 31594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334450789, 15.610%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 32147 | 31504 | 32065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334452927, 15.600%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 29041 | 28469 | 28814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334458128, 13.160%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 24709 | 24215 | 24666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334460300, 13.160%, 7/18/2030 †§x | Upgrade | 7/24/2025 | 30580 | 29972 | 30341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334464999, 10.990%, 7/21/2029 †§x | Upgrade | 7/24/2025 | 34422 | 33741 | 34403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334465152, 15.600%, 7/21/2030 †§x | Upgrade | 7/24/2025 | 26707 | 26173 | 26659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334549899, 16.610%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 31258 | 30633 | 31028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334558587, 11.720%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 30496 | 29891 | 30320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334582747, 15.610%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 32315 | 31670 | 31990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334592442, 17.060%, 7/22/2029 †x | Upgrade | 7/25/2025 | 49280 | 48296 | 49201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334596096, 8.030%, 7/22/2029 †§x | Upgrade | 7/25/2025 | 32419 | 31780 | 32406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334605661, 13.160%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 31133 | 30511 | 31086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334614151, 13.670%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 34489 | 33801 | 34354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334614913, 15.060%, 7/22/2029 †§x | Upgrade | 7/25/2025 | 39397 | 38612 | 39343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334624871, 15.610%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 23740 | 23265 | 23687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334625362, 15.610%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 31653 | 31020 | 31583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334626318, 29.750%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 20358 | 19951 | 20282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334630665, 17.580%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 29693 | 29099 | 29502 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**181** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334639192, 15.610%, 7/22/2030 †§x | Upgrade | 7/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334640366, 29.750%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 24827 | 24330 | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334643010, 15.610%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 20772 | 20357 | 20726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334643733, 15.060%, 7/22/2029 †§x | Upgrade | 7/25/2025 | 21668 | 21237 | 21638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334643967, 13.430%, 7/20/2029 †§x | Upgrade | 7/28/2025 | 31441 | 30814 | 31218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334656585, 29.750%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 21351 | 20924 | 21271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334705839, 29.770%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 21351 | 20924 | 21270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334722557, 15.610%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 23627 | 23156 | 23318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334750393, 15.600%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 24729 | 24234 | 24689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334751995, 15.610%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 34620 | 33928 | 34544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334758061, 15.380%, 7/22/2030 †x | Upgrade | 7/25/2025 | 49454 | 48465 | 49376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334758228, 29.750%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 24827 | 24330 | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334760761, 15.060%, 7/22/2029 †§x | Upgrade | 7/25/2025 | 37427 | 36682 | 37375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334764649, 14.640%, 7/22/2030 †§x | Upgrade | 7/25/2025 | 20963 | 20544 | 20929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334788014, 12.600%, 7/30/2030 †x | Upgrade | 8/04/2025 | 48419 | 47454 | 48263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334940540, 15.600%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 29674 | 29081 | 29646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334941237, 15.600%, 7/11/2030 †§x | Upgrade | 7/28/2025 | 26042 | 25522 | 25856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334942377, 14.640%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 39553 | 38762 | 39515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334942695, 15.610%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 27202 | 26658 | 27171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334948950, 17.580%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 24744 | 24249 | 24717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334950148, 17.340%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 23852 | 23375 | 23825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334952883, 13.160%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 33673 | 33000 | 33643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334957527, 10.740%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 26169 | 25648 | 26158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334958370, 12.940%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 30142 | 29540 | 30126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334963993, 14.660%, 7/23/2029 †§x | Upgrade | 7/28/2025 | 24127 | 23647 | 24108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334965216, 15.610%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 31653 | 31020 | 31617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334990289, 11.700%, 7/23/2029 †§x | Upgrade | 7/28/2025 | 32798 | 32147 | 32779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334994559, 12.450%, 7/16/2030 †§x | Upgrade | 7/28/2025 | 22671 | 22218 | 22513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334997444, 15.150%, 7/23/2029 †§x | Upgrade | 7/28/2025 | 24601 | 24113 | 24355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335000422, 15.140%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 25714 | 25200 | 25687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335011207, 15.610%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 20278 | 19872 | 20255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335017826, 15.610%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 27202 | 26658 | 27171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335022904, 15.600%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 33432 | 32764 | 33192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335023598, 13.160%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 39534 | 38744 | 39499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335026279, 13.160%, 7/23/2030 †x | Upgrade | 7/28/2025 | 44475 | 43587 | 44436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335029933, 13.160%, 7/23/2030 †§x | Upgrade | 7/28/2025 | 29650 | 29058 | 29624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335055304, 14.640%, 7/30/2030 †x | Upgrade | 8/04/2025 | 49442 | 48454 | 49141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335168104, 13.430%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 21656 | 21225 | 21638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335169028, 12.450%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 20256 | 19852 | 20239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335173799, 15.610%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 25223 | 24719 | 25195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335186170, 15.610%, 7/26/2030 †§x | Upgrade | 7/28/2025 | 39600 | 38808 | 39557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335194460, 13.160%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 29030 | 28457 | 29005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335194502, 12.450%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 24703 | 24210 | 24682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335196990, 13.160%, 7/20/2030 †§x | Upgrade | 7/28/2025 | 39476 | 38686 | 39200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335201276, 15.610%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 39566 | 38775 | 39522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335203680, 12.450%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 21244 | 20820 | 21226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335210018, 9.660%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 27639 | 27090 | 27631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335213169, 15.060%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 21668 | 21237 | 21651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335218440, 17.580%, 7/28/2030 †§x | Upgrade | 7/28/2025 | 34709 | 34020 | 34672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335223709, 10.740%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 29625 | 29036 | 29514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335226949, 15.600%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 21761 | 21326 | 21740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335229218, 12.610%, 7/24/2029 †§x | Upgrade | 7/28/2025 | 39363 | 38581 | 39335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335232085, 17.580%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 22270 | 21824 | 22245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335232817, 13.160%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 29650 | 29058 | 29624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335235262, 11.720%, 7/24/2029 †§x | Upgrade | 7/28/2025 | 33448 | 32784 | 33425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335242487, 14.660%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 25913 | 25397 | 25892 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**182** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335252911, 17.580%, 7/24/2030 †§x | Upgrade | 7/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335253404, 11.720%, 7/24/2029 †§x | Upgrade | 7/28/2025 | 20167 | 19767 | 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335272433, 15.610%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 32642 | 31990 | 32313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335278872, 17.580%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 20884 | 20466 | 20861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335286444, 17.340%, 7/24/2030 †§x | Upgrade | 7/28/2025 | 30710 | 30104 | 30676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335289409, 12.610%, 7/28/2029 †x | Upgrade | 7/31/2025 | 44283 | 43403 | 44277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335300160, 15.150%, 7/24/2029 †§x | Upgrade | 7/28/2025 | 23593 | 23124 | 23356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335307234, 12.620%, 7/24/2029 †x | Upgrade | 7/28/2025 | 49204 | 48226 | 49179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335332020, 11.480%, 8/08/2030 †§x# | Upgrade | 8/04/2025 | 21000 | 20582 | 20900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335343265, 14.620%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 39391 | 38607 | 39357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335362660, 15.150%, 7/29/2029 †x | Upgrade | 8/01/2025 | 44323 | 43440 | 43915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335384115, 15.150%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 38413 | 37648 | 38379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335422703, 9.670%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 23529 | 23064 | 23457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335440485, 14.620%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 39391 | 38606 | 39383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335445812, 12.610%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 24110 | 23631 | 24093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335463819, 10.740%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 24688 | 24196 | 24595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335515649, 12.610%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 39363 | 38581 | 39357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335526140, 14.620%, 7/25/2029 †§x | Upgrade | 7/28/2025 | 35452 | 34746 | 35422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335548904, 12.610%, 7/28/2029 †x | Upgrade | 7/31/2025 | 41331 | 40510 | 41325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335592875, 15.610%, 8/12/2030 †§x# | Upgrade | 8/04/2025 | 32500 | 31851 | 32178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335602218, 15.060%, 7/28/2029 †x | Upgrade | 7/31/2025 | 49246 | 48265 | 49235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335619374, 15.150%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 29549 | 28960 | 29277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335636535, 12.610%, 7/28/2029 †x | Upgrade | 7/31/2025 | 44283 | 43403 | 44277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335680535, 14.660%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 24620 | 24129 | 24614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335681457, 15.610%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 21761 | 21326 | 21542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335689349, 15.600%, 7/30/2030 †x | Upgrade | 8/04/2025 | 48468 | 47499 | 48171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335739645, 15.150%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 34453 | 33766 | 34140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335824289, 15.150%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 29985 | 29393 | 29744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335850227, 29.760%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 24000 | 23520 | 23915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335856829, 14.660%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 29544 | 28955 | 29538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335859763, 15.150%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 29549 | 28960 | 29548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336006474, 12.610%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 39363 | 38581 | 39357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336017773, 12.610%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 39363 | 38581 | 39147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336092561, 19.990%, 8/25/2029 †x | Upgrade | 8/28/2025 | 40000 | 39200 | 39938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336225485, 12.700%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 29473 | 28894 | 29295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336271686, 15.150%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 38413 | 37648 | 38413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336292753, 15.150%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 27086 | 26547 | 26837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336391028, 12.610%, 7/28/2029 †§x | Upgrade | 7/31/2025 | 29522 | 28935 | 29518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336396352, 10.990%, 7/28/2029 †x | Upgrade | 7/31/2025 | 49175 | 48199 | 49171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336431739, 12.610%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 30310 | 29707 | 30124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336480306, 12.610%, 7/18/2029 †§x | Upgrade | 7/31/2025 | 34322 | 33637 | 34111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336571933, 16.610%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 39418 | 38631 | 39156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336589720, 14.170%, 7/31/2029 †§x | Upgrade | 8/01/2025 | 34489 | 33803 | 34255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336615380, 14.170%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 29666 | 29082 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336626234, 15.140%, 7/29/2029 †x | Upgrade | 8/01/2025 | 43931 | 43053 | 43662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336646724, 15.150%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 39398 | 38613 | 39055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336762642, 15.060%, 7/29/2029 †x | Upgrade | 8/01/2025 | 49246 | 48265 | 48937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336776401, 12.610%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 32475 | 31829 | 32264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336776684, 17.100%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 31047 | 30427 | 30837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336778497, 15.150%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 39398 | 38614 | 39076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336788826, 25.970%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336793557, 15.150%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 29549 | 28960 | 29277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336793745, 12.610%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 20666 | 20255 | 20552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336806414, 29.750%, 7/29/2030 †§x# | Upgrade | 8/01/2025 | 22319 | 21876 | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336808359, 13.190%, 7/29/2029 †x | Upgrade | 8/01/2025 | 49214 | 48235 | 49022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336812391, 17.060%, 7/29/2029 †x | Upgrade | 8/01/2025 | 41646 | 40819 | 41381 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**183** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336816547, 18.540%, 7/29/2030 †§x | Upgrade | 8/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336818560, 14.170%, 7/29/2029 †§x | Upgrade | 8/01/2025 | 38893 | 38118 | 38681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336833558, 20.420%, 7/17/2030 †§x | Upgrade | 8/01/2025 | 29679 | 29086 | 29364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336846603, 21.420%, 7/29/2030 †§x | Upgrade | 8/01/2025 | 37233 | 36488 | 36802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336852449, 29.750%, 7/29/2030 †§x | Upgrade | 8/01/2025 | 23834 | 23357 | 23493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336870577, 20.420%, 7/29/2030 †§x | Upgrade | 8/01/2025 | 26475 | 25945 | 26173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336900113, 19.460%, 7/29/2030 †§x | Upgrade | 8/01/2025 | 37633 | 36880 | 37201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336953063, 14.620%, 7/21/2029 †§x | Upgrade | 8/04/2025 | 39247 | 38462 | 39025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336953483, 10.240%, 7/30/2029 †x | Upgrade | 8/04/2025 | 44245 | 43368 | 44088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337001089, 11.010%, 7/31/2030 †x | Upgrade | 8/04/2025 | 49380 | 48396 | 49144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337019775, 17.580%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 39398 | 38610 | 39143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337022312, 20.770%, 7/31/2029 †§x | Upgrade | 8/04/2025 | 32071 | 31430 | 31691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337024074, 25.200%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 29758 | 29163 | 29411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337029162, 18.540%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 24751 | 24256 | 24487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337035882, 19.460%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 33770 | 33095 | 33407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337037245, 20.420%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 23775 | 23299 | 23529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337038864, 20.420%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 39119 | 38337 | 38715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337039911, 20.420%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 24765 | 24270 | 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337043290, 15.610%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 26707 | 26173 | 26439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337043872, 10.740%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 24688 | 24196 | 24570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337043939, 17.100%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 33511 | 32843 | 33297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337045290, 15.060%, 8/05/2029 †x | Upgrade | 8/04/2025 | 45000 | 44100 | 44748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337051354, 20.420%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 24765 | 24270 | 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337054501, 18.540%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 22395 | 21947 | 22155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337057499, 15.150%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 27047 | 26511 | 26882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337058288, 12.700%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 35240 | 34539 | 35053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337064595, 29.750%, 8/01/2030 †§x | Upgrade | 8/04/2025 | 25000 | 24500 | 24667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337066388, 29.180%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 24560 | 24069 | 24302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337066696, 29.180%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 24823 | 24327 | 24562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337067662, 20.420%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 24765 | 24270 | 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337080298, 15.610%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 28685 | 28112 | 28397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337086574, 25.200%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 37941 | 37183 | 37499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337089485, 15.610%, 7/31/2030 †x | Upgrade | 8/04/2025 | 40258 | 39453 | 39854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337094554, 15.150%, 7/15/2029 †§x | Upgrade | 8/04/2025 | 29362 | 28775 | 29126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337095274, 29.750%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 23834 | 23357 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337095276, 20.420%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 39625 | 38832 | 39214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337095781, 20.420%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 25261 | 24755 | 24999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337096916, 12.610%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 39363 | 38581 | 39147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337101258, 21.420%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 31719 | 31084 | 31374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337106577, 15.610%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 28715 | 28141 | 28427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337112042, 29.750%, 7/30/2030 †§x | Upgrade | 8/04/2025 | 20854 | 20437 | 20576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337130437, 21.420%, 7/31/2030 †x | Upgrade | 8/04/2025 | 44591 | 43699 | 44106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337131813, 12.700%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 24705 | 24211 | 24558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337133249, 19.990%, 7/30/2029 †§x | Upgrade | 8/04/2025 | 24664 | 24171 | 24454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337141137, 25.970%, 7/17/2030 †§x | Upgrade | 8/04/2025 | 23589 | 23117 | 23325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337141752, 15.610%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 29516 | 28926 | 29220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337142068, 17.580%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 39591 | 38799 | 39337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337148914, 15.630%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 30169 | 29566 | 29984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337151660, 19.020%, 7/31/2029 †§x | Upgrade | 8/04/2025 | 39450 | 38661 | 39027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337153686, 14.410%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 29663 | 29069 | 29478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337154464, 12.700%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 35575 | 34864 | 35363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337154766, 12.710%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 31434 | 30807 | 31242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337161942, 17.340%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 39588 | 38796 | 39334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337171293, 25.970%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 23791 | 23316 | 23479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337176422, 19.990%, 7/31/2029 †§x | Upgrade | 8/04/2025 | 39462 | 38673 | 39037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337184015, 12.710%, 7/31/2030 †§x | Upgrade | 8/04/2025 | 34587 | 33896 | 34381 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**184** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337203517, 25.970%, 7/31/2030 †§x | Upgrade | 8/04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337205322, 13.670%, 7/31/2030 †x | Upgrade | 8/04/2025 | 43495 | 42625 | 43325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337852864, 28.840%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 21630 | 21197 | 21554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338242406, 14.620%, 8/05/2029 †§x | Upgrade | 8/08/2025 | 40000 | 39202 | 39787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338244639, 13.430%, 8/05/2029 †§x | Upgrade | 8/08/2025 | 40000 | 39203 | 39790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338245683, 12.450%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 30000 | 29401 | 29847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338247341, 12.450%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 25000 | 24501 | 24873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338249262, 14.620%, 8/05/2029 †§x | Upgrade | 8/08/2025 | 40000 | 39202 | 39787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338258678, 25.970%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 25000 | 24500 | 24719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338268554, 20.420%, 8/05/2030 †x | Upgrade | 8/08/2025 | 50000 | 49000 | 49558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338271075, 18.070%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 36000 | 35280 | 35799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338271092, 25.200%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 30000 | 29400 | 29700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338277714, 15.150%, 8/05/2029 †§x | Upgrade | 8/08/2025 | 25000 | 24501 | 24826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338279133, 29.750%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 25000 | 24500 | 24712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338279963, 15.140%, 8/05/2029 †§x | Upgrade | 8/08/2025 | 35000 | 34302 | 34812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338281084, 15.610%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 35000 | 34300 | 34701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338302305, 17.340%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 38000 | 37240 | 37790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338313881, 12.450%, 8/05/2030 †x | Upgrade | 8/08/2025 | 41000 | 40181 | 40791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338338157, 15.380%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 40000 | 39200 | 39790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338345344, 14.410%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 40000 | 39200 | 39786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338349786, 20.420%, 8/05/2030 †§x | Upgrade | 8/08/2025 | 25000 | 24500 | 24779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338418856, 17.580%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 35000 | 34300 | 34828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338419772, 17.580%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 40000 | 39200 | 39804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338428663, 15.150%, 8/15/2029 †§x | Upgrade | 8/11/2025 | 30000 | 29401 | 29816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338429158, 15.610%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 40000 | 39200 | 39700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338438413, 13.190%, 8/06/2029 †x | Upgrade | 8/11/2025 | 50000 | 49003 | 49790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338444185, 15.140%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 34000 | 33320 | 33838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338447104, 12.450%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 27000 | 26460 | 26879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338450637, 25.970%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338452097, 15.150%, 8/06/2029 †§x | Upgrade | 8/11/2025 | 40000 | 39201 | 39755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338452772, 19.460%, 8/21/2030 †§x | Upgrade | 8/11/2025 | 29500 | 28910 | 29266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338456398, 10.250%, 8/06/2030 †x | Upgrade | 8/11/2025 | 43000 | 42142 | 42877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338476163, 13.160%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338476220, 25.970%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 20500 | 20090 | 20299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338477053, 29.750%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338483586, 25.050%, 7/29/2029 †§x | Upgrade | 8/11/2025 | 24565 | 24074 | 24348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338552162, 20.420%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 25715 | 25201 | 25515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338573007, 20.420%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 40000 | 39200 | 39688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338573381, 15.140%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 27100 | 26558 | 26971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338580892, 15.630%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 24000 | 23520 | 23885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338589473, 20.420%, 8/06/2030 †§x | Upgrade | 8/11/2025 | 24000 | 23520 | 23813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338723502, 15.140%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 40000 | 39200 | 39810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338726032, 15.150%, 8/07/2029 †§x | Upgrade | 8/11/2025 | 40000 | 39201 | 39755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338726792, 15.610%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 24000 | 23520 | 23821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338728147, 12.450%, 8/11/2030 †§x | Upgrade | 8/11/2025 | 24000 | 23520 | 23893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338737119, 15.610%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 26000 | 25480 | 25806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338746400, 13.160%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338747233, 18.090%, 7/23/2029 †§x | Upgrade | 8/11/2025 | 32045 | 31405 | 31816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338748599, 18.090%, 8/07/2029 †§x | Upgrade | 8/11/2025 | 40000 | 39200 | 39681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338764731, 15.610%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 32000 | 31360 | 31761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338778024, 15.150%, 8/13/2029 †§x | Upgrade | 8/11/2025 | 25000 | 24501 | 24848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338837956, 17.340%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 20300 | 19894 | 20201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338838069, 20.420%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338839997, 17.060%, 8/10/2029 †§x | Upgrade | 8/11/2025 | 22500 | 22051 | 22391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338843640, 25.970%, 8/07/2030 †§x | Upgrade | 8/11/2025 | 22000 | 21560 | 21784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338855493, 18.070%, 8/22/2030 †§x | Upgrade | 8/11/2025 | 24500 | 24010 | 24379 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**185** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338862903, 17.340%, 8/16/2030 †§x | Upgrade | 8/11/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338865572, 15.150%, 8/07/2029 †§x | Upgrade | 8/11/2025 | 28000 | 27441 | 27829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338962947, 14.830%, 8/20/2028 †§x | Upgrade | 8/25/2025 | 23800 | 23325 | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338980451, 16.360%, 8/08/2030 †x | Upgrade | 8/11/2025 | 50000 | 49000 | 49766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338989625, 19.990%, 8/08/2029 †§x | Upgrade | 8/11/2025 | 30500 | 29890 | 30305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338990865, 20.420%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 37500 | 36750 | 37209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338991536, 20.420%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 40000 | 39200 | 39677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339000535, 15.150%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 40000 | 39200 | 39815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339002889, 12.210%, 8/08/2030 †x | Upgrade | 8/11/2025 | 50000 | 49001 | 49816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339008020, 29.750%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339009056, 11.870%, 8/08/2029 †§x | Upgrade | 8/11/2025 | 30000 | 29403 | 29934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339012917, 29.180%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339013857, 29.750%, 8/20/2030 †§x | Upgrade | 8/11/2025 | 20500 | 20090 | 20293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339015807, 16.360%, 8/10/2030 †§x | Upgrade | 8/11/2025 | 33000 | 32342 | 32846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339016135, 13.670%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 30000 | 29400 | 29864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339044021, 12.450%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 40000 | 39201 | 39822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339065464, 20.420%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 30000 | 29400 | 29768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339072438, 15.630%, 8/08/2029 †x | Upgrade | 8/11/2025 | 45000 | 44101 | 44806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339075122, 20.420%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339076104, 15.610%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 29400 | 28812 | 29181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339082505, 25.970%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 25000 | 24500 | 24754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339087228, 15.610%, 8/08/2030 †§x | Upgrade | 8/11/2025 | 27500 | 26950 | 27295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339096535, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339332059, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339557785, 28.440%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339572907, 29.750%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 22500 | 22050 | 22422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339829098, 25.970%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339832866, 19.990%, 8/20/2029 †§x | Upgrade | 8/25/2025 | 20345 | 19938 | 20288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339978887, 11.890%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 33880 | 33207 | 33803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339993889, 9.700%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 25000 | 24504 | 24978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340017842, 6.730%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 37000 | 36267 | 36973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340025422, 12.380%, 8/19/2028 †§x | Upgrade | 8/18/2025 | 21000 | 20583 | 20952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340025467, 6.730%, 8/03/2028 †§x | Upgrade | 8/18/2025 | 21000 | 20583 | 20985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340026580, 12.260%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 24000 | 23523 | 23956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340030196, 19.710%, 8/20/2028 †§x | Upgrade | 8/25/2025 | 35000 | 34301 | 34931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340044567, 14.360%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 20125 | 19725 | 20064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340048362, 15.080%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 26185 | 25664 | 26121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340049034, 12.140%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 25000 | 24503 | 24957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340052464, 12.380%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 40000 | 39205 | 39908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340060471, 6.580%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 30000 | 29406 | 29969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340061035, 11.890%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 30560 | 29953 | 30503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340062248, 7.070%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 45360 | 44461 | 45312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340072707, 6.580%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 37700 | 36953 | 37661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340075458, 14.590%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 30400 | 29795 | 30326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340084857, 9.940%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 30000 | 29404 | 29943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340089298, 7.570%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 24955 | 24460 | 24928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340091548, 6.480%, 8/14/2028 †§x | Upgrade | 8/18/2025 | 41000 | 40188 | 40971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340194865, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 23950 | 23471 | 23901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340284685, 19.990%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340312729, 29.750%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340370708, 28.280%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 20500 | 20090 | 20436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340386721, 20.710%, 8/20/2028 †§x | Upgrade | 8/25/2025 | 30570 | 29959 | 30503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340460262, 28.840%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 20750 | 20335 | 20707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340729587, 29.750%, 8/22/2030 †§x | Upgrade | 8/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22580 | 22128 | 22502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340772356, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340791520, 15.310%, 8/22/2029 †§x | Upgrade | 8/25/2025 | 24930 | 24432 | 24880 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**186** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340923613, 19.710%, 8/25/2028 †§x | Upgrade | 8/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340994633, 28.280%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 24560 | 24069 | 24512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341008103, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 21000 | 20580 | 20957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341115075, 28.280%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341122217, 25.970%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341169195, 19.990%, 8/08/2029 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341205506, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 36500 | 35770 | 36445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341280639, 20.710%, 8/20/2028 †§x | Upgrade | 8/25/2025 | 20410 | 20002 | 20365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341290924, 19.990%, 8/20/2029 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341313552, 20.900%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 21950 | 21511 | 21916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341333033, 20.420%, 8/20/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341357166, 20.420%, 8/20/2030 †x | Upgrade | 8/25/2025 | 40000 | 39200 | 39894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341358545, 28.280%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341369036, 19.990%, 8/22/2029 †§x | Upgrade | 8/25/2025 | 37500 | 36750 | 37414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341373419, 19.990%, 8/20/2029 †§x | Upgrade | 8/25/2025 | 30000 | 29400 | 29916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341389882, 19.990%, 8/20/2029 †§x | Upgrade | 8/25/2025 | 40000 | 39200 | 39907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341404622, 19.710%, 8/20/2028 †§x | Upgrade | 8/25/2025 | 30970 | 30351 | 30909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341411841, 20.710%, 8/20/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341426946, 29.750%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 22510 | 22060 | 22432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341453675, 20.480%, 8/20/2028 †§x | Upgrade | 8/25/2025 | 33000 | 32341 | 32930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341462955, 25.970%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341484502, 6.580%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 37000 | 36264 | 36977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341489257, 15.610%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 32650 | 31997 | 32573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341490131, 6.480%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 22500 | 22052 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341495637, 15.630%, 8/21/2030 †x | Upgrade | 8/25/2025 | 40000 | 39200 | 39931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341498213, 14.360%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 40000 | 39202 | 39935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341501542, 16.360%, 8/21/2030 †x | Upgrade | 8/25/2025 | 45000 | 44100 | 44921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341504667, 29.750%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 23275 | 22810 | 23195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341504748, 11.420%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 48000 | 47043 | 47954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341504850, 25.970%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 22875 | 22418 | 22801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341507686, 15.150%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341509862, 17.090%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 40000 | 39200 | 39927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341516528, 19.990%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 35765 | 35050 | 35682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341517082, 26.980%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 24215 | 23731 | 24139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341517722, 29.750%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 22000 | 21560 | 21924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341518252, 23.630%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 32500 | 31850 | 32398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341521890, 9.940%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 50000 | 49004 | 49947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341522968, 17.590%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 30000 | 29400 | 29944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341523254, 29.750%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341525565, 14.360%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 35000 | 34302 | 34954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341525648, 15.150%, 8/21/2029 †x | Upgrade | 8/25/2025 | 40000 | 39201 | 39919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341526925, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 27500 | 26950 | 27458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341531397, 14.410%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 20500 | 20090 | 20466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341531994, 23.630%, 8/22/2029 †§x | Upgrade | 8/25/2025 | 40000 | 39200 | 39877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341532611, 14.360%, 8/10/2028 †§x | Upgrade | 8/25/2025 | 22687 | 22236 | 22650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341534357, 25.970%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 21500 | 21070 | 21461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341539775, 15.630%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 40000 | 39200 | 39931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341550267, 12.150%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 25800 | 25286 | 25767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341550574, 19.990%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 27500 | 26950 | 27425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341559621, 12.450%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341571570, 12.450%, 8/21/2030 †x | Upgrade | 8/25/2025 | 40000 | 39200 | 39937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341571791, 12.700%, 8/21/2030 †x | Upgrade | 8/25/2025 | 40000 | 39200 | 39936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341573885, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 23100 | 22638 | 23053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341579676, 12.870%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 24000 | 23521 | 23971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341587021, 13.670%, 8/21/2030 †x | Upgrade | 8/25/2025 | 42000 | 41160 | 41946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341587875, 6.480%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 36500 | 35774 | 36482 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**187** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341589283, 11.650%, 8/21/2028 †§x | Upgrade | 8/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341598632, 15.380%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 23000 | 22540 | 22961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341599281, 28.760%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341599994, 10.520%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 25500 | 24992 | 25479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341603854, 29.750%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 22000 | 21560 | 21924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341652387, 13.190%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 29000 | 28420 | 28954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341663401, 6.580%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 50000 | 49005 | 49970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341689308, 11.890%, 8/21/2028 †§x | Upgrade | 8/25/2025 | 30000 | 29402 | 29967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341697871, 15.610%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 26650 | 26117 | 26587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341699843, 18.080%, 8/21/2029 †§x | Upgrade | 8/25/2025 | 35000 | 34300 | 34934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341708671, 15.610%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 27500 | 26950 | 27435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341740627, 29.750%, 8/21/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341751095, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 30000 | 29400 | 29954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341767089, 28.840%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 24000 | 23520 | 23950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341771420, 18.090%, 8/22/2029 †§x | Upgrade | 8/25/2025 | 36000 | 35280 | 35907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341779426, 28.280%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341789670, 20.770%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341801942, 19.460%, 8/25/2030 †x | Upgrade | 8/28/2025 | 45000 | 44100 | 44934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341813921, 28.280%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341830824, 21.420%, 8/22/2030 †x | Upgrade | 8/25/2025 | 50000 | 49000 | 49863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341831264, 9.940%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 30000 | 29402 | 29969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341835451, 12.150%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 30000 | 29402 | 29962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341836664, 17.340%, 8/22/2029 †§x | Upgrade | 8/25/2025 | 20500 | 20090 | 20462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341838151, 15.610%, 8/22/2030 †x | Upgrade | 8/25/2025 | 40000 | 39200 | 39907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341843819, 11.650%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 21000 | 20581 | 20974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341859266, 14.360%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24501 | 24968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341860377, 7.570%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24502 | 24983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341863317, 14.360%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 34500 | 33812 | 34455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341870970, 15.140%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 24000 | 23520 | 23959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341878342, 20.420%, 8/22/2030 †x | Upgrade | 8/25/2025 | 26000 | 25480 | 25932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341889532, 11.410%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 22500 | 22052 | 22475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341894901, 13.920%, 8/22/2030 †x | Upgrade | 8/25/2025 | 50000 | 49000 | 49941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341898097, 19.710%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 34500 | 33811 | 34433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341899770, 11.720%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 21000 | 20580 | 20968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341900426, 15.630%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 28200 | 27636 | 28152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341903983, 14.360%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 40000 | 39202 | 39935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341911303, 20.420%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 30000 | 29400 | 29921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341913911, 7.070%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 28000 | 27443 | 27982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341926252, 13.680%, 8/22/2029 †§x | Upgrade | 8/25/2025 | 35000 | 34301 | 34947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341938722, 18.070%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 35000 | 34300 | 34935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341940400, 13.850%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 36170 | 35449 | 36124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341945736, 13.850%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 37800 | 37046 | 37752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341948963, 19.710%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 30000 | 29400 | 29959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341949651, 13.680%, 8/22/2029 †§x | Upgrade | 8/25/2025 | 36000 | 35281 | 35945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341954297, 15.630%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341955662, 12.380%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24502 | 24968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341957259, 25.400%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 23000 | 22540 | 22961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341957350, 14.360%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 30000 | 29402 | 29952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341959379, 15.140%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341961174, 20.420%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 21000 | 20580 | 20945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341962776, 18.070%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 24000 | 23520 | 23955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341963436, 15.610%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 26900 | 26362 | 26837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341965123, 14.360%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 41000 | 40182 | 40934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341967517, 9.210%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 30000 | 29403 | 29981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341970509, 15.610%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 23000 | 22540 | 22946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341973057, 12.450%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24962 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**188** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341974298, 11.410%, 8/22/2028 †§x | Upgrade | 8/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341974766, 15.140%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 24500 | 24010 | 24458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341982652, 29.750%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342025829, 15.610%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 20500 | 20090 | 20452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342041465, 20.420%, 8/25/2030 †x | Upgrade | 8/28/2025 | 40000 | 39200 | 39939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342047251, 13.670%, 8/28/2030 †§x | Upgrade | 8/25/2025 | 36000 | 35280 | 35943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342052547, 9.940%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 40000 | 39203 | 39963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342055419, 14.410%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 24000 | 23520 | 23960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342057096, 8.290%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 31000 | 30381 | 30973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342058323, 14.900%, 8/22/2030 †x | Upgrade | 8/25/2025 | 50000 | 49000 | 49924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342064530, 15.610%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 32595 | 31943 | 32519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342067079, 14.590%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 40000 | 39202 | 39944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342080195, 15.610%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 25000 | 24500 | 24942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342086646, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342087184, 12.450%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 22000 | 21560 | 21966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342088984, 16.850%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 20110 | 19708 | 20074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342098629, 15.630%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 27000 | 26460 | 26954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342098633, 14.410%, 8/22/2030 †§x | Upgrade | 8/25/2025 | 20500 | 20090 | 20466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342098772, 20.470%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342099366, 14.590%, 8/22/2028 †§x | Upgrade | 8/25/2025 | 25000 | 24501 | 24965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342138748, 19.990%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 34000 | 33320 | 33952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342150199, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342155066, 19.990%, 8/25/2029 †x | Upgrade | 8/28/2025 | 40500 | 39690 | 40437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342169006, 20.990%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 35000 | 34300 | 34943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342171081, 20.420%, 8/25/2030 †x | Upgrade | 8/28/2025 | 40000 | 39200 | 39939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342179047, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342183701, 18.540%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 22000 | 21560 | 21969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342188029, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342193046, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 20500 | 20090 | 20469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342193220, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 35000 | 34300 | 34947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342212122, 20.710%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 24302 | 23818 | 24287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342213569, 18.090%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 33750 | 33075 | 33701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342218500, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342241933, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25490 | 24980 | 25451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342286414, 25.970%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 24500 | 24010 | 24455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342374778, 21.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 35000 | 34300 | 34944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342411505, 28.840%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342515321, 17.160%, 8/25/2029 †x | Upgrade | 8/28/2025 | 45000 | 44100 | 44938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342585189, 21.480%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342590261, 21.990%, 8/25/2029 †x | Upgrade | 8/28/2025 | 40000 | 39200 | 39933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342610521, 21.420%, 8/25/2030 †x | Upgrade | 8/28/2025 | 50000 | 49000 | 49921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342613069, 25.970%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 21000 | 20580 | 20962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342633294, 20.420%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 31000 | 30380 | 30953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342657182, 17.620%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342658137, 12.870%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 50000 | 49002 | 49958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342658227, 25.450%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 35000 | 34300 | 34936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342717147, 25.050%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342720227, 9.210%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 25000 | 24501 | 24986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342725537, 28.840%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342730902, 11.420%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 50000 | 49002 | 49964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342736013, 13.670%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 24750 | 24255 | 24726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342738545, 14.360%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 20500 | 20091 | 20479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342746556, 14.410%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 24500 | 24010 | 24475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342747686, 25.400%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 25000 | 24500 | 24958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342759756, 16.850%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 32915 | 32257 | 32877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342767343, 15.150%, 8/25/2029 †§x | Upgrade | 8/28/2025 | 21000 | 20580 | 20976 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**189** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342778019, 18.540%, 8/25/2030 †x | Upgrade | 8/28/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342783280, 29.750%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 24500 | 24010 | 24450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342788478, 18.800%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 32000 | 31360 | 31960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342789069, 13.190%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 30500 | 29890 | 30471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342816469, 19.710%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 37891 | 37134 | 37841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342854172, 25.970%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342873341, 12.380%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 35955 | 35237 | 35925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342923961, 14.410%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 23000 | 22540 | 22977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342928827, 12.150%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 40000 | 39202 | 39967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342931679, 13.670%, 8/25/2030 †§x | Upgrade | 8/28/2025 | 23000 | 22540 | 22978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342934321, 14.360%, 8/31/2028 †§x | Upgrade | 8/28/2025 | 36000 | 35282 | 35964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342935301, 14.360%, 8/25/2028 †§x | Upgrade | 8/28/2025 | 33000 | 32341 | 32967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342968157, 13.190%, 8/25/2029 †x | Upgrade | 8/28/2025 | 40000 | 39201 | 39963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342982590, 19.990%, 8/26/2029 †x | Upgrade | 8/29/2025 | 40000 | 39200 | 39200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343047234, 25.970%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 22500 | 22050 | 22050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343054406, 14.830%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 25000 | 24501 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343054772, 29.750%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343055746, 14.160%, 9/01/2030 †§x | Upgrade | 8/29/2025 | 33000 | 32341 | 32340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343066323, 16.360%, 8/26/2030 †x | Upgrade | 8/29/2025 | 45000 | 44100 | 44100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343067927, 17.340%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 24300 | 23814 | 23814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343069310, 15.610%, 8/20/2030 †§x | Upgrade | 8/29/2025 | 31800 | 31164 | 31164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343072252, 9.940%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 37000 | 36262 | 36260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343072874, 13.670%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 22690 | 22236 | 22236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343074126, 16.360%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 27500 | 26950 | 26950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343074370, 9.940%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 26000 | 25481 | 25480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343076270, 17.340%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343076582, 6.730%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 42000 | 41162 | 41160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343077115, 15.610%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 32000 | 31360 | 31360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343077924, 6.480%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 39000 | 38222 | 38220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343089339, 8.950%, 8/26/2029 †§x | Upgrade | 8/29/2025 | 30000 | 29401 | 29400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343108789, 13.670%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343123886, 18.540%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 23000 | 22540 | 22540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343124585, 13.680%, 8/26/2029 †§x | Upgrade | 8/29/2025 | 31700 | 31066 | 31066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343132542, 25.970%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343151117, 15.630%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343152633, 14.360%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 40000 | 39201 | 39200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343153381, 6.570%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 21000 | 20581 | 20580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343159461, 12.450%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 29000 | 28420 | 28420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343165930, 6.580%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 32000 | 31362 | 31360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343177134, 14.410%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 32500 | 31850 | 31850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343182646, 7.990%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 22500 | 22051 | 22050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343184448, 15.140%, 8/26/2029 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343187722, 13.090%, 8/26/2030 †§x# | Upgrade | 8/29/2025 | 35715 | 35001 | 35001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343190945, 14.360%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 30500 | 29891 | 29890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343192907, 29.750%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343196440, 12.870%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 21375 | 20948 | 20948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343199612, 6.480%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 21000 | 20581 | 20580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343203509, 13.190%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 24000 | 23520 | 23520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343203656, 13.430%, 8/26/2029 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343209141, 15.610%, 8/26/2030 †§x | Upgrade | 8/29/2025 | 25000 | 24500 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343251711, 20.420%, 8/26/2030 †x | Upgrade | 8/29/2025 | 50000 | 49000 | 49000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343300015, 10.150%, 8/26/2029 †§x | Upgrade | 8/29/2025 | 34190 | 33507 | 33506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343310845, 14.590%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 35500 | 34791 | 34790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343330579, 14.410%, 8/26/2030 †x | Upgrade | 8/29/2025 | 40000 | 39200 | 39200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343335224, 6.480%, 8/26/2028 †§x | Upgrade | 8/29/2025 | 30500 | 29892 | 29890 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-10029589, 15.990%, 1/31/2027 †x# | Achieve | 8/11/2021 | 21254 | 21345 | 20935 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**190** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-11341034, 11.990%, 7/15/2027 †x# | Achieve | 1/27/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22979 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-11994517, 24.990%, 2/28/2027 †§x# | Achieve | 1/27/2022 | 22777 | 22982 | 23433 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-13048717, 17.740%, 4/15/2027 †§x# | Achieve | 3/17/2022 | 20890 | 21066 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14112448, 14.340%, 6/17/2027 †§x# | Achieve | 5/13/2022 | 21917 | 22113 | 21364 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14324983, 20.740%, 7/20/2028 †x# | Achieve | 5/19/2022 | 25833 | 25935 | 25598 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14488344, 18.740%, 9/15/2027 †x | Achieve | 6/06/2022 | 22388 | 22324 | 22061 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14505838, 17.740%, 6/20/2027 †x | Achieve | 5/26/2022 | 22586 | 22781 | 21879 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14521814, 12.490%, 5/22/2027 †§x | Achieve | 6/03/2022 | 20924 | 21102 | 20080 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14521866, 18.740%, 7/11/2027 †§x# | Achieve | 6/03/2022 | 23711 | 23889 | 23185 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14522683, 12.490%, 7/01/2027 †§x# | Achieve | 6/03/2022 | 22058 | 22253 | 21149 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14597807, 24.740%, 8/07/2027 †x# | Achieve | 5/31/2022 | 23575 | 23824 | 24817 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14650457, 20.740%, 4/30/2028 †x | Achieve | 6/03/2022 | 27551 | 27834 | 26868 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14676156, 12.490%, 7/03/2027 †§x# | Achieve | 6/03/2022 | 22108 | 22304 | 21202 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-14687931, 25.740%, 10/28/2028 †x# | Achieve | 8/09/2023 | 38199 | 38199 | 38674 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-15601727, 12.990%, 11/30/2027 †x# | Achieve | 7/14/2022 | 25741 | 26002 | 24595 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-15820765, 22.490%, 8/24/2027 †§x | Achieve | 7/15/2022 | 26080 | 26354 | 26533 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-16114986, 24.490%, 7/15/2027 †§x# | Achieve | 7/22/2022 | 21016 | 21229 | 21588 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-16153778, 21.240%, 6/01/2028 †x# | Achieve | 7/22/2022 | 28997 | 29257 | 28446 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-17857173, 23.490%, 10/15/2027 †§x# | Achieve | 9/09/2022 | 22862 | 23121 | 23324 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-18287362, 15.990%, 9/15/2027 †§x# | Achieve | 9/19/2022 | 23168 | 23401 | 22749 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-18513768, 26.740%, 3/31/2028 †x | Achieve | 9/07/2022 | 19317 | 19703 | 20110 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-18584587, 20.740%, 10/17/2027 †§x# | Achieve | 9/09/2022 | 23732 | 23643 | 23418 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-18654811, 20.240%, 10/18/2027 †§x# | Achieve | 9/09/2022 | 26186 | 26471 | 25843 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-19001576, 23.740%, 11/29/2027 †x | Achieve | 9/19/2022 | 28959 | 29306 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-19109043, 23.740%, 9/14/2027 †x# | Achieve | 9/19/2022 | 28013 | 28320 | 28741 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-19127243, 21.240%, 1/15/2028 †x# | Achieve | 9/19/2022 | 26592 | 26843 | 26378 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-20350365, 23.490%, 12/01/2027 †§x# | Achieve | 10/25/2022 | 21247 | 21247 | 21725 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-20903969, 26.490%, 1/03/2028 †§x | Achieve | 10/25/2022 | 24604 | 24604 | 25630 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21083114, 16.240%, 12/28/2027 †x# | Achieve | 10/26/2022 | 24441 | 24441 | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21128394, 26.740%, 10/20/2027 †§x | Achieve | 10/26/2022 | 22137 | 22137 | 23010 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21194655, 26.240%, 3/16/2028 †x | Achieve | 10/26/2022 | 29749 | 29749 | 31179 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21219042, 26.990%, 1/05/2028 †§x# | Achieve | 10/26/2022 | 19057 | 19057 | 20086 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21301812, 15.240%, 5/21/2027 †x# | Achieve | 4/13/2023 | 21987 | 21987 | 21590 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21334353, 16.240%, 5/16/2027 †x# | Achieve | 10/28/2022 | 20671 | 20671 | 20159 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21492582, 23.740%, 1/01/2028 †x# | Achieve | 11/28/2022 | 31096 | 31096 | 31370 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-21656436, 23.990%, 6/10/2028 †x# | Achieve | 11/28/2022 | 39573 | 39573 | 39895 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22177131, 22.240%, 11/20/2027 †§x | Achieve | 11/28/2022 | 25662 | 25662 | 25638 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22720665, 20.240%, 11/20/2027 †§x | Achieve | 11/28/2022 | 25729 | 25729 | 25179 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22839944, 26.740%, 12/20/2027 †x | Achieve | 11/28/2022 | 21276 | 21276 | 22126 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22872154, 26.990%, 2/03/2028 †x# | Achieve | 11/28/2022 | 28091 | 28091 | 29760 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22876764, 15.740%, 1/01/2028 †§x# | Achieve | 11/28/2022 | 25635 | 25635 | 25099 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22902204, 18.740%, 1/29/2028 †x | Achieve | 12/22/2022 | 29536 | 29536 | 29729 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22960847, 26.990%, 2/02/2028 †x# | Achieve | 11/28/2022 | 32224 | 32224 | 34112 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-22990924, 20.990%, 12/22/2027 †§x | Achieve | 11/28/2022 | 21678 | 21678 | 22269 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-23018888, 26.990%, 2/04/2028 †x# | Achieve | 11/28/2022 | 25322 | 25322 | 26629 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-23027441, 22.740%, 1/05/2028 †§x# | Achieve | 11/28/2022 | 24175 | 24175 | 25224 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-23127501, 19.740%, 8/13/2028 †§x# | Achieve | 7/05/2023 | 21279 | 21279 | 21393 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-23301085, 20.240%, 1/28/2028 †x | Achieve | 12/22/2022 | 28758 | 28758 | 27993 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-23417784, 25.990%, 12/15/2027 †x# | Achieve | 12/22/2022 | 31724 | 31724 | 32656 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24009343, 26.990%, 6/30/2028 †x | Achieve | 12/27/2022 | 19849 | 19849 | 20513 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24013933, 26.990%, 3/02/2028 †x# | Achieve | 12/27/2022 | 33140 | 33140 | 34864 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24394498, 23.490%, 12/30/2027 †x | Achieve | 12/22/2022 | 30640 | 30640 | 30991 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24395102, 22.990%, 3/03/2027 †x# | Achieve | 12/27/2022 | 20658 | 20658 | 20990 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24413477, 14.990%, 1/30/2028 †x | Achieve | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28295 | 28295 | 27498 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24531849, 17.240%, 12/20/2027 †x | Achieve | 12/27/2022 | 28195 | 28195 | 27962 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24552730, 26.990%, 12/15/2027 †§x# | Achieve | 12/27/2022 | 22315 | 22315 | 23379 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**191** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-24557867, 18.240%, 12/21/2027 †x# | Achieve | 12/27/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29923 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-24984177, 26.990%, 3/17/2028 †§x# | Achieve | 1/09/2023 | 26126 | 26126 | 27455 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-25093252, 25.990%, 12/31/2027 †x# | Achieve | 8/09/2023 | 28159 | 28159 | 28961 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-25100307, 26.490%, 3/15/2028 †x | Achieve | 1/09/2023 | 32761 | 32761 | 34621 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-25195561, 26.990%, 5/15/2028 †x# | Achieve | 1/12/2023 | 36978 | 36978 | 38393 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-27167801, 18.740%, 3/28/2028 †x | Achieve | 2/22/2023 | 27001 | 27001 | 26873 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-27422110, 15.490%, 3/18/2027 †§x# | Achieve | 2/22/2023 | 24239 | 24239 | 23886 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-27504447, 22.990%, 4/01/2028 †x# | Achieve | 2/22/2023 | 30249 | 30249 | 29848 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-27522172, 22.990%, 7/01/2028 †x# | Achieve | 2/22/2023 | 33509 | 33509 | 34689 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-28388494, 22.990%, 4/17/2028 †x# | Achieve | 3/09/2023 | 29235 | 29235 | 28926 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-28427412, 18.490%, 2/22/2028 †x | Achieve | 3/09/2023 | 24448 | 24448 | 24225 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-28435832, 20.240%, 7/28/2028 †x# | Achieve | 5/01/2023 | 34624 | 34624 | 20539 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29678853, 18.490%, 5/15/2028 †x# | Achieve | 4/13/2023 | 32567 | 32567 | 32294 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29679397, 18.490%, 5/23/2028 †x | Achieve | 4/13/2023 | 29445 | 29445 | 29358 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29886332, 15.240%, 5/15/2028 †§x# | Achieve | 4/05/2023 | 22992 | 22992 | 22129 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29901190, 17.740%, 5/13/2028 †§x | Achieve | 4/05/2023 | 26039 | 26039 | 25668 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29907081, 21.240%, 5/01/2028 †x# | Achieve | 4/05/2023 | 29616 | 29616 | 30292 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29907743, 26.990%, 6/14/2028 †x# | Achieve | 4/05/2023 | 31519 | 31519 | 33211 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29911423, 26.990%, 6/14/2028 †§x# | Achieve | 4/05/2023 | 19922 | 19922 | 20839 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29937054, 26.990%, 7/15/2028 †§x# | Achieve | 5/01/2023 | 26860 | 26860 | 28086 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29948257, 21.990%, 6/15/2028 †x# | Achieve | 4/05/2023 | 33998 | 33998 | 33410 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29952768, 26.240%, 6/14/2028 †§x# | Achieve | 4/05/2023 | 19788 | 19788 | 20383 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-29993685, 20.740%, 4/20/2028 †x# | Achieve | 5/01/2023 | 20264 | 20264 | 20516 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30308409, 18.240%, 5/26/2028 †x | Achieve | 5/01/2023 | 32192 | 32192 | 31913 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30319376, 26.990%, 6/02/2028 †§x# | Achieve | 5/01/2023 | 19553 | 19553 | 20049 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30556320, 22.990%, 5/26/2028 †§x | Achieve | 5/01/2023 | 26846 | 26846 | 27921 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30643866, 16.740%, 6/08/2027 †x# | Achieve | 5/01/2023 | 24529 | 24529 | 24437 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30647022, 24.240%, 9/30/2028 †x# | Achieve | 5/01/2023 | 41449 | 41449 | 40773 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30672446, 26.990%, 7/25/2028 †x# | Achieve | 5/01/2023 | 38970 | 38970 | 40020 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30710391, 25.740%, 4/21/2028 †§x | Achieve | 5/01/2023 | 22274 | 22274 | 22617 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-30755954, 18.490%, 4/21/2028 †x | Achieve | 5/01/2023 | 32072 | 32072 | 31811 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-31888112, 20.490%, 7/16/2028 †x# | Achieve | 6/13/2023 | 34692 | 34692 | 35136 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-31916669, 24.490%, 8/16/2028 †x | Achieve | 6/13/2023 | 22518 | 22518 | 22458 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32002062, 24.490%, 8/31/2028 †§x | Achieve | 6/13/2023 | 25688 | 25688 | 25937 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32026903, 15.740%, 9/22/2028 †x | Achieve | 6/13/2023 | 21614 | 21614 | 20796 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32032493, 20.240%, 9/24/2028 †x | Achieve | 6/14/2023 | 32430 | 32430 | 32985 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32172186, 26.490%, 8/23/2028 †§x | Achieve | 6/14/2023 | 28278 | 28278 | 29085 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32236604, 14.490%, 8/18/2028 †§x# | Achieve | 7/05/2023 | 25242 | 25242 | 23988 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32342965, 20.490%, 8/12/2028 †§x# | Achieve | 7/05/2023 | 22459 | 22459 | 22760 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32464784, 26.490%, 9/12/2028 †§x# | Achieve | 7/05/2023 | 23981 | 23981 | 25027 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32473998, 24.490%, 8/22/2028 †x | Achieve | 7/05/2023 | 37481 | 37481 | 37522 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32721287, 25.740%, 5/15/2028 †§x# | Achieve | 7/05/2023 | 22343 | 22343 | 22486 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32733466, 19.490%, 9/12/2028 †x# | Achieve | 7/05/2023 | 33276 | 33276 | 31591 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-32747345, 23.990%, 9/12/2028 †x# | Achieve | 7/05/2023 | 36730 | 36730 | 36821 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33091282, 25.990%, 9/13/2027 †§x# | Achieve | 8/09/2023 | 22478 | 22478 | 23858 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33102088, 26.490%, 7/28/2028 †x# | Achieve | 8/10/2023 | 28031 | 28031 | 28243 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33242383, 26.490%, 9/26/2028 †§x | Achieve | 7/24/2023 | 22008 | 22008 | 22576 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33254522, 25.240%, 9/26/2028 †x | Achieve | 7/24/2023 | 38335 | 38335 | 38665 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33308303, 26.490%, 9/28/2028 †x | Achieve | 7/24/2023 | 37115 | 37115 | 37980 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33616049, 26.490%, 12/15/2028 †x# | Achieve | 8/09/2023 | 34917 | 34917 | 35408 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33644494, 24.490%, 9/16/2029 †x# | Achieve | 8/10/2023 | 44014 | 44014 | 42984 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33684118, 19.240%, 9/24/2028 †x | Achieve | 8/09/2023 | 30387 | 30387 | 30334 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33698580, 26.490%, 10/15/2028 †x# | Achieve | 8/09/2023 | 28296 | 28296 | 28968 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33705648, 16.990%, 9/02/2028 †§x# | Achieve | 8/09/2023 | 21896 | 21896 | 21298 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33708403, 22.990%, 9/10/2027 †§x# | Achieve | 8/09/2023 | 26798 | 26798 | 27205 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33713514, 26.490%, 7/26/2028 †§x | Achieve | 8/10/2023 | 20205 | 20205 | 20618 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**192** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-33714270, 26.490%, 10/15/2028 †x# | Achieve | 8/09/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31593 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33714705, 26.490%, 10/16/2028 †§x# | Achieve | 8/09/2023 | 21834 | 21834 | 22681 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33723063, 18.740%, 9/15/2028 †§x# | Achieve | 8/10/2023 | 24950 | 24950 | 24864 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-33730926, 26.490%, 10/16/2028 †§x# | Achieve | 8/10/2023 | 24236 | 24236 | 25203 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-34222835, 23.240%, 9/05/2027 †§x# | Achieve | 9/11/2023 | 31625 | 31625 | 31617 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-34271959, 18.740%, 10/17/2027 †§x# | Achieve | 9/11/2023 | 31095 | 31095 | 30081 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-38072179, 18.740%, 1/10/2029 †§x# | Achieve | 12/03/2024 | 23346 | 23346 | 23656 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-38156800, 16.240%, 1/11/2029 †x# | Achieve | 12/03/2024 | 44071 | 44071 | 43240 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-38416189, 21.490%, 11/15/2029 †x# | Achieve | 12/03/2024 | 42310 | 42310 | 43109 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-38475852, 17.490%, 11/15/2028 †x# | Achieve | 10/10/2024 | 37037 | 37037 | 36906 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-38738405, 21.490%, 11/18/2029 †x# | Achieve | 10/11/2024 | 45231 | 45231 | 46812 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-38802259, 16.240%, 11/17/2028 †x# | Achieve | 10/10/2024 | 42311 | 42311 | 41534 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39151497, 25.990%, 5/30/2030 †§x | Achieve | 3/04/2025 | 22268 | 22268 | 22452 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39151780, 17.990%, 11/16/2029 †§x# | Achieve | 10/10/2024 | 26633 | 26633 | 26148 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39151959, 23.490%, 11/16/2029 †§x# | Achieve | 10/11/2024 | 31851 | 31851 | 30758 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39152335, 24.740%, 10/01/2029 †§x# | Achieve | 10/10/2024 | 20898 | 20898 | 20320 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39223646, 17.740%, 2/22/2030 †§x | Achieve | 1/02/2025 | 21362 | 21362 | 20903 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39227487, 13.740%, 12/28/2026 †x | Achieve | 10/10/2024 | 28882 | 28882 | 29283 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39227793, 16.240%, 11/21/2028 †§x | Achieve | 10/11/2024 | 24120 | 24120 | 23779 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39228073, 14.240%, 2/20/2027 †§x# | Achieve | 3/11/2025 | 26896 | 26896 | 27215 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39228381, 24.990%, 12/21/2029 †§x | Achieve | 10/11/2024 | 24138 | 24138 | 23835 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39281266, 13.740%, 11/15/2027 †§x# | Achieve | 10/10/2024 | 28636 | 28636 | 27822 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39282428, 21.740%, 11/19/2029 †§x# | Achieve | 10/10/2024 | 22212 | 22212 | 23088 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39284521, 23.490%, 11/18/2029 †§x# | Achieve | 10/10/2024 | 29413 | 29413 | 31133 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39290685, 14.740%, 11/16/2027 †§x# | Achieve | 10/10/2024 | 25976 | 25976 | 25455 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39291242, 18.490%, 11/18/2027 †x# | Achieve | 10/10/2024 | 33689 | 33689 | 34022 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39291340, 19.240%, 4/18/2030 †§x# | Achieve | 3/10/2025 | 25881 | 25881 | 25957 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39291517, 18.240%, 11/18/2028 †§x# | Achieve | 10/10/2024 | 32522 | 32522 | 32745 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39291697, 17.490%, 10/31/2028 †§x | Achieve | 10/10/2024 | 24324 | 24324 | 24203 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39291714, 17.490%, 11/18/2027 †§x# | Achieve | 10/10/2024 | 24492 | 24492 | 24621 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39310181, 24.490%, 11/17/2029 †§x# | Achieve | 10/11/2024 | 22443 | 22443 | 24044 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39313661, 21.990%, 11/28/2029 †§x | Achieve | 10/10/2024 | 23921 | 23921 | 24848 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39322369, 21.990%, 11/18/2029 †x# | Achieve | 10/10/2024 | 37661 | 37661 | 39002 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39329265, 21.490%, 10/01/2029 †x | Achieve | 10/10/2024 | 44051 | 44051 | 44850 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39333334, 16.490%, 11/18/2028 †§x# | Achieve | 10/10/2024 | 26807 | 26807 | 26407 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39333361, 19.240%, 11/20/2028 †x | Achieve | 10/11/2024 | 42837 | 42837 | 43697 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39340519, 20.990%, 11/22/2027 †x | Achieve | 10/11/2024 | 32784 | 32784 | 32257 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39343371, 13.740%, 11/17/2027 †x# | Achieve | 10/10/2024 | 38304 | 38304 | 37209 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39343426, 19.240%, 11/17/2029 †§x# | Achieve | 10/10/2024 | 26689 | 26689 | 26710 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39344409, 16.240%, 11/19/2027 †x# | Achieve | 10/11/2024 | 38715 | 38715 | 38485 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39344879, 16.990%, 11/17/2028 †§x# | Achieve | 10/11/2024 | 30531 | 30531 | 30244 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39349979, 25.490%, 12/18/2029 †§x# | Achieve | 10/10/2024 | 32084 | 32084 | 31848 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39351308, 22.240%, 11/18/2029 †x# | Achieve | 10/10/2024 | 43560 | 43560 | 45276 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39354526, 21.990%, 10/05/2029 †§x# | Achieve | 10/10/2024 | 22080 | 22080 | 20790 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39358355, 18.740%, 2/18/2030 †x# | Achieve | 10/10/2024 | 21616 | 21616 | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39358608, 21.490%, 11/18/2028 †§x# | Achieve | 10/10/2024 | 21575 | 21575 | 20763 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39358950, 16.490%, 11/18/2028 †§x# | Achieve | 10/10/2024 | 25256 | 25256 | 24673 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39360040, 21.490%, 11/30/2029 †x | Achieve | 10/10/2024 | 41944 | 41944 | 42975 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39360447, 14.990%, 11/29/2027 †x | Achieve | 10/10/2024 | 38754 | 38754 | 37917 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39361137, 19.490%, 11/18/2028 †x# | Achieve | 10/10/2024 | 41446 | 41446 | 41991 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39361189, 18.990%, 10/01/2028 †§x# | Achieve | 10/10/2024 | 29561 | 29561 | 29548 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39361341, 25.990%, 12/18/2029 †§x# | Achieve | 10/10/2024 | 27441 | 27441 | 27496 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39361540, 22.990%, 9/06/2030 †x# | Achieve | 7/29/2025 | 24605 | 24605 | 24479 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39361753, 17.240%, 11/18/2028 †x# | Achieve | 10/10/2024 | 35193 | 35193 | 34995 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39361755, 22.490%, 4/19/2030 †x# | Achieve | 3/12/2025 | 41160 | 41160 | 43259 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39361966, 13.740%, 1/10/2029 †§x# | Achieve | 12/03/2024 | 23599 | 23599 | 22398 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**193** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-39362013, 19.990%, 10/05/2029 †§x# | Achieve | 10/11/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25809 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39362160, 21.490%, 11/24/2029 †§x | Achieve | 10/11/2024 | 30167 | 30167 | 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39362440, 23.240%, 11/18/2029 †x# | Achieve | 10/10/2024 | 36688 | 36688 | 38692 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39362644, 18.740%, 10/01/2028 †§x# | Achieve | 10/11/2024 | 20339 | 20339 | 20266 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39363998, 18.740%, 11/18/2028 †§x | Achieve | 10/10/2024 | 24921 | 24921 | 25253 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39364036, 22.240%, 11/21/2029 †§x | Achieve | 10/11/2024 | 36357 | 36357 | 34599 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39365421, 19.240%, 10/05/2028 †x# | Achieve | 10/10/2024 | 42411 | 42411 | 42596 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39365716, 22.990%, 11/30/2028 †x# | Achieve | 10/11/2024 | 38339 | 38339 | 40399 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39365886, 19.240%, 11/17/2029 †§x# | Achieve | 10/11/2024 | 25289 | 25289 | 25300 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39370014, 18.740%, 11/19/2029 †§x# | Achieve | 10/11/2024 | 29849 | 29849 | 29473 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39370719, 19.240%, 11/20/2028 †x | Achieve | 10/11/2024 | 41930 | 41930 | 42771 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39372018, 24.240%, 11/19/2028 †x# | Achieve | 10/11/2024 | 41129 | 41129 | 40911 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39372291, 20.990%, 11/19/2029 †§x# | Achieve | 10/11/2024 | 25200 | 25200 | 25902 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39373759, 20.990%, 11/21/2029 †§x | Achieve | 10/11/2024 | 34498 | 34498 | 35541 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39374090, 23.740%, 11/20/2029 †§x# | Achieve | 10/11/2024 | 23633 | 23633 | 22906 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39377829, 20.740%, 11/20/2029 †§x | Achieve | 10/11/2024 | 21962 | 21962 | 22348 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39379176, 23.240%, 1/31/2030 †x# | Achieve | 10/11/2024 | 45715 | 45715 | 48249 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39388540, 21.490%, 11/10/2029 †§x# | Achieve | 10/11/2024 | 35874 | 35874 | 36712 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39389344, 18.240%, 11/21/2027 †x# | Achieve | 10/11/2024 | 38926 | 38926 | 39263 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39505803, 18.490%, 6/15/2030 †§x# | Achieve | 5/07/2025 | 34564 | 34564 | 34413 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39528906, 18.240%, 1/16/2029 †§x# | Achieve | 12/03/2024 | 22661 | 22661 | 22832 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39580520, 21.990%, 4/30/2030 †§x | Achieve | 3/05/2025 | 30777 | 30777 | 32202 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39665618, 24.240%, 2/16/2029 †§x# | Achieve | 12/03/2024 | 21264 | 21264 | 21105 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39709981, 20.490%, 1/10/2030 †§x# | Achieve | 12/03/2024 | 35154 | 35154 | 35581 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39731142, 16.240%, 1/10/2029 †§x# | Achieve | 12/03/2024 | 24765 | 24765 | 24320 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39781191, 18.490%, 4/13/2029 †x# | Achieve | 3/06/2025 | 46625 | 46625 | 46907 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39781479, 20.990%, 1/06/2030 †x# | Achieve | 12/03/2024 | 24840 | 24840 | 25471 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39781762, 14.740%, 1/11/2029 †x# | Achieve | 12/04/2024 | 25124 | 25124 | 23965 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39788216, 25.240%, 1/22/2029 †x | Achieve | 12/03/2024 | 38337 | 38337 | 38732 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39808955, 19.990%, 1/10/2030 †x# | Achieve | 12/04/2024 | 46158 | 46158 | 46352 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39826691, 18.490%, 1/10/2030 †§x# | Achieve | 12/04/2024 | 27311 | 27311 | 26805 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39837102, 24.990%, 1/07/2030 †§x# | Achieve | 12/04/2024 | 31443 | 31443 | 30755 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39842457, 24.490%, 2/21/2030 †x# | Achieve | 12/04/2024 | 27224 | 27224 | 29452 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39843240, 17.490%, 11/27/2029 †x | Achieve | 12/03/2024 | 34796 | 34796 | 33630 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39844298, 23.240%, 1/10/2029 †§x# | Achieve | 12/03/2024 | 31336 | 31336 | 30783 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39844347, 18.740%, 1/15/2029 †§x# | Achieve | 12/03/2024 | 22023 | 22023 | 22150 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39845498, 19.240%, 1/10/2029 †§x# | Achieve | 12/03/2024 | 35561 | 35561 | 36267 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39845525, 16.240%, 4/14/2029 †x# | Achieve | 3/06/2025 | 46444 | 46444 | 45637 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39845595, 25.990%, 2/10/2030 †§x# | Achieve | 12/03/2024 | 22132 | 22132 | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39845598, 21.490%, 1/10/2030 †x | Achieve | 12/03/2024 | 36820 | 36820 | 37789 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39854111, 13.240%, 1/10/2028 †§x# | Achieve | 12/03/2024 | 21204 | 21204 | 20449 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39857997, 21.240%, 1/10/2030 †x# | Achieve | 12/04/2024 | 44813 | 44813 | 46208 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39859678, 15.990%, 1/10/2029 †x# | Achieve | 12/03/2024 | 44012 | 44012 | 43025 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39863259, 14.990%, 1/10/2028 †§x# | Achieve | 12/03/2024 | 32815 | 32815 | 32031 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39863603, 17.740%, 1/12/2030 †§x# | Achieve | 12/04/2024 | 22716 | 22716 | 22214 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39863930, 19.240%, 1/09/2030 †§x# | Achieve | 12/03/2024 | 20815 | 20815 | 20812 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39865440, 16.740%, 2/10/2028 †x# | Achieve | 12/03/2024 | 41229 | 41229 | 41128 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39868364, 14.740%, 1/10/2029 †§x# | Achieve | 12/03/2024 | 23465 | 23465 | 22402 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39868471, 22.990%, 1/09/2029 †x# | Achieve | 12/03/2024 | 36103 | 36103 | 35198 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39873195, 18.490%, 1/15/2030 †x# | Achieve | 12/03/2024 | 44706 | 44706 | 44234 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39873267, 21.740%, 1/11/2030 †x# | Achieve | 12/03/2024 | 46473 | 46473 | 48333 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39874293, 21.990%, 1/10/2030 †§x# | Achieve | 12/03/2024 | 27518 | 27518 | 28713 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39874820, 21.990%, 1/10/2030 †§x# | Achieve | 12/03/2024 | 19797 | 19797 | 20656 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39874875, 22.240%, 1/11/2029 †§x# | Achieve | 12/03/2024 | 27433 | 27433 | 26632 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39875081, 24.990%, 12/30/2029 †x | Achieve | 12/03/2024 | 45919 | 45919 | 44720 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39875103, 20.740%, 1/10/2030 †§x# | Achieve | 12/03/2024 | 36170 | 36170 | 37026 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**194** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-39875202, 13.740%, 1/05/2028 †§x# | Achieve | 12/03/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27963 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27059 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39875526, 14.240%, 1/06/2029 †§x# | Achieve | 12/03/2024 | 33570 | 33570 | 32031 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39875785, 25.990%, 2/11/2030 †§x# | Achieve | 12/04/2024 | 25706 | 25706 | 25617 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39876325, 15.490%, 1/12/2029 †x# | Achieve | 12/04/2024 | 35586 | 35586 | 34615 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39876561, 16.490%, 11/16/2027 †x# | Achieve | 12/03/2024 | 31917 | 31917 | 31567 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39878153, 18.240%, 1/11/2030 †§x# | Achieve | 12/04/2024 | 22984 | 22984 | 22482 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39883561, 15.490%, 1/11/2028 †x# | Achieve | 12/04/2024 | 41064 | 41064 | 40281 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39885378, 24.990%, 5/13/2030 †x# | Achieve | 3/04/2025 | 48330 | 48330 | 47587 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-39955833, 23.990%, 4/19/2030 †x# | Achieve | 3/14/2025 | 48033 | 48033 | 46691 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40012014, 19.240%, 4/12/2028 †§x# | Achieve | 3/05/2025 | 27282 | 27282 | 26129 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40012165, 16.490%, 5/14/2029 †x# | Achieve | 4/07/2025 | 41612 | 41612 | 41060 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40077304, 15.740%, 1/30/2029 †§x | Achieve | 1/02/2025 | 31761 | 31761 | 30831 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40104581, 21.740%, 2/09/2030 †§x | Achieve | 1/02/2025 | 23313 | 23313 | 23877 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40105595, 17.490%, 2/11/2029 †§x# | Achieve | 1/02/2025 | 27216 | 27216 | 27156 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40113247, 10.990%, 8/11/2028 †§x# | Achieve | 7/09/2025 | 37426 | 37426 | 37391 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40221372, 13.990%, 4/10/2029 †§x# | Achieve | 3/14/2025 | 27327 | 27327 | 25904 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40222091, 22.740%, 9/08/2030 †x# | Achieve | 7/31/2025 | 47128 | 47128 | 46915 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40284391, 23.990%, 4/19/2030 †§x# | Achieve | 3/13/2025 | 28675 | 28675 | 27883 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40284737, 16.740%, 4/01/2029 †§x# | Achieve | 3/06/2025 | 24104 | 24104 | 23699 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40339771, 17.990%, 4/14/2030 †§x# | Achieve | 3/06/2025 | 28508 | 28508 | 28047 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40340239, 17.990%, 4/19/2028 †§x# | Achieve | 3/10/2025 | 31367 | 31367 | 31731 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40340488, 19.240%, 4/06/2029 †x# | Achieve | 3/06/2025 | 41676 | 41676 | 42210 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40340662, 17.240%, 4/20/2029 †x | Achieve | 3/12/2025 | 45807 | 45807 | 45669 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40340684, 19.990%, 4/22/2028 †§x | Achieve | 3/12/2025 | 33163 | 33163 | 32096 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40382960, 13.740%, 4/13/2028 †x# | Achieve | 3/05/2025 | 37146 | 37146 | 35980 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40404187, 11.990%, 4/16/2028 †§x# | Achieve | 3/12/2025 | 26292 | 26292 | 24986 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40404809, 16.490%, 2/28/2028 †§x | Achieve | 3/06/2025 | 31378 | 31378 | 31186 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40404976, 17.240%, 2/28/2029 †§x | Achieve | 3/04/2025 | 29244 | 29244 | 28997 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40405040, 21.490%, 5/30/2030 †x# | Achieve | 3/11/2025 | 31954 | 31954 | 33467 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40405143, 11.490%, 4/10/2028 †§x# | Achieve | 3/11/2025 | 28497 | 28497 | 26791 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40464022, 24.990%, 5/15/2030 †§x# | Achieve | 3/07/2025 | 23127 | 23127 | 22759 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40464123, 25.740%, 3/02/2030 †§x# | Achieve | 3/10/2025 | 25208 | 25208 | 24782 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40464440, 15.240%, 4/20/2029 †x | Achieve | 3/06/2025 | 46478 | 46478 | 45040 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40464750, 13.990%, 4/12/2029 †x# | Achieve | 3/03/2025 | 37281 | 37281 | 35495 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40484379, 25.990%, 4/05/2030 †§x# | Achieve | 3/04/2025 | 22321 | 22321 | 22158 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40491442, 21.990%, 4/15/2030 †§x | Achieve | 3/06/2025 | 28832 | 28832 | 30327 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40491673, 19.740%, 6/14/2030 †§x# | Achieve | 5/07/2025 | 26669 | 26669 | 27097 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40492177, 18.740%, 4/11/2030 †§x# | Achieve | 3/04/2025 | 36270 | 36270 | 35862 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40500380, 23.990%, 3/29/2029 †§x | Achieve | 3/04/2025 | 23737 | 23737 | 25435 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40500426, 15.240%, 3/01/2027 †x# | Achieve | 3/07/2025 | 37823 | 37823 | 38457 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40509865, 24.990%, 5/28/2030 †§x | Achieve | 3/07/2025 | 27761 | 27761 | 27600 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40512143, 17.990%, 4/30/2029 †x | Achieve | 3/04/2025 | 47106 | 47106 | 47428 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40519489, 18.990%, 4/02/2028 †x# | Achieve | 3/06/2025 | 40409 | 40409 | 38433 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40519531, 16.990%, 4/19/2030 †x# | Achieve | 3/12/2025 | 47568 | 47568 | 46052 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40519595, 21.740%, 4/12/2030 †§x# | Achieve | 3/05/2025 | 23034 | 23034 | 23894 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40519783, 19.240%, 4/14/2029 †x# | Achieve | 3/05/2025 | 38728 | 38728 | 39424 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40519812, 23.990%, 5/19/2030 †x# | Achieve | 3/04/2025 | 38948 | 38948 | 38559 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40519861, 13.240%, 4/13/2029 †x# | Achieve | 3/05/2025 | 46233 | 46233 | 43538 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520044, 15.240%, 4/14/2029 †§x | Achieve | 3/06/2025 | 36638 | 36638 | 35268 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520108, 14.740%, 4/21/2028 †x | Achieve | 3/13/2025 | 28962 | 28962 | 26558 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520135, 19.990%, 4/09/2027 †§x# | Achieve | 3/14/2025 | 24196 | 24196 | 23784 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520451, 14.740%, 4/11/2028 †§x# | Achieve | 3/12/2025 | 28775 | 28775 | 28104 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520482, 9.990%, 4/21/2028 †§x | Achieve | 3/13/2025 | 25120 | 25120 | 23388 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520538, 12.990%, 2/26/2028 †§x | Achieve | 3/03/2025 | 26110 | 26110 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520545, 17.490%, 4/02/2028 †x | Achieve | 3/06/2025 | 42624 | 42624 | 42551 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40520659, 10.740%, 4/14/2028 †x# | Achieve | 3/06/2025 | 36270 | 36270 | 34053 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**195** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-40520727, 18.240%, 4/17/2029 †§x# | Achieve | 3/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33776 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40529916, 24.990%, 5/18/2030 †§x# | Achieve | 3/07/2025 | 24165 | 24165 | 23888 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40539261, 25.990%, 4/03/2030 †x# | Achieve | 3/07/2025 | 47834 | 47834 | 47283 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40539855, 25.990%, 4/09/2030 †§x# | Achieve | 3/06/2025 | 21263 | 21263 | 21147 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40542301, 21.740%, 4/07/2030 †§x# | Achieve | 3/03/2025 | 25683 | 25683 | 26583 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40550212, 13.740%, 4/10/2028 †x# | Achieve | 3/06/2025 | 44374 | 44374 | 42951 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40552449, 16.240%, 4/12/2029 †x# | Achieve | 3/04/2025 | 39238 | 39238 | 38292 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40555918, 19.740%, 3/01/2030 †§x# | Achieve | 3/13/2025 | 35520 | 35520 | 35335 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556032, 14.740%, 2/20/2029 †§x | Achieve | 3/04/2025 | 23557 | 23557 | 22514 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556185, 25.990%, 4/06/2030 †§x# | Achieve | 3/03/2025 | 25354 | 25354 | 24946 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556625, 18.240%, 4/11/2029 †x# | Achieve | 3/03/2025 | 40653 | 40653 | 40779 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556628, 14.240%, 4/14/2027 †§x# | Achieve | 3/06/2025 | 20371 | 20371 | 20766 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556662, 22.740%, 4/13/2030 †§x# | Achieve | 3/05/2025 | 25475 | 25475 | 27055 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556790, 18.490%, 4/12/2029 †§x# | Achieve | 3/05/2025 | 27731 | 27731 | 28107 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556951, 16.740%, 4/18/2029 †§x# | Achieve | 3/06/2025 | 23987 | 23987 | 23594 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556981, 16.240%, 4/12/2028 †§x# | Achieve | 3/06/2025 | 22105 | 22105 | 21913 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40556995, 18.490%, 4/16/2030 †§x# | Achieve | 3/03/2025 | 20803 | 20803 | 20632 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557040, 20.990%, 4/12/2028 †§x# | Achieve | 3/04/2025 | 31554 | 31554 | 30736 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557058, 24.990%, 5/20/2030 †§x | Achieve | 3/12/2025 | 32157 | 32157 | 31778 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557063, 16.740%, 3/02/2030 †§x# | Achieve | 3/12/2025 | 22888 | 22888 | 21893 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557290, 24.990%, 4/11/2030 †x# | Achieve | 3/05/2025 | 40795 | 40795 | 40062 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557337, 19.490%, 4/15/2028 †§x# | Achieve | 3/04/2025 | 30692 | 30692 | 31530 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557351, 24.990%, 5/24/2030 †x | Achieve | 3/05/2025 | 20685 | 20685 | 20325 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557438, 18.490%, 2/17/2030 †§x# | Achieve | 3/04/2025 | 36911 | 36911 | 36240 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557451, 16.240%, 4/11/2029 †§x# | Achieve | 3/03/2025 | 31098 | 31098 | 30551 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557482, 9.990%, 4/12/2027 †§x# | Achieve | 3/03/2025 | 21551 | 21551 | 21257 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557614, 12.990%, 4/10/2028 †§x# | Achieve | 3/06/2025 | 24511 | 24511 | 21968 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557674, 21.990%, 4/11/2029 †§x# | Achieve | 3/07/2025 | 35128 | 35128 | 33907 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40557715, 17.240%, 4/12/2029 †§x# | Achieve | 3/05/2025 | 22815 | 22815 | 22570 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40558703, 24.990%, 5/24/2030 †§x# | Achieve | 3/04/2025 | 29198 | 29198 | 28999 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40559336, 24.240%, 4/05/2029 †§x# | Achieve | 3/06/2025 | 27123 | 27123 | 26730 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40559922, 19.990%, 4/15/2028 †x# | Achieve | 3/06/2025 | 40013 | 40013 | 38692 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40560141, 17.740%, 2/25/2029 †§x | Achieve | 3/07/2025 | 22538 | 22538 | 22300 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40560201, 11.240%, 4/13/2028 †§x# | Achieve | 3/05/2025 | 23535 | 23535 | 22192 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40561279, 21.990%, 4/30/2030 †§x | Achieve | 3/13/2025 | 23634 | 23634 | 24788 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40561866, 25.990%, 4/06/2030 †§x# | Achieve | 3/03/2025 | 24573 | 24573 | 24488 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40563291, 15.740%, 4/14/2028 †§x# | Achieve | 3/05/2025 | 22357 | 22357 | 22032 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40567992, 19.740%, 4/15/2029 †§x# | Achieve | 3/06/2025 | 30847 | 30847 | 31596 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40569586, 17.240%, 4/01/2028 †§x# | Achieve | 3/04/2025 | 22470 | 22470 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40576114, 24.990%, 5/12/2030 †§x | Achieve | 3/04/2025 | 38746 | 38746 | 42501 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40576370, 17.240%, 2/25/2027 †§x | Achieve | 3/04/2025 | 27620 | 27620 | 28541 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40576632, 20.490%, 4/14/2028 †x# | Achieve | 3/07/2025 | 37764 | 37764 | 36611 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577426, 21.240%, 4/20/2030 †§x | Achieve | 3/14/2025 | 19665 | 19665 | 20390 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577463, 16.740%, 4/10/2029 †x# | Achieve | 3/13/2025 | 46224 | 46224 | 45514 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577499, 20.490%, 4/15/2030 †§x# | Achieve | 3/06/2025 | 31600 | 31600 | 32168 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577612, 14.990%, 5/10/2027 †x | Achieve | 3/04/2025 | 37133 | 37133 | 35147 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577644, 19.990%, 4/12/2029 †§x# | Achieve | 3/06/2025 | 31406 | 31406 | 32227 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577655, 9.990%, 4/20/2027 †x | Achieve | 3/13/2025 | 37240 | 37240 | 36828 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577670, 19.490%, 4/21/2030 †§x | Achieve | 3/13/2025 | 31046 | 31046 | 31324 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577678, 20.990%, 4/11/2029 †x# | Achieve | 3/03/2025 | 37824 | 37824 | 36082 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577706, 19.240%, 5/04/2030 †§x# | Achieve | 4/07/2025 | 22447 | 22447 | 22452 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577745, 20.490%, 4/15/2030 †x# | Achieve | 3/05/2025 | 39678 | 39678 | 40381 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577760, 9.990%, 2/24/2028 †§x | Achieve | 3/03/2025 | 22975 | 22975 | 21338 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577769, 19.490%, 4/20/2029 †x | Achieve | 3/12/2025 | 43776 | 43776 | 44725 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577817, 18.490%, 4/16/2028 †x# | Achieve | 3/05/2025 | 38931 | 38931 | 39738 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577823, 23.990%, 9/06/2030 †x# | Achieve | 7/30/2025 | 33494 | 33494 | 33274 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**196** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-40577834, 15.740%, 4/14/2029 †§x# | Achieve | 3/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24731 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577875, 25.990%, 4/01/2030 †x# | Achieve | 3/06/2025 | 40148 | 40148 | 39758 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577956, 25.490%, 5/12/2030 †§x# | Achieve | 3/04/2025 | 34630 | 34630 | 34413 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40577981, 25.990%, 5/17/2030 †x# | Achieve | 3/07/2025 | 48376 | 48376 | 48389 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578037, 15.240%, 4/13/2029 †x | Achieve | 3/05/2025 | 37988 | 37988 | 36560 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578077, 24.490%, 5/24/2030 †x | Achieve | 3/07/2025 | 48495 | 48495 | 47787 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578235, 19.490%, 4/16/2030 †x# | Achieve | 3/13/2025 | 38591 | 38591 | 38839 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578266, 18.490%, 4/10/2028 †§x# | Achieve | 3/05/2025 | 33651 | 33651 | 34082 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578352, 14.740%, 9/08/2028 †x# | Achieve | 7/31/2025 | 27035 | 27035 | 27049 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578379, 18.240%, 4/12/2029 †§x# | Achieve | 3/04/2025 | 35958 | 35958 | 33070 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578462, 17.240%, 4/15/2029 †x# | Achieve | 3/12/2025 | 46462 | 46462 | 45920 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578475, 20.490%, 4/18/2030 †x# | Achieve | 3/11/2025 | 45774 | 45774 | 46600 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578539, 19.740%, 4/06/2029 †§x# | Achieve | 3/06/2025 | 25420 | 25420 | 26107 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578555, 24.990%, 5/15/2030 †§x | Achieve | 3/03/2025 | 26511 | 26511 | 26241 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578667, 20.990%, 4/27/2029 †§x | Achieve | 3/05/2025 | 22866 | 22866 | 24185 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578673, 23.990%, 5/25/2030 †§x | Achieve | 3/12/2025 | 25056 | 25056 | 27025 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578726, 18.240%, 4/12/2028 †§x# | Achieve | 3/04/2025 | 31495 | 31495 | 31852 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578749, 18.490%, 4/18/2029 †§x# | Achieve | 3/10/2025 | 27456 | 27456 | 27847 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40578755, 18.490%, 2/24/2028 †§x | Achieve | 3/04/2025 | 29134 | 29134 | 29497 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40579423, 23.490%, 4/13/2030 †x# | Achieve | 3/05/2025 | 41431 | 41431 | 44206 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40579660, 21.740%, 4/13/2030 †§x# | Achieve | 3/05/2025 | 27930 | 27930 | 28990 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40583660, 20.490%, 4/15/2028 †§x# | Achieve | 3/07/2025 | 32543 | 32543 | 31639 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40593233, 19.740%, 4/19/2029 †x# | Achieve | 3/12/2025 | 37402 | 37402 | 38402 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40598438, 17.740%, 2/22/2028 †§x | Achieve | 3/13/2025 | 34318 | 34318 | 34345 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40598570, 25.740%, 5/12/2030 †§x# | Achieve | 3/03/2025 | 29036 | 29036 | 28902 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40598946, 18.240%, 4/20/2029 †§x | Achieve | 3/12/2025 | 29820 | 29820 | 30058 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40599134, 24.990%, 5/24/2030 †§x | Achieve | 3/14/2025 | 36217 | 36217 | 39714 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40599703, 19.740%, 4/12/2030 †x# | Achieve | 3/04/2025 | 46477 | 46477 | 47031 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40600112, 25.990%, 5/19/2030 †§x# | Achieve | 3/11/2025 | 24188 | 24188 | 23971 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40600619, 22.240%, 4/16/2030 †x# | Achieve | 3/05/2025 | 48101 | 48101 | 50710 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40601360, 25.990%, 5/11/2030 †§x# | Achieve | 3/04/2025 | 24946 | 24946 | 24959 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40601996, 22.990%, 4/10/2030 †x# | Achieve | 3/04/2025 | 48059 | 48059 | 51169 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40602431, 16.740%, 4/11/2028 †§x# | Achieve | 3/03/2025 | 32309 | 32309 | 32347 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40603043, 21.240%, 4/12/2030 †x# | Achieve | 3/04/2025 | 39503 | 39503 | 40951 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40603318, 20.740%, 4/12/2029 †x# | Achieve | 3/06/2025 | 38138 | 38138 | 39824 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40603697, 18.990%, 4/12/2030 †x# | Achieve | 3/05/2025 | 47848 | 47848 | 47819 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40604015, 18.740%, 4/13/2030 †x# | Achieve | 3/05/2025 | 34502 | 34502 | 34356 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40604082, 25.990%, 5/11/2030 †§x | Achieve | 3/04/2025 | 21670 | 21670 | 21695 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40604890, 21.740%, 4/13/2030 †§x# | Achieve | 3/05/2025 | 36686 | 36686 | 38078 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40605264, 24.990%, 5/20/2030 †§x | Achieve | 3/11/2025 | 31028 | 31028 | 30604 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40605296, 18.740%, 4/11/2030 †x# | Achieve | 3/04/2025 | 39421 | 39421 | 39231 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40607159, 16.490%, 4/20/2029 †§x | Achieve | 3/11/2025 | 21361 | 21361 | 21082 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40607290, 16.490%, 4/14/2028 †x# | Achieve | 3/05/2025 | 44793 | 44793 | 44697 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40608309, 23.240%, 4/13/2029 †x# | Achieve | 3/04/2025 | 40103 | 40103 | 39680 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40608932, 24.990%, 2/26/2030 †§x | Achieve | 3/06/2025 | 35017 | 35017 | 34338 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40609495, 21.240%, 4/05/2029 †§x# | Achieve | 3/04/2025 | 32099 | 32099 | 30516 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40610073, 25.990%, 5/24/2030 †§x | Achieve | 3/14/2025 | 33766 | 33766 | 33558 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40611235, 16.990%, 4/15/2030 †x# | Achieve | 3/06/2025 | 46029 | 46029 | 44513 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40611295, 24.240%, 4/11/2030 †x# | Achieve | 3/05/2025 | 46611 | 46611 | 50254 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40611919, 19.240%, 4/21/2029 †§x | Achieve | 3/13/2025 | 25229 | 25229 | 25693 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40612205, 14.240%, 4/05/2029 †§x# | Achieve | 3/05/2025 | 24891 | 24891 | 23694 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40612271, 16.990%, 4/18/2030 †x# | Achieve | 3/11/2025 | 47560 | 47560 | 46041 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40612354, 16.490%, 4/12/2029 †§x# | Achieve | 3/04/2025 | 27006 | 27006 | 26626 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40612471, 10.240%, 4/13/2028 †§x# | Achieve | 3/05/2025 | 22360 | 22360 | 20857 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40612602, 20.740%, 4/11/2028 †§x# | Achieve | 3/05/2025 | 22559 | 22559 | 21928 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40613051, 24.990%, 5/14/2030 †§x# | Achieve | 3/06/2025 | 24234 | 24234 | 26671 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**197** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-40613463, 9.990%, 4/11/2027 †§x# | Achieve | 3/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23764 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40613760, 16.990%, 4/29/2029 †x# | Achieve | 3/04/2025 | 42544 | 42544 | 42299 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40614553, 25.990%, 5/13/2030 †§x# | Achieve | 3/04/2025 | 37472 | 37472 | 37453 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40615226, 21.490%, 4/12/2030 †x# | Achieve | 3/04/2025 | 47997 | 47997 | 49957 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40615741, 19.740%, 4/12/2030 †x# | Achieve | 3/04/2025 | 47848 | 47848 | 48097 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40616098, 25.990%, 5/13/2030 †x# | Achieve | 3/06/2025 | 44400 | 44400 | 44415 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40617049, 13.490%, 2/27/2028 †x | Achieve | 3/04/2025 | 42968 | 42968 | 41247 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40617073, 23.240%, 4/12/2029 †§x# | Achieve | 3/05/2025 | 28785 | 28785 | 28197 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40617842, 20.490%, 4/13/2030 †§x# | Achieve | 3/05/2025 | 27787 | 27787 | 28275 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40619546, 16.240%, 4/13/2028 †§x# | Achieve | 3/05/2025 | 21357 | 21357 | 21249 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40619561, 21.490%, 4/01/2029 †§x# | Achieve | 3/05/2025 | 27964 | 27964 | 26580 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40619956, 13.490%, 4/13/2029 †x# | Achieve | 3/04/2025 | 46240 | 46240 | 43715 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40620222, 17.240%, 4/12/2030 †§x# | Achieve | 3/04/2025 | 20969 | 20969 | 20373 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40621360, 17.740%, 3/31/2028 †§x | Achieve | 3/04/2025 | 25535 | 25535 | 25549 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40622438, 15.490%, 4/12/2029 †§x# | Achieve | 3/04/2025 | 21892 | 21892 | 21141 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40622738, 16.990%, 4/13/2030 †§x# | Achieve | 3/04/2025 | 26174 | 26174 | 25337 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40622755, 25.990%, 5/12/2030 †§x# | Achieve | 3/04/2025 | 29805 | 29805 | 29462 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40622809, 24.240%, 5/13/2030 †§x# | Achieve | 3/05/2025 | 38154 | 38154 | 41240 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40622823, 24.240%, 4/12/2029 †§x# | Achieve | 3/04/2025 | 25507 | 25507 | 25325 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40622887, 20.740%, 4/03/2028 †§x# | Achieve | 3/05/2025 | 20822 | 20822 | 20101 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40624010, 24.990%, 5/16/2030 †§x# | Achieve | 3/06/2025 | 31773 | 31773 | 31264 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40627519, 19.740%, 4/17/2029 †x# | Achieve | 3/10/2025 | 38175 | 38175 | 39098 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40632738, 17.240%, 4/21/2028 †§x | Achieve | 3/06/2025 | 31471 | 31471 | 31587 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40632983, 17.490%, 4/21/2030 †§x | Achieve | 3/14/2025 | 34166 | 34166 | 33350 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40633733, 20.740%, 4/11/2030 †x# | Achieve | 3/05/2025 | 41936 | 41936 | 42798 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40634418, 16.490%, 4/15/2028 †§x# | Achieve | 3/06/2025 | 33462 | 33462 | 33391 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40634845, 20.990%, 4/19/2030 †§x# | Achieve | 3/12/2025 | 23888 | 23888 | 24675 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40635109, 17.740%, 4/14/2029 †§x# | Achieve | 3/05/2025 | 35383 | 35383 | 35521 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40635127, 22.240%, 4/06/2030 †§x# | Achieve | 3/06/2025 | 23866 | 23866 | 24841 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40635932, 25.240%, 4/14/2029 †x# | Achieve | 3/05/2025 | 41489 | 41489 | 42169 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40636028, 20.990%, 4/13/2030 †§x# | Achieve | 3/05/2025 | 22634 | 22634 | 23215 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40636552, 16.240%, 4/21/2028 †§x | Achieve | 3/12/2025 | 24173 | 24173 | 24011 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40637847, 14.240%, 4/13/2028 †§x# | Achieve | 3/07/2025 | 21963 | 21963 | 21407 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40637916, 20.490%, 4/14/2030 †x# | Achieve | 3/07/2025 | 42081 | 42081 | 43083 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40640769, 18.490%, 4/14/2028 †§x# | Achieve | 3/06/2025 | 34130 | 34130 | 34667 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40641114, 15.490%, 4/15/2029 †§x# | Achieve | 3/06/2025 | 34401 | 34401 | 33466 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40641929, 20.990%, 4/15/2029 †x# | Achieve | 3/10/2025 | 44037 | 44037 | 45824 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40641999, 25.240%, 4/17/2029 †§x# | Achieve | 3/11/2025 | 35154 | 35154 | 35361 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40642334, 25.990%, 5/14/2030 †§x# | Achieve | 3/06/2025 | 33235 | 33235 | 33183 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40643793, 20.990%, 4/23/2030 †§x | Achieve | 3/06/2025 | 25682 | 25682 | 26583 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40645005, 15.740%, 4/14/2029 †§x# | Achieve | 3/06/2025 | 24843 | 24843 | 24243 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40645892, 18.240%, 3/15/2030 †§x# | Achieve | 3/06/2025 | 29235 | 29235 | 28883 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40646336, 21.240%, 2/28/2030 †§x | Achieve | 3/06/2025 | 31883 | 31883 | 32815 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40646374, 14.240%, 4/14/2028 †§x# | Achieve | 3/06/2025 | 24030 | 24030 | 23437 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647054, 24.740%, 2/28/2030 †§x | Achieve | 3/06/2025 | 37055 | 37055 | 36317 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647228, 14.490%, 4/21/2029 †§x | Achieve | 3/13/2025 | 36916 | 36916 | 35414 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647256, 11.740%, 4/19/2028 †x# | Achieve | 3/14/2025 | 37063 | 37063 | 35138 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647451, 22.490%, 4/19/2030 †§x# | Achieve | 3/11/2025 | 19185 | 19185 | 20170 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647459, 20.490%, 4/17/2029 †x# | Achieve | 3/12/2025 | 46804 | 46804 | 48398 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647487, 19.990%, 4/07/2030 †§x# | Achieve | 3/11/2025 | 23929 | 23929 | 23990 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647516, 15.490%, 4/09/2029 †§x# | Achieve | 3/12/2025 | 29218 | 29218 | 28280 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647570, 16.240%, 4/20/2029 †§x | Achieve | 3/12/2025 | 36211 | 36211 | 35601 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647595, 14.740%, 4/20/2028 †x | Achieve | 3/12/2025 | 38104 | 38104 | 37372 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647603, 20.990%, 4/18/2030 †§x# | Achieve | 3/07/2025 | 27543 | 27543 | 28298 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647609, 17.240%, 4/30/2030 †§x | Achieve | 3/11/2025 | 24146 | 24146 | 23461 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647750, 20.990%, 4/18/2030 †§x | Achieve | 3/12/2025 | 23854 | 23854 | 24684 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**198** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-40647763, 13.490%, 4/21/2029 †§x# | Achieve | 3/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32317 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647768, 20.740%, 4/26/2028 †§x# | Achieve | 3/12/2025 | 30007 | 30007 | 29289 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647769, 14.990%, 4/24/2027 †x# | Achieve | 3/11/2025 | 41197 | 41197 | 42278 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647811, 23.740%, 4/20/2029 †x | Achieve | 3/11/2025 | 46540 | 46540 | 45998 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647817, 17.490%, 4/21/2030 †§x | Achieve | 3/12/2025 | 30918 | 30918 | 30206 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647824, 16.990%, 4/15/2028 †§x# | Achieve | 3/12/2025 | 29279 | 29279 | 29243 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647833, 10.740%, 4/21/2028 †§x | Achieve | 3/13/2025 | 28932 | 28932 | 27156 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647917, 13.990%, 4/21/2028 †§x# | Achieve | 3/14/2025 | 27172 | 27172 | 24702 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647919, 14.490%, 4/18/2029 †§x# | Achieve | 3/11/2025 | 27845 | 27845 | 26532 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647937, 11.490%, 4/23/2028 †x# | Achieve | 3/11/2025 | 35769 | 35769 | 33747 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40647993, 13.990%, 4/19/2028 †x# | Achieve | 3/11/2025 | 25033 | 25033 | 24263 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648000, 18.990%, 4/21/2029 †x | Achieve | 3/13/2025 | 37644 | 37644 | 35272 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648079, 17.740%, 4/14/2029 †§x# | Achieve | 3/11/2025 | 27346 | 27346 | 24963 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648124, 24.990%, 4/15/2030 †§x# | Achieve | 3/12/2025 | 35601 | 35601 | 34977 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648256, 22.490%, 4/20/2030 †§x | Achieve | 3/12/2025 | 34663 | 34663 | 36565 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648266, 14.740%, 4/19/2028 †x# | Achieve | 3/11/2025 | 45746 | 45746 | 44762 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648307, 15.490%, 4/25/2029 †x# | Achieve | 4/07/2025 | 46330 | 46330 | 44794 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648312, 15.240%, 3/01/2029 †§x# | Achieve | 3/11/2025 | 34433 | 34433 | 33138 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648552, 20.490%, 3/02/2030 †§x# | Achieve | 3/12/2025 | 19793 | 19793 | 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648702, 14.240%, 4/21/2029 †§x | Achieve | 3/13/2025 | 27444 | 27444 | 26235 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40648708, 19.990%, 4/15/2028 †§x# | Achieve | 3/10/2025 | 23547 | 23547 | 22703 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40651482, 15.740%, 4/16/2029 †§x# | Achieve | 3/07/2025 | 29167 | 29167 | 28475 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40651825, 12.740%, 4/15/2028 †§x# | Achieve | 3/07/2025 | 28573 | 28573 | 27427 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40654509, 9.990%, 4/15/2027 †§x# | Achieve | 3/07/2025 | 27682 | 27682 | 27378 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40654837, 14.990%, 4/16/2029 †§x# | Achieve | 3/07/2025 | 24301 | 24301 | 23463 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40656613, 24.990%, 5/15/2030 †§x# | Achieve | 3/07/2025 | 24110 | 24110 | 23785 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40656862, 14.240%, 4/10/2028 †§x# | Achieve | 3/12/2025 | 24399 | 24399 | 23776 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40656867, 9.990%, 4/17/2027 †§x# | Achieve | 3/07/2025 | 22682 | 22682 | 20728 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40657082, 25.990%, 5/16/2030 †§x# | Achieve | 3/07/2025 | 34126 | 34126 | 33816 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40657744, 24.990%, 5/20/2030 †§x | Achieve | 3/12/2025 | 32258 | 32258 | 31878 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40660391, 18.490%, 4/17/2030 †x# | Achieve | 3/07/2025 | 47730 | 47730 | 47391 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40660611, 15.740%, 3/04/2029 †§x# | Achieve | 3/11/2025 | 27637 | 27637 | 26805 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40661437, 14.990%, 4/16/2028 †§x# | Achieve | 3/07/2025 | 21406 | 21406 | 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40662687, 24.990%, 5/16/2030 †§x# | Achieve | 3/07/2025 | 30459 | 30459 | 30069 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40662869, 20.240%, 4/16/2030 †§x# | Achieve | 3/07/2025 | 34458 | 34458 | 35174 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40663378, 23.490%, 5/18/2030 †§x# | Achieve | 3/07/2025 | 26223 | 26223 | 28044 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40663871, 13.240%, 4/17/2028 †§x# | Achieve | 3/11/2025 | 20778 | 20778 | 20040 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40665957, 25.990%, 5/17/2030 †§x# | Achieve | 3/07/2025 | 33466 | 33466 | 33150 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40667448, 25.990%, 5/18/2030 †x# | Achieve | 3/07/2025 | 40377 | 40377 | 40539 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40667484, 19.240%, 4/17/2029 †x# | Achieve | 3/07/2025 | 46777 | 46777 | 47622 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40667699, 21.740%, 2/28/2030 †x# | Achieve | 3/11/2025 | 41439 | 41439 | 42769 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40669612, 25.990%, 5/18/2030 †§x# | Achieve | 3/11/2025 | 27000 | 27000 | 26994 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40671075, 10.990%, 4/18/2028 †§x# | Achieve | 3/11/2025 | 32567 | 32567 | 30657 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40671579, 12.240%, 4/17/2028 †§x# | Achieve | 3/10/2025 | 23571 | 23571 | 22498 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40672647, 19.240%, 4/20/2029 †§x# | Achieve | 3/11/2025 | 21106 | 21106 | 21449 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40673068, 25.240%, 4/20/2029 †§x | Achieve | 3/13/2025 | 33291 | 33291 | 33875 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40673462, 22.490%, 4/20/2029 †§x | Achieve | 3/13/2025 | 33341 | 33341 | 32493 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40674762, 19.990%, 4/18/2030 †x# | Achieve | 3/11/2025 | 47836 | 47836 | 48617 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40676329, 18.240%, 4/19/2029 †§x# | Achieve | 3/11/2025 | 20760 | 20760 | 20985 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40677631, 16.490%, 3/02/2029 †§x# | Achieve | 3/12/2025 | 23043 | 23043 | 22548 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40678393, 24.990%, 4/10/2030 †§x# | Achieve | 3/11/2025 | 23980 | 23980 | 23262 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40680082, 13.990%, 4/19/2029 †§x# | Achieve | 3/10/2025 | 28202 | 28202 | 26869 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40680836, 14.990%, 4/19/2029 †x# | Achieve | 3/12/2025 | 46347 | 46347 | 44756 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40680984, 18.490%, 4/18/2030 †x# | Achieve | 3/11/2025 | 47703 | 47703 | 47321 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40681041, 16.240%, 4/19/2028 †§x# | Achieve | 3/11/2025 | 28390 | 28390 | 28185 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40681415, 21.990%, 4/19/2030 †§x# | Achieve | 3/12/2025 | 25547 | 25547 | 26760 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**199** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APP-40682081, 18.740%, 4/18/2028 †§x# | Achieve | 3/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21090 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40682388, 14.740%, 4/21/2028 †x | Achieve | 3/12/2025 | 44613 | 44613 | 43771 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40683314, 24.990%, 4/23/2030 †§x | Achieve | 3/12/2025 | 24688 | 24688 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40684973, 22.240%, 4/19/2030 †§x# | Achieve | 3/14/2025 | 19231 | 19231 | 20205 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40686173, 19.490%, 4/19/2030 †§x# | Achieve | 3/11/2025 | 28816 | 28816 | 29066 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40686330, 18.740%, 4/19/2030 †§x# | Achieve | 3/11/2025 | 35939 | 35939 | 35813 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40686391, 14.240%, 4/19/2027 †§x# | Achieve | 3/11/2025 | 25747 | 25747 | 26264 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40686757, 21.740%, 5/16/2030 †x | Achieve | 4/07/2025 | 40484 | 40484 | 42545 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40686908, 22.490%, 4/20/2030 †§x | Achieve | 3/11/2025 | 31555 | 31555 | 33195 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40687055, 19.240%, 4/19/2029 †x# | Achieve | 3/11/2025 | 43038 | 43038 | 43811 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40687916, 19.490%, 4/05/2030 †§x# | Achieve | 3/12/2025 | 33175 | 33175 | 33178 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40688091, 18.240%, 4/07/2029 †§x# | Achieve | 3/11/2025 | 23369 | 23369 | 23467 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40688328, 21.490%, 4/22/2029 †§x | Achieve | 3/14/2025 | 21585 | 21585 | 20713 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40688478, 18.990%, 4/19/2030 †x# | Achieve | 3/12/2025 | 47513 | 47513 | 47519 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40688968, 18.490%, 4/20/2030 †§x | Achieve | 3/11/2025 | 23744 | 23744 | 23576 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40689122, 21.990%, 4/20/2027 †§x | Achieve | 3/11/2025 | 25092 | 25092 | 25219 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40692085, 18.240%, 4/19/2028 †§x# | Achieve | 3/11/2025 | 20363 | 20363 | 20729 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40692340, 21.240%, 4/19/2029 †§x# | Achieve | 3/11/2025 | 21014 | 21014 | 20147 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40692650, 21.240%, 4/20/2030 †§x | Achieve | 3/11/2025 | 20106 | 20106 | 20737 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40692689, 19.240%, 3/01/2030 †x# | Achieve | 3/12/2025 | 47264 | 47264 | 46983 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40693032, 20.990%, 4/20/2030 †§x | Achieve | 3/11/2025 | 23126 | 23126 | 23826 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40693097, 18.240%, 4/20/2029 †x | Achieve | 3/11/2025 | 40090 | 40090 | 40543 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40694461, 16.990%, 4/20/2029 †§x | Achieve | 3/12/2025 | 21329 | 21329 | 21053 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40694642, 21.740%, 4/20/2030 †x | Achieve | 3/12/2025 | 48019 | 48019 | 50228 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40698344, 15.240%, 4/20/2028 †x | Achieve | 3/13/2025 | 38781 | 38781 | 38088 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40698865, 17.490%, 4/20/2029 †x | Achieve | 3/12/2025 | 46611 | 46611 | 46633 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40698998, 24.990%, 5/20/2030 †§x | Achieve | 3/12/2025 | 24569 | 24569 | 26880 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40699546, 14.990%, 4/21/2029 †x | Achieve | 3/12/2025 | 40250 | 40250 | 38897 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40699693, 16.740%, 4/20/2027 †x# | Achieve | 3/12/2025 | 40959 | 40959 | 42539 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40699891, 18.490%, 4/20/2030 †§x | Achieve | 3/12/2025 | 25659 | 25659 | 25468 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40700431, 19.240%, 4/20/2029 †§x | Achieve | 3/12/2025 | 26799 | 26799 | 27471 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40703408, 16.490%, 4/20/2029 †§x | Achieve | 3/13/2025 | 20547 | 20547 | 20265 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40704310, 24.990%, 5/21/2030 †x | Achieve | 3/13/2025 | 48221 | 48221 | 47564 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40704775, 18.490%, 4/21/2030 †x | Achieve | 3/13/2025 | 47676 | 47676 | 47329 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40704949, 25.990%, 5/21/2030 †§x | Achieve | 3/12/2025 | 20326 | 20326 | 20397 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40705022, 25.990%, 5/20/2030 †§x | Achieve | 3/12/2025 | 27602 | 27602 | 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40705158, 25.990%, 5/21/2030 †§x# | Achieve | 3/12/2025 | 25082 | 25082 | 25251 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40705871, 16.990%, 4/20/2029 †§x | Achieve | 3/13/2025 | 30500 | 30500 | 30292 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40711082, 19.990%, 4/21/2030 †§x | Achieve | 3/13/2025 | 22601 | 22601 | 20661 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40711264, 17.490%, 4/21/2028 †§x | Achieve | 3/13/2025 | 31369 | 31369 | 29901 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40711319, 22.240%, 4/21/2030 †§x | Achieve | 3/13/2025 | 28798 | 28798 | 27027 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40711794, 11.240%, 4/23/2029 †x | Achieve | 3/14/2025 | 45978 | 45978 | 42123 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40711876, 16.990%, 4/15/2029 †§x# | Achieve | 3/13/2025 | 31500 | 31500 | 28465 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40712050, 23.490%, 4/15/2030 †§x# | Achieve | 3/13/2025 | 22913 | 22913 | 21831 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40712257, 22.740%, 4/21/2030 †x | Achieve | 3/14/2025 | 47051 | 47051 | 44387 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40712376, 16.740%, 4/21/2029 †§x | Achieve | 3/13/2025 | 28088 | 28088 | 27635 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40712897, 15.990%, 4/26/2028 †§x | Achieve | 3/13/2025 | 22389 | 22389 | 20727 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40713149, 10.990%, 4/24/2028 †§x | Achieve | 3/14/2025 | 22100 | 22100 | 20770 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40714528, 12.240%, 6/15/2029 †x# | Achieve | 5/06/2025 | 47789 | 47789 | 44417 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40714537, 18.490%, 5/15/2030 †§x# | Achieve | 4/07/2025 | 34351 | 34351 | 34125 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40714638, 13.990%, 5/04/2028 †§x# | Achieve | 4/07/2025 | 26859 | 26859 | 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40715668, 22.490%, 4/20/2029 †§x | Achieve | 3/13/2025 | 33926 | 33926 | 33219 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40716006, 20.740%, 4/23/2030 †§x | Achieve | 3/14/2025 | 27908 | 27908 | 28575 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40716034, 21.740%, 4/20/2030 †§x | Achieve | 3/13/2025 | 29471 | 29471 | 27716 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40716187, 16.240%, 4/21/2029 †§x | Achieve | 3/14/2025 | 21549 | 21549 | 21181 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40719342, 10.490%, 4/22/2027 †x | Achieve | 3/14/2025 | 38248 | 38248 | 37988 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**200** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40720280, 18.740%, 4/22/2029 †§x | Achieve | 3/14/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20084 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40722624, 17.490%, 4/23/2030 †§x | Achieve | 3/14/2025 | 28570 | 28570 | 27763 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40726937, 20.740%, 4/15/2030 †§x# | Achieve | 3/14/2025 | 21803 | 21803 | 20132 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40728310, 16.240%, 4/24/2030 †x | Achieve | 3/14/2025 | 47523 | 47523 | 45511 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40730216, 9.240%, 4/24/2028 †§x | Achieve | 3/14/2025 | 29943 | 29943 | 27661 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40731577, 17.740%, 4/24/2030 †§x | Achieve | 3/14/2025 | 23831 | 23831 | 23262 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40731763, 13.490%, 4/25/2029 †§x | Achieve | 3/14/2025 | 21178 | 21178 | 20051 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40732925, 18.240%, 4/24/2029 †§x | Achieve | 3/14/2025 | 23341 | 23341 | 21530 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40736082, 11.240%, 4/24/2028 †§x | Achieve | 3/14/2025 | 33740 | 33740 | 31882 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40776150, 10.240%, 6/15/2027 †§x# | Achieve | 5/07/2025 | 26243 | 26243 | 26018 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40776593, 18.490%, 5/16/2028 †§x# | Achieve | 4/07/2025 | 33798 | 33798 | 34561 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40806895, 20.740%, 5/15/2030 †§x# | Achieve | 4/07/2025 | 26814 | 26814 | 27475 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40841246, 20.740%, 5/10/2030 †§x# | Achieve | 4/07/2025 | 22566 | 22566 | 23059 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40841540, 19.740%, 5/16/2029 †§x# | Achieve | 4/07/2025 | 37319 | 37319 | 38585 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40841613, 16.990%, 5/12/2029 †x# | Achieve | 4/07/2025 | 38753 | 38753 | 38478 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40841631, 14.740%, 5/17/2029 †§x# | Achieve | 4/07/2025 | 25253 | 25253 | 24333 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40841662, 11.240%, 3/15/2027 †§x# | Achieve | 4/07/2025 | 24692 | 24692 | 24503 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40875168, 16.990%, 8/04/2030 †x# | Achieve | 7/03/2025 | 48805 | 48805 | 48676 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40883360, 24.990%, 5/10/2030 †§x# | Achieve | 4/07/2025 | 30194 | 30194 | 29698 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40892029, 13.990%, 5/13/2029 †§x# | Achieve | 4/07/2025 | 22427 | 22427 | 21327 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40896573, 20.740%, 5/05/2030 †§x# | Achieve | 4/07/2025 | 31888 | 31888 | 32686 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40906925, 16.240%, 5/12/2030 †§x# | Achieve | 4/07/2025 | 22241 | 22241 | 21262 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40907697, 24.990%, 6/17/2030 †x# | Achieve | 4/07/2025 | 46133 | 46133 | 45786 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40908758, 19.990%, 5/29/2030 †§x | Achieve | 4/07/2025 | 20893 | 20893 | 21337 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40909046, 15.740%, 5/15/2028 †§x# | Achieve | 4/07/2025 | 23433 | 23433 | 23278 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40909153, 17.240%, 5/16/2030 †x# | Achieve | 4/07/2025 | 48189 | 48189 | 46917 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40909215, 19.240%, 5/16/2030 †x# | Achieve | 4/07/2025 | 40218 | 40218 | 40468 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40909473, 18.490%, 6/21/2029 †x | Achieve | 5/07/2025 | 48345 | 48345 | 49229 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40909929, 15.490%, 5/12/2029 †x# | Achieve | 4/07/2025 | 45251 | 45251 | 43989 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40916374, 23.240%, 5/15/2030 †§x# | Achieve | 4/07/2025 | 19169 | 19169 | 20440 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40924118, 22.990%, 3/25/2029 †§x | Achieve | 4/07/2025 | 19255 | 19255 | 20417 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40929473, 17.740%, 5/02/2030 †§x# | Achieve | 4/07/2025 | 37239 | 37239 | 36264 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40931952, 22.240%, 4/01/2030 †x# | Achieve | 4/07/2025 | 40800 | 40800 | 42615 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40932328, 16.490%, 5/16/2028 †x# | Achieve | 4/07/2025 | 45915 | 45915 | 45789 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40932666, 16.490%, 5/15/2028 †x# | Achieve | 4/07/2025 | 45891 | 45891 | 45746 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40933082, 18.490%, 5/16/2028 †§x# | Achieve | 4/07/2025 | 36642 | 36642 | 37470 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40934388, 18.240%, 5/17/2030 †§x# | Achieve | 4/07/2025 | 23990 | 23990 | 23757 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40935325, 21.740%, 5/16/2030 †§x | Achieve | 4/07/2025 | 26536 | 26536 | 27881 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40937819, 21.240%, 5/17/2030 †§x# | Achieve | 4/07/2025 | 21597 | 21597 | 22232 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40938409, 23.990%, 6/16/2030 †§x# | Achieve | 4/07/2025 | 34666 | 34666 | 37459 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40938744, 13.990%, 5/16/2029 †§x# | Achieve | 4/07/2025 | 22864 | 22864 | 21787 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40939124, 22.740%, 5/16/2028 †§x# | Achieve | 4/07/2025 | 22288 | 22288 | 22187 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40940089, 17.490%, 5/15/2030 †§x# | Achieve | 4/07/2025 | 20719 | 20719 | 20247 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40940254, 13.990%, 5/16/2029 †§x# | Achieve | 4/07/2025 | 23945 | 23945 | 22820 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40940582, 24.990%, 5/10/2030 †x# | Achieve | 4/07/2025 | 31942 | 31942 | 31417 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40940886, 18.490%, 5/16/2030 †§x# | Achieve | 4/07/2025 | 21243 | 21243 | 21113 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40942106, 24.490%, 6/16/2030 †x# | Achieve | 4/07/2025 | 44536 | 44536 | 48088 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40942567, 23.990%, 6/16/2030 †§x# | Achieve | 4/07/2025 | 26750 | 26750 | 26026 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40943550, 15.740%, 5/16/2028 †§x# | Achieve | 4/07/2025 | 27510 | 27510 | 27302 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40943637, 16.740%, 5/09/2029 †§x# | Achieve | 4/07/2025 | 24131 | 24131 | 23845 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40943664, 17.740%, 5/17/2030 †§x# | Achieve | 4/07/2025 | 20750 | 20750 | 20379 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40944406, 20.490%, 5/16/2030 †§x# | Achieve | 4/07/2025 | 21249 | 21249 | 21695 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40944420, 17.240%, 5/04/2029 †§x# | Achieve | 4/07/2025 | 36871 | 36871 | 36560 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40944844, 20.990%, 3/30/2030 †§x | Achieve | 4/07/2025 | 29481 | 29481 | 29954 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40973572, 14.990%, 8/05/2029 †§x# | Achieve | 7/08/2025 | 29620 | 29620 | 29525 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-40973868, 18.490%, 6/15/2029 †x# | Achieve | 5/06/2025 | 44293 | 44293 | 44883 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**201** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41045586, 19.990%, 8/15/2030 †x# | Achieve | 7/08/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43747 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41045936, 20.490%, 6/15/2030 †x# | Achieve | 5/08/2025 | 39596 | 39596 | 40737 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41046049, 14.490%, 6/05/2029 †§x# | Achieve | 5/06/2025 | 38195 | 38195 | 36561 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41046156, 14.990%, 6/16/2029 †§x# | Achieve | 5/08/2025 | 27879 | 27879 | 26974 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41063946, 13.240%, 4/30/2029 †x | Achieve | 5/06/2025 | 38710 | 38710 | 36379 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41080868, 15.740%, 6/14/2028 †§x# | Achieve | 5/06/2025 | 23935 | 23935 | 23781 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41107800, 23.240%, 6/13/2029 †x# | Achieve | 5/07/2025 | 45840 | 45840 | 45143 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41115175, 13.990%, 6/15/2029 †§x | Achieve | 5/06/2025 | 24304 | 24304 | 23182 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41115228, 24.240%, 6/16/2029 †§x | Achieve | 5/07/2025 | 20222 | 20222 | 20319 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41115246, 23.990%, 10/08/2030 †x | Achieve | 8/29/2025 | 26300 | 26300 | 26300 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41115258, 21.240%, 6/15/2030 †x | Achieve | 5/06/2025 | 49038 | 49038 | 51085 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41115961, 15.490%, 6/03/2030 †x# | Achieve | 5/06/2025 | 47731 | 47731 | 44985 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41152099, 14.740%, 6/13/2028 †§x# | Achieve | 5/06/2025 | 32018 | 32018 | 31445 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41152110, 15.740%, 6/13/2028 †x# | Achieve | 5/06/2025 | 43307 | 43307 | 42899 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41152425, 24.490%, 7/14/2030 †§x | Achieve | 5/06/2025 | 26446 | 26446 | 28491 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41163261, 13.990%, 6/10/2028 †§x# | Achieve | 5/06/2025 | 26568 | 26568 | 25781 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41163931, 18.740%, 6/15/2029 †x# | Achieve | 5/06/2025 | 46873 | 46873 | 47668 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41176386, 17.740%, 6/17/2030 †§x# | Achieve | 5/08/2025 | 23388 | 23388 | 23010 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41185571, 15.990%, 4/25/2029 †§x# | Achieve | 5/07/2025 | 33969 | 33969 | 33079 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41185627, 16.240%, 6/15/2029 †x# | Achieve | 5/07/2025 | 24017 | 24017 | 23560 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41186042, 9.990%, 6/16/2027 †x# | Achieve | 5/08/2025 | 44443 | 44443 | 43978 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41186907, 22.990%, 7/20/2030 †§x | Achieve | 5/06/2025 | 26366 | 26366 | 28146 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41187185, 22.240%, 6/14/2030 †§x# | Achieve | 5/07/2025 | 21753 | 21753 | 22912 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41187224, 23.990%, 7/16/2030 †§x# | Achieve | 5/08/2025 | 35868 | 35868 | 35033 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41187383, 13.990%, 6/14/2028 †§x# | Achieve | 5/06/2025 | 21412 | 21412 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41187627, 23.740%, 6/03/2030 †x# | Achieve | 5/06/2025 | 41598 | 41598 | 40158 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41187766, 12.740%, 6/14/2028 †x# | Achieve | 5/06/2025 | 43157 | 43157 | 41453 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41187860, 17.240%, 6/21/2030 †§x | Achieve | 5/07/2025 | 26090 | 26090 | 25453 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41189178, 18.740%, 6/25/2030 †§x | Achieve | 5/07/2025 | 28408 | 28408 | 28449 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41211989, 18.740%, 6/14/2028 †§x# | Achieve | 5/06/2025 | 25362 | 25362 | 25853 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41214470, 23.990%, 7/14/2030 †§x# | Achieve | 5/06/2025 | 28202 | 28202 | 27526 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41214560, 16.990%, 6/13/2030 †§x# | Achieve | 5/06/2025 | 21414 | 21414 | 20780 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41222937, 20.740%, 4/20/2030 †§x | Achieve | 5/06/2025 | 23536 | 23536 | 23875 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41229936, 13.740%, 6/15/2028 †§x# | Achieve | 5/07/2025 | 35064 | 35064 | 34031 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41230150, 18.990%, 6/15/2030 †§x# | Achieve | 5/07/2025 | 29687 | 29687 | 29497 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41231116, 24.990%, 6/15/2030 †§x | Achieve | 5/06/2025 | 24844 | 24844 | 24736 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41232743, 16.740%, 6/14/2030 †§x# | Achieve | 5/06/2025 | 23399 | 23399 | 22622 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41233469, 14.240%, 6/14/2027 †§x# | Achieve | 5/06/2025 | 28881 | 28881 | 29581 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41234236, 24.990%, 7/14/2030 †§x# | Achieve | 5/07/2025 | 39091 | 39091 | 38731 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41236861, 19.240%, 6/05/2027 †§x# | Achieve | 5/06/2025 | 34141 | 34141 | 35654 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41240136, 24.490%, 7/15/2030 †§x# | Achieve | 5/07/2025 | 28671 | 28671 | 30920 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41240319, 16.740%, 5/01/2030 †§x# | Achieve | 5/07/2025 | 28542 | 28542 | 27384 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41245107, 16.490%, 6/15/2028 †x# | Achieve | 5/07/2025 | 41381 | 41381 | 41357 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41245984, 22.240%, 6/16/2030 †§x# | Achieve | 5/07/2025 | 29434 | 29434 | 31039 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41246777, 23.240%, 6/15/2030 †§x# | Achieve | 5/07/2025 | 27487 | 27487 | 29212 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41247387, 15.240%, 6/15/2029 †x# | Achieve | 5/07/2025 | 39341 | 39341 | 38200 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41248506, 21.990%, 6/16/2029 †§x# | Achieve | 5/07/2025 | 21317 | 21317 | 20678 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41254718, 13.240%, 9/01/2029 †x# | Achieve | 7/29/2025 | 42382 | 42382 | 42294 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41323955, 10.990%, 9/07/2028 †x# | Achieve | 7/30/2025 | 35452 | 35452 | 35441 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41325420, 18.490%, 9/06/2029 †x# | Achieve | 7/29/2025 | 41626 | 41626 | 41653 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41475284, 12.990%, 7/01/2028 †x# | Achieve | 7/08/2025 | 48849 | 48849 | 48557 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41475611, 24.490%, 9/16/2030 †x# | Achieve | 7/08/2025 | 50000 | 50000 | 49866 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41475662, 20.740%, 8/08/2030 †§x# | Achieve | 7/07/2025 | 28764 | 28764 | 28704 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41478213, 24.990%, 9/11/2030 †§x# | Achieve | 7/03/2025 | 34879 | 34879 | 34737 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41547459, 24.740%, 11/06/2030 †x | Achieve | 8/28/2025 | 32000 | 32000 | 32000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41547500, 20.240%, 8/16/2030 †§x# | Achieve | 7/09/2025 | 32957 | 32957 | 32962 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**202** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41548067, 17.240%, 8/15/2029 †§x# | Achieve | 7/08/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23533 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41548179, 19.990%, 9/07/2029 †x# | Achieve | 7/30/2025 | 35681 | 35681 | 35653 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41615188, 17.240%, 6/30/2030 †§x | Achieve | 7/07/2025 | 39148 | 39148 | 38920 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41628508, 21.490%, 8/14/2030 †§x# | Achieve | 7/07/2025 | 27561 | 27561 | 27560 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41629960, 20.240%, 7/01/2030 †x# | Achieve | 7/08/2025 | 49500 | 49500 | 48677 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41630120, 17.240%, 8/03/2029 †§x# | Achieve | 7/07/2025 | 28582 | 28582 | 28470 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41688742, 24.490%, 6/26/2030 †x | Achieve | 7/07/2025 | 45794 | 45794 | 45057 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41711713, 17.240%, 8/16/2029 †§x# | Achieve | 7/08/2025 | 23053 | 23053 | 23090 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41711730, 16.240%, 7/18/2030 †x# | Achieve | 7/31/2025 | 27522 | 27522 | 27295 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41711846, 14.740%, 9/02/2028 †x# | Achieve | 7/31/2025 | 27679 | 27679 | 27629 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41711858, 19.740%, 8/10/2028 †§x# | Achieve | 7/08/2025 | 31863 | 31863 | 31758 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41711979, 15.490%, 8/09/2029 †x# | Achieve | 7/03/2025 | 44948 | 44948 | 44946 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712123, 23.490%, 8/15/2030 †x# | Achieve | 7/08/2025 | 49992 | 49992 | 49878 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712335, 18.990%, 6/30/2029 †x | Achieve | 7/07/2025 | 45013 | 45013 | 44640 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712359, 17.490%, 8/08/2030 †§x# | Achieve | 7/07/2025 | 37331 | 37331 | 37249 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712455, 18.240%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 37866 | 37866 | 37898 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712503, 13.740%, 8/15/2028 †§x# | Achieve | 7/08/2025 | 22104 | 22104 | 22124 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712526, 23.990%, 6/30/2030 †§x | Achieve | 7/08/2025 | 25900 | 25900 | 25416 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712744, 24.240%, 8/15/2029 †§x# | Achieve | 7/03/2025 | 24365 | 24365 | 24337 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41712824, 18.990%, 8/05/2030 †§x# | Achieve | 7/03/2025 | 20511 | 20511 | 20468 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41747160, 16.240%, 8/10/2030 †x# | Achieve | 7/03/2025 | 49690 | 49690 | 49684 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41754259, 17.740%, 8/15/2028 †§x# | Achieve | 7/08/2025 | 29656 | 29656 | 29681 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41759192, 17.740%, 8/03/2030 †§x# | Achieve | 7/03/2025 | 35686 | 35686 | 35575 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41760759, 20.990%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 20963 | 20963 | 20886 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41784030, 19.740%, 8/03/2030 †§x# | Achieve | 7/07/2025 | 34460 | 34460 | 34297 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41784170, 14.740%, 6/18/2028 †§x# | Achieve | 7/03/2025 | 21974 | 21974 | 21736 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41790572, 12.990%, 8/17/2029 †§x# | Achieve | 7/09/2025 | 37293 | 37293 | 37323 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41791194, 23.240%, 8/04/2030 †§x# | Achieve | 7/07/2025 | 22151 | 22151 | 21930 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41793624, 19.490%, 8/13/2030 †x# | Achieve | 7/03/2025 | 48867 | 48867 | 48966 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794510, 17.740%, 8/03/2028 †x# | Achieve | 7/07/2025 | 44178 | 44178 | 43986 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794523, 20.240%, 8/11/2028 †§x# | Achieve | 7/03/2025 | 22663 | 22663 | 22638 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794706, 18.740%, 8/15/2029 †§x# | Achieve | 7/08/2025 | 31978 | 31978 | 32024 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794752, 16.740%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 25487 | 25487 | 25502 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794824, 16.490%, 6/30/2029 †§x | Achieve | 7/08/2025 | 24142 | 24142 | 23871 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794831, 15.490%, 6/25/2028 †§x | Achieve | 7/07/2025 | 32560 | 32560 | 32301 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794960, 16.740%, 8/12/2030 †§x# | Achieve | 7/03/2025 | 21826 | 21826 | 21845 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794981, 16.240%, 8/10/2029 †x# | Achieve | 7/03/2025 | 44243 | 44243 | 44265 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794982, 18.240%, 7/29/2029 †§x# | Achieve | 7/03/2025 | 25809 | 25809 | 25576 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41794996, 13.240%, 8/10/2029 †§x# | Achieve | 7/08/2025 | 22333 | 22333 | 22303 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41795054, 18.740%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 30565 | 30565 | 30594 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41795070, 17.240%, 6/19/2028 †§x# | Achieve | 7/08/2025 | 33145 | 33145 | 32713 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41795100, 16.990%, 8/01/2030 †x | Achieve | 7/03/2025 | 46435 | 46435 | 46249 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41795356, 18.740%, 8/15/2029 †x# | Achieve | 7/08/2025 | 49641 | 49641 | 49712 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41797981, 15.490%, 8/14/2030 †§x# | Achieve | 7/08/2025 | 38997 | 38997 | 38995 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41814927, 20.990%, 8/11/2030 †§x# | Achieve | 7/03/2025 | 39884 | 39884 | 39936 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41815272, 16.990%, 8/11/2030 †x# | Achieve | 7/03/2025 | 48740 | 48740 | 48687 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41822624, 14.990%, 8/15/2030 †x# | Achieve | 7/09/2025 | 40948 | 40948 | 40947 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41830111, 11.990%, 8/07/2030 †x# | Achieve | 7/07/2025 | 49496 | 49496 | 49366 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41834107, 17.740%, 8/12/2030 †§x# | Achieve | 7/03/2025 | 36793 | 36793 | 36834 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41834345, 14.240%, 8/15/2030 †x# | Achieve | 7/07/2025 | 49708 | 49708 | 49727 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41835074, 24.990%, 6/23/2030 †x | Achieve | 7/08/2025 | 42970 | 42970 | 42149 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41841798, 17.740%, 8/12/2028 †§x# | Achieve | 7/03/2025 | 22933 | 22933 | 22981 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41842228, 14.990%, 8/14/2029 †x# | Achieve | 7/07/2025 | 49512 | 49512 | 49544 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41845282, 13.990%, 8/16/2030 †§x# | Achieve | 7/09/2025 | 33116 | 33116 | 33123 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41854101, 11.990%, 8/05/2027 †x# | Achieve | 7/07/2025 | 42049 | 42049 | 41940 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41855553, 18.490%, 8/13/2030 †§x# | Achieve | 7/03/2025 | 24898 | 24898 | 24941 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**203** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41857356, 24.990%, 9/15/2030 †§x# | Achieve | 7/08/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21539 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41857741, 20.240%, 8/10/2030 †§x# | Achieve | 7/08/2025 | 30636 | 30636 | 30591 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41862018, 16.740%, 8/12/2030 †§x# | Achieve | 7/03/2025 | 23880 | 23880 | 23901 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41866148, 24.990%, 9/11/2030 †§x# | Achieve | 7/03/2025 | 24200 | 24200 | 23945 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41867438, 12.740%, 8/10/2030 †§x# | Achieve | 7/03/2025 | 29751 | 29751 | 29729 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41867857, 16.490%, 6/18/2028 †§x# | Achieve | 7/03/2025 | 27974 | 27974 | 27652 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41868017, 23.990%, 8/10/2030 †x# | Achieve | 7/03/2025 | 49809 | 49809 | 49563 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41868230, 21.240%, 8/10/2030 †§x# | Achieve | 7/03/2025 | 29900 | 29900 | 29924 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41873400, 23.990%, 9/14/2030 †§x# | Achieve | 7/07/2025 | 23500 | 23500 | 23418 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41875394, 17.240%, 8/11/2030 †x# | Achieve | 7/03/2025 | 49743 | 49743 | 49769 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41878457, 14.990%, 8/26/2030 †x# | Achieve | 7/09/2025 | 49694 | 49694 | 49759 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41878632, 24.740%, 9/15/2030 †x# | Achieve | 7/07/2025 | 47700 | 47700 | 47571 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41878749, 16.990%, 8/11/2030 †§x# | Achieve | 7/03/2025 | 26821 | 26821 | 26834 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41880272, 21.490%, 8/11/2030 †§x# | Achieve | 7/03/2025 | 22541 | 22541 | 22537 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41880308, 12.240%, 8/14/2027 †§x# | Achieve | 7/07/2025 | 28677 | 28677 | 28688 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41880589, 24.990%, 9/13/2030 †§x# | Achieve | 7/03/2025 | 26000 | 26000 | 25761 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41880810, 23.240%, 8/11/2030 †x# | Achieve | 7/03/2025 | 49921 | 49921 | 50009 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41881147, 24.990%, 9/15/2030 †§x# | Achieve | 7/03/2025 | 32381 | 32381 | 32294 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41882717, 21.740%, 8/11/2030 †x# | Achieve | 7/03/2025 | 49877 | 49877 | 49698 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41883014, 12.240%, 8/11/2027 †x# | Achieve | 7/03/2025 | 45069 | 45069 | 45130 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41883619, 24.990%, 9/11/2030 †x# | Achieve | 7/03/2025 | 46780 | 46780 | 46589 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41884228, 21.990%, 8/12/2030 †§x# | Achieve | 7/03/2025 | 33043 | 33043 | 33060 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41884367, 16.490%, 8/11/2029 †§x# | Achieve | 7/03/2025 | 20541 | 20541 | 20561 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41884726, 20.740%, 9/09/2030 †x# | Achieve | 7/31/2025 | 50000 | 50000 | 50057 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41884930, 19.490%, 8/14/2030 †x# | Achieve | 7/08/2025 | 49837 | 49837 | 49866 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41884936, 17.240%, 8/15/2028 †x# | Achieve | 7/08/2025 | 49251 | 49251 | 49287 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41884965, 18.490%, 9/07/2030 †x# | Achieve | 7/30/2025 | 50000 | 50000 | 50002 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885002, 20.490%, 8/16/2030 †§x# | Achieve | 7/08/2025 | 24093 | 24093 | 24106 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885085, 16.240%, 8/14/2030 †§x# | Achieve | 7/07/2025 | 29089 | 29089 | 29099 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885113, 18.990%, 8/14/2029 †§x# | Achieve | 7/07/2025 | 23418 | 23418 | 23450 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885209, 24.740%, 10/06/2030 †x# | Achieve | 7/29/2025 | 45000 | 45000 | 44784 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885339, 20.740%, 8/14/2030 †x# | Achieve | 7/07/2025 | 46323 | 46323 | 46378 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885428, 14.740%, 10/03/2028 †x | Achieve | 8/29/2025 | 26229 | 26229 | 26229 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885518, 24.740%, 9/15/2030 †x# | Achieve | 7/07/2025 | 50000 | 50000 | 49914 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885529, 24.990%, 9/14/2030 †x# | Achieve | 7/07/2025 | 42359 | 42359 | 42219 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41885635, 17.740%, 8/15/2029 †x# | Achieve | 7/08/2025 | 24980 | 24980 | 24979 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41887769, 16.490%, 8/12/2028 †x# | Achieve | 7/03/2025 | 41787 | 41787 | 41862 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41890341, 19.990%, 8/13/2030 †§x# | Achieve | 7/03/2025 | 31923 | 31923 | 31992 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41890872, 20.740%, 8/12/2030 †§x# | Achieve | 7/07/2025 | 30900 | 30900 | 30903 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41892199, 22.990%, 8/13/2030 †x# | Achieve | 7/03/2025 | 49859 | 49859 | 49754 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41892713, 14.490%, 8/12/2029 †§x# | Achieve | 7/03/2025 | 25826 | 25826 | 25809 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41892944, 17.240%, 8/13/2030 †§x# | Achieve | 7/07/2025 | 31172 | 31172 | 31133 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41894461, 11.990%, 8/12/2029 †§x# | Achieve | 7/03/2025 | 35166 | 35166 | 35178 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41894995, 23.990%, 8/12/2030 †§x# | Achieve | 7/08/2025 | 21044 | 21044 | 20957 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41900055, 15.740%, 8/16/2029 †§x# | Achieve | 7/09/2025 | 36444 | 36444 | 36378 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41900280, 17.490%, 8/13/2030 †x# | Achieve | 7/07/2025 | 47709 | 47709 | 47715 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41902206, 15.490%, 8/13/2030 †x# | Achieve | 7/03/2025 | 49731 | 49731 | 49780 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41902957, 24.240%, 8/22/2030 †§x# | Achieve | 7/07/2025 | 29690 | 29690 | 29471 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41902965, 18.990%, 8/13/2029 †§x# | Achieve | 7/03/2025 | 30826 | 30826 | 30902 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41903086, 24.490%, 9/13/2030 †§x# | Achieve | 7/03/2025 | 32028 | 32028 | 31973 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41903499, 17.740%, 8/14/2030 †§x# | Achieve | 7/07/2025 | 25704 | 25704 | 25720 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41903573, 21.490%, 8/13/2030 †§x# | Achieve | 7/08/2025 | 21332 | 21332 | 21311 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41904245, 21.990%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 37059 | 37059 | 37069 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41904604, 16.490%, 8/13/2030 †§x# | Achieve | 7/03/2025 | 26873 | 26873 | 26906 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41906067, 13.740%, 8/14/2030 †§x# | Achieve | 7/08/2025 | 22443 | 22443 | 22436 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41909195, 17.240%, 8/14/2028 †§x# | Achieve | 7/08/2025 | 27567 | 27567 | 27524 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**204** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41911056, 23.990%, 9/14/2030 †§x# | Achieve | 7/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20891 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41911243, 24.240%, 9/14/2030 †§x | Achieve | 7/07/2025 | 36000 | 36000 | 35876 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41912059, 24.990%, 9/14/2030 †x# | Achieve | 7/07/2025 | 49066 | 49066 | 48570 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41912450, 18.990%, 8/14/2029 †§x# | Achieve | 7/07/2025 | 25152 | 25152 | 25186 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41912503, 23.990%, 9/14/2030 †§x# | Achieve | 7/07/2025 | 20900 | 20900 | 20693 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41912981, 24.990%, 9/26/2030 †x# | Achieve | 7/07/2025 | 23847 | 23847 | 23869 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41913205, 19.240%, 8/14/2030 †x# | Achieve | 7/07/2025 | 49753 | 49753 | 49732 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41913337, 18.240%, 8/15/2028 †§x# | Achieve | 7/07/2025 | 34419 | 34419 | 34491 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41913824, 22.740%, 8/15/2030 †§x# | Achieve | 7/07/2025 | 24124 | 24124 | 24143 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41914087, 24.990%, 9/14/2030 †§x# | Achieve | 7/07/2025 | 22300 | 22300 | 22226 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41914497, 14.240%, 8/14/2030 †x# | Achieve | 7/07/2025 | 49689 | 49689 | 49689 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41914553, 23.240%, 8/14/2029 †§x# | Achieve | 7/07/2025 | 28780 | 28780 | 28733 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41914598, 24.990%, 9/15/2030 †§x# | Achieve | 7/07/2025 | 30000 | 30000 | 29727 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41914902, 11.990%, 8/14/2027 †x# | Achieve | 7/07/2025 | 39886 | 39886 | 39935 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41916024, 21.990%, 8/14/2029 †§x# | Achieve | 7/07/2025 | 27058 | 27058 | 27008 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41916051, 24.490%, 8/10/2030 †§x# | Achieve | 7/08/2025 | 21222 | 21222 | 21086 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41917105, 21.490%, 8/14/2029 †§x# | Achieve | 7/07/2025 | 25265 | 25265 | 25216 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41917324, 16.740%, 8/15/2029 †§x# | Achieve | 7/08/2025 | 26867 | 26867 | 26861 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41917579, 9.990%, 8/14/2030 †§x# | Achieve | 7/07/2025 | 38572 | 38572 | 38543 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41918581, 17.240%, 8/01/2029 †x# | Achieve | 7/09/2025 | 41949 | 41949 | 41655 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41918668, 13.990%, 8/15/2030 †x# | Achieve | 7/08/2025 | 49680 | 49680 | 49684 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41920182, 18.990%, 8/15/2027 †§x# | Achieve | 7/08/2025 | 29918 | 29918 | 29902 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41920550, 14.740%, 8/16/2030 †§x# | Achieve | 7/09/2025 | 34794 | 34794 | 34806 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41922115, 14.740%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 25362 | 25362 | 25368 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41924163, 15.490%, 8/16/2030 †§x# | Achieve | 7/08/2025 | 32095 | 32095 | 32120 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41926242, 20.240%, 8/15/2028 †§x# | Achieve | 7/08/2025 | 38497 | 38497 | 38475 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41927113, 17.740%, 8/15/2030 †x# | Achieve | 7/09/2025 | 42493 | 42493 | 42510 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41927161, 13.490%, 8/15/2030 †x# | Achieve | 7/08/2025 | 44545 | 44545 | 44545 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41927364, 24.990%, 9/15/2030 †§x# | Achieve | 7/08/2025 | 34000 | 34000 | 33680 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41927405, 17.490%, 8/15/2028 †x# | Achieve | 7/08/2025 | 49259 | 49259 | 49298 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41927659, 17.990%, 8/16/2029 †x# | Achieve | 7/09/2025 | 49416 | 49416 | 49485 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41927950, 21.240%, 8/15/2030 †x# | Achieve | 7/08/2025 | 40101 | 40101 | 40106 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41929780, 9.990%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 27164 | 27164 | 27147 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41931019, 21.990%, 8/15/2030 †§x# | Achieve | 7/08/2025 | 21553 | 21553 | 21498 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41931913, 17.490%, 6/30/2030 †x | Achieve | 7/08/2025 | 48893 | 48893 | 48426 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41932910, 21.490%, 8/04/2030 †§x# | Achieve | 7/08/2025 | 32566 | 32566 | 32368 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41933331, 17.240%, 8/16/2030 †§x# | Achieve | 7/09/2025 | 29250 | 29250 | 29273 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41944315, 24.740%, 9/16/2030 †§x# | Achieve | 7/09/2025 | 29500 | 29500 | 29232 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41945164, 13.740%, 8/16/2029 †§x# | Achieve | 7/09/2025 | 25357 | 25357 | 25373 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41947291, 12.740%, 9/01/2029 †x# | Achieve | 7/31/2025 | 23196 | 23196 | 23136 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41955115, 18.990%, 9/07/2029 †x# | Achieve | 7/30/2025 | 41770 | 41770 | 41805 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41955593, 13.990%, 9/06/2028 †x# | Achieve | 7/30/2025 | 36944 | 36944 | 36940 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41955620, 22.740%, 9/08/2030 †x# | Achieve | 7/31/2025 | 20218 | 20218 | 20126 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-41998015, 20.240%, 9/04/2029 †x# | Achieve | 7/30/2025 | 36591 | 36591 | 36506 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42036361, 14.990%, 7/24/2029 †x | Achieve | 7/31/2025 | 20747 | 20747 | 20645 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42048151, 19.990%, 7/07/2027 †x# | Achieve | 7/30/2025 | 20941 | 20941 | 20617 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42050077, 16.740%, 9/06/2028 †x# | Achieve | 7/29/2025 | 50000 | 50000 | 50035 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42050336, 16.740%, 7/15/2030 †x# | Achieve | 7/31/2025 | 30049 | 30049 | 29756 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42050647, 18.490%, 7/23/2030 †x | Achieve | 7/31/2025 | 49376 | 49376 | 49053 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42050881, 22.240%, 9/05/2030 †x# | Achieve | 7/29/2025 | 50000 | 50000 | 49910 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42050976, 23.740%, 7/23/2030 †x | Achieve | 7/29/2025 | 37554 | 37554 | 37176 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42051195, 16.740%, 9/08/2030 †x# | Achieve | 7/31/2025 | 20297 | 20297 | 20293 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42077909, 9.990%, 8/28/2030 †x | Achieve | 7/31/2025 | 24681 | 24681 | 24594 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42081147, 24.990%, 8/28/2030 †x | Achieve | 7/30/2025 | 37968 | 37968 | 37525 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42085139, 15.990%, 9/05/2029 †x# | Achieve | 7/31/2025 | 23564 | 23564 | 23501 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42099440, 22.740%, 8/30/2029 †x | Achieve | 7/31/2025 | 34108 | 34108 | 33817 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**205** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42100425, 20.240%, 9/04/2030 †x# | Achieve | 7/29/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28424 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42104529, 21.240%, 8/31/2029 †x | Achieve | 7/31/2025 | 24888 | 24888 | 24714 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42118894, 19.240%, 9/08/2030 †x# | Achieve | 7/31/2025 | 34448 | 34448 | 34459 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131617, 24.240%, 9/07/2029 †x# | Achieve | 7/30/2025 | 24400 | 24400 | 24326 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131633, 24.240%, 7/20/2029 †x | Achieve | 7/31/2025 | 26736 | 26736 | 26403 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131668, 20.740%, 7/22/2030 †x | Achieve | 7/29/2025 | 26566 | 26566 | 26390 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131681, 16.990%, 8/31/2030 †x | Achieve | 7/30/2025 | 48578 | 48578 | 48413 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131729, 15.240%, 7/16/2028 †x# | Achieve | 7/31/2025 | 28319 | 28319 | 28072 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131844, 22.990%, 8/25/2030 †x | Achieve | 7/30/2025 | 29641 | 29641 | 29556 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131902, 14.990%, 7/20/2029 †x | Achieve | 7/31/2025 | 28585 | 28585 | 28400 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42131940, 16.990%, 10/06/2030 †x | Achieve | 8/28/2025 | 37411 | 37411 | 37411 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132012, 11.990%, 7/15/2027 †x# | Achieve | 7/29/2025 | 32545 | 32545 | 32372 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132087, 16.990%, 9/06/2027 †x# | Achieve | 7/29/2025 | 32345 | 32345 | 32400 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132092, 17.490%, 9/07/2030 †x# | Achieve | 7/30/2025 | 25756 | 25756 | 25752 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132133, 16.990%, 8/31/2030 †x | Achieve | 7/29/2025 | 34248 | 34248 | 34144 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132161, 21.740%, 9/08/2029 †x# | Achieve | 7/31/2025 | 50000 | 50000 | 49882 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132463, 19.490%, 9/07/2030 †x# | Achieve | 7/30/2025 | 32912 | 32912 | 32919 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132517, 17.490%, 9/07/2029 †x# | Achieve | 7/30/2025 | 40000 | 40000 | 39950 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132593, 16.990%, 9/06/2030 †x# | Achieve | 7/29/2025 | 48495 | 48495 | 48477 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132596, 12.990%, 7/15/2028 †x# | Achieve | 7/31/2025 | 35032 | 35032 | 34778 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42132624, 12.990%, 9/05/2028 †x# | Achieve | 7/31/2025 | 38195 | 38195 | 38163 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42149226, 23.490%, 9/19/2030 †x# | Achieve | 7/30/2025 | 48000 | 48000 | 47932 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42155171, 14.240%, 9/07/2030 †x# | Achieve | 7/30/2025 | 28429 | 28429 | 28407 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42161911, 19.490%, 9/04/2029 †x# | Achieve | 8/01/2025 | 44300 | 44300 | 44162 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42162101, 15.240%, 9/04/2028 †x# | Achieve | 7/29/2025 | 31058 | 31058 | 31010 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42165026, 13.990%, 9/11/2030 †x# | Achieve | 8/01/2025 | 50000 | 50000 | 50008 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42172347, 9.990%, 9/07/2030 †x# | Achieve | 7/31/2025 | 50000 | 50000 | 49913 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42173443, 15.490%, 9/05/2028 †x# | Achieve | 7/31/2025 | 28705 | 28705 | 28657 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42175234, 16.240%, 9/07/2030 †x# | Achieve | 7/30/2025 | 50000 | 50000 | 49981 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42175312, 13.990%, 8/28/2030 †x | Achieve | 7/29/2025 | 28515 | 28515 | 28419 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42175735, 17.240%, 9/05/2030 †x# | Achieve | 7/31/2025 | 24394 | 24394 | 24359 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42176624, 24.990%, 9/05/2030 †x# | Achieve | 7/30/2025 | 48900 | 48900 | 48554 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42177822, 24.990%, 10/07/2030 †x# | Achieve | 8/01/2025 | 21500 | 21500 | 21363 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42180728, 23.490%, 7/15/2030 †x# | Achieve | 7/30/2025 | 28566 | 28566 | 28124 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42181002, 12.990%, 9/05/2029 †x# | Achieve | 7/29/2025 | 27954 | 27954 | 27933 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42182801, 24.990%, 10/10/2030 †x# | Achieve | 7/31/2025 | 30000 | 30000 | 29878 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42185904, 11.990%, 9/07/2030 †x# | Achieve | 7/30/2025 | 32255 | 32255 | 32216 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42188076, 20.740%, 9/06/2030 †x# | Achieve | 7/31/2025 | 50000 | 50000 | 49975 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42190666, 21.240%, 9/06/2030 †x# | Achieve | 7/31/2025 | 31000 | 31000 | 30987 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42192241, 16.740%, 8/24/2030 †x | Achieve | 7/29/2025 | 48288 | 48288 | 48181 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42192435, 19.490%, 9/06/2030 †x# | Achieve | 7/30/2025 | 28000 | 28000 | 27992 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42192909, 24.990%, 10/06/2030 †x# | Achieve | 7/29/2025 | 25000 | 25000 | 24847 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42194018, 17.240%, 9/07/2030 †x# | Achieve | 7/30/2025 | 32255 | 32255 | 32248 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42194661, 20.240%, 9/01/2028 †x# | Achieve | 7/31/2025 | 22033 | 22033 | 21909 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42195504, 14.990%, 9/07/2030 †x# | Achieve | 7/31/2025 | 40000 | 40000 | 39964 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42195534, 24.990%, 10/07/2030 †x# | Achieve | 7/30/2025 | 32200 | 32200 | 32015 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42195785, 22.740%, 6/22/2028 †x | Achieve | 7/30/2025 | 21046 | 21046 | 20844 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42195786, 9.990%, 7/23/2030 †x | Achieve | 7/30/2025 | 46638 | 46638 | 46424 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42199441, 24.990%, 10/07/2030 †x# | Achieve | 7/30/2025 | 27000 | 27000 | 26845 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42200343, 24.990%, 9/07/2030 †x | Achieve | 7/30/2025 | 21261 | 21261 | 21135 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42201692, 15.490%, 9/07/2030 †x# | Achieve | 7/30/2025 | 34000 | 34000 | 33982 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42202000, 20.490%, 9/10/2030 †x | Achieve | 8/01/2025 | 27090 | 27090 | 27082 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42202410, 21.990%, 9/05/2030 †x# | Achieve | 7/30/2025 | 32000 | 32000 | 31803 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42202801, 23.240%, 9/08/2030 †x# | Achieve | 7/30/2025 | 44000 | 44000 | 43989 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42202994, 11.990%, 9/07/2030 †x# | Achieve | 7/30/2025 | 35043 | 35043 | 35001 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42204595, 13.490%, 9/08/2029 †x# | Achieve | 7/31/2025 | 33750 | 33750 | 33746 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**206** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42205024, 12.990%, 9/07/2028 †x | Achieve | 7/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49626 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42206623, 18.990%, 9/03/2029 †x# | Achieve | 7/31/2025 | 50000 | 50000 | 49923 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42206688, 16.240%, 8/17/2030 †x | Achieve | 8/28/2025 | 20428 | 20428 | 20428 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42209961, 18.240%, 9/08/2028 †x# | Achieve | 7/31/2025 | 20904 | 20904 | 20857 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42209963, 18.490%, 9/07/2029 †x# | Achieve | 7/31/2025 | 29850 | 29850 | 29861 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42210113, 16.990%, 7/15/2029 †x# | Achieve | 7/30/2025 | 43716 | 43716 | 43252 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42210175, 24.990%, 10/08/2030 †x# | Achieve | 7/31/2025 | 20500 | 20500 | 20390 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42210295, 19.240%, 7/20/2030 †x | Achieve | 7/31/2025 | 49303 | 49303 | 48821 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42211126, 22.740%, 9/08/2028 †x# | Achieve | 7/31/2025 | 27000 | 27000 | 26938 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42216558, 19.740%, 9/08/2030 †x# | Achieve | 7/31/2025 | 23600 | 23600 | 23610 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42217080, 18.990%, 7/11/2029 †x# | Achieve | 7/31/2025 | 26033 | 26033 | 25704 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42217274, 15.740%, 9/08/2030 †x# | Achieve | 7/31/2025 | 50000 | 50000 | 49982 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42217742, 14.990%, 9/08/2030 †x# | Achieve | 8/01/2025 | 50000 | 50000 | 49961 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42217778, 15.490%, 9/08/2030 †x# | Achieve | 7/31/2025 | 32200 | 32200 | 32187 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42218824, 12.990%, 9/08/2029 †x# | Achieve | 7/31/2025 | 25000 | 25000 | 24995 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42219761, 13.490%, 9/10/2030 †x# | Achieve | 8/01/2025 | 26893 | 26893 | 26884 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42221136, 20.240%, 9/08/2029 †x# | Achieve | 7/31/2025 | 50000 | 50000 | 49971 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42221258, 13.990%, 9/08/2030 †x# | Achieve | 7/31/2025 | 49144 | 49144 | 49110 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42221306, 11.990%, 9/10/2030 †x# | Achieve | 8/01/2025 | 41314 | 41314 | 41288 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42221480, 18.240%, 9/08/2029 †x | Achieve | 8/01/2025 | 22973 | 22973 | 22983 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42222626, 17.490%, 9/08/2027 †x# | Achieve | 7/31/2025 | 22200 | 22200 | 22227 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42222683, 18.990%, 10/01/2029 †x | Achieve | 8/28/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42223566, 15.740%, 7/17/2028 †x | Achieve | 7/31/2025 | 30137 | 30137 | 29909 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42228136, 17.240%, 9/10/2029 †x | Achieve | 8/01/2025 | 21197 | 21197 | 21223 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42230143, 17.240%, 9/05/2029 †x# | Achieve | 8/01/2025 | 22320 | 22320 | 22295 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42230429, 14.240%, 9/10/2029 †x# | Achieve | 8/01/2025 | 40805 | 40805 | 40825 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42231115, 19.490%, 9/10/2030 †x# | Achieve | 8/01/2025 | 24584 | 24584 | 24608 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42231663, 23.990%, 9/10/2030 †x# | Achieve | 8/01/2025 | 28400 | 28400 | 28305 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42231692, 24.990%, 10/09/2030 †x# | Achieve | 8/01/2025 | 26699 | 26699 | 26565 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42232473, 23.990%, 10/11/2030 †x# | Achieve | 8/01/2025 | 33600 | 33600 | 33468 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42232605, 20.740%, 9/12/2030 †x# | Achieve | 8/01/2025 | 45740 | 45740 | 45771 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42233776, 16.240%, 9/10/2030 †x# | Achieve | 8/01/2025 | 50000 | 50000 | 50014 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42234806, 11.990%, 9/10/2030 †x# | Achieve | 8/01/2025 | 28400 | 28400 | 28382 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42239758, 19.990%, 9/11/2030 †x# | Achieve | 8/01/2025 | 50000 | 50000 | 49998 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42241173, 14.240%, 9/05/2029 †x# | Achieve | 8/01/2025 | 26191 | 26191 | 26111 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42247315, 13.990%, 9/11/2030 †x# | Achieve | 8/01/2025 | 27400 | 27400 | 27405 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42250570, 17.490%, 9/12/2029 †x# | Achieve | 8/01/2025 | 50000 | 50000 | 50022 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42253053, 20.740%, 9/13/2030 †x# | Achieve | 8/01/2025 | 45000 | 45000 | 45130 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42253207, 20.740%, 8/30/2030 †x | Achieve | 8/01/2025 | 39651 | 39651 | 39396 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42302354, 14.240%, 10/01/2028 †x | Achieve | 8/29/2025 | 21609 | 21609 | 21609 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42302372, 14.990%, 10/09/2028 †x | Achieve | 8/29/2025 | 37145 | 37145 | 37145 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42377027, 21.240%, 10/05/2029 †x | Achieve | 8/29/2025 | 48800 | 48800 | 48800 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42395330, 15.990%, 10/05/2030 †x | Achieve | 8/28/2025 | 34735 | 34735 | 34735 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42396036, 11.240%, 10/01/2027 †x | Achieve | 8/29/2025 | 23222 | 23222 | 23222 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42427523, 11.490%, 10/08/2029 †x | Achieve | 8/29/2025 | 23917 | 23917 | 23917 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42445155, 19.490%, 10/07/2030 †x | Achieve | 8/29/2025 | 23794 | 23794 | 23794 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42456171, 16.490%, 9/27/2030 †x | Achieve | 8/29/2025 | 31219 | 31219 | 31219 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42469859, 14.990%, 10/08/2029 †x | Achieve | 8/29/2025 | 27900 | 27900 | 27900 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42480612, 23.990%, 11/06/2030 †x | Achieve | 8/28/2025 | 28700 | 28700 | 28700 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42480844, 16.740%, 10/10/2030 †x | Achieve | 8/29/2025 | 36260 | 36260 | 36260 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481306, 13.990%, 10/06/2028 †x | Achieve | 8/28/2025 | 31464 | 31464 | 31464 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481308, 11.240%, 10/07/2027 †x | Achieve | 8/29/2025 | 23663 | 23663 | 23663 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481388, 15.990%, 10/05/2030 †x | Achieve | 8/28/2025 | 34900 | 34900 | 34900 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481441, 16.990%, 10/06/2030 †x | Achieve | 8/29/2025 | 31457 | 31457 | 31457 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481629, 17.490%, 10/06/2030 †x | Achieve | 8/28/2025 | 43900 | 43900 | 43900 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481652, 22.490%, 10/08/2029 †x | Achieve | 8/29/2025 | 42900 | 42900 | 42900 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**207** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481683, 19.490%, 10/09/2030 †x | Achieve | 8/29/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37100 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42481850, 22.990%, 10/03/2030 †x | Achieve | 8/29/2025 | 32807 | 32807 | 32807 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42491429, 21.740%, 10/02/2030 †x | Achieve | 8/28/2025 | 30000 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42492143, 23.990%, 10/06/2030 †x | Achieve | 8/29/2025 | 25500 | 25500 | 25500 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42495317, 16.240%, 10/05/2030 †x | Achieve | 8/29/2025 | 40000 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42503847, 13.990%, 10/04/2028 †x | Achieve | 8/29/2025 | 31000 | 31000 | 31000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42511784, 23.240%, 10/01/2030 †x | Achieve | 8/29/2025 | 24133 | 24133 | 24133 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42514666, 22.740%, 10/09/2028 †x | Achieve | 8/28/2025 | 21300 | 21300 | 21300 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42518237, 18.490%, 10/03/2030 †x | Achieve | 8/29/2025 | 28057 | 28057 | 28057 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42529735, 23.990%, 11/08/2030 †x | Achieve | 8/29/2025 | 24793 | 24793 | 24793 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42534140, 20.740%, 8/19/2029 †x | Achieve | 8/29/2025 | 32840 | 32840 | 32840 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42534210, 17.240%, 10/06/2030 †x | Achieve | 8/29/2025 | 35600 | 35600 | 35600 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42535331, 17.240%, 10/06/2030 †x | Achieve | 8/29/2025 | 48501 | 48501 | 48501 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42535514, 22.240%, 10/06/2030 †x | Achieve | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42548021, 24.990%, 10/06/2030 †x | Achieve | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42548645, 17.740%, 10/05/2029 †x | Achieve | 8/29/2025 | 49480 | 49480 | 49480 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42552089, 14.240%, 10/06/2030 †x | Achieve | 8/28/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42552401, 14.740%, 10/05/2028 †x | Achieve | 8/29/2025 | 27000 | 27000 | 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42553094, 11.990%, 9/27/2027 †x | Achieve | 8/29/2025 | 42234 | 42234 | 42234 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42553413, 24.740%, 8/15/2030 †x | Achieve | 8/29/2025 | 23300 | 23300 | 23300 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42554151, 20.740%, 10/06/2029 †x | Achieve | 8/28/2025 | 37590 | 37590 | 37590 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42560318, 10.990%, 8/22/2027 †x | Achieve | 8/28/2025 | 21503 | 21503 | 21503 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42560992, 15.990%, 10/06/2030 †x | Achieve | 8/28/2025 | 36422 | 36422 | 36422 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42561705, 24.990%, 11/07/2030 †x | Achieve | 8/28/2025 | 21900 | 21900 | 21900 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42562798, 24.990%, 11/06/2030 †x | Achieve | 8/28/2025 | 49900 | 49900 | 49900 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42562882, 17.990%, 10/06/2030 †x | Achieve | 8/29/2025 | 47000 | 47000 | 47000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42563734, 22.240%, 9/30/2030 †x | Achieve | 8/28/2025 | 41085 | 41085 | 41085 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42564509, 23.240%, 10/01/2030 †x | Achieve | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42564610, 22.990%, 10/09/2030 †x | Achieve | 8/29/2025 | 25261 | 25261 | 25261 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42564811, 21.490%, 10/09/2030 †x | Achieve | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42565217, 23.990%, 11/09/2030 †x | Achieve | 8/29/2025 | 29645 | 29645 | 29645 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42565295, 16.990%, 8/19/2030 †x | Achieve | 8/29/2025 | 22500 | 22500 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42565549, 21.240%, 10/02/2028 †x | Achieve | 8/29/2025 | 26254 | 26254 | 26254 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42565618, 24.740%, 11/09/2030 †x | Achieve | 8/29/2025 | 34900 | 34900 | 34900 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42565657, 13.240%, 10/07/2027 †x | Achieve | 8/29/2025 | 31072 | 31072 | 31072 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42565897, 17.240%, 10/07/2030 †x | Achieve | 8/28/2025 | 43100 | 43100 | 43100 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42566549, 23.240%, 10/06/2030 †x | Achieve | 8/29/2025 | 28814 | 28814 | 28814 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42566669, 19.240%, 9/28/2030 †x | Achieve | 8/28/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42566768, 22.990%, 10/09/2029 †x | Achieve | 8/29/2025 | 27000 | 27000 | 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42567369, 20.990%, 10/07/2030 †x | Achieve | 8/29/2025 | 28500 | 28500 | 28500 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42567523, 23.740%, 8/15/2030 †x | Achieve | 8/28/2025 | 33000 | 33000 | 33000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42567568, 10.740%, 10/09/2029 †x | Achieve | 8/29/2025 | 22263 | 22263 | 22263 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42568008, 16.490%, 10/01/2030 †x | Achieve | 8/29/2025 | 24813 | 24813 | 24813 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42569549, 17.740%, 10/07/2030 †x | Achieve | 8/29/2025 | 29600 | 29600 | 29600 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42570268, 20.990%, 10/05/2030 †x | Achieve | 8/29/2025 | 47500 | 47500 | 47500 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42572247, 16.990%, 10/07/2030 †x | Achieve | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42572618, 9.990%, 8/15/2030 †x | Achieve | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42573437, 24.990%, 11/07/2030 †x | Achieve | 8/29/2025 | 29400 | 29400 | 29400 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42574292, 20.240%, 10/07/2029 †x | Achieve | 8/29/2025 | 32255 | 32255 | 32255 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42574811, 24.990%, 11/07/2030 †x | Achieve | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42579667, 24.990%, 11/08/2030 †x | Achieve | 8/29/2025 | 39822 | 39822 | 39822 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42579982, 14.990%, 10/09/2030 †x | Achieve | 8/29/2025 | 23970 | 23970 | 23970 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42582493, 24.990%, 11/09/2030 †x | Achieve | 8/29/2025 | 26879 | 26879 | 26879 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42582841, 22.990%, 11/10/2030 †x | Achieve | 8/29/2025 | 28000 | 28000 | 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42587437, 17.240%, 9/29/2030 †x | Achieve | 8/29/2025 | 48277 | 48277 | 48277 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42587685, 14.990%, 10/09/2030 †x | Achieve | 8/29/2025 | 49532 | 49532 | 49532 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**208** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42588056, 19.990%, 10/09/2028 †x | Achieve | 8/29/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42588112, 24.490%, 11/09/2030 †x | Achieve | 8/29/2025 | 27470 | 27470 | 27470 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42589584, 24.990%, 11/09/2030 †x | Achieve | 8/29/2025 | 31400 | 31400 | 31400 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42593982, 14.240%, 10/09/2030 †x | Achieve | 8/29/2025 | 27094 | 27094 | 27094 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42594472, 22.240%, 10/10/2030 †x | Achieve | 8/29/2025 | 34200 | 34200 | 34200 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42595305, 24.990%, 11/09/2030 †x | Achieve | 8/29/2025 | 26371 | 26371 | 26371 |
| &nbsp;&nbsp;&nbsp;&nbsp; APP-42595309, 17.990%, 10/09/2029 †x | Achieve | 8/29/2025 | 33274 | 33274 | 33274 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3704547, 25.120%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 22704 | 22332 | 23855 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3712579, 23.610%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 19769 | 19451 | 20509 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3720488, 10.510%, 3/08/2028 †x◇ | Upstart | 3/13/2023 | 29099 | 28680 | 29577 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3721920, 16.460%, 3/09/2028 †x◇ | Upstart | 3/14/2023 | 30668 | 30206 | 31241 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3723344, 28.720%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 27431 | 27038 | 28549 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3757092, 27.990%, 4/13/2028 †§x | Upstart | 4/18/2023 | 19206 | 19206 | 20027 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3757165, 28.730%, 4/13/2028 †§x | Upstart | 4/18/2023 | 23583 | 23583 | 24596 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3757481, 10.070%, 9/13/2028 †x | Upstart | 4/18/2023 | 30544 | 30544 | 31084 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3758734, 25.900%, 4/14/2028 †x | Upstart | 4/19/2023 | 33729 | 33729 | 35203 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3788840, 23.250%, 5/09/2028 †§x | Upstart | 5/12/2023 | 30727 | 30420 | 31312 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3790454, 24.620%, 5/10/2028 †§x | Upstart | 5/15/2023 | 26310 | 26133 | 26819 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3790510, 20.850%, 5/25/2028 †§x | Upstart | 5/15/2023 | 35548 | 35382 | 36305 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3790562, 28.860%, 10/10/2028 †x | Upstart | 5/15/2023 | 21174 | 21146 | 21120 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3792755, 15.830%, 5/11/2028 †§x | Upstart | 5/16/2023 | 21657 | 21521 | 21937 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3793597, 24.310%, 10/27/2028 †x# | Upstart | 5/17/2023 | 26256 | 26029 | 26688 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3794486, 28.500%, 5/12/2028 †§x | Upstart | 5/17/2023 | 20382 | 20236 | 20772 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3796238, 28.060%, 5/15/2028 †§x | Upstart | 5/18/2023 | 35637 | 35391 | 36899 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3798129, 18.620%, 10/16/2028 †x# | Upstart | 5/19/2023 | 32044 | 31847 | 32136 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3799567, 13.330%, 5/16/2028 †§x | Upstart | 5/19/2023 | 31478 | 31283 | 32070 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3800673, 22.390%, 10/20/2028 †x# | Upstart | 5/22/2023 | 37264 | 37029 | 38026 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3801929, 22.510%, 5/18/2028 †x | Upstart | 5/23/2023 | 30735 | 30530 | 31448 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3803086, 25.230%, 5/18/2028 †§x# | Upstart | 5/23/2023 | 24029 | 23792 | 23403 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3803637, 20.390%, 5/19/2028 †§x# | Upstart | 5/24/2023 | 34517 | 34242 | 33642 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3805733, 24.190%, 11/06/2028 †x# | Upstart | 5/25/2023 | 40907 | 40590 | 41413 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3806035, 14.960%, 3/24/2029 †x | Upstart | 5/25/2023 | 31144 | 30833 | 31632 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3850275, 26.470%, 11/20/2028 †x◇ | Upstart | 6/23/2023 | 38546 | 38208 | 39684 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3850362, 12.770%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 32153 | 31950 | 32789 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3855142, 24.030%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 31380 | 31168 | 32132 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3857249, 26.150%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 35566 | 35316 | 36989 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3858688, 21.540%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 24222 | 24058 | 24841 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3858803, 24.150%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 21178 | 21031 | 21714 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3858902, 27.030%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 25229 | 25051 | 25835 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3858952, 28.790%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 24491 | 24315 | 25467 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3860401, 19.420%, 6/26/2028 †x#◇ | Upstart | 6/29/2023 | 28324 | 28138 | 29103 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3861385, 17.200%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 33138 | 32920 | 33682 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3861472, 12.060%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 20381 | 20252 | 20807 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3861630, 26.620%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 20148 | 20005 | 20646 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3865619, 17.940%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 33621 | 33398 | 34156 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3873612, 12.820%, 7/05/2028 †§x | Upstart | 7/10/2023 | 32959 | 32748 | 33544 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3873735, 20.840%, 12/19/2028 †x#◇ | Upstart | 7/10/2023 | 40019 | 39633 | 38117 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3873849, 17.160%, 7/05/2028 †§x | Upstart | 7/10/2023 | 21804 | 21659 | 22033 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3877303, 17.660%, 7/07/2028 †§x | Upstart | 7/12/2023 | 34311 | 34083 | 34685 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3877382, 20.420%, 7/07/2028 †§x | Upstart | 7/12/2023 | 28046 | 27855 | 28602 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3877582, 19.970%, 7/07/2028 †§x | Upstart | 7/12/2023 | 34939 | 34702 | 35636 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3879716, 17.220%, 7/10/2028 †§x | Upstart | 7/13/2023 | 34191 | 33963 | 34590 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3879876, 28.810%, 7/10/2028 †§x | Upstart | 7/13/2023 | 33262 | 33021 | 34229 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3880018, 14.650%, 7/10/2028 †§x | Upstart | 7/13/2023 | 33524 | 33306 | 34126 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3882539, 23.060%, 12/11/2028 †x# | Upstart | 7/14/2023 | 24986 | 24775 | 23593 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3894118, 24.090%, 7/20/2028 †§x | Upstart | 7/25/2023 | 33868 | 33610 | 34657 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**209** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3894128, 13.540%, 7/20/2028 †§x | Upstart | 7/25/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32783 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32569 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33431 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3894324, 6.000%, 7/20/2028 †x | Upstart | 7/25/2023 | 33601 | 33295 | 34332 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3894514, 14.470%, 12/20/2028 †x | Upstart | 7/25/2023 | 25888 | 25722 | 26073 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3895787, 25.770%, 7/21/2028 †x◇ | Upstart | 7/26/2023 | 22244 | 22041 | 22780 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3933960, 23.520%, 8/18/2028 †§x | Upstart | 8/23/2023 | 25000 | 24899 | 25547 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3934205, 25.730%, 2/03/2029 †x# | Upstart | 8/23/2023 | 22737 | 22737 | 22509 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3934223, 25.630%, 1/18/2029 †x# | Upstart | 8/23/2023 | 36791 | 36742 | 36887 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3935478, 19.630%, 8/21/2028 †§x | Upstart | 8/24/2023 | 20265 | 20195 | 20747 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3935578, 26.560%, 8/21/2028 †x | Upstart | 8/24/2023 | 36728 | 36556 | 35640 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3935663, 19.600%, 1/21/2029 †x# | Upstart | 8/24/2023 | 47196 | 46961 | 44156 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3935888, 21.610%, 8/21/2028 †x◇ | Upstart | 8/24/2023 | 20559 | 20467 | 21035 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3938825, 26.540%, 8/22/2028 †§x | Upstart | 8/25/2023 | 29239 | 29133 | 29898 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3938975, 28.280%, 8/26/2028 †§x# | Upstart | 8/25/2023 | 32624 | 32511 | 33474 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3939182, 18.440%, 6/22/2029 †x# | Upstart | 8/25/2023 | 38298 | 38107 | 36946 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3939223, 25.200%, 8/22/2028 †§x | Upstart | 8/25/2023 | 22612 | 22530 | 23432 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3939235, 18.250%, 8/22/2028 †§x | Upstart | 8/25/2023 | 34440 | 34322 | 34925 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3939830, 24.540%, 8/22/2028 †§x | Upstart | 8/25/2023 | 33201 | 33082 | 34002 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3940811, 23.080%, 2/02/2029 †x# | Upstart | 8/28/2023 | 41340 | 41340 | 41794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3940842, 16.710%, 8/23/2028 †§x | Upstart | 8/28/2023 | 34749 | 34631 | 35700 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3940955, 11.500%, 8/23/2028 †§x | Upstart | 8/28/2023 | 33091 | 32983 | 33783 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3941607, 12.370%, 8/28/2028 †§x | Upstart | 8/28/2023 | 33646 | 33535 | 34330 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3942502, 20.920%, 8/24/2028 †§x# | Upstart | 8/29/2023 | 28113 | 28015 | 28757 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3942645, 20.110%, 8/24/2028 †§x# | Upstart | 8/29/2023 | 36457 | 36331 | 37297 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3942883, 24.400%, 8/24/2028 †§x | Upstart | 8/29/2023 | 20592 | 20518 | 21087 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3942899, 21.540%, 8/24/2028 †§x | Upstart | 8/29/2023 | 22956 | 22875 | 23553 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3943136, 11.130%, 1/24/2029 †x# | Upstart | 8/29/2023 | 36060 | 35927 | 36686 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3943558, 21.800%, 8/24/2028 †§x | Upstart | 8/29/2023 | 20802 | 20729 | 21305 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3943979, 20.520%, 8/25/2028 †§x | Upstart | 8/30/2023 | 35788 | 35663 | 36706 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3946250, 26.680%, 8/28/2028 †x◇ | Upstart | 8/31/2023 | 24224 | 24116 | 24852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3947560, 19.850%, 8/28/2028 †x | Upstart | 8/31/2023 | 32048 | 31902 | 32951 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3986412, 25.700%, 10/01/2026 †§x# | Upstart | 9/27/2023 | 21776 | 21728 | 21843 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3988656, 14.820%, 9/25/2028 †§x | Upstart | 9/28/2023 | 31567 | 31459 | 32042 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3988814, 21.440%, 9/25/2028 †x#◇ | Upstart | 9/28/2023 | 36688 | 36522 | 37613 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3989064, 12.200%, 9/25/2028 †§x | Upstart | 9/28/2023 | 32589 | 32479 | 33270 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3993622, 12.930%, 9/27/2028 †§x | Upstart | 10/02/2023 | 19941 | 19872 | 20261 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3993816, 29.700%, 9/27/2028 †§x | Upstart | 10/02/2023 | 20367 | 20301 | 20856 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM3996381, 22.130%, 10/12/2028 †x#◇ | Upstart | 10/03/2023 | 33588 | 33435 | 33993 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4010314, 22.440%, 10/10/2028 †§x | Upstart | 10/13/2023 | 29473 | 29326 | 30003 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4026013, 26.470%, 3/17/2029 †x#◇ | Upstart | 10/20/2023 | 36403 | 36224 | 34101 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4027242, 23.420%, 10/18/2028 †§x | Upstart | 10/23/2023 | 21449 | 21370 | 21962 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4028541, 20.490%, 10/19/2028 †§x | Upstart | 10/24/2023 | 22265 | 22184 | 22519 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4028651, 25.710%, 10/19/2028 †§x | Upstart | 10/24/2023 | 25073 | 24977 | 25783 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4028805, 19.340%, 10/19/2028 †§x | Upstart | 10/24/2023 | 25217 | 25093 | 25493 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4028842, 16.750%, 10/19/2028 †§x | Upstart | 10/24/2023 | 24858 | 24770 | 25146 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4028911, 24.220%, 10/19/2028 †§x | Upstart | 10/24/2023 | 26793 | 26693 | 26070 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4036403, 27.020%, 10/25/2028 †§x | Upstart | 10/30/2023 | 21919 | 21896 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4037512, 15.200%, 10/25/2028 †§x | Upstart | 10/30/2023 | 24333 | 24212 | 24639 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4037883, 20.960%, 3/25/2029 †x# | Upstart | 10/30/2023 | 44769 | 44576 | 44427 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4038131, 18.400%, 10/25/2028 †§x | Upstart | 10/30/2023 | 32994 | 32959 | 33434 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4039024, 22.720%, 10/26/2028 †§x | Upstart | 10/31/2023 | 37360 | 37221 | 38278 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4039246, 26.370%, 10/26/2028 †§x | Upstart | 10/31/2023 | 24177 | 24081 | 24630 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4040728, 20.390%, 10/27/2028 †§x | Upstart | 11/01/2023 | 37169 | 37033 | 38003 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4042423, 13.470%, 11/01/2028 †§x | Upstart | 11/02/2023 | 34665 | 34544 | 35191 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4044898, 13.770%, 11/01/2028 †§x | Upstart | 11/02/2023 | 36260 | 36133 | 36459 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4085661, 19.710%, 11/27/2028 †§x | Upstart | 11/30/2023 | 20489 | 20489 | 20980 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4085752, 26.240%, 9/27/2029 †x | Upstart | 11/30/2023 | 22753 | 22753 | 22933 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**210** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4085890, 27.350%, 4/27/2029 †x | Upstart | 11/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21566 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4085929, 23.740%, 11/27/2028 †§x# | Upstart | 11/30/2023 | 34265 | 34265 | 35046 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4086646, 23.120%, 11/27/2028 †§x | Upstart | 11/30/2023 | 21777 | 21777 | 22292 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4086869, 13.090%, 11/27/2028 †§x | Upstart | 11/30/2023 | 21624 | 21624 | 22057 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4087368, 22.640%, 4/27/2029 †x# | Upstart | 11/30/2023 | 29320 | 29320 | 29336 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4088399, 22.450%, 11/27/2028 †§x | Upstart | 11/30/2023 | 26819 | 26819 | 27459 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4088573, 17.330%, 11/27/2028 †§x | Upstart | 11/30/2023 | 20034 | 20034 | 20242 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4092250, 28.310%, 5/16/2029 †x#◇ | Upstart | 12/04/2023 | 28562 | 28562 | 26140 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4092268, 26.800%, 12/01/2028 †§x | Upstart | 12/04/2023 | 39232 | 39232 | 40895 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4093012, 29.930%, 12/01/2028 †§x | Upstart | 12/04/2023 | 37375 | 37375 | 37864 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4093013, 26.060%, 12/01/2028 †§x# | Upstart | 12/04/2023 | 38054 | 38054 | 39642 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4093240, 23.800%, 12/01/2028 †§x | Upstart | 12/05/2023 | 38526 | 38526 | 38759 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4093432, 16.360%, 12/16/2028 †§x | Upstart | 12/05/2023 | 38044 | 38044 | 38008 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4114126, 19.380%, 12/12/2028 †x◇ | Upstart | 12/15/2023 | 25045 | 25045 | 25182 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4114167, 27.760%, 5/12/2029 †x | Upstart | 12/15/2023 | 44192 | 44192 | 43233 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4122402, 25.470%, 12/18/2028 †§x | Upstart | 12/21/2023 | 27767 | 27767 | 28629 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4122852, 6.000%, 12/18/2028 †x | Upstart | 12/21/2023 | 28034 | 28034 | 28355 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4124530, 14.000%, 12/27/2028 †x◇ | Upstart | 12/21/2023 | 27618 | 27618 | 27718 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4128876, 23.780%, 12/20/2028 †§x | Upstart | 12/26/2023 | 35266 | 35266 | 35794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4132892, 20.470%, 12/26/2028 †§x | Upstart | 12/29/2023 | 38240 | 38240 | 38946 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4133787, 29.060%, 6/11/2029 †x# | Upstart | 12/29/2023 | 45382 | 45382 | 44900 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4134392, 23.930%, 12/28/2028 †§x | Upstart | 12/29/2023 | 22543 | 22543 | 22778 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4134489, 16.560%, 12/26/2028 †§x | Upstart | 12/29/2023 | 36843 | 36843 | 37082 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4137062, 28.320%, 12/27/2028 †x◇ | Upstart | 1/02/2024 | 27467 | 27467 | 28274 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4148862, 14.100%, 1/04/2029 †§x | Upstart | 1/09/2024 | 33367 | 33367 | 33219 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4157140, 18.270%, 1/09/2029 †§x | Upstart | 1/12/2024 | 27948 | 27948 | 28104 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4157564, 19.720%, 1/10/2029 †§x | Upstart | 1/16/2024 | 38251 | 38251 | 38087 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4158541, 11.340%, 1/10/2029 †§x | Upstart | 1/16/2024 | 29221 | 29221 | 29992 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4160646, 24.330%, 1/11/2029 †§x | Upstart | 1/17/2024 | 27135 | 27135 | 27722 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4161961, 24.200%, 1/12/2029 †§x | Upstart | 1/18/2024 | 26976 | 26976 | 27570 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4162275, 30.350%, 1/12/2029 †§x | Upstart | 1/18/2024 | 33531 | 33531 | 34053 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4172712, 16.460%, 1/22/2029 †§x | Upstart | 1/25/2024 | 21447 | 21447 | 21423 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4173376, 14.230%, 1/22/2029 †§x | Upstart | 1/25/2024 | 20788 | 20788 | 20770 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4173745, 21.560%, 6/27/2029 †x# | Upstart | 1/25/2024 | 40397 | 40397 | 40514 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4173841, 25.270%, 1/22/2029 †§x | Upstart | 1/25/2024 | 40211 | 40211 | 40820 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4173896, 16.790%, 1/22/2029 †§x | Upstart | 1/25/2024 | 37754 | 37754 | 37697 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4174563, 22.810%, 1/22/2029 †§x | Upstart | 1/25/2024 | 38249 | 38249 | 38806 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4177262, 23.450%, 1/23/2029 †§x | Upstart | 1/26/2024 | 19918 | 19918 | 20238 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4178153, 27.340%, 1/24/2029 †§x | Upstart | 1/29/2024 | 37279 | 37279 | 37855 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4179530, 27.470%, 1/24/2029 †§x | Upstart | 1/29/2024 | 33324 | 33324 | 34182 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4180547, 14.070%, 1/25/2029 †§x | Upstart | 1/30/2024 | 37738 | 37738 | 37738 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4180688, 26.870%, 2/10/2029 †§x# | Upstart | 1/30/2024 | 41752 | 41752 | 42466 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4180952, 26.820%, 1/25/2029 †x | Upstart | 1/30/2024 | 36668 | 36668 | 37652 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4181667, 17.770%, 11/26/2029 †x | Upstart | 1/31/2024 | 41405 | 41405 | 41038 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4182278, 26.200%, 1/26/2029 †x# | Upstart | 1/31/2024 | 30430 | 30430 | 30935 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4182427, 23.190%, 1/26/2029 †§x | Upstart | 1/31/2024 | 39333 | 39333 | 39985 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4182926, 15.820%, 1/26/2029 †§x | Upstart | 1/31/2024 | 21395 | 21395 | 21388 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4182938, 28.450%, 1/26/2029 †x◇ | Upstart | 1/31/2024 | 25047 | 25047 | 25475 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4183070, 24.570%, 2/01/2029 †§x | Upstart | 2/01/2024 | 36891 | 36891 | 37102 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4183120, 28.680%, 7/16/2029 †x# | Upstart | 2/01/2024 | 32203 | 32203 | 29624 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4183141, 22.220%, 2/01/2029 †x | Upstart | 2/01/2024 | 23031 | 23031 | 23231 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4183358, 26.240%, 2/01/2027 †§x | Upstart | 2/01/2024 | 22572 | 22572 | 22281 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4183461, 25.090%, 2/01/2029 †§x | Upstart | 2/01/2024 | 20456 | 20456 | 20570 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4183562, 28.400%, 2/01/2029 †§x | Upstart | 2/01/2024 | 32206 | 32206 | 33125 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4183751, 16.060%, 2/01/2029 †x | Upstart | 2/01/2024 | 21043 | 21043 | 20856 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4184351, 16.820%, 2/01/2029 †§x | Upstart | 2/01/2024 | 34516 | 34516 | 35052 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**211** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4184378, 28.040%, 7/01/2029 †x# | Upstart | 2/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35947 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4184669, 21.690%, 2/01/2029 †x | Upstart | 2/01/2024 | 40713 | 40713 | 40892 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4185564, 17.990%, 2/01/2029 †§x | Upstart | 2/01/2024 | 26713 | 26713 | 26465 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4187791, 24.360%, 2/01/2029 †x | Upstart | 2/02/2024 | 39760 | 39760 | 40104 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4188185, 29.160%, 2/01/2029 †x | Upstart | 2/05/2024 | 29530 | 29530 | 29618 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4212945, 26.590%, 2/20/2029 †§x# | Upstart | 2/23/2024 | 24883 | 24883 | 23721 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4213515, 25.870%, 3/01/2029 †§x# | Upstart | 2/23/2024 | 42023 | 42023 | 42404 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4213730, 17.940%, 3/05/2029 †x# | Upstart | 2/23/2024 | 20111 | 20111 | 20008 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4213787, 26.950%, 2/20/2029 †§x | Upstart | 2/23/2024 | 41105 | 41105 | 41921 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4217636, 14.360%, 2/21/2029 †§x | Upstart | 2/26/2024 | 38507 | 38507 | 38486 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4218984, 22.350%, 2/21/2029 †§x | Upstart | 2/26/2024 | 20112 | 20112 | 20231 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4220279, 18.120%, 2/22/2029 †§x | Upstart | 2/27/2024 | 23661 | 23661 | 22477 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4220380, 25.260%, 2/22/2029 †§x | Upstart | 2/27/2024 | 26927 | 26927 | 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4221174, 23.290%, 2/23/2029 †§x | Upstart | 2/28/2024 | 40369 | 40369 | 40803 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4221740, 23.760%, 2/23/2029 †§x | Upstart | 2/28/2024 | 20266 | 20266 | 20414 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4225248, 26.040%, 3/11/2029 †x#◇ | Upstart | 3/01/2024 | 41985 | 41985 | 42496 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4225340, 19.740%, 2/27/2029 †§x | Upstart | 3/01/2024 | 30397 | 30397 | 30796 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4225385, 29.050%, 8/04/2029 †x# | Upstart | 3/01/2024 | 21547 | 21547 | 21149 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4225905, 24.130%, 2/27/2029 †x | Upstart | 3/01/2024 | 21496 | 21496 | 21998 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4225990, 25.240%, 2/27/2029 †§x | Upstart | 3/01/2024 | 41266 | 41266 | 42009 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4225999, 25.660%, 2/27/2029 †x◇ | Upstart | 3/01/2024 | 27716 | 27716 | 28368 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4226015, 22.320%, 2/27/2029 †§x | Upstart | 3/01/2024 | 35744 | 35744 | 36167 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4226180, 28.980%, 2/27/2029 †§x | Upstart | 3/01/2024 | 22338 | 22338 | 22841 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4226862, 22.750%, 2/28/2029 †§x | Upstart | 3/04/2024 | 20151 | 20151 | 20405 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4227215, 15.440%, 2/28/2029 †§x | Upstart | 3/04/2024 | 30832 | 30832 | 31294 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4227677, 28.250%, 2/28/2029 †§x | Upstart | 3/04/2024 | 28012 | 28012 | 28587 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4227731, 29.170%, 2/28/2029 †x◇ | Upstart | 3/04/2024 | 20086 | 20086 | 20544 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4228023, 22.080%, 2/28/2029 †§x | Upstart | 3/04/2024 | 21456 | 21456 | 21626 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4228157, 16.670%, 2/28/2029 †x◇ | Upstart | 3/04/2024 | 21427 | 21427 | 21354 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4228237, 25.170%, 2/28/2029 †§x | Upstart | 3/04/2024 | 35283 | 35283 | 35675 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4229166, 14.760%, 3/01/2029 †§x | Upstart | 3/05/2024 | 35581 | 35581 | 35265 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4241769, 19.430%, 3/11/2027 †x | Upstart | 3/14/2024 | 29226 | 29226 | 29188 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4242208, 24.760%, 3/11/2029 †§x | Upstart | 3/14/2024 | 41504 | 41504 | 41725 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4244544, 26.110%, 3/11/2029 †§x | Upstart | 3/14/2024 | 27222 | 27222 | 27342 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4244606, 17.610%, 3/11/2029 †x | Upstart | 3/14/2024 | 39946 | 39946 | 39682 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4245694, 20.600%, 3/12/2027 †§x | Upstart | 3/15/2024 | 30162 | 30162 | 30088 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4246077, 26.610%, 3/12/2029 †x | Upstart | 3/15/2024 | 37612 | 37612 | 37966 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4277961, 24.710%, 4/02/2027 †x◇ | Upstart | 4/05/2024 | 30483 | 30483 | 30068 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4278036, 14.070%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 39869 | 39869 | 40324 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4278488, 30.060%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 20747 | 20747 | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4279503, 21.570%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 20646 | 20646 | 20630 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4283873, 18.620%, 4/11/2029 †§x# | Upstart | 4/15/2024 | 39712 | 39712 | 39644 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4286705, 27.440%, 4/08/2029 †§x | Upstart | 4/11/2024 | 23767 | 23767 | 23596 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4286875, 25.440%, 4/08/2029 †§x | Upstart | 4/11/2024 | 29452 | 29452 | 29460 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4286893, 29.660%, 4/08/2029 †§x | Upstart | 4/11/2024 | 29959 | 29959 | 30044 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4287320, 12.810%, 4/08/2029 †x | Upstart | 4/11/2024 | 19800 | 19800 | 20053 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4290489, 22.170%, 9/09/2029 †x# | Upstart | 4/12/2024 | 46175 | 46175 | 45495 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4290570, 26.450%, 4/09/2029 †§x | Upstart | 4/12/2024 | 41834 | 41834 | 41833 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4291312, 23.240%, 4/09/2027 †§x | Upstart | 4/12/2024 | 20185 | 20185 | 20114 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4291515, 29.780%, 4/09/2029 †x | Upstart | 4/12/2024 | 20695 | 20695 | 20745 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4291742, 24.990%, 4/09/2029 †§x | Upstart | 4/12/2024 | 20897 | 20897 | 20996 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4293809, 25.700%, 4/10/2029 †§x | Upstart | 4/15/2024 | 23756 | 23756 | 23876 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4295363, 25.170%, 4/11/2029 †§x | Upstart | 4/16/2024 | 41636 | 41636 | 41871 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4295634, 25.540%, 9/11/2029 †x# | Upstart | 4/16/2024 | 37840 | 37840 | 37250 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4296650, 21.620%, 4/11/2029 †x | Upstart | 4/16/2024 | 41044 | 41044 | 41124 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4296762, 25.570%, 4/11/2029 †x | Upstart | 4/16/2024 | 21891 | 21891 | 22012 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**212** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4296864, 22.810%, 4/12/2029 †§x | Upstart | 4/17/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41881 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4297045, 24.870%, 4/12/2029 †x | Upstart | 4/17/2024 | 25187 | 25187 | 25344 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4297640, 25.020%, 4/12/2029 †§x | Upstart | 4/17/2024 | 20034 | 20034 | 20043 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4297776, 23.910%, 4/12/2029 †§x | Upstart | 4/17/2024 | 41712 | 41712 | 41978 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4310648, 29.060%, 4/19/2029 †§x | Upstart | 4/24/2024 | 23529 | 23529 | 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4311083, 16.390%, 4/19/2029 †x◇ | Upstart | 4/24/2024 | 32845 | 32845 | 32673 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4311446, 24.580%, 4/22/2029 †§x | Upstart | 4/25/2024 | 26916 | 26916 | 27138 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4311565, 23.000%, 4/22/2029 †§x | Upstart | 4/25/2024 | 27223 | 27223 | 27489 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4311641, 29.290%, 4/22/2029 †§x | Upstart | 4/25/2024 | 23078 | 23078 | 23301 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4312133, 29.120%, 9/22/2029 †x# | Upstart | 4/25/2024 | 27641 | 27641 | 25665 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4312744, 27.480%, 4/22/2029 †§x | Upstart | 4/25/2024 | 20537 | 20537 | 20747 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4315980, 28.770%, 4/23/2029 †§x | Upstart | 4/26/2024 | 24306 | 24306 | 24556 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4316221, 21.030%, 4/23/2029 †§x | Upstart | 4/26/2024 | 20631 | 20631 | 20667 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4316294, 24.660%, 4/23/2029 †§x | Upstart | 4/26/2024 | 23298 | 23298 | 23318 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4317071, 29.180%, 4/23/2029 †§x | Upstart | 4/26/2024 | 23192 | 23192 | 23299 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4317585, 29.740%, 4/24/2029 †§x | Upstart | 4/29/2024 | 26286 | 26286 | 26562 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4317915, 29.080%, 4/24/2029 †§x | Upstart | 4/29/2024 | 23060 | 23060 | 23307 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4318209, 28.490%, 4/24/2029 †§x | Upstart | 4/29/2024 | 28116 | 28116 | 28399 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4318387, 16.950%, 4/24/2029 †§x | Upstart | 4/29/2024 | 28332 | 28332 | 28180 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4319604, 17.850%, 4/25/2029 †§x | Upstart | 4/30/2024 | 38781 | 38781 | 38619 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4327458, 15.190%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 40825 | 40825 | 41962 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4328868, 26.050%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 40975 | 40975 | 40183 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4329892, 28.850%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 31306 | 31306 | 30739 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4330985, 27.890%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 29602 | 29602 | 29094 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4331470, 18.100%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 41356 | 41356 | 42466 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4332030, 28.530%, 5/03/2029 †x#◇ | Upstart | 5/08/2024 | 25803 | 25803 | 25384 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4333286, 28.450%, 10/03/2029 †x◇ | Upstart | 5/08/2024 | 21543 | 21543 | 21741 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4334461, 29.950%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 23441 | 23441 | 23068 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4335545, 29.110%, 5/06/2029 †x | Upstart | 5/09/2024 | 36269 | 36269 | 35700 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4338075, 25.160%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 33163 | 33163 | 32690 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4340772, 19.960%, 5/08/2029 †x | Upstart | 5/13/2024 | 38178 | 38178 | 38590 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4341913, 26.110%, 5/09/2029 †x | Upstart | 5/14/2024 | 38509 | 38509 | 37998 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4341983, 25.890%, 5/17/2029 †x | Upstart | 5/14/2024 | 30786 | 30786 | 30395 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4342905, 15.980%, 5/09/2029 †§x | Upstart | 5/14/2024 | 38490 | 38490 | 38972 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4343782, 26.670%, 10/10/2029 †x | Upstart | 5/15/2024 | 45396 | 45396 | 44960 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4344032, 28.870%, 5/10/2029 †x | Upstart | 5/15/2024 | 22748 | 22748 | 22428 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4344914, 28.630%, 5/25/2029 †§x | Upstart | 5/15/2024 | 40194 | 40194 | 39707 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4345171, 21.670%, 5/13/2029 †§x | Upstart | 5/16/2024 | 23222 | 23222 | 23165 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4345293, 27.900%, 10/10/2029 †x# | Upstart | 5/15/2024 | 29466 | 29466 | 29070 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4345636, 30.020%, 5/13/2029 †§x | Upstart | 5/16/2024 | 26238 | 26238 | 25940 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4346005, 23.640%, 5/13/2029 †§x | Upstart | 5/16/2024 | 28044 | 28044 | 27946 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4346430, 19.450%, 5/13/2029 †§x | Upstart | 5/16/2024 | 40448 | 40448 | 40923 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4352304, 18.840%, 5/15/2029 †§x | Upstart | 5/20/2024 | 41496 | 41622 | 42054 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4353413, 28.540%, 10/15/2029 †x#◇ | Upstart | 5/20/2024 | 39019 | 39019 | 38644 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4354519, 21.280%, 5/16/2029 †§x | Upstart | 5/21/2024 | 41946 | 41946 | 41885 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4354572, 27.970%, 5/16/2029 †§x | Upstart | 5/21/2024 | 41274 | 41274 | 40832 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4356640, 29.920%, 5/17/2029 †§x | Upstart | 5/22/2024 | 22136 | 22136 | 21931 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4358027, 25.220%, 5/20/2029 †§x | Upstart | 5/23/2024 | 42636 | 42636 | 42356 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4358864, 21.350%, 5/20/2029 †§x | Upstart | 5/23/2024 | 25326 | 25326 | 25328 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4359862, 27.830%, 5/20/2029 †§x | Upstart | 5/23/2024 | 22497 | 22497 | 22328 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4361869, 29.120%, 10/21/2029 †x# | Upstart | 5/24/2024 | 22349 | 22349 | 22421 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4362438, 28.880%, 5/21/2029 †x◇ | Upstart | 5/24/2024 | 34416 | 34416 | 34214 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4363095, 27.460%, 5/21/2029 †§x | Upstart | 5/24/2024 | 42668 | 42668 | 42432 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4382195, 27.010%, 6/03/2029 †§x | Upstart | 6/06/2024 | 30947 | 30947 | 30389 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4382251, 27.260%, 6/03/2029 †§x | Upstart | 6/06/2024 | 24186 | 24186 | 23791 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4382809, 32.190%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 25724 | 25724 | 25246 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**213** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4383099, 29.760%, 6/03/2029 †§x | Upstart | 6/06/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29674 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4384352, 28.940%, 6/04/2029 †x | Upstart | 6/07/2024 | 43753 | 43753 | 43047 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4384870, 28.220%, 6/03/2029 †x#◇ | Upstart | 6/06/2024 | 22239 | 22239 | 21877 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4385493, 30.050%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 44061 | 44061 | 43282 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4386903, 29.100%, 6/19/2029 †x◇ | Upstart | 6/07/2024 | 22855 | 22855 | 22474 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4387652, 18.910%, 11/04/2029 †x# | Upstart | 6/07/2024 | 31085 | 31085 | 31636 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4389768, 16.550%, 6/05/2029 †§x | Upstart | 6/10/2024 | 41854 | 41854 | 43037 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4390274, 18.480%, 6/05/2029 †§x | Upstart | 6/10/2024 | 29431 | 29431 | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4390315, 26.970%, 6/05/2029 †§x | Upstart | 6/10/2024 | 28306 | 28306 | 27871 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4390651, 21.100%, 6/06/2029 †§x | Upstart | 6/11/2024 | 42503 | 42503 | 42294 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4390657, 29.170%, 6/06/2029 †§x | Upstart | 6/11/2024 | 23907 | 23907 | 23549 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4391574, 23.760%, 6/06/2029 †§x | Upstart | 6/11/2024 | 37102 | 37102 | 36593 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4391649, 28.600%, 6/15/2029 †§x | Upstart | 6/11/2024 | 44005 | 44152 | 43337 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4391698, 23.840%, 6/06/2029 †§x | Upstart | 6/11/2024 | 43476 | 43476 | 42876 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4392066, 27.720%, 6/06/2029 †x | Upstart | 6/11/2024 | 44488 | 44488 | 43852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4392520, 29.010%, 6/06/2029 †§x | Upstart | 6/11/2024 | 43761 | 43761 | 43107 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4393534, 28.890%, 6/07/2029 †§x | Upstart | 6/12/2024 | 38796 | 38796 | 38236 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4393920, 26.540%, 6/07/2029 †§x | Upstart | 6/12/2024 | 23557 | 23557 | 23204 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4394315, 20.420%, 6/07/2029 †x◇ | Upstart | 6/12/2024 | 28822 | 28822 | 28700 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4394508, 21.340%, 6/07/2029 †§x | Upstart | 6/12/2024 | 42550 | 42550 | 42355 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4433981, 12.640%, 7/01/2029 †x | Upstart | 7/05/2024 | 36166 | 36166 | 37226 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4434250, 28.080%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 30924 | 30924 | 30326 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4439252, 26.110%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 30283 | 30283 | 29762 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4440059, 10.760%, 7/03/2029 †x | Upstart | 7/09/2024 | 40302 | 40302 | 42150 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4440130, 28.890%, 7/03/2029 †x#◇ | Upstart | 7/09/2024 | 24386 | 24386 | 23973 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4440341, 17.440%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 41575 | 41575 | 42696 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4440923, 19.780%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 42903 | 42903 | 43326 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4442617, 26.830%, 7/05/2029 †x#◇ | Upstart | 7/10/2024 | 45494 | 45494 | 25403 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4442757, 28.640%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 23011 | 23011 | 22644 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4443962, 29.070%, 7/20/2029 †x | Upstart | 7/10/2024 | 34231 | 34231 | 33626 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4499241, 22.010%, 8/02/2029 †x | Upstart | 8/07/2024 | 42777 | 42777 | 42426 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4510601, 26.870%, 8/06/2029 †x◇ | Upstart | 8/09/2024 | 30464 | 30464 | 30098 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4512567, 14.890%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 35006 | 35006 | 35982 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4513605, 20.460%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 30423 | 30423 | 30824 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4517599, 30.250%, 8/09/2029 †x#◇ | Upstart | 8/14/2024 | 24208 | 24208 | 23969 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4519738, 28.800%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 21054 | 21054 | 20775 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4520793, 29.380%, 1/12/2030 †x# | Upstart | 8/15/2024 | 45655 | 45655 | 45979 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4524152, 22.570%, 1/12/2030 †x#◇ | Upstart | 8/15/2024 | 27006 | 27006 | 27486 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4526832, 17.770%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 24359 | 24359 | 25033 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4528982, 28.420%, 1/14/2028 †x◇ | Upstart | 8/19/2024 | 26641 | 26641 | 25689 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4529584, 30.060%, 8/14/2029 †§x | Upstart | 8/19/2024 | 29094 | 29094 | 28795 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4530913, 28.890%, 8/15/2029 †§x | Upstart | 8/20/2024 | 23654 | 23654 | 23469 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4532041, 20.290%, 8/28/2029 †§x | Upstart | 8/20/2024 | 26505 | 26505 | 27237 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4534345, 16.900%, 8/16/2029 †§x | Upstart | 8/21/2024 | 36843 | 36843 | 37915 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4534837, 29.900%, 8/16/2029 †§x | Upstart | 8/21/2024 | 33494 | 33494 | 33238 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4536026, 26.840%, 1/19/2030 †x# | Upstart | 8/22/2024 | 25574 | 25574 | 25188 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4541515, 14.740%, 8/20/2029 †§x | Upstart | 8/23/2024 | 29114 | 29114 | 30015 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4546932, 28.890%, 8/22/2029 †§x | Upstart | 8/27/2024 | 40916 | 40916 | 40777 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4557349, 28.890%, 9/07/2029 †x#◇ | Upstart | 8/30/2024 | 23769 | 23769 | 23750 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4558229, 27.170%, 8/27/2029 †x# | Upstart | 8/30/2024 | 45463 | 45463 | 45451 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4558962, 29.140%, 8/27/2029 †§x# | Upstart | 8/30/2024 | 43182 | 43182 | 43120 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4561409, 28.650%, 9/13/2029 †x◇ | Upstart | 9/09/2024 | 22673 | 22673 | 22392 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4561694, 29.160%, 8/28/2029 †§x | Upstart | 9/03/2024 | 24195 | 24195 | 24188 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4564086, 29.160%, 9/01/2029 †§x | Upstart | 9/04/2024 | 25252 | 25252 | 24851 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4564398, 22.640%, 9/01/2029 †§x | Upstart | 9/04/2024 | 27376 | 27376 | 27491 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4567296, 25.830%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 28977 | 28977 | 28616 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**214** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4569023, 22.130%, 2/03/2030 †x#◇ | Upstart | 9/06/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45694 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4571290, 28.130%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 35206 | 35206 | 34511 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4573828, 29.930%, 9/04/2029 †x#◇ | Upstart | 9/09/2024 | 23109 | 23109 | 22775 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4590042, 20.720%, 9/10/2029 †x◇ | Upstart | 9/13/2024 | 21874 | 21874 | 22231 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4592534, 25.920%, 9/11/2029 †§x | Upstart | 9/16/2024 | 26925 | 26925 | 26686 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4595437, 29.420%, 9/12/2029 †§x | Upstart | 9/17/2024 | 30531 | 30531 | 30251 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4639609, 30.130%, 10/02/2029 †§x | Upstart | 10/07/2024 | 23983 | 23983 | 22535 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4640547, 28.770%, 10/01/2029 †§x | Upstart | 10/04/2024 | 36399 | 36399 | 34145 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4645901, 29.080%, 10/03/2029 †§x | Upstart | 10/08/2024 | 25628 | 25713 | 24065 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4648996, 21.020%, 10/04/2029 †x | Upstart | 10/09/2024 | 44819 | 44819 | 42837 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4649241, 19.650%, 10/04/2029 †§x | Upstart | 10/09/2024 | 35715 | 35715 | 34633 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4649998, 23.500%, 10/04/2029 †§x | Upstart | 10/09/2024 | 23826 | 23826 | 22759 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4650139, 12.680%, 10/04/2029 †x | Upstart | 10/09/2024 | 31682 | 31682 | 31308 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4665732, 31.770%, 10/10/2029 †§x | Upstart | 10/16/2024 | 26984 | 26984 | 25416 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4668769, 29.310%, 10/11/2029 †x | Upstart | 10/17/2024 | 45331 | 45331 | 42751 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4672006, 28.860%, 10/15/2029 †§x | Upstart | 10/18/2024 | 26169 | 26169 | 24737 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4677641, 28.730%, 10/15/2029 †§x | Upstart | 10/18/2024 | 22534 | 22609 | 21301 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4776728, 26.720%, 11/22/2029 †§x | Upstart | 11/27/2024 | 26482 | 26482 | 25006 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4776943, 28.680%, 11/20/2029 †§x | Upstart | 11/25/2024 | 24839 | 24839 | 23422 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4777536, 22.110%, 11/20/2029 †§x# | Upstart | 11/25/2024 | 29835 | 29835 | 28501 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4778805, 31.850%, 11/21/2029 †x | Upstart | 11/26/2024 | 36431 | 36552 | 34354 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4780885, 27.600%, 11/21/2029 †x | Upstart | 11/26/2024 | 36120 | 36120 | 34083 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4781402, 32.070%, 11/21/2029 †x | Upstart | 11/26/2024 | 43099 | 43242 | 40725 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4783348, 16.840%, 11/22/2029 †§x | Upstart | 11/27/2024 | 41639 | 41639 | 40940 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4785470, 30.170%, 11/25/2029 †x | Upstart | 11/29/2024 | 45142 | 45142 | 42666 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4785564, 15.790%, 11/25/2029 †§x | Upstart | 11/29/2024 | 27982 | 28071 | 27531 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4791542, 17.230%, 11/25/2029 †§x | Upstart | 11/29/2024 | 44936 | 44936 | 44204 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4793135, 31.500%, 11/26/2029 †x | Upstart | 12/02/2024 | 44645 | 44645 | 42204 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4798026, 28.310%, 11/27/2029 †x# | Upstart | 12/03/2024 | 46915 | 46915 | 44591 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4800451, 11.490%, 12/01/2029 †§x | Upstart | 12/04/2024 | 45113 | 45113 | 44853 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4862173, 31.310%, 12/16/2029 †§x | Upstart | 12/19/2024 | 22645 | 22645 | 21480 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4863779, 11.350%, 12/17/2029 †x | Upstart | 12/20/2024 | 20574 | 20574 | 20476 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4864992, 26.320%, 1/01/2030 †§x# | Upstart | 12/20/2024 | 21613 | 21613 | 20513 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4871509, 17.240%, 12/18/2029 †x | Upstart | 12/23/2024 | 45524 | 45524 | 44753 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4880093, 28.740%, 12/23/2029 †x | Upstart | 12/27/2024 | 21845 | 21845 | 20730 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4973478, 28.830%, 1/27/2030 †x# | Upstart | 1/30/2025 | 34659 | 34659 | 32946 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4973610, 32.350%, 1/27/2030 †§x | Upstart | 1/30/2025 | 35038 | 35038 | 33303 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4982637, 19.290%, 1/28/2030 †x | Upstart | 2/03/2025 | 45627 | 45627 | 44448 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4983787, 17.840%, 1/28/2028 †§x | Upstart | 2/03/2025 | 23202 | 23202 | 22568 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4985111, 20.200%, 1/28/2028 †x◇ | Upstart | 2/04/2025 | 42387 | 42387 | 41029 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4985589, 19.080%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 32349 | 32349 | 31507 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4986672, 27.930%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 21309 | 21309 | 20264 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4987826, 13.580%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 30909 | 30909 | 30438 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4987878, 15.690%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 44866 | 44866 | 44171 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4987924, 16.130%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 26003 | 26003 | 25595 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988013, 31.800%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 22254 | 22254 | 21147 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988076, 25.860%, 1/28/2030 †x | Upstart | 2/05/2025 | 45621 | 45621 | 43383 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988115, 28.640%, 1/28/2030 †x | Upstart | 2/05/2025 | 32202 | 32202 | 30612 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988122, 17.960%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 23458 | 23533 | 22847 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988143, 11.930%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 20512 | 20512 | 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988151, 31.950%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 31979 | 31979 | 30382 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988186, 24.760%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27532 | 27532 | 27059 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988199, 27.500%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 45922 | 45922 | 43664 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988363, 31.770%, 6/28/2030 †x#◇ | Upstart | 2/05/2025 | 26798 | 26798 | 26102 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988404, 16.880%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 28512 | 28512 | 28064 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988410, 29.320%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27818 | 27818 | 26441 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**215** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988608, 14.020%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20709 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988737, 24.940%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 42468 | 42468 | 40400 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4988933, 23.690%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 46011 | 46011 | 43780 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989017, 24.080%, 1/28/2030 †x | Upstart | 2/05/2025 | 44737 | 44737 | 42982 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989098, 18.330%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 31453 | 31453 | 30632 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989099, 16.620%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 39988 | 39988 | 39361 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989228, 21.350%, 1/28/2030 †x | Upstart | 2/05/2025 | 39887 | 39887 | 38335 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989300, 26.870%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 31365 | 31365 | 29826 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989343, 23.380%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 31651 | 31651 | 30786 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989415, 15.410%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 38422 | 38422 | 37828 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989455, 22.180%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 36972 | 36972 | 35530 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989529, 18.730%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 38215 | 38215 | 37215 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989621, 31.970%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 33395 | 33395 | 31727 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989661, 23.420%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 42359 | 42359 | 40700 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989688, 29.000%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 34489 | 34489 | 32824 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989781, 28.800%, 6/28/2030 †x# | Upstart | 2/05/2025 | 36582 | 36582 | 35638 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989807, 30.040%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 26053 | 26053 | 24761 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989856, 21.970%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 37145 | 37145 | 36530 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989923, 31.870%, 1/28/2030 †x#◇ | Upstart | 2/05/2025 | 42212 | 42212 | 39810 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4989990, 13.440%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 20364 | 20364 | 20056 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4990043, 18.040%, 1/28/2030 †x#◇ | Upstart | 2/05/2025 | 27033 | 27033 | 26360 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4990090, 23.010%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27910 | 27910 | 26819 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4990126, 28.340%, 1/28/2030 †x | Upstart | 2/05/2025 | 41666 | 41666 | 39611 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4990127, 31.790%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 22789 | 22789 | 21649 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4990146, 28.290%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 44527 | 44527 | 42023 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4990237, 19.650%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 23091 | 23165 | 22479 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4990265, 16.940%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 45071 | 45216 | 44363 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4991490, 26.270%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 27398 | 27398 | 25823 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4991764, 15.280%, 2/03/2030 †x | Upstart | 2/06/2025 | 31891 | 31974 | 31320 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4992710, 30.800%, 2/03/2030 †x | Upstart | 2/06/2025 | 47373 | 47373 | 24944 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4992762, 17.610%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 46978 | 46978 | 45700 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4992768, 18.310%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 25430 | 25430 | 24661 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4992792, 14.660%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 46443 | 46443 | 45636 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4993911, 15.510%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 30420 | 30420 | 29875 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM4995571, 18.650%, 2/03/2030 †x | Upstart | 2/06/2025 | 44723 | 44870 | 43366 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5001508, 29.750%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 26948 | 26948 | 25414 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5006254, 12.920%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 46328 | 46328 | 45581 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5006447, 19.880%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 46896 | 46896 | 45502 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5169500, 22.040%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 27323 | 27323 | 26166 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5169709, 16.790%, 4/01/2028 †x◇ | Upstart | 4/04/2025 | 44214 | 44332 | 43099 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5171736, 28.320%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 46781 | 46781 | 44438 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5173094, 29.250%, 4/02/2028 †x#◇ | Upstart | 4/07/2025 | 46522 | 46522 | 27656 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5174720, 29.830%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 28608 | 28608 | 27399 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5278617, 30.980%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 21530 | 21530 | 20798 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5289130, 16.480%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 33858 | 33858 | 33501 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5300224, 30.490%, 5/15/2030 †x◇ | Upstart | 5/09/2025 | 38253 | 38253 | 37048 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5304729, 32.030%, 5/07/2030 †x◇ | Upstart | 5/12/2025 | 37986 | 37986 | 36808 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5312070, 30.030%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | 21126 | 21126 | 20481 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5320150, 16.110%, 5/09/2030 †x◇ | Upstart | 5/14/2025 | 24918 | 24918 | 24598 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5327380, 14.960%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 36707 | 36707 | 36359 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5330165, 31.170%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 26721 | 26721 | 25959 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5351449, 26.760%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 25446 | 25446 | 24551 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5352236, 17.200%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 26427 | 26427 | 26114 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5352491, 19.510%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 43463 | 43463 | 42534 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5357318, 24.520%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 40131 | 40131 | 39129 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5431853, 31.990%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 24159 | 24159 | 23589 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**216** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5432384, 28.660%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20287 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5443639, 32.320%, 6/05/2030 †x#◇ | Upstart | 6/10/2025 | 38440 | 38569 | 37198 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5447259, 32.360%, 6/05/2030 †x◇ | Upstart | 6/10/2025 | 28207 | 28207 | 27569 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5453342, 19.580%, 6/06/2028 †x◇ | Upstart | 6/11/2025 | 20800 | 20800 | 20367 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5454221, 31.720%, 6/19/2030 †x◇ | Upstart | 6/12/2025 | 23170 | 23170 | 22837 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5463809, 20.970%, 6/09/2028 †x◇ | Upstart | 6/12/2025 | 21394 | 21394 | 21110 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5480026, 19.880%, 6/11/2030 †x◇ | Upstart | 6/16/2025 | 36965 | 36965 | 36325 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5487839, 29.050%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 21666 | 21666 | 21384 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5487961, 31.290%, 6/13/2030 †x | Upstart | 6/18/2025 | 37817 | 37817 | 37113 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5492620, 15.980%, 6/13/2030 †x | Upstart | 6/18/2025 | 44496 | 44496 | 44221 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5510142, 16.990%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 48551 | 48551 | 48121 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5520451, 20.280%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 21111 | 21111 | 20932 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5527039, 19.730%, 6/20/2030 †x | Upstart | 6/25/2025 | 48922 | 48922 | 48188 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5531358, 29.270%, 6/23/2030 †§x | Upstart | 6/26/2025 | 23913 | 23913 | 23356 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5534283, 21.860%, 6/23/2030 †x | Upstart | 6/26/2025 | 22893 | 22893 | 22707 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5537106, 24.540%, 6/23/2030 †x | Upstart | 6/26/2025 | 33411 | 33411 | 32957 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5543119, 30.060%, 6/24/2030 †§x | Upstart | 6/27/2025 | 29257 | 29257 | 28590 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5545681, 29.350%, 6/24/2028 †x | Upstart | 6/27/2025 | 28450 | 28450 | 28070 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5545754, 28.650%, 6/24/2030 †x | Upstart | 6/27/2025 | 34157 | 34157 | 33709 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5550796, 20.630%, 6/25/2030 †§x | Upstart | 6/30/2025 | 22162 | 22162 | 21994 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5700360, 26.500%, 7/23/2028 †x◇ | Upstart | 7/28/2025 | 33975 | 33975 | 33881 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5702327, 32.060%, 7/23/2030 †x◇ | Upstart | 7/28/2025 | 24045 | 24045 | 23973 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5703978, 29.680%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 22741 | 22741 | 22695 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5710137, 16.010%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 23877 | 23877 | 23771 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5711315, 29.740%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 49653 | 49653 | 49552 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5711338, 28.900%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 22439 | 22439 | 22409 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5712796, 29.430%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 34669 | 34669 | 34362 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5713356, 28.480%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 27698 | 27698 | 27642 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5713386, 28.150%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 49138 | 49138 | 49088 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5715388, 29.560%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 21846 | 21846 | 21802 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5716162, 27.200%, 7/28/2030 †x#◇ | Upstart | 7/31/2025 | 28600 | 28686 | 28364 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5717813, 30.180%, 7/28/2030 †§x | Upstart | 7/31/2025 | 27412 | 27412 | 27107 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5718341, 23.420%, 7/28/2030 †§x | Upstart | 7/31/2025 | 40154 | 40154 | 39883 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5718396, 30.880%, 7/28/2030 †§x | Upstart | 7/31/2025 | 22418 | 22418 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5727921, 29.530%, 8/01/2030 †x | Upstart | 8/01/2025 | 48800 | 48800 | 48066 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5728212, 21.820%, 8/01/2030 †x | Upstart | 8/01/2025 | 50000 | 50000 | 49765 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5728490, 30.400%, 8/01/2030 †§x | Upstart | 8/01/2025 | 27600 | 27600 | 27292 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5730256, 25.500%, 8/01/2030 †x | Upstart | 8/01/2025 | 47500 | 47500 | 47126 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5731451, 28.410%, 8/01/2030 †x | Upstart | 8/01/2025 | 29000 | 29000 | 28679 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5733970, 29.590%, 8/01/2030 †x | Upstart | 8/04/2025 | 49500 | 49500 | 48754 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5734761, 30.030%, 8/01/2030 †x | Upstart | 8/04/2025 | 48671 | 48671 | 48179 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5735307, 29.820%, 8/01/2028 †§x | Upstart | 8/04/2025 | 24400 | 24400 | 24027 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5735415, 32.270%, 8/01/2030 †§x | Upstart | 8/04/2025 | 31900 | 31900 | 31417 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5735804, 29.960%, 8/01/2030 †x | Upstart | 8/04/2025 | 49900 | 49900 | 49148 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5736183, 32.280%, 8/01/2030 †§x | Upstart | 8/04/2025 | 24500 | 24500 | 24129 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5740453, 31.870%, 8/01/2030 †§x | Upstart | 8/05/2025 | 24400 | 24400 | 24043 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5740721, 31.790%, 8/01/2030 †§x | Upstart | 8/05/2025 | 24600 | 24600 | 24240 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5787420, 14.430%, 8/19/2030 †§x | Upstart | 8/22/2025 | 28400 | 28400 | 28353 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5803509, 30.970%, 8/11/2030 †§x | Upstart | 8/14/2025 | 24400 | 24400 | 24175 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5803875, 27.730%, 8/11/2028 †x | Upstart | 8/14/2025 | 49000 | 49000 | 48706 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5804754, 31.380%, 8/11/2030 †§x | Upstart | 8/14/2025 | 29800 | 29800 | 29525 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5805694, 32.260%, 8/11/2030 †§x | Upstart | 8/14/2025 | 35800 | 35800 | 35469 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5808084, 29.810%, 8/11/2030 †x | Upstart | 8/14/2025 | 28600 | 28600 | 28337 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5818862, 30.550%, 8/13/2028 †§x | Upstart | 8/18/2025 | 29800 | 29800 | 29551 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5822275, 28.730%, 8/14/2030 †x | Upstart | 8/19/2025 | 34300 | 34410 | 34036 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5826850, 30.610%, 8/15/2028 †§x | Upstart | 8/20/2025 | 21600 | 21600 | 21441 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**217** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5827954, 30.490%, 8/15/2028 †§x | Upstart | 8/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24618 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5828044, 25.700%, 8/15/2030 †§x | Upstart | 8/20/2025 | 36000 | 36117 | 35743 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5828919, 31.520%, 8/15/2030 †§x | Upstart | 8/20/2025 | 29500 | 29500 | 29286 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5830172, 15.520%, 8/15/2030 †§x | Upstart | 8/20/2025 | 33300 | 33300 | 33225 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5831186, 14.440%, 8/18/2030 †x | Upstart | 8/21/2025 | 30400 | 30503 | 30345 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5831931, 29.650%, 8/18/2030 †x | Upstart | 8/21/2025 | 29300 | 29300 | 29132 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5832747, 29.810%, 8/18/2028 †x | Upstart | 8/21/2025 | 24500 | 24500 | 24357 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5834241, 27.140%, 8/18/2030 †§x | Upstart | 8/21/2025 | 24600 | 24600 | 24501 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5834872, 26.630%, 8/18/2028 †§x | Upstart | 8/21/2025 | 40300 | 40300 | 40067 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5835475, 32.250%, 8/18/2030 †§x | Upstart | 8/21/2025 | 20900 | 20900 | 20779 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5836145, 29.900%, 8/18/2030 †x | Upstart | 8/21/2025 | 24500 | 24500 | 24359 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5837370, 32.380%, 8/18/2030 †§x | Upstart | 8/21/2025 | 29300 | 29300 | 29130 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5837573, 23.340%, 8/18/2030 †§x | Upstart | 8/21/2025 | 20500 | 20500 | 20385 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5837961, 25.590%, 8/18/2030 †x | Upstart | 8/21/2025 | 39800 | 39800 | 39574 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5838620, 20.930%, 8/18/2030 †x | Upstart | 8/21/2025 | 39800 | 39800 | 39674 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5839038, 21.660%, 8/18/2030 †x | Upstart | 8/21/2025 | 50000 | 50000 | 49804 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5839506, 27.340%, 8/18/2030 †x | Upstart | 8/21/2025 | 44500 | 44500 | 44246 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5839621, 28.970%, 8/18/2030 †§x | Upstart | 8/21/2025 | 37400 | 37400 | 37186 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5839639, 31.010%, 8/18/2030 †§x | Upstart | 8/21/2025 | 25000 | 25000 | 24856 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5840712, 20.170%, 8/18/2030 †§x | Upstart | 8/21/2025 | 34100 | 34100 | 33992 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5842591, 29.770%, 8/19/2030 †§x | Upstart | 8/22/2025 | 24800 | 24800 | 24670 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5843130, 29.890%, 8/19/2030 †§x | Upstart | 8/22/2025 | 38400 | 38400 | 38198 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5844468, 22.810%, 8/19/2028 †x | Upstart | 8/22/2025 | 50000 | 50000 | 49830 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5845735, 16.910%, 8/19/2030 †§x | Upstart | 8/22/2025 | 25000 | 25000 | 24958 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5846017, 23.010%, 8/19/2030 †x | Upstart | 8/22/2025 | 49500 | 49500 | 49322 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5850459, 10.560%, 8/20/2030 †§x | Upstart | 8/25/2025 | 25000 | 25000 | 24987 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5856598, 25.890%, 8/22/2030 †x | Upstart | 8/27/2025 | 25200 | 25200 | 25106 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5866161, 13.790%, 8/25/2030 †x | Upstart | 8/28/2025 | 50000 | 50000 | 49982 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5866314, 31.320%, 8/25/2030 †x | Upstart | 8/28/2025 | 46400 | 46400 | 46321 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5869308, 30.660%, 8/25/2028 †x | Upstart | 8/28/2025 | 36300 | 36300 | 36215 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5872650, 30.580%, 8/26/2030 †x | Upstart | 8/29/2025 | 32300 | 32300 | 32300 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBM5875134, 30.850%, 8/26/2028 †x | Upstart | 8/29/2025 | 42900 | 43046 | 42900 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501247, 29.670%, 8/02/2029 †x | Upstart | 8/07/2024 | 27095 | 27095 | 26682 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501383, 18.540%, 8/02/2029 †x | Upstart | 8/07/2024 | 28746 | 28746 | 29144 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501437, 8.360%, 8/02/2029 †x | Upstart | 8/07/2024 | 40778 | 40778 | 40617 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501499, 24.280%, 8/02/2029 †x | Upstart | 8/07/2024 | 39200 | 39200 | 38624 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501520, 21.710%, 8/02/2029 †x | Upstart | 8/07/2024 | 39054 | 39054 | 38778 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501594, 20.150%, 8/02/2029 †x# | Upstart | 8/07/2024 | 44061 | 44061 | 22412 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501672, 30.050%, 8/02/2029 †x | Upstart | 8/07/2024 | 30681 | 30681 | 30171 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4501972, 21.920%, 8/06/2029 †x# | Upstart | 8/09/2024 | 45045 | 45045 | 22716 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4502682, 25.520%, 8/05/2029 †x | Upstart | 8/08/2024 | 35454 | 35454 | 34986 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4502784, 29.000%, 8/05/2029 †x | Upstart | 8/08/2024 | 26112 | 26112 | 25742 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4502897, 9.540%, 8/05/2029 †x | Upstart | 8/08/2024 | 22760 | 22760 | 23217 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4502919, 22.530%, 8/05/2029 †x | Upstart | 8/08/2024 | 43897 | 43897 | 43629 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4502931, 17.540%, 8/05/2029 †x | Upstart | 8/08/2024 | 38295 | 38295 | 39296 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4504104, 21.640%, 8/05/2029 †x# | Upstart | 8/08/2024 | 43591 | 43591 | 44164 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4504520, 29.840%, 8/05/2029 †x | Upstart | 8/08/2024 | 21966 | 21966 | 21629 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4504823, 24.220%, 8/05/2029 †x | Upstart | 8/08/2024 | 32508 | 32508 | 32029 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4507295, 30.000%, 8/05/2029 †x | Upstart | 8/08/2024 | 23332 | 23402 | 22924 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4507313, 22.290%, 8/05/2029 †x# | Upstart | 8/08/2024 | 24621 | 24621 | 24462 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4507491, 24.150%, 8/05/2029 †x | Upstart | 8/08/2024 | 38013 | 38013 | 37417 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4509230, 18.900%, 8/06/2029 †x | Upstart | 8/09/2024 | 28918 | 28918 | 29355 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4509353, 9.650%, 8/06/2029 †x | Upstart | 8/09/2024 | 36011 | 36011 | 36744 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4510292, 24.920%, 8/06/2029 †x# | Upstart | 8/09/2024 | 26626 | 26626 | 26465 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4510327, 25.760%, 8/06/2029 †x | Upstart | 8/09/2024 | 24189 | 24189 | 23845 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4510401, 15.340%, 8/06/2029 †x | Upstart | 8/09/2024 | 21393 | 21393 | 21981 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**218** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4510644, 18.730%, 8/06/2029 †x | Upstart | 8/09/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24485 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4513268, 21.140%, 8/07/2029 †x | Upstart | 8/12/2024 | 28982 | 28982 | 28836 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4513325, 27.970%, 8/07/2029 †x | Upstart | 8/12/2024 | 44650 | 44650 | 44088 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4513362, 21.310%, 8/07/2029 †x | Upstart | 8/12/2024 | 42653 | 42653 | 42441 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4513528, 30.020%, 8/07/2029 †x | Upstart | 8/12/2024 | 33090 | 33090 | 32665 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4514057, 15.970%, 8/07/2029 †x | Upstart | 8/12/2024 | 26516 | 26516 | 27239 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4515258, 24.150%, 8/08/2029 †x | Upstart | 8/13/2024 | 22022 | 22022 | 21775 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4516146, 21.290%, 8/08/2029 †x | Upstart | 8/13/2024 | 42561 | 42561 | 43123 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4516200, 8.830%, 8/08/2029 †x# | Upstart | 8/13/2024 | 41578 | 41578 | 41428 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4516204, 15.740%, 8/08/2029 †x | Upstart | 8/13/2024 | 40024 | 40024 | 41136 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4516205, 12.070%, 8/08/2029 †x | Upstart | 8/13/2024 | 42149 | 42149 | 43382 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4517003, 10.260%, 8/08/2029 †x | Upstart | 8/13/2024 | 38266 | 38376 | 39047 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4517434, 21.880%, 8/09/2029 †x | Upstart | 8/14/2024 | 20699 | 20699 | 20577 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4517535, 15.980%, 8/09/2027 †x | Upstart | 8/14/2024 | 23638 | 23638 | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4517613, 21.510%, 8/09/2029 †x | Upstart | 8/14/2024 | 43961 | 43961 | 44650 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4518622, 14.970%, 8/09/2027 †x | Upstart | 8/14/2024 | 25015 | 25015 | 24928 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4521092, 28.830%, 8/12/2029 †x | Upstart | 8/15/2024 | 35449 | 35449 | 35101 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4521146, 14.880%, 8/12/2029 †x | Upstart | 8/15/2024 | 21417 | 21417 | 22036 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4521166, 29.020%, 8/12/2029 †x | Upstart | 8/15/2024 | 44743 | 44743 | 42473 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4521266, 27.290%, 8/12/2029 †x | Upstart | 8/15/2024 | 43666 | 43666 | 43457 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4521286, 15.780%, 8/12/2029 †x | Upstart | 8/15/2024 | 24001 | 24001 | 24689 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4521408, 21.750%, 1/12/2030 †x | Upstart | 8/15/2024 | 47279 | 47279 | 48826 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4521491, 28.930%, 8/12/2029 †x | Upstart | 8/15/2024 | 21078 | 21078 | 20877 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4522288, 29.210%, 8/12/2029 †x | Upstart | 8/15/2024 | 22225 | 22225 | 22004 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4523950, 17.430%, 8/12/2029 †x | Upstart | 8/15/2024 | 19498 | 19498 | 20038 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4525617, 29.070%, 1/13/2030 †x | Upstart | 8/16/2024 | 25201 | 25201 | 24969 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4525675, 26.630%, 8/13/2029 †x | Upstart | 8/16/2024 | 20341 | 20341 | 20171 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4526868, 13.090%, 8/13/2029 †x | Upstart | 8/16/2024 | 27994 | 27994 | 28836 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4526876, 21.350%, 8/13/2029 †x | Upstart | 8/16/2024 | 19850 | 19850 | 20177 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4527712, 23.360%, 8/13/2029 †x | Upstart | 8/16/2024 | 34278 | 34278 | 33957 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4528468, 28.830%, 8/14/2029 †§x | Upstart | 8/19/2024 | 20851 | 20851 | 20690 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4528583, 26.770%, 8/14/2027 †§x | Upstart | 8/19/2024 | 36696 | 36795 | 35477 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4529010, 23.460%, 8/14/2029 †§x | Upstart | 8/19/2024 | 24827 | 24827 | 24730 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4529166, 20.020%, 8/14/2029 †§x | Upstart | 8/19/2024 | 40417 | 40417 | 39004 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4529541, 27.630%, 8/14/2029 †x | Upstart | 8/19/2024 | 22302 | 22302 | 22116 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4529552, 24.600%, 8/14/2029 †§x | Upstart | 8/19/2024 | 27664 | 27664 | 28084 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4529673, 27.930%, 8/14/2027 †§x | Upstart | 8/19/2024 | 20834 | 20834 | 20140 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4530178, 32.020%, 8/14/2029 †§x | Upstart | 8/19/2024 | 43031 | 43031 | 42717 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4531353, 27.510%, 8/15/2029 †§x | Upstart | 8/20/2024 | 30112 | 30112 | 30515 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4533894, 29.920%, 8/16/2029 †§x | Upstart | 8/21/2024 | 20575 | 20575 | 20387 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4535719, 26.750%, 8/19/2029 †§x# | Upstart | 8/22/2024 | 27078 | 27078 | 25708 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4535754, 27.380%, 1/20/2030 †x# | Upstart | 8/23/2024 | 45017 | 45017 | 44828 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4535895, 24.190%, 8/19/2029 †x | Upstart | 8/22/2024 | 30894 | 30894 | 30754 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4535951, 28.280%, 8/19/2029 †§x | Upstart | 8/22/2024 | 22640 | 22640 | 22503 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4536255, 23.930%, 8/19/2029 †§x | Upstart | 8/22/2024 | 42498 | 42498 | 42422 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4536575, 29.560%, 8/19/2029 †§x | Upstart | 8/22/2024 | 31856 | 31856 | 31635 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4536718, 28.900%, 8/19/2029 †§x | Upstart | 8/22/2024 | 40909 | 41048 | 40697 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4536793, 28.790%, 1/19/2030 †x# | Upstart | 8/22/2024 | 47162 | 47162 | 49473 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4537343, 29.030%, 8/19/2029 †§x | Upstart | 8/22/2024 | 29518 | 29518 | 29325 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4537479, 22.900%, 8/19/2029 †§x | Upstart | 8/22/2024 | 24711 | 24711 | 24689 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4538451, 15.610%, 8/19/2029 †x | Upstart | 8/22/2024 | 31677 | 31677 | 32637 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4539688, 29.280%, 6/20/2030 †x# | Upstart | 8/23/2024 | 46273 | 46273 | 44408 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4541573, 30.060%, 8/20/2029 †§x | Upstart | 8/23/2024 | 23849 | 23849 | 23643 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4542055, 26.740%, 8/20/2029 †§x | Upstart | 8/23/2024 | 23503 | 23503 | 23391 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4542537, 28.990%, 8/20/2029 †§x | Upstart | 8/23/2024 | 30741 | 30828 | 30491 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4542583, 23.150%, 8/20/2029 †§x | Upstart | 8/23/2024 | 39588 | 39588 | 39441 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**219** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4542952, 28.450%, 8/20/2029 †§x | Upstart | 8/23/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29152 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4542960, 27.540%, 8/20/2029 †x | Upstart | 8/23/2024 | 20157 | 20157 | 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4544465, 28.980%, 8/21/2029 †x | Upstart | 8/26/2024 | 44690 | 44690 | 44484 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4544728, 15.390%, 8/21/2029 †§x | Upstart | 8/26/2024 | 42435 | 42435 | 43724 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4545208, 32.080%, 1/21/2030 †x# | Upstart | 8/26/2024 | 21700 | 21700 | 20596 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4545253, 30.000%, 8/21/2029 †x | Upstart | 8/26/2024 | 25152 | 25152 | 25034 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4546858, 22.660%, 1/22/2030 †x# | Upstart | 8/27/2024 | 40195 | 40195 | 38590 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4547614, 30.050%, 8/22/2029 †§x | Upstart | 8/27/2024 | 28747 | 28747 | 28630 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4547983, 22.880%, 8/22/2029 †§x | Upstart | 8/27/2024 | 21974 | 21974 | 21994 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4548017, 17.500%, 8/22/2029 †§x | Upstart | 8/27/2024 | 32851 | 32851 | 33780 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4548369, 31.510%, 8/22/2029 †§x | Upstart | 8/27/2024 | 28949 | 28949 | 28804 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4549410, 28.760%, 8/23/2029 †§x | Upstart | 8/28/2024 | 20407 | 20407 | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4549522, 30.300%, 8/23/2029 †§x | Upstart | 8/28/2024 | 43691 | 43691 | 43536 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4551540, 27.940%, 8/26/2029 †§x# | Upstart | 8/29/2024 | 30897 | 30897 | 30903 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4552001, 28.900%, 8/26/2029 †x | Upstart | 8/29/2024 | 44795 | 44795 | 44740 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4552812, 23.150%, 8/26/2029 †§x | Upstart | 8/29/2024 | 43986 | 43986 | 43979 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4552902, 30.030%, 8/26/2029 †§x | Upstart | 8/29/2024 | 30294 | 30393 | 30199 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4553473, 19.960%, 8/26/2029 †§x | Upstart | 8/29/2024 | 35389 | 35500 | 36150 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4553649, 32.240%, 8/26/2029 †§x | Upstart | 8/29/2024 | 22414 | 22414 | 22366 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4554410, 28.130%, 1/26/2030 †x# | Upstart | 8/29/2024 | 19762 | 19816 | 20799 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4554957, 27.200%, 8/26/2029 †§x | Upstart | 8/29/2024 | 34929 | 35026 | 34969 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4558890, 26.450%, 1/27/2030 †x# | Upstart | 8/30/2024 | 49175 | 49175 | 51817 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4564005, 16.650%, 9/01/2029 †x | Upstart | 9/04/2024 | 24410 | 24410 | 25195 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4567789, 28.390%, 9/03/2029 †x | Upstart | 9/06/2024 | 43841 | 43841 | 43193 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4567826, 31.060%, 2/03/2030 †x# | Upstart | 9/06/2024 | 37862 | 37862 | 37399 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4567960, 27.830%, 9/03/2029 †x | Upstart | 9/06/2024 | 30863 | 30863 | 30384 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4568031, 14.850%, 9/03/2029 †x | Upstart | 9/06/2024 | 28097 | 28097 | 28842 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4568072, 23.580%, 9/03/2029 †x | Upstart | 9/06/2024 | 35662 | 35662 | 35428 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4568076, 20.540%, 9/03/2029 †x | Upstart | 9/06/2024 | 22031 | 22031 | 22319 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4569011, 20.260%, 9/03/2029 †x# | Upstart | 9/06/2024 | 23149 | 23149 | 23011 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4569017, 31.750%, 9/03/2029 †x | Upstart | 9/06/2024 | 29154 | 29154 | 28744 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4569050, 24.590%, 9/03/2029 †x | Upstart | 9/06/2024 | 21643 | 21643 | 21477 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4569432, 27.370%, 9/03/2029 †x | Upstart | 9/06/2024 | 41976 | 41976 | 42746 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4569784, 20.240%, 9/03/2029 †x | Upstart | 9/06/2024 | 21180 | 21248 | 21486 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4570726, 16.250%, 9/03/2029 †x | Upstart | 9/06/2024 | 43553 | 43553 | 44720 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4571733, 28.880%, 9/03/2029 †x | Upstart | 9/06/2024 | 44962 | 44962 | 44313 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4576370, 29.170%, 9/04/2029 †x | Upstart | 9/09/2024 | 32963 | 33027 | 32490 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4580784, 30.070%, 9/06/2029 †x | Upstart | 9/12/2024 | 33097 | 33028 | 32660 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4580874, 28.610%, 9/06/2029 †x# | Upstart | 9/12/2024 | 30850 | 30884 | 30449 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4580899, 24.890%, 9/06/2029 †x | Upstart | 9/12/2024 | 35819 | 35744 | 35614 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4581243, 13.060%, 9/06/2029 †x | Upstart | 9/12/2024 | 22538 | 22518 | 23002 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4589538, 17.120%, 9/10/2029 †§x | Upstart | 9/13/2024 | 29618 | 29618 | 30446 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4590582, 15.060%, 9/10/2029 †§x | Upstart | 9/13/2024 | 39192 | 39192 | 40324 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4591334, 22.770%, 9/10/2029 †§x# | Upstart | 9/13/2024 | 28391 | 28391 | 28276 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4591536, 29.110%, 9/10/2029 †§x | Upstart | 9/13/2024 | 42195 | 42335 | 41761 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4592125, 28.420%, 9/11/2029 †§x | Upstart | 9/16/2024 | 26385 | 26385 | 26133 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4592186, 27.240%, 9/11/2029 †§x | Upstart | 9/16/2024 | 31527 | 31527 | 31236 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4592314, 26.540%, 9/11/2029 †§x | Upstart | 9/16/2024 | 41626 | 41626 | 41249 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4592349, 15.410%, 9/11/2029 †§x | Upstart | 9/16/2024 | 24545 | 24545 | 25249 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4592525, 29.330%, 9/11/2029 †§x | Upstart | 9/16/2024 | 26449 | 26449 | 26311 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4594402, 28.890%, 9/11/2029 †x | Upstart | 9/16/2024 | 22528 | 22528 | 22311 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4594589, 28.280%, 9/11/2029 †x | Upstart | 9/16/2024 | 44722 | 44722 | 44261 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4595502, 29.190%, 9/12/2029 †§x | Upstart | 9/17/2024 | 22635 | 22635 | 22429 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4596176, 28.800%, 9/12/2029 †§x | Upstart | 9/17/2024 | 39733 | 39733 | 39509 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4596506, 18.630%, 9/12/2029 †§x | Upstart | 9/17/2024 | 43901 | 43901 | 43858 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4596538, 29.750%, 9/12/2027 †§x | Upstart | 9/17/2024 | 22637 | 22637 | 21805 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**220** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4597241, 15.110%, 9/12/2029 †§x | Upstart | 9/17/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33765 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4597670, 22.160%, 9/13/2029 †x | Upstart | 9/18/2024 | 25664 | 25664 | 25483 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4597812, 30.990%, 9/13/2029 †§x | Upstart | 9/18/2024 | 32744 | 32744 | 32450 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4597824, 28.320%, 9/16/2029 †§x | Upstart | 9/19/2024 | 34959 | 34959 | 33171 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4598082, 28.600%, 9/13/2029 †§x# | Upstart | 9/18/2024 | 36635 | 36635 | 34640 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4598685, 23.350%, 9/13/2029 †x | Upstart | 9/18/2024 | 44546 | 44546 | 44445 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4599090, 28.930%, 9/13/2029 †x | Upstart | 9/18/2024 | 30907 | 30907 | 30637 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4599098, 14.530%, 9/13/2029 †§x | Upstart | 9/18/2024 | 43296 | 43296 | 44588 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4599175, 28.140%, 9/13/2029 †x | Upstart | 9/18/2024 | 36118 | 36118 | 35819 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4599368, 21.670%, 9/13/2029 †x | Upstart | 9/18/2024 | 44323 | 44323 | 44248 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4599400, 30.900%, 9/13/2029 †§x | Upstart | 9/18/2024 | 25352 | 25352 | 24910 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4599598, 29.500%, 9/13/2029 †§x | Upstart | 9/18/2024 | 35903 | 35903 | 35514 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4599997, 30.640%, 9/13/2029 †§x | Upstart | 9/18/2024 | 24163 | 24163 | 23948 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4600014, 28.850%, 9/13/2029 †§x | Upstart | 9/18/2024 | 44036 | 44036 | 43612 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4600104, 32.150%, 9/13/2029 †§x | Upstart | 9/18/2024 | 21161 | 21161 | 20965 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4600430, 19.440%, 9/16/2029 †§x | Upstart | 9/19/2024 | 26080 | 26080 | 26622 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4600619, 28.770%, 9/16/2029 †§x | Upstart | 9/19/2024 | 28851 | 28851 | 28660 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4600715, 21.960%, 9/16/2029 †§x | Upstart | 9/19/2024 | 30256 | 30256 | 30240 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4601439, 32.370%, 9/16/2029 †§x | Upstart | 9/19/2024 | 20900 | 20900 | 20743 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4601822, 26.480%, 9/16/2029 †§x | Upstart | 9/19/2024 | 25807 | 25807 | 25652 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4601838, 21.170%, 9/16/2029 †x | Upstart | 9/19/2024 | 44255 | 44255 | 44043 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4602454, 16.670%, 9/16/2029 †§x | Upstart | 9/19/2024 | 43617 | 43617 | 44906 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4602588, 28.840%, 9/16/2029 †§x | Upstart | 9/19/2024 | 22248 | 22248 | 22093 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4602704, 19.890%, 9/17/2029 †§x | Upstart | 9/20/2024 | 27855 | 27855 | 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4605285, 20.990%, 9/16/2029 †x | Upstart | 9/19/2024 | 40250 | 40250 | 41008 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4605864, 15.870%, 9/16/2029 †§x | Upstart | 9/19/2024 | 20700 | 20700 | 21309 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4606496, 25.070%, 9/17/2029 †§x | Upstart | 9/20/2024 | 20523 | 20593 | 20414 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4606700, 16.220%, 9/17/2029 †§x | Upstart | 9/20/2024 | 43551 | 43551 | 44857 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4607521, 24.860%, 9/17/2027 †§x | Upstart | 9/20/2024 | 25639 | 25639 | 25028 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4607656, 31.750%, 9/17/2029 †§x# | Upstart | 9/20/2024 | 36390 | 36390 | 34744 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4609427, 29.130%, 9/18/2029 †x | Upstart | 9/23/2024 | 20186 | 20186 | 20050 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4609487, 25.820%, 9/18/2029 †§x | Upstart | 9/23/2024 | 25573 | 25573 | 25453 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4611578, 29.100%, 9/19/2029 †§x | Upstart | 9/24/2024 | 31684 | 31684 | 31529 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4612574, 16.500%, 9/19/2029 †§x | Upstart | 9/24/2024 | 39670 | 39670 | 40872 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4613089, 29.570%, 9/19/2029 †§x | Upstart | 9/24/2024 | 37165 | 37165 | 36942 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4613169, 27.500%, 9/19/2029 †§x | Upstart | 9/24/2024 | 22664 | 22664 | 22538 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4614209, 29.910%, 9/19/2027 †§x | Upstart | 9/24/2024 | 23823 | 23823 | 23042 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4623372, 29.970%, 10/03/2029 †§x | Upstart | 10/08/2024 | 38521 | 38521 | 36162 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4625960, 30.830%, 10/02/2029 †§x | Upstart | 10/07/2024 | 22270 | 22270 | 20897 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4631713, 24.820%, 10/04/2029 †§x | Upstart | 10/09/2024 | 24225 | 24225 | 22788 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4633540, 29.760%, 10/01/2029 †§x# | Upstart | 10/04/2024 | 36196 | 36196 | 33944 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4640098, 24.560%, 10/01/2027 †§x | Upstart | 10/04/2024 | 32069 | 32069 | 30861 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4640505, 30.980%, 10/01/2029 †§x | Upstart | 10/04/2024 | 26844 | 26844 | 25165 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4640805, 31.850%, 10/01/2029 †§x | Upstart | 10/04/2024 | 28663 | 28663 | 26874 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4641341, 32.300%, 10/01/2029 †§x | Upstart | 10/04/2024 | 28029 | 28029 | 26266 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4641375, 24.950%, 10/01/2029 †§x | Upstart | 10/04/2024 | 39788 | 39788 | 37369 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4641595, 30.010%, 10/01/2027 †§x | Upstart | 10/04/2024 | 30349 | 30349 | 28699 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4642404, 22.630%, 10/02/2029 †§x | Upstart | 10/07/2024 | 34575 | 34575 | 33009 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4645944, 15.010%, 10/03/2029 †§x | Upstart | 10/08/2024 | 35198 | 35198 | 34757 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4647134, 19.810%, 10/03/2029 †x | Upstart | 10/08/2024 | 28559 | 28649 | 27683 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4647137, 30.100%, 10/03/2029 †§x | Upstart | 10/08/2024 | 21667 | 21667 | 20339 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4647287, 28.750%, 3/03/2030 †x# | Upstart | 10/08/2024 | 34193 | 34193 | 33281 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4647476, 29.810%, 10/03/2029 †x | Upstart | 10/08/2024 | 22005 | 22005 | 20658 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4647483, 27.620%, 3/03/2030 †x# | Upstart | 10/08/2024 | 21009 | 21009 | 20274 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4647516, 22.030%, 10/03/2029 †§x | Upstart | 10/08/2024 | 23605 | 23605 | 22247 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4647542, 27.920%, 10/03/2029 †§x | Upstart | 10/08/2024 | 29297 | 29297 | 27520 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**221** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4649474, 14.270%, 10/04/2029 †x | Upstart | 10/09/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43379 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4650028, 29.960%, 8/04/2030 †x# | Upstart | 10/09/2024 | 21952 | 21952 | 20733 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4650058, 27.050%, 3/04/2030 †x | Upstart | 10/09/2024 | 38152 | 38152 | 35871 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4650130, 26.490%, 10/04/2029 †§x | Upstart | 10/09/2024 | 27391 | 27391 | 25791 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4650222, 17.980%, 10/04/2029 †x | Upstart | 10/09/2024 | 44424 | 44424 | 43847 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4650874, 24.860%, 3/04/2030 †x# | Upstart | 10/09/2024 | 25906 | 25906 | 24922 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4650891, 26.710%, 10/04/2029 †x | Upstart | 10/09/2024 | 44317 | 44317 | 41667 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4650922, 28.730%, 10/04/2029 †§x | Upstart | 10/09/2024 | 27161 | 27251 | 25521 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4651714, 29.420%, 10/07/2029 †§x | Upstart | 10/10/2024 | 22259 | 22259 | 20946 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4651951, 25.090%, 10/07/2027 †x | Upstart | 10/10/2024 | 22087 | 22087 | 21310 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4652096, 31.390%, 3/07/2030 †x# | Upstart | 10/10/2024 | 49428 | 49428 | 25838 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4653140, 31.970%, 10/07/2029 †§x | Upstart | 10/10/2024 | 36484 | 36484 | 34306 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4653385, 23.340%, 10/07/2029 †§x | Upstart | 10/10/2024 | 31754 | 31754 | 29935 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4654458, 27.550%, 10/07/2029 †x | Upstart | 10/10/2024 | 25852 | 25852 | 24378 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4660126, 28.210%, 10/08/2029 †§x | Upstart | 10/11/2024 | 31978 | 31978 | 30118 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4664948, 17.330%, 10/09/2029 †§x | Upstart | 10/15/2024 | 35470 | 35470 | 34475 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4664982, 28.870%, 10/09/2029 †§x | Upstart | 10/15/2024 | 22833 | 22833 | 21511 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4665278, 24.450%, 10/09/2029 †x | Upstart | 10/15/2024 | 45148 | 45148 | 43198 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4667320, 6.000%, 10/10/2029 †x# | Upstart | 10/16/2024 | 24575 | 24575 | 23156 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4667359, 30.590%, 10/10/2029 †x | Upstart | 10/16/2024 | 45629 | 45629 | 43057 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4667420, 30.040%, 10/10/2029 †§x | Upstart | 10/16/2024 | 22659 | 22659 | 21353 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4667859, 28.610%, 10/10/2029 †§x | Upstart | 10/16/2024 | 25965 | 25965 | 24479 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4667924, 22.490%, 10/10/2029 †x | Upstart | 10/16/2024 | 45003 | 45003 | 43093 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4668091, 28.690%, 10/10/2029 †x | Upstart | 10/16/2024 | 45722 | 45722 | 43104 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4668508, 31.070%, 10/11/2029 †§x | Upstart | 10/17/2024 | 40825 | 40825 | 38482 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4670175, 23.870%, 10/15/2029 †x# | Upstart | 10/18/2024 | 45679 | 45679 | 42486 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4670293, 22.310%, 10/11/2029 †x | Upstart | 10/17/2024 | 22671 | 22671 | 21425 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4670310, 27.400%, 10/11/2029 †§x | Upstart | 10/17/2024 | 36554 | 36554 | 34492 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4670503, 30.890%, 10/11/2029 †x | Upstart | 10/17/2024 | 27298 | 27298 | 25733 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4670871, 22.950%, 8/11/2028 †x | Upstart | 10/17/2024 | 42309 | 42309 | 40906 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4671012, 30.500%, 10/11/2029 †§x | Upstart | 10/17/2024 | 22674 | 22674 | 21377 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4671498, 27.700%, 10/15/2029 †§x | Upstart | 10/18/2024 | 25725 | 25725 | 24325 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4671819, 21.030%, 10/15/2029 †x | Upstart | 10/18/2024 | 24576 | 24576 | 23929 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4672243, 27.110%, 10/15/2029 †x | Upstart | 10/18/2024 | 29697 | 29697 | 28086 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4672319, 29.820%, 10/15/2029 †§x | Upstart | 10/18/2024 | 25115 | 25115 | 23728 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4672392, 28.310%, 10/15/2029 †x | Upstart | 10/18/2024 | 45224 | 45224 | 42756 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4672634, 28.790%, 10/15/2029 †§x | Upstart | 10/18/2024 | 34574 | 34574 | 32683 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4673339, 24.920%, 10/15/2029 †x | Upstart | 10/18/2024 | 45296 | 45296 | 42866 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4673414, 27.960%, 10/15/2029 †§x | Upstart | 10/18/2024 | 27111 | 27111 | 25634 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4673639, 28.930%, 10/15/2029 †§x | Upstart | 10/18/2024 | 36424 | 36424 | 34430 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4673854, 28.830%, 3/15/2030 †x | Upstart | 10/18/2024 | 38136 | 38136 | 36094 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4674010, 16.280%, 3/15/2030 †x# | Upstart | 10/18/2024 | 41570 | 41570 | 40904 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4674035, 19.610%, 10/15/2029 †x | Upstart | 10/18/2024 | 41366 | 41366 | 40230 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4674858, 27.140%, 10/15/2027 †§x | Upstart | 10/18/2024 | 30928 | 30928 | 29484 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4675471, 32.320%, 10/15/2029 †§x | Upstart | 10/18/2024 | 36068 | 36068 | 34052 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4675950, 18.960%, 10/15/2029 †x | Upstart | 10/18/2024 | 43978 | 43978 | 42793 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4677207, 16.310%, 10/15/2029 †x | Upstart | 10/18/2024 | 32874 | 32978 | 32518 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4681033, 14.600%, 10/16/2029 †x | Upstart | 10/21/2024 | 24795 | 24795 | 24540 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4776467, 28.890%, 11/20/2029 †§x | Upstart | 11/25/2024 | 26514 | 26514 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4777135, 29.030%, 11/20/2029 †x | Upstart | 11/25/2024 | 31086 | 31086 | 29311 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4777569, 28.600%, 11/20/2029 †§x | Upstart | 11/25/2024 | 36906 | 36906 | 34802 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4777969, 25.880%, 11/20/2029 †x# | Upstart | 11/25/2024 | 46202 | 46202 | 42051 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4778002, 30.140%, 11/20/2029 †§x | Upstart | 11/25/2024 | 22691 | 22691 | 21391 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4778052, 20.570%, 11/20/2029 †§x | Upstart | 11/25/2024 | 23561 | 23561 | 22247 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4778159, 26.330%, 11/20/2029 †x | Upstart | 11/25/2024 | 45495 | 45495 | 42916 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4779163, 31.990%, 11/21/2029 †§x | Upstart | 11/26/2024 | 27339 | 27430 | 25780 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**222** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4779658, 21.070%, 11/21/2029 †§x | Upstart | 11/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29664 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4779799, 30.020%, 11/21/2029 †x | Upstart | 11/26/2024 | 46206 | 46206 | 43583 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4780467, 29.270%, 11/21/2029 †§x | Upstart | 11/26/2024 | 35007 | 35007 | 31591 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4781053, 23.290%, 11/21/2029 †§x | Upstart | 11/26/2024 | 30993 | 30993 | 29266 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4781070, 24.540%, 11/21/2029 †x | Upstart | 11/26/2024 | 44832 | 44832 | 42843 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4781105, 14.030%, 11/21/2029 †x | Upstart | 11/26/2024 | 44515 | 44515 | 43777 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4781238, 28.860%, 11/21/2029 †§x | Upstart | 11/26/2024 | 22632 | 22632 | 21351 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4781614, 28.690%, 11/21/2029 †§x | Upstart | 11/26/2024 | 26410 | 26410 | 24916 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4781776, 12.870%, 11/21/2027 †x | Upstart | 11/26/2024 | 24631 | 24631 | 24218 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4782438, 32.270%, 11/22/2029 †§x | Upstart | 11/27/2024 | 22789 | 22789 | 21500 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4782947, 28.210%, 11/22/2029 †§x | Upstart | 11/27/2024 | 23062 | 23062 | 21771 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4782948, 29.290%, 11/22/2029 †§x | Upstart | 11/27/2024 | 28478 | 28478 | 26880 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4782984, 19.460%, 11/22/2029 †x | Upstart | 11/27/2024 | 26760 | 26760 | 25933 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4783317, 25.780%, 4/22/2030 †x# | Upstart | 11/27/2024 | 48125 | 48125 | 43856 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4784828, 20.320%, 11/22/2029 †x | Upstart | 11/27/2024 | 30450 | 30450 | 29121 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4785435, 22.720%, 11/25/2029 †§x | Upstart | 11/29/2024 | 24601 | 24601 | 23851 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4785437, 23.100%, 11/25/2029 †x | Upstart | 11/29/2024 | 45593 | 45593 | 43638 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4789550, 21.590%, 11/25/2029 †§x | Upstart | 11/29/2024 | 22697 | 22697 | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4790808, 31.840%, 11/25/2029 †x | Upstart | 11/29/2024 | 21277 | 21277 | 20105 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4791483, 16.150%, 11/25/2029 †§x | Upstart | 11/29/2024 | 25437 | 25437 | 25025 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4792779, 27.700%, 11/26/2029 †x | Upstart | 12/02/2024 | 46075 | 46075 | 43593 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4792988, 22.910%, 11/26/2029 †§x | Upstart | 12/02/2024 | 41470 | 41470 | 39707 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4794556, 15.220%, 11/26/2029 †§x | Upstart | 12/02/2024 | 44215 | 44215 | 43504 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4794731, 30.590%, 11/26/2029 †§x# | Upstart | 12/02/2024 | 37756 | 37756 | 35983 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4794929, 32.130%, 11/26/2029 †§x | Upstart | 12/02/2024 | 22773 | 22773 | 21535 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4797265, 32.100%, 11/27/2029 †x | Upstart | 12/03/2024 | 46399 | 46399 | 43895 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4797595, 28.980%, 11/27/2029 †§x | Upstart | 12/03/2024 | 30357 | 30357 | 28726 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4797819, 28.110%, 11/27/2029 †§x | Upstart | 12/03/2024 | 36917 | 36917 | 34944 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4798634, 23.400%, 11/27/2029 †§x# | Upstart | 12/03/2024 | 36544 | 36544 | 35044 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4798915, 10.970%, 11/27/2029 †§x | Upstart | 12/03/2024 | 27702 | 27702 | 27582 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4799741, 29.730%, 12/01/2029 †§x | Upstart | 12/04/2024 | 27354 | 27354 | 25616 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4799844, 28.550%, 12/01/2029 †§x | Upstart | 12/04/2024 | 21177 | 21246 | 20058 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4799849, 32.360%, 12/01/2029 †§x | Upstart | 12/04/2024 | 21652 | 21652 | 20267 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800106, 28.190%, 12/01/2029 †§x | Upstart | 12/04/2024 | 25965 | 25965 | 24322 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800109, 29.880%, 12/01/2029 †§x# | Upstart | 12/04/2024 | 38044 | 38170 | 35625 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800134, 28.570%, 12/01/2029 †§x | Upstart | 12/04/2024 | 37396 | 37396 | 35027 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800252, 11.530%, 12/01/2027 †§x | Upstart | 12/04/2024 | 38897 | 38897 | 38282 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800308, 23.110%, 12/01/2029 †§x | Upstart | 12/04/2024 | 30773 | 30773 | 29285 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800403, 19.580%, 12/01/2029 †§x# | Upstart | 12/04/2024 | 45895 | 45895 | 44334 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800456, 6.000%, 12/01/2029 †x | Upstart | 12/04/2024 | 23968 | 23968 | 22712 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4800479, 28.350%, 12/01/2029 †x | Upstart | 12/04/2024 | 31859 | 31859 | 29842 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4842091, 25.850%, 12/23/2027 †§x | Upstart | 12/27/2024 | 29770 | 29770 | 28369 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4855112, 29.070%, 12/16/2029 †x | Upstart | 12/19/2024 | 45609 | 45609 | 43120 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4855295, 23.230%, 12/16/2029 †x | Upstart | 12/19/2024 | 36471 | 36588 | 34411 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4855302, 31.470%, 12/16/2029 †x | Upstart | 12/19/2024 | 37889 | 37889 | 35711 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4855423, 25.870%, 12/16/2029 †x | Upstart | 12/19/2024 | 46215 | 46215 | 44155 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4855510, 30.910%, 12/16/2029 †§x | Upstart | 12/19/2024 | 35416 | 35416 | 33383 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4856027, 28.840%, 12/16/2029 †§x | Upstart | 12/19/2024 | 24549 | 24549 | 23154 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4856396, 29.270%, 12/16/2029 †x | Upstart | 12/19/2024 | 46043 | 46043 | 44751 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4856528, 22.160%, 12/16/2029 †x | Upstart | 12/19/2024 | 23665 | 23665 | 22922 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4856616, 30.030%, 12/16/2029 †x | Upstart | 12/19/2024 | 21702 | 21702 | 20459 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4856792, 28.040%, 12/16/2029 †§x | Upstart | 12/19/2024 | 37092 | 37092 | 34977 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4858268, 28.020%, 12/16/2029 †§x | Upstart | 12/19/2024 | 21341 | 21341 | 20124 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4858551, 17.430%, 12/16/2029 †§x | Upstart | 12/19/2024 | 30740 | 30740 | 29799 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4862028, 31.850%, 5/16/2030 †x# | Upstart | 12/19/2024 | 32401 | 32401 | 29224 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4862049, 22.290%, 12/16/2029 †x | Upstart | 12/19/2024 | 46220 | 46220 | 44267 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**223** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4862516, 22.090%, 12/17/2029 †x | Upstart | 12/20/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42032 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4862884, 22.240%, 12/17/2029 †x | Upstart | 12/20/2024 | 46050 | 46050 | 44617 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4863310, 21.210%, 12/16/2029 †x | Upstart | 12/19/2024 | 29405 | 29405 | 28104 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4863628, 32.120%, 5/17/2030 †x | Upstart | 12/20/2024 | 41719 | 41719 | 39565 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4863667, 17.010%, 12/17/2029 †x | Upstart | 12/20/2024 | 45465 | 45465 | 44688 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4864685, 20.530%, 12/17/2029 †x | Upstart | 12/20/2024 | 45875 | 45875 | 43864 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4864724, 23.410%, 12/17/2029 †§x | Upstart | 12/20/2024 | 27514 | 27514 | 26652 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4864831, 22.780%, 12/17/2029 †x | Upstart | 12/20/2024 | 46459 | 46459 | 42112 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4864917, 23.420%, 12/17/2029 †§x | Upstart | 12/20/2024 | 30931 | 30931 | 29203 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4864958, 28.630%, 12/17/2029 †§x | Upstart | 12/20/2024 | 30137 | 30137 | 28431 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4865307, 28.760%, 12/17/2029 †x | Upstart | 12/20/2024 | 46662 | 46662 | 44020 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4866337, 30.000%, 12/17/2029 †§x | Upstart | 12/20/2024 | 25349 | 25349 | 23909 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4866594, 27.400%, 12/17/2029 †x | Upstart | 12/20/2024 | 45331 | 45331 | 42772 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4869162, 27.330%, 12/18/2029 †§x | Upstart | 12/23/2024 | 26990 | 26990 | 25481 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4869264, 28.930%, 12/18/2029 †§x | Upstart | 12/23/2024 | 24633 | 24633 | 23251 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4870924, 28.300%, 12/18/2029 †§x | Upstart | 12/23/2024 | 27228 | 27228 | 25701 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4870998, 29.560%, 12/18/2027 †§x | Upstart | 12/23/2024 | 25423 | 25458 | 24172 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4871129, 28.980%, 12/18/2029 †§x | Upstart | 12/23/2024 | 40053 | 40184 | 38287 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4871133, 19.920%, 12/18/2029 †x | Upstart | 12/23/2024 | 26021 | 26105 | 25230 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4871136, 17.680%, 12/18/2029 †x | Upstart | 12/23/2024 | 45741 | 45741 | 44458 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4872723, 21.340%, 12/19/2029 †§x | Upstart | 12/24/2024 | 36863 | 36863 | 35269 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4872912, 29.290%, 12/19/2029 †x | Upstart | 12/24/2024 | 32510 | 32510 | 30699 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4873224, 23.180%, 12/19/2029 †§x | Upstart | 12/24/2024 | 36453 | 36453 | 34872 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4874405, 28.040%, 12/19/2029 †x | Upstart | 12/24/2024 | 45310 | 45310 | 42793 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4874530, 27.170%, 12/19/2029 †§x | Upstart | 12/24/2024 | 26610 | 26610 | 25449 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4874714, 29.420%, 12/19/2029 †§x | Upstart | 12/24/2024 | 43262 | 43262 | 40853 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4874878, 28.900%, 12/19/2029 †§x | Upstart | 12/24/2024 | 31708 | 31708 | 29944 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4875073, 30.270%, 12/19/2029 †§x | Upstart | 12/24/2024 | 23410 | 23410 | 21098 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4875540, 30.840%, 12/19/2027 †§x | Upstart | 12/24/2024 | 24830 | 24830 | 22719 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4876568, 29.240%, 12/20/2029 †§x | Upstart | 12/26/2024 | 38111 | 38111 | 36008 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4876963, 25.320%, 12/20/2029 †§x | Upstart | 12/26/2024 | 32908 | 32908 | 31109 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4877646, 30.020%, 5/20/2030 †x# | Upstart | 12/26/2024 | 27232 | 27232 | 25183 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4878166, 20.660%, 12/20/2029 †x | Upstart | 12/26/2024 | 42034 | 42034 | 40774 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4878269, 31.770%, 12/20/2029 †§x | Upstart | 12/26/2024 | 27401 | 27401 | 25880 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4878377, 31.750%, 12/20/2029 †x | Upstart | 12/26/2024 | 28995 | 28995 | 27386 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4878740, 29.750%, 12/20/2027 †§x# | Upstart | 12/26/2024 | 42694 | 42694 | 39179 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4879751, 29.280%, 12/23/2029 †§x | Upstart | 12/27/2024 | 23121 | 23121 | 21882 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4880075, 31.820%, 12/23/2029 †§x | Upstart | 12/27/2024 | 22992 | 22992 | 21751 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4880412, 26.070%, 12/23/2029 †x | Upstart | 12/27/2024 | 28721 | 28813 | 27186 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4880441, 31.460%, 12/23/2029 †x | Upstart | 12/27/2024 | 21477 | 21477 | 20319 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4881170, 28.800%, 12/23/2027 †§x | Upstart | 12/27/2024 | 28890 | 28975 | 27515 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4881211, 21.800%, 12/23/2029 †x | Upstart | 12/27/2024 | 20886 | 20886 | 20012 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4881909, 31.520%, 5/23/2030 †x# | Upstart | 12/27/2024 | 31665 | 31665 | 30843 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4882655, 18.810%, 5/23/2030 †x# | Upstart | 12/27/2024 | 31516 | 31516 | 30665 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4883028, 29.970%, 12/23/2029 †x | Upstart | 12/27/2024 | 45650 | 45650 | 43197 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4883204, 24.070%, 5/23/2030 †x | Upstart | 12/27/2024 | 48069 | 48069 | 46574 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4883534, 25.960%, 12/23/2029 †§x# | Upstart | 12/27/2024 | 24654 | 24654 | 23390 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4883829, 13.970%, 12/23/2029 †x | Upstart | 12/27/2024 | 21408 | 21408 | 21066 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4885245, 20.450%, 12/23/2029 †x | Upstart | 12/27/2024 | 45612 | 45612 | 43706 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4885400, 31.790%, 12/23/2029 †x | Upstart | 12/27/2024 | 27137 | 27137 | 25668 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4886047, 15.540%, 12/23/2027 †§x# | Upstart | 12/27/2024 | 39350 | 39350 | 38289 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4887081, 26.040%, 12/24/2029 †x | Upstart | 12/30/2024 | 44554 | 44554 | 42189 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4888023, 32.030%, 12/24/2029 †x | Upstart | 12/30/2024 | 47083 | 47083 | 45239 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4973639, 25.390%, 1/27/2030 †x# | Upstart | 1/30/2025 | 46881 | 46881 | 45310 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4973763, 21.450%, 1/27/2030 †x | Upstart | 1/30/2025 | 29420 | 29420 | 28282 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4973882, 27.230%, 1/27/2028 †§x | Upstart | 1/30/2025 | 42343 | 42343 | 40467 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**224** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4974236, 25.700%, 1/27/2028 †§x | Upstart | 1/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40231 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4974283, 32.020%, 1/27/2030 †x | Upstart | 1/30/2025 | 46473 | 46473 | 44174 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4974342, 28.840%, 1/27/2030 †§x | Upstart | 1/30/2025 | 23966 | 23966 | 22790 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4974498, 29.950%, 1/27/2030 †§x | Upstart | 1/30/2025 | 23255 | 23255 | 22108 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4975277, 13.430%, 1/27/2030 †§x | Upstart | 1/30/2025 | 31544 | 31544 | 31081 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4975538, 28.790%, 1/27/2030 †§x | Upstart | 1/30/2025 | 21567 | 21567 | 20507 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4978016, 30.070%, 1/27/2030 †§x | Upstart | 1/30/2025 | 21044 | 21044 | 20007 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4979561, 27.350%, 1/28/2030 †§x | Upstart | 1/31/2025 | 22549 | 22549 | 21679 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982092, 19.440%, 1/28/2030 †x | Upstart | 2/03/2025 | 29356 | 29356 | 28592 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982267, 29.500%, 1/28/2030 †x | Upstart | 2/03/2025 | 22857 | 22857 | 21733 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982320, 25.480%, 1/28/2030 †x | Upstart | 2/03/2025 | 46755 | 46908 | 44489 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982323, 29.990%, 1/28/2030 †§x | Upstart | 2/03/2025 | 37915 | 37915 | 36468 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982350, 29.020%, 1/28/2030 †§x | Upstart | 2/03/2025 | 39011 | 39011 | 36851 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982380, 31.550%, 1/28/2030 †§x | Upstart | 2/03/2025 | 30613 | 30613 | 29106 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982482, 24.880%, 1/28/2030 †x | Upstart | 2/03/2025 | 46180 | 46180 | 43946 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982552, 18.620%, 1/28/2030 †x | Upstart | 2/03/2025 | 30492 | 30492 | 29708 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4982864, 20.350%, 1/28/2030 †§x | Upstart | 2/03/2025 | 33980 | 33980 | 33091 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983116, 28.840%, 1/28/2030 †§x | Upstart | 2/03/2025 | 33146 | 33146 | 31527 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983125, 19.740%, 1/28/2030 †§x | Upstart | 2/03/2025 | 28707 | 28707 | 27963 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983221, 32.180%, 1/28/2030 †§x | Upstart | 2/03/2025 | 23101 | 23101 | 21962 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983592, 28.710%, 1/28/2030 †x | Upstart | 2/03/2025 | 47177 | 47177 | 44568 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983622, 32.230%, 1/28/2030 †§x# | Upstart | 2/03/2025 | 28185 | 28185 | 26612 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983883, 29.070%, 1/28/2030 †x | Upstart | 2/03/2025 | 46499 | 46499 | 44224 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983892, 28.810%, 1/28/2030 †§x# | Upstart | 2/03/2025 | 21655 | 21655 | 20457 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983926, 29.370%, 1/28/2030 †x | Upstart | 2/05/2025 | 25564 | 25564 | 24299 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4983949, 26.670%, 1/28/2030 †§x | Upstart | 2/03/2025 | 32818 | 32818 | 31222 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4984057, 25.350%, 1/28/2028 †§x | Upstart | 2/03/2025 | 25416 | 25416 | 24306 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4984451, 13.540%, 1/28/2030 †x | Upstart | 2/03/2025 | 28064 | 28064 | 27651 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4984530, 26.150%, 1/28/2030 †§x | Upstart | 2/03/2025 | 27535 | 27535 | 26367 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4984583, 32.330%, 1/28/2030 †§x | Upstart | 2/03/2025 | 41148 | 41148 | 39118 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4984653, 31.940%, 1/28/2030 †x | Upstart | 2/04/2025 | 21815 | 21815 | 20733 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4984844, 22.610%, 1/28/2028 †x | Upstart | 2/04/2025 | 33238 | 33238 | 32163 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4985055, 28.850%, 1/28/2030 †x | Upstart | 2/04/2025 | 29904 | 29904 | 28425 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4985586, 30.130%, 1/28/2030 †x | Upstart | 2/04/2025 | 32495 | 32495 | 30891 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4985600, 27.040%, 1/28/2030 †x | Upstart | 2/04/2025 | 22245 | 22269 | 21157 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4985680, 22.730%, 1/28/2030 †x | Upstart | 2/04/2025 | 46528 | 46528 | 44722 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4985685, 29.180%, 1/28/2030 †x | Upstart | 2/04/2025 | 27872 | 27872 | 26290 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4985903, 23.300%, 1/28/2030 †x# | Upstart | 2/04/2025 | 47062 | 47062 | 45029 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4986149, 14.120%, 1/28/2030 †x | Upstart | 2/04/2025 | 45746 | 45746 | 45059 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4986305, 16.570%, 1/28/2030 †x | Upstart | 2/04/2025 | 20416 | 20416 | 20102 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4986676, 12.530%, 1/28/2030 †x | Upstart | 2/04/2025 | 34344 | 34344 | 33743 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987273, 30.670%, 1/28/2030 †x | Upstart | 2/04/2025 | 27746 | 27746 | 26164 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987399, 28.720%, 1/28/2030 †x | Upstart | 2/04/2025 | 21617 | 21617 | 20555 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987445, 28.290%, 1/28/2030 †x | Upstart | 2/04/2025 | 32028 | 32028 | 30456 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987514, 25.960%, 1/28/2030 †x | Upstart | 2/04/2025 | 29885 | 29984 | 28429 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987570, 15.880%, 1/28/2030 †x | Upstart | 2/04/2025 | 24979 | 24979 | 24597 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987574, 28.460%, 1/28/2030 †x | Upstart | 2/04/2025 | 31198 | 31198 | 29666 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987585, 28.980%, 1/28/2030 †x | Upstart | 2/04/2025 | 22901 | 22901 | 21773 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987634, 32.210%, 1/28/2030 †x | Upstart | 2/04/2025 | 23334 | 23334 | 22176 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987680, 11.990%, 1/28/2030 †x | Upstart | 2/04/2025 | 27573 | 27573 | 27446 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4987776, 27.510%, 1/28/2030 †x | Upstart | 2/04/2025 | 22559 | 22559 | 21451 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4988022, 19.780%, 1/28/2030 †x | Upstart | 2/05/2025 | 31043 | 31043 | 30224 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4988436, 10.580%, 1/28/2028 †x | Upstart | 2/05/2025 | 41432 | 41432 | 40601 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4988498, 19.870%, 1/28/2030 †x | Upstart | 2/05/2025 | 46252 | 46252 | 45028 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4988525, 26.110%, 1/28/2030 †x# | Upstart | 2/05/2025 | 37461 | 37461 | 35369 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4988910, 20.200%, 1/28/2030 †x | Upstart | 2/05/2025 | 23141 | 23141 | 22526 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**225** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4989678, 30.170%, 1/28/2030 †x | Upstart | 2/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22187 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4991561, 32.350%, 2/03/2030 †x | Upstart | 2/06/2025 | 25960 | 25960 | 24435 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4991581, 30.400%, 2/03/2030 †x | Upstart | 2/06/2025 | 28181 | 28181 | 26534 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4991790, 21.740%, 2/03/2030 †x | Upstart | 2/06/2025 | 27267 | 27356 | 26423 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4992065, 27.870%, 2/03/2030 †x | Upstart | 2/06/2025 | 47441 | 47441 | 45309 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4992295, 28.830%, 7/03/2030 †x# | Upstart | 2/06/2025 | 22144 | 22144 | 21032 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4992494, 30.710%, 2/03/2030 †x | Upstart | 2/06/2025 | 42192 | 42332 | 39724 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4993060, 28.740%, 2/03/2030 †x | Upstart | 2/06/2025 | 28213 | 28213 | 26571 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4993095, 28.150%, 2/03/2030 †x# | Upstart | 2/06/2025 | 35396 | 35396 | 33484 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4996712, 27.110%, 2/04/2030 †x# | Upstart | 2/07/2025 | 28132 | 28132 | 26627 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4996987, 30.020%, 2/03/2030 †x | Upstart | 2/06/2025 | 23979 | 23979 | 22579 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4998407, 28.180%, 2/04/2030 †x | Upstart | 2/07/2025 | 26959 | 26959 | 25405 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4998603, 32.220%, 2/04/2030 †x | Upstart | 2/07/2025 | 47818 | 47818 | 25070 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB4999502, 31.510%, 2/04/2030 †x | Upstart | 2/07/2025 | 30414 | 30414 | 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5000051, 22.860%, 2/04/2030 †x | Upstart | 2/07/2025 | 46530 | 46530 | 44475 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5001186, 22.370%, 2/04/2030 †x | Upstart | 2/07/2025 | 32942 | 32942 | 31927 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5001865, 30.460%, 2/05/2030 †x | Upstart | 2/10/2025 | 24375 | 24375 | 22974 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5002855, 21.120%, 2/05/2030 †x | Upstart | 2/10/2025 | 20669 | 20669 | 20043 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5002906, 30.240%, 2/05/2030 †x | Upstart | 2/10/2025 | 23145 | 23145 | 21823 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5003114, 28.900%, 2/05/2030 †x | Upstart | 2/10/2025 | 25560 | 25560 | 24097 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5003175, 14.450%, 2/05/2028 †x | Upstart | 2/10/2025 | 37610 | 37720 | 36512 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5003765, 28.310%, 2/05/2030 †x | Upstart | 2/10/2025 | 22845 | 22845 | 21555 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5004781, 19.180%, 2/06/2030 †x | Upstart | 2/11/2025 | 21254 | 21254 | 20625 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5004937, 18.850%, 2/06/2030 †x | Upstart | 2/11/2025 | 46524 | 46524 | 45154 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5004968, 22.720%, 2/06/2030 †x | Upstart | 2/11/2025 | 47351 | 47351 | 44895 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5005856, 24.530%, 7/06/2030 †x | Upstart | 2/11/2025 | 37752 | 37752 | 35937 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5006126, 30.090%, 2/06/2028 †x | Upstart | 2/11/2025 | 44414 | 44414 | 42173 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5006483, 31.670%, 2/06/2030 †x | Upstart | 2/11/2025 | 31048 | 31048 | 29281 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5006509, 30.020%, 2/06/2030 †x | Upstart | 2/11/2025 | 22552 | 22552 | 21269 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5007613, 14.680%, 2/06/2030 †x | Upstart | 2/11/2025 | 46337 | 46337 | 45531 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5007781, 28.200%, 2/06/2030 †x | Upstart | 2/11/2025 | 28478 | 28478 | 26866 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5011076, 30.950%, 2/07/2030 †x | Upstart | 2/12/2025 | 26683 | 26683 | 25175 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5011828, 25.380%, 2/10/2030 †x | Upstart | 2/13/2025 | 28365 | 28365 | 26827 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5012219, 26.270%, 2/10/2030 †x | Upstart | 2/13/2025 | 37868 | 37868 | 35810 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5012278, 26.180%, 2/10/2030 †x | Upstart | 2/13/2025 | 22718 | 22718 | 21484 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5012335, 18.870%, 7/12/2030 †x# | Upstart | 2/18/2025 | 22312 | 22312 | 22107 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5012551, 25.570%, 2/10/2030 †x | Upstart | 2/13/2025 | 23171 | 23171 | 22481 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5012737, 19.590%, 2/10/2030 †x# | Upstart | 2/13/2025 | 37856 | 37856 | 36774 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5013559, 27.040%, 2/10/2030 †x | Upstart | 2/13/2025 | 33313 | 33313 | 31505 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5013996, 31.850%, 2/10/2030 †x | Upstart | 2/13/2025 | 28892 | 28892 | 27559 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5014099, 29.210%, 2/10/2030 †x | Upstart | 2/13/2025 | 36034 | 36034 | 34077 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5015368, 32.310%, 2/10/2030 †x | Upstart | 2/13/2025 | 27771 | 27771 | 26239 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5018740, 29.610%, 2/10/2030 †x | Upstart | 2/13/2025 | 26630 | 26630 | 25170 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5020309, 17.890%, 2/11/2030 †x | Upstart | 2/14/2025 | 46711 | 46711 | 45407 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5023335, 22.620%, 2/12/2030 †x | Upstart | 2/18/2025 | 21409 | 21409 | 20531 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5023414, 22.820%, 2/12/2030 †x | Upstart | 2/18/2025 | 23089 | 23165 | 21869 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5023737, 18.240%, 2/12/2030 †x# | Upstart | 2/18/2025 | 21957 | 21957 | 21587 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5025447, 31.390%, 2/12/2030 †x | Upstart | 2/18/2025 | 41929 | 41929 | 39665 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5026705, 30.060%, 2/13/2030 †x | Upstart | 2/19/2025 | 34925 | 34925 | 33062 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5168896, 25.450%, 4/01/2030 †x | Upstart | 4/04/2025 | 23852 | 23934 | 22838 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5169034, 27.670%, 4/01/2030 †x | Upstart | 4/04/2025 | 47198 | 47198 | 44839 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5169423, 30.410%, 4/01/2028 †x# | Upstart | 4/04/2025 | 26869 | 26869 | 25447 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5169437, 26.100%, 4/01/2030 †x | Upstart | 4/04/2025 | 23187 | 23187 | 22200 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5169510, 25.760%, 4/01/2030 †x | Upstart | 4/04/2025 | 28488 | 28488 | 27065 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5169660, 23.180%, 4/01/2030 †x | Upstart | 4/04/2025 | 23403 | 23403 | 22695 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5170017, 24.480%, 4/01/2030 †x | Upstart | 4/04/2025 | 26043 | 26043 | 24937 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**226** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5170218, 32.180%, 4/01/2030 †x | Upstart | 4/04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26968 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5170763, 30.620%, 4/01/2030 †x | Upstart | 4/04/2025 | 24062 | 24062 | 23033 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5171194, 30.220%, 4/01/2030 †x | Upstart | 4/04/2025 | 22211 | 22211 | 21261 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5171842, 29.790%, 4/01/2030 †x | Upstart | 4/04/2025 | 46857 | 46857 | 44853 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5172970, 29.840%, 4/02/2030 †x | Upstart | 4/07/2025 | 23270 | 23270 | 22287 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5173116, 24.130%, 4/02/2028 †x | Upstart | 4/07/2025 | 32238 | 32238 | 30842 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5173230, 13.380%, 4/02/2030 †x | Upstart | 4/07/2025 | 40560 | 40560 | 40365 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5173579, 11.820%, 4/02/2030 †x | Upstart | 4/07/2025 | 47508 | 47508 | 47281 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5174817, 31.250%, 4/02/2030 †x | Upstart | 4/07/2025 | 43659 | 43659 | 42154 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5278145, 17.590%, 5/01/2028 †x | Upstart | 5/06/2025 | 32744 | 32744 | 32018 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5278642, 29.550%, 5/01/2030 †x | Upstart | 5/06/2025 | 28896 | 28896 | 28193 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5278661, 30.830%, 5/01/2028 †x | Upstart | 5/06/2025 | 23786 | 23786 | 22956 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5278672, 30.680%, 5/01/2030 †x | Upstart | 5/06/2025 | 22407 | 22407 | 21645 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5279027, 11.050%, 5/01/2030 †x | Upstart | 5/06/2025 | 46177 | 46177 | 45960 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5279915, 30.900%, 5/01/2028 †x | Upstart | 5/06/2025 | 35619 | 35619 | 34061 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5280238, 23.520%, 5/01/2030 †x | Upstart | 5/06/2025 | 26380 | 26380 | 25754 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5281213, 13.000%, 5/01/2030 †x | Upstart | 5/06/2025 | 48206 | 48206 | 48026 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5283418, 29.080%, 5/02/2030 †x | Upstart | 5/07/2025 | 38354 | 38354 | 36736 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5283543, 28.860%, 5/02/2030 †x | Upstart | 5/07/2025 | 21401 | 21401 | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5283562, 28.790%, 5/02/2030 †x | Upstart | 5/07/2025 | 48663 | 48663 | 47035 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5283888, 32.300%, 5/02/2030 †x | Upstart | 5/07/2025 | 27427 | 27520 | 26507 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5283905, 25.880%, 5/02/2030 †x | Upstart | 5/07/2025 | 31056 | 31056 | 30019 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5284098, 31.480%, 5/02/2030 †x | Upstart | 5/07/2025 | 22321 | 22321 | 21573 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5285067, 29.670%, 5/02/2030 †x | Upstart | 5/07/2025 | 24445 | 24528 | 23626 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5285381, 31.890%, 5/02/2030 †x | Upstart | 5/07/2025 | 29084 | 29084 | 28109 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5285449, 32.190%, 5/02/2030 †x | Upstart | 5/07/2025 | 23495 | 23495 | 22789 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5285496, 20.640%, 5/02/2030 †x | Upstart | 5/07/2025 | 29109 | 29109 | 28242 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5285700, 31.550%, 5/02/2030 †x | Upstart | 5/07/2025 | 24241 | 24241 | 23921 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5287083, 19.230%, 5/05/2028 †x | Upstart | 5/08/2025 | 46107 | 46107 | 45142 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5288134, 21.630%, 5/05/2030 †x | Upstart | 5/08/2025 | 21018 | 21018 | 20549 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5288993, 30.170%, 5/05/2028 †x | Upstart | 5/08/2025 | 21703 | 21703 | 20783 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5289491, 26.280%, 5/05/2030 †x | Upstart | 5/08/2025 | 48641 | 48641 | 47089 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5289705, 20.750%, 5/05/2030 †x | Upstart | 5/08/2025 | 42241 | 42241 | 41447 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5290209, 28.780%, 5/05/2030 †x | Upstart | 5/08/2025 | 24221 | 24221 | 23240 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5290313, 29.090%, 5/05/2030 †x | Upstart | 5/08/2025 | 21405 | 21405 | 20720 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5290635, 32.070%, 5/05/2030 †x | Upstart | 5/08/2025 | 28794 | 28794 | 27872 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5290662, 32.350%, 5/05/2030 †x | Upstart | 5/08/2025 | 38228 | 38228 | 36667 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5290704, 27.520%, 5/05/2028 †x | Upstart | 5/08/2025 | 46767 | 46767 | 45235 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5290750, 31.200%, 5/05/2030 †x | Upstart | 5/08/2025 | 24084 | 24084 | 23313 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5290896, 13.250%, 5/05/2030 †x | Upstart | 5/08/2025 | 28642 | 28642 | 28541 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5291256, 30.520%, 5/05/2030 †x | Upstart | 5/08/2025 | 25145 | 25145 | 24341 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5291271, 26.000%, 5/05/2030 †x | Upstart | 5/08/2025 | 25745 | 25745 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5291333, 20.440%, 5/05/2030 †x | Upstart | 5/08/2025 | 48541 | 48541 | 48027 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5291604, 27.280%, 5/05/2030 †x | Upstart | 5/08/2025 | 32504 | 32504 | 31776 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5291733, 30.740%, 5/05/2028 †x | Upstart | 5/08/2025 | 22552 | 22627 | 21811 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5291952, 12.750%, 5/05/2030 †x | Upstart | 5/08/2025 | 38994 | 38994 | 38469 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5292066, 25.630%, 5/05/2030 †x | Upstart | 5/08/2025 | 23697 | 23697 | 22736 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5292498, 29.380%, 5/05/2030 †x | Upstart | 5/08/2025 | 26538 | 26538 | 25473 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5292658, 19.290%, 5/05/2030 †x | Upstart | 5/08/2025 | 29095 | 29193 | 28548 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5292682, 25.730%, 5/05/2028 †x | Upstart | 5/08/2025 | 27288 | 27288 | 26138 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5295411, 25.710%, 5/05/2030 †x | Upstart | 5/08/2025 | 48748 | 48748 | 47193 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5299243, 29.410%, 5/06/2030 †x | Upstart | 5/09/2025 | 47903 | 47903 | 46395 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5300427, 30.590%, 5/06/2028 †x | Upstart | 5/09/2025 | 29545 | 29643 | 28306 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5306209, 26.020%, 5/07/2030 †x | Upstart | 5/12/2025 | 48039 | 48039 | 46554 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5307650, 32.360%, 5/07/2030 †x | Upstart | 5/12/2025 | 28995 | 28995 | 28095 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5309787, 29.120%, 5/07/2030 †x | Upstart | 5/12/2025 | 38803 | 38803 | 37601 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**227** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5310931, 30.530%, 5/08/2028 †x | Upstart | 5/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25328 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5315146, 15.930%, 5/08/2028 †x | Upstart | 5/13/2025 | 45388 | 45388 | 44716 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5315180, 30.050%, 5/08/2030 †x | Upstart | 5/13/2025 | 31688 | 31688 | 30722 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5315541, 28.760%, 5/12/2030 †x | Upstart | 5/15/2025 | 33203 | 33203 | 31975 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5316643, 9.780%, 5/09/2030 †x | Upstart | 5/14/2025 | 28291 | 28291 | 28184 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5317527, 30.640%, 5/09/2028 †x | Upstart | 5/14/2025 | 46143 | 46143 | 44719 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5317660, 26.030%, 5/09/2030 †x | Upstart | 5/14/2025 | 22137 | 22137 | 21475 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5319178, 29.490%, 5/12/2030 †x# | Upstart | 5/15/2025 | 21001 | 21001 | 20220 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5319183, 31.890%, 5/09/2030 †x | Upstart | 5/14/2025 | 41129 | 41129 | 39894 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5319239, 30.010%, 5/09/2030 †x | Upstart | 5/14/2025 | 34524 | 34524 | 33488 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5322231, 26.860%, 5/12/2030 †x | Upstart | 5/15/2025 | 22444 | 22444 | 21805 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5323396, 30.380%, 5/12/2030 †x | Upstart | 5/15/2025 | 47935 | 47935 | 46569 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5323749, 25.560%, 5/12/2030 †x | Upstart | 5/15/2025 | 23884 | 23884 | 23205 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5325733, 28.740%, 5/12/2030 †x | Upstart | 5/15/2025 | 22181 | 22181 | 21549 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5325759, 28.700%, 5/12/2030 †x | Upstart | 5/15/2025 | 26578 | 26578 | 26127 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5326501, 28.890%, 5/12/2030 †x | Upstart | 5/15/2025 | 40194 | 40194 | 38699 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5327857, 28.610%, 5/12/2030 †x | Upstart | 5/15/2025 | 22082 | 22082 | 21453 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5328545, 30.640%, 5/12/2028 †x | Upstart | 5/15/2025 | 31931 | 32037 | 30994 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5328886, 28.420%, 5/12/2030 †x | Upstart | 5/15/2025 | 22818 | 22896 | 22361 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5328894, 31.330%, 5/12/2030 †x | Upstart | 5/15/2025 | 35045 | 35045 | 34045 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5329292, 26.710%, 5/12/2030 †x | Upstart | 5/15/2025 | 48785 | 48785 | 47397 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5329320, 28.830%, 5/12/2030 †x | Upstart | 5/15/2025 | 21161 | 21161 | 20737 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5329469, 12.680%, 5/12/2030 †x | Upstart | 5/15/2025 | 43371 | 43371 | 42961 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5329773, 27.320%, 5/12/2030 †x | Upstart | 5/15/2025 | 25477 | 25477 | 24752 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5330069, 26.260%, 5/12/2030 †x | Upstart | 5/15/2025 | 22043 | 22043 | 21416 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5330082, 24.490%, 5/12/2030 †x | Upstart | 5/15/2025 | 24351 | 24351 | 23864 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5330148, 28.920%, 5/12/2030 †x | Upstart | 5/15/2025 | 24138 | 24138 | 23451 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5330286, 26.180%, 5/12/2030 †x | Upstart | 5/15/2025 | 48570 | 48570 | 47598 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5330653, 29.690%, 5/12/2030 †x | Upstart | 5/15/2025 | 28787 | 28787 | 27715 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5330790, 30.700%, 5/12/2030 †x | Upstart | 5/15/2025 | 35166 | 35166 | 33855 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5330979, 30.040%, 5/12/2028 †x | Upstart | 5/15/2025 | 47159 | 47159 | 45777 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5334983, 21.130%, 5/13/2030 †x | Upstart | 5/16/2025 | 23313 | 23313 | 22925 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5335473, 19.480%, 5/13/2030 †x | Upstart | 5/16/2025 | 33950 | 33950 | 33385 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5340712, 19.190%, 5/14/2030 †x | Upstart | 5/19/2025 | 47518 | 47518 | 46740 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5343370, 15.600%, 5/14/2030 †x | Upstart | 5/19/2025 | 28997 | 28997 | 28908 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5343777, 18.520%, 5/14/2030 †x | Upstart | 5/19/2025 | 26943 | 26943 | 26502 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5344710, 21.380%, 5/15/2030 †x | Upstart | 5/20/2025 | 21278 | 21278 | 20874 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5345838, 29.680%, 5/15/2030 †x | Upstart | 5/20/2025 | 48004 | 48004 | 46707 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5345851, 28.590%, 5/15/2030 †x | Upstart | 5/20/2025 | 22277 | 22277 | 21675 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5349309, 24.260%, 5/16/2028 †x# | Upstart | 5/21/2025 | 47096 | 47096 | 46270 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5349315, 31.890%, 5/15/2030 †x | Upstart | 5/20/2025 | 23425 | 23425 | 22791 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5351161, 29.610%, 5/16/2028 †x | Upstart | 5/21/2025 | 21738 | 21738 | 20958 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5352514, 23.030%, 5/16/2030 †x | Upstart | 5/21/2025 | 23350 | 23350 | 22915 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5352575, 13.040%, 5/16/2030 †x | Upstart | 5/21/2025 | 25068 | 25068 | 24845 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5353088, 27.820%, 5/16/2030 †x | Upstart | 5/21/2025 | 27342 | 27342 | 26617 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5353367, 25.190%, 5/16/2030 †x | Upstart | 5/21/2025 | 25418 | 25418 | 24779 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5353383, 20.660%, 5/16/2030 †x | Upstart | 5/21/2025 | 38840 | 38971 | 38225 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5355211, 21.470%, 5/19/2030 †x | Upstart | 5/22/2025 | 20942 | 20942 | 20573 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5358495, 20.110%, 5/19/2030 †x | Upstart | 5/22/2025 | 48527 | 48527 | 48117 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5358748, 12.340%, 5/19/2030 †x | Upstart | 5/22/2025 | 46054 | 46054 | 45924 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5358783, 32.030%, 5/19/2030 †x | Upstart | 5/22/2025 | 28686 | 28686 | 27968 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5359057, 25.220%, 5/19/2030 †x | Upstart | 5/22/2025 | 29421 | 29524 | 27469 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5359352, 29.350%, 5/19/2030 †x | Upstart | 5/22/2025 | 37148 | 37148 | 36218 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5359385, 17.350%, 5/19/2030 †x | Upstart | 5/22/2025 | 31562 | 31562 | 31296 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5359393, 28.890%, 5/19/2030 †x | Upstart | 5/22/2025 | 32140 | 32140 | 31056 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5359531, 32.010%, 5/19/2030 †x | Upstart | 5/22/2025 | 23160 | 23160 | 22381 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**228** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5361485, 21.720%, 5/19/2028 †x | Upstart | 5/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26219 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5361795, 30.380%, 5/19/2030 †x | Upstart | 5/22/2025 | 29175 | 29175 | 28190 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5361842, 28.640%, 5/19/2030 †x | Upstart | 5/22/2025 | 48854 | 48854 | 47632 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5362005, 13.400%, 5/19/2028 †x | Upstart | 5/22/2025 | 20676 | 20676 | 20522 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5362067, 11.340%, 5/19/2030 †x | Upstart | 5/22/2025 | 32863 | 32863 | 32738 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5362388, 14.060%, 5/19/2030 †x | Upstart | 5/22/2025 | 20171 | 20171 | 20001 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5362734, 26.940%, 5/19/2030 †x | Upstart | 5/22/2025 | 43683 | 43683 | 42210 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5363532, 31.880%, 5/19/2030 †x# | Upstart | 5/22/2025 | 22289 | 22289 | 20828 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5363848, 27.290%, 5/19/2030 †x | Upstart | 5/22/2025 | 24110 | 24110 | 23508 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5363914, 24.110%, 5/19/2030 †x | Upstart | 5/22/2025 | 28981 | 28981 | 28007 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5364380, 27.520%, 5/19/2030 †x | Upstart | 5/22/2025 | 29289 | 29289 | 28557 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5429489, 28.450%, 6/02/2030 †x | Upstart | 6/05/2025 | 24259 | 24259 | 23677 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5430178, 28.890%, 6/02/2030 †x | Upstart | 6/05/2025 | 27277 | 27277 | 26622 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5431763, 20.830%, 6/03/2030 †x | Upstart | 6/06/2025 | 44025 | 44025 | 43171 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5432390, 30.030%, 6/03/2030 †x | Upstart | 6/06/2025 | 23449 | 23449 | 22897 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5434196, 28.890%, 6/03/2030 †x | Upstart | 6/06/2025 | 34663 | 34663 | 33848 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5434395, 30.060%, 6/03/2030 †x | Upstart | 6/06/2025 | 22858 | 22858 | 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5435162, 25.460%, 6/03/2030 †x | Upstart | 6/06/2025 | 20940 | 20940 | 20599 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5436582, 31.710%, 6/04/2030 †x | Upstart | 6/09/2025 | 27213 | 27213 | 26585 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5440444, 31.890%, 6/04/2030 †x | Upstart | 6/09/2025 | 21299 | 21299 | 20807 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5441090, 28.430%, 6/04/2030 †x | Upstart | 6/09/2025 | 39578 | 39578 | 38668 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5441188, 28.510%, 6/04/2030 †x | Upstart | 6/09/2025 | 33770 | 33770 | 32993 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5442385, 28.810%, 6/05/2030 †x | Upstart | 6/10/2025 | 43422 | 43422 | 42436 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5446055, 32.370%, 6/05/2030 †x | Upstart | 6/10/2025 | 47241 | 47241 | 46173 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5447340, 19.210%, 6/05/2030 †x | Upstart | 6/10/2025 | 28838 | 28838 | 28529 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5447819, 28.790%, 6/05/2028 †x | Upstart | 6/10/2025 | 28418 | 28418 | 27470 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5448231, 26.200%, 6/06/2030 †x | Upstart | 6/11/2025 | 23210 | 23210 | 22700 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5450799, 30.550%, 6/06/2030 †x | Upstart | 6/11/2025 | 32619 | 32619 | 31899 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5451489, 22.880%, 6/06/2030 †x | Upstart | 6/11/2025 | 22287 | 22287 | 21947 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5451572, 25.880%, 6/06/2030 †x | Upstart | 6/11/2025 | 25472 | 25472 | 24667 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5452015, 22.500%, 6/06/2030 †x | Upstart | 6/11/2025 | 24355 | 24355 | 23592 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5452577, 31.930%, 6/06/2030 †x | Upstart | 6/11/2025 | 43377 | 43377 | 41998 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5452845, 32.370%, 6/06/2030 †x | Upstart | 6/11/2025 | 28989 | 28989 | 28656 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5452994, 26.050%, 6/06/2030 †x | Upstart | 6/11/2025 | 27719 | 27719 | 26847 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5453826, 25.720%, 6/06/2030 †x | Upstart | 6/11/2025 | 36129 | 36253 | 35010 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5454761, 31.840%, 6/09/2030 †x | Upstart | 6/12/2025 | 22238 | 22238 | 21575 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5455760, 28.100%, 6/09/2030 †x | Upstart | 6/12/2025 | 21148 | 21148 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5458949, 29.500%, 6/09/2028 †x | Upstart | 6/12/2025 | 23317 | 23317 | 22594 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5459759, 19.340%, 6/09/2030 †x | Upstart | 6/12/2025 | 20818 | 20818 | 20571 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5459771, 30.020%, 6/09/2030 †x | Upstart | 6/12/2025 | 38622 | 38622 | 37827 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5459963, 31.320%, 6/09/2030 †x | Upstart | 6/12/2025 | 24744 | 24744 | 24234 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5467072, 30.380%, 6/09/2028 †x | Upstart | 6/12/2025 | 38407 | 38407 | 37603 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5468101, 25.700%, 6/10/2030 †x | Upstart | 6/13/2025 | 21293 | 21293 | 20914 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5468167, 28.410%, 6/10/2030 †x | Upstart | 6/13/2025 | 22349 | 22349 | 21900 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5468911, 18.440%, 6/10/2030 †x | Upstart | 6/13/2025 | 28283 | 28283 | 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5470232, 13.120%, 6/10/2030 †x | Upstart | 6/13/2025 | 33287 | 33287 | 33210 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5471954, 18.040%, 6/10/2030 †x | Upstart | 6/13/2025 | 20758 | 20758 | 20620 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5472185, 30.890%, 6/10/2028 †x | Upstart | 6/13/2025 | 21140 | 21140 | 20708 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5472943, 22.660%, 6/10/2030 †x | Upstart | 6/13/2025 | 29942 | 29942 | 29593 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5472954, 29.990%, 6/10/2030 †x | Upstart | 6/13/2025 | 20493 | 20493 | 20081 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5476985, 17.840%, 6/11/2030 †x | Upstart | 6/16/2025 | 28392 | 28392 | 28207 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5478748, 29.650%, 6/11/2030 †x | Upstart | 6/16/2025 | 42063 | 42207 | 41239 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5478968, 26.120%, 6/11/2030 †x | Upstart | 6/16/2025 | 29798 | 29798 | 29392 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5480053, 30.420%, 6/11/2030 †x | Upstart | 6/16/2025 | 28754 | 28754 | 28163 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5483769, 32.180%, 6/12/2030 †x | Upstart | 6/17/2025 | 23067 | 23067 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5484912, 30.840%, 6/12/2030 †x | Upstart | 6/17/2025 | 27104 | 27197 | 26586 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**229** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5487108, 31.900%, 6/12/2030 †x | Upstart | 6/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28532 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5487249, 31.230%, 6/13/2030 †x | Upstart | 6/18/2025 | 23658 | 23658 | 23218 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5487552, 25.140%, 6/13/2030 †x | Upstart | 6/18/2025 | 24574 | 24574 | 24119 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5487874, 28.870%, 6/13/2028 †x# | Upstart | 6/18/2025 | 47941 | 47941 | 47030 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5487938, 29.420%, 6/13/2030 †x | Upstart | 6/18/2025 | 34474 | 34474 | 33833 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5488122, 32.230%, 6/13/2030 †x | Upstart | 6/18/2025 | 38659 | 38792 | 38154 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5488925, 31.920%, 6/13/2030 †x | Upstart | 6/18/2025 | 28793 | 28793 | 28256 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5489176, 25.270%, 6/13/2030 †x | Upstart | 6/18/2025 | 22905 | 22905 | 22608 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5490016, 30.530%, 6/13/2030 †x | Upstart | 6/18/2025 | 26258 | 26258 | 25769 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5490156, 23.850%, 6/13/2030 †x | Upstart | 6/18/2025 | 48678 | 48678 | 47716 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5491378, 23.820%, 6/13/2030 †x | Upstart | 6/18/2025 | 29469 | 29469 | 29088 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5491452, 30.340%, 6/13/2030 †x | Upstart | 6/18/2025 | 34784 | 34784 | 34331 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5491662, 30.790%, 6/13/2028 †x# | Upstart | 6/18/2025 | 38311 | 38311 | 37413 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5491712, 23.860%, 6/13/2028 †x | Upstart | 6/18/2025 | 40753 | 40753 | 40262 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5491783, 15.500%, 6/13/2030 †x | Upstart | 6/18/2025 | 43212 | 43212 | 42945 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5492751, 16.400%, 6/13/2030 †x | Upstart | 6/18/2025 | 20444 | 20444 | 20318 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5493033, 32.230%, 6/13/2030 †x | Upstart | 6/18/2025 | 48415 | 48415 | 47043 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5493154, 27.340%, 6/13/2030 †x | Upstart | 6/18/2025 | 38672 | 38672 | 38250 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5493494, 32.250%, 6/13/2030 †x | Upstart | 6/18/2025 | 22201 | 22201 | 21572 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5493570, 30.150%, 6/13/2030 †x# | Upstart | 6/18/2025 | 28500 | 28500 | 26789 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5493798, 29.790%, 6/16/2030 †x | Upstart | 6/20/2025 | 22166 | 22166 | 21786 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5494154, 25.680%, 6/16/2030 †x | Upstart | 6/20/2025 | 39070 | 39070 | 38028 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5494186, 26.020%, 6/16/2030 †x | Upstart | 6/20/2025 | 22520 | 22520 | 22136 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5495575, 30.830%, 6/16/2028 †x | Upstart | 6/20/2025 | 25000 | 25000 | 24565 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5495982, 23.140%, 6/16/2030 †x# | Upstart | 6/20/2025 | 22292 | 22292 | 20772 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5496405, 25.830%, 6/16/2030 †x | Upstart | 6/20/2025 | 44740 | 44740 | 43978 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5496420, 21.590%, 6/16/2030 †x | Upstart | 6/20/2025 | 49014 | 49014 | 48224 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5498320, 28.970%, 6/16/2028 †x# | Upstart | 6/20/2025 | 24331 | 24331 | 23098 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5498701, 28.600%, 6/16/2030 †x | Upstart | 6/20/2025 | 24190 | 24190 | 23544 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5505860, 22.850%, 6/16/2030 †x | Upstart | 6/20/2025 | 30632 | 30632 | 30268 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5506824, 31.090%, 6/17/2030 †x | Upstart | 6/23/2025 | 38936 | 38936 | 38288 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5507712, 28.460%, 6/17/2030 †x | Upstart | 6/23/2025 | 28158 | 28255 | 27691 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5508260, 26.280%, 6/17/2030 †x | Upstart | 6/23/2025 | 32011 | 32121 | 31481 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5508430, 29.930%, 6/17/2030 †x# | Upstart | 6/23/2025 | 45438 | 45438 | 44244 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5509401, 28.070%, 6/17/2030 †x | Upstart | 6/23/2025 | 48726 | 48726 | 47917 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5511392, 32.210%, 6/17/2030 †x | Upstart | 6/23/2025 | 24123 | 24123 | 23488 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5512659, 24.710%, 6/17/2030 †x | Upstart | 6/23/2025 | 37928 | 37928 | 37223 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5514247, 19.240%, 6/18/2030 †x | Upstart | 6/24/2025 | 38214 | 38214 | 38004 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5514694, 23.080%, 6/18/2030 †x | Upstart | 6/24/2025 | 38838 | 38838 | 38233 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5516268, 17.830%, 6/18/2030 †x | Upstart | 6/24/2025 | 20560 | 20560 | 20448 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5516471, 22.640%, 6/23/2030 †§x | Upstart | 6/26/2025 | 24150 | 24150 | 23953 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5518051, 14.380%, 6/18/2030 †x | Upstart | 6/24/2025 | 43474 | 43474 | 43239 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5519185, 18.370%, 6/20/2030 †x | Upstart | 6/25/2025 | 22329 | 22329 | 22214 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5520165, 26.260%, 6/20/2030 †x | Upstart | 6/25/2025 | 48683 | 48683 | 48168 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5520235, 20.270%, 6/20/2030 †x | Upstart | 6/25/2025 | 35830 | 35830 | 35298 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5520325, 31.930%, 6/20/2030 †x | Upstart | 6/25/2025 | 30519 | 30623 | 29761 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5522200, 32.210%, 6/20/2030 †x | Upstart | 6/25/2025 | 31511 | 31511 | 30728 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5523142, 25.750%, 6/20/2028 †x | Upstart | 6/25/2025 | 23769 | 23769 | 23406 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5523209, 23.290%, 6/20/2030 †x | Upstart | 6/25/2025 | 24551 | 24551 | 24291 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5523213, 29.570%, 6/20/2030 †x | Upstart | 6/25/2025 | 24429 | 24429 | 24059 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5523577, 27.280%, 6/20/2030 †x | Upstart | 6/25/2025 | 38480 | 38480 | 37899 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5523727, 20.240%, 6/20/2030 †x | Upstart | 6/25/2025 | 27720 | 27720 | 27486 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5523787, 21.100%, 6/20/2030 †x | Upstart | 6/25/2025 | 20307 | 20307 | 20125 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5523917, 29.970%, 6/20/2030 †x | Upstart | 6/25/2025 | 35132 | 35132 | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5524524, 23.430%, 6/20/2030 †x | Upstart | 6/25/2025 | 49105 | 49105 | 48587 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5524534, 18.880%, 6/20/2030 †x | Upstart | 6/25/2025 | 27874 | 27874 | 27456 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**230** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5524689, 28.700%, 6/20/2030 †x | Upstart | 6/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27250 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5524923, 19.770%, 6/20/2030 †x | Upstart | 6/25/2025 | 27836 | 27836 | 27587 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5526662, 28.230%, 6/20/2030 †x | Upstart | 6/25/2025 | 31404 | 31404 | 31120 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5526670, 30.060%, 6/20/2030 †x | Upstart | 6/25/2025 | 26011 | 26011 | 25617 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5526678, 32.320%, 6/20/2030 †x | Upstart | 6/25/2025 | 23571 | 23571 | 23445 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5526905, 19.690%, 6/20/2030 †x | Upstart | 6/25/2025 | 46152 | 46152 | 45486 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5527006, 25.490%, 6/20/2030 †x | Upstart | 6/25/2025 | 39128 | 39263 | 38539 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5527056, 29.960%, 6/20/2030 †x | Upstart | 6/25/2025 | 28239 | 28239 | 27555 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5527816, 26.780%, 6/20/2028 †x | Upstart | 6/25/2025 | 47857 | 47857 | 47124 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5527874, 28.250%, 6/20/2030 †x | Upstart | 6/25/2025 | 24611 | 24611 | 24239 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5527895, 30.030%, 6/20/2028 †x | Upstart | 6/25/2025 | 23541 | 23541 | 23179 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5528264, 32.380%, 6/20/2030 †x | Upstart | 6/25/2025 | 26629 | 26721 | 26225 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5528316, 31.320%, 6/20/2030 †x | Upstart | 6/25/2025 | 20806 | 20877 | 20289 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5528529, 28.340%, 6/20/2028 †x | Upstart | 6/25/2025 | 23517 | 23597 | 23157 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5528593, 27.390%, 6/20/2030 †x | Upstart | 6/25/2025 | 23715 | 23715 | 23357 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5531238, 25.930%, 7/01/2030 †x | Upstart | 7/03/2025 | 29487 | 29487 | 29045 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5532234, 29.390%, 6/23/2028 †§x | Upstart | 6/26/2025 | 46678 | 46678 | 46032 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5533409, 29.940%, 6/23/2030 †x | Upstart | 6/26/2025 | 26009 | 26009 | 25654 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5533703, 31.990%, 6/23/2030 †§x | Upstart | 6/26/2025 | 29182 | 29281 | 28500 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5534073, 26.050%, 6/23/2030 †x | Upstart | 6/26/2025 | 21194 | 21194 | 20702 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5534111, 30.060%, 6/23/2030 †§x | Upstart | 6/26/2025 | 20592 | 20592 | 20311 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5534186, 27.410%, 6/23/2030 †§x | Upstart | 6/26/2025 | 28144 | 28144 | 27760 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5534570, 25.700%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22497 | 22497 | 22273 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5534666, 29.560%, 6/23/2030 †§x | Upstart | 6/26/2025 | 25536 | 25536 | 24941 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5534671, 19.080%, 6/23/2030 †x# | Upstart | 6/26/2025 | 45427 | 45427 | 45047 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5534726, 19.890%, 6/23/2030 †§x | Upstart | 6/26/2025 | 29406 | 29406 | 29267 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5535213, 31.590%, 6/23/2030 †§x | Upstart | 6/26/2025 | 31352 | 31352 | 30924 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5535318, 14.080%, 6/23/2030 †x | Upstart | 6/26/2025 | 22225 | 22225 | 22119 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5535737, 29.230%, 6/23/2030 †§x | Upstart | 6/26/2025 | 25706 | 25706 | 25355 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5535853, 26.210%, 6/23/2030 †x | Upstart | 6/26/2025 | 48392 | 48392 | 47267 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5536423, 16.720%, 6/23/2028 †x | Upstart | 6/26/2025 | 23931 | 23931 | 23772 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5536984, 26.270%, 6/23/2030 †§x | Upstart | 6/26/2025 | 24195 | 24195 | 23865 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5537263, 32.140%, 6/23/2030 †§x | Upstart | 6/26/2025 | 41993 | 41993 | 41013 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5537456, 19.130%, 6/23/2030 †§x | Upstart | 6/26/2025 | 24224 | 24224 | 23881 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5537551, 30.020%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22956 | 22956 | 22643 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5537749, 15.260%, 6/23/2030 †x | Upstart | 6/26/2025 | 29814 | 29814 | 29674 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5537847, 26.110%, 6/24/2030 †§x | Upstart | 6/27/2025 | 22905 | 22905 | 22556 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5538621, 27.410%, 6/23/2030 †x | Upstart | 6/26/2025 | 49203 | 49203 | 48532 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5539119, 22.100%, 6/23/2030 †§x | Upstart | 6/26/2025 | 21496 | 21496 | 21190 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5539302, 15.360%, 6/23/2030 †x | Upstart | 6/26/2025 | 48389 | 48389 | 48163 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5539625, 20.560%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22357 | 22357 | 22175 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5540015, 27.120%, 6/23/2030 †x | Upstart | 6/26/2025 | 48892 | 48892 | 48080 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5540369, 32.240%, 6/23/2030 †§x | Upstart | 6/26/2025 | 28417 | 28417 | 27753 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5540768, 28.770%, 6/23/2030 †§x | Upstart | 6/26/2025 | 26291 | 26291 | 25932 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5540804, 28.350%, 6/23/2030 †x | Upstart | 6/26/2025 | 48831 | 48831 | 48165 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5541009, 27.760%, 6/23/2028 †§x | Upstart | 6/26/2025 | 31590 | 31590 | 30825 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5542253, 22.840%, 6/24/2030 †x | Upstart | 6/27/2025 | 22552 | 22552 | 22373 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5543028, 30.100%, 6/24/2030 †§x | Upstart | 6/27/2025 | 33697 | 33697 | 33253 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5543246, 20.630%, 6/24/2030 †§x | Upstart | 6/27/2025 | 24221 | 24221 | 24110 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5543365, 24.550%, 6/24/2030 †§x | Upstart | 6/27/2025 | 36064 | 36064 | 35731 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5544006, 21.250%, 6/24/2030 †x | Upstart | 6/27/2025 | 48557 | 48557 | 48175 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5544550, 24.290%, 6/24/2030 †§x | Upstart | 6/27/2025 | 21616 | 21616 | 21333 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5544773, 26.880%, 6/24/2030 †x | Upstart | 6/27/2025 | 25032 | 25032 | 24462 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5546274, 29.930%, 6/25/2030 †§x | Upstart | 6/30/2025 | 23251 | 23251 | 22957 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5546452, 28.010%, 6/24/2030 †§x | Upstart | 6/27/2025 | 21048 | 21048 | 20569 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5546654, 22.640%, 6/24/2030 †x | Upstart | 6/27/2025 | 23561 | 23561 | 23344 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**231** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5546772, 22.560%, 6/24/2030 †§x | Upstart | 6/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22887 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5546891, 24.980%, 6/24/2030 †x | Upstart | 6/27/2025 | 21132 | 21132 | 20855 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5547329, 26.090%, 6/24/2030 †§x# | Upstart | 6/27/2025 | 22605 | 22605 | 22301 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5547338, 21.100%, 6/27/2030 †§x | Upstart | 7/02/2025 | 21285 | 21285 | 21135 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5547736, 25.680%, 6/25/2030 †x | Upstart | 6/30/2025 | 32274 | 32274 | 31556 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5547751, 25.430%, 6/25/2030 †§x | Upstart | 6/30/2025 | 38049 | 38049 | 37569 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5547786, 30.040%, 6/25/2030 †§x# | Upstart | 6/30/2025 | 36200 | 36317 | 36109 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5547830, 11.470%, 6/25/2030 †x | Upstart | 6/30/2025 | 22794 | 22794 | 22733 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5547905, 32.060%, 6/25/2030 †§x | Upstart | 6/30/2025 | 28097 | 28097 | 27490 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5548056, 20.490%, 6/25/2030 †§x | Upstart | 6/30/2025 | 21572 | 21572 | 21408 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5548632, 32.260%, 6/25/2030 †§x# | Upstart | 6/30/2025 | 40730 | 40730 | 40190 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5549090, 29.480%, 6/25/2030 †§x | Upstart | 6/30/2025 | 28521 | 28521 | 27884 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5549417, 31.920%, 6/25/2030 †x | Upstart | 6/30/2025 | 47740 | 47740 | 46673 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5549644, 27.400%, 6/25/2030 †x | Upstart | 6/30/2025 | 44287 | 44438 | 43678 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5550070, 28.330%, 6/25/2030 †§x | Upstart | 6/30/2025 | 39379 | 39379 | 38881 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5550692, 30.780%, 6/25/2028 †x | Upstart | 6/30/2025 | 30694 | 30694 | 30299 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5550870, 22.980%, 6/25/2030 †§x | Upstart | 6/30/2025 | 28376 | 28376 | 28124 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5550885, 29.890%, 6/25/2030 †§x | Upstart | 6/30/2025 | 21970 | 21970 | 21691 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5551023, 32.270%, 6/25/2030 †§x | Upstart | 6/30/2025 | 29093 | 29093 | 28724 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5551044, 29.960%, 6/25/2030 †§x | Upstart | 6/30/2025 | 29162 | 29162 | 28902 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5551464, 24.900%, 6/25/2030 †x | Upstart | 6/30/2025 | 26954 | 26954 | 26355 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5551632, 30.750%, 6/25/2030 †§x | Upstart | 6/30/2025 | 39035 | 39035 | 38540 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5551728, 28.860%, 7/01/2030 †§x | Upstart | 7/03/2025 | 26005 | 26005 | 25339 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5552906, 25.100%, 6/25/2030 †x | Upstart | 6/30/2025 | 29488 | 29488 | 29263 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5553591, 29.100%, 6/26/2028 †x | Upstart | 7/01/2025 | 23335 | 23335 | 23047 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5554202, 13.800%, 6/26/2030 †x | Upstart | 7/01/2025 | 48676 | 48676 | 48310 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5554760, 30.490%, 6/26/2028 †§x | Upstart | 7/01/2025 | 28855 | 28855 | 28498 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5554815, 30.010%, 6/26/2030 †§x | Upstart | 7/01/2025 | 39607 | 39607 | 39125 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5555249, 30.390%, 6/26/2028 †§x | Upstart | 7/01/2025 | 38407 | 38407 | 37932 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5556799, 29.780%, 6/26/2030 †§x | Upstart | 7/01/2025 | 23167 | 23167 | 22662 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5557614, 25.600%, 6/26/2030 †x | Upstart | 7/01/2025 | 49055 | 49055 | 48293 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5557723, 20.180%, 6/26/2030 †§x | Upstart | 7/01/2025 | 24466 | 24466 | 24139 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5558131, 28.990%, 6/26/2030 †§x | Upstart | 7/01/2025 | 31041 | 31041 | 30365 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5558193, 32.170%, 6/26/2030 †§x# | Upstart | 7/01/2025 | 42885 | 42885 | 42350 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5558417, 22.960%, 6/26/2030 †§x | Upstart | 7/01/2025 | 29456 | 29456 | 29204 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5558678, 28.450%, 6/26/2030 †x | Upstart | 7/01/2025 | 49227 | 49227 | 48629 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5558823, 31.680%, 6/26/2030 †x | Upstart | 7/01/2025 | 21494 | 21494 | 21232 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5559109, 31.940%, 6/27/2030 †x | Upstart | 7/02/2025 | 34808 | 34808 | 34401 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5559196, 27.380%, 6/27/2030 †§x# | Upstart | 7/02/2025 | 39670 | 39806 | 39325 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5559906, 30.790%, 6/27/2028 †§x | Upstart | 7/02/2025 | 26930 | 26930 | 26610 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5560517, 28.830%, 6/27/2030 †§x | Upstart | 7/02/2025 | 31117 | 31117 | 30754 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5560869, 22.680%, 6/27/2030 †§x | Upstart | 7/02/2025 | 29844 | 29844 | 29599 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5561591, 28.910%, 6/27/2030 †§x | Upstart | 7/02/2025 | 36049 | 36049 | 35629 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5561944, 22.330%, 6/27/2030 †x | Upstart | 7/02/2025 | 49076 | 49076 | 48674 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5562050, 17.950%, 6/27/2030 †x | Upstart | 7/02/2025 | 21834 | 21834 | 21744 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5562887, 30.350%, 6/27/2028 †§x | Upstart | 7/02/2025 | 38020 | 38020 | 37569 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5562943, 28.970%, 6/27/2030 †§x | Upstart | 7/02/2025 | 32515 | 32515 | 31822 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5563366, 23.880%, 6/27/2030 †x | Upstart | 7/02/2025 | 39212 | 39212 | 38381 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5563379, 32.020%, 6/27/2030 †x | Upstart | 7/02/2025 | 47029 | 47188 | 46024 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5563387, 23.410%, 6/27/2030 †§x | Upstart | 7/02/2025 | 24258 | 24258 | 24059 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5563724, 28.850%, 6/27/2030 †§x | Upstart | 7/02/2025 | 34465 | 34465 | 34063 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5564280, 28.580%, 7/01/2030 †§x | Upstart | 7/03/2025 | 22653 | 22653 | 22312 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5564438, 26.590%, 7/01/2028 †§x | Upstart | 7/03/2025 | 37689 | 37689 | 36725 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5565000, 15.590%, 7/01/2030 †§x | Upstart | 7/03/2025 | 29687 | 29687 | 29546 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5565285, 25.640%, 7/01/2030 †x | Upstart | 7/03/2025 | 49141 | 49141 | 48405 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5565774, 29.820%, 7/01/2030 †x | Upstart | 7/03/2025 | 44129 | 44129 | 43462 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**232** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5566368, 17.010%, 7/01/2030 †x | Upstart | 7/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49265 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5566803, 13.430%, 7/01/2030 †x | Upstart | 7/03/2025 | 20765 | 20765 | 20667 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5567021, 15.520%, 7/01/2030 †x | Upstart | 7/03/2025 | 27752 | 27752 | 27519 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5567072, 22.200%, 7/01/2030 †x# | Upstart | 7/03/2025 | 24124 | 24124 | 23767 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5568151, 25.160%, 7/01/2030 †x | Upstart | 7/03/2025 | 24517 | 24517 | 24312 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5569508, 31.980%, 7/01/2030 †x | Upstart | 7/03/2025 | 39878 | 39878 | 39272 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5570455, 30.210%, 7/01/2028 †§x# | Upstart | 7/03/2025 | 27920 | 27920 | 27499 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5570681, 14.400%, 7/01/2028 †§x | Upstart | 7/03/2025 | 46906 | 46906 | 46348 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5570741, 29.720%, 7/01/2030 †§x | Upstart | 7/03/2025 | 34985 | 34985 | 34455 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5570846, 17.410%, 7/01/2030 †§x | Upstart | 7/03/2025 | 24854 | 24854 | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5571307, 30.060%, 7/01/2030 †x | Upstart | 7/03/2025 | 20798 | 20798 | 20268 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5571478, 26.050%, 7/01/2030 †§x | Upstart | 7/03/2025 | 27800 | 27800 | 27511 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5573217, 21.470%, 7/01/2030 †x | Upstart | 7/03/2025 | 49575 | 49575 | 49165 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5573871, 28.870%, 7/01/2030 †§x | Upstart | 7/03/2025 | 27091 | 27091 | 26397 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5663644, 25.840%, 8/01/2030 †§x | Upstart | 8/01/2025 | 30000 | 30000 | 29551 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5682025, 25.790%, 7/25/2030 †x | Upstart | 7/30/2025 | 23512 | 23512 | 23481 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5682522, 23.350%, 7/22/2030 †§x | Upstart | 7/25/2025 | 23472 | 23472 | 23241 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5695139, 27.190%, 7/22/2030 †§x | Upstart | 7/25/2025 | 29564 | 29564 | 29273 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5695629, 30.210%, 7/22/2028 †§x | Upstart | 7/25/2025 | 30323 | 30323 | 30039 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5698992, 29.680%, 7/22/2030 †§x | Upstart | 7/25/2025 | 43129 | 43269 | 42520 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5699198, 13.500%, 7/22/2030 †x | Upstart | 7/25/2025 | 37561 | 37561 | 37521 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5699295, 23.910%, 7/22/2030 †§x | Upstart | 7/25/2025 | 23798 | 23798 | 23714 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5699447, 30.660%, 7/22/2028 †§x | Upstart | 7/25/2025 | 22811 | 22811 | 22736 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5700042, 32.350%, 7/23/2030 †§x# | Upstart | 7/28/2025 | 27624 | 27624 | 27541 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5700266, 26.070%, 7/23/2030 †x | Upstart | 7/28/2025 | 33237 | 33237 | 33170 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5702372, 24.700%, 7/23/2030 †x | Upstart | 7/28/2025 | 33821 | 33821 | 33752 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5702437, 15.260%, 7/23/2030 †x | Upstart | 7/28/2025 | 27693 | 27693 | 27667 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5702796, 17.490%, 7/23/2030 †x | Upstart | 7/28/2025 | 49295 | 49295 | 49069 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5702805, 27.230%, 7/24/2030 †x | Upstart | 7/29/2025 | 24811 | 24811 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5704085, 30.110%, 7/23/2030 †x | Upstart | 7/28/2025 | 31767 | 31767 | 31464 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5704422, 16.560%, 7/24/2030 †x | Upstart | 7/29/2025 | 24437 | 24437 | 24329 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5705143, 12.280%, 7/23/2030 †x | Upstart | 7/28/2025 | 30499 | 30499 | 30452 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5705169, 28.530%, 7/23/2030 †x | Upstart | 7/28/2025 | 48944 | 48944 | 48868 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5707759, 19.670%, 7/24/2030 †x | Upstart | 7/29/2025 | 45063 | 45063 | 44986 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5707786, 25.650%, 7/24/2030 †x | Upstart | 7/29/2025 | 23909 | 23909 | 23689 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5707904, 30.800%, 7/24/2030 †x | Upstart | 7/29/2025 | 21356 | 21356 | 21302 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5707942, 32.030%, 7/24/2030 †x | Upstart | 7/29/2025 | 28913 | 28913 | 28841 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5708011, 28.830%, 7/24/2030 †x | Upstart | 7/29/2025 | 46068 | 46068 | 45952 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5708045, 30.320%, 7/24/2030 †x | Upstart | 7/29/2025 | 33769 | 33769 | 33684 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5708074, 28.840%, 7/24/2030 †x# | Upstart | 7/29/2025 | 31100 | 31100 | 31009 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5708172, 28.880%, 7/24/2030 †x | Upstart | 7/29/2025 | 37729 | 37729 | 37633 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5708319, 31.980%, 7/24/2030 †x | Upstart | 7/29/2025 | 29311 | 29311 | 29237 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5708376, 30.310%, 7/24/2028 †x | Upstart | 7/29/2025 | 24381 | 24381 | 24326 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5708551, 32.260%, 7/24/2030 †x | Upstart | 7/29/2025 | 29354 | 29354 | 28968 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5709237, 25.150%, 7/24/2030 †x | Upstart | 7/29/2025 | 46321 | 46321 | 46204 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5710259, 22.660%, 7/24/2030 †x | Upstart | 7/29/2025 | 43912 | 43912 | 43855 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5711090, 17.810%, 7/25/2030 †x | Upstart | 7/30/2025 | 27517 | 27517 | 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5711096, 23.310%, 7/25/2030 †x | Upstart | 7/30/2025 | 40649 | 40649 | 40565 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5711366, 31.130%, 7/25/2030 †x | Upstart | 7/30/2025 | 26921 | 26921 | 26866 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5712189, 26.170%, 8/01/2030 †§x | Upstart | 8/04/2025 | 21700 | 21700 | 21375 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5712406, 29.970%, 7/25/2030 †x | Upstart | 7/30/2025 | 30387 | 30387 | 30007 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5713192, 31.780%, 7/25/2030 †x | Upstart | 7/30/2025 | 39046 | 39046 | 38967 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5713270, 31.210%, 7/25/2030 †x | Upstart | 7/30/2025 | 41226 | 41226 | 41185 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5713324, 15.360%, 7/25/2030 †x | Upstart | 7/30/2025 | 43038 | 43038 | 42854 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5713925, 32.250%, 7/25/2030 †x | Upstart | 7/30/2025 | 21363 | 21363 | 21320 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5713999, 10.980%, 7/25/2028 †x | Upstart | 7/30/2025 | 48830 | 48830 | 48822 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**233** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5714189, 15.820%, 7/25/2030 †x | Upstart | 7/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39346 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5714540, 19.660%, 7/25/2030 †x | Upstart | 7/30/2025 | 43029 | 43029 | 42847 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5715087, 29.880%, 7/25/2030 †x | Upstart | 7/30/2025 | 23441 | 23441 | 23144 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5715348, 26.870%, 7/25/2030 †x | Upstart | 7/30/2025 | 29473 | 29473 | 29413 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5715905, 30.560%, 7/25/2030 †x | Upstart | 7/30/2025 | 21774 | 21774 | 21499 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5715979, 30.350%, 7/25/2028 †x# | Upstart | 7/30/2025 | 22500 | 22564 | 22443 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5716065, 28.750%, 7/25/2030 †x | Upstart | 7/30/2025 | 23343 | 23343 | 23048 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5716113, 24.890%, 7/25/2030 †x# | Upstart | 7/30/2025 | 31600 | 31600 | 31310 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5716399, 24.910%, 7/28/2030 †x | Upstart | 7/31/2025 | 24336 | 24336 | 24064 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5716720, 22.270%, 7/28/2030 †x | Upstart | 7/31/2025 | 44736 | 44871 | 44385 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5716808, 14.650%, 7/28/2028 †x | Upstart | 7/31/2025 | 23764 | 23839 | 23630 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5716820, 24.720%, 7/28/2028 †§x | Upstart | 7/31/2025 | 21500 | 21500 | 21251 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5717103, 29.310%, 7/28/2030 †x | Upstart | 7/31/2025 | 29789 | 29789 | 29457 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5717328, 24.860%, 7/28/2030 †§x | Upstart | 7/31/2025 | 29755 | 29846 | 29523 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5717736, 29.800%, 7/28/2030 †x | Upstart | 7/31/2025 | 47652 | 47652 | 47135 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5717947, 29.810%, 7/28/2030 †§x | Upstart | 7/31/2025 | 24070 | 24070 | 23802 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5717982, 19.300%, 7/28/2030 †§x | Upstart | 7/31/2025 | 22678 | 22678 | 22524 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5718219, 28.030%, 7/28/2030 †§x | Upstart | 7/31/2025 | 26405 | 26405 | 26198 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5718503, 31.660%, 7/28/2030 †§x | Upstart | 7/31/2025 | 20367 | 20367 | 20208 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5718512, 19.050%, 7/28/2030 †§x | Upstart | 7/31/2025 | 21716 | 21716 | 21569 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5719068, 28.770%, 7/28/2030 †x | Upstart | 7/31/2025 | 49382 | 49382 | 48832 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5719279, 28.440%, 7/28/2030 †§x | Upstart | 7/31/2025 | 22699 | 22699 | 22445 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5719757, 32.160%, 7/28/2030 †x | Upstart | 7/31/2025 | 34888 | 34888 | 34499 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5721743, 30.190%, 7/28/2028 †§x | Upstart | 7/31/2025 | 23987 | 24057 | 23708 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5722849, 19.840%, 7/28/2030 †§x | Upstart | 7/31/2025 | 31595 | 31595 | 31381 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5723903, 23.570%, 7/28/2028 †§x | Upstart | 7/31/2025 | 41693 | 41693 | 41457 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5723940, 31.420%, 7/28/2030 †x | Upstart | 7/31/2025 | 43712 | 43712 | 43226 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5727946, 27.860%, 8/01/2030 †§x | Upstart | 8/01/2025 | 25000 | 25000 | 24625 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5727965, 32.280%, 8/01/2030 †§x | Upstart | 8/01/2025 | 30994 | 30994 | 30663 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5728344, 30.880%, 8/01/2028 †x | Upstart | 8/01/2025 | 24400 | 24400 | 24026 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5728545, 19.550%, 8/01/2030 †§x | Upstart | 8/01/2025 | 22700 | 22700 | 22546 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5729057, 28.690%, 8/01/2030 †x | Upstart | 8/01/2025 | 29398 | 29398 | 29080 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5729723, 32.000%, 8/01/2030 †x | Upstart | 8/01/2025 | 22300 | 22300 | 22068 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5730048, 32.240%, 8/01/2030 †§x | Upstart | 8/01/2025 | 33700 | 33700 | 33322 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5730054, 28.590%, 8/01/2028 †§x | Upstart | 8/01/2025 | 38100 | 38100 | 37519 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5730117, 21.940%, 8/01/2030 †§x | Upstart | 8/01/2025 | 21500 | 21500 | 21333 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5730272, 12.430%, 8/01/2030 †§x | Upstart | 8/01/2025 | 24600 | 24600 | 24568 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5730679, 30.560%, 8/01/2030 †x | Upstart | 8/01/2025 | 43517 | 43517 | 43046 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5730709, 25.790%, 8/01/2030 †x | Upstart | 8/01/2025 | 49961 | 49961 | 49422 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5731431, 32.330%, 8/01/2030 †x | Upstart | 8/01/2025 | 29300 | 29300 | 28857 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5732035, 29.320%, 8/01/2028 †§x | Upstart | 8/01/2025 | 34000 | 34000 | 33597 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5733330, 30.710%, 8/01/2028 †§x | Upstart | 8/01/2025 | 48700 | 48700 | 48120 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5733333, 30.710%, 8/01/2028 †§x | Upstart | 8/01/2025 | 24200 | 24200 | 23912 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5733438, 30.150%, 8/01/2028 †§x | Upstart | 8/04/2025 | 24000 | 24071 | 23633 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5733595, 21.810%, 8/01/2030 †§x | Upstart | 8/01/2025 | 39600 | 39600 | 39330 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5733752, 25.900%, 8/01/2030 †§x | Upstart | 8/04/2025 | 23200 | 23200 | 22853 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5733806, 32.220%, 8/01/2030 †x | Upstart | 8/01/2025 | 48700 | 48700 | 48306 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5734124, 31.290%, 8/01/2030 †§x | Upstart | 8/04/2025 | 27000 | 27000 | 26592 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5734222, 27.350%, 8/01/2030 †x | Upstart | 8/04/2025 | 49500 | 49500 | 48757 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5734369, 28.900%, 8/01/2030 †§x | Upstart | 8/04/2025 | 31500 | 31500 | 31026 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5735295, 20.280%, 8/01/2030 †x | Upstart | 8/04/2025 | 28500 | 28500 | 28209 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5735654, 18.420%, 8/01/2030 †§x | Upstart | 8/04/2025 | 34840 | 34840 | 34678 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5735737, 27.690%, 8/01/2030 †§x | Upstart | 8/04/2025 | 23596 | 23596 | 23248 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5735756, 30.070%, 8/01/2030 †x | Upstart | 8/04/2025 | 23900 | 23900 | 23540 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5735944, 29.690%, 8/01/2030 †§x | Upstart | 8/04/2025 | 21700 | 21700 | 21373 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5736167, 30.960%, 8/01/2030 †§x | Upstart | 8/04/2025 | 34300 | 34300 | 33782 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**234** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5736246, 30.620%, 8/01/2028 †§x | Upstart | 8/04/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29012 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5736260, 29.440%, 8/01/2030 †x | Upstart | 8/04/2025 | 44000 | 44132 | 43542 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5736719, 29.030%, 8/01/2030 †§x | Upstart | 8/05/2025 | 21966 | 21966 | 21747 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5737023, 32.290%, 8/01/2030 †§x | Upstart | 8/04/2025 | 20900 | 20900 | 20584 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5737071, 28.720%, 8/01/2030 †§x | Upstart | 8/04/2025 | 26551 | 26551 | 26160 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5737336, 17.370%, 8/01/2030 †x | Upstart | 8/04/2025 | 36107 | 36222 | 35938 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5737647, 14.580%, 8/01/2030 †x | Upstart | 8/04/2025 | 50000 | 50000 | 49769 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5738028, 22.990%, 8/01/2030 †x | Upstart | 8/04/2025 | 45500 | 45500 | 44822 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5738060, 22.430%, 8/01/2030 †§x | Upstart | 8/04/2025 | 25000 | 25000 | 24743 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5738821, 32.230%, 8/01/2030 †x | Upstart | 8/04/2025 | 33900 | 33900 | 33387 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5739446, 21.410%, 8/01/2030 †x | Upstart | 8/04/2025 | 25000 | 25000 | 24794 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5739466, 22.000%, 8/01/2030 †§x | Upstart | 8/04/2025 | 21284 | 21350 | 21070 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5739474, 28.940%, 8/01/2030 †§x | Upstart | 8/04/2025 | 21200 | 21200 | 20881 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5739489, 29.950%, 8/01/2028 †§x | Upstart | 8/04/2025 | 20600 | 20661 | 20285 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5739770, 22.430%, 8/01/2030 †x | Upstart | 8/04/2025 | 34023 | 34023 | 33676 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5740252, 29.670%, 8/01/2030 †§x | Upstart | 8/05/2025 | 33503 | 33503 | 33026 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5740342, 18.970%, 8/01/2030 †§x | Upstart | 8/05/2025 | 23200 | 23200 | 23016 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5740524, 26.110%, 8/01/2030 †§x | Upstart | 8/05/2025 | 40500 | 40500 | 39913 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5740601, 28.120%, 8/01/2030 †§x | Upstart | 8/05/2025 | 22661 | 22661 | 22334 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5740738, 28.750%, 8/01/2030 †§x | Upstart | 8/05/2025 | 40500 | 40500 | 39911 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5740830, 30.120%, 8/01/2028 †§x | Upstart | 8/05/2025 | 48487 | 48487 | 47781 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5741297, 28.980%, 8/01/2030 †§x | Upstart | 8/05/2025 | 22700 | 22700 | 22370 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5742289, 27.430%, 8/01/2028 †§x | Upstart | 8/05/2025 | 31092 | 31092 | 30653 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5744331, 20.470%, 8/01/2030 †x | Upstart | 8/05/2025 | 38100 | 38100 | 37723 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5744479, 27.700%, 8/01/2030 †x | Upstart | 8/05/2025 | 47000 | 47000 | 46529 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5745014, 31.580%, 8/01/2030 †§x | Upstart | 8/05/2025 | 39200 | 39200 | 38627 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5745919, 13.090%, 8/01/2030 †x | Upstart | 8/05/2025 | 50000 | 50000 | 49922 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5746236, 31.800%, 8/01/2030 †§x | Upstart | 8/05/2025 | 41900 | 41900 | 41287 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5804405, 28.740%, 8/11/2030 †§x | Upstart | 8/14/2025 | 34218 | 34218 | 33909 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5805731, 30.820%, 8/11/2028 †§x | Upstart | 8/14/2025 | 29500 | 29500 | 29224 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5806038, 17.340%, 8/11/2030 †§x | Upstart | 8/14/2025 | 33400 | 33510 | 33304 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5806117, 25.590%, 8/11/2030 †§x | Upstart | 8/14/2025 | 23500 | 23500 | 23286 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5806428, 30.100%, 8/11/2028 †x | Upstart | 8/14/2025 | 48900 | 48900 | 48444 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5807901, 27.170%, 8/11/2030 †§x | Upstart | 8/14/2025 | 31200 | 31200 | 31105 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5808479, 27.240%, 8/11/2030 †§x | Upstart | 8/14/2025 | 35400 | 35400 | 35175 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5808489, 29.370%, 8/11/2028 †§x | Upstart | 8/14/2025 | 21540 | 21607 | 21346 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5810617, 27.310%, 8/12/2030 †x | Upstart | 8/15/2025 | 46000 | 46000 | 45602 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5811814, 16.080%, 8/12/2030 †x | Upstart | 8/15/2025 | 31000 | 31000 | 30916 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5812535, 22.400%, 8/13/2030 †§x | Upstart | 8/18/2025 | 21800 | 21800 | 21701 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5813171, 30.820%, 8/12/2028 †§x | Upstart | 8/15/2025 | 31500 | 31599 | 31221 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5816976, 25.290%, 8/13/2030 †§x | Upstart | 8/18/2025 | 20900 | 20900 | 20730 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5819897, 31.590%, 8/18/2030 †x | Upstart | 8/21/2025 | 45300 | 45300 | 45038 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5820460, 25.980%, 8/13/2030 †§x | Upstart | 8/18/2025 | 34100 | 34100 | 33823 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5820949, 31.610%, 8/14/2030 †§x | Upstart | 8/19/2025 | 24700 | 24700 | 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5821646, 27.840%, 8/14/2030 †§x | Upstart | 8/19/2025 | 25000 | 25000 | 24808 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5822248, 25.480%, 8/14/2030 †§x | Upstart | 8/19/2025 | 22900 | 22900 | 22801 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5823776, 31.730%, 8/14/2030 †§x | Upstart | 8/19/2025 | 32400 | 32400 | 32224 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5823875, 14.240%, 8/14/2030 †x | Upstart | 8/19/2025 | 28400 | 28400 | 28332 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5823956, 31.720%, 8/18/2030 †x | Upstart | 8/21/2025 | 33900 | 33900 | 33704 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5823980, 32.330%, 8/14/2030 †x | Upstart | 8/19/2025 | 39400 | 39400 | 39094 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5824010, 29.340%, 8/14/2030 †x | Upstart | 8/19/2025 | 48500 | 48500 | 48126 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5824481, 30.630%, 8/14/2030 †§x | Upstart | 8/19/2025 | 39200 | 39200 | 38897 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5825023, 32.320%, 8/14/2030 †x | Upstart | 8/19/2025 | 34800 | 34800 | 34530 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5825357, 19.520%, 8/14/2030 †x | Upstart | 8/19/2025 | 49500 | 49500 | 49291 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5825599, 30.750%, 8/14/2028 †x | Upstart | 8/19/2025 | 49600 | 49600 | 49211 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5825872, 24.990%, 8/14/2030 †§x | Upstart | 8/19/2025 | 34000 | 34000 | 33820 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**235** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5825998, 28.790%, 8/15/2030 †x | Upstart | 8/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46165 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5826192, 30.060%, 8/14/2030 †§x | Upstart | 8/19/2025 | 24000 | 24000 | 23815 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5827204, 17.720%, 8/15/2030 †x | Upstart | 8/20/2025 | 28400 | 28400 | 28335 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5827225, 22.330%, 8/15/2030 †§x | Upstart | 8/20/2025 | 22800 | 22800 | 22639 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5827301, 22.180%, 8/15/2030 †§x | Upstart | 8/20/2025 | 30000 | 30099 | 29852 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5827661, 31.760%, 8/15/2030 †§x | Upstart | 8/20/2025 | 24500 | 24500 | 24322 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5828602, 18.600%, 8/15/2030 †§x | Upstart | 8/20/2025 | 22200 | 22200 | 22149 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5830103, 29.980%, 8/15/2030 †x | Upstart | 8/20/2025 | 20300 | 20300 | 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5830240, 19.640%, 8/15/2028 †§x | Upstart | 8/20/2025 | 28400 | 28400 | 28269 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5830283, 28.680%, 8/15/2030 †x | Upstart | 8/20/2025 | 26200 | 26200 | 26011 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5830376, 31.090%, 8/15/2030 †x | Upstart | 8/20/2025 | 21400 | 21400 | 21245 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5830846, 32.230%, 8/15/2030 †§x | Upstart | 8/20/2025 | 25300 | 25300 | 25116 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5831498, 14.090%, 8/18/2030 †§x | Upstart | 8/21/2025 | 41800 | 41800 | 41725 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5832104, 19.660%, 8/18/2030 †x | Upstart | 8/21/2025 | 74000 | 74000 | 73766 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5832357, 32.060%, 8/18/2030 †§x | Upstart | 8/21/2025 | 24500 | 24500 | 24358 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5832539, 31.630%, 8/18/2030 †x | Upstart | 8/21/2025 | 44700 | 44700 | 44442 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5833338, 27.340%, 8/18/2028 †§x | Upstart | 8/21/2025 | 34400 | 34400 | 34270 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5833699, 28.290%, 8/18/2030 †§x | Upstart | 8/21/2025 | 28600 | 28600 | 28436 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5834920, 31.150%, 8/18/2030 †§x | Upstart | 8/21/2025 | 21200 | 21200 | 21078 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5835733, 30.680%, 8/18/2030 †§x | Upstart | 8/21/2025 | 30500 | 30500 | 30324 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5835736, 31.880%, 8/18/2030 †§x | Upstart | 8/21/2025 | 29600 | 29600 | 29429 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5836178, 29.740%, 8/18/2028 †§x | Upstart | 8/21/2025 | 26293 | 26377 | 26140 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5837191, 15.320%, 8/18/2030 †§x | Upstart | 8/21/2025 | 45000 | 45000 | 44918 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5837452, 29.170%, 8/18/2030 †§x | Upstart | 8/21/2025 | 40800 | 40800 | 40566 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5837503, 19.940%, 8/18/2030 †§x | Upstart | 8/21/2025 | 50000 | 50000 | 49842 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5837634, 23.200%, 8/18/2030 †§x | Upstart | 8/21/2025 | 21700 | 21700 | 21614 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5837750, 31.410%, 8/18/2030 †§x | Upstart | 8/21/2025 | 36400 | 36400 | 36190 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5838206, 21.710%, 8/18/2030 †x | Upstart | 8/21/2025 | 27800 | 27800 | 27747 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5838631, 28.340%, 8/18/2030 †§x | Upstart | 8/21/2025 | 23500 | 23500 | 23366 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5838762, 22.110%, 8/18/2030 †§x | Upstart | 8/21/2025 | 23000 | 23000 | 22910 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839000, 26.010%, 8/18/2030 †§x | Upstart | 8/21/2025 | 27400 | 27400 | 27244 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839021, 28.870%, 8/18/2030 †x | Upstart | 8/21/2025 | 20500 | 20500 | 20383 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839100, 25.550%, 8/18/2030 †§x | Upstart | 8/21/2025 | 33700 | 33700 | 33591 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839277, 31.070%, 8/18/2030 †x | Upstart | 8/21/2025 | 49000 | 49000 | 48801 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839313, 23.430%, 8/18/2030 †§x | Upstart | 8/21/2025 | 25000 | 25000 | 24901 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839359, 28.820%, 8/18/2030 †§x | Upstart | 8/21/2025 | 22900 | 22900 | 22769 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839881, 27.360%, 8/18/2030 †§x | Upstart | 8/21/2025 | 28900 | 28900 | 28735 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5839966, 32.340%, 8/18/2030 †§x | Upstart | 8/21/2025 | 30182 | 30182 | 30008 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5840124, 11.760%, 8/18/2030 †§x | Upstart | 8/21/2025 | 22000 | 22000 | 21985 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5840447, 26.010%, 8/18/2030 †§x | Upstart | 8/21/2025 | 34600 | 34600 | 34403 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5840554, 24.700%, 8/18/2030 †§x | Upstart | 8/21/2025 | 31300 | 31300 | 31176 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5840655, 21.070%, 8/18/2028 †§x | Upstart | 8/21/2025 | 23000 | 23000 | 22915 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5840701, 21.710%, 8/18/2030 †§x | Upstart | 8/21/2025 | 20600 | 20600 | 20534 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5840911, 30.530%, 8/19/2030 †§x | Upstart | 8/22/2025 | 38500 | 38500 | 38297 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5841036, 23.170%, 8/18/2030 †x | Upstart | 8/21/2025 | 49500 | 49500 | 49305 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5841292, 29.430%, 8/18/2028 †§x | Upstart | 8/21/2025 | 40100 | 40100 | 39867 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5841340, 30.810%, 8/18/2030 †x | Upstart | 8/21/2025 | 48200 | 48200 | 47922 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5841341, 18.320%, 8/18/2030 †§x | Upstart | 8/21/2025 | 39700 | 39700 | 39626 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5842148, 17.190%, 8/19/2030 †§x | Upstart | 8/22/2025 | 39300 | 39300 | 39234 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5842508, 30.590%, 8/19/2028 †§x | Upstart | 8/22/2025 | 34000 | 34000 | 33819 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5842630, 18.990%, 8/19/2030 †§x | Upstart | 8/22/2025 | 38900 | 38900 | 38788 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5842908, 28.780%, 8/19/2028 †x | Upstart | 8/22/2025 | 25600 | 25684 | 25464 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5842918, 29.340%, 8/19/2030 †§x | Upstart | 8/22/2025 | 22000 | 22000 | 21919 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5843139, 14.340%, 8/19/2030 †§x | Upstart | 8/22/2025 | 50000 | 50000 | 49918 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5843207, 30.400%, 8/19/2028 †§x | Upstart | 8/22/2025 | 24900 | 24900 | 24767 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5843293, 19.040%, 8/19/2030 †x | Upstart | 8/22/2025 | 39900 | 39900 | 39831 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**236** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5843308, 27.140%, 8/19/2030 †x | Upstart | 8/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49342 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5843406, 30.270%, 8/19/2030 †§x | Upstart | 8/22/2025 | 39400 | 39400 | 39253 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5843586, 30.400%, 8/19/2030 †x | Upstart | 8/22/2025 | 49200 | 49200 | 48941 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5843737, 18.940%, 8/19/2030 †§x | Upstart | 8/22/2025 | 22800 | 22800 | 22734 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5844031, 15.760%, 8/19/2030 †§x | Upstart | 8/22/2025 | 20900 | 20900 | 20865 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5844802, 17.500%, 8/19/2030 †§x | Upstart | 8/22/2025 | 35100 | 35100 | 35040 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5844963, 25.410%, 8/19/2030 †x | Upstart | 8/22/2025 | 29800 | 29800 | 29646 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845029, 30.030%, 8/19/2030 †x | Upstart | 8/22/2025 | 20200 | 20200 | 20094 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845033, 20.510%, 8/19/2030 †x | Upstart | 8/22/2025 | 45500 | 45500 | 45368 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845325, 24.670%, 8/19/2030 †x | Upstart | 8/22/2025 | 50000 | 50000 | 49818 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845489, 22.520%, 8/19/2030 †x | Upstart | 8/22/2025 | 44700 | 44700 | 44539 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845582, 31.320%, 8/19/2030 †x | Upstart | 8/22/2025 | 44900 | 44900 | 44663 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845649, 25.670%, 8/19/2030 †§x | Upstart | 8/22/2025 | 25000 | 25000 | 24870 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845691, 29.910%, 8/19/2030 †x | Upstart | 8/22/2025 | 25600 | 25600 | 25465 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845751, 32.020%, 8/19/2030 †§x | Upstart | 8/22/2025 | 39200 | 39200 | 38993 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845933, 29.100%, 8/19/2030 †§x | Upstart | 8/22/2025 | 25800 | 25800 | 25665 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5845971, 29.140%, 8/19/2030 †x | Upstart | 8/22/2025 | 37000 | 37000 | 36806 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5846837, 23.000%, 8/19/2030 †x | Upstart | 8/22/2025 | 50000 | 50000 | 49820 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5847027, 17.660%, 8/20/2030 †§x | Upstart | 8/25/2025 | 27700 | 27700 | 27657 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5847041, 31.880%, 8/20/2030 †§x | Upstart | 8/25/2025 | 24500 | 24500 | 24382 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5847316, 31.490%, 8/20/2030 †§x | Upstart | 8/25/2025 | 21800 | 21800 | 21696 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5847330, 26.410%, 8/20/2030 †§x | Upstart | 8/25/2025 | 42100 | 42100 | 41902 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5847405, 28.290%, 8/20/2030 †x | Upstart | 8/25/2025 | 37300 | 37300 | 37123 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5847638, 22.710%, 8/20/2030 †§x | Upstart | 8/25/2025 | 33900 | 33900 | 33810 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5847741, 25.610%, 8/20/2030 †x | Upstart | 8/25/2025 | 50000 | 50000 | 49765 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5850508, 14.100%, 8/20/2030 †§x | Upstart | 8/25/2025 | 43300 | 43300 | 43274 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5850687, 18.520%, 8/20/2028 †§x | Upstart | 8/25/2025 | 21900 | 21900 | 21852 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5850765, 29.000%, 8/22/2030 †x | Upstart | 8/27/2025 | 49000 | 49000 | 48815 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5850821, 29.940%, 8/20/2030 †§x | Upstart | 8/25/2025 | 21300 | 21300 | 21198 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5851016, 26.090%, 8/21/2030 †x | Upstart | 8/26/2025 | 28600 | 28600 | 28515 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5851238, 30.280%, 8/20/2028 †§x | Upstart | 8/25/2025 | 34000 | 34000 | 33835 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5851460, 18.000%, 8/20/2030 †§x | Upstart | 8/25/2025 | 45000 | 45000 | 44883 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5853203, 29.010%, 8/21/2030 †x | Upstart | 8/26/2025 | 28700 | 28700 | 28578 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5853413, 32.160%, 8/21/2030 †x | Upstart | 8/26/2025 | 24500 | 24500 | 24394 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5854579, 22.120%, 8/21/2030 †x | Upstart | 8/26/2025 | 45500 | 45500 | 45391 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5855669, 28.960%, 8/21/2030 †x | Upstart | 8/26/2025 | 50000 | 50166 | 49787 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5855906, 25.410%, 8/21/2030 †x | Upstart | 8/26/2025 | 35700 | 35700 | 35613 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5855993, 18.970%, 8/21/2030 †x | Upstart | 8/26/2025 | 29000 | 29000 | 28959 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5856059, 29.320%, 8/21/2028 †x | Upstart | 8/26/2025 | 29700 | 29700 | 29572 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5857869, 27.100%, 8/22/2030 †x | Upstart | 8/27/2025 | 29800 | 29800 | 29689 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5861197, 30.450%, 8/22/2028 †x | Upstart | 8/27/2025 | 24600 | 24600 | 24505 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5865530, 27.490%, 8/25/2030 †x | Upstart | 8/28/2025 | 21000 | 21000 | 20952 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5866248, 11.620%, 8/25/2030 †x | Upstart | 8/28/2025 | 29300 | 29300 | 29290 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5866653, 30.980%, 8/25/2030 †x | Upstart | 8/28/2025 | 22200 | 22200 | 22148 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5866794, 20.340%, 8/25/2030 †x | Upstart | 8/28/2025 | 22500 | 22500 | 22471 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5867584, 30.030%, 8/25/2030 †x | Upstart | 8/28/2025 | 27700 | 27700 | 27636 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5868638, 18.730%, 8/25/2030 †x | Upstart | 8/28/2025 | 34000 | 34000 | 33957 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5869475, 29.370%, 8/25/2030 †x | Upstart | 8/28/2025 | 22800 | 22800 | 22748 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5870035, 20.080%, 8/25/2030 †x | Upstart | 8/28/2025 | 22300 | 22300 | 22265 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5870158, 32.060%, 8/25/2030 †x | Upstart | 8/28/2025 | 39500 | 39500 | 39408 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5872520, 22.340%, 8/26/2030 †x | Upstart | 8/29/2025 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5873227, 32.090%, 8/26/2030 †x | Upstart | 8/29/2025 | 24700 | 24700 | 24700 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5873860, 24.410%, 8/26/2030 †x | Upstart | 8/29/2025 | 22400 | 22400 | 22400 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5874755, 28.730%, 8/26/2030 †x | Upstart | 8/29/2025 | 45500 | 45500 | 45500 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5875239, 25.500%, 8/26/2030 †x | Upstart | 8/29/2025 | 40000 | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5875247, 29.590%, 8/26/2030 †x | Upstart | 8/29/2025 | 30800 | 30800 | 30800 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**237** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB5876111, 30.180%, 8/26/2030 †x | Upstart | 8/29/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW1430254, 26.830%, 12/14/2026 †x#◇ | Upstart | 7/19/2021 | 25543 | 25543 | 25332 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW1565111, 30.120%, 1/28/2027 †x | Upstart | 8/18/2021 | 21979 | 21979 | 21871 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2150737, 31.020%, 12/01/2026 †x◇ | Upstart | 12/06/2021 | 20235 | 20235 | 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2162059, 29.230%, 5/02/2027 †x◇ | Upstart | 12/07/2021 | 24948 | 24948 | 24692 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2163967, 14.540%, 5/08/2027 †x◇ | Upstart | 12/08/2021 | 23972 | 23972 | 23552 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2630671, 26.080%, 7/15/2027 †x# | Upstart | 2/18/2022 | 33421 | 33421 | 33320 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2647159, 19.830%, 7/17/2027 †x | Upstart | 2/23/2022 | 22373 | 22373 | 22215 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2756082, 18.240%, 8/22/2027 †x | Upstart | 3/11/2022 | 25791 | 25791 | 25367 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2788062, 23.970%, 1/28/2028 †x | Upstart | 3/17/2022 | 26623 | 26623 | 26406 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2788111, 27.210%, 3/14/2027 †x | Upstart | 3/17/2022 | 20393 | 20393 | 20340 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2790741, 9.250%, 8/14/2027 †x | Upstart | 3/17/2022 | 21826 | 21826 | 21490 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2827590, 21.190%, 4/19/2027 †§x | Upstart | 3/24/2022 | 22866 | 22866 | 22736 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2828224, 27.020%, 3/28/2027 †§x | Upstart | 3/24/2022 | 20488 | 20488 | 20504 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2879149, 20.920%, 2/01/2028 †x | Upstart | 4/06/2022 | 26108 | 26108 | 25765 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2892027, 27.180%, 9/19/2027 †x# | Upstart | 4/07/2022 | 30758 | 30758 | 29356 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2904427, 28.000%, 4/06/2027 †§x | Upstart | 4/11/2022 | 24321 | 24321 | 24169 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2935511, 26.710%, 4/12/2027 †x◇ | Upstart | 4/15/2022 | 24335 | 24335 | 24249 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2939765, 27.970%, 4/13/2027 †x◇ | Upstart | 4/18/2022 | 24661 | 24661 | 24593 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW2944292, 25.590%, 9/13/2027 †x◇ | Upstart | 4/18/2022 | 21185 | 21185 | 21201 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3028160, 16.240%, 5/02/2027 †x◇ | Upstart | 5/05/2022 | 22244 | 22244 | 22156 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3035366, 15.270%, 10/02/2027 †x◇ | Upstart | 5/05/2022 | 21718 | 21718 | 21635 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3039844, 15.450%, 5/03/2027 †x◇ | Upstart | 5/06/2022 | 20671 | 20671 | 20396 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3042290, 12.810%, 5/03/2027 †x◇ | Upstart | 5/06/2022 | 21228 | 21228 | 20922 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3110558, 27.980%, 5/20/2027 †x◇ | Upstart | 5/25/2022 | 25687 | 25687 | 26284 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3119267, 22.660%, 5/23/2027 †x◇ | Upstart | 5/26/2022 | 23124 | 23124 | 23695 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3119552, 28.960%, 5/23/2027 †x◇ | Upstart | 5/26/2022 | 24806 | 24806 | 24953 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3121618, 25.050%, 10/25/2027 †x#◇ | Upstart | 5/31/2022 | 31256 | 31256 | 32371 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3132408, 20.070%, 5/24/2027 †x#◇ | Upstart | 5/27/2022 | 22837 | 22837 | 23103 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3132541, 27.810%, 5/24/2027 †x◇ | Upstart | 5/27/2022 | 22957 | 22957 | 23545 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3146131, 27.930%, 11/05/2027 †x#◇ | Upstart | 6/08/2022 | 26322 | 26322 | 26357 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3158930, 25.760%, 11/01/2027 †x◇ | Upstart | 6/06/2022 | 30018 | 30018 | 30625 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3163378, 23.910%, 6/02/2027 †x◇ | Upstart | 6/07/2022 | 25396 | 25396 | 25358 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3186852, 10.430%, 6/07/2027 †x◇ | Upstart | 6/10/2022 | 21412 | 21412 | 21239 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3190836, 24.380%, 6/07/2027 †x◇ | Upstart | 6/10/2022 | 25526 | 25526 | 25678 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3193766, 11.270%, 11/08/2027 †x◇ | Upstart | 6/13/2022 | 22564 | 22564 | 22390 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3198506, 24.030%, 6/09/2027 †x◇ | Upstart | 6/14/2022 | 25785 | 25785 | 26269 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3206791, 25.320%, 6/13/2027 †x◇ | Upstart | 6/16/2022 | 26526 | 26526 | 27095 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3206981, 17.980%, 6/28/2027 †x#◇ | Upstart | 6/16/2022 | 22035 | 22035 | 22213 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3214014, 13.720%, 6/14/2027 †x◇ | Upstart | 6/17/2022 | 22384 | 22384 | 22272 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3216458, 16.410%, 6/15/2027 †x#◇ | Upstart | 6/21/2022 | 23129 | 23129 | 23027 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3220040, 10.170%, 6/15/2027 †x◇ | Upstart | 6/21/2022 | 20774 | 20774 | 20616 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3220402, 29.970%, 6/15/2027 †x◇ | Upstart | 6/21/2022 | 26818 | 26818 | 27383 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3250191, 9.650%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 22055 | 21772 | 21871 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3251060, 29.650%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 28016 | 27556 | 28443 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3251086, 10.500%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 22321 | 22032 | 22136 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3252152, 13.530%, 7/05/2027 †x◇ | Upstart | 7/08/2022 | 20355 | 20079 | 20221 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3253039, 21.510%, 12/05/2027 †x#◇ | Upstart | 7/08/2022 | 32970 | 32389 | 32952 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3253610, 22.920%, 7/17/2027 †x#◇ | Upstart | 7/08/2022 | 24123 | 23752 | 23150 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3254324, 21.090%, 7/05/2027 †x◇ | Upstart | 7/08/2022 | 25323 | 24944 | 25329 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3254555, 14.250%, 12/05/2027 †x◇ | Upstart | 7/08/2022 | 25455 | 25042 | 25273 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3259184, 19.240%, 7/07/2027 †x◇ | Upstart | 7/12/2022 | 24342 | 24342 | 24201 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3261895, 29.160%, 7/07/2027 †x◇ | Upstart | 7/12/2022 | 24200 | 24200 | 24650 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3263839, 22.010%, 12/16/2027 †x | Upstart | 7/13/2022 | 32052 | 32052 | 31230 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3264026, 18.570%, 7/08/2027 †x◇ | Upstart | 7/13/2022 | 24213 | 24213 | 24478 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3267677, 18.180%, 5/15/2028 †x◇ | Upstart | 7/14/2022 | 28050 | 28050 | 28470 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**238** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3270796, 14.380%, 7/12/2027 †x◇ | Upstart | 7/15/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23477 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3272122, 29.770%, 7/12/2027 †x◇ | Upstart | 7/15/2022 | 29401 | 29401 | 29241 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3279480, 24.310%, 7/14/2027 †x◇ | Upstart | 7/19/2022 | 26452 | 26452 | 27354 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3281754, 12.380%, 5/28/2028 †x#◇ | Upstart | 7/20/2022 | 23760 | 23760 | 24133 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3283949, 24.970%, 12/15/2027 †x#◇ | Upstart | 7/20/2022 | 22625 | 22625 | 22654 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3285596, 11.660%, 7/18/2027 †x◇ | Upstart | 7/21/2022 | 22602 | 22602 | 22859 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3287785, 26.420%, 7/18/2027 †x◇ | Upstart | 7/21/2022 | 28657 | 28657 | 28618 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3298080, 15.220%, 7/22/2027 †x◇ | Upstart | 7/27/2022 | 23737 | 23737 | 24090 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3301535, 13.220%, 5/22/2028 †x◇ | Upstart | 7/27/2022 | 23669 | 23669 | 23966 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3302403, 10.560%, 7/22/2027 †x◇ | Upstart | 7/27/2022 | 22330 | 22330 | 22547 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3357605, 23.840%, 2/01/2028 †x# | Upstart | 8/19/2022 | 28714 | 28321 | 29665 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3358331, 16.090%, 8/16/2027 †x | Upstart | 8/19/2022 | 23876 | 23522 | 24157 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3362557, 14.810%, 8/18/2027 †x | Upstart | 8/23/2022 | 24576 | 24218 | 24932 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3364059, 22.410%, 8/19/2027 †§x | Upstart | 8/24/2022 | 25453 | 25045 | 26164 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3364607, 29.870%, 6/19/2028 †x | Upstart | 8/24/2022 | 19458 | 19069 | 20400 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3365557, 22.620%, 2/10/2028 †x | Upstart | 8/24/2022 | 31682 | 31139 | 32176 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3365598, 26.890%, 2/03/2028 †x | Upstart | 8/24/2022 | 34340 | 34340 | 35845 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3416445, 12.030%, 9/13/2027 †x | Upstart | 9/16/2022 | 21363 | 21052 | 21630 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3417061, 25.260%, 9/12/2027 †§x | Upstart | 9/15/2022 | 27632 | 27159 | 27955 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3417742, 23.870%, 9/12/2027 †§x | Upstart | 9/15/2022 | 25218 | 24797 | 25798 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3418764, 19.180%, 9/12/2027 †x | Upstart | 9/15/2022 | 23980 | 23600 | 24665 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3420924, 12.460%, 2/28/2028 †x# | Upstart | 9/16/2022 | 32233 | 31699 | 32878 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3427613, 13.500%, 9/15/2027 †§x | Upstart | 9/20/2022 | 23751 | 23394 | 24066 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3427983, 22.070%, 9/15/2027 †§x | Upstart | 9/20/2022 | 21947 | 21586 | 22578 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3428509, 16.820%, 7/15/2028 †x | Upstart | 9/20/2022 | 21965 | 21521 | 22265 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3430681, 17.630%, 9/16/2027 †§x | Upstart | 9/21/2022 | 26105 | 25745 | 26468 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3432251, 19.470%, 9/19/2027 †§x# | Upstart | 9/22/2022 | 21698 | 21359 | 22013 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3434229, 11.400%, 9/19/2027 †§x | Upstart | 9/22/2022 | 21813 | 21496 | 22108 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3437598, 23.920%, 2/20/2028 †x# | Upstart | 9/23/2022 | 25928 | 25150 | 24858 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3438238, 28.350%, 9/28/2027 †§x | Upstart | 9/23/2022 | 23361 | 22949 | 24325 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3439009, 23.030%, 9/20/2027 †§x | Upstart | 9/23/2022 | 26511 | 26068 | 26860 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3439111, 21.910%, 9/20/2027 †§x# | Upstart | 9/23/2022 | 27589 | 27103 | 27979 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3441052, 16.090%, 9/20/2027 †§x# | Upstart | 9/23/2022 | 25075 | 24689 | 25442 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3441221, 19.220%, 2/21/2028 †x | Upstart | 9/26/2022 | 28954 | 28408 | 29416 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3443540, 26.480%, 9/21/2027 †§x | Upstart | 9/26/2022 | 20854 | 20486 | 21693 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3443681, 21.930%, 2/24/2028 †x# | Upstart | 9/26/2022 | 28774 | 28289 | 29725 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3444802, 24.750%, 9/22/2027 †x | Upstart | 9/27/2022 | 28199 | 27718 | 29378 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3445207, 17.300%, 9/22/2027 †x | Upstart | 9/27/2022 | 22948 | 22597 | 23298 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3445726, 34.930%, 9/28/2027 †§x | Upstart | 9/27/2022 | 21120 | 20794 | 22070 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3445921, 28.700%, 9/22/2027 †§x | Upstart | 9/27/2022 | 22814 | 22401 | 23402 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3459737, 15.380%, 10/03/2027 †§x | Upstart | 10/06/2022 | 26385 | 25976 | 26694 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3470908, 28.930%, 10/03/2027 †§x | Upstart | 10/06/2022 | 21058 | 20682 | 21758 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3472476, 24.100%, 3/15/2028 †x | Upstart | 10/06/2022 | 30571 | 29980 | 29935 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3474502, 24.510%, 3/03/2028 †x | Upstart | 10/06/2022 | 23775 | 23386 | 24409 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3474758, 19.080%, 3/06/2028 †x | Upstart | 10/06/2022 | 22642 | 22270 | 23100 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3475610, 27.800%, 3/17/2028 †x# | Upstart | 10/06/2022 | 39469 | 38285 | 38538 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3476306, 16.810%, 10/04/2027 †§x | Upstart | 10/07/2022 | 26804 | 26379 | 27121 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3476325, 25.030%, 10/04/2027 †§x | Upstart | 10/07/2022 | 29241 | 28795 | 30226 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3478272, 30.630%, 3/04/2028 †x | Upstart | 10/07/2022 | 22546 | 22086 | 23423 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3478532, 14.700%, 10/04/2027 †x | Upstart | 10/07/2022 | 22144 | 21803 | 22411 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3479611, 24.750%, 10/05/2027 †§x | Upstart | 10/11/2022 | 25872 | 25410 | 26519 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3479633, 17.210%, 10/16/2027 †x | Upstart | 10/11/2022 | 27344 | 26910 | 27678 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3479892, 23.140%, 10/05/2027 †§x | Upstart | 10/11/2022 | 19519 | 19055 | 20010 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3480916, 24.410%, 10/05/2027 †§x | Upstart | 10/11/2022 | 29138 | 28329 | 29860 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3481092, 21.780%, 8/05/2028 †x | Upstart | 10/11/2022 | 24878 | 24289 | 25554 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3482891, 28.370%, 10/06/2027 †§x | Upstart | 10/12/2022 | 24158 | 23725 | 24989 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**239** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3483621, 24.720%, 10/06/2027 †§x | Upstart | 10/12/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24774 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3483692, 25.710%, 10/06/2027 †§x | Upstart | 10/12/2022 | 25844 | 25393 | 26649 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3483975, 23.770%, 10/06/2027 †§x | Upstart | 10/12/2022 | 25987 | 25543 | 26547 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3483991, 15.020%, 3/06/2028 †x | Upstart | 10/12/2022 | 24734 | 24330 | 25174 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3485383, 19.320%, 3/22/2028 †x# | Upstart | 10/13/2022 | 35913 | 35274 | 34990 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3485725, 34.860%, 3/07/2028 †x | Upstart | 10/13/2022 | 22785 | 22477 | 23314 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3486193, 20.670%, 10/07/2027 †§x | Upstart | 10/13/2022 | 26640 | 26183 | 27317 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3486255, 24.120%, 10/07/2027 †§x | Upstart | 10/13/2022 | 20575 | 20236 | 21112 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3591190, 29.630%, 11/25/2027 †§x | Upstart | 11/30/2022 | 19229 | 18925 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3591298, 24.090%, 11/25/2027 †x | Upstart | 11/30/2022 | 22501 | 22096 | 23791 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3591374, 24.840%, 11/25/2027 †§x | Upstart | 11/30/2022 | 26887 | 26080 | 27772 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3591560, 15.310%, 11/25/2027 †§x | Upstart | 11/30/2022 | 28262 | 27800 | 28720 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3591590, 17.820%, 11/25/2027 †x | Upstart | 11/30/2022 | 27861 | 27392 | 28290 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3591687, 14.880%, 11/28/2027 †x | Upstart | 11/30/2022 | 27097 | 26655 | 27527 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3592641, 30.160%, 4/25/2028 †x# | Upstart | 11/30/2022 | 28825 | 28183 | 30557 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3592846, 15.940%, 11/25/2027 †§x# | Upstart | 11/30/2022 | 21105 | 20759 | 21426 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3594441, 23.120%, 11/28/2027 †§x# | Upstart | 12/01/2022 | 30480 | 29948 | 31195 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3594911, 26.040%, 11/28/2027 †§x | Upstart | 12/01/2022 | 26958 | 26288 | 27845 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3595548, 22.820%, 11/28/2027 †x | Upstart | 12/01/2022 | 21993 | 21631 | 22827 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3595688, 15.360%, 11/28/2027 †§x | Upstart | 12/01/2022 | 25533 | 25110 | 25930 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3595937, 16.480%, 4/28/2028 †x# | Upstart | 12/01/2022 | 25448 | 24978 | 25717 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3596058, 19.810%, 11/28/2027 †x# | Upstart | 12/01/2022 | 22694 | 22304 | 23056 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3596398, 18.710%, 11/28/2027 †x | Upstart | 12/01/2022 | 28209 | 27728 | 29158 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3596734, 27.630%, 11/28/2027 †§x | Upstart | 12/01/2022 | 30776 | 30269 | 32626 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3597772, 14.600%, 5/02/2028 †x | Upstart | 12/02/2022 | 20063 | 19566 | 20211 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3599301, 20.160%, 12/01/2027 †§x | Upstart | 12/02/2022 | 19910 | 19605 | 20363 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3643779, 25.820%, 12/27/2027 †§x | Upstart | 12/30/2022 | 24898 | 24429 | 25767 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3643940, 22.930%, 12/27/2027 †§x | Upstart | 12/30/2022 | 20998 | 20564 | 21762 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3644171, 28.210%, 12/27/2027 †§x | Upstart | 12/30/2022 | 31791 | 31179 | 33745 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3646387, 17.440%, 1/01/2028 †§x | Upstart | 1/04/2023 | 29600 | 29086 | 30099 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3646399, 27.380%, 1/01/2028 †§x | Upstart | 1/04/2023 | 22770 | 22334 | 24233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3646468, 30.050%, 1/01/2028 †§x | Upstart | 1/05/2023 | 30625 | 30019 | 32558 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3646510, 27.800%, 1/01/2028 †x | Upstart | 1/04/2023 | 30699 | 30138 | 32564 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3646555, 21.750%, 1/01/2028 †x | Upstart | 1/04/2023 | 30895 | 30331 | 32076 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3646921, 29.980%, 6/16/2028 †x# | Upstart | 1/05/2023 | 19504 | 19060 | 20428 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3646965, 28.300%, 1/01/2028 †§x | Upstart | 1/05/2023 | 28460 | 27911 | 29478 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3647096, 28.180%, 1/01/2028 †§x# | Upstart | 1/05/2023 | 32749 | 32118 | 34843 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3648428, 21.930%, 6/16/2028 †x | Upstart | 1/06/2023 | 33710 | 33032 | 34768 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3649445, 26.410%, 1/03/2028 †x | Upstart | 1/06/2023 | 32057 | 31443 | 33619 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3649496, 22.480%, 6/03/2028 †x# | Upstart | 1/06/2023 | 29809 | 29211 | 30514 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3649606, 9.860%, 1/03/2028 †§x | Upstart | 1/06/2023 | 27215 | 26779 | 27604 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3662042, 11.060%, 1/17/2028 †x◇ | Upstart | 1/20/2023 | 26970 | 26600 | 27381 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3664774, 12.120%, 1/18/2028 †x◇ | Upstart | 1/23/2023 | 27896 | 27508 | 28407 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3665176, 16.960%, 6/18/2028 †x#◇ | Upstart | 1/23/2023 | 27134 | 26687 | 27539 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3665611, 17.880%, 1/19/2028 †x◇ | Upstart | 1/24/2023 | 29719 | 29284 | 30153 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3665920, 25.330%, 1/19/2028 †x◇ | Upstart | 1/24/2023 | 25290 | 24888 | 26108 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3666473, 26.470%, 6/20/2028 †x#◇ | Upstart | 1/25/2023 | 42487 | 41928 | 41176 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3667037, 17.700%, 6/28/2028 †x#◇ | Upstart | 1/25/2023 | 22763 | 22427 | 22949 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3667104, 21.070%, 1/20/2028 †x#◇ | Upstart | 1/25/2023 | 30475 | 30007 | 30907 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3668000, 18.620%, 1/23/2028 †x◇ | Upstart | 1/26/2023 | 30969 | 30506 | 31451 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3668005, 21.300%, 1/23/2028 †x#◇ | Upstart | 1/26/2023 | 27422 | 27024 | 28285 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3668064, 26.580%, 1/23/2028 †x◇ | Upstart | 1/26/2023 | 30202 | 29709 | 31937 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3670341, 22.910%, 1/24/2028 †x◇ | Upstart | 1/27/2023 | 23376 | 23000 | 24165 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3701021, 17.270%, 2/22/2028 †x◇ | Upstart | 2/27/2023 | 30230 | 29761 | 30865 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3701343, 19.410%, 2/22/2028 †x◇ | Upstart | 2/27/2023 | 30838 | 30360 | 31467 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3701384, 26.090%, 2/22/2028 †x◇ | Upstart | 2/27/2023 | 23990 | 23594 | 25059 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**240** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3703696, 15.150%, 2/24/2028 †x#◇ | Upstart | 3/01/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21218 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3703837, 11.390%, 2/24/2028 †x◇ | Upstart | 3/01/2023 | 26075 | 25703 | 26574 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3704539, 17.900%, 3/11/2028 †x#◇ | Upstart | 3/02/2023 | 25219 | 24836 | 25779 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3705190, 16.070%, 2/28/2028 †x◇ | Upstart | 3/02/2023 | 26104 | 25618 | 26702 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3707596, 19.780%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 20677 | 20353 | 21368 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3707947, 26.950%, 2/28/2028 †x | Upstart | 3/03/2023 | 33756 | 33176 | 34911 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3708254, 21.980%, 3/01/2028 †x#◇ | Upstart | 3/03/2023 | 26501 | 26093 | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3708471, 24.430%, 7/28/2028 †x#◇ | Upstart | 3/03/2023 | 22066 | 21655 | 22485 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3708476, 27.000%, 2/28/2028 †x#◇ | Upstart | 3/03/2023 | 21258 | 20907 | 22340 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3708481, 20.260%, 7/28/2028 †x◇ | Upstart | 3/03/2023 | 21180 | 20875 | 21610 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3708496, 22.160%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 23954 | 23571 | 24713 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3708604, 19.400%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 27507 | 27078 | 28418 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3709659, 16.880%, 3/01/2028 †x◇ | Upstart | 3/06/2023 | 20718 | 20408 | 21066 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3709924, 28.720%, 3/01/2028 †x◇ | Upstart | 3/06/2023 | 27477 | 27019 | 28453 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3710200, 28.670%, 3/01/2028 †x◇ | Upstart | 3/06/2023 | 23473 | 23094 | 23935 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3711101, 24.000%, 3/02/2028 †x◇ | Upstart | 3/07/2023 | 19842 | 19503 | 20337 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3711975, 10.880%, 3/02/2028 †x◇ | Upstart | 3/07/2023 | 21141 | 20841 | 21475 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3712132, 18.240%, 3/08/2028 †x◇ | Upstart | 3/13/2023 | 24409 | 24034 | 24844 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3712272, 18.600%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 24317 | 23945 | 24719 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3713958, 12.410%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 29667 | 29240 | 30181 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3714516, 25.340%, 3/06/2028 †x◇ | Upstart | 3/09/2023 | 20058 | 19732 | 20840 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3716142, 14.700%, 8/07/2028 †x#◇ | Upstart | 3/09/2023 | 29338 | 28853 | 29887 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3716846, 26.410%, 8/17/2028 †x◇ | Upstart | 3/09/2023 | 24908 | 24576 | 25356 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3717502, 19.110%, 3/06/2028 †x◇ | Upstart | 3/09/2023 | 25324 | 24933 | 25963 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3718006, 29.060%, 3/07/2028 †x◇ | Upstart | 3/10/2023 | 31096 | 30561 | 32340 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3718865, 24.920%, 3/13/2028 †x◇ | Upstart | 3/16/2023 | 24785 | 24165 | 25843 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3719353, 21.380%, 3/08/2028 †x◇ | Upstart | 3/13/2023 | 20230 | 19955 | 20743 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3719385, 22.610%, 3/07/2028 †x◇ | Upstart | 3/10/2023 | 32660 | 32139 | 33463 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3721592, 22.150%, 3/09/2028 †x◇ | Upstart | 3/14/2023 | 21283 | 20872 | 21635 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3721940, 27.600%, 3/09/2028 †x◇ | Upstart | 3/14/2023 | 34044 | 33478 | 35420 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3723395, 15.070%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 20106 | 19807 | 20490 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3723776, 27.260%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 24446 | 24041 | 25450 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3724377, 13.940%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 30127 | 29683 | 30668 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3739672, 12.850%, 3/24/2028 †x◇ | Upstart | 3/29/2023 | 29379 | 28946 | 29957 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3757189, 21.000%, 4/13/2028 †§x | Upstart | 4/18/2023 | 32949 | 32949 | 33838 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3757225, 10.120%, 4/13/2028 †x | Upstart | 4/18/2023 | 23782 | 23782 | 24191 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3758903, 22.090%, 4/14/2028 †x# | Upstart | 4/19/2023 | 24671 | 24671 | 24980 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3759042, 19.180%, 9/14/2028 †x# | Upstart | 4/19/2023 | 34732 | 34732 | 35352 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3759134, 10.600%, 4/14/2028 †§x | Upstart | 4/19/2023 | 22093 | 22093 | 22473 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3759662, 21.410%, 4/17/2028 †§x | Upstart | 4/20/2023 | 23145 | 23145 | 23590 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3759730, 17.250%, 4/17/2028 †x | Upstart | 4/20/2023 | 22728 | 22728 | 23190 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3760007, 28.850%, 4/17/2028 †§x | Upstart | 4/20/2023 | 24207 | 24207 | 25292 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3760120, 22.110%, 10/02/2028 †x | Upstart | 4/20/2023 | 30671 | 30671 | 31116 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3760236, 25.210%, 4/17/2028 †§x | Upstart | 4/20/2023 | 34112 | 34112 | 35662 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3760717, 24.220%, 4/21/2028 †x# | Upstart | 4/21/2023 | 35227 | 35227 | 35208 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3762238, 17.640%, 4/18/2028 †§x | Upstart | 4/21/2023 | 31964 | 31964 | 32632 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3762839, 15.320%, 4/19/2028 †§x | Upstart | 4/24/2023 | 23806 | 23806 | 24313 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3763063, 24.620%, 4/18/2028 †§x | Upstart | 4/21/2023 | 23839 | 23839 | 24617 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3763084, 10.870%, 4/18/2028 †§x | Upstart | 4/21/2023 | 19802 | 19845 | 20151 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3764196, 14.230%, 4/20/2028 †§x | Upstart | 4/25/2023 | 31003 | 31003 | 31681 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3764277, 11.640%, 4/19/2028 †x | Upstart | 4/24/2023 | 30230 | 30230 | 30846 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3764720, 28.510%, 4/19/2028 †§x# | Upstart | 4/24/2023 | 26606 | 26606 | 26508 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3785582, 26.890%, 5/08/2028 †§x | Upstart | 5/11/2023 | 23439 | 23278 | 24161 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3785585, 21.890%, 5/08/2028 †§x | Upstart | 5/11/2023 | 23788 | 23632 | 24297 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3785795, 28.860%, 5/08/2028 †§x | Upstart | 5/11/2023 | 20572 | 20430 | 21218 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3785925, 19.900%, 5/23/2028 †§x# | Upstart | 5/11/2023 | 34199 | 33857 | 34924 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**241** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3785977, 20.770%, 5/08/2028 †§x | Upstart | 5/11/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34221 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3786139, 13.850%, 5/08/2028 †§x | Upstart | 5/11/2023 | 21676 | 21543 | 22058 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3786331, 25.710%, 5/08/2028 †x | Upstart | 5/11/2023 | 33796 | 33458 | 34393 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3786506, 18.880%, 5/08/2028 †§x | Upstart | 5/11/2023 | 19885 | 19757 | 20120 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3787954, 25.640%, 5/08/2028 †x | Upstart | 5/11/2023 | 31495 | 31282 | 32489 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3788181, 17.250%, 10/08/2028 †x | Upstart | 5/11/2023 | 25071 | 24900 | 25356 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3788192, 26.090%, 5/23/2028 †§x# | Upstart | 5/11/2023 | 37125 | 36753 | 37804 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3788756, 28.800%, 5/09/2028 †§x | Upstart | 5/12/2023 | 26728 | 26543 | 27203 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3788853, 15.220%, 5/09/2028 †§x | Upstart | 5/12/2023 | 31890 | 31692 | 32310 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3789904, 15.010%, 5/09/2028 †x | Upstart | 5/12/2023 | 21689 | 21554 | 21975 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3789936, 20.890%, 5/09/2028 †§x | Upstart | 5/12/2023 | 21858 | 21716 | 22344 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3790165, 23.500%, 5/09/2028 †§x | Upstart | 5/12/2023 | 30069 | 29868 | 30709 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3791244, 28.750%, 5/10/2028 †§x | Upstart | 5/15/2023 | 34739 | 34499 | 35104 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3791251, 25.340%, 5/10/2028 †§x | Upstart | 5/15/2023 | 31547 | 31337 | 32237 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3791413, 19.690%, 5/10/2028 †§x | Upstart | 5/15/2023 | 33368 | 33153 | 34126 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3791532, 26.150%, 10/10/2028 †x | Upstart | 5/15/2023 | 35348 | 35348 | 34823 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3791976, 28.720%, 5/10/2028 †§x | Upstart | 5/15/2023 | 24219 | 24061 | 24667 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3792035, 22.310%, 10/11/2028 †x | Upstart | 5/16/2023 | 24514 | 24387 | 24853 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3792137, 18.770%, 5/11/2028 †§x | Upstart | 5/16/2023 | 25944 | 25778 | 26562 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3793086, 26.480%, 5/11/2028 †§x | Upstart | 5/16/2023 | 28225 | 28016 | 28813 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3793504, 14.790%, 5/11/2028 †§x | Upstart | 5/16/2023 | 31877 | 31680 | 32318 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3794531, 23.210%, 5/12/2028 †§x# | Upstart | 5/17/2023 | 27666 | 27389 | 28238 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3795335, 23.510%, 10/16/2028 †x# | Upstart | 5/19/2023 | 42883 | 42883 | 40776 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3795421, 21.200%, 5/15/2028 †§x | Upstart | 5/18/2023 | 34103 | 33866 | 33185 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3795501, 18.710%, 10/15/2028 †x# | Upstart | 5/18/2023 | 32300 | 32092 | 32334 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3795614, 20.220%, 5/15/2028 †x | Upstart | 5/18/2023 | 33518 | 33299 | 34335 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3795821, 16.650%, 5/15/2028 †§x | Upstart | 5/18/2023 | 32504 | 32299 | 32954 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3797422, 11.130%, 5/18/2028 †§x | Upstart | 5/23/2023 | 24343 | 24196 | 24765 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3797873, 27.770%, 5/16/2028 †x | Upstart | 5/19/2023 | 35485 | 35239 | 36818 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3799657, 12.060%, 5/16/2028 †§x | Upstart | 5/19/2023 | 29921 | 29739 | 30497 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3801402, 22.830%, 5/18/2028 †§x | Upstart | 5/23/2023 | 27390 | 27208 | 27757 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3801764, 12.020%, 5/18/2028 †x | Upstart | 5/23/2023 | 24343 | 24195 | 24821 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3801913, 23.300%, 5/18/2028 †x | Upstart | 5/23/2023 | 32262 | 32043 | 33047 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3802644, 14.650%, 5/18/2028 †§x | Upstart | 5/23/2023 | 28725 | 28438 | 29266 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3806106, 15.450%, 5/22/2028 †x | Upstart | 5/25/2023 | 28829 | 28541 | 29297 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3809703, 28.720%, 5/23/2028 †§x | Upstart | 5/26/2023 | 19343 | 19201 | 20115 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3811339, 22.840%, 5/24/2028 †x | Upstart | 5/30/2023 | 31173 | 30964 | 31950 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3811586, 29.890%, 5/28/2028 †§x# | Upstart | 5/30/2023 | 37022 | 36761 | 38464 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3811703, 11.620%, 5/24/2028 †§x | Upstart | 5/30/2023 | 21521 | 21390 | 21904 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3850193, 28.770%, 6/20/2028 †x#◇ | Upstart | 6/23/2023 | 24671 | 24496 | 24387 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3851024, 10.390%, 11/20/2028 †x◇ | Upstart | 6/23/2023 | 27883 | 27692 | 28378 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3851440, 28.120%, 11/20/2028 †x#◇ | Upstart | 6/23/2023 | 31796 | 31550 | 31411 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3851574, 10.080%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 22586 | 22447 | 22993 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3851639, 19.820%, 11/20/2028 †x◇ | Upstart | 6/23/2023 | 25263 | 25062 | 25873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3851807, 27.230%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 36094 | 35839 | 37426 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3851894, 27.410%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 20983 | 20876 | 20426 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3852431, 19.390%, 11/20/2028 †x◇ | Upstart | 6/23/2023 | 21996 | 21822 | 22164 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3855190, 14.740%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 32588 | 32262 | 33143 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3855649, 20.300%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 21876 | 21729 | 22184 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3857039, 18.990%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 26077 | 25903 | 26768 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3857826, 9.900%, 6/28/2028 †x◇ | Upstart | 6/28/2023 | 31344 | 31147 | 31919 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3858110, 29.160%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 28581 | 28369 | 29650 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3858447, 14.640%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 20837 | 20704 | 21175 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3858827, 13.400%, 7/06/2028 †x◇ | Upstart | 7/11/2023 | 29878 | 29613 | 30221 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3858929, 26.720%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 26971 | 26780 | 28013 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3859508, 22.790%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 35009 | 34659 | 35501 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**242** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3859693, 28.040%, 11/23/2028 †x#◇ | Upstart | 6/28/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37890 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3860704, 13.060%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 28369 | 28189 | 28953 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3860773, 25.650%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 35694 | 35434 | 37138 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3861251, 14.640%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 24049 | 23895 | 24450 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3861338, 6.000%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 25406 | 25242 | 25920 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3861660, 14.490%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 30230 | 30036 | 30726 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3861825, 14.460%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 28598 | 28414 | 29148 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3861961, 27.750%, 6/26/2028 †x#◇ | Upstart | 6/29/2023 | 36905 | 36631 | 38294 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3864260, 12.100%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 28531 | 28351 | 29125 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3864261, 14.160%, 6/27/2028 †x# | Upstart | 6/30/2023 | 33411 | 33197 | 34091 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3864287, 26.500%, 6/27/2028 †x | Upstart | 6/30/2023 | 35899 | 35645 | 37369 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3864347, 15.430%, 6/27/2028 †x#◇ | Upstart | 6/30/2023 | 33689 | 33471 | 34221 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3865083, 15.480%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 32925 | 32711 | 33465 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3866544, 28.580%, 7/05/2028 †x#◇ | Upstart | 7/10/2023 | 31509 | 31228 | 32061 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3876325, 23.390%, 12/22/2028 †x# | Upstart | 7/12/2023 | 28328 | 28187 | 26382 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3876468, 22.910%, 7/06/2028 †§x | Upstart | 7/11/2023 | 21431 | 21282 | 21809 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3877529, 16.870%, 7/07/2028 †§x | Upstart | 7/12/2023 | 33995 | 33769 | 34402 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3878986, 19.270%, 7/10/2028 †§x | Upstart | 7/13/2023 | 35231 | 34879 | 36002 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3879225, 28.620%, 7/10/2028 †§x | Upstart | 7/13/2023 | 20290 | 20087 | 20896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3879638, 27.160%, 12/10/2028 †x# | Upstart | 7/13/2023 | 39325 | 38978 | 40064 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3879732, 20.140%, 7/10/2028 †§x | Upstart | 7/13/2023 | 24698 | 24530 | 25217 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3879737, 23.490%, 7/22/2028 †§x | Upstart | 7/13/2023 | 19819 | 19621 | 20225 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3881625, 28.450%, 7/10/2028 †§x | Upstart | 7/13/2023 | 22273 | 22112 | 22688 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3882510, 20.510%, 12/11/2028 †x | Upstart | 7/14/2023 | 30493 | 30305 | 30955 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3882652, 15.960%, 12/11/2028 †x | Upstart | 7/14/2023 | 20996 | 20786 | 21259 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3882722, 25.630%, 12/11/2028 †x# | Upstart | 7/14/2023 | 24809 | 24600 | 25288 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3882788, 12.800%, 7/11/2028 †§x | Upstart | 7/14/2023 | 32748 | 32537 | 33364 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3895468, 18.880%, 7/21/2028 †§x | Upstart | 7/26/2023 | 20662 | 20507 | 20066 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3895717, 19.600%, 7/21/2028 †§x | Upstart | 7/26/2023 | 19798 | 19655 | 20088 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3901824, 22.930%, 7/26/2028 †§x | Upstart | 7/31/2023 | 29291 | 29085 | 30050 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3901867, 27.210%, 8/02/2028 †x# | Upstart | 7/31/2023 | 36141 | 35879 | 37417 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3901870, 20.090%, 7/26/2028 †§x | Upstart | 7/31/2023 | 23862 | 23686 | 24500 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3901929, 17.350%, 7/26/2028 †§x | Upstart | 7/31/2023 | 34225 | 33994 | 35167 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3902799, 22.410%, 8/12/2028 †§x | Upstart | 8/01/2023 | 29136 | 28926 | 29873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3933938, 21.550%, 8/18/2028 †§x | Upstart | 8/23/2023 | 28118 | 28020 | 28746 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3934219, 19.220%, 8/18/2028 †§x | Upstart | 8/23/2023 | 35543 | 35410 | 36358 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3934304, 21.810%, 8/18/2028 †§x | Upstart | 8/23/2023 | 23549 | 23466 | 24095 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3934571, 26.410%, 8/18/2028 †§x | Upstart | 8/23/2023 | 20253 | 20152 | 20908 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3934573, 23.550%, 8/18/2028 †§x | Upstart | 8/23/2023 | 36564 | 36434 | 37359 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3935464, 30.720%, 8/21/2028 †§x | Upstart | 8/24/2023 | 23885 | 23796 | 24284 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3935772, 6.000%, 8/21/2028 †x | Upstart | 8/24/2023 | 19975 | 19875 | 20422 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3935797, 30.060%, 8/28/2028 †§x | Upstart | 8/24/2023 | 24240 | 24180 | 25092 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3935931, 26.160%, 8/21/2028 †§x | Upstart | 8/24/2023 | 29439 | 29334 | 30503 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3935932, 20.760%, 8/21/2028 †§x | Upstart | 8/24/2023 | 28462 | 28363 | 29176 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3935944, 16.500%, 8/21/2028 †§x | Upstart | 8/24/2023 | 31949 | 31841 | 32379 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3935962, 25.450%, 8/21/2028 †§x | Upstart | 8/24/2023 | 21780 | 21701 | 22045 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3936487, 27.750%, 8/21/2028 †§x | Upstart | 8/24/2023 | 21020 | 20943 | 21758 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3936500, 28.800%, 1/21/2029 †x# | Upstart | 8/24/2023 | 25857 | 25727 | 25492 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3938183, 17.960%, 8/21/2028 †§x | Upstart | 8/24/2023 | 25671 | 25584 | 26035 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3939307, 27.730%, 8/22/2028 †§x | Upstart | 8/25/2023 | 29514 | 29383 | 30505 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3941381, 12.720%, 1/23/2029 †x | Upstart | 8/28/2023 | 35016 | 34841 | 35723 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3941776, 27.620%, 1/23/2029 †x | Upstart | 8/28/2023 | 25003 | 24884 | 24771 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3941994, 11.390%, 8/28/2028 †§x | Upstart | 8/31/2023 | 19992 | 19926 | 20367 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3943214, 24.290%, 8/24/2028 †§x | Upstart | 8/29/2023 | 28378 | 28276 | 29068 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3943588, 16.650%, 8/28/2028 †§x | Upstart | 8/31/2023 | 34704 | 34585 | 35267 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3943856, 17.310%, 8/24/2028 †§x | Upstart | 8/29/2023 | 33548 | 33433 | 34031 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**243** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3943938, 28.150%, 8/24/2028 †§x# | Upstart | 8/29/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38812 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39771 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944032, 25.940%, 8/25/2028 †§x | Upstart | 8/30/2023 | 22290 | 22209 | 22825 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944034, 28.690%, 8/25/2028 †x#◇ | Upstart | 8/30/2023 | 38792 | 38598 | 39643 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944035, 20.190%, 1/25/2029 †x | Upstart | 8/30/2023 | 38126 | 37967 | 38875 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944149, 21.290%, 8/25/2028 †§x | Upstart | 8/30/2023 | 28645 | 28544 | 29351 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944150, 18.310%, 8/25/2028 †§x | Upstart | 8/30/2023 | 20919 | 20847 | 21233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944302, 27.030%, 1/25/2029 †x# | Upstart | 8/30/2023 | 25472 | 25361 | 25277 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944333, 27.880%, 8/25/2028 †§x | Upstart | 8/30/2023 | 33854 | 33730 | 35033 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944380, 28.860%, 8/25/2028 †x◇ | Upstart | 8/30/2023 | 20896 | 20800 | 21621 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944404, 20.560%, 1/25/2029 †x# | Upstart | 8/30/2023 | 20200 | 20134 | 20452 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944768, 18.450%, 8/25/2028 †x◇ | Upstart | 8/30/2023 | 34465 | 34310 | 35346 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3944999, 19.470%, 1/25/2027 †x | Upstart | 8/30/2023 | 27235 | 27124 | 27061 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3945880, 17.140%, 8/28/2028 †§x | Upstart | 8/31/2023 | 34899 | 34779 | 35463 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3945923, 21.670%, 8/28/2028 †§x | Upstart | 8/31/2023 | 36082 | 35955 | 36630 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3946000, 26.630%, 8/28/2028 †§x | Upstart | 8/31/2023 | 36991 | 36859 | 37949 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3946039, 15.630%, 8/28/2028 †§x | Upstart | 8/31/2023 | 35325 | 35207 | 35593 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3946074, 30.060%, 8/28/2028 †§x | Upstart | 8/31/2023 | 21052 | 20973 | 21894 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3946767, 13.800%, 8/28/2028 †§x | Upstart | 8/31/2023 | 19732 | 19662 | 20137 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3947966, 13.740%, 8/28/2028 †x | Upstart | 8/31/2023 | 31949 | 31789 | 32592 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3948934, 22.930%, 9/01/2028 †§x | Upstart | 9/01/2023 | 37217 | 37085 | 37714 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3948950, 19.440%, 2/01/2029 †x | Upstart | 9/01/2023 | 34026 | 33881 | 34145 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3949210, 28.480%, 9/01/2028 †§x | Upstart | 9/01/2023 | 30875 | 30762 | 31234 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3949387, 28.010%, 9/15/2028 †§x# | Upstart | 9/01/2023 | 26858 | 26800 | 27220 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3986318, 16.940%, 9/22/2028 †§x | Upstart | 9/27/2023 | 35565 | 35441 | 36060 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3986601, 24.810%, 9/22/2028 †§x | Upstart | 9/27/2023 | 32433 | 32275 | 33155 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3986652, 24.680%, 9/22/2028 †§x | Upstart | 9/27/2023 | 33371 | 33249 | 34141 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3986770, 24.040%, 2/22/2029 †x | Upstart | 9/27/2023 | 23260 | 23235 | 23233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3988355, 14.720%, 9/28/2028 †§x | Upstart | 9/28/2023 | 27248 | 27155 | 27624 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3988737, 26.080%, 9/25/2028 †§x | Upstart | 9/28/2023 | 25643 | 25548 | 26561 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3988811, 21.200%, 9/25/2028 †§x | Upstart | 9/28/2023 | 20049 | 19948 | 20555 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3989408, 18.860%, 9/25/2028 †§x | Upstart | 9/28/2023 | 21706 | 21629 | 22272 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3989794, 22.010%, 9/25/2028 †§x | Upstart | 9/28/2023 | 24171 | 24084 | 24776 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3990033, 18.340%, 10/01/2028 †x◇ | Upstart | 9/28/2023 | 24810 | 24686 | 25417 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3990611, 18.000%, 9/27/2028 †§x# | Upstart | 10/02/2023 | 26665 | 26575 | 27026 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3991213, 24.970%, 9/26/2028 †§x | Upstart | 9/29/2023 | 20968 | 20897 | 21404 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3991829, 22.080%, 2/26/2029 †x | Upstart | 9/29/2023 | 25527 | 25429 | 26127 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3991852, 25.860%, 9/26/2028 †§x | Upstart | 9/29/2023 | 37777 | 37638 | 39153 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3991898, 27.530%, 9/26/2028 †§x | Upstart | 9/29/2023 | 22098 | 21987 | 22896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3992331, 24.220%, 2/26/2029 †x# | Upstart | 9/29/2023 | 42197 | 42167 | 41958 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3992410, 16.500%, 9/26/2028 †§x | Upstart | 9/29/2023 | 35461 | 35318 | 35991 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3992633, 24.040%, 9/26/2028 †§x | Upstart | 9/29/2023 | 37844 | 37712 | 38764 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3992849, 27.980%, 9/26/2028 †§x | Upstart | 9/29/2023 | 29703 | 29554 | 30768 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3993158, 12.410%, 9/26/2028 †§x | Upstart | 9/29/2023 | 20602 | 20532 | 21034 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3993263, 22.380%, 9/26/2028 †§x | Upstart | 9/29/2023 | 25507 | 25415 | 26160 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3993863, 25.180%, 9/27/2028 †x◇ | Upstart | 10/02/2023 | 26329 | 26209 | 27304 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3993992, 23.020%, 9/27/2028 †§x | Upstart | 10/02/2023 | 36719 | 36664 | 37666 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3993995, 29.670%, 9/27/2028 †§x | Upstart | 10/02/2023 | 21357 | 21269 | 22046 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3994055, 10.880%, 9/27/2028 †§x | Upstart | 10/02/2023 | 33941 | 33827 | 34572 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3994155, 29.050%, 9/27/2028 †§x | Upstart | 10/02/2023 | 20004 | 19929 | 20704 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3994185, 29.110%, 9/27/2028 †§x# | Upstart | 10/02/2023 | 19802 | 19758 | 20453 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995432, 16.100%, 9/28/2028 †§x# | Upstart | 10/03/2023 | 21552 | 21479 | 21889 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995445, 23.120%, 9/28/2028 †§x | Upstart | 10/03/2023 | 31923 | 31806 | 32772 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995558, 24.640%, 9/28/2028 †x◇ | Upstart | 10/03/2023 | 35945 | 35791 | 36822 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995623, 18.130%, 3/12/2029 †x# | Upstart | 10/03/2023 | 39422 | 39226 | 39394 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995695, 22.060%, 9/28/2028 †§x | Upstart | 10/03/2023 | 36863 | 36825 | 37857 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995721, 25.750%, 2/28/2029 †x#◇ | Upstart | 10/03/2023 | 42521 | 42310 | 41537 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**244** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995793, 15.220%, 9/28/2028 †§x# | Upstart | 10/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32719 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995848, 18.370%, 9/28/2028 †§x | Upstart | 10/03/2023 | 31692 | 31581 | 32144 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3995883, 24.700%, 9/28/2028 †§x | Upstart | 10/03/2023 | 29668 | 29558 | 30419 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3996556, 22.260%, 9/28/2028 †§x | Upstart | 10/03/2023 | 21358 | 21283 | 21930 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3996979, 16.080%, 10/04/2028 †§x | Upstart | 10/04/2023 | 36173 | 36047 | 36675 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3997015, 15.890%, 10/01/2028 †§x | Upstart | 10/04/2023 | 21093 | 21020 | 21421 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3997022, 15.940%, 10/15/2028 †§x | Upstart | 10/04/2023 | 26088 | 25958 | 26254 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW3997151, 11.210%, 10/16/2028 †§x# | Upstart | 10/04/2023 | 21447 | 21375 | 20519 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4009982, 18.640%, 3/18/2029 †x | Upstart | 10/13/2023 | 33527 | 33478 | 33783 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4010730, 21.140%, 10/10/2028 †§x | Upstart | 10/13/2023 | 27868 | 27766 | 28340 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4012224, 22.830%, 10/10/2028 †§x | Upstart | 10/13/2023 | 37759 | 37618 | 38035 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4012369, 20.850%, 10/10/2028 †§x | Upstart | 10/13/2023 | 27208 | 27109 | 27715 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4012660, 17.770%, 3/10/2029 †x# | Upstart | 10/13/2023 | 39555 | 39390 | 39638 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4012778, 11.580%, 10/10/2028 †§x | Upstart | 10/13/2023 | 34908 | 34789 | 35538 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4014132, 21.190%, 10/10/2028 †§x | Upstart | 10/13/2023 | 25918 | 25824 | 26388 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4015626, 22.830%, 10/11/2028 †§x | Upstart | 10/16/2023 | 22627 | 22544 | 23046 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4015893, 29.090%, 3/26/2029 †x# | Upstart | 10/16/2023 | 36542 | 36385 | 35305 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4015920, 14.890%, 10/11/2028 †x◇ | Upstart | 10/16/2023 | 35613 | 35455 | 36244 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4015971, 16.660%, 10/11/2028 †§x | Upstart | 10/16/2023 | 36232 | 36104 | 36613 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4016004, 28.000%, 3/26/2029 †x# | Upstart | 10/16/2023 | 35713 | 35566 | 33924 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4016152, 20.560%, 10/11/2028 †x◇ | Upstart | 10/16/2023 | 37131 | 36968 | 37487 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4016541, 16.400%, 10/11/2028 †§x | Upstart | 10/16/2023 | 20368 | 20296 | 20582 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4025136, 15.330%, 10/17/2028 †§x | Upstart | 10/20/2023 | 20796 | 20692 | 21037 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4026894, 19.790%, 10/18/2028 †x◇ | Upstart | 10/23/2023 | 22211 | 22111 | 22697 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4027307, 21.200%, 10/18/2028 †§x | Upstart | 10/23/2023 | 21146 | 21069 | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4027566, 30.070%, 10/18/2028 †§x | Upstart | 10/23/2023 | 20079 | 20002 | 20600 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4028507, 27.900%, 10/19/2028 †§x | Upstart | 10/24/2023 | 30299 | 30184 | 30880 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4028736, 14.590%, 10/19/2028 †§x | Upstart | 10/24/2023 | 35248 | 35110 | 35690 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4028809, 14.240%, 11/03/2028 †§x# | Upstart | 10/24/2023 | 36549 | 36421 | 36917 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4029566, 16.210%, 10/19/2028 †§x | Upstart | 10/24/2023 | 35736 | 35609 | 36171 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4030972, 20.980%, 10/20/2028 †x◇ | Upstart | 10/25/2023 | 37309 | 37140 | 37742 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4031097, 25.640%, 10/20/2028 †§x | Upstart | 10/25/2023 | 21745 | 21660 | 22172 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4037423, 20.350%, 10/25/2028 †§x | Upstart | 10/30/2023 | 22589 | 22506 | 23161 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4037574, 25.380%, 3/25/2029 †x# | Upstart | 10/30/2023 | 31684 | 31564 | 32052 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4037755, 25.960%, 10/25/2028 †§x | Upstart | 10/30/2023 | 29021 | 28893 | 29874 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4037805, 27.230%, 3/25/2029 †x# | Upstart | 10/30/2023 | 27904 | 27767 | 27551 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4037907, 16.610%, 10/25/2028 †§x | Upstart | 10/30/2023 | 31150 | 31039 | 31531 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4038507, 29.140%, 10/25/2028 †x◇ | Upstart | 10/30/2023 | 22600 | 22496 | 23223 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4038915, 18.240%, 10/25/2028 †§x | Upstart | 10/30/2023 | 32667 | 32547 | 33096 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4038988, 25.030%, 10/25/2028 †§x | Upstart | 10/30/2023 | 38271 | 38128 | 39518 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4039133, 13.090%, 10/26/2028 †§x | Upstart | 10/31/2023 | 21143 | 21070 | 21456 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4039267, 21.000%, 3/27/2029 †x | Upstart | 11/01/2023 | 44696 | 44639 | 44417 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4039326, 29.170%, 10/26/2028 †x#◇ | Upstart | 10/31/2023 | 22659 | 22554 | 23399 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4039398, 23.560%, 10/26/2028 †§x | Upstart | 10/31/2023 | 29666 | 29555 | 30359 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4039632, 20.340%, 10/26/2028 †§x | Upstart | 10/31/2023 | 29722 | 29613 | 30452 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4039753, 26.530%, 10/26/2028 †§x | Upstart | 10/31/2023 | 20622 | 20600 | 21074 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040183, 23.970%, 10/26/2028 †§x | Upstart | 10/31/2023 | 38024 | 37983 | 38958 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040414, 17.130%, 10/26/2028 †§x | Upstart | 10/31/2023 | 25883 | 25790 | 26379 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040518, 16.680%, 10/26/2028 †§x | Upstart | 10/31/2023 | 29714 | 29608 | 30129 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040609, 23.070%, 10/27/2028 †§x | Upstart | 11/01/2023 | 20419 | 20343 | 20897 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040623, 14.110%, 10/27/2028 †§x# | Upstart | 11/01/2023 | 22918 | 22838 | 23353 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040646, 29.150%, 10/27/2028 †§x | Upstart | 11/01/2023 | 21437 | 21354 | 22117 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040756, 24.410%, 10/27/2028 †§x | Upstart | 11/01/2023 | 37930 | 37780 | 38814 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4040862, 21.330%, 10/27/2028 †§x | Upstart | 11/01/2023 | 37405 | 37262 | 38233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4041884, 27.550%, 10/27/2028 †§x | Upstart | 11/01/2023 | 30887 | 30762 | 31615 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4041992, 21.070%, 11/01/2028 †§x | Upstart | 11/02/2023 | 25991 | 25895 | 26304 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**245** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4042243, 18.010%, 4/01/2029 †x | Upstart | 11/02/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23959 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4042248, 22.410%, 11/01/2028 †§x | Upstart | 11/02/2023 | 26877 | 26778 | 27136 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4042314, 16.410%, 11/01/2028 †§x | Upstart | 11/02/2023 | 36964 | 36833 | 37143 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4042427, 28.330%, 11/01/2028 †§x | Upstart | 11/02/2023 | 22492 | 22406 | 22667 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4042610, 11.990%, 11/01/2028 †§x | Upstart | 11/02/2023 | 21480 | 21405 | 21817 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4042717, 23.370%, 11/01/2028 †§x | Upstart | 11/02/2023 | 23342 | 23255 | 23577 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4042803, 18.110%, 11/01/2028 †§x | Upstart | 11/02/2023 | 22514 | 22433 | 22617 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4043088, 13.880%, 11/01/2028 †§x | Upstart | 11/02/2023 | 36287 | 36160 | 36485 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4043707, 27.260%, 11/01/2028 †§x | Upstart | 11/02/2023 | 21338 | 21245 | 21519 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4045345, 17.330%, 11/10/2028 †§x | Upstart | 11/03/2023 | 37284 | 37151 | 37378 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4046052, 27.300%, 4/01/2029 †x | Upstart | 11/03/2023 | 35627 | 35449 | 35924 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4068750, 23.350%, 11/28/2028 †x◇ | Upstart | 12/01/2023 | 22497 | 22497 | 23036 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4083061, 18.960%, 4/27/2029 †x# | Upstart | 11/30/2023 | 40451 | 40451 | 40492 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4083885, 17.730%, 11/24/2028 †§x# | Upstart | 11/29/2023 | 21622 | 21622 | 21756 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4084711, 21.630%, 11/24/2028 †x# | Upstart | 11/29/2023 | 32919 | 32919 | 33918 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085119, 14.660%, 11/24/2028 †§x | Upstart | 11/29/2023 | 36292 | 36292 | 36662 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085227, 28.630%, 4/24/2029 †x | Upstart | 11/29/2023 | 24833 | 24833 | 24639 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085356, 21.780%, 11/24/2028 †§x | Upstart | 11/29/2023 | 20693 | 20693 | 21146 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085472, 18.920%, 11/24/2028 †§x | Upstart | 11/29/2023 | 33172 | 33172 | 33745 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085506, 14.870%, 11/24/2028 †x#◇ | Upstart | 11/29/2023 | 36330 | 36330 | 36699 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085511, 25.640%, 11/24/2028 †§x | Upstart | 11/29/2023 | 32709 | 32709 | 33412 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085518, 24.600%, 11/27/2028 †§x | Upstart | 11/30/2023 | 22947 | 22947 | 23886 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085922, 14.840%, 11/27/2028 †§x | Upstart | 11/30/2023 | 36452 | 36452 | 36849 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4085965, 22.610%, 12/11/2028 †§x# | Upstart | 11/30/2023 | 27551 | 27551 | 27896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086075, 22.720%, 11/27/2028 †§x# | Upstart | 11/30/2023 | 20527 | 20527 | 21015 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086268, 25.680%, 4/27/2029 †x# | Upstart | 11/30/2023 | 48538 | 48538 | 47442 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086408, 27.560%, 11/27/2028 †§x | Upstart | 11/30/2023 | 21936 | 21936 | 22837 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086421, 24.740%, 11/27/2028 †§x | Upstart | 11/30/2023 | 38548 | 38548 | 39426 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086475, 15.940%, 11/27/2028 †§x | Upstart | 11/30/2023 | 22804 | 22804 | 23038 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086533, 24.850%, 11/27/2028 †x◇ | Upstart | 11/30/2023 | 38855 | 38855 | 39751 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086728, 24.110%, 11/27/2028 †x◇ | Upstart | 11/30/2023 | 21566 | 21566 | 21919 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086832, 23.330%, 11/27/2028 †§x | Upstart | 11/30/2023 | 21262 | 21262 | 21723 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4086842, 21.430%, 11/27/2028 †§x | Upstart | 11/30/2023 | 36172 | 36172 | 37049 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4088116, 22.830%, 11/27/2028 †x◇ | Upstart | 11/30/2023 | 23362 | 23362 | 23826 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4089482, 20.740%, 11/28/2028 †§x | Upstart | 12/01/2023 | 30333 | 30333 | 31088 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4089524, 22.880%, 11/28/2028 †§x | Upstart | 12/01/2023 | 38412 | 38412 | 40068 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4089528, 22.520%, 11/28/2028 †§x | Upstart | 12/01/2023 | 38304 | 38304 | 39233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4089531, 24.170%, 11/28/2028 †§x | Upstart | 12/01/2023 | 25855 | 25855 | 26468 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4089558, 21.860%, 11/28/2028 †§x | Upstart | 12/01/2023 | 38177 | 38177 | 38868 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4090163, 21.360%, 11/28/2028 †§x | Upstart | 12/01/2023 | 30146 | 30146 | 30890 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4090547, 21.650%, 11/28/2028 †§x | Upstart | 12/01/2023 | 21428 | 21428 | 21817 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4091342, 15.210%, 12/01/2028 †§x | Upstart | 12/04/2023 | 29891 | 29891 | 29923 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4092166, 27.070%, 12/01/2028 †§x | Upstart | 12/04/2023 | 21824 | 21824 | 22633 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4092380, 22.790%, 5/10/2029 †x# | Upstart | 12/04/2023 | 34897 | 34897 | 33978 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4092462, 21.800%, 12/01/2028 †x◇ | Upstart | 12/04/2023 | 38935 | 38935 | 39248 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4092518, 12.370%, 12/01/2028 †§x | Upstart | 12/05/2023 | 20055 | 20055 | 20375 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4092701, 29.010%, 12/01/2028 †§x | Upstart | 12/04/2023 | 23825 | 23825 | 24145 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4093327, 27.580%, 12/01/2028 †§x# | Upstart | 12/05/2023 | 24092 | 24092 | 24404 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4093512, 16.390%, 12/01/2028 †§x | Upstart | 12/05/2023 | 32124 | 32124 | 32085 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4094468, 24.880%, 12/12/2028 †§x# | Upstart | 12/05/2023 | 37148 | 37148 | 37710 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4094503, 14.570%, 12/01/2028 †x◇ | Upstart | 12/05/2023 | 28108 | 28108 | 28083 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4110274, 24.430%, 5/11/2029 †x | Upstart | 12/14/2023 | 28922 | 28922 | 28837 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4110542, 17.340%, 12/11/2028 †§x | Upstart | 12/14/2023 | 22693 | 22693 | 22770 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4110619, 23.730%, 12/11/2028 †§x | Upstart | 12/14/2023 | 21587 | 21587 | 21724 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4114007, 11.670%, 12/12/2028 †§x | Upstart | 12/15/2023 | 36437 | 36437 | 37457 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4115137, 20.590%, 12/12/2028 †§x | Upstart | 12/15/2023 | 38577 | 38577 | 38881 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**246** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4115874, 26.450%, 12/13/2028 †x◇ | Upstart | 12/18/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20453 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4116726, 19.670%, 5/13/2029 †x | Upstart | 12/18/2023 | 22747 | 22747 | 21593 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4117100, 22.790%, 12/13/2028 †§x | Upstart | 12/18/2023 | 39075 | 39075 | 39185 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4118362, 16.240%, 12/14/2028 †§x | Upstart | 12/19/2023 | 37581 | 37581 | 37668 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4118447, 19.070%, 12/18/2026 †§x | Upstart | 12/21/2023 | 25732 | 25732 | 25812 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4120311, 16.410%, 12/15/2028 †§x | Upstart | 12/20/2023 | 25484 | 25484 | 25597 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4120361, 22.870%, 12/15/2028 †x◇ | Upstart | 12/20/2023 | 31411 | 31411 | 31586 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4120668, 23.650%, 12/15/2028 †§x | Upstart | 12/20/2023 | 30554 | 30554 | 30881 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4120745, 29.850%, 12/15/2028 †§x | Upstart | 12/20/2023 | 19815 | 19815 | 20355 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4121154, 15.050%, 12/15/2028 †§x# | Upstart | 12/20/2023 | 34401 | 34401 | 34518 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4121443, 22.990%, 5/15/2029 †x# | Upstart | 12/20/2023 | 46138 | 46138 | 42912 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4122764, 21.360%, 12/18/2028 †§x | Upstart | 12/21/2023 | 19763 | 19763 | 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4123809, 29.120%, 12/18/2028 †§x | Upstart | 12/21/2023 | 20821 | 20821 | 21377 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4125602, 13.700%, 12/19/2028 †§x | Upstart | 12/22/2023 | 35478 | 35478 | 35662 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4127340, 23.090%, 12/19/2028 †§x | Upstart | 12/22/2023 | 23560 | 23560 | 23841 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4127726, 29.150%, 12/20/2028 †x◇ | Upstart | 12/26/2023 | 20542 | 20542 | 20089 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4128499, 26.170%, 12/20/2028 †§x | Upstart | 12/26/2023 | 23894 | 23894 | 24513 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4130113, 26.630%, 12/21/2028 †§x | Upstart | 12/27/2023 | 26286 | 26286 | 27083 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4131511, 6.000%, 10/22/2029 †x | Upstart | 12/28/2023 | 21000 | 21000 | 21574 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4132542, 23.140%, 12/22/2028 †§x | Upstart | 12/28/2023 | 36379 | 36379 | 36751 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4132769, 22.960%, 12/22/2028 †§x | Upstart | 12/28/2023 | 36764 | 36764 | 37300 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4132779, 19.270%, 12/26/2028 †§x | Upstart | 12/29/2023 | 22882 | 22882 | 23176 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4132800, 23.080%, 5/26/2029 †x# | Upstart | 12/29/2023 | 25454 | 25454 | 25465 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4132830, 17.130%, 12/26/2028 †§x# | Upstart | 12/29/2023 | 23102 | 23102 | 23167 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4132858, 26.180%, 12/26/2028 †§x | Upstart | 12/29/2023 | 27863 | 27863 | 28339 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4132909, 29.760%, 12/26/2028 †§x# | Upstart | 12/29/2023 | 20611 | 20611 | 21070 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133146, 19.420%, 5/26/2029 †x# | Upstart | 12/29/2023 | 37015 | 37015 | 37081 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133233, 19.020%, 12/28/2028 †§x | Upstart | 12/29/2023 | 25768 | 25768 | 26101 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133240, 20.680%, 12/26/2028 †§x | Upstart | 12/29/2023 | 24406 | 24406 | 24805 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133284, 28.870%, 12/26/2028 †§x | Upstart | 12/29/2023 | 24059 | 24059 | 24896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133512, 21.340%, 12/26/2028 †§x# | Upstart | 12/29/2023 | 39418 | 39418 | 39677 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133534, 25.150%, 12/26/2028 †§x | Upstart | 12/29/2023 | 35629 | 35629 | 36249 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133545, 20.750%, 12/26/2028 †§x | Upstart | 12/29/2023 | 30693 | 30693 | 31073 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4133628, 22.880%, 12/26/2028 †§x | Upstart | 12/29/2023 | 23456 | 23456 | 24314 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4134965, 15.610%, 12/26/2028 †§x | Upstart | 12/29/2023 | 37403 | 37403 | 37666 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4136456, 21.910%, 12/27/2028 †§x | Upstart | 1/02/2024 | 34108 | 34108 | 34719 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4136657, 24.720%, 12/27/2028 †§x | Upstart | 1/02/2024 | 19676 | 19676 | 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4136704, 24.740%, 12/27/2028 †§x | Upstart | 1/02/2024 | 26702 | 26702 | 27680 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4136707, 27.310%, 12/27/2028 †x◇ | Upstart | 1/02/2024 | 25556 | 25556 | 26466 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4137197, 25.560%, 12/27/2028 †§x | Upstart | 1/02/2024 | 23775 | 23775 | 24195 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4137208, 14.490%, 12/27/2028 †§x | Upstart | 1/02/2024 | 37135 | 37135 | 37413 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4137384, 24.020%, 12/27/2028 †§x | Upstart | 1/02/2024 | 39347 | 39347 | 39828 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4138404, 27.020%, 12/28/2028 †§x# | Upstart | 1/03/2024 | 23658 | 23658 | 24394 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4138444, 21.830%, 12/28/2028 †§x | Upstart | 1/03/2024 | 38859 | 38859 | 39606 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4139268, 13.640%, 12/28/2028 †§x | Upstart | 1/03/2024 | 36921 | 36921 | 37210 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4140732, 27.750%, 1/01/2029 †§x# | Upstart | 1/04/2024 | 20403 | 20403 | 21041 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4147787, 16.150%, 1/04/2029 †§x | Upstart | 1/09/2024 | 27523 | 27523 | 27390 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4150489, 22.220%, 1/05/2029 †§x# | Upstart | 1/10/2024 | 21590 | 21590 | 21996 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4155564, 24.970%, 1/09/2029 †§x | Upstart | 1/12/2024 | 40148 | 40148 | 40307 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4156171, 27.270%, 1/09/2029 †§x | Upstart | 1/12/2024 | 32739 | 32739 | 33211 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4156255, 21.430%, 1/09/2029 †§x | Upstart | 1/12/2024 | 38274 | 38274 | 38693 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4157157, 21.920%, 1/09/2029 †x | Upstart | 1/12/2024 | 33498 | 33498 | 33500 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4157271, 22.370%, 1/10/2029 †§x | Upstart | 1/16/2024 | 22419 | 22419 | 22688 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4157516, 19.800%, 1/10/2029 †x◇ | Upstart | 1/16/2024 | 23192 | 23192 | 23302 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4158052, 13.090%, 1/10/2029 †§x | Upstart | 1/16/2024 | 36008 | 36008 | 36525 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4158054, 17.960%, 1/10/2029 †§x | Upstart | 1/16/2024 | 26314 | 26314 | 26166 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**247** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4158994, 12.930%, 1/10/2029 †x | Upstart | 1/16/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38008 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4161059, 14.480%, 1/12/2029 †§x | Upstart | 1/18/2024 | 37871 | 37871 | 38377 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4161934, 18.650%, 1/12/2029 †x◇ | Upstart | 1/18/2024 | 34916 | 34916 | 35135 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4162194, 18.340%, 1/16/2029 †§x | Upstart | 1/19/2024 | 38724 | 38724 | 39013 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4162461, 16.900%, 1/16/2029 †§x | Upstart | 1/19/2024 | 30717 | 30717 | 30642 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4162562, 27.250%, 1/16/2029 †§x | Upstart | 1/19/2024 | 40777 | 40777 | 41485 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4162566, 23.810%, 1/12/2029 †§x | Upstart | 1/18/2024 | 39770 | 39770 | 40251 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4164023, 30.030%, 1/16/2029 †§x | Upstart | 1/19/2024 | 39563 | 39563 | 40412 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4167662, 23.870%, 1/17/2029 †§x | Upstart | 1/22/2024 | 20687 | 20687 | 21164 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4167763, 23.740%, 1/17/2029 †§x | Upstart | 1/22/2024 | 22184 | 22184 | 22732 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4169359, 10.930%, 1/18/2029 †x◇ | Upstart | 1/23/2024 | 36948 | 36948 | 37961 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4169580, 23.280%, 1/25/2029 †§x# | Upstart | 1/23/2024 | 22690 | 22690 | 22833 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4169828, 29.140%, 1/18/2029 †§x# | Upstart | 1/23/2024 | 22629 | 22629 | 23030 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4169879, 28.130%, 1/18/2029 †§x | Upstart | 1/23/2024 | 21699 | 21699 | 22215 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4170425, 27.110%, 1/18/2029 †§x | Upstart | 1/23/2024 | 20293 | 20293 | 20561 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4171062, 29.190%, 1/19/2029 †§x | Upstart | 1/24/2024 | 38469 | 38469 | 39391 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4171471, 22.780%, 1/19/2029 †§x | Upstart | 1/24/2024 | 23377 | 23377 | 23946 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4172809, 11.720%, 1/22/2029 †x◇ | Upstart | 1/25/2024 | 23762 | 23762 | 24151 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4173362, 19.090%, 1/22/2029 †§x | Upstart | 1/25/2024 | 31114 | 31114 | 31064 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4173848, 21.340%, 1/22/2029 †§x | Upstart | 1/25/2024 | 39146 | 39146 | 39775 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4174075, 14.200%, 1/22/2029 †§x | Upstart | 1/25/2024 | 24551 | 24551 | 24934 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4174364, 22.740%, 6/22/2029 †x◇ | Upstart | 1/25/2024 | 29071 | 29071 | 28914 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4174366, 26.600%, 1/22/2029 †§x | Upstart | 1/25/2024 | 34913 | 34913 | 35132 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4174512, 15.720%, 1/22/2029 †§x | Upstart | 1/25/2024 | 26690 | 26690 | 26664 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4174561, 25.650%, 1/22/2029 †§x | Upstart | 1/25/2024 | 35422 | 35422 | 36357 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4175300, 26.220%, 1/22/2029 †§x | Upstart | 1/25/2024 | 20607 | 20607 | 20914 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4175639, 25.130%, 1/22/2029 †§x | Upstart | 1/25/2024 | 27190 | 27190 | 27910 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4177167, 25.510%, 1/23/2029 †§x | Upstart | 1/26/2024 | 28186 | 28186 | 28946 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4177873, 22.720%, 1/23/2029 †§x | Upstart | 1/26/2024 | 39699 | 39699 | 40804 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4177933, 29.160%, 1/23/2029 †§x# | Upstart | 1/26/2024 | 22956 | 22956 | 23506 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4178668, 20.320%, 1/24/2029 †§x | Upstart | 1/29/2024 | 39151 | 39151 | 39510 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4178833, 25.230%, 1/24/2029 †x◇ | Upstart | 1/29/2024 | 33132 | 33132 | 34044 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4179290, 19.740%, 1/24/2029 †x◇ | Upstart | 1/29/2024 | 36091 | 36091 | 36340 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4179313, 27.170%, 1/25/2029 †x◇ | Upstart | 1/29/2024 | 22727 | 22727 | 23321 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4179349, 20.570%, 1/24/2029 †§x | Upstart | 1/29/2024 | 31646 | 31646 | 31923 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4179505, 27.830%, 7/09/2029 †x# | Upstart | 1/29/2024 | 35474 | 35474 | 35246 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4179693, 24.370%, 6/24/2029 †x# | Upstart | 1/29/2024 | 41958 | 41958 | 42192 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4179707, 30.010%, 1/24/2029 †§x | Upstart | 1/29/2024 | 23697 | 23697 | 24285 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180232, 27.620%, 1/25/2029 †§x | Upstart | 1/30/2024 | 32063 | 32063 | 32937 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180251, 29.140%, 6/25/2029 †x# | Upstart | 1/30/2024 | 35127 | 35127 | 34598 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180290, 27.440%, 1/25/2029 †§x# | Upstart | 1/30/2024 | 40618 | 40618 | 41726 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180330, 16.890%, 1/25/2029 †§x | Upstart | 1/30/2024 | 38400 | 38400 | 38378 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180504, 25.910%, 1/25/2029 †x | Upstart | 1/30/2024 | 29068 | 29068 | 29660 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180526, 18.880%, 1/25/2029 †§x | Upstart | 1/30/2024 | 23309 | 23309 | 23538 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180533, 23.130%, 1/25/2029 †x◇ | Upstart | 1/30/2024 | 31500 | 31500 | 32029 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180612, 27.040%, 1/25/2029 †§x | Upstart | 1/30/2024 | 39686 | 39686 | 40699 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180641, 28.220%, 1/25/2029 †§x | Upstart | 1/30/2024 | 32642 | 32642 | 33526 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180764, 15.090%, 1/25/2029 †§x | Upstart | 1/30/2024 | 31143 | 31143 | 31136 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180866, 16.460%, 2/01/2029 †§x | Upstart | 2/02/2024 | 31246 | 31246 | 30885 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4180909, 28.480%, 6/25/2029 †x# | Upstart | 1/30/2024 | 45207 | 45207 | 44974 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181008, 19.830%, 1/25/2029 †§x | Upstart | 1/30/2024 | 37493 | 37493 | 37450 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181092, 29.910%, 6/25/2029 †x#◇ | Upstart | 1/30/2024 | 31869 | 31869 | 31023 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181126, 20.210%, 1/25/2029 †§x | Upstart | 1/30/2024 | 30451 | 30451 | 30415 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181139, 12.320%, 1/25/2029 †§x | Upstart | 1/30/2024 | 30153 | 30153 | 30599 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181185, 11.270%, 1/25/2029 †§x | Upstart | 1/30/2024 | 22240 | 22240 | 22623 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181257, 12.280%, 1/25/2029 †x | Upstart | 1/30/2024 | 29455 | 29455 | 29948 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**248** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181399, 28.090%, 1/25/2029 †§x | Upstart | 1/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41281 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181402, 20.160%, 1/25/2029 †§x | Upstart | 1/30/2024 | 39102 | 39102 | 39473 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181479, 13.590%, 1/25/2029 †x | Upstart | 1/30/2024 | 37628 | 37628 | 37631 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181484, 16.880%, 2/01/2029 †§x | Upstart | 2/05/2024 | 39095 | 39095 | 38792 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181510, 21.600%, 1/26/2029 †§x | Upstart | 1/31/2024 | 29977 | 29977 | 30260 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181569, 21.420%, 1/26/2029 †§x | Upstart | 1/31/2024 | 23641 | 23641 | 23865 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181614, 28.810%, 1/26/2029 †§x | Upstart | 1/31/2024 | 39646 | 39646 | 40735 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181671, 29.170%, 1/26/2029 †§x | Upstart | 1/31/2024 | 20146 | 20146 | 20671 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181696, 29.840%, 6/26/2029 †x | Upstart | 1/31/2024 | 24996 | 24996 | 25244 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4181986, 22.510%, 6/26/2029 †x | Upstart | 1/31/2024 | 22392 | 22392 | 22293 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182022, 27.050%, 6/26/2029 †x | Upstart | 1/31/2024 | 32173 | 32173 | 32861 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182120, 16.510%, 11/26/2029 †x | Upstart | 1/31/2024 | 39750 | 39750 | 39841 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182121, 22.290%, 1/26/2029 †x | Upstart | 1/31/2024 | 19936 | 19936 | 20283 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182126, 18.400%, 1/27/2029 †§x | Upstart | 1/31/2024 | 37435 | 37435 | 37818 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182300, 25.890%, 6/26/2029 †x# | Upstart | 1/31/2024 | 41068 | 41068 | 41712 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182348, 29.040%, 1/26/2029 †§x# | Upstart | 1/31/2024 | 30727 | 30727 | 31220 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182536, 19.340%, 1/26/2029 †§x# | Upstart | 1/31/2024 | 23826 | 23826 | 23719 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182592, 20.530%, 1/26/2027 †§x | Upstart | 1/31/2024 | 28668 | 28668 | 28728 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182615, 28.240%, 6/26/2029 †x# | Upstart | 1/31/2024 | 44696 | 44696 | 44233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182724, 14.350%, 1/26/2029 †x | Upstart | 1/31/2024 | 37803 | 37803 | 37808 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182735, 15.100%, 2/01/2029 †x# | Upstart | 1/31/2024 | 38778 | 38778 | 38640 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182762, 23.650%, 1/26/2029 †§x | Upstart | 1/31/2024 | 26192 | 26192 | 26401 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4182794, 27.960%, 1/26/2029 †§x# | Upstart | 1/31/2024 | 35414 | 35414 | 36343 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183150, 24.090%, 2/02/2029 †§x | Upstart | 2/01/2024 | 40701 | 40701 | 40826 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183175, 25.570%, 2/07/2029 †§x | Upstart | 2/01/2024 | 37218 | 37218 | 37323 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183179, 14.870%, 2/01/2029 †x | Upstart | 2/01/2024 | 38696 | 38696 | 39130 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183207, 20.780%, 2/01/2029 †§x | Upstart | 2/01/2024 | 24726 | 24726 | 24827 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183232, 18.560%, 2/01/2029 †§x | Upstart | 2/01/2024 | 39530 | 39530 | 39436 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183267, 24.600%, 2/01/2029 †§x | Upstart | 2/01/2024 | 40811 | 40811 | 41043 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183440, 30.280%, 2/01/2029 †§x | Upstart | 2/01/2024 | 37733 | 37733 | 37883 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183471, 17.600%, 2/01/2029 †x | Upstart | 2/01/2024 | 35540 | 35540 | 35816 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183474, 16.610%, 2/01/2029 †§x | Upstart | 2/01/2024 | 39039 | 39039 | 39052 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183516, 21.060%, 2/01/2029 †§x | Upstart | 2/01/2024 | 22286 | 22286 | 22683 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183626, 22.430%, 2/01/2029 †§x | Upstart | 2/01/2024 | 20182 | 20182 | 20254 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183731, 24.850%, 2/01/2029 †§x | Upstart | 2/01/2024 | 24027 | 24027 | 24162 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4183955, 13.470%, 2/01/2029 †§x | Upstart | 2/01/2024 | 35215 | 35215 | 35233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184028, 29.180%, 2/01/2029 †§x | Upstart | 2/01/2024 | 23461 | 23461 | 24139 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184087, 19.560%, 2/01/2029 †§x | Upstart | 2/01/2024 | 39746 | 39746 | 39643 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184118, 19.800%, 2/01/2029 †§x | Upstart | 2/01/2024 | 29629 | 29629 | 29914 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184265, 18.630%, 2/09/2029 †x# | Upstart | 2/01/2024 | 22898 | 22898 | 22896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184268, 20.680%, 2/01/2029 †§x | Upstart | 2/01/2024 | 27995 | 27995 | 27914 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184286, 26.650%, 2/01/2029 †§x | Upstart | 2/01/2024 | 37779 | 37779 | 37973 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184343, 21.680%, 2/01/2027 †§x | Upstart | 2/01/2024 | 29425 | 29425 | 29276 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184359, 21.710%, 2/01/2029 †x | Upstart | 2/01/2024 | 24126 | 24126 | 24218 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184468, 12.380%, 2/01/2029 †§x | Upstart | 2/01/2024 | 22867 | 22867 | 23146 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184618, 22.720%, 2/01/2029 †x | Upstart | 2/01/2024 | 40425 | 40425 | 40566 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4184907, 25.300%, 2/01/2029 †§x | Upstart | 2/01/2024 | 36122 | 36122 | 36219 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4185187, 21.510%, 2/01/2029 †§x | Upstart | 2/01/2024 | 20102 | 20102 | 20041 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4185363, 26.540%, 2/01/2029 †§x | Upstart | 2/01/2024 | 20600 | 20600 | 20705 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4185389, 25.420%, 2/01/2029 †§x | Upstart | 2/01/2024 | 40981 | 40981 | 41205 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4185523, 24.670%, 2/16/2029 †§x | Upstart | 2/01/2024 | 38129 | 38129 | 38376 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4185541, 29.110%, 7/01/2029 †x# | Upstart | 2/01/2024 | 20281 | 20281 | 20652 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4185553, 22.140%, 2/01/2029 †§x | Upstart | 2/01/2024 | 20665 | 20665 | 20753 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4185555, 22.200%, 2/01/2029 †§x | Upstart | 2/01/2024 | 20150 | 20150 | 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186340, 28.890%, 2/01/2029 †§x | Upstart | 2/02/2024 | 34613 | 34613 | 34517 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186378, 24.240%, 2/01/2029 †§x | Upstart | 2/02/2024 | 30354 | 30354 | 30299 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**249** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186403, 15.660%, 2/01/2029 †§x | Upstart | 2/02/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22645 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186411, 28.020%, 2/01/2029 †§x | Upstart | 2/02/2024 | 27091 | 27091 | 27030 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186496, 22.450%, 2/01/2029 †§x | Upstart | 2/02/2024 | 40569 | 40569 | 40277 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186515, 16.660%, 2/01/2029 †§x | Upstart | 2/02/2024 | 23721 | 23721 | 23592 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186584, 16.510%, 2/01/2029 †x | Upstart | 2/02/2024 | 39051 | 39051 | 38600 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186608, 28.840%, 7/01/2029 †x# | Upstart | 2/02/2024 | 33619 | 33619 | 32571 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186609, 14.500%, 2/01/2029 †x◇ | Upstart | 2/02/2024 | 27009 | 27009 | 26709 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186881, 29.120%, 2/01/2029 †§x# | Upstart | 2/02/2024 | 24623 | 24623 | 25295 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186925, 13.210%, 2/01/2029 †§x | Upstart | 2/02/2024 | 31318 | 31318 | 31839 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4186928, 24.760%, 2/01/2029 †§x | Upstart | 2/02/2024 | 21866 | 21866 | 21956 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187180, 28.860%, 2/01/2029 †§x | Upstart | 2/02/2024 | 24465 | 24465 | 24534 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187192, 26.770%, 7/16/2029 †x# | Upstart | 2/02/2024 | 45017 | 45017 | 41512 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187442, 21.890%, 2/01/2029 †§x | Upstart | 2/02/2024 | 22759 | 22759 | 22594 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187512, 30.370%, 2/01/2029 †§x | Upstart | 2/02/2024 | 29318 | 29318 | 29205 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187704, 25.930%, 2/15/2029 †§x | Upstart | 2/02/2024 | 20715 | 20715 | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187779, 25.370%, 2/01/2029 †§x | Upstart | 2/02/2024 | 27817 | 27817 | 27592 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187885, 22.030%, 2/01/2029 †§x | Upstart | 2/02/2024 | 29604 | 29604 | 30124 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187888, 17.450%, 2/01/2029 †§x | Upstart | 2/02/2024 | 27476 | 27476 | 27153 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4187917, 27.700%, 2/01/2029 †x | Upstart | 2/02/2024 | 29114 | 29114 | 29189 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188058, 16.050%, 2/01/2029 †§x | Upstart | 2/05/2024 | 21791 | 21791 | 21626 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188063, 29.130%, 2/01/2029 †§x | Upstart | 2/05/2024 | 27281 | 27281 | 27363 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188579, 22.330%, 2/16/2029 †§x | Upstart | 2/05/2024 | 40624 | 40624 | 40594 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188667, 23.590%, 2/01/2029 †§x | Upstart | 2/05/2024 | 40517 | 40517 | 40504 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188678, 25.880%, 2/01/2029 †§x | Upstart | 2/05/2024 | 33478 | 33478 | 33424 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188752, 22.630%, 2/01/2029 †x | Upstart | 2/05/2024 | 33786 | 33786 | 33785 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188755, 28.650%, 2/01/2029 †§x | Upstart | 2/05/2024 | 21002 | 21002 | 21070 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4188859, 29.150%, 7/01/2029 †x# | Upstart | 2/05/2024 | 24492 | 24492 | 23688 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4189325, 24.470%, 2/01/2029 †§x | Upstart | 2/05/2024 | 36983 | 36983 | 36835 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4212943, 23.000%, 2/20/2029 †§x | Upstart | 2/23/2024 | 22840 | 22840 | 23320 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4212983, 23.300%, 2/20/2029 †§x | Upstart | 2/23/2024 | 20188 | 20188 | 20385 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213151, 25.220%, 2/20/2029 †§x | Upstart | 2/23/2024 | 22304 | 22304 | 21397 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213159, 29.760%, 2/20/2029 †§x | Upstart | 2/23/2024 | 25656 | 25656 | 26144 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213253, 26.550%, 2/20/2029 †§x | Upstart | 2/23/2024 | 20526 | 20526 | 20935 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213255, 29.090%, 2/20/2029 †§x | Upstart | 2/23/2024 | 35377 | 35377 | 35839 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213311, 25.900%, 2/20/2029 †§x# | Upstart | 2/23/2024 | 22218 | 22218 | 22621 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213322, 23.690%, 2/20/2029 †§x | Upstart | 2/23/2024 | 40388 | 40388 | 41222 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213333, 18.050%, 2/20/2029 †§x | Upstart | 2/23/2024 | 39322 | 39322 | 39589 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213421, 29.700%, 2/20/2029 †§x | Upstart | 2/23/2024 | 30147 | 30147 | 30716 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213431, 20.080%, 12/20/2029 †x# | Upstart | 2/23/2024 | 43840 | 43840 | 43560 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213497, 18.320%, 2/20/2029 †§x | Upstart | 2/23/2024 | 23762 | 23762 | 23853 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213500, 28.970%, 2/20/2029 †x | Upstart | 2/23/2024 | 39349 | 39349 | 40073 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213518, 24.440%, 2/20/2029 †x | Upstart | 2/23/2024 | 27310 | 27310 | 27873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213536, 18.740%, 2/20/2029 †§x | Upstart | 2/23/2024 | 25260 | 25260 | 25214 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213577, 21.790%, 2/20/2029 †x | Upstart | 2/23/2024 | 25415 | 25415 | 25840 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213629, 30.060%, 2/20/2029 †§x | Upstart | 2/23/2024 | 21839 | 21839 | 22248 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213673, 26.200%, 2/20/2029 †§x | Upstart | 2/23/2024 | 21796 | 21796 | 22206 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213686, 19.860%, 2/23/2029 †§x | Upstart | 2/23/2024 | 27847 | 27847 | 27938 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213743, 21.920%, 2/20/2029 †x | Upstart | 2/23/2024 | 24082 | 24082 | 24327 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213772, 24.940%, 2/20/2029 †§x | Upstart | 2/23/2024 | 32598 | 32598 | 33265 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213894, 27.810%, 2/20/2029 †x◇ | Upstart | 2/23/2024 | 21139 | 21139 | 21551 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4213981, 20.930%, 2/20/2029 †§x | Upstart | 2/23/2024 | 31945 | 31945 | 32279 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4214569, 28.970%, 3/05/2029 †§x# | Upstart | 2/23/2024 | 30717 | 30717 | 30962 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4214783, 20.220%, 2/20/2029 †x | Upstart | 2/23/2024 | 39784 | 39784 | 40031 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4216596, 14.910%, 2/20/2029 †§x | Upstart | 2/23/2024 | 38631 | 38631 | 38597 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4217221, 25.400%, 2/20/2029 †x◇ | Upstart | 2/23/2024 | 40234 | 40234 | 41000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4217678, 18.200%, 2/21/2029 †§x# | Upstart | 2/26/2024 | 40271 | 40271 | 37859 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**250** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4217736, 22.870%, 2/21/2029 †§x | Upstart | 2/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24449 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4217813, 26.530%, 2/21/2029 †x | Upstart | 2/26/2024 | 34187 | 34187 | 34880 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4217890, 23.280%, 2/21/2029 †x◇ | Upstart | 2/26/2024 | 40412 | 40412 | 40822 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4218094, 16.250%, 2/21/2029 †§x | Upstart | 2/26/2024 | 39080 | 39080 | 38972 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4218477, 29.420%, 2/21/2029 †§x | Upstart | 2/26/2024 | 26148 | 26148 | 26647 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4218603, 25.260%, 2/21/2029 †§x | Upstart | 2/26/2024 | 24480 | 24480 | 24714 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4219460, 29.340%, 2/22/2029 †§x# | Upstart | 2/27/2024 | 30520 | 30520 | 29433 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4220285, 29.560%, 2/22/2029 †§x | Upstart | 2/27/2024 | 37864 | 37864 | 38617 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4220511, 14.210%, 2/22/2029 †§x# | Upstart | 2/27/2024 | 39277 | 39277 | 36952 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4220539, 13.250%, 2/22/2029 †§x | Upstart | 2/27/2024 | 25861 | 25861 | 26255 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4220584, 16.960%, 2/23/2029 †§x | Upstart | 2/28/2024 | 39084 | 39084 | 39055 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4220698, 14.100%, 2/23/2029 †x | Upstart | 2/28/2024 | 20763 | 20763 | 20762 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4220706, 15.580%, 2/23/2029 †§x | Upstart | 2/28/2024 | 38569 | 38569 | 38549 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4221190, 21.910%, 2/23/2029 †§x | Upstart | 2/28/2024 | 40134 | 40134 | 40583 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4221231, 19.710%, 2/23/2029 †§x | Upstart | 2/28/2024 | 39694 | 39694 | 39979 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4221449, 27.680%, 2/28/2029 †§x | Upstart | 3/04/2024 | 19931 | 19931 | 20375 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4221455, 16.300%, 2/23/2029 †§x# | Upstart | 2/28/2024 | 37468 | 37468 | 37428 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4221484, 29.300%, 2/23/2029 †§x | Upstart | 2/28/2024 | 25613 | 25613 | 26087 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4221786, 11.870%, 2/23/2029 †x◇ | Upstart | 2/28/2024 | 37561 | 37561 | 38151 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4221840, 14.210%, 2/23/2029 †§x | Upstart | 2/28/2024 | 39417 | 39417 | 39277 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225088, 21.320%, 2/27/2029 †§x | Upstart | 3/01/2024 | 40016 | 40016 | 40331 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225181, 23.900%, 2/27/2029 †§x | Upstart | 3/01/2024 | 33418 | 33418 | 34224 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225337, 30.060%, 2/27/2029 †§x | Upstart | 3/01/2024 | 23189 | 23189 | 23679 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225376, 16.200%, 2/27/2029 †§x | Upstart | 3/01/2024 | 38460 | 38460 | 38466 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225647, 24.730%, 2/27/2029 †§x | Upstart | 3/01/2024 | 25986 | 25986 | 26599 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225670, 18.090%, 2/27/2027 †§x | Upstart | 3/01/2024 | 25587 | 25587 | 25676 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225693, 21.650%, 3/14/2029 †x# | Upstart | 3/01/2024 | 41138 | 41138 | 41427 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225772, 28.480%, 2/27/2029 †§x | Upstart | 3/01/2024 | 24849 | 24849 | 25411 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225778, 19.930%, 2/27/2029 †§x | Upstart | 3/01/2024 | 37333 | 37333 | 37274 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4225963, 23.670%, 2/27/2029 †§x | Upstart | 3/01/2024 | 39207 | 39207 | 39633 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226005, 23.120%, 2/27/2029 †§x# | Upstart | 3/01/2024 | 36709 | 36709 | 36865 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226064, 27.700%, 2/27/2029 †§x | Upstart | 3/01/2024 | 22120 | 22120 | 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226125, 24.340%, 2/27/2029 †§x | Upstart | 3/01/2024 | 22749 | 22749 | 23293 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226243, 27.870%, 12/27/2029 †x | Upstart | 3/01/2024 | 22012 | 22012 | 22488 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226317, 29.150%, 2/27/2029 †§x | Upstart | 3/01/2024 | 28826 | 28826 | 29472 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226822, 14.620%, 2/28/2029 †§x | Upstart | 3/04/2024 | 38567 | 38567 | 38602 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226889, 24.010%, 2/28/2029 †§x | Upstart | 3/04/2024 | 30461 | 30461 | 30810 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4226942, 23.990%, 2/28/2029 †§x | Upstart | 3/04/2024 | 36326 | 36326 | 37189 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227098, 28.100%, 2/28/2029 †§x | Upstart | 3/04/2024 | 41342 | 41342 | 42302 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227366, 21.570%, 2/28/2029 †§x | Upstart | 3/04/2024 | 40064 | 40064 | 41077 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227389, 19.590%, 2/28/2029 †§x | Upstart | 3/04/2024 | 25083 | 25083 | 25408 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227439, 21.140%, 7/28/2029 †x# | Upstart | 3/04/2024 | 32483 | 32483 | 32918 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227454, 26.180%, 2/28/2029 †x◇ | Upstart | 3/04/2024 | 23700 | 23700 | 23973 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227489, 21.020%, 2/28/2029 †§x | Upstart | 3/04/2024 | 22451 | 22451 | 22635 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227523, 17.380%, 2/28/2027 †§x | Upstart | 3/04/2024 | 28178 | 28178 | 28073 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227579, 18.490%, 2/28/2029 †§x | Upstart | 3/04/2024 | 33897 | 33897 | 33897 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227599, 27.180%, 2/28/2029 †§x | Upstart | 3/04/2024 | 21218 | 21218 | 21071 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227698, 15.110%, 2/28/2029 †§x | Upstart | 3/04/2024 | 28469 | 28469 | 28488 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227701, 18.370%, 2/28/2029 †§x | Upstart | 3/04/2024 | 39042 | 39042 | 39379 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227711, 25.140%, 2/28/2029 †§x | Upstart | 3/04/2024 | 40781 | 40781 | 41766 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227716, 24.020%, 2/28/2029 †§x | Upstart | 3/04/2024 | 23672 | 23672 | 24197 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227985, 18.190%, 2/28/2029 †§x | Upstart | 3/04/2024 | 35575 | 35575 | 35577 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4227993, 12.280%, 2/28/2029 †§x | Upstart | 3/04/2024 | 29765 | 29765 | 30126 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228301, 27.540%, 2/28/2029 †§x | Upstart | 3/04/2024 | 29197 | 29197 | 29880 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228323, 18.750%, 2/28/2029 †§x | Upstart | 3/04/2024 | 31579 | 31579 | 31857 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228379, 23.890%, 3/16/2029 †§x | Upstart | 3/05/2024 | 23363 | 23363 | 23290 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**251** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228382, 14.210%, 3/01/2029 †§x | Upstart | 3/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38037 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228397, 20.560%, 3/01/2029 †§x | Upstart | 3/05/2024 | 27115 | 27115 | 27057 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228483, 26.750%, 3/01/2029 †§x | Upstart | 3/05/2024 | 41804 | 41804 | 41734 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228497, 27.710%, 3/01/2029 †§x | Upstart | 3/05/2024 | 19677 | 19677 | 20112 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228521, 29.010%, 3/01/2029 †§x# | Upstart | 3/05/2024 | 33647 | 33647 | 34442 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228577, 28.040%, 3/01/2029 †§x | Upstart | 3/05/2024 | 28162 | 28162 | 28846 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228837, 18.420%, 3/01/2029 †§x | Upstart | 3/05/2024 | 27285 | 27285 | 27018 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228927, 29.900%, 3/01/2029 †§x | Upstart | 3/05/2024 | 23505 | 23505 | 23995 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4228960, 23.730%, 3/01/2029 †§x | Upstart | 3/05/2024 | 35138 | 35138 | 35030 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229070, 18.940%, 3/16/2029 †§x | Upstart | 3/05/2024 | 23520 | 23520 | 23290 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229118, 25.300%, 3/01/2029 †x◇ | Upstart | 3/05/2024 | 28574 | 28574 | 28540 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229128, 23.070%, 3/01/2029 †§x | Upstart | 3/05/2024 | 23375 | 23375 | 23313 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229139, 15.050%, 3/01/2029 †§x | Upstart | 3/05/2024 | 39542 | 39542 | 39190 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229146, 13.460%, 3/01/2029 †§x | Upstart | 3/05/2024 | 39070 | 39070 | 38736 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229217, 14.890%, 3/01/2029 †§x | Upstart | 3/05/2024 | 39386 | 39386 | 39035 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229259, 29.190%, 3/01/2029 †§x | Upstart | 3/05/2024 | 33976 | 33976 | 33892 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229304, 23.800%, 3/01/2029 †§x | Upstart | 3/05/2024 | 28868 | 28868 | 28778 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4229306, 21.440%, 3/01/2029 †§x | Upstart | 3/05/2024 | 23889 | 23889 | 24201 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4240546, 14.800%, 3/12/2029 †§x | Upstart | 3/13/2024 | 23099 | 23099 | 22947 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4240871, 28.730%, 3/08/2029 †§x | Upstart | 3/13/2024 | 25353 | 25353 | 25412 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4240878, 29.750%, 3/08/2029 †x | Upstart | 3/13/2024 | 31553 | 31553 | 31618 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4240969, 23.770%, 3/08/2029 †§x | Upstart | 3/13/2024 | 37071 | 37071 | 37085 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241074, 29.440%, 3/08/2029 †§x | Upstart | 3/13/2024 | 27540 | 27540 | 27599 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241484, 27.450%, 3/08/2029 †§x | Upstart | 3/13/2024 | 37025 | 37025 | 37125 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241489, 14.320%, 3/08/2029 †x | Upstart | 3/13/2024 | 39236 | 39236 | 38979 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241659, 23.210%, 3/11/2029 †x | Upstart | 3/14/2024 | 20969 | 20969 | 20982 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241705, 27.880%, 3/11/2029 †x | Upstart | 3/14/2024 | 31684 | 31684 | 32010 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241710, 19.550%, 3/11/2029 †x | Upstart | 3/14/2024 | 33069 | 33069 | 33255 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241730, 20.240%, 3/11/2029 †§x | Upstart | 3/14/2024 | 40489 | 40489 | 40418 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241734, 26.370%, 3/11/2029 †x | Upstart | 3/14/2024 | 21432 | 21432 | 21651 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241770, 27.840%, 3/11/2029 †§x | Upstart | 3/14/2024 | 30843 | 30843 | 31068 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4241828, 29.170%, 3/11/2029 †§x | Upstart | 3/14/2024 | 28439 | 28439 | 28543 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4242049, 14.830%, 3/11/2029 †§x | Upstart | 3/14/2024 | 21568 | 21568 | 21473 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4242055, 24.720%, 3/11/2029 †§x | Upstart | 3/14/2024 | 23378 | 23378 | 23386 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4242128, 11.440%, 3/11/2029 †x | Upstart | 3/14/2024 | 38593 | 38593 | 39491 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4242614, 30.060%, 3/26/2029 †x | Upstart | 3/14/2024 | 23653 | 23653 | 23762 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4243320, 18.380%, 3/11/2029 †§x | Upstart | 3/14/2024 | 33689 | 33689 | 33462 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4243747, 15.850%, 3/11/2029 †§x | Upstart | 3/14/2024 | 39569 | 39569 | 39323 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4243822, 14.940%, 3/11/2029 †§x | Upstart | 3/14/2024 | 39370 | 39370 | 39132 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4244934, 25.110%, 3/12/2029 †§x | Upstart | 3/15/2024 | 41760 | 41760 | 42011 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4245026, 19.110%, 3/12/2029 †x | Upstart | 3/15/2024 | 40262 | 40262 | 40214 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4246275, 24.530%, 3/12/2029 †x | Upstart | 3/15/2024 | 25298 | 25298 | 25336 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4246690, 12.680%, 3/13/2029 †x | Upstart | 3/18/2024 | 36928 | 36928 | 37419 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4246709, 28.930%, 3/17/2029 †§x | Upstart | 3/18/2024 | 29927 | 29927 | 30075 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4273930, 16.640%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 40396 | 40396 | 40055 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4274005, 26.180%, 9/16/2029 †x# | Upstart | 4/04/2024 | 43782 | 43782 | 43115 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4274065, 12.700%, 4/01/2029 †x#◇ | Upstart | 4/04/2024 | 19812 | 19812 | 20032 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4274236, 18.890%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 40846 | 40846 | 40690 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4274405, 29.030%, 9/01/2029 †x◇ | Upstart | 4/04/2024 | 46871 | 46871 | 45292 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4274773, 24.420%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 20945 | 20945 | 20969 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4276227, 17.500%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 39803 | 39803 | 39649 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4276624, 21.010%, 4/10/2029 †x | Upstart | 4/15/2024 | 37132 | 37132 | 37062 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4278197, 23.370%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 37694 | 37694 | 37767 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4278687, 20.230%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 23184 | 23184 | 22984 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4278734, 25.830%, 9/17/2029 †x#◇ | Upstart | 4/05/2024 | 20904 | 20904 | 20807 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4278831, 24.670%, 9/02/2029 †x◇ | Upstart | 4/05/2024 | 21165 | 21165 | 21067 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**252** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4278871, 20.540%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20424 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4279643, 28.890%, 9/10/2029 †x◇ | Upstart | 4/05/2024 | 24584 | 24584 | 22569 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4279930, 18.000%, 4/03/2029 †x#◇ | Upstart | 4/08/2024 | 40835 | 40835 | 40425 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4279998, 27.320%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 36415 | 36415 | 36409 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4280135, 26.400%, 4/18/2029 †x◇ | Upstart | 4/08/2024 | 42692 | 42692 | 42527 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4280253, 29.190%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 31142 | 31142 | 31160 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4280753, 17.010%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 40473 | 40473 | 40146 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4280876, 16.700%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 21579 | 21579 | 21406 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4280943, 23.400%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 21686 | 21686 | 21668 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4281377, 22.180%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 38673 | 38673 | 38659 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4281577, 25.530%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 23065 | 23065 | 23021 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4281615, 23.720%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 33746 | 33746 | 33594 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4281840, 26.430%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 42210 | 42210 | 42269 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4282118, 19.680%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 40932 | 40932 | 40799 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4282228, 20.610%, 4/19/2029 †x◇ | Upstart | 4/09/2024 | 28348 | 28348 | 28180 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4282288, 22.020%, 4/04/2029 †x | Upstart | 4/09/2024 | 36770 | 36770 | 36764 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4282906, 22.650%, 4/04/2029 †x | Upstart | 4/09/2024 | 40222 | 40222 | 40264 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4282956, 25.810%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 34082 | 34082 | 34059 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4283224, 21.170%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 36877 | 36877 | 36751 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4283820, 17.600%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 27297 | 27297 | 27080 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4283828, 15.270%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 36106 | 36106 | 36032 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4283938, 15.090%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 24047 | 24047 | 23868 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284091, 29.940%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 20935 | 20935 | 20957 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284112, 23.130%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 41656 | 41656 | 41652 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284136, 22.430%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 36957 | 36957 | 36629 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284176, 13.760%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 36219 | 36219 | 35968 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284212, 24.710%, 4/05/2027 †x◇ | Upstart | 4/10/2024 | 32783 | 32783 | 32310 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284221, 27.630%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 34447 | 34447 | 34213 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284863, 19.630%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 37796 | 37796 | 37484 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4284978, 26.740%, 9/05/2029 †x#◇ | Upstart | 4/10/2024 | 22706 | 22706 | 22348 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4285034, 16.970%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 23152 | 23152 | 22936 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4285072, 21.940%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 24233 | 24233 | 24223 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4285085, 19.670%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 40999 | 40999 | 40880 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4285580, 16.120%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 40292 | 40292 | 40735 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4286305, 22.590%, 9/08/2027 †x | Upstart | 4/11/2024 | 21358 | 21358 | 21106 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4286377, 14.640%, 4/08/2029 †§x | Upstart | 4/11/2024 | 36150 | 36150 | 35916 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4286420, 27.440%, 4/23/2029 †§x | Upstart | 4/11/2024 | 42890 | 42890 | 42769 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4286565, 18.810%, 4/08/2029 †§x | Upstart | 4/11/2024 | 39652 | 39652 | 39544 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4286574, 16.860%, 4/08/2029 †§x | Upstart | 4/11/2024 | 27419 | 27419 | 27228 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4286634, 17.020%, 4/08/2029 †§x | Upstart | 4/11/2024 | 36268 | 36268 | 36013 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4286899, 26.330%, 4/08/2029 †§x | Upstart | 4/11/2024 | 22298 | 22298 | 22385 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4287213, 13.460%, 9/08/2029 †x# | Upstart | 4/11/2024 | 42368 | 42368 | 42847 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4287381, 25.850%, 4/08/2029 †§x | Upstart | 4/11/2024 | 23215 | 23215 | 23164 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4287422, 30.370%, 4/08/2029 †x | Upstart | 4/11/2024 | 20000 | 20000 | 20052 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4287619, 28.720%, 4/08/2029 †§x | Upstart | 4/11/2024 | 25730 | 25730 | 25662 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4288090, 16.760%, 4/09/2029 †§x | Upstart | 4/12/2024 | 40561 | 40561 | 40218 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4289697, 26.300%, 9/08/2029 †x | Upstart | 4/11/2024 | 28962 | 28962 | 28382 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4289879, 17.670%, 4/08/2029 †§x | Upstart | 4/11/2024 | 23146 | 23146 | 22980 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4290853, 25.760%, 9/09/2029 †x# | Upstart | 4/12/2024 | 44571 | 44571 | 43617 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4291504, 27.580%, 4/09/2029 †§x | Upstart | 4/12/2024 | 33619 | 33619 | 33723 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4292034, 22.950%, 4/10/2029 †§x | Upstart | 4/15/2024 | 41622 | 41622 | 41689 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4292745, 22.810%, 4/10/2029 †x | Upstart | 4/15/2024 | 37604 | 37604 | 37666 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4292788, 26.030%, 4/10/2029 †x | Upstart | 4/15/2024 | 25054 | 25054 | 25178 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4293116, 27.540%, 4/10/2029 †§x | Upstart | 4/15/2024 | 42443 | 42443 | 42632 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4293576, 25.520%, 4/10/2029 †§x | Upstart | 4/15/2024 | 29488 | 29488 | 29453 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4293590, 24.740%, 4/10/2029 †§x# | Upstart | 4/15/2024 | 35036 | 35036 | 32872 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**253** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4293714, 29.000%, 4/10/2029 †§x | Upstart | 4/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21066 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4293980, 28.450%, 4/10/2029 †§x | Upstart | 4/15/2024 | 34743 | 34743 | 34683 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294021, 29.170%, 9/10/2029 †x# | Upstart | 4/15/2024 | 20956 | 20956 | 20699 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294125, 21.530%, 4/10/2029 †§x | Upstart | 4/15/2024 | 41238 | 41238 | 41316 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294454, 23.830%, 4/10/2029 †§x | Upstart | 4/15/2024 | 29250 | 29250 | 29290 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294488, 27.510%, 4/17/2029 †§x | Upstart | 4/15/2024 | 21407 | 21407 | 21385 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294519, 20.480%, 4/10/2029 †§x | Upstart | 4/15/2024 | 22389 | 22389 | 22351 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294591, 17.020%, 4/15/2029 †x# | Upstart | 4/15/2024 | 26062 | 26062 | 25847 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294860, 25.580%, 4/11/2029 †x | Upstart | 4/16/2024 | 34098 | 34098 | 34051 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4294945, 16.410%, 4/11/2029 †§x | Upstart | 4/16/2024 | 31556 | 31556 | 31360 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4295079, 15.470%, 9/11/2029 †x# | Upstart | 4/16/2024 | 23405 | 23405 | 23189 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4295172, 28.910%, 9/11/2029 †x | Upstart | 4/16/2024 | 25295 | 25295 | 24572 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4295391, 26.630%, 4/21/2029 †x# | Upstart | 4/16/2024 | 41811 | 41811 | 41984 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4295694, 23.490%, 4/11/2029 †x# | Upstart | 4/16/2024 | 43383 | 43383 | 40832 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4295957, 19.600%, 4/11/2027 †x | Upstart | 4/16/2024 | 31021 | 31021 | 30942 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4296288, 17.170%, 9/11/2029 †x# | Upstart | 4/16/2024 | 22360 | 22360 | 20777 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4296872, 22.580%, 9/12/2029 †x | Upstart | 4/17/2024 | 30638 | 30638 | 30411 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4309896, 17.370%, 4/19/2029 †§x | Upstart | 4/24/2024 | 21071 | 21071 | 20971 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4311493, 29.200%, 4/22/2029 †§x | Upstart | 4/25/2024 | 22186 | 22186 | 22398 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4311829, 23.700%, 9/28/2029 †x | Upstart | 4/25/2024 | 31795 | 31795 | 31546 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4312027, 14.700%, 4/22/2029 †§x | Upstart | 4/25/2024 | 24051 | 24051 | 23925 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4312261, 15.130%, 4/22/2029 †§x | Upstart | 4/25/2024 | 40088 | 40088 | 39944 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4312324, 28.820%, 4/28/2029 †§x | Upstart | 4/25/2024 | 20056 | 20056 | 20136 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4312626, 21.760%, 4/22/2029 †§x | Upstart | 4/25/2024 | 21527 | 21527 | 21655 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4314079, 15.760%, 4/22/2029 †§x | Upstart | 4/25/2024 | 26130 | 26130 | 26033 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4314328, 16.950%, 4/22/2029 †§x | Upstart | 4/25/2024 | 24357 | 24357 | 24260 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4314382, 24.590%, 4/22/2029 †§x# | Upstart | 4/25/2024 | 39218 | 39218 | 39021 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4314523, 29.070%, 4/22/2029 †§x | Upstart | 4/25/2024 | 24769 | 24769 | 25010 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4315290, 28.960%, 4/23/2029 †§x | Upstart | 4/26/2024 | 20278 | 20278 | 20475 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4315307, 26.360%, 5/02/2029 †§x# | Upstart | 4/26/2024 | 29388 | 29388 | 29379 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4315624, 28.800%, 9/23/2029 †x# | Upstart | 4/26/2024 | 21582 | 21582 | 21050 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4315923, 25.850%, 3/06/2030 †x# | Upstart | 4/26/2024 | 46310 | 46310 | 45670 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4315977, 21.620%, 4/23/2029 †x◇ | Upstart | 4/26/2024 | 37404 | 37404 | 37464 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4315982, 23.480%, 4/23/2029 †x◇ | Upstart | 4/26/2024 | 41728 | 41728 | 41970 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4316346, 16.690%, 4/23/2027 †§x | Upstart | 4/26/2024 | 20326 | 20326 | 20189 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4316607, 16.540%, 4/23/2029 †§x | Upstart | 4/26/2024 | 25196 | 25196 | 25268 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4317195, 21.250%, 4/24/2029 †§x | Upstart | 4/29/2024 | 24782 | 24782 | 24831 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4317473, 25.890%, 4/24/2029 †§x | Upstart | 4/29/2024 | 31504 | 31504 | 31869 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4317503, 25.360%, 4/24/2029 †§x | Upstart | 4/29/2024 | 27775 | 27775 | 28040 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4317896, 28.700%, 4/24/2029 †§x | Upstart | 4/29/2024 | 23454 | 23454 | 23688 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4318589, 20.380%, 4/24/2029 †§x | Upstart | 4/29/2024 | 23172 | 23172 | 23222 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4318816, 20.180%, 4/24/2029 †§x | Upstart | 4/29/2024 | 34103 | 34103 | 34080 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4319272, 24.380%, 4/25/2029 †§x | Upstart | 4/30/2024 | 21899 | 21899 | 21919 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4319312, 16.960%, 4/25/2029 †x◇ | Upstart | 4/30/2024 | 36011 | 36011 | 35890 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4319473, 28.740%, 9/25/2029 †x | Upstart | 4/30/2024 | 37926 | 37926 | 37131 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4319728, 24.690%, 4/25/2029 †§x | Upstart | 4/30/2024 | 25163 | 25163 | 25477 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4319875, 24.280%, 4/25/2029 †§x | Upstart | 4/30/2024 | 21344 | 21344 | 21567 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4327907, 24.500%, 5/01/2027 †x◇ | Upstart | 5/06/2024 | 26836 | 26836 | 25839 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4328877, 20.300%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 24444 | 24444 | 24261 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4328928, 22.840%, 5/01/2029 †x | Upstart | 5/06/2024 | 42226 | 42226 | 41877 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4328950, 12.470%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 40245 | 40245 | 42030 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4329034, 28.830%, 5/01/2029 †x | Upstart | 5/06/2024 | 43234 | 43234 | 42429 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4329049, 17.240%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 31306 | 31306 | 32142 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4329468, 28.850%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 30871 | 30871 | 30296 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4329845, 24.820%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 24009 | 24009 | 23597 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4329984, 20.130%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 20100 | 20100 | 20276 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**254** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4330849, 28.700%, 10/02/2029 †x#◇ | Upstart | 5/07/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21780 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4331455, 23.480%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 36832 | 36832 | 36535 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4331488, 23.650%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 23505 | 23505 | 23316 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4331506, 21.530%, 5/17/2029 †x | Upstart | 5/07/2024 | 35121 | 35121 | 35402 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4331743, 23.460%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 42332 | 42332 | 41991 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4332740, 25.900%, 5/07/2029 †x | Upstart | 5/10/2024 | 42782 | 42782 | 42167 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4332885, 30.060%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 22821 | 22821 | 22448 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4333275, 23.750%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 30774 | 30774 | 30271 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4333810, 20.340%, 5/03/2027 †x | Upstart | 5/08/2024 | 32762 | 32762 | 31969 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4333964, 28.610%, 5/06/2029 †x | Upstart | 5/09/2024 | 41017 | 41017 | 40430 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4334211, 26.000%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 33785 | 33785 | 33277 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4335049, 12.970%, 5/06/2029 †x# | Upstart | 5/09/2024 | 33678 | 33678 | 35191 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4335487, 27.780%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 42784 | 42784 | 42165 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4336672, 25.940%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 29194 | 29194 | 28758 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4336750, 11.670%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 40080 | 40080 | 41901 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4338107, 18.270%, 5/07/2029 †§x | Upstart | 5/10/2024 | 41387 | 41387 | 42532 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4338515, 22.730%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 23465 | 23465 | 23331 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4338716, 24.990%, 5/07/2029 †x | Upstart | 5/10/2024 | 42598 | 42598 | 41992 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4338826, 28.670%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 28955 | 28955 | 28521 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4339425, 24.880%, 5/07/2029 †§x | Upstart | 5/10/2024 | 38154 | 38154 | 37927 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4340023, 25.560%, 10/08/2029 †x | Upstart | 5/13/2024 | 31636 | 31636 | 31280 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4340039, 25.920%, 5/08/2029 †§x | Upstart | 5/13/2024 | 23637 | 23637 | 23337 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4340540, 20.330%, 5/16/2027 †§x | Upstart | 5/13/2024 | 29295 | 29295 | 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4340915, 23.060%, 5/08/2029 †§x | Upstart | 5/13/2024 | 27724 | 27724 | 27574 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4340934, 17.850%, 5/09/2029 †x | Upstart | 5/14/2024 | 41473 | 41473 | 41969 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4341198, 29.090%, 5/08/2029 †§x | Upstart | 5/13/2024 | 21004 | 21004 | 20728 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4341276, 21.980%, 5/08/2029 †x | Upstart | 5/13/2024 | 34063 | 34063 | 33919 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4341942, 26.490%, 5/09/2029 †§x | Upstart | 5/14/2024 | 24338 | 24338 | 24012 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4342016, 27.620%, 5/09/2029 †§x | Upstart | 5/14/2024 | 43036 | 43036 | 42451 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4342704, 25.700%, 5/09/2029 †x | Upstart | 5/14/2024 | 34261 | 34261 | 33809 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4342801, 19.700%, 5/09/2029 †§x | Upstart | 5/14/2024 | 41656 | 41656 | 42803 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4343031, 29.480%, 10/09/2029 †x# | Upstart | 5/14/2024 | 47967 | 47967 | 48196 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4343644, 14.660%, 5/10/2029 †x | Upstart | 5/15/2024 | 33025 | 33025 | 33979 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4344474, 29.070%, 10/10/2029 †x | Upstart | 5/15/2024 | 48500 | 48500 | 47918 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4344476, 30.160%, 5/10/2029 †§x | Upstart | 5/15/2024 | 25503 | 25503 | 25152 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4344497, 28.500%, 5/10/2029 †x | Upstart | 5/15/2024 | 32384 | 32384 | 31958 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4344790, 24.530%, 5/10/2029 †§x | Upstart | 5/15/2024 | 23386 | 23386 | 23097 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4344939, 15.470%, 5/10/2029 †x | Upstart | 5/15/2024 | 36271 | 36271 | 37343 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4345254, 17.980%, 5/10/2029 †§x | Upstart | 5/15/2024 | 20666 | 20666 | 21255 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4345758, 24.090%, 5/13/2029 †§x | Upstart | 5/16/2024 | 21222 | 21222 | 20999 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4345999, 28.630%, 5/13/2029 †§x | Upstart | 5/16/2024 | 31766 | 31766 | 31435 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4346057, 24.490%, 10/13/2029 †x | Upstart | 5/16/2024 | 45197 | 45197 | 44873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4346710, 23.380%, 5/13/2029 †§x | Upstart | 5/16/2024 | 23107 | 23107 | 23028 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4347499, 23.120%, 5/13/2029 †§x | Upstart | 5/16/2024 | 23791 | 23791 | 23726 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4347517, 25.610%, 5/15/2029 †x◇ | Upstart | 5/20/2024 | 21523 | 21523 | 21316 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4349583, 26.420%, 5/14/2029 †§x | Upstart | 5/17/2024 | 21239 | 21239 | 20986 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4349933, 20.880%, 5/14/2029 †§x | Upstart | 5/17/2024 | 32267 | 32267 | 32614 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4350275, 23.210%, 5/14/2029 †§x | Upstart | 5/17/2024 | 21991 | 21991 | 21927 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4350536, 22.130%, 5/19/2029 †§x | Upstart | 5/17/2024 | 42018 | 42018 | 41948 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4350985, 17.660%, 10/17/2029 †x | Upstart | 5/22/2024 | 19638 | 19638 | 20256 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4351024, 21.450%, 5/14/2029 †§x | Upstart | 5/17/2024 | 34584 | 34584 | 34515 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4351180, 28.860%, 5/14/2029 †§x | Upstart | 5/17/2024 | 31477 | 31477 | 31135 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4351867, 25.740%, 5/20/2029 †§x# | Upstart | 5/20/2024 | 37979 | 37979 | 37857 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4351918, 29.130%, 5/15/2029 †§x | Upstart | 5/20/2024 | 41130 | 41130 | 40743 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4352078, 29.980%, 5/15/2029 †§x | Upstart | 5/20/2024 | 22317 | 22317 | 22083 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4352489, 29.020%, 5/15/2029 †§x | Upstart | 5/20/2024 | 21051 | 21051 | 20802 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**255** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4352624, 20.620%, 5/15/2029 †§x | Upstart | 5/20/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38287 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4352788, 22.840%, 5/15/2029 †§x | Upstart | 5/20/2024 | 37579 | 37579 | 37239 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4353817, 20.240%, 5/16/2029 †§x# | Upstart | 5/21/2024 | 28285 | 28285 | 27146 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4353879, 18.680%, 5/16/2029 †§x | Upstart | 5/21/2024 | 41464 | 41464 | 42040 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4353927, 18.080%, 5/16/2029 †§x | Upstart | 5/21/2024 | 41352 | 41352 | 42585 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4354524, 29.170%, 5/16/2029 †x◇ | Upstart | 5/21/2024 | 28134 | 28134 | 27860 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4354648, 30.010%, 5/16/2029 †§x | Upstart | 5/21/2024 | 26609 | 26609 | 26380 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4354962, 17.850%, 5/16/2029 †§x | Upstart | 5/21/2024 | 37558 | 37558 | 38119 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4355813, 29.570%, 5/17/2029 †§x | Upstart | 5/22/2024 | 43339 | 43339 | 43002 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4355843, 25.040%, 5/17/2029 †§x | Upstart | 5/22/2024 | 26436 | 26436 | 26218 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4355858, 28.250%, 5/17/2029 †§x | Upstart | 5/22/2024 | 29597 | 29597 | 29362 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4356238, 26.610%, 5/17/2029 †§x | Upstart | 5/22/2024 | 33868 | 33868 | 33577 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4356249, 27.840%, 5/17/2029 †§x | Upstart | 5/22/2024 | 43072 | 43072 | 42690 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4356590, 26.320%, 5/17/2029 †§x# | Upstart | 5/22/2024 | 23893 | 23893 | 23698 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4356694, 17.230%, 5/17/2029 †§x | Upstart | 5/22/2024 | 41261 | 41261 | 42521 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4357910, 30.860%, 5/20/2029 †§x | Upstart | 5/23/2024 | 21989 | 21989 | 21838 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4358036, 23.450%, 10/20/2029 †x# | Upstart | 5/23/2024 | 29786 | 29786 | 29791 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4358148, 28.830%, 5/20/2029 †§x | Upstart | 5/23/2024 | 29448 | 29448 | 27897 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4358193, 25.170%, 5/20/2029 †x◇ | Upstart | 5/23/2024 | 24218 | 24218 | 24055 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4358317, 26.470%, 5/20/2029 †§x | Upstart | 5/23/2024 | 25148 | 25148 | 24969 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4358416, 28.090%, 5/20/2029 †§x | Upstart | 5/23/2024 | 43118 | 43118 | 42812 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4358447, 20.800%, 5/20/2029 †§x | Upstart | 5/23/2024 | 21679 | 21679 | 21996 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4361543, 24.610%, 5/20/2027 †§x | Upstart | 5/23/2024 | 33482 | 33565 | 32565 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4361970, 29.080%, 5/21/2029 †§x | Upstart | 5/24/2024 | 20252 | 20252 | 20116 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4362310, 26.500%, 5/21/2029 †§x | Upstart | 5/24/2024 | 24214 | 24214 | 24082 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4375580, 30.080%, 11/03/2029 †x# | Upstart | 6/06/2024 | 21488 | 21488 | 21847 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4377752, 25.970%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 43297 | 43297 | 42604 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4381346, 20.700%, 6/03/2029 †§x | Upstart | 6/06/2024 | 29704 | 29704 | 29969 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4381586, 26.480%, 6/03/2029 †x | Upstart | 6/06/2024 | 32531 | 32531 | 32267 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4381677, 22.340%, 4/03/2028 †x | Upstart | 6/06/2024 | 24556 | 24556 | 23808 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4381720, 18.640%, 6/07/2029 †x | Upstart | 6/06/2024 | 42159 | 42159 | 42565 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4381731, 24.970%, 6/03/2029 †§x# | Upstart | 6/06/2024 | 24942 | 24942 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4381756, 29.410%, 6/03/2029 †§x | Upstart | 6/06/2024 | 24716 | 24716 | 24300 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4381907, 27.770%, 6/03/2029 †§x | Upstart | 6/06/2024 | 41806 | 41806 | 41010 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4382000, 23.550%, 6/03/2029 †§x | Upstart | 6/06/2024 | 36968 | 36968 | 36655 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4382006, 28.850%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 40420 | 40420 | 39656 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4382040, 28.880%, 6/03/2029 †x | Upstart | 6/06/2024 | 23359 | 23359 | 22929 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4382150, 27.320%, 6/03/2029 †x | Upstart | 6/06/2024 | 34629 | 34629 | 34064 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4382361, 21.270%, 6/03/2029 †x | Upstart | 6/06/2024 | 35715 | 35715 | 35464 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4383016, 26.870%, 6/03/2029 †§x | Upstart | 6/06/2024 | 43390 | 43390 | 42682 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4383135, 27.420%, 6/03/2029 †§x | Upstart | 6/06/2024 | 21758 | 21829 | 21248 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4383169, 16.330%, 6/03/2029 †§x | Upstart | 6/06/2024 | 21415 | 21415 | 21991 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4383453, 28.880%, 6/17/2029 †x◇ | Upstart | 6/06/2024 | 26519 | 26519 | 26075 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4384196, 26.850%, 6/03/2029 †§x | Upstart | 6/06/2024 | 34143 | 34143 | 33570 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4384479, 27.960%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 25202 | 25202 | 24787 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4384555, 29.000%, 6/15/2029 †x◇ | Upstart | 6/06/2024 | 28916 | 28916 | 28434 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4384790, 28.850%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 22952 | 22952 | 22519 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4384829, 27.800%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 43577 | 43577 | 42861 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4385078, 31.880%, 6/03/2029 †x#◇ | Upstart | 6/06/2024 | 30143 | 30143 | 29591 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4385156, 17.710%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 20949 | 20949 | 21529 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4385606, 15.040%, 6/06/2029 †§x | Upstart | 6/11/2024 | 20667 | 20667 | 21276 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4386033, 29.170%, 6/04/2029 †§x | Upstart | 6/07/2024 | 25965 | 25965 | 25503 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4386215, 17.820%, 6/04/2029 †§x | Upstart | 6/07/2024 | 41838 | 41838 | 42999 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4386350, 30.020%, 6/08/2029 †x◇ | Upstart | 6/07/2024 | 35861 | 35861 | 35251 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4386357, 27.320%, 6/04/2029 †x# | Upstart | 6/07/2024 | 23997 | 23997 | 23605 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4386394, 26.590%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 37951 | 37951 | 37286 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**256** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4386726, 24.110%, 6/04/2029 †x | Upstart | 6/07/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21184 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387050, 28.790%, 11/04/2029 †x# | Upstart | 6/07/2024 | 35353 | 35353 | 34892 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387067, 28.890%, 6/04/2029 †x | Upstart | 6/07/2024 | 42277 | 42277 | 41906 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387155, 28.310%, 11/04/2029 †x#◇ | Upstart | 6/07/2024 | 28719 | 28719 | 28791 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387226, 25.460%, 11/05/2029 †x# | Upstart | 6/10/2024 | 49110 | 49110 | 26237 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387303, 24.320%, 6/04/2029 †§x | Upstart | 6/07/2024 | 21587 | 21587 | 21750 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387320, 17.110%, 6/04/2029 †x | Upstart | 6/07/2024 | 24251 | 24251 | 24919 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387642, 28.790%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 43729 | 43729 | 43025 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387656, 28.410%, 6/04/2029 †x | Upstart | 6/07/2024 | 32962 | 32962 | 32405 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387734, 30.040%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 31193 | 31193 | 30641 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4387754, 23.720%, 6/05/2029 †x◇ | Upstart | 6/10/2024 | 21790 | 21790 | 21651 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388380, 21.480%, 6/05/2029 †x | Upstart | 6/10/2024 | 42566 | 42566 | 42333 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388473, 23.520%, 6/05/2029 †x◇ | Upstart | 6/10/2024 | 25128 | 25128 | 24946 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388492, 21.770%, 6/05/2029 †§x | Upstart | 6/10/2024 | 21393 | 21393 | 21274 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388575, 29.060%, 6/05/2029 †x◇ | Upstart | 6/10/2024 | 20396 | 20463 | 20079 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388608, 18.090%, 6/05/2029 †§x | Upstart | 6/10/2024 | 41977 | 41977 | 42433 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388613, 31.150%, 6/15/2029 †§x | Upstart | 6/10/2024 | 20676 | 20749 | 20354 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388661, 14.900%, 6/05/2029 †§x | Upstart | 6/10/2024 | 32508 | 32508 | 33451 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388662, 29.900%, 6/05/2029 †x | Upstart | 6/10/2024 | 25984 | 25984 | 25574 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388799, 20.820%, 6/05/2029 †§x | Upstart | 6/10/2024 | 42990 | 42990 | 42772 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4388856, 28.560%, 6/05/2029 †§x | Upstart | 6/10/2024 | 24385 | 24385 | 24009 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389113, 16.460%, 6/05/2029 †§x | Upstart | 6/10/2024 | 27178 | 27178 | 27958 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389470, 28.020%, 6/05/2029 †x | Upstart | 6/10/2024 | 34189 | 34189 | 33661 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389544, 19.140%, 6/05/2029 †§x | Upstart | 6/10/2024 | 24599 | 24599 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389590, 27.800%, 6/05/2029 †x◇ | Upstart | 6/10/2024 | 34691 | 34691 | 34162 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389734, 27.870%, 6/05/2029 †§x | Upstart | 6/10/2024 | 34129 | 34129 | 33571 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389745, 22.200%, 6/05/2029 †§x | Upstart | 6/10/2024 | 35948 | 35948 | 35711 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389753, 19.290%, 4/05/2030 †x | Upstart | 6/10/2024 | 29205 | 29205 | 29568 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389910, 29.390%, 6/05/2029 †§x | Upstart | 6/10/2024 | 24364 | 24364 | 23983 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389914, 22.410%, 6/05/2029 †§x | Upstart | 6/10/2024 | 21608 | 21608 | 21455 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389922, 26.710%, 11/05/2029 †x# | Upstart | 6/10/2024 | 22237 | 22237 | 21894 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389993, 24.540%, 6/05/2029 †§x | Upstart | 6/10/2024 | 37909 | 37909 | 37360 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4389998, 24.980%, 6/05/2027 †§x | Upstart | 6/10/2024 | 21441 | 21441 | 20604 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4390039, 28.560%, 6/05/2029 †§x# | Upstart | 6/10/2024 | 27401 | 27401 | 26981 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4390229, 22.920%, 6/05/2029 †§x | Upstart | 6/10/2024 | 34075 | 34075 | 33870 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4390627, 23.520%, 6/06/2029 †x◇ | Upstart | 6/11/2024 | 20735 | 20735 | 20612 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4390664, 30.950%, 11/06/2029 †x# | Upstart | 6/11/2024 | 38037 | 38037 | 21076 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4390891, 27.000%, 6/06/2029 †§x | Upstart | 6/11/2024 | 29716 | 29716 | 29263 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4391145, 26.910%, 6/06/2029 †§x | Upstart | 6/11/2024 | 38825 | 38825 | 38205 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4391350, 28.900%, 6/06/2029 †x | Upstart | 6/11/2024 | 29836 | 29836 | 29391 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4391421, 19.980%, 6/06/2029 †§x | Upstart | 6/11/2024 | 21154 | 21220 | 21373 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4391895, 20.640%, 6/06/2029 †§x | Upstart | 6/11/2024 | 20671 | 20671 | 20857 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4391974, 24.930%, 6/06/2029 †§x | Upstart | 6/11/2024 | 43133 | 43133 | 42530 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4392130, 23.770%, 11/06/2029 †x#◇ | Upstart | 6/11/2024 | 37287 | 37287 | 37099 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4392473, 18.870%, 6/06/2029 †x◇ | Upstart | 6/11/2024 | 25672 | 25672 | 25950 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4392510, 23.660%, 6/06/2029 †§x | Upstart | 6/11/2024 | 40055 | 40055 | 40398 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4392532, 28.520%, 6/06/2029 †x◇ | Upstart | 6/11/2024 | 20498 | 20498 | 20199 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4392912, 23.700%, 6/06/2029 †x◇ | Upstart | 6/11/2024 | 29285 | 29285 | 29114 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4393644, 29.730%, 6/07/2029 †§x | Upstart | 6/12/2024 | 34291 | 34291 | 33783 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4393762, 19.880%, 6/07/2029 †§x# | Upstart | 6/12/2024 | 42266 | 42266 | 42720 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4394517, 12.900%, 6/07/2029 †§x | Upstart | 6/12/2024 | 23133 | 23201 | 24190 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4394751, 24.960%, 6/07/2029 †§x | Upstart | 6/12/2024 | 34078 | 34078 | 33621 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4395606, 18.800%, 6/10/2029 †§x | Upstart | 6/13/2024 | 27015 | 27098 | 27782 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4399536, 28.930%, 6/11/2029 †§x | Upstart | 6/14/2024 | 20493 | 20493 | 20184 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4432831, 18.000%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 25564 | 25564 | 26253 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4432871, 25.090%, 7/01/2027 †x◇ | Upstart | 7/05/2024 | 29646 | 29646 | 28448 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**257** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4433122, 22.690%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20497 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4433285, 17.210%, 7/15/2029 †x◇ | Upstart | 7/05/2024 | 38225 | 38225 | 38648 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4434152, 24.390%, 7/01/2027 †x | Upstart | 7/05/2024 | 34018 | 34018 | 32618 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4434227, 20.920%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 28782 | 28782 | 28582 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4434464, 21.760%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 42511 | 42511 | 42185 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4435037, 28.860%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 24357 | 24357 | 23874 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4437612, 24.110%, 7/02/2029 †x | Upstart | 7/08/2024 | 33962 | 33962 | 33359 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4437630, 21.810%, 7/02/2029 †x#◇ | Upstart | 7/08/2024 | 25862 | 25862 | 25686 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4437794, 23.720%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 29599 | 29599 | 29104 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4438330, 29.000%, 7/02/2029 †x#◇ | Upstart | 7/08/2024 | 24683 | 24683 | 24249 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4438351, 28.320%, 12/02/2029 †x#◇ | Upstart | 7/08/2024 | 24003 | 24003 | 24182 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4438423, 6.310%, 7/06/2029 †x◇ | Upstart | 7/08/2024 | 25190 | 25190 | 25829 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4439166, 26.000%, 7/02/2029 †x | Upstart | 7/08/2024 | 42995 | 42995 | 42257 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4441099, 27.320%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 29089 | 29089 | 28599 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4441428, 26.200%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 25853 | 25853 | 25416 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4442017, 28.570%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 24247 | 24247 | 23832 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4444548, 28.900%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 23469 | 23469 | 23101 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4444558, 27.710%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 24544 | 24544 | 24158 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4494716, 30.020%, 8/06/2029 †x◇ | Upstart | 8/09/2024 | 43207 | 43207 | 42551 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4498732, 24.110%, 1/01/2030 †x#◇ | Upstart | 8/06/2024 | 24632 | 24632 | 25409 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4499167, 20.240%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 26036 | 26036 | 26326 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4499301, 26.880%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 34625 | 34625 | 34094 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4499357, 25.740%, 8/01/2029 †x | Upstart | 8/06/2024 | 35753 | 35753 | 35433 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4500455, 30.370%, 8/02/2029 †x | Upstart | 8/07/2024 | 35516 | 35516 | 34940 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4500691, 11.820%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 31788 | 31788 | 32646 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4501345, 17.240%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 28380 | 28380 | 29058 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4502694, 32.320%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 27305 | 27305 | 26849 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4502886, 16.920%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 21423 | 21423 | 21956 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4507005, 25.680%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 25698 | 25698 | 25303 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4507156, 26.590%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 21939 | 21979 | 21627 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4512353, 22.690%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 31166 | 31166 | 30999 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4514236, 28.900%, 8/07/2029 †x#◇ | Upstart | 8/12/2024 | 45740 | 45740 | 25707 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4515322, 13.330%, 8/08/2029 †x◇ | Upstart | 8/13/2024 | 21252 | 21252 | 21860 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4515466, 28.570%, 8/08/2029 †x◇ | Upstart | 8/13/2024 | 43376 | 43376 | 42841 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4515780, 30.560%, 1/08/2030 †x#◇ | Upstart | 8/13/2024 | 25274 | 25274 | 25297 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4517500, 19.500%, 8/23/2029 †§x | Upstart | 8/28/2024 | 33801 | 33801 | 34518 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4519149, 27.930%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 43651 | 43651 | 43146 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4519664, 28.560%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 30682 | 30682 | 30327 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4519676, 25.510%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 30047 | 30144 | 29883 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4522452, 32.360%, 8/19/2029 †x#◇ | Upstart | 8/15/2024 | 31265 | 31265 | 29520 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4523902, 32.020%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 22581 | 22581 | 22342 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4523978, 27.810%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 31059 | 31059 | 30790 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4524102, 19.840%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 31172 | 31172 | 31984 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4525764, 15.950%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 20014 | 20014 | 20562 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4525772, 21.840%, 8/13/2029 †x# | Upstart | 8/16/2024 | 31754 | 31754 | 30018 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4525799, 8.620%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 22362 | 22362 | 22276 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4525983, 23.930%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 30669 | 30669 | 30406 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4526431, 30.050%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 28976 | 28976 | 28765 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4526896, 20.940%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 21640 | 21640 | 21989 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4526901, 27.680%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 21895 | 21895 | 21705 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4527703, 31.250%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 42132 | 42132 | 41739 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4528245, 27.720%, 8/28/2029 †x#◇ | Upstart | 8/19/2024 | 35045 | 35045 | 34766 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4529160, 21.020%, 8/14/2029 †§x# | Upstart | 8/19/2024 | 26708 | 26708 | 25717 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4530354, 26.690%, 6/14/2030 †x# | Upstart | 8/19/2024 | 20995 | 20995 | 20531 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4530641, 30.060%, 8/14/2029 †§x | Upstart | 8/19/2024 | 43950 | 43950 | 43499 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4532065, 14.780%, 8/15/2029 †§x | Upstart | 8/20/2024 | 35182 | 35182 | 36230 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**258** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4532318, 13.470%, 8/15/2029 †§x | Upstart | 8/20/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39656 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4532647, 30.740%, 8/15/2029 †§x | Upstart | 8/20/2024 | 22904 | 22904 | 22660 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4534457, 27.870%, 8/16/2029 †x | Upstart | 8/21/2024 | 44648 | 44648 | 44328 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4535326, 31.620%, 8/16/2029 †§x | Upstart | 8/21/2024 | 29675 | 29675 | 29434 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4536022, 28.860%, 8/19/2029 †x◇ | Upstart | 8/22/2024 | 28919 | 28919 | 28756 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4536309, 27.370%, 8/19/2027 †§x | Upstart | 8/22/2024 | 37128 | 37128 | 36000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4536328, 32.050%, 8/19/2029 †§x | Upstart | 8/22/2024 | 29629 | 29629 | 29440 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4536681, 29.050%, 8/19/2029 †x◇ | Upstart | 8/22/2024 | 29564 | 29564 | 29327 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4536687, 30.030%, 8/19/2029 †x◇ | Upstart | 8/22/2024 | 26681 | 26681 | 26229 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4536758, 17.620%, 8/19/2029 †§x | Upstart | 8/22/2024 | 30207 | 30207 | 31096 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4536901, 29.850%, 1/19/2030 †x# | Upstart | 8/22/2024 | 32263 | 32263 | 32891 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4537104, 15.470%, 8/19/2029 †§x | Upstart | 8/22/2024 | 28002 | 28087 | 28853 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4537274, 18.550%, 8/19/2029 †§x | Upstart | 8/22/2024 | 24420 | 24420 | 24915 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4539225, 32.300%, 8/19/2029 †§x | Upstart | 8/22/2024 | 22482 | 22482 | 22336 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4541512, 17.820%, 8/20/2029 †§x | Upstart | 8/23/2024 | 26752 | 26752 | 27542 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4542655, 21.280%, 8/20/2029 †§x | Upstart | 8/23/2024 | 43715 | 43715 | 43741 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4543140, 20.650%, 8/20/2029 †§x | Upstart | 8/23/2024 | 41667 | 41667 | 42477 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4543521, 14.630%, 8/21/2029 †x◇ | Upstart | 8/26/2024 | 42551 | 42551 | 43873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4545223, 28.400%, 8/21/2029 †§x | Upstart | 8/26/2024 | 29366 | 29366 | 29249 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4546602, 32.080%, 1/21/2030 †x# | Upstart | 8/26/2024 | 22257 | 22257 | 22097 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4547039, 29.690%, 8/22/2029 †§x | Upstart | 8/27/2024 | 21626 | 21626 | 21524 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4547272, 30.010%, 8/22/2029 †§x | Upstart | 8/27/2024 | 20849 | 20849 | 20768 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4547275, 13.890%, 8/22/2029 †§x | Upstart | 8/27/2024 | 42506 | 42506 | 43854 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4547636, 32.240%, 1/22/2030 †x# | Upstart | 8/27/2024 | 30327 | 30327 | 30819 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4547851, 19.100%, 8/22/2029 †x◇ | Upstart | 8/27/2024 | 40978 | 40978 | 41824 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4547987, 27.740%, 8/22/2029 †§x | Upstart | 8/27/2024 | 25708 | 25708 | 25602 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4548041, 24.820%, 8/22/2029 †§x | Upstart | 8/27/2024 | 29541 | 29541 | 29456 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4549423, 30.560%, 8/23/2029 †§x | Upstart | 8/28/2024 | 22696 | 22696 | 22543 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4551189, 31.410%, 8/23/2029 †§x | Upstart | 8/28/2024 | 43179 | 43315 | 42982 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4551275, 20.550%, 8/23/2029 †x◇ | Upstart | 8/28/2024 | 24244 | 24244 | 24745 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4551506, 32.180%, 8/23/2029 †§x# | Upstart | 8/28/2024 | 35314 | 35314 | 35054 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4552299, 21.040%, 8/26/2029 †x#◇ | Upstart | 8/29/2024 | 20089 | 20089 | 20642 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4552329, 28.420%, 9/11/2029 †x# | Upstart | 8/29/2024 | 46398 | 46398 | 44399 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4553423, 32.010%, 8/26/2029 †§x | Upstart | 8/29/2024 | 24575 | 24575 | 24560 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4554101, 30.170%, 8/26/2029 †§x | Upstart | 8/29/2024 | 20759 | 20759 | 20724 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4554611, 24.560%, 8/26/2029 †§x | Upstart | 8/29/2024 | 30754 | 30754 | 30726 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4558024, 17.610%, 8/27/2029 †§x | Upstart | 8/30/2024 | 43152 | 43152 | 44502 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4558205, 23.170%, 8/27/2029 †§x# | Upstart | 8/30/2024 | 22414 | 22414 | 22516 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4561187, 22.690%, 2/03/2030 †x#◇ | Upstart | 9/06/2024 | 20965 | 21024 | 21001 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4561367, 20.530%, 8/28/2027 †§x | Upstart | 9/03/2024 | 23247 | 23247 | 22815 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4561722, 30.070%, 8/28/2029 †§x | Upstart | 9/03/2024 | 39799 | 39799 | 39780 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4562171, 16.460%, 8/28/2029 †§x | Upstart | 9/03/2024 | 42110 | 42110 | 43459 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4562224, 28.050%, 8/28/2029 †§x | Upstart | 9/03/2024 | 20260 | 20260 | 20235 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4562659, 29.110%, 8/28/2029 †§x | Upstart | 9/03/2024 | 25096 | 25096 | 25011 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4563194, 22.730%, 9/01/2029 †x | Upstart | 9/04/2024 | 44575 | 44575 | 44261 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4563637, 29.910%, 9/01/2029 †§x | Upstart | 9/04/2024 | 36393 | 36393 | 36419 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4564022, 29.910%, 9/01/2029 †§x | Upstart | 9/04/2024 | 42202 | 42202 | 42096 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4564382, 29.260%, 9/01/2029 †§x | Upstart | 9/04/2024 | 42340 | 42482 | 41667 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4568010, 28.090%, 9/03/2029 †x#◇ | Upstart | 9/06/2024 | 45158 | 45158 | 44517 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4568687, 21.920%, 9/03/2027 †x◇ | Upstart | 9/06/2024 | 32314 | 32314 | 31396 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4568712, 27.230%, 2/14/2028 †x#◇ | Upstart | 9/06/2024 | 37722 | 37722 | 35177 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4568909, 22.870%, 2/15/2030 †x#◇ | Upstart | 9/06/2024 | 28504 | 28504 | 27149 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4568977, 31.720%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 21561 | 21561 | 21210 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4569375, 32.280%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 21625 | 21625 | 21293 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4569413, 28.340%, 9/03/2027 †x◇ | Upstart | 9/06/2024 | 30375 | 30460 | 29105 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4569668, 29.470%, 9/03/2029 †x#◇ | Upstart | 9/06/2024 | 26632 | 26654 | 26199 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**259** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4569671, 13.420%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35200 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4570794, 22.360%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 24428 | 24428 | 24279 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4572461, 29.000%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 22625 | 22625 | 22297 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4574424, 21.960%, 9/04/2029 †x◇ | Upstart | 9/09/2024 | 41766 | 41766 | 41425 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4575729, 32.270%, 9/04/2029 †x◇ | Upstart | 9/09/2024 | 20581 | 20581 | 20253 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4579054, 12.300%, 9/05/2029 †x◇ | Upstart | 9/10/2024 | 22505 | 22574 | 22971 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4580975, 30.070%, 9/06/2029 †x | Upstart | 9/11/2024 | 40744 | 40744 | 40216 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4581242, 30.200%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 28503 | 28503 | 28102 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4582312, 27.480%, 9/06/2027 †x◇ | Upstart | 9/11/2024 | 33930 | 33930 | 32574 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4583064, 26.320%, 9/11/2029 †§x | Upstart | 9/16/2024 | 20307 | 20307 | 20124 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4589593, 28.610%, 2/17/2030 †x#◇ | Upstart | 9/13/2024 | 29282 | 29282 | 28427 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4590584, 28.730%, 9/10/2029 †§x | Upstart | 9/13/2024 | 43170 | 43170 | 42668 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4592124, 31.270%, 9/11/2029 †§x | Upstart | 9/16/2024 | 22027 | 22027 | 21801 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4593269, 30.250%, 9/11/2029 †§x | Upstart | 9/16/2024 | 34097 | 34097 | 33723 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4594894, 12.750%, 9/12/2029 †§x | Upstart | 9/17/2024 | 36001 | 36001 | 36764 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4596633, 21.730%, 9/12/2029 †x | Upstart | 9/17/2024 | 43938 | 43938 | 44655 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4597533, 28.750%, 9/13/2029 †§x | Upstart | 9/18/2024 | 30841 | 30841 | 30582 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4599227, 23.620%, 9/13/2029 †§x | Upstart | 9/18/2024 | 27689 | 27689 | 27647 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4601759, 21.680%, 9/16/2029 †§x | Upstart | 9/19/2024 | 20124 | 20124 | 20496 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4613327, 21.000%, 9/19/2029 †§x | Upstart | 9/24/2024 | 44231 | 44231 | 45113 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4638977, 15.370%, 10/01/2029 †§x | Upstart | 10/04/2024 | 31539 | 31539 | 31139 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4640176, 29.110%, 10/01/2029 †§x | Upstart | 10/04/2024 | 35880 | 35880 | 33655 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4640779, 19.540%, 10/01/2029 †§x | Upstart | 10/04/2024 | 37399 | 37399 | 36235 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4643925, 18.140%, 10/02/2029 †x | Upstart | 10/07/2024 | 44445 | 44445 | 43850 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4644001, 23.800%, 10/10/2027 †§x | Upstart | 10/08/2024 | 27414 | 27414 | 26403 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4645869, 26.370%, 10/03/2029 †§x | Upstart | 10/08/2024 | 31005 | 31005 | 29139 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4647726, 25.130%, 10/03/2029 †§x | Upstart | 10/08/2024 | 23747 | 23747 | 22667 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4649087, 29.860%, 10/15/2029 †§x | Upstart | 10/09/2024 | 26867 | 26867 | 25277 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4649826, 17.090%, 10/04/2029 †x | Upstart | 10/09/2024 | 22153 | 22153 | 21869 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4650106, 22.260%, 10/04/2029 †x | Upstart | 10/09/2024 | 25083 | 25164 | 23646 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4650135, 23.820%, 10/04/2029 †§x | Upstart | 10/09/2024 | 36130 | 36130 | 34510 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4652111, 22.240%, 10/07/2029 †§x | Upstart | 10/10/2024 | 26071 | 26071 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4659536, 29.170%, 10/08/2029 †x | Upstart | 10/11/2024 | 46027 | 46027 | 43405 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4659602, 28.830%, 10/08/2029 †§x | Upstart | 10/11/2024 | 25338 | 25338 | 23860 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4665913, 24.250%, 10/10/2029 †§x | Upstart | 10/16/2024 | 38433 | 38433 | 36280 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4667351, 32.240%, 10/10/2029 †§x | Upstart | 10/16/2024 | 28370 | 28370 | 26764 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4668352, 32.150%, 10/11/2029 †x | Upstart | 10/17/2024 | 22766 | 22766 | 21454 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4668365, 31.950%, 10/26/2029 †§x# | Upstart | 10/17/2024 | 22411 | 22411 | 21096 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4668866, 29.270%, 10/11/2029 †§x | Upstart | 10/17/2024 | 28112 | 28112 | 26513 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4668876, 17.880%, 10/11/2029 †§x | Upstart | 10/17/2024 | 23628 | 23628 | 23348 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4669345, 28.890%, 10/11/2029 †§x# | Upstart | 10/17/2024 | 35343 | 35343 | 33332 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4670318, 29.900%, 10/11/2029 †§x | Upstart | 10/17/2024 | 35672 | 35672 | 33636 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4670360, 22.730%, 10/11/2029 †§x | Upstart | 10/17/2024 | 28551 | 28551 | 27348 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4671723, 26.660%, 10/15/2029 †x | Upstart | 10/18/2024 | 27298 | 27298 | 25820 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4672089, 32.280%, 10/15/2029 †x | Upstart | 10/18/2024 | 31924 | 31924 | 30265 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4672907, 19.060%, 10/15/2029 †x | Upstart | 10/18/2024 | 44568 | 44568 | 43371 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4775828, 22.900%, 4/20/2030 †x# | Upstart | 11/25/2024 | 28178 | 28178 | 27084 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4776251, 9.170%, 11/20/2027 †x | Upstart | 11/25/2024 | 24288 | 24288 | 24184 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4776305, 28.990%, 11/20/2029 †x | Upstart | 11/25/2024 | 36590 | 36590 | 34501 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4776592, 28.940%, 11/20/2027 †x | Upstart | 11/25/2024 | 30017 | 30017 | 28533 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4776652, 18.650%, 11/21/2029 †x | Upstart | 11/26/2024 | 40045 | 40045 | 38804 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4776978, 21.730%, 11/20/2029 †x | Upstart | 11/25/2024 | 45441 | 45441 | 44643 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4777077, 22.910%, 11/20/2029 †x | Upstart | 11/25/2024 | 22929 | 22929 | 22231 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4777791, 32.020%, 11/20/2029 †x | Upstart | 11/25/2024 | 27332 | 27332 | 25759 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4778910, 14.740%, 11/21/2029 †x | Upstart | 11/26/2024 | 44605 | 44605 | 43863 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4779443, 12.970%, 11/21/2029 †§x | Upstart | 11/26/2024 | 31064 | 31064 | 30915 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**260** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4779631, 11.230%, 11/21/2029 †§x | Upstart | 11/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27590 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4779660, 30.870%, 11/21/2027 †x | Upstart | 11/26/2024 | 38812 | 38812 | 36906 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4779690, 28.590%, 11/21/2029 †§x | Upstart | 11/26/2024 | 26403 | 26403 | 24911 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4779757, 24.420%, 11/21/2029 †§x | Upstart | 11/26/2024 | 25062 | 25062 | 23661 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4779855, 27.320%, 11/21/2029 †x | Upstart | 11/26/2024 | 45115 | 45115 | 42573 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4780532, 32.130%, 11/21/2029 †§x# | Upstart | 11/26/2024 | 31768 | 31768 | 28601 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4780831, 27.800%, 11/21/2029 †x | Upstart | 11/26/2024 | 45162 | 45162 | 42614 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4781252, 28.180%, 11/21/2029 †x | Upstart | 11/26/2024 | 40863 | 40863 | 38555 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4781350, 31.040%, 11/21/2029 †x | Upstart | 11/26/2024 | 27313 | 27313 | 25812 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4781813, 15.510%, 11/21/2029 †§x | Upstart | 11/26/2024 | 30129 | 30129 | 29625 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4781901, 28.930%, 11/22/2029 †§x | Upstart | 11/27/2024 | 22116 | 22116 | 20033 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4783006, 32.160%, 11/22/2029 †§x# | Upstart | 11/27/2024 | 27483 | 27483 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4784033, 30.070%, 11/22/2029 †§x | Upstart | 11/27/2024 | 26428 | 26428 | 24940 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4784302, 28.760%, 11/26/2029 †§x | Upstart | 12/02/2024 | 42053 | 42053 | 39782 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4784823, 24.530%, 11/25/2029 †§x | Upstart | 11/29/2024 | 22936 | 22936 | 21742 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4791416, 29.010%, 11/26/2029 †§x# | Upstart | 12/02/2024 | 22860 | 22860 | 21652 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4795611, 15.850%, 11/26/2029 †§x | Upstart | 12/02/2024 | 22132 | 22132 | 21774 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4796148, 27.460%, 11/27/2029 †x | Upstart | 12/03/2024 | 45396 | 45396 | 42965 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4796402, 32.340%, 12/01/2029 †§x | Upstart | 12/04/2024 | 28430 | 28430 | 27029 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4796783, 20.530%, 11/27/2029 †§x | Upstart | 12/03/2024 | 37212 | 37212 | 35530 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4796935, 30.000%, 11/27/2029 †§x | Upstart | 12/03/2024 | 30178 | 30178 | 28556 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4797470, 30.160%, 11/27/2029 †§x | Upstart | 12/03/2024 | 22455 | 22455 | 21336 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4797808, 31.660%, 11/27/2029 †§x | Upstart | 12/03/2024 | 29823 | 29823 | 28215 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4797828, 23.470%, 11/27/2029 †§x# | Upstart | 12/03/2024 | 41432 | 41432 | 39245 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4797834, 28.770%, 11/27/2029 †§x | Upstart | 12/03/2024 | 42552 | 42552 | 40266 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4798458, 23.060%, 12/02/2029 †§x# | Upstart | 12/03/2024 | 32782 | 32782 | 31422 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4799002, 29.880%, 11/27/2029 †§x# | Upstart | 12/03/2024 | 22325 | 22404 | 21127 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4799062, 13.250%, 11/27/2029 †§x | Upstart | 12/03/2024 | 24584 | 24584 | 24197 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4799407, 28.820%, 12/01/2029 †x◇ | Upstart | 12/04/2024 | 22163 | 22163 | 20758 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4799667, 23.130%, 12/01/2029 †§x | Upstart | 12/04/2024 | 30046 | 30150 | 28481 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4799875, 30.290%, 12/01/2029 †x◇ | Upstart | 12/04/2024 | 26540 | 26540 | 25238 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4799884, 27.680%, 12/01/2029 †x◇ | Upstart | 12/04/2024 | 25659 | 25659 | 24037 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4800285, 26.560%, 12/01/2029 †§x | Upstart | 12/04/2024 | 27877 | 27877 | 26408 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4800302, 22.540%, 12/01/2029 †§x | Upstart | 12/04/2024 | 22179 | 22179 | 21112 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4800356, 12.730%, 12/01/2029 †§x | Upstart | 12/04/2024 | 38407 | 38407 | 37821 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4857120, 22.590%, 12/16/2029 †x | Upstart | 12/19/2024 | 28296 | 28296 | 27042 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4857468, 27.770%, 12/16/2029 †§x | Upstart | 12/19/2024 | 40807 | 40807 | 38481 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4859394, 17.010%, 12/16/2029 †x | Upstart | 12/19/2024 | 45499 | 45499 | 44715 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4864308, 13.410%, 12/17/2029 †§x | Upstart | 12/20/2024 | 20457 | 20457 | 20115 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4865767, 28.700%, 5/17/2030 †x# | Upstart | 12/20/2024 | 21514 | 21514 | 20336 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4866878, 26.130%, 5/17/2030 †x# | Upstart | 12/20/2024 | 27364 | 27364 | 26192 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4868446, 23.370%, 12/18/2029 †§x | Upstart | 12/23/2024 | 32766 | 32766 | 29711 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4869067, 26.780%, 12/18/2029 †x | Upstart | 12/23/2024 | 23032 | 23032 | 21746 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4869113, 25.820%, 12/18/2027 †§x | Upstart | 12/23/2024 | 30940 | 30940 | 29404 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4870571, 29.030%, 12/18/2029 †x | Upstart | 12/23/2024 | 21996 | 21996 | 20860 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4871527, 30.090%, 12/18/2029 †§x | Upstart | 12/23/2024 | 27062 | 27062 | 25884 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4872937, 31.180%, 12/19/2029 †§x | Upstart | 12/24/2024 | 23341 | 23418 | 22036 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4874355, 14.470%, 5/19/2030 †x | Upstart | 12/24/2024 | 47074 | 47074 | 46896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4874477, 32.220%, 12/19/2029 †x◇ | Upstart | 12/24/2024 | 25866 | 25866 | 23391 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4876628, 28.890%, 12/20/2029 †§x | Upstart | 12/26/2024 | 31832 | 31832 | 30077 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4880127, 30.690%, 5/23/2030 †x# | Upstart | 12/27/2024 | 25600 | 25600 | 24217 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4880360, 22.760%, 12/23/2029 †x | Upstart | 12/27/2024 | 30427 | 30427 | 29151 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4881984, 6.000%, 12/23/2029 †x | Upstart | 12/27/2024 | 33564 | 33564 | 31772 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4882472, 19.340%, 12/23/2029 †§x | Upstart | 12/27/2024 | 28162 | 28162 | 27345 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4882884, 15.680%, 12/23/2029 †x | Upstart | 12/27/2024 | 26928 | 26928 | 26494 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4887690, 19.010%, 12/24/2029 †x | Upstart | 12/30/2024 | 45716 | 45716 | 44411 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**261** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4887858, 25.290%, 12/24/2029 †§x | Upstart | 12/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20449 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4973289, 18.400%, 1/27/2030 †x | Upstart | 1/30/2025 | 46207 | 46207 | 45507 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4973770, 28.640%, 6/27/2030 †x# | Upstart | 1/30/2025 | 20789 | 20789 | 20148 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4974025, 31.130%, 1/27/2030 †§x | Upstart | 1/30/2025 | 36958 | 36958 | 35133 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4975142, 27.350%, 1/27/2030 †x | Upstart | 1/30/2025 | 33355 | 33355 | 31721 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4979143, 25.740%, 1/28/2030 †§x | Upstart | 1/31/2025 | 22900 | 22900 | 21794 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4981381, 12.080%, 1/28/2030 †x | Upstart | 1/31/2025 | 20941 | 20941 | 20854 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4982307, 26.240%, 1/28/2030 †x | Upstart | 2/03/2025 | 26098 | 26098 | 24831 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4982464, 20.020%, 1/28/2030 †x | Upstart | 2/03/2025 | 27441 | 27441 | 27010 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4982842, 22.040%, 1/28/2030 †§x | Upstart | 2/03/2025 | 21113 | 21113 | 20299 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4983156, 25.780%, 1/28/2030 †§x | Upstart | 2/03/2025 | 27705 | 27705 | 26361 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4983315, 28.780%, 1/28/2030 †§x | Upstart | 2/03/2025 | 21546 | 21546 | 20492 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4984122, 19.900%, 1/28/2030 †x | Upstart | 2/03/2025 | 32791 | 32791 | 31936 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4984268, 22.460%, 1/28/2030 †§x | Upstart | 2/03/2025 | 40495 | 40495 | 39857 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4984363, 19.470%, 6/28/2030 †x | Upstart | 2/03/2025 | 24981 | 24981 | 24330 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4986588, 13.350%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 30507 | 30507 | 30052 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4986785, 20.260%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 39237 | 39237 | 37561 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4987502, 28.560%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 21329 | 21329 | 20282 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4989743, 14.610%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27738 | 27827 | 27313 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4990099, 13.600%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27369 | 27369 | 26954 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4992139, 15.200%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 29153 | 29153 | 28631 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4992285, 19.970%, 2/03/2030 †x | Upstart | 2/06/2025 | 46883 | 46883 | 45448 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4992578, 16.940%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 28112 | 28112 | 27351 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4992594, 19.430%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 34927 | 34927 | 34286 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4992650, 21.640%, 2/03/2028 †x◇ | Upstart | 2/06/2025 | 27955 | 27955 | 26876 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4992673, 11.560%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 45202 | 45202 | 44960 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4994021, 20.230%, 2/03/2030 †x | Upstart | 2/06/2025 | 36622 | 36622 | 35986 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4995455, 13.850%, 2/03/2028 †x◇ | Upstart | 2/06/2025 | 42140 | 42140 | 40815 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4996267, 21.760%, 2/03/2030 †x#◇ | Upstart | 2/06/2025 | 25597 | 25597 | 24804 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4998486, 16.630%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 26380 | 26380 | 25908 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW4999587, 16.990%, 2/04/2030 †x | Upstart | 2/07/2025 | 32554 | 32554 | 31970 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5001131, 23.250%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 27709 | 27709 | 26494 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5003105, 18.770%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 26021 | 26021 | 25249 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5004733, 25.650%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 27525 | 27525 | 25976 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5005165, 19.390%, 2/06/2030 †x | Upstart | 2/11/2025 | 46832 | 46832 | 45993 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5005390, 28.680%, 2/07/2030 †x◇ | Upstart | 2/12/2025 | 28022 | 28022 | 26447 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5007532, 23.380%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 46149 | 46149 | 43573 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5011011, 29.910%, 2/07/2030 †x◇ | Upstart | 2/12/2025 | 47356 | 47356 | 44689 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5013561, 21.190%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 20667 | 20667 | 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5013636, 18.720%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 46779 | 46779 | 45452 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5013691, 25.970%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 21670 | 21670 | 20494 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5016339, 19.550%, 2/10/2030 †x | Upstart | 2/13/2025 | 46845 | 46845 | 46034 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5018720, 30.640%, 2/10/2030 †x | Upstart | 2/13/2025 | 32077 | 32077 | 30329 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5019101, 32.310%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 27861 | 27861 | 26338 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5020497, 25.880%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 32251 | 32251 | 30516 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5021211, 15.160%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 27202 | 27202 | 26748 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5026196, 30.060%, 2/18/2030 †x | Upstart | 2/19/2025 | 37867 | 37867 | 35851 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5026733, 18.950%, 2/13/2030 †x◇ | Upstart | 2/19/2025 | 21916 | 21916 | 21375 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5168893, 32.050%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 23580 | 23658 | 22395 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5169179, 14.100%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 38502 | 38502 | 37956 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5169583, 32.290%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 23573 | 23573 | 22388 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5172623, 21.840%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 28855 | 28855 | 27994 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5172983, 28.850%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 26353 | 26353 | 25470 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5282196, 16.180%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 20986 | 20986 | 20752 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5285773, 21.410%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 20598 | 20598 | 20194 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5287094, 17.500%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 20312 | 20312 | 20029 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**262** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5289986, 32.220%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23228 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5292747, 24.880%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 29717 | 29717 | 29157 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5293372, 20.040%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 24793 | 24793 | 24190 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5297674, 18.710%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 22198 | 22198 | 21781 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5303212, 26.240%, 5/07/2030 †x◇ | Upstart | 5/12/2025 | 21378 | 21378 | 20543 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5303742, 28.580%, 5/06/2030 †x◇ | Upstart | 5/09/2025 | 21104 | 21104 | 20440 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5313666, 27.040%, 5/19/2030 †x | Upstart | 5/13/2025 | 33781 | 33781 | 31365 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5313700, 18.270%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | 48448 | 48448 | 47959 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5314377, 26.140%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | 27703 | 27703 | 26861 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5319890, 20.140%, 5/09/2030 †x◇ | Upstart | 5/14/2025 | 29117 | 29117 | 28506 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5320046, 20.860%, 5/09/2030 †x◇ | Upstart | 5/14/2025 | 29620 | 29620 | 29095 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5323017, 24.820%, 5/12/2030 †x | Upstart | 5/15/2025 | 35074 | 35074 | 34077 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5325748, 31.220%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 24373 | 24373 | 23677 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5325933, 26.940%, 5/12/2028 †x◇ | Upstart | 5/15/2025 | 23043 | 23043 | 22156 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5326198, 21.820%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 28168 | 28168 | 27424 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5328290, 23.810%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 25641 | 25641 | 24699 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5329800, 28.790%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 22340 | 22340 | 21509 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5340973, 29.970%, 5/14/2030 †x◇ | Upstart | 5/19/2025 | 22591 | 22591 | 22154 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5342920, 20.090%, 5/14/2028 †x◇ | Upstart | 5/19/2025 | 28139 | 28139 | 27629 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5344032, 12.000%, 5/15/2030 †x◇ | Upstart | 5/20/2025 | 48158 | 48158 | 48011 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5345394, 19.650%, 5/15/2030 †x◇ | Upstart | 5/20/2025 | 20384 | 20384 | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5349371, 28.760%, 5/15/2030 †x | Upstart | 5/20/2025 | 33762 | 33762 | 32580 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5352439, 31.070%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 42476 | 42476 | 41683 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5362408, 25.190%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 22553 | 22553 | 21990 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5432191, 16.750%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 24119 | 24196 | 23855 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5432916, 28.720%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 25700 | 25700 | 25279 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5434038, 23.480%, 6/03/2030 †x#◇ | Upstart | 6/06/2025 | 27854 | 27854 | 27206 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5434905, 17.100%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 21917 | 21917 | 21676 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5435258, 30.390%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 24241 | 24241 | 23670 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5439031, 20.790%, 6/04/2030 †x#◇ | Upstart | 6/09/2025 | 21708 | 21708 | 21211 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5439720, 18.200%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 28888 | 28888 | 28507 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5440450, 28.890%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 28163 | 28163 | 27515 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5441103, 22.290%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 44168 | 44168 | 43582 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5443454, 20.230%, 6/05/2030 †x◇ | Upstart | 6/10/2025 | 21667 | 21667 | 21330 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5444174, 20.060%, 6/05/2030 †x◇ | Upstart | 6/10/2025 | 26468 | 26468 | 26125 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5450671, 30.270%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 29406 | 29406 | 28473 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5453348, 30.000%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 21872 | 21872 | 21390 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5462714, 23.270%, 6/09/2030 †x◇ | Upstart | 6/12/2025 | 22488 | 22488 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5474675, 28.900%, 6/11/2030 †x◇ | Upstart | 6/16/2025 | 22748 | 22826 | 22303 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5487283, 28.570%, 6/13/2030 †x | Upstart | 6/18/2025 | 38596 | 38596 | 37879 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5487655, 16.910%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 24165 | 24165 | 23936 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5488610, 20.110%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 28289 | 28289 | 28018 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5491027, 30.220%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 20593 | 20593 | 20210 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5492981, 23.050%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 29163 | 29163 | 28816 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5493501, 26.020%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 21930 | 21930 | 21523 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5508050, 19.680%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 27835 | 27835 | 27564 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5508668, 30.010%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 20782 | 20782 | 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5510173, 21.930%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 20510 | 20510 | 20309 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5512380, 25.820%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 49066 | 49066 | 48254 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5512965, 22.870%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 27672 | 27672 | 27168 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5516614, 31.460%, 6/18/2030 †x | Upstart | 6/24/2025 | 36379 | 36379 | 35791 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5516632, 18.250%, 6/18/2028 †x◇ | Upstart | 6/24/2025 | 46411 | 46411 | 45929 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5520475, 30.070%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 21105 | 21105 | 20581 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5523122, 20.940%, 6/20/2030 †x | Upstart | 6/25/2025 | 39231 | 39231 | 38880 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5523242, 21.730%, 6/20/2030 †x | Upstart | 6/25/2025 | 34331 | 34331 | 32026 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5527464, 31.660%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 22085 | 22085 | 21750 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**263** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5527635, 28.740%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33070 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5528312, 26.300%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 21933 | 22008 | 21602 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5528590, 28.830%, 6/23/2030 †x◇ | Upstart | 6/25/2025 | 22701 | 22779 | 22357 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5531905, 23.070%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22377 | 22377 | 22058 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5532229, 25.930%, 6/23/2030 †§x | Upstart | 6/26/2025 | 20233 | 20233 | 20039 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5532868, 24.360%, 6/23/2030 †§x | Upstart | 6/26/2025 | 29477 | 29477 | 29196 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5534722, 29.680%, 6/23/2030 †§x | Upstart | 6/26/2025 | 23347 | 23347 | 23028 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5535408, 23.180%, 6/23/2030 †x | Upstart | 6/26/2025 | 33485 | 33485 | 33166 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5537988, 23.870%, 6/23/2030 †§x | Upstart | 6/26/2025 | 29470 | 29470 | 29188 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5538059, 31.960%, 6/23/2030 †§x | Upstart | 6/26/2025 | 23863 | 23863 | 23537 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5540240, 25.740%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22517 | 22517 | 22332 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5540400, 23.130%, 6/23/2030 †§x | Upstart | 6/26/2025 | 24548 | 24548 | 24348 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5541396, 17.270%, 6/24/2030 †§x | Upstart | 6/27/2025 | 22021 | 22021 | 21921 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5541671, 25.090%, 6/24/2030 †x | Upstart | 6/27/2025 | 36859 | 36859 | 36376 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5542516, 14.940%, 6/24/2030 †x | Upstart | 6/27/2025 | 48801 | 48801 | 48420 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5543787, 17.410%, 6/24/2030 †x | Upstart | 6/27/2025 | 43067 | 43067 | 42871 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5544401, 28.380%, 6/24/2030 †x | Upstart | 6/27/2025 | 23511 | 23511 | 22976 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5552416, 26.250%, 6/25/2030 †§x | Upstart | 6/30/2025 | 29505 | 29505 | 29133 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5552585, 20.780%, 6/25/2030 †§x | Upstart | 6/30/2025 | 24517 | 24601 | 24331 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5555947, 24.120%, 6/26/2030 †x | Upstart | 7/01/2025 | 44210 | 44210 | 43885 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5557511, 30.630%, 6/26/2030 †x | Upstart | 7/01/2025 | 33901 | 33901 | 33489 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5562451, 30.240%, 6/27/2030 †§x | Upstart | 7/02/2025 | 23944 | 24026 | 23664 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5563490, 21.950%, 7/01/2030 †§x | Upstart | 7/03/2025 | 33617 | 33617 | 33338 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5565458, 13.320%, 7/01/2030 †x | Upstart | 7/03/2025 | 25364 | 25364 | 25288 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5568352, 28.520%, 7/01/2030 †§x | Upstart | 7/03/2025 | 38252 | 38252 | 37675 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5568393, 27.290%, 7/01/2030 †§x | Upstart | 7/03/2025 | 30094 | 30094 | 29840 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5569264, 28.870%, 7/01/2030 †§x | Upstart | 7/03/2025 | 21363 | 21363 | 21041 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5569481, 30.010%, 7/01/2030 †x | Upstart | 7/03/2025 | 25445 | 25445 | 25060 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5698683, 28.750%, 7/22/2030 †x | Upstart | 7/25/2025 | 48649 | 48649 | 48478 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5703643, 30.890%, 7/23/2028 †x◇ | Upstart | 7/28/2025 | 22517 | 22517 | 22455 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5705558, 21.760%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 32427 | 32427 | 32281 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5707103, 30.870%, 7/24/2028 †x◇ | Upstart | 7/29/2025 | 33629 | 33724 | 33552 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5710508, 17.400%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 27712 | 27712 | 27695 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5711422, 18.840%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 22429 | 22429 | 22334 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5712498, 31.930%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 25137 | 25137 | 25086 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5713284, 25.480%, 7/25/2030 †x | Upstart | 7/30/2025 | 45136 | 45136 | 45044 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5713588, 14.410%, 7/25/2030 †x#◇ | Upstart | 7/30/2025 | 20300 | 20300 | 20287 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5715960, 27.500%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 40639 | 40639 | 40126 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5715989, 23.340%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 26717 | 26717 | 26481 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5717804, 19.440%, 7/28/2030 †§x | Upstart | 7/31/2025 | 39910 | 39910 | 39759 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5718817, 31.590%, 7/28/2030 †§x | Upstart | 7/31/2025 | 36958 | 36958 | 36670 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5728105, 12.580%, 8/01/2030 †§x | Upstart | 8/01/2025 | 28000 | 28000 | 27956 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5728119, 19.170%, 8/01/2030 †§x | Upstart | 8/01/2025 | 36700 | 36700 | 36559 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5728166, 30.750%, 8/01/2030 †x | Upstart | 8/01/2025 | 24200 | 24200 | 23930 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5728242, 13.500%, 8/01/2030 †§x | Upstart | 8/01/2025 | 29500 | 29500 | 29390 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5729918, 15.650%, 8/01/2030 †§x | Upstart | 8/01/2025 | 31800 | 31800 | 31680 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5734055, 18.690%, 8/01/2030 †§x | Upstart | 8/04/2025 | 29500 | 29500 | 29362 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5735645, 18.860%, 8/01/2030 †x | Upstart | 8/04/2025 | 34100 | 34100 | 33821 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5736048, 16.470%, 8/01/2030 †§x | Upstart | 8/04/2025 | 34100 | 34100 | 33941 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5746019, 28.520%, 8/01/2030 †x | Upstart | 8/05/2025 | 29700 | 29700 | 29268 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5793473, 14.090%, 8/11/2030 †§x | Upstart | 8/14/2025 | 35500 | 35500 | 35399 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5805267, 20.880%, 8/11/2030 †§x | Upstart | 8/14/2025 | 24400 | 24400 | 24277 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5806208, 31.100%, 8/11/2030 †§x | Upstart | 8/14/2025 | 24500 | 24577 | 24274 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5807549, 17.620%, 8/11/2030 †x | Upstart | 8/14/2025 | 50000 | 50000 | 49856 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5807910, 21.670%, 8/11/2030 †§x | Upstart | 8/14/2025 | 45800 | 45800 | 45665 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5822180, 30.590%, 8/14/2030 †§x | Upstart | 8/19/2025 | 24200 | 24200 | 24013 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**264** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5822279, 28.810%, 8/14/2030 †x | Upstart | 8/19/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24567 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5824558, 28.860%, 8/15/2028 †§x | Upstart | 8/20/2025 | 34300 | 34300 | 34049 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5825329, 31.070%, 8/14/2030 †x | Upstart | 8/19/2025 | 34700 | 34700 | 34432 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5827144, 14.630%, 8/15/2030 †§x | Upstart | 8/20/2025 | 27000 | 27000 | 26939 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5827979, 14.190%, 8/19/2030 †§x | Upstart | 8/22/2025 | 37500 | 37500 | 37438 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5831079, 22.840%, 8/15/2030 †§x | Upstart | 8/20/2025 | 21000 | 21000 | 20896 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5835904, 29.150%, 8/22/2030 †x | Upstart | 8/27/2025 | 22500 | 22500 | 22415 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5835925, 28.710%, 8/18/2030 †§x | Upstart | 8/21/2025 | 24000 | 24000 | 23863 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5836129, 16.350%, 8/18/2030 †§x | Upstart | 8/21/2025 | 21000 | 21000 | 20962 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5837644, 28.940%, 8/18/2030 †§x | Upstart | 8/21/2025 | 34600 | 34600 | 34402 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5838004, 28.400%, 8/18/2030 †x | Upstart | 8/21/2025 | 35900 | 35900 | 35695 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5838084, 30.090%, 8/18/2028 †x | Upstart | 8/21/2025 | 49400 | 49400 | 49112 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5838996, 22.710%, 8/18/2030 †§x | Upstart | 8/21/2025 | 21000 | 21000 | 20917 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5839695, 31.850%, 8/18/2030 †§x | Upstart | 8/21/2025 | 34500 | 34500 | 34301 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5839924, 15.140%, 8/18/2030 †§x | Upstart | 8/21/2025 | 23000 | 23078 | 22958 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5840025, 22.860%, 8/18/2030 †§x | Upstart | 8/21/2025 | 20100 | 20100 | 20021 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5842431, 18.350%, 8/19/2030 †x | Upstart | 8/22/2025 | 32600 | 32600 | 32544 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5843755, 18.630%, 8/19/2030 †§x | Upstart | 8/22/2025 | 22700 | 22700 | 22635 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5843819, 28.000%, 8/19/2030 †§x | Upstart | 8/22/2025 | 38700 | 38700 | 38583 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5844649, 26.190%, 8/19/2030 †§x | Upstart | 8/22/2025 | 34600 | 34600 | 34474 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5844929, 24.150%, 8/19/2030 †§x | Upstart | 8/22/2025 | 23073 | 23149 | 22954 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5845221, 16.720%, 8/19/2030 †§x | Upstart | 8/22/2025 | 35000 | 35000 | 34941 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5850458, 23.550%, 8/20/2030 †§x | Upstart | 8/25/2025 | 21000 | 21000 | 20931 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5854799, 30.640%, 8/21/2030 †x | Upstart | 8/26/2025 | 22900 | 22900 | 22802 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5855227, 25.140%, 8/21/2030 †x | Upstart | 8/26/2025 | 27600 | 27600 | 27518 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5856521, 22.180%, 8/21/2030 †x | Upstart | 8/26/2025 | 38000 | 38000 | 37909 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5858536, 13.450%, 8/22/2030 †x | Upstart | 8/27/2025 | 28400 | 28400 | 28386 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5867688, 20.580%, 8/25/2030 †x | Upstart | 8/28/2025 | 35000 | 35000 | 34971 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5867832, 20.870%, 8/25/2030 †x | Upstart | 8/28/2025 | 31000 | 31000 | 30951 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5868004, 31.320%, 8/25/2030 †x | Upstart | 8/28/2025 | 27300 | 27300 | 27237 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5868377, 28.540%, 8/25/2030 †x | Upstart | 8/28/2025 | 23500 | 23500 | 23446 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5869304, 27.440%, 8/25/2030 †x | Upstart | 8/28/2025 | 30000 | 30000 | 29950 |
| &nbsp;&nbsp;&nbsp;&nbsp; FW5869754, 14.030%, 8/25/2028 †x | Upstart | 8/28/2025 | 36600 | 36600 | 36575 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1159942, 24.930%, 10/22/2026 †x | Upstart | 5/12/2021 | 22993 | 22993 | 21920 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1404424, 16.070%, 7/08/2028 †x | Upstart | 7/13/2021 | 24958 | 24958 | 24657 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1557136, 17.770%, 8/11/2028 †x | Upstart | 8/16/2021 | 29256 | 29256 | 28928 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1561754, 19.970%, 8/12/2028 †x | Upstart | 8/17/2021 | 29868 | 29868 | 29578 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1800072, 26.600%, 10/04/2028 †x | Upstart | 10/07/2021 | 31546 | 31546 | 31243 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1810311, 20.060%, 10/06/2028 †x | Upstart | 10/12/2021 | 20268 | 20268 | 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1973441, 17.640%, 11/04/2028 †x◇ | Upstart | 11/09/2021 | 27615 | 27615 | 27222 |
| &nbsp;&nbsp;&nbsp;&nbsp; L1989070, 18.430%, 9/09/2029 †x◇ | Upstart | 11/15/2021 | 22593 | 22593 | 22206 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2014401, 11.700%, 9/10/2027 †x#◇ | Upstart | 11/16/2021 | 21836 | 21836 | 20359 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2170814, 19.500%, 5/03/2027 †x#◇ | Upstart | 12/08/2021 | 20647 | 20647 | 20304 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2378820, 11.190%, 6/06/2027 †x◇ | Upstart | 1/11/2022 | 21123 | 21123 | 20775 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2402909, 24.050%, 6/25/2027 †x | Upstart | 1/13/2022 | 34101 | 34101 | 33837 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2420480, 12.140%, 6/12/2027 †x# | Upstart | 1/18/2022 | 24164 | 24164 | 23742 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2426330, 8.900%, 6/13/2027 †x# | Upstart | 1/19/2022 | 23365 | 23365 | 22906 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2638813, 15.330%, 7/16/2027 †x | Upstart | 2/22/2022 | 24559 | 24559 | 24122 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2656624, 24.520%, 2/18/2027 †§x | Upstart | 2/24/2022 | 21961 | 21961 | 21862 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2682781, 9.540%, 8/07/2027 †x# | Upstart | 2/28/2022 | 26669 | 26669 | 26147 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2682811, 17.090%, 3/02/2027 †§x | Upstart | 2/28/2022 | 20564 | 20564 | 20327 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2771312, 19.470%, 8/21/2027 †x | Upstart | 3/15/2022 | 29080 | 29080 | 27634 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2786865, 10.370%, 8/14/2027 †x | Upstart | 3/17/2022 | 22211 | 22211 | 21871 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2789377, 10.450%, 8/14/2027 †x# | Upstart | 3/17/2022 | 24379 | 24379 | 22780 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2790159, 19.710%, 3/14/2027 †§x | Upstart | 3/17/2022 | 21400 | 21400 | 21230 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2792277, 15.790%, 3/14/2027 †§x | Upstart | 3/17/2022 | 20292 | 20292 | 20089 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**265** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L2796413, 16.670%, 3/15/2027 †x | Upstart | 3/18/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2800452, 17.260%, 3/15/2027 †§x | Upstart | 3/18/2022 | 20736 | 20736 | 20713 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2801954, 19.500%, 8/16/2027 †x | Upstart | 3/21/2022 | 31240 | 31240 | 31008 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2802761, 19.340%, 8/16/2027 †x | Upstart | 3/21/2022 | 31048 | 31048 | 30899 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2804213, 17.780%, 4/01/2027 †§x# | Upstart | 3/21/2022 | 21920 | 21920 | 21699 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2828005, 18.320%, 8/21/2027 †x# | Upstart | 3/24/2022 | 25517 | 25517 | 24423 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2833884, 18.110%, 8/22/2027 †x | Upstart | 3/25/2022 | 30414 | 30414 | 30327 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2833925, 19.670%, 3/22/2027 †§x | Upstart | 3/25/2022 | 21389 | 21389 | 21412 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2885489, 12.690%, 4/04/2029 †x | Upstart | 4/07/2022 | 20661 | 20661 | 20727 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2900128, 14.430%, 4/05/2029 †x | Upstart | 4/08/2022 | 22554 | 22554 | 22254 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2901281, 18.170%, 4/05/2029 †x | Upstart | 4/08/2022 | 33758 | 33758 | 33349 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2905099, 21.110%, 4/07/2027 †§x | Upstart | 4/12/2022 | 22715 | 22715 | 22547 |
| &nbsp;&nbsp;&nbsp;&nbsp; L2943097, 14.910%, 4/27/2027 †x◇ | Upstart | 4/18/2022 | 20612 | 20612 | 20389 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3033836, 24.390%, 5/02/2027 †x◇ | Upstart | 5/05/2022 | 23074 | 23074 | 23074 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3039181, 19.860%, 10/18/2027 †x | Upstart | 5/06/2022 | 33076 | 33076 | 32830 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3086367, 18.840%, 5/23/2027 †x◇ | Upstart | 5/26/2022 | 23016 | 23016 | 23268 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3103438, 13.400%, 5/19/2027 †x◇ | Upstart | 5/24/2022 | 21148 | 21148 | 21071 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3112341, 11.650%, 5/20/2027 †x◇ | Upstart | 5/25/2022 | 20911 | 20911 | 20765 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3118105, 21.390%, 5/23/2027 †x◇ | Upstart | 5/26/2022 | 20116 | 20116 | 20241 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3118851, 13.830%, 5/23/2027 †x◇ | Upstart | 5/26/2022 | 21537 | 21537 | 21470 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3119809, 20.920%, 5/23/2027 †x◇ | Upstart | 5/26/2022 | 24833 | 24833 | 25108 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3123099, 10.070%, 10/23/2027 †x#◇ | Upstart | 5/26/2022 | 25636 | 25636 | 25502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3132260, 20.580%, 5/24/2027 †x◇ | Upstart | 5/27/2022 | 23050 | 23050 | 23310 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3133259, 18.360%, 5/24/2027 †x◇ | Upstart | 5/27/2022 | 22878 | 22878 | 22818 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3135315, 12.690%, 10/25/2027 †x◇ | Upstart | 5/31/2022 | 26249 | 26249 | 26146 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3136015, 14.260%, 5/25/2027 †x◇ | Upstart | 5/31/2022 | 21662 | 21662 | 21602 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3136346, 18.150%, 5/25/2027 †x#◇ | Upstart | 5/31/2022 | 22882 | 22882 | 23148 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3136580, 18.590%, 4/02/2028 †x◇ | Upstart | 6/07/2022 | 27287 | 27287 | 27414 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3137354, 10.280%, 5/25/2027 †x◇ | Upstart | 5/31/2022 | 20492 | 20492 | 20357 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3139832, 17.310%, 5/26/2027 †x◇ | Upstart | 6/01/2022 | 21467 | 21467 | 21407 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3142290, 16.150%, 10/26/2027 †x#◇ | Upstart | 6/01/2022 | 29802 | 29802 | 29551 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3144763, 8.760%, 6/03/2027 †x◇ | Upstart | 6/08/2022 | 20890 | 20890 | 20669 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3158903, 8.360%, 6/16/2027 †x◇ | Upstart | 6/06/2022 | 20851 | 20851 | 20636 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3158957, 25.440%, 11/01/2027 †x◇ | Upstart | 6/06/2022 | 24411 | 24411 | 24931 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3165734, 17.040%, 6/02/2027 †x◇ | Upstart | 6/07/2022 | 23371 | 23371 | 23208 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3165830, 11.160%, 6/02/2027 †x◇ | Upstart | 6/07/2022 | 21422 | 21422 | 21231 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3175073, 13.620%, 6/19/2027 †x◇ | Upstart | 6/09/2022 | 22457 | 22457 | 22314 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3180951, 13.850%, 6/06/2027 †x◇ | Upstart | 6/09/2022 | 22396 | 22396 | 22257 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3186483, 11.220%, 6/07/2027 †x◇ | Upstart | 6/10/2022 | 21535 | 21535 | 21353 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3187538, 16.430%, 11/07/2027 †x◇ | Upstart | 6/10/2022 | 27047 | 27047 | 26864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3189254, 18.760%, 6/07/2027 †x◇ | Upstart | 6/10/2022 | 21249 | 21249 | 21378 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3189998, 22.000%, 11/07/2027 †x◇ | Upstart | 6/10/2022 | 23232 | 23232 | 23316 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3193745, 20.300%, 4/20/2028 †x◇ | Upstart | 6/13/2022 | 25455 | 25455 | 25633 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3194799, 8.560%, 6/08/2027 †x#◇ | Upstart | 6/13/2022 | 20849 | 20849 | 20638 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3196314, 10.320%, 6/08/2027 †x◇ | Upstart | 6/13/2022 | 21243 | 21243 | 21066 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3197816, 9.070%, 6/09/2027 †x◇ | Upstart | 6/14/2022 | 21000 | 21000 | 20789 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3198625, 19.120%, 6/09/2027 †x◇ | Upstart | 6/14/2022 | 23995 | 23995 | 23861 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3198988, 11.410%, 6/09/2027 †x◇ | Upstart | 6/14/2022 | 21703 | 21703 | 21532 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3199036, 12.990%, 6/09/2027 †x◇ | Upstart | 6/14/2022 | 22179 | 22179 | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3199608, 17.630%, 6/09/2027 †x◇ | Upstart | 6/14/2022 | 23325 | 23325 | 23198 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3203001, 21.020%, 6/10/2027 †x◇ | Upstart | 6/15/2022 | 24548 | 24548 | 24719 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3204145, 23.830%, 11/10/2027 †x# | Upstart | 6/15/2022 | 33341 | 33341 | 32797 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3204768, 23.840%, 6/13/2027 †x◇ | Upstart | 6/16/2022 | 24306 | 24306 | 24379 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3204938, 15.210%, 6/13/2027 †x◇ | Upstart | 6/16/2022 | 22831 | 22831 | 22715 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3205466, 11.520%, 11/21/2027 †x◇ | Upstart | 6/16/2022 | 23885 | 23885 | 23755 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3205694, 20.580%, 6/13/2027 †x◇ | Upstart | 6/16/2022 | 21727 | 21727 | 21899 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**266** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3208171, 11.470%, 6/15/2027 †x◇ | Upstart | 6/16/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21556 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3208578, 14.630%, 6/13/2027 †x◇ | Upstart | 6/16/2022 | 22722 | 22722 | 22605 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3214381, 11.010%, 6/14/2027 †x◇ | Upstart | 6/17/2022 | 21526 | 21526 | 21358 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3216902, 9.270%, 6/14/2027 †x◇ | Upstart | 6/17/2022 | 21054 | 21054 | 20838 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3217408, 10.510%, 6/14/2027 †x◇ | Upstart | 6/17/2022 | 20589 | 20589 | 20437 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3218219, 10.730%, 6/15/2027 †x◇ | Upstart | 6/21/2022 | 21257 | 21257 | 21093 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3219214, 9.160%, 6/15/2027 †x◇ | Upstart | 6/21/2022 | 21035 | 21035 | 20827 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3245220, 21.020%, 4/27/2028 †x◇ | Upstart | 7/01/2022 | 22388 | 22388 | 22582 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3246111, 13.920%, 6/27/2027 †x#◇ | Upstart | 7/01/2022 | 21899 | 21899 | 21832 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3246326, 15.420%, 6/27/2027 †x◇ | Upstart | 7/01/2022 | 22840 | 22840 | 22787 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3246402, 21.920%, 6/27/2027 †x◇ | Upstart | 7/01/2022 | 25007 | 25007 | 25221 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3248850, 12.710%, 12/01/2027 †x◇ | Upstart | 7/07/2022 | 20889 | 20555 | 20742 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3249138, 9.390%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 21978 | 21698 | 21755 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3250296, 8.750%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 21793 | 21517 | 21570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3250397, 11.410%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 21503 | 21083 | 21322 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3250946, 21.240%, 7/07/2027 †x◇ | Upstart | 7/12/2022 | 20025 | 20025 | 20045 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3251011, 11.980%, 7/05/2027 †x◇ | Upstart | 7/08/2022 | 22765 | 22462 | 22607 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3251655, 11.920%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 22744 | 22443 | 22570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3251868, 7.550%, 7/01/2027 †x◇ | Upstart | 7/07/2022 | 21547 | 21279 | 21323 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3252640, 15.630%, 7/05/2027 †x◇ | Upstart | 7/08/2022 | 22091 | 21782 | 21948 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3254225, 11.120%, 7/05/2027 †x◇ | Upstart | 7/08/2022 | 22465 | 22164 | 22277 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3254231, 20.710%, 7/05/2027 †x◇ | Upstart | 7/08/2022 | 21786 | 21462 | 21907 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3254977, 13.560%, 5/16/2028 †x#◇ | Upstart | 7/08/2022 | 22697 | 22249 | 22507 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3255048, 8.520%, 7/05/2027 †x◇ | Upstart | 7/08/2022 | 21723 | 21448 | 21503 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3256829, 9.420%, 7/06/2027 †x◇ | Upstart | 7/11/2022 | 21991 | 21991 | 21770 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3257877, 11.790%, 12/06/2027 †x#◇ | Upstart | 7/11/2022 | 25651 | 25651 | 25473 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3258076, 14.020%, 7/06/2027 †x◇ | Upstart | 7/11/2022 | 21505 | 21505 | 21363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3261409, 11.100%, 12/08/2027 †x◇ | Upstart | 7/13/2022 | 24529 | 24529 | 24846 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3267388, 11.940%, 12/11/2027 †x◇ | Upstart | 7/14/2022 | 21213 | 21213 | 21539 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3270158, 16.520%, 12/13/2027 †x◇ | Upstart | 7/18/2022 | 26922 | 26922 | 27342 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3271174, 17.370%, 7/23/2027 †x#◇ | Upstart | 7/15/2022 | 24968 | 24968 | 25280 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3276850, 13.820%, 12/21/2027 †x◇ | Upstart | 7/19/2022 | 21317 | 21317 | 21648 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3280195, 14.280%, 7/14/2027 †x◇ | Upstart | 7/19/2022 | 23459 | 23459 | 23767 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3283866, 21.540%, 7/15/2027 †x◇ | Upstart | 7/20/2022 | 25167 | 25167 | 25472 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3285176, 16.090%, 7/18/2027 †x◇ | Upstart | 7/21/2022 | 24004 | 24004 | 24335 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3286699, 15.330%, 7/18/2027 †x◇ | Upstart | 7/21/2022 | 21951 | 21951 | 22232 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3287594, 24.140%, 8/02/2027 †x◇ | Upstart | 7/21/2022 | 28039 | 28039 | 28761 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3288015, 19.810%, 7/28/2027 †x◇ | Upstart | 7/21/2022 | 24708 | 24708 | 25050 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3288490, 18.620%, 12/18/2027 †x◇ | Upstart | 7/21/2022 | 28589 | 28589 | 28178 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3289977, 10.430%, 8/01/2027 †x#◇ | Upstart | 7/21/2022 | 23233 | 23233 | 23471 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3291439, 18.710%, 5/26/2028 †x◇ | Upstart | 7/22/2022 | 23952 | 23952 | 24332 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3291796, 14.510%, 7/19/2027 †x◇ | Upstart | 7/22/2022 | 21707 | 21707 | 21930 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3291995, 10.090%, 7/19/2027 †x◇ | Upstart | 7/22/2022 | 22973 | 22973 | 22100 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3297346, 10.410%, 7/20/2027 †x◇ | Upstart | 7/25/2022 | 22288 | 22288 | 22501 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3299062, 11.220%, 7/21/2027 †x#◇ | Upstart | 7/26/2022 | 22847 | 22847 | 22088 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3301640, 14.190%, 7/22/2027 †x◇ | Upstart | 7/27/2022 | 19815 | 19815 | 20108 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3357492, 16.910%, 8/16/2027 †§x | Upstart | 8/19/2022 | 19887 | 19589 | 20157 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3416471, 25.120%, 9/12/2027 †§x# | Upstart | 9/15/2022 | 27279 | 26745 | 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3416788, 13.190%, 9/12/2027 †§x | Upstart | 9/15/2022 | 24698 | 24333 | 25036 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3416848, 14.960%, 9/16/2027 †§x | Upstart | 9/15/2022 | 25427 | 25043 | 25769 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3417390, 20.150%, 9/12/2027 †§x | Upstart | 9/15/2022 | 22010 | 21657 | 22573 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3417887, 12.420%, 9/12/2027 †§x | Upstart | 9/15/2022 | 24420 | 24063 | 24716 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3418431, 16.750%, 9/18/2027 †§x | Upstart | 9/15/2022 | 25988 | 25586 | 26330 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3420013, 21.870%, 9/14/2027 †x | Upstart | 9/19/2022 | 25018 | 24608 | 25632 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3420729, 15.370%, 9/13/2027 †§x | Upstart | 9/16/2022 | 25242 | 24860 | 25582 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3425834, 11.510%, 9/14/2027 †§x | Upstart | 9/19/2022 | 21902 | 21585 | 22181 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**267** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3426016, 25.590%, 9/14/2027 †§x | Upstart | 9/19/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29407 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3427368, 19.900%, 9/15/2027 †§x | Upstart | 9/20/2022 | 27071 | 26639 | 27866 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3427734, 22.460%, 2/15/2028 †x | Upstart | 9/20/2022 | 26263 | 25749 | 27112 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3429154, 10.630%, 9/16/2027 †§x | Upstart | 9/21/2022 | 24073 | 23728 | 24318 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3429483, 11.980%, 9/16/2027 †§x | Upstart | 9/21/2022 | 24482 | 24125 | 24799 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3431457, 12.540%, 9/16/2027 †§x | Upstart | 9/21/2022 | 21687 | 21369 | 21965 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3433334, 22.860%, 10/03/2027 †§x# | Upstart | 9/22/2022 | 23168 | 22780 | 23878 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3433972, 17.030%, 2/19/2028 †x# | Upstart | 9/22/2022 | 22173 | 21771 | 22517 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3434174, 19.030%, 9/19/2027 †§x | Upstart | 9/22/2022 | 26680 | 26245 | 27064 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3434308, 24.670%, 9/19/2027 †§x | Upstart | 9/22/2022 | 25240 | 24885 | 25903 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3434322, 20.800%, 9/19/2027 †§x | Upstart | 9/22/2022 | 27344 | 26913 | 28180 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3434799, 27.120%, 2/19/2028 †x# | Upstart | 9/22/2022 | 34337 | 33609 | 35705 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3437953, 15.270%, 2/20/2028 †x | Upstart | 9/23/2022 | 34716 | 34114 | 35275 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3438983, 16.140%, 2/21/2028 †x | Upstart | 9/26/2022 | 26287 | 25828 | 26752 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3439900, 19.230%, 3/02/2028 †x# | Upstart | 9/23/2022 | 26153 | 25659 | 26985 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3442402, 18.580%, 9/21/2027 †§x | Upstart | 9/26/2022 | 20217 | 19896 | 20520 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3442781, 22.130%, 9/21/2027 †§x | Upstart | 9/26/2022 | 27516 | 27061 | 27911 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3444853, 16.710%, 9/22/2027 †§x | Upstart | 9/27/2022 | 21274 | 20941 | 21581 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3445197, 18.410%, 9/22/2027 †§x | Upstart | 9/27/2022 | 21134 | 20798 | 21456 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3445839, 23.820%, 9/22/2027 †§x | Upstart | 9/27/2022 | 28001 | 27529 | 29179 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3467042, 14.320%, 10/04/2027 †§x | Upstart | 10/07/2022 | 19808 | 19504 | 20049 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3470021, 15.600%, 3/03/2028 †x | Upstart | 10/06/2022 | 31638 | 31101 | 32076 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3473459, 22.690%, 10/03/2027 †§x | Upstart | 10/06/2022 | 28555 | 28074 | 29267 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3475426, 27.430%, 10/03/2027 †x | Upstart | 10/06/2022 | 24693 | 24258 | 25552 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3476379, 22.710%, 10/04/2027 †x | Upstart | 10/07/2022 | 19991 | 19654 | 20498 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3476547, 16.850%, 10/04/2027 †§x | Upstart | 10/07/2022 | 24122 | 23741 | 24407 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3476760, 14.970%, 3/19/2028 †x | Upstart | 10/07/2022 | 20483 | 20111 | 20769 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3477066, 15.390%, 10/04/2027 †§x | Upstart | 10/07/2022 | 26388 | 25978 | 26704 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3477794, 13.390%, 10/04/2027 †§x | Upstart | 10/07/2022 | 23199 | 22847 | 23477 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3478214, 20.820%, 3/19/2028 †x | Upstart | 10/07/2022 | 21003 | 20689 | 21271 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3478525, 18.940%, 10/05/2027 †§x | Upstart | 10/11/2022 | 27461 | 26910 | 27779 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3479537, 21.050%, 10/05/2027 †§x | Upstart | 10/11/2022 | 27522 | 26696 | 28224 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3480021, 13.280%, 10/05/2027 †§x | Upstart | 10/11/2022 | 23171 | 22820 | 23469 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3480534, 19.990%, 10/05/2027 †§x | Upstart | 10/11/2022 | 24711 | 24306 | 25352 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3480829, 11.870%, 10/05/2027 †§x | Upstart | 10/11/2022 | 21594 | 21272 | 21851 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3482705, 14.000%, 10/06/2027 †§x | Upstart | 10/12/2022 | 21747 | 21449 | 22025 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3483065, 11.310%, 10/06/2027 †§x | Upstart | 10/12/2022 | 25104 | 24732 | 25423 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3483171, 11.440%, 10/06/2027 †§x | Upstart | 10/12/2022 | 24713 | 24347 | 24961 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3484044, 20.320%, 10/06/2027 †§x | Upstart | 10/12/2022 | 27663 | 27207 | 28395 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3484595, 14.600%, 10/07/2027 †§x | Upstart | 10/13/2022 | 24882 | 24499 | 25172 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3484650, 17.900%, 10/06/2027 †§x# | Upstart | 10/12/2022 | 27221 | 26838 | 27549 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3485100, 20.490%, 10/07/2027 †§x | Upstart | 10/13/2022 | 20874 | 20528 | 21093 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3486477, 16.680%, 10/07/2027 †x | Upstart | 10/13/2022 | 21846 | 21500 | 22120 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3486919, 9.940%, 10/07/2027 †§x | Upstart | 10/13/2022 | 21432 | 21120 | 21648 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3590960, 11.880%, 11/28/2027 †§x# | Upstart | 12/01/2022 | 23508 | 23138 | 23864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3591234, 19.320%, 11/25/2027 †§x | Upstart | 11/30/2022 | 22395 | 22011 | 22729 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3591623, 20.840%, 11/25/2027 †§x | Upstart | 11/30/2022 | 20969 | 20604 | 21274 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3592724, 21.810%, 11/28/2027 †§x | Upstart | 12/01/2022 | 29117 | 28604 | 29567 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3592841, 22.990%, 11/25/2027 †§x# | Upstart | 11/30/2022 | 21341 | 20746 | 22095 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3592898, 18.410%, 11/25/2027 †§x | Upstart | 11/30/2022 | 22393 | 22013 | 22735 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3593118, 18.630%, 11/28/2027 †§x | Upstart | 12/01/2022 | 20056 | 19580 | 20378 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3593317, 22.870%, 4/28/2028 †x | Upstart | 12/01/2022 | 38703 | 38167 | 39256 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3593513, 20.410%, 4/28/2028 †x# | Upstart | 12/01/2022 | 27342 | 26800 | 28288 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3594302, 21.470%, 12/01/2027 †x# | Upstart | 12/01/2022 | 23953 | 23532 | 24481 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3594315, 20.370%, 11/28/2027 †§x | Upstart | 12/01/2022 | 19555 | 19216 | 20182 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3594543, 12.260%, 4/28/2028 †x | Upstart | 12/01/2022 | 27256 | 26775 | 27666 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**268** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3594636, 15.190%, 11/28/2027 †§x | Upstart | 12/01/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27401 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3594843, 11.250%, 11/28/2027 †§x | Upstart | 12/01/2022 | 25845 | 25440 | 26219 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3594975, 17.220%, 11/28/2027 †x | Upstart | 12/01/2022 | 27790 | 27338 | 28242 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3595120, 15.960%, 11/28/2027 †§x | Upstart | 12/01/2022 | 21473 | 21117 | 21827 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3595609, 17.250%, 11/28/2027 †§x | Upstart | 12/01/2022 | 22033 | 21394 | 22388 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3595784, 10.570%, 11/28/2027 †§x | Upstart | 12/01/2022 | 25696 | 24925 | 26072 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3596071, 11.720%, 11/28/2027 †§x | Upstart | 12/01/2022 | 20874 | 20537 | 21247 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3596139, 20.720%, 12/01/2027 †x# | Upstart | 12/01/2022 | 20435 | 20079 | 20620 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3596192, 20.290%, 11/28/2027 †§x# | Upstart | 12/01/2022 | 25049 | 24614 | 25886 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3596244, 10.580%, 12/01/2027 †§x | Upstart | 12/01/2022 | 26158 | 25373 | 26545 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3596358, 20.400%, 11/28/2027 †§x | Upstart | 12/01/2022 | 22958 | 22559 | 23719 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3596721, 10.710%, 11/28/2027 †§x# | Upstart | 12/01/2022 | 26544 | 26131 | 26902 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3597689, 15.030%, 12/01/2027 †§x | Upstart | 12/02/2022 | 20733 | 20393 | 20943 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3597935, 14.400%, 12/01/2027 †§x | Upstart | 12/02/2022 | 25046 | 24638 | 25303 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3598267, 19.380%, 5/01/2028 †x | Upstart | 12/02/2022 | 33662 | 33038 | 33999 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3598647, 24.000%, 5/16/2028 †x# | Upstart | 12/02/2022 | 19290 | 18949 | 20284 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3598756, 19.310%, 12/01/2027 †§x | Upstart | 12/02/2022 | 29703 | 29192 | 29988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3599008, 17.060%, 12/01/2027 †§x | Upstart | 12/02/2022 | 28644 | 28163 | 28923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3599225, 14.630%, 12/01/2027 †§x# | Upstart | 12/02/2022 | 26970 | 26532 | 27438 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3599292, 14.480%, 12/01/2027 †§x | Upstart | 12/02/2022 | 24784 | 24380 | 25038 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3601252, 16.300%, 12/01/2027 †§x | Upstart | 12/05/2022 | 28375 | 27903 | 28655 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3601479, 24.360%, 5/01/2028 †x# | Upstart | 12/05/2022 | 26335 | 25886 | 27641 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3601582, 11.000%, 12/01/2027 †§x | Upstart | 12/05/2022 | 26758 | 26338 | 27114 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3635969, 14.670%, 1/01/2028 †§x | Upstart | 1/05/2023 | 27415 | 26953 | 27804 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3642644, 24.420%, 12/27/2027 †§x | Upstart | 12/30/2022 | 25011 | 24540 | 25899 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3642998, 17.610%, 12/27/2027 †§x# | Upstart | 12/30/2022 | 22376 | 21957 | 22740 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3643122, 15.690%, 12/27/2027 †§x | Upstart | 12/30/2022 | 28154 | 27676 | 28625 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3643457, 19.720%, 12/27/2027 †§x | Upstart | 12/30/2022 | 19621 | 19274 | 20281 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3643657, 21.820%, 12/27/2027 †§x | Upstart | 12/30/2022 | 27537 | 27038 | 28428 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3644092, 19.780%, 12/27/2027 †§x | Upstart | 12/30/2022 | 29372 | 28850 | 29842 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3644628, 13.790%, 12/28/2027 †§x | Upstart | 1/03/2023 | 21117 | 20765 | 21526 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3644770, 10.710%, 12/28/2027 †§x | Upstart | 1/03/2023 | 26415 | 25991 | 26823 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3644811, 18.740%, 5/28/2028 †x# | Upstart | 1/03/2023 | 31869 | 31083 | 32202 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3644943, 14.610%, 1/01/2028 †§x | Upstart | 1/04/2023 | 28730 | 28246 | 29231 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3645240, 20.920%, 12/28/2027 †§x | Upstart | 1/03/2023 | 30327 | 29417 | 31365 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3645251, 19.840%, 12/28/2027 †§x | Upstart | 1/03/2023 | 20574 | 20209 | 20908 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3645402, 14.080%, 12/28/2027 †§x | Upstart | 1/03/2023 | 27672 | 27210 | 28180 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3645471, 23.130%, 12/28/2027 †§x | Upstart | 1/03/2023 | 22605 | 22190 | 23408 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3646061, 18.960%, 1/01/2028 †§x | Upstart | 1/04/2023 | 28539 | 28035 | 29498 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3646302, 10.290%, 1/01/2028 †§x | Upstart | 1/04/2023 | 27400 | 26961 | 27850 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3646469, 10.170%, 1/01/2028 †§x | Upstart | 1/04/2023 | 22434 | 22075 | 22804 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3646501, 19.880%, 1/01/2028 †§x | Upstart | 1/04/2023 | 30337 | 29794 | 30833 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3646531, 14.900%, 1/01/2028 †§x | Upstart | 1/04/2023 | 20172 | 19831 | 20556 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3646923, 22.230%, 1/01/2028 †x | Upstart | 1/05/2023 | 21574 | 20927 | 22038 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3646974, 21.690%, 1/01/2028 †x | Upstart | 1/05/2023 | 29421 | 28882 | 30051 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3647159, 19.170%, 1/01/2028 †§x | Upstart | 1/05/2023 | 30078 | 29546 | 31109 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3648320, 24.170%, 1/03/2028 †§x# | Upstart | 1/06/2023 | 31294 | 30731 | 32092 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3648687, 11.040%, 1/03/2028 †§x | Upstart | 1/06/2023 | 24813 | 24410 | 25162 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3649250, 19.580%, 1/03/2028 †§x | Upstart | 1/06/2023 | 30105 | 29569 | 30427 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3649289, 19.500%, 1/03/2028 †§x# | Upstart | 1/06/2023 | 21520 | 21138 | 22068 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3649527, 10.900%, 1/03/2028 †§x | Upstart | 1/06/2023 | 21267 | 20923 | 21559 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3649680, 23.300%, 11/03/2028 †x | Upstart | 1/06/2023 | 41040 | 40799 | 41952 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3660472, 12.640%, 1/13/2028 †x◇ | Upstart | 1/19/2023 | 24969 | 24621 | 25403 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3660585, 17.970%, 1/13/2028 †x◇ | Upstart | 1/19/2023 | 27920 | 27548 | 26901 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3660811, 16.980%, 1/16/2028 †x◇ | Upstart | 1/19/2023 | 22983 | 22643 | 23285 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3661098, 17.410%, 1/17/2028 †x◇ | Upstart | 1/20/2023 | 29471 | 29038 | 29893 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**269** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3661187, 16.320%, 1/13/2028 †x◇ | Upstart | 1/19/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29132 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3661199, 22.090%, 1/17/2028 †x◇ | Upstart | 1/20/2023 | 28987 | 28541 | 29943 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3661503, 21.280%, 1/17/2028 †x◇ | Upstart | 1/20/2023 | 27684 | 27136 | 27165 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3661795, 16.460%, 1/17/2028 †x◇ | Upstart | 1/20/2023 | 20434 | 20136 | 20730 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3664714, 20.140%, 7/03/2028 †x◇ | Upstart | 1/23/2023 | 19883 | 19535 | 20475 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3664877, 11.430%, 1/18/2028 †x◇ | Upstart | 1/23/2023 | 23260 | 22939 | 23690 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3664934, 21.410%, 1/18/2028 †x◇ | Upstart | 1/23/2023 | 31008 | 30233 | 29901 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3665545, 22.410%, 1/19/2028 †x◇ | Upstart | 1/25/2023 | 28076 | 27642 | 29024 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3665601, 23.500%, 1/19/2028 †x◇ | Upstart | 1/25/2023 | 21022 | 20648 | 20764 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3665607, 11.610%, 1/19/2028 †x#◇ | Upstart | 1/25/2023 | 20394 | 20112 | 20755 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3665709, 10.230%, 1/19/2028 †x◇ | Upstart | 1/25/2023 | 24033 | 23705 | 24404 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3665801, 18.190%, 1/19/2028 †x◇ | Upstart | 1/25/2023 | 25174 | 24801 | 25540 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3666024, 18.190%, 1/27/2028 †x◇ | Upstart | 1/25/2023 | 29836 | 29392 | 30271 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3666092, 19.640%, 1/22/2028 †x◇ | Upstart | 1/25/2023 | 21782 | 21445 | 22441 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3666352, 20.390%, 6/27/2028 †x#◇ | Upstart | 1/25/2023 | 21426 | 21109 | 22056 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3666515, 13.990%, 1/20/2028 †x◇ | Upstart | 1/25/2023 | 28457 | 28053 | 28904 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3666527, 10.480%, 1/20/2028 †x◇ | Upstart | 1/25/2023 | 21918 | 21618 | 22261 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3666974, 24.350%, 1/20/2028 †x◇ | Upstart | 1/25/2023 | 23354 | 22986 | 24048 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3667254, 17.060%, 2/04/2028 †x◇ | Upstart | 1/25/2023 | 21161 | 20632 | 21482 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3667658, 17.510%, 1/28/2028 †x#◇ | Upstart | 1/26/2023 | 30296 | 29836 | 30827 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3667750, 23.290%, 6/23/2028 †x◇ | Upstart | 1/26/2023 | 20243 | 19940 | 20824 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3667791, 18.200%, 1/23/2028 †x◇ | Upstart | 1/26/2023 | 19921 | 19666 | 20567 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3668316, 15.920%, 1/23/2028 †x◇ | Upstart | 1/26/2023 | 22646 | 22316 | 23009 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3669349, 23.840%, 1/23/2028 †x◇ | Upstart | 1/26/2023 | 21615 | 21274 | 21927 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3669360, 19.560%, 1/23/2028 †x◇ | Upstart | 1/26/2023 | 27390 | 26976 | 28276 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3669936, 11.690%, 1/24/2028 †x◇ | Upstart | 1/27/2023 | 22750 | 22432 | 23190 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3670502, 22.850%, 1/25/2028 †x◇ | Upstart | 1/30/2023 | 21714 | 21375 | 22502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3670664, 18.450%, 1/25/2028 †x#◇ | Upstart | 1/30/2023 | 30607 | 30104 | 31098 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3671177, 15.310%, 1/25/2028 †x◇ | Upstart | 1/30/2023 | 28852 | 28434 | 29331 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3671219, 21.950%, 1/25/2028 †x◇ | Upstart | 1/30/2023 | 31961 | 31465 | 32457 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3672470, 16.980%, 1/27/2028 †x◇ | Upstart | 2/01/2023 | 20250 | 19951 | 20582 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3695280, 23.700%, 7/27/2028 †x◇ | Upstart | 3/02/2023 | 31451 | 30946 | 32607 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3701458, 17.780%, 2/22/2028 †x#◇ | Upstart | 2/27/2023 | 31272 | 30795 | 30343 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3701873, 15.580%, 3/02/2028 †x◇ | Upstart | 3/07/2023 | 20573 | 20267 | 20923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704037, 14.490%, 12/24/2028 †x◇ | Upstart | 3/01/2023 | 21047 | 20645 | 21523 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704246, 18.700%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 28785 | 28339 | 29702 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704467, 10.120%, 3/12/2028 †x#◇ | Upstart | 3/02/2023 | 21340 | 21039 | 21722 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704622, 10.890%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 22045 | 21731 | 22414 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704734, 21.960%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 30348 | 29864 | 31278 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704742, 12.610%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 28852 | 28432 | 29407 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704949, 14.830%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 27685 | 27273 | 28132 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3705174, 11.600%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 27422 | 27019 | 27944 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3705369, 13.790%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 24568 | 24206 | 25032 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3705482, 23.810%, 7/27/2028 †x◇ | Upstart | 3/02/2023 | 34774 | 34131 | 35843 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3705613, 13.750%, 2/27/2028 †x#◇ | Upstart | 3/02/2023 | 26715 | 26301 | 27221 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3706406, 11.120%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 28407 | 28001 | 28880 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3706567, 21.160%, 2/27/2028 †x◇ | Upstart | 3/02/2023 | 20248 | 19928 | 20908 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3707441, 22.400%, 12/28/2028 †x◇ | Upstart | 3/03/2023 | 24175 | 23570 | 24807 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708038, 19.240%, 3/01/2028 †x#◇ | Upstart | 3/03/2023 | 21116 | 20792 | 21587 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708072, 24.370%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 22121 | 21754 | 22892 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708087, 11.360%, 7/28/2028 †x◇ | Upstart | 3/03/2023 | 32444 | 31939 | 33039 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708239, 15.450%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 26910 | 26508 | 27526 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708310, 20.790%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 28108 | 27664 | 29037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708423, 16.090%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 29404 | 28960 | 30075 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708520, 24.350%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 29366 | 28907 | 30410 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3708526, 12.340%, 2/28/2028 †x◇ | Upstart | 3/03/2023 | 28773 | 28356 | 29334 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**270** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3709251, 11.920%, 3/01/2028 †x◇ | Upstart | 3/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30023 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3709763, 13.370%, 3/01/2028 †x◇ | Upstart | 3/06/2023 | 29013 | 28608 | 29478 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3709961, 16.400%, 3/01/2028 †x◇ | Upstart | 3/06/2023 | 24434 | 24069 | 24839 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3710935, 13.320%, 3/02/2028 †x◇ | Upstart | 3/07/2023 | 28815 | 28396 | 29279 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3710956, 16.260%, 3/02/2028 †x◇ | Upstart | 3/07/2023 | 20829 | 20517 | 21170 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3711024, 23.310%, 3/09/2028 †x#◇ | Upstart | 3/07/2023 | 28119 | 27743 | 28552 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3711042, 14.510%, 3/02/2028 †x◇ | Upstart | 3/07/2023 | 30298 | 29852 | 30801 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3711562, 10.560%, 3/02/2028 †x◇ | Upstart | 3/07/2023 | 29106 | 28695 | 29569 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3711737, 24.360%, 1/02/2029 †x◇ | Upstart | 3/07/2023 | 24235 | 23679 | 25106 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3712420, 13.680%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 26650 | 26261 | 27129 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3712608, 21.170%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 24850 | 24228 | 25451 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3712628, 16.020%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 27317 | 26917 | 27794 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3712665, 20.760%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 19989 | 19720 | 20427 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3712696, 12.220%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 23867 | 23524 | 24281 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3712715, 20.270%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 23671 | 23303 | 24305 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3713514, 11.890%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 23605 | 23266 | 24016 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3713733, 15.790%, 8/03/2028 †x#◇ | Upstart | 3/08/2023 | 27036 | 26584 | 27491 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3713789, 21.490%, 8/17/2028 †x#◇ | Upstart | 3/08/2023 | 30808 | 30246 | 30728 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3713877, 21.850%, 3/03/2028 †x#◇ | Upstart | 3/08/2023 | 28914 | 28460 | 29605 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3713895, 14.700%, 3/03/2028 †x◇ | Upstart | 3/08/2023 | 30475 | 30022 | 31012 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3714040, 23.040%, 3/06/2028 †x◇ | Upstart | 3/09/2023 | 24809 | 24414 | 25433 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3715012, 14.830%, 3/06/2028 †x◇ | Upstart | 3/09/2023 | 20301 | 20000 | 20670 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3715825, 12.260%, 3/20/2028 †x◇ | Upstart | 3/09/2023 | 19873 | 19585 | 20229 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3716011, 13.130%, 3/06/2028 †x◇ | Upstart | 3/09/2023 | 21012 | 20706 | 21406 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3716041, 13.300%, 3/06/2028 †x◇ | Upstart | 3/09/2023 | 19996 | 19705 | 20367 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3716923, 18.830%, 3/08/2028 †x◇ | Upstart | 3/13/2023 | 28148 | 27715 | 28884 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3717795, 13.080%, 3/06/2028 †x◇ | Upstart | 3/09/2023 | 29869 | 29434 | 30394 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3717908, 19.980%, 3/07/2028 †x | Upstart | 3/10/2023 | 31905 | 31409 | 32453 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3718597, 14.390%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 19921 | 19423 | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3719116, 21.520%, 3/15/2028 †x◇ | Upstart | 3/10/2023 | 32569 | 32055 | 33393 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3719189, 12.810%, 1/07/2029 †x#◇ | Upstart | 3/10/2023 | 21413 | 21019 | 21829 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3719314, 19.550%, 3/07/2028 †x◇ | Upstart | 3/10/2023 | 21340 | 21010 | 21889 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3719356, 11.770%, 3/07/2028 †x◇ | Upstart | 3/10/2023 | 23112 | 22779 | 23530 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3719891, 12.940%, 3/08/2028 †x◇ | Upstart | 3/13/2023 | 23859 | 23512 | 24287 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3720006, 18.130%, 3/08/2028 †x◇ | Upstart | 3/13/2023 | 25099 | 24715 | 25547 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3720025, 18.650%, 3/08/2028 †x◇ | Upstart | 3/13/2023 | 31487 | 31003 | 32307 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3720347, 14.550%, 3/20/2028 †x◇ | Upstart | 3/13/2023 | 24356 | 23994 | 24816 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3720468, 17.850%, 1/15/2029 †x#◇ | Upstart | 3/13/2023 | 21195 | 20776 | 20326 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3721505, 16.990%, 3/09/2028 †x◇ | Upstart | 3/14/2023 | 19800 | 19500 | 20164 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3722423, 19.170%, 3/09/2028 †x | Upstart | 3/14/2023 | 31676 | 31187 | 32242 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3724011, 13.000%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 26207 | 25824 | 26722 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3724071, 15.810%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 19854 | 19600 | 20238 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3724129, 14.500%, 3/10/2028 †x◇ | Upstart | 3/15/2023 | 21206 | 20892 | 21584 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3724908, 23.100%, 3/13/2028 †x◇ | Upstart | 3/16/2023 | 26108 | 25688 | 26804 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3725477, 20.910%, 3/14/2028 †x◇ | Upstart | 3/16/2023 | 22514 | 22159 | 23213 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3725483, 20.780%, 8/13/2028 †x◇ | Upstart | 3/16/2023 | 21202 | 20874 | 21700 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3738930, 19.050%, 3/24/2028 †x◇ | Upstart | 3/29/2023 | 25244 | 24849 | 26069 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3739443, 19.180%, 8/24/2028 †x◇ | Upstart | 3/29/2023 | 34592 | 33993 | 35343 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3739472, 15.220%, 3/24/2028 †x◇ | Upstart | 3/29/2023 | 30509 | 30048 | 31196 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3739569, 12.290%, 3/24/2028 †x◇ | Upstart | 3/29/2023 | 26670 | 26320 | 27169 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3739598, 18.480%, 3/24/2028 †x◇ | Upstart | 3/29/2023 | 22029 | 21686 | 22507 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3739636, 11.080%, 3/24/2028 †x◇ | Upstart | 3/29/2023 | 19860 | 19572 | 20206 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3757211, 21.480%, 4/13/2028 †§x | Upstart | 4/18/2023 | 22567 | 22567 | 23172 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3757694, 17.240%, 4/13/2028 †§x | Upstart | 4/18/2023 | 28690 | 28690 | 29245 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3757758, 19.760%, 9/13/2028 †x | Upstart | 4/18/2023 | 22060 | 22060 | 22430 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3758853, 17.850%, 4/17/2028 †§x | Upstart | 4/20/2023 | 24694 | 24694 | 25202 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**271** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3758916, 14.700%, 4/14/2028 †§x | Upstart | 4/19/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20745 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3759251, 13.590%, 4/14/2028 †§x | Upstart | 4/19/2023 | 23913 | 23913 | 24399 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3759373, 16.800%, 4/14/2028 †§x | Upstart | 4/19/2023 | 31548 | 31548 | 32178 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3759488, 18.640%, 4/28/2028 †§x | Upstart | 4/19/2023 | 22151 | 22151 | 22582 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3760109, 10.810%, 4/17/2028 †§x | Upstart | 4/20/2023 | 27339 | 27339 | 27812 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3762249, 13.230%, 4/18/2028 †§x | Upstart | 4/21/2023 | 30534 | 30534 | 31130 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3763534, 16.470%, 4/19/2028 †§x | Upstart | 4/24/2023 | 24883 | 24883 | 25400 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3763633, 13.870%, 4/19/2028 †§x | Upstart | 4/24/2023 | 19776 | 19776 | 20206 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3764133, 20.970%, 10/03/2028 †x | Upstart | 4/24/2023 | 37147 | 37147 | 38441 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3764650, 15.210%, 4/19/2028 †§x | Upstart | 4/24/2023 | 30389 | 30389 | 31045 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3764887, 22.590%, 9/28/2028 †x | Upstart | 4/25/2023 | 25837 | 25837 | 26666 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3764962, 12.270%, 4/20/2028 †§x | Upstart | 4/25/2023 | 24152 | 24152 | 24643 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3765210, 14.000%, 4/26/2028 †§x | Upstart | 4/25/2023 | 26657 | 26657 | 27187 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3765529, 14.960%, 4/20/2028 †§x | Upstart | 4/25/2023 | 24714 | 24714 | 25258 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3765946, 16.420%, 9/21/2028 †x# | Upstart | 4/26/2023 | 28877 | 28877 | 27874 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3786523, 21.950%, 5/08/2028 †§x | Upstart | 5/11/2023 | 20396 | 20262 | 20625 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3787089, 23.250%, 5/12/2028 †§x | Upstart | 5/11/2023 | 29097 | 28904 | 29648 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3788005, 15.170%, 5/08/2028 †§x | Upstart | 5/11/2023 | 29202 | 29020 | 29580 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3788509, 18.600%, 5/08/2028 †§x | Upstart | 5/11/2023 | 25954 | 25786 | 26269 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3789233, 14.100%, 5/09/2028 †§x | Upstart | 5/12/2023 | 21383 | 21169 | 21757 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3789573, 13.810%, 5/09/2028 †§x | Upstart | 5/12/2023 | 31680 | 31485 | 32242 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3790553, 11.700%, 5/17/2028 †§x | Upstart | 5/15/2023 | 31090 | 30903 | 31610 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3790850, 19.670%, 5/10/2028 †§x | Upstart | 5/15/2023 | 22484 | 22338 | 22994 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3790940, 13.180%, 5/15/2028 †§x | Upstart | 5/15/2023 | 22526 | 22389 | 22934 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3790978, 17.850%, 10/10/2028 †x# | Upstart | 5/15/2023 | 21145 | 20994 | 21371 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3790999, 14.810%, 5/10/2028 †§x | Upstart | 5/15/2023 | 22008 | 21868 | 22290 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3792024, 15.230%, 5/28/2028 †§x | Upstart | 5/16/2023 | 32306 | 32105 | 32739 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3792967, 22.840%, 3/11/2029 †x# | Upstart | 5/16/2023 | 23115 | 22884 | 23543 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3793473, 22.280%, 10/11/2028 †x | Upstart | 5/16/2023 | 23316 | 23083 | 23747 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3794103, 10.340%, 5/12/2028 †§x | Upstart | 5/17/2023 | 28217 | 28043 | 28701 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3794533, 16.040%, 5/12/2028 †§x# | Upstart | 5/17/2023 | 31204 | 30940 | 31618 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3794660, 23.260%, 5/12/2028 †§x | Upstart | 5/17/2023 | 35175 | 34948 | 34183 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3794706, 10.900%, 5/12/2028 †§x | Upstart | 5/17/2023 | 30825 | 30640 | 31350 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3794826, 10.430%, 5/12/2028 †§x | Upstart | 5/17/2023 | 30686 | 30503 | 31212 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3797378, 14.800%, 5/15/2028 †§x | Upstart | 5/18/2023 | 26131 | 25965 | 26596 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3797622, 15.950%, 10/28/2028 †x | Upstart | 5/18/2023 | 29001 | 28834 | 28761 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3798160, 12.310%, 5/16/2028 †§x | Upstart | 5/19/2023 | 31192 | 30880 | 31788 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3798636, 16.000%, 5/16/2028 †§x | Upstart | 5/19/2023 | 24968 | 24805 | 25336 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3799406, 17.760%, 5/16/2028 †§x | Upstart | 5/19/2023 | 27523 | 27345 | 28188 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3799581, 13.880%, 5/16/2028 †§x | Upstart | 5/19/2023 | 28738 | 28457 | 29173 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3800720, 11.910%, 5/17/2028 †§x# | Upstart | 5/22/2023 | 30776 | 30588 | 31366 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3801072, 16.730%, 5/17/2028 †§x# | Upstart | 5/22/2023 | 32543 | 32218 | 31330 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3801635, 21.080%, 5/17/2028 †§x | Upstart | 5/22/2023 | 30495 | 30295 | 31288 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3801805, 6.000%, 10/18/2028 †x# | Upstart | 5/23/2023 | 21098 | 21001 | 21870 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3802409, 13.700%, 10/18/2028 †x | Upstart | 5/23/2023 | 35683 | 35469 | 33724 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3802849, 16.040%, 5/18/2028 †§x | Upstart | 5/23/2023 | 19852 | 19726 | 20142 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3806210, 19.080%, 5/22/2028 †§x | Upstart | 5/25/2023 | 22641 | 22494 | 23256 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3806927, 11.450%, 6/06/2028 †§x | Upstart | 5/25/2023 | 31875 | 31563 | 32448 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3808974, 12.260%, 5/23/2028 †§x | Upstart | 5/26/2023 | 28327 | 28154 | 28898 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3809200, 19.400%, 5/23/2028 †x | Upstart | 5/26/2023 | 33275 | 33058 | 33779 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3809368, 17.100%, 5/23/2028 †§x | Upstart | 5/26/2023 | 27543 | 27367 | 27977 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3811193, 16.490%, 5/24/2028 †x | Upstart | 5/30/2023 | 32011 | 31807 | 32530 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3811321, 13.990%, 5/24/2028 †§x | Upstart | 5/30/2023 | 23629 | 23487 | 24090 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3812642, 20.510%, 5/25/2028 †§x | Upstart | 5/31/2023 | 32317 | 32104 | 33213 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3850642, 19.340%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 28038 | 27848 | 28749 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3850813, 11.540%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 31793 | 31595 | 32435 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**272** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3851443, 18.850%, 6/20/2028 †x | Upstart | 6/23/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34744 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3851924, 20.710%, 11/20/2028 †x#◇ | Upstart | 6/23/2023 | 21960 | 21784 | 22198 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3852133, 20.710%, 6/20/2028 †x | Upstart | 6/23/2023 | 31995 | 31780 | 32805 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3852331, 16.430%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 33197 | 32981 | 33682 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3853274, 18.460%, 6/20/2028 †x◇ | Upstart | 6/23/2023 | 28510 | 28321 | 28932 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3855000, 12.420%, 11/21/2028 †x◇ | Upstart | 6/26/2023 | 21536 | 21384 | 21967 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3855101, 11.540%, 4/21/2029 †x#◇ | Upstart | 6/26/2023 | 27970 | 27739 | 26918 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3855456, 20.980%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 20669 | 20529 | 21197 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3855610, 22.370%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 34694 | 34439 | 35611 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3855747, 18.680%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 22117 | 21970 | 22435 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3855848, 12.020%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 21709 | 21572 | 22148 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3856239, 16.980%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 33346 | 33127 | 33837 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3856518, 16.570%, 6/21/2028 †x◇ | Upstart | 6/26/2023 | 33248 | 32915 | 33741 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3857377, 20.310%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 24003 | 23851 | 24345 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3857498, 20.940%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 20264 | 20127 | 20801 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3857644, 14.150%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 27311 | 27038 | 27851 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3857960, 19.350%, 6/22/2028 †x◇ | Upstart | 6/27/2023 | 21762 | 21616 | 22081 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3859012, 22.440%, 6/23/2028 †x | Upstart | 6/28/2023 | 32231 | 32010 | 33014 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3859138, 12.690%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 21912 | 21773 | 22356 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3859706, 16.600%, 6/23/2028 †x◇ | Upstart | 6/28/2023 | 33278 | 32995 | 33787 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3860102, 16.860%, 6/23/2028 †x#◇ | Upstart | 6/28/2023 | 27210 | 27034 | 27605 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3860957, 13.920%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 22155 | 22013 | 22526 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3861693, 14.370%, 6/26/2028 †x◇ | Upstart | 6/29/2023 | 26090 | 25922 | 26616 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3861793, 18.070%, 6/26/2028 †x#◇ | Upstart | 6/29/2023 | 34407 | 34166 | 34919 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3861855, 21.920%, 7/01/2028 †x# | Upstart | 6/29/2023 | 35539 | 35296 | 36460 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3863998, 20.830%, 6/27/2028 †x | Upstart | 6/30/2023 | 33989 | 33763 | 34922 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3864171, 19.850%, 7/13/2028 †x#◇ | Upstart | 6/30/2023 | 32018 | 31804 | 32498 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3864253, 14.880%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 27101 | 26925 | 27569 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3864320, 17.780%, 11/27/2028 †x | Upstart | 6/30/2023 | 38989 | 38726 | 39292 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3864328, 11.900%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 31897 | 31696 | 32570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3864386, 10.150%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 28045 | 27871 | 28570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3864453, 17.410%, 11/27/2028 †x◇ | Upstart | 6/30/2023 | 24033 | 23881 | 24363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3864458, 19.100%, 6/27/2028 †x◇ | Upstart | 6/30/2023 | 33936 | 33705 | 34895 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3865022, 19.630%, 6/27/2028 †x | Upstart | 6/30/2023 | 33955 | 33727 | 34953 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3865148, 21.210%, 6/27/2028 †x#◇ | Upstart | 6/30/2023 | 34141 | 33971 | 35113 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3870769, 20.750%, 7/28/2028 †§x | Upstart | 7/10/2023 | 22536 | 22366 | 22971 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3873833, 23.200%, 7/05/2028 †§x | Upstart | 7/10/2023 | 28566 | 28366 | 29056 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3874010, 12.880%, 7/05/2028 †§x | Upstart | 7/10/2023 | 22308 | 22085 | 22681 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3874568, 19.330%, 7/05/2028 †§x | Upstart | 7/10/2023 | 24337 | 24173 | 24810 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3876515, 14.680%, 7/06/2028 †§x | Upstart | 7/11/2023 | 20046 | 19845 | 20288 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3876517, 17.340%, 7/06/2028 †§x | Upstart | 7/11/2023 | 27378 | 27196 | 27671 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3877245, 22.460%, 7/07/2028 †§x | Upstart | 7/12/2023 | 28245 | 28049 | 28777 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3877520, 23.150%, 12/07/2028 †x# | Upstart | 7/12/2023 | 30003 | 29893 | 30361 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3878925, 14.530%, 7/10/2028 †§x# | Upstart | 7/13/2023 | 22213 | 22071 | 22505 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3879031, 16.490%, 7/10/2028 †x◇ | Upstart | 7/13/2023 | 23514 | 23305 | 23810 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3879681, 13.180%, 7/10/2028 †x◇ | Upstart | 7/13/2023 | 23408 | 23200 | 23838 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3879785, 20.340%, 12/25/2028 †x# | Upstart | 7/13/2023 | 41919 | 41571 | 41924 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3880075, 11.530%, 7/10/2028 †x◇ | Upstart | 7/13/2023 | 26461 | 26226 | 26960 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3882543, 11.810%, 7/11/2028 †§x | Upstart | 7/14/2023 | 32671 | 32463 | 33225 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3894385, 15.260%, 7/20/2028 †§x | Upstart | 7/25/2023 | 33646 | 33424 | 34130 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3894577, 20.100%, 7/20/2028 †§x | Upstart | 7/25/2023 | 34971 | 34731 | 35439 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3895043, 19.620%, 7/20/2028 †§x | Upstart | 7/25/2023 | 21010 | 20800 | 20462 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3895918, 22.770%, 7/21/2028 †§x | Upstart | 7/26/2023 | 24872 | 24697 | 25490 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3901523, 22.210%, 7/26/2028 †§x | Upstart | 7/31/2023 | 35217 | 34984 | 36170 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3901591, 11.730%, 7/26/2028 †§x | Upstart | 7/31/2023 | 32424 | 32215 | 33115 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3901791, 11.150%, 7/26/2028 †§x | Upstart | 7/31/2023 | 29556 | 29366 | 30100 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**273** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3901895, 16.610%, 7/26/2028 †x◇ | Upstart | 7/31/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20511 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3901908, 17.280%, 12/26/2028 †x# | Upstart | 7/31/2023 | 29201 | 28974 | 29561 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3901951, 14.070%, 7/26/2028 †x#◇ | Upstart | 7/31/2023 | 33314 | 33017 | 33994 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3902035, 16.800%, 7/26/2028 †§x | Upstart | 7/31/2023 | 24054 | 23892 | 24425 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3902193, 22.510%, 8/01/2028 †§x# | Upstart | 7/31/2023 | 22975 | 22815 | 23559 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3902270, 17.250%, 7/26/2028 †§x | Upstart | 7/31/2023 | 20519 | 20380 | 20834 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3902304, 12.990%, 7/26/2028 †§x | Upstart | 7/31/2023 | 22510 | 22343 | 22977 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3902340, 13.430%, 7/26/2028 †x#◇ | Upstart | 7/31/2023 | 33129 | 32833 | 33811 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3930560, 11.050%, 9/01/2028 †§x# | Upstart | 9/01/2023 | 33019 | 32903 | 33536 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3932155, 23.250%, 8/25/2028 †§x | Upstart | 8/30/2023 | 19630 | 19560 | 20322 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3932647, 14.070%, 8/21/2028 †§x | Upstart | 8/24/2023 | 33978 | 33808 | 34493 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3933905, 23.270%, 8/18/2028 †§x | Upstart | 8/23/2023 | 19997 | 19926 | 20434 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3934214, 20.430%, 8/18/2028 †§x | Upstart | 8/23/2023 | 36027 | 35847 | 34495 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3934466, 20.170%, 8/18/2028 †§x | Upstart | 8/23/2023 | 28069 | 27972 | 28736 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3934782, 18.430%, 8/18/2028 †§x# | Upstart | 8/23/2023 | 36145 | 36023 | 35052 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935109, 20.160%, 8/18/2028 †§x | Upstart | 8/23/2023 | 21397 | 21323 | 21921 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935455, 19.420%, 8/21/2028 †§x# | Upstart | 8/24/2023 | 21546 | 21472 | 20674 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935479, 20.800%, 8/21/2028 †§x | Upstart | 8/24/2023 | 35860 | 35735 | 36699 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935506, 17.010%, 8/21/2028 †§x | Upstart | 8/24/2023 | 34862 | 34743 | 35327 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935665, 17.870%, 8/21/2028 †§x# | Upstart | 8/24/2023 | 21597 | 21532 | 20703 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935676, 22.290%, 1/21/2029 †x# | Upstart | 8/24/2023 | 28810 | 28676 | 27463 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935693, 19.780%, 2/05/2029 †x# | Upstart | 8/24/2023 | 31750 | 31592 | 31404 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935708, 17.690%, 8/21/2028 †§x | Upstart | 8/24/2023 | 25929 | 25841 | 26271 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3935839, 13.490%, 8/21/2028 †§x | Upstart | 8/24/2023 | 20342 | 20274 | 20741 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3936447, 11.000%, 8/21/2028 †§x | Upstart | 8/24/2023 | 29836 | 29739 | 30379 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3936505, 19.920%, 8/21/2028 †§x | Upstart | 8/24/2023 | 26726 | 26633 | 27358 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3937212, 15.220%, 8/21/2028 †§x | Upstart | 8/24/2023 | 27504 | 27412 | 27882 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3937256, 17.830%, 8/21/2028 †§x | Upstart | 8/24/2023 | 34872 | 34752 | 35368 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3937330, 20.340%, 8/28/2028 †§x | Upstart | 8/24/2023 | 28703 | 28600 | 29069 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3938363, 18.320%, 8/21/2028 †§x | Upstart | 8/24/2023 | 28171 | 28074 | 28538 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3939177, 16.470%, 8/28/2028 †§x | Upstart | 8/25/2023 | 19631 | 19565 | 20126 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3939279, 20.470%, 8/22/2028 †x◇ | Upstart | 8/25/2023 | 23679 | 23573 | 24236 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3939294, 14.230%, 8/22/2028 †x◇ | Upstart | 8/25/2023 | 34090 | 33937 | 34615 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3939570, 13.750%, 1/22/2029 †x | Upstart | 8/25/2023 | 35889 | 35751 | 34360 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3939669, 20.740%, 8/22/2028 †§x | Upstart | 8/25/2023 | 20358 | 20287 | 20842 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3939825, 21.390%, 8/22/2028 †x◇ | Upstart | 8/25/2023 | 20528 | 20435 | 21011 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3940204, 18.660%, 8/22/2028 †§x | Upstart | 8/25/2023 | 19767 | 19698 | 20028 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3940365, 19.030%, 8/22/2028 †§x | Upstart | 8/25/2023 | 21671 | 21589 | 21956 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3940821, 19.440%, 8/23/2028 †§x | Upstart | 8/28/2023 | 31576 | 31466 | 32380 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3940974, 18.050%, 8/23/2028 †x◇ | Upstart | 8/28/2023 | 21082 | 20987 | 21368 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3941061, 18.190%, 1/23/2029 †x◇ | Upstart | 8/28/2023 | 29213 | 29073 | 29508 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3941273, 18.420%, 8/23/2028 †§x | Upstart | 8/28/2023 | 30738 | 30632 | 31112 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3942734, 14.680%, 8/24/2028 †§x | Upstart | 8/29/2023 | 33726 | 33612 | 34244 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3942790, 20.110%, 8/24/2028 †§x | Upstart | 8/29/2023 | 19979 | 19909 | 20472 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3942841, 18.280%, 8/25/2028 †§x# | Upstart | 8/30/2023 | 23256 | 23176 | 23843 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3942964, 23.120%, 1/24/2029 †x# | Upstart | 8/29/2023 | 31338 | 31225 | 31921 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3942991, 17.320%, 8/24/2028 †x◇ | Upstart | 8/29/2023 | 22457 | 22356 | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3943016, 22.910%, 8/24/2028 †§x | Upstart | 8/29/2023 | 29998 | 29891 | 30736 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944020, 10.760%, 8/25/2028 †x◇ | Upstart | 8/30/2023 | 32962 | 32816 | 33574 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944241, 22.910%, 8/25/2028 †§x# | Upstart | 8/30/2023 | 23238 | 23142 | 23818 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944395, 17.950%, 8/25/2028 †§x | Upstart | 8/30/2023 | 34994 | 34867 | 35960 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944405, 20.760%, 8/25/2028 †x◇ | Upstart | 8/30/2023 | 31634 | 31492 | 32073 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944441, 20.120%, 1/25/2029 †x#◇ | Upstart | 8/30/2023 | 27902 | 27768 | 27656 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944493, 10.330%, 8/25/2028 †§x | Upstart | 8/30/2023 | 33019 | 32912 | 33624 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944572, 13.560%, 9/02/2028 †x#◇ | Upstart | 8/30/2023 | 24828 | 24717 | 25335 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3944718, 17.650%, 8/25/2028 †§x | Upstart | 8/30/2023 | 23120 | 23041 | 23447 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**274** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3945195, 20.990%, 8/25/2028 †§x | Upstart | 8/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36762 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3945863, 13.410%, 8/28/2028 †x◇ | Upstart | 8/31/2023 | 25818 | 25703 | 26365 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3946057, 13.990%, 8/28/2028 †§x | Upstart | 8/31/2023 | 20439 | 20370 | 20601 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3946644, 15.830%, 8/28/2028 †§x | Upstart | 8/31/2023 | 21950 | 21865 | 22314 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3947044, 24.310%, 8/28/2028 †§x | Upstart | 8/31/2023 | 22544 | 22458 | 23149 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3947218, 13.160%, 8/28/2028 †x#◇ | Upstart | 8/31/2023 | 25146 | 25034 | 25652 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3948638, 17.950%, 9/01/2028 †§x | Upstart | 9/01/2023 | 19475 | 19402 | 20034 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3948985, 21.620%, 9/01/2028 †§x | Upstart | 9/01/2023 | 36870 | 36733 | 37378 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3949001, 17.050%, 9/01/2028 †§x# | Upstart | 9/01/2023 | 32930 | 32817 | 33168 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3949134, 13.680%, 9/01/2028 †§x | Upstart | 9/01/2023 | 21065 | 20995 | 21239 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3949376, 16.430%, 9/01/2028 †§x | Upstart | 9/01/2023 | 30196 | 30093 | 30418 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3949452, 23.330%, 9/05/2028 †§x | Upstart | 9/01/2023 | 26326 | 26225 | 26788 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3984651, 20.730%, 9/26/2028 †§x | Upstart | 9/29/2023 | 20504 | 20473 | 21047 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3986168, 21.290%, 9/28/2028 †§x | Upstart | 10/03/2023 | 20608 | 20587 | 21169 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3986305, 17.870%, 9/22/2028 †§x | Upstart | 9/27/2023 | 25063 | 24975 | 25406 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3986666, 21.750%, 9/22/2028 †§x | Upstart | 9/27/2023 | 24937 | 24911 | 25548 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3986711, 16.570%, 9/22/2028 †§x | Upstart | 9/27/2023 | 21280 | 21258 | 21577 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3987376, 18.350%, 9/22/2028 †§x | Upstart | 9/27/2023 | 31953 | 31842 | 32387 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3988044, 19.890%, 9/25/2028 †§x | Upstart | 9/28/2023 | 20805 | 20731 | 21079 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3988089, 11.710%, 9/25/2028 †§x | Upstart | 9/28/2023 | 23875 | 23756 | 24371 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3988139, 14.870%, 9/25/2028 †§x | Upstart | 9/28/2023 | 30639 | 30533 | 31087 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3988275, 18.450%, 2/25/2029 †x# | Upstart | 9/28/2023 | 27858 | 27747 | 28063 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3988788, 22.650%, 9/25/2028 †x | Upstart | 9/28/2023 | 36888 | 36721 | 37799 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3988819, 12.730%, 9/25/2028 †§x | Upstart | 9/28/2023 | 20737 | 20666 | 21167 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3989000, 23.310%, 9/25/2028 †§x | Upstart | 9/28/2023 | 28244 | 28141 | 28958 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3989208, 16.310%, 9/27/2028 †§x | Upstart | 9/28/2023 | 31676 | 31566 | 32100 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3989894, 19.100%, 9/25/2028 †§x | Upstart | 9/28/2023 | 36046 | 35918 | 36980 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3990362, 15.380%, 2/25/2029 †x# | Upstart | 9/28/2023 | 22547 | 22456 | 22799 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3991043, 15.630%, 2/25/2029 †x | Upstart | 9/28/2023 | 37469 | 37322 | 37825 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3991711, 14.830%, 9/26/2028 †§x | Upstart | 9/29/2023 | 19825 | 19756 | 20124 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3991790, 17.250%, 9/26/2028 †§x | Upstart | 9/29/2023 | 34939 | 34813 | 35455 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3991838, 20.700%, 9/26/2028 †§x | Upstart | 9/29/2023 | 25393 | 25302 | 26041 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3991844, 22.260%, 9/26/2028 †§x# | Upstart | 9/29/2023 | 38130 | 37994 | 39024 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3991899, 17.150%, 9/26/2028 †§x | Upstart | 9/29/2023 | 35260 | 35136 | 35781 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3991965, 18.110%, 9/26/2028 †§x | Upstart | 9/29/2023 | 23169 | 23087 | 23506 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3992224, 11.360%, 9/26/2028 †§x | Upstart | 9/29/2023 | 34050 | 34017 | 34675 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3992273, 15.370%, 9/26/2028 †§x# | Upstart | 9/29/2023 | 28501 | 28395 | 29057 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3992320, 23.750%, 7/26/2029 †x# | Upstart | 9/29/2023 | 42619 | 42406 | 42455 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3992330, 13.310%, 9/26/2028 †§x | Upstart | 9/29/2023 | 34450 | 34332 | 35158 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3992608, 20.970%, 9/26/2028 †§x | Upstart | 9/29/2023 | 24814 | 24721 | 25159 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3992718, 18.910%, 9/28/2028 †§x | Upstart | 10/03/2023 | 35895 | 35858 | 36423 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3993419, 22.600%, 9/26/2028 †x#◇ | Upstart | 9/29/2023 | 22200 | 22098 | 22775 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3993802, 23.450%, 9/27/2028 †§x | Upstart | 10/02/2023 | 35720 | 35582 | 36203 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3993885, 18.860%, 10/01/2028 †§x | Upstart | 10/04/2023 | 36862 | 36732 | 37336 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3994039, 19.680%, 9/27/2028 †x#◇ | Upstart | 10/02/2023 | 24123 | 24013 | 24743 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3994099, 17.530%, 9/27/2028 †§x | Upstart | 10/02/2023 | 32067 | 31955 | 32524 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3994152, 13.930%, 9/27/2028 †§x | Upstart | 10/02/2023 | 20861 | 20789 | 21190 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3994747, 17.920%, 9/27/2028 †§x | Upstart | 10/02/2023 | 21821 | 21737 | 22120 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3994832, 17.270%, 9/27/2028 †§x | Upstart | 10/02/2023 | 19884 | 19814 | 20180 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3994881, 12.210%, 9/27/2028 †§x | Upstart | 10/02/2023 | 30534 | 30433 | 31174 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995324, 17.280%, 3/10/2029 †x#◇ | Upstart | 10/03/2023 | 21190 | 21085 | 21019 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995367, 13.240%, 9/28/2028 †§x | Upstart | 10/03/2023 | 22801 | 22723 | 23171 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995431, 18.700%, 9/28/2028 †§x | Upstart | 10/03/2023 | 36077 | 35896 | 36615 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995464, 14.280%, 9/28/2028 †§x | Upstart | 10/03/2023 | 34863 | 34743 | 35418 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995590, 17.060%, 9/28/2028 †§x | Upstart | 10/03/2023 | 24916 | 24828 | 25296 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995600, 15.660%, 9/28/2028 †§x | Upstart | 10/03/2023 | 20931 | 20858 | 21252 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**275** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995606, 16.770%, 9/28/2028 †§x# | Upstart | 10/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36618 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995699, 15.670%, 9/28/2028 †§x | Upstart | 10/03/2023 | 34191 | 34073 | 34712 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995736, 11.230%, 9/28/2028 †§x | Upstart | 10/03/2023 | 34034 | 33919 | 34666 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995785, 15.540%, 9/28/2028 †x◇ | Upstart | 10/03/2023 | 20220 | 20129 | 20624 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3995789, 16.740%, 9/28/2028 †§x | Upstart | 10/03/2023 | 28234 | 28135 | 28662 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3996110, 19.530%, 9/28/2028 †x◇ | Upstart | 10/03/2023 | 32245 | 32100 | 33115 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3996963, 24.370%, 10/09/2028 †x◇ | Upstart | 10/04/2023 | 30406 | 30271 | 30746 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3996975, 15.780%, 10/01/2028 †§x | Upstart | 10/04/2023 | 23615 | 23533 | 23986 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3997131, 18.390%, 10/01/2028 †§x# | Upstart | 10/04/2023 | 25768 | 25683 | 25914 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3997316, 21.060%, 10/01/2028 †x#◇ | Upstart | 10/04/2023 | 25538 | 25422 | 26243 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3997414, 17.270%, 10/15/2028 †§x | Upstart | 10/04/2023 | 26700 | 26607 | 26863 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3997878, 18.710%, 10/01/2028 †§x# | Upstart | 10/04/2023 | 36807 | 36678 | 37011 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4009960, 15.620%, 10/10/2028 †§x | Upstart | 10/13/2023 | 36170 | 35989 | 36501 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4011163, 16.360%, 10/15/2028 †§x | Upstart | 10/13/2023 | 36282 | 36103 | 36606 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4012698, 10.620%, 10/10/2028 †§x | Upstart | 10/13/2023 | 22381 | 22305 | 22763 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4014085, 6.000%, 10/17/2028 †x | Upstart | 10/13/2023 | 27327 | 27231 | 27402 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4015934, 16.320%, 10/11/2026 †§x | Upstart | 10/16/2023 | 20247 | 20191 | 20126 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4015946, 12.470%, 10/11/2028 †§x | Upstart | 10/16/2023 | 31609 | 31501 | 32135 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4015966, 16.640%, 10/11/2028 †§x | Upstart | 10/16/2023 | 32751 | 32635 | 33045 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4016472, 17.470%, 10/11/2028 †x◇ | Upstart | 10/16/2023 | 25254 | 25140 | 25478 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4019710, 20.840%, 10/19/2028 †§x | Upstart | 10/24/2023 | 33708 | 33668 | 34408 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4024882, 20.190%, 10/17/2028 †§x | Upstart | 10/20/2023 | 25167 | 25141 | 25643 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4027100, 19.140%, 10/18/2028 †§x | Upstart | 10/23/2023 | 24292 | 24170 | 24827 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4027251, 20.270%, 10/18/2028 †§x | Upstart | 10/23/2023 | 37135 | 37001 | 37966 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4027527, 14.780%, 10/18/2028 †§x | Upstart | 10/23/2023 | 28541 | 28439 | 28899 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4028548, 22.270%, 10/19/2028 †§x | Upstart | 10/24/2023 | 21185 | 21079 | 21653 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4028982, 20.190%, 10/19/2028 †§x | Upstart | 10/24/2023 | 21522 | 21445 | 22014 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4029638, 20.080%, 10/19/2028 †§x | Upstart | 10/24/2023 | 22229 | 22149 | 22720 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4030217, 15.560%, 10/20/2028 †§x | Upstart | 10/25/2023 | 20134 | 20063 | 20361 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4037209, 18.600%, 10/25/2028 †§x | Upstart | 10/30/2023 | 22768 | 22744 | 23071 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4037565, 19.800%, 11/01/2028 †§x | Upstart | 10/30/2023 | 22197 | 22116 | 22611 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4037628, 13.520%, 10/25/2028 †§x | Upstart | 10/30/2023 | 25147 | 25059 | 25512 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4037720, 17.770%, 10/25/2028 †§x | Upstart | 10/30/2023 | 36511 | 36380 | 37427 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4037768, 19.850%, 10/25/2028 †§x | Upstart | 10/30/2023 | 20114 | 20045 | 20603 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4038369, 21.330%, 10/25/2028 †§x | Upstart | 10/30/2023 | 36381 | 36248 | 36813 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4038430, 23.470%, 10/25/2028 †x◇ | Upstart | 10/30/2023 | 33160 | 33009 | 33927 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4038491, 17.640%, 10/25/2028 †§x# | Upstart | 10/30/2023 | 36102 | 35959 | 36583 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4038613, 19.740%, 10/25/2028 †x | Upstart | 10/30/2023 | 36997 | 36829 | 37900 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4038858, 19.490%, 10/25/2028 †§x | Upstart | 10/30/2023 | 33248 | 33128 | 34062 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039077, 21.410%, 10/26/2028 †x◇ | Upstart | 10/31/2023 | 37330 | 37160 | 38275 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039101, 18.330%, 10/26/2028 †§x | Upstart | 10/31/2023 | 25510 | 25419 | 26148 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039227, 18.860%, 10/26/2028 †§x | Upstart | 10/31/2023 | 32299 | 32182 | 32734 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039231, 14.190%, 10/26/2028 †§x | Upstart | 10/31/2023 | 22211 | 22133 | 22535 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039264, 15.940%, 10/26/2028 †§x | Upstart | 10/31/2023 | 36047 | 35919 | 36557 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039265, 17.510%, 10/26/2028 †§x | Upstart | 10/31/2023 | 32806 | 32689 | 33563 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039269, 11.470%, 11/10/2028 †§x# | Upstart | 10/31/2023 | 35794 | 35671 | 36509 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039302, 14.360%, 10/26/2028 †x◇ | Upstart | 10/31/2023 | 21257 | 21161 | 21562 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4039341, 16.710%, 10/26/2028 †§x | Upstart | 10/31/2023 | 32766 | 32732 | 33224 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4040276, 21.980%, 10/26/2028 †§x | Upstart | 10/31/2023 | 25120 | 25103 | 25420 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4040338, 13.920%, 11/11/2028 †§x# | Upstart | 10/31/2023 | 24805 | 24718 | 25097 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4040708, 22.620%, 10/27/2028 †§x | Upstart | 11/01/2023 | 21342 | 21263 | 21845 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4040842, 20.180%, 10/27/2028 †§x | Upstart | 11/01/2023 | 20412 | 20338 | 20922 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4041015, 22.290%, 10/27/2028 †§x | Upstart | 11/01/2023 | 26977 | 26877 | 27631 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4041617, 16.740%, 10/27/2028 †§x | Upstart | 11/01/2023 | 24578 | 24553 | 24927 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4041711, 20.360%, 10/27/2028 †x◇ | Upstart | 11/01/2023 | 36524 | 36360 | 37400 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4041808, 16.950%, 10/27/2028 †§x# | Upstart | 11/01/2023 | 21482 | 21376 | 21718 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**276** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4041976, 15.480%, 4/01/2029 †x | Upstart | 11/02/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21644 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042078, 14.890%, 11/09/2028 †§x | Upstart | 11/02/2023 | 25663 | 25572 | 25798 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042084, 17.830%, 11/01/2028 †§x | Upstart | 11/02/2023 | 28627 | 28519 | 28754 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042098, 22.750%, 11/01/2028 †§x | Upstart | 11/02/2023 | 38473 | 38332 | 38839 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042150, 13.800%, 11/01/2028 †§x | Upstart | 11/02/2023 | 23213 | 23132 | 23340 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042184, 22.160%, 11/01/2028 †§x | Upstart | 11/02/2023 | 38334 | 38193 | 38723 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042188, 21.510%, 11/01/2028 †§x | Upstart | 11/02/2023 | 29707 | 29598 | 30015 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042270, 17.490%, 11/01/2028 †§x | Upstart | 11/02/2023 | 37201 | 37068 | 37369 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042304, 16.220%, 11/01/2028 †§x | Upstart | 11/02/2023 | 31538 | 31427 | 31732 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042313, 11.850%, 11/01/2028 †§x | Upstart | 11/02/2023 | 23675 | 23593 | 24060 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042330, 13.680%, 11/01/2028 †§x | Upstart | 11/02/2023 | 24766 | 24679 | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042341, 18.760%, 11/01/2028 †§x | Upstart | 11/02/2023 | 24761 | 24672 | 25031 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042357, 19.600%, 11/01/2028 †§x | Upstart | 11/02/2023 | 24732 | 24642 | 25033 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042386, 15.840%, 11/04/2028 †§x | Upstart | 11/02/2023 | 24227 | 24139 | 24377 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042475, 16.200%, 4/01/2029 †x# | Upstart | 11/02/2023 | 29375 | 29264 | 29118 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042607, 19.230%, 11/01/2028 †§x | Upstart | 11/02/2023 | 20437 | 20338 | 20551 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4042693, 14.540%, 11/01/2028 †x◇ | Upstart | 11/02/2023 | 36457 | 36293 | 36649 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4043000, 15.020%, 11/01/2028 †§x | Upstart | 11/02/2023 | 25050 | 24961 | 25197 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4043162, 22.820%, 11/01/2028 †§x | Upstart | 11/02/2023 | 37077 | 37040 | 37481 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4043549, 15.950%, 11/01/2028 †§x | Upstart | 11/02/2023 | 24666 | 24579 | 24788 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4043842, 13.990%, 11/01/2028 †§x | Upstart | 11/02/2023 | 36318 | 36191 | 36863 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4043901, 11.820%, 11/01/2028 †§x | Upstart | 11/02/2023 | 20814 | 20741 | 21150 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4044680, 21.150%, 4/01/2029 †x# | Upstart | 11/02/2023 | 41304 | 41132 | 41160 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4044687, 10.140%, 11/01/2028 †§x | Upstart | 11/02/2023 | 35310 | 35189 | 35846 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4045192, 17.470%, 11/01/2028 †§x | Upstart | 11/03/2023 | 20280 | 20207 | 20351 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4045707, 16.310%, 11/01/2028 †x◇ | Upstart | 11/03/2023 | 30462 | 30324 | 30542 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4045940, 15.910%, 9/01/2029 †x | Upstart | 11/03/2023 | 29923 | 29774 | 30014 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4083560, 21.060%, 11/24/2028 †§x | Upstart | 11/29/2023 | 32917 | 32917 | 33675 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4084731, 19.210%, 11/24/2028 †§x | Upstart | 11/29/2023 | 37560 | 37560 | 38215 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4084831, 17.740%, 11/24/2028 †§x | Upstart | 11/29/2023 | 32789 | 32789 | 33364 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4085331, 12.580%, 11/24/2028 †§x# | Upstart | 11/29/2023 | 36978 | 36978 | 37658 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4085612, 21.240%, 11/27/2028 †§x | Upstart | 11/30/2023 | 29675 | 29675 | 30396 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4085615, 23.360%, 11/27/2028 †§x | Upstart | 11/30/2023 | 26205 | 26205 | 26659 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4085868, 17.230%, 11/27/2028 †x◇ | Upstart | 11/30/2023 | 28470 | 28470 | 28757 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086072, 13.650%, 11/27/2028 †§x | Upstart | 11/30/2023 | 20333 | 20333 | 20732 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086126, 13.880%, 11/27/2028 †§x | Upstart | 11/30/2023 | 25496 | 25496 | 25746 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086259, 14.010%, 11/27/2028 †§x | Upstart | 11/30/2023 | 35887 | 35887 | 36275 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086381, 15.790%, 11/27/2028 †§x | Upstart | 11/30/2023 | 27173 | 27173 | 27464 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086420, 23.490%, 11/27/2028 †§x | Upstart | 11/30/2023 | 23559 | 23559 | 23940 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086591, 17.510%, 11/27/2028 †§x | Upstart | 11/30/2023 | 20669 | 20669 | 21006 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086658, 20.210%, 11/27/2028 †§x | Upstart | 11/30/2023 | 21239 | 21239 | 21626 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086670, 20.440%, 11/27/2028 †§x | Upstart | 11/30/2023 | 19811 | 19811 | 20289 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086744, 17.830%, 11/27/2028 †x◇ | Upstart | 11/30/2023 | 20577 | 20577 | 20786 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086753, 13.670%, 11/27/2028 †§x | Upstart | 11/30/2023 | 32336 | 32336 | 32692 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086757, 13.340%, 11/27/2028 †§x | Upstart | 11/30/2023 | 32132 | 32132 | 32772 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086787, 12.820%, 11/27/2028 †§x | Upstart | 11/30/2023 | 35734 | 35734 | 36447 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4086978, 14.820%, 11/27/2028 †§x | Upstart | 11/30/2023 | 29183 | 29183 | 29502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4087148, 12.740%, 11/27/2028 †§x | Upstart | 11/30/2023 | 20349 | 20349 | 20759 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4087572, 23.160%, 11/27/2028 †§x | Upstart | 11/30/2023 | 30298 | 30298 | 30993 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4087787, 19.710%, 11/27/2028 †x◇ | Upstart | 11/30/2023 | 29989 | 29989 | 30728 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4088081, 15.920%, 11/27/2028 †§x | Upstart | 11/30/2023 | 26461 | 26461 | 26743 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4088151, 16.960%, 11/27/2028 †§x# | Upstart | 11/30/2023 | 20991 | 20991 | 21175 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4088340, 18.480%, 11/27/2028 †§x | Upstart | 11/30/2023 | 33441 | 33441 | 33773 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4088397, 17.140%, 11/27/2028 †x#◇ | Upstart | 11/30/2023 | 24829 | 24829 | 25045 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4088522, 20.150%, 11/27/2028 †x◇ | Upstart | 11/30/2023 | 37777 | 37777 | 38466 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4088616, 16.950%, 11/28/2028 †§x | Upstart | 12/01/2023 | 24720 | 24720 | 24984 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**277** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4088750, 15.020%, 11/27/2028 †§x | Upstart | 11/30/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31558 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089036, 15.980%, 12/01/2028 †§x | Upstart | 12/04/2023 | 37552 | 37552 | 37585 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089110, 15.310%, 11/27/2028 †§x | Upstart | 11/30/2023 | 36447 | 36447 | 36838 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089230, 20.680%, 11/27/2028 †§x | Upstart | 11/30/2023 | 24086 | 24086 | 24492 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089434, 20.290%, 11/28/2028 †x◇ | Upstart | 12/01/2023 | 21021 | 21021 | 21231 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089455, 18.860%, 11/28/2028 †§x | Upstart | 12/01/2023 | 37245 | 37245 | 37618 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089468, 14.350%, 11/28/2028 †§x | Upstart | 12/01/2023 | 28288 | 28288 | 28606 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089521, 18.280%, 11/28/2028 †§x | Upstart | 12/01/2023 | 20448 | 20448 | 20652 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089579, 16.220%, 11/28/2028 †x◇ | Upstart | 12/01/2023 | 22493 | 22493 | 22512 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089589, 19.100%, 11/28/2028 †§x | Upstart | 12/01/2023 | 33774 | 33774 | 34119 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089663, 22.840%, 4/28/2029 †x | Upstart | 12/01/2023 | 20910 | 20910 | 20541 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4089878, 11.050%, 11/28/2028 †§x | Upstart | 12/01/2023 | 28411 | 28411 | 29210 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4090047, 16.590%, 11/28/2028 †§x | Upstart | 12/01/2023 | 21766 | 21766 | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4090083, 18.560%, 5/07/2029 †x# | Upstart | 12/01/2023 | 25346 | 25346 | 25218 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4090124, 18.100%, 11/28/2028 †§x | Upstart | 12/01/2023 | 33559 | 33559 | 34202 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4090312, 13.160%, 11/28/2028 †§x | Upstart | 12/01/2023 | 36060 | 36060 | 36785 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4091654, 21.600%, 12/01/2028 †x◇ | Upstart | 12/04/2023 | 24345 | 24345 | 24415 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4092107, 23.290%, 12/16/2028 †§x | Upstart | 12/04/2023 | 31725 | 31725 | 31978 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4092814, 11.880%, 12/15/2028 †§x | Upstart | 12/05/2023 | 33803 | 33803 | 34332 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4093061, 15.710%, 12/01/2028 †§x | Upstart | 12/04/2023 | 33853 | 33853 | 34182 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4093229, 19.400%, 12/01/2028 †§x | Upstart | 12/05/2023 | 38337 | 38337 | 38359 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4093266, 22.940%, 12/01/2028 †§x | Upstart | 12/05/2023 | 23634 | 23634 | 23676 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4093324, 17.630%, 12/01/2028 †§x | Upstart | 12/05/2023 | 29501 | 29501 | 29457 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4093777, 12.430%, 12/01/2028 †x◇ | Upstart | 12/05/2023 | 21985 | 21985 | 22322 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4093833, 14.510%, 12/01/2028 †§x | Upstart | 12/05/2023 | 21468 | 21468 | 21801 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4093869, 19.070%, 12/01/2028 †§x | Upstart | 12/05/2023 | 28773 | 28773 | 28792 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4094098, 12.130%, 12/01/2028 †x◇ | Upstart | 12/05/2023 | 36566 | 36566 | 37131 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4094136, 14.460%, 12/01/2028 †§x | Upstart | 12/05/2023 | 37151 | 37151 | 37120 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4094202, 20.860%, 12/01/2028 †§x | Upstart | 12/05/2023 | 22435 | 22435 | 22541 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4094467, 18.450%, 12/01/2028 †x#◇ | Upstart | 12/05/2023 | 22862 | 22862 | 22824 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4096706, 23.820%, 5/24/2029 †x◇ | Upstart | 12/14/2023 | 31575 | 31575 | 31341 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4109948, 21.540%, 5/11/2029 †x#◇ | Upstart | 12/14/2023 | 24731 | 24731 | 24626 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4110451, 17.630%, 12/11/2028 †§x | Upstart | 12/14/2023 | 22733 | 22733 | 22921 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4110930, 21.870%, 12/11/2028 †§x | Upstart | 12/14/2023 | 23318 | 23318 | 23600 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4111036, 17.640%, 12/11/2028 †§x | Upstart | 12/14/2023 | 22734 | 22734 | 22810 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4113922, 23.190%, 12/12/2028 †§x | Upstart | 12/15/2023 | 23250 | 23250 | 23522 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4114078, 16.940%, 12/12/2028 †x◇ | Upstart | 12/15/2023 | 25678 | 25678 | 25724 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4114952, 18.940%, 12/13/2028 †§x | Upstart | 12/18/2023 | 38195 | 38195 | 38524 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4115126, 18.400%, 12/12/2028 †§x | Upstart | 12/15/2023 | 28017 | 28017 | 28067 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4116081, 20.460%, 12/26/2028 †§x | Upstart | 12/29/2023 | 23127 | 23127 | 23422 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4116124, 14.980%, 12/18/2028 †§x | Upstart | 12/21/2023 | 21973 | 21973 | 22085 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4116869, 13.770%, 12/13/2028 †§x | Upstart | 12/18/2023 | 35978 | 35978 | 36609 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4117072, 17.660%, 12/24/2028 †§x | Upstart | 12/18/2023 | 30131 | 30131 | 30242 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4117451, 13.870%, 12/13/2028 †§x | Upstart | 12/18/2023 | 20931 | 20931 | 21024 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4117788, 23.500%, 12/14/2028 †x◇ | Upstart | 12/19/2023 | 20248 | 20248 | 20496 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4118068, 14.880%, 12/14/2028 †§x | Upstart | 12/19/2023 | 30898 | 30898 | 31037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4118273, 19.270%, 5/14/2029 †x | Upstart | 12/19/2023 | 40624 | 40624 | 38261 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4119631, 21.270%, 12/14/2028 †§x# | Upstart | 12/19/2023 | 39487 | 39487 | 37538 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4120273, 16.030%, 12/15/2028 †§x | Upstart | 12/20/2023 | 29815 | 29815 | 29923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4121599, 19.930%, 12/18/2028 †§x | Upstart | 12/21/2023 | 19982 | 19982 | 20184 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4122672, 12.970%, 12/18/2028 †§x | Upstart | 12/21/2023 | 36592 | 36592 | 37285 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4122830, 17.680%, 12/18/2028 †x◇ | Upstart | 12/21/2023 | 26243 | 26243 | 26043 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4124117, 17.990%, 12/18/2028 †§x | Upstart | 12/21/2023 | 29619 | 29619 | 29761 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4124150, 14.800%, 12/18/2028 †§x | Upstart | 12/21/2023 | 37191 | 37191 | 37391 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4125504, 17.760%, 12/19/2028 †§x | Upstart | 12/22/2023 | 37918 | 37918 | 38111 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4125577, 14.270%, 12/19/2028 †§x | Upstart | 12/22/2023 | 37077 | 37077 | 37289 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**278** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4127961, 19.380%, 12/20/2028 †§x | Upstart | 12/26/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21166 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4128445, 16.630%, 12/20/2028 †§x | Upstart | 12/26/2023 | 29822 | 29822 | 29986 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4129347, 13.830%, 12/21/2028 †§x | Upstart | 12/27/2023 | 29282 | 29282 | 29466 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4129567, 17.380%, 12/21/2028 †§x | Upstart | 12/27/2023 | 20282 | 20282 | 20338 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4129588, 20.390%, 12/28/2028 †x◇ | Upstart | 12/27/2023 | 34311 | 34311 | 34292 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4130194, 22.730%, 5/21/2029 †x# | Upstart | 12/27/2023 | 21213 | 21213 | 21391 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4130355, 20.520%, 12/21/2028 †§x | Upstart | 12/27/2023 | 38521 | 38521 | 38943 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4130386, 23.210%, 12/21/2028 †§x | Upstart | 12/27/2023 | 20695 | 20695 | 21019 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4130403, 16.800%, 12/21/2028 †§x | Upstart | 12/27/2023 | 22608 | 22608 | 22737 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4132979, 13.380%, 5/26/2029 †x◇ | Upstart | 12/29/2023 | 41026 | 41026 | 41681 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133064, 21.250%, 12/26/2028 †§x | Upstart | 12/29/2023 | 21398 | 21398 | 21789 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133129, 18.480%, 12/26/2028 †§x | Upstart | 12/29/2023 | 28803 | 28803 | 29100 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133241, 18.790%, 12/26/2028 †§x | Upstart | 12/29/2023 | 25417 | 25417 | 25749 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133279, 22.720%, 12/26/2028 †§x | Upstart | 12/29/2023 | 33615 | 33615 | 34141 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133444, 16.020%, 12/26/2028 †§x# | Upstart | 12/29/2023 | 38568 | 38568 | 38695 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133478, 23.000%, 6/10/2029 †x | Upstart | 12/29/2023 | 20786 | 20786 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133520, 20.740%, 12/26/2028 †§x | Upstart | 12/29/2023 | 38611 | 38611 | 39332 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133541, 19.800%, 12/26/2028 †§x | Upstart | 12/29/2023 | 29563 | 29563 | 29944 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133607, 22.380%, 5/26/2029 †x#◇ | Upstart | 12/29/2023 | 22390 | 22390 | 22541 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133729, 22.730%, 12/26/2028 †§x | Upstart | 12/29/2023 | 27203 | 27203 | 27691 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4133743, 15.470%, 12/26/2028 †§x# | Upstart | 12/29/2023 | 38073 | 38073 | 38271 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4134632, 18.130%, 12/26/2028 †§x | Upstart | 12/29/2023 | 29338 | 29338 | 29900 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4135183, 19.360%, 12/26/2028 †§x | Upstart | 12/29/2023 | 34754 | 34754 | 35106 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4135333, 21.590%, 12/27/2028 †§x | Upstart | 1/02/2024 | 38107 | 38107 | 38801 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4135803, 19.220%, 12/26/2028 †x◇ | Upstart | 12/29/2023 | 29898 | 29898 | 30201 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4135949, 14.720%, 12/26/2028 †§x | Upstart | 12/29/2023 | 37188 | 37188 | 37456 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4136227, 12.650%, 12/27/2028 †§x | Upstart | 1/02/2024 | 22728 | 22728 | 23193 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4136237, 19.230%, 12/27/2028 †§x | Upstart | 1/02/2024 | 21395 | 21395 | 21566 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4136541, 21.570%, 5/27/2029 †x | Upstart | 1/02/2024 | 24767 | 24767 | 24814 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4136840, 22.340%, 12/27/2028 †§x | Upstart | 1/02/2024 | 31769 | 31769 | 32146 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4136912, 21.360%, 12/27/2028 †§x# | Upstart | 1/02/2024 | 20993 | 20993 | 21360 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4136993, 21.570%, 1/02/2029 †§x | Upstart | 1/05/2024 | 39431 | 39431 | 39544 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4138050, 20.500%, 12/28/2028 †§x | Upstart | 1/03/2024 | 20899 | 20899 | 21037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4138762, 14.390%, 12/28/2028 †§x | Upstart | 1/03/2024 | 37109 | 37109 | 37850 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4139087, 17.230%, 12/28/2028 †§x | Upstart | 1/03/2024 | 35789 | 35789 | 36044 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4139254, 22.620%, 12/28/2028 †§x | Upstart | 1/03/2024 | 38919 | 38919 | 39655 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4140425, 20.210%, 1/01/2029 †§x | Upstart | 1/04/2024 | 39251 | 39251 | 39952 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4140572, 21.910%, 1/01/2029 †§x | Upstart | 1/04/2024 | 28675 | 28675 | 29227 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4141060, 12.450%, 1/01/2029 †§x | Upstart | 1/04/2024 | 35972 | 35972 | 36716 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4142638, 12.450%, 1/02/2029 †§x | Upstart | 1/05/2024 | 37354 | 37354 | 37858 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4144350, 13.230%, 1/02/2029 †§x | Upstart | 1/05/2024 | 33916 | 33916 | 34363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4145869, 19.180%, 1/03/2027 †§x | Upstart | 1/08/2024 | 21654 | 21654 | 21596 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4149515, 16.820%, 1/04/2029 †§x | Upstart | 1/09/2024 | 38575 | 38575 | 38318 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4149634, 19.880%, 1/04/2029 †§x | Upstart | 1/09/2024 | 39070 | 39070 | 39218 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4149669, 18.450%, 1/05/2029 †§x | Upstart | 1/10/2024 | 38745 | 38745 | 38549 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4149851, 19.030%, 1/05/2029 †§x | Upstart | 1/10/2024 | 38878 | 38878 | 38676 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4151108, 18.840%, 1/05/2027 †§x | Upstart | 1/10/2024 | 26957 | 26957 | 26898 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4152607, 13.690%, 1/08/2029 †§x | Upstart | 1/11/2024 | 21083 | 21083 | 21009 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4154902, 14.520%, 1/09/2029 †§x | Upstart | 1/12/2024 | 37809 | 37809 | 37676 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4155599, 13.940%, 1/09/2029 †§x | Upstart | 1/12/2024 | 37710 | 37710 | 37583 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4156443, 20.110%, 1/25/2029 †§x | Upstart | 1/16/2024 | 39562 | 39562 | 39561 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4156734, 19.330%, 1/09/2029 †§x | Upstart | 1/12/2024 | 26793 | 26793 | 26630 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4157532, 12.550%, 1/10/2029 †§x# | Upstart | 1/16/2024 | 38099 | 38099 | 36391 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4158073, 20.370%, 1/10/2029 †§x | Upstart | 1/16/2024 | 35424 | 35424 | 35613 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4159203, 18.480%, 1/11/2029 †§x | Upstart | 1/17/2024 | 20151 | 20151 | 20273 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4161642, 21.360%, 1/12/2029 †§x | Upstart | 1/18/2024 | 26708 | 26708 | 26858 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**279** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4161703, 21.610%, 1/12/2029 †§x | Upstart | 1/18/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39182 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4162506, 17.220%, 1/12/2029 †§x | Upstart | 1/18/2024 | 21542 | 21542 | 21469 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4162525, 13.090%, 1/12/2029 †§x | Upstart | 1/18/2024 | 33905 | 33905 | 34402 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4163161, 14.320%, 1/16/2029 †§x | Upstart | 1/19/2024 | 30239 | 30239 | 30180 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4163648, 20.610%, 1/16/2029 †§x | Upstart | 1/19/2024 | 26204 | 26204 | 26121 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4163793, 20.090%, 1/16/2029 †§x | Upstart | 1/19/2024 | 31954 | 31954 | 32419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4165589, 20.290%, 1/16/2029 †§x | Upstart | 1/19/2024 | 25781 | 25781 | 25693 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4167726, 14.670%, 1/17/2029 †§x | Upstart | 1/22/2024 | 37693 | 37693 | 37621 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4168631, 13.480%, 1/17/2029 †§x | Upstart | 1/22/2024 | 22531 | 22531 | 22873 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4168928, 21.050%, 1/17/2029 †§x | Upstart | 1/22/2024 | 25744 | 25744 | 25925 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4169887, 19.550%, 2/01/2029 †§x | Upstart | 2/01/2024 | 39759 | 39759 | 39378 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4170059, 14.860%, 1/18/2029 †§x | Upstart | 1/23/2024 | 21012 | 21012 | 20973 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4171067, 11.890%, 1/19/2029 †§x | Upstart | 1/24/2024 | 32007 | 32007 | 32523 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4171375, 19.590%, 1/19/2029 †§x | Upstart | 1/24/2024 | 26031 | 26031 | 25961 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4171388, 15.910%, 1/19/2029 †§x | Upstart | 1/24/2024 | 21603 | 21603 | 21567 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4171523, 18.430%, 1/19/2029 †§x | Upstart | 1/24/2024 | 32295 | 32295 | 32552 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4171965, 19.910%, 1/19/2029 †§x | Upstart | 1/24/2024 | 25869 | 25869 | 26066 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4172587, 13.920%, 1/22/2029 †§x | Upstart | 1/25/2024 | 27580 | 27580 | 27528 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4172659, 17.550%, 1/22/2029 †x◇ | Upstart | 1/25/2024 | 22713 | 22713 | 22680 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4172928, 19.310%, 1/22/2029 †§x | Upstart | 1/25/2024 | 30780 | 30780 | 30721 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4173029, 23.560%, 1/22/2029 †§x | Upstart | 1/25/2024 | 39859 | 39859 | 40484 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4173563, 21.840%, 1/22/2029 †§x | Upstart | 1/25/2024 | 27065 | 27065 | 27477 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4173845, 13.350%, 1/22/2029 †§x | Upstart | 1/25/2024 | 22540 | 22540 | 22899 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4173921, 17.080%, 1/22/2029 †x◇ | Upstart | 1/25/2024 | 38346 | 38346 | 38297 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4173986, 17.010%, 1/22/2029 †x◇ | Upstart | 1/25/2024 | 37346 | 37346 | 37300 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4174060, 19.170%, 1/22/2029 †§x | Upstart | 1/25/2024 | 38132 | 38132 | 38782 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4174290, 18.520%, 1/22/2029 †x◇ | Upstart | 1/25/2024 | 24487 | 24487 | 23033 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4174362, 21.970%, 1/22/2029 †x◇ | Upstart | 1/25/2024 | 33356 | 33356 | 33895 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4174393, 23.270%, 7/01/2029 †x# | Upstart | 1/25/2024 | 35380 | 35380 | 35165 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4174488, 16.320%, 6/22/2029 †x | Upstart | 1/25/2024 | 37142 | 37142 | 36853 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4174745, 14.320%, 1/22/2029 †§x | Upstart | 1/25/2024 | 25348 | 25348 | 25722 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4175801, 20.820%, 1/22/2029 †§x | Upstart | 1/25/2024 | 39273 | 39273 | 39607 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4176633, 14.770%, 1/23/2029 †§x | Upstart | 1/26/2024 | 26017 | 26017 | 25999 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4176854, 15.650%, 1/23/2029 †x◇ | Upstart | 1/26/2024 | 24390 | 24390 | 24761 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4177176, 15.020%, 1/23/2029 †§x | Upstart | 1/26/2024 | 24524 | 24524 | 24509 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4177650, 21.620%, 1/23/2029 †§x | Upstart | 1/26/2024 | 22256 | 22256 | 22213 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4177921, 19.690%, 2/01/2029 †§x# | Upstart | 1/26/2024 | 36037 | 36037 | 35852 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4178089, 16.870%, 1/24/2029 †x◇ | Upstart | 1/29/2024 | 21915 | 21915 | 22215 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4178092, 19.470%, 1/24/2029 †§x | Upstart | 1/29/2024 | 27114 | 27114 | 27359 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179102, 15.980%, 1/25/2027 †§x# | Upstart | 1/30/2024 | 25454 | 25454 | 25364 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179114, 13.100%, 1/25/2029 †x | Upstart | 1/30/2024 | 35820 | 35820 | 36405 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179122, 23.540%, 1/24/2029 †§x | Upstart | 1/29/2024 | 32842 | 32842 | 33763 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179177, 18.860%, 1/24/2029 †§x# | Upstart | 1/29/2024 | 33183 | 33183 | 33406 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179225, 15.130%, 1/24/2029 †§x | Upstart | 1/29/2024 | 37989 | 37989 | 37973 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179301, 16.870%, 1/24/2029 †§x | Upstart | 1/29/2024 | 25664 | 25664 | 25634 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179333, 18.400%, 1/24/2029 †x◇ | Upstart | 1/29/2024 | 38908 | 38908 | 38799 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179367, 20.010%, 1/24/2029 †§x | Upstart | 1/29/2024 | 34903 | 34903 | 34849 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179498, 19.080%, 1/24/2029 †§x | Upstart | 1/29/2024 | 32956 | 32956 | 33120 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179520, 11.190%, 1/26/2029 †§x | Upstart | 1/29/2024 | 37010 | 37010 | 38043 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179628, 23.200%, 1/24/2029 †§x | Upstart | 1/29/2024 | 27178 | 27178 | 27941 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179630, 19.550%, 1/24/2029 †§x | Upstart | 1/29/2024 | 31976 | 31976 | 31935 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4179839, 19.030%, 1/28/2029 †§x | Upstart | 1/30/2024 | 26180 | 26180 | 26428 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180004, 18.470%, 6/25/2029 †x# | Upstart | 1/30/2024 | 36181 | 36181 | 35890 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180028, 24.210%, 6/25/2029 †x | Upstart | 1/30/2024 | 20547 | 20547 | 20398 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180629, 17.260%, 1/25/2029 †x | Upstart | 1/30/2024 | 23088 | 23088 | 23074 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180631, 23.800%, 1/25/2029 †§x# | Upstart | 1/30/2024 | 22013 | 22013 | 22075 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**280** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180640, 17.340%, 1/25/2029 †§x | Upstart | 1/30/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26102 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180757, 22.180%, 1/25/2029 †§x | Upstart | 1/30/2024 | 39483 | 39483 | 39835 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180785, 23.520%, 1/25/2029 †§x | Upstart | 1/30/2024 | 39649 | 39649 | 39987 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180898, 14.340%, 1/25/2029 †§x | Upstart | 1/30/2024 | 33643 | 33643 | 33640 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4180902, 16.140%, 1/25/2029 †§x | Upstart | 1/30/2024 | 22901 | 22901 | 22891 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181016, 20.580%, 6/25/2029 †x | Upstart | 1/30/2024 | 33910 | 33910 | 33706 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181031, 14.290%, 1/25/2029 †§x | Upstart | 1/30/2024 | 21012 | 21012 | 21010 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181032, 11.970%, 1/25/2029 †§x | Upstart | 1/30/2024 | 22236 | 22236 | 22243 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181123, 21.820%, 1/25/2029 †§x | Upstart | 1/30/2024 | 30645 | 30645 | 31172 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181290, 17.430%, 2/01/2029 †§x# | Upstart | 1/30/2024 | 24976 | 24976 | 24912 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181364, 16.210%, 1/25/2029 †§x | Upstart | 1/30/2024 | 38241 | 38241 | 38224 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181373, 14.400%, 2/01/2029 †§x | Upstart | 2/05/2024 | 37607 | 37607 | 37698 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181401, 10.830%, 6/25/2029 †x# | Upstart | 1/30/2024 | 21755 | 21755 | 22371 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181436, 14.830%, 1/25/2029 †§x | Upstart | 1/30/2024 | 25539 | 25539 | 25531 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181618, 20.390%, 1/26/2029 †§x | Upstart | 1/31/2024 | 39236 | 39236 | 39500 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181647, 14.110%, 1/26/2029 †§x | Upstart | 1/31/2024 | 33976 | 33976 | 33982 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181714, 16.730%, 1/26/2029 †§x | Upstart | 1/31/2024 | 38227 | 38227 | 38212 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181739, 20.320%, 1/26/2029 †§x | Upstart | 1/31/2024 | 35471 | 35471 | 35710 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181758, 23.090%, 1/26/2029 †§x | Upstart | 1/31/2024 | 39760 | 39760 | 40120 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4181882, 19.790%, 1/26/2029 †§x | Upstart | 1/31/2024 | 23427 | 23427 | 23658 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182024, 13.840%, 1/26/2029 †x | Upstart | 1/31/2024 | 29960 | 29960 | 29963 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182122, 18.690%, 1/26/2029 †x◇ | Upstart | 1/31/2024 | 30993 | 30993 | 30971 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182150, 11.560%, 1/26/2029 †§x | Upstart | 1/31/2024 | 27510 | 27510 | 27944 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182246, 24.000%, 1/26/2029 †§x | Upstart | 1/31/2024 | 23971 | 23971 | 24184 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182250, 21.070%, 1/26/2029 †§x | Upstart | 1/31/2024 | 28158 | 28158 | 28414 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182426, 18.270%, 1/26/2029 †§x | Upstart | 1/31/2024 | 28477 | 28477 | 28456 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182565, 19.390%, 1/26/2029 †§x | Upstart | 1/31/2024 | 28804 | 28804 | 28871 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182600, 16.530%, 2/10/2029 †x | Upstart | 1/31/2024 | 35231 | 35231 | 35098 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182740, 21.930%, 1/26/2029 †x | Upstart | 1/31/2024 | 39531 | 39531 | 39901 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182767, 12.420%, 1/26/2029 †§x | Upstart | 1/31/2024 | 34957 | 34957 | 35547 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182863, 17.640%, 1/26/2029 †§x | Upstart | 1/31/2024 | 35192 | 35192 | 35169 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182974, 19.290%, 1/26/2029 †§x | Upstart | 1/31/2024 | 22919 | 22919 | 22891 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4182998, 21.130%, 2/01/2029 †§x | Upstart | 2/01/2024 | 40329 | 40329 | 40219 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183083, 20.320%, 2/01/2029 †§x | Upstart | 2/01/2024 | 39913 | 39913 | 40082 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183097, 19.940%, 2/01/2029 †§x | Upstart | 2/01/2024 | 38908 | 38908 | 38881 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183262, 14.550%, 2/01/2029 †§x | Upstart | 2/01/2024 | 37301 | 37301 | 37319 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183305, 16.550%, 2/01/2029 †x | Upstart | 2/01/2024 | 23448 | 23448 | 23404 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183385, 19.830%, 2/04/2029 †§x | Upstart | 2/01/2024 | 31570 | 31570 | 31488 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183457, 16.600%, 2/01/2029 †§x | Upstart | 2/01/2024 | 35182 | 35182 | 34865 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183530, 23.540%, 2/01/2029 †§x | Upstart | 2/01/2024 | 29067 | 29067 | 29242 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183541, 22.240%, 2/01/2029 †§x | Upstart | 2/01/2024 | 40496 | 40496 | 40372 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183571, 23.190%, 2/01/2029 †§x | Upstart | 2/01/2024 | 40523 | 40523 | 40658 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183680, 12.870%, 2/01/2029 †§x | Upstart | 2/01/2024 | 26762 | 26762 | 27083 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183688, 23.240%, 2/01/2029 †§x | Upstart | 2/01/2024 | 24319 | 24319 | 24400 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183727, 14.570%, 2/01/2029 †§x | Upstart | 2/01/2024 | 25243 | 25243 | 25257 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183828, 21.070%, 2/01/2029 †§x | Upstart | 2/01/2024 | 31489 | 31489 | 31823 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183843, 18.650%, 2/01/2029 †§x | Upstart | 2/01/2024 | 22866 | 22866 | 23123 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183857, 15.900%, 2/01/2029 †§x | Upstart | 2/01/2024 | 38931 | 38931 | 38586 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183896, 22.520%, 2/01/2029 †§x | Upstart | 2/01/2024 | 40387 | 40387 | 40531 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183930, 17.540%, 2/01/2029 †x◇ | Upstart | 2/01/2024 | 26002 | 26002 | 25989 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183944, 15.650%, 2/01/2029 †§x | Upstart | 2/01/2024 | 25852 | 25852 | 25866 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4183957, 20.080%, 2/01/2029 †§x | Upstart | 2/01/2024 | 23861 | 23861 | 23950 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184211, 10.130%, 2/01/2029 †§x | Upstart | 2/01/2024 | 30586 | 30586 | 31370 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184213, 13.920%, 2/16/2029 †§x | Upstart | 2/01/2024 | 38684 | 38684 | 38361 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184231, 16.820%, 7/01/2029 †x# | Upstart | 2/01/2024 | 24801 | 24801 | 24454 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184370, 17.470%, 2/01/2029 †§x | Upstart | 2/01/2024 | 36539 | 36539 | 36463 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**281** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184391, 12.430%, 2/01/2029 †§x | Upstart | 2/01/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23912 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184392, 13.730%, 7/01/2029 †x# | Upstart | 2/01/2024 | 31554 | 31554 | 31181 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184586, 16.910%, 2/01/2029 †§x | Upstart | 2/01/2024 | 30553 | 30553 | 30558 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184782, 20.140%, 2/01/2029 †§x | Upstart | 2/01/2024 | 27912 | 27912 | 28032 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4184785, 20.540%, 7/01/2029 †x | Upstart | 2/01/2024 | 43619 | 43619 | 42886 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186019, 23.500%, 2/01/2029 †x | Upstart | 2/02/2024 | 21082 | 21082 | 20919 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186104, 12.470%, 2/01/2029 †§x | Upstart | 2/02/2024 | 38114 | 38114 | 38526 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186360, 18.920%, 2/01/2029 †§x | Upstart | 2/02/2024 | 40235 | 40235 | 39874 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186479, 15.540%, 2/01/2029 †§x | Upstart | 2/02/2024 | 38821 | 38821 | 38381 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186497, 22.640%, 7/01/2029 †x | Upstart | 2/02/2024 | 24356 | 24356 | 23971 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186534, 16.470%, 2/01/2027 †§x | Upstart | 2/02/2024 | 20940 | 20940 | 20732 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186546, 15.570%, 2/06/2029 †§x# | Upstart | 2/02/2024 | 38220 | 38220 | 37852 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186555, 21.940%, 2/01/2029 †§x | Upstart | 2/02/2024 | 29060 | 29060 | 29583 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186629, 21.650%, 2/01/2029 †§x | Upstart | 2/02/2024 | 39373 | 39373 | 39480 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186690, 18.720%, 2/01/2029 †§x | Upstart | 2/02/2024 | 20240 | 20240 | 20253 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186699, 15.840%, 2/01/2029 †x | Upstart | 2/02/2024 | 38891 | 38891 | 38448 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186886, 14.520%, 2/01/2029 †§x | Upstart | 2/02/2024 | 25084 | 25084 | 25333 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4186938, 23.570%, 2/15/2029 †§x | Upstart | 2/02/2024 | 35167 | 35167 | 35119 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187021, 24.410%, 2/01/2029 †§x | Upstart | 2/02/2024 | 34864 | 34864 | 34799 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187185, 15.410%, 2/01/2029 †§x | Upstart | 2/02/2024 | 38792 | 38792 | 38354 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187365, 16.680%, 2/01/2029 †§x# | Upstart | 2/05/2024 | 22693 | 22693 | 22514 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187437, 20.530%, 2/01/2029 †§x | Upstart | 2/02/2024 | 39921 | 39921 | 39645 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187500, 16.820%, 2/01/2029 †§x | Upstart | 2/02/2024 | 39110 | 39110 | 38655 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187526, 16.990%, 2/01/2029 †§x | Upstart | 2/02/2024 | 31004 | 31004 | 30643 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187537, 23.300%, 2/01/2029 †§x | Upstart | 2/02/2024 | 32806 | 32806 | 32756 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187588, 13.190%, 7/01/2029 †x | Upstart | 2/02/2024 | 30031 | 30031 | 30328 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187636, 10.330%, 2/01/2029 †§x | Upstart | 2/02/2024 | 29105 | 29105 | 29825 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187787, 15.410%, 2/01/2029 †x | Upstart | 2/02/2024 | 27155 | 27155 | 26848 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4187901, 14.790%, 2/03/2029 †§x | Upstart | 2/02/2024 | 38676 | 38676 | 38245 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188158, 17.750%, 2/01/2029 †§x | Upstart | 2/05/2024 | 21398 | 21398 | 21413 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188301, 19.370%, 2/01/2029 †§x | Upstart | 2/05/2024 | 31394 | 31394 | 31315 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188337, 20.990%, 2/01/2029 †§x | Upstart | 2/05/2024 | 27108 | 27108 | 27027 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188677, 21.590%, 2/01/2029 †§x | Upstart | 2/05/2024 | 40108 | 40108 | 40120 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188777, 16.500%, 2/01/2029 †§x | Upstart | 2/05/2024 | 21426 | 21426 | 21447 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188788, 22.530%, 2/01/2029 †§x | Upstart | 2/05/2024 | 35465 | 35465 | 35466 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188951, 11.240%, 2/01/2029 †§x | Upstart | 2/05/2024 | 19680 | 19680 | 20147 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4188962, 21.070%, 2/01/2029 †§x | Upstart | 2/05/2024 | 39999 | 39999 | 39879 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4189122, 21.400%, 2/01/2029 †§x | Upstart | 2/05/2024 | 29251 | 29251 | 29161 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4189320, 15.290%, 2/01/2029 †§x | Upstart | 2/05/2024 | 22925 | 22925 | 22972 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4212906, 16.090%, 2/20/2029 †§x | Upstart | 2/23/2024 | 26770 | 26770 | 26731 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4212923, 18.600%, 2/20/2029 †§x | Upstart | 2/23/2024 | 25242 | 25242 | 25409 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213083, 18.200%, 2/20/2029 †§x | Upstart | 2/23/2024 | 39354 | 39354 | 39289 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213103, 19.040%, 2/20/2029 †§x | Upstart | 2/23/2024 | 39540 | 39540 | 39466 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213179, 17.410%, 2/20/2029 †§x | Upstart | 2/23/2024 | 23882 | 23882 | 23845 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213250, 13.840%, 2/20/2029 †§x | Upstart | 2/23/2024 | 38049 | 38049 | 38602 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213328, 18.190%, 2/20/2029 †§x | Upstart | 2/23/2024 | 39352 | 39352 | 39618 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213364, 15.650%, 2/20/2029 †§x | Upstart | 2/23/2024 | 38665 | 38665 | 38621 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213401, 20.910%, 7/20/2029 †x# | Upstart | 2/23/2024 | 20507 | 20507 | 20599 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213460, 21.960%, 2/20/2029 †§x | Upstart | 2/23/2024 | 40144 | 40144 | 40375 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213498, 15.510%, 2/20/2029 †§x | Upstart | 2/23/2024 | 23260 | 23260 | 23236 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213543, 15.130%, 2/20/2029 †§x | Upstart | 2/23/2024 | 21863 | 21863 | 21842 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213550, 20.270%, 2/20/2029 †§x | Upstart | 2/23/2024 | 39452 | 39452 | 39689 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213569, 20.950%, 2/20/2029 †§x | Upstart | 2/23/2024 | 23960 | 23960 | 23904 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213646, 18.010%, 2/20/2029 †§x | Upstart | 2/23/2024 | 34989 | 34989 | 35227 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213863, 15.250%, 2/20/2029 †x | Upstart | 2/23/2024 | 28876 | 28876 | 28848 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4213889, 15.720%, 2/20/2029 †§x | Upstart | 2/23/2024 | 31237 | 31237 | 31150 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**282** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4214008, 19.840%, 7/20/2029 †x# | Upstart | 2/23/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20466 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4214487, 20.300%, 2/20/2029 †§x | Upstart | 2/23/2024 | 39797 | 39797 | 40044 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4215257, 16.850%, 2/20/2029 †x◇ | Upstart | 2/23/2024 | 23438 | 23438 | 23406 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4216749, 16.550%, 2/20/2029 †§x# | Upstart | 2/23/2024 | 39966 | 39966 | 38118 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4217542, 21.100%, 2/20/2029 †§x | Upstart | 2/23/2024 | 25142 | 25142 | 25364 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4217686, 20.880%, 2/21/2029 †§x | Upstart | 2/26/2024 | 25390 | 25390 | 25550 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4217780, 22.810%, 2/21/2029 †§x | Upstart | 2/26/2024 | 25899 | 25899 | 24714 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4217823, 16.220%, 2/21/2029 †§x | Upstart | 2/26/2024 | 27757 | 27757 | 27717 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4218316, 19.010%, 2/21/2029 †§x | Upstart | 2/26/2024 | 38739 | 38739 | 39152 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4219032, 17.830%, 2/21/2029 †§x | Upstart | 2/26/2024 | 39274 | 39274 | 39221 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4219142, 18.340%, 2/22/2029 †§x | Upstart | 2/27/2024 | 39382 | 39382 | 39332 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4219345, 19.660%, 2/22/2029 †§x | Upstart | 2/27/2024 | 20589 | 20589 | 20731 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4219594, 22.730%, 2/22/2029 †§x | Upstart | 2/27/2024 | 28455 | 28455 | 28757 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4220170, 20.440%, 7/22/2029 †x# | Upstart | 2/27/2024 | 36415 | 36415 | 34106 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4220350, 16.940%, 2/22/2029 †x◇ | Upstart | 2/27/2024 | 20322 | 20322 | 20303 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4220385, 17.370%, 2/22/2029 †§x | Upstart | 2/27/2024 | 26484 | 26484 | 26456 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4220402, 23.370%, 2/22/2029 †§x | Upstart | 2/27/2024 | 31697 | 31697 | 32391 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4220438, 17.050%, 2/22/2029 †§x | Upstart | 2/27/2024 | 33240 | 33240 | 33208 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4220505, 13.720%, 2/22/2029 †§x | Upstart | 2/27/2024 | 38362 | 38362 | 38356 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4220558, 22.420%, 2/23/2029 †§x | Upstart | 2/28/2024 | 20924 | 20924 | 21155 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4221087, 11.950%, 2/23/2029 †§x | Upstart | 2/28/2024 | 20968 | 20968 | 21296 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4221267, 15.700%, 2/23/2029 †§x | Upstart | 2/28/2024 | 23282 | 23282 | 23272 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4221425, 21.930%, 2/23/2029 †§x | Upstart | 2/28/2024 | 24086 | 24086 | 24356 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4221468, 21.290%, 2/23/2029 †§x | Upstart | 2/28/2024 | 34244 | 34244 | 34633 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4221848, 17.570%, 2/23/2029 †§x | Upstart | 2/28/2024 | 39213 | 39213 | 39517 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4221897, 15.820%, 2/27/2029 †§x# | Upstart | 3/01/2024 | 25974 | 25974 | 25973 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4221942, 23.570%, 2/23/2029 †§x | Upstart | 2/28/2024 | 21829 | 21829 | 22061 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225194, 21.670%, 2/27/2029 †§x | Upstart | 3/01/2024 | 26106 | 26106 | 26707 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225233, 21.760%, 2/27/2029 †§x | Upstart | 3/01/2024 | 31644 | 31644 | 32029 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225247, 17.530%, 2/27/2029 †§x | Upstart | 3/01/2024 | 38950 | 38950 | 38944 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225250, 16.410%, 2/27/2029 †§x | Upstart | 3/01/2024 | 21975 | 21975 | 21980 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225266, 21.910%, 2/27/2029 †§x# | Upstart | 3/01/2024 | 37092 | 37092 | 37264 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225314, 15.300%, 2/27/2029 †§x | Upstart | 3/01/2024 | 25656 | 25656 | 25657 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225440, 23.600%, 2/27/2029 †§x | Upstart | 3/01/2024 | 35618 | 35618 | 35876 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225449, 24.290%, 2/27/2029 †§x# | Upstart | 3/01/2024 | 31519 | 31519 | 31890 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225497, 20.080%, 2/27/2029 †§x | Upstart | 3/01/2024 | 23752 | 23752 | 24058 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225577, 18.150%, 2/27/2029 †§x | Upstart | 3/01/2024 | 35296 | 35296 | 35283 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225586, 17.160%, 2/27/2029 †§x | Upstart | 3/01/2024 | 38860 | 38860 | 38857 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225615, 17.130%, 2/27/2029 †x◇ | Upstart | 3/01/2024 | 35498 | 35498 | 35371 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225740, 12.890%, 2/27/2029 †§x | Upstart | 3/01/2024 | 35264 | 35264 | 35825 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225770, 21.260%, 2/27/2029 †§x | Upstart | 3/01/2024 | 21577 | 21577 | 21746 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225812, 18.000%, 2/27/2029 †§x | Upstart | 3/01/2024 | 30900 | 30900 | 30896 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4225958, 17.470%, 2/27/2029 †§x | Upstart | 3/01/2024 | 21133 | 21133 | 21133 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226089, 17.950%, 2/27/2029 †§x | Upstart | 3/01/2024 | 26726 | 26726 | 26723 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226091, 23.060%, 2/27/2029 †§x# | Upstart | 3/01/2024 | 24591 | 24591 | 24890 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226156, 13.570%, 2/27/2029 †§x | Upstart | 3/01/2024 | 25985 | 25985 | 26393 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226159, 15.080%, 2/27/2029 †§x | Upstart | 3/01/2024 | 38673 | 38673 | 38696 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226685, 19.920%, 2/27/2029 †§x | Upstart | 3/01/2024 | 40553 | 40553 | 40646 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226827, 16.570%, 2/28/2029 †§x | Upstart | 3/04/2024 | 34865 | 34865 | 34871 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226858, 12.890%, 2/28/2029 †§x | Upstart | 3/04/2024 | 19848 | 19848 | 20170 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4226907, 18.790%, 2/28/2029 †§x | Upstart | 3/04/2024 | 39481 | 39481 | 39478 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227048, 19.270%, 2/28/2029 †§x | Upstart | 3/04/2024 | 31639 | 31639 | 31632 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227281, 16.950%, 2/28/2029 †§x | Upstart | 3/04/2024 | 22708 | 22708 | 22672 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227329, 16.370%, 2/28/2029 †x◇ | Upstart | 3/04/2024 | 27902 | 27902 | 27913 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227369, 18.170%, 2/28/2029 †§x | Upstart | 3/04/2024 | 31242 | 31242 | 31513 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227460, 11.610%, 2/28/2029 †§x | Upstart | 3/04/2024 | 23255 | 23255 | 23645 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**283** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227574, 23.670%, 2/28/2029 †§x# | Upstart | 3/04/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33183 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227640, 17.910%, 2/28/2029 †§x | Upstart | 3/04/2024 | 40350 | 40350 | 39966 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227642, 16.110%, 2/28/2029 †§x | Upstart | 3/04/2024 | 24408 | 24408 | 24413 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4227806, 22.670%, 2/28/2029 †§x | Upstart | 3/04/2024 | 22554 | 22554 | 23099 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228056, 18.190%, 2/28/2029 †§x | Upstart | 3/04/2024 | 27096 | 27096 | 27087 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228139, 18.760%, 2/28/2029 †§x | Upstart | 3/04/2024 | 27631 | 27631 | 27874 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228278, 12.880%, 2/28/2029 †§x | Upstart | 3/04/2024 | 25498 | 25498 | 25742 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228336, 21.060%, 2/28/2029 †§x | Upstart | 3/04/2024 | 23968 | 23968 | 23773 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228373, 21.700%, 3/01/2029 †§x | Upstart | 3/05/2024 | 31305 | 31305 | 31532 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228383, 20.200%, 3/01/2029 †§x | Upstart | 3/05/2024 | 40517 | 40517 | 40435 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228413, 12.830%, 3/01/2029 †x#◇ | Upstart | 3/05/2024 | 21637 | 21637 | 21873 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228428, 21.470%, 3/01/2029 †§x | Upstart | 3/05/2024 | 23085 | 23085 | 23030 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228562, 20.730%, 3/01/2029 †§x | Upstart | 3/05/2024 | 24572 | 24572 | 24772 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228894, 18.660%, 3/01/2029 †§x | Upstart | 3/05/2024 | 39856 | 39856 | 39864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4228916, 17.700%, 8/01/2029 †x# | Upstart | 3/05/2024 | 47339 | 47339 | 21502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4229060, 12.770%, 3/01/2029 †§x | Upstart | 3/05/2024 | 24632 | 24632 | 25024 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4229124, 15.370%, 3/01/2029 †§x | Upstart | 3/05/2024 | 22986 | 22986 | 23004 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4229191, 15.850%, 3/01/2029 †§x | Upstart | 3/05/2024 | 21876 | 21876 | 21894 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4229255, 18.940%, 3/01/2029 †§x | Upstart | 3/05/2024 | 39932 | 39932 | 40302 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4229369, 15.830%, 3/01/2029 †§x | Upstart | 3/05/2024 | 21577 | 21577 | 21383 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4229416, 18.570%, 3/01/2029 †x#◇ | Upstart | 3/05/2024 | 22813 | 22813 | 23019 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4229479, 16.830%, 3/01/2029 †§x | Upstart | 3/05/2024 | 39855 | 39855 | 39481 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4240598, 19.400%, 3/08/2029 †§x | Upstart | 3/13/2024 | 40319 | 40319 | 40224 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4240793, 18.260%, 3/08/2029 †§x | Upstart | 3/13/2024 | 40080 | 40080 | 39784 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4241157, 11.920%, 3/08/2029 †§x | Upstart | 3/13/2024 | 28948 | 28948 | 29320 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4241234, 21.870%, 3/08/2029 †§x | Upstart | 3/13/2024 | 26114 | 26114 | 26196 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4241455, 18.100%, 3/08/2029 †§x | Upstart | 3/13/2024 | 28318 | 28318 | 28116 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4241740, 19.660%, 3/11/2029 †x | Upstart | 3/14/2024 | 20198 | 20198 | 20184 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4241984, 22.450%, 3/11/2029 †§x | Upstart | 3/14/2024 | 21694 | 21694 | 21815 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4242069, 23.470%, 3/14/2029 †§x | Upstart | 3/14/2024 | 41206 | 41206 | 41270 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4242509, 12.990%, 3/11/2029 †§x | Upstart | 3/14/2024 | 25651 | 25651 | 25988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4243711, 17.230%, 3/11/2029 †§x | Upstart | 3/14/2024 | 39867 | 39867 | 39607 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4244431, 22.190%, 3/11/2029 †§x | Upstart | 3/14/2024 | 40906 | 40906 | 40980 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4244471, 23.150%, 3/11/2029 †§x | Upstart | 3/14/2024 | 22341 | 22341 | 22376 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4244936, 20.880%, 3/12/2029 †§x | Upstart | 3/15/2024 | 21258 | 21258 | 21230 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4244999, 23.570%, 8/12/2029 †x# | Upstart | 3/15/2024 | 29805 | 29805 | 29746 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4245099, 19.930%, 3/12/2029 †§x | Upstart | 3/15/2024 | 40488 | 40488 | 40434 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4245105, 13.920%, 3/12/2029 †§x | Upstart | 3/15/2024 | 22408 | 22408 | 22318 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4245487, 18.720%, 3/12/2029 †§x | Upstart | 3/15/2024 | 39922 | 39922 | 39997 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4245593, 21.450%, 8/18/2029 †x# | Upstart | 3/15/2024 | 24598 | 24598 | 24383 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4245974, 15.840%, 8/12/2029 †x# | Upstart | 3/15/2024 | 38276 | 38276 | 37976 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4245978, 21.600%, 3/12/2029 †§x | Upstart | 3/15/2024 | 23807 | 23807 | 23861 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4246245, 16.390%, 3/12/2029 †§x | Upstart | 3/15/2024 | 28315 | 28315 | 28142 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4246250, 21.020%, 3/12/2029 †§x | Upstart | 3/15/2024 | 36678 | 36678 | 36771 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4246691, 15.480%, 3/13/2029 †§x | Upstart | 3/18/2024 | 26581 | 26581 | 26474 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4247274, 19.650%, 3/13/2029 †§x | Upstart | 3/18/2024 | 34019 | 34019 | 33988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4247633, 23.200%, 8/13/2029 †x# | Upstart | 3/18/2024 | 43900 | 43900 | 43579 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4247673, 20.200%, 8/13/2029 †x# | Upstart | 3/18/2024 | 26686 | 26686 | 26306 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4273608, 18.140%, 4/01/2029 †x | Upstart | 4/04/2024 | 32572 | 32572 | 32228 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4274049, 20.730%, 4/01/2029 †x | Upstart | 4/04/2024 | 37248 | 37248 | 37089 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4274061, 23.130%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 22910 | 22910 | 22798 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4274144, 22.540%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 32404 | 32404 | 32268 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4274494, 18.300%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 34265 | 34265 | 34037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4274666, 23.470%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 24612 | 24612 | 24574 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4276498, 14.630%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 23505 | 23505 | 23313 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4276938, 17.160%, 4/01/2029 †x◇ | Upstart | 4/04/2024 | 40504 | 40504 | 40157 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**284** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277065, 17.110%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40157 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277698, 11.000%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 39209 | 39209 | 40110 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277812, 13.900%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 39830 | 39830 | 39528 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277853, 13.070%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 35452 | 35452 | 35871 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277915, 14.190%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 39892 | 39892 | 39587 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277929, 18.310%, 4/02/2029 †x# | Upstart | 4/05/2024 | 34928 | 34928 | 34626 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277977, 16.460%, 4/02/2029 †x#◇ | Upstart | 4/05/2024 | 27805 | 27805 | 27577 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4277999, 17.460%, 4/02/2029 †x | Upstart | 4/05/2024 | 40563 | 40563 | 40222 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4278037, 19.780%, 4/02/2029 †x | Upstart | 4/05/2024 | 41018 | 41018 | 40652 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4278040, 18.350%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 22814 | 22814 | 22737 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4278708, 21.360%, 4/02/2029 †x◇ | Upstart | 4/05/2024 | 39068 | 39068 | 38973 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4279841, 20.720%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 20601 | 20601 | 20530 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4280025, 12.220%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 39473 | 39473 | 39959 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4280070, 16.000%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 20302 | 20302 | 20109 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4280099, 22.120%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 31169 | 31169 | 30947 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4281135, 24.360%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 21442 | 21442 | 21419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4281172, 19.860%, 4/03/2029 †x◇ | Upstart | 4/08/2024 | 22590 | 22590 | 22294 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4281931, 10.810%, 4/08/2027 †x◇ | Upstart | 4/08/2024 | 29797 | 29797 | 29960 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4282326, 21.710%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 33205 | 33205 | 32995 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4282443, 12.590%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 35599 | 35599 | 36037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4282923, 21.390%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 38409 | 38409 | 38306 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4283001, 18.320%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 28493 | 28493 | 28260 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4283072, 18.120%, 9/04/2029 †x# | Upstart | 4/09/2024 | 47880 | 47880 | 21391 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4283113, 18.910%, 4/16/2029 †x◇ | Upstart | 4/09/2024 | 23263 | 23263 | 23127 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4283436, 19.080%, 4/04/2029 †x◇ | Upstart | 4/09/2024 | 32681 | 32681 | 32581 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4284148, 15.510%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 40168 | 40168 | 39874 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4284203, 17.040%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 32383 | 32383 | 32728 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4284227, 12.950%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 39546 | 39546 | 40030 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4284244, 22.080%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 41150 | 41150 | 40785 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4284642, 15.730%, 4/17/2029 †x◇ | Upstart | 4/10/2024 | 28293 | 28293 | 28037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4284795, 18.560%, 4/20/2029 †x◇ | Upstart | 4/10/2024 | 24681 | 24681 | 24545 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4285001, 11.420%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 39302 | 39302 | 40209 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4285086, 20.130%, 4/05/2029 †x◇ | Upstart | 4/10/2024 | 26907 | 26907 | 26682 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4285878, 12.230%, 4/08/2029 †§x | Upstart | 4/11/2024 | 39476 | 39476 | 39989 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286241, 20.870%, 4/08/2029 †§x | Upstart | 4/11/2024 | 20285 | 20285 | 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286252, 19.290%, 4/08/2029 †§x | Upstart | 4/11/2024 | 40924 | 40924 | 40616 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286527, 19.510%, 4/13/2029 †§x | Upstart | 4/11/2024 | 27692 | 27692 | 27632 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286762, 17.800%, 4/08/2029 †§x | Upstart | 4/11/2024 | 40631 | 40631 | 40339 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286804, 23.650%, 4/08/2029 †§x | Upstart | 4/11/2024 | 27663 | 27663 | 27628 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286820, 17.660%, 4/08/2029 †§x | Upstart | 4/11/2024 | 39225 | 39225 | 39124 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286938, 18.620%, 4/11/2029 †§x | Upstart | 4/11/2024 | 32684 | 32684 | 32385 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4286948, 14.020%, 4/15/2029 †§x | Upstart | 4/11/2024 | 36126 | 36126 | 35834 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4287558, 17.810%, 4/08/2029 †§x | Upstart | 4/11/2024 | 36734 | 36734 | 36470 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4287670, 24.460%, 4/08/2029 †§x | Upstart | 4/11/2024 | 40221 | 40221 | 40401 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4287841, 24.190%, 4/20/2029 †§x | Upstart | 4/11/2024 | 25310 | 25310 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4289368, 17.040%, 4/08/2029 †§x | Upstart | 4/11/2024 | 20806 | 20806 | 20660 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4289785, 18.080%, 4/10/2029 †§x | Upstart | 4/15/2024 | 38407 | 38407 | 38145 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290361, 15.850%, 4/08/2029 †§x | Upstart | 4/11/2024 | 27281 | 27281 | 27096 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290525, 19.140%, 4/09/2029 †§x | Upstart | 4/12/2024 | 31273 | 31273 | 31202 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290630, 22.360%, 4/09/2029 †§x | Upstart | 4/12/2024 | 22148 | 22148 | 22179 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290654, 21.540%, 4/09/2029 †§x | Upstart | 4/12/2024 | 26716 | 26716 | 26760 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290659, 17.530%, 4/09/2029 †§x | Upstart | 4/12/2024 | 21231 | 21231 | 21066 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290750, 14.840%, 4/09/2029 †§x | Upstart | 4/12/2024 | 21860 | 21860 | 21720 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290755, 17.020%, 4/09/2029 †§x | Upstart | 4/12/2024 | 40475 | 40475 | 40199 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4290882, 21.720%, 4/24/2029 †§x | Upstart | 4/12/2024 | 24937 | 24937 | 24808 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4291238, 15.400%, 4/24/2029 †§x | Upstart | 4/12/2024 | 39441 | 39441 | 39010 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**285** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4291368, 23.140%, 4/19/2029 †§x# | Upstart | 4/12/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21233 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4291444, 15.750%, 4/09/2029 †§x | Upstart | 4/12/2024 | 29519 | 29519 | 29326 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4291726, 20.420%, 4/09/2027 †§x | Upstart | 4/12/2024 | 22247 | 22247 | 22178 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4291884, 18.360%, 4/09/2029 †§x | Upstart | 4/12/2024 | 31452 | 31452 | 31406 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292189, 19.570%, 9/09/2029 †x# | Upstart | 4/12/2024 | 27842 | 27842 | 27570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292395, 16.320%, 4/09/2029 †§x | Upstart | 4/12/2024 | 40142 | 40142 | 39871 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292404, 16.730%, 4/09/2029 †§x | Upstart | 4/12/2024 | 36134 | 36134 | 35890 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292416, 18.050%, 4/09/2029 †§x | Upstart | 4/12/2024 | 25222 | 25222 | 25045 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292499, 20.490%, 4/10/2029 †§x | Upstart | 4/15/2024 | 28982 | 28982 | 28848 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292780, 13.960%, 4/10/2029 †§x | Upstart | 4/15/2024 | 39843 | 39843 | 39608 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292807, 23.770%, 4/10/2029 †§x | Upstart | 4/15/2024 | 21772 | 21772 | 21760 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292845, 16.020%, 4/10/2029 †§x | Upstart | 4/15/2024 | 22391 | 22391 | 22248 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292862, 15.160%, 4/10/2027 †§x | Upstart | 4/15/2024 | 20512 | 20512 | 20324 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4292880, 19.410%, 4/13/2029 †§x# | Upstart | 4/15/2024 | 40552 | 40552 | 40384 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4293573, 19.690%, 4/10/2029 †§x | Upstart | 4/15/2024 | 20788 | 20788 | 20742 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4294099, 21.800%, 4/10/2029 †§x | Upstart | 4/15/2024 | 41133 | 41133 | 41037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4294426, 23.260%, 4/15/2029 †§x | Upstart | 4/15/2024 | 22578 | 22578 | 22545 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4294435, 14.260%, 4/10/2029 †§x | Upstart | 4/15/2024 | 35916 | 35916 | 36363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4294718, 15.040%, 4/10/2029 †§x | Upstart | 4/15/2024 | 21169 | 21169 | 21031 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4294819, 19.460%, 4/10/2029 †§x | Upstart | 4/15/2024 | 40958 | 40958 | 40898 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4294874, 20.330%, 4/11/2029 †§x | Upstart | 4/16/2024 | 22421 | 22421 | 22385 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4294979, 15.630%, 4/11/2029 †§x | Upstart | 4/16/2024 | 26590 | 26590 | 26429 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4295413, 15.760%, 4/11/2029 †§x | Upstart | 4/16/2024 | 40217 | 40217 | 39972 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4295625, 11.190%, 4/11/2029 †§x | Upstart | 4/16/2024 | 35301 | 35301 | 36118 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4295628, 14.460%, 4/11/2029 †§x | Upstart | 4/16/2024 | 35954 | 35954 | 35745 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4295695, 14.740%, 4/11/2029 †x | Upstart | 4/16/2024 | 24005 | 24005 | 23864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4295754, 15.380%, 4/11/2029 †§x | Upstart | 4/16/2024 | 25769 | 25769 | 25614 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4295800, 19.250%, 4/11/2029 †§x | Upstart | 4/16/2024 | 21889 | 21889 | 21854 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4295831, 15.530%, 4/11/2029 †§x | Upstart | 4/16/2024 | 24194 | 24194 | 24007 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4296124, 15.800%, 4/16/2029 †§x | Upstart | 4/16/2024 | 21333 | 21333 | 21196 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4296621, 20.330%, 4/11/2029 †§x | Upstart | 4/16/2024 | 26537 | 26537 | 26338 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4296819, 24.230%, 4/12/2029 †§x | Upstart | 4/17/2024 | 21566 | 21566 | 21688 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4296821, 21.640%, 4/25/2029 †§x | Upstart | 4/30/2024 | 20690 | 20690 | 20833 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4296843, 23.500%, 4/11/2029 †§x | Upstart | 4/16/2024 | 39637 | 39637 | 39882 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4296881, 20.840%, 4/12/2029 †x# | Upstart | 4/17/2024 | 26409 | 26409 | 26363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4296885, 11.960%, 4/12/2029 †§x | Upstart | 4/17/2024 | 39420 | 39420 | 39960 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297107, 21.000%, 4/12/2029 †§x | Upstart | 4/17/2024 | 22939 | 22939 | 22778 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297434, 19.590%, 4/12/2029 †§x | Upstart | 4/17/2024 | 26558 | 26558 | 26532 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297443, 18.540%, 4/12/2029 †§x | Upstart | 4/17/2024 | 40777 | 40777 | 40749 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297513, 17.980%, 4/12/2029 †§x | Upstart | 4/17/2024 | 27531 | 27531 | 27514 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297530, 19.280%, 4/12/2029 †§x | Upstart | 4/17/2024 | 40922 | 40922 | 40886 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297690, 17.600%, 4/12/2029 †§x# | Upstart | 4/17/2024 | 27068 | 27068 | 26892 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297738, 14.810%, 4/12/2029 †§x | Upstart | 4/17/2024 | 21552 | 21552 | 21419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4297856, 22.410%, 4/12/2029 †§x | Upstart | 4/17/2024 | 21336 | 21336 | 21325 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4300027, 19.520%, 4/22/2029 †§x | Upstart | 4/25/2024 | 27777 | 27777 | 27828 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4309764, 19.620%, 4/19/2029 †§x | Upstart | 4/24/2024 | 37143 | 37143 | 37157 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4310380, 15.180%, 4/22/2029 †§x | Upstart | 4/25/2024 | 33922 | 33922 | 33801 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4310698, 17.820%, 4/19/2029 †§x | Upstart | 4/24/2024 | 36203 | 36203 | 35975 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4310862, 17.730%, 10/04/2029 †x# | Upstart | 4/24/2024 | 22451 | 22451 | 22270 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4310918, 19.210%, 4/19/2029 †§x | Upstart | 4/24/2024 | 26510 | 26510 | 26579 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311109, 17.810%, 4/19/2029 †§x | Upstart | 4/24/2024 | 20282 | 20282 | 20184 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311299, 14.500%, 4/19/2029 †§x | Upstart | 4/24/2024 | 39957 | 39957 | 39794 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311360, 17.560%, 4/19/2029 †x◇ | Upstart | 4/24/2024 | 27678 | 27678 | 27546 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311508, 21.960%, 4/22/2029 †x◇ | Upstart | 4/25/2024 | 23292 | 23292 | 23317 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311526, 17.440%, 5/01/2029 †§x# | Upstart | 4/25/2024 | 29051 | 29051 | 28835 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311552, 19.980%, 4/22/2029 †§x | Upstart | 4/25/2024 | 21625 | 21625 | 21435 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**286** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311621, 19.050%, 4/22/2029 †§x | Upstart | 4/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28489 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4311989, 21.880%, 4/22/2029 †§x | Upstart | 4/25/2024 | 41423 | 41423 | 41214 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4312017, 16.010%, 4/22/2029 †x◇ | Upstart | 4/25/2024 | 30605 | 30605 | 30490 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4312035, 16.460%, 4/22/2029 †x◇ | Upstart | 4/25/2024 | 21553 | 21553 | 21469 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4312148, 15.900%, 4/22/2029 †§x | Upstart | 4/25/2024 | 28075 | 28075 | 27968 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4312322, 16.420%, 4/22/2029 †§x | Upstart | 4/25/2024 | 31446 | 31446 | 31269 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4312371, 16.890%, 4/22/2029 †§x | Upstart | 4/25/2024 | 40381 | 40381 | 40219 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4312553, 20.800%, 4/22/2029 †§x# | Upstart | 4/25/2024 | 40595 | 40595 | 38456 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4313817, 17.480%, 4/22/2029 †§x | Upstart | 4/25/2024 | 40684 | 40684 | 40447 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4314221, 17.310%, 4/22/2029 †§x | Upstart | 4/25/2024 | 31874 | 31874 | 29929 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4314457, 17.370%, 4/22/2029 †§x | Upstart | 4/25/2024 | 29717 | 29717 | 29500 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4314552, 21.620%, 4/22/2029 †§x | Upstart | 4/25/2024 | 21851 | 21851 | 21734 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4314593, 20.000%, 4/22/2029 †§x | Upstart | 4/25/2024 | 41064 | 41064 | 40873 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4314720, 23.610%, 4/23/2029 †§x | Upstart | 4/26/2024 | 21539 | 21539 | 21563 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4314947, 14.510%, 4/23/2029 †§x | Upstart | 4/26/2024 | 39770 | 39770 | 39637 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4315016, 21.570%, 4/23/2029 †§x | Upstart | 4/26/2024 | 23481 | 23481 | 23616 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4315391, 23.960%, 4/23/2029 †§x | Upstart | 4/26/2024 | 20052 | 20052 | 20165 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4315455, 13.120%, 4/23/2029 †§x | Upstart | 4/26/2024 | 39563 | 39563 | 40143 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4315580, 20.320%, 4/23/2029 †x◇ | Upstart | 4/26/2024 | 27884 | 27884 | 27938 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4316047, 15.820%, 4/23/2029 †§x | Upstart | 4/26/2024 | 40233 | 40233 | 40092 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4316082, 22.870%, 4/23/2029 †§x | Upstart | 4/26/2024 | 29127 | 29127 | 29165 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4316092, 18.530%, 4/23/2029 †§x | Upstart | 4/26/2024 | 21044 | 21044 | 20950 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4316137, 18.880%, 4/23/2029 †§x | Upstart | 4/26/2024 | 40846 | 40846 | 40939 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4316615, 25.340%, 4/24/2029 †§x | Upstart | 4/29/2024 | 20697 | 20697 | 20913 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4316689, 13.740%, 4/23/2029 †§x | Upstart | 4/26/2024 | 30246 | 30246 | 30153 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4316697, 21.100%, 10/04/2029 †x# | Upstart | 4/26/2024 | 33341 | 33341 | 32897 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4317045, 23.550%, 4/23/2029 †§x | Upstart | 4/26/2024 | 30797 | 30797 | 31163 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4317266, 21.240%, 4/24/2029 †§x | Upstart | 4/29/2024 | 41227 | 41227 | 41305 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4317332, 19.790%, 4/24/2029 †§x | Upstart | 4/29/2024 | 23138 | 23138 | 23192 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4317518, 14.400%, 4/24/2029 †x◇ | Upstart | 4/29/2024 | 27078 | 27078 | 26997 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4317581, 18.920%, 4/24/2029 †§x | Upstart | 4/29/2024 | 36932 | 36932 | 37026 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4317876, 16.080%, 4/24/2029 †§x | Upstart | 4/29/2024 | 26497 | 26497 | 26848 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4317906, 14.390%, 4/24/2029 †§x | Upstart | 4/29/2024 | 37023 | 37023 | 36909 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4318049, 17.010%, 4/24/2029 †§x | Upstart | 4/29/2024 | 33190 | 33190 | 33072 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4318202, 17.370%, 4/25/2029 †§x | Upstart | 4/30/2024 | 20968 | 20968 | 20888 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4318265, 20.700%, 4/24/2029 †§x | Upstart | 4/29/2024 | 41199 | 41199 | 41287 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4318754, 22.110%, 4/24/2029 †§x | Upstart | 4/29/2024 | 20815 | 20815 | 20950 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4318951, 16.480%, 4/25/2029 †§x | Upstart | 4/30/2024 | 24851 | 24851 | 24740 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4319173, 15.010%, 4/25/2029 †§x# | Upstart | 4/30/2024 | 25403 | 25403 | 25326 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4319196, 23.510%, 4/25/2029 †§x | Upstart | 4/30/2024 | 27231 | 27231 | 27560 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4319546, 15.190%, 4/25/2029 †§x | Upstart | 4/30/2024 | 27189 | 27189 | 27109 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4319622, 12.100%, 4/25/2029 †§x | Upstart | 4/30/2024 | 38979 | 38979 | 39581 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4319627, 12.470%, 4/25/2029 †§x | Upstart | 4/30/2024 | 37930 | 37930 | 38509 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4319635, 21.510%, 5/10/2029 †§x# | Upstart | 4/30/2024 | 42345 | 42345 | 42205 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4319727, 12.840%, 4/25/2029 †x◇ | Upstart | 4/30/2024 | 39444 | 39444 | 40037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4326058, 14.960%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 33313 | 33313 | 34223 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4326481, 19.920%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 33355 | 33355 | 33641 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4326987, 19.050%, 10/01/2029 †x◇ | Upstart | 5/06/2024 | 41532 | 41532 | 41872 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4327919, 14.790%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 24427 | 24427 | 25105 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4328112, 16.160%, 5/02/2027 †x◇ | Upstart | 5/07/2024 | 23786 | 23786 | 23414 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4328929, 22.950%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 24369 | 24369 | 24547 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4329288, 12.590%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 20901 | 20901 | 21806 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4329471, 15.700%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 40894 | 40894 | 42012 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4329480, 18.820%, 5/01/2029 †x | Upstart | 5/06/2024 | 41492 | 41492 | 41836 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4329928, 14.080%, 5/01/2029 †x◇ | Upstart | 5/06/2024 | 36044 | 36044 | 37040 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4329972, 19.110%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 23078 | 23078 | 23284 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**287** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4330309, 11.260%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27903 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4330757, 17.930%, 10/02/2029 †x#◇ | Upstart | 5/07/2024 | 40462 | 40462 | 40872 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4331130, 20.500%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 22070 | 22070 | 22245 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4331146, 13.220%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 32318 | 32318 | 33244 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4331396, 19.910%, 5/02/2029 †x◇ | Upstart | 5/07/2024 | 30942 | 30942 | 31213 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4331403, 21.630%, 5/02/2029 †x | Upstart | 5/07/2024 | 37905 | 37905 | 37606 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4332822, 22.030%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 28529 | 28529 | 28325 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4332826, 17.990%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 41335 | 41335 | 42446 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4332887, 21.650%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 28483 | 28483 | 28705 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4332894, 14.450%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 22877 | 22877 | 23509 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4332936, 23.090%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 33813 | 33813 | 33265 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4333297, 15.120%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 40779 | 40779 | 41923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4333413, 17.830%, 5/03/2029 †x◇ | Upstart | 5/08/2024 | 32215 | 32215 | 33082 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4333424, 18.350%, 5/03/2029 †x | Upstart | 5/08/2024 | 41400 | 41400 | 42506 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4333491, 10.400%, 5/18/2029 †x◇ | Upstart | 5/08/2024 | 19992 | 19992 | 20463 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4333901, 17.590%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 41171 | 41171 | 42341 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4334554, 14.800%, 5/06/2029 †x#◇ | Upstart | 5/09/2024 | 20407 | 20407 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4334880, 16.720%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 23971 | 23971 | 24246 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4334885, 15.670%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 24532 | 24532 | 24815 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4335022, 23.610%, 5/06/2027 †x◇ | Upstart | 5/09/2024 | 28151 | 28151 | 27494 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4335333, 20.080%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 23533 | 23533 | 23758 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4335398, 21.300%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 20554 | 20554 | 20438 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4336241, 15.230%, 5/06/2029 †x◇ | Upstart | 5/09/2024 | 36090 | 36090 | 37103 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4336637, 20.190%, 5/21/2029 †x◇ | Upstart | 5/09/2024 | 21518 | 21518 | 21415 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4336742, 12.740%, 5/06/2027 †x◇ | Upstart | 5/09/2024 | 24845 | 24845 | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4337552, 23.340%, 5/06/2027 †x◇ | Upstart | 5/09/2024 | 23287 | 23287 | 22473 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4338035, 18.140%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 41361 | 41361 | 41809 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4338100, 12.840%, 5/11/2029 †x | Upstart | 5/10/2024 | 40376 | 40376 | 42195 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4338241, 16.630%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 25287 | 25287 | 26020 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4338277, 13.150%, 10/07/2029 †x◇ | Upstart | 5/10/2024 | 25477 | 25477 | 26683 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4338641, 23.220%, 5/25/2029 †§x# | Upstart | 5/17/2024 | 28913 | 28913 | 28632 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4339434, 18.830%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 27299 | 27299 | 27601 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4339441, 17.710%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 26007 | 26007 | 26294 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4339688, 20.760%, 5/07/2029 †x◇ | Upstart | 5/10/2024 | 41573 | 41573 | 41986 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340018, 16.030%, 5/08/2029 †§x | Upstart | 5/13/2024 | 40957 | 40957 | 42138 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340061, 18.030%, 5/08/2029 †§x | Upstart | 5/13/2024 | 31628 | 31628 | 32452 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340743, 17.670%, 5/08/2029 †x | Upstart | 5/13/2024 | 41106 | 41106 | 42263 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340823, 19.030%, 5/08/2029 †§x | Upstart | 5/13/2024 | 41531 | 41531 | 41979 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340908, 12.090%, 5/08/2029 †§x | Upstart | 5/13/2024 | 39970 | 39970 | 41787 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340911, 15.730%, 5/08/2029 †§x | Upstart | 5/13/2024 | 32250 | 32250 | 33209 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340954, 20.840%, 5/08/2029 †§x | Upstart | 5/13/2024 | 41864 | 41864 | 42282 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340971, 20.790%, 5/08/2029 †§x | Upstart | 5/13/2024 | 26121 | 26121 | 25981 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4340999, 19.610%, 10/08/2029 †x# | Upstart | 5/13/2024 | 26493 | 26493 | 26935 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4341248, 14.610%, 5/08/2029 †§x | Upstart | 5/13/2024 | 34085 | 34085 | 35089 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4341582, 14.960%, 5/08/2029 †x | Upstart | 5/13/2024 | 40905 | 40905 | 42114 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4341903, 21.250%, 5/09/2029 †§x | Upstart | 5/14/2024 | 28433 | 28433 | 28309 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4341966, 22.470%, 5/09/2029 †§x | Upstart | 5/14/2024 | 27823 | 27823 | 28091 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4342508, 22.300%, 5/09/2029 †§x | Upstart | 5/14/2024 | 26784 | 26784 | 26672 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4342713, 14.990%, 5/09/2029 †§x | Upstart | 5/14/2024 | 28465 | 28465 | 29326 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4342751, 12.640%, 5/09/2029 †§x | Upstart | 5/14/2024 | 40003 | 40003 | 41812 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4343114, 20.800%, 5/09/2029 †§x | Upstart | 5/14/2024 | 20929 | 20929 | 21146 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4343431, 18.100%, 5/09/2029 †§x | Upstart | 5/14/2024 | 40894 | 40894 | 41372 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4343524, 19.750%, 5/10/2029 †§x | Upstart | 5/15/2024 | 20831 | 20831 | 21409 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4343728, 14.170%, 5/10/2029 †§x# | Upstart | 5/15/2024 | 24267 | 24267 | 25013 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4344200, 19.940%, 5/10/2029 †x | Upstart | 5/15/2024 | 33370 | 33370 | 34293 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4344229, 12.700%, 5/10/2029 †x | Upstart | 5/15/2024 | 32234 | 32234 | 33699 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**288** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4344383, 18.600%, 5/10/2029 †§x | Upstart | 5/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42696 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4344401, 19.240%, 10/10/2029 †x# | Upstart | 5/15/2024 | 32903 | 32903 | 33565 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4344517, 18.810%, 5/10/2029 †§x | Upstart | 5/15/2024 | 21768 | 21768 | 22366 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4344547, 16.510%, 5/13/2029 †§x | Upstart | 5/16/2024 | 28842 | 28842 | 29722 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4344895, 20.340%, 5/13/2029 †§x | Upstart | 5/16/2024 | 37918 | 37918 | 38396 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4345305, 21.640%, 5/10/2029 †§x | Upstart | 5/15/2024 | 24283 | 24283 | 24534 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4345520, 26.320%, 5/13/2029 †x | Upstart | 5/16/2024 | 20642 | 20642 | 20425 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4345527, 18.840%, 5/13/2029 †§x | Upstart | 5/16/2024 | 23531 | 23531 | 23846 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4346026, 20.520%, 5/13/2029 †§x | Upstart | 5/16/2024 | 41808 | 41808 | 42308 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4346113, 21.320%, 5/13/2029 †§x | Upstart | 5/16/2024 | 37820 | 37820 | 37754 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4346245, 14.020%, 5/13/2029 †§x | Upstart | 5/16/2024 | 31288 | 31288 | 32257 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4346263, 23.540%, 5/13/2029 †§x | Upstart | 5/16/2024 | 23605 | 23605 | 23544 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4346459, 21.710%, 10/13/2029 †x | Upstart | 5/16/2024 | 23053 | 23053 | 23220 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4346661, 17.600%, 5/20/2029 †§x | Upstart | 5/16/2024 | 27513 | 27513 | 28322 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4347544, 22.320%, 5/13/2029 †§x | Upstart | 5/16/2024 | 35136 | 35136 | 35029 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4348000, 15.280%, 5/13/2029 †x | Upstart | 5/16/2024 | 31742 | 31742 | 32683 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4348201, 23.550%, 5/13/2029 †§x# | Upstart | 5/16/2024 | 36251 | 36251 | 36139 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4349475, 15.640%, 5/14/2029 †§x | Upstart | 5/17/2024 | 22893 | 22893 | 23589 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4349517, 16.240%, 5/28/2029 †§x# | Upstart | 5/17/2024 | 41933 | 41933 | 43220 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4349520, 16.740%, 5/14/2029 †§x | Upstart | 5/17/2024 | 32378 | 32378 | 33370 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4349654, 23.570%, 5/14/2029 †§x | Upstart | 5/17/2024 | 37326 | 37326 | 37018 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4349672, 20.430%, 5/14/2029 †§x | Upstart | 5/17/2024 | 23474 | 23474 | 23764 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4349707, 19.070%, 5/14/2029 †§x | Upstart | 5/17/2024 | 21433 | 21433 | 22053 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4349902, 22.040%, 5/14/2029 †§x | Upstart | 5/17/2024 | 41815 | 41815 | 42323 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4350294, 17.640%, 5/14/2029 †§x | Upstart | 5/17/2024 | 38350 | 38350 | 39368 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4350532, 18.150%, 5/14/2029 †§x# | Upstart | 5/17/2024 | 20399 | 20399 | 20998 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4350699, 19.570%, 3/14/2030 †x | Upstart | 5/17/2024 | 30085 | 30085 | 30989 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4350851, 12.060%, 5/14/2029 †§x | Upstart | 5/17/2024 | 40163 | 40163 | 42023 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4350871, 21.420%, 5/14/2029 †§x | Upstart | 5/17/2024 | 33015 | 33015 | 32962 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4350898, 13.940%, 5/14/2029 †§x | Upstart | 5/17/2024 | 40297 | 40297 | 41572 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4351028, 14.540%, 5/14/2029 †x◇ | Upstart | 5/17/2024 | 19438 | 19438 | 20050 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4351370, 18.570%, 5/14/2029 †§x | Upstart | 5/17/2024 | 19916 | 19916 | 20509 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4351749, 18.260%, 10/15/2029 †x# | Upstart | 5/20/2024 | 42405 | 42405 | 43179 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4351824, 17.900%, 5/15/2029 †§x | Upstart | 5/20/2024 | 24789 | 24789 | 25525 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4351860, 23.030%, 5/15/2029 †§x | Upstart | 5/20/2024 | 32511 | 32511 | 32434 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4352070, 16.650%, 5/15/2029 †§x | Upstart | 5/20/2024 | 24673 | 24673 | 25420 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4352299, 19.820%, 5/15/2029 †§x# | Upstart | 5/20/2024 | 42774 | 42774 | 41023 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4352423, 22.570%, 5/15/2029 †§x | Upstart | 5/20/2024 | 26996 | 26996 | 26781 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4352568, 20.440%, 5/15/2029 †§x | Upstart | 5/20/2024 | 40538 | 40538 | 41020 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4352760, 12.890%, 5/15/2029 †§x | Upstart | 5/20/2024 | 40303 | 40421 | 42166 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353047, 21.540%, 5/15/2029 †§x | Upstart | 5/20/2024 | 28302 | 28302 | 28658 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353132, 15.470%, 5/15/2029 †x◇ | Upstart | 5/20/2024 | 37720 | 37720 | 38909 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353214, 21.520%, 5/16/2029 †§x | Upstart | 5/21/2024 | 33532 | 33532 | 33975 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353255, 19.650%, 5/15/2029 †§x# | Upstart | 5/20/2024 | 33344 | 33344 | 31991 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353405, 17.870%, 5/15/2027 †§x | Upstart | 5/20/2024 | 24183 | 24183 | 23878 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353594, 24.280%, 5/15/2029 †x◇ | Upstart | 5/20/2024 | 22766 | 22766 | 22553 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353745, 18.390%, 5/16/2027 †§x# | Upstart | 5/21/2024 | 25387 | 25447 | 24956 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4353829, 23.350%, 5/16/2029 †§x | Upstart | 5/21/2024 | 42314 | 42314 | 42223 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4354313, 14.630%, 5/16/2029 †§x | Upstart | 5/21/2024 | 40680 | 40680 | 42520 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4354528, 24.400%, 5/16/2029 †§x | Upstart | 5/21/2024 | 29166 | 29166 | 29977 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4354566, 17.340%, 5/16/2029 †x◇ | Upstart | 5/21/2024 | 22253 | 22253 | 22924 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4354613, 20.960%, 5/28/2029 †x◇ | Upstart | 5/21/2024 | 28740 | 28740 | 28714 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4354690, 16.800%, 5/16/2029 †§x | Upstart | 5/21/2024 | 28848 | 28848 | 29729 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4355364, 23.500%, 5/16/2029 †§x | Upstart | 5/21/2024 | 36568 | 36568 | 36511 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4355554, 17.130%, 5/16/2029 †§x | Upstart | 5/21/2024 | 41106 | 41106 | 42379 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4355664, 20.180%, 10/20/2027 †x | Upstart | 5/23/2024 | 22242 | 22242 | 20785 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**289** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4355845, 21.240%, 5/17/2029 †§x# | Upstart | 5/22/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41759 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4355852, 17.430%, 5/17/2029 †§x | Upstart | 5/22/2024 | 28574 | 28574 | 29446 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4356340, 22.580%, 5/17/2029 †§x | Upstart | 5/22/2024 | 42208 | 42208 | 41880 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4356676, 22.790%, 5/17/2029 †§x# | Upstart | 5/22/2024 | 26445 | 26445 | 25051 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4356704, 17.990%, 5/17/2029 †§x | Upstart | 5/22/2024 | 28934 | 28934 | 29356 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4357177, 18.760%, 5/17/2029 †§x | Upstart | 5/22/2024 | 32436 | 32436 | 33402 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4357390, 17.750%, 5/17/2029 †§x | Upstart | 5/22/2024 | 41080 | 41080 | 41700 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4357575, 18.240%, 5/25/2029 †x◇ | Upstart | 5/23/2024 | 26941 | 26941 | 27770 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4357964, 17.920%, 5/20/2029 †§x | Upstart | 5/23/2024 | 21822 | 21822 | 22495 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4358238, 14.670%, 5/20/2029 †§x | Upstart | 5/23/2024 | 36459 | 36459 | 37645 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4358365, 23.220%, 5/20/2029 †§x | Upstart | 5/23/2024 | 25035 | 25114 | 25025 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4358576, 19.050%, 5/20/2029 †§x | Upstart | 5/23/2024 | 29075 | 29075 | 29517 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4358764, 17.180%, 5/20/2029 †§x | Upstart | 5/23/2024 | 22982 | 22982 | 23711 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4359812, 17.840%, 5/20/2029 †§x | Upstart | 5/23/2024 | 30622 | 30622 | 31571 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4361150, 23.220%, 5/20/2029 †§x | Upstart | 5/23/2024 | 19940 | 19940 | 20201 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4361353, 24.340%, 5/20/2029 †§x | Upstart | 5/23/2024 | 21605 | 21605 | 21871 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4361885, 15.780%, 5/21/2029 †§x | Upstart | 5/24/2024 | 19543 | 19543 | 20183 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4362308, 19.970%, 5/21/2029 †§x# | Upstart | 5/24/2024 | 38081 | 38081 | 36601 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4363096, 23.280%, 5/21/2029 †§x | Upstart | 5/24/2024 | 23605 | 23605 | 23473 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4363162, 20.380%, 5/21/2027 †§x | Upstart | 5/24/2024 | 22414 | 22414 | 22011 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4380864, 15.150%, 6/03/2029 †§x | Upstart | 6/06/2024 | 41454 | 41454 | 42623 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4381190, 18.590%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 42064 | 42064 | 42481 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4381350, 17.350%, 6/03/2029 †§x | Upstart | 6/06/2024 | 41843 | 41843 | 43009 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4381405, 23.070%, 6/16/2029 †x◇ | Upstart | 6/06/2024 | 23056 | 23131 | 23638 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4381654, 20.270%, 6/03/2029 †x | Upstart | 6/06/2024 | 39307 | 39307 | 40289 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382041, 21.950%, 6/03/2029 †§x | Upstart | 6/06/2024 | 20043 | 20043 | 20209 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382158, 18.420%, 6/05/2029 †§x | Upstart | 6/06/2024 | 28697 | 28697 | 28974 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382180, 22.290%, 6/03/2029 †§x | Upstart | 6/06/2024 | 39085 | 39085 | 38780 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382255, 21.260%, 6/03/2029 †x | Upstart | 6/06/2024 | 41218 | 41346 | 40900 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382459, 15.710%, 6/03/2029 †§x | Upstart | 6/06/2024 | 21819 | 21819 | 22411 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382493, 22.050%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 39772 | 39772 | 39508 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382535, 20.340%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 20694 | 20694 | 20858 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382537, 14.880%, 6/03/2029 †§x | Upstart | 6/06/2024 | 41390 | 41390 | 42589 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382732, 21.380%, 6/07/2029 †x◇ | Upstart | 6/06/2024 | 35501 | 35501 | 34959 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382755, 16.080%, 6/03/2029 †§x | Upstart | 6/06/2024 | 35989 | 35989 | 36957 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382775, 15.900%, 6/03/2029 †§x# | Upstart | 6/06/2024 | 26827 | 26827 | 27580 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382789, 23.270%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 25704 | 25704 | 25524 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4382828, 16.120%, 6/03/2029 †§x | Upstart | 6/06/2024 | 28034 | 28034 | 28829 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4383071, 19.700%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 28230 | 28230 | 28070 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4383093, 23.100%, 6/03/2029 †§x | Upstart | 6/06/2024 | 26640 | 26640 | 26346 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4383101, 20.280%, 6/18/2029 †x◇ | Upstart | 6/06/2024 | 38438 | 38438 | 38795 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4383496, 23.280%, 11/03/2029 †x#◇ | Upstart | 6/06/2024 | 24396 | 24396 | 24242 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4383691, 18.720%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 21423 | 21423 | 21639 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4383699, 18.570%, 6/03/2029 †§x | Upstart | 6/06/2024 | 33649 | 33649 | 33982 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4383899, 23.290%, 6/11/2029 †x#◇ | Upstart | 6/06/2024 | 28761 | 28861 | 28557 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4384033, 23.750%, 4/03/2030 †x | Upstart | 6/06/2024 | 23234 | 23234 | 23058 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4384057, 16.550%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 20744 | 20744 | 21303 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4384090, 14.470%, 6/03/2029 †§x | Upstart | 6/06/2024 | 27628 | 27628 | 28291 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4384687, 13.670%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 32025 | 32025 | 32971 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4384717, 19.770%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 27055 | 27055 | 27779 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4385054, 20.740%, 6/03/2029 †x◇ | Upstart | 6/06/2024 | 21220 | 21220 | 21408 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4385183, 13.550%, 11/03/2029 †x◇ | Upstart | 6/06/2024 | 44214 | 44214 | 46362 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4385421, 15.410%, 6/16/2029 †§x | Upstart | 6/06/2024 | 25642 | 25642 | 24831 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386193, 14.600%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 26078 | 26078 | 26827 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386265, 20.730%, 6/04/2029 †x#◇ | Upstart | 6/07/2024 | 39968 | 39968 | 40357 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386463, 22.740%, 6/04/2029 †§x | Upstart | 6/07/2024 | 29945 | 29945 | 29754 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**290** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386502, 17.080%, 6/04/2029 †§x | Upstart | 6/07/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42973 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386683, 6.000%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 20808 | 20808 | 21388 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386772, 14.860%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 37214 | 37214 | 38299 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386785, 20.760%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 35114 | 35114 | 34868 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4386849, 21.300%, 6/04/2029 †§x | Upstart | 6/07/2024 | 41243 | 41243 | 41548 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387316, 24.180%, 6/04/2029 †§x | Upstart | 6/07/2024 | 33549 | 33549 | 33281 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387377, 17.110%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 41795 | 41923 | 42973 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387507, 15.370%, 6/04/2029 †x | Upstart | 6/07/2024 | 33435 | 33435 | 34403 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387559, 21.080%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 23638 | 23708 | 23488 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387684, 20.000%, 6/04/2029 †x | Upstart | 6/07/2024 | 24059 | 24059 | 24703 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387735, 21.690%, 6/04/2029 †x | Upstart | 6/10/2024 | 41647 | 41622 | 21215 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387772, 14.350%, 6/04/2029 †x | Upstart | 6/07/2024 | 41223 | 41223 | 42432 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387814, 15.550%, 6/04/2029 †§x | Upstart | 6/07/2024 | 27650 | 27650 | 28450 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4387974, 17.270%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 28946 | 28946 | 29760 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388073, 11.720%, 6/04/2029 †§x | Upstart | 6/07/2024 | 19661 | 19661 | 20564 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388127, 19.380%, 6/04/2029 †§x | Upstart | 6/07/2024 | 41367 | 41367 | 42450 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388151, 24.210%, 6/04/2029 †x◇ | Upstart | 6/07/2024 | 28907 | 28907 | 28474 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388186, 14.410%, 6/05/2029 †§x | Upstart | 6/10/2024 | 41649 | 41649 | 42877 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388200, 22.160%, 6/05/2029 †§x | Upstart | 6/10/2024 | 23188 | 23188 | 23045 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388218, 19.650%, 6/05/2029 †x | Upstart | 6/10/2024 | 33801 | 33801 | 34724 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388394, 14.990%, 11/13/2029 †x#◇ | Upstart | 6/10/2024 | 30338 | 30338 | 31325 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388461, 17.840%, 6/05/2029 †§x | Upstart | 6/10/2024 | 32229 | 32229 | 33088 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388658, 20.560%, 6/05/2029 †§x | Upstart | 6/10/2024 | 21205 | 21205 | 21410 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388823, 17.720%, 6/05/2029 †§x | Upstart | 6/10/2024 | 28471 | 28471 | 29227 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388826, 21.110%, 6/05/2029 †§x | Upstart | 6/10/2024 | 29237 | 29237 | 29465 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4388940, 18.430%, 6/05/2029 †x | Upstart | 6/10/2024 | 20262 | 20262 | 20479 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4389037, 20.460%, 6/05/2029 †§x | Upstart | 6/10/2024 | 22302 | 22302 | 22162 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4389245, 17.200%, 6/20/2029 †x | Upstart | 6/10/2024 | 28934 | 28934 | 28015 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4389485, 16.700%, 11/20/2029 †x# | Upstart | 6/10/2024 | 26238 | 26238 | 27015 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4389649, 19.740%, 6/05/2029 †§x | Upstart | 6/10/2024 | 34948 | 34948 | 35312 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4389693, 15.760%, 6/05/2029 †x◇ | Upstart | 6/10/2024 | 29253 | 29253 | 30102 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4389937, 19.810%, 6/05/2029 †§x | Upstart | 6/10/2024 | 24700 | 24700 | 24915 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390021, 21.970%, 6/05/2029 †§x# | Upstart | 6/10/2024 | 23790 | 23790 | 23649 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390063, 21.210%, 6/05/2029 †§x | Upstart | 6/10/2024 | 31918 | 31918 | 31735 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390103, 19.250%, 6/05/2027 †§x# | Upstart | 6/10/2024 | 34734 | 34734 | 21877 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390126, 19.890%, 6/05/2029 †x◇ | Upstart | 6/10/2024 | 20400 | 20400 | 20565 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390142, 18.230%, 6/15/2029 †§x | Upstart | 6/10/2024 | 43251 | 43251 | 41867 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390305, 17.830%, 6/05/2029 †§x | Upstart | 6/10/2024 | 40806 | 40930 | 41893 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390658, 21.000%, 6/06/2029 †§x | Upstart | 6/11/2024 | 42483 | 42483 | 43627 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390805, 17.030%, 6/06/2029 †§x | Upstart | 6/11/2024 | 40867 | 40867 | 42035 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390807, 24.400%, 6/06/2029 †§x | Upstart | 6/11/2024 | 43880 | 43880 | 22864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390839, 18.970%, 6/06/2029 †§x | Upstart | 6/11/2024 | 20163 | 20163 | 20720 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390860, 17.740%, 6/06/2029 †§x | Upstart | 6/11/2024 | 38143 | 38143 | 39225 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390876, 19.700%, 6/06/2029 †§x | Upstart | 6/11/2024 | 20793 | 20793 | 21364 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390893, 20.110%, 6/06/2029 †§x | Upstart | 6/11/2024 | 42240 | 42240 | 42670 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390897, 18.160%, 11/06/2027 †x | Upstart | 6/11/2024 | 24494 | 24494 | 23768 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390929, 18.620%, 6/06/2029 †§x | Upstart | 6/11/2024 | 29637 | 29637 | 30434 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4390942, 20.060%, 6/06/2029 †x◇ | Upstart | 6/11/2024 | 28695 | 28695 | 28991 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4391005, 20.410%, 6/06/2029 †§x | Upstart | 6/11/2024 | 21192 | 21192 | 21093 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4391258, 18.460%, 6/06/2029 †§x | Upstart | 6/11/2024 | 19870 | 19870 | 20086 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4391459, 22.030%, 6/06/2029 †§x | Upstart | 6/11/2024 | 26615 | 26615 | 26375 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4391781, 15.880%, 6/06/2029 †§x# | Upstart | 6/11/2024 | 23545 | 23545 | 24218 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4391863, 16.300%, 6/06/2029 †§x | Upstart | 6/11/2024 | 29352 | 29440 | 30172 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4391880, 15.090%, 6/06/2029 †§x | Upstart | 6/11/2024 | 32730 | 32829 | 33698 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4392069, 16.230%, 6/06/2029 †§x | Upstart | 6/11/2024 | 31868 | 31868 | 32739 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4392440, 19.880%, 6/06/2029 †§x | Upstart | 6/11/2024 | 21145 | 21145 | 21365 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**291** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4392498, 20.500%, 6/06/2029 †§x | Upstart | 6/11/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20298 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4393453, 18.840%, 6/22/2027 †§x# | Upstart | 6/12/2024 | 22976 | 22976 | 22181 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4394048, 19.170%, 6/07/2029 †§x | Upstart | 6/12/2024 | 27829 | 27915 | 28608 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4394180, 20.140%, 6/07/2029 †§x | Upstart | 6/12/2024 | 32770 | 32770 | 33119 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4394461, 18.230%, 6/07/2029 †§x | Upstart | 6/12/2024 | 21342 | 21342 | 21934 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4394842, 23.790%, 6/07/2029 †§x | Upstart | 6/12/2024 | 33570 | 33676 | 33354 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4395033, 17.830%, 6/07/2029 †x#◇ | Upstart | 6/12/2024 | 41848 | 41848 | 43039 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4395051, 19.000%, 6/10/2029 †§x | Upstart | 6/13/2024 | 25498 | 25498 | 25808 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4432878, 24.200%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 27355 | 27355 | 27073 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4432892, 18.830%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 41950 | 41950 | 42314 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4432906, 22.120%, 7/01/2029 †x#◇ | Upstart | 7/05/2024 | 29492 | 29492 | 29708 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433102, 22.700%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 30221 | 30313 | 29976 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433376, 24.340%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 21026 | 21093 | 20659 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433512, 24.030%, 7/01/2029 †x | Upstart | 7/05/2024 | 34222 | 34330 | 33929 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433550, 19.280%, 7/01/2029 †x | Upstart | 7/05/2024 | 31989 | 31989 | 32821 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433591, 7.400%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 21744 | 21744 | 22283 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433681, 17.200%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 22084 | 22084 | 22687 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433825, 20.650%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 29425 | 29425 | 29647 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433832, 23.100%, 7/01/2029 †x | Upstart | 7/05/2024 | 43433 | 43433 | 43099 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433864, 15.870%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 30212 | 30212 | 31042 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4433938, 21.070%, 7/15/2029 †x#◇ | Upstart | 7/05/2024 | 42870 | 42870 | 42563 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4434073, 20.490%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 22455 | 22455 | 22080 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4434298, 15.970%, 7/01/2027 †x◇ | Upstart | 7/05/2024 | 33277 | 33277 | 32388 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4434392, 20.460%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 39580 | 39580 | 39957 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4434408, 16.150%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 21661 | 21661 | 22252 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4434450, 19.450%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 32280 | 32280 | 33040 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4434518, 21.780%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 42015 | 42015 | 42298 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4435632, 20.930%, 7/01/2029 †x◇ | Upstart | 7/05/2024 | 20684 | 20684 | 20862 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4436297, 22.060%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 33610 | 33610 | 33385 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4437362, 23.480%, 12/01/2029 †x#◇ | Upstart | 7/05/2024 | 23626 | 23626 | 24531 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4437976, 17.040%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 29969 | 29969 | 30770 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4438481, 15.730%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 33606 | 33606 | 34553 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4438661, 12.910%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 23193 | 23193 | 23876 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4438691, 18.130%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 28385 | 28385 | 28652 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4439151, 23.110%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 21262 | 21262 | 21110 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4439650, 15.420%, 7/02/2029 †x◇ | Upstart | 7/08/2024 | 20080 | 20080 | 20637 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4440023, 20.690%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 21508 | 21508 | 21710 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4440030, 23.110%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 39584 | 39584 | 22096 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4440109, 18.120%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 40970 | 40970 | 42021 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4440267, 19.820%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 29607 | 29700 | 29151 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4440748, 14.500%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 42002 | 42002 | 43218 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4441095, 22.340%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 21784 | 21784 | 21649 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4441666, 22.420%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 21233 | 21233 | 21110 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4442071, 22.550%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 23900 | 23900 | 23712 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4442073, 15.380%, 7/03/2029 †x◇ | Upstart | 7/09/2024 | 20133 | 20133 | 20690 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4442076, 12.820%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 24239 | 24239 | 24940 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4442638, 17.810%, 5/05/2030 †x◇ | Upstart | 7/10/2024 | 42888 | 42888 | 44104 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4442662, 22.020%, 7/20/2029 †x#◇ | Upstart | 7/10/2024 | 23656 | 23656 | 22330 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4442877, 17.220%, 7/05/2027 †x◇ | Upstart | 7/10/2024 | 23554 | 23554 | 22958 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4443679, 20.100%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 22165 | 22165 | 22396 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4443774, 14.890%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 42069 | 42069 | 43300 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4443819, 20.050%, 7/05/2029 †x | Upstart | 7/10/2024 | 38823 | 38823 | 39229 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4443867, 12.930%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 41718 | 41718 | 43643 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4444034, 24.300%, 7/05/2029 †x#◇ | Upstart | 7/10/2024 | 23255 | 23255 | 22901 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4444363, 22.840%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 43399 | 43540 | 43142 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4444378, 20.660%, 7/05/2029 †x◇ | Upstart | 7/10/2024 | 20861 | 20861 | 21039 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**292** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4444431, 18.420%, 7/05/2027 †x◇ | Upstart | 7/10/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20816 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4496609, 21.780%, 6/01/2030 †x#◇ | Upstart | 8/06/2024 | 43559 | 43559 | 21572 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4496960, 15.830%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 42133 | 42133 | 43199 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4497998, 15.320%, 8/01/2029 †x | Upstart | 8/06/2024 | 34158 | 34158 | 35016 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4497999, 21.120%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 29183 | 29183 | 28971 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4498212, 23.520%, 8/01/2029 †x#◇ | Upstart | 8/06/2024 | 25149 | 25231 | 24961 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4498765, 24.360%, 8/01/2029 †x | Upstart | 8/06/2024 | 44169 | 44169 | 43495 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4498893, 16.930%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 21923 | 21923 | 22214 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4498979, 17.220%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 21407 | 21407 | 21925 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4499099, 19.560%, 8/01/2029 †x | Upstart | 8/06/2024 | 34762 | 34762 | 35214 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4499440, 22.390%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 26412 | 26412 | 26138 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4499467, 18.690%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 21301 | 21301 | 21815 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4499704, 23.240%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 25870 | 25870 | 25663 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4499804, 9.760%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 28750 | 28750 | 29324 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4499981, 21.640%, 8/01/2029 †x◇ | Upstart | 8/06/2024 | 25706 | 25706 | 25486 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4500009, 16.400%, 8/01/2029 †x#◇ | Upstart | 8/06/2024 | 29057 | 29057 | 29805 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4500575, 21.250%, 8/02/2029 †x | Upstart | 8/07/2024 | 34939 | 34939 | 35372 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4500654, 21.170%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 34957 | 34957 | 35394 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4500757, 20.440%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 28331 | 28420 | 28143 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4500826, 23.340%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 41591 | 41591 | 42536 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4501165, 17.340%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 20261 | 20261 | 20782 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4501315, 24.370%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 27758 | 27758 | 27354 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4501453, 21.730%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 30645 | 30645 | 30428 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4501710, 19.910%, 8/02/2029 †x | Upstart | 8/07/2024 | 43507 | 43507 | 43227 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4501776, 20.460%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 43588 | 43588 | 43300 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4501811, 20.620%, 8/02/2029 †x◇ | Upstart | 8/07/2024 | 21075 | 21075 | 20948 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4501910, 22.640%, 8/05/2029 †x◇ | Upstart | 8/12/2024 | 24168 | 24147 | 24752 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4502199, 19.590%, 8/02/2029 †x | Upstart | 8/07/2024 | 38055 | 38055 | 37830 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4503052, 6.000%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 25803 | 25803 | 26086 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4503053, 11.100%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 25896 | 25896 | 26430 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4503077, 18.020%, 8/20/2029 †x◇ | Upstart | 8/08/2024 | 29689 | 29689 | 30469 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4503182, 23.980%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 25353 | 25353 | 25040 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4503220, 18.420%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 29706 | 29706 | 30448 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4503871, 21.760%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 21404 | 21404 | 21276 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4504049, 18.510%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 27168 | 27168 | 27846 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4504220, 16.820%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 21400 | 21400 | 21938 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4504354, 21.830%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 21634 | 21634 | 21508 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4504439, 17.360%, 8/12/2029 †x◇ | Upstart | 8/08/2024 | 28857 | 28857 | 29619 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4507353, 23.570%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 42811 | 42811 | 42535 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4507474, 10.410%, 8/05/2029 †x◇ | Upstart | 8/08/2024 | 41907 | 41907 | 42775 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4509296, 20.540%, 8/06/2029 †x◇ | Upstart | 8/09/2024 | 19852 | 19852 | 20154 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4509349, 20.960%, 8/14/2029 †x◇ | Upstart | 8/09/2024 | 26319 | 26319 | 26198 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4509384, 20.670%, 8/06/2029 †x◇ | Upstart | 8/09/2024 | 19985 | 19985 | 20265 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4509518, 20.090%, 8/06/2029 †x◇ | Upstart | 8/09/2024 | 43368 | 43368 | 43988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4511639, 17.940%, 8/06/2029 †x◇ | Upstart | 8/09/2024 | 23877 | 23951 | 24483 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4512058, 22.010%, 8/06/2029 †x◇ | Upstart | 8/09/2024 | 26292 | 26292 | 26148 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4512505, 15.820%, 1/07/2030 †x# | Upstart | 8/12/2024 | 35618 | 35618 | 36653 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4512634, 23.400%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 29793 | 29793 | 29446 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4512741, 20.460%, 8/07/2027 †x◇ | Upstart | 8/12/2024 | 21539 | 21539 | 21114 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4513522, 23.370%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 21930 | 21930 | 22215 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4513738, 12.060%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 25343 | 25343 | 26082 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4513771, 14.670%, 1/07/2030 †x◇ | Upstart | 8/12/2024 | 20885 | 20885 | 21528 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4514033, 16.060%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 42905 | 42905 | 44081 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4514038, 23.230%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 43997 | 43997 | 43755 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4514044, 13.870%, 8/07/2029 †x◇ | Upstart | 8/12/2024 | 26894 | 26894 | 27562 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4514468, 18.770%, 8/07/2029 †x | Upstart | 8/12/2024 | 31806 | 31806 | 32303 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**293** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4515212, 20.480%, 8/08/2029 †x◇ | Upstart | 8/13/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21885 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22215 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4515538, 18.650%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 21865 | 21865 | 22247 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4516321, 23.570%, 8/08/2029 †x | Upstart | 8/13/2024 | 40518 | 40518 | 40307 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4518133, 17.700%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 20000 | 20000 | 20338 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4518949, 18.740%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 28066 | 28160 | 28574 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4519307, 18.120%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 29324 | 29324 | 29804 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4519611, 18.690%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 32750 | 32750 | 33288 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4519755, 9.020%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 23736 | 23736 | 24239 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4519798, 22.790%, 8/09/2029 †x◇ | Upstart | 8/14/2024 | 36114 | 36114 | 35951 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4520001, 23.440%, 1/09/2030 †x# | Upstart | 8/14/2024 | 40644 | 40644 | 40987 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4520158, 17.450%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 21666 | 21666 | 22262 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4520308, 14.150%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 28103 | 28103 | 28890 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4520469, 23.590%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 42264 | 42264 | 42068 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4520477, 17.730%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 25903 | 25903 | 26623 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4520917, 16.960%, 8/12/2029 †x | Upstart | 8/15/2024 | 42872 | 42872 | 44069 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4521061, 15.830%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 29473 | 29473 | 30312 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4521152, 8.140%, 8/12/2029 †x | Upstart | 8/15/2024 | 41549 | 41549 | 41407 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4521239, 16.910%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 25662 | 25662 | 26375 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4521353, 22.820%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 29877 | 29877 | 29779 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4521410, 23.930%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 20901 | 20901 | 20825 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4521802, 15.940%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 25650 | 25650 | 26373 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4522280, 8.600%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 25856 | 25856 | 25767 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4522376, 20.700%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 43847 | 43847 | 43760 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4522610, 21.490%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 24486 | 24486 | 24878 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4522691, 20.370%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 43576 | 43576 | 44302 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4524609, 23.290%, 8/12/2029 †x# | Upstart | 8/15/2024 | 31792 | 31792 | 30129 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4524869, 17.190%, 8/26/2029 †x | Upstart | 8/15/2024 | 44259 | 44259 | 45548 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4525027, 22.240%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 29679 | 29679 | 29573 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4525209, 24.310%, 8/12/2029 †x◇ | Upstart | 8/15/2024 | 28630 | 28630 | 28336 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4525327, 9.960%, 8/12/2029 †x | Upstart | 8/15/2024 | 32284 | 32284 | 32953 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4525566, 23.050%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 20590 | 20590 | 20514 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4525593, 21.780%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 21000 | 21000 | 21341 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4525688, 23.000%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 29017 | 29017 | 29471 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4526031, 18.650%, 8/13/2029 †x#◇ | Upstart | 8/16/2024 | 19766 | 19766 | 20130 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4526257, 22.770%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 40383 | 40383 | 40066 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4526532, 23.250%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 31064 | 31064 | 30819 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4526711, 13.320%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 42437 | 42437 | 43709 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4526996, 20.310%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 24137 | 24137 | 24730 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4527027, 16.070%, 8/13/2029 †x | Upstart | 8/16/2024 | 41089 | 41089 | 42180 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4527378, 20.240%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 43159 | 43295 | 43870 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4527397, 21.620%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 25153 | 25153 | 25548 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4527447, 18.230%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 20003 | 20003 | 20363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4528056, 13.920%, 8/13/2029 †x◇ | Upstart | 8/16/2024 | 25532 | 25532 | 26291 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4528537, 20.580%, 8/14/2029 †§x | Upstart | 8/19/2024 | 31487 | 31487 | 32031 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4528779, 22.830%, 8/14/2029 †§x | Upstart | 8/19/2024 | 43061 | 43061 | 42956 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4529060, 22.640%, 8/14/2029 †§x | Upstart | 8/19/2024 | 23615 | 23615 | 23548 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4529491, 18.800%, 8/14/2029 †§x# | Upstart | 8/19/2024 | 20970 | 20970 | 21518 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4529559, 19.820%, 8/14/2029 †§x | Upstart | 8/19/2024 | 39550 | 39550 | 40248 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4529785, 15.390%, 8/14/2029 †x◇ | Upstart | 8/19/2024 | 41397 | 41397 | 42538 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4529802, 17.830%, 8/14/2029 †§x | Upstart | 8/19/2024 | 43188 | 43188 | 43999 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4530615, 16.490%, 8/14/2029 †x◇ | Upstart | 8/19/2024 | 23889 | 23889 | 24566 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4530735, 22.060%, 8/15/2029 †§x | Upstart | 8/20/2024 | 34566 | 34566 | 34502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4532032, 21.200%, 8/15/2029 †§x | Upstart | 8/20/2024 | 24402 | 24402 | 24379 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4533054, 8.840%, 8/15/2029 †§x | Upstart | 8/20/2024 | 40719 | 40719 | 40583 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4533312, 23.380%, 1/16/2030 †x# | Upstart | 8/21/2024 | 20689 | 20689 | 20600 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4533431, 14.150%, 8/16/2029 †§x | Upstart | 8/21/2024 | 42814 | 42941 | 41506 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**294** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4533484, 18.960%, 8/16/2027 †§x | Upstart | 8/21/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28653 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4534234, 23.370%, 8/16/2029 †§x | Upstart | 8/21/2024 | 23417 | 23417 | 23376 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4534341, 17.310%, 8/16/2029 †§x | Upstart | 8/21/2024 | 23151 | 23221 | 23778 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4534389, 18.820%, 8/16/2029 †§x | Upstart | 8/21/2024 | 33726 | 33726 | 34679 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4534417, 16.860%, 8/16/2029 †§x | Upstart | 8/21/2024 | 19451 | 19451 | 20018 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4534879, 14.640%, 8/16/2029 †§x | Upstart | 8/21/2024 | 25606 | 25606 | 26377 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4534902, 17.710%, 8/16/2029 †§x | Upstart | 8/21/2024 | 24106 | 24106 | 24232 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4535372, 20.870%, 8/16/2029 †x | Upstart | 8/21/2024 | 41994 | 41994 | 41877 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4535417, 20.430%, 8/16/2027 †§x | Upstart | 8/21/2024 | 32542 | 32627 | 31816 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4535431, 19.650%, 8/16/2029 †§x | Upstart | 8/21/2024 | 29471 | 29471 | 30017 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536234, 17.930%, 8/19/2029 †x◇ | Upstart | 8/22/2024 | 25611 | 25611 | 26345 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536260, 23.150%, 8/19/2029 †§x | Upstart | 8/22/2024 | 28515 | 28515 | 28497 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536501, 13.060%, 8/19/2029 †§x | Upstart | 8/22/2024 | 20578 | 20578 | 21019 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536546, 17.740%, 8/19/2029 †§x | Upstart | 8/22/2024 | 26022 | 26104 | 26787 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536555, 17.830%, 8/19/2029 †§x | Upstart | 8/22/2024 | 42661 | 42661 | 43881 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536623, 22.330%, 8/19/2029 †§x | Upstart | 8/22/2024 | 34654 | 34654 | 35286 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536743, 18.000%, 8/19/2029 †§x | Upstart | 8/22/2024 | 38892 | 38892 | 40031 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536799, 20.790%, 8/19/2029 †§x | Upstart | 8/22/2024 | 24439 | 24439 | 24905 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536808, 9.060%, 8/19/2029 †x◇ | Upstart | 8/22/2024 | 41297 | 41297 | 41169 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536955, 8.820%, 8/19/2029 †§x | Upstart | 8/22/2024 | 41672 | 41672 | 41543 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4536988, 23.270%, 8/19/2029 †§x | Upstart | 8/22/2024 | 42219 | 42354 | 42027 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4537792, 20.540%, 8/19/2029 †§x | Upstart | 8/22/2024 | 22741 | 22741 | 23007 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4538142, 23.540%, 8/19/2029 †x◇ | Upstart | 8/22/2024 | 24656 | 24656 | 24641 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4538309, 20.640%, 8/19/2029 †§x | Upstart | 8/22/2024 | 26110 | 26110 | 26605 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4538594, 15.760%, 8/21/2029 †x◇ | Upstart | 8/22/2024 | 29243 | 29243 | 30121 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4538686, 23.530%, 8/19/2029 †§x | Upstart | 8/22/2024 | 36079 | 36079 | 36674 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4539741, 12.060%, 8/19/2029 †§x# | Upstart | 8/22/2024 | 25768 | 25768 | 24700 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4540672, 21.240%, 8/19/2029 †§x | Upstart | 8/22/2024 | 43708 | 43708 | 43716 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4540896, 22.560%, 8/19/2029 †§x | Upstart | 8/22/2024 | 26242 | 26242 | 26229 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541273, 21.140%, 8/20/2029 †§x | Upstart | 8/23/2024 | 34702 | 34702 | 32920 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541372, 22.140%, 8/20/2029 †§x | Upstart | 8/23/2024 | 20718 | 20718 | 20731 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541533, 21.640%, 8/20/2029 †x◇ | Upstart | 8/23/2024 | 23187 | 23187 | 23175 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541540, 20.380%, 8/20/2029 †§x | Upstart | 8/23/2024 | 21679 | 21679 | 22097 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541633, 17.760%, 8/20/2029 †§x | Upstart | 8/23/2024 | 27358 | 27358 | 28152 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541692, 23.210%, 8/20/2029 †x◇ | Upstart | 8/23/2024 | 42236 | 42236 | 42234 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541735, 9.020%, 8/20/2029 †§x | Upstart | 8/23/2024 | 41504 | 41504 | 41376 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541767, 7.180%, 8/20/2029 †§x | Upstart | 8/23/2024 | 36772 | 36772 | 36655 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541852, 22.540%, 8/20/2029 †§x | Upstart | 8/23/2024 | 43881 | 43881 | 43889 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4541954, 20.780%, 8/20/2029 †x | Upstart | 8/23/2024 | 34737 | 34737 | 35411 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4542272, 23.390%, 8/20/2029 †§x | Upstart | 8/23/2024 | 43868 | 43868 | 43853 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4542980, 17.720%, 8/20/2029 †§x | Upstart | 8/23/2024 | 24002 | 24002 | 24713 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4543928, 16.150%, 8/21/2029 †x◇ | Upstart | 8/26/2024 | 29702 | 29702 | 30589 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4544222, 14.780%, 8/21/2029 †x◇ | Upstart | 8/26/2024 | 21348 | 21348 | 22014 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4544346, 11.920%, 8/21/2029 †§x | Upstart | 8/26/2024 | 20990 | 20990 | 21445 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4544643, 24.380%, 8/25/2029 †x◇ | Upstart | 8/26/2024 | 42949 | 42949 | 42968 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4544803, 20.410%, 8/21/2029 †x | Upstart | 8/26/2024 | 39084 | 39084 | 39855 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4545255, 24.330%, 8/21/2029 †§x | Upstart | 8/26/2024 | 28999 | 28999 | 29514 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4545266, 24.400%, 8/21/2029 †§x | Upstart | 8/26/2024 | 22445 | 22445 | 22371 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4545430, 22.600%, 8/21/2029 †§x | Upstart | 8/26/2024 | 43847 | 43847 | 43868 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4545544, 22.130%, 8/21/2029 †x◇ | Upstart | 8/26/2024 | 41661 | 41661 | 41000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4546096, 8.040%, 8/21/2029 †x◇ | Upstart | 8/26/2024 | 39122 | 39122 | 39004 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4546108, 23.090%, 8/28/2029 †x◇ | Upstart | 8/26/2024 | 23339 | 23339 | 23290 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4546912, 23.540%, 8/22/2029 †§x | Upstart | 8/27/2024 | 44044 | 44044 | 43929 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4546952, 23.220%, 8/22/2029 †§x | Upstart | 8/27/2024 | 38998 | 38998 | 39024 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4546989, 22.410%, 8/22/2029 †§x | Upstart | 8/27/2024 | 29388 | 29388 | 29386 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4547122, 21.310%, 8/22/2029 †§x | Upstart | 8/27/2024 | 20114 | 20114 | 20514 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**295** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4547773, 20.540%, 8/22/2029 †§x | Upstart | 8/27/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43292 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4548201, 22.580%, 8/22/2029 †§x | Upstart | 8/27/2024 | 32759 | 32759 | 32780 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4548984, 7.560%, 8/22/2029 †§x | Upstart | 8/27/2024 | 25681 | 25681 | 25605 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4549055, 12.950%, 8/22/2029 †x#◇ | Upstart | 8/27/2024 | 33680 | 33680 | 32710 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4549986, 16.880%, 8/23/2027 †§x | Upstart | 8/28/2024 | 26801 | 26801 | 26394 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4550475, 17.860%, 8/23/2029 †§x | Upstart | 8/28/2024 | 21674 | 21674 | 22109 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4550575, 22.930%, 8/23/2029 †§x | Upstart | 8/28/2024 | 24464 | 24464 | 24486 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4550640, 24.370%, 8/26/2029 †§x | Upstart | 8/29/2024 | 25041 | 25120 | 25073 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4550746, 22.500%, 8/23/2029 †§x | Upstart | 8/28/2024 | 21533 | 21533 | 21598 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4550959, 22.030%, 8/28/2029 †§x | Upstart | 9/03/2024 | 42950 | 42950 | 43108 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551063, 18.390%, 8/23/2029 †§x | Upstart | 8/28/2024 | 26984 | 26984 | 27793 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551085, 23.920%, 8/23/2029 †§x | Upstart | 8/28/2024 | 37130 | 37130 | 37166 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551535, 22.860%, 8/23/2029 †§x | Upstart | 8/28/2024 | 20600 | 20600 | 21175 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551736, 18.590%, 8/23/2029 †§x | Upstart | 8/28/2024 | 33597 | 33597 | 34603 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551825, 23.290%, 8/26/2029 †§x | Upstart | 8/29/2024 | 29045 | 29138 | 29116 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551827, 16.850%, 8/26/2029 †§x | Upstart | 8/29/2024 | 21436 | 21436 | 22103 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551896, 23.090%, 8/26/2029 †§x | Upstart | 9/05/2024 | 22863 | 22832 | 22914 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4551988, 24.150%, 8/26/2029 †§x | Upstart | 8/29/2024 | 39461 | 39461 | 39428 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4552249, 17.190%, 8/26/2029 †§x | Upstart | 8/29/2024 | 41044 | 41044 | 42218 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4552582, 17.480%, 8/26/2029 †x#◇ | Upstart | 8/29/2024 | 43132 | 43132 | 44473 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4552588, 23.240%, 8/26/2029 †§x | Upstart | 8/29/2024 | 37184 | 37184 | 37220 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4552725, 17.410%, 8/26/2029 †x◇ | Upstart | 8/29/2024 | 29504 | 29504 | 30407 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4552840, 21.640%, 8/26/2029 †§x | Upstart | 8/29/2024 | 43444 | 43581 | 43553 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4552903, 23.570%, 8/26/2029 †§x | Upstart | 8/29/2024 | 23345 | 23345 | 23400 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4552986, 16.050%, 8/26/2029 †§x | Upstart | 8/29/2024 | 23061 | 23061 | 23575 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4553112, 20.190%, 8/26/2029 †§x# | Upstart | 8/29/2024 | 41803 | 41803 | 42623 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4553317, 22.200%, 8/26/2029 †§x | Upstart | 8/29/2024 | 26093 | 26093 | 26625 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4553435, 21.170%, 8/26/2029 †§x | Upstart | 8/29/2024 | 23444 | 23444 | 24126 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4553476, 24.200%, 8/26/2029 †§x | Upstart | 8/29/2024 | 24874 | 24874 | 24797 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4553937, 18.360%, 8/26/2029 †§x | Upstart | 8/29/2024 | 21501 | 21561 | 22016 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4555786, 22.490%, 8/26/2029 †§x | Upstart | 8/29/2024 | 23477 | 23477 | 23526 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4556051, 8.170%, 8/26/2029 †§x | Upstart | 8/29/2024 | 41544 | 41544 | 41429 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4556244, 11.920%, 8/26/2029 †§x | Upstart | 8/29/2024 | 42015 | 42015 | 42951 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4557501, 12.380%, 8/27/2029 †x◇ | Upstart | 8/30/2024 | 28683 | 28683 | 29625 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4557521, 16.830%, 8/27/2029 †x#◇ | Upstart | 8/30/2024 | 30152 | 30152 | 31115 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4557591, 22.090%, 8/27/2029 †§x | Upstart | 8/30/2024 | 28007 | 28007 | 28582 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4558056, 23.540%, 1/27/2030 †x# | Upstart | 8/30/2024 | 22757 | 22757 | 22853 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4558113, 12.800%, 8/27/2029 †§x | Upstart | 8/30/2024 | 25357 | 25357 | 25924 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4558889, 13.920%, 8/27/2029 †§x | Upstart | 8/30/2024 | 35577 | 35577 | 36748 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4558964, 16.640%, 8/27/2029 †§x | Upstart | 8/30/2024 | 24424 | 24424 | 25198 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4559308, 21.390%, 8/27/2029 †§x | Upstart | 8/30/2024 | 21920 | 21920 | 21912 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4559472, 17.460%, 8/27/2029 †§x | Upstart | 8/30/2024 | 35539 | 35539 | 36653 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4559475, 23.550%, 1/27/2030 †x# | Upstart | 8/30/2024 | 19991 | 19991 | 20110 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4560300, 20.420%, 8/28/2029 †§x | Upstart | 9/03/2024 | 21597 | 21597 | 22071 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4560320, 11.610%, 8/28/2029 †§x | Upstart | 9/03/2024 | 20212 | 20212 | 20156 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4560380, 16.780%, 8/28/2029 †§x# | Upstart | 9/03/2024 | 29978 | 29978 | 30753 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4560488, 23.250%, 8/28/2029 †x◇ | Upstart | 9/03/2024 | 38218 | 38218 | 38328 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4560516, 22.990%, 8/28/2029 †§x | Upstart | 9/03/2024 | 30523 | 30523 | 30528 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4560913, 13.460%, 8/28/2029 †§x | Upstart | 9/03/2024 | 22549 | 22549 | 23053 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4561121, 17.110%, 8/28/2029 †§x | Upstart | 9/03/2024 | 31875 | 31974 | 32652 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4561863, 21.930%, 8/28/2029 †§x | Upstart | 9/03/2024 | 24358 | 24358 | 25080 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4561998, 7.580%, 9/01/2029 †§x | Upstart | 9/04/2024 | 24904 | 24904 | 24796 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4562023, 15.330%, 8/28/2029 †§x | Upstart | 9/03/2024 | 21032 | 21032 | 21699 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4562336, 23.400%, 8/28/2029 †§x | Upstart | 9/03/2024 | 21472 | 21472 | 21318 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4562814, 15.560%, 8/28/2029 †§x | Upstart | 9/03/2024 | 38114 | 38114 | 39350 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4563054, 23.340%, 9/01/2029 †x | Upstart | 9/04/2024 | 44661 | 44661 | 44337 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**296** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4563308, 13.580%, 9/01/2029 †§x | Upstart | 9/04/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28843 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4564094, 19.410%, 9/01/2029 †§x | Upstart | 9/04/2024 | 23697 | 23697 | 24429 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4564271, 23.140%, 9/01/2029 †§x | Upstart | 9/04/2024 | 35706 | 35706 | 35450 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4564295, 22.720%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 43944 | 43944 | 43666 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4567814, 21.220%, 9/03/2029 †x | Upstart | 9/06/2024 | 35409 | 35409 | 34966 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4567910, 16.850%, 9/03/2027 †x◇ | Upstart | 9/06/2024 | 24893 | 24893 | 24748 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4568965, 14.270%, 9/03/2027 †x◇ | Upstart | 9/06/2024 | 36891 | 36891 | 36689 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4569057, 19.620%, 9/03/2027 †x◇ | Upstart | 9/06/2024 | 20898 | 20898 | 20304 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4569110, 14.620%, 9/03/2029 †x | Upstart | 9/06/2024 | 32169 | 32169 | 33016 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4569285, 24.340%, 2/03/2030 †x#◇ | Upstart | 9/06/2024 | 23177 | 23177 | 23091 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4569439, 16.190%, 9/18/2029 †x◇ | Upstart | 9/06/2024 | 23494 | 23494 | 24131 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4569615, 16.850%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 34653 | 34653 | 35572 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4570130, 23.230%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 25470 | 25470 | 25307 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4570489, 19.510%, 9/03/2029 †x#◇ | Upstart | 9/06/2024 | 20038 | 20038 | 20332 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4570811, 22.670%, 9/03/2029 †x | Upstart | 9/06/2024 | 44455 | 44455 | 45037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4571015, 15.650%, 9/03/2029 †x | Upstart | 9/06/2024 | 42691 | 42691 | 43808 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4572809, 21.580%, 9/03/2029 †x | Upstart | 9/06/2024 | 43434 | 43434 | 43984 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4574303, 21.600%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 29022 | 29022 | 29415 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4574387, 23.650%, 9/03/2029 †x◇ | Upstart | 9/06/2024 | 24341 | 24341 | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4575361, 21.470%, 9/19/2029 †x◇ | Upstart | 9/09/2024 | 22343 | 22343 | 22690 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4575384, 22.590%, 2/04/2030 †x#◇ | Upstart | 9/09/2024 | 22736 | 22736 | 22665 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4576435, 20.790%, 7/04/2030 †x#◇ | Upstart | 9/09/2024 | 43903 | 43903 | 44519 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4578274, 21.730%, 9/05/2029 †x#◇ | Upstart | 9/10/2024 | 28045 | 28045 | 28431 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4579871, 23.020%, 9/05/2029 †x | Upstart | 9/10/2024 | 34089 | 34199 | 33688 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4580617, 21.340%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 21696 | 21696 | 21599 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4580878, 22.870%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 41721 | 41721 | 41253 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4580968, 14.490%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 25627 | 25627 | 26352 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4581126, 16.980%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 25650 | 25650 | 26344 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4581165, 19.640%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 22574 | 22574 | 23111 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4581654, 20.270%, 9/06/2029 †x | Upstart | 9/11/2024 | 44096 | 44096 | 44778 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4581775, 17.190%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 39497 | 39497 | 40565 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4582275, 22.590%, 9/06/2029 †x | Upstart | 9/11/2024 | 34229 | 34229 | 34060 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4582359, 12.680%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 40514 | 40514 | 41353 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4582504, 21.440%, 9/06/2029 †x◇ | Upstart | 9/11/2024 | 40050 | 40050 | 39870 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4586418, 12.930%, 9/11/2029 †x◇ | Upstart | 9/16/2024 | 35559 | 35559 | 36310 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4589239, 23.420%, 9/11/2029 †§x | Upstart | 9/16/2024 | 28224 | 28224 | 27989 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4589587, 21.560%, 9/11/2029 †§x# | Upstart | 9/16/2024 | 30592 | 30592 | 29418 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4589747, 20.500%, 9/10/2029 †§x | Upstart | 9/13/2024 | 44163 | 44163 | 44908 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4592395, 13.260%, 9/11/2029 †x◇ | Upstart | 9/16/2024 | 22844 | 22844 | 23529 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4592408, 13.990%, 9/11/2029 †§x | Upstart | 9/16/2024 | 43215 | 43215 | 44496 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4592471, 17.720%, 9/11/2029 †§x | Upstart | 9/16/2024 | 36812 | 36812 | 37840 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4592479, 22.600%, 9/11/2029 †§x | Upstart | 9/16/2024 | 28447 | 28447 | 28905 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4592994, 14.530%, 9/11/2029 †§x | Upstart | 9/16/2024 | 22947 | 22947 | 23622 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4593042, 16.240%, 9/11/2029 †§x | Upstart | 9/16/2024 | 24564 | 24564 | 25267 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4593413, 15.250%, 9/11/2029 †§x | Upstart | 9/16/2024 | 23164 | 23164 | 23837 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4593960, 19.120%, 9/11/2029 †§x# | Upstart | 9/16/2024 | 26481 | 26481 | 25595 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4595253, 13.460%, 9/12/2029 †§x | Upstart | 9/17/2024 | 22601 | 22601 | 23078 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4596509, 12.590%, 9/12/2029 †§x | Upstart | 9/17/2024 | 42995 | 42995 | 43909 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4596524, 13.700%, 9/12/2029 †§x | Upstart | 9/17/2024 | 22621 | 22621 | 23097 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4596767, 22.520%, 9/12/2029 †§x | Upstart | 9/17/2024 | 37348 | 37348 | 37259 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4597110, 19.930%, 9/12/2029 †§x | Upstart | 9/17/2024 | 29599 | 29599 | 29580 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4597127, 19.870%, 9/12/2029 †§x | Upstart | 9/17/2024 | 22571 | 22571 | 22976 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4597814, 22.700%, 2/12/2030 †x | Upstart | 9/17/2024 | 43796 | 43796 | 44848 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4597841, 21.910%, 9/12/2029 †x | Upstart | 9/17/2024 | 44373 | 44373 | 44276 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4599485, 21.140%, 9/13/2029 †§x | Upstart | 9/18/2024 | 22569 | 22569 | 22535 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4599520, 20.510%, 9/15/2029 †x◇ | Upstart | 9/18/2024 | 21094 | 21094 | 21374 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**297** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4600293, 23.150%, 9/13/2029 †§x | Upstart | 9/18/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4604491, 20.290%, 9/16/2029 †§x | Upstart | 9/19/2024 | 20702 | 20702 | 20690 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4610746, 11.120%, 9/18/2029 †§x | Upstart | 9/23/2024 | 42763 | 42763 | 42619 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4611562, 14.320%, 9/18/2029 †§x | Upstart | 9/23/2024 | 38938 | 38938 | 40149 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4611570, 23.300%, 2/18/2030 †x# | Upstart | 9/23/2024 | 34228 | 34228 | 35372 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4613300, 23.060%, 9/19/2029 †§x | Upstart | 9/24/2024 | 20920 | 20920 | 20927 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4614461, 24.130%, 9/19/2029 †x◇ | Upstart | 9/24/2024 | 23997 | 23997 | 23907 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4614485, 15.310%, 9/19/2027 †§x | Upstart | 9/24/2024 | 29487 | 29487 | 28994 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4614641, 14.410%, 9/20/2029 †§x | Upstart | 9/25/2024 | 27527 | 27527 | 28395 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4632785, 13.870%, 10/01/2029 †§x | Upstart | 10/04/2024 | 30701 | 30701 | 30315 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4640134, 13.840%, 10/01/2029 †x | Upstart | 10/04/2024 | 23346 | 23346 | 23047 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4640490, 14.620%, 10/15/2029 †x | Upstart | 10/04/2024 | 44208 | 44208 | 43650 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4640677, 14.620%, 10/01/2029 †§x | Upstart | 10/04/2024 | 21475 | 21475 | 21195 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4641319, 16.390%, 10/01/2029 †x# | Upstart | 10/04/2024 | 42303 | 42303 | 41746 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4641934, 19.970%, 10/02/2029 †§x | Upstart | 10/07/2024 | 23896 | 23896 | 23569 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4641969, 13.260%, 3/16/2028 †x# | Upstart | 10/04/2024 | 21435 | 21435 | 21095 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4643301, 23.220%, 3/02/2030 †x# | Upstart | 10/07/2024 | 33820 | 33820 | 32276 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4643867, 21.280%, 10/02/2029 †§x | Upstart | 10/07/2024 | 33190 | 33190 | 31800 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4643920, 17.260%, 10/02/2029 †§x | Upstart | 10/07/2024 | 28386 | 28386 | 28014 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4643994, 19.970%, 10/02/2029 †x | Upstart | 10/07/2024 | 33335 | 33335 | 32302 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4644189, 16.060%, 10/02/2029 †x | Upstart | 10/07/2024 | 44164 | 44303 | 43594 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4644212, 18.870%, 10/02/2029 †§x | Upstart | 10/07/2024 | 39641 | 39641 | 38428 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4644253, 14.260%, 10/18/2029 †§x# | Upstart | 10/08/2024 | 25548 | 25548 | 25235 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4644255, 23.730%, 10/02/2029 †x | Upstart | 10/07/2024 | 45151 | 45151 | 43700 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4644279, 18.520%, 10/02/2029 †x | Upstart | 10/07/2024 | 30576 | 30576 | 30161 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4644328, 21.120%, 10/02/2029 †x | Upstart | 10/07/2024 | 44355 | 44355 | 42961 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4644581, 12.410%, 10/02/2029 †§x | Upstart | 10/07/2024 | 27935 | 27935 | 27977 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645559, 13.330%, 10/03/2029 †x | Upstart | 10/08/2024 | 43782 | 43782 | 43250 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645611, 23.180%, 10/03/2029 †§x | Upstart | 10/08/2024 | 31505 | 31607 | 30085 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645623, 18.760%, 10/03/2029 †§x | Upstart | 10/08/2024 | 21997 | 21997 | 21704 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645656, 26.220%, 10/03/2029 †§x | Upstart | 10/08/2024 | 23822 | 23822 | 22761 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645805, 21.010%, 10/03/2029 †§x | Upstart | 10/08/2024 | 24919 | 24919 | 24146 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645817, 11.960%, 10/03/2029 †§x | Upstart | 10/08/2024 | 36653 | 36653 | 36696 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645855, 24.740%, 10/03/2027 †§x | Upstart | 10/08/2024 | 34478 | 34478 | 33202 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4645924, 17.610%, 3/03/2030 †x# | Upstart | 10/08/2024 | 26781 | 26863 | 26459 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4646776, 17.050%, 10/03/2029 †x# | Upstart | 10/08/2024 | 44275 | 44275 | 43701 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4646955, 11.780%, 10/03/2029 †§x# | Upstart | 10/08/2024 | 43452 | 43588 | 43525 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4647039, 16.270%, 10/03/2029 †x | Upstart | 10/08/2024 | 43752 | 43752 | 43192 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4647054, 14.550%, 10/03/2029 †§x | Upstart | 10/08/2024 | 26377 | 26377 | 26049 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4647067, 13.500%, 10/03/2029 †§x | Upstart | 10/08/2024 | 23655 | 23655 | 23687 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4647889, 22.180%, 10/03/2029 †x | Upstart | 10/08/2024 | 44965 | 44965 | 43554 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4648000, 21.300%, 10/03/2029 †§x | Upstart | 10/08/2024 | 40818 | 40818 | 39548 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4648213, 22.170%, 10/03/2029 †§x | Upstart | 10/08/2024 | 22482 | 22482 | 21474 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4648831, 17.610%, 10/04/2029 †§x | Upstart | 10/09/2024 | 29660 | 29660 | 29279 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4648893, 20.730%, 10/04/2029 †§x | Upstart | 10/09/2024 | 21585 | 21654 | 20923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4648932, 13.060%, 10/04/2029 †§x | Upstart | 10/09/2024 | 27908 | 27908 | 27950 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4648963, 18.730%, 10/04/2029 †§x# | Upstart | 10/09/2024 | 23047 | 23047 | 22354 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4649097, 22.160%, 10/04/2029 †§x | Upstart | 10/09/2024 | 24459 | 24459 | 23371 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4650011, 16.920%, 10/04/2029 †x# | Upstart | 10/09/2024 | 44878 | 44878 | 20319 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4650387, 20.060%, 10/04/2029 †§x | Upstart | 10/09/2024 | 42904 | 42904 | 41018 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4651915, 18.390%, 10/07/2029 †x | Upstart | 10/10/2024 | 21422 | 21422 | 20795 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4652210, 24.050%, 10/07/2027 †§x | Upstart | 10/10/2024 | 36621 | 36729 | 35322 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4652926, 22.250%, 10/07/2029 †§x | Upstart | 10/10/2024 | 40745 | 40745 | 39514 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4653036, 22.030%, 10/07/2029 †§x# | Upstart | 10/10/2024 | 29587 | 29587 | 27897 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4653104, 15.090%, 10/07/2029 †x | Upstart | 10/10/2024 | 44031 | 44168 | 43508 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4655583, 14.880%, 10/07/2029 †§x | Upstart | 10/10/2024 | 33580 | 33580 | 33186 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**298** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4658283, 11.040%, 10/22/2027 †x | Upstart | 10/10/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30286 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4659441, 18.140%, 10/08/2029 †§x | Upstart | 10/11/2024 | 22756 | 22828 | 22105 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4659498, 17.440%, 10/08/2029 †x | Upstart | 10/11/2024 | 44354 | 44494 | 43812 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4662423, 13.510%, 10/08/2029 †x | Upstart | 10/11/2024 | 43807 | 43807 | 43880 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4662442, 20.030%, 10/08/2029 †§x | Upstart | 10/11/2024 | 28227 | 28227 | 27401 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4662482, 19.230%, 10/08/2029 †x | Upstart | 10/11/2024 | 20598 | 20598 | 20024 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4662573, 19.650%, 10/08/2029 †§x | Upstart | 10/11/2024 | 28706 | 28706 | 27903 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4664985, 13.660%, 10/16/2029 †§x | Upstart | 10/15/2024 | 43942 | 43942 | 44016 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4665634, 20.680%, 10/10/2029 †§x | Upstart | 10/16/2024 | 42886 | 42886 | 41649 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4665931, 17.990%, 10/10/2029 †§x | Upstart | 10/16/2024 | 36075 | 36075 | 35642 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4665995, 22.920%, 10/10/2029 †x | Upstart | 10/16/2024 | 44043 | 44043 | 42167 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4666963, 22.990%, 10/10/2029 †x | Upstart | 10/16/2024 | 45063 | 45063 | 43146 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4667121, 11.990%, 10/10/2029 †§x | Upstart | 10/16/2024 | 32783 | 32783 | 32851 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4667701, 16.850%, 10/10/2029 †§x | Upstart | 10/16/2024 | 21252 | 21252 | 21001 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4668368, 16.790%, 10/10/2029 †§x | Upstart | 10/16/2024 | 35058 | 35058 | 34646 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4668784, 19.170%, 10/24/2027 †§x | Upstart | 10/17/2024 | 20694 | 20694 | 20131 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4668964, 19.390%, 10/11/2029 †§x | Upstart | 10/17/2024 | 32209 | 32209 | 31302 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4669077, 13.490%, 10/11/2027 †§x | Upstart | 10/17/2024 | 26583 | 26583 | 26240 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4669204, 15.310%, 10/11/2029 †x | Upstart | 10/17/2024 | 30585 | 30585 | 30239 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4669343, 12.220%, 10/11/2029 †§x | Upstart | 10/17/2024 | 24141 | 24216 | 24187 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4670230, 16.820%, 10/11/2029 †§x | Upstart | 10/17/2024 | 37962 | 37962 | 37520 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4670521, 18.390%, 10/11/2029 †§x | Upstart | 10/17/2024 | 23219 | 23219 | 22942 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4670736, 22.140%, 10/11/2029 †x# | Upstart | 10/17/2024 | 23330 | 23330 | 22346 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4671190, 17.770%, 10/11/2027 †§x | Upstart | 10/17/2024 | 38252 | 38252 | 37741 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4671298, 18.920%, 10/11/2029 †x | Upstart | 10/17/2024 | 44519 | 44519 | 43982 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4671826, 23.750%, 10/15/2029 †§x | Upstart | 10/18/2024 | 31351 | 31351 | 30104 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4672624, 14.280%, 10/15/2029 †§x | Upstart | 10/18/2024 | 26359 | 26359 | 26086 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4673033, 19.710%, 10/15/2029 †x | Upstart | 10/18/2024 | 43517 | 43517 | 42335 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4673060, 22.600%, 10/15/2029 †x | Upstart | 10/18/2024 | 27291 | 27291 | 26210 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4673165, 16.740%, 10/15/2029 †§x | Upstart | 10/18/2024 | 21333 | 21333 | 21100 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4674137, 21.710%, 10/15/2029 †x | Upstart | 10/18/2024 | 44906 | 44906 | 43663 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4674373, 14.190%, 10/15/2029 †x | Upstart | 10/18/2024 | 43905 | 43905 | 43450 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4674387, 23.880%, 10/15/2029 †§x | Upstart | 10/18/2024 | 34364 | 34364 | 32956 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4675348, 23.840%, 10/15/2029 †§x | Upstart | 10/18/2024 | 30191 | 30191 | 28988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4676320, 21.600%, 10/15/2029 †§x | Upstart | 10/18/2024 | 36000 | 36000 | 35575 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4679246, 13.340%, 10/15/2029 †§x | Upstart | 10/18/2024 | 27495 | 27495 | 27215 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4680654, 19.990%, 3/16/2030 †x | Upstart | 10/21/2024 | 28500 | 28500 | 27361 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4680692, 17.190%, 10/16/2029 †§x# | Upstart | 10/21/2024 | 27042 | 27042 | 25175 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4680718, 18.190%, 10/16/2029 †x | Upstart | 10/21/2024 | 44453 | 44453 | 43284 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776153, 22.970%, 4/20/2030 †x# | Upstart | 11/25/2024 | 45685 | 45685 | 43788 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776200, 21.710%, 11/20/2029 †x | Upstart | 11/25/2024 | 45438 | 45438 | 43417 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776416, 18.600%, 11/20/2029 †x | Upstart | 11/25/2024 | 24794 | 24794 | 24367 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776516, 12.700%, 11/20/2029 †§x | Upstart | 11/25/2024 | 33080 | 33080 | 32920 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776560, 10.230%, 11/20/2029 †§x | Upstart | 11/25/2024 | 32699 | 32699 | 32465 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776614, 22.940%, 11/20/2029 †§x | Upstart | 11/25/2024 | 34124 | 34124 | 32767 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776742, 23.210%, 11/20/2029 †§x | Upstart | 11/25/2024 | 27363 | 27363 | 26143 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776761, 15.850%, 11/20/2029 †§x | Upstart | 11/25/2024 | 23715 | 23715 | 23314 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776934, 23.200%, 11/20/2029 †x | Upstart | 11/25/2024 | 45603 | 45603 | 43040 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4776981, 18.880%, 11/20/2029 †x | Upstart | 11/25/2024 | 44210 | 44210 | 43447 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4777003, 18.260%, 11/20/2029 †x | Upstart | 11/25/2024 | 44919 | 44919 | 42934 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4777443, 24.170%, 11/20/2029 †x | Upstart | 11/25/2024 | 45709 | 45709 | 43666 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4777592, 21.960%, 11/20/2029 †§x | Upstart | 11/25/2024 | 42747 | 42747 | 40352 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4777595, 23.280%, 11/20/2029 †§x | Upstart | 11/25/2024 | 20764 | 20764 | 20098 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4777984, 21.690%, 11/20/2029 †§x | Upstart | 11/25/2024 | 38440 | 38440 | 36731 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4779167, 22.980%, 11/21/2029 †x | Upstart | 11/26/2024 | 45580 | 45727 | 43563 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4779263, 20.220%, 11/21/2029 †x | Upstart | 11/26/2024 | 44635 | 44635 | 42665 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**299** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4779438, 24.360%, 11/21/2029 †§x | Upstart | 11/26/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35550 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4779566, 21.140%, 11/21/2029 †§x | Upstart | 11/26/2024 | 24324 | 24324 | 23349 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4779705, 22.370%, 11/21/2029 †§x | Upstart | 11/26/2024 | 22301 | 22301 | 21596 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4779860, 19.830%, 11/21/2029 †§x | Upstart | 11/26/2024 | 37995 | 37995 | 36814 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4780121, 13.760%, 11/21/2029 †§x | Upstart | 11/26/2024 | 22888 | 22888 | 22508 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4780371, 18.130%, 11/21/2029 †§x | Upstart | 11/26/2024 | 40684 | 40684 | 39988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4780677, 14.080%, 11/21/2029 †§x | Upstart | 11/26/2024 | 32946 | 33050 | 32400 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4780782, 23.250%, 11/21/2029 †§x | Upstart | 11/26/2024 | 24995 | 24995 | 24200 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4780891, 13.000%, 11/21/2029 †§x | Upstart | 11/26/2024 | 26659 | 26659 | 26220 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4781073, 13.600%, 11/21/2029 †§x | Upstart | 11/26/2024 | 37256 | 37256 | 36640 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4781315, 11.690%, 11/21/2029 †x# | Upstart | 11/26/2024 | 45316 | 45316 | 42274 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4781602, 23.140%, 11/22/2029 †§x | Upstart | 11/27/2024 | 36934 | 36934 | 35763 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4781744, 21.190%, 11/21/2029 †§x | Upstart | 11/26/2024 | 36488 | 36488 | 33497 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4781798, 12.290%, 11/21/2029 †x | Upstart | 11/26/2024 | 34456 | 34563 | 34292 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4781835, 15.430%, 11/21/2029 †x | Upstart | 11/26/2024 | 44694 | 44694 | 43946 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4782376, 22.850%, 11/22/2029 †§x | Upstart | 11/27/2024 | 25972 | 25972 | 24832 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4782408, 11.370%, 11/22/2029 †§x | Upstart | 11/27/2024 | 22366 | 22366 | 22259 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4782420, 13.730%, 11/22/2029 †x | Upstart | 11/27/2024 | 44475 | 44475 | 43746 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4782654, 21.180%, 11/22/2029 †§x | Upstart | 11/27/2024 | 22342 | 22342 | 21643 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4782760, 16.960%, 11/22/2029 †x | Upstart | 11/27/2024 | 44881 | 44881 | 44130 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4783047, 14.030%, 11/22/2029 †§x | Upstart | 11/27/2024 | 21958 | 21958 | 21595 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4783156, 12.770%, 11/22/2029 †§x | Upstart | 11/27/2024 | 20797 | 20797 | 20464 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4783832, 22.160%, 11/22/2029 †§x | Upstart | 11/27/2024 | 26747 | 26747 | 25575 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784094, 17.870%, 11/22/2029 †x | Upstart | 11/27/2024 | 44993 | 45136 | 44235 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784199, 23.150%, 11/22/2029 †§x# | Upstart | 11/27/2024 | 41777 | 41777 | 37952 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784440, 22.410%, 11/22/2029 †x | Upstart | 11/27/2024 | 35897 | 35897 | 34328 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784459, 17.390%, 12/01/2029 †§x# | Upstart | 11/27/2024 | 36418 | 36418 | 35811 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784514, 13.030%, 11/22/2029 †§x | Upstart | 11/27/2024 | 22806 | 22806 | 22696 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784519, 13.720%, 11/22/2029 †§x | Upstart | 11/27/2024 | 26952 | 26952 | 26511 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784673, 13.900%, 11/22/2029 †x | Upstart | 11/27/2024 | 44497 | 44497 | 43767 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784810, 18.300%, 11/25/2029 †§x | Upstart | 11/29/2024 | 43063 | 43063 | 42356 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4784988, 21.200%, 11/22/2029 †x | Upstart | 11/27/2024 | 45382 | 45382 | 43397 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4787025, 13.630%, 11/25/2029 †§x | Upstart | 11/29/2024 | 41795 | 41795 | 41130 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4790506, 12.480%, 11/25/2029 †§x | Upstart | 11/29/2024 | 36358 | 36358 | 36190 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4790542, 23.400%, 11/25/2029 †§x | Upstart | 11/29/2024 | 27791 | 27791 | 26688 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4790920, 22.630%, 11/25/2029 †§x | Upstart | 11/29/2024 | 22225 | 22225 | 21547 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4791061, 16.870%, 11/25/2029 †§x | Upstart | 11/29/2024 | 31374 | 31374 | 30864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4791166, 21.890%, 12/01/2029 †x# | Upstart | 11/29/2024 | 46173 | 46173 | 44347 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4791370, 13.490%, 11/25/2029 †§x | Upstart | 11/29/2024 | 44432 | 44432 | 43725 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4791374, 13.900%, 11/25/2029 †§x | Upstart | 11/29/2024 | 31150 | 31150 | 30653 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4792573, 16.040%, 11/26/2029 †x◇ | Upstart | 12/02/2024 | 28450 | 28450 | 27994 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4793127, 18.770%, 11/26/2029 †§x | Upstart | 12/02/2024 | 20746 | 20746 | 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4793168, 17.410%, 11/26/2029 †§x | Upstart | 12/02/2024 | 26866 | 26866 | 26430 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4793187, 12.240%, 11/26/2029 †§x | Upstart | 12/02/2024 | 32955 | 32955 | 32808 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4793275, 12.130%, 11/26/2029 †§x | Upstart | 12/02/2024 | 26383 | 26383 | 26265 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4794820, 16.970%, 11/26/2029 †§x | Upstart | 12/02/2024 | 26556 | 26556 | 26122 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4796286, 11.950%, 11/26/2029 †§x | Upstart | 12/02/2024 | 44243 | 44243 | 44046 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4796596, 18.220%, 11/27/2029 †§x | Upstart | 12/03/2024 | 24409 | 24409 | 24036 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4796947, 18.090%, 11/27/2029 †§x# | Upstart | 12/03/2024 | 21203 | 21203 | 20877 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797122, 18.380%, 11/27/2029 †x | Upstart | 12/03/2024 | 43252 | 43252 | 42556 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797232, 14.770%, 11/27/2029 †§x | Upstart | 12/03/2024 | 33405 | 33405 | 32871 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797375, 22.920%, 11/27/2029 †§x | Upstart | 12/03/2024 | 22786 | 22786 | 21825 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797381, 13.940%, 12/01/2029 †§x | Upstart | 12/03/2024 | 45123 | 45123 | 44425 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797669, 24.360%, 11/27/2029 †§x | Upstart | 12/03/2024 | 32560 | 32560 | 30837 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797671, 13.920%, 11/27/2029 †§x | Upstart | 12/03/2024 | 44492 | 44492 | 43797 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797686, 17.320%, 11/27/2029 †§x | Upstart | 12/03/2024 | 44926 | 44926 | 44207 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**300** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797704, 14.780%, 11/27/2029 †§x | Upstart | 12/03/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25580 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4797940, 23.220%, 11/27/2029 †§x | Upstart | 12/03/2024 | 39221 | 39221 | 37566 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798036, 22.820%, 11/27/2029 †§x | Upstart | 12/03/2024 | 31257 | 31257 | 30320 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798049, 20.220%, 11/27/2029 †x#◇ | Upstart | 12/03/2024 | 21074 | 21074 | 20454 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798053, 17.100%, 11/27/2029 †§x# | Upstart | 12/03/2024 | 30412 | 30412 | 29630 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798160, 15.010%, 11/27/2029 †x◇ | Upstart | 12/03/2024 | 28570 | 28570 | 28120 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798235, 15.000%, 11/27/2029 †§x | Upstart | 12/03/2024 | 31248 | 31248 | 30755 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798255, 19.830%, 11/27/2027 †§x# | Upstart | 12/03/2024 | 23010 | 23010 | 22272 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798435, 21.200%, 11/27/2029 †§x# | Upstart | 12/03/2024 | 28650 | 28650 | 27478 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798475, 12.590%, 11/27/2029 †§x | Upstart | 12/03/2024 | 44301 | 44301 | 43615 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798526, 11.490%, 11/27/2029 †§x | Upstart | 12/03/2024 | 44181 | 44181 | 43988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798548, 7.420%, 11/27/2027 †x#◇ | Upstart | 12/03/2024 | 22076 | 22076 | 21980 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798641, 22.660%, 11/27/2029 †§x | Upstart | 12/03/2024 | 35721 | 35721 | 34644 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798692, 22.840%, 11/27/2029 †§x | Upstart | 12/03/2024 | 25416 | 25416 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798708, 12.450%, 11/27/2027 †x | Upstart | 12/03/2024 | 23815 | 23815 | 23433 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798747, 21.180%, 12/11/2029 †§x | Upstart | 12/03/2024 | 35227 | 35227 | 34296 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798774, 24.340%, 11/27/2029 †§x | Upstart | 12/03/2024 | 29165 | 29165 | 27931 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4798802, 9.360%, 11/27/2029 †§x | Upstart | 12/03/2024 | 43890 | 43890 | 43590 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799172, 13.370%, 11/27/2029 †§x | Upstart | 12/03/2024 | 44431 | 44431 | 43739 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799281, 17.240%, 12/01/2029 †§x | Upstart | 12/04/2024 | 20654 | 20654 | 20249 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799430, 15.890%, 11/27/2029 †§x | Upstart | 12/03/2024 | 21480 | 21480 | 21140 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799610, 25.510%, 12/01/2029 †§x | Upstart | 12/04/2024 | 29540 | 29540 | 27684 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799820, 20.480%, 12/01/2029 †§x | Upstart | 12/04/2024 | 23329 | 23329 | 22653 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799876, 21.490%, 12/01/2029 †§x | Upstart | 12/04/2024 | 24861 | 24861 | 23663 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799957, 18.050%, 12/01/2029 †§x | Upstart | 12/04/2024 | 33884 | 33993 | 33216 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799960, 22.660%, 12/01/2029 †§x | Upstart | 12/04/2024 | 36928 | 36928 | 35648 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4799975, 15.690%, 12/01/2029 †§x | Upstart | 12/04/2024 | 31399 | 31399 | 30789 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800030, 17.300%, 12/01/2029 †§x | Upstart | 12/04/2024 | 45582 | 45582 | 44686 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800088, 13.630%, 12/01/2029 †§x | Upstart | 12/04/2024 | 44966 | 44966 | 44275 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800104, 19.510%, 12/01/2029 †§x | Upstart | 12/04/2024 | 22914 | 22914 | 22135 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800141, 23.150%, 12/16/2029 †x◇ | Upstart | 12/04/2024 | 25216 | 25216 | 24001 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800238, 14.860%, 12/01/2029 †§x | Upstart | 12/04/2024 | 21340 | 21340 | 20927 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800271, 9.640%, 12/01/2027 †§x | Upstart | 12/04/2024 | 23963 | 23963 | 23869 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800333, 23.420%, 12/01/2029 †x◇ | Upstart | 12/04/2024 | 31538 | 31538 | 30012 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800350, 17.990%, 12/01/2027 †§x | Upstart | 12/04/2024 | 38327 | 38327 | 36771 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800366, 20.910%, 12/01/2029 †§x | Upstart | 12/04/2024 | 23268 | 23268 | 22471 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800448, 22.570%, 12/01/2029 †§x | Upstart | 12/04/2024 | 28336 | 28336 | 26570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800450, 20.580%, 12/01/2029 †§x | Upstart | 12/04/2024 | 22971 | 22971 | 22185 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800472, 20.900%, 12/01/2029 †§x | Upstart | 12/04/2024 | 29691 | 29691 | 28825 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4800493, 11.460%, 12/01/2029 †§x | Upstart | 12/04/2024 | 44170 | 44170 | 43914 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4833829, 22.280%, 12/16/2029 †x | Upstart | 12/19/2024 | 46053 | 46053 | 44013 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4844317, 23.110%, 12/16/2029 †§x | Upstart | 12/19/2024 | 23068 | 23068 | 21768 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4850008, 17.070%, 5/16/2030 †x | Upstart | 12/19/2024 | 46119 | 46119 | 44907 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4850783, 19.790%, 12/23/2029 †§x | Upstart | 12/27/2024 | 24633 | 24633 | 23919 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4853853, 11.350%, 12/19/2029 †§x | Upstart | 12/24/2024 | 44842 | 44842 | 44635 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4855514, 14.960%, 12/16/2029 †§x | Upstart | 12/19/2024 | 33227 | 33227 | 32661 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4855855, 17.320%, 12/16/2029 †x | Upstart | 12/19/2024 | 45533 | 45533 | 44747 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4855902, 22.110%, 12/16/2029 †§x | Upstart | 12/19/2024 | 31396 | 31396 | 30005 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4855955, 17.610%, 12/16/2029 †§x | Upstart | 12/19/2024 | 41008 | 41139 | 39756 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4856010, 15.700%, 12/16/2029 †x | Upstart | 12/19/2024 | 25857 | 25857 | 25428 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4856936, 23.250%, 12/18/2029 †x | Upstart | 12/19/2024 | 40074 | 40074 | 37814 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4857320, 23.270%, 5/16/2030 †x# | Upstart | 12/19/2024 | 45592 | 45592 | 41858 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4859340, 22.830%, 12/16/2029 †§x | Upstart | 12/19/2024 | 37012 | 37133 | 35919 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4861088, 20.660%, 12/23/2029 †§x | Upstart | 12/27/2024 | 21110 | 21110 | 20495 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4862450, 18.580%, 5/16/2030 †x# | Upstart | 12/19/2024 | 41649 | 41649 | 40538 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4863758, 23.270%, 5/20/2030 †x# | Upstart | 12/26/2024 | 33593 | 33593 | 32068 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**301** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4863996, 19.280%, 12/17/2029 †§x | Upstart | 12/20/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20409 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4864400, 21.960%, 12/17/2029 †§x | Upstart | 12/20/2024 | 32215 | 32215 | 30799 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4864421, 17.150%, 5/17/2030 †x# | Upstart | 12/20/2024 | 23510 | 23510 | 23135 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4864452, 19.470%, 12/17/2029 †x | Upstart | 12/20/2024 | 45728 | 45728 | 44328 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4864605, 19.360%, 12/28/2029 †§x | Upstart | 12/20/2024 | 22088 | 22088 | 21720 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4864810, 15.060%, 12/17/2029 †§x | Upstart | 12/20/2024 | 22640 | 22640 | 22258 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4865046, 18.450%, 12/17/2029 †§x | Upstart | 12/20/2024 | 36530 | 36530 | 35419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4865230, 17.930%, 12/17/2029 †x | Upstart | 12/20/2024 | 45501 | 45501 | 44719 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4865640, 18.570%, 12/17/2029 †§x | Upstart | 12/20/2024 | 25908 | 25908 | 25119 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4865816, 15.760%, 12/17/2029 †§x | Upstart | 12/20/2024 | 22393 | 22393 | 22069 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4866070, 22.070%, 12/17/2029 †§x# | Upstart | 12/20/2024 | 20989 | 20989 | 20337 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4866504, 19.300%, 12/17/2029 †§x | Upstart | 12/20/2024 | 22757 | 22757 | 22060 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4866516, 16.310%, 12/17/2029 †§x | Upstart | 12/20/2024 | 23089 | 23089 | 22696 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4866596, 20.310%, 12/17/2029 †§x | Upstart | 12/20/2024 | 20817 | 20817 | 20455 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4866674, 16.240%, 12/17/2029 †§x | Upstart | 12/20/2024 | 21344 | 21344 | 20981 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4868865, 19.950%, 5/18/2030 †x# | Upstart | 12/23/2024 | 43048 | 43048 | 39209 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4868900, 24.390%, 12/18/2029 †x | Upstart | 12/23/2024 | 43983 | 43983 | 39733 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4870192, 19.860%, 12/18/2029 †x | Upstart | 12/23/2024 | 45806 | 45806 | 44414 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4870271, 12.210%, 12/18/2029 †x | Upstart | 12/23/2024 | 44925 | 44925 | 44712 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4870481, 21.740%, 12/18/2029 †§x | Upstart | 12/23/2024 | 42136 | 42136 | 40925 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4870525, 24.350%, 12/18/2029 †§x | Upstart | 12/23/2024 | 27804 | 27804 | 26260 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4870734, 14.750%, 12/18/2029 †§x | Upstart | 12/23/2024 | 24285 | 24285 | 23874 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4870933, 20.100%, 12/18/2029 †§x | Upstart | 12/23/2024 | 20709 | 20709 | 20077 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4870989, 23.950%, 12/18/2029 †§x | Upstart | 12/23/2024 | 21260 | 21260 | 20887 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4871103, 14.030%, 12/18/2027 †§x | Upstart | 12/23/2024 | 29243 | 29243 | 28379 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4871368, 21.410%, 12/18/2029 †§x | Upstart | 12/23/2024 | 33208 | 33208 | 32188 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4871377, 23.290%, 12/18/2029 †x | Upstart | 12/23/2024 | 26861 | 26861 | 25374 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4871543, 13.000%, 12/18/2029 †x | Upstart | 12/23/2024 | 45040 | 45040 | 44296 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4873816, 23.530%, 12/19/2029 †§x | Upstart | 12/24/2024 | 27716 | 27716 | 26193 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4875813, 23.010%, 12/20/2029 †§x | Upstart | 12/26/2024 | 26384 | 26384 | 25249 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4876299, 22.500%, 1/04/2030 †§x | Upstart | 12/24/2024 | 21310 | 21310 | 20341 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4877301, 22.380%, 12/20/2029 †§x | Upstart | 12/26/2024 | 32244 | 32244 | 31267 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4877306, 14.500%, 12/20/2029 †§x | Upstart | 12/26/2024 | 33590 | 33590 | 33036 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4877485, 15.460%, 12/20/2029 †§x | Upstart | 12/26/2024 | 24476 | 24476 | 24073 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4877702, 14.100%, 12/20/2029 †§x# | Upstart | 12/26/2024 | 31409 | 31409 | 29050 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4877979, 20.710%, 12/20/2029 †§x | Upstart | 12/26/2024 | 36715 | 36715 | 35142 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4878141, 15.490%, 12/20/2029 †x | Upstart | 12/26/2024 | 33544 | 33544 | 32992 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4878162, 20.500%, 12/20/2029 †§x | Upstart | 12/26/2024 | 26151 | 26151 | 25419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4878230, 13.160%, 12/20/2029 †§x | Upstart | 12/26/2024 | 22530 | 22530 | 22164 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4878482, 24.390%, 12/23/2029 †x | Upstart | 12/27/2024 | 43208 | 43208 | 41391 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4878625, 21.480%, 12/20/2029 †§x | Upstart | 12/26/2024 | 31268 | 31268 | 29926 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4878825, 22.720%, 12/20/2029 †§x | Upstart | 12/26/2024 | 23878 | 23878 | 22852 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4879809, 11.750%, 12/23/2027 †§x | Upstart | 12/27/2024 | 27032 | 27032 | 26569 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4880161, 15.760%, 12/23/2029 †§x | Upstart | 12/27/2024 | 38012 | 38012 | 37403 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4880609, 21.960%, 12/23/2029 †§x | Upstart | 12/27/2024 | 36817 | 36817 | 35275 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4880815, 15.560%, 12/23/2029 †x | Upstart | 12/27/2024 | 23575 | 23575 | 23198 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4881006, 20.410%, 12/23/2029 †x# | Upstart | 12/27/2024 | 22270 | 22270 | 21152 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4881150, 13.940%, 12/23/2029 †§x | Upstart | 12/27/2024 | 22094 | 22163 | 21743 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4881776, 22.720%, 12/23/2029 †§x# | Upstart | 12/27/2024 | 24595 | 24595 | 23670 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4882240, 23.220%, 12/23/2029 †§x | Upstart | 12/27/2024 | 31657 | 31657 | 30328 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4882607, 14.940%, 12/23/2029 †x | Upstart | 12/27/2024 | 43638 | 43638 | 42942 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4882994, 15.470%, 12/23/2029 †§x | Upstart | 12/27/2024 | 30127 | 30127 | 29643 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4883329, 20.540%, 12/23/2029 †§x# | Upstart | 12/27/2024 | 38242 | 38242 | 37399 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4884162, 21.370%, 12/23/2029 †x | Upstart | 12/27/2024 | 45962 | 45962 | 44618 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4884292, 22.890%, 12/23/2029 †§x | Upstart | 12/27/2024 | 21397 | 21397 | 20499 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4884657, 20.430%, 12/23/2029 †§x | Upstart | 12/27/2024 | 35316 | 35316 | 33840 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**302** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4884664, 20.980%, 12/23/2029 †x | Upstart | 12/27/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44504 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4884766, 14.270%, 12/23/2029 †x | Upstart | 12/27/2024 | 29463 | 29463 | 28995 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4885265, 16.690%, 10/23/2030 †x# | Upstart | 12/27/2024 | 23304 | 23304 | 22960 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4886662, 23.290%, 12/23/2029 †§x | Upstart | 12/27/2024 | 32769 | 32769 | 31393 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4887309, 23.260%, 12/24/2029 †x | Upstart | 12/30/2024 | 45228 | 45228 | 42858 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4887998, 23.390%, 12/24/2029 †§x# | Upstart | 12/30/2024 | 23460 | 23460 | 22583 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4888162, 22.200%, 5/24/2030 †x | Upstart | 12/30/2024 | 45765 | 45765 | 44062 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4972396, 19.540%, 1/27/2030 †§x | Upstart | 1/30/2025 | 21048 | 21048 | 20501 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973253, 20.960%, 1/27/2030 †§x | Upstart | 1/30/2025 | 21271 | 21271 | 20713 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973577, 15.380%, 1/27/2030 †§x | Upstart | 1/30/2025 | 42884 | 43021 | 42246 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973674, 24.180%, 1/27/2030 †§x | Upstart | 1/30/2025 | 30836 | 30836 | 29642 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973744, 21.410%, 1/27/2030 †§x | Upstart | 1/30/2025 | 31143 | 31143 | 29941 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973815, 23.270%, 1/27/2030 †§x | Upstart | 1/30/2025 | 32464 | 32464 | 31207 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973921, 21.820%, 1/27/2030 †§x | Upstart | 1/30/2025 | 23740 | 23740 | 22585 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973929, 16.800%, 1/27/2030 †§x | Upstart | 1/30/2025 | 29955 | 29955 | 29191 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4973980, 19.090%, 1/27/2030 †x | Upstart | 1/30/2025 | 46271 | 46271 | 45074 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974302, 24.020%, 1/27/2028 †§x | Upstart | 1/30/2025 | 27746 | 27746 | 26531 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974350, 15.420%, 1/28/2030 †§x# | Upstart | 1/31/2025 | 21057 | 21057 | 20747 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974357, 19.590%, 1/27/2030 †§x | Upstart | 1/30/2025 | 32422 | 32422 | 31581 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974453, 21.870%, 1/27/2030 †x | Upstart | 1/30/2025 | 27914 | 27914 | 27178 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974564, 19.650%, 1/27/2030 †§x | Upstart | 1/30/2025 | 30203 | 30203 | 29419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974613, 20.010%, 1/27/2030 †§x | Upstart | 1/30/2025 | 32448 | 32448 | 31604 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974707, 22.680%, 1/27/2030 †§x | Upstart | 1/30/2025 | 42120 | 42120 | 40491 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4974889, 10.370%, 1/27/2030 †x | Upstart | 1/30/2025 | 45393 | 45537 | 45086 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4975114, 12.420%, 1/27/2030 †§x | Upstart | 1/30/2025 | 30104 | 30200 | 29664 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4975301, 16.750%, 1/27/2030 †§x | Upstart | 1/30/2025 | 42614 | 42614 | 41969 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4975807, 18.350%, 1/27/2030 †§x | Upstart | 1/30/2025 | 20976 | 20976 | 20436 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4976528, 23.260%, 1/27/2030 †§x | Upstart | 1/30/2025 | 21166 | 21234 | 20345 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4976689, 12.790%, 1/27/2030 †§x | Upstart | 1/30/2025 | 29647 | 29647 | 29211 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4976701, 21.080%, 1/27/2030 †§x | Upstart | 1/30/2025 | 32840 | 32840 | 32142 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4977876, 16.600%, 1/27/2030 †§x | Upstart | 1/30/2025 | 25043 | 25124 | 24668 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4978102, 14.640%, 1/27/2030 †x | Upstart | 1/30/2025 | 45840 | 45840 | 45162 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4979625, 12.120%, 1/28/2030 †§x | Upstart | 1/31/2025 | 29445 | 29445 | 29020 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4980549, 18.760%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 31610 | 31610 | 30672 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982101, 19.580%, 1/28/2030 †x | Upstart | 2/03/2025 | 45819 | 45819 | 44627 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982333, 22.050%, 1/28/2030 †§x | Upstart | 2/03/2025 | 38505 | 38630 | 37488 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982554, 16.040%, 1/28/2030 †§x | Upstart | 2/03/2025 | 20826 | 20826 | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982658, 18.490%, 1/28/2030 †x | Upstart | 2/03/2025 | 30689 | 30689 | 29897 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982756, 15.330%, 1/28/2030 †§x | Upstart | 2/03/2025 | 25697 | 25697 | 25054 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982762, 15.820%, 1/28/2030 †x | Upstart | 2/03/2025 | 45384 | 45384 | 44702 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982773, 13.660%, 1/28/2030 †§x | Upstart | 2/03/2025 | 36484 | 36484 | 35946 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982917, 20.000%, 1/28/2028 †§x | Upstart | 2/03/2025 | 25015 | 25015 | 24219 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4982970, 16.530%, 1/28/2030 †§x | Upstart | 2/03/2025 | 25026 | 25026 | 24648 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983004, 24.280%, 1/28/2030 †x# | Upstart | 2/03/2025 | 43105 | 43105 | 41416 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983145, 18.650%, 1/28/2030 †§x | Upstart | 2/03/2025 | 21194 | 21194 | 20867 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983155, 23.300%, 1/28/2030 †x | Upstart | 2/03/2025 | 46611 | 46611 | 44811 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983208, 11.040%, 1/28/2028 †§x | Upstart | 2/03/2025 | 27053 | 27053 | 26592 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983393, 22.120%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 21450 | 21450 | 20497 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983410, 18.130%, 1/28/2030 †x | Upstart | 2/03/2025 | 25435 | 25435 | 25043 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983492, 14.450%, 1/28/2030 †§x | Upstart | 2/03/2025 | 20793 | 20793 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983493, 16.750%, 1/28/2030 †§x | Upstart | 2/03/2025 | 30284 | 30284 | 29825 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983640, 21.460%, 1/28/2030 †§x | Upstart | 2/03/2025 | 29166 | 29166 | 28395 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983674, 19.780%, 1/28/2028 †§x | Upstart | 2/03/2025 | 38563 | 38563 | 37337 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983841, 16.410%, 1/28/2030 †§x | Upstart | 2/03/2025 | 22720 | 22720 | 22377 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983909, 13.810%, 1/28/2030 †x | Upstart | 2/03/2025 | 45745 | 45745 | 45069 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4983928, 16.220%, 1/28/2030 †§x | Upstart | 2/03/2025 | 23447 | 23447 | 23041 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**303** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4984048, 15.380%, 1/28/2030 †§x | Upstart | 2/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28388 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4984144, 23.230%, 1/28/2030 †x# | Upstart | 2/03/2025 | 33529 | 33529 | 32219 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4984187, 14.810%, 1/28/2030 †x | Upstart | 2/03/2025 | 45628 | 45628 | 44945 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4984207, 14.670%, 1/28/2030 †§x | Upstart | 2/03/2025 | 22610 | 22610 | 22271 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4984490, 22.730%, 1/28/2030 †§x | Upstart | 2/03/2025 | 34107 | 34107 | 32827 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4984535, 17.440%, 1/28/2030 †§x | Upstart | 2/03/2025 | 29996 | 29996 | 29537 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4984563, 14.730%, 1/28/2030 †§x | Upstart | 2/03/2025 | 30598 | 30598 | 30456 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4985646, 18.180%, 1/28/2030 †x#◇ | Upstart | 2/04/2025 | 25906 | 25906 | 25431 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4985647, 13.890%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 37772 | 37772 | 37206 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4985689, 12.830%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 24212 | 24289 | 23850 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4985728, 18.640%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 30474 | 30474 | 29684 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4986601, 20.540%, 1/28/2030 †x | Upstart | 2/04/2025 | 46301 | 46301 | 44513 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4986602, 22.950%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 36771 | 36771 | 35342 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4986614, 26.250%, 1/28/2030 †x# | Upstart | 2/04/2025 | 46875 | 46875 | 44463 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4986679, 21.420%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 23992 | 23992 | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4986797, 16.420%, 1/28/2028 †x | Upstart | 2/04/2025 | 32440 | 32440 | 31550 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4986832, 17.500%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 25009 | 25009 | 24620 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4986875, 21.730%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 45980 | 45980 | 44749 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987325, 19.400%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 41565 | 41565 | 40908 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987364, 15.140%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 27526 | 27526 | 27104 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987384, 12.090%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 35364 | 35364 | 34840 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987462, 23.150%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 42536 | 42536 | 40879 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987602, 13.770%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 22561 | 22561 | 22221 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987673, 9.860%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 24467 | 24467 | 24293 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987693, 19.350%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 20992 | 20992 | 20444 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987697, 23.640%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 30385 | 30385 | 29563 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987785, 18.700%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 26770 | 26770 | 26075 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987836, 14.270%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 38785 | 38785 | 38199 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4987939, 21.960%, 1/28/2030 †x◇ | Upstart | 2/04/2025 | 32670 | 32708 | 31794 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988308, 19.120%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 40184 | 40184 | 39128 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988338, 21.940%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 21357 | 21357 | 20525 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988382, 22.720%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 25700 | 25700 | 24287 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988431, 14.640%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 45757 | 45757 | 44944 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988616, 19.830%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 28255 | 28300 | 27505 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988662, 22.720%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 31242 | 31242 | 30022 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988807, 19.470%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 26068 | 26068 | 25379 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988808, 22.180%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27497 | 27497 | 26425 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988818, 21.670%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 46406 | 46406 | 45157 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4988943, 16.570%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27500 | 27500 | 27068 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989339, 19.530%, 1/28/2030 †x#◇ | Upstart | 2/05/2025 | 42083 | 42083 | 40861 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989457, 18.540%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 21249 | 21249 | 20692 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989531, 15.550%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 22931 | 23005 | 22576 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989582, 14.750%, 6/28/2030 †x◇ | Upstart | 2/05/2025 | 31950 | 32061 | 31419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989640, 22.560%, 1/28/2030 †x | Upstart | 2/05/2025 | 39600 | 39600 | 38053 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989644, 23.410%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 36773 | 36773 | 35333 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989831, 12.750%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 33195 | 33195 | 32695 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989868, 19.640%, 2/06/2030 †x# | Upstart | 2/05/2025 | 38297 | 38297 | 37185 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4989930, 13.030%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 34481 | 34481 | 33959 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4990142, 15.190%, 1/28/2030 †x# | Upstart | 2/05/2025 | 35020 | 35020 | 34395 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4990145, 14.150%, 1/28/2030 †x◇ | Upstart | 2/05/2025 | 27381 | 27381 | 26963 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4991126, 24.880%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 23336 | 23336 | 22599 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4991270, 13.750%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 25221 | 25221 | 24774 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4991308, 15.830%, 2/03/2028 †x | Upstart | 2/06/2025 | 43502 | 43502 | 42209 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4991315, 17.190%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 21648 | 21648 | 20998 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4991318, 25.410%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 22882 | 22882 | 21562 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4991452, 21.110%, 2/03/2030 †x | Upstart | 2/06/2025 | 32328 | 32328 | 31330 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**304** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L4991592, 21.860%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25242 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4992056, 13.410%, 2/03/2030 †x | Upstart | 2/06/2025 | 46333 | 46333 | 45513 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4992074, 19.850%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 30651 | 30651 | 29714 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4992159, 21.640%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 27450 | 27450 | 26232 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4992416, 23.280%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 23563 | 23563 | 22211 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4992820, 15.820%, 2/03/2030 †x | Upstart | 2/06/2025 | 45334 | 45334 | 44517 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4992857, 23.180%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 31151 | 31151 | 29376 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4993038, 13.760%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 41765 | 41899 | 41530 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4993108, 12.870%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 22217 | 22217 | 21826 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4993504, 19.380%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 45988 | 45988 | 44593 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4993650, 20.370%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 26738 | 26738 | 25554 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4993652, 14.050%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 23195 | 23195 | 22783 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4993948, 20.810%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 27790 | 27790 | 26934 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4996378, 17.060%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 20524 | 20524 | 20152 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4996640, 16.710%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 28386 | 28386 | 27904 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4997388, 25.670%, 2/03/2030 †x◇ | Upstart | 2/06/2025 | 32444 | 32444 | 30571 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4998139, 18.940%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 28078 | 28078 | 27232 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4998677, 22.030%, 2/09/2030 †x◇ | Upstart | 2/07/2025 | 28778 | 28778 | 27600 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4998728, 18.300%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 36742 | 36742 | 35641 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4998992, 14.830%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 22392 | 22392 | 21996 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4999575, 19.440%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 46086 | 46086 | 44693 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4999747, 16.030%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 23279 | 23354 | 22864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5000407, 22.920%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 23039 | 23039 | 22021 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5001432, 16.970%, 2/04/2030 †x◇ | Upstart | 2/07/2025 | 37332 | 37332 | 36662 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5001667, 16.800%, 2/05/2028 †x◇ | Upstart | 2/10/2025 | 27178 | 27178 | 26381 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5001715, 21.230%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 26587 | 26587 | 25782 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5002365, 20.600%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 22618 | 22618 | 21631 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5002872, 23.180%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 31572 | 31603 | 29799 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5003447, 23.070%, 2/13/2030 †x◇ | Upstart | 2/11/2025 | 47398 | 47398 | 46098 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5003460, 24.000%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 46611 | 46763 | 45172 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5003632, 22.170%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 30837 | 30837 | 29987 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5003780, 21.510%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 46055 | 46055 | 44657 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5004017, 25.800%, 2/26/2030 †x◇ | Upstart | 2/14/2025 | 23422 | 23504 | 22257 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5004590, 17.790%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 23778 | 23778 | 23353 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5004638, 23.840%, 2/05/2030 †x◇ | Upstart | 2/10/2025 | 22545 | 22545 | 21850 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5005620, 23.290%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 35798 | 35918 | 34354 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5006410, 18.180%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 26697 | 26697 | 25991 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5007061, 21.390%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 21519 | 21589 | 20872 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5007546, 23.270%, 2/07/2030 †x◇ | Upstart | 2/12/2025 | 25353 | 25436 | 24259 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5007559, 19.560%, 2/06/2030 †x◇ | Upstart | 2/11/2025 | 21432 | 21432 | 20859 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5008815, 22.280%, 7/22/2030 †x#◇ | Upstart | 2/12/2025 | 28134 | 28134 | 27002 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5010150, 19.400%, 2/07/2030 †x◇ | Upstart | 2/12/2025 | 25794 | 25794 | 25040 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5010412, 22.730%, 2/07/2030 †x◇ | Upstart | 2/12/2025 | 39162 | 39162 | 37993 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5011954, 15.680%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 46529 | 46529 | 45744 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5012112, 12.820%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 40645 | 40645 | 39972 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5012325, 19.040%, 2/10/2030 †x | Upstart | 2/13/2025 | 37443 | 37443 | 36378 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5012546, 15.320%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 27950 | 27950 | 27800 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5012605, 23.280%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 27804 | 27895 | 26631 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5012628, 21.680%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 30594 | 30594 | 29706 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5012863, 14.210%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 24149 | 24149 | 23744 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013260, 15.460%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 22389 | 22389 | 22037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013262, 16.690%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 25358 | 25358 | 24927 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013285, 23.030%, 2/10/2030 †x | Upstart | 2/13/2025 | 46165 | 46165 | 43678 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013364, 17.460%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 25986 | 25986 | 25540 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013506, 19.500%, 2/10/2030 †x | Upstart | 2/13/2025 | 40831 | 40831 | 39670 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013589, 17.610%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 30535 | 30535 | 30013 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**305** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013640, 18.480%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23958 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013665, 14.350%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 43444 | 43444 | 42718 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013766, 17.030%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 21175 | 21175 | 20814 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5013782, 19.820%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 28120 | 28120 | 27315 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5014149, 14.410%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 37136 | 37136 | 36515 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5014698, 19.230%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 30482 | 30482 | 29614 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5014895, 22.070%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 47037 | 47037 | 45671 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5015215, 16.270%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 24969 | 24969 | 24546 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5016072, 11.160%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 30678 | 30766 | 30525 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5018735, 22.550%, 2/10/2030 †x | Upstart | 2/13/2025 | 37658 | 37782 | 36073 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5018747, 14.200%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 23201 | 23201 | 23081 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5018884, 16.410%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 40533 | 40533 | 39846 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5019025, 18.150%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 30564 | 30564 | 29700 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5019026, 19.670%, 2/12/2030 †x◇ | Upstart | 2/18/2025 | 22378 | 22378 | 21752 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5019046, 23.210%, 2/10/2030 †x◇ | Upstart | 2/13/2025 | 37226 | 37226 | 35657 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5019320, 18.320%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 21007 | 21007 | 20418 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5019568, 25.130%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 25141 | 25141 | 24402 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5020306, 18.920%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 46794 | 46794 | 45995 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5022086, 19.050%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 46809 | 46809 | 45491 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5022516, 12.810%, 2/11/2030 †x◇ | Upstart | 2/14/2025 | 27692 | 27692 | 27238 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5023520, 14.470%, 2/12/2030 †x◇ | Upstart | 2/18/2025 | 23677 | 23677 | 23288 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5023692, 23.900%, 2/12/2030 †x◇ | Upstart | 2/18/2025 | 30661 | 30762 | 29388 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5023867, 15.890%, 2/12/2030 †x◇ | Upstart | 2/18/2025 | 23273 | 23273 | 22887 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5024005, 16.110%, 2/12/2030 †x◇ | Upstart | 2/18/2025 | 46565 | 46565 | 45792 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5024494, 25.540%, 2/12/2030 †x | Upstart | 2/18/2025 | 46719 | 46719 | 44231 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5024841, 18.100%, 2/12/2030 †x◇ | Upstart | 2/18/2025 | 27861 | 27861 | 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026017, 21.350%, 2/13/2030 †x◇ | Upstart | 2/19/2025 | 26780 | 26780 | 26029 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026441, 18.950%, 2/12/2030 †x◇ | Upstart | 2/18/2025 | 46798 | 46950 | 45494 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026632, 14.760%, 2/13/2030 †x◇ | Upstart | 2/19/2025 | 29264 | 29264 | 28787 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026681, 13.000%, 2/13/2028 †x | Upstart | 2/19/2025 | 42923 | 42923 | 42115 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026702, 16.740%, 2/13/2030 †x◇ | Upstart | 2/19/2025 | 28785 | 28785 | 28306 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026734, 19.880%, 2/13/2030 †x◇ | Upstart | 2/19/2025 | 35934 | 35934 | 35042 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026783, 17.380%, 2/13/2028 †x◇ | Upstart | 2/19/2025 | 25123 | 25123 | 24381 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5026795, 23.220%, 2/25/2030 †x#◇ | Upstart | 2/19/2025 | 27282 | 27376 | 26164 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5168867, 23.190%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 23113 | 23113 | 22414 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5168923, 18.760%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 20895 | 20965 | 20363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5169165, 11.130%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 30851 | 30851 | 30702 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5169248, 9.740%, 4/01/2028 †x◇ | Upstart | 4/04/2025 | 41980 | 41980 | 41793 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5169287, 19.710%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 21422 | 21422 | 20771 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5169299, 22.030%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 30175 | 30175 | 29257 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5169409, 15.220%, 4/01/2030 †x#◇ | Upstart | 4/04/2025 | 20990 | 20990 | 20638 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5170098, 24.970%, 4/01/2028 †x◇ | Upstart | 4/04/2025 | 27008 | 27008 | 25601 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5170291, 14.130%, 4/01/2028 †x◇ | Upstart | 4/04/2025 | 23084 | 23084 | 22738 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5170711, 18.530%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 33574 | 33574 | 33095 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5171186, 14.790%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 42111 | 42111 | 41405 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5171594, 23.530%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 28515 | 28515 | 27644 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5171867, 15.020%, 4/01/2030 †x◇ | Upstart | 4/04/2025 | 23853 | 23853 | 23515 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5172957, 11.900%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 47513 | 47513 | 47286 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5172991, 17.180%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 25954 | 25954 | 25520 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5173000, 18.020%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 20900 | 20900 | 20550 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5173003, 19.770%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 24950 | 24950 | 24321 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5173122, 21.620%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 48080 | 48080 | 46864 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5173277, 15.800%, 4/02/2030 †x | Upstart | 4/07/2025 | 40837 | 40837 | 40157 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5173309, 11.600%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 47494 | 47650 | 47267 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5173508, 16.310%, 4/02/2030 †x◇ | Upstart | 4/07/2025 | 32589 | 32589 | 32130 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5174770, 21.610%, 4/02/2028 †x◇ | Upstart | 4/07/2025 | 21023 | 21023 | 20431 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**306** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5175072, 16.040%, 4/02/2030 †x | Upstart | 4/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35321 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5262424, 18.050%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 48438 | 48601 | 47490 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5268497, 16.720%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 24190 | 24190 | 23924 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5278787, 16.160%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 48354 | 48354 | 47815 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5278892, 21.670%, 5/01/2028 †x | Upstart | 5/06/2025 | 40656 | 40656 | 39506 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5278983, 17.970%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 20703 | 20703 | 20411 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5279493, 19.290%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 22306 | 22306 | 21863 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5280843, 14.760%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 43943 | 43943 | 43454 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5280859, 21.880%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 29626 | 29626 | 28877 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5280891, 17.930%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 43106 | 43106 | 42250 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5280943, 11.570%, 5/01/2030 †x | Upstart | 5/06/2025 | 35594 | 35594 | 35427 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5281407, 17.480%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 23241 | 23241 | 22780 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5282044, 25.890%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 26717 | 26717 | 25813 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5282304, 23.030%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 33370 | 33370 | 32579 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5282420, 25.290%, 5/01/2030 †x◇ | Upstart | 5/06/2025 | 35575 | 35695 | 34866 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5283255, 23.000%, 5/02/2030 †x | Upstart | 5/07/2025 | 32105 | 32105 | 31355 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5283312, 16.810%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 33965 | 33965 | 33591 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5284028, 12.470%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 33087 | 33087 | 32932 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5285129, 19.590%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 25222 | 25222 | 24728 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5285374, 19.890%, 5/02/2028 †x | Upstart | 5/07/2025 | 43138 | 43138 | 42193 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5285743, 19.770%, 5/02/2030 †x | Upstart | 5/07/2025 | 47736 | 47736 | 46800 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5285751, 18.220%, 5/02/2028 †x◇ | Upstart | 5/07/2025 | 24650 | 24650 | 23956 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5287062, 22.020%, 5/02/2030 †x | Upstart | 5/07/2025 | 48605 | 48605 | 46988 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5287497, 18.480%, 5/02/2030 †x◇ | Upstart | 5/07/2025 | 48457 | 48457 | 47923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5288792, 11.200%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 25502 | 25502 | 25412 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5288855, 16.500%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 31376 | 31376 | 30954 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5288929, 20.490%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 24172 | 24172 | 23718 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5289046, 22.820%, 5/05/2030 †x | Upstart | 5/08/2025 | 38042 | 38042 | 36514 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5289073, 23.390%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 29098 | 29098 | 28550 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5289083, 16.780%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 38803 | 38803 | 38393 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5289328, 15.260%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 32949 | 32949 | 32602 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5289337, 21.380%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 20889 | 20889 | 20423 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5289759, 18.280%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 29069 | 29069 | 28523 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5289919, 18.620%, 5/05/2030 †x | Upstart | 5/08/2025 | 40762 | 40762 | 39996 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5290423, 15.490%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 47357 | 47357 | 46858 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5290478, 23.280%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 22673 | 22750 | 21951 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5290607, 14.120%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 46224 | 46224 | 45602 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5290777, 15.230%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 27151 | 27151 | 26865 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5291676, 21.420%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 37521 | 37521 | 36613 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5291741, 16.840%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 27644 | 27644 | 27354 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5291898, 14.920%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 33635 | 33635 | 33181 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5292421, 18.040%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 26091 | 26091 | 25738 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5292424, 20.910%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 48982 | 49151 | 47888 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5292584, 23.290%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 45250 | 45403 | 44238 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5292648, 20.960%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 47863 | 47863 | 46695 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5292699, 14.750%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 43460 | 43460 | 43003 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5293010, 22.190%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 48292 | 48292 | 46341 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5293270, 22.770%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 24180 | 24180 | 23202 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5296672, 12.310%, 5/05/2030 †x◇ | Upstart | 5/08/2025 | 48173 | 48173 | 48003 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5299189, 14.030%, 5/06/2030 †x◇ | Upstart | 5/09/2025 | 23163 | 23240 | 22922 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5302992, 19.790%, 5/06/2030 †x | Upstart | 5/09/2025 | 48373 | 48373 | 47206 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5304945, 19.570%, 5/06/2030 †x◇ | Upstart | 5/12/2025 | 27159 | 27146 | 26656 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5306215, 20.830%, 5/07/2030 †x◇ | Upstart | 5/12/2025 | 43701 | 43848 | 42902 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5306338, 11.770%, 5/07/2030 †x◇ | Upstart | 5/12/2025 | 23004 | 23004 | 22903 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5309004, 19.020%, 5/07/2030 †x◇ | Upstart | 5/12/2025 | 24240 | 24240 | 23798 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5310800, 14.160%, 5/09/2030 †x | Upstart | 5/14/2025 | 33011 | 33011 | 32683 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**307** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5311711, 17.560%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27577 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5311719, 16.650%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | 23635 | 23635 | 23326 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5312297, 21.760%, 5/08/2030 †x#◇ | Upstart | 5/13/2025 | 28087 | 28183 | 27308 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5313871, 13.130%, 5/08/2028 †x | Upstart | 5/13/2025 | 41898 | 41898 | 41525 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5314316, 24.360%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | 21135 | 21206 | 20683 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5315347, 13.400%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | 48169 | 48169 | 47959 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5316369, 11.450%, 5/08/2030 †x◇ | Upstart | 5/13/2025 | 20215 | 20215 | 20146 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5317253, 19.330%, 5/09/2030 †x◇ | Upstart | 5/14/2025 | 27544 | 27544 | 27056 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5320081, 13.580%, 5/09/2030 †x◇ | Upstart | 5/14/2025 | 35879 | 35879 | 35724 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5321151, 19.050%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 20362 | 20362 | 20169 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5322008, 16.800%, 5/09/2030 †x◇ | Upstart | 5/14/2025 | 22740 | 22740 | 22514 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5323520, 16.690%, 5/15/2030 †x◇ | Upstart | 5/15/2025 | 29551 | 29551 | 29271 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5323563, 26.210%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 29065 | 29065 | 28238 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5323623, 18.710%, 5/20/2030 †x◇ | Upstart | 5/15/2025 | 22384 | 22384 | 22006 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5323977, 11.510%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 45335 | 45487 | 45191 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5324317, 17.490%, 5/12/2030 †x | Upstart | 5/15/2025 | 33405 | 33405 | 33088 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5324329, 19.560%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 29102 | 29102 | 28610 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5325760, 16.430%, 5/12/2030 †x | Upstart | 5/15/2025 | 40924 | 40924 | 40413 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5326886, 16.250%, 5/12/2030 †x | Upstart | 5/15/2025 | 42979 | 42979 | 42572 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5326950, 22.390%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 26205 | 26205 | 25513 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5327078, 18.040%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 24305 | 24305 | 23764 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5327950, 10.870%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 48101 | 48101 | 47948 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5328028, 13.090%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 33747 | 33747 | 33428 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5328225, 11.640%, 5/12/2028 †x◇ | Upstart | 5/15/2025 | 34344 | 34344 | 33964 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5328492, 25.500%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 25345 | 25345 | 24915 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5328536, 19.040%, 5/12/2030 †x | Upstart | 5/15/2025 | 33155 | 33155 | 32742 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5328982, 10.570%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 20428 | 20496 | 20353 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5329240, 19.990%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 27463 | 27463 | 26999 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5329406, 15.860%, 5/12/2028 †x | Upstart | 5/15/2025 | 46692 | 46692 | 46042 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5329460, 23.250%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 38488 | 38488 | 37719 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5329467, 11.850%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 25519 | 25519 | 25438 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5329580, 23.310%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 25983 | 25983 | 25463 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5329971, 24.340%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 47515 | 47515 | 45756 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5329996, 15.190%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 48309 | 48471 | 47851 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5330009, 18.340%, 5/12/2030 †x | Upstart | 5/15/2025 | 36537 | 36537 | 35719 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5330709, 12.430%, 5/12/2030 †x◇ | Upstart | 5/15/2025 | 25012 | 25012 | 24908 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5335434, 15.240%, 5/13/2030 †x◇ | Upstart | 5/16/2025 | 28601 | 28601 | 28334 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5339056, 18.480%, 5/13/2030 †x◇ | Upstart | 5/16/2025 | 24229 | 24229 | 23826 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5339124, 18.710%, 5/13/2030 †x◇ | Upstart | 5/16/2025 | 27529 | 27529 | 27071 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5340037, 19.510%, 5/14/2030 †x◇ | Upstart | 5/19/2025 | 40644 | 40644 | 39979 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5340213, 21.440%, 5/14/2030 †x | Upstart | 5/19/2025 | 31675 | 31782 | 31383 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5340538, 13.350%, 5/14/2030 †x◇ | Upstart | 5/19/2025 | 31827 | 31827 | 31535 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5341578, 11.270%, 5/17/2030 †x◇ | Upstart | 5/19/2025 | 24660 | 24660 | 24584 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5343132, 18.380%, 5/14/2030 †x◇ | Upstart | 5/19/2025 | 22773 | 22773 | 22400 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5345517, 14.780%, 5/15/2030 †x◇ | Upstart | 5/20/2025 | 25594 | 25594 | 25363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5345952, 10.940%, 5/15/2030 †x◇ | Upstart | 5/20/2025 | 31749 | 31749 | 31653 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5347937, 13.150%, 5/15/2030 †x◇ | Upstart | 5/20/2025 | 30567 | 30567 | 30291 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5347938, 20.610%, 5/15/2030 †x◇ | Upstart | 5/20/2025 | 24274 | 24274 | 23883 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5349239, 17.430%, 5/19/2030 †x◇ | Upstart | 5/20/2025 | 21922 | 21922 | 21725 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5350484, 24.640%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 32147 | 32147 | 31860 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5350496, 22.640%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 48533 | 48533 | 47764 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5350742, 16.790%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 23708 | 23708 | 23497 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5351310, 18.980%, 5/16/2030 †x | Upstart | 5/21/2025 | 41858 | 41858 | 40962 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5351347, 23.220%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 48020 | 48020 | 46344 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5351558, 9.750%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 35434 | 35434 | 35310 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5353199, 19.040%, 5/16/2030 †x◇ | Upstart | 5/21/2025 | 22301 | 22301 | 22103 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**308** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5355219, 24.770%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34654 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5356031, 17.030%, 5/19/2030 †x | Upstart | 5/22/2025 | 40636 | 40636 | 40171 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5356466, 18.510%, 5/19/2030 †x | Upstart | 5/22/2025 | 33921 | 33921 | 33635 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5356771, 21.720%, 5/19/2030 †x | Upstart | 5/22/2025 | 48593 | 48593 | 47863 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5357015, 22.350%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 48618 | 48618 | 47761 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5357779, 20.760%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 22335 | 22335 | 21941 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5357839, 15.060%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 44246 | 44246 | 43873 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5357982, 17.170%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 41715 | 41715 | 41089 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5358752, 19.940%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 23677 | 23677 | 23322 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5358842, 23.730%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 20535 | 20535 | 20173 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5358922, 11.360%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 41003 | 41003 | 40886 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5358939, 9.960%, 5/19/2028 †x◇ | Upstart | 5/22/2025 | 25789 | 25789 | 25697 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5358962, 10.580%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 34718 | 34718 | 34632 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5359272, 18.170%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 22660 | 22660 | 22399 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5359406, 15.730%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 20784 | 20784 | 20609 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5359804, 16.210%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 28921 | 28921 | 28591 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5359831, 22.890%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 24174 | 24174 | 23592 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5361299, 14.730%, 5/19/2030 †x | Upstart | 5/22/2025 | 46356 | 46356 | 45966 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5361410, 11.530%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 46016 | 46016 | 45885 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5361646, 20.830%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 41813 | 41813 | 40963 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5361765, 16.880%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 22708 | 22708 | 22449 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5361867, 18.390%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 20981 | 20981 | 20550 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362152, 17.000%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 20615 | 20615 | 20441 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362155, 21.640%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 21088 | 21088 | 20771 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362162, 16.000%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 35387 | 35387 | 34984 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362177, 15.870%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 28908 | 28908 | 28664 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362448, 19.260%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 43641 | 43641 | 42986 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362543, 19.670%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 48760 | 48760 | 45476 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362770, 17.980%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 29983 | 29983 | 29641 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5362896, 17.530%, 5/19/2030 †x | Upstart | 5/22/2025 | 48341 | 48341 | 47790 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5363094, 16.870%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 43728 | 43728 | 43361 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5363394, 26.230%, 5/19/2030 †x | Upstart | 5/22/2025 | 37746 | 37746 | 37080 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5363545, 21.860%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 32980 | 32980 | 31874 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5363638, 18.240%, 5/19/2030 †x | Upstart | 5/22/2025 | 43602 | 43602 | 43479 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5363667, 14.230%, 5/19/2030 †x | Upstart | 5/22/2025 | 32048 | 32048 | 31778 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5363916, 19.140%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 29091 | 29091 | 28846 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5363934, 19.880%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 48404 | 48404 | 47851 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5364018, 15.290%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 31501 | 31501 | 31235 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5364228, 14.730%, 5/19/2030 †x | Upstart | 5/22/2025 | 42599 | 42599 | 42116 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5364298, 26.130%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 31749 | 31749 | 30982 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5364395, 19.540%, 5/19/2028 †x◇ | Upstart | 5/22/2025 | 28123 | 28123 | 27658 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5364844, 15.610%, 5/19/2030 †x◇ | Upstart | 5/22/2025 | 48538 | 48538 | 45292 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5409149, 19.490%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 34299 | 34299 | 34039 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5429682, 21.490%, 6/02/2030 †x◇ | Upstart | 6/05/2025 | 22006 | 22006 | 21570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5430095, 25.180%, 6/02/2030 †x◇ | Upstart | 6/05/2025 | 24083 | 24165 | 23682 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5431880, 15.380%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 48900 | 48900 | 48525 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5431882, 23.300%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 29854 | 29854 | 29368 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5432174, 14.590%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 20917 | 20917 | 20688 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5432854, 10.090%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 39941 | 39941 | 39849 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5432956, 20.140%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 22718 | 22718 | 22273 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5433010, 16.480%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 21510 | 21510 | 21094 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5433031, 20.800%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 29421 | 29421 | 29024 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5433322, 17.000%, 6/03/2030 †x | Upstart | 6/06/2025 | 32501 | 32501 | 32144 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5434024, 19.710%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 25777 | 25777 | 25429 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5434200, 14.720%, 6/03/2030 †x | Upstart | 6/06/2025 | 48858 | 48858 | 48728 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5434252, 14.080%, 6/03/2030 †x◇ | Upstart | 6/06/2025 | 28480 | 28480 | 28169 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**309** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5437841, 23.540%, 6/04/2030 †x | Upstart | 6/09/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47341 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5437886, 24.210%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 22051 | 22051 | 21336 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5438408, 21.740%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 38220 | 38220 | 37480 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5438502, 15.850%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 23488 | 23488 | 23233 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5438731, 14.040%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 27739 | 27739 | 27532 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5439815, 22.170%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 29714 | 29714 | 29037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5440021, 22.380%, 6/04/2030 †x | Upstart | 6/09/2025 | 49078 | 49078 | 48296 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5440365, 21.140%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 33645 | 33645 | 33388 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5440533, 13.100%, 6/04/2028 †x◇ | Upstart | 6/09/2025 | 46277 | 46277 | 45838 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5442302, 15.800%, 6/04/2030 †x◇ | Upstart | 6/09/2025 | 44002 | 44002 | 43671 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5442850, 18.580%, 6/05/2030 †x◇ | Upstart | 6/10/2025 | 26390 | 26390 | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5443373, 24.400%, 6/05/2030 †x◇ | Upstart | 6/10/2025 | 22501 | 22578 | 22150 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5443800, 22.990%, 6/05/2030 †x◇ | Upstart | 6/10/2025 | 23472 | 23472 | 23031 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5443979, 22.440%, 6/05/2030 †x◇ | Upstart | 6/10/2025 | 48954 | 48954 | 48019 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5446562, 13.420%, 6/05/2030 †x | Upstart | 6/10/2025 | 34875 | 34875 | 34504 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5448153, 22.200%, 6/20/2030 †x◇ | Upstart | 6/10/2025 | 25534 | 25534 | 25136 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5449368, 20.540%, 6/06/2030 †x | Upstart | 6/11/2025 | 49028 | 49028 | 48406 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5449670, 25.410%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 22874 | 22874 | 22371 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5449795, 19.810%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 20681 | 20681 | 20531 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5450454, 16.060%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 21907 | 21907 | 21749 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5451064, 14.660%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 23940 | 23940 | 23767 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5451099, 22.960%, 6/06/2028 †x◇ | Upstart | 6/11/2025 | 23535 | 23613 | 23200 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5451121, 22.660%, 6/06/2030 †x | Upstart | 6/11/2025 | 39072 | 39072 | 38217 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5452183, 24.380%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 22108 | 22108 | 21770 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5452803, 22.990%, 6/15/2030 †x◇ | Upstart | 6/11/2025 | 23696 | 23696 | 23523 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5453090, 15.970%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 24448 | 24448 | 24272 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5453312, 19.080%, 6/06/2030 †x | Upstart | 6/11/2025 | 32785 | 32785 | 32440 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5453384, 20.610%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 23338 | 23338 | 23168 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5454331, 22.600%, 6/06/2030 †x◇ | Upstart | 6/11/2025 | 26996 | 26996 | 26652 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5455560, 17.610%, 6/15/2030 †x◇ | Upstart | 6/12/2025 | 27801 | 27801 | 27612 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5455637, 20.390%, 6/09/2030 †x◇ | Upstart | 6/12/2025 | 29414 | 29414 | 29065 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5458579, 25.460%, 6/09/2030 †x◇ | Upstart | 6/12/2025 | 25561 | 25561 | 25255 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5459861, 13.310%, 6/09/2028 †x◇ | Upstart | 6/12/2025 | 44566 | 44566 | 44302 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5460463, 20.550%, 6/09/2030 †x | Upstart | 6/12/2025 | 43287 | 43287 | 42509 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5463635, 25.870%, 6/09/2030 †x◇ | Upstart | 6/12/2025 | 24091 | 24091 | 23598 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5464280, 16.680%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 48918 | 48918 | 48608 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5464983, 9.900%, 6/09/2030 †x◇ | Upstart | 6/12/2025 | 25617 | 25617 | 25565 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5465497, 16.570%, 6/09/2030 †x◇ | Upstart | 6/12/2025 | 24457 | 24457 | 24291 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5469089, 14.400%, 6/10/2030 †x◇ | Upstart | 6/13/2025 | 22959 | 22959 | 22807 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5476821, 23.230%, 6/13/2030 †x | Upstart | 6/18/2025 | 46055 | 46055 | 45555 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5478326, 13.770%, 6/11/2028 †x◇ | Upstart | 6/16/2025 | 21670 | 21670 | 21547 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5479081, 15.810%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 48107 | 48107 | 47810 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5479184, 16.500%, 6/11/2030 †x◇ | Upstart | 6/16/2025 | 21918 | 21918 | 21703 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5479763, 20.860%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 20558 | 20558 | 20249 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5480648, 24.370%, 6/11/2030 †x◇ | Upstart | 6/16/2025 | 38615 | 38615 | 38090 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5484176, 13.060%, 6/13/2028 †x◇ | Upstart | 6/18/2025 | 21861 | 21861 | 21678 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5484891, 20.330%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 27649 | 27743 | 27342 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5485268, 10.700%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 30114 | 30114 | 30056 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5485846, 18.310%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 27225 | 27225 | 26924 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5486150, 23.180%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 23965 | 23965 | 23487 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5486156, 13.060%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 22101 | 22101 | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487165, 20.500%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 20567 | 20567 | 20220 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487181, 21.750%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 24138 | 24138 | 23870 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487235, 23.280%, 6/12/2030 †x | Upstart | 6/17/2025 | 48089 | 48089 | 47116 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487275, 17.520%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 28169 | 28169 | 27898 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487534, 20.300%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 33433 | 33433 | 33219 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**310** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487585, 15.390%, 6/12/2030 †x | Upstart | 6/17/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48879 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487745, 19.000%, 6/12/2030 †x◇ | Upstart | 6/17/2025 | 42617 | 42617 | 42345 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5487763, 21.830%, 6/12/2030 †x | Upstart | 6/17/2025 | 49063 | 49063 | 48518 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5488174, 20.050%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 27840 | 27840 | 27539 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5488249, 20.140%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 22352 | 22428 | 22110 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5488878, 25.510%, 6/13/2030 †x | Upstart | 6/18/2025 | 39424 | 39424 | 38694 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5489173, 21.440%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 29484 | 29484 | 29166 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5490013, 22.650%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 28885 | 28885 | 28396 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5490197, 16.700%, 6/13/2030 †x | Upstart | 6/18/2025 | 44516 | 44516 | 44240 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5491430, 16.640%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 29178 | 29178 | 28998 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5491787, 14.650%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 39263 | 39263 | 39022 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5492803, 19.490%, 6/16/2030 †x | Upstart | 6/20/2025 | 48986 | 48986 | 48199 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5493595, 20.490%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 22258 | 22258 | 22047 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5494202, 18.380%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 31335 | 31335 | 31036 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5494209, 16.130%, 6/13/2030 †x◇ | Upstart | 6/18/2025 | 22100 | 22100 | 21889 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5494286, 23.090%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 28681 | 28681 | 28340 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5495132, 22.520%, 6/16/2030 †x | Upstart | 6/20/2025 | 38501 | 38501 | 36056 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5495360, 22.750%, 6/16/2030 †x | Upstart | 6/20/2025 | 33674 | 33674 | 33273 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5496269, 24.340%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 24466 | 24466 | 24220 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5497670, 15.710%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 39111 | 39111 | 38887 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5497943, 19.870%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 25681 | 25681 | 25424 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5498994, 20.710%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 22065 | 22140 | 21844 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5501567, 19.520%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 22402 | 22402 | 20897 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5503875, 19.830%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 22250 | 22250 | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5504998, 23.200%, 6/16/2030 †x◇ | Upstart | 6/20/2025 | 21857 | 21857 | 21447 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5507630, 24.910%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 33122 | 33122 | 32797 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5508530, 16.370%, 6/17/2030 †x | Upstart | 6/23/2025 | 36682 | 36682 | 36477 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5508538, 21.680%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 25275 | 25275 | 24807 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5508621, 19.980%, 6/17/2030 †x | Upstart | 6/23/2025 | 48655 | 48655 | 47887 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5511690, 22.640%, 6/17/2030 †x | Upstart | 6/23/2025 | 44929 | 44929 | 44216 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5513240, 23.040%, 6/17/2030 †x◇ | Upstart | 6/23/2025 | 27916 | 27916 | 27399 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5514304, 19.350%, 6/18/2030 †x | Upstart | 6/24/2025 | 33360 | 33360 | 33066 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5514434, 22.740%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 30925 | 30925 | 30444 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5514470, 22.920%, 6/18/2030 †x#◇ | Upstart | 6/24/2025 | 21436 | 21436 | 21054 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5514547, 15.860%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 27772 | 27772 | 27621 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5514653, 20.020%, 6/18/2030 †x | Upstart | 6/24/2025 | 49014 | 49014 | 48745 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5515875, 19.820%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 23905 | 23905 | 23538 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5516155, 16.670%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 23676 | 23676 | 23547 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5516397, 14.920%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 28220 | 28220 | 27974 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5516673, 16.990%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 22213 | 22213 | 22092 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5518393, 19.690%, 6/18/2030 †x◇ | Upstart | 6/24/2025 | 48515 | 48515 | 48249 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5520760, 23.280%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 27159 | 27159 | 26683 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5521503, 17.930%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 23107 | 23107 | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5521805, 20.700%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 32754 | 32754 | 32461 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5521862, 19.200%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 22185 | 22185 | 21853 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5521933, 19.700%, 6/20/2030 †x | Upstart | 6/25/2025 | 48598 | 48598 | 45614 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5522166, 15.810%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 22197 | 22197 | 22083 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5522417, 16.860%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 26614 | 26614 | 26477 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5523047, 15.600%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 26398 | 26488 | 26263 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5523154, 16.160%, 6/20/2030 †x | Upstart | 6/25/2025 | 36674 | 36674 | 36365 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5523264, 15.370%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 22093 | 22093 | 21980 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5523460, 26.100%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 47401 | 47401 | 46899 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5523993, 24.300%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 22500 | 22577 | 22262 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5524933, 23.080%, 6/20/2030 †x#◇ | Upstart | 6/25/2025 | 32141 | 32141 | 31590 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5525260, 19.430%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 24499 | 24499 | 24372 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5527060, 20.400%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 27927 | 27927 | 26057 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**311** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5527246, 23.250%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20556 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5527884, 20.080%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 27444 | 27444 | 27211 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5528088, 23.180%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 29478 | 29478 | 29166 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5528144, 15.720%, 6/20/2030 †x | Upstart | 6/25/2025 | 48889 | 48889 | 48638 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5528170, 16.960%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 25735 | 25735 | 25603 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5528190, 15.760%, 6/20/2030 †x | Upstart | 6/25/2025 | 33327 | 33327 | 33047 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5528425, 21.590%, 6/20/2030 †x◇ | Upstart | 6/25/2025 | 21781 | 21781 | 21552 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5530659, 11.340%, 6/23/2028 †x | Upstart | 6/26/2025 | 39260 | 39260 | 39100 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5530992, 15.460%, 6/23/2030 †§x | Upstart | 6/26/2025 | 35194 | 35194 | 35030 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5531203, 23.180%, 6/23/2030 †§x | Upstart | 6/26/2025 | 21294 | 21294 | 20990 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5531352, 14.840%, 6/23/2030 †x | Upstart | 6/26/2025 | 48471 | 48471 | 48245 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5531353, 19.970%, 6/23/2030 †x# | Upstart | 6/26/2025 | 49688 | 49688 | 49627 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5531746, 22.370%, 6/23/2030 †§x# | Upstart | 6/26/2025 | 24467 | 24467 | 24259 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5531933, 21.420%, 6/23/2028 †§x | Upstart | 6/26/2025 | 23895 | 23895 | 23684 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5532385, 19.540%, 6/23/2030 †x | Upstart | 6/26/2025 | 43711 | 43711 | 43091 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5532610, 23.340%, 6/23/2030 †x | Upstart | 6/26/2025 | 47665 | 47665 | 47004 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5533426, 15.140%, 6/23/2030 †§x | Upstart | 6/26/2025 | 42693 | 42693 | 42350 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5533541, 22.510%, 6/23/2030 †§x | Upstart | 6/26/2025 | 24446 | 24446 | 24043 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5533632, 22.560%, 6/23/2030 †x | Upstart | 6/26/2025 | 47832 | 47832 | 47151 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5533673, 14.170%, 6/23/2030 †§x | Upstart | 6/26/2025 | 38975 | 38975 | 38910 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5535148, 16.690%, 6/23/2030 †§x | Upstart | 6/26/2025 | 21074 | 21074 | 20972 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5535247, 16.270%, 6/23/2030 †x | Upstart | 6/26/2025 | 44539 | 44688 | 44183 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5535452, 19.580%, 6/23/2030 †§x | Upstart | 6/26/2025 | 24294 | 24294 | 23950 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5535778, 14.460%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22151 | 22226 | 21974 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5536207, 12.880%, 6/23/2030 †x | Upstart | 6/26/2025 | 48215 | 48215 | 48134 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5536390, 18.060%, 6/23/2030 †§x | Upstart | 6/26/2025 | 28298 | 28298 | 28165 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5536994, 14.700%, 6/23/2030 †§x | Upstart | 6/26/2025 | 20911 | 20911 | 20814 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5537225, 18.620%, 6/23/2030 †x | Upstart | 6/26/2025 | 42608 | 42753 | 42407 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5537879, 17.600%, 6/23/2030 †§x | Upstart | 6/26/2025 | 36024 | 36024 | 35854 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5538579, 17.780%, 6/23/2030 †§x | Upstart | 6/26/2025 | 26136 | 26136 | 25927 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5539509, 11.650%, 6/23/2030 †§x | Upstart | 6/26/2025 | 34132 | 34132 | 34082 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5540461, 17.770%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22811 | 22811 | 22626 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5540520, 24.260%, 6/24/2030 †§x | Upstart | 6/27/2025 | 38083 | 38083 | 37465 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5540653, 12.620%, 6/23/2030 †§x | Upstart | 6/26/2025 | 23420 | 23420 | 23381 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5540689, 17.780%, 6/23/2028 †§x | Upstart | 6/26/2025 | 28719 | 28815 | 28466 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5540736, 20.220%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22255 | 22255 | 22074 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5541016, 19.580%, 6/23/2030 †§x | Upstart | 6/26/2025 | 41792 | 41934 | 41454 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5541179, 22.570%, 6/23/2030 †§x | Upstart | 6/26/2025 | 29155 | 29155 | 28917 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5541206, 14.750%, 6/23/2030 †§x | Upstart | 6/26/2025 | 39088 | 39088 | 38905 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5541392, 18.160%, 6/24/2028 †§x | Upstart | 6/27/2025 | 36975 | 37093 | 36426 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5541506, 20.040%, 6/23/2030 †x | Upstart | 6/26/2025 | 49015 | 49015 | 48616 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5541611, 16.960%, 6/23/2030 †x | Upstart | 6/26/2025 | 48926 | 49093 | 48696 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5541724, 22.470%, 6/23/2030 †§x | Upstart | 6/26/2025 | 22479 | 22479 | 22264 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5542336, 13.730%, 6/24/2030 †§x | Upstart | 6/27/2025 | 24414 | 24414 | 24304 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5543496, 11.320%, 6/24/2028 †§x | Upstart | 6/27/2025 | 28778 | 28778 | 28664 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5543751, 20.950%, 6/24/2030 †§x | Upstart | 6/27/2025 | 25078 | 25078 | 24729 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5543869, 17.840%, 6/24/2030 †§x | Upstart | 6/27/2025 | 36224 | 36224 | 35940 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544049, 20.110%, 6/24/2030 †§x | Upstart | 6/27/2025 | 22264 | 22264 | 21954 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544148, 15.620%, 6/24/2030 †§x | Upstart | 6/27/2025 | 21510 | 21583 | 21412 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544155, 21.500%, 11/24/2030 †x | Upstart | 6/27/2025 | 21250 | 21250 | 21081 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544181, 20.390%, 6/24/2030 †§x | Upstart | 6/27/2025 | 39023 | 39023 | 38716 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544192, 9.750%, 6/24/2030 †x | Upstart | 6/27/2025 | 37010 | 37010 | 36957 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544733, 11.240%, 6/24/2030 †§x | Upstart | 6/27/2025 | 29151 | 29151 | 29104 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544772, 14.210%, 6/24/2028 †§x | Upstart | 6/27/2025 | 21296 | 21296 | 21147 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5544926, 19.970%, 6/24/2030 †x | Upstart | 6/27/2025 | 49012 | 49012 | 48788 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5545568, 22.660%, 6/24/2030 †§x | Upstart | 6/27/2025 | 38286 | 38286 | 37984 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**312** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5546262, 18.930%, 6/24/2030 †x | Upstart | 6/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44225 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5546381, 16.570%, 6/24/2030 †§x | Upstart | 6/27/2025 | 29850 | 29950 | 29715 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5547098, 6.000%, 6/24/2030 †x | Upstart | 6/27/2025 | 28028 | 28028 | 27807 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5547124, 20.110%, 6/24/2030 †x | Upstart | 6/27/2025 | 49016 | 49016 | 48792 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5547882, 15.430%, 6/24/2030 †§x | Upstart | 6/27/2025 | 21214 | 21214 | 21118 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5547946, 11.610%, 6/25/2030 †§x | Upstart | 6/30/2025 | 21454 | 21454 | 21421 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5548040, 26.200%, 6/25/2030 †x | Upstart | 6/30/2025 | 45240 | 45240 | 44669 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5548508, 10.210%, 6/25/2030 †§x | Upstart | 6/30/2025 | 25331 | 25331 | 25296 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5548511, 20.180%, 6/25/2030 †x | Upstart | 6/30/2025 | 43626 | 43626 | 43433 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5549013, 17.560%, 6/25/2030 †§x | Upstart | 6/30/2025 | 21624 | 21698 | 21457 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5549138, 18.870%, 6/25/2030 †x | Upstart | 6/30/2025 | 43330 | 43330 | 42995 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5550217, 23.000%, 6/25/2030 †§x | Upstart | 6/30/2025 | 41534 | 41534 | 41165 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5550384, 17.290%, 6/25/2030 †§x | Upstart | 6/30/2025 | 29362 | 29362 | 29233 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5550760, 22.940%, 6/27/2030 †§x | Upstart | 7/02/2025 | 23930 | 23930 | 23618 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5551051, 23.240%, 6/25/2030 †§x | Upstart | 6/30/2025 | 28281 | 28281 | 28066 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5551141, 23.130%, 6/25/2030 †x | Upstart | 6/30/2025 | 44679 | 44679 | 44338 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5552244, 11.370%, 6/25/2030 †§x | Upstart | 6/30/2025 | 42079 | 42079 | 41966 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5552359, 16.650%, 6/25/2030 †§x | Upstart | 6/30/2025 | 22502 | 22579 | 22403 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5552519, 15.100%, 6/25/2030 †§x | Upstart | 6/30/2025 | 23458 | 23458 | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5552568, 16.750%, 6/25/2030 †x | Upstart | 6/30/2025 | 44284 | 44284 | 43942 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5552996, 9.490%, 6/25/2028 †§x | Upstart | 6/30/2025 | 34126 | 34126 | 34041 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5553226, 12.680%, 6/25/2030 †x | Upstart | 6/30/2025 | 47916 | 47916 | 47841 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5553838, 16.910%, 6/26/2030 †§x | Upstart | 7/01/2025 | 22016 | 22016 | 21923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5554116, 19.470%, 6/26/2030 †§x | Upstart | 7/01/2025 | 27831 | 27831 | 27712 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5554425, 14.590%, 6/26/2028 †§x | Upstart | 7/01/2025 | 23593 | 23593 | 23505 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5554659, 14.640%, 6/26/2030 †§x | Upstart | 7/01/2025 | 22357 | 22357 | 22189 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5554738, 18.590%, 6/26/2030 †§x | Upstart | 7/01/2025 | 24357 | 24357 | 24172 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5555480, 17.980%, 6/26/2030 †§x | Upstart | 7/01/2025 | 24478 | 24478 | 24374 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5555927, 16.870%, 6/26/2030 †§x | Upstart | 7/01/2025 | 23662 | 23662 | 23482 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5556045, 22.440%, 6/26/2030 †§x | Upstart | 7/01/2025 | 29840 | 29840 | 29621 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5557187, 19.290%, 6/26/2030 †§x | Upstart | 7/01/2025 | 31104 | 31104 | 30688 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5557229, 19.500%, 6/26/2030 †x | Upstart | 7/01/2025 | 36259 | 36259 | 36105 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5557649, 13.800%, 6/26/2030 †§x | Upstart | 7/01/2025 | 33888 | 33888 | 33632 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5557866, 19.710%, 6/26/2030 †§x | Upstart | 7/01/2025 | 23326 | 23406 | 23156 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5558295, 22.630%, 6/26/2030 †§x | Upstart | 7/01/2025 | 42703 | 42703 | 42390 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5558824, 12.100%, 6/27/2030 †x | Upstart | 7/02/2025 | 49465 | 49465 | 49451 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5559139, 20.160%, 6/26/2030 †§x | Upstart | 7/01/2025 | 24509 | 24509 | 24404 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5560046, 17.380%, 6/27/2030 †§x | Upstart | 7/02/2025 | 24432 | 24432 | 24251 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5560111, 15.350%, 6/27/2030 †§x | Upstart | 7/02/2025 | 27176 | 27176 | 27065 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5560613, 23.190%, 6/27/2030 †§x | Upstart | 7/02/2025 | 20621 | 20621 | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5561143, 16.230%, 6/27/2030 †§x | Upstart | 7/02/2025 | 24452 | 24452 | 24352 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5562264, 19.200%, 6/27/2030 †§x | Upstart | 7/02/2025 | 24495 | 24495 | 24395 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5562386, 14.070%, 6/27/2030 †x | Upstart | 7/02/2025 | 48838 | 48838 | 48640 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5562442, 17.500%, 6/27/2030 †§x | Upstart | 7/02/2025 | 41111 | 41111 | 40943 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5562449, 23.060%, 6/27/2030 †§x | Upstart | 7/02/2025 | 22780 | 22780 | 22594 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5563626, 23.270%, 6/27/2030 †§x | Upstart | 7/02/2025 | 30969 | 30969 | 30313 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5563789, 22.420%, 6/27/2030 †§x | Upstart | 7/02/2025 | 24200 | 24200 | 23833 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5564160, 18.750%, 6/27/2030 †x | Upstart | 7/02/2025 | 47642 | 47642 | 47018 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5564282, 22.280%, 6/27/2030 †§x | Upstart | 7/02/2025 | 28169 | 28169 | 27938 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5564791, 22.390%, 7/01/2030 †§x | Upstart | 7/03/2025 | 29754 | 29754 | 29607 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5565275, 20.150%, 7/01/2030 †§x | Upstart | 7/03/2025 | 29435 | 29435 | 29193 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5565963, 20.090%, 7/01/2030 †§x | Upstart | 7/03/2025 | 33795 | 33795 | 33517 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5566361, 22.660%, 7/01/2030 †§x | Upstart | 7/03/2025 | 28368 | 28368 | 28132 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5566541, 15.580%, 7/01/2028 †§x | Upstart | 7/03/2025 | 22510 | 22510 | 22362 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5566641, 22.870%, 7/01/2030 †x | Upstart | 7/03/2025 | 48803 | 48803 | 48397 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5567031, 16.810%, 7/01/2030 †§x | Upstart | 7/03/2025 | 21111 | 21111 | 20932 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**313** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5567110, 16.210%, 7/01/2030 †§x | Upstart | 7/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36286 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5567111, 23.110%, 7/01/2030 †x | Upstart | 7/03/2025 | 49600 | 49600 | 49088 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5568141, 20.440%, 7/01/2030 †§x | Upstart | 7/03/2025 | 21806 | 21806 | 21626 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5568190, 13.820%, 7/01/2030 †§x | Upstart | 7/03/2025 | 41634 | 41759 | 41438 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5568779, 11.630%, 7/01/2030 †§x | Upstart | 7/03/2025 | 39825 | 39825 | 39706 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5568844, 19.650%, 7/01/2030 †§x | Upstart | 7/03/2025 | 29108 | 29108 | 28683 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569048, 24.340%, 7/16/2030 †§x | Upstart | 7/03/2025 | 30069 | 30153 | 29817 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569071, 13.010%, 7/16/2030 †x | Upstart | 7/03/2025 | 49432 | 49432 | 49346 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569135, 17.550%, 7/01/2030 †x | Upstart | 7/03/2025 | 46541 | 46541 | 46317 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569156, 11.300%, 7/01/2028 †§x | Upstart | 7/03/2025 | 25110 | 25110 | 25009 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569173, 10.750%, 7/01/2030 †x | Upstart | 7/03/2025 | 49449 | 49449 | 49374 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569310, 17.700%, 7/01/2030 †§x | Upstart | 7/03/2025 | 22421 | 22421 | 22231 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569443, 18.600%, 7/01/2030 †x | Upstart | 7/03/2025 | 49529 | 49529 | 49123 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569524, 13.180%, 7/01/2030 †x | Upstart | 7/03/2025 | 48941 | 48941 | 48855 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569572, 20.570%, 7/01/2030 †§x | Upstart | 7/03/2025 | 38559 | 38559 | 38240 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569887, 20.390%, 7/01/2030 †§x | Upstart | 7/03/2025 | 22341 | 22415 | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5569917, 21.990%, 7/01/2030 †§x | Upstart | 7/03/2025 | 24395 | 24395 | 24193 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5570215, 15.550%, 7/01/2030 †§x | Upstart | 7/03/2025 | 20682 | 20742 | 20583 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5570248, 11.150%, 7/01/2030 †x | Upstart | 7/03/2025 | 49398 | 49398 | 49314 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5570438, 13.300%, 7/01/2030 †x# | Upstart | 7/03/2025 | 32613 | 32711 | 32460 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5570439, 21.810%, 7/01/2028 †§x | Upstart | 7/03/2025 | 22466 | 22466 | 22253 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5570669, 10.250%, 7/01/2030 †§x | Upstart | 7/03/2025 | 30320 | 30320 | 30274 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5570711, 19.920%, 7/01/2030 †x | Upstart | 7/03/2025 | 28244 | 28244 | 28011 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5570838, 20.360%, 7/01/2030 †x | Upstart | 7/03/2025 | 49558 | 49558 | 49316 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5628472, 23.080%, 7/22/2030 †§x# | Upstart | 7/25/2025 | 37600 | 37600 | 35098 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5683119, 23.100%, 7/28/2028 †§x | Upstart | 7/31/2025 | 25110 | 25110 | 24923 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5688235, 15.200%, 7/24/2030 †x | Upstart | 7/29/2025 | 32880 | 32880 | 32734 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5698469, 12.930%, 7/22/2030 †§x | Upstart | 7/25/2025 | 28997 | 28997 | 28950 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5698804, 17.810%, 7/22/2030 †§x | Upstart | 7/25/2025 | 28643 | 28643 | 28507 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5698831, 17.250%, 7/22/2030 †§x | Upstart | 7/25/2025 | 33043 | 33043 | 32886 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5699331, 25.170%, 7/23/2030 †x◇ | Upstart | 7/28/2025 | 32090 | 32090 | 31829 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5699725, 26.100%, 7/22/2030 †§x | Upstart | 7/25/2025 | 24209 | 24209 | 24152 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5700302, 23.710%, 7/23/2030 †x◇ | Upstart | 7/28/2025 | 22706 | 22706 | 22660 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5700530, 9.620%, 7/23/2028 †x | Upstart | 7/28/2025 | 43829 | 43829 | 43767 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5702176, 22.300%, 7/23/2030 †x◇ | Upstart | 7/28/2025 | 28229 | 28229 | 28100 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5702436, 22.700%, 7/23/2028 †x | Upstart | 7/28/2025 | 38054 | 38054 | 37711 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5702446, 20.310%, 7/23/2030 †x◇ | Upstart | 7/28/2025 | 22486 | 22486 | 22441 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5703320, 23.200%, 7/23/2030 †x | Upstart | 7/28/2025 | 35195 | 35195 | 35124 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5704339, 16.840%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 27098 | 27098 | 26977 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5705376, 20.550%, 7/23/2030 †x | Upstart | 7/28/2025 | 36654 | 36654 | 36597 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5705840, 23.090%, 7/23/2030 †x#◇ | Upstart | 7/28/2025 | 35000 | 35000 | 34934 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5705844, 16.370%, 7/23/2030 †x◇ | Upstart | 7/28/2025 | 24780 | 24780 | 24757 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5706051, 22.860%, 7/24/2030 †x | Upstart | 7/29/2025 | 34696 | 34800 | 34637 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5706495, 15.670%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 20476 | 20476 | 20460 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5706639, 22.770%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 22572 | 22572 | 22364 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5707337, 23.080%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 22702 | 22702 | 22673 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5707567, 23.690%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 47739 | 47739 | 47364 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5707935, 21.150%, 7/24/2030 †x | Upstart | 7/29/2025 | 32706 | 32706 | 32450 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5708081, 25.190%, 7/24/2030 †x | Upstart | 7/29/2025 | 33726 | 33726 | 33669 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5708129, 22.800%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 25774 | 25774 | 25740 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5708306, 23.580%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 25642 | 25642 | 25530 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5709152, 17.290%, 7/24/2030 †x | Upstart | 7/29/2025 | 49437 | 49437 | 49218 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5710832, 25.690%, 7/24/2030 †x#◇ | Upstart | 7/29/2025 | 20400 | 20400 | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5711260, 16.870%, 7/24/2030 †x◇ | Upstart | 7/29/2025 | 25707 | 25707 | 25592 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5711617, 19.700%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 24760 | 24760 | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5712783, 22.590%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 27847 | 27847 | 27636 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**314** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5712819, 22.170%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22468 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713053, 22.930%, 7/25/2030 †x | Upstart | 7/30/2025 | 49566 | 49566 | 49537 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713102, 17.440%, 7/25/2030 †x | Upstart | 7/30/2025 | 37115 | 37115 | 37092 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713224, 18.690%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 30381 | 30381 | 30150 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713269, 24.380%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 23008 | 23008 | 22961 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713471, 16.550%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 22674 | 22674 | 22577 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713509, 19.160%, 7/25/2030 †x | Upstart | 7/30/2025 | 45484 | 45484 | 45140 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713666, 22.770%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 24782 | 24782 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5713744, 19.000%, 7/25/2030 †x | Upstart | 7/30/2025 | 34712 | 34712 | 34459 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5714225, 25.540%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 21229 | 21229 | 21208 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5714745, 23.260%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 39557 | 39557 | 39504 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5714753, 22.240%, 7/25/2030 †x | Upstart | 7/30/2025 | 33996 | 33996 | 33950 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5715398, 21.150%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 29228 | 29228 | 29103 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716011, 15.160%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 24231 | 24231 | 24215 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716107, 23.230%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 20324 | 20324 | 20303 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716145, 22.770%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 24126 | 24126 | 23943 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716198, 20.190%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 22783 | 22783 | 22759 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716241, 16.310%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 22657 | 22657 | 22642 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716264, 20.420%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 23056 | 23056 | 23026 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716329, 24.370%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 41751 | 41751 | 41695 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716349, 18.810%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 32560 | 32560 | 32313 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716519, 21.860%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 27550 | 27550 | 27521 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716545, 16.850%, 7/25/2030 †x◇ | Upstart | 7/30/2025 | 23749 | 23749 | 23734 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5716920, 16.410%, 7/28/2030 †§x | Upstart | 7/31/2025 | 21767 | 21767 | 21684 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5717888, 22.370%, 7/28/2030 †§x | Upstart | 7/31/2025 | 20616 | 20616 | 20477 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5717937, 22.720%, 7/28/2030 †§x | Upstart | 7/31/2025 | 41831 | 41831 | 41549 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5717979, 20.320%, 7/28/2030 †§x | Upstart | 7/31/2025 | 20802 | 20867 | 20662 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5718015, 22.560%, 7/28/2030 †x | Upstart | 7/31/2025 | 49561 | 49561 | 49173 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5718040, 11.440%, 7/28/2030 †§x | Upstart | 7/31/2025 | 37535 | 37535 | 37487 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5718063, 23.230%, 7/28/2030 †§x | Upstart | 7/31/2025 | 29246 | 29246 | 29018 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5719412, 19.560%, 7/28/2030 †§x | Upstart | 7/31/2025 | 31791 | 31791 | 31576 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5719637, 19.580%, 7/28/2030 †§x | Upstart | 7/31/2025 | 21788 | 21788 | 21641 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5719673, 18.870%, 7/28/2030 †§x | Upstart | 7/31/2025 | 24715 | 24715 | 24621 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5720583, 23.130%, 7/28/2030 †§x | Upstart | 7/31/2025 | 34698 | 34698 | 34427 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5720792, 23.080%, 7/28/2030 †§x | Upstart | 7/31/2025 | 40944 | 40944 | 40623 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5720938, 24.210%, 7/28/2030 †§x | Upstart | 7/31/2025 | 33221 | 33221 | 32997 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5720955, 15.460%, 7/28/2030 †x | Upstart | 7/31/2025 | 49326 | 49326 | 49137 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5720989, 24.170%, 7/28/2030 †§x | Upstart | 7/31/2025 | 21916 | 21916 | 21744 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5721118, 22.650%, 7/28/2030 †§x | Upstart | 7/31/2025 | 28191 | 28191 | 27971 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5723157, 23.040%, 7/28/2030 †§x | Upstart | 7/31/2025 | 21413 | 21413 | 21246 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5723627, 22.380%, 7/28/2030 †§x | Upstart | 7/31/2025 | 39105 | 39105 | 38840 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5725586, 17.150%, 7/28/2030 †§x | Upstart | 7/31/2025 | 22762 | 22762 | 22675 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5726111, 11.110%, 8/01/2028 †§x | Upstart | 8/01/2025 | 30000 | 30000 | 29964 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5726661, 20.060%, 7/28/2030 †x | Upstart | 7/31/2025 | 49526 | 49526 | 49191 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5727068, 16.350%, 7/28/2030 †x | Upstart | 7/31/2025 | 22282 | 22282 | 22196 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5728004, 22.560%, 7/28/2030 †§x | Upstart | 7/31/2025 | 31917 | 31917 | 31668 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5728116, 23.700%, 7/28/2030 †x | Upstart | 7/31/2025 | 48089 | 48089 | 47765 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5728341, 19.580%, 8/01/2030 †§x | Upstart | 8/01/2025 | 40000 | 40000 | 39729 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5728468, 24.290%, 8/01/2030 †§x | Upstart | 8/01/2025 | 29177 | 29177 | 28957 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5728781, 19.560%, 8/01/2030 †§x | Upstart | 8/01/2025 | 29928 | 29928 | 29730 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5728973, 14.900%, 8/01/2030 †§x | Upstart | 8/01/2025 | 25400 | 25400 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5729650, 19.320%, 8/01/2030 †§x | Upstart | 8/01/2025 | 24300 | 24300 | 24101 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5729967, 18.860%, 8/01/2030 †§x | Upstart | 8/01/2025 | 39900 | 39900 | 39631 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730012, 15.200%, 8/01/2030 †x | Upstart | 8/01/2025 | 49500 | 49500 | 49314 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730045, 18.030%, 8/01/2030 †§x | Upstart | 8/01/2025 | 25600 | 25600 | 25502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730088, 19.860%, 8/01/2030 †§x | Upstart | 8/01/2025 | 23300 | 23300 | 23109 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**315** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730112, 23.470%, 8/01/2030 †§x | Upstart | 8/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38993 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730180, 16.700%, 8/01/2030 †§x | Upstart | 8/01/2025 | 21000 | 21000 | 20903 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730201, 17.800%, 8/01/2030 †§x | Upstart | 8/01/2025 | 27987 | 27987 | 27883 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730204, 13.000%, 8/01/2030 †§x | Upstart | 8/01/2025 | 42500 | 42500 | 42444 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730251, 19.420%, 8/01/2030 †§x | Upstart | 8/01/2025 | 22800 | 22800 | 22646 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730307, 14.980%, 8/01/2030 †§x | Upstart | 8/01/2025 | 36800 | 36800 | 36662 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730386, 22.940%, 8/01/2030 †§x | Upstart | 8/01/2025 | 25000 | 25000 | 24901 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730433, 10.770%, 8/01/2030 †§x | Upstart | 8/01/2025 | 41700 | 41700 | 41652 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730559, 20.570%, 8/01/2030 †x | Upstart | 8/01/2025 | 28400 | 28400 | 28207 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730614, 19.670%, 8/01/2030 †§x | Upstart | 8/01/2025 | 23900 | 23975 | 23738 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5730845, 13.560%, 8/01/2030 †§x | Upstart | 8/01/2025 | 21000 | 21000 | 20972 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5731069, 20.060%, 8/01/2028 †§x | Upstart | 8/01/2025 | 30100 | 30100 | 29872 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5731337, 12.930%, 8/01/2030 †x | Upstart | 8/01/2025 | 50000 | 50000 | 49921 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5733045, 12.080%, 8/01/2030 †§x | Upstart | 8/01/2025 | 28172 | 28172 | 28137 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5733072, 11.880%, 8/01/2030 †x | Upstart | 8/01/2025 | 45000 | 45000 | 44929 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5733398, 23.290%, 8/01/2030 †§x | Upstart | 8/01/2025 | 23000 | 23000 | 22657 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5733776, 22.600%, 8/01/2030 †§x | Upstart | 8/01/2025 | 30300 | 30300 | 30064 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5733828, 22.450%, 8/01/2030 †x | Upstart | 8/01/2025 | 48000 | 48000 | 47605 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5733966, 15.510%, 8/01/2028 †§x | Upstart | 8/01/2025 | 50000 | 50000 | 49664 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5734082, 20.080%, 8/01/2030 †x | Upstart | 8/01/2025 | 26117 | 26207 | 25947 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5734200, 13.280%, 8/01/2030 †§x | Upstart | 8/01/2025 | 29875 | 29875 | 29837 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5734226, 10.910%, 8/01/2028 †§x | Upstart | 8/01/2025 | 30010 | 30010 | 29974 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5734364, 25.580%, 8/01/2030 †x | Upstart | 8/04/2025 | 47800 | 47800 | 47085 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5734474, 21.690%, 8/01/2030 †x | Upstart | 8/04/2025 | 50000 | 50000 | 49588 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5735681, 10.890%, 8/01/2030 †§x | Upstart | 8/04/2025 | 23378 | 23378 | 23345 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5735814, 20.230%, 8/01/2030 †§x | Upstart | 8/04/2025 | 22700 | 22700 | 22513 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5735920, 14.930%, 8/01/2030 †x | Upstart | 8/04/2025 | 45500 | 45500 | 45290 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5736013, 12.530%, 8/01/2030 †§x | Upstart | 8/04/2025 | 40000 | 40000 | 39936 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5736533, 10.150%, 8/01/2030 †§x | Upstart | 8/04/2025 | 27700 | 27700 | 27661 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5736578, 10.940%, 8/01/2030 †§x | Upstart | 8/04/2025 | 22140 | 22140 | 22108 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5736700, 20.670%, 8/01/2030 †§x | Upstart | 8/04/2025 | 24700 | 24700 | 24497 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5737006, 19.900%, 8/01/2030 †§x# | Upstart | 8/04/2025 | 28931 | 28931 | 28702 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5737085, 22.390%, 8/01/2030 †§x | Upstart | 8/04/2025 | 23500 | 23500 | 23259 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5738164, 11.520%, 8/01/2028 †§x | Upstart | 8/04/2025 | 50000 | 50161 | 49802 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5739113, 19.530%, 8/01/2030 †x | Upstart | 8/04/2025 | 40100 | 40226 | 39771 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5739314, 19.250%, 8/01/2030 †x | Upstart | 8/04/2025 | 50000 | 50000 | 49590 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5739833, 13.080%, 8/01/2030 †x | Upstart | 8/04/2025 | 43900 | 43900 | 43829 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5739835, 26.010%, 8/01/2030 †§x | Upstart | 8/04/2025 | 24700 | 24700 | 24330 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5740543, 13.340%, 8/01/2028 †§x | Upstart | 8/05/2025 | 34638 | 34638 | 34505 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5740631, 23.540%, 8/01/2030 †x | Upstart | 8/05/2025 | 45000 | 45000 | 44552 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5741135, 21.250%, 8/01/2030 †§x | Upstart | 8/05/2025 | 22600 | 22600 | 22497 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5741254, 23.140%, 8/01/2030 †§x | Upstart | 8/05/2025 | 22900 | 22900 | 22570 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5741661, 12.010%, 8/01/2030 †§x | Upstart | 8/05/2025 | 20600 | 20600 | 20568 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5742020, 17.720%, 8/01/2030 †§x | Upstart | 8/05/2025 | 30000 | 30000 | 29865 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5742262, 22.900%, 8/01/2030 †§x | Upstart | 8/05/2025 | 25611 | 25611 | 25412 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5744153, 20.990%, 8/01/2030 †§x | Upstart | 8/05/2025 | 43500 | 43500 | 43154 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5744580, 19.440%, 8/01/2030 †x | Upstart | 8/05/2025 | 45100 | 45100 | 44742 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5744652, 23.150%, 8/01/2030 †§x | Upstart | 8/05/2025 | 23000 | 23071 | 22771 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5745648, 18.550%, 8/01/2030 †x | Upstart | 8/08/2025 | 44500 | 44389 | 44298 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5746044, 21.030%, 8/01/2030 †x | Upstart | 8/05/2025 | 50000 | 50000 | 49602 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5746246, 19.940%, 8/01/2030 †§x | Upstart | 8/05/2025 | 35000 | 35000 | 34841 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5774680, 23.780%, 8/12/2030 †§x | Upstart | 8/15/2025 | 20600 | 20600 | 20501 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5798599, 17.400%, 8/11/2030 †§x | Upstart | 8/14/2025 | 28000 | 28000 | 27919 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5801221, 19.200%, 8/11/2030 †§x | Upstart | 8/14/2025 | 27000 | 27000 | 26865 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5804527, 23.060%, 8/11/2030 †§x | Upstart | 8/14/2025 | 19800 | 19800 | 20078 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5804859, 19.070%, 8/11/2030 †§x | Upstart | 8/14/2025 | 50000 | 50164 | 49750 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**316** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5805200, 20.080%, 8/11/2030 †§x | Upstart | 8/14/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31740 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5805207, 22.750%, 8/11/2030 †§x | Upstart | 8/14/2025 | 22700 | 22700 | 22585 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5805219, 11.020%, 8/11/2028 †§x | Upstart | 8/14/2025 | 30000 | 30000 | 29973 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5805401, 23.270%, 8/11/2030 †x | Upstart | 8/14/2025 | 46345 | 46345 | 46059 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5807386, 22.460%, 8/11/2030 †§x | Upstart | 8/14/2025 | 26400 | 26400 | 26266 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5807460, 17.770%, 8/11/2030 †§x | Upstart | 8/14/2025 | 28400 | 28400 | 28318 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5808091, 13.600%, 8/11/2030 †§x | Upstart | 8/14/2025 | 34000 | 34000 | 33965 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5808261, 23.070%, 8/11/2030 †§x | Upstart | 8/14/2025 | 28600 | 28600 | 28421 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5808367, 22.660%, 8/11/2030 †§x | Upstart | 8/14/2025 | 34500 | 34500 | 34325 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5808472, 16.090%, 8/11/2028 †§x | Upstart | 8/14/2025 | 22100 | 22172 | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5809094, 20.660%, 8/11/2030 †§x | Upstart | 8/14/2025 | 26300 | 26300 | 26168 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5809466, 19.980%, 8/15/2030 †§x | Upstart | 8/20/2025 | 21500 | 21500 | 21450 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5813430, 24.940%, 8/12/2030 †x | Upstart | 8/15/2025 | 49800 | 49800 | 49502 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5813733, 22.630%, 8/14/2030 †§x | Upstart | 8/19/2025 | 23200 | 23200 | 23078 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5814294, 23.020%, 8/12/2030 †x | Upstart | 8/15/2025 | 44400 | 44400 | 44136 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5814533, 16.850%, 8/12/2030 †§x | Upstart | 8/15/2025 | 21600 | 21600 | 21541 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5814590, 21.970%, 8/12/2030 †§x | Upstart | 8/15/2025 | 50000 | 50000 | 49760 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5814712, 15.830%, 8/12/2030 †§x | Upstart | 8/15/2025 | 39781 | 39781 | 39673 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5814958, 26.220%, 8/12/2030 †§x | Upstart | 8/15/2025 | 22600 | 22600 | 22405 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5815017, 10.860%, 8/12/2030 †§x | Upstart | 8/15/2025 | 20500 | 20569 | 20482 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5815179, 19.110%, 8/12/2030 †§x | Upstart | 8/15/2025 | 50000 | 50000 | 49763 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5816573, 25.820%, 8/13/2030 †§x | Upstart | 8/18/2025 | 28800 | 28800 | 28566 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5818262, 22.410%, 8/13/2030 †§x | Upstart | 8/18/2025 | 39600 | 39600 | 39378 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5818707, 10.210%, 8/13/2030 †x | Upstart | 8/18/2025 | 60000 | 60000 | 59946 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5819325, 19.390%, 8/14/2030 †x | Upstart | 8/19/2025 | 44500 | 44500 | 44390 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5819327, 19.200%, 8/15/2030 †§x | Upstart | 8/20/2025 | 22200 | 22200 | 22112 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5819401, 17.360%, 8/14/2030 †§x | Upstart | 8/19/2025 | 44400 | 44400 | 44292 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5820309, 17.460%, 8/13/2030 †x | Upstart | 8/18/2025 | 45500 | 45500 | 45382 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5820596, 13.240%, 8/13/2030 †§x | Upstart | 8/18/2025 | 27500 | 27500 | 27474 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5820624, 18.660%, 8/13/2028 †§x | Upstart | 8/18/2025 | 22600 | 22600 | 22516 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5822153, 22.640%, 8/14/2030 †§x | Upstart | 8/19/2025 | 22700 | 22700 | 22603 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5822300, 18.460%, 8/14/2030 †§x | Upstart | 8/19/2025 | 36700 | 36700 | 36546 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5823926, 22.140%, 8/14/2030 †x | Upstart | 8/19/2025 | 50000 | 50000 | 49737 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5824236, 17.640%, 8/14/2030 †§x | Upstart | 8/19/2025 | 22000 | 22000 | 21946 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5824773, 13.670%, 8/18/2030 †x | Upstart | 8/21/2025 | 55000 | 55000 | 54902 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5825206, 10.170%, 8/14/2030 †x | Upstart | 8/19/2025 | 32200 | 32200 | 32173 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5825559, 23.230%, 8/14/2030 †§x | Upstart | 8/19/2025 | 22500 | 22500 | 22329 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5825624, 17.320%, 8/14/2030 †§x | Upstart | 8/19/2025 | 40000 | 40000 | 39902 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5826117, 10.390%, 8/14/2030 †x | Upstart | 8/19/2025 | 49900 | 49900 | 49858 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5826605, 21.190%, 8/15/2030 †§x | Upstart | 8/20/2025 | 26000 | 26000 | 25897 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5826731, 14.940%, 8/15/2030 †§x | Upstart | 8/20/2025 | 50000 | 50000 | 49887 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5827390, 14.860%, 8/15/2030 †§x | Upstart | 8/20/2025 | 26000 | 26000 | 25941 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5827432, 16.350%, 8/15/2028 †§x | Upstart | 8/20/2025 | 28100 | 28193 | 28009 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5827582, 19.960%, 8/15/2030 †§x | Upstart | 8/20/2025 | 20500 | 20500 | 20419 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5827709, 10.660%, 8/15/2030 †§x | Upstart | 8/20/2025 | 50000 | 50000 | 49960 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5828192, 14.180%, 8/15/2030 †§x | Upstart | 8/20/2025 | 30100 | 30100 | 30033 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5828225, 13.780%, 8/15/2030 †§x | Upstart | 8/20/2025 | 20500 | 20500 | 20454 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5828287, 11.760%, 8/15/2030 †§x | Upstart | 8/20/2025 | 35000 | 35000 | 34971 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5828686, 10.740%, 8/15/2030 †x | Upstart | 8/20/2025 | 57000 | 57000 | 56954 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5829055, 24.350%, 8/15/2030 †§x | Upstart | 8/20/2025 | 32900 | 33008 | 32737 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5829690, 17.190%, 8/15/2028 †§x | Upstart | 8/20/2025 | 25000 | 25000 | 24918 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5829868, 20.110%, 8/15/2030 †§x | Upstart | 8/20/2025 | 35000 | 35000 | 34861 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5830194, 14.400%, 8/15/2030 †§x | Upstart | 8/20/2025 | 35000 | 35000 | 34921 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5830207, 23.260%, 8/15/2030 †§x | Upstart | 8/20/2025 | 41000 | 41000 | 40836 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5830230, 15.520%, 8/15/2030 †§x | Upstart | 8/20/2025 | 22200 | 22200 | 22150 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5830328, 24.900%, 8/15/2030 †§x | Upstart | 8/20/2025 | 21800 | 21800 | 21712 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**317** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5830721, 17.440%, 8/15/2030 †§x | Upstart | 8/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34920 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5831902, 14.950%, 8/18/2030 †§x | Upstart | 8/21/2025 | 25000 | 25000 | 24955 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5832089, 16.620%, 8/18/2030 †§x | Upstart | 8/21/2025 | 30000 | 30000 | 29945 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5833831, 16.710%, 8/18/2030 †§x | Upstart | 8/21/2025 | 50000 | 50000 | 49908 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5834560, 16.610%, 8/18/2030 †x | Upstart | 8/21/2025 | 48600 | 48600 | 48511 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5834905, 16.040%, 8/18/2030 †§x | Upstart | 8/21/2025 | 40300 | 40300 | 40227 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5837460, 23.270%, 8/18/2030 †§x | Upstart | 8/21/2025 | 34600 | 34600 | 34533 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5837482, 14.530%, 8/18/2028 †§x | Upstart | 8/21/2025 | 28900 | 28900 | 28854 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5837617, 17.410%, 8/18/2030 †§x | Upstart | 8/21/2025 | 35000 | 35000 | 34935 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5837638, 26.260%, 8/18/2030 †x | Upstart | 8/21/2025 | 44400 | 44400 | 44148 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5837671, 22.380%, 8/18/2030 †§x | Upstart | 8/21/2025 | 33500 | 33500 | 33393 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5837672, 18.960%, 8/18/2030 †§x | Upstart | 8/21/2025 | 21000 | 21000 | 20961 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5837813, 25.630%, 8/18/2030 †§x | Upstart | 8/21/2025 | 39300 | 39300 | 39144 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838007, 20.040%, 8/18/2030 †x | Upstart | 8/21/2025 | 50000 | 50167 | 49906 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838067, 16.730%, 8/18/2030 †§x | Upstart | 8/21/2025 | 23900 | 23900 | 23856 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838092, 15.590%, 8/18/2028 †§x | Upstart | 8/21/2025 | 25000 | 25000 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838123, 20.590%, 8/18/2030 †§x | Upstart | 8/21/2025 | 22700 | 22700 | 22628 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838271, 17.340%, 8/18/2030 †§x | Upstart | 8/21/2025 | 29000 | 29000 | 28947 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838316, 17.270%, 8/18/2030 †§x | Upstart | 8/21/2025 | 22300 | 22300 | 22259 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838340, 21.210%, 8/18/2030 †§x | Upstart | 8/21/2025 | 40000 | 40000 | 39844 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838601, 23.190%, 8/18/2030 †§x | Upstart | 8/21/2025 | 20800 | 20800 | 20733 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838656, 21.570%, 8/18/2030 †§x | Upstart | 8/21/2025 | 20300 | 20300 | 20235 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838760, 13.050%, 8/18/2030 †x | Upstart | 8/21/2025 | 50000 | 50000 | 49911 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5838765, 16.800%, 8/18/2030 †x | Upstart | 8/21/2025 | 50000 | 50000 | 49908 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839017, 13.260%, 8/18/2028 †§x | Upstart | 8/21/2025 | 29000 | 29000 | 28955 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839105, 14.730%, 8/18/2030 †§x | Upstart | 8/21/2025 | 50000 | 50000 | 49910 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839282, 23.260%, 8/18/2030 †§x | Upstart | 8/21/2025 | 21800 | 21800 | 21714 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839319, 19.700%, 8/18/2030 †§x | Upstart | 8/21/2025 | 26100 | 26100 | 26051 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839323, 19.840%, 8/18/2030 †§x | Upstart | 8/21/2025 | 44400 | 44400 | 44317 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839488, 23.440%, 8/18/2030 †§x | Upstart | 8/21/2025 | 50000 | 50000 | 49839 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839507, 18.590%, 8/18/2030 †§x | Upstart | 8/21/2025 | 22200 | 22200 | 22130 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5839679, 14.450%, 8/18/2030 †§x | Upstart | 8/21/2025 | 34100 | 34100 | 34039 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5840095, 22.140%, 8/18/2030 †§x | Upstart | 8/21/2025 | 39800 | 39800 | 39644 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5840192, 16.310%, 8/18/2030 †§x | Upstart | 8/21/2025 | 23000 | 23000 | 22958 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5840236, 15.850%, 8/18/2030 †§x | Upstart | 8/21/2025 | 24500 | 24583 | 24455 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5840378, 15.110%, 8/18/2028 †§x | Upstart | 8/21/2025 | 25000 | 25000 | 24936 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5840479, 17.000%, 8/18/2030 †§x | Upstart | 8/21/2025 | 24000 | 24081 | 23956 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5840723, 10.850%, 8/18/2030 †§x | Upstart | 8/21/2025 | 25000 | 25000 | 24985 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5840828, 20.340%, 8/18/2030 †§x | Upstart | 8/21/2025 | 28800 | 28800 | 28746 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5841488, 12.960%, 8/18/2030 †x | Upstart | 8/21/2025 | 50000 | 50000 | 49965 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5841831, 19.540%, 8/18/2030 †§x | Upstart | 8/21/2025 | 23100 | 23100 | 23027 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5842044, 23.210%, 8/18/2030 †§x | Upstart | 8/21/2025 | 22900 | 22900 | 22810 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5842387, 13.420%, 8/19/2030 †§x | Upstart | 8/22/2025 | 40100 | 40100 | 40034 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5842668, 24.100%, 8/19/2030 †§x | Upstart | 8/22/2025 | 43300 | 43300 | 43172 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5842810, 23.940%, 8/19/2030 †§x | Upstart | 8/22/2025 | 35000 | 35000 | 34897 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5842991, 26.190%, 8/19/2030 †§x | Upstart | 8/22/2025 | 29600 | 29600 | 29492 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5843261, 25.270%, 8/19/2030 †x | Upstart | 8/22/2025 | 43600 | 43600 | 43441 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5843808, 17.020%, 8/19/2030 †x | Upstart | 8/22/2025 | 45500 | 45500 | 45423 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5844377, 17.510%, 8/19/2030 †§x | Upstart | 8/22/2025 | 23000 | 23000 | 22961 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5844485, 20.930%, 8/19/2030 †§x | Upstart | 8/22/2025 | 32300 | 32300 | 32185 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5844569, 16.260%, 8/19/2030 †§x | Upstart | 8/22/2025 | 31900 | 31900 | 31846 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5844660, 19.390%, 8/19/2030 †§x | Upstart | 8/22/2025 | 31000 | 31000 | 30947 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5844705, 16.020%, 8/19/2030 †§x | Upstart | 8/22/2025 | 30100 | 30100 | 30050 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5845176, 18.450%, 8/19/2030 †§x | Upstart | 8/22/2025 | 33300 | 33300 | 33204 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5845309, 22.650%, 8/19/2030 †§x | Upstart | 8/22/2025 | 34400 | 34400 | 34339 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5845386, 22.770%, 8/19/2030 †§x | Upstart | 8/22/2025 | 22900 | 22900 | 22818 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**318** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; L5845642, 18.740%, 8/19/2030 †§x | Upstart | 8/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33243 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5845748, 18.450%, 8/19/2030 †§x | Upstart | 8/22/2025 | 37600 | 37600 | 37536 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5845925, 24.220%, 8/20/2030 †§x | Upstart | 8/25/2025 | 25700 | 25700 | 25580 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5846097, 23.910%, 8/19/2030 †§x | Upstart | 8/22/2025 | 34300 | 34300 | 34176 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5847031, 20.010%, 8/19/2028 †§x | Upstart | 8/22/2025 | 34300 | 34300 | 34185 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5847139, 20.360%, 8/19/2030 †x | Upstart | 8/22/2025 | 50000 | 50000 | 49855 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5848789, 16.580%, 8/20/2030 †§x | Upstart | 8/25/2025 | 29500 | 29500 | 29455 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5850280, 18.800%, 8/20/2030 †x | Upstart | 8/25/2025 | 50000 | 50169 | 49869 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5850438, 22.380%, 8/20/2030 †§x | Upstart | 8/25/2025 | 21400 | 21400 | 21343 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5850450, 23.410%, 8/20/2028 †§x | Upstart | 8/25/2025 | 22000 | 22073 | 21932 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5850874, 24.230%, 8/20/2030 †§x | Upstart | 8/25/2025 | 36200 | 36200 | 36031 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5851378, 23.040%, 8/20/2030 †x | Upstart | 8/25/2025 | 50000 | 50167 | 49866 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5851490, 13.970%, 8/21/2030 †§x | Upstart | 8/26/2025 | 27800 | 27800 | 27763 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5852139, 22.810%, 8/20/2030 †§x | Upstart | 8/25/2025 | 22800 | 22800 | 22726 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5852615, 14.350%, 8/21/2030 †§x | Upstart | 8/26/2025 | 25000 | 25000 | 24986 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5853046, 23.120%, 8/21/2030 †x | Upstart | 8/26/2025 | 28500 | 28500 | 28416 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5854349, 17.020%, 8/21/2030 †x | Upstart | 8/26/2025 | 34100 | 34100 | 34053 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5855107, 25.380%, 8/21/2030 †x | Upstart | 8/26/2025 | 39500 | 39500 | 39404 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5855722, 12.790%, 8/21/2030 †x | Upstart | 8/26/2025 | 43900 | 43900 | 43876 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5855786, 20.660%, 8/21/2030 †x | Upstart | 8/26/2025 | 42900 | 43045 | 42776 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5859048, 23.860%, 8/22/2030 †x | Upstart | 8/27/2025 | 22300 | 22300 | 22252 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5859196, 21.690%, 8/22/2028 †x | Upstart | 8/27/2025 | 20300 | 20300 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5860174, 13.800%, 8/22/2030 †x | Upstart | 8/27/2025 | 67000 | 67000 | 66920 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5860951, 18.500%, 8/25/2030 †x | Upstart | 8/28/2025 | 34600 | 34600 | 34556 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5862769, 22.310%, 8/25/2030 †x | Upstart | 8/28/2025 | 50000 | 50000 | 49921 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5866624, 22.210%, 8/25/2030 †x | Upstart | 8/28/2025 | 22000 | 22000 | 21965 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5866939, 20.310%, 8/25/2030 †x | Upstart | 8/28/2025 | 50000 | 50000 | 49958 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5867634, 17.840%, 8/25/2030 †x | Upstart | 8/28/2025 | 24700 | 24785 | 24669 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5868227, 25.300%, 8/25/2030 †x | Upstart | 8/28/2025 | 23200 | 23279 | 23162 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5868236, 17.350%, 8/25/2030 †x | Upstart | 8/28/2025 | 42000 | 42000 | 41967 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5868474, 23.670%, 8/25/2030 †x | Upstart | 8/28/2025 | 24900 | 24900 | 24860 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5869469, 23.160%, 8/25/2030 †x | Upstart | 8/28/2025 | 34300 | 34300 | 34254 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5869885, 23.080%, 8/25/2030 †x | Upstart | 8/28/2025 | 40400 | 40400 | 40365 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5870190, 18.420%, 8/25/2030 †x | Upstart | 8/28/2025 | 21700 | 21700 | 21682 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5870605, 20.070%, 8/25/2030 †x | Upstart | 8/28/2025 | 50000 | 50000 | 49958 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5870615, 17.510%, 8/25/2030 †x | Upstart | 8/28/2025 | 22000 | 22000 | 21982 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5871560, 22.870%, 8/26/2030 †x | Upstart | 8/29/2025 | 34600 | 34600 | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5872327, 19.470%, 8/26/2030 †x | Upstart | 8/29/2025 | 74000 | 74000 | 74000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5873025, 20.590%, 8/26/2030 †x | Upstart | 8/29/2025 | 21300 | 21300 | 21300 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5874475, 19.970%, 8/26/2030 †x | Upstart | 8/29/2025 | 69000 | 69000 | 69000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5875223, 14.640%, 8/26/2030 †x | Upstart | 8/29/2025 | 22000 | 22000 | 22000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5876069, 25.310%, 8/26/2030 †x | Upstart | 8/29/2025 | 20100 | 20100 | 20100 |
| &nbsp;&nbsp;&nbsp;&nbsp; L5876497, 12.870%, 8/26/2030 †x | Upstart | 8/29/2025 | 30000 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00703522, 29.440%, 10/19/2027 †x | LendingPoint | 10/25/2022 | 21090 | 21090 | 20862 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00765907, 19.150%, 2/18/2028 †x# | LendingPoint | 2/21/2023 | 21146 | 21146 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800002, 20.770%, 3/31/2029 †x# | LendingPoint | 4/24/2023 | 37960 | 37960 | 36434 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800022, 29.950%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 25770 | 25770 | 24626 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00817871, 18.000%, 5/30/2028 †x# | LendingPoint | 6/05/2023 | 21563 | 21563 | 20442 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00823074, 23.390%, 6/13/2029 †x# | LendingPoint | 6/16/2023 | 35077 | 35077 | 34381 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00840259, 18.180%, 8/30/2026 †x | LendingPoint | 8/07/2023 | 20943 | 20943 | 20376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 0.000% - 32.270% 9/26/2023 - 11/10/2031 †§x#^ | LendingPoint | 5/08/2019 - 8/23/2023 | 1081676 | 1081936 | 738510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 0.000% - 32.390% 8/31/2022 - 8/15/2031 †§x#^ | Lending Club | 6/26/2017 - 8/21/2025 | 233715306 | 230411186 | 161799286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 0.000% - 32.600% 1/17/2023 - 3/24/2037 †§x#^ | Best Egg | 12/06/2021 - 8/29/2025 | 112798411 | 111324894 | 99537073 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**319** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 89.85% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 0.000% - 34.990% 7/27/2022 - 12/03/2030 †§x#^◇ | Upstart | 7/14/2017 - 8/29/2025 | $453224392 | $&nbsp;&nbsp;&nbsp;&nbsp;452286871 | $&nbsp;&nbsp;&nbsp;&nbsp;412632110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 0.000% - 35.990% 4/24/2022 - 8/05/2029 †§x#^« | Affirm | 11/12/2021 - 8/29/2025 | 87582410 | 88974524 | 59473219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 5.020% - 30.890% 8/09/2022 - 8/29/2030 †§x#^ | Upgrade | 3/11/2021 - 8/29/2025 | 144005303 | 142418612 | 118380936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 5.750% - 23.230% 5/23/2024 - 6/05/2030 †§x#^ | SoFi | 2/02/2018 - 6/29/2023 | 7222142 | 7272958 | 6597383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 5.990% - 26.990% 6/05/2022 - 11/09/2030 †§x#^ | Achieve | 5/30/2017 - 8/29/2025 | 24241598 | 24281352 | 19804671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 6.000% - 33.000% 4/02/2022 - 11/29/2030 †§x#^ | Prosper | 3/25/2021 - 8/28/2025 | 74393173 | 73855203 | 62180094 |
|  **Total Consumer Loans** |  |  |  | **1666206312** | **1475586854** |
|  **Home Equity Loans - 1.73%** |  |  |  |  |  |
| **United States - 1.73%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051094, 12.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 65500 | 67963 | 67923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051160, 12.375%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 85700 | 88922 | 88956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051282, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 34561 | 35860 | 35874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051290, 10.500%, 8/01/2055 †xΔ | Achieve | 8/27/2025 | 29300 | 30402 | 30468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051350, 12.750%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 135000 | 140076 | 140129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051421, 9.250%, 8/01/2055 †xΔ | Achieve | 8/15/2025 | 49900 | 52140 | 52462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051424, 11.750%, 8/01/2035 †xΔ | Achieve | 8/27/2025 | 32000 | 33203 | 33210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051438, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 72500 | 75226 | 75258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051478, 11.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051503, 10.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 142800 | 146656 | 146876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051550, 10.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 42000 | 43134 | 43117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051609, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 81500 | 84564 | 84659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051623, 11.125%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 109300 | 112251 | 112316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051625, 11.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 62300 | 64642 | 64611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051627, 11.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 46500 | 48248 | 48349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051630, 12.000%, 8/01/2055 †xΔ ![LOGO](g85451g91a01.jpg)  | Achieve | 8/15/2025 | 149207 | 155906 | 156849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051639, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 131000 | 135926 | 134932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051666, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 128500 | 133332 | 133348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051679, 12.125%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 38050 | 39077 | 39183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051715, 10.750%, 8/01/2055 †xΔ | Achieve | 8/15/2025 | 44050 | 44794 | 45141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051722, 11.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 154865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051749, 12.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 71500 | 74188 | 74323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051781, 13.000%, 8/01/2040 †xΔ | Achieve | 8/15/2025 | 76200 | 79619 | 79635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051787, 9.990%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 82000 | 84214 | 84369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051794, 12.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 39900 | 41400 | 41431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051807, 12.375%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 72250 | 74201 | 74249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051808, 12.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 65300 | 67755 | 67853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051809, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 50800 | 52710 | 52602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051815, 13.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 81700 | 84772 | 84779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051823, 13.500%, 8/01/2040 †xΔ | Achieve | 8/27/2025 | 77750 | 80673 | 80711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051825, 13.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 57100 | 59247 | 59254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051833, 12.750%, 8/01/2035 †xΔ | Achieve | 8/27/2025 | 36000 | 37353 | 37362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051838, 9.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 98300 | 101996 | 102171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051841, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 55100 | 57172 | 57188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051853, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 67550 | 70090 | 70025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051855, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 56500 | 58624 | 58678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051874, 11.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 20000 | 20752 | 20608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051882, 12.000%, 8/01/2055 †xΔ | Achieve | 8/15/2025 | 72500 | 75755 | 75602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051889, 11.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 74300 | 77094 | 77002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051890, 12.250%, 8/01/2035 †xΔ | Achieve | 8/15/2025 | 84200 | 87973 | 88242 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**320** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 1.73% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051913, 10.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051915, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 30900 | 32062 | 32088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051931, 10.625%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 119600 | 122829 | 122903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051937, 12.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 52400 | 54370 | 54473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051953, 11.875%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 65575 | 67346 | 67195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051969, 11.000%, 8/01/2040 †xΔ | Achieve | 8/15/2025 | 44000 | 44743 | 44933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051970, 10.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 60700 | 62982 | 63027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051973, 11.625%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 145000 | 148915 | 149089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051983, 9.625%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 60400 | 62031 | 61992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051987, 10.250%, 8/01/2040 †xΔ | Achieve | 8/15/2025 | 47500 | 49630 | 49639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051988, 11.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 136750 | 141892 | 142197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000051995, 8.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 50000 | 51880 | 51907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052001, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 70200 | 72840 | 72876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052010, 12.250%, 8/01/2035 †xΔ | Achieve | 8/15/2025 | 58500 | 61121 | 61273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052011, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 55200 | 57276 | 57293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052012, 11.750%, 8/01/2040 †xΔ | Achieve | 8/15/2025 | 50000 | 52243 | 52474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052016, 11.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 48277 | 50092 | 50196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052018, 12.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 65150 | 67600 | 67646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052021, 11.500%, 8/01/2035 †xΔ | Achieve | 8/27/2025 | 38150 | 39584 | 39572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052027, 10.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 58000 | 60181 | 60312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052031, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 27300 | 28326 | 28408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052032, 7.740%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 52500 | 53918 | 53950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052059, 9.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 91100 | 94525 | 95042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052068, 12.000%, 8/01/2040 †xΔ | Achieve | 8/15/2025 | 45050 | 45811 | 46015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052078, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 53200 | 55200 | 55238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052079, 11.625%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 79000 | 81133 | 81259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052082, 10.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 25200 | 25880 | 26066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052083, 9.250%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 95250 | 98831 | 98949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052086, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 72200 | 74915 | 74957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052087, 10.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 204500 | 210022 | 209299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052091, 8.750%, 8/01/2035 †xΔ | Achieve | 8/27/2025 | 49000 | 50322 | 50182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052100, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 44450 | 46121 | 46133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052106, 11.375%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 91800 | 94279 | 93702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052115, 11.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 92700 | 96186 | 95978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052117, 8.750%, 8/01/2040 †xΔ | Achieve | 8/15/2025 | 50200 | 51047 | 51348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052118, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 23050 | 23917 | 23936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052124, 11.875%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 71350 | 74033 | 73869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052125, 10.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 250000 | 256750 | 256908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052129, 12.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 74750 | 77561 | 77574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052132, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 70000 | 72632 | 72623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052150, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 50000 | 51880 | 51815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052151, 10.625%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 300000 | 308100 | 308213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052158, 9.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 85400 | 88611 | 88617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052162, 10.500%, 8/01/2035 †xΔ | Achieve | 8/15/2025 | 38606 | 40335 | 40488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052169, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 120400 | 124927 | 124979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052175, 13.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 148950 | 154551 | 154557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052181, 8.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 86500 | 88836 | 88739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052182, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 91750 | 95200 | 95089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052185, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 58900 | 61115 | 60891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052187, 8.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 30200 | 31015 | 31068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052188, 10.000%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 55000 | 56485 | 56325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052192, 10.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 106400 | 109273 | 109443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052193, 10.750%, 8/01/2040 †xΔ | Achieve | 8/27/2025 | 78800 | 81762 | 80326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052197, 10.000%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 128800 | 132278 | 132349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052202, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 43150 | 44772 | 44802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052205, 11.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 82950 | 86069 | 86039 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**321** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 1.73% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052218, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052220, 8.625%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 62200 | 63879 | 63801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052222, 11.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 43600 | 45239 | 45342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052223, 9.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 109750 | 113877 | 113912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052225, 7.365%, 8/01/2055 †xΔ | Achieve | 8/15/2025 | 50000 | 50845 | 51360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052226, 11.250%, 8/01/2040 †xΔ | Achieve | 8/27/2025 | 37000 | 38391 | 38412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052229, 11.000%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 144500 | 149933 | 150045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052233, 13.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 40700 | 42230 | 42244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052235, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 38900 | 40363 | 40465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052237, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 85650 | 88870 | 88915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052240, 10.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 125550 | 130271 | 130300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052241, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 47250 | 49027 | 49041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052246, 8.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 34000 | 34918 | 33286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052248, 10.250%, 8/01/2035 †xΔ | Achieve | 8/15/2025 | 62250 | 65038 | 65304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052254, 12.625%, 8/01/2055 †xΔ | Achieve | 8/27/2025 | 49950 | 51299 | 51386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052256, 12.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 35550 | 36510 | 36590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052258, 12.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 58300 | 60492 | 60476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052259, 8.875%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 50500 | 51864 | 52030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052262, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052266, 9.375%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 93850 | 96384 | 96417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052269, 13.000%, 8/01/2040 †xΔ | Achieve | 8/27/2025 | 60900 | 63190 | 63223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052271, 10.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 200000 | 205400 | 200138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052275, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 33700 | 34967 | 34992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052276, 8.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 41250 | 42364 | 42512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052277, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 48600 | 50427 | 50358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052281, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 70800 | 73462 | 73694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052282, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 32300 | 33514 | 33528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052283, 12.125%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 164250 | 168685 | 167938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052284, 11.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 25300 | 25983 | 26002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052287, 9.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 49100 | 50946 | 51041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052292, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 68250 | 70816 | 70728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052293, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 40500 | 42023 | 41965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052294, 11.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 113000 | 116051 | 116110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052295, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 101100 | 104901 | 104961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052298, 10.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 132900 | 136488 | 136864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052300, 8.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 200000 | 205400 | 205819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052301, 9.875%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 38100 | 39129 | 39158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052302, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052303, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 117000 | 121399 | 121404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052304, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 51050 | 52428 | 52442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052306, 9.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 78800 | 81763 | 81956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052309, 12.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 27900 | 28653 | 28664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052310, 10.375%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 25400 | 26086 | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052311, 10.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 77150 | 80051 | 80104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052313, 9.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 34100 | 35382 | 35328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052314, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 22800 | 23657 | 23665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052317, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 40000 | 41504 | 41645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052320, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 61800 | 63469 | 63483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052321, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 38650 | 40103 | 40115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052322, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 50500 | 52399 | 52356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052323, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 24850 | 25784 | 25795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052329, 8.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 32600 | 33480 | 33500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052331, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 53700 | 55719 | 55870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052333, 12.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 51900 | 53851 | 53883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052335, 9.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 62200 | 64539 | 63506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052338, 12.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 88550 | 91879 | 91153 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**322** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 1.73% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052339, 8.125%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052341, 13.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 40700 | 42230 | 42240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052342, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 51100 | 53021 | 53042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052345, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 50700 | 52606 | 52615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052346, 8.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 22800 | 23416 | 23725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052348, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 35000 | 36316 | 36341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052349, 11.625%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 72000 | 73944 | 74016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052352, 11.625%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 40000 | 41080 | 40300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052353, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 46950 | 48715 | 48740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052355, 9.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052356, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 39250 | 40310 | 40323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052357, 11.875%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 75700 | 77744 | 77863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052361, 9.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 39800 | 40875 | 40991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052362, 9.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 49500 | 51361 | 51113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052366, 11.625%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 63450 | 65163 | 65175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052369, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 37350 | 38754 | 38770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052370, 12.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052371, 9.375%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 53800 | 55253 | 55212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052375, 10.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 56000 | 58106 | 58125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052377, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 50300 | 52191 | 52074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052379, 10.750%, 8/01/2040 †xΔ | Achieve | 8/27/2025 | 45650 | 47366 | 47402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052380, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 47500 | 49286 | 49296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052383, 9.125%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 40500 | 41594 | 41636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052385, 8.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 30500 | 31324 | 31318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052387, 10.875%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 57000 | 58539 | 58465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052389, 10.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 105850 | 109830 | 109896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052392, 10.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 109350 | 112302 | 112710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052393, 12.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 74400 | 77197 | 77120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052394, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 52000 | 53955 | 53988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052397, 12.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 36650 | 38028 | 38039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052400, 10.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 36700 | 37691 | 37857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052406, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 52550 | 54526 | 54512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052407, 12.125%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 63350 | 65060 | 65170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052408, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 32150 | 33359 | 33367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052414, 12.125%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 70000 | 71890 | 71616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052419, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 87850 | 91153 | 90951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052420, 9.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 120245 | 123492 | 123752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052421, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 55950 | 58054 | 58070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052422, 12.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 48500 | 50324 | 50363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052424, 10.125%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 56500 | 58026 | 58070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052426, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052427, 11.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 106500 | 110504 | 110300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052429, 12.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 51300 | 53229 | 53239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052433, 10.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 65595 | 68061 | 68107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052436, 11.625%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 80500 | 82674 | 83160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052439, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 69950 | 72580 | 72589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052441, 9.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 34000 | 35278 | 35198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052442, 13.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 36500 | 37872 | 37881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052443, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 30933 | 32096 | 32098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052444, 11.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 64700 | 67133 | 67159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052445, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 87100 | 90375 | 90432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052448, 12.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 36950 | 38339 | 38370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052449, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 21500 | 22308 | 22328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052450, 10.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 109000 | 113098 | 113268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052455, 12.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 80000 | 83008 | 82518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052456, 9.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 101050 | 103778 | 104492 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**323** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 1.73% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052457, 11.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69415 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052458, 9.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 72450 | 75174 | 75228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052459, 11.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 60800 | 63086 | 63101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052460, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 61500 | 63812 | 63827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052465, 10.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 113200 | 117456 | 117433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052467, 8.875%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 95000 | 97565 | 98100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052469, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 77300 | 79387 | 79399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052470, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 47700 | 49494 | 49527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052471, 11.750%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 197500 | 202833 | 202925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052472, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 27750 | 28793 | 28805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052473, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 140000 | 145264 | 145342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052474, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 75000 | 77820 | 77171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052477, 10.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 107600 | 111646 | 111675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052484, 9.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 73000 | 74971 | 75008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052487, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 62500 | 64850 | 64855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052488, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 50000 | 51880 | 51909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052489, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 41500 | 43060 | 43071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052490, 13.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 50750 | 52658 | 52693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052492, 8.625%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 44150 | 45342 | 45367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052493, 9.375%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 189000 | 194103 | 194071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052494, 12.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 30600 | 31751 | 31703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052495, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 43300 | 44928 | 44757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052497, 8.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 73000 | 74971 | 72665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052498, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 60050 | 62308 | 62342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052499, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 54800 | 56860 | 56831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052501, 11.375%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 51200 | 52582 | 52686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052504, 12.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 50750 | 52658 | 52896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052508, 13.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 44200 | 45862 | 45692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052509, 10.125%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 127300 | 130737 | 129494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052511, 10.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 63650 | 66043 | 66483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052512, 8.375%, 9/01/2035 †xΔ ![LOGO](g85451g91a01.jpg)  | Achieve | 8/27/2025 | 56000 | 57512 | 57541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052513, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 129950 | 134836 | 134810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052514, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 58950 | 61167 | 61203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052515, 12.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 76550 | 79428 | 78743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052516, 10.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 100027 | 103788 | 103813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052518, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 53100 | 55097 | 55017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052522, 10.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 30800 | 31958 | 31973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052523, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 42800 | 44409 | 44487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052525, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 93850 | 97379 | 97431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052527, 12.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 37050 | 38443 | 38471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052528, 12.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 38400 | 39844 | 39892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052529, 11.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 68400 | 70972 | 71095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052530, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 101513 | 105330 | 104935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052533, 10.375%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 21650 | 22235 | 22243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052538, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 65000 | 67444 | 67559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052544, 12.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 30800 | 31958 | 31985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052545, 9.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 109900 | 114032 | 114060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052547, 9.125%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 51200 | 52582 | 51680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052549, 8.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 99700 | 102392 | 102266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052550, 11.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 45600 | 46831 | 47210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052554, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 46300 | 48041 | 47818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052555, 13.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 44500 | 46173 | 46184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052556, 7.740%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 60010 | 61630 | 61700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052557, 11.375%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 131000 | 134537 | 134818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052558, 11.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 92100 | 95563 | 95382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052559, 9.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 199500 | 204887 | 205211 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**324** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 1.73% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052561, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052564, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 141600 | 146924 | 146494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052566, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 40600 | 42127 | 42109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052570, 11.625%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 49500 | 50837 | 50891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052572, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 46600 | 47858 | 47871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052573, 10.250%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 32300 | 33172 | 32763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052574, 10.625%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 74500 | 76512 | 76773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052578, 11.625%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 83000 | 85241 | 85284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052579, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 88000 | 91309 | 91325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052580, 11.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 147550 | 153098 | 153166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052581, 11.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 152156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052582, 9.500%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 57500 | 59053 | 57634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052584, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 66150 | 68637 | 68358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052588, 12.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 39600 | 40669 | 40775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052590, 9.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 33000 | 33891 | 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052591, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052592, 9.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 86050 | 89285 | 89370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052593, 8.875%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 50200 | 51555 | 49545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052595, 11.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 51330 | 53260 | 53279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052597, 9.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 124050 | 127399 | 127429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052598, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 67500 | 70038 | 70046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052605, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 101500 | 105316 | 105244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052606, 12.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 42200 | 43787 | 43818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052607, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 40500 | 42023 | 41962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052609, 11.625%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 27050 | 27780 | 27889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052610, 12.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 53200 | 55200 | 55296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052612, 8.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 76300 | 78360 | 78394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052613, 13.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 45600 | 47315 | 47324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052620, 9.875%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 89000 | 91403 | 91431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052625, 9.375%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 149800 | 153845 | 151716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052629, 12.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 73850 | 76627 | 76666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052630, 9.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 78300 | 81244 | 80780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052631, 13.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 58900 | 61115 | 60574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052633, 8.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 54000 | 55458 | 55387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052634, 10.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 45200 | 46900 | 46916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052636, 10.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 206000 | 211562 | 206147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052637, 9.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 120458 | 123710 | 123834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052638, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 61800 | 63469 | 63504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052640, 9.125%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 166200 | 170687 | 170755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052642, 11.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 218000 | 223886 | 224137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052647, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 125000 | 128375 | 128389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052650, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 86250 | 89493 | 89669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052651, 8.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 75750 | 77795 | 77425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052652, 10.375%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 57500 | 59053 | 59071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052654, 8.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 21500 | 22081 | 22110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052655, 13.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 67200 | 69727 | 69761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052656, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 53500 | 55512 | 55521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052657, 11.500%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 83300 | 85549 | 85371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052658, 10.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 79700 | 81852 | 81782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052659, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 72850 | 75589 | 75336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052663, 12.125%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 124850 | 128221 | 127818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052669, 10.625%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 82950 | 85190 | 85211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052670, 9.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 36600 | 37976 | 37945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052672, 9.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 40500 | 41594 | 41635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052674, 10.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 106000 | 109986 | 110014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052678, 10.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 145500 | 150971 | 150308 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**325** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 1.73% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052682, 8.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052685, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 148600 | 154187 | 154184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052687, 10.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 90100 | 93488 | 93549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052689, 9.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 60000 | 62256 | 62273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052693, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 55700 | 57794 | 57508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052696, 12.000%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 36300 | 37665 | 37747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052699, 12.250%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 26100 | 27081 | 27104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052700, 10.625%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 119600 | 122829 | 122807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052704, 9.375%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 60800 | 62442 | 62494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052717, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 20750 | 21530 | 21539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052719, 8.375%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 52000 | 53404 | 53839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052720, 9.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 66800 | 69312 | 69295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052721, 8.875%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 100000 | 102700 | 102608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052727, 6.740%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 26050 | 26753 | 26778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052729, 8.500%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 114000 | 117078 | 115426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052730, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 68300 | 70868 | 70909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052734, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 48500 | 50324 | 50175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052739, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 55000 | 57068 | 57082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052753, 12.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 35000 | 36316 | 36277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052755, 11.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 37700 | 39118 | 39130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052758, 8.625%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 24600 | 25264 | 25291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052759, 11.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 150000 | 155640 | 155710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052760, 10.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 85400 | 88611 | 88634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052765, 7.990%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 200150 | 205554 | 206111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052767, 10.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 103400 | 107288 | 107310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052770, 12.000%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 51000 | 52918 | 52951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052773, 9.375%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 33300 | 34199 | 34208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052780, 8.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 27800 | 28845 | 28843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052782, 13.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 35350 | 36679 | 36704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052791, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 101200 | 105005 | 105016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052794, 9.625%, 9/01/2045 †xΔ | Achieve | 8/27/2025 | 165200 | 169660 | 168648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052801, 8.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 168450 | 172998 | 173151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052806, 7.490%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 21000 | 21567 | 21586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052811, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 68000 | 69836 | 69851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052813, 10.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 53900 | 55927 | 55945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052815, 13.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 40550 | 42075 | 42084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052818, 7.875%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 100000 | 102700 | 102886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052819, 10.250%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 126950 | 130378 | 130860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052822, 9.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 136000 | 141114 | 141180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052829, 11.125%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 64600 | 66344 | 66414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052831, 8.750%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 21000 | 21567 | 21579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052833, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 26200 | 27185 | 27173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052835, 12.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 33000 | 34241 | 33351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052858, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 61075 | 63371 | 63216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052862, 10.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 76000 | 78858 | 78962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052878, 13.250%, 9/01/2040 †xΔ ![LOGO](g85451g91a01.jpg)  | Achieve | 8/27/2025 | 48000 | 49805 | 49817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052884, 8.625%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 24400 | 25059 | 25075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052887, 13.000%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 38000 | 39429 | 39440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052895, 10.750%, 9/01/2055 †xΔ | Achieve | 8/27/2025 | 66900 | 69415 | 69058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052901, 12.250%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 63400 | 65784 | 65822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052917, 11.750%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 85000 | 88196 | 88245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052930, 12.500%, 9/01/2040 †xΔ | Achieve | 8/27/2025 | 30300 | 31439 | 31344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000052934, 8.625%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 26700 | 27421 | 27447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000053074, 11.500%, 9/01/2035 †xΔ | Achieve | 8/27/2025 | 87500 | 90790 | 90801 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**326** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 1.73% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Home Equity Loans, 8.375% - 12.250% 9/01/2035 - 8/01/2055 †xΔ ![LOGO](g85451g91a01.jpg)  | Achieve | 8/27/2025 - 8/27/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99669 |
|  **Total Home Equity Loans** |  |  |  | **28349526** | **28324565** |
|  **Small Business Loans - 5.77%** |  |  |  |  |  |
| **United Kingdom - 0.24%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 179947, 10.500%, 3/28/2022 †x#^ | Funding Circle | 3/28/2017 | 63794 | 87791 | 25867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214896, 7.900%, 9/18/2022 †x#^ | Funding Circle | 9/18/2017 | 90442 | 124462 | 36673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218029, 7.900%, 10/05/2022 †x#^ | Funding Circle | 10/05/2017 | 57651 | 79337 | 23376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 230169, 7.900%, 11/16/2022 †x#^ | Funding Circle | 11/16/2017 | 152557 | 209942 | 61859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 256326, 9.500%, 3/14/2023 †x#^ | Funding Circle | 3/14/2018 | 80267 | 112118 | 32547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 260801, 9.500%, 3/29/2023 †x#^ | Funding Circle | 3/29/2018 | 57298 | 80390 | 23234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266466, 9.500%, 5/04/2023 †x#^ | Funding Circle | 5/04/2018 | 168486 | 231863 | 68318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 279731, 7.900%, 6/07/2023 †x#^ | Funding Circle | 6/07/2018 | 222058 | 305587 | 90041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 283571, 10.500%, 7/05/2023 †x#^ | Funding Circle | 7/05/2018 | 71728 | 98710 | 29085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 284688, 7.900%, 7/11/2023 †x#^ | Funding Circle | 7/11/2018 | 61901 | 81716 | 25100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285214, 7.900%, 7/11/2023 †x#^ | Funding Circle | 7/11/2018 | 89052 | 122549 | 36109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286443, 10.500%, 7/03/2023 †x#^ | Funding Circle | 7/03/2018 | 95244 | 131071 | 38620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 293121, 8.900%, 1/10/2024 †x#^ | Funding Circle | 9/10/2018 | 58856 | 76678 | 23865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296242, 7.900%, 12/16/2023 †x#^ | Funding Circle | 8/16/2018 | 55356 | 70399 | 22446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304406, 17.600%, 10/04/2022 †x#^ | Funding Circle | 10/04/2018 | 122535 | 168628 | 49686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308801, 12.900%, 10/08/2023 †x#^ | Funding Circle | 10/08/2018 | 196705 | 257586 | 79760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 313299, 8.900%, 2/29/2024 †x#^ | Funding Circle | 10/31/2018 | 187880 | 240148 | 76182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 314401, 14.900%, 10/16/2023 †x#^ | Funding Circle | 10/16/2018 | 178113 | 245111 | 72221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 314510, 13.500%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | 127271 | 175145 | 51606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 315906, 10.500%, 12/18/2023 †x#^ | Funding Circle | 10/18/2018 | 98823 | 135996 | 40071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 315982, 14.900%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | 152543 | 209924 | 61854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 317387, 9.900%, 1/04/2024 †x#^ | Funding Circle | 1/04/2019 | 136525 | 173883 | 55358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 318273, 9.900%, 10/25/2023 †x#^ | Funding Circle | 10/25/2018 | 53005 | 67932 | 21493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 323868, 8.900%, 11/23/2023 †x#^ | Funding Circle | 11/23/2018 | 74038 | 101888 | 30021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 329350, 9.900%, 12/05/2023 †x#^ | Funding Circle | 12/05/2018 | 124954 | 159060 | 50667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 335219, 11.900%, 12/17/2023 †x#^ | Funding Circle | 12/17/2018 | 81115 | 102302 | 32891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340217, 11.900%, 2/06/2024 †x#^ | Funding Circle | 2/06/2019 | 69350 | 89710 | 28120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 347075, 9.900%, 6/13/2024 †x#^ | Funding Circle | 2/13/2019 | 52508 | 67465 | 21291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 347355, 14.900%, 2/14/2024 †x#^ | Funding Circle | 2/14/2019 | 59203 | 75738 | 24006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 348914, 13.500%, 2/13/2024 †x#^ | Funding Circle | 2/13/2019 | 59954 | 77032 | 24310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 351744, 10.900%, 2/21/2024 †x#^ | Funding Circle | 2/21/2019 | 91979 | 119912 | 37296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 357563, 11.900%, 3/13/2024 †x#^ | Funding Circle | 3/13/2019 | 55224 | 73238 | 22392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 357664, 12.900%, 6/06/2024 †x#^ | Funding Circle | 6/06/2019 | 52697 | 72519 | 21368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 364185, 9.900%, 5/09/2024 †x#^ | Funding Circle | 5/09/2019 | 198504 | 273174 | 80490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 365501, 9.900%, 4/10/2024 †x#^ | Funding Circle | 4/10/2019 | 152155 | 199200 | 61696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 367726, 12.600%, 4/26/2023 †x#^ | Funding Circle | 4/26/2019 | 113955 | 156820 | 46207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 373451, 9.900%, 5/15/2024 †x#^ | Funding Circle | 5/15/2019 | 51264 | 70548 | 20787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 373647, 12.900%, 6/12/2024 †x#^ | Funding Circle | 6/12/2019 | 63036 | 86748 | 25560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 374853, 9.600%, 5/16/2023 †x#^ | Funding Circle | 5/16/2019 | 153741 | 211572 | 62339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 377553, 8.900%, 10/20/2024 †x#^ | Funding Circle | 6/20/2019 | 94437 | 119973 | 38292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 379260, 13.500%, 5/30/2024 †x#^ | Funding Circle | 5/30/2019 | 65364 | 89425 | 26504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 381864, 9.900%, 8/12/2024 †x#^ | Funding Circle | 6/12/2019 | 79478 | 100819 | 32227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 386788, 17.900%, 8/20/2024 †x#^ | Funding Circle | 6/20/2019 | 65012 | 82592 | 26361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 391281, 17.900%, 7/10/2024 †x#^ | Funding Circle | 7/10/2019 | 176569 | 242987 | 71596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 391863, 18.900%, 7/26/2024 †x#^ | Funding Circle | 7/26/2019 | 62596 | 77528 | 25382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 391905, 12.900%, 7/23/2024 †x#^ | Funding Circle | 7/23/2019 | 111283 | 153144 | 45123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Small Business Loans, 3.900% - 25.500% 9/20/2020 - 11/05/2024 †x#^ | Funding Circle | 7/25/2016 - 7/31/2019 | 4919289 | 6535170 | 1994685 |
|  |  |  |  | **12825530** | **3894982** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**327** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53%** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 02cb546c-5da0-4e83-9fbf-282a020e96b5, 10.790%, 9/24/2023 †x#^ | Funding Circle | 9/26/2018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 07832286-bef7-4502-adb6-3f5d1e410992, 15.820%, 5/13/2024 †x#^ | Funding Circle | 11/16/2018 | 90200 | 90200 | 27060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0d319bef-a790-4907-b351-ebff4731d2b6, 8.250%, 5/01/2023 †x#^ | Funding Circle | 5/03/2018 | 148966 | 148966 | 44690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0d65f8f4-a679-4e34-ae32-fc94edfe755c, 15.420%, 12/12/2022 †x#^ | Funding Circle | 12/14/2017 | 93645 | 93645 | 28094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1005023980, 25.596%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 19569 | 20351 | 20439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1070204429, 14.933%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | 123834 | 128787 | 129274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1161662968, 20.397%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 22035 | 22916 | 23026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1167122476, 18.667%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 23232 | 24161 | 24567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1188483494, 25.599%, 1/12/2027 †x¥ | Stripe | 7/17/2025 | 50270 | 52281 | 52411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1232930133, 22.400%, 3/31/2026 †x¥ | Stripe | 10/03/2024 | 39764 | 41354 | 42747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1240463055, 14.266%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 20105 | 20909 | 21240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1255089851, 22.000%, 4/10/2026 †x¥ | Stripe | 10/16/2024 | 35556 | 36978 | 37709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12a29f98-0a52-48a7-a233-21283d4711b8, 14.090%, 9/23/2019 †x#^ | Funding Circle | 12/16/2016 | 112621 | 112621 | 33786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 130821569, 15.198%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 29127 | 30292 | 30350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1320255381, 18.133%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 28759 | 29910 | 29940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1333237852, 17.867%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 59825 | 62218 | 62532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1386676093, 25.600%, 1/19/2027 †x¥ | Stripe | 7/24/2025 | 33630 | 34975 | 35234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13a87c95-6293-4f33-a888-a69900f946d2, 12.690%, 7/27/2021 †x#^ | Funding Circle | 12/16/2016 | 86931 | 87236 | 26079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1404331, 17.600%, 6/02/2026 †x¥ | Stripe | 12/05/2024 | 40029 | 41630 | 42096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1412140020, 14.798%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 33241 | 34570 | 34741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1422176492, 26.533%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 27867 | 28981 | 29660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1435466311, 13.066%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 53385 | 55520 | 55951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1491207629, 14.933%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 29601 | 30785 | 31239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1519414138, 18.800%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 22706 | 23614 | 23796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15443ac2-cef1-40a4-88fd-a02f1bda6f1e, 8.250%, 1/12/2023 †x#^ | Funding Circle | 1/16/2018 | 244769 | 244769 | 73431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1559470965, 16.133%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 21004 | 21844 | 22066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1575876551, 14.933%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 35194 | 36602 | 36923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580655479, 22.533%, 12/09/2025 †x¥ | Stripe | 6/13/2024 | 33122 | 34447 | 35674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15f0ca8d-6121-4a8c-a558-e868ef064404, 19.700%, 12/20/2023 †x#^ | Funding Circle | 12/26/2018 | 73967 | 73967 | 22190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1619560092, 25.600%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 24010 | 24970 | 25170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 162584928, 19.332%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 34921 | 36318 | 36543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1668866297, 13.067%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 123927 | 128884 | 130159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1687416932, 14.267%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 48513 | 50454 | 51080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1709156435, 22.400%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 111788 | 116260 | 118667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1716685375, 12.800%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 23860 | 24814 | 24908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1729806691, 18.000%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 48706 | 50654 | 50698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1730276434, 17.600%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 26514 | 27575 | 28093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 174e3dfa-9684-4006-b2a9-e11083aad350, 12.690%, 10/13/2022 †x#^ | Funding Circle | 10/16/2017 | 68355 | 68355 | 20507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1751374178, 14.267%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 26999 | 28079 | 28585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1755903605, 20.398%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 19741 | 20531 | 20573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1761625256, 18.133%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 23551 | 24493 | 24505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1794047140, 18.000%, 2/05/2027 †x¥ | Stripe | 8/12/2025 | 29947 | 31144 | 31199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180bc08b-2384-4162-9f69-f3e5aedfec97, 18.900%, 3/30/2023 †x#^ | Funding Circle | 4/02/2018 | 73185 | 73185 | 21956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1820231864, 22.400%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 86842 | 90316 | 91776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1828738168, 13.067%, 10/13/2026 †x¥ | Stripe | 4/17/2025 | 115642 | 120268 | 121209 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**328** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 1832798076, 26.533%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1847851661, 19.333%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 37151 | 38637 | 39540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1853156188, 13.733%, 1/31/2026 †x¥ | Stripe | 8/07/2024 | 30156 | 31362 | 32112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1853857120, 14.000%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 67443 | 70140 | 70405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1862445485, 18.000%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 26584 | 27647 | 27868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1864486550, 14.400%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 56526 | 58787 | 59158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1885321902, 25.598%, 2/04/2027 †x¥ | Stripe | 8/11/2025 | 56629 | 58894 | 58919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1937383764, 18.666%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 58923 | 61280 | 62504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1966909339, 15.333%, 11/07/2025 †x¥# | Stripe | 5/14/2024 | 53588 | 55732 | 20553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2047503143, 16.133%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 49520 | 51501 | 52006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2087688840, 20.933%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 22556 | 23458 | 23573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20fafdff-c6d8-4b99-a268-47e09fc661b2, 10.490%, 10/17/2022 †x#^ | Funding Circle | 10/19/2017 | 72358 | 72358 | 21707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2101103124, 14.800%, 7/07/2026 †x¥ | Stripe | 1/09/2025 | 71291 | 74143 | 74809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2154872988, 22.000%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 19191 | 19959 | 20545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2171367321, 25.599%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 35649 | 37075 | 37438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2192671192, 22.667%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 48108 | 50032 | 51178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2221243181, 15.065%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 30993 | 32232 | 32329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2271442914, 20.396%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 26299 | 27351 | 27394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2275971836, 14.133%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 57778 | 60089 | 60147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22d7f7b1-3e98-4c31-8867-c712e4a6a12a, 18.900%, 9/07/2023 †x#^ | Funding Circle | 9/10/2018 | 150646 | 150646 | 45194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2328679267, 20.400%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 137093 | 142576 | 143817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2386678953, 16.267%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 24040 | 25002 | 25054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2439721034, 20.000%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 34846 | 36240 | 37192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2441498900, 13.067%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 33327 | 34660 | 35173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2455439091, 26.531%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 26179 | 27226 | 27554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2495545523, 22.000%, 10/03/2026 †x¥ | Stripe | 4/09/2025 | 25619 | 26644 | 27258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2556226251, 25.867%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | 34496 | 35876 | 36422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2664283024, 18.133%, 12/30/2026 †x¥ | Stripe | 7/07/2025 | 31453 | 32711 | 32879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2688630854, 13.067%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 46903 | 48779 | 49284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2690254465, 25.866%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 54698 | 56886 | 57668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2709581891, 19.330%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 22385 | 23281 | 23290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2713495365, 16.131%, 5/26/2026 †x¥ | Stripe | 11/29/2024 | 19772 | 20563 | 20766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2803808032, 25.600%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 70207 | 73015 | 73348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2826924143, 26.133%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 47973 | 49892 | 50831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2859302473, 14.933%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 35418 | 36835 | 37006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28cb8cb3-7e02-4d7a-9d10-8d86c806fce9, 20.290%, 1/17/2021 †x#^ | Funding Circle | 1/19/2017 | 95826 | 95826 | 28748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2936991251, 14.933%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 95716 | 99545 | 100249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2957901601, 14.933%, 7/10/2026 †x¥ | Stripe | 1/14/2025 | 62066 | 64549 | 65490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2996646204, 18.800%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 146493 | 152353 | 153699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2a63907e-2a48-4762-ae68-ba020c14049c, 7.650%, 11/21/2020 †x#^ | Funding Circle | 11/24/2017 | 70513 | 70513 | 21154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2b5567a3-1066-408f-a0a1-b81fbfcb075f, 26.990%, 12/12/2023 †x#^ | Funding Circle | 6/14/2018 | 67571 | 67571 | 20271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304035141, 16.133%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 21919 | 22796 | 23103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3069334197, 13.066%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 34015 | 35375 | 35743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3090980440, 18.933%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 62310 | 64802 | 65629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3095062101, 16.133%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 101155 | 105201 | 106089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3120820493, 14.933%, 7/23/2026 †x¥ | Stripe | 1/27/2025 | 144595 | 150378 | 151162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3135118237, 22.399%, 3/09/2027 †x¥ | Stripe | 12/27/2024 | 55071 | 57274 | 58033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3192033687, 24.932%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 37871 | 39385 | 40115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3203190447, 13.066%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 48688 | 50636 | 51126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3204801648, 18.933%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 93762 | 97512 | 98960 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**329** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 3257532078, 21.999%, 6/23/2026 †x¥ | Stripe | 12/27/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3260614453, 20.399%, 2/19/2027 †x¥ | Stripe | 8/26/2025 | 20864 | 21699 | 21699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3289712437, 17.863%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 26505 | 27565 | 27659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3290661009, 14.932%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 29386 | 30562 | 30699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3311568271, 16.000%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 28673 | 29820 | 29893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3395510168, 17.867%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 33988 | 35348 | 36048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3434808342, 17.864%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 19042 | 19804 | 20052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3453473568, 18.131%, 1/14/2027 †x¥ | Stripe | 7/21/2025 | 32383 | 33679 | 33741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3485339729, 25.600%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | 76604 | 79668 | 79983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3549751357, 25.867%, 9/29/2026 †x¥ | Stripe | 4/03/2025 | 43139 | 44865 | 45928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3556294699, 26.533%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 37746 | 39256 | 39729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3599084006, 18.800%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 28091 | 29215 | 30059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3671344355, 16.133%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 51335 | 53388 | 53919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3677260311, 15.200%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 28124 | 29249 | 29454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3683349096, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 84865 | 88260 | 89013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3683647158, 14.000%, 11/26/2026 †x¥ | Stripe | 6/02/2025 | 59145 | 61511 | 61818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3698067572, 20.400%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 32000 | 33280 | 33311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3700761541, 22.400%, 6/05/2026 †x¥ | Stripe | 12/10/2024 | 45123 | 46928 | 26062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3704613616, 26.532%, 2/20/2027 †x¥ | Stripe | 8/27/2025 | 65771 | 68402 | 68403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3738073096, 18.133%, 1/14/2027 †x¥ | Stripe | 7/21/2025 | 28362 | 29497 | 29577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3759497766, 14.931%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 24733 | 25722 | 25835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3762555469, 12.797%, 1/15/2027 †x¥ | Stripe | 7/22/2025 | 20774 | 21605 | 21662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3766015659, 18.933%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 39836 | 41429 | 42241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3797896386, 17.866%, 10/28/2026 †x¥# | Stripe | 5/02/2025 | 86600 | 90064 | 32794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3813606999, 26.533%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 37197 | 38684 | 39184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3830058368, 15.200%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 109951 | 114349 | 115172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3838191082, 20.000%, 8/11/2026 †x¥# | Stripe | 2/13/2025 | 78509 | 81650 | 20986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3845145804, 18.000%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 51039 | 53081 | 53508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3850276564, 26.533%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 21955 | 22833 | 23294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3871828869, 13.066%, 10/14/2026 †x¥ | Stripe | 4/18/2025 | 52177 | 54264 | 54658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3888947059, 18.000%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 54216 | 56384 | 56472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3978132675, 18.667%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 24515 | 25496 | 25897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3984426360, 26.533%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 28341 | 29475 | 29967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3998983562, 14.267%, 8/11/2026 †x¥ | Stripe | 2/13/2025 | 20007 | 20808 | 21109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4027412980, 18.800%, 10/31/2026 †x¥ | Stripe | 5/07/2025 | 33368 | 34702 | 35173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4030869529, 12.800%, 12/22/2026 †x¥ | Stripe | 6/26/2025 | 39868 | 41463 | 41615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4032558240, 16.132%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 21524 | 22385 | 22584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 408279353, 17.600%, 12/01/2026 †x¥ | Stripe | 6/05/2025 | 91971 | 95650 | 96974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4088835803, 16.133%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 23617 | 24562 | 24736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4153730624, 18.933%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 44919 | 46715 | 47356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4164367649, 14.800%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 32295 | 33587 | 34128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 422965602, 19.332%, 7/16/2026 †x¥ | Stripe | 1/21/2025 | 27454 | 28552 | 28991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4234408356, 20.399%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 90653 | 94279 | 94280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4243483109, 26.533%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 29993 | 31192 | 31645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4278875112, 19.333%, 12/23/2026 †x¥ | Stripe | 6/27/2025 | 72869 | 75783 | 76207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4292973860, 14.266%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 45576 | 47400 | 47842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4310079270, 18.667%, 8/21/2026 †x¥ | Stripe | 2/25/2025 | 83479 | 86818 | 87761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4329141183, 17.997%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 21335 | 22189 | 22222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4329959986, 14.932%, 7/18/2026 †x¥ | Stripe | 1/23/2025 | 23874 | 24829 | 24994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4397257656, 22.400%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | 19348 | 20121 | 20743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4397471803, 20.399%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 56490 | 58750 | 59088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4464181530, 12.800%, 11/27/2026 †x¥ | Stripe | 6/03/2025 | 88334 | 91868 | 92367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4475241501, 22.000%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 23489 | 24428 | 24629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 449741715, 14.267%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 62339 | 64833 | 65874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4501622204, 18.933%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 40115 | 41719 | 42645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 450751095, 26.531%, 11/05/2026 †x¥ | Stripe | 5/12/2025 | 21777 | 22648 | 23115 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**330** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 451333452, 20.399%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4517080936, 13.067%, 9/26/2026 †x¥ | Stripe | 4/02/2025 | 68773 | 71524 | 71973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4576410259, 15.998%, 12/10/2026 †x¥ | Stripe | 6/16/2025 | 27466 | 28564 | 28665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4606446525, 18.933%, 8/29/2026 †x¥ | Stripe | 3/05/2025 | 27404 | 28500 | 28801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4688987237, 18.667%, 8/25/2026 †x¥ | Stripe | 2/27/2025 | 29612 | 30796 | 31254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4701395028, 20.399%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 21693 | 22561 | 22860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4707103840, 16.133%, 4/02/2026 †x¥ | Stripe | 10/07/2024 | 24862 | 25857 | 26206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4720142207, 14.800%, 8/21/2026 †x¥# | Stripe | 2/25/2025 | 83095 | 86419 | 22197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4731702759, 14.931%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 25311 | 26324 | 26576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4735685, 25.600%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 49281 | 51252 | 51277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4773681217, 22.667%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 59059 | 61421 | 62693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47f5eef0-75d7-45e5-9a64-dbdb6f833254, 10.490%, 1/04/2023 †x#^ | Funding Circle | 1/08/2018 | 108037 | 108037 | 32411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4819601547, 16.133%, 4/08/2026 †x¥ | Stripe | 10/11/2024 | 25297 | 26309 | 26694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4845230760, 16.262%, 1/07/2027 †x¥ | Stripe | 7/14/2025 | 21217 | 22066 | 22126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4945406849, 13.067%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 164536 | 171117 | 172293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4963971268, 15.198%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 30344 | 31558 | 31589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4989524581, 17.600%, 8/12/2026 †x¥ | Stripe | 2/14/2025 | 25178 | 26185 | 26466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4abce04e-954e-433d-8cbc-d2916e0580a4, 14.670%, 8/15/2022 †x#^ | Funding Circle | 8/17/2018 | 106732 | 106732 | 32020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5022953987, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 18953 | 19711 | 20011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5025122091, 18.667%, 7/31/2026 †x¥ | Stripe | 2/04/2025 | 30974 | 32213 | 32906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5045959103, 14.000%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 57392 | 59688 | 60083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5061048767, 14.800%, 7/14/2026 †x¥ | Stripe | 1/16/2025 | 41173 | 42820 | 43472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5097930739, 25.600%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 29616 | 30800 | 30807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5160973974, 18.129%, 1/26/2027 †x¥ | Stripe | 7/31/2025 | 22326 | 23219 | 23289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5161859076, 16.266%, 12/05/2026 †x¥ | Stripe | 6/11/2025 | 47648 | 49554 | 50152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 519059948, 22.000%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 81992 | 85272 | 87593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 526393683, 22.397%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 27585 | 28688 | 28932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5269588878, 14.800%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 106262 | 110513 | 112223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5292444555, 26.133%, 4/21/2026 †x¥# | Stripe | 10/24/2024 | 26302 | 27354 | 27719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5299232793, 12.800%, 12/04/2026 †x¥ | Stripe | 6/10/2025 | 203704 | 211852 | 212570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5307962891, 12.800%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 150425 | 156442 | 156957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5321469709, 18.800%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 22724 | 23633 | 23904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5368628888, 18.933%, 5/01/2026 †x¥ | Stripe | 11/05/2024 | 25058 | 26061 | 26422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5379171766, 15.200%, 12/24/2025 †x¥ | Stripe | 6/28/2024 | 76967 | 80046 | 81572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54093346-43f6-47b3-89f2-d2c53c7bb66b, 26.990%, 6/22/2023 †x#^ | Funding Circle | 6/25/2018 | 90730 | 90730 | 27219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5424872169, 17.733%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 82795 | 86107 | 86720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5469528878, 14.400%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 52427 | 54524 | 55203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5492704374, 14.266%, 8/28/2026 †x¥ | Stripe | 3/04/2025 | 40639 | 42265 | 43029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 549838103, 17.865%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 20098 | 20902 | 21010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5513852903, 16.000%, 2/23/2027 †x¥ | Stripe | 8/28/2025 | 24300 | 25272 | 25272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 558190247, 26.529%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 20926 | 21763 | 21778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5588464822, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 19508 | 20288 | 20526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5597129503, 16.266%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 31929 | 33206 | 33365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55c58f9e-9724-45d8-9463-fa22d6179d36, 26.990%, 12/28/2023 †x#^ | Funding Circle | 7/02/2018 | 154400 | 154400 | 46320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5640505565, 17.600%, 8/22/2026 †x¥ | Stripe | 2/26/2025 | 144163 | 149929 | 151452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5642627786, 19.333%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 24588 | 25571 | 25714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5665434847, 26.533%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 23295 | 24227 | 24766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5668109874, 14.000%, 1/09/2027 †x¥ | Stripe | 7/16/2025 | 65352 | 67966 | 68137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5685530432, 20.397%, 12/15/2026 †x¥ | Stripe | 6/20/2025 | 30489 | 31708 | 31815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5714715990, 18.667%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 26398 | 27454 | 27804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5760133534, 17.864%, 10/15/2026 †x¥ | Stripe | 4/21/2025 | 19571 | 20353 | 20629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5834619381, 14.933%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 20158 | 20964 | 21294 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**331** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 583995384, 17.600%, 7/17/2026 †x¥ | Stripe | 1/22/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5854239702, 26.533%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | 19696 | 20484 | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5861311125, 16.131%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 22744 | 23654 | 23799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5883026863, 14.399%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 31035 | 32277 | 32661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5885121609, 14.000%, 2/18/2027 †x¥ | Stripe | 8/25/2025 | 241845 | 251518 | 251668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5906128140, 14.400%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 167589 | 174292 | 175687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5927220869, 20.400%, 2/24/2027 †x¥ | Stripe | 8/29/2025 | 73000 | 75920 | 75920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5939357632, 25.865%, 12/02/2026 †x¥ | Stripe | 6/06/2025 | 27739 | 28848 | 29581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5951297665, 14.400%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 55945 | 58183 | 58867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5959574906, 14.800%, 8/08/2026 †x¥ | Stripe | 2/12/2025 | 39551 | 41133 | 41893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5982058925, 18.000%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 23216 | 24144 | 24318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5987805249, 16.133%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 122568 | 127471 | 128439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5999089960, 15.200%, 12/19/2026 †x¥ | Stripe | 6/25/2025 | 25800 | 26832 | 27017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5a73fd77-a192-43b2-a63e-1c62bbd82e8d, 18.900%, 10/10/2023 †x#^ | Funding Circle | 4/12/2018 | 86896 | 86896 | 26069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6068827173, 13.067%, 6/10/2026 †x¥ | Stripe | 12/13/2024 | 20208 | 21016 | 21518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6105092932, 14.397%, 10/30/2026 †x¥ | Stripe | 5/06/2025 | 27265 | 28355 | 28560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6115978351, 18.667%, 7/04/2026 †x¥ | Stripe | 1/08/2025 | 89347 | 92921 | 94132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6141484931, 26.399%, 7/28/2026 †x¥ | Stripe | 1/30/2025 | 42501 | 44201 | 45220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6196898869, 14.264%, 7/09/2026 †x¥ | Stripe | 1/13/2025 | 20529 | 21351 | 21614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6269490838, 19.333%, 2/10/2027 †x¥ | Stripe | 8/15/2025 | 38142 | 39667 | 39716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6272065596, 16.000%, 12/25/2026 †x¥ | Stripe | 7/01/2025 | 42590 | 44293 | 44456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6343880741, 15.200%, 12/12/2026 †x¥ | Stripe | 6/18/2025 | 24048 | 25010 | 25162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6353163823, 17.867%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 31499 | 32759 | 32938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6396556135, 13.067%, 7/24/2026 †x¥ | Stripe | 1/28/2025 | 142393 | 148089 | 149359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63f8e0ef-5237-4649-aa40-4ed5ec168536, 8.250%, 11/29/2022 †x#^ | Funding Circle | 12/01/2017 | 80559 | 80559 | 24168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6420837881, 13.067%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 110598 | 115022 | 116311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6424154259, 17.866%, 9/20/2026 †x¥ | Stripe | 1/24/2025 | 82620 | 85924 | 86892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6448369221, 16.000%, 11/28/2026 †x¥ | Stripe | 6/04/2025 | 64702 | 67290 | 67825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64588e14-c7c5-4242-8c7d-a14db6b69c81, 15.420%, 11/15/2022 †x#^ | Funding Circle | 11/17/2017 | 80455 | 80455 | 24137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6532161856, 25.599%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 67871 | 70586 | 71105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6535940551, 16.266%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 37677 | 39184 | 39233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6541162817, 22.400%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 176992 | 184072 | 186113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6562849012, 18.133%, 1/05/2027 †x¥ | Stripe | 7/10/2025 | 26461 | 27519 | 27686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6666130203, 26.132%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 19600 | 20384 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6860201659, 25.866%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 24207 | 25175 | 25472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6950511864, 18.799%, 9/25/2026 †x¥ | Stripe | 4/01/2025 | 24226 | 25195 | 25612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6951948622, 22.398%, 10/01/2026 †x¥ | Stripe | 4/07/2025 | 29880 | 31075 | 31546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6f467b7c-7e83-4ce1-8e1d-94cf0d70bd72, 15.420%, 12/21/2022 †x#^ | Funding Circle | 12/26/2017 | 109566 | 109566 | 32870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7064790506, 14.933%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 128997 | 134157 | 135011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7075654, 4.937%, 4/03/2025 †x¶#^ | Square | 10/05/2023 | 121362 | 112995 | 34610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7084084139, 16.265%, 12/17/2026 †x¥ | Stripe | 6/24/2025 | 35655 | 37081 | 37291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70c06338-aa14-46d4-8098-f840fe94e244, 18.900%, 8/17/2023 †x#^ | Funding Circle | 8/20/2018 | 107014 | 107014 | 32104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 717305672, 14.799%, 8/27/2026 †x¥ | Stripe | 3/03/2025 | 26872 | 27947 | 28141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7176099, 4.654%, 5/01/2025 †x¶#^ | Square | 11/03/2023 | 83535 | 78088 | 33893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7187891298, 13.999%, 1/16/2027 †x¥ | Stripe | 7/23/2025 | 89322 | 92895 | 93050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7210068056, 15.200%, 1/08/2027 †x¥ | Stripe | 7/15/2025 | 29354 | 30528 | 30680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7250734438, 25.600%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 23612 | 24557 | 24619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7263068, 5.377%, 5/28/2025 †x¶#^ | Square | 11/30/2023 | 48288 | 44683 | 21552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 736839647, 14.400%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 191506 | 199166 | 200350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7386852, 4.654%, 7/05/2025 †x¶#^ | Square | 1/09/2024 | 53297 | 49820 | 33458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7391881833, 25.600%, 2/20/2027 †x¥ | Stripe | 8/27/2025 | 35995 | 37435 | 37435 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**332** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 7428805, 5.377%, 7/23/2025 †x¶#^ | Square | 1/25/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7429020540, 13.999%, 1/21/2027 †x¥ | Stripe | 7/28/2025 | 42185 | 43873 | 43924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7437575377, 25.600%, 12/16/2026 †x¥ | Stripe | 6/23/2025 | 35495 | 36915 | 37338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7450263, 5.189%, 7/30/2025 †x¶#^ | Square | 2/01/2024 | 69196 | 64199 | 41971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7490578, 5.566%, 8/13/2025 †x¶^ | Square | 2/15/2024 | 39068 | 36058 | 26129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7490847, 4.654%, 8/13/2025 †x¶#^ | Square | 2/15/2024 | 127070 | 118778 | 59378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750186228, 18.933%, 8/14/2026 †x¥ | Stripe | 2/19/2025 | 47800 | 49590 | 50214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7524081, 5.189%, 8/22/2025 †x¶^ | Square | 2/26/2024 | 56692 | 52598 | 38622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7528318, 4.654%, 8/23/2025 †x¶#^ | Square | 2/27/2024 | 79111 | 73948 | 51132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7534295, 4.937%, 8/26/2025 †x¶#^ | Square | 2/28/2024 | 70229 | 65386 | 47027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7540721099, 16.264%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 21986 | 22866 | 22888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7552945135, 19.333%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 130914 | 136151 | 137900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7602614806, 16.000%, 2/17/2027 †x¥ | Stripe | 8/22/2025 | 19586 | 20369 | 20371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7611654, 5.189%, 9/20/2025 †x¶# | Square | 3/22/2024 | 91610 | 84994 | 39385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7638331008, 20.000%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 163321 | 169853 | 171887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7642136, 4.654%, 9/29/2025 †x¶ | Square | 4/02/2024 | 43784 | 40927 | 33632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7654940925, 20.398%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 25399 | 26415 | 26525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7666375, 4.937%, 10/05/2025 †x¶# | Square | 4/09/2024 | 23860 | 22215 | 20545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7672609, 5.566%, 10/08/2025 †x¶# | Square | 4/10/2024 | 101868 | 94022 | 68117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7675642, 5.189%, 10/09/2025 †x¶ | Square | 4/11/2024 | 43989 | 40812 | 21651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7688097, 5.566%, 10/12/2025 †x¶ | Square | 4/16/2024 | 50809 | 46894 | 30575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7695192488, 20.396%, 2/02/2027 †x¥ | Stripe | 8/07/2025 | 20101 | 20905 | 20937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7696587, 4.654%, 10/16/2025 †x¶ | Square | 4/18/2024 | 47509 | 44409 | 38741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7757627930, 20.398%, 2/24/2027 †x¥ | Stripe | 8/29/2025 | 66600 | 69264 | 69264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7766473065, 14.798%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 22026 | 22907 | 23002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7804940548, 14.933%, 10/27/2026 †x¥ | Stripe | 5/01/2025 | 40729 | 42358 | 42912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7811448849, 20.400%, 1/28/2027 †x¥ | Stripe | 8/04/2025 | 23024 | 23944 | 23996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7822071552, 22.399%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 19031 | 19792 | 20324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7872615719, 13.066%, 7/08/2026 †x¥ | Stripe | 1/10/2025 | 33703 | 35051 | 35762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7878813931, 16.133%, 9/16/2026 †x¥ | Stripe | 3/21/2025 | 45034 | 46835 | 47282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78815737, 20.000%, 6/30/2026 †x¥ | Stripe | 1/03/2025 | 86445 | 89902 | 91171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7901377171, 14.000%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 23125 | 24050 | 24090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7902180, 5.094%, 12/17/2025 †x¶# | Square | 6/20/2024 | 67583 | 62809 | 42168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7911233009, 17.866%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 30445 | 31663 | 31919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 793360518, 17.866%, 9/30/2026 †x¥ | Stripe | 4/04/2025 | 32513 | 33813 | 34278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7934764368, 18.933%, 4/21/2026 †x¥ | Stripe | 10/24/2024 | 18966 | 19725 | 20015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7940754, 4.780%, 12/28/2025 †x¶ | Square | 7/02/2024 | 68544 | 63958 | 45224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7953666392, 20.399%, 12/11/2026 †x¥ | Stripe | 6/17/2025 | 78022 | 81143 | 81546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 797295503, 23.199%, 10/22/2026 †x¥ | Stripe | 4/28/2025 | 42313 | 44005 | 44593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7984059616, 18.667%, 9/01/2026 †x¥ | Stripe | 3/06/2025 | 24643 | 25628 | 25968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7b3f605a-09f4-40ef-aec7-5beb2071bd43, 16.090%, 12/01/2021 †x#^ | Funding Circle | 12/16/2016 | 246761 | 246761 | 74028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7d0e70e8-7e5d-4cc5-9fcc-12bd8fac5229, 15.090%, 8/29/2021 †x#^ | Funding Circle | 8/31/2017 | 234894 | 234894 | 70468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8064349869, 21.999%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 73446 | 76384 | 77129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8068265128, 16.267%, 12/26/2026 †x¥ | Stripe | 7/02/2025 | 33495 | 34834 | 34884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8101017356, 14.265%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 28732 | 29881 | 30110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 810357498, 13.066%, 8/07/2026 †x¥ | Stripe | 2/11/2025 | 33150 | 34476 | 35035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8113802786, 20.400%, 1/27/2027 †x¥ | Stripe | 8/01/2025 | 87280 | 90771 | 90870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8173777398, 18.800%, 10/03/2026 †x¥ | Stripe | 4/09/2025 | 94654 | 98440 | 53683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8192295, 5.113%, 3/17/2026 †§x¶ | Square | 9/19/2024 | 28866 | 26810 | 27290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8205507, 5.409%, 3/20/2026 †x¶ | Square | 9/24/2024 | 26532 | 24541 | 20934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8209259, 4.780%, 3/23/2026 †§x¶ | Square | 9/25/2024 | 28234 | 26345 | 27357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8217851, 5.113%, 3/25/2026 †§x¶ | Square | 9/27/2024 | 22566 | 20959 | 21317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82462768-f710-4529-a6e4-e6f61b077688, 26.990%, 8/03/2023 †x#^ | Funding Circle | 8/06/2018 | 139709 | 139709 | 41913 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**333** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 8291855292, 26.532%, 2/09/2027 †x¥ | Stripe | 8/14/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82e3bf8f-4f77-4f0c-8e82-24f4a1df629f, 18.900%, 8/21/2023 †x#^ | Funding Circle | 8/23/2018 | 160525 | 160525 | 48157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8304996, 5.113%, 4/22/2026 †§x¶ | Square | 10/24/2024 | 60037 | 55760 | 58228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8306589, 5.660%, 4/22/2026 †x¶ | Square | 10/24/2024 | 51629 | 47588 | 42914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8318530, 4.780%, 4/25/2026 †§x¶ | Square | 10/29/2024 | 57017 | 53202 | 54297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 832122445, 15.200%, 1/30/2027 †x¥ | Stripe | 8/06/2025 | 160759 | 167190 | 167781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 837062753, 14.798%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 21269 | 22120 | 22198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8386297, 5.114%, 5/15/2026 †§x¶ | Square | 11/19/2024 | 28848 | 26793 | 27471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8399755206, 13.066%, 10/21/2026 †x¥ | Stripe | 4/25/2025 | 33663 | 35009 | 35218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83ae0869-6c1d-4768-bb1f-d60e9ed79b41, 8.990%, 6/29/2020 †x#^ | Funding Circle | 7/03/2017 | 91035 | 91035 | 27310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8411648, 5.113%, 5/22/2026 †§x¶ | Square | 11/26/2024 | 23013 | 21373 | 22002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8417846338, 12.800%, 12/08/2026 †x¥ | Stripe | 6/12/2025 | 37864 | 39379 | 39552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8429286151, 12.800%, 2/06/2027 †x¥ | Stripe | 8/13/2025 | 55046 | 57248 | 57298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8435463981, 13.066%, 8/06/2026 †x¥ | Stripe | 2/10/2025 | 44259 | 46030 | 46669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 845f55d2-787f-400d-b7f5-4e105e541b00, 19.290%, 2/17/2020 †x#^ | Funding Circle | 2/21/2017 | 154774 | 154774 | 46432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8496142486, 16.266%, 1/23/2027 †x¥ | Stripe | 7/30/2025 | 89347 | 92921 | 93014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8529159261, 25.865%, 10/29/2026 †x¥ | Stripe | 5/05/2025 | 20731 | 21560 | 22118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8539785636, 14.933%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 25778 | 26809 | 27008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8543296, 5.347%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 25938 | 24012 | 24386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8543495, 5.031%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 69706 | 64814 | 67910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8543583, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 49091 | 45850 | 46470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8543657, 4.717%, 6/30/2026 †§x¶ | Square | 1/02/2025 | 43389 | 40522 | 41531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8545543, 5.031%, 6/30/2026 †x¶ | Square | 1/03/2025 | 64430 | 59908 | 62476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8546074894, 14.800%, 8/13/2026 †x¥ | Stripe | 2/18/2025 | 80045 | 83247 | 83716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8547712, 4.717%, 6/30/2026 †§x¶ | Square | 1/03/2025 | 24670 | 23040 | 23218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8555157, 4.718%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 32279 | 30145 | 30567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8555393, 5.031%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 66864 | 62172 | 64490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8555442, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 31775 | 29676 | 30880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8557463, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 22118 | 20657 | 21576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8557631, 4.717%, 7/03/2026 †§x¶ | Square | 1/07/2025 | 21541 | 20117 | 21034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8557879, 6.100%, 7/03/2026 †x¶ | Square | 1/07/2025 | 44158 | 40456 | 24367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8586992, 5.031%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 23761 | 22094 | 20003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8588789, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 65526 | 61196 | 56661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8589735, 4.717%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 50914 | 47550 | 49393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8591051844, 17.866%, 9/08/2026 †x¥ | Stripe | 3/13/2025 | 21903 | 22779 | 23068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8592073, 6.101%, 7/06/2026 †§x¶ | Square | 1/08/2025 | 22718 | 20814 | 21759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8593005, 4.717%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 37056 | 34607 | 35621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8594854, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 45935 | 42711 | 44388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8595533, 4.718%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 24990 | 23338 | 24259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8596009, 5.031%, 7/07/2026 †§x¶ | Square | 1/09/2025 | 38867 | 36140 | 37843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 859685721, 17.599%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 63778 | 66329 | 66789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8598028227, 22.000%, 8/19/2026 †x¥ | Stripe | 2/21/2025 | 35097 | 36501 | 37116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8598537, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 34592 | 32165 | 33842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8598580, 4.717%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 28828 | 26923 | 25632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8599110, 5.031%, 7/08/2026 †x¶ | Square | 1/10/2025 | 64334 | 59820 | 20320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8599495, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 25367 | 23587 | 24659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8599756, 5.031%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 27482 | 25554 | 26497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8600061, 5.346%, 7/08/2026 †§x¶ | Square | 1/10/2025 | 26646 | 24667 | 25828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8602690, 5.346%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 27913 | 25841 | 27377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8604072, 4.717%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 56777 | 53025 | 55436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8604810, 5.031%, 7/09/2026 †§x¶ | Square | 1/13/2025 | 22917 | 21312 | 22105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8605641, 4.717%, 7/09/2026 †x¶ | Square | 1/13/2025 | 56581 | 52842 | 46854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8607187, 5.031%, 7/10/2026 †§x¶ | Square | 1/14/2025 | 35595 | 33097 | 34445 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**334** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 860735239, 16.000%, 2/16/2027 †x¥ | Stripe | 8/21/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168767 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8611668587, 18.933%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 93280 | 97011 | 98736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8612385, 5.597%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 24273 | 22393 | 22834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8613377, 4.718%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 23563 | 22006 | 22579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8613381, 5.346%, 7/13/2026 †§x¶ | Square | 1/15/2025 | 38292 | 35470 | 37411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8615847, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 32739 | 30576 | 29364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8615859, 4.717%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 44732 | 41776 | 43622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8617420, 5.597%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 28654 | 26435 | 26396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8617553, 5.031%, 7/14/2026 †§x¶ | Square | 1/16/2025 | 36033 | 33504 | 34501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8618375, 4.717%, 7/15/2026 †x¶ | Square | 1/17/2025 | 29744 | 27778 | 21208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8621125, 5.346%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 25403 | 23517 | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8621245, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 41478 | 38737 | 40386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8621428, 4.717%, 7/15/2026 †§x¶ | Square | 1/17/2025 | 42528 | 39717 | 40563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8624711, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 29489 | 27541 | 28399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8624734, 5.031%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 70524 | 65575 | 67844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8625858, 4.717%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 74609 | 69679 | 71935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8627951, 4.718%, 7/16/2026 †§x¶ | Square | 1/21/2025 | 35967 | 33590 | 33904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8630083, 5.031%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 40601 | 37751 | 39642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8631156, 5.031%, 7/17/2026 †§x¶ | Square | 1/22/2025 | 40812 | 37976 | 39243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8633476, 5.597%, 7/20/2026 †x¶# | Square | 1/23/2025 | 35063 | 32350 | 21507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8636234, 4.717%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 64481 | 60220 | 62257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8636262, 4.717%, 7/21/2026 †§x¶ | Square | 1/23/2025 | 24273 | 22669 | 23431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8637600, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 52161 | 48714 | 50884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8637708, 4.718%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 22500 | 21013 | 21724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8638193, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 25267 | 23597 | 23094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8639740, 5.031%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 35900 | 33380 | 34978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8640105, 4.717%, 7/22/2026 †§x¶ | Square | 1/24/2025 | 52755 | 49269 | 49553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8643102, 5.346%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 38729 | 35854 | 37810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8644615, 5.346%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 26876 | 24880 | 25821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8645931, 5.598%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 20921 | 19301 | 20518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8646220, 5.597%, 7/23/2026 †§x¶ | Square | 1/27/2025 | 32714 | 30180 | 21301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8649023, 5.346%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 58183 | 53864 | 54404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8649403, 4.717%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 39804 | 37173 | 38836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8649757, 4.717%, 7/24/2026 †§x¶ | Square | 1/28/2025 | 23074 | 21549 | 22329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8650908, 5.598%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 26523 | 24468 | 24734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8651313, 4.718%, 7/25/2026 †§x¶ | Square | 1/29/2025 | 22739 | 21236 | 20796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8653714, 5.031%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 48925 | 45492 | 47775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8654014, 5.597%, 7/27/2026 †§x¶ | Square | 1/29/2025 | 23652 | 21821 | 22290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8656780, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 25120 | 23460 | 23657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8659088, 5.912%, 7/28/2026 †x¶ | Square | 1/30/2025 | 123843 | 113755 | 111907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8661324, 4.717%, 7/28/2026 †§x¶ | Square | 1/30/2025 | 43096 | 40248 | 41782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8663434, 5.346%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 27812 | 25747 | 27232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8666056, 5.031%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 37202 | 34591 | 36352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8666374, 4.717%, 7/29/2026 †§x¶ | Square | 1/31/2025 | 44813 | 41852 | 42999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8668083144, 19.333%, 9/02/2026 †x¥ | Stripe | 3/07/2025 | 112922 | 117439 | 119366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 867279106, 17.600%, 12/03/2026 †x¥ | Stripe | 6/09/2025 | 74020 | 76981 | 77438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8701362970, 16.133%, 10/02/2026 †x¥ | Stripe | 4/08/2025 | 20924 | 21761 | 21991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 872244934, 14.798%, 9/10/2026 †x¥ | Stripe | 3/17/2025 | 36565 | 38027 | 38145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8779463, 4.717%, 8/27/2026 †§x¶ | Square | 3/03/2025 | 58078 | 54240 | 56112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8782660, 4.717%, 8/27/2026 †§x¶ | Square | 3/03/2025 | 63357 | 59170 | 61259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8786561, 5.346%, 8/28/2026 †§x¶ | Square | 3/04/2025 | 67200 | 62211 | 65576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8789182, 4.717%, 9/01/2026 †§x¶ | Square | 3/05/2025 | 102522 | 95748 | 89322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8794497, 4.717%, 9/03/2026 †§x¶ | Square | 3/05/2025 | 70411 | 65758 | 67544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8794809, 5.031%, 9/03/2026 †§x¶ | Square | 3/05/2025 | 100674 | 93609 | 94057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8797098, 4.717%, 9/04/2026 †x¶ | Square | 3/06/2025 | 109555 | 102316 | 106657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8798962, 5.597%, 9/04/2026 †§x¶ | Square | 3/06/2025 | 111116 | 102509 | 106322 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**335** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 8800339, 5.031%, 9/05/2026 †x¶ | Square | 3/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8803148, 6.101%, 9/05/2026 †§x¶ | Square | 3/07/2025 | 84899 | 77781 | 73229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8807420, 4.717%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 22128 | 20667 | 21130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8808438, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 55891 | 51969 | 54002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8809466, 5.346%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 25580 | 23681 | 24746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8809761, 5.031%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 77858 | 72394 | 75226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8809903, 5.597%, 9/06/2026 †§x¶ | Square | 3/10/2025 | 30699 | 28321 | 29700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8811009, 4.717%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 22831 | 21332 | 21601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8811346, 6.101%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 29738 | 27245 | 25940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8812588, 5.346%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 35518 | 32881 | 34617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8813090, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 51198 | 47605 | 44630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8813366, 4.717%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 80800 | 75461 | 78095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8813562, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 43107 | 40082 | 41740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8814259, 5.031%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 24145 | 22451 | 22992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8814369, 5.346%, 9/07/2026 †§x¶ | Square | 3/11/2025 | 110858 | 102628 | 102952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8819691, 4.717%, 9/10/2026 †x¶ | Square | 3/12/2025 | 61196 | 57153 | 29785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8819791, 6.101%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 95917 | 87876 | 92724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8820441, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 34409 | 32137 | 31418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8820718, 5.031%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 77022 | 71617 | 73310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8820904, 4.717%, 9/10/2026 †§x¶ | Square | 3/12/2025 | 36967 | 34524 | 35726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8823728, 5.031%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 92792 | 86281 | 88882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8823986, 4.717%, 9/11/2026 †x¶ | Square | 3/13/2025 | 114989 | 107390 | 110937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8824904, 5.031%, 9/11/2026 †§x¶ | Square | 3/13/2025 | 28656 | 26645 | 26697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8827184, 5.346%, 9/12/2026 †x¶ | Square | 3/14/2025 | 116927 | 108247 | 105844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8828101, 5.598%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 25561 | 23581 | 24902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8828318, 4.717%, 9/12/2026 †x¶ | Square | 3/14/2025 | 136066 | 127075 | 131594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8828458, 4.717%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 29073 | 27152 | 27734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8829791, 5.347%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 20886 | 19336 | 20044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8830148, 4.718%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 24331 | 22723 | 23218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8830332, 5.346%, 9/12/2026 †§x¶ | Square | 3/14/2025 | 52092 | 48225 | 50053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8834823, 5.346%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 25601 | 23700 | 22507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8836559, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 27588 | 25765 | 26626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8837670, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 63311 | 59127 | 60646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8837671644, 19.333%, 12/29/2026 †x¥ | Stripe | 7/03/2025 | 37007 | 38487 | 38927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8837916, 5.912%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 67067 | 61604 | 65254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8838410, 4.717%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 27086 | 25296 | 26219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8839190, 5.598%, 9/13/2026 †§x¶ | Square | 3/17/2025 | 33330 | 30748 | 31489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8841247, 6.447%, 9/14/2026 †x¶ | Square | 3/18/2025 | 136258 | 124246 | 125407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8841740, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 24918 | 23271 | 21780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8842284, 5.912%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 29577 | 27168 | 27892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8843121, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 27974 | 26125 | 27017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8843413, 6.447%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 26910 | 24539 | 25935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8843668, 4.718%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 33102 | 30914 | 31503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8843997, 4.717%, 9/14/2026 †§x¶ | Square | 3/18/2025 | 40025 | 37380 | 38571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8844156, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 25095 | 23437 | 24351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8845724, 4.717%, 9/15/2026 †§x¶ | Square | 3/19/2025 | 26852 | 25078 | 23529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8848970, 4.717%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 22311 | 20837 | 21307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8849150, 4.717%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 88354 | 82515 | 76693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8849755, 5.031%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 93858 | 87271 | 80285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8852135, 5.031%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 47444 | 44115 | 46139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8852629, 5.597%, 9/17/2026 †§x¶ | Square | 3/19/2025 | 55477 | 51180 | 53392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8853578, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 44291 | 41364 | 42350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8854124, 5.031%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 22133 | 20579 | 21007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8856302, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 34103 | 31850 | 29753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8856375, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 83666 | 78137 | 79538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8856480, 5.347%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 34275 | 31730 | 32156 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**336** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 8856778, 5.346%, 9/18/2026 †§x¶ | Square | 3/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8857088, 4.717%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 81145 | 75783 | 79120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8857526, 4.718%, 9/18/2026 †§x¶ | Square | 3/20/2025 | 26787 | 25016 | 25607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8857862, 4.717%, 9/19/2026 †x¶ | Square | 3/21/2025 | 123785 | 115605 | 115498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8858006578, 18.667%, 7/03/2026 †x¥ | Stripe | 1/07/2025 | 75859 | 78893 | 79917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8858633, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 36309 | 33910 | 35052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8860722, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 24195 | 22497 | 22971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8860741, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 78566 | 73374 | 75797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8861199, 4.717%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 28133 | 26274 | 26470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8861606, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 26767 | 24889 | 26020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8861673, 5.346%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 76087 | 70438 | 72819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8861815, 5.031%, 9/19/2026 †§x¶ | Square | 3/21/2025 | 24606 | 22879 | 23867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8864982, 5.346%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 67001 | 62027 | 64149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8867071, 4.717%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 45479 | 42476 | 43716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8867072, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 64453 | 59930 | 62731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8867669, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 32083 | 29831 | 31170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8867936, 5.031%, 9/20/2026 †§x¶ | Square | 3/24/2025 | 45056 | 41894 | 42090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8869256, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 59899 | 55940 | 56968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8869300, 5.031%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 96444 | 89676 | 89753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8869493, 4.717%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 94927 | 88654 | 89200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8869732, 5.912%, 9/20/2026 †§x¶ | Square | 3/25/2025 | 25820 | 23717 | 24192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8872286, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 72534 | 67741 | 70455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8872378, 5.031%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 31597 | 29380 | 30348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8872746, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 20855 | 19477 | 20241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8873042, 4.717%, 9/21/2026 †§x¶ | Square | 3/25/2025 | 60035 | 56068 | 57420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8875704, 4.718%, 9/22/2026 †§x¶ | Square | 3/26/2025 | 26288 | 24551 | 24975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8876133, 5.031%, 9/23/2026 †§x¶ | Square | 3/26/2025 | 26724 | 24852 | 24530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8878299, 5.346%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 49531 | 45854 | 48041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8879583, 4.717%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 47023 | 43916 | 45858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8879883, 5.629%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 100102 | 92308 | 42325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8880207, 5.346%, 9/24/2026 †§x¶ | Square | 3/26/2025 | 40604 | 37589 | 39516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8882251559, 22.399%, 6/16/2026 †x¥ | Stripe | 12/19/2024 | 34185 | 35552 | 36264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8884384, 5.031%, 9/25/2026 †x¶ | Square | 3/27/2025 | 132882 | 123557 | 123855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8884424, 5.911%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 26554 | 24392 | 25086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8885005, 4.717%, 9/25/2026 †§x¶ | Square | 3/27/2025 | 93053 | 86904 | 87774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8885540, 5.031%, 9/25/2026 †x¶ | Square | 3/27/2025 | 145319 | 135121 | 115115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8886348, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 22818 | 21332 | 21758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8888158, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 28653 | 26642 | 27734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8888559, 4.717%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 25338 | 23664 | 24597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8889337, 5.031%, 9/26/2026 †§x¶ | Square | 3/28/2025 | 65310 | 60727 | 62565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8889505, 4.717%, 9/26/2026 †x¶ | Square | 3/28/2025 | 141075 | 131753 | 136360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8895096, 5.598%, 9/27/2026 †x¶ | Square | 3/31/2025 | 135393 | 124905 | 97242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8895883, 6.447%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 23518 | 21444 | 22121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8896751, 5.346%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 61664 | 57087 | 59411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8897104, 5.031%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 27222 | 25312 | 26290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8897369, 4.717%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 22641 | 21145 | 21838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8897651, 5.346%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 35726 | 33073 | 34341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8897941, 5.597%, 9/27/2026 †§x¶ | Square | 3/31/2025 | 31699 | 29244 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8901777252, 16.667%, 1/13/2026 †x¥ | Stripe | 7/18/2024 | 20747 | 21577 | 21906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8924596272, 22.399%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 41844 | 43518 | 43890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8929388456, 26.532%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 59184 | 61552 | 61839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8946725853, 16.132%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 46427 | 48284 | 48661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8988429560, 16.132%, 9/11/2026 †x¥ | Stripe | 3/18/2025 | 19461 | 20240 | 20437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8b6b1c56-6b48-444f-9f52-02e0540fd46c, 10.790%, 8/20/2024 †x#^ | Funding Circle | 2/22/2019 | 145204 | 145204 | 43561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9013431269, 22.399%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 45824 | 47657 | 48783 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**337** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 9021996, 5.031%, 10/29/2026 †§x¶ | Square | 5/01/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9023668, 4.717%, 10/29/2026 †§x¶ | Square | 5/01/2025 | 40920 | 38216 | 39686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9027365, 5.597%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 47568 | 43884 | 45166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9028924, 4.717%, 10/30/2026 †§x¶ | Square | 5/02/2025 | 52062 | 48622 | 49698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9031927, 6.101%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 22842 | 20927 | 21807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9033455, 4.717%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 27820 | 25981 | 26164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9036546, 4.718%, 11/01/2026 †§x¶ | Square | 5/05/2025 | 49070 | 45827 | 43428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9038046, 5.598%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 32803 | 30262 | 29793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9039361, 5.597%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 31809 | 29349 | 30261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9040114, 4.717%, 11/02/2026 †§x¶ | Square | 5/06/2025 | 71808 | 67063 | 64649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9045034, 4.717%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 37323 | 34857 | 35822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9047276, 5.346%, 11/05/2026 †§x¶ | Square | 5/07/2025 | 34542 | 31978 | 32835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9050901, 4.717%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 25596 | 23905 | 23257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9051923, 5.031%, 11/06/2026 †§x¶ | Square | 5/08/2025 | 54759 | 50921 | 51101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9054725, 4.717%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 24713 | 23083 | 20858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9055914, 5.346%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 35310 | 32688 | 33945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9056741, 5.031%, 11/07/2026 †§x¶ | Square | 5/09/2025 | 74184 | 68982 | 70702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9063044, 5.031%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 26185 | 24348 | 20227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9063438, 5.346%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 22012 | 20378 | 21218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9064362, 5.597%, 11/08/2026 †§x¶ | Square | 5/12/2025 | 37742 | 34819 | 35202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9067906, 6.100%, 11/09/2026 †§x¶ | Square | 5/13/2025 | 41382 | 37913 | 37348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9072091, 5.598%, 11/11/2026 †§x¶ | Square | 5/14/2025 | 21713 | 20031 | 20551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9074462, 5.031%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 32201 | 29942 | 31105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9076158, 5.598%, 11/12/2026 †§x¶ | Square | 5/14/2025 | 21366 | 19974 | 20825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9077932, 5.597%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 22571 | 20823 | 21737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9080062, 6.101%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 64533 | 59123 | 56483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9081389, 5.031%, 11/13/2026 †§x¶ | Square | 5/15/2025 | 33470 | 31125 | 32171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9081675, 4.717%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 63265 | 59084 | 60935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9085193, 4.717%, 11/14/2026 †§x¶ | Square | 5/16/2025 | 32214 | 30086 | 30953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9090950, 5.031%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 24458 | 22741 | 23821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9091487, 4.717%, 11/15/2026 †§x¶ | Square | 5/19/2025 | 57636 | 53827 | 54312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9095775, 4.717%, 11/16/2026 †§x¶ | Square | 5/20/2025 | 61390 | 57333 | 58506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9097488819, 18.933%, 10/21/2026 †x¥ | Stripe | 2/26/2025 | 73765 | 76716 | 77438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9098410, 4.717%, 11/17/2026 †§x¶ | Square | 5/21/2025 | 26566 | 24811 | 25475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9099682, 5.597%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 24091 | 22225 | 20678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9101614, 4.717%, 11/19/2026 †§x¶ | Square | 5/21/2025 | 53980 | 50413 | 52230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9104400, 5.346%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 26555 | 24584 | 24522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9106672, 5.031%, 11/20/2026 †§x¶ | Square | 5/22/2025 | 67519 | 62781 | 63210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9111841, 6.101%, 11/21/2026 †x¶ | Square | 5/23/2025 | 67710 | 62033 | 42187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9112739, 5.597%, 11/21/2026 †§x¶ | Square | 5/23/2025 | 42308 | 39031 | 40096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9120085182, 26.532%, 8/20/2026 †x¥ | Stripe | 2/24/2025 | 39952 | 41550 | 42206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9120377, 5.598%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 23435 | 21620 | 20463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9121337, 6.101%, 11/22/2026 †§x¶ | Square | 5/27/2025 | 54881 | 50280 | 51477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9122970, 5.912%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 51985 | 47751 | 49656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9126042, 4.718%, 11/23/2026 †§x¶ | Square | 5/28/2025 | 46789 | 43697 | 44334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9129038, 5.912%, 11/25/2026 †§x¶ | Square | 5/29/2025 | 29104 | 26733 | 21893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9132686, 6.289%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 31984 | 29227 | 30723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9134851, 4.717%, 11/27/2026 †§x¶ | Square | 5/29/2025 | 63179 | 59004 | 59930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9136313, 5.031%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 21304 | 19809 | 20652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9137483, 6.101%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 49416 | 45273 | 37041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9138020678, 16.000%, 2/11/2027 †x¥ | Stripe | 8/18/2025 | 144639 | 150425 | 150506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9139938, 5.346%, 11/28/2026 †§x¶ | Square | 5/30/2025 | 48049 | 44482 | 45910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9147246, 5.031%, 11/29/2026 †x¶ | Square | 6/02/2025 | 136311 | 126745 | 129255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9151814, 5.346%, 11/30/2026 †§x¶ | Square | 6/03/2025 | 100285 | 92840 | 94111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9159338, 5.597%, 12/02/2026 †x¶ | Square | 6/04/2025 | 171324 | 158054 | 159655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9164887, 5.629%, 12/03/2026 †§x¶ | Square | 6/05/2025 | 65048 | 59984 | 61985 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**338** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 9165229, 5.031%, 12/03/2026 †§x¶ | Square | 6/05/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9166140, 5.346%, 12/03/2026 †§x¶ | Square | 6/05/2025 | 51875 | 48024 | 49459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9167017, 5.912%, 12/04/2026 †§x¶ | Square | 6/06/2025 | 93110 | 85525 | 87822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9170448, 4.717%, 12/04/2026 †§x¶ | Square | 6/06/2025 | 108363 | 101203 | 103190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 917436519, 16.131%, 9/15/2026 †x¥ | Stripe | 3/20/2025 | 21515 | 22376 | 22582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9176490, 6.446%, 12/05/2026 †§x¶ | Square | 6/09/2025 | 97782 | 89160 | 81962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9178151, 4.717%, 12/05/2026 †x¶ | Square | 6/09/2025 | 164244 | 153391 | 142274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9178268228, 22.398%, 9/04/2026 †x¥ | Stripe | 3/11/2025 | 19211 | 19980 | 20302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9180436, 5.031%, 12/06/2026 †x¶ | Square | 6/10/2025 | 138797 | 129057 | 131604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9187554, 5.346%, 12/09/2026 †x¶ | Square | 6/11/2025 | 163162 | 151050 | 155201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9193724, 6.100%, 12/10/2026 †x¶ | Square | 6/12/2025 | 116626 | 106849 | 79791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9194048, 4.717%, 12/10/2026 †x¶ | Square | 6/12/2025 | 178190 | 166415 | 169001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9197455, 5.031%, 12/11/2026 †x¶ | Square | 6/13/2025 | 135139 | 125656 | 128278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9204561, 5.346%, 12/12/2026 †x¶ | Square | 6/16/2025 | 143230 | 132597 | 129988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9207361, 4.717%, 12/12/2026 †§x¶ | Square | 6/16/2025 | 89300 | 83399 | 84766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9211229, 5.598%, 12/13/2026 †§x¶ | Square | 6/17/2025 | 83174 | 76731 | 78615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9211837, 5.912%, 12/13/2026 †x¶ | Square | 6/17/2025 | 167284 | 153658 | 153918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9212661, 4.717%, 12/14/2026 †x¶ | Square | 6/18/2025 | 186207 | 173902 | 176695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 921615533, 13.067%, 8/26/2026 †x¥ | Stripe | 2/28/2025 | 96814 | 100686 | 101673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9219813895, 13.066%, 10/24/2026 †x¥ | Stripe | 4/30/2025 | 74806 | 77798 | 78243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9223967, 5.031%, 12/17/2026 †§x¶ | Square | 6/20/2025 | 86309 | 80252 | 81508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9226430, 4.717%, 12/17/2026 †x¶ | Square | 6/20/2025 | 126607 | 118240 | 119418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9233695, 6.289%, 12/18/2026 †§x¶ | Square | 6/23/2025 | 77446 | 70770 | 72627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9235132, 5.031%, 12/18/2026 †x¶ | Square | 6/23/2025 | 110675 | 102908 | 103275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9236015, 5.031%, 12/19/2026 †x¶ | Square | 6/24/2025 | 206142 | 191676 | 195062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9247930, 6.447%, 12/23/2026 †§x¶ | Square | 6/25/2025 | 83656 | 76279 | 78191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9248895, 4.717%, 12/23/2026 †x¶ | Square | 6/25/2025 | 115090 | 107485 | 108710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9252518, 5.346%, 12/24/2026 †§x¶ | Square | 6/26/2025 | 95709 | 88604 | 90296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9253360, 4.717%, 12/24/2026 †§x¶ | Square | 6/26/2025 | 108854 | 101661 | 102904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9257470, 4.717%, 12/25/2026 †§x¶ | Square | 6/27/2025 | 88732 | 82868 | 84177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9257947, 5.031%, 12/25/2026 †x¶ | Square | 6/27/2025 | 130374 | 121225 | 123255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9264410, 5.031%, 12/26/2026 †x¶ | Square | 6/30/2025 | 112085 | 104219 | 105820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9265209393, 14.265%, 8/04/2026 †x¥ | Stripe | 2/06/2025 | 28577 | 29720 | 30176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9271178, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 40020 | 37211 | 37295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9272168, 5.031%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 23420 | 21776 | 21826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9272519, 6.446%, 12/27/2026 †§x¶ | Square | 7/01/2025 | 25485 | 23238 | 23387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9273709, 5.346%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 34022 | 31496 | 31627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9274414, 5.031%, 12/29/2026 †§x¶ | Square | 7/02/2025 | 26210 | 24371 | 24763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9276934, 4.717%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 26736 | 24970 | 25218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9277835, 5.031%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 38899 | 36169 | 36269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9278408, 5.031%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 57477 | 53444 | 54250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9279045, 6.101%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 31591 | 28942 | 29625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9279762, 5.346%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 23191 | 21470 | 21750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9279997, 5.912%, 12/30/2026 †§x¶ | Square | 7/02/2025 | 53152 | 48823 | 49867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9282464, 5.031%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 50636 | 47082 | 47783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9283617, 5.031%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 30585 | 28439 | 29050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9284139, 5.629%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 28710 | 26474 | 27087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9285017, 5.031%, 1/01/2027 †§x¶ | Square | 7/03/2025 | 29105 | 27062 | 27344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9292325, 4.717%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 30234 | 28236 | 28637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9293861, 4.718%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 27314 | 25509 | 25784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9295150, 5.031%, 1/02/2027 †§x¶ | Square | 7/07/2025 | 25589 | 23793 | 24163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9297541, 5.346%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 63167 | 58478 | 59593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9298596, 5.031%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 46280 | 43033 | 43644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9299249, 5.031%, 1/03/2027 †§x¶ | Square | 7/08/2025 | 54767 | 50924 | 51411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92bf6deb-3202-4dfe-a440-ba347f32ccd4, 10.190%, 11/17/2018 †x#^ | Funding Circle | 12/16/2016 | 84927 | 84927 | 25478 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**339** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 9300549, 4.718%, 1/03/2027 †§x¶ | Square | 7/08/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9301296, 4.717%, 1/04/2027 †§x¶ | Square | 7/09/2025 | 38539 | 35992 | 36427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9302105, 6.351%, 1/05/2027 †§x¶ | Square | 7/09/2025 | 23415 | 21379 | 21717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9303834986, 14.933%, 10/28/2026 †x¥ | Stripe | 5/02/2025 | 28947 | 30105 | 30333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9306811, 4.718%, 1/07/2027 †§x¶ | Square | 7/09/2025 | 30669 | 28642 | 28973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9310018, 6.446%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 30242 | 27576 | 26853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9310968144, 20.396%, 2/12/2027 †x¥ | Stripe | 8/19/2025 | 24266 | 25236 | 25283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9311312, 5.597%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 23944 | 22089 | 22331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9312250, 4.717%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 53920 | 50357 | 51021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9313256, 4.717%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 41914 | 39144 | 39661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9313762, 5.031%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 36212 | 33671 | 34210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9314145, 5.346%, 1/08/2027 †§x¶ | Square | 7/10/2025 | 46896 | 43414 | 44112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9315960, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 52493 | 49024 | 49700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9316778, 5.597%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 34676 | 31990 | 32648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9317371, 5.347%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 25275 | 23398 | 23508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9317781, 4.717%, 1/09/2027 †§x¶ | Square | 7/11/2025 | 70515 | 65855 | 66758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9322758, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 21922 | 20384 | 20756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9323100, 4.717%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 25732 | 24031 | 24335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9323663, 6.289%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 24403 | 22299 | 23258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9324527, 5.031%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 29320 | 27262 | 27631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9325305, 6.447%, 1/10/2027 †§x¶ | Square | 7/14/2025 | 44187 | 40290 | 40572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9326592496, 17.866%, 8/19/2026 †x¥# | Stripe | 2/21/2025 | 86724 | 90193 | 23237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9329125, 5.031%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 23978 | 22297 | 22484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9329430, 5.346%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 63898 | 59154 | 60248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9330533, 4.717%, 1/11/2027 †§x¶ | Square | 7/15/2025 | 57440 | 53645 | 54212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9334199, 4.717%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 38313 | 35781 | 36222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9336206, 5.472%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 25945 | 23977 | 24351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9337131, 5.471%, 1/14/2027 †§x¶ | Square | 7/16/2025 | 51773 | 47846 | 48484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9338697, 4.718%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 37596 | 35111 | 35476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9339901, 5.723%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 33493 | 30845 | 31194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9340552, 5.975%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 23734 | 21782 | 22222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9340880, 6.666%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 46994 | 42722 | 43651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9341081250, 20.400%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 67937 | 70654 | 70703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9341442, 5.157%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 89146 | 82745 | 84047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9342053574, 26.531%, 9/12/2026 †x¥ | Stripe | 3/19/2025 | 21194 | 22042 | 22508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9342181, 6.509%, 1/15/2027 †§x¶ | Square | 7/17/2025 | 33546 | 30562 | 32298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9343428, 5.975%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 35090 | 32204 | 32741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9344796, 5.157%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 30352 | 28173 | 28405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9345623, 4.717%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 23578 | 22020 | 22302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9346170, 5.723%, 1/16/2027 †§x¶ | Square | 7/18/2025 | 28140 | 25915 | 26299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9350206, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 68576 | 64044 | 64675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9351392, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 83393 | 77882 | 78784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9352262, 4.717%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 25521 | 23835 | 23981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9352786, 5.471%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 29346 | 27120 | 27254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9353143, 4.718%, 1/17/2027 †§x¶ | Square | 7/21/2025 | 24857 | 23214 | 23482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9354757, 6.352%, 1/18/2027 †§x¶ | Square | 7/22/2025 | 58450 | 53365 | 54479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9358026, 6.667%, 1/19/2027 †§x¶ | Square | 7/23/2025 | 21883 | 19894 | 20458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9360762, 5.031%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 99288 | 92320 | 93517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9362292, 4.718%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 34390 | 32117 | 32425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9362867, 4.718%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 34030 | 31781 | 31980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9363215, 4.717%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 72700 | 67896 | 68448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9363796, 5.629%, 1/21/2027 †§x¶ | Square | 7/23/2025 | 24235 | 22349 | 22805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9364080, 4.717%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 55377 | 51718 | 52222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9365342, 5.158%, 1/22/2027 †§x¶ | Square | 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46511 | 43171 | 43730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9365890, 4.718%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 33803 | 31569 | 31912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9366548, 6.352%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 36867 | 33660 | 34743 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**340** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 9366869, 4.717%, 1/22/2027 †§x¶ | Square | 7/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9367513, 4.717%, 1/22/2027 †§x¶ | Square | 7/24/2025 | 53482 | 49948 | 50510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9368987, 6.352%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 25029 | 22852 | 23586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9369454, 4.717%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 33195 | 31001 | 31292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9369986, 5.157%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 68499 | 63580 | 64404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9371208, 6.353%, 1/23/2027 †§x¶ | Square | 7/25/2025 | 52006 | 47482 | 44604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9374766, 4.717%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 29794 | 27825 | 28077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9375665, 4.718%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 37440 | 34966 | 35233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9376497, 5.724%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 32716 | 30129 | 30585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9377121, 4.718%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 58520 | 54653 | 55146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9378617, 4.717%, 1/24/2027 †§x¶ | Square | 7/28/2025 | 56311 | 52590 | 53067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9379115, 4.717%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 36356 | 33953 | 34270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9379926, 5.156%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 32648 | 30304 | 30441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9381575, 5.724%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 39048 | 35960 | 36507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9386265, 5.975%, 1/25/2027 †§x¶ | Square | 7/29/2025 | 46177 | 42379 | 43791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9419258540, 15.066%, 10/28/2025 †x¥ | Stripe | 5/02/2024 | 30875 | 32110 | 32594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9430252012, 18.131%, 1/29/2027 †x¥ | Stripe | 8/05/2025 | 46870 | 48745 | 48826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9449906126, 18.933%, 9/03/2026 †x¥ | Stripe | 3/10/2025 | 139739 | 145329 | 147118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9455119, 5.157%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 31617 | 29347 | 29597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9461139, 5.157%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 31050 | 28820 | 28958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9465771, 4.717%, 1/26/2027 †§x¶ | Square | 7/30/2025 | 23258 | 21721 | 21941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 946903856, 17.600%, 11/04/2026 †x¥ | Stripe | 5/09/2025 | 105427 | 109644 | 110385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9472200, 5.975%, 1/27/2027 †§x¶ | Square | 7/30/2025 | 23482 | 21551 | 20710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9472e397-34b3-40ce-bb6b-3a41823ad040, 12.690%, 3/09/2022 †x#^ | Funding Circle | 3/13/2017 | 188967 | 188967 | 56690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 947d4683-4f1d-4308-b052-67d20dca2755, 7.950%, 4/06/2022 †x#^ | Funding Circle | 4/09/2018 | 129946 | 129946 | 38984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9487570493, 26.532%, 10/24/2026 †x¥ | Stripe | 4/30/2025 | 35179 | 36586 | 37284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9511764, 6.509%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 23828 | 21709 | 22334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9519de58-ff87-4e5f-87d3-d7819ca1c41f, 10.490%, 5/16/2023 †x#^ | Funding Circle | 5/18/2018 | 426998 | 426998 | 128099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9537384678, 20.399%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 58018 | 60339 | 61042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9585285011, 14.399%, 9/09/2026 †x¥ | Stripe | 3/14/2025 | 36878 | 38353 | 38717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9586196, 4.717%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 73379 | 68530 | 69254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9604313630, 20.400%, 12/24/2026 †x¥ | Stripe | 6/30/2025 | 41193 | 42840 | 43223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9609084, 5.157%, 1/28/2027 †§x¶ | Square | 7/30/2025 | 58629 | 54420 | 55111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9610971, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 42916 | 40080 | 40164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9611784, 6.353%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 47225 | 43116 | 43087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9612477, 5.157%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 22873 | 21231 | 21267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9612723, 4.717%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 32437 | 30294 | 30375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9613270, 5.472%, 1/29/2027 †§x¶ | Square | 7/31/2025 | 49756 | 45981 | 46064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9614949, 4.717%, 1/30/2027 †x¶ | Square | 8/01/2025 | 125144 | 116874 | 117201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9616497, 5.157%, 1/30/2027 †§x¶ | Square | 8/01/2025 | 103620 | 96179 | 96358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9622528, 4.717%, 1/31/2027 †§x¶ | Square | 8/04/2025 | 110254 | 102968 | 103237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9624941, 4.717%, 1/31/2027 †§x¶ | Square | 8/04/2025 | 109418 | 102188 | 102426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9628850, 5.346%, 2/01/2027 †x¶ | Square | 8/05/2025 | 121631 | 112602 | 112649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9633646, 4.717%, 2/04/2027 †x¶ | Square | 8/06/2025 | 143976 | 134462 | 134746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9635446, 5.157%, 2/04/2027 †x¶ | Square | 8/06/2025 | 122717 | 113905 | 114050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9639868, 4.717%, 2/05/2027 †x¶ | Square | 8/07/2025 | 144724 | 135160 | 135440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9641075, 4.717%, 2/05/2027 †x¶ | Square | 8/07/2025 | 148580 | 138762 | 139077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9644059, 4.717%, 2/06/2027 †x¶ | Square | 8/08/2025 | 114742 | 107159 | 107387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9645506, 5.157%, 2/06/2027 †x¶ | Square | 8/08/2025 | 128899 | 119644 | 119859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9650184, 4.717%, 2/07/2027 †x¶ | Square | 8/11/2025 | 127549 | 119120 | 119307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9651532, 5.157%, 2/07/2027 †x¶ | Square | 8/11/2025 | 124525 | 115584 | 115697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9654185, 5.157%, 2/08/2027 †x¶ | Square | 8/12/2025 | 110454 | 102523 | 102626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9660074230, 17.864%, 10/16/2026 †x¥ | Stripe | 4/22/2025 | 30352 | 31566 | 31827 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**341** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 9661958, 4.717%, 2/11/2027 †x¶ | Square | 8/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9662881, 6.667%, 2/11/2027 †x¶ | Square | 8/13/2025 | 125285 | 113896 | 114015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9666385, 4.717%, 2/12/2027 †x¶ | Square | 8/14/2025 | 149585 | 139700 | 139905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9670137, 6.667%, 2/13/2027 †x¶ | Square | 8/15/2025 | 216109 | 196462 | 196321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9671826, 4.717%, 2/13/2027 †x¶ | Square | 8/15/2025 | 161787 | 151096 | 151327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9676609, 4.717%, 2/14/2027 †x¶ | Square | 8/18/2025 | 269002 | 251227 | 251418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9681765, 4.717%, 2/15/2027 †x¶ | Square | 8/19/2025 | 130036 | 121444 | 121535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9682987, 5.472%, 2/15/2027 †x¶ | Square | 8/19/2025 | 186462 | 172319 | 172394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9687990, 5.157%, 2/18/2027 †x¶ | Square | 8/20/2025 | 207914 | 192985 | 193089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9693613, 4.717%, 2/19/2027 †x¶ | Square | 8/21/2025 | 177811 | 166061 | 166149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9695083, 4.717%, 2/19/2027 †x¶ | Square | 8/21/2025 | 124671 | 116433 | 116539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9698223, 4.717%, 2/20/2027 †x¶ | Square | 8/22/2025 | 167501 | 156432 | 156498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9704594, 4.717%, 2/21/2027 †x¶ | Square | 8/25/2025 | 155608 | 145326 | 145358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9709809, 4.717%, 2/22/2027 †x¶ | Square | 8/26/2025 | 159955 | 149385 | 149398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9715842, 4.717%, 2/25/2027 †x¶ | Square | 8/27/2025 | 152773 | 142678 | 142682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9717962, 4.717%, 2/25/2027 †x¶ | Square | 8/27/2025 | 123380 | 115227 | 115230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9721179, 4.717%, 2/26/2027 †x¶ | Square | 8/28/2025 | 263088 | 245703 | 245683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9722775564, 21.999%, 9/05/2026 †x¥ | Stripe | 3/12/2025 | 39242 | 40811 | 41384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9722941463, 19.333%, 10/17/2026 †x¥ | Stripe | 4/23/2025 | 89254 | 92825 | 93740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9724334, 4.717%, 2/27/2027 †x¶ | Square | 8/29/2025 | 180753 | 168808 | 168808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97f333a2-fddd-4cf7-bfd4-9eb1af3bf331, 27.790%, 9/13/2020 †x#^ | Funding Circle | 12/16/2016 | 80916 | 80916 | 24275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 981111492, 19.333%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 34567 | 35949 | 36301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9811471481, 17.997%, 2/13/2027 †x¥ | Stripe | 8/20/2025 | 25345 | 26359 | 26367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9826726221, 26.133%, 7/29/2026 †x¥ | Stripe | 1/31/2025 | 47443 | 49341 | 51053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9831052925, 22.000%, 7/15/2026 †x¥ | Stripe | 1/17/2025 | 72493 | 75393 | 76739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9836343829, 13.999%, 12/09/2026 †x¥ | Stripe | 6/13/2025 | 51207 | 53256 | 53823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 985562477, 18.667%, 6/12/2026 †x¥ | Stripe | 12/17/2024 | 45454 | 47272 | 47984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9899543891, 26.531%, 1/13/2027 †x¥ | Stripe | 7/18/2025 | 31852 | 33126 | 33165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9904176325, 16.133%, 4/04/2026 †x¥ | Stripe | 10/09/2024 | 89541 | 93123 | 94204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9921404665, 13.066%, 6/18/2026 †x¥ | Stripe | 12/23/2024 | 24252 | 25222 | 25603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9947320474, 16.267%, 2/03/2027 †x¥ | Stripe | 8/08/2025 | 82708 | 86016 | 86107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9960965964, 19.332%, 10/10/2026 †x¥ | Stripe | 4/16/2025 | 46304 | 48156 | 26326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 997499232, 18.800%, 11/03/2026 †x¥ | Stripe | 5/08/2025 | 22113 | 22997 | 23295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9979072047, 14.267%, 7/22/2026 †x¥ | Stripe | 1/24/2025 | 30147 | 31353 | 31888 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000408, 8.380%, 10/15/2025 †x#◇ | ApplePie | 9/27/2018 | 28880 | 28871 | 28858 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000547, 8.180%, 12/15/2025 †x#◇ | ApplePie | 11/29/2018 | 208563 | 208563 | 208487 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000594, 8.290%, 9/15/2025 †x#◇ | ApplePie | 9/13/2018 | 102587 | 101305 | 102547 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000596, 7.130%, 2/15/2026 †x#◇ | ApplePie | 2/08/2019 | 101866 | 101866 | 101802 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000630, 7.820%, 10/15/2025 †x#◇ | ApplePie | 10/04/2018 | 193127 | 193065 | 193029 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000636, 8.220%, 12/15/2025 †x#◇ | ApplePie | 12/06/2018 | 256106 | 256106 | 256011 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000665, 7.360%, 4/15/2026 †x#◇ | ApplePie | 4/04/2019 | 111467 | 111467 | 111391 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000713, 7.360%, 4/15/2026 †x# | ApplePie | 4/04/2019 | 187229 | 187229 | 49296 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000862, 7.430%, 1/15/2026 †x#◇ | ApplePie | 1/10/2019 | 41086 | 41086 | 41054 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000864, 7.950%, 4/15/2026 †x#◇ | ApplePie | 4/04/2019 | 94802 | 94870 | 94962 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000915, 7.840%, 2/15/2026 †x#◇ | ApplePie | 2/28/2019 | 54314 | 54379 | 54394 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00000931, 10.270%, 3/15/2026 †x#◇ | ApplePie | 3/21/2019 | 213626 | 213626 | 213557 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001217, 7.800%, 3/15/2026 †x# | ApplePie | 3/07/2019 | 295665 | 295665 | 295517 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001275, 10.400%, 4/15/2026 †x#◇ | ApplePie | 4/11/2019 | 201955 | 202411 | 202984 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001507, 8.400%, 4/15/2026 †x#◇ | ApplePie | 4/11/2019 | 169328 | 169727 | 170127 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001527, 8.210%, 3/15/2026 †x#◇ | ApplePie | 3/14/2019 | 79099 | 79212 | 79259 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001905, 7.170%, 9/15/2026 †x#◇ | ApplePie | 8/29/2019 | 164294 | 164294 | 164219 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001961, 8.130%, 7/15/2026 †x# | ApplePie | 7/18/2019 | 153263 | 153263 | 153220 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001987, 9.780%, 3/15/2030 †x# | ApplePie | 3/12/2020 | 784625 | 784625 | 783999 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00001996, 7.030%, 4/15/2026 †x#◇ | ApplePie | 4/04/2019 | 105920 | 105920 | 105853 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002034, 7.800%, 5/15/2026 †x#◇ | ApplePie | 5/23/2019 | 304514 | 304514 | 304378 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**342** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002066, 7.360%, 4/15/2026 †x#◇ | ApplePie | 4/04/2019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138924 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002124, 7.360%, 4/15/2026 †x#◇ | ApplePie | 4/04/2019 | 66135 | 66135 | 66275 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002131, 8.870%, 6/15/2026 †x#◇ | ApplePie | 5/30/2019 | 204374 | 204374 | 204281 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002146, 7.420%, 11/15/2026 †x#◇ | ApplePie | 11/14/2019 | 803325 | 803325 | 802903 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002202, 6.840%, 9/15/2026 †x#◇ | ApplePie | 9/19/2019 | 190223 | 190223 | 190141 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002308, 7.950%, 8/15/2029 †x#◇ | ApplePie | 8/22/2019 | 148654 | 148654 | 148567 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002318, 7.500%, 9/15/2026 †x◇ | ApplePie | 9/05/2019 | 391233 | 391233 | 391086 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002330, 9.630%, 3/15/2027 †x#◇ | ApplePie | 3/12/2020 | 306082 | 306082 | 305920 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002362, 7.870%, 7/15/2026 †x#◇ | ApplePie | 6/27/2019 | 300028 | 300028 | 299873 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002386, 9.050%, 4/15/2027 †x◇ | ApplePie | 4/02/2020 | 188029 | 188029 | 187959 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002504, 8.600%, 5/15/2028 †x | ApplePie | 5/18/2021 | 558820 | 558820 | 558545 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002579, 7.780%, 5/15/2030 †x◇ | ApplePie | 5/07/2020 | 478760 | 480894 | 482280 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002662, 6.950%, 9/15/2026 †x#◇ | ApplePie | 9/19/2019 | 147143 | 147143 | 147065 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002883, 7.540%, 1/15/2027 †x# | ApplePie | 1/09/2020 | 876230 | 876230 | 875794 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002924, 7.040%, 9/15/2026 †x#◇ | ApplePie | 9/12/2019 | 197594 | 197594 | 197505 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00002995, 7.950%, 4/15/2027 †x# | ApplePie | 4/02/2020 | 283668 | 283668 | 28367 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003077, 8.600%, 10/15/2030 †x◇ | ApplePie | 10/08/2020 | 313441 | 313441 | 313257 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003170, 6.000%, 11/15/2026 †x# | ApplePie | 11/21/2019 | 191125 | 191125 | 191052 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003467, 7.360%, 3/15/2030 †x#◇ | ApplePie | 3/12/2020 | 117013 | 117013 | 116926 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003575, 8.100%, 3/15/2027 †x#◇ | ApplePie | 3/05/2020 | 366472 | 366472 | 366291 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003590, 8.600%, 1/15/2028 †x | ApplePie | 12/23/2020 | 427380 | 427380 | 427184 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003747, 9.050%, 6/15/2027 †x# | ApplePie | 6/04/2020 | 277932 | 277932 | 27793 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003926, 7.150%, 4/15/2027 †x◇ | ApplePie | 4/09/2020 | 191676 | 191676 | 191605 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00003936, 7.780%, 3/15/2030 †x◇ | ApplePie | 3/26/2020 | 189523 | 189523 | 189436 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00004106, 8.600%, 7/15/2028 †x | ApplePie | 6/23/2021 | 642672 | 642672 | 642352 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00004274, 8.960%, 3/15/2027 †x | ApplePie | 3/19/2020 | 131037 | 131037 | 130983 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00004397, 8.600%, 8/15/2028 †x | ApplePie | 8/03/2021 | 666920 | 666920 | 666579 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00011886, 7.600%, 5/15/2028 †x | ApplePie | 4/20/2021 | 271849 | 271849 | 271733 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00011898, 7.600%, 7/15/2028 †x◇ | ApplePie | 7/15/2021 | 238671 | 238671 | 238568 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00012274, 7.900%, 6/15/2028 †x | ApplePie | 6/03/2021 | 699229 | 699229 | 698916 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00012345, 12.600%, 5/15/2028 †x# | ApplePie | 4/27/2021 | 713769 | 713769 | 71377 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00012384, 7.600%, 5/15/2028 †x | ApplePie | 4/27/2021 | 310390 | 310390 | 310258 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00012454, 8.600%, 4/15/2028 †x◇ | ApplePie | 4/14/2021 | 533883 | 533883 | 533624 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00012578, 8.600%, 6/15/2028 †x | ApplePie | 6/02/2021 | 812280 | 812280 | 811880 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00012717, 8.600%, 6/15/2028 †x◇ | ApplePie | 6/07/2021 | 615214 | 615214 | 614907 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00013152, 6.900%, 3/15/2028 †x#◇ | ApplePie | 3/12/2021 | 529838 | 529838 | 529637 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00013232, 7.600%, 5/15/2028 †x◇ | ApplePie | 5/03/2021 | 415486 | 415486 | 415309 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00013300, 7.900%, 6/15/2028 †x◇ | ApplePie | 6/15/2021 | 202585 | 202585 | 202494 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00013469, 6.900%, 7/15/2028 †x◇ | ApplePie | 6/29/2021 | 336136 | 336136 | 336005 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00013704, 16.600%, 6/15/2028 †x# | ApplePie | 6/15/2021 | 1055255 | 1055255 | 105525 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00013909, 6.900%, 7/15/2028 †x◇ | ApplePie | 6/29/2021 | 315968 | 315968 | 315844 |
| &nbsp;&nbsp;&nbsp;&nbsp; a4f04254-339e-4fbc-914b-e2d6bf1c099a, 10.490%, 11/27/2022 †x#^ | Funding Circle | 11/29/2017 | 84111 | 84111 | 25233 |
| &nbsp;&nbsp;&nbsp;&nbsp; ae4f9468-b648-4131-a808-a029588bd7df, 14.670%, 12/08/2021 †x#^ | Funding Circle | 12/11/2017 | 96298 | 96298 | 28889 |
| &nbsp;&nbsp;&nbsp;&nbsp; b769b984-4192-4e83-b830-3bee8c6c898d, 15.420%, 2/01/2023 †x#^ | Funding Circle | 2/05/2018 | 91650 | 91650 | 27495 |
| &nbsp;&nbsp;&nbsp;&nbsp; b8efefb2-4095-457e-ac6b-dc1d98f615b1, 18.900%, 12/19/2022 †x#^ | Funding Circle | 12/21/2017 | 181407 | 181407 | 54422 |
| &nbsp;&nbsp;&nbsp;&nbsp; bd3c52e3-b3c2-49d3-bef4-00f4df312e7b, 15.420%, 8/02/2023 †x#^ | Funding Circle | 8/06/2018 | 99236 | 99236 | 29771 |
| &nbsp;&nbsp;&nbsp;&nbsp; c58e5e05-ba9b-4877-9c37-9fa452226144, 18.900%, 2/02/2023 †x#^ | Funding Circle | 2/05/2018 | 78627 | 78627 | 23588 |
| &nbsp;&nbsp;&nbsp;&nbsp; cbe5a736-2695-4bd8-87a0-c266ca6be49a, 15.070%, 4/30/2023 †x#^ | Funding Circle | 11/01/2018 | 78066 | 78066 | 23420 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**343** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 5.53% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; d60c5a33-c008-4c4b-ae82-68b33c2fcb27, 10.490%, 10/26/2023 †x#^ | Funding Circle | 4/30/2018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22583 |
| &nbsp;&nbsp;&nbsp;&nbsp; d6518c73-32f0-4f07-bbac-8d5821926000, 16.090%, 11/23/2021 †x#^ | Funding Circle | 12/16/2016 | 142020 | 142020 | 42606 |
| &nbsp;&nbsp;&nbsp;&nbsp; d754b42e-5da0-461a-bdf5-add05ec921b7, 10.490%, 11/09/2023 †x#^ | Funding Circle | 5/11/2018 | 75651 | 75651 | 22695 |
| &nbsp;&nbsp;&nbsp;&nbsp; dfc11db4-7ed9-43c9-b0c0-c78a2b93aaf7, 10.490%, 5/01/2023 †x#^ | Funding Circle | 5/03/2018 | 75092 | 75092 | 22528 |
| &nbsp;&nbsp;&nbsp;&nbsp; e8871178-930c-4dd0-8648-4867e6d8954d, 8.250%, 4/17/2023 †x#^ | Funding Circle | 4/19/2018 | 305924 | 305924 | 91777 |
| &nbsp;&nbsp;&nbsp;&nbsp; f11f2a01-47f3-4d78-a6af-27321d4835da, 15.070%, 9/25/2022 †x#^ | Funding Circle | 9/27/2018 | 289662 | 289662 | 86899 |
| &nbsp;&nbsp;&nbsp;&nbsp; fab80007-fbaf-4f74-96de-70f3784a59d7, 18.900%, 11/17/2022 †x#^ | Funding Circle | 11/20/2017 | 99538 | 99538 | 29861 |
| &nbsp;&nbsp;&nbsp;&nbsp; fef3f77f-df7c-4d3d-b651-5576b933e493, 9.790%, 7/18/2021 †x#^ | Funding Circle | 7/20/2017 | 174529 | 174529 | 52359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Small Business Loans, 10.667% - 26.533% 11/03/2022 - 4/13/2027 †x¥#^ | Stripe | 5/10/2021 - 8/29/2025 | 31828731 | 33100914 | 11614916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Small Business Loans, 15.990% - 19.990% 4/09/2022 - 11/30/2023 †x#^ | Lending Club | 10/22/2018 - 4/11/2019 | 22710 | 22667 | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Small Business Loans, 2.119% - 77.131% 2/02/2018 - 1/29/2027 †§x¶#^ | Square | 8/04/2016 - 7/31/2025 | 43674688 | 40559792 | 19136738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Small Business Loans, 6.830% - 6.830% 5/15/2026 - 5/15/2026 †x# | ApplePie | 5/23/2019 - 5/23/2019 | 16695 | 16695 | 16686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Small Business Loans, 8.250% - 27.790% 7/07/2019 - 5/30/2024 †x#^ | Funding Circle | 12/14/2016 - 2/06/2019 | 2659565 | 2660580 | 797868 |
|  |  |  |  | **143205315** | **90891862** |
|  **Total Small Business Loans** |  |  |  | **156030845** | **94786844** |
|  **Student Loans - 0.07%** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States - 0.07%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L3264313, 18.900%, 12/15/2027 †x◇ | Upstart | 7/18/2022 | 21391 | 21391 | 21697 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3694545, 15.250%, 2/24/2028 †x◇ | Upstart | 3/01/2023 | 29635 | 29194 | 30170 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3704363, 17.760%, 8/02/2028 †x◇ | Upstart | 3/07/2023 | 30189 | 29688 | 30572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Student Loans, 5.520% - 27.350% 5/09/2023 - 3/24/2029 †§x#^◇ | Upstart | 5/14/2018 - 9/29/2023 | 1081585 | 1075374 | 1011350 |
|  **Total Student Loans** |  |  |  | **1155647** | **1093789** |
|  **TOTAL WHOLE LOANS** |  |  |  | **1851742330** | **1599792052** |
|  **OTHER LOAN INVESTMENTS - 33.89%** | **OTHER LOAN INVESTMENTS - 33.89%** | **OTHER LOAN INVESTMENTS - 33.89%** |  |  |  |
|  **Loan Participations - 24.22%** |  |  |  |  |  |
|  **Consumer Loans - 7.05%** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States - 7.05%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00166378, 14.990%, 9/25/2030 †x | LendingPoint | 1/02/2020 | 20852 | 20852 | 20349 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00700871, 15.990%, 10/14/2027 †x | LendingPoint | 10/20/2022 | 24469 | 24469 | 24231 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00704152, 19.970%, 10/20/2027 †x | LendingPoint | 10/26/2022 | 26795 | 26795 | 26504 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00706826, 24.550%, 9/25/2029 †x# | LendingPoint | 10/31/2022 | 28621 | 28621 | 28315 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00706877, 19.140%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 30690 | 30690 | 30519 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00706909, 9.000%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 27441 | 27441 | 27416 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00706974, 16.110%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 20200 | 20200 | 20106 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00707204, 12.380%, 10/25/2028 †x | LendingPoint | 10/31/2022 | 21907 | 21907 | 21830 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00707298, 17.340%, 10/25/2027 †x | LendingPoint | 10/31/2022 | 24906 | 24906 | 24725 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00707343, 11.910%, 11/01/2028 †x | LendingPoint | 10/31/2022 | 20535 | 20535 | 20336 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00708627, 12.380%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 20613 | 20613 | 20589 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00708670, 12.610%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 24791 | 24791 | 24720 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**344** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 7.05% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00708811, 13.070%, 10/27/2028 †x | LendingPoint | 11/02/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24749 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00708934, 12.640%, 10/27/2028 †x | LendingPoint | 11/02/2022 | 28638 | 28638 | 28603 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00709074, 13.700%, 10/27/2027 †x | LendingPoint | 11/02/2022 | 20430 | 20430 | 20304 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00709185, 14.570%, 10/28/2028 †x# | LendingPoint | 11/02/2022 | 29286 | 29286 | 29191 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00709299, 11.150%, 7/15/2029 †x# | LendingPoint | 11/02/2022 | 23636 | 23636 | 23277 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00709718, 12.060%, 8/30/2026 †x | LendingPoint | 11/03/2022 | 25952 | 25952 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00709827, 13.200%, 11/28/2027 †x# | LendingPoint | 11/03/2022 | 20622 | 20622 | 20176 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00710344, 12.130%, 11/01/2028 †x# | LendingPoint | 11/03/2022 | 31099 | 31099 | 30791 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00710747, 29.440%, 11/01/2028 †x# | LendingPoint | 11/04/2022 | 22677 | 22677 | 22416 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00711172, 21.160%, 11/01/2027 †x | LendingPoint | 11/04/2022 | 22232 | 22232 | 21862 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00711416, 12.380%, 11/02/2027 †x | LendingPoint | 11/04/2022 | 24341 | 24341 | 23963 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00711527, 9.290%, 11/02/2028 †x | LendingPoint | 11/07/2022 | 28166 | 28166 | 27708 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00713971, 11.810%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 30903 | 30903 | 30671 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00714167, 26.510%, 5/16/2031 †x# | LendingPoint | 11/09/2022 | 21409 | 21409 | 20729 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00714276, 24.490%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 30228 | 30228 | 29915 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00714405, 14.640%, 11/05/2028 †x | LendingPoint | 11/09/2022 | 22928 | 22928 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00714440, 14.330%, 7/19/2029 †x | LendingPoint | 11/09/2022 | 36521 | 36521 | 35668 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00715189, 16.960%, 7/30/2030 †x# | LendingPoint | 11/10/2022 | 26667 | 26667 | 25234 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00715313, 10.460%, 11/08/2028 †x | LendingPoint | 11/14/2022 | 30787 | 30787 | 30528 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00718435, 15.780%, 7/14/2030 †x# | LendingPoint | 11/17/2022 | 32653 | 32653 | 32837 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00718649, 11.210%, 11/12/2028 †x | LendingPoint | 11/17/2022 | 30718 | 30718 | 30539 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00719795, 11.630%, 11/15/2028 †x | LendingPoint | 11/18/2022 | 20217 | 20217 | 20074 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00719860, 16.500%, 12/27/2028 †x | LendingPoint | 11/18/2022 | 20938 | 20938 | 20829 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00720048, 25.440%, 11/15/2028 †x | LendingPoint | 11/18/2022 | 25174 | 25174 | 24828 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00720238, 16.210%, 10/01/2030 †x# | LendingPoint | 11/18/2022 | 46438 | 46438 | 46406 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00720516, 27.590%, 3/16/2030 †x# | LendingPoint | 11/18/2022 | 22148 | 22148 | 22110 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00720520, 11.630%, 11/16/2028 †x | LendingPoint | 11/18/2022 | 31220 | 31220 | 30846 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00720685, 10.940%, 11/16/2028 †x | LendingPoint | 11/18/2022 | 26538 | 26538 | 26360 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00720692, 15.990%, 1/01/2029 †x | LendingPoint | 11/18/2022 | 33520 | 33520 | 33012 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00722857, 18.910%, 1/28/2027 †x | LendingPoint | 11/23/2022 | 24184 | 24184 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00733275, 11.290%, 12/05/2027 †x | LendingPoint | 12/09/2022 | 26468 | 26468 | 26099 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00737786, 27.100%, 7/28/2029 †x | LendingPoint | 12/19/2022 | 20811 | 20811 | 20740 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00738031, 16.260%, 4/16/2028 †x | LendingPoint | 12/20/2022 | 22302 | 22302 | 21900 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00738905, 17.330%, 9/16/2028 †x# | LendingPoint | 12/21/2022 | 21079 | 21079 | 20333 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00739253, 22.730%, 11/01/2028 †x# | LendingPoint | 12/22/2022 | 31111 | 31111 | 30294 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00739320, 32.780%, 12/17/2027 †x | LendingPoint | 12/22/2022 | 20977 | 20977 | 20485 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00739794, 32.440%, 5/19/2030 †x# | LendingPoint | 12/22/2022 | 21683 | 21683 | 21717 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00743441, 14.100%, 12/31/2027 †x# | LendingPoint | 1/05/2023 | 27533 | 27533 | 27073 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00746282, 30.990%, 1/05/2028 †x | LendingPoint | 1/11/2023 | 23963 | 23963 | 23512 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00749787, 20.040%, 1/12/2028 †x | LendingPoint | 1/19/2023 | 23421 | 23421 | 22610 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00752338, 21.650%, 7/28/2029 †x# | LendingPoint | 1/24/2023 | 27204 | 27204 | 26693 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00758189, 26.070%, 2/03/2028 †x | LendingPoint | 2/03/2023 | 22343 | 22343 | 21511 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00763432, 24.670%, 1/15/2028 †x | LendingPoint | 2/16/2023 | 22248 | 22248 | 21462 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00763659, 20.970%, 3/15/2028 †x# | LendingPoint | 2/16/2023 | 22632 | 22632 | 22232 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00765086, 14.990%, 3/14/2030 †x | LendingPoint | 2/21/2023 | 21445 | 21445 | 20263 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00765484, 24.890%, 3/18/2029 †x# | LendingPoint | 2/21/2023 | 28475 | 28475 | 27678 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00766135, 30.960%, 10/01/2026 †x | LendingPoint | 2/21/2023 | 23409 | 23409 | 22649 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00766367, 20.490%, 2/19/2028 †x | LendingPoint | 2/21/2023 | 22574 | 22574 | 22197 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00766473, 19.640%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 21249 | 21249 | 20652 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00766549, 16.880%, 2/19/2028 †x | LendingPoint | 2/23/2023 | 21566 | 21566 | 20774 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00766908, 17.370%, 2/20/2028 †x# | LendingPoint | 2/23/2023 | 21903 | 21903 | 21100 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00767380, 15.240%, 4/26/2027 †x# | LendingPoint | 2/24/2023 | 21806 | 21806 | 21205 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00768203, 18.570%, 2/17/2028 †x | LendingPoint | 2/24/2023 | 20865 | 20865 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00768460, 17.380%, 2/23/2028 †x | LendingPoint | 2/24/2023 | 20803 | 20803 | 20271 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00780047, 25.070%, 5/22/2029 †x | LendingPoint | 3/14/2023 | 22728 | 22728 | 22089 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00780053, 19.720%, 3/09/2028 †x | LendingPoint | 3/14/2023 | 21359 | 21359 | 20622 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**345** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 7.05% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00796255, 28.500%, 1/15/2029 †x | LendingPoint | 4/18/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38682 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00796862, 21.250%, 4/27/2028 †x | LendingPoint | 4/18/2023 | 22217 | 22217 | 21404 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00796946, 24.090%, 9/26/2026 †x | LendingPoint | 4/18/2023 | 23767 | 23767 | 23021 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00797052, 20.990%, 3/23/2029 †x | LendingPoint | 4/18/2023 | 36127 | 36127 | 35508 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00797277, 18.000%, 4/14/2028 †x | LendingPoint | 4/18/2023 | 22473 | 22473 | 21508 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00797484, 18.000%, 4/14/2028 †x | LendingPoint | 4/19/2023 | 23378 | 23378 | 22926 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00797730, 18.090%, 8/01/2027 †x# | LendingPoint | 4/19/2023 | 23536 | 23536 | 22216 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00799946, 20.250%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 21307 | 21307 | 20602 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800073, 20.300%, 3/29/2029 †x# | LendingPoint | 4/24/2023 | 23966 | 23966 | 23054 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800089, 20.050%, 9/25/2026 †x | LendingPoint | 4/24/2023 | 22954 | 22954 | 22225 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800179, 18.810%, 4/17/2029 †x | LendingPoint | 4/24/2023 | 25363 | 25363 | 24803 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800218, 18.000%, 4/19/2029 †x | LendingPoint | 4/24/2023 | 37334 | 37334 | 36272 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800290, 31.300%, 4/19/2028 †x | LendingPoint | 4/24/2023 | 26029 | 26029 | 25501 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800302, 18.000%, 4/17/2029 †x | LendingPoint | 4/24/2023 | 23770 | 23770 | 23316 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800333, 18.830%, 7/30/2030 †x | LendingPoint | 4/24/2023 | 24113 | 24113 | 23348 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800391, 18.000%, 1/20/2030 †x | LendingPoint | 4/24/2023 | 23306 | 23306 | 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800419, 20.930%, 4/20/2028 †x | LendingPoint | 4/24/2023 | 24031 | 24031 | 23033 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00800440, 17.370%, 10/20/2030 †x# | LendingPoint | 4/24/2023 | 25857 | 25857 | 25118 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00805598, 21.580%, 3/01/2029 †x | LendingPoint | 5/05/2023 | 24252 | 24252 | 22641 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00806203, 20.270%, 9/02/2029 †x | LendingPoint | 5/09/2023 | 22050 | 22050 | 21183 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00808733, 22.340%, 12/20/2029 †x | LendingPoint | 5/12/2023 | 29008 | 29008 | 27803 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00810027, 18.000%, 5/10/2029 †x# | LendingPoint | 5/16/2023 | 31961 | 31961 | 31397 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00810684, 20.430%, 7/30/2028 †x# | LendingPoint | 5/16/2023 | 25272 | 25272 | 23739 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00811027, 18.000%, 9/30/2028 †x | LendingPoint | 5/17/2023 | 27116 | 27116 | 26355 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00812414, 18.000%, 10/16/2029 †x | LendingPoint | 6/01/2023 | 22180 | 22180 | 21249 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00812540, 19.140%, 5/16/2029 †x | LendingPoint | 6/01/2023 | 20771 | 20771 | 20197 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00813260, 29.930%, 5/30/2029 †x# | LendingPoint | 5/23/2023 | 24349 | 24349 | 23091 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00813585, 18.000%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 32895 | 32895 | 32365 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00813702, 14.330%, 5/20/2028 †x | LendingPoint | 5/24/2023 | 22035 | 22035 | 21300 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00813795, 19.750%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 37416 | 37416 | 36402 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00813891, 20.690%, 5/18/2029 †x# | LendingPoint | 5/24/2023 | 31354 | 31354 | 30847 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00813999, 18.000%, 5/04/2029 †x# | LendingPoint | 5/24/2023 | 23160 | 23160 | 22356 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814091, 21.000%, 5/15/2029 †x | LendingPoint | 5/25/2023 | 29650 | 29650 | 27899 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814192, 18.000%, 5/19/2029 †x | LendingPoint | 5/25/2023 | 36493 | 36493 | 35631 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814214, 21.000%, 4/26/2028 †x | LendingPoint | 5/25/2023 | 23463 | 23463 | 22698 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814236, 18.720%, 5/19/2028 †x | LendingPoint | 5/25/2023 | 24239 | 24239 | 23247 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814384, 27.530%, 5/20/2029 †x | LendingPoint | 5/25/2023 | 36377 | 36377 | 35758 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814522, 18.000%, 5/20/2029 †x | LendingPoint | 5/25/2023 | 27252 | 27252 | 26869 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814674, 18.000%, 5/22/2028 †x | LendingPoint | 5/25/2023 | 24157 | 24157 | 23143 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00814725, 21.140%, 7/22/2030 †x | LendingPoint | 5/25/2023 | 21176 | 21176 | 20645 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00816025, 18.000%, 4/28/2029 †x# | LendingPoint | 6/01/2023 | 33088 | 33088 | 32630 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00817263, 14.400%, 5/26/2028 †x | LendingPoint | 6/02/2023 | 20484 | 20484 | 20154 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00817370, 18.000%, 6/11/2029 †x | LendingPoint | 6/02/2023 | 29080 | 29080 | 28532 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00817539, 21.000%, 5/28/2028 †x# | LendingPoint | 6/02/2023 | 23060 | 23060 | 22409 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00817545, 18.000%, 6/01/2029 †x# | LendingPoint | 6/02/2023 | 21106 | 21106 | 20610 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00817875, 21.020%, 6/14/2029 †x | LendingPoint | 6/05/2023 | 39091 | 39091 | 38359 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00818024, 18.000%, 5/28/2029 †x# | LendingPoint | 6/05/2023 | 29259 | 29259 | 28658 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00818066, 18.000%, 10/29/2026 †x | LendingPoint | 6/05/2023 | 23344 | 23344 | 22595 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00818208, 30.800%, 8/11/2028 †x | LendingPoint | 6/05/2023 | 24453 | 24453 | 23350 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00818306, 18.310%, 6/01/2029 †x | LendingPoint | 6/05/2023 | 25352 | 25352 | 24822 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00818312, 18.000%, 6/01/2029 †x | LendingPoint | 6/05/2023 | 24840 | 24840 | 24323 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00818405, 23.270%, 8/17/2028 †x | LendingPoint | 6/05/2023 | 23350 | 23350 | 22807 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00819541, 18.000%, 6/03/2029 †x | LendingPoint | 6/09/2023 | 37424 | 37424 | 36700 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00820359, 18.000%, 6/06/2029 †x | LendingPoint | 6/09/2023 | 24127 | 24127 | 23639 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00820692, 18.780%, 12/07/2028 †x | LendingPoint | 6/09/2023 | 24285 | 24285 | 22840 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00822278, 18.000%, 6/10/2029 †x# | LendingPoint | 6/15/2023 | 37483 | 37483 | 36291 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**346** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 7.05% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00822631, 27.000%, 6/30/2031 †x# | LendingPoint | 6/15/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24700 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00823077, 25.950%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 22013 | 22013 | 20949 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00823079, 31.300%, 2/13/2029 †x | LendingPoint | 6/16/2023 | 31261 | 31261 | 29265 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00823197, 18.270%, 11/13/2029 †x# | LendingPoint | 6/16/2023 | 28531 | 28531 | 26992 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00823210, 19.400%, 6/13/2028 †x# | LendingPoint | 6/16/2023 | 22063 | 22063 | 21562 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00823609, 19.580%, 6/28/2029 †x# | LendingPoint | 6/21/2023 | 30555 | 30555 | 30030 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824278, 18.000%, 12/01/2028 †x# | LendingPoint | 6/21/2023 | 37629 | 37629 | 35371 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824541, 18.000%, 12/21/2028 †x | LendingPoint | 6/21/2023 | 37650 | 37650 | 35523 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824555, 18.000%, 3/01/2030 †x# | LendingPoint | 6/21/2023 | 24555 | 24555 | 23762 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824575, 18.000%, 6/16/2028 †x | LendingPoint | 6/21/2023 | 28317 | 28317 | 27725 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824604, 18.000%, 2/16/2029 †x | LendingPoint | 6/21/2023 | 33177 | 33177 | 32234 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824689, 29.500%, 3/26/2033 †x# | LendingPoint | 6/21/2023 | 32061 | 32061 | 30370 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824815, 19.730%, 7/29/2028 †x# | LendingPoint | 6/21/2023 | 25307 | 25307 | 24086 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824883, 27.000%, 6/17/2028 †x | LendingPoint | 6/21/2023 | 21858 | 21858 | 20951 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824933, 30.800%, 6/17/2028 †x | LendingPoint | 6/21/2023 | 24471 | 24471 | 23917 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00824972, 30.800%, 7/04/2027 †x | LendingPoint | 6/21/2023 | 43392 | 43392 | 41983 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00825279, 18.000%, 6/18/2028 †x# | LendingPoint | 6/22/2023 | 22514 | 22514 | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00825355, 30.090%, 10/18/2028 †x# | LendingPoint | 6/22/2023 | 29645 | 29645 | 28960 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00825363, 20.080%, 6/18/2028 †x# | LendingPoint | 6/22/2023 | 22084 | 22084 | 21606 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00825382, 26.240%, 9/18/2028 †x# | LendingPoint | 6/22/2023 | 29038 | 29038 | 27399 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00825525, 18.000%, 6/20/2028 †x | LendingPoint | 6/22/2023 | 29964 | 29964 | 29402 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00829386, 20.460%, 6/29/2028 †x# | LendingPoint | 7/06/2023 | 23735 | 23735 | 22437 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00829397, 18.270%, 8/12/2028 †x# | LendingPoint | 7/06/2023 | 23164 | 23164 | 22642 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00829501, 19.370%, 11/30/2028 †x# | LendingPoint | 7/06/2023 | 21801 | 21801 | 21102 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00829654, 18.000%, 6/29/2028 †x# | LendingPoint | 7/06/2023 | 21862 | 21862 | 21480 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00829656, 18.000%, 7/25/2027 †x | LendingPoint | 7/06/2023 | 22966 | 22966 | 22311 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00829659, 19.040%, 6/29/2028 †x# | LendingPoint | 7/06/2023 | 31385 | 31385 | 29680 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00830000, 30.800%, 6/30/2028 †x# | LendingPoint | 7/06/2023 | 34177 | 34177 | 32218 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00831478, 22.810%, 6/30/2028 †x# | LendingPoint | 7/10/2023 | 21459 | 21459 | 20321 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00831691, 18.610%, 1/10/2029 †x | LendingPoint | 7/10/2023 | 33403 | 33403 | 32529 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00831906, 23.470%, 6/30/2028 †x# | LendingPoint | 7/11/2023 | 33695 | 33695 | 32687 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832071, 18.000%, 11/17/2028 †x# | LendingPoint | 7/11/2023 | 21822 | 21822 | 21281 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832167, 18.000%, 7/06/2028 †x | LendingPoint | 7/11/2023 | 21702 | 21702 | 20594 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832199, 18.280%, 12/20/2029 †x | LendingPoint | 7/11/2023 | 20852 | 20852 | 20393 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832216, 18.310%, 9/01/2028 †x# | LendingPoint | 7/11/2023 | 25771 | 25771 | 24223 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832236, 18.000%, 11/06/2028 †x | LendingPoint | 7/11/2023 | 23073 | 23073 | 21739 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832238, 18.590%, 7/15/2028 †x | LendingPoint | 7/11/2023 | 34699 | 34699 | 33941 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832251, 18.000%, 7/14/2028 †x# | LendingPoint | 7/12/2023 | 25659 | 25659 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832330, 18.000%, 7/20/2028 †x | LendingPoint | 7/12/2023 | 21760 | 21760 | 21318 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832519, 18.000%, 7/06/2028 †x | LendingPoint | 7/12/2023 | 21669 | 21669 | 20562 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00832636, 30.800%, 7/07/2028 †x | LendingPoint | 7/12/2023 | 34648 | 34648 | 33756 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00833111, 18.000%, 7/18/2028 †x# | LendingPoint | 7/13/2023 | 28373 | 28373 | 27797 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00833161, 18.000%, 7/15/2028 †x | LendingPoint | 7/13/2023 | 25261 | 25261 | 24710 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00834267, 30.800%, 6/25/2028 †x# | LendingPoint | 7/17/2023 | 26299 | 26299 | 24815 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00834310, 23.880%, 6/26/2028 †x | LendingPoint | 7/17/2023 | 32957 | 32957 | 32260 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00834347, 22.680%, 7/25/2028 †x | LendingPoint | 7/17/2023 | 36886 | 36886 | 36082 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00834514, 20.490%, 8/15/2028 †x | LendingPoint | 7/17/2023 | 25479 | 25479 | 24916 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00834530, 25.840%, 6/21/2028 †x | LendingPoint | 7/17/2023 | 36464 | 36464 | 34717 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00835557, 20.370%, 7/14/2028 †x | LendingPoint | 7/20/2023 | 21968 | 21968 | 21479 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00835767, 18.400%, 7/15/2028 †x | LendingPoint | 7/20/2023 | 34246 | 34246 | 33535 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00835768, 18.000%, 10/18/2028 †x# | LendingPoint | 7/20/2023 | 25402 | 25402 | 24852 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00836015, 21.590%, 8/30/2029 †x# | LendingPoint | 7/20/2023 | 29195 | 29195 | 27260 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00837039, 25.590%, 6/20/2028 †x | LendingPoint | 7/25/2023 | 36213 | 36213 | 35421 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00837189, 22.200%, 6/21/2028 †x | LendingPoint | 7/25/2023 | 35372 | 35372 | 33697 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00837229, 0.000%, 7/20/2028 †x# | LendingPoint | 7/25/2023 | 45369 | 45369 | 45369 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00837232, 30.590%, 6/28/2028 †x# | LendingPoint | 7/25/2023 | 22754 | 22754 | 22260 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**347** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 7.05% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00838117, 28.960%, 11/24/2028 †x | LendingPoint | 7/27/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29175 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00839844, 18.000%, 8/01/2028 †x | LendingPoint | 8/07/2023 | 22473 | 22473 | 21901 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00840079, 18.000%, 1/01/2029 †x# | LendingPoint | 8/07/2023 | 38739 | 38739 | 37592 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00842452, 19.400%, 5/30/2027 †x | LendingPoint | 8/16/2023 | 32926 | 32926 | 32205 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00843652, 28.500%, 8/15/2028 †x | LendingPoint | 8/21/2023 | 33145 | 33145 | 32366 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00843748, 18.000%, 7/30/2026 †x | LendingPoint | 8/21/2023 | 21225 | 21225 | 20647 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00843763, 26.270%, 11/16/2028 †x | LendingPoint | 8/21/2023 | 27072 | 27072 | 26533 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00843815, 18.000%, 8/16/2028 †x# | LendingPoint | 8/22/2023 | 21796 | 21796 | 20671 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00843931, 18.000%, 8/16/2028 †x | LendingPoint | 8/22/2023 | 20994 | 20994 | 20544 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00844174, 18.000%, 8/17/2028 †x | LendingPoint | 8/23/2023 | 20994 | 20994 | 20548 |
| &nbsp;&nbsp;&nbsp;&nbsp; LAI-00844215, 21.000%, 8/18/2028 †x | LendingPoint | 8/23/2023 | 24614 | 24614 | 23520 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB006, 12.950%, (PIK: 9.22%) 5/12/2047 †x¡ | RockFence | 5/12/2017 | 6217719 | 6195351 | 5517604 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB011, 13.500%, (PIK: 9.36%) 7/20/2047 †x¡ | RockFence | 7/20/2017 | 10382644 | 10358681 | 2010080 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB029, 12.500%, (PIK: 12.20%) 7/31/2026 †x#¡ | RockFence | 5/15/2018 | 4825784 | 4854127 | 32333 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB031, 10.500%, (PIK: 5.70%) 1/15/2026 †x¡ | RockFence | 6/29/2018 | 2396242 | 2394057 | 2443928 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB033, 3.250%, (PIK: 2.69%) 7/13/2048 †x¡ | RockFence | 7/13/2018 | 9778698 | 9768915 | 655173 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB034, 16.000%, (PIK: 13.94%) 8/14/2026 †x¡ | RockFence | 7/13/2018 | 6949555 | 6918110 | 480214 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB035, 14.880%, (PIK: 10.78%) 4/30/2027 †x¡ | RockFence | 7/20/2018 | 2443537 | 2435459 | 2289594 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB039, 12.500%, (PIK: 8.92%) 7/15/2028 †x¡ | RockFence | 9/19/2018 | 4602574 | 4590640 | 989553 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB040, 11.250%, (PIK: 5.40%) 6/15/2026 †x¡ | RockFence | 10/05/2018 | 1477106 | 1476999 | 1476073 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB041, 11.750%, (PIK: 6.76%) 9/30/2025 †x¡ | RockFence | 10/26/2018 | 2440181 | 2434577 | 2445793 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB043, 13.000%, (PIK: 8.09%) 11/09/2048 †x¡ | RockFence | 11/09/2018 | 1906352 | 1897920 | 1224259 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB044, 14.000%, (PIK: 8.02%) 1/25/2049 †x¡ | RockFence | 1/25/2019 | 2970532 | 2961665 | 2912012 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB047, 13.000%, (PIK: 11.29%) 9/30/2029 †x¡ | RockFence | 3/29/2019 | 9368720 | 9335765 | 3149764 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB050, 12.980%, (PIK: 10.19%) 5/30/2028 †x¡ | RockFence | 5/10/2019 | 3775926 | 3771507 | 2049573 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB052, 11.800%, (PIK: 7.19%) 9/15/2027 †x¡ | RockFence | 8/02/2019 | 1880011 | 1876610 | 1896367 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB052-2, 12.500%, (PIK: 12.50%) 9/24/2027 †x¡ | RockFence | 3/21/2025 | 281374 | 268972 | 288071 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB055-2, 12.500%, (PIK: 6.42%) 9/15/2025 †x¡ | RockFence | 4/14/2023 | 628014 | 626020 | 628391 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB056, 12.750%, (PIK: 10.57%) 8/15/2029 †x¡ | RockFence | 8/30/2019 | 5064938 | 5051675 | 1909988 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB058, 12.000%, (PIK: 7.65%) 9/30/2027 †x¡ | RockFence | 9/06/2019 | 2080808 | 2064815 | 2093501 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB063, 12.500%, (PIK: 6.00%) 9/30/2025 †x¡ | RockFence | 10/04/2019 | 351870 | 351369 | 352292 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB063-2, 12.250%, (PIK: 6.61%) 8/31/2026 †x¡ | RockFence | 7/24/2020 | 2607795 | 2602622 | 2620313 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB064, 12.910%, (PIK: 10.23%) 9/30/2029 †x¡ | RockFence | 10/18/2019 | 3238237 | 3161947 | 3270295 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB065, 16.000%, (PIK: 10.57%) 9/15/2026 †x¡ | RockFence | 10/18/2019 | 1105264 | 1098763 | 989543 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**348** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 7.05% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB067, 12.750%, (PIK: 6.82%) 6/15/2028 †x¡ | RockFence | 11/22/2019 | $&nbsp;&nbsp;&nbsp;&nbsp;1488048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760244 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB067-2, 12.750%, (PIK: 6.45%) 8/14/2026 †x¡ | RockFence | 7/31/2020 | 1003590 | 1001046 | 827059 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB068, 13.000%, (PIK: 7.32%) 6/15/2027 †x¡ | RockFence | 11/22/2019 | 2311121 | 2316700 | 2306036 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB069, 14.000%, (PIK: 10.83%) 9/30/2033 †x¡ | RockFence | 11/29/2019 | 1633789 | 1628755 | 424295 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB070, 14.000%, (PIK: 9.69%) 9/30/2027 †x¡ | RockFence | 12/13/2019 | 1451410 | 1442149 | 1466215 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB071, 12.570%, (PIK: 8.92%) 9/30/2028 †x¡ | RockFence | 2/14/2020 | 2377139 | 2343548 | 2409468 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB074, 11.600%, (PIK: 6.43%) 9/15/2025 †x¡ | RockFence | 3/20/2020 | 1220259 | 1213071 | 1221113 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB078, 13.720%, (PIK: 8.31%) 8/15/2029 †x¡ | RockFence | 7/31/2020 | 1900390 | 1825615 | 1931747 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB080, 13.500%, (PIK: 7.82%) 9/15/2025 †x¡ | RockFence | 9/04/2020 | 294360 | 286570 | 294979 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB083, 13.750%, (PIK: 6.81%) 9/30/2026 †x¡ | RockFence | 9/18/2020 | 259948 | 255594 | 261508 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB085, 14.000%, (PIK: 7.36%) 8/31/2026 †x¡ | RockFence | 9/30/2020 | 580321 | 578461 | 281456 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB086, 12.000%, (PIK: 7.62%) 8/15/2027 †x¡ | RockFence | 12/18/2020 | 278850 | 278726 | 280412 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB087, 12.250%, (PIK: 11.53%) 1/08/2051 †x¡ | RockFence | 1/08/2021 | 3831032 | 3818282 | 1030931 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB089, 11.840%, (PIK: 9.91%) 1/29/2051 †x¡ | RockFence | 1/29/2021 | 2923771 | 2916489 | 522478 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB090, 12.080%, (PIK: 11.69%) 1/29/2051 †x¡ | RockFence | 1/29/2021 | 1926163 | 1919086 | 317432 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB091, 12.000%, (PIK: 9.49%) 9/30/2027 †x¡ | RockFence | 3/31/2021 | 592783 | 591998 | 597110 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB092, 11.890%, (PIK: 9.48%) 4/15/2029 †x¡ | RockFence | 6/30/2021 | 369437 | 361232 | 373759 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB093, 11.890%, (PIK: 11.20%) 7/30/2030 †x¡ | RockFence | 6/30/2021 | 874278 | 854328 | 408113 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB095, 13.000%, (PIK: 12.79%) 4/30/2029 †x¡ | RockFence | 8/13/2021 | 1268532 | 1247995 | 999730 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB096, 12.080%, (PIK: 9.83%) 7/30/2028 †x¡ | RockFence | 8/13/2021 | 2458149 | 2456002 | 2481501 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB097, 13.200%, (PIK: 11.36%) 7/15/2029 †x¡ | RockFence | 9/03/2021 | 899886 | 894233 | 913025 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB098, 13.750%, (PIK: 8.54%) 9/30/2025 †x¡ | RockFence | 9/10/2021 | 2533962 | 2511499 | 378320 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB101, 12.330%, (PIK: 10.44%) 7/15/2029 †x¡ | RockFence | 11/12/2021 | 1144758 | 1144606 | 716160 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB102, 12.000%, (PIK: 10.00%) 12/10/2051 †x¡ | RockFence | 12/10/2021 | 668395 | 667915 | 155937 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB103, 11.730%, (PIK: 5.77%) 5/15/2026 †x¡ | RockFence | 12/23/2021 | 333055 | 332786 | 334254 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB104, 13.000%, (PIK: 10.07%) 9/30/2026 †x¡ | RockFence | 2/11/2022 | 322327 | 322120 | 325905 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB106, 11.800%, (PIK: 5.72%) 9/15/2027 †x¡ | RockFence | 3/15/2022 | 1795364 | 1807708 | 1814754 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB107, 13.410%, (PIK: 8.52%) 9/30/2028 †x¡ | RockFence | 7/01/2022 | 975410 | 972300 | 988870 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**349** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 7.05% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB108, 12.000%, (PIK: 5.66%) 6/30/2027 †x¡ | RockFence | 6/03/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490714 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB109, 12.350%, (PIK: 8.52%) 9/29/2028 †x¡ | RockFence | 7/01/2022 | 1361765 | 1356662 | 910748 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB110, 12.500%, (PIK: 11.04%) 8/30/2028 †x¡ | RockFence | 7/15/2022 | 889438 | 873875 | 900289 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB111, 14.000%, (PIK: 11.36%) 9/29/2028 †x¡ | RockFence | 8/12/2022 | 212128 | 211538 | 214822 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB112, 13.500%, (PIK: 8.73%) 8/18/2028 †x¡ | RockFence | 9/02/2022 | 919799 | 920058 | 932401 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB114, 12.890%, (PIK: 7.59%) 9/10/2027 †x¡ | RockFence | 9/16/2022 | 198041 | 197219 | 200259 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB116, 13.500%, (PIK: 10.16%) 9/15/2028 †x¡ | RockFence | 9/23/2022 | 507102 | 506229 | 87171 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB117, 13.500%, (PIK: 10.38%) 9/01/2028 †x¡ | RockFence | 9/23/2022 | 507392 | 505291 | 433820 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB118, 13.180%, (PIK: 8.71%) 8/03/2029 †x¡ | RockFence | 9/30/2022 | 1053201 | 1048626 | 1069841 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB123, 13.000%, (PIK: 6.03%) 9/01/2028 †x¡ | RockFence | 1/20/2023 | 868039 | 864521 | 880626 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB124, 12.960%, (PIK: 10.63%) 8/15/2029 †x¡ | RockFence | 1/20/2023 | 2349144 | 2348609 | 2382502 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB125, 11.920%, (PIK: 7.84%) 7/15/2029 †x¡ | RockFence | 3/31/2023 | 148488 | 147557 | 151190 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB126, 12.880%, (PIK: 8.49%) 8/04/2028 †x¡ | RockFence | 5/31/2023 | 533900 | 527371 | 541588 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB127, 13.210%, (PIK: 7.44%) 9/30/2028 †x¡ | RockFence | 6/09/2023 | 176768 | 172695 | 179755 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB128, 13.380%, (PIK: 8.16%) 9/29/2028 †x¡ | RockFence | 6/16/2023 | 221364 | 217853 | 224928 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB129, 13.280%, (PIK: 10.28%) 5/24/2030 †x¡ | RockFence | 8/04/2023 | 1058584 | 1053288 | 1078485 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB130, 13.750%, (PIK: 9.36%) 8/02/2030 †x¡ | RockFence | 9/01/2023 | 510572 | 503219 | 521549 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB131-2, 9.150%, (PIK: 0.00%) 3/31/2032 †x¡ | RockFence | 3/14/2025 | 5721404 | 5755995 | 5755160 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB132, 14.500%, (PIK: 13.33%) 7/19/2030 †x¡ | RockFence | 10/06/2023 | 564477 | 551205 | 575597 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB133, 14.250%, (PIK: 8.94%) 9/24/2027 †x¡ | RockFence | 12/15/2023 | 217925 | 220577 | 221085 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB134, 13.550%, (PIK: 10.40%) 9/30/2029 †x¡ | RockFence | 5/17/2024 | 540338 | 551964 | 551577 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB135, 14.500%, (PIK: 9.65%) 9/14/2029 †x¡ | RockFence | 6/14/2024 | 192591 | 197033 | 196809 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB137, 14.500%, (PIK: 8.65%) 9/30/2029 †x¡ | RockFence | 9/13/2024 | 151135 | 154954 | 154732 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB138, 13.000%, (PIK: 7.15%) 6/08/2029 †x¡ | RockFence | 9/13/2024 | 555097 | 568664 | 567587 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB139, 13.000%, (PIK: 7.18%) 8/02/2030 †x¡ | RockFence | 9/20/2024 | 301435 | 309258 | 308910 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB140, 12.690%, (PIK: 7.26%) 8/31/2029 †x¡ | RockFence | 10/31/2024 | 648186 | 663908 | 663743 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB141, 11.500%, (PIK: 6.70%) 9/30/2025 †x¡ | RockFence | 11/21/2024 | 250761 | 247729 | 250585 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB142, 13.000%, (PIK: 11.84%) 4/30/2027 †x¡ | RockFence | 4/25/2025 | 1515981 | 1528798 | 1561006 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**350** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 7.05% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBB143, 13.890%, (PIK: 13.54%) 9/30/2031 †x¡ | RockFence | 7/11/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560494 |
| &nbsp;&nbsp;&nbsp;&nbsp; RFBSKT001, 11.090%, (PIK: 2.39%) 3/01/2026 †x¡ | RockFence | 7/12/2019 | 683095 | 684357 | 700992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 0.000% - 14.250% 9/30/2025 - 3/22/2049 †x#¡ | RockFence | 10/17/2016 - 9/02/2022 | 20145672 | 20446045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Consumer Loans, 0.000% - 33.990% 9/18/2023 - 4/28/2054 †§x#^ | LendingPoint | 4/10/2019 - 8/23/2023 | 26341958 | 26268015 | 20952841 |
|  **Total Consumer Loans** |  |  |  | **199710579** | **115723873** |
|  **Small Business Loans - 17.17%** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States - 17.17%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1459H2UX, 14.000%, 1/01/2026 †§#‡Σ | Unchained | 1/24/2025 | 258247 | 258247 | 259114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1N77HYMA, 13.000%, 7/17/2026 †§#‡Σ | Unchained | 7/24/2025 | 196000 | 196000 | 196000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1PMX5XW7, 14.000%, 11/20/2025 †§#‡Σ | Unchained | 3/07/2025 | 650000 | 650000 | 651499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1PTFYCD5, 14.000%, 10/30/2025 †§#‡Σ | Unchained | 1/03/2025 | 280000 | 280000 | 280486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1X7N65AQ, 14.000%, 12/18/2025 †§#‡Σ | Unchained | 1/03/2025 | 390972 | 390972 | 392160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21CKXPH4, 14.000%, 9/07/2025 †§#‡Σ | Unchained | 9/20/2024 | 3949276 | 3949276 | 3950672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29D615BE, 13.000%, 5/07/2026 †§#‡Σ | Unchained | 5/14/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2ABH9A61, 14.000%, 3/05/2026 †‡Σ | Unchained | 3/11/2025 | 6775870 | 6775870 | 6809742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2RUMTKEP, 13.000%, 6/18/2026 †§#‡Σ | Unchained | 6/24/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2UAWQBHT, 13.000%, 8/02/2026 †§‡Σ | Unchained | 8/08/2025 | 170123 | 170123 | 170123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2WC11NWA, 13.000%, 7/11/2026 †§#‡Σ | Unchained | 7/18/2025 | 239844 | 239844 | 239844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2YXL2CFQ, 14.000%, 12/06/2025 †§#‡Σ | Unchained | 12/13/2024 | 3912094 | 3912094 | 3922710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3C2P9XQT, 14.000%, 9/05/2025 †§#‡Σ | Unchained | 9/13/2024 | 250000 | 250000 | 250075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D2YTPKW, 14.000%, 2/19/2026 †§#‡Σ | Unchained | 3/07/2025 | 1469448 | 1469448 | 1476232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3HDQB4BM, 14.000%, 12/21/2025 †§#‡Σ | Unchained | 1/03/2025 | 337615 | 337615 | 338669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3NAWFKRA, 13.000%, 6/04/2026 †§#‡Σ | Unchained | 6/11/2025 | 500000 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3NP1BBWN, 14.000%, 11/09/2025 †§#‡Σ | Unchained | 12/31/2024 | 727000 | 727000 | 728460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3RNJBX1Q, 13.000%, 5/03/2026 †§#‡Σ | Unchained | 5/09/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41DLRYH8, 13.000%, 6/06/2026 †§#‡Σ | Unchained | 6/13/2025 | 217418 | 217418 | 217418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49WKEME2, 14.000%, 1/18/2026 †§‡Σ | Unchained | 1/31/2025 | 1045270 | 1045270 | 1049261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4EU531H6, 14.000%, 11/20/2025 †§#‡Σ | Unchained | 12/31/2024 | 1334242 | 1334242 | 1337318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4JPJ9M9M, 13.000%, 5/24/2026 †§#‡Σ | Unchained | 6/02/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4KWH4JA9, 14.000%, 2/07/2026 †§#‡Σ | Unchained | 2/14/2025 | 150000 | 150000 | 150644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4R9553NY, 14.000%, 3/29/2026 †§#‡Σ | Unchained | 4/07/2025 | 350000 | 350000 | 351947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4XQYR8FF, 14.000%, 3/05/2026 †§‡Σ | Unchained | 3/11/2025 | 431674 | 431674 | 433832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56YY6X62, 14.000%, 12/05/2025 †§#‡Σ | Unchained | 3/14/2025 | 402938 | 402938 | 404020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5FNLTNTB, 13.000%, 6/27/2026 †§#‡Σ | Unchained | 7/03/2025 | 4500000 | 4500000 | 4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5M55C8QR, 14.000%, 10/11/2025 †§#‡Σ | Unchained | 1/03/2025 | 150000 | 150000 | 150190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5QXBBT79, 13.000%, 5/10/2026 †§#‡Σ | Unchained | 5/20/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5UMJW3T5, 14.000%, 2/07/2026 †§#‡Σ | Unchained | 2/14/2025 | 250000 | 250000 | 251073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5UW76DN7, 14.000%, 4/23/2026 †§#‡Σ | Unchained | 4/29/2025 | 1500000 | 1500000 | 1509364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5WPFJA31, 14.000%, 1/22/2026 †§#‡Σ | Unchained | 1/31/2025 | 300000 | 300000 | 301178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62X86AUR, 14.000%, 3/28/2026 †§#‡Σ | Unchained | 4/04/2025 | 150000 | 150000 | 150830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 683YA51T, 14.000%, 3/20/2026 †§‡Σ | Unchained | 3/26/2025 | 370000 | 370000 | 372000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 684113, 23.160%, 10/17/2023 †x#^ | BlueVine | 10/20/2022 | 169770 | 176560 | 25465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 694088, 23.160%, 12/28/2023 †x#^ | BlueVine | 1/03/2023 | 169770 | 176560 | 25465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 697826, 39.960%, 7/28/2039 †x# | BlueVine | 1/27/2023 | 157112 | 163397 | 23567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6C9B8K2H, 14.000%, 10/30/2025 †§#‡Σ | Unchained | 1/03/2025 | 300000 | 300000 | 300521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6DK8M4T5, 14.000%, 12/14/2025 †§#‡Σ | Unchained | 1/03/2025 | 340000 | 340000 | 340996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6F4N6RML, 13.000%, 7/11/2026 †§#‡Σ | Unchained | 7/17/2025 | 400000 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6HHLXPW8, 13.000%, 5/24/2026 †§#‡Σ | Unchained | 5/30/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6TQHCD4T, 13.000%, 7/09/2026 †§#‡Σ | Unchained | 7/15/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6WLC4NH8, 13.000%, 5/17/2026 †§#‡Σ | Unchained | 5/23/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6XKYYNN4, 13.000%, 5/28/2026 †§#‡Σ | Unchained | 6/03/2025 | 300000 | 300000 | 300000 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**351** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 731DF9AA, 13.000%, 7/19/2026 †§#‡Σ | Unchained | 7/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;3500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 743N6WXT, 14.000%, 10/11/2025 †§#‡Σ | Unchained | 1/03/2025 | 170000 | 170000 | 170215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 749108, 28.320%, 10/06/2025 †x | BlueVine | 10/02/2024 | 37338 | 37467 | 37335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 749459, 36.000%, 6/11/2026 †x# | BlueVine | 10/09/2024 | 71315 | 71803 | 72083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 749837, 41.760%, 10/08/2025 †x | BlueVine | 10/24/2024 | 27498 | 27608 | 27448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750475, 31.440%, 10/14/2025 †x | BlueVine | 10/29/2024 | 37787 | 37956 | 37881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750836, 42.960%, 10/24/2025 †x# | BlueVine | 11/05/2024 | 21813 | 21938 | 22030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750979, 19.440%, 10/14/2025 †x | BlueVine | 11/08/2024 | 28120 | 28243 | 28220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750995, 32.280%, 11/06/2025 †x | BlueVine | 11/07/2024 | 28061 | 28246 | 28154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 751220, 45.480%, 11/18/2025 †x | BlueVine | 11/14/2024 | 21995 | 22173 | 22130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 751290, 23.160%, 11/03/2025 †x | BlueVine | 11/14/2024 | 33053 | 33260 | 33053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 751432, 38.160%, 11/24/2025 †x | BlueVine | 11/18/2024 | 32760 | 33040 | 33111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 751495, 35.640%, 3/13/2026 †x# | BlueVine | 11/19/2024 | 41473 | 41784 | 42119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 751744, 24.960%, 2/17/2026 †x | BlueVine | 11/22/2024 | 96798 | 98133 | 98221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 751923, 25.440%, 11/24/2025 †x | BlueVine | 11/27/2024 | 29825 | 30070 | 30111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 752020, 21.480%, 11/21/2025 †x | BlueVine | 11/29/2024 | 21624 | 21794 | 21842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 752053, 29.040%, 11/28/2025 †x# | BlueVine | 11/29/2024 | 27426 | 27663 | 27958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 752199, 24.588%, 12/02/2025 †x | BlueVine | 12/04/2024 | 20561 | 20744 | 20639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 752979, 35.160%, 12/02/2025 †x | BlueVine | 12/17/2024 | 36917 | 37267 | 36840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753320, 27.600%, 12/01/2025 †x | BlueVine | 12/26/2024 | 30946 | 31237 | 31014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753342, 40.440%, 11/28/2025 †x# | BlueVine | 12/23/2024 | 46538 | 47098 | 26032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753435, 18.480%, 12/04/2025 †x | BlueVine | 12/24/2024 | 53086 | 53580 | 53387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753652, 28.800%, 4/21/2026 †x | BlueVine | 12/27/2024 | 80853 | 82791 | 82832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753810, 29.760%, 12/29/2025 †x# | BlueVine | 12/31/2024 | 45262 | 45787 | 46234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753837, 23.160%, 12/15/2025 †x | BlueVine | 1/02/2025 | 22266 | 22498 | 22436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753860, 32.160%, 12/08/2025 †x | BlueVine | 1/02/2025 | 27686 | 27970 | 27786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753992, 23.160%, 12/29/2025 †x# | BlueVine | 1/03/2025 | 22235 | 22489 | 22704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754006, 32.400%, 12/16/2025 †x | BlueVine | 1/03/2025 | 38789 | 39210 | 39077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754159, 35.880%, 2/13/2026 †x | BlueVine | 1/07/2025 | 34261 | 34551 | 34643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754172, 36.000%, 3/30/2026 †x# | BlueVine | 1/07/2025 | 63941 | 65020 | 65615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754200, 56.640%, 1/06/2026 †x | BlueVine | 1/08/2025 | 29072 | 29459 | 29367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754236, 42.120%, 1/02/2026 †x# | BlueVine | 1/08/2025 | 64723 | 66826 | 21115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754363, 25.752%, 12/15/2025 †x | BlueVine | 1/09/2025 | 60051 | 60696 | 60536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754429, 29.280%, 1/02/2026 †x | BlueVine | 1/10/2025 | 51985 | 52614 | 52329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754480, 28.800%, 12/17/2025 †x | BlueVine | 1/10/2025 | 27406 | 27707 | 27634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754658, 30.720%, 1/26/2026 †x | BlueVine | 1/24/2025 | 32030 | 32481 | 32744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754710, 24.960%, 1/02/2026 †x | BlueVine | 1/15/2025 | 22343 | 22613 | 22486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754735, 36.000%, 3/30/2026 †x# | BlueVine | 1/15/2025 | 25576 | 26013 | 26221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754797, 23.160%, 1/15/2026 †x | BlueVine | 1/16/2025 | 88938 | 90085 | 90161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754948, 25.440%, 1/07/2026 †x | BlueVine | 1/21/2025 | 33985 | 34414 | 34321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754981, 23.160%, 1/05/2026 †x | BlueVine | 1/21/2025 | 26682 | 27013 | 26910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755003, 24.960%, 1/23/2026 †x | BlueVine | 1/22/2025 | 41553 | 42120 | 42330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755027, 43.920%, 12/29/2025 †x# | BlueVine | 1/22/2025 | 46952 | 47547 | 47772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755030, 24.000%, 12/29/2025 †x# | BlueVine | 1/22/2025 | 34676 | 35093 | 35343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755249, 24.960%, 1/20/2026 †x | BlueVine | 1/24/2025 | 44686 | 45289 | 45238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755496, 28.800%, 1/20/2026 †x | BlueVine | 1/29/2025 | 36118 | 36616 | 36667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755521, 35.640%, 1/16/2026 †x | BlueVine | 1/29/2025 | 22983 | 23300 | 23223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755612, 58.320%, 2/02/2026 †x | BlueVine | 1/30/2025 | 26823 | 27248 | 27006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755631, 35.640%, 2/09/2026 †x | BlueVine | 2/11/2025 | 20256 | 20574 | 20546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755641, 42.120%, 1/16/2026 †x | BlueVine | 1/31/2025 | 29280 | 29692 | 29586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755777, 42.120%, 1/16/2026 †x | BlueVine | 2/03/2025 | 46738 | 47401 | 47229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755849, 69.600%, 1/12/2026 †x | BlueVine | 2/04/2025 | 20986 | 21298 | 20890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 755851, 22.200%, 2/02/2026 †x | BlueVine | 2/04/2025 | 39275 | 39846 | 39706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756073, 33.000%, 1/13/2026 †x | BlueVine | 2/06/2025 | 28303 | 28693 | 28552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756135, 23.160%, 1/20/2026 †x | BlueVine | 2/06/2025 | 88938 | 90172 | 90208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756187, 49.680%, 1/26/2026 †x | BlueVine | 2/07/2025 | 95268 | 96713 | 96531 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**352** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 756238, 22.956%, 1/22/2026 †x | BlueVine | 2/10/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756258, 34.680%, 1/15/2026 †x | BlueVine | 2/10/2025 | 22925 | 23249 | 23143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756290, 19.800%, 2/02/2026 †x | BlueVine | 2/10/2025 | 39340 | 39916 | 39785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756364, 45.000%, 1/12/2026 †x | BlueVine | 2/11/2025 | 65013 | 66032 | 65181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756522, 22.200%, 2/17/2026 †x | BlueVine | 2/13/2025 | 26373 | 26786 | 26827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756534, 40.320%, 2/03/2026 †x | BlueVine | 2/13/2025 | 68676 | 69744 | 68855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756537, 27.000%, 2/02/2026 †x | BlueVine | 2/13/2025 | 34666 | 35187 | 34840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756591, 24.960%, 1/22/2026 †x | BlueVine | 2/14/2025 | 31280 | 31729 | 31744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756668, 48.960%, 2/09/2026 †x | BlueVine | 2/18/2025 | 22388 | 22756 | 22635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756707, 63.120%, 2/17/2026 †x | BlueVine | 2/18/2025 | 23052 | 23454 | 23441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756848, 29.280%, 2/17/2026 †x | BlueVine | 2/20/2025 | 107220 | 108953 | 108738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756868, 30.000%, 2/17/2026 †x | BlueVine | 2/20/2025 | 24164 | 24555 | 24584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 756871, 38.160%, 2/20/2026 †x | BlueVine | 2/20/2025 | 43946 | 44681 | 44856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757095, 25.440%, 2/17/2026 †x | BlueVine | 2/24/2025 | 39857 | 40502 | 40482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757112, 29.280%, 2/20/2026 †x | BlueVine | 2/24/2025 | 40207 | 40871 | 41010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757367, 35.640%, 2/23/2026 †x | BlueVine | 2/27/2025 | 32100 | 32647 | 32746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757389, 39.360%, 2/20/2026 †x | BlueVine | 2/27/2025 | 28243 | 28722 | 28756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757393, 22.920%, 2/25/2026 †x | BlueVine | 2/27/2025 | 39626 | 40285 | 40480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757422, 24.120%, 3/03/2026 †x | BlueVine | 2/28/2025 | 55193 | 56132 | 56006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757489, 27.000%, 2/26/2026 †x | BlueVine | 2/28/2025 | 33328 | 33890 | 34167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757646, 48.000%, 2/24/2026 †x | BlueVine | 3/04/2025 | 25135 | 25581 | 25625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757923, 18.840%, 3/03/2026 †x | BlueVine | 3/07/2025 | 41929 | 42645 | 42268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 757994, 35.640%, 3/02/2026 †x# | BlueVine | 3/10/2025 | 20419 | 20783 | 20976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758009, 40.800%, 2/23/2026 †x | BlueVine | 3/10/2025 | 41249 | 41976 | 41990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758039, 23.160%, 4/20/2026 †x# | BlueVine | 3/10/2025 | 75498 | 77084 | 77458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758085, 36.000%, 2/23/2026 †x | BlueVine | 3/11/2025 | 23946 | 24365 | 24364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758302, 26.400%, 2/25/2026 †x | BlueVine | 3/13/2025 | 30326 | 30851 | 30913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758304, 26.640%, 3/02/2026 †x# | BlueVine | 3/13/2025 | 44356 | 45136 | 45556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758440, 36.000%, 2/20/2026 †x# | BlueVine | 3/17/2025 | 27211 | 27700 | 27581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758464, 24.960%, 2/20/2026 †x | BlueVine | 3/17/2025 | 26542 | 26999 | 27018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758566, 42.360%, 3/05/2026 †x | BlueVine | 3/19/2025 | 47487 | 48369 | 48054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758595, 24.120%, 3/03/2026 †x | BlueVine | 3/18/2025 | 29591 | 30117 | 29998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758628, 23.160%, 2/24/2026 †x | BlueVine | 3/19/2025 | 52864 | 53786 | 53865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758631, 24.960%, 3/09/2026 †x | BlueVine | 3/19/2025 | 24525 | 24969 | 24810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758740, 22.200%, 3/06/2026 †x | BlueVine | 3/20/2025 | 36593 | 37249 | 37176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758747, 29.280%, 3/05/2026 †x | BlueVine | 3/20/2025 | 83450 | 84964 | 84278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758805, 25.752%, 3/16/2026 †x | BlueVine | 3/21/2025 | 28531 | 29061 | 29092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 758839, 22.200%, 3/23/2026 †x | BlueVine | 3/27/2025 | 30494 | 31073 | 31166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759143, 23.400%, 9/23/2025 †x | BlueVine | 3/27/2025 | 20320 | 20320 | 20493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759153, 32.160%, 3/09/2026 †x | BlueVine | 3/27/2025 | 27967 | 28491 | 28320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759175, 24.960%, 3/16/2026 †x | BlueVine | 3/28/2025 | 91967 | 93700 | 93748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759205, 49.560%, 3/23/2026 †x | BlueVine | 3/28/2025 | 22445 | 22896 | 22941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759315, 39.960%, 8/13/2026 †x# | BlueVine | 4/01/2025 | 30262 | 30898 | 31066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759341, 24.480%, 3/06/2026 †x | BlueVine | 4/01/2025 | 21439 | 21838 | 21759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759480, 24.120%, 4/13/2026 †x | BlueVine | 4/11/2025 | 34641 | 35356 | 35462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759572, 20.520%, 3/30/2026 †x# | BlueVine | 4/04/2025 | 86125 | 87813 | 88678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759606, 57.720%, 9/29/2025 †x# | BlueVine | 4/04/2025 | 43217 | 43217 | 44002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759641, 22.920%, 3/23/2026 †x | BlueVine | 4/07/2025 | 21603 | 22026 | 22129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759652, 27.960%, 3/16/2026 †x | BlueVine | 4/07/2025 | 49329 | 50288 | 50215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759661, 14.976%, 3/12/2026 †x | BlueVine | 4/07/2025 | 72120 | 73477 | 73586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759737, 35.640%, 4/06/2026 †x | BlueVine | 4/08/2025 | 84581 | 86330 | 85825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759801, 25.560%, 3/23/2026 †x | BlueVine | 4/09/2025 | 92072 | 93891 | 94079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 759984, 24.588%, 4/02/2026 †x | BlueVine | 4/10/2025 | 28634 | 29212 | 29097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760042, 17.680%, 10/08/2025 †x# | BlueVine | 4/11/2025 | 35327 | 35568 | 35688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760088, 25.560%, 4/15/2026 †x | BlueVine | 4/14/2025 | 62491 | 63799 | 64024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760108, 24.440%, 10/09/2025 †x# | BlueVine | 4/14/2025 | 36573 | 36836 | 37033 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**353** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 760143, 26.000%, 10/10/2025 †x# | BlueVine | 4/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760173, 19.440%, 4/10/2026 †x | BlueVine | 4/15/2025 | 30953 | 31589 | 31623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760179, 27.720%, 4/13/2026 †x | BlueVine | 4/15/2025 | 139322 | 142245 | 142713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760222, 65.520%, 10/14/2025 †x | BlueVine | 4/16/2025 | 24643 | 24855 | 24896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760297, 28.800%, 4/01/2026 †x | BlueVine | 4/17/2025 | 28704 | 29297 | 29115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760446, 30.000%, 3/27/2026 †x# | BlueVine | 4/18/2025 | 43862 | 44762 | 44960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760451, 27.000%, 4/16/2026 †x# | BlueVine | 4/18/2025 | 23233 | 23726 | 23867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760454, 26.640%, 4/20/2026 †x | BlueVine | 4/18/2025 | 113850 | 116279 | 116967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760568, 22.200%, 4/13/2026 †x | BlueVine | 4/22/2025 | 103618 | 105807 | 106046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760571, 30.000%, 4/06/2026 †x | BlueVine | 4/22/2025 | 104849 | 107064 | 106726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760631, 24.480%, 3/30/2026 †x# | BlueVine | 4/23/2025 | 29114 | 29718 | 29879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760676, 18.840%, 4/23/2026 †x | BlueVine | 4/23/2025 | 128823 | 131581 | 131984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760685, 23.160%, 4/15/2026 †x | BlueVine | 4/23/2025 | 66694 | 68112 | 68197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760701, 41.080%, 10/21/2025 †x | BlueVine | 4/24/2025 | 32975 | 33291 | 33442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760722, 31.200%, 10/21/2025 †x | BlueVine | 4/24/2025 | 29197 | 29472 | 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760787, 37.800%, 4/08/2026 †x | BlueVine | 4/25/2025 | 28282 | 28893 | 28635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760831, 29.700%, 4/23/2026 †x | BlueVine | 4/25/2025 | 42857 | 43796 | 44021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760837, 20.628%, 4/28/2026 †x# | BlueVine | 4/28/2025 | 38841 | 39692 | 40151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760852, 21.216%, 10/23/2025 †x# | BlueVine | 4/28/2025 | 35820 | 36168 | 36419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760857, 27.960%, 4/21/2026 †x | BlueVine | 4/28/2025 | 26009 | 26579 | 26706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760935, 26.000%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 30678 | 30985 | 31018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760937, 29.280%, 4/06/2026 †x | BlueVine | 4/29/2025 | 34912 | 35662 | 35373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760945, 26.640%, 4/28/2026 †x# | BlueVine | 4/29/2025 | 29601 | 30257 | 30621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760957, 51.480%, 10/24/2025 †x# | BlueVine | 4/29/2025 | 22529 | 22764 | 22765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 760995, 27.960%, 4/13/2026 †x | BlueVine | 4/30/2025 | 20906 | 21360 | 21295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761087, 28.440%, 4/20/2026 †x | BlueVine | 4/30/2025 | 38017 | 38855 | 38847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761203, 35.880%, 4/07/2026 †x | BlueVine | 5/01/2025 | 56407 | 57639 | 57055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761240, 24.440%, 10/29/2025 †x# | BlueVine | 5/02/2025 | 59866 | 60511 | 60765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761250, 59.280%, 4/27/2026 †x | BlueVine | 5/02/2025 | 50996 | 52185 | 52509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761346, 29.280%, 5/05/2026 †x | BlueVine | 5/05/2025 | 46586 | 47650 | 47418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761356, 30.680%, 10/30/2025 †x# | BlueVine | 5/05/2025 | 34239 | 34652 | 34797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761358, 29.280%, 5/05/2026 †x | BlueVine | 5/05/2025 | 116465 | 119126 | 118546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761402, 36.000%, 4/23/2026 †x | BlueVine | 5/06/2025 | 91678 | 93758 | 94016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761490, 28.600%, 11/03/2025 †x | BlueVine | 5/07/2025 | 28110 | 28441 | 28438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761492, 22.920%, 5/05/2026 †x | BlueVine | 5/07/2025 | 23126 | 23651 | 23508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761496, 39.960%, 4/16/2026 †x | BlueVine | 5/07/2025 | 35463 | 36265 | 36004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761500, 67.600%, 11/03/2025 †x | BlueVine | 5/07/2025 | 25487 | 25805 | 25798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761609, 18.720%, 4/28/2026 †x# | BlueVine | 5/08/2025 | 40367 | 41271 | 41691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761629, 33.280%, 11/04/2025 †x | BlueVine | 5/08/2025 | 34371 | 34784 | 34854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761688, 73.320%, 11/05/2025 †x# | BlueVine | 5/09/2025 | 47996 | 48618 | 48563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761713, 30.000%, 5/08/2026 †x | BlueVine | 5/09/2025 | 38853 | 39753 | 39766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761790, 29.280%, 5/05/2026 †x | BlueVine | 5/12/2025 | 43222 | 44225 | 43921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761792, 17.880%, 4/24/2026 †x | BlueVine | 5/12/2025 | 37740 | 38588 | 38807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761880, 41.080%, 11/07/2025 †x# | BlueVine | 5/13/2025 | 21972 | 22274 | 22252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761895, 48.000%, 5/12/2026 †x | BlueVine | 5/13/2025 | 31690 | 32456 | 32578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761921, 22.920%, 4/20/2026 †x | BlueVine | 5/14/2025 | 55324 | 56576 | 56567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761974, 23.160%, 5/01/2026 †x | BlueVine | 5/14/2025 | 39325 | 40228 | 40069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761991, 51.480%, 11/10/2025 †x | BlueVine | 5/14/2025 | 27270 | 27638 | 27680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761998, 22.920%, 5/05/2026 †x | BlueVine | 5/14/2025 | 23327 | 23866 | 23693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762032, 22.920%, 5/05/2026 †x | BlueVine | 5/15/2025 | 80941 | 82814 | 82311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762041, 29.120%, 11/12/2025 †x | BlueVine | 5/15/2025 | 44085 | 44674 | 44921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762073, 41.080%, 11/12/2025 †x | BlueVine | 5/15/2025 | 34670 | 35141 | 35291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762110, 17.880%, 5/05/2026 †x | BlueVine | 5/16/2025 | 29751 | 30437 | 30254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762156, 36.920%, 11/12/2025 †x# | BlueVine | 5/16/2025 | 50937 | 51628 | 51902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762228, 24.480%, 5/21/2026 †x | BlueVine | 5/19/2025 | 29139 | 29836 | 29972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762256, 46.800%, 11/13/2025 †x# | BlueVine | 5/19/2025 | 36790 | 37309 | 37572 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**354** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 762325, 46.800%, 11/14/2025 †x# | BlueVine | 5/20/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762364, 32.240%, 11/14/2025 †x# | BlueVine | 5/20/2025 | 36115 | 36621 | 36663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762372, 44.064%, 5/18/2026 †x | BlueVine | 5/20/2025 | 27615 | 28292 | 28449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762408, 30.680%, 11/17/2025 †x# | BlueVine | 5/21/2025 | 24029 | 24374 | 24486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762485, 42.120%, 5/01/2026 †x | BlueVine | 5/22/2025 | 86611 | 88687 | 87628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762499, 53.880%, 5/05/2026 †x | BlueVine | 5/22/2025 | 31882 | 32659 | 32243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762505, 28.080%, 11/18/2025 †x | BlueVine | 5/22/2025 | 38317 | 38873 | 39099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762542, 34.840%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 30651 | 31105 | 31274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762562, 29.640%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 22578 | 22910 | 23041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762582, 52.000%, 11/19/2025 †x# | BlueVine | 5/23/2025 | 31938 | 32421 | 32620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762613, 31.200%, 5/11/2026 †x | BlueVine | 5/27/2025 | 19945 | 20429 | 20394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762617, 36.000%, 5/19/2026 †x | BlueVine | 5/27/2025 | 31288 | 32060 | 32162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762619, 29.280%, 4/06/2026 †x | BlueVine | 5/27/2025 | 51246 | 52477 | 51932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762667, 24.120%, 5/01/2026 †x | BlueVine | 5/27/2025 | 38596 | 39515 | 39307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762675, 35.880%, 5/12/2026 †x | BlueVine | 5/27/2025 | 23463 | 24036 | 23991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762698, 22.920%, 5/26/2026 †x | BlueVine | 5/28/2025 | 77087 | 78977 | 79364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762733, 43.920%, 5/15/2026 †x | BlueVine | 5/28/2025 | 35844 | 36733 | 36710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762748, 50.440%, 11/21/2025 †x# | BlueVine | 5/28/2025 | 26359 | 26774 | 26492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762769, 23.400%, 11/25/2025 †x# | BlueVine | 5/29/2025 | 22913 | 23272 | 23330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762811, 49.560%, 5/18/2026 †x | BlueVine | 5/29/2025 | 33209 | 34040 | 33952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762863, 35.640%, 5/05/2026 †x | BlueVine | 5/29/2025 | 54733 | 56065 | 55468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762900, 27.000%, 5/11/2026 †x | BlueVine | 5/30/2025 | 42595 | 43631 | 43430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762908, 23.400%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 52153 | 52980 | 53224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762924, 50.520%, 5/26/2026 †x | BlueVine | 5/30/2025 | 26212 | 26879 | 26932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 762953, 45.240%, 11/26/2025 †x# | BlueVine | 5/30/2025 | 56634 | 57556 | 57803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763018, 17.160%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 27455 | 27899 | 28013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763019, 65.000%, 11/28/2025 †x# | BlueVine | 6/02/2025 | 20242 | 20589 | 20566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763117, 26.640%, 5/12/2026 †x | BlueVine | 6/03/2025 | 98745 | 101175 | 100939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763123, 29.640%, 11/28/2025 †x# | BlueVine | 6/03/2025 | 48997 | 49806 | 49709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763142, 22.920%, 6/05/2026 †x | BlueVine | 6/03/2025 | 93356 | 95704 | 95759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763237, 72.800%, 12/01/2025 †x | BlueVine | 6/04/2025 | 34983 | 35603 | 35508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763264, 57.720%, 12/01/2025 †x# | BlueVine | 6/04/2025 | 28697 | 29198 | 29495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763275, 35.880%, 12/01/2025 †x | BlueVine | 6/04/2025 | 25228 | 25657 | 25664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763296, 30.680%, 12/02/2025 †x | BlueVine | 6/05/2025 | 30658 | 31182 | 31270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763340, 27.560%, 12/02/2025 †x | BlueVine | 6/05/2025 | 111101 | 112992 | 113316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763374, 24.960%, 5/27/2026 †x# | BlueVine | 6/05/2025 | 78906 | 80884 | 81650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763414, 24.960%, 6/01/2026 †x | BlueVine | 6/06/2025 | 42500 | 43574 | 43453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763473, 56.160%, 12/03/2025 †x# | BlueVine | 6/06/2025 | 30536 | 31078 | 31179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763505, 47.840%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 24231 | 24666 | 24795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763543, 57.720%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 21407 | 21796 | 21900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763544, 16.120%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 88008 | 89535 | 90014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763557, 18.200%, 12/04/2025 †x# | BlueVine | 6/09/2025 | 63777 | 64885 | 65251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763566, 19.488%, 6/05/2026 †x | BlueVine | 6/09/2025 | 76182 | 78117 | 78102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763619, 35.160%, 5/15/2026 †x | BlueVine | 6/10/2025 | 50797 | 52084 | 51761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763648, 46.800%, 12/05/2025 †x# | BlueVine | 6/10/2025 | 45386 | 46209 | 46020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763677, 20.640%, 6/05/2026 †x | BlueVine | 6/11/2025 | 25888 | 26549 | 26396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763731, 20.628%, 6/10/2026 †x | BlueVine | 6/11/2025 | 84721 | 86895 | 86652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763753, 32.760%, 6/02/2026 †x | BlueVine | 6/11/2025 | 53007 | 54373 | 53808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763778, 51.480%, 12/08/2025 †x | BlueVine | 6/11/2025 | 36476 | 37153 | 37224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763813, 12.480%, 12/09/2025 †x | BlueVine | 6/12/2025 | 29226 | 29752 | 29915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763817, 57.720%, 12/09/2025 †x | BlueVine | 6/12/2025 | 19913 | 20289 | 20382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763822, 51.480%, 12/09/2025 †x | BlueVine | 6/12/2025 | 21582 | 21986 | 22070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763825, 43.056%, 12/10/2025 †x# | BlueVine | 6/13/2025 | 46272 | 47140 | 47455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763835, 33.000%, 6/04/2026 †x | BlueVine | 6/12/2025 | 26080 | 26756 | 26527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763860, 29.120%, 12/09/2025 †x | BlueVine | 6/12/2025 | 29728 | 30273 | 30463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763884, 35.640%, 5/05/2026 †x | BlueVine | 6/12/2025 | 113469 | 116418 | 115198 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**355** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 763909, 66.040%, 12/10/2025 †x# | BlueVine | 6/13/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53296 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763930, 36.920%, 12/10/2025 †x# | BlueVine | 6/13/2025 | 25479 | 25954 | 26129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763935, 24.480%, 6/08/2026 †x | BlueVine | 6/13/2025 | 29739 | 30508 | 30489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 763974, 29.120%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 31623 | 32220 | 32478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764021, 24.960%, 5/26/2026 †x | BlueVine | 6/16/2025 | 35906 | 36832 | 36891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764030, 42.900%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 29856 | 30427 | 30660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764087, 36.920%, 12/11/2025 †x# | BlueVine | 6/16/2025 | 47774 | 48683 | 49061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764109, 22.920%, 5/26/2026 †x | BlueVine | 6/17/2025 | 154173 | 158147 | 158716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764117, 80.080%, 12/22/2025 †x# | BlueVine | 6/17/2025 | 21329 | 21776 | 21941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764128, 24.440%, 12/12/2025 †x# | BlueVine | 6/17/2025 | 40933 | 41709 | 41801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764160, 62.160%, 6/17/2026 †x | BlueVine | 6/26/2025 | 43622 | 44825 | 44592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764244, 24.120%, 6/16/2026 †x | BlueVine | 6/18/2025 | 21237 | 21796 | 21863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764250, 27.960%, 6/10/2026 †x | BlueVine | 6/18/2025 | 42596 | 43715 | 43677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764256, 39.960%, 6/11/2026 †x | BlueVine | 6/18/2025 | 24471 | 25121 | 25018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764278, 57.148%, 12/15/2025 †x | BlueVine | 6/18/2025 | 20755 | 21168 | 21232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764326, 35.880%, 12/15/2025 †x | BlueVine | 6/18/2025 | 47729 | 48660 | 48862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764367, 35.360%, 12/16/2025 †x | BlueVine | 6/20/2025 | 25443 | 25947 | 26176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764392, 65.520%, 12/16/2025 †x | BlueVine | 6/20/2025 | 19600 | 19999 | 20162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764406, 22.920%, 5/05/2026 †x | BlueVine | 6/20/2025 | 21217 | 21773 | 21715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764433, 21.720%, 6/08/2026 †x | BlueVine | 6/23/2025 | 25438 | 26110 | 26034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764442, 29.280%, 6/15/2026 †x | BlueVine | 6/23/2025 | 29847 | 30645 | 30683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764445, 28.800%, 6/22/2026 †x | BlueVine | 6/23/2025 | 25574 | 26262 | 26419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764471, 34.560%, 6/05/2026 †x | BlueVine | 6/23/2025 | 34243 | 35155 | 34898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764472, 56.160%, 12/17/2025 †x# | BlueVine | 6/23/2025 | 75345 | 76894 | 77684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764512, 24.480%, 6/15/2026 †x | BlueVine | 6/23/2025 | 101964 | 104680 | 105005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764521, 26.640%, 6/01/2026 †x | BlueVine | 6/24/2025 | 66795 | 68564 | 68119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764572, 35.760%, 6/05/2026 †x | BlueVine | 6/24/2025 | 85681 | 87972 | 87151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764731, 23.400%, 12/22/2025 †x | BlueVine | 6/25/2025 | 40018 | 40840 | 41118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764746, 20.628%, 6/22/2026 †x | BlueVine | 6/25/2025 | 27958 | 28707 | 28836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764803, 35.880%, 12/23/2025 †x | BlueVine | 6/26/2025 | 26955 | 27520 | 27755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764854, 22.200%, 6/04/2026 †x | BlueVine | 6/26/2025 | 96230 | 98786 | 98346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764857, 37.920%, 6/22/2026 †x | BlueVine | 6/26/2025 | 45911 | 47162 | 47373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764862, 65.520%, 12/23/2025 †x | BlueVine | 6/26/2025 | 28803 | 29422 | 29666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764882, 35.760%, 6/05/2026 †x | BlueVine | 6/27/2025 | 42841 | 43994 | 43482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764891, 23.400%, 12/31/2025 †x# | BlueVine | 6/27/2025 | 26528 | 27094 | 27298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764904, 25.440%, 6/15/2026 †x | BlueVine | 6/27/2025 | 34013 | 34927 | 34915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764930, 18.408%, 12/24/2025 †x# | BlueVine | 6/27/2025 | 101795 | 103912 | 104901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764932, 32.520%, 6/08/2026 †x | BlueVine | 6/27/2025 | 34192 | 35112 | 34877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764969, 28.800%, 6/24/2026 †x | BlueVine | 6/30/2025 | 24600 | 25273 | 25434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764976, 29.120%, 12/26/2025 †x# | BlueVine | 6/30/2025 | 31843 | 32526 | 32861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 764999, 28.800%, 6/16/2026 †x | BlueVine | 6/30/2025 | 51147 | 52539 | 52561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765008, 58.760%, 12/26/2025 †x# | BlueVine | 6/30/2025 | 26382 | 26962 | 27356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765029, 25.560%, 6/23/2026 †x | BlueVine | 6/30/2025 | 21260 | 21840 | 21966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765051, 24.120%, 6/22/2026 †x | BlueVine | 6/30/2025 | 67566 | 69405 | 69775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765078, 56.640%, 6/04/2026 †x | BlueVine | 7/01/2025 | 73714 | 75747 | 74138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765117, 35.880%, 12/26/2025 †x | BlueVine | 7/01/2025 | 21334 | 21797 | 21912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765135, 18.200%, 12/26/2025 †x | BlueVine | 7/01/2025 | 45625 | 46601 | 46892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765168, 36.920%, 12/26/2025 †x | BlueVine | 7/01/2025 | 35583 | 36356 | 36546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765196, 27.000%, 6/17/2026 †x | BlueVine | 7/02/2025 | 106414 | 109320 | 109334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765229, 28.800%, 6/25/2026 †x | BlueVine | 7/02/2025 | 51147 | 52553 | 52843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765366, 37.440%, 12/30/2025 †x | BlueVine | 7/03/2025 | 32037 | 32748 | 32781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765384, 37.440%, 12/30/2025 †x | BlueVine | 7/03/2025 | 28477 | 29109 | 29232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765407, 48.960%, 6/29/2026 †x# | BlueVine | 7/03/2025 | 106339 | 109281 | 109629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765416, 35.640%, 6/23/2026 †x | BlueVine | 7/03/2025 | 42837 | 44022 | 44135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765427, 52.000%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 41563 | 42517 | 42812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765446, 24.960%, 7/06/2026 †x | BlueVine | 7/07/2025 | 29625 | 30435 | 30479 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**356** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 765473, 33.280%, 12/31/2025 †x# | BlueVine | 7/07/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765485, 22.200%, 6/11/2026 †x | BlueVine | 7/07/2025 | 42411 | 43577 | 43516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765487, 38.160%, 7/13/2026 †x | BlueVine | 7/14/2025 | 47443 | 48768 | 48996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765496, 52.884%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 30244 | 30939 | 31153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765507, 19.188%, 12/31/2025 †x# | BlueVine | 7/07/2025 | 44407 | 45403 | 45773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765604, 23.160%, 7/01/2026 †x | BlueVine | 7/09/2025 | 74937 | 76990 | 76808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765609, 66.040%, 1/02/2026 †x# | BlueVine | 7/08/2025 | 22865 | 23402 | 23572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765611, 26.640%, 6/29/2026 †x# | BlueVine | 7/08/2025 | 57913 | 59518 | 60321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765620, 51.480%, 1/02/2026 †x# | BlueVine | 7/08/2025 | 41549 | 42513 | 42843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765668, 27.456%, 1/09/2026 †x# | BlueVine | 7/10/2025 | 58849 | 60229 | 60455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765707, 31.408%, 1/05/2026 †x | BlueVine | 7/09/2025 | 19604 | 20058 | 20090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765740, 47.840%, 1/05/2026 †x | BlueVine | 7/09/2025 | 20351 | 20828 | 20898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765760, 20.280%, 1/05/2026 †x | BlueVine | 7/09/2025 | 37032 | 37883 | 38072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765829, 40.300%, 1/06/2026 †x | BlueVine | 7/10/2025 | 22506 | 23034 | 23190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765854, 30.680%, 1/06/2026 †x | BlueVine | 7/10/2025 | 44738 | 45781 | 46002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765868, 27.560%, 1/06/2026 †x# | BlueVine | 7/10/2025 | 42748 | 43743 | 30693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765924, 39.960%, 7/06/2026 †x | BlueVine | 7/11/2025 | 74468 | 76513 | 76303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765926, 18.720%, 6/29/2026 †x# | BlueVine | 7/11/2025 | 50010 | 51402 | 51922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 765947, 32.760%, 1/07/2026 †x# | BlueVine | 7/11/2025 | 102805 | 105224 | 105841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766029, 37.440%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 39275 | 40219 | 40569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766053, 35.760%, 7/10/2026 †x | BlueVine | 7/14/2025 | 74357 | 76431 | 76396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766072, 26.000%, 1/08/2026 †x# | BlueVine | 7/14/2025 | 39030 | 39961 | 40321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766082, 56.640%, 6/22/2026 †x | BlueVine | 7/14/2025 | 46941 | 48287 | 47684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766135, 39.960%, 7/15/2026 †x | BlueVine | 7/15/2025 | 27925 | 28709 | 28826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766165, 29.640%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 27376 | 28035 | 28117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766181, 28.800%, 7/06/2026 †x | BlueVine | 7/15/2025 | 69533 | 71473 | 71380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766203, 23.400%, 1/09/2026 †x# | BlueVine | 7/15/2025 | 19487 | 19955 | 20043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766230, 63.120%, 7/08/2026 †x | BlueVine | 7/16/2025 | 70359 | 72303 | 71706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766277, 25.560%, 7/14/2026 †x | BlueVine | 7/16/2025 | 55559 | 57123 | 57190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766283, 54.600%, 7/01/2026 †x | BlueVine | 7/16/2025 | 37421 | 38452 | 38000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766296, 65.520%, 1/12/2026 †x | BlueVine | 7/16/2025 | 19931 | 20427 | 20537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766312, 22.920%, 7/14/2026 †x | BlueVine | 7/16/2025 | 69380 | 71333 | 71598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766336, 58.760%, 1/13/2026 †x | BlueVine | 7/17/2025 | 57200 | 58628 | 59100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766347, 30.680%, 1/13/2026 †x | BlueVine | 7/17/2025 | 31305 | 32073 | 32338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766354, 74.880%, 1/13/2026 †x | BlueVine | 7/17/2025 | 160212 | 164249 | 165543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766369, 52.000%, 1/13/2026 †x | BlueVine | 7/17/2025 | 19791 | 20283 | 20447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766411, 57.720%, 1/14/2026 †x# | BlueVine | 7/18/2025 | 29026 | 29755 | 30018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766466, 47.280%, 7/14/2026 †x | BlueVine | 7/18/2025 | 93322 | 95948 | 96022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766490, 39.960%, 7/13/2026 †x | BlueVine | 7/18/2025 | 27095 | 27858 | 27778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766511, 75.920%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 47323 | 48543 | 49072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766517, 31.200%, 7/06/2026 †x | BlueVine | 7/18/2025 | 103087 | 105985 | 105547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766544, 16.120%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 37012 | 37936 | 38374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766562, 29.120%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 20470 | 20985 | 21204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766570, 27.560%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 54995 | 56376 | 57013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766573, 41.080%, 1/15/2026 †x# | BlueVine | 7/21/2025 | 20581 | 21102 | 21341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766586, 29.760%, 7/01/2026 †x | BlueVine | 7/21/2025 | 27823 | 28611 | 28379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766622, 36.920%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 24651 | 25278 | 25416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766675, 50.440%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 99200 | 101741 | 102141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766686, 59.800%, 1/30/2026 †x# | BlueVine | 7/22/2025 | 23259 | 23871 | 23889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766696, 57.720%, 1/16/2026 †x# | BlueVine | 7/22/2025 | 58051 | 59544 | 59798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766759, 23.400%, 1/20/2026 †x | BlueVine | 7/23/2025 | 61249 | 62813 | 63266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766760, 16.120%, 1/20/2026 †x | BlueVine | 7/23/2025 | 37439 | 38392 | 38650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766783, 21.216%, 1/20/2026 †x | BlueVine | 7/23/2025 | 40791 | 41832 | 42121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766815, 26.000%, 1/20/2026 †x | BlueVine | 7/23/2025 | 40881 | 41927 | 42231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766839, 20.760%, 7/06/2026 †x | BlueVine | 7/24/2025 | 78566 | 80822 | 80463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766845, 29.120%, 1/20/2026 †x | BlueVine | 7/23/2025 | 45034 | 46188 | 46526 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**357** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 766849, 39.960%, 7/06/2026 †x | BlueVine | 7/24/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766880, 20.040%, 7/01/2026 †x | BlueVine | 7/24/2025 | 27721 | 28516 | 28357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766969, 11.440%, 1/21/2026 †x# | BlueVine | 7/25/2025 | 84107 | 86268 | 86478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766979, 21.320%, 1/21/2026 †x# | BlueVine | 7/25/2025 | 25590 | 26251 | 26485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 766991, 78.000%, 2/02/2026 †x# | BlueVine | 7/30/2025 | 22584 | 23207 | 23189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767071, 37.440%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 56300 | 57791 | 58496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767087, 52.000%, 1/22/2026 †x# | BlueVine | 7/28/2025 | 46990 | 48242 | 48784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767095, 22.200%, 7/27/2026 †x | BlueVine | 7/28/2025 | 39304 | 40456 | 40774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767166, 41.280%, 7/06/2026 †x | BlueVine | 7/29/2025 | 76440 | 78658 | 77366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767177, 29.760%, 7/06/2026 †x | BlueVine | 7/29/2025 | 60283 | 62036 | 61615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767179, 24.480%, 7/06/2026 †x | BlueVine | 7/29/2025 | 27768 | 28577 | 28497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767191, 24.120%, 7/01/2026 †x | BlueVine | 7/29/2025 | 92548 | 95240 | 94619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767234, 21.320%, 1/26/2026 †x | BlueVine | 7/30/2025 | 55444 | 56926 | 57335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767235, 27.960%, 7/21/2026 †x | BlueVine | 7/30/2025 | 29057 | 29910 | 30042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767248, 48.000%, 7/13/2026 †x | BlueVine | 7/30/2025 | 23738 | 24427 | 24186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767267, 26.000%, 1/26/2026 †x | BlueVine | 7/30/2025 | 46996 | 48254 | 48589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767348, 27.560%, 1/26/2026 †x | BlueVine | 7/30/2025 | 36356 | 37330 | 37591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767360, 33.800%, 1/27/2026 †x | BlueVine | 7/31/2025 | 29992 | 30802 | 30864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767367, 57.720%, 1/27/2026 †x | BlueVine | 7/31/2025 | 38889 | 39951 | 40087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767383, 35.424%, 7/14/2026 †x | BlueVine | 7/31/2025 | 32527 | 33479 | 33368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767392, 28.668%, 7/24/2026 †x | BlueVine | 7/31/2025 | 37082 | 38175 | 38392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767398, 30.600%, 7/28/2026 †x# | BlueVine | 7/31/2025 | 75000 | 77214 | 78144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767425, 18.200%, 1/27/2026 †x | BlueVine | 7/31/2025 | 29820 | 30621 | 30753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767426, 35.880%, 1/27/2026 †x | BlueVine | 7/31/2025 | 25780 | 26477 | 26529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767442, 28.056%, 7/27/2026 †x | BlueVine | 8/01/2025 | 185369 | 190852 | 191969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767451, 23.160%, 7/15/2026 †x | BlueVine | 8/01/2025 | 32994 | 33967 | 33978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767472, 47.840%, 1/28/2026 †x# | BlueVine | 8/01/2025 | 179278 | 184183 | 185060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767568, 42.120%, 8/05/2026 †x | BlueVine | 8/04/2025 | 100000 | 102999 | 102698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767578, 14.040%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 35526 | 36502 | 36773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767599, 37.440%, 1/29/2026 †x# | BlueVine | 8/04/2025 | 31287 | 32153 | 32384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767615, 24.888%, 8/05/2026 †x | BlueVine | 8/04/2025 | 55000 | 56649 | 56441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767668, 38.760%, 8/03/2026 †x | BlueVine | 8/05/2025 | 80540 | 82957 | 82935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767689, 28.080%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 26749 | 27492 | 27588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767761, 18.840%, 7/13/2026 †x | BlueVine | 8/05/2025 | 27709 | 28536 | 28578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767763, 25.440%, 7/21/2026 †x | BlueVine | 8/05/2025 | 27778 | 28608 | 28726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767765, 41.080%, 1/30/2026 †x# | BlueVine | 8/05/2025 | 31317 | 32191 | 32205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767776, 21.600%, 7/24/2026 †x | BlueVine | 8/06/2025 | 27738 | 28570 | 28750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767792, 29.760%, 7/23/2026 †x | BlueVine | 8/06/2025 | 185486 | 191043 | 191566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767825, 35.760%, 8/10/2026 †x | BlueVine | 8/06/2025 | 95000 | 97866 | 98348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767909, 80.080%, 2/03/2026 †x | BlueVine | 8/07/2025 | 23500 | 24173 | 24287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767949, 39.960%, 8/03/2026 †x | BlueVine | 8/07/2025 | 20000 | 20602 | 20534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767970, 30.680%, 2/03/2026 †x | BlueVine | 8/07/2025 | 22307 | 22936 | 23062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767982, 20.628%, 8/03/2026 †x | BlueVine | 8/07/2025 | 25000 | 25755 | 25712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767991, 29.280%, 8/05/2026 †x | BlueVine | 8/07/2025 | 100000 | 103018 | 102499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768006, 35.760%, 8/05/2026 †x | BlueVine | 8/07/2025 | 80000 | 82413 | 81902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768008, 23.160%, 7/17/2026 †x | BlueVine | 8/08/2025 | 92515 | 95302 | 95295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768009, 29.280%, 8/05/2026 †x | BlueVine | 8/08/2025 | 25000 | 25757 | 25622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768010, 32.760%, 7/23/2026 †x | BlueVine | 8/08/2025 | 23005 | 23698 | 23724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768038, 24.120%, 7/16/2026 †x | BlueVine | 8/08/2025 | 55529 | 57202 | 57145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768064, 69.160%, 2/04/2026 †x# | BlueVine | 8/08/2025 | 96755 | 99535 | 100489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768067, 58.320%, 8/05/2026 †x | BlueVine | 8/08/2025 | 50000 | 51508 | 51213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768069, 69.600%, 8/10/2026 †x | BlueVine | 8/08/2025 | 20146 | 20757 | 20817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768100, 18.840%, 8/12/2026 †x | BlueVine | 8/11/2025 | 23000 | 23704 | 23700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768114, 32.520%, 8/03/2026 †x | BlueVine | 8/11/2025 | 50000 | 51525 | 51399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768145, 22.920%, 8/03/2026 †x | BlueVine | 8/11/2025 | 20525 | 21152 | 21021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768154, 32.760%, 2/13/2026 †x# | BlueVine | 8/11/2025 | 22000 | 22639 | 22931 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**358** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 768164, 24.120%, 8/06/2026 †x | BlueVine | 8/11/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768169, 35.760%, 8/05/2026 †x | BlueVine | 8/11/2025 | 25000 | 25763 | 25640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768177, 39.960%, 7/15/2026 †x | BlueVine | 8/11/2025 | 27925 | 28772 | 28543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768224, 35.640%, 7/28/2026 †x# | BlueVine | 8/12/2025 | 46882 | 48312 | 48823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768246, 24.120%, 8/03/2026 †x | BlueVine | 8/12/2025 | 40000 | 41224 | 41115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768252, 69.160%, 2/06/2026 †x# | BlueVine | 8/12/2025 | 48378 | 49796 | 49859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768261, 28.800%, 7/27/2026 †x | BlueVine | 8/12/2025 | 23178 | 23885 | 24026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768269, 25.560%, 8/11/2026 †x | BlueVine | 8/12/2025 | 23000 | 23706 | 23701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768280, 33.720%, 8/13/2026 †x | BlueVine | 8/12/2025 | 50000 | 51537 | 51931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768288, 26.352%, 8/03/2026 †x | BlueVine | 8/12/2025 | 20000 | 20612 | 20551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768383, 30.360%, 7/27/2026 †x | BlueVine | 8/13/2025 | 115954 | 119503 | 119914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768389, 26.000%, 2/09/2026 †x | BlueVine | 8/13/2025 | 27828 | 28641 | 28806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768414, 51.480%, 8/03/2026 †x | BlueVine | 8/14/2025 | 73505 | 75754 | 74689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768425, 35.360%, 2/09/2026 †x | BlueVine | 8/14/2025 | 27875 | 28696 | 28820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768441, 35.640%, 8/05/2026 †x | BlueVine | 8/15/2025 | 172117 | 177423 | 176573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768448, 25.440%, 8/07/2026 †x | BlueVine | 8/14/2025 | 21534 | 22198 | 22114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768484, 35.880%, 2/10/2026 †x | BlueVine | 8/14/2025 | 32524 | 33482 | 33747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768489, 22.920%, 8/04/2026 †x | BlueVine | 8/14/2025 | 50000 | 51539 | 51394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768496, 32.520%, 8/05/2026 †x | BlueVine | 8/14/2025 | 200000 | 206151 | 205385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768518, 62.280%, 7/22/2026 †x | BlueVine | 8/15/2025 | 28136 | 28995 | 28525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768523, 57.720%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 24165 | 24885 | 25098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768548, 56.160%, 2/11/2026 †x# | BlueVine | 8/15/2025 | 28994 | 29857 | 30114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768616, 23.400%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 19273 | 19852 | 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768620, 35.640%, 7/23/2026 †x | BlueVine | 8/18/2025 | 55765 | 57497 | 57491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768643, 37.440%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 28947 | 29818 | 30154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768660, 30.360%, 8/10/2026 †x | BlueVine | 8/18/2025 | 30000 | 30935 | 30800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768669, 84.760%, 2/12/2026 †x# | BlueVine | 8/18/2025 | 19376 | 19965 | 20220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768679, 62.400%, 2/19/2026 †x# | BlueVine | 8/18/2025 | 25000 | 25759 | 26100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768688, 17.520%, 8/17/2026 †x | BlueVine | 8/18/2025 | 38000 | 39187 | 39364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768699, 31.920%, 7/23/2026 †x | BlueVine | 8/18/2025 | 62184 | 64116 | 63983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768719, 22.360%, 2/13/2026 †x# | BlueVine | 8/19/2025 | 144535 | 148901 | 149801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768737, 42.120%, 8/14/2026 †x | BlueVine | 8/19/2025 | 150000 | 154694 | 154912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768742, 35.640%, 8/14/2026 †x | BlueVine | 8/19/2025 | 75000 | 77347 | 77496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768744, 23.400%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 25000 | 25769 | 25965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768764, 20.400%, 8/10/2026 †x | BlueVine | 8/19/2025 | 50000 | 51564 | 51561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768826, 31.440%, 8/24/2026 †x | BlueVine | 8/20/2025 | 74120 | 76449 | 77059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768832, 35.640%, 8/05/2026 †x | BlueVine | 8/20/2025 | 20000 | 20626 | 20466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768848, 27.560%, 2/17/2026 †x | BlueVine | 8/20/2025 | 33741 | 34768 | 34999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768868, 24.480%, 8/06/2026 †x | BlueVine | 8/20/2025 | 24000 | 24753 | 24635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768881, 47.840%, 2/17/2026 †x | BlueVine | 8/20/2025 | 95645 | 98567 | 99269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768923, 57.240%, 8/19/2026 †x | BlueVine | 8/21/2025 | 30000 | 30943 | 31053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768929, 27.560%, 2/17/2026 †x | BlueVine | 8/21/2025 | 62662 | 64580 | 65107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768931, 34.560%, 8/05/2026 †x | BlueVine | 8/25/2025 | 50000 | 51589 | 51091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 768981, 48.960%, 8/11/2026 †x | BlueVine | 8/21/2025 | 150000 | 154705 | 153904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769040, 52.000%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 40000 | 41235 | 41600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769041, 85.800%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 25000 | 25776 | 25938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769052, 28.600%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 32000 | 32985 | 33280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769057, 24.240%, 8/14/2026 †x | BlueVine | 8/22/2025 | 20000 | 20631 | 20670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769061, 24.120%, 8/04/2026 †x | BlueVine | 8/22/2025 | 25188 | 25982 | 25800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769077, 46.800%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 22640 | 23339 | 23546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769085, 22.200%, 8/17/2026 †x | BlueVine | 8/22/2025 | 20000 | 20631 | 20675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769086, 66.040%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 75000 | 77355 | 78229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769090, 24.000%, 7/27/2026 †x# | BlueVine | 8/22/2025 | 37000 | 38165 | 38356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769098, 56.160%, 2/18/2026 †x# | BlueVine | 8/22/2025 | 36000 | 37112 | 37388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769136, 23.400%, 2/19/2026 †x# | BlueVine | 8/25/2025 | 25000 | 25782 | 26017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769153, 22.200%, 8/27/2026 †x | BlueVine | 8/25/2025 | 200000 | 206376 | 208478 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**359** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; 769198, 35.640%, 8/21/2026 †x | BlueVine | 8/26/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769211, 58.760%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 20000 | 20631 | 20705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769216, 35.760%, 8/03/2026 †x | BlueVine | 8/26/2025 | 60000 | 61912 | 61127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769236, 22.360%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 25000 | 25786 | 25931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769262, 29.640%, 2/20/2026 †x# | BlueVine | 8/26/2025 | 35000 | 36101 | 36288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769276, 21.320%, 2/23/2026 †x | BlueVine | 8/27/2025 | 200000 | 206326 | 207717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769283, 31.200%, 2/23/2026 †x | BlueVine | 8/27/2025 | 40000 | 41266 | 41549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769286, 41.080%, 2/23/2026 †x | BlueVine | 8/27/2025 | 40000 | 41267 | 41650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769313, 29.120%, 2/23/2026 †x | BlueVine | 8/27/2025 | 23000 | 23728 | 23903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769335, 42.120%, 8/26/2026 †x | BlueVine | 8/27/2025 | 25000 | 25801 | 26021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769379, 27.960%, 8/10/2026 †x | BlueVine | 8/28/2025 | 30000 | 30963 | 30813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769383, 33.000%, 8/10/2026 †x | BlueVine | 8/29/2025 | 65000 | 67092 | 67113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769387, 83.200%, 2/24/2026 †x | BlueVine | 8/28/2025 | 22000 | 22702 | 22844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769389, 24.120%, 8/11/2026 †x | BlueVine | 8/28/2025 | 62000 | 63991 | 63826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769398, 21.320%, 2/24/2026 †x | BlueVine | 8/28/2025 | 33418 | 34481 | 34719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769402, 32.520%, 8/13/2026 †x | BlueVine | 8/28/2025 | 25000 | 25803 | 25738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769412, 30.000%, 8/24/2026 †x | BlueVine | 8/28/2025 | 135000 | 139337 | 139928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769427, 46.800%, 2/24/2026 †x | BlueVine | 8/28/2025 | 30400 | 31368 | 31580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769479, 34.840%, 2/25/2026 †x | BlueVine | 8/29/2025 | 40000 | 41280 | 41300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769482, 29.280%, 8/05/2026 †x | BlueVine | 8/29/2025 | 75000 | 77414 | 77438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769484, 24.440%, 2/25/2026 †x | BlueVine | 8/29/2025 | 40000 | 41279 | 41300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769494, 30.000%, 8/10/2026 †x | BlueVine | 8/29/2025 | 50000 | 51610 | 51625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769512, 27.612%, 2/25/2026 †x | BlueVine | 8/29/2025 | 23155 | 23896 | 23908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769523, 67.600%, 2/25/2026 †x | BlueVine | 8/29/2025 | 30000 | 30961 | 30975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769525, 23.400%, 2/25/2026 †x | BlueVine | 8/29/2025 | 20000 | 20640 | 20650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 769539, 28.600%, 2/25/2026 †x | BlueVine | 8/29/2025 | 20000 | 20640 | 20650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7EHWLTXM, 14.000%, 4/02/2026 †§#‡Σ | Unchained | 4/08/2025 | 390000 | 390000 | 392212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7H8NCXY9, 14.000%, 11/21/2025 †§#‡Σ | Unchained | 3/07/2025 | 381076 | 381076 | 381965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7NM2QH1H, 14.000%, 3/08/2026 †‡Σ | Unchained | 3/14/2025 | 6300000 | 6300000 | 6332007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7X5FNE6N, 14.000%, 1/01/2026 †§#‡Σ | Unchained | 1/17/2025 | 1477667 | 1477667 | 1482627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 811U389N, 13.000%, 7/09/2026 †§#‡Σ | Unchained | 7/16/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82TTWXLW, 14.000%, 3/05/2026 †§‡Σ | Unchained | 3/11/2025 | 5100000 | 5100000 | 5125495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8BXDTDKF, 14.000%, 12/14/2025 †§#‡Σ | Unchained | 12/31/2024 | 897000 | 897000 | 899629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8C5NM6Y9, 14.000%, 11/17/2025 †§#‡Σ | Unchained | 3/07/2025 | 434484 | 434484 | 435450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8DFXX1DF, 14.000%, 1/24/2026 †§#‡Σ | Unchained | 2/07/2025 | 2000000 | 2000000 | 2007821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8K4EH3L2, 14.000%, 4/11/2026 †§#‡Σ | Unchained | 4/21/2025 | 265000 | 265000 | 266568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8LJT8J1T, 13.000%, 7/12/2026 †§#‡Σ | Unchained | 7/21/2025 | 239566 | 239566 | 239566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8N4R4TNX, 14.000%, 1/10/2026 †§#‡Σ | Unchained | 1/15/2025 | 4000000 | 4000000 | 4014405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8PQC531C, 13.000%, 5/31/2026 †§#‡Σ | Unchained | 6/06/2025 | 1300000 | 1300000 | 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8TFMQRC7, 14.000%, 3/15/2026 †§‡Σ | Unchained | 3/25/2025 | 250000 | 250000 | 251318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8TR912DK, 13.000%, 6/18/2026 †§#‡Σ | Unchained | 6/24/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92K7KFJ5, 14.000%, 2/20/2026 †§#‡Σ | Unchained | 3/14/2025 | 158559 | 158559 | 159295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 969BLXX5, 14.000%, 12/18/2025 †§#‡Σ | Unchained | 12/31/2024 | 400000 | 400000 | 401216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96BA4CC9, 13.000%, 6/18/2026 †§#‡Σ | Unchained | 6/24/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96BHL9NT, 14.000%, 1/16/2026 †#‡Σ | Unchained | 1/31/2025 | 5168061 | 5168061 | 5187514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 971RP2DB, 14.000%, 3/29/2026 †§#‡Σ | Unchained | 4/07/2025 | 150000 | 150000 | 150834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 991LLWRW, 13.000%, 7/16/2026 †§#‡Σ | Unchained | 7/23/2025 | 179787 | 179787 | 179787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9AL7RACJ, 13.000%, 6/27/2026 †§#‡Σ | Unchained | 7/03/2025 | 350000 | 350000 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9HDPCCHY, 13.000%, 7/09/2026 †§#‡Σ | Unchained | 7/16/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9L41WB48, 13.000%, 6/04/2026 †§#‡Σ | Unchained | 6/11/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9TUD7A5X, 14.000%, 3/28/2026 †§#‡Σ | Unchained | 4/03/2025 | 245999 | 245999 | 247361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9W5PEWYD, 13.000%, 5/14/2026 †§#‡Σ | Unchained | 5/20/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9X8RRWQ5, 13.000%, 8/09/2026 †§‡Σ | Unchained | 8/18/2025 | 154646 | 154646 | 154646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9Y7BJRQR, 13.000%, 5/09/2026 †§#‡Σ | Unchained | 5/15/2025 | 850000 | 850000 | 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; A3N3LQHA, 14.000%, 4/09/2026 †#‡Σ | Unchained | 4/14/2025 | 40000000 | 40000000 | 40234490 |
| &nbsp;&nbsp;&nbsp;&nbsp; A3XYA8AM, 13.000%, 5/24/2026 †§#‡Σ | Unchained | 5/30/2025 | 464000 | 464000 | 464000 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**360** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; AUP88ECL, 14.000%, 10/19/2025 †§#‡Σ | Unchained | 12/31/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718063 |
| &nbsp;&nbsp;&nbsp;&nbsp; BD24CNH8, 14.000%, 10/26/2025 †§#‡Σ | Unchained | 12/31/2024 | 177936 | 177936 | 178226 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDWJ2MW3, 14.000%, 3/05/2026 †§‡Σ | Unchained | 3/11/2025 | 3000000 | 3000000 | 3014997 |
| &nbsp;&nbsp;&nbsp;&nbsp; BENMWR96, 13.000%, 6/22/2026 †§#‡Σ | Unchained | 6/30/2025 | 1500000 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BLR5RXY8, 13.000%, 5/16/2026 †§#‡Σ | Unchained | 5/23/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; BR1WQ9WC, 14.000%, 2/26/2026 †§#‡Σ | Unchained | 3/07/2025 | 258247 | 258247 | 259489 |
| &nbsp;&nbsp;&nbsp;&nbsp; BW3EL28E, 13.000%, 5/24/2026 †§#‡Σ | Unchained | 5/30/2025 | 400000 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBXP114C, 13.000%, 7/10/2026 †#‡Σ | Unchained | 7/15/2025 | 30000000 | 30000000 | 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH23R21Y, 13.000%, 8/16/2026 †§‡Σ | Unchained | 8/22/2025 | 4250000 | 4250000 | 4250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CKLHNEY6, 14.000%, 12/21/2025 †§#‡Σ | Unchained | 1/03/2025 | 250000 | 250000 | 250780 |
| &nbsp;&nbsp;&nbsp;&nbsp; CQNBFU6X, 13.000%, 8/13/2026 †§‡Σ | Unchained | 8/20/2025 | 650000 | 650000 | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; D3FW7NH9, 14.000%, 4/12/2026 †§#‡Σ | Unchained | 4/21/2025 | 300000 | 300000 | 301783 |
| &nbsp;&nbsp;&nbsp;&nbsp; DF179YBF, 13.000%, 6/07/2026 †§#‡Σ | Unchained | 6/13/2025 | 360717 | 360717 | 360717 |
| &nbsp;&nbsp;&nbsp;&nbsp; DL3YD6PH, 13.000%, 7/10/2026 †§#‡Σ | Unchained | 7/17/2025 | 999999 | 999999 | 999999 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLPLMY1U, 13.000%, 5/24/2026 †§#‡Σ | Unchained | 5/30/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DX32AN2T, 13.000%, 7/25/2026 †§#‡Σ | Unchained | 7/31/2025 | 1100000 | 1100000 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXWF6C1N, 13.000%, 5/28/2026 †§#‡Σ | Unchained | 6/03/2025 | 240000 | 240000 | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DY6FM1LX, 13.000%, 7/11/2026 †§#‡Σ | Unchained | 7/17/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; E2Y27F7K, 14.000%, 1/25/2026 †§#‡Σ | Unchained | 2/07/2025 | 150000 | 150000 | 150591 |
| &nbsp;&nbsp;&nbsp;&nbsp; E7D15972, 14.000%, 12/21/2025 †§#‡Σ | Unchained | 1/03/2025 | 717831 | 717831 | 720071 |
| &nbsp;&nbsp;&nbsp;&nbsp; EBQFLEQB, 13.000%, 8/08/2026 †§‡Σ | Unchained | 8/18/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ED9D2KYQ, 13.000%, 5/14/2026 †§#‡Σ | Unchained | 5/20/2025 | 340000 | 340000 | 340000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQCYA87Y, 13.000%, 5/16/2026 †§#‡Σ | Unchained | 5/22/2025 | 3743040 | 3743040 | 3743040 |
| &nbsp;&nbsp;&nbsp;&nbsp; F16MXB6U, 13.000%, 8/01/2026 †§‡Σ | Unchained | 8/07/2025 | 400000 | 400000 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5XBEYCB, 13.000%, 5/07/2026 †§#‡Σ | Unchained | 5/14/2025 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FE7NP7HE, 13.000%, 5/08/2026 †§#‡Σ | Unchained | 5/16/2025 | 517123 | 517123 | 517123 |
| &nbsp;&nbsp;&nbsp;&nbsp; FH2LJ923, 14.000%, 1/02/2026 †§#‡Σ | Unchained | 3/14/2025 | 150000 | 150000 | 150508 |
| &nbsp;&nbsp;&nbsp;&nbsp; FH8LDR48, 13.000%, 6/26/2026 †§#‡Σ | Unchained | 7/02/2025 | 450000 | 450000 | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; FQL3T8D5, 13.000%, 5/17/2026 †§#‡Σ | Unchained | 5/23/2025 | 700000 | 700000 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; H6XM3JFP, 13.000%, 7/25/2026 †§#‡Σ | Unchained | 8/04/2025 | 176577 | 176577 | 176577 |
| &nbsp;&nbsp;&nbsp;&nbsp; H9XBW3H2, 14.000%, 11/30/2025 †§#‡Σ | Unchained | 12/31/2024 | 1344176 | 1344176 | 1347605 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA5713B5, 14.000%, 4/03/2026 †§#‡Σ | Unchained | 4/10/2025 | 450000 | 450000 | 452565 |
| &nbsp;&nbsp;&nbsp;&nbsp; HAEFJTTH, 13.000%, 6/27/2026 †§#‡Σ | Unchained | 7/07/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HRETWFQ4, 14.000%, 2/07/2026 †§#‡Σ | Unchained | 2/14/2025 | 155621 | 155621 | 156289 |
| &nbsp;&nbsp;&nbsp;&nbsp; HRF23XNP, 14.000%, 12/14/2025 †§#‡Σ | Unchained | 1/03/2025 | 400000 | 400000 | 401172 |
| &nbsp;&nbsp;&nbsp;&nbsp; HW8PX4N4, 14.000%, 2/06/2026 †§#‡Σ | Unchained | 2/14/2025 | 191486 | 191486 | 192302 |
| &nbsp;&nbsp;&nbsp;&nbsp; J1UD41CP, 14.000%, 2/22/2026 †§#‡Σ | Unchained | 3/07/2025 | 150000 | 150000 | 150705 |
| &nbsp;&nbsp;&nbsp;&nbsp; J67YNXQR, 13.000%, 6/07/2026 †§#‡Σ | Unchained | 6/13/2025 | 179917 | 179917 | 179917 |
| &nbsp;&nbsp;&nbsp;&nbsp; J6PW33AL, 14.000%, 3/08/2026 †§‡Σ | Unchained | 3/14/2025 | 150000 | 150000 | 150762 |
| &nbsp;&nbsp;&nbsp;&nbsp; J7D489FH, 14.000%, 2/06/2026 †§#‡Σ | Unchained | 2/14/2025 | 350000 | 350000 | 351492 |
| &nbsp;&nbsp;&nbsp;&nbsp; J87E7781, 14.000%, 3/20/2026 †§‡Σ | Unchained | 3/26/2025 | 2000000 | 2000000 | 2010813 |
| &nbsp;&nbsp;&nbsp;&nbsp; J8YW5H8D, 14.000%, 12/14/2025 †§#‡Σ | Unchained | 1/03/2025 | 340000 | 340000 | 340996 |
| &nbsp;&nbsp;&nbsp;&nbsp; JLXPN5W5, 13.000%, 6/13/2026 †§#‡Σ | Unchained | 6/20/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX67PPER, 13.000%, 6/15/2026 †§#‡Σ | Unchained | 6/23/2025 | 200000 | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; KC78FEFC, 14.000%, 2/26/2026 †§#‡Σ | Unchained | 3/07/2025 | 150000 | 150000 | 150721 |
| &nbsp;&nbsp;&nbsp;&nbsp; KCYEPTCF, 14.000%, 2/22/2026 †§‡Σ | Unchained | 3/07/2025 | 125000 | 125000 | 125587 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDHJB3BJ, 13.000%, 7/11/2026 †§#‡Σ | Unchained | 7/17/2025 | 1564492 | 1564492 | 1564492 |
| &nbsp;&nbsp;&nbsp;&nbsp; KF3T3YQ7, 13.000%, 6/05/2026 †§#‡Σ | Unchained | 6/12/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L4JDXN1P, 14.000%, 4/12/2026 †§#‡Σ | Unchained | 4/21/2025 | 155000 | 155000 | 155921 |
| &nbsp;&nbsp;&nbsp;&nbsp; L832K231, 14.000%, 2/22/2026 †§#‡Σ | Unchained | 3/07/2025 | 1350000 | 1350000 | 1356342 |
| &nbsp;&nbsp;&nbsp;&nbsp; LH68X8KY, 13.000%, 6/12/2026 †§#‡Σ | Unchained | 6/18/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LHBY8KY5, 13.000%, 5/08/2026 †§#‡Σ | Unchained | 5/15/2025 | 154001 | 154001 | 154001 |
| &nbsp;&nbsp;&nbsp;&nbsp; LJ7N1TF6, 14.000%, 4/19/2026 †§#‡Σ | Unchained | 4/28/2025 | 400000 | 400000 | 402454 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPUU6EX5, 14.000%, 3/28/2026 †§#‡Σ | Unchained | 4/04/2025 | 150000 | 150000 | 150830 |
| &nbsp;&nbsp;&nbsp;&nbsp; M4ARC18Q, 14.000%, 12/14/2025 †§#‡Σ | Unchained | 12/31/2024 | 645356 | 645356 | 647247 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDAU3XHQ, 13.000%, 7/26/2026 †§#‡Σ | Unchained | 8/01/2025 | 200000 | 200000 | 200000 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**361** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; MJKALRQY, 14.000%, 1/02/2026 †§#‡Σ | Unchained | 1/31/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351184 |
| &nbsp;&nbsp;&nbsp;&nbsp; MNHFPUJJ, 14.000%, 12/18/2025 †§#‡Σ | Unchained | 1/03/2025 | 391304 | 391304 | 392493 |
| &nbsp;&nbsp;&nbsp;&nbsp; MNTE2HMJ, 13.000%, 6/26/2026 †§#‡Σ | Unchained | 7/03/2025 | 175000 | 175000 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; N5L594RC, 14.000%, 12/18/2025 †§#‡Σ | Unchained | 12/31/2024 | 592922 | 592922 | 594724 |
| &nbsp;&nbsp;&nbsp;&nbsp; N5UXBHN6, 13.000%, 6/21/2026 †§#‡Σ | Unchained | 6/27/2025 | 225000 | 225000 | 225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; NA2NFQN1, 13.000%, 5/15/2026 †§#‡Σ | Unchained | 5/21/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; NHH5W5RR, 13.000%, 7/02/2026 †§#‡Σ | Unchained | 7/08/2025 | 355000 | 355000 | 355000 |
| &nbsp;&nbsp;&nbsp;&nbsp; NHYUW2WY, 14.000%, 3/07/2026 †§‡Σ | Unchained | 3/13/2025 | 4000000 | 4000000 | 4020213 |
| &nbsp;&nbsp;&nbsp;&nbsp; NK2DTJ9Y, 14.000%, 1/04/2026 †§#‡Σ | Unchained | 1/31/2025 | 400000 | 400000 | 401375 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMCWCFLT, 13.000%, 7/24/2026 †§#‡Σ | Unchained | 7/31/2025 | 260116 | 260116 | 260116 |
| &nbsp;&nbsp;&nbsp;&nbsp; P49CR5FB, 13.000%, 5/03/2026 †§#‡Σ | Unchained | 5/12/2025 | 1000000 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; P4U8TU3R, 14.000%, 3/22/2026 †§‡Σ | Unchained | 4/01/2025 | 180000 | 180000 | 180983 |
| &nbsp;&nbsp;&nbsp;&nbsp; P7X5TTC9, 14.000%, 1/09/2026 †#‡Σ | Unchained | 1/15/2025 | 7000000 | 7000000 | 7025019 |
| &nbsp;&nbsp;&nbsp;&nbsp; PK8L44D3, 13.000%, 6/18/2026 †§#‡Σ | Unchained | 6/24/2025 | 385000 | 385000 | 385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; PKEMQ23N, 13.000%, 5/08/2026 †§#‡Σ | Unchained | 5/14/2025 | 185554 | 185554 | 185554 |
| &nbsp;&nbsp;&nbsp;&nbsp; PLC8TQL2, 14.000%, 3/19/2026 †§‡Σ | Unchained | 3/25/2025 | 150000 | 150000 | 150807 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMM62YCT, 13.000%, 5/04/2026 †§#‡Σ | Unchained | 5/13/2025 | 377766 | 377766 | 377766 |
| &nbsp;&nbsp;&nbsp;&nbsp; PQA85XXQ, 13.000%, 7/11/2026 †§#‡Σ | Unchained | 7/17/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; PQP147CT, 14.000%, 1/11/2026 †§#‡Σ | Unchained | 1/31/2025 | 150000 | 150000 | 150544 |
| &nbsp;&nbsp;&nbsp;&nbsp; PXUBQTX5, 14.000%, 1/10/2026 †§#‡Σ | Unchained | 1/31/2025 | 187700 | 187700 | 188376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q221DYB5, 13.000%, 6/05/2026 †§#‡Σ | Unchained | 6/12/2025 | 177938 | 177938 | 177938 |
| &nbsp;&nbsp;&nbsp;&nbsp; QCX3DYFY, 13.000%, 7/10/2026 †§#‡Σ | Unchained | 7/17/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; QD5M2XUT, 14.000%, 1/08/2026 †§#‡Σ | Unchained | 1/17/2025 | 550000 | 550000 | 551951 |
| &nbsp;&nbsp;&nbsp;&nbsp; QE95TJTD, 14.000%, 1/30/2026 †§#‡Σ | Unchained | 2/07/2025 | 500000 | 500000 | 502037 |
| &nbsp;&nbsp;&nbsp;&nbsp; QHEHHJJQ, 14.000%, 3/28/2026 †§#‡Σ | Unchained | 4/04/2025 | 150000 | 150000 | 150830 |
| &nbsp;&nbsp;&nbsp;&nbsp; QJ5R2H3P, 14.000%, 9/26/2025 †§‡Σ | Unchained | 10/04/2024 | 1315975 | 1315975 | 1317107 |
| &nbsp;&nbsp;&nbsp;&nbsp; QMH22C56, 14.000%, 1/09/2026 †§#‡Σ | Unchained | 1/24/2025 | 1000000 | 1000000 | 1003574 |
| &nbsp;&nbsp;&nbsp;&nbsp; QU6D85TP, 14.000%, 4/02/2026 †§#‡Σ | Unchained | 4/08/2025 | 1562995 | 1562995 | 1571861 |
| &nbsp;&nbsp;&nbsp;&nbsp; QY7WPTY5, 14.000%, 4/02/2026 †§#‡Σ | Unchained | 4/09/2025 | 200000 | 200000 | 201134 |
| &nbsp;&nbsp;&nbsp;&nbsp; R5RX7EN6, 13.000%, 6/05/2026 †§#‡Σ | Unchained | 6/11/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; R67PB6FM, 13.000%, 8/06/2026 †§‡Σ | Unchained | 8/12/2025 | 234790 | 234790 | 234790 |
| &nbsp;&nbsp;&nbsp;&nbsp; R7PUU6WJ, 14.000%, 10/10/2025 †§#‡Σ | Unchained | 1/03/2025 | 150000 | 150000 | 150186 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCHRKBBL, 13.000%, 5/16/2026 †§#‡Σ | Unchained | 5/23/2025 | 1500000 | 1500000 | 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RHYQMR8F, 14.000%, 1/02/2026 †§#‡Σ | Unchained | 1/17/2025 | 983470 | 983470 | 986798 |
| &nbsp;&nbsp;&nbsp;&nbsp; RL7MUMNM, 14.000%, 11/21/2025 †§#‡Σ | Unchained | 3/07/2025 | 380592 | 380592 | 381480 |
| &nbsp;&nbsp;&nbsp;&nbsp; RNM72Q11, 14.000%, 4/11/2026 †§#‡Σ | Unchained | 4/21/2025 | 190000 | 190000 | 191124 |
| &nbsp;&nbsp;&nbsp;&nbsp; RQWDD89T, 13.000%, 5/08/2026 †§#‡Σ | Unchained | 5/15/2025 | 154059 | 154059 | 154059 |
| &nbsp;&nbsp;&nbsp;&nbsp; RX1ENUFQ, 14.000%, 3/26/2026 †§‡Σ | Unchained | 4/01/2025 | 75000 | 75000 | 75411 |
| &nbsp;&nbsp;&nbsp;&nbsp; RX6H1LYT, 14.000%, 2/01/2026 †§#‡Σ | Unchained | 2/14/2025 | 245000 | 245000 | 246011 |
| &nbsp;&nbsp;&nbsp;&nbsp; T2CKUY9K, 13.000%, 5/14/2026 †§#‡Σ | Unchained | 5/20/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; T9EE7852, 13.000%, 5/02/2026 †§#‡Σ | Unchained | 5/08/2025 | 1611396 | 1611396 | 1611396 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJP7E9LD, 14.000%, 10/30/2025 †§#‡Σ | Unchained | 11/08/2024 | 2000000 | 2000000 | 2003474 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKEU5PPC, 13.000%, 6/07/2026 †§#‡Σ | Unchained | 6/13/2025 | 450000 | 450000 | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TUH7YLKP, 14.000%, 2/26/2026 †§#‡Σ | Unchained | 3/07/2025 | 476000 | 476000 | 478289 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXW71AJF, 14.000%, 4/18/2026 †§#‡Σ | Unchained | 4/24/2025 | 150000 | 150000 | 150916 |
| &nbsp;&nbsp;&nbsp;&nbsp; U2PL5QWF, 14.000%, 12/04/2025 †#‡Σ | Unchained | 12/10/2024 | 10000000 | 10000000 | 10026595 |
| &nbsp;&nbsp;&nbsp;&nbsp; U3Q7L2EH, 14.000%, 12/07/2025 †§#‡Σ | Unchained | 12/31/2024 | 1100000 | 1100000 | 1103015 |
| &nbsp;&nbsp;&nbsp;&nbsp; U4AMTR91, 14.000%, 10/26/2025 †§#‡Σ | Unchained | 12/31/2024 | 258142 | 258142 | 258563 |
| &nbsp;&nbsp;&nbsp;&nbsp; U4H33TD4, 14.000%, 1/08/2026 †§#‡Σ | Unchained | 1/31/2025 | 650000 | 650000 | 652306 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAWMMXU8, 14.000%, 11/20/2025 †§#‡Σ | Unchained | 11/29/2024 | 1278197 | 1278197 | 1281144 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDBU9HNB, 13.000%, 5/24/2026 †§#‡Σ | Unchained | 5/30/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDJJ1YBA, 13.000%, 7/16/2026 †§#‡Σ | Unchained | 7/22/2025 | 175000 | 175000 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULFF35TC, 14.000%, 3/21/2026 †§‡Σ | Unchained | 3/28/2025 | 2300000 | 2300000 | 2312497 |
| &nbsp;&nbsp;&nbsp;&nbsp; UQJ94ANE, 14.000%, 11/27/2025 †§‡Σ | Unchained | 3/14/2025 | 200000 | 200000 | 200494 |
| &nbsp;&nbsp;&nbsp;&nbsp; URPXC11Y, 14.000%, 4/19/2026 †§#‡Σ | Unchained | 4/28/2025 | 175000 | 175000 | 176073 |
| &nbsp;&nbsp;&nbsp;&nbsp; UUY8QDWW, 13.000%, 5/28/2026 †§#‡Σ | Unchained | 6/03/2025 | 522346 | 522346 | 522346 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**362** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PLATFORM** | **ORIGINAL<br>ACQUISITION DATE** | **PRINCIPAL<br>AMOUNT** | **COST** | **FAIR<br>VALUE** |
| **United States - 17.17% (continued)** |  | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; W33KJC5F, 14.000%, 4/09/2026 †§#‡Σ | Unchained | 4/15/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854983 |
| &nbsp;&nbsp;&nbsp;&nbsp; W37AB26H, 13.000%, 7/18/2026 †§#‡Σ | Unchained | 7/25/2025 | 423500 | 423500 | 423500 |
| &nbsp;&nbsp;&nbsp;&nbsp; W87F9F73, 14.000%, 1/18/2026 †§#‡Σ | Unchained | 1/31/2025 | 217886 | 217886 | 218718 |
| &nbsp;&nbsp;&nbsp;&nbsp; W8LNU23U, 14.000%, 1/22/2026 †§#‡Σ | Unchained | 1/31/2025 | 150000 | 150000 | 150589 |
| &nbsp;&nbsp;&nbsp;&nbsp; WA3MC23D, 14.000%, 3/19/2026 †§‡Σ | Unchained | 3/25/2025 | 600000 | 600000 | 603228 |
| &nbsp;&nbsp;&nbsp;&nbsp; WB1NCP3J, 13.000%, 5/14/2026 †§#‡Σ | Unchained | 5/20/2025 | 193098 | 193098 | 193098 |
| &nbsp;&nbsp;&nbsp;&nbsp; WUMQRQ22, 14.000%, 3/05/2026 †§‡Σ | Unchained | 3/11/2025 | 325000 | 325000 | 326625 |
| &nbsp;&nbsp;&nbsp;&nbsp; WYEF1MTT, 13.000%, 7/05/2026 †§#‡Σ | Unchained | 7/14/2025 | 722231 | 722231 | 722231 |
| &nbsp;&nbsp;&nbsp;&nbsp; WYQACY5Q, 13.000%, 6/01/2026 †§#‡Σ | Unchained | 6/09/2025 | 500000 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; X1QK5D6R, 13.000%, 7/05/2026 †§#‡Σ | Unchained | 7/14/2025 | 738269 | 738269 | 738269 |
| &nbsp;&nbsp;&nbsp;&nbsp; X623HWL8, 14.000%, 12/08/2025 †#‡Σ | Unchained | 12/13/2024 | 10329885 | 10329885 | 10358478 |
| &nbsp;&nbsp;&nbsp;&nbsp; XCEFMK7A, 13.000%, 6/18/2026 †§#‡Σ | Unchained | 6/25/2025 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; XCY52B68, 13.000%, 8/09/2026 †§‡Σ | Unchained | 8/15/2025 | 1262678 | 1262678 | 1262678 |
| &nbsp;&nbsp;&nbsp;&nbsp; XHN1DMR6, 14.000%, 2/28/2026 †§‡Σ | Unchained | 3/07/2025 | 235500 | 235500 | 236645 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPPPR99U, 13.000%, 7/26/2026 †§#‡Σ | Unchained | 8/01/2025 | 300000 | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; XWR4YEDH, 14.000%, 10/16/2025 †§#‡Σ | Unchained | 12/31/2024 | 814263 | 814263 | 815404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Y6XJFK8Y, 14.000%, 2/22/2026 †#‡Σ | Unchained | 3/07/2025 | 5160749 | 5160749 | 5184994 |
| &nbsp;&nbsp;&nbsp;&nbsp; YDBTMC94, 14.000%, 2/28/2026 †§#‡Σ | Unchained | 3/07/2025 | 150000 | 150000 | 150729 |
| &nbsp;&nbsp;&nbsp;&nbsp; YFTKKYFN, 13.000%, 7/23/2026 †§#‡Σ | Unchained | 7/29/2025 | 1257946 | 1257946 | 1257946 |
| &nbsp;&nbsp;&nbsp;&nbsp; YU53JRYC, 13.000%, 6/25/2026 †§#‡Σ | Unchained | 7/01/2025 | 500000 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Small Business Loans, 11.440% - 88.400% 6/29/2022 - 8/16/2047 †x#^ | BlueVine | 12/26/2019 -<br>8/29/2025 | 21828380 | 22454676 | 10822089 |
|  **Total Small Business Loans** |  |  |  | **293437186** | **282016944** |
|  **Total Loan Participations** |  |  |  | **493147765** | **397740817** |
|  |  |  | **SHARES** |  |  |
|  **Other - 9.67%** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States - 9.67%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MDOF Investments II, LLC ‡//•  |  | 1/18/2018 | 36561515 | 16027809 | 21187983 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFMP K1508, LLC ‡//•# |  | 11/16/2018 | 10059203 | 12459203 | 18337444 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFMP K1512, LLC ‡//•# |  | 7/25/2019 | 9406640 | 11806640 | 18266114 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFMP KF61, LLC ‡//•  |  | 5/16/2019 | 10000000 | 4408268 | 4712860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unison Midgard Fund LP ‡//ƒ# |  | 4/11/2019 | 382219 | 40595066 | 96290630 |
|  **Total Other** |  |  |  | **85296986** | **158795031** |
|  **TOTAL OTHER LOAN INVESTMENTS** | **TOTAL OTHER LOAN INVESTMENTS** |  |  | **578444751** | **556535848** |
|  **ASSET-BACKED SECURITIES - 10.34%** | **ASSET-BACKED SECURITIES - 10.34%** | **ASSET-BACKED SECURITIES - 10.34%** |  |  |  |
| **United States - 10.34%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACHV ABS TRUST 2024-2PL CERT 10/27/2031 x//÷ |  | 8/28/2024 | 5083 | 476 | 1365426 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACHV ABS TRUST 2025-1PL CERT 4/26/2032 x//÷ |  | 3/12/2025 | 19350 | 2466953 | 4451883 |
| &nbsp;&nbsp;&nbsp;&nbsp; AFFIRM ASSET SEC TR 2024-X1 CERT 5/15/2029 x//÷ |  | 5/02/2024 | 9072 |  | 105694 |
| &nbsp;&nbsp;&nbsp;&nbsp; AFFIRM ASSET SEC TR 2025-X1 CERT 4/15/2030 x//÷ |  | 5/02/2025 | 60000 | 1933597 | 3908926 |
| &nbsp;&nbsp;&nbsp;&nbsp; BEAST 2024-B CERT 12/15/2034 x//÷ |  | 12/06/2024 | 11935 | 1084885 | 3248860 |
| &nbsp;&nbsp;&nbsp;&nbsp; BEAST 2025-A CERT 1/15/2035 x//÷ |  | 1/16/2025 | 1830 | 226506 | 262423 |
| &nbsp;&nbsp;&nbsp;&nbsp; BEAST 2025-B CERT 2/15/2025 x//÷ |  | 2/18/2025 | 1766 | 221685 | 354154 |
| &nbsp;&nbsp;&nbsp;&nbsp; BEAST 2025-C CERT 3/15/2035 x//÷ |  | 3/14/2025 | 2002 | 150278 | 242393 |
| &nbsp;&nbsp;&nbsp;&nbsp; BEAST 2025-D CERT 4/15/2035 x//÷ |  | 4/16/2025 | 33106 | 4860577 | 7136363 |
| &nbsp;&nbsp;&nbsp;&nbsp; BEAST 2025-E CERT 6/15/2035 x//÷ |  | 6/12/2025 | 36046 | 8456171 | 10478295 |
| &nbsp;&nbsp;&nbsp;&nbsp; BEAST 2025-F CERT 8/15/2035 x//÷ |  | 8/14/2025 | 40475 | 9198709 | 9488827 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2016-B CERT 10/25/2040 x//&# |  | 10/20/2016 | 100000 | 3119815 | 2422129 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2017-AGS R CERT 5/25/2041 x//&# |  | 6/07/2017 | 100000 | 3619396 | 2150430 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**363** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ORIGINAL<br>ACQUISITION DATE** | **SHARES** | **COST** | **FAIR<br>VALUE** |
| **United States - 10.34% (continued)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2017-BGS R CERT 9/25/2042 x//&# | 10/25/2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4673529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214505 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2018-AGS R CERT 2/25/2044 x//&# | 3/14/2018 | 100000 | 5050701 | 2330742 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2018-BGS R CERT 9/25/2045 x//&# | 8/01/2018 | 100000 | 5146977 | 2314747 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2018-CGS R CERT 2/25/2046 x//&# | 12/12/2018 | 100000 | 7496508 | 3753573 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2019-AGS R CERT 1/25/2047 x//& | 10/29/2019 | 100000 | 4843379 | 2626975 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBSLT 2020-AGS R CERT 08/25/2050 x//& | 6/08/2020 | 100000 | 4517868 | 3849125 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREED 2020-FP 1 CERT Mtge 03/18/2027 x//÷# | 1/30/2020 | 30301 | 14445 | 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust 2025-P9 8/15/2040 x//÷ | 6/23/2025 | 547500 | 14507896 | 14872489 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust Series 2025-P10 9/17/2040 x//÷ | 7/21/2025 | 697200 | 15042755 | 15246250 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust Series 2025-P12 10/15/2040 x//÷ | 8/22/2025 | 687300 | 12569473 | 12585552 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Structured Loan Certificate Issuer Trust Series 2025-P8 7/16/2040 x//÷ | 5/27/2025 | 323400 | 10065337 | 11176948 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROSPER MARKETPLACE ISS 2023-1 D 7/16/2029 x//÷ | 9/22/2023 | 700000 | 699896 | 713536 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPGRADE 2025-2 Mtge 2025-ST2 6/15/2032 x//÷ | 4/24/2025 | 9807000 | 7463625 | 8217013 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPGRADE 2025-4 Mtge 2025-ST4 8/16/2032 x//÷ | 6/27/2025 | 5461000 | 4814927 | 4964155 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPST 2022-1 C 3/20/2032, 8.430% x//÷ | 4/01/2022 | 10800000 | 10686216 | 6219969 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPST 2022-2 C 5/20/2032, 5.710% x//÷ | 5/26/2022 | 18602295 | 18504929 | 15847671 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPST 2022-3 B 6/20/2032, 8.500% x//÷ | 6/29/2022 | 10200000 | 10001282 | 9849028 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPST 2022-4 B 8/20/2032, 8.680% x//÷ | 8/16/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434428 | 5433071 | 5345850 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPST 2023-2 C 6/20/2033, 11.870% x//÷ | 6/29/2023 | 500000 | 499960 | 532270 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPST STR PSTHRU 2022-4A C 11/15/2030, 10.900% x//÷ | 10/17/2022 | 1507000 | 1485868 | 1485532 |
|  **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** |  | **178857690** | **169768444** |
|  **EQUITY SECURITIES - 1.06%** |  |  |  |  |
|  **Financial Services - 1.06%** |  |  |  |  |
| **United States - 1.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Common Stock ‡//# | 3/28/2025 | 2044454 | 1717722 | 1653411 |
| &nbsp;&nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series A Preferred ‡//# | 12/14/2016 | 3129118 | 2389663 | 2530612 |
| &nbsp;&nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series B Preferred ‡//# | 12/07/2016 | 4979900 | 4371356 | 4027395 |
| &nbsp;&nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series B-2 Preferred ‡//# | 10/16/2020 | 1111976 | 1000000 | 899288 |
| &nbsp;&nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Series Seed Preferred ‡//# | 12/14/2016 | 555556 | 424270 | 449295 |
| &nbsp;&nbsp;&nbsp;&nbsp; ApplePie Capital, Inc. Warrant, Expiration 10/16/2025, Exercise Price: $0.0100 ‡//# | 10/16/2020 | 476592 | 477 | 380668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upgrade, Inc. Series C ‡//# | 8/25/2021 | 1111112 | 3500003 | 5000004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upgrade, Inc. Series E ‡//# | 7/29/2021 | 512088 | 1649999 | 2304396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upgrade, Inc. Series F ‡//# | 11/22/2021 | 53226 | 299995 | 239517 |
|  **TOTAL EQUITY SECURITIES** | **TOTAL EQUITY SECURITIES** |  | **15353485** | **17484586** |
|  **SHORT-TERM INVESTMENTS - 5.55%** |  |  |  |  |
|  **Cash and Cash Equivalents - 5.55%** |  |  |  |  |
|  **Money Market Funds - 0.90%** |  |  |  |  |
| **United States - 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments Trust - Invesco Treasury Portfolio - Institutional Class - 4.16% ~= | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments Trust - Invesco Treasury Portfolio - Institutional Class - 4.16% ~= | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14773524 | 14773524 | 14773524 |
|  **Total Money Market Funds** |  |  | **14773524** | **14773524** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**364** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT** | **PRINCIPAL<br>AMOUNT** | **COST** | **COST** | **FAIR<br>VALUE** |
|  **U.S. Treasury Bill - 4.65%** |  |  |  |  |  |
| **United States - 4.65%** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bill - 3.96%, 11/13/2025 ![LOGO](g85451g23a01.jpg)  | $| 77000000 | $| &nbsp;&nbsp;&nbsp;&nbsp;76358171 | $&nbsp;&nbsp;&nbsp;&nbsp;76372866 |
|  |  |  |  | **76358171** | **76372866** |
|  **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  | **91131695** | **91146390** |
|  **TOTAL INVESTMENTS - 148.26%** | **TOTAL INVESTMENTS - 148.26%** | **TOTAL INVESTMENTS - 148.26%** |  | **2715529951** | **2434727320** |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS - (48.26)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (48.26)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (48.26)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (48.26)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (48.26)%** | **(792520125)** |
|  **TOTAL NET ASSETS - 100.00%** | **TOTAL NET ASSETS - 100.00%** | **TOTAL NET ASSETS - 100.00%** |  |  | $**1642207195** |

---

Percentages are stated as a percent of net assets.

Principal amounts are stated in U.S. Dollars unless otherwise stated.

SOFR - Secured Overnight Financing Rate.

The Consolidated Summary Schedule of Investments lists individually all investments with a market value greater than $20,000.

† Security may be deemed restricted to resale to institutional investors. The aggregate value of these securities is
$1,997,532,869 which represents 121.64% of net assets.

§ Pledged security or includes pledged securities used as collateral for the Fund's financing facilities. (See Note 9).

‡ Security is fair valued by the Adviser pursuant to procedures approved by the Board of Trustees. The aggregate value of
these securities is $424,874,261 which represents 25.87% of net assets. Value is determined using significant unobservable inputs.

× Security is fair valued by a third-party valuation specialist pursuant to procedures approved by the Board of Trustees. Value is determined using significant unobservable inputs.

¶ Rate of return to the Fund is implied based on an 18-month final maturity.

¥ Rate of return to the Fund is implied based on an 9-month final maturity.

---

| | |
|:---|:---|
| // | Security is restricted to resale to institutional investors. The aggregate value of these securities is $346,048,061 which represents 21.07% of net assets.  |

---

& Underlying holdings are student loans.

÷ Underlying holdings are consumer loans.

• Underlying holdings are multi-family residential property loans.

ƒ Underlying holdings are appreciation interests in single family homes.

# Non-income producing security or includes non-income producing securities.

---

| | |
|:---|:---|
| ^ | Delinquent or defaulted loans or includes delinquent or defaulted loans that have matured but are still in repayment process. The aggregate value of these securities is $15,319,947 which represents 0.93% of net assets.  |

---

¡ Loan made to professional athlete and references expected maturity date.

Σ Loan collateralized by Bitcoin.

~ Rate shown is 7-day effective yield.

= All or a portion of this security is pledged as collateral for forward currency contracts. (See Note 2).

« Rate shown is the yield to maturity. The calculation assumes the security is held to maturity.

---

| | |
|:---|:---|
| ![LOGO](g85451g23a01.jpg) | Rate shown is the effective yield as of August 31, 2025. The calculation assumes the security is held to maturity.  |

---

---

| | |
|:---|:---|
| <sup>![LOGO](g85451g91a01.jpg)</sup> | Security or includes securities that have a partially funded commitment. Draw period is 5 years from acquisition date.  |

---

Δ Security is a home equity line of credit (HELOC) collateralized by a lien on a home.

◇ Pledged security or includes pledged securities as collateral for the Fund's reverse repurchase agreements.

**Open Forward Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **FORWARD<br>SETTLEMENT<br>DATE** | **CURRENCY TO<br>BE RECEIVED** | **AMOUNT OF<br>CURRENCY TO BE<br>RECEIVED IN<br>LOCAL<br>CURRENCY** | **CURRENCY TO<br>BE DELIVERED** | **AMOUNT OF<br>CURRENCY TO BE<br>DELIVERED IN<br>LOCAL<br>CURRENCY** | **UNREALIZED<br>APPRECIATION** |
|  MORGAN STANLEY & CO. INCORPORATED | 12/19/2025 | British Pound | 1000000 | U.S. Dollar | 1337125 | $15125 |
|  MORGAN STANLEY & CO. INCORPORATED | 12/19/2025 | U.S. Dollar | 4877496 | British Pound | 3600000 | 9395 |
|  **TOTAL OPEN FORWARD CURRENCY CONTRACTS** | **TOTAL OPEN FORWARD CURRENCY CONTRACTS** | **TOTAL OPEN FORWARD CURRENCY CONTRACTS** | **TOTAL OPEN FORWARD CURRENCY CONTRACTS** |  |  | $**24520** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**365** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

**Open Risk Share Contracts** 

**Description: Consumer Loans—United States** 

**Type: Receive** 

**Strike: Actual losses greater than expected losses** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY**<br> **INVESTMENT** | **REFERENCE ENTITY<br>VINTAGE** | **REFERENCE ENTITY<br>INTEREST RATE<br>RANGE** | **REFERENCE ENTITY<br>MATURITY DATE<br>RANGE** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** | **UNREALIZED**<br> **APPRECIATION/**<br> **(DEPRECIATION)** |
| Contract 025<sup>(1)(2)(3)(4)</sup> D | March 1, 2024 - March 31, 2024 | 6.000% - 31.080% | March 8, 2027 -<br>September 11, 2029 | 9/30/2025 | $4292281 | $93951 |
| Contract 026<sup>(1)(2)(3)</sup> F | January 1, 2024 - March 31, 2024 | 11.920% - 31.400% | February 16, 2026 -<br>January 20, 2030 | 9/30/2025 | 7765361 |  |
| Contract 027<sup>(1)(2)(3)(4)</sup> E | January 1, 2024 - March 31, 2024 | 6.000% - 17.470% | January 2, 2027 -<br>March 19, 2029 | 9/30/2025 | 10224214 | 755777 |
| Contract 028<sup>(1)(2)(3)(4)</sup> E | January 1, 2024 - March 31, 2024 | 16.620% - 28.520% | January 2, 2027 -<br>March 1, 2029 | 9/30/2025 | 751366 | 48698 |
| Contract 029<sup>(1)(2)(3)</sup> B | February 1, 2024 - March 31, 2024 | 6.051% - 29.490% | February 15, 2026 -<br>March 18, 2030 | 9/30/2025 | 3345686 |  |
| Contract 030<sup>(1)(2)(3)(4)</sup> D | April 1, 2024 - April 30, 2024 | 6.000% - 32.300% | April 1, 2027 -<br>March 6, 2030 | 10/31/2025 | 27149579 | 21063 |
| Contract 031<sup>(1)(2)(3)(4)</sup> D | May 1, 2024 - May 31, 2024 | 6.000% - 32.390% | May 1, 2027 -<br>March 20, 2030 | 11/30/2025 | 26594769 | (229711) |
| Contract 032<sup>(1)(2)(3)(4)</sup> D | June 1, 2024 - June 30, 2024 | 6.000% - 32.370% | June 3, 2027 -<br>April 17, 2030 | 12/31/2025 | 19803659 | (53043) |
| Contract 033<sup>(1)(2)(3)</sup> B | April 1, 2024 - June 30, 2024 | 5.000% - 25.740% | April 15, 2026 -<br>May 30, 2030 | 12/31/2025 | 6754022 |  |
| Contract 034<sup>(1)(2)(3)</sup> F | April 1, 2024 - June 30, 2024 | 11.920% - 31.400% | April 9, 2027 -<br>May 18, 2030 | 12/31/2025 | 8583417 |  |
| Contract 035<sup>(1)(2)(3)(4)</sup> D | July 1, 2024 - July 31, 2024 | 6.000% - 32.350% | July 1, 2027 -<br>May 5, 2030 | 1/31/2026 | 7465406 | (79770) |
| Contract 036<sup>(1)(2)(3)(4)</sup> D | August 1, 2024 - August 31, 2024 | 6.000% - 32.390% | August 1, 2027 -<br>June 27, 2030 | 2/28/2026 | 39367517 | (207082) |
| Contract 037<sup>(1)(2)(3)(4)</sup> D | September 1, 2024 - September 30, 2024 | 10.400% - 32.390% | September 3, 2027 -<br>July 12, 2030 | 3/31/2026 | 14928659 | 65503 |
| Contract 038<sup>(1)(2)(3)(4)</sup> E | July 1, 2024 - September 30, 2024 | 7.220% - 17.580% | July 2, 2027 -<br>October 24, 2029 | 9/30/2027 | 23183833 | 408940 |
| Contract 039<sup>(1)(2)(3)</sup> F | July 1, 2024 - September 30, 2024 | 7.990% - 26.400% | August 6, 2026 -<br>August 17, 2030 | 9/30/2027 | 11264289 | 311391 |
| Contract 040<sup>(1)(2)(3)</sup> B | July 1, 2024 - August 31, 2024 | 5.000% - 27.240% | July 17, 2026 -<br>August 30, 2030 | 2/28/2026 | 4876253 |  |
| Contract 041<sup>(1)(2)(3)(4)</sup> D | October 1, 2024 - October 31, 2024 | 6.000% - 32.390% | October 1, 2027 -<br>August 28, 2030 | 4/30/2026 | 16550433 | 644523 |
| Contract 042<sup>(1)(2)(3)(4)</sup> D | November 1, 2024 - November 30, 2024 | 6.000% - 32.390% | November 20, 2027 -<br>October 1, 2030 | 5/30/2026 | 20111074 | 126272 |
| Contract 043<sup>(1)(2)(3)(4)</sup> D | December 1, 2024 - December 31, 2024 | 6.000% - 32.390% | December 16, 2027 -<br>October 23, 2030 | 6/30/2026 | 15805109 | 93832 |
| Contract 044<sup>(1)(2)(3)(4)</sup> E | October 1, 2024 - December 31, 2024 | 6.650% - 18.070% | September 27, 2027 -<br>December 25, 2029 | 12/31/2027 | 37142245 | 440830 |
| Contract 045<sup>(1)(2)(3)</sup> F | October 1, 2024 - December 31, 2024 | 7.990% - 25.480% | October 23, 2026 -<br>November 26, 2030 | 12/31/2027 | 11793354 | 157085 |
| Contract 046<sup>(1)(2)(3)(4)</sup> D | January 1, 2025 - January 31, 2025 | 6.000% - 32.390% | January 27, 2028 -<br>November 28, 2030 | 7/31/2026 | 18041404 | 299711 |
| Contract 047<sup>(1)(2)(3)(4)</sup> D | February 1, 2025 - February 28, 2025 | 6.000% - 32.390% | February 3, 2028 -<br>December 3, 2030 | 8/30/2026 | 15114477 | 262771 |
| Contract 048<sup>(1)(2)(3)</sup> F | January 1, 2025 - March 31, 2025 | 8.000% - 23.700% | January 22, 2027 -<br>February 26, 2031 | 3/31/2028 | 18182554 | 289828 |
| Contract 049<sup>(1)(2)(3)(4)</sup> E | January 1, 2025 - March 31, 2025 | 6.730% - 17.580% | January 6, 2028 -<br>March 31, 2030 | 3/31/2028 | 18442354 | 128548 |
| Contract 051<sup>(1)(2)(3)(4)</sup> D | April 1, 2025 - April 30, 2025 | 9.740% - 32.390% | April 1, 2028 -<br>September 2, 2030 | 10/31/2026 | 4384396 | 52842 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements. (Continued)

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**366** 

------

<u>Consolidated Summary Schedule of Investments</u>   <u>As of August 31, 2025 (Unaudited)</u>

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY**<br> **INVESTMENT** | **REFERENCE ENTITY<br>VINTAGE** | **REFERENCE ENTITY<br>INTEREST RATE<br>RANGE** | **REFERENCE ENTITY<br>MATURITY DATE<br>RANGE** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** | **UNREALIZED**<br> **APPRECIATION/**<br> **(DEPRECIATION)** |
| Contract 052<sup>(1)(2)(3)(4)</sup> D | May 1, 2025 - May 31, 2025 | 9.150% - 32.600% | May 1, 2028 -<br>October 27, 2030 | 11/30/2026 | $28717645 | $93003 |
| Contract 053<sup>(1)(2)(3)(4)</sup> D | June 1, 2025 - June 30, 2025 | 6.000% - 32.390% | June 2, 2028 -<br>November 24, 2030 | 6/30/2027 | 59288206 | (211084) |
| Contract 054<sup>(1)(2)(3)</sup> F | April 1, 2025 - June 30, 2025 | 7.990% - 25.180% | April 4, 2027 -<br>July 10, 2030 | 6/30/2028 | 10165207 | 57340 |
| Contract 055<sup>(1)(2)(3)</sup> F | July 1, 2025 - July 31, 2025 | 8.000% - 23.740% | July 23, 2027 -<br>July 23, 2030 | 7/31/2028 | 1417265 | 6675 |
| Contract 056<sup>(1)(2)(3)(4)</sup> D | July 1, 2025 - July 31, 2025 | 6.000% - 32.390% | July 22, 2028 -<br>August 1, 2030 | 7/31/2027 | 32407951 | (85149) |
|  **Total Open Risk Share Contracts** | **Total Open Risk Share Contracts** | **Total Open Risk Share Contracts** | **Total Open Risk Share Contracts** |  |  | $**3492744** |

---

(1) Contract is non-income producing and is fair valued by a third-party valuation specialist pursuant to procedures approved
by the Board of Trustees. Value is determined using significant unobservable inputs.

(2) Contract is restricted to resale to institutional investors. The aggregate net value of these contracts is $3,492,744
which represents 0.21% of net assets.

(3) If the current expected losses of whole loan vintages are more than initial expected losses, the Fund will receive from
the alternative lending planform an amount equal to such deficit (subject to a Cap.)

(4) If the current expected losses of select whole loan vintages are less than initial expected losses, the Fund must pay the
alternative lending platform an amount equal to such deficit (subject to a Cap.)

**Unfunded Commitments** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LOAN ID** | **PLATFORM** | **TOTAL<br>COMMITMENTS** | **LESS: FUNDED<br>COMMITMENTS** | **TOTAL UNFUNDED<br>COMMITMENTS** |
| 5000051630 | Achieve | $150000 | $149207 | $793 |
| 5000052512 | Achieve | 56700 | 56000 | 700 |
| 5000052624 | Achieve | 53200 | 5200 | 48000 |
| 5000052878 | Achieve | 48100 | 48000 | 100 |
|  **TOTAL** |  | $**308000** | $**258407** | $**49593** |

---

**Reverse Repurchase Agreements** 

---

| | | |
|:---|:---|:---|
| **DESCRIPTION** | **PRINCIPAL<br>VALUE** | **AMORTIZED<br>COST** |
| **REVERSE REPURCHASE AGREEMENTS SOLD** | | |
|  Repurchase Agreement with Goldman Sachs, dated 07/10/2025, 6.24%, collateralized by $266,859,096 of Whole Loans, due 01/12/2026 | $170000000 | $170000000 |
|  **TOTAL REVERSE REPURCHASE AGREEMENTS SOLD** | $**170000000** | $**170000000** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**367** 

------

<u>Consolidated Statement of Assets and Liabilities</u>   <u>As of August 31, 2025 (Unaudited)</u>

---

| | |
|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
| **ASSETS:** |  |
|  Investments, at fair value<sup>(1)</sup> | $2434727320 |
|  Cash | 5294317 |
|  Foreign currencies, at fair value<sup>(2)</sup> | 43583 |
|  Interest receivable | 19958700 |
|  Principal paydowns receivable | 7657357 |
|  Unrealized appreciation on risk share contracts | 4358583 |
|  Prepaid commitment fees | 231783 |
|  Risk share contracts receivable | 151776 |
|  Receivable for fund shares sold | 69530 |
|  Unrealized appreciation on forward currency contracts | 24520 |
|  Other assets | 265409 |
| **Total assets** | **2472782878** |
| **LIABILITIES:** |  |
|  Loans payable | 649000000 |
|  Reverse repurchase agreements | 170000000 |
|  Interest payable | 2262137 |
|  Payable to Adviser for advisory fees | 2082658 |
|  Payable for investment securities purchased | 1591180 |
|  Interest payable on reverse repurchase agreement | 914506 |
|  Unrealized depreciation on risk share contracts | 865839 |
|  Accrued service fees | 150163 |
|  Collateral at broker for forward currency contracts | 100000 |
|  Accrued distribution and service fees | 69422 |
|  Payable to Trustees | 17015 |
|  Payable for Chief Compliance Officer compensation | 4066 |
|  Other accrued expenses and liabilities | 3518697 |
| **Total liabilities** | **830575683** |
| **Total net assets** | $**1642207195** |
| **NET ASSETS CONSIST OF:** |  |
|  Capital stock | $1665764822 |
|  Accumulated loss | (23557627) |
| **Total net assets** | $**1642207195** |
|  Net assets | $1642207195 |
|  Shares outstanding | 35481813 |
|  Net asset value, offering and redemption price per share | $46.28 |
| (1) Cost of investments | $2715529951 |
| (2) Cost of foreign currencies | 60917 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**368** 

------

<u>Consolidated Statement of Operations</u>   <u>For the Period Ended August 31, 2025 (Unaudited)</u>

---

| | |
|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
| **INVESTMENT INCOME:** |  |
|  Interest income | $165114626 |
|  PIK interest income | 11446643 |
|  Dividend income | 1161428 |
|  Other income | 71027 |
| **Total investment income** | **177793724** |
| **EXPENSES** |  |
|  Interest expense | 24404165 |
|  Loan servicing fees | 14104044 |
|  Advisory fees (See Note 4) | 12538348 |
|  Fund accounting and administration fees | 2023633 |
|  Interest expense on reverse repurchase agreement | 1561140 |
|  Distribution and service fees (See Note 5) | 528686 |
|  Service fees (See Note 5) | 528686 |
|  Audit and tax related fees | 447082 |
|  Custody fees | 443533 |
|  Legal fees | 330781 |
|  Commitment fees (See Note 2) | 256396 |
|  Trustees fees and expenses | 99283 |
|  Transfer agency fees and expenses | 84491 |
|  Chief Compliance Officer compensation | 31443 |
|  Other expenses | 2973190 |
| **Total expenses** | **60354901** |
| **Net investment income** | **117438823** |
| **NET REALIZED AND UNREALIZED LOSS:** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (107050885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (116223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (288985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | 3538027 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 32126035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (1733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (109071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | (5398924) |
| **Net realized and unrealized loss** | **(77301759)** |
| **Net increase in net assets resulting from operations** | $**40137064** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**369** 

------

<u>Consolidated Statements of Changes in Net Assets</u>    

---

| | | |
|:---|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
|  | **PERIOD ENDED<br>AUGUST 31, 2025<br>(UNAUDITED)** | **YEAR ENDED<br>FEBRUARY 28, 2025** |
| **OPERATIONS:** |  |  |
|  Net investment income | $117438823 | $263955475 |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (107050885) | (292322626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (116223) | 499903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (288985) | (931708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in payments from affiliates |  | 50058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | 3538027 | 4722512 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 32126035 | 82763922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (1733) | (236106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (109071) | 905669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts | (5398924) | 267935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | **40137064** | **59675034** |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions | (32900000) |  |
|  Return of capital distributions |  | (70599986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions** | **(32900000)** | **(70599986)** |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
|  Proceeds from shares sold | 52389533 | 219562483 |
|  Proceeds from shares issued to holders in reinvestment of distributions | 7633931 | 18066125 |
|  Cost of shares redeemed | (173859434) | (372429272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital share transactions** | **(113835970)** | **(134800664)** |
| **Total decrease in net assets** | **(106598906)** | **(145725616)** |
| **NET ASSETS:** |  |  |
|  Beginning of period | 1748806101 | 1894531717 |
| **End of period** | $**1642207195** | $**1748806101** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**370** 

------

<u>Consolidated Statement of Cash Flows</u>   <u>For the Period Ended August 31, 2025 (Unaudited)</u>

---

| | |
|:---|:---|
|  | **STONE RIDGE ALTERNATIVE<br>LENDING RISK PREMIUM FUND** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |
|  Net increase in net assets resulting from operations | $40137064 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | (32126035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | 107050885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on foreign currencies | 117956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on forward currency contracts | 109071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on risk share contracts | 5398924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and accretion of premium and discount | 16458924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK interest income | (11446643) |
| Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 6514217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 6423979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns receivable | 3762441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 1591180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable on reverse repurchase agreement | 914506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk share contracts receivable | 671198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser for advisory fees | 79685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 33593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued service fees | 18926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution and service fees | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Chief Compliance Officer compensation | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid commitment fees | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Trustees | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral at broker for forward currency contracts | (30000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (155212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | (336257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities | (1440455) |
|  Proceeds from principal paydowns and sale of investments | 828872317 |
|  Purchases of investments | (911347296) |
|  Net purchases and sales of short-term investments | 18005842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | **79284149** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 52927744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loans payable | 278700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paydowns on loans payable | (379700000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reverse repurchase agreements | 170000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distributions to shareholders | (25266069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment on shares redeemed | (173859434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in financing activities** | **(77197759)** |
|  Effect of exchange rate changes on cash | (117956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in cash and restricted cash | 1968434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and restricted cash, beginning of year | 3325883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash and restricted cash, end of year** | $**5294317** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions | $7633931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest on loans outstanding and reverse repurchase agreements | $25387056 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**371** 

------

<u>Consolidated Financial Highlights</u>    

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** | **STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** |
|  | **PERIOD<br>ENDED<br>AUGUST 31,<br>2025<br>(UNAUDITED)** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2025** | **YEAR<br>ENDED<br>FEBRUARY 29,<br>2024** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2023** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2022** | **YEAR<br>ENDED<br>FEBRUARY 28,<br>2021** |
| **Per Share Data\*:** |  |  |  |  |  |  |
|  Net asset value, beginning of period | $46.09 | $46.40 | $48.79 | $51.23 | $57.09 | $51.10 |
| Income from investment operations |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 3.26 | 6.81 | 7.13 | 7.41 | 6.45 | 5.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (2.14) | (5.27) | (7.60) | (7.31) | 5.97 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.12 | 1.54<sup>(8)</sup> | (0.47) | 0.10<sup>(8)</sup> | 12.42<sup>(8)</sup> | 8.09 |
| Less distributions to shareholders |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.93) |  |  | (2.54) | (7.52) | (2.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (10.76) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital distributions |  | (1.85) | (1.92) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.93) | (1.85) | (1.92) | (2.54) | (18.28) | (2.10) |
|  Net asset value, end of period | $46.28 | $46.09 | $46.40 | $48.79 | $51.23 | $57.09 |
|  Total return<sup>(2)</sup> | 2.45%<sup>(9)</sup> | 3.40% | (0.99)% | 0.16% | 24.15%<sup>(3)</sup> | 16.43%<sup>(3)</sup> |
| **Supplemental Data and Ratios:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, end of period (000s) | $1642207 | $1748806 | $1894532 | $2177455 | $2309392 | $2291683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (before expense reimbursement/recoupment)<sup>(4)(5)</sup> | 7.22%<sup>(10)</sup> | 6.63% | 6.83% | 5.05% | 4.00% | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets (after expense reimbursement/recoupment)<sup>(4)(5)</sup> | 7.22%<sup>(10)</sup> | 6.63% | 6.83% | 5.06% | 4.02% | 4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets (before expense reimbursement/recoupment)<sup>(4)(6)</sup> | 14.05%<sup>(10)</sup> | 14.79% | 14.99% | 14.79% | 11.91% | 10.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets (after expense reimbursement/recoupment)<sup>(4)(6)</sup> | 14.05%<sup>(10)</sup> | 14.79% | 14.99% | 14.78% | 11.89% | 10.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 27.46%<sup>(9)</sup> | 59.36% | 53.07% | 58.21% | 77.89% | 23.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior security, end of period (000's) | $625000 | $750000 | $675000 | $880000 | $645000 | $650047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset coverage, per $1,000 of senior security principal amount<sup>(7)</sup> | $3628 | $3332 | $3807 | $3474 | $4580 | $4525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset coverage ratio of senior security<sup>(7)</sup> | 363% | 333% | 381% | 347% | 458% | 453% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net investment income per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total return represents the rate that an investor would have earned (or lost) on an investment in the Fund during the year (assuming the reinvestment of all distributions).

&nbsp;&nbsp;&nbsp;&nbsp;(3) As a result of equity returns relating to initial public offerings by platforms, the Fund's performance was unusually strong for the period shown and should not be extrapolated for future periods.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes borrowing and investment-related expenses not covered by the Fund's expense limitation agreement. (See Note 4).

&nbsp;&nbsp;&nbsp;&nbsp;(5) Does not include underlying funds' expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Does not include underlying funds' net investment income.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Represents value of total assets less all liabilities not represented by senior securities at the end of the period divided by senior security principal outstanding at the end of the period.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Includes increase in payments by affiliates of less than $0.01.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Annualized.

\* Effective August 28, 2020, the Fund completed a 1:5 reverse stock split. Share amounts for all periods through February 28, 2021 have been adjusted to give effect to the 1:5 reverse stock split.

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**372** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

**1. Organization** 

Stone Ridge Trust V (the "Trust") was organized as a Delaware statutory trust on November 4, 2015, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a continuously-offered closed-end management investment company issuing shares.

As of August 31, 2025, the Trust consisted of one series: the Stone Ridge Alternative Lending Risk Premium Fund (the "Fund"). The Fund commenced investment operations on May 23, 2016, and commenced offering its shares publicly on June 1, 2016, following the effectiveness of its registration statement for such shares under the Securities Act of 1933, as amended (the "1933 Act"). The Fund offers one class of shares to investors with no front-end or back-end sales charges, a 0.05% fee paid pursuant to the Distribution and Servicing Plan, a 0.05% fee paid pursuant to the Services Agreement and no repurchase fee. The Trust's Agreement and Declaration of Trust authorizes the issuance of an unlimited number of shares.

The Fund has an interval fund structure pursuant to which the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund's outstanding shares at net asset value ("NAV") subject to approval of the Board of Trustees (the "Board"). In all cases, such repurchase offers will be for at least 5% and not more than 25% of the Fund's outstanding shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased. If the repurchase offer is oversubscribed, the Fund may, in its sole discretion, repurchase an additional number of shares not to exceed 2% of the shares outstanding on the repurchase request deadline. Notwithstanding the foregoing, under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares and tender all of their shares for repurchase in a repurchase offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. In addition, if a repurchase offer is oversubscribed, the Fund may offer to repurchase additional shares in an amount determined by the Board that are tendered by an estate (an "Estate Offer"). If an Estate Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. In addition, if a repurchase offer is oversubscribed as described above, the Fund may also offer to repurchase additional shares in an amount determined by the Board that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "Defined Benefit Plan Offer"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). If the Defined Benefit Plan Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. As a result, there can be no assurance that the Fund will be able to repurchase all of the shares tendered in an Estate Offer or a Defined Benefit Plan Offer. If the Fund repurchases any shares pursuant to an Estate Offer or a Defined Benefit Plan Offer, this will not affect the number of shares that it repurchases from other shareholders in the quarterly repurchase offers. The Fund's shares are not listed, and the Fund does not currently intend to list its shares for trading, on any national securities exchange. The shares are, therefore, illiquid. Even though the Fund makes quarterly repurchase offers to repurchase a portion of the shares to try to provide liquidity to shareholders, shareholders should consider the shares to be illiquid. There is not expected to be any secondary trading market in the shares.

The Fund's investment objective is to achieve total return and current income. The Fund pursues its investment objective primarily by buying and selling alternative lending-related securities that generate interest or other streams of payments and that Stone Ridge Asset Management LLC (the "Adviser") believes offer access to the credit risk premium. The "credit risk premium" is positive if interest and other payments paid in connection with a pool of such investments, minus the principal losses actually experienced across that pool, exceed the "risk free" rate (the rate of return that can be earned on high-quality, short-term government debt securities), on average and over time.

The consolidated financial statements include the accounts of Stone Ridge Alternative Lending Risk Premium Fund AU NZ Holdings LLC, Alternative Lending Holdings Trust, Stone Ridge Alternative Lending Risk Premium Fund US Holdings I LLC (and its subsidiaries, Alternative Lending Holdings Trust II and Stone Ridge Alternative Lending Risk Premium Fund US Holdings IV LLC (and its subsidiary, Alternative Lending Holdings Trust VI)), Stone Ridge Alternative Lending Risk Premium Fund US Holdings II LLC (and its subsidiaries, Alternative Lending Holdings Trust III, Stone Ridge Alternative Lending Risk Premium Fund UK Holdings I LLC and Stone Ridge Alternative Lending Risk Premium Fund UK Holdings II

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**373** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

LLC), Stone Ridge Alternative Lending Risk Premium Fund US Holdings III LLC (and its subsidiary, Alternative Lending Holdings Trust IV), Stone Ridge Alternative Lending Risk Premium Fund UK Holdings III LLC, Stone Ridge Alternative Lending Risk Premium Fund UK Holdings IV LLC, PRCP-MDOF (SR), LLC and PFMP-SR II, LLC (each a "Subsidiary", and together the "Subsidiaries"), each a wholly-owned subsidiary of the Fund. All intercompany accounts and transactions have been eliminated in consolidation. Each Subsidiary acts as an investment vehicle in order to invest in alternative lending instruments consistent with the Fund's investment objectives and policies.

**2. Summary of Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board Accounting Standards Topic 946, *Financial Services — Investment Companies.*

**(a) Investment Valuation and Fair Value Measurement.**

The Board has approved procedures pursuant to which the Fund values its investments (the "Valuation Procedures"). The Board has established a Valuation Committee (the "Board Valuation Committee"), which has designated the Adviser to serve as valuation designee in accordance with Rule 2a-5 of the 1940 Act and, in that capacity, to bear responsibility for implementing the Valuation Procedures, including performing fair valuation determinations relating to all investments held by the Fund (as needed), periodically assessing and managing any valuation risks and establishing and applying fair value methodologies, subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the "Adviser Valuation Committee") performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair valuation determinations.

Listed below is a summary of certain of the methods generally used currently to value investments of the Fund under the Valuation Procedures:

The Fund's holdings in whole loans, securitizations and certain other types of alternative lending-related securities are typically fair valued based on prices provided by a third-party pricing service. Each loan and fractional loan is fair valued using inputs that take into account individual borrower-level data (e.g., payment history) that is updated periodically as often as the NAV is calculated to reflect new information regarding the borrower or loan.

Reverse repurchase agreements are accounted for at amortized cost, which approximates fair value. Reverse repurchase agreements are categorized as Level 2 within the fair value hierarchy. Other debt securities, including corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, loans, mortgage-backed securities, collateralized mortgage obligations and other asset-backed securities are valued by a third-party pricing service, at an evaluated (or estimated) mean between the closing bid and asked prices.

For investments in investment companies that are registered under the 1940 Act, the value of the shares of such funds is calculated based upon the NAV per share of such funds. The prospectuses for such funds explain the circumstances under which they will use fair value pricing and its effects.

Publicly-traded equity securities are valued at the last sale, official close or if there are no reported sales at the mean between the bid and asked price on the primary exchange on which they are traded. The values of the Fund's investments in publicly-traded foreign equity securities generally will be the closing or final trading prices in the local trading markets but may be adjusted based on values determined by a pricing service using pricing models designed to estimate changes in the values of those securities between the times in which the trading in those securities is substantially completed and the close of the New York Stock Exchange ("NYSE").

Exchange-traded derivatives, such as options and futures contracts, are valued at the settlement price on the exchange or mean of the bid and asked prices.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**374** 

------

<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

Non-exchange traded derivatives, including swaps, forwards and over-the-counter ("OTC") options, are generally valued on the basis of valuations provided by a third-party pricing service or using quotes provided by a broker/dealer (typically the counterparty).

Generally, the Fund must value its assets using market quotations when they are readily available. If, with respect to any portfolio instrument, market quotations are not readily available or available market quotations are deemed to be unreliable by the Adviser Valuation Committee, then such instruments will be valued as determined in good faith by the Adviser Valuation Committee. In these circumstances, the Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Adviser Valuation Committee of any information or factors it deems appropriate.

Fair value pricing may require subjective determinations about the value of a portfolio instrument. Fair values may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Fund. It is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of such security. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

A substantial portion of the Fund's investments are U.S. dollar denominated investments. Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from third-party pricing services. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. International markets are sometimes open on days when U.S. markets are closed, which means that the value of investments owned by the Fund that are traded in markets outside the U.S. or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed, and the NAV of the Fund's shares may change on days when an investor is not able to purchase or sell shares in connection with a periodic repurchase offer. The calculation of the Fund's NAV may not take place contemporaneously with the determination of the prices of foreign securities used in NAV calculations.

The Fund adheres to authoritative fair valuation accounting standards that set out a hierarchy for measuring fair valuation inputs. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to significant unobservable inputs (Level 3 measurements). Certain measurements of fair value may, in accordance with authoritative accounting standards, be excluded from the fair value hierarchy. The three levels of the fair value hierarchy are as follows:

Level 1 Inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date;

Level 2 Inputs: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data;

Level 3 Inputs: significant unobservable inputs for the asset or liability.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable,

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**375** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser's perceived risk of that instrument.

Transfers between levels are recognized at the end of the reporting period. There were no transfers between levels during the reporting period. The following table summarizes the inputs used to value the Fund's investments as of August 31, 2025. Certain investments in the amount of $158,795,031 are valued using the NAV practical expedient and have been excluded from the below tables.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  **Assets** |  |  |  |  |
| Whole Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans<sup>(1)</sup> | $— | $— | $1475586854 | $1475586854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans<sup>(1)</sup> |  |  | 28324565 | 28324565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Business Loans<sup>(1)</sup> |  |  | 94786844 | 94786844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans<sup>(1)</sup> |  |  | 1093789 | 1093789 |
|  Total Whole Loans |  |  | 1599792052 | 1599792052 |
| Loan Participations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans<sup>(1)</sup> |  |  | 115723873 | 115723873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Business Loans<sup>(1)</sup> |  |  | 282016944 | 282016944 |
|  Total Loan Participations |  |  | 397740817 | 397740817 |
|  Asset-Backed Securities<sup>(1)</sup> |  |  | 169768444 | 169768444 |
|  Equity Securities<sup>(1)</sup> |  |  | 17484586 | 17484586 |
|  Money Market Funds | 14773524 |  |  | 14773524 |
|  U.S. Treasury Bill |  | 76372866 |  | 76372866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | $**14773524** | $**76372866** | $**2184785899** | $**2275932289** |
|  **Other Financial Instruments<sup>(2)</sup>** |  |  |  |  |
|  Unrealized appreciation on forward currency contracts | $— | $24520 | $— | $24520 |
|  Unrealized appreciation on risk share contracts |  |  | 4358583 | 4358583 |
|  Unrealized depreciation on risk share contracts |  |  | (865839) | (865839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Other Financial Instruments** | $**—** | $**24520** | $**3492744** | $**3517264** |

---

(1) For further security characteristics, see the Fund's Consolidated Summary Schedule of Investments.

(2) These instruments are reflected as unrealized appreciation (depreciation) on the instrument on the Fund's
Consolidated Statement of Assets and Liabilities.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, the carrying amount of loans payable in the amount of $649,000,000 approximates fair value and are categorized as Level 2 within the fair value hierarchy.

Below is a reconciliation that details the activity of securities in Level 3 during the current period ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **OTHER LOAN INVESTMENTS** | **OTHER LOAN INVESTMENTS** | | | |
|  | | | | | **LOAN PARTICIPATIONS** | **LOAN PARTICIPATIONS** | | | |
|  | **CONSUMER<br>LOANS** | **HOME<br>EQUITY<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **STUDENT<br>LOANS** | **CONSUMER<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **ASSET-<br>BACKED<br>SECURITIES** | **EQUITY<br>SECURITIES** | **RISK SHARE<br>CONTRACTS** |
|  **Beginning Balance—<br>February 29, 2025** | $1611040020 | $— | $141954085 | $1490163 | $141860044 | $195023690 | $78229960 | $18837082 | $8891668 |
|  Acquisitions | 443129391 | 28349564 | 86789898 |  | 10010665 | 236242525 | 105583860 | 1241393 |  |
|  Dispositions/Paydowns | (495856627) |  | (125186998) | (341720) | (27136230) | (146803997) | (21228492) |  | (3538027) |
|  PIK interest |  |  |  |  | 11446643 |  |  |  |  |

---

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**376** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **WHOLE LOANS** | **OTHER LOAN INVESTMENTS** | **OTHER LOAN INVESTMENTS** | | | |
|  | | | | | **LOAN PARTICIPATIONS** | **LOAN PARTICIPATIONS** | | | |
|  | **CONSUMER<br>LOANS** | **HOME<br>EQUITY<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **STUDENT<br>LOANS** | **CONSUMER<br>LOANS** | **SMALL<br>BUSINESS<br>LOANS** | **ASSET-<br>BACKED<br>SECURITIES** | **EQUITY<br>SECURITIES** | **RISK SHARE<br>CONTRACTS** |
|  Realized gains/(losses), net | $(97129206) | $— | $(14006128) | $(71004) | $(5932844) | $(737118) | $(969480) | $— | $3538027 |
|  Change in unrealized appreciation/(depreciation) | 23316987 | (24961) | 5363302 | 14236 | (14813785) | (346437) | 16327609 | (2593889) | (5398924) |
|  Amortization of premium/discount | (8913711) | (38) | (127315) | 2114 | 289380 | (1361719) | (8175013) |  |  |
|  Transfers in/(out) of Level 3 |  |  |  |  |  |  |  |  |  |
|  **Ending Balance—<br>August 31, 2025** | $1475586854 | $28324565 | $94786844 | $1093789 | $115723873 | $282016944 | $169768444 | $17484586 | $3492744 |
|  Change in unrealized appreciation/(depreciation) still held as of August 31, 2025 | $(53342783) | $(24961) | $(3967407) | $(25784) | $(20006960) | $(942614) | $15504068 | $(2593889) | $(521729) |

---

Whole loans and other loan investments in the Fund are generally valued using a discounted cash flow framework that takes into account the original purchase price, the scheduled loan payments, and forecast losses. The loss forecasts are generally based on industry and platform historical loan performance, as well as evaluation of the current underwriting environment. Higher expectations of losses, due to factors such as rising delinquencies on a platform's loans or a deteriorating macroeconomic environment, would result in a markdown of fair values. Loss forecasts on select other loan investments in the Fund are based on projected future earnings of professional athletes. Higher expectations of losses based on an athlete's diminished status within the professional sports league would result in a markdown of the fair value.

The value of asset-backed securities are determined by the forecast performance of loans in the underlying pool and the priority the securitization tranche has to the cash flows of the loan pool. The asset-backed tranches that the Fund holds are residual tranches so any deterioration of the loan pool will result in a markdown of fair values.

The values of equity securities are determined by the Adviser Valuation Committee using a factor change calibration approach based generally on three factors, as applicable or appropriate: (1) private market transactions; (2) company performance; and (3) public market comparables, with such factors reviewed on an ongoing basis as needed by the Adviser Valuation Committee. The value of warrants is determined by a standard option pricing model with volatility estimated from public comparables. The Fund's equity securities (including warrants) will be marked down upon negative developments, financial or managerial, at the company, or negative trends affecting the company's industry.

The value of risk share contracts held by the Fund are determined using a discounted cash flow framework that takes into account the underlying loans pertaining to each contract's actual losses as of August 31, 2025 and estimated loss forecasts through each contract's maturity date. The loss forecasts are based on industry and platform historical loan performance. Higher expectations of losses relative to initial expected losses (subject to a cap), due to factors such as rising delinquencies within each contract vintage or a deteriorating macroeconomic environment, would result in an increase in a contract's unrealized gain. For a subset of risk share contracts, lower expectations of losses relative to initial expected losses (subject to a cap), due to factors such as lower delinquencies within each contract vintage would result in an increase in a contract's unrealized depreciation.

Significant changes in discount rates, projected loss rates, default rates, prepayment rates, severity or volatility would generally result in significant changes in the fair value of the security.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**377** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The following table summarizes the quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of August 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **TYPE OF SECURITY** | **INDUSTRY** | **FAIR VALUE AT<br>8/31/2025** | **VALUATION<br>TECHNIQUES** | **UNOBSERVABLE<br>INPUTS** | **RANGE** | **WEIGHTED<br>AVERAGE** |
|  Whole Loans—<br>Consumer Loans | Financial Services | $1475586854 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 6.85%-12.28%<br>7.31%-21.02% | 9.41%<br>16.68% |
|  Home Equity—<br>Consumer Loans | Financial Services | 28324565 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 4.94%-10.98%<br>0.98%-28.54% | 8.44%<br>9.84% |
|  Whole Loans—<br>Small Business Loans | Financial Services | 94786844 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 7.61%-12.05%<br>1.50%-58.29% | 10.42%<br>42.73% |
|  Whole Loans—<br>Student Loans | Financial Services | 1093789 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 5.03%-11.25%<br>0.51%-19.78% | 7.37%<br>12.46% |
|  Loan Participations—<br>Consumer Loans | Financial Services | 25907383 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 1.15%-14.82%<br>2.16%-49.10% | 8.40%<br>19.62% |
|  Loan Participations—<br>Consumer Loans | Financial Services | 89816490 | Discounted Cash Flow | Loss-Adjusted Discounted Rate Projected Loss Rate | 0.00%-25.98%<br>0.00%-100.00% | 13.43%<br>62.26% |
|  Loan Participations—<br>Small Business Loans | Financial Services | 33422300 | Discounted Cash Flow | Loss-Adjusted Discount Rate Projected Loss Rate | 1.86%-14.15%<br>4.68%-10.44% | 8.70%<br>7.26% |
|  Loan Participations—<br>Small Business Loans | Financial Services | 248594644 | Discounted Cash Flow | Loss-Adjusted Discount Rate Projected Loss Rate | 13.00%-13.00%<br>0.00%-0.00% | 13.00%<br>0.00% |
|  Asset-Backed Securities | Financial Services | 169768444 | Discounted Cash Flow | Constant Prepayment Rate<br> Constant Default Rate<br> Severity<br> Discount Rate | 8.70%-33.74%<br>0.51%-29.35%<br>80.00%-92.13%<br>7.50%-53.74% | 14.95%<br>10.47%<br>85.46%<br>17.02% |
|  Equity Securities | Financial Services | 17484586 | Factor Change Calibration Approach | Revenue<br> Retained Earnings<br> Comparables' Stock Return | 2.93%-5.63%<br>(9.14)%-0.15%<br>51.68%-53.11% | 4.46%<br>(3.86)%<br>52.29% |
|  Risk share contracts | Financial Services | 3492744 | Discounted Cash Flow | Loss-Adjusted Discounted Rate<br> Projected Loss Rate | 14.50%-14.50%<br>1.85%-13.32% | 14.50%<br>10.36% |

---

Certain investments are valued using the NAV practical expedient in the amount of $158,795,031 and have been excluded from the above quantitative inputs table. The following table presents additional information for investments measured using the NAV practical expedient:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FAIR VALUE** | **UNFUNDED<br>COMMITMENTS** | **REMAINING<br>LIFE** | **REDEMPTION<br>FREQUENCY** | **NOTICE<br>PERIOD** | **REDEMPTION<br>TERMS** |
|  MDOF Investments II, LLC | $21187983 | $— | 12/2032 |  | N/A | N/A |
|  PFMP K1508, LLC | 18337444 |  | 11/2033 |  | N/A | N/A |
|  PFMP K1512, LLC | 18266114 |  | 10/2034 |  | N/A | N/A |
|  PFMP KF61, LLC | 4712860 |  | 4/2029 |  | N/A | N/A |
|  Unison Midgard Fund LP | 96290630 |  | Indefinite | Quarterly | 90 days | (1) 25% investor-<br>level gate per cycle<br>(2) Lock-up period<br>expires 12/2026 |
|  | $**158795031** | $**—** |  |  |  |  |

---

**Derivative Transactions —** The Fund engaged in derivatives and hedging activities during the period ended August 31, 2025. Further information regarding derivative activity for the Fund can be found in the Consolidated Summary Schedule of Investments.

**Futures Contracts —** The Fund may purchase and sell a variety of futures contracts that relate to, among other things, debt securities (these are referred to as "interest rate futures"), broadly-based securities indices ("stock index futures" and "bond index futures"), foreign currencies, commodities and individual equity securities ("single stock futures"). Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**378** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

delivery, of a specific amount of an asset at a specified future date at a specified price. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract originally was written. The primary risks associated with the use of futures contracts are imperfect correlation, liquidity and unanticipated market movement. No money is paid or received by the Fund on the purchase or sale of a future. Upon entering into a futures transaction, the Fund will be required to deposit an initial margin payment with the futures commission merchant ("FCM"). As the future is marked to market (that is, its value on the Fund's books is changed to reflect changes in its market value), subsequent margin payments, called variation margin, will be paid to or by the FCM daily. The Fund did not hold futures contracts during the period ended August 31, 2025.

**Forward Currency Contracts —** The Fund enters into forward currency contracts to manage Fund exposure to foreign currencies. When entering into a forward currency contract, in the case of a deliverable contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date or, in the case of a non-deliverable contract, to settle the equivalent in U.S. dollars. The Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk from movements in currencies or credit risk from the possible inability of counterparties to meet the terms of their contracts. The average notional amount of forward currency contracts during the period ended August 31, 2025 was $1,965,621 for long contracts and $6,828,930 for short contracts.

**Risk Share Contracts —** The Fund enters into risk share contracts with several alternative lending platforms. These contracts track performance of select whole loan vintages. At the end of the contract, if the current expected losses of the select whole loan vintage are greater than initial expected losses, the alternative lending platform must pay the Fund an amount equal to such excess (subject to a cap between 1% and 4% of purchased notional per vintage and with a weighted average of 2% ("Cap")). Accordingly, the Fund recognizes an unrealized gain throughout the life of the contract (subject to a Cap) if the vintage's current expected losses are greater than initial expected losses and recognizes a realized gain when at the contract's maturity, the vintage's actual losses are greater than initial expected losses. At the end of a subset of risk share contracts, if the current expected losses of select whole loan vintages are less than initial expected losses, the Fund must pay the alternative lending platform an amount equal to such deficit (subject to a Cap between 1% and 10% of purchased notional per vintage and with a weighted average of 9%). Accordingly, the Fund recognizes an unrealized depreciation throughout the life of the contract (subject to a Cap) if the vintage's current expected losses are less than initial expected losses and recognizes a realized loss when at the contract's maturity, the vintage's actual losses are less than the initial expected losses. The average notional amount of risk share contracts during the period ended August 31, 2025 was $541,616,317 for long contracts.

**Interest Rate Swaps —** The Fund may enter into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate. The Fund did not hold interest rate swap contracts during the period ended August 31, 2025.

The table below reflects the values of the derivative assets and liabilities as reflected in the Consolidated Statement of Assets and Liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **RISK EXPOSURE** | **CONSOLIDATED<br>STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** | **CONSOLIDATED<br>STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
|  **Forward currency contracts** |  |  |  |  |
|  Foreign exchange contracts | Unrealized appreciation on forward currency contracts | 24520 | Unrealized depreciation on forward currency contracts |  |
|  **Risk share contracts** |  |  |  |  |
|  Risk share contract | Unrealized appreciation on risk share contracts | 4358583 | Unrealized depreciation on risk share contracts | (865839) |
|  **Total** |  | $4383103 |  | $(865839) |

---

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**379** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The table below reflects the effect of derivative instruments on the Consolidated Statement of Operations for the period ended August 31, 2025.

---

| | | |
|:---|:---|:---|
| **RISK EXPOSURE** | **AMOUNT OF REALIZED<br>GAIN (LOSS) ON DERIVATIVES<br>TRANSACTIONS** | **NET CHANGE IN UNREALIZED<br>DEPRECIATION ON DERIVATIVES<br>TRANSACTIONS** |
|  **Forward currency contracts** |  |  |
|  Foreign exchange contracts | (288985) | (109071) |
|  **Risk share contracts** |  |  |
|  Risk share contracts | 3538027 | (5398924) |
|  Total | $3249042 | $(5507995) |

---

**(b) Use of Estimates.** The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**(c) Offsetting on the Consolidated Statement of Assets and Liabilities.** The Fund is subject to netting arrangements, which govern the terms of certain transactions with select counterparties. The netting arrangements allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The netting arrangements also specify collateral posting arrangements at prearranged exposure levels. Under the netting arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant netting arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of netting arrangement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ASSETS:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>ASSETS** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** |
| **ASSETS:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>ASSETS** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **FINANCIAL<br>INSTRUMENTS** | **COLLATERAL<br>RECEIVED** | **NET<br>AMOUNT** |
|  Forward currency contracts | $24520 | $— | $24520 | $— | $(12520) | $— |
|  Risk share contracts | 4358583 |  | 4358583 |  |  | 4358583 |
|  | $4383103 | $— | $4383103 | $— | $(100000) | $4283103 |
| **LIABILITIES:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>LIABILITIES** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE<br>CONSOLIDATED STATEMENTS OF<br>ASSETS & LIABILITIES** |
| **LIABILITIES:** | **GROSS<br>AMOUNT OF<br>RECOGNIZED<br>LIABILITIES** | **GROSS AMOUNT<br>OFFSET IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **NET AMOUNTS<br>PRESENTED IN THE<br>CONSOLIDATED<br>STATEMENTS<br>OF ASSETS<br>& LIABILITIES** | **FINANCIAL<br>INSTRUMENTS** | **COLLATERAL<br>PLEDGED** | **NET<br>AMOUNT** |
|  Reverse Repurchase Agreements | $170000000 | $— | $170000000 | $— | $(170000000) | $— |
|  Risk share contracts | 865839 |  | 865839 |  |  | 865839 |
|  | $865839 | $— | $865839 | $— | $— | $865839 |

---

Actual collateral received or pledged may be more than reported in order to satisfy broker requirements.

**(d) Indemnifications.** In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**380** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

**(e) Federal Income Taxes.** The Fund qualifies and intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

**(f) Reverse Repurchase Agreements.** The Fund enters into reverse repurchase agreements with banks and brokers, with the Fund as the initial seller of securities to the banks or brokers. In this case, a reverse repurchase agreement involves a sale by a fund of portfolio securities concurrently with an agreement by a fund to repurchase the same securities at a later date at a fixed price. During the reverse repurchase agreement period, an individual fund continues to receive principal and interest payments on the securities. If the buyer in a reverse repurchase agreement files for bankruptcy or becomes insolvent, a fund's use of proceeds from the sale of its securities may be restricted while the other party or its trustee or receiver determines whether to honor the fund's right to repurchase the securities. Furthermore, in that situation a fund may be unable to recover the securities it sold in connection with a reverse repurchase agreement and as a result would realize a loss equal to the difference between the value of the securities and the payment it received for them. This loss would be greater to the extent the buyer paid less than the value of the securities the fund sold to it (e.g., a buyer may only be willing to pay $95 for a security with a market value of $100). A fund's use of reverse repurchase agreements also subjects the fund to interest costs based on the difference between the sale and repurchase price of a security involved in such a transaction. Additionally, reverse repurchase agreements entail the same risks as OTC derivatives. These include the risk that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the parties may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. For the period July 10, 2025 to August 31, 2025, the average reverse repurchase agreement balance was $168,431,373 and weighted average interest rate was 6.42%.

The Fund has elected to treat reverse repurchase agreements as derivatives pursuant to Rule 18f-4 under the 1940 Act ("Rule 18f-4"). As required by Rule 18f-4, the Fund's derivatives exposure (including its use of reverse repurchase agreements) will be limited through a value-at-risk ("VaR") test. Very generally, VaR is an estimate of an instrument's or portfolio's losses over a given time horizon at a specified confidence level. Under Rule 18f-4, the Fund will be required to limit the VaR of the Fund's portfolio to less than 200% of the VaR of a "designated reference portfolio," which is, in general, either an unleveraged index approved by the Fund's derivatives risk manager or the Fund's own portfolio of securities or other investments, excluding any derivatives transaction. The Fund expects that its use of reverse repurchase agreements and other similar derivatives transactions to obtain leverage will enable the Fund to obtain substantially more leverage than would be possible if the Fund obtained leverage only through senior securities subject to the 300% asset coverage requirement contained in Section 18 of the 1940 Act.

The gross obligations for secured borrowing by the type of collateral pledged and remaining time to maturity is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **REVERSE REPURCHASE AGREEMENTS** | **OVERNIGHT<br>AND<br>CONTINUOUS** | **UP TO 30<br>DAYS** | **30-90<br>DAYS** | **GREATER THAN<br>90 DAYS** | **TOTAL** |
|  Whole Loans | $— | $— | $— | $170000000 | $170000000 |
|  **Total** | $— | $— | $— | $170000000 | $170000000 |

---

**(g) Alternative Lending.** Alternative lending, which is sometimes referred to as fintech lending, online lending or marketplace lending, is a method of financing in which an alternative lending platform facilitates the borrowing and lending of money while generally not relying on deposits for capital to fund loans. It is considered an alternative to more traditional debt financing done through a bank. There are several different models of alternative lending but, very generally, a platform typically matches consumers, small or medium-sized businesses or other types of borrowers with investors that are interested in gaining investment exposure to the loans made to such borrowers. Prospective borrowers are usually required to provide or give access to certain financial information to the platform, such as the intended purpose of the loan, income, employment information, credit score, debt-to-income ratio, credit history (including defaults and delinquencies) and home ownership status, and, in the case of small business loans, business financial statements and personal credit information regarding any guarantor, some of which information is made available to prospective lenders. Often, platforms charge fees to borrowers to cover these screening and administrative costs. Based on this and other relevant supplemental information, the platform usually assigns its own credit rating to

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

the borrower and sets the interest rate for the requested borrowing. Platforms then post the borrowing requests online and investors may choose among the loans, based on the interest rates the loans are expected to yield less any servicing or origination fees charged by the platform or others involved in the lending arrangement, the background data provided on the borrowers, and the credit rating assigned by the platform. In some cases, a platform partners with a bank to originate a loan to a borrower, after which the bank sells the loan to the platform or directly to the investor; alternatively, some platforms may originate loans themselves. Some investors, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments.

Other alternative lending platforms are non-traditional intermediaries. Unlike marketplace lenders, non-traditional intermediaries do not themselves (either alone or working with a bank) originate loans. Instead, they intermediate sales of loans originated by more traditional lenders to buyers that utilize alternative sources of capital (i.e., capital other than bank deposits).

Platforms may set minimum eligibility standards for borrowers to participate in alternative lending arrangements and may limit the maximum permitted borrowings. Depending on the purpose and nature of the loan, its term may, for example, be as short as six months or shorter, or as long as thirty years or longer. Set forth below is additional information about some of the Fund's alternative lending-related investments.

**(h) Whole Loans.** When the Fund invests directly or indirectly in whole loans, it typically purchases all rights, title and interest in the loans pursuant to a loan purchase agreement directly from the platform or its affiliate. The platform or a third-party servicer typically continues to service the loans, collecting payments and distributing them to investors, less any servicing fees assessed against the Fund, and the servicing entity typically will make all decisions regarding any modification, forbearance or other form of relief that may be provided to a borrower experiencing financial hardship and acceleration or enforcement of the loans following any default by a borrower. Where a platform or its affiliate acts as the loan servicer, there is typically a backup servicer in place in case that platform or affiliate ceases or fails to perform these servicing functions. The Fund, as an investor in a whole loan, would be entitled to receive payment only from the borrower and/or any guarantor, and would not be able to recover any deficiency from the platform, except under very narrow circumstances, which may include fraud by the borrower in some cases. The whole loans in which the Fund may invest may be secured or unsecured. The Fund invests in whole loans collateralized by Bitcoin and related collateral requirements set by the platform. In the event of borrower default, the Fund would have access to the proceeds from the sale of liquidated Bitcoin. Cash segregated for the purchase of whole loans, if any, is located in Deposits for Issuing Loans on the Consolidated Statement of Assets and Liabilities. As of August 31, 2025, the Fund segregated $0 for the purchase of whole loans.

**(i) Loan Participations.** The Fund invests in participation interests in whole loans, which are typically originated by an alternative lending platform, sometimes in partnership with a bank or other financial institutions. When the Fund invests in participation interests, the Fund typically purchases a fractional or full economic interest in the underlying whole loans and the originator retains the legal title to such loans. As with the Fund's investments in whole loans, the alternative lending platform or a third-party servicer typically continues to service the loans, collecting payments and distributing them to investors in the loan participations, less any servicing fees assessed against the Fund, and the servicing entity typically will make all decisions regarding any modification, forbearance or other form of relief that may be provided to a borrower experiencing financial hardship and acceleration or enforcement of the loans following any default by a borrower. Where a platform or its affiliate acts as the loan servicer, there is typically a backup servicer in place in case that platform or affiliate ceases or fails to perform these servicing functions. The servicing entity may distribute payments of principal and interest from the borrower directly to the Fund as a holder of participation interests. Alternatively, the Fund may receive payments of principal and interest as passed through by the bank or other financial institution originating the whole loans and issuing the participation interests. The participation interests in which the Fund invests may be in whole loans that are secured or unsecured.

**(j) Pass-Through Certificates.** The Fund invests in pass-through certificates, which are a form of asset-backed security that is backed by a pool of whole loans originated or sourced by one or more alternative lending platforms and that represents the right of the holder to receive specified distributions in respect of such whole loans; specifically, holders are entitled to receive payments on account of principal and interest payments made by borrowers on the underlying

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

loans, as well as proceeds from the sale or liquidation of any loan underlying the pass-through certificate, net of fees, expenses and other amounts payable to the issuer, trustee, originating platform(s) or other third parties as required. Unlike many other asset-backed securities, pass-through certificates are generally not issued with multiple tranches; instead, all holders of a particular certificate share a pro rata interest in the underlying pool of whole loans and distributions with respect thereto.

**(k) Asset-Backed Securities.** The Fund invests in, and may sell certain of its alternative lending-related investments to, securitization vehicles, formed by alternative lending platforms or third parties for the purpose of acquiring alternative lending-related investments and issuing securities, the payments on which are funded by payments received on such entities' underlying investments. Such asset-backed securities, including mortgage-backed securities, may be issued in different tranches of debt and residual equity interests with different rights and preferences. The Fund may hold any tranche of such asset-backed securities. The volume and frequency of the Fund's sales of pools of loans to securitization vehicles may increase as a more active and reliable secondary market develops over time.

**(l) Shares, Certificates, Notes or Other Securities.** The Fund also invests in shares, certificates, notes or other securities representing the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans. The platform or a separate special purpose entity organized by or on behalf of the platform may hold the whole loans underlying such investments on its books and issue to the Fund, as an investor, a share, certificate, note or other security, the payments on which track and depend upon the borrower payments on the underlying loans. As with whole loans, the platforms or third-party servicers typically continue to service the underlying loans on which the performance of such securities is based. Such securities may be linked to any of the types of whole loans in which the Fund may invest directly. Such securities may also track fractions of a whole loan. These securities may be sold through publicly registered offerings or through unregistered private offerings.

**(m) Equity Securities.** The Fund invests in public or private equity securities issued by alternative lending platforms or companies that own or operate alternative lending platforms, including common stock, preferred stock, convertible stock and/or warrants. For example, the Fund invests in securities issued by a platform, which may provide the platform with the capital it requires to support its business. Equity investments may afford the Fund voting rights as well as the opportunity to receive dividends and/or capital appreciation, although warrants, which are options to purchase equity securities at specific prices valid for a specific period of time, typically have no voting rights, receive no dividends and have no rights with respect to the securities of the issuer unless and until they are exercised for the underlying securities. The Fund may also invest directly or indirectly in equity securities of both non-U.S. and U.S. small and mid-cap companies.

**(n) Debt Securities.** The Fund may invest in debt securities issued by alternative lending platforms or companies that own or operate alternative lending platforms. The Fund may have exposure to the debt securities of U.S. or non-U.S. issuers. These debt securities may have fixed or floating interest rates; may or may not be collateralized; and may be below investment grade or unrated but judged by the Adviser to be of comparable quality (debt securities that are below investment grade are commonly called "junk bonds"). The Fund has no limits as to the maturity of debt securities in which it invests directly or indirectly. Such investments may be within any maturity range (short, medium or long) depending on the Adviser's evaluation of investment opportunities available within the debt securities market. Similarly, the Fund has no limits as to the market capitalization range of the issuers.

**(o) Real Estate Investment Trusts.** The Fund may also pursue its investment objective by investing in equity or debt securities issued by real estate investment trusts ("REITs") or pooled investment vehicles that invest in REITs. REITs are pooled real estate investment vehicles that own, and typically operate, certain qualified real estate and real estate-related assets. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to shareholders. REITs and pooled investment vehicles that invest in REITs may be subject to management fees and other expenses, and so the Fund will bear its proportionate share of the costs of the REITs' and/or vehicles' operations if it invests in REITs or vehicles subject to such fees and expenses. REITs can be listed and traded on national securities exchanges or can be traded privately between individual owners. An exchange-traded REIT is generally more liquid than a REIT that is not traded on a securities exchange. The Fund may invest in both exchange-traded and privately-traded REITs.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**383** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The Fund generally invests in equity REITs, which invest in and own real estate directly, and generally invest a majority of their assets in income-producing properties to generate cash flow from rental income and gradual asset appreciation. The income-producing properties in which equity REITs may invest include land, office, retail, industrial, hotel and apartment buildings, single or multifamily homes, self-storage, specialty and diversified and healthcare facilities. Equity REITs can realize capital gains (or losses) by selling properties that have appreciated (or depreciated) in value. Equity REITs may also invest in non-income-producing properties or real estate-related assets.

An equity investment in a REIT may afford the Fund voting rights as well as the opportunity to receive dividends and/or capital appreciation. The Fund may invest in warrants issued by REITs, which are options to purchase equity securities at specific prices valid for a specific period of time; such investments typically have no voting rights, receive no dividends and have no rights with respect to the securities of the issuer unless and until they are exercised for the underlying equity securities.

Debt securities of REITs may have fixed or floating interest rates; may or may not be collateralized; and may be below investment grade or unrated but judged by the Adviser to be of comparable quality. The Fund has no limits as to the maturity of debt securities in which it invests directly or indirectly. Such investments may be within any maturity range (short, medium or long) depending on the Adviser's evaluation of investment opportunities available within the debt securities market. Similarly, the Fund has no limits as to the market capitalization range of the issuers.

**(p) Distributions to Shareholders.** The Fund intends to distribute to its shareholders substantially all investment company taxable income and net realized capital gains, if any, at least annually. The Fund may not declare or pay distributions to its shareholders if it does not meet asset coverage ratios under the 1940 Act. Distributions are recorded on ex-dividend date. The Fund may periodically make reclassifications among certain of its capital accounts as a result of the characterization of certain income and realized gains determined annually in accordance with federal tax regulations that may differ from GAAP.

**(q) Foreign Securities and Currency Transactions.** The Fund's books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Fund does not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

**(r) Investment Income.** Dividend income, less any foreign tax withheld, is recognized on the ex-dividend date. PIK interest income represents payments-in-kind on certain loan participations. PIK interest income is computed based on terms specified in the Fund's investment agreements, is added to the principal balance of the investment and is expected to be collected upon repayment of the outstanding principal. Rebate income, if any, represents incentive payments received by the Fund with respect to the purchase of loans. Aggregate incentive payments are calculated based on volume of loans purchased over a fixed period of time and are not anticipated to be recurring. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected and include amortization/accretion of premiums or discounts. Interest income will stop being accrued as of the last coupon receivable date once a loan is more than 30 days past due. Unpaid accrued interest will be written off once the loan is deemed to be charged-off by the third-party pricing service.

**(s) Realized Gain or Loss and Unrealized Appreciation or Depreciation.** Realized gain or loss from an investment is recorded at the time of disposition and calculated using the specific identification method. Unrealized appreciation or depreciation reflects the changes in fair value of investments as pursuant to the Fund's policies and procedures. The Fund will typically write off a loan if (i) the platform indicates that the borrower is deceased or has declared a specific type of bankruptcy or (ii) as determined unrecoverable by the Adviser Valuation Committee. During the period ended August 31, 2025, the Fund wrote off $106,103,891 of outstanding principal, which also includes bad debt expense that is based on estimated recovery rates. This amount is included in net realized loss on investments on the Fund's Consolidated Statement of Operations.

**(t) Restricted Securities.** The Fund may invest a substantial portion of its assets in securities that are restricted, but eligible for purchase and sale by certain qualified institutional buyers, as defined in Rule 144A under the 1933 Act, as

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**384** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

amended, as well as other restricted securities. Restricted securities may be resold in transactions that are exempt from registration under Federal securities laws or if the securities are publicly registered. Restricted securities may be deemed illiquid.

**(u) Prepaid Commitment Fees.** These fees are amortized on a straight-line basis over the term of the respective lending facility and are reflected on the Fund's Consolidated Statement of Operations as Commitment Fees.

**(v) Restricted Cash.** Restricted cash includes cash connected with the pending purchase of whole loans that is restricted as to withdrawal or use under the terms of a contractual agreement. As of August 31, 2025, the Fund did not hold restricted cash.

**(w) Investment Transactions.** Investment transactions are recorded on the trade date.

**(x) Market Volatility.** The value of the securities in the Fund may go up or down in response to the prospects of overall economic trends, particular sectors and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as military conflicts, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Adviser to invest the Fund's assets as intended.

**(y) Segments.** In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Chief Executive Officer of the Adviser is the CODM of the Fund. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocations are pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's Consolidated Schedule of Investments, total returns, and changes in net assets from operations, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's consolidated financial statements. Segment assets of the Fund are reflected on the accompanying Consolidated Statements of Assets and Liabilities as "total assets".

**3. Federal Tax Matters** 

Provisions for federal income taxes or excise taxes have not been made since the Fund intends to be taxed as a Regulated Investment Company and intends to distribute substantially all taxable income and capital gains to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to Regulated Investment Companies. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income to shareholders for tax purposes. Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. The reclassifications have no effect on net assets or NAV per share.

For the year ended February 28, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Fund's net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **UNDISTRIBUTED<br>NET INVESTMENT<br>LOSS** | **ACCUMULATED<br>NET REALIZED<br>GAIN** | **PAID IN<br>CAPITAL** |
|  Alternative Lending Risk Premium Fund | $(290149272) | $289412367 | $736906 |

---

These differences primarily relate to recharacterization of realized capital gains (losses) as ordinary income (loss) under Internal Revenue Code Section 475, disallowed net operating losses and permanent differences on disposition of partnership investments.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**385** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

As of February 28, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  Tax cost of Investments | $2459204972 |
|  Unrealized appreciation |  |
|  Unrealized depreciation |  |
|  Net unrealized appreciation |  |
|  Undistributed ordinary income |  |
|  Undistributed long-term gain (capital loss carryover) | (1258758) |
|  Total distributable earning (loss) | (1258758) |
|  Other temporary differences | (29535933) |
|  Total accumulated loss | $(30794691) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to mark-to-market ordinary gains (losses) under Internal Revenue Code Section 475 and investments in partnerships.

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **ORDINARY<br>INCOME** | **RETURN OF<br>CAPITAL** | **TOTAL** |
|  Alternative Lending Risk Premium Fund | $– $– $| 70599986 | $70599986 |

---

The tax character of distributions paid during the year ended February 29, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **ORDINARY<br>INCOME** | **RETURN OF<br>CAPITAL** | **TOTAL** |
|  Alternative Lending Risk Premium Fund | $– $– $| 78800001 | $78800001 |

---

As of February 28, 2025 the Fund utilized prior year capital losses of $2,167,411, and has remaining tax basis capital losses that may be carried forward indefinitely to offset future capital gains as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **SHORT-TERM** | **LONG-TERM** | **TOTAL** |
|  Alternative Lending Risk Premium Fund | $(1258758) | $– $| (1258758) |

---

As of February 28, 2025, the Fund deferred, on a tax basis, late year ordinary losses of $29,535,933. These losses are deemed to arise on March 1, 2025.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended February 28, 2025 or for any other tax years which are open for exam. As of February 28, 2025, open tax years include the periods ended February 28, 2022, 2023, and February 29, 2024. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the year, the Fund did not incur any interest or penalties.

**4. Agreements** 

**(a) Investment Management Agreement.** The Adviser is the investment adviser of the Fund and was organized as a Delaware limited liability company in 2012. The Adviser's primary business is to provide a variety of investment management services, including an investment program for the Fund.

As compensation for its services, the Fund pays the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.50% of the Fund's average daily net assets.

From July 1, 2019 through June 30, 2020, the Adviser waived its management fee and/or paid or otherwise borne operating and other expenses of the Fund (including offering expenses, but excluding brokerage and transactional expenses; borrowing and other investment-related costs and fees including interest payments on borrowed funds, loan

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**386** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

servicing fees, loan collection and administration fees and expenses, interest and commitment fees; short dividend expense; acquired fund fees and expenses; taxes; litigation and indemnification expenses; judgments; and extraordinary expenses not incurred in the ordinary course of the Fund's business (collectively, the "Excluded Expenses")) solely to the extent necessary to limit the total annualized operating expenses of the Fund, other than Excluded Expenses, to 2.00% of the average daily net assets of the Fund. From July 1, 2020 through June 30, 2026, the Adviser contractually agreed to waive its advisory fee and/or pay or otherwise bear operating and other expenses of the Fund solely to the extent necessary to limit the total annualized operating expenses of the Fund, other than Excluded Expenses, to 2.30% of the average daily net assets of the Fund. The Adviser shall be permitted to recoup in later periods Fund expenses that the Adviser has paid or otherwise borne (whether through reduction of its advisory fee or otherwise) to the extent that the expenses for the Fund fall below the annual limitation rate in effect at the time of the actual waiver/reimbursement and to the extent that they do not cause the Fund to exceed the annual limitation rate in effect at the time of the recoupment. However, the Adviser shall not be, and under the expense limitation agreements that were in place during the period covered by this report the Adviser was not, permitted to recoup such expenses beyond three years from the end of the month in which the Adviser waived a fee or reimbursed an expense. As of August 31, 2025, there were no remaining previously waived expenses eligible for recoupment.

**(b) Custodian, Administrator, and Transfer Agent.** The custodians to the Trust are U.S. Bank, N.A. and Inspira Financial Trust Company, LLC. The administrator and transfer agent to the Trust is U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, an affiliate of U.S. Bank, N.A.

**(c) Distributor.** Foreside Financial Services, LLC (the "Distributor") serves as the Fund's distributor.

**5. Services Agreement** 

Distribution and servicing fees may be paid pursuant to a Distribution and Servicing Plan dated as of July 1, 2018 at the maximum annual rate of 0.05% and servicing fees may be paid pursuant to an amended and restated Services Agreement between the Fund and the Adviser dated as of July 1, 2018, under which the Fund has appointed the Adviser as "servicing agent" to compensate financial intermediaries, at an annual rate of 0.05%, in each case, calculated as a percentage of the Fund's average daily net assets. These fees are paid out of the Fund's assets on an ongoing basis and may be administered or facilitated by the Distributor. Some intermediaries may receive payments pursuant to both the Distribution and Servicing Plan and the Services Agreement. The Distributor does not retain any portion of any servicing fees or distribution fees. To the extent that there are expenses associated with shareholder services that exceed the amounts payable pursuant to the Services Agreement or the Distribution and Servicing Plan, the Fund will bear such expenses.

**6. Related Parties** 

Certain officers of the Trust are also employees of the Adviser. The officers, with the exception of a portion of the Chief Compliance Officer's salary, are not compensated by the Trust.

**7. Investment Transactions** 

For the period ended August 31, 2025, aggregate purchases and sales of securities (excluding U.S. government obligations and short-term securities) by the Fund were $631,275,343 and $549,847,824, respectively. The Fund did not have any purchases or sales of long-term U.S. government securities during the period ended August 31, 2025.

**8. Capital Share Transactions** 

---

| | | |
|:---|:---|:---|
|  | **PERIOD ENDED<br>AUGUST 31, 2025** | **YEAR ENDED<br>FEBRUARY 28, 2025** |
|  Shares sold | 1136261 | 4769698 |
|  Shares issued to holders in reinvestment of distributions | 166551 | 394280 |
|  Shares redeemed | (3761206) | (8057155) |
|  Net decrease in shares | (2458394) | (2893177) |
| Shares outstanding: |  |  |
|  Beginning of period | 37940207 | 40833384 |
|  End of period | 35481813 | 37940207 |

---

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**387** 

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<u>Notes to Consolidated Financial Statements</u>   <u>August 31, 2025 (Unaudited)</u>

The shares repurchased were done so in accordance with Section 23(c) of the 1940 Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REPURCHASE REQUEST DEADLINE** | **REPURCHASE OFFER<br>AMOUNT (SHARES)** | **REPURCHASE OFFER<br>AMOUNT (SHARES)** | **SHARES<br>TENDERED** | **SHARES<br>TENDERED** |
|  March 8, 2024 |  | 2047901 |  | 2064747 |
|  June 7, 2024 |  | 2020340 |  | 2027853 |
|  September 6, 2024 |  | 1978962 |  | 2000107 |
|  December 6, 2024 |  | 1944749 |  | 1961966 |
|  March 7, 2025 |  | 1899065 |  | 1906293 |
|  June 6, 2025 |  | 1837588 |  | 1854913 |

---

**9. Line of Credit and Financing Facility** 

The Fund obtains leverage through borrowings in seeking to achieve its investment objectives or for temporary or extraordinary purposes. As of August 31, 2025, the Fund had a $125,000,000 uncommitted line of credit (the "Line") with U.S. Bank N.A. The Line is unsecured. The Line has a one-year term which runs through October 16, 2026 and is reviewed annually by the Board. As of August 31, 2025, the Line had an outstanding balance of $24,000,000.

As of August 31, 2025, the Fund also established financing facilities for $625,000,000 (collectively, the "Facilities"). $250,000,000 of the borrowings under the Facilities is due February 2, 2026, $175,000,000 of the borrowings under the Facilities is due October 1, 2025 and was subsequently extended to November 3, 2025 and $200,000,000 of the borrowings under the Facilities is due November 28, 2025, and the maturity of each borrowing may be extended by mutual consent of the applicable borrower and the lender with respect to such borrowing. The Facilities, when drawn, are secured by alternative lending-related securities held by Subsidiaries of the Fund and are guaranteed by the Fund. Each Subsidiary is a separate bankruptcy-remote entity formed for the purpose of holding specific securities and pledging them to specific lenders under the Facilities. The assets of any such Subsidiary are not available to other lenders or creditors, or to any other Subsidiary or the Fund, except to the extent of permitted distributions made to the Fund.

During the period ended as of August 31, 2025, the average aggregate borrowing was $733,397,838 which resulted in interest expense of $24,404,165 at a weighted average interest rate of 6.51% and is included in Interest Expense on the Fund's Consolidated Statement of Operations.

As of as of August 31, 2025, the outstanding aggregate drawn amount attributable to the Fund under the Credit Agreements (the Facilities together with the Line, the "Credit Agreements") was $649,000,000. Under the terms of the Credit Agreements, the Fund must maintain asset coverage of 300% when considering the amount borrowed from the Facilities. If the Fund fails to maintain the required coverage, it may be required to repay a portion of an outstanding balance until the coverage requirement has been met.

**10. Payment by Affiliates** 

During the year ended February 28, 2025, the Adviser reimbursed the Fund in the amount of $50,058 for losses related to incorrect investment prices. The reimbursement amount is reflected in the Fund's Statements of Changes in Net Assets as "Increase in payments from affiliates."

**11. Subsequent Events Evaluation** 

In preparing these consolidated financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through the date the consolidated financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**388** 

------

<u>Expense Example (Unaudited)</u>    

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, shareholder servicing fees and other Fund expenses, which are indirectly paid by shareholders. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2025 through August 31, 2025.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. However, the table does not include shareholder specific fees, such as the $15.00 fee charged for wire redemptions by the Fund's transfer agent. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

**Hypothetical Example For Comparison Purposes** 

The second line on the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios of the Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relevant total cost of owning different funds.

---

| | | | |
|:---|:---|:---|:---|
|  | **BEGINNING<br>ACCOUNT<br>VALUE<br>MARCH 1, 2025** | **ENDING<br>ACCOUNT<br>VALUE<br>AUGUST 31, 2025** | **EXPENSES<br>PAID DURING<br>PERIOD\*<br>MARCH 1, 2025 –<br>AUGUST 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1024.50 | $36.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% annual return before expenses) | $1000.00 | $988.81 | $36.20 |

---

\* Expenses are equal to the Fund's annualized six-month expense ratio of 7.22%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the partial year. 

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**389** 

------

<u>Additional Information (Unaudited)</u>    

**1. Shareholder Notification of Federal Tax Status** 

For the fiscal year ended February 28, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended February 28, 2025 was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

The average percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Code Section 871(k)(1)(C) was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES** |
|  Alternative Lending Risk Premium Fund | 0.00% |

---

Shareholders should not use the above information to prepare their tax returns. Since the Fund's fiscal year is not the calendar year, another notification will be made available with respect to calendar year 2025. Such notification, which reflects the amount to be used by calendar year taxpayers on their Federal income tax returns, will be made in conjunction with shareholder year-end tax reporting in February 2026. Shareholders are advised to consult their own tax advisors with respect to the tax consequences of their investment in the Fund.

**2. Availability of Quarterly Portfolio Holdings Schedules** 

The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's filings on Part F of Form N-PORT are available without charge on the SEC's website, <u>www.sec.gov</u>, or upon request by calling 1.855.609.3680.

**3. Schedule of Investments** 

The Fund's complete consolidated schedule of investments in securities of unaffiliated issuers is available without charge on the Fund's website, <u>www.stoneridgefunds.com</u>, by calling 1.855.609.3680, and on the SEC website at <u>www.sec.gov</u> as part of Form N-CSR.

**4. Proxy Voting Policies and Procedures and Proxy Voting Record** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.855.609.3680 and on the SEC's website <u>www.sec.gov</u>. The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request, by calling 1.855.609.3680 and on the SEC's website <u>www.sec.gov</u>.

 Stone Ridge Funds Semi-Annual Report August 31, 2025 <br>

**390** 

------

<u>Investment Adviser</u> 

Stone Ridge Asset Management LLC

One Vanderbilt Avenue, 65<sup>th</sup> Floor

New York, NY 10017

<u>Independent Registered Public Accounting Firm</u> 

Ernst & Young LLP

700 Nicollet Mall, Suite 500

Minneapolis, MN 55402

<u>Legal Counsel</u> 

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

<u>Custodians</u> 

Inspira Financial Trust, LLC

2001 Spring Road #700

Oak Brook, IL 60523

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

<u>Distributor</u> 

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

<u>Administrator, Transfer Agent and Dividend Disbursing Agent</u> 

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street,

Milwaukee, WI 53202

This report has been prepared for shareholders and must be preceded or accompanied by an effective prospectus, which includes information regarding the Fund's investment objectives, risks, experience of its management and other information.

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g85451g12m27.jpg) | Stone Ridge Funds<br> P.O. Box 701<br> Milwaukee, WI 53201-0701<br>855-609-3680<br> www.stoneridgefunds.com<br>| QVSEMI |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>** 

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>** 

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>** 

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>** 

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>** 

(a) Schedule of Investments and Summary Schedule of Investments are included as part of the semi-annual report to
shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**<u>Item</u><u> </u><u>7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>** 

(a) Not applicable.

(b) Not applicable.

**<u>Item</u><u> </u><u>8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>** 

(a) Not applicable.

(b) Not applicable.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>** 

Not applicable.

------

**<u>Item</u><u> </u><u>10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>** 

Not applicable.

**<u>Item</u><u> </u><u>11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>** 

Not applicable.

**<u>Item</u><u> </u><u>12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>** 

Not applicable for semi-annual reports.

**<u>Item</u><u> </u><u>13. Portfolio Managers of Closed-End Management Investment Companies.</u>** 

Not applicable for semi-annual reports.

**<u>Item</u><u> </u><u>14. Purchases of Equity Securities by Closed</u><u>-End Management Investment Company and Affiliated Purchasers.</u>** 

Not applicable.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>** 

Not applicable.

**<u>Item 16. Controls and Procedures.</u>** 

(a) The Registrant's President and Treasurer have reviewed the Registrant's disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such
officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others
within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial
reporting.

------

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>** 

The registrant did not engage in securities lending activities during the fiscal period reported on this Form N-CSR.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>** 

Not applicable.

**<u>Item 19. Exhibits.</u>** 

*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](d41563dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;[(4) *Any written solicitation to purchase securities under Rule 23c- 1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Filed herewith.](d41563dex99rule23c1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. There was no change in the registrant's independent public accountant for the period covered by this report.

[*(b)*](d41563dex99906cert.htm) [*Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).* Filed herewith.](d41563dex99906cert.htm) 

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Stone Ridge Trust V</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title) <u>/s/ Ross Stevens</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stevens, President, Chief Executive Officer and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date <u>11/6/25</u>  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title) <u>/s/ Ross Stevens</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stevens, President, Chief Executive Officer and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date <u>11/6/25</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By (Signature and Title) <u>/s/ Maura Keselowsky</u>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maura Keselowsky, Treasurer, Principal Financial Officer,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and Chief Accounting Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date <u>11/6/25</u>  |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Ross Stevens, certify that:

1. I have reviewed this report on Form N-CSR of Stone Ridge Trust V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:<u> </u>11/6/25 | <u>/s/ Ross Stevens</u> |
|  | Ross Stevens |
|  | President, Chief Executive Officer and Principal<br>Executive Officer |

---

------

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Maura Keselowsky, certify that:

1. I have reviewed this report on Form N-CSR of Stone Ridge Trust V;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:<u> </u>11/6/2025 | <u>/s/ Maura Keselowsky</u> |
|  | Maura Keselowsky |
|  | Treasurer, Principal Financial Officer, Chief<br>Financial Officer and Chief Accounting Officer |

---

## Ex-99.Rule23C1

**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** 

**SHAREHOLDER REPURCHASE OFFER NOTICE** 

August 15, 2025

Dear Stone Ridge Alternative Lending Risk Premium Fund Shareholder:

The Stone Ridge Alternative Lending Risk Premium Fund (the "<u>Fund</u>") is a closed-end interval fund that makes quarterly offers to repurchase a portion of its outstanding shares at net asset value ("<u>NAV</u>") per share. These quarterly repurchase offers provide shareholders with some liquidity. Prior to each quarterly repurchase offer, the Fund is required to send notification of the repurchase offer to all of its shareholders. You will receive a notice similar to this once per quarter. The Fund will offer to repurchase shares only at the time of the regularly scheduled quarterly repurchase offer.

**If you are not interested in tendering your shares for repurchase at this time, you may disregard this letter and take no action.** 

**If you are interested in tendering your shares for repurchase, please first determine whether you own your shares at an account at a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") or directly through U.S. Bank Global Fund Services (the "<u>Transfer Agent</u>"). If you are unsure, please check your most recent account statement. If your account statement is from the Transfer Agent and includes the Stone Ridge logo in the upper left corner, please follow the instructions set forth herein and return the enclosed form in order to submit a repurchase request. If your account statement is from an Authorized Intermediary, please contact your Authorized Intermediary for assistance and provide all of the information that they require on or prior to the Repurchase Request Deadline specified in the Repurchase Offer Terms attached. Alternatively, if another person, such as an investment adviser, has authority to act on your behalf, please contact such person.** 

The Fund's August 2025 repurchase offer begins on August 15, 2025 and ends at 4:00 p.m. (ET) on September 5, 2025.

**Because the Fund is a closed-end interval fund, it is legally permitted to repurchase only a specified portion of its outstanding shares on any repurchase date. Therefore, there can be no assurance that the Fund will be able to repurchase all the shares that you tender even if you tender all the shares that you own.** 

**The Repurchase Request Deadline will be strictly observed. If you (or another person acting on your behalf) or your Authorized Intermediary fails to submit the required information to the Transfer Agent or to take any other required action on or before 4:00 p.m. (ET) on September 5, 2025, the Fund will not repurchase any of your shares until a subsequent quarterly repurchase offer, at which time you must submit a new repurchase request for that offer.** 

If you have any questions and you hold your shares through an Authorized Intermediary, please contact your Authorized Intermediary or, if applicable, your investment adviser. If you do not hold your shares through an Authorized Intermediary, a service representative at the Transfer Agent is available by calling 800-236-4424.

As always, we value our relationship with you and hope to continue to serve your investment needs.

Regards,

Stone Ridge Alternative Lending Risk Premium Fund

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**Repurchase Offer Terms** 

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| | |
|:---|:---|
| **Repurchase Request Deadline:** | **4:00 p.m. (ET) on September 5, 2025** |
| **Repurchase Pricing Date:** | **September 5, 2025** |

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**1. The Offer.** Stone Ridge Alternative Lending Risk Premium Fund (the "<u>Fund</u>") is offering to repurchase for cash up to five percent (5.0%) of the aggregate of its shares ("<u>Shares</u>") that are issued and outstanding on the Repurchase Request Deadline at a price equal to the net asset value ("<u>NAV</u>" or "<u>Net Asset Value</u>") determined as of the close of the New York Stock Exchange (the "<u>Exchange</u>") on the Repurchase Pricing Date, upon the terms and conditions set forth in (i) this Stone Ridge Alternative Lending Risk Premium Fund Shareholder Repurchase Offer Notice, (ii) the Fund's Prospectus, and, (iii) if you hold your Shares directly through U.S. Bancorp Fund Services, LLC, the Fund's transfer agent (the "<u>Transfer Agent</u>"), the enclosed Repurchase Request Form. Collectively, those documents constitute the "<u>Offer.</u>" The Offer is not conditioned upon the tender for repurchase of any minimum number of Shares.

**2. Repurchase Request Offer Period and Repurchase Request Deadline.** This quarter's Offer begins on **August 15, 2025,** and ends at **4:00 p.m. (ET) on September 5, 2025.** If you hold your Shares through a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") and wish to tender your Shares, you or another person with authority to act on your behalf, such as an investment adviser, must enter a sell order for the Shares you wish to tender or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on **September 5, 2025 prior to 4:00 p.m. (ET)**. If you are unsure of the operational procedures of your Authorized Intermediary, please contact your Authorized Intermediary or investment adviser as far in advance of the Repurchase Request Deadline as possible.

If you hold your Shares directly through the Transfer Agent, you must submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form on or after **August 15, 2025** and before **4:00 p.m. (ET) on September 5, 2025.** The Repurchase Request Deadline will be strictly observed.

**If you hold your shares through an Authorized Intermediary and you or another person acting on your behalf does not enter a sell order or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on September 5, 2025 prior to 4:00 p.m. (ET), your repurchase request will <u>not</u> be accepted and <u>none</u> of your Shares will be repurchased by the Fund.** 

**If you hold your shares through the Transfer Agent and you do not submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form before 4:00 p.m. (ET) on September 5, 2025, your repurchase request will <u>not</u> be accepted and <u>none</u> of your Shares will be repurchased by the Fund.** 

By entering (or having entered on your behalf) a sell order on September 5, 2025 prior to the Repurchase Request Deadline or, if applicable, by timely submission of a complete Repurchase Request Form to the Transfer Agent, you waive any right to receive any notice of the acceptance of your tender.

**3. Repurchase Pricing Date.** The date on which the Fund's Net Asset Value applicable to the Offer is determined (the "<u>Repurchase Pricing Date</u>") will be **September 5, 2025, the same date as the Repurchase Request Deadline,** except as otherwise described in this paragraph. Under certain circumstances, the Repurchase Pricing Date could occur as late as the fourteenth calendar day after the Repurchase Request Deadline (or the next business day if such fourteenth calendar day is not a business day), in which case there is a risk that the Fund's Net Asset Value per Share may fluctuate between those dates.

If your repurchase request is submitted prior to the Repurchase Pricing Date, the Net Asset Value determined on the Repurchase Pricing Date may be higher or lower than the date on which you submit a repurchase request. Shares of the Fund earn dividends declared to shareholders of record through the date prior to the Repurchase Pricing Date. On **August 8, 2025,** the Net Asset Value per Share of the Fund was $46.17. Please call the Transfer Agent at 800-236-4424 for current NAV information.

**4. Payment for Shares Repurchased.** The Fund expects to distribute repurchase proceeds in cash to shareholders no later than seven calendar days after the Repurchase Pricing Date.

**5. Repurchase Charge.** The Fund does not currently charge a repurchase fee, special handling fee or processing fee for repurchases. However, your Authorized Intermediary may charge a transaction fee in connection with submitting a repurchase request.

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**6. Increase in Number of Shares Repurchased; *Pro Rata* Repurchase.** If the Offer is oversubscribed such that shareholders tender for repurchase more Shares than the Fund is offering to repurchase, the Fund may (but is not obligated to) increase the number of Shares that the Fund is offering to repurchase by up to an additional 2% of the number of Shares that are outstanding on the Repurchase Request Deadline.

If the number of Shares tendered for repurchase exceeds the number of Shares the Fund is offering to repurchase, including, when applicable, the additional up to 2% of Shares described in the immediately preceding sentence, the Fund is generally required by law to repurchase the Shares tendered on a *pro rata* basis, rounded down to the nearest .001 of a Share. **There can be no assurance that the Fund will be able to repurchase all the Shares that you tender even if you tender all the Shares that you own.** In the event of an oversubscribed Offer, you may be unable to liquidate some or all of your investment so tendered, in which case any Shares tendered by you that are not repurchased would remain in your account. You would have to wait until a subsequent quarterly repurchase offer to tender Shares that the Fund was unable to repurchase, and you would be subject to the risk of Net Asset Value fluctuations during that period. You would need to submit a new repurchase request for that offer. Any subsequent offer may also be oversubscribed.

Under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares *and* tender all of their shares for repurchase in the Offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. Shareholders who wish to request such treatment should instruct their Authorized Intermediary or investment adviser, or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent to indicate to the Fund that they are eligible for such treatment.

In addition, if the Offer is oversubscribed as described above, the Fund will repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by an estate (the "<u>Estate Offer</u>"), provided that the Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Estate Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in an Estate Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Estate Offer.**

In addition, if the Offer is oversubscribed as described above, the Fund may also offer to repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "<u>Defined Benefit Plan Offer</u>"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). The Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Defined Benefit Plan Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in a Defined Benefit Plan Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Defined Benefit Plan Offer.**

Any person who wishes to request that the Fund repurchase their Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer should instruct their Authorized Intermediary or investment adviser or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent, to indicate to the Fund that they are eligible for such treatment. If the Fund repurchases any Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer, this will not affect the number of Shares that it repurchases from other shareholders in the Offer.

A service representative at the Transfer Agent is available by calling 800-236-4424.

**7. Withdrawal or Modification of Number of Shares to be Repurchased.** If you hold your Shares directly through the Transfer Agent, Shares submitted pursuant to the Offer may be withdrawn or you may change the number of Shares submitted for repurchase at any time prior to the Repurchase Request Deadline. Direct shareholders seeking to modify or withdraw their tender of Shares must send to the Transfer Agent, at the email address or fax number noted in the Repurchase Request Form, a notice of withdrawal or notice of modification, as applicable, that specifies the name of the person withdrawing or modifying a tender of Shares and the number of Shares to be withdrawn or the modified number of Shares to be tendered. Shares properly withdrawn shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Shares may be retendered by following the procedures described

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herein prior to the Repurchase Request Deadline. For further information regarding modifications or withdrawals of tenders, you may call a shareholder representative at the Transfer Agent at 800-236-4424. If your Shares are held for you by an Authorized Intermediary and you wish to modify or withdraw any instructions to your Authorized Intermediary to effect a repurchase request, please consult your Authorized Intermediary or, if applicable, your investment adviser.

**8. Suspension or Postponement of Repurchase Offer.** The Board of Trustees of Stone Ridge Trust V, of which the Fund is a series, may suspend or postpone this Offer only by a majority vote of the Trustees (including a majority of the disinterested Trustees) and only in the following limited circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during any period in which the Exchange or any other market on which the Fund's portfolio securities are traded is closed, other than customary weekend and holiday closings, or trading in those markets is restricted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during any period in which an emergency exists as a result of which it is not reasonably practicable for the Fund to dispose of securities owned by it, or during which it is not reasonably practicable for the Fund fairly to determine the Net Asset Value of Fund Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the repurchase would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during other periods as the Securities and Exchange Commission permits the suspension or postponement of offers by the Fund for the protection of its shareholders.

If the Offer is suspended or postponed, the Fund will provide notice of the suspension or postponement to each shareholder of the Fund. If the Fund renews the Offer, the Fund will send a new notification to each shareholder with details concerning the terms and conditions of the renewed Offer.

**9. Certain Federal Income Tax Consequences.** The following discussion is a general summary of certain federal income tax consequences of the Offer. This summary is based on U.S. federal income tax law as of the date hereof, including the Code, applicable Treasury regulations, Internal Revenue Service ("<u>IRS</u>") rulings, judicial authority and current administrative rulings and practice, all of which are subject to change, possibly with retroactive effect. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below, and the Fund has not obtained, nor does the Fund intend to obtain, a ruling from the IRS or an opinion of counsel with respect to any of the consequences described below. This discussion does not address all aspects of taxation that may apply to shareholders or to specific types of shareholders such as tax-deferred retirement plans and shareholders that are not "United States persons" within the meaning of the Code (a "<u>foreign shareholder</u>"). Shareholders should review the tax information in the Fund's Prospectus and Statement of Additional Information and should consult their tax advisers regarding the specific tax consequences to them of participating in the Offer, including federal, state, local and foreign tax consequences.

A repurchase of Shares pursuant to the repurchase offer will be treated as a taxable sale or exchange of the Shares for federal income tax purposes if either (a) the tendering shareholder tenders all of its Shares or meets numerical safe harbors with respect to percentage voting interest and reduction in ownership of the fund following the completion of the repurchase offer or (b) the tender otherwise results in a "meaningful reduction" of a shareholder's ownership percentage interest in the Fund, which determination depends on a shareholder's particular facts and circumstances. The Fund intends to take the position that shareholders tendering Shares will qualify for sale or exchange treatment for federal income tax purposes. It is possible that the IRS could disagree and successfully assert that the repurchase of Shares from any shareholder is properly treated as a distribution rather than as a sale or exchange. If the transaction is treated as a sale or exchange, any gain or loss recognized by a shareholder generally will be capital gain or loss if the Shares tendered are held by the shareholder as a capital asset, as short-term capital gain or loss if such Shares have been held for one year or less, and as long-term capital gain or loss if such Shares have been held for more than one year. Under the "wash sale" rules under the Code, loss recognized on Shares sold pursuant to the repurchase offer will ordinarily be disallowed to the extent the shareholder acquires other shares of the Fund or substantially identical stock or securities within 30 days before or after the date the tendered Shares are purchased pursuant to the repurchase offer and, in that event, the basis and holding period of the shares acquired will be adjusted to reflect the disallowed loss.

If the repurchase of Shares pursuant to the repurchase offer is not treated as a sale or exchange for federal income tax purposes, the amount received upon such repurchase will be treated for federal income tax purposes as a distribution from the Fund that will be taxable as a dividend to the extent of the Fund's current or accumulated earnings and profits

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for the year in which the repurchase occurs. Any balance will be treated as a return of capital to the extent of the shareholder's tax basis in its Shares and thereafter as capital gain. In the event that a tendering shareholder is deemed to receive a dividend as a result of tendering its Shares, it is possible that shareholders whose percentage ownership of the Fund increases as result of the tender will be deemed to receive a constructive distribution from the Fund. Such constructive distribution will be treated as a dividend to the extent of the Fund's current or accumulated earnings and profits.

*Foreign Shareholders.* Subject to the discussions below with respect to backup withholding and FATCA, if the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a sale or exchange of such Shares, a foreign shareholder generally will not be subject to U.S. federal income tax on gains (and will not be allowed a deduction for losses) realized on such repurchase unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such shareholder within the United States, or (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the repurchase and certain other conditions are met.

If the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a distribution with respect to such Shares, the portion of the distribution that constitutes a dividend generally will be subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate), unless an exemption is available and the Fund elects to apply such an exemption. Such exemptions are described further in the Statement of Additional Information.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding described below, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or Form W-8BEN-E, or substitute form).

Foreign shareholders should consult their tax advisers and, if holding Shares through Authorized Intermediaries, their Authorized Intermediaries, concerning the application of these rules to the Offer.

*FATCA.* Sections 1471-1474 of the Code, and the U.S. Treasury Regulations and IRS guidance issued thereunder (collectively, "<u>FATCA</u>"), generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "<u>IGA</u>"). If a shareholder fails to provide this information or otherwise fails to comply with FATCA or an IGA, the Fund or its agent may be required to withhold under FATCA 30% of ordinary dividends the Fund pays (or is deemed to pay) to that shareholder. The IRS and the Department of Treasury have issued proposed regulations providing that gross proceeds the Fund pays to a shareholder for a share repurchase treated as a sale or exchange will not be subject to FATCA withholding. If an amount paid (or deemed paid) by the Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even if the payment would otherwise be exempt from withholding under rules applicable to foreign shareholders. Each foreign shareholder is urged to consult its tax adviser regarding the applicability of FATCA. 

*Backup Withholding.* The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and proceeds from a repurchase paid to any individual shareholder (i) who fails to properly furnish the Fund with a correct taxpayer identification number, (ii) who has under-reported dividend or interest income or (iii) who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Transfer Taxes.* The Fund will pay all share transfer taxes, if any, payable on the transfer to it of Shares repurchased pursuant to the Offer. If, however, (a) payment of the repurchase price is to be made to any person other than the registered owner(s), or (b) (in the circumstances permitted by the Offer) unpurchased Shares are to be registered in the name(s) of any person other than the registered owner(s), then the amount of any transfer taxes (whether imposed on the registered owner(s) or such other persons) payable on account of the transfer to such person(s) will be deducted from the repurchase price by the Transfer Agent unless satisfactory evidence of the payment of such taxes, or exemption therefrom, is submitted.

**10. Documents in Proper Form.** All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any tender of Shares will be determined by the Fund in its sole discretion, whose determination shall be final and binding on all parties. The Fund reserves the right to require any person who wishes to request that the Fund repurchase their Shares to first provide any documentation that the Fund deems necessary or appropriate as proof of such person's eligibility for the applicable repurchase offer, and such eligibility will be determined by the Fund in its sole discretion. The Fund reserves the absolute right to reject any or all tenders determined by it not to be in appropriate

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form or the acceptance of or payment for any Shares which may, in the opinion of the Fund's counsel, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect or irregularity in tender of any particular Shares or any particular shareholder, and the Fund's interpretations of the terms and conditions of the Offer will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tendered Shares will not be accepted for repurchase unless all defects and irregularities have either been cured within such time or waived by the Fund. None of the Fund, Stone Ridge Asset Management LLC, the Transfer Agent or any other person shall be obligated to give notice of defects or irregularities in tenders, nor shall any of them incur any liability for failure to give any such notice. The Fund and the Transfer Agent will not be liable for any loss incurred in the event that the Fund accepts unauthorized telephone instructions or repurchase requests that the Fund reasonably believes to be genuine.

**Neither the Fund nor its Board of Trustees makes any recommendation to any shareholder as to whether to tender or refrain from tendering Shares. Each shareholder must make an independent decision whether to tender Shares and, if so, how many Shares to tender. No person has been authorized to make any recommendation on behalf of the Fund as to whether shareholders should tender Shares pursuant to this Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein, in the attached Repurchase Request Form or in the Fund's Prospectus.** 

**For a copy of the Fund's Prospectus or for other information, visit www.stoneridgefunds.com, call a service representative at the Transfer Agent at 800-236-4424, or contact your Authorized Intermediary or investment adviser.** 

Dated: August 15, 2025

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**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** 

**REPURCHASE REQUEST FORM** 

**MUST BE RECEIVED BY 4:00 P.M., EASTERN TIME, September 5, 2025** 

<u>IMPORTANT</u>: THIS FORM IS ONLY FOR USE BY SHAREHOLDERS WHO HOLD THEIR SHARES DIRECTLY THROUGH U.S. BANCORP FUND SERVICES, LLC, THE FUND'S TRANSFER AGENT.

**PLEASE COMPLETE THE FORM BELOW AND RETURN TO <u>brokerdealer@usbank.com</u> OR FAX TO 866-350-5098.** 

**YOU MAY CONTACT THE FUND'S TRANSFER AGENT, U.S. BANCORP FUND SERVICES, LLC, AT <u>brokerdealer@usbank.com</u> OR 800-236-4424 WITH ANY QUESTIONS YOU MAY HAVE RELATED TO TENDERING YOUR SHARES.** 

Please accept this tender of shares as designated below for repurchase at a price equal to their net asset value on the Repurchase Pricing Date. I understand that this quarterly repurchase offer is limited to five percent (5.0%) of the Fund's outstanding shares and, that, if the offer is oversubscribed, the Fund may not purchase the full amount of the shares that I am requesting, in which case the Fund will repurchase shares as described in the Repurchase Offer Terms.

**Shareholder Information:** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name(s) of Registered Shareholder(s)** | **Telephone Number(s)** | **Email address** |

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**Tender Request:** 

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|:---|:---|
| &nbsp;&nbsp;&nbsp; **Account Number** | **Number of Shares to Tender** |

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**Payment Information:** 

Payment will be made to the shareholder via check, unless wire instructions are present on their account.

Signature of Shareholder(s)

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**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** 

**SHAREHOLDER REPURCHASE OFFER NOTICE** 

May 16, 2025

Dear Stone Ridge Alternative Lending Risk Premium Fund Shareholder:

The Stone Ridge Alternative Lending Risk Premium Fund (the "<u>Fund</u>") is a closed-end interval fund that makes quarterly offers to repurchase a portion of its outstanding shares at net asset value ("<u>NAV</u>") per share. These quarterly repurchase offers provide shareholders with some liquidity. Prior to each quarterly repurchase offer, the Fund is required to send notification of the repurchase offer to all of its shareholders. You will receive a notice similar to this once per quarter. The Fund will offer to repurchase shares only at the time of the regularly scheduled quarterly repurchase offer.

**If you are not interested in tendering your shares for repurchase at this time, you may disregard this letter and take no action.** 

**If you are interested in tendering your shares for repurchase, please first determine whether you own your shares at an account at a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") or directly through U.S. Bank Global Fund Services (the "<u>Transfer Agent</u>"). If you are unsure, please check your most recent account statement. If your account statement is from the Transfer Agent and includes the Stone Ridge logo in the upper left corner, please follow the instructions set forth herein and return the enclosed form in order to submit a repurchase request. If your account statement is from an Authorized Intermediary, please contact your Authorized Intermediary for assistance and provide all of the information that they require on or prior to the Repurchase Request Deadline specified in the Repurchase Offer Terms attached. Alternatively, if another person, such as an investment adviser, has authority to act on your behalf, please contact such person.** 

The Fund's May 2025 repurchase offer begins on May 16, 2025 and ends at 4:00 p.m. (ET) on June 6, 2025.

**Because the Fund is a closed-end interval fund, it is legally permitted to repurchase only a specified portion of its outstanding shares on any repurchase date. Therefore, there can be no assurance that the Fund will be able to repurchase all the shares that you tender even if you tender all the shares that you own.** 

**The Repurchase Request Deadline will be strictly observed. If you (or another person acting on your behalf) or your Authorized Intermediary fails to submit the required information to the Transfer Agent or to take any other required action on or before 4:00 p.m. (ET) on June 6, 2025, the Fund will not repurchase any of your shares until a subsequent quarterly repurchase offer, at which time you must submit a new repurchase request for that offer.** 

If you have any questions and you hold your shares through an Authorized Intermediary, please contact your Authorized Intermediary or, if applicable, your investment adviser. If you do not hold your shares through an Authorized Intermediary, a service representative at the Transfer Agent is available by calling 800-236-4424. As always, we value our relationship with you and hope to continue to serve your investment needs.

Regards,

Stone Ridge Alternative Lending Risk Premium Fund

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**Repurchase Offer Terms** 

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| | |
|:---|:---|
| **Repurchase Request Deadline:** | **4:00 p.m. (ET) on June 6, 2025** |
| **Repurchase Pricing Date:** | **June 6, 2025** |

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**1. The Offer.** Stone Ridge Alternative Lending Risk Premium Fund (the "<u>Fund</u>") is offering to repurchase for cash up to five percent (5.0%) of the aggregate of its shares ("<u>Shares</u>") that are issued and outstanding on the Repurchase Request Deadline at a price equal to the net asset value ("<u>NAV</u>" or "<u>Net Asset Value</u>") determined as of the close of the New York Stock Exchange (the "<u>Exchange</u>") on the Repurchase Pricing Date, upon the terms and conditions set forth in (i) this Stone Ridge Alternative Lending Risk Premium Fund Shareholder Repurchase Offer Notice, (ii) the Fund's Prospectus, and, (iii) if you hold your Shares directly through U.S. Bancorp Fund Services, LLC, the Fund's transfer agent (the "<u>Transfer Agent</u>"), the enclosed Repurchase Request Form. Collectively, those documents constitute the "<u>Offer.</u>" The Offer is not conditioned upon the tender for repurchase of any minimum number of Shares.

**2. Repurchase Request Offer Period and Repurchase Request Deadline.** This quarter's Offer begins on **May 16, 2025,** and ends at **4:00 p.m. (ET) on June 6, 2025.** If you hold your Shares through a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") and wish to tender your Shares, you or another person with authority to act on your behalf, such as an investment adviser, must enter a sell order for the Shares you wish to tender or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on **June 6, 2025 prior to 4:00 p.m. (ET)**. If you are unsure of the operational procedures of your Authorized Intermediary, please contact your Authorized Intermediary or investment adviser as far in advance of the Repurchase Request Deadline as possible.

If you hold your Shares directly through the Transfer Agent, you must submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form on or after **May 16, 2025** and before **4:00 p.m. (ET) on June 6, 2025.** The Repurchase Request Deadline will be strictly observed.

**If you hold your shares through an Authorized Intermediary and you or another person acting on your behalf does not enter a sell order or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on June 6, 2025 prior to 4:00 p.m. (ET), your repurchase request will <u>not</u> be accepted and <u>none</u> of your Shares will be repurchased by the Fund.** 

**If you hold your shares through the Transfer Agent and you do not submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form before 4:00 p.m. (ET) on June 6, 2025, your repurchase request will not be accepted and <u>none</u> of your Shares will be repurchased by the Fund.** 

By entering (or having entered on your behalf) a sell order on June 6, 2025 prior to the Repurchase Request Deadline or, if applicable, by timely submission of a complete Repurchase Request Form to the Transfer Agent, you waive any right to receive any notice of the acceptance of your tender.

**3. Repurchase Pricing Date.** The date on which the Fund's Net Asset Value applicable to the Offer is determined (the "<u>Repurchase Pricing Date</u>") will be **June 6, 2025, the same date as the Repurchase Request Deadline,** except as otherwise described in this paragraph. Under certain circumstances, the Repurchase Pricing Date could occur as late as the fourteenth calendar day after the Repurchase Request Deadline (or the next business day if such fourteenth calendar day is not a business day), in which case there is a risk that the Fund's Net Asset Value per Share may fluctuate between those dates.

If your repurchase request is submitted prior to the Repurchase Pricing Date, the Net Asset Value determined on the Repurchase Pricing Date may be higher or lower than the date on which you submit a repurchase request. Shares of the Fund earn dividends declared to shareholders of record through the date prior to the Repurchase Pricing Date. On **May 9, 2025,** the Net Asset Value per Share of the Fund was $46.14. Please call the Transfer Agent at 800-236-4424 for current NAV information.

**4. Payment for Shares Repurchased.** The Fund expects to distribute repurchase proceeds in cash to shareholders no later than seven calendar days after the Repurchase Pricing Date.

**5. Repurchase Charge.** The Fund does not currently charge a repurchase fee, special handling fee or processing fee for repurchases. However, your Authorized Intermediary may charge a transaction fee in connection with submitting a repurchase request.

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**6. Increase in Number of Shares Repurchased; *Pro Rata* Repurchase.** If the Offer is oversubscribed such that shareholders tender for repurchase more Shares than the Fund is offering to repurchase, the Fund may (but is not obligated to) increase the number of Shares that the Fund is offering to repurchase by up to an additional 2% of the number of Shares that are outstanding on the Repurchase Request Deadline.

If the number of Shares tendered for repurchase exceeds the number of Shares the Fund is offering to repurchase, including, when applicable, the additional up to 2% of Shares described in the immediately preceding sentence, the Fund is generally required by law to repurchase the Shares tendered on a *pro rata* basis, rounded down to the nearest .001 of a Share. **There can be no assurance that the Fund will be able to repurchase all the Shares that you tender even if you tender all the Shares that you own.** In the event of an oversubscribed Offer, you may be unable to liquidate some or all of your investment so tendered, in which case any Shares tendered by you that are not repurchased would remain in your account. You would have to wait until a subsequent quarterly repurchase offer to tender Shares that the Fund was unable to repurchase, and you would be subject to the risk of Net Asset Value fluctuations during that period. You would need to submit a new repurchase request for that offer. Any subsequent offer may also be oversubscribed.

Under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares *and* tender all of their shares for repurchase in the Offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. Shareholders who wish to request such treatment should instruct their Authorized Intermediary or investment adviser, or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent to indicate to the Fund that they are eligible for such treatment.

In addition, if the Offer is oversubscribed as described above, the Fund will repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by an estate (the "<u>Estate Offer</u>"), provided that the Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Estate Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in an Estate Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Estate Offer.**

In addition, if the Offer is oversubscribed as described above, the Fund may also offer to repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "<u>Defined Benefit Plan Offer</u>"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). The Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Defined Benefit Plan Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in a Defined Benefit Plan Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Defined Benefit Plan Offer.**

Any person who wishes to request that the Fund repurchase their Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer should instruct their Authorized Intermediary or investment adviser or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent, to indicate to the Fund that they are eligible for such treatment. If the Fund repurchases any Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer, this will not affect the number of Shares that it repurchases from other shareholders in the Offer.

A service representative at the Transfer Agent is available by calling 800-236-4424.

**7. Withdrawal or Modification of Number of Shares to be Repurchased.** If you hold your Shares directly through the Transfer Agent, Shares submitted pursuant to the Offer may be withdrawn or you may change the number of Shares submitted for repurchase at any time prior to the Repurchase Request Deadline. Direct shareholders seeking to modify or withdraw their tender of Shares must send to the Transfer Agent, at the email address or fax number noted in the Repurchase Request Form, a notice of withdrawal or notice of modification, as applicable, that specifies the name of the person withdrawing or modifying a tender of Shares and the number of Shares to be withdrawn or the modified number of Shares to be tendered. Shares properly withdrawn shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Shares may be retendered by following the procedures described

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herein prior to the Repurchase Request Deadline. For further information regarding modifications or withdrawals of tenders, you may call a shareholder representative at the Transfer Agent at 800-236-4424. If your Shares are held for you by an Authorized Intermediary and you wish to modify or withdraw any instructions to your Authorized Intermediary to effect a repurchase request, please consult your Authorized Intermediary or, if applicable, your investment adviser.

**8. Suspension or Postponement of Repurchase Offer.** The Board of Trustees of Stone Ridge Trust V, of which the Fund is a series, may suspend or postpone this Offer only by a majority vote of the Trustees (including a majority of the disinterested Trustees) and only in the following limited circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during any period in which the Exchange or any other market on which the Fund's portfolio securities are traded is closed, other than customary weekend and holiday closings, or trading in those markets is restricted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during any period in which an emergency exists as a result of which it is not reasonably practicable for the Fund to dispose of securities owned by it, or during which it is not reasonably practicable for the Fund fairly to determine the Net Asset Value of Fund Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the repurchase would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during other periods as the Securities and Exchange Commission permits the suspension or postponement of offers by the Fund for the protection of its shareholders.

If the Offer is suspended or postponed, the Fund will provide notice of the suspension or postponement to each shareholder of the Fund. If the Fund renews the Offer, the Fund will send a new notification to each shareholder with details concerning the terms and conditions of the renewed Offer.

**9. Certain Federal Income Tax Consequences.** The following discussion is a general summary of certain federal income tax consequences of the Offer. This summary is based on U.S. federal income tax law as of the date hereof, including the Code, applicable Treasury regulations, Internal Revenue Service ("<u>IRS</u>") rulings, judicial authority and current administrative rulings and practice, all of which are subject to change, possibly with retroactive effect. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below, and the Fund has not obtained, nor does the Fund intend to obtain, a ruling from the IRS or an opinion of counsel with respect to any of the consequences described below. This discussion does not address all aspects of taxation that may apply to shareholders or to specific types of shareholders such as tax-deferred retirement plans and shareholders that are not "United States persons" within the meaning of the Code (a "<u>foreign shareholder</u>"). Shareholders should review the tax information in the Fund's Prospectus and Statement of Additional Information and should consult their tax advisers regarding the specific tax consequences to them of participating in the Offer, including federal, state, local and foreign tax consequences.

A repurchase of Shares pursuant to the repurchase offer will be treated as a taxable sale or exchange of the Shares for federal income tax purposes if either (a) the tendering shareholder tenders all of its Shares or meets numerical safe harbors with respect to percentage voting interest and reduction in ownership of the fund following the completion of the repurchase offer or (b) the tender otherwise results in a "meaningful reduction" of a shareholder's ownership percentage interest in the Fund, which determination depends on a shareholder's particular facts and circumstances. The Fund intends to take the position that shareholders tendering Shares will qualify for sale or exchange treatment for federal income tax purposes. It is possible that the IRS could disagree and successfully assert that the repurchase of Shares from any shareholder is properly treated as a distribution rather than as a sale or exchange. If the transaction is treated as a sale or exchange, any gain or loss recognized by a shareholder generally will be capital gain or loss if the Shares tendered are held by the shareholder as a capital asset, as short-term capital gain or loss if such Shares have been held for one year or less, and as long-term capital gain or loss if such Shares have been held for more than one year. Under the "wash sale" rules under the Code, loss recognized on Shares sold pursuant to the repurchase offer will ordinarily be disallowed to the extent the shareholder acquires other shares of the Fund or substantially identical stock or securities within 30 days before or after the date the tendered Shares are purchased pursuant to the repurchase offer and, in that event, the basis and holding period of the shares acquired will be adjusted to reflect the disallowed loss.

If the repurchase of Shares pursuant to the repurchase offer is not treated as a sale or exchange for federal income tax purposes, the amount received upon such repurchase will be treated for federal income tax purposes as a distribution from the Fund that will be taxable as a dividend to the extent of the Fund's current or accumulated earnings and profits

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for the year in which the repurchase occurs. Any balance will be treated as a return of capital to the extent of the shareholder's tax basis in its Shares and thereafter as capital gain. In the event that a tendering shareholder is deemed to receive a dividend as a result of tendering its Shares, it is possible that shareholders whose percentage ownership of the Fund increases as result of the tender will be deemed to receive a constructive distribution from the Fund. Such constructive distribution will be treated as a dividend to the extent of the Fund's current or accumulated earnings and profits.

*Foreign Shareholders.* Subject to the discussions below with respect to backup withholding and FATCA, if the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a sale or exchange of such Shares, a foreign shareholder generally will not be subject to U.S. federal income tax on gains (and will not be allowed a deduction for losses) realized on such repurchase unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such shareholder within the United States, or (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the repurchase and certain other conditions are met.

If the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a distribution with respect to such Shares, the portion of the distribution that constitutes a dividend generally will be subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate), unless an exemption is available and the Fund elects to apply such an exemption. Such exemptions are described further in the Statement of Additional Information.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding described below, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or Form W-8BEN-E, or substitute form).

Foreign shareholders should consult their tax advisers and, if holding Shares through Authorized Intermediaries, their Authorized Intermediaries, concerning the application of these rules to the Offer.

*FATCA.* Sections 1471-1474 of the Code, and the U.S. Treasury Regulations and IRS guidance issued thereunder (collectively, "<u>FATCA</u>"), generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "<u>IGA</u>"). If a shareholder fails to provide this information or otherwise fails to comply with FATCA or an IGA, the Fund or its agent may be required to withhold under FATCA 30% of ordinary dividends the Fund pays (or is deemed to pay) to that shareholder. The IRS and the Department of Treasury have issued proposed regulations providing that gross proceeds the Fund pays to a shareholder for a share repurchase treated as a sale or exchange will not be subject to FATCA withholding. If an amount paid (or deemed paid) by the Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even if the payment would otherwise be exempt from withholding under rules applicable to foreign shareholders. Each foreign shareholder is urged to consult its tax adviser regarding the applicability of FATCA. 

*Backup Withholding.* The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and proceeds from a repurchase paid to any individual shareholder (i) who fails to properly furnish the Fund with a correct taxpayer identification number, (ii) who has under-reported dividend or interest income or (iii) who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Transfer Taxes.* The Fund will pay all share transfer taxes, if any, payable on the transfer to it of Shares repurchased pursuant to the Offer. If, however, (a) payment of the repurchase price is to be made to any person other than the registered owner(s), or (b) (in the circumstances permitted by the Offer) unpurchased Shares are to be registered in the name(s) of any person other than the registered owner(s), then the amount of any transfer taxes (whether imposed on the registered owner(s) or such other persons) payable on account of the transfer to such person(s) will be deducted from the repurchase price by the Transfer Agent unless satisfactory evidence of the payment of such taxes, or exemption therefrom, is submitted.

**10. Documents in Proper Form.** All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any tender of Shares will be determined by the Fund in its sole discretion, whose determination shall be final and binding on all parties. The Fund reserves the right to require any person who wishes to request that the Fund repurchase their Shares to first provide any documentation that the Fund deems necessary or appropriate as proof of such person's eligibility for the applicable repurchase offer, and such eligibility will be determined by the Fund in its sole discretion. The Fund reserves the absolute right to reject any or all tenders determined by it not to be in appropriate

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form or the acceptance of or payment for any Shares which may, in the opinion of the Fund's counsel, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect or irregularity in tender of any particular Shares or any particular shareholder, and the Fund's interpretations of the terms and conditions of the Offer will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tendered Shares will not be accepted for repurchase unless all defects and irregularities have either been cured within such time or waived by the Fund. None of the Fund, Stone Ridge Asset Management LLC, the Transfer Agent or any other person shall be obligated to give notice of defects or irregularities in tenders, nor shall any of them incur any liability for failure to give any such notice. The Fund and the Transfer Agent will not be liable for any loss incurred in the event that the Fund accepts unauthorized telephone instructions or repurchase requests that the Fund reasonably believes to be genuine.

**Neither the Fund nor its Board of Trustees makes any recommendation to any shareholder as to whether to tender or refrain from tendering Shares. Each shareholder must make an independent decision whether to tender Shares and, if so, how many Shares to tender. No person has been authorized to make any recommendation on behalf of the Fund as to whether shareholders should tender Shares pursuant to this Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein, in the attached Repurchase Request Form or in the Fund's Prospectus.** 

**For a copy of the Fund's Prospectus or for other information, visit www.stoneridgefunds.com, call a service representative at the Transfer Agent at 800-236-4424, or contact your Authorized Intermediary or investment adviser.** 

Dated: May 16, 2025

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**STONE RIDGE ALTERNATIVE LENDING RISK PREMIUM FUND** 

**REPURCHASE REQUEST FORM** 

**MUST BE RECEIVED BY 4:00 P.M., EASTERN TIME, June 6, 2025** 

<u>IMPORTANT</u>: THIS FORM IS ONLY FOR USE BY SHAREHOLDERS WHO HOLD THEIR SHARES DIRECTLY THROUGH U.S. BANCORP FUND SERVICES, LLC, THE FUND'S TRANSFER AGENT.

**PLEASE COMPLETE THE FORM BELOW AND RETURN TO <u>brokerdealer@usbank.com</u> OR FAX TO 866-350-5098.** 

**YOU MAY CONTACT THE FUND'S TRANSFER AGENT, U.S. BANCORP FUND SERVICES, LLC, AT <u>brokerdealer@usbank.com</u> OR 800-236-4424 WITH ANY QUESTIONS YOU MAY HAVE RELATED TO TENDERING YOUR SHARES.** 

Please accept this tender of shares as designated below for repurchase at a price equal to their net asset value on the Repurchase Pricing Date. I understand that this quarterly repurchase offer is limited to five percent (5.0%) of the Fund's outstanding shares and, that, if the offer is oversubscribed, the Fund may not purchase the full amount of the shares that I am requesting, in which case the Fund will repurchase shares as described in the Repurchase Offer Terms.

**Shareholder Information:** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name(s) of Registered Shareholder(s)** | **Telephone Number(s)** | **Email address** |

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**Tender Request:** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Account Number** | **Number of Shares to Tender** |

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**Payment Information:** 

Payment will be made to the shareholder via check, unless wire instructions are present on their account.

Signature of Shareholder(s)

## Exhibit 99.906

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Stone Ridge Trust V, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Stone Ridge Trust V for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Stone Ridge Trust V for the stated period.

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| | |
|:---|:---|
| <u>/s/ Ross Stevens</u> | <u>/s/ Maura Keselowsky</u> |
| Ross Stevens<br> President, Chief Executive Officer and Principal<br> Executive Officer,<br> Stone Ridge Trust V | Maura Keselowsky<br> Treasurer, Principal Financial Officer, Chief<br> Financial Officer and Chief Accounting Officer,<br> Stone Ridge Trust V<br>|
| Dated: <u>11/6/25</u> | Dated: <u>11/6/25</u> |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Stone Ridge Trust V for purposes of Section 18 of the Securities Exchange Act of 1934.